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copper and controls: DRC Regional Spotlight","cobalt-copper-and-controls-drc-regional-spotlight","article/cobalt-copper-and-controls-drc-regional-spotlight",{"_uid":568,"date":569,"tags":570,"editor":586,"content":590,"excerpt":843,"featured":51,"reporter":844,"component":864,"seo_title":564,"categories":865,"visibility":882,"data_vis_image":883,"featured_image":887,"seo_description":891,"formattedDate":892},"95da1746-1488-4cb8-b981-442b69f157c0","2026-07-03 00:00",[571,574,577,580,583],{"slug":572,"name":573},"drc","DRC",{"slug":575,"name":576},"cmoc","CMOC",{"slug":578,"name":579},"data-visualisation","Data Visualisation",{"slug":581,"name":582},"cobalt-prices","Cobalt prices",{"slug":584,"name":585},"africa","Africa",[587],{"slug":544,"name":543,"content":588},{"job_title":557,"image":589,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":592},"doc",[593,610,626,636,656,666,689,694,699,704,717,731,736,743,749,755,761,767,772,778,792,798,803,808,813,830],{"type":594,"attrs":595,"content":596},"paragraph",{"textAlign":49},[597,600,608],{"text":598,"type":599},"The Democratic Republic of Congo (DRC) is the world’s leading supplier of mined cobalt, supplying three quarters of 2025 cobalt, and is the second largest supplier of mined copper, supplying 15% in 2025. Its transformation into a major supplier of both minerals follows ","text",{"text":601,"type":599,"marks":602},"significant investment from China",[603],{"type":604,"attrs":605},"link",{"href":606,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://intelligence.benchmarkminerals.com/article/copper-supply-expansion-since-2010-offers-reassurance-on-market-tightness-concerns","url",{"text":609,"type":599}," over the last 15 years.",{"type":594,"attrs":611,"content":612},{"textAlign":49},[613,615,624],{"text":614,"type":599},"The DRC is also home to one of the world’s largest hard rock lithium deposits, the Manono site in the country’s Tanganyika Province. Manono North, ",{"text":616,"type":599,"marks":617},"owned by Zijin",[618],{"type":604,"attrs":619},{"href":620,"uuid":621,"anchor":49,"target":622,"linktype":623},"/article/chinese-lithium-miners-zijin-and-zangge-consolidate-in-1-87-billion-deal","3e8942f4-b569-4ec0-a869-a00eae697a36","_blank","story",{"text":625,"type":599},", began operating earlier in 2026 and has an eventual planned capacity of 120ktpa. A separate, AVZ-owned and CATL-backed Manono project is due to come online in 2032, with a planned capacity of 90ktpa.",{"type":627,"attrs":628},"blok",{"id":629,"body":630},"45abb075-b456-4f95-8947-2ebd5e9ecea1",[631],{"id":632,"_uid":633,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29534786","i-f1238a6b-cb51-4bc8-aae1-5fe52216608e","visualisation","ContentFlourish",{"type":594,"attrs":637,"content":638},{"textAlign":49},[639,644,652],{"text":640,"type":599,"marks":641},"As Africa's role in the global battery supply chain continues to accelerate, ",[642],{"type":643},"italic",{"text":645,"type":599,"marks":646},"Benchmark's Giga Africa 2026",[647,651],{"type":604,"attrs":648},{"href":649,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/events/giga-africa","_self",{"type":643},{"text":653,"type":599,"marks":654}," event brings together government, industry and finance to forge lasting partnerships, unlock defining deals and gain in-depth market insights.",[655],{"type":643},{"type":657,"attrs":658,"content":660},"heading",{"level":659,"textAlign":49},2,[661],{"text":662,"type":599,"marks":663},"Policy",[664],{"type":665},"bold",{"type":594,"attrs":667,"content":668},{"textAlign":49},[669,671,678,680,687],{"text":670,"type":599},"Supplies of cobalt from the DRC have been strained since the government’s imposition of cobalt export restrictions, beginning with a ",{"text":672,"type":599,"marks":673},"ban in February 2025",[674],{"type":604,"attrs":675},{"href":676,"uuid":677,"anchor":49,"target":622,"linktype":623},"/article/how-have-cobalt-prices-reacted-to-the-drcs-recent-export-ban","4bad6e55-e538-4354-9895-617ca4895205",{"text":679,"type":599},". That ban caused a significant spike in cobalt prices by March 2025, before they rose further on the announcement that the government would be ending the ban and instead ",{"text":681,"type":599,"marks":682},"imposing export quotas",[683],{"type":604,"attrs":684},{"href":685,"uuid":686,"anchor":49,"target":622,"linktype":623},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"text":688,"type":599}," from 16 October 2025. In 2026, the annual export quota is set at 96,600t. It was reported to Benchmark at a recent industry event that producers hit the Q4 2025 quota, and appear likely to have done the same in Q1 2026.",{"type":594,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":599},"The ban and quota have both been aimed at boosting low cobalt prices. The effect on prices has been stark: before the ban, cobalt sulphate (EXW China) was priced at $3,588 per tonne; as of 17 June 2026, the price is 265% higher at $13,098 per tonne.",{"type":594,"attrs":695,"content":696},{"textAlign":49},[697],{"text":698,"type":599},"The DRC has almost no cobalt refining capacity, with most exported to China for processing. In 2025, China imported 98% of the DRC’s cobalt hydroxide, and 72% of the DRC’s mined supply came from majority-Chinese-owned projects.",{"type":594,"attrs":700,"content":701},{"textAlign":49},[702],{"text":703,"type":599},"In April 2026, the government approved a draft decree that would establish a strategic reserve of critical minerals. It aims to prevent downward price pressures on cobalt threatened by releases from growing global stockpiles, which have been built since its export restrictions have been in place.",{"type":594,"attrs":705,"content":706},{"textAlign":49},[707,709,715],{"text":708,"type":599},"More broadly, ",{"text":710,"type":599,"marks":711},"the African Copperbelt",[712],{"type":604,"attrs":713},{"href":714,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://intelligence.benchmarkminerals.com/publications/special-issues/powering-the-transition-africas-critical-mineral-moment",{"text":716,"type":599},", of which the DRC is a part, remains a focal point of US–China competition. The US is expanding its presence in the DRC through infrastructure, diplomacy, and asset-level engagement, while China remains dominant in ownership.",{"type":594,"attrs":718,"content":719},{"textAlign":49},[720,722,729],{"text":721,"type":599},"The US’ strategy has evolved beyond logistics, combining the Sakania–Lobito Corridor upgrade and up to $1bn in rail financing from the US International Development Finance Corporation (DFC). It is part of a broader ",{"text":723,"type":599,"marks":724},"minerals-for-security approach",[725],{"type":604,"attrs":726},{"href":727,"uuid":728,"anchor":49,"target":622,"linktype":623},"/article/us-considers-minerals-for-security-deal-with-the-drc","37f56d4f-9c55-4995-acef-842dd648536a",{"text":730,"type":599}," that has included the Washington Accords peace agreement with Rwanda, a US-DRC Strategic Partnership, and targeted investments and offtake agreements to secure copper and cobalt supply.",{"type":594,"attrs":732,"content":733},{"textAlign":49},[734],{"text":735,"type":599},"Yet despite US efforts, including support for non-Chinese ownership in assets such as Chemaf, China continues to reinforce its position through trade and infrastructure. It has supported a ~$1.4bn upgrade of the TAZARA rail corridor, which runs through Tanzania but comes into competition with the Sakania-Lobito Corridor.",{"type":657,"attrs":737,"content":738},{"level":659,"textAlign":49},[739],{"text":740,"type":599,"marks":741},"In numbers",[742],{"type":665},{"type":627,"attrs":744},{"id":629,"body":745},[746],{"id":747,"_uid":748,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29460996","i-92617fd8-513a-4b7f-9a0a-9df1be9a5955",{"type":627,"attrs":750},{"id":629,"body":751},[752],{"id":753,"_uid":754,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29306694","i-f728a04a-0dde-4782-a7b6-49af29f71198",{"type":627,"attrs":756},{"id":629,"body":757},[758],{"id":759,"_uid":760,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29307757","i-47ec6093-f4ac-40e3-b3e9-63e3eb025e3c",{"type":627,"attrs":762},{"id":629,"body":763},[764],{"id":765,"_uid":766,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29310965","i-988a6e3a-c628-47e4-8b4f-63a78f597ff1",{"type":657,"attrs":768,"content":769},{"level":659,"textAlign":49},[770],{"text":771,"type":599},"In focus: CMOC Group",{"type":627,"attrs":773},{"id":629,"body":774},[775],{"id":776,"_uid":777,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29310269","i-4c112cf5-166b-4df0-ae5a-940d8fc0adc6",{"type":594,"attrs":779,"content":780},{"textAlign":49},[781,783,790],{"text":782,"type":599},"Chinese firm ",{"text":784,"type":599,"marks":785},"CMOC Group",[786],{"type":604,"attrs":787},{"href":788,"uuid":789,"anchor":49,"target":622,"linktype":623},"/article/cmoc-guidance-gives-little-hope-for-cobalt-prices-in-2025","388e4b54-2cb2-4e3d-a8cd-579571321bdf",{"text":791,"type":599}," is the majority owner of over half of all cobalt mining projects in the DRC, which accounts for 40% of all mined supply globally. While it is a producer of a range of minerals, its revenue from its cobalt and copper operations has grown 292% between 2018 and 2025 to $8.5 billion. By comparison, its phosphorus business, largely focused on Brazil, was larger by revenue in 2018, but was smaller than cobalt and copper at $566 million by 2025.",{"type":627,"attrs":793},{"id":629,"body":794},[795],{"id":796,"_uid":797,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29486792","i-c2713403-a734-410a-a4b6-154ccce06d80",{"type":594,"attrs":799,"content":800},{"textAlign":49},[801],{"text":802,"type":599},"Increasing global cobalt and copper prices have driven significant share price growth for CMOC. That trend has been helped by the sustained strength of its cobalt output despite the DRC’s export ban and quota, hitting a record 117,666 tonnes from its majority-owned operations in the country in 2025, over half of all DRC unweighted supply.",{"type":594,"attrs":804,"content":805},{"textAlign":49},[806],{"text":807,"type":599},"The DRC’s government began an investigation into the company’s Tenke Fungurume cobalt and copper mine earlier this year following a report from the Environmental Investigation Agency (EIA), which alleged its processing plant was increasing air sulphur dioxide (SO2) levels to levels dangerous to those living nearby. The mine has also seen a brief dip in production owing to a strike this year.",{"type":594,"attrs":809,"content":810},{"textAlign":49},[811],{"text":812,"type":599},"CMOC has continued expansion in the DRC, confirming late in 2025 that it had secured board approval to expand its Kisanfu copper mine in the country, a project it expects to be complete by 2027 at a cost of $1.08 billion. The expansion is anticipated to increase its current 150kt average annual production by an additional 100kt.",{"type":594,"attrs":814,"content":815},{"textAlign":49},[816,820,826],{"text":817,"type":599,"marks":818},"To find out more about ",[819],{"type":643},{"text":821,"type":599,"marks":822},"Giga Africa 2026",[823,825],{"type":604,"attrs":824},{"href":649,"uuid":49,"anchor":49,"target":622,"linktype":607},{"type":643},{"text":827,"type":599,"marks":828},", fill out the form below:",[829],{"type":643},{"type":627,"attrs":831},{"id":832,"body":833},"4e78fc85-3f23-48db-8058-d3fb914485f7",[834],{"id":835,"_uid":836,"component":837,"wrap_in_box":50,"redirect_url":838,"success_file":840,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":842,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-62818ef8-7616-49fd-ae04-1a2e06b6b83a","ContentHubspotForm",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},"multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":841},{},[],"The Democratic Republic of Congo (DRC) is the world’s leading supplier of mined cobalt, supplying three quarters of 2025 cobalt, and is the second largest supplier of mined copper, supplying 15% in 2025. Its transformation into a major supplier of both minerals follows significant investment from China over the last 15 years.\n\nThe DRC is also home to one of the world’s largest hard rock lithium deposits, the Manono site in the country’s Tanganyika Province. It recently started operating. Manono North, owned by Zijin, is currently operating and has an eventual planned capacity of 120ktpa. A separate, AVZ-owned and CATL-backed Manono project is due to come online in 2032, with a planned capacity of 90ktpa.",[845,854],{"slug":846,"name":847,"content":848},"benjamin-roche","Benjamin Roche",{"job_title":849,"image":850,"bio":852,"linkedin":853},"Editor – Energy Transition Supply Chains",{"filename":851},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"slug":855,"name":856,"content":857},"bryan-bille","Bryan Bille",{"job_title":858,"image":859,"bio":861,"linkedin":862,"markets_covered":863},"Lead Analyst - Government Policy",{"filename":860},"https://a.storyblok.com/f/287943243085208/512x512/1491bc3cc9/bryan-bille.jpeg","Bryan has more than 8 years of policy and geopolitical experience covering numerous areas, such as international trade, industrial policy, critical minerals, battery and EV supply chains and the broader energy transition. Bryan currently oversees Benchmark Mineral Intelligence’s policy and geopolitical coverage and leads Benchmark’s strategic outreach to policymakers. Before joining Benchmark, Bryan obtained a degree in corporate law from the University of Antwerp and an international political economy degree from King’s College London. He also held various positions within the Belgian diplomatic corps and politics, where he was involved in multiple policy issues and international negotiations at the EU level. ","https://www.linkedin.com/in/bryanbille/","Critical Mineral, Battery and EV Supply ","article",[866,868,871,874,877,879],{"slug":867,"name":115},"cobalt",{"slug":869,"name":870},"copper","Copper",{"slug":872,"name":873},"critical-minerals","Critical Minerals",{"slug":875,"name":876},"raw-materials","Raw Materials",{"slug":878,"name":8},"lithium",{"slug":880,"name":881},"geopolitics","Geopolitics","private",{"id":884,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":885,"copyright":547,"fieldtype":553,"meta_data":886,"is_external_url":50},194132824048139,"https://a.storyblok.com/f/287943243085208/635x753/78f6deb816/screenshot-2026-07-03-142811.png",{},{"id":888,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":889,"copyright":547,"fieldtype":553,"meta_data":890,"is_external_url":50},129067203844707,"https://a.storyblok.com/f/287943243085208/cc962f2397/bm-drc-flag.jpg",{},"The Democratic Republic of Congo (DRC) is the world’s leading supplier of mined cobalt, supplying three quarters of 2025 cobalt, and is the second largest supplier of mined copper, supplying 15% in 2025.","Jul 03, 2026",{"id":894,"uuid":895,"name":896,"slug":897,"full_slug":898,"content":899},194091169365898,"982f0aa3-9ed9-431c-8768-8d8769f8a03b","Jianxiawo is back, yet Jiangxi's lithium balance holds firm","jianxiawo-is-back-yet-jiangxi-s-lithium-balance-holds-firm","article/jianxiawo-is-back-yet-jiangxi-s-lithium-balance-holds-firm",{"_uid":900,"date":569,"tags":901,"editor":915,"content":919,"excerpt":1091,"featured":51,"reporter":1092,"component":864,"seo_title":896,"categories":1112,"visibility":882,"data_vis_image":1116,"featured_image":1120,"seo_description":925,"formattedDate":892},"20d46d7e-c74e-43a5-a065-a8060349a6e3",[902,905,908,909,912],{"slug":903,"name":904},"catl","CATL",{"slug":906,"name":907},"jiangxi","Jiangxi",{"slug":578,"name":579},{"slug":910,"name":911},"lithium-prices","Lithium prices",{"slug":913,"name":914},"china","China",[916],{"slug":544,"name":543,"content":917},{"job_title":557,"image":918,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":920},[921,931,975,983,993,1029,1036,1044,1053,1061,1069,1077,1085],{"type":594,"attrs":922,"content":923},{"textAlign":49},[924],{"text":925,"type":599,"marks":926},"CATL's Jianxiawo restart will lift Jiangxi's near-term lithium output, but offsetting suspensions and deferrals elsewhere in the province leave Benchmark's Q2 lithium forecast supply balance and price forecast essentially unchanged.",[927],{"type":928,"attrs":929},"textStyle",{"color":930},"#000000",{"type":594,"attrs":932,"content":933},{"textAlign":49},[934,939,941,948,950,955,957,964,966,973],{"text":935,"type":599,"marks":936},"CA",[937],{"type":928,"attrs":938},{"color":930},{"text":940,"type":599},"TL ",{"text":942,"type":599,"marks":943},"secured the safety production permit",[944],{"type":604,"attrs":945},{"href":946,"uuid":947,"anchor":49,"target":650,"linktype":623},"/article/catl-secures-safety-production-permit-for-jianxiawo-lithium-mine","db188e75-4e76-4922-8b2d-44e9328b6e3c",{"text":949,"type":599}," for i",{"text":951,"type":599,"marks":952},"ts Jianxiawo lepidolite mine in Jiangxi, China on 29 June, the last official hurdle to restarting a mine that ha",[953],{"type":928,"attrs":954},{"color":930},{"text":956,"type":599},"s sat ",{"text":958,"type":599,"marks":959},"idle since August 2025",[960],{"type":604,"attrs":961},{"href":962,"uuid":963,"anchor":49,"target":650,"linktype":623},"/article/catl-suspends-operations-at-jianxiawo-mine-as-permit-expires","05b62118-3b19-42d6-a4c9-086754fa9e2c",{"text":965,"type":599},", when its permit expired amid a ",{"text":967,"type":599,"marks":968},"province-wide enforcement crackdown",[969],{"type":604,"attrs":970},{"href":971,"uuid":972,"anchor":49,"target":650,"linktype":623},"/article/what-do-the-recent-jiangxi-permit-cancellations-mean-for-the-lithium-industry","f1d4e410-77c1-4103-8b56-b84209e2fc88",{"text":974,"type":599},".",{"type":594,"attrs":976,"content":977},{"textAlign":49},[978],{"text":979,"type":599,"marks":980},"The restart arrives slightly ahead of the September timing Benchmark's Q2 Lithium forecast had initially assumed, with 62,500 tonnes LCE now forecast to be mined from Jianxiawo in 2026. This equates to roughly 1.5% of global mined supply, with the operation ramping toward its 150,000tpa nameplate capacity by 2029.",[981],{"type":928,"attrs":982},{"color":930},{"type":657,"attrs":984,"content":986},{"level":985,"textAlign":49},3,[987],{"text":988,"type":599,"marks":989},"Why the balance barely changes",[990,992],{"type":928,"attrs":991},{"color":930},{"type":665},{"type":594,"attrs":994,"content":995},{"textAlign":49},[996,1001,1010,1015,1024],{"text":997,"type":599,"marks":998},"On its own, an earlier Jianxiawo restart is an upward revision to supply. But it is being offset almost tonne-for-tonne by moves elsewhere in Jiangxi. Jiuling's Huaqiao Dagang is set to suspend in July for its own ",[999],{"type":928,"attrs":1000},{"color":930},{"text":1002,"type":599,"marks":1003},"licence renewal",[1004,1008],{"type":604,"attrs":1005},{"href":1006,"uuid":1007,"anchor":49,"target":650,"linktype":623},"/article/chinese-regulators-look-to-slow-lithium-rat-race","49e97613-bb78-459f-8b3f-d5de143c1d07",{"type":928,"attrs":1009},{"color":930},{"text":1011,"type":599,"marks":1012},", returning around mid-2027; and the ",[1013],{"type":928,"attrs":1014},{"color":930},{"text":1016,"type":599,"marks":1017},"Yongxing–Canmax merger",[1018,1022],{"type":604,"attrs":1019},{"href":1020,"uuid":1021,"anchor":49,"target":650,"linktype":623},"/article/what-does-the-jinzifeng-huashan-merger-mean-for-jiangxi-s-lithium-supply-","cf768bdc-8a11-4a1e-9d47-20c80f2aff45",{"type":928,"attrs":1023},{"color":930},{"text":1025,"type":599,"marks":1026}," of the Jinzifeng and Huashan mines defers that supply into a lengthy reclassification review, with output not expected to resume until roughly end-2027. Baishuidong Kaolin, meanwhile, is closing on end-of-life.",[1027],{"type":928,"attrs":1028},{"color":930},{"type":627,"attrs":1030},{"id":1031,"body":1032},"7eb04b58-f3eb-496c-93b0-c2b0eb4b725b",[1033],{"id":1034,"_uid":1035,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29580190","i-77eaaabe-6a90-4eb1-8c2f-68961cf2ece0",{"type":594,"attrs":1037,"content":1038},{"textAlign":49},[1039],{"text":1040,"type":599,"marks":1041},"The result is that Jiangxi's near-term output nudges up while its 2027 volumes ease, leaving the province's contribution, the market balance, and Benchmark's price forecast unchanged. Benchmark continues to see a modest 2026 deficit giving way to a small surplus in 2027.",[1042],{"type":928,"attrs":1043},{"color":930},{"type":657,"attrs":1045,"content":1046},{"level":985,"textAlign":49},[1047],{"text":1048,"type":599,"marks":1049},"Prices rising on new supply shows the role of sentiment",[1050,1052],{"type":928,"attrs":1051},{"color":930},{"type":665},{"type":594,"attrs":1054,"content":1055},{"textAlign":49},[1056],{"text":1057,"type":599,"marks":1058},"Conflicting rumours regarding a restart at Jianxiawo have been abound in China throughout 2026, periodically pushing down regional traded lithium carbonate and hydroxide prices. Prices have then rebounded as rumours turned out to be false.",[1059],{"type":928,"attrs":1060},{"color":930},{"type":594,"attrs":1062,"content":1063},{"textAlign":49},[1064],{"text":1065,"type":599,"marks":1066},"This time, more credible rumours regarding the restart circulated on 25 and 26 June, pushing both Benchmark’s daily EXW China spot carbonate and hydroxide price indexes down to a 3-month low.",[1067],{"type":928,"attrs":1068},{"color":930},{"type":594,"attrs":1070,"content":1071},{"textAlign":49},[1072],{"text":1073,"type":599,"marks":1074},"Then, on Monday 29 June, hard evidence of the restart emerged in the form of a safety permit and reputable reports. Despite the confirmation, as with previous speculation cycles, prices reached a level that was attractive to cathode and cell-producing lithium consumers. In turn, a flurry of opportunistic buying pushed quotations higher, amid a still-tight feedstock supply picture and robust demand indicators.",[1075],{"type":928,"attrs":1076},{"color":930},{"type":594,"attrs":1078,"content":1079},{"textAlign":49},[1080],{"text":1081,"type":599,"marks":1082},"“Ultimately the delay between the resumption at Jianxiawo and additional battery-grade chemicals being available to the spot market demonstrates the role of sentiment in short term price fluctuations,” said Adam Megginson, Benchmark’s principal lithium price analyst.",[1083],{"type":928,"attrs":1084},{"color":930},{"type":627,"attrs":1086},{"id":1031,"body":1087},[1088],{"id":1089,"_uid":1090,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29581479","i-e8a3a89b-c30f-452e-8970-2e04dfd631da","CATL's Jianxiawo restart will lift Jiangxi's near-term lithium output, but offsetting suspensions and deferrals elsewhere in the province leave Benchmark's Q2 lithium forecast supply balance and price forecast essentially unchanged.\n\nCATL secured the safety production permit for its Jianxiawo lepidolite mine in Jiangxi, China on 29 June, the last official hurdle to restarting a mine that has sat idle since August 2025, when its permit expired amid a province-wide enforcement crackdown.\n\nThe restart arrives slightly ahead of the September timing Benchmark's Q2 Lithium forecast had initially assumed, with 62,500 tonnes LCE now forecast to be mined from Jianxiawo in 2026. This equates to roughly 1.5% of global mined supply, with the operation ramping toward its 150,000tpa nameplate capacity by 2029.",[1093,1102],{"slug":1094,"name":1095,"content":1096},"cameron-perks","Cameron Perks",{"job_title":1097,"image":1098,"bio":1100,"linkedin":1101,"markets_covered":8},"Product Director - Lithium",{"filename":1099},"https://a.storyblok.com/f/287943243085208/512x512/5504398139/cam-perks.png","Dr Cameron Perks is a leading global lithium expert and currently serves as Product Director for Lithium at Benchmark Mineral Intelligence. With over a decade of experience in opaque mineral markets, he has led market strategy, pricing analysis, and bespoke consulting for clients ranging from junior explorers to OEMs and institutional investors. He was previously a consultant at TZMI, a geologist with the Geological Survey of NSW, and holds a PhD in Environmental Engineering.","https://www.linkedin.com/in/cameronperks/",{"slug":1103,"name":1104,"content":1105},"adam-megginson","Adam Megginson",{"job_title":1106,"image":1107,"bio":1109,"linkedin":1110,"markets_covered":1111},"Principal Analyst",{"filename":1108},"https://a.storyblok.com/f/287943243085208/512x512/f25205e28d/adam-megginson.jpeg","Adam is a Principal Analyst at Benchmark Mineral Intelligence and is responsible for the lithium, graphite, synthetic graphite and anode price assessments. Adam is in constant communication with buyers, sellers, traders and distributors to collect first-hand price data and insights which are published in Benchmark's price assessments. He has presented battery supply chain analysis to executives and senators in the UK, US, France, Morocco, Germany and Japan. Before joining Benchmark, Adam worked at an energy transition impact investment company. There he focussed on distributing LPG smartmeters for cooking in Kenya and Tanzania. Adam graduated with a First Class Honours BSc in International Management from Warwick Business School..","https://www.linkedin.com/in/adam-megginson/","Lithium,natural graphite, synthetic graphite, anode",[1113,1114,1115],{"slug":878,"name":8},{"slug":872,"name":873},{"slug":875,"name":876},{"id":1117,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1118,"copyright":547,"fieldtype":553,"meta_data":1119,"is_external_url":50},194093220133513,"https://a.storyblok.com/f/287943243085208/1588x1346/b78df8dfe5/jiangxi-lithium-supply-change-2x.png",{},{"id":1121,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1122,"copyright":547,"fieldtype":553,"meta_data":1123,"is_external_url":50},107058186992878,"https://a.storyblok.com/f/287943243085208/x/ef56eb8d44/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth.avif",{},{"id":1125,"uuid":947,"name":1126,"slug":1127,"full_slug":1128,"content":1129},193458351141760,"CATL secures safety production permit for Jianxiawo lithium mine","catl-secures-safety-production-permit-for-jianxiawo-lithium-mine","article/catl-secures-safety-production-permit-for-jianxiawo-lithium-mine",{"_uid":1130,"date":1131,"tags":1132,"editor":1138,"content":1142,"excerpt":1335,"featured":51,"reporter":1336,"component":864,"seo_title":1126,"categories":1349,"visibility":882,"data_vis_image":1353,"featured_image":1357,"seo_description":1361,"formattedDate":1362},"6426e28a-1aca-48df-aece-053bc3522207","2026-07-01 00:00",[1133,1134,1135,1136,1137],{"slug":903,"name":904},{"slug":906,"name":907},{"slug":913,"name":914},{"slug":910,"name":911},{"slug":578,"name":579},[1139],{"slug":544,"name":543,"content":1140},{"job_title":557,"image":1141,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":1143},[1144,1164,1182,1195,1203,1211,1218,1226,1248,1270,1278,1286,1292,1314],{"type":594,"attrs":1145,"content":1146},{"textAlign":49},[1147,1152,1159],{"text":1148,"type":599,"marks":1149},"CATL can likely restart its Jianxiawo lepidolite lithium mine in ",[1150],{"type":928,"attrs":1151},{"color":930},{"text":1153,"type":599,"marks":1154},"Jiangxi, China",[1155,1157],{"type":604,"attrs":1156},{"href":971,"uuid":972,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":1158},{"color":930},{"text":1160,"type":599,"marks":1161}," after securing a safety production permit.",[1162],{"type":928,"attrs":1163},{"color":930},{"type":594,"attrs":1165,"content":1166},{"textAlign":49},[1167,1172,1178],{"text":1168,"type":599,"marks":1169},"Benchmark has seen a copy of the permit certificate, which was considered the last official hurdle CATL needed to overcome to resume production at the mine which has been ",[1170],{"type":928,"attrs":1171},{"color":930},{"text":958,"type":599,"marks":1173},[1174,1176],{"type":604,"attrs":1175},{"href":962,"uuid":963,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":1177},{"color":930},{"text":974,"type":599,"marks":1179},[1180],{"type":928,"attrs":1181},{"color":930},{"type":594,"attrs":1183,"content":1184},{"textAlign":49},[1185,1192],{"type":1186,"attrs":1187},"image",{"id":1188,"alt":1189,"src":1190,"title":1189,"source":547,"copyright":547,"meta_data":1191},193463603157791,"Safety Production Permit for Jianxiawo","https://a.storyblok.com/f/287943243085208/1782x1260/021ff6bd51/img_6943.jpg",{"alt":1189,"title":1189,"source":547,"copyright":547},{"text":1189,"type":599,"marks":1193},[1194],{"type":643},{"type":594,"attrs":1196,"content":1197},{"textAlign":49},[1198],{"text":1199,"type":599,"marks":1200},"Benchmark’s Q2 Lithium Forecast anticipates 37kt lithium carbonate equivalent to be mined from Jianxiawo in 2026 assuming a September restart, accounting for ~1.5% of global mined lithium supply. This production figure could increase if the mine is restarted earlier than expected, something that is increasingly likely given the rapid pace of approvals in the past week. The mine is anticipated to operate at its planned capacity of 150ktpa by 2029.",[1201],{"type":928,"attrs":1202},{"color":930},{"type":594,"attrs":1204,"content":1205},{"textAlign":49},[1206],{"text":1207,"type":599,"marks":1208},"Although the safety production permit looks to allow CATL to resume production, it is unclear whether issues surrounding the mine’s tailings remain outstanding.",[1209],{"type":928,"attrs":1210},{"color":930},{"type":627,"attrs":1212},{"id":1213,"body":1214},"cfa61e39-c655-46e3-a1bb-c7b30778eeb1",[1215],{"id":1216,"_uid":1217,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29556778","i-540a3f80-a0b5-4e0d-b15c-dd56b18c9bd2",{"type":657,"attrs":1219,"content":1220},{"level":659,"textAlign":49},[1221],{"text":1222,"type":599,"marks":1223},"What impact will this have on the lithium market?",[1224],{"type":928,"attrs":1225},{"color":930},{"type":594,"attrs":1227,"content":1228},{"textAlign":49},[1229,1234,1243],{"text":1230,"type":599,"marks":1231},"The restart could provide some relief to the ",[1232],{"type":928,"attrs":1233},{"color":930},{"text":1235,"type":599,"marks":1236},"near term lithium market deficit",[1237,1241],{"type":604,"attrs":1238},{"href":1239,"uuid":1240,"anchor":49,"target":650,"linktype":623},"/article/restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance","e310a60b-1914-4b56-b78d-8646c714f378",{"type":928,"attrs":1242},{"color":930},{"text":1244,"type":599,"marks":1245}," forecast to be around 2.9% of demand in 2026. Without production from Jianxiawo, this deficit could be as much as 4% of demand.",[1246],{"type":928,"attrs":1247},{"color":930},{"type":594,"attrs":1249,"content":1250},{"textAlign":49},[1251,1256,1265],{"text":1252,"type":599,"marks":1253},"Although a deficit is forecast for this year, Benchmark is anticipating a 91kt surplus in 2027 (4.4% of demand) with ",[1254],{"type":928,"attrs":1255},{"color":930},{"text":1257,"type":599,"marks":1258},"prices expected to fall",[1259,1263],{"type":604,"attrs":1260},{"href":1261,"uuid":1262,"anchor":49,"target":650,"linktype":623},"/article/why-are-lithium-prices-expected-to-decline-in-2027-","03f0f24b-0a8e-4114-bc7f-28fcad4b081f",{"type":928,"attrs":1264},{"color":930},{"text":1266,"type":599,"marks":1267},". Benchmark forecasts Jianxiawo to produce ~99kt tonnes LCE next year, highlighting just how tight the supply balance is.",[1268],{"type":928,"attrs":1269},{"color":930},{"type":657,"attrs":1271,"content":1272},{"level":659,"textAlign":49},[1273],{"text":1274,"type":599,"marks":1275},"How could this impact lithium prices?",[1276],{"type":928,"attrs":1277},{"color":930},{"type":594,"attrs":1279,"content":1280},{"textAlign":49},[1281],{"text":1282,"type":599,"marks":1283},"Benchmark’s EXW China daily lithium carbonate price index fell sharply by 2.4% and then 1.5% day-on-day on 25 and 26 June as rumours regarding the licence approval circulated domestically. The official licence confirming the speculation was seen by Benchmark on 1 July, by which time the market had already priced in the news.",[1284],{"type":928,"attrs":1285},{"color":930},{"type":627,"attrs":1287},{"id":1213,"body":1288},[1289],{"id":1290,"_uid":1291,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29559820","i-49249256-18c8-40a3-8b46-da06843c3f54",{"type":594,"attrs":1293,"content":1294},{"textAlign":49},[1295,1300,1309],{"text":1296,"type":599,"marks":1297},"By 30 June and 1 July, prices were already rebounding, driven by opportunistic purchasing and accelerated by renewed concerns regarding tightening feedstock supply. ",[1298],{"type":928,"attrs":1299},{"color":930},{"text":1301,"type":599,"marks":1302},"Zimbabwe’s export suspension",[1303,1307],{"type":604,"attrs":1304},{"href":1305,"uuid":1306,"anchor":49,"target":650,"linktype":623},"/article/zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions","3a50839c-53d8-42db-ba04-0293c9018f48",{"type":928,"attrs":1308},{"color":930},{"text":1310,"type":599,"marks":1311}," earlier in the year is having a delayed effect on spodumene concentrate availability with some hard rock converters in China forced to taper utilisation rates or even halt production entirely in response. A tightening chemicals picture, with Sinomine’s Jiangxi subsidiary halting production for maintenance, citing force majeure due to a lack of feedstock, has also helped to cushion the spot price.",[1312],{"type":928,"attrs":1313},{"color":930},{"type":594,"attrs":1315,"content":1316},{"textAlign":49},[1317,1322,1330],{"text":1318,"type":599,"marks":1319},"“Supply and demand developments like these tend to affect market sentiment and liquid spot prices in China immediately, ahead of the balance actually swinging,” said ",[1320],{"type":928,"attrs":1321},{"color":930},{"text":1104,"type":599,"marks":1323},[1324,1328],{"type":604,"attrs":1325},{"href":1326,"uuid":1327,"anchor":49,"target":650,"linktype":623},"/videos/quantifying-lithium-price-risk-what-benchmark-s-forward-curve-tells-us-about-h2-2026","8fad506c-2be5-4d14-b15e-dd573faff10c",{"type":928,"attrs":1329},{"color":930},{"text":1331,"type":599,"marks":1332},", principal lithium price analyst at Benchmark. “Subsequently, when anticipated capacity actually hits the market and moves fundamentals, there is often a fresh reaction in the traded price level.”",[1333],{"type":928,"attrs":1334},{"color":930},"CATL can likely restart its Jianxiawo lepidolite lithium mine in Jiangxi, China after securing a safety production permit.\nBenchmark has seen a copy of the permit certificate, which was considered the last official hurdle CATL needed to overcome to resume production at the mine which has been idle since August 2025.\nBenchmark’s Q2 Lithium Forecast anticipates 37kt lithium carbonate equivalent to be mined from Jianxiawo in 2026 assuming a September restart, accounting for ~1.5% of global mined lithium supply. This production figure could increase if the mine is restarted earlier than expected, something that is increasingly likely given the rapid pace of approvals in the past week. The mine is anticipated to operate at its planned capacity of 150ktpa by 2029.",[1337,1346],{"slug":1338,"name":1339,"content":1340},"zoey-zuo","Zoey Zuo",{"job_title":1341,"image":1342,"bio":1344,"linkedin":1345,"markets_covered":8},"Senior Analyst - Lithium ",{"filename":1343},"https://a.storyblok.com/f/287943243085208/852x854/1135fe200d/zoe-z.png","Zoey is a Senior Analyst at Benchmark Mineral Intelligence in China, leading its China lithium research. She has extensive experience in lithium mine projects, contributing to Benchmark’s lithium cost, supply-demand and price forecast models. Previously, has participated in investment and financing projects for lithium mining ventures. She led lithium market analysis collaborate with Chinese universities on joint lithium research projects  when she's in Lithium Research Institute.","https://www.linkedin.com/in/zoey-zuo-615637151/",{"slug":1103,"name":1104,"content":1347},{"job_title":1106,"image":1348,"bio":1109,"linkedin":1110,"markets_covered":1111},{"filename":1108},[1350,1351,1352],{"slug":878,"name":8},{"slug":872,"name":873},{"slug":875,"name":876},{"id":1354,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1355,"copyright":547,"fieldtype":553,"meta_data":1356,"is_external_url":50},194055055116762,"https://a.storyblok.com/f/287943243085208/1588x1484/96f3483837/jianxiawo-is-highly-likely-to-resume-production-soon-following-safety-production-permit-2x-2.png",{},{"id":1358,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1359,"copyright":547,"fieldtype":553,"meta_data":1360,"is_external_url":50},129066151888955,"https://a.storyblok.com/f/287943243085208/4280a70002/bm-catl-headquarters-3.jpg",{},"CATL can likely restart its Jianxiawo lepidolite lithium mine in Jiangxi, China after securing a safety production permit.","Jul 01, 2026",{"id":1364,"uuid":1365,"name":1366,"slug":1367,"full_slug":1368,"content":1369},191264321528320,"d27d23b1-f39e-4c31-999a-582e39033222","China targets US rare earth and defence-linked entities with dual-use export ban","china-targets-us-rare-earth-and-defence-linked-entities-with-dual-use-export-ban","article/china-targets-us-rare-earth-and-defence-linked-entities-with-dual-use-export-ban",{"_uid":1370,"date":1371,"tags":1372,"editor":1389,"content":1393,"excerpt":1542,"featured":51,"reporter":1543,"component":864,"seo_title":1553,"categories":1554,"visibility":882,"data_vis_image":1560,"featured_image":1562,"seo_description":1566,"formattedDate":1567},"b8ed8157-d194-41d2-929a-84ca4e99f15b","2026-06-25 00:00",[1373,1374,1377,1380,1383,1386],{"slug":913,"name":914},{"slug":1375,"name":1376},"usa","USA",{"slug":1378,"name":1379},"mp-materials","MP Materials",{"slug":1381,"name":1382},"usa-rare-earth","USA Rare Earth",{"slug":1384,"name":1385},"defence","Defence",{"slug":1387,"name":1388},"export-restrictions","Export restrictions",[1390],{"slug":544,"name":543,"content":1391},{"job_title":557,"image":1392,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":1394},[1395,1457,1479,1486,1494,1502,1510,1518,1526,1534],{"type":594,"attrs":1396,"content":1397},{"textAlign":49},[1398,1403,1412,1417,1426,1431,1439,1444,1452],{"text":1399,"type":599,"marks":1400},"China has added 10 US entities to its export control list, prohibiting ",[1401],{"type":928,"attrs":1402},{"color":930},{"text":1404,"type":599,"marks":1405},"exports of dual-use items",[1406,1410],{"type":604,"attrs":1407},{"href":1408,"uuid":1409,"anchor":49,"target":650,"linktype":623},"/videos/rare-earths-benchmark-briefing","bd1a742a-4f00-4711-80cb-6add5f05fa08",{"type":928,"attrs":1411},{"color":930},{"text":1413,"type":599,"marks":1414}," from China to those companies with immediate effect from 22 June 2026. The Ministry of Commerce named ",[1415],{"type":928,"attrs":1416},{"color":930},{"text":1418,"type":599,"marks":1419},"rare earth and magnet developers",[1420,1424],{"type":604,"attrs":1421},{"href":1422,"uuid":1423,"anchor":49,"target":650,"linktype":623},"/article/why-the-us-is-becoming-a-rare-earth-mine-to-magnet-destination","bb0713da-7c91-498a-a956-853d2402c999",{"type":928,"attrs":1425},{"color":930},{"text":1427,"type":599,"marks":1428}," ",[1429],{"type":928,"attrs":1430},{"color":930},{"text":1379,"type":599,"marks":1432},[1433,1437],{"type":604,"attrs":1434},{"href":1435,"uuid":1436,"anchor":49,"target":650,"linktype":623},"/article/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance","b489988f-ca11-452a-87b9-f797cba52943",{"type":928,"attrs":1438},{"color":930},{"text":1440,"type":599,"marks":1441}," and ",[1442],{"type":928,"attrs":1443},{"color":930},{"text":1382,"type":599,"marks":1445},[1446,1450],{"type":604,"attrs":1447},{"href":1448,"uuid":1449,"anchor":49,"target":650,"linktype":623},"/article/usa-rare-earth-acquires-serra-verde","033fd4f7-dd04-42d6-9b9e-d31d2ed1321c",{"type":928,"attrs":1451},{"color":930},{"text":1453,"type":599,"marks":1454}," in addition to eight other companies in defence-related industries.",[1455],{"type":928,"attrs":1456},{"color":930},{"type":594,"attrs":1458,"content":1459},{"textAlign":49},[1460,1465,1474],{"text":1461,"type":599,"marks":1462},"The measure is entity-specific rather than a blanket restriction on rare earth exports to the US. Beijing positioned the move as a response to recent US actions targeting Chinese military-linked companies, including additions to the Pentagon’s 1260H list. In practice, the policy escalates previous ",[1463],{"type":928,"attrs":1464},{"color":930},{"text":1466,"type":599,"marks":1467},"licensing controls",[1468,1472],{"type":604,"attrs":1469},{"href":1470,"uuid":1471,"anchor":49,"target":650,"linktype":623},"/article/china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit","2ce683a6-703c-4398-9e3a-b31983d16207",{"type":928,"attrs":1473},{"color":930},{"text":1475,"type":599,"marks":1476}," into a full prohibition on dual-use exports to the named firms.",[1477],{"type":928,"attrs":1478},{"color":930},{"type":627,"attrs":1480},{"id":1481,"body":1482},"4a3801a8-fab3-4f7e-bac8-654c47e08293",[1483],{"id":1484,"_uid":1485,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29487034","i-c04c097b-9d9a-442c-ab53-a66fa677c42b",{"type":657,"attrs":1487,"content":1488},{"level":659,"textAlign":49},[1489],{"text":1490,"type":599,"marks":1491},"What impact could this have on rare earths and magnets?",[1492],{"type":928,"attrs":1493},{"color":930},{"type":594,"attrs":1495,"content":1496},{"textAlign":49},[1497],{"text":1498,"type":599,"marks":1499},"MP Materials is relatively insulated in the near term, supported by its Mountain Pass mine and operational NdPr separation capacity in the US. However, exposure remains at the heavy rare earth stage. Dysprosium and terbium separation is not expected before end-2027, and the company’s deposit is light rare earth enriched, leaving reliance on third-party heavy rare earth inputs. The primary impact is likely to be on downstream timing, costs, and execution rather than upstream supply.",[1500],{"type":928,"attrs":1501},{"color":930},{"type":594,"attrs":1503,"content":1504},{"textAlign":49},[1505],{"text":1506,"type":599,"marks":1507},"USA Rare Earth faces greater near- to medium-term exposure. Its Round Top project is expected online in 2029, while its Stillwater magnet facility is due to start in 2026. Interim reliance on external feedstock and refined materials creates vulnerability, particularly if access to Chinese-origin inputs, equipment, or technical expertise is constrained.",[1508],{"type":928,"attrs":1509},{"color":930},{"type":657,"attrs":1511,"content":1512},{"level":659,"textAlign":49},[1513],{"text":1514,"type":599,"marks":1515},"What is the impact on the downstream companies listed?",[1516],{"type":928,"attrs":1517},{"color":930},{"type":594,"attrs":1519,"content":1520},{"textAlign":49},[1521],{"text":1522,"type":599,"marks":1523},"For the robotics and drone companies named, including Red Cat and Teal Drones, the restriction is likely to have a more immediate operational impact. These firms depend on high-performance NdFeB magnets for motors, actuators, and control systems. Limited access to Chinese-origin rare earth materials and components may constrain procurement, increase input costs, and extend qualification timelines for alternative suppliers, particularly where heavy rare earth content such as Dy and Tb is required for high-temperature performance.",[1524],{"type":928,"attrs":1525},{"color":930},{"type":594,"attrs":1527,"content":1528},{"textAlign":49},[1529],{"text":1530,"type":599,"marks":1531},"The move underscores structural weaknesses outside China in separation and magnet production rather than mining. Liquidity for ex-China Dy and Tb remains limited, keeping markets tight and prices elevated. Companies in affected sectors will need to secure non-Chinese supply, where options remain narrow.",[1532],{"type":928,"attrs":1533},{"color":930},{"type":594,"attrs":1535,"content":1536},{"textAlign":49},[1537],{"text":1538,"type":599,"marks":1539},"In the short term, disruption is likely to concentrate in downstream processing and magnet manufacturing, with tighter feedstock availability, higher costs, and potential delays. Over the longer term, the policy reinforces momentum towards US mine-to-magnet vertically integrated supply chain. ",[1540],{"type":928,"attrs":1541},{"color":930},"China has added 10 US entities to its export control list, prohibiting exports of dual-use items from China to those companies with immediate effect from 22 June 2026. The Ministry of Commerce named rare earth and magnet developers MP Materials and USA Rare Earth in addition to eight other companies in defence-related industries.\n\nThe measure is entity-specific rather than a blanket restriction on rare earth exports to the US. Beijing positioned the move as a response to recent US actions targeting Chinese military-linked companies, including additions to the Pentagon’s 1260H list. In practice, the policy escalates previous licensing controls into a full prohibition on dual-use exports to the named firms.",[1544],{"slug":1545,"name":1546,"content":1547},"neha-mukherjee","Neha Mukherjee",{"job_title":1548,"image":1549,"bio":1551,"linkedin":1552,"markets_covered":414},"Senior Analyst - Rare Earths",{"filename":1550},"https://a.storyblok.com/f/287943243085208/512x512/687eb77e03/neha-mukherjee.jpeg","Neha is a Research Manager at Benchmark Mineral Intelligence, where she leads the market analysis of rare earth elements, covering supply, demand, cost, pricing, and ESG factors. She has two years of experience in the critical minerals sector and has executed consulting projects focused on market due diligence. Her background includes roles in energy market consulting and management consulting. Neha holds a Master’s degree in Sustainable Energy from the University of Glasgow and a B.Tech in Electrical Engineering from India.","https://www.linkedin.com/in/neha-mukherjee-5825b0135/","China targets US rare earth and defence entities with export ban",[1555,1557,1558,1559],{"slug":1556,"name":414},"rare-earths",{"slug":872,"name":873},{"slug":875,"name":876},{"slug":880,"name":881},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1561},{},{"id":1563,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1564,"copyright":547,"fieldtype":553,"meta_data":1565,"is_external_url":50},129070861066712,"https://a.storyblok.com/f/287943243085208/5537c4f740/bm-rare-earth-magnets.jpg",{},"China has added 10 US entities to its export control list, prohibiting exports of dual-use items from China to those companies with immediate effect from 22 June 2026. This includes rare earth and magnet developers MP Materials and USA Rare Earths.","Jun 25, 2026",{"id":1569,"uuid":1021,"name":1570,"slug":1571,"full_slug":1572,"content":1573},191244801048632,"What does the Jinzifeng–Huashan merger mean for Jiangxi’s lithium supply? ","what-does-the-jinzifeng-huashan-merger-mean-for-jiangxi-s-lithium-supply-","article/what-does-the-jinzifeng-huashan-merger-mean-for-jiangxi-s-lithium-supply-",{"_uid":1574,"date":1371,"tags":1575,"editor":1578,"content":1582,"excerpt":1726,"featured":51,"reporter":1727,"component":864,"seo_title":1734,"categories":1735,"visibility":882,"data_vis_image":1739,"featured_image":1741,"seo_description":1745,"formattedDate":1567},"16a8cf38-4781-4be4-9db2-d7a446534cf4",[1576,1577],{"slug":913,"name":914},{"slug":906,"name":907},[1579],{"slug":544,"name":543,"content":1580},{"job_title":557,"image":1581,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":1583},[1584,1605,1613,1621,1628,1636,1696,1705,1713,1721],{"type":594,"attrs":1585,"content":1586},{"textAlign":49},[1587,1592,1600],{"text":1588,"type":599,"marks":1589},"Yongxing and Canmax have announced plans to merge two adjacent lepidolite mines in ",[1590],{"type":928,"attrs":1591},{"color":930},{"text":907,"type":599,"marks":1593},[1594,1598],{"type":604,"attrs":1595},{"href":1596,"uuid":1597,"anchor":49,"target":650,"linktype":623},"/article/rangebound-prices-ahead-as-jiangxi-permits-set-floor-and-ceiling","96bc7dd9-37df-4c3e-b848-2721361922c6",{"type":928,"attrs":1599},{"color":930},{"text":1601,"type":599,"marks":1602},", China's largest lithium-mica hub, in a deal Benchmark expects to delay fresh lithium supply in the near term even as it unlocks substantial output over the longer term.",[1603],{"type":928,"attrs":1604},{"color":930},{"type":594,"attrs":1606,"content":1607},{"textAlign":49},[1608],{"text":1609,"type":599,"marks":1610},"Under the deal, Canmax subsidiary Yichun Shengyuan Lithium will inject its Jinzifeng mine, valued at RMB 2.7 billion (~$396 million), into Yongxing's Huaqiao Mining in exchange for a 50% stake, with both parties then applying for a single unified mining right designed for 18 million tonnes of ore per year.",[1611],{"type":928,"attrs":1612},{"color":930},{"type":594,"attrs":1614,"content":1615},{"textAlign":49},[1616],{"text":1617,"type":599,"marks":1618},"The combination pairs Jinzifeng's vast, low-grade resource (5.5 billion tonnes of geological reserves at 0.31% Li₂O, of which 1.8 billion tonnes are recoverable) with Huaqiao’s higher-grade Huashan mine (492 million tonnes at 0.39% Li₂O). Both hold statutory capacity of nine million tonnes per year.",[1619],{"type":928,"attrs":1620},{"color":930},{"type":627,"attrs":1622},{"id":1623,"body":1624},"8f88e146-1acd-4328-a6e7-98020f2d901e",[1625],{"id":1626,"_uid":1627,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29487638","i-ae5102ea-c983-44f9-b731-627ccd4c5820",{"type":594,"attrs":1629,"content":1630},{"textAlign":49},[1631],{"text":1632,"type":599,"marks":1633},"The deal lands amid China's tightening of lithium mining oversight. Amendments to the Mineral Resources Law adopted in late 2024 gave regulators enforcement powers beyond advisory inspections, and a State Council Action Plan for Comprehensive Solid Waste Management tightened tailings, reclamation and processing-approval standards.",[1634],{"type":928,"attrs":1635},{"color":930},{"type":594,"attrs":1637,"content":1638},{"textAlign":49},[1639,1644,1653,1658,1667,1672,1679,1684,1691],{"text":1640,"type":599,"marks":1641},"It is a campaign ",[1642],{"type":928,"attrs":1643},{"color":930},{"text":1645,"type":599,"marks":1646},"Benchmark has tracked",[1647,1651],{"type":604,"attrs":1648},{"href":1649,"uuid":1650,"anchor":49,"target":650,"linktype":623},"/article/q3-lithium-preview-jiangxi-enforcement-shows-teeth-lifting-price-floor","0b10bf7e-4b8d-4f9a-9d9c-46a9945d2feb",{"type":928,"attrs":1652},{"color":930},{"text":1654,"type":599,"marks":1655}," through permit issues at ",[1656],{"type":928,"attrs":1657},{"color":930},{"text":1659,"type":599,"marks":1660},"eight Yichun mines",[1661,1665],{"type":604,"attrs":1662},{"href":1663,"uuid":1664,"anchor":49,"target":650,"linktype":623},"/article/eight-lithium-mines-in-yichun-jiangxi-found-to-have-permit-issues","1e7ad44a-3297-461c-8920-a0a00c5a585c",{"type":928,"attrs":1666},{"color":930},{"text":1668,"type":599,"marks":1669},", CATL's ",[1670],{"type":928,"attrs":1671},{"color":930},{"text":1673,"type":599,"marks":1674},"Jianxiawo suspension",[1675,1677],{"type":604,"attrs":1676},{"href":962,"uuid":963,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":1678},{"color":930},{"text":1680,"type":599,"marks":1681}," and the ",[1682],{"type":928,"attrs":1683},{"color":930},{"text":1685,"type":599,"marks":1686},"Jiangxi licence cancellations",[1687,1689],{"type":604,"attrs":1688},{"href":971,"uuid":972,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":1690},{"color":930},{"text":1692,"type":599,"marks":1693},". Per the companies' announcements, the two mines were each was licensed under ceramic-clay or porcelain categories and has been required to renew with a lithium licence, with Huashan's still pending.",[1694],{"type":928,"attrs":1695},{"color":930},{"type":657,"attrs":1697,"content":1698},{"level":659,"textAlign":49},[1699],{"text":1700,"type":599,"marks":1701},"What does it mean for supply?",[1702,1704],{"type":928,"attrs":1703},{"color":930},{"type":665},{"type":594,"attrs":1706,"content":1707},{"textAlign":49},[1708],{"text":1709,"type":599,"marks":1710},"The near-term effect is to defer supply the market had been counting on, not to cut current output. Huashan already runs at a capacity of just three million tonnes of ore per year, a third of its approved nine million tonnes of ore per year, held back by an unfinished safety production permit and a pending lithium licence renewal; folding it into a merger and reclassification review pushes that ramp-up further out and pauses Jinzifeng's launch while integration completes.",[1711],{"type":928,"attrs":1712},{"color":930},{"type":594,"attrs":1714,"content":1715},{"textAlign":49},[1716],{"text":1717,"type":599,"marks":1718},"Longer term, Benchmark views the deal as supply-additive. Removing the safety buffer zone between the two pits frees boundary ore that was previously unmineable, supporting steady output growth and \"substantial supply increments\" once approvals clear. But that hinges on a lengthy multi-agency review of the merger and lithium reclassification, and a rejection would scrap the plan entirely.",[1719],{"type":928,"attrs":1720},{"color":930},{"type":594,"attrs":1722,"content":1723},{"textAlign":49},[1724],{"type":1725},"hard_break","Yongxing and Canmax have announced plans to merge two adjacent lepidolite mines in Jiangxi, China's largest lithium-mica hub, in a deal Benchmark expects to delay fresh lithium supply in the near term even as it unlocks substantial output over the longer term.\n\nUnder the deal, Canmax subsidiary Yichun Shengyuan Lithium will inject its Jinzifeng mine, valued at RMB 2.7 billion (~$396 million), into Yongxing's Huaqiao Mining in exchange for a 50% stake, with both parties then applying for a single unified mining right designed for 18 million tonnes of ore per year.",[1728,1731],{"slug":1094,"name":1095,"content":1729},{"job_title":1097,"image":1730,"bio":1100,"linkedin":1101,"markets_covered":8},{"filename":1099},{"slug":1338,"name":1339,"content":1732},{"job_title":1341,"image":1733,"bio":1344,"linkedin":1345,"markets_covered":8},{"filename":1343},"What does Jinzifeng–Huashan merger mean Jiangxi lithium supply?",[1736,1737,1738],{"slug":872,"name":873},{"slug":875,"name":876},{"slug":878,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1740},{},{"id":1742,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1743,"copyright":547,"fieldtype":553,"meta_data":1744,"is_external_url":50},191255378945076,"https://a.storyblok.com/f/287943243085208/5616x3744/e7f5d9dd43/lepidolite-lithium-mica.jpeg",{},"Yongxing and Canmax have announced plans to merge two adjacent lepidolite mines in Jiangxi, China's largest lithium-mica hub, in a deal Benchmark expects to delay fresh lithium supply in the near term even as it unlocks substantial output longer term.",{"id":1747,"uuid":1423,"name":1748,"slug":1749,"full_slug":1750,"content":1751},190554587229990,"Why the US is becoming a rare earth mine-to-magnet destination","why-the-us-is-becoming-a-rare-earth-mine-to-magnet-destination","article/why-the-us-is-becoming-a-rare-earth-mine-to-magnet-destination",{"_uid":1752,"date":1753,"tags":1754,"editor":1764,"content":1768,"excerpt":2082,"featured":51,"reporter":2083,"component":864,"seo_title":1748,"categories":2087,"visibility":2091,"data_vis_image":2092,"featured_image":2096,"seo_description":2101,"formattedDate":2102},"2c61c89a-886b-4fdb-93d1-59fb25515897","2026-06-23 00:00",[1755,1756,1759,1762,1763],{"slug":1378,"name":1379},{"slug":1757,"name":1758},"energy-fuels-inc","Energy Fuels Inc",{"slug":1760,"name":1761},"australian-strategic-materials","Australian Strategic Materials",{"slug":1381,"name":1382},{"slug":1375,"name":1376},[1765],{"slug":544,"name":543,"content":1766},{"job_title":557,"image":1767,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":1769},[1770,1806,1826,1848,1896,1917,1932,1940,1948,1962,1969,1991,1999,2007,2029,2065,2072],{"type":594,"attrs":1771,"content":1772},{"textAlign":49},[1773,1778,1787,1792,1801],{"text":1774,"type":599,"marks":1775},"Announcements in the ",[1776],{"type":928,"attrs":1777},{"color":930},{"text":1779,"type":599,"marks":1780},"US rare earths",[1781,1785],{"type":604,"attrs":1782},{"href":1783,"uuid":1784,"anchor":49,"target":650,"linktype":623},"/videos/rare-earths-securing-magnet-supply-chains-panel-from-strategic-vulnerability-to-us-resilience","58380b69-ca93-4dd5-a0a1-5cef135fa8e2",{"type":928,"attrs":1786},{"color":930},{"text":1788,"type":599,"marks":1789}," space in 2026 shows capital being deployed not only into ",[1790],{"type":928,"attrs":1791},{"color":930},{"text":1793,"type":599,"marks":1794},"mining",[1795,1799],{"type":604,"attrs":1796},{"href":1797,"uuid":1798,"anchor":49,"target":650,"linktype":623},"/article/infographic-the-last-30-years-of-rare-earths-mining","eea4a449-1f70-4a33-b86f-23ddac7f333b",{"type":928,"attrs":1800},{"color":930},{"text":1802,"type":599,"marks":1803},", but also into separation, refining, metallisation, alloy production, magnet manufacturing, and recycling.",[1804],{"type":928,"attrs":1805},{"color":930},{"type":594,"attrs":1807,"content":1808},{"textAlign":49},[1809,1814,1821],{"text":1810,"type":599,"marks":1811},"This indicates that the US is increasingly targeting the full ",[1812],{"type":928,"attrs":1813},{"color":930},{"text":1815,"type":599,"marks":1816},"mine-to-magnet value chain",[1817,1819],{"type":604,"attrs":1818},{"href":1408,"uuid":1409,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":1820},{"color":930},{"text":1822,"type":599,"marks":1823}," rather than isolated project stages. This is a meaningful shift from the more upstream focused investment of previous years.",[1824],{"type":928,"attrs":1825},{"color":930},{"type":594,"attrs":1827,"content":1828},{"textAlign":49},[1829,1834,1843],{"text":1830,"type":599,"marks":1831},"The most recent development in this regard is Energy Fuels’ acquisition of magnet maker Vacuumschmelze (VAC) for a total cash-and-stock consideration of ~$1.9 billion. This deal builds on ",[1832],{"type":928,"attrs":1833},{"color":930},{"text":1835,"type":599,"marks":1836},"Energy Fuels’ previous deals",[1837,1841],{"type":604,"attrs":1838},{"href":1839,"uuid":1840,"anchor":49,"target":650,"linktype":623},"/videos/developing-an-ex-china-rare-earths-supply-chain-interview-with-debra-bennethum","9b356568-15dc-47b6-857d-3a7fd42cbc52",{"type":928,"attrs":1842},{"color":930},{"text":1844,"type":599,"marks":1845}," with magnet producers and the rare earth metals producer Australian Strategic Materials.",[1846],{"type":928,"attrs":1847},{"color":930},{"type":594,"attrs":1849,"content":1850},{"textAlign":49},[1851,1856,1865,1870,1877,1882,1891],{"text":1852,"type":599,"marks":1853},"A key reason the US has become more attractive for ",[1854],{"type":928,"attrs":1855},{"color":930},{"text":1857,"type":599,"marks":1858},"rare earth investment",[1859,1863],{"type":604,"attrs":1860},{"href":1861,"uuid":1862,"anchor":49,"target":650,"linktype":623},"/videos/from-ndpr-to-magnets-new-price-and-risk-tools-for-the-western-rare-earths-supply-chain","c9757c0d-9334-41ef-afab-17f081b23c6d",{"type":928,"attrs":1864},{"color":930},{"text":1866,"type":599,"marks":1867}," is the ",[1868],{"type":928,"attrs":1869},{"color":930},{"text":1871,"type":599,"marks":1872},"scale and structure of public support",[1873,1875],{"type":604,"attrs":1874},{"href":1435,"uuid":1436,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":1876},{"color":930},{"text":1878,"type":599,"marks":1879},". Federal and state authorities are using layered financing mechanisms, ",[1880],{"type":928,"attrs":1881},{"color":930},{"text":1883,"type":599,"marks":1884},"including grants",[1885,1889],{"type":604,"attrs":1886},{"href":1887,"uuid":1888,"anchor":49,"target":650,"linktype":623},"/article/is-the-us-embarking-on-a-critical-mineral-spending-spree","1b43947d-e7f2-4a47-b535-99b3ad1b1d38",{"type":928,"attrs":1890},{"color":930},{"text":1892,"type":599,"marks":1893},", loans, tax incentives, milestone-based reimbursements, and strategic offtake arrangements, to reduce project risk and improve bankability.",[1894],{"type":928,"attrs":1895},{"color":930},{"type":594,"attrs":1897,"content":1898},{"textAlign":49},[1899,1904,1912],{"text":1900,"type":599,"marks":1901},"“Overall, 2026 developments suggest the US is becoming one of the most credible non-China destinations for rare earth value chain investment,” said ",[1902],{"type":928,"attrs":1903},{"color":930},{"text":1546,"type":599,"marks":1905},[1906,1910],{"type":604,"attrs":1907},{"href":1908,"uuid":1909,"anchor":49,"target":650,"linktype":623},"/videos/the-impact-of-export-controls-on-the-rare-earths-market","22e1aed6-2594-4f9a-a09f-805bcfe74d9e",{"type":928,"attrs":1911},{"color":930},{"text":1913,"type":599,"marks":1914},", Benchmark’s research manager for rare earths. “Support is now extending across the full mine-to-magnet chain, with increasing focus on the most strategically important midstream and downstream segments.\"",[1915],{"type":928,"attrs":1916},{"color":930},{"type":594,"attrs":1918,"content":1919},{"textAlign":49},[1920,1927],{"text":1921,"type":599,"marks":1922},"China accounts",[1923,1925],{"type":604,"attrs":1924},{"href":1470,"uuid":1471,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":1926},{"color":930},{"text":1928,"type":599,"marks":1929}," for 71% of light rare earths processing, 99% of heavy rare earth processing and 94% of magnet production, according to Benchmark’s Rare Earths, Magnets & Motors Service. By developing US-centric supply chains, these companies aim to show that China’s hegemony can be mitigated.",[1930],{"type":928,"attrs":1931},{"color":930},{"type":657,"attrs":1933,"content":1934},{"level":659,"textAlign":49},[1935],{"text":1936,"type":599,"marks":1937},"Who is building US-centred rare earth supply chains?",[1938],{"type":928,"attrs":1939},{"color":930},{"type":594,"attrs":1941,"content":1942},{"textAlign":49},[1943],{"text":1944,"type":599,"marks":1945},"Benchmark has mapped out five sets of mine-to-magnet supply chains in development in the US. MP Materials is the only company to control all stages of the supply chain. The other three are possible through offtake agreements and acquisitions.",[1946],{"type":928,"attrs":1947},{"color":930},{"type":594,"attrs":1949,"content":1950},{"textAlign":49},[1951,1957],{"text":1382,"type":599,"marks":1952},[1953,1955],{"type":604,"attrs":1954},{"href":1448,"uuid":1449,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":1956},{"color":930},{"text":1958,"type":599,"marks":1959},", for example, combines federal support, state incentives, private capital, and international partnerships to build a multi-site platform linking feedstock, processing, and magnet production.",[1960],{"type":928,"attrs":1961},{"color":930},{"type":627,"attrs":1963},{"id":1964,"body":1965},"d55c21c1-d1b0-44ae-933e-b34a44299ee8",[1966],{"id":1967,"_uid":1968,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29459628","i-a705d1a6-2795-44d7-8676-17234e9e2621",{"type":594,"attrs":1970,"content":1971},{"textAlign":49},[1972,1977,1986],{"text":1973,"type":599,"marks":1974},"In addition to the full mine-to-magnet supply chains being built out, several companies are operating mines elsewhere in the world but have refining facilities under development in the US: Lynas Rare Earths, Pensana, Ionic Rare Earths, ",[1975],{"type":928,"attrs":1976},{"color":930},{"text":1978,"type":599,"marks":1979},"Aclara Resources",[1980,1984],{"type":604,"attrs":1981},{"href":1982,"uuid":1983,"anchor":49,"target":650,"linktype":623},"/article/site-visit-report-aclaras-carina-project-shows-progress-towards-rare-earths-supply-diversification","3b1603f8-ee5c-4f56-aa9e-9e4aa45af162",{"type":928,"attrs":1985},{"color":930},{"text":1987,"type":599,"marks":1988},", and Realloys.",[1989],{"type":928,"attrs":1990},{"color":930},{"type":657,"attrs":1992,"content":1993},{"level":659,"textAlign":49},[1994],{"text":1995,"type":599,"marks":1996},"How is policy impacting US rare earths supply chains?",[1997],{"type":928,"attrs":1998},{"color":930},{"type":594,"attrs":2000,"content":2001},{"textAlign":49},[2002],{"text":2003,"type":599,"marks":2004},"The strongest policy and investment emphasis is now on the midstream, particularly separation, refining, and metallisation. Department of Energy and Department of War-linked funding signals a growing recognition that these stages represent the main bottlenecks in building an ex-China rare earth supply chain. At the same time, domestic magnet manufacturing is becoming a clearer industrial objective, with new capacity planned in Oklahoma and South Carolina.",[2005],{"type":928,"attrs":2006},{"color":930},{"type":594,"attrs":2008,"content":2009},{"textAlign":49},[2010,2015,2024],{"text":2011,"type":599,"marks":2012},"Another notable development is the emergence of government-backed price support and offtake mechanisms, such as the ",[2013],{"type":928,"attrs":2014},{"color":930},{"text":2016,"type":599,"marks":2017},"NdPr floor price agreed with Lynas",[2018,2022],{"type":604,"attrs":2019},{"href":2020,"uuid":2021,"anchor":49,"target":650,"linktype":623},"/article/lynas-rare-earths-signs-us-96m-rare-earth-offtake-and-price-floor-commitment-with-dow","f74b2983-4b5a-494e-8eae-ce776123a85e",{"type":928,"attrs":2023},{"color":930},{"text":2025,"type":599,"marks":2026},". These measures help address one of the sector’s longstanding constraints: weak revenue certainty.",[2027],{"type":928,"attrs":2028},{"color":930},{"type":594,"attrs":2030,"content":2031},{"textAlign":49},[2032,2037,2046,2051,2060],{"text":2033,"type":599,"marks":2034},"The US is also positioning itself as the centre of a broader allied rare earth system, linking domestic projects with partners in ",[2035],{"type":928,"attrs":2036},{"color":930},{"text":2038,"type":599,"marks":2039},"Australia",[2040,2044],{"type":604,"attrs":2041},{"href":2042,"uuid":2043,"anchor":49,"target":650,"linktype":623},"/article/us-and-australia-sign-landmark-critical-minerals-framework","2cd8dd44-450a-4d05-a49a-81715d0e59f6",{"type":928,"attrs":2045},{"color":930},{"text":2047,"type":599,"marks":2048},", Brazil, France, ",[2049],{"type":928,"attrs":2050},{"color":930},{"text":2052,"type":599,"marks":2053},"Japan",[2054,2058],{"type":604,"attrs":2055},{"href":2056,"uuid":2057,"anchor":49,"target":650,"linktype":623},"/article/lynas-and-jare-sign-offtake-and-price-floor-commitment-up-to-2038","cdeaaca9-3844-44fb-bfe2-2517ccd954c9",{"type":928,"attrs":2059},{"color":930},{"text":2061,"type":599,"marks":2062},", and Canada. Support for unconventional feedstocks and recycling further broadens the domestic investment base.",[2063],{"type":928,"attrs":2064},{"color":930},{"type":594,"attrs":2066,"content":2067},{"textAlign":49},[2068],{"text":2069,"type":599,"marks":2070},"This insight draws from Benchmark's comprehensive Rare Earths, Magnets & Motors Service, consisting of IOSCO-assured rare earth prices and supply chain data with granular end-use demand analysis. By bringing integrated clarity to these critical markets, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[2071],{"type":643},{"type":627,"attrs":2073},{"id":2074,"body":2075},"0f777d1a-83e9-42dd-ad7f-a6a89ea55d09",[2076],{"id":835,"_uid":2077,"component":837,"wrap_in_box":50,"redirect_url":2078,"success_file":2079,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":2081,"show_on_intelligence":50},"i-f7f170ef-8083-4148-8b1d-1f3508f61f39",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2080},{},[],"Announcements in the US rare earths space in 2026 shows capital being deployed not only into mining, but also into separation, refining, metallisation, alloy production, magnet manufacturing, and recycling.\n\nThis indicates that the US is increasingly targeting the full mine-to-magnet value chain rather than isolated project stages. This is a meaningful shift from the more upstream focused investment of previous years.\n\nThe most recent development in this regard is Energy Fuels’ acquisition of magnet maker Vacuumschmelze (VAC) for a total cash-and-stock consideration of ~$1.9 billion. This deal builds on Energy Fuels’ previous deals with magnet producers and the rare earth metals producer Australian Strategic Materials.",[2084],{"slug":1545,"name":1546,"content":2085},{"job_title":1548,"image":2086,"bio":1551,"linkedin":1552,"markets_covered":414},{"filename":1550},[2088,2089,2090],{"slug":1556,"name":414},{"slug":872,"name":873},{"slug":875,"name":876},"public",{"id":2093,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2094,"copyright":547,"fieldtype":553,"meta_data":2095,"is_external_url":50},190565429738062,"https://a.storyblok.com/f/287943243085208/1588x1042/fd84a74f03/benchmark-five-vertically-integrated-mine-to-magnet-chains-2x.png",{},{"id":2097,"alt":547,"name":547,"focus":547,"title":2098,"source":547,"filename":2099,"copyright":547,"fieldtype":553,"meta_data":2100,"is_external_url":50},190562448934705,"Roasting circuit at Mountain Pass. Image credit: MP Materials","https://a.storyblok.com/f/287943243085208/2500x1667/d0cb8b59b0/mp-materials-roasting-circuit.jpg",{"alt":547,"title":2098,"source":547,"copyright":547},"Announcements in the US rare earths space in 2026 shows capital being deployed not only into mining, but also into separation, refining, metallisation, alloy production, magnet manufacturing, and recycling. ","Jun 23, 2026",{"id":2104,"uuid":2105,"name":2106,"slug":2107,"full_slug":2108,"content":2109},189158023948734,"878ef194-787a-49d4-9007-ab613c722949","Why LiPF6 electrolyte prices are a leading indicator of lithium prices","why-lipf6-electrolyte-prices-are-a-leading-indicator-of-lithium-prices","article/why-lipf6-electrolyte-prices-are-a-leading-indicator-of-lithium-prices",{"_uid":2110,"date":2111,"tags":2112,"editor":2118,"content":2122,"excerpt":2320,"featured":51,"reporter":2321,"component":864,"seo_title":2325,"categories":2326,"visibility":882,"data_vis_image":2333,"featured_image":2337,"seo_description":2341,"formattedDate":2342},"a1d00cf4-9b81-4675-85b2-996a583ad378","2026-06-19 00:00",[2113,2114,2115],{"slug":910,"name":911},{"slug":578,"name":579},{"slug":2116,"name":2117},"electrolyte","Electrolyte",[2119],{"slug":544,"name":543,"content":2120},{"job_title":557,"image":2121,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":2123},[2124,2187,2222,2230,2238,2246,2254,2261,2269,2277,2285,2293,2314],{"type":594,"attrs":2125,"content":2126},{"textAlign":49},[2127,2132,2141,2146,2155,2160,2169,2174,2183],{"text":2128,"type":599,"marks":2129},"As the lithium market continues to mature, participants are increasingly looking to untangle the speculative forces ",[2130],{"type":928,"attrs":2131},{"color":930},{"text":2133,"type":599,"marks":2134},"exacerbating volatility",[2135,2139],{"type":604,"attrs":2136},{"href":2137,"uuid":2138,"anchor":49,"target":650,"linktype":623},"/article/volatile-yet-robust-lithium-q1-2026-price-review","fd98e9b3-113b-4179-b249-104c9389ba9f",{"type":928,"attrs":2140},{"color":930},{"text":2142,"type":599,"marks":2143}," in ",[2144],{"type":928,"attrs":2145},{"color":930},{"text":2147,"type":599,"marks":2148},"lithium carbonate",[2149,2153],{"type":604,"attrs":2150},{"href":2151,"uuid":2152,"anchor":49,"target":650,"linktype":623},"/article/why-are-lithium-prices-surging-in-china-again-","80c1a819-5c60-4407-ba5d-e6a023df02b5",{"type":928,"attrs":2154},{"color":930},{"text":2156,"type":599,"marks":2157}," and hydroxide prices from true ",[2158],{"type":928,"attrs":2159},{"color":930},{"text":2161,"type":599,"marks":2162},"cell demand",[2163,2167],{"type":604,"attrs":2164},{"href":2165,"uuid":2166,"anchor":49,"target":650,"linktype":623},"/article/global-lithium-ion-battery-demand-rose-29-in-2025","96304af2-dffa-4477-9134-47853491eec9",{"type":928,"attrs":2168},{"color":930},{"text":2170,"type":599,"marks":2171}," signals. The chemical and market properties of battery-grade lithium hexafluorophosphate (LiPF6) electrolyte salt make it an ideal leading indicator for the broader ",[2172],{"type":928,"attrs":2173},{"color":930},{"text":2175,"type":599,"marks":2176},"lithium market",[2177,2181],{"type":604,"attrs":2178},{"href":2179,"uuid":2180,"anchor":49,"target":650,"linktype":623},"/videos/lithium-market-outlook-giga-us-2026","c6286d06-ced8-4ba5-9b31-d170e6d52e3a",{"type":928,"attrs":2182},{"color":930},{"text":974,"type":599,"marks":2184},[2185],{"type":928,"attrs":2186},{"color":930},{"type":594,"attrs":2188,"content":2189},{"textAlign":49},[2190,2195,2204,2209,2217],{"text":2191,"type":599,"marks":2192},"Between 31 December 2025 and 28 January 2026, ",[2193],{"type":928,"attrs":2194},{"color":930},{"text":2196,"type":599,"marks":2197},"lithium carbonate prices rallied 52%",[2198,2202],{"type":604,"attrs":2199},{"href":2200,"uuid":2201,"anchor":49,"target":650,"linktype":623},"/article/deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-","d935e80b-5abf-484c-a751-e698ccaf6e18",{"type":928,"attrs":2203},{"color":930},{"text":2205,"type":599,"marks":2206},", as reported by ",[2207],{"type":928,"attrs":2208},{"color":930},{"text":2210,"type":599,"marks":2211},"Benchmark’s Lithium Price Assessment",[2212,2215],{"type":604,"attrs":2213},{"href":2214,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/lithium/prices",{"type":928,"attrs":2216},{"color":930},{"text":2218,"type":599,"marks":2219},". This rally was foretold by LiPF6 prices which moved up by 108% between 29 October 2025 and 26 November 2025.",[2220],{"type":928,"attrs":2221},{"color":930},{"type":594,"attrs":2223,"content":2224},{"textAlign":49},[2225],{"text":2226,"type":599,"marks":2227},"Electrolyte prices then softened in early February, around three months before the Q1 2026 rally in chemical prices began to subside in late May.",[2228],{"type":928,"attrs":2229},{"color":930},{"type":594,"attrs":2231,"content":2232},{"textAlign":49},[2233],{"text":2234,"type":599,"marks":2235},"Movements in electrolyte prices are consistent with genuine cell-level demand pulling through the supply chain before chemicals inventory is worked through.",[2236],{"type":928,"attrs":2237},{"color":930},{"type":594,"attrs":2239,"content":2240},{"textAlign":49},[2241],{"text":2242,"type":599,"marks":2243},"“For market participants, this creates a valuable analytical lens,” said Adam Megginson, Benchmark’s principal lithium price analyst. “Tracking electrolyte price movements can help distinguish authentic demand-driven trends from short-term speculative noise in carbonate and hydroxide markets, offering a clearer read on where battery-grade lithium prices are heading.”",[2244],{"type":928,"attrs":2245},{"color":930},{"type":594,"attrs":2247,"content":2248},{"textAlign":49},[2249],{"text":2250,"type":599,"marks":2251},"Benchmark publishes regular electrolyte price assessments as part of its integrated battery supply chain coverage.",[2252],{"type":928,"attrs":2253},{"color":930},{"type":627,"attrs":2255},{"id":2256,"body":2257},"352dbe02-0aec-466e-bbba-c8c98ecab01b",[2258],{"id":2259,"_uid":2260,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29424590","i-f38d6f94-6177-4249-bac0-92f0548d3c8c",{"type":657,"attrs":2262,"content":2263},{"level":659,"textAlign":49},[2264],{"text":2265,"type":599,"marks":2266},"What characteristics of LiPF6 electrolyte make it a good leading indicator for lithium prices?",[2267],{"type":928,"attrs":2268},{"color":930},{"type":594,"attrs":2270,"content":2271},{"textAlign":49},[2272],{"text":2273,"type":599,"marks":2274},"There are several properties of LiPF6 which mean prices of the electrolyte salt lead lithium chemical prices and correlate more strongly to genuine battery market dynamics.",[2275],{"type":928,"attrs":2276},{"color":930},{"type":594,"attrs":2278,"content":2279},{"textAlign":49},[2280],{"text":2281,"type":599,"marks":2282},"First, LiPF6 is the dominant lithium salt used in liquid electrolyte formulations for almost all lithium ion batteries, regardless of chemistry, and over 96% of supply is used in battery applications.",[2283],{"type":928,"attrs":2284},{"color":930},{"type":594,"attrs":2286,"content":2287},{"textAlign":49},[2288],{"text":2289,"type":599,"marks":2290},"Second, LiPF6 salt is used closer to the final battery production stage than lithium hydroxide and carbonate which must be purchased and used by cathode active material producers who subsequently sell CAM on to the cell makers. By contrast electrolyte salts are used directly by cell makers.",[2291],{"type":928,"attrs":2292},{"color":930},{"type":594,"attrs":2294,"content":2295},{"textAlign":49},[2296,2301,2309],{"text":2297,"type":599,"marks":2298},"Finally, the chemical properties of electrolyte salts mean they can’t be stored for long periods of time making them unsuitable for inventory build up and ",[2299],{"type":928,"attrs":2300},{"color":930},{"text":2302,"type":599,"marks":2303},"speculative trading",[2304,2307],{"type":604,"attrs":2305},{"href":2306,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://intelligence.benchmarkminerals.com/publications/special-issues/market-evolution-from-specialities-to-financial-instruments",{"type":928,"attrs":2308},{"color":930},{"text":2310,"type":599,"marks":2311},". LiPF6 is highly moisture sensitive and can’t be stored for more than six months. By contrast lithium carbonate is more stable and can be warehoused for up to 18 months, a characteristic that makes the material susceptible to inventory-driven price distortions and speculative trading, disconnected from real cell demand.",[2312],{"type":928,"attrs":2313},{"color":930},{"type":627,"attrs":2315},{"id":2256,"body":2316},[2317],{"id":2318,"_uid":2319,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29430691","i-07da8b9a-5232-4468-9458-49925ac187c1","As the lithium market continues to mature, participants are increasingly looking to untangle the speculative forces exacerbating volatility in lithium carbonate and hydroxide prices from true cell demand signals. The chemical and market properties of battery-grade lithium hexafluorophosphate (LiPF6) electrolyte salt make it an ideal leading indicator for the broader lithium market.\n\nBetween 31 December 2025 and 28 January 2026, lithium carbonate prices rallied 52%, as reported by Benchmark’s Lithium Price Assessment. This rally was foretold by LiPF6 prices which moved up by 108% between 29 October 2025 and 26 November 2025.",[2322],{"slug":1103,"name":1104,"content":2323},{"job_title":1106,"image":2324,"bio":1109,"linkedin":1110,"markets_covered":1111},{"filename":1108},"LiPF6 electrolyte price is a leading indicator of lithium prices",[2327,2328,2329,2330],{"slug":872,"name":873},{"slug":875,"name":876},{"slug":878,"name":8},{"slug":2331,"name":2332},"fluorspar","Fluorspar",{"id":2334,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2335,"copyright":547,"fieldtype":553,"meta_data":2336,"is_external_url":50},189158948094330,"https://a.storyblok.com/f/287943243085208/1588x1392/1667540a01/2026-06-18-lithium-prices-against-electrolyte-pricese-2x.png",{},{"id":2338,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2339,"copyright":547,"fieldtype":553,"meta_data":2340,"is_external_url":50},129065306580585,"https://a.storyblok.com/f/287943243085208/d8592c3d7b/bm-battery-cells.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"The chemical and market properties of battery-grade lithium hexafluorophosphate (LiPF6) electrolyte salt make it an ideal leading indicator for the broader lithium market.","Jun 19, 2026",{"id":2344,"uuid":2345,"name":2346,"slug":2347,"full_slug":2348,"content":2349},188824312534559,"28f34dd6-884f-4a75-9318-2cdda457d5ac","Could the Middle East become an anode supply chain hub?","could-the-middle-east-become-an-anode-supply-chain-hub-","article/could-the-middle-east-become-an-anode-supply-chain-hub-",{"_uid":2350,"date":2351,"tags":2352,"editor":2362,"content":2366,"excerpt":2484,"featured":51,"reporter":2485,"component":864,"seo_title":2346,"categories":2495,"visibility":882,"data_vis_image":2509,"featured_image":2511,"seo_description":2516,"formattedDate":2517},"e83c7de6-5ac1-4776-bc7c-7e9b6da47a2c","2026-06-18 00:00",[2353,2356,2359],{"slug":2354,"name":2355},"middle-east","Middle East",{"slug":2357,"name":2358},"nextsource-materials","NextSource Materials",{"slug":2360,"name":2361},"shinzoom","Shinzoom",[2363],{"slug":544,"name":543,"content":2364},{"job_title":557,"image":2365,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":2367},[2368,2388,2410,2418,2425,2433,2441,2449,2457,2465,2474],{"type":594,"attrs":2369,"content":2370},{"textAlign":49},[2371,2376,2383],{"text":2372,"type":599,"marks":2373},"The ",[2374],{"type":928,"attrs":2375},{"color":930},{"text":2355,"type":599,"marks":2377},[2378,2381],{"type":604,"attrs":2379},{"href":2380,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-middle-east-and-north-africas-pivot-to-critical-minerals-and-clean-energy-2025",{"type":928,"attrs":2382},{"color":930},{"text":2384,"type":599,"marks":2385}," is rapidly establishing itself as a key growth hub for the anode supply chain, underpinned by large-scale investments, strategic geographic positioning, and competitively priced energy.",[2386],{"type":928,"attrs":2387},{"color":930},{"type":594,"attrs":2389,"content":2390},{"textAlign":49},[2391,2396,2405],{"text":2392,"type":599,"marks":2393},"The region’s push into battery materials reflects a broader shift as Gulf economies look to ",[2394],{"type":928,"attrs":2395},{"color":930},{"text":2397,"type":599,"marks":2398},"diversify away from hydrocarbons",[2399,2403],{"type":604,"attrs":2400},{"href":2401,"uuid":2402,"anchor":49,"target":650,"linktype":623},"/article/sovereign-wealth-funds-support-the-middle-easts-pivot-to-clean-energy-supply-chains","dd5cc0ca-55e4-45c5-9b45-45e858a59fc0",{"type":928,"attrs":2404},{"color":930},{"text":2406,"type":599,"marks":2407}," and position themselves within the global energy transition.",[2408],{"type":928,"attrs":2409},{"color":930},{"type":594,"attrs":2411,"content":2412},{"textAlign":49},[2413],{"text":2414,"type":599,"marks":2415},"As of 2026, the region has no active capacity, yet Benchmark data shows that the Middle East will account for 11% of 2030 capacity for traditional anode active material (AAM) in the ex-China market, with this share remaining broadly stable through to 2035.",[2416],{"type":928,"attrs":2417},{"color":930},{"type":627,"attrs":2419},{"id":2420,"body":2421},"05c286c2-dc38-4d58-8896-8f072cb96fdd",[2422],{"id":2423,"_uid":2424,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29421155","i-21a8cd89-6073-4b40-a91c-5f3f5626dffd",{"type":657,"attrs":2426,"content":2427},{"level":659,"textAlign":49},[2428],{"text":2429,"type":599,"marks":2430},"What recent activity has there been in the Middle East for AAM?",[2431],{"type":928,"attrs":2432},{"color":930},{"type":594,"attrs":2434,"content":2435},{"textAlign":49},[2436],{"text":2437,"type":599,"marks":2438},"In mid-May, construction began on a 200ktpa synthetic graphite AAM facility in Sohar, Oman, backed by Zhongke Xingcheng (Shinzoom) with an investment of RMB 8bn ($1.2bn). The scale of the project places it amongst the largest planned anode facilities globally and highlights increasing Chinese participation in overseas processing capacity as companies expand beyond domestic markets.",[2439],{"type":928,"attrs":2440},{"color":930},{"type":594,"attrs":2442,"content":2443},{"textAlign":49},[2444],{"text":2445,"type":599,"marks":2446},"In June, Shinzoom’s commitment to the region was highlighted as it cancelled two integrated anode projects it was developing in China (130ktpa and 100kpta) and a third in Morocco (100ktpa) in order to focus on the Oman project.",[2447],{"type":928,"attrs":2448},{"color":930},{"type":594,"attrs":2450,"content":2451},{"textAlign":49},[2452],{"text":2453,"type":599,"marks":2454},"Meanwhile, NextSource Materials secured a final investment decision (FID) for Phase 1 of its proposed Battery Anode Facility (BAF) in the Industrial City of Abu Dhabi. Phase 1 capacity is expected to reach 14ktpa, set to supply Mitsubishi Chemical’s initial offtake requirement of 9ktpa of uncoated spherical graphite (USPG).",[2455],{"type":928,"attrs":2456},{"color":930},{"type":594,"attrs":2458,"content":2459},{"textAlign":49},[2460],{"text":2461,"type":599,"marks":2462},"These developments sit within a broader regional strategy. Countries such as Saudi Arabia are deploying sovereign wealth capital and industrial policy to build out mid- and downstream battery supply chains, alongside upstream resource investments. This includes domestic plans for anode production and international investments in critical minerals. The Middle East’s advantages, including low-cost energy, access to capital, and proximity to both European and Asian demand centres, are increasingly drawing interest from global players.",[2463],{"type":928,"attrs":2464},{"color":930},{"type":594,"attrs":2466,"content":2467},{"textAlign":49},[2468],{"text":2469,"type":599,"marks":2470},"This insight draws from Benchmark's comprehensive Graphite & Anode Service, consisting of IOSCO-assured prices, capacity assessments, forecasts and supply chain data. Bringing clarity to these opaque markets, this subscription facilitates smarter investment decisions, strategy and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[2471,2473],{"type":928,"attrs":2472},{"color":930},{"type":643},{"type":627,"attrs":2475},{"id":2476,"body":2477},"8477e4ad-2608-45b4-b185-31bc84534daa",[2478],{"id":835,"_uid":2479,"component":837,"wrap_in_box":50,"redirect_url":2480,"success_file":2481,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":2483,"show_on_intelligence":50},"i-912e9a0a-f4cb-4545-99a7-5b34278f4ec9",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2482},{},[],"The Middle East is rapidly establishing itself as a key growth hub for the anode supply chain, underpinned by large-scale investments, strategic geographic positioning, and competitively priced energy.\n\nThe region’s push into battery materials reflects a broader shift as Gulf economies look to diversify away from hydrocarbons and position themselves within the global energy transition.\n\nAs of 2026, the region has no active capacity, yet Benchmark data shows that the Middle East will account for 11% of 2030 capacity for traditional anode active material (AAM) in the ex-China market, with this share remaining broadly stable through to 2035.",[2486],{"slug":2487,"name":2488,"content":2489},"tony-alderson","Tony Alderson",{"job_title":2490,"image":2491,"bio":2493,"linkedin":2494,"markets_covered":261},"Research Manager - Anode",{"filename":2492},"https://a.storyblok.com/f/287943243085208/800x800/f521ccb976/tony-alderson.jpeg","Tony is a Research Manager at Benchmark Mineral Intelligence, specialising in forward-looking models that encompass supply, demand, and pricing dynamics for anode materials. He has over 3 years experience in the battery supply chain, previously working as a Price & Data Analyst, for LiB raw materials. His background is in renewable and sustainable energy technologies, having completed an MSc at Northumbria University, Newcastle.","https://www.linkedin.com/in/tony-alderson-b370b7170/",[2496,2498,2501,2503,2506],{"slug":2497,"name":261},"anode",{"slug":2499,"name":2500},"batteries","Batteries",{"slug":2502,"name":189},"natural-graphite",{"slug":2504,"name":2505},"graphite","Graphite",{"slug":2507,"name":2508},"synthetic-graphite","Synthetic Graphite",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2510},{},{"id":2512,"alt":547,"name":547,"focus":547,"title":547,"source":2513,"filename":2514,"copyright":547,"fieldtype":553,"meta_data":2515,"is_external_url":50},188827174644647,"Image credit: Shinzoom","https://a.storyblok.com/f/287943243085208/1080x810/5c63404b53/shinzoom-anode-ceremony.jpg",{"alt":547,"title":547,"source":2513,"copyright":547},"The Middle East is rapidly establishing itself as a key growth hub for the anode supply chain, underpinned by large-scale investments, strategic geographic positioning, and competitively priced energy.","Jun 18, 2026",{"id":2519,"uuid":2520,"name":2521,"slug":2522,"full_slug":2523,"content":2524},188807790200435,"14468223-9e6a-42b3-8457-78715a70c901","Manganese Metal Company begins commissioning South Africa’s first battery-grade manganese sulphate plant","manganese-metal-company-begins-commissioning-south-africa-s-first-battery-grade-manganese-sulphate-plant","article/manganese-metal-company-begins-commissioning-south-africa-s-first-battery-grade-manganese-sulphate-plant",{"_uid":2525,"date":2351,"tags":2526,"editor":2534,"content":2538,"excerpt":2746,"featured":51,"reporter":2747,"component":864,"seo_title":2758,"categories":2759,"visibility":882,"data_vis_image":2765,"featured_image":2767,"seo_description":2772,"formattedDate":2517},"c4567665-5f18-4a42-b99e-cd699ffd514f",[2527,2530,2533],{"slug":2528,"name":2529},"manganese-metal-company","Manganese Metal Company",{"slug":2531,"name":2532},"south-africa","South Africa",{"slug":584,"name":585},[2535],{"slug":544,"name":543,"content":2536},{"job_title":557,"image":2537,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":2539},[2540,2575,2583,2590,2598,2615,2623,2631,2639,2647,2655,2663,2685,2721,2736],{"type":594,"attrs":2541,"content":2542},{"textAlign":49},[2543,2548,2557,2562,2571],{"text":2544,"type":599,"marks":2545},"Manganese Metal Company (MMC) has commenced commissioning ",[2546],{"type":928,"attrs":2547},{"color":930},{"text":2549,"type":599,"marks":2550},"South Africa’s",[2551,2555],{"type":604,"attrs":2552},{"href":2553,"uuid":2554,"anchor":49,"target":650,"linktype":623},"/article/south-africa-formally-launches-critical-minerals-strategy","d3f03469-dfec-43f8-8c97-c6f6037e9f6e",{"type":928,"attrs":2556},{"color":930},{"text":2558,"type":599,"marks":2559}," first high purity manganese sulphate monohydrate (HPMSM) facility at its Mbombela refinery in Mpumalanga. This is a significant step for the country which has long been the world's largest ",[2560],{"type":928,"attrs":2561},{"color":930},{"text":2563,"type":599,"marks":2564},"supplier of manganese ore",[2565,2569],{"type":604,"attrs":2566},{"href":2567,"uuid":2568,"anchor":49,"target":650,"linktype":623},"/article/south-africa-to-remain-top-manganese-producer-with-more-than-one-third-of-supply-in-2024","9a34688a-6273-4ab3-bfc7-6852b4627044",{"type":928,"attrs":2570},{"color":930},{"text":974,"type":599,"marks":2572},[2573],{"type":928,"attrs":2574},{"color":930},{"type":594,"attrs":2576,"content":2577},{"textAlign":49},[2578],{"text":2579,"type":599,"marks":2580},"MMC has operated in Mbombela since 1974 and is the world's largest producer of selenium-free electrolytic manganese metal (EMM). It sources ore from the Kalahari Manganese Field in the Northern Cape. The company has added HPMSM production through a brownfield expansion to its existing refinery. MMC is wholly-owned by South African companies.",[2581],{"type":928,"attrs":2582},{"color":930},{"type":627,"attrs":2584},{"id":2585,"body":2586},"b99bf16d-3c67-45fe-9fca-f8522d1969ee",[2587],{"id":2588,"_uid":2589,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29409894","i-130fc5e6-ce69-4722-9411-669330c5a695",{"type":657,"attrs":2591,"content":2592},{"level":659,"textAlign":49},[2593],{"text":2594,"type":599,"marks":2595},"Where does MMC fit into the global HPMSM market?",[2596],{"type":928,"attrs":2597},{"color":930},{"type":594,"attrs":2599,"content":2600},{"textAlign":49},[2601,2610],{"text":2602,"type":599,"marks":2603},"China accounts for roughly 90% of global HPMSM production",[2604,2608],{"type":604,"attrs":2605},{"href":2606,"uuid":2607,"anchor":49,"target":650,"linktype":623},"/article/visualising-critical-mineral-refining-by-2030","aa18345f-1698-4ef5-b27c-06a67a847504",{"type":928,"attrs":2609},{"color":930},{"text":2611,"type":599,"marks":2612},", with only four operating facilities elsewhere, in Belgium, Kazakhstan and Japan. Benchmark assesses the combined ex-China nameplate capacity to be just 38,000 tonnes per year in 2026.",[2613],{"type":928,"attrs":2614},{"color":930},{"type":594,"attrs":2616,"content":2617},{"textAlign":49},[2618],{"text":2619,"type":599,"marks":2620},"MMC’s new HPMSM facility will add significant tonnage to this. The recently commissioned Phase 1 is targeting 6,000 tonnes per year of HPMSM. A second phase, which would add a further 18,000 tonnes per year at the same site, is under evaluation.",[2621],{"type":928,"attrs":2622},{"color":930},{"type":594,"attrs":2624,"content":2625},{"textAlign":49},[2626],{"text":2627,"type":599,"marks":2628},"The HPMSM will be produced using a proprietary metal-to-crystals process which converts a portion of its EMM output into battery-grade sulphate crystals. The sulphate plant runs on 100% renewable hydroelectric energy.",[2629],{"type":928,"attrs":2630},{"color":930},{"type":594,"attrs":2632,"content":2633},{"textAlign":49},[2634],{"text":2635,"type":599,"marks":2636},"Qualification volumes at Mbombela are targeted for H2 2026, with commercial sales expected from 2027, after accreditation is completed. MMC ships through the ports of Maputo and Durban, with Europe and North America as the primary target markets, though some of these customers use pCAM partners located in Asia, Madelein Todd, MMC’s market development executive told Benchmark.",[2637],{"type":928,"attrs":2638},{"color":930},{"type":594,"attrs":2640,"content":2641},{"textAlign":49},[2642],{"text":2643,"type":599,"marks":2644},"Todd explained that the company’s conversion of the fines and slimes of South African manganese ore into high purity materials enables it to play “a key part in the critical material sourcing strategies of Western value chains.”",[2645],{"type":928,"attrs":2646},{"color":930},{"type":657,"attrs":2648,"content":2649},{"level":659,"textAlign":49},[2650],{"text":2651,"type":599,"marks":2652},"Sulphuric acid agreements represent a competitive advantage",[2653],{"type":928,"attrs":2654},{"color":930},{"type":594,"attrs":2656,"content":2657},{"textAlign":49},[2658],{"text":2659,"type":599,"marks":2660},"Beyond its dominance in manganese ore, South Africa is Africa's largest sulphuric acid producer, with output generated predominantly as a byproduct of base metals smelting. This adds a structural advantage to companies operating in the country.",[2661],{"type":928,"attrs":2662},{"color":930},{"type":594,"attrs":2664,"content":2665},{"textAlign":49},[2666,2671,2680],{"text":2667,"type":599,"marks":2668},"MMC can use industrial-grade sulphuric acid in both its EMM and HPMSM operations. Having a secure, domestic supply of industrial acid can help the company to mitigate the ",[2669],{"type":928,"attrs":2670},{"color":930},{"text":2672,"type":599,"marks":2673},"rising acid prices seen as a result of the conflict in Iran",[2674,2678],{"type":604,"attrs":2675},{"href":2676,"uuid":2677,"anchor":49,"target":650,"linktype":623},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"type":928,"attrs":2679},{"color":930},{"text":2681,"type":599,"marks":2682}," and tensions around the Strait of Hormuz.",[2683],{"type":928,"attrs":2684},{"color":930},{"type":594,"attrs":2686,"content":2687},{"textAlign":49},[2688,2693,2702,2707,2716],{"text":2689,"type":599,"marks":2690},"A significant share of ",[2691],{"type":928,"attrs":2692},{"color":930},{"text":2694,"type":599,"marks":2695},"global seaborne sulphur supply is impacted",[2696,2700],{"type":604,"attrs":2697},{"href":2698,"uuid":2699,"anchor":49,"target":650,"linktype":623},"/videos/supply-squeeze-how-sulphuric-acid-constraints-are-shaping-copper-cobalt-nickel-lithium-markets","37efde40-9be1-4804-a9df-822a4244bdd5",{"type":928,"attrs":2701},{"color":930},{"text":2703,"type":599,"marks":2704},", which has driven acid prices up sharply, with ",[2705],{"type":928,"attrs":2706},{"color":930},{"text":2708,"type":599,"marks":2709},"China's subsequent export halt",[2710,2714],{"type":604,"attrs":2711},{"href":2712,"uuid":2713,"anchor":49,"target":650,"linktype":623},"/article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply","80b2b4fa-1a1a-4ed8-8906-268000529283",{"type":928,"attrs":2715},{"color":930},{"text":2717,"type":599,"marks":2718}," from May adding further pressure. For producers without long-term supply agreements, and early-stage projects yet to establish them, this represents a material challenge to overcome.",[2719],{"type":928,"attrs":2720},{"color":930},{"type":594,"attrs":2722,"content":2723},{"textAlign":49},[2724,2727,2732],{"text":640,"type":599,"marks":2725},[2726],{"type":643},{"text":645,"type":599,"marks":2728},[2729,2731],{"type":604,"attrs":2730},{"href":649,"uuid":49,"anchor":49,"target":650,"linktype":607},{"type":643},{"text":2733,"type":599,"marks":2734}," event brings together government, industry and finance to forge lasting partnerships, unlock defining deals and gain in-depth market insights. Fill out the form below to find out more:",[2735],{"type":643},{"type":627,"attrs":2737},{"id":2738,"body":2739},"c429f038-4ee2-47e6-9010-a190ecc8a4dc",[2740],{"id":835,"_uid":2741,"component":837,"wrap_in_box":50,"redirect_url":2742,"success_file":2743,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":2745,"show_on_intelligence":50},"i-a982f561-c3c8-4650-a1a1-df5c258351b9",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2744},{},[],"Manganese Metal Company (MMC) has commenced commissioning South Africa’s first high purity manganese sulphate monohydrate (HPMSM) facility at its Mbombela refinery in Mpumalanga. This is a significant step for the country which has long been the world's largest supplier of manganese ore.\n\nMMC has operated in Mbombela since 1974 as the world's largest non-Chinese producer of selenium-free electrolytic manganese metal (EMM). It sources ore from the Kalahari Manganese Field in the Northern Cape. The company has added HPMSM production through a brownfield expansion to its existing refinery. MMC is wholly-owned by South African companies.",[2748],{"slug":2749,"name":2750,"content":2751},"ciara-rice","Ciara Rice",{"job_title":2752,"image":2753,"bio":2755,"linkedin":2756,"markets_covered":2757},"Battery Chemicals Analyst",{"filename":2754},"https://a.storyblok.com/f/287943243085208/400x400/b61680a01e/ciara-rice.jpg","Ciara is Benchmark's battery chemicals analyst, covering the Manganese and Fluorspar value chains across Mn ore, HPMSM, acidspar, HF acid, and LiPF₆. Ciara tracks market developments and price movements across these commodities, working on supply and demand forecasts and historical price analysis.","https://www.linkedin.com/in/ciara-rice-7481b1b9/","Manganese, HPMSM, Acidspar, HF Acid, electrolyte","MMC begins commissioning South Africa’s first HPMSM plant",[2760,2763,2764],{"slug":2761,"name":2762},"manganese","Manganese",{"slug":872,"name":873},{"slug":875,"name":876},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2766},{},{"id":2768,"alt":547,"name":547,"focus":547,"title":2769,"source":547,"filename":2770,"copyright":547,"fieldtype":553,"meta_data":2771,"is_external_url":50},188808182043864,"Image credit: Manganese Metal Company","https://a.storyblok.com/f/287943243085208/1365x768/733b5bef9a/mmc-plant.JPG",{"alt":547,"title":2769,"source":547,"copyright":547},"Manganese Metal Company (MMC) has commenced commissioning South Africa’s first high purity manganese sulphate monohydrate (HPMSM) facility at its Mbombela refinery in Mpumalanga.",{"id":2774,"uuid":2775,"name":2776,"slug":2777,"full_slug":2778,"content":2779},188058012453355,"3d3b0521-aaed-4ef9-9a8c-97ccfd4102c8","Global EV sales reach 1.8 million units in May 2026 ","global-ev-sales-reach-1-8-million-units-in-may-2026","article/global-ev-sales-reach-1-8-million-units-in-may-2026",{"_uid":2780,"date":2781,"tags":2782,"editor":2794,"content":2798,"excerpt":3073,"featured":51,"reporter":3074,"component":864,"seo_title":2776,"categories":3085,"visibility":2091,"data_vis_image":3090,"featured_image":3094,"seo_description":3098,"formattedDate":3099},"8749630b-bb37-4629-ab9b-f3bc2f2f5fee","2026-06-16 00:00",[2783,2786,2789,2792,2793],{"slug":2784,"name":2785},"ev-sales","EV Sales",{"slug":2787,"name":2788},"north-america","North America",{"slug":2790,"name":2791},"europe","Europe",{"slug":913,"name":914},{"slug":578,"name":579},[2795],{"slug":544,"name":543,"content":2796},{"job_title":557,"image":2797,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":2799},[2800,2836,2843,2851,2886,2894,2915,2923,2930,2938,2960,2996,3003,3024,3032,3039,3047,3055,3064],{"type":594,"attrs":2801,"content":2802},{"textAlign":49},[2803,2808,2817,2822,2831],{"text":2804,"type":599,"marks":2805},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.8 million electric vehicles were sold globally in May 2026, bringing YTD 2026 ",[2806],{"type":928,"attrs":2807},{"color":930},{"text":2809,"type":599,"marks":2810},"EV sales",[2811,2815],{"type":604,"attrs":2812},{"href":2813,"uuid":2814,"anchor":49,"target":650,"linktype":623},"/publications/briefings/all-ev-sales/may-2026-major-market-ev-sales","e683e326-828c-4191-9ac4-fd2a28fd64e1",{"type":928,"attrs":2816},{"color":930},{"text":2818,"type":599,"marks":2819}," to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7%",[2820],{"type":928,"attrs":2821},{"color":930},{"text":2823,"type":599,"marks":2824}," month-on-month",[2825,2829],{"type":604,"attrs":2826},{"href":2827,"uuid":2828,"anchor":49,"target":650,"linktype":623},"/article/global-ev-sales-reached-1-60-million-units-in-april-2026","7b51be3e-c55e-4a7f-b883-41de91b7447e",{"type":928,"attrs":2830},{"color":930},{"text":2832,"type":599,"marks":2833}," (m-o-m).",[2834],{"type":928,"attrs":2835},{"color":930},{"type":627,"attrs":2837},{"id":2838,"body":2839},"0a389bc4-f579-4b9b-aad8-a443402f6f76",[2840],{"id":2841,"_uid":2842,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29390230","i-f643a4c2-ecfd-47ff-ba8b-c89572f93ee0",{"type":594,"attrs":2844,"content":2845},{"textAlign":49},[2846],{"text":2847,"type":599,"marks":2848},"Benchmark Mineral Intelligence Data Manager, Charles Lester, commented: ",[2849],{"type":928,"attrs":2850},{"color":930},{"type":594,"attrs":2852,"content":2853},{"textAlign":49},[2854,2859,2867,2872,2881],{"text":2855,"type":599,"marks":2856},"\"The global EV market continued its mixed regional trajectory in May 2026. Europe remains the standout performer, up 26% year-to-date, supported by policy incentives and a growing Chinese OEM presence. Fuel prices remain elevated and, with the situation in the ",[2857],{"type":928,"attrs":2858},{"color":930},{"text":2355,"type":599,"marks":2860},[2861,2865],{"type":604,"attrs":2862},{"href":2863,"uuid":2864,"anchor":49,"target":650,"linktype":623},"/article/clear-uptick-in-march-bev-sales-reported-so-far-as-the-iran-war-impacts-petrol-prices","3b25b657-92e9-4b2a-9fe0-95c159fc48ef",{"type":928,"attrs":2866},{"color":930},{"text":2868,"type":599,"marks":2869}," continuing to evolve, the outlook for ",[2870],{"type":928,"attrs":2871},{"color":930},{"text":2873,"type":599,"marks":2874},"petrol prices",[2875,2879],{"type":604,"attrs":2876},{"href":2877,"uuid":2878,"anchor":49,"target":650,"linktype":623},"/article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","399b5622-66a9-43cc-b288-ca777d47a6cc",{"type":928,"attrs":2880},{"color":930},{"text":2882,"type":599,"marks":2883}," will be one to watch in the coming months. ",[2884],{"type":928,"attrs":2885},{"color":930},{"type":594,"attrs":2887,"content":2888},{"textAlign":49},[2889],{"text":2890,"type":599,"marks":2891},"\"China's domestic market remains subdued, down 15% year-to-date, though exports continue to surge to record levels, with BYD, Chery and Geely leading the charge internationally. The gap between China's domestic weakness and its export strength continues to widen. ",[2892],{"type":928,"attrs":2893},{"color":930},{"type":594,"attrs":2895,"content":2896},{"textAlign":49},[2897,2902,2910],{"text":2898,"type":599,"marks":2899},"\"",[2900],{"type":928,"attrs":2901},{"color":930},{"text":2788,"type":599,"marks":2903},[2904,2908],{"type":604,"attrs":2905},{"href":2906,"uuid":2907,"anchor":49,"target":650,"linktype":623},"/article/regional-spotlight-united-states","7a2ab405-0e9f-4cae-9566-0cda20e22de2",{"type":928,"attrs":2909},{"color":930},{"text":2911,"type":599,"marks":2912}," continues to lag, down 25% year-to-date, though Canada's newly established tariff quota agreement with China is beginning to open the door to new competition. Overall, regional divergence, China's accelerating export pivot, and shifting policy landscapes continue to define the global EV market.\" ",[2913],{"type":928,"attrs":2914},{"color":930},{"type":594,"attrs":2916,"content":2917},{"textAlign":49},[2918],{"type":1186,"attrs":2919},{"id":2920,"alt":547,"src":2921,"title":547,"source":547,"copyright":547,"meta_data":2922},188111301338021,"https://a.storyblok.com/f/287943243085208/1280x720/525a9bbcc5/benchmark-may-2026-sales.jpg",{},{"type":657,"attrs":2924,"content":2925},{"level":659,"textAlign":49},[2926],{"text":2791,"type":599,"marks":2927},[2928],{"type":928,"attrs":2929},{"color":930},{"type":594,"attrs":2931,"content":2932},{"textAlign":49},[2933],{"text":2934,"type":599,"marks":2935},"In the European market, EV sales have grown by 2% m-o-m and by 23% y-o-y in May 2026, resulting in EV sales up by 26% YTD. The EV market continues to benefit from several EV subsidy schemes across Europe, alongside the impact on EV purchases due to rising fuel prices following the conflict in the Middle East. ",[2936],{"type":928,"attrs":2937},{"color":930},{"type":594,"attrs":2939,"content":2940},{"textAlign":49},[2941,2946,2955],{"text":2942,"type":599,"marks":2943},"The share of ",[2944],{"type":928,"attrs":2945},{"color":930},{"text":2947,"type":599,"marks":2948},"EVs sold in Europe that are produced in China",[2949,2953],{"type":604,"attrs":2950},{"href":2951,"uuid":2952,"anchor":49,"target":650,"linktype":623},"/article/almost-half-of-evs-sold-in-europe-in-2026-contain-europe-made-cells","9e32de15-a444-40d6-be33-b749b248d932",{"type":928,"attrs":2954},{"color":930},{"text":2956,"type":599,"marks":2957}," has been increasing. Over 2025, 19% of EVs sold in Europe were produced in China. Now in 2026, this figure has been growing, despite the EU BEV tariffs and some subsidy schemes that are preferential toward more local, European EV production. In the UK, 32% of EVs sold YTD are produced in China. However, in Germany it is 14% and in France only 10%. ",[2958],{"type":928,"attrs":2959},{"color":930},{"type":594,"attrs":2961,"content":2962},{"textAlign":49},[2963,2968,2977,2982,2991],{"text":2964,"type":599,"marks":2965},"As the Chinese EV sales share grows in Europe, there have been announcements from Chinese OEMs to produce in Europe by utilising excess European capacity. This trend has accelerated notably in recent weeks. ",[2966],{"type":928,"attrs":2967},{"color":930},{"text":2969,"type":599,"marks":2970},"Stellantis",[2971,2975],{"type":604,"attrs":2972},{"href":2973,"uuid":2974,"anchor":49,"target":650,"linktype":623},"/article/life-in-the-fastlane-stellantis-investor-day-2026","f128bb5d-bb4f-4ac4-9c56-ded8ce39e790",{"type":928,"attrs":2976},{"color":930},{"text":2978,"type":599,"marks":2979}," has confirmed it will begin producing Leapmotor's B10 compact EV at its plant near Zaragoza, Spain, in the second half of 2026, with three further Leapmotor models planned. Stellantis is also reportedly considering producing Dongfeng models in Europe, while Ford has confirmed talks with Geely over the partial sale of its Valencia, Spain, plant. Nissan and Chery continue to be linked with an agreement to produce Chery models at Nissan's Sunderland, UK, facility. Elsewhere, a much-anticipated SAIC-MG announcement for a European facility was announced, expected to be built in Spain by 2028 with an annual capacity of 120,000 vehicles. ",[2980],{"type":928,"attrs":2981},{"color":930},{"text":2983,"type":599,"marks":2984},"BYD",[2985,2989],{"type":604,"attrs":2986},{"href":2987,"uuid":2988,"anchor":49,"target":650,"linktype":623},"/article/byd-joins-queue-of-chinese-oems-eyeing-underutilised-european-vehicle-plants","a540f8b0-5845-4627-87de-51a7252fba2c",{"type":928,"attrs":2990},{"color":930},{"text":2992,"type":599,"marks":2993}," is expected to start EV production in Hungary toward the end of 2026, while reportedly pausing its project in Turkey. ",[2994],{"type":928,"attrs":2995},{"color":930},{"type":657,"attrs":2997,"content":2998},{"level":659,"textAlign":49},[2999],{"text":2788,"type":599,"marks":3000},[3001],{"type":928,"attrs":3002},{"color":930},{"type":594,"attrs":3004,"content":3005},{"textAlign":49},[3006,3011,3019],{"text":3007,"type":599,"marks":3008},"In ",[3009],{"type":928,"attrs":3010},{"color":930},{"text":2788,"type":599,"marks":3012},[3013,3017],{"type":604,"attrs":3014},{"href":3015,"uuid":3016,"anchor":49,"target":650,"linktype":623},"/videos/panel-driving-demand-what-s-powering-the-next-phase-of-the-u-s-ev-market-","636d0e9d-d843-403c-b8b4-a220238a1d65",{"type":928,"attrs":3018},{"color":930},{"text":3020,"type":599,"marks":3021},", EV sales remain weak, down 26% y-o-y and down 25% YTD, following the major pull-back in OEMs' plans alongside the removal of the EV tax credit in September last year, alongside weaker legislative drivers. ",[3022],{"type":928,"attrs":3023},{"color":930},{"type":594,"attrs":3025,"content":3026},{"textAlign":49},[3027],{"text":3028,"type":599,"marks":3029},"Following Canada's announcement of a tariff quota agreement that allows 49,000 Chinese-built EVs to enter Canada at a lower rate, down from the previous 100% surtax, BYD has announced it will enter the Canadian market by the end of 2026. BYD confirmed plans for more than 20 dealerships across Toronto, Vancouver, Montreal and Calgary, with an initial lineup including the Atto 3, Seal, Dolphin and Seagull.  ",[3030],{"type":928,"attrs":3031},{"color":930},{"type":657,"attrs":3033,"content":3034},{"level":659,"textAlign":49},[3035],{"text":914,"type":599,"marks":3036},[3037],{"type":928,"attrs":3038},{"color":930},{"type":594,"attrs":3040,"content":3041},{"textAlign":49},[3042],{"text":3043,"type":599,"marks":3044},"Following a slow start to EV sales in China in the opening months of the year, EV sales have been improving and now sit at -15% YTD May 2026 vs YTD May 2025. Despite weaker EV sales across the country, battery demand has been impacted less. This is because the proportion of EVs sold in China has moved from smaller vehicles to larger vehicles, a direct impact of the change in subsidy scheme that was introduced in early 2026, therefore the average EV battery size (kWh) has increased in China so far this year. ",[3045],{"type":928,"attrs":3046},{"color":930},{"type":594,"attrs":3048,"content":3049},{"textAlign":49},[3050],{"text":3051,"type":599,"marks":3052},"Chinese NEV exports continue to climb to another monthly record at almost 450,000 units in May. Both BEV and PHEV exports saw strong growth. Following weaker domestic sales in China so far this year compared to 2025, more and more Chinese OEMs have looked to expand further into the global market. The major players include BYD, which leads EV exports, followed by Chery and Geely, while Tesla's Shanghai factory also remains a significant contributor to China's overall NEV export figures. ",[3053],{"type":928,"attrs":3054},{"color":930},{"type":594,"attrs":3056,"content":3057},{"textAlign":49},[3058],{"text":3059,"type":599,"marks":3060},"This insight draws from Benchmark's granular EV & Battery Service, consisting of monthly EV sales figures, detailed forecasts to 2050 and supply chain data. By bringing clarity to a complex and opaque market, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[3061,3063],{"type":928,"attrs":3062},{"color":930},{"type":643},{"type":627,"attrs":3065},{"id":2838,"body":3066},[3067],{"id":835,"_uid":3068,"component":837,"wrap_in_box":50,"redirect_url":3069,"success_file":3070,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":3072,"show_on_intelligence":50},"i-c77c8094-8373-455a-badb-95efc4bd5254",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3071},{},[],"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.8 million electric vehicles were sold globally in May 2026, bringing YTD 2026 EV sales to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7% month-on-month (m-o-m). ",[3075],{"slug":3076,"name":3077,"content":3078},"charles-lester","Charles Lester",{"job_title":3079,"image":3080,"bio":3082,"linkedin":3083,"markets_covered":3084},"Data Manager",{"filename":3081},"https://a.storyblok.com/f/287943243085208/400x400/e3e91a8cc9/charles-lester.jpeg","Charles is Data Manager at Rho Motion, working on electric vehicle, battery, charging, and recycling market analysis, as well as modelling energy and commodity demand associated with the energy transition. Prior to joining Rho Motion he was a Consultant at Argus Media working across several sectors including energy, fertiliser and emissions economics. He has worked on multiple feasibility studies for major industrial projects worth several billion dollars. Charles graduated with a First Class Honours degree in Economics, and a Master’s Degree in Economics from University College London (UCL).","https://www.linkedin.com/in/charleslester-124/","EV and Battery",[3086,3087],{"slug":2499,"name":2500},{"slug":3088,"name":3089},"ev","EV",{"id":3091,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3092,"copyright":547,"fieldtype":553,"meta_data":3093,"is_external_url":50},188059155168775,"https://a.storyblok.com/f/287943243085208/1280x720/c1822577ce/benchmark-may-2026-ev-sales.jpg",{},{"id":3095,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3096,"copyright":547,"fieldtype":553,"meta_data":3097,"is_external_url":50},188061873516795,"https://a.storyblok.com/f/287943243085208/3840x2160/c65dfa8b41/electric-vehicles-charging.jpeg",{},"Benchmark Mineral Intelligence reports that 1.8 million electric vehicles (EVs) were sold globally in May 2026, bringing YTD 2026 EV sales to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7% month-on-month (m-o-m).","Jun 16, 2026",{"id":3101,"uuid":3102,"name":3103,"slug":3104,"full_slug":3105,"content":3106},185974308514040,"69ade637-e6e6-45f3-8471-9d28735e8f65","Denise Gray receives Lifetime Achievement Award at Benchmark Giga US 2026","denise-gray-receives-lifetime-achievement-award-at-benchmark-giga-us-2026","article/denise-gray-receives-lifetime-achievement-award-at-benchmark-giga-us-2026",{"_uid":3107,"date":3108,"tags":3109,"editor":3122,"content":3126,"excerpt":3336,"featured":51,"reporter":3337,"component":864,"seo_title":3338,"categories":3339,"visibility":2091,"data_vis_image":3345,"featured_image":3347,"seo_description":3352,"formattedDate":3353},"8ebf4ba3-d9a2-440f-87b2-ca799166bd1c","2026-06-10 00:00",[3110,3113,3116,3119],{"slug":3111,"name":3112},"giga-us-2026","Giga US 2026",{"slug":3114,"name":3115},"gm","GM",{"slug":3117,"name":3118},"lges","LGES",{"slug":3120,"name":3121},"lucid-motors","Lucid Motors",[3123],{"slug":544,"name":543,"content":3124},{"job_title":557,"image":3125,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":3127},[3128,3149,3157,3256,3264,3272,3280,3288,3296,3304,3312,3320,3328],{"type":594,"attrs":3129,"content":3130},{"textAlign":49},[3131,3136,3144],{"text":3132,"type":599,"marks":3133},"Benchmark Mineral Intelligence, the world’s leading provider of critical mineral price data and market intelligence for the energy transition, today (10 June 2026) announced that Denise Gray, one of the most prominent leaders in the battery storage space, has been named the 2026 recipient of the Benchmark Lifetime Achievement Award. The award was presented at ",[3134],{"type":928,"attrs":3135},{"color":930},{"text":3112,"type":599,"marks":3137},[3138,3142],{"type":604,"attrs":3139},{"href":3140,"uuid":3141,"anchor":49,"target":650,"linktype":623},"/article/trade-geopolitics-and-growth-are-shaping-the-us-battery-market","5927011c-7c3b-4e6c-9c8f-218577afb178",{"type":928,"attrs":3143},{"color":930},{"text":3145,"type":599,"marks":3146}," in Washington DC.",[3147],{"type":928,"attrs":3148},{"color":930},{"type":594,"attrs":3150,"content":3151},{"textAlign":49},[3152],{"text":3153,"type":599,"marks":3154},"Now in its fourth year, the Benchmark Lifetime Achievement Award celebrates individuals whose leadership and vision have shaped modern energy supply chains. Denise Gray joins an esteemed group of past recipients that includes:  ",[3155],{"type":928,"attrs":3156},{"color":930},{"type":3158,"content":3159},"bullet_list",[3160,3180,3199,3218,3237],{"type":3161,"content":3162},"list_item",[3163],{"type":594,"attrs":3164,"content":3165},{"textAlign":49},[3166,3175],{"text":3167,"type":599,"marks":3168},"Bob Galyen",[3169,3173],{"type":604,"attrs":3170},{"href":3171,"uuid":3172,"anchor":49,"target":650,"linktype":623},"/videos/benchmark-lifetime-achievement-award-2025","6aaf4380-3413-41b6-a3d9-46f4abfc56ec",{"type":928,"attrs":3174},{"color":930},{"text":3176,"type":599,"marks":3177},", former CTO at CATL and CTO at NAATBatt International",[3178],{"type":928,"attrs":3179},{"color":930},{"type":3161,"content":3181},[3182],{"type":594,"attrs":3183,"content":3184},{"textAlign":49},[3185,3194],{"text":3186,"type":599,"marks":3187},"Arnold Schwarzenegger",[3188,3192],{"type":604,"attrs":3189},{"href":3190,"uuid":3191,"anchor":49,"target":650,"linktype":623},"/videos/fireside-chat-with-arnold-schwarzenegger","491c1c20-ea18-4aa0-bc91-97919cd1b111",{"type":928,"attrs":3193},{"color":930},{"text":3195,"type":599,"marks":3196},", Former Governor of California",[3197],{"type":928,"attrs":3198},{"color":930},{"type":3161,"content":3200},[3201],{"type":594,"attrs":3202,"content":3203},{"textAlign":49},[3204,3213],{"text":3205,"type":599,"marks":3206},"JB Straubel",[3207,3211],{"type":604,"attrs":3208},{"href":3209,"uuid":3210,"anchor":49,"target":650,"linktype":623},"/videos/fireside-chat-with-redwood-materials-ceo-jb-straubel-and-benchmark","e9fd89f8-4a14-4754-9335-9eb05db26025",{"type":928,"attrs":3212},{"color":930},{"text":3214,"type":599,"marks":3215},", co-founder of Tesla and CEO of Redwood Materials",[3216],{"type":928,"attrs":3217},{"color":930},{"type":3161,"content":3219},[3220],{"type":594,"attrs":3221,"content":3222},{"textAlign":49},[3223,3232],{"text":3224,"type":599,"marks":3225},"Senator Lisa Murkowski",[3226,3230],{"type":604,"attrs":3227},{"href":3228,"uuid":3229,"anchor":49,"target":650,"linktype":623},"/videos/word-of-welcome-from-u-s-senator-lisa-murkowski","cb3daf9e-367d-4d4d-bcf8-845613de9cda",{"type":928,"attrs":3231},{"color":930},{"text":3233,"type":599,"marks":3234},", United States Senator from Alaska",[3235],{"type":928,"attrs":3236},{"color":930},{"type":3161,"content":3238},[3239],{"type":594,"attrs":3240,"content":3241},{"textAlign":49},[3242,3251],{"text":3243,"type":599,"marks":3244},"Prof. Sir Stanley Whittingham",[3245,3249],{"type":604,"attrs":3246},{"href":3247,"uuid":3248,"anchor":49,"target":650,"linktype":623},"/videos/professor-stanley-whittingham-on-the-future-of-batteries","5cde3d1b-62d7-484c-a8f4-4eec35f0a7ab",{"type":928,"attrs":3250},{"color":930},{"text":3252,"type":599,"marks":3253},", Nobel Prize winner and pioneer of the lithium-ion battery",[3254],{"type":928,"attrs":3255},{"color":930},{"type":594,"attrs":3257,"content":3258},{"textAlign":49},[3259],{"text":3260,"type":599,"marks":3261},"Denise Gray said: “I'm honoured to receive the award. It does mean a lot to me, because it continues to highlight those of us who are in this industry that continue to push the capability of the technology. I think we have to continue to do that. Especially with so many things going on around the world, we can’t lose sight of those innovators, those who are working in research and development. ",[3262],{"type":928,"attrs":3263},{"color":930},{"type":594,"attrs":3265,"content":3266},{"textAlign":49},[3267],{"text":3268,"type":599,"marks":3269},"“I'm hoping that receiving the award highlights the need to continue to encourage those who are working in technology and innovation to keep doing that, because it will pay off. It may not be in the very, very, very, very short term, because it takes time to deploy and implement technology.”",[3270],{"type":928,"attrs":3271},{"color":930},{"type":594,"attrs":3273,"content":3274},{"textAlign":49},[3275],{"text":3276,"type":599,"marks":3277},"Benchmark’s CEO Andy Miller said: “Denise is receiving the award because of the pivotal roles she played across LG and GM, improving battery performance, safety and commercialisation across the industry. She is one of very few industry leaders that have experience across the supply chain from battery producer, to consumer, to emerging technology provider. Denise is also one of the most prominent female leaders in the global battery sector, reflecting her professional excellence and role in fostering diversity.”",[3278],{"type":928,"attrs":3279},{"color":930},{"type":657,"attrs":3281,"content":3282},{"level":659,"textAlign":49},[3283],{"text":3284,"type":599,"marks":3285},"From GM to LG: Denise Gray’s career",[3286],{"type":928,"attrs":3287},{"color":930},{"type":594,"attrs":3289,"content":3290},{"textAlign":49},[3291],{"text":3292,"type":599,"marks":3293},"Gray’s storied career began at General Motors in 1981, when she joined the engineering department following her Master’s degree at the Rensselaer Polytechnic Institute. Over the course of 30 years, Gray held many roles including several Director positions from 2000 onwards. Between 2006 and 2010, Gray was the Director of Energy Storage Systems. Whilst at GM, Gray oversaw the development of the Chevrolet Bolt, GM’s first commercial foray into the modern EV market. Whilst at GM, Gray oversaw the development of the Chevrolet Bolt, GM’s first commercial foray into the modern EV market.",[3294],{"type":928,"attrs":3295},{"color":930},{"type":594,"attrs":3297,"content":3298},{"textAlign":49},[3299],{"text":3300,"type":599,"marks":3301},"“I worked at GM from the time I was 17 years old until I was 47 years old. So 30 years of being a part of a global company that worked on technology as the automobile evolved,” Gray said. “I grew up in the early days, as we were electrifying the vehicle. It went – and it's a slow progression – from automatic doors and windows and displays to automatic brakes and steering and throttle control and then moving into the engine, the power train, the engine transmission. With electronics and electrical systems, we were able to transform and make those systems better, more efficient.”",[3302],{"type":928,"attrs":3303},{"color":930},{"type":594,"attrs":3305,"content":3306},{"textAlign":49},[3307],{"text":3308,"type":599,"marks":3309},"After GM, Gray spent almost three years as Vice President of Atieva, the company now known as Lucid, and a similar amount of time as Vice President for Powertrain Electrification at AVL in Europe.",[3310],{"type":928,"attrs":3311},{"color":930},{"type":594,"attrs":3313,"content":3314},{"textAlign":49},[3315],{"text":3316,"type":599,"marks":3317},"In 2015, Gray became President and CEO of LG Chem Power, which spun off its battery business to form LG Energy Solution in 2020, with Gray at the helm of its Michigan tech centre. In 2022, Gray changed tack to become the company’s Head of External Affairs and Government Relations for North America.",[3318],{"type":928,"attrs":3319},{"color":930},{"type":594,"attrs":3321,"content":3322},{"textAlign":49},[3323],{"text":3324,"type":599,"marks":3325},"Since leaving LG Energy Solution in 2023, Gray has been CEO of her own company, DKTN Consulting, and spends most of her time on corporate boards, which she describes as \"extremely fulfilling”. One of the boards Gray sits on is Mitra Chem, a US-based developer using AI to accelerate the Western scale-up of lithium ion phosphate (LFP) cathode active materials.",[3326],{"type":928,"attrs":3327},{"color":930},{"type":594,"attrs":3329,"content":3330},{"textAlign":49},[3331],{"text":3332,"type":599,"marks":3333},"“What I'm most proud of is having the opportunity: the opportunity to contribute at amazing companies, to contribute to future technology deployment and innovations. That has just been priceless,” Gray said.",[3334],{"type":928,"attrs":3335},{"color":930},"Benchmark Mineral Intelligence, the world’s leading provider of critical mineral price data and market intelligence for the energy transition, today announced that Denise Gray, one of the most prominent leaders in the battery storage space, has been named the 2026 recipient of the Benchmark Lifetime Achievement Award. The award was presented at Giga US 2026 in Washington DC.",[],"Denise Gray receives Lifetime Achievement Award at Giga US 2026",[3340,3341,3342],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":3343,"name":3344},"ess","ESS",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3346},{},{"id":3348,"alt":547,"name":547,"focus":547,"title":3349,"source":547,"filename":3350,"copyright":547,"fieldtype":553,"meta_data":3351,"is_external_url":50},185997288948020,"Denise Gray awarded the Benchmark Lifetime Achievement Award by previous winner Bob Galyen","https://a.storyblok.com/f/287943243085208/4200x2801/eb1dc430e7/denise-gray-lifetime-achievement-award.jpg",{"alt":547,"title":3349,"source":547,"copyright":547},"Benchmark announced that Denise Gray, one of the most prominent leaders in the battery storage space, has been named the 2026 recipient of the Benchmark Lifetime Achievement Award. The award was presented at Giga US 2026 in Washington DC.","Jun 10, 2026",{"id":3355,"uuid":3141,"name":3356,"slug":3357,"full_slug":3358,"content":3359},185968997655466,"Trade, geopolitics, and growth are shaping the US battery market","trade-geopolitics-and-growth-are-shaping-the-us-battery-market","article/trade-geopolitics-and-growth-are-shaping-the-us-battery-market",{"_uid":3360,"date":3108,"tags":3361,"editor":3365,"content":3369,"excerpt":3666,"featured":51,"reporter":3667,"component":864,"seo_title":3356,"categories":3668,"visibility":2091,"data_vis_image":3675,"featured_image":3677,"seo_description":3681,"formattedDate":3353},"6d302ec4-3156-4e2d-a3ce-64938e02940a",[3362,3363,3364],{"slug":3111,"name":3112},{"slug":1375,"name":1376},{"slug":2787,"name":2788},[3366],{"slug":544,"name":543,"content":3367},{"job_title":557,"image":3368,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":3370},[3371,3442,3450,3458,3480,3488,3510,3532,3556,3564,3585,3593,3601,3609,3617,3625,3652,3662],{"type":594,"attrs":3372,"content":3373},{"textAlign":49},[3374,3379,3386,3391,3399,3404,3410,3415,3424,3429,3438],{"text":3375,"type":599,"marks":3376},"Andy Miller, chief executive of Benchmark, opened Giga US 2026 in Washington, DC by outlining a rapidly evolving ",[3377],{"type":928,"attrs":3378},{"color":930},{"text":3380,"type":599,"marks":3381},"energy security landscape in the US",[3382,3384],{"type":604,"attrs":3383},{"href":2906,"uuid":2907,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":3385},{"color":930},{"text":3387,"type":599,"marks":3388},", shaped by ",[3389],{"type":928,"attrs":3390},{"color":930},{"text":3392,"type":599,"marks":3393},"trade policy",[3394,3397],{"type":604,"attrs":3395},{"href":3396,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://source.benchmarkminerals.com/publications/special-issues/trump-one-year-in-review",{"type":928,"attrs":3398},{"color":930},{"text":3400,"type":599,"marks":3401},", ",[3402],{"type":928,"attrs":3403},{"color":930},{"text":880,"type":599,"marks":3405},[3406,3408],{"type":604,"attrs":3407},{"href":2676,"uuid":2677,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":3409},{"color":930},{"text":3411,"type":599,"marks":3412},", and ",[3413],{"type":928,"attrs":3414},{"color":930},{"text":3416,"type":599,"marks":3417},"rising demand",[3418,3422],{"type":604,"attrs":3419},{"href":3420,"uuid":3421,"anchor":49,"target":650,"linktype":623},"/article/new-report-us-adds-58-gwh-of-new-energy-storage-capacity-in-2025-largest-single-year-of-new-battery-capacity-on-record","c21d6cbc-4940-49e4-aae0-76ebdb40ed95",{"type":928,"attrs":3423},{"color":930},{"text":3425,"type":599,"marks":3426}," from ",[3427],{"type":928,"attrs":3428},{"color":930},{"text":3430,"type":599,"marks":3431},"emerging markets such as data centres",[3432,3436],{"type":604,"attrs":3433},{"href":3434,"uuid":3435,"anchor":49,"target":650,"linktype":623},"/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth","213c7915-b6a1-48e4-9d82-9a263f102c25",{"type":928,"attrs":3437},{"color":930},{"text":974,"type":599,"marks":3439},[3440],{"type":928,"attrs":3441},{"color":930},{"type":594,"attrs":3443,"content":3444},{"textAlign":49},[3445],{"text":3446,"type":599,"marks":3447},"“Central to all of that and what's really become the bedrock in the question of how we reach true energy security, I believe, is the ability and the efficiency to store that energy,” Miller said. “All roads lead back to batteries.”",[3448],{"type":928,"attrs":3449},{"color":930},{"type":657,"attrs":3451,"content":3452},{"level":659,"textAlign":49},[3453],{"text":3454,"type":599,"marks":3455},"Batteries are central to energy security",[3456],{"type":928,"attrs":3457},{"color":930},{"type":594,"attrs":3459,"content":3460},{"textAlign":49},[3461,3466,3475],{"text":3462,"type":599,"marks":3463},"Miller emphasised that batteries are now central to energy security, with demand extending beyond ",[3464],{"type":928,"attrs":3465},{"color":930},{"text":3467,"type":599,"marks":3468},"electric vehicles",[3469,3473],{"type":604,"attrs":3470},{"href":3471,"uuid":3472,"anchor":49,"target":650,"linktype":623},"/article/us-battery-imports-fall-to-five-year-low-after-section-301-tariffs-raised-to-25-","3a93dd71-07f9-4d99-82c4-f907a3d0771b",{"type":928,"attrs":3474},{"color":930},{"text":3476,"type":599,"marks":3477}," (EVs) into stationary storage, defence, and emerging applications such as robotics. “Energy security now very much does mean energy storage and the ability to store energy,” he said.",[3478],{"type":928,"attrs":3479},{"color":930},{"type":594,"attrs":3481,"content":3482},{"textAlign":49},[3483],{"text":3484,"type":599,"marks":3485},"For much of the past decade, the automotive industry was the key driver for the US’ electrification push. While the pace of full electrification in the US automotive sector has slowed, Miller noted that underlying battery demand remains intact but is becoming more diversified.",[3486],{"type":928,"attrs":3487},{"color":930},{"type":594,"attrs":3489,"content":3490},{"textAlign":49},[3491,3496,3505],{"text":3492,"type":599,"marks":3493},"“There's no doubting that the shape of that pathway to electrification has absolutely changed over the past couple of years,” he said, noting that rapid expansion in ",[3494],{"type":928,"attrs":3495},{"color":930},{"text":3497,"type":599,"marks":3498},"stationary storage",[3499,3503],{"type":604,"attrs":3500},{"href":3501,"uuid":3502,"anchor":49,"target":650,"linktype":623},"/article/us-bess-cell-demand-outstripping-north-american-production-until-2028-despite-tariffs","e10ddd56-09be-471c-ab8b-7f1503670661",{"type":928,"attrs":3504},{"color":930},{"text":3506,"type":599,"marks":3507}," is reshaping demand.",[3508],{"type":928,"attrs":3509},{"color":930},{"type":594,"attrs":3511,"content":3512},{"textAlign":49},[3513,3518,3527],{"text":3514,"type":599,"marks":3515},"“In Q1 26 alone the US installed almost 10GWh of ",[3516],{"type":928,"attrs":3517},{"color":930},{"text":3519,"type":599,"marks":3520},"stationary storage battery",[3521,3525],{"type":604,"attrs":3522},{"href":3523,"uuid":3524,"anchor":49,"target":650,"linktype":623},"/videos/what-does-the-us-storage-market-currently-look-like","2eb77eea-249b-4ed7-b45c-0cdabb7d1a25",{"type":928,"attrs":3526},{"color":930},{"text":3528,"type":599,"marks":3529}," capacity,” Miller said, adding that a single grid-scale project can represent “the equivalent of tens of thousands of electric vehicles”.",[3530],{"type":928,"attrs":3531},{"color":930},{"type":594,"attrs":3533,"content":3534},{"textAlign":49},[3535,3541,3551],{"text":3536,"type":599,"marks":3537},"Watch Andy Miller's ",[3538,3540],{"type":928,"attrs":3539},{"color":930},{"type":643},{"text":3542,"type":599,"marks":3543},"opening keynote here",[3544,3548,3550],{"type":604,"attrs":3545},{"href":3546,"uuid":3547,"anchor":49,"target":650,"linktype":623},"/videos/benchmark-opening-keynote-welcome-to-giga-us-2026","0072d0fe-4a54-4147-afb1-d1ae0e0c4174",{"type":928,"attrs":3549},{"color":930},{"type":643},{"text":974,"type":599,"marks":3552},[3553,3555],{"type":928,"attrs":3554},{"color":930},{"type":643},{"type":657,"attrs":3557,"content":3558},{"level":659,"textAlign":49},[3559],{"text":3560,"type":599,"marks":3561},"The US battery supply chain is retooling",[3562],{"type":928,"attrs":3563},{"color":930},{"type":594,"attrs":3565,"content":3566},{"textAlign":49},[3567,3572,3581],{"text":3568,"type":599,"marks":3569},"This shift from EV-dominant to more diversified demand presents both an opportunity and a challenge. Miller highlighted the need to retool a battery supply chain originally built to serve EV demand, in order to support a ",[3570],{"type":928,"attrs":3571},{"color":930},{"text":3573,"type":599,"marks":3574},"broader range of applications",[3575,3579],{"type":604,"attrs":3576},{"href":3577,"uuid":3578,"anchor":49,"target":650,"linktype":623},"/article/tesla-to-discontinue-the-model-s-and-x-as-it-pivots-towards-humanoid-robots","d988206d-9e4d-43bd-8969-21ef3bdb3281",{"type":928,"attrs":3580},{"color":930},{"text":974,"type":599,"marks":3582},[3583],{"type":928,"attrs":3584},{"color":930},{"type":594,"attrs":3586,"content":3587},{"textAlign":49},[3588],{"text":3589,"type":599,"marks":3590},"“How we retool that in the medium term to feed these new emerging markets and applications is going to be central to the future competitiveness of not just the automotive industry here in the US but a number of major emerging markets as well,” he said.",[3591],{"type":928,"attrs":3592},{"color":930},{"type":594,"attrs":3594,"content":3595},{"textAlign":49},[3596],{"text":3597,"type":599,"marks":3598},"Despite market uncertainty, US battery manufacturing ambitions continue to expand. Planned capacity by 2030 has increased by 30% compared with three years ago. However, Miller warned that upstream supply chains remain a key constraint.",[3599],{"type":928,"attrs":3600},{"color":930},{"type":594,"attrs":3602,"content":3603},{"textAlign":49},[3604],{"text":3605,"type":599,"marks":3606},"At a global level, supply and demand growth for key battery inputs appears broadly aligned, but this balance breaks down regionally. “We are in a significant deficit on the pathway we're on today to meeting the demand needs of North America,” Miller said.",[3607],{"type":928,"attrs":3608},{"color":930},{"type":594,"attrs":3610,"content":3611},{"textAlign":49},[3612],{"text":3613,"type":599,"marks":3614},"He concluded that coordinated action across industry and policymakers will be critical to building a resilient domestic battery supply chain and advancing US energy security.",[3615],{"type":928,"attrs":3616},{"color":930},{"type":594,"attrs":3618,"content":3619},{"textAlign":49},[3620],{"text":3621,"type":599,"marks":3622},"“That's why we're here today,” Miller said. “And that's why we're delighted to have such a great cross section of the industry and stakeholders and policymakers with us here today.”",[3623],{"type":928,"attrs":3624},{"color":930},{"type":594,"attrs":3626,"content":3627},{"textAlign":49},[3628,3634,3646],{"text":3629,"type":599,"marks":3630},"Benchmark hosts a wide range of events throughout the year, dedicated to the full mine-to-gride supply chains that are key to the energy transition. To find out more visit our ",[3631,3633],{"type":928,"attrs":3632},{"color":930},{"type":643},{"text":3635,"type":599,"marks":3636},"Events page",[3637,3640,3643,3644],{"type":604,"attrs":3638},{"href":3639,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/",{"type":928,"attrs":3641},{"color":3642},"#1155CC",{"type":643},{"type":3645},"underline",{"text":3647,"type":599,"marks":3648}," or fill out the form below and one of the team will be in touch.",[3649,3651],{"type":928,"attrs":3650},{"color":930},{"type":643},{"type":627,"attrs":3653},{"id":3654,"body":3655},"29eb0497-caaa-4647-a067-ff4ed8c36ac4",[3656],{"id":835,"_uid":3657,"component":837,"wrap_in_box":50,"redirect_url":3658,"success_file":3659,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":3661,"show_on_intelligence":50},"i-1d2d647e-a20b-4df4-8739-a2e6490b5dd8",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3660},{},[],{"type":594,"attrs":3663,"content":3664},{"textAlign":49},[3665],{"type":1725},"Andy Miller, chief executive of Benchmark Mineral Intelligence, opened Giga US 2026 in Washington, DC by outlining a rapidly evolving energy security landscape in the US, shaped by trade policy, geopolitics, and rising demand from emerging technologies.\n\n“Central to all of that and what's really become the bedrock in the question of how we reach true energy security, I believe, is the ability and the efficiency to store that energy,” Miller said. “All roads lead back to batteries.”",[],[3669,3670,3671,3672,3673,3674],{"slug":3343,"name":3344},{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":872,"name":873},{"slug":875,"name":876},{"slug":880,"name":881},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3676},{},{"id":3678,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3679,"copyright":547,"fieldtype":553,"meta_data":3680,"is_external_url":50},185969581616746,"https://a.storyblok.com/f/287943243085208/4200x2801/5cd8e0b646/andy-miller-keynote-giga-us-2026.jpg",{},"Andy Miller, chief executive of Benchmark, opened Giga US 2026 in Washington, DC by outlining a rapidly evolving energy security landscape in the US, shaped by trade policy, geopolitics, and rising demand from emerging markets such as data centres.",{"id":3683,"uuid":3684,"name":3685,"slug":3686,"full_slug":3687,"content":3688},184216704050300,"3e888653-ccc0-48d2-89aa-6b0b4e35e911","Benchmark battery energy stationary storage database surpasses 10,000 projects","benchmark-battery-energy-stationary-storage-database-surpasses-10000-projects","article/benchmark-battery-energy-stationary-storage-database-surpasses-10000-projects",{"_uid":3689,"date":3690,"tags":3691,"editor":3696,"content":3700,"excerpt":3827,"featured":51,"reporter":3828,"component":864,"seo_title":3849,"categories":3850,"visibility":2091,"data_vis_image":3853,"featured_image":3857,"seo_description":3861,"formattedDate":3862},"0cab84f2-1ff6-49f0-9e80-9bd9013323a9","2026-06-05 00:00",[3692,3693,3694,3695],{"slug":578,"name":579},{"slug":913,"name":914},{"slug":2787,"name":2788},{"slug":2790,"name":2791},[3697],{"slug":544,"name":543,"content":3698},{"job_title":557,"image":3699,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":3701},[3702,3724,3755,3760,3767,3772,3777,3783,3788,3802,3808,3817],{"type":594,"attrs":3703,"content":3704},{"textAlign":49},[3705,3706,3713,3715,3722],{"text":2372,"type":599},{"text":3707,"type":599,"marks":3708},"battery energy stationary storage",[3709],{"type":604,"attrs":3710},{"href":3711,"uuid":3712,"anchor":49,"target":650,"linktype":623},"/article/the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025","dd7b0985-5771-4a9e-b68e-7060e85efa48",{"text":3714,"type":599}," (BESS) market has grown significantly over the last five years, with this growth is set to continue. Benchmark’s BESS database has now surpassed 10,000 unique projects, both ",{"text":3716,"type":599,"marks":3717},"operating",[3718],{"type":604,"attrs":3719},{"href":3720,"uuid":3721,"anchor":49,"target":650,"linktype":623},"/article/europe-has-record-quarter-for-energy-storage","acf89f40-3be3-4aef-8011-2f0d5bce1a88",{"text":3723,"type":599}," and in the pipeline.",{"type":594,"attrs":3725,"content":3726},{"textAlign":49},[3727,3729,3735,3737,3744,3746,3753],{"text":3728,"type":599},"This is nearly nine times the number of projects Benchmark tracked in the May 2022 edition of ",{"text":3730,"type":599,"marks":3731},"Benchmark's BESS database",[3732],{"type":604,"attrs":3733},{"href":3734,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/battery-energy-stationary-storage",{"text":3736,"type":599},". The ",{"text":3738,"type":599,"marks":3739},"average size of the projects",[3740],{"type":604,"attrs":3741},{"href":3742,"uuid":3743,"anchor":49,"target":650,"linktype":623},"/article/is-the-energy-storage-market-shifting-to-longer-duration-capacities-","6c350409-abcd-42f5-a9a4-15e7729cd431",{"text":3745,"type":599}," in the database has ",{"text":3747,"type":599,"marks":3748},"increased significantly",[3749],{"type":604,"attrs":3750},{"href":3751,"uuid":3752,"anchor":49,"target":650,"linktype":623},"/article/form-energy-announces-largest-capacity-energy-storage-system-to-date","0ff0e0c5-d9dd-4f8c-9b1b-4aa57cb0e0b4",{"text":3754,"type":599},", too, from 193MWh in 2022 to 316MWh today.",{"type":594,"attrs":3756,"content":3757},{"textAlign":49},[3758],{"text":3759,"type":599},"“BESS has matured at a dramatic pace over the last five years from a relatively niche technology to the go-to source of much needed flexibility on today's grids,” said Pete Tillotson, a BESS research analyst at Benchmark. “Technological innovation, falling battery costs, intense OEM competition for market share, and the increasing realisation of its multiple benefits and speed of deployment have all contributed to BESS becoming core grid infrastructure.”",{"type":627,"attrs":3761},{"id":3762,"body":3763},"4bce6fab-52b3-4721-b997-57344cdc9282",[3764],{"id":3765,"_uid":3766,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29263694","i-81a6bf72-8942-4546-8197-1db8f9eb7617",{"type":657,"attrs":3768,"content":3769},{"level":659,"textAlign":49},[3770],{"text":3771,"type":599},"What are the trends in the database?",{"type":594,"attrs":3773,"content":3774},{"textAlign":49},[3775],{"text":3776,"type":599},"Click through this interactive data story to reveal what sorts of projects make up the database and where they are.",{"type":627,"attrs":3778},{"id":3762,"body":3779},[3780],{"id":3781,"_uid":3782,"type":623,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3698199","i-31a3b391-4b87-4793-9c45-668aec3feee4",{"type":657,"attrs":3784,"content":3785},{"level":659,"textAlign":49},[3786],{"text":3787,"type":599},"How has the BESS market changed over the past five years?",{"type":594,"attrs":3789,"content":3790},{"textAlign":49},[3791,3793,3800],{"text":3792,"type":599},"The BESS market has grown significantly over the last five years, with a~15-times increase in annual ",{"text":3794,"type":599,"marks":3795},"grid-scale",[3796],{"type":604,"attrs":3797},{"href":3798,"uuid":3799,"anchor":49,"target":650,"linktype":623},"/article/china-introduces-national-capacity-pricing-for-gridside-ess-","cf6f633d-0990-45e9-b405-0feefc7463f1",{"text":3801,"type":599}," installations 2021 and 2025. The average size of the projects installed since 2021 has also been increasing. The average grid-scale project in 2025 was 261MWh compared to 68MWh in 2021.",{"type":627,"attrs":3803},{"id":3762,"body":3804},[3805],{"id":3806,"_uid":3807,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29253869","i-a9a8098c-7bca-45fe-8a5d-9ad4d72cc903",{"type":594,"attrs":3809,"content":3810},{"textAlign":49},[3811],{"text":3812,"type":599,"marks":3813},"This insight draws from Benchmark's granular BESS Service, consisting of detailed forecasts to 2040, system pricing, capacity growth trends and more. By bringing clarity to a rapidly accelerating market, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[3814,3816],{"type":928,"attrs":3815},{"color":547},{"type":643},{"type":627,"attrs":3818},{"id":3819,"body":3820},"b4f30120-3b86-4f8c-a38b-cb4c1565a288",[3821],{"id":835,"_uid":3822,"component":837,"wrap_in_box":50,"redirect_url":3823,"success_file":3824,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":3826,"show_on_intelligence":50},"i-dcc9d729-77dc-4d24-a120-5cded55104a0",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":3825},{},[],"The battery energy stationary storage (BESS) market has grown significantly over the last five years, with this growth is set to continue. Benchmark’s BESS database has now surpassed 10,000 unique projects, both operating and in the pipeline.\n\nThis is nearly nine times the number of projects Benchmark tracked in the May 2022 edition of the BESS database. The average size of the projects in the database has increased significantly, too, from 193MWh in 2022 to 316MWh today.",[3829,3839],{"slug":3830,"name":3831,"content":3832},"iola-hughes","Iola Hughes",{"job_title":3833,"image":3834,"bio":3836,"linkedin":3837,"markets_covered":3838},"Head of Research",{"filename":3835},"https://a.storyblok.com/f/287943243085208/852x854/03382be015/iola-h.png","Iola was Head of Research at Rho Motion prior to the acquisition, and now leads the downstream research for the Benchmark. She has six years of experience in the battery space and works across electric vehicle, battery, and energy storage markets. Previous experience includes a research position with a Servomex working on paramagnetic sensors and spectroscopy gas analysis. Iola graduated with a First-Class Honours Master’s Degree in Geophysics from University College London","https://www.linkedin.com/in/iolahughes/","Battery, BESS, EV and Battery",{"slug":3840,"name":3841,"content":3842},"pete-tillotson","Pete Tillotson",{"job_title":3843,"image":3844,"bio":3846,"linkedin":3847,"markets_covered":3848},"Senior Analyst - BESS",{"filename":3845},"https://a.storyblok.com/f/287943243085208/800x800/bfcfbe219a/pete-tilloston.jpeg","Pete is a Senior Analyst on the downstream team covering the ex-China BESS markets. He works closely on the BESS monthly analysis and reporting as well as the BESS Quarterly Outlook. Pete holds an MSc from Imperial College London in Environmental Technology and a BA in Politics from the University of Exeter.","https://www.linkedin.com/in/pete-tillotson-b09495158/","BESS","Benchmark BESS database surpasses 10,000 projects",[3851,3852],{"slug":3343,"name":3344},{"slug":2499,"name":2500},{"id":3854,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3855,"copyright":547,"fieldtype":553,"meta_data":3856,"is_external_url":50},184218836560728,"https://a.storyblok.com/f/287943243085208/1588x1840/c17cadeb60/10k-bess-by-region-2x.png",{},{"id":3858,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":3859,"copyright":547,"fieldtype":553,"meta_data":3860,"is_external_url":50},184216876272376,"https://a.storyblok.com/f/287943243085208/1600x1066/78896c6174/2026-01-29-rwe-errichtet-am-kraftwerkstandort-in-lingen-batteriespeicher-mit-400-megawatt-leistung.jpg",{},"The battery energy stationary storage (BESS) market has grown significantly over the last five years, with this growth is set to continue. Benchmark’s BESS database has now surpassed 10,000 unique projects, both operating and in the pipeline.","Jun 05, 2026",{"id":3864,"uuid":3865,"name":3866,"slug":3867,"full_slug":3868,"content":3869},183538486507117,"9c9dff54-6a76-48e3-a503-1143e3603a10","Tesla reinstates graphite supply agreement with Syrah Resources","tesla-reinstates-graphite-supply-agreement-with-syrah-resources","article/tesla-reinstates-graphite-supply-agreement-with-syrah-resources",{"_uid":3870,"date":3871,"tags":3872,"editor":3881,"content":3885,"excerpt":4063,"featured":51,"reporter":4064,"component":864,"seo_title":3866,"categories":4068,"visibility":882,"data_vis_image":4073,"featured_image":4075,"seo_description":4079,"formattedDate":4080},"4cc0ac13-cf3d-4453-b80d-4ab34c1b1efa","2026-06-03 00:00",[3873,3876,3879,3880],{"slug":3874,"name":3875},"tesla","Tesla",{"slug":3877,"name":3878},"syrah-resources","Syrah Resources",{"slug":2787,"name":2788},{"slug":1375,"name":1376},[3882],{"slug":544,"name":543,"content":3883},{"job_title":557,"image":3884,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":3886},[3887,3909,3917,3953,3961,3982,3990,4012,4019,4027,4049,4057],{"type":594,"attrs":3888,"content":3889},{"textAlign":49},[3890,3895,3904],{"text":3891,"type":599,"marks":3892},"Tesla has withdrawn its notice to terminate a graphite anode supply agreement with Australia’s ",[3893],{"type":928,"attrs":3894},{"color":930},{"text":3896,"type":599,"marks":3897},"Syrah Resources,",[3898,3902],{"type":604,"attrs":3899},{"href":3900,"uuid":3901,"anchor":49,"target":650,"linktype":623},"/videos/syrah-resources-keynote-presentation","3202e6a7-cc22-4b89-8d26-d7c596d91acc",{"type":928,"attrs":3903},{"color":930},{"text":3905,"type":599,"marks":3906}," ending a protracted negotiation process and restoring a strategically important supply link within the US battery materials ecosystem.",[3907],{"type":928,"attrs":3908},{"color":930},{"type":594,"attrs":3910,"content":3911},{"textAlign":49},[3912],{"text":3913,"type":599,"marks":3914},"The dispute, which saw both parties extend a resolution deadline four times, centred on commercial terms and performance expectations tied to Syrah’s Vidalia facility in Louisiana. Under the original 2021 agreement, Syrah committed to supplying 8,000 tonnes of graphite anode material to Tesla over a four-year period, making it one of the first commercial-scale North American supply arrangements of its kind.",[3915],{"type":928,"attrs":3916},{"color":930},{"type":594,"attrs":3918,"content":3919},{"textAlign":49},[3920,3925,3934,3939,3948],{"text":3921,"type":599,"marks":3922},"The reinstatement reflects Tesla’s continued need to secure diversified Western AAM supply, particularly in the wake of",[3923],{"type":928,"attrs":3924},{"color":930},{"text":3926,"type":599,"marks":3927}," US tariffs on anode active material",[3928,3932],{"type":604,"attrs":3929},{"href":3930,"uuid":3931,"anchor":49,"target":650,"linktype":623},"/article/us-to-increase-tariffs-on-chinese-anode-producers-to-205-","ee4cc049-cf29-4401-bf04-2a1cd938de91",{"type":928,"attrs":3933},{"color":930},{"text":3935,"type":599,"marks":3936}," (AAM) introduced under anti-dumping and countervailing duty measures (ADCVM) in 2025. Although these ",[3937],{"type":928,"attrs":3938},{"color":930},{"text":3940,"type":599,"marks":3941},"measures have since been lifted",[3942,3946],{"type":604,"attrs":3943},{"href":3944,"uuid":3945,"anchor":49,"target":650,"linktype":623},"/article/us-itc-votes-against-antidumping-duty-and-countervailing-duty-on-chinese-active-anode-material","b1231e13-5385-4df6-90bd-05f08d4627bd",{"type":928,"attrs":3947},{"color":930},{"text":3949,"type":599,"marks":3950},", their implementation highlighted the policy volatility shaping procurement strategies.",[3951],{"type":928,"attrs":3952},{"color":930},{"type":657,"attrs":3954,"content":3955},{"level":659,"textAlign":49},[3956],{"text":3957,"type":599,"marks":3958},"What is the state of North American anode offtakes?",[3959],{"type":928,"attrs":3960},{"color":930},{"type":594,"attrs":3962,"content":3963},{"textAlign":49},[3964,3969,3978],{"text":3965,"type":599,"marks":3966},"Many automakers and OEMs have signed offtake agreements with North American AAM producers in a bid to secure domestic material and reduce reliance on geopolitically fraught ",[3967],{"type":928,"attrs":3968},{"color":930},{"text":3970,"type":599,"marks":3971},"Chinese material",[3972,3976],{"type":604,"attrs":3973},{"href":3974,"uuid":3975,"anchor":49,"target":650,"linktype":623},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635",{"type":928,"attrs":3977},{"color":930},{"text":974,"type":599,"marks":3979},[3980],{"type":928,"attrs":3981},{"color":930},{"type":594,"attrs":3983,"content":3984},{"textAlign":49},[3985],{"text":3986,"type":599,"marks":3987},"However, since late 2024, four of these offtakes have been terminated. This underscores the challenges of developing new domestic supply chains, including lengthy qualification timelines, cost pressures, and operational ramp-up risks.",[3988],{"type":928,"attrs":3989},{"color":930},{"type":594,"attrs":3991,"content":3992},{"textAlign":49},[3993,3998,4007],{"text":3994,"type":599,"marks":3995},"For example, Stellantis terminated two of its ",[3996],{"type":928,"attrs":3997},{"color":930},{"text":3999,"type":599,"marks":4000},"AAM offtake",[4001,4005],{"type":604,"attrs":4002},{"href":4003,"uuid":4004,"anchor":49,"target":650,"linktype":623},"/article/novonix-synthetic-graphite-offtake-deal-with-stellantis-furthers-demand-for-ex-china-anode-material","44c07eb4-abe1-4a74-b7c4-da81bfe5144e",{"type":928,"attrs":4006},{"color":930},{"text":4008,"type":599,"marks":4009}," agreements around the same time it cancelled other battery material supply deals such as with Australia’s Alliance Nickel, though the specific reason was publicly disclosed. SK On cancelled its offtake with Westwater, but did express willingness to consider a future agreement with updated terms.",[4010],{"type":928,"attrs":4011},{"color":930},{"type":627,"attrs":4013},{"id":4014,"body":4015},"ba668aaf-89b0-4ff8-9272-a2eb44f9fb98",[4016],{"id":4017,"_uid":4018,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29235434","i-9ba19cff-a4df-4ea5-998d-c73622dc4bc7",{"type":657,"attrs":4020,"content":4021},{"level":659,"textAlign":49},[4022],{"text":4023,"type":599,"marks":4024},"What is Syrah’s operational footprint?",[4025],{"type":928,"attrs":4026},{"color":930},{"type":594,"attrs":4028,"content":4029},{"textAlign":49},[4030,4035,4044],{"text":4031,"type":599,"marks":4032},"Syrah operates the ",[4033],{"type":928,"attrs":4034},{"color":930},{"text":4036,"type":599,"marks":4037},"Balama graphite mine",[4038,4042],{"type":604,"attrs":4039},{"href":4040,"uuid":4041,"anchor":49,"target":650,"linktype":623},"/article/benchmark-gis-analysis-reveals-activity-patterns-at-syrah-resources-balama-graphite-mine-in-mozambique","a950c6f7-b595-4006-ab81-947f98449494",{"type":928,"attrs":4043},{"color":930},{"text":4045,"type":599,"marks":4046}," in Mozambique which has a capacity of 350,000 tonnes per year, though it is currently operating significantly below this. The majority of the mine’s output is the -100 mesh graphite, the preferred natural feedstock material for battery end use applications.",[4047],{"type":928,"attrs":4048},{"color":930},{"type":594,"attrs":4050,"content":4051},{"textAlign":49},[4052],{"text":4053,"type":599,"marks":4054},"Syrah’s Louisiana Vidalia facility is due to take material from Balama to produce AAM. The first phase of Vidalia came online in 2024 with a nameplate capacity of 11,250tpa of AAM, though it is still only producing qualification volumes. An expansion due to come online in 2031 will bring the total capacity to 45,000tpa.",[4055],{"type":928,"attrs":4056},{"color":930},{"type":627,"attrs":4058},{"id":4014,"body":4059},[4060],{"id":4061,"_uid":4062,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29234771","i-d55d659a-a159-4989-bf71-3bf97386a929","Tesla has withdrawn its notice to terminate a graphite anode supply agreement with Australia’s Syrah Resources, ending a protracted negotiation process and restoring a strategically important supply link within the US battery materials ecosystem.\nThe dispute, which saw both parties extend a resolution deadline four times, centred on commercial terms and performance expectations tied to Syrah’s Vidalia facility in Louisiana. Under the original 2021 agreement, Syrah committed to supplying 8,000 tonnes of graphite anode material to Tesla over a four-year period, making it one of the first commercial-scale North American supply arrangements of its kind.\n",[4065],{"slug":2487,"name":2488,"content":4066},{"job_title":2490,"image":4067,"bio":2493,"linkedin":2494,"markets_covered":261},{"filename":2492},[4069,4070,4071,4072],{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":2502,"name":189},{"slug":2497,"name":261},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":4074},{},{"id":4076,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4077,"copyright":547,"fieldtype":553,"meta_data":4078,"is_external_url":50},129072971220575,"https://a.storyblok.com/f/287943243085208/a9ba5bd909/bm-syrah-vidalia.png",{},"Tesla has withdrawn its notice to terminate a graphite anode supply agreement with Australia’s Syrah Resources, ending a protracted negotiation process and restoring a strategically important supply link within the US battery materials ecosystem.","Jun 03, 2026",{"id":4082,"uuid":2677,"name":4083,"slug":4084,"full_slug":4085,"content":4086},181369921793545,"What the sulphuric acid supply crunch means for critical minerals","what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals",{"_uid":4087,"date":4088,"tags":4089,"editor":4097,"content":4101,"excerpt":4322,"featured":51,"reporter":4323,"component":864,"seo_title":4083,"categories":4324,"visibility":2091,"data_vis_image":4336,"featured_image":4340,"seo_description":4344,"formattedDate":4345},"5bdd9893-c4e6-46f9-8ddb-fe23b8a740d0","2026-05-28 00:00",[4090,4093,4095,4096],{"slug":4091,"name":4092},"sulphuric-acid","sulphuric acid",{"slug":4094,"name":4094},"sulphur",{"slug":2354,"name":2355},{"slug":578,"name":579},[4098],{"slug":544,"name":543,"content":4099},{"job_title":557,"image":4100,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":4102},[4103,4138,4146,4154,4178,4187,4195,4224,4241,4248,4257,4265,4273,4279,4287,4312],{"type":594,"attrs":4104,"content":4105},{"textAlign":49},[4106,4111,4119,4124,4133],{"text":4107,"type":599,"marks":4108},"Conflict in the ",[4109],{"type":928,"attrs":4110},{"color":930},{"text":2355,"type":599,"marks":4112},[4113,4117],{"type":604,"attrs":4114},{"href":4115,"uuid":4116,"anchor":49,"target":650,"linktype":623},"/article/middle-east-escalation-disrupts-energy-storage-deployment-and-chinese-overseas-expansion","16e5191e-fffd-47f2-953d-ca1adb9595a5",{"type":928,"attrs":4118},{"color":930},{"text":4120,"type":599,"marks":4121}," and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the ",[4122],{"type":928,"attrs":4123},{"color":930},{"text":4125,"type":599,"marks":4126},"processing of many critical minerals",[4127,4131],{"type":604,"attrs":4128},{"href":4129,"uuid":4130,"anchor":49,"target":650,"linktype":623},"/article/what-does-the-middle-east-conflict-mean-for-battery-supply-chains-","3ba99529-b0e2-4bd1-b7d2-2189b7845e75",{"type":928,"attrs":4132},{"color":930},{"text":4134,"type":599,"marks":4135}," used in the energy transition. Benchmark’s analysis shows that for some minerals, sulphuric acid is no longer a background reagent, but a primary cost driver.",[4136],{"type":928,"attrs":4137},{"color":930},{"type":594,"attrs":4139,"content":4140},{"textAlign":49},[4141],{"text":4142,"type":599,"marks":4143},"Prices provided by Acuity show that between the start of the war in Iran at the end of February and mid-April, sulphuric acid prices surged by more than double and sulphur prices rose by 50%, albeit with regional variations.",[4144],{"type":928,"attrs":4145},{"color":930},{"type":594,"attrs":4147,"content":4148},{"textAlign":49},[4149],{"text":4150,"type":599,"marks":4151},"“Sulphuric acid is a vital feedstock for many critical minerals, and the disruption to the sulphur market from the ongoing Middle East conflict has had knock-on effects across key markets,” said Will Talbot, Benchmark’s research manager for raw materials. “Not only do high acid prices increase the cost base of lithium, nickel, copper, manganese, phosphoric acid and rare earth refiners, a lack of physical sulphur availability has already led some of these metal and chemical refiners to cut production.”",[4152],{"type":928,"attrs":4153},{"color":930},{"type":594,"attrs":4155,"content":4156},{"textAlign":49},[4157,4163,4172],{"text":4158,"type":599,"marks":4159},"Benchmark’s in-house team of expert analysts have compiled a ",[4160,4162],{"type":928,"attrs":4161},{"color":930},{"type":643},{"text":4164,"type":599,"marks":4165},"free-to-read Special Issue",[4166,4169,4171],{"type":604,"attrs":4167},{"href":4168,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://source.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"type":928,"attrs":4170},{"color":930},{"type":643},{"text":4173,"type":599,"marks":4174}," exploring the impact of the sulphuric acid supply crunch on critical mineral supply chains.",[4175,4177],{"type":928,"attrs":4176},{"color":930},{"type":643},{"type":657,"attrs":4179,"content":4180},{"level":659,"textAlign":49},[4181],{"text":4182,"type":599,"marks":4183},"How much have costs increased?",[4184,4186],{"type":928,"attrs":4185},{"color":930},{"type":665},{"type":594,"attrs":4188,"content":4189},{"textAlign":49},[4190],{"text":4191,"type":599,"marks":4192},"Using Acuity’s price data along with Benchmark’s expert understanding of the cost of production for a large suite of critical minerals, the impact of rising sulphur and acid prices on the cost base has been assessed.",[4193],{"type":928,"attrs":4194},{"color":930},{"type":594,"attrs":4196,"content":4197},{"textAlign":49},[4198,4205,4210,4219],{"text":4199,"type":599,"marks":4200},"For lithium",[4201,4203],{"type":604,"attrs":4202},{"href":2151,"uuid":2152,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":4204},{"color":930},{"text":4206,"type":599,"marks":4207},", sulphuric acid previously accounted for 3% of the cost of producing lithium chemical from ",[4208],{"type":928,"attrs":4209},{"color":930},{"text":4211,"type":599,"marks":4212},"hard rock sources",[4213,4217],{"type":604,"attrs":4214},{"href":4215,"uuid":4216,"anchor":49,"target":650,"linktype":623},"/article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","afd41dd3-acc7-4431-9c51-de8391eaa25b",{"type":928,"attrs":4218},{"color":930},{"text":4220,"type":599,"marks":4221},". It is now 11% and has overtaken energy inputs to become the largest individual C1 cost component.",[4222],{"type":928,"attrs":4223},{"color":930},{"type":594,"attrs":4225,"content":4226},{"textAlign":49},[4227,4236],{"text":4228,"type":599,"marks":4229},"For nickel",[4230,4234],{"type":604,"attrs":4231},{"href":4232,"uuid":4233,"anchor":49,"target":650,"linktype":623},"/article/production-quotas-control-nickel-price-nickel-q1-2026-price-review","9e149244-10b5-4bac-a43c-079b19971251",{"type":928,"attrs":4235},{"color":930},{"text":4237,"type":599,"marks":4238}," (produced via HPAL) and purified phosphoric acid (PPA), sulphur and sulphuric acid were already major contributors to costs. Though at these elevated prices, sulphur now represents 42% of HPAL nickel costs and sulphuric acid 59% of PPA production.",[4239],{"type":928,"attrs":4240},{"color":930},{"type":627,"attrs":4242},{"id":4243,"body":4244},"479f56f7-2adf-4e0d-ba98-1d4035c06adf",[4245],{"id":4246,"_uid":4247,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29150441","i-981e3ff7-0bd9-4fac-b4e6-3b2ca929dc6c",{"type":657,"attrs":4249,"content":4250},{"level":659,"textAlign":49},[4251],{"text":4252,"type":599,"marks":4253},"How much supply relies on sulphuric acid?",[4254,4256],{"type":928,"attrs":4255},{"color":930},{"type":665},{"type":594,"attrs":4258,"content":4259},{"textAlign":49},[4260],{"text":4261,"type":599,"marks":4262},"Benchmark analysis shows that over half of lithium, cobalt, rare earths, and purified phosphoric acid (PPA) production in 2026 is exposed to shocks in sulphur and sulphuric acid markets. For high-purity manganese sulphate monohydrate (HPMSM), used in manganese-containing batteries, 100% of supply is exposed.",[4263],{"type":928,"attrs":4264},{"color":930},{"type":594,"attrs":4266,"content":4267},{"textAlign":49},[4268],{"text":4269,"type":599,"marks":4270},"The nickel market is less exposed, though the growing high-pressure acid leaching (HPAL) industry in Indonesia depends on sulphur imports from the Middle East to produce the required acid in situ.",[4271],{"type":928,"attrs":4272},{"color":930},{"type":627,"attrs":4274},{"id":4243,"body":4275},[4276],{"id":4277,"_uid":4278,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28872665","i-493ef9bc-39e5-40df-91a8-b103206d1123",{"type":594,"attrs":4280,"content":4281},{"textAlign":49},[4282],{"text":4283,"type":599,"marks":4284},"“With the reopening of the Strait of Hormuz still an open question, and damage to Middle Eastern oil refineries set to extend disruption to sulphur supply even if the Strait is reopened, the outstanding risk is that more critical minerals players cut production or even shut down operations entirely,” Talbot said. “Critical minerals prices have already skyrocketed since the start of this year; more supply disruptions could push prices up even further.”",[4285],{"type":928,"attrs":4286},{"color":930},{"type":594,"attrs":4288,"content":4289},{"textAlign":49},[4290,4296,4306],{"text":4291,"type":599,"marks":4292},"For more timely market analysis of key energy transition supply chains, ",[4293,4295],{"type":928,"attrs":4294},{"color":930},{"type":643},{"text":4297,"type":599,"marks":4298},"create a free account",[4299,4302,4304,4305],{"type":604,"attrs":4300},{"href":4301,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://account.benchmarkminerals.com/register",{"type":928,"attrs":4303},{"color":3642},{"type":643},{"type":3645},{"text":4307,"type":599,"marks":4308}," or fill out the form below to learn more about our Intelligence subscription:",[4309,4311],{"type":928,"attrs":4310},{"color":930},{"type":643},{"type":627,"attrs":4313},{"id":4243,"body":4314},[4315],{"id":4316,"_uid":4317,"component":837,"wrap_in_box":50,"redirect_url":4318,"success_file":4319,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":4321,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b ","i-e0dd1eab-50d2-4fc9-97a8-a6336fd9b8a6",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":4320},{},[],"Conflict in the Middle East and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the processing of many critical minerals used in the energy transition. Benchmark’s analysis shows that for some minerals, sulphuric acid is no longer a background reagent, but a primary cost driver.\n\nPrices provided by Acuity show that between the start of the war in Iran at the end of February and mid-April, sulphuric acid prices surged by more than double and sulphur prices rose by 50%, albeit with regional variations.\n\n“Sulphuric acid is a vital feedstock for many critical minerals, and the disruption to the sulphur market from the ongoing Middle East conflict has had knock-on effects across key markets,” said Will Talbot, Benchmark’s research manager for raw materials. “Not only do high acid prices increase the cost base of lithium, nickel, copper, manganese, phosphoric acid and rare earth refiners, a lack of physical sulphur availability has already led some of these metal and chemical refiners to cut production.”",[],[4325,4326,4327,4328,4329,4331,4334,4335],{"slug":872,"name":873},{"slug":878,"name":8},{"slug":869,"name":870},{"slug":867,"name":115},{"slug":4330,"name":150},"nickel",{"slug":4332,"name":4333},"phosphate","Phosphate",{"slug":1556,"name":414},{"slug":880,"name":881},{"id":4337,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4338,"copyright":547,"fieldtype":553,"meta_data":4339,"is_external_url":50},181371539295885,"https://a.storyblok.com/f/287943243085208/1588x1204/27eaec8506/mineral-exposure-2x-6.png",{},{"id":4341,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4342,"copyright":547,"fieldtype":553,"meta_data":4343,"is_external_url":50},181369963523366,"https://a.storyblok.com/f/287943243085208/4000x2250/645b78f209/adobestock_303152854.jpeg",{},"Conflict in the Middle East and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the processing of many critical minerals used in the energy transition. Benchmark’s analysis show","May 28, 2026",{"id":4347,"uuid":4348,"name":4349,"slug":4350,"full_slug":4351,"content":4352},180696700788650,"fba8f6f5-4476-47f4-aa59-a36298c09863","Argentina's lithium output to grow 150% by 2030 on back of RIGI scheme","argentinas-lithium-output-to-grow-150-by-2030-on-back-of-rigi-scheme","article/argentinas-lithium-output-to-grow-150-by-2030-on-back-of-rigi-scheme",{"_uid":4353,"date":4354,"tags":4355,"editor":4371,"content":4375,"excerpt":4575,"featured":51,"reporter":4576,"component":864,"seo_title":4585,"categories":4586,"visibility":882,"data_vis_image":4589,"featured_image":4591,"seo_description":4596,"formattedDate":4597},"49744407-0109-4515-9467-a38b574855b6","2026-05-26 00:00",[4356,4359,4362,4365,4368],{"slug":4357,"name":4358},"argentina","Argentina",{"slug":4360,"name":4361},"ganfeng","Ganfeng Lithium",{"slug":4363,"name":4364},"galan-lithium","Galan Lithium",{"slug":4366,"name":4367},"rio-tinto","Rio Tinto",{"slug":4369,"name":4370},"posco","Posco",[4372],{"slug":544,"name":543,"content":4373},{"job_title":557,"image":4374,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":4376},[4377,4412,4448,4470,4492,4499,4507,4515,4536,4543,4551,4559,4566],{"type":594,"attrs":4378,"content":4379},{"textAlign":49},[4380,4385,4393,4398,4407],{"text":4381,"type":599,"marks":4382},"Over the past two years, ",[4383],{"type":928,"attrs":4384},{"color":930},{"text":4358,"type":599,"marks":4386},[4387,4391],{"type":604,"attrs":4388},{"href":4389,"uuid":4390,"anchor":49,"target":650,"linktype":623},"/article/view-from-the-ground-in-argentina-a-defining-moment-for-dle","d6542838-0f53-455f-9d44-f7f7018e4d8c",{"type":928,"attrs":4392},{"color":930},{"text":4394,"type":599,"marks":4395}," has been the destination for many ambitious investment commitments thanks to the country’s ",[4396],{"type":928,"attrs":4397},{"color":930},{"text":4399,"type":599,"marks":4400},"Regimen for Incentivising Large Investments",[4401,4405],{"type":604,"attrs":4402},{"href":4403,"uuid":4404,"anchor":49,"target":650,"linktype":623},"/article/argentinas-economic-reform-bill-offers-copper-and-lithium-mining-incentives","8c7adc30-a7fb-4a91-94ab-13677e9dac30",{"type":928,"attrs":4406},{"color":930},{"text":4408,"type":599,"marks":4409}," (RIGI).",[4410],{"type":928,"attrs":4411},{"color":930},{"type":594,"attrs":4413,"content":4414},{"textAlign":49},[4415,4420,4429,4434,4443],{"text":4416,"type":599,"marks":4417},"Benchmark analysis shows that ",[4418],{"type":928,"attrs":4419},{"color":930},{"text":4421,"type":599,"marks":4422},"Argentina’s lithium output rose",[4423,4427],{"type":604,"attrs":4424},{"href":4425,"uuid":4426,"anchor":49,"target":650,"linktype":623},"/article/chile-s-regulatory-gridlock-giving-argentina-upper-hand-on-lithium-output-growth","6d4b46da-d155-4b62-9e59-97f9c80037ab",{"type":928,"attrs":4428},{"color":930},{"text":4430,"type":599,"marks":4431}," from 31kt in 2018 to 86kt LCE in 2025. By 2030, Benchmark forecasts production to grow a further 153% to 218kt, positioning Argentina amongst the fastest growing ",[4432],{"type":928,"attrs":4433},{"color":930},{"text":4435,"type":599,"marks":4436},"lithium producers",[4437,4441],{"type":604,"attrs":4438},{"href":4439,"uuid":4440,"anchor":49,"target":650,"linktype":623},"/article/infographic-battery-material-production-expansion-since-2020-driven-by-shifting-chemistry","ec71002e-6142-4424-b241-3d0e7b26f637",{"type":928,"attrs":4442},{"color":930},{"text":4444,"type":599,"marks":4445}," globally.",[4446],{"type":928,"attrs":4447},{"color":930},{"type":594,"attrs":4449,"content":4450},{"textAlign":49},[4451,4456,4465],{"text":4452,"type":599,"marks":4453},"The growth in ",[4454],{"type":928,"attrs":4455},{"color":930},{"text":4457,"type":599,"marks":4458},"Argentina’s lithium industry",[4459,4463],{"type":604,"attrs":4460},{"href":4461,"uuid":4462,"anchor":49,"target":650,"linktype":623},"/videos/the-state-of-argentinas-lithium-sector","0737790d-922f-4390-83b0-1abc19819937",{"type":928,"attrs":4464},{"color":930},{"text":4466,"type":599,"marks":4467}," highlights that coordinated policy efforts and a focus on cost efficiency can attract capital and support the development of viable projects.",[4468],{"type":928,"attrs":4469},{"color":930},{"type":594,"attrs":4471,"content":4472},{"textAlign":49},[4473,4478,4487],{"text":4474,"type":599,"marks":4475},"“RIGI delivers what Argentina has lacked for several decades: fiscal, customs and FX stability,” said Benchmark principal lithium analyst ",[4476],{"type":928,"attrs":4477},{"color":930},{"text":4479,"type":599,"marks":4480},"Federico Gay",[4481,4485],{"type":604,"attrs":4482},{"href":4483,"uuid":4484,"anchor":49,"target":650,"linktype":623},"/videos/what-is-the-outlook-for-lithium-in-latin-america","2e803866-775f-4d3e-b1b3-3a73823ba02d",{"type":928,"attrs":4486},{"color":930},{"text":4488,"type":599,"marks":4489},". “This framework is helping dissipate some of the perceived sovereign and operational risks Argentina has had over the last decades.”",[4490],{"type":928,"attrs":4491},{"color":930},{"type":627,"attrs":4493},{"id":4494,"body":4495},"1bddccfa-5caa-479d-9af2-547a37511e8b",[4496],{"id":4497,"_uid":4498,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29131142","i-a8df982f-2e42-4bef-97f5-afffb51823a4",{"type":594,"attrs":4500,"content":4501},{"textAlign":49},[4502],{"text":4503,"type":599,"marks":4504},"On the project side, EXAR’s Cauchari-Olaroz, a JV between Lithium Argentina, Ganfeng and JEMSE, secured RIGI approval in May 2026 for an expansion phase. Totalling $1.24 billion, this project is expected to add 45ktpa of battery-grade lithium carbonate capacity to the existing 40ktpa operation.",[4505],{"type":928,"attrs":4506},{"color":930},{"type":594,"attrs":4508,"content":4509},{"textAlign":49},[4510],{"text":4511,"type":599,"marks":4512},"Lithium Argentina and Ganfeng have also recently submitted a RIGI application for the Pozuelos-Pastos Grandes project, targeting 150ktpa after a $3 billion investment, which is currently under review. ",[4513],{"type":928,"attrs":4514},{"color":930},{"type":594,"attrs":4516,"content":4517},{"textAlign":49},[4518,4523,4531],{"text":4519,"type":599,"marks":4520},"Cauchari-Olaroz’s expansion joins other RIGI-backed developments, including Galan Lithium’s Hombre Muerto West project, which has started producing lithium chloride, and POSCO’s Sal de Oro. ",[4521],{"type":928,"attrs":4522},{"color":930},{"text":4367,"type":599,"marks":4524},[4525,4529],{"type":604,"attrs":4526},{"href":4527,"uuid":4528,"anchor":49,"target":650,"linktype":623},"/article/rio-tinto-secures-financing-package-for-rincon-project-in-argentina","95eb9705-67fe-4e27-b52b-40c29490777d",{"type":928,"attrs":4530},{"color":930},{"text":4532,"type":599,"marks":4533}," has emerged as one of the largest beneficiaries so far. Its Rincon project has RIGI approval for a $2.8 billion, 60ktpa development, while Sal de Vida in Catamarca has secured more than $800 million in approved investment and the Fenix expansion phase for over $670 million.",[4534],{"type":928,"attrs":4535},{"color":930},{"type":627,"attrs":4537},{"id":4538,"body":4539},"478c5948-a1b2-4cbb-b985-cdf3f2ba088d",[4540],{"id":4541,"_uid":4542,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29133278","i-2134ca06-f148-4654-8532-55b4299f1b89",{"type":594,"attrs":4544,"content":4545},{"textAlign":49},[4546],{"text":4547,"type":599,"marks":4548},"“The next test for Argentina is execution, converting announcements into produced tonnes, while managing water use, community expectations and infrastructure bottlenecks,” Gay said. \"Most Argentinian lithium projects are located in high-altitude, remote areas, with limited power, roads and access to ports. Projects often depend on Antofagasta in Chile for port access.\"",[4549],{"type":928,"attrs":4550},{"color":930},{"type":594,"attrs":4552,"content":4553},{"textAlign":49},[4554],{"text":4555,"type":599,"marks":4556},"A key logistical challenge for Argentinian projects is that for every tonne LCE produced, between five and seven tonnes of reagents and materials need to be transported to the site. As such, the existing logistics network could be strained as Argentina brings more projects online.",[4557],{"type":928,"attrs":4558},{"color":930},{"type":594,"attrs":4560,"content":4561},{"textAlign":49},[4562],{"text":4563,"type":599,"marks":4564},"This article draws on analysis and insights from Benchmark's Lithium Service. To find out more, fill in the form below and one of the team will be in touch:",[4565],{"type":643},{"type":627,"attrs":4567},{"id":4494,"body":4568},[4569],{"id":835,"_uid":4570,"component":837,"wrap_in_box":50,"redirect_url":4571,"success_file":4572,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":4574,"show_on_intelligence":50},"i-a0577306-712f-4ce8-af56-c0114e4d2785",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":4573},{},[],"Over the past two years, Argentina has been the destination for many ambitious investment commitments thanks to the country’s Regimen for Incentivising Large Investments (RIGI).\n\nBenchmark analysis shows that Argentina’s lithium output rose from 31kt in 2018 to 86kt LCE in 2025. By 2030, Benchmark forecasts production to grow a further 153% to 218kt, positioning Argentina amongst the fastest growing lithium producers globally.\n\nThe growth in Argentina’s lithium industry highlights that coordinated policy efforts and a focus on cost efficiency can attract capital and support the development of viable projects.",[4577],{"slug":4578,"name":4479,"content":4579},"federico-gay",{"job_title":4580,"image":4581,"bio":4583,"linkedin":4584,"markets_covered":8},"Principal Analyst - Lithium",{"filename":4582},"https://a.storyblok.com/f/287943243085208/512x512/599762cb57/federico-gay.jpeg","Federico is an economic geologist specializing in lithium at Benchmark Mineral Intelligence. His expertise bridges technical and financial domains, with a background that spans deposit assessment, resource estimation, cost modelling, pricing trends, and ESG analysis. Federico’s career includes hands-on mining experience in Chile across lithium and copper deposits, as well as market-facing roles at the London Stock Exchange, focusing on lithium, precious metals and copper. His work supports strategic insights into the global energy transition and critical mineral supply chains. He holds a MSc in Economic Geology from Universidad Catolica del Norte, Chile.","https://www.linkedin.com/in/federico-gaston-gay-1aa629160/","Argentina's lithium output to grow 150% by 2030 from RIGI scheme",[4587,4588],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":4590},{},{"id":4592,"alt":547,"name":547,"focus":547,"title":4593,"source":547,"filename":4594,"copyright":547,"fieldtype":553,"meta_data":4595,"is_external_url":50},180698724291515,"Image credit: Galan Lithium","https://a.storyblok.com/f/287943243085208/5120x2936/f718f47a9a/galan-lithium-hombre-muerto-west.jpeg",{"alt":547,"title":4593,"source":547,"copyright":547},"Over the past two years, Argentina has been the destination for many ambitious investment commitments thanks to the country’s Regimen for Incentivising Large Investments (RIGI).","May 26, 2026",{"id":4599,"uuid":2907,"name":4600,"slug":4601,"full_slug":4602,"content":4603},179241508563904,"BESS up, EVs down: US Regional Spotlight","regional-spotlight-united-states","article/regional-spotlight-united-states",{"_uid":4604,"date":4354,"tags":4605,"editor":4620,"content":4624,"excerpt":4793,"featured":51,"reporter":4794,"component":864,"seo_title":4600,"categories":4801,"visibility":882,"data_vis_image":4816,"featured_image":4818,"seo_description":4822,"formattedDate":4597},"842a3cd3-63d6-4173-8ac7-3c05001e69d0",[4606,4607,4609,4611,4614,4617],{"slug":1375,"name":1376},{"slug":4608,"name":3848},"bess",{"slug":4610,"name":662},"policy",{"slug":4612,"name":4613},"ford","Ford",{"slug":4615,"name":4616},"nextera-energy","NextEra Energy",{"slug":4618,"name":4619},"regional-spotlight","Regional Spotlight",[4621],{"slug":544,"name":543,"content":4622},{"job_title":557,"image":4623,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":4625},[4626,4640,4645,4650,4663,4668,4686,4693,4698,4705,4710,4717,4723,4729,4735,4740,4745,4750,4755,4761,4766,4771,4776,4781],{"type":594,"attrs":4627,"content":4628},{"textAlign":49},[4629,4631,4638],{"text":4630,"type":599},"The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025. In April 2026, ",{"text":4632,"type":599,"marks":4633},"EV sales were down",[4634],{"type":604,"attrs":4635},{"href":4636,"uuid":4637,"anchor":49,"target":622,"linktype":623},"/publications/briefings/all-ev-sales/april-2026-major-market-ev-sales","c50df223-e0c3-4243-8410-b01c0a0e1b89",{"text":4639,"type":599}," 33% year-to-date year-on-year – a mirror image of another major Western economy, Germany, which was up 33% over the same period. What is different about the US?",{"type":594,"attrs":4641,"content":4642},{"textAlign":49},[4643],{"text":4644,"type":599},"The 2025 expiration of federal tax credits, such as the 30D clean vehicle and 25E used EV credits, as well as other changes to the structure of the EV market introduced under the One Big Beautiful Bill Act (OBBBA), have resulted in major changes to demand. These changes mean internal combustion engine (ICE) car sales are expected to significantly outpace battery EVs (BEVs) through to 2030 in the US market, while there have already been a number of electrification-related write-offs and profit hits among US OEMs, including Ford with $19.5bn, General Motors with $7.9 billion, and Stellantis with $26bn.",{"type":594,"attrs":4646,"content":4647},{"textAlign":49},[4648],{"text":4649,"type":599},"Battery energy stationary storage (BESS) demand has not been affected in the same way by the OBBBA. The 45X manufacturing credit, introduced under the Biden administration’s Inflation Reduction Act (IRA), continues to support production of BESS cells despite some changes.",{"type":594,"attrs":4651,"content":4652},{"textAlign":49},[4653,4655,4661],{"text":4654,"type":599},"As well as these shifts, there is expected to be a significant increase in energy and energy storage demand from the growth of AI and the commensurate expansion in data centres across the US. According to ",{"text":4656,"type":599,"marks":4657},"Benchmark’s Q2 2026 BESS Forecast",[4658],{"type":604,"attrs":4659},{"href":4660,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://data.benchmarkminerals.com/bess/data-reports",{"text":4662,"type":599},", global data centre BESS demand is expected to increase by over 160% through to 2030, with nearly half of this expected to come from the US as a result of its dominance in the data centre space.",{"type":594,"attrs":4664,"content":4665},{"textAlign":49},[4666],{"text":4667,"type":599},"Upstream, the US faces a similar challenge to many other nations in the West: the dominance of China. Both the Trump administration and the Biden administration preceding it have made policy announcements as they bid to secure access to critical minerals, including lithium, cobalt, rare earths and others.",{"type":594,"attrs":4669,"content":4670},{"textAlign":49},[4671,4675,4682],{"text":4672,"type":599,"marks":4673},"Join government officials, financiers, and industry participants at our premier supply chain conference, ",[4674],{"type":643},{"text":4676,"type":599,"marks":4677},"Giga US 26",[4678,4681],{"type":604,"attrs":4679},{"href":4680,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://www.benchmarkminerals.com/events/giga-usa",{"type":643},{"text":4683,"type":599,"marks":4684},", in Washington DC on 9–10th June to get more insights on Trump's policy agenda and the US’ next steps on energy security.",[4685],{"type":643},{"type":627,"attrs":4687},{"id":4688,"body":4689},"616767c7-219c-4354-b512-2a9bc6422070",[4690],{"id":4691,"_uid":4692,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29059039","i-425f35ea-a769-4828-8082-c2ff19231ca6",{"type":657,"attrs":4694,"content":4695},{"level":659,"textAlign":49},[4696],{"text":4697,"type":599},"Key policies",{"type":627,"attrs":4699},{"id":4700,"body":4701},"52d27f2b-42e7-4527-b5df-693507734ed9",[4702],{"id":4703,"_uid":4704,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29073627","i-90d3cebd-e112-4ff6-a2da-9b4848d66ac4",{"type":657,"attrs":4706,"content":4707},{"level":659,"textAlign":49},[4708],{"text":4709,"type":599},"US in numbers",{"type":627,"attrs":4711},{"id":4712,"body":4713},"4227142a-8d51-4289-a431-11a6771f8202",[4714],{"id":4715,"_uid":4716,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28992264","i-37d2e424-136f-40cb-b736-32ec74109ca6",{"type":627,"attrs":4718},{"id":4712,"body":4719},[4720],{"id":4721,"_uid":4722,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29058740","i-ba3bc790-14a9-44d3-aed3-ad31a878c02d",{"type":627,"attrs":4724},{"id":4700,"body":4725},[4726],{"id":4727,"_uid":4728,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29074500","i-1b05f7d2-36b5-4f77-a9a6-d4cd8cbd9d57",{"type":627,"attrs":4730},{"id":4700,"body":4731},[4732],{"id":4733,"_uid":4734,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28991795","i-ee060959-8747-4033-a3b3-6904d0d41106",{"type":657,"attrs":4736,"content":4737},{"level":659,"textAlign":49},[4738],{"text":4739,"type":599},"In focus: BESS, Ford and NextEra",{"type":594,"attrs":4741,"content":4742},{"textAlign":49},[4743],{"text":4744,"type":599},"On 11 May, the US’ second-largest automaker, Ford, launched its new subsidiary, Ford Energy. Its expansion into energy storage highlights the redirection of several US-based manufacturers’ focus onto BESS.",{"type":594,"attrs":4746,"content":4747},{"textAlign":49},[4748],{"text":4749,"type":599},"Ford Energy’s DC Block BESS cell will be LFP-based and will be used in the planned deployment of 20GWh in capacity annually by the firm, according to Ford CEO Jim Farley. Deliveries are expected to begin in 2027. The firm also announced on 18 May that it had signed a deal to deliver as much as 20GWh in energy storage to French utilities multinational EDF, starting in 2028.",{"type":594,"attrs":4751,"content":4752},{"textAlign":49},[4753],{"text":4754,"type":599},"The shift reflects a broader growth in demand for energy storage in the US, where the AI data centre (AIDC) segment is growing rapidly. Among the most significant players in this space is NextEra Energy Resources (NEER), one of the US’ largest solar and storage developers and integrators.",{"type":627,"attrs":4756},{"id":4700,"body":4757},[4758],{"id":4759,"_uid":4760,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29038954","i-41018da0-5330-46c1-8c14-5e0ae88f0968",{"type":594,"attrs":4762,"content":4763},{"textAlign":49},[4764],{"text":4765,"type":599},"NEER is vertically integrated, in that it develops, owns and operates storage assets while co-locating them with renewable generation and structuring long-term power purchase agreements with end users. This end-to-end capability allows it to deliver fully packaged energy solutions at a larger scale, making it a preferred partner for major US tech companies, including Meta and Google.",{"type":594,"attrs":4767,"content":4768},{"textAlign":49},[4769],{"text":4770,"type":599},"The company has a reported 43GW BESS development pipeline through 2032, with over 10GW currently operational. Recently, NEER agreed a deal to acquire Dominion Energy, a firm supplying electricity to northwestern US states including Virginia, where data centre expansion is particularly rapid.",{"type":594,"attrs":4772,"content":4773},{"textAlign":49},[4774],{"text":4775,"type":599},"The expansion of the AIDC segment is expected to drive a sustained growth in BESS demand, and therefore in an increase in raw materials demand.",{"type":594,"attrs":4777,"content":4778},{"textAlign":49},[4779],{"text":4780,"type":599},"Previous Regional Spotlights:",{"type":3158,"content":4782},[4783],{"type":3161,"content":4784},[4785],{"type":594,"attrs":4786,"content":4787},{"textAlign":49},[4788],{"text":4789,"type":599,"marks":4790},"Supply chain dominance: China Regional Spotlight",[4791],{"type":604,"attrs":4792},{"href":3974,"uuid":3975,"anchor":49,"target":622,"linktype":623},"The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025. In April 2026, EV sales were down 33% year-to-date year-on-year – a mirror image of another major Western economy, Germany, which was up 33% over the same period. What is different about the US?",[4795,4798],{"slug":846,"name":847,"content":4796},{"job_title":849,"image":4797,"bio":852,"linkedin":853},{"filename":851},{"slug":855,"name":856,"content":4799},{"job_title":858,"image":4800,"bio":861,"linkedin":862,"markets_covered":863},{"filename":860},[4802,4803,4804,4806,4807,4808,4809,4810,4813,4814,4815],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},"cathode",{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":880,"name":881},{"slug":4811,"name":4812},"gigafactories","Battery & Gigafactory",{"slug":878,"name":8},{"slug":2502,"name":189},{"slug":1556,"name":414},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":4817},{},{"id":4819,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4820,"copyright":547,"fieldtype":553,"meta_data":4821,"is_external_url":50},129073473668985,"https://a.storyblok.com/f/287943243085208/5f43c94a9b/bm-us-flag-auto.jpg",{},"The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025.",{"id":4824,"uuid":2974,"name":4825,"slug":4826,"full_slug":4827,"content":4828},179292261980150,"Life in the FaSTLAne? Stellantis Investor Day 2026 ","life-in-the-fastlane-stellantis-investor-day-2026","article/life-in-the-fastlane-stellantis-investor-day-2026",{"_uid":4829,"date":4830,"tags":4831,"editor":4837,"content":4841,"excerpt":5035,"featured":51,"reporter":5036,"component":864,"seo_title":4825,"categories":5046,"visibility":882,"data_vis_image":5049,"featured_image":5053,"seo_description":5057,"formattedDate":5058},"4a120561-a434-4088-94e2-006b52fb93a5","2026-05-22 00:00",[4832,4834,4835,4836],{"slug":4833,"name":2969},"stellantis",{"slug":2790,"name":2791},{"slug":2787,"name":2788},{"slug":578,"name":579},[4838],{"slug":544,"name":543,"content":4839},{"job_title":557,"image":4840,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":4842},[4843,4875,4884,4891,4905,4913,4921,4934,4942,4962,4970,4992,5000,5006,5019,5027],{"type":594,"attrs":4844,"content":4845},{"textAlign":49},[4846,4851,4858,4863,4870],{"text":4847,"type":599,"marks":4848},"Stellantis used its Investor Day on 21",[4849],{"type":928,"attrs":4850},{"color":547},{"text":4852,"type":599,"marks":4853},"st",[4854,4856],{"type":928,"attrs":4855},{"color":547},{"type":4857},"superscript",{"text":4859,"type":599,"marks":4860}," May in Auburn Hills Michigan to unveil FaSTLAne 2030, a €60 billion (~$70 billion) strategic plan that attempts to be all things to all markets. Strategies are now clearly ",[4861],{"type":928,"attrs":4862},{"color":547},{"text":4864,"type":599,"marks":4865},"realigned by region",[4866,4868],{"type":604,"attrs":4867},{"href":2827,"uuid":2828,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":4869},{"color":547},{"text":4871,"type":599,"marks":4872}," with a return to muscle in the US, and a multi-energy product offensive with a distinctive battery electric vehicle (BEV) spin in Europe.  ",[4873],{"type":928,"attrs":4874},{"color":547},{"type":594,"attrs":4876,"content":4878},{"textAlign":4877},"left",[4879],{"text":4880,"type":599,"marks":4881},"“FaSTLAne 2030 is a much-needed reorganisation of a firm that has been itching for a reset since the Tavares era,” said Will Roberts, Benchmark’s automotive research lead. “Creating separate pathways for North America and Europe is a clear win in the near term, where the product roadmaps look well suited for both. However, the diversification may further fragment a group of brands which have not always been pulling in the same direction, especially in the context of longer-term electrification.”",[4882],{"type":928,"attrs":4883},{"color":547},{"type":627,"attrs":4885},{"id":4886,"body":4887},"581b2db1-4200-4e43-98f7-b4c4fe6ff611",[4888],{"id":4889,"_uid":4890,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29090190","i-aa82ce4f-2023-41d0-b69d-69c0d7d2766f",{"type":657,"attrs":4892,"content":4893},{"level":659,"textAlign":4877},[4894,4900],{"text":4895,"type":599,"marks":4896},"STLA ONE ",[4897,4899],{"type":928,"attrs":4898},{"color":547},{"type":665},{"text":4901,"type":599,"marks":4902}," ",[4903],{"type":928,"attrs":4904},{"color":547},{"type":594,"attrs":4906,"content":4907},{"textAlign":4877},[4908],{"text":4909,"type":599,"marks":4910},"A centrepiece announcement was STLA One, a new modular architecture covering B, C and D vehicle segments. It will launch in 2027 and target 30+ models and two million units by 2035. It consolidates the previous STLA Small/Medium/Large family into a multi-energy design. The platform targets 20% cost efficiency through modularity and has 800-volt capability. LFP is the main chemistry and efficiency will be enhanced by leaning on cell-to-body integration. ",[4911],{"type":928,"attrs":4912},{"color":547},{"type":594,"attrs":4914,"content":4915},{"textAlign":4877},[4916],{"text":4917,"type":599,"marks":4918},"The shift to LFP was expected as Stellantis has been looking in this direction for some time, its joint venture cell manufacturing facility with CATL in Spain broke ground in November last year.  ",[4919],{"type":928,"attrs":4920},{"color":547},{"type":657,"attrs":4922,"content":4923},{"level":659,"textAlign":4877},[4924,4930],{"text":4925,"type":599,"marks":4926},"Product offensive Europe families vs. US muscle",[4927,4929],{"type":928,"attrs":4928},{"color":547},{"type":665},{"text":4901,"type":599,"marks":4931},[4932],{"type":928,"attrs":4933},{"color":547},{"type":594,"attrs":4935,"content":4936},{"textAlign":4877},[4937],{"text":4938,"type":599,"marks":4939},"In Europe, the multi-energy strategy runs across the brand portfolio. Peugeot will get seven new models including two B-segment BEVs to sit alongside the 208/2008 family. Citroën will revive the 2CV, the latest European affordable BEV retro revival – an exciting proposition which consumers have embraced when done well (see Renault 5) or rejected when seen as a misstep (see Ford Capri).   ",[4940],{"type":928,"attrs":4941},{"color":547},{"type":594,"attrs":4943,"content":4944},{"textAlign":4877},[4945,4950,4957],{"text":4946,"type":599,"marks":4947},"Opel will add a BEV C-SUV via its ",[4948],{"type":928,"attrs":4949},{"color":547},{"text":4951,"type":599,"marks":4952},"Leapmotor",[4953,4955],{"type":604,"attrs":4954},{"href":2987,"uuid":2988,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":4956},{"color":547},{"text":4958,"type":599,"marks":4959}," partnership. One of a couple of projects which explicitly \"leverages the Chinese EV ecosystem\". This captures two new core strategic components, cost efficiency and partnerships.  ",[4960],{"type":928,"attrs":4961},{"color":547},{"type":594,"attrs":4963,"content":4964},{"textAlign":4877},[4965],{"text":4966,"type":599,"marks":4967},"The concern in Europe isn't ambition, it’s sprawl. Part of the plan reduces ICE/HEV exclusive families by 40% while maintaining full market coverage. That means layering more powertrains across more model lines. Stellantis already operates one of the most complex multi-powertrain portfolios in the industry.  ",[4968],{"type":928,"attrs":4969},{"color":547},{"type":594,"attrs":4971,"content":4972},{"textAlign":4877},[4973,4978,4987],{"text":4974,"type":599,"marks":4975},"In the US, the product offensive reads very differently. ",[4976],{"type":928,"attrs":4977},{"color":547},{"text":4979,"type":599,"marks":4980},"Range-extended EV (REEV)",[4981,4985],{"type":604,"attrs":4982},{"href":4983,"uuid":4984,"anchor":49,"target":650,"linktype":623},"/article/range-extended-electric-vehicles-reevs-to-play-an-increasing-role-in-europe-and-the-usa-after-significant-china-growth","1c2cc548-2275-47bb-a337-77c61fbdf56a",{"type":928,"attrs":4986},{"color":547},{"text":4988,"type":599,"marks":4989}," pickups featured, but not front and centre. Compact and mid-size trucks and, more notably, a new vehicle category branded \"Muscle Trucks\" are the headlines. Three new Chrysler crossovers arrive with no confirmed EV powertrains, though as they are labelled as ‘multi-energy’ they could be candidates for REEVs, replacing the recently discontinued Pacifica PHEV.  ",[4990],{"type":928,"attrs":4991},{"color":547},{"type":594,"attrs":4993,"content":4994},{"textAlign":4877},[4995],{"text":4996,"type":599,"marks":4997},"The US pullback on BEV is strategically aligned with the regulatory environment, and the US is identified as Stellantis’ key growth market. However, complete silence on a longer-term US EV pathway is a risk Stellantis may be underweighting. If and when the policy pendulum swings back, the company could find itself with a Europe-centric EV infrastructure it cannot efficiently transplant westward, replicating the underwhelming EV strategy seen in the US of late.",[4998],{"type":928,"attrs":4999},{"color":547},{"type":627,"attrs":5001},{"id":4886,"body":5002},[5003],{"id":5004,"_uid":5005,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29090306","i-a6d16bdc-8a57-427f-a4fc-4b1bfb47033a",{"type":657,"attrs":5007,"content":5008},{"level":659,"textAlign":4877},[5009,5015],{"text":5010,"type":599,"marks":5011},"Partnerships",[5012,5014],{"type":928,"attrs":5013},{"color":547},{"type":665},{"text":4901,"type":599,"marks":5016},[5017],{"type":928,"attrs":5018},{"color":547},{"type":594,"attrs":5020,"content":5021},{"textAlign":4877},[5022],{"text":5023,"type":599,"marks":5024},"Two announcements stand out. The Stellantis-JLR North America collaboration covering product and technology development is intriguing. The US is a big market for JLR and they may be looking to hedge against an evolving tariff and trade relationship between the UK and US. The most plausible setup is shared platform production, with JLR models built on Stellantis' US manufacturing footprint, giving JLR local content benefits and Stellantis better plant utilisation.  ",[5025],{"type":928,"attrs":5026},{"color":547},{"type":594,"attrs":5028,"content":5029},{"textAlign":4877},[5030],{"text":5031,"type":599,"marks":5032},"The Dongfeng European JV is arguably larger in the medium term covering shared sales and distribution, manufacturing, purchasing and engineering. It is a significantly deeper integration than most European OEMs have managed with Chinese partners outside China. Stellantis is running ahead of other European OEMs on this front, now with two established Chinese partners for deeply integrated commercial activities outside of China.",[5033],{"type":928,"attrs":5034},{"color":547},"Stellantis used its Investor Day on 21st May in Auburn Hills Michigan to unveil FaSTLAne 2030, a €60 billion (~$70 billion) strategic plan that attempts to be all things to all markets. Strategies are now clearly realigned by region with a return to muscle in the US, and a multi-energy product offensive with a distinctive battery electric vehicle (BEV) spin in Europe.  \n\n“FaSTLAne 2030 is a much-needed reorganisation of a firm that has been itching for a reset since the Tavares era,” said Will Roberts, Benchmark’s automotive research lead. “Creating separate pathways for North America and Europe is a clear win in the near term, where the product roadmaps look well suited for both. However, the diversification may further fragment a group of brands which have not always been pulling in the same direction, especially in the context of longer-term electrification.” ",[5037],{"slug":5038,"name":5039,"content":5040},"will-roberts","Will Roberts",{"job_title":5041,"image":5042,"bio":5044,"linkedin":5045,"markets_covered":3084},"Automotive Research Lead",{"filename":5043},"https://a.storyblok.com/f/287943243085208/852x854/474a3cfca2/will-r.png","Will is part of the EV & Battery research team. As Automotive Research Lead, he manages all aspects of the team's view on global vehicle markets. Will leads forecasting for both the total vehicle market globally as well as electrified vehicles and works extensively on electric vehicle and battery market analysis, with a particular focus on the effects of legislation in the North American & European markets and, auto OEM strategy in the transition to EV. In addition, Will is also leading research in EV motors, vehicle platforms and systems. Will graduated from the University of Exeter, with a BSc in Physics and MSc in Mechanical Engineering.","https://www.linkedin.com/in/willroberts227/",[5047,5048],{"slug":3088,"name":3089},{"slug":2499,"name":2500},{"id":5050,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5051,"copyright":547,"fieldtype":553,"meta_data":5052,"is_external_url":50},179298301391702,"https://a.storyblok.com/f/287943243085208/1590x1150/062fb3e6f6/stellantis-regional-sales-2x.png",{},{"id":5054,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5055,"copyright":547,"fieldtype":553,"meta_data":5056,"is_external_url":50},179292762034711,"https://a.storyblok.com/f/287943243085208/8192x5464/4644aeb551/peugeot_e308_2508cv_507_fr-1.jpg",{},"Stellantis used its Investor Day on 21st May in Auburn Hills Michigan to unveil FaSTLAne 2030, a €60 billion (~$70 billion) strategic plan that attempts to be all things to all markets.","May 22, 2026",{"id":5060,"uuid":1471,"name":5061,"slug":5062,"full_slug":5063,"content":5064},178946635897444,"China’s rare earth export controls show little sign of easing after Trump-Xi summit","china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit","article/china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit",{"_uid":5065,"date":5066,"tags":5067,"editor":5075,"content":5079,"excerpt":5170,"featured":51,"reporter":5171,"component":864,"seo_title":5175,"categories":5176,"visibility":882,"data_vis_image":5180,"featured_image":5184,"seo_description":5188,"formattedDate":5189},"1202cbfd-2b7c-4489-aff6-0ca0c3194fe2","2026-05-21 00:00",[5068,5069,5070,5071,5074],{"slug":913,"name":914},{"slug":1375,"name":1376},{"slug":2787,"name":2788},{"slug":5072,"name":5073},"rare-earths-prices","rare earths prices",{"slug":578,"name":579},[5076],{"slug":544,"name":543,"content":5077},{"job_title":557,"image":5078,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":5080},[5081,5093,5098,5103,5110,5140,5154,5160,5165],{"type":594,"attrs":5082,"content":5083},{"textAlign":49},[5084,5086,5091],{"text":5085,"type":599},"China’s ",{"text":5087,"type":599,"marks":5088},"rare earth export regime",[5089],{"type":604,"attrs":5090},{"href":1908,"uuid":1909,"anchor":49,"target":650,"linktype":623},{"text":5092,"type":599}," remains largely unchanged following the 14–15 May 2026 summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.",{"type":594,"attrs":5094,"content":5095},{"textAlign":49},[5096],{"text":5097,"type":599},"A White House summary stated that Beijing had agreed to address US concerns over shortages of key rare earths, including yttrium, scandium, and neodymium. This marks a shift from October 2025, when Washington said China had committed to \"effectively eliminate\" export controls on critical minerals. That reference has now been dropped, signalling implicit acceptance that China’s export licensing regime – introduced in April 2025 in response to US tariffs, will remain in place.",{"type":594,"attrs":5099,"content":5100},{"textAlign":49},[5101],{"text":5102,"type":599},"Physical market conditions point to only modest improvement. Export flows of low-grade magnets have recovered somewhat, particularly into commercial sectors such as automotive and consumer electronics. However, approvals remain inconsistent, with continued delays affecting aerospace, defence, and advanced manufacturing applications where rare earths have strategic importance. Yttrium exports remain constrained. US officials still report the need for case-by-case intervention to secure shipments.",{"type":627,"attrs":5104},{"id":5105,"body":5106},"a829a4d2-9f8e-418a-954d-dba10076b670",[5107],{"id":5108,"_uid":5109,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29073145","i-1409c8c8-68da-47a7-a758-7ccccee00940",{"type":594,"attrs":5111,"content":5112},{"textAlign":49},[5113,5120,5122,5129,5131,5138],{"text":5114,"type":599,"marks":5115},"Pricing signals",[5116],{"type":604,"attrs":5117},{"href":5118,"uuid":5119,"anchor":49,"target":650,"linktype":623},"/article/tight-supply-and-chinese-policy-drive-prices-rare-earths-q1-2026-price-review","f85d8788-f2e7-451e-a4e9-ac8d2eb07c47",{"text":5121,"type":599}," reinforce the persistence of constraints. Benchmark reports, for example, that Yttrium is trading at ~US$1,750/kg in North America compared with ~US$10/kg in China, highlighting severe regional price dislocation. More broadly, ",{"text":5123,"type":599,"marks":5124},"magnet prices",[5125],{"type":604,"attrs":5126},{"href":5127,"uuid":5128,"anchor":49,"target":650,"linktype":623},"/videos/why-benchmark-launched-rare-earth-permanent-magnet-prices","09f7d0a8-710e-49e5-92b2-5404b7f69535",{"text":5130,"type":599}," outside China are significantly higher, with ",{"text":5132,"type":599,"marks":5133},"premiums varying by region",[5134],{"type":604,"attrs":5135},{"href":5136,"uuid":5137,"anchor":49,"target":650,"linktype":623},"/article/benchmark-launches-industry-leading-rare-earth-permanent-magnet-prices","5955e2f6-a2c3-48aa-9bb8-3e1a96183b78",{"text":5139,"type":599},", application, and magnet composition, particularly those containing heavy rare earths.",{"type":594,"attrs":5141,"content":5142},{"textAlign":49},[5143,5145,5152],{"text":5144,"type":599},"In North America and Europe, OEMs are paying roughly twice as much for standard applications such as e-mobility, and up to three times more for defence-related uses. This ",{"text":5146,"type":599,"marks":5147},"divergence is being driven",[5148],{"type":604,"attrs":5149},{"href":5150,"uuid":5151,"anchor":49,"target":650,"linktype":623},"/article/ex-china-rare-earths-premium-to-grow-especially-for-heavies","15dc312f-8254-4eb3-a856-11af57feb532",{"text":5153,"type":599}," less by PrNd and more by small quantities of dysprosium and terbium. Even minimal additions of these heavy rare earths now command a disproportionate premium, forcing manufacturers in high-spec applications, especially defence, to absorb materially higher costs.",{"type":627,"attrs":5155},{"id":5105,"body":5156},[5157],{"id":5158,"_uid":5159,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29075303","i-db2a2e73-8935-4249-9ab1-17904e690c3e",{"type":594,"attrs":5161,"content":5162},{"textAlign":49},[5163],{"text":5164,"type":599},"The underlying market structure remains highly concentrated with China continuing to dominate heavy rare earth refining and magnet production, with ex-China supply remaining limited.",{"type":594,"attrs":5166,"content":5167},{"textAlign":49},[5168],{"text":5169,"type":599},"“In the absence of sustained investment in heavy rare earth processing capacity and magnet manufacturing, supply bottlenecks and price volatility are likely to persist despite incremental diplomatic engagement,” says Benchmark rare earths research manager Neha Mukherjee.","China’s rare earth export regime remains largely unchanged following the 14–15 May 2026 summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.\n\nA White House summary stated that Beijing had agreed to address US concerns over shortages of key rare earths, including yttrium, scandium, and neodymium. This marks a shift from October 2025, when Washington said China had committed to \"effectively eliminate\" export controls on critical minerals. That reference has now been dropped, signalling implicit acceptance that China’s export licensing regime – introduced in April 2025 in response to US tariffs, will remain in place.",[5172],{"slug":1545,"name":1546,"content":5173},{"job_title":1548,"image":5174,"bio":1551,"linkedin":1552,"markets_covered":414},{"filename":1550},"China’s rare earth export controls show little sign of easing",[5177,5178,5179],{"slug":1556,"name":414},{"slug":872,"name":873},{"slug":880,"name":881},{"id":5181,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5182,"copyright":547,"fieldtype":553,"meta_data":5183,"is_external_url":50},178950310726154,"https://a.storyblok.com/f/287943243085208/1588x1312/fe54606b0a/us-defence-vs-supply-ree-2x.png",{},{"id":5185,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5186,"copyright":547,"fieldtype":553,"meta_data":5187,"is_external_url":50},178948122909096,"https://a.storyblok.com/f/287943243085208/3000x2000/cdc0ef81ab/trump-xi-jinping.jpg",{},"China’s rare earth export regime remains largely unchanged following the summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.","May 21, 2026",{"id":5191,"uuid":2828,"name":5192,"slug":5193,"full_slug":5194,"content":5195},176010543640497,"Global EV sales reached 1.60 million units in April 2026","global-ev-sales-reached-1-60-million-units-in-april-2026","article/global-ev-sales-reached-1-60-million-units-in-april-2026",{"_uid":5196,"date":5197,"tags":5198,"editor":5204,"content":5208,"excerpt":5440,"featured":51,"reporter":5441,"component":864,"seo_title":5192,"categories":5445,"visibility":2091,"data_vis_image":5448,"featured_image":5450,"seo_description":5454,"formattedDate":5455},"fe995a4b-fec4-4b7d-9ffb-58d913c70569","2026-05-13 00:00",[5199,5200,5201,5202,5203],{"slug":2784,"name":2785},{"slug":913,"name":914},{"slug":2787,"name":2788},{"slug":2790,"name":2791},{"slug":578,"name":579},[5205],{"slug":544,"name":543,"content":5206},{"job_title":557,"image":5207,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":5209},[5210,5232,5239,5248,5270,5278,5300,5308,5315,5323,5331,5346,5354,5361,5369,5391,5399,5406,5414,5422,5431],{"type":594,"attrs":5211,"content":5212},{"textAlign":49},[5213,5219,5227],{"text":5214,"type":599,"marks":5215},"Benchmark Mineral Intelligence, specialising in ",[5216],{"type":928,"attrs":5217},{"color":5218},"black",{"text":5220,"type":599,"marks":5221},"EV and battery supply chain research and insights",[5222,5225],{"type":604,"attrs":5223},{"href":5224,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/ev-and-battery",{"type":928,"attrs":5226},{"color":5218},{"text":5228,"type":599,"marks":5229},", reports that 1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).",[5230],{"type":928,"attrs":5231},{"color":5218},{"type":627,"attrs":5233},{"id":5234,"body":5235},"106369c0-384b-484e-8ce9-b756430e3858",[5236],{"id":5237,"_uid":5238,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28952714","i-7af02c9d-e970-4177-ba0c-6f8439d5bd67",{"type":594,"attrs":5240,"content":5242},{"textAlign":5241},"justify",[5243],{"text":5244,"type":599,"marks":5245},"Benchmark Mineral Intelligence Data Manager, Charles Lester, commented:",[5246],{"type":928,"attrs":5247},{"color":5218},{"type":594,"attrs":5249,"content":5250},{"textAlign":5241},[5251,5256,5265],{"text":5252,"type":599,"marks":5253},"“The global EV market reached 1.60 million units in April 2026, with growth moderating to 6% year-on-year and declining 9% month-on-month after ",[5254],{"type":928,"attrs":5255},{"color":5218},{"text":5257,"type":599,"marks":5258},"March’s surge",[5259,5263],{"type":604,"attrs":5260},{"href":5261,"uuid":5262,"anchor":49,"target":650,"linktype":623},"/article/global-ev-sales-reached-1-75-million-units-in-march-2026","659252f9-9755-4aa0-be80-9c0d7bf3b18c",{"type":928,"attrs":5264},{"color":5218},{"text":5266,"type":599,"marks":5267},". Year-to-date sales stand at 5.6 million units, marginally down versus 2025, with strong growth in Europe and the RoW offset by continued weakness in China and North America.",[5268],{"type":928,"attrs":5269},{"color":5218},{"type":594,"attrs":5271,"content":5272},{"textAlign":5241},[5273],{"text":5274,"type":599,"marks":5275},"“Europe remains the main engine of growth, with sales up 26% year-to-date and April volumes exceeding 400,000 units. Demand continues to be supported by policy incentives, rising petrol prices, and growing Chinese OEM presence.",[5276],{"type":928,"attrs":5277},{"color":5218},{"type":594,"attrs":5279,"content":5280},{"textAlign":5241},[5281,5286,5295],{"text":5282,"type":599,"marks":5283},"“China’s market remains under pressure, with sales down 17% year-to-date. While exports are accelerating rapidly, domestic demand, particularly in smaller vehicle segments, continues to be impacted by subsidy changes. North America is still lagging, with sales down 25% year-to-date, although ",[5284],{"type":928,"attrs":5285},{"color":5218},{"text":5287,"type":599,"marks":5288},"Mexico is seeing stronger growth driven by Chinese imports",[5289,5293],{"type":604,"attrs":5290},{"href":5291,"uuid":5292,"anchor":49,"target":650,"linktype":623},"/article/influx-of-chinese-made-evs-into-mexico-and-brazil-ahead-of-tariff-changes","15a7fc41-9adc-44bf-aa24-0534e0e1639a",{"type":928,"attrs":5294},{"color":5218},{"text":5296,"type":599,"marks":5297},". Overall, the market is entering a more complex phase, with regional divergence, export growth, and shifting competitive dynamics shaping global trends.”",[5298],{"type":928,"attrs":5299},{"color":5218},{"type":594,"attrs":5301,"content":5302},{"textAlign":5241},[5303],{"type":1186,"attrs":5304},{"id":5305,"alt":547,"src":5306,"title":547,"source":547,"copyright":547,"meta_data":5307},176010886080926,"https://a.storyblok.com/f/287943243085208/1280x720/3dbd167fce/benchmark-april-ev-sales.jpg",{},{"type":657,"attrs":5309,"content":5310},{"level":659,"textAlign":5241},[5311],{"text":2791,"type":599,"marks":5312},[5313],{"type":928,"attrs":5314},{"color":5218},{"type":594,"attrs":5316,"content":5317},{"textAlign":5241},[5318],{"text":5319,"type":599,"marks":5320},"Following a record month for EV sales in March 2026, April figures continued to indicate strong growth. In April 2026, EV sales increased by 27% year-on-year to just over 400,000 units. Year-to-date, sales in France and Germany have risen by 36% and 33%, respectively. In Italy, EV sales have nearly doubled, supported by government subsidies, with a significant share coming from Chinese manufacturers.",[5321],{"type":928,"attrs":5322},{"color":5218},{"type":594,"attrs":5324,"content":5325},{"textAlign":5241},[5326],{"text":5327,"type":599,"marks":5328},"European EV demand continues to be supported by rising petrol prices as a result of the conflict in the Middle East. During January–February 2026, EV sales growth stood at 19% year-on-year, accelerating to 30% across March–April.",[5329],{"type":928,"attrs":5330},{"color":5218},{"type":594,"attrs":5332,"content":5333},{"textAlign":5241},[5334,5341],{"text":5335,"type":599,"marks":5336},"Chinese-built EVs are playing an increasingly important role",[5337,5339],{"type":604,"attrs":5338},{"href":2877,"uuid":2878,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":5340},{"color":5218},{"text":5342,"type":599,"marks":5343}," in the European market. In 2025, 19% of EVs sold in Europe were produced in China; this has risen to 22% so far in 2026 and continues to increase month by month. Despite EU tariffs on Chinese BEVs, Chinese OEMs continue to export significant volumes, while also increasingly exploring local manufacturing within Europe.",[5344],{"type":928,"attrs":5345},{"color":5218},{"type":594,"attrs":5347,"content":5348},{"textAlign":5241},[5349],{"text":5350,"type":599,"marks":5351},"April 2026 saw a wave of developments involving Chinese OEM production in Europe. Stellantis and Leapmotor announced plans to manufacture Leapmotor’s B10 C-SUV at Stellantis’ Figueruelas plant in Zaragoza, Spain, potentially as early as 2026, alongside a new all-electric Opel C-SUV planned for 2028. Chinese OEMs, such as SAIC’s MG, are reportedly exploring Volkswagen’s underutilised European capacity. This follows comments from Volkswagen CEO Oliver Blume on 30 April 2026 that sharing unused factories with Chinese automakers could be a ”clever solution” to address overcapacity. Meanwhile, Xpeng produced its first locally built P7+ at Magna Steyr’s Graz facility in April, marking its third model manufactured in Europe. BYD’s Szeged plant continues to ramp up towards mass production.",[5352],{"type":928,"attrs":5353},{"color":5218},{"type":657,"attrs":5355,"content":5356},{"level":659,"textAlign":5241},[5357],{"text":2788,"type":599,"marks":5358},[5359],{"type":928,"attrs":5360},{"color":5218},{"type":594,"attrs":5362,"content":5363},{"textAlign":5241},[5364],{"text":5365,"type":599,"marks":5366},"In North America, EV sales remain relatively subdued in the United States and Canada, declining by 25% year-to-date. In contrast, the Mexican market has grown by nearly 50%, largely driven by Chinese models. Towards the end of 2025, a significant volume of Chinese EVs was exported to Mexico ahead of the introduction of a 50% import tariff on EVs from countries without a free trade agreement (FTA). As a result, these vehicles have been entering the Mexican market in the early months of 2026.",[5367],{"type":928,"attrs":5368},{"color":5218},{"type":594,"attrs":5370,"content":5371},{"textAlign":5241},[5372,5377,5386],{"text":5373,"type":599,"marks":5374},"Canada’s EV market is down 7% year-to-date; however, the newly introduced ",[5375],{"type":928,"attrs":5376},{"color":5218},{"text":5378,"type":599,"marks":5379},"Electric Vehicle Affordability Program",[5380,5384],{"type":604,"attrs":5381},{"href":5382,"uuid":5383,"anchor":49,"target":650,"linktype":623},"/article/canada-s-new-ev-subsidy-scheme-will-support-at-least-500-000-new-ev-sales","4ce229f9-70bb-46a8-a232-d96d8218f5b3",{"type":928,"attrs":5385},{"color":5218},{"text":5387,"type":599,"marks":5388}," (EVAP) is expected to support growth throughout 2026. Available from mid-February 2026 and running for five years, the programme offers incentives of up to CAD 5,000 (approximately USD 3,650) for EVs priced below CAD 50,000 (approximately USD 36,500), with no price cap for vehicles manufactured in Canada. Earlier in 2026, Canada also introduced a quota allowing 49,000 Chinese EVs to enter without the 100% tariff; the first tranche of 24,500 units is allocated between 1 March and 31 August 2026.",[5389],{"type":928,"attrs":5390},{"color":5218},{"type":594,"attrs":5392,"content":5393},{"textAlign":5241},[5394],{"text":5395,"type":599,"marks":5396},"In the United States, Rivian has begun customer production of its R2 at its facility in Normal, Illinois. The company also announced plans to expand its future Georgia plant’s capacity from 200,000 to 300,000 units annually, with production expected to begin in late 2028. Tesla CEO Elon Musk confirmed that Cybercab production has started, although output is expected to ramp up gradually, with more significant volumes anticipated towards the end of 2026.",[5397],{"type":928,"attrs":5398},{"color":5218},{"type":657,"attrs":5400,"content":5401},{"level":659,"textAlign":5241},[5402],{"text":914,"type":599,"marks":5403},[5404],{"type":928,"attrs":5405},{"color":5218},{"type":594,"attrs":5407,"content":5408},{"textAlign":5241},[5409],{"text":5410,"type":599,"marks":5411},"China’s EV market is down 17% year-to-date. Much of this decline has been concentrated in the smaller vehicle segment, which has been disproportionately affected by subsidy adjustments introduced at the start of the year, reducing the attractiveness of these models.",[5412],{"type":928,"attrs":5413},{"color":5218},{"type":594,"attrs":5415,"content":5416},{"textAlign":5241},[5417],{"text":5418,"type":599,"marks":5419},"As domestic growth slows, EV exports from China have surged. In April 2026 alone, exports exceeded 400,000 units. Over the first four months of 2026, China exported nearly 1.4 million EVs, more than double the volume recorded during the same period in 2025. Consequently, markets such as Europe, South America, and Southeast Asia have seen a significant increase in EVs produced in China.",[5420],{"type":928,"attrs":5421},{"color":5218},{"type":594,"attrs":5423,"content":5424},{"textAlign":5241},[5425],{"text":5426,"type":599,"marks":5427},"This insight draws from Benchmark's EV & Battery Service, consisting of detailed forecasts and supply chain data. By bringing clarity to a complex and opaque market, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[5428,5430],{"type":928,"attrs":5429},{"color":5218},{"type":643},{"type":627,"attrs":5432},{"id":5234,"body":5433},[5434],{"id":835,"_uid":5435,"component":837,"wrap_in_box":50,"redirect_url":5436,"success_file":5437,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":5439,"show_on_intelligence":50},"i-78134393-d16e-4a8a-875a-715e0afd1da1",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":5438},{},[],"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).",[5442],{"slug":3076,"name":3077,"content":5443},{"job_title":3079,"image":5444,"bio":3082,"linkedin":3083,"markets_covered":3084},{"filename":3081},[5446,5447],{"slug":3088,"name":3089},{"slug":2499,"name":2500},{"id":5305,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5306,"copyright":547,"fieldtype":553,"meta_data":5449,"is_external_url":50},{},{"id":5451,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5452,"copyright":547,"fieldtype":553,"meta_data":5453,"is_external_url":50},129064762479969,"https://a.storyblok.com/f/287943243085208/d657922a34/bm-adobestock-853540750-scaled.jpeg",{},"1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).","May 13, 2026",{"id":5457,"uuid":5458,"name":5459,"slug":5460,"full_slug":5461,"content":5462},173990225337459,"75899671-0912-4901-9329-9beb66e377f9","Why is the US battery recycling market struggling? ","why-is-the-us-battery-recycling-market-struggling-","article/why-is-the-us-battery-recycling-market-struggling-",{"_uid":5463,"date":5464,"tags":5465,"editor":5471,"content":5475,"excerpt":5710,"featured":51,"reporter":5711,"component":864,"seo_title":5459,"categories":5742,"visibility":882,"data_vis_image":5745,"featured_image":5747,"seo_description":5751,"formattedDate":5752},"25df2bc6-4fb1-4d34-9bc9-11dc0b7438dc","2026-05-07 00:00",[5466,5469,5470],{"slug":5467,"name":5468},"ascend-elements","Ascend Elements",{"slug":1375,"name":1376},{"slug":2787,"name":2788},[5472],{"slug":544,"name":543,"content":5473},{"job_title":557,"image":5474,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":5476},[5477,5498,5520,5556,5564,5577,5590,5598,5632,5640,5647,5660,5668,5681,5694,5702],{"type":594,"attrs":5478,"content":5479},{"textAlign":49},[5480,5485,5493],{"text":5481,"type":599,"marks":5482},"In April 2026, ",[5483],{"type":928,"attrs":5484},{"color":547},{"text":5468,"type":599,"marks":5486},[5487,5491],{"type":604,"attrs":5488},{"href":5489,"uuid":5490,"anchor":49,"target":650,"linktype":623},"/videos/producing-battery-materials-in-the-us-interview-with-ascend-elements-co-founder-eric-gatz","6811f817-e5b9-4462-865e-1f9fcc384df3",{"type":928,"attrs":5492},{"color":547},{"text":5494,"type":599,"marks":5495}," filed for bankruptcy, citing “insurmountable” financial challenges despite having raised over USD 1.1 billion. It will continue operations through the Chapter 11 restructuring process. ",[5496],{"type":928,"attrs":5497},{"color":547},{"type":594,"attrs":5499,"content":5500},{"textAlign":4877},[5501,5506,5515],{"text":5502,"type":599,"marks":5503},"The company faced headwinds from a slowdown in the ",[5504],{"type":928,"attrs":5505},{"color":547},{"text":5507,"type":599,"marks":5508},"US electric vehicle market",[5509,5513],{"type":604,"attrs":5510},{"href":5511,"uuid":5512,"anchor":49,"target":650,"linktype":623},"/article/us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-","efc32e74-520d-4632-b92b-53006fecdeef",{"type":928,"attrs":5514},{"color":547},{"text":5516,"type":599,"marks":5517},", alongside the withdrawal of the unspent portion of its $316 million grant the US Department of Energy (DOE) for its Kentucky facility. ",[5518],{"type":928,"attrs":5519},{"color":547},{"type":594,"attrs":5521,"content":5522},{"textAlign":4877},[5523,5528,5537,5542,5551],{"text":5524,"type":599,"marks":5525},"This marks the second bankruptcy at a major US ",[5526],{"type":928,"attrs":5527},{"color":547},{"text":5529,"type":599,"marks":5530},"battery recycler",[5531,5535],{"type":604,"attrs":5532},{"href":5533,"uuid":5534,"anchor":49,"target":650,"linktype":623},"/videos/what-are-the-recent-global-trends-for-the-recycling-industry","143d86b7-e6fc-4330-91a9-1219ccb41f56",{"type":928,"attrs":5536},{"color":547},{"text":5538,"type":599,"marks":5539},", following ",[5540],{"type":928,"attrs":5541},{"color":547},{"text":5543,"type":599,"marks":5544},"Li-Cycle’s",[5545,5549],{"type":604,"attrs":5546},{"href":5547,"uuid":5548,"anchor":49,"target":650,"linktype":623},"/article/the-bottleneck-in-the-industry-is-on-the-refining-capacity-qa-with-li-cycle-co-founder-tim-johnston","935fbe25-803c-42fc-980f-f3a6aa0ec3b2",{"type":928,"attrs":5550},{"color":547},{"text":5552,"type":599,"marks":5553}," collapse in May 2025, underscoring increasing financial stress across the sector. ",[5554],{"type":928,"attrs":5555},{"color":547},{"type":594,"attrs":5557,"content":5558},{"textAlign":4877},[5559],{"text":5560,"type":599,"marks":5561},"Today, many North American recycling companies remain small- to mid-sized startups operating in a structurally challenging environment characterised by overseas reliance, limited feedstock availability, high capital intensity, and dependence on government support. As the industry develops, further consolidation and financial challenges could well become more common. ",[5562],{"type":928,"attrs":5563},{"color":547},{"type":657,"attrs":5565,"content":5566},{"level":659,"textAlign":4877},[5567,5573],{"text":5568,"type":599,"marks":5569},"Key challenges in the US recycling market",[5570,5572],{"type":928,"attrs":5571},{"color":547},{"type":665},{"text":4901,"type":599,"marks":5574},[5575],{"type":928,"attrs":5576},{"color":547},{"type":657,"attrs":5578,"content":5579},{"level":985,"textAlign":4877},[5580,5586],{"text":5581,"type":599,"marks":5582},"Low scrap volumes and shifting chemistry landscape",[5583,5585],{"type":928,"attrs":5584},{"color":547},{"type":665},{"text":4901,"type":599,"marks":5587},[5588],{"type":928,"attrs":5589},{"color":547},{"type":594,"attrs":5591,"content":5592},{"textAlign":4877},[5593],{"text":5594,"type":599,"marks":5595},"Since 2025, US EV market growth has underperformed expectations due to policy shifts, such as the removal of the federal tax credits on EVs, resulting in repeated suspensions and cancellations of battery production projects. This has constrained upstream battery output growth and intensified competition amongst recyclers for limited production scrap feedstock, placing pressure on utilisation rates and thus margins. ",[5596],{"type":928,"attrs":5597},{"color":547},{"type":594,"attrs":5599,"content":5600},{"textAlign":4877},[5601,5606,5615,5620,5627],{"text":5602,"type":599,"marks":5603},"At the same time, the rapid expansion of the battery energy stationary storage (BESS) market alongside the shift from ",[5604],{"type":928,"attrs":5605},{"color":547},{"text":5607,"type":599,"marks":5608},"NCM to LFP chemistry",[5609,5613],{"type":604,"attrs":5610},{"href":5611,"uuid":5612,"anchor":49,"target":650,"linktype":623},"/article/lges-signs-4-3-billion-bess-cell-supply-deal-with-tesla","c9e36cab-5f2c-4a05-9341-1aad24c0277d",{"type":928,"attrs":5614},{"color":547},{"text":5616,"type":599,"marks":5617}," is reshaping the traditional North American recycling landscape. This transition is forcing recyclers to adapt their business models to changing feedstock composition and end-market demand. For example, Redwood Materials has increased its focus on battery second-life applications, repositioning itself more directly within the ",[5618],{"type":928,"attrs":5619},{"color":547},{"text":5621,"type":599,"marks":5622},"BESS value chain",[5623,5625],{"type":604,"attrs":5624},{"href":3501,"uuid":3502,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":5626},{"color":547},{"text":5628,"type":599,"marks":5629},". ",[5630],{"type":928,"attrs":5631},{"color":547},{"type":594,"attrs":5633,"content":5634},{"textAlign":4877},[5635],{"text":5636,"type":599,"marks":5637},"Maintaining consistent access to feedstock remains a central factor in recycler resilience. Greater integration with upstream and downstream segments can help mitigate volatility and strengthen operational stability. ",[5638],{"type":928,"attrs":5639},{"color":547},{"type":627,"attrs":5641},{"id":5642,"body":5643},"6a16ce63-dd2a-42be-8161-21e4f3ea3941",[5644],{"id":5645,"_uid":5646,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28871648","i-389a22bf-1fc1-4228-bea9-6231cebe886f",{"type":657,"attrs":5648,"content":5649},{"level":985,"textAlign":4877},[5650,5656],{"text":5651,"type":599,"marks":5652},"Policy uncertainty and declining DOE funding",[5653,5655],{"type":928,"attrs":5654},{"color":547},{"type":665},{"text":4901,"type":599,"marks":5657},[5658],{"type":928,"attrs":5659},{"color":547},{"type":594,"attrs":5661,"content":5662},{"textAlign":4877},[5663],{"text":5664,"type":599,"marks":5665},"Many US recyclers have historically depended on DOE funding to support expansion projects. However, increasing policy uncertainty and funding cancellations have forced companies to delay or pause capacity growth plans and seek alternative financing sources, such as private investment. This has weakened long-term visibility and increased execution risk in an already capital-intensive industry. ",[5666],{"type":928,"attrs":5667},{"color":547},{"type":594,"attrs":5669,"content":5670},{"textAlign":4877},[5671,5676],{"text":5672,"type":599,"marks":5673},"While policy support, especially DOE funding in the US, has been a major catalyst for industry growth, heavy reliance on public funding creates structural vulnerability and should not be depended upon to create a viable business model.",[5674],{"type":928,"attrs":5675},{"color":547},{"text":4901,"type":599,"marks":5677},[5678],{"type":928,"attrs":5679},{"color":5680},"#D13438",{"type":657,"attrs":5682,"content":5683},{"level":985,"textAlign":4877},[5684,5690],{"text":5685,"type":599,"marks":5686},"Technology complexity with rising commercialisation costs",[5687,5689],{"type":928,"attrs":5688},{"color":547},{"type":665},{"text":4901,"type":599,"marks":5691},[5692],{"type":928,"attrs":5693},{"color":547},{"type":594,"attrs":5695,"content":5696},{"textAlign":4877},[5697],{"text":5698,"type":599,"marks":5699},"The complexity of technological hurdles in battery recycling, especially black mass refining, together with escalating commercialisation costs, has often been underestimated, placing increasing pressure on US recyclers. This has led several developers to revisit their original process routes to improve economics and simplify operations. ",[5700],{"type":928,"attrs":5701},{"color":547},{"type":594,"attrs":5703,"content":5704},{"textAlign":4877},[5705],{"text":5706,"type":599,"marks":5707},"Ascend Elements, for example, shifted from earlier Hydro-to-Cathode plans towards lithium carbonate production to streamline processing and enhance project viability. Similarly, Li-Cycle was forced to restructure its hub-based hydrometallurgical model, from chemical production to lithium and MHP production, amid cost overruns and scalability challenges, but ultimately failed to execute its strategy and entered bankruptcy.",[5708],{"type":928,"attrs":5709},{"color":547},"In April 2026, Ascend Elements filed for bankruptcy, citing “insurmountable” financial challenges despite having raised over USD 1.1 billion. It will continue operations through the Chapter 11 restructuring process. \n\nThe company faced headwinds from a slowdown in the US electric vehicle market, alongside the withdrawal of the unspent portion of its $316 million grant the US Department of Energy (DOE) for its Kentucky facility. \n\nThis marks the second bankruptcy at a major US battery recycler, following Li-Cycle’s collapse in May 2025, underscoring increasing financial stress across the sector. ",[5712,5722,5732],{"slug":5713,"name":5714,"content":5715},"jessie-xu","Jessie Xu",{"job_title":5716,"image":5717,"bio":5719,"linkedin":5720,"markets_covered":5721},"Senior Analyst - Recycling",{"filename":5718},"https://a.storyblok.com/f/287943243085208/400x400/b507d64652/jessie-xu.jpeg","Jessie is a Senior Analyst on the downstream team covering the global battery recycling market. She also leads research on the Chinese battery recycling market. She works closely on the Battey Recycling Capacity Database and Battery Recycling Forecast. Jessie graduated from the University College London with a MSc degree in Geoscience.","https://www.linkedin.com/in/jessiexu687/","Battery recycling ",{"slug":5723,"name":5724,"content":5725},"frederick-bloomfield","Frederick Bloomfield",{"job_title":5726,"image":5727,"bio":5729,"linkedin":5730,"markets_covered":5731},"Senior Analyst",{"filename":5728},"https://a.storyblok.com/f/287943243085208/512x512/f55b7d4d79/freddie-bloomfield.jpeg","Frederick is a Senior Analyst at Benchmark Mineral Intelligence researching battery materials. His main areas of focus are lithium and battery recycling markets in Europe, North America and Asia. Before joining Benchmark, Frederick received his Master's degree in Green Chemistry at Imperial College London. With a particular interest in black mass trading, Frederick regularly speaks with players across the global battery recycling market, where he has gained extensive knowledge of trade flows, prices and policy on top of information on the wider recycling value chain, such as gate fees, tolling fees and the price of battery scrap and other recycled intermediates.","https://www.linkedin.com/in/frederick-bloomfield/","Black mass, lithium, nickel",{"slug":5733,"name":5734,"content":5735},"beatrice-browning","Beatrice Browning",{"job_title":5736,"image":5737,"bio":5739,"linkedin":5740,"markets_covered":5741},"Battery Recycling Technology Lead",{"filename":5738},"https://a.storyblok.com/f/287943243085208/3035x3794/a96e9c1415/beatrice-browning-2024-2.jpg","Beatrice is the Battery Recycling Technology Lead at Benchmark Mineral Intelligence, who has been working in the lithium ion battery recycling space for 6 years. She has been involved with Benchmark's recycling forecast since March 2022, tracking regional advancements in battery recycling infrastructure, technologies, and policy frameworks to build up a global understanding of the lithium-ion battery recycling market. She completed her PhD in battery recycling in March 2024, which has given her an in-depth technical understanding of lithium-ion battery recycling techniques.","https://www.linkedin.com/in/dr-beatrice-browning-20940b78/","Recycling",[5743],{"slug":5744,"name":5741},"recycling",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":5746},{},{"id":5748,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5749,"copyright":547,"fieldtype":553,"meta_data":5750,"is_external_url":50},129065133139506,"https://a.storyblok.com/f/287943243085208/93edcc0388/bm-ascend-elements-recycling.jpg",{},"In April 2026, Ascend Elements filed for bankruptcy, citing “insurmountable” financial challenges despite having raised over USD 1.1 billion. It will continue operations through the Chapter 11 restructuring process. ","May 07, 2026",{"id":5754,"uuid":2878,"name":5755,"slug":5756,"full_slug":5757,"content":5758},171868609960235,"China-made EVs boost in Europe in March amid higher fuel prices","china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices",{"_uid":5759,"date":5760,"tags":5761,"editor":5766,"content":5770,"excerpt":5910,"featured":51,"reporter":5911,"component":864,"seo_title":5921,"categories":5922,"visibility":882,"data_vis_image":5925,"featured_image":5929,"seo_description":5933,"formattedDate":5934},"0f9eb5a2-aa7c-4ac9-bb3f-20e384deed68","2026-05-01 00:00",[5762,5763,5764,5765],{"slug":2784,"name":2785},{"slug":913,"name":914},{"slug":2790,"name":2791},{"slug":578,"name":579},[5767],{"slug":544,"name":543,"content":5768},{"job_title":557,"image":5769,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":5771},[5772,5804,5821,5828,5837,5845,5854,5885,5893,5901],{"type":594,"attrs":5773,"content":5774},{"textAlign":49},[5775,5780,5787,5792,5799],{"text":5776,"type":599,"marks":5777},"Interest in ",[5778],{"type":928,"attrs":5779},{"color":547},{"text":5781,"type":599,"marks":5782},"EVs rose globally in March 2026",[5783,5785],{"type":604,"attrs":5784},{"href":2863,"uuid":2864,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":5786},{"color":547},{"text":5788,"type":599,"marks":5789}," amid higher fuel prices due to the ongoing conflict in the Middle East and the closure of the Strait of Hormuz. A significant number of markets around the world experienced greater ",[5790],{"type":928,"attrs":5791},{"color":547},{"text":5793,"type":599,"marks":5794},"EV sales growth ",[5795,5797],{"type":604,"attrs":5796},{"href":5261,"uuid":5262,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":5798},{"color":547},{"text":5800,"type":599,"marks":5801},"after the conflict broke out than before. Sales of passenger car and light duty EVs in Europe were up 33% year-on-year in March, having grown just 19% year-on-year in the first two months of the year.  ",[5802],{"type":928,"attrs":5803},{"color":547},{"type":594,"attrs":5805,"content":5806},{"textAlign":4877},[5807,5816],{"text":5808,"type":599,"marks":5809},"EVs made in China",[5810,5814],{"type":604,"attrs":5811},{"href":5812,"uuid":5813,"anchor":49,"target":650,"linktype":623},"/article/us-resists-rapid-global-expansion-of-chinese-bev-market-share","73900094-bdce-4976-8269-2039fb4d744d",{"type":928,"attrs":5815},{"color":547},{"text":5817,"type":599,"marks":5818}," have been a major driver of rising global demand and have benefited the most from the surge, with sales in Europe increasing 78% year-on-year in March, up from 39% growth recorded over the first two months of the year. Translating to a boost in their European EV market share, which rose from 20% in January and February to 24% in March.",[5819],{"type":928,"attrs":5820},{"color":547},{"type":627,"attrs":5822},{"id":5823,"body":5824},"fe1046a4-42f0-4d84-9e48-1086857b87a9",[5825],{"id":5826,"_uid":5827,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28785488","i-de82126a-fc5c-4d7a-9a36-df3fb008c02b",{"type":657,"attrs":5829,"content":5830},{"level":659,"textAlign":4877},[5831],{"text":5832,"type":599,"marks":5833},"Which vehicle manufacturers drove the sales increase? ",[5834,5836],{"type":928,"attrs":5835},{"color":547},{"type":665},{"type":594,"attrs":5838,"content":5839},{"textAlign":4877},[5840],{"text":5841,"type":599,"marks":5842},"The sale of China-made Tesla Model 3s in Europe was responsible for half of the four-percentage point increase in the market share of China-made EVs in March compared to the first two months of the year. After Tesla, Chery experienced the greatest rise in market share, which grew by more than one percentage point. This is underpinned by its efforts to scale up deliveries of the Jaecoo and Omoda brands in the region. The Jaecoo 7 was the fifth best-selling EV in the region in March and was the best-selling EV in the UK in Q1, with the second best-selling EV in the UK also a Chinese model, the BYD Seal U DM-i. ",[5843],{"type":928,"attrs":5844},{"color":547},{"type":657,"attrs":5846,"content":5847},{"level":659,"textAlign":4877},[5848],{"text":5849,"type":599,"marks":5850},"Chinese brands are set to continue their expansion into Europe ",[5851,5853],{"type":928,"attrs":5852},{"color":547},{"type":665},{"type":594,"attrs":5855,"content":5856},{"textAlign":4877},[5857,5866,5871,5880],{"text":5858,"type":599,"marks":5859},"Chinese EV manufactures are increasing their presence in Europe",[5860,5864],{"type":604,"attrs":5861},{"href":5862,"uuid":5863,"anchor":49,"target":650,"linktype":623},"/article/infographic-share-chinese-brands-in-overseas-ev-sales","f983545f-2371-40f2-ae36-722bf28d0e63",{"type":928,"attrs":5865},{"color":547},{"text":5867,"type":599,"marks":5868}," despite the EU’s tariffs on Chinese made BEVs introduced in October 2024. BYD grew its market share in Europe from 2% in 2024 to 6% in 2025, with a further increase to 7% in the opening quarter of 2026, in part due to a greater focus on PHEVs but also through BEV sales growth. Its production facility in ",[5869],{"type":928,"attrs":5870},{"color":547},{"text":5872,"type":599,"marks":5873},"Hungary",[5874,5878],{"type":604,"attrs":5875},{"href":5876,"uuid":5877,"anchor":49,"target":650,"linktype":623},"/article/what-hungary-s-election-outcome-means-for-its-battery-industry","8680dd72-8d8e-4eb8-96a5-4f10271f666e",{"type":928,"attrs":5879},{"color":547},{"text":5881,"type":599,"marks":5882}," is set to begin mass production in the next two months, enabling it to circumnavigate the EU’s tariff and further grow its market share in the region. ",[5883],{"type":928,"attrs":5884},{"color":547},{"type":594,"attrs":5886,"content":5887},{"textAlign":4877},[5888],{"text":5889,"type":599,"marks":5890},"Other Chinese manufactures are also seeking to establish EV production capacity in Europe as means to elevate their local presence. SAIC is said to be considering Spain to manufacture EVs for its MG brand, it had previously been reported that it was considering Hungary as a potential location. Both Chery and Dongfeng are said to be in talks with Nissan to sublease part of its Sunderland production facility.  ",[5891],{"type":928,"attrs":5892},{"color":547},{"type":594,"attrs":5894,"content":5895},{"textAlign":4877},[5896],{"text":5897,"type":599,"marks":5898},"As Chinese vehicle brands establish more EV production capacity in Europe, shorter supply chains and reduced exposure to tariffs will enhance their ability to compete within the region’s EV market. European markets that have so far been resilient against the arrival of Chinese EVs, such as France due to the structure of its subsidy scheme as well as strong loyalty to national brands, could begin to see that change.",[5899],{"type":928,"attrs":5900},{"color":547},{"type":594,"attrs":5902,"content":5903},{"textAlign":4877},[5904],{"text":5905,"type":599,"marks":5906},"This article draws on expert insights and analysis from Benchmark's EV & Battery Service. To learn more about this Service, fill out the form below and one of the team will be in touch.",[5907,5909],{"type":928,"attrs":5908},{"color":547},{"type":643},"Interest in EVs rose globally in March 2026 amid higher fuel prices due to the ongoing conflict in the Middle East and the closure of the Strait of Hormuz. A significant number of markets around the world experienced greater EV sales growth after the conflict broke out than before. Sales of passenger car and light duty EVs in Europe were up 33% year-on-year in March, having grown just 19% year-on-year in the first two months of the year.  \n\nChina-made EVs have been a major driver of rising global demand and have benefited the most from the surge, with sales in Europe increasing 78% year-on-year in March, up from 39% growth recorded over the first two months of the year. Translating to a boost in their European EV market share, which rose from 20% in January and February to 24% in March.",[5912],{"slug":5913,"name":5914,"content":5915},"george-whitcombe","George Whitcombe",{"job_title":5916,"image":5917,"bio":5919,"linkedin":5920,"markets_covered":3084},"Analyst - EV",{"filename":5918},"https://a.storyblok.com/f/287943243085208/500x500/e5fa44ebf8/george-whitecombe.jpeg","George is an EV Analyst at Rho Motion, working in the EV & Battery research team. He works extensively on global EV sales and production analysis, considering the economic and legislative factors that influence both. He also focuses on the strategy of automotive OEMs in the transition to EVs and feeds that into the team’s view on global vehicle markets. George graduated from the University of Exeter with a First Class Honours degree in Politics, Philosophy and Economics.","https://www.linkedin.com/in/george-whitcombe-2320111b6/","Chinese-made EVs boost in Europe in March amid higher fuel prices",[5923,5924],{"slug":3088,"name":3089},{"slug":2499,"name":2500},{"id":5926,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5927,"copyright":547,"fieldtype":553,"meta_data":5928,"is_external_url":50},171871044434816,"https://a.storyblok.com/f/287943243085208/1588x1384/cb880ffd61/chinese-evs-in-europe-iran-2x.png",{},{"id":5930,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5931,"copyright":547,"fieldtype":553,"meta_data":5932,"is_external_url":50},171875337538485,"https://a.storyblok.com/f/287943243085208/7887x5259/deb154d93f/byd_atto3_evo__073.jpg",{},"Interest in EVs rose globally in March 2026 amid higher fuel prices due to the ongoing conflict in the Middle East. Chinese-made EVs have benefited the most from the surge, with sales in Europe increasing 78% year-on-year in March.","May 01, 2026",{"id":5936,"uuid":3712,"name":5937,"slug":5938,"full_slug":5939,"content":5940},171841961546330,"The top energy storage cell suppliers and system integrators in 2025","the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025","article/the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025",{"_uid":5941,"date":5760,"tags":5942,"editor":5990,"content":5994,"excerpt":6249,"featured":50,"reporter":6250,"component":864,"seo_title":547,"categories":6263,"visibility":2091,"data_vis_image":6267,"featured_image":6271,"seo_description":547,"formattedDate":5934},"3a730302-9186-4cce-a997-cb5cc4a579ae",[5943,5944,5946,5947,5950,5953,5956,5959,5962,5965,5968,5971,5974,5977,5980,5983,5986,5989],{"slug":903,"name":904},{"slug":5945,"name":2983},"byd",{"slug":3874,"name":3875},{"slug":5948,"name":5949},"hyperstrong","HyperStrong",{"slug":5951,"name":5952},"fluence","Fluence",{"slug":5954,"name":5955},"eve-energy","EVE Energy",{"slug":5957,"name":5958},"gotion","Gotion",{"slug":5960,"name":5961},"calb","CALB",{"slug":5963,"name":5964},"rept-battero","REPT Battero",{"slug":5966,"name":5967},"cornex","Cornex",{"slug":5969,"name":5970},"hithium","HiTHIUM",{"slug":5972,"name":5973},"envision","Envision",{"slug":5975,"name":5976},"huawei","Huawei",{"slug":5978,"name":5979},"sunwoda","Sunwoda",{"slug":5981,"name":5982},"sungrow","Sungrow",{"slug":5984,"name":5985},"great-power","Great Power",{"slug":5987,"name":5988},"crrc","CRRC",{"slug":578,"name":579},[5991],{"slug":544,"name":543,"content":5992},{"job_title":557,"image":5993,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":5995},[5996,6028,6061,6069,6089,6124,6145,6153,6161,6169,6177,6185,6193,6201,6214,6222,6230,6239],{"type":594,"attrs":5997,"content":5998},{"textAlign":49},[5999,6004,6012,6017,6024],{"text":6000,"type":599,"marks":6001},"In 2025, over 600GWh of cells were shipped globally for ",[6002],{"type":928,"attrs":6003},{"color":930},{"text":3707,"type":599,"marks":6005},[6006,6010],{"type":604,"attrs":6007},{"href":6008,"uuid":6009,"anchor":49,"target":650,"linktype":623},"/videos/behind-the-ai-boom-how-data-centre-demand-is-reshaping-bess-lithium-lfp-and-copper-markets","1573e0e7-8137-439e-b583-f703c3136f5e",{"type":928,"attrs":6011},{"color":930},{"text":6013,"type":599,"marks":6014}," (BESS) applications, almost double that of 2024 as assessed by ",[6015],{"type":928,"attrs":6016},{"color":930},{"text":6018,"type":599,"marks":6019},"Benchmark's Battery Energy Stationary Storage Service",[6020,6022],{"type":604,"attrs":6021},{"href":3734,"uuid":49,"anchor":49,"target":650,"linktype":607},{"type":928,"attrs":6023},{"color":930},{"text":974,"type":599,"marks":6025},[6026],{"type":928,"attrs":6027},{"color":930},{"type":594,"attrs":6029,"content":6030},{"textAlign":49},[6031,6036,6045,6050,6057],{"text":6032,"type":599,"marks":6033},"Combined, the top 10 BESS ",[6034],{"type":928,"attrs":6035},{"color":930},{"text":6037,"type":599,"marks":6038},"cell suppliers",[6039,6043],{"type":604,"attrs":6040},{"href":6041,"uuid":6042,"anchor":49,"target":650,"linktype":623},"/article/the-top-five-battery-producers-past-present-and-future","5a87817c-f839-49ea-9a92-ccb5a2952b63",{"type":928,"attrs":6044},{"color":930},{"text":6046,"type":599,"marks":6047}," in 2025 accounted for 90% of cells shipped and all are ",[6048],{"type":928,"attrs":6049},{"color":930},{"text":6051,"type":599,"marks":6052},"headquartered in China",[6053,6055],{"type":604,"attrs":6054},{"href":3974,"uuid":3975,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":6056},{"color":930},{"text":974,"type":599,"marks":6058},[6059],{"type":928,"attrs":6060},{"color":930},{"type":594,"attrs":6062,"content":6063},{"textAlign":49},[6064],{"text":6065,"type":599,"marks":6066},"“Notably the Korean cell manufacturers are missing from the top 10,” said Iola Hughes, Benchmark’s Head of Research. “That is likely to change in the coming years with significant commitments now made to BESS, in particular in the US market.”",[6067],{"type":928,"attrs":6068},{"color":930},{"type":594,"attrs":6070,"content":6071},{"textAlign":49},[6072,6077,6084],{"text":6073,"type":599,"marks":6074},"In its Q1 financial report, ",[6075],{"type":928,"attrs":6076},{"color":930},{"text":6078,"type":599,"marks":6079},"LGES stated",[6080,6082],{"type":604,"attrs":6081},{"href":5611,"uuid":5612,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":6083},{"color":930},{"text":6085,"type":599,"marks":6086}," it is targeting over 50GWh of production capacity by the end of 2026. If it were to produce at this level, LGES would likely climb to within the top 10.",[6087],{"type":928,"attrs":6088},{"color":930},{"type":594,"attrs":6090,"content":6091},{"textAlign":49},[6092,6100,6109,6114,6116,6123],{"type":1186,"attrs":6093,"marks":6097},{"id":6094,"alt":547,"src":6095,"title":547,"source":547,"copyright":547,"meta_data":6096},190209396198270,"https://a.storyblok.com/f/287943243085208/3348x2475/4b81de7bd0/top-10-bess-cell-suppliers.png",{},[6098],{"type":604,"attrs":6099},{"href":3734,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":6101,"type":599,"marks":6102},"CATL continued to be the top supplier",[6103,6107],{"type":604,"attrs":6104},{"href":6105,"uuid":6106,"anchor":49,"target":650,"linktype":623},"/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth","508da94f-bb3a-4c2e-a103-9a22048151f3",{"type":928,"attrs":6108},{"color":930},{"text":6110,"type":599,"marks":6111}," of BESS cells in 2025, representing 20% of the market. However, this is down from the 29% share the company held in 2024 and 32% share in 2023. Towards the end of 2025, it secured a three-year 200GWh deal to provide cells to system integrator HyperStrong. This deal was expand",[6112],{"type":928,"attrs":6113},{"color":930},{"text":6115,"type":599},"ed to include 60GWh of ",{"text":6117,"type":599,"marks":6118},"CATL’s sodium ion BESS cells in April 2026",[6119],{"type":604,"attrs":6120},{"href":6121,"uuid":6122,"anchor":49,"target":650,"linktype":623},"/article/hyperstrong-and-catl-sign-three-year-60gwh-sodium-ion-bess-battery-supply-agreement","559ec0b3-b734-4f91-9dcf-4c2548f38fe3",{"text":974,"type":599},{"type":594,"attrs":6125,"content":6126},{"textAlign":49},[6127,6132,6140],{"text":6128,"type":599,"marks":6129},"HiTHIUM and EVE Energy are both gaining ground on ",[6130],{"type":928,"attrs":6131},{"color":930},{"text":904,"type":599,"marks":6133},[6134,6138],{"type":604,"attrs":6135},{"href":6136,"uuid":6137,"anchor":49,"target":650,"linktype":623},"/article/charting-the-evolution-of-catls-revenue-streams","62db0e85-b8ad-4ea7-80c5-d285c4b019c0",{"type":928,"attrs":6139},{"color":930},{"text":6141,"type":599,"marks":6142},". The two companies took second and third spots, respectively, with around 12% of the market each.",[6143],{"type":928,"attrs":6144},{"color":930},{"type":594,"attrs":6146,"content":6147},{"textAlign":49},[6148],{"text":6149,"type":599,"marks":6150},"For HiTHIUM, this is a substantial jump from fourth position in 2024 when it represented 9% of BESS cells shipped. The company signed a five-year, 120GWh cooperation agreement in December 2025 with system integrator CRRC.",[6151],{"type":928,"attrs":6152},{"color":930},{"type":594,"attrs":6154,"content":6155},{"textAlign":49},[6156],{"text":6157,"type":599,"marks":6158},"Although EVE Energy dropped down to third from second in 2024, it is still strongly competitive. In 2025 the company secured more than 10 cell offtakes of at least 1GWh including 50GWh with HyperStrong and 20GWh with Rochenergy. EVE Energy has also had a strong start to 2026, with over 40GWh of offtakes signed in the first quarter.",[6159],{"type":928,"attrs":6160},{"color":930},{"type":594,"attrs":6162,"content":6163},{"textAlign":49},[6164],{"text":6165,"type":599,"marks":6166},"Another rapidly rising competitor is CORNEX, which has over 400GWh of production capacity under construction with a further 100GWh in the pipeline, though this is for both EV and BESS applications.",[6167],{"type":928,"attrs":6168},{"color":930},{"type":657,"attrs":6170,"content":6171},{"level":659,"textAlign":49},[6172],{"text":6173,"type":599,"marks":6174},"Who were the top BESS system integrators in 2025?",[6175],{"type":928,"attrs":6176},{"color":930},{"type":594,"attrs":6178,"content":6179},{"textAlign":49},[6180],{"text":6181,"type":599,"marks":6182},"In 2025, around 460GWh of BESS systems were shipped globally with the market highly dominated by Chinese system integrators. Tesla and Fluence, both based in the US, are the only system integrators in the top 10 which are headquartered outside of China.",[6183],{"type":928,"attrs":6184},{"color":930},{"type":594,"attrs":6186,"content":6187},{"textAlign":49},[6188],{"text":6189,"type":599,"marks":6190},"BYD overtook Tesla in 2025 to take the top spot for BESS systems, with Tesla now in second place and Sungrow in third. The three companies combined represented around a third of the systems market in 2025.",[6191],{"type":928,"attrs":6192},{"color":930},{"type":594,"attrs":6194,"content":6195},{"textAlign":49},[6196],{"text":6197,"type":599,"marks":6198},"At the start of 2025, BYD signed to deliver a 12.5GWh BESS project with the Saudi Electricity Company, adding to the 2.6GWh already delivered.",[6199],{"type":928,"attrs":6200},{"color":930},{"type":594,"attrs":6202,"content":6203},{"textAlign":49},[6204,6209],{"type":1186,"attrs":6205},{"id":6206,"alt":547,"src":6207,"title":547,"source":547,"copyright":547,"meta_data":6208},171852754446729,"https://a.storyblok.com/f/287943243085208/3348x2475/c22864e287/benchmark-top-10-system-integrators-2025.png",{},{"text":6210,"type":599,"marks":6211},"Tesla’s BESS deployments for the full year 2025 reached 46.7GWh, growing 49% year-on-year, according to its annual report. The company says it will begin production of Megapack 3 at its Houston Megafactory in 2026, ramping up to 50GWh of manufacturing capacity. That said, Tesla has had a weaker start to 2026, with Q1 2026 BESS system installations down 15% year-on-year.",[6212],{"type":928,"attrs":6213},{"color":930},{"type":594,"attrs":6215,"content":6216},{"textAlign":49},[6217],{"text":6218,"type":599,"marks":6219},"BESS systems were the largest revenue segment for Sungrow in 2025, reaching 42% of total revenue surpassing its photovoltaic inverter business which accounted for 36%.",[6220],{"type":928,"attrs":6221},{"color":930},{"type":594,"attrs":6223,"content":6224},{"textAlign":49},[6225],{"text":6226,"type":599,"marks":6227},"Many smaller Tier 2 and Tier 3 players reduced their net revenues in order to compete for market share leading to a price war and involution. As such, the share of companies outside the top 10 grew to 32% in 2025 compared to 18% in 2024.",[6228],{"type":928,"attrs":6229},{"color":930},{"type":594,"attrs":6231,"content":6232},{"textAlign":49},[6233],{"text":6234,"type":599,"marks":6235},"The insights in this article were drawn from Benchmark’s Battery Energy Stationary Storage Service. To learn more about this, please fill in the form below and one of the team will be in touch:",[6236,6238],{"type":928,"attrs":6237},{"color":930},{"type":643},{"type":627,"attrs":6240},{"id":6241,"body":6242},"885b332e-3048-4002-b8a9-4b4088e47352",[6243],{"id":835,"_uid":6244,"component":837,"wrap_in_box":50,"redirect_url":6245,"success_file":6246,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":6248,"show_on_intelligence":50},"i-85472cde-6418-4314-a266-2cbd3675a175",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":6247},{},[],"In 2025, over 600GWh of cells were shipped globally for battery energy stationary storage (BESS) applications, almost double that of 2024 as assessed by Benchmark Mineral Intelligence, a leading specialist in battery supply chain research.\nCombined, the top 10 BESS cell suppliers in 2025 accounted for 90% of cells shipped and all are headquartered in China.\n",[6251,6260],{"slug":6252,"name":6253,"content":6254},"calvin-xu","Calvin Xu",{"job_title":6255,"image":6256,"bio":6258,"linkedin":6259,"markets_covered":3848},"Analyst - BESS",{"filename":6257},"https://a.storyblok.com/f/287943243085208/512x512/096bdfc0f7/calvin-xu.png","Calvin is a BESS Analyst focusing on China market. He works on daily research of China's BESS projects, legislation and policy analysis. He also works on the monthly and quarterly reports focusing on China market and the OEMs updates. Now he is assisting on the data centre database. Calvin holds a MSc of e-Business Management at University of Warwick. ","https://www.linkedin.com/in/zhengxu0416/",{"slug":3830,"name":3831,"content":6261},{"job_title":3833,"image":6262,"bio":3836,"linkedin":3837,"markets_covered":3838},{"filename":3835},[6264,6265,6266],{"slug":4811,"name":4812},{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"id":6268,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":6269,"copyright":547,"fieldtype":553,"meta_data":6270,"is_external_url":50},171852754434440,"https://a.storyblok.com/f/287943243085208/3348x2475/86be51ce37/benchmark-top-10-bess-cell-suppliers-2025.png",{},{"id":6272,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":6273,"copyright":547,"fieldtype":553,"meta_data":6274,"is_external_url":50},171849521801503,"https://a.storyblok.com/f/287943243085208/5500x3842/752b24de88/energy-storage.jpeg",{},{"id":6276,"uuid":6277,"name":6278,"slug":6279,"full_slug":6280,"content":6281},171815916294372,"ce2f9608-3c05-40e7-9719-0cae383680d8","US’ first planned cobalt refinery signs $850 million offtake","us-first-planned-cobalt-refinery-signs-850-million-offtake","article/us-first-planned-cobalt-refinery-signs-850-million-offtake",{"_uid":6282,"date":5760,"tags":6283,"editor":6291,"content":6295,"excerpt":6534,"featured":51,"reporter":6535,"component":864,"seo_title":6278,"categories":6546,"visibility":882,"data_vis_image":6549,"featured_image":6551,"seo_description":6556,"formattedDate":5934},"b589b98d-96b7-400c-ae64-5c6a6df98b26",[6284,6287,6288,6289],{"slug":6285,"name":6286},"evelution-energy","EVelution Energy",{"slug":2787,"name":2788},{"slug":1375,"name":1376},{"slug":6290,"name":2052},"japan",[6292],{"slug":544,"name":543,"content":6293},{"job_title":557,"image":6294,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":6296},[6297,6305,6327,6373,6394,6416,6424,6432,6440,6460,6468,6476,6484,6492,6500,6507,6524],{"type":594,"attrs":6298,"content":6299},{"textAlign":49},[6300],{"text":6301,"type":599,"marks":6302},"US refined cobalt developer EVelution Energy has signed an $850 million long-term offtake agreement with Japanese trading and investment company Mitsui.",[6303],{"type":928,"attrs":6304},{"color":930},{"type":594,"attrs":6306,"content":6307},{"textAlign":49},[6308,6313,6322],{"text":6309,"type":599,"marks":6310},"The deal will see ",[6311],{"type":928,"attrs":6312},{"color":930},{"text":6314,"type":599,"marks":6315},"EVelution",[6316,6320],{"type":604,"attrs":6317},{"href":6318,"uuid":6319,"anchor":49,"target":650,"linktype":623},"/videos/benchmark-week-2023-panel-critical-minerals-for-cathode-and-battery-making","2447b309-3ac5-4b3c-a3a5-72d1180aa003",{"type":928,"attrs":6321},{"color":930},{"text":6323,"type":599,"marks":6324}," supply Mitsui with a “substantial majority” (up to 3,000 tonnes) of its cobalt metal production from its facility under development in Arizona.",[6325],{"type":928,"attrs":6326},{"color":930},{"type":594,"attrs":6328,"content":6329},{"textAlign":49},[6330,6335,6344,6349,6357,6362,6369],{"text":6331,"type":599,"marks":6332},"The facility is due to begin construction in 2027 and come online from 2029, and is the only project in the ",[6333],{"type":928,"attrs":6334},{"color":930},{"text":6336,"type":599,"marks":6337},"US pipeline",[6338,6342],{"type":604,"attrs":6339},{"href":6340,"uuid":6341,"anchor":49,"target":650,"linktype":623},"/article/how-much-would-60-days-of-us-battery-minerals-cost-in-2026-","feaae01d-533b-45b9-8ad8-39aab491e0f0",{"type":928,"attrs":6343},{"color":930},{"text":6345,"type":599,"marks":6346}," with any refined cobalt production in the coming decade. With an expected production of 7,000 tonnes of cobalt metal and cobalt sulphate combined when ramped up, it is forecast to be the third largest non-Chinese cobalt refining asset by 2035 according to ",[6347],{"type":928,"attrs":6348},{"color":930},{"text":6350,"type":599,"marks":6351},"Benchmark’s Cobalt Service",[6352,6355],{"type":604,"attrs":6353},{"href":6354,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/cobalt",{"type":928,"attrs":6356},{"color":930},{"text":6358,"type":599,"marks":6359},". Around 7% of refined cobalt is forecast to come ",[6360],{"type":928,"attrs":6361},{"color":930},{"text":6363,"type":599,"marks":6364},"from China in 2030",[6365,6367],{"type":604,"attrs":6366},{"href":2606,"uuid":2607,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":6368},{"color":930},{"text":974,"type":599,"marks":6370},[6371],{"type":928,"attrs":6372},{"color":930},{"type":594,"attrs":6374,"content":6375},{"textAlign":49},[6376,6381,6390],{"text":6377,"type":599,"marks":6378},"This deal further strengthens the trade relationship between the US and Japan on critical minerals. In March 2026, the two countries signed an action plan for critical mineral supply chain resilience and a ",[6379],{"type":928,"attrs":6380},{"color":930},{"text":6382,"type":599,"marks":6383},"memorandum of cooperation of deep sea minerals",[6384,6388],{"type":604,"attrs":6385},{"href":6386,"uuid":6387,"anchor":49,"target":650,"linktype":623},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-3","c85032f5-9b74-40a3-a27b-e0ca9b0fdb70",{"type":928,"attrs":6389},{"color":930},{"text":974,"type":599,"marks":6391},[6392],{"type":928,"attrs":6393},{"color":930},{"type":594,"attrs":6395,"content":6396},{"textAlign":49},[6397,6402,6411],{"text":6398,"type":599,"marks":6399},"EVelution has stated that the cobalt metal and cobalt sulphate produced at its Arizona facility is intended to establish domestic refining capacity to support the ",[6400],{"type":928,"attrs":6401},{"color":930},{"text":6403,"type":599,"marks":6404},"US defence sector",[6405,6409],{"type":604,"attrs":6406},{"href":6407,"uuid":6408,"anchor":49,"target":650,"linktype":623},"/article/batteries-and-defence-the-new-demand-driver","cd757a9d-4181-460d-b5ca-c7f557dd8e84",{"type":928,"attrs":6410},{"color":930},{"text":6412,"type":599,"marks":6413}," as well as battery production and other advanced manufacturing uses.",[6414],{"type":928,"attrs":6415},{"color":930},{"type":594,"attrs":6417,"content":6418},{"textAlign":49},[6419],{"text":6420,"type":599,"marks":6421},"The facility will be based in Yuma County, Arizona in a rural qualified opportunity zone. Such zones provide tax incentives to support domestic manufacturing.",[6422],{"type":928,"attrs":6423},{"color":930},{"type":657,"attrs":6425,"content":6426},{"level":659,"textAlign":49},[6427],{"text":6428,"type":599,"marks":6429},"Where will EVelution source the feedstock?",[6430],{"type":928,"attrs":6431},{"color":930},{"type":594,"attrs":6433,"content":6434},{"textAlign":49},[6435],{"text":6436,"type":599,"marks":6437},"In 2023 EVelution signed a five year supply agreement with Eurasian Resource Group (ERG) for 3,000 tonnes per year of cobalt contained in hydroxide. ERG operates a copper and cobalt mining project in the DRC and has a second in development.",[6438],{"type":928,"attrs":6439},{"color":930},{"type":594,"attrs":6441,"content":6442},{"textAlign":49},[6443,6448,6455],{"text":6444,"type":599,"marks":6445},"However, due to the ",[6446],{"type":928,"attrs":6447},{"color":930},{"text":6449,"type":599,"marks":6450},"DRC’s cobalt export restrictions",[6451,6453],{"type":604,"attrs":6452},{"href":685,"uuid":686,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":6454},{"color":930},{"text":6456,"type":599,"marks":6457},", ERG cut cobalt production at its Metalkol RTR asset by 70%. Towards the end of April, ERG stated that it plans to double production in 2026, though this would still not reach 2024 levels.",[6458],{"type":928,"attrs":6459},{"color":930},{"type":657,"attrs":6461,"content":6462},{"level":659,"textAlign":49},[6463],{"text":6464,"type":599,"marks":6465},"What is the US’ position in the North American cobalt market?",[6466],{"type":928,"attrs":6467},{"color":930},{"type":594,"attrs":6469,"content":6470},{"textAlign":49},[6471],{"text":6472,"type":599,"marks":6473},"On the mining side, the US has one operating cobalt mine operated by Lundin Mining. It primarily produces nickel, but produces 300 tonnes of cobalt per year. This is 7.5% of North America’s total mined cobalt production in 2025.",[6474],{"type":928,"attrs":6475},{"color":930},{"type":594,"attrs":6477,"content":6478},{"textAlign":49},[6479],{"text":6480,"type":599,"marks":6481},"Idaho Cobalt Operations (ICO) also has a cobalt mine, owned by Jervois Global, though it is currently in care and maintenance.",[6482],{"type":928,"attrs":6483},{"color":930},{"type":594,"attrs":6485,"content":6486},{"textAlign":49},[6487],{"text":6488,"type":599,"marks":6489},"The US Strategic Reserve is developing the Madison Mine which is due to begin operations this year. Electra Energy Materials and Talon Metals are both developing their own cobalt operations in the US.",[6490],{"type":928,"attrs":6491},{"color":930},{"type":594,"attrs":6493,"content":6494},{"textAlign":49},[6495],{"text":6496,"type":599,"marks":6497},"In terms of refining,  EVelution’s facility will be the first to produce refined cobalt in the country. By 2030, it could represent a quarter of North American refined cobalt supply and 6% of ex-China supply.",[6498],{"type":928,"attrs":6499},{"color":930},{"type":627,"attrs":6501},{"id":6502,"body":6503},"55437951-979e-4adc-90cf-739b22276f5c",[6504],{"id":6505,"_uid":6506,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28782604","i-52144b0f-24d6-4374-92d8-0cc8a2bc9eaa",{"type":594,"attrs":6508,"content":6509},{"textAlign":49},[6510,6514,6520],{"text":6511,"type":599,"marks":6512},"Join Benchmark in Washington DC 9–10 June to discuss the intersection of critical minerals, defence and policy at Giga US 2026. Get your tickets today ",[6513],{"type":643},{"text":6515,"type":599,"marks":6516},"here",[6517,6519],{"type":604,"attrs":6518},{"href":4680,"uuid":49,"anchor":49,"target":650,"linktype":607},{"type":643},{"text":6521,"type":599,"marks":6522}," or fill out the form below to find out more:",[6523],{"type":643},{"type":627,"attrs":6525},{"id":6526,"body":6527},"29383c2a-f92f-47d6-adc8-bf656375fb10",[6528],{"id":835,"_uid":6529,"component":837,"wrap_in_box":50,"redirect_url":6530,"success_file":6531,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":6533,"show_on_intelligence":50},"i-7f4be722-4b80-4c7a-86c9-80fcc80c4da4",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":6532},{},[],"EVelution Energy has signed an $850 million long-term offtake agreement with Japanese trading and investment company Mitsui.\n\nThe deal will see EVelution supply Mitsui with a “substantial majority” (up to 3,000 tonnes) of its cobalt metal production from its facility under development in Arizona.\n\nThe facility is due to begin construction in 2027 and come online from 2029, and is the only project in the US pipeline with any refined cobalt production in the coming decade. With an expected production of 7,000 tonnes of cobalt metal and cobalt sulphate combined when ramped up, it is forecast to be the third largest non-Chinese cobalt refining asset by 2035 according to Benchmark’s Cobalt Service.",[6536],{"slug":6537,"name":6538,"content":6539},"roman-aubry","Roman Aubry",{"job_title":6540,"image":6541,"bio":6543,"linkedin":6544,"markets_covered":6545},"Analyst - Cobalt & Nickel",{"filename":6542},"https://a.storyblok.com/f/287943243085208/512x512/2e40a46bef/roman-aubry.jpeg","Roman is an analyst at Benchmark, working on supply, demand, market analysis, and costs for nickel and cobalt. He previously covered nickel and cobalt as a price analyst for Benchmark's PRA division. He holds a BSc in Astrophysics from University College London. ","https://www.linkedin.com/in/roman-aubry-27bb80214/","Nickel and Cobalt ",[6547,6548],{"slug":872,"name":873},{"slug":867,"name":115},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":6550},{},{"id":6552,"alt":547,"name":547,"focus":547,"title":6553,"source":547,"filename":6554,"copyright":547,"fieldtype":553,"meta_data":6555,"is_external_url":50},171817227748738,"Image credit: EVelution","https://a.storyblok.com/f/287943243085208/3840x2160/7060a53ec0/evelution-entry-with-flag-002.jpg",{"alt":547,"title":6553,"source":547,"copyright":547},"EVelution Energy has signed an $850 million long-term offtake agreement with Japanese trading and investment company Mitsui. The deal will see EVelution supply Mitsui with a “substantial majority” (up to 3,000 tonnes) of its cobalt metal production.",{"id":6558,"uuid":4216,"name":6559,"slug":6560,"full_slug":6561,"content":6562},170795640460552,"Greenbushes downgrades production guidance as ore grade decline accelerates","greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates",{"_uid":6563,"date":6564,"tags":6565,"editor":6569,"content":6573,"excerpt":6736,"featured":51,"reporter":6737,"component":864,"seo_title":6750,"categories":6751,"visibility":882,"data_vis_image":6754,"featured_image":6759,"seo_description":6763,"formattedDate":6764},"bbb607d4-835f-41a3-ae24-0a0d3f6c3532","2026-04-28 00:00",[6566,6568],{"slug":6567,"name":2038},"australia",{"slug":578,"name":579},[6570],{"slug":544,"name":543,"content":6571},{"job_title":557,"image":6572,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":6574},[6575,6597,6619,6627,6635,6643,6650,6658,6666,6674,6694,6714],{"type":594,"attrs":6576,"content":6577},{"textAlign":49},[6578,6583,6592],{"text":6579,"type":599,"marks":6580},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs. IGO announced this week that ",[6581],{"type":928,"attrs":6582},{"color":930},{"text":6584,"type":599,"marks":6585},"spodumene concentrate",[6586,6590],{"type":604,"attrs":6587},{"href":6588,"uuid":6589,"anchor":49,"target":650,"linktype":623},"/article/pls-lithium-offtake-reinforces-structural-support-in-spodumene-market","16e2e235-e3d0-4ace-a37b-0aa658b63b30",{"type":928,"attrs":6591},{"color":930},{"text":6593,"type":599,"marks":6594}," output for Q1 was 351kt, prompting a full-year FY26 guidance cut to 1,375–1,425kt from 1,500–1,650kt. ",[6595],{"type":928,"attrs":6596},{"color":930},{"type":594,"attrs":6598,"content":6599},{"textAlign":49},[6600,6605,6614],{"text":6601,"type":599,"marks":6602},"Benchmark’s Q1 2026 lithium supply forecast had Greenbushes at approximately 270,000 tonnes LCE for 2026 calendar year, underpinned by 1,850kt of ",[6603],{"type":928,"attrs":6604},{"color":930},{"text":6606,"type":599,"marks":6607},"spodumene",[6608,6612],{"type":604,"attrs":6609},{"href":6610,"uuid":6611,"anchor":49,"target":650,"linktype":623},"/article/direct-spodumene-hedging-becomes-essential-amid-lithium-market-decoupling","f6fa2b9c-6960-4bfa-bfb7-758daa9e8043",{"type":928,"attrs":6613},{"color":930},{"text":6615,"type":599,"marks":6616}," concentrate across the year. The March quarter result, and the likelihood of a softer Q2, means the first half of 2026 is now tracking approximately 170kt SC below our forecast, equivalent to a shortfall of roughly 25,000 tonnes LCE.",[6617],{"type":928,"attrs":6618},{"color":930},{"type":657,"attrs":6620,"content":6621},{"level":659,"textAlign":49},[6622],{"text":6623,"type":599,"marks":6624},"Ore grade has fallen ~37% in three years",[6625],{"type":928,"attrs":6626},{"color":930},{"type":594,"attrs":6628,"content":6629},{"textAlign":49},[6630],{"text":6631,"type":599,"marks":6632},"The average ore grade has declined from an average of ~4% in the 1980s, to 2.7% Li2O in 2023, to just 1.64% in Q1 2026. Lower grades mean more ore processed for the same concentrate output, pushing unit cash costs to $326/t (cash costs were just $197/t average in 2023).",[6633],{"type":928,"attrs":6634},{"color":930},{"type":594,"attrs":6636,"content":6637},{"textAlign":49},[6638],{"text":6639,"type":599,"marks":6640},"IGO noted grade was a particular issue at the older CGP1 and CGP2 plants. CGP3, which came online in December 2025, performed well as it was designed to process lower grade ore. The mine’s proximity to the town of Greenbushes (~3km) and legacy infrastructure from over a century of mining constrains pit sequencing and access to higher-grade zones.",[6641],{"type":928,"attrs":6642},{"color":930},{"type":627,"attrs":6644},{"id":6645,"body":6646},"8f2dc552-9208-4742-a0a7-00efb6410ce2",[6647],{"id":6648,"_uid":6649,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28736008","i-8e4ceaa9-d5fd-47b7-aa05-a01cdc7c8c27",{"type":657,"attrs":6651,"content":6652},{"level":659,"textAlign":49},[6653],{"text":6654,"type":599,"marks":6655},"What impact could this have on incentive pricing?",[6656],{"type":928,"attrs":6657},{"color":930},{"type":594,"attrs":6659,"content":6660},{"textAlign":49},[6661],{"text":6662,"type":599,"marks":6663},"The grade decline at Greenbushes has both structural and cyclical components. Even with CGP3 ramping up well, head grades and recoveries through the older plants will drop materially over the coming years.",[6664],{"type":928,"attrs":6665},{"color":930},{"type":594,"attrs":6667,"content":6668},{"textAlign":49},[6669],{"text":6670,"type":599,"marks":6671},"Average mined grades this far below reserve grades are unlikely to persist through the medium term. However, given operational performance through previous quarters, a bet on a decisive reversal in 2026 would be risky. Assuming continued favourable CGP3 performance, guidance implies only marginal improvement out of CGP 1 & 2 through the June quarter.",[6672],{"type":928,"attrs":6673},{"color":930},{"type":594,"attrs":6675,"content":6676},{"textAlign":49},[6677,6682,6689],{"text":6678,"type":599,"marks":6679},"At $326/t, Greenbushes remains well below the current $2,407/tonne ",[6680],{"type":928,"attrs":6681},{"color":930},{"text":6683,"type":599,"marks":6684},"SC6 spot price",[6685,6687],{"type":604,"attrs":6686},{"href":2137,"uuid":2138,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":6688},{"color":930},{"text":6690,"type":599,"marks":6691},". But rising costs at the industry’s lowest-cost producer shift the entire cost curve upward, reinforcing Benchmark’s view on the incentive price needed to bring new supply online.",[6692],{"type":928,"attrs":6693},{"color":930},{"type":594,"attrs":6695,"content":6696},{"textAlign":49},[6697,6702,6709],{"text":6698,"type":599,"marks":6699},"Benchmark expects to revise the 2026 LCE estimate for Greenbushes from 270kt toward ~245kt in the coming update. This will offer significant support to pricing, given that the 2026 lithium market is ",[6700],{"type":928,"attrs":6701},{"color":930},{"text":6703,"type":599,"marks":6704},"already short of feedstock",[6705,6707],{"type":604,"attrs":6706},{"href":1239,"uuid":1240,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":6708},{"color":930},{"text":6710,"type":599,"marks":6711}," in a wider ~32kt LCE deficit chemicals market.",[6712],{"type":928,"attrs":6713},{"color":930},{"type":594,"attrs":6715,"content":6716},{"textAlign":49},[6717,6722,6731],{"text":6718,"type":599,"marks":6719},"The tight feedstock market has already contributed to bullish spodumene ",[6720],{"type":928,"attrs":6721},{"color":930},{"text":6723,"type":599,"marks":6724},"price movements",[6725,6729],{"type":604,"attrs":6726},{"href":6727,"uuid":6728,"anchor":49,"target":650,"linktype":623},"/videos/q1-2026-lithium-price-drivers","f2a03280-94b9-4549-981c-dfee20cbecf2",{"type":928,"attrs":6730},{"color":930},{"text":6732,"type":599,"marks":6733},", with Benchmark’s FOB Australia Spodumene Concentrate (6.0%) grade up 54.6% so far in 2026. With the prospect of continued grade and recovery declines, the narrow ~32kt LCE surplus in 2027 may also tighten and offer pricing uplift then too.",[6734],{"type":928,"attrs":6735},{"color":930},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs. IGO announced this week that spodumene concentrate output for Q1 was 351kt, prompting a full-year FY26 guidance cut to 1,375–1,425kt from 1,500–1,650kt. \n\nBenchmark’s Q1 2026 lithium supply forecast had Greenbushes at approximately 270,000 tonnes LCE for 2026 calendar year, underpinned by 1,850kt of spodumene concentrate across the year. The March quarter result, and the likelihood of a softer Q2, means the first half of 2026 is now tracking approximately 170kt SC below our forecast, equivalent to a shortfall of roughly 25,000 tonnes LCE.",[6738,6741],{"slug":1094,"name":1095,"content":6739},{"job_title":1097,"image":6740,"bio":1100,"linkedin":1101,"markets_covered":8},{"filename":1099},{"slug":6742,"name":6743,"content":6744},"luc-braun","Luc Braun",{"job_title":6745,"image":6746,"bio":6748,"linkedin":6749,"markets_covered":8},"Analyst - Lithium",{"filename":6747},"https://a.storyblok.com/f/287943243085208/512x512/6f1a6949aa/luc-braun.jpeg","Luc is an analyst at Benchmark Mineral Intelligence focused on lithium supply, costs, and supply chains. Luc has a background in market analysis and research from previous roles where he covered nickel, deep seabed mining, and telecommunications. Luc holds an MPhys in Theoretical Physics from the University of Leeds.","https://www.linkedin.com/in/lucbraun/","Greenbushes downgrades production guidance as ore grade declines",[6752,6753],{"slug":872,"name":873},{"slug":878,"name":8},{"id":6755,"alt":6756,"name":547,"focus":547,"title":547,"source":547,"filename":6757,"copyright":547,"fieldtype":553,"meta_data":6758,"is_external_url":50},170796773099755,"Greenbushes ore grade is in decline","https://a.storyblok.com/f/287943243085208/1300x1454/e16a41265d/greenbushes-ore-grade-and-sc-production-2x.png",{"alt":6756,"title":547,"source":547,"copyright":547},{"id":6760,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":6761,"copyright":547,"fieldtype":553,"meta_data":6762,"is_external_url":50},129068074765385,"https://a.storyblok.com/f/287943243085208/c87716240e/bm-greenbushes-1.jpg",{},"Greenbushes, the world’s largest hard-rock lithium mine, is struggling with a structural decline in ore feed grade that is now materially impacting production and costs.","Apr 28, 2026",{"id":6766,"uuid":6122,"name":6767,"slug":6768,"full_slug":6769,"content":6770},170744686016982,"HyperStrong and CATL sign three-year 60GWh sodium ion BESS battery supply agreement","hyperstrong-and-catl-sign-three-year-60gwh-sodium-ion-bess-battery-supply-agreement","article/hyperstrong-and-catl-sign-three-year-60gwh-sodium-ion-bess-battery-supply-agreement",{"_uid":6771,"date":6564,"tags":6772,"editor":6780,"content":6784,"excerpt":7020,"featured":51,"reporter":7021,"component":864,"seo_title":7025,"categories":7026,"visibility":882,"data_vis_image":7032,"featured_image":7037,"seo_description":7041,"formattedDate":6764},"a07faad6-143a-4146-a8a7-bff3e2aa24e0",[6773,6774,6775,6776,6779],{"slug":913,"name":914},{"slug":903,"name":904},{"slug":578,"name":579},{"slug":6777,"name":6778},"sodium-ion-2","Sodium ion",{"slug":5948,"name":5949},[6781],{"slug":544,"name":543,"content":6782},{"job_title":557,"image":6783,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":6785},[6786,6843,6879,6887,6909,6918,6950,6957,6977,7012],{"type":594,"attrs":6787,"content":6788},{"textAlign":49},[6789,6794,6800,6805,6811,6816,6825,6830,6838],{"text":6790,"type":599,"marks":6791},"On 27",[6792],{"type":928,"attrs":6793},{"color":547},{"text":6795,"type":599,"marks":6796},"th",[6797,6799],{"type":928,"attrs":6798},{"color":547},{"type":4857},{"text":6801,"type":599,"marks":6802}," April, Beijing HyperStrong Technology signed a strategic cooperation agreement with ",[6803],{"type":928,"attrs":6804},{"color":547},{"text":904,"type":599,"marks":6806},[6807,6809],{"type":604,"attrs":6808},{"href":6136,"uuid":6137,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":6810},{"color":547},{"text":6812,"type":599,"marks":6813}," in Ningde, Fujian, covering 60GWh of ",[6814],{"type":928,"attrs":6815},{"color":547},{"text":6817,"type":599,"marks":6818},"sodium ion batteries",[6819,6823],{"type":604,"attrs":6820},{"href":6821,"uuid":6822,"anchor":49,"target":650,"linktype":623},"/article/infographic-the-state-of-play-of-next-generation-battery-capacity-in-2025","7a6d4dcc-a850-4b49-84ce-7c8db7ef8260",{"type":928,"attrs":6824},{"color":547},{"text":6826,"type":599,"marks":6827}," over three years for ",[6828],{"type":928,"attrs":6829},{"color":547},{"text":3707,"type":599,"marks":6831},[6832,6836],{"type":604,"attrs":6833},{"href":6834,"uuid":6835,"anchor":49,"target":650,"linktype":623},"/article/china-bess-installations-in-december-surpass-us-2025-total","e2705a82-dc4e-449f-9777-6a15bc082b5e",{"type":928,"attrs":6837},{"color":547},{"text":6839,"type":599,"marks":6840}," (BESS) applications. ",[6841],{"type":928,"attrs":6842},{"color":547},{"type":594,"attrs":6844,"content":6845},{"textAlign":4877},[6846,6851,6860,6865,6874],{"text":6847,"type":599,"marks":6848},"The deal represents the world’s largest ",[6849],{"type":928,"attrs":6850},{"color":547},{"text":6852,"type":599,"marks":6853},"sodium ion battery",[6854,6858],{"type":604,"attrs":6855},{"href":6856,"uuid":6857,"anchor":49,"target":650,"linktype":623},"/videos/sodium-ion-batteries-hype-vs-reality-on-the-road-to-commercialisation","5f3789b4-ae8b-49e3-9d84-bbd0ec1e1c91",{"type":928,"attrs":6859},{"color":547},{"text":6861,"type":599,"marks":6862}," agreement dedicated to energy storage to date. HyperStrong is one of the ",[6863],{"type":928,"attrs":6864},{"color":547},{"text":6866,"type":599,"marks":6867},"top five system integrators globally",[6868,6872],{"type":604,"attrs":6869},{"href":6870,"uuid":6871,"anchor":49,"target":650,"linktype":623},"/article/bess-system-integrator-ranking-in-h1-2025-shows-change-is-on-the-horizon-for-the-industry","b3df4ba0-52b6-469b-9695-870f7eb68178",{"type":928,"attrs":6873},{"color":547},{"text":6875,"type":599,"marks":6876},", having shipped 26GWh of systems in 2025 and with a cumulative total of BESS installations exceeding 50GWh. ",[6877],{"type":928,"attrs":6878},{"color":547},{"type":594,"attrs":6880,"content":6881},{"textAlign":4877},[6882],{"text":6883,"type":599,"marks":6884},"This latest deal builds on a strategic cooperation agreement signed between HyperStrong and CATL in November 2025 which covered collaboration for the period 2026–2035. Under that agreement, HyperStrong will procure no less than 200GWh of battery capacity from 2026 to 2028.  ",[6885],{"type":928,"attrs":6886},{"color":547},{"type":594,"attrs":6888,"content":6889},{"textAlign":4877},[6890,6895,6904],{"text":6891,"type":599,"marks":6892},"Earlier in April, ",[6893],{"type":928,"attrs":6894},{"color":547},{"text":6896,"type":599,"marks":6897},"CATL unveiled its first sodium ion battery cell",[6898,6902],{"type":604,"attrs":6899},{"href":6900,"uuid":6901,"anchor":49,"target":650,"linktype":623},"/article/catl-gears-up-for-mass-market-sodium-ion-batteries","2bc56633-b6f9-40c0-bf7e-ec7a7d4ccbd6",{"type":928,"attrs":6903},{"color":547},{"text":6905,"type":599,"marks":6906}," designed specifically for energy storage. The cell features a capacity of over 300Ah and a cycle life exceeding 15,000 cycles, supporting large-scale storage applications ranging from two to eight hours, as well as AI data centre scenarios. ",[6907],{"type":928,"attrs":6908},{"color":547},{"type":657,"attrs":6910,"content":6911},{"level":659,"textAlign":4877},[6912],{"text":6913,"type":599,"marks":6914},"What is the state of sodium ion BESS projects in China? ",[6915,6917],{"type":928,"attrs":6916},{"color":547},{"type":665},{"type":594,"attrs":6919,"content":6920},{"textAlign":4877},[6921,6926,6935,6939,6945],{"text":6922,"type":599,"marks":6923},"Cumulative operational sodium ion battery (SIB) ",[6924],{"type":928,"attrs":6925},{"color":547},{"text":6927,"type":599,"marks":6928},"energy storage capacity",[6929,6933],{"type":604,"attrs":6930},{"href":6931,"uuid":6932,"anchor":49,"target":650,"linktype":623},"/article/chinese-battery-energy-storage-market-to-triple-by-2033","053e428e-4052-43a5-b2cd-38e03753495a",{"type":928,"attrs":6934},{"color":547},{"text":2142,"type":599,"marks":6936},[6937],{"type":928,"attrs":6938},{"color":547},{"text":914,"type":599,"marks":6940},[6941,6943],{"type":604,"attrs":6942},{"href":3974,"uuid":3975,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":6944},{"color":547},{"text":6946,"type":599,"marks":6947}," reached 784MWh by the end of 2025, as assessed by Benchmark’s BESS Service. The project pipeline scheduled for commissioning in China totals 3,080MWh in 2026 and a further 2,200MWh in 2027. The largest individual project is the Xingkong Sodium Dazhou Maliu Industrial Park SIB Energy Storage Project, with a planned capacity of 1,000MWh. ",[6948],{"type":928,"attrs":6949},{"color":547},{"type":627,"attrs":6951},{"id":6952,"body":6953},"44ad1ac7-cf34-4ad8-a5ec-7e79b59579bf",[6954],{"id":6955,"_uid":6956,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28731570","i-0fed5908-4316-4803-be70-9a3f3808a93e",{"type":594,"attrs":6958,"content":6959},{"textAlign":4877},[6960,6965,6972],{"text":6961,"type":599,"marks":6962},"On the policy front, at the beginning of 2026, the National Development and Reform Commission (NDRC) issued ",[6963],{"type":928,"attrs":6964},{"color":547},{"text":6966,"type":599,"marks":6967},"Document No. 114",[6968,6970],{"type":604,"attrs":6969},{"href":3798,"uuid":3799,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":6971},{"color":547},{"text":6973,"type":599,"marks":6974},", incorporating independent energy storage into the capacity tariff compensation mechanism. Sodium ion battery projects can enjoy the same treatment as lithium-ion projects, benefiting from a “triple revenue stream” of capacity payments, energy market revenues, and ancillary service income, thereby directly improving project economics. ",[6975],{"type":928,"attrs":6976},{"color":547},{"type":594,"attrs":6978,"content":6979},{"textAlign":4877},[6980,6984,6993,7000,7007],{"text":5085,"type":599,"marks":6981},[6982],{"type":928,"attrs":6983},{"color":547},{"text":6985,"type":599,"marks":6986},"15",[6987,6991],{"type":604,"attrs":6988},{"href":6989,"uuid":6990,"anchor":49,"target":650,"linktype":623},"/article/china-sets-180gw-target-for-bess-by-2027","5b7453ab-7ce0-47ec-ba4e-8e22fcd3a8dd",{"type":928,"attrs":6992},{"color":547},{"text":6795,"type":599,"marks":6994},[6995,6997,6999],{"type":604,"attrs":6996},{"href":6989,"uuid":6990,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":6998},{"color":547},{"type":4857},{"text":7001,"type":599,"marks":7002}," Five-Year Plan",[7003,7005],{"type":604,"attrs":7004},{"href":6989,"uuid":6990,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":7006},{"color":547},{"text":7008,"type":599,"marks":7009}," also explicitly calls for accelerating the large-scale industrialisation and commercial deployment of sodium ion batteries.  ",[7010],{"type":928,"attrs":7011},{"color":547},{"type":594,"attrs":7013,"content":7014},{"textAlign":4877},[7015],{"text":7016,"type":599,"marks":7017},"The strong policy backing reflects energy security considerations, as sodium resources are abundant domestically and offer a cost advantage over lithium-based technologies. As a result, the share of sodium ion batteries in the Chinese energy storage mix is forecast to rise gradually to over 5% by 2030.",[7018],{"type":928,"attrs":7019},{"color":547},"On 27th April, Beijing HyperStrong Technology signed a strategic cooperation agreement with CATL in Ningde, Fujian, covering 60GWh of sodium ion batteries over three years for battery energy stationary storage (BESS) applications. \n\nThe deal represents the world’s largest sodium ion battery agreement dedicated to energy storage to date. HyperStrong is one of the top five system integrators globally, having shipped 26GWh of systems in 2025 and with a cumulative total of BESS installations exceeding 50GWh. ",[7022],{"slug":6252,"name":6253,"content":7023},{"job_title":6255,"image":7024,"bio":6258,"linkedin":6259,"markets_covered":3848},{"filename":6257},"HyperStrong, CATL three-year 60GWh sodium-ion BESS battery supply",[7027,7028,7029],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":7030,"name":7031},"battery-technology","Battery Technology",{"id":7033,"alt":7034,"name":547,"focus":547,"title":547,"source":547,"filename":7035,"copyright":547,"fieldtype":553,"meta_data":7036,"is_external_url":50},170745413426594,"China's sodium-ion BESS pipeline is strong for 2026","https://a.storyblok.com/f/287943243085208/1590x1320/4021f3bf5b/china-sodium-ion-bess-pipeline-2x.png",{"alt":7034,"title":547,"source":547,"copyright":547},{"id":7038,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7039,"copyright":547,"fieldtype":553,"meta_data":7040,"is_external_url":50},170744722939165,"https://a.storyblok.com/f/287943243085208/1500x902/c56a211686/hyperstrong.png",{},"On 27th April, Beijing HyperStrong Technology signed a strategic cooperation agreement with CATL in Ningde, Fujian, covering 60GWh of sodium-ion batteries over three years for battery energy stationary storage (BESS) applications. ",{"id":7043,"uuid":5292,"name":7044,"slug":7045,"full_slug":7046,"content":7047},169357528495431,"Influx of Chinese made EVs into Mexico and Brazil ahead of tariff changes","influx-of-chinese-made-evs-into-mexico-and-brazil-ahead-of-tariff-changes","article/influx-of-chinese-made-evs-into-mexico-and-brazil-ahead-of-tariff-changes",{"_uid":7048,"date":7049,"tags":7050,"editor":7062,"content":7066,"excerpt":7189,"featured":51,"reporter":7190,"component":864,"seo_title":7194,"categories":7195,"visibility":882,"data_vis_image":7197,"featured_image":7199,"seo_description":7203,"formattedDate":7204},"981a9374-7e67-48e5-814c-a9319f1bf959","2026-04-24 00:00",[7051,7054,7057,7060,7061],{"slug":7052,"name":7053},"tariffs","Tariffs",{"slug":7055,"name":7056},"brazil","Brazil",{"slug":7058,"name":7059},"mexico","Mexico",{"slug":913,"name":914},{"slug":5945,"name":2983},[7063],{"slug":544,"name":543,"content":7064},{"job_title":557,"image":7065,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":7067},[7068,7088,7097,7114,7121,7130,7150,7156,7165,7173,7181],{"type":594,"attrs":7069,"content":7070},{"textAlign":49},[7071,7076,7083],{"text":7072,"type":599,"marks":7073},"The import of passenger car and light duty EVs (PC & LDV EVs) into Mexico increased to record levels in December 2025, with over 50,000 units imported. The spike in imports was driven by Mexico raising tariffs on vehicles from 20% to 50%, effective from January 1 2026. The move to raise tariffs was in part due to pressure from the US government to curb ",[7074],{"type":928,"attrs":7075},{"color":930},{"text":7077,"type":599,"marks":7078},"China’s growing presence",[7079,7081],{"type":604,"attrs":7080},{"href":5812,"uuid":5813,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":7082},{"color":930},{"text":7084,"type":599,"marks":7085}," within the Mexican economy. ",[7086],{"type":928,"attrs":7087},{"color":930},{"type":657,"attrs":7089,"content":7091},{"level":7090,"textAlign":49},1,[7092],{"text":7093,"type":599,"marks":7094},"BYD drives Mexico’s surge in EV imports ",[7095],{"type":928,"attrs":7096},{"color":547},{"type":594,"attrs":7098,"content":7099},{"textAlign":4877},[7100,7109],{"text":7101,"type":599,"marks":7102},"BYD’s EV imports",[7103,7107],{"type":604,"attrs":7104},{"href":7105,"uuid":7106,"anchor":49,"target":650,"linktype":623},"/article/byd-gains-market-share-abroad-whilst-losing-domestic-share","d6b62daf-8ed1-4f84-bbfc-fdd50e436327",{"type":928,"attrs":7108},{"color":547},{"text":7110,"type":599,"marks":7111}," into Mexico surpassed 40,000 units in December 2025, comfortably surpassing a previous high of 16,000 EVs in March of the same year. BYD, along with other Chinese OEMs, is turning to overseas markets to raise its profitability given the fiercely competitive price war it faces at home. The squeeze in profitability in China is perhaps most acute regarding small vehicles, with OEMs able to command a significant premium on these vehicles when sold overseas. Consequently, 40% of BYD’s imports into Mexico in December were of the Dolphin Mini, the smallest model it produces.",[7112],{"type":928,"attrs":7113},{"color":547},{"type":627,"attrs":7115},{"id":7116,"body":7117},"685401f8-0f4c-4d9e-a89b-48b45baa6f84",[7118],{"id":7119,"_uid":7120,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28683689","i-0f1846c0-c6cc-4d08-8909-65ca4e112002",{"type":657,"attrs":7122,"content":7123},{"level":7090,"textAlign":4877},[7124],{"text":7125,"type":599,"marks":7126},"Brazil also experienced an influx of Chinese made EVs ahead of tariff changes  ",[7127,7129],{"type":928,"attrs":7128},{"color":547},{"type":665},{"type":594,"attrs":7131,"content":7132},{"textAlign":4877},[7133,7138,7145],{"text":7134,"type":599,"marks":7135},"Brazil is gradually raising the tariff it imposes on imported EVs. Until the end of December 2023, EVs were subject to no import duty. However, by July 2026, the rate will reach 35%, the same level imposed on conventional ICE vehicles. As in Mexico, ",[7136],{"type":928,"attrs":7137},{"color":547},{"text":7139,"type":599,"marks":7140},"Chinese OEMs",[7141,7143],{"type":604,"attrs":7142},{"href":5862,"uuid":5863,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":7144},{"color":547},{"text":7146,"type":599,"marks":7147}," are anticipating the tariff changes through increased imports. With a spike in imports before the tariff step change in July 2025 and a ramp-up in preparation for the final tariff change in July 2026 having already started in the opening two months of the year. ",[7148],{"type":928,"attrs":7149},{"color":547},{"type":627,"attrs":7151},{"id":7116,"body":7152},[7153],{"id":7154,"_uid":7155,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28684178","i-f2ee968d-6f89-4edd-9221-34e013b8ce41",{"type":657,"attrs":7157,"content":7158},{"level":7090,"textAlign":4877},[7159],{"text":7160,"type":599,"marks":7161},"How will Chinese OEMs continue to operate in these higher tariff environments? ",[7162,7164],{"type":928,"attrs":7163},{"color":547},{"type":665},{"type":594,"attrs":7166,"content":7167},{"textAlign":4877},[7168],{"text":7169,"type":599,"marks":7170},"Raising tariffs on Chinese made EVs is part of a broader protectionist trend globally in the EV market. Nations are seeking to protect their domestic automotive industry as well as to onshore the EV and battery supply chain given its strategic importance. Mexico and Brazil are not the first to raise tariffs on Chinese EVs, with the EU, US and Turkey having already pursued similar policies. ",[7171],{"type":928,"attrs":7172},{"color":930},{"type":594,"attrs":7174,"content":7175},{"textAlign":4877},[7176],{"text":7177,"type":599,"marks":7178},"In the USA, Chinese EV brands never had a foothold, so tariffs rising to 100% only cemented the case. However, elsewhere, increased tariffs have done little to slow Chinese OEM expansion down. In the EU, Chinese OEMs have continued to operate and grow their market share despite the imposition of tariffs on BEV imports from China in October 2024. The imposition of tariffs has, however, led several OEMs to localise production. ",[7179],{"type":928,"attrs":7180},{"color":547},{"type":594,"attrs":7182,"content":7183},{"textAlign":4877},[7184],{"text":7185,"type":599,"marks":7186},"BYD has already built a production facility in Brazil where it hopes to ramp up production this year. Despite the site only having an initial annual production capacity of 150,000 units, there are plans to increase the site’s capacity to 600,000 units a year. With BYD looking to establish the facility as its regional production hub, having reportedly already received orders for 100,000 EVs from Mexico and Argentina. ",[7187],{"type":928,"attrs":7188},{"color":547},"The import of passenger car and light duty EVs (PC & LDV EVs) into Mexico increased to record levels in December 2025, with over 50,000 units imported. The spike in imports was driven by Mexico raising tariffs on vehicles from 20% to 50%, effective from January 1 2026. The move to raise tariffs was in part due to pressure from the US government to curb China’s growing presence within the Mexican economy. ",[7191],{"slug":5913,"name":5914,"content":7192},{"job_title":5916,"image":7193,"bio":5919,"linkedin":5920,"markets_covered":3084},{"filename":5918},"Influx of Chinese made EVs into Mexico, Brazil ahead of tariffs",[7196],{"slug":3088,"name":3089},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7198},{},{"id":7200,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7201,"copyright":547,"fieldtype":553,"meta_data":7202,"is_external_url":50},129066034804735,"https://a.storyblok.com/f/287943243085208/dbe7bd2242/bm-cars-in-a-grid-13194241845e.jpg",{},"The import of passenger car and light duty EVs (PC & LDV EVs) into Mexico increased to record levels in December 2025, with over 50,000 units imported. The spike in imports was driven by Mexico raising tariffs on vehicles from 20% to 50%","Apr 24, 2026",{"id":7206,"uuid":7207,"name":7208,"slug":7209,"full_slug":7210,"content":7211},166477214050256,"8f5954f3-22e5-4f33-b7c0-f1b5cd16cabc","Upstream volatility driving shifts: Cathode Q1 2026 Price Review","upstream-volatility-driving-shifts-cathode-q1-2026-price-review","article/upstream-volatility-driving-shifts-cathode-q1-2026-price-review",{"_uid":7212,"date":7213,"tags":7214,"editor":7220,"content":7224,"excerpt":7306,"featured":51,"reporter":7307,"component":864,"seo_title":7208,"categories":7311,"visibility":882,"data_vis_image":7314,"featured_image":7316,"seo_description":7320,"formattedDate":7321},"ba86e099-4a34-4739-a3a2-3c9e50d3bf46","2026-04-16 00:00",[7215,7218],{"slug":7216,"name":7217},"pcam","pCAM",{"slug":7219,"name":451},"lfp",[7221],{"slug":544,"name":543,"content":7222},{"job_title":557,"image":7223,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":7225},[7226,7259,7267,7274,7282,7290,7298],{"type":594,"attrs":7227,"content":7228},{"textAlign":49},[7229,7234,7243,7248,7254],{"text":2372,"type":599,"marks":7230},[7231],{"type":928,"attrs":7232},{"color":7233},"#18181B",{"text":7235,"type":599,"marks":7236},"CAM market",[7237,7241],{"type":604,"attrs":7238},{"href":7239,"uuid":7240,"anchor":49,"target":622,"linktype":623},"/article/ronbay-restructures-cathode-production-to-target-us-market","fa324aa9-76dc-4cc5-9558-76813c985db5",{"type":928,"attrs":7242},{"color":7233},{"text":7244,"type":599,"marks":7245}," recorded a strong first quarter, with prices rising sharply throughout January and February before stabilising in March as feedstock volatility eased and battery demand remained steady. ",[7246],{"type":928,"attrs":7247},{"color":7233},{"text":7249,"type":599,"marks":7250},"Benchmark ",[7251,7253],{"type":928,"attrs":7252},{"color":7233},{"type":665},{"text":7255,"type":599,"marks":7256},"data shows that LFP CAM prices increased by ~38% between mid-January and mid-March, whilst NCM811 rose by ~25% over the same period.",[7257],{"type":928,"attrs":7258},{"color":7233},{"type":594,"attrs":7260,"content":7261},{"textAlign":49},[7262],{"text":7263,"type":599,"marks":7264},"In January and February, nickel-based CAM prices rose across all grades, particularly mid- and high-nickel materials, as higher lithium hydroxide, nickel sulphate and cobalt sulphate prices were rapidly passed through to production costs. Robust ordering from Tier 1 cell manufacturers, alongside expectations of adjustments to China’s battery export tax rebate policy, provided additional support on the demand side.",[7265],{"type":928,"attrs":7266},{"color":7233},{"type":627,"attrs":7268},{"id":7269,"body":7270},"610678e1-8d60-4689-8308-eca46b89d4a1",[7271],{"id":7272,"_uid":7273,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28551476","i-a1ff2120-67a9-4ca0-aff8-226896b62c10",{"type":594,"attrs":7275,"content":7276},{"textAlign":49},[7277],{"text":7278,"type":599,"marks":7279},"LFP recorded an even stronger increase over the same period, driven by rising lithium carbonate prices, higher iron phosphate costs and increased sulphuric acid input costs. ESS remained a consistent pillar of demand for LFP, even as China's domestic EV demand was seasonally soft. This underpinned higher-than-anticipated operating rates and enabled suppliers to push through higher offers.",[7280],{"type":928,"attrs":7281},{"color":7233},{"type":594,"attrs":7283,"content":7284},{"textAlign":49},[7285],{"text":7286,"type":599,"marks":7287},"By mid-March, CAM prices had largely stabilised. Nickel-based materials saw only modest additional gains, with demand mixed and buyers adopting a more cautious stance following the post-CNY restart. Prices fluctuated within a narrow range, rising earlier in the assessment period in line with lithium chemical prices before easing in the latter half amidst spot market weakness.",[7288],{"type":928,"attrs":7289},{"color":7233},{"type":594,"attrs":7291,"content":7292},{"textAlign":49},[7293],{"text":7294,"type":599,"marks":7295},"LFP continued to edge higher across March, rising by a further ~4%, albeit at a slower pace than earlier in the quarter, supported by resilient ESS demand and persistent cost pressures. In contrast, LCO prices remained stable amidst subdued consumer electronics demand during the month.",[7296],{"type":928,"attrs":7297},{"color":7233},{"type":594,"attrs":7299,"content":7300},{"textAlign":49},[7301],{"text":7302,"type":599,"marks":7303},"Overall, Q1 price movements were driven primarily by raw material cost pass-through rather than a notable uplift in end-market demand, underscoring the market’s continued sensitivity to upstream volatility.",[7304],{"type":928,"attrs":7305},{"color":7233},"The CAM market recorded a strong first quarter, with prices rising sharply throughout January and February before stabilising in March as feedstock volatility eased and battery demand remained steady. Benchmark data shows that LFP CAM prices increased by ~38% between mid-January and mid-March, whilst NCM811 rose by ~25% over the same period.",[7308],{"slug":2487,"name":2488,"content":7309},{"job_title":2490,"image":7310,"bio":2493,"linkedin":2494,"markets_covered":261},{"filename":2492},[7312,7313],{"slug":4805,"name":298},{"slug":4330,"name":150},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7315},{},{"id":7317,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7318,"copyright":547,"fieldtype":553,"meta_data":7319,"is_external_url":50},129066100365346,"https://a.storyblok.com/f/287943243085208/42d94a4aff/bm-cathode-picture.jpg",{},"The CAM market recorded a strong first quarter, with prices rising sharply throughout January and February before stabilising in March as feedstock volatility eased and battery demand remained steady.","Apr 16, 2026",{"id":7323,"uuid":7324,"name":7325,"slug":7326,"full_slug":7327,"content":7328},166290301030507,"e8b8c2f1-cff3-4d8c-9b57-f21f00bbc6a8","Strong demand, strong supply: Anode & Graphite Q1 2026 Price Review","strong-demand-strong-supply-anode-graphite-q1-2026-price-review","article/strong-demand-strong-supply-anode-graphite-q1-2026-price-review",{"_uid":7329,"date":7213,"tags":7330,"editor":7340,"content":7344,"excerpt":7501,"featured":51,"reporter":7502,"component":864,"seo_title":7506,"categories":7507,"visibility":882,"data_vis_image":7513,"featured_image":7515,"seo_description":7519,"formattedDate":7321},"519bdd2c-3970-4465-adeb-2d212081881f",[7331,7334,7337],{"slug":7332,"name":7333},"graphite-prices","Graphite prices",{"slug":7335,"name":7336},"anode-prices","Anode prices",{"slug":7338,"name":7339},"quarterly-price-review","Quarterly Price Review",[7341],{"slug":544,"name":543,"content":7342},{"job_title":557,"image":7343,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":7345},[7346,7381,7389,7411,7419,7427,7434,7442,7450,7458,7467,7475,7483,7493],{"type":594,"attrs":7347,"content":7348},{"textAlign":49},[7349,7353,7362,7367,7376],{"text":2372,"type":599,"marks":7350},[7351],{"type":928,"attrs":7352},{"color":7233},{"text":7354,"type":599,"marks":7355},"anode active material",[7356,7360],{"type":604,"attrs":7357},{"href":7358,"uuid":7359,"anchor":49,"target":650,"linktype":623},"/article/growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth","eb1c4eb8-2493-4dd3-a449-e2dcff7d1b71",{"type":928,"attrs":7361},{"color":7233},{"text":7363,"type":599,"marks":7364}," (AAM) market, across both natural and synthetic chemistries, ",[7365],{"type":928,"attrs":7366},{"color":7233},{"text":7368,"type":599,"marks":7369},"remained broadly stable throughout Q1 2026",[7370,7374],{"type":604,"attrs":7371},{"href":7372,"uuid":7373,"anchor":49,"target":650,"linktype":623},"/videos/graphite-s-next-act-evolving-demand-chinese-supply-dynamics-and-the-ex-china-premium","261981c1-d5b6-430a-bfa4-bfdfa92b410c",{"type":928,"attrs":7375},{"color":7233},{"text":7377,"type":599,"marks":7378},". Firm downstream demand, particularly from the energy storage sector, was offset by continued structural oversupply and stronger buyer leverage. Benchmark data shows that medium capacity synthetic graphite AAM prices rose ~1% between mid-January and mid-March, whilst all other grades remained stable over the same period.",[7379],{"type":928,"attrs":7380},{"color":7233},{"type":594,"attrs":7382,"content":7383},{"textAlign":49},[7384],{"text":7385,"type":599,"marks":7386},"Throughout January, demand held up well despite the usual seasonal slowdown in electric vehicle (EV) battery production. ESS demand remained robust and provided the main source of support, with some downstream battery producers also bringing purchases forward ahead of CNY. Despite this, the market remained oversupplied, allowing supported demand to be absorbed without difficulty and limiting any meaningful pricing power for AAM producers.",[7387],{"type":928,"attrs":7388},{"color":7233},{"type":594,"attrs":7390,"content":7391},{"textAlign":49},[7392,7397,7406],{"text":7393,"type":599,"marks":7394},"On the feedstock side, most natural graphite producers had entered partial or full shutdown by January due to seasonal factors and weak order books. However, these curtailments offered limited price support, as ample inventories held by producers and traders kept the market well-supplied and prices stable. Meanwhile, in the ",[7395],{"type":928,"attrs":7396},{"color":7233},{"text":7398,"type":599,"marks":7399},"coke market",[7400,7404],{"type":604,"attrs":7401},{"href":7402,"uuid":7403,"anchor":49,"target":650,"linktype":623},"/article/mitsubishi-chemical-to-exit-needle-coke-business-amid-prolonged-oversupply","46a5c78b-4875-4721-b8d2-a8a71fb860db",{"type":928,"attrs":7405},{"color":7233},{"text":7407,"type":599,"marks":7408},", pre-calcined low sulphur petroleum coke edged up by 1% over January on pre-CNY restocking and relatively firm ESS demand, whilst other grades remained broadly stable.",[7409],{"type":928,"attrs":7410},{"color":7233},{"type":594,"attrs":7412,"content":7413},{"textAlign":49},[7414],{"text":7415,"type":599,"marks":7416},"February brought a similar picture for the AAM market, with demand recovering after the holiday but prices remaining steady, as ample supply and strong buyer leverage continued to limit producer pricing power.",[7417],{"type":928,"attrs":7418},{"color":7233},{"type":594,"attrs":7420,"content":7421},{"textAlign":49},[7422],{"text":7423,"type":599,"marks":7424},"Feedstock conditions diverged over the period. Natural graphite feedstock prices remained broadly stable, whilst synthetic graphite feedstock costs rose, driven by post-CNY procurement, relatively low inventories, and elevated production costs.",[7425],{"type":928,"attrs":7426},{"color":7233},{"type":627,"attrs":7428},{"id":7429,"body":7430},"65e84829-2e6e-4de2-a7e2-96e645a785d9",[7431],{"id":7432,"_uid":7433,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28544564","i-20d3fe2f-fd18-449d-84b6-4fe38c86c0d7",{"type":594,"attrs":7435,"content":7436},{"textAlign":49},[7437],{"text":7438,"type":599,"marks":7439},"In March, cost pressures had intensified, with low sulphur petroleum coke prices rising by 5%, prompting some synthetic graphite AAM producers to seek higher prices. Sentiment became more supportive of upward adjustments; however, downstream cell makers continued to hold the stronger negotiating position. As a result, most synthetic graphite AAM prices remained flat, with only medium-energy material recording a ~1% rise by month-end.",[7440],{"type":928,"attrs":7441},{"color":7233},{"type":594,"attrs":7443,"content":7444},{"textAlign":49},[7445],{"text":7446,"type":599,"marks":7447},"The natural graphite AAM segment remained more insulated, given its lower exposure to raw material cost volatility, with -100 mesh, 94–95% C DDP China rising by only ~2% during March. Despite this uptick, broader market conditions, characterised by oversupply and limited producer leverage, continued to keep anode prices broadly stable.",[7448],{"type":928,"attrs":7449},{"color":7233},{"type":594,"attrs":7451,"content":7452},{"textAlign":49},[7453],{"text":7454,"type":599,"marks":7455},"Overall, Q1 was defined by resilient ESS-linked demand and rising cost pressure, particularly in synthetic graphite, but structural overcapacity continued to cap upside, leaving both synthetic and natural graphite AAM prices broadly stable through the quarter.",[7456],{"type":928,"attrs":7457},{"color":7233},{"type":594,"attrs":7459,"content":7460},{"textAlign":49},[7461],{"text":7462,"type":599,"marks":7463},"This is the fifth in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below:",[7464,7466],{"type":928,"attrs":7465},{"color":7233},{"type":643},{"type":594,"attrs":7468,"content":7469},{"textAlign":49},[7470],{"text":7471,"type":599,"marks":7472},"Volatile, yet robust: Lithium Q1 2026 Price Review",[7473],{"type":604,"attrs":7474},{"href":2137,"uuid":2138,"anchor":49,"target":650,"linktype":623},{"type":594,"attrs":7476,"content":7477},{"textAlign":49},[7478],{"text":7479,"type":599,"marks":7480},"Production quotas control nickel price: Nickel Q1 2026 Price Review",[7481],{"type":604,"attrs":7482},{"href":4232,"uuid":4233,"anchor":49,"target":650,"linktype":623},{"type":594,"attrs":7484,"content":7485},{"textAlign":49},[7486],{"text":7487,"type":599,"marks":7488},"Supply strains keep prices steady: Cobalt Q1 2026 Price Review",[7489],{"type":604,"attrs":7490},{"href":7491,"uuid":7492,"anchor":49,"target":650,"linktype":623},"/article/supply-strains-keep-prices-steady-cobalt-q1-2026-price-review","0b16c504-8e01-449c-9efe-b239dc7e8242",{"type":594,"attrs":7494,"content":7495},{"textAlign":49},[7496],{"text":7497,"type":599,"marks":7498},"Tight supply and Chinese policy drive prices: Rare Earths Q1 2026 Price Review",[7499],{"type":604,"attrs":7500},{"href":5118,"uuid":5119,"anchor":49,"target":650,"linktype":623},"The anode active material (AAM) market, across both natural and synthetic chemistries, remained broadly stable throughout Q1 2026. Firm downstream demand, particularly from the energy storage sector, was offset by continued structural oversupply and stronger buyer leverage. Benchmark data shows that medium capacity synthetic graphite AAM prices rose ~1% between mid-January and mid-March, whilst all other grades remained stable over the same period.",[7503],{"slug":2487,"name":2488,"content":7504},{"job_title":2490,"image":7505,"bio":2493,"linkedin":2494,"markets_covered":261},{"filename":2492},"Strong demand and supply: Anode & Graphite Q1 2026 Price Review",[7508,7509,7510,7511,7512],{"slug":2497,"name":261},{"slug":2504,"name":2505},{"slug":2502,"name":189},{"slug":2507,"name":2508},{"slug":872,"name":873},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7514},{},{"id":7516,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7517,"copyright":547,"fieldtype":553,"meta_data":7518,"is_external_url":50},129067696921460,"https://a.storyblok.com/f/287943243085208/6d36257f67/bm-fortum-graphite-recycling.jpg",{},"The anode active material (AAM) market, across both natural and synthetic chemistries, remained broadly stable throughout Q1 2026.",{"id":7521,"uuid":5119,"name":7497,"slug":7522,"full_slug":7523,"content":7524},166226238642468,"tight-supply-and-chinese-policy-drive-prices-rare-earths-q1-2026-price-review","article/tight-supply-and-chinese-policy-drive-prices-rare-earths-q1-2026-price-review",{"_uid":7525,"date":7526,"tags":7527,"editor":7532,"content":7536,"excerpt":7686,"featured":51,"reporter":7687,"component":864,"seo_title":7698,"categories":7699,"visibility":2091,"data_vis_image":7702,"featured_image":7704,"seo_description":7686,"formattedDate":7708},"58b8210f-3480-4f79-b889-72c1fe9d31a8","2026-04-15 00:00",[7528,7531],{"slug":7529,"name":7530},"rare-earth-prices","rare earth prices",{"slug":7338,"name":7339},[7533],{"slug":544,"name":543,"content":7534},{"job_title":557,"image":7535,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":7537},[7538,7572,7580,7587,7609,7617,7625,7640,7648,7657,7664,7671,7678],{"type":594,"attrs":7539,"content":7540},{"textAlign":49},[7541,7546,7555,7560,7567],{"text":7542,"type":599,"marks":7543},"Rare earth prices ",[7544],{"type":928,"attrs":7545},{"color":7233},{"text":7547,"type":599,"marks":7548},"surged through January and February",[7549,7553],{"type":604,"attrs":7550},{"href":7551,"uuid":7552,"anchor":49,"target":650,"linktype":623},"/article/rare-earths-price-rally-highlights-china-s-influence-on-market","43bb65ef-102c-4f79-9f64-a8f6740ded80",{"type":928,"attrs":7554},{"color":7233},{"text":7556,"type":599,"marks":7557}," before some grades, particularly ",[7558],{"type":928,"attrs":7559},{"color":7233},{"text":7561,"type":599,"marks":7562},"magnet",[7563,7565],{"type":604,"attrs":7564},{"href":5136,"uuid":5137,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":7566},{"color":7233},{"text":7568,"type":599,"marks":7569}," materials, softened sharply in March. Over the quarter, Benchmark’s China praseodymium-neodymium (PrNd) oxide assessment rose by ~30%.",[7570],{"type":928,"attrs":7571},{"color":7233},{"type":594,"attrs":7573,"content":7574},{"textAlign":49},[7575],{"text":7576,"type":599,"marks":7577},"In early January, Chinese rare earth oxide prices showed a mixed trend, with light rare earths edging higher on year-end restocking whilst heavy rare earths saw a slight downtick, despite early signs of stabilisation after their recent decline. Later in the month, Chinese rare earth oxide prices rose across all grades, supported by tight mining quotas, higher raw material costs and stronger downstream restocking ahead of CNY. The rally quickly fed through into the European and North American markets, where buyers continued to take direction from Chinese benchmarks.",[7578],{"type":928,"attrs":7579},{"color":7233},{"type":627,"attrs":7581},{"id":7582,"body":7583},"cde450dc-65ed-4e9b-b135-a8b99d61d95f",[7584],{"id":7585,"_uid":7586,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28540960","i-6d689a24-991c-416a-94d0-b2a767be1718",{"type":594,"attrs":7588,"content":7589},{"textAlign":49},[7590,7595,7604],{"text":7591,"type":599,"marks":7592},"Throughout February, the rally continued, most notably in heavy rare earths, as export restrictions limited ex-China availability and ",[7593],{"type":928,"attrs":7594},{"color":7233},{"text":7596,"type":599,"marks":7597},"more aggressive Japanese",[7598,7602],{"type":604,"attrs":7599},{"href":7600,"uuid":7601,"anchor":49,"target":650,"linktype":623},"/article/what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan","9ddd3f7e-bf73-4e2a-a28b-7311cc5fcf20",{"type":928,"attrs":7603},{"color":7233},{"text":7605,"type":599,"marks":7606}," procurement added further pressure to already tight supply chains.",[7607],{"type":928,"attrs":7608},{"color":7233},{"type":594,"attrs":7610,"content":7611},{"textAlign":49},[7612],{"text":7613,"type":599,"marks":7614},"After the holiday period, rare earth prices remained firm, although trading became more cautious and volatile, with fewer large-volume deals taking place. In China, suppliers remained reluctant to sell aggressively, while raw material availability remained tight.",[7615],{"type":928,"attrs":7616},{"color":7233},{"type":594,"attrs":7618,"content":7619},{"textAlign":49},[7620],{"text":7621,"type":599,"marks":7622},"By mid- to late March, PrNd prices corrected lower as Chinese magnet makers adopted a more cautious stance and buyers resisted levels seen as ahead of near-term fundamentals. This weakness fed through into Europe and North America, where PrNd prices also moved downwards.",[7623],{"type":928,"attrs":7624},{"color":7233},{"type":594,"attrs":7626,"content":7627},{"textAlign":49},[7628,7635],{"text":7629,"type":599,"marks":7630},"Heavy rare earths",[7631,7633],{"type":604,"attrs":7632},{"href":5150,"uuid":5151,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":7634},{"color":7233},{"text":7636,"type":599,"marks":7637},", however, remained considerably tighter outside China. Dysprosium, terbium and particularly yttrium continued to be shaped by restricted Chinese exports, aggressive Japanese buying and strong aerospace demand for available material.",[7638],{"type":928,"attrs":7639},{"color":7233},{"type":594,"attrs":7641,"content":7642},{"textAlign":49},[7643],{"text":7644,"type":599,"marks":7645},"Overall, Q1 was defined by tight supply, policy-driven uncertainty and strong restocking early in the quarter, before shifting to a more cautious tone as downstream buying slowed and light rare earth prices corrected.",[7646],{"type":928,"attrs":7647},{"color":7233},{"type":594,"attrs":7649,"content":7650},{"textAlign":49},[7651],{"text":7652,"type":599,"marks":7653},"This is the fourth in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below:",[7654,7656],{"type":928,"attrs":7655},{"color":7233},{"type":643},{"type":594,"attrs":7658,"content":7659},{"textAlign":49},[7660],{"text":7471,"type":599,"marks":7661},[7662],{"type":604,"attrs":7663},{"href":2137,"uuid":2138,"anchor":49,"target":650,"linktype":623},{"type":594,"attrs":7665,"content":7666},{"textAlign":49},[7667],{"text":7479,"type":599,"marks":7668},[7669],{"type":604,"attrs":7670},{"href":4232,"uuid":4233,"anchor":49,"target":650,"linktype":623},{"type":594,"attrs":7672,"content":7673},{"textAlign":49},[7674],{"text":7487,"type":599,"marks":7675},[7676],{"type":604,"attrs":7677},{"href":7491,"uuid":7492,"anchor":49,"target":650,"linktype":623},{"type":594,"attrs":7679,"content":7680},{"textAlign":49},[7681],{"text":7325,"type":599,"marks":7682},[7683],{"type":604,"attrs":7684},{"href":7685,"uuid":7324,"anchor":49,"target":650,"linktype":623},"/article/strong-demand-strong-supply-anode-graphite-q1-2026-price-review","Rare earth prices surged through January and February before some grades, particularly magnet materials, softened sharply in March. Over the quarter, Benchmark’s China praseodymium-neodymium (PrNd) oxide assessment rose by ~30%.",[7688],{"slug":7689,"name":7690,"content":7691},"george-ingall","George Ingall",{"job_title":7692,"image":7693,"bio":7695,"linkedin":7696,"markets_covered":7697},"Price Analyst - Rare Earths & Battery Minerals",{"filename":7694},"https://a.storyblok.com/f/287943243085208/2943x3679/899ad64a5e/george-ingall.jpg","George specialises in rare earths and battery minerals, with expertise in tracking market movements, pricing trends, and supply-demand dynamics across critical raw materials. Experienced in delivering clear market insights and analysis that support commercial strategy, investment decisions, and industry understanding in fast-evolving global commodities markets.","https://www.linkedin.com/in/georgeingall/","Rare Earths, Cobalt, Natural Graphite, Synthetic Graphite, Anode","Tight supply and Chinese policy: Rare Earths Q1 2026 Price Review",[7700,7701],{"slug":872,"name":873},{"slug":1556,"name":414},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7703},{},{"id":7705,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7706,"copyright":547,"fieldtype":553,"meta_data":7707,"is_external_url":50},128982460178240,"https://a.storyblok.com/f/287943243085208/2560x1705/845b994115/rare-earths-mine.jpg",{},"Apr 15, 2026",{"id":7710,"uuid":5877,"name":7711,"slug":7712,"full_slug":7713,"content":7714},166201115893665,"What Hungary’s election outcome means for its battery industry","what-hungary-s-election-outcome-means-for-its-battery-industry","article/what-hungary-s-election-outcome-means-for-its-battery-industry",{"_uid":7715,"date":7526,"tags":7716,"editor":7729,"content":7733,"excerpt":7857,"featured":51,"reporter":7858,"component":864,"seo_title":7711,"categories":7869,"visibility":882,"data_vis_image":7872,"featured_image":7876,"seo_description":7880,"formattedDate":7708},"57561e26-b1ff-46fb-b0c6-50a0ce56450d",[7717,7719,7720,7721,7724,7725,7728],{"slug":7718,"name":5872},"hungary",{"slug":2790,"name":2791},{"slug":578,"name":579},{"slug":7722,"name":7723},"samsung-sdi","Samsung SDI",{"slug":903,"name":904},{"slug":7726,"name":7727},"sk-on","SK On",{"slug":5954,"name":5955},[7730],{"slug":544,"name":543,"content":7731},{"job_title":557,"image":7732,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":7734},[7735,7757,7765,7787,7794,7802,7811,7819,7841,7849],{"type":594,"attrs":7736,"content":7737},{"textAlign":49},[7738,7743,7752],{"text":7739,"type":599,"marks":7740},"With four active battery cell manufacturing sites and two more set to begin production in 2026, Hungary is one of ",[7741],{"type":928,"attrs":7742},{"color":930},{"text":7744,"type":599,"marks":7745},"Europe’s success stories",[7746,7750],{"type":604,"attrs":7747},{"href":7748,"uuid":7749,"anchor":49,"target":650,"linktype":623},"/article/europe-policy-and-defence-key-quotes-from-giga-europe-2026","c7988c65-254d-49b5-b9b1-bab4bf5071b7",{"type":928,"attrs":7751},{"color":930},{"text":7753,"type":599,"marks":7754}," when it comes to battery localisation. Anticipated to host 127GWh of active capacity by the end of 2026, from four Tier 1 producers, the country accounts for 28% of the region's forecasted total capacity this year and 34% of production. Only Poland is expected to produce more cells, due to the 126GWh LGES NCM and LFP factory in Wroclaw.",[7755],{"type":928,"attrs":7756},{"color":930},{"type":594,"attrs":7758,"content":7759},{"textAlign":49},[7760],{"text":7761,"type":599,"marks":7762},"The 2026 Hungarian parliamentary election saw the country’s established battery industry become a contested issue between the incumbent Orbán-led Fidesz Party and the newly elected Tisza Party led by Péter Magyar. Magyar won the April 12, 2026, election in a landslide, with Tisza winning a two-thirds supermajority, giving Magyar a strong mandate to enact reforms.",[7763],{"type":928,"attrs":7764},{"color":930},{"type":594,"attrs":7766,"content":7767},{"textAlign":49},[7768,7773,7782],{"text":7769,"type":599,"marks":7770},"With the first commercial production at Samsung SDI in Göd in 2017, Hungary soon attracted further investment from another major South Korean company, SK On. The Orbán government granted close to EUR 300m ($354m) of state aid in 2021 for the construction of two SK On NCM cell factories. Growing international recognition of the administration’s welcoming stance toward foreign battery investment saw ",[7771],{"type":928,"attrs":7772},{"color":930},{"text":7774,"type":599,"marks":7775},"Chinese battery giant CATL",[7776,7780],{"type":604,"attrs":7777},{"href":7778,"uuid":7779,"anchor":49,"target":650,"linktype":623},"/article/catl-raises-4-6bn-in-hong-kong-listing-to-power-global-expansions","316c4035-3b6e-42c4-9994-2e47058a7558",{"type":928,"attrs":7781},{"color":930},{"text":7783,"type":599,"marks":7784}," announce a EUR 7.3bn ($7.4bn) 100GWh cell plant in Debrecen in late 2022. Promises of EUR 800m in grants, tax breaks, and infrastructural support followed.",[7785],{"type":928,"attrs":7786},{"color":930},{"type":627,"attrs":7788},{"id":7789,"body":7790},"70ab0294-fbe0-47ea-87b2-a4b1695b2128",[7791],{"id":7792,"_uid":7793,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28537876","i-427f9afe-dae5-48d4-acfa-44acd3f1e755",{"type":594,"attrs":7795,"content":7796},{"textAlign":49},[7797],{"text":7798,"type":599,"marks":7799},"Many other South Korean and Chinese projects continued to receive state support across the supply chain. For example, Chinese battery manufacturers BYD and Sunwoda both received support to establish battery pack plants in 2025.",[7800],{"type":928,"attrs":7801},{"color":930},{"type":657,"attrs":7803,"content":7804},{"level":659,"textAlign":49},[7805],{"text":7806,"type":599,"marks":7807},"Magyar promises tighter control over cell producers",[7808,7810],{"type":928,"attrs":7809},{"color":930},{"type":665},{"type":594,"attrs":7812,"content":7813},{"textAlign":49},[7814],{"text":7815,"type":599,"marks":7816},"The industry's growth came with significant challenges and local opposition, particularly over environmental and social issues.",[7817],{"type":928,"attrs":7818},{"color":930},{"type":594,"attrs":7820,"content":7821},{"textAlign":49},[7822,7827,7836],{"text":7823,"type":599,"marks":7824},"Samsung SDI’s factory saw continual fines issued for health and environmental-related safety breaches often related to NMP solvents, whilst continuing to receive state support and reportedly failing to address the causes. ",[7825],{"type":928,"attrs":7826},{"color":930},{"text":7828,"type":599,"marks":7829},"CATL’s huge 100GWh plant",[7830,7834],{"type":604,"attrs":7831},{"href":7832,"uuid":7833,"anchor":49,"target":650,"linktype":623},"/article/catl-revises-2026-production-guidance-up-30-to-1300gwh","2f17b8af-9b62-4fe3-9976-0ad77118a642",{"type":928,"attrs":7835},{"color":930},{"text":7837,"type":599,"marks":7838}," faced an initial wave of opposition over expected water consumption, and more recently, due to its planned reliance on foreign workers, exacerbated by an incident in which it laid off over 100 Hungarian workers in favour of Chinese professionals.",[7839],{"type":928,"attrs":7840},{"color":930},{"type":594,"attrs":7842,"content":7843},{"textAlign":49},[7844],{"text":7845,"type":599,"marks":7846},"Magyar promised in the lead-up to the election to curtail abuses in the battery industry, hold responsible those who had contributed to social and environmental scandals, and to develop a \"comprehensive battery industry strategy.\" Magyar promised to stop prioritising investment from Asia and to \"reduce support for assembly plants and environmentally harmful technologies. He specifically referenced Samsung SDI, arguing that the Göd factory perfectly illustrates “the essence of the Orbán system”, where corruption and subservience to foreign corporations override public safety.",[7847],{"type":928,"attrs":7848},{"color":930},{"type":594,"attrs":7850,"content":7851},{"textAlign":49},[7852],{"text":7853,"type":599,"marks":7854},"Whilst it remains to be seen, the new administration may begin to enact tighter controls on the country’s battery players, potentially raising labour costs and lengthening development times for new projects. Hungary has however, already sunk a large volume of investments into the new energy supply chain, and the country’s wider economic situation may not allow for the curtailment of a dominant industry.",[7855],{"type":928,"attrs":7856},{"color":930},"With four active battery cell manufacturing sites and two more set to begin production in 2026, Hungary is one of Europe’s success stories when it comes to battery localisation. Anticipated to host 127GWh of active capacity by the end of 2026, from four Tier 1 producers, the country accounts for 28% of the region's forecasted total capacity this year and 34% of production. Only Poland is expected to produce more cells, due to the 126GWh LGES NCM and LFP factory in Wroclaw.\nThe 2026 Hungarian parliamentary election saw the country’s established battery industry become a contested issue between the incumbent Orbán-led Fidesz Party and the newly elected Tisza Party led by Péter Magyar. Magyar won the April 12, 2026, election in a landslide, with Tisza winning a two-thirds supermajority, giving Magyar a strong mandate to enact reforms.",[7859],{"slug":7860,"name":7861,"content":7862},"evan-hartley","Evan Hartley",{"job_title":7863,"image":7864,"bio":7866,"linkedin":7867,"markets_covered":7868},"Research Manager",{"filename":7865},"https://a.storyblok.com/f/287943243085208/800x800/670548875a/evan-h.jpeg","Evan is a Research Manager at Benchmark Mineral Intelligence, focusing on supply, demand, and cost analysis for global battery cell manufacturing, with previous experiences within the cathode and precusor cathode markets. He has over three years of experience in the sector, and holds a BSc. in Physical Geography from Durham University.","https://www.linkedin.com/in/evan-hartley/","Battery",[7870,7871],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":7873,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7874,"copyright":547,"fieldtype":553,"meta_data":7875,"is_external_url":50},166202341412585,"https://a.storyblok.com/f/287943243085208/1588x1346/de82a9a2b6/hungary-gigafactories-2x.png",{},{"id":7877,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7878,"copyright":547,"fieldtype":553,"meta_data":7879,"is_external_url":50},166202056412842,"https://a.storyblok.com/f/287943243085208/6000x4000/9b28744e17/hungary-flags.jpg",{},"With four active battery cell manufacturing sites and two more set to begin production in 2026, Hungary is one of Europe’s success stories when it comes to battery localisation. Anticipated to host 127GWh of active capacity by the end of 2026...",{"id":7882,"uuid":7492,"name":7487,"slug":7883,"full_slug":7884,"content":7885},165816271056404,"supply-strains-keep-prices-steady-cobalt-q1-2026-price-review","article/supply-strains-keep-prices-steady-cobalt-q1-2026-price-review",{"_uid":7886,"date":7887,"tags":7888,"editor":7891,"content":7895,"excerpt":7971,"featured":51,"reporter":7972,"component":864,"seo_title":7487,"categories":7976,"visibility":882,"data_vis_image":7978,"featured_image":7980,"seo_description":7971,"formattedDate":7984},"dd20c67a-892b-4993-964d-c8fc03add556","2026-04-14 00:00",[7889,7890],{"slug":7216,"name":7217},{"slug":581,"name":582},[7892],{"slug":544,"name":543,"content":7893},{"job_title":557,"image":7894,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":7896},[7897,7905,7913,7920,7928,7936,7944,7953,7962],{"type":594,"attrs":7898,"content":7899},{"textAlign":49},[7900],{"text":7901,"type":599,"marks":7902},"Cobalt prices throughout the first quarter traded within a relatively tight range, yet with a distinctly bullish undertone supported by feedstock tightness rather than any notable real demand recovery. Supply delays from the DRC, limited spot availability and high input costs supported elevated cobalt sulphate, hydroxide and metal prices, even as buying interest remained cautious across much of the battery supply chain; Benchmark’s CIF Asia cobalt hydroxide price ended the quarter ~3% above its starting point on 7 January 2026.",[7903],{"type":928,"attrs":7904},{"color":7233},{"type":594,"attrs":7906,"content":7907},{"textAlign":49},[7908],{"text":7909,"type":599,"marks":7910},"In January, cobalt prices strengthened on expectations of tighter feedstock availability, alongside restocking by pCAM producers ahead of CNY following earlier inventory drawdowns. Delays to DRC exports, and expectations that new cargoes would not reach China until late Q1, reinforced expectations for sustained hydroxide tightness.",[7911],{"type":928,"attrs":7912},{"color":7233},{"type":627,"attrs":7914},{"id":7915,"body":7916},"56955827-8b99-49b1-a8df-6b36ba84b388",[7917],{"id":7918,"_uid":7919,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28516805","i-161d92ad-ee0e-40ad-a407-9941f9e323b2",{"type":594,"attrs":7921,"content":7922},{"textAlign":49},[7923],{"text":7924,"type":599,"marks":7925},"In February, spot activity weakened further as the CNY period constrained trading across the Chinese cobalt market, with many Chinese operations offline and logistics disrupted. However, there was little sign of notable price weakness as market remained anchored by continued global tightness in hydroxide and restricted upstream availability.",[7926],{"type":928,"attrs":7927},{"color":7233},{"type":594,"attrs":7929,"content":7930},{"textAlign":49},[7931],{"text":7932,"type":599,"marks":7933},"In March, the market remained subdued, though upstream tightness continued to provide support. Cobalt sulphate prices softened modestly as some traders offered discounted units and pCAM producers worked through elevated pre-holiday inventories. However, the continued absence of DRC exports kept hydroxide availability tight, whilst concerns surrounding sulphur supply for Indonesian HPAL production kept feedstock sentiment tight.",[7934],{"type":928,"attrs":7935},{"color":7233},{"type":594,"attrs":7937,"content":7938},{"textAlign":49},[7939],{"text":7940,"type":599,"marks":7941},"That combination left cobalt broadly steady throughout Q1, with prices supported less by robust demand than by the market’s limited slack for further supply disruption.",[7942],{"type":928,"attrs":7943},{"color":7233},{"type":594,"attrs":7945,"content":7946},{"textAlign":49},[7947],{"text":7948,"type":599,"marks":7949},"This is the third in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below:",[7950,7952],{"type":928,"attrs":7951},{"color":7233},{"type":643},{"type":594,"attrs":7954,"content":7955},{"textAlign":49},[7956],{"text":7471,"type":599,"marks":7957},[7958,7960],{"type":604,"attrs":7959},{"href":2137,"uuid":2138,"anchor":49,"target":622,"linktype":623},{"type":928,"attrs":7961},{"color":930},{"type":594,"attrs":7963,"content":7964},{"textAlign":49},[7965],{"text":7479,"type":599,"marks":7966},[7967,7969],{"type":604,"attrs":7968},{"href":4232,"uuid":4233,"anchor":49,"target":622,"linktype":623},{"type":928,"attrs":7970},{"color":930},"Cobalt prices throughout the first quarter traded within a relatively tight range, yet with a distinctly bullish undertone supported by feedstock tightness rather than any notable real demand recovery.",[7973],{"slug":7689,"name":7690,"content":7974},{"job_title":7692,"image":7975,"bio":7695,"linkedin":7696,"markets_covered":7697},{"filename":7694},[7977],{"slug":867,"name":115},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":7979},{},{"id":7981,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7982,"copyright":547,"fieldtype":553,"meta_data":7983,"is_external_url":50},129068926213597,"https://a.storyblok.com/f/287943243085208/bc831c2316/bm-jervois-cobalt-2.jpg",{},"Apr 14, 2026",{"id":7986,"uuid":4233,"name":7479,"slug":7987,"full_slug":7988,"content":7989},165789935154098,"production-quotas-control-nickel-price-nickel-q1-2026-price-review","article/production-quotas-control-nickel-price-nickel-q1-2026-price-review",{"_uid":7990,"date":7887,"tags":7991,"editor":8000,"content":8004,"excerpt":8010,"featured":51,"reporter":8117,"component":864,"seo_title":8121,"categories":8122,"visibility":882,"data_vis_image":8125,"featured_image":8129,"seo_description":8133,"formattedDate":7984},"4ebb60e7-d065-4627-ac66-520e318e72d5",[7992,7993,7996,7999],{"slug":578,"name":579},{"slug":7994,"name":7995},"nickel-prices","Nickel prices",{"slug":7997,"name":7998},"indonesia","Indonesia",{"slug":7338,"name":7339},[8001],{"slug":544,"name":543,"content":8002},{"job_title":557,"image":8003,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":8005},[8006,8014,8036,8056,8063,8071,8091,8099,8108],{"type":594,"attrs":8007,"content":8008},{"textAlign":49},[8009],{"text":8010,"type":599,"marks":8011},"The nickel market experienced a relatively volatile first quarter in 2026 as metal prices rallied on the back of supply-side concerns. Prices for Benchmark’s EXW China nickel sulphate price grade rose by 18.6% throughout the quarter, responding to supply concerns from Indonesia and a broader battery metal price rally.",[8012],{"type":928,"attrs":8013},{"color":7233},{"type":594,"attrs":8015,"content":8016},{"textAlign":49},[8017,8022,8031],{"text":8018,"type":599,"marks":8019},"In early January, rumours surrounding tighter ",[8020],{"type":928,"attrs":8021},{"color":7233},{"text":8023,"type":599,"marks":8024},"Indonesian RKAB nickel ore production quotas",[8025,8029],{"type":604,"attrs":8026},{"href":8027,"uuid":8028,"anchor":49,"target":650,"linktype":623},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"type":928,"attrs":8030},{"color":7233},{"text":8032,"type":599,"marks":8033}," lifted metal prices as well as elevating nickel sulphate and MHP prices too. Supply concerns deepened later in the month as the quotas were formally announced as near-term ore availability was pulled into question, keeping nickel prices supported and MHP payables firm.",[8034],{"type":928,"attrs":8035},{"color":7233},{"type":594,"attrs":8037,"content":8038},{"textAlign":49},[8039,8044,8051],{"text":8040,"type":599,"marks":8041},"Market players were clear, however, that this was not a demand-led rally, with ",[8042],{"type":928,"attrs":8043},{"color":7233},{"text":8045,"type":599,"marks":8046},"prices largely tracking gains",[8047,8049],{"type":604,"attrs":8048},{"href":2200,"uuid":2201,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8050},{"color":7233},{"text":8052,"type":599,"marks":8053}," in the LME nickel metal price rather than any clear improvement in nickel-based chemistry battery demand. From mid-January, midstream players resisted higher sulphate prices to protect margins, whilst downstream consumers mostly adopted a wait-and-see approach, viewing the rally as disconnected from prevailing market fundamentals.",[8054],{"type":928,"attrs":8055},{"color":7233},{"type":627,"attrs":8057},{"id":8058,"body":8059},"5531a1d4-9354-421a-b5a2-a9839240c20e",[8060],{"id":8061,"_uid":8062,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28515065","i-4fb6d44e-1641-447d-8d54-441bc8895698",{"type":594,"attrs":8064,"content":8065},{"textAlign":49},[8066],{"text":8067,"type":599,"marks":8068},"Throughout February, prices softened as LME nickel retreated amidst a broader commodity sell-off, whilst the CNY period constrained market activity with several consumers temporarily offline. Even so, feedstock prices did not fall sharply, as limited MHP availability, cobalt supply tightness and the dominance of long-term contracts kept payables elevated.",[8069],{"type":928,"attrs":8070},{"color":7233},{"type":594,"attrs":8072,"content":8073},{"textAlign":49},[8074,8079,8086],{"text":8075,"type":599,"marks":8076},"Despite the Indonesian government disclosing that it plans to supplement the initial RKAB production quotas in July, March brought a somewhat firmer tone. This robustness stemmed from ",[8077],{"type":928,"attrs":8078},{"color":7233},{"text":8080,"type":599,"marks":8081},"Middle Eastern sulphur supply concerns for HPAL operations",[8082,8084],{"type":604,"attrs":8083},{"href":4129,"uuid":4130,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8085},{"color":7233},{"text":8087,"type":599,"marks":8088},", ongoing ore tightness, and disruptions in Madagascar and Cuba, which maintained resilient prices. Even so, the demand backdrop remained underwhelming and most market players saw little evidence of a near-term recovery in nickel-based battery chemicals consumption.",[8089],{"type":928,"attrs":8090},{"color":7233},{"type":594,"attrs":8092,"content":8093},{"textAlign":49},[8094],{"text":8095,"type":599,"marks":8096},"Overall, Q1 2026 was defined less by improving downstream demand than by recurring supply-side risks, thin spot liquidity and continued sensitivity to Indonesian policy and broader macro sentiment.",[8097],{"type":928,"attrs":8098},{"color":7233},{"type":594,"attrs":8100,"content":8101},{"textAlign":49},[8102],{"text":8103,"type":599,"marks":8104},"This is the second in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below (will be updated as more are released):",[8105,8107],{"type":928,"attrs":8106},{"color":7233},{"type":643},{"type":594,"attrs":8109,"content":8110},{"textAlign":49},[8111],{"text":7471,"type":599,"marks":8112},[8113,8115],{"type":604,"attrs":8114},{"href":2137,"uuid":2138,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8116},{"color":930},[8118],{"slug":5723,"name":5724,"content":8119},{"job_title":5726,"image":8120,"bio":5729,"linkedin":5730,"markets_covered":5731},{"filename":5728},"RKAB quotas control nickel price: Nickel Q1 2026 Price Review",[8123,8124],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":8126,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8127,"copyright":547,"fieldtype":553,"meta_data":8128,"is_external_url":50},165792639601595,"https://a.storyblok.com/f/287943243085208/1588x1324/07f8a2e26a/nickel-prices-in-q1-2026-were-controlled-by-indonesia-s-rkab-quota-changes-2x-1.png",{},{"id":8130,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8131,"copyright":547,"fieldtype":553,"meta_data":8132,"is_external_url":50},129070300209331,"https://a.storyblok.com/f/287943243085208/0088effcc6/bm-nickel-smelter1.jpg",{},"The nickel market experienced a relatively volatile first quarter in 2026 as metal prices rallied on the back of supply-side concerns. Prices for Benchmark’s EXW China nickel sulphate price grade rose by 18.6% throughout the quarter.",{"id":8135,"uuid":5262,"name":8136,"slug":8137,"full_slug":8138,"content":8139},165520886984530,"Global EV sales reached 1.75 million units in March 2026","global-ev-sales-reached-1-75-million-units-in-march-2026","article/global-ev-sales-reached-1-75-million-units-in-march-2026",{"_uid":8140,"date":7887,"tags":8141,"editor":8143,"content":8147,"excerpt":8153,"featured":51,"reporter":8409,"component":864,"seo_title":8136,"categories":8413,"visibility":2091,"data_vis_image":8416,"featured_image":8418,"seo_description":8422,"formattedDate":7984},"777494e9-22a1-4d5d-956a-260070655e05",[8142],{"slug":2784,"name":2785},[8144],{"slug":544,"name":543,"content":8145},{"job_title":557,"image":8146,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":8148},[8149,8157,8169,8206,8210,8218,8226,8246,8254,8261,8289,8297,8305,8313,8320,8340,8348,8355,8377,8385,8393,8401],{"type":594,"attrs":8150,"content":8151},{"textAlign":49},[8152],{"text":8153,"type":599,"marks":8154},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.75 million electric vehicles were sold globally in March 2026, bringing Q1 2026 EV sales to 4.0 million – down 3% year-on-year. In March 2026, EV sales grew 66% month-on-month and up by 3% year-on-year.",[8155],{"type":928,"attrs":8156},{"color":5218},{"type":594,"attrs":8158,"content":8159},{"textAlign":5241},[8160,8167],{"text":8161,"type":599,"marks":8162},"Snapshot electric vehicle sales",[8163],{"type":604,"attrs":8164},{"href":8165,"uuid":8166,"anchor":49,"target":650,"linktype":623},"/publications/briefings/all-ev-sales/march-2026-major-market-ev-sales","46877ba4-7512-4e04-9f08-2ec279bf2163",{"text":8168,"type":599}," in Q1 2026 vs Q1 2025, YTD %",{"type":3158,"content":8170},[8171,8178,8185,8192,8199],{"type":3161,"content":8172},[8173],{"type":594,"attrs":8174,"content":8175},{"textAlign":49},[8176],{"text":8177,"type":599},"Global: 4.0 million, -3%   ",{"type":3161,"content":8179},[8180],{"type":594,"attrs":8181,"content":8182},{"textAlign":49},[8183],{"text":8184,"type":599},"China: 1.9 million, -21%",{"type":3161,"content":8186},[8187],{"type":594,"attrs":8188,"content":8189},{"textAlign":49},[8190],{"text":8191,"type":599},"Europe: 1.2 million, +27%",{"type":3161,"content":8193},[8194],{"type":594,"attrs":8195,"content":8196},{"textAlign":49},[8197],{"text":8198,"type":599},"North America: 0.32 million, -27%",{"type":3161,"content":8200},[8201],{"type":594,"attrs":8202,"content":8203},{"textAlign":49},[8204],{"text":8205,"type":599},"Rest of World: 0.6 million, +79%",{"type":594,"attrs":8207,"content":8208},{"textAlign":5241},[8209],{"text":5244,"type":599},{"type":594,"attrs":8211,"content":8212},{"textAlign":5241},[8213],{"text":8214,"type":599,"marks":8215},"“The global EV market rebounded strongly in March 2026, with a resurgence in China following the Chinese New Year and record-breaking months across several countries in Europe and Asia driving a 66% month-on-month increase in sales. Despite this momentum, underlying regional divergence remains pronounced as structural pressures continue to weigh on key markets.",[8216],{"type":928,"attrs":8217},{"color":5218},{"type":594,"attrs":8219,"content":8220},{"textAlign":5241},[8221],{"text":8222,"type":599,"marks":8223},"\"Europe has emerged as the clear engine of growth, recording its strongest month on record with over half a million units sold. Sales rose 72% month-on-month and 37% year-on-year, supported by subsidy schemes and rising petrol prices. Major markets including the UK, France, Italy and Spain all delivered standout performances, while Chinese OEMs are capturing an increasing share of BEV sales across the region.",[8224],{"type":928,"attrs":8225},{"color":5218},{"type":594,"attrs":8227,"content":8228},{"textAlign":5241},[8229,8234,8241],{"text":8230,"type":599,"marks":8231},"\"China’s market saw a sharp monthly recovery in March, with sales nearly doubling compared to February. However, the market remains down 21% year-to-date as policy adjustments continue to constrain domestic demand. ",[8232],{"type":928,"attrs":8233},{"color":5218},{"text":8235,"type":599,"marks":8236},"Exports remain a key outlet",[8237,8239],{"type":604,"attrs":8238},{"href":3974,"uuid":3975,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8240},{"color":5218},{"text":8242,"type":599,"marks":8243}," for Chinese manufacturers, though rising overseas inventories suggest demand may not be keeping pace.”",[8244],{"type":928,"attrs":8245},{"color":5218},{"type":594,"attrs":8247,"content":8248},{"textAlign":5241},[8249],{"type":1186,"attrs":8250},{"id":8251,"alt":547,"src":8252,"title":547,"source":547,"copyright":547,"meta_data":8253},165521430195943,"https://a.storyblok.com/f/287943243085208/1280x720/676c882f9c/benchmark-march-monthly-ev-sales.jpg",{},{"type":657,"attrs":8255,"content":8256},{"level":659,"textAlign":5241},[8257],{"text":2791,"type":599,"marks":8258},[8259],{"type":928,"attrs":8260},{"color":5218},{"type":594,"attrs":8262,"content":8263},{"textAlign":5241},[8264,8272,8277,8284],{"text":2791,"type":599,"marks":8265},[8266,8270],{"type":604,"attrs":8267},{"href":8268,"uuid":8269,"anchor":49,"target":650,"linktype":623},"/article/the-challenges-and-opportunities-of-europe-s-gigafactory-pipeline","6c3070da-9e0b-401f-b4d3-b32170207485",{"type":928,"attrs":8271},{"color":5218},{"text":8273,"type":599,"marks":8274}," recorded a landmark month for EV sales in March 2026, surpassing half a million units for the first time. Sales rose 72% month-on-month and 37% year-on-year, driven by renewed subsidy schemes and ",[8275],{"type":928,"attrs":8276},{"color":5218},{"text":8278,"type":599,"marks":8279},"higher petrol prices linked to the conflict in the Middle East",[8280,8282],{"type":604,"attrs":8281},{"href":2863,"uuid":2864,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8283},{"color":5218},{"text":8285,"type":599,"marks":8286},". Both BEVs and PHEVs reached record volumes.",[8287],{"type":928,"attrs":8288},{"color":5218},{"type":594,"attrs":8290,"content":8291},{"textAlign":5241},[8292],{"text":8293,"type":599,"marks":8294},"The strength reflects a combination of seasonal and structural factors. The UK benefited from the March registration plate change, alongside rising fuel costs, delivering a record month and 31% year-on-year growth. Across Europe, countries including Austria, Belgium, Finland, France, Italy, Portugal and Spain also posted record BEV sales, with higher petrol prices continuing to influence consumer behaviour and lift year-to-date growth.",[8295],{"type":928,"attrs":8296},{"color":5218},{"type":594,"attrs":8298,"content":8299},{"textAlign":5241},[8300],{"text":8301,"type":599,"marks":8302},"Chinese OEMs are also playing an increasing role. In Italy, Leapmotor accounted for around 30% of BEV sales in Q1 2026, with other Chinese brands pushing the total share closer to 40%.",[8303],{"type":928,"attrs":8304},{"color":5218},{"type":594,"attrs":8306,"content":8307},{"textAlign":5241},[8308],{"text":8309,"type":599,"marks":8310},"In France, rising petrol prices, despite price caps from suppliers such as TotalEnergies, triggered ‘panic buying’ and supply disruptions at the pump. This helped drive BEV sales up 69% year-on-year, significantly outpacing the already strong 36% growth seen in January and February",[8311],{"type":928,"attrs":8312},{"color":5218},{"type":657,"attrs":8314,"content":8315},{"level":659,"textAlign":5241},[8316],{"text":2788,"type":599,"marks":8317},[8318],{"type":928,"attrs":8319},{"color":5218},{"type":594,"attrs":8321,"content":8322},{"textAlign":5241},[8323,8328,8335],{"text":8324,"type":599,"marks":8325},"Q1 2026 North American EV sales are down 27% compared to the same quarter last year, with the US down 27% and the Canadian market down 25%. Despite subdued sales so far this year in North America, the ",[8326],{"type":928,"attrs":8327},{"color":5218},{"text":8329,"type":599,"marks":8330},"US market had over 100,000 sales",[8331,8333],{"type":604,"attrs":8332},{"href":5511,"uuid":5512,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8334},{"color":5218},{"text":8336,"type":599,"marks":8337}," in March 2026 – the highest monthly figure since the tax credits were eliminated at the end of Q3 2025.",[8338],{"type":928,"attrs":8339},{"color":5218},{"type":594,"attrs":8341,"content":8342},{"textAlign":5241},[8343],{"text":8344,"type":599,"marks":8345},"In the US, Honda has followed several other North American OEMs that have pulled back plans for electrification. Honda cancelled the development and launch of its Honda 0 Series models. Shortly after, the Afeela models under a joint venture between Honda and Sony were also cancelled.",[8346],{"type":928,"attrs":8347},{"color":5218},{"type":657,"attrs":8349,"content":8350},{"level":659,"textAlign":5241},[8351],{"text":914,"type":599,"marks":8352},[8353],{"type":928,"attrs":8354},{"color":5218},{"type":594,"attrs":8356,"content":8357},{"textAlign":5241},[8358,8363,8372],{"text":8359,"type":599,"marks":8360},"In China, EV sales almost doubled in March 2026, compared to February, when EV sales were weaker due to the Chinese New Year. The ",[8361],{"type":928,"attrs":8362},{"color":5218},{"text":8364,"type":599,"marks":8365},"Chinese market remains down",[8366,8370],{"type":604,"attrs":8367},{"href":8368,"uuid":8369,"anchor":49,"target":650,"linktype":623},"/article/weakened-fiscal-support-impacts-china-s-ev-market","bb986c7d-3f1c-4405-8646-4bfd1affc910",{"type":928,"attrs":8371},{"color":5218},{"text":8373,"type":599,"marks":8374}," by 21% YTD in Q1 2026.",[8375],{"type":928,"attrs":8376},{"color":5218},{"type":594,"attrs":8378,"content":8379},{"textAlign":5241},[8380],{"text":8381,"type":599,"marks":8382},"In the opening quarter of 2026, China has exported significant volumes of BEVs and PHEVs as the domestic market continues to be squeezed. However, this has not materialised into registrations to the volumes we have seen in exports, leading to a rise in inventory overseas.",[8383],{"type":928,"attrs":8384},{"color":5218},{"type":657,"attrs":8386,"content":8387},{"level":659,"textAlign":5241},[8388],{"text":8389,"type":599,"marks":8390},"Rest of World (RoW)",[8391],{"type":928,"attrs":8392},{"color":5218},{"type":594,"attrs":8394,"content":8395},{"textAlign":5241},[8396],{"text":8397,"type":599,"marks":8398},"New Zealand’s increase in March BEV registrations has been the standout in terms of year-on-year growth rates, surging by 263% compared to the same month last year. At the end of February, the country saw an increase in sales of 20% for the year, however after March, that growth rate is now more than 100% compared to 2025.",[8399],{"type":928,"attrs":8400},{"color":5218},{"type":594,"attrs":8402,"content":8403},{"textAlign":5241},[8404],{"text":8405,"type":599,"marks":8406},"Since the start of the war in Iran, with petrol prices rising by over 20%, Oceania in general has been among the first to face concern over supplies at the pump. Australia also saw a significant year-on-year growth rate, with 89% more BEV sales than March 2025. However, this actually represented a lower growth rate than the country had been experiencing so far this year, as the first two months of 2025 were already very strong, with 111% growth, albeit from a lower base. March 2025 is now a record month for Australian BEV registrations, more than 2,000 higher than the previous record set in June last year.",[8407],{"type":928,"attrs":8408},{"color":5218},[8410],{"slug":3076,"name":3077,"content":8411},{"job_title":3079,"image":8412,"bio":3082,"linkedin":3083,"markets_covered":3084},{"filename":3081},[8414,8415],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":8251,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8252,"copyright":547,"fieldtype":553,"meta_data":8417,"is_external_url":50},{},{"id":8419,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8420,"copyright":547,"fieldtype":553,"meta_data":8421,"is_external_url":50},129064587089142,"https://a.storyblok.com/f/287943243085208/005d0156fa/bm-a-new-ford-mustang-mach-e-gt-x-electric-vehicle-parking-at-electrify-america-ev-charging-station.jpg",{},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.75 million electric vehicles were sold globally in March 2026, bringing Q1 2026 EV sales to 4.0 million – down 3% year-on-year.",{"id":8424,"uuid":2138,"name":7471,"slug":8425,"full_slug":8426,"content":8427},165516591983591,"volatile-yet-robust-lithium-q1-2026-price-review","article/volatile-yet-robust-lithium-q1-2026-price-review",{"_uid":8428,"date":8429,"tags":8430,"editor":8434,"content":8438,"excerpt":8665,"featured":51,"reporter":8666,"component":864,"seo_title":7471,"categories":8670,"visibility":2091,"data_vis_image":8673,"featured_image":8677,"seo_description":8681,"formattedDate":8682},"12b20dfc-d962-4131-b2d0-0d705eec6c6b","2026-04-13 00:00",[8431,8432,8433],{"slug":578,"name":579},{"slug":910,"name":911},{"slug":7338,"name":7339},[8435],{"slug":544,"name":543,"content":8436},{"job_title":557,"image":8437,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":8439},[8440,8462,8496,8503,8523,8556,8564,8598,8620,8628,8649,8658],{"type":594,"attrs":8441,"content":8442},{"textAlign":49},[8443,8448,8457],{"text":8444,"type":599,"marks":8445},"The first quarter of 2026 marked a volatile, yet robust, quarter for lithium. Prices surged in January, driven by depleted inventories, ",[8446],{"type":928,"attrs":8447},{"color":7233},{"text":8449,"type":599,"marks":8450},"supply disruptions",[8451,8455],{"type":604,"attrs":8452},{"href":8453,"uuid":8454,"anchor":49,"target":650,"linktype":623},"/article/sigmas-brazil-issues-could-tighten-lithium-supply-dynamics","843c52cb-18a1-43d5-88f6-fce666ba998b",{"type":928,"attrs":8456},{"color":7233},{"text":8458,"type":599,"marks":8459}," and policy optimism, before softening in February, and turning more cautious in March, as weaker EV demand figures weighed on sentiment.",[8460],{"type":928,"attrs":8461},{"color":7233},{"type":594,"attrs":8463,"content":8464},{"textAlign":49},[8465,8470,8477,8482,8491],{"text":8466,"type":599,"marks":8467},"In early January, ",[8468],{"type":928,"attrs":8469},{"color":7233},{"text":8471,"type":599,"marks":8472},"Chinese",[8473,8475],{"type":604,"attrs":8474},{"href":3974,"uuid":3975,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8476},{"color":7233},{"text":8478,"type":599,"marks":8479}," lithium prices ",[8480],{"type":928,"attrs":8481},{"color":7233},{"text":8483,"type":599,"marks":8484},"rallied sharply",[8485,8489],{"type":604,"attrs":8486},{"href":8487,"uuid":8488,"anchor":49,"target":650,"linktype":623},"/article/why-are-lithium-prices-in-china-soaring-this-week","5709f47a-e116-4be1-8db7-6794ce1a2288",{"type":928,"attrs":8490},{"color":7233},{"text":8492,"type":599,"marks":8493}," as inventories sat at notably low levels across the domestic supply chain. Sentiment improved on expectations of government stimulus, resilience in EV and particularly ESS demand, and speculative momentum in domestic futures markets.",[8494],{"type":928,"attrs":8495},{"color":7233},{"type":627,"attrs":8497},{"id":8498,"body":8499},"87abd0c9-ab20-4d2b-9a48-185da68ec420",[8500],{"id":8501,"_uid":8502,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28501901","i-49869ea5-b2f4-4ff1-88e6-586092781a1c",{"type":594,"attrs":8504,"content":8505},{"textAlign":49},[8506,8511,8518],{"text":8507,"type":599,"marks":8508},"The rally was reinforced by mounting supply concerns, including ",[8509],{"type":928,"attrs":8510},{"color":7233},{"text":8512,"type":599,"marks":8513},"delays to the restart of mines in Jiangxi",[8514,8516],{"type":604,"attrs":8515},{"href":1239,"uuid":1240,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8517},{"color":7233},{"text":8519,"type":599,"marks":8520}," following tighter Chinese scrutiny of industrial waste, tailings and permitting and environmental complaints.",[8521],{"type":928,"attrs":8522},{"color":7233},{"type":594,"attrs":8524,"content":8525},{"textAlign":49},[8526,8530,8537,8542,8551],{"text":3007,"type":599,"marks":8527},[8528],{"type":928,"attrs":8529},{"color":7233},{"text":8531,"type":599,"marks":8532},"early February",[8533,8535],{"type":604,"attrs":8534},{"href":2200,"uuid":2201,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8536},{"color":7233},{"text":8538,"type":599,"marks":8539},", a broader commodity sell-off weighed on lithium futures, whilst bearish commentary from major cell makers surrounding ",[8540],{"type":928,"attrs":8541},{"color":7233},{"text":8543,"type":599,"marks":8544},"oversupply",[8545,8549],{"type":604,"attrs":8546},{"href":8547,"uuid":8548,"anchor":49,"target":650,"linktype":623},"/article/what-does-albemarle-s-idling-of-kemerton-mean-for-australia-s-lithium-outlook-","0a24f1ec-69aa-416d-8eaf-e89f55bae6c2",{"type":928,"attrs":8550},{"color":7233},{"text":8552,"type":599,"marks":8553}," and underestimated inventories helped puncture the spot price rally in China.",[8554],{"type":928,"attrs":8555},{"color":7233},{"type":594,"attrs":8557,"content":8558},{"textAlign":49},[8559],{"text":8560,"type":599,"marks":8561},"Following this period, spot market activity slowed. Converter inventories remained tight and sellers were reluctant to release material at lower levels. As the market moved into the Chinese New Year (CNY) period, much of the lithium industry came to a standstill, with facilities pausing operations and trading stymied.",[8562],{"type":928,"attrs":8563},{"color":7233},{"type":594,"attrs":8565,"content":8566},{"textAlign":49},[8567,8572,8581,8586,8593],{"text":8568,"type":599,"marks":8569},"Supply concerns then returned to the forefront after ",[8570],{"type":928,"attrs":8571},{"color":7233},{"text":8573,"type":599,"marks":8574},"Zimbabwe moved to indefinitely suspend exports",[8575,8579],{"type":604,"attrs":8576},{"href":8577,"uuid":8578,"anchor":49,"target":650,"linktype":623},"/article/zimbabwe-suspends-lithium-concentrate-exports","604f5243-5659-4cc3-bbe4-a982e1bb429e",{"type":928,"attrs":8580},{"color":7233},{"text":8582,"type":599,"marks":8583}," of raw minerals and lithium concentrates, reigniting fears over ",[8584],{"type":928,"attrs":8585},{"color":7233},{"text":8587,"type":599,"marks":8588},"feedstock availability",[8589,8591],{"type":604,"attrs":8590},{"href":1305,"uuid":1306,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8592},{"color":7233},{"text":8594,"type":599,"marks":8595},". Combined with post-CNY restocking, this helped push prices higher once market activity resumed.",[8596],{"type":928,"attrs":8597},{"color":7233},{"type":594,"attrs":8599,"content":8600},{"textAlign":49},[8601,8606,8615],{"text":8602,"type":599,"marks":8603},"From mid-March, however, demand concerns re-emerged, particularly following ",[8604],{"type":928,"attrs":8605},{"color":7233},{"text":8607,"type":599,"marks":8608},"weaker EV sales",[8609,8613],{"type":604,"attrs":8610},{"href":8611,"uuid":8612,"anchor":49,"target":650,"linktype":623},"/article/lacklustre-ev-sales-and-geopolitical-tension-weigh-on-lithium-prices","7321793d-3b4f-4d2a-9e56-fcb067692f2f",{"type":928,"attrs":8614},{"color":7233},{"text":8616,"type":599,"marks":8617}," signals in China, which placed renewed downward pressure on domestic prices. Seaborne Asia prices, which lagged upward movements in the domestic market for most of Q1, proved more resilient. They were supported by confirmed spot transactions and still-elevated replacement costs.",[8618],{"type":928,"attrs":8619},{"color":7233},{"type":594,"attrs":8621,"content":8622},{"textAlign":49},[8623],{"text":8624,"type":599,"marks":8625},"Despite the more bearish tone throughout March, Benchmark’s CIF Asia lithium carbonate spot assessment ended the quarter up ~51% YTD, reflecting the strength of the notable gains made earlier in Q1.",[8626],{"type":928,"attrs":8627},{"color":7233},{"type":594,"attrs":8629,"content":8630},{"textAlign":49},[8631,8636,8645],{"text":8632,"type":599,"marks":8633},"Overall, the quarter was defined less by a steady recovery than by sharp volatility, fragile confidence and persistent ",[8634],{"type":928,"attrs":8635},{"color":7233},{"text":8637,"type":599,"marks":8638},"price sensitivity to supply risk",[8639,8643],{"type":604,"attrs":8640},{"href":8641,"uuid":8642,"anchor":49,"target":650,"linktype":623},"/article/benchmark-launches-industry-first-lithium-forward-curves","15214dcb-296e-4cd4-bf3a-d34bab23340a",{"type":928,"attrs":8644},{"color":7233},{"text":974,"type":599,"marks":8646},[8647],{"type":928,"attrs":8648},{"color":7233},{"type":594,"attrs":8650,"content":8651},{"textAlign":49},[8652],{"text":8653,"type":599,"marks":8654},"This is the first in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below (will be updated as more are released):",[8655,8657],{"type":928,"attrs":8656},{"color":7233},{"type":643},{"type":594,"attrs":8659,"content":8660},{"textAlign":49},[8661],{"text":7479,"type":599,"marks":8662},[8663],{"type":604,"attrs":8664},{"href":4232,"uuid":4233,"anchor":49,"target":650,"linktype":623},"The first quarter of 2026 marked a volatile, yet robust, quarter for lithium. Prices surged in January, driven by depleted inventories, supply disruptions and policy optimism, before softening in February, and turning more cautious in March, as weaker EV demand figures weighed on sentiment.\nIn early January, Chinese lithium prices rallied sharply as inventories sat at notably low levels across the domestic supply chain. Sentiment improved on expectations of government stimulus, resilience in EV and particularly ESS demand, and speculative momentum in domestic futures markets.",[8667],{"slug":1103,"name":1104,"content":8668},{"job_title":1106,"image":8669,"bio":1109,"linkedin":1110,"markets_covered":1111},{"filename":1108},[8671,8672],{"slug":872,"name":873},{"slug":878,"name":8},{"id":8674,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8675,"copyright":547,"fieldtype":553,"meta_data":8676,"is_external_url":50},165518774602992,"https://a.storyblok.com/f/287943243085208/1600x1556/daa16e54be/q4-q1-2026-li-carbonate_hydroxide-exw-china-price-vs-inventory-2x.png",{},{"id":8678,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8679,"copyright":547,"fieldtype":553,"meta_data":8680,"is_external_url":50},129072823997951,"https://a.storyblok.com/f/287943243085208/c1b4a53c46/bm-spodumene5.jpg",{},"The first quarter of 2026 marked a volatile, yet robust, quarter for lithium. Prices surged in January, driven by depleted inventories, supply disruptions and policy optimism, before softening in February, and turning more cautious in March.","Apr 13, 2026",{"id":8684,"uuid":7240,"name":8685,"slug":8686,"full_slug":8687,"content":8688},164343267950752,"Ronbay restructures cathode production to target US market","ronbay-restructures-cathode-production-to-target-us-market","article/ronbay-restructures-cathode-production-to-target-us-market",{"_uid":8689,"date":8690,"tags":8691,"editor":8700,"content":8704,"excerpt":8868,"featured":51,"reporter":8869,"component":864,"seo_title":8685,"categories":8879,"visibility":882,"data_vis_image":8882,"featured_image":8884,"seo_description":8888,"formattedDate":8889},"39586752-221f-46da-9d0d-4364c10f11f9","2026-04-10 00:00",[8692,8693,8696,8697],{"slug":913,"name":914},{"slug":8694,"name":8695},"south-korea","South Korea",{"slug":3874,"name":3875},{"slug":8698,"name":8699},"ronbay","Ronbay",[8701],{"slug":544,"name":543,"content":8702},{"job_title":557,"image":8703,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":8705},[8706,8752,8787,8794,8814,8822,8830,8838,8846,8854,8862],{"type":594,"attrs":8707,"content":8708},{"textAlign":49},[8709,8714,8720,8725,8733,8738,8747],{"text":8710,"type":599,"marks":8711},"In early April, ",[8712],{"type":928,"attrs":8713},{"color":930},{"text":8471,"type":599,"marks":8715},[8716,8718],{"type":604,"attrs":8717},{"href":3974,"uuid":3975,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8719},{"color":930},{"text":8721,"type":599,"marks":8722}," Tier 1 cathode producer Jae Se, previously a wholly-owned subsidiary of Ningbo Ronbay Lithium Battery Material (",[8723],{"type":928,"attrs":8724},{"color":930},{"text":8699,"type":599,"marks":8726},[8727,8731],{"type":604,"attrs":8728},{"href":8729,"uuid":8730,"anchor":49,"target":650,"linktype":623},"/article/china-implements-export-restrictions-on-cathode-and-lithium-production-technologies","2900e59e-d077-47e8-ae89-dd1ab6bf7b3a",{"type":928,"attrs":8732},{"color":930},{"text":8734,"type":599,"marks":8735},"), announced plans to restructure its ownership in order to meet specific sourcing requirements resulting from the ",[8736],{"type":928,"attrs":8737},{"color":930},{"text":8739,"type":599,"marks":8740},"One Big Beautiful Bill Act",[8741,8745],{"type":604,"attrs":8742},{"href":8743,"uuid":8744,"anchor":49,"target":650,"linktype":623},"/videos/how-will-trumps-one-big-beautiful-bill-act-affect-the-us-ev-and-battery-markets","6bea70b4-51ad-4852-84d7-a89e09604b70",{"type":928,"attrs":8746},{"color":930},{"text":8748,"type":599,"marks":8749}," (OBBBA), adopted by the US in July 2025.",[8750],{"type":928,"attrs":8751},{"color":930},{"type":594,"attrs":8753,"content":8754},{"textAlign":49},[8755,8760,8768,8773,8782],{"text":8756,"type":599,"marks":8757},"Jae Se operates an active cathode facility in Chungju, ",[8758],{"type":928,"attrs":8759},{"color":930},{"text":8695,"type":599,"marks":8761},[8762,8766],{"type":604,"attrs":8763},{"href":8764,"uuid":8765,"anchor":49,"target":650,"linktype":623},"/article/south-korea-s-ev-market-has-record-month-in-february-2026","e280bc7e-9792-4994-93d2-8de12eb4d83c",{"type":928,"attrs":8767},{"color":930},{"text":8769,"type":599,"marks":8770},", currently focused on nickel cobalt manganese (NCM) cathode production. The company is also developing a lithium manganese iron phosphate (LMFP) cathode line at the same site, with mass production expected to begin later this year. The Chungju facility will have a 70,000tpa nameplate capacity, with 10,000tpa allocated to ",[8771],{"type":928,"attrs":8772},{"color":930},{"text":8774,"type":599,"marks":8775},"LMFP",[8776,8780],{"type":604,"attrs":8777},{"href":8778,"uuid":8779,"anchor":49,"target":650,"linktype":623},"/article/is-byd-using-lmfp-for-blade-2-0-and-what-would-this-mean-for-manganese-","27a25c0a-b17f-46c1-a750-10f514e8bb13",{"type":928,"attrs":8781},{"color":930},{"text":8783,"type":599,"marks":8784}," and the remaining 60,000tpa to NCM cathode material.",[8785],{"type":928,"attrs":8786},{"color":930},{"type":627,"attrs":8788},{"id":8789,"body":8790},"abff83e3-8bda-4fe4-b7fc-ef7645588d82",[8791],{"id":8792,"_uid":8793,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28447020","i-35340f63-9695-46c6-b264-bbf2236f1278",{"type":594,"attrs":8795,"content":8796},{"textAlign":49},[8797,8802,8809],{"text":8798,"type":599,"marks":8799},"Jae Se supplies cathode material to ",[8800],{"type":928,"attrs":8801},{"color":930},{"text":8803,"type":599,"marks":8804},"LG Energy Solution",[8805,8807],{"type":604,"attrs":8806},{"href":5611,"uuid":5612,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8808},{"color":930},{"text":8810,"type":599,"marks":8811}," (LGES) and Panasonic, two of Tesla’s external cell providers.",[8812],{"type":928,"attrs":8813},{"color":930},{"type":594,"attrs":8815,"content":8816},{"textAlign":49},[8817],{"text":8818,"type":599,"marks":8819},"Under Prohibited Foreign Entity (PFE) rules as part of the OBBBA, batteries that source a specified share of parts or materials from PFEs will no longer be eligible for the 45X Advanced Manufacturing Production Credit (AMPC) in the US. In practice, PFEs largely refer to Chinese companies. In 2026, the allowable share of components sourced from PFEs is 40%, decreasing to 15% by 2030.",[8820],{"type":928,"attrs":8821},{"color":930},{"type":594,"attrs":8823,"content":8824},{"textAlign":49},[8825],{"text":8826,"type":599,"marks":8827},"Although Jae Se’s CAM is produced in South Korea, its Chinese ownership places it in the PFE category, meaning sourcing CAM from the company would jeopardise a USOEM’s ability to make use of the tax credits.",[8828],{"type":928,"attrs":8829},{"color":930},{"type":657,"attrs":8831,"content":8832},{"level":659,"textAlign":49},[8833],{"text":8834,"type":599,"marks":8835},"How is Jae Se restructuring?",[8836],{"type":928,"attrs":8837},{"color":930},{"type":594,"attrs":8839,"content":8840},{"textAlign":49},[8841],{"text":8842,"type":599,"marks":8843},"To remove potential restrictions on access to the US market, Jae Se New Energy is being divided into two entities, Jae Se Tech and Jae Se Energy. The restructuring has been carried out via a spin-off, with existing shareholders, including Ronbay, receiving shares in the new entity in proportion to their current holdings.",[8844],{"type":928,"attrs":8845},{"color":930},{"type":594,"attrs":8847,"content":8848},{"textAlign":49},[8849],{"text":8850,"type":599,"marks":8851},"Jae Se New Energy will reduce its Chinese ownership (Ronbay) from 100% to below 25%, with the remaining shares to be acquired by investors primarily based in South Korea and Singapore. So long as ownership from a single Chinese entity is under 25% or under 40% from multiple prohibited entities, material produced by the company won’t count against the tax credits.",[8852],{"type":928,"attrs":8853},{"color":930},{"type":594,"attrs":8855,"content":8856},{"textAlign":49},[8857],{"text":8858,"type":599,"marks":8859},"Ronbay will continue to focus on the Chinese market, while Jae Se New Energy will target the North American and European markets. The deliberate dilution of Chinese ownership in a cathode producer to avoid US market access restrictions highlights the growing importance of North American cathode demand, which is expected to increase at a 24.1% CAGR between 2025 and 2030.",[8860],{"type":928,"attrs":8861},{"color":930},{"type":627,"attrs":8863},{"id":8789,"body":8864},[8865],{"id":8866,"_uid":8867,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28447245","i-a9b0a44a-c6da-4db7-bd21-69d40d2ca568","In early April, Chinese Tier 1 cathode producer Jae Se, previously a wholly-owned subsidiary of Ningbo Ronbay Lithium Battery Material (Ronbay), announced plans to restructure its ownership in order to meet specific sourcing requirements resulting from the One Big Beautiful Bill Act (OBBBA), adopted by the US in July 2025.\n\nJae Se operates an active cathode facility in Chungju, South Korea, currently focused on nickel cobalt manganese (NCM) cathode production. The company is also developing a lithium manganese iron phosphate (LMFP) cathode line at the same site, with mass production expected to begin later this year. The Chungju facility will have a 70,000tpa nameplate capacity, with 10,000tpa allocated to LMFP and the remaining 60,000tpa to NCM cathode material.",[8870],{"slug":8871,"name":8872,"content":8873},"aakanksha-raje","Aakanksha Raje",{"job_title":8874,"image":8875,"bio":8877,"linkedin":8878,"markets_covered":298},"Analyst - Cathode",{"filename":8876},"https://a.storyblok.com/f/287943243085208/512x512/f99cb893df/aakanksha-raje.png","Aakanksha is an analyst on the midstream team at Benchmark Mineral Intelligence. She specialises in cathode and pCAM market analysis, with a particular focus on cathode forecasting. She holds a BSc in Geology from the University of Mumbai and an MSc in Geoscience from University College London.","https://www.linkedin.com/in/aakanksha-raje-270455209/",[8880,8881],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":8883},{},{"id":8885,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8886,"copyright":547,"fieldtype":553,"meta_data":8887,"is_external_url":50},164364724513586,"https://a.storyblok.com/f/287943243085208/4608x3072/9c35423d75/adobestock_569079849.jpeg",{},"In early April, Chinese Tier 1 cathode producer Jae Se, previously a wholly-owned subsidiary of Ronbay announced plans to restructure its ownership in order to meet specific sourcing requirements resulting from the One Big Beautiful Bill Act (OBBBA).","Apr 10, 2026",{"id":8891,"uuid":2864,"name":8892,"slug":8893,"full_slug":8894,"content":8895},163775332777514,"Clear uptick in March BEV sales reported so far as the Iran war impacts petrol prices","clear-uptick-in-march-bev-sales-reported-so-far-as-the-iran-war-impacts-petrol-prices","article/clear-uptick-in-march-bev-sales-reported-so-far-as-the-iran-war-impacts-petrol-prices",{"_uid":8896,"date":8897,"tags":8898,"editor":8902,"content":8906,"excerpt":9129,"featured":51,"reporter":9130,"component":864,"seo_title":9134,"categories":9135,"visibility":2091,"data_vis_image":9139,"featured_image":9143,"seo_description":8912,"formattedDate":9147},"2182a127-b142-4487-847a-436427db2f79","2026-04-08 00:00",[8899,8900,8901],{"slug":2354,"name":2355},{"slug":2784,"name":2785},{"slug":578,"name":579},[8903],{"slug":544,"name":543,"content":8904},{"job_title":557,"image":8905,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":8907},[8908,8916,8947,8996,9003,9025,9033,9040,9048,9056,9062,9070,9078,9086,9094,9102,9110,9119],{"type":594,"attrs":8909,"content":8910},{"textAlign":49},[8911],{"text":8912,"type":599,"marks":8913},"Higher petrol prices and the threat of supply disruption have made consumers think twice about buying new internal combustion engine (ICE) vehicles and instead consider buying a battery electric vehicle (BEV).",[8914],{"type":928,"attrs":8915},{"color":930},{"type":594,"attrs":8917,"content":8918},{"textAlign":49},[8919,8924,8931,8936,8943],{"text":8920,"type":599,"marks":8921},"Early data releases covering BEV sales around the world for March 2026 show a clear uptick in interest due to the ",[8922],{"type":928,"attrs":8923},{"color":930},{"text":8925,"type":599,"marks":8926},"ongoing conflict in the Middle East",[8927,8929],{"type":604,"attrs":8928},{"href":4115,"uuid":4116,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8930},{"color":930},{"text":8932,"type":599,"marks":8933}," and the closure of the ",[8934],{"type":928,"attrs":8935},{"color":930},{"text":8937,"type":599,"marks":8938},"Strait of Hormuz",[8939,8941],{"type":604,"attrs":8940},{"href":4129,"uuid":4130,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":8942},{"color":930},{"text":974,"type":599,"marks":8944},[8945],{"type":928,"attrs":8946},{"color":930},{"type":594,"attrs":8948,"content":8949},{"textAlign":49},[8950,8955,8964,8969,8978,8982,8991],{"text":8951,"type":599,"marks":8952},"Almost every market with released data has so far shown a greater ",[8953],{"type":928,"attrs":8954},{"color":930},{"text":8956,"type":599,"marks":8957},"year-on-year increase",[8958,8962],{"type":604,"attrs":8959},{"href":8960,"uuid":8961,"anchor":49,"target":650,"linktype":623},"/videos/which-regions-have-the-fastest-growing-ev-markets-","be85ddf9-b2d5-41ce-b184-6d0c8c8ee4dc",{"type":928,"attrs":8963},{"color":930},{"text":8965,"type":599,"marks":8966}," after the start of the war in Iran (based on March registrations) than before the war began (based on ",[8967],{"type":928,"attrs":8968},{"color":930},{"text":8970,"type":599,"marks":8971},"January",[8972,8976],{"type":604,"attrs":8973},{"href":8974,"uuid":8975,"anchor":49,"target":650,"linktype":623},"/article/global-ev-sales-reached-1-2-million-units-in-the-opening-month-of-2026","b27e8012-ca1b-4c7c-9200-1f5ccdbc7c24",{"type":928,"attrs":8977},{"color":930},{"text":1440,"type":599,"marks":8979},[8980],{"type":928,"attrs":8981},{"color":930},{"text":8983,"type":599,"marks":8984},"February",[8985,8989],{"type":604,"attrs":8986},{"href":8987,"uuid":8988,"anchor":49,"target":650,"linktype":623},"/article/global-ev-sales-reached-1-1-million-units-in-february-2026","c67ac4c5-ec20-418f-8ffb-364460a1918c",{"type":928,"attrs":8990},{"color":930},{"text":8992,"type":599,"marks":8993}," registrations).",[8994],{"type":928,"attrs":8995},{"color":930},{"type":627,"attrs":8997},{"id":8998,"body":8999},"7452d635-6f0d-4448-b106-f3f5827a9e74",[9000],{"id":9001,"_uid":9002,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28426345","i-cbfffc08-6ab8-4ac1-bac3-c4cc2f1b3914",{"type":594,"attrs":9004,"content":9005},{"textAlign":49},[9006,9011,9020],{"text":9007,"type":599,"marks":9008},"Petrol prices previously spiked as a result of Russia’s invasion of Ukraine, though the impact this had on EV sales was more muted. Compared to then, the ",[9009],{"type":928,"attrs":9010},{"color":930},{"text":9012,"type":599,"marks":9013},"EV market is more mature",[9014,9018],{"type":604,"attrs":9015},{"href":9016,"uuid":9017,"anchor":49,"target":650,"linktype":623},"/article/the-ev-market-past-present-and-future","fe291a62-d1e1-42fc-bf34-907bb7976f84",{"type":928,"attrs":9019},{"color":930},{"text":9021,"type":599,"marks":9022}," with broader consumer acceptance creating ideal conditions for BEVs to be a clearer choice.",[9023],{"type":928,"attrs":9024},{"color":930},{"type":657,"attrs":9026,"content":9027},{"level":659,"textAlign":49},[9028],{"text":9029,"type":599,"marks":9030},"How does this trend differ by country?",[9031],{"type":928,"attrs":9032},{"color":930},{"type":594,"attrs":9034,"content":9035},{"textAlign":49},[9036],{"text":8397,"type":599,"marks":9037},[9038],{"type":928,"attrs":9039},{"color":930},{"type":594,"attrs":9041,"content":9042},{"textAlign":49},[9043],{"text":9044,"type":599,"marks":9045},"Since the start of the war, with petrol prices rising by over 20%, Oceania in general has been among the first to face concern over supplies at the pump if the Strait does not reopen soon with a significant portion of refining capabilities offshored.",[9046],{"type":928,"attrs":9047},{"color":930},{"type":594,"attrs":9049,"content":9050},{"textAlign":49},[9051],{"text":9052,"type":599,"marks":9053},"Australia also saw a significant year-on-year growth rate, with 89% more BEV sales than March 2025. However, this actually represented a lower growth rate than the country had been experiencing so far this year as the first two months of 2025 were already very strong, with 111% growth albeit from a lower base. March 2025 is now a record month for Australian BEV registrations, more than 2,000 higher than the previous record set in June last year.",[9054],{"type":928,"attrs":9055},{"color":930},{"type":627,"attrs":9057},{"id":8998,"body":9058},[9059],{"id":9060,"_uid":9061,"type":623,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3641027","i-a6dba811-7b25-47b5-ac7a-cc48c2f8d509",{"type":594,"attrs":9063,"content":9064},{"textAlign":49},[9065],{"text":9066,"type":599,"marks":9067},"Although the impact on BEV sales in Europe has been more muted, the trend is still present. One stand-out has been Norway, which reversed a severe negative trend caused by changes to purchase tax incentives. It had been down 44% in the first two months, but March ended 51% higher than March 2025. This indicates the concern from consumers is more than enough to override lower incentive structures, even in markets that are very well progressed towards EVs.",[9068],{"type":928,"attrs":9069},{"color":930},{"type":594,"attrs":9071,"content":9072},{"textAlign":49},[9073],{"text":9074,"type":599,"marks":9075},"The UK followed its typical seasonality with a huge increase in sales in March coinciding with the release of new number plates. While sales were up 265% month on month, this was equivalent to 18% growth compared to March 2025, again reversing a negative year-to-date trend of -1% from the end of February.",[9076],{"type":928,"attrs":9077},{"color":930},{"type":594,"attrs":9079,"content":9080},{"textAlign":49},[9081],{"text":9082,"type":599,"marks":9083},"In France, although petrol prices have risen, some suppliers like TotalEnergies have introduced price caps. This spurred widespread ‘panic buying’ leading to reports of supply disruptions at the pump. Sales of BEVs in France jumped 69% YoY, although already off to a strong start thanks to new subsidy schemes, this still far outpaces the 36% growth seen for the January and February compared to the same period last year.",[9084],{"type":928,"attrs":9085},{"color":930},{"type":657,"attrs":9087,"content":9088},{"level":659,"textAlign":49},[9089],{"text":9090,"type":599,"marks":9091},"Is the trend expected for other countries?",[9092],{"type":928,"attrs":9093},{"color":930},{"type":594,"attrs":9095,"content":9096},{"textAlign":49},[9097],{"text":9098,"type":599,"marks":9099},"There are further expectations for significant upticks in much of Asia which has a typically higher reliance on oil from the Gulf, meaning many of these countries have seen more immediate impacts on petrol prices and supply. Many impacted nations currently have burgeoning EV markets which have experienced recent growth via exports from China but remain in early stages.",[9100],{"type":928,"attrs":9101},{"color":930},{"type":594,"attrs":9103,"content":9104},{"textAlign":49},[9105],{"text":9106,"type":599,"marks":9107},"It remains a question of how sustained an increase in EV sales could be, depending on inventory levels but also consumer spending. If the war progresses further and a short-term oil price crisis turns into an elongated supply crisis, inflationary pressures and economic downturn could have equally negative impacts on new vehicle purchases.",[9108],{"type":928,"attrs":9109},{"color":930},{"type":594,"attrs":9111,"content":9112},{"textAlign":49},[9113],{"text":9114,"type":599,"marks":9115},"The analysis in this article draws on Benchmark's EV & Battery Service and insights from our in-house team of experts. To learn more about the Service, please fill out the form below:",[9116,9118],{"type":928,"attrs":9117},{"color":930},{"type":643},{"type":627,"attrs":9120},{"id":9121,"body":9122},"f69f871b-b882-4f77-a707-48b9505ddf00",[9123],{"id":835,"_uid":9124,"component":837,"wrap_in_box":50,"redirect_url":9125,"success_file":9126,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":9128,"show_on_intelligence":50},"i-3be55612-9bbf-40f9-b8aa-f8c62b37c384",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":9127},{},[],"Higher petrol prices and the threat of supply disruption have made consumers think twice about buying new internal combustion engine (ICE) vehicles and instead consider buying a battery electric vehicle (BEV).\n\nEarly data releases covering battery electric vehicle (BEV) sales around the world for March 2026 show a clear uptick in interest due to the ongoing conflict in the Middle East and the closure of the Strait of Hormuz.\n\nAlmost every market with released data has so far shown a greater year-on-year increase after the start of the war in Iran (based on March registrations) than before the war began (based on January and February registrations).",[9131],{"slug":5038,"name":5039,"content":9132},{"job_title":5041,"image":9133,"bio":5044,"linkedin":5045,"markets_covered":3084},{"filename":5043},"Clear uptick in March BEV sales as Iran war impacts petrol prices",[9136,9137,9138],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":9140,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9141,"copyright":547,"fieldtype":553,"meta_data":9142,"is_external_url":50},163777289068597,"https://a.storyblok.com/f/287943243085208/1590x1520/ad24014911/bev-vs-petrol-2x.png",{},{"id":9144,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9145,"copyright":547,"fieldtype":553,"meta_data":9146,"is_external_url":50},129067548887845,"https://a.storyblok.com/f/287943243085208/a57d06c2f2/bm-evs-in-parking-lot.jpg",{},"Apr 08, 2026",{"id":9149,"uuid":9150,"name":9151,"slug":9152,"full_slug":9153,"content":9154},163759871322210,"71dbc773-c305-42bb-8fc3-babc6f35edca","Malaysia’s battery supply chain bloom begins","malaysia-s-battery-supply-chain-bloom-begins","article/malaysia-s-battery-supply-chain-bloom-begins",{"_uid":9155,"date":8897,"tags":9156,"editor":9167,"content":9171,"excerpt":9305,"featured":51,"reporter":9306,"component":864,"seo_title":9151,"categories":9310,"visibility":882,"data_vis_image":9315,"featured_image":9319,"seo_description":9323,"formattedDate":9147},"4bc8d955-a1df-48ed-b7e5-1f9150278f45",[9157,9158,9161,9164],{"slug":578,"name":579},{"slug":9159,"name":9160},"malaysia","Malaysia",{"slug":9162,"name":9163},"asia","Asia",{"slug":9165,"name":9166},"highstar-power","Highstar Power",[9168],{"slug":544,"name":543,"content":9169},{"job_title":557,"image":9170,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":9172},[9173,9195,9203,9211,9218,9227,9248,9283,9291,9299],{"type":594,"attrs":9174,"content":9175},{"textAlign":49},[9176,9181,9190],{"text":9177,"type":599,"marks":9178},"Chinese lithium and sodium ion cell manufacturer, Highstar Power, announced the advent of commercial cell production at its 2.5GWh manufacturing base in Johor, Malaysia, in early April, cementing the country’s status as ",[9179],{"type":928,"attrs":9180},{"color":930},{"text":9182,"type":599,"marks":9183},"Southeast Asia’s",[9184,9188],{"type":604,"attrs":9185},{"href":9186,"uuid":9187,"anchor":49,"target":650,"linktype":623},"/article/southeast-asia-expected-to-see-uptick-in-bess-deployments-with-indonesias-new-bess-mandate","56a57020-3a91-4f36-84f2-c49f58aff513",{"type":928,"attrs":9189},{"color":930},{"text":9191,"type":599,"marks":9192}," battery hub. The factory is the fifth to enter production there.",[9193],{"type":928,"attrs":9194},{"color":930},{"type":594,"attrs":9196,"content":9197},{"textAlign":49},[9198],{"text":9199,"type":599,"marks":9200},"Active battery cell capacity in Malaysia almost tripled to 31GWh 2025, up from 11GWh in 2024. Outside the traditional battery markets of China, South Korea, and Japan, the country has the most cell manufacturing activity in Asia. Capacity is anticipated to grow another 98% by the end of the decade. Two Tier 1 manufacturers operate in the region, EVE Energy and Samsung SDI.",[9201],{"type":928,"attrs":9202},{"color":930},{"type":594,"attrs":9204,"content":9205},{"textAlign":49},[9206],{"text":9207,"type":599,"marks":9208},"In contrast to many other emerging battery markets, production in Malaysia is almost entirely geared towards the portables market. The country is host to a large power tool manufacturing industry, with German tool giant, Bosch, owning a flagship factory in Penang.",[9209],{"type":928,"attrs":9210},{"color":930},{"type":627,"attrs":9212},{"id":9213,"body":9214},"2fd1cc84-5a4e-4f72-ad3d-f10623c826e6",[9215],{"id":9216,"_uid":9217,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28429165","i-0d160d34-0385-4d37-b6f0-c401d1e76bdc",{"type":657,"attrs":9219,"content":9220},{"level":659,"textAlign":49},[9221],{"text":9222,"type":599,"marks":9223},"Malaysia’s midstream is developing in tandem with cell supply",[9224,9226],{"type":928,"attrs":9225},{"color":930},{"type":665},{"type":594,"attrs":9228,"content":9229},{"textAlign":49},[9230,9235,9244],{"text":9231,"type":599,"marks":9232},"Emerging battery industries often face challenges scaling, with one limiting factor being access to local raw and active materials. Malaysia currently has one CAM factory in planning, a 90ktpa LFP facility by ",[9233],{"type":928,"attrs":9234},{"color":930},{"text":9236,"type":599,"marks":9237},"Yuneng New Energy",[9238,9242],{"type":604,"attrs":9239},{"href":9240,"uuid":9241,"anchor":49,"target":650,"linktype":623},"/article/how-could-chinas-proposed-technology-export-restrictions-impact-cathode-expansions-overseas","c8d91eb2-615b-4758-a6a6-85dd493f21d8",{"type":928,"attrs":9243},{"color":930},{"text":974,"type":599,"marks":9245},[9246],{"type":928,"attrs":9247},{"color":930},{"type":594,"attrs":9249,"content":9250},{"textAlign":49},[9251,9256,9264,9269,9278],{"text":9252,"type":599,"marks":9253},"Neighbouring ",[9254],{"type":928,"attrs":9255},{"color":930},{"text":7998,"type":599,"marks":9257},[9258,9262],{"type":604,"attrs":9259},{"href":9260,"uuid":9261,"anchor":49,"target":650,"linktype":623},"/article/indonesia-proposes-regulatory-changes-to-promote-nickel-based-batteries-amid-global-lfp-shift","b48d8650-447f-4567-bdf1-773419341d27",{"type":928,"attrs":9263},{"color":930},{"text":9265,"type":599,"marks":9266}," has a further three CAM facilities either operational or under development.with three more operational or under development. EVE Energy has already contracted cathode supply for its Malaysian operations from ",[9267],{"type":928,"attrs":9268},{"color":930},{"text":9270,"type":599,"marks":9271},"Jiangsu Lopal’s",[9272,9276],{"type":604,"attrs":9273},{"href":9274,"uuid":9275,"anchor":49,"target":650,"linktype":623},"/article/lopal-first-chinese-company-to-build-lfp-battery-cathode-plant-outside-of-china","f3d8cb58-69a8-4c65-b8ae-b9fbe57ad5a6",{"type":928,"attrs":9277},{"color":930},{"text":9279,"type":599,"marks":9280}," facility in Indonesia, in competition with American and South Korean firms exploring options for FEOC compliant material.",[9281],{"type":928,"attrs":9282},{"color":930},{"type":594,"attrs":9284,"content":9285},{"textAlign":49},[9286],{"text":9287,"type":599,"marks":9288},"On the anode side, Malaysia has one AAM plant with a capacity of 3,000 tonnes operated by Graphjet Technology with a planned 7,000 tonne expansion. China’s Shangtai is also planning an AAM production facility in the country for 2029.",[9289],{"type":928,"attrs":9290},{"color":930},{"type":594,"attrs":9292,"content":9293},{"textAlign":49},[9294],{"text":9295,"type":599,"marks":9296},"Further operational and planned AAM production in Indonesia is also poised to support the build out of Malaysia’s battery supply chain.",[9297],{"type":928,"attrs":9298},{"color":930},{"type":627,"attrs":9300},{"id":9213,"body":9301},[9302],{"id":9303,"_uid":9304,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28425341","i-a38d1950-1b00-4fe9-98df-e342b740f268","Chinese lithium and sodium ion cell manufacturer, Highstar Power, announced the advent of commercial cell production at its 2.5GWh manufacturing base in Johor, Malaysia, in early April, cementing the country’s status as Southeast Asia’s battery hub. The factory is the fifth to enter production there.",[9307],{"slug":7860,"name":7861,"content":9308},{"job_title":7863,"image":9309,"bio":7866,"linkedin":7867,"markets_covered":7868},{"filename":7865},[9311,9312,9313,9314],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"slug":4805,"name":298},{"slug":2497,"name":261},{"id":9316,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9317,"copyright":547,"fieldtype":553,"meta_data":9318,"is_external_url":50},163762637184807,"https://a.storyblok.com/f/287943243085208/1588x1320/795dbaa258/malaysia-cell-and-mid-capacity-2x.png",{},{"id":9320,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9321,"copyright":547,"fieldtype":553,"meta_data":9322,"is_external_url":50},163760667545368,"https://a.storyblok.com/f/287943243085208/2040x1278/96e4c44d5a/highstar.jpg",{},"Chinese lithium and sodium ion cell manufacturer, Highstar Power, announced the advent of commercial cell production at its 2.5GWh manufacturing base in Johor, Malaysia, in early April, cementing the country’s status as Southeast Asia’s battery hub.",{"id":9325,"uuid":3975,"name":4789,"slug":9326,"full_slug":9327,"content":9328},163720278676758,"regional-spotlight-china","article/regional-spotlight-china",{"_uid":9329,"date":8897,"tags":9330,"editor":9336,"content":9340,"excerpt":9609,"featured":51,"reporter":9610,"component":864,"seo_title":4789,"categories":9617,"visibility":882,"data_vis_image":9633,"featured_image":9637,"seo_description":9641,"formattedDate":9147},"30d39872-4c5a-4ece-9cff-c104527f47f4",[9331,9332,9333,9334,9335],{"slug":913,"name":914},{"slug":903,"name":904},{"slug":5945,"name":2983},{"slug":578,"name":579},{"slug":4618,"name":4619},[9337],{"slug":544,"name":543,"content":9338},{"job_title":557,"image":9339,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":9341},[9342,9361,9366,9378,9383,9390,9394,9401,9406,9420,9425,9437,9449,9454,9468,9478,9483,9488,9495,9500,9505,9517,9522,9527,9532,9538,9544,9550,9555,9560,9565,9571,9583,9588,9602],{"type":594,"attrs":9343,"content":9344},{"textAlign":49},[9345,9347,9351,9353,9359],{"text":9346,"type":599},"It is difficult to overstate China’s role in the battery supply chain. It is the world’s largest producer of batteries, whether for ",{"text":3467,"type":599,"marks":9348},[9349],{"type":604,"attrs":9350},{"href":8987,"uuid":8988,"anchor":49,"target":622,"linktype":623},{"text":9352,"type":599}," (EVs) or ",{"text":3707,"type":599,"marks":9354},[9355],{"type":604,"attrs":9356},{"href":9357,"uuid":9358,"anchor":49,"target":622,"linktype":623},"/article/global-bess-installments-increase-29-y-o-y","97c1dbbb-810f-4732-bbc5-3300ed5257d0",{"text":9360,"type":599}," (BESS). It is the world’s largest single miner of lithium and natural graphite – it is also, in both cases, the largest supplier of refined product – and the largest provider of needle coke and synthetic graphite. In rare earths, it controls over 90% of global refining capacity.",{"type":594,"attrs":9362,"content":9363},{"textAlign":49},[9364],{"text":9365,"type":599},"It is China’s outsized role in these supply chains that makes it so vital to have on-the-ground intelligence from the country. Benchmark’s China-based analysts take part in regular site visits, conferences and research trips to develop the direct insight that informs its services and Benchmark Intelligence.",{"type":594,"attrs":9367,"content":9368},{"textAlign":49},[9369,9371,9376],{"text":9370,"type":599},"In the short term, its largest companies, including most of ",{"text":9372,"type":599,"marks":9373},"the world’s major battery suppliers like CATL and BYD",[9374],{"type":604,"attrs":9375},{"href":5511,"uuid":5512,"anchor":49,"target":622,"linktype":623},{"text":9377,"type":599},", are seeing boosts to their stock as oil and gas price rises driven by geopolitical instability focus minds on energy security.",{"type":594,"attrs":9379,"content":9380},{"textAlign":49},[9381],{"text":9382,"type":599},"In the long term, China’s stranglehold on so many dimensions of the energy transition has sparked efforts by the US, EU and others to diversify production elsewhere. Even where it does not have domestic capacity, as in the case of cobalt mining, Chinese firms often have ownership of significant slices of the supply chain. China has recently exerted its considerable leverage in a range of sectors by imposing export controls, including on rare earths and cathode manufacturing tech, as it did in response to US tariffs in 2025.",{"type":627,"attrs":9384},{"id":9385,"body":9386},"035e99ff-885f-4d32-85f6-0246d48a7400",[9387],{"id":9388,"_uid":9389,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28334681","i-cf264017-8566-448b-ab03-009d0cc6f825",{"type":657,"attrs":9391,"content":9392},{"level":659,"textAlign":49},[9393],{"text":4697,"type":599},{"type":657,"attrs":9395,"content":9396},{"level":985,"textAlign":49},[9397],{"text":9398,"type":599,"marks":9399},"Export controls",[9400],{"type":665},{"type":594,"attrs":9402,"content":9403},{"textAlign":49},[9404],{"text":9405,"type":599},"China’s range of export controls, expanded in 2025 as its latest trade war with the US unfolded, have allowed it to squeeze supply chains of rare earths.",{"type":594,"attrs":9407,"content":9408},{"textAlign":49},[9409,9411,9418],{"text":9410,"type":599},"After the announcement in April 2025 of US President Donald Trump’s ‘reciprocal’ tariff regime, China implemented new export controls on medium and heavy rare earths. Then, in October, it announced an expansion of controls that were ",{"text":9412,"type":599,"marks":9413},"later suspended following discussions with the US",[9414],{"type":604,"attrs":9415},{"href":9416,"uuid":9417,"anchor":49,"target":622,"linktype":623},"/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks","2ae4712d-a83a-477f-a268-79712ec75def",{"text":9419,"type":599},". That suspension is currently set to expire on 10 November 2026.",{"type":594,"attrs":9421,"content":9422},{"textAlign":49},[9423],{"text":9424,"type":599},"A range of rare earths remains on the export controls list. These include scandium, samarium, gadolinium, lutetium, yttrium, dysprosium, and terbium, which have defence applications. While monthly numbers can be volatile, there was a 22.5% fall in year-on-year exports of rare earths to the US in January and February.",{"type":594,"attrs":9426,"content":9427},{"textAlign":49},[9428,9430,9435],{"text":9429,"type":599},"Exports to Japan of dysprosium and terbium oxide, meanwhile, have fallen to zero as China has implemented tougher controls on the export to Japan of ",{"text":9431,"type":599,"marks":9432},"seven rare earths and any products that contain them",[9433],{"type":604,"attrs":9434},{"href":7600,"uuid":7601,"anchor":49,"target":622,"linktype":623},{"text":9436,"type":599},". As noted in Benchmark’s Rare Earth Service, Japan has no domestic production of these rare earths of its own, giving China considerable leverage over its supply.",{"type":594,"attrs":9438,"content":9439},{"textAlign":49},[9440,9442,9447],{"text":9441,"type":599},"It isn’t only raw materials that are affected. In 2025, China also placed ",{"text":9443,"type":599,"marks":9444},"export controls on technology",[9445],{"type":604,"attrs":9446},{"href":8729,"uuid":8730,"anchor":49,"target":622,"linktype":623},{"text":9448,"type":599}," used in the production of advanced forms of LFP and LMFP cathode, as well as in direct lithium extraction (DLE). Significantly, it was not the export of the cathode itself that was hit with restrictions, but the technology itself – frontier technology used in the development of the most advanced, fourth-generation cathode materials.",{"type":594,"attrs":9450,"content":9451},{"textAlign":49},[9452],{"text":9453,"type":599},"This has been seen as a dual strategy by China’s government both to stimulate exports of cathode, where the economy has overcapacity, and to protect Chinese advanced technology and intellectual property. Self-reliance in advanced tech is among the core priorities of China’s next five-year plan.",{"type":657,"attrs":9455,"content":9456},{"level":985,"textAlign":49},[9457,9461,9465],{"text":9458,"type":599,"marks":9459},"The 15",[9460],{"type":665},{"text":6795,"type":599,"marks":9462},[9463,9464],{"type":665},{"type":4857},{"text":7001,"type":599,"marks":9466},[9467],{"type":665},{"type":594,"attrs":9469,"content":9470},{"textAlign":49},[9471,9473,9476],{"text":9472,"type":599},"The Chinese government’s 15",{"text":6795,"type":599,"marks":9474},[9475],{"type":4857},{"text":9477,"type":599}," Five-Year Plan was approved by the National People’s Congress during the March 2026 Two Sessions, following the release in September 2025 of the ‘Technology Roadmap for New-Type Energy Storage (2025–2035)’. That document outlined targets that have remained mostly unchanged in the full ‘Outline of the 15th Five-Year Plan’, published following the CCP’s ‘two sessions’ annual meeting.",{"type":594,"attrs":9479,"content":9480},{"textAlign":49},[9481],{"text":9482,"type":599},"The roadmap sets out the country’s planned pace of installation in energy storage, with a total installed new-type energy storage capacity of 180GW targeted by 2027 and 240GW by 2035. This number includes battery energy storage systems (BESS). Under the previous plan, an energy storage installation target of 30GW was far exceeded in practice, with installed capacity for the 2021-25 period passing 150GW.",{"type":594,"attrs":9484,"content":9485},{"textAlign":49},[9486],{"text":9487,"type":599},"Calvin Xu, a BESS analyst at Benchmark, says “the target of 240GW is not too ambitious based on the performance through to 2025, when the actual BESS installation capacity reached five times the original target”.",{"type":657,"attrs":9489,"content":9490},{"level":985,"textAlign":49},[9491],{"text":9492,"type":599,"marks":9493},"EV policy changes",[9494],{"type":665},{"type":594,"attrs":9496,"content":9497},{"textAlign":49},[9498],{"text":9499,"type":599},"In 2025, the Chinese government announced a range of new measures aimed at driving the electric vehicle (EV) market towards greater efficiency and avoiding a race to the bottom on prices. These ‘anti-involution’ changes include an end to full exemptions from purchase tax for new energy vehicles (NEVs), with the introduction of a new 5% levy.",{"type":594,"attrs":9501,"content":9502},{"textAlign":49},[9503],{"text":9504,"type":599},"While this is still below the 10% levied on internal combustion engine (ICE) vehicles, it remains a significant change – particularly when paired with another recent change to state support for EV consumption, the alteration of China’s EV trade-in subsidy. This no longer guarantees a flat subsidy of RMB 20,000 (US$2,900), but rather a 12% subsidy on the value of a vehicle up to a cap of RMB 20,000.",{"type":594,"attrs":9506,"content":9507},{"textAlign":49},[9508,9510,9515],{"text":9509,"type":599},"In practice, ",{"text":9511,"type":599,"marks":9512},"as recently noted by Benchmark",[9513],{"type":604,"attrs":9514},{"href":8368,"uuid":8369,"anchor":49,"target":622,"linktype":623},{"text":9516,"type":599},", this means that low- and medium-priced vehicles in China can cost as much as twice what they did before the changes. It remains to be seen whether these measures, which aim to avoid extreme price competition and increase OEMs’ focus on quality, will have implications for EV makers’ export markets.",{"type":594,"attrs":9518,"content":9519},{"textAlign":49},[9520],{"text":9521,"type":599},"Within China, the full package of changes means we expect growth of 8.7% across all vehicle classes in 2026. Beyond it, a number of Chinese automakers have set explicit 2026 overseas sales targets, and exports are expected to be a key point of competition in the sector this year, though an increasing number are establishing ex-China production sites.",{"type":657,"attrs":9523,"content":9524},{"level":659,"textAlign":49},[9525],{"text":9526,"type":599},"China in numbers",{"type":594,"attrs":9528,"content":9529},{"textAlign":49},[9530],{"text":9531,"type":599},"China’s upstream dominance rests on refining capacity, where it dominates across the lithium, cobalt, nickel, rare earths and graphite supply chains. While its share is expected to decline in most of these cases by 2035, the country is expected to maintain its leading position in each.",{"type":627,"attrs":9533},{"id":9385,"body":9534},[9535],{"id":9536,"_uid":9537,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28403015","i-d52798d1-c6fe-4608-8a81-f3519fcb5ec1",{"type":627,"attrs":9539},{"id":9385,"body":9540},[9541],{"id":9542,"_uid":9543,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28193340","i-49d41db1-d9eb-4a95-9554-bcb0f5221da4",{"type":627,"attrs":9545},{"id":9385,"body":9546},[9547],{"id":9548,"_uid":9549,"type":623,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3640495","i-5e07ea72-e7ba-4321-ae8b-f9fcc9191052",{"type":657,"attrs":9551,"content":9552},{"level":659,"textAlign":49},[9553],{"text":9554,"type":599},"In focus: CATL",{"type":594,"attrs":9556,"content":9557},{"textAlign":49},[9558],{"text":9559,"type":599},"Shares in China’s largest battery maker, CATL, hit a new high in March, closing at RMB 413 on the Shenzhen Stock Exchange on 20 March as the war in Iran drove strong expectations of an increase in battery demand. This builds on a strong share price performance that has followed impressive revenue figures for 2025.",{"type":594,"attrs":9561,"content":9562},{"textAlign":49},[9563],{"text":9564,"type":599},"The company, which was founded in 2011, has established itself as the world’s largest EV and energy storage battery supplier in the world in just 15 years. It had 39.2% market share in 2025, and supplied more EV and BESS cells than any other company. Of all BESS cells supplied globally last year, one in five came from the company’s plant in the county of Liyang in the Jiangsu province of China. Of all EV cells, 35% were produced by the company.",{"type":627,"attrs":9566},{"id":9385,"body":9567},[9568],{"id":9569,"_uid":9570,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28351772","i-93a942ae-4a9d-406b-a281-971532adfe42",{"type":594,"attrs":9572,"content":9573},{"textAlign":49},[9574,9576,9581],{"text":9575,"type":599},"In the middle of 2025, ",{"text":9577,"type":599,"marks":9578},"we asked whether CATL revenue growth would return",[9579],{"type":604,"attrs":9580},{"href":6136,"uuid":6137,"anchor":49,"target":622,"linktype":623},{"text":9582,"type":599}," after it had stalled in 2024. Revenue dropped in that year as the company adjusted prices to reflect lower prices of raw materials, though sales continued their growth. We noted that CATL’s increased vertical integration was helping it to improve product margins and, in the event, revenue surged 17% in 2025 to RMB 423.7bn, driving a boost to the company’s profits of 42% as they swelled to RMB 72.2bn.",{"type":594,"attrs":9584,"content":9585},{"textAlign":49},[9586],{"text":9587,"type":599},"A considerable part of that increased revenue came from the company’s expansion of its energy storage business, which grew from RMB 57.3bn to RMB 62.4bn last year. While it represented a smaller proportion of the company’s revenue, this was only because of the pace of expansion of its EV cell business.",{"type":594,"attrs":9589,"content":9590},{"textAlign":49},[9591,9595],{"text":9592,"type":599,"marks":9593},"Benchmark’s China Briefing provides a monthly bulletin on changes in the country from across the battery supply chain, as well as downstream. ",[9594],{"type":643},{"text":9596,"type":599,"marks":9597},"This mine-to-grid update can be accessed here.",[9598,9601],{"type":604,"attrs":9599},{"href":9600,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://intelligence.benchmarkminerals.com/publications/briefings",{"type":643},{"type":594,"attrs":9603,"content":9604},{"textAlign":49},[9605],{"text":9606,"type":599,"marks":9607},"Benchmark will also be in Shanghai, China for this year’s edition of Benchmark Week, with more details to follow soon.",[9608],{"type":643},"It is difficult to overstate China’s role in the battery supply chain. It is the world’s largest producer of batteries, whether for electric vehicles (EVs) or battery energy stationary storage (BESS). It is the world’s largest single miner of lithium and natural graphite – it is also, in both cases, the largest supplier of refined product – and the largest provider of needle coke and synthetic graphite. In rare earths, it controls over 90% of global refining capacity.",[9611,9614],{"slug":846,"name":847,"content":9612},{"job_title":849,"image":9613,"bio":852,"linkedin":853},{"filename":851},{"slug":544,"name":543,"content":9615},{"job_title":557,"image":9616,"bio":548,"linkedin":555},{"filename":552},[9618,9619,9620,9621,9622,9623,9624,9625,9626,9627,9628,9629,9630,9631,9632],{"slug":2499,"name":2500},{"slug":2497,"name":261},{"slug":7030,"name":7031},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":880,"name":881},{"slug":4811,"name":4812},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2502,"name":189},{"slug":4330,"name":150},{"slug":1556,"name":414},{"slug":2507,"name":2508},{"id":9634,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9635,"copyright":547,"fieldtype":553,"meta_data":9636,"is_external_url":50},163722642447005,"https://a.storyblok.com/f/287943243085208/713x754/a5a57bf82f/china-map.png",{},{"id":9638,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9639,"copyright":547,"fieldtype":553,"meta_data":9640,"is_external_url":50},129066369579184,"https://a.storyblok.com/f/287943243085208/39e88178e2/bm-china-flag.jpg",{},"It is difficult to overstate China’s role in the battery supply chain. It is the world’s largest producer of batteries, whether for electric vehicles (EVs) or battery energy stationary storage (BESS).",{"id":9643,"uuid":5137,"name":9644,"slug":9645,"full_slug":9646,"content":9647},161514806869884,"Benchmark launches industry-leading rare earth permanent magnet prices","benchmark-launches-industry-leading-rare-earth-permanent-magnet-prices","article/benchmark-launches-industry-leading-rare-earth-permanent-magnet-prices",{"_uid":9648,"date":9649,"tags":9650,"editor":9657,"content":9661,"excerpt":9866,"featured":51,"reporter":9867,"component":864,"seo_title":9881,"categories":9882,"visibility":2091,"data_vis_image":9885,"featured_image":9887,"seo_description":9667,"formattedDate":9889},"418a6d97-c1be-4dbe-abea-55a5e0311bc8","2026-04-02 00:00",[9651,9654],{"slug":9652,"name":9653},"benchmark","Benchmark",{"slug":9655,"name":9656},"announcement","Announcement",[9658],{"slug":544,"name":543,"content":9659},{"job_title":557,"image":9660,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":9662},[9663,9671,9679,9699,9720,9728,9736,9757,9765,9773,9781,9789,9797,9805,9813,9821,9847,9856],{"type":594,"attrs":9664,"content":9665},{"textAlign":49},[9666],{"text":9667,"type":599,"marks":9668},"Benchmark Mineral Intelligence is pleased to announce the launch of 44 rare earth permanent magnet price grades, bringing a new level of transparency to one of the most opaque and strategically important markets in the energy transition supply chain.",[9669],{"type":928,"attrs":9670},{"color":930},{"type":594,"attrs":9672,"content":9673},{"textAlign":49},[9674],{"text":9675,"type":599,"marks":9676},"The new service, launching Thursday 2 April, will cover rare earth permanent magnet prices across Japan/South Korea, Europe, North America and China, offering market participants an independent benchmark for tracking price movements across key magnet products and regional markets.",[9677],{"type":928,"attrs":9678},{"color":930},{"type":594,"attrs":9680,"content":9681},{"textAlign":49},[9682,9687,9694],{"text":9683,"type":599,"marks":9684},"Benchmark’s new rare earth permanent magnet prices have been developed in response to growing demand for greater pricing visibility in a supply chain that remains highly fragmented, fast-evolving and ",[9685],{"type":928,"attrs":9686},{"color":930},{"text":9688,"type":599,"marks":9689},"heavily centred on China",[9690,9692],{"type":604,"attrs":9691},{"href":7551,"uuid":7552,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":9693},{"color":930},{"text":9695,"type":599,"marks":9696},". As geopolitical tensions, industrial policy shifts and changing demand patterns continue to reshape the market, understanding pricing dynamics across multiple regions is becoming increasingly important for producers, consumers and investors alike.",[9697],{"type":928,"attrs":9698},{"color":930},{"type":594,"attrs":9700,"content":9701},{"textAlign":49},[9702,9707,9715],{"text":9703,"type":599,"marks":9704},"Rare earth permanent magnets are a critical component in a wide range of strategic industries, including electric vehicles, wind turbines, industrial automation, consumer electronics and ",[9705],{"type":928,"attrs":9706},{"color":930},{"text":9708,"type":599,"marks":9709},"defence applications",[9710,9713],{"type":604,"attrs":9711},{"href":9712,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/publications/special-issues/defence-the-new-driver-for-critical-raw-materials",{"type":928,"attrs":9714},{"color":930},{"text":9716,"type":599,"marks":9717},". Despite their importance, pricing across the magnet supply chain has remained relatively opaque, with limited independent data available to support commercial decision-making and contract discussions.",[9718],{"type":928,"attrs":9719},{"color":930},{"type":594,"attrs":9721,"content":9722},{"textAlign":49},[9723],{"text":9724,"type":599,"marks":9725},"Benchmark’s new assessments are designed to address that gap by providing market participants with robust, transparent reference prices across the major regional hubs for rare earth permanent magnets. The launch of 44 new prices will give the market a clearer view of how pricing differs by geography, product and end-use exposure, while also helping participants monitor regional shifts in supply-demand balance and market sentiment.",[9726],{"type":928,"attrs":9727},{"color":930},{"type":594,"attrs":9729,"content":9730},{"textAlign":49},[9731],{"text":9732,"type":599,"marks":9733},"The new prices address one of the rare earth magnet market’s key challenges: lack of transparent regional benchmarks. While much of the industry remains focused on upstream rare earth oxide and metal pricing, magnets are where many of the supply chain’s most commercially significant negotiations take place. Greater transparency at the magnet level will support pricing discussions, improve procurement strategy and strengthen visibility across downstream markets.",[9734],{"type":928,"attrs":9735},{"color":930},{"type":594,"attrs":9737,"content":9738},{"textAlign":49},[9739,9744,9752],{"text":9740,"type":599,"marks":9741},"“Rare earth permanent magnets sit at the heart of several critical supply chains, yet the market has long lacked transparent and independent pricing at the magnet level,” said ",[9742],{"type":928,"attrs":9743},{"color":930},{"text":7690,"type":599,"marks":9745},[9746,9750],{"type":604,"attrs":9747},{"href":9748,"uuid":9749,"anchor":49,"target":650,"linktype":623},"/videos/what-is-the-state-of-play-of-the-rare-earths-and-permanent-magnet-markets","c39708e6-89d7-42ee-9ee2-b3894a443e0c",{"type":928,"attrs":9751},{"color":930},{"text":9753,"type":599,"marks":9754},", Rare Earths Price Analyst at Benchmark.",[9755],{"type":928,"attrs":9756},{"color":930},{"type":594,"attrs":9758,"content":9759},{"textAlign":49},[9760],{"text":9761,"type":599,"marks":9762},"“With these new assessments, Benchmark is bringing much-needed clarity to a market that is becoming more strategically important by the day. Our new rare earth permanent magnet prices will help market participants track regional price developments, support negotiations and make more informed commercial decisions.”",[9763],{"type":928,"attrs":9764},{"color":930},{"type":594,"attrs":9766,"content":9767},{"textAlign":49},[9768],{"text":9769,"type":599,"marks":9770},"The Benchmark rare earth permanent magnet prices add a significant new layer to Benchmark’s market-leading rare earths offering, complementing its existing rare earths price assessments and broader market intelligence.",[9771],{"type":928,"attrs":9772},{"color":930},{"type":657,"attrs":9774,"content":9775},{"level":659,"textAlign":49},[9776],{"text":9777,"type":599,"marks":9778},"Why it matters:",[9779],{"type":928,"attrs":9780},{"color":930},{"type":594,"attrs":9782,"content":9783},{"textAlign":49},[9784],{"text":9785,"type":599,"marks":9786},"• Greater transparency across a strategically important and traditionally opaque magnet supply chain",[9787],{"type":928,"attrs":9788},{"color":930},{"type":594,"attrs":9790,"content":9791},{"textAlign":49},[9792],{"text":9793,"type":599,"marks":9794},"• Independent regional benchmarks to support negotiations and commercial decision-making",[9795],{"type":928,"attrs":9796},{"color":930},{"type":594,"attrs":9798,"content":9799},{"textAlign":49},[9800],{"text":9801,"type":599,"marks":9802},"• Improved visibility into price movements across China, Japan, South Korea, Europe and North America",[9803],{"type":928,"attrs":9804},{"color":930},{"type":594,"attrs":9806,"content":9807},{"textAlign":49},[9808],{"text":9809,"type":599,"marks":9810},"• Better tools for procurement planning, market tracking and internal price benchmarking",[9811],{"type":928,"attrs":9812},{"color":930},{"type":594,"attrs":9814,"content":9815},{"textAlign":49},[9816],{"text":9817,"type":599,"marks":9818},"Benchmark Mineral Intelligence is the world’s leading price reporting agency and market intelligence provider for the lithium-ion battery, electric vehicle and energy transition supply chain.",[9819],{"type":928,"attrs":9820},{"color":930},{"type":594,"attrs":9822,"content":9823},{"textAlign":49},[9824,9834,9838,9843],{"text":9825,"type":599,"marks":9826},"Register for Benchmark's webinar",[9827,9830,9833],{"type":604,"attrs":9828},{"href":9829,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://www.benchmarkminerals.com/events/ndpr-magnets-price-risk-rare-earths-webinar",{"type":928,"attrs":9831},{"color":9832},"inherit",{"type":643},{"text":9835,"type":599,"marks":9836}," on ",[9837],{"type":643},{"text":9839,"type":599,"marks":9840},"21st May",[9841,9842],{"type":665},{"type":643},{"text":9844,"type":599,"marks":9845}," to hear how our newly launched rare earths prices decode market shifts to unlock more effective procurement, policy design and value chain alignment.",[9846],{"type":643},{"type":594,"attrs":9848,"content":9849},{"textAlign":49},[9850],{"text":9851,"type":599,"marks":9852},"To learn more about Benchmark’s new rare earth permanent magnet prices, fill out the form below and one of the team will be in touch:",[9853,9855],{"type":928,"attrs":9854},{"color":930},{"type":643},{"type":627,"attrs":9857},{"id":9858,"body":9859},"f2a2d3e5-0353-4fc9-a33c-a657af81a199",[9860],{"id":835,"_uid":9861,"component":837,"wrap_in_box":50,"redirect_url":9862,"success_file":9863,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":9865,"show_on_intelligence":50},"i-7c576fac-d11c-4305-9d87-7b8d5d385a51",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":9864},{},[],"Benchmark Mineral Intelligence is pleased to announce the launch of 44 rare earth permanent magnet price grades, bringing a new level of transparency to one of the most opaque and strategically important markets in the energy transition supply chain.\n\nThe new service, launching Thursday 2 April, will cover rare earth permanent magnet prices across Japan/South Korea, Europe, North America and China, offering market participants an independent benchmark for tracking price movements across key magnet products and regional markets.",[9868,9878],{"slug":9869,"name":9870,"content":9871},"daniel-fletcher-manuel","Daniel Fletcher-Manuel",{"job_title":9872,"image":9873,"bio":9875,"linkedin":9876,"markets_covered":9877},"Director of Indexing & Derivatives",{"filename":9874},"https://a.storyblok.com/f/287943243085208/512x512/fe2cf2ae67/daniel-fetcher-manuel.png","Daniel is Director of Indexing & Derivatives at Benchmark Mineral Intelligence and is responsible for Benchmark’s price reporting agency (PRA) business, the development of new indexing solutions and financial derivatives. He has almost 15 years of experience in commodity pricing and commodity offtake contracts, advising commercial, procurement and treasury teams on commodity risk management. Daniel was a member of UK’s Department of Business & Trade’s taskforce to map the national battery supply chain, and regularly advises legislators in the US and EU on commodity price support mechanisms and strategies. Daniel read Biomedical Sciences at the University of Newcastle and is studying his LLM (Law) at BPP, specialising in international trade.","https://www.linkedin.com/in/daniel-fletcher-manuel/","Lithium, nickel, cobalt, natural graphite, synthetic graphite, anode, cathode, rare earths, black mass",{"slug":7689,"name":7690,"content":9879},{"job_title":7692,"image":9880,"bio":7695,"linkedin":7696,"markets_covered":7697},{"filename":7694},"Benchmark launches rare earth permanent magnet prices",[9883,9884],{"slug":1556,"name":414},{"slug":872,"name":873},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":9886},{},{"id":1563,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1564,"copyright":547,"fieldtype":553,"meta_data":9888,"is_external_url":50},{},"Apr 02, 2026",{"id":9891,"uuid":8642,"name":9892,"slug":9893,"full_slug":9894,"content":9895},160888081268488,"Benchmark launches industry-first Lithium Forward Curves","benchmark-launches-industry-first-lithium-forward-curves","article/benchmark-launches-industry-first-lithium-forward-curves",{"_uid":9896,"date":9897,"tags":9898,"editor":9900,"content":9904,"excerpt":9910,"featured":50,"reporter":10065,"component":864,"seo_title":9892,"categories":10072,"visibility":2091,"data_vis_image":10075,"featured_image":10077,"seo_description":9910,"formattedDate":10081},"f7ad59d4-6ca0-4c64-acb7-12de72046e0b","2026-03-31 00:00",[9899],{"slug":9652,"name":9653},[9901],{"slug":544,"name":543,"content":9902},{"job_title":557,"image":9903,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":9905},[9906,9914,9922,9944,9952,9960,9968,9976,9984,9991,9998,10030,10038,10046,10055],{"type":594,"attrs":9907,"content":9908},{"textAlign":49},[9909],{"text":9910,"type":599,"marks":9911},"Benchmark Mineral Intelligence is pleased to announce the launch of its Lithium Forward Price Curves, providing the market with a new benchmark for year-ahead lithium price expectations across key battery raw material grades.",[9912],{"type":928,"attrs":9913},{"color":7233},{"type":594,"attrs":9915,"content":9916},{"textAlign":49},[9917],{"text":9918,"type":599,"marks":9919},"The new service, launching next week, will cover forward prices for battery-grade CIF Asia lithium carbonate, lithium hydroxide and FOB Australia spodumene concentrate, drawing on aggregated positions from across the battery supply chain, including major lithium producers, traders, cathode manufacturers and OEMs.",[9920],{"type":928,"attrs":9921},{"color":7233},{"type":594,"attrs":9923,"content":9924},{"textAlign":49},[9925,9930,9939],{"text":9926,"type":599,"marks":9927},"Benchmark’s Lithium Forward Price Curves have been developed in response to growing demand from the market for greater visibility into where lithium prices are heading next, at a ",[9928],{"type":928,"attrs":9929},{"color":7233},{"text":9931,"type":599,"marks":9932},"time of heightened price",[9933,9937],{"type":604,"attrs":9934},{"href":9935,"uuid":9936,"anchor":49,"target":650,"linktype":623},"/article/automaker-exposure-to-lithium-prices-highlights-need-for-hedging","3c5b6177-fc1a-4177-9e1d-3c8e4bb0b052",{"type":928,"attrs":9938},{"color":7233},{"text":9940,"type":599,"marks":9941}," volatility. With lithium markets continuing to experience sharp price movements and regional dislocations, understanding not only where prices are today, but where the market expects them to move over the coming 12 months, is increasingly important for strategic decision-making.",[9942],{"type":928,"attrs":9943},{"color":7233},{"type":594,"attrs":9945,"content":9946},{"textAlign":49},[9947],{"text":9948,"type":599,"marks":9949},"One of the dominant themes in lithium pricing has been the delta between Chinese domestic and seaborne markets. Benchmark’s Lithium Forward Price Curve will provide unique insight into how market participants expect that relationship to evolve through 2026 and 2027, across both carbonate and hydroxide, while also offering a forward view on spodumene pricing.",[9950],{"type":928,"attrs":9951},{"color":7233},{"type":594,"attrs":9953,"content":9954},{"textAlign":49},[9955],{"text":9956,"type":599,"marks":9957},"The new forward curves address one of the battery materials industry’s key blind spots: forward trajectory. While spot prices and supply-demand fundamentals remain critical, expectations for tomorrow’s prices play an equally important role in shaping contract negotiations, procurement strategies, investment decisions and broader market positioning.",[9958],{"type":928,"attrs":9959},{"color":7233},{"type":594,"attrs":9961,"content":9962},{"textAlign":49},[9963],{"text":9964,"type":599,"marks":9965},"“Lithium is uniquely volatile, even among other tumultuous battery raw materials. 2026 is set to be a particularly dynamic year for this market,” said Adam Megginson, Principal Analyst at Benchmark.",[9966],{"type":928,"attrs":9967},{"color":7233},{"type":594,"attrs":9969,"content":9970},{"textAlign":49},[9971],{"text":9972,"type":599,"marks":9973},"“The market has been calling out for greater transparency on forward expectations, and Benchmark has answered. Our Lithium Forward Price Curves provides subscribers with a unique insight into where the market expects prices to move next, helping participants better negotiate contract terms, strengthen purchasing and sales planning, and benchmark their own internal views against the wider market.”",[9974],{"type":928,"attrs":9975},{"color":7233},{"type":594,"attrs":9977,"content":9978},{"textAlign":49},[9979],{"text":9980,"type":599,"marks":9981},"The Benchmark Lithium Forward Price Curves add a new dimension to Benchmark’s market-leading lithium price offering, complementing its existing spot price assessments and market analysis.",[9982],{"type":928,"attrs":9983},{"color":7233},{"type":627,"attrs":9985},{"id":9986,"body":9987},"51d783ff-495d-429f-9d4e-df42557f187a",[9988],{"id":9989,"_uid":9990,"type":623,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3634394","i-86e47e23-a8a7-4cca-9e0d-c24e4c75ba4a",{"type":657,"attrs":9992,"content":9993},{"level":659,"textAlign":49},[9994],{"text":9777,"type":599,"marks":9995},[9996],{"type":928,"attrs":9997},{"color":7233},{"type":3158,"content":9999},[10000,10010,10020],{"type":3161,"content":10001},[10002],{"type":594,"attrs":10003,"content":10004},{"textAlign":49},[10005],{"text":10006,"type":599,"marks":10007},"Facilitate contract negotiations by incorporating market expectations for year-ahead lithium pricing",[10008],{"type":928,"attrs":10009},{"color":7233},{"type":3161,"content":10011},[10012],{"type":594,"attrs":10013,"content":10014},{"textAlign":49},[10015],{"text":10016,"type":599,"marks":10017},"More robust procurement and investment planning through clearer visibility on forward sentiment",[10018],{"type":928,"attrs":10019},{"color":7233},{"type":3161,"content":10021},[10022],{"type":594,"attrs":10023,"content":10024},{"textAlign":49},[10025],{"text":10026,"type":599,"marks":10027},"Independent benchmarking of internal price views against aggregated expectations from across the supply chain",[10028],{"type":928,"attrs":10029},{"color":7233},{"type":594,"attrs":10031,"content":10032},{"textAlign":49},[10033],{"text":10034,"type":599,"marks":10035},"Benchmark Mineral Intelligence is the world’s leading price reporting agency and market intelligence provider for the lithium ion battery to electric vehicle supply chain. Our lithium prices are adopted globally, with almost 50% of the EVs manufactured in the ex-China market in 2025 using Benchmark lithium prices in their supply chain contracts.  ",[10036],{"type":928,"attrs":10037},{"color":7233},{"type":594,"attrs":10039,"content":10040},{"textAlign":49},[10041],{"text":10042,"type":599,"marks":10043},"Benchmark publishes lithium, cobalt, graphite, nickel, cathode, anode, black mass and rare earths price assessments and market intelligence to the highest IOSCO standards, helping market participants settle contracts, guide investment decisions and navigate an increasingly complex global supply chain.",[10044],{"type":928,"attrs":10045},{"color":7233},{"type":594,"attrs":10047,"content":10048},{"textAlign":49},[10049],{"text":10050,"type":599,"marks":10051},"To learn more about Benchmark's Lithium Service, fill out the form below and one of the team will be in touch:",[10052,10054],{"type":928,"attrs":10053},{"color":7233},{"type":643},{"type":627,"attrs":10056},{"id":10057,"body":10058},"1a0bff14-c959-4a66-827f-b3cf50e1d67b",[10059],{"id":835,"_uid":10060,"component":837,"wrap_in_box":50,"redirect_url":10061,"success_file":10062,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":10064,"show_on_intelligence":50},"i-6904cab2-9492-482e-b05d-ad06ce346a31",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":10063},{},[],[10066,10069],{"slug":1103,"name":1104,"content":10067},{"job_title":1106,"image":10068,"bio":1109,"linkedin":1110,"markets_covered":1111},{"filename":1108},{"slug":9869,"name":9870,"content":10070},{"job_title":9872,"image":10071,"bio":9875,"linkedin":9876,"markets_covered":9877},{"filename":9874},[10073,10074],{"slug":878,"name":8},{"slug":872,"name":873},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":10076},{},{"id":10078,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10079,"copyright":547,"fieldtype":553,"meta_data":10080,"is_external_url":50},160889858638180,"https://a.storyblok.com/f/287943243085208/4752x3168/fd231baaf5/adobestock_85912969_lithium-piles.jpeg",{},"Mar 31, 2026",{"id":10083,"uuid":10084,"name":10085,"slug":10086,"full_slug":10087,"content":10088},159401286976525,"664d77ea-f0d7-424b-bc00-0482409644fd","How is Europe progressing on its CRMA targets?","how-is-europe-progressing-on-its-crma-targets-","article/how-is-europe-progressing-on-its-crma-targets-",{"_uid":10089,"date":10090,"tags":10091,"editor":547,"content":10100,"excerpt":10421,"featured":51,"reporter":10422,"component":864,"seo_title":10085,"categories":10429,"visibility":882,"data_vis_image":10442,"featured_image":10446,"seo_description":10450,"formattedDate":10451},"2d3decb0-777e-48cc-9d3a-3ef49931c126","2026-03-27 00:00",[10092,10095,10096,10099],{"slug":10093,"name":10094},"european-union","European Union",{"slug":2790,"name":2791},{"slug":10097,"name":10098},"critical-raw-materials-act","Critical Raw Materials Act",{"slug":578,"name":579},{"type":591,"content":10101},[10102,10134,10142,10150,10157,10165,10201,10251,10287,10295,10303,10311,10319,10340,10348,10383,10417],{"type":594,"attrs":10103,"content":10104},{"textAlign":49},[10105,10109,10115,10120,10129],{"text":2372,"type":599,"marks":10106},[10107],{"type":928,"attrs":10108},{"color":930},{"text":10094,"type":599,"marks":10110},[10111,10113],{"type":604,"attrs":10112},{"href":8268,"uuid":8269,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":10114},{"color":930},{"text":10116,"type":599,"marks":10117}," still requires significant investment in ",[10118],{"type":928,"attrs":10119},{"color":930},{"text":10121,"type":599,"marks":10122},"critical battery mineral projects",[10123,10127],{"type":604,"attrs":10124},{"href":10125,"uuid":10126,"anchor":49,"target":650,"linktype":623},"/videos/building-europe-s-critical-metals-value-chain-interview-with-european-metals-dr-james-watson","24a22b3e-dda6-476c-bf33-1089aa329c55",{"type":928,"attrs":10128},{"color":930},{"text":10130,"type":599,"marks":10131}," if it is to meet the non-binding targets set out in its Critical Raw Materials Act (CRMA) which came into force in May 2024.",[10132],{"type":928,"attrs":10133},{"color":930},{"type":594,"attrs":10135,"content":10136},{"textAlign":49},[10137],{"text":10138,"type":599,"marks":10139},"The Act set targets for 10% of the bloc’s critical mineral demand to be met by domestic mining, 40% by domestic processing, and 25% by recycling. Further, no more than 65% of demand for one critical mineral should be met by a single country.",[10140],{"type":928,"attrs":10141},{"color":930},{"type":594,"attrs":10143,"content":10144},{"textAlign":49},[10145],{"text":10146,"type":599,"marks":10147},"Benchmark analysis shows that with the exception of lithium and nickel extraction, the bloc is forecast to miss the targets for battery metals across mining, processing and recycling.",[10148],{"type":928,"attrs":10149},{"color":930},{"type":627,"attrs":10151},{"id":10152,"body":10153},"43829a63-bc75-4e1f-a2d1-b527d795018c",[10154],{"id":10155,"_uid":10156,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28206187","i-2aa811de-d503-4ecf-9197-4351af5bd8d2",{"type":657,"attrs":10158,"content":10159},{"level":659,"textAlign":49},[10160],{"text":10161,"type":599,"marks":10162},"Where has most progress been made?",[10163],{"type":928,"attrs":10164},{"color":930},{"type":594,"attrs":10166,"content":10167},{"textAlign":49},[10168,10173,10182,10187,10196],{"text":10169,"type":599,"marks":10170},"Lithium and nickel mining within the EU is currently forecast to meet over 10% of domestic demand. For lithium, the largest EU projects set to come online by 2030 are ",[10171],{"type":928,"attrs":10172},{"color":930},{"text":10174,"type":599,"marks":10175},"Vulcan Energy’s",[10176,10180],{"type":604,"attrs":10177},{"href":10178,"uuid":10179,"anchor":49,"target":650,"linktype":623},"/videos/panel-discussion-building-a-european-lithium-supply-chain-challenges-and-opportunities","145a62ae-f4db-4dab-9b13-a8264072ed0d",{"type":928,"attrs":10181},{"color":930},{"text":10183,"type":599,"marks":10184}," Upper Rhine Valley Project, which uses DLE and ",[10185],{"type":928,"attrs":10186},{"color":930},{"text":10188,"type":599,"marks":10189},"Keliber’s hard rock",[10190,10194],{"type":604,"attrs":10191},{"href":10192,"uuid":10193,"anchor":49,"target":650,"linktype":623},"/videos/sibanye-stillwaters-innovative-contribution-to-lithium-keliber-and-pcam-gallicam-european-supply","fa1f2bc9-9113-4c55-ac9a-e78c7a119a35",{"type":928,"attrs":10195},{"color":930},{"text":10197,"type":599,"marks":10198}," Kaustinen project in Finland.",[10199],{"type":928,"attrs":10200},{"color":930},{"type":594,"attrs":10202,"content":10203},{"textAlign":49},[10204,10209,10218,10223,10232,10237,10246],{"text":10205,"type":599,"marks":10206},"On the recycling side, the EU has acknowledged the risk that ",[10207],{"type":928,"attrs":10208},{"color":930},{"text":10210,"type":599,"marks":10211},"black mass “leakage”",[10212,10216],{"type":604,"attrs":10213},{"href":10214,"uuid":10215,"anchor":49,"target":650,"linktype":623},"/article/in-charts-comparing-the-european-and-north-american-black-mass-markets","17ddc210-2e26-425d-a51d-27a520917277",{"type":928,"attrs":10217},{"color":930},{"text":10219,"type":599,"marks":10220}," out of the region poses. Whilst there is significant capacity for pre-treating scrap batteries into ",[10221],{"type":928,"attrs":10222},{"color":930},{"text":10224,"type":599,"marks":10225},"black mass",[10226,10230],{"type":604,"attrs":10227},{"href":10228,"uuid":10229,"anchor":49,"target":650,"linktype":623},"/article/what-is-black-mass-and-how-is-it-priced","7e1c5466-a467-471e-adca-9f45d75f0441",{"type":928,"attrs":10231},{"color":930},{"text":10233,"type":599,"marks":10234},", the bloc needs more refining capacity to convert this into chemicals. Progress was made on this front in March 2025, when it was proposed to ",[10235],{"type":928,"attrs":10236},{"color":930},{"text":10238,"type":599,"marks":10239},"reclassify black mass as a hazardous waste",[10240,10244],{"type":604,"attrs":10241},{"href":10242,"uuid":10243,"anchor":49,"target":650,"linktype":623},"/article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage","ffae495f-722e-4740-ba5f-40c3fdbe2d18",{"type":928,"attrs":10245},{"color":930},{"text":10247,"type":599,"marks":10248},". With this classification, exports would be restricted to OECD countries only, making it easier to track the movement of black mass.",[10249],{"type":928,"attrs":10250},{"color":930},{"type":594,"attrs":10252,"content":10253},{"textAlign":49},[10254,10259,10268,10273,10282],{"text":10255,"type":599,"marks":10256},"Progress on the implementation of the CRMA has also been made. A key part of this is the establishment of Strategic Projects. These are projects that the EU deems vital to the production of critical minerals. In 2025, ",[10257],{"type":928,"attrs":10258},{"color":930},{"text":10260,"type":599,"marks":10261},"47 projects were given the Strategic classification",[10262,10266],{"type":604,"attrs":10263},{"href":10264,"uuid":10265,"anchor":49,"target":650,"linktype":623},"/article/eu-strategic-projects-could-help-progress-on-crma-goals","d9455e37-4678-4f4f-a0bf-63f788af84d7",{"type":928,"attrs":10267},{"color":930},{"text":10269,"type":599,"marks":10270}," within the EU, along with ",[10271],{"type":928,"attrs":10272},{"color":930},{"text":10274,"type":599,"marks":10275},"13 further projects",[10276,10280],{"type":604,"attrs":10277},{"href":10278,"uuid":10279,"anchor":49,"target":650,"linktype":623},"/article/eu-identifies-13-global-critical-mineral-projects-to-support-crma-targets","3b4b414a-cfc5-48de-bbcc-2b488ec78b48",{"type":928,"attrs":10281},{"color":930},{"text":10283,"type":599,"marks":10284}," from outside of the region.",[10285],{"type":928,"attrs":10286},{"color":930},{"type":657,"attrs":10288,"content":10289},{"level":659,"textAlign":49},[10290],{"text":10291,"type":599,"marks":10292},"Where is the most progress required?",[10293],{"type":928,"attrs":10294},{"color":930},{"type":594,"attrs":10296,"content":10297},{"textAlign":49},[10298],{"text":10299,"type":599,"marks":10300},"The EU has no needle coke production nor any domestic synthetic graphite capacity expected to come online by 2030. As such, the bloc is wholly dependent on imports for synthetic anode, though the region does have some flake graphite mines and is forecast to meet 17% of its spherical graphite needs domestically in 2030.",[10301],{"type":928,"attrs":10302},{"color":930},{"type":594,"attrs":10304,"content":10305},{"textAlign":49},[10306],{"text":10307,"type":599,"marks":10308},"Of the battery metals, manganese is the furthest away from hitting the CRMA targets, with no sizable domestic mined source of manganese and only one operating facility producing the high purity manganese sulphate monohydrate (HPMSM) required for battery applications. The largest HPMSM pipeline project is Euro Manganese’s Chvaletice project which isn’t expected online until at least 2030 if it proceeds to schedule.",[10309],{"type":928,"attrs":10310},{"color":930},{"type":657,"attrs":10312,"content":10313},{"level":659,"textAlign":49},[10314],{"text":10315,"type":599,"marks":10316},"How do EU policies support the goal?",[10317],{"type":928,"attrs":10318},{"color":930},{"type":594,"attrs":10320,"content":10321},{"textAlign":49},[10322,10326,10335],{"text":2372,"type":599,"marks":10323},[10324],{"type":928,"attrs":10325},{"color":930},{"text":10327,"type":599,"marks":10328},"RESourceEU Action Plan",[10329,10333],{"type":604,"attrs":10330},{"href":10331,"uuid":10332,"anchor":49,"target":650,"linktype":623},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-december-2025","c1b66b19-6e88-4b60-9edc-f631ba9834c1",{"type":928,"attrs":10334},{"color":930},{"text":10336,"type":599,"marks":10337}," was adopted in December 2025, aiming to accelerate the EU’s battery and permanent magnet supply chain security efforts. Part of this is an EU CRM Financing Hub, which aims to help finance and derisk projects through a variety of existing EU funding programs, such as the EU Innovation Fund. The hub aims to secure and deploy EUR3 billion ($3.5 bn) by the end of 2026.",[10338],{"type":928,"attrs":10339},{"color":930},{"type":594,"attrs":10341,"content":10342},{"textAlign":49},[10343],{"text":10344,"type":599,"marks":10345},"Another part of the Action Plan to be implemented this year is the Critical Raw Material Centre, which is supposed to coordinate the CRM Financing Hub and support joint stockpiling and purchasing efforts, and which the EU Commission hopes, in the end, to turn into a strategic market-shaping mechanism.",[10346],{"type":928,"attrs":10347},{"color":930},{"type":594,"attrs":10349,"content":10350},{"textAlign":49},[10351,10355,10364,10369,10378],{"text":2372,"type":599,"marks":10352},[10353],{"type":928,"attrs":10354},{"color":930},{"text":10356,"type":599,"marks":10357},"Industrial Accelerator Act",[10358,10362],{"type":604,"attrs":10359},{"href":10360,"uuid":10361,"anchor":49,"target":650,"linktype":623},"/article/industrial-accelerator-act-adds-made-in-eu-requirements-for-automakers","f241906f-ea0d-4bcf-84e5-4ca9c212a23f",{"type":928,"attrs":10363},{"color":930},{"text":10365,"type":599,"marks":10366}," (IAA), tabled by the European Commission in March 2026, plans to mandate a certain proportion of electric vehicles and batteries to be “",[10367],{"type":928,"attrs":10368},{"color":930},{"text":10370,"type":599,"marks":10371},"Made in EU",[10372,10376],{"type":604,"attrs":10373},{"href":10374,"uuid":10375,"anchor":49,"target":650,"linktype":623},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-2-2026","4a0659e5-0b2b-441e-877d-2b232bcecee6",{"type":928,"attrs":10377},{"color":930},{"text":10379,"type":599,"marks":10380},"”, which could provide demand-side support for domestic projects.",[10381],{"type":928,"attrs":10382},{"color":930},{"type":594,"attrs":10384,"content":10385},{"textAlign":49},[10386,10391,10398,10403,10412],{"text":10387,"type":599,"marks":10388},"Although the EU has set ambitious targets across the critical mineral space and has made some progress towards them, significantly more investment is required to meet them. ",[10389],{"type":928,"attrs":10390},{"color":930},{"text":10392,"type":599,"marks":10393},"Coherent policy action",[10394,10396],{"type":604,"attrs":10395},{"href":7748,"uuid":7749,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":10397},{"color":930},{"text":10399,"type":599,"marks":10400}," and potentially public capital will be needed to draw in ",[10401],{"type":928,"attrs":10402},{"color":930},{"text":10404,"type":599,"marks":10405},"private capital",[10406,10410],{"type":604,"attrs":10407},{"href":10408,"uuid":10409,"anchor":49,"target":650,"linktype":623},"/videos/investing-in-critical-mineral-supply-chains-interview-with-quentin-lamarche","fb13450b-1ab4-4728-9bd3-46363996f176",{"type":928,"attrs":10411},{"color":930},{"text":10413,"type":599,"marks":10414}," and derisk critical mineral investments.",[10415],{"type":928,"attrs":10416},{"color":930},{"type":594,"attrs":10418,"content":10419},{"textAlign":49},[10420],{"type":1725},"The European Union still requires significant investment in critical mineral projects if it is to meet the non-binding targets set out in its Critical Raw Materials Act (CRMA) which came into force in May 2024.\nThe Act set targets for 10% of the bloc’s critical mineral demand to be met by domestic mining, 40% by domestic processing, and 25% by recycling. Further, no more than 65% of demand for one critical mineral should be met by a single country.\nBenchmark analysis shows that with the exception of lithium and nickel extraction, the bloc is forecast to miss the targets for battery metals across mining, processing and recycling.",[10423,10426],{"slug":544,"name":543,"content":10424},{"job_title":557,"image":10425,"bio":548,"linkedin":555},{"filename":552},{"slug":855,"name":856,"content":10427},{"job_title":858,"image":10428,"bio":861,"linkedin":862,"markets_covered":863},{"filename":860},[10430,10431,10432,10433,10434,10435,10436,10437,10438,10439,10441],{"slug":872,"name":873},{"slug":878,"name":8},{"slug":867,"name":115},{"slug":4330,"name":150},{"slug":2761,"name":2762},{"slug":2507,"name":2508},{"slug":2502,"name":189},{"slug":2504,"name":2505},{"slug":5744,"name":5741},{"slug":10440,"name":373},"black-mass",{"slug":880,"name":881},{"id":10443,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10444,"copyright":547,"fieldtype":553,"meta_data":10445,"is_external_url":50},159405371505186,"https://a.storyblok.com/f/287943243085208/1590x2164/5bd373204a/crma-q1-2026-2x.png",{},{"id":10447,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10448,"copyright":547,"fieldtype":553,"meta_data":10449,"is_external_url":50},129067466984180,"https://a.storyblok.com/f/287943243085208/c71059049a/bm-european-commission-flags-e1649948622413.jpg",{},"The European Union still requires significant investment in critical mineral projects if it is to meet the non-binding targets set out in its Critical Raw Materials Act (CRMA) which came into force in May 2024.","Mar 27, 2026",{"id":10453,"uuid":5151,"name":10454,"slug":10455,"full_slug":10456,"content":10457},158419419079183,"Ex-China rare earths premium to grow, especially for heavies","ex-china-rare-earths-premium-to-grow-especially-for-heavies","article/ex-china-rare-earths-premium-to-grow-especially-for-heavies",{"_uid":10458,"date":10459,"tags":10460,"editor":10462,"content":10466,"excerpt":10673,"featured":51,"reporter":10674,"component":864,"seo_title":10454,"categories":10681,"visibility":2091,"data_vis_image":10684,"featured_image":10686,"seo_description":10690,"formattedDate":10691},"2027a55c-179c-4347-b5c3-833dc59350a5","2026-03-24 00:00",[10461],{"slug":578,"name":579},[10463],{"slug":544,"name":543,"content":10464},{"job_title":557,"image":10465,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":10467},[10468,10490,10511,10519,10527,10535,10555,10563,10583,10626,10634,10643,10652,10661,10671],{"type":594,"attrs":10469,"content":10470},{"textAlign":49},[10471,10476,10485],{"text":10472,"type":599,"marks":10473},"Since China introduced export restrictions on rare earths in April 2025, ",[10474],{"type":928,"attrs":10475},{"color":930},{"text":10477,"type":599,"marks":10478},"significant regional bifurcation",[10479,10483],{"type":604,"attrs":10480},{"href":10481,"uuid":10482,"anchor":49,"target":650,"linktype":623},"/article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china","087ee693-546b-4bbb-9fcf-b00e664cae06",{"type":928,"attrs":10484},{"color":930},{"text":10486,"type":599,"marks":10487}," of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices, with a similar difference for European prices in terbium.",[10488],{"type":928,"attrs":10489},{"color":930},{"type":594,"attrs":10491,"content":10492},{"textAlign":49},[10493,10498,10506],{"text":10494,"type":599,"marks":10495},"By 2027, ",[10496],{"type":928,"attrs":10497},{"color":930},{"text":10499,"type":599,"marks":10500},"Benchmark’s Rare Earths Service",[10501,10504],{"type":604,"attrs":10502},{"href":10503,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/rare-earths",{"type":928,"attrs":10505},{"color":930},{"text":10507,"type":599,"marks":10508}," forecasts that this relative difference will almost double to 8.3 times. Although the difference is expected to reduce to 2035, the regional disparities are expected to persist.",[10509],{"type":928,"attrs":10510},{"color":930},{"type":594,"attrs":10512,"content":10513},{"textAlign":49},[10514],{"text":10515,"type":599,"marks":10516},"“Rare earths export controls imposed by China have created a two-tier global market, where access to critical rare earths increasingly depends on geopolitics rather than underlying fundamentals,” said George Ingalls, a rare earths price analyst at Benchmark. “This raises input costs for magnet supply chains outside China, weakens the competitiveness of downstream manufacturing in regions such as North America, Europe and Japan, and strengthens the case for policy support, strategic stockpiling and ex-China supply chain investment.”",[10517],{"type":928,"attrs":10518},{"color":930},{"type":594,"attrs":10520,"content":10521},{"textAlign":49},[10522],{"type":1186,"attrs":10523},{"id":10524,"alt":547,"src":10525,"title":547,"source":547,"copyright":547,"meta_data":10526},158427487780987,"https://a.storyblok.com/f/287943243085208/4000x5302/b6fc389a59/rare-earths-ex-china-prices-v5-01.png",{},{"type":657,"attrs":10528,"content":10529},{"level":659,"textAlign":49},[10530],{"text":10531,"type":599,"marks":10532},"What is the impact of rare earths price bifurcation?",[10533],{"type":928,"attrs":10534},{"color":930},{"type":594,"attrs":10536,"content":10537},{"textAlign":49},[10538,10543,10550],{"text":10539,"type":599,"marks":10540},"This substantial increase in the price of ",[10541],{"type":928,"attrs":10542},{"color":930},{"text":10544,"type":599,"marks":10545},"heavy rare earths outside of China",[10546,10548],{"type":604,"attrs":10547},{"href":7551,"uuid":7552,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":10549},{"color":930},{"text":10551,"type":599,"marks":10552}," is a critical concern for regions globally as these minerals are of vital importance for the electrification of transport, with demand from the defence industry growing rapidly.",[10553],{"type":928,"attrs":10554},{"color":930},{"type":594,"attrs":10556,"content":10557},{"textAlign":49},[10558],{"text":10559,"type":599,"marks":10560},"In 2025, China controlled 85% of total rare earth oxide production, including 99% of dysprosium oxide and terbium oxide.",[10561],{"type":928,"attrs":10562},{"color":930},{"type":594,"attrs":10564,"content":10565},{"textAlign":49},[10566,10571,10578],{"text":10567,"type":599,"marks":10568},"Japan, in particular, is highly exposed to ",[10569],{"type":928,"attrs":10570},{"color":930},{"text":10572,"type":599,"marks":10573},"non-Chinese prices",[10574,10576],{"type":604,"attrs":10575},{"href":7600,"uuid":7601,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":10577},{"color":930},{"text":10579,"type":599,"marks":10580}," following China’s tighter expert controls on rare earths to the country.",[10581],{"type":928,"attrs":10582},{"color":930},{"type":594,"attrs":10584,"content":10585},{"textAlign":49},[10586,10591,10598,10602,10609,10614,10621],{"text":10587,"type":599,"marks":10588},"The reality of China’s control over the rare earths and magnets supply chain has, in particular, pushed the US into action. The US DoW now has offtakes with ",[10589],{"type":928,"attrs":10590},{"color":930},{"text":1379,"type":599,"marks":10592},[10593,10596],{"type":604,"attrs":10594},{"href":10595,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://intelligence.benchmarkminerals.com/publications/price-analysis/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance-benchmark-rare-earths",{"type":928,"attrs":10597},{"color":930},{"text":1440,"type":599,"marks":10599},[10600],{"type":928,"attrs":10601},{"color":930},{"text":10603,"type":599,"marks":10604},"Lynas",[10605,10607],{"type":604,"attrs":10606},{"href":2020,"uuid":2021,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":10608},{"color":930},{"text":10610,"type":599,"marks":10611}," backed by a price floor for praseodymium-neodymium (PrNd) oxide. Lynas also has a similar deal with ",[10612],{"type":928,"attrs":10613},{"color":930},{"text":10615,"type":599,"marks":10616},"Japan Australia Rare Earths",[10617,10619],{"type":604,"attrs":10618},{"href":2056,"uuid":2057,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":10620},{"color":930},{"text":10622,"type":599,"marks":10623}," (JARE).",[10624],{"type":928,"attrs":10625},{"color":930},{"type":594,"attrs":10627,"content":10628},{"textAlign":49},[10629],{"text":10630,"type":599,"marks":10631},"The price floor mechanism these deals include are focused on PrNd, which is less constrained by China’s export restrictions and so there is a less pronounced regional bifurcation for this oxide.",[10632],{"type":928,"attrs":10633},{"color":930},{"type":594,"attrs":10635,"content":10636},{"textAlign":49},[10637],{"text":10638,"type":599,"marks":10639},"Benchmark's ex-China Rare Earth Price Forecast is a new addition to our comprehensive Rare Earths Service. ",[10640,10642],{"type":928,"attrs":10641},{"color":930},{"type":643},{"type":594,"attrs":10644,"content":10645},{"textAlign":49},[10646],{"text":10647,"type":599,"marks":10648},"Subscribers rely on Benchmark's granular price data, supply/demand forecast, price outlook and cost analysis to make strategic decisions in the rare earths sector.",[10649,10651],{"type":928,"attrs":10650},{"color":930},{"type":643},{"type":594,"attrs":10653,"content":10654},{"textAlign":49},[10655],{"text":10656,"type":599,"marks":10657},"To learn more or book a demo, contact us:",[10658,10660],{"type":928,"attrs":10659},{"color":930},{"type":643},{"type":627,"attrs":10662},{"id":10663,"body":10664},"bb765be4-cc4f-406c-8b97-6acdff7e2789",[10665],{"id":835,"_uid":10666,"component":837,"wrap_in_box":50,"redirect_url":10667,"success_file":10668,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":10670,"show_on_intelligence":50},"i-9ec83f0c-4e98-4545-beec-6e9f11452e03",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":10669},{},[],{"type":594,"attrs":10672},{"textAlign":49},"Since China introduced export restrictions on rare earths in April 2025, significant regional bifurcation of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices, with a similar difference for European prices in terbium.\n\nBy 2027, Benchmark’s Rare Earths Service forecasts that this relative difference will almost double to 8.3 times. Although the difference is expected to reduce to 2035, the regional disparities are expected to persist.",[10675,10678],{"slug":7689,"name":7690,"content":10676},{"job_title":7692,"image":10677,"bio":7695,"linkedin":7696,"markets_covered":7697},{"filename":7694},{"slug":1545,"name":1546,"content":10679},{"job_title":1548,"image":10680,"bio":1551,"linkedin":1552,"markets_covered":414},{"filename":1550},[10682,10683],{"slug":872,"name":873},{"slug":1556,"name":414},{"id":10524,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10525,"copyright":547,"fieldtype":553,"meta_data":10685,"is_external_url":50},{},{"id":10687,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10688,"copyright":547,"fieldtype":553,"meta_data":10689,"is_external_url":50},129070861042134,"https://a.storyblok.com/f/287943243085208/373d029e01/bm-rare-earth-oxides-2.jpg",{},"Since China introduced export restrictions on rare earths in April 2025, significant regional bifurcation of heavy rare earth prices has developed. In 2025, dysprosium oxide prices on a CIF North America basis were 4.4 times that of EXW China prices.","Mar 24, 2026",{"id":10693,"uuid":8369,"name":10694,"slug":10695,"full_slug":10696,"content":10697},158032352665487,"Weakened fiscal support impacts China’s EV market ","weakened-fiscal-support-impacts-china-s-ev-market","article/weakened-fiscal-support-impacts-china-s-ev-market",{"_uid":10698,"date":10699,"tags":10700,"editor":10703,"content":10707,"excerpt":10822,"featured":51,"reporter":10823,"component":864,"seo_title":10694,"categories":10827,"visibility":882,"data_vis_image":10830,"featured_image":10834,"seo_description":10713,"formattedDate":10838},"8a51798b-8e21-4bf9-a2e5-f459817c27fc","2026-03-23 00:00",[10701,10702],{"slug":913,"name":914},{"slug":578,"name":579},[10704],{"slug":544,"name":543,"content":10705},{"job_title":557,"image":10706,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":10708},[10709,10714,10726,10731,10745,10759,10764,10769,10776,10781,10786,10791,10796,10801,10806,10812,10817],{"type":594,"attrs":10710,"content":10711},{"textAlign":49},[10712],{"text":10713,"type":599},"The weakening of fiscal support provided by China to buyers of electric vehicles led to the lowest monthly sales figures of passenger car & light duty (PC & LDV) EVs since February 2024.",{"type":594,"attrs":10715,"content":10716},{"textAlign":4877},[10717,10719,10724],{"text":10718,"type":599},"Sales in China are down 26% in the first two months of 2026 compared to the same period in 2025, with ",{"text":10720,"type":599,"marks":10721},"retail sales of PC & LDV EVs",[10722],{"type":604,"attrs":10723},{"href":8987,"uuid":8988,"anchor":49,"target":650,"linktype":623},{"text":10725,"type":599}," in the country falling under 500,000 units in February. ",{"type":657,"attrs":10727,"content":10728},{"level":659,"textAlign":4877},[10729],{"text":10730,"type":599},"How has China’s fiscal support for EV buyers changed? ",{"type":594,"attrs":10732,"content":10733},{"textAlign":4877},[10734,10736,10743],{"text":10735,"type":599},"While China continued its ",{"text":10737,"type":599,"marks":10738},"trade-in subsidy",[10739],{"type":604,"attrs":10740},{"href":10741,"uuid":10742,"anchor":49,"target":650,"linktype":623},"/article/is-an-ev-market-slowdown-impending-in-china","f0df1be3-add0-4c24-b46c-e1f9cec44def",{"text":10744,"type":599}," for 2026, the scheme has become significantly less generous, particularly for cheaper vehicles. Previously, the scheme provided a flat subsidy of RMB20,000 (USD2,900) irrespective of price. Consumers are now only able to receive a subsidy worth 12% of the EV’s list price up to a maximum subsidy of RMB20,000 (USD2,900). ",{"type":594,"attrs":10746,"content":10747},{"textAlign":4877},[10748,10750,10757],{"text":10749,"type":599},"From January 1 2026, ",{"text":10751,"type":599,"marks":10752},"all EVs became subject to purchase tax",[10753],{"type":604,"attrs":10754},{"href":10755,"uuid":10756,"anchor":49,"target":650,"linktype":623},"/article/purchase-taxes-on-chinese-evs-to-increase-from-2026","21085c02-5cd0-48c6-8294-dc4f14ad3a2d",{"text":10758,"type":599}," for the first time since 2014. Previously, EVs priced under RMB300,000 (USD43,700) were fully exempt from the tax, with EVs priced over this threshold subject to 10% purchase tax on the value of the vehicle over RMB300,000 (USD43,700). However, EVs are now subject to the full 10% purchase tax, with a 50% discount applied to any value of an EV under RMB300,000 (USD43,700). The purchase tax is calculated based on the vehicle’s pre-VAT price.  ",{"type":657,"attrs":10760,"content":10761},{"level":659,"textAlign":4877},[10762],{"text":10763,"type":599},"What do the changes mean for EV prices in China? ",{"type":594,"attrs":10765,"content":10766},{"textAlign":4877},[10767],{"text":10768,"type":599},"The discount consumers can receive off a vehicle’s list price has significantly reduced, particularly for smaller and cheaper EVs. Combined with the changes to purchase EV taxes, means the lowest possible price a consumer can get for the majority of the most popular EV models has risen. ",{"type":627,"attrs":10770},{"id":10771,"body":10772},"003e1020-4299-4dcc-b3d7-963ed74bbd8e",[10773],{"id":10774,"_uid":10775,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28188573","i-2adddb1b-b3b1-4012-9da2-8ca883f4b385",{"type":594,"attrs":10777,"content":10778},{"textAlign":4877},[10779],{"text":10780,"type":599},"While the majority of models experience an increase in their minimum price (including discounts) in 2026 compared to 2025, there are some exceptions due to reductions in the vehicle’s base list price since March 2025. However, all models see a reduction in the maximum discount a consumer can receive, with that reduction most significant for smaller segments with cheaper models. ",{"type":594,"attrs":10782,"content":10783},{"textAlign":4877},[10784],{"text":10785,"type":599},"For example, the minimum price, including discounts of 61%, for the Wuling MINI in 2025 was $1,840. In 2026, with the discount now only 8%, the minimum price of the Wuling MINI is $4,400, over double the price. ",{"type":657,"attrs":10787,"content":10788},{"level":7090,"textAlign":4877},[10789],{"text":10790,"type":599},"What does this mean for China’s EV market? ",{"type":594,"attrs":10792,"content":10793},{"textAlign":4877},[10794],{"text":10795,"type":599},"To put the automotive market in China into context, total passenger car sales are down year-on-year by 19% (Jan-Feb 2026 vs Jan-Feb 2025), compared with a more pronounced decline of 26% in the EV market. ",{"type":594,"attrs":10797,"content":10798},{"textAlign":4877},[10799],{"text":10800,"type":599},"Small and medium EVs have seen the greatest increase in the minimum purchase price, when accounting for the available subsidies and purchase tax.  ",{"type":594,"attrs":10802,"content":10803},{"textAlign":4877},[10804],{"text":10805,"type":599},"With China’s EV market being highly price sensitive, this has led to these categories of EVs facing wider spread reductions in sales in the first two months of 2026 compared to the same period last year. ",{"type":627,"attrs":10807},{"id":10771,"body":10808},[10809],{"id":10810,"_uid":10811,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28188124","i-4446f82c-c929-4747-93e0-21ddf2c9b7dd",{"type":594,"attrs":10813,"content":10814},{"textAlign":4877},[10815],{"text":10816,"type":599},"The Chinese PC & LDV EV market has historically had a focus on the development of smaller segment EVs, a consequence of consumer preferences and price sensitivity, as well as the sizeable discounts these vehicles could enjoy under the fiscal support for EV adoption provided by the Chinese government. ",{"type":594,"attrs":10818,"content":10819},{"textAlign":4877},[10820],{"text":10821,"type":599},"However, with the generosity of China’s trade-in scheme dropping this year, Benchmark anticipates a reduction in market share for smaller EVs as consumers can no longer access the sizeable discounts, they once did. This effect has already started to take place, with small segment BEVs accounting for just 26% of BEV sales in January 2026, a sizeable reduction on the 34% market share they held in 2025. ","The weakening of fiscal support provided by China to buyers of electric vehicles led to the lowest monthly sales figures of passenger car & light duty (PC & LDV) EVs since February 2024.\n\nSales in China are down 26% in the first two months of 2026 compared to the same period in 2025, with retail sales of PC & LDV EVs in the country falling under 500,000 units in February.",[10824],{"slug":3076,"name":3077,"content":10825},{"job_title":3079,"image":10826,"bio":3082,"linkedin":3083,"markets_covered":3084},{"filename":3081},[10828,10829],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":10831,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10832,"copyright":547,"fieldtype":553,"meta_data":10833,"is_external_url":50},158033726509832,"https://a.storyblok.com/f/287943243085208/1588x1484/a890176e20/change-in-minimum-possible-consumer-price-against-ytd-sales-growth-per-model-2x.png",{},{"id":10835,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10836,"copyright":547,"fieldtype":553,"meta_data":10837,"is_external_url":50},129067276880517,"https://a.storyblok.com/f/287943243085208/4111766412/bm-electric-vehicle-china.jpg",{},"Mar 23, 2026",{"id":10840,"uuid":7749,"name":10841,"slug":10842,"full_slug":10843,"content":10844},156648358818179,"Europe, Policy and Defence: Key Quotes from Giga Europe 2026","europe-policy-and-defence-key-quotes-from-giga-europe-2026","article/europe-policy-and-defence-key-quotes-from-giga-europe-2026",{"_uid":10845,"date":10846,"tags":10847,"editor":547,"content":10854,"excerpt":10919,"featured":51,"reporter":10920,"component":864,"seo_title":10841,"categories":10924,"visibility":2091,"data_vis_image":10928,"featured_image":10930,"seo_description":10934,"formattedDate":10935},"570cc3f9-d657-4400-8730-67f7c567aaf5","2026-03-19 00:00",[10848,10849,10852,10853],{"slug":2790,"name":2791},{"slug":10850,"name":10851},"giga-europe-2026","Giga Europe 2026",{"slug":1384,"name":1385},{"slug":4610,"name":662},{"type":591,"content":10855},[10856,10868,10894,10901],{"type":594,"attrs":10857,"content":10858},{"textAlign":49},[10859,10861,10866],{"text":10860,"type":599},"Over the course of two days, delegates at ",{"text":10862,"type":599,"marks":10863},"Benchmark's Giga Europe 2026",[10864],{"type":604,"attrs":10865},{"href":8268,"uuid":8269,"anchor":49,"target":650,"linktype":623},{"text":10867,"type":599}," conference in Brussels discussed a wide range of vitally important topics on the state of Europe's battery and energy transition industries.",{"type":594,"attrs":10869,"content":10870},{"textAlign":49},[10871,10873,10879,10881,10886,10888,10892],{"text":10872,"type":599},"Here, Benchmark highlights a selection of key quotes from across the event's agenda, focusing on the current state of ",{"text":2791,"type":599,"marks":10874},[10875],{"type":604,"attrs":10876},{"href":10877,"uuid":10878,"anchor":49,"target":650,"linktype":623},"/videos/europe-s-industrial-policy-for-batteries-interview-with-julia-poliscanova","7deeb7c8-475b-4dd7-b7eb-2213f12bd47f",{"text":10880,"type":599},", its ",{"text":10882,"type":599,"marks":10883},"policy direction",[10884],{"type":604,"attrs":10885},{"href":10360,"uuid":10361,"anchor":49,"target":650,"linktype":623},{"text":10887,"type":599},", and the growing importance of the ",{"text":1384,"type":599,"marks":10889},[10890],{"type":604,"attrs":10891},{"href":6407,"uuid":6408,"anchor":49,"target":650,"linktype":623},{"text":10893,"type":599}," sector.",{"type":627,"attrs":10895},{"id":10896,"body":10897},"8660af6e-ebbc-47c4-8117-c748614f9a43",[10898],{"id":10899,"_uid":10900,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28119961","i-4459b319-b2d6-4e91-b5e5-b66e80583fed",{"type":594,"attrs":10902,"content":10903},{"textAlign":49},[10904,10908,10915],{"text":10905,"type":599,"marks":10906},"Giga Europe 2027 will once again bring together Europe's top EV battery supply chain voices to connect, collaborate and drive strategic action. ",[10907],{"type":643},{"text":10909,"type":599,"marks":10910},"Sign up here for early access",[10911,10914],{"type":604,"attrs":10912},{"href":10913,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/lp/giga-europe-2027-register-interest ",{"type":643},{"text":10916,"type":599,"marks":10917}," to key updates and exclusive savings offers.",[10918],{"type":643},"Over the course of two days, delegates at Benchmark's Giga Europe 2026 conference in Brussels discussed a wide range of vitally important topics on the state of Europe's battery and energy transition industries.\n\nHere, Benchmark highlights a selection of key quotes from the across the event's agenda focusing on the current state of Europe, its policy direction, and the growing importance of the defence sector.",[10921],{"slug":544,"name":543,"content":10922},{"job_title":557,"image":10923,"bio":548,"linkedin":555},{"filename":552},[10925,10926,10927],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":10929},{},{"id":10931,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10932,"copyright":547,"fieldtype":553,"meta_data":10933,"is_external_url":50},156648851052219,"https://a.storyblok.com/f/287943243085208/2048x1365/f0976677ee/giga-europe-2026.jpg",{},"Over the course of two days, delegates at Benchmark's Giga Europe 2026 conference in Brussels discussed a wide range of vitally important topics on the state of Europe's battery and energy transition industries.","Mar 19, 2026",{"id":10937,"uuid":8779,"name":10938,"slug":10939,"full_slug":10940,"content":10941},156236618730672,"Is BYD using LMFP for Blade 2.0 and what would this mean for manganese?","is-byd-using-lmfp-for-blade-2-0-and-what-would-this-mean-for-manganese-","article/is-byd-using-lmfp-for-blade-2-0-and-what-would-this-mean-for-manganese-",{"_uid":10942,"date":10943,"tags":10944,"editor":10949,"content":10953,"excerpt":11266,"featured":51,"reporter":11267,"component":864,"seo_title":11284,"categories":11285,"visibility":882,"data_vis_image":11292,"featured_image":11296,"seo_description":11300,"formattedDate":11301},"f89f68fd-d812-4a3d-af07-be6a32f724bd","2026-03-18 00:00",[10945,10946,10947],{"slug":5945,"name":2983},{"slug":578,"name":579},{"slug":10948,"name":8774},"lmfp",[10950],{"slug":544,"name":543,"content":10951},{"job_title":557,"image":10952,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":10954},[10955,10977,11011,11019,11041,11048,11061,11069,11075,11083,11091,11103,11111,11133,11141,11149,11157,11169,11177,11189,11197,11205,11213,11221,11229,11235,11244,11249,11254,11259],{"type":594,"attrs":10956,"content":10957},{"textAlign":49},[10958,10963,10972],{"text":10959,"type":599,"marks":10960},"BYD may be using lithium iron manganese phosphate (LMFP) cells for its new ",[10961],{"type":928,"attrs":10962},{"color":547},{"text":10964,"type":599,"marks":10965},"Blade 2.0 battery platform",[10966,10970],{"type":604,"attrs":10967},{"href":10968,"uuid":10969,"anchor":49,"target":650,"linktype":623},"/article/byd-launches-much-anticipated-blade-2-battery","bbd6953f-b16b-4e77-967f-8242cfad5d74",{"type":928,"attrs":10971},{"color":547},{"text":10973,"type":599,"marks":10974},", unveiled earlier in March, though it has yet to officially declare which chemistry will be used. ",[10975],{"type":928,"attrs":10976},{"color":547},{"type":594,"attrs":10978,"content":10979},{"textAlign":4877},[10980,10985,10993,10998,11007],{"text":10981,"type":599,"marks":10982},"A key advantage of the new platform is support for “flash charging” which ",[10983],{"type":928,"attrs":10984},{"color":547},{"text":2983,"type":599,"marks":10986},[10987,10991],{"type":604,"attrs":10988},{"href":10989,"uuid":10990,"anchor":49,"target":650,"linktype":623},"/article/in-charts-the-rise-of-byd","d138a8e7-adba-49a7-b52d-30b972975714",{"type":928,"attrs":10992},{"color":547},{"text":10994,"type":599,"marks":10995}," claims can charge the battery from 10% to 70% in just five minutes when connected to its new 1,500kW ",[10996],{"type":928,"attrs":10997},{"color":547},{"text":10999,"type":599,"marks":11000},"charging system",[11001,11005],{"type":604,"attrs":11002},{"href":11003,"uuid":11004,"anchor":49,"target":650,"linktype":623},"/article/catl-announces-battery-capable-of-1-3-mw-charging-how-fast-will-chargers-get","fa8ae311-e854-4049-92d4-326e1c68b21a",{"type":928,"attrs":11006},{"color":547},{"text":5628,"type":599,"marks":11008},[11009],{"type":928,"attrs":11010},{"color":547},{"type":594,"attrs":11012,"content":11013},{"textAlign":4877},[11014],{"text":11015,"type":599,"marks":11016},"BYD's references to a 3.8V operating voltage, enhanced energy density as well as LMFP-related patent portfolio all point towards BYD using LMFP in the platform.",[11017],{"type":928,"attrs":11018},{"color":547},{"type":594,"attrs":11020,"content":11021},{"textAlign":4877},[11022,11027,11036],{"text":11023,"type":599,"marks":11024},"If BYD does use LMFP for Blade 2.0, Benchmark calculates that this could increase 2026 ",[11025],{"type":928,"attrs":11026},{"color":547},{"text":11028,"type":599,"marks":11029},"battery-grade manganese demand",[11030,11034],{"type":604,"attrs":11031},{"href":11032,"uuid":11033,"anchor":49,"target":650,"linktype":623},"/article/what-role-will-manganese-rich-cathode-chemistries-play-in-the-future-battery-market","302d7379-4edd-4324-8543-57852feaa822",{"type":928,"attrs":11035},{"color":547},{"text":11037,"type":599,"marks":11038}," by 7%.",[11039],{"type":928,"attrs":11040},{"color":547},{"type":627,"attrs":11042},{"id":11043,"body":11044},"28b0a463-df61-4aad-a703-cac558eab0be",[11045],{"id":11046,"_uid":11047,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28104670","i-fb789942-4a0e-40c8-9087-8b1272c60407",{"type":657,"attrs":11049,"content":11050},{"level":659,"textAlign":4877},[11051,11056],{"text":11052,"type":599,"marks":11053},"How much demand is there for BYD’s Blade 2.0 platform?",[11054],{"type":928,"attrs":11055},{"color":547},{"text":4901,"type":599,"marks":11057},[11058],{"type":928,"attrs":11059},{"color":11060},"#0F4761",{"type":594,"attrs":11062,"content":11063},{"textAlign":4877},[11064],{"text":11065,"type":599,"marks":11066},"At the launch event, BYD showcased several battery electric vehicles (BEV) – predominantly in the premium segment – and one range extended EV (REEV) that will support “flash charging”.",[11067],{"type":928,"attrs":11068},{"color":547},{"type":627,"attrs":11070},{"id":11043,"body":11071},[11072],{"id":11073,"_uid":11074,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28103316","i-b48278a3-d2cf-4a21-a82b-d28dcde4db3a",{"type":594,"attrs":11076,"content":11077},{"textAlign":4877},[11078],{"text":11079,"type":599,"marks":11080},"Based on 2025 sales performance, and the expected volumes the new additions could add, Benchmark anticipates the battery demand from these models could total 27.5 GWh through the remainder of 2026.  ",[11081],{"type":928,"attrs":11082},{"color":547},{"type":594,"attrs":11084,"content":11085},{"textAlign":4877},[11086],{"text":11087,"type":599,"marks":11088},"This estimate could end up lower if BYD offers multiple choices of battery pack for the selected models. Conversely, if consumer reaction is strong enough to boost demand for flash charging, then the GWh figure could see upside too. ",[11089],{"type":928,"attrs":11090},{"color":547},{"type":657,"attrs":11092,"content":11093},{"level":659,"textAlign":4877},[11094,11099],{"text":11095,"type":599,"marks":11096},"How would Blade 2.0 using LMFP impact manganese demand?",[11097],{"type":928,"attrs":11098},{"color":547},{"text":4901,"type":599,"marks":11100},[11101],{"type":928,"attrs":11102},{"color":11060},{"type":594,"attrs":11104,"content":11105},{"textAlign":4877},[11106],{"text":11107,"type":599,"marks":11108},"Should BYD confirm LMFP use, this would materially lift the near-term manganese outlook. ",[11109],{"type":928,"attrs":11110},{"color":547},{"type":594,"attrs":11112,"content":11113},{"textAlign":4877},[11114,11119,11128],{"text":11115,"type":599,"marks":11116},"Under Benchmark’s baseline case, without LMFP deployment in these new Blade systems, LMFP-related ",[11117],{"type":928,"attrs":11118},{"color":547},{"text":11120,"type":599,"marks":11121},"manganese demand",[11122,11126],{"type":604,"attrs":11123},{"href":11124,"uuid":11125,"anchor":49,"target":650,"linktype":623},"/article/high-purity-manganese-sulphate-deficits-set-to-widen-in-2025","97e6f606-7439-4550-bebb-775c7a382ff6",{"type":928,"attrs":11127},{"color":547},{"text":11129,"type":599,"marks":11130}," is estimated at ~4,000t in 2026, or roughly 3% of total battery-grade manganese consumption. With LMFP adoption in the Blade 2.0 platform across BYD’s vehicle portfolio, LMFP-driven manganese demand is projected to rise to ~12,000t in 2026, lifting its share of total manganese demand to about 10%. ",[11131],{"type":928,"attrs":11132},{"color":547},{"type":594,"attrs":11134,"content":11135},{"textAlign":4877},[11136],{"text":11137,"type":599,"marks":11138},"Further upside to manganese demand could be seen if BYD rolls out LMFP cells in other models or if other OEMs produce rival EV battery platforms based on chemistry. ",[11139],{"type":928,"attrs":11140},{"color":547},{"type":594,"attrs":11142,"content":11143},{"textAlign":4877},[11144],{"text":11145,"type":599,"marks":11146},"On the processing side, BYD’s LMFP precursor pathway remains unclear. It is not yet known whether the company uses high-purity manganese sulphate, manganese carbonate, high-purity manganese oxides, or a mix of these, nor how much processing is handled in-house versus by third parties. ",[11147],{"type":928,"attrs":11148},{"color":547},{"type":594,"attrs":11150,"content":11151},{"textAlign":4877},[11152],{"text":11153,"type":599,"marks":11154},"This makes it difficult to pinpoint where in the supply chain the additional manganese demand will surface, even as the overall demand increase from LMFP becomes clearer. Regardless, the size of the LMFP-related manganese increase from BYD alone illustrates how LMFP could begin to shift manganese’s position in the EV battery supply chain. ",[11155],{"type":928,"attrs":11156},{"color":547},{"type":657,"attrs":11158,"content":11159},{"level":659,"textAlign":4877},[11160,11165],{"text":11161,"type":599,"marks":11162},"What is suggesting that Blade 2.0 will use LMFP?",[11163],{"type":928,"attrs":11164},{"color":547},{"text":4901,"type":599,"marks":11166},[11167],{"type":928,"attrs":11168},{"color":11060},{"type":594,"attrs":11170,"content":11171},{"textAlign":4877},[11172],{"text":11173,"type":599,"marks":11174},"The evidence pointing towards BYD using LMFP for its Blade 2.0 platform are three-fold: energy density, operating voltage, and patents. ",[11175],{"type":928,"attrs":11176},{"color":547},{"type":657,"attrs":11178,"content":11179},{"level":985,"textAlign":4877},[11180,11185],{"text":11181,"type":599,"marks":11182},"Energy density and operating voltage",[11183],{"type":928,"attrs":11184},{"color":547},{"text":4901,"type":599,"marks":11186},[11187],{"type":928,"attrs":11188},{"color":11060},{"type":594,"attrs":11190,"content":11191},{"textAlign":4877},[11192],{"text":11193,"type":599,"marks":11194},"The more substantive signal lies in the combination of voltage uplift and energy density improvement. Achieving a sustained nominal voltage around 3.8 V with meaningful energy density gains is more consistent with LMFP chemistry than with incremental optimisation of conventional LFP which typically operate between ~3.2–3.4V. ",[11195],{"type":928,"attrs":11196},{"color":547},{"type":594,"attrs":11198,"content":11199},{"textAlign":4877},[11200],{"text":11201,"type":599,"marks":11202},"Although the operating voltage is an important metric, depending on how the data is presented this can refer to nominal voltage, average discharge voltage, or upper cut-off voltage. Without explicit confirmation of the cathode composition, the voltage figure alone cannot be taken as definitive proof of LMFP adoption. ",[11203],{"type":928,"attrs":11204},{"color":547},{"type":594,"attrs":11206,"content":11207},{"textAlign":4877},[11208],{"text":11209,"type":599,"marks":11210},"BYD has announced two form factors for the Blade 2.0 platform with the short format geared towards high power applications compared to the long format which is optimised for energy density. ",[11211],{"type":928,"attrs":11212},{"color":547},{"type":594,"attrs":11214,"content":11215},{"textAlign":4877},[11216],{"text":11217,"type":599,"marks":11218},"LMFP in general exhibits both two-phase and solid-solution transformation behaviour during cycling. Two-phase reactions produce flat voltage plateaus but can induce lattice strain. Solid-solution behaviour improves rate capability but reduces voltage stability. High-rate cycling promotes solid-solution behaviour, while low-rate operation favours two-phase transitions. Particle size reduction and structural tuning can expand the solid-solution region, improving rate capability. ",[11219],{"type":928,"attrs":11220},{"color":547},{"type":594,"attrs":11222,"content":11223},{"textAlign":4877},[11224],{"text":11225,"type":599,"marks":11226},"Therefore, controlling particle size, Mn:Fe ratio and doping chemistry can tailor the dominant phase transition mechanism depending on application requirements (high energy vs high power).  It is possible that the two form factors could deploy different cell chemistries with the long format more likely to deploy LMFP due to the high energy density. Alternatively, different formulations of LMFP could be used for each form factor",[11227],{"type":928,"attrs":11228},{"color":547},{"type":627,"attrs":11230},{"id":11043,"body":11231},[11232],{"id":11233,"_uid":11234,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28095657","i-7694b8d8-690f-4b7b-8c7a-f63e81462f90",{"type":657,"attrs":11236,"content":11237},{"level":985,"textAlign":4877},[11238,11240],{"text":11239,"type":599},"Patents",{"text":4901,"type":599,"marks":11241},[11242],{"type":928,"attrs":11243},{"color":11060},{"type":594,"attrs":11245,"content":11246},{"textAlign":4877},[11247],{"text":11248,"type":599},"BYD has filed patents relating to LMFP. Some of the challenges associated with using LMFP, such as manganese dissolution, poor electronic/ionic conductivity and degradation have also been claimed to be solved in one of the patents by using a coating layer.",{"type":594,"attrs":11250,"content":11251},{"textAlign":4877},[11252],{"text":11253,"type":599},"The patents filed also fuel speculation that silicon-carbon will be used as the anode active material, utilising a nano coating to supress silicon’s expansion issues. It also points to a proprietary electrolyte called ‘Flash-Flow’ to enhance ion mobility.  ",{"type":594,"attrs":11255,"content":11256},{"textAlign":4877},[11257],{"text":11258,"type":599},"Patents alone don’t necessarily prove LMFP will be the cathode used. Large integrated manufacturers such as BYD routinely explore multiple chemistries in parallel and file patents across a broad technical spectrum. ",{"type":627,"attrs":11260},{"id":11261,"body":11262},"f0713a24-8aac-4c16-8150-a105afb05a32",[11263],{"id":11264,"_uid":11265,"type":623,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3619636","i-c0832ded-45e1-4e69-a350-110552f5825c","BYD may be using lithium iron manganese phosphate (LMFP) cells for its new Blade 2.0 battery platform, unveiled earlier in March, though it has yet to officially declare which chemistry will be used. \n\nA key advantage of the new platform is support for “flash charging” which BYD claims can charge the battery from 10% to 70% in just five minutes when connected to its new 1,500kW charging system. \n\nBYD’s patent activity related to manganese-doped phosphate systems alongside reported improvements in energy density, and reference to a 3.8V operating voltage all point towards BYD using LMFP in the platform. \n\nIf BYD does use LMFP for Blade 2.0, Benchmark calculates that this could increase 2026 battery-grade manganese demand by 7%.",[11268,11271,11281],{"slug":5038,"name":5039,"content":11269},{"job_title":5041,"image":11270,"bio":5044,"linkedin":5045,"markets_covered":3084},{"filename":5043},{"slug":11272,"name":11273,"content":11274},"varnika-agarwal","Varnika Agarwal",{"job_title":11275,"image":11276,"bio":11278,"linkedin":11279,"markets_covered":11280},"Battery Research Analyst",{"filename":11277},"https://a.storyblok.com/f/287943243085208/852x854/7f6c4846ba/varnika-a.png","Varnika is a Battery Research Analyst at Benchmark Mineral Intelligence where her primary focus is on the technical side of electric vehicle, energy stationary storage and battery market analysis. She was transferred from Rho Motion, which was acquired by Benchmark Mineral. During 2 years at Rho Motion, Varnika has worked on a variety of products across the time and has played an active role in the analysis of different type of battery recycling technologies.She holds PhD in solid-state batteries at University of Oxford, which has helped to hone her research and technical skills.","https://www.linkedin.com/in/varnika-agarwal1/","Battery Tech, EV, BESS, Portables",{"slug":2749,"name":2750,"content":11282},{"job_title":2752,"image":11283,"bio":2755,"linkedin":2756,"markets_covered":2757},{"filename":2754},"Is BYD using LMFP for Blade 2.0 and what would this mean for Mn? ",[11286,11287,11288,11289,11290,11291],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":2761,"name":2762},{"slug":3088,"name":3089},{"id":11293,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":11294,"copyright":547,"fieldtype":553,"meta_data":11295,"is_external_url":50},156567825649007,"https://a.storyblok.com/f/287943243085208/1588x1202/ac54be297d/blade-2-0-manganese-2x-1.png",{},{"id":11297,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":11298,"copyright":547,"fieldtype":553,"meta_data":11299,"is_external_url":50},156252379395819,"https://a.storyblok.com/f/287943243085208/6240x4160/3938ab9597/byd-blade-production.jpg",{},"BYD may be using lithium iron manganese phosphate (LMFP) cells for its new Blade 2.0 battery platform. If BYD does use LMFP for Blade 2.0, Benchmark calculates that this could increase 2026 battery-grade manganese demand by 10%.","Mar 18, 2026",{"id":11303,"uuid":8269,"name":11304,"slug":11305,"full_slug":11306,"content":11307},153830897943338,"The challenges and opportunities of Europe’s gigafactory pipeline","the-challenges-and-opportunities-of-europe-s-gigafactory-pipeline","article/the-challenges-and-opportunities-of-europe-s-gigafactory-pipeline",{"_uid":11308,"date":11309,"tags":11310,"editor":547,"content":11322,"excerpt":11621,"featured":51,"reporter":11622,"component":864,"seo_title":11304,"categories":11626,"visibility":2091,"data_vis_image":11630,"featured_image":11632,"seo_description":11637,"formattedDate":11638},"9e9ca1cb-7dfd-44e1-a27d-a54cb7e8c82b","2026-03-11 00:00",[11311,11312,11315,11316,11319],{"slug":2790,"name":2791},{"slug":11313,"name":11314},"benchmark-mineral-intelligence","Benchmark Mineral Intelligence",{"slug":10093,"name":10094},{"slug":11317,"name":11318},"glencore","Glencore",{"slug":11320,"name":11321},"albemarle","Albemarle",{"type":591,"content":11323},[11324,11357,11364,11383,11391,11403,11411,11419,11427,11435,11448,11456,11464,11472,11480,11488,11500,11508,11527,11547,11555,11563,11571,11579,11587,11607],{"type":594,"attrs":11325,"content":11326},{"textAlign":49},[11327,11332,11339,11344,11352],{"text":11328,"type":599,"marks":11329},"Between January 2023 and January 2026, the ",[11330],{"type":928,"attrs":11331},{"color":930},{"text":11333,"type":599,"marks":11334},"global gigafactory pipeline",[11335,11337],{"type":604,"attrs":11336},{"href":6041,"uuid":6042,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":11338},{"color":930},{"text":11340,"type":599,"marks":11341}," grew 27% to over 10TWh. ",[11342],{"type":928,"attrs":11343},{"color":930},{"text":2791,"type":599,"marks":11345},[11346,11350],{"type":604,"attrs":11347},{"href":11348,"uuid":11349,"anchor":49,"target":650,"linktype":623},"/videos/what-is-the-state-of-europes-battery-industry-","f985554f-1e3b-4049-9baf-7ed5a5000360",{"type":928,"attrs":11351},{"color":930},{"text":11353,"type":599,"marks":11354},", however, fell 8% to just over 1TWh – the only major region to see a drop in capacity over this time period.",[11355],{"type":928,"attrs":11356},{"color":930},{"type":627,"attrs":11358},{"id":11359,"body":11360},"ac052f1f-4744-4111-8079-7de5c30891d3",[11361],{"id":11362,"_uid":11363,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27999642","i-083ab781-40df-4725-9635-239b480d6876",{"type":594,"attrs":11365,"content":11366},{"textAlign":49},[11367,11372,11379],{"text":11368,"type":599,"marks":11369},"Despite this drop, the strength of the projects in the pipeline is greater than it was three years ago, Benchmark chief executive Andrew Miller told delegates at ",[11370],{"type":928,"attrs":11371},{"color":930},{"text":11373,"type":599,"marks":11374},"Giga Europe 2026 in Brussels",[11375,11377],{"type":604,"attrs":11376},{"href":7748,"uuid":7749,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":11378},{"color":930},{"text":974,"type":599,"marks":11380},[11381],{"type":928,"attrs":11382},{"color":930},{"type":594,"attrs":11384,"content":11385},{"textAlign":49},[11386],{"text":11387,"type":599,"marks":11388},"“So while the overall capacity pipeline in Europe is smaller than it was a few years ago,” Miller said. “I think what we’re left with is far more credible projects to drive the industry forward.”",[11389],{"type":928,"attrs":11390},{"color":930},{"type":594,"attrs":11392,"content":11393},{"textAlign":49},[11394,11400],{"type":1186,"attrs":11395},{"id":11396,"alt":547,"src":11397,"title":11398,"source":547,"copyright":547,"meta_data":11399},153832383927152,"https://a.storyblok.com/f/287943243085208/4200x2800/5a3c02b3d3/andrew-miller-giga-europe-2026.jpg","Benchmark CEO Andrew Miller talks at Giga Europe 2026. Photo credit: Jens Reiterer",{"alt":547,"title":11398,"source":547,"copyright":547},{"text":11398,"type":599,"marks":11401},[11402],{"type":643},{"type":657,"attrs":11404,"content":11405},{"level":659,"textAlign":49},[11406],{"text":11407,"type":599,"marks":11408},"Europe’s strength is in demand growth and innovation",[11409],{"type":928,"attrs":11410},{"color":930},{"type":594,"attrs":11412,"content":11413},{"textAlign":49},[11414],{"text":11415,"type":599,"marks":11416},"Despite challenges in scaling up the supply part of the equation, Europe’s battery demand growth is strong. Of all the major regions, Europe saw the greatest EV battery demand growth rate between 2024 and 2025.",[11417],{"type":928,"attrs":11418},{"color":930},{"type":594,"attrs":11420,"content":11421},{"textAlign":49},[11422],{"text":11423,"type":599,"marks":11424},"Innovation is another key strength of Europe’s battery supply chain, supported by strong connections to universities and a burgeoning startup scene.",[11425],{"type":928,"attrs":11426},{"color":930},{"type":594,"attrs":11428,"content":11429},{"textAlign":49},[11430],{"text":11431,"type":599,"marks":11432},"“We are very good at the early stages of the innovation cycle,” Ann Mettler, President of Catalyse Europe and board member at the European Innovation Council, said. “We know we have strong research. We also have strong startups. What’s been the bottleneck all along is scaling and commercialisation.”",[11433],{"type":928,"attrs":11434},{"color":930},{"type":594,"attrs":11436,"content":11437},{"textAlign":49},[11438,11444],{"type":1186,"attrs":11439},{"id":11440,"alt":547,"src":11441,"title":11442,"source":547,"copyright":547,"meta_data":11443},153832794842070,"https://a.storyblok.com/f/287943243085208/4200x2800/9c5dac2a55/ann-mettler.jpg","Ann Mettler (EIC) talks to Benchmark's Bryan Blle Giga Europe 2026. Photo credit: Jens Reiterer",{"alt":547,"title":11442,"source":547,"copyright":547},{"text":11445,"type":599,"marks":11446},"Ann Mettler (EIC) talks to Benchmark's Bryan Bille Giga Europe 2026. Photo credit: Jens Reiterer",[11447],{"type":643},{"type":657,"attrs":11449,"content":11450},{"level":659,"textAlign":49},[11451],{"text":11452,"type":599,"marks":11453},"What challenges face Europe’s battery industry?",[11454],{"type":928,"attrs":11455},{"color":930},{"type":594,"attrs":11457,"content":11458},{"textAlign":49},[11459],{"text":11460,"type":599,"marks":11461},"Compared to China and the US, Europe lacks extensive incentive schemes to encourage the domestic build-out of gigafactories, which some say has held back the growth of the industry.",[11462],{"type":928,"attrs":11463},{"color":930},{"type":594,"attrs":11465,"content":11466},{"textAlign":49},[11467],{"text":11468,"type":599,"marks":11469},"“We can no longer go on the way we have, because our own companies have had to compete on a completely unlevel playing field,” Mettler said.",[11470],{"type":928,"attrs":11471},{"color":930},{"type":594,"attrs":11473,"content":11474},{"textAlign":49},[11475],{"text":11476,"type":599,"marks":11477},"Europe doesn’t have a strong resource geography in terms of the key critical minerals required to build out the upstream part of the supply chain. As such, building critical mineral extraction capacity can come at an added cost compared to more resource-rich jurisdictions.",[11478],{"type":928,"attrs":11479},{"color":930},{"type":594,"attrs":11481,"content":11482},{"textAlign":49},[11483],{"text":11484,"type":599,"marks":11485},"“Security of supply comes at a price,” Vincenzo Conforti, Glencore’s head of government relations (Europe) said. “We cannot only accept security of supply if it comes for free.”",[11486],{"type":928,"attrs":11487},{"color":930},{"type":594,"attrs":11489,"content":11490},{"textAlign":49},[11491,11497],{"type":1186,"attrs":11492},{"id":11493,"alt":547,"src":11494,"title":11495,"source":547,"copyright":547,"meta_data":11496},153833932715284,"https://a.storyblok.com/f/287943243085208/4010x2673/2c868423c9/vincenzo-conforti-giga-europe-2026.jpg","Vincenzo Conforti (Glencore) discusses security of supply at Giga Europe 2026. Photo credit: Jens Reiterer",{"alt":547,"title":11495,"source":547,"copyright":547},{"text":11495,"type":599,"marks":11498},[11499],{"type":643},{"type":657,"attrs":11501,"content":11502},{"level":659,"textAlign":49},[11503],{"text":11504,"type":599,"marks":11505},"Europe’s policy approach to building a battery industry",[11506],{"type":928,"attrs":11507},{"color":930},{"type":594,"attrs":11509,"content":11510},{"textAlign":49},[11511,11516,11522],{"text":11512,"type":599,"marks":11513},"Over recent years, the European Union (EU) has developed a suite of policies to increase its domestic supply chain to better support the build-out of its battery industry, the latest of which is the ",[11514],{"type":928,"attrs":11515},{"color":930},{"text":10356,"type":599,"marks":11517},[11518,11520],{"type":604,"attrs":11519},{"href":10360,"uuid":10361,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":11521},{"color":930},{"text":11523,"type":599,"marks":11524},", which includes Made in EU requirements.",[11525],{"type":928,"attrs":11526},{"color":930},{"type":594,"attrs":11528,"content":11529},{"textAlign":49},[11530,11535,11542],{"text":11531,"type":599,"marks":11532},"“It is a good step in the right direction,” said ",[11533],{"type":928,"attrs":11534},{"color":930},{"text":11536,"type":599,"marks":11537},"Quentin Lamarche",[11538,11540],{"type":604,"attrs":11539},{"href":10408,"uuid":10409,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":11541},{"color":930},{"text":11543,"type":599,"marks":11544},", CEO of TechMet SCM. “We need to work on the ecosystem approach [...] to improve the conditions for operating in Europe.”",[11545],{"type":928,"attrs":11546},{"color":930},{"type":657,"attrs":11548,"content":11549},{"level":659,"textAlign":49},[11550],{"text":11551,"type":599,"marks":11552},"Joint ventures can support industry",[11553],{"type":928,"attrs":11554},{"color":930},{"type":594,"attrs":11556,"content":11557},{"textAlign":49},[11558],{"text":11559,"type":599,"marks":11560},"Although a domestic battery industry is important for Europe, it can accelerate its growth by partnering with those that have already proven their capabilities, namely Chinese players.",[11561],{"type":928,"attrs":11562},{"color":930},{"type":594,"attrs":11564,"content":11565},{"textAlign":49},[11566],{"text":11567,"type":599,"marks":11568},"“Joint ventures with technology transfer is a positive step,” Fracesco Gattiglio, vice president for external affairs at Albemarle, said.",[11569],{"type":928,"attrs":11570},{"color":930},{"type":594,"attrs":11572,"content":11573},{"textAlign":49},[11574],{"text":11575,"type":599,"marks":11576},"However, partnering with non-European entities needs to be approached strategically and with sufficient safe guards.",[11577],{"type":928,"attrs":11578},{"color":930},{"type":594,"attrs":11580,"content":11581},{"textAlign":49},[11582],{"text":11583,"type":599,"marks":11584},"“You need to protect European industry,” Madalina Ivanica, deputy head of unit at DG GROW in the European Commission, said, noting that the Industrial Accelerator Act proposes a 49% cap on the share a foreign entity can hold in a European project acting within a strategic industry.",[11585],{"type":928,"attrs":11586},{"color":930},{"type":594,"attrs":11588,"content":11589},{"textAlign":49},[11590,11595,11603],{"text":11591,"type":599,"marks":11592},"Chinese involvement in Europe’s battery industry is set to grow substantially. In 2025, 14% of Europe’s battery capacity had Chinese involvement, compared to 44% in 2030 as assessed by ",[11593],{"type":928,"attrs":11594},{"color":930},{"text":11596,"type":599,"marks":11597},"Benchmark’s Battery & Gigafactory Service",[11598,11601],{"type":604,"attrs":11599},{"href":11600,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/battery-gigafactory",{"type":928,"attrs":11602},{"color":930},{"text":974,"type":599,"marks":11604},[11605],{"type":928,"attrs":11606},{"color":930},{"type":594,"attrs":11608,"content":11609},{"textAlign":49},[11610,11613,11618],{"text":10905,"type":599,"marks":11611},[11612],{"type":643},{"text":10909,"type":599,"marks":11614},[11615,11617],{"type":604,"attrs":11616},{"href":10913,"uuid":49,"anchor":49,"target":650,"linktype":607},{"type":643},{"text":10916,"type":599,"marks":11619},[11620],{"type":643},"Between January 2023 and January 2026, the global gigafactory pipeline grew 27% to over 10TWh. Europe, however, fell 8% to just over 1TWh – the only major region to see a drop in capacity over this time period.\nDespite this drop, the strength of the projects in the pipeline is greater than it was three years ago, Benchmark chief executive Andrew Miller told delegates at Giga Europe 2026 in Brussels.\n“So while the overall capacity pipeline in Europe is smaller than it was a few years ago,” Miller said. “I think what we’re left with is far more credible projects to drive the industry forward.”",[11623],{"slug":544,"name":543,"content":11624},{"job_title":557,"image":11625,"bio":548,"linkedin":555},{"filename":552},[11627,11628,11629],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":11631},{},{"id":11633,"alt":547,"name":547,"focus":547,"title":11634,"source":547,"filename":11635,"copyright":547,"fieldtype":553,"meta_data":11636,"is_external_url":50},153830991237562,"Autoworld plays host to Giga Europe 2026 in Brussels. Photo credit: Jens Reiterer","https://a.storyblok.com/f/287943243085208/4200x2801/c4cdff7159/giga-europe-2026-autoworld.jpg",{"alt":547,"title":11634,"source":547,"copyright":547},"Between January 2023 and January 2026, the global gigafactory pipeline grew 27% to over 10TWh. Europe, however, fell 8% to just over 1TWh – the only major region to see a drop in capacity over this time period.","Mar 11, 2026",{"id":11640,"uuid":10361,"name":11641,"slug":11642,"full_slug":11643,"content":11644},151669564625181,"Industrial Accelerator Act adds Made in EU requirements for automakers","industrial-accelerator-act-adds-made-in-eu-requirements-for-automakers","article/industrial-accelerator-act-adds-made-in-eu-requirements-for-automakers",{"_uid":11645,"date":11646,"tags":11647,"editor":11654,"content":11658,"excerpt":11934,"featured":51,"reporter":11935,"component":864,"seo_title":11942,"categories":11943,"visibility":882,"data_vis_image":11947,"featured_image":11951,"seo_description":11953,"formattedDate":11954},"9fb65b23-4c8d-474e-8b71-58f2587e6e54","2026-03-05 00:00",[11648,11649,11652,11653],{"slug":2790,"name":2791},{"slug":11650,"name":11651},"european-commission","European Commission",{"slug":10093,"name":10094},{"slug":578,"name":579},[11655],{"slug":544,"name":543,"content":11656},{"job_title":557,"image":11657,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":11659},[11660,11681,11689,11711,11719,11727,11761,11768,11776,11784,11792,11800,11808,11816,11822,11830,11838,11846,11854,11904,11926],{"type":594,"attrs":11661,"content":11662},{"textAlign":49},[11663,11668,11676],{"text":11664,"type":599,"marks":11665},"The EU Commission's proposed Industrial Accelerator Act (IAA) introduces new “Made in EU” stipulations for ",[11666],{"type":928,"attrs":11667},{"color":930},{"text":3467,"type":599,"marks":11669},[11670,11674],{"type":604,"attrs":11671},{"href":11672,"uuid":11673,"anchor":49,"target":650,"linktype":623},"/article/what-is-behind-europes-2025-ev-sales-surge","cefbe53e-3573-4ecf-845a-f034c58de3d6",{"type":928,"attrs":11675},{"color":930},{"text":11677,"type":599,"marks":11678}," as part of a range of measures aimed at increasing the manufacturing sector’s share of the bloc’s GDP to 20% by 2035, up from 14.3% in 2024.",[11679],{"type":928,"attrs":11680},{"color":930},{"type":594,"attrs":11682,"content":11683},{"textAlign":49},[11684],{"text":11685,"type":599,"marks":11686},"The act was proposed on Wednesday 4 March after delays and renegotiations pushed its publication to the wire. Further negotiations between the Council and the European Parliament are required before the IAA can be adopted and enter into force.",[11687],{"type":928,"attrs":11688},{"color":930},{"type":594,"attrs":11690,"content":11691},{"textAlign":49},[11692,11697,11706],{"text":11693,"type":599,"marks":11694},"The “Made in EU” rules add tough requirements for ",[11695],{"type":928,"attrs":11696},{"color":930},{"text":11698,"type":599,"marks":11699},"automakers",[11700,11704],{"type":604,"attrs":11701},{"href":11702,"uuid":11703,"anchor":49,"target":650,"linktype":623},"/videos/what-is-the-outlook-for-the-european-ev-market","8e83e0aa-866e-4453-8e9e-d7841bf8bb09",{"type":928,"attrs":11705},{"color":930},{"text":11707,"type":599,"marks":11708}," looking to benefit from incentive schemes, financial support for corporate vehicles, or public procurement, though there are exceptions for the “small cars” segment.",[11709],{"type":928,"attrs":11710},{"color":930},{"type":657,"attrs":11712,"content":11713},{"level":659,"textAlign":49},[11714],{"text":11715,"type":599,"marks":11716},"What counts as “Made in EU” for electric vehicles?",[11717],{"type":928,"attrs":11718},{"color":930},{"type":594,"attrs":11720,"content":11721},{"textAlign":49},[11722],{"text":11723,"type":599,"marks":11724},"The Industrial Accelerator Act lays out the requirements for an electric vehicle to be defined as “Made in EU”, with these rules coming into play after the regulation officially enters into force:",[11725],{"type":928,"attrs":11726},{"color":930},{"type":11728,"attrs":11729,"content":11730},"ordered_list",{"order":7090},[11731,11741,11751],{"type":3161,"content":11732},[11733],{"type":594,"attrs":11734,"content":11735},{"textAlign":49},[11736],{"text":11737,"type":599,"marks":11738},"The vehicle must be assembled in the EU.",[11739],{"type":928,"attrs":11740},{"color":930},{"type":3161,"content":11742},[11743],{"type":594,"attrs":11744,"content":11745},{"textAlign":49},[11746],{"text":11747,"type":599,"marks":11748},"At least 70% by value of its non-battery components must be of EU origin.",[11749],{"type":928,"attrs":11750},{"color":930},{"type":3161,"content":11752},[11753],{"type":594,"attrs":11754,"content":11755},{"textAlign":49},[11756],{"text":11757,"type":599,"marks":11758},"For the battery, at least three “main specific components” must be of EU origin, including at least one cell. The other components include modules, packs, cathodes, anodes, electrolytes, separators, current collectors, battery management systems (BMS), and/or battery thermal management systems (BTMS).",[11759],{"type":928,"attrs":11760},{"color":930},{"type":627,"attrs":11762},{"id":11763,"body":11764},"02f0923f-9c0e-4511-be17-a27456544b41",[11765],{"id":11766,"_uid":11767,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27907693","i-709edae1-bd91-4987-a9fd-cd677a49ba00",{"type":594,"attrs":11769,"content":11770},{"textAlign":49},[11771],{"text":11772,"type":599,"marks":11773},"For the last rule, requirements ramp up after three years, after which at least five main components, including cells, cathode, and BMS, must be from the EU. Furthermore, 50% by value of the e-powertrain and main electronic systems must also be of EU origin.",[11774],{"type":928,"attrs":11775},{"color":930},{"type":594,"attrs":11777,"content":11778},{"textAlign":49},[11779],{"text":11780,"type":599,"marks":11781},"All three stipulations must be met for the public procurement of EVs, public incentive schemes and financial support for corporate vehicles.",[11782],{"type":928,"attrs":11783},{"color":930},{"type":657,"attrs":11785,"content":11786},{"level":659,"textAlign":49},[11787],{"text":11788,"type":599,"marks":11789},"What is the exception for small vehicles?",[11790],{"type":928,"attrs":11791},{"color":930},{"type":594,"attrs":11793,"content":11794},{"textAlign":49},[11795],{"text":11796,"type":599,"marks":11797},"There is an exception for vehicles falling into the new M1E subcategory defined as small electric vehicles 4.2 metres or smaller as outlined in the EU Commission's December 2025 CO2 emissions legislation proposal. The goal is to stimulate demand for small cars with lower regulatory burdens and a super credit system, making small EV sales count as 1.3 units instead of 1 for emissions calculations.",[11798],{"type":928,"attrs":11799},{"color":930},{"type":594,"attrs":11801,"content":11802},{"textAlign":49},[11803],{"text":11804,"type":599,"marks":11805},"In December 2025, the European Commission published changes to the car CO₂ law, including a scheme to boost small, made-in-EU BEVs. Under this “super credit” scheme, small BEVs count as 1.3 units instead of 1.",[11806],{"type":928,"attrs":11807},{"color":930},{"type":594,"attrs":11809,"content":11810},{"textAlign":49},[11811],{"text":11812,"type":599,"marks":11813},"To comply as M1E vehicles, they must firstly be assembled in the EU, and additionally must meet just one of two requirements: either have at least 70% by value of its components (excluding battery) be of EU origin, or, have a battery with at least three “main specific components” of EU origin, of which the cells must be one.",[11814],{"type":928,"attrs":11815},{"color":930},{"type":627,"attrs":11817},{"id":11763,"body":11818},[11819],{"id":11820,"_uid":11821,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27896915","i-a493b8ec-c432-44db-a534-d45a31d32544",{"type":657,"attrs":11823,"content":11824},{"level":659,"textAlign":49},[11825],{"text":11826,"type":599,"marks":11827},"What are the consequences of this exception?",[11828],{"type":928,"attrs":11829},{"color":930},{"type":594,"attrs":11831,"content":11832},{"textAlign":49},[11833],{"text":11834,"type":599,"marks":11835},"These “Made in EU” definitions do as promised to create a lower regulatory burden for small car production. The requirement for assembly in the EU has been expected since the M1E's creation, and meeting a 70% EU origin threshold for all non-battery components should be achievable for legacy OEMs with EU manufacturing.",[11836],{"type":928,"attrs":11837},{"color":930},{"type":594,"attrs":11839,"content":11840},{"textAlign":49},[11841],{"text":11842,"type":599,"marks":11843},"Therefore, the battery origin requirement becomes superfluous, and OEMs could continue to use cells and packs imported from China, leaving the door open to cheaper LFP cells, which are more commonly used in small, low-range, low-cost vehicles.",[11844],{"type":928,"attrs":11845},{"color":930},{"type":657,"attrs":11847,"content":11848},{"level":659,"textAlign":49},[11849],{"text":11850,"type":599,"marks":11851},"Are automakers ready for “Made in EU” requirements?",[11852],{"type":928,"attrs":11853},{"color":930},{"type":594,"attrs":11855,"content":11856},{"textAlign":49},[11857,11862,11871,11876,11885,11890,11899],{"text":11858,"type":599,"marks":11859},"For non-M1E or full size vehicles, the “Made in EU” requirements have just massively stepped up the requirements for manufacturers to meet in order to receive subsidy support. Progression to ",[11860],{"type":928,"attrs":11861},{"color":930},{"text":11863,"type":599,"marks":11864},"develop localised",[11865,11869],{"type":604,"attrs":11866},{"href":11867,"uuid":11868,"anchor":49,"target":650,"linktype":623},"/videos/scaling-up-gigafactories-in-emea","dc6da4db-7720-4bd4-925d-c910ea4de304",{"type":928,"attrs":11870},{"color":930},{"text":11872,"type":599,"marks":11873}," supply chains would need to be front and centre for the next few years, as ",[11874],{"type":928,"attrs":11875},{"color":930},{"text":11877,"type":599,"marks":11878},"European cell capacity",[11879,11883],{"type":604,"attrs":11880},{"href":11881,"uuid":11882,"anchor":49,"target":650,"linktype":623},"/article/inobats-planned-spanish-gigafactory-gains-state-support","7fba56b4-ba97-41bb-9c82-964e0b097e77",{"type":928,"attrs":11884},{"color":930},{"text":11886,"type":599,"marks":11887}," still lags behind demand expectations. This will get significantly harder again after three years with the expansion to ",[11888],{"type":928,"attrs":11889},{"color":930},{"text":11891,"type":599,"marks":11892},"Cathode Active Material",[11893,11897],{"type":604,"attrs":11894},{"href":11895,"uuid":11896,"anchor":49,"target":650,"linktype":623},"/article/europes-cathode-scene-set-to-diversify-as-supply-increases","bf235ce9-a2e5-43bf-98ac-ee8ef8120a46",{"type":928,"attrs":11898},{"color":930},{"text":11900,"type":599,"marks":11901}," (CAM), although the exclusion of pCAM from the list of battery components may provide some reprieve. ",[11902],{"type":928,"attrs":11903},{"color":930},{"type":594,"attrs":11905,"content":11906},{"textAlign":49},[11907,11912,11921],{"text":11908,"type":599,"marks":11909},"With some domestic EU cell manufacturers having struggled to ramp up to significant volumes so far, meeting “Made in EU” requirements may also work to ",[11910],{"type":928,"attrs":11911},{"color":930},{"text":11913,"type":599,"marks":11914},"incentivise larger overseas players",[11915,11919],{"type":604,"attrs":11916},{"href":11917,"uuid":11918,"anchor":49,"target":650,"linktype":623},"/article/byd-is-overtaking-tesla-in-europe","c0599b0d-784d-4b24-9142-145a377c7c4a",{"type":928,"attrs":11920},{"color":930},{"text":11922,"type":599,"marks":11923}," in expanding EU capacity to provide the majority of the kWh needed. However, provisions included in the IAA on large-scale investments (more than EUR 100m) in the region also look to limit ownership stakes or require approval before getting the go-ahead. ",[11924],{"type":928,"attrs":11925},{"color":930},{"type":594,"attrs":11927,"content":11928},{"textAlign":49},[11929],{"text":11930,"type":599,"marks":11931},"Ultimately, with a patchwork of EU member states providing differing levels of subsidy support anyway, this will add a new layer of regulation to bring into OEMs' supply chain and strategy calculations.",[11932],{"type":928,"attrs":11933},{"color":930},"The EU Commission's proposed Industrial Accelerator Act (IAA) introduces new “Made in EU” stipulations for electric vehicles as part of a range of measures aimed at increasing the manufacturing sector’s share of the bloc’s GDP to 20% by 2035, up from 14.3% in 2024.\n\nThe act was proposed on Wednesday 4 March after delays and renegotiations pushed its publication to the wire. Further negotiations between the Council and the European Parliament are required before the IAA can be adopted and enter into force.\n\nThe “Made in EU” rules add tough requirements for automakers looking to benefit from incentive schemes, financial support for corporate vehicles, or public procurement, though there are exceptions for the “small cars” segment.",[11936,11939],{"slug":5038,"name":5039,"content":11937},{"job_title":5041,"image":11938,"bio":5044,"linkedin":5045,"markets_covered":3084},{"filename":5043},{"slug":855,"name":856,"content":11940},{"job_title":858,"image":11941,"bio":861,"linkedin":862,"markets_covered":863},{"filename":860},"Industrial Accelerator Act adds Made in EU rules for automakers",[11944,11945,11946],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":11948,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":11949,"copyright":547,"fieldtype":553,"meta_data":11950,"is_external_url":50},151672412929283,"https://a.storyblok.com/f/287943243085208/1588x1364/731aabcce5/eu-made-evs-2x.png",{},{"id":10447,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10448,"copyright":547,"fieldtype":553,"meta_data":11952,"is_external_url":50},{},"The EU Commission's proposed Industrial Accelerator Act (IAA) introduces new “Made in EU” stipulations for electric vehicles as part of a range of measures aimed at increasing the manufacturing sector’s share of the bloc’s GDP.","Mar 05, 2026",{"id":11956,"uuid":8612,"name":11957,"slug":11958,"full_slug":11959,"content":11960},150988924026811,"Lacklustre EV sales and geopolitical tension weigh on lithium prices","lacklustre-ev-sales-and-geopolitical-tension-weigh-on-lithium-prices","article/lacklustre-ev-sales-and-geopolitical-tension-weigh-on-lithium-prices",{"_uid":11961,"date":11962,"tags":11963,"editor":11966,"content":11970,"excerpt":12213,"featured":51,"reporter":12214,"component":864,"seo_title":12218,"categories":12219,"visibility":882,"data_vis_image":12222,"featured_image":12224,"seo_description":12228,"formattedDate":12229},"3424be92-1c78-489e-a90e-ee26573633ab","2026-03-03 00:00",[11964,11965],{"slug":913,"name":914},{"slug":910,"name":911},[11967],{"slug":544,"name":543,"content":11968},{"job_title":557,"image":11969,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":11971},[11972,11995,12015,12034,12041,12049,12075,12109,12115,12136,12155,12163,12171,12193,12201,12209],{"type":594,"attrs":11973,"content":11974},{"textAlign":49},[11975,11981,11990],{"text":11976,"type":599,"marks":11977},"Underwhelming ",[11978],{"type":928,"attrs":11979},{"color":11980},"#1D1C1D",{"text":11982,"type":599,"marks":11983},"EV sales figures",[11984,11988],{"type":604,"attrs":11985},{"href":11986,"uuid":11987,"anchor":49,"target":650,"linktype":623},"/article/ev-manufacturers-fail-to-meet-their-2025-expectations","7de458a0-0657-40d8-8d37-346c42d4def5",{"type":928,"attrs":11989},{"color":11980},{"text":11991,"type":599,"marks":11992}," by Chinese automakers in February and heightened geopolitical tensions in the Middle East combined leading to a dramatic drop in daily lithium prices.",[11993],{"type":928,"attrs":11994},{"color":11980},{"type":594,"attrs":11996,"content":11997},{"textAlign":49},[11998,12003,12010],{"text":11999,"type":599,"marks":12000},"On Tuesday 3rd of March 2026, the price of ",[12001],{"type":928,"attrs":12002},{"color":11980},{"text":12004,"type":599,"marks":12005},"lithium futures",[12006,12008],{"type":604,"attrs":12007},{"href":9935,"uuid":9936,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":12009},{"color":11980},{"text":12011,"type":599,"marks":12012}," on China’s Guangzhou Futures Exchange (GFEX) fell by its daily limit (13%) from around 172,000 RMB/tonne to 150,860 RMB/tonne.",[12013],{"type":928,"attrs":12014},{"color":11980},{"type":594,"attrs":12016,"content":12017},{"textAlign":49},[12018,12023,12030],{"text":12019,"type":599,"marks":12020},"Weakening sentiment amongst lithium futures traders was quickly mirrored in the physical spot market with Benchmark’s Lithium Carbonate (battery, spot) EXW China price settling at 157,100 RMB/tonne on 3 March, a 9.2% day-on-day decrease as assessed in ",[12021],{"type":928,"attrs":12022},{"color":11980},{"text":12024,"type":599,"marks":12025},"Benchmark's Lithium Price Assessment",[12026,12028],{"type":604,"attrs":12027},{"href":2214,"uuid":49,"anchor":49,"target":650,"linktype":607},{"type":928,"attrs":12029},{"color":11980},{"text":974,"type":599,"marks":12031},[12032],{"type":928,"attrs":12033},{"color":11980},{"type":627,"attrs":12035},{"id":12036,"body":12037},"7cad7a17-251f-42ea-8cfd-1be9b2bddbe6",[12038],{"id":12039,"_uid":12040,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27874328","i-b5ccc140-676c-4988-bb87-58dab3c19568",{"type":657,"attrs":12042,"content":12043},{"level":659,"textAlign":49},[12044],{"text":12045,"type":599,"marks":12046},"Why did lithium futures on the GFEX crash by their daily limit?",[12047],{"type":928,"attrs":12048},{"color":930},{"type":594,"attrs":12050,"content":12051},{"textAlign":49},[12052,12059,12064,12070],{"text":12053,"type":599,"marks":12054},"Lacklustre EV sales figures",[12055,12057],{"type":604,"attrs":12056},{"href":8974,"uuid":8975,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":12058},{"color":11980},{"text":12060,"type":599,"marks":12061}," published by several Chinese automakers for February was a key factor weighing on lithium prices. ",[12062],{"type":928,"attrs":12063},{"color":11980},{"text":2983,"type":599,"marks":12065},[12066,12068],{"type":604,"attrs":12067},{"href":10989,"uuid":10990,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":12069},{"color":11980},{"text":12071,"type":599,"marks":12072}," was one of the worst performers with Feb sales down 41.1% year-on-year, the 6th consecutive month of decline. The shifting timing of the Chinese New Year holiday makes year-on-year comparisons more difficult. Nonetheless, the company’s sales across Jan-Feb 2026 were also notably lower than the same period in 2025.",[12073],{"type":928,"attrs":12074},{"color":11980},{"type":594,"attrs":12076,"content":12077},{"textAlign":49},[12078,12083,12090,12095,12104],{"text":12079,"type":599,"marks":12080},"Many EV-only automakers ",[12081],{"type":928,"attrs":12082},{"color":11980},{"text":12084,"type":599,"marks":12085},"missed their 2025 targets",[12086,12088],{"type":604,"attrs":12087},{"href":11986,"uuid":11987,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":12089},{"color":11980},{"text":12091,"type":599,"marks":12092}," on the back of lower than expected EV demand in China following ",[12093],{"type":928,"attrs":12094},{"color":11980},{"text":12096,"type":599,"marks":12097},"changes",[12098,12102],{"type":604,"attrs":12099},{"href":12100,"uuid":12101,"anchor":49,"target":650,"linktype":623},"/article/how-will-chinas-vat-rebate-changes-affect-the-battery-market","7d470beb-9ecf-4916-9e61-7f5c89a5397a",{"type":928,"attrs":12103},{"color":11980},{"text":12105,"type":599,"marks":12106}," to the country’s trade-in scheme.",[12107],{"type":928,"attrs":12108},{"color":11980},{"type":627,"attrs":12110},{"id":12036,"body":12111},[12112],{"id":12113,"_uid":12114,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27876338","i-6982425f-f83f-4c93-af23-4c87ae4790eb",{"type":594,"attrs":12116,"content":12117},{"textAlign":49},[12118,12123,12131],{"text":12119,"type":599,"marks":12120},"The battery energy stationary storage (BESS) market has been a broadly positive story for demand over the last year. However, the ",[12121],{"type":928,"attrs":12122},{"color":11980},{"text":2355,"type":599,"marks":12124},[12125,12129],{"type":604,"attrs":12126},{"href":12127,"uuid":12128,"anchor":49,"target":650,"linktype":623},"/article/how-the-middle-east-is-fast-becoming-a-key-player-in-the-bess-industry","ed167b13-1dda-4a8c-8054-734c47d92672",{"type":928,"attrs":12130},{"color":11980},{"text":12132,"type":599,"marks":12133}," represented a significant growth area for the market with many ambitious projects planned over the next few years. The rapid escalation of conflict has led to anticipation of dampened BESS demand in the region.",[12134],{"type":928,"attrs":12135},{"color":11980},{"type":594,"attrs":12137,"content":12138},{"textAlign":49},[12139,12144,12150],{"text":12140,"type":599,"marks":12141},"Some traders have sold their lithium futures contracts to move money into petrochemical contracts to capitalise on rising oil prices directly resulting from conflicts in the ",[12142],{"type":928,"attrs":12143},{"color":11980},{"text":2355,"type":599,"marks":12145},[12146,12148],{"type":604,"attrs":12147},{"href":2380,"uuid":49,"anchor":49,"target":650,"linktype":607},{"type":928,"attrs":12149},{"color":11980},{"text":12151,"type":599,"marks":12152},". Other traders have moved their money into cash to weather current market instability.",[12153],{"type":928,"attrs":12154},{"color":11980},{"type":594,"attrs":12156,"content":12157},{"textAlign":49},[12158],{"text":12159,"type":599,"marks":12160},"The large price fall in response to current events demonstrates that “opportunity cost” is a major influencing factor on lithium prices and that the GFEX hosts significant speculator capital.",[12161],{"type":928,"attrs":12162},{"color":11980},{"type":657,"attrs":12164,"content":12165},{"level":659,"textAlign":49},[12166],{"text":12167,"type":599,"marks":12168},"How will downstream players react?",[12169],{"type":928,"attrs":12170},{"color":930},{"type":594,"attrs":12172,"content":12173},{"textAlign":49},[12174,12179,12188],{"text":12175,"type":599,"marks":12176},"After ",[12177],{"type":928,"attrs":12178},{"color":930},{"text":12180,"type":599,"marks":12181},"lithium inventories",[12182,12186],{"type":604,"attrs":12183},{"href":12184,"uuid":12185,"anchor":49,"target":650,"linktype":623},"/article/lithium-chemical-prices-fall-as-inventory-builds","1e82c3c0-c12a-472b-bb6e-5dbc1c297262",{"type":928,"attrs":12187},{"color":930},{"text":12189,"type":599,"marks":12190}," were depleted in Q4 2025, increased purchases by downstream players which is typical early in the calendar year has remained insufficient to raise net inventory levels. This has supported recent upwards movements in the lithium price.",[12191],{"type":928,"attrs":12192},{"color":930},{"type":594,"attrs":12194,"content":12195},{"textAlign":49},[12196],{"text":12197,"type":599,"marks":12198},"Benchmark’s analysts estimate that a drop of approximately 10,000 RMB on the GFEX is sufficient to cause downstream players to increase their procurement activity. Although the price fall on 3rd of March exceeds this, it was sufficiently large to hit the exchange’s limit. This typically leads to a halt in trading which could prevent downstream players fully maximising on the lower price. Meanwhile, the move prompted a flurry of buying activity in the physical market.",[12199],{"type":928,"attrs":12200},{"color":930},{"type":594,"attrs":12202,"content":12203},{"textAlign":49},[12204],{"text":12205,"type":599,"marks":12206},"Previously, lithium prices eroded significantly after the CPCA reported underwhelming Chinese EV sales on 29 January 2026, with trading on GFEX also halting after hitting its limit. However, in that situation, weakening prices stimulated aggressive purchasing behaviour which ultimately reversed the downward price trend. Downstream participants are likely to be cautious about missing signs of market symmetry one month later, especially in the context of weaker than usual inventory levels in China.",[12207],{"type":928,"attrs":12208},{"color":930},{"type":594,"attrs":12210,"content":12211},{"textAlign":49},[12212],{"type":1725},"Underwhelming EV sales figures by Chinese automakers in February and heightened geopolitical tensions in the Middle East combined leading to a dramatic drop in daily lithium prices.\nOn Tuesday 3rd of March 2026, the price of lithium futures on China’s Guangzhou Futures Exchange (GFEX) fell by its daily limit (13%) from around 172,000 RMB/tonne to 150,860 RMB/tonne.\nWeakening sentiment amongst lithium futures traders was quickly mirrored in the physical spot market with Benchmark’s Lithium Carbonate (battery, spot) EXW China price settling at 157,100 RMB/tonne on 3 March, a 9.2% day-on-day decrease.",[12215],{"slug":1103,"name":1104,"content":12216},{"job_title":1106,"image":12217,"bio":1109,"linkedin":1110,"markets_covered":1111},{"filename":1108},"Lacklustre EV sales + geopolitical tension weigh on lithium price",[12220,12221],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":12223},{},{"id":12225,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12226,"copyright":547,"fieldtype":553,"meta_data":12227,"is_external_url":50},129066711562607,"https://a.storyblok.com/f/287943243085208/e2fc7a6dc0/bm-collage-prices-6.png",{},"Underwhelming EV sales figures by Chinese automakers in February and heightened geopolitical tensions in the Middle East combined leading to a dramatic drop in daily lithium prices.","Mar 03, 2026",{"id":12231,"uuid":12232,"name":12233,"slug":12234,"full_slug":12235,"content":12236},150665293130636,"bde71a01-65ac-4b34-8f7d-0df0db0e305e","What is the state of direct recycling?","what-is-the-state-of-direct-recycling-","article/what-is-the-state-of-direct-recycling-",{"_uid":12237,"date":11962,"tags":12238,"editor":12246,"content":12250,"excerpt":12496,"featured":51,"reporter":12497,"component":864,"seo_title":12501,"categories":12502,"visibility":2091,"data_vis_image":12505,"featured_image":12509,"seo_description":12514,"formattedDate":12229},"28795ff2-2b9d-43b3-a53c-cc4cfce14301",[12239,12242,12245],{"slug":12240,"name":12241},"direct-recycling","Direct recycling",{"slug":12243,"name":12244},"battery-recycling-technology","Battery recycling technology",{"slug":578,"name":579},[12247],{"slug":544,"name":543,"content":12248},{"job_title":557,"image":12249,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":12251},[12252,12271,12279,12321,12344,12352,12360,12368,12376,12395,12402,12410,12418,12426,12434,12442,12450,12458,12466,12474,12480,12488],{"type":594,"attrs":12253,"content":12254},{"textAlign":49},[12255,12260,12266],{"text":12256,"type":599,"marks":12257},"Direct ",[12258],{"type":928,"attrs":12259},{"color":930},{"text":5744,"type":599,"marks":12261},[12262,12264],{"type":604,"attrs":12263},{"href":5533,"uuid":5534,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":12265},{"color":930},{"text":12267,"type":599,"marks":12268}," is a process in which the cathode and anode active materials within scrap batteries are regenerated without breaking them down into individual battery chemicals as is required by more traditional battery recycling methods.",[12269],{"type":928,"attrs":12270},{"color":930},{"type":594,"attrs":12272,"content":12273},{"textAlign":49},[12274],{"text":12275,"type":599,"marks":12276},"Whilst direct recycling can have a higher recovery rate than other methods such as hydrometallurgy, its commercial adoption is hindered by its technological immaturity and the need for well-sorted waste streams.",[12277],{"type":928,"attrs":12278},{"color":930},{"type":594,"attrs":12280,"content":12281},{"textAlign":49},[12282,12291,12296,12304,12309,12317],{"text":12283,"type":599,"marks":12284},"China is leading the way",[12285,12289],{"type":604,"attrs":12286},{"href":12287,"uuid":12288,"anchor":49,"target":650,"linktype":623},"/article/infographic-how-much-of-the-recycling-industry-does-china-control","14754ee8-aa22-4e65-992f-76c84b6c2348",{"type":928,"attrs":12290},{"color":930},{"text":12292,"type":599,"marks":12293}," in the technology, with commercial direct recycling of high-grade production scrap growing in the country. However its application to end of life material and in regions outside of China is limited. In 2025, just 3% of global recycling capacity was for direct recycling with all such projects located in ",[12294],{"type":928,"attrs":12295},{"color":930},{"text":914,"type":599,"marks":12297},[12298,12302],{"type":604,"attrs":12299},{"href":12300,"uuid":12301,"anchor":49,"target":650,"linktype":623},"/article/q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions","a3e6f249-8bfa-4d31-80ee-6efd93c869a4",{"type":928,"attrs":12303},{"color":930},{"text":12305,"type":599,"marks":12306}," according to ",[12307],{"type":928,"attrs":12308},{"color":930},{"text":12310,"type":599,"marks":12311},"Benchmark’s Recycling Service",[12312,12315],{"type":604,"attrs":12313},{"href":12314,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/recycling",{"type":928,"attrs":12316},{"color":930},{"text":974,"type":599,"marks":12318},[12319],{"type":928,"attrs":12320},{"color":930},{"type":594,"attrs":12322,"content":12323},{"textAlign":49},[12324,12330,12339],{"text":12325,"type":599,"marks":12326},"Download ",[12327,12329],{"type":928,"attrs":12328},{"color":930},{"type":643},{"text":12331,"type":599,"marks":12332},"Benchmark's Battery Recycling Map",[12333,12336,12338],{"type":604,"attrs":12334},{"href":12335,"uuid":49,"anchor":49,"target":650,"linktype":607},"/publications/special-issues/battery-recycling-map",{"type":928,"attrs":12337},{"color":930},{"type":643},{"text":974,"type":599,"marks":12340},[12341,12343],{"type":928,"attrs":12342},{"color":930},{"type":643},{"type":657,"attrs":12345,"content":12346},{"level":659,"textAlign":49},[12347],{"text":12348,"type":599,"marks":12349},"How does direct recycling work?",[12350],{"type":928,"attrs":12351},{"color":930},{"type":594,"attrs":12353,"content":12354},{"textAlign":49},[12355],{"text":12356,"type":599,"marks":12357},"The first step of the direct battery recycling process is the discharging and dismantling of the battery pack. In some instances mechanical shredding is used.",[12358],{"type":928,"attrs":12359},{"color":930},{"type":594,"attrs":12361,"content":12362},{"textAlign":49},[12363],{"text":12364,"type":599,"marks":12365},"The material regeneration steps are the primary source of variation between companies. Where shredding is not involved, electrode sheets can be separated and the anode and cathode material can be extracted from the current collector foils using sonication or solvents such as dimethyl carbonate, N-Methyl-2-pyrrolidone (NMP) and, in some cases, water.",[12366],{"type":928,"attrs":12367},{"color":930},{"type":594,"attrs":12369,"content":12370},{"textAlign":49},[12371],{"text":12372,"type":599,"marks":12373},"The recovered electrode material can then be regenerated into its battery grade form. In cases where lithium has been lost from the cathode during cell cycling, relithiation is necessary to recover battery grade materials. To regenerate electrode materials, direct processes include using plasma-assisted separation or hydrothermal treatment followed by annealing. There are several market participants with plans to employ these technologies commercially, however direct recycling operations are limited currently. Scaling of direct recycling processes are reliant on improvement and modification of these methods in upcoming years.",[12374],{"type":928,"attrs":12375},{"color":930},{"type":594,"attrs":12377,"content":12378},{"textAlign":49},[12379,12384,12390],{"text":12380,"type":599,"marks":12381},"This method is in contrast to hydrometallurgical recycling which requires battery scrap first be shredded and separated into ",[12382],{"type":928,"attrs":12383},{"color":930},{"text":10224,"type":599,"marks":12385},[12386,12388],{"type":604,"attrs":12387},{"href":10228,"uuid":10229,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":12389},{"color":930},{"text":12391,"type":599,"marks":12392},". This is then refined using strong acids and other chemicals to obtain battery chemicals such as lithium carbonate and nickel sulphate.",[12393],{"type":928,"attrs":12394},{"color":930},{"type":627,"attrs":12396},{"id":12397,"body":12398},"d0a91cc6-7539-4a8a-a22a-f606bb3c4f85",[12399],{"id":12400,"_uid":12401,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27809484","i-899a90e0-b0f4-4daa-ab96-678cef6c1738",{"type":594,"attrs":12403,"content":12404},{"textAlign":49},[12405],{"text":12406,"type":599,"marks":12407},"Hydrometallurgy is more mature battery recycling technology than direct recycling, but suffers significant efficacy losses in practice. By contrast, direct recycling theoretically has the highest recovery rates of all battery recycling methods as the active materials are not broken down into their constituent chemicals where most losses are. The active materials’ structures and stoichiometries are also maintained.",[12408],{"type":928,"attrs":12409},{"color":930},{"type":657,"attrs":12411,"content":12412},{"level":659,"textAlign":49},[12413],{"text":12414,"type":599,"marks":12415},"What are the challenges with direct recycling?",[12416],{"type":928,"attrs":12417},{"color":930},{"type":594,"attrs":12419,"content":12420},{"textAlign":49},[12421],{"text":12422,"type":599,"marks":12423},"Direct recycling processes are not yet being scaled to meet the demand that will be placed on the recycling market in coming years.",[12424],{"type":928,"attrs":12425},{"color":930},{"type":594,"attrs":12427,"content":12428},{"textAlign":49},[12429],{"text":12430,"type":599,"marks":12431},"The processes are chemistry-specific and sensitive to the module format (i.e., cylindrical, prismatic or pouch), meaning the feedstock must be carefully controlled. Many regions do not have fully matured recycling collection schemes meaning scrap is often highly heterogeneous, containing an unpredictable mixture of chemistries and formats.",[12432],{"type":928,"attrs":12433},{"color":930},{"type":594,"attrs":12435,"content":12436},{"textAlign":49},[12437],{"text":12438,"type":599,"marks":12439},"This is often why recycling companies opt to use direct recycling alongside cell production lines, or using supply and offtake agreements with specific customers to ensure the cathode chemistry is uniform.",[12440],{"type":928,"attrs":12441},{"color":930},{"type":594,"attrs":12443,"content":12444},{"textAlign":49},[12445],{"text":12446,"type":599,"marks":12447},"For end of life (EOL) material, one technologically challenging step within direct recycling is relithiation. Lithium losses in the cathode are inevitable during cell cycling, and relithiating the spent material ensures that the cathode returns to its original composition and structure for reuse in new lithium ion batteries.",[12448],{"type":928,"attrs":12449},{"color":930},{"type":594,"attrs":12451,"content":12452},{"textAlign":49},[12453],{"text":12454,"type":599,"marks":12455},"Even if the technical barriers associated with direct recycling of EOL scrap are overcome, another challenge is that once a battery becomes EOL scrap, its chemistry may be outdated. This means that regeneration of the same material then requires further treatment to generate up-to-date materials.",[12456],{"type":928,"attrs":12457},{"color":930},{"type":657,"attrs":12459,"content":12460},{"level":659,"textAlign":49},[12461],{"text":12462,"type":599,"marks":12463},"Who is exploring direct recycling?",[12464],{"type":928,"attrs":12465},{"color":930},{"type":594,"attrs":12467,"content":12468},{"textAlign":49},[12469],{"text":12470,"type":599,"marks":12471},"Globally, direct recycling capacity is set to triple between 2025 and 2030 with several projects planned or under construction.",[12472],{"type":928,"attrs":12473},{"color":930},{"type":627,"attrs":12475},{"id":12397,"body":12476},[12477],{"id":12478,"_uid":12479,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27788937","i-7d10ddf7-f0b2-4217-ae7b-7003d8cf5ee0",{"type":594,"attrs":12481,"content":12482},{"textAlign":49},[12483],{"text":12484,"type":599,"marks":12485},"Outside of China direct recycling is in its preliminary stages of commercialisation, and the recycling routes that developers take vary drastically. Most direct methods are tailored to specific cathode chemistries rather than to all lithium ion batteries.",[12486],{"type":928,"attrs":12487},{"color":930},{"type":594,"attrs":12489,"content":12490},{"textAlign":49},[12491],{"text":12492,"type":599,"marks":12493},"Direct recycling has been of particular interest for companies looking to recycle cheaper cathode chemistries, such as LFP, as this process ensures that margin lowering waste products are avoided. Companies that have reported the development and/or adoption of direct recycling processes include Huayou Cobalt, Rikomay, BMW/Encory, Li-Circle, Li Industries, Princeton NuEnergy, KYBURZ, and Exigo, to name a few.",[12494],{"type":928,"attrs":12495},{"color":930},"Direct recycling is a process in which the cathode and anode active materials within scrap batteries are regenerated without breaking them down into individual battery chemicals as is required by more traditional battery recycling methods.\n\nWhilst direct recycling can have a higher recovery rate than other methods such as hydrometallurgy, its commercial adoption is hindered by its technological immaturity and the need for well-sorted waste streams.\n\nChina is leading the way in the technology, with commercial direct recycling of high-grade production scrap growing in the country. However its application to end of life material and in regions outside of China is limited. In 2025, just 3% of global recycling capacity was for direct recycling with all such projects located in China according to Benchmark’s Recycling Service.",[12498],{"slug":5733,"name":5734,"content":12499},{"job_title":5736,"image":12500,"bio":5739,"linkedin":5740,"markets_covered":5741},{"filename":5738},"What is direct recycling?",[12503,12504],{"slug":10440,"name":373},{"slug":5744,"name":5741},{"id":12506,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12507,"copyright":547,"fieldtype":553,"meta_data":12508,"is_external_url":50},150925577564289,"https://a.storyblok.com/f/287943243085208/1588x1242/6351d21037/direct-vs-hydromet-2x.png",{},{"id":12510,"alt":547,"name":547,"focus":547,"title":12511,"source":547,"filename":12512,"copyright":547,"fieldtype":553,"meta_data":12513,"is_external_url":50},150666084443960,"Engineers oversee advanced battery recycling operations at PNE’s Chester, SC facility. (PRNewsfoto/Princeton NuEnergy)","https://a.storyblok.com/f/287943243085208/2700x1800/9f6dbeb31a/princeton_nuenergy.jpg",{"alt":547,"title":12511,"source":547,"copyright":547},"Direct recycling is a battery recycling process in which the cathode and anode active materials within scrap batteries are regenerated without breaking them down into battery chemicals as is required by more traditional battery recycling methods.",{"id":12516,"uuid":8578,"name":12517,"slug":12518,"full_slug":12519,"content":12520},148884017693079,"Zimbabwe suspends lithium concentrate exports","zimbabwe-suspends-lithium-concentrate-exports","article/zimbabwe-suspends-lithium-concentrate-exports",{"_uid":12521,"date":12522,"tags":12523,"editor":12531,"content":12535,"excerpt":12775,"featured":51,"reporter":12776,"component":864,"seo_title":12517,"categories":12780,"visibility":882,"data_vis_image":12783,"featured_image":12787,"seo_description":12791,"formattedDate":12792},"1bd8ada1-27d6-404b-a0a7-ab4431af58a8","2026-02-25 00:00",[12524,12527,12528,12529],{"slug":12525,"name":12526},"zimbabwe","Zimbabwe",{"slug":578,"name":579},{"slug":1387,"name":1388},{"slug":6606,"name":12530},"Spodumene",[12532],{"slug":544,"name":543,"content":12533},{"job_title":557,"image":12534,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":12536},[12537,12572,12580,12588,12595,12603,12611,12647,12653,12675,12683,12691,12699,12707,12729,12737,12769],{"type":594,"attrs":12538,"content":12539},{"textAlign":49},[12540,12545,12554,12559,12568],{"text":12541,"type":599,"marks":12542},"On Wednesday 25th February, the ",[12543],{"type":928,"attrs":12544},{"color":930},{"text":12546,"type":599,"marks":12547},"Zimbabwean government",[12548,12552],{"type":604,"attrs":12549},{"href":12550,"uuid":12551,"anchor":49,"target":650,"linktype":623},"/article/zimbabwe-africas-lithium-heartland","55306705-148d-46f7-ab80-27437cd2ac45",{"type":928,"attrs":12553},{"color":930},{"text":12555,"type":599,"marks":12556}," suspended all exports of raw minerals and lithium concentrates, including material currently in transit. Exports of unbeneficiated lithium ore have been ",[12557],{"type":928,"attrs":12558},{"color":930},{"text":12560,"type":599,"marks":12561},"banned since 2022",[12562,12566],{"type":604,"attrs":12563},{"href":12564,"uuid":12565,"anchor":49,"target":650,"linktype":623},"/article/zimbabwes-lithium-ore-export-ban-highlights-africas-lithium-potential","30408142-cefa-4a5f-abbd-e10062096caa",{"type":928,"attrs":12567},{"color":930},{"text":974,"type":599,"marks":12569},[12570],{"type":928,"attrs":12571},{"color":930},{"type":594,"attrs":12573,"content":12574},{"textAlign":49},[12575],{"text":12576,"type":599,"marks":12577},"This comes after a letter to Zimbabwe’s mining companies dated February 17th, which outlined the government’s intention to streamline its export permitting processes to “enhance efficiency”, address unsanctioned exports, crack down on export malpractices, and limit “leakage” of material.",[12578],{"type":928,"attrs":12579},{"color":930},{"type":594,"attrs":12581,"content":12582},{"textAlign":49},[12583],{"text":12584,"type":599,"marks":12585},"The global lithium market is currently tight, with supply and demand forecast to be largely balanced in 2026. There is currently no end date for the suspension. As such, it is unclear how much of Zimbabwe’s forecast supply for the year will be impacted, though it is likely to further tighten the market, potentially impacting prices.",[12586],{"type":928,"attrs":12587},{"color":930},{"type":627,"attrs":12589},{"id":12590,"body":12591},"c0950273-3a4d-424d-b34f-390cac576fc4",[12592],{"id":12593,"_uid":12594,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27793534","i-2e888344-ca10-44db-b295-e94693791022",{"type":594,"attrs":12596,"content":12597},{"textAlign":49},[12598],{"text":12599,"type":599,"marks":12600},"At the core of the government’s drive will be its new computerised export permit management system, which it had been trialling on a limited basis since summer 2025. In the February 17th letter, the government had initially warned exporters about potential delays relating to this process.",[12601],{"type":928,"attrs":12602},{"color":930},{"type":657,"attrs":12604,"content":12605},{"level":659,"textAlign":49},[12606],{"text":12607,"type":599,"marks":12608},"What does this mean for Zimbabwe’s lithium production?",[12609],{"type":928,"attrs":12610},{"color":930},{"type":594,"attrs":12612,"content":12613},{"textAlign":49},[12614,12619,12628,12633,12642],{"text":12615,"type":599,"marks":12616},"Zimbabwe was ",[12617],{"type":928,"attrs":12618},{"color":930},{"text":12620,"type":599,"marks":12621},"Africa’s largest lithium producer",[12622,12626],{"type":604,"attrs":12623},{"href":12624,"uuid":12625,"anchor":49,"target":650,"linktype":623},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"type":928,"attrs":12627},{"color":930},{"text":12629,"type":599,"marks":12630}," in 2025, with an output of 132kt LCE. This figure is ",[12631],{"type":928,"attrs":12632},{"color":930},{"text":12634,"type":599,"marks":12635},"forecast to rise",[12636,12640],{"type":604,"attrs":12637},{"href":12638,"uuid":12639,"anchor":49,"target":650,"linktype":623},"/article/mali-set-to-become-africas-second-largest-lithium-producer-in-2025","97b8d569-e767-4be0-9abb-ee5e978adaa1",{"type":928,"attrs":12641},{"color":930},{"text":12643,"type":599,"marks":12644}," to ~134kt LCE in 2026.",[12645],{"type":928,"attrs":12646},{"color":930},{"type":627,"attrs":12648},{"id":12590,"body":12649},[12650],{"id":12651,"_uid":12652,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27789313","i-f4c4bc8a-8ec5-4243-be40-705fcc264565",{"type":594,"attrs":12654,"content":12655},{"textAlign":49},[12656,12661,12670],{"text":12657,"type":599,"marks":12658},"Within the wider Zimbabwean context, recent events could be a harbinger of things to come. Zimbabwe’s ban on ",[12659],{"type":928,"attrs":12660},{"color":930},{"text":12662,"type":599,"marks":12663},"lithium concentrate exports is set to enter into force in January 2027",[12664,12668],{"type":604,"attrs":12665},{"href":12666,"uuid":12667,"anchor":49,"target":650,"linktype":623},"/article/zimbabwe-to-ban-lithium-concentrate-exports-from-2027","2cb67dd2-7bf1-4398-bff8-512fa146020d",{"type":928,"attrs":12669},{"color":930},{"text":12671,"type":599,"marks":12672},", and producers have been instructed to move to lithium chemical production by that deadline. ",[12673],{"type":928,"attrs":12674},{"color":930},{"type":594,"attrs":12676,"content":12677},{"textAlign":49},[12678],{"text":12679,"type":599,"marks":12680},"Recent changes to the country’s tax and royalty regime have offered further incentives for producers to develop chemical capacity. Direct-shipping ore (DSO) exports without express government consent are already banned.",[12681],{"type":928,"attrs":12682},{"color":930},{"type":657,"attrs":12684,"content":12685},{"level":659,"textAlign":49},[12686],{"text":12687,"type":599,"marks":12688},"What impact could the suspension have?",[12689],{"type":928,"attrs":12690},{"color":930},{"type":594,"attrs":12692,"content":12693},{"textAlign":49},[12694],{"text":12695,"type":599,"marks":12696},"The claims of “leakage” and the export of banned raw materials may be overstated.  Unsanctioned DSO material is not believed to play a significant role in Zimbabwe's lithium export mix. While reports of smugglers operating under the cover of legal routes have surfaced, the affected volumes and contained mineral value are very small in comparison to the regular exports by the country’s major Chinese producers.",[12697],{"type":928,"attrs":12698},{"color":930},{"type":594,"attrs":12700,"content":12701},{"textAlign":49},[12702],{"text":12703,"type":599,"marks":12704},"With limited progress towards chemical production, permit suspensions serve as a stark reminder and demonstration of regulatory power, potentially further enhanced by the introduction of an electronic permit management system.",[12705],{"type":928,"attrs":12706},{"color":930},{"type":594,"attrs":12708,"content":12709},{"textAlign":49},[12710,12715,12724],{"text":12711,"type":599,"marks":12712},"Idled capacity from Arcadia and Bikita’s petalite lines, as well as Premier’s troubled Zulu project, could potentially offer incremental supply to Benchmark’s 2026 forecast if current market tightness and strong demand signals from Chinese ",[12713],{"type":928,"attrs":12714},{"color":930},{"text":12716,"type":599,"marks":12717},"energy storage",[12718,12722],{"type":604,"attrs":12719},{"href":12720,"uuid":12721,"anchor":49,"target":650,"linktype":623},"/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals","a1c5b447-2917-45e6-832c-cc9c3e0dc267",{"type":928,"attrs":12723},{"color":930},{"text":12725,"type":599,"marks":12726}," LFP producers persist past Q1 2026. However, the increased regulatory friction, as well as chemical capacity bottlenecking exports from 2027 onwards, dampen optimism in this regard.",[12727],{"type":928,"attrs":12728},{"color":930},{"type":594,"attrs":12730,"content":12731},{"textAlign":49},[12732],{"text":12733,"type":599,"marks":12734},"Despite mixed feedback, sources have suggested to Benchmark that lithium sulphate exports are also impacted. Sulphate capacity under construction at Huayou’s Arcadia and Sinomine’s Bikita projects are forecast to produce 20kt LCE and 2kt LCE in 2026, respectively.",[12735],{"type":928,"attrs":12736},{"color":930},{"type":594,"attrs":12738,"content":12739},{"textAlign":49},[12740,12745,12752,12757,12764],{"text":12741,"type":599,"marks":12742},"Disruption to Zimbabwean supply, or the perceived risk thereof, is likely to send ",[12743],{"type":928,"attrs":12744},{"color":930},{"text":12746,"type":599,"marks":12747},"lithium prices",[12748,12750],{"type":604,"attrs":12749},{"href":2200,"uuid":2201,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":12751},{"color":930},{"text":12753,"type":599,"marks":12754}," higher in the short term. Long lead times for arrivals in China further exacerbate this dynamic, extracting a greater sentiment-driven risk premium, especially within the context of a market burned by the repeated downplaying of regulatory risk relating to ",[12755],{"type":928,"attrs":12756},{"color":930},{"text":12758,"type":599,"marks":12759},"Jiangxi Province",[12760,12762],{"type":604,"attrs":12761},{"href":971,"uuid":972,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":12763},{"color":930},{"text":12765,"type":599,"marks":12766}," since summer 2025.",[12767],{"type":928,"attrs":12768},{"color":930},{"type":627,"attrs":12770},{"id":12590,"body":12771},[12772],{"id":12773,"_uid":12774,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27789881","i-93f76ac2-e3f1-4d7a-a564-4f606f6a7a50","On Wednesday 25th February, the Zimbabwean government suspended all exports of raw minerals and lithium concentrates, including material currently in transit. Exports of unbeneficiated lithium ore have been banned since 2022.\n\nThis comes after a letter to Zimbabwe’s mining companies dated February 17th, which outlined the government’s intention to streamline its export permitting processes to “enhance efficiency”, address unsanctioned exports, crack down on export malpractices, and limit “leakage” of material.\n\nThe global lithium market is currently tight, with supply and demand forecast to be largely balanced in 2026. There is currently no end date for the suspension. As such, it is unclear how much of Zimbabwe’s forecast supply for the year will be impacted, though it is likely to further tighten the market, potentially impacting prices.",[12777],{"slug":6742,"name":6743,"content":12778},{"job_title":6745,"image":12779,"bio":6748,"linkedin":6749,"markets_covered":8},{"filename":6747},[12781,12782],{"slug":872,"name":873},{"slug":878,"name":8},{"id":12784,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12785,"copyright":547,"fieldtype":553,"meta_data":12786,"is_external_url":50},149565523174515,"https://a.storyblok.com/f/287943243085208/1588x2006/2caebdd109/zimbabwe-s-lithium-scene-2x.png",{},{"id":12788,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12789,"copyright":547,"fieldtype":553,"meta_data":12790,"is_external_url":50},129072559928681,"https://a.storyblok.com/f/287943243085208/65b4a8a208/bm-shutterstock-603910874-1293753d04d9.jpg",{},"On Wednesday 25th February, the Zimbabwean government suspended all exports of raw minerals and lithium concentrates, including material currently in transit. Exports of unbeneficiated lithium ore have been banned since 2022.","Feb 25, 2026",{"id":12794,"uuid":3421,"name":12795,"slug":12796,"full_slug":12797,"content":12798},147120123892216,"NEW REPORT: US adds 58GWh of new energy storage capacity in 2025, largest single year of new battery capacity on record","new-report-us-adds-58-gwh-of-new-energy-storage-capacity-in-2025-largest-single-year-of-new-battery-capacity-on-record","article/new-report-us-adds-58-gwh-of-new-energy-storage-capacity-in-2025-largest-single-year-of-new-battery-capacity-on-record",{"_uid":12799,"date":12800,"tags":12801,"editor":12806,"content":12810,"excerpt":12816,"featured":51,"reporter":12973,"component":864,"seo_title":12977,"categories":12978,"visibility":2091,"data_vis_image":12985,"featured_image":12987,"seo_description":12816,"formattedDate":12991},"2a92f51f-c623-47ed-922d-9fc3b5122696","2026-02-23 00:00",[12802,12803],{"slug":1375,"name":1376},{"slug":12804,"name":12805},"solar-energy-industries-association","Solar Energy Industries Association",[12807],{"slug":544,"name":543,"content":12808},{"job_title":557,"image":12809,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":12811},[12812,12819,12824,12835,12845,12860,12881,12886,12915,12936,12946,12954],{"type":594,"attrs":12813,"content":12814},{"textAlign":49},[12815],{"text":12816,"type":599,"marks":12817},"Inaugural Report Demonstrates Critical Role Energy Storage Plays in Ensuring Grid Reliability and Keeping Energy Prices Down",[12818],{"type":643},{"type":594,"attrs":12820,"content":12821},{"textAlign":49},[12822],{"text":12823,"type":599},"Feb. 23, 2026",{"type":594,"attrs":12825,"content":12826},{"textAlign":49},[12827,12829,12833],{"text":12828,"type":599},"WASHINGTON, D.C. — ",{"text":4901,"type":599,"marks":12830},[12831],{"type":928,"attrs":12832},{"color":547},{"text":12834,"type":599},"The US energy storage industry installed a record-shattering 57.6 gigawatt-hours (GWh) of new capacity in 2025, the largest single year of new battery capacity additions on record. Despite actions in Washington targeting clean energy, energy storage installations grew 30% from the previous record set in 2024, and are over four times what the industry installed just three years ago.",{"type":594,"attrs":12836,"content":12837},{"textAlign":49},[12838,12843],{"text":12839,"type":599,"marks":12840},"According to the US Energy Storage Market Outlook Q1 2026 (ESMO) released today by Benchmark Mineral Intelligence and the Solar Energy Industries Association (SEIA), ",[12841],{"type":928,"attrs":12842},{"color":5218},{"text":12844,"type":599},"as of 2025, 137GWh of utility scale storage has been installed in the United States. 19GWh of commercial and industrial (C&I) storage has been installed and 9GWh of residential storage has been installed.",{"type":594,"attrs":12846,"content":12847},{"textAlign":49},[12848,12853,12855],{"text":12849,"type":599,"marks":12850},"Despite actions in Washington targeting clean energy",[12851],{"type":928,"attrs":12852},{"color":5218},{"text":12854,"type":599},", over 60 GWh of energy storage is expected to be installed by 2030.",{"text":12856,"type":599,"marks":12857}," This rapid deployment will help lower energy costs, enhance reliability, and boost American energy independence.",[12858],{"type":928,"attrs":12859},{"color":5218},{"type":594,"attrs":12861,"content":12862},{"textAlign":49},[12863,12868,12874,12879],{"text":12864,"type":599,"marks":12865},"“The US energy storage market has entered a new phase of sustained, high volume-deployments,\" ",[12866],{"type":928,"attrs":12867},{"color":547},{"text":12869,"type":599,"marks":12870},"said Iola Hughes, Head of Research at Benchmark Minerals.",[12871,12873],{"type":928,"attrs":12872},{"color":547},{"type":665},{"text":12875,"type":599,"marks":12876}," “As policy, manufacturing and market demand align, storage is playing a pivotal role in meeting peak demand, reducing price volatility and improving overall system resilience. At a time of rising electricity demand, driven in part by the growth of data centers and AI infrastructure, energy storage will be critical to ensuring the grid ",[12877],{"type":928,"attrs":12878},{"color":547},{"text":12880,"type":599},"can scale reliably and efficiently.”",{"type":594,"attrs":12882,"content":12883},{"textAlign":49},[12884],{"text":12885,"type":599},"Two-thirds of all utility scale energy storage capacity installed in 2025 was built in states won by President Donald Trump, including 9 of the top 15 states for new installations. Texas is set to overtake California in 2026 as the largest energy storage market in the country.",{"type":594,"attrs":12887,"content":12888},{"textAlign":49},[12889,12894,12899,12901,12905,12910],{"text":12890,"type":599,"marks":12891},"Standalone storage made up nearly 30GWh of new capacity added in 2025, while storage paired with solar accounted for 20GWh. The residential energy storage sector added 3.1GWh in 2025, marking a 51% year-on-year increase.",[12892],{"type":928,"attrs":12893},{"color":547},{"text":12895,"type":599,"marks":12896}," Expansion of virtual power plant programs in states such as Massachusetts, Texas, Arizona, and ",[12897],{"type":928,"attrs":12898},{"color":5218},{"text":12900,"type":599},"Illinois",{"text":1427,"type":599,"marks":12902},[12903],{"type":928,"attrs":12904},{"color":5218},{"text":12906,"type":599,"marks":12907},"are ",[12908],{"type":928,"attrs":12909},{"color":547},{"text":12911,"type":599,"marks":12912},"driving residential storage deployment, which helps states cut costs, manage peak demand, and strengthen grid resilience.",[12913],{"type":928,"attrs":12914},{"color":5218},{"type":594,"attrs":12916,"content":12917},{"textAlign":49},[12918,12920,12925,12931],{"text":12919,"type":599},"“This record-brea",{"text":12921,"type":599,"marks":12922},"king year for energy storage is just the beginning of its rise as a cornerstone of America’s energy future,”",[12923],{"type":928,"attrs":12924},{"color":547},{"text":12926,"type":599,"marks":12927}," said Darren Van’t Hof, Interim President and CEO of the Solar Energy Industries Association. ",[12928,12930],{"type":928,"attrs":12929},{"color":547},{"type":665},{"text":12932,"type":599,"marks":12933},"“Whether it’s paired with solar or standing on its own, energy storage lowers consumer costs, makes the grid more reliable, and keeps the power on in homes during outages. Deployment is rising fast, but without a course correction from federal actions targeting the industry, Americans will face higher electricity prices and a less resilient energy system.”",[12934],{"type":928,"attrs":12935},{"color":547},{"type":594,"attrs":12937,"content":12938},{"textAlign":49},[12939,12944],{"text":12940,"type":599,"marks":12941},"In 2025, battery cell manufacturers pivoted from EV manufacturing towards dedicated energy storage production, converting existing lines and changing future plans. As of 2025, l",[12942],{"type":928,"attrs":12943},{"color":5218},{"text":12945,"type":599},"ithium ion battery cell manufacturing for stationary electricity storage applications has risen to over 21GWh according to SEIA’s Solar and Storage Supply Chain Dashboard, which is enough to power the city of Houston from sunset to sunrise. And American manufacturing facilities now have the capacity to manufacture 69.4GWh of battery energy storage systems.",{"type":594,"attrs":12947,"content":12948},{"textAlign":49},[12949],{"text":12950,"type":599,"marks":12951},"The Energy Storage Market Outlook has been produced in collaboration with SEIA, combining Benchmark’s proprietary grid and behind the meter data on US energy storage deployment, with SEIA’s industry-leading policy and market expertise. Together, the two organisations will jointly deliver in-depth analysis of current market conditions and forward-looking forecasts designed to support industry leaders, investors, manufacturers, utilities, and policymakers.",[12952],{"type":928,"attrs":12953},{"color":547},{"type":594,"attrs":12955,"content":12956},{"textAlign":49},[12957,12963],{"text":12958,"type":599,"marks":12959},"For more information on the product ",[12960,12962],{"type":928,"attrs":12961},{"color":547},{"type":643},{"text":12964,"type":599,"marks":12965},"click here.",[12966,12969,12971,12972],{"type":604,"attrs":12967},{"href":12968,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/lp/energy-storage-market-outlook-report",{"type":928,"attrs":12970},{"color":547},{"type":665},{"type":643},[12974],{"slug":3830,"name":3831,"content":12975},{"job_title":3833,"image":12976,"bio":3836,"linkedin":3837,"markets_covered":3838},{"filename":3835},"US adds record 58 GWh of New Energy Storage Capacity in 2025",[12979,12980,12981,12982],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":4811,"name":4812},{"slug":12983,"name":12984},"new-energy","New Energy",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":12986},{},{"id":12988,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12989,"copyright":547,"fieldtype":553,"meta_data":12990,"is_external_url":50},147120230126625,"https://a.storyblok.com/f/287943243085208/1920x1080/4509d99943/seia-header-image.png",{},"Feb 23, 2026",{"id":12993,"uuid":7552,"name":12994,"slug":12995,"full_slug":12996,"content":12997},147054957682431,"Rare earths price rally highlights China’s influence on market","rare-earths-price-rally-highlights-china-s-influence-on-market","article/rare-earths-price-rally-highlights-china-s-influence-on-market",{"_uid":12998,"date":12999,"tags":13000,"editor":13004,"content":13008,"excerpt":13218,"featured":51,"reporter":13219,"component":864,"seo_title":12994,"categories":13223,"visibility":882,"data_vis_image":13227,"featured_image":13229,"seo_description":13233,"formattedDate":13234},"66b6d60a-cee7-4817-9a10-ebee44e98711","2026-02-20 00:00",[13001,13002,13003],{"slug":913,"name":914},{"slug":1387,"name":1388},{"slug":6290,"name":2052},[13005],{"slug":544,"name":543,"content":13006},{"job_title":557,"image":13007,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":13009},[13010,13030,13049,13085,13092,13100,13108,13116,13124,13132,13140,13160,13166,13186,13194,13202,13210],{"type":594,"attrs":13011,"content":13012},{"textAlign":49},[13013,13018,13025],{"text":13014,"type":599,"marks":13015},"Domestic Chinese praseodymium‑neodymium (PrNd) oxide prices have rallied in recent weeks to around $125/kg, the highest they have been since 2022, pushing up prices outside the country. Alongside this, China’s increased export controls on ",[13016],{"type":928,"attrs":13017},{"color":930},{"text":13019,"type":599,"marks":13020},"heavy rare earths",[13021,13023],{"type":604,"attrs":13022},{"href":1797,"uuid":1798,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":13024},{"color":930},{"text":13026,"type":599,"marks":13027}," exports are tightening ex-China supply, widening regional bifurcation.",[13028],{"type":928,"attrs":13029},{"color":930},{"type":594,"attrs":13031,"content":13032},{"textAlign":49},[13033,13038,13045],{"text":13034,"type":599,"marks":13035},"China’s dominance across mining, separation and magnet production mean international buyers typically price against Chinese benchmarks. As a result, policy decisions on quotas or export controls from China have a ",[13036],{"type":928,"attrs":13037},{"color":930},{"text":13039,"type":599,"marks":13040},"significant impact on the global market",[13041,13043],{"type":604,"attrs":13042},{"href":9416,"uuid":9417,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":13044},{"color":930},{"text":974,"type":599,"marks":13046},[13047],{"type":928,"attrs":13048},{"color":930},{"type":594,"attrs":13050,"content":13051},{"textAlign":49},[13052,13057,13066,13071,13080],{"text":13053,"type":599,"marks":13054},"As such, Western consumers remain price‑takers in rare earths markets where liquidity, transparency and alternative supply remain limited. This exposes manufacturers, ",[13055],{"type":928,"attrs":13056},{"color":930},{"text":13058,"type":599,"marks":13059},"particularly in electric vehicles,",[13060,13064],{"type":604,"attrs":13061},{"href":13062,"uuid":13063,"anchor":49,"target":650,"linktype":623},"/article/how-many-rare-earths-are-needed-to-produce-ev-motors","84c76965-c659-4132-99f8-51138c521c8d",{"type":928,"attrs":13065},{"color":930},{"text":13067,"type":599,"marks":13068}," wind turbines, defence systems and high‑efficiency motors, to ",[13069],{"type":928,"attrs":13070},{"color":930},{"text":13072,"type":599,"marks":13073},"sudden input cost volatility ",[13074,13078],{"type":604,"attrs":13075},{"href":13076,"uuid":13077,"anchor":49,"target":650,"linktype":623},"/article/rare-earths-enter-new-era-of-price-volatility","074100f3-405e-403f-a61e-8a18947257e4",{"type":928,"attrs":13079},{"color":930},{"text":13081,"type":599,"marks":13082},"originating from policy shifts within China.",[13083],{"type":928,"attrs":13084},{"color":930},{"type":627,"attrs":13086},{"id":13087,"body":13088},"69b3936c-d5ee-418f-92d6-f943f33f257d",[13089],{"id":13090,"_uid":13091,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27713188","i-bf2f6552-2eca-4d05-b2b4-b581d7d26fd0",{"type":657,"attrs":13093,"content":13094},{"level":659,"textAlign":49},[13095],{"text":13096,"type":599,"marks":13097},"What has driven the PrNd oxide price rally?",[13098],{"type":928,"attrs":13099},{"color":930},{"type":594,"attrs":13101,"content":13102},{"textAlign":49},[13103],{"text":13104,"type":599,"marks":13105},"A combination of strong magnet demand and supply management drove the surge. NdFeB magnet producers undertook concentrated restocking ahead of the Lunar New Year slowdown, tightening spot liquidity. At the same time, mining quota increases have slowed compared to earlier in the year, reinforcing perceptions of controlled supply growth.",[13106],{"type":928,"attrs":13107},{"color":930},{"type":594,"attrs":13109,"content":13110},{"textAlign":49},[13111],{"text":13112,"type":599,"marks":13113},"Large state‑linked producers, including China Northern Rare Earth and Baotou Steel, have continued to guide prices upwards, supporting bullish sentiment.",[13114],{"type":928,"attrs":13115},{"color":930},{"type":594,"attrs":13117,"content":13118},{"textAlign":49},[13119],{"text":13120,"type":599,"marks":13121},"In parallel, Chinese authorities have reiterated their commitment to strengthening rare earth supply chain supervision, including crackdowns on illegal mining and smuggling. These policy signals have underpinned expectations that supply expansion will remain measured.",[13122],{"type":928,"attrs":13123},{"color":930},{"type":594,"attrs":13125,"content":13126},{"textAlign":49},[13127],{"text":13128,"type":599,"marks":13129},"On the back of the rally in domestic Chinese prices, CIF North America prices have pushed up to ~$135/kg, reflecting how tightly bound Western prices are to developments in China.",[13130],{"type":928,"attrs":13131},{"color":930},{"type":657,"attrs":13133,"content":13134},{"level":659,"textAlign":49},[13135],{"text":13136,"type":599,"marks":13137},"Bifurcation of heavy rare earths market widens",[13138],{"type":928,"attrs":13139},{"color":930},{"type":594,"attrs":13141,"content":13142},{"textAlign":49},[13143,13148,13155],{"text":13144,"type":599,"marks":13145},"Chinese policy also drives the heavy rare earth markets such as dysprosium (Dy), terbium (Tb) and yttrium (Y). ",[13146],{"type":928,"attrs":13147},{"color":930},{"text":13149,"type":599,"marks":13150},"These are regionally bifurcated ",[13151,13153],{"type":604,"attrs":13152},{"href":10481,"uuid":10482,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":13154},{"color":930},{"text":13156,"type":599,"marks":13157},"due to Chinese export controls and regional supply constraints, leading to significant premiums for material outside of China.",[13158],{"type":928,"attrs":13159},{"color":930},{"type":627,"attrs":13161},{"id":13087,"body":13162},[13163],{"id":13164,"_uid":13165,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27714421","i-cf9e2023-e0e7-48cc-bb7c-65def8bf136e",{"type":594,"attrs":13167,"content":13168},{"textAlign":49},[13169,13174,13181],{"text":13170,"type":599,"marks":13171},"Recently, China announced additional ",[13172],{"type":928,"attrs":13173},{"color":930},{"text":13175,"type":599,"marks":13176},"restrictions on exports to Japan",[13177,13179],{"type":604,"attrs":13178},{"href":7600,"uuid":7601,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":13180},{"color":930},{"text":13182,"type":599,"marks":13183},", a market that had previously been importing Dy and Tb relatively freely. These restrictions led Japanese consumers to aggressively secure supply outside China, seeking to lock in the majority of available ex‑China production and inventories. With limited volumes available globally, this surge in procurement has pushed Tb prices up to highs of $5,000/kg and Dy to highs around $1,250/kg.",[13184],{"type":928,"attrs":13185},{"color":930},{"type":657,"attrs":13187,"content":13188},{"level":659,"textAlign":49},[13189],{"text":13190,"type":599,"marks":13191},"Why does this matter for Western supply chains?",[13192],{"type":928,"attrs":13193},{"color":930},{"type":594,"attrs":13195,"content":13196},{"textAlign":49},[13197],{"text":13198,"type":599,"marks":13199},"The PrNd rally, combined with the heavy rare earth export tightening affecting Japan, reinforces the strategic vulnerability of Western supply chains to Chinese domestic and trade policy decisions. As Europe and North America pursue diversification of rare earth supply, managing price risk becomes as important as securing physical volumes.",[13200],{"type":928,"attrs":13201},{"color":930},{"type":594,"attrs":13203,"content":13204},{"textAlign":49},[13205],{"text":13206,"type":599,"marks":13207},"Developing ex‑China supply will require substantial capital investment, long development timelines and sustained policy backing. At the same time, downstream manufacturers and investors will increasingly require risk management tools; including long‑term offtake agreements, transparent pricing benchmarks and potentially financial hedging instruments to underpin project finance and bankability.",[13208],{"type":928,"attrs":13209},{"color":930},{"type":594,"attrs":13211,"content":13212},{"textAlign":49},[13213],{"text":13214,"type":599,"marks":13215},"Without mechanisms to manage volatility, policy‑driven price swings can deter the very investment needed to diversify supply. The recent PrNd rally, alongside the spike in Dy and Tb following tighter export controls, serve as a reminder of China’s central role in shaping rare earth economics; and of the importance of building resilient, risk‑managed Western supply chains.",[13216],{"type":928,"attrs":13217},{"color":930},"Domestic Chinese praseodymium‑neodymium (PrNd) oxide prices have rallied in recent weeks to around $125/kg, the highest they have been since 2022, pushing up prices outside the country. Alongside this, China’s increased export controls on heavy rare earths exports to China are tightening ex-China supply, widening regional bifurcation.\n\nChina’s dominance across mining, separation and magnet production mean international buyers typically price against Chinese benchmarks. As a result, policy decisions on quotas or export controls from China have a significant impact on the global market.\n\nAs such, Western consumers remain price‑takers in rare earths markets where liquidity, transparency and alternative supply remain limited. This exposes manufacturers, particularly in electric vehicles, wind turbines, defence systems and high‑efficiency motors, to sudden input cost volatility originating from policy shifts within China.",[13220],{"slug":7689,"name":7690,"content":13221},{"job_title":7692,"image":13222,"bio":7695,"linkedin":7696,"markets_covered":7697},{"filename":7694},[13224,13225,13226],{"slug":1556,"name":414},{"slug":880,"name":881},{"slug":872,"name":873},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":13228},{},{"id":13230,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":13231,"copyright":547,"fieldtype":553,"meta_data":13232,"is_external_url":50},129070878933470,"https://a.storyblok.com/f/287943243085208/bb1abcf83f/bm-rare-earths-ndpr.jpg",{},"Domestic Chinese praseodymium‑neodymium (PrNd) oxide prices have rallied in recent weeks to around $125/kg, the highest they have been since 2022, pushing up prices outside the country.","Feb 20, 2026",{"id":13236,"uuid":8548,"name":13237,"slug":13238,"full_slug":13239,"content":13240},146752157255058,"What does Albemarle’s idling of Kemerton mean for Australia's lithium outlook?","what-does-albemarle-s-idling-of-kemerton-mean-for-australia-s-lithium-outlook-","article/what-does-albemarle-s-idling-of-kemerton-mean-for-australia-s-lithium-outlook-",{"_uid":13241,"date":13242,"tags":13243,"editor":13247,"content":13251,"excerpt":13454,"featured":51,"reporter":13455,"component":864,"seo_title":13459,"categories":13460,"visibility":882,"data_vis_image":13463,"featured_image":13465,"seo_description":13469,"formattedDate":13470},"713d3573-c124-4fe3-bcf7-8883de3fc8c2","2026-02-19 00:00",[13244,13245,13246],{"slug":11320,"name":11321},{"slug":6567,"name":2038},{"slug":913,"name":914},[13248],{"slug":544,"name":543,"content":13249},{"job_title":557,"image":13250,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":13252},[13253,13275,13311,13319,13326,13334,13342,13378,13386,13394,13402,13410,13418,13426,13434,13442,13450],{"type":594,"attrs":13254,"content":13255},{"textAlign":49},[13256,13261,13270],{"text":13257,"type":599,"marks":13258},"Albemarle plans to idle its 25ktpa capacity Kemerton lithium hydroxide processing plant in ",[13259],{"type":928,"attrs":13260},{"color":930},{"text":13262,"type":599,"marks":13263},"Western Australia",[13264,13268],{"type":604,"attrs":13265},{"href":13266,"uuid":13267,"anchor":49,"target":650,"linktype":623},"/article/what-does-labors-australian-election-victory-mean-for-critical-minerals-and-evs","e8f13061-ae86-4f61-bc9b-5c935829b61a",{"type":928,"attrs":13269},{"color":930},{"text":13271,"type":599,"marks":13272},", citing “challenges facing Western hard-rock lithium conversion operations”.",[13273],{"type":928,"attrs":13274},{"color":930},{"type":594,"attrs":13276,"content":13277},{"textAlign":49},[13278,13283,13292,13297,13306],{"text":13279,"type":599,"marks":13280},"Kemerton ",[13281],{"type":928,"attrs":13282},{"color":930},{"text":13284,"type":599,"marks":13285},"processes spodumene",[13286,13290],{"type":604,"attrs":13287},{"href":13288,"uuid":13289,"anchor":49,"target":650,"linktype":623},"/article/australia-looks-to-production-tax-credits-to-incentivise-processing-build-out","fe4b8b43-46c6-467e-b1d1-9a67a966de3d",{"type":928,"attrs":13291},{"color":930},{"text":13293,"type":599,"marks":13294}," from Albemarle’s Greenbushes mine into lithium hydroxide. In 2025, it produced an estimated 7.5kt LCE and was forecast to produce 22kt LCE in 2026. ",[13295],{"type":928,"attrs":13296},{"color":930},{"text":13298,"type":599,"marks":13299},"Expansions",[13300,13304],{"type":604,"attrs":13301},{"href":13302,"uuid":13303,"anchor":49,"target":650,"linktype":623},"/article/albemarle-plans-to-double-kemerton-hydroxide-capacity-as-australian-lithium-chemical-production-ramps-up","8882b7d3-3d5c-4d94-bc97-609778b8b1fa",{"type":928,"attrs":13305},{"color":930},{"text":13307,"type":599,"marks":13308}," planned for 2029 could have added 75ktpa capacity.",[13309],{"type":928,"attrs":13310},{"color":930},{"type":594,"attrs":13312,"content":13313},{"textAlign":49},[13314],{"text":13315,"type":599,"marks":13316},"The idling of Kemerton materially weakens the near-term outlook for Australian lithium chemical refining as Kemerton was forecast to account for 46% of the country’s lithium chemical output in 2026 and had the potential to increase this to 49% by 2036.",[13317],{"type":928,"attrs":13318},{"color":930},{"type":627,"attrs":13320},{"id":13321,"body":13322},"471a2c9b-a228-498a-ae45-62650b50911e",[13323],{"id":13324,"_uid":13325,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27698610","i-08dce1d2-437a-4fe0-aa4e-6d3d38ab4eb7",{"type":594,"attrs":13327,"content":13328},{"textAlign":49},[13329],{"text":13330,"type":599,"marks":13331},"The announcement increases scrutiny on Australia’s broader refining ambitions. The Tianqi/IGO Kwinana refinery has faced multi-year commissioning challenges, cost overruns and operating losses, operating below design capacity for extended periods. In addition, continued growth in LFP cathode demand supports lithium carbonate more directly than lithium hydroxide, further compressing incentives for hydroxide capacity outside established hubs.",[13332],{"type":928,"attrs":13333},{"color":930},{"type":657,"attrs":13335,"content":13336},{"level":659,"textAlign":49},[13337],{"text":13338,"type":599,"marks":13339},"How does this impact Albemarle’s overall lithium operations?",[13340],{"type":928,"attrs":13341},{"color":930},{"type":594,"attrs":13343,"content":13344},{"textAlign":49},[13345,13350,13359,13364,13373],{"text":13346,"type":599,"marks":13347},"Prior to the announcement, Albemarle was forecast to produce ~192kt LCE of lithium chemicals across operations in China, ",[13348],{"type":928,"attrs":13349},{"color":930},{"text":13351,"type":599,"marks":13352},"Chile",[13353,13357],{"type":604,"attrs":13354},{"href":13355,"uuid":13356,"anchor":49,"target":650,"linktype":623},"/article/lithium-prices-react-to-news-of-chilean-shutdown-but-real-supply-impact-may-be-limited","71b94b51-59c4-4312-b0f7-d9f7a94f1d4d",{"type":928,"attrs":13358},{"color":930},{"text":13360,"type":599,"marks":13361},", Australia and the ",[13362],{"type":928,"attrs":13363},{"color":930},{"text":13365,"type":599,"marks":13366},"US",[13367,13371],{"type":604,"attrs":13368},{"href":13369,"uuid":13370,"anchor":49,"target":650,"linktype":623},"/article/twenty-fold-increase-in-us-lithium-chemical-production-forecast-by-2035","418b35bc-dd2f-4154-9ce0-58fcefd2aa39",{"type":928,"attrs":13372},{"color":930},{"text":13374,"type":599,"marks":13375},". Kemerton, its only Australian chemicals operations, accounted for 11% of this. China was set to account for 51% of the group’s chemical output.",[13376],{"type":928,"attrs":13377},{"color":930},{"type":594,"attrs":13379,"content":13380},{"textAlign":49},[13381],{"text":13382,"type":599,"marks":13383},"By 2036, Albemarle had the potential to reach 375kt of chemical production with Kemerton accounting for 23% of this, assuming it succeeded in delivering the asset’s planned expansions – a feat that had been looking increasingly unlikely in recent quarters.",[13384],{"type":928,"attrs":13385},{"color":930},{"type":657,"attrs":13387,"content":13388},{"level":659,"textAlign":49},[13389],{"text":13390,"type":599,"marks":13391},"Could shipping concentrate to China be more cost effective than converting in Australia?",[13392],{"type":928,"attrs":13393},{"color":930},{"type":594,"attrs":13395,"content":13396},{"textAlign":49},[13397],{"text":13398,"type":599,"marks":13399},"According to Benchmark’s Conversion Cost Calculator, Chinese conversion costs for lithium hydroxide range from $3–4/kg. While Albemarle does not disclose asset-specific OPEX figures, it did cite a $4–5/kg difference in cost structures between China and Western Australia in recent disclosures. As a point of comparison, conversion costs at IGO and Tianqi’s troubled Kwinana plant averaged $11.4/kg over 2025 providing another point of comparison to highlight the challenges faced by Western Australian converters. This material cost gap versus established Chinese converters reflects higher labour, energy, waste management, and reagent inputs.",[13400],{"type":928,"attrs":13401},{"color":930},{"type":594,"attrs":13403,"content":13404},{"textAlign":49},[13405],{"text":13406,"type":599,"marks":13407},"Albemarle operates integrated conversion facilities in China with established operating expertise and lower unit costs. Under current market conditions, allocating Australian spodumene into lower-cost integrated hubs improves group-level margin optimisation.",[13408],{"type":928,"attrs":13409},{"color":930},{"type":594,"attrs":13411,"content":13412},{"textAlign":49},[13413],{"text":13414,"type":599,"marks":13415},"With spodumene around ~US$2,000/t SC6, lithium carbonate at ~US$18,000/t and lithium hydroxide at ~US$16,000/t, upstream concentrate economics remain robust, though the available chemical margin appears better captured in lower-cost jurisdictions, particularly where conversion is integrated with upstream supply.",[13416],{"type":928,"attrs":13417},{"color":930},{"type":594,"attrs":13419,"content":13420},{"textAlign":49},[13421],{"text":13422,"type":599,"marks":13423},"Assuming an overall $4–6/kg discount to Australian conversion, US$100m in savings would be realised after 17–25kt of lithium hydroxide production at its Chinese operations versus Kemerton. Shipping spodumene concentrate from Albemarle’s Greenbushes plant to its Chinese operations instead of refining locally would add only around $0.5–1/kg to final product costs. These potential savings make for a compelling case for Albemarle’s decision, even considering a US$150-250m bill for idling the Kemerton plant.",[13424],{"type":928,"attrs":13425},{"color":930},{"type":657,"attrs":13427,"content":13428},{"level":659,"textAlign":49},[13429],{"text":13430,"type":599,"marks":13431},"What’s the impact on the global lithium market?",[13432],{"type":928,"attrs":13433},{"color":930},{"type":594,"attrs":13435,"content":13436},{"textAlign":49},[13437],{"text":13438,"type":599,"marks":13439},"Globally, the impact is limited. Benchmark’s pre-announcement forecast showed ~973kt LCE of chemical output from spodumene and petalite in 2026, rising to ~1.96Mt by 2036 with Kemerton and all its expansions potentially accounting for up to 4% of this. The announcement also doesn’t impact upstream assets, leaving the overall market balance unchanged.",[13440],{"type":928,"attrs":13441},{"color":930},{"type":594,"attrs":13443,"content":13444},{"textAlign":49},[13445],{"text":13446,"type":599,"marks":13447},"The move limits potential IRA-compliant lithium hydroxide output from Australia. Foreign Entity of Concern restrictions have not created a sustained pricing premium sufficient to overcome the structural cost disadvantage of Western refining. Any compliance premium currently available does not appear large enough to justify continued standalone operation at Kemerton. Comments in Albemarle’s Q4 2025 earnings call further underscore this, citing material and sustained bifurcation of China and ex-China pricing as a requirement to resume operations out of Kemerton.",[13448],{"type":928,"attrs":13449},{"color":930},{"type":594,"attrs":13451,"content":13452},{"textAlign":49},[13453],{"type":1725},"Albemarle plans to idle its 25ktpa capacity Kemerton lithium hydroxide processing plant in Western Australia, citing “challenges facing Western hard-rock lithium conversion operations”.\n\nKemerton processes spodumene from Albemarle’s Greenbushes mine into lithium hydroxide. In 2025, it produced an estimated 7.5kt LCE and was forecast to produce 22kt LCE in 2026. Expansions planned for 2029 could have added 75ktpa capacity.\n\nThe idling of Kemerton materially weakens the near-term outlook for Australian lithium chemical refining as Kemerton was forecast to account for 46% of the country’s lithium chemical output in 2026 and had the potential to increase this to 49% by 2036.",[13456],{"slug":1094,"name":1095,"content":13457},{"job_title":1097,"image":13458,"bio":1100,"linkedin":1101,"markets_covered":8},{"filename":1099},"What does Albemarle idling Kemerton mean for Australian lithium?",[13461,13462],{"slug":878,"name":8},{"slug":872,"name":873},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":13464},{},{"id":13466,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":13467,"copyright":547,"fieldtype":553,"meta_data":13468,"is_external_url":50},129069033659930,"https://a.storyblok.com/f/287943243085208/b37c3894ee/bm-kemerton-expansion-project-1.jpg",{},"Albemarle plans to idle its 25ktpa capacity Kemerton lithium hydroxide processing plant in Western Australia, citing “challenges facing Western hard-rock lithium conversion operations”.","Feb 19, 2026",{"id":13472,"uuid":2201,"name":13473,"slug":13474,"full_slug":13475,"content":13476},146671858620280,"Déjà vu in Battery Raw Materials: Is the 2021 Playbook Repeating? ","deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-","article/deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-",{"_uid":13477,"date":13242,"tags":13478,"editor":13483,"content":13487,"excerpt":13830,"featured":51,"reporter":13831,"component":864,"seo_title":13841,"categories":13842,"visibility":882,"author_company":547,"data_vis_image":13847,"featured_image":13851,"seo_description":13855,"author_full_name":547,"author_job_title":547,"formattedDate":13470},"7d0c0a99-cd5e-43db-86b2-731290ed8f50",[13479,13480,13481,13482],{"slug":578,"name":579},{"slug":910,"name":911},{"slug":581,"name":582},{"slug":7994,"name":7995},[13484],{"slug":544,"name":543,"content":13485},{"job_title":557,"image":13486,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":13488},[13489,13510,13527,13535,13542,13550,13569,13577,13583,13591,13599,13607,13615,13623,13645,13664,13670,13678,13686,13694,13714,13722,13728,13750,13758,13766,13774,13806,13814,13822],{"type":594,"attrs":13490,"content":13491},{"textAlign":49},[13492,13497,13505],{"text":13493,"type":599,"marks":13494},"Price movements in ",[13495],{"type":928,"attrs":13496},{"color":930},{"text":13498,"type":599,"marks":13499},"battery raw material markets",[13500,13503],{"type":604,"attrs":13501},{"href":13502,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://intelligence.benchmarkminerals.com/publications/special-issues/2026-outlook-whitepaper-a-turning-point-for-critical-materials",{"type":928,"attrs":13504},{"color":930},{"text":13506,"type":599,"marks":13507}," since June last year look very familiar to those seen during the 2021/22 cycle.",[13508],{"type":928,"attrs":13509},{"color":930},{"type":594,"attrs":13511,"content":13512},{"textAlign":49},[13513,13522],{"text":13514,"type":599,"marks":13515},"Lithium, cobalt and nickel prices",[13516,13520],{"type":604,"attrs":13517},{"href":13518,"uuid":13519,"anchor":49,"target":650,"linktype":623},"/publications/briefings/raw-material-prices/raw-materials-price-briefing-13-02-2026","9eb409ae-4e13-4855-b133-402fd9ab53b8",{"type":928,"attrs":13521},{"color":930},{"text":13523,"type":599,"marks":13524}," are once again breaking higher after prolonged downturns, and the pace, sequencing and momentum closely resemble late 2021, just before the energy storage sector erupted into one of the strongest bull runs in its history.",[13525],{"type":928,"attrs":13526},{"color":930},{"type":594,"attrs":13528,"content":13529},{"textAlign":49},[13530],{"text":13531,"type":599,"marks":13532},"Although the absolute prices are lower than during the 2021/22 rally, the patterns are similar.",[13533],{"type":928,"attrs":13534},{"color":930},{"type":627,"attrs":13536},{"id":13537,"body":13538},"c9873c6f-e78e-4b72-a808-1a02df2fb3f5",[13539],{"id":13540,"_uid":13541,"type":623,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3590001","i-47962ce4-72dd-44c8-8463-615a096a7c09",{"type":657,"attrs":13543,"content":13544},{"level":659,"textAlign":49},[13545],{"text":13546,"type":599,"marks":13547},"Lithium: The Breakout Phase",[13548],{"type":928,"attrs":13549},{"color":930},{"type":594,"attrs":13551,"content":13552},{"textAlign":49},[13553,13558,13565],{"text":13554,"type":599,"marks":13555},"In the last cycle, lithium carbonate (CIF Asia) prices surged 248% between June 2021 to January 2022, exploding from $11,500/tonne to $40,000/tonne before continuing to ",[13556],{"type":928,"attrs":13557},{"color":930},{"text":13559,"type":599,"marks":13560},"hit record highs",[13561,13563],{"type":604,"attrs":13562},{"href":8487,"uuid":8488,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":13564},{"color":930},{"text":974,"type":599,"marks":13566},[13567],{"type":928,"attrs":13568},{"color":930},{"type":594,"attrs":13570,"content":13571},{"textAlign":49},[13572],{"text":13573,"type":599,"marks":13574},"This time, between June 2025 to January 2026, lithium has climbed 128%, rising from $8,000/tonne to $18,250/tonne.",[13575],{"type":928,"attrs":13576},{"color":930},{"type":627,"attrs":13578},{"id":13537,"body":13579},[13580],{"id":13581,"_uid":13582,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27692570","i-17980a32-2118-4c1d-92af-16da482c9837",{"type":594,"attrs":13584,"content":13585},{"textAlign":49},[13586],{"text":13587,"type":599,"marks":13588},"In both cases, the market reflected increasingly gloomy sentiment as the price range tightened before firming in Q4 ahead of a sharp January acceleration. The current move from $11,300/tonne at end-December 2025 to $19,000/tonne by mid-February – a near 70% surge in six weeks – echoes the early breakout dynamics of 2022, stoked by depleted supply chain inventory.",[13589],{"type":928,"attrs":13590},{"color":930},{"type":657,"attrs":13592,"content":13593},{"level":659,"textAlign":49},[13594],{"text":13595,"type":599,"marks":13596},"Cobalt: Policy driven this time",[13597],{"type":928,"attrs":13598},{"color":930},{"type":594,"attrs":13600,"content":13601},{"textAlign":49},[13602],{"text":13603,"type":599,"marks":13604},"Cobalt hydroxide prices are a more dramatic story this time around, though with a different rationale.",[13605],{"type":928,"attrs":13606},{"color":930},{"type":594,"attrs":13608,"content":13609},{"textAlign":49},[13610],{"text":13611,"type":599,"marks":13612},"Between June 2021 and January 2022, prices rose 63%, climbing from $40,100/tonne to $65,208/tonne as battery demand accelerated and supply struggled to keep pace.",[13613],{"type":928,"attrs":13614},{"color":930},{"type":594,"attrs":13616,"content":13617},{"textAlign":49},[13618],{"text":13619,"type":599,"marks":13620},"From June 2025 to January 2026, cobalt has jumped 126%, surging from roughly $25,350/tonne to more than $57,300/tonne, almost twice the percentage gain seen at the same stage of the previous cycle.",[13621],{"type":928,"attrs":13622},{"color":930},{"type":594,"attrs":13624,"content":13625},{"textAlign":49},[13626,13631,13640],{"text":13627,"type":599,"marks":13628},"The sharp ",[13629],{"type":928,"attrs":13630},{"color":930},{"text":13632,"type":599,"marks":13633},"October 2025 increase",[13634,13638],{"type":604,"attrs":13635},{"href":13636,"uuid":13637,"anchor":49,"target":650,"linktype":623},"/article/cobalt-prices-surge-after-chinas-golden-week-as-drc-export-quotas-fuel-supply-concerns","0484de60-3473-4f89-bb75-8a675cdbab0c",{"type":928,"attrs":13639},{"color":930},{"text":13641,"type":599,"marks":13642},", nearly 50% in a matter of weeks, mirrors the Q4 acceleration that preceded cobalt’s 2022 highs.",[13643],{"type":928,"attrs":13644},{"color":930},{"type":594,"attrs":13646,"content":13647},{"textAlign":49},[13648,13653,13660],{"text":13649,"type":599,"marks":13650},"However, the underlying driver this time is materially different. Whereas the 2021–2022 rally was fuelled largely by demand outstripping supply amidst rapid battery sector expansion, the current surge has been driven primarily by supply restriction following the DRC’s export ban and subsequent ",[13651],{"type":928,"attrs":13652},{"color":930},{"text":13654,"type":599,"marks":13655},"quota enforcement",[13656,13658],{"type":604,"attrs":13657},{"href":685,"uuid":686,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":13659},{"color":930},{"text":974,"type":599,"marks":13661},[13662],{"type":928,"attrs":13663},{"color":930},{"type":627,"attrs":13665},{"id":13537,"body":13666},[13667],{"id":13668,"_uid":13669,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27693314","i-9c3da067-e8f7-4ec4-8ab3-7ec3c3b6cb49",{"type":657,"attrs":13671,"content":13672},{"level":659,"textAlign":49},[13673],{"text":13674,"type":599,"marks":13675},"Nickel: Tighter market under the surface",[13676],{"type":928,"attrs":13677},{"color":930},{"type":594,"attrs":13679,"content":13680},{"textAlign":49},[13681],{"text":13682,"type":599,"marks":13683},"Nickel MHP prices are also mirroring those of the 2021/22 cycle, with similar percentage gains.",[13684],{"type":928,"attrs":13685},{"color":930},{"type":594,"attrs":13687,"content":13688},{"textAlign":49},[13689],{"text":13690,"type":599,"marks":13691},"In the run-up to the 2022 spike, nickel rose 26% from June 2021 to January 2022. In the current cycle, it has gained 28% from June 2025 to late January 2026, tightening steadily from roughly $12,750/tonne to above $16,000/tonne before easing slightly in February.",[13692],{"type":928,"attrs":13693},{"color":930},{"type":594,"attrs":13695,"content":13696},{"textAlign":49},[13697,13702,13709],{"text":13698,"type":599,"marks":13699},"LME nickel prices have remained elevated through much of the current period, keeping MHP payables high and reinforcing floor support. At the same time, far stricter ",[13700],{"type":928,"attrs":13701},{"color":930},{"text":13703,"type":599,"marks":13704},"Indonesian RKAB mining quotas",[13705,13707],{"type":604,"attrs":13706},{"href":8027,"uuid":8028,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":13708},{"color":930},{"text":13710,"type":599,"marks":13711}," have constrained domestic ore availability, tightening the upstream pipeline.",[13712],{"type":928,"attrs":13713},{"color":930},{"type":594,"attrs":13715,"content":13716},{"textAlign":49},[13717],{"text":13718,"type":599,"marks":13719},"Even during a broader commodities pullback – when gold and silver briefly softened and nickel metal prices wobbled – structural support remained intact. Indonesian policy discipline, combined with increased demand from refiners reacting to DRC-related cobalt disruption, has kept concerns over MHP availability firmly in focus.",[13720],{"type":928,"attrs":13721},{"color":930},{"type":627,"attrs":13723},{"id":13537,"body":13724},[13725],{"id":13726,"_uid":13727,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27693728","i-047f1907-4d94-4b46-93d8-05dd44a59cfd",{"type":594,"attrs":13729,"content":13730},{"textAlign":49},[13731,13736,13745],{"text":13732,"type":599,"marks":13733},"Nickel may not yet exhibit the explosive volatility of early 2022, driven by the ",[13734],{"type":928,"attrs":13735},{"color":930},{"text":13737,"type":599,"marks":13738},"LME’s short squeeze",[13739,13743],{"type":604,"attrs":13740},{"href":13741,"uuid":13742,"anchor":49,"target":650,"linktype":623},"/article/faltering-trust-in-the-lme-leads-to-new-mhp-nickel-pricing-methods","89fadf3c-0f43-49f6-ae9b-818e6ce90844",{"type":928,"attrs":13744},{"color":930},{"text":13746,"type":599,"marks":13747},", but beneath the surface, the market is considerably tighter than headline price moves alone would suggest.",[13748],{"type":928,"attrs":13749},{"color":930},{"type":657,"attrs":13751,"content":13752},{"level":659,"textAlign":49},[13753],{"text":13754,"type":599,"marks":13755},"The rhyme is hard to ignore",[13756],{"type":928,"attrs":13757},{"color":930},{"type":594,"attrs":13759,"content":13760},{"textAlign":49},[13761],{"text":13762,"type":599,"marks":13763},"Across all three commodities, the sequence is consistent: prolonged bear-market compression, mid-year base price formation, Q4 breakout, January momentum.",[13764],{"type":928,"attrs":13765},{"color":930},{"type":594,"attrs":13767,"content":13768},{"textAlign":49},[13769],{"text":13770,"type":599,"marks":13771},"The numbers reinforce the June-January trend:",[13772],{"type":928,"attrs":13773},{"color":930},{"type":3158,"content":13775},[13776,13786,13796],{"type":3161,"content":13777},[13778],{"type":594,"attrs":13779,"content":13780},{"textAlign":49},[13781],{"text":13782,"type":599,"marks":13783},"Lithium: +248% then vs +128% now",[13784],{"type":928,"attrs":13785},{"color":930},{"type":3161,"content":13787},[13788],{"type":594,"attrs":13789,"content":13790},{"textAlign":49},[13791],{"text":13792,"type":599,"marks":13793},"Cobalt: +63% then vs +126% now",[13794],{"type":928,"attrs":13795},{"color":930},{"type":3161,"content":13797},[13798],{"type":594,"attrs":13799,"content":13800},{"textAlign":49},[13801],{"text":13802,"type":599,"marks":13803},"Nickel: +26% then vs +28% now",[13804],{"type":928,"attrs":13805},{"color":930},{"type":594,"attrs":13807,"content":13808},{"textAlign":49},[13809],{"text":13810,"type":599,"marks":13811},"In percentage terms, the early-stage moves are comparable, and in cobalt’s case, stronger.",[13812],{"type":928,"attrs":13813},{"color":930},{"type":594,"attrs":13815,"content":13816},{"textAlign":49},[13817],{"text":13818,"type":599,"marks":13819},"In late 2021, few anticipated that lithium would exceed $70,000/t within a year. Yet the signal was there: once battery raw materials broke structurally higher after a prolonged downturn, moves became nonlinear.",[13820],{"type":928,"attrs":13821},{"color":930},{"type":594,"attrs":13823,"content":13824},{"textAlign":49},[13825],{"text":13826,"type":599,"marks":13827},"Today’s rally may still be in its opening chapter. But if history rhymes, the market is once again standing at a familiar starting line.",[13828],{"type":928,"attrs":13829},{"color":930},"Price movements in battery raw material markets since June last year look very familiar to those seen during the 2021/22 cycle.\n\nLithium, cobalt and nickel prices are once again breaking higher after prolonged downturns, and the pace, sequencing and momentum closely resemble late 2021, just before the energy storage sector erupted into one of the strongest bull runs in its history.\n\nAlthough the absolute prices are lower than during the 2021/22 rally, the patterns are similar.",[13832],{"slug":13833,"name":13834,"content":13835},"daisy-jennings-gray","Daisy Jennings-Gray",{"job_title":13836,"image":13837,"bio":13839,"linkedin":13840,"markets_covered":9877},"Head of Prices",{"filename":13838},"https://a.storyblok.com/f/287943243085208/440x410/c313cfb287/daisy.webp","Daisy is Head of Prices at Benchmark Mineral Intelligence and is responsible for price assessment publication and methodology development across all raw materials and battery components, including lithium, nickel, cobalt, graphite, rare earth elements, black mass, anode and cathode. She has 5 years' experience in price reporting, having primarily covered lithium and graphite markets when she joined Benchmark as an analyst, as well as reporting on European wholesale natural gas markets at another PRA prior to this. Daisy graduated with a First Class Honours MSci in Geology from Imperial College London. ","https://www.linkedin.com/in/daisyjennings-gray/","Déjà vu in Battery Raw Materials",[13843,13844,13845,13846],{"slug":872,"name":873},{"slug":878,"name":8},{"slug":867,"name":115},{"slug":4330,"name":150},{"id":13848,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":13849,"copyright":547,"fieldtype":553,"meta_data":13850,"is_external_url":50},146678278585853,"https://a.storyblok.com/f/287943243085208/2051x937/ec9041b74f/deja-vu-in-battery-mineral-prices.png",{},{"id":13852,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":13853,"copyright":547,"fieldtype":553,"meta_data":13854,"is_external_url":50},129069118463559,"https://a.storyblok.com/f/287943243085208/e82c0c3b3c/bm-launch-collage-1-1.png",{},"Price movements in battery raw material markets since June last year look very familiar to those seen during the 2021/22 cycle.\n\nLithium, cobalt and nickel prices are once again breaking higher after prolonged downturns.",{"id":13857,"uuid":6042,"name":13858,"slug":13859,"full_slug":13860,"content":13861},146072232847353,"The top five battery producers: past, present and future","the-top-five-battery-producers-past-present-and-future","article/the-top-five-battery-producers-past-present-and-future",{"_uid":13862,"date":13863,"tags":13864,"editor":13877,"content":13881,"excerpt":14141,"featured":51,"reporter":14142,"component":864,"seo_title":13858,"categories":14156,"visibility":2091,"author_company":547,"data_vis_image":14158,"featured_image":14162,"seo_description":14166,"author_full_name":547,"author_job_title":547,"formattedDate":14167},"12c816b3-c0fd-4e4f-96e9-be68409a618a","2026-02-18 00:00",[13865,13866,13867,13868,13870,13873,13874,13875,13876],{"slug":903,"name":904},{"slug":5945,"name":2983},{"slug":3117,"name":3118},{"slug":13869,"name":8803},"lg-energy-solution",{"slug":13871,"name":13872},"panasonic","Panasonic",{"slug":913,"name":914},{"slug":8694,"name":8695},{"slug":6290,"name":2052},{"slug":578,"name":579},[13878],{"slug":544,"name":543,"content":13879},{"job_title":557,"image":13880,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":13882},[13883,13915,13935,13942,13950,13971,14000,14008,14016,14024,14054,14062,14070,14078,14093,14115,14123,14131],{"type":594,"attrs":13884,"content":13885},{"textAlign":49},[13886,13891,13900,13905,13911],{"text":13887,"type":599,"marks":13888},"Between 2020 and 2025 gigafactory capacity ",[13889],{"type":928,"attrs":13890},{"color":930},{"text":13892,"type":599,"marks":13893},"grew",[13894,13898],{"type":604,"attrs":13895},{"href":13896,"uuid":13897,"anchor":49,"target":650,"linktype":623},"/article/how-is-battery-supply-chain-funding-evolving-in-2025","a75955e6-67f8-4929-9971-d03946c4b87c",{"type":928,"attrs":13899},{"color":930},{"text":13901,"type":599,"marks":13902}," six-fold, and it is set to grow another 118% by 2030 as assessed by ",[13903],{"type":928,"attrs":13904},{"color":930},{"text":11596,"type":599,"marks":13906},[13907,13909],{"type":604,"attrs":13908},{"href":11600,"uuid":49,"anchor":49,"target":650,"linktype":607},{"type":928,"attrs":13910},{"color":930},{"text":974,"type":599,"marks":13912},[13913],{"type":928,"attrs":13914},{"color":930},{"type":594,"attrs":13916,"content":13917},{"textAlign":49},[13918,13923,13930],{"text":13919,"type":599,"marks":13920},"To celebrate ",[13921],{"type":928,"attrs":13922},{"color":930},{"text":13924,"type":599,"marks":13925},"International Battery Day",[13926,13928],{"type":604,"attrs":13927},{"href":9016,"uuid":9017,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":13929},{"color":930},{"text":13931,"type":599,"marks":13932},", Benchmark explores how the top five battery producers have shifted since 2020, and which companies are set to hold the top positions in 2030.",[13933],{"type":928,"attrs":13934},{"color":930},{"type":627,"attrs":13936},{"id":13937,"body":13938},"8b58a1d5-84d0-4ea7-bc37-91d321c9b35b",[13939],{"id":13940,"_uid":13941,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27675852","i-cae798e0-a99c-449b-8f98-caa91b5362b9",{"type":657,"attrs":13943,"content":13944},{"level":659,"textAlign":49},[13945],{"text":13946,"type":599,"marks":13947},"Past – 2020",[13948],{"type":928,"attrs":13949},{"color":930},{"type":594,"attrs":13951,"content":13952},{"textAlign":49},[13953,13958,13966],{"text":13954,"type":599,"marks":13955},"In 2020, battery cell production capacity was around 734GWh. Although China accounted for 65% of this supply, it was South Korean cell maker ",[13956],{"type":928,"attrs":13957},{"color":930},{"text":8803,"type":599,"marks":13959},[13960,13964],{"type":604,"attrs":13961},{"href":13962,"uuid":13963,"anchor":49,"target":650,"linktype":623},"/article/lges-to-start-ess-battery-production-in-us-next-year-to-tap-into-booming-market","305388bd-7dd9-4609-89bc-10a27bedd22e",{"type":928,"attrs":13965},{"color":930},{"text":13967,"type":599,"marks":13968}," (LGES) that occupied the number one spot for cell production.",[13969],{"type":928,"attrs":13970},{"color":930},{"type":594,"attrs":13972,"content":13973},{"textAlign":49},[13974,13979,13985,13989,13995],{"text":13975,"type":599,"marks":13976},"Indeed, ",[13977],{"type":928,"attrs":13978},{"color":930},{"text":904,"type":599,"marks":13980},[13981,13983],{"type":604,"attrs":13982},{"href":7832,"uuid":7833,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":13984},{"color":930},{"text":1440,"type":599,"marks":13986},[13987],{"type":928,"attrs":13988},{"color":930},{"text":2983,"type":599,"marks":13990},[13991,13993],{"type":604,"attrs":13992},{"href":10989,"uuid":10990,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":13994},{"color":930},{"text":13996,"type":599,"marks":13997}," were the only two Chinese companies in the top five in 2020, with Japan’s Panasonic and South Korea’s Samsung SDI rounding out the list.",[13998],{"type":928,"attrs":13999},{"color":930},{"type":594,"attrs":14001,"content":14002},{"textAlign":49},[14003],{"text":14004,"type":599,"marks":14005},"In all, the top five producers accounted for 50% of global cell production capacity.",[14006],{"type":928,"attrs":14007},{"color":930},{"type":657,"attrs":14009,"content":14010},{"level":659,"textAlign":49},[14011],{"text":14012,"type":599,"marks":14013},"Present – 2025",[14014],{"type":928,"attrs":14015},{"color":930},{"type":594,"attrs":14017,"content":14018},{"textAlign":49},[14019],{"text":14020,"type":599,"marks":14021},"By 2025, cell production had reached 2.2TWh and gigafactory capacity hit 4.8TWh. China cemented its dominance with 86% of production located in the country.",[14022],{"type":928,"attrs":14023},{"color":930},{"type":594,"attrs":14025,"content":14026},{"textAlign":49},[14027,14032,14040,14044,14050],{"text":14028,"type":599,"marks":14029},"LGES, the only non-Chinese firm in the top five, fell from the top spot to third position, overtaken by battery behemoths ",[14030],{"type":928,"attrs":14031},{"color":930},{"text":904,"type":599,"marks":14033},[14034,14038],{"type":604,"attrs":14035},{"href":14036,"uuid":14037,"anchor":49,"target":650,"linktype":623},"/article/who-were-the-top-cell-suppliers-in-the-bess-market-in-h1-2025","856c6f80-c683-4faf-95f5-f1b762deeac3",{"type":928,"attrs":14039},{"color":930},{"text":1440,"type":599,"marks":14041},[14042],{"type":928,"attrs":14043},{"color":930},{"text":2983,"type":599,"marks":14045},[14046,14048],{"type":604,"attrs":14047},{"href":7105,"uuid":7106,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":14049},{"color":930},{"text":974,"type":599,"marks":14051},[14052],{"type":928,"attrs":14053},{"color":930},{"type":594,"attrs":14055,"content":14056},{"textAlign":49},[14057],{"text":14058,"type":599,"marks":14059},"The concentration of global capacity operated by the top five producers had fallen to 44% by 2025. Notably, CATL alone accounted for over a quarter of production and 17% of global gigafactory capacity.",[14060],{"type":928,"attrs":14061},{"color":930},{"type":657,"attrs":14063,"content":14064},{"level":659,"textAlign":49},[14065],{"text":14066,"type":599,"marks":14067},"Future – 2030",[14068],{"type":928,"attrs":14069},{"color":930},{"type":594,"attrs":14071,"content":14072},{"textAlign":49},[14073],{"text":14074,"type":599,"marks":14075},"The 2030 gigafactory pipeline is currently over 10TWh, with 77% of this owned by Chinese companies.",[14076],{"type":928,"attrs":14077},{"color":930},{"type":594,"attrs":14079,"content":14080},{"textAlign":49},[14081,14088],{"text":14082,"type":599,"marks":14083},"CATL’s",[14084,14086],{"type":604,"attrs":14085},{"href":6136,"uuid":6137,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":14087},{"color":930},{"text":14089,"type":599,"marks":14090}," position in the number one spot is strong. Its 2030 pipeline capacity is greater than the combined pipeline of LGES and BYD, which occupy the number two and three spots, respectively. LGES is set to remain the only non-Chinese company in the top five.",[14091],{"type":928,"attrs":14092},{"color":930},{"type":594,"attrs":14094,"content":14095},{"textAlign":49},[14096,14101,14110],{"text":14097,"type":599,"marks":14098},"The top five producers account for a third of the ",[14099],{"type":928,"attrs":14100},{"color":930},{"text":14102,"type":599,"marks":14103},"global gigafactory pipeline capacity",[14104,14108],{"type":604,"attrs":14105},{"href":14106,"uuid":14107,"anchor":49,"target":650,"linktype":623},"/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market","8c902f6d-616a-4844-93e9-31c499e486b5",{"type":928,"attrs":14109},{"color":930},{"text":14111,"type":599,"marks":14112}," for 2030.",[14113],{"type":928,"attrs":14114},{"color":930},{"type":657,"attrs":14116,"content":14117},{"level":659,"textAlign":49},[14118],{"text":14119,"type":599,"marks":14120},"Unlock granular market visibility with Benchmark's Battery & Gigafactory Service",[14121],{"type":928,"attrs":14122},{"color":547},{"type":594,"attrs":14124,"content":14125},{"textAlign":49},[14126],{"text":14127,"type":599,"marks":14128},"This insight draws from Benchmark's comprehensive Battery & Gigafactory Service, consisting of cell prices, capacity assessments, forecasts and supply chain data. By bringing integrated clarity to the opaque battery midstream, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[14129],{"type":928,"attrs":14130},{"color":547},{"type":627,"attrs":14132},{"id":14133,"body":14134},"53ec0bd8-9295-4fe0-a9b2-389262f4a6f5",[14135],{"id":835,"_uid":14136,"component":837,"wrap_in_box":50,"redirect_url":14137,"success_file":14138,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":14140,"show_on_intelligence":50},"i-e0aaa4fc-1a19-4165-ac8c-bf738e97ff6e",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":14139},{},[],"Between 2020 and 2025 gigafactory capacity grew six-fold, and it is set to grow another 118% by 2030 as assessed by Benchmark’s Battery & Gigafactory Service.\nTo celebrate International Battery Day, Benchmark explores how the top five battery producers have shifted since 2020, and which companies are set to hold the top positions in 2030.",[14143,14146],{"slug":7860,"name":7861,"content":14144},{"job_title":7863,"image":14145,"bio":7866,"linkedin":7867,"markets_covered":7868},{"filename":7865},{"slug":14147,"name":14148,"content":14149},"anya-sidhu","Anya Sidhu",{"job_title":14150,"image":14151,"bio":14153,"linkedin":14154,"markets_covered":14155},"Analyst - Batteries ",{"filename":14152},"https://a.storyblok.com/f/287943243085208/719x719/148f688814/anya-sidhu.jpeg","Anya is an analyst working in the Battery and Gigafactory team, covering capacity, supply and demand for lithium and sodium ion batteries. She has also begun working on the Portables report, building out our global view of unit sales and demand for each segment. Anya holds a BSc in Chemistry from the University of Leicester.","https://www.linkedin.com/in/anya-sidhu-622b60268/","Battery and Gigafactory ",[14157],{"slug":2499,"name":2500},{"id":14159,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":14160,"copyright":547,"fieldtype":553,"meta_data":14161,"is_external_url":50},146076318700771,"https://a.storyblok.com/f/287943243085208/1575x1137/0e23b64745/the-changing-landscape-of-the-top-five-battery-producers.png",{},{"id":14163,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":14164,"copyright":547,"fieldtype":553,"meta_data":14165,"is_external_url":50},146072712586427,"https://a.storyblok.com/f/287943243085208/5120x2880/7b57aebe1f/shutterstock_2333774629-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Between 2020 and 2025 gigafactory capacity grew six-fold, and it is set to grow another 118% by 2030 as assessed by Benchmark’s Battery & Gigafactory Service.","Feb 18, 2026",{"id":14169,"uuid":8028,"name":14170,"slug":14171,"full_slug":14172,"content":14173},144258923248883,"Indonesia announces significantly lower nickel RKAB quotas","indonesia-announces-significantly-lower-nickel-rkab-quotas","article/indonesia-announces-significantly-lower-nickel-rkab-quotas",{"_uid":14174,"date":14175,"tags":14176,"editor":14180,"content":14184,"excerpt":14372,"featured":51,"reporter":14373,"component":864,"seo_title":14170,"categories":14387,"visibility":882,"author_company":547,"data_vis_image":14390,"featured_image":14394,"seo_description":14398,"author_full_name":547,"author_job_title":547,"formattedDate":14399},"cea17936-0a07-4278-8e1b-b993a58b2e78","2026-02-12 00:00",[14177,14178,14179],{"slug":7994,"name":7995},{"slug":7997,"name":7998},{"slug":578,"name":579},[14181],{"slug":544,"name":543,"content":14182},{"job_title":557,"image":14183,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":14185},[14186,14222,14244,14261,14268,14276,14293,14299,14307,14315,14323,14331,14339,14347,14364],{"type":594,"attrs":14187,"content":14188},{"textAlign":49},[14189,14194,14203,14208,14217],{"text":14190,"type":599,"marks":14191},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 ",[14192],{"type":928,"attrs":14193},{"color":930},{"text":14195,"type":599,"marks":14196},"nickel ore mining",[14197,14201],{"type":604,"attrs":14198},{"href":14199,"uuid":14200,"anchor":49,"target":650,"linktype":623},"/videos/inside-indonesias-nickel-industry","a1115357-65e7-4740-a6c3-9efe78785744",{"type":928,"attrs":14202},{"color":930},{"text":14204,"type":599,"marks":14205}," quota (RKAB) of 260–270 million wmt. This is notably lower than the ",[14206],{"type":928,"attrs":14207},{"color":930},{"text":14209,"type":599,"marks":14210},"approved 2025 quota",[14211,14215],{"type":604,"attrs":14212},{"href":14213,"uuid":14214,"anchor":49,"target":650,"linktype":623},"/article/nickel-market-faces-uncertainty-amid-indonesias-mining-quota-adjustments","bb9e81c3-0c59-4b99-a290-d4edde8df7e2",{"type":928,"attrs":14216},{"color":930},{"text":14218,"type":599,"marks":14219}," of 379 million wmt, which was initially announced at just under 300 million wmt before additional permits were granted later in the year.",[14220],{"type":928,"attrs":14221},{"color":930},{"type":594,"attrs":14223,"content":14224},{"textAlign":49},[14225,14230,14239],{"text":14226,"type":599,"marks":14227},"The reduced ",[14228],{"type":928,"attrs":14229},{"color":930},{"text":14231,"type":599,"marks":14232},"RKAB quota",[14233,14237],{"type":604,"attrs":14234},{"href":14235,"uuid":14236,"anchor":49,"target":650,"linktype":623},"/article/how-will-indonesias-mining-quotas-affect-the-nickel-market","ef58b587-72eb-4a1d-87e5-3e85bdf64de4",{"type":928,"attrs":14238},{"color":930},{"text":14240,"type":599,"marks":14241}," reflects government efforts to manage supply growth, support nickel prices, and conserve domestic resources. Expectations of lower quotas and their potential impact on Indonesian supply have been a key driver of the recent rally in nickel prices. LME nickel prices rose from just above $14,000/t in mid‑December to more than $17,000/t on 11 February 2026.",[14242],{"type":928,"attrs":14243},{"color":930},{"type":594,"attrs":14245,"content":14246},{"textAlign":49},[14247,14256],{"text":14248,"type":599,"marks":14249},"Benchmark’s Nickel Cost Curve",[14250,14253,14255],{"type":604,"attrs":14251},{"href":14252,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://data.benchmarkminerals.com/nickel/supply",{"type":928,"attrs":14254},{"color":3642},{"type":3645},{"text":14257,"type":599,"marks":14258}," shows that prices below $15,000/t render a substantial share of Indonesian output unprofitable, underscoring the sector’s reliance on higher price levels.",[14259],{"type":928,"attrs":14260},{"color":930},{"type":627,"attrs":14262},{"id":14263,"body":14264},"ca9f2e32-84db-45af-b142-425084854b3c",[14265],{"id":14266,"_uid":14267,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27618019","i-573b157c-1ce1-4d43-b16f-3d94d918c3c0",{"type":657,"attrs":14269,"content":14270},{"level":659,"textAlign":49},[14271],{"text":14272,"type":599,"marks":14273},"How does the RKAB quota compare to demand from Indonesian intermediary production?",[14274],{"type":928,"attrs":14275},{"color":930},{"type":594,"attrs":14277,"content":14278},{"textAlign":49},[14279,14288],{"text":14280,"type":599,"marks":14281},"Nickel refining facilities in Indonesia",[14282,14286],{"type":604,"attrs":14283},{"href":14284,"uuid":14285,"anchor":49,"target":650,"linktype":623},"/article/indonesias-new-smelter-ban-targets-value-added-growth","6bd7aaab-55f0-4bf4-b404-905e228e4541",{"type":928,"attrs":14287},{"color":930},{"text":14289,"type":599,"marks":14290}," are forecast to require 334 million wmt of ore in 2026 to produce 2.7Mt of nickel contained in intermediary products such as ferronickel and nickel pig iron (NPI) for the stainless steel sector, and mixed hydroxide precipitate (MHP) for battery supply chains.",[14291],{"type":928,"attrs":14292},{"color":930},{"type":627,"attrs":14294},{"id":14263,"body":14295},[14296],{"id":14297,"_uid":14298,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27618306","i-e6ec4256-628c-44ea-9725-ee4d89efc963",{"type":594,"attrs":14300,"content":14301},{"textAlign":49},[14302],{"text":14303,"type":599,"marks":14304},"If the upper end of the initial RKAB quota is achieved (270 million wmt), this would leave a shortfall of 64 million wmt of ore to sustain the projected production level of nickel intermediates. The gap could be covered through ore imports from other countries, such as the Philippines, or through a subsequent upward revision to the RKAB quota, as occurred last year. Existing ore inventories could also be drawn down to offset the deficit.",[14305],{"type":928,"attrs":14306},{"color":930},{"type":594,"attrs":14308,"content":14309},{"textAlign":49},[14310],{"text":14311,"type":599,"marks":14312},"If the shortfall is not met, the global nickel market could move closer to balance from the current forecast surplus of 262kt in 2026, due to reduced Indonesian supply. This would likely keep prices at elevated levels, which have persisted despite ongoing oversupply in the market.",[14313],{"type":928,"attrs":14314},{"color":930},{"type":657,"attrs":14316,"content":14317},{"level":659,"textAlign":49},[14318],{"text":14319,"type":599,"marks":14320},"What does the RKAB quota mean at the mine site level?",[14321],{"type":928,"attrs":14322},{"color":930},{"type":594,"attrs":14324,"content":14325},{"textAlign":49},[14326],{"text":14327,"type":599,"marks":14328},"RKAB quotas are issued on a site‑by‑site basis, meaning each facility will be affected differently. For example, Eramet has announced that PT Weda Bay Nickel (WBN), its joint venture with Tsingshan, has received an initial quota of 12 million wmt. This represents just 38% of the initial 2025 quota of 32 million wmt, which was later raised to 42 million wmt in July 2025. Eramet and its partners plan to apply for a revised, higher quota for the facility as soon as possible.",[14329],{"type":928,"attrs":14330},{"color":930},{"type":657,"attrs":14332,"content":14333},{"level":659,"textAlign":49},[14334],{"text":14335,"type":599,"marks":14336},"How has the quota impacted MHP payables?",[14337],{"type":928,"attrs":14338},{"color":930},{"type":594,"attrs":14340,"content":14341},{"textAlign":49},[14342],{"text":14343,"type":599,"marks":14344},"Although LME nickel prices are up compared to the end of last year, they have fallen slightly over the course of 2026. This has pulled MHP payables down to 88% as of 11 February 2026, the first time they have fallen below 90% since late November.",[14345],{"type":928,"attrs":14346},{"color":930},{"type":594,"attrs":14348,"content":14349},{"textAlign":49},[14350,14359],{"text":14351,"type":599,"marks":14352},"MHP remains tight",[14353,14357],{"type":604,"attrs":14354},{"href":14355,"uuid":14356,"anchor":49,"target":650,"linktype":623},"/article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","df46a979-2900-4413-b22f-156697f65198",{"type":928,"attrs":14358},{"color":930},{"text":14360,"type":599,"marks":14361}," overall due to strong demand as the cobalt market seeks an alternative to hydroxide from the DRC and due to the tighter Indonesian quotas. That said, the quotas are higher than the market had anticipated a month ago.",[14362],{"type":928,"attrs":14363},{"color":930},{"type":594,"attrs":14365,"content":14366},{"textAlign":49},[14367],{"text":14368,"type":599,"marks":14369},"“A lot of the price response has already been baked into existing high prices, so actually this has softened the reaction somewhat,” said Daisy Jennings-Gray, Benchmark’s Head of Prices.",[14370],{"type":928,"attrs":14371},{"color":930},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 nickel ore mining quota (RKAB) of 260–270 million wmt. This is notably lower than the approved 2025 quota of 379 million wmt, which was initially announced at just under 300 million wmt before additional permits were granted later in the year.\nThe reduced RKAB quota reflects government efforts to manage supply growth, support nickel prices, and conserve domestic resources. Expectations of lower quotas and their potential impact on Indonesian supply have been a key driver of the recent rally in nickel prices. LME nickel prices rose from just above $14,000/t in mid‑December to more than $17,000/t on 11 February 2026.",[14374,14384],{"slug":14375,"name":14376,"content":14377},"adam-webb","Adam Webb",{"job_title":14378,"image":14379,"bio":14381,"linkedin":14382,"markets_covered":14383},"Head of Battery Raw Materials",{"filename":14380},"https://a.storyblok.com/f/287943243085208/512x512/585d81efad/adam-webb.jpeg","Adam is Head of Battery Raw Materials at Benchmark Mineral Intelligence and is responsible for market analysis and forecasting across all raw materials, including lithium, nickel, cobalt, graphite and rare earth elements. He has over a decade of experience as an analyst in the metals and mining space covering battery metals, precious metals, base metals and bulk commodities. Earlier in his career Adam worked as a geologist in the mining industry in Western Australia. He has an MSc in Geochemistry from the University of Leeds and a BSc in Earth Science from the University of Wales Aberystwyth. ","https://www.linkedin.com/in/adamswebb/","Battery Raw Materials",{"slug":13833,"name":13834,"content":14385},{"job_title":13836,"image":14386,"bio":13839,"linkedin":13840,"markets_covered":9877},{"filename":13838},[14388,14389],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":14391,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":14392,"copyright":547,"fieldtype":553,"meta_data":14393,"is_external_url":50},144263157545260,"https://a.storyblok.com/f/287943243085208/1588x1382/c1d7f91977/indonesian-ore-demand-by-ore-type-and-rkab-quota-2x.png",{},{"id":14395,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":14396,"copyright":547,"fieldtype":553,"meta_data":14397,"is_external_url":50},129070278742185,"https://a.storyblok.com/f/287943243085208/3c57fd2cb5/bm-nickel-ore-indonesia.jpg",{},"The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a 2026 nickel ore mining quota (RKAB) of 260–270 million wmt. This is notably lower than the approved 2025 quota of 379 million wmt.","Feb 12, 2026",{"id":14401,"uuid":6589,"name":14402,"slug":14403,"full_slug":14404,"content":14405},143577548806252,"PLS lithium offtake reinforces structural support in spodumene market","pls-lithium-offtake-reinforces-structural-support-in-spodumene-market","article/pls-lithium-offtake-reinforces-structural-support-in-spodumene-market",{"_uid":14406,"date":14407,"tags":14408,"editor":14415,"content":14419,"excerpt":14600,"featured":51,"reporter":14601,"component":864,"seo_title":14605,"categories":14606,"visibility":882,"author_company":547,"data_vis_image":14609,"featured_image":14613,"seo_description":14615,"author_full_name":547,"author_job_title":547,"formattedDate":14616},"6a3f0cfc-e6a7-421b-a58e-da1129b3b365","2026-02-10 00:00",[14409,14412,14413,14414],{"slug":14410,"name":14411},"pilbara-minerals","Pilbara Minerals",{"slug":578,"name":579},{"slug":6567,"name":2038},{"slug":913,"name":914},[14416],{"slug":544,"name":543,"content":14417},{"job_title":557,"image":14418,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":14420},[14421,14440,14448,14470,14478,14486,14494,14530,14537,14545,14553,14561,14569,14577,14596],{"type":594,"attrs":14422,"content":14423},{"textAlign":49},[14424,14429,14435],{"text":14425,"type":599,"marks":14426},"Australian lithium miner PLS has executed a two-year binding offtake agreement with Canmax, a Chinese battery materials producer, for up to 150ktpa of ",[14427],{"type":928,"attrs":14428},{"color":930},{"text":6584,"type":599,"marks":14430},[14431,14433],{"type":604,"attrs":14432},{"href":6610,"uuid":6611,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":14434},{"color":930},{"text":14436,"type":599,"marks":14437}," (SC) starting in mid-2026.",[14438],{"type":928,"attrs":14439},{"color":930},{"type":594,"attrs":14441,"content":14442},{"textAlign":49},[14443],{"text":14444,"type":599,"marks":14445},"The deal includes a floor price of US$1,000/t and is subject to a US$100m unsecured, interest-free prepayment. There is an option to extend the offtake a further 12 months.",[14446],{"type":928,"attrs":14447},{"color":930},{"type":594,"attrs":14449,"content":14450},{"textAlign":49},[14451,14456,14465],{"text":14452,"type":599,"marks":14453},"The price floor is comfortably above the costs of ",[14454],{"type":928,"attrs":14455},{"color":930},{"text":14457,"type":599,"marks":14458},"PLS’ Ngungaju",[14459,14463],{"type":604,"attrs":14460},{"href":14461,"uuid":14462,"anchor":49,"target":650,"linktype":623},"/article/pilbara-to-put-ngungaju-into-care-and-maintenance-amid-spodumene-price-woes","c8383028-c3f9-42d3-875f-4ca34896097d",{"type":928,"attrs":14464},{"color":930},{"text":14466,"type":599,"marks":14467}," plant. It is also consistent with Benchmark’s view that hard-rock feedstock will be supported above US$1,000/t through 2026.",[14468],{"type":928,"attrs":14469},{"color":930},{"type":657,"attrs":14471,"content":14472},{"level":659,"textAlign":49},[14473],{"text":14474,"type":599,"marks":14475},"How much of PLS’ spodumene concentrate production is under offtake?",[14476],{"type":928,"attrs":14477},{"color":930},{"type":594,"attrs":14479,"content":14480},{"textAlign":49},[14481],{"text":14482,"type":599,"marks":14483},"Under Benchmark’s current forecast, PLS is forecast to produce ~134kt LCE (~970kt of spodumene concentrate) in 2026 and ~150kt LCE in 2027 through its Pilgan and Ngungaju plants.",[14484],{"type":928,"attrs":14485},{"color":930},{"type":594,"attrs":14487,"content":14488},{"textAlign":49},[14489],{"text":14490,"type":599,"marks":14491},"The 150ktpa SC offtake to Canmax equates to roughly 20–23kt LCE annually, representing ~15–17% of 2026 output and ~13–15% of 2027 production.",[14492],{"type":928,"attrs":14493},{"color":930},{"type":594,"attrs":14495,"content":14496},{"textAlign":49},[14497,14502,14511,14516,14525],{"text":14498,"type":599,"marks":14499},"Taken together with PLS’ other offtake relationships with ",[14500],{"type":928,"attrs":14501},{"color":930},{"text":14503,"type":599,"marks":14504},"Ganfeng",[14505,14509],{"type":604,"attrs":14506},{"href":14507,"uuid":14508,"anchor":49,"target":650,"linktype":623},"/article/ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china","edfa71df-9b07-482a-ade9-c82250a1cf38",{"type":928,"attrs":14510},{"color":930},{"text":14512,"type":599,"marks":14513},", General Lithium, Yahua, Chengxin, and ",[14514],{"type":928,"attrs":14515},{"color":930},{"text":14517,"type":599,"marks":14518},"POSCO",[14519,14523],{"type":604,"attrs":14520},{"href":14521,"uuid":14522,"anchor":49,"target":650,"linktype":623},"/publications/analysis/posco-pilbara-signs-offtake-deal-with-sk-on-benchmark-lithium","1dba224b-1f22-46fe-b08e-df0fc8767827",{"type":928,"attrs":14524},{"color":930},{"text":14526,"type":599,"marks":14527},", it has options to see most of its 2026 output under contract. Flexibility in those contract terms means, however, that the company could service all agreements for 2026 from only its Pilgan plant. Two offtake agreements executed already during the December 2025 quarter means options for a further 100kt SC are also available to the company in the short term.",[14528],{"type":928,"attrs":14529},{"color":930},{"type":627,"attrs":14531},{"id":14532,"body":14533},"4ac58bfe-70d9-435a-8088-9fb81a0d5fba",[14534],{"id":14535,"_uid":14536,"type":623,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3582737","i-6b068973-69f7-44f2-a594-5ecf487bb29b",{"type":657,"attrs":14538,"content":14539},{"level":659,"textAlign":49},[14540],{"text":14541,"type":599,"marks":14542},"Where does the price floor fit in with lithium costs?",[14543],{"type":928,"attrs":14544},{"color":930},{"type":594,"attrs":14546,"content":14547},{"textAlign":49},[14548],{"text":14549,"type":599,"marks":14550},"With Benchmark’s long-term hard-rock incentive price at $1,500/t SC6, the price floor in this offtake agreement sits comfortably above marginal operating cost for most current producers, but below levels likely to accelerate widespread greenfield expansion, particularly in Western mining jurisdictions. That dynamic supports existing supply without clearly incentivising a new wave of development.",[14551],{"type":928,"attrs":14552},{"color":930},{"type":594,"attrs":14554,"content":14555},{"textAlign":49},[14556],{"text":14557,"type":599,"marks":14558},"Benchmark’s 2026 hard-rock lithium cost curve places Pilgan at $592/t AISC, whilst costs for Ngungaju are estimated to be closer to the $800-900/t SC6 level. At the $1,000/t floor, this implies gross operating margin of around $400/t, or roughly $60m per year of margin on the contracted volumes, with full exposure retained to higher prevailing prices.",[14559],{"type":928,"attrs":14560},{"color":930},{"type":657,"attrs":14562,"content":14563},{"level":659,"textAlign":49},[14564],{"text":14565,"type":599,"marks":14566},"How does the offtake fit in with Canmax’s operations?",[14567],{"type":928,"attrs":14568},{"color":930},{"type":594,"attrs":14570,"content":14571},{"textAlign":49},[14572],{"text":14573,"type":599,"marks":14574},"Canmax’s lithium chemical nameplate capacity is above its current hard-rock production forecast. It recently inked an offtake agreement with Liontown and is trying to ramp up supply from its Nigerian joint ventures.",[14575],{"type":928,"attrs":14576},{"color":930},{"type":594,"attrs":14578,"content":14579},{"textAlign":49},[14580,14584,14591],{"text":708,"type":599,"marks":14581},[14582],{"type":928,"attrs":14583},{"color":930},{"text":14585,"type":599,"marks":14586},"Chinese lithium chemical capacity",[14587,14589],{"type":604,"attrs":14588},{"href":12184,"uuid":12185,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":14590},{"color":930},{"text":14592,"type":599,"marks":14593}," exceeds that of secured hard-rock supply. In that context, multi-year floor-linked agreements with established producers reduce procurement risk and reinforce the strategic importance of reliable hard-rock feedstock.",[14594],{"type":928,"attrs":14595},{"color":930},{"type":594,"attrs":14597,"content":14598},{"textAlign":49},[14599],{"type":1725},"Australian lithium miner PLS has executed a two-year binding offtake agreement with Canmax, a Chinese battery materials producer, for up to 150ktpa of spodumene concentrate (SC) starting in mid-2026.\n\nThe deal includes a floor price of US$1,000/t and is subject to a US$100m unsecured, interest-free prepayment. There is an option to extend the offtake a further 12 months.\n\nThe price floor is comfortably above the costs of PLS’ Ngungaju plant. It is also consistent with Benchmark’s view that hard-rock feedstock will be supported above US$1,000/t through 2026.",[14602],{"slug":1094,"name":1095,"content":14603},{"job_title":1097,"image":14604,"bio":1100,"linkedin":1101,"markets_covered":8},{"filename":1099},"PLS lithium offtake structurally supports spodumene market",[14607,14608],{"slug":872,"name":873},{"slug":878,"name":8},{"id":14610,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":14611,"copyright":547,"fieldtype":553,"meta_data":14612,"is_external_url":50},143583200308998,"https://a.storyblok.com/f/287943243085208/1588x1512/fa426c1024/socials-pls-offtakes-2x-1.png",{},{"id":8678,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8679,"copyright":547,"fieldtype":553,"meta_data":14614,"is_external_url":50},{},"Australian lithium miner PLS has executed a two-year binding offtake agreement with Canmax, a Chinese battery materials producer, for up to 150ktpa of spodumene concentrate (SC) starting in mid-2026.","Feb 10, 2026",{"id":14618,"uuid":6341,"name":14619,"slug":14620,"full_slug":14621,"content":14622},143467791599991,"How much would 60 days’ of US battery minerals cost in 2026?","how-much-would-60-days-of-us-battery-minerals-cost-in-2026-","article/how-much-would-60-days-of-us-battery-minerals-cost-in-2026-",{"_uid":14623,"date":14407,"tags":14624,"editor":14631,"content":14635,"excerpt":14861,"featured":51,"reporter":14862,"component":864,"seo_title":14619,"categories":14866,"visibility":2091,"author_company":547,"data_vis_image":14878,"featured_image":14880,"seo_description":14884,"author_full_name":547,"author_job_title":547,"formattedDate":14616},"d9f59f49-a185-4751-a1fc-00b4cae71917",[14625,14626,14627,14628],{"slug":1375,"name":1376},{"slug":578,"name":579},{"slug":2787,"name":2788},{"slug":14629,"name":14630},"president-trump","President Trump",[14632],{"slug":544,"name":543,"content":14633},{"job_title":557,"image":14634,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":14636},[14637,14658,14666,14686,14699,14707,14715,14739,14747,14783,14791,14799,14821,14829,14837,14845,14847,14857],{"type":594,"attrs":14638,"content":14639},{"textAlign":49},[14640,14644,14653],{"text":2372,"type":599,"marks":14641},[14642],{"type":928,"attrs":14643},{"color":930},{"text":14645,"type":599,"marks":14646},"Trump Administration’s",[14647,14651],{"type":604,"attrs":14648},{"href":14649,"uuid":14650,"anchor":49,"target":650,"linktype":623},"/article/trump-executive-order-to-accelerate-us-critical-mineral-push","4c982897-6a41-4f57-acd3-dc3a31e3beb5",{"type":928,"attrs":14652},{"color":930},{"text":14654,"type":599,"marks":14655}," Project Vault aims to create a strategic reserve of critical minerals, funded by $1.67bn in private capital and a $10bn loan from the US Export-Import Bank.",[14656],{"type":928,"attrs":14657},{"color":930},{"type":594,"attrs":14659,"content":14660},{"textAlign":49},[14661],{"text":14662,"type":599,"marks":14663},"Full details of the reserve have yet to be announced, though the aim is reportedly to build up strategic stocks equivalent to 60 days of demand of selected minerals to protect industries such as automotive and renewable energy against future critical mineral supply shocks and price swings.",[14664],{"type":928,"attrs":14665},{"color":930},{"type":594,"attrs":14667,"content":14668},{"textAlign":49},[14669,14674,14681],{"text":14670,"type":599,"marks":14671},"At ",[14672],{"type":928,"attrs":14673},{"color":930},{"text":14675,"type":599,"marks":14676},"today’s prices",[14677,14679],{"type":604,"attrs":14678},{"href":9935,"uuid":9936,"anchor":49,"target":650,"linktype":623},{"type":928,"attrs":14680},{"color":930},{"text":14682,"type":599,"marks":14683}," and based on 2026 demand, this would cost $991 million for key battery minerals (lithium, cobalt, nickel, manganese, graphite and coke), with lithium being the largest contributor.",[14684],{"type":928,"attrs":14685},{"color":930},{"type":657,"attrs":14687,"content":14688},{"level":659,"textAlign":49},[14689,14694],{"type":1186,"attrs":14690},{"id":14691,"alt":547,"src":14692,"title":547,"source":547,"copyright":547,"meta_data":14693},143468612214513,"https://a.storyblok.com/f/287943243085208/5067x5592/3289156235/60-day-stockpile-infographic-v2.jpg",{},{"text":14695,"type":599,"marks":14696},"What is Project Vault?",[14697],{"type":928,"attrs":14698},{"color":930},{"type":594,"attrs":14700,"content":14701},{"textAlign":49},[14702],{"text":14703,"type":599,"marks":14704},"Project Vault will act as a strategic stockpile. These usually address a specific problem: short-term supply availability during an emergency. In this case, Project Vault intends to absorb sudden supply disruptions by releasing physical material and to provide confidence to key domestic industries that some emergency supply is available within US borders if needed. The initiative echoes the model of the 50-year-old US Strategic Petroleum Reserve, established in the aftermath of the 1973 Arab oil embargo and today holding hundreds of millions of barrels of crude oil in the US.",[14705],{"type":928,"attrs":14706},{"color":930},{"type":594,"attrs":14708,"content":14709},{"textAlign":49},[14710],{"text":14711,"type":599,"marks":14712},"Commodities trading houses, including Hartree Partners, Mercuria, and Traxys, have agreed to procure minerals for the stockpiles. More than a dozen downstream companies have also committed to participate, including General Motors, Stellantis, Boeing, Google, and GE Vernova. In effect, Project Vault serves as an option-like buffer, as participating companies pay a fee to secure the right to draw from the stockpile in defined emergencies when they are unable to source material from regular markets.",[14713],{"type":928,"attrs":14714},{"color":930},{"type":594,"attrs":14716,"content":14717},{"textAlign":49},[14718,14724,14734],{"text":14719,"type":599,"marks":14720},"Benchmark Intelligence subscribers can access exclusive policy analysis in the ",[14721,14723],{"type":928,"attrs":14722},{"color":930},{"type":643},{"text":14725,"type":599,"marks":14726},"Geo-Economic and Policy Briefing",[14727,14731,14733],{"type":604,"attrs":14728},{"href":14729,"uuid":14730,"anchor":49,"target":650,"linktype":623},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-1-2026","ce29258c-984f-40e2-8a4c-e4eabcf2debf",{"type":928,"attrs":14732},{"color":930},{"type":643},{"text":974,"type":599,"marks":14735},[14736,14738],{"type":928,"attrs":14737},{"color":930},{"type":643},{"type":657,"attrs":14740,"content":14741},{"level":659,"textAlign":49},[14742],{"text":14743,"type":599,"marks":14744},"How much would other minerals cost?",[14745],{"type":928,"attrs":14746},{"color":930},{"type":594,"attrs":14748,"content":14749},{"textAlign":49},[14750,14755,14764,14769,14778],{"text":14751,"type":599,"marks":14752},"Beyond battery minerals, Benchmark calculates that 60 days’ worth of ",[14753],{"type":928,"attrs":14754},{"color":930},{"text":14756,"type":599,"marks":14757},"US refined copper demand",[14758,14762],{"type":604,"attrs":14759},{"href":14760,"uuid":14761,"anchor":49,"target":650,"linktype":623},"/article/lme-cme-arbitrage-continues-to-be-broad-on-forward-curve","25c8095d-21e1-47f0-97e4-95ba863678ec",{"type":928,"attrs":14763},{"color":930},{"text":14765,"type":599,"marks":14766}," in 2026 at current prices would add $3.7bn to the bill. Demand for ",[14767],{"type":928,"attrs":14768},{"color":930},{"text":14770,"type":599,"marks":14771},"rare earths",[14772,14776],{"type":604,"attrs":14773},{"href":14774,"uuid":14775,"anchor":49,"target":650,"linktype":623},"/article/geopolitics-to-drive-rare-earth-supply-diversification","5136172b-ff3e-4bc9-9226-8a5a9c97b2cb",{"type":928,"attrs":14777},{"color":930},{"text":14779,"type":599,"marks":14780}," for use in rare earth permanent magnets (REPMs) would cost another $235mn.",[14781],{"type":928,"attrs":14782},{"color":930},{"type":594,"attrs":14784,"content":14785},{"textAlign":49},[14786],{"text":14787,"type":599,"marks":14788},"In all, the US has 60 minerals on its critical mineral list. As yet, it is unclear whether Project Vault would seek to build a stockpile of all of these minerals, nor whether 60 days would be the target stock level for all the minerals held.",[14789],{"type":928,"attrs":14790},{"color":930},{"type":657,"attrs":14792,"content":14793},{"level":659,"textAlign":49},[14794],{"text":14795,"type":599,"marks":14796},"What are the limitations of strategic reserves?",[14797],{"type":928,"attrs":14798},{"color":930},{"type":594,"attrs":14800,"content":14801},{"textAlign":49},[14802,14807,14816],{"text":14803,"type":599,"marks":14804},"A US strategic reserve does not tackle the underlying issue of upstream ",[14805],{"type":928,"attrs":14806},{"color":930},{"text":14808,"type":599,"marks":14809},"supply concentration",[14810,14814],{"type":604,"attrs":14811},{"href":14812,"uuid":14813,"anchor":49,"target":650,"linktype":623},"/publications/briefings/china-briefings/benchmark-china-briefing-february-2026","f8f24e8a-d6d8-42ce-b17e-36481655661c",{"type":928,"attrs":14815},{"color":930},{"text":14817,"type":599,"marks":14818},". Policy measures to derisk domestic and other ex-China projects and improve bankability are required, in addition to building reserves.",[14819],{"type":928,"attrs":14820},{"color":930},{"type":594,"attrs":14822,"content":14823},{"textAlign":49},[14824],{"text":14825,"type":599,"marks":14826},"Project Vault should be considered as just one tool that can be deployed alongside others such as export restrictions, tariffs, local content requirements, upstream funding, equity investments, and government-backed offtake agreements.",[14827],{"type":928,"attrs":14828},{"color":930},{"type":594,"attrs":14830,"content":14831},{"textAlign":49},[14832],{"text":14833,"type":599,"marks":14834},"Sources have told Benchmark that without clear guidance and transparent sourcing, there is the risk that the US reserve may itself be dependent on Chinese supplies for minerals such as rare earths, given China’s dominance in those markets.",[14835],{"type":928,"attrs":14836},{"color":930},{"type":594,"attrs":14838,"content":14839},{"textAlign":49},[14840,14841],{"type":1725},{"text":14842,"type":599,"marks":14843},"The insights in this article were produced using data from Benchmark's Price Assessments and Forecasts. For more information, get in touch with the form below:",[14844],{"type":643},{"type":594,"attrs":14846},{"textAlign":49},{"type":627,"attrs":14848},{"id":14849,"body":14850},"cbde0f77-60d6-4cd4-889c-7c953f459358",[14851],{"id":835,"_uid":14852,"component":837,"wrap_in_box":50,"redirect_url":14853,"success_file":14854,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":14856,"show_on_intelligence":50},"i-4fbce6da-0576-4b0f-acfa-59f42c56c8ea",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":14855},{},[],{"type":594,"attrs":14858,"content":14859},{"textAlign":49},[14860],{"type":1725},"The Trump Administration’s Project Vault aims to create a strategic reserve of critical minerals, funded by $1.67bn in private capital and a $10bn loan from the US Export-Import Bank.\n\nFull details of the reserve have yet to be announced, though the aim is reportedly to build up strategic stocks equivalent to 60 days of demand of selected minerals to protect industries such as automotive and renewable energy against future critical mineral supply shocks and price swings.\n\nAt today’s prices and based on 2026 demand, this would cost $991 million for key battery minerals (lithium, cobalt, nickel, manganese, graphite and coke), with lithium being the largest contributor.",[14863],{"slug":855,"name":856,"content":14864},{"job_title":858,"image":14865,"bio":861,"linkedin":862,"markets_covered":863},{"filename":860},[14867,14868,14869,14870,14871,14872,14873,14874,14875,14876,14877],{"slug":880,"name":881},{"slug":872,"name":873},{"slug":867,"name":115},{"slug":869,"name":870},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":2502,"name":189},{"slug":4330,"name":150},{"slug":1556,"name":414},{"slug":2507,"name":2508},{"id":14691,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":14692,"copyright":547,"fieldtype":553,"meta_data":14879,"is_external_url":50},{},{"id":14881,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":14882,"copyright":547,"fieldtype":553,"meta_data":14883,"is_external_url":50},129073182050001,"https://a.storyblok.com/f/287943243085208/6e42e2c186/bm-the-white-house.jpg",{},"The Trump Administration’s Project Vault aims to create a strategic reserve of critical minerals. At today’s prices and based on 2026 demand, 60 days of battery minerals would cost $991 million with lithium being the largest contributor.",{"id":14886,"uuid":14887,"name":14888,"slug":14889,"full_slug":14890,"content":14891},141714972147353,"5daa2501-0928-40dd-b280-0b4a38893653","Benchmark launches new CIF North America and Europe 314Ah LFP cell prices","benchmark-launches-new-cif-north-america-and-europe-314ah-lfp-cell-prices","article/benchmark-launches-new-cif-north-america-and-europe-314ah-lfp-cell-prices",{"_uid":14892,"date":14893,"tags":14894,"editor":14900,"content":14904,"excerpt":14991,"featured":51,"reporter":14992,"component":864,"seo_title":14996,"categories":14997,"visibility":2091,"author_company":547,"data_vis_image":15000,"featured_image":15002,"seo_description":15006,"author_full_name":547,"author_job_title":547,"formattedDate":15007},"ae837cb4-e58c-4821-8d14-234b5200d9cd","2026-02-05 10:48",[14895,14896,14897,14898,14899],{"slug":7219,"name":451},{"slug":9655,"name":9656},{"slug":11313,"name":11314},{"slug":2790,"name":2791},{"slug":2787,"name":2788},[14901],{"slug":544,"name":543,"content":14902},{"job_title":557,"image":14903,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":14905},[14906,14928,14940,14945,14957,14971,14976,14981],{"type":594,"attrs":14907,"content":14908},{"textAlign":49},[14909,14911,14917,14919,14926],{"text":14910,"type":599},"Benchmark Mineral Intelligence has launched new CIF North America and CIF Europe 314Ah lithium iron phosphate (LFP) ",{"text":14912,"type":599,"marks":14913},"cell prices",[14914],{"type":604,"attrs":14915},{"href":14916,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/battery-gigafactory/prices",{"text":14918,"type":599}," for energy storage applications. The CIF grades assess prices of ",{"text":14920,"type":599,"marks":14921},"Chinese LFP cells",[14922],{"type":604,"attrs":14923},{"href":14924,"uuid":14925,"anchor":49,"target":650,"linktype":623},"/article/benchmark-launches-314ah-lfp-bess-price-amid-global-storage-market-surge","f125202c-8993-4bf6-a61d-5afabe89ebcd",{"text":14927,"type":599}," including the cost of internal transfer, insurance, and freight (CIF).",{"type":594,"attrs":14929,"content":14930},{"textAlign":49},[14931,14933,14938],{"text":14932,"type":599},"The announcement comes as ",{"text":14934,"type":599,"marks":14935},"global demand for BESS",[14936],{"type":604,"attrs":14937},{"href":9357,"uuid":9358,"anchor":49,"target":650,"linktype":623},{"text":14939,"type":599}," has risen by 51% year-on-year and cell prices have shown signs of upwards movement, following a marked rebound in lithium carbonate costs and tightening supply conditions across the battery materials market.",{"type":594,"attrs":14941,"content":14942},{"textAlign":49},[14943],{"text":14944,"type":599},"Chinese domestic production accounted for 98.9% (>1TWh) of global LFP cell supply in 2025, though ex-China supply is evolving.",{"type":594,"attrs":14946,"content":14947},{"textAlign":49},[14948,14950,14955],{"text":14949,"type":599},"Business strategies for battery producers around the world are being re-examined to navigate the changing demand picture. With strong BESS demand and continued investment in the sector, ",{"text":14951,"type":599,"marks":14952},"producers in North America",[14953],{"type":604,"attrs":14954},{"href":14106,"uuid":14107,"anchor":49,"target":650,"linktype":623},{"text":14956,"type":599}," are retooling nickel cobalt manganese (NCM) EV lines to produce LFP cells for energy storage. Despite this, Benchmark’s analysis reveals a 63GWh North American deficit in 2025 and that both the regional LFP and BESS markets will remain in deficit in the medium-term.",{"type":594,"attrs":14958,"content":14959},{"textAlign":49},[14960,14962,14969],{"text":14961,"type":599},"​",{"text":14963,"type":599,"marks":14964},"Europe’s current LFP capacity",[14965],{"type":604,"attrs":14966},{"href":14967,"uuid":14968,"anchor":49,"target":650,"linktype":623},"/article/stellantis-catl-jv-to-bolster-europes-lfp-build-out","74472c45-3d19-47e9-a623-43173dc96ad5",{"text":14970,"type":599}," stands at 15GWh, but projections indicate a sharp increase to 282GWh by 2030. Despite these announcements, many European LFP projects are led by smaller entrants with limited manufacturing experience, increasing the risk of delays and operational setbacks.",{"type":594,"attrs":14972,"content":14973},{"textAlign":49},[14974],{"text":14975,"type":599},"In light of the persisting deficit, the BESS industry is forecast to remain dependent on Chinese LFP production until local capacity scales up, with additional hurdles around qualifying the cells and achieving cost competitiveness. By bringing transparent, region-specific pricing to market, this announcement gives procurement and sales teams in the West the visibility and confidence they need to plan, price, and contract more effectively.",{"type":594,"attrs":14977,"content":14978},{"textAlign":49},[14979],{"text":14980,"type":599},"To learn more about Benchmark's price coverage, contact us:",{"type":627,"attrs":14982},{"id":14983,"body":14984},"24feea38-d19e-4b16-a78d-e4b84508d176",[14985],{"id":835,"_uid":14986,"component":837,"wrap_in_box":50,"redirect_url":14987,"success_file":14988,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":14990,"show_on_intelligence":50},"i-a67afdb0-b48d-47e5-a5f1-d5a2a32fcb63",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":14989},{},[],"Benchmark Mineral Intelligence has launched new CIF North America and CIF Europe 314Ah lithium iron phosphate (LFP) cell prices for energy storage applications. The CIF grades assess prices of Chinese LFP cells including the cost of internal transfer, insurance, and freight (CIF).",[14993],{"slug":13833,"name":13834,"content":14994},{"job_title":13836,"image":14995,"bio":13839,"linkedin":13840,"markets_covered":9877},{"filename":13838},"Benchmark launches CIF North America and Europe 314Ah LFP prices",[14998,14999],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":15001},{},{"id":15003,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":15004,"copyright":547,"fieldtype":553,"meta_data":15005,"is_external_url":50},129067331742369,"https://a.storyblok.com/f/287943243085208/c3f6f9d2ee/bm-energy-storage-systems.jpg",{},"Benchmark Mineral Intelligence has launched new CIF North America and CIF Europe 314Ah lithium iron phosphate (LFP) cell prices for energy storage applications.","Feb 05, 2026",{"id":15009,"uuid":15010,"name":15011,"slug":15012,"full_slug":15013,"content":15014},141774945475279,"e4f1d900-de59-4799-8ae7-e727f7df87ee","High metal prices and by-product gains increasing copper miners’ margins","high-metal-prices-and-by-product-gains-increasing-copper-miners-margins","article/high-metal-prices-and-by-product-gains-increasing-copper-miners-margins",{"_uid":15015,"date":15016,"tags":15017,"editor":15022,"content":15026,"excerpt":15233,"featured":50,"reporter":15234,"component":864,"seo_title":15244,"categories":15245,"visibility":2091,"author_company":547,"data_vis_image":15248,"featured_image":15250,"seo_description":15233,"author_full_name":547,"author_job_title":547,"formattedDate":15007},"10bf9420-147e-4d7d-bb77-a84e87c29918","2026-02-05 00:00",[15018,15019],{"slug":578,"name":579},{"slug":15020,"name":15021},"copper-prices","copper prices",[15023],{"slug":544,"name":543,"content":15024},{"job_title":557,"image":15025,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":15027},[15028,15078,15087,15095,15116,15151,15159,15167,15189,15197,15205,15214],{"type":594,"attrs":15029,"content":15030},{"textAlign":49},[15031,15036,15045,15050,15059,15064,15073],{"text":15032,"type":599,"marks":15033},"The margins of ",[15034],{"type":928,"attrs":15035},{"color":930},{"text":15037,"type":599,"marks":15038},"copper miners",[15039,15043],{"type":604,"attrs":15040},{"href":15041,"uuid":15042,"anchor":49,"target":650,"linktype":623},"/article/in-charts-coppers-shifting-trade-flows","59607a8c-5b31-469f-b9bc-aeac11f2b378",{"type":928,"attrs":15044},{"color":930},{"text":15046,"type":599,"marks":15047}," are at multi-year highs on the back of ",[15048],{"type":928,"attrs":15049},{"color":930},{"text":15051,"type":599,"marks":15052},"high copper prices",[15053,15057],{"type":604,"attrs":15054},{"href":15055,"uuid":15056,"anchor":49,"target":650,"linktype":623},"/article/copper-hits-another-all-time-high-but-gains-fail-to-hold","cfa82740-886a-408d-b335-489d5e088c42",{"type":928,"attrs":15058},{"color":930},{"text":15060,"type":599,"marks":15061},", elevated by-product prices, and record ",[15062],{"type":928,"attrs":15063},{"color":930},{"text":15065,"type":599,"marks":15066},"low treatment and refining charges",[15067,15071],{"type":604,"attrs":15068},{"href":15069,"uuid":15070,"anchor":49,"target":650,"linktype":623},"/article/chinese-smelters-reportedly-agree-to-record-low-copper-concentrate-tc-rcs","ff5e06ce-cf2a-41bc-90a6-42f42c86ca6d",{"type":928,"attrs":15072},{"color":930},{"text":15074,"type":599,"marks":15075}," (TC/RCs).",[15076],{"type":928,"attrs":15077},{"color":930},{"type":594,"attrs":15079,"content":15080},{"textAlign":49},[15081],{"type":1186,"attrs":15082},{"id":15083,"alt":15084,"src":15085,"title":547,"source":547,"copyright":547,"meta_data":15086},141775495880085,"How wide is copper's margin?","https://a.storyblok.com/f/287943243085208/4256x5459/d33e508ef7/copperpricevcost-2.png",{"alt":15084,"title":547,"source":547,"copyright":547},{"type":657,"attrs":15088,"content":15089},{"level":659,"textAlign":49},[15090],{"text":15091,"type":599,"marks":15092},"Why are copper miners’ margins so high?",[15093],{"type":928,"attrs":15094},{"color":930},{"type":594,"attrs":15096,"content":15097},{"textAlign":49},[15098,15103,15112],{"text":15099,"type":599,"marks":15100},"The first and strongest factor is that copper prices themselves are at all time highs and were elevated for much of 2025. Copper prices averaged $9,954/t in 2025 – the highest annualised price ever. By the start of 2026, copper prices had ",[15101],{"type":928,"attrs":15102},{"color":930},{"text":15104,"type":599,"marks":15105},"surpassed $13,000/t",[15106,15110],{"type":604,"attrs":15107},{"href":15108,"uuid":15109,"anchor":49,"target":650,"linktype":623},"/article/copper-price-hits-record-13000-t-as-rally-continues","eacfe391-9345-46ed-83fc-2f58cf9eeb35",{"type":928,"attrs":15111},{"color":930},{"text":974,"type":599,"marks":15113},[15114],{"type":928,"attrs":15115},{"color":930},{"type":594,"attrs":15117,"content":15118},{"textAlign":49},[15119,15124,15133,15137,15146],{"text":15120,"type":599,"marks":15121},"Prices have been consistently high due to ",[15122],{"type":928,"attrs":15123},{"color":930},{"text":15125,"type":599,"marks":15126},"tariff fears",[15127,15131],{"type":604,"attrs":15128},{"href":15129,"uuid":15130,"anchor":49,"target":650,"linktype":623},"/article/lme-week-preview-copper-market-faces-tight-supply-record-prices-and-ma-momentum","119abccd-7642-4eff-bb36-5f56677bc2a8",{"type":928,"attrs":15132},{"color":930},{"text":3400,"type":599,"marks":15134},[15135],{"type":928,"attrs":15136},{"color":930},{"text":15138,"type":599,"marks":15139},"supply disruption",[15140,15144],{"type":604,"attrs":15141},{"href":15142,"uuid":15143,"anchor":49,"target":650,"linktype":623},"/article/grasberg-supply-shock-to-plunge-refined-copper-market-into-deficit-in-2026-benchmark-analysis-shows","46cfb309-f59c-4045-99e2-4a5c599aa5db",{"type":928,"attrs":15145},{"color":930},{"text":15147,"type":599,"marks":15148},", and also continued expectations of increasing demand based on new uses related to AI and the energy transition.",[15149],{"type":928,"attrs":15150},{"color":930},{"type":594,"attrs":15152,"content":15153},{"textAlign":49},[15154],{"text":15155,"type":599,"marks":15156},"By-product gains are helping copper miners significantly, especially gold and silver. Gold and silver prices also pushed up across 2025 on fears surrounding the US dollar, due to their position as safe haven assets.  ",[15157],{"type":928,"attrs":15158},{"color":930},{"type":594,"attrs":15160,"content":15161},{"textAlign":49},[15162],{"text":15163,"type":599,"marks":15164},"Silver prices averaged $40/tr.oz. and gold averaged $3,445/tr.oz. in 2025, against $29/tr.oz. and $2,390/tr.oz. respectively in 2024. This large increase in precious metals prices significantly increased the by-product gains available to miners.",[15165],{"type":928,"attrs":15166},{"color":930},{"type":594,"attrs":15168,"content":15169},{"textAlign":49},[15170,15175,15184],{"text":15171,"type":599,"marks":15172},"Copper mining companies have also benefited from ",[15173],{"type":928,"attrs":15174},{"color":930},{"text":15176,"type":599,"marks":15177},"record-low TC/RCs",[15178,15182],{"type":604,"attrs":15179},{"href":15180,"uuid":15181,"anchor":49,"target":650,"linktype":623},"/article/copper-sellers-explore-tolling-contracts-amid-record-low-tcs","b1812932-00f2-4d7b-b981-b2e774058ff0",{"type":928,"attrs":15183},{"color":930},{"text":15185,"type":599,"marks":15186}," which act as a discount on the copper price when miners sell concentrate to traders and smelters. Such low discounts mean miners keep more value. ",[15187],{"type":928,"attrs":15188},{"color":930},{"type":657,"attrs":15190,"content":15191},{"level":659,"textAlign":49},[15192],{"text":15193,"type":599,"marks":15194},"Will increased margins encourage copper mine build out?",[15195],{"type":928,"attrs":15196},{"color":930},{"type":594,"attrs":15198,"content":15199},{"textAlign":49},[15200],{"text":15201,"type":599,"marks":15202},"The higher the margins copper miners can get, the more appealing copper mining becomes. However, mining remains a challenging and long-term industry with a relatively high barrier to entry even with improved margins. Mining is also competing for capital allocation against a number of other higher return industries such as AI.",[15203],{"type":928,"attrs":15204},{"color":930},{"type":594,"attrs":15206,"content":15207},{"textAlign":49},[15208],{"text":15209,"type":599,"marks":15210},"Join Benchmark's upcoming webinar on 24th February at 3pm (London) for in-depth analysis of what elevated copper prices mean for profit margins, new projects, and M&A trends on a global scale.",[15211,15213],{"type":928,"attrs":15212},{"color":930},{"type":643},{"type":594,"attrs":15215,"content":15216},{"textAlign":49},[15217,15223],{"text":15218,"type":599,"marks":15219},"Sign up to the webinar here: ",[15220,15222],{"type":928,"attrs":15221},{"color":930},{"type":643},{"text":15224,"type":599,"marks":15225},"Copper Prices Unpacked: What peak margins mean for profits, projects and M&A",[15226,15229,15231,15232],{"type":604,"attrs":15227},{"href":15228,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/webinar-copper-costs-2026",{"type":928,"attrs":15230},{"color":3642},{"type":643},{"type":3645},"The margins of copper miners are at multi-year highs on the back of high copper prices, elevated by-product prices, and record low treatment and refining charges (TC/RCs).",[15235],{"slug":15236,"name":15237,"content":15238},"albert-mackenzie","Albert Mackenzie",{"job_title":15239,"image":15240,"bio":15242,"linkedin":15243,"markets_covered":870},"Copper Analyst & Market Reporter",{"filename":15241},"https://a.storyblok.com/f/287943243085208/717x799/ffff7198e8/albert.jpeg","Albert is Benchmark's copper reporter, covering both supply and demand on the short term and adding narratives to the data and price movements. Albert writes the copper briefing and a lot of Benchmark's near term copper coverage.","https://www.linkedin.com/in/albert-mackenzie-b34681149/","High prices and by-product gains increasing copper miner margins",[15246,15247],{"slug":872,"name":873},{"slug":869,"name":870},{"id":15083,"alt":15084,"name":547,"focus":547,"title":547,"source":547,"filename":15085,"copyright":547,"fieldtype":553,"meta_data":15249,"is_external_url":50},{"alt":15084,"title":547,"source":547,"copyright":547},{"id":15251,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":15252,"copyright":547,"fieldtype":553,"meta_data":15253,"is_external_url":50},129067901692904,"https://a.storyblok.com/f/287943243085208/ae400b8482/bm-glencore-ktanaga-copper-mine-drc2.jpg",{},{"id":15255,"uuid":15256,"name":15257,"slug":15258,"full_slug":15259,"content":15260},141402178796480,"f8480e5d-3321-4640-b5cb-77f095d9fbee","Benchmark launches 2,500+ new prices: Introducing Global Indicators and Regional Differentials","benchmark-launches-2-500-new-prices-introducing-global-indicators-and-regional-differentials","article/benchmark-launches-2-500-new-prices-introducing-global-indicators-and-regional-differentials",{"_uid":15261,"date":15262,"tags":15263,"editor":15268,"content":15272,"excerpt":15854,"featured":51,"reporter":15855,"component":864,"seo_title":15862,"categories":15863,"visibility":2091,"author_company":547,"data_vis_image":15884,"featured_image":15886,"seo_description":15888,"author_full_name":547,"author_job_title":547,"formattedDate":15889},"f6c06d51-ea24-4146-bfce-10998306da76","2026-02-04 00:00",[15264,15266,15267],{"slug":15265,"name":15265},"prices",{"slug":11313,"name":11314},{"slug":9655,"name":9656},[15269],{"slug":544,"name":543,"content":15270},{"job_title":557,"image":15271,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":15273},[15274,15279,15303,15308,15319,15324,15348,15353,15358,15363,15368,15373,15382,15387,15392,15397,15402,15407,15430,15435,15440,15463,15468,15473,15478,15483,15488,15493,15498,15503,15508,15527,15532,15537,15542,15572,15577,15582,15587,15592,15597,15602,15607,15612,15656,15661,15666,15671,15676,15683,15688,15695,15700,15707,15712,15719,15724,15731,15736,15741,15746,15760,15765,15770,15775,15812,15817,15822,15827,15832,15837,15844],{"type":594,"attrs":15275,"content":15276},{"textAlign":49},[15277],{"text":15278,"type":599},"Battery materials markets have entered a new phase.",{"type":594,"attrs":15280,"content":15281},{"textAlign":49},[15282,15284,15290,15291,15295,15296,15301],{"text":15283,"type":599},"What were once niche industrial inputs are now strategic commodities underpinning ",{"text":3467,"type":599,"marks":15285},[15286],{"type":604,"attrs":15287},{"href":15288,"uuid":15289,"anchor":49,"target":650,"linktype":623},"/article/global-ev-sales-reach-18-5-million-units-growing-by-21-ytd-in-november-2025","35c7c7fa-17a7-461e-b247-ae2efa2b5eca",{"text":3400,"type":599},{"text":12716,"type":599,"marks":15292},[15293],{"type":604,"attrs":15294},{"href":3798,"uuid":3799,"anchor":49,"target":650,"linktype":623},{"text":3411,"type":599},{"text":15297,"type":599,"marks":15298},"national industrial policy",[15299],{"type":604,"attrs":15300},{"href":10331,"uuid":10332,"anchor":49,"target":650,"linktype":623},{"text":15302,"type":599},". Demand has scaled quickly, supply chains have globalised, and investment has accelerated. Price discovery, however, has struggled to keep pace.",{"type":594,"attrs":15304,"content":15305},{"textAlign":49},[15306],{"text":15307,"type":599},"Fragmented regional pricing, inconsistent methodologies, and sentiment‑driven signals have made it harder to understand what prices are really saying. In many cases, the noise has grown louder just as the need for clarity has increased.",{"type":594,"attrs":15309,"content":15310},{"textAlign":49},[15311,15313,15317],{"text":15312,"type":599},"Today, ",{"text":15314,"type":599,"marks":15315},"Benchmark Mineral Intelligence (BMI)",[15316],{"type":665},{"text":15318,"type":599}," launches its most significant pricing expansion to date. The launch introduces more than 2,500 proprietary price assessments, covering every major battery raw material, chemistry, and producing region globally.",{"type":594,"attrs":15320,"content":15321},{"textAlign":49},[15322],{"text":15323,"type":599},"At the centre of this expansion is a new pricing framework designed to bring structure to complexity:",{"type":3158,"content":15325},[15326,15337],{"type":3161,"content":15327},[15328],{"type":594,"attrs":15329,"content":15330},{"textAlign":49},[15331,15335],{"text":15332,"type":599,"marks":15333},"Global Indicators",[15334],{"type":665},{"text":15336,"type":599},", which capture worldwide price direction",{"type":3161,"content":15338},[15339],{"type":594,"attrs":15340,"content":15341},{"textAlign":49},[15342,15346],{"text":15343,"type":599,"marks":15344},"Regional Differentials",[15345],{"type":665},{"text":15347,"type":599},", which explain how prices diverge locally",{"type":594,"attrs":15349,"content":15350},{"textAlign":49},[15351],{"text":15352,"type":599},"Together, these tools allow market participants to separate global market signals from regional distortions and to act on clearer, more reliable pricing insights across the battery supply chain.",{"type":657,"attrs":15354,"content":15355},{"level":659,"textAlign":49},[15356],{"text":15357,"type":599},"Why Global Indicators? Understanding Worldwide Price Trends",{"type":594,"attrs":15359,"content":15360},{"textAlign":49},[15361],{"text":15362,"type":599},"Battery materials are traded globally, but prices are often interpreted locally.",{"type":594,"attrs":15364,"content":15365},{"textAlign":49},[15366],{"text":15367,"type":599},"Historically, many market participants have relied on single‑location assessments to infer global trends. That approach becomes less effective as supply chains span more regions and pricing dynamics differ sharply between markets.",{"type":657,"attrs":15369,"content":15370},{"level":985,"textAlign":49},[15371],{"text":15372,"type":599},"What are Global Indicators?",{"type":594,"attrs":15374,"content":15375},{"textAlign":49},[15376,15378],{"text":15377,"type":599},"Global Indicators answer a simple but critical question: ",{"text":15379,"type":599,"marks":15380},"Where is the global market for this material moving?",[15381],{"type":643},{"type":594,"attrs":15383,"content":15384},{"textAlign":49},[15385],{"text":15386,"type":599},"Global Indicators reflect the overall direction of the international market for a given material.",{"type":594,"attrs":15388,"content":15389},{"textAlign":49},[15390],{"text":15391,"type":599},"They are not tied to a single port, country, or domestic contract structure. Instead, they bring together destination‑specific prices from major consuming regions to provide a consistent reference point for global price direction.",{"type":657,"attrs":15393,"content":15394},{"level":985,"textAlign":49},[15395],{"text":15396,"type":599},"Why are Global Indicators needed?",{"type":594,"attrs":15398,"content":15399},{"textAlign":49},[15400],{"text":15401,"type":599},"Without a global reference, regional prices are easily misread. Local logistics issues, regulatory changes, or short‑term imbalances can be mistaken for broader market shifts.",{"type":594,"attrs":15403,"content":15404},{"textAlign":49},[15405],{"text":15406,"type":599},"Global Indicators help market participants to:",{"type":3158,"content":15408},[15409,15416,15423],{"type":3161,"content":15410},[15411],{"type":594,"attrs":15412,"content":15413},{"textAlign":49},[15414],{"text":15415,"type":599},"Track underlying market direction",{"type":3161,"content":15417},[15418],{"type":594,"attrs":15419,"content":15420},{"textAlign":49},[15421],{"text":15422,"type":599},"Compare materials and chemistries on a like‑for‑like basis",{"type":3161,"content":15424},[15425],{"type":594,"attrs":15426,"content":15427},{"textAlign":49},[15428],{"text":15429,"type":599},"Anchor forecasts, cost curves, and strategy models to a common reference",{"type":594,"attrs":15431,"content":15432},{"textAlign":49},[15433],{"text":15434,"type":599},"They are particularly valuable for long‑term planning and comparative analysis, where consistency matters more than local execution detail.",{"type":657,"attrs":15436,"content":15437},{"level":985,"textAlign":49},[15438],{"text":15439,"type":599},"How are Global Indicators calculated?",{"type":3158,"content":15441},[15442,15449,15456],{"type":3161,"content":15443},[15444],{"type":594,"attrs":15445,"content":15446},{"textAlign":49},[15447],{"text":15448,"type":599},"Benchmark collects destination‑specific price assessments from major consuming regions",{"type":3161,"content":15450},[15451],{"type":594,"attrs":15452,"content":15453},{"textAlign":49},[15454],{"text":15455,"type":599},"Each destination price is validated using Benchmark’s contributor network and methodology",{"type":3161,"content":15457},[15458],{"type":594,"attrs":15459,"content":15460},{"textAlign":49},[15461],{"text":15462,"type":599},"The Global Indicator is calculated as the arithmetic average of those destination prices",{"type":594,"attrs":15464,"content":15465},{"textAlign":49},[15466],{"text":15467,"type":599},"The use of a simple arithmetic average of destination‑specific prices in Benchmark’s Global Indicators is a deliberate approach.",{"type":594,"attrs":15469,"content":15470},{"textAlign":49},[15471],{"text":15472,"type":599},"Weighting prices by consumption or demand would heavily skew the indicator toward the largest domestic markets, particularly China. That would risk turning a global reference into a surrogate local price.",{"type":594,"attrs":15474,"content":15475},{"textAlign":49},[15476],{"text":15477,"type":599},"By using an unweighted average, Benchmark ensures that each destination contributes equally to the global signal. The result is a globally comparable indicator that reflects direction rather than the pricing dynamics of any single market.",{"type":657,"attrs":15479,"content":15480},{"level":659,"textAlign":49},[15481],{"text":15482,"type":599},"Why Differentials? Unlocking Regional Arbitrage and Price Discovery",{"type":594,"attrs":15484,"content":15485},{"textAlign":49},[15486],{"text":15487,"type":599},"Global prices tell only part of the story.",{"type":594,"attrs":15489,"content":15490},{"textAlign":49},[15491],{"text":15492,"type":599},"Battery materials markets are increasingly shaped by local factors. These include policy incentives, trade barriers, logistics constraints, processing capacity, and contract norms. Understanding these regional dynamics is essential for procurement, trading, and strategy.",{"type":657,"attrs":15494,"content":15495},{"level":985,"textAlign":49},[15496],{"text":15497,"type":599},"What are Regional Differentials?",{"type":594,"attrs":15499,"content":15500},{"textAlign":49},[15501],{"text":15502,"type":599},"Regional Differentials measure how a specific regional price trades relative to the Global Indicator or BMI Price.",{"type":594,"attrs":15504,"content":15505},{"textAlign":49},[15506],{"text":15507,"type":599},"They are presented as:",{"type":594,"attrs":15509,"content":15510},{"textAlign":49},[15511,15515,15517,15521,15523],{"text":15512,"type":599,"marks":15513},"BMI Price ",[15514],{"type":665},{"text":15516,"type":599},"or ",{"text":15518,"type":599,"marks":15519},"Global Indicator ",[15520],{"type":665},{"text":15522,"type":599},"±",{"text":15524,"type":599,"marks":15525}," Regional Differential",[15526],{"type":665},{"type":594,"attrs":15528,"content":15529},{"textAlign":49},[15530],{"text":15531,"type":599},"The result shows whether a region is trading at a premium (a positive differential) or a discount (a negative differential) to the global market.",{"type":657,"attrs":15533,"content":15534},{"level":985,"textAlign":49},[15535],{"text":15536,"type":599},"Why do Differentials matter?",{"type":594,"attrs":15538,"content":15539},{"textAlign":49},[15540],{"text":15541,"type":599},"Regional Differentials make local market behaviour visible and measurable. They allow users to:",{"type":3158,"content":15543},[15544,15551,15558,15565],{"type":3161,"content":15545},[15546],{"type":594,"attrs":15547,"content":15548},{"textAlign":49},[15549],{"text":15550,"type":599},"Identify arbitrage opportunities between regions",{"type":3161,"content":15552},[15553],{"type":594,"attrs":15554,"content":15555},{"textAlign":49},[15556],{"text":15557,"type":599},"Distinguish structural premiums from temporary dislocations",{"type":3161,"content":15559},[15560],{"type":594,"attrs":15561,"content":15562},{"textAlign":49},[15563],{"text":15564,"type":599},"Track emerging supply‑chain bottlenecks",{"type":3161,"content":15566},[15567],{"type":594,"attrs":15568,"content":15569},{"textAlign":49},[15570],{"text":15571,"type":599},"Understand regional competitiveness over time",{"type":594,"attrs":15573,"content":15574},{"textAlign":49},[15575],{"text":15576,"type":599},"Instead of obscuring complexity, Differentials help explain it.",{"type":657,"attrs":15578,"content":15579},{"level":985,"textAlign":49},[15580],{"text":15581,"type":599},"From noise to signals",{"type":594,"attrs":15583,"content":15584},{"textAlign":49},[15585],{"text":15586,"type":599},"A growing positive regional differential may reflect tightening local supply, regulatory friction, or rising downstream demand. A growing discount may signal oversupply, weaker consumption, or new capacity entering the market.",{"type":594,"attrs":15588,"content":15589},{"textAlign":49},[15590],{"text":15591,"type":599},"Differentials turn these movements into actionable pricing insights rather than isolated price points.",{"type":657,"attrs":15593,"content":15594},{"level":659,"textAlign":49},[15595],{"text":15596,"type":599},"Unprecedented Price Coverage: 2,500+ Assessments Across the Battery Supply Chain",{"type":594,"attrs":15598,"content":15599},{"textAlign":49},[15600],{"text":15601,"type":599},"The new Benchmark prices offering is the largest battery materials pricing database in the market.",{"type":657,"attrs":15603,"content":15604},{"level":985,"textAlign":49},[15605],{"text":15606,"type":599},"What do the 2,500+ assessments cover?",{"type":594,"attrs":15608,"content":15609},{"textAlign":49},[15610],{"text":15611,"type":599},"Benchmark’s expanded coverage spans the full supply chain. This includes:",{"type":3158,"content":15613},[15614,15621,15628,15635,15642,15649],{"type":3161,"content":15615},[15616],{"type":594,"attrs":15617,"content":15618},{"textAlign":49},[15619],{"text":15620,"type":599},"Raw materials such as spodumene, lepidolite, petalite, MHP, and graphite",{"type":3161,"content":15622},[15623],{"type":594,"attrs":15624,"content":15625},{"textAlign":49},[15626],{"text":15627,"type":599},"Refined chemicals including lithium carbonate, nickel sulphate, and cobalt sulphate",{"type":3161,"content":15629},[15630],{"type":594,"attrs":15631,"content":15632},{"textAlign":49},[15633],{"text":15634,"type":599},"Precursors and cathode materials across NCM, LFP, LCO, and NCA chemistries",{"type":3161,"content":15636},[15637],{"type":594,"attrs":15638,"content":15639},{"textAlign":49},[15640],{"text":15641,"type":599},"Battery components such as foils, anode materials, electrolytes, binders and separators",{"type":3161,"content":15643},[15644],{"type":594,"attrs":15645,"content":15646},{"textAlign":49},[15647],{"text":15648,"type":599},"Recycling feedstocks and black mass across end of life and process scrap feeds",{"type":3161,"content":15650},[15651],{"type":594,"attrs":15652,"content":15653},{"textAlign":49},[15654],{"text":15655,"type":599},"Lithium ion battery cells across all major formats (pouch, cylindrical, prismatic)",{"type":657,"attrs":15657,"content":15658},{"level":985,"textAlign":49},[15659],{"text":15660,"type":599},"All major chemistries and regions",{"type":594,"attrs":15662,"content":15663},{"textAlign":49},[15664],{"text":15665,"type":599},"Coverage extends across all major battery chemistries and across every region where cathode or cell capacity is being built. This includes Asia, Europe, North America, South America, and Australia.",{"type":594,"attrs":15667,"content":15668},{"textAlign":49},[15669],{"text":15670,"type":599},"Global Indicators are applied where a global reference is meaningful. Regional Differentials are used where local dynamics materially influence price formation.",{"type":657,"attrs":15672,"content":15673},{"level":659,"textAlign":49},[15674],{"text":15675,"type":599},"Use Cases: How Market Participants Use Global Indicators and Differentials",{"type":594,"attrs":15677,"content":15678},{"textAlign":49},[15679],{"text":15680,"type":599,"marks":15681},"1. Procurement teams",[15682],{"type":665},{"type":594,"attrs":15684,"content":15685},{"textAlign":49},[15686],{"text":15687,"type":599},"OEMs and battery manufacturers use Global Indicators to benchmark supplier offers and to understand broader cost trends. Differentials help them negotiate regional premiums and assess sourcing options across markets.",{"type":594,"attrs":15689,"content":15690},{"textAlign":49},[15691],{"text":15692,"type":599,"marks":15693},"2. Traders and commercial desks",[15694],{"type":665},{"type":594,"attrs":15696,"content":15697},{"textAlign":49},[15698],{"text":15699,"type":599},"Traders track Differentials to identify arbitrage opportunities and to understand when regional markets are converging or diverging. Global Indicators provide context for directional positioning.",{"type":594,"attrs":15701,"content":15702},{"textAlign":49},[15703],{"text":15704,"type":599,"marks":15705},"3. Strategy and planning teams",[15706],{"type":665},{"type":594,"attrs":15708,"content":15709},{"textAlign":49},[15710],{"text":15711,"type":599},"Corporate strategy teams use Global Indicators to model long‑term exposure by chemistry and region. Differentials help stress‑test supply‑chain assumptions and regional investment decisions.",{"type":594,"attrs":15713,"content":15714},{"textAlign":49},[15715],{"text":15716,"type":599,"marks":15717},"4. Investors and analysts",[15718],{"type":665},{"type":594,"attrs":15720,"content":15721},{"textAlign":49},[15722],{"text":15723,"type":599},"Investors use the framework to separate global demand trends from local disruptions. This improves valuation models, sensitivity analysis, and market forecasting.",{"type":594,"attrs":15725,"content":15726},{"textAlign":49},[15727],{"text":15728,"type":599,"marks":15729},"5. Policymakers and institutions",[15730],{"type":665},{"type":594,"attrs":15732,"content":15733},{"textAlign":49},[15734],{"text":15735,"type":599},"Public‑sector stakeholders use Global Indicators to understand global cost trends and Differentials to assess regional competitiveness and the impact of policy interventions.",{"type":657,"attrs":15737,"content":15738},{"level":659,"textAlign":49},[15739],{"text":15740,"type":599},"IOSCO-Assured Transparency: Methodology and Governance",{"type":594,"attrs":15742,"content":15743},{"textAlign":49},[15744],{"text":15745,"type":599},"Benchmark’s pricing framework is designed to marry transparency with liquidity. Our best-in-class governance structures and procedures ensure accuracy, integrity and confidence for users.",{"type":594,"attrs":15747,"content":15748},{"textAlign":49},[15749,15751,15758],{"text":15750,"type":599},"Benchmark continues to publish ",{"text":15752,"type":599,"marks":15753},"IOSCO‑assured price assessments",[15754],{"type":604,"attrs":15755},{"href":15756,"uuid":15757,"anchor":49,"target":650,"linktype":623},"/article/benchmark-maintains-position-as-worlds-only-pra-dedicated-to-lithium-and-ev-battery-materials-to-complete-a-type-2-iosco-assurance-engagement","53f5615a-b891-4854-99bb-83eb74c2fee5",{"text":15759,"type":599}," for the most high risk and volatile markets. These remain the financial‑grade benchmarks used in contracts and derivatives.",{"type":594,"attrs":15761,"content":15762},{"textAlign":49},[15763],{"text":15764,"type":599},"Global Indicators and Regional Differentials extend the same transparent principles into emerging and regional markets where formal benchmarks are still developing. All methodologies are documented, auditable, and clearly scoped so users understand how each price should be interpreted.",{"type":657,"attrs":15766,"content":15767},{"level":659,"textAlign":49},[15768],{"text":15769,"type":599},"Accessing Global Indicators and Differentials",{"type":594,"attrs":15771,"content":15772},{"textAlign":49},[15773],{"text":15774,"type":599},"All prices are available through Benchmark’s platforms, including:",{"type":3158,"content":15776},[15777,15784,15791,15798,15805],{"type":3161,"content":15778},[15779],{"type":594,"attrs":15780,"content":15781},{"textAlign":49},[15782],{"text":15783,"type":599},"Benchmark Terminal",{"type":3161,"content":15785},[15786],{"type":594,"attrs":15787,"content":15788},{"textAlign":49},[15789],{"text":15790,"type":599},"APIs and data feeds",{"type":3161,"content":15792},[15793],{"type":594,"attrs":15794,"content":15795},{"textAlign":49},[15796],{"text":15797,"type":599},"Excel plugin and modelling tools",{"type":3161,"content":15799},[15800],{"type":594,"attrs":15801,"content":15802},{"textAlign":49},[15803],{"text":15804,"type":599},"BMI app",{"type":3161,"content":15806},[15807],{"type":594,"attrs":15808,"content":15809},{"textAlign":49},[15810],{"text":15811,"type":599},"Third party data aggregators",{"type":594,"attrs":15813,"content":15814},{"textAlign":49},[15815],{"text":15816,"type":599},"This allows users to integrate pricing insights directly into procurement, finance, and strategy workflows.",{"type":657,"attrs":15818,"content":15819},{"level":659,"textAlign":49},[15820],{"text":15821,"type":599},"The Future of Battery Materials Pricing: Regional Complexity, Global Clarity",{"type":594,"attrs":15823,"content":15824},{"textAlign":49},[15825],{"text":15826,"type":599},"Battery materials markets are becoming more regional, not less.",{"type":594,"attrs":15828,"content":15829},{"textAlign":49},[15830],{"text":15831,"type":599},"Trade policy, industrial strategy, and supply chain localisation are increasing divergence between markets. In this environment, clarity comes from structure rather than simplification.",{"type":594,"attrs":15833,"content":15834},{"textAlign":49},[15835],{"text":15836,"type":599},"By separating global price direction from regional price behaviour, Benchmark’s Global Indicators and Regional Differentials provide that structure. They bring global clarity to regional complexity and support better decision making across the battery supply chain.",{"type":594,"attrs":15838,"content":15839},{"textAlign":49},[15840],{"text":15841,"type":599,"marks":15842},"To find out more about Benchmark's 2,500+ new prices, contact us today.",[15843],{"type":665},{"type":627,"attrs":15845},{"id":15846,"body":15847},"3bcdffa1-3fd2-4fc2-8151-e956fcb8d22e",[15848],{"id":835,"_uid":15849,"component":837,"wrap_in_box":50,"redirect_url":15850,"success_file":15851,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":15853,"show_on_intelligence":50},"i-82b77ed1-0131-4306-94ec-ca9670d29f8a",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":15852},{},[],"Battery materials markets have entered a new phase.\n\nWhat were once niche industrial inputs are now strategic commodities underpinning electric vehicles, energy storage, and national industrial policy. Demand has scaled quickly, supply chains have globalised, and investment has accelerated. Price discovery, however, has struggled to keep pace.\n\nFragmented regional pricing, inconsistent methodologies, and sentiment‑driven signals have made it harder to understand what prices are really saying. In many cases, the noise has grown louder just as the need for clarity has increased.\n\nToday, Benchmark Mineral Intelligence (BMI) launches its most significant pricing expansion to date. The launch introduces more than 2,500 proprietary price assessments, covering every major battery raw material, chemistry, and producing region globally.",[15856,15859],{"slug":9869,"name":9870,"content":15857},{"job_title":9872,"image":15858,"bio":9875,"linkedin":9876,"markets_covered":9877},{"filename":9874},{"slug":13833,"name":13834,"content":15860},{"job_title":13836,"image":15861,"bio":13839,"linkedin":13840,"markets_covered":9877},{"filename":13838},"Benchmark launches 2,500+ new prices...",[15864,15865,15866,15867,15868,15869,15870,15871,15872,15873,15874,15875,15876,15877,15878,15879,15880,15881,15882,15883],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":10440,"name":373},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":2331,"name":2332},{"slug":4811,"name":4812},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":2502,"name":189},{"slug":4330,"name":150},{"slug":4332,"name":4333},{"slug":1556,"name":414},{"slug":5744,"name":5741},{"slug":2507,"name":2508},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":15885},{},{"id":12225,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12226,"copyright":547,"fieldtype":553,"meta_data":15887,"is_external_url":50},{},"Today, Benchmark Mineral Intelligence (BMI) launches its most significant pricing expansion to date. The launch introduces more than 2,500 proprietary price assessments, covering every major battery raw material, chemistry, and producing region globally.","Feb 04, 2026",{"id":15891,"uuid":7403,"name":15892,"slug":15893,"full_slug":15894,"content":15895},141350124851851,"Mitsubishi Chemical to exit needle coke business amid prolonged oversupply","mitsubishi-chemical-to-exit-needle-coke-business-amid-prolonged-oversupply","article/mitsubishi-chemical-to-exit-needle-coke-business-amid-prolonged-oversupply",{"_uid":15896,"date":15262,"tags":15897,"editor":15906,"content":15910,"excerpt":16081,"featured":51,"reporter":16082,"component":864,"seo_title":16091,"categories":16092,"visibility":882,"author_company":547,"data_vis_image":16096,"featured_image":16100,"seo_description":16081,"author_full_name":547,"author_job_title":547,"formattedDate":15889},"2e40dad1-0b08-47ac-a622-c2f68ca80fe2",[15898,15901,15903,15904,15905],{"slug":15899,"name":15900},"mitsubishi-chemical-corporation","Mitsubishi Chemical Corporation",{"slug":2507,"name":15902},"Synthetic graphite",{"slug":6290,"name":2052},{"slug":913,"name":914},{"slug":578,"name":579},[15907],{"slug":544,"name":543,"content":15908},{"job_title":557,"image":15909,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":15911},[15912,15934,15956,15964,15973,15981,16016,16023,16031,16039,16045,16053,16061,16069,16077],{"type":594,"attrs":15913,"content":15914},{"textAlign":49},[15915,15920,15929],{"text":15916,"type":599,"marks":15917},"Mitsubishi Chemical Group will exit the needle and pitch coke market in 2027, citing ",[15918],{"type":928,"attrs":15919},{"color":930},{"text":15921,"type":599,"marks":15922},"weak overseas markets",[15923,15927],{"type":604,"attrs":15924},{"href":15925,"uuid":15926,"anchor":49,"target":650,"linktype":623},"/article/ex-china-needle-coke-shortage-could-hold-back-anode-buildout","7508e6cb-052c-482e-b1aa-5fe6ad511beb",{"type":928,"attrs":15928},{"color":930},{"text":15930,"type":599,"marks":15931}," and persistent oversupply stemming from China as key reasons.",[15932],{"type":928,"attrs":15933},{"color":930},{"type":594,"attrs":15935,"content":15936},{"textAlign":49},[15937,15942,15951],{"text":15938,"type":599,"marks":15939},"The exit will only impact Mitsubishi’s standalone Japanese ",[15940],{"type":928,"attrs":15941},{"color":930},{"text":15943,"type":599,"marks":15944},"coke",[15945,15949],{"type":604,"attrs":15946},{"href":15947,"uuid":15948,"anchor":49,"target":650,"linktype":623},"/article/pet-coke-prices-rise-as-anode-players-seek-cheaper-feedstock","8b9537e8-8823-43a2-b8b0-b75b55bc1246",{"type":928,"attrs":15950},{"color":930},{"text":15952,"type":599,"marks":15953}," operations. Neither the company’s joint venture facilities operated with POSCO in South Korea nor any of its anode production facilities will be affected.",[15954],{"type":928,"attrs":15955},{"color":930},{"type":594,"attrs":15957,"content":15958},{"textAlign":49},[15959],{"text":15960,"type":599,"marks":15961},"The move underscores the structural cost disadvantages faced by coal-based needle coke producers outside of China, including higher energy costs and the need for reinvestment in ageing coke ovens.",[15962],{"type":928,"attrs":15963},{"color":930},{"type":657,"attrs":15965,"content":15967},{"level":15966,"textAlign":49},4,[15968],{"text":15969,"type":599,"marks":15970},"What could Mitsubishi's exit mean for the global coke market?",[15971],{"type":928,"attrs":15972},{"color":930},{"type":594,"attrs":15974,"content":15975},{"textAlign":49},[15976],{"text":15977,"type":599,"marks":15978},"In 2025, Mitsubishi’s 60ktpa Japanese coke facility accounted for ~6% of coal-based needle coke capacity outside of China. Production there is expected to continue until the second half of FY2027, after which operations will cease.",[15979],{"type":928,"attrs":15980},{"color":930},{"type":594,"attrs":15982,"content":15983},{"textAlign":49},[15984,15989,15998,16003,16012],{"text":15985,"type":599,"marks":15986},"The removal of Mitsubishi’s facility is unlikely to materially ",[15987],{"type":928,"attrs":15988},{"color":930},{"text":15990,"type":599,"marks":15991},"impact overall coke prices",[15992,15996],{"type":604,"attrs":15993},{"href":15994,"uuid":15995,"anchor":49,"target":650,"linktype":623},"/videos/synthetic-graphites-price-power-is-cost-led-dominance-here-to-stay","9aa645e0-8c14-4dd6-9b48-14c41d1d6fbe",{"type":928,"attrs":15997},{"color":930},{"text":15999,"type":599,"marks":16000}," as the global coke market will remain significantly and structurally oversupplied until the mid-2030s, according to ",[16001],{"type":928,"attrs":16002},{"color":930},{"text":16004,"type":599,"marks":16005},"Benchmark’s Synthetic Graphite Forecast",[16006,16009,16011],{"type":604,"attrs":16007},{"href":16008,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/synthetic-graphite",{"type":928,"attrs":16010},{"color":3642},{"type":3645},{"text":974,"type":599,"marks":16013},[16014],{"type":928,"attrs":16015},{"color":930},{"type":627,"attrs":16017},{"id":16018,"body":16019},"9e248ebb-5231-400a-a8c3-7eea6d1027f4",[16020],{"id":16021,"_uid":16022,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27499094","i-01b7ef23-3769-4470-bdad-aea366125b6c",{"type":594,"attrs":16024,"content":16025},{"textAlign":49},[16026],{"text":16027,"type":599,"marks":16028},"However, Mitsubishi’s exit removes a source of premium coal-based needle coke, reducing options for buyers of high quality material. These buyers should have sufficient time to adjust given the phased nature of the exit, though the reduced availability of high-quality, ex-China coal-based needle coke may lend modest support to relative premiums for remaining ex-China material.",[16029],{"type":928,"attrs":16030},{"color":930},{"type":594,"attrs":16032,"content":16033},{"textAlign":49},[16034],{"text":16035,"type":599,"marks":16036},"A continued shift toward a greater concentration of coke supply in China is likely to cap any sustained price increases as a result of any supply losses outside of the country.",[16037],{"type":928,"attrs":16038},{"color":930},{"type":627,"attrs":16040},{"id":16018,"body":16041},[16042],{"id":16043,"_uid":16044,"type":623,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3576431","i-eb64cf2b-88ec-42a0-a86c-ae903554b47c",{"type":657,"attrs":16046,"content":16047},{"level":15966,"textAlign":49},[16048],{"text":16049,"type":599,"marks":16050},"What does the exit mean for Mitsubishi?",[16051],{"type":928,"attrs":16052},{"color":930},{"type":594,"attrs":16054,"content":16055},{"textAlign":49},[16056],{"text":16057,"type":599,"marks":16058},"The exit follows multiple attempts by Mitsubishi to improve the profitability of its coal business, including reducing costs by downsizing, adjusting its sales strategy and changing its pricing mechanisms.",[16059],{"type":928,"attrs":16060},{"color":930},{"type":594,"attrs":16062,"content":16063},{"textAlign":49},[16064],{"text":16065,"type":599,"marks":16066},"In its announcement of the exit, the company stated that “despite the various measures taken to improve profitability and the quality advantage of the Company’s coke, the Company has determined that medium- to long-term growth would be difficult to achieve,” given the structural issues in the market that it cannot resolve.",[16067],{"type":928,"attrs":16068},{"color":930},{"type":594,"attrs":16070,"content":16071},{"textAlign":49},[16072],{"text":16073,"type":599,"marks":16074},"The company expects to record a one-off loss of approximately JPY85 billion ($547 million), reflecting impairment, restructuring and other costs related to the exit. While this weighs on near-term earnings, the move allows Mitsubishi to remove a capital-intensive, structurally low-return business from its portfolio, reduce exposure to volatile commodity markets, and reallocate capital toward higher-margin specialty and performance materials aligned with its longer-term strategy.",[16075],{"type":928,"attrs":16076},{"color":930},{"type":594,"attrs":16078,"content":16079},{"textAlign":49},[16080],{"type":1725},"Mitsubishi Chemical Group will exit the needle and pitch coke market in 2027, citing weak overseas markets and persistent oversupply stemming from China as key reasons.",[16083],{"slug":16084,"name":16085,"content":16086},"ravindra-panwar","Ravindra Panwar",{"job_title":16087,"image":16088,"linkedin":16090},"Analyst - Coke",{"filename":16089},"https://a.storyblok.com/f/287943243085208/512x512/2ac57b38a9/ravindra-panwar.jpeg","https://www.linkedin.com/in/ravindra-panwar/","Mitsubishi Chemical to exit needle coke business amid...",[16093,16094,16095],{"slug":2497,"name":261},{"slug":2504,"name":2505},{"slug":872,"name":873},{"id":16097,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":16098,"copyright":547,"fieldtype":553,"meta_data":16099,"is_external_url":50},141354681864869,"https://a.storyblok.com/f/287943243085208/1588x914/b966cf6e09/needle-coke-production-2x.png",{},{"id":16101,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":16102,"copyright":547,"fieldtype":553,"meta_data":16103,"is_external_url":50},141355809944402,"https://a.storyblok.com/f/287943243085208/2560x1707/d8fe6cefca/graphitepowder.jpg",{},{"id":16105,"uuid":16106,"name":16107,"slug":16108,"full_slug":16109,"content":16110},138147645051911,"be51d7fb-c724-4d05-929f-8eb7f653636e","Benchmark Intelligence: Making sense of the energy transition’s most complex supply chains","benchmark-intelligence-making-sense-of-the-energy-transitions-most-complex-supply-chains","article/benchmark-intelligence-making-sense-of-the-energy-transitions-most-complex-supply-chains",{"_uid":16111,"date":15262,"live":50,"tags":16112,"editor":16115,"content":16119,"excerpt":16292,"featured":51,"reporter":16293,"component":864,"seo_title":16294,"categories":16295,"visibility":2091,"author_company":547,"data_vis_image":16299,"featured_image":16301,"seo_description":16305,"author_full_name":547,"author_job_title":547,"formattedDate":15889},"31b1669e-38ed-4fe3-b398-fca0f5b258b0",[16113,16114],{"slug":11313,"name":11314},{"slug":9655,"name":9656},[16116],{"slug":544,"name":543,"content":16117},{"job_title":557,"image":16118,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":16120},[16121,16134,16139,16148,16172,16182,16252,16262,16267,16277,16282],{"type":594,"attrs":16122,"content":16123},{"textAlign":49},[16124,16126,16132],{"text":16125,"type":599},"Leaders across the critical minerals and energy transition landscape are facing a shared challenge: complexity. ",{"text":16127,"type":599,"marks":16128},"Supply chains",[16129],{"type":604,"attrs":16130},{"href":16131,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://www.benchmarkminerals.com/supply-chain-data",{"text":16133,"type":599}," now stretch from mine to grid, prices are more volatile and fragmented than ever, and decision-makers are expected to stay informed across markets, technologies, and geographies, all with less time than before.",{"type":594,"attrs":16135,"content":16136},{"textAlign":49},[16137],{"text":16138,"type":599},"Too often, insight is siloed. Price data sits in one place, market commentary in another, and supply chain analysis somewhere else entirely. This makes it difficult to build a coherent view of risk, opportunity, and long-term strategy.",{"type":594,"attrs":16140,"content":16141},{"textAlign":49},[16142,16146],{"text":16143,"type":599,"marks":16144},"Benchmark Intelligence",[16145],{"type":665},{"text":16147,"type":599}," solves this problem.",{"type":594,"attrs":16149,"content":16150},{"textAlign":49},[16151,16153,16157,16159,16163,16165,16170],{"text":16152,"type":599},"By combining the depth of ",{"text":16154,"type":599,"marks":16155},"Benchmark Source",[16156],{"type":665},{"text":16158,"type":599}," with the breadth of ",{"text":16160,"type":599,"marks":16161},"Benchmark’s new Prices service",[16162],{"type":665},{"text":16164,"type":599},", Benchmark Intelligence brings together analyst-led insight, proprietary datasets, and comprehensive price coverage in a single platform. It enables users to move seamlessly from high-level market context to granular detail, whether that’s tracking ",{"text":16166,"type":599,"marks":16167},"EV demand",[16168],{"type":604,"attrs":16169},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":16171,"type":599},", assessing battery material supply, or analysing price movements across numerous mineral grades.",{"type":594,"attrs":16173,"content":16174},{"textAlign":49},[16175,16177,16180],{"text":16176,"type":599},"At its core, ",{"text":16143,"type":599,"marks":16178},[16179],{"type":665},{"text":16181,"type":599}," delivers value by bringing together the elements decision-makers need most:",{"type":3158,"content":16183},[16184,16195,16219,16230,16241],{"type":3161,"content":16185},[16186],{"type":594,"attrs":16187,"content":16188},{"textAlign":49},[16189,16193],{"text":16190,"type":599,"marks":16191},"Integrated end-to-end supply chain visibility",[16192],{"type":665},{"text":16194,"type":599},", spanning critical minerals, batteries, EVs, and energy storage from mine to grid",{"type":3161,"content":16196},[16197],{"type":594,"attrs":16198,"content":16199},{"textAlign":49},[16200,16204,16206,16210,16212,16217],{"text":16201,"type":599,"marks":16202},"Unrivalled price transparency",[16203],{"type":665},{"text":16205,"type":599},", with access to more than ",{"text":16207,"type":599,"marks":16208},"2,500 price series",[16209],{"type":665},{"text":16211,"type":599}," across critical minerals, battery chemicals, ",{"text":4805,"type":599,"marks":16213},[16214],{"type":604,"attrs":16215},{"href":16216,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://www.benchmarkminerals.com/cathode",{"text":16218,"type":599},", anode and cell markets",{"type":3161,"content":16220},[16221],{"type":594,"attrs":16222,"content":16223},{"textAlign":49},[16224,16228],{"text":16225,"type":599,"marks":16226},"10+ proprietary Briefings",[16227],{"type":665},{"text":16229,"type":599},", built from Benchmark’s in-house Forecast Services, translating complex datasets into concise, decision-ready intelligence",{"type":3161,"content":16231},[16232],{"type":594,"attrs":16233,"content":16234},{"textAlign":49},[16235,16239],{"text":16236,"type":599,"marks":16237},"On-demand access to insight",[16238],{"type":665},{"text":16240,"type":599},", including Benchmark conference presentations, analyst videos, webinars, and Special Issues – all available in one platform",{"type":3161,"content":16242},[16243],{"type":594,"attrs":16244,"content":16245},{"textAlign":49},[16246,16250],{"text":16247,"type":599,"marks":16248},"Credible, analyst-led intelligence",[16249],{"type":665},{"text":16251,"type":599},", underpinned by consistent methodologies and direct engagement with active market participants",{"type":594,"attrs":16253,"content":16254},{"textAlign":49},[16255,16257,16260],{"text":16256,"type":599},"Crucially, the data behind ",{"text":16143,"type":599,"marks":16258},[16259],{"type":665},{"text":16261,"type":599}," is developed in-house by specialist analysts with direct access to market participants. This means users aren’t just consuming information, they’re gaining insight grounded in real-world activity, consistent methodologies, and a deep understanding of how supply chains actually operate.",{"type":594,"attrs":16263,"content":16264},{"textAlign":49},[16265],{"text":16266,"type":599},"For time-poor executives, investors, policy makers, and commercial teams, this integrated approach removes friction. It reduces the need to stitch together multiple sources and allows faster, more confident decision-making in markets that are only becoming more strategic.",{"type":594,"attrs":16268,"content":16269},{"textAlign":49},[16270,16272,16275],{"text":16271,"type":599},"As the energy transition accelerates, clarity is no longer optional. ",{"text":16143,"type":599,"marks":16273},[16274],{"type":665},{"text":16276,"type":599}," provides it.",{"type":657,"attrs":16278,"content":16279},{"level":15966,"textAlign":49},[16280],{"text":16281,"type":599},"To learn more about Benchmark Intelligence, submit your details below:",{"type":627,"attrs":16283},{"id":16284,"body":16285},"a43b3bb7-9526-442d-bf23-5d34d812678f",[16286],{"id":835,"_uid":16287,"component":837,"wrap_in_box":50,"redirect_url":16288,"success_file":16289,"default_height":547,"success_message":547,"v2_hubspot_form":51,"success_sub_text":547,"hidden_field_values":16291,"show_on_intelligence":50},"i-ffd39233-8bf6-4df1-afcf-e54359166512",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":16290},{},[],"Leaders across the critical minerals and energy transition landscape are facing a shared challenge: complexity. Supply chains now stretch from mine to grid, prices are more volatile and fragmented than ever, and decision-makers are expected to stay informed across markets, technologies, and geographies, all with less time than before.",[],"Benchmark Intelligence: Making sense of the energy transition...",[16296,16297,16298],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":16300},{},{"id":16302,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":16303,"copyright":547,"fieldtype":553,"meta_data":16304,"is_external_url":50},138148030367170,"https://a.storyblok.com/f/287943243085208/1920x1080/249d858a67/collage_prices_5.png",{},"Leaders across the critical minerals and energy transition landscape are facing a shared challenge: complexity. Supply chains now stretch from mine to grid, prices are more volatile and fragmented than ever, and decision-makers are expected to stay inform",{"id":16307,"uuid":15056,"name":16308,"slug":16309,"full_slug":16310,"content":16311},139667759756003,"Copper hits another all-time high, but gains fail to hold","copper-hits-another-all-time-high-but-gains-fail-to-hold","article/copper-hits-another-all-time-high-but-gains-fail-to-hold",{"_uid":16312,"date":16313,"tags":16314,"editor":16319,"content":16323,"excerpt":16507,"featured":51,"reporter":16508,"component":864,"seo_title":16308,"categories":16512,"visibility":2091,"author_company":547,"data_vis_image":16515,"featured_image":16517,"seo_description":16521,"author_full_name":547,"author_job_title":547,"formattedDate":16522},"de66a143-b4bd-4827-928e-5d41cf357ed2","2026-01-30 00:00",[16315,16316],{"slug":15020,"name":15021},{"slug":16317,"name":16318},"lme","LME",[16320],{"slug":544,"name":543,"content":16321},{"job_title":557,"image":16322,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":16324},[16325,16353,16373,16381,16388,16390,16399,16407,16415,16423,16431,16439,16447,16456,16464,16473,16481,16489,16498],{"type":594,"attrs":16326,"content":16327},{"textAlign":49},[16328,16335,16340,16348],{"text":870,"type":599,"marks":16329},[16330,16332],{"type":928,"attrs":16331},{"color":930},{"type":604,"attrs":16333},{"href":16334,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://www.benchmarkminerals.com/copper",{"text":16336,"type":599,"marks":16337}," prices broke all-time highs on 29 January 2026, with the three-month LME ",[16338],{"type":928,"attrs":16339},{"color":930},{"text":16341,"type":599,"marks":16342},"copper price",[16343,16345],{"type":928,"attrs":16344},{"color":930},{"type":604,"attrs":16346},{"href":16347,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/copper-price-hits-record-13000-t-as-rally-continues",{"text":16349,"type":599,"marks":16350}," hitting $14,527.50/tonne. This is the largest single day rise in the copper price since 2008, almost hitting the 12% daily moving limit set by the LME. However, this record level was short-lived, ending the day at $13,720.50/t and fell further when trading reopened on 30 January.",[16351],{"type":928,"attrs":16352},{"color":930},{"type":594,"attrs":16354,"content":16355},{"textAlign":49},[16356,16361,16368],{"text":16357,"type":599,"marks":16358},"The rally likely originated in China as ",[16359],{"type":928,"attrs":16360},{"color":930},{"text":15021,"type":599,"marks":16362},[16363,16365],{"type":928,"attrs":16364},{"color":930},{"type":604,"attrs":16366},{"href":16367,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/us-copper-prices-collapse-after-tariff-exclusion-for-cathode-imports",{"text":16369,"type":599,"marks":16370}," on the Shanghai Futures Exchange (SHFE) pushed up aggressively prior to the LME opening on 29 January.",[16371],{"type":928,"attrs":16372},{"color":930},{"type":594,"attrs":16374,"content":16375},{"textAlign":49},[16376],{"text":16377,"type":599,"marks":16378},"This volatility comes following a run of record setting copper prices. Despite these recent moves, the speed and timing of this price increase took the market by surprise especially as there has been increasing talk suggesting that the copper price has pushed up too far and too fast in recent weeks.",[16379],{"type":928,"attrs":16380},{"color":930},{"type":627,"attrs":16382},{"id":16383,"body":16384},"d4339412-3794-4afe-bbba-553d0c2eea75",[16385],{"id":16386,"_uid":16387,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27440618","i-6d1c7d31-9a13-4db4-8abe-6c0b3e5c98b5",{"type":594,"attrs":16389},{"textAlign":49},{"type":657,"attrs":16391,"content":16392},{"level":15966,"textAlign":49},[16393],{"text":16394,"type":599,"marks":16395},"Why is the copper price increasing?",[16396,16398],{"type":928,"attrs":16397},{"color":930},{"type":665},{"type":594,"attrs":16400,"content":16401},{"textAlign":49},[16402],{"text":16403,"type":599,"marks":16404},"Towards the start of January 2026 the price passed $13,000/t for the first time in history, after breaking the $12,000/t record in December. Just a few months ago, the all time high was over $11,000/t.",[16405],{"type":928,"attrs":16406},{"color":930},{"type":594,"attrs":16408,"content":16409},{"textAlign":49},[16410],{"text":16411,"type":599,"marks":16412},"In this period very little has fundamentally changed with no mine shutdowns or major stimulus package announcements, though there was some mine disruption and tariffs tightened the market outside of the US. There was some mine disruption earlier in the year, and tariffs have tightened the market outside the US.",[16413],{"type":928,"attrs":16414},{"color":930},{"type":594,"attrs":16416,"content":16417},{"textAlign":49},[16418],{"text":16419,"type":599,"marks":16420},"The price increase on 29 January appears to be linked to copper’s role in the “debasement trade”. Given concerns about the dollar, investors want hard, physical assets. This is a role historically played by silver and gold, but increasingly money  is spilling from those markets into copper.",[16421],{"type":928,"attrs":16422},{"color":930},{"type":594,"attrs":16424,"content":16425},{"textAlign":49},[16426],{"text":16427,"type":599,"marks":16428},"“Huge asset management and macro funds, mainly in China (that are not your traditional metal commodity speculators) [are] piling in on the debasement and geopolitical metal market fragmentation trades,” one trader source told Benchmark, noting noting that a small amount of capital for those funds is relatively significant for the copper market.",[16429],{"type":928,"attrs":16430},{"color":930},{"type":594,"attrs":16432,"content":16433},{"textAlign":49},[16434],{"text":16435,"type":599,"marks":16436},"Noise around AI could also be pushing prices up, as data centre build out is copper intensive. Meta announced plans to almost double spending on AI to $135bn for 2026 on the same day as the spike in copper prices.",[16437],{"type":928,"attrs":16438},{"color":930},{"type":594,"attrs":16440,"content":16441},{"textAlign":49},[16442],{"text":16443,"type":599,"marks":16444},"However, there seems to be no definitive rationale behind the price on 29 January as no fundamental market development made copper intrinsically 10% more valuable.",[16445],{"type":928,"attrs":16446},{"color":930},{"type":657,"attrs":16448,"content":16449},{"level":15966,"textAlign":49},[16450],{"text":16451,"type":599,"marks":16452},"Why did the copper price fall back down?",[16453,16455],{"type":928,"attrs":16454},{"color":930},{"type":665},{"type":594,"attrs":16457,"content":16458},{"textAlign":49},[16459],{"text":16460,"type":599,"marks":16461},"A fall in tech stocks, following weak Microsoft earnings which wiped $350 billion from their market capitalisation, pulled copper prices back down. Additionally, a recovering US dollar further lowered LME copper prices. It is also likely that market participants’ belief that the price had pushed too high led to an overall adjustment back down closer to previous levels. ",[16462],{"type":928,"attrs":16463},{"color":930},{"type":657,"attrs":16465,"content":16466},{"level":15966,"textAlign":49},[16467],{"text":16468,"type":599,"marks":16469},"How does this compare to the 2008 copper price spike?",[16470,16472],{"type":928,"attrs":16471},{"color":930},{"type":665},{"type":594,"attrs":16474,"content":16475},{"textAlign":49},[16476],{"text":16477,"type":599,"marks":16478},"This recent spike is the largest move since 2008, when the market pushed up by over 12% on October 29 2008, though the reasons are substantially different.",[16479],{"type":928,"attrs":16480},{"color":930},{"type":594,"attrs":16482,"content":16483},{"textAlign":49},[16484],{"text":16485,"type":599,"marks":16486},"Copper prices had fallen so notably in 2008 due to the global financial crisis, that the record-breaking increase in October 2008 still left copper prices 46% lower than prices seen in June 2008. It also directly correlated to chatter about stimulus packages which buoyed copper prices.",[16487],{"type":928,"attrs":16488},{"color":930},{"type":594,"attrs":16490,"content":16491},{"textAlign":49},[16492],{"text":16493,"type":599,"marks":16494},"This article draws on expert insights from the Benchmark Copper Service. Fill out the form below for more information.",[16495,16497],{"type":928,"attrs":16496},{"color":930},{"type":643},{"type":627,"attrs":16499},{"id":16383,"body":16500},[16501],{"id":835,"_uid":16502,"component":837,"wrap_in_box":50,"redirect_url":16503,"success_file":16504,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":16506,"show_on_intelligence":50},"i-5b006e37-96f3-42a8-9269-f185792c59d2",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":16505},{},[],"Copper prices broke all-time highs on 29 January 2026, with the three-month LME copper price hitting $14,527.50/tonne. This is the largest single day rise in the copper price since 2008, almost hitting the 12% daily moving limit set by the LME. However, this record level was short-lived, ending the day at $13,720.50/t and fell further when trading reopened on 30 January.\n",[16509],{"slug":15236,"name":15237,"content":16510},{"job_title":15239,"image":16511,"bio":15242,"linkedin":15243,"markets_covered":870},{"filename":15241},[16513,16514],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":16516},{},{"id":16518,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":16519,"copyright":547,"fieldtype":553,"meta_data":16520,"is_external_url":50},129067883023330,"https://a.storyblok.com/f/287943243085208/5222d00d80/bm-glencore-copper-anodes-at-lomas-bayas-chile.jpg",{},"Copper prices broke all-time highs on 29 January 2026, with the three-month LME copper price hitting $14,527.50/tonne. This is the largest single day rise in the copper price since 2008, almost hitting the 12% daily moving limit set by the LME. ","Jan 30, 2026",{"id":16524,"uuid":1240,"name":16525,"slug":16526,"full_slug":16527,"content":16528},137212210094578,"Restart of CATL’s Jianxiawo lithium mine may be delayed, tightening balance","restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance","article/restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance",{"_uid":16529,"date":16530,"live":51,"tags":16531,"editor":16537,"content":16541,"excerpt":16755,"featured":51,"reporter":16756,"component":864,"seo_title":16760,"categories":16761,"visibility":2091,"author_company":547,"data_vis_image":16764,"featured_image":16768,"seo_description":16772,"author_full_name":547,"author_job_title":547,"formattedDate":16773},"092f0541-1fb2-4562-8c06-c2761112a9af","2026-01-23 00:00",[16532,16533,16534,16535,16536],{"slug":903,"name":904},{"slug":913,"name":914},{"slug":578,"name":579},{"slug":906,"name":907},{"slug":910,"name":911},[16538],{"slug":544,"name":543,"content":16539},{"job_title":557,"image":16540,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":16542},[16543,16564,16569,16582,16587,16592,16597,16621,16628,16649,16654,16659,16676,16704,16710,16715,16720,16732,16737,16750],{"type":594,"attrs":16544,"content":16545},{"textAlign":49},[16546,16548,16554,16556,16562],{"text":16547,"type":599},"Market expectations around the restart of ",{"text":16549,"type":599,"marks":16550},"CATL’s Jianxiawo lithium operation",[16551],{"type":604,"attrs":16552},{"href":16553,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/catl-suspends-operations-at-jianxiawo-mine-as-permit-expires",{"text":16555,"type":599}," are increasingly diverging from ",{"text":16557,"type":599,"marks":16558},"Benchmark’s base-case",[16559],{"type":604,"attrs":16560},{"href":16561,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium",{"text":16563,"type":599}," assumption that production would resume shortly after the Lunar New Year which takes place in February this year.",{"type":594,"attrs":16565,"content":16566},{"textAlign":49},[16567],{"text":16568,"type":599},"Claims circulating in the market this week indicate Jianxiawo requires remediation related to inadequate tailings pond impermeability and its proximity to a nearby river system. While the scope, approvals and timeline remain uncertain, sources indicate a first-quarter restart appears increasingly unlikely.",{"type":594,"attrs":16570,"content":16571},{"textAlign":49},[16572,16574,16580],{"text":16573,"type":599},"This comes ",{"text":16575,"type":599,"marks":16576},"amidst rising lithium prices in China",[16577],{"type":604,"attrs":16578},{"href":16579,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/why-are-lithium-prices-in-china-soaring-this-week",{"text":16581,"type":599},", driven by an improved demand picture in the country and low lithium inventory levels.",{"type":657,"attrs":16583,"content":16584},{"level":15966,"textAlign":49},[16585],{"text":16586,"type":599},"How does this impact the lithium market balance?",{"type":594,"attrs":16588,"content":16589},{"textAlign":49},[16590],{"text":16591,"type":599},"Benchmark’s current base-case assumes Jianxiawo resumes production shortly after Lunar New Year. A restart materially later than this assumption would affect forecast output from where the asset is currently positioned in the supply model.",{"type":594,"attrs":16593,"content":16594},{"textAlign":49},[16595],{"text":16596,"type":599},"As part of an internal scenario review, Benchmark is assessing:",{"type":3158,"content":16598},[16599,16606],{"type":3161,"content":16600},[16601],{"type":594,"attrs":16602,"content":16603},{"textAlign":49},[16604],{"text":16605,"type":599},"Potentially halving the 2026 output of CATL’s Jianxiawo mine from ~111.4kt LCE (lithium carbonate equivalent) to ~55.7kt LCE.",{"type":3161,"content":16607},[16608],{"type":594,"attrs":16609,"content":16610},{"textAlign":49},[16611,16613,16619],{"text":16612,"type":599},"Potentially halving 2026 supply from ",{"text":16614,"type":599,"marks":16615},"Gotion’s Shuinanduan mine",[16616],{"type":604,"attrs":16617},{"href":16618,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/catl-and-gotion-secure-reserve-approvals-as-jiangxi-permitting-deadline-looms",{"text":16620,"type":599},", currently forecast to be 10kt LCE in 2026.",{"type":627,"attrs":16622},{"id":16623,"body":16624},"efb3f72a-af39-46de-b4d8-adeb7dcadc3a",[16625],{"id":16626,"_uid":16627,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27345123","i-0fc5e778-bce7-4256-b535-dd3c33003f40",{"type":594,"attrs":16629,"content":16630},{"textAlign":49},[16631,16633,16639,16641,16647],{"text":16632,"type":599},"Outside of Jianxiawo and Shuinanduan, other mines in Jiangxi province are set to contribute ~108kt LCE of lithium supply in 2026. Findings from ",{"text":16634,"type":599,"marks":16635},"other licence investigations",[16636],{"type":604,"attrs":16637},{"href":16638,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-do-the-recent-jiangxi-permit-cancellations-mean-for-the-lithium-industry",{"text":16640,"type":599}," in the region could turn up waste and tailings deficiencies similar to those at Jianxiawo. This implies a ",{"text":16642,"type":599,"marks":16643},"broader risk profile for the province",[16644],{"type":604,"attrs":16645},{"href":16646,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/q3-lithium-preview-jiangxi-enforcement-shows-teeth-lifting-price-floor",{"text":16648,"type":599},". Expectations of negative final inspection verdicts could align producer incentives with sharp mining acceleration in H1 to make use of would-be unused H2 2026 quota volumes.",{"type":594,"attrs":16650,"content":16651},{"textAlign":49},[16652],{"text":16653,"type":599},"Under Benchmark’s latest lithium forecast, the global lithium market balance for 2026 is ~78kt LCE. A sustained delay at Jianxiawo and Jiangxi disruptions would push the market into a very tight balance and potentially a deficit. This could warrant a further reassessment of short-term pricing assumptions across 2026 and the first half of 2027, while leaving medium- and long-term price trajectories unchanged.",{"type":657,"attrs":16655,"content":16656},{"level":15966,"textAlign":49},[16657],{"text":16658,"type":599},"How does this fit into the current lithium price?",{"type":594,"attrs":16660,"content":16661},{"textAlign":49},[16662,16667,16669,16674],{"text":16663,"type":599,"marks":16664},"Benchmark lithium prices",[16665],{"type":604,"attrs":16666},{"href":2214,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":16668,"type":599}," were already on an ",{"text":16670,"type":599,"marks":16671},"upward trajectory",[16672],{"type":604,"attrs":16673},{"href":16579,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":16675,"type":599},", before concerns regarding Jiangxi supply resurfaced. For instance, Benchmark’s EXW China lithium carbonate prices have risen dramatically by 40% since the start of January 2026, with CIF Asia spot prices up similarly, by 42%.",{"type":594,"attrs":16677,"content":16678},{"textAlign":49},[16679,16681,16686,16688,16694,16696,16702],{"text":16680,"type":599},"Much of the rise is attributable to gradually improving demand sentiment that has been driven by stronger-than-expected cathode demand to supply ",{"text":3707,"type":599,"marks":16682},[16683],{"type":604,"attrs":16684},{"href":16685,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-bess-installations-in-december-surpass-us-2025-total",{"text":16687,"type":599}," (BESS) customers and a succession of policy announcements in China. These have included a ",{"text":16689,"type":599,"marks":16690},"renewed trade-in scheme for EVs",[16691],{"type":604,"attrs":16692},{"href":16693,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/purchase-taxes-on-chinese-evs-to-increase-from-2026",{"text":16695,"type":599},", and the planned phase out of ",{"text":16697,"type":599,"marks":16698},"export tax rebates",[16699],{"type":604,"attrs":16700},{"href":16701,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-will-chinas-vat-rebate-changes-affect-the-battery-market",{"text":16703,"type":599}," for batteries, nickel-based CAM and pCAM.",{"type":627,"attrs":16705},{"id":16623,"body":16706},[16707],{"id":16708,"_uid":16709,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27348150","i-e2ab6077-6442-494d-84ab-c96cb288ccc2",{"type":594,"attrs":16711,"content":16712},{"textAlign":49},[16713],{"text":16714,"type":599},"The latest indications that the country’s hard rock supply could be constrained for longer have compounded bullish speculation on domestic lithium carbonate futures exchanges. In turn, erratic, rising futures contract quotations have emboldened sellers to offer lithium carbonate, hydroxide and spodumene concentrate at drastically higher prices than observed throughout 2025.",{"type":657,"attrs":16716,"content":16717},{"level":15966,"textAlign":49},[16718],{"text":16719,"type":599},"How have renewed supply risks affected Benchmark’s assumptions?",{"type":594,"attrs":16721,"content":16722},{"textAlign":49},[16723,16725,16730],{"text":16724,"type":599},"These developments follow Benchmark’s recent update to near-term lithium pricing assumptions, which reflected tighter market conditions ",{"text":16726,"type":599,"marks":16727},"driven by low inventories",[16728],{"type":604,"attrs":16729},{"href":16579,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":16731,"type":599},", policy-related timing effects in China, stronger downstream activity and uncertainty around near-term supply restarts in Jiangxi.",{"type":594,"attrs":16733,"content":16734},{"textAlign":49},[16735],{"text":16736,"type":599},"The Jianxiawo situation represents a further downside supply risk to be actively monitored, rather than a trigger for an immediate forecast revision.",{"type":594,"attrs":16738,"content":16739},{"textAlign":49},[16740,16742,16748],{"text":16741,"type":599},"Benchmark’s forecast team continues to monitor developments closely. While the official restart timeline remains post-Chinese New Year, sources increasingly point to the risk of a materially later resumption, in the second half of 2026. Regardless of the eventual outcome, recent developments underscore how central Jianxiawo, and ",{"text":16743,"type":599,"marks":16744},"Jiangxi more broadly",[16745],{"type":604,"attrs":16746},{"href":16747,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rangebound-prices-ahead-as-jiangxi-permits-set-floor-and-ceiling",{"text":16749,"type":599},", remain to the lithium market’s short-term risk profile.",{"type":594,"attrs":16751,"content":16752},{"textAlign":49},[16753],{"text":16754,"type":599},"Even absent confirmed production losses, uncertainty around Jianxiawo is once again proving sufficient to move prices, reinforcing Jiangxi’s role as the market’s primary near-term swing factor.","Market expectations around the restart of CATL’s Jianxiawo lithium operation are increasingly diverging from Benchmark’s base-case assumption that production would resume shortly after the Lunar New Year which takes place in February this year. Claims circulating in the market this week indicate Jianxiawo requires remediation related to inadequate tailings pond impermeability and its proximity to ",[16757],{"slug":1094,"name":1095,"content":16758},{"job_title":1097,"image":16759,"bio":1100,"linkedin":1101,"markets_covered":8},{"filename":1099},"Restart of CATL’s Jianxiawo lithium mine may be delayed",[16762,16763],{"slug":872,"name":873},{"slug":878,"name":8},{"id":16765,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":16766,"copyright":547,"fieldtype":553,"meta_data":16767,"is_external_url":50},138142338753535,"https://a.storyblok.com/f/287943243085208/1588x1400/cc2c5e4b6b/socials-jiangxi-lithium-disruption-2x.png",{},{"id":16769,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":16770,"copyright":547,"fieldtype":553,"meta_data":16771,"is_external_url":50},137212324181153,"https://a.storyblok.com/f/287943243085208/1920x1080/e8e85379ea/collage_prices_6.avif",{},"Market expectations around the restart of CATL’s Jianxiawo lithium operation are increasingly diverging from Benchmark’s base-case assumption that production would resume shortly after the Lunar New Year which takes place in February this year. Claims cir","Jan 23, 2026",{"id":16775,"uuid":16776,"name":16777,"slug":16778,"full_slug":16779,"content":16780},137092606747601,"ab48f442-51df-4655-a5ac-fd0e55bdf4f6","Site visit: HyProMag opens UK’s first rare earth magnet recycling facility","site-visit-hypromag-opens-uks-first-rare-earth-magnet-recycling-facility","article/site-visit-hypromag-opens-uks-first-rare-earth-magnet-recycling-facility",{"_uid":16781,"date":16782,"live":51,"tags":16783,"editor":16793,"content":16797,"excerpt":16944,"featured":51,"reporter":16945,"component":864,"seo_title":16958,"categories":16959,"visibility":2091,"author_company":547,"data_vis_image":16966,"featured_image":16968,"seo_description":16972,"author_full_name":547,"author_job_title":547,"formattedDate":16973},"433dca55-bd23-48f2-9367-0b936b039392","2026-01-22 00:00",[16784,16787,16790],{"slug":16785,"name":16786},"hypromag","HyProMag",{"slug":16788,"name":16789},"site-visit","Site visit",{"slug":16791,"name":16792},"uk","UK",[16794],{"slug":544,"name":543,"content":16795},{"job_title":557,"image":16796,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":16798},[16799,16817,16822,16835,16843,16863,16868,16873,16878,16886,16891,16912,16917,16922,16927,16934,16939],{"type":594,"attrs":16800,"content":16801},{"textAlign":49},[16802,16804,16809,16810,16816],{"text":16803,"type":599},"HyProMag inaugurated the UK’s first commercial rare earth magnet recycling and manufacturing facility on 15 January at an event attended by Benchmark rare earth analysts ",{"text":1546,"type":599,"marks":16805},[16806],{"type":604,"attrs":16807},{"href":16808,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/rare-earths-strategic-minerals-at-the-heart-of-energy-security",{"text":1440,"type":599},{"text":16811,"type":599,"marks":16812},"Evelyn Zhou",[16813],{"type":604,"attrs":16814},{"href":16815,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/site-visit-report-aclaras-carina-project-shows-progress-towards-rare-earths-supply-diversification",{"text":974,"type":599},{"type":594,"attrs":16818,"content":16819},{"textAlign":49},[16820],{"text":16821,"type":599},"The facility at Tyseley Energy Park uses Hydrogen Processing of Magnet Scrap (HPMS) technology to produce up to 300 tonnes of NdFeB magnet blocks per year at full capacity.",{"type":594,"attrs":16823,"content":16824},{"textAlign":49},[16825,16827,16833],{"text":16826,"type":599},"Inaugurated by the UK’s Minister for Industry in the Department for Energy Security and Net Zero, Chris McDonald, the facility represents the first commercial production of rare earth permanent magnets in the UK in 25 years. It is a key enabler of the ",{"text":16828,"type":599,"marks":16829},"UK Government’s November 2025 Critical Minerals Strategy",[16830],{"type":604,"attrs":16831},{"href":16832,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-ambitious-is-the-uks-critical-mineral-strategy",{"text":16834,"type":599},", which targets meeting 10% of annual critical mineral demand from domestic sources and 20% through recycling by 2035.",{"type":594,"attrs":16836,"content":16837},{"textAlign":49},[16838],{"type":1186,"attrs":16839},{"id":49,"alt":16840,"src":16841,"title":49,"source":49,"copyright":49,"meta_data":16842},"Chris McDonald MP, Department for Energy Security and Net Zero at the HyProMag inauguration event","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_576,c_scale/f_auto,q_auto/v1769088189/www-production/HyProMag-Chris-McDonald-MP-Department-for-Energy-Security-and-Net-Zero/HyProMag-Chris-McDonald-MP-Department-for-Energy-Security-and-Net-Zero.jpg",{},{"type":594,"attrs":16844,"content":16845},{"textAlign":49},[16846,16848,16854,16856,16861],{"text":16847,"type":599},"“Seeing HPMS technology operating at commercial scale reinforced our view that recycling is emerging as a critical resilience mechanism for rare earth supply,” said Neha Mukherjee, a research manager at Benchmark. “It is complementing, not replacing, ",{"text":16849,"type":599,"marks":16850},"primary production",[16851],{"type":604,"attrs":16852},{"href":16853,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/infographic-the-last-30-years-of-rare-earths-mining",{"text":16855,"type":599},", and positioning Europe, and the ",{"text":16792,"type":599,"marks":16857},[16858],{"type":604,"attrs":16859},{"href":16860,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/uk-and-australian-developers-dominate-african-rare-earths-but-china-gains-influence",{"text":16862,"type":599}," in particular, as increasingly important players in diversified, traceable magnet sourcing.”",{"type":657,"attrs":16864,"content":16865},{"level":15966,"textAlign":49},[16866],{"text":16867,"type":599},"How does Hydrogen Processing of Magnet Scrap work?",{"type":594,"attrs":16869,"content":16870},{"textAlign":49},[16871],{"text":16872,"type":599},"HPMS technology offers a distinct advantage over traditional recycling routes as it is agnostic to feedstock, meaning magnets do not need to be extracted from motors, rotors, or electronic components before processing.",{"type":594,"attrs":16874,"content":16875},{"textAlign":49},[16876],{"text":16877,"type":599},"Whole components are exposed to hydrogen gas, causing embedded NdFeB magnets to undergo hydrogen decrepitation, cracking into a demagnetised, brittle powder. This enables efficient physical separation of magnet material from steel and copper without damaging the rare earth content, producing a clean recycled alloy powder suitable for reprocessing.",{"type":594,"attrs":16879,"content":16880},{"textAlign":49},[16881],{"type":1186,"attrs":16882},{"id":49,"alt":16883,"src":16884,"title":49,"source":49,"copyright":49,"meta_data":16885},"HyProMag magnet-to-magnet powder finished products","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_576,c_scale/f_auto,q_auto/v1769088175/www-production/HyProMag-Magnet-to-magnet-powder-finished-products/HyProMag-Magnet-to-magnet-powder-finished-products.jpg",{},{"type":594,"attrs":16887,"content":16888},{"textAlign":49},[16889],{"text":16890,"type":599},"HyProMag’s facility can recover over 400 kg of rare earth alloy per batch using the HPMS reactor and produce new sintered NdFeB magnet blocks at a capacity of 100 tonnes per annum on a single shift, rising to over 300 tonnes per annum on multiple shifts.",{"type":594,"attrs":16892,"content":16893},{"textAlign":49},[16894,16896,16902,16904,16910],{"text":16895,"type":599},"Initially, the facility’s output will primarily be consumer electronics grades, with ongoing development toward higher-performance magnets suited for use in ",{"text":16897,"type":599,"marks":16898},"permanent magnet synchronous motors",[16899],{"type":604,"attrs":16900},{"href":16901,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-many-rare-earths-are-needed-to-produce-ev-motors",{"text":16903,"type":599}," (PMSM). Validation by GKN and ",{"text":16905,"type":599,"marks":16906},"Toyota",[16907],{"type":604,"attrs":16908},{"href":16909,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-importance-of-evs-to-the-rare-earths-market",{"text":16911,"type":599}," has supported OEM confidence, with customers reportedly willing to pay a premium for supply resilience and traceability.",{"type":657,"attrs":16913,"content":16914},{"level":15966,"textAlign":49},[16915],{"text":16916,"type":599},"What is the global magnet recycling landscape?",{"type":594,"attrs":16918,"content":16919},{"textAlign":49},[16920],{"text":16921,"type":599},"The UK project sits within a rapidly expanding global rare earth recycling landscape. China remains dominant, with around 30 known recycling companies and expected recycling capacity of approximately 67 kt TREO in 2025.",{"type":594,"attrs":16923,"content":16924},{"textAlign":49},[16925],{"text":16926,"type":599},"By comparison, the recycling pipeline outside China remains modest but is growing: projects expected to come online by 2027 total around 6.9 kt of separated rare earth oxides, 1.8 kt of magnet powders, and 1.8 kt of rare earth alloys and magnets.",{"type":627,"attrs":16928},{"id":16929,"body":16930},"8e42b07a-ef36-4233-8a93-341c2ba77bff",[16931],{"id":16932,"_uid":16933,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27329408","i-c1beeb03-096c-4a8d-8c53-7df775a3e157",{"type":594,"attrs":16935,"content":16936},{"textAlign":49},[16937],{"text":16938,"type":599},"If fully realised, Western recycling projects could supply around 7.7% of global TREO demand – representing meaningful diversification, but still a supplementary contribution rather than a replacement for primary supply.",{"type":594,"attrs":16940,"content":16941},{"textAlign":49},[16942],{"text":16943,"type":599},"For the UK, which currently has no rare earth production across the value chain, the Tyseley facility is a significant strategic milestone, demonstrating how recycling can underpin resilience while broader upstream capacity remains absent.","HyProMag inaugurated the UK’s first commercial rare earth magnet recycling and manufacturing facility on 15 January at an event attended by Benchmark rare earth analysts Neha Mukherjee and Evelyn Zhou. The facility at Tyseley Energy Park uses Hydrogen Processing of Magnet Scrap (HPMS) technology to produce up to 300 tonnes of NdFeB magnet blocks per ...",[16946,16949],{"slug":1545,"name":1546,"content":16947},{"job_title":1548,"image":16948,"bio":1551,"linkedin":1552,"markets_covered":414},{"filename":1550},{"slug":16950,"name":16951,"content":16952},"evelyn-mengwei-zhou","Evelyn Mengwei Zhou",{"job_title":16953,"image":16954,"bio":16956,"linkedin":16957,"markets_covered":414},"Analyst - Rare Earths",{"filename":16955},"https://a.storyblok.com/f/287943243085208/512x512/e714a08bc6/evelyn-zhou.jpeg","Evelyn is an analyst on the rare earths team at Benchmark Mineral Intelligence, where she works on market analysis for rare earths supply chains, covering supply, demand, cost, pricing and ESG factors. She has an MSc in Environmental System Engineering from University College London and a BSc in Geological Engineering from China.","https://www.linkedin.com/in/evelyn-mengwei-zhou-905097228/","Site visit: HyProMag opens UK’s first rare earth magnet recycl...",[16960,16961,16962,16963],{"slug":872,"name":873},{"slug":1556,"name":414},{"slug":5744,"name":5741},{"slug":16964,"name":16965},"sustainability","Sustainability",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":16967},{},{"id":16969,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":16970,"copyright":547,"fieldtype":553,"meta_data":16971,"is_external_url":50},137092706381922,"https://a.storyblok.com/f/287943243085208/2560x1503/093a20a4b4/electric-motor-rotor-with-permanent-magnet.jpg",{},"HyProMag inaugurated the UK’s first commercial rare earth magnet recycling and manufacturing facility on 15 January at an event attended by Benchmark rare earth analysts Neha Mukherjee and Evelyn Zhou. The facility at Tyseley Energy Park uses Hydrogen Pro","Jan 22, 2026",{"id":16975,"uuid":8454,"name":16976,"slug":16977,"full_slug":16978,"content":16979},136730978197360,"Sigma’s Brazil issues could tighten lithium supply dynamics","sigmas-brazil-issues-could-tighten-lithium-supply-dynamics","article/sigmas-brazil-issues-could-tighten-lithium-supply-dynamics",{"_uid":16980,"date":16981,"live":51,"tags":16982,"editor":16989,"content":16993,"excerpt":17140,"featured":51,"reporter":17141,"component":864,"seo_title":16976,"categories":17145,"visibility":2091,"author_company":547,"data_vis_image":17148,"featured_image":17152,"seo_description":17156,"author_full_name":547,"author_job_title":547,"formattedDate":17157},"17e4efa6-89d0-40ed-afd5-36bf5112caf8","2026-01-16 00:00",[16983,16984,16985,16986],{"slug":7055,"name":7056},{"slug":578,"name":579},{"slug":910,"name":911},{"slug":16987,"name":16988},"south-america","South America",[16990],{"slug":544,"name":543,"content":16991},{"job_title":557,"image":16992,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":16994},[16995,17000,17005,17024,17031,17036,17047,17053,17080,17085,17090,17095,17100,17105,17110,17115,17128],{"type":594,"attrs":16996,"content":16997},{"textAlign":49},[16998],{"text":16999,"type":599},"Three waste piles from Sigma Lithium’s Grota do Cirilo lithium mine in Brazil have been shut down following a government inspection which found them to pose a risk to workers and the local community.",{"type":594,"attrs":17001,"content":17002},{"textAlign":49},[17003],{"text":17004,"type":599},"Although Sigma contests the ruling, this adds an extra layer of difficulty for the miner which had only just ramped production back up after an operational pause to upgrade the mine from late September 2025 through to October and much of November.",{"type":594,"attrs":17006,"content":17007},{"textAlign":49},[17008,17010,17016,17018,17023],{"text":17009,"type":599},"This pause in operation tightened global spodumene concentrate spot availability, at a time when reduced supply responsiveness to an ",{"text":17011,"type":599,"marks":17012},"improving demand picture",[17013],{"type":604,"attrs":17014},{"href":17015,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china",{"text":17017,"type":599}," was already leading to ",{"text":17019,"type":599,"marks":17020},"increases in lithium prices",[17021],{"type":604,"attrs":17022},{"href":16579,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":627,"attrs":17025},{"id":17026,"body":17027},"57cad969-22cf-44cf-b91f-c7205d9c4f62",[17028],{"id":17029,"_uid":17030,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27244419","i-5de41f89-a346-4cbd-b995-d248852643c4",{"type":657,"attrs":17032,"content":17033},{"level":15966,"textAlign":49},[17034],{"text":17035,"type":599},"What role does Sigma Lithium play in Brazil’s lithium industry?",{"type":594,"attrs":17037,"content":17038},{"textAlign":49},[17039,17045],{"text":17040,"type":599,"marks":17041},"Sigma Lithium’s Grota do Cirilo",[17042],{"type":604,"attrs":17043},{"href":17044,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/sigma-lithium-on-building-out-lithium-production-in-brazil",{"text":17046,"type":599}," began operations in 2023, becoming Brazil’s largest lithium mine. In 2025, the mine accounted for around 60% of the country’s lithium output.",{"type":627,"attrs":17048},{"id":17026,"body":17049},[17050],{"id":17051,"_uid":17052,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27244096","i-f7dcc71b-cc3e-4722-a5f0-484783bc298a",{"type":594,"attrs":17054,"content":17055},{"textAlign":49},[17056,17058,17064,17066,17071,17073,17079],{"text":17057,"type":599},"In Q2 2025, it produced about 68kt of concentrate but sold only 40kt, accumulating around 28kt tonnes in ",{"text":17059,"type":599,"marks":17060},"inventory",[17061],{"type":604,"attrs":17062},{"href":17063,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-chemical-prices-fall-as-inventory-builds",{"text":17065,"type":599}," whilst prices were falling. In Q3 2025, Sigma’s ~49kt of sales exceeded its estimated 44kt of production, confirming the company’s use of ",{"text":17059,"type":599,"marks":17067},[17068],{"type":604,"attrs":17069},{"href":17070,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/decoding-lithium-inventories-using-benchmarks-data-to-anticipate-price-moves",{"text":17072,"type":599}," as a buffer and allowing Sigma to time shipments against ",{"text":17074,"type":599,"marks":17075},"price volatility",[17076],{"type":604,"attrs":17077},{"href":17078,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/direct-spodumene-hedging-becomes-essential-amid-lithium-market-decoupling",{"text":974,"type":599},{"type":594,"attrs":17081,"content":17082},{"textAlign":49},[17083],{"text":17084,"type":599},"In late September, Sigma paused production at the mine to terminate contractor mining arrangements and move to an owner-operator model, increase its mining fleet size, and incorporate the Greentech 3.0 dense media separation plant which is reported to have recovery rates above 70%. During this time, Sigma has focused on selling inventory.",{"type":594,"attrs":17086,"content":17087},{"textAlign":49},[17088],{"text":17089,"type":599},"The pause meant the full phase 1 nameplate capacity of 270ktpa (36ktpa LCE) was not fully available to the market in 2025. Sigma’s Phase 2 increase to 520ktpa (72ktpa LCE) has also been pushed to the end of 2026, further reducing available Brazilian tonnes.",{"type":594,"attrs":17091,"content":17092},{"textAlign":49},[17093],{"text":17094,"type":599},"So far in January 2026, Sigma has supplemented its sales of concentrate inventory with the sale of lower-grade lithium fines. It sold 100kt of lithium fines at around US$125 per tonne, generating roughly US$11 million, while disclosing a remaining fines stockpile of approximately 850kt tonnes on site. Such a strategy could signal liquidity concerns as Sigma is effectively destocking sub-economic material to bridge cash flow while it rebuilds run-rate mining volumes.",{"type":657,"attrs":17096,"content":17097},{"level":15966,"textAlign":49},[17098],{"text":17099,"type":599},"What other challenges is Sigma Lithium facing in Brazil?",{"type":594,"attrs":17101,"content":17102},{"textAlign":49},[17103],{"text":17104,"type":599},"If the Brazilian Labour Ministry’s shutdown of three waste piles becomes a long term restriction, this could have operational impacts on Sigma as dry-stacked waste facilities are integral to normal stripping and processing.",{"type":594,"attrs":17106,"content":17107},{"textAlign":49},[17108],{"text":17109,"type":599},"Additionally, the Federal Public Ministry is pursuing legal action against Sigma Lithium seeking suspension of licences across the Jequitinhonha Valley, which could potentially also affect other companies such as CBL and AMG, citing alleged breaches of ILO Convention 169 (Indigenous and Tribal Peoples Convention) and water-related impacts. This raises the prospect of court-ordered curtailments that sit outside corporate control.",{"type":657,"attrs":17111,"content":17112},{"level":15966,"textAlign":49},[17113],{"text":17114,"type":599},"What impact could this have on prices?",{"type":594,"attrs":17116,"content":17117},{"textAlign":49},[17118,17120,17126],{"text":17119,"type":599},"For the wider sector, especially ",{"text":17121,"type":599,"marks":17122},"Chinese converters",[17123],{"type":604,"attrs":17124},{"href":17125,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/spodumene-prices-pressure-processors",{"text":17127,"type":599},", issues at Grota do Cirilo translate into fewer reliable, high-grade Brazilian tonnes in 2026 than headline capacity projections would imply. This increases China’s reliance on existing Australian and emerging African sources and reduces short-term supply elasticity just as demand continues to rise. Between January and October 2025, Brazil accounted for ~5% of China’s spodumene concentrate imports.",{"type":594,"attrs":17129,"content":17130},{"textAlign":49},[17131,17133,17138],{"text":17132,"type":599},"As previously reported, reduced supply elasticity means that ",{"text":17134,"type":599,"marks":17135},"price becomes the primary balancing force",[17136],{"type":604,"attrs":17137},{"href":16579,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17139,"type":599}," for the market.","Three waste piles from Sigma Lithium’s Grota do Cirilo lithium mine in Brazil have been shut down following a government inspection which found them to pose a risk to workers and the local community. Although Sigma contests the ruling, this adds an extra layer of difficulty for the miner which had only just ramped production ...",[17142],{"slug":4578,"name":4479,"content":17143},{"job_title":4580,"image":17144,"bio":4583,"linkedin":4584,"markets_covered":8},{"filename":4582},[17146,17147],{"slug":872,"name":873},{"slug":878,"name":8},{"id":17149,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17150,"copyright":547,"fieldtype":553,"meta_data":17151,"is_external_url":50},136731724972053,"https://a.storyblok.com/f/287943243085208/1588x1478/b58afede39/social-sigma-brazil-2x.png",{},{"id":17153,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17154,"copyright":547,"fieldtype":553,"meta_data":17155,"is_external_url":50},136731839868957,"https://a.storyblok.com/f/287943243085208/1200x675/deb611db7d/sigma-160223-24.jpg",{},"Three waste piles from Sigma Lithium’s Grota do Cirilo lithium mine in Brazil have been shut down following a government inspection which found them to pose a risk to workers and the local community. Although Sigma contests the ruling, this adds an extra ","Jan 16, 2026",{"id":17159,"uuid":15042,"name":17160,"slug":17161,"full_slug":17162,"content":17163},133953797589100,"In charts: Copper’s shifting trade flows","in-charts-coppers-shifting-trade-flows","article/in-charts-coppers-shifting-trade-flows",{"_uid":17164,"date":17165,"tags":17166,"editor":17175,"content":17179,"excerpt":17454,"featured":51,"reporter":17455,"_editable":17456,"component":864,"seo_title":17160,"categories":17457,"visibility":2091,"author_company":547,"data_vis_image":17460,"featured_image":17463,"seo_description":17466,"author_full_name":547,"author_job_title":547,"formattedDate":17467},"26e8173a-9b83-4855-a3ff-8691779a974f","2026-01-14 12:00",[17167,17169,17170,17171,17172,17173,17174],{"slug":17168,"name":13351},"chile",{"slug":913,"name":914},{"slug":15020,"name":15021},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":7052,"name":7053},{"slug":1375,"name":1376},[17176],{"slug":544,"name":543,"content":17177},{"job_title":557,"image":17178,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":17180},[17181,17201,17212,17217,17245,17272,17280,17285,17290,17298,17303,17308,17321,17329,17339,17344,17352,17357,17370,17375,17383,17388,17401,17406,17411,17416,17424,17429,17436,17443],{"type":594,"attrs":17182,"content":17183},{"textAlign":49},[17184,17186,17192,17194,17200],{"text":17185,"type":599},"Over the last year, the global copper market has been largely shaped by ",{"text":17187,"type":599,"marks":17188},"US tariffs",[17189],{"type":604,"attrs":17190},{"href":17191,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tariff-fears-drove-us-refined-copper-imports-to-record-high-in-july",{"text":17193,"type":599}," and the resulting ",{"text":17195,"type":599,"marks":17196},"arbitrage opportunities",[17197],{"type":604,"attrs":17198},{"href":17199,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lme-cme-arbitrage-continues-to-be-broad-on-forward-curve",{"text":974,"type":599},{"type":594,"attrs":17202,"content":17203},{"textAlign":49},[17204,17206,17211],{"text":17205,"type":599},"Here, Benchmark Source charts the shifting of copper trade flows using trade data and expert insights from ",{"text":17207,"type":599,"marks":17208},"Benchmark’s Copper Service",[17209],{"type":604,"attrs":17210},{"href":16334,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":17213,"content":17214},{"level":15966,"textAlign":49},[17215],{"text":17216,"type":599},"Tariff fears see US imports increase",{"type":594,"attrs":17218,"content":17219},{"textAlign":49},[17220,17222,17228,17230,17235,17237,17243],{"text":17221,"type":599},"US President Donald Trump’s ",{"text":17223,"type":599,"marks":17224},"Section 232 investigation",[17225],{"type":604,"attrs":17226},{"href":17227,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/president-trump-orders-probe-into-copper-imports",{"text":17229,"type":599}," on copper last year saw the ",{"text":9655,"type":599,"marks":17231},[17232],{"type":604,"attrs":17233},{"href":17234,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/president-trump-set-to-impose-50-tariff-on-copper",{"text":17236,"type":599}," of a ",{"text":17238,"type":599,"marks":17239},"50% tariff on imports",[17240],{"type":604,"attrs":17241},{"href":17242,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/copper-market-grapples-with-implications-of-50-copper-tariff",{"text":17244,"type":599},". This sent the market into a frenzy, with CME-LME arbitrage shooting up and imports into the US increasing in anticipation.",{"type":594,"attrs":17246,"content":17247},{"textAlign":49},[17248,17250,17255,17257,17263,17265,17271],{"text":17249,"type":599},"Although it was later announced that the tariffs would ",{"text":17251,"type":599,"marks":17252},"not impact refined copper",[17253],{"type":604,"attrs":17254},{"href":16367,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17256,"type":599},", the fear of potential US tariffs has ",{"text":17258,"type":599,"marks":17259},"dramatically shifted global trade flows of copper",[17260],{"type":604,"attrs":17261},{"href":17262,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-import-data-shows-changing-growing-copper-flows-into-the-us",{"text":17264,"type":599},". An update on the tariffs is due 30 June 2026, with many ",{"text":17266,"type":599,"marks":17267},"expecting refined copper to be included",[17268],{"type":604,"attrs":17269},{"href":17270,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/arbitrage-opens-on-copper-forward-curve-after-white-house-hints-at-phased-in-copper-cathode-tariff",{"text":974,"type":599},{"type":627,"attrs":17273},{"id":17274,"body":17275},"a46a7f45-5dc6-4ee2-b64e-2b961f2b44ce",[17276],{"id":17277,"_uid":17278,"type":634,"_editable":17279,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27194073","i-f07bcf5d-ada0-4102-b2b1-a4b5eb8bf349","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f07bcf5d-ada0-4102-b2b1-a4b5eb8bf349\", \"id\": \"\"}-->",{"type":594,"attrs":17281,"content":17282},{"textAlign":49},[17283],{"text":17284,"type":599},"The latest US trade data show 97kt of copper entering the country in October 2024 – the lowest since February, but still well above pre‑2025 norms. This lifts 2025 imports to 1.4Mt, even without November and December data, versus 921kt for all of 2024.",{"type":594,"attrs":17286,"content":17287},{"textAlign":49},[17288],{"text":17289,"type":599},"Sources have also told Benchmark that they expect to see imports into the US remaining elevated, with some suggesting they may rise again in the December data and onward. This is because traders and smelters have been able to position themselves in a way that has freed up more units to send to America. The data shows the majority of imports continue to come from Chile.",{"type":627,"attrs":17291},{"id":17292,"body":17293},"af3204bb-2c7b-4f6e-9ca9-b956cefd4ccf",[17294],{"id":17295,"_uid":17296,"type":634,"_editable":17297,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27194336","i-fcef6e87-fc83-4970-a320-bdf39d9cce37","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-fcef6e87-fc83-4970-a320-bdf39d9cce37\", \"id\": \"\"}-->",{"type":657,"attrs":17299,"content":17300},{"level":15966,"textAlign":49},[17301],{"text":17302,"type":599},"Arbitrage and increased smelting capacity see China increase exports",{"type":594,"attrs":17304,"content":17305},{"textAlign":49},[17306],{"text":17307,"type":599},"Chinese refined copper exports hit 143kt in November 2025, the second-highest level of monthly exports from the country on record.",{"type":594,"attrs":17309,"content":17310},{"textAlign":49},[17311,17313,17319],{"text":17312,"type":599},"Notably, the US has become a significant destination for copper exported from China. The vast majority of this, however, will have been previously delivered into China rather than produced in China. The enticement of ",{"text":17314,"type":599,"marks":17315},"large premiums",[17316],{"type":604,"attrs":17317},{"href":17318,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/premiums-across-the-across-the-globe-hit-unprecedented-levels",{"text":17320,"type":599}," and arbitrage pulled material out of China and to the US.",{"type":627,"attrs":17322},{"id":17323,"body":17324},"bece8365-d91f-46ac-921e-52c18e272f1e",[17325],{"id":17326,"_uid":17327,"type":634,"_editable":17328,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27194022","i-4e41dcb5-1f64-4d4c-8348-2ed91fd3005d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4e41dcb5-1f64-4d4c-8348-2ed91fd3005d\", \"id\": \"\"}-->",{"type":594,"attrs":17330,"content":17331},{"textAlign":49},[17332,17337],{"text":17333,"type":599,"marks":17334},"High prices",[17335],{"type":604,"attrs":17336},{"href":16347,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17338,"type":599}," have also drawn material out of China. Chinese sellers of copper are often very price sensitive and will sell to the global market when prices are high, and import when they are low. During periods of high prices in 2025, trade data implied increased deliveries into the LME, with South Korea and Taiwan receiving more copper in those periods.",{"type":594,"attrs":17340,"content":17341},{"textAlign":49},[17342],{"text":17343,"type":599},"China has also increased its smelting capacity ~11% in 2025 compared to 2024, increasing the availability of material for export.",{"type":627,"attrs":17345},{"id":17346,"body":17347},"7a627a5a-31e8-40f9-ba6a-e40a47088de1",[17348],{"id":17349,"_uid":17350,"type":634,"_editable":17351,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27194874","i-72705a6b-60e8-4db4-a991-6ac4ac2cc24f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-72705a6b-60e8-4db4-a991-6ac4ac2cc24f\", \"id\": \"\"}-->",{"type":657,"attrs":17353,"content":17354},{"level":15966,"textAlign":49},[17355],{"text":17356,"type":599},"Chile increases exports to US at expense of other destinations",{"type":594,"attrs":17358,"content":17359},{"textAlign":49},[17360,17362,17368],{"text":17361,"type":599},"As more ",{"text":17363,"type":599,"marks":17364},"copper from Chile",[17365],{"type":604,"attrs":17366},{"href":17367,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-do-chiles-recent-election-results-mean-for-the-lithium-and-copper-industries",{"text":17369,"type":599}," heads to the US, less is available in other markets. Despite Chilean copper exports falling 13% year-on-year, its exports to the US increased 28%. By contrast, Europe and China saw notable reductions.",{"type":594,"attrs":17371,"content":17372},{"textAlign":49},[17373],{"text":17374,"type":599},"Chinese imports of Chilean copper decreased both as its smelting capacity increased, but also were likely impacted by high premiums and arbitrage dragging copper to the US.",{"type":627,"attrs":17376},{"id":17377,"body":17378},"30091579-d154-4859-bdde-3b8029c43b89",[17379],{"id":17380,"_uid":17381,"type":634,"_editable":17382,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27193112","i-db2f28d9-ae2c-47b5-b90a-93d62043ee1e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-db2f28d9-ae2c-47b5-b90a-93d62043ee1e\", \"id\": \"\"}-->",{"type":657,"attrs":17384,"content":17385},{"level":15966,"textAlign":49},[17386],{"text":17387,"type":599},"Europe beginning to accept Chinese copper",{"type":594,"attrs":17389,"content":17390},{"textAlign":49},[17391,17393,17399],{"text":17392,"type":599},"With less Chilean material available, ",{"text":17394,"type":599,"marks":17395},"Europe is looking to other sources",[17396],{"type":604,"attrs":17397},{"href":17398,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-turns-to-drc-copper-as-us-draws-record-chilean-imports",{"text":17400,"type":599}," with contacts reporting to Benchmark that Chinese material is increasingly available in Europe, and at competitive premiums compared to South American material, which is often CME deliverable.",{"type":594,"attrs":17402,"content":17403},{"textAlign":49},[17404],{"text":17405,"type":599},"In 2025, China exported 37kt of refined copper to Europe (up to November), with 23kt of this being exported in November. This compares to just 2kt in 2024.",{"type":594,"attrs":17407,"content":17408},{"textAlign":49},[17409],{"text":17410,"type":599},"Imports of copper from Singapore have also increased notably, hitting 30kt in 2025 (up to November) against 14kt the year before. Benchmark’s sources state that virtually all LME material in Singapore in 2025 was of Chinese origin.",{"type":594,"attrs":17412,"content":17413},{"textAlign":49},[17414],{"text":17415,"type":599},"The increase in shipments of Chinese copper shows that European market participants are increasingly willing to accept material that they had previously not taken.",{"type":627,"attrs":17417},{"id":17418,"body":17419},"e7909cec-461c-4286-87b4-9d5559f1170f",[17420],{"id":17421,"_uid":17422,"type":634,"_editable":17423,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27193212","i-542c0e6f-e1b0-4d2a-8608-7d094a761ba2","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-542c0e6f-e1b0-4d2a-8608-7d094a761ba2\", \"id\": \"\"}-->",{"type":657,"attrs":17425,"content":17426},{"level":15966,"textAlign":49},[17427],{"text":17428,"type":599},"Unlock granular market visibility with Benchmark’s Copper Service ",{"type":594,"attrs":17430,"content":17431},{"textAlign":49},[17432],{"text":17433,"type":599,"marks":17434},"This insight draws from Benchmark extensive Copper Service, featuring supply, demand, cost and price data. Bringing clarity to copper’s future at the heart of the energy transition, this subscription facilitates smarter investment decisions and successful strategy.",[17435],{"type":643},{"type":594,"attrs":17437,"content":17438},{"textAlign":49},[17439],{"text":17440,"type":599,"marks":17441},"To learn more, submit your details below and our team will be in touch:",[17442],{"type":643},{"type":627,"attrs":17444},{"id":17445,"body":17446},"fd60594f-72bf-4a13-94b4-f8489e64ede4",[17447],{"id":835,"_uid":17448,"_editable":17449,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":17450,"success_file":17451,"default_height":547,"success_message":547,"v2_hubspot_form":51,"success_sub_text":547,"hidden_field_values":17453},"i-dfa73a69-744a-4b5d-bff1-fe6829c7f731","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-dfa73a69-744a-4b5d-bff1-fe6829c7f731\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":17452},{},[],"Over the last year, the global copper market has been largely shaped by US tariffs and the resulting arbitrage opportunities. Here, Benchmark Source charts the shifting of copper trade flows using trade data and expert insights from Benchmark’s Copper Service. Tariff fears see US imports increase US President Donald Trump’s Section 232 investigation on copper […]",[],"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"26e8173a-9b83-4855-a3ff-8691779a974f\", \"id\": \"\"}-->",[17458,17459],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17461,"copyright":547,"fieldtype":553,"meta_data":17462,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1768384943/www-production/Chile-copper-exports@2x/Chile-copper-exports@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17464,"copyright":547,"fieldtype":553,"meta_data":17465,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4da2f62bcb/bm-copper-cathode.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Over the last year, the global copper market has been largely shaped by US tariffs and the resulting arbitrage opportunities. ","Jan 14, 2026",{"id":17469,"uuid":7601,"name":17470,"slug":17471,"full_slug":17472,"content":17473},133953829226609,"What are the implications of China’s latest rare earth export restrictions on Japan?","what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan","article/what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan",{"_uid":17474,"date":17475,"tags":17476,"editor":17481,"content":17485,"excerpt":17579,"featured":51,"reporter":17580,"_editable":17584,"component":864,"seo_title":17585,"categories":17586,"visibility":2091,"author_company":49,"data_vis_image":17589,"featured_image":17592,"seo_description":17596,"author_full_name":49,"author_job_title":49,"formattedDate":17597},"1c929b19-bacc-450a-80ab-86b178c80828","2026-01-13 00:00",[17477,17478,17479,17480],{"slug":9162,"name":9163},{"slug":913,"name":914},{"slug":578,"name":579},{"slug":6290,"name":2052},[17482],{"slug":544,"name":543,"content":17483},{"job_title":557,"image":17484,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":17486},[17487,17507,17512,17525,17533,17538,17543,17548,17553,17561,17574],{"type":594,"attrs":17488,"content":17489},{"textAlign":49},[17490,17492,17498,17500,17505],{"text":17491,"type":599},"On 6 January 2026, China announced ",{"text":17493,"type":599,"marks":17494},"tighter export controls",[17495],{"type":604,"attrs":17496},{"href":17497,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china",{"text":17499,"type":599}," on dual-use items to Japan, including seven medium and heavy ",{"text":17501,"type":599,"marks":17502},"rare earth elements",[17503],{"type":604,"attrs":17504},{"href":16853,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17506,"type":599}," and any products containing them, including rare earth permanent magnets (REPM).",{"type":594,"attrs":17508,"content":17509},{"textAlign":49},[17510],{"text":17511,"type":599},"Although the policy specifically targets Japanese military users, military end uses, and any end uses deemed to enhance Japan’s military capabilities, it will significantly increase regulatory scrutiny on rare earth oxides, metals, and permanent magnets destined for Japan. This added paperwork burden is likely to disrupt most Japanese companies using Chinese rare earths at least in the short term.",{"type":594,"attrs":17513,"content":17514},{"textAlign":49},[17515,17517,17523],{"text":17516,"type":599},"China accounted for 80% of Japan’s ",{"text":17518,"type":599,"marks":17519},"rare earth",[17520],{"type":604,"attrs":17521},{"href":17522,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rare-earths-enter-new-era-of-price-volatility",{"text":17524,"type":599}," imports and a third of its REPM imports, highlighting the importance of Chinese material to Japanese supply chains.",{"type":627,"attrs":17526},{"id":17527,"body":17528},"b18897ec-e6e2-4215-8cea-9c7df56c9d55",[17529],{"id":17530,"_uid":17531,"type":634,"_editable":17532,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27177175","i-a564727c-19a2-44c3-87a5-62741af8375d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a564727c-19a2-44c3-87a5-62741af8375d\", \"id\": \"\"}-->",{"type":657,"attrs":17534,"content":17535},{"level":15966,"textAlign":49},[17536],{"text":17537,"type":599},"What impact could this have on Japanese companies?",{"type":594,"attrs":17539,"content":17540},{"textAlign":49},[17541],{"text":17542,"type":599},"While military end use has effectively been restricted since the earlier April 2025 export control framework, the January 2026 announcement represents a country-specific tightening. Under the same legal framework, Japanese companies now face stricter license reviews, higher compliance burdens, and greater approval uncertainty compared with other export destinations.",{"type":594,"attrs":17544,"content":17545},{"textAlign":49},[17546],{"text":17547,"type":599},"Japan, like much of the world, remains dependent on China for rare earth raw materials, with reliance even more pronounced for the heavy rare earths, of which over 99% are refined in China. This dependency is particularly acute for magnet producers such as Proterial, Shin-Etsu Chemical, and TDK, all of whom depend on Chinese supplies of NdPr, Dy, and Tb oxides, metals and NdFeB magnets.",{"type":594,"attrs":17549,"content":17550},{"textAlign":49},[17551],{"text":17552,"type":599},"Trade data highlights both dependency and volatility. China’s exports of rare earth oxides and compounds to Japan increased from 4,262 tonnes to 5,380 tonnes year-on-year, a growth of approximately 26%. In 2025, REPM exports dropped sharply between April and June, bottoming at 80 tonnes in May, before rebounding once restrictions eased.",{"type":627,"attrs":17554},{"id":17555,"body":17556},"a59c683a-5746-4bee-93e1-4655bb585bee",[17557],{"id":17558,"_uid":17559,"type":634,"_editable":17560,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27177352","i-c0062a37-bbab-454c-8109-df541e8b6b02","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c0062a37-bbab-454c-8109-df541e8b6b02\", \"id\": \"\"}-->",{"type":594,"attrs":17562,"content":17563},{"textAlign":49},[17564,17566,17572],{"text":17565,"type":599},"The immediate implementation of the January controls raises risks of shipments being detained at ports, disrupting long-term supply contracts between Chinese exporters and Japanese firms. This poses direct risks to downstream OEMs. Proterial produces 2,500–3,000tpa of sintered NdFeB magnets for ",{"text":17567,"type":599,"marks":17568},"traction motors",[17569],{"type":604,"attrs":17570},{"href":17571,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-many-rare-earths-are-needed-to-produce-ev-motors?",{"text":17573,"type":599}," and supplies Toyota, Lexus, Honda, Nissan, and Mazda. Shin-Etsu operates around 3,400tpa of sintered magnet capacity across Japan and Vietnam, supplying Toyota, Subaru, and Suzuki. Any prolonged delays in raw material licensing could constrain magnet output, affecting EV and wind turbine production schedules.",{"type":594,"attrs":17575,"content":17576},{"textAlign":49},[17577],{"text":17578,"type":599},"Japan is investing in heavy rare earth reduction technologies and overseas capacity. Proterial has announced a new mass production line of Dy/Tb free magnets in 2025 and are ramping up through 2026. However, short term substitution of China’s rare earths remains limited. As a result, the January 2026 controls significantly elevate supply risk for Japan’s EV and renewable energy OEMs, reinforcing rare earths as a critical geopolitical vulnerability rather than a purely commercial input.","On 6 January 2026, China announced tighter export controls on dual-use items to Japan, including seven medium and heavy rare earth elements and any products containing them, including rare earth permanent magnets (REPM). Although the policy specifically targets Japanese military users, military end uses, and any end uses deemed to enhance Japan’s military capabilities, it […]",[17581],{"slug":1545,"name":1546,"content":17582},{"job_title":1548,"image":17583,"bio":1551,"linkedin":1552,"markets_covered":414},{"filename":1550},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1c929b19-bacc-450a-80ab-86b178c80828\", \"id\": \"\"}-->","What are the impacts of China’s REE export restrictions on Japan?",[17587,17588],{"slug":872,"name":873},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17590,"copyright":547,"fieldtype":553,"meta_data":17591,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1768302709/www-production/Japan-REE-imports@2x/Japan-REE-imports@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":17593,"name":547,"focus":547,"title":17593,"source":547,"filename":17594,"copyright":547,"fieldtype":553,"meta_data":17595,"is_external_url":51},"The Map and Flag of China and Japan","https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1600,c_scale/f_auto,q_auto/v1768302646/www-production/shutterstock_2409785595-1/shutterstock_2409785595-1.jpg?_i=AA",{"alt":17593,"title":17593,"source":547,"copyright":547},"On 6 January 2026, China announced tighter export controls on dual-use items to Japan, including seven medium and heavy rare earth elements and any products containing them, including rare earth permanent magnets (REPM). […]","Jan 13, 2026",{"id":17599,"uuid":17600,"name":17601,"slug":17602,"full_slug":17603,"content":17604},133953845000312,"71a26e56-46b2-4461-a603-3aed2138ff4a","Rio Tinto and Glencore announce merger plans to create world’s largest copper miner ","rio-tinto-and-glencore-announce-merger-plans-to-create-worlds-largest-copper-miner","article/rio-tinto-and-glencore-announce-merger-plans-to-create-worlds-largest-copper-miner",{"_uid":17605,"date":17606,"live":50,"tags":17607,"editor":17614,"content":17618,"excerpt":17757,"featured":51,"reporter":17758,"_editable":17762,"component":864,"seo_title":17763,"categories":17764,"visibility":2091,"author_company":547,"data_vis_image":17767,"featured_image":17769,"seo_description":17772,"author_full_name":547,"author_job_title":547,"formattedDate":17773},"a5cc91f9-c6f1-4abe-9ca2-9c997c11edfd","2026-01-09 00:00",[17608,17609,17610,17613],{"slug":578,"name":579},{"slug":11317,"name":11318},{"slug":17611,"name":17612},"ma","M&A",{"slug":4366,"name":4367},[17615],{"slug":544,"name":543,"content":17616},{"job_title":557,"image":17617,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":17619},[17620,17633,17638,17646,17659,17664,17675,17680,17692,17700,17705,17710,17715,17720,17725,17730,17734,17740,17746],{"type":594,"attrs":17621,"content":17622},{"textAlign":49},[17623,17625,17631],{"text":17624,"type":599},"Rio Tinto and Glencore have announced discussions are taking place between the two companies to merge. The two companies are major copper miners and if the deal comes to fruition, the size of the merger would eclipse that of even ",{"text":17626,"type":599,"marks":17627},"Teck and Anglo American’s proposed merger",[17628],{"type":604,"attrs":17629},{"href":17630,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/anglo-american-and-teck-merger-set-to-become-fifth-biggest-copper-miner",{"text":17632,"type":599},". ",{"type":594,"attrs":17634,"content":17635},{"textAlign":49},[17636],{"text":17637,"type":599},"The statement on Rio Tinto’s website notes, “The parties’ current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a Court-sanctioned scheme of arrangement.” ",{"type":594,"attrs":17639,"content":17640},{"textAlign":49},[17641],{"type":1186,"attrs":17642},{"id":49,"alt":17643,"src":17644,"title":49,"source":49,"copyright":49,"meta_data":17645},"Chart showing that a merged Rio Tinto and Glencore would be the largest copper miner in 2026","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_614,c_scale/f_auto,q_auto/v1767968572/www-production/Glencore-Rio-Tinto/Glencore-Rio-Tinto.png?_i=AA",{},{"type":594,"attrs":17647,"content":17648},{"textAlign":49},[17649,17651,17657],{"text":17650,"type":599},"These talks come after ",{"text":17652,"type":599,"marks":17653},"previous merger discussions between the two miners",[17654],{"type":604,"attrs":17655},{"href":17656,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rio-tinto-and-glencore-talks-reflect-the-industrys-appetite-for-growth",{"text":17658,"type":599}," collapsed in 2024.",{"type":657,"attrs":17660,"content":17661},{"level":15966,"textAlign":49},[17662],{"text":17663,"type":599},"How big would a merged Glencore-Rio Tinto be? ",{"type":594,"attrs":17665,"content":17666},{"textAlign":49},[17667,17669,17673],{"text":17668,"type":599},"The two companies have various other assets but would be a significant copper miner. ",{"text":17207,"type":599,"marks":17670},[17671],{"type":604,"attrs":17672},{"href":16334,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17674,"type":599}," shows that their combined 2026 production would be over 1.6mt of production, higher than any other company globally ",{"type":594,"attrs":17676,"content":17677},{"textAlign":49},[17678],{"text":17679,"type":599},"Glencore’s Collahuasi mine in Chile and Rio Tinto’s Oyu Tolgoi in Mongolia are both set for significant increases in production in the coming years too, meaning the copper production of a merged Rio Tinto and Glencore would remain incredibly significant for years to come. ",{"type":594,"attrs":17681,"content":17682},{"textAlign":49},[17683,17685,17690],{"text":17684,"type":599},"Interest in copper has been rising in recent years, with demand for the metal from accelerating global electrification efforts outpacing project pipelines meaning prices may rise. ",{"text":17686,"type":599,"marks":17687},"Copper prices surpassed $13,000/t",[17688],{"type":604,"attrs":17689},{"href":16347,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17691,"type":599}," for the first time in history on 5 January 2026. ",{"type":627,"attrs":17693},{"id":17694,"body":17695},"9c3d4b2d-a1be-4852-945f-1d25d7126ae1",[17696],{"id":17697,"_uid":17698,"type":634,"_editable":17699,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27141495","i-5a6c63ff-27f2-4cdf-b75c-3efa99cd8796","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5a6c63ff-27f2-4cdf-b75c-3efa99cd8796\", \"id\": \"\"}-->",{"type":594,"attrs":17701,"content":17702},{"textAlign":49},[17703],{"text":17704,"type":599},"New greenfield projects can be challenging and financially arduous, hence the current spate of merger interest. ",{"type":594,"attrs":17706,"content":17707},{"textAlign":49},[17708],{"text":17709,"type":599},"The merger would be beneficial for both companies but wouldn’t necessarily alleviate supply concerns, as it would be consolidating production rather than creating new production. ",{"type":594,"attrs":17711,"content":17712},{"textAlign":49},[17713],{"text":17714,"type":599},"This news follows Glencore’s recent statements regarding their growing copper mining capacity. The company was already aiming for around 1.6mt of production by 2035, which would position Glencore to be one of the largest copper miners in the coming years even without the merger. ",{"type":594,"attrs":17716,"content":17717},{"textAlign":49},[17718],{"text":17719,"type":599},"Glencore forecast that a significant amount of that growth will come from projects in Argentina, with El Pachón and Agua Rica significantly contributing to the expected production growth. ",{"type":594,"attrs":17721,"content":17722},{"textAlign":49},[17723],{"text":17724,"type":599},"Glencore did, however, lower their guidance for 2026 to 840kt from 930kt, partly due to challenges at Collahuasi. Benchmark had already forecasted Glencore’s 2026 production lower than their guidance at 879kt of attributable production, however, this new guidance is lower than that forecast. ",{"type":594,"attrs":17726,"content":17727},{"textAlign":49},[17728],{"text":17729,"type":599},"If this merger goes ahead along with the Anglo American-Teck merger announced in September 2025, also with a large focus on copper, then two of the six largest copper miners would have been formed by recent mergers. ",{"type":657,"attrs":17731,"content":17732},{"level":15966,"textAlign":49},[17733],{"text":17428,"type":599},{"type":594,"attrs":17735,"content":17736},{"textAlign":49},[17737],{"text":17433,"type":599,"marks":17738},[17739],{"type":643},{"type":594,"attrs":17741,"content":17742},{"textAlign":49},[17743],{"text":17440,"type":599,"marks":17744},[17745],{"type":643},{"type":627,"attrs":17747},{"id":17748,"body":17749},"7411e5ce-0406-488f-9bb9-a23b19b9a13f",[17750],{"id":835,"_uid":17751,"_editable":17752,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":17753,"success_file":17754,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":17756,"show_on_intelligence":51},"i-c1b4a672-4c42-409f-aa13-08db50b36e24","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-c1b4a672-4c42-409f-aa13-08db50b36e24\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":17755},{},[],"Rio Tinto and Glencore have announced discussions are taking place between the two companies to merge. The two companies are major copper miners and if the deal comes to fruition, the size of the merger would eclipse that of even Teck and Anglo American’s proposed merger. The statement on Rio Tinto’s website notes, “The parties’ current expectation is […]",[17759],{"slug":15236,"name":15237,"content":17760},{"job_title":15239,"image":17761,"bio":15242,"linkedin":15243,"markets_covered":870},{"filename":15241},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a5cc91f9-c6f1-4abe-9ca2-9c997c11edfd\", \"id\": \"\"}-->","Rio Tinto and Glencore announce merger plans to create world’s...",[17765,17766],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":17768},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17770,"copyright":547,"fieldtype":553,"meta_data":17771,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767969170/www-production/Lomas-Bayas-Copper-mine/Lomas-Bayas-Copper-mine.jpg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},"Rio Tinto and Glencore have announced discussions are taking place between the two companies to merge. The two companies are major copper miners and if the deal comes to fruition, the size of the merger would eclipse that of even ...","Jan 09, 2026",{"id":17775,"uuid":17776,"name":17777,"slug":17778,"full_slug":17779,"content":17780},133953837033587,"b30cf2f8-8f83-40e9-8d1f-5775ac7c0b60","China reduces import tariffs for recycled black mass","china-reduces-import-tariffs-for-recycled-black-mass","article/china-reduces-import-tariffs-for-recycled-black-mass",{"_uid":17781,"date":17606,"tags":17782,"editor":17786,"content":17790,"excerpt":17896,"featured":51,"reporter":17897,"_editable":17901,"component":864,"seo_title":17777,"categories":17902,"visibility":2091,"author_company":49,"data_vis_image":17905,"featured_image":17908,"seo_description":17911,"author_full_name":49,"author_job_title":49,"formattedDate":17773},"8acb4f1e-197a-4ba8-a8c8-af7996777a03",[17783,17784,17785],{"slug":10440,"name":373},{"slug":913,"name":914},{"slug":578,"name":579},[17787],{"slug":544,"name":543,"content":17788},{"job_title":557,"image":17789,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":17791},[17792,17797,17809,17821,17829,17834,17847,17852,17865,17870,17883,17888],{"type":594,"attrs":17793,"content":17794},{"textAlign":49},[17795],{"text":17796,"type":599},"China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5%, representing a significant drop in the costs of importing the material into the country.",{"type":594,"attrs":17798,"content":17799},{"textAlign":49},[17800,17802,17808],{"text":17801,"type":599},"China had an excess black mass refining capacity of 1.5 million tonnes in 2025 and this is set to grow to 5.3 million tonnes by 2030. The tariff reduction could increase the availability of black mass to China’s refiners, though potentially at the expense of those in ",{"text":17803,"type":599,"marks":17804},"Europe and North America",[17805],{"type":604,"attrs":17806},{"href":17807,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-charts-comparing-the-european-and-north-american-black-mass-markets",{"text":974,"type":599},{"type":594,"attrs":17810,"content":17811},{"textAlign":49},[17812,17814,17819],{"text":17813,"type":599},"“The revised import tariffs highlight China’s need to gain access to more black mass feedstock to fuel its world-leading recycling infrastructure,” said ",{"text":5734,"type":599,"marks":17815},[17816],{"type":604,"attrs":17817},{"href":17818,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/what-are-the-recent-global-trends-for-the-recycling-industry",{"text":17820,"type":599},", Benchmark’s battery recycling technology lead. “This will enable China to maintain its control over global critical mineral supply and enhance recycler profit margins.”",{"type":627,"attrs":17822},{"id":17823,"body":17824},"3c4102dd-e9ba-4549-8c9c-e6d965c9fab9",[17825],{"id":17826,"_uid":17827,"type":634,"_editable":17828,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27144399","i-933b1bc0-e0b8-4b39-9081-8b1f488fe82b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-933b1bc0-e0b8-4b39-9081-8b1f488fe82b\", \"id\": \"\"}-->",{"type":657,"attrs":17830,"content":17831},{"level":15966,"textAlign":49},[17832],{"text":17833,"type":599},"Where does China get black mass from?",{"type":594,"attrs":17835,"content":17836},{"textAlign":49},[17837,17839,17845],{"text":17838,"type":599},"The move follows the Chinese government’s decision to ",{"text":17840,"type":599,"marks":17841},"legalise the importation of black mass in August 2025",[17842],{"type":604,"attrs":17843},{"href":17844,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions",{"text":17846,"type":599},". Although black mass is now legally entering the country as a result of this change, clearance at customs is scrupulous, typically lasting between 5-10 days. This is due to the strict content requirements, especially for water-soluble fluoride and heavy metals, which have meant that a large portion of batches have been rejected.",{"type":594,"attrs":17848,"content":17849},{"textAlign":49},[17850],{"text":17851,"type":599},"Due to the stringent requirements set out in Chinese legislation, some Chinese buyers are using subsidiaries and third parties to procure overseas material to avoid regulatory scrutiny. As of now, most players are carrying out limited overseas procurement as they ‘test the water’ with smaller volume transactions of high-quality production scrap feed black mass.",{"type":594,"attrs":17853,"content":17854},{"textAlign":49},[17855,17857,17863],{"text":17856,"type":599},"Most of China’s black mass imports originate from ASEAN (Association of Southeast Asian Nations) countries, which already benefit from zero-tariff treatment. As a result, the impact of this tariff amendment on those nations is likely to be negligible. Trade with Europe (for ",{"text":17858,"type":599,"marks":17859},"product status",[17860],{"type":604,"attrs":17861},{"href":17862,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage",{"text":17864,"type":599}," material) and North America will be more significantly affected.",{"type":594,"attrs":17866,"content":17867},{"textAlign":49},[17868],{"text":17869,"type":599},"In these affected regions, Benchmark expects that the changes will extend the purchasing power advantage of Chinese buyers over their competition, enabling them to seize more of the feedstock supply available globally and raise domestic utilisation rates.",{"type":594,"attrs":17871,"content":17872},{"textAlign":49},[17873,17875,17881],{"text":17874,"type":599},"Payables for ",{"text":17876,"type":599,"marks":17877},"NCM black mass from EOL feedstock",[17878],{"type":604,"attrs":17879},{"href":17880,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-is-black-mass-and-how-is-it-priced",{"text":17882,"type":599}," currently sit at 80–82% on an EXW North America basis and 73–83% on an EXW Europe basis, depending on whether material receives product or hazardous waste status.",{"type":594,"attrs":17884,"content":17885},{"textAlign":49},[17886],{"text":17887,"type":599},"“It is probable that the cut in import tariffs will facilitate more material entering China as domestic buyers outcompete those overseas, however, we foresee rising lithium chemical prices will have a more significant effect on payables in the near term,” said Frederick Bloomfield, a senior black mass pricing analyst at Benchmark.",{"type":627,"attrs":17889},{"id":17890,"body":17891},"b5d9c256-b041-4cf8-9d98-8b29c49cb66e",[17892],{"id":17893,"_uid":17894,"type":634,"_editable":17895,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27144276","i-c6672237-bf4e-4794-bd91-9b981b36f079","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c6672237-bf4e-4794-bd91-9b981b36f079\", \"id\": \"\"}-->","China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5%, representing a significant drop in the costs of importing the material into the country. […]",[17898],{"slug":5723,"name":5724,"content":17899},{"job_title":5726,"image":17900,"bio":5729,"linkedin":5730,"markets_covered":5731},{"filename":5728},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8acb4f1e-197a-4ba8-a8c8-af7996777a03\", \"id\": \"\"}-->",[17903,17904],{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17906,"copyright":547,"fieldtype":553,"meta_data":17907,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767977541/www-production/Copy-of-Recycling-regional-capacity-balance@2x/Copy-of-Recycling-regional-capacity-balance@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17909,"copyright":547,"fieldtype":553,"meta_data":17910,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4094602522/bm-adobestock-438850427.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5% […]",{"id":17913,"uuid":15109,"name":17914,"slug":17915,"full_slug":17916,"content":17917},133953860720762,"Copper price hits record $13,000/t as rally continues","copper-price-hits-record-13000-t-as-rally-continues","article/copper-price-hits-record-13000-t-as-rally-continues",{"_uid":17918,"date":17919,"tags":17920,"editor":17922,"content":17926,"excerpt":18080,"featured":51,"reporter":18081,"_editable":18085,"component":864,"seo_title":17914,"categories":18086,"visibility":2091,"author_company":49,"data_vis_image":18089,"featured_image":18091,"seo_description":18093,"author_full_name":49,"author_job_title":49,"formattedDate":18094},"0638feed-5f5a-41a7-98b1-906cf477ab16","2026-01-07 00:00",[17921],{"slug":15020,"name":15021},[17923],{"slug":544,"name":543,"content":17924},{"job_title":557,"image":17925,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":17927},[17928,17940,17952,17960,17965,17990,18029,18042,18047,18052,18057,18063,18069],{"type":594,"attrs":17929,"content":17930},{"textAlign":49},[17931,17933,17938],{"text":17932,"type":599},"Copper ",{"text":15265,"type":599,"marks":17934},[17935],{"type":604,"attrs":17936},{"href":17937,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lme-copper-forward-curve-hits-record-high",{"text":17939,"type":599}," set a new record on 6 January, with the LME cash copper price reaching almost $13,300/t, having pushed above $13,000/t for the first time in history on Monday 5 January 2026. As recently as 15 December, prices had not yet broken $12,000/t, underscoring the speed and scale of the latest increase.",{"type":594,"attrs":17941,"content":17942},{"textAlign":49},[17943,17945,17950],{"text":17944,"type":599},"Copper has continued to notch repeated all-time highs in recent weeks, ",{"text":17946,"type":599,"marks":17947},"with prices now up",[17948],{"type":604,"attrs":17949},{"href":17318,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17951,"type":599}," 16% since the start of December, when the market was already trading close to its previous record. Year-on-year, copper is up almost 50%, pushing the market into territory that many participants had not anticipated so soon.",{"type":627,"attrs":17953},{"id":17954,"body":17955},"56137648-9646-4b7c-aa4d-db2a0fa59b92",[17956],{"id":17957,"_uid":17958,"type":634,"_editable":17959,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27110467","i-55e39dc3-c3a1-4af1-82eb-bf0944055a8c","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-55e39dc3-c3a1-4af1-82eb-bf0944055a8c\", \"id\": \"\"}-->",{"type":657,"attrs":17961,"content":17962},{"level":15966,"textAlign":49},[17963],{"text":17964,"type":599},"What is driving the copper price rally?",{"type":594,"attrs":17966,"content":17967},{"textAlign":49},[17968,17970,17975,17977,17982,17984,17989],{"text":17969,"type":599},"Market narratives centre on growing policy uncertainty under President Donald Trump’s over ",{"text":17971,"type":599,"marks":17972},"potential copper tariffs",[17973],{"type":604,"attrs":17974},{"href":17191,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17976,"type":599},". This uncertainty ",{"text":17978,"type":599,"marks":17979},"pulled copper into the US",[17980],{"type":604,"attrs":17981},{"href":17262,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17983,"type":599}," and created ",{"text":17985,"type":599,"marks":17986},"fears of tightness elsewhere",[17987],{"type":604,"attrs":17988},{"href":17398,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":17991,"content":17992},{"textAlign":49},[17993,17999,18001,18007,18008,18014,18016,18020,18022,18027],{"text":17994,"type":599,"marks":17995},"Operational issues at major mines",[17996],{"type":604,"attrs":17997},{"href":17998,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lme-week-preview-copper-market-faces-tight-supply-record-prices-and-ma-momentum",{"text":18000,"type":599}," including ",{"text":18002,"type":599,"marks":18003},"Kamoa Kakula in the DRC",[18004],{"type":604,"attrs":18005},{"href":18006,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/kakula-suspension-adds-pressure-to-already-tight-copper-concentrate-market",{"text":3400,"type":599},{"text":18009,"type":599,"marks":18010},"Grasberg in Indonesia",[18011],{"type":604,"attrs":18012},{"href":18013,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/grasberg-supply-shock-to-plunge-refined-copper-market-into-deficit-in-2026-benchmark-analysis-shows",{"text":18015,"type":599},", and El Teniente in ",{"text":13351,"type":599,"marks":18017},[18018],{"type":604,"attrs":18019},{"href":17367,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":18021,"type":599}," have added ",{"text":8449,"type":599,"marks":18023},[18024],{"type":604,"attrs":18025},{"href":18026,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/infographic-q3-results-highlight-challenges-for-major-copper-miners",{"text":18028,"type":599}," on top of the fears of tightness.",{"type":594,"attrs":18030,"content":18031},{"textAlign":49},[18032,18034,18040],{"text":18033,"type":599},"At the same time, sentiment around copper’s long-term role in the energy transition and digital infrastructure build-out has increased general bullishness. Copper’s linkage to AI-related data centre demand and ",{"text":18035,"type":599,"marks":18036},"electrification",[18037],{"type":604,"attrs":18038},{"href":18039,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals",{"text":18041,"type":599}," themes is drawing in new capital, with many market participants pointing to increased activity from funds, rather than physical market interest, as key price drivers.",{"type":594,"attrs":18043,"content":18044},{"textAlign":49},[18045],{"text":18046,"type":599},"Outside interest has also been buoyed by increased media coverage and discussions surrounding copper.",{"type":594,"attrs":18048,"content":18049},{"textAlign":49},[18050],{"text":18051,"type":599},"Some traders and end-users remain sceptical that current price levels are fully justified by fundamentals. For now, however, this caution has done little to slow the bullish momentum driving copper to successive record highs.",{"type":657,"attrs":18053,"content":18054},{"level":15966,"textAlign":49},[18055],{"text":18056,"type":599},"Unlock granular market visibility with Benchmark’s Copper Service",{"type":594,"attrs":18058,"content":18059},{"textAlign":49},[18060],{"text":17433,"type":599,"marks":18061},[18062],{"type":643},{"type":594,"attrs":18064,"content":18065},{"textAlign":49},[18066],{"text":17440,"type":599,"marks":18067},[18068],{"type":643},{"type":627,"attrs":18070},{"id":18071,"body":18072},"a0ff73cd-4d0b-4bdc-a37c-c0091155882a",[18073],{"id":835,"_uid":18074,"_editable":18075,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":18076,"success_file":18077,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":18079},"i-194678e7-f9cc-48e2-b796-9db76f3c78c7","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-194678e7-f9cc-48e2-b796-9db76f3c78c7\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":18078},{},[],"Copper prices set a new record on 6 January, with the LME cash copper price reaching almost $13,300/t, having pushed above $13,000/t for the first time in history on Monday 5 January 2026. As recently as 15 December, prices had not yet broken $12,000/t, underscoring the speed and scale of the latest increase. Copper has […]",[18082],{"slug":15236,"name":15237,"content":18083},{"job_title":15239,"image":18084,"bio":15242,"linkedin":15243,"markets_covered":870},{"filename":15241},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0638feed-5f5a-41a7-98b1-906cf477ab16\", \"id\": \"\"}-->",[18087,18088],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":18090},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":16519,"copyright":547,"fieldtype":553,"meta_data":18092,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Copper prices set a new record on 6 January, with the LME cash copper price reaching almost $13,300/t, having pushed above $13,000/t for the first time in history on Monday 5 January 2026.[…]","Jan 07, 2026",{"id":18096,"uuid":8488,"name":18097,"slug":18098,"full_slug":18099,"content":18100},133953868544123,"Why are lithium prices in China soaring this week?","why-are-lithium-prices-in-china-soaring-this-week","article/why-are-lithium-prices-in-china-soaring-this-week",{"_uid":18101,"date":18102,"tags":18103,"editor":18106,"content":18110,"excerpt":18290,"featured":51,"reporter":18291,"_editable":18295,"component":864,"seo_title":18097,"categories":18296,"visibility":2091,"author_company":49,"data_vis_image":18299,"featured_image":18303,"seo_description":18305,"author_full_name":49,"author_job_title":49,"formattedDate":18306},"68f0d5fe-8c6d-47c3-8e17-7069e0d4f9a3","2026-01-06 00:00",[18104,18105],{"slug":913,"name":914},{"slug":578,"name":579},[18107],{"slug":544,"name":543,"content":18108},{"job_title":557,"image":18109,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":18111},[18112,18124,18148,18156,18161,18166,18171,18176,18184,18189,18201,18213,18218,18223,18228,18233,18238,18243,18248,18256,18268,18273,18278],{"type":594,"attrs":18113,"content":18114},{"textAlign":49},[18115,18117,18122],{"text":18116,"type":599},"Lithium prices in China have risen sharply this week, driven by the convergence of steadily ",{"text":18118,"type":599,"marks":18119},"tightening inventories",[18120],{"type":604,"attrs":18121},{"href":16638,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":18123,"type":599},", improving demand expectations, and improved macroeconomic sentiment.",{"type":594,"attrs":18125,"content":18126},{"textAlign":49},[18127,18129,18135,18140,18141,18146],{"text":18128,"type":599},"Battery-grade lithium carbonate and hydroxide inventories in China have been consistently drawn down since September 2025 and are now lower than at any time in 2025. With inventories depleted, the market has become increasingly sensitive to marginal changes in ",{"text":18130,"type":599,"marks":18131},"demand",[18132],{"type":604,"attrs":18133},{"href":18134,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/catl-revises-2026-production-guidance-up-30-to-1300gwh",{"text":18136,"type":599,"marks":18137},"expectations",[18138],{"type":604,"attrs":18139},{"href":17015,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1440,"type":599},{"text":18142,"type":599,"marks":18143},"supply",[18144],{"type":604,"attrs":18145},{"href":16618,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":18147,"type":599}," fundamentals.",{"type":627,"attrs":18149},{"id":18150,"body":18151},"f7eb13dd-f87d-4022-8520-fd6bbf2305ee",[18152],{"id":18153,"_uid":18154,"type":634,"_editable":18155,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27091265","i-113a5fad-b0fe-4178-9eac-262f648ade8b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-113a5fad-b0fe-4178-9eac-262f648ade8b\", \"id\": \"\"}-->",{"type":657,"attrs":18157,"content":18158},{"level":15966,"textAlign":49},[18159],{"text":18160,"type":599},"Demand expectations firm as policy support is confirmed",{"type":594,"attrs":18162,"content":18163},{"textAlign":49},[18164],{"text":18165,"type":599},"Expectations that China’s central government would provide direct support to consumer demand in 2026 were confirmed on 30 December, when authorities announced an initial RMB62.5 bn ($8.94 bn) consumer subsidy programme, including support for electric vehicles.",{"type":594,"attrs":18167,"content":18168},{"textAlign":49},[18169],{"text":18170,"type":599},"Under the policy, EV trade-in subsidies of up to 12% of a vehicle’s price will be offered, capped at RMB20,000 ($2,860) per vehicle. While the immediate impact on near-term lithium demand is limited, the policy has reinforced confidence across the battery materials supply chain.",{"type":594,"attrs":18172,"content":18173},{"textAlign":49},[18174],{"text":18175,"type":599},"This follows a broader improvement in macroeconomic sentiment in China, as seen by recent RMB strength compared to the US dollar. Together, currency strength and confirmed consumer stimulus have helped shift sentiment from cautious to constructive.",{"type":627,"attrs":18177},{"id":18178,"body":18179},"552a0981-dfe0-4d71-86d8-4b27bd8c4348",[18180],{"id":18181,"_uid":18182,"type":634,"_editable":18183,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27090462","i-a7bf35de-6f5f-4f5d-b388-68387f9b40fd","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a7bf35de-6f5f-4f5d-b388-68387f9b40fd\", \"id\": \"\"}-->",{"type":657,"attrs":18185,"content":18186},{"level":15966,"textAlign":49},[18187],{"text":18188,"type":599},"Permit reforms reduce supply elasticity",{"type":594,"attrs":18190,"content":18191},{"textAlign":49},[18192,18194,18199],{"text":18193,"type":599},"The end of 2025 saw the ",{"text":18195,"type":599,"marks":18196},"cancellation of 27 expired mining licences in Jiangxi",[18197],{"type":604,"attrs":18198},{"href":16638,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":18200,"type":599}," and the introduction of the State Council’s Action Plan for Comprehensive Solid Waste Management. This impacted prices despite no loss of active lithium supply.",{"type":594,"attrs":18202,"content":18203},{"textAlign":49},[18204,18206,18211],{"text":18205,"type":599},"Such measures will not immediately reduce lithium production in China, but will instead reduce the flexibility of lithium supply to respond to improving demand. ",{"text":18207,"type":599,"marks":18208},"Price",[18209],{"type":604,"attrs":18210},{"href":16747,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":18212,"type":599},", rather than rapid supply adjustment, will drive market rebalancing in 2026.",{"type":657,"attrs":18214,"content":18215},{"level":15966,"textAlign":49},[18216],{"text":18217,"type":599},"EXW China prices move first",{"type":594,"attrs":18219,"content":18220},{"textAlign":49},[18221],{"text":18222,"type":599},"The recent rally has been most visible in ex-works China pricing, where domestic sentiment, inventory tightness, and near-term procurement dynamics are most quickly reflected.",{"type":594,"attrs":18224,"content":18225},{"textAlign":49},[18226],{"text":18227,"type":599},"Between mid-December and early January, Benchmark’s lithium carbonate EXW China assessments rose sharply, extending gains already underway before year-end. Hydroxide prices followed a similar trajectory, supported by improving expectations for both EV and energy storage system demand.",{"type":657,"attrs":18229,"content":18230},{"level":15966,"textAlign":49},[18231],{"text":18232,"type":599},"CIF Asia price movements lag EXW China",{"type":594,"attrs":18234,"content":18235},{"textAlign":49},[18236],{"text":18237,"type":599},"Benchmark’s long-term price forecasts are assessed on a CIF Asia basis, rather than EXW China, reflecting international trade flows, logistics, and downstream contract structures.",{"type":594,"attrs":18239,"content":18240},{"textAlign":49},[18241],{"text":18242,"type":599},"The gap between EXW China and CIF Asia pricing remains significant. Domestic Chinese price movements typically lead international markets, but the magnitude and timing of transmission differ materially.",{"type":594,"attrs":18244,"content":18245},{"textAlign":49},[18246],{"text":18247,"type":599},"“CIF Asia prices will gradually edge upwards to narrow the gap to China domestic, but CIF liquidity has been slow to rebound since buyers are reluctant to accept these much higher offers,” Adam Megginson, principal lithium price analyst at Benchmark, said. “Regional spot demand has been weak, with existing contracts covering most consumers’ demands, and the surge in domestic prices has pushed CIF Asia buyers to wait-and-see.”",{"type":627,"attrs":18249},{"id":18250,"body":18251},"2cd4853a-bbbe-4fdc-b757-5c8c0b5c2193",[18252],{"id":18253,"_uid":18254,"type":634,"_editable":18255,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27092402","i-a8fc8fb6-361d-4005-86a8-8acef6213434","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a8fc8fb6-361d-4005-86a8-8acef6213434\", \"id\": \"\"}-->",{"type":594,"attrs":18257,"content":18258},{"textAlign":49},[18259,18260,18266],{"text":2372,"type":599},{"text":18261,"type":599,"marks":18262},"Benchmark Q4 2025 Lithium Forecast",[18263],{"type":604,"attrs":18264},{"href":18265,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/supply-chain-data",{"text":18267,"type":599}," upside demand scenario continues to support higher pricing, with forecasts of $15.00/kg CIF Asia spot in Q1 under upside conditions and a $18.80/kg CIF Asia annual average in 2026, reflecting improving EV penetration, energy storage growth, and constrained supply responsiveness.",{"type":657,"attrs":18269,"content":18270},{"level":15966,"textAlign":49},[18271],{"text":18272,"type":599},"A sentiment-led rally, underpinned by fundamentals",{"type":594,"attrs":18274,"content":18275},{"textAlign":49},[18276],{"text":18277,"type":599},"In summary, lithium prices in China are rising this week not because of a single triggering event, but because inventories are low, demand expectations have improved, and confidence in policy support has been reinforced.",{"type":594,"attrs":18279,"content":18280},{"textAlign":49},[18281,18283,18288],{"text":18282,"type":599},"With constrained supply elasticity and improving sentiment, ",{"text":18284,"type":599,"marks":18285},"price is again the key adjustment variable",[18286],{"type":604,"attrs":18287},{"href":16646,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":18289,"type":599}," in China, and international markets will likely follow.","Lithium prices in China have risen sharply this week, driven by the convergence of steadily tightening inventories, improving demand expectations, and improved macroeconomic sentiment. Battery-grade lithium carbonate and hydroxide inventories in China have been consistently drawn down since September 2025 and are now lower than at any time in 2025. With inventories depleted, the market […]",[18292],{"slug":1094,"name":1095,"content":18293},{"job_title":1097,"image":18294,"bio":1100,"linkedin":1101,"markets_covered":8},{"filename":1099},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"68f0d5fe-8c6d-47c3-8e17-7069e0d4f9a3\", \"id\": \"\"}-->",[18297,18298],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":18300,"name":547,"focus":547,"title":18300,"source":547,"filename":18301,"copyright":547,"fieldtype":553,"meta_data":18302,"is_external_url":51},"EXW lithium carbonate and lithium hydroxide prices in China compared to chemical inventory levels. Chart title: Tightening inventory levels increase price sensitivity to regulatory actions","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767715582/www-production/Socials-Li-carbonate_hydroxide-EXW-China-Price-vs-Inventory@2x/Socials-Li-carbonate_hydroxide-EXW-China-Price-vs-Inventory@2x.png?_i=AA",{"alt":18300,"title":18300,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12226,"copyright":547,"fieldtype":553,"meta_data":18304,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Lithium prices in China have risen sharply this week, driven by the convergence of steadily tightening inventories, improving demand expectations, and improved macroeconomic sentiment.  […]","Jan 06, 2026",{"id":18308,"uuid":972,"name":18309,"slug":18310,"full_slug":18311,"content":18312},133953876527230,"What do the recent Jiangxi permit cancellations mean for the lithium industry?","what-do-the-recent-jiangxi-permit-cancellations-mean-for-the-lithium-industry","article/what-do-the-recent-jiangxi-permit-cancellations-mean-for-the-lithium-industry",{"_uid":18313,"date":18314,"tags":18315,"editor":18318,"content":18322,"excerpt":18440,"featured":51,"reporter":18441,"_editable":18445,"component":864,"seo_title":18446,"categories":18447,"visibility":2091,"author_company":49,"data_vis_image":18450,"featured_image":18452,"seo_description":18454,"author_full_name":49,"author_job_title":49,"formattedDate":18455},"d9c9b965-2f06-4ee5-9455-56090740e67e","2026-01-05 00:00",[18316,18317],{"slug":913,"name":914},{"slug":906,"name":907},[18319],{"slug":544,"name":543,"content":18320},{"job_title":557,"image":18321,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":18323},[18324,18342,18347,18365,18373,18378,18383,18396,18401,18412,18425,18430,18435],{"type":594,"attrs":18325,"content":18326},{"textAlign":49},[18327,18329,18334,18336,18340],{"text":18328,"type":599},"Benchmark’s long-held view that ",{"text":18330,"type":599,"marks":18331},"regulatory enforcement",[18332],{"type":604,"attrs":18333},{"href":16646,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":18335,"type":599}," across China’s lithium sector is consistently tightening, rather than being episodic, was supported by the cancellation of 27 expired mining licences across ",{"text":907,"type":599,"marks":18337},[18338],{"type":604,"attrs":18339},{"href":16618,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":18341,"type":599}," by Chinese regulators in mid-December and the issuance of an Action Plan for Comprehensive Solid Waste Management.",{"type":594,"attrs":18343,"content":18344},{"textAlign":49},[18345],{"text":18346,"type":599},"While neither development removes active lithium supply from the market, together they underline a sustained shift toward stricter supervision of mining activity, environmental compliance, and waste management.",{"type":594,"attrs":18348,"content":18349},{"textAlign":49},[18350,18352,18357,18359,18364],{"text":18351,"type":599},"The news comes as ",{"text":18353,"type":599,"marks":18354},"lithium inventory",[18355],{"type":604,"attrs":18356},{"href":17063,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":18358,"type":599}," levels tighten, increasing market sensitivity to any constraint on supply responsiveness. In such conditions, regulatory actions that affect how supply operates, even without immediate volume loss, can have an outsized influence on ",{"text":18360,"type":599,"marks":18361},"price behaviour",[18362],{"type":604,"attrs":18363},{"href":16747,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":627,"attrs":18366},{"id":18367,"body":18368},"6d7482c3-140c-4ee2-91e7-46f9707cc833",[18369],{"id":18370,"_uid":18371,"type":634,"_editable":18372,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27074157","i-064443cb-7d3a-46cc-a324-56a8f775b40b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-064443cb-7d3a-46cc-a324-56a8f775b40b\", \"id\": \"\"}-->",{"type":657,"attrs":18374,"content":18375},{"level":15966,"textAlign":49},[18376],{"text":18377,"type":599},"Which licences have been cancelled?",{"type":594,"attrs":18379,"content":18380},{"textAlign":49},[18381],{"text":18382,"type":599},"All affected licences had long expired, in some cases as early as 2009, and none represented operating lithium mines. The only mica-related permit referenced, Jiangte’s Shiziling Project, had already ceased production and did not renew its licence after expiry in September 2024. The move is best understood as an enforcement clean-up of dormant or “zombie” mining rights, signalling intent rather than removing tonnes.",{"type":594,"attrs":18384,"content":18385},{"textAlign":49},[18386,18388,18394],{"text":18387,"type":599},"That intent has been building for more than a year. Benchmark first highlighted rising ",{"text":18389,"type":599,"marks":18390},"regulatory risk in Jiangxi in September 2024",[18391],{"type":604,"attrs":18392},{"href":18393,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-the-reported-shutdown-of-catls-mine-mean-for-the-lithium-market",{"text":18395,"type":599},", when CATL’s mine was reported to have shut. This appeared to be asset-specific at the time but, in hindsight, was an early sign of tightening oversight.",{"type":657,"attrs":18397,"content":18398},{"level":15966,"textAlign":49},[18399],{"text":18400,"type":599},"What does the Action Plan for Comprehensive Solid Waste Management mean for lithium?",{"type":594,"attrs":18402,"content":18403},{"textAlign":49},[18404,18406,18411],{"text":18405,"type":599},"In late 2024, amendments to China’s Mineral Resources Law were adopted, introducing a new chapter on supervision and administration and granting regulators enforcement powers beyond advisory inspections, an inflection point ",{"text":18407,"type":599,"marks":18408},"Benchmark flagged ahead of implementation",[18409],{"type":604,"attrs":18410},{"href":16646,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":18413,"content":18414},{"textAlign":49},[18415,18417,18423],{"text":18416,"type":599},"Enforcement became more visible in mid-2025. In July, ",{"text":18418,"type":599,"marks":18419},"Benchmark reported that eight lithium mines in Yichun",[18420],{"type":604,"attrs":18421},{"href":18422,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eight-lithium-mines-in-yichun-jiangxi-found-to-have-permit-issues",{"text":18424,"type":599}," were found to have permitting issues following inspections linked to the revised framework, before regulators signalled a broader intention to slow disorderly lithium expansion.",{"type":594,"attrs":18426,"content":18427},{"textAlign":49},[18428],{"text":18429,"type":599},"Against that backdrop, the State Council’s Action Plan for Comprehensive Solid Waste Management should be read as reinforcement rather than escalation. The plan formalises environmental and solid waste controls that have increasingly shaped lithium operations over the past year. It does so by promoting integrated mining and beneficiation, local tailings backfilling, and reclamation, and by restricting approval of processing projects that lack compliant waste disposal arrangements.",{"type":657,"attrs":18431,"content":18432},{"level":15966,"textAlign":49},[18433],{"text":18434,"type":599},"What do these actions mean for the lithium market?",{"type":594,"attrs":18436,"content":18437},{"textAlign":49},[18438],{"text":18439,"type":599},"Together, these developments align with Benchmark’s earlier assessment that regulatory enforcement in China is becoming more systematic and durable. With inventories low, this matters less for immediate supply volumes and more for market elasticity: reduced flexibility in how lithium supply responds increases the likelihood that price, rather than rapid supply adjustment, will be the primary driving force for market rebalancing.","Benchmark’s long-held view that regulatory enforcement across China’s lithium sector is consistently tightening, rather than being episodic, was supported by the cancellation of 27 expired mining licences across Jiangxi by Chinese regulators in mid-December and the issuance of an Action Plan for Comprehensive Solid Waste Management. While neither development removes active lithium supply from the […]",[18442],{"slug":1094,"name":1095,"content":18443},{"job_title":1097,"image":18444,"bio":1100,"linkedin":1101,"markets_covered":8},{"filename":1099},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d9c9b965-2f06-4ee5-9455-56090740e67e\", \"id\": \"\"}-->","What do the Jiangxi permit cancellations mean for lithium?",[18448,18449],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":18451},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9639,"copyright":547,"fieldtype":553,"meta_data":18453,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark’s long-held view that regulatory enforcement across China’s lithium sector is consistently tightening, rather than being episodic, was supported by the cancellation of 27 expired mining licences across Jiangxi by Chinese regulators in mid-Dec...","Jan 05, 2026",{"id":18457,"uuid":18458,"name":18459,"slug":18460,"full_slug":18461,"content":18462},133953884420224,"aefaf74d-5567-4207-9bf5-3d4cd537682c","SQM’s Atacama lithium operation secured to 2060 with Codelco partnership approval","sqm-atacama-lithium-operation-secured-to-2060-with-codelco-partnership-approval","article/sqm-atacama-lithium-operation-secured-to-2060-with-codelco-partnership-approval",{"_uid":18463,"date":18464,"tags":18465,"editor":18478,"content":18482,"excerpt":18633,"featured":50,"reporter":18634,"_editable":18638,"component":864,"seo_title":18639,"categories":18640,"visibility":2091,"author_company":49,"data_vis_image":18643,"featured_image":18646,"seo_description":18649,"author_full_name":49,"author_job_title":49,"formattedDate":18650},"7dff9bc6-820c-4247-86e2-ce68544fb6ce","2026-01-02 00:00",[18466,18467,18470,18471,18474,18475],{"slug":17168,"name":13351},{"slug":18468,"name":18469},"codelco","Codelco",{"slug":578,"name":579},{"slug":18472,"name":18473},"novaandino-litio","NovaAndino Litio",{"slug":16987,"name":16988},{"slug":18476,"name":18477},"sqm","SQM",[18479],{"slug":544,"name":543,"content":18480},{"job_title":557,"image":18481,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":18483},[18484,18497,18516,18521,18529,18534,18547,18552,18557,18570,18575,18580,18592,18628],{"type":594,"attrs":18485,"content":18486},{"textAlign":49},[18487,18489,18495],{"text":18488,"type":599},"Chilean regulators approved the deal between ",{"text":18490,"type":599,"marks":18491},"SQM and state-owned miner Codelco",[18492],{"type":604,"attrs":18493},{"href":18494,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sqm-and-codelco-confirm-chilean-lithium-partnership",{"text":18496,"type":599}," to operate a lithium joint venture, named NovaAndino Litio, in the Atacama salt flats. This deal resolves a long-standing uncertainty surrounding what would happen when SQM’s existing mining license expired in 2030.",{"type":594,"attrs":18498,"content":18499},{"textAlign":49},[18500,18502,18507,18509,18515],{"text":18501,"type":599},"NovaAndino Litio will take over operations of SQM’s Salar de Atacama site – the world’s second-largest lithium operation, forecast to produce 12% of global mined lithium in 2026, according to ",{"text":18503,"type":599,"marks":18504},"Benchmark’s Lithium Service",[18505],{"type":604,"attrs":18506},{"href":16561,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":18508,"type":599},". The Atacama is also home to ",{"text":18510,"type":599,"marks":18511},"Albemarle’s Chilean operations",[18512],{"type":604,"attrs":18513},{"href":18514,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-prices-react-to-news-of-chilean-shutdown-but-real-supply-impact-may-be-limited",{"text":974,"type":599},{"type":594,"attrs":18517,"content":18518},{"textAlign":49},[18519],{"text":18520,"type":599},"The deal effectively secures production at the site through to 2060. The operation currently has a capacity of ~210,000 tonnes of lithium carbonate per year, with capacity due to ramp up to 300,000 tonnes per year by 2030.",{"type":627,"attrs":18522},{"id":18523,"body":18524},"fd0abe37-ac75-4b7c-b4d1-2907da5b3cb4",[18525],{"id":18526,"_uid":18527,"type":634,"_editable":18528,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27042205","i-2f6a6668-e4bd-42bc-8f23-61ebf4cee325","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2f6a6668-e4bd-42bc-8f23-61ebf4cee325\", \"id\": \"\"}-->",{"type":657,"attrs":18530,"content":18531},{"level":15966,"textAlign":49},[18532],{"text":18533,"type":599},"What does the partnership mean for Chile’s lithium industry?",{"type":594,"attrs":18535,"content":18536},{"textAlign":49},[18537,18539,18545],{"text":18538,"type":599},"President Gabriel Boric’s administration released a ",{"text":18540,"type":599,"marks":18541},"National Lithium Strategy in 2023",[18542],{"type":604,"attrs":18543},{"href":18544,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-chiles-national-lithium-strategy-mean-for-albemarle-and-sqm",{"text":18546,"type":599},". Central to this was the formation of public-private partnerships such as that between SQM and Codelco. Codelco will have a majority 50% +1 share stake in the joint venture, with SQM accounting for the rest. Crucially, this does not constitute expropriation; rather, it formalises a renewal mechanism that guarantees operational certainty under a new governance model.",{"type":594,"attrs":18548,"content":18549},{"textAlign":49},[18550],{"text":18551,"type":599},"SQM will retain operational control until 2031, at which point Codelco will take control.",{"type":594,"attrs":18553,"content":18554},{"textAlign":49},[18555],{"text":18556,"type":599},"The announcement follows a period of political and legal tension. The Chilean Supreme Court’s recent rejection of appeals from Tianqi Lithium (which holds a 22.1% stake in SQM) removed a key obstacle to the partnership, clearing the path for implementation and ending months of speculation over control and compliance. However, the Chilean regulator also launched an audit on the partnership around the same time as approving the deal.",{"type":594,"attrs":18558,"content":18559},{"textAlign":49},[18560,18562,18568],{"text":18561,"type":599},"Although the partnership was ",{"text":18563,"type":599,"marks":18564},"first announced in 2024",[18565],{"type":604,"attrs":18566},{"href":18567,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sqm-forms-private-public-partnership-with-codelco-for-chilean-lithium-production",{"text":18569,"type":599},", its formalisation provides greater certainty for Chile’s lithium industry and supports long-term planning across the battery sector.",{"type":594,"attrs":18571,"content":18572},{"textAlign":49},[18573],{"text":18574,"type":599},"Chile’s lithium sector is losing share to growing supplies from China. In 2020, Chile was the second largest lithium producer, accounting for 29% of supply. By 2025, it had fallen to third position with 18%, whilst China accounted for 21%.",{"type":657,"attrs":18576,"content":18577},{"level":15966,"textAlign":49},[18578],{"text":18579,"type":599},"What does the partnership mean going forwards?",{"type":594,"attrs":18581,"content":18582},{"textAlign":49},[18583,18585,18590],{"text":18584,"type":599},"Although ",{"text":18586,"type":599,"marks":18587},"President-elect José Antonio Kast",[18588],{"type":604,"attrs":18589},{"href":17367,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":18591,"type":599}," has questioned the absence of a fresh tender process, the incoming administration could use the new framework to attract private investment and accelerate project approvals.",{"type":594,"attrs":18593,"content":18594},{"textAlign":49},[18595,18597,18603,18605,18611,18613,18619,18621,18627],{"text":18596,"type":599},"Chile is expected to open tenders (CEOLs) to ",{"text":18598,"type":599,"marks":18599},"new salars",[18600],{"type":604,"attrs":18601},{"href":18602,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chile-accelerates-state-led-lithium-strategy-with-new-salt-flat-projects",{"text":18604,"type":599}," to rival ",{"text":18606,"type":599,"marks":18607},"Argentina’s",[18608],{"type":604,"attrs":18609},{"href":18610,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/view-from-the-ground-in-argentina-a-defining-moment-for-dle",{"text":18612,"type":599}," RIGI (",{"text":18614,"type":599,"marks":18615},"Incentive Regime for Large Investments",[18616],{"type":604,"attrs":18617},{"href":18618,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/argentinas-copper-developments-accelerate-under-new-incentive-regime",{"text":18620,"type":599},"), which has recently channelled significant capital to ",{"text":18622,"type":599,"marks":18623},"developers such as Rio Tinto",[18624],{"type":604,"attrs":18625},{"href":18626,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rio-tinto-to-explore-eli-dle-technology-for-south-american-lithium-assets",{"text":974,"type":599},{"type":594,"attrs":18629,"content":18630},{"textAlign":49},[18631],{"text":18632,"type":599},"A potential challenge going forward for the partnership will be the integration of different styles of business: SQM’s private-sector agility may conflict with Codelco’s state structure, raising the risk of bureaucratic friction.","Chilean regulators approved the deal between SQM and state-owned miner Codelco to operate a lithium joint venture, named NovaAndino Litio, in the Atacama salt flats. This deal resolves a long-standing uncertainty surrounding what would happen when SQM’s existing mining license expired in 2030. NovaAndino Litio will take over operations of SQM’s Salar de Atacama site […]",[18635],{"slug":4578,"name":4479,"content":18636},{"job_title":4580,"image":18637,"bio":4583,"linkedin":4584,"markets_covered":8},{"filename":4582},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7dff9bc6-820c-4247-86e2-ce68544fb6ce\", \"id\": \"\"}-->","SQM’s Atacama lithium operation secured with Codelco partnership",[18641,18642],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":18644,"copyright":547,"fieldtype":553,"meta_data":18645,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767362112/www-production/Socials-Top-10-lithium-2026-Q4-2025-forecast@2x/Socials-Top-10-lithium-2026-Q4-2025-forecast@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":18647,"copyright":547,"fieldtype":553,"meta_data":18648,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ba6e13286c/bm-photo-salar-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Chilean regulators approved the deal between SQM and state-owned miner Codelco to operate a lithium joint venture, named NovaAndino Litio, in the Atacama salt flats.","Jan 02, 2026",{"id":18652,"uuid":18653,"name":18654,"slug":18655,"full_slug":18656,"content":18657},133953916385413,"d9a7258b-9ded-4e27-8a79-34dc444ef7e4","EU to change its emission rules for vehicles through its new Automotive Package","eu-to-change-its-emission-rules-for-vehicles-through-its-new-automotive-package","article/eu-to-change-its-emission-rules-for-vehicles-through-its-new-automotive-package",{"_uid":18658,"date":18659,"tags":18660,"editor":18662,"content":18666,"excerpt":18776,"featured":51,"reporter":18777,"_editable":18781,"component":864,"seo_title":18782,"categories":18783,"visibility":2091,"author_company":547,"featured_image":18787,"seo_description":18790,"author_full_name":547,"author_job_title":547,"formattedDate":18791},"96725d44-61a6-4d32-b16c-a514c7a7bca0","2025-12-17 00:00",[18661],{"slug":4610,"name":662},[18663],{"slug":544,"name":543,"content":18664},{"job_title":557,"image":18665,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":18667},[18668,18673,18680,18685,18690,18695,18700,18705,18710,18715,18720,18725,18730,18735,18740,18745,18750,18757,18764],{"type":594,"attrs":18669,"content":18670},{"textAlign":49},[18671],{"text":18672,"type":599},"Following the European Union’s earlier 2025 move to grant automakers greater flexibility in emissions compliance, the European Commission has now set out a fresh round of revisions to its long-term standards. The review has placed greater emphasis on the 2035 target, which the commission has faced substantial lobbying over. The announcement marks a recalibration of the bloc’s strategy, reflecting both industrial pressures and evolving political priorities.",{"type":594,"attrs":18674,"content":18675},{"textAlign":49},[18676],{"type":1186,"attrs":18677},{"id":49,"alt":547,"src":18678,"title":49,"source":49,"copyright":49,"meta_data":18679},"https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_574,c_scale/f_auto,q_auto/v1765967495/www-production/Screenshot-2025-12-17-102256_1351131d2ab4/Screenshot-2025-12-17-102256_1351131d2ab4.png?_i=AA",{},{"type":594,"attrs":18681,"content":18682},{"textAlign":49},[18683],{"text":18684,"type":599},"How are the 2030 targets changing?",{"type":594,"attrs":18686,"content":18687},{"textAlign":49},[18688],{"text":18689,"type":599},"Under the previous framework, manufacturers were required to cut fleet emissions to 55% below 2021 levels, measured annually. The revised proposal introduces additional flexibility by introducing a “banking & borrowing” system from 2030 to 2032, as was introduced in 2025 for the period 2025-2027, so that manufacturers may exceed the target in a year if this is compensated by an overachievement in another year of the period.",{"type":594,"attrs":18691,"content":18692},{"textAlign":49},[18693],{"text":18694,"type":599},"What will automakers face from 2035 onwards?",{"type":594,"attrs":18696,"content":18697},{"textAlign":49},[18698],{"text":18699,"type":599},"Instead of the earlier mandate that required fleet emissions to fall to 0% of 2021 levels, the updated plan sets the threshold at 10%, paired with an additional flexibility mechanism. Plug-in hybrids (PHEVs) and range extended electric vehicles (REEVs), Hybrid electric vehicles (HEVs), as well as some internal combustion engine (ICE) vehicles, will remain eligible for sale after 2035, signalling a departure from the previously anticipated full transition to pure battery electric models (BEVs). The additional flexibilities will be tied to automakers offsetting the 10% extra emissions by using green steel, e-fuels, and biofuels.",{"type":594,"attrs":18701,"content":18702},{"textAlign":49},[18703],{"text":18704,"type":599},"Why is the EU introducing special treatment for small cars?",{"type":594,"attrs":18706,"content":18707},{"textAlign":49},[18708],{"text":18709,"type":599},"Accompanying these rule changes is a new incentive aimed at bolstering Europe’s small segment vehicles, covering EVs up to 4.2 meters in length, a category Commission President Ursula von der Leyen highlighted in her State of the Union address in September. Manufacturers that produce qualifying small electric vehicles in the EU will receive a 1.3 coefficient in their emissions accounting. In practice, this means that selling ten such vehicles would generate emissions credits equivalent to thirteen. However, to benefit from this boost, companies will need to meet forthcoming local content requirements, intended to support European production and supply chains.",{"type":594,"attrs":18711,"content":18712},{"textAlign":49},[18713],{"text":18714,"type":599},"Additional changes of note",{"type":594,"attrs":18716,"content":18717},{"textAlign":49},[18718],{"text":18719,"type":599},"The emission targets for vans have been changed to a 40% reduction from 2021 levels by 2030, down from a previous 50% reduction. ",{"type":594,"attrs":18721,"content":18722},{"textAlign":49},[18723],{"text":18724,"type":599},"Furthermore, to boost local EV demand, there will be EV targets, focused on BEVs, for corporate fleets by 2035, with binding national targets for zero- and low-emission vehicles for large companies at the member states’ level. It will also make “Made in the EU” a prerequisite for zero- or low-emission vehicles receiving public financial support. ",{"type":594,"attrs":18726,"content":18727},{"textAlign":49},[18728],{"text":18729,"type":599},"As for batteries, the €1.8 billion Battery Booster aims to accelerate the development of a fully EU-made battery value chain, providing €1.5 billion in interest-free loans to support European battery cell producers.",{"type":594,"attrs":18731,"content":18732},{"textAlign":49},[18733],{"text":18734,"type":599},"What does this mean for Europe’s automotive future?",{"type":594,"attrs":18736,"content":18737},{"textAlign":49},[18738],{"text":18739,"type":599},"This marks the second adjustment to the EU’s vehicle emissions scheme in 2025.",{"type":594,"attrs":18741,"content":18742},{"textAlign":49},[18743],{"text":18744,"type":599},"Benchmark’s automotive research lead, Will Roberts, said: “Exactly how the EU measures plug-in hybrid emissions is now central to the future of this legislation. Currently, the scheduled realignment of utility factors toward real-world emissions still requires a 90% reduction, which means a dominant BEV mix; any flexibility here opens the door to many more combustion-engine-powered plug-in vehicles.",{"type":594,"attrs":18746,"content":18747},{"textAlign":49},[18748],{"text":18749,"type":599},"At this stage, this package is still in the proposal stage; for it to become legislation, it will need to be signed off by the Council and the EU Parliament, leaving the possibility of further changes.",{"type":594,"attrs":18751,"content":18752},{"textAlign":49},[18753],{"text":18754,"type":599,"marks":18755},"Join us at Giga Europe 2026 for a deep-dive into the policy and industry shifts shaping the European EV battery supply chain.",[18756],{"type":643},{"type":594,"attrs":18758,"content":18759},{"textAlign":49},[18760],{"text":18761,"type":599,"marks":18762},"Expect two days of expert market insights, networking, and dealmaking with attendees spanning top financiers, policymakers, and industry participants.",[18763],{"type":643},{"type":594,"attrs":18765,"content":18766},{"textAlign":49},[18767,18771],{"text":18768,"type":599,"marks":18769},"Learn more here and book your ticket: ",[18770],{"type":643},{"text":18772,"type":599,"marks":18773},"https://www.benchmarkminerals.com/events/giga-europe",[18774],{"type":604,"attrs":18775},{"href":18772,"uuid":49,"anchor":49,"target":49,"linktype":607},"Following the European Union’s earlier 2025 move to grant automakers greater flexibility in emissions compliance, the European Commission has now set out a fresh round of revisions to its long-term standards. The review has placed greater emphasis on the 2035 target, which the commission has faced substantial lobbying over. The announcement marks a recalibration of […]",[18778],{"slug":544,"name":543,"content":18779},{"job_title":557,"image":18780,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"96725d44-61a6-4d32-b16c-a514c7a7bca0\", \"id\": \"\"}-->","EU to change its emission rules for vehicles through its new...",[18784,18785,18786],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":18788,"copyright":547,"fieldtype":553,"meta_data":18789,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1709,c_scale/f_auto,q_auto/v1765967641/www-production/AdobeStock_586802629/AdobeStock_586802629.jpeg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},"Following the European Union’s earlier 2025 move to grant automakers greater flexibility in emissions compliance, the European Commission has now set out a fresh round of revisions to its long-term standards. The review has ...","Dec 17, 2025",{"id":18793,"uuid":18794,"name":18795,"slug":18796,"full_slug":18797,"content":18798},133953932286088,"059bf793-a827-4de7-adcf-b09e43ed3ff6","What do Chile’s recent election results mean for the lithium and copper industries?","what-do-chiles-recent-election-results-mean-for-the-lithium-and-copper-industries","article/what-do-chiles-recent-election-results-mean-for-the-lithium-and-copper-industries",{"_uid":18799,"date":18800,"tags":18801,"editor":18805,"content":18809,"excerpt":18875,"featured":51,"reporter":18876,"component":864,"seo_title":18880,"categories":18881,"visibility":2091,"author_company":547,"data_vis_image":18886,"featured_image":18889,"seo_description":18892,"author_full_name":547,"author_job_title":547,"formattedDate":18893},"b0058f1e-69ce-4243-92a4-9f02803038bb","2025-12-15 00:00",[18802,18803,18804],{"slug":17168,"name":13351},{"slug":578,"name":579},{"slug":4610,"name":662},[18806],{"slug":544,"name":543,"content":18807},{"job_title":557,"image":18808,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":18810},[18811,18827,18832,18845,18852,18857,18861,18866,18870],{"type":594,"attrs":18812,"content":18813},{"textAlign":49},[18814,18816,18820,18821,18825],{"text":18815,"type":599},"Conservative hardliner José Antonio Kast has been elected president of Chile, winning 58% of the vote. This marks a decisive shift in the country’s political landscape, as a leftist coalition under Gabriel Boric formed the previous government. This shift will have knock-on impacts on the ",{"text":878,"type":599,"marks":18817},[18818],{"type":604,"attrs":18819},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":1440,"type":599},{"text":869,"type":599,"marks":18822},[18823],{"type":604,"attrs":18824},{"href":16334,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":18826,"type":599}," industries, given the country’s importance to international supply and the materials’ role in the country’s economy.",{"type":657,"attrs":18828,"content":18829},{"level":15966,"textAlign":49},[18830],{"text":18831,"type":599},"Chile’s role in global supply",{"type":594,"attrs":18833,"content":18834},{"textAlign":49},[18835,18837,18843],{"text":18836,"type":599},"Chile is a key global supplier of both lithium and copper. According to Benchmark’s Lithium Service, it accounts for 18% of mined ",{"text":18838,"type":599,"marks":18839},"lithium supply",[18840],{"type":604,"attrs":18841},{"href":18842,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/sustainability-now-a-critical-metric-for-lithium-supply-agreements",{"text":18844,"type":599},", making it the third-largest producer after Australia and China. It also accounts for 15% of refined lithium supply, giving it the second-largest refining capacity behind only China. For copper, Benchmark’s Copper Service shows Chile provides 23% of global mined supply, the largest share worldwide. Its share of refined copper is 6% in a segment largely dominated by China.",{"type":627,"attrs":18846},{"id":18847,"body":18848},"aa0121a5-187a-4aa2-920a-0bb04078c041",[18849],{"id":18850,"_uid":18851,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26819975","i-b014d9d1-c8de-4bbf-a049-ab5ae4756b8b",{"type":657,"attrs":18853,"content":18854},{"level":15966,"textAlign":49},[18855],{"text":18856,"type":599},"How is Kast expected to change the country’s dynamics?",{"type":657,"attrs":18858,"content":18859},{"level":15966,"textAlign":49},[18860],{"text":8,"type":599},{"type":594,"attrs":18862,"content":18863},{"textAlign":49},[18864],{"text":18865,"type":599},"Kast’s presidency is likely to mark a recalibration rather than a rupture in Chile’s lithium policy, potentially reducing the degree of state involvement in the lithium industry that resulted from Boric’s state-centred National Lithium Strategy. While existing contracts with SQM and Albemarle are expected to be respected, his clear opposition to Boric’s National Lithium Strategy suggests a shift away from the presumption of state control. The rejection of a national lithium company and scepticism towards the SQM–Codelco deal point to a more market-oriented framework, with greater private participation through expertise and capital . This implies the strategy could go “back to the drawing board”, particularly on the role of the state, and the large number of CEOLs (Special Lithium Operating Contracts) yet to be awarded could be used to reopen the sector more decisively to private investment.",{"type":657,"attrs":18867,"content":18868},{"level":15966,"textAlign":49},[18869],{"text":870,"type":599},{"type":594,"attrs":18871,"content":18872},{"textAlign":49},[18873],{"text":18874,"type":599},"In copper, Kast’s impact is likely to be evolutionary rather than disruptive. He is expected to prioritise investor confidence and a more business-friendly tone internationally, while leaving the state ownership of Codelco intact. That said, political influence over Codelco’s leadership remains significant, and a change in administration could well lead to a replacement of Máximo Pacheco with a figure closer to the new government. The focus could be on improving efficiency, and investment discipline , rather than altering the fundamental role of Codelco or Chile’s long-standing copper model.","Conservative hardliner José Antonio Kast has been elected president of Chile, winning 58% of the vote. This marks a decisive shift in the country’s political landscape, as a leftist coalition under Gabriel Boric formed the previous government. This shift will have knock-on impacts on the lithium and copper industries, given the country’s importance to international […]",[18877],{"slug":544,"name":543,"content":18878},{"job_title":557,"image":18879,"bio":548,"linkedin":555},{"filename":552},"What do Chile’s recent election results mean for the lithium ...",[18882,18883,18884,18885],{"slug":869,"name":870},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":18887,"copyright":547,"fieldtype":553,"meta_data":18888,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1765809522/www-production/Screenshot-2025-12-15-115634/Screenshot-2025-12-15-115634.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":18890,"copyright":547,"fieldtype":553,"meta_data":18891,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1707,c_scale/f_auto,q_auto/v1765809452/www-production/AdobeStock_212060754/AdobeStock_212060754.jpeg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},"Conservative hardliner José Antonio Kast has been elected president of Chile, winning 58% of the vote. This marks a decisive shift in the country’s political landscape, as a leftist coalition under Gabriel Boric formed the previous...","Dec 15, 2025",{"id":18895,"uuid":18896,"name":18897,"slug":18898,"full_slug":18899,"content":18900},133953940506761,"46fba308-a86e-44a6-a21e-f57bbc14b477","“We’ve been very happy working in Mali.” Q&A with Kodal Minerals","weve-been-very-happy-working-in-mali-qa-with-kodal-minerals","article/weve-been-very-happy-working-in-mali-qa-with-kodal-minerals",{"_uid":18901,"date":18902,"tags":18903,"editor":18917,"content":18921,"excerpt":19189,"featured":51,"reporter":19190,"_editable":19194,"component":864,"seo_title":18897,"categories":19195,"visibility":2091,"author_company":49,"featured_image":19198,"seo_description":19189,"author_full_name":49,"author_job_title":49,"formattedDate":19201},"e55d3cb5-13c9-4294-8793-4a34e035a25f","2025-12-12 00:00",[18904,18905,18908,18911,18914],{"slug":584,"name":585},{"slug":18906,"name":18907},"hainan-mining","Hainan Mining",{"slug":18909,"name":18910},"kodal-minerals","Kodal Minerals",{"slug":18912,"name":18913},"mali","Mali",{"slug":18915,"name":18916},"qa","Q&A",[18918],{"slug":544,"name":543,"content":18919},{"job_title":557,"image":18920,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":18922},[18923,18935,18948,18961,18966,18973,18981,18986,18991,18998,19003,19008,19013,19018,19023,19031,19035,19040,19046,19051,19056,19061,19067,19072,19077,19082,19087,19092,19106,19111,19117,19122,19127,19132,19138,19143,19151,19156,19161,19166,19171,19178],{"type":594,"attrs":18924,"content":18925},{"textAlign":49},[18926,18928,18933],{"text":18927,"type":599},"UK-listed Kodal Minerals began production at its Bougouni Lithium Project in ",{"text":18913,"type":599,"marks":18929},[18930],{"type":604,"attrs":18931},{"href":18932,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/mali-set-to-become-africas-second-largest-lithium-producer-in-2025",{"text":18934,"type":599}," in February this year and its first shipment of spodumene left port at the start of December after leaving the mine in October.",{"type":594,"attrs":18936,"content":18937},{"textAlign":49},[18938,18940,18946],{"text":18939,"type":599},"Initially focused on gold in West Africa, the company listed on London’s Alternative Investment Market (AIM) in 2013 before ",{"text":18941,"type":599,"marks":18942},"pivoting to lithium",[18943],{"type":604,"attrs":18944},{"href":18945,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025",{"text":18947,"type":599}," when it acquired the Bougouni project in 2016.",{"type":594,"attrs":18949,"content":18950},{"textAlign":49},[18951,18953,18959],{"text":18952,"type":599},"Benchmark Source senior editor Matthew Bird spoke to Bernard Aylward, Kodal’s CEO, about operating a lithium mine in ",{"text":18954,"type":599,"marks":18955},"Mali amidst civil unrest",[18956],{"type":604,"attrs":18957},{"href":18958,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/continued-mali-unrest-could-disrupt-lithium-supply",{"text":18960,"type":599}," and the involvement of Chinese partner Hainan Mining.",{"type":657,"attrs":18962,"content":18963},{"level":15966,"textAlign":49},[18964],{"text":18965,"type":599},"Matthew Bird: Talk me through your recent developments at the mine in Mali.",{"type":594,"attrs":18967,"content":18968},{"textAlign":49},[18969,18971],{"text":18970,"type":599},"Bernard Aylward:",{"text":18972,"type":599}," We’ve been very happy working in Mali. We’ve got a really good project. We’ve been able to attract sizable investment from our Chinese partner, Hainan mining. We’ve built our stage one DMS [Dense Media Separation] plant, and we’ve been operating that since February this year on a commissioning and ramp up basis. We’ve produced around 45,000 tonnes of concentrate, and had our first shipment out last week. It’s a fantastic timeline, and I always say it’s a lot of credit to our team for the hard work and the rapid pace we’ve been able to move to develop.",{"type":594,"attrs":18974,"content":18975},{"textAlign":49},[18976],{"type":1186,"attrs":18977},{"id":49,"alt":18978,"src":18979,"title":49,"source":49,"copyright":49,"meta_data":18980},"Kodal Minerals Spodumene Shipment","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_768,c_scale/f_auto,q_auto/v1765538066/www-production/IMG-20251130-WA0002/IMG-20251130-WA0002.jpg?_i=AA",{},{"type":594,"attrs":18982,"content":18983},{"textAlign":49},[18984],{"text":18985,"type":599},"Image credit: Kodal Minerals",{"type":657,"attrs":18987,"content":18988},{"level":15966,"textAlign":49},[18989],{"text":18990,"type":599},"MB: What’s the process for getting a mining licence in the country?",{"type":594,"attrs":18992,"content":18993},{"textAlign":49},[18994,18996],{"text":18995,"type":599},"BA: ",{"text":18997,"type":599},"It’s one of those things that I think people sometimes are surprised about, but Mali has really well developed mining legislation, and progression from exploration through to development and mining. We were quite clear on what we needed to do from the start.",{"type":594,"attrs":18999,"content":19000},{"textAlign":49},[19001],{"text":19002,"type":599},"Number one for us was to secure the ground to make sure that we could undertake our exploration, our drilling, our sampling. We were able to export a bulk sample, just under 1000 tonnes to China for multiple rounds of metallurgical test work. When we say fast track, it really involves not just the exploration, drilling, interpretation, and follow up; for us, it was actually also commencing our environmental assessment in late 2017, so that we were able to complete that work, report to the environment ministry, have the inspections, and have all the work done to actually get early approvals for our environmental and social impact assessments, which we required before we could lodge a mining licence application. ",{"type":594,"attrs":19004,"content":19005},{"textAlign":49},[19006],{"text":19007,"type":599},"That was then followed by our feasibility study, assessment of the processing plans, and the requirements for the treatment which we completed in 2019. We lodged a mining licence application in 2020, and again, that’s really quick – less than four years to have that put together and put in front of the government. We had a Covid hiccup, which held us back a little bit, but in 2021, we actually had the mining licence granted.",{"type":594,"attrs":19009,"content":19010},{"textAlign":49},[19011],{"text":19012,"type":599},"We then sought to find a partner to help us develop that. We secured Hainan in 2023, received the funds, then started construction in 2024, and had our first product in February 2025.",{"type":594,"attrs":19014,"content":19015},{"textAlign":49},[19016],{"text":19017,"type":599},"Security of tenure is really important wherever you operate. Particularly, we find in West Africa, that compliance reporting and the relationship with the government is important. That way, they know what we’re doing, we know what their expectations are, and we can keep control of our project. That’s number one.",{"type":594,"attrs":19019,"content":19020},{"textAlign":49},[19021],{"text":19022,"type":599},"Number two is understanding the relationship with the community. Part of that is essentially the ESIA [Environmental and Social Impact Assessment]. We know what they need, and they know what we can do. Those things are really critical to allow us to continue to develop. So we’ve had no community issues, no one attempting to stop us. They all actually want us to work. We’re bringing a lot of jobs to the community. We’re bringing a lot of add ons as well. Not just the direct employment, but all the systems and people around. We’re improving roads, improving schooling, improving water, and those sorts of accessories to the community are really important for us as well.",{"type":594,"attrs":19024,"content":19025},{"textAlign":49},[19026],{"type":1186,"attrs":19027},{"id":49,"alt":19028,"src":19029,"title":49,"source":49,"copyright":49,"meta_data":19030},"Stockpile of spodumene concentrate at San Pedro","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_576,c_scale/f_auto,q_auto/v1765538062/www-production/Kodal-spodumene-stockpile-San-Pedro-Nov-2025-1/Kodal-spodumene-stockpile-San-Pedro-Nov-2025-1.jpeg?_i=AA",{},{"type":594,"attrs":19032,"content":19033},{"textAlign":49},[19034],{"text":18985,"type":599},{"type":657,"attrs":19036,"content":19037},{"level":15966,"textAlign":49},[19038],{"text":19039,"type":599},"MB: That’s painting a relatively positive picture, but presumably operating and developing a lithium mine in Mali is going to have challenges. Could you talk me through the challenges of operating in Mali?",{"type":594,"attrs":19041,"content":19042},{"textAlign":49},[19043,19044],{"text":18995,"type":599},{"text":19045,"type":599},"Well, there’s always challenges. We have Mali being a land locked country, we rely on trucking for the import of all our construction material. Mali has had significant major mining operations since the early 1990s late 1980s so we’ve got a very mature and well trained workforce. So that’s a plus, but actually, the Bougouni area had no previous mining prior to us and Goulamina developing there. In that way, it was a new thing to the area, so ensuring the community came along with us [was important].",{"type":594,"attrs":19047,"content":19048},{"textAlign":49},[19049],{"text":19050,"type":599},"I would suggest that building a mine in Mali has the same challenges as building a mine anywhere, but perhaps it requires far more focus on the planning and preparation. Making that you’re ahead of where you need to be is always important.",{"type":594,"attrs":19052,"content":19053},{"textAlign":49},[19054],{"text":19055,"type":599},"In terms of quality of people, we found really good local contractors. At the peak, we had around 650 employees, of which about 630 were Malian, and of that, around 330 were directly from the region that we operate in. Those things again, rather than present a challenge, actually give us an opportunity to A) get people who are local and want to be there and B) get some bit of kudos in the community for what we’re doing.",{"type":657,"attrs":19057,"content":19058},{"level":15966,"textAlign":49},[19059],{"text":19060,"type":599},"MB: There’s major civil unrest in Mali at the moment, fuel blockades and militant action. How would you say that Kodal has been impacted by that unrest, and how are you responding to that increased risk to fuel access and potential risk to personnel?",{"type":594,"attrs":19062,"content":19063},{"textAlign":49},[19064,19065],{"text":18995,"type":599},{"text":19066,"type":599},"Kodal has been operating in Mali since 2016 and, personally, I’ve been operating in West Africa and Mali since around 2007. What I would say is that Mali’s had periods of insurgency ongoing since around 2012/13, especially in the northeast of the country. So it’s not something that we see as new. In the past, we would have said it was a long way from where we are. What’s changed in this last 18 months would have been the actions of the insurgent group moving more away from fighting in the northeast to becoming more guerrilla tactics around the south and the west of Mali. They’re very good at making a lot of noise about what they’re doing in terms of potential fuel blockades, and claiming that they’re surrounding and [could cause the] potential imminent fall of the capital.",{"type":594,"attrs":19068,"content":19069},{"textAlign":49},[19070],{"text":19071,"type":599},"I was in Mali in early November for the opening of our mine. The President was on site, we had the majority of the ministers, lots of dignitaries, embassy and consular officials, and local community. Yes, there’s certainly an awareness of the change of tactics of these insurgents. However, speaking to our fuel contractor and other fuel contractors, they’re still confident they were getting fuel through, and it was clearly arriving into Bamako.",{"type":594,"attrs":19073,"content":19074},{"textAlign":49},[19075],{"text":19076,"type":599},"We’ve had no problem on site, and we may be in a fortunate position that we are relatively close to the Cote d’Ivoire border. Our contractor brings fuel from Cote d’Ivoire up into Mali. In discussion with the contractor, he’s basically been able to tell us that he can guarantee fuel to the people he has long term contracts with. So, on that score, we don’t think that we have an impact. Our explosives contractor had an issue at the Guinea border several months back, and that could have been an impact on us. But our pit was still under water from the wet season, so we weren’t delayed by the delay of explosives. It’s still a kind of impact we need to consider, and make sure we’ve got more stock on site.",{"type":594,"attrs":19078,"content":19079},{"textAlign":49},[19080],{"text":19081,"type":599},"Finally, I’d say it directly impacted us as a group, when we had a small band of motorcycle bandits, if you want to call it that, or associates of these insurgents, try to attack our camp. They came to the gate, they started shooting. They were repelled. We had some gendarmes and military on site. Unfortunately, our security guard was killed in that attack.",{"type":594,"attrs":19083,"content":19084},{"textAlign":49},[19085],{"text":19086,"type":599},"What we’ve done since then, obviously, is to increase some of the presence around the gate. The military and the government have stepped up action in the area, increased patrols, increased military presence. We haven’t seen anything subsequent. This isn’t a head in the sand answer, Matthew, but I guess our experience is probably a little different from some of the reporting in the UK and other Western countries. We still have everyone on site. We’re still operating. We’re still travelling up and down the road, and we still have our guys expressing confidence in the operation.",{"type":657,"attrs":19088,"content":19089},{"level":15966,"textAlign":49},[19090],{"text":19091,"type":599},"MB: What’s your view on whether or not Mali should look to capture more of the value chain, by doing more processing in the country rather than exporting?",{"type":594,"attrs":19093,"content":19094},{"textAlign":49},[19095,19096,19098,19104],{"text":18995,"type":599},{"text":19097,"type":599},"As I have said to the ",{"text":19099,"type":599,"marks":19100},"government officials",[19101],{"type":604,"attrs":19102},{"href":19103,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/africas-growing-role-in-global-battery-supply-chains-key-takeaways-from-giga-africa-2025",{"text":19105,"type":599},", it’s extremely difficult to see that ever happening in Mali. The process of converting the spodumene concentrate to a lithium salt, either carbonate or lithium hydroxide, is energy intensive. You need to have reliable power that can cook the concentrate to somewhere between 900 degrees and 1,100 degrees to initiate the process of conversion. Then you require acid, you require base material, you require a reliable power source and consumables. At this stage, we don’t see that Mali can provide that. Mali obviously has a natural advantage. There are benefits that the country will receive from our operation and the Goulamina Ganfeng operation. In Mali, I see a lot of potential for additional discoveries that long term, will be a really significant producer of spodumene concentrate, and that will generate a lot of value for the country.",{"type":657,"attrs":19107,"content":19108},{"level":15966,"textAlign":49},[19109],{"text":19110,"type":599},"MB: You have a partnership with Hainan Mining helping with operating the facility, and also as an offtake partner. How important are Chinese partners and is there a potential risk that such partners would stop, say, US-based automakers, from wanting to get involved with the mine?",{"type":594,"attrs":19112,"content":19113},{"textAlign":49},[19114,19115],{"text":18995,"type":599},{"text":19116,"type":599},"We took a bit of a pragmatic approach when we were looking for partners. Number one, we really needed someone who was ready to come in and start building when we were. We needed someone who was in it for the long term. We spoke to people from North America, from Europe, from the UK, from Asia as well. And just to be really clear, no one else was ready, other than Chinese groups. We still had interest from more than one Chinese group to partner with us and there was a lot of competition. I think what we were seeing out of, say, Europe, for example, was something that was going to take another five to 10 years to be ready for us. We, as a company and as investors, as something with potential operation, we can’t wait five to 10 years for a promise when there’s actually something already on the table.",{"type":594,"attrs":19118,"content":19119},{"textAlign":49},[19120],{"text":19121,"type":599},"When you say, would we want anyone else involved in the mine? Well, I guess, at this stage our answer is “No”, because we’re up and running, we’re producing.",{"type":594,"attrs":19123,"content":19124},{"textAlign":49},[19125],{"text":19126,"type":599},"Hainan operates based in Hainan Island, which has a tax exempt position. If material is imported and value-added then exported they have a tax benefit. So Hainan, ultimately, are looking to sell their product to Korea, to Japan, to other countries. In that way, while it’s not directly us, our product can still be sold to the world, rather than saying it’s completely Chinese. But you know, my thought process when we as a company, were looking for the partner was, “We need someone ready, someone who recognises the potential.” I think we did a really good deal to get the money, to keep our interest, and to be involved in the development.",{"type":657,"attrs":19128,"content":19129},{"level":15966,"textAlign":49},[19130],{"text":19131,"type":599},"MB: What are the biggest opportunities and challenges for Kodal over the next decade?",{"type":594,"attrs":19133,"content":19134},{"textAlign":49},[19135,19136],{"text":18995,"type":599},{"text":19137,"type":599},"I think for us, number one is to demonstrate consistency of performance. We’ve set a target of 125,000 tonnes per annum, concentrate, production and sale. We need to meet that. We’ve spent a fair bit of time in the ramp up and commissioning. We closed the plant for a while to do some engineering improvements and de-bottlenecking, some improvements to the crushing circuit and on some of the conveyors just to make sure we’ve got a better operating plan. Making sure we demonstrate that consistency is number one.",{"type":594,"attrs":19139,"content":19140},{"textAlign":49},[19141],{"text":19142,"type":599},"Number two is to make sure we become a reliable seller of the product. We feel comfortable that the price is on an upward trajectory rather than seeing negative pressures, and we feel comfortable that we are in a positive territory for our operation. That’s a really good thing, but to us, the focus is to work on our cost control, work on our production and make sure that we deliver the best result.",{"type":594,"attrs":19144,"content":19145},{"textAlign":49},[19146],{"type":1186,"attrs":19147},{"id":49,"alt":19148,"src":19149,"title":49,"source":49,"copyright":49,"meta_data":19150},"Kodal Minerals - Bernard Aylward CEO and Steve Zaninovich Operations Director","https://res.cloudinary.com/benchmarkminerals/images/w_1020,h_765,c_scale/f_auto,q_auto/v1765538056/www-production/Kodal-Minerals-Bernard-Aylward-CEO-and-Steve-Zaninovich-Operations-Director-2/Kodal-Minerals-Bernard-Aylward-CEO-and-Steve-Zaninovich-Operations-Director-2.jpeg?_i=AA",{},{"type":594,"attrs":19152,"content":19153},{"textAlign":49},[19154],{"text":19155,"type":599},"Bernard Aylward CEO and Steve Zaninovich Operations Director. Image credit: Kodal Minerals",{"type":594,"attrs":19157,"content":19158},{"textAlign":49},[19159],{"text":19160,"type":599},"Then I would say that one of the things we’ve always said about Bougouni is our stage one is, literally just that: stage one, the first opening of the operation. There’s a really long-term future at Bougouni and our role. Part of what I’m still closely involved with is the exploration and research, resource expansion. We’ve been doing drilling, particularly at the Bougouni prospect, we expect to be able to provide an update on that [soon].",{"type":594,"attrs":19162,"content":19163},{"textAlign":49},[19164],{"text":19165,"type":599},"In the near term, there’s going to be more drilling in the coming year, a real focus on the feasibility study, finalising that, looking to finalise the capital requirements for the stage two development. It’s that kind of thing that we think will be both a challenge, but also something that can demonstrate huge upside for the project. We hope we can start to demonstrate something more like a 15 to 20 year mine life, rather than a sort of five to eight that the DMS looks like it’s got at the moment.",{"type":594,"attrs":19167,"content":19168},{"textAlign":49},[19169],{"text":19170,"type":599},"As a company, Kodal PLC, we’re a partner in the Bougouni development and our lithium operation, but we’ve also set ourselves some challenges of continuing to grow Kodal through our own work on some gold projects we have in Mali and Ivory Coast. We’re continuing to assess other opportunities to grow the company, and we are really keen to make use of what we see as an advantage, both with financial support, we’ve got money in the bank, we’ve got a very strong team, and we’ve got expertise from exploration, development and financing. So, you know, those things are positives for us.",{"type":594,"attrs":19172,"content":19173},{"textAlign":49},[19174],{"text":19175,"type":599,"marks":19176},"To learn more about Benchmark’s Lithium Service including price assessments and forecasts, fill in the form below and one of the team will be in touch.",[19177],{"type":643},{"type":627,"attrs":19179},{"id":19180,"body":19181},"d5aff2ef-dfc0-4ce6-9fbd-67632a21137f",[19182],{"id":835,"_uid":19183,"_editable":19184,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":19185,"success_file":19186,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":19188},"i-c8195c6d-376a-449d-b179-9c2383aba9b0","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-c8195c6d-376a-449d-b179-9c2383aba9b0\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":19187},{},[],"UK-listed Kodal Minerals began production at its Bougouni Lithium Project in Mali in February this year and its first shipment of spodumene left port at the start of December after leaving the mine in October. Initially focused on gold in West Africa, the company listed on London’s Alternative Investment Market (AIM) in 2013 before pivoting […]",[19191],{"slug":544,"name":543,"content":19192},{"job_title":557,"image":19193,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e55d3cb5-13c9-4294-8793-4a34e035a25f\", \"id\": \"\"}-->",[19196,19197],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":19199,"copyright":547,"fieldtype":553,"meta_data":19200,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1920,c_scale/f_auto,q_auto/v1765538041/www-production/IMG_2253/IMG_2253.jpg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 12, 2025",{"id":19203,"uuid":19204,"name":19205,"slug":19206,"full_slug":19207,"content":19208},133953964394636,"52c95fd9-9912-42b7-8b74-f25540e7181b","How ambitious is the UK’s critical mineral strategy?","how-ambitious-is-the-uks-critical-mineral-strategy","article/how-ambitious-is-the-uks-critical-mineral-strategy",{"_uid":19209,"date":19210,"tags":19211,"editor":547,"content":19215,"excerpt":19371,"featured":51,"reporter":19372,"_editable":19376,"component":864,"seo_title":19205,"categories":19377,"visibility":2091,"author_company":547,"data_vis_image":19387,"featured_image":19390,"seo_description":19393,"author_full_name":547,"author_job_title":547,"formattedDate":19394},"4d61b3d2-fe0f-4342-9883-a42685016e3d","2025-12-10 00:00",[19212,19213,19214],{"slug":578,"name":579},{"slug":16791,"name":16792},{"slug":4610,"name":662},{"type":591,"content":19216},[19217,19222,19227,19232,19240,19245,19250,19263,19271,19286,19299,19304,19320,19325,19330,19335,19348,19353,19360],{"type":594,"attrs":19218,"content":19219},{"textAlign":49},[19220],{"text":19221,"type":599},"In November, the UK government released its much anticipated critical mineral strategy: Vision 2035. In it, the government defines a list of minerals which it has determined are critical and/or important for growth.",{"type":594,"attrs":19223,"content":19224},{"textAlign":49},[19225],{"text":19226,"type":599},"Within the strategy, the Department for Business and Trade sets out a target that by 2035, 10% of the aggregate annual demand for critical minerals in the UK should be met by domestic production, 20% by recycling and that no more than 60% of critical mineral demand be met by a single country. The strategy specifically sets a higher target for lithium, aiming to produce 50,000 tonnes LCE domestically by 2035.",{"type":594,"attrs":19228,"content":19229},{"textAlign":49},[19230],{"text":19231,"type":599},"To support these goals, the UK wants to increase international collaboration, provide more funding, improve access to finance and further develop the Critical Minerals Intelligence Centre.",{"type":627,"attrs":19233},{"id":19234,"body":19235},"3376cc21-1f4d-4a0a-8194-3ce948b5bcfd",[19236],{"id":19237,"_uid":19238,"type":634,"_editable":19239,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26587752","i-c4c2ca73-48db-42ab-b4c4-7db74b6119f1","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c4c2ca73-48db-42ab-b4c4-7db74b6119f1\", \"id\": \"\"}-->",{"type":657,"attrs":19241,"content":19242},{"level":15966,"textAlign":49},[19243],{"text":19244,"type":599},"Can the UK meet these targets?",{"type":594,"attrs":19246,"content":19247},{"textAlign":49},[19248],{"text":19249,"type":599},"On an aggregate level, the UK government states the country is on track to meet 6% of its critical mineral demand from domestic production and 18% from recycling by 2035. Whilst more investment is needed to boost these numbers, the strategy doesn’t look unachievable on this basis.",{"type":594,"attrs":19251,"content":19252},{"textAlign":49},[19253,19255,19261],{"text":19254,"type":599},"Using data from Benchmark’s forecasts, Source analysed how the UK’s production of select battery and energy minerals compares to the demand from the ",{"text":19256,"type":599,"marks":19257},"battery",[19258],{"type":604,"attrs":19259},{"href":19260,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-uk-government-returns-to-incentivising-ev-sales",{"text":19262,"type":599}," and magnet sector. Although the targets are aggregate, this analysis shows that significantly more development and investment are needed in the battery upstream to meet growing demand from electric vehicles and energy storage.",{"type":627,"attrs":19264},{"id":19265,"body":19266},"46e74971-11aa-453e-9f66-f7037a5d3180",[19267],{"id":19268,"_uid":19269,"type":634,"_editable":19270,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26724513","i-065ee560-7855-4441-9a19-eec82b116067","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-065ee560-7855-4441-9a19-eec82b116067\", \"id\": \"\"}-->",{"type":594,"attrs":19272,"content":19273},{"textAlign":49},[19274,19276,19278,19284],{"text":19275,"type":599},"For most minerals in the battery and magnets space, the UK has no production and very few projects beyond the early stage mark. Nickel and lithium are the notable exceptions. ",{"text":19277,"type":599},"For nickel, there is ",{"text":19279,"type":599,"marks":19280},"Vale’s",[19281],{"type":604,"attrs":19282},{"href":19283,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/fireside-chat-with-vale-base-metals-director-of-circularity",{"text":19285,"type":599}," Clydach Nickel Refinery in Wales, and there is a range of lithium projects in Cornwall and the North East.",{"type":594,"attrs":19287,"content":19288},{"textAlign":49},[19289,19291,19297],{"text":19290,"type":599},"In the case of lithium, the data clearly show that whilst the forecast production of lithium falls short of the 50,000 tonne target, if investment can be found to bring ",{"text":19292,"type":599,"marks":19293},"planned projects to fruition",[19294],{"type":604,"attrs":19295},{"href":19296,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/dle-to-play-key-role-in-uk-lithium-market",{"text":19298,"type":599}," it is possible to meet and surpass the target for lithium chemical production.",{"type":594,"attrs":19300,"content":19301},{"textAlign":49},[19302],{"text":19303,"type":599},"On the recycling side, the existing pipeline of recycling projects in the UK is insufficient to meet the 20% target. However, analysis by the Benchmark Recycling Service suggests that the 2035 scrap pool contains sufficient material to meet the targets for nickel, cobalt, and manganese.",{"type":594,"attrs":19305,"content":19306},{"textAlign":49},[19307,19311,19317],{"text":19308,"type":599,"marks":19309},"Benchmark Source subscribers can read more analysis on this and other important policies in the latest ",[19310],{"type":643},{"text":14725,"type":599,"marks":19312},[19313,19314],{"type":643},{"type":604,"attrs":19315},{"href":19316,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-november-2025",{"text":974,"type":599,"marks":19318},[19319],{"type":643},{"type":657,"attrs":19321,"content":19322},{"level":15966,"textAlign":49},[19323],{"text":19324,"type":599},"What plans are there to bolster the supply of critical minerals?",{"type":594,"attrs":19326,"content":19327},{"textAlign":49},[19328],{"text":19329,"type":599},"Meeting the domestic production targets will require significant investment from both public and private sectors, though the targets are not legally binding (but politically significant).",{"type":594,"attrs":19331,"content":19332},{"textAlign":49},[19333],{"text":19334,"type":599},"Government funding remains key to derisk domestic and overseas critical mineral projects, with a view to attracting the necessary private capital and, in turn, unlocking future supply. Notably, a new government commitment to allocate up to GBP50 million (US$67 million), channelled through the Department for Business and Trade, has been announced to support early-stage domestic critical minerals projects and to be deployed alongside other existing public funding mechanisms, such as the National Wealth Fund (NWF) and the UK Export Finance (UKEF).",{"type":594,"attrs":19336,"content":19337},{"textAlign":49},[19338,19340,19346],{"text":19339,"type":599},"While the UK can deploy equity support domestically through the NWF, providing equity finance internationally would help to derisk overseas projects and unlock international supply to UK-based downstream players. This requires a widening of the NWF’s mandate, in line with UKEF’s mandate, which has already been expanded, enabling it to support overseas critical minerals projects through guarantees, loans, and insurance. Finally, unlike the US, Canada, and the EU, the UK reportedly has no plans to introduce ",{"text":19341,"type":599,"marks":19342},"price support mechanisms",[19343],{"type":604,"attrs":19344},{"href":19345,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/g7-and-eu-weigh-price-floors-to-counter-chinas-rare-earth-dominance",{"text":19347,"type":599},", such as price floors.",{"type":594,"attrs":19349,"content":19350},{"textAlign":49},[19351],{"text":19352,"type":599},"Although the need for supply diversification through international partnerships is strongly acknowledged, as the UK will remain highly reliant on critical mineral imports, the strategy remains rather vague on a detailed international partnership framework and policy instruments. In this light, active multilateral participation in the G7, the Mineral Security Partnership (MSP), and other fora, as well as the deepening of existing and future bilateral cooperation, will be vital.",{"type":594,"attrs":19354,"content":19355},{"textAlign":49},[19356],{"text":19357,"type":599,"marks":19358},"The analysis in this article draws on the in-depth data collected by our in-house team of experts. To learn more about the services that Benchmark offers, please fill out the form below and one of the team will be in touch.",[19359],{"type":643},{"type":627,"attrs":19361},{"id":19362,"body":19363},"57418d16-d2d4-431f-bf48-90efe9c358d3",[19364],{"id":835,"_uid":19365,"_editable":19366,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":19367,"success_file":19368,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":19370},"i-65da14fe-1d90-42f5-aad4-238cc5deec23","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-65da14fe-1d90-42f5-aad4-238cc5deec23\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":19369},{},[],"In November, the UK government released its much anticipated critical mineral strategy: Vision 2035. In it, the government defines a list of minerals which it has determined are critical and/or important for growth. Within the strategy, the Department for Business and Trade sets out a target that by 2035, 10% of the aggregate annual demand […]",[19373],{"slug":544,"name":543,"content":19374},{"job_title":557,"image":19375,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4d61b3d2-fe0f-4342-9883-a42685016e3d\", \"id\": \"\"}-->",[19378,19379,19380,19381,19382,19383,19384,19385,19386],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":19388,"copyright":547,"fieldtype":553,"meta_data":19389,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1765385047/www-production/UK-Critical-Mineral-Strategy-2025@2x/UK-Critical-Mineral-Strategy-2025@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":19391,"copyright":547,"fieldtype":553,"meta_data":19392,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2f5bfabdcd/bm-uk-parliament-big-bn.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"In November, the UK government released its much anticipated critical mineral strategy: Vision 2035. In it, the government defines a list of minerals which it has determined are critical and/or important for growth. Within the strategy, the ...","Dec 10, 2025",{"id":19396,"uuid":19397,"name":19398,"slug":19399,"full_slug":19400,"content":19401},133953972304014,"c283ed43-47f6-471d-9a61-46834a3952a2","US Import data shows changing, growing copper flows into the US ","us-import-data-shows-changing-growing-copper-flows-into-the-us","article/us-import-data-shows-changing-growing-copper-flows-into-the-us",{"_uid":19402,"date":19403,"tags":19404,"editor":19409,"content":19413,"excerpt":19514,"featured":51,"reporter":19515,"component":864,"seo_title":19398,"categories":19519,"visibility":2091,"author_company":49,"featured_image":19522,"seo_description":19514,"author_full_name":49,"author_job_title":49,"formattedDate":19525},"90ef8655-1ed3-4ebc-a134-4eaf2015abad","2025-12-05 00:00",[19405,19408],{"slug":19406,"name":19407},"imports","Imports",{"slug":1375,"name":1376},[19410],{"slug":544,"name":543,"content":19411},{"job_title":557,"image":19412,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":19414},[19415,19426,19433,19438,19443,19456,19461,19468,19473,19478,19483,19488,19493,19504,19509],{"type":594,"attrs":19416,"content":19417},{"textAlign":49},[19418,19420,19424],{"text":19419,"type":599},"Import data, from January to August 2025, shows that the US has imported large amounts of ",{"text":869,"type":599,"marks":19421},[19422],{"type":604,"attrs":19423},{"href":16334,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":19425,"type":599}," from a more diverse range of nations than it has in recent years. Most notably DRC originating imports have grown.  ",{"type":627,"attrs":19427},{"id":19428,"body":19429},"a23ca155-7650-432b-a581-262e94379771",[19430],{"id":19431,"_uid":19432,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26649795","i-399bcf11-9681-44c9-8988-0da945d72bc3",{"type":657,"attrs":19434,"content":19435},{"level":15966,"textAlign":49},[19436],{"text":19437,"type":599},"Changing import patterns",{"type":594,"attrs":19439,"content":19440},{"textAlign":49},[19441],{"text":19442,"type":599},"The US has imported a significant amount of excess copper this year, with 1,205 kt imported so far in 2025 (data up to and including August), against 921kt last year.  ",{"type":594,"attrs":19444,"content":19445},{"textAlign":49},[19446,19448,19454],{"text":19447,"type":599},"Earlier in 2025, Donald Trump indicated that there would be a tariff on ",{"text":19449,"type":599,"marks":19450},"copper imports",[19451],{"type":604,"attrs":19452},{"href":19453,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/record-us-copper-imports-in-2025-far-in-excess-of-consumption",{"text":19455,"type":599}," into the US. This forced up the LME/CME arbitrage and pulled huge amounts of copper into the US.  ",{"type":594,"attrs":19457,"content":19458},{"textAlign":49},[19459],{"text":19460,"type":599},"The arbitrage reached around $3,000/t earlier in the year – and this saw huge flows of copper heading into the US. Benchmark estimates that over 730kt of copper stock is “trapped” in the US. The term trapped is used because at present there is no economic incentive to ship material out of the US. ",{"type":627,"attrs":19462},{"id":19463,"body":19464},"3c7f36e4-cf17-4077-a1cf-a3e6a7c1d853",[19465],{"id":19466,"_uid":19467,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26650298","i-0c839faf-06e5-4825-8ade-9c7d310a7b2e",{"type":657,"attrs":19469,"content":19470},{"level":15966,"textAlign":49},[19471],{"text":19472,"type":599},"A breakdown of trade flows",{"type":594,"attrs":19474,"content":19475},{"textAlign":49},[19476],{"text":19477,"type":599},"Looking at trade data notable trends appear. The breakdown in origin of copper shows altered trade flows against previous years. ",{"type":594,"attrs":19479,"content":19480},{"textAlign":49},[19481],{"text":19482,"type":599},"Firstly, there is more diversity in importing nations. Since 2020 imports have been dominated by material from Chile and also Canada. More than 80% of the imports into the US come from those two countries – in 2024 it was 87%. ",{"type":594,"attrs":19484,"content":19485},{"textAlign":49},[19486],{"text":19487,"type":599},"However, this year exports from a number of countries have grown significantly. Already with data only available up until August, imports are up from the DRC (416%), Australia (6,300%), Zambia (667%), Japan (1,000%), and Germany (1,300%) Korean origin imports grew to 48kt in 2025 so far from a base of 0t. ",{"type":594,"attrs":19489,"content":19490},{"textAlign":49},[19491],{"text":19492,"type":599},"This trend shows that participants were doing whatever they could to get material to the US – and in doing so disrupted regular trade flows. ",{"type":594,"attrs":19494,"content":19495},{"textAlign":49},[19496,19498,19502],{"text":19497,"type":599},"Sources have confirmed to benchmark that traders have pursued significant amounts of ",{"text":4805,"type":599,"marks":19499},[19500],{"type":604,"attrs":19501},{"href":16216,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":19503,"type":599}," for 2026 in order to send more material to the US – as participants pursue material that is CME deliverable for 2026 it is possible even more diverse brands head to the US next year. ",{"type":657,"attrs":19505,"content":19506},{"level":15966,"textAlign":49},[19507],{"text":19508,"type":599},"Why is the DRC selling to the US? ",{"type":594,"attrs":19510,"content":19511},{"textAlign":49},[19512],{"text":19513,"type":599},"Another quirk of the data is that huge amounts of DRC origin material has headed to the US in 2026 despite the fact no DRC origin brands are CME deliverable. This could imply that DRC material is being sent to the US not sell onto the exchange but rather to sell to consumers. Sources have told Benchmark, however, that one trader shipped a large volume of one particular brand of DRC material to the US as they expected the producer to become CME registered. Though this has yet to come to fruition a number of new brands have been listed on the CME in the last year. ","Import data, from January to August 2025, shows that the US has imported large amounts of copper from a more diverse range of nations than it has in recent years. Most notably DRC originating imports have grown. Changing import patterns The US has imported a significant amount of excess copper this year, with 1,205 kt […]",[19516],{"slug":544,"name":543,"content":19517},{"job_title":557,"image":19518,"bio":548,"linkedin":555},{"filename":552},[19520,19521],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":19523,"copyright":547,"fieldtype":553,"meta_data":19524,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1415,c_scale/f_auto,q_auto/v1764942433/www-production/AdobeStock_138382054/AdobeStock_138382054.jpeg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 05, 2025",{"id":19527,"uuid":12721,"name":19528,"slug":19529,"full_slug":19530,"content":19531},133953988225168,"Saudi’s Bisha battery energy storage project uses 30,000 EVs worth of battery minerals","saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals","article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals",{"_uid":19532,"date":19533,"tags":19534,"editor":19537,"content":19541,"excerpt":19620,"featured":51,"reporter":19621,"_editable":19625,"component":864,"seo_title":19528,"categories":19626,"visibility":2091,"author_company":49,"data_vis_image":19634,"featured_image":19637,"seo_description":19620,"author_full_name":49,"author_job_title":49,"formattedDate":19640},"7212635a-b218-4eaf-b555-5fb9e174a434","2025-11-28 00:00",[19535,19536],{"slug":578,"name":579},{"slug":7219,"name":451},[19538],{"slug":544,"name":543,"content":19539},{"job_title":557,"image":19540,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":19542},[19543,19556,19561,19580,19587,19592,19609],{"type":594,"attrs":19544,"content":19545},{"textAlign":49},[19546,19548,19554],{"text":19547,"type":599},"Four of the ten largest battery energy stationary storage (BESS) systems are located in ",{"text":19549,"type":599,"marks":19550},"Saudi Arabia",[19551],{"type":604,"attrs":19552},{"href":19553,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/special-issues/1344840",{"text":19555,"type":599},", with the largest of these being the Saudi Electric Company’s grid-scale Bisha project.",{"type":594,"attrs":19557,"content":19558},{"textAlign":49},[19559],{"text":19560,"type":599},"The system uses 2,618MWh of LFP cells from BYD, requiring up to 1,700 tonnes of lithium and 3,000 tonnes of graphite anode material, equivalent to the requirements of 30,000 electric vehicle batteries.",{"type":594,"attrs":19562,"content":19563},{"textAlign":49},[19564,19566,19572,19574,19579],{"text":19565,"type":599},"This highlights the ",{"text":19567,"type":599,"marks":19568},"scale of the battery and material needs",[19569],{"type":604,"attrs":19570},{"href":19571,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/panel-discussion-energy-storage-demand-for-critical-minerals",{"text":19573,"type":599}," of these large energy storage projects. Grid-scale BESS systems, on average, are getting bigger year-on-year; operational BESS projects that came online in 2025 the average capacity was 218MWh, compared to 151MWh in 2024 and 112MWh in 2023 according to ",{"text":19575,"type":599,"marks":19576},"Benchmark’s Battery Energy Stationary Storage Database",[19577],{"type":604,"attrs":19578},{"href":3734,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":19581,"content":19582},{"textAlign":49},[19583],{"type":1186,"attrs":19584},{"id":49,"alt":547,"src":19585,"title":49,"source":49,"copyright":49,"meta_data":19586},"https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_576,c_scale/f_auto,q_auto/v1764342704/www-production/Grid-Scale-BESS-Bisha-V4-2048x1152/Grid-Scale-BESS-Bisha-V4-2048x1152.png?_i=AA",{},{"type":594,"attrs":19588,"content":19589},{"textAlign":49},[19590],{"text":19591,"type":599},"The world’s largest BESS system in operation is the Edwards Sanborn solar and storage project in California with a capacity of 3,300MWh. The largest BESS system under construction, is the UAE’s Masdar solar and storage project which is due to have a capacity of 19,000MWh and set to be commissioned late 2027.",{"type":594,"attrs":19593,"content":19594},{"textAlign":49},[19595,19599,19605],{"text":19596,"type":599,"marks":19597},"The data used in this infographic and article comes from ",[19598],{"type":643},{"text":19600,"type":599,"marks":19601},"Benchmark’s Battery Energy Stationary Storage (BESS) Service",[19602,19603],{"type":643},{"type":604,"attrs":19604},{"href":3734,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":19606,"type":599,"marks":19607},". To learn more about Benchmark’s BESS data, fill out the form below and one of the team will be in touch:",[19608],{"type":643},{"type":627,"attrs":19610},{"id":19611,"body":19612},"e2a5989e-7aff-4d77-983d-1c4e70d91317",[19613],{"id":835,"_uid":19614,"_editable":19615,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":19616,"success_file":19617,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":19619},"i-7c187af5-9cfc-489f-b3e4-011574394b24","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-7c187af5-9cfc-489f-b3e4-011574394b24\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":19618},{},[],"Four of the ten largest battery energy stationary storage (BESS) systems are located in Saudi Arabia, with the largest of these being the Saudi Electric Company’s grid-scale Bisha project. The system uses 2,618MWh of LFP cells from BYD, requiring up to 1,700 tonnes of lithium and 3,000 tonnes of graphite anode material, equivalent to the […]",[19622],{"slug":544,"name":543,"content":19623},{"job_title":557,"image":19624,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7212635a-b218-4eaf-b555-5fb9e174a434\", \"id\": \"\"}-->",[19627,19628,19629,19630,19631,19632,19633],{"slug":2499,"name":2500},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":19635,"copyright":547,"fieldtype":553,"meta_data":19636,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2048,h_1152,c_scale/f_auto,q_auto/v1764342698/www-production/Grid-Scale-BESS-Bisha-V4/Grid-Scale-BESS-Bisha-V4.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":19638,"copyright":547,"fieldtype":553,"meta_data":19639,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1764343260/www-production/BYD-KSA-BESS/BYD-KSA-BESS.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 28, 2025",{"id":19642,"uuid":19643,"name":19644,"slug":19645,"full_slug":19646,"content":19647},133953996019857,"711fa060-b497-4673-bc09-1f279140f8da","Copper premiums across the globe hit unprecedented levels ","premiums-across-the-across-the-globe-hit-unprecedented-levels","article/premiums-across-the-across-the-globe-hit-unprecedented-levels",{"_uid":19648,"date":19649,"tags":19650,"editor":19654,"content":19658,"excerpt":19776,"featured":51,"reporter":19777,"component":864,"seo_title":19644,"categories":19781,"visibility":2091,"author_company":49,"featured_image":19784,"seo_description":19776,"author_full_name":49,"author_job_title":49,"formattedDate":19787},"aa689733-ed46-4589-b898-0a98ec8a27e1","2025-11-27 00:00",[19651,19652,19653],{"slug":17168,"name":13351},{"slug":913,"name":914},{"slug":18468,"name":18469},[19655],{"slug":544,"name":543,"content":19656},{"job_title":557,"image":19657,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":19659},[19660,19672,19677,19682,19687,19692,19699,19704,19715,19720,19725,19730,19735,19742,19760,19766],{"type":594,"attrs":19661,"content":19662},{"textAlign":49},[19663,19665,19670],{"text":19664,"type":599},"CODELCO has reportedly offered Chinese customers record breaking ",{"text":19666,"type":599,"marks":19667},"copper cathode",[19668],{"type":604,"attrs":19669},{"href":16334,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":19671,"type":599}," premiums of USD 350/t – though some earlier media reports also noted customers had stated they were offered USD 335/t.  ",{"type":594,"attrs":19673,"content":19674},{"textAlign":49},[19675],{"text":19676,"type":599},"Either way the premiums are incredibly high and follow on from premiums offered to Korea and Europe and add to the trend of higher premiums across the globe. ",{"type":594,"attrs":19678,"content":19679},{"textAlign":49},[19680],{"text":19681,"type":599},"Chinese premiums are actually even higher than those for Europe and Korea which in itself is unusual.  ",{"type":594,"attrs":19683,"content":19684},{"textAlign":49},[19685],{"text":19686,"type":599},"Premium offers for 2026 have pushed up due to the draw the US market is having for copper. This tightening the rest of the worlds’ markets but also creating the need to counterbalance the arbitrage play with high premiums.  ",{"type":594,"attrs":19688,"content":19689},{"textAlign":49},[19690],{"text":19691,"type":599},"The arbitrage between the CME and LME was most recently at USD 270/t with the gap more significant on the forward curve and the exception that the arbitrage could blow out if copper is tariffed.  ",{"type":627,"attrs":19693},{"id":19694,"body":19695},"f2be6147-3982-41cb-bf84-f94b4ae9d1b7",[19696],{"id":19697,"_uid":19698,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26494262","i-9b1d443c-dcf1-482b-8745-053a3ac58a46",{"type":657,"attrs":19700,"content":19701},{"level":15966,"textAlign":49},[19702],{"text":19703,"type":599},"Participants across world facing higher premiums; but concerned about tightness ",{"type":594,"attrs":19705,"content":19706},{"textAlign":49},[19707,19709,19713],{"text":19708,"type":599},"“The market is a mess,” said one trader source noting that many copper producers were saying traders were trying to buy up ",{"text":4805,"type":599,"marks":19710},[19711],{"type":604,"attrs":19712},{"href":16216,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":19714,"type":599}," for next year in order that they can send it to the US. ",{"type":594,"attrs":19716,"content":19717},{"textAlign":49},[19718],{"text":19719,"type":599},"Source noted that in Europe certainly people were generally keen to secure units noting 2026 would be a risky time to go long.  ",{"type":594,"attrs":19721,"content":19722},{"textAlign":49},[19723],{"text":19724,"type":599},"How long the US will keep drawing copper in is another question all-together ass tariff certainty could put a stop to the pull of material into the US. ",{"type":657,"attrs":19726,"content":19727},{"level":15966,"textAlign":49},[19728],{"text":19729,"type":599},"China less reliant on Chile imports",{"type":594,"attrs":19731,"content":19732},{"textAlign":49},[19733],{"text":19734,"type":599},"The record premiums are significant – but it is worth nothing that China is less reliant on Chilean copper cathode imports than it was in previous year – both because their own production is rising but also as imports from other regions especially the DRC play a larger role. Significant amounts of DRC production is Chinese owned. ",{"type":627,"attrs":19736},{"id":19737,"body":19738},"a1bd7780-bc12-4c48-b08f-16de835dbea6",[19739],{"id":19740,"_uid":19741,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26494461","i-ad34d68f-49ae-4e1a-a630-bb929581976c",{"type":594,"attrs":19743,"content":19744},{"textAlign":49},[19745,19749,19756],{"text":19746,"type":599,"marks":19747},"This data draws from Benchmark’s Copper Service, including comprehensive ",[19748],{"type":643},{"text":19750,"type":599,"marks":19751},"forecasts",[19752,19753],{"type":643},{"type":604,"attrs":19754},{"href":19755,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://www.benchmarkminerals.com/intelligence",{"text":19757,"type":599,"marks":19758}," of supply, demand, costs and prices.",[19759],{"type":643},{"type":594,"attrs":19761,"content":19762},{"textAlign":49},[19763],{"text":17440,"type":599,"marks":19764},[19765],{"type":643},{"type":627,"attrs":19767},{"id":19768,"body":19769},"38afa767-a19e-48d2-b1d0-808779770e98",[19770],{"id":835,"_uid":19771,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":19772,"success_file":19773,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":19775},"i-4f014523-417c-43b4-ba78-b45712990879",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":19774},{},[],"CODELCO has reportedly offered Chinese customers record breaking copper cathode premiums of USD 350/t – though some earlier media reports also noted customers had stated they were offered USD 335/t. Either way the premiums are incredibly high and follow on from premiums offered to Korea and Europe and add to the trend of higher premiums […]",[19778],{"slug":544,"name":543,"content":19779},{"job_title":557,"image":19780,"bio":548,"linkedin":555},{"filename":552},[19782,19783],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":19785,"copyright":547,"fieldtype":553,"meta_data":19786,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1707,c_scale/f_auto,q_auto/v1764251741/www-production/AdobeStock_345481448/AdobeStock_345481448.jpeg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 27, 2025",{"id":19789,"uuid":19790,"name":19791,"slug":19792,"full_slug":19793,"content":19794},133954003863698,"52676e2c-9ff9-4044-b030-e4eb22b3e38f","Benchmark to increase frequency and to update specifications in its Rare Earths Price Assessments","benchmark-to-increase-frequency-and-to-update-specifications-in-its-rare-earths-price-assessments","article/benchmark-to-increase-frequency-and-to-update-specifications-in-its-rare-earths-price-assessments",{"_uid":19795,"date":19796,"tags":19797,"editor":19799,"content":19803,"excerpt":19911,"featured":50,"reporter":19912,"_editable":19916,"component":864,"seo_title":19791,"categories":19917,"visibility":2091,"author_company":49,"featured_image":19920,"seo_description":19911,"author_full_name":49,"author_job_title":49,"formattedDate":19922},"32dacc38-b904-4c53-9559-d315bfec876d","2025-11-26 00:00",[19798],{"slug":11313,"name":11314},[19800],{"slug":544,"name":543,"content":19801},{"job_title":557,"image":19802,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":19804},[19805,19818,19823,19828,19835,19840,19847,19854,19858,19865,19870,19875,19880,19885,19890,19908],{"type":594,"attrs":19806,"content":19807},{"textAlign":49},[19808,19810,19816],{"text":19809,"type":599},"Following the conclusion of a formal public consultation, Benchmark Mineral Intelligence is increasing the frequency of its rare earth price assessments to every two weeks, as well as updating the specification for CIF Europe & North America PrNd Oxide. This modification to the methodology for the ",{"text":19811,"type":599,"marks":19812},"Benchmark Rare Earths Price Assessment",[19813],{"type":604,"attrs":19814},{"href":19815,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/rare-earths/prices",{"text":19817,"type":599}," begins from 27 November 2025.",{"type":657,"attrs":19819,"content":19820},{"level":15966,"textAlign":49},[19821],{"text":19822,"type":599},"All rare earth price grades will increase to a publication frequency of every two weeks on Thursdays by 4pm (London).",{"type":594,"attrs":19824,"content":19825},{"textAlign":49},[19826],{"text":19827,"type":599},"Two of Benchmark’s rare earth price grades are affected by the change of specification:",{"type":594,"attrs":19829,"content":19830},{"textAlign":49},[19831],{"text":19832,"type":599,"marks":19833},"Neodymium-Praseodymium Oxide; CIF Europe; >22%>70%; USD/Tonne",[19834],{"type":643},{"type":594,"attrs":19836,"content":19837},{"textAlign":49},[19838],{"text":19839,"type":599},"becomes",{"type":594,"attrs":19841,"content":19842},{"textAlign":49},[19843],{"text":19844,"type":599,"marks":19845},"Neodymium-Praseodymium Oxide; CIF Europe; >20%>70%; USD/Tonne",[19846],{"type":643},{"type":594,"attrs":19848,"content":19849},{"textAlign":49},[19850],{"text":19851,"type":599,"marks":19852},"Neodymium-Praseodymium Oxide; CIF North America; >22%>70%; USD/Tonne",[19853],{"type":643},{"type":594,"attrs":19855,"content":19856},{"textAlign":49},[19857],{"text":19839,"type":599},{"type":594,"attrs":19859,"content":19860},{"textAlign":49},[19861],{"text":19862,"type":599,"marks":19863},"Neodymium-Praseodymium Oxide; CIF North America; >20%>70%; USD/Tonne",[19864],{"type":643},{"type":594,"attrs":19866,"content":19867},{"textAlign":49},[19868],{"text":19869,"type":599},"“As short‑term price movements become more pronounced, reliable and timely data has never been more important. Benchmark is strengthening market transparency by providing more frequent and representative rare earth oxide price assessments, ensuring participants have access to accurate data that truly reflects evolving global trade dynamics,” said George Ingall, Price Analyst at Benchmark.",{"type":657,"attrs":19871,"content":19872},{"level":15966,"textAlign":49},[19873],{"text":19874,"type":599},"Benchmark Price Assessments",{"type":594,"attrs":19876,"content":19877},{"textAlign":49},[19878],{"text":19879,"type":599},"Benchmark Mineral Intelligence is the world’s leading price reporting agency for the lithium‑ion battery and energy transition supply chain.",{"type":594,"attrs":19881,"content":19882},{"textAlign":49},[19883],{"text":19884,"type":599},"We publish weekly and monthly IOSCO‑compliant Price Assessments covering markets including rare earths, graphite, anodes, cathodes, lithium, nickel, cobalt, and black mass to provide accurate, transparent, and independent pricing that supports contract settlement and investment decisions across the battery industry.",{"type":594,"attrs":19886,"content":19887},{"textAlign":49},[19888],{"text":19889,"type":599},"Our graphite anode price assessments are produced by Benchmark’s specialist analysts and senior management with deep understanding of the battery raw materials market.",{"type":594,"attrs":19891,"content":19892},{"textAlign":49},[19893,19897,19904],{"text":19894,"type":599,"marks":19895},"Please contact ",[19896],{"type":643},{"text":19898,"type":599,"marks":19899},"prices@benchmarkminerals.com",[19900,19903],{"type":604,"attrs":19901},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:prices@benchmarkminerals.com",{"type":643},{"text":19905,"type":599,"marks":19906}," to learn more about Benchmark’s market-leading Rare Earths Price Assessments.",[19907],{"type":643},{"type":594,"attrs":19909,"content":19910},{"textAlign":49},[],"Following the conclusion of a formal public consultation, Benchmark Mineral Intelligence is increasing the frequency of its rare earth price assessments to every two weeks, as well as updating the specification for CIF Europe & North America PrNd Oxide. This modification to the methodology for the Benchmark Rare Earths Price Assessment begins from 27 November […]",[19913],{"slug":544,"name":543,"content":19914},{"job_title":557,"image":19915,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"32dacc38-b904-4c53-9559-d315bfec876d\", \"id\": \"\"}-->",[19918,19919],{"slug":872,"name":873},{"slug":1556,"name":414},{"id":12225,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12226,"copyright":547,"fieldtype":553,"meta_data":19921,"is_external_url":50},{},"Nov 26, 2025",{"id":19924,"uuid":19925,"name":19926,"slug":19927,"full_slug":19928,"content":19929},133954012027028,"b91c31cf-1a54-488b-b36e-b6bff18d2e81","Key takeaways for EVs, batteries, and critical minerals at COP30","key-takeaways-for-evs-batteries-and-critical-minerals-at-cop30","article/key-takeaways-for-evs-batteries-and-critical-minerals-at-cop30",{"_uid":19930,"date":19931,"tags":19932,"editor":19937,"content":19941,"excerpt":20025,"featured":51,"reporter":20026,"_editable":20030,"component":864,"seo_title":19926,"categories":20031,"visibility":2091,"author_company":49,"featured_image":20035,"seo_description":20025,"author_full_name":49,"author_job_title":49,"formattedDate":20038},"85d39fcb-dcf8-4855-bdd5-5c05d2f0ac97","2025-11-25 00:00",[19933,19934],{"slug":7055,"name":7056},{"slug":19935,"name":19936},"cop30","COP30",[19938],{"slug":544,"name":543,"content":19939},{"job_title":557,"image":19940,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":19942},[19943,19948,19953,19958,19963,19973,19978,19983,19988,19993,19998,20003,20008,20013,20020],{"type":594,"attrs":19944,"content":19945},{"textAlign":49},[19946],{"text":19947,"type":599},"COP30 drew to a close in Belém, Brazil, with no clear agreement on cutting fossil fuel consumption. Other high‑level takeaways included delegates agreeing to triple adaptation funding by 2035, and that, for the first time at a COP, there was an explicit recognition that the world may overshoot 1.5°C – and that both the extent and duration of that overshoot must be limited.",{"type":657,"attrs":19949,"content":19950},{"level":15966,"textAlign":49},[19951],{"text":19952,"type":599},"What was said about critical minerals, batteries, and EVs?",{"type":657,"attrs":19954,"content":19955},{"level":15966,"textAlign":49},[19956],{"text":19957,"type":599},"Critical minerals",{"type":594,"attrs":19959,"content":19960},{"textAlign":49},[19961],{"text":19962,"type":599},"This was the first time a COP included discussion around critical minerals, reflecting the international attention they have received over the past year. In draft negotiating texts, delegates recognised the “social and environmental risks associated with scaling up supply chains for clean energy technologies, including risks arising from the extraction and processing of critical minerals.” This came alongside protests, including those from Argentina, warning that lithium extraction in South America comes at the cost of local water resources for people living near extraction sites. ",{"type":594,"attrs":19964,"content":19965},{"textAlign":49},[19966,19971],{"text":19967,"type":599,"marks":19968},"Benchmark’s Lithium Forecast Service",[19969],{"type":604,"attrs":19970},{"href":16561,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":19972,"type":599}," indicates that lithium extraction from South America is set to increase 96% from 2025 through to 2030.",{"type":594,"attrs":19974,"content":19975},{"textAlign":49},[19976],{"text":19977,"type":599},"Although the text did not appear in the final decision, the proposal drew attention to rising concerns that the transition away from fossil fuels could increase global dependence on minerals linked to environmental and social impacts.",{"type":657,"attrs":19979,"content":19980},{"level":15966,"textAlign":49},[19981],{"text":19982,"type":599},"Energy storage and renewables",{"type":594,"attrs":19984,"content":19985},{"textAlign":49},[19986],{"text":19987,"type":599},"Energy storage and renewables were mentioned, though perhaps not as prominently as in previous COPs. Delegates reaffirmed their commitment to tripling renewable capacity by 2030; however, there was also an emphasis on the need to upgrade grid infrastructure to facilitate this.",{"type":594,"attrs":19989,"content":19990},{"textAlign":49},[19991],{"text":19992,"type":599},"The Grids and Storage Implementation Coordination Council and the Investable Project Framework were launched to coordinate policies, technical standards, and market mechanisms across countries to ensure efficient and scalable deployment of grids and storage. The Framework focuses on translating national clean‑energy targets into bankable projects, particularly in emerging markets, by providing risk‑assessment standards and financial structures.",{"type":594,"attrs":19994,"content":19995},{"textAlign":49},[19996],{"text":19997,"type":599},"This was accompanied by the launch of the Global Implementation Accelerator, an initiative designed to move beyond pledges and help countries deliver on their nationally determined contributions, with a strong emphasis on renewables and storage.",{"type":594,"attrs":19999,"content":20000},{"textAlign":49},[20001],{"text":20002,"type":599},"In addition, many institutions made financial pledges to support the rollout of renewables and storage worldwide.",{"type":657,"attrs":20004,"content":20005},{"level":15966,"textAlign":49},[20006],{"text":20007,"type":599},"EVs",{"type":594,"attrs":20009,"content":20010},{"textAlign":49},[20011],{"text":20012,"type":599},"The decarbonisation of transport did not feature heavily in discussions; however, there were several announcements specifically focusing on heavier‑duty vehicles.",{"type":594,"attrs":20014,"content":20015},{"textAlign":49},[20016,20018],{"text":20017,"type":599},"Brazil and Mexico joined the Global MoU on Zero",{"text":20019,"type":599},"‑Emission Medium‑ and Heavy‑Duty Vehicles, part of the Drive to Zero initiative, which was formally launched at COP26. The MoU commits signatories to ensure 100% of new medium‑ and heavy‑duty vehicle sales are zero‑emission by 2040, with an interim target of at least 30% by 2030.",{"type":594,"attrs":20021,"content":20022},{"textAlign":49},[20023],{"text":20024,"type":599},"COP31 is set to be held in Turkey with Australia serving as the negotiation president in an unusual, shared arrangement.","COP30 drew to a close in Belém, Brazil, with no clear agreement on cutting fossil fuel consumption. Other high‑level takeaways included delegates agreeing to triple adaptation funding by 2035, and that, for the first time at a COP, there was an explicit recognition that the world may overshoot 1.5°C – and that both the extent […]",[20027],{"slug":544,"name":543,"content":20028},{"job_title":557,"image":20029,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"85d39fcb-dcf8-4855-bdd5-5c05d2f0ac97\", \"id\": \"\"}-->",[20032,20033,20034],{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":20036,"copyright":547,"fieldtype":553,"meta_data":20037,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_2560,h_1707,c_scale/f_auto,q_auto/v1764080205/www-production/54914667323_0b87875c5f_o/54914667323_0b87875c5f_o.jpg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 25, 2025",{"id":20040,"uuid":9936,"name":20041,"slug":20042,"full_slug":20043,"content":20044},133954027604118,"Automaker exposure to lithium prices highlights need for hedging","automaker-exposure-to-lithium-prices-highlights-need-for-hedging","article/automaker-exposure-to-lithium-prices-highlights-need-for-hedging",{"_uid":20045,"date":20046,"tags":20047,"editor":547,"content":20056,"excerpt":20221,"featured":51,"reporter":20222,"_editable":20226,"component":864,"seo_title":20041,"categories":20227,"visibility":2091,"author_company":49,"data_vis_image":20233,"featured_image":20237,"seo_description":20241,"author_full_name":49,"author_job_title":49,"formattedDate":20242},"72fc6309-aaa8-49b9-a138-0a8b38d65492","2025-11-21 00:00",[20048,20049,20052,20053],{"slug":11313,"name":11314},{"slug":20050,"name":20051},"benchmark-week-2025","Benchmark Week 2025",{"slug":578,"name":579},{"slug":20054,"name":20055},"intercontinental-exchange-ice","Intercontinental Exchange (ICE)",{"type":591,"content":20057},[20058,20084,20112,20130,20138,20143,20155,20160,20171,20176,20183,20188,20193,20198,20203,20210],{"type":594,"attrs":20059,"content":20060},{"textAlign":49},[20061,20063,20068,20070,20076,20077,20082],{"text":20062,"type":599},"By the end of the decade, Benchmark forecasts that ",{"text":2983,"type":599,"marks":20064},[20065],{"type":604,"attrs":20066},{"href":20067,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-charts-the-rise-of-byd",{"text":20069,"type":599}," will be spending over $2 billion annually on lithium, with others such as ",{"text":20071,"type":599,"marks":20072},"Volkswagen",[20073],{"type":604,"attrs":20074},{"href":20075,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/volkswagen-and-powerco-invest-in-patriot-battery-metals-to-secure-canadian-lithium",{"text":1440,"type":599},{"text":3875,"type":599,"marks":20078},[20079],{"type":604,"attrs":20080},{"href":20081,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/byd-is-overtaking-tesla-in-europe",{"text":20083,"type":599}," seeing lithium spend rise above $1 billion annually.",{"type":594,"attrs":20085,"content":20086},{"textAlign":49},[20087,20089,20094,20096,20102,20104,20110],{"text":20088,"type":599},"This rise in demand exposes automakers to swings and volatility in the ",{"text":20090,"type":599,"marks":20091},"lithium price",[20092],{"type":604,"attrs":20093},{"href":17015,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":20095,"type":599},". Automakers and battery producers are also highly exposed to cobalt prices, which can change significantly based on policy moves as seen by the ",{"text":20097,"type":599,"marks":20098},"DRC’s cobalt export ban",[20099],{"type":604,"attrs":20100},{"href":20101,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027",{"text":20103,"type":599}," and subsequent ",{"text":20105,"type":599,"marks":20106},"quota system",[20107],{"type":604,"attrs":20108},{"href":20109,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-prices-surge-after-chinas-golden-week-as-drc-export-quotas-fuel-supply-concerns",{"text":20111,"type":599}," this year.",{"type":594,"attrs":20113,"content":20114},{"textAlign":49},[20115,20117,20122,20124,20129],{"text":20116,"type":599},"“Having an ",{"text":20118,"type":599,"marks":20119},"advanced hedging strategy",[20120],{"type":604,"attrs":20121},{"href":17078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":20123,"type":599}," in place to protect yourself against any unforeseen price movements is absolutely key to the success of these businesses,” Caspar Rawles, Benchmark’s chief operating officer, told attendees at ",{"text":20051,"type":599,"marks":20125},[20126],{"type":604,"attrs":20127},{"href":20128,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/scaling-is-everything-key-takeaways-from-day-2-of-benchmark-week",{"text":974,"type":599},{"type":627,"attrs":20131},{"id":20132,"body":20133},"84d878e8-e98e-420d-849d-efb142c9a6c4",[20134],{"id":20135,"_uid":20136,"type":634,"_editable":20137,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26364561","i-bb4997da-29db-4066-976e-7e9b1ac1860a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-bb4997da-29db-4066-976e-7e9b1ac1860a\", \"id\": \"\"}-->",{"type":657,"attrs":20139,"content":20140},{"level":15966,"textAlign":49},[20141],{"text":20142,"type":599},"How much do lithium and cobalt prices move?",{"type":594,"attrs":20144,"content":20145},{"textAlign":49},[20146,20148,20154],{"text":20147,"type":599},"“Whether you’re a battery materials producer, refiner, or an end-user, you have exposure to these prices going up and down – often quickly,” Mike Wittner, the global head of oil market research at Intercontinental Exchange (ICE), said at ",{"text":20149,"type":599,"marks":20150},"the event",[20151],{"type":604,"attrs":20152},{"href":20153,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/national-security-top-of-mind-during-benchmark-week-day-1",{"text":974,"type":599},{"type":657,"attrs":20156,"content":20157},{"level":15966,"textAlign":49},[20158],{"text":20159,"type":599},"How can battery supply chain participants hedge?",{"type":594,"attrs":20161,"content":20162},{"textAlign":49},[20163,20169],{"text":20164,"type":599,"marks":20165},"Hedging strategies",[20166],{"type":604,"attrs":20167},{"href":20168,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/growing-need-for-lithium-hedging-to-meet-energy-transition-demand",{"text":20170,"type":599},", whilst frequently used in more mature energy markets such as oil, are not commonly used across the battery materials supply chain.",{"type":594,"attrs":20172,"content":20173},{"textAlign":49},[20174],{"text":20175,"type":599},"“Battery materials, in terms of the market, is relatively immature,” Wittner said. “But there is a need for risk management tools, particularly because the supply contracts […] are in the process of evolving from fixed price to index linked pricing.”",{"type":594,"attrs":20177,"content":20178},{"textAlign":49},[20179],{"type":1186,"attrs":20180},{"id":49,"alt":547,"src":20181,"title":49,"source":49,"copyright":49,"meta_data":20182},"https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_683,c_scale/f_auto,q_auto/v1763728930/www-production/Mike-Wittner-ICE/Mike-Wittner-ICE.jpg?_i=AA",{},{"type":594,"attrs":20184,"content":20185},{"textAlign":49},[20186],{"text":20187,"type":599},"Mike Wittner, global head of oil market research at ICE, discusses ICE Battery Materials Futures at Benchmark Week 2025",{"type":594,"attrs":20189,"content":20190},{"textAlign":49},[20191],{"text":20192,"type":599},"Key to enabling such hedging strategies is the presence of a trusted futures contract with which to hedge. Benchmark Mineral Intelligence’s (BMI) Lithium and Cobalt Futures will launch on Intercontinental Exchange (ICE) on 24 November 2025. These will be cash-settled derivatives over the average of the month, based on Benchmark’s assessments.",{"type":594,"attrs":20194,"content":20195},{"textAlign":49},[20196],{"text":20197,"type":599},"The futures contracts available will be for lithium carbonate, lithium hydroxide, spodumene concentrate and cobalt hydroxide. The contracts will include near term time periods and also extend out through December 2027 with the potential to extend the forward curve out further as the market demands.",{"type":594,"attrs":20199,"content":20200},{"textAlign":49},[20201],{"text":20202,"type":599},"“The trades are cleared at ICE Clear Europe,” Wittner said. “That’s important to the markets, particularly an immature market, because that means we, ICE, are the counterparty. So there’s really almost no counterparty risk.”",{"type":594,"attrs":20204,"content":20205},{"textAlign":49},[20206],{"text":20207,"type":599,"marks":20208},"To learn more about Benchmark’s lithium and cobalt prices, fill out the form below and one of the team will be in touch:",[20209],{"type":643},{"type":627,"attrs":20211},{"id":20212,"body":20213},"ae34c9f1-bf55-4b9e-9ff0-ed96ec2f148e",[20214],{"id":835,"_uid":20215,"_editable":20216,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":20217,"success_file":20218,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":20220},"i-fbf56ac0-c3a9-4143-8341-3f60ac7d21a5","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-fbf56ac0-c3a9-4143-8341-3f60ac7d21a5\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":20219},{},[],"By the end of the decade, Benchmark forecasts that BYD will be spending over $2 billion annually on lithium, with others such as Volkswagen and Tesla seeing lithium spend rise above $1 billion annually. This rise in demand exposes automakers to swings and volatility in the lithium price. Automakers and battery producers are also highly […]",[20223],{"slug":544,"name":543,"content":20224},{"job_title":557,"image":20225,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"72fc6309-aaa8-49b9-a138-0a8b38d65492\", \"id\": \"\"}-->",[20228,20229,20230,20231,20232],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":3088,"name":3089},{"slug":878,"name":8},{"id":49,"alt":20234,"name":547,"focus":547,"title":20234,"source":547,"filename":20235,"copyright":547,"fieldtype":553,"meta_data":20236,"is_external_url":51},"Major automakers are increasingly exposed to raw material price swings","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1763729356/www-production/Lithium-cobalt-automaker-exposure@2x-1/Lithium-cobalt-automaker-exposure@2x-1.png?_i=AA",{"alt":20234,"title":20234,"source":547,"copyright":547},{"id":20238,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":20239,"copyright":547,"fieldtype":553,"meta_data":20240,"is_external_url":50},129066711562608,"https://a.storyblok.com/f/287943243085208/a0b98e4a9d/bm-collage-prices-5.png",{},"By the end of the decade, Benchmark forecasts that BYD will be spending over $2 billion annually on lithium. This rise in demand exposes automakers to swings and volatility in the lithium price.","Nov 21, 2025",{"id":20244,"uuid":20245,"name":20246,"slug":20247,"full_slug":20248,"content":20249},133954019793045,"c44ad355-edd8-44d5-888d-0efe6a389157","Battery demand to reach 1.6 TWh in 2025 as Benchmark Week comes to a close in LA","battery-demand-to-reach-1-6-twh-in-2025-as-benchmark-week-comes-to-a-close-in-la","article/battery-demand-to-reach-1-6-twh-in-2025-as-benchmark-week-comes-to-a-close-in-la",{"_uid":20250,"date":20046,"tags":20251,"editor":20254,"content":20258,"excerpt":20430,"featured":51,"reporter":20431,"_editable":20435,"component":864,"seo_title":20246,"categories":20436,"visibility":2091,"author_company":49,"featured_image":20445,"seo_description":20430,"author_full_name":49,"author_job_title":49,"formattedDate":20242},"0d8586f8-339e-4ccb-93ec-7c76e9ac6463",[20252,20253],{"slug":20050,"name":20051},{"slug":7219,"name":451},[20255],{"slug":544,"name":543,"content":20256},{"job_title":557,"image":20257,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":20259},[20260,20265,20283,20288,20293,20298,20303,20308,20315,20320,20325,20330,20335,20340,20345,20352,20357,20362,20367,20372,20379,20384,20389,20394,20399,20406,20411,20419],{"type":594,"attrs":20261,"content":20262},{"textAlign":49},[20263],{"text":20264,"type":599},"Benchmark Week 2025 came to a close on Thursday, with an agenda spanning the full mine-to-grid supply chain.",{"type":594,"attrs":20266,"content":20267},{"textAlign":49},[20268,20270,20275,20276,20281],{"text":20269,"type":599},"Although the key themes from ",{"text":20271,"type":599,"marks":20272},"Day 1",[20273],{"type":604,"attrs":20274},{"href":20153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1440,"type":599},{"text":20277,"type":599,"marks":20278},"Day 2",[20279],{"type":604,"attrs":20280},{"href":20128,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":20282,"type":599}," remained relevant in the discussions, the final day introduced further key takeaways for attendees.",{"type":657,"attrs":20284,"content":20285},{"level":15966,"textAlign":49},[20286],{"text":20287,"type":599},"LFP and ESS are shaping the demand picture",{"type":594,"attrs":20289,"content":20290},{"textAlign":49},[20291],{"text":20292,"type":599},"Benchmark’s Chief Research Officer Adam Panayi opened the day highlighting that battery demand is expected to reach 1.6 TWh this year, driven not only by increased demand for electric vehicles but a growing energy storage market. Benchmark forecasts a seven-fold increase in battery demand between now and 2040.",{"type":594,"attrs":20294,"content":20295},{"textAlign":49},[20296],{"text":20297,"type":599},"Although there are a wide range of cathode chemistries available, LFP continues to dominate the market. Once thought of as only for entry-level EVs, the chemistry has rapidly developed and is found in an increasing number of EVs, even at higher price points.",{"type":594,"attrs":20299,"content":20300},{"textAlign":49},[20301],{"text":20302,"type":599},"The growth of the ESS market also lends support to LFP demand as the vast majority of grid-scale projects use the chemistry.",{"type":594,"attrs":20304,"content":20305},{"textAlign":49},[20306],{"text":20307,"type":599},"“There is potential in the not-so-distant future for the ESS market to become the dominant market in terms of battery deployment overall,” Panayi said.",{"type":594,"attrs":20309,"content":20310},{"textAlign":49},[20311],{"type":1186,"attrs":20312},{"id":49,"alt":547,"src":20313,"title":49,"source":49,"copyright":49,"meta_data":20314},"https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_683,c_scale/f_auto,q_auto/v1763746847/www-production/008A1042/008A1042.jpg?_i=AA",{},{"type":594,"attrs":20316,"content":20317},{"textAlign":49},[20318],{"text":20319,"type":599},"Adam Panayi from Benchmark delivers his key note presentation at Benchmark Week 2025. Photo credit: Jens Reiterer",{"type":657,"attrs":20321,"content":20322},{"level":15966,"textAlign":49},[20323],{"text":20324,"type":599},"Global oversupply is not the full story",{"type":594,"attrs":20326,"content":20327},{"textAlign":49},[20328],{"text":20329,"type":599},"Although the global battery market is oversupplied into next decade, this belies the fact that this supply is unevenly distributed. China accounts for 84% of battery supply in 2025, despite representing just 56% of demand.",{"type":594,"attrs":20331,"content":20332},{"textAlign":49},[20333],{"text":20334,"type":599},"A similar concentration is seen in the midstream with China accounting for 84% and 90% of cathode active material and anode active material production, respectively, highlighting the need for more investment into domestic production in other regions.",{"type":594,"attrs":20336,"content":20337},{"textAlign":49},[20338],{"text":20339,"type":599},"Oversupply in the upstream has led to raw material prices falling dramatically from their 2022/2023 highs. Lithium prices are at ~$10,000 per tonne compared to their peak of $71,000 per tonne and higher at their peak due to supply exceeding demand by around 74%.",{"type":594,"attrs":20341,"content":20342},{"textAlign":49},[20343],{"text":20344,"type":599},"“Essentially what we’re seeing is oversupplied markets over the next several years into the  early 2030s, and that’s going to continue weighing on prices,” said Adam Webb, Benchmark’s head of battery raw materials.",{"type":594,"attrs":20346,"content":20347},{"textAlign":49},[20348],{"type":1186,"attrs":20349},{"id":49,"alt":547,"src":20350,"title":49,"source":49,"copyright":49,"meta_data":20351},"https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_683,c_scale/f_auto,q_auto/v1763746680/www-production/R5C16468/R5C16468.jpg?_i=AA",{},{"type":594,"attrs":20353,"content":20354},{"textAlign":49},[20355],{"text":20356,"type":599},"Benchmark’s Adam Webb presents at Benchmark Week 2025. Photo credit: Jens Reiterer",{"type":657,"attrs":20358,"content":20359},{"level":15966,"textAlign":49},[20360],{"text":20361,"type":599},"Sustainability and circularity are still important",{"type":594,"attrs":20363,"content":20364},{"textAlign":49},[20365],{"text":20366,"type":599},"Conversations around sustainability tend to focus on carbon emissions. And although this is an important aspect of sustainability, it isn’t the only metric of relevance. The social aspect of sustainability is vitally important for mines to be able to operate successfully within the communities they are located. Failure to properly gain the social license to operate at the early stages will ultimately lead to the downfall of a project.",{"type":594,"attrs":20368,"content":20369},{"textAlign":49},[20370],{"text":20371,"type":599},"“You have to move slow to move fast,” Andrew Bogrand, a senior policy advisor for natural resource justice at Oxfam, told attendees. “If you rush things from the start, it can go wrong.”",{"type":594,"attrs":20373,"content":20374},{"textAlign":49},[20375],{"type":1186,"attrs":20376},{"id":49,"alt":547,"src":20377,"title":49,"source":49,"copyright":49,"meta_data":20378},"https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_683,c_scale/f_auto,q_auto/v1763746777/www-production/R5C16554/R5C16554.jpg?_i=AA",{},{"type":594,"attrs":20380,"content":20381},{"textAlign":49},[20382],{"text":20383,"type":599},"Benchmark Week 2025 panel on Sustainability at Scale. Photo credit: Jens Reiterer",{"type":594,"attrs":20385,"content":20386},{"textAlign":49},[20387],{"text":20388,"type":599},"Bogrand gave the example of mines that have been shut down because of protests which have “lost tens of millions of dollars, sometimes because they’re in resistance to paying, say, a million or two million at the start for a road project that the community asks for.”",{"type":594,"attrs":20390,"content":20391},{"textAlign":49},[20392],{"text":20393,"type":599},"Circularity, too, is an important aspect of the overall sustainability story. However the US has pulled back on key policies and tax credits from the Biden-era Inflation Reduction Act which makes getting investment for these projects harder.",{"type":594,"attrs":20395,"content":20396},{"textAlign":49},[20397],{"text":20398,"type":599},"“And so we need more accelerant […] to get those refiners and recyclers online,” Tina Jeffress, group manager for Energy and sustainability at Panasonic Corporation of North America, said  “And of course I think carrots work a lot better than sticks.”",{"type":594,"attrs":20400,"content":20401},{"textAlign":49},[20402],{"type":1186,"attrs":20403},{"id":49,"alt":547,"src":20404,"title":49,"source":49,"copyright":49,"meta_data":20405},"https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_683,c_scale/f_auto,q_auto/v1763746704/www-production/008A1499/008A1499.jpg?_i=AA",{},{"type":594,"attrs":20407,"content":20408},{"textAlign":49},[20409],{"text":20410,"type":599},"Tina Jeffress, Group Manager for Energy and Sustainability, Panasonic Corporation of North America discusses recycling at Benchmark Week 2025. Photo credit: Jens Reiterer",{"type":594,"attrs":20412,"content":20413},{"textAlign":49},[20414],{"text":20415,"type":599,"marks":20416},"To learn more about Benchmark’s services, please fill in the form below and one of the team will be in touch:",[20417,20418],{"type":643},{"type":643},{"type":627,"attrs":20420},{"id":20421,"body":20422},"7f1a3a33-d067-4106-a85f-17d5c68f8f52",[20423],{"id":835,"_uid":20424,"_editable":20425,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":20426,"success_file":20427,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":20429},"i-7c7947e1-3a6f-4014-8f2f-4e26db55e6bf","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-7c7947e1-3a6f-4014-8f2f-4e26db55e6bf\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":20428},{},[],"Benchmark Week 2025 came to a close on Thursday, with an agenda spanning the full mine-to-grid supply chain. Although the key themes from Day 1 and Day 2 remained relevant in the discussions, the final day introduced further key takeaways for attendees. LFP and ESS are shaping the demand picture Benchmark’s Chief Research Officer Adam […]",[20432],{"slug":544,"name":543,"content":20433},{"job_title":557,"image":20434,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0d8586f8-339e-4ccb-93ec-7c76e9ac6463\", \"id\": \"\"}-->",[20437,20438,20439,20440,20441,20442,20443,20444],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":20446,"copyright":547,"fieldtype":553,"meta_data":20447,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1763746944/www-production/008A1090-1/008A1090-1.jpg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":20449,"uuid":20450,"name":20451,"slug":20452,"full_slug":20453,"content":20454},114839363991883,"ce64c037-5625-4e2d-92b4-a83551e60883","“Scaling is everything” key takeaways from Day 2 of Benchmark Week","scaling-is-everything-key-takeaways-from-day-2-of-benchmark-week","article/scaling-is-everything-key-takeaways-from-day-2-of-benchmark-week",{"_uid":20455,"date":20456,"tags":20457,"editor":20467,"content":20471,"excerpt":20609,"featured":51,"reporter":20610,"_editable":20614,"component":864,"seo_title":20451,"categories":20615,"visibility":2091,"author_company":49,"featured_image":20626,"seo_description":20609,"author_full_name":49,"author_job_title":49,"formattedDate":20629},"e1f1c921-5bda-4e04-8e34-b7c675272889","2025-11-20 00:00",[20458,20461,20462,20463,20464,20465,20466],{"slug":20459,"name":20460},"aquatech","Aquatech",{"slug":20050,"name":20051},{"slug":903,"name":904},{"slug":913,"name":914},{"slug":20054,"name":20055},{"slug":13869,"name":8803},{"slug":1375,"name":1376},[20468],{"slug":544,"name":543,"content":20469},{"job_title":557,"image":20470,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":20472},[20473,20484,20489,20494,20499,20511,20518,20523,20528,20533,20538,20545,20550,20555,20560,20565,20572,20577,20582,20587,20592,20598],{"type":594,"attrs":20474,"content":20475},{"textAlign":49},[20476,20478,20482],{"text":20477,"type":599},"Day two of ",{"text":20051,"type":599,"marks":20479},[20480],{"type":604,"attrs":20481},{"href":20153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":20483,"type":599}," continued in Los Angeles, focusing on how policy, technology, and localisation are shaping the evolution of energy transition supply chains.",{"type":594,"attrs":20485,"content":20486},{"textAlign":49},[20487],{"text":20488,"type":599},"Benchmark’s lifetime achievement award went to Bob Galyen, who worked at the heart of China’s battery revolution as chief technology officer for CATL and has been an industry leader throughout his career. Benchmark chief executive said Bob is “one of the most accomplished engineers and innovators” in the industry.",{"type":594,"attrs":20490,"content":20491},{"textAlign":49},[20492],{"text":20493,"type":599},"Three key themes emerged across the day’s sessions:",{"type":657,"attrs":20495,"content":20496},{"level":15966,"textAlign":49},[20497],{"text":20498,"type":599},"1. Scale and innovation are key to industrial competitiveness",{"type":594,"attrs":20500,"content":20501},{"textAlign":49},[20502,20504,20509],{"text":20503,"type":599},"Setting the tone early, ",{"text":3167,"type":599,"marks":20505},[20506],{"type":604,"attrs":20507},{"href":20508,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/from-china-to-global-insights-from-battery-industry-veteran-bob-galyen",{"text":20510,"type":599}," remarked that “scaling is everything in this industry, being able to take machines and convert them into something that can make gigawatt level production […] is a remarkable journey.”",{"type":594,"attrs":20512,"content":20513},{"textAlign":49},[20514],{"type":1186,"attrs":20515},{"id":49,"alt":547,"src":20516,"title":49,"source":49,"copyright":49,"meta_data":20517},"https://a.storyblok.com/f/287943243085208/8d5f5a3ec7/bm-r5r-0279.jpg",{},{"type":594,"attrs":20519,"content":20520},{"textAlign":49},[20521],{"text":20522,"type":599},"Benchmark CEO Andrew Miller awarding Bob Galyen Benchmark’s lifetime achievement award. Photo credit: Jens Reiterer",{"type":594,"attrs":20524,"content":20525},{"textAlign":49},[20526],{"text":20527,"type":599},"The idea of scaling, both production and technology, featured throughout the day’s discussions. Speakers emphasised that innovation is needed not only in mining and processing to improve domestic supply, but also further up the supply chain in battery component technologies.",{"type":657,"attrs":20529,"content":20530},{"level":15966,"textAlign":49},[20531],{"text":20532,"type":599},"2. Policy stability and risk management tools are key to investor confidence",{"type":594,"attrs":20534,"content":20535},{"textAlign":49},[20536],{"text":20537,"type":599},"Investor confidence in the critical minerals and battery sectors depends on predictable policy and clear market signals. This message was reinforced through discussion of Intercontinental Exchange’s (ICE) lithium and cobalt futures, supported by Benchmark’s price assessments, which provide new avenues for price risk management, helping developers and financiers hedge volatility and improve project visibility.",{"type":594,"attrs":20539,"content":20540},{"textAlign":49},[20541],{"type":1186,"attrs":20542},{"id":49,"alt":547,"src":20543,"title":49,"source":49,"copyright":49,"meta_data":20544},"https://a.storyblok.com/f/287943243085208/e97fc667ce/bm-008a7817.jpg",{},{"type":594,"attrs":20546,"content":20547},{"textAlign":49},[20548],{"text":20549,"type":599},"Adam Panayi Benchmark CRO, talking to Noemi Gallardo and Trelynd Bradley. Photo credit: Jens Reiterer",{"type":594,"attrs":20551,"content":20552},{"textAlign":49},[20553],{"text":20554,"type":599},"Speakers stressed that close coordination with federal agencies is essential to stabilise markets and scale supply chain investments.",{"type":594,"attrs":20556,"content":20557},{"textAlign":49},[20558],{"text":20559,"type":599},"Trelynd Bradley, Deputy Director of Innovation & Emerging Technologies at the California Governor’s Office of Business and Economic Development, commented, “The problem is the commodity price within the sector is so up-and-down […] and it’s hard to get financing for these projects. However, we can reduce that volatility in the market, and that’s where the federal government is a great partner.”",{"type":657,"attrs":20561,"content":20562},{"level":15966,"textAlign":49},[20563],{"text":20564,"type":599},"3. Building local supply chains will take time",{"type":594,"attrs":20566,"content":20567},{"textAlign":49},[20568],{"type":1186,"attrs":20569},{"id":49,"alt":547,"src":20570,"title":49,"source":49,"copyright":49,"meta_data":20571},"https://a.storyblok.com/f/287943243085208/7829ceaa3d/bm-008a7982.jpg",{},{"type":594,"attrs":20573,"content":20574},{"textAlign":49},[20575],{"text":20576,"type":599},"Bob Lee, President, North America, LG Energy Solution. Photo credit: Jens Reiterer",{"type":594,"attrs":20578,"content":20579},{"textAlign":49},[20580],{"text":20581,"type":599},"Bob Lee, President of LG Energy Solution North America said, “The products that I see being localised the earliest tend to be mechanical components […] and electronics.” He added, “The active materials I think are going to take the longest in terms [of] validation and getting into the supply chain, [but] there are a lot of opportunities.”",{"type":594,"attrs":20583,"content":20584},{"textAlign":49},[20585],{"text":20586,"type":599},"This view was echoed in sessions on anode technologies, which highlighted that long-term partners providing capital and offtake are essential to developing domestic supply and reducing reliance on China.",{"type":594,"attrs":20588,"content":20589},{"textAlign":49},[20590],{"text":20591,"type":599},"Flemming Bjoernslev, Senior Advisor at Aquatech, noted, “if you do things right […] you can develop projects that can ramp up quite quickly.” He emphasised that understanding your resource, maintaining robust data, and advancing pilot plant projects can enable faster project development.",{"type":594,"attrs":20593,"content":20594},{"textAlign":49},[20595],{"text":20415,"type":599,"marks":20596},[20597],{"type":643},{"type":627,"attrs":20599},{"id":20600,"body":20601},"82a7f46a-62a1-4006-ab11-1a615124aed1",[20602],{"id":835,"_uid":20603,"_editable":20604,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":20605,"success_file":20606,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":20608},"i-79c07afe-b226-42e6-acb8-2d29a2f4b3fe","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-79c07afe-b226-42e6-acb8-2d29a2f4b3fe\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":20607},{},[],"Day two of Benchmark Week 2025 continued in Los Angeles, focusing on how policy, technology, and localisation are shaping the evolution of energy transition supply chains. Benchmark’s lifetime achievement award went to Bob Galyen, who worked at the heart of China’s battery revolution as chief technology officer for CATL and has been an industry leader throughout […]",[20611],{"slug":544,"name":543,"content":20612},{"job_title":557,"image":20613,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e1f1c921-5bda-4e04-8e34-b7c675272889\", \"id\": \"\"}-->",[20616,20617,20618,20619,20620,20621,20622,20623,20624,20625],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":880,"name":881},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":20627,"copyright":547,"fieldtype":553,"meta_data":20628,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/99f5043be8/bm-r5r-0357.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 20, 2025",{"id":20631,"uuid":20632,"name":20633,"slug":20634,"full_slug":20635,"content":20636},114839372200268,"a1490e6d-6c15-466e-92df-3f6a7e45d5c9","National security top of mind during Benchmark Week Day 1","national-security-top-of-mind-during-benchmark-week-day-1","article/national-security-top-of-mind-during-benchmark-week-day-1",{"_uid":20637,"date":20638,"tags":20639,"editor":20652,"content":20656,"excerpt":20864,"featured":51,"reporter":20865,"_editable":20869,"component":864,"seo_title":20633,"categories":20870,"visibility":2091,"author_company":49,"featured_image":20879,"seo_description":20864,"author_full_name":49,"author_job_title":49,"formattedDate":20882},"09b361f5-09e7-4ad3-973e-fac01cd1ab33","2025-11-19 00:00",[20640,20641,20642,20645,20648,20651],{"slug":1387,"name":1388},{"slug":13871,"name":13872},{"slug":20643,"name":20644},"rivian","Rivian",{"slug":20646,"name":20647},"standard-lithium","Standard Lithium",{"slug":20649,"name":20650},"sodium-ion-batteries","Sodium Ion Batteries",{"slug":4610,"name":662},[20653],{"slug":544,"name":543,"content":20654},{"job_title":557,"image":20655,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":20657},[20658,20663,20668,20673,20678,20685,20690,20703,20716,20721,20726,20739,20750,20755,20760,20767,20772,20777,20796,20815,20835,20842,20847,20853],{"type":594,"attrs":20659,"content":20660},{"textAlign":49},[20661],{"text":20662,"type":599},"Benchmark Week 2025 kicked off in LA on Tuesday, with policy makers, industry leaders, and experts from Benchmark discussing the key topics impacting energy transition supply chains in 2025.",{"type":594,"attrs":20664,"content":20665},{"textAlign":49},[20666],{"text":20667,"type":599},"From across the first day’s sessions three key takeaways emerged:",{"type":657,"attrs":20669,"content":20670},{"level":15966,"textAlign":49},[20671],{"text":20672,"type":599},"1. Supply chains are a national security priority now more than ever",{"type":594,"attrs":20674,"content":20675},{"textAlign":49},[20676],{"text":20677,"type":599},"“These are not just industries being driven by the uptake of electric vehicles, what it’s really about now is national security,” Andrew Miller, Benchmark’s chief executive remarked during his keynote address.",{"type":594,"attrs":20679,"content":20680},{"textAlign":49},[20681],{"type":1186,"attrs":20682},{"id":49,"alt":547,"src":20683,"title":49,"source":49,"copyright":49,"meta_data":20684},"https://a.storyblok.com/f/287943243085208/c9b40c4dc2/bm-008a4269.jpg",{},{"type":594,"attrs":20686,"content":20687},{"textAlign":49},[20688],{"text":20689,"type":599},"Benchmark CEO Andrew Miller delivers his keynote address. Photo credit: Jens Reiterer",{"type":594,"attrs":20691,"content":20692},{"textAlign":49},[20693,20695,20701],{"text":20694,"type":599},"The thread of ",{"text":20696,"type":599,"marks":20697},"national security",[20698],{"type":604,"attrs":20699},{"href":20700,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/critical-minerals-for-the-defence-industry-and-national-security-interview-with-adam-burstein",{"text":20702,"type":599}," was woven into nearly every panel. Critical mineral supply chain policies no longer emphasise the need for a green energy transition, but instead focus on how they can support defence applications, reduce reliance on foreign entities, and prioritise national interests.",{"type":594,"attrs":20704,"content":20705},{"textAlign":49},[20706,20708,20714],{"text":20707,"type":599},"Rare earths are a vital mineral in defence applications as well as EV motors, and China’s use of ",{"text":20709,"type":599,"marks":20710},"export controls to restrict trade flows",[20711],{"type":604,"attrs":20712},{"href":20713,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks",{"text":20715,"type":599}," posed a major issue for the West, especially the US.",{"type":594,"attrs":20717,"content":20718},{"textAlign":49},[20719],{"text":20720,"type":599},"“There was no major US based OEM that wasn’t impacted by the rare earth export controls imposed by China earlier this year,” Tara Berrie, Rivian’s director of battery cell materials and rare earth sourcing, told attendees.",{"type":657,"attrs":20722,"content":20723},{"level":15966,"textAlign":49},[20724],{"text":20725,"type":599},"2. Localisation and vertical integration are key",{"type":594,"attrs":20727,"content":20728},{"textAlign":49},[20729,20731,20737],{"text":20730,"type":599},"Linked to national security is the need to reduce dependency on other nations, especially those with hegemonic control of ",{"text":20732,"type":599,"marks":20733},"key supply chains",[20734],{"type":604,"attrs":20735},{"href":20736,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/briefings/battery-minerals-snapshots/benchmark-battery-minerals-snapshot-q3-2025-2",{"text":20738,"type":599},". As such, localisation and vertical integration came up repeatedly throughout the day.",{"type":594,"attrs":20740,"content":20741},{"textAlign":49},[20742,20744,20749],{"text":20743,"type":599},"“The current US administration is focused on developing critical mineral supply chains, in fact they are looking at building out the entire battery value chain,” said David Park, the CEO of ",{"text":20647,"type":599,"marks":20745},[20746],{"type":604,"attrs":20747},{"href":20748,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/smackover-lithium-a-standard-lithium-and-equinor-joint-venture",{"text":974,"type":599},{"type":594,"attrs":20751,"content":20752},{"textAlign":49},[20753],{"text":20754,"type":599},"Beyond supporting the national interest, localised supply chains can offer other benefits such as reducing material lead times, managing exposure to raw material price swings, and creating leaner, more agile operations.",{"type":594,"attrs":20756,"content":20757},{"textAlign":49},[20758],{"text":20759,"type":599},"“We are looking at any possible way to bring our supply chains closer to us,” said Thomas Fickett, Chief Financial Officer at Panasonic Energy of North America.",{"type":594,"attrs":20761,"content":20762},{"textAlign":49},[20763],{"type":1186,"attrs":20764},{"id":49,"alt":547,"src":20765,"title":49,"source":49,"copyright":49,"meta_data":20766},"https://a.storyblok.com/f/287943243085208/01c3dd5d9f/bm-008a4905.jpg",{},{"type":594,"attrs":20768,"content":20769},{"textAlign":49},[20770],{"text":20771,"type":599},"Panasonic Energy of North America’s CFO Thomas Fickett talks to Benchmark’s COO Caspar Rawles. Photo credit: Jens Reiterer",{"type":657,"attrs":20773,"content":20774},{"level":15966,"textAlign":49},[20775],{"text":20776,"type":599},"3. Energy storage is an emerging demand drive",{"type":594,"attrs":20778,"content":20779},{"textAlign":49},[20780,20782,20787,20789,20794],{"text":20781,"type":599},"The battery story has, until recently, been heavily focused on electric vehicles. In part, this is due to the emphasis on the emission reductions EVs can enable. But, increasingly ",{"text":12716,"type":599,"marks":20783},[20784],{"type":604,"attrs":20785},{"href":20786,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-importance-of-energy-storage-to-africas-growth",{"text":20788,"type":599}," is taking up more ",{"text":20790,"type":599,"marks":20791},"space in the conversation",[20792],{"type":604,"attrs":20793},{"href":17015,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":20795,"type":599},", with a clear link between energy security and national security.",{"type":594,"attrs":20797,"content":20798},{"textAlign":49},[20799,20805,20807,20813],{"text":20800,"type":599,"marks":20801},"Energy storage projects",[20802],{"type":604,"attrs":20803},{"href":20804,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-battery-energy-storage-market-to-triple-by-2033",{"text":20806,"type":599}," are getting bigger, with an increasing number of giga-scale projects. And it isn’t just lithium ion battery energy storage that is getting bigger: earlier this month US-based ",{"text":20808,"type":599,"marks":20809},"sodium ion",[20810],{"type":604,"attrs":20811},{"href":20812,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sodium-ion-pipeline-dominated-by-unproven-cell-producers",{"text":20814,"type":599}," battery developer Peak Energy signed a 4.75 GWh contract with ESS operator Jupiter Power for deployment between 2027 and 2030.",{"type":594,"attrs":20816,"content":20817},{"textAlign":49},[20818,20820,20825,20827,20833],{"text":20819,"type":599},"“With electricity demand climbing again, ",{"text":20821,"type":599,"marks":20822},"battery storage",[20823],{"type":604,"attrs":20824},{"href":18134,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":20826,"type":599}," is emerging as the most flexible way to safeguard reliability and ",{"text":20828,"type":599,"marks":20829},"energy security",[20830],{"type":604,"attrs":20831},{"href":20832,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/what-does-the-us-storage-market-currently-look-like",{"text":20834,"type":599},",” Benchmark’s Head of Research Iola Hughes told delegates. “In this new era of growth, battery storage equals energy security and is being treated as a key lever across federal, state, and industry priorities.”",{"type":594,"attrs":20836,"content":20837},{"textAlign":49},[20838],{"type":1186,"attrs":20839},{"id":49,"alt":547,"src":20840,"title":49,"source":49,"copyright":49,"meta_data":20841},"https://a.storyblok.com/f/287943243085208/387355062f/bm-008a5171.jpg",{},{"type":594,"attrs":20843,"content":20844},{"textAlign":49},[20845],{"text":20846,"type":599},"Benchmark’s Head of Research Iola Hughes presents about rising demand from energy storage. Photo credit: Jens Reiterer",{"type":594,"attrs":20848,"content":20849},{"textAlign":49},[20850],{"text":20415,"type":599,"marks":20851},[20852],{"type":643},{"type":627,"attrs":20854},{"id":20855,"body":20856},"353b9283-8f16-466a-99c6-abb32eeb54e8",[20857],{"id":835,"_uid":20858,"_editable":20859,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":20860,"success_file":20861,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":20863},"i-a57493af-ba67-4b47-8897-35804388e654","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-a57493af-ba67-4b47-8897-35804388e654\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":20862},{},[],"Benchmark Week 2025 kicked off in LA on Tuesday, with policy makers, industry leaders, and experts from Benchmark discussing the key topics impacting energy transition supply chains in 2025. From across the first day’s sessions three key takeaways emerged: 1. Supply chains are a national security priority now more than ever “These are not just […]",[20866],{"slug":544,"name":543,"content":20867},{"job_title":557,"image":20868,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"09b361f5-09e7-4ad3-973e-fac01cd1ab33\", \"id\": \"\"}-->",[20871,20872,20873,20874,20875,20876,20877,20878],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":880,"name":881},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":20880,"copyright":547,"fieldtype":553,"meta_data":20881,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/95a3981f3d/bm-r5c14411.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 19, 2025",{"id":20884,"uuid":20885,"name":20886,"slug":20887,"full_slug":20888,"content":20889},114839405410644,"bf7b0854-4415-430f-8a63-516c7f461b44","Benchmark’s view from the ground: South Korea’s lithium industry","benchmarks-view-from-the-ground-south-koreas-lithium-industry","article/benchmarks-view-from-the-ground-south-koreas-lithium-industry",{"_uid":20890,"date":20891,"tags":20892,"editor":20896,"content":20900,"excerpt":21016,"featured":51,"reporter":21017,"_editable":21021,"component":864,"seo_title":20886,"categories":21022,"visibility":882,"author_company":49,"featured_image":21025,"seo_description":21016,"author_full_name":49,"author_job_title":49,"formattedDate":21028},"6bb47ff0-54f1-4960-9bb7-7abf482b75ce","2025-11-17 00:00",[20893,20894,20895],{"slug":4369,"name":4370},{"slug":16788,"name":16789},{"slug":8694,"name":8695},[20897],{"slug":544,"name":543,"content":20898},{"job_title":557,"image":20899,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":20901},[20902,20907,20912,20917,20922,20927,20934,20939,20944,20949,20954,20959,20964,20969,20974,20979,20984,20989,20994,20999],{"type":594,"attrs":20903,"content":20904},{"textAlign":49},[20905],{"text":20906,"type":599},"South Korea’s battery industry is one of the most developed and globally integrated ecosystems in the world. Yet beneath the surface of its technical leadership lies a sense of caution: competition from China is intensifying, margins are thin, and chemistry choices are shifting rapidly.",{"type":594,"attrs":20908,"content":20909},{"textAlign":49},[20910],{"text":20911,"type":599},"A recent visit by Benchmark’s Lithium Product Director, Cameron Perks – revealed an industry recalibrating to a lower-price environment, shifting cost structures, and accelerating chemistry changes.",{"type":657,"attrs":20913,"content":20914},{"level":15966,"textAlign":49},[20915],{"text":20916,"type":599},"Building resilience: POSCO’s integration strategy",{"type":594,"attrs":20918,"content":20919},{"textAlign":49},[20920],{"text":20921,"type":599},"POSCO epitomises South Korea’s approach – vertically integrated, technologically ambitious, but ultimately guided by economics.",{"type":594,"attrs":20923,"content":20924},{"textAlign":49},[20925],{"text":20926,"type":599},"Benchmark had the opportunity to visit the Gwangyang complex in the south of the country, home to PPLS (POSCO–Pilbara Lithium Solution), the 82% POSCO / 18% PLS joint venture. Both processing lines utilise an acid-roast kiln system, differing only in their downstream sulfate-to-hydroxide conversion stages. ",{"type":594,"attrs":20928,"content":20929},{"textAlign":49},[20930],{"type":1186,"attrs":20931},{"id":49,"alt":547,"src":20932,"title":49,"source":49,"copyright":49,"meta_data":20933},"https://a.storyblok.com/f/287943243085208/276e0bbefa/bm-image-159.png",{},{"type":594,"attrs":20935,"content":20936},{"textAlign":49},[20937],{"text":20938,"type":599},"Importantly, both lines achieved a full 100% ramp-up before utilisation later fell below 50%, reflecting soft market demand and elevated feedstock prices. Even at reduced throughput, Gwangyang stands out as the most successful converter outside of China (excluding Chengxin in Indonesia, and far ahead of Australia, Europe and North American converters), and integrates an adjacent cathode facility, which absorbs much of the output.",{"type":594,"attrs":20940,"content":20941},{"textAlign":49},[20942],{"text":20943,"type":599},"Discussions with POSCO also covered its brine-project portfolio in the Americas. At the Sal de Oro project in Argentina, the company is progressing lithium sulfate production via evaporation, which will be upgraded to lithium hydroxide monohydrate (LHM) using proprietary technology. Initial output could begin next year, although a meaningful price recovery will be required to support ramp-up. In North America, Posco continues to develop, conduct R&D and plan for the future of its DLE project in Utah.",{"type":594,"attrs":20945,"content":20946},{"textAlign":49},[20947],{"text":20948,"type":599},"Following our visit, POSCO has taken a 30% stake in a joint venture with Mineral Resources – part of a deliberate strategy to secure material at competitive cost, and has acquired the Hombre Muerto North project in Argentina for US$65 million, targeting around 15.6ktpa LCE from 2029. ",{"type":657,"attrs":20950,"content":20951},{"level":15966,"textAlign":49},[20952],{"text":20953,"type":599},"Structural changes underway in Korea",{"type":594,"attrs":20955,"content":20956},{"textAlign":49},[20957],{"text":20958,"type":599},"Across the ecosystem, from OEMs to recyclers, companies are reassessing which parts of the value chain justify new capital deployment.",{"type":594,"attrs":20960,"content":20961},{"textAlign":49},[20962],{"text":20963,"type":599},"Some firms expressed surprise at the strength of Benchmark’s high-LFP outlook presented during Cameron’s keynote at the International Battery Tech Future (IBTF) conference in Saemangeum. Others, including several major nickel-cathode producers, are already preparing to introduce LFP cathode lines as early as next year to support both domestic and North American demand.",{"type":594,"attrs":20965,"content":20966},{"textAlign":49},[20967],{"text":20968,"type":599},"High-nickel R&D and premium-platform cathode capacity will remain central to Korea’s strategy. But a pivot toward chemistry optionality, particularly to maintain relevance across multiple EV segment, is becoming essential as China consolidates its lead in mid-tier and mass-market battery chemistries.",{"type":594,"attrs":20970,"content":20971},{"textAlign":49},[20972],{"text":20973,"type":599},"Other presentations focused heavily on recycling build out and IRA compliance. For recycling, Korea’s lithium output remains relatively small, just 2kt LCE of output in 2025 according to Q3 recycling forecast, with this growing to just 4kt LCE in 2030 and 10kt in 2035. To this date, no profitable LFP recycling exists outside of China, which means that any shift towards LFP for Korea’s cathode producers will have major implications in a country that considers scrap and black mass to be an increasingly strategic resource. Conference organisers from the Jeonbuk State government told Benchmark that they are focused on incentivising new recycling technologies and investments in Saemangeum. ",{"type":594,"attrs":20975,"content":20976},{"textAlign":49},[20977],{"text":20978,"type":599},"Another recurring theme during the trip was the opportunity created by U.S. Inflation Reduction Act (IRA) rules. Korean cathode, precursor, and battery manufacturers are deeply engaged in reconfiguring supply chains to maintain eligibility for U.S. EV credits. This has accelerated demand for non-Chinese lithium, nickel, and precursor materials and placed a new premium on traceability systems capable of documenting provenance at every stage of production.",{"type":594,"attrs":20980,"content":20981},{"textAlign":49},[20982],{"text":20983,"type":599},"Companies noted that IRA compliance is now a core determinant of capital allocation. Investments in new cathode lines, recycling capacity, and precursor expansions are being evaluated not only on cost but on their ability to support long-term U.S. growth. Several producers highlighted that IRA-related documentation already requires significantly more data collection than previous export frameworks, with growing emphasis on auditability, life-cycle reporting, and counterparty screening.",{"type":594,"attrs":20985,"content":20986},{"textAlign":49},[20987],{"text":20988,"type":599},"While the industry is still adapting to evolving guidance, Korean manufacturers appear confident that their established global relationships, particularly with suppliers in Australia and the Americas, position them well to serve North American demand. ",{"type":594,"attrs":20990,"content":20991},{"textAlign":49},[20992],{"text":20993,"type":599},"In many ways, the IRA and the United States’ determination to build an alternative supply chain outside China, is the primary source of optimism for Korean battery and materials companies. It offers a pathway to remain competitive and preserve revenue growth at a time when China’s cost advantage is widening. ",{"type":594,"attrs":20995,"content":20996},{"textAlign":49},[20997],{"text":20998,"type":599},"Yet this optimism is tempered by a quiet unease: Korea’s long-term positioning is increasingly influenced by forces beyond its borders. On previous visits, Hyundai dominated Seoul’s roads; this year, the shift is visible, with Chinese EVs beginning to appear in the capital. For an industry built on self-reliance, the idea of depending so heavily on external policy winds is both an opportunity, and a strategic vulnerability.",{"type":594,"attrs":21000,"content":21001},{"textAlign":49},[21002,21006,21013],{"text":21003,"type":599,"marks":21004},"A copy of the ",[21005],{"type":643},{"text":21007,"type":599,"marks":21008},"keynote presentation is available on the Source platform",[21009,21012],{"type":604,"attrs":21010},{"href":21011,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/presentations/1349529",{"type":643},{"text":974,"type":599,"marks":21014},[21015],{"type":643},"South Korea’s battery industry is one of the most developed and globally integrated ecosystems in the world. Yet beneath the surface of its technical leadership lies a sense of caution: competition from China is intensifying, margins are thin, and chemistry choices are shifting rapidly. A recent visit by Benchmark’s Lithium Product Director, Cameron Perks – […]",[21018],{"slug":544,"name":543,"content":21019},{"job_title":557,"image":21020,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6bb47ff0-54f1-4960-9bb7-7abf482b75ce\", \"id\": \"\"}-->",[21023,21024],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":21026,"copyright":547,"fieldtype":553,"meta_data":21027,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3dfac6002f/bm-cylindrical-battery.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 17, 2025",{"id":21030,"uuid":14508,"name":21031,"slug":21032,"full_slug":21033,"content":21034},114839397296466,"Ganfeng Chairman’s speech adds fuel to lithium price rally in China","ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china","article/ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china",{"_uid":21035,"date":20891,"tags":21036,"editor":21039,"content":21043,"excerpt":21129,"featured":51,"reporter":21130,"_editable":21134,"component":864,"seo_title":21031,"categories":21135,"visibility":882,"author_company":49,"featured_image":21140,"seo_description":21129,"author_full_name":49,"author_job_title":49,"formattedDate":21028},"83bd3856-0c30-4b43-afad-a60812b733e0",[21037,21038],{"slug":913,"name":914},{"slug":4360,"name":4361},[21040],{"slug":544,"name":543,"content":21041},{"job_title":557,"image":21042,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":21044},[21045,21050,21055,21060,21068,21073,21078,21083,21088,21096,21101,21106,21111,21116,21121,21126],{"type":594,"attrs":21046,"content":21047},{"textAlign":49},[21048],{"text":21049,"type":599},"Lithium chemical prices spiked in China on Monday following a bullish speech by the chairman of Ganfeng – the world’s third-largest lithium producer – in which it was suggested that lithium demand growth could reach 30% in 2026.",{"type":594,"attrs":21051,"content":21052},{"textAlign":49},[21053],{"text":21054,"type":599},"In a keynote speech on 16 November at the 10th International Summit on Power Battery Application in Shanghai, Li Liangbin shared Ganfeng’s view on supply–demand fundamentals and price trends into 2026. It was noted that should Chinese demand from energy storage system (ESS) end markets and heavy-duty trucks surprise to the upside, the lithium market could enter deficit as soon as next year.",{"type":594,"attrs":21056,"content":21057},{"textAlign":49},[21058],{"text":21059,"type":599},"Futures market quotations rose sharply following the speech, with Benchmark today recording a comparatively more moderate increase in its latest daily lithium carbonate (EXW China) price assessment. Spot activity remains thin, with some sellers withholding volumes to capitalise on upward price momentum.",{"type":627,"attrs":21061},{"id":21062,"body":21063},"0ff9eece-7a69-4c6e-ac7b-c54db561a79f",[21064],{"id":21065,"_uid":21066,"type":634,"_editable":21067,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26288714","i-bc69b397-0db1-4a9b-8bdc-0f8fcf7d91f0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-bc69b397-0db1-4a9b-8bdc-0f8fcf7d91f0\", \"id\": \"\"}-->",{"type":657,"attrs":21069,"content":21070},{"level":15966,"textAlign":49},[21071],{"text":21072,"type":599},"Is speculation underpinning the rally?",{"type":594,"attrs":21074,"content":21075},{"textAlign":49},[21076],{"text":21077,"type":599},"Bullish sentiment has so far been confined to financial markets following the speech, and it remains to be seen whether cathode active material (CAM) and cell producers are convinced that the recent ESS surge will be sustained over the medium term. In conversations with Benchmark, downstream purchasers have not yet echoed the bullish demand sentiment implied by the rise in futures quotations seen over the weekend.",{"type":594,"attrs":21079,"content":21080},{"textAlign":49},[21081],{"text":21082,"type":599},"Nevertheless, the speech caps a month of consistent price increases, driven by strengthening sentiment around China’s downstream demand outlook for next year.",{"type":594,"attrs":21084,"content":21085},{"textAlign":49},[21086],{"text":21087,"type":599},"Against a backdrop of falling inventories – Benchmark’s Lithium Monthly Inventory China tracker recorded a net drawdown in October twice as large as in September – buyers in China have been bidding higher prices for lithium carbonate and hydroxide to feed rising cathode production activity. Feedstock has been subject to a similar bidding war, with major producers reporting limited unassigned volumes available for the spot market before year end, while converters maintain high utilisation rates.",{"type":627,"attrs":21089},{"id":21090,"body":21091},"60676a85-cb63-4179-9e42-ff42f12d6b72",[21092],{"id":21093,"_uid":21094,"type":634,"_editable":21095,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26288301","i-7ba641fa-431b-4010-8ddc-a53266932c63","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7ba641fa-431b-4010-8ddc-a53266932c63\", \"id\": \"\"}-->",{"type":594,"attrs":21097,"content":21098},{"textAlign":49},[21099],{"text":21100,"type":599},"Inventory levels are an important indicator of short-term price sentiment. If the current destocking trend persists beyond Q4 – which typically sees seasonal inventory drawdowns – it would reinforce the contango presently seen in Chinese lithium futures quotations.",{"type":594,"attrs":21102,"content":21103},{"textAlign":49},[21104],{"text":21105,"type":599},"Benchmark’s view is that the recent price consolidation reflects improving sentiment rather than a substantive change in market fundamentals, with oversupply expected to persist through 2026. Moreover, with CATL rumoured to bring its Jianxiawo lepidolite mine in Jiangxi province back online before year end, supply-side fundamentals continue to strengthen into next year. This is in addition to new lithium sulphate capacity ramping up in Zimbabwe.",{"type":657,"attrs":21107,"content":21108},{"level":15966,"textAlign":49},[21109],{"text":21110,"type":599},"Royalty adjustments add to cost pressures",{"type":594,"attrs":21112,"content":21113},{"textAlign":49},[21114],{"text":21115,"type":599},"Lithium prices had already experienced upward pressure earlier in November following news that CATL’s Jianxiawo mine, along with seven other lepidolite projects in Jiangxi province, would be subject to historical royalty backpayments.",{"type":594,"attrs":21117,"content":21118},{"textAlign":49},[21119],{"text":21120,"type":599},"This covers the period during which the affected producers reported the extraction of lithium-bearing material as a byproduct. This categorisation resulted in a lower royalty rate of 2.5% of the value of lepidolite sold. Following the submission of resource reports in September 2025, these eight producers are now subject to the higher 9.5% rate and are also liable to repay the difference accrued over the underpayment period.",{"type":594,"attrs":21122,"content":21123},{"textAlign":49},[21124],{"text":21125,"type":599},"This adjustment moderately increases costs for these already high-cost producers, who sit at the upper end of the lithium cost curve.",{"type":594,"attrs":21127,"content":21128},{"textAlign":49},[],"Lithium chemical prices spiked in China on Monday following a bullish speech by the chairman of Ganfeng – the world’s third-largest lithium producer – in which it was suggested that lithium demand growth could reach 30% in 2026. In a keynote speech on 16 November at the 10th International Summit on Power Battery Application in […]",[21131],{"slug":544,"name":543,"content":21132},{"job_title":557,"image":21133,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"83bd3856-0c30-4b43-afad-a60812b733e0\", \"id\": \"\"}-->",[21136,21137,21138,21139],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":21141,"copyright":547,"fieldtype":553,"meta_data":21142,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3a9d11f6cf/bm-ganfeng-lithium-tesla-supply-deal.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":21144,"uuid":21145,"name":21146,"slug":21147,"full_slug":21148,"content":21149},112466939865112,"386ef17b-16ad-44cf-86d3-8d8edb8b4adf","POSCO forms JV with MinRes for Australian lithium mines","posco-forms-jv-with-minres-for-australian-lithium-mines","article/posco-forms-jv-with-minres-for-australian-lithium-mines",{"_uid":21150,"date":21151,"tags":21152,"editor":21161,"content":21165,"excerpt":21322,"featured":51,"reporter":21323,"_editable":21327,"component":864,"seo_title":21146,"categories":21328,"visibility":882,"author_company":49,"data_vis_image":21331,"featured_image":21334,"seo_description":21322,"author_full_name":49,"author_job_title":49,"formattedDate":21337},"3dd47998-05c8-4414-993f-1f8d2b9db5e9","2025-11-14 00:00",[21153,21154,21155,21158,21159,21160],{"slug":6567,"name":2038},{"slug":578,"name":579},{"slug":21156,"name":21157},"mineral-resources","Mineral Resources",{"slug":4369,"name":4370},{"slug":8694,"name":8695},{"slug":6606,"name":12530},[21162],{"slug":544,"name":543,"content":21163},{"job_title":557,"image":21164,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":21166},[21167,21186,21198,21203,21211,21216,21228,21236,21241,21260,21271,21276,21281,21286,21299,21307,21312,21317],{"type":594,"attrs":21168,"content":21169},{"textAlign":49},[21170,21172,21178,21184],{"text":21171,"type":599},"South Korean steel and chemicals giant POSCO has taken a 30% stake in ",{"text":21173,"type":599,"marks":21174},"Australia’s",[21175],{"type":604,"attrs":21176},{"href":21177,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-and-australia-sign-landmark-critical-minerals-framework",{"text":21179,"type":599,"marks":21180},"Mineral Resources’ (MinRes)",[21181],{"type":604,"attrs":21182},{"href":21183,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/fireside-chat-with-joshua-thurlow-chief-executive-lithium-mineral-resources",{"text":21185,"type":599}," 50% stakes in the Mt Marion and Wodgina mines for US$765 million.",{"type":594,"attrs":21187,"content":21188},{"textAlign":49},[21189,21191,21196],{"text":21190,"type":599},"Structured as a joint venture, the deal would see MinRes and POSCO hold an overall 35% and 15% of the operations, as well as corresponding rights to spodumene volumes. US lithium major ",{"text":11321,"type":599,"marks":21192},[21193],{"type":604,"attrs":21194},{"href":21195,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/albemarle-withdraws-liontown-bid-after-australian-billionaire-increases-stake",{"text":21197,"type":599}," at Wodgina and China’s Ganfeng at Mt Marion continue to hold the remaining 50% stakes. MinRes will retain its Mining Services contracts at both sites.",{"type":594,"attrs":21199,"content":21200},{"textAlign":49},[21201],{"text":21202,"type":599},"Benchmark estimates that the deal gives POSCO access to ~145kt spodumene concentrate (6% Li2O, ~21ktpa LCE), for the next few years. Given the two mines operate well below nameplate capacity, this figure will likely rise in a more favourable market.",{"type":627,"attrs":21204},{"id":21205,"body":21206},"6837fcd8-c74b-4751-b1f4-c67a260966b6",[21207],{"id":21208,"_uid":21209,"type":634,"_editable":21210,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26188938","i-b82323da-696f-44ee-9b82-a009a8968055","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b82323da-696f-44ee-9b82-a009a8968055\", \"id\": \"\"}-->",{"type":594,"attrs":21212,"content":21213},{"textAlign":49},[21214],{"text":21215,"type":599},"The deal notably does not include MinRes’ Bald Hill asset, placed on Care & Maintenance in late 2024. The deal does not involve Bald Hill, which MinRes continues to own outright.",{"type":594,"attrs":21217,"content":21218},{"textAlign":49},[21219,21221,21227],{"text":21220,"type":599},"This marks the first foray of a South Korean company into direct ownership of Australian lithium assets, though LG Energy Solution is a strategic offtake partner to ",{"text":21222,"type":599,"marks":21223},"Liontown Resources at Kathleen Valley",[21224],{"type":604,"attrs":21225},{"href":21226,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/australian-government-supports-liontown-equity-raise-alongside-chinese-funders",{"text":974,"type":599},{"type":627,"attrs":21229},{"id":21230,"body":21231},"4289d471-85b3-444b-a815-9e8280af7139",[21232],{"id":21233,"_uid":21234,"type":634,"_editable":21235,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26188014","i-662744c7-35ae-42b2-8ea2-d6f1e439d45f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-662744c7-35ae-42b2-8ea2-d6f1e439d45f\", \"id\": \"\"}-->",{"type":657,"attrs":21237,"content":21238},{"level":15966,"textAlign":49},[21239],{"text":21240,"type":599},"How does this fit into POSCO’s lithium portfolio?",{"type":594,"attrs":21242,"content":21243},{"textAlign":49},[21244,21250,21252,21258],{"text":21245,"type":599,"marks":21246},"POSCO, in a JV partnership with Australian lithium producer PLS",[21247],{"type":604,"attrs":21248},{"href":21249,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sk-on-secures-domestic-lithium-hydroxide-from-posco-pilbara-jv",{"text":21251,"type":599},", also operates a spodumene-to-hydroxide converter in Gwangyang, South Korea (P-PLS), with nameplate capacity of 38kt LCE of ",{"text":21253,"type":599,"marks":21254},"lithium hydroxide",[21255],{"type":604,"attrs":21256},{"href":21257,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/south-korea-cementing-position-as-a-top-ex-china-lithium-hydroxide-producer",{"text":21259,"type":599},". Benchmark forecasts an output of ~15kt LCE in 2025 as the facility ramps up and customers certify the product.",{"type":594,"attrs":21261,"content":21262},{"textAlign":49},[21263,21269],{"text":21264,"type":599,"marks":21265},"PLS’",[21266],{"type":604,"attrs":21267},{"href":21268,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/pilbara-minerals-diversifies-lithium-portfolio-with-latin-resources-acquisition",{"text":21270,"type":599}," Q3 2025 update hinted at subdued 2026 production from the converter. Perhaps in response, the spodumene offtake agreement for PLS’ Pilgangoora material was amended from 250ktpa of concentrate to 150ktpa.",{"type":594,"attrs":21272,"content":21273},{"textAlign":49},[21274],{"text":21275,"type":599},"With the MinRes-POSCO JV set to finalise by summer 2026, this would leave POSCO with total feedstock of around 30kt LCE in 2026, and around 43kt LCE from 2027 onwards, covering P-PLS’ short- and medium-term feedstock needs.",{"type":594,"attrs":21277,"content":21278},{"textAlign":49},[21279],{"text":21280,"type":599},"POSCO also operates three cathode active material (CAM) production facilities in South Korea and China, and is planning further expansions there, as well as Canada. POSCO is expected to see attributable demand of 32kt LCE from these plants in 2025, potentially rising to 47kt LCE by the end of the decade.",{"type":657,"attrs":21282,"content":21283},{"level":15966,"textAlign":49},[21284],{"text":21285,"type":599},"How does the JV with POSCO benefit MinRes?",{"type":594,"attrs":21287,"content":21288},{"textAlign":49},[21289,21291,21297],{"text":21290,"type":599},"MinRes had been struggling with its lithium assets over the past two years since ",{"text":21292,"type":599,"marks":21293},"lithium prices crashed",[21294],{"type":604,"attrs":21295},{"href":21296,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/australian-lithium-supply-cut-by-15-due-to-low-spodumene-prices",{"text":21298,"type":599}," from their 2022/2023 highs by early 2024. Mt Marion and Wodgina have occupied upper-end third-quartile cost curve positions over the past two years, and have been largely cash-negative.",{"type":627,"attrs":21300},{"id":21301,"body":21302},"3641df9c-89e3-4266-9f59-481435d0f4f0",[21303],{"id":21304,"_uid":21305,"type":634,"_editable":21306,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26236223","i-2d58e28d-fa16-48b5-b557-3eb1d052a937","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2d58e28d-fa16-48b5-b557-3eb1d052a937\", \"id\": \"\"}-->",{"type":594,"attrs":21308,"content":21309},{"textAlign":49},[21310],{"text":21311,"type":599},"Fundamental issues at the two mines have prevented cost-cutting measures from generating positive cash flows for the business during the downturn. Rumours around a partial or total shedding of lithium assets have circulated for a while.",{"type":594,"attrs":21313,"content":21314},{"textAlign":49},[21315],{"text":21316,"type":599},"With the arrival of POSCO, as well as higher lithium prices, pressure is off MinRes from both a debt and cash flow standpoint. CAPEX-heavy programs include a flotation plant and transition to underground operations at Mt Marion.",{"type":594,"attrs":21318,"content":21319},{"textAlign":49},[21320],{"text":21321,"type":599},"MinRes already had strong life-of-mine mining services contracts at the two sites. These are set to become more lucrative for the company, with 65% of the costs now borne by its JV partners versus 50% previously – an improvement Benchmark estimates could correspond to savings of around $15/t SC6 across its future share of production. ","South Korean steel and chemicals giant POSCO has taken a 30% stake in Australia’s Mineral Resources’ (MinRes) 50% stakes in the Mt Marion and Wodgina mines for US$765 million. Structured as a joint venture, the deal would see MinRes and POSCO hold an overall 35% and 15% of the operations, as well as corresponding rights […]",[21324],{"slug":544,"name":543,"content":21325},{"job_title":557,"image":21326,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3dd47998-05c8-4414-993f-1f8d2b9db5e9\", \"id\": \"\"}-->",[21329,21330],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":21332,"copyright":547,"fieldtype":553,"meta_data":21333,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1763141319/www-production/Copy-of-Cost-curve@2x/Copy-of-Cost-curve@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":21335,"copyright":547,"fieldtype":553,"meta_data":21336,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d2f4114a44/bm-mineral-resources.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 14, 2025",{"id":21339,"uuid":21340,"name":21341,"slug":21342,"full_slug":21343,"content":21344},112354731902128,"d94b17a5-bdcb-42fb-8d6a-d8615b8cf589","Global EV sales remain up YTD at 23% following 1.9 million EVs sold in October 2025","global-ev-sales-remain-up-ytd-at-23-following-1-9-million-evs-sold-in-october-2025","article/global-ev-sales-remain-up-ytd-at-23-following-1-9-million-evs-sold-in-october-2025",{"_uid":21345,"date":21346,"tags":21347,"editor":21351,"content":21355,"excerpt":21478,"featured":51,"reporter":21479,"component":864,"seo_title":21341,"categories":21483,"visibility":2091,"author_company":49,"featured_image":21485,"seo_description":21478,"author_full_name":49,"author_job_title":49,"formattedDate":21488},"ac0c0789-b820-4c48-a6ec-0ce8787b7994","2025-11-13 00:00",[21348,21349,21350],{"slug":913,"name":914},{"slug":2790,"name":2791},{"slug":2787,"name":2788},[21352],{"slug":544,"name":543,"content":21353},{"job_title":557,"image":21354,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":21356},[21357,21368,21373,21386,21393,21398,21402,21407,21412,21424,21428,21433,21438,21443,21447,21452,21457,21460,21465,21475],{"type":594,"attrs":21358,"content":21359},{"textAlign":49},[21360,21362,21366],{"text":21361,"type":599},"Benchmark Mineral Intelligence, specialising in EV supply chain research and insights, reports that 1.9 million ",{"text":3467,"type":599,"marks":21363},[21364],{"type":604,"attrs":21365},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":21367,"type":599}," were sold globally in October 2025.",{"type":657,"attrs":21369,"content":21370},{"level":15966,"textAlign":49},[21371],{"text":21372,"type":599},"Rho Motion Data Manager, Charles Lester, commented:",{"type":594,"attrs":21374,"content":21375},{"textAlign":49},[21376,21378,21384],{"text":21377,"type":599},"“Global ",{"text":21379,"type":599,"marks":21380},"EV sales reach",[21381],{"type":604,"attrs":21382},{"href":21383,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/global-ev-sales-reach-18-5-million-units-growing-by-21-ytd-in-november-2025",{"text":21385,"type":599}," 1.9 million units in October 2025, marking a 23% increase year-to-date. Europe led regional growth with a 36% year-on-year increase, driven by strong uptake in Germany (+53% y-o-y), France (+40% y-o-y), and the UK (+24% y-o-y). China remained resilient with 1.3 million units sold in October, up 6% year-on-year, while North America showed a slowdown following strong EV tax credit driven demand in September in the US. Overall, cumulative EV sales have surpassed 16.5 million units YTD, reflecting strong structural demand across major markets and the accelerating adoption of affordable and midsize electric vehicles”",{"type":594,"attrs":21387,"content":21388},{"textAlign":49},[21389],{"type":1186,"attrs":21390},{"id":49,"alt":547,"src":21391,"title":49,"source":49,"copyright":49,"meta_data":21392},"https://a.storyblok.com/f/287943243085208/66f3a6c530/bm-monthly-ev-sales-slide-bmi-2-13503281d19b.jpg",{},{"type":657,"attrs":21394,"content":21395},{"level":15966,"textAlign":49},[21396],{"text":21397,"type":599},"Snapshot electric vehicle sales in YTD 2025 (Jan-Oct 2025) vs YTD 2024 (Jan-Oct 2024), YTD %",{"type":657,"attrs":21399,"content":21400},{"level":15966,"textAlign":49},[21401],{"text":2791,"type":599},{"type":594,"attrs":21403,"content":21404},{"textAlign":49},[21405],{"text":21406,"type":599},"The European market grew by 36% y-o-y in October 2025, with 32% growth in BEVs and 47% in PHEVs. This keeps YTD EV growth in Europe at 32%. Month-on-month EV sales in Europe are down 13%, however, this is due to comparing to strong UK sales in September 2025 tied to new registration plates.",{"type":594,"attrs":21408,"content":21409},{"textAlign":49},[21410],{"text":21411,"type":599},"Germany EV sales have grown by 45% YTD, the UK by 31%, and France remains down at -2%. Spain has grown by more than double and Italy has grown by 45% YTD.",{"type":594,"attrs":21413,"content":21414},{"textAlign":49},[21415,21417,21422],{"text":21416,"type":599},"The European Commission also reported five ",{"text":21418,"type":599,"marks":21419},"battery cell",[21420],{"type":604,"attrs":21421},{"href":11600,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":21423,"type":599}," projects that signed their Grant Agreements. These projects were selected earlier in the year to receive grants from the Innovation Fund. Total grants agreed as of 10 November 2025 totalled EUR643 million (USD744 million).",{"type":657,"attrs":21425,"content":21426},{"level":15966,"textAlign":49},[21427],{"text":2788,"type":599},{"type":594,"attrs":21429,"content":21430},{"textAlign":49},[21431],{"text":21432,"type":599},"Following monthly record highs in EV sales in August and September 2025 in the US, as consumers took advantage of the EV tax credit before it ended on September 30, 2025, EV sales have dropped significantly in October.",{"type":594,"attrs":21434,"content":21435},{"textAlign":49},[21436],{"text":21437,"type":599},"Comparing month-on-month BEV sales, Ford sales have fallen 60% (Mach-e, F-150, E-Transit), Hyundai down 77% (Ioniq models), Kia down 77% (EV6, EV9), Honda down 83% (Prologue), and Subaru down by 97% (Solterra). All these OEMs are also down on year-on-year figures.",{"type":594,"attrs":21439,"content":21440},{"textAlign":49},[21441],{"text":21442,"type":599},"EV sales in Canada continue a weak trajectory in 2025 due to the reduction in subsidies, alongside the suspension of the EV mandate for 2026 in September 2025.",{"type":657,"attrs":21444,"content":21445},{"level":15966,"textAlign":49},[21446],{"text":914,"type":599},{"type":594,"attrs":21448,"content":21449},{"textAlign":49},[21450],{"text":21451,"type":599},"China’s EV market was slightly down month-on-month by -2% in October 2025, with 1.3 million units sold. However, EV sales in China were up year-on-year by 6% and YTD remains up at 22%.",{"type":594,"attrs":21453,"content":21454},{"textAlign":49},[21455],{"text":21456,"type":599},"We expect a pull forward of some EV purchases in the final two months of the year as the full NEV purchase tax exemption is set to end on 31 December 2025. From next year, NEVs will move from being fully exempt from purchase tax to only 50% exempt.",{"type":594,"attrs":21458,"content":21459},{"textAlign":49},[],{"type":594,"attrs":21461,"content":21462},{"textAlign":49},[21463],{"text":21464,"type":599},"To learn more about our EV sales data and forecast, submit your details below and our team will be in touch:",{"type":627,"attrs":21466},{"id":21467,"body":21468},"acf2b205-c065-4a2e-af02-411652fb3d74",[21469],{"id":835,"_uid":21470,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":21471,"success_file":21472,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":21474},"i-84e3dc73-f3c3-43d7-8aac-dbe105302d9d",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":21473},{},[],{"type":594,"attrs":21476,"content":21477},{"textAlign":49},[],"Benchmark Mineral Intelligence, specialising in EV supply chain research and insights, reports that 1.9 million electric vehicles were sold globally in October 2025. Rho Motion Data Manager, Charles Lester, commented: “Global EV sales reach 1.9 million units in October 2025, marking a 23% increase year-to-date. Europe led regional growth with a 36% year-on-year increase, driven […]",[21480],{"slug":544,"name":543,"content":21481},{"job_title":557,"image":21482,"bio":548,"linkedin":555},{"filename":552},[21484],{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":21486,"copyright":547,"fieldtype":553,"meta_data":21487,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/058918fbd6/bm-adobestock-459495501-1.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 13, 2025",{"id":21490,"uuid":21491,"name":21492,"slug":21493,"full_slug":21494,"content":21495},112354727650479,"ec2b9cb2-69a7-4c78-a0a7-e9df59d41b2b","How does battery companies’ R&D expenditure vary?","how-does-battery-companies-rd-expenditure-vary","article/how-does-battery-companies-rd-expenditure-vary",{"_uid":21496,"date":21346,"tags":21497,"editor":21505,"content":21509,"excerpt":21569,"featured":51,"reporter":21570,"_editable":21574,"component":864,"seo_title":21492,"categories":21575,"visibility":2091,"author_company":49,"featured_image":21581,"seo_description":21569,"author_full_name":49,"author_job_title":49,"formattedDate":21488},"06498d55-6b12-4d65-8a35-64ca90205c49",[21498,21501,21504],{"slug":21499,"name":21500},"financial-markets","Financial Markets",{"slug":21502,"name":21503},"solid-state","Solid-state",{"slug":20649,"name":20650},[21506],{"slug":544,"name":543,"content":21507},{"job_title":557,"image":21508,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":21510},[21511,21516,21524,21529,21534,21539,21546,21551,21558],{"type":594,"attrs":21512,"content":21513},{"textAlign":49},[21514],{"text":21515,"type":599},"R&D is key to how any future-facing market evolves, and in batteries, it determines which company will lead the next wave of energy innovation. Across leading cell manufacturers, R&D spending highlights sharply contrasting strategies and substantial differences within the global battery supply chain.",{"type":627,"attrs":21517},{"id":21518,"body":21519},"9a42cd11-5e86-4803-9787-e88eaca4a5f0",[21520],{"id":21521,"_uid":21522,"type":634,"_editable":21523,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26189918","i-e4aca593-b8ba-470d-9177-65560991e8b7","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-e4aca593-b8ba-470d-9177-65560991e8b7\", \"id\": \"\"}-->",{"type":594,"attrs":21525,"content":21526},{"textAlign":49},[21527],{"text":21528,"type":599},"CATL leads the way in R&D",{"type":594,"attrs":21530,"content":21531},{"textAlign":49},[21532],{"text":21533,"type":599},"CATL has consistently led R&D investment, spending $2.58bn in 2024 and $1.39bn in H1 2025. This far outweighs the investments made by any of the next-largest players. Samsung SDI and LG Energy Solution (LGES) invested $0.95bn and $0.80bn, respectively, in 2024, and $0.49bn and $0.85bn in H1 2025. The remaining Chinese manufacturers – including Sunwoda, EVE Power, and Gotion High-tech – each invested less than $500m, although they remain important contributors to China’s broader innovation ecosystem.",{"type":594,"attrs":21535,"content":21536},{"textAlign":49},[21537],{"text":21538,"type":599},"LG is expanding its R&D investments",{"type":594,"attrs":21540,"content":21541},{"textAlign":49},[21542,21544],{"text":21543,"type":599},"LGES’s R&D investment in H1 2025 surpassed that of the entire 2024 total by around 6%, underscoring its focus on developing a wide spectrum of battery technologies.",{"text":21545,"type":599},"Benchmark battery technology analyst Varnika Agarwal said, “When we talk about new technology, LG ES seems to be everywhere. From publicly disclosed information, it is working on high-voltage mid-nickel cathodes, the GM collaboration on lithium manganese-rich (LMR) materials, as well as solid-state and sodium ion chemistries. They’ve also spoken publicly about lithium sulphur and plan to begin LFP production in Europe soon and have started in the US already. In addition to this, it is likely they are working on other niche applications behind the scenes.”",{"type":594,"attrs":21547,"content":21548},{"textAlign":49},[21549],{"text":21550,"type":599},"What role will start-ups play in future battery tech?",{"type":594,"attrs":21552,"content":21553},{"textAlign":49},[21554,21556],{"text":21555,"type":599},"While established battery manufacturers remain central to commercial scaling, but start-ups are helping push the boundaries of innovation, particularly in early-stage materials and cell design. However, uncertainty persists over the commercial readiness of many start-up technologies.",{"text":21557,"type":599},"Agarwal added, “Solid-state remains a key area of focus for battery start-ups, with sodium ion and lithium sulphur receiving attention to a lesser extent. Many of these companies have been operating for five to ten years, partnering with large OEMs, but true market success has yet to be demonstrated as timelines extend into the next decade.”",{"type":594,"attrs":21559,"content":21560},{"textAlign":49},[21561,21563],{"text":21562,"type":599},"Yet, momentum around battery start-ups – particularly those outside China – has grown sharply. Markets have begun recognising their potential to diversify supply chains and reduce reliance on Chinese production. ",{"text":21564,"type":599,"marks":21565},"Benchmark’s battery start-up index has risen by more than 100% between January and November 2025, while Benchmark’s major battery cell index rose 13% over the same period reflecting this surge in investor interest and strategic relevance.",[21566],{"type":604,"attrs":21567},{"href":21568,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/briefings/energy-transition-capitals/energy-transition-capital-october-2025","R&D is key to how any future-facing market evolves, and in batteries, it determines which company will lead the next wave of energy innovation. Across leading cell manufacturers, R&D spending highlights sharply contrasting strategies and substantial differences within the global battery supply chain. CATL leads the way in R&D CATL has consistently led R&D investment, […]",[21571],{"slug":544,"name":543,"content":21572},{"job_title":557,"image":21573,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"06498d55-6b12-4d65-8a35-64ca90205c49\", \"id\": \"\"}-->",[21576,21577,21578],{"slug":7030,"name":7031},{"slug":4811,"name":4812},{"slug":21579,"name":21580},"silicon-anode","Silicon Anode",{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":21582,"copyright":547,"fieldtype":553,"meta_data":21583,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/023ce71b96/bm-adobestock-618988890.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":21585,"uuid":21586,"name":21587,"slug":21588,"full_slug":21589,"content":21590},111717969889154,"7e29c11d-25fa-49f6-b359-49aa1ad7bb32","Continued Mali unrest could disrupt lithium supply","continued-mali-unrest-could-disrupt-lithium-supply","article/continued-mali-unrest-could-disrupt-lithium-supply",{"_uid":21591,"date":21592,"tags":21593,"editor":21600,"content":21604,"excerpt":21659,"featured":51,"reporter":21660,"_editable":21664,"component":864,"seo_title":21587,"categories":21665,"visibility":882,"author_company":49,"data_vis_image":21669,"featured_image":21672,"seo_description":21659,"author_full_name":49,"author_job_title":49,"formattedDate":21675},"509ebf61-cab6-42b4-8b1a-459edce07b49","2025-11-12 00:00",[21594,21595,21596,21597,21598,21599],{"slug":584,"name":585},{"slug":578,"name":579},{"slug":4360,"name":4361},{"slug":18906,"name":18907},{"slug":18909,"name":18910},{"slug":18912,"name":18913},[21601],{"slug":544,"name":543,"content":21602},{"job_title":557,"image":21603,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":21605},[21606,21611,21616,21621,21626,21631,21636,21641,21649,21654],{"type":594,"attrs":21607,"content":21608},{"textAlign":49},[21609],{"text":21610,"type":599},"Escalating unrest in Mali, as jihadi groups target fuel convoys around the capital Bamako, has led several governments including France and the US to advise their citizens to leave the country. The attacks have created fuel shortages, and raised serious concerns around the military government’s ability to maintain its rule in the country.",{"type":594,"attrs":21612,"content":21613},{"textAlign":49},[21614],{"text":21615,"type":599},"Mali is home to two lithium mines: Ganfeng’s Goulamina mine and the Bougouni mine owned by Kodal Minerals and Hainan Mining, both in the Sikasso region, around 150km South of the capital. The Mali government has direct stakes in both mines. ",{"type":594,"attrs":21617,"content":21618},{"textAlign":49},[21619],{"text":21620,"type":599},"Shipping companies MSC and CMA CGM temporarily suspended cargo shipments bound for Mali last week, though both firms reversed the decision following meetings with Malian government officials.",{"type":594,"attrs":21622,"content":21623},{"textAlign":49},[21624],{"text":21625,"type":599},"Jihadi kidnappings of Chinese, Indian, Emirati, and Egyptian nationals have also added to the pressure on the government this year.",{"type":657,"attrs":21627,"content":21628},{"level":15966,"textAlign":49},[21629],{"text":21630,"type":599},"Are Mali’s lithium mines impacted?",{"type":594,"attrs":21632,"content":21633},{"textAlign":49},[21634],{"text":21635,"type":599},"Benchmark contacts familiar with operations at these mines say that operations are proceeding as normal, for now. On 3 November, Mali’s president General Assimi Goïta officially opened the Bougouni project.",{"type":594,"attrs":21637,"content":21638},{"textAlign":49},[21639],{"text":21640,"type":599},"Although the fuel crisis is concerning for Ganfeng, it has secured fuel supplies from the government allowing it to continue operations. Both Bougouni and Goulamina mines have been guarded by a mix of private security and Malian government forces since an armed attack on the Bougouni mine in August resulted in the death of a security guard.",{"type":627,"attrs":21642},{"id":21643,"body":21644},"82953f4b-4e6e-42f7-ba07-9b6bd5355cd0",[21645],{"id":21646,"_uid":21647,"type":634,"_editable":21648,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26157532","i-9249ac78-b4da-4769-8dcd-8234bdc833d7","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9249ac78-b4da-4769-8dcd-8234bdc833d7\", \"id\": \"\"}-->",{"type":594,"attrs":21650,"content":21651},{"textAlign":49},[21652],{"text":21653,"type":599},"While Bougouni and Goulamina mines are located relatively close to the border, haulage of product and fuel could very well be impacted by attacks. Goulamina only recently obtained a temporary export license allowing it to ship a maiden 70kt cargo of spodumene concentrate in September. In October, Bougouni announced it had also started trucking an inaugural 30kt batch of spodumene concentrate to port at San Pedro in Côte d’Ivoire.",{"type":594,"attrs":21655,"content":21656},{"textAlign":49},[21657],{"text":21658,"type":599},"Disruptions to Malian exports would see a tightening of feedstock supply at Chinese converters into the new year. Any further delays at CATL’s Jiangxiawo mine in China could exacerbate this; following a back-dated tax deal struck between CATL and Beijing last week, production is expected to resume there under a new royalty regime by January. Uncertainty around developments in Mali and with Jianxiawo could help buoy prices through to the Chinese Lunar New Year in mid-February.","Escalating unrest in Mali, as jihadi groups target fuel convoys around the capital Bamako, has led several governments including France and the US to advise their citizens to leave the country. The attacks have created fuel shortages, and raised serious concerns around the military government’s ability to maintain its rule in the country. Mali is […]",[21661],{"slug":544,"name":543,"content":21662},{"job_title":557,"image":21663,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"509ebf61-cab6-42b4-8b1a-459edce07b49\", \"id\": \"\"}-->",[21666,21667,21668],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":21670,"copyright":547,"fieldtype":553,"meta_data":21671,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1762946958/www-production/Mali-litium-mines-map/Mali-litium-mines-map.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":21673,"copyright":547,"fieldtype":553,"meta_data":21674,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e9179958b3/bm-dms-drone-jan15a.png",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 12, 2025",{"id":21677,"uuid":21678,"name":21679,"slug":21680,"full_slug":21681,"content":21682},111717973374851,"205d83a3-9344-446d-8a69-329f0d05794f","Benchmark opens public consultation on changes to its Sustainable Lithium and Sustainable Nickel grades","benchmark-opens-public-consultation-on-changes-to-its-sustainable-lithium-and-sustainable-nickel-grades","article/benchmark-opens-public-consultation-on-changes-to-its-sustainable-lithium-and-sustainable-nickel-grades",{"_uid":21683,"date":21684,"tags":21685,"editor":21688,"content":21692,"excerpt":21763,"featured":50,"reporter":21764,"_editable":21768,"component":864,"seo_title":21679,"categories":21769,"visibility":2091,"author_company":49,"featured_image":21774,"seo_description":21763,"author_full_name":49,"author_job_title":49,"formattedDate":21776},"07795f4c-a898-45f4-9036-36ed277cc699","2025-11-11 00:00",[21686,21687],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[21689],{"slug":544,"name":543,"content":21690},{"job_title":557,"image":21691,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":21693},[21694,21714,21719,21724,21729,21734,21739,21744,21749,21754],{"type":594,"attrs":21695,"content":21696},{"textAlign":49},[21697,21699,21705,21706,21712],{"text":21698,"type":599},"Benchmark Mineral Intelligence announced today that it has started a formal consultation on changes to the sustainable lithium and sustainable nickel grades in its ",{"text":21700,"type":599,"marks":21701},"Lithium Price Assessment",[21702],{"type":604,"attrs":21703},{"href":21704,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/data-reports/price-assessments",{"text":1440,"type":599},{"text":21707,"type":599,"marks":21708},"Nickel Price Assessment",[21709],{"type":604,"attrs":21710},{"href":21711,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/nickel/prices",{"text":21713,"type":599}," Methodologies.",{"type":594,"attrs":21715,"content":21716},{"textAlign":49},[21717],{"text":21718,"type":599},"Benchmark proposes to change the frequency of updates to its list of eligible  producers, whose material can contribute to these grades, from quarterly to annually. This is in line with changes to the reporting cadence of Benchmark’s Sustainability Index.",{"type":594,"attrs":21720,"content":21721},{"textAlign":49},[21722],{"text":21723,"type":599},"The Benchmark Sustainability Index is a composite index that benchmarks lithium and nickel companies based on their degree of ESG transparency and performance.",{"type":594,"attrs":21725,"content":21726},{"textAlign":49},[21727],{"text":21728,"type":599},"All lithium and nickel companies are included in this Index and are scored on 87 indicators highlighting the most pressing topics of concern. Separate Environment, Social and Governance scores are calculated, along with an overarching composite ESG score, for each company in the upstream lithium and nickel supply chains. Companies are classified into four categories based on their performance: “Industry Leading”, “Good Practice”, “Moderate Visibility” and “Limited Visibility”.",{"type":594,"attrs":21730,"content":21731},{"textAlign":49},[21732],{"text":21733,"type":599},"Only prices collected for material produced by companies categorised as “Industry Leading” in the Sustainability Index can be included in Benchmark’s sustainable lithium and nickel grades.",{"type":594,"attrs":21735,"content":21736},{"textAlign":49},[21737],{"text":21738,"type":599},"Market participants have consistently demanded a metric to track and quantify the emergence of a ‘green premium’ for sustainably produced material. Leveraging Benchmark’s market-leading price assessment methodologies, subscribers have been able to track this delta in real time since November 2023 for lithium and March 2024 for nickel metal and nickel sulphate.",{"type":657,"attrs":21740,"content":21741},{"level":15966,"textAlign":49},[21742],{"text":21743,"type":599},"The following grades will be impacted by this change in frequency:",{"type":594,"attrs":21745,"content":21746},{"textAlign":49},[21747],{"text":21748,"type":599},"As a result of the change, Benchmark is seeking feedback on its plans to modify its methodology in relation to these grades. Public consultation for this change is now open for 30 days.",{"type":594,"attrs":21750,"content":21751},{"textAlign":49},[21752],{"text":21753,"type":599},"Benchmark invites feedback from active market participants by Thursday 11 December 2025 at the latest.",{"type":594,"attrs":21755,"content":21756},{"textAlign":49},[21757,21759],{"text":21758,"type":599},"Comments are welcomed via submission to: ",{"text":19898,"type":599,"marks":21760},[21761],{"type":604,"attrs":21762},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},"Benchmark Mineral Intelligence announced today that it has started a formal consultation on changes to the sustainable lithium and sustainable nickel grades in its Lithium Price Assessment and Nickel Price Assessment Methodologies. Benchmark proposes to change the frequency of updates to its list of eligible producers, whose material can contribute to these grades, from quarterly […]",[21765],{"slug":544,"name":543,"content":21766},{"job_title":557,"image":21767,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"07795f4c-a898-45f4-9036-36ed277cc699\", \"id\": \"\"}-->",[21770,21771,21772,21773],{"slug":872,"name":873},{"slug":878,"name":8},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12226,"copyright":547,"fieldtype":553,"meta_data":21775,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Nov 11, 2025",{"id":21778,"uuid":14925,"name":21779,"slug":21780,"full_slug":21781,"content":21782},111717979965316,"Benchmark launches 314Ah LFP BESS price amid global storage market surge","benchmark-launches-314ah-lfp-bess-price-amid-global-storage-market-surge","article/benchmark-launches-314ah-lfp-bess-price-amid-global-storage-market-surge",{"_uid":21783,"date":21784,"tags":21785,"editor":21786,"content":21790,"excerpt":21927,"featured":51,"reporter":21928,"component":864,"seo_title":21779,"categories":21932,"visibility":2091,"author_company":49,"featured_image":21936,"seo_description":21927,"author_full_name":49,"author_job_title":49,"formattedDate":21939},"334fe144-c940-4b79-b0a4-1b87bd4a7e92","2025-11-06 00:00",[],[21787],{"slug":544,"name":543,"content":21788},{"job_title":557,"image":21789,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":21791},[21792,21810,21813,21818,21821,21833,21836,21841,21859,21864,21869,21872,21879,21882,21889,21892,21895,21908,21914,21924],{"type":594,"attrs":21793,"content":21794},{"textAlign":49},[21795,21797,21801,21803,21808],{"text":21796,"type":599},"Benchmark Mineral Intelligence today announced the commercial launch of its new 314Ah ",{"text":878,"type":599,"marks":21798},[21799],{"type":604,"attrs":21800},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":21802,"type":599}," iron phosphate (LFP) cell price for energy storage applications. The announcement comes as global LFP ",{"text":21804,"type":599,"marks":21805},"battery cell prices",[21806],{"type":604,"attrs":21807},{"href":11600,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":21809,"type":599}," show signs of recovery, following a marked rebound in lithium carbonate costs and tightening supply conditions across the battery materials market.",{"type":594,"attrs":21811,"content":21812},{"textAlign":49},[],{"type":594,"attrs":21814,"content":21815},{"textAlign":49},[21816],{"text":21817,"type":599},"Benchmark’s Head of Research, Iola Hughes commented:",{"type":594,"attrs":21819,"content":21820},{"textAlign":49},[],{"type":594,"attrs":21822,"content":21823},{"textAlign":49},[21824,21826,21831],{"text":21825,"type":599},"“The launch of our new BESS LFP cell price comes at a time of increasing importance for the ",{"text":21827,"type":599,"marks":21828},"storage market",[21829],{"type":604,"attrs":21830},{"href":3734,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":21832,"type":599}," with demand set to grow significantly over the next five years. Significant declines in cell price and innovation in system design over recent years have resulted in system price more than halving in the last two years. As manufacturers standardised around this cell format,  large-scale storage projects continue to become more commercially viable.”",{"type":594,"attrs":21834,"content":21835},{"textAlign":49},[],{"type":594,"attrs":21837,"content":21838},{"textAlign":49},[21839],{"text":21840,"type":599},"During the first nine months of 2025, battery demand from the battery energy storage system (BESS) sector recorded the strongest year-on-year growth among all major demand segments, rising 36% and increasing its share of total battery demand from 16% to 17% YTD. ",{"type":594,"attrs":21842,"content":21843},{"textAlign":49},[21844,21846,21851,21853,21857],{"text":21845,"type":599},"LFP cells designed for ",{"text":21847,"type":599,"marks":21848},"electric vehicle (EV)",[21849],{"type":604,"attrs":21850},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":21852,"type":599}," applications generally meet higher energy-density and performance standards than those used in stationary storage systems, resulting in greater production costs and a sales premium. By contrast, ",{"text":451,"type":599,"marks":21854},[21855],{"type":604,"attrs":21856},{"href":16216,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":21858,"type":599}," cells for BESS applications typically trade at a 10-15% discount.",{"type":594,"attrs":21860,"content":21861},{"textAlign":49},[21862],{"text":21863,"type":599},"In recent years, BESS-specific cell offerings have expanded rapidly. With material innovations driving down LFP costs, producers are now targeting further savings through the use of larger-format cells. Whereas 280Ah prismatic cells were once the industry benchmark, the sector has rapidly transitioned towards 314Ah formats since 2023.",{"type":594,"attrs":21865,"content":21866},{"textAlign":49},[21867],{"text":21868,"type":599},"At present, 314Ah cells command a premium over 280Ah models, despite lower $/kWh level production costs. This reflects superior performance characteristics and stronger market demand. Meanwhile, 280Ah cell prices continue to decline, even as manufacturers curtail output in response to weaker sales.",{"type":594,"attrs":21870,"content":21871},{"textAlign":49},[],{"type":627,"attrs":21873},{"id":21874,"body":21875},"7ce5c48b-2372-41dd-a7a0-080600a82d6f",[21876],{"id":21877,"_uid":21878,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"26073425","i-d8f97764-aa21-4a9d-964c-236c968a7655",{"type":594,"attrs":21880,"content":21881},{"textAlign":49},[],{"type":594,"attrs":21883,"content":21884},{"textAlign":49},[21885,21887],{"text":21886,"type":599},"Data Snapshot",{"text":21888,"type":599},":",{"type":594,"attrs":21890,"content":21891},{"textAlign":49},[],{"type":594,"attrs":21893,"content":21894},{"textAlign":49},[],{"type":594,"attrs":21896,"content":21897},{"textAlign":49},[21898,21900,21906],{"text":21899,"type":599},"This new price grade is now published in Benchmark’s comprehensive Battery Cell ",{"text":21901,"type":599,"marks":21902},"Price Assessment",[21903],{"type":604,"attrs":21904},{"href":21905,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://www.benchmarkminerals.com/price-assessments",{"text":21907,"type":599}," – part of our wider Battery & Gigafactory Service.",{"type":594,"attrs":21909,"content":21910},{"textAlign":49},[21911,21913],{"text":21912,"type":599},"Bringing complete clarity to the battery midstream, this subscription service enables industry stakeholders to plan and execute strategy effectively. Access accurate cell pricing, granular supply/demand forecasts and several dynamic cost analysis tools. ",{"text":17440,"type":599},{"type":627,"attrs":21915},{"id":21916,"body":21917},"0e145cad-2127-450b-983b-00f620d4dfbd",[21918],{"id":835,"_uid":21919,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":21920,"success_file":21921,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":21923},"i-6a1491ad-5b3b-4357-a878-07703c1294ef",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":21922},{},[],{"type":594,"attrs":21925,"content":21926},{"textAlign":49},[],"Benchmark Mineral Intelligence today announced the commercial launch of its new 314Ah lithium iron phosphate (LFP) cell price for energy storage applications. The announcement comes as global LFP battery cell prices show signs of recovery, following a marked rebound in lithium carbonate costs and tightening supply conditions across the battery materials market. Benchmark’s Head of […]",[21929],{"slug":544,"name":543,"content":21930},{"job_title":557,"image":21931,"bio":548,"linkedin":555},{"filename":552},[21933,21934,21935],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":21937,"copyright":547,"fieldtype":553,"meta_data":21938,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b76f3e64a8/bm-adobestock-854935395.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 06, 2025",{"id":21941,"uuid":21942,"name":21943,"slug":21944,"full_slug":21945,"content":21946},111717990684554,"50fcf5a4-d496-4b75-a5f7-82f7cf800f22","LME copper three month price climbs to record high","lme-copper-forward-curve-hits-record-high","article/lme-copper-forward-curve-hits-record-high",{"_uid":21947,"date":21948,"tags":21949,"editor":21951,"content":21955,"excerpt":22215,"featured":50,"reporter":22216,"_editable":22220,"component":864,"seo_title":21943,"categories":22221,"visibility":2091,"author_company":49,"data_vis_image":22224,"featured_image":22226,"seo_description":22229,"author_full_name":49,"author_job_title":49,"formattedDate":22230},"d440beec-bf84-40f1-b4df-79740caadef1","2025-10-31 00:00",[21950],{"slug":15020,"name":15021},[21952],{"slug":544,"name":543,"content":21953},{"job_title":557,"image":21954,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":21956},[21957,21962,21967,21975,21980,21985,21990,22013,22034,22039,22044,22049,22083,22088,22096,22101,22106,22114,22119,22124,22145,22150,22172,22177,22182,22187,22192,22197,22204],{"type":594,"attrs":21958,"content":21959},{"textAlign":49},[21960],{"text":21961,"type":599},"Reports that the US and China were close to reaching an agreement on trade sparked a copper price rally on 29 October that saw the LME forward curve climb to record highs.",{"type":594,"attrs":21963,"content":21964},{"textAlign":49},[21965],{"text":21966,"type":599},"The prospect of an imminent easing in trade tensions between the world’s two largest economies buoyed sentiment in the copper market on Wednesday, leading three-month copper prices to break $11,200/t, surpassing the previous record of $11,104.5/t set in May 2024.",{"type":627,"attrs":21968},{"id":21969,"body":21970},"83707783-244a-45e1-aa10-7b606e007ff1",[21971],{"id":21972,"_uid":21973,"type":634,"_editable":21974,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25957620","i-8b8a3bc5-b271-4476-afd9-98f985c5a76c","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8b8a3bc5-b271-4476-afd9-98f985c5a76c\", \"id\": \"\"}-->",{"type":594,"attrs":21976,"content":21977},{"textAlign":49},[21978],{"text":21979,"type":599},"However, the foundations of the rally had been laid in the preceding weeks and months; a series of supply-side disruptions during this period led expectations for the copper market balance this year and next to be downgraded substantially.",{"type":657,"attrs":21981,"content":21982},{"level":15966,"textAlign":49},[21983],{"text":21984,"type":599},"Supply disruptions mount",{"type":594,"attrs":21986,"content":21987},{"textAlign":49},[21988],{"text":21989,"type":599},"The past few months have seen a series of disruptions at major copper mines across the world. Grasberg, Kamoa Kakula, and El Teniente – three of the ten largest copper mines globally – have each faced significant issues that have altered the supply outlook for 2025 and 2026.",{"type":594,"attrs":21991,"content":21992},{"textAlign":49},[21993,21999,22008],{"text":21994,"type":599,"marks":21995},"A major incident at Freeport McMoRan's ",[21996],{"type":928,"attrs":21997},{"color":21998},"#3C3C39",{"text":22000,"type":599,"marks":22001},"Grasberg mine in Indonesia",[22002,22004,22007],{"type":604,"attrs":22003},{"href":18013,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":22005},{"color":22006},"#0969D7",{"type":3645},{"text":22009,"type":599,"marks":22010}," has been the most notable disruption, with the mine expected to lose close to 600kt of output between now and the end of next year. This production loss exceeds the annual output of many of the world's largest mines.",[22011],{"type":928,"attrs":22012},{"color":21998},{"type":594,"attrs":22014,"content":22015},{"textAlign":49},[22016,22021,22029],{"text":22017,"type":599,"marks":22018},"Grasberg is not the only major mine facing issues. Disruptions at the ",[22019],{"type":928,"attrs":22020},{"color":21998},{"text":22022,"type":599,"marks":22023},"Kamoa Kakula mine in the Democratic Republic of the Congo (DRC)",[22024,22026,22028],{"type":604,"attrs":22025},{"href":18006,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":22027},{"color":22006},{"type":3645},{"text":22030,"type":599,"marks":22031}," are expected to remove a further ~300kt of copper supply across 2025–26.",[22032],{"type":928,"attrs":22033},{"color":21998},{"type":594,"attrs":22035,"content":22036},{"textAlign":49},[22037],{"text":22038,"type":599},"These losses have been compounded by issues at Codelco’s El Teniente in Chile, resulting in the company posting its lowest monthly production in 20 years in August. Less notable disruptions, such as Teck’s downgrade to QB2’s guidance, have added to broader supply concerns.",{"type":594,"attrs":22040,"content":22041},{"textAlign":49},[22042],{"text":22043,"type":599},"The cumulative impact of these disruptions has helped keep the LME copper price elevated – though apprehension about demand has prevented prices from rising too aggressively, even as the CME price has increased more significantly than those in London.",{"type":657,"attrs":22045,"content":22046},{"level":15966,"textAlign":49},[22047],{"text":22048,"type":599},"LME/CME arb fuels artificial tightness ",{"type":594,"attrs":22050,"content":22051},{"textAlign":49},[22052,22057,22065,22070,22078],{"text":22053,"type":599,"marks":22054},"One of the copper market's defining stories in 2025 has been the ",[22055],{"type":928,"attrs":22056},{"color":21998},{"text":22058,"type":599,"marks":22059},"broad arbitrage between the LME and CME copper contracts",[22060,22062,22064],{"type":604,"attrs":22061},{"href":17199,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":22063},{"color":22006},{"type":3645},{"text":22066,"type":599,"marks":22067},", caused by the ",[22068],{"type":928,"attrs":22069},{"color":21998},{"text":22071,"type":599,"marks":22072},"threat of US tariffs on copper cathode imports",[22073,22075,22077],{"type":604,"attrs":22074},{"href":17242,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":22076},{"color":22006},{"type":3645},{"text":22079,"type":599,"marks":22080},". This spread reached a high of more than $2,500/t early in 2025.",[22081],{"type":928,"attrs":22082},{"color":21998},{"type":594,"attrs":22084,"content":22085},{"textAlign":49},[22086],{"text":22087,"type":599},"The massive influx of material into the US – to take advantage of this arbitrage opportunity – has created artificial tightness in copper stocks elsewhere, increasing premiums in Europe and other regions.",{"type":627,"attrs":22089},{"id":22090,"body":22091},"7dd07166-021d-4795-a0f2-22f75cc4a81f",[22092],{"id":22093,"_uid":22094,"type":634,"_editable":22095,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25957883","i-0c53a980-efb3-4232-b79a-a2552728a5eb","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0c53a980-efb3-4232-b79a-a2552728a5eb\", \"id\": \"\"}-->",{"type":594,"attrs":22097,"content":22098},{"textAlign":49},[22099],{"text":22100,"type":599},"Benchmark calculates that almost 900kt of excess copper has headed to the US and is now “economically locked” in the US by the still broad arbitrage. This represents roughly 2% of global copper demand and has supported LME prices as stocks have been drawn down.",{"type":594,"attrs":22102,"content":22103},{"textAlign":49},[22104],{"text":22105,"type":599},"Another consideration is the origin of available stocks. The diversion of LME stocks to the US market has left Chinese- and Russian-origin material dominating LME warehouses, where stock is broadly low. Indeed, LME stocks in Europe are now predominantly of Russian origin, which is largely subject to self-sanctioning by European consumers.",{"type":627,"attrs":22107},{"id":22108,"body":22109},"1a39ae15-1b9a-44be-96fb-33d90c991acb",[22110],{"id":22111,"_uid":22112,"type":634,"_editable":22113,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25957707","i-ad9f154b-7083-4488-ab91-0e64645dbb5a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ad9f154b-7083-4488-ab91-0e64645dbb5a\", \"id\": \"\"}-->",{"type":594,"attrs":22115,"content":22116},{"textAlign":49},[22117],{"text":22118,"type":599},"Low stock levels have left the market vulnerable to increased price volatility in the face of acute supply disruption or unexpected tightness, particularly in Europe.",{"type":657,"attrs":22120,"content":22121},{"level":15966,"textAlign":49},[22122],{"text":22123,"type":599},"Speculation increases",{"type":594,"attrs":22125,"content":22126},{"textAlign":49},[22127,22132,22140],{"text":22128,"type":599,"marks":22129},"The global ",[22130],{"type":928,"attrs":22131},{"color":21998},{"text":22133,"type":599,"marks":22134},"energy transition",[22135,22137,22139],{"type":604,"attrs":22136},{"href":16347,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":22138},{"color":22006},{"type":3645},{"text":22141,"type":599,"marks":22142},", buildout of AI infrastructure, and broader electrification trends are expected to accelerate copper demand growth over the coming years. This is fuelling a bullish demand-side narrative that is supporting prices. Yet, widespread market scepticism remains over whether current fundamentals justify record highs.",[22143],{"type":928,"attrs":22144},{"color":21998},{"type":594,"attrs":22146,"content":22147},{"textAlign":49},[22148],{"text":22149,"type":599},"Market sources note that financial investors have played an outsized role in driving prices upwards.",{"type":594,"attrs":22151,"content":22152},{"textAlign":49},[22153,22158,22167],{"text":22154,"type":599,"marks":22155},"\"Macro sentiment is more based on hope than anything else,\" said one market source, noting that the ",[22156],{"type":928,"attrs":22157},{"color":21998},{"text":22159,"type":599,"marks":22160},"US–China trade deal",[22161,22164,22166],{"type":604,"attrs":22162},{"href":22163,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-charts-coppers-shifting-trade-flows",{"type":928,"attrs":22165},{"color":22006},{"type":3645},{"text":22168,"type":599,"marks":22169}," was not yet finalised and that recent gains may be reversed. The source added that the market was being moved by \"financials ahead of fundamentals.\"",[22170],{"type":928,"attrs":22171},{"color":21998},{"type":594,"attrs":22173,"content":22174},{"textAlign":49},[22175],{"text":22176,"type":599},"This view is shared by others, who remarked that a significant amount of “tourist money” – investment from funds rather than physical market participants – is currently flowing into the copper market and potentially pushing prices beyond levels supported by fundamentals.",{"type":594,"attrs":22178,"content":22179},{"textAlign":49},[22180],{"text":22181,"type":599},"Although supply-side disruptions are significant, physical market players remain more cautious than financial investors.",{"type":594,"attrs":22183,"content":22184},{"textAlign":49},[22185],{"text":22186,"type":599},"“There is a lot of dumb money flowing into the copper space at the moment,” said one trader, adding that “disruptions and increased headlines” have drawn more fund money into the market.",{"type":594,"attrs":22188,"content":22189},{"textAlign":49},[22190],{"text":22191,"type":599},"Other sources said renewed interest in commodities, alongside the recent uptick in gold, had also contributed to the increase in copper prices.",{"type":594,"attrs":22193,"content":22194},{"textAlign":49},[22195],{"text":22196,"type":599},"“Money has been mincing in from gold,” said the trader.",{"type":594,"attrs":22198,"content":22199},{"textAlign":49},[22200],{"text":22201,"type":599,"marks":22202},"To learn more about Benchmark’s copper market coverage please fill out the form below.",[22203],{"type":643},{"type":627,"attrs":22205},{"id":22206,"body":22207},"d8507871-b16f-4dad-ae7b-a82d8db47add",[22208],{"id":835,"_uid":22209,"_editable":22210,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":22211,"success_file":22212,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":22214},"i-e201250f-fbc7-4c87-abd8-2fb71a8b7721","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-e201250f-fbc7-4c87-abd8-2fb71a8b7721\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":22213},{},[],"Reports that the US and China were close to reaching an agreement on trade sparked a copper price rally on 29 October that saw the LME forward curve climb to record highs. The prospect of an imminent easing in trade tensions between the world’s two largest economies buoyed sentiment in the copper market on Wednesday, […]",[22217],{"slug":544,"name":543,"content":22218},{"job_title":557,"image":22219,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d440beec-bf84-40f1-b4df-79740caadef1\", \"id\": \"\"}-->",[22222,22223],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":22225},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":22227,"copyright":547,"fieldtype":553,"meta_data":22228,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1e28fd00ca/bm-shutterstock-2317356159.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Reports that the US and China were close to reaching an agreement on trade sparked a copper price rally on 29 October that saw the LME forward curve climb to record highs. ","Oct 31, 2025",{"id":22232,"uuid":9417,"name":22233,"slug":22234,"full_slug":22235,"content":22236},107051897997373,"China delays rare earth export controls after US–China trade talks","china-delays-rare-earth-export-controls-after-us-china-trade-talks","article/china-delays-rare-earth-export-controls-after-us-china-trade-talks",{"_uid":22237,"date":22238,"tags":22239,"editor":22243,"content":22247,"excerpt":22414,"featured":51,"reporter":22415,"_editable":22419,"component":864,"seo_title":22420,"categories":22421,"visibility":882,"author_company":49,"data_vis_image":22425,"featured_image":22427,"seo_description":22430,"author_full_name":49,"author_job_title":49,"formattedDate":22431},"24f5c8e6-c283-4066-92eb-5cc3dc781eda","2025-10-30 00:00",[22240,22241,22242],{"slug":913,"name":914},{"slug":1375,"name":1376},{"slug":4610,"name":662},[22244],{"slug":544,"name":543,"content":22245},{"job_title":557,"image":22246,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":22248},[22249,22271,22279,22315,22323,22371,22406],{"type":594,"attrs":22250,"content":22251},{"textAlign":49},[22252,22257,22266],{"text":22253,"type":599,"marks":22254},"China has postponed the implementation of its ",[22255],{"type":928,"attrs":22256},{"color":21998},{"text":22258,"type":599,"marks":22259},"expanded rare earth export controls announced in early October",[22260,22263,22265],{"type":604,"attrs":22261},{"href":22262,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-tightens-rare-earths-export-controls-ahead-of-us-trade-talks",{"type":928,"attrs":22264},{"color":22006},{"type":3645},{"text":22267,"type":599,"marks":22268}," following high-level US-China trade negotiations in South Korea this week. It marks a temporary easing in what had become an escalating front in the tit-for-tat US–China trade confrontation.",[22269],{"type":928,"attrs":22270},{"color":21998},{"type":594,"attrs":22272,"content":22273},{"textAlign":49},[22274],{"text":22275,"type":599,"marks":22276},"The announcement follows extensive economic and trade consultations in Kuala Lumpur, where representatives from both sides agreed to suspend certain trade restrictions for one year, including China's new export control measures and the US's \"50% penetration rule\" that targeted Chinese firms with substantial defence-linked ownership. The suspension also covers the technology transfer licensing requirement, easing immediate compliance pressures on global firms.",[22277],{"type":928,"attrs":22278},{"color":21998},{"type":594,"attrs":22280,"content":22281},{"textAlign":49},[22282,22287,22296,22301,22310],{"text":22283,"type":599,"marks":22284},"While this pause alleviates short-term supply chain anxiety, it does not represent a full rollback of restrictions. The ",[22285],{"type":928,"attrs":22286},{"color":21998},{"text":22288,"type":599,"marks":22289},"April 2025 export restrictions on seven \"dual-use\" rare earth elements",[22290,22293,22295],{"type":604,"attrs":22291},{"href":22292,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports",{"type":928,"attrs":22294},{"color":22006},{"type":3645},{"text":22297,"type":599,"marks":22298}," — scandium, samarium, gadolinium, lutetium, yttrium, ",[22299],{"type":928,"attrs":22300},{"color":21998},{"text":22302,"type":599,"marks":22303},"dysprosium, and terbium",[22304,22307,22309],{"type":604,"attrs":22305},{"href":22306,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/glossary/what-is-rare-earths",{"type":928,"attrs":22308},{"color":22006},{"type":3645},{"text":22311,"type":599,"marks":22312},", remain firmly in place. These elements are critical to defence and high-performance magnet applications, ensuring that China retains its leverage over segments most sensitive to national security and technological competition.",[22313],{"type":928,"attrs":22314},{"color":21998},{"type":627,"attrs":22316},{"id":22317,"body":22318},"00cb27fa-ffff-4920-a6e1-f8a2a9efc7d0",[22319],{"id":22320,"_uid":22321,"type":634,"_editable":22322,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25892011","i-757c80aa-aa08-4416-9181-da7ba87d9bd2","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-757c80aa-aa08-4416-9181-da7ba87d9bd2\", \"id\": \"\"}-->",{"type":594,"attrs":22324,"content":22325},{"textAlign":49},[22326,22331,22340,22345,22353,22358,22367],{"text":22327,"type":599,"marks":22328},"The market has responded with cautious optimism. After two months of declining export volumes following the April announcement, shipments have begun to normalise, reflecting improved sentiment. Within China, ",[22329],{"type":928,"attrs":22330},{"color":21998},{"text":22332,"type":599,"marks":22333},"rare earth prices have started to cool",[22334,22337,22339],{"type":604,"attrs":22335},{"href":22336,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-latest-rare-earth-quota-increase-to-sustain-low-prices",{"type":928,"attrs":22338},{"color":22006},{"type":3645},{"text":22341,"type":599,"marks":22342}," in response to easing policy risk and the seasonal slowdown in manufacturing activity. However, outside China, ",[22343],{"type":928,"attrs":22344},{"color":21998},{"text":22346,"type":599,"marks":22347},"prices remain inflated — often 2–4 times higher for heavy rare earths",[22348,22350,22352],{"type":604,"attrs":22349},{"href":17497,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":22351},{"color":22006},{"type":3645},{"text":22354,"type":599,"marks":22355}," — underscoring persistent ",[22356],{"type":928,"attrs":22357},{"color":21998},{"text":22359,"type":599,"marks":22360},"market fragmentation and a lack of alternative supply",[22361,22364,22366],{"type":604,"attrs":22362},{"href":22363,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-charts-chinas-rare-earths-monopoly",{"type":928,"attrs":22365},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":22368},[22369],{"type":928,"attrs":22370},{"color":21998},{"type":594,"attrs":22372,"content":22373},{"textAlign":49},[22374,22379,22388,22393,22402],{"text":22375,"type":599,"marks":22376},"For Western economies, the delay provides respite but does not alter the strategic imperative of ",[22377],{"type":928,"attrs":22378},{"color":21998},{"text":22380,"type":599,"marks":22381},"diversifying supply chains",[22382,22385,22387],{"type":604,"attrs":22383},{"href":22384,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/higher-prices-needed-to-develop-ex-china-rare-earths-supply",{"type":928,"attrs":22386},{"color":22006},{"type":3645},{"text":22389,"type":599,"marks":22390},". In Q3 2025 alone, nearly US$760 million in capital commitments were announced across new ",[22391],{"type":928,"attrs":22392},{"color":21998},{"text":22394,"type":599,"marks":22395},"mining, refining, and magnet manufacturing capacity",[22396,22399,22401],{"type":604,"attrs":22397},{"href":22398,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/building-americas-rare-earth-magnet-supply-chain",{"type":928,"attrs":22400},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":22403},[22404],{"type":928,"attrs":22405},{"color":21998},{"type":594,"attrs":22407,"content":22408},{"textAlign":49},[22409],{"text":22410,"type":599,"marks":22411},"The pause in export enforcement may slow market bifurcation temporarily in the short term, but the direction of travel remains. For the West, the reprieve is not a resolution to supply security challenges — it is a window to accelerate investment and strengthen technological independence ahead of further controls.",[22412],{"type":928,"attrs":22413},{"color":21998},"China has postponed the implementation of its expanded rare earth export controls announced in early October following high-level US-China trade negotiations in South Korea this week. It marks a temporary easing in what had become an escalating front in the tit-for-tat US–China trade confrontation. The announcement follows extensive economic and trade consultations in Kuala Lumpur, […]",[22416],{"slug":544,"name":543,"content":22417},{"job_title":557,"image":22418,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"24f5c8e6-c283-4066-92eb-5cc3dc781eda\", \"id\": \"\"}-->","China delays rare earth export controls after US–China",[22422,22423,22424],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":1556,"name":414},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":22426},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":22428,"copyright":547,"fieldtype":553,"meta_data":22429,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/96d8a6ecdb/bm-rare-earths-mine.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"China has postponed the implementation of its expanded rare earth export controls announced in early October following high-level US-China trade negotiations in South Korea this week. It marks a temporary easing in what had become an escalating front  […]","Oct 30, 2025",{"id":22433,"uuid":22434,"name":22435,"slug":22436,"full_slug":22437,"content":22438},107056582040771,"5b1bab72-093b-4e8b-8195-6ad5d7f586e0","India looks to tighten black mass exports as it funds domestic refining capabilities","india-looks-to-tighten-black-mass-exports-as-it-funds-domestic-refining-capabilities","article/india-looks-to-tighten-black-mass-exports-as-it-funds-domestic-refining-capabilities",{"_uid":22439,"date":22440,"tags":22441,"editor":22446,"content":22450,"excerpt":22538,"featured":51,"reporter":22539,"_editable":22543,"component":864,"seo_title":22435,"categories":22544,"visibility":882,"author_company":49,"featured_image":22548,"seo_description":22538,"author_full_name":49,"author_job_title":49,"formattedDate":22551},"ea42940f-f63f-4a68-a98a-b00a93f9dba2","2025-10-29 00:00",[22442,22443],{"slug":10440,"name":373},{"slug":22444,"name":22445},"india","India",[22447],{"slug":544,"name":543,"content":22448},{"job_title":557,"image":22449,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":22451},[22452,22457,22462,22467,22472,22477,22482,22487,22492,22497,22510,22515,22523,22535],{"type":594,"attrs":22453,"content":22454},{"textAlign":49},[22455],{"text":22456,"type":599},"The Indian government has acknowledged that black mass exporters are circumventing hazardous waste export rules through the use of unrelated HS codes. Under current regulation, black mass can only be exported from India under a certain HS code once the exporting company has received an export control licence and further permissions from the Indian government.",{"type":594,"attrs":22458,"content":22459},{"textAlign":49},[22460],{"text":22461,"type":599},"The legislative reforms come as the government is looking to bolster its support for domestic refining capabilities through a $170 million grant scheme.",{"type":594,"attrs":22463,"content":22464},{"textAlign":49},[22465],{"text":22466,"type":599},"Black mass being exported incorrectly",{"type":594,"attrs":22468,"content":22469},{"textAlign":49},[22470],{"text":22471,"type":599},"According to the government, bypassing hazardous waste export rules and export licence controls, black mass exports are reducing the feedstock available to India’s refiners.",{"type":594,"attrs":22473,"content":22474},{"textAlign":49},[22475],{"text":22476,"type":599},"The acknowledgement that malpractice is occurring may lead to a crackdown on illegal exports. As well as this, Indian refiners have called for a complete ban on export licences to ensure critical materials remain within India.",{"type":594,"attrs":22478,"content":22479},{"textAlign":49},[22480],{"text":22481,"type":599},"Government grants for refining facilities",{"type":594,"attrs":22483,"content":22484},{"textAlign":49},[22485],{"text":22486,"type":599},"In September, the government approved a ₹1500 crores ($170 million) incentive scheme for building out critical mineral recycling and refining facilities in India. Further details were released in October by the Ministry of Mines.",{"type":594,"attrs":22488,"content":22489},{"textAlign":49},[22490],{"text":22491,"type":599},"The scheme will aid up to 20% of the CAPEX costs for a facility as well as offering further subsidies for OPEX costs. For larger entities the subsidies will have an overall ceiling of ₹50 crores ($5.7 million) while this will be ₹25 crores ($2.9 million) for smaller entities. At this time, it is unclear how “larger entities” and “smaller entities” are defined.",{"type":594,"attrs":22493,"content":22494},{"textAlign":49},[22495],{"text":22496,"type":599},"The scheme aims to develop at least 270 kilo ton of annual recycling capacity resulting in around 40 kilo ton annual critical mineral production.",{"type":594,"attrs":22498,"content":22499},{"textAlign":49},[22500,22502,22508],{"text":22501,"type":599},"This scheme not only shows the Indian government’s commitment to the recycling industry but will also prove a valuable help to recyclers looking to expand in the emerging industry. More broadly in the industry in 2025, Benchmark tracked funding that shows ",{"text":22503,"type":599,"marks":22504},"the majority of funding entering the recycling space is grants",[22505],{"type":604,"attrs":22506},{"href":22507,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-is-battery-supply-chain-funding-evolving-in-2025",{"text":22509,"type":599},", as governments recognise the industry’s importance.",{"type":594,"attrs":22511,"content":22512},{"textAlign":49},[22513],{"text":22514,"type":599},"India’s recycling environment",{"type":627,"attrs":22516},{"id":22517,"body":22518},"f4e1f057-e55a-41cd-9316-86b83ce79a35",[22519],{"id":22520,"_uid":22521,"type":634,"_editable":22522,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25918047","i-09293cc7-9371-4b07-943e-619a998cb176","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-09293cc7-9371-4b07-943e-619a998cb176\", \"id\": \"\"}-->",{"type":594,"attrs":22524,"content":22525},{"textAlign":49},[22526,22528,22533],{"text":22527,"type":599},"India’s recycling industry has seen strong growth in recent years, driven by portables end of life scrap. According to ",{"text":22529,"type":599,"marks":22530},"Benchmark’s Q3 recycling forecast",[22531],{"type":604,"attrs":22532},{"href":12314,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":22534,"type":599},", the domestic recycling industry remains in overcapacity, though this is expected to turn to deficit by the early 2030s.",{"type":594,"attrs":22536,"content":22537},{"textAlign":49},[],"The Indian government has acknowledged that black mass exporters are circumventing hazardous waste export rules through the use of unrelated HS codes. Under current regulation, black mass can only be exported from India under a certain HS code once the exporting company has received an export control licence and further permissions from the Indian government. […]",[22540],{"slug":544,"name":543,"content":22541},{"job_title":557,"image":22542,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ea42940f-f63f-4a68-a98a-b00a93f9dba2\", \"id\": \"\"}-->",[22545,22546,22547],{"slug":2499,"name":2500},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":22549,"copyright":547,"fieldtype":553,"meta_data":22550,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/65519bbe0a/bm-adobestock-325787626.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 29, 2025",{"id":22553,"uuid":1798,"name":22554,"slug":22555,"full_slug":22556,"content":22557},107049246431658,"Infographic: The last 30 years of rare earths mining","infographic-the-last-30-years-of-rare-earths-mining","article/infographic-the-last-30-years-of-rare-earths-mining",{"_uid":22558,"date":22440,"tags":22559,"editor":22567,"content":22571,"excerpt":22671,"featured":51,"reporter":22672,"_editable":22676,"component":864,"seo_title":22554,"categories":22677,"visibility":2091,"author_company":49,"data_vis_image":22680,"featured_image":22682,"seo_description":22684,"author_full_name":49,"author_job_title":49,"formattedDate":22551},"a1694fa8-23f5-4d45-98bc-f0e77dffb8b3",[22560,22561,22562,22563,22564],{"slug":11313,"name":11314},{"slug":913,"name":914},{"slug":578,"name":579},{"slug":1375,"name":1376},{"slug":22565,"name":22566},"visual-capitalist","Visual Capitalist",[22568],{"slug":544,"name":543,"content":22569},{"job_title":557,"image":22570,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":22572},[22573,22585,22593,22606,22627,22647,22652,22660],{"type":594,"attrs":22574,"content":22575},{"textAlign":49},[22576,22578,22583],{"text":22577,"type":599},"Global mined ",{"text":22579,"type":599,"marks":22580},"rare earth supply",[22581],{"type":604,"attrs":22582},{"href":17522,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":22584,"type":599}," in 2024 was six times higher than in 1994, according to an analysis by Benchmark’s Rare Earths Forecast and the United States Geological Survey.",{"type":594,"attrs":22586,"content":22587},{"textAlign":49},[22588],{"type":1186,"attrs":22589},{"id":49,"alt":22590,"src":22591,"title":49,"source":49,"copyright":49,"meta_data":22592},"Visualising 30 years of rare earth production. Chart showing the growth of mined rare earths production between 1994 and 2024 by country. China reaches 270ktpa in 2024 and the US 46ktpa. Total production in 1994 is labelled as 64.5ktpa and in 2024 as 400ktpa","https://a.storyblok.com/f/287943243085208/26cedc39af/bm-30-years-of-rare-earth-production-voro-10242025.png",{},{"type":594,"attrs":22594,"content":22595},{"textAlign":49},[22596,22598,22604],{"text":22597,"type":599},"Back then, China and the US constituted the majority of supply. However, ",{"text":22599,"type":599,"marks":22600},"repeated spills of toxic wastewater",[22601],{"type":604,"attrs":22602},{"href":22603,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/how-is-the-rare-earths-industry-progressing-on-water-and-waste-management",{"text":22605,"type":599}," into the Mojave National Preserve from the Mountain Pass Mine – once the world’s largest – led to legal action in 1997 and the eventual closure of the mine in 2002, bringing to an end the US’s position as a key source of mined rare earths. ",{"type":594,"attrs":22607,"content":22608},{"textAlign":49},[22609,22611,22617,22619,22625],{"text":22610,"type":599},"This, combined with state support for domestic mines, access to cheaper labour, and looser environmental regulations, ",{"text":22612,"type":599,"marks":22613},"paved the way for China",[22614],{"type":604,"attrs":22615},{"href":22616,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-tightens-rare-earth-exports-amid-escalating-trade-tensions-with-us",{"text":22618,"type":599}," to capture over 90% market share at the turn of century. China’s share of mine supply didn’t drop below 80% until 2017, when new  mines in Australia and ",{"text":22620,"type":599,"marks":22621},"Myanmar",[22622],{"type":604,"attrs":22623},{"href":22624,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/disruption-in-myanmar-threatens-rare-earth-price-volatility",{"text":22626,"type":599}," began to eat into its dominance.",{"type":594,"attrs":22628,"content":22629},{"textAlign":49},[22630,22632,22637,22639,22645],{"text":22631,"type":599},"Mountain Pass restarted operations in 2017 under the ownership of the newly formed company MP Materials. In 2024 it reached an annual mined output of 45,000 tonnes of total rare earth oxide. This put the US back into the global supply landscape at a time when ",{"text":22633,"type":599,"marks":22634},"rare earth supply chains are increasingly at the heart of global geopolitics",[22635],{"type":604,"attrs":22636},{"href":22262,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":22638,"type":599},". In July this year, the ",{"text":22640,"type":599,"marks":22641},"US government entered into a landmark public-private partnership with MP Materials",[22642],{"type":604,"attrs":22643},{"href":22644,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance",{"text":22646,"type":599},", marking its first direct equity investment in a domestic critical minerals project.",{"type":594,"attrs":22648,"content":22649},{"textAlign":49},[22650],{"text":22651,"type":599},"In 2024, China accounted for 70% of the world’s rare earths mining with the US and Myanmar in second and third place with 12% and 9% of supply, respectively.",{"type":594,"attrs":22653,"content":22654},{"textAlign":49},[22655,22659],{"text":22656,"type":599,"marks":22657},"As the rare earths industry gains increasing attention from world leaders, Benchmark enables action by providing independent prices, supply and demand analysis, sustainability insights, and more. Contact us using the form below to learn more about Benchmark’s Rare Earths Service",[22658],{"type":643},{"text":21888,"type":599},{"type":627,"attrs":22661},{"id":22662,"body":22663},"6a141cb7-0ad5-4568-80ec-b7136b3dbf91",[22664],{"id":835,"_uid":22665,"_editable":22666,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":22667,"success_file":22668,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":22670},"i-89cfc29a-420d-427c-ae5a-4cfc7b9d20d6","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-89cfc29a-420d-427c-ae5a-4cfc7b9d20d6\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":22669},{},[],"Global mined rare earth supply in 2024 was six times higher than in 1994, according to an analysis by Benchmark’s Rare Earths Forecast and the United States Geological Survey. Back then, China and the US constituted the majority of supply. However, repeated spills of toxic wastewater into the Mojave National Preserve from the Mountain Pass […]",[22673],{"slug":544,"name":543,"content":22674},{"job_title":557,"image":22675,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a1694fa8-23f5-4d45-98bc-f0e77dffb8b3\", \"id\": \"\"}-->",[22678,22679],{"slug":872,"name":873},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":22591,"copyright":547,"fieldtype":553,"meta_data":22681,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10688,"copyright":547,"fieldtype":553,"meta_data":22683,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Global mined rare earth supply in 2024 was six times higher than in 1994, according to an analysis by Benchmark’s Rare Earths Forecast and the United States Geological Survey. Back then,  […]",{"id":22686,"uuid":22687,"name":22688,"slug":22689,"full_slug":22690,"content":22691},107044900761797,"e5c91a7c-3942-47c5-8999-fc9fbc19e8bc","Japan and South Korea commit $900bn in US investment under new trade deals targeting critical minerals","japan-and-south-korea-commit-900bn-in-us-investment-under-new-trade-deals-targeting-critical-minerals","article/japan-and-south-korea-commit-900bn-in-us-investment-under-new-trade-deals-targeting-critical-minerals",{"_uid":22692,"date":22440,"tags":22693,"editor":22697,"content":22701,"excerpt":22875,"featured":51,"reporter":22876,"_editable":22880,"component":864,"seo_title":22881,"categories":22882,"visibility":882,"author_company":49,"data_vis_image":22886,"featured_image":22888,"seo_description":22891,"author_full_name":49,"author_job_title":49,"formattedDate":22551},"d6b73149-f8f9-41bd-b670-6781301728b5",[22694,22695,22696],{"slug":6290,"name":2052},{"slug":8694,"name":8695},{"slug":1375,"name":1376},[22698],{"slug":544,"name":543,"content":22699},{"job_title":557,"image":22700,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":22702},[22703,22750,22760,22765,22770,22778,22783,22804,22809,22814,22822,22851,22873],{"type":594,"attrs":22704,"content":22705},{"textAlign":49},[22706,22711,22720,22724,22731,22736,22745],{"text":22707,"type":599,"marks":22708},"US President Donald Trump this week secured major investments in US-based projects from Japan and South Korea covering ",[22709],{"type":928,"attrs":22710},{"color":21998},{"text":22712,"type":599,"marks":22713},"critical minerals",[22714,22717,22719],{"type":604,"attrs":22715},{"href":22716,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/visualising-critical-mineral-refining-by-2030",{"type":928,"attrs":22718},{"color":22006},{"type":3645},{"text":3400,"type":599,"marks":22721},[22722],{"type":928,"attrs":22723},{"color":21998},{"text":3497,"type":599,"marks":22725},[22726,22728,22730],{"type":604,"attrs":22727},{"href":3734,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":22729},{"color":22006},{"type":3645},{"text":22732,"type":599,"marks":22733},", and other high-priority sectors, as part of ",[22734],{"type":928,"attrs":22735},{"color":21998},{"text":22737,"type":599,"marks":22738},"trade agreements",[22739,22742,22744],{"type":604,"attrs":22740},{"href":22741,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-trade-war-begins-what-does-it-mean-evs-batteries-and-critical-minerals",{"type":928,"attrs":22743},{"color":22006},{"type":3645},{"text":22746,"type":599,"marks":22747}," to lower US tariff barriers.",[22748],{"type":928,"attrs":22749},{"color":21998},{"type":594,"attrs":22751,"content":22752},{"textAlign":49},[22753,22755],{"text":22754,"type":599},"The trade deals come ahead of a high-level meeting between President Trump and Chinese President Xi Jinping – the first such meeting since Trump returned to office – where the pair are expected to discuss lowering US tariffs and de-escalating ",{"text":22756,"type":599,"marks":22757},"China’s export controls on rare earths.",[22758],{"type":604,"attrs":22759},{"href":22262,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":22761,"content":22762},{"level":15966,"textAlign":49},[22763],{"text":22764,"type":599},"What has Japan agreed to?",{"type":594,"attrs":22766,"content":22767},{"textAlign":49},[22768],{"text":22769,"type":599},"Under the terms of a trade deal that will lower baseline US tariffs to 15%, Japan has agreed to investments in the US worth up to $550bn through a government-linked fund. A joint fact-sheet released this week lists the US-based projects in which Japanese companies are considering investments. ",{"type":627,"attrs":22771},{"id":22772,"body":22773},"640b5da8-1063-4d78-a5e5-564729bd30f2",[22774],{"id":22775,"_uid":22776,"type":634,"_editable":22777,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25921410","i-a4a9ae80-ba94-4b21-a582-00debd45703e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a4a9ae80-ba94-4b21-a582-00debd45703e\", \"id\": \"\"}-->",{"type":594,"attrs":22779,"content":22780},{"textAlign":49},[22781],{"text":22782,"type":599},"The agreement states that President Trump holds the right to choose projects that will receive investment and can raise tariffs in the event that Japan fails to fund a project.",{"type":594,"attrs":22784,"content":22785},{"textAlign":49},[22786,22791,22799],{"text":22787,"type":599,"marks":22788},"In addition, the two countries signed a joint framework agreement to cooperate in strengthening supply chains for ",[22789],{"type":928,"attrs":22790},{"color":21998},{"text":22792,"type":599,"marks":22793},"critical minerals and rare earths",[22794,22796,22798],{"type":604,"attrs":22795},{"href":22716,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":22797},{"color":22006},{"type":3645},{"text":22800,"type":599,"marks":22801},", designed to foster \"diversified, liquid, and fair markets\" in the face of Chinese competition. This is to be achieved through economic policy coordination, joint investments, and complementary stockpiling, among other measures.",[22802],{"type":928,"attrs":22803},{"color":21998},{"type":594,"attrs":22805,"content":22806},{"textAlign":49},[22807],{"text":22808,"type":599},"It followed similar US agreements on critical minerals signed with Malaysia and Thailand earlier this week.",{"type":657,"attrs":22810,"content":22811},{"level":15966,"textAlign":49},[22812],{"text":22813,"type":599},"What has South Korea agreed to?",{"type":594,"attrs":22815,"content":22816},{"textAlign":49},[22817],{"text":22818,"type":599,"marks":22819},"South Korea has agreed to invest $350bn in the US, including $200bn in cash paid in instalments, in exchange for lowering reciprocal tariffs to 15%. The remaining $150bn will be directed towards the US shipbuilding industry. Further details are expected to follow.",[22820],{"type":928,"attrs":22821},{"color":21998},{"type":594,"attrs":22823,"content":22824},{"textAlign":49},[22825,22834,22839,22847],{"text":22826,"type":599,"marks":22827},"South Korean-owned gigafactories",[22828,22831,22833],{"type":604,"attrs":22829},{"href":22830,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/south-korean-companies-drive-expected-us-battery-supply-growth",{"type":928,"attrs":22832},{"color":22006},{"type":3645},{"text":22835,"type":599,"marks":22836}," are due to account for over 40% of the growth in US battery production over the next five years, according to ",[22837],{"type":928,"attrs":22838},{"color":21998},{"text":22840,"type":599,"marks":22841},"Benchmark's Battery & Gigafactory Service",[22842,22844,22846],{"type":604,"attrs":22843},{"href":11600,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":22845},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":22848},[22849],{"type":928,"attrs":22850},{"color":21998},{"type":594,"attrs":22852,"content":22853},{"textAlign":49},[22854,22859,22868],{"text":22855,"type":599,"marks":22856},"However, tensions between the two countries mounted after Korean workers were detained following an immigration raid at a ",[22857],{"type":928,"attrs":22858},{"color":21998},{"text":22860,"type":599,"marks":22861},"SK Innovation-owned gigafactory",[22862,22865,22867],{"type":604,"attrs":22863},{"href":22864,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-ev-battery-battle-settlement-white-house-sk-innovation-lg-chem-statements-in-full",{"type":928,"attrs":22866},{"color":22006},{"type":3645},{"text":22869,"type":599,"marks":22870}," in Georgia in September.",[22871],{"type":928,"attrs":22872},{"color":21998},{"type":594,"attrs":22874},{"textAlign":49},"US President Donald Trump this week secured major investments in US-based projects from Japan and South Korea covering critical minerals, stationary storage, and other high-priority sectors, as part of trade agreements to lower US tariff barriers. The trade deals come ahead of a high-level meeting between President Trump and Chinese President Xi Jinping – the […]",[22877],{"slug":544,"name":543,"content":22878},{"job_title":557,"image":22879,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d6b73149-f8f9-41bd-b670-6781301728b5\", \"id\": \"\"}-->","Japan and South Korea commit $900bn in US investment",[22883,22884,22885],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":22887},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":22889,"copyright":547,"fieldtype":553,"meta_data":22890,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e391ad2ce5/bm-dollars-picture.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"US President Donald Trump this week secured major investments in US-based projects from Japan and South Korea covering critical minerals, stationary storage, and other high-priority sectors, as part of trade agreements to lower US […]",{"id":22893,"uuid":22894,"name":22895,"slug":22896,"full_slug":22897,"content":22898},107092364940445,"85a6ac86-0a8b-4ef9-8ef5-e873be06c8a2","Price correction: Benchmark to continue publication of previous high-energy anode grades and launch new high-charging rate (for EV) variants, reversing 15 October change to specifications","price-correction-benchmark-to-continue-publication-of-previous-high-energy-anode-grades-and-launch-new-high-charging-rate-for-ev-variants-reversing-15-october-change-to-specifications","article/price-correction-benchmark-to-continue-publication-of-previous-high-energy-anode-grades-and-launch-new-high-charging-rate-for-ev-variants-reversing-15-october-change-to-specifications",{"_uid":22899,"date":22900,"tags":22901,"editor":22904,"content":22908,"excerpt":23173,"featured":50,"reporter":23174,"_editable":23178,"component":864,"seo_title":23179,"categories":23180,"visibility":2091,"author_company":49,"data_vis_image":23185,"featured_image":23187,"seo_description":23189,"author_full_name":49,"author_job_title":49,"formattedDate":23190},"29006f65-5956-4973-968d-e9b77cfce98d","2025-10-28 00:00",[22902,22903],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[22905],{"slug":544,"name":543,"content":22906},{"job_title":557,"image":22907,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":22909},[22910,22960,22981,22986,23007,23043,23048,23053,23058,23063,23085,23089],{"type":594,"attrs":22911,"content":22912},{"textAlign":49},[22913,22918,22927,22932,22941,22946,22955],{"text":22914,"type":599,"marks":22915},"Benchmark Mineral Intelligence will continue publication of its existing Synthetic Graphite Anode High Energy and Natural Graphite Anode High Energy price assessments, reversing the ",[22916],{"type":928,"attrs":22917},{"color":21998},{"text":22919,"type":599,"marks":22920},"previously announced specification change",[22921,22924,22926],{"type":604,"attrs":22922},{"href":22923,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-to-update-high-energy-anode-specifications-in-its-anode-price-assessments",{"type":928,"attrs":22925},{"color":22006},{"type":3645},{"text":22928,"type":599,"marks":22929}," which took effect on 15 October 2025. In compliance with ",[22930],{"type":928,"attrs":22931},{"color":21998},{"text":22933,"type":599,"marks":22934},"IOSCO principles",[22935,22938,22940],{"type":604,"attrs":22936},{"href":22937,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-launches-black-mass-price-assessment-service",{"type":928,"attrs":22939},{"color":22006},{"type":3645},{"text":22942,"type":599,"marks":22943},", this followed Benchmark's ",[22944],{"type":928,"attrs":22945},{"color":21998},{"text":22947,"type":599,"marks":22948},"public consultation",[22949,22952,22954],{"type":604,"attrs":22950},{"href":22951,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-begins-public-consultation-on-updating-high-energy-anode-specifications-in-the-anode-price-assessment",{"type":928,"attrs":22953},{"color":22006},{"type":3645},{"text":22956,"type":599,"marks":22957}," on the proposed change on 8 September 2025.",[22958],{"type":928,"attrs":22959},{"color":21998},{"type":594,"attrs":22961,"content":22962},{"textAlign":49},[22963,22968,22977],{"text":22964,"type":599,"marks":22965},"Following additional feedback from market participants, the current grades will remain in publication under their existing specifications, while the previously announced (>2.5C, for EV uses) specifications will be introduced as new and distinct grades within the ",[22966],{"type":928,"attrs":22967},{"color":21998},{"text":22969,"type":599,"marks":22970},"Benchmark Anode Price Assessments",[22971,22974,22976],{"type":604,"attrs":22972},{"href":22973,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/anode/prices",{"type":928,"attrs":22975},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":22978},[22979],{"type":928,"attrs":22980},{"color":21998},{"type":594,"attrs":22982,"content":22983},{"textAlign":49},[22984],{"text":22985,"type":599},"From 15 October 2025, Benchmark will therefore publish assessments covering four separate high energy anode grades as follows:",{"type":594,"attrs":22987,"content":22988},{"textAlign":49},[22989,22994,23003],{"text":22990,"type":599,"marks":22991},"This approach ensures continuity for users referencing the existing grades in contracts, market analysis, and historical comparisons, while also providing enhanced pricing transparency for newer, higher charging rate materials targeted towards ",[22992],{"type":928,"attrs":22993},{"color":21998},{"text":22995,"type":599,"marks":22996},"electric vehicle batteries",[22997,23000,23002],{"type":604,"attrs":22998},{"href":22999,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/global-ev-sales-reach-20-7-million-units-in-2025-growing-by-20",{"type":928,"attrs":23001},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":23004},[23005],{"type":928,"attrs":23006},{"color":21998},{"type":594,"attrs":23008,"content":23009},{"textAlign":49},[23010,23015,23024,23029,23038],{"text":23011,"type":599,"marks":23012},"As a result, Benchmark's ",[23013],{"type":928,"attrs":23014},{"color":21998},{"text":23016,"type":599,"marks":23017},"Synthetic Graphite Anode",[23018,23021,23023],{"type":604,"attrs":23019},{"href":23020,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/synthetic-graphite/prices",{"type":928,"attrs":23022},{"color":22006},{"type":3645},{"text":23025,"type":599,"marks":23026}," High Energy, DDP China, ≥99.97% C, 350–370 mAh/g, published on 15 October, has been corrected from RMB 33,500/tonne ($4,690) to RMB 51,750/tonne ($7,245); Benchmark's ",[23027],{"type":928,"attrs":23028},{"color":21998},{"text":23030,"type":599,"marks":23031},"Natural Graphite Anode",[23032,23035,23037],{"type":604,"attrs":23033},{"href":23034,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/natural-graphite/prices",{"type":928,"attrs":23036},{"color":22006},{"type":3645},{"text":23039,"type":599,"marks":23040}," High Energy, DDP China, ≥99.97% C, 350–370 mAh/g, published on 15 October, has been corrected from RMB 34,500/tonne ($4,830) to RMB 48,000/tonne ($6,720).",[23041],{"type":928,"attrs":23042},{"color":21998},{"type":657,"attrs":23044,"content":23045},{"level":15966,"textAlign":49},[23046],{"text":23047,"type":599},"Benchmark’s new anode price grades are priced as follows:",{"type":594,"attrs":23049,"content":23050},{"textAlign":49},[23051],{"text":23052,"type":599},"Synthetic Graphite Anode High Energy, DDP China, ≥99.97% C, 350–370 mAh/g (>2.5C, for EV) at RMB 33,500/tonne ($4,690).",{"type":594,"attrs":23054,"content":23055},{"textAlign":49},[23056],{"text":23057,"type":599},"Natural Graphite Anode High Energy, DDP China, ≥99.97% C, 360–370 mAh/g (>2.5C, for EV) at RMB 34,500/tonne ($4,830).",{"type":594,"attrs":23059,"content":23060},{"textAlign":49},[23061],{"text":23062,"type":599},"Benchmark’s Anode Price Assessments are published monthly on the 15th of the month (or first working day thereafter), by 4:00 pm London time, accompanied by detailed market commentary and analysis.",{"type":594,"attrs":23064,"content":23065},{"textAlign":49},[23066,23071,23080],{"text":23067,"type":599,"marks":23068},"\"By reinstating the existing grades and introducing the new high charging rate specifications as separate assessments, we are responding to our stakeholders' need for both consistency and innovation,\" said Daniel Fletcher-Manuel, Director of Indexing & Derivatives at Benchmark Mineral Intelligence. \"This approach supports accurate benchmarking across the evolving range of ",[23069],{"type":928,"attrs":23070},{"color":21998},{"text":23072,"type":599,"marks":23073},"high energy anode materials",[23074,23077,23079],{"type":604,"attrs":23075},{"href":23076,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/anode",{"type":928,"attrs":23078},{"color":22006},{"type":3645},{"text":23081,"type":599,"marks":23082},".\"",[23083],{"type":928,"attrs":23084},{"color":21998},{"type":657,"attrs":23086,"content":23087},{"level":15966,"textAlign":49},[23088],{"text":19874,"type":599},{"type":594,"attrs":23090,"content":23091},{"textAlign":49},[23092,23097,23105,23110,23118,23123,23131,23136,23143,23147,23155,23160,23168],{"text":23093,"type":599,"marks":23094},"Benchmark Mineral Intelligence provides independent, ",[23095],{"type":928,"attrs":23096},{"color":21998},{"text":23098,"type":599,"marks":23099},"IOSCO-compliant price assessments",[23100,23102,23104],{"type":604,"attrs":23101},{"href":22937,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23103},{"color":22006},{"type":3645},{"text":23106,"type":599,"marks":23107}," and market intelligence across the ",[23108],{"type":928,"attrs":23109},{"color":21998},{"text":23111,"type":599,"marks":23112},"lithium-ion battery and energy transition supply chain",[23113,23115,23117],{"type":604,"attrs":23114},{"href":21905,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23116},{"color":22006},{"type":3645},{"text":23119,"type":599,"marks":23120},". Our pricing coverage includes ",[23121],{"type":928,"attrs":23122},{"color":21998},{"text":2504,"type":599,"marks":23124},[23125,23128,23130],{"type":604,"attrs":23126},{"href":23127,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/glossary/what-is-graphite",{"type":928,"attrs":23129},{"color":22006},{"type":3645},{"text":23132,"type":599,"marks":23133},", anode, cathode, ",[23134],{"type":928,"attrs":23135},{"color":21998},{"text":878,"type":599,"marks":23137},[23138,23140,23142],{"type":604,"attrs":23139},{"href":2214,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23141},{"color":22006},{"type":3645},{"text":3400,"type":599,"marks":23144},[23145],{"type":928,"attrs":23146},{"color":21998},{"text":4330,"type":599,"marks":23148},[23149,23152,23154],{"type":604,"attrs":23150},{"href":23151,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/glossary/what-is-nickel",{"type":928,"attrs":23153},{"color":22006},{"type":3645},{"text":23156,"type":599,"marks":23157},", cobalt, ",[23158],{"type":928,"attrs":23159},{"color":21998},{"text":10224,"type":599,"marks":23161},[23162,23165,23167],{"type":604,"attrs":23163},{"href":23164,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/recycling/black-mass-prices",{"type":928,"attrs":23166},{"color":22006},{"type":3645},{"text":23169,"type":599,"marks":23170},", and rare earths, supporting transparency and informed decision-making across these critical markets.",[23171],{"type":928,"attrs":23172},{"color":21998},"Benchmark Mineral Intelligence will continue publication of its existing Synthetic Graphite Anode High Energy and Natural Graphite Anode High Energy price assessments, reversing the previously announced specification change which took effect on 15 October 2025. In compliance with IOSCO principles, this followed Benchmark’s public consultation on the proposed change on 8 September 2025. Following additional […]",[23175],{"slug":544,"name":543,"content":23176},{"job_title":557,"image":23177,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"29006f65-5956-4973-968d-e9b77cfce98d\", \"id\": \"\"}-->","Benchmark to continue publication of previous high-energy anode",[23181,23182,23183,23184],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":23186},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12226,"copyright":547,"fieldtype":553,"meta_data":23188,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark Mineral Intelligence will continue publication of its existing Synthetic Graphite Anode High Energy and Natural Graphite Anode High Energy price assessments, reversing the previously announced specification change which took effect  […]","Oct 28, 2025",{"id":23192,"uuid":13897,"name":23193,"slug":23194,"full_slug":23195,"content":23196},106713043189330,"How is battery supply chain funding evolving in 2025?","how-is-battery-supply-chain-funding-evolving-in-2025","article/how-is-battery-supply-chain-funding-evolving-in-2025",{"_uid":23197,"date":23198,"tags":23199,"editor":23202,"content":23206,"excerpt":23483,"featured":51,"reporter":23484,"_editable":23488,"component":864,"seo_title":23193,"categories":23489,"visibility":2091,"author_company":49,"data_vis_image":23498,"featured_image":23500,"seo_description":23503,"author_full_name":49,"author_job_title":49,"formattedDate":23504},"d375639c-6e42-4584-bb99-c197f0fcd029","2025-10-23 00:00",[23200,23201],{"slug":578,"name":579},{"slug":21499,"name":21500},[23203],{"slug":544,"name":543,"content":23204},{"job_title":557,"image":23205,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":23207},[23208,23256,23263,23268,23273,23278,23311,23316,23365,23400,23405,23426,23431,23465,23472],{"type":594,"attrs":23209,"content":23210},{"textAlign":49},[23211,23216,23225,23230,23238,23243,23252],{"text":23212,"type":599,"marks":23213},"Benchmark has tracked over $50 billion of ",[23214],{"type":928,"attrs":23215},{"color":21998},{"text":23217,"type":599,"marks":23218},"energy transition funding",[23219,23222,23224],{"type":604,"attrs":23220},{"href":23221,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/briefings/energy-transition-capitals/energy-transition-capital-january-2026",{"type":928,"attrs":23223},{"color":22006},{"type":3645},{"text":23226,"type":599,"marks":23227},", throughout 2025 in its ",[23228],{"type":928,"attrs":23229},{"color":21998},{"text":23231,"type":599,"marks":23232},"Energy Transition Capital database",[23233,23235,23237],{"type":604,"attrs":23234},{"href":23221,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23236},{"color":22006},{"type":3645},{"text":23239,"type":599,"marks":23240},", with the largest share allocated to the ",[23241],{"type":928,"attrs":23242},{"color":21998},{"text":23244,"type":599,"marks":23245},"battery supply chain",[23246,23249,23251],{"type":604,"attrs":23247},{"href":23248,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/which-companies-control-the-lithium-ion-battery-supply-chain-2",{"type":928,"attrs":23250},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":23253},[23254],{"type":928,"attrs":23255},{"color":21998},{"type":594,"attrs":23257,"content":23258},{"textAlign":49},[23259],{"type":1186,"attrs":23260},{"id":49,"alt":547,"src":23261,"title":49,"source":49,"copyright":49,"meta_data":23262},"https://a.storyblok.com/f/287943243085208/a0fe8a61be/bm-battery-supply-chain-funding-2.png",{},{"type":594,"attrs":23264,"content":23265},{"textAlign":49},[23266],{"text":23267,"type":599},"The Energy Transition Capital tracks all funding across energy transition markets, for energy storage and mining this includes project financing where publicly available.",{"type":657,"attrs":23269,"content":23270},{"level":15966,"textAlign":49},[23271],{"text":23272,"type":599},"The role of debt, grants, and equity",{"type":657,"attrs":23274,"content":23275},{"level":15966,"textAlign":49},[23276],{"text":23277,"type":599},"Debt",{"type":594,"attrs":23279,"content":23280},{"textAlign":49},[23281,23285,23294,23299,23306],{"text":2372,"type":599,"marks":23282},[23283],{"type":928,"attrs":23284},{"color":21998},{"text":23286,"type":599,"marks":23287},"EV, battery, and battery materials markets",[23288,23291,23293],{"type":604,"attrs":23289},{"href":23290,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/debt-in-the-ev-market-how-is-it-evolving",{"type":928,"attrs":23292},{"color":22006},{"type":3645},{"text":23295,"type":599,"marks":23296}," have matured rapidly over the past few years. As a result, debt is playing an increasingly important role in financing these sectors. The ",[23297],{"type":928,"attrs":23298},{"color":21998},{"text":12716,"type":599,"marks":23300},[23301,23303,23305],{"type":604,"attrs":23302},{"href":3734,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23304},{"color":22006},{"type":3645},{"text":23307,"type":599,"marks":23308}," and charging industries both saw the majority of their funding come through debt, testament to their growing maturity as the market recognises the increasing bankability of business models and more stable, secure revenue streams.",[23309],{"type":928,"attrs":23310},{"color":21998},{"type":657,"attrs":23312,"content":23313},{"level":15966,"textAlign":49},[23314],{"text":23315,"type":599},"Grants",{"type":594,"attrs":23317,"content":23318},{"textAlign":49},[23319,23324,23333,23338,23347,23352,23360],{"text":23320,"type":599,"marks":23321},"Grants accounted for the majority of funding in the ",[23322],{"type":928,"attrs":23323},{"color":21998},{"text":23325,"type":599,"marks":23326},"battery recycling industry",[23327,23330,23332],{"type":604,"attrs":23328},{"href":23329,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-doe-funding-promises-680-million-to-support-domestic-recycling-projects",{"type":928,"attrs":23331},{"color":22006},{"type":3645},{"text":23334,"type":599,"marks":23335},", as well as substantial portions of the ",[23336],{"type":928,"attrs":23337},{"color":21998},{"text":23339,"type":599,"marks":23340},"battery materials and mining",[23341,23344,23346],{"type":604,"attrs":23342},{"href":23343,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/is-the-us-embarking-on-a-critical-mineral-spending-spree",{"type":928,"attrs":23345},{"color":22006},{"type":3645},{"text":23348,"type":599,"marks":23349}," sectors. In previous years, equity funding had dominated recycling, but investor appetite has weakened as the business outlook remains uncertain amid ongoing market challenges. However, governments recognise the strategic importance of ",[23350],{"type":928,"attrs":23351},{"color":21998},{"text":5744,"type":599,"marks":23353},[23354,23357,23359],{"type":604,"attrs":23355},{"href":23356,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/glossary/lithium-ion-battery-recycling",{"type":928,"attrs":23358},{"color":22006},{"type":3645},{"text":23361,"type":599,"marks":23362},", and grants are helping the industry stay afloat ahead of anticipated future revenue streams.",[23363],{"type":928,"attrs":23364},{"color":21998},{"type":594,"attrs":23366,"content":23367},{"textAlign":49},[23368,23373,23382,23387,23396],{"text":23369,"type":599,"marks":23370},"For battery materials and mining, governments are increasingly aware of their reliance on ",[23371],{"type":928,"attrs":23372},{"color":21998},{"text":23374,"type":599,"marks":23375},"China's supply chains",[23376,23379,23381],{"type":604,"attrs":23377},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/infographic-chinas-lithium-ion-battery-supply-chain-dominance",{"type":928,"attrs":23380},{"color":22006},{"type":3645},{"text":23383,"type":599,"marks":23384},". As a result, grant and equity funding are supporting the development of ",[23385],{"type":928,"attrs":23386},{"color":21998},{"text":23388,"type":599,"marks":23389},"ex-China production capacity",[23390,23393,23395],{"type":604,"attrs":23391},{"href":23392,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-evolution-of-chinas-upstream-supply-chain-dominance",{"type":928,"attrs":23394},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":23397},[23398],{"type":928,"attrs":23399},{"color":21998},{"type":657,"attrs":23401,"content":23402},{"level":15966,"textAlign":49},[23403],{"text":23404,"type":599},"Equity",{"type":594,"attrs":23406,"content":23407},{"textAlign":49},[23408,23413,23421],{"text":23409,"type":599,"marks":23410},"Investor appetite for equity funding remains strong across most markets, as the ",[23411],{"type":928,"attrs":23412},{"color":21998},{"text":23414,"type":599,"marks":23415},"EV and battery sectors",[23416,23418,23420],{"type":604,"attrs":23417},{"href":22999,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23419},{"color":22006},{"type":3645},{"text":23422,"type":599,"marks":23423}," continue to expand, offering the potential for positive long-term returns.",[23424],{"type":928,"attrs":23425},{"color":21998},{"type":657,"attrs":23427,"content":23428},{"level":15966,"textAlign":49},[23429],{"text":23430,"type":599},"Energy Transition Capital",{"type":594,"attrs":23432,"content":23433},{"textAlign":49},[23434,23439,23448,23453,23461],{"text":23435,"type":599,"marks":23436},"Benchmark's Energy Transition Capital tracker provides monthly data offering insights into debt, equity, and grant markets across the energy transition. It covers funding from start-ups through to ",[23437],{"type":928,"attrs":23438},{"color":21998},{"text":23440,"type":599,"marks":23441},"IPOs and market share price tracking",[23442,23445,23447],{"type":604,"attrs":23443},{"href":23444,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/briefings",{"type":928,"attrs":23446},{"color":22006},{"type":3645},{"text":23449,"type":599,"marks":23450},". For Source subscribers ",[23451],{"type":928,"attrs":23452},{"color":21998},{"text":23454,"type":599,"marks":23455},"click here to see Benchmark's Energy Transition Capital Tracker",[23456,23458,23460],{"type":604,"attrs":23457},{"href":23221,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23459},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":23462},[23463],{"type":928,"attrs":23464},{"color":21998},{"type":594,"attrs":23466,"content":23467},{"textAlign":49},[23468],{"text":23469,"type":599,"marks":23470},"For non subscribers, if you’d like to learn more, submit your details and our team will be in touch:",[23471],{"type":643},{"type":627,"attrs":23473},{"id":23474,"body":23475},"c5735e5a-9555-4051-b957-aa49f745b8a8",[23476],{"id":835,"_uid":23477,"_editable":23478,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":23479,"success_file":23480,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":23482},"i-b77d3aee-b3e5-40a5-a9d4-29e4b71abfbf","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-b77d3aee-b3e5-40a5-a9d4-29e4b71abfbf\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":23481},{},[],"Benchmark has tracked over $50 billion of energy transition funding, throughout 2025 in its Energy Transition Capital database, with the largest share allocated to the battery supply chain. The role of debt, grants, and equity Debt The EV, battery, and battery materials markets have matured rapidly over the past few years. As a result, debt is playing an increasingly […]",[23485],{"slug":544,"name":543,"content":23486},{"job_title":557,"image":23487,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d375639c-6e42-4584-bb99-c197f0fcd029\", \"id\": \"\"}-->",[23490,23491,23492,23493,23494,23495,23496,23497],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":23261,"copyright":547,"fieldtype":553,"meta_data":23499,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":23501,"copyright":547,"fieldtype":553,"meta_data":23502,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/edd9fcbd6b/bm-adobestock-569678687.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark has tracked over $50 billion of energy transition funding, throughout 2025 in its Energy Transition Capital database, with the largest share allocated to the battery supply chain. The role of debt, grants, and equity Debt The EV, battery,  […]","Oct 23, 2025",{"id":23506,"uuid":14761,"name":23507,"slug":23508,"full_slug":23509,"content":23510},107093802175822,"LME CME arbitrage continues to be broad on forward curve","lme-cme-arbitrage-continues-to-be-broad-on-forward-curve","article/lme-cme-arbitrage-continues-to-be-broad-on-forward-curve",{"_uid":23511,"date":23512,"tags":23513,"editor":23518,"content":23522,"excerpt":23732,"featured":51,"reporter":23733,"_editable":23737,"component":864,"seo_title":23507,"categories":23738,"visibility":2091,"author_company":49,"data_vis_image":23740,"featured_image":23742,"seo_description":23745,"author_full_name":49,"author_job_title":49,"formattedDate":23746},"4b7ce4aa-7f12-48e9-b7bd-aa77bd3fef0a","2025-10-22 00:00",[23514,23517],{"slug":23515,"name":23516},"cme","CME",{"slug":16317,"name":16318},[23519],{"slug":544,"name":543,"content":23520},{"job_title":557,"image":23521,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":23523},[23524,23557,23562,23570,23575,23596,23601,23606,23628,23649,23654,23659,23680,23688,23696,23704,23712],{"type":594,"attrs":23525,"content":23526},{"textAlign":49},[23527,23532,23540,23545,23553],{"text":23528,"type":599,"marks":23529},"The broad ",[23530],{"type":928,"attrs":23531},{"color":21998},{"text":23533,"type":599,"marks":23534},"LME/CME arbitrage",[23535,23537,23539],{"type":604,"attrs":23536},{"href":17270,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23538},{"color":22006},{"type":3645},{"text":23541,"type":599,"marks":23542}," continues to be a talking point, even months after it collapsed as result of ",[23543],{"type":928,"attrs":23544},{"color":21998},{"text":23546,"type":599,"marks":23547},"cathodes being precluded from US copper tariffs",[23548,23550,23552],{"type":604,"attrs":23549},{"href":16367,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23551},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":23554},[23555],{"type":928,"attrs":23556},{"color":21998},{"type":594,"attrs":23558,"content":23559},{"textAlign":49},[23560],{"text":23561,"type":599},"The reason the topic is still being broadly discussed is because, despite the arbitrage collapsing from its heights above $2500/t it is still relatively broad. This morning the arbitrage sat at over $300/t but has also been hitting close to $500/t repeatedly in recent weeks.",{"type":627,"attrs":23563},{"id":23564,"body":23565},"bdb11028-943f-4b05-81d9-f2a8bac267e0",[23566],{"id":23567,"_uid":23568,"type":634,"_editable":23569,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25766753","i-7177a594-aec7-4fa0-88fb-102d8fd7196f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7177a594-aec7-4fa0-88fb-102d8fd7196f\", \"id\": \"\"}-->",{"type":657,"attrs":23571,"content":23572},{"level":985,"textAlign":49},[23573],{"text":23574,"type":599},"Recent changes in the arbitrage market",{"type":594,"attrs":23576,"content":23577},{"textAlign":49},[23578,23583,23591],{"text":23579,"type":599,"marks":23580},"The arbitrage did narrow significantly, after cathode escaped tariffing, but it broadened notably after ",[23581],{"type":928,"attrs":23582},{"color":21998},{"text":23584,"type":599,"marks":23585},"Freeport McMoRan announced a significant disruption at their Grasberg mine",[23586,23588,23590],{"type":604,"attrs":23587},{"href":18013,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23589},{"color":22006},{"type":3645},{"text":23592,"type":599,"marks":23593},". Market sources noted that this was likely due to the CME market, which has a reputation for being more speculative due to US funds operating in it, pricing in more disruption than the LME.",[23594],{"type":928,"attrs":23595},{"color":21998},{"type":594,"attrs":23597,"content":23598},{"textAlign":49},[23599],{"text":23600,"type":599},"At the time of the Freeport disruption, sources noted that the LME price didn’t push up as much because LME market participants were more sceptical about coming demand.",{"type":657,"attrs":23602,"content":23603},{"level":985,"textAlign":49},[23604],{"text":23605,"type":599},"Factors affecting the long-term outlook",{"type":594,"attrs":23607,"content":23608},{"textAlign":49},[23609,23614,23623],{"text":23610,"type":599,"marks":23611},"The broad long-term arbitrage is largely seen as due to the expectation that tariffs on copper cathode may be implemented in coming years. This is due to the fact that the ",[23612],{"type":928,"attrs":23613},{"color":21998},{"text":23615,"type":599,"marks":23616},"US Section 232",[23617,23620,23622],{"type":604,"attrs":23618},{"href":23619,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-launches-section-232-investigation-into-imports-of-critical-minerals-and-rare-earths",{"type":928,"attrs":23621},{"color":22006},{"type":3645},{"text":23624,"type":599,"marks":23625}," statement outlined that a tariff may be added to copper cathode in the long run, starting at 15% in 2027 and then 30% in 2028.",[23626],{"type":928,"attrs":23627},{"color":21998},{"type":594,"attrs":23629,"content":23630},{"textAlign":49},[23631,23636,23644],{"text":23632,"type":599,"marks":23633},"Sources also noted that the US administration has made a number of surprise decisions on tariffs so far, for example the ",[23634],{"type":928,"attrs":23635},{"color":21998},{"text":23637,"type":599,"marks":23638},"introduction and then doubling of tariffs on aluminium and steel",[23639,23641,23643],{"type":604,"attrs":23640},{"href":17227,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23642},{"color":22006},{"type":3645},{"text":23645,"type":599,"marks":23646},". Sources said that there would be little certainty that the US wouldn't tariff cathode anytime soon, and for as long as that uncertainty existed the arbitrage could continue to be broad.",[23647],{"type":928,"attrs":23648},{"color":21998},{"type":657,"attrs":23650,"content":23651},{"level":985,"textAlign":49},[23652],{"text":23653,"type":599},"How does the outlook for the CME and LME differ?",{"type":594,"attrs":23655,"content":23656},{"textAlign":49},[23657],{"text":23658,"type":599},"The CME is contango likely in part due to these tariff concerns, inversely the LME is in a notable backwardation in the long run, with the price at around USD 10,250/t by the end of 2028 against around USD 10,650/t in nearby months.",{"type":594,"attrs":23660,"content":23661},{"textAlign":49},[23662,23667,23675],{"text":23663,"type":599,"marks":23664},"The LME price is being pressured by a series of factors. Firstly, the tariff speculation is pressuring the price because if this were to come into play demand for copper in the US would likely fall as they consumer already ",[23665],{"type":928,"attrs":23666},{"color":21998},{"text":23668,"type":599,"marks":23669},"acquired stockpiles",[23670,23672,23674],{"type":604,"attrs":23671},{"href":16367,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23673},{"color":22006},{"type":3645},{"text":23676,"type":599,"marks":23677}," – thus reducing imports and pressuring global demand.",[23678],{"type":928,"attrs":23679},{"color":21998},{"type":594,"attrs":23681,"content":23682},{"textAlign":49},[23683],{"text":23684,"type":599,"marks":23685},"Beyond this, a number of copper participants are sceptical about where demand will be in the coming months and years due to concerns about broader economic questions.",[23686],{"type":928,"attrs":23687},{"color":21998},{"type":594,"attrs":23689,"content":23690},{"textAlign":49},[23691],{"text":23692,"type":599,"marks":23693},"\"My view is demand is the issue – I think everyone got a but excited but fundamentally too much is uncertain. PMIs are still weak; data centre spend has not actually materialised yet,\" said one market source.",[23694],{"type":928,"attrs":23695},{"color":21998},{"type":594,"attrs":23697,"content":23698},{"textAlign":49},[23699],{"text":23700,"type":599,"marks":23701},"Inversely sources noted that the CME market was being helped up by 'fund' or 'tourist' money which may be focusing on different price drivers than the LME.",[23702],{"type":928,"attrs":23703},{"color":21998},{"type":594,"attrs":23705,"content":23706},{"textAlign":49},[23707],{"text":23708,"type":599,"marks":23709},"\"I also think the CME is being skewed by new fund money – they're excited about gold so are looking for similar returns on other metals,\" the market source added.",[23710],{"type":928,"attrs":23711},{"color":21998},{"type":594,"attrs":23713,"content":23714},{"textAlign":49},[23715,23720,23727],{"text":23716,"type":599,"marks":23717},"Another reason why the LME may be in backwardation is because recent ",[23718],{"type":928,"attrs":23719},{"color":21998},{"text":8449,"type":599,"marks":23721},[23722,23724,23726],{"type":604,"attrs":23723},{"href":17937,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":23725},{"color":22006},{"type":3645},{"text":23728,"type":599,"marks":23729}," have driven up copper prices. Three of the world's ten largest mines have faced disruption in recent months, however, these disruptions will subside. Paired with longer-term demand worries and potential tariffs, returning supply maybe helping tip the LME in to a longer-term backwardation.",[23730],{"type":928,"attrs":23731},{"color":21998},"The broad LME/CME arbitrage continues to be a talking point, even months after it collapsed as result of cathodes being precluded from US copper tariffs. The reason the topic is still being broadly discussed is because, despite the arbitrage collapsing from its heights above $2500/t it is still relatively broad. This morning the arbitrage sat […]",[23734],{"slug":544,"name":543,"content":23735},{"job_title":557,"image":23736,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4b7ce4aa-7f12-48e9-b7bd-aa77bd3fef0a\", \"id\": \"\"}-->",[23739],{"slug":869,"name":870},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":23741},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":23743,"copyright":547,"fieldtype":553,"meta_data":23744,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1dcf6a4810/bm-adobestock-66553981.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"The broad LME/CME arbitrage continues to be a talking point, even months after it collapsed as result of cathodes being precluded from US copper tariffs. The reason the topic is still being broadly discussed is because, despite the arbitrage […]","Oct 22, 2025",{"id":23748,"uuid":23749,"name":23750,"slug":23751,"full_slug":23752,"content":23753},106713837858465,"4d23bf42-2e8f-45e6-b625-a7c7ae1e4514","How battery technology supports mine decarbonisation","how-battery-technology-supports-mine-decarbonisation","article/how-battery-technology-supports-mine-decarbonisation",{"_uid":23754,"date":23755,"tags":23756,"editor":23762,"content":23766,"excerpt":23902,"featured":51,"reporter":23903,"_editable":23907,"component":864,"seo_title":23750,"categories":23908,"visibility":882,"author_company":49,"data_vis_image":23914,"featured_image":23917,"seo_description":23920,"author_full_name":49,"author_job_title":49,"formattedDate":23921},"21cd87f5-9fb7-46c0-83ae-07cef8b9406b","2025-10-21 00:00",[23757,23758,23759],{"slug":578,"name":579},{"slug":1793,"name":1793},{"slug":23760,"name":23761},"esg","ESG",[23763],{"slug":544,"name":543,"content":23764},{"job_title":557,"image":23765,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":23767},[23768,23781,23800,23805,23810,23815,23820,23828,23833,23838,23851,23856,23861,23866,23892,23897],{"type":594,"attrs":23769,"content":23770},{"textAlign":49},[23771,23773,23779],{"text":23772,"type":599},"The mining industry accounted for ~5% of global ",{"text":23774,"type":599,"marks":23775},"carbon emissions",[23776],{"type":604,"attrs":23777},{"href":23778,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lca",{"text":23780,"type":599}," last year, with roughly half originating from mining vehicles.",{"type":594,"attrs":23782,"content":23783},{"textAlign":49},[23784,23790,23792,23798],{"text":23785,"type":599,"marks":23786},"Electrifying mine sites",[23787],{"type":604,"attrs":23788},{"href":23789,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/membership-videos/the-electrification-of-mining-the-new-era/",{"text":23791,"type":599}," offers an opportunity for miners to ",{"text":23793,"type":599,"marks":23794},"cut emissions",[23795],{"type":604,"attrs":23796},{"href":23797,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmarks-lithium-carbon-curves-reveals-10x-emissions-gap-across-top-50-operations",{"text":23799,"type":599}," while also reducing costs. With 30%–50% of a mine’s energy costs attributed to diesel, replacing internal combustion fleets can deliver significant savings.",{"type":594,"attrs":23801,"content":23802},{"textAlign":49},[23803],{"text":23804,"type":599},"“Mining electrification is the silver bullet to decarbonization in mining, it even makes it economically viable,” Joachim Braun, division president of ABB Process Industries, told Benchmark Source on the sidelines of the FT Live Metals and Mining Summit in London earlier in October. “In a lot of cases, you get a lot of additional benefit from this, other than just substituting basically one fuel by another.”",{"type":594,"attrs":23806,"content":23807},{"textAlign":49},[23808],{"text":23809,"type":599},"Members of the International Council on Mining and Metals are targeting net‑zero scope 1 and scope 2 emissions by 2050 or sooner.",{"type":657,"attrs":23811,"content":23812},{"level":15966,"textAlign":49},[23813],{"text":23814,"type":599},"What strategies are there for mine site electrification?",{"type":594,"attrs":23816,"content":23817},{"textAlign":49},[23818],{"text":23819,"type":599},"The electrification of mining vehicles can take several forms, from entirely running on a battery, to being powered via a catenary system. Hybrid approaches also exist, allowing vehicles to switch between battery and catenary operation, or between electric and diesel modes.",{"type":627,"attrs":23821},{"id":23822,"body":23823},"c5e4ae9a-7d6b-45bd-8b00-b8d08c41f74b",[23824],{"id":23825,"_uid":23826,"type":634,"_editable":23827,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25639363","i-00d4d010-7e69-4958-bfb9-8d1b712b1fe8","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-00d4d010-7e69-4958-bfb9-8d1b712b1fe8\", \"id\": \"\"}-->",{"type":594,"attrs":23829,"content":23830},{"textAlign":49},[23831],{"text":23832,"type":599},"Catenary systems are most effective on fixed routes, such as haul circuits for waste or ore. While they reduce reliance on batteries, they are capital‑intensive and less flexible. Hybrid vehicles that can use both catenary lines and on‑board batteries therefore offer improved operational flexibility without depending entirely on static charging infrastructure.",{"type":594,"attrs":23834,"content":23835},{"textAlign":49},[23836],{"text":23837,"type":599},"Fully battery‑electric vehicles (BEVs) are particularly suited to underground mining, where they lower ventilation costs due to the elimination of exhaust emissions. Charging or battery‑swapping stations underground can further improve productivity.",{"type":594,"attrs":23839,"content":23840},{"textAlign":49},[23841,23843,23849],{"text":23842,"type":599},"Given often remote locations, many mine sites operate their own isolated electricity grids. Switching these to ",{"text":23844,"type":599,"marks":23845},"renewables",[23846],{"type":604,"attrs":23847},{"href":23848,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-renewables-help-clean-up-indonesias-nickel-industry",{"text":23850,"type":599}," such as solar or wind power can enable deeper decarbonisation. However, as mining operations typically run 24/7, energy storage is essential to maintain power when generation is low, such as overnight.",{"type":594,"attrs":23852,"content":23853},{"textAlign":49},[23854],{"text":23855,"type":599},"“Mine optimisation looks different with renewable energy,” Braun said. “If you have renewable power sources, then you probably need to put in some intelligence to manage them.”",{"type":657,"attrs":23857,"content":23858},{"level":15966,"textAlign":49},[23859],{"text":23860,"type":599},"What activity has there been in the space this year?",{"type":594,"attrs":23862,"content":23863},{"textAlign":49},[23864],{"text":23865,"type":599},"Australia’s Fortescue Metals signed a US$2.8bn partnership with mine vehicle producer Liebherr includes 360 autonomous battery-electric trucks, 55 electric excavators and 60 battery-powered dozers. Fortescue also has a deal worth $400m with Chinese electric mining vehicle producer XCMG.",{"type":594,"attrs":23867,"content":23868},{"textAlign":49},[23869,23871,23877,23879,23884,23885,23890],{"text":23870,"type":599},"Australian ",{"text":23872,"type":599,"marks":23873},"mining giant BHP",[23874],{"type":604,"attrs":23875},{"href":23876,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/bhp",{"text":23878,"type":599}," signed memoranda of understanding  (MoUs) with both ",{"text":2983,"type":599,"marks":23880},[23881],{"type":604,"attrs":23882},{"href":23883,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/byd",{"text":1440,"type":599},{"text":904,"type":599,"marks":23886},[23887],{"type":604,"attrs":23888},{"href":23889,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/catl",{"text":23891,"type":599}," to explore mine decarbonisation and electrification solutions in July of this year.",{"type":594,"attrs":23893,"content":23894},{"textAlign":49},[23895],{"text":23896,"type":599},"In August, the Australian Renewable Energy Agency (ARENA) awarded A$9m (US$5.8m) to BluVein to develop its “rail and hammer” dynamic charging system for heavy-haul mining BEVs.",{"type":594,"attrs":23898,"content":23899},{"textAlign":49},[23900],{"text":23901,"type":599},"Switzerland-based ABB signed a partnership with Sumitomo in April this year, following two other partnerships with Japanese firms Hitachi and Komatsu to explore the decarbonisation of mining machinery both in Japan and globally. In October, ABB also announced a collaboration with Sweden’s LKAB on mine automation, electrification and digitisation, including BEV charging and management.","The mining industry accounted for ~5% of global carbon emissions last year, with roughly half originating from mining vehicles. Electrifying mine sites offers an opportunity for miners to cut emissions while also reducing costs. With 30%–50% of a mine’s energy costs attributed to diesel, replacing internal combustion fleets can deliver significant savings. “Mining electrification is […]",[23904],{"slug":544,"name":543,"content":23905},{"job_title":557,"image":23906,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"21cd87f5-9fb7-46c0-83ae-07cef8b9406b\", \"id\": \"\"}-->",[23909,23910,23911,23912,23913],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":23915,"copyright":547,"fieldtype":553,"meta_data":23916,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1761041300/www-production/Electrified-mine-site@2x/Electrified-mine-site@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":23918,"copyright":547,"fieldtype":553,"meta_data":23919,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c7ae31f798/bm-minetruck-mt42-sg-trolley-1.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"The mining industry accounted for ~5% of global carbon emissions last year, with roughly half originating from mining vehicles. Electrifying mine sites offers an opportunity for miners to cut emissions while also reducing costs. With 30%–50%  […]","Oct 21, 2025",{"id":23923,"uuid":23924,"name":23925,"slug":23926,"full_slug":23927,"content":23928},112398680715895,"7d6c85dd-0cc1-4858-be20-d313fdd9b308","Benchmark London Summit 2025: Key takeaways ","benchmark-london-summit-2025-key-takeaways","article/benchmark-london-summit-2025-key-takeaways",{"_uid":23929,"date":23930,"tags":23931,"editor":23936,"content":23940,"excerpt":24314,"featured":50,"reporter":24315,"_editable":24319,"component":864,"seo_title":23925,"categories":24320,"visibility":2091,"author_company":49,"data_vis_image":24325,"featured_image":24327,"seo_description":24330,"author_full_name":49,"author_job_title":49,"formattedDate":24331},"43cf2ce5-3395-4442-91b5-8d212045dabe","2025-10-17 00:00",[23932,23933],{"slug":11313,"name":11314},{"slug":23934,"name":23935},"lme-week","LME week",[23937],{"slug":544,"name":543,"content":23938},{"job_title":557,"image":23939,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":23941},[23942,23964,23972,23980,23985,24016,24024,24073,24081,24103,24108,24113,24158,24165,24170,24192,24197,24202,24207,24214,24219,24224,24259,24281,24289,24297],{"type":594,"attrs":23943,"content":23944},{"textAlign":49},[23945,23950,23959],{"text":23946,"type":599,"marks":23947},"As ",[23948],{"type":928,"attrs":23949},{"color":21998},{"text":23951,"type":599,"marks":23952},"Benchmark's London Summit 2025",[23953,23956,23958],{"type":604,"attrs":23954},{"href":23955,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/summit-london",{"type":928,"attrs":23957},{"color":22006},{"type":3645},{"text":23960,"type":599,"marks":23961}," drew to a close this week, it was clear the global battery and critical minerals industry has entered a new era defined by industrial maturity, geopolitical tension, and capital competition.",[23962],{"type":928,"attrs":23963},{"color":21998},{"type":594,"attrs":23965,"content":23966},{"textAlign":49},[23967],{"text":23968,"type":599,"marks":23969},"Across a packed one-day programme, speakers from Benchmark and leading industry figures examined demand trends, the evolution of battery chemistries, supply diversification beyond China, and financial innovation to unlock capital for new projects globally.",[23970],{"type":928,"attrs":23971},{"color":21998},{"type":594,"attrs":23973,"content":23974},{"textAlign":49},[23975],{"text":23976,"type":599,"marks":23977},"In this article, Benchmark explores the major takeaways and recurring themes that ran through the discussions at the London event.",[23978],{"type":928,"attrs":23979},{"color":21998},{"type":657,"attrs":23981,"content":23982},{"level":15966,"textAlign":49},[23983],{"text":23984,"type":599},"Demand accelerates, technology consolidates",{"type":594,"attrs":23986,"content":23987},{"textAlign":49},[23988,23997,24002,24011],{"text":23989,"type":599,"marks":23990},"Global battery demand",[23991,23994,23996],{"type":604,"attrs":23992},{"href":23993,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/global-lithium-ion-battery-demand-rose-29-in-2025",{"type":928,"attrs":23995},{"color":22006},{"type":3645},{"text":23998,"type":599,"marks":23999}," is set to grow 25% year-on-year to reach 1.7TWh in 2025, according to Benchmark forecasts. Although global EV sales continue to break records, the balance between mobility and stationary storage is shifting, with ",[24000],{"type":928,"attrs":24001},{"color":21998},{"text":24003,"type":599,"marks":24004},"energy storage now representing 20% of global battery demand",[24005,24008,24010],{"type":604,"attrs":24006},{"href":24007,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-will-data-centres-impact-battery-demand",{"type":928,"attrs":24009},{"color":22006},{"type":3645},{"text":24012,"type":599,"marks":24013}," – driven by AI infrastructure buildout and the electrification of industry.",[24014],{"type":928,"attrs":24015},{"color":21998},{"type":627,"attrs":24017},{"id":24018,"body":24019},"94f6f2e8-6b7d-472b-b21e-b221fabceee5",[24020],{"id":24021,"_uid":24022,"type":634,"_editable":24023,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25683577","i-783ba6e6-8153-4519-9084-cc4528a7e0be","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-783ba6e6-8153-4519-9084-cc4528a7e0be\", \"id\": \"\"}-->",{"type":594,"attrs":24025,"content":24026},{"textAlign":49},[24027,24032,24041,24046,24055,24060,24069],{"text":24028,"type":599,"marks":24029},"This growth comes at a time of ",[24030],{"type":928,"attrs":24031},{"color":21998},{"text":24033,"type":599,"marks":24034},"record low battery prices",[24035,24038,24040],{"type":604,"attrs":24036},{"href":24037,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-has-driven-battery-cell-costs-below-100-per-kwh",{"type":928,"attrs":24039},{"color":22006},{"type":3645},{"text":24042,"type":599,"marks":24043},", which average $57/kWh globally and as low as $40/kWh for energy storage. The resulting affordability has entrenched ",[24044],{"type":928,"attrs":24045},{"color":21998},{"text":24047,"type":599,"marks":24048},"lithium iron phosphate (LFP) chemistry",[24049,24052,24054],{"type":604,"attrs":24050},{"href":24051,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ncm-and-lfp-the-battle-for-cathode-chemistry-dominance",{"type":928,"attrs":24053},{"color":22006},{"type":3645},{"text":24056,"type":599,"marks":24057}," as the leading formulation, now accounting for over half of global production, with ",[24058],{"type":928,"attrs":24059},{"color":21998},{"text":24061,"type":599,"marks":24062},"China producing 80% of all LFP cells",[24063,24066,24068],{"type":604,"attrs":24064},{"href":24065,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-to-oversee-lfp-resurgence-as-it-doubles-down-on-ev-battery-cathode-expansions",{"type":928,"attrs":24067},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":24070},[24071],{"type":928,"attrs":24072},{"color":21998},{"type":594,"attrs":24074,"content":24075},{"textAlign":49},[24076],{"text":24077,"type":599,"marks":24078},"\"The world's largest energy and technology corporations are rewriting strategies to align with unprecedented demand growth from energy storage,\" remarked Iola Hughes, Benchmark's Head of Research.",[24079],{"type":928,"attrs":24080},{"color":21998},{"type":594,"attrs":24082,"content":24083},{"textAlign":49},[24084,24089,24098],{"text":24085,"type":599,"marks":24086},"This cost compression and chemistry shift signal a market moving from expansion to maturity, one defined by fierce competition, localisation strategies, and an emerging focus on ",[24087],{"type":928,"attrs":24088},{"color":21998},{"text":24090,"type":599,"marks":24091},"next-generation technologies such as sodium-ion",[24092,24095,24097],{"type":604,"attrs":24093},{"href":24094,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/infographic-the-state-of-play-of-next-generation-battery-capacity-in-2025",{"type":928,"attrs":24096},{"color":22006},{"type":3645},{"text":24099,"type":599,"marks":24100}," and flow batteries, especially for long-duration energy storage applications.",[24101],{"type":928,"attrs":24102},{"color":21998},{"type":657,"attrs":24104,"content":24105},{"level":15966,"textAlign":49},[24106],{"text":24107,"type":599},"Supply diversification and energy security take centre stage",{"type":594,"attrs":24109,"content":24110},{"textAlign":49},[24111],{"text":24112,"type":599},"In a series of discussions under the theme “Energy Security and Critical Minerals: Global Challenges, Regional Realities,” speakers outlined how China’s dominance remains entrenched across the value chain, from raw material refining to cell production. But the tone at the Summit reflected a new intensity in global diversification efforts.",{"type":594,"attrs":24114,"content":24115},{"textAlign":49},[24116,24125,24130,24139,24144,24153],{"text":24117,"type":599,"marks":24118},"Europe's Critical Raw Materials Act",[24119,24122,24124],{"type":604,"attrs":24120},{"href":24121,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-the-european-union-meet-its-crma-goals",{"type":928,"attrs":24123},{"color":22006},{"type":3645},{"text":24126,"type":599,"marks":24127},", with its ",[24128],{"type":928,"attrs":24129},{"color":21998},{"text":24131,"type":599,"marks":24132},"domestic mining, processing and recycling targets",[24133,24136,24138],{"type":604,"attrs":24134},{"href":24135,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-identifies-13-global-critical-mineral-projects-to-support-crma-targets",{"type":928,"attrs":24137},{"color":22006},{"type":3645},{"text":24140,"type":599,"marks":24141},", and the US's EXIM Bank–backed strategic investment drive, both reflect mounting urgency to reduce dependency. In parallel, ",[24142],{"type":928,"attrs":24143},{"color":21998},{"text":24145,"type":599,"marks":24146},"Latin America was repeatedly highlighted as a key region for critical minerals",[24147,24150,24152],{"type":604,"attrs":24148},{"href":24149,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/what-is-the-outlook-for-lithium-in-latin-america",{"type":928,"attrs":24151},{"color":22006},{"type":3645},{"text":24154,"type":599,"marks":24155},", especially lithium and copper.",[24156],{"type":928,"attrs":24157},{"color":21998},{"type":594,"attrs":24159,"content":24160},{"textAlign":49},[24161],{"type":1186,"attrs":24162},{"id":49,"alt":547,"src":24163,"title":49,"source":49,"copyright":49,"meta_data":24164},"https://a.storyblok.com/f/287943243085208/6f92da9365/bm-151025-131237.jpg",{},{"type":594,"attrs":24166,"content":24167},{"textAlign":49},[24168],{"text":24169,"type":599},"“The US and Europe are becoming more directly involved in critical mineral projects as they seek to reduce dependency on China for materials which are crucial for the energy transition,” said Adam Webb, Benchmark’s Head of Energy Raw Materials.",{"type":594,"attrs":24171,"content":24172},{"textAlign":49},[24173,24178,24187],{"text":24174,"type":599,"marks":24175},"Case studies from ",[24176],{"type":928,"attrs":24177},{"color":21998},{"text":24179,"type":599,"marks":24180},"Japan and South Korea's partnership-based financing models",[24181,24184,24186],{"type":604,"attrs":24182},{"href":24183,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/japan-and-south-korea-commit-900bn-in-us-investment-under-new-trade-deals-targeting-critical-minerals",{"type":928,"attrs":24185},{"color":22006},{"type":3645},{"text":24188,"type":599,"marks":24189}," underscored the growing importance of regional collaboration to secure material supply, while the paradox of China's Anti-involution Policy Campaign, aimed at reducing domestic overcapacity while exporting surplus, has added fresh volatility to global markets.",[24190],{"type":928,"attrs":24191},{"color":21998},{"type":657,"attrs":24193,"content":24194},{"level":15966,"textAlign":49},[24195],{"text":24196,"type":599},"Capital costs, risk, and the financing challenge",{"type":594,"attrs":24198,"content":24199},{"textAlign":49},[24200],{"text":24201,"type":599},"Despite robust demand, global financing for upstream and midstream supply remains constrained. Speakers from across the finance community agreed that high borrowing costs (10%–20% outside China, compared to near-zero rates within it)  continue to stifle project development.",{"type":594,"attrs":24203,"content":24204},{"textAlign":49},[24205],{"text":24206,"type":599},"Panellists outlined strategies combining minority-equity stakes with technological integration, while citing low liquidity and policy instability as barriers to attracting institutional funds.",{"type":594,"attrs":24208,"content":24209},{"textAlign":49},[24210],{"type":1186,"attrs":24211},{"id":49,"alt":547,"src":24212,"title":49,"source":49,"copyright":49,"meta_data":24213},"https://a.storyblok.com/f/287943243085208/fceea0a32c/bm-151025-143304.jpg",{},{"type":594,"attrs":24215,"content":24216},{"textAlign":49},[24217],{"text":24218,"type":599},"Amidst volatile commodity prices, the need for better tools to manage price risk was consistent. Delegates championed long-term offtake contracts, contracts for difference (CFDs), and emerging derivative markets as essential tools to stabilise investment.",{"type":657,"attrs":24220,"content":24221},{"level":15966,"textAlign":49},[24222],{"text":24223,"type":599},"Regional realignment: Latin America and the copper imperative",{"type":594,"attrs":24225,"content":24226},{"textAlign":49},[24227,24232,24240,24245,24254],{"text":24228,"type":599,"marks":24229},"The Summit shone a spotlight on ",[24230],{"type":928,"attrs":24231},{"color":21998},{"text":24233,"type":599,"marks":24234},"Argentina's growing role as both a copper and lithium producer",[24235,24237,24239],{"type":604,"attrs":24236},{"href":18618,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":24238},{"color":22006},{"type":3645},{"text":24241,"type":599,"marks":24242},". Through its ",[24243],{"type":928,"attrs":24244},{"color":21998},{"text":24246,"type":599,"marks":24247},"new RIGI incentive framework",[24248,24251,24253],{"type":604,"attrs":24249},{"href":24250,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/argentinas-economic-reform-bill-offers-copper-and-lithium-mining-incentives",{"type":928,"attrs":24252},{"color":22006},{"type":3645},{"text":24255,"type":599,"marks":24256},", the Argentine government has created an investment-friendly mining regime, offering tax incentives, foreign exchange flexibility, and stability clauses extending up to 30 years.",[24257],{"type":928,"attrs":24258},{"color":21998},{"type":594,"attrs":24260,"content":24261},{"textAlign":49},[24262,24267,24276],{"text":24263,"type":599,"marks":24264},"Projects like ",[24265],{"type":928,"attrs":24266},{"color":21998},{"text":24268,"type":599,"marks":24269},"Rio Tinto's $2.7bn Rincon Project",[24270,24273,24275],{"type":604,"attrs":24271},{"href":24272,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rio-tinto-could-be-second-largest-lithium-miner-by-2035",{"type":928,"attrs":24274},{"color":22006},{"type":3645},{"text":24277,"type":599,"marks":24278}," and McEwen Copper's Los Azules, backed by Stellantis and the International Finance Corporation, illustrate how the country is aligning regulatory reform with sustainable development. Los Azules is aiming for carbon neutrality by 2038 with a 73% reduction in Scope 1 and 2 emissions.",[24279],{"type":928,"attrs":24280},{"color":21998},{"type":627,"attrs":24282},{"id":24283,"body":24284},"6b512038-7749-4ccc-bee2-9df90729e650",[24285],{"id":24286,"_uid":24287,"type":634,"_editable":24288,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24874238","i-2c70dfb6-ddfc-4024-8307-d4ad41579bb2","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2c70dfb6-ddfc-4024-8307-d4ad41579bb2\", \"id\": \"\"}-->",{"type":594,"attrs":24290,"content":24291},{"textAlign":49},[24292],{"text":24293,"type":599,"marks":24294},"\"Recent supply disruptions underline copper's market fragility and the growing need for new greenfield projects to sustain future supply,\" said Mike Finch, Benchmark's Head of Strategic Initiatives.",[24295],{"type":928,"attrs":24296},{"color":21998},{"type":594,"attrs":24298,"content":24299},{"textAlign":49},[24300,24305],{"text":24301,"type":599,"marks":24302},"These developments highlight a structural rebalancing in global resource geography, one that positions Latin America as a cornerstone of future energy security while reinforcing ",[24303],{"type":928,"attrs":24304},{"color":21998},{"text":24306,"type":599,"marks":24307},"copper's central role as \"the backbone of electrification.\"",[24308,24311,24313],{"type":604,"attrs":24309},{"href":24310,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/glossary/what-is-copper",{"type":928,"attrs":24312},{"color":22006},{"type":3645},"As Benchmark’s London Summit 2025 drew to a close this week, it was clear the global battery and critical minerals industry has entered a new era defined by industrial maturity, geopolitical tension, and capital competition. Across a packed one-day programme, speakers from Benchmark and leading industry figures examined demand trends, the evolution of battery chemistries, […]",[24316],{"slug":544,"name":543,"content":24317},{"job_title":557,"image":24318,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"43cf2ce5-3395-4442-91b5-8d212045dabe\", \"id\": \"\"}-->",[24321,24322,24323,24324],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":12983,"name":12984},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":24326},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":24328,"copyright":547,"fieldtype":553,"meta_data":24329,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/126472c42f/bm-151025-145448-1348924fbeed.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"As Benchmark’s London Summit 2025 drew to a close this week, it was clear the global battery and critical minerals industry has entered a new era defined by industrial maturity, geopolitical tension, and capital competition. […]","Oct 17, 2025",{"id":24333,"uuid":24334,"name":24335,"slug":24336,"full_slug":24337,"content":24338},112398697591417,"a1fdf604-32c7-4241-915c-7d6a17b3c212","Germany to re-introduce EV subsidy scheme","germany-to-re-introduce-ev-subsidy-scheme","article/germany-to-re-introduce-ev-subsidy-scheme",{"_uid":24339,"date":24340,"tags":24341,"editor":24348,"content":24352,"excerpt":24460,"featured":50,"reporter":24461,"_editable":24465,"component":864,"seo_title":24335,"categories":24466,"visibility":882,"author_company":49,"data_vis_image":24468,"featured_image":24470,"seo_description":24473,"author_full_name":49,"author_job_title":49,"formattedDate":24474},"081131a3-bef6-4a87-b226-77123fbf19bc","2025-10-16 00:00",[24342,24345],{"slug":24343,"name":24344},"germany","Germany",{"slug":24346,"name":24347},"subsidy","Subsidy",[24349],{"slug":544,"name":543,"content":24350},{"job_title":557,"image":24351,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":24353},[24354,24359,24364,24375,24380,24389,24394,24399,24404,24425],{"type":594,"attrs":24355,"content":24356},{"textAlign":49},[24357],{"text":24358,"type":599},"After an almost two-year hiatus, the German government plans to revive subsidies for electric vehicles (EVs) in January 2026, aligning with many other European nations in subsidising EVs. The package, expected to total around EUR3 billion (~$3.3 billion), will be funded through the federal Climate & Transformation Fund and the EU’s Social Climate Fund.",{"type":657,"attrs":24360,"content":24361},{"level":15966,"textAlign":49},[24362],{"text":24363,"type":599},"How will the support be targeted?",{"type":594,"attrs":24365,"content":24366},{"textAlign":49},[24367,24369,24373],{"text":24368,"type":599},"Unlike the previous ",{"text":24370,"type":599,"marks":24371},"Umweltbonus",[24372],{"type":643},{"text":24374,"type":599}," scheme, the new subsidy will focus on low- and middle-income households, households earning up to EUR60,000 will be eligible. Additionally, the scheme will offer both purchase and leasing options, such as direct grants for new EV purchases or long-term social leasing agreements. Vehicle eligibility and price caps are expected to be determined in the coming months.",{"type":657,"attrs":24376,"content":24377},{"level":15966,"textAlign":49},[24378],{"text":24379,"type":599},"How does it compare to the previous scheme?",{"type":594,"attrs":24381,"content":24382},{"textAlign":49},[24383,24384,24387],{"text":2372,"type":599},{"text":24370,"type":599,"marks":24385},[24386],{"type":643},{"text":24388,"type":599}," was introduced in 2016 and financed jointly by the federal government and automakers. It offered up to EUR4,500 (~$4,900) on battery electric cars priced below EUR40,000, (~$43,600) with manufacturers obliged to match part of the state contribution. PHEVs qualified until the beginning of 2023, before policymakers pivoted to support only zero emission vehicles.",{"type":594,"attrs":24390,"content":24391},{"textAlign":49},[24392],{"text":24393,"type":599},"By its end in December 2023, the programme had paid out roughly EUR10 billion ($10.9 billion) to support more than 2 million vehicle purchases. But a constitutional court ruling that curtailed the government’s ability to reallocate climate fund monies forced an overnight suspension of payments on 17 December, triggering confusion among dealers and buyers alike.",{"type":594,"attrs":24395,"content":24396},{"textAlign":49},[24397],{"text":24398,"type":599},"Before it was phased out there were successive reductions:",{"type":657,"attrs":24400,"content":24401},{"level":15966,"textAlign":49},[24402],{"text":24403,"type":599},"More subsidies for European consumers",{"type":594,"attrs":24405,"content":24406},{"textAlign":49},[24407,24412,24420],{"text":24408,"type":599,"marks":24409},"In July, the ",[24410],{"type":928,"attrs":24411},{"color":21998},{"text":24413,"type":599,"marks":24414},"UK launched a three-tier subsidy",[24415,24417,24419],{"type":604,"attrs":24416},{"href":19260,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":24418},{"color":22006},{"type":3645},{"text":24421,"type":599,"marks":24422}," for lower-priced cars offering up to GBP3,750 ($5,000) off the cost of new zero emission vehicle (ZEV) priced at GBP37,000 ($49,550) or less.",[24423],{"type":928,"attrs":24424},{"color":21998},{"type":594,"attrs":24426,"content":24427},{"textAlign":49},[24428,24433,24442,24447,24455],{"text":24429,"type":599,"marks":24430},"In August, ",[24431],{"type":928,"attrs":24432},{"color":21998},{"text":24434,"type":599,"marks":24435},"Italy reintroduced a subsidy scheme",[24436,24439,24441],{"type":604,"attrs":24437},{"href":24438,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/italy-approves-new-ev-subsides",{"type":928,"attrs":24440},{"color":22006},{"type":3645},{"text":24443,"type":599,"marks":24444}," aimed at lower income consumers and small businesses offering grants of up to EUR11,000 (~$12,760) to purchase a passenger vehicle. On the 30th September, ",[24445],{"type":928,"attrs":24446},{"color":21998},{"text":24448,"type":599,"marks":24449},"France reinstated its EV leasing program",[24450,24452,24454],{"type":604,"attrs":24451},{"href":21383,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":24453},{"color":22006},{"type":3645},{"text":24456,"type":599,"marks":24457}," after more than 18 months after it was paused due to its popularity.",[24458],{"type":928,"attrs":24459},{"color":21998},"After an almost two-year hiatus, the German government plans to revive subsidies for electric vehicles (EVs) in January 2026, aligning with many other European nations in subsidising EVs. The package, expected to total around EUR3 billion (~$3.3 billion), will be funded through the federal Climate & Transformation Fund and the EU’s Social Climate Fund. How will the support […]",[24462],{"slug":544,"name":543,"content":24463},{"job_title":557,"image":24464,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"081131a3-bef6-4a87-b226-77123fbf19bc\", \"id\": \"\"}-->",[24467],{"slug":3088,"name":3089},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":24469},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":24471,"copyright":547,"fieldtype":553,"meta_data":24472,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4cea8d1c78/bm-adobestock-1483801551-editorial-use-only.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"After an almost two-year hiatus, the German government plans to revive subsidies for electric vehicles (EVs) in January 2026, aligning with many other European nations in subsidising EVs. ","Oct 16, 2025",{"id":24476,"uuid":24477,"name":24478,"slug":24479,"full_slug":24480,"content":24481},106714315607734,"d5f3b9f9-36ec-4e4b-8560-bb299718424c","DLE to play key role in UK lithium market","dle-to-play-key-role-in-uk-lithium-market","article/dle-to-play-key-role-in-uk-lithium-market",{"_uid":24482,"date":24340,"tags":24483,"editor":24510,"content":24514,"excerpt":24657,"featured":51,"reporter":24658,"_editable":24662,"component":864,"seo_title":24478,"categories":24663,"visibility":882,"author_company":49,"data_vis_image":24666,"featured_image":24669,"seo_description":24657,"author_full_name":49,"author_job_title":49,"formattedDate":24474},"33d174e8-7cdb-464a-bce5-b370bd6e271a",[24484,24487,24490,24491,24494,24495,24498,24501,24504,24507],{"slug":24485,"name":24486},"british-lithium","British Lithium",{"slug":24488,"name":24489},"cornish-lithium","Cornish Lithium",{"slug":578,"name":579},{"slug":24492,"name":24493},"dle","DLE",{"slug":2790,"name":2791},{"slug":24496,"name":24497},"evove","Evove",{"slug":24499,"name":24500},"imerys","Imerys",{"slug":24502,"name":24503},"levertonhelm","LevertonHelm",{"slug":24505,"name":24506},"northern-lithium","Northern Lithium",{"slug":24508,"name":24509},"rules-of-origin","Rules of origin",[24511],{"slug":544,"name":543,"content":24512},{"job_title":557,"image":24513,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":24515},[24516,24529,24547,24555,24560,24573,24578,24596,24601,24613,24621,24626,24639,24652],{"type":594,"attrs":24517,"content":24518},{"textAlign":49},[24519,24521,24527],{"text":24520,"type":599},"The UK currently has no operating lithium extraction facilities. However, there are ",{"text":24522,"type":599,"marks":24523},"ambitious plans",[24524],{"type":604,"attrs":24525},{"href":24526,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-uks-domestic-lithium-ambitions",{"text":24528,"type":599}," to develop this industry, with 97,000 tonnes LCE per year of nameplate capacity in the pipeline at various stages of funding and development.",{"type":594,"attrs":24530,"content":24531},{"textAlign":49},[24532,24538,24540,24545],{"text":24533,"type":599,"marks":24534},"Direct lithium extraction",[24535],{"type":604,"attrs":24536},{"href":24537,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/special-issues/1320373",{"text":24539,"type":599}," (DLE) from geothermal brines accounts for 60% of this pipeline, according to ",{"text":24541,"type":599,"marks":24542},"Benchmark’s Lithium Forecast",[24543],{"type":604,"attrs":24544},{"href":16561,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":24546,"type":599},". The largest planned DLE facility in the UK is under development by Northern Lithium.",{"type":627,"attrs":24548},{"id":24549,"body":24550},"72363310-cfc6-48a1-b195-f413ac871c0d",[24551],{"id":24552,"_uid":24553,"type":634,"_editable":24554,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25655810","i-87370bce-03b0-4d95-b3e9-5026f8cf5347","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-87370bce-03b0-4d95-b3e9-5026f8cf5347\", \"id\": \"\"}-->",{"type":657,"attrs":24556,"content":24557},{"level":15966,"textAlign":49},[24558],{"text":24559,"type":599},"Recent developments in the UK’s lithium scene",{"type":594,"attrs":24561,"content":24562},{"textAlign":49},[24563,24565,24571],{"text":24564,"type":599},"Northern Lithium, a UK-based lithium developer, announced this month a partnership to use ",{"text":24566,"type":599,"marks":24567},"Evove’s DLE technology",[24568],{"type":604,"attrs":24569},{"href":24570,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/direct-lithium-extraction-with-evove-2",{"text":24572,"type":599}," in modular systems manufactured by Japanese water treatment company Kurita Water Industries to extract lithium at its County Durham project in the UK.",{"type":594,"attrs":24574,"content":24575},{"textAlign":49},[24576],{"text":24577,"type":599},"If successful, Northern Lithium intends to begin small-scale production of ~500 tonnes LCE per year from 2027 with plans to ramp this up to 20,000 tonnes per year by 2035. The company completed a demonstration for this at the start of the year, and closed a their first £3.45m ($4.64m) tranche of funding an Q1 2025.",{"type":594,"attrs":24579,"content":24580},{"textAlign":49},[24581,24586,24588,24594],{"text":24489,"type":599,"marks":24582},[24583],{"type":604,"attrs":24584},{"href":24585,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-missing-middle-uks-first-lithium-refinery-highlights-need-for-domestic-battery-materials",{"text":24587,"type":599},", another UK-based lithium developer, is pursuing both DLE and hard rock lithium extraction in the south-west of England. Last month, they secured £31m ($41.5m) in equity from the National Wealth Fund and £4m ($5.4m) from TechMet, both of which had previously invested in the company. Cornish Lithium Trelavour Lithium project was designated as an ‘MSP Project’ by the ",{"text":24589,"type":599,"marks":24590},"Minerals Security Partnership",[24591],{"type":604,"attrs":24592},{"href":24593,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/minerals-security-partnership-enters-financing-but-know-how-still-the-missing-link",{"text":24595,"type":599}," earlier this month.",{"type":594,"attrs":24597,"content":24598},{"textAlign":49},[24599],{"text":24600,"type":599},"On the chemical side, all of the mine developers also have plans to convert the lithium they extract into chemicals.",{"type":594,"attrs":24602,"content":24603},{"textAlign":49},[24604,24606,24611],{"text":24605,"type":599},"To date, LevertonHelm is the only operating producer, and at the start of the year ",{"text":24607,"type":599,"marks":24608},"inaugurated a lithium chloride production facility",[24609],{"type":604,"attrs":24610},{"href":24526,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":24612,"type":599},". LevertonHelm is partnered to source some of its feedstock from Cornish Lithium.",{"type":627,"attrs":24614},{"id":24615,"body":24616},"0364dfa3-6d11-48c9-9acd-cf84e0119584",[24617],{"id":24618,"_uid":24619,"type":634,"_editable":24620,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25659591","i-a6513146-180b-47ef-8953-6f9aaa0a3688","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a6513146-180b-47ef-8953-6f9aaa0a3688\", \"id\": \"\"}-->",{"type":657,"attrs":24622,"content":24623},{"level":15966,"textAlign":49},[24624],{"text":24625,"type":599},"The importance of domestic lithium sources",{"type":594,"attrs":24627,"content":24628},{"textAlign":49},[24629,24631,24637],{"text":24630,"type":599},"Having domestic sources of lithium is key for both the UK and the wider European market. As part of post-Brexit negotiations, ",{"text":24632,"type":599,"marks":24633},"rules-of-origin requirements",[24634],{"type":604,"attrs":24635},{"href":24636,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/why-the-uk-auto-industry-is-worried-about-rules-of-origin-regulations-in-eu-trade",{"text":24638,"type":599}," were established for electric vehicles (EV).",{"type":594,"attrs":24640,"content":24641},{"textAlign":49},[24642,24644,24650],{"text":24643,"type":599},"From 1 January 2027 ",{"text":24645,"type":599,"marks":24646},"(pushed back from January 2024",[24647],{"type":604,"attrs":24648},{"href":24649,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-delays-brexit-ev-trade-rules-yet-challenges-remain",{"text":24651,"type":599},"), in order for an EV to be traded between the UK and EU, 45% of the value of the EV and 60% of the battery pack must originate in the UK or EU. Failure to comply with this requirement will result in a 10% tariff being applied.",{"type":594,"attrs":24653,"content":24654},{"textAlign":49},[24655],{"text":24656,"type":599},"Given that the battery is the largest cost component of an EV and that the cathode is the highest cost part of the battery, sourcing lithium domestically could help towards these rules.","The UK currently has no operating lithium extraction facilities. However, there are ambitious plans to develop this industry, with 97,000 tonnes LCE per year of nameplate capacity in the pipeline at various stages of funding and development. Direct lithium extraction (DLE) from geothermal brines accounts for 60% of this pipeline, according to Benchmark’s Lithium Forecast. […]",[24659],{"slug":544,"name":543,"content":24660},{"job_title":557,"image":24661,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"33d174e8-7cdb-464a-bce5-b370bd6e271a\", \"id\": \"\"}-->",[24664,24665],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":24667,"copyright":547,"fieldtype":553,"meta_data":24668,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1760605278/www-production/UK-Lithium-chemicals@2x/UK-Lithium-chemicals@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":24670,"copyright":547,"fieldtype":553,"meta_data":24671,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b5cc15d30a/bm-lithium-samples-2048x1256-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":24673,"uuid":24674,"name":24675,"slug":24676,"full_slug":24677,"content":24678},112398702199418,"227a2348-dbb0-4a08-93b4-6f1cb8aecd05","Zangge Mining restarts lithium mining in Qinghai","zangge-mining-restarts-lithium-mining-in-qinghai","article/zangge-mining-restarts-lithium-mining-in-qinghai",{"_uid":24679,"date":24680,"tags":24681,"editor":24686,"content":24690,"excerpt":24839,"featured":51,"reporter":24840,"_editable":24844,"component":864,"seo_title":24675,"categories":24845,"visibility":882,"author_company":49,"data_vis_image":24848,"featured_image":24850,"seo_description":24853,"author_full_name":49,"author_job_title":49,"formattedDate":24854},"391239e9-ed49-4a53-9bf6-f1a15b7af28b","2025-10-15 00:00",[24682,24683],{"slug":913,"name":914},{"slug":24684,"name":24685},"zangge-mining","Zangge Mining",[24687],{"slug":544,"name":543,"content":24688},{"job_title":557,"image":24689,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":24691},[24692,24705,24710,24718,24762,24796,24818],{"type":594,"attrs":24693,"content":24694},{"textAlign":49},[24695,24697,24703],{"text":24696,"type":599},"Zangge Mining’s wholly-owned subsidiary has resumed lithium mining in Qinghai province after receiving approval from local authorities, which had ordered operations to be suspended in late July after ",{"text":24698,"type":599,"marks":24699},"flagging “non‑compliant” extraction activities",[24700],{"type":604,"attrs":24701},{"href":24702,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-regulators-look-to-slow-lithium-rat-race",{"text":24704,"type":599}," in relation to recent amendments to China’s New Mineral Resources Act. ",{"type":594,"attrs":24706,"content":24707},{"textAlign":49},[24708],{"text":24709,"type":599},"The miner – which had targeted 11kt LCE production from its Qinghai operations in 2025 – stated the suspension had resulted in a negligible disruption, estimated at ~2kt LCE by Benchmark.  ",{"type":627,"attrs":24711},{"id":24712,"body":24713},"2e1375b6-1dc2-40c5-9ac0-13a9e4b8d5b1",[24714],{"id":24715,"_uid":24716,"type":634,"_editable":24717,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24332327","i-959c5de5-5a0b-4987-b5f0-dddf0dbb1788","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-959c5de5-5a0b-4987-b5f0-dddf0dbb1788\", \"id\": \"\"}-->",{"type":594,"attrs":24719,"content":24720},{"textAlign":49},[24721,24730,24735,24743,24748,24757],{"text":24722,"type":599,"marks":24723},"China's lithium industry",[24724,24727,24729],{"type":604,"attrs":24725},{"href":24726,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/glossary/what-is-lithium",{"type":928,"attrs":24728},{"color":22006},{"type":3645},{"text":24731,"type":599,"marks":24732}," has spent much of the second half of 2025 in regulatory limbo. ",[24733],{"type":928,"attrs":24734},{"color":21998},{"text":24736,"type":599,"marks":24737},"Jiangxi and Qinghai provinces",[24738,24740,24742],{"type":604,"attrs":24739},{"href":18422,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":24741},{"color":22006},{"type":3645},{"text":24744,"type":599,"marks":24745}," – the country's two largest lithium-producing hubs – have faced heightened governmental oversight regarding mining practices, sparking ",[24746],{"type":928,"attrs":24747},{"color":21998},{"text":24749,"type":599,"marks":24750},"lithium price volatility",[24751,24754,24756],{"type":604,"attrs":24752},{"href":24753,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-price-volatility-hits-contract-pricing-mechanisms",{"type":928,"attrs":24755},{"color":22006},{"type":3645},{"text":24758,"type":599,"marks":24759}," and creating widespread market uncertainty.",[24760],{"type":928,"attrs":24761},{"color":21998},{"type":594,"attrs":24763,"content":24764},{"textAlign":49},[24765,24770,24778,24783,24791],{"text":24766,"type":599,"marks":24767},"However, supply concerns now appear to be abating. In Jiangxi province, ",[24768],{"type":928,"attrs":24769},{"color":21998},{"text":24771,"type":599,"marks":24772},"CATL's Jianxiawo mine",[24773,24775,24777],{"type":604,"attrs":24774},{"href":16618,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":24776},{"color":22006},{"type":3645},{"text":24779,"type":599,"marks":24780}," received approval for reserve permits in late September, paving the way for operations to restart in Q4. Fellow battery manufacturer ",[24781],{"type":928,"attrs":24782},{"color":21998},{"text":24784,"type":599,"marks":24785},"Gotion High-Tech (Gotion)",[24786,24788,24790],{"type":604,"attrs":24787},{"href":16618,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":24789},{"color":22006},{"type":3645},{"text":24792,"type":599,"marks":24793}," received approval for mine reserves to avoid a shutdown of operations.",[24794],{"type":928,"attrs":24795},{"color":21998},{"type":594,"attrs":24797,"content":24798},{"textAlign":49},[24799,24804,24813],{"text":24800,"type":599,"marks":24801},"But, Benchmark this week received reports indicating that the ",[24802],{"type":928,"attrs":24803},{"color":21998},{"text":24805,"type":599,"marks":24806},"Jianxiawo mine remains embroiled in a dispute",[24807,24810,24812],{"type":604,"attrs":24808},{"href":24809,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/restart-of-catls-jianxiawo-lithium-mine-may-be-delayed-tightening-balance",{"type":928,"attrs":24811},{"color":22006},{"type":3645},{"text":24814,"type":599,"marks":24815}," regarding taxes and royalties with Jiangxi authorities, suggesting operations are likely to resume towards the end of Q4, rather than October.",[24816],{"type":928,"attrs":24817},{"color":21998},{"type":594,"attrs":24819,"content":24820},{"textAlign":49},[24821,24826,24834],{"text":24822,"type":599,"marks":24823},"Other miners in the region, ",[24824],{"type":928,"attrs":24825},{"color":21998},{"text":24827,"type":599,"marks":24828},"Jiuling or Yongxing",[24829,24831,24833],{"type":604,"attrs":24830},{"href":16747,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":24832},{"color":22006},{"type":3645},{"text":24835,"type":599,"marks":24836},", are yet to receive reserve approvals from the local government, although Benchmark expects a low risk of suspension, with no shutdowns having been observed to date.",[24837],{"type":928,"attrs":24838},{"color":21998},"Zangge Mining’s wholly-owned subsidiary has resumed lithium mining in Qinghai province after receiving approval from local authorities, which had ordered operations to be suspended in late July after flagging “non‑compliant” extraction activities in relation to recent amendments to China’s New Mineral Resources Act. The miner – which had targeted 11kt LCE production from its Qinghai […]",[24841],{"slug":544,"name":543,"content":24842},{"job_title":557,"image":24843,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"391239e9-ed49-4a53-9bf6-f1a15b7af28b\", \"id\": \"\"}-->",[24846,24847],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":24849},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":24851,"copyright":547,"fieldtype":553,"meta_data":24852,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ab659840a2/bm-1-1324912d7fd5.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Zangge Mining’s wholly-owned subsidiary has resumed lithium mining in Qinghai province after receiving approval from local authorities, which had ordered operations to be suspended in late July after flagging “non‑compliant” extraction activities […]","Oct 15, 2025",{"id":24856,"uuid":24857,"name":24858,"slug":24859,"full_slug":24860,"content":24861},112398711796349,"7bc4b99a-359e-4cd3-a24f-aac4a7fd5cba","Benchmark to update high energy anode specifications in its Anode Price Assessments","benchmark-to-update-high-energy-anode-specifications-in-its-anode-price-assessments","article/benchmark-to-update-high-energy-anode-specifications-in-its-anode-price-assessments",{"_uid":24862,"date":24863,"tags":24864,"editor":24866,"content":24870,"excerpt":25044,"featured":50,"reporter":25045,"_editable":25049,"component":864,"seo_title":25050,"categories":25051,"visibility":2091,"author_company":49,"data_vis_image":25056,"featured_image":25058,"seo_description":25060,"author_full_name":49,"author_job_title":49,"formattedDate":25061},"890b08ad-e113-4032-aad8-3faabfdbee27","2025-10-14 00:00",[24865],{"slug":11313,"name":11314},[24867],{"slug":544,"name":543,"content":24868},{"job_title":557,"image":24869,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":24871},[24872,24893,24898,24905,24909,24920,24927,24931,24941,24962,24984,24988,24992,25027,25035,25042],{"type":594,"attrs":24873,"content":24874},{"textAlign":49},[24875,24880,24888],{"text":24876,"type":599,"marks":24877},"Following the conclusion of a formal public consultation, Benchmark Mineral Intelligence is modifying the specification of its high energy ",[24878],{"type":928,"attrs":24879},{"color":21998},{"text":24881,"type":599,"marks":24882},"anode material grades",[24883,24885,24887],{"type":604,"attrs":24884},{"href":23127,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":24886},{"color":22006},{"type":3645},{"text":24889,"type":599,"marks":24890}," to include a minimum charging rate, relevant for EV applications. This modification to the methodology for two of the existing grades in the Benchmark Anode Price Assessment begins from 15 October 2025.",[24891],{"type":928,"attrs":24892},{"color":21998},{"type":657,"attrs":24894,"content":24895},{"level":15966,"textAlign":49},[24896],{"text":24897,"type":599},"Two of Benchmark’s monthly anode price grades are affected:",{"type":594,"attrs":24899,"content":24900},{"textAlign":49},[24901],{"text":24902,"type":599,"marks":24903},"Synthetic Graphite Anode High Energy, DDP China,  ≥99.97% C, 350-370 mAh/g",[24904],{"type":643},{"type":594,"attrs":24906,"content":24907},{"textAlign":49},[24908],{"text":19839,"type":599},{"type":594,"attrs":24910,"content":24911},{"textAlign":49},[24912,24916],{"text":24913,"type":599,"marks":24914},"Synthetic Graphite Anode High Energy, DDP China,  ≥99.97% C, 350-370 mAh/g ",[24915],{"type":643},{"text":24917,"type":599,"marks":24918},"(>2.5C)",[24919],{"type":643},{"type":594,"attrs":24921,"content":24922},{"textAlign":49},[24923],{"text":24924,"type":599,"marks":24925},"Natural Graphite Anode High Energy, DDP China, ≥99.97% C, 360-370 mAh/g",[24926],{"type":643},{"type":594,"attrs":24928,"content":24929},{"textAlign":49},[24930],{"text":19839,"type":599},{"type":594,"attrs":24932,"content":24933},{"textAlign":49},[24934,24938],{"text":24935,"type":599,"marks":24936},"Natural Graphite Anode High Energy, DDP China, ≥99.97% C, 360-370 mAh/g ",[24937],{"type":643},{"text":24917,"type":599,"marks":24939},[24940],{"type":643},{"type":594,"attrs":24942,"content":24943},{"textAlign":49},[24944,24949,24957],{"text":24945,"type":599,"marks":24946},"These price assessments are available to ",[24947],{"type":928,"attrs":24948},{"color":21998},{"text":24950,"type":599,"marks":24951},"Benchmark Anode Price Assessment subscribers",[24952,24954,24956],{"type":604,"attrs":24953},{"href":22973,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":24955},{"color":22006},{"type":3645},{"text":24958,"type":599,"marks":24959}," on the 15th of the month or first working day following the 15th of the month, by 4pm (London), with accompanying market commentary and analysis issued shortly after publication.",[24960],{"type":928,"attrs":24961},{"color":21998},{"type":594,"attrs":24963,"content":24964},{"textAlign":49},[24965,24970,24979],{"text":24966,"type":599,"marks":24967},"\"This update to our high energy anode grade specifications marks an important step in aligning our price assessment with the ",[24968],{"type":928,"attrs":24969},{"color":21998},{"text":24971,"type":599,"marks":24972},"evolving requirements of the electric vehicle sector",[24973,24976,24978],{"type":604,"attrs":24974},{"href":24975,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/glossary/ev-battery",{"type":928,"attrs":24977},{"color":22006},{"type":3645},{"text":24980,"type":599,"marks":24981},". It ensures they accurately represent the quality and characteristics now demanded by battery manufacturers,\" said George Ingall, Price Analyst at Benchmark.",[24982],{"type":928,"attrs":24983},{"color":21998},{"type":657,"attrs":24985,"content":24986},{"level":15966,"textAlign":49},[24987],{"text":19874,"type":599},{"type":594,"attrs":24989,"content":24990},{"textAlign":49},[24991],{"text":19879,"type":599},{"type":594,"attrs":24993,"content":24994},{"textAlign":49},[24995,25000,25008,25013,25022],{"text":24996,"type":599,"marks":24997},"We publish weekly and monthly ",[24998],{"type":928,"attrs":24999},{"color":21998},{"text":25001,"type":599,"marks":25002},"IOSCO-compliant Price Assessments",[25003,25005,25007],{"type":604,"attrs":25004},{"href":21905,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25006},{"color":22006},{"type":3645},{"text":25009,"type":599,"marks":25010}," covering markets including graphite anodes, cathodes, lithium, nickel, cobalt, black mass and rare earths to provide ",[25011],{"type":928,"attrs":25012},{"color":21998},{"text":25014,"type":599,"marks":25015},"accurate, transparent, and independent pricing that supports contract settlement and investment decisions",[25016,25019,25021],{"type":604,"attrs":25017},{"href":25018,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/battery-mineral-price-correction-heightens-scrutiny-on-pricing-mechanisms",{"type":928,"attrs":25020},{"color":22006},{"type":3645},{"text":25023,"type":599,"marks":25024}," across the battery industry.",[25025],{"type":928,"attrs":25026},{"color":21998},{"type":594,"attrs":25028,"content":25029},{"textAlign":49},[25030],{"text":25031,"type":599,"marks":25032},"Our graphite anode price assessments are produced by Benchmark's specialist analysts and senior management with deep understanding of the battery raw materials market.",[25033],{"type":928,"attrs":25034},{"color":21998},{"type":594,"attrs":25036,"content":25037},{"textAlign":49},[25038],{"text":25039,"type":599,"marks":25040},"Please contact prices@benchmarkminerals.com to learn more about Benchmark’s market-leading Anode Price Assessments.",[25041],{"type":643},{"type":594,"attrs":25043},{"textAlign":49},"Following the conclusion of a formal public consultation, Benchmark Mineral Intelligence is modifying the specification of its high energy anode material grades to include a minimum charging rate, relevant for EV applications. This modification to the methodology for two of the existing grades in the Benchmark Anode Price Assessment begins from 15 October 2025. Two […]",[25046],{"slug":544,"name":543,"content":25047},{"job_title":557,"image":25048,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"890b08ad-e113-4032-aad8-3faabfdbee27\", \"id\": \"\"}-->","Update high energy anode specifications Anode Price Assessments",[25052,25053,25054,25055],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":25057},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":20239,"copyright":547,"fieldtype":553,"meta_data":25059,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Following the conclusion of a formal public consultation, Benchmark Mineral Intelligence is modifying the specification of its high energy anode material grades to include a minimum charging rate, relevant for EV applications. This […]","Oct 14, 2025",{"id":25063,"uuid":25064,"name":25065,"slug":25066,"full_slug":25067,"content":25068},107079455977781,"759287a8-220f-43f8-a847-3b9d88a135d1","Record EV sales in the US as tax credit disappears","record-ev-sales-in-the-us-as-tax-credit-disappears","article/record-ev-sales-in-the-us-as-tax-credit-disappears",{"_uid":25069,"date":25070,"tags":25071,"editor":25075,"content":25079,"excerpt":25306,"featured":51,"reporter":25307,"_editable":25311,"component":864,"seo_title":25065,"categories":25312,"visibility":2091,"author_company":49,"data_vis_image":25315,"featured_image":25318,"seo_description":25321,"author_full_name":49,"author_job_title":49,"formattedDate":25322},"17c0c460-2004-47ad-9cde-ce2ddb185178","2025-10-10 00:00",[25072,25073,25074],{"slug":578,"name":579},{"slug":3874,"name":3875},{"slug":1375,"name":1376},[25076],{"slug":544,"name":543,"content":25077},{"job_title":557,"image":25078,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":25080},[25081,25115,25136,25141,25146,25151,25173,25181,25186,25191,25199,25204,25239,25273,25294],{"type":594,"attrs":25082,"content":25083},{"textAlign":49},[25084,25089,25097,25102,25111],{"text":25085,"type":599,"marks":25086},"US ",[25087],{"type":928,"attrs":25088},{"color":21998},{"text":25090,"type":599,"marks":25091},"battery electric (BEV) & plug-in hybrid (PHEV)",[25092,25094,25096],{"type":604,"attrs":25093},{"href":24975,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25095},{"color":22006},{"type":3645},{"text":25098,"type":599,"marks":25099}," sales hit record highs in August and September 2025 as consumers rushed to purchase vehicles before the federal tax credit expired. The New Clean Vehicle Credit (30D) and Qualified Commercial Clean Vehicle Credit (45W) were both eliminated on 30 September 2025, following changes introduced in the ",[25100],{"type":928,"attrs":25101},{"color":21998},{"text":25103,"type":599,"marks":25104},"One, Big, Beautiful Bill Act (OBBBA)",[25105,25108,25110],{"type":604,"attrs":25106},{"href":25107,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-the-big-beautiful-bill-mean-for-the-ev-battery-and-critical-minerals",{"type":928,"attrs":25109},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":25112},[25113],{"type":928,"attrs":25114},{"color":21998},{"type":594,"attrs":25116,"content":25117},{"textAlign":49},[25118,25123,25132],{"text":25119,"type":599,"marks":25120},"Until its repeal, the credit provided up to $7,500 per vehicle. The federal incentive had been a key driver of robust EV demand throughout 2025. After the July announcement that the program would end, consumer interest surged, culminating in ",[25121],{"type":928,"attrs":25122},{"color":21998},{"text":25124,"type":599,"marks":25125},"record-breaking sales in the final two months before the credit's expiration",[25126,25129,25131],{"type":604,"attrs":25127},{"href":25128,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-records-strongest-month-for-ev-sales-in-august-as-tax-credits-near-expiry",{"type":928,"attrs":25130},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":25133},[25134],{"type":928,"attrs":25135},{"color":21998},{"type":594,"attrs":25137,"content":25138},{"textAlign":49},[25139],{"text":25140,"type":599},"How important were the credits?",{"type":594,"attrs":25142,"content":25143},{"textAlign":49},[25144],{"text":25145,"type":599},"The EPA reported that in 2025, 20 BEVs and one PHEV qualified for the 30D tax credit, representing 55% of all electric vehicle sales in the first nine months of the year. To be eligible, buyers had to meet income limits, purchase the vehicle for personal use, and primarily operate it within the US.",{"type":594,"attrs":25147,"content":25148},{"textAlign":49},[25149],{"text":25150,"type":599},"The 45W credit also offered up to $7,500 per vehicle for models weighing less than 14,000lbs. Unlike the 30D credit, 45W was aimed at business and fleet buyers, with no cap on the number of credits a company could claim. The structure of the 45W credit allowed automakers to extend their benefits to customers through leasing arrangements. Under this approach, the OEM claims the commercial tax credit and can reduce the lease price—effectively passing part or all of the incentive on to consumers. This loophole has fueled a surge in EV leasing since 2023.",{"type":594,"attrs":25152,"content":25153},{"textAlign":49},[25154,25159,25168],{"text":25155,"type":599,"marks":25156},"Notably, leased vehicles under 45W were not subject to the ",[25157],{"type":928,"attrs":25158},{"color":21998},{"text":25160,"type":599,"marks":25161},"strict sourcing or assembly requirements tied to battery components or critical minerals",[25162,25165,25167],{"type":604,"attrs":25163},{"href":25164,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-policy-levers-does-the-us-use-to-limit-chinese-ev-competition",{"type":928,"attrs":25166},{"color":22006},{"type":3645},{"text":25169,"type":599,"marks":25170},". Nor did they need to be built in North America—significantly expanding the range of EVs eligible for the full credit.",[25171],{"type":928,"attrs":25172},{"color":21998},{"type":627,"attrs":25174},{"id":25175,"body":25176},"ecdc19a8-524e-4c7f-92b3-bf279df3712c",[25177],{"id":25178,"_uid":25179,"type":634,"_editable":25180,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25528105","i-7efb3d6b-32e6-4d78-b874-930ce919275f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7efb3d6b-32e6-4d78-b874-930ce919275f\", \"id\": \"\"}-->",{"type":594,"attrs":25182,"content":25183},{"textAlign":49},[25184],{"text":25185,"type":599},"Although the 30D tax credit applied to only 21 BEV and PHEV models in 2025, the 45W leasing provision enabled many more EVs to benefit from federal incentives. Combining the effects of both programs, we estimate that over 90% of all EVs purchased in 2025 received some form of tax credit support.",{"type":594,"attrs":25187,"content":25188},{"textAlign":49},[25189],{"text":25190,"type":599},"How have OEMs performed in the US in Q3 2025?",{"type":627,"attrs":25192},{"id":25193,"body":25194},"0c4da5ca-867d-4d85-9196-636e3e923239",[25195],{"id":25196,"_uid":25197,"type":634,"_editable":25198,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25527949","i-8047058e-047c-4ab5-a200-b22d22479dae","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8047058e-047c-4ab5-a200-b22d22479dae\", \"id\": \"\"}-->",{"type":594,"attrs":25200,"content":25201},{"textAlign":49},[25202],{"text":25203,"type":599},"How will EV sales perform in the US in Q4 2025 and beyond?",{"type":594,"attrs":25205,"content":25206},{"textAlign":49},[25207,25212,25220,25225,25234],{"text":25208,"type":599,"marks":25209},"Following a record-breaking quarter for EV sales in the US, ",[25210],{"type":928,"attrs":25211},{"color":21998},{"text":25213,"type":599,"marks":25214},"demand is expected to decline sharply in Q4 2025",[25215,25217,25219],{"type":604,"attrs":25216},{"href":22999,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25218},{"color":22006},{"type":3645},{"text":25221,"type":599,"marks":25222}," as both consumers and businesses lose access to the federal tax credits that had supported purchases. Several automakers have introduced short-term strategies to soften the impact, such as ",[25223],{"type":928,"attrs":25224},{"color":21998},{"text":25226,"type":599,"marks":25227},"General Motors' dealer stock incentives, allowing credits to be claimed on pre-purchased inventory, or Hyundai's price reductions",[25228,25231,25233],{"type":604,"attrs":25229},{"href":25230,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/record-monthly-ev-sales-breaking-the-two-million-mark",{"type":928,"attrs":25232},{"color":22006},{"type":3645},{"text":25235,"type":599,"marks":25236}," to maintain competitiveness.",[25237],{"type":928,"attrs":25238},{"color":21998},{"type":594,"attrs":25240,"content":25241},{"textAlign":49},[25242,25247,25256,25261,25269],{"text":25243,"type":599,"marks":25244},"However, these temporary measures are unlikely to offset the structural challenges facing US electric vehicle production. Persistent high manufacturing costs, modest federal tailpipe emissions standards, and ",[25245],{"type":928,"attrs":25246},{"color":21998},{"text":25248,"type":599,"marks":25249},"rising tariffs on vehicles and components",[25250,25253,25255],{"type":604,"attrs":25251},{"href":25252,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/trump-automotive-tariffs-whats-at-risk-for-the-ev-industry",{"type":928,"attrs":25254},{"color":22006},{"type":3645},{"text":25257,"type":599,"marks":25258}," continue to constrain profitability and discourage investment in domestic electrification. As a result, ",[25259],{"type":928,"attrs":25260},{"color":21998},{"text":25262,"type":599,"marks":25263},"many OEMs such as GM, Mercedes-Benz, VW and Nissan are scaling back EV production plans heading into 2026",[25264,25266,25268],{"type":604,"attrs":25265},{"href":25230,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25267},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":25270},[25271],{"type":928,"attrs":25272},{"color":21998},{"type":594,"attrs":25274,"content":25275},{"textAlign":49},[25276,25281,25289],{"text":25277,"type":599,"marks":25278},"This data and insight are sourced from ",[25279],{"type":928,"attrs":25280},{"color":21998},{"text":25282,"type":599,"marks":25283},"Benchmark's EV & Battery Database",[25284,25286,25288],{"type":604,"attrs":25285},{"href":5224,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25287},{"color":22006},{"type":3645},{"text":25290,"type":599,"marks":25291},", which provides subscribers with:",[25292],{"type":928,"attrs":25293},{"color":21998},{"type":594,"attrs":25295,"content":25296},{"textAlign":49},[25297,25299,25305],{"text":25298,"type":599},"To see the full scope of Benchmark’s EV & Battery Service, including a long-term market forecast, ",{"text":25300,"type":599,"marks":25301},"find more information here",[25302],{"type":604,"attrs":25303},{"href":25304,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://eu1.hubs.ly/H0nDFLw0",{"text":974,"type":599},"US battery electric (BEV) & plug-in hybrid (PHEV) sales hit record highs in August and September 2025 as consumers rushed to purchase vehicles before the federal tax credit expired. The New Clean Vehicle Credit (30D) and Qualified Commercial Clean Vehicle Credit (45W) were both eliminated on 30 September 2025, following changes introduced in the One, […]",[25308],{"slug":544,"name":543,"content":25309},{"job_title":557,"image":25310,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"17c0c460-2004-47ad-9cde-ce2ddb185178\", \"id\": \"\"}-->",[25313,25314],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":25316,"copyright":547,"fieldtype":553,"meta_data":25317,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1760101519/www-production/US-EV-sales-septemeber/US-EV-sales-septemeber.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":25319,"copyright":547,"fieldtype":553,"meta_data":25320,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7742b1cf80/bm-adobestock-1603307447-editorial-use-only.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"US battery electric (BEV) & plug-in hybrid (PHEV) sales hit record highs in August and September 2025 as consumers rushed to purchase vehicles before the federal tax credit expired. The New Clean Vehicle Credit (30D) and  […]","Oct 10, 2025",{"id":25324,"uuid":25325,"name":25326,"slug":25327,"full_slug":25328,"content":25329},112398745641602,"98f577dc-e27e-4b95-871a-a7fe745c4622","China tightens rare earths export controls ahead of US trade talks","china-tightens-rare-earths-export-controls-ahead-of-us-trade-talks","article/china-tightens-rare-earths-export-controls-ahead-of-us-trade-talks",{"_uid":25330,"date":25331,"tags":25332,"editor":25336,"content":25340,"excerpt":25526,"featured":51,"reporter":25527,"_editable":25531,"component":864,"seo_title":25532,"categories":25533,"visibility":2091,"author_company":49,"data_vis_image":25537,"featured_image":25539,"seo_description":25542,"author_full_name":49,"author_job_title":49,"formattedDate":25543},"853874d5-4681-42b1-99fc-3580930fe76a","2025-10-09 00:00",[25333,25334,25335],{"slug":913,"name":914},{"slug":1375,"name":1376},{"slug":4610,"name":662},[25337],{"slug":544,"name":543,"content":25338},{"job_title":557,"image":25339,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":25341},[25342,25347,25380,25388,25421,25442,25450,25455,25476,25484,25492,25513,25524],{"type":594,"attrs":25343,"content":25344},{"textAlign":49},[25345],{"text":25346,"type":599},"China has announced sweeping export controls on rare earth elements that cover not only domestic supply but any products containing magnets with traces (0.1%) of Chinese‑origin supply, or that utilise Chinese technological expertise. The measures were unveiled just days before a scheduled meeting between US President Donald Trump and Chinese President Xi Jinping.",{"type":594,"attrs":25348,"content":25349},{"textAlign":49},[25350,25355,25363,25368,25375],{"text":25351,"type":599,"marks":25352},"By leveraging its dominant position in the ",[25353],{"type":928,"attrs":25354},{"color":21998},{"text":25356,"type":599,"marks":25357},"rare earths value chain",[25358,25360,25362],{"type":604,"attrs":25359},{"href":22306,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25361},{"color":22006},{"type":3645},{"text":25364,"type":599,"marks":25365},", Beijing is using controls on material flows and intellectual property as a strategic bargaining chip in upcoming trade negotiations, mirroring Washington's restrictions on advanced semiconductors aimed at stymying China's artificial intelligence development. The controls are intended to reinforce China's influence across downstream sectors, particularly in sensitive industries such as ",[25366],{"type":928,"attrs":25367},{"color":21998},{"text":1384,"type":599,"marks":25369},[25370,25372,25374],{"type":604,"attrs":25371},{"href":20700,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25373},{"color":22006},{"type":3645},{"text":25376,"type":599,"marks":25377},", with Beijing citing 'national security' as the key rationale.",[25378],{"type":928,"attrs":25379},{"color":21998},{"type":627,"attrs":25381},{"id":25382,"body":25383},"12c4f82d-45c1-4603-9889-1f09998975f1",[25384],{"id":25385,"_uid":25386,"type":634,"_editable":25387,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25553842","i-520f8039-e902-48ab-b851-11b35e1b7146","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-520f8039-e902-48ab-b851-11b35e1b7146\", \"id\": \"\"}-->",{"type":594,"attrs":25389,"content":25390},{"textAlign":49},[25391,25396,25404,25409,25417],{"text":25392,"type":599,"marks":25393},"The Trump administration has ",[25394],{"type":928,"attrs":25395},{"color":21998},{"text":25397,"type":599,"marks":25398},"begun aquiring equity in critical mineral projects to bolster US supply security",[25399,25401,25403],{"type":604,"attrs":25400},{"href":23343,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25402},{"color":22006},{"type":3645},{"text":25405,"type":599,"marks":25406}," in the face of Chinese competition, strategic investments accelerated by Beijing's rare earth export controls in April. This included a landmark deal with ",[25407],{"type":928,"attrs":25408},{"color":21998},{"text":25410,"type":599,"marks":25411},"MP Materials in July to develop a US mine-to-magnet rare earths supply chain",[25412,25414,25416],{"type":604,"attrs":25413},{"href":22644,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25415},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":25418},[25419],{"type":928,"attrs":25420},{"color":21998},{"type":594,"attrs":25422,"content":25423},{"textAlign":49},[25424,25429,25437],{"text":25425,"type":599,"marks":25426},"For companies and governments outside China, the latest measures carry far-reaching implications: magnet producers across Asia remain heavily reliant on Chinese rare earths supply and processing technologies, despite ongoing efforts to build up supply independence. ",[25427],{"type":928,"attrs":25428},{"color":21998},{"text":25430,"type":599,"marks":25431},"China's previous round of export controls heavily disrupted automotive supply chains in the West",[25432,25434,25436],{"type":604,"attrs":25433},{"href":22306,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25435},{"color":22006},{"type":3645},{"text":25438,"type":599,"marks":25439},", and has featured prominently in several rounds of trade negotiations between the US and China since.",[25440],{"type":928,"attrs":25441},{"color":21998},{"type":627,"attrs":25443},{"id":25444,"body":25445},"e7ae5a41-fa76-4580-968a-0df35a006de5",[25446],{"id":25447,"_uid":25448,"type":634,"_editable":25449,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25552829","i-8faa79e1-f542-4e10-a4d8-08fdcc0b492f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8faa79e1-f542-4e10-a4d8-08fdcc0b492f\", \"id\": \"\"}-->",{"type":594,"attrs":25451,"content":25452},{"textAlign":49},[25453],{"text":25454,"type":599},"The latest controls are expected to have the most pronounced effect on defence-related exporters, where approval for rare earth materials and magnets are expected to be denied.",{"type":594,"attrs":25456,"content":25457},{"textAlign":49},[25458,25463,25472],{"text":25459,"type":599,"marks":25460},"In the medium term, the export controls are expected to accelerate efforts to establish mine-to-magnet supply chains outside China, deepening the bifurcation of the global market. China is likely to prioritise domestic industries, while Western economies intensify investment in alternative upstream and midstream projects – from mining developments in Australia and Greenland to ",[25461],{"type":928,"attrs":25462},{"color":21998},{"text":25464,"type":599,"marks":25465},"refining and magnet manufacturing in Europe and the US",[25466,25469,25471],{"type":604,"attrs":25467},{"href":25468,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-conversation-with-neo-performance-materials-ceo-and-president-rahim-suleman",{"type":928,"attrs":25470},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":25473},[25474],{"type":928,"attrs":25475},{"color":21998},{"type":594,"attrs":25477,"content":25478},{"textAlign":49},[25479],{"text":25480,"type":599,"marks":25481},"For projects outside China, this shift presents a window of opportunity to attract both public and private investment. Developers able to deliver credible, independent supply chains will be well placed to benefit from a rapidly fragmenting and strategically critical market.",[25482],{"type":928,"attrs":25483},{"color":21998},{"type":594,"attrs":25485,"content":25486},{"textAlign":49},[25487],{"text":25488,"type":599,"marks":25489},"Persistent geopolitical turbulence in the rare earths supply chain makes trusted market data more essential than ever.",[25490],{"type":928,"attrs":25491},{"color":21998},{"type":594,"attrs":25493,"content":25494},{"textAlign":49},[25495,25500,25508],{"text":25496,"type":599,"marks":25497},"Use ",[25498],{"type":928,"attrs":25499},{"color":21998},{"text":25501,"type":599,"marks":25502},"Benchmark's rare earths prices and forecast",[25503,25505,25507],{"type":604,"attrs":25504},{"href":10503,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25506},{"color":22006},{"type":3645},{"text":25509,"type":599,"marks":25510}," to navigate volatility with confident, strategic decision-making. Submit your details below to find out more.",[25511],{"type":928,"attrs":25512},{"color":21998},{"type":627,"attrs":25514},{"id":25515,"body":25516},"838e9f57-ff4c-4cc6-8750-71b142eabcdf",[25517],{"id":835,"_uid":25518,"_editable":25519,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":25520,"success_file":25521,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":25523},"i-5f023096-d02c-4da7-8db6-c266654ca5f3","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-5f023096-d02c-4da7-8db6-c266654ca5f3\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":25522},{},[],{"type":594,"attrs":25525},{"textAlign":49},"China has announced sweeping export controls on rare earth elements that cover not only domestic supply but any products containing magnets with traces (0.1%) of Chinese‑origin supply, or that utilise Chinese technological expertise. The measures were unveiled just days before a scheduled meeting between US President Donald Trump and Chinese President Xi Jinping. By leveraging […]",[25528],{"slug":544,"name":543,"content":25529},{"job_title":557,"image":25530,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"853874d5-4681-42b1-99fc-3580930fe76a\", \"id\": \"\"}-->","China tightens rare earths export controls of US trade talks",[25534,25535,25536],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":1556,"name":414},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":25538},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":25540,"copyright":547,"fieldtype":553,"meta_data":25541,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4d1ca1f07f/bm-adobestock-724846252.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"China has announced sweeping export controls on rare earth elements that cover not only domestic supply but any products containing magnets with traces (0.1%) of Chinese‑origin supply, or that utilise Chinese technological expertise.  […]","Oct 09, 2025",{"id":25545,"uuid":25546,"name":25547,"slug":25548,"full_slug":25549,"content":25550},112398750265987,"9ca58ec4-9dca-4028-ba47-922ba5478a2a","“There’s great transformation happening in Saudi Arabia.” Interview with Lucid Motors’ Faisal Sultan","theres-great-transformation-happening-in-saudi-arabia-interview-with-lucid-motors-faisal-sultan","article/theres-great-transformation-happening-in-saudi-arabia-interview-with-lucid-motors-faisal-sultan",{"_uid":25551,"date":25552,"tags":25553,"editor":25568,"content":25572,"excerpt":25957,"featured":51,"reporter":25958,"_editable":25962,"component":864,"seo_title":25963,"categories":25964,"visibility":2091,"author_company":49,"data_vis_image":25967,"featured_image":25969,"seo_description":25972,"author_full_name":49,"author_job_title":49,"formattedDate":25973},"7b6b337c-faa9-40c5-ab1b-d597f768aed7","2025-10-08 00:00",[25554,25557,25558,25561,25562,25565,25566],{"slug":25555,"name":25556},"giga-africa-2025","Giga Africa 2025",{"slug":3120,"name":3121},{"slug":25559,"name":25560},"mena","MENA",{"slug":2354,"name":2355},{"slug":25563,"name":25564},"power-players","Power Players",{"slug":18915,"name":18916},{"slug":25567,"name":19549},"saudi-arabia",[25569],{"slug":544,"name":543,"content":25570},{"job_title":557,"image":25571,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":25573},[25574,25587,25599,25612,25631,25638,25643,25654,25668,25689,25711,25716,25721,25726,25731,25738,25758,25763,25768,25773,25778,25783,25788,25795,25800,25805,25812,25817,25822,25827,25833,25838,25843,25848,25853,25858,25865,25870,25875,25881,25886,25891,25896,25901,25906,25928,25936],{"type":594,"attrs":25575,"content":25576},{"textAlign":49},[25577,25579,25585],{"text":25578,"type":599},"Luxury electric vehicle developer, Lucid Motors is headquartered in California but is majority funded by the Saudi Arabian ",{"text":25580,"type":599,"marks":25581},"sovereign wealth fund",[25582],{"type":604,"attrs":25583},{"href":25584,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sovereign-wealth-funds-support-the-middle-easts-pivot-to-clean-energy-supply-chains",{"text":25586,"type":599},", Public Investment Fund (PIF).",{"type":594,"attrs":25588,"content":25589},{"textAlign":49},[25590,25592,25597],{"text":25591,"type":599},"The company completed construction of its first manufacturing facility, AMP-1, in Arizona, US in December 2020 and opened a second, knock-down kit facility (AMP-2) in ",{"text":19549,"type":599,"marks":25593},[25594],{"type":604,"attrs":25595},{"href":25596,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-saudi-arabia-and-morocco-are-shaping-the-ev-battery-supply-chain",{"text":25598,"type":599}," in September 2023.",{"type":594,"attrs":25600,"content":25601},{"textAlign":49},[25602,25604,25610],{"text":25603,"type":599},"Currently ",{"text":25605,"type":599,"marks":25606},"Lucid",[25607],{"type":604,"attrs":25608},{"href":25609,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/when-will-the-ev-market-reach-profitability",{"text":25611,"type":599}," targets the luxury market, with its Lucid Air EV selling from $70,900 and newly launched SUV, Lucid Gravity from $79,900. However, the company is looking to break into the mid-range market with a midsize SUV to be assembled in Saudi Arabia.",{"type":594,"attrs":25613,"content":25614},{"textAlign":49},[25615,25617,25622,25624,25629],{"text":25616,"type":599},"Benchmark’s ",{"text":25618,"type":599,"marks":25619},"Automotive Research",[25620],{"type":604,"attrs":25621},{"href":5224,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":25623,"type":599}," Lead, Will Roberts, sat down with Lucid’s President of Middle East Faisal Sultan at the sidelines of ",{"text":25625,"type":599,"marks":25626},"Giga Africa 2025 in Morocco",[25627],{"type":604,"attrs":25628},{"href":19103,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":25630,"type":599}," to discuss the company’s progress in the Middle East, as well as developments for EVs in the region.",{"type":594,"attrs":25632,"content":25633},{"textAlign":49},[25634],{"type":1186,"attrs":25635},{"id":49,"alt":547,"src":25636,"title":49,"source":49,"copyright":49,"meta_data":25637},"https://a.storyblok.com/f/287943243085208/c0d42f944c/bm-lucid-amp-2-2.jpeg",{},{"type":594,"attrs":25639,"content":25640},{"textAlign":49},[25641],{"text":25642,"type":599},"Lucid’s AMP-2 facility in Saudi Arabia. Image credit: Lucid Motors",{"type":657,"attrs":25644,"content":25645},{"level":15966,"textAlign":49},[25646,25648,25652],{"text":25647,"type":599},"Benchmark: How do you see the EV market evolving in the ",{"text":2355,"type":599,"marks":25649},[25650],{"type":604,"attrs":25651},{"href":19553,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":25653,"type":599}," and what role is Lucid in particular playing in driving adoption?",{"type":594,"attrs":25655,"content":25656},{"textAlign":49},[25657,25659,25661,25666],{"text":25658,"type":599},"Faisal Sultan: ",{"text":25660,"type":599},"Overall in GCC [Gulf cooperation council] and MENA [Middle East and North Africa] combined, I think, it is going to grow, as I said in my presentation, to at least 20%, 25% Market share. The gap between now and what has been announced for 2030 in the majority of the countries like ",{"text":19549,"type":599,"marks":25662},[25663],{"type":604,"attrs":25664},{"href":25665,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-is-saudi-arabias-critical-mineral-drive-progressing",{"text":25667,"type":599}," and UAE is tremendous. So we’re starting off from nothing really. Lucid is doing a pretty good job in the Kingdom, which itself is now putting forward policies to really get to those types of numbers. We’re talking 200,000 to 250,000 new car sales, that’s a lot, right?",{"type":594,"attrs":25669,"content":25670},{"textAlign":49},[25671,25676,25684],{"text":25672,"type":599,"marks":25673},"So how is that going to happen? So, you know, the Kingdom has already started to put plans together – where it is basically ",[25674],{"type":928,"attrs":25675},{"color":21998},{"text":25677,"type":599,"marks":25678},"looking to invest $50 billion",[25679,25681,25683],{"type":604,"attrs":25680},{"href":25596,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25682},{"color":22006},{"type":3645},{"text":25685,"type":599,"marks":25686}," – that are dedicated towards the EV ecosystem. So what that will entail first of all is the production of cars. Lucid is already there, and there are a couple of other OEMs that have started building their plants. That's 300+ thousand of yearly production. So the supply definitely is not going to be the constraint.",[25687],{"type":928,"attrs":25688},{"color":21998},{"type":594,"attrs":25690,"content":25691},{"textAlign":49},[25692,25697,25706],{"text":25693,"type":599,"marks":25694},"Next, ",[25695],{"type":928,"attrs":25696},{"color":21998},{"text":25698,"type":599,"marks":25699},"the infrastructure",[25700,25703,25705],{"type":604,"attrs":25701},{"href":25702,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/glossary/ev-charging-and-infrastructure",{"type":928,"attrs":25704},{"color":22006},{"type":3645},{"text":25707,"type":599,"marks":25708}," is where there's going to be a lot of spending. We give home chargers to our consumers, they install it where they have a dedicated parking spot, which most of our customers do with our current product offering, the Lucid Air, which is a premium sedan. With the Lucid Gravity, I think that will remain the same.",[25709],{"type":928,"attrs":25710},{"color":21998},{"type":594,"attrs":25712,"content":25713},{"textAlign":49},[25714],{"text":25715,"type":599},"When we get into the midsize, which we’re going to roll out at the end of next year, beginning of 2027, public infrastructure is going to start to play more of a role. And I think EVIQ, which is the electric vehicle infrastructure company in Saudi, is going to invest a lot of money in charging. They’re going to have about 5,000 fast chargers all across the country. I think that will really help. ",{"type":594,"attrs":25717,"content":25718},{"textAlign":49},[25719],{"text":25720,"type":599},"And I also think it’s just consumer awareness. We were trying to really put a lot of effort in our marketing to really get the consumers eased up to the thought of owning an EV, having a product that is not compromising anything. You have the range, you have the performance, you have the luxury, you have the ownership experience. That is much better than an ICE offering. ",{"type":594,"attrs":25722,"content":25723},{"textAlign":49},[25724],{"text":25725,"type":599},"So that’s our role from our side. I see a lot of progress, and that’s going to continue now – let’s say the 30% target becomes a reality, or they only achieve 20%, that is still going to be an amazing feat.",{"type":657,"attrs":25727,"content":25728},{"level":15966,"textAlign":49},[25729],{"text":25730,"type":599},"Walk us through a bit what’s happened in those last two years of AMP-2.",{"type":594,"attrs":25732,"content":25733},{"textAlign":49},[25734,25736],{"text":25735,"type":599},"FS: ",{"text":25737,"type":599},"We always knew it would be a partnership, a public private partnership, to get something like this started. A first ever plant, purpose-built for EVs, you know for any passenger vehicle plant and especially to be an EV plant in the kingdom, you need help. ",{"type":594,"attrs":25739,"content":25740},{"textAlign":49},[25741,25746,25754],{"text":25742,"type":599,"marks":25743},"So, to list a few; PIF – Public Investment Fund – who's our biggest shareholder, Ministry of Investment, Ministry of Industry, SIDF [Saudi Industrial Development Fund], ECZA which is the governing body of the economic zone that we are in, King Abdullah Economic City, King Abdullah University of Science and Technology. The list is so huge, right? They all came together and that's the beauty of being in Saudi Arabia when you know it is being driven by the ",[25744],{"type":928,"attrs":25745},{"color":21998},{"text":25747,"type":599,"marks":25748},"Vision 2030",[25749,25751,25753],{"type":604,"attrs":25750},{"href":25665,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":25752},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":25755},[25756],{"type":928,"attrs":25757},{"color":21998},{"type":594,"attrs":25759,"content":25760},{"textAlign":49},[25761],{"text":25762,"type":599},"All of these private and public entities are willing to help, and we got enormous help on this from incentives, from regulations, from policies that will, and that are enabling us right now. ",{"type":594,"attrs":25764,"content":25765},{"textAlign":49},[25766],{"text":25767,"type":599},"We are already producing cars. All of our cars that get assembled and sold in the Kingdom are assembled at King Abdullah Economic City M2 plant. We are also now exporting to the UAE, so that’s a proud moment. I think we were one year, one month into the production when we started to export. That was a big badge on our collar – basically saying we are a Saudi-made product that’s now exported. ",{"type":594,"attrs":25769,"content":25770},{"textAlign":49},[25771],{"text":25772,"type":599},"So we started very small, we started with an SKD assembly facility for a reason. Because we wanted to use that facility to attract the supply chain, let them know that we are here. You know, we are here, we have a workforce, we have kits coming in, we have quality metrics. Look at this. We’re producing amazing cars. They’re as good as our US produced cars. ",{"type":594,"attrs":25774,"content":25775},{"textAlign":49},[25776],{"text":25777,"type":599},"All of that was in our mind, and then as we were doing that immediately from the inauguration for the SKD plant, we had already started on the CBU [Complete Build Unit] buildings. So, the complete-build-unit buildings are ahead of time right now. It’s ahead of schedule. ",{"type":594,"attrs":25779,"content":25780},{"textAlign":49},[25781],{"text":25782,"type":599},"We have already started training people at the National Automobile Vehicle Academy [NAVA] which again we opened with the help of the Saudi entities, PIF, Ministry of Education, Ministry of Transport all coming together. So that academy is already training people and that has been available to us starting in January of this year [2025]. ",{"type":594,"attrs":25784,"content":25785},{"textAlign":49},[25786],{"text":25787,"type":599},"It’s wonderful to see the progress of the assembly plant itself and then now very eagerly anticipating launching the CBU plant for the midsize.",{"type":594,"attrs":25789,"content":25790},{"textAlign":49},[25791],{"type":1186,"attrs":25792},{"id":49,"alt":547,"src":25793,"title":49,"source":49,"copyright":49,"meta_data":25794},"https://a.storyblok.com/f/287943243085208/1dd2f31ab5/bm-lucid-training-saudi-arabia.jpg",{},{"type":594,"attrs":25796,"content":25797},{"textAlign":49},[25798],{"text":25799,"type":599},"Training and development event. Image credit: Lucid Motors",{"type":657,"attrs":25801,"content":25802},{"level":15966,"textAlign":49},[25803],{"text":25804,"type":599},"So where does it go from here? How do you develop into the CBU plant?",{"type":594,"attrs":25806,"content":25807},{"textAlign":49},[25808,25810],{"text":25809,"type":599},"FS",{"text":25811,"type":599},": Yeah, I think as I said on supply chain and human capital, we’ve got programs going on, and on demand some of the policies that are coming will help take care of that. Of course, we are going to produce a plant that’s going to have a capacity of 150,000 vehicles. So, most of that capacity is going to actually be utilised outside of GCC. So even, exporting product to Europe, Asia and Africa, wherever the demand is there for midsize, we will be exporting it from this plant.",{"type":594,"attrs":25813,"content":25814},{"textAlign":49},[25815],{"text":25816,"type":599},"So we will need thousands of people, we’ll have to continue to keep on training people. You know, through NAVA, through HRDF – Human Resource Development Fund – which has already given us $50 million to train Saudi nationals. So, we’ve actually started, about three or four batches have gone to Arizona and California, got trained and came back.",{"type":594,"attrs":25818,"content":25819},{"textAlign":49},[25820],{"text":25821,"type":599},"That’s really going to work in our favour now. I think what we are doing is really focusing on the supply chain. We have about two or three contracts that have been signed that will be localised right next to our plant. And, we will continue to build on them in the next few years to continuously add supplier by supplier by supplier, so that we are competitive in our pricing to send this product to the world.",{"type":657,"attrs":25823,"content":25824},{"level":15966,"textAlign":49},[25825],{"text":25826,"type":599},"What role do you think Lucid will play in supporting development of the automotive and battery electric vehicle ecosystem in Saudi Arabia and the wider area too?",{"type":594,"attrs":25828,"content":25829},{"textAlign":49},[25830,25831],{"text":25809,"type":599},{"text":25832,"type":599},": Well, I think for EVs and in Saudi Arabia, for getting an electric vehicle industry, or even general car manufacturing started, we are playing the key role.",{"type":594,"attrs":25834,"content":25835},{"textAlign":49},[25836],{"text":25837,"type":599},"We’re the first manufacturer already and we are the first exporter. And with that comes a lot of responsibility. We are basically defining a lot of the policies. We’re working with the policymakers to tell them, look, this is what’s really needed on the consumer side, this is what’s really needed on the OEM side, and this is what’s really needed on the supply side so that we can have a sustainable industry.",{"type":594,"attrs":25839,"content":25840},{"textAlign":49},[25841],{"text":25842,"type":599},"We really are giving advice that it can’t be tariff based, where you’re protecting the industry artificially. We want to be competitive. You have a small tariff ceiling in Saudi Arabia, it’s 5%, so all the product that comes into Saudi Arabia is coming in currently at 5%. Therefore, it’s going to be very hard for the local manufacturers to compete.",{"type":594,"attrs":25844,"content":25845},{"textAlign":49},[25846],{"text":25847,"type":599},"We’re basically telling them to give us the incentives in the right bucket, so the policies should really be focused on the productivity of the human labour so that they are trained to be competing with the best of the best. The benchmarks are coming out of, let’s say Thailand or China or Turkey, or here in Morocco, and they need to be able to compete with that.",{"type":594,"attrs":25849,"content":25850},{"textAlign":49},[25851],{"text":25852,"type":599},"The quality of the product has to be good, right from the beginning. There has to be financing available, there has to be consumer side energy cost support. Things like that, for OEM and then supply chain and for consumers, all three. ",{"type":594,"attrs":25854,"content":25855},{"textAlign":49},[25856],{"text":25857,"type":599},"All of this will really help us to stay competitive right from the beginning, and not to have some artificial protection on top of us. So, we’ll continue to work with these goals in mind, and I think in the region, we will play that role too. We are in the UAE, we’re targeting being in two more GCC countries next year. So, as we expand our organisation into new countries that have no EV population or car parc, we will really need to help the policymakers.",{"type":594,"attrs":25859,"content":25860},{"textAlign":49},[25861],{"type":1186,"attrs":25862},{"id":49,"alt":547,"src":25863,"title":49,"source":49,"copyright":49,"meta_data":25864},"https://a.storyblok.com/f/287943243085208/348557f874/bm-lucid-gravity-saudi-cup.jpg",{},{"type":594,"attrs":25866,"content":25867},{"textAlign":49},[25868],{"text":25869,"type":599},"Lucid Gravity on show at the Saudi Cup 2025. Image credit: Lucid Motors",{"type":657,"attrs":25871,"content":25872},{"level":15966,"textAlign":49},[25873],{"text":25874,"type":599},"Where are you seeing demand emerge for Lucid at the moment and which customer segments in particular are showing interest?",{"type":594,"attrs":25876,"content":25877},{"textAlign":49},[25878,25879],{"text":25809,"type":599},{"text":25880,"type":599},": Well, in the region Saudi is our biggest market of course. In the GCC they are 60, 62% of the total market and I think right now they’re leading the electric vehicle progress. ",{"type":594,"attrs":25882,"content":25883},{"textAlign":49},[25884],{"text":25885,"type":599},"I know UAE started very strong but it kind of slowed down. But I think Saudi’s investment into Lucid really brought this EV revolution up on the radar for people. People know EVs, as Lucid Corporation we have our highest awareness in Saudi Arabia. And that’s because people know what an electric vehicle is, what a Lucid is. ",{"type":594,"attrs":25887,"content":25888},{"textAlign":49},[25889],{"text":25890,"type":599},"We’re seeing a lot of fleet orders, we’re seeing a lot of conversions from performance-based cars into an electric based Lucid. So I think the segment will grow as we bring more product. I think the Gravity is definitely going to give us more total addressable market. ",{"type":594,"attrs":25892,"content":25893},{"textAlign":49},[25894],{"text":25895,"type":599},"The [Lucid] Gravity market is about four times the total addressable market of Lucid Air sedan, which is a very small market. And then we have the midsize coming which will be another few tenfolds. So, I think that’s where the demand is going to come from. We want our retail footprint to increase in the region as we operate a little bit differently. ",{"type":594,"attrs":25897,"content":25898},{"textAlign":49},[25899],{"text":25900,"type":599},"We’re direct-to-consumer in both KSA and UAE. In other GCC countries we’re probably going to be slightly different, more of an agency model perhaps. That is going to help us to expand quickly in the smaller markets. I think it’s going to be around 60 plus percent from Saudi and 20% from UAE and then the rest elsewhere, before eventually we will start expanding into other areas like Morocco. We’ll consider these markets later on once we have our stronghold in core regions.",{"type":657,"attrs":25902,"content":25903},{"level":15966,"textAlign":49},[25904],{"text":25905,"type":599},"Any final thoughts and messages to convey from the Lucid side?",{"type":594,"attrs":25907,"content":25908},{"textAlign":49},[25909,25914,25923],{"text":25910,"type":599,"marks":25911},"FS: Well, I think there's great transformation happening in Saudi Arabia and particularly in the region, just as we looked at today's presentations here in Morocco also. So, I believe there are great opportunities for international companies, and I think ",[25912],{"type":928,"attrs":25913},{"color":21998},{"text":25915,"type":599,"marks":25916},"Morocco's ecosystem for automotive",[25917,25920,25922],{"type":604,"attrs":25918},{"href":25919,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/gotions-1-3-billion-gigafactory-investment-to-further-expand-moroccos-lithium-ion-ecosystem",{"type":928,"attrs":25921},{"color":22006},{"type":3645},{"text":25924,"type":599,"marks":25925}," actually is a prime example of how to do it right.",[25926],{"type":928,"attrs":25927},{"color":21998},{"type":594,"attrs":25929,"content":25930},{"textAlign":49},[25931],{"text":25932,"type":599,"marks":25933},"I think there are companies that can take on the opportunity and then come and help out in the transformation in Saudi and we'd welcome to talk to them.",[25934],{"type":928,"attrs":25935},{"color":21998},{"type":594,"attrs":25937,"content":25938},{"textAlign":49},[25939,25944,25953],{"text":25940,"type":599,"marks":25941},"Learn more about the Middle East and North Africa region's growing role in the clean energy transition by reading ",[25942],{"type":928,"attrs":25943},{"color":21998},{"text":25945,"type":599,"marks":25946},"Benchmark's free Beyond Oil special issue",[25947,25950,25952],{"type":604,"attrs":25948},{"href":25949,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/special-issues",{"type":928,"attrs":25951},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":25954},[25955],{"type":928,"attrs":25956},{"color":21998},"Luxury electric vehicle developer, Lucid Motors is headquartered in California but is majority funded by the Saudi Arabian sovereign wealth fund, Public Investment Fund (PIF). The company completed construction of its first manufacturing facility, AMP-1, in Arizona, US in December 2020 and opened a second, knock-down kit facility (AMP-2) in Saudi Arabia in September 2023. […]",[25959],{"slug":544,"name":543,"content":25960},{"job_title":557,"image":25961,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7b6b337c-faa9-40c5-ab1b-d597f768aed7\", \"id\": \"\"}-->"," Interview from Lucid Motors’ Faisal Sultan",[25965,25966],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":25968},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":25970,"copyright":547,"fieldtype":553,"meta_data":25971,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/31fab1c332/bm-faisal-sultan-lucid.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Luxury electric vehicle developer, Lucid Motors is headquartered in California but is majority funded by the Saudi Arabian sovereign wealth fund, Public Investment Fund (PIF). The company completed construction of its first. […]","Oct 08, 2025",{"id":25975,"uuid":25976,"name":25977,"slug":25978,"full_slug":25979,"content":25980},112398768452230,"4e3bf210-37cb-4f92-af50-46900f975f54","Aurubis raises 2026 copper premium offers to European customers","aurubis-raises-2026-copper-premium-offers-to-european-customers","article/aurubis-raises-2026-copper-premium-offers-to-european-customers",{"_uid":25981,"date":25982,"tags":25983,"editor":25988,"content":25992,"excerpt":26072,"featured":50,"reporter":26073,"component":864,"seo_title":25977,"categories":26077,"visibility":2091,"author_company":49,"featured_image":26080,"seo_description":26072,"author_full_name":49,"author_job_title":49,"formattedDate":26083},"cfe22c97-e724-45aa-9c16-35fcd70017cc","2025-10-07 00:00",[25984,25987],{"slug":25985,"name":25986},"aurubis","Aurubis",{"slug":2790,"name":2791},[25989],{"slug":544,"name":543,"content":25990},{"job_title":557,"image":25991,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":25993},[25994,26006,26011,26018,26031,26036,26041,26046,26051,26056,26062],{"type":594,"attrs":25995,"content":25996},{"textAlign":49},[25997,25999,26004],{"text":25998,"type":599},"Aurubis has offered ",{"text":26000,"type":599,"marks":26001},"copper premiums",[26002],{"type":604,"attrs":26003},{"href":16334,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":26005,"type":599}," to customers in Europe at $315/t for 2026, multiple sources with direct knowledge of the matter told Benchmark. The level is considerably higher than the $228/t premium for 2025.",{"type":594,"attrs":26007,"content":26008},{"textAlign":49},[26009],{"text":26010,"type":599},"Sources said Aurubis had provided little explanation for the sharp increase in premiums, though all agreed it broadly reflected current market conditions.",{"type":627,"attrs":26012},{"id":26013,"body":26014},"cdaeb455-0915-4619-ab00-b46ad7e22e35",[26015],{"id":26016,"_uid":26017,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25506300","i-73ea6691-0265-4185-9720-d628ea57cf27",{"type":594,"attrs":26019,"content":26020},{"textAlign":49},[26021,26023,26029],{"text":26022,"type":599},"The copper market is facing challenging treatment charges (TCs) — the fee smelters charge miners to process concentrate — the prospect of sizable supply losses in Indonesia, and a significant arbitrage between the CME and LME. These converging factors have created an environment in which ",{"text":26024,"type":599,"marks":26025},"premium offers",[26026],{"type":604,"attrs":26027},{"href":26028,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/codelco-raise-european-copper-cathode-premium-offers-to-record-levels",{"text":26030,"type":599}," are likely to be pushed higher by suppliers.",{"type":594,"attrs":26032,"content":26033},{"textAlign":49},[26034],{"text":26035,"type":599},"“I think it’s the TCs,” said one producer source. “TCs are getting worse and premiums need to react.”",{"type":594,"attrs":26037,"content":26038},{"textAlign":49},[26039],{"text":26040,"type":599},"“It is a difficult market [for smelters], with TCs and scrap supply challenging, and supply isn’t great,” said a copper trader.",{"type":594,"attrs":26042,"content":26043},{"textAlign":49},[26044],{"text":26045,"type":599},"“The reasons are very clear,” said another producer, citing the broad CME/LME arbitrage and production losses in Asia.",{"type":594,"attrs":26047,"content":26048},{"textAlign":49},[26049],{"text":26050,"type":599},"The Aurubis premium offer, along with CODELCO’s, often sets the tone for copper premium levels in Europe, which reached record highs this year on the back of the broad CME/LME arbitrage. The Hamburg-based company is holding its annual capital markets day in London tomorrow, where more details on the premium are expected to be revealed.",{"type":594,"attrs":26052,"content":26053},{"textAlign":49},[26054],{"text":26055,"type":599},"Premiums in Europe have been on an upward trajectory since Russia’s full-scale invasion of Ukraine, rising from $123/t prior to the invasion to $228/t in 2023. Historically, Europe had been a large importer of copper from Russia.",{"type":594,"attrs":26057,"content":26058},{"textAlign":49},[26059],{"text":22201,"type":599,"marks":26060},[26061],{"type":643},{"type":627,"attrs":26063},{"id":26064,"body":26065},"6c4eab01-5794-478d-b991-d86c1c56ca3b",[26066],{"id":835,"_uid":26067,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":26068,"success_file":26069,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":26071},"i-92015821-3839-47df-8ea8-4f75ec67d933",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":26070},{},[],"Aurubis has offered copper premiums to customers in Europe at $315/t for 2026, multiple sources with direct knowledge of the matter told Benchmark. The level is considerably higher than the $228/t premium for 2025. Sources said Aurubis had provided little explanation for the sharp increase in premiums, though all agreed it broadly reflected current market […]",[26074],{"slug":544,"name":543,"content":26075},{"job_title":557,"image":26076,"bio":548,"linkedin":555},{"filename":552},[26078,26079],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":26081,"copyright":547,"fieldtype":553,"meta_data":26082,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f449491ac6/bm-shutterstock-2623814063.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 07, 2025",{"id":26085,"uuid":26086,"name":26087,"slug":26088,"full_slug":26089,"content":26090},112398773166728,"3441c7f3-d37b-41c9-96b8-d1c412e9fddd","Africa’s growing role in global battery supply chains: Key takeaways from Giga Africa 2025","africas-growing-role-in-global-battery-supply-chains-key-takeaways-from-giga-africa-2025","article/africas-growing-role-in-global-battery-supply-chains-key-takeaways-from-giga-africa-2025",{"_uid":26091,"date":26092,"tags":26093,"editor":26100,"content":26104,"excerpt":26144,"featured":51,"reporter":26145,"_editable":26149,"component":864,"seo_title":26150,"categories":26151,"visibility":2091,"author_company":49,"data_vis_image":26162,"featured_image":26164,"seo_description":26167,"author_full_name":49,"author_job_title":49,"formattedDate":26168},"6d155c86-38c9-41a1-9475-277b75b19080","2025-10-01 00:00",[26094,26095,26096,26097],{"slug":584,"name":585},{"slug":11313,"name":11314},{"slug":25555,"name":25556},{"slug":26098,"name":26099},"morocco","Morocco",[26101],{"slug":544,"name":543,"content":26102},{"job_title":557,"image":26103,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":26105},[26106,26119,26132,26137],{"type":594,"attrs":26107,"content":26108},{"textAlign":49},[26109,26111,26117],{"text":26110,"type":599},"Benchmark hosted its inaugural ",{"text":26112,"type":599,"marks":26113},"Giga Africa",[26114],{"type":604,"attrs":26115},{"href":26116,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://source.benchmarkminerals.com/search?tag=Giga+Africa+2025",{"text":26118,"type":599}," event in Marrakesh, Morocco in September, featuring delegates from across the battery supply chain.",{"type":594,"attrs":26120,"content":26121},{"textAlign":49},[26122,26124,26130],{"text":26123,"type":599},"Over the many conversations and discussions held about ",{"text":26125,"type":599,"marks":26126},"Africa’s place in the global battery supply chain",[26127],{"type":604,"attrs":26128},{"href":26129,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/special-issues/1347054",{"text":26131,"type":599},", several key themes emerged:",{"type":594,"attrs":26133,"content":26134},{"textAlign":49},[26135],{"text":26136,"type":599},"Explore these topics in the words of Giga Africa’s expert speakers and panellists.",{"type":627,"attrs":26138},{"id":26139,"body":26140},"788b581e-d23c-430b-9dd2-ddf814987de9",[26141],{"id":26142,"_uid":26143,"type":623,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3356717","i-62a12bc5-4b73-46c9-9bfa-faf3aeb0b41b","Benchmark hosted its inaugural Giga Africa event in Marrakesh, Morocco in September, featuring delegates from across the battery supply chain. Over the many conversations and discussions held about Africa’s place in the global battery supply chain, several key themes emerged: Explore these topics in the words of Giga Africa’s expert speakers and panellists.",[26146],{"slug":544,"name":543,"content":26147},{"job_title":557,"image":26148,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6d155c86-38c9-41a1-9475-277b75b19080\", \"id\": \"\"}-->","Africa’s growing role in global battery supply chains",[26152,26153,26154,26155,26156,26157,26158,26159,26160,26161],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":2331,"name":2332},{"slug":880,"name":881},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":26163},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":26165,"copyright":547,"fieldtype":553,"meta_data":26166,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/245802957b/bm-008a4184.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark hosted its inaugural Giga Africa event in Marrakesh, Morocco in September, featuring delegates from across the battery supply chain","Oct 01, 2025",{"id":26170,"uuid":15143,"name":26171,"slug":26172,"full_slug":26173,"content":26174},112398787121803,"Grasberg supply shock to plunge refined copper market into deficit in 2026, Benchmark analysis shows","grasberg-supply-shock-to-plunge-refined-copper-market-into-deficit-in-2026-benchmark-analysis-shows","article/grasberg-supply-shock-to-plunge-refined-copper-market-into-deficit-in-2026-benchmark-analysis-shows",{"_uid":26175,"date":26176,"tags":26177,"editor":26185,"content":26189,"excerpt":26289,"featured":50,"reporter":26290,"_editable":26294,"component":864,"seo_title":26171,"categories":26295,"visibility":2091,"author_company":49,"featured_image":26298,"seo_description":26289,"author_full_name":49,"author_job_title":49,"formattedDate":26300},"2848dff9-4c4b-4cc1-87fe-f700bdc8dd7f","2025-09-26 00:00",[26178,26181,26184],{"slug":26179,"name":26180},"freeport-mcmoran","Freeport-McMoRan",{"slug":26182,"name":26183},"grasberg","Grasberg",{"slug":7997,"name":7998},[26186],{"slug":544,"name":543,"content":26187},{"job_title":557,"image":26188,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":26190},[26191,26196,26201,26206,26214,26219,26224,26232,26237,26249,26254,26259,26275,26286],{"type":594,"attrs":26192,"content":26193},{"textAlign":49},[26194],{"text":26195,"type":599},"Freeport-McMoRan has declared force majeure at its Grasberg copper mine in Indonesia – the world’s second largest – following a serious accident earlier this month, warning of severe supply disruption until the end of 2026. ",{"type":594,"attrs":26197,"content":26198},{"textAlign":49},[26199],{"text":26200,"type":599},"The news triggered a sharp reaction on the London Metal Exchange with the three-month copper price hitting a high of $10,364/t on 24 September, up over 4% on the previous day. Prices had already baked in some disruption risk, but the scale of the losses had not been fully appreciated by the market.",{"type":594,"attrs":26202,"content":26203},{"textAlign":49},[26204],{"text":26205,"type":599},"Freeport’s statement made clear the scale of the incident, noting that 800 kt of material had flowed into the mine during the accident. The company confirmed that the bodies of two workers had been recovered at the facility, while five more workers remain missing.",{"type":627,"attrs":26207},{"id":26208,"body":26209},"29f76723-7b68-41eb-bfd0-3dc6f99867a3",[26210],{"id":26211,"_uid":26212,"type":634,"_editable":26213,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25337432","i-5bfd73d3-eb1d-4fac-95ac-bc6f491217ed","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5bfd73d3-eb1d-4fac-95ac-bc6f491217ed\", \"id\": \"\"}-->",{"type":594,"attrs":26215,"content":26216},{"textAlign":49},[26217],{"text":26218,"type":599},"Benchmark analysis suggests the disruption will amount to ~591kt of lost copper output between early September 2025, when the incident occurred, and the end of 2026. Of this, 278kt is expected to be lost in 2025 and a further 313kt in 2026. The loss next year is particularly significant as Grasberg’s output was expected to peak in Q4 25.",{"type":594,"attrs":26220,"content":26221},{"textAlign":49},[26222],{"text":26223,"type":599},"To contextualise this, the output lost between September 2025 and December 2026 will exceed Benchmark’s forecast 2026 production from Collahuasi in Chile, the world’s third-largest copper mine.",{"type":627,"attrs":26225},{"id":26226,"body":26227},"1948a35a-92bc-4c83-92ed-debd98ee29be",[26228],{"id":26229,"_uid":26230,"type":634,"_editable":26231,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25336605","i-cc330f81-bedd-44c4-a412-8f2247c30839","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-cc330f81-bedd-44c4-a412-8f2247c30839\", \"id\": \"\"}-->",{"type":594,"attrs":26233,"content":26234},{"textAlign":49},[26235],{"text":26236,"type":599},"The Grasberg disruption is projected to shift the global refined copper balance into a steep deficit in 2026. This is compared to Benchmark’s previous forecast of a relatively balanced market next year.",{"type":594,"attrs":26238,"content":26239},{"textAlign":49},[26240,26242,26247],{"text":26241,"type":599},"The accident may ultimately have a ",{"text":26243,"type":599,"marks":26244},"larger impact on refined availability than the recent disruption at Kamoa-Kakula in the DRC",[26245],{"type":604,"attrs":26246},{"href":18006,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":26248,"type":599},", underscoring the sector’s dependence on a small group of major mines. In 2025, the 20 largest copper mines are expected to contribute 36% of global supply.",{"type":594,"attrs":26250,"content":26251},{"textAlign":49},[26252],{"text":26253,"type":599},"Due to Grasberg losing its concentrate export licence in mid-September, the supply gap will fall almost entirely on the refined market rather than the concentrate market, which remains tight. ",{"type":594,"attrs":26255,"content":26256},{"textAlign":49},[26257],{"text":26258,"type":599},"However, the extent of the impact on refined supply is uncertain due to challenges at Freeport’s Indonesian smelting operations. A recent incident at the oxygen plant at Gresik has constrained capacity, while the company’s Manyar smelter is still in the ramp-up phase.",{"type":594,"attrs":26260,"content":26261},{"textAlign":49},[26262,26266,26271],{"text":26263,"type":599,"marks":26264},"This analysis was drawn from a recent research note on the Grasberg disruption, provided to subscribers of the ",[26265],{"type":643},{"text":26267,"type":599,"marks":26268},"Benchmark Copper Service",[26269,26270],{"type":643},{"type":643},{"text":26272,"type":599,"marks":26273},". To learn more about Benchmark’s copper market coverage please fill out the form below.",[26274],{"type":643},{"type":627,"attrs":26276},{"id":26277,"body":26278},"3a7f37b6-0426-4a1b-9b22-96d2cce0f866",[26279],{"id":835,"_uid":26280,"_editable":26281,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":26282,"success_file":26283,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":26285},"i-53bbe1c1-1251-404b-a6db-834c197276e4","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-53bbe1c1-1251-404b-a6db-834c197276e4\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":26284},{},[],{"type":594,"attrs":26287,"content":26288},{"textAlign":49},[],"Freeport-McMoRan has declared force majeure at its Grasberg copper mine in Indonesia – the world’s second largest – following a serious accident earlier this month, warning of severe supply disruption until the end of 2026. The news triggered a sharp reaction on the London Metal Exchange with the three-month copper price hitting a high of […]",[26291],{"slug":544,"name":543,"content":26292},{"job_title":557,"image":26293,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2848dff9-4c4b-4cc1-87fe-f700bdc8dd7f\", \"id\": \"\"}-->",[26296,26297],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17464,"copyright":547,"fieldtype":553,"meta_data":26299,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Sep 26, 2025",{"id":26302,"uuid":26303,"name":26304,"slug":26305,"full_slug":26306,"content":26307},112398809428623,"01d0bcb1-c541-434c-a1cb-a87fd43ada83","The importance of energy storage to Africa’s growth","the-importance-of-energy-storage-to-africas-growth","article/the-importance-of-energy-storage-to-africas-growth",{"_uid":26308,"date":26309,"tags":26310,"editor":26317,"content":26321,"excerpt":26444,"featured":51,"reporter":26445,"_editable":26449,"component":864,"seo_title":26304,"categories":26450,"visibility":2091,"author_company":49,"featured_image":26453,"seo_description":26444,"author_full_name":49,"author_job_title":49,"formattedDate":26456},"021d82b3-7ddc-4db6-b6cb-fed35dad9605","2025-09-24 00:00",[26311,26312,26313,26314],{"slug":584,"name":585},{"slug":4360,"name":4361},{"slug":25555,"name":25556},{"slug":26315,"name":26316},"our-next-energy-one","Our Next Energy (ONE)",[26318],{"slug":544,"name":543,"content":26319},{"job_title":557,"image":26320,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":26322},[26323,26336,26347,26359,26366,26371,26376,26383,26388,26393,26405,26410,26417,26424,26441],{"type":594,"attrs":26324,"content":26325},{"textAlign":49},[26326,26328,26334],{"text":26327,"type":599},"Building out Africa’s energy infrastructure is vital for achieving economic growth on the continent and ",{"text":26329,"type":599,"marks":26330},"battery energy storage is a key platform",[26331],{"type":604,"attrs":26332},{"href":26333,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/visualising-africas-battery-storage-pipeline",{"text":26335,"type":599}," technology enabling this.",{"type":594,"attrs":26337,"content":26338},{"textAlign":49},[26339,26345],{"text":26340,"type":599,"marks":26341},"Companies around the world",[26342],{"type":604,"attrs":26343},{"href":26344,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/bess-system-integrator-ranking-in-h1-2025-shows-change-is-on-the-horizon-for-the-industry",{"text":26346,"type":599}," are beginning to recognise the size of the opportunity presented by Africa’s energy storage markets.",{"type":594,"attrs":26348,"content":26349},{"textAlign":49},[26350,26352,26357],{"text":26351,"type":599},"“We see Africa not only for its resources, we also see Africa as a big market for energy storage,” said Xiaoshen Wang, chief executive and Vice Chairman for ",{"text":4361,"type":599,"marks":26353},[26354],{"type":604,"attrs":26355},{"href":26356,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/the-view-from-china-exclusive-interview-with-ganfeng-lithium",{"text":26358,"type":599},", at Benchmark’s Giga Africa event in Marrakesh, Morocco.",{"type":594,"attrs":26360,"content":26361},{"textAlign":49},[26362],{"type":1186,"attrs":26363},{"id":49,"alt":547,"src":26364,"title":49,"source":49,"copyright":49,"meta_data":26365},"https://a.storyblok.com/f/287943243085208/24aa73922c/bm-bess-marketin-in-africa-voro-08152025-1-768x958.png",{},{"type":657,"attrs":26367,"content":26368},{"level":15966,"textAlign":49},[26369],{"text":26370,"type":599},"Africa’s need for energy storage",{"type":594,"attrs":26372,"content":26373},{"textAlign":49},[26374],{"text":26375,"type":599},"“Right now the lights are off [in Africa],” Mujeeb Ijaz, founder of Our Next Energy (ONE), told attendees at Giga Africa, explaining the connection between access to electricity and GDP. “If we were to meet with leaders of the various countries here in Africa and talk about ambition on GDP […] you can align that information with people’s access to electricity.”",{"type":594,"attrs":26377,"content":26378},{"textAlign":49},[26379],{"type":1186,"attrs":26380},{"id":49,"alt":547,"src":26381,"title":49,"source":49,"copyright":49,"meta_data":26382},"https://a.storyblok.com/f/287943243085208/fa3ea6c34d/bm-mujeeb-ijaz-one-giga-africa.jpg",{},{"type":594,"attrs":26384,"content":26385},{"textAlign":49},[26386],{"text":26387,"type":599},"Mujeeb Ijaz talking at Giga Africa 2025 about Powering Africa with Distributed MicroGrids. Photo credit: Jens Reiterer",{"type":594,"attrs":26389,"content":26390},{"textAlign":49},[26391],{"text":26392,"type":599},"Microgrids utilising solar energy and other renewables will play a key part in developing African electricity access, especially where population centres are more dispersed.",{"type":594,"attrs":26394,"content":26395},{"textAlign":49},[26396,26398,26403],{"text":26397,"type":599},"“Now, ",{"text":26399,"type":599,"marks":26400},"investing",[26401],{"type":604,"attrs":26402},{"href":25584,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":26404,"type":599}," in infrastructure has always been a centralised model,” Ijaz said. “But Africa is different. Africa doesn’t have all of those big cities: It’s a rural and distributed population. So we need a distributed idea around infrastructure.”",{"type":594,"attrs":26406,"content":26407},{"textAlign":49},[26408],{"text":26409,"type":599},"Ganfeng’s Wang agreed, saying that building a large energy grid would be costly. “This solar plus energy storage will be the perfect solution for the population in the remote areas, so they can access the electricity. So we see this as a big potential.”",{"type":594,"attrs":26411,"content":26412},{"textAlign":49},[26413],{"text":26414,"type":599,"marks":26415},"Rho Motion’s Battery Energy Stationary Storage Forecast provides a comprehensive summary and evaluation of the present and future BESS market in Africa, and on a global basis.",[26416],{"type":643},{"type":594,"attrs":26418,"content":26419},{"textAlign":49},[26420],{"text":26421,"type":599,"marks":26422},"This report enables stakeholders in the storage space to evaluate the competitive landscape, from cell to system, understand market opportunities and is a crucial data tool providing regional GWh battery demand by technology and application.",[26423],{"type":643},{"type":594,"attrs":26425,"content":26426},{"textAlign":49},[26427,26431,26438],{"text":26428,"type":599,"marks":26429},"To learn more, ",[26430],{"type":643},{"text":26432,"type":599,"marks":26433},"click here to request a demo of this forecast",[26434,26437],{"type":604,"attrs":26435},{"href":26436,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/research/battery-energy-stationary-storage-forecast/#product-request-demo",{"type":643},{"text":974,"type":599,"marks":26439},[26440],{"type":643},{"type":594,"attrs":26442,"content":26443},{"textAlign":49},[],"Building out Africa’s energy infrastructure is vital for achieving economic growth on the continent and battery energy storage is a key platform technology enabling this. Companies around the world are beginning to recognise the size of the opportunity presented by Africa’s energy storage markets. “We see Africa not only for its resources, we also see […]",[26446],{"slug":544,"name":543,"content":26447},{"job_title":557,"image":26448,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"021d82b3-7ddc-4db6-b6cb-fed35dad9605\", \"id\": \"\"}-->",[26451,26452],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":26454,"copyright":547,"fieldtype":553,"meta_data":26455,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a8ae2f17f9/bm-xiaoshen-wang-ganfeng-lithium.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 24, 2025",{"id":26458,"uuid":12625,"name":26459,"slug":26460,"full_slug":26461,"content":26462},107081035023046,"Africa sees largest lithium supply growth of any region in 2025","africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025",{"_uid":26463,"date":26309,"tags":26464,"editor":26479,"content":26483,"excerpt":26741,"featured":51,"reporter":26742,"_editable":26746,"component":864,"seo_title":26459,"categories":26747,"visibility":2091,"author_company":49,"data_vis_image":26750,"featured_image":26753,"seo_description":26741,"author_full_name":49,"author_job_title":49,"formattedDate":26456},"562c0602-b2b1-4687-ada6-64e4cbae4378",[26465,26466,26467,26468,26469,26470,26471,26472,26475,26476],{"slug":584,"name":585},{"slug":11313,"name":11314},{"slug":578,"name":579},{"slug":4360,"name":4361},{"slug":25555,"name":25556},{"slug":18912,"name":18913},{"slug":26315,"name":26316},{"slug":26473,"name":26474},"sichuan-union-shine-new-energy","Sichuan Union Shine New Energy",{"slug":6606,"name":12530},{"slug":26477,"name":26478},"worley","Worley",[26480],{"slug":544,"name":543,"content":26481},{"job_title":557,"image":26482,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":26484},[26485,26498,26515,26536,26541,26549,26554,26559,26564,26571,26576,26581,26593,26598,26603,26622,26627,26634,26639,26644,26649,26654,26659,26664,26683,26688,26693,26700,26705,26712,26723,26730],{"type":594,"attrs":26486,"content":26487},{"textAlign":49},[26488,26490,26496],{"text":26489,"type":599},"Africa is the largest source of new lithium supply in 2025 with new ",{"text":26491,"type":599,"marks":26492},"supply from the region",[26493],{"type":604,"attrs":26494},{"href":26495,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/africas-lithium-supply-to-treble-this-year-china-dominates-region",{"text":26497,"type":599}," exceeding that of the rest of the world combined, Adam Megginson, a lithium analyst at Benchmark, told attendees at the Giga Africa event in Marrakech, Morocco this week. ",{"type":594,"attrs":26499,"content":26500},{"textAlign":49},[26501,26503,26508,26509,26513],{"text":26502,"type":599},"The bulk of this new supply comes from ",{"text":12526,"type":599,"marks":26504},[26505],{"type":604,"attrs":26506},{"href":26507,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/zimbabwe-africas-lithium-heartland",{"text":1440,"type":599},{"text":18913,"type":599,"marks":26510},[26511],{"type":604,"attrs":26512},{"href":18932,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":26514,"type":599},", though South Africa and Nigeria are also notable contributors.",{"type":594,"attrs":26516,"content":26517},{"textAlign":49},[26518,26520,26526,26528,26534],{"text":26519,"type":599},"However, the key challenge for African countries is capturing a greater share of the value chain by processing more of the raw minerals domestically. Several African nations have taken steps to ban unprocessed ores from being ",{"text":26521,"type":599,"marks":26522},"exported",[26523],{"type":604,"attrs":26524},{"href":26525,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/african-lithium-exports-climb-as-chinese-owned-mines-go-online",{"text":26527,"type":599},", with ",{"text":26529,"type":599,"marks":26530},"Zimbabwe being the first in 2022",[26531],{"type":604,"attrs":26532},{"href":26533,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/zimbabwes-lithium-ore-export-ban-highlights-africas-lithium-potential",{"text":26535,"type":599}," and Namibia following suit in 2023.",{"type":594,"attrs":26537,"content":26538},{"textAlign":49},[26539],{"text":26540,"type":599},"“The justification is clear, it captured more of the added value in the country,” Megginson said. “But the side effect is that it has raised the capex requirement for projects in both countries.”",{"type":627,"attrs":26542},{"id":26543,"body":26544},"a1df4f9f-5f16-459c-8981-6376d1edb372",[26545],{"id":26546,"_uid":26547,"type":634,"_editable":26548,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25282173","i-67317889-6f8b-4045-aaad-74084e1ffc29","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-67317889-6f8b-4045-aaad-74084e1ffc29\", \"id\": \"\"}-->",{"type":657,"attrs":26550,"content":26551},{"level":15966,"textAlign":49},[26552],{"text":26553,"type":599},"Capturing the value chain",{"type":594,"attrs":26555,"content":26556},{"textAlign":49},[26557],{"text":26558,"type":599},"Zimbabwe’s Secretary for the Ministry of Mines and Mining Development, Pfungwa Kunaka, explained that although the country currently processes lithium up to the concentrate stage, the next step is to reach the sulphate level domestically.",{"type":594,"attrs":26560,"content":26561},{"textAlign":49},[26562],{"text":26563,"type":599},"“I know this is still a level which is far away from getting us to battery manufacturing. But for us, we view that as a good start,” Kunaka told Giga Africa attendees. “What we need to address as a country is the infrastructure for producing lithium batteries.”",{"type":594,"attrs":26565,"content":26566},{"textAlign":49},[26567],{"type":1186,"attrs":26568},{"id":49,"alt":547,"src":26569,"title":49,"source":49,"copyright":49,"meta_data":26570},"https://a.storyblok.com/f/287943243085208/486c009173/bm-pfungwa-kunaka-zimbabwe-giga-africa-2025.jpg",{},{"type":594,"attrs":26572,"content":26573},{"textAlign":49},[26574],{"text":26575,"type":599},"Secretary for the Ministry of Mines and Mining Development in Zimbabwe, Pfungwa Kunaka, speaking at Giga Africa about why to invest in Africa. Photo credit: Jens Reiterer",{"type":594,"attrs":26577,"content":26578},{"textAlign":49},[26579],{"text":26580,"type":599},"Downstream participants also see benefits in Africa capturing more of the value chain across the critical mineral space, not just for lithium.",{"type":594,"attrs":26582,"content":26583},{"textAlign":49},[26584,26586,26591],{"text":26585,"type":599},"“The supply chain already has deep roots in Africa. What’s not yet rooted [is] the processing of materials” said Mujeeb Ijaz, founder of ",{"text":26587,"type":599,"marks":26588},"Our Next Energy",[26589],{"type":604,"attrs":26590},{"href":20786,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":26592,"type":599},". “Vertical integration of supply chains and compressing margins is the way forward.”",{"type":657,"attrs":26594,"content":26595},{"level":15966,"textAlign":49},[26596],{"text":26597,"type":599},"Challenges in Africa",{"type":594,"attrs":26599,"content":26600},{"textAlign":49},[26601],{"text":26602,"type":599},"A challenge often facing miners, chemical producers and manufacturers in Africa is infrastructure.",{"type":594,"attrs":26604,"content":26605},{"textAlign":49},[26606,26608,26612,26614,26620],{"text":26607,"type":599},"Xiaoshen Wang, CEO and Vice Chairman of ",{"text":4361,"type":599,"marks":26609},[26610],{"type":604,"attrs":26611},{"href":26356,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":26613,"type":599},", told delegates that its ",{"text":26615,"type":599,"marks":26616},"Goulamina mine in Mali",[26617],{"type":604,"attrs":26618},{"href":26619,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ganfeng-doubles-pilbara-offtake-and-ups-mali-mine-stake-in-bid-for-spodumene",{"text":26621,"type":599},", “is not an easy project, the power supply is tight” and that “diesel in Mali is very expensive.”",{"type":594,"attrs":26623,"content":26624},{"textAlign":49},[26625],{"text":26626,"type":599},"As such, Ganfeng is looking to electrify the mine, replacing diesel trucks and generators with electricity from renewable sources. Wang says this will both reduce costs and improve emissions.",{"type":594,"attrs":26628,"content":26629},{"textAlign":49},[26630],{"type":1186,"attrs":26631},{"id":49,"alt":547,"src":26632,"title":49,"source":49,"copyright":49,"meta_data":26633},"https://a.storyblok.com/f/287943243085208/dc36aaed65/bm-xiaoshen-wang-ganfeng-lithium-2.jpg",{},{"type":594,"attrs":26635,"content":26636},{"textAlign":49},[26637],{"text":26638,"type":599},"Xiaoshen Wang (Ganfeng Lithium) presenting at Giga Africa. Photo credit: Jens Reiterer",{"type":594,"attrs":26640,"content":26641},{"textAlign":49},[26642],{"text":26643,"type":599},"Key to this is the addition of solar power generation on site, a sentiment echoed by Mervyn Stevens of engineering, procurement, and construction specialist Worley.",{"type":594,"attrs":26645,"content":26646},{"textAlign":49},[26647],{"text":26648,"type":599},"“Wherever cogeneration is an option, that is a key one [to bring costs down],” Stevens said.",{"type":594,"attrs":26650,"content":26651},{"textAlign":49},[26652],{"text":26653,"type":599},"The availability of reagents is also a potential bottleneck for African projects, so generating these on site can alleviate this problem and bring other benefits.",{"type":594,"attrs":26655,"content":26656},{"textAlign":49},[26657],{"text":26658,"type":599},"“Our suggestion is to construct and manage the sulphuric acid plant,” Diana Fu, Chief Marketing Officer at Sichuan Union Shine New Energy, told attendees. “Because when you are operating to produce a lithium carbonate or lithium hydroxide site, then you need to use the sulphuric acid right at the same time, and the waste heat can be useful for the electricity power generation.”",{"type":657,"attrs":26660,"content":26661},{"level":15966,"textAlign":49},[26662],{"text":26663,"type":599},"The global context",{"type":594,"attrs":26665,"content":26666},{"textAlign":49},[26667,26669,26674,26676,26681],{"text":26668,"type":599},"Australia, the largest producer of hard rock lithium saw its mined lithium output fall in 2025 with mines placed into ",{"text":26670,"type":599,"marks":26671},"care and maintenance",[26672],{"type":604,"attrs":26673},{"href":21296,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":26675,"type":599}," amidst ",{"text":26677,"type":599,"marks":26678},"falling lithium prices",[26679],{"type":604,"attrs":26680},{"href":17125,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":26682,"type":599}," and short term oversupply.",{"type":594,"attrs":26684,"content":26685},{"textAlign":49},[26686],{"text":26687,"type":599},"Although 2025 has seen challenges for lithium miners, the broader demand picture is positive, with lithium demand from batteries increasing by around a quarter this year presenting ample opportunity for African countries to contribute.",{"type":594,"attrs":26689,"content":26690},{"textAlign":49},[26691],{"text":26692,"type":599},"As Adam Panayi, chief research officer at Benchmark, said at the event: “Find another commodity market with 25% growth in a bad year.”",{"type":594,"attrs":26694,"content":26695},{"textAlign":49},[26696],{"type":1186,"attrs":26697},{"id":49,"alt":547,"src":26698,"title":49,"source":49,"copyright":49,"meta_data":26699},"https://a.storyblok.com/f/287943243085208/c611c4b00e/bm-adam-p-giga-africa.jpg",{},{"type":594,"attrs":26701,"content":26702},{"textAlign":49},[26703],{"text":26704,"type":599},"Adam Panayi presenting at Giga Africa. Photo credit: Jens Reiterer",{"type":594,"attrs":26706,"content":26707},{"textAlign":49},[26708],{"text":26709,"type":599,"marks":26710},"Benchmark’s Lithium Forecast has taken a major step forward with the addition of enhanced long-term pricing and project-specific incentive prices, providing a practical and actionable view of future supply costs.",[26711],{"type":643},{"type":594,"attrs":26713,"content":26714},{"textAlign":49},[26715,26719],{"text":26716,"type":599,"marks":26717},"A key feature of this price model is unparalleled coverage of emerging opportunities and projects in regions such as ",[26718],{"type":643},{"text":26720,"type":599,"marks":26721},"Nigeria, South Africa, and Namibia.",[26722],{"type":643},{"type":594,"attrs":26724,"content":26725},{"textAlign":49},[26726],{"text":26727,"type":599,"marks":26728},"Utilise Benchmark’s Lithium Forecast to stay at the forefront of Africa’s lithium surge. Submit your details below to request more information from our team.",[26729],{"type":643},{"type":627,"attrs":26731},{"id":26732,"body":26733},"9c8800a2-d34c-432d-9ccd-85ce70c34593",[26734],{"id":835,"_uid":26735,"_editable":26736,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":26737,"success_file":26738,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":26740},"i-f395d825-cd42-4867-8083-2341c58a1c25","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-f395d825-cd42-4867-8083-2341c58a1c25\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":26739},{},[],"Africa is the largest source of new lithium supply in 2025 with new supply from the region exceeding that of the rest of the world combined, Adam Megginson, a lithium analyst at Benchmark, told attendees at the Giga Africa event in Marrakech, Morocco this week. The bulk of this new supply comes from Zimbabwe and […]",[26743],{"slug":544,"name":543,"content":26744},{"job_title":557,"image":26745,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"562c0602-b2b1-4687-ada6-64e4cbae4378\", \"id\": \"\"}-->",[26748,26749],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":26751,"copyright":547,"fieldtype":553,"meta_data":26752,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1758738265/www-production/New-lithium@2x/New-lithium@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":26754,"copyright":547,"fieldtype":553,"meta_data":26755,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f969ce77e1/bm-african-lithium-pnel-giga-africa-high-res.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":26757,"uuid":26758,"name":26759,"slug":26760,"full_slug":26761,"content":26762},107061704469796,"65588906-d4c5-4842-83b5-4e2c882c5557","Key takeaways from RE+ 2025","key-takeaways-from-re-2025","article/key-takeaways-from-re-2025",{"_uid":26763,"date":26764,"tags":26765,"editor":26774,"content":26778,"excerpt":26853,"featured":51,"reporter":26854,"_editable":26858,"component":864,"seo_title":26759,"categories":26859,"visibility":882,"author_company":49,"featured_image":26863,"seo_description":26853,"author_full_name":49,"author_job_title":49,"formattedDate":26866},"94a99a62-0ef6-4424-b693-77f2369be512","2025-09-23 00:00",[26766,26769,26770,26771,26772],{"slug":26767,"name":26768},"feoc","FEOC",{"slug":13869,"name":8803},{"slug":2787,"name":2788},{"slug":3874,"name":3875},{"slug":26773,"name":13365},"us",[26775],{"slug":544,"name":543,"content":26776},{"job_title":557,"image":26777,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":26779},[26780,26785,26790,26795,26800,26805,26810,26815,26820,26825,26830,26835,26840,26845,26850],{"type":594,"attrs":26781,"content":26782},{"textAlign":49},[26783],{"text":26784,"type":599},"Rho Motion analysts attended the recent RE+ event in Las Vegas Nevada, the largest clean energy event in North America. RE+ is a pivotal opportunity to put the finger on the pulse of the US energy transition, and this year provided insights into investor sentiment and technology developments.",{"type":657,"attrs":26786,"content":26787},{"level":15966,"textAlign":49},[26788],{"text":26789,"type":599},"Notable product launches from Tesla and e-STORAGE",{"type":594,"attrs":26791,"content":26792},{"textAlign":49},[26793],{"text":26794,"type":599},"RE+ is typically used as a platform for new product launches, and the 2025 event was no different.",{"type":594,"attrs":26796,"content":26797},{"textAlign":49},[26798],{"text":26799,"type":599},"Tesla released:",{"type":594,"attrs":26801,"content":26802},{"textAlign":49},[26803],{"text":26804,"type":599},"The product aims to reduce commissioning time by 23% and achieve a 40% reduction in construction costs. This latest product will be produced from Tesla’s 50GWh Houston facility, currently under construction, and will be ready for shipment in H2 2026.",{"type":594,"attrs":26806,"content":26807},{"textAlign":49},[26808],{"text":26809,"type":599},"Additionally, Tesla released:",{"type":594,"attrs":26811,"content":26812},{"textAlign":49},[26813],{"text":26814,"type":599},"Other notable unveilings included:",{"type":657,"attrs":26816,"content":26817},{"level":15966,"textAlign":49},[26818],{"text":26819,"type":599},"Policy uncertainty remains key topic of conversation",{"type":594,"attrs":26821,"content":26822},{"textAlign":49},[26823],{"text":26824,"type":599},"Aside from new product releases, the dominating theme of the conference was Foreign Entity of Concern (FEOC) and One Big Beautiful Bill Act (OBBBA) compliance. Conversations with system integrators, developers and investors yielded a range of responses and concerns regarding the regulatory limbo in which the US storage industry finds itself.",{"type":594,"attrs":26826,"content":26827},{"textAlign":49},[26828],{"text":26829,"type":599},"The available US-produced cells are being snapped up, with Tesla and EG3 announcing offtakes with LG Energy Solution for domestically manufactured cells. Notably a strong interest in Korean cells was also expressed from a number of other integrators and developers Rho Motion met with.",{"type":594,"attrs":26831,"content":26832},{"textAlign":49},[26833],{"text":26834,"type":599},"Elsewhere, those who have recently brought online or are planning LFP production in the coming years shared the likelihood of changes in ownership structures as well as supply chain adjustments in the coming months to ensure they can provide eligible products from 2026.",{"type":657,"attrs":26836,"content":26837},{"level":15966,"textAlign":49},[26838],{"text":26839,"type":599},"How are developers responding to the changing market?",{"type":594,"attrs":26841,"content":26842},{"textAlign":49},[26843],{"text":26844,"type":599},"Developers are now prioritising Engineering, Procurement, and Construction (EPC) cost reductions with fears of hardware costs increasing and increasing fears of IRA tax-credit eligibility, which makes Tesla’s announcement all the more relevant. Indeed, with Powin’s exit from the market, there are murmurings of developers considering integrating their own systems and removing the role of bespoke integrator altogether.",{"type":594,"attrs":26846,"content":26847},{"textAlign":49},[26848],{"text":26849,"type":599},"Overall, the momentum of transition remains, yet the question of how to maintain it in the context of such regulatory uncertainty was the key takeaway from this years’ conference. ",{"type":594,"attrs":26851,"content":26852},{"textAlign":49},[],"Rho Motion analysts attended the recent RE+ event in Las Vegas Nevada, the largest clean energy event in North America. RE+ is a pivotal opportunity to put the finger on the pulse of the US energy transition, and this year provided insights into investor sentiment and technology developments. Notable product launches from Tesla and e-STORAGE […]",[26855],{"slug":544,"name":543,"content":26856},{"job_title":557,"image":26857,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"94a99a62-0ef6-4424-b693-77f2369be512\", \"id\": \"\"}-->",[26860,26861,26862],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":26864,"copyright":547,"fieldtype":553,"meta_data":26865,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e301e43adf/bm-image-from-ios-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 23, 2025",{"id":26868,"uuid":686,"name":26869,"slug":26870,"full_slug":26871,"content":26872},112398826410642,"DRC to lift cobalt export ban and impose quotas through 2027","drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027",{"_uid":26873,"date":26874,"tags":26875,"editor":26878,"content":26882,"excerpt":26974,"featured":51,"reporter":26975,"_editable":26979,"component":864,"seo_title":26869,"categories":26980,"visibility":2091,"author_company":49,"featured_image":26984,"seo_description":26974,"author_full_name":49,"author_job_title":49,"formattedDate":26987},"299cf71a-77c6-4554-89ff-aae467f8e17c","2025-09-22 00:00",[26876,26877],{"slug":572,"name":573},{"slug":4610,"name":662},[26879],{"slug":544,"name":543,"content":26880},{"job_title":557,"image":26881,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":26883},[26884,26889,26894,26899,26904,26909,26914,26919,26927,26932,26937,26968,26971],{"type":594,"attrs":26885,"content":26886},{"textAlign":49},[26887],{"text":26888,"type":599},"The Democratic Republic of the Congo (DRC) will lift its ban on cobalt exports on 16 October, replacing it with a strict quota system that will govern mined output and exports until at least 2027.",{"type":594,"attrs":26890,"content":26891},{"textAlign":49},[26892],{"text":26893,"type":599},"In a communiqué published by Arecoms, the state cobalt regulator, Kinshasa announced a short extension of the current export suspension until 15 October before transitioning to monthly quota-based allocations. This timeline is consistent with Benchmark’s reporting in the 17 September Cobalt Price Report.",{"type":594,"attrs":26895,"content":26896},{"textAlign":49},[26897],{"text":26898,"type":599},"For the remainder of 2025, permitted exports will be capped at 18,125t of cobalt. In 2026, the annual quota is set at 96,600t, of which 87,000t will be distributed to producers on a pro rata basis, with 9,600t retained under Arecoms’ discretionary control. The framework will run through 2027, with adjustments possible if officials deem the market “imbalanced.”",{"type":657,"attrs":26900,"content":26901},{"level":15966,"textAlign":49},[26902],{"text":26903,"type":599},"Cobalt quotas to tighten stock levels",{"type":594,"attrs":26905,"content":26906},{"textAlign":49},[26907],{"text":26908,"type":599},"The new quota regime effectively rules out a return to free-trade exports, entrenching long-term state control over cobalt flows at the global origin of supply.",{"type":594,"attrs":26910,"content":26911},{"textAlign":49},[26912],{"text":26913,"type":599},"Prices have already absorbed policy-driven tightness: cobalt hydroxide prices have more than doubled YTD, holding above $14/lb, while cobalt sulphate trades above RMB55,000/t. In Asia, payables for mixed hydroxide precipitate (MHP) remain above 72% of contained cobalt as refiners diversify away from restricted DRC flows and compete more aggressively for Indonesian units.",{"type":594,"attrs":26915,"content":26916},{"textAlign":49},[26917],{"text":26918,"type":599},"Benchmark’s assessment is that the introduction of quotas embeds a structural supply constraint through 2027. While this offers clarity after several rounds of regulatory uncertainty, it also locks in a higher price floor, even as demand from the nickel cobalt manganese (NCM) battery sector remains broadly rangebound.",{"type":627,"attrs":26920},{"id":26921,"body":26922},"9cea3a4e-78ba-4bf8-9beb-d12d615c323b",[26923],{"id":26924,"_uid":26925,"type":634,"_editable":26926,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25259075","i-844bc5c6-bada-4312-86fe-c843db305aca","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-844bc5c6-bada-4312-86fe-c843db305aca\", \"id\": \"\"}-->",{"type":594,"attrs":26928,"content":26929},{"textAlign":49},[26930],{"text":26931,"type":599},"Benchmark analysis further indicates that the quota system will reduce ex-DRC cobalt stocks to ~1 month of demand by Q4 26, and maintain them at that level through most of 2027. The exact impact will depend on output from exempted producers and the scale of discretionary Arecoms exports.",{"type":594,"attrs":26933,"content":26934},{"textAlign":49},[26935],{"text":26936,"type":599},"However, even if the regulator releases 100% of its strategic quota, Benchmark expects a risk of demand destruction to emerge in late 2027. Unless exempted producers are able to plug the gap, an upward quota adjustment would be required to meet sustained market demand.",{"type":594,"attrs":26938,"content":26939},{"textAlign":49},[26940,26944,26948,26952,26956,26960,26967],{"text":26941,"type":599,"marks":26942},"Join us on ",[26943],{"type":643},{"text":26945,"type":599,"marks":26946},"Tuesday 23rd September ",[26947],{"type":643},{"text":26949,"type":599,"marks":26950},"at ",[26951],{"type":643},{"text":26953,"type":599,"marks":26954},"09:00 or 15:00 (GMT+1)",[26955],{"type":643},{"text":26957,"type":599,"marks":26958}," for the Benchmark webinar ",[26959],{"type":643},{"text":26961,"type":599,"marks":26962},"Unpacking the DRC’s Cobalt Export Ban Decision: End or Extend?",[26963,26966],{"type":604,"attrs":26964},{"href":26965,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/unpacking-the-drcs-cobalt-export-ban-decision-end-or-extend",{"type":643},{"text":974,"type":599},{"type":594,"attrs":26969,"content":26970},{"textAlign":49},[],{"type":594,"attrs":26972,"content":26973},{"textAlign":49},[],"The Democratic Republic of the Congo (DRC) will lift its ban on cobalt exports on 16 October, replacing it with a strict quota system that will govern mined output and exports until at least 2027. In a communiqué published by Arecoms, the state cobalt regulator, Kinshasa announced a short extension of the current export suspension […]",[26976],{"slug":544,"name":543,"content":26977},{"job_title":557,"image":26978,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"299cf71a-77c6-4554-89ff-aae467f8e17c\", \"id\": \"\"}-->",[26981,26982,26983],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":26985,"copyright":547,"fieldtype":553,"meta_data":26986,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7e3d6fc7c1/bm-drc-flag-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 22, 2025",{"id":26989,"uuid":6990,"name":26990,"slug":26991,"full_slug":26992,"content":26993},112398831133331,"China sets 180GW target for BESS by 2027","china-sets-180gw-target-for-bess-by-2027","article/china-sets-180gw-target-for-bess-by-2027",{"_uid":26994,"date":26995,"tags":26996,"editor":27002,"content":27006,"excerpt":27091,"featured":51,"reporter":27092,"component":864,"seo_title":26990,"categories":27096,"visibility":882,"author_company":49,"data_vis_image":27100,"featured_image":27102,"seo_description":27105,"author_full_name":49,"author_job_title":49,"formattedDate":27106},"c48d5c09-f593-42a3-99ec-bceea740ca61","2025-09-18 00:00",[26997,26998,26999],{"slug":913,"name":914},{"slug":4610,"name":662},{"slug":27000,"name":27001},"data-centres","Data centres",[27003],{"slug":544,"name":543,"content":27004},{"job_title":557,"image":27005,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":27007},[27008,27020,27025,27030,27035,27040,27045,27062,27067,27074,27086],{"type":594,"attrs":27009,"content":27010},{"textAlign":49},[27011,27013,27018],{"text":27012,"type":599},"China is targeting ",{"text":27014,"type":599,"marks":27015},"180GW of installed capacity",[27016],{"type":604,"attrs":27017},{"href":20804,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":27019,"type":599}," of “New Energy Storage” by 2027. The target was laid out by China’s National Energy Administration (NEA) ahead of the Central government’s upcoming 15th Five-Year Plan and is estimated to require an investment of ~RMB250 billion ($35bn).",{"type":594,"attrs":27021,"content":27022},{"textAlign":49},[27023],{"text":27024,"type":599},"This plan takes into account the integration of renewable energy into the grid and the security of power supply. It also highlights the promotion of storage projects in deserts, the Gobi and other arid regions, to maximise the natural resources and land available in such regions compared to more densely populated areas.",{"type":594,"attrs":27026,"content":27027},{"textAlign":49},[27028],{"text":27029,"type":599},"Although the target marks a 131% increase compared to the total installed capacity in 2024, it is not particularly ambitious given the rate of growth seen in China’s energy storage market.",{"type":594,"attrs":27031,"content":27032},{"textAlign":49},[27033],{"text":27034,"type":599},"New energy storage refers to non-hydro technologies, including BESS and compressed air systems.",{"type":657,"attrs":27036,"content":27037},{"level":15966,"textAlign":49},[27038],{"text":27039,"type":599},"Plan targets emerging battery technologies ",{"type":594,"attrs":27041,"content":27042},{"textAlign":49},[27043],{"text":27044,"type":599},"The environmental conditions in deserts and arid regions are extremely harsh and temperatures can vary widely depending on the time of day and season, highlighting the need for storage technologies suited to extreme conditions. ",{"type":594,"attrs":27046,"content":27047},{"textAlign":49},[27048,27053,27055,27060],{"text":27049,"type":599,"marks":27050},"Flow batteries",[27051],{"type":604,"attrs":27052},{"href":24094,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":27054,"type":599}," are safer and better suited for long-duration storage, while ",{"text":6817,"type":599,"marks":27056},[27057],{"type":604,"attrs":27058},{"href":27059,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-role-can-sodium-ion-batteries-play-in-energy-storage",{"text":27061,"type":599}," demonstrate strong performance in low-temperature scenarios. During the 14th Five-Year Plan period, China connected its first 100MWh sodium ion battery storage plant and 1GWh vanadium flow battery project to the grid. ",{"type":594,"attrs":27063,"content":27064},{"textAlign":49},[27065],{"text":27066,"type":599},"Drawing on this experience, the latest action plan specifies that although lithium ion batteries will remain the dominant technology between 2025 and 2027, flow batteries and sodium-ion batteries will continue towards commercialisation and solid-state storage will progress through the demonstration stage of the development cycle. ",{"type":627,"attrs":27068},{"id":27069,"body":27070},"92f4829e-fbfc-4890-812e-1ce6b9a34709",[27071],{"id":27072,"_uid":27073,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25181226","i-d215b1c4-116b-48de-9e6a-4c2ac85c5691",{"type":594,"attrs":27075,"content":27076},{"textAlign":49},[27077,27079,27084],{"text":27078,"type":599},"The action plan also prioritises the development of energy storage capacity industrial parks and ",{"text":27080,"type":599,"marks":27081},"data centres",[27082],{"type":604,"attrs":27083},{"href":24007,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":27085,"type":599},". In May 2025, China introduced its “Direct Green Power Access” policy, followed in July by the “Zero-Carbon Park” initiative, providing the regulatory foundation for deployment in these settings.",{"type":594,"attrs":27087,"content":27088},{"textAlign":49},[27089],{"text":27090,"type":599},"The latest target is a step up from the 30GW target set by the NEA as part of the 14th Plan, for 2025. Following that target, provincial authorities quickly raised their ambitions, setting combined targets of 80GW.","China is targeting 180GW of installed capacity of “New Energy Storage” by 2027. The target was laid out by China’s National Energy Administration (NEA) ahead of the Central government’s upcoming 15th Five-Year Plan and is estimated to require an investment of ~RMB250 billion ($35bn). This plan takes into account the integration of renewable energy into […]",[27093],{"slug":3830,"name":3831,"content":27094},{"job_title":3833,"image":27095,"bio":3836,"linkedin":3837,"markets_covered":3838},{"filename":3835},[27097,27098,27099],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":880,"name":881},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":27101},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":27103,"copyright":547,"fieldtype":553,"meta_data":27104,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d6d9180f8d/bm-shutterstock-2652020507.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"China is targeting 180GW of installed capacity of “New Energy Storage” by 2027. The target is estimated to require an investment of ~RMB250 billion ($35bn).","Sep 18, 2025",{"id":27108,"uuid":27109,"name":27110,"slug":27111,"full_slug":27112,"content":27113},112398836060820,"3f1b276c-396e-48c0-aed7-88337da90767","EU turns to DRC copper as US draws record Chilean imports","eu-turns-to-drc-copper-as-us-draws-record-chilean-imports","article/eu-turns-to-drc-copper-as-us-draws-record-chilean-imports",{"_uid":27114,"date":27115,"tags":27116,"editor":27120,"content":27124,"excerpt":27194,"featured":51,"reporter":27195,"_editable":27199,"component":864,"seo_title":27110,"categories":27200,"visibility":2091,"author_company":49,"featured_image":27203,"seo_description":27194,"author_full_name":49,"author_job_title":49,"formattedDate":27206},"95954df0-78a1-44ce-9a0a-46764125e199","2025-09-17 00:00",[27117,27118,27119],{"slug":572,"name":573},{"slug":2790,"name":2791},{"slug":1375,"name":1376},[27121],{"slug":544,"name":543,"content":27122},{"job_title":557,"image":27123,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":27125},[27126,27138,27143,27148,27153,27161,27166,27171,27176,27183],{"type":594,"attrs":27127,"content":27128},{"textAlign":49},[27129,27131,27136],{"text":27130,"type":599},"Fears of tariffs drove the ",{"text":27132,"type":599,"marks":27133},"US to import record levels of copper cathode during the first seven months of 2025",[27134],{"type":604,"attrs":27135},{"href":17191,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":27137,"type":599},", pulling supply away from Europe as Chilean exports were re-routed to the US to capture the wide arbitrage between CME and LME copper benchmarks.",{"type":594,"attrs":27139,"content":27140},{"textAlign":49},[27141],{"text":27142,"type":599},"The US drew in 342kt of Chilean copper in Q2 25 – equivalent to ~25% of Chile’s total mined output during the period. With a large share of Chilean brands CME-deliverable, suppliers in the region were well placed to exploit the arbitrage, which remained above $1,000/t for much of the year.",{"type":594,"attrs":27144,"content":27145},{"textAlign":49},[27146],{"text":27147,"type":599},"“We definitely saw the switch from South America to the US [from Europe], meaning [Europe] imported more from the DRC,” a trader said, pointing to the arbitrage premium.",{"type":594,"attrs":27149,"content":27150},{"textAlign":49},[27151],{"text":27152,"type":599},"The tightness created by Chilean copper heading to the US boosted imports of DRC copper into the European Union (EU), which increased 72% y-o-y in Q2 25 trade data shows. While the US also absorbed DRC copper, it was less pronounced than the EU given the scale of Chilean inflows to the US.",{"type":627,"attrs":27154},{"id":27155,"body":27156},"a268f819-9b9a-4485-bbb9-3a15ccf47d1a",[27157],{"id":27158,"_uid":27159,"type":634,"_editable":27160,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25182272","i-0f43fc6d-03f2-4a3f-bbdc-2582f0a155dc","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0f43fc6d-03f2-4a3f-bbdc-2582f0a155dc\", \"id\": \"\"}-->",{"type":594,"attrs":27162,"content":27163},{"textAlign":49},[27164],{"text":27165,"type":599},"European imports of DRC copper had already been steadily growing in recent years, given the sharp rise in the DRC’s copper production. DRC mined copper output is forecast at 3.3Mt in 2025, up from 1.6Mt in 2020.",{"type":594,"attrs":27167,"content":27168},{"textAlign":49},[27169],{"text":27170,"type":599},"At the same time, Chinese imports from the DRC fell significantly across Q1 and Q2 2025, compared with previous quarters.",{"type":594,"attrs":27172,"content":27173},{"textAlign":49},[27174],{"text":27175,"type":599},"Russian-origin copper has also lost ground in Europe since Russia’s full-scale invasion of Ukraine in 2022. As of April 2024, new Russian material is non-LME deliverable, and is considered less desirable than other brands in the market with Russian material largely being diverted to China.",{"type":594,"attrs":27177,"content":27178},{"textAlign":49},[27179],{"text":27180,"type":599,"marks":27181},"To learn more about Benchmark’s copper market coverage fill out the form below.",[27182],{"type":643},{"type":627,"attrs":27184},{"id":27185,"body":27186},"8fa42b11-84f8-4485-b4cb-5ab0feacb4fa",[27187],{"id":835,"_uid":27188,"_editable":27189,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":27190,"success_file":27191,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":27193},"i-1b241e0c-c77f-4b3c-85cf-5eb05f4c6744","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-1b241e0c-c77f-4b3c-85cf-5eb05f4c6744\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":27192},{},[],"Fears of tariffs drove the US to import record levels of copper cathode during the first seven months of 2025, pulling supply away from Europe as Chilean exports were re-routed to the US to capture the wide arbitrage between CME and LME copper benchmarks. The US drew in 342kt of Chilean copper in Q2 25 […]",[27196],{"slug":544,"name":543,"content":27197},{"job_title":557,"image":27198,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"95954df0-78a1-44ce-9a0a-46764125e199\", \"id\": \"\"}-->",[27201,27202],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":27204,"copyright":547,"fieldtype":553,"meta_data":27205,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6f93deea6d/bm-trade-picture1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 17, 2025",{"id":27208,"uuid":27209,"name":27210,"slug":27211,"full_slug":27212,"content":27213},107059295472462,"a7c76a40-25a2-46c3-879d-3e5ae00319ab","Indonesia launches illegal nickel mining crackdown","indonesia-launches-illegal-nickel-mining-crackdown","article/indonesia-launches-illegal-nickel-mining-crackdown",{"_uid":27214,"date":27115,"tags":27215,"editor":27218,"content":27222,"excerpt":27309,"featured":51,"reporter":27310,"_editable":27314,"component":864,"seo_title":27210,"categories":27315,"visibility":882,"author_company":49,"featured_image":27319,"seo_description":27309,"author_full_name":49,"author_job_title":49,"formattedDate":27206},"a66f0f42-8b0f-4445-aa57-349a12e5dbbb",[27216,27217],{"slug":7997,"name":7998},{"slug":23760,"name":23761},[27219],{"slug":544,"name":543,"content":27220},{"job_title":557,"image":27221,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":27223},[27224,27229,27234,27239,27247,27258,27263,27268,27273,27278,27286,27291,27304],{"type":594,"attrs":27225,"content":27226},{"textAlign":49},[27227],{"text":27228,"type":599},"Indonesia’s Forestry Task Force last week seized ~148 hectares of land occupied by PT Weda Bay Nickel in Halmahera, North Maluku, citing a lack of relevant permits.",{"type":594,"attrs":27230,"content":27231},{"textAlign":49},[27232],{"text":27233,"type":599},"The move marks the first high-profile enforcement in the nickel sector since President Prabowo Subianto vowed to step up action against illegal mining in August. Officials said the task force was investigating more than 1,000 sites for similar breaches, echoing a similar crackdown on the palm oil industry earlier this year.",{"type":594,"attrs":27235,"content":27236},{"textAlign":49},[27237],{"text":27238,"type":599},"PT Weda Bay Nickel, a joint venture between China’s Tsingshan and France’s Eramet, is Indonesia’s – and the world’s – largest nickel mine, projected to produce ~310,000t of nickel in 2025, according to the Benchmark Nickel Forecast. This represents 12% of Indonesia’s total mined output and 8% of global supply this year.",{"type":627,"attrs":27240},{"id":27241,"body":27242},"a6fe02e7-f09e-4a08-b0e6-84cdca86d9d7",[27243],{"id":27244,"_uid":27245,"type":634,"_editable":27246,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25163993","i-17b5c46e-185d-491d-80d5-5b75bb0bda2a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-17b5c46e-185d-491d-80d5-5b75bb0bda2a\", \"id\": \"\"}-->",{"type":594,"attrs":27248,"content":27249},{"textAlign":49},[27250,27252],{"text":27251,"type":599},"The mine spans ~45,000 hectares, making the land seizure only a small share of the overall site. Benchmark therefore anticipates a relatively limited impact on the mine’s output, ",{"text":27253,"type":599,"marks":27254},"although a wider crackdown could signal additional ore tightness for domestic smelters over the coming months.",[27255],{"type":604,"attrs":27256},{"href":27257,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indonesian-nickel-smelters-face-soaring-ore-costs-amid-domestic-supply-crunch",{"type":657,"attrs":27259,"content":27260},{"level":15966,"textAlign":49},[27261],{"text":27262,"type":599},"Weda Bay disproportionately affected by mine quota restrictions",{"type":594,"attrs":27264,"content":27265},{"textAlign":49},[27266],{"text":27267,"type":599},"The Weda Bay mine supplies a large share of Indonesia Weda Bay Industrial Park (IWIP) ore requirements – the country’s second-largest nickel industrial park – serving both rotary kiln electric furnace (RKEF) smelters and the Huafei high pressure acid leach (HPAL) operation, the world’s largest by capacity.",{"type":594,"attrs":27269,"content":27270},{"textAlign":49},[27271],{"text":27272,"type":599},"The mine could supply ~50% (>80Mwmt of ore) of IWIP’s ore demand, according to operator Eramet, but has faced restricted quotas from the Ministry of Energy and Mineral Resources for the 2024–2026 period, capped at 32Mwmt in 2025. Although revised upwards to 42Mwmt in July, the limit has left processors at IWIP managing a shortfall in local ore supply.",{"type":594,"attrs":27274,"content":27275},{"textAlign":49},[27276],{"text":27277,"type":599},"As a result, Weda Bay is the leading importer of nickel ore from the Philippines year-to-date, Benchmark analysis of trade data shows. This reflects not only volume requirements but also ore quality: operations blend imported ore to balance high silicon-magnesium (Si-Mg) levels in local ore, helping to lower processing costs.",{"type":627,"attrs":27279},{"id":27280,"body":27281},"4464ff23-81aa-4e7c-baea-4f28ceb5495b",[27282],{"id":27283,"_uid":27284,"type":634,"_editable":27285,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25177806","i-f0dd02d2-1c07-47c6-ab85-7b37f61c67e1","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f0dd02d2-1c07-47c6-ab85-7b37f61c67e1\", \"id\": \"\"}-->",{"type":657,"attrs":27287,"content":27288},{"level":15966,"textAlign":49},[27289],{"text":27290,"type":599},"Indonesian policy shifts emerge as key nickel market risk",{"type":594,"attrs":27292,"content":27293},{"textAlign":49},[27294,27296,27302],{"text":27295,"type":599},"Indonesia has built a near-monopoly over global refined nickel supply, ",{"text":27297,"type":599,"marks":27298},"and the government has begun tightening regulations in several areas",[27299],{"type":604,"attrs":27300},{"href":27301,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/is-indonesias-nickel-boom-at-risk-from-shifting-policy",{"text":27303,"type":599}," to exert greater control over the country’s resources.",{"type":594,"attrs":27305,"content":27306},{"textAlign":49},[27307],{"text":27308,"type":599},"These measures mark a shift from the rapid supply expansion of 2019–2023 towards a more tightly regulated operating environment. Benchmark views Indonesia’s evolving policy environment as the primary supply-side risk to the nickel industry, even though the current measures are unlikely to fundamentally alter market balance in the short to medium term.","Indonesia’s Forestry Task Force last week seized ~148 hectares of land occupied by PT Weda Bay Nickel in Halmahera, North Maluku, citing a lack of relevant permits. The move marks the first high-profile enforcement in the nickel sector since President Prabowo Subianto vowed to step up action against illegal mining in August. Officials said the […]",[27311],{"slug":544,"name":543,"content":27312},{"job_title":557,"image":27313,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a66f0f42-8b0f-4445-aa57-349a12e5dbbb\", \"id\": \"\"}-->",[27316,27317,27318],{"slug":872,"name":873},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":27320,"copyright":547,"fieldtype":553,"meta_data":27321,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9e68a947d3/bm-indonesia-mine-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":27323,"uuid":27324,"name":27325,"slug":27326,"full_slug":27327,"content":27328},112398856725143,"9c544faa-5cf7-4532-aa33-a6af515c8091","China announces new two-year plan for the auto sector","china-announces-new-two-year-plan-for-the-auto-sector","article/china-announces-new-two-year-plan-for-the-auto-sector",{"_uid":27329,"date":27330,"tags":27331,"editor":27335,"content":27339,"excerpt":27456,"featured":51,"reporter":27457,"_editable":27461,"component":864,"seo_title":27325,"categories":27462,"visibility":882,"author_company":49,"data_vis_image":27466,"featured_image":27469,"seo_description":27471,"author_full_name":49,"author_job_title":49,"formattedDate":27472},"74202338-f490-4b76-b409-af721606b880","2025-09-16 00:00",[27332,27333,27334],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":4610,"name":662},[27336],{"slug":544,"name":543,"content":27337},{"job_title":557,"image":27338,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":27340},[27341,27362,27397,27405,27422],{"type":594,"attrs":27342,"content":27343},{"textAlign":49},[27344,27349,27357],{"text":27345,"type":599,"marks":27346},"Eight Chinese government departments have jointly issued a two-year plan aimed at stabilising the ",[27347],{"type":928,"attrs":27348},{"color":21998},{"text":27350,"type":599,"marks":27351},"country's domestic auto sector",[27352,27354,27356],{"type":604,"attrs":27353},{"href":22999,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":27355},{"color":22006},{"type":3645},{"text":27358,"type":599,"marks":27359},". The plan sets out more than 60 measures across four areas: boosting demand, strengthening supply chains, optimising the business environment, and deepening cooperation.",[27360],{"type":928,"attrs":27361},{"color":21998},{"type":594,"attrs":27363,"content":27364},{"textAlign":49},[27365,27370,27378,27383,27392],{"text":27366,"type":599,"marks":27367},"Targets under the plan include 32.3m vehicle sales (including exports) in 2025, including ~15.5m ",[27368],{"type":928,"attrs":27369},{"color":21998},{"text":27371,"type":599,"marks":27372},"new energy vehicles (NEVs, including battery electric vehicles and plug-in hybrids)",[27373,27375,27377],{"type":604,"attrs":27374},{"href":22999,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":27376},{"color":22006},{"type":3645},{"text":27379,"type":599,"marks":27380},". The plan also calls for steady growth in vehicle exports and a 6% increase in value added from the vehicle manufacturing industry. More than 700,000 NEVs are to be deployed across sectors such as public transport, taxis, and ",[27381],{"type":928,"attrs":27382},{"color":21998},{"text":27384,"type":599,"marks":27385},"logistics",[27386,27389,27391],{"type":604,"attrs":27387},{"href":27388,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/growth-in-chinas-heavy-duty-electric-truck-sales-is-outpacing-the-passenger-car-market",{"type":928,"attrs":27390},{"color":22006},{"type":3645},{"text":27393,"type":599,"marks":27394}," in 25 pilot cities.",[27395],{"type":928,"attrs":27396},{"color":21998},{"type":627,"attrs":27398},{"id":27399,"body":27400},"215e3a04-71cc-48d5-beb8-367a117a0ad0",[27401],{"id":27402,"_uid":27403,"type":634,"_editable":27404,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25153390","i-e8385caf-5966-4aba-80e1-fa792031730f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-e8385caf-5966-4aba-80e1-fa792031730f\", \"id\": \"\"}-->",{"type":594,"attrs":27406,"content":27407},{"textAlign":49},[27408,27417],{"text":27409,"type":599,"marks":27410},"State subsidies for the purchase of NEVs",[27411,27414,27416],{"type":604,"attrs":27412},{"href":27413,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-the-post-subsidy-china-ev-market-look-like",{"type":928,"attrs":27415},{"color":22006},{"type":3645},{"text":27418,"type":599,"marks":27419}," were due to expire at the end of 2025, however the plan suggests that the subsidies should stay in place to further increase EV uptake.",[27420],{"type":928,"attrs":27421},{"color":21998},{"type":594,"attrs":27423,"content":27424},{"textAlign":49},[27425,27430,27438,27443,27451],{"text":27426,"type":599,"marks":27427},"Beyond 2025, robust cell demand is expected to continue. The Chinese government has announced a target of 180GW of installed capacity in the ",[27428],{"type":928,"attrs":27429},{"color":21998},{"text":27431,"type":599,"marks":27432},"energy storage system (ESS) sector",[27433,27435,27437],{"type":604,"attrs":27434},{"href":16685,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":27436},{"color":22006},{"type":3645},{"text":27439,"type":599,"marks":27440}," between 2025 and 2027. ",[27441],{"type":928,"attrs":27442},{"color":21998},{"text":27444,"type":599,"marks":27445},"CATL has also raised its 2026 cell production forecast from 1,000GWh to 1,300GWh",[27446,27448,27450],{"type":604,"attrs":27447},{"href":18134,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":27449},{"color":22006},{"type":3645},{"text":27452,"type":599,"marks":27453},", underscoring expectations of sustained battery demand.",[27454],{"type":928,"attrs":27455},{"color":21998},"Eight Chinese government departments have jointly issued a two-year plan aimed at stabilising the country’s domestic auto sector. The plan sets out more than 60 measures across four areas: boosting demand, strengthening supply chains, optimising the business environment, and deepening cooperation. Targets under the plan include 32.3m vehicle sales (including exports) in 2025, including ~15.5m […]",[27458],{"slug":544,"name":543,"content":27459},{"job_title":557,"image":27460,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"74202338-f490-4b76-b409-af721606b880\", \"id\": \"\"}-->",[27463,27464,27465],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":27467,"copyright":547,"fieldtype":553,"meta_data":27468,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1758038976/www-production/China-EV-sales@2x-1/China-EV-sales@2x-1.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":10836,"copyright":547,"fieldtype":553,"meta_data":27470,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Eight Chinese government departments have jointly issued a two-year plan aimed at stabilising the country’s domestic auto sector. The plan sets out more than 60 measures across four areas: boosting demand, strengthening  […]","Sep 16, 2025",{"id":27474,"uuid":11882,"name":27475,"slug":27476,"full_slug":27477,"content":27478},112398861623960,"Inobat’s planned Spanish gigafactory gains state support","inobats-planned-spanish-gigafactory-gains-state-support","article/inobats-planned-spanish-gigafactory-gains-state-support",{"_uid":27479,"date":27480,"tags":27481,"editor":27491,"content":27495,"excerpt":27593,"featured":51,"reporter":27594,"_editable":27598,"component":864,"seo_title":27475,"categories":27599,"visibility":882,"author_company":49,"data_vis_image":27602,"featured_image":27605,"seo_description":27593,"author_full_name":49,"author_job_title":49,"formattedDate":27608},"8d1c55bf-5776-4a1f-bfa6-edc1715ec797","2025-09-15 00:00",[27482,27483,27484,27485,27488],{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":27486,"name":27487},"inobat","Inobat",{"slug":27489,"name":27490},"spain","Spain",[27492],{"slug":544,"name":543,"content":27493},{"job_title":557,"image":27494,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":27496},[27497,27502,27514,27519,27524,27537,27549,27557,27562,27567,27572],{"type":594,"attrs":27498,"content":27499},{"textAlign":49},[27500],{"text":27501,"type":599},"Slovakian cell developer Inobat has secured state support for its planned gigafactory in Valladolid, Spain.",{"type":594,"attrs":27503,"content":27504},{"textAlign":49},[27505,27507,27513],{"text":27506,"type":599},"The support consists of a EUR 53.8m ($63.3m) grant and EUR 456,000 ($537,000) loan funded by the ",{"text":27508,"type":599,"marks":27509},"EU’s Recovery and Resilience Facility",[27510],{"type":604,"attrs":27511},{"href":27512,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/stellantis-secures-e133-million-from-spain-for-potential-gigafactory",{"text":974,"type":599},{"type":594,"attrs":27515,"content":27516},{"textAlign":49},[27517],{"text":27518,"type":599},"This project brings Spain’s gigafactory pipeline to six facilities, though the country does not yet have any operational cell production. Inobat says its Spanish gigafactory will begin at 32GWh capacity in 2027 and reach “full capacity” by 2029.",{"type":657,"attrs":27520,"content":27521},{"level":15966,"textAlign":49},[27522],{"text":27523,"type":599},"Spain supports EV industry",{"type":594,"attrs":27525,"content":27526},{"textAlign":49},[27527,27529,27535],{"text":27528,"type":599},"Spain has a well-developed electric vehicle production industry, with Stellantis, Mercedes, Ford, and Volkswagen amongst the ",{"text":27530,"type":599,"marks":27531},"largest EV  producers",[27532],{"type":604,"attrs":27533},{"href":27534,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/briefings/automaker-league-tables/ev-automakers-league-table-h1-2025",{"text":27536,"type":599}," in the country.",{"type":594,"attrs":27538,"content":27539},{"textAlign":49},[27540,27542,27548],{"text":27541,"type":599},"The country’s gigafactory production capacity, however, currently sits at zero. Several gigafactory projects are in the pipeline at varying levels of development, including a 50GWh facility under construction by Envision AESC, though this looks to have stalled. The world’s largest cell producer, ",{"text":27543,"type":599,"marks":27544},"CATL, is planning a 50GWh joint venture facility with Stellantis",[27545],{"type":604,"attrs":27546},{"href":27547,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/stellantis-catl-jv-to-bolster-europes-lfp-build-out",{"text":974,"type":599},{"type":627,"attrs":27550},{"id":27551,"body":27552},"bdfcef22-691e-4b61-9de8-ad86c4f9246e",[27553],{"id":27554,"_uid":27555,"type":634,"_editable":27556,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25135732","i-4bb955c1-263f-4b9d-b745-a637b6b8ff69","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4bb955c1-263f-4b9d-b745-a637b6b8ff69\", \"id\": \"\"}-->",{"type":594,"attrs":27558,"content":27559},{"textAlign":49},[27560],{"text":27561,"type":599},"Inobat’s Spanish facility is supported by a grant and loan from PERTE VEC, an EU-supported scheme to develop EV battery production projects in Spain. Other gigafactory projects supported by the scheme include Ford, Envision, and Basquevolt.",{"type":594,"attrs":27563,"content":27564},{"textAlign":49},[27565],{"text":27566,"type":599},"The PERTE VEC programme is funded by the EU’s Recovery and Resilience Facility, established to support EU countries after the Covid-19 pandemic. However, in 2024 the European Court of Auditors reported delays in the disbursement of funds to member states.",{"type":657,"attrs":27568,"content":27569},{"level":15966,"textAlign":49},[27570],{"text":27571,"type":599},"Inobat’s pipeline",{"type":594,"attrs":27573,"content":27574},{"textAlign":49},[27575,27577,27583,27585,27591],{"text":27576,"type":599},"The Valladolid project, requiring investment of EUR712m ($838m), is the third large-scale facility in Inobat’s pipeline. The company is also planning a ",{"text":27578,"type":599,"marks":27579},"32GWh factory in Serbia",[27580],{"type":604,"attrs":27581},{"href":27582,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-central-to-new-serbia-eu-strategic-partnership",{"text":27584,"type":599}," and a 40GWh joint venture facility in ",{"text":27586,"type":599,"marks":27587},"Slovakia with Gotion",[27588],{"type":604,"attrs":27589},{"href":27590,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lfp-begins-to-make-inroads-into-europes-lithium-ion-ecosystem",{"text":27592,"type":599},". Inobat’s only operational facility is a 2GWh pilot plant in Slovakia.","Slovakian cell developer Inobat has secured state support for its planned gigafactory in Valladolid, Spain. The support consists of a EUR 53.8m ($63.3m) grant and EUR 456,000 ($537,000) loan funded by the EU’s Recovery and Resilience Facility. This project brings Spain’s gigafactory pipeline to six facilities, though the country does not yet have any operational […]",[27595],{"slug":544,"name":543,"content":27596},{"job_title":557,"image":27597,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8d1c55bf-5776-4a1f-bfa6-edc1715ec797\", \"id\": \"\"}-->",[27600,27601],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":27603,"copyright":547,"fieldtype":553,"meta_data":27604,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1757956753/www-production/Spain-gigafactories/Spain-gigafactories.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":27606,"copyright":547,"fieldtype":553,"meta_data":27607,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/04afdcf605/bm-adobestock-613574428-307009e82e.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 15, 2025",{"id":27610,"uuid":11896,"name":27611,"slug":27612,"full_slug":27613,"content":27614},112398866416281,"Europe’s cathode scene set to diversify as supply increases","europes-cathode-scene-set-to-diversify-as-supply-increases","article/europes-cathode-scene-set-to-diversify-as-supply-increases",{"_uid":27615,"date":27616,"tags":27617,"editor":27628,"content":27632,"excerpt":27751,"featured":51,"reporter":27752,"_editable":27756,"component":864,"seo_title":27611,"categories":27757,"visibility":882,"author_company":49,"data_vis_image":27760,"featured_image":27763,"seo_description":27751,"author_full_name":49,"author_job_title":49,"formattedDate":27766},"ef00a954-01bb-4af4-818a-cb13fed8b560","2025-09-12 00:00",[27618,27619,27622,27623,27624,27625],{"slug":9162,"name":9163},{"slug":27620,"name":27621},"basf","BASF",{"slug":913,"name":914},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":27626,"name":27627},"umicore","Umicore",[27629],{"slug":544,"name":543,"content":27630},{"job_title":557,"image":27631,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":27633},[27634,27647,27652,27660,27665,27677,27682,27687,27700,27708,27713,27718,27723,27728,27733,27738,27743],{"type":594,"attrs":27635,"content":27636},{"textAlign":49},[27637,27639,27645],{"text":27638,"type":599},"Europe’s ",{"text":27640,"type":599,"marks":27641},"cathode active material supply",[27642],{"type":604,"attrs":27643},{"href":27644,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/giga-europe-2025-panel-discussion-evs-and-battery-manufacturing-the-outlook-for-cathodes-anodes-and-battery-gigafactories",{"text":27646,"type":599}," is set to increase 360% between 2025 and 2030, supported by a growing number of facilities owned by non-European companies.",{"type":594,"attrs":27648,"content":27649},{"textAlign":49},[27650],{"text":27651,"type":599},"Despite this growth, Benchmark forecasts that European CAM supply will remain lower than the region’s cell production, meaning gigafactories will depend on imports.",{"type":627,"attrs":27653},{"id":27654,"body":27655},"ab49e660-5415-4db7-9ed0-0780cd0ec159",[27656],{"id":27657,"_uid":27658,"type":634,"_editable":27659,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25097068","i-a503fea2-4d8f-4ac6-a6c9-60ae89f67c37","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a503fea2-4d8f-4ac6-a6c9-60ae89f67c37\", \"id\": \"\"}-->",{"type":657,"attrs":27661,"content":27662},{"level":15966,"textAlign":49},[27663],{"text":27664,"type":599},"Europe’s cathode scene today",{"type":594,"attrs":27666,"content":27667},{"textAlign":49},[27668,27670,27675],{"text":27669,"type":599},"The key European players dominating the cathode market in the region today are ",{"text":27627,"type":599,"marks":27671},[27672],{"type":604,"attrs":27673},{"href":27674,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/umicore-delays-battery-material-expansion-plans-as-short-term-pressures-bite",{"text":27676,"type":599}," and BASF. Combined, these two companies account for three-quarters of European CAM production in 2025.",{"type":594,"attrs":27678,"content":27679},{"textAlign":49},[27680],{"text":27681,"type":599},"Earlier this year, BASF signed an agreement to cooperate with CATL on CAM supplies. BASF also recently renewed a long term CAM supply agreement with a non-disclosed third-party customer. The material will be supplied from BASF’s operational plant in Schwarzheide, Germany.",{"type":657,"attrs":27683,"content":27684},{"level":15966,"textAlign":49},[27685],{"text":27686,"type":599},"The evolution of Europe’s cathode industry",{"type":594,"attrs":27688,"content":27689},{"textAlign":49},[27690,27692,27698],{"text":27691,"type":599},"Although BASF and Umicore are set to increase their CAM production out to 2030 and beyond, the largest sources of new supply will come from Asian and ",{"text":27693,"type":599,"marks":27694},"Chinese producers",[27695],{"type":604,"attrs":27696},{"href":27697,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ningbo-ronbay-to-enter-cathode-production-in-europe-with-polish-factory",{"text":27699,"type":599}," which are looking to expand beyond their domestic markets.",{"type":627,"attrs":27701},{"id":27702,"body":27703},"39dfd81c-2821-411c-9bbc-30c6f9f74fac",[27704],{"id":27705,"_uid":27706,"type":634,"_editable":27707,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25046014","i-290a0bb0-63b0-403d-8890-d0b1485e74c6","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-290a0bb0-63b0-403d-8890-d0b1485e74c6\", \"id\": \"\"}-->",{"type":594,"attrs":27709,"content":27710},{"textAlign":49},[27711],{"text":27712,"type":599},"For example, South Korean-based EcoPro Battery Materials is building a 108ktpa CAM facility in Debrecen, Hungary with the first 54ktpa phase to begin NCA production in 2026 (delayed from 2025). A second phase for NCM is set to begin production in 2027.",{"type":594,"attrs":27714,"content":27715},{"textAlign":49},[27716],{"text":27717,"type":599},"China’s Huayou Cobalt is also building a facility in Hungary. Set to be operational from 2029, it has a planned high-nickel NCM capacity of 75ktpa.",{"type":594,"attrs":27719,"content":27720},{"textAlign":49},[27721],{"text":27722,"type":599},"The largest CAM facility in Europe’s pipeline is a 360ktpa in Finland. The first phase has a capacity of 60ktpa NCM. A highly speculative second phase could see 300ktpa of LMFP (lithium manganese iron phosphate) CAM production. The project is being planned by the Finnish Minerals Group in collaboration with China’s Easpring.",{"type":657,"attrs":27724,"content":27725},{"level":15966,"textAlign":49},[27726],{"text":27727,"type":599},"European companies focus on NCM",{"type":594,"attrs":27729,"content":27730},{"textAlign":49},[27731],{"text":27732,"type":599},"The European market has historically preferred NCM-based cells over LFP as the former can provide greater range when deployed in an EV. As such the large majority of the region’s gigafactories are primarily geared towards NCM cell production and the CAM manufactures followed suit.",{"type":594,"attrs":27734,"content":27735},{"textAlign":49},[27736],{"text":27737,"type":599},"By contrast, Chinese companies have developed extensive experience in LFP production. The chemistry is forecast to account for 11% of the region’s CAM production in 2030.",{"type":594,"attrs":27739,"content":27740},{"textAlign":49},[27741],{"text":27742,"type":599},"The majority of this LFP CAM production is forecast to come from Hunan Yuneng, a Chinese company which is developing a production facility in Extremadura, Spain. A second Chinese company, Wanhua Chemical, announced in September 2025 its plans to build a 30ktpa LFP facility in Hungary with pilot production scheduled for 2026.",{"type":627,"attrs":27744},{"id":27745,"body":27746},"58da3366-f881-43b7-808a-57787d594eaf",[27747],{"id":27748,"_uid":27749,"type":634,"_editable":27750,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25097599","i-cff84b5a-503b-434e-8f27-432efe658fe0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-cff84b5a-503b-434e-8f27-432efe658fe0\", \"id\": \"\"}-->","Europe’s cathode active material supply is set to increase 360% between 2025 and 2030, supported by a growing number of facilities owned by non-European companies. Despite this growth, Benchmark forecasts that European CAM supply will remain lower than the region’s cell production, meaning gigafactories will depend on imports. Europe’s cathode scene today The key European […]",[27753],{"slug":544,"name":543,"content":27754},{"job_title":557,"image":27755,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ef00a954-01bb-4af4-818a-cb13fed8b560\", \"id\": \"\"}-->",[27758,27759],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":27761,"copyright":547,"fieldtype":553,"meta_data":27762,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1757688925/www-production/Socials-Europe-cell-and-CAM-vs-demand@2x-1/Socials-Europe-cell-and-CAM-vs-demand@2x-1.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":27764,"copyright":547,"fieldtype":553,"meta_data":27765,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/65f660c61f/bm-6396-cathode-active-materials-plant-in-schwarzheide-germany-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 12, 2025",{"id":27768,"uuid":1597,"name":27769,"slug":27770,"full_slug":27771,"content":27772},112398880715420,"Rangebound lithium prices ahead as Jiangxi permits set floor and ceiling","rangebound-prices-ahead-as-jiangxi-permits-set-floor-and-ceiling","article/rangebound-prices-ahead-as-jiangxi-permits-set-floor-and-ceiling",{"_uid":27773,"date":27774,"tags":27775,"editor":27781,"content":27785,"excerpt":27911,"featured":51,"reporter":27912,"_editable":27916,"component":864,"seo_title":27769,"categories":27917,"visibility":2091,"author_company":49,"featured_image":27920,"seo_description":27911,"author_full_name":49,"author_job_title":49,"formattedDate":27922},"433b57a6-e9be-4c91-8d7b-08da52e36a24","2025-09-10 00:00",[27776,27777,27778,27779,27780],{"slug":903,"name":904},{"slug":913,"name":914},{"slug":910,"name":911},{"slug":6606,"name":12530},{"slug":4610,"name":662},[27782],{"slug":544,"name":543,"content":27783},{"job_title":557,"image":27784,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":27786},[27787,27799,27811,27816,27821,27826,27838,27843,27848,27859,27867,27872,27877,27882,27887,27892,27900],{"type":594,"attrs":27788,"content":27789},{"textAlign":49},[27790,27792,27797],{"text":27791,"type":599},"CATL has announced its 40ktpa Jiangxi-based ",{"text":27793,"type":599,"marks":27794},"Jianxiawo mica mine",[27795],{"type":604,"attrs":27796},{"href":16553,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":27798,"type":599},", idled since late August, could receive the permits required to restart sooner than the market had anticipated.",{"type":594,"attrs":27800,"content":27801},{"textAlign":49},[27802,27804,27809],{"text":27803,"type":599},"The shift in signalling is notable. Just last week, market consensus had hardened around the likelihood of a prolonged suspension amidst concerns over ",{"text":27805,"type":599,"marks":27806},"provincial-level regulatory clampdowns",[27807],{"type":604,"attrs":27808},{"href":16646,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":27810,"type":599},". This latest announcement by CATL points to expectations of an earlier return.",{"type":594,"attrs":27812,"content":27813},{"textAlign":49},[27814],{"text":27815,"type":599},"Despite the change in tone, CATL has yet to disclose a firm timeline. The announcement appears to be aimed more at tempering upward price momentum than providing operational certainty, suggesting sentiment management rather than scheduling.",{"type":594,"attrs":27817,"content":27818},{"textAlign":49},[27819],{"text":27820,"type":599},"This outcome reinforces Benchmark’s core view: Jiangxi should be understood on a project-by-project basis, rather than as a province-wide clampdown. At the same time, CATL’s signalling of an earlier restart adds clarity for market participants, creating a price floor and a ceiling that leave lithium trading rangebound into Q3 and Q4 2025.",{"type":657,"attrs":27822,"content":27823},{"level":15966,"textAlign":49},[27824],{"text":27825,"type":599},"Project-level divergence still critical",{"type":594,"attrs":27827,"content":27828},{"textAlign":49},[27829,27831,27836],{"text":27830,"type":599},"Differences between Jiangxi’s mines remain a key driver of market sentiment. Jiuling (Huaqiao Dagang) and Yongxing stand out as facing heavier ",{"text":27832,"type":599,"marks":27833},"regulatory scrutiny",[27834],{"type":604,"attrs":27835},{"href":24702,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":27837,"type":599}," than CATL, requiring more paperwork and approvals. These slower timelines and increased regulatory interactions make them especially influential, since any progress, or lack thereof, will weigh more heavily on supply perceptions than other sites.",{"type":594,"attrs":27839,"content":27840},{"textAlign":49},[27841],{"text":27842,"type":599},"It is this concentration at the project level, rather than any province-wide clampdown, that continues to shape market pricing. Jiuling’s progression through the regulatory process therefore remains the critical watchpoint for Q4 2025 and Q1 2026.",{"type":657,"attrs":27844,"content":27845},{"level":15966,"textAlign":49},[27846],{"text":27847,"type":599},"Trading band: floor and ceiling defined",{"type":594,"attrs":27849,"content":27850},{"textAlign":49},[27851,27857],{"text":27852,"type":599,"marks":27853},"Spot lithium prices",[27854],{"type":604,"attrs":27855},{"href":27856,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/why-has-benchmark-launched-daily-lithium-and-cobalt-prices",{"text":27858,"type":599}," are unlikely to revisit previous lows of ~$600/t SC6. That floor is reinforced by a seasonal “Golden September/Silver October” uptick in demand, the structural support of marginal costs, and the discipline from Australian producers in managing output. In addition, regulatory frictions in Jiangxi embed a paperwork premium across the market, even where production is not directly curtailed.",{"type":627,"attrs":27860},{"id":27861,"body":27862},"65e73d44-e69c-4ee1-8555-f64cc375d97f",[27863],{"id":27864,"_uid":27865,"type":634,"_editable":27866,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25062252","i-a18a4314-09ab-41b5-a82b-be1cffaddd2d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a18a4314-09ab-41b5-a82b-be1cffaddd2d\", \"id\": \"\"}-->",{"type":594,"attrs":27868,"content":27869},{"textAlign":49},[27870],{"text":27871,"type":599},"On the other side of the curve, upside remains capped. Resilient Australian spodumene output continues to flow steadily, while incremental cargoes from Nigeria are supplementing seaborne feedstock. These additional shipments are increasingly visible in the tender market and effectively substitute for any absence of Chinese material, preventing rallies driven by Jiangxi-related uncertainty from gaining too much traction.",{"type":594,"attrs":27873,"content":27874},{"textAlign":49},[27875],{"text":27876,"type":599},"Policy, supply and demand together now delineate a visible trading range. On the floor, stricter supervision and documentation requirements embed an uncertainty premium. On the ceiling, pragmatic approvals, stable Australian flows and substitution from Nigeria blunt the scope for spikes. The overall impression is one of rangebound pricing: firmer than the lows, but capped as additional flows smooth through into Q4 2025.",{"type":657,"attrs":27878,"content":27879},{"level":15966,"textAlign":49},[27880],{"text":27881,"type":599},"Forecast implications",{"type":594,"attrs":27883,"content":27884},{"textAlign":49},[27885],{"text":27886,"type":599},"Benchmark’s Q2 2025 forecast already assumed CATL maintained sufficient feedstock to cover operations during the suspension. This implied a limited impact on annual output should October resumption be confirmed. On this basis, the latest announcement does little to alter the annual balance outlook.",{"type":594,"attrs":27888,"content":27889},{"textAlign":49},[27890],{"text":27891,"type":599},"More broadly, balances remain oversupplied in Q3, consistent with the position in Q2. The main factor influencing prices remains paperwork friction and feedstock delays, rather than a genuine loss of operating capacity. Against this backdrop, Benchmark’s Q3 2025 update is set to lift the effective floor modestly, reflecting resilient seasonal demand and embedded paperwork premia, while leaving the forward curve essentially unchanged.",{"type":594,"attrs":27893,"content":27894},{"textAlign":49},[27895],{"text":27896,"type":599,"marks":27897},"Benchmark provides world-leading lithium market intelligence through its IOSCO-assured prices, supply chain data and sustainability analysis. To find out more, please fill out the form below and one of the team will be in touch.",[27898,27899],{"type":643},{"type":643},{"type":627,"attrs":27901},{"id":27902,"body":27903},"cdcadba8-5005-4026-8992-88323c1ae923",[27904],{"id":835,"_uid":27905,"_editable":27906,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":27907,"success_file":27908,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":27910},"i-102bec82-981b-42f8-876b-6a36ac7f3fda","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-102bec82-981b-42f8-876b-6a36ac7f3fda\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":27909},{},[],"CATL has announced its 40ktpa Jiangxi-based Jianxiawo mica mine, idled since late August, could receive the permits required to restart sooner than the market had anticipated. The shift in signalling is notable. Just last week, market consensus had hardened around the likelihood of a prolonged suspension amidst concerns over provincial-level regulatory clampdowns. This latest announcement […]",[27913],{"slug":544,"name":543,"content":27914},{"job_title":557,"image":27915,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"433b57a6-e9be-4c91-8d7b-08da52e36a24\", \"id\": \"\"}-->",[27918,27919],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1359,"copyright":547,"fieldtype":553,"meta_data":27921,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Sep 10, 2025",{"id":27924,"uuid":27925,"name":27926,"slug":27927,"full_slug":27928,"content":27929},112398904484514,"d06b8627-e90f-40a4-a54a-d5bfd7a78ecd","Benchmark begins public consultation on updating high energy anode specifications in the Anode Price Assessment ","benchmark-begins-public-consultation-on-updating-high-energy-anode-specifications-in-the-anode-price-assessment","article/benchmark-begins-public-consultation-on-updating-high-energy-anode-specifications-in-the-anode-price-assessment",{"_uid":27930,"date":27931,"tags":27932,"editor":27935,"content":27939,"excerpt":28076,"featured":50,"reporter":28077,"_editable":28081,"component":864,"seo_title":28082,"categories":28083,"visibility":2091,"author_company":49,"data_vis_image":28086,"featured_image":28088,"seo_description":28090,"author_full_name":49,"author_job_title":49,"formattedDate":28091},"e3cc2a05-ea9e-4517-a66b-b232b48d9ff0","2025-09-08 00:00",[27933,27934],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[27936],{"slug":544,"name":543,"content":27937},{"job_title":557,"image":27938,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":27940},[27941,27961,27966,27971,28005,28013,28021,28042,28047,28052,28057,28062,28069],{"type":594,"attrs":27942,"content":27943},{"textAlign":49},[27944,27949,27957],{"text":27945,"type":599,"marks":27946},"Benchmark Mineral Intelligence announced today that it has started a formal public consultation on changes to its ",[27947],{"type":928,"attrs":27948},{"color":21998},{"text":27950,"type":599,"marks":27951},"Anode Price Assessment Methodology",[27952,27954,27956],{"type":604,"attrs":27953},{"href":22973,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":27955},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":27958},[27959],{"type":928,"attrs":27960},{"color":21998},{"type":657,"attrs":27962,"content":27963},{"level":15966,"textAlign":49},[27964],{"text":27965,"type":599},"Anode material destined for EV end market",{"type":594,"attrs":27967,"content":27968},{"textAlign":49},[27969],{"text":27970,"type":599},"In response to increased demand for price indexes which reflect material specifically destined for the EV end market, Benchmark intends to alter the specifications of its high energy natural and synthetic graphite prices to reflect this. ",{"type":594,"attrs":27972,"content":27973},{"textAlign":49},[27974,27979,27987,27992,28000],{"text":27975,"type":599,"marks":27976},"In response to increased demand for price indexes which reflect material specifically destined for the ",[27977],{"type":928,"attrs":27978},{"color":21998},{"text":27980,"type":599,"marks":27981},"EV end market",[27982,27984,27986],{"type":604,"attrs":27983},{"href":24975,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":27985},{"color":22006},{"type":3645},{"text":27988,"type":599,"marks":27989},", Benchmark intends to alter the specifications of its ",[27990],{"type":928,"attrs":27991},{"color":21998},{"text":27993,"type":599,"marks":27994},"high energy natural and synthetic graphite prices",[27995,27997,27999],{"type":604,"attrs":27996},{"href":23127,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":27998},{"color":22006},{"type":3645},{"text":28001,"type":599,"marks":28002}," to reflect this.",[28003],{"type":928,"attrs":28004},{"color":21998},{"type":594,"attrs":28006,"content":28007},{"textAlign":49},[28008],{"text":28009,"type":599,"marks":28010},"Benchmark proposes to update the specification to outline a charging rate of >2.5C, which encompasses the high capacity material that is suitable for use in EV end markets.",[28011],{"type":928,"attrs":28012},{"color":21998},{"type":594,"attrs":28014,"content":28015},{"textAlign":49},[28016],{"text":28017,"type":599,"marks":28018},"In addition, Benchmark intends to update the specification of the grades under consultation to outline that only material destined for the EV market will be included in the assessment.",[28019],{"type":928,"attrs":28020},{"color":21998},{"type":594,"attrs":28022,"content":28023},{"textAlign":49},[28024,28029,28037],{"text":28025,"type":599,"marks":28026},"To continue to give an accurate and comprehensive assessment of price movements, Benchmark continues to monitor and evolve the product specifications under which its ",[28027],{"type":928,"attrs":28028},{"color":21998},{"text":28030,"type":599,"marks":28031},"market leading price assessments",[28032,28034,28036],{"type":604,"attrs":28033},{"href":21905,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":28035},{"color":22006},{"type":3645},{"text":28038,"type":599,"marks":28039}," are published.",[28040],{"type":928,"attrs":28041},{"color":21998},{"type":594,"attrs":28043,"content":28044},{"textAlign":49},[28045],{"text":28046,"type":599},"The proposed changes would impact the following grades currently published by Benchmark:",{"type":594,"attrs":28048,"content":28049},{"textAlign":49},[28050],{"text":28051,"type":599},"Natural Graphite Anode; DDP China; High (360-370 mAh/g), Min 99.97% C",{"type":594,"attrs":28053,"content":28054},{"textAlign":49},[28055],{"text":28056,"type":599},"Synthetic Graphite Anode; DDP China; High (350-370 mAh/g), Min 99.97% C",{"type":657,"attrs":28058,"content":28059},{"level":15966,"textAlign":49},[28060],{"text":28061,"type":599},"Benchmark Price Assessments – contact us:",{"type":594,"attrs":28063,"content":28064},{"textAlign":49},[28065],{"text":28066,"type":599,"marks":28067},"Benchmark invites feedback from active market participants by the latest 6 October 2025.",[28068],{"type":643},{"type":594,"attrs":28070,"content":28071},{"textAlign":49},[28072],{"text":28073,"type":599,"marks":28074},"Comments are welcomed via submission to: prices@benchmarkminerals.com",[28075],{"type":643},"Benchmark Mineral Intelligence announced today that it has started a formal public consultation on changes to its Anode Price Assessment Methodology. Anode material destined for EV end market In response to increased demand for price indexes which reflect material specifically destined for the EV end market, Benchmark intends to alter the specifications of its high […]",[28078],{"slug":544,"name":543,"content":28079},{"job_title":557,"image":28080,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e3cc2a05-ea9e-4517-a66b-b232b48d9ff0\", \"id\": \"\"}-->","Public consultation on updating high energy anode specifications ",[28084,28085],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":28087},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":20239,"copyright":547,"fieldtype":553,"meta_data":28089,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark Mineral Intelligence announced today that it has started a formal public consultation on changes to its Anode Price Assessment Methodology. Anode material destined for EV end market In response to increased  […]","Sep 08, 2025",{"id":28093,"uuid":28094,"name":28095,"slug":28096,"full_slug":28097,"content":28098},112398914388645,"4a2c2278-6eee-43c7-83e6-8c75a5812d2a","Tariff fears drove US refined copper imports to record high in July","tariff-fears-drove-us-refined-copper-imports-to-record-high-in-july","article/tariff-fears-drove-us-refined-copper-imports-to-record-high-in-july",{"_uid":28099,"date":28100,"tags":28101,"editor":28104,"content":28108,"excerpt":28174,"featured":51,"reporter":28175,"_editable":28179,"component":864,"seo_title":28095,"categories":28180,"visibility":2091,"author_company":49,"featured_image":28184,"seo_description":28174,"author_full_name":49,"author_job_title":49,"formattedDate":28186},"3d2c7dc2-fdaa-4bb8-9580-9bc81d09cad3","2025-09-05 00:00",[28102,28103],{"slug":17168,"name":13351},{"slug":1375,"name":1376},[28105],{"slug":544,"name":543,"content":28106},{"job_title":557,"image":28107,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":28109},[28110,28115,28127,28135,28140,28152,28157,28163],{"type":594,"attrs":28111,"content":28112},{"textAlign":49},[28113],{"text":28114,"type":599},"US refined copper imports surged to 221kt in July – the highest monthly total since records began 1989 – as buyers rushed shipments into the country ahead of the anticipated 50% tariff on refined imports announced by President Donald Trump in early July.",{"type":594,"attrs":28116,"content":28117},{"textAlign":49},[28118,28120,28125],{"text":28119,"type":599},"The market had long anticipated a tariff, but the ",{"text":28121,"type":599,"marks":28122},"scale and immediacy of the measure caught market participants off guard",[28123],{"type":604,"attrs":28124},{"href":17234,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":28126,"type":599},", with only weeks between the 8 July announcement and its formal introduction on 1 August. Futures prices spiked, with the LME/CME arbitrage reaching all-time highs of more than $2,950/t in the aftermath of the announcement.",{"type":627,"attrs":28128},{"id":28129,"body":28130},"695f9f16-531b-4a84-afd8-740b9637e816",[28131],{"id":28132,"_uid":28133,"type":634,"_editable":28134,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24989886","i-759fe6b5-afe5-4dcc-b403-c1b536139cc0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-759fe6b5-afe5-4dcc-b403-c1b536139cc0\", \"id\": \"\"}-->",{"type":594,"attrs":28136,"content":28137},{"textAlign":49},[28138],{"text":28139,"type":599},"Reports in July indicated that many traders would struggle to redirect material in time from Chile and Europe, given the narrow window before implementation. However, US customs data shows that significant additional volumes did arrive, with July imports rising sharply from June.",{"type":594,"attrs":28141,"content":28142},{"textAlign":49},[28143,28145,28150],{"text":28144,"type":599},"The surge was tempered only after the US administration confirmed that copper cathode would be excluded from the tariff list, ",{"text":28146,"type":599,"marks":28147},"which caused the LME/CME arbitrage to collapse",[28148],{"type":604,"attrs":28149},{"href":16367,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":28151,"type":599}," immediately. But by then, significant volumes had already entered the country.",{"type":594,"attrs":28153,"content":28154},{"textAlign":49},[28155],{"text":28156,"type":599},"With July’s inflows pushing cumulative 2025 imports above all full-year totals since 2001, despite only seven months of data, a sharp fall in import volumes from August is expected as buyers draw down swollen inventories.",{"type":594,"attrs":28158,"content":28159},{"textAlign":49},[28160],{"text":27180,"type":599,"marks":28161},[28162],{"type":643},{"type":627,"attrs":28164},{"id":28165,"body":28166},"f4ccc46b-e7f5-4a1f-aad6-6be3916045ae",[28167],{"id":835,"_uid":28168,"_editable":28169,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":28170,"success_file":28171,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":28173},"i-b3d44a0a-5169-428e-9295-f24007a08dbf","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-b3d44a0a-5169-428e-9295-f24007a08dbf\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":28172},{},[],"US refined copper imports surged to 221kt in July – the highest monthly total since records began 1989 – as buyers rushed shipments into the country ahead of the anticipated 50% tariff on refined imports announced by President Donald Trump in early July. The market had long anticipated a tariff, but the scale and immediacy […]",[28176],{"slug":544,"name":543,"content":28177},{"job_title":557,"image":28178,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3d2c7dc2-fdaa-4bb8-9580-9bc81d09cad3\", \"id\": \"\"}-->",[28181,28182,28183],{"slug":869,"name":870},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":25540,"copyright":547,"fieldtype":553,"meta_data":28185,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Sep 05, 2025",{"id":28188,"uuid":28189,"name":28190,"slug":28191,"full_slug":28192,"content":28193},107060120678907,"39419043-3004-4633-9568-7869e2d0cb37","How is the second life battery market playing out?","how-is-the-second-life-battery-market-playing-out","article/how-is-the-second-life-battery-market-playing-out",{"_uid":28194,"date":28100,"tags":28195,"editor":28199,"content":28203,"excerpt":28297,"featured":51,"reporter":28298,"component":864,"seo_title":28190,"categories":28302,"visibility":2091,"author_company":49,"featured_image":28307,"seo_description":28297,"author_full_name":49,"author_job_title":49,"formattedDate":28186},"92cfe189-b20f-46d9-85f3-78d4c85aef9f",[28196],{"slug":28197,"name":28198},"second-life","Second life",[28200],{"slug":544,"name":543,"content":28201},{"job_title":557,"image":28202,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":28204},[28205,28224,28229,28236,28241,28246,28253,28265,28270,28282,28287,28292],{"type":594,"attrs":28206,"content":28207},{"textAlign":49},[28208,28210,28215,28217,28222],{"text":28209,"type":599},"Since electric vehicles (EVs) began moving into mass adoption, questions have persisted about what happens to their batteries at the ",{"text":28211,"type":599,"marks":28212},"end of life (EoL)",[28213],{"type":604,"attrs":28214},{"href":12314,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":28216,"type":599},". Recycling remains the obvious answer, but there is a growing interest exploring the intermediate step of giving used EV batteries a “second life” in ",{"text":28218,"type":599,"marks":28219},"stationary energy storage",[28220],{"type":604,"attrs":28221},{"href":3734,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":28223,"type":599}," before they head to the recycler. ",{"type":657,"attrs":28225,"content":28226},{"level":15966,"textAlign":49},[28227],{"text":28228,"type":599},"What does the market look like?",{"type":627,"attrs":28230},{"id":28231,"body":28232},"678bd2e9-9b2f-480b-9d3c-686b6d3c28f6",[28233],{"id":28234,"_uid":28235,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24973836","i-e4b91847-46ac-4ff2-a35e-984b737e6ffb",{"type":594,"attrs":28237,"content":28238},{"textAlign":49},[28239],{"text":28240,"type":599},"Today, the industry is small, accounting for less than 0.1% of grid-scale projects in North America and just 0.2% in Europe according to Rho Motion’s BESS Database. Deployment has been led mainly by players with direct access to EoL cells such as battery recyclers or automakers.",{"type":594,"attrs":28242,"content":28243},{"textAlign":49},[28244],{"text":28245,"type":599},"Notably, China, the world’s largest battery energy storage system (BESS) market, has effectively banned second-life projects. Regulators imposed the restriction in response to safety concerns, following a spate of battery fires in 2021 associated with second life installations.",{"type":657,"attrs":28247,"content":28248},{"level":15966,"textAlign":49},[28249,28251],{"text":28250,"type":599},"A technology mismatch",{"text":28252,"type":599},"?",{"type":594,"attrs":28254,"content":28255},{"textAlign":49},[28256,28258,28263],{"text":28257,"type":599},"While second-life batteries extend usable cell lifetimes, no large-scale storage developers are looking to the technology. The BESS industry has evolved with increasingly bespoke and optimised technology. The cells and systems used in ",{"text":28259,"type":599,"marks":28260},"EV batteries",[28261],{"type":604,"attrs":28262},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":28264,"type":599}," often differ widely from those used in BESS, complicating integration. However, that is not to say there will not a be a place in the market for them.",{"type":657,"attrs":28266,"content":28267},{"level":15966,"textAlign":49},[28268],{"text":28269,"type":599},"Notable players in the market",{"type":594,"attrs":28271,"content":28272},{"textAlign":49},[28273,28275,28280],{"text":28274,"type":599},"In the US, battery recycler Redwood Materials is seeking to establish itself within the second-life industry. With access to over 20GWh of EoL EV batteries each year, the company is well positioned in the ",{"text":28276,"type":599,"marks":28277},"supply chain",[28278],{"type":604,"attrs":28279},{"href":16131,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":28281,"type":599}," to pilot second-life applications. It has established a 63MWh microgrid project at a site in Nevada which is used to power a datacentre. This is largest second-life project in Rho Motion’s BESS Database. Redwood says the project requires more intensive management than new-cell systems, with regular battery replacements needed and a larger physical footprint to maintain capacity.",{"type":594,"attrs":28283,"content":28284},{"textAlign":49},[28285],{"text":28286,"type":599},"In Japan, Toyota has also been experimenting with second-life systems, launching its Sweep Energy Storage System in 2022. In August 2025, the company announced it had begun testing the platform at a Mazda factory.",{"type":657,"attrs":28288,"content":28289},{"level":15966,"textAlign":49},[28290],{"text":28291,"type":599},"Where does the opportunity lie?",{"type":594,"attrs":28293,"content":28294},{"textAlign":49},[28295],{"text":28296,"type":599},"For now, the roll-out of second-life projects will remain small, but considering the pace of expansion in global storage markets the potential for growth is there but in limited setting. Smaller scale commercial and industrial (C&I) applications could be a key area for use, where cost advantages may outweigh technical drawbacks.","Since electric vehicles (EVs) began moving into mass adoption, questions have persisted about what happens to their batteries at the end of life (EoL). Recycling remains the obvious answer, but there is a growing interest exploring the intermediate step of giving used EV batteries a “second life” in stationary energy storage before they head to the […]",[28299],{"slug":544,"name":543,"content":28300},{"job_title":557,"image":28301,"bio":548,"linkedin":555},{"filename":552},[28303,28304,28305,28306],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":28308,"copyright":547,"fieldtype":553,"meta_data":28309,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/762a17dd1e/bm-adobestock-1302629728-scaled.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":28311,"uuid":28312,"name":28313,"slug":28314,"full_slug":28315,"content":28316},112398947459757,"c1644320-7c94-4d4f-bb95-84c83a37b380","Growth in China’s heavy-duty electric truck sales is outpacing the passenger car market","growth-in-chinas-heavy-duty-electric-truck-sales-is-outpacing-the-passenger-car-market","article/growth-in-chinas-heavy-duty-electric-truck-sales-is-outpacing-the-passenger-car-market",{"_uid":28317,"date":28318,"tags":28319,"editor":28322,"content":28326,"excerpt":28395,"featured":51,"reporter":28396,"_editable":28400,"component":864,"seo_title":28313,"categories":28401,"visibility":882,"author_company":49,"data_vis_image":28405,"featured_image":28408,"seo_description":28395,"author_full_name":49,"author_job_title":49,"formattedDate":28411},"b93bf8b3-69d0-4bde-ab78-93ab107236ba","2025-08-29 00:00",[28320,28321],{"slug":913,"name":914},{"slug":578,"name":579},[28323],{"slug":544,"name":543,"content":28324},{"job_title":557,"image":28325,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":28327},[28328,28333,28341,28346,28351,28356,28364,28369,28374,28382,28387,28392],{"type":594,"attrs":28329,"content":28330},{"textAlign":49},[28331],{"text":28332,"type":599},"Lithium-ion battery demand is still primarily driven by passenger EVs and the energy storage sector. However, China’s heavy-duty truck segment (16 tonne and above) is showing how this dynamic could shift, with growth in recent years proving exceptionally strong. Between 2023 and 2024, heavy-duty electric truck sales rose 134%. Data from H1 2025 shows the market grew a further 173%, with expansion expected to continue along a similar trajectory.",{"type":627,"attrs":28334},{"id":28335,"body":28336},"42cce456-309a-4adf-ac36-2c13b78d0478",[28337],{"id":28338,"_uid":28339,"type":634,"_editable":28340,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24873015","i-9201a46f-3422-44cd-9208-fcc5b772ba6e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9201a46f-3422-44cd-9208-fcc5b772ba6e\", \"id\": \"\"}-->",{"type":594,"attrs":28342,"content":28343},{"textAlign":49},[28344],{"text":28345,"type":599},"Why does this matter in the EV market?",{"type":594,"attrs":28347,"content":28348},{"textAlign":49},[28349],{"text":28350,"type":599},"Although monthly sales remain in the tens of thousands – a fraction of passenger car volumes – battery sizes for heavy-duty vehicles are significantly larger. Some pack sizes exceed 600kWh, over 10 times the average passenger car battery pack. This means even relatively low sales volumes can exert a substantial impact on overall battery demand.",{"type":594,"attrs":28352,"content":28353},{"textAlign":49},[28354],{"text":28355,"type":599},"Taking the average unweighted battery capacity of heavy-duty trucks entering the market this year compared with passenger cars sold this year (475kWh vs 61kWh) shows that one heavy-duty truck has the potential to represent the equivalent demand of almost eight passenger cars. This underpins the importance the heavy-duty market can play in overall battery demand.",{"type":627,"attrs":28357},{"id":28358,"body":28359},"7e814334-c5c5-418f-83e5-065c66adc7ac",[28360],{"id":28361,"_uid":28362,"type":634,"_editable":28363,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24871541","i-516505ef-c8f5-4280-afb1-85cd54dddd72","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-516505ef-c8f5-4280-afb1-85cd54dddd72\", \"id\": \"\"}-->",{"type":594,"attrs":28365,"content":28366},{"textAlign":49},[28367],{"text":28368,"type":599},"Battery swapping has cemented itself in the industry",{"type":594,"attrs":28370,"content":28371},{"textAlign":49},[28372],{"text":28373,"type":599},"In 2024, battery-swapping models accounted for 36% of heavy-duty electric truck sales, a slight decline from 2023. In H1 2025 this fell further to 34%, despite sales increasing 140% y-o-y. The reduction in share suggests alternative charging remains favoured by many operators, but the strong growth overall highlights the important role battery-swapping heavy-duty vehicles continue to play in China’s transition to electric trucking. Battery swapping may be favoured in situations where quick turnaround is essential, or in remote areas where access to high-powered grid connections is limited.",{"type":627,"attrs":28375},{"id":28376,"body":28377},"d91ebc10-ddaa-4627-8f32-c8ad9e0be518",[28378],{"id":28379,"_uid":28380,"type":634,"_editable":28381,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24873168","i-c76ad1f2-8555-4838-8a56-81abca60d301","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c76ad1f2-8555-4838-8a56-81abca60d301\", \"id\": \"\"}-->",{"type":594,"attrs":28383,"content":28384},{"textAlign":49},[28385],{"text":28386,"type":599},"The market in context",{"type":594,"attrs":28388,"content":28389},{"textAlign":49},[28390],{"text":28391,"type":599},"Backed by government subsidies, lower operating costs, and expanding charging and swapping infrastructure, China demonstrates the scale of electrification potential in heavy-duty transport. While adoption outside China is unlikely to accelerate at the same pace, demand across commercial vehicle segments is expected to rise rapidly in the coming years proving an increasingly important battery demand segment. ",{"type":594,"attrs":28393,"content":28394},{"textAlign":49},[],"Lithium-ion battery demand is still primarily driven by passenger EVs and the energy storage sector. However, China’s heavy-duty truck segment (16 tonne and above) is showing how this dynamic could shift, with growth in recent years proving exceptionally strong. Between 2023 and 2024, heavy-duty electric truck sales rose 134%. Data from H1 2025 shows the market grew a further 173%, with expansion expected to […]",[28397],{"slug":544,"name":543,"content":28398},{"job_title":557,"image":28399,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b93bf8b3-69d0-4bde-ab78-93ab107236ba\", \"id\": \"\"}-->",[28402,28403,28404],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":28406,"copyright":547,"fieldtype":553,"meta_data":28407,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1756460584/www-production/Screenshot-2025-08-28-153050/Screenshot-2025-08-28-153050.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":28409,"copyright":547,"fieldtype":553,"meta_data":28410,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5e6109c6a6/bm-adobestock-1385255173-scaled.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 29, 2025",{"id":28413,"uuid":28414,"name":28415,"slug":28416,"full_slug":28417,"content":28418},112398942712491,"768541c7-5db7-4b6b-b0db-45739e9381d5","Benchmark launches FOB East Africa graphite prices as demand for graphite from outside China mounts","benchmark-launches-fob-east-africa-graphite-prices-as-demand-for-graphite-from-outside-china-mounts","article/benchmark-launches-fob-east-africa-graphite-prices-as-demand-for-graphite-from-outside-china-mounts",{"_uid":28419,"date":28318,"tags":28420,"editor":28423,"content":28427,"excerpt":28557,"featured":50,"reporter":28558,"_editable":28562,"component":864,"seo_title":28415,"categories":28563,"visibility":2091,"author_company":49,"featured_image":28566,"seo_description":28557,"author_full_name":49,"author_job_title":49,"formattedDate":28411},"d948655b-9b1e-4d1d-85ee-bd34616d520f",[28421,28422],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[28424],{"slug":544,"name":543,"content":28425},{"job_title":557,"image":28426,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":28428},[28429,28434,28439,28444,28449,28454,28459,28464,28477,28482,28487,28492,28497,28502,28515,28520,28525,28532,28539,28546],{"type":594,"attrs":28430,"content":28431},{"textAlign":49},[28432],{"text":28433,"type":599},"Graphite buyers are increasingly seeking to diversify their raw material supply away from China. This has pushed the supply chain to call for new graphite price grades which reflect the trends in this market outside of China.",{"type":594,"attrs":28435,"content":28436},{"textAlign":49},[28437],{"text":28438,"type":599},"In the graphite market, trade flows have been disrupted by policy announcements restricting imports from specific countries, for example through the introduction of export licence requirements and tariffs. In 2025, China will produce about 70% of global supplies of natural flake graphite and almost all the spherical graphite used in anodes for lithium ion batteries.",{"type":594,"attrs":28440,"content":28441},{"textAlign":49},[28442],{"text":28443,"type":599},"“China’s leadership position in the graphite market means it continues to be the trading venue for the majority of flake graphite that ends up in battery anodes. However, this grip on the market could gradually weaken as downstream customers look to alternative sources for material,” said Adam Megginson, senior analyst at Benchmark.",{"type":594,"attrs":28445,"content":28446},{"textAlign":49},[28447],{"text":28448,"type":599},"In the face of more volatile policy and in an acknowledgement of the risks of relying on a single trade partner, East African graphite projects have emerged as a hub for competitive natural graphite supply.",{"type":657,"attrs":28450,"content":28451},{"level":15966,"textAlign":49},[28452],{"text":28453,"type":599},"New pricing required to capture demand for ex-China graphite",{"type":594,"attrs":28455,"content":28456},{"textAlign":49},[28457],{"text":28458,"type":599},"In response to this growing demand to track ex-China supply developments, Benchmark has launched two new graphite price grades covering the East Africa region. +80 mesh and -100 mesh, both capturing material with a carbon concentration between 94-95%, on an FOB East Africa basis. ",{"type":594,"attrs":28460,"content":28461},{"textAlign":49},[28462],{"text":28463,"type":599},"The grades join a +80 mesh, 94-95% carbon grade on an FOB China basis as well as three existing -100 mesh, 94-95% carbon grades, on a CIF North America, FOB China and DDP China basis, which Benchmark assesses using primary data collected directly from active market participants.",{"type":594,"attrs":28465,"content":28466},{"textAlign":49},[28467,28469,28475],{"text":28468,"type":599},"The new FOB East Africa flake graphite grade is published as part of ",{"text":28470,"type":599,"marks":28471},"Benchmark’s Graphite Price Assessment",[28472],{"type":604,"attrs":28473},{"href":28474,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/natural-graphite/portal/",{"text":28476,"type":599}," service, giving graphite market players greater opportunity to manage price risk by indexing supply contracts to region-specific trends. ",{"type":594,"attrs":28478,"content":28479},{"textAlign":49},[28480],{"text":28481,"type":599},"“Graphite players outside of China have been searching for price indexes that are independent of transactions in the China market. These companies need a tool to settle supply contracts that ensures their prices match the supply and demand trends unfolding in East Africa,” said Daisy Jennings-Gray, Head of Prices at Benchmark.",{"type":594,"attrs":28483,"content":28484},{"textAlign":49},[28485],{"text":28486,"type":599},"“The graphite market remains opaque, and China’s prominent position means that participants in other regions have previously had no choice but to absorb price trends unfolding in the country, whether their supply chain passes through China or not. In East Africa, we are seeing the capacity of mining operations mounting, and buyers and sellers are calling for price reporting to evolve to capture regional price differences and shine a brighter light on their supply chain,” she added.",{"type":594,"attrs":28488,"content":28489},{"textAlign":49},[28490],{"text":28491,"type":599},"“With China set to make up more than 75% of the global natural graphite anode market share by the end of the decade, further investments outside China will be essential to support healthy competition and challenge its dominant market position,” said Megginson.",{"type":594,"attrs":28493,"content":28494},{"textAlign":49},[28495],{"text":28496,"type":599},"In August 2025, +80 mesh, 94-95% C natural graphite on an FOB East Africa basis was assessed by Benchmark at an average of $1,250/tonne, representing a moderate 2.0% decrease m-o-m. Meanwhile, prices for -100 mesh material of the same concentration rose by 3.7% m-o-m to reach an average of $537/tonne (FOB East Africa) over the same period.",{"type":657,"attrs":28498,"content":28499},{"level":15966,"textAlign":49},[28500],{"text":28501,"type":599},"Antidumping tariff on Chinese anode material imported to USA",{"type":594,"attrs":28503,"content":28504},{"textAlign":49},[28505,28507,28513],{"text":28506,"type":599},"In July 2025, the US Department of Commerce ",{"text":28508,"type":599,"marks":28509},"issued a preliminary determination",[28510],{"type":604,"attrs":28511},{"href":28512,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-aam-imports-into-the-us-face-160-tariff-following-antidumping-investigation-ruling",{"text":28514,"type":599}," that China was dumping graphite anode active material into the US market, and responded with an antidumping tariff of 93.5% on most imports of the material from the country. The tariffs add to existing tariffs, bringing the total charge on most anode imports from China to the US to 160.08%.",{"type":594,"attrs":28516,"content":28517},{"textAlign":49},[28518],{"text":28519,"type":599},"The new tariff would make US-made anode material cheaper than Chinese-made for the first time. Although between January 2022 and December 2024 the US imported just over twice as much synthetic graphite as it did coated spherical purified graphite, the announcement has sent shockwaves through Chinese graphite and anode material supply chain participants looking to target the US market. Conversely, it offers an opportunity for graphite and anode producers and aspirants in other countries to more readily compete with China on cost, which has long been a challenging endeavour.",{"type":594,"attrs":28521,"content":28522},{"textAlign":49},[28523],{"text":28524,"type":599},"This move highlights the vulnerability of the graphite supply chain to disruption from policy directives and highlights the need for specific price reporting to cover these emerging alternative graphite hubs.",{"type":594,"attrs":28526,"content":28527},{"textAlign":49},[28528],{"text":28529,"type":599,"marks":28530},"Benchmark has just launched its new FOB East Africa flake graphite grade, published as part of Benchmark’s Natural Graphite Price Assessment.",[28531],{"type":643},{"type":594,"attrs":28533,"content":28534},{"textAlign":49},[28535],{"text":28536,"type":599,"marks":28537},"Benchmark’s price assessments are used by supply chain participants for contract settlement, indexation and price risk management.",[28538],{"type":643},{"type":594,"attrs":28540,"content":28541},{"textAlign":49},[28542],{"text":28543,"type":599,"marks":28544},"If you would like to speak to Benchmark’s experts to learn more about our new FOB East Africa flake graphite grade or our wider graphite services, please provide your details below and our team will be in touch.",[28545],{"type":643},{"type":627,"attrs":28547},{"id":28548,"body":28549},"f696ab10-097b-4912-b489-b26b3667f641",[28550],{"id":835,"_uid":28551,"_editable":28552,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":28553,"success_file":28554,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":28556},"i-fc805b36-ffc3-499c-bcd1-8730076e32e4","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-fc805b36-ffc3-499c-bcd1-8730076e32e4\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":28555},{},[],"Graphite buyers are increasingly seeking to diversify their raw material supply away from China. This has pushed the supply chain to call for new graphite price grades which reflect the trends in this market outside of China. In the graphite market, trade flows have been disrupted by policy announcements restricting imports from specific countries, for […]",[28559],{"slug":544,"name":543,"content":28560},{"job_title":557,"image":28561,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d948655b-9b1e-4d1d-85ee-bd34616d520f\", \"id\": \"\"}-->",[28564,28565],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12226,"copyright":547,"fieldtype":553,"meta_data":28567,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":28569,"uuid":28570,"name":28571,"slug":28572,"full_slug":28573,"content":28574},112398937928362,"2c21e052-3847-4840-aeb8-5be0e8587b8e","Licence cancellations could unlock Bolivia’s lithium potential","licence-cancellations-could-unlock-bolivias-lithium-potential","article/licence-cancellations-could-unlock-bolivias-lithium-potential",{"_uid":28575,"date":28318,"tags":28576,"editor":28581,"content":28585,"excerpt":28686,"featured":51,"reporter":28687,"_editable":28691,"component":864,"seo_title":28571,"categories":28692,"visibility":882,"author_company":49,"featured_image":28696,"seo_description":28686,"author_full_name":49,"author_job_title":49,"formattedDate":28411},"a108fa5c-b774-4220-a07f-14cc40a8e11e",[28577,28580],{"slug":28578,"name":28579},"bolivia","Bolivia",{"slug":4610,"name":662},[28582],{"slug":544,"name":543,"content":28583},{"job_title":557,"image":28584,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":28586},[28587,28600,28605,28613,28618,28623,28628,28633,28641,28646,28651,28656,28661,28666,28671,28676,28681],{"type":594,"attrs":28588,"content":28589},{"textAlign":49},[28590,28592,28598],{"text":28591,"type":599},"Bolivia’s presidential hopeful Jorge Quiroga has pledged to cancel lithium extraction licences signed with Russian and Chinese companies, ",{"text":28593,"type":599,"marks":28594},"including CATL",[28595],{"type":604,"attrs":28596},{"href":28597,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/bolivia-chooses-chinese-consortium-led-by-catl-for-1-billion-lithium-investment",{"text":28599,"type":599},", as he prepares for an October election run-off against another right-wing candidate. The result will see Bolivia elect its first right-wing president in nearly two decades.",{"type":594,"attrs":28601,"content":28602},{"textAlign":49},[28603],{"text":28604,"type":599},"With the country mired in economic crisis, the development of Bolivia’s lithium resources has been a central campaign issue. Quiroga said he would re-open the bidding process for lithium contracts, accusing the previous government over a lack of transparency in the tender process, and loosen the state’s control over its resources.",{"type":627,"attrs":28606},{"id":28607,"body":28608},"a7d913ee-1d4b-4081-966a-dbf474d923da",[28609],{"id":28610,"_uid":28611,"type":634,"_editable":28612,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24890533","i-242c3e15-02e2-4b86-b25f-b2ad27c39377","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-242c3e15-02e2-4b86-b25f-b2ad27c39377\", \"id\": \"\"}-->",{"type":594,"attrs":28614,"content":28615},{"textAlign":49},[28616],{"text":28617,"type":599},"Bolivia hosts some of the world’s largest undeveloped lithium resources. The United States Geological Survey (USGS) estimates that the Salar de Uyuni – the world’s largest salt flat – contains ~120Mt LCE.",{"type":594,"attrs":28619,"content":28620},{"textAlign":49},[28621],{"text":28622,"type":599},"However, Benchmark’s base case projects Bolivia’s production to reach just 7.5kt LCE by the early 2030s, negligible compared with neighbouring Argentina (~275kt) and Chile (~348kt).",{"type":657,"attrs":28624,"content":28625},{"level":15966,"textAlign":49},[28626],{"text":28627,"type":599},"Bolivia’s lithium challenge",{"type":594,"attrs":28629,"content":28630},{"textAlign":49},[28631],{"text":28632,"type":599},"Despite the scale of its resource, extracting lithium in Bolivia faces multiple challenges. Brines average just 300–600ppm lithium and contain high impurity levels, making conventional extraction methods uneconomical. At the Uyuni salt flat, magnesium-to-lithium ratios of >20:1 leave direct lithium extraction (DLE) as the only viable option.",{"type":627,"attrs":28634},{"id":28635,"body":28636},"ef1ee178-1705-49df-b170-0e15c5cc23dd",[28637],{"id":28638,"_uid":28639,"type":634,"_editable":28640,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24890895","i-b63fb532-de6c-4b06-a91c-b09ec8f971d9","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b63fb532-de6c-4b06-a91c-b09ec8f971d9\", \"id\": \"\"}-->",{"type":594,"attrs":28642,"content":28643},{"textAlign":49},[28644],{"text":28645,"type":599},"Mining investment in Bolivia also has a chequered history. Several mining projects were nationalised after construction was completed, creating a long-standing perception that the country is a high risk jurisdiction for investors.",{"type":594,"attrs":28647,"content":28648},{"textAlign":49},[28649],{"text":28650,"type":599},"Two years ago, developers from Argentina (Tecpetrol) and the US (EnergyX) submitted bids in an open tender process but were rejected following claims of insufficient engineering data. Weeks later, contracts were awarded through a closed tender to Chinese and Russian companies, raising concerns over transparency.",{"type":594,"attrs":28652,"content":28653},{"textAlign":49},[28654],{"text":28655,"type":599},"The Fraser Institute’s Policy Perception Index – which measures mining executives’ views on the impact of government policies – ranked Bolivia in the bottom 10 jurisdictions globally for mining investment in 2024.",{"type":657,"attrs":28657,"content":28658},{"level":15966,"textAlign":49},[28659],{"text":28660,"type":599},"One step backwards, two steps forward?",{"type":594,"attrs":28662,"content":28663},{"textAlign":49},[28664],{"text":28665,"type":599},"Although the possible cancellation of licences and unwinding of joint ventures suggests another setback in Bolivia’s decades-long industrialisation push, Benchmark notes that re-opening the tender could attract greater competition, new capital, and external expertise.",{"type":594,"attrs":28667,"content":28668},{"textAlign":49},[28669],{"text":28670,"type":599},"DLE technologies have advanced significantly in recent years. In China’s Qinghai and Argentina’s Hombre Muerto, adsorption-based processes have been pioneered, with Qinghai operating full-scale plants that integrate ion-exchange, membrane, and solvent technologies. Pilot and demo projects are also under way at salars, oilfields, and geothermal resources across Europe and North America.",{"type":594,"attrs":28672,"content":28673},{"textAlign":49},[28674],{"text":28675,"type":599},"Investment flows show growing momentum towards DLE. Benchmark’s Dealtracker recorded ~$300m in DLE-related transactions so far in 2025, led by Standard Lithium’s $225m US Department of Energy grant. This follows ~$250m of deals in 2024.",{"type":594,"attrs":28677,"content":28678},{"textAlign":49},[28679],{"text":28680,"type":599},"This trend runs counter to lithium’s weak price environment and highlights how DLE is increasingly viewed in the West as a path to both lower costs and diversify supply chains beyond China.",{"type":594,"attrs":28682,"content":28683},{"textAlign":49},[28684],{"text":28685,"type":599},"In this context, Quiroga’s plan may prove less of a retreat than a repositioning. If the country can attract partners with the right blend of financing and technological expertise, the world’s largest untapped lithium resource could finally start to be developed at scale. ","Bolivia’s presidential hopeful Jorge Quiroga has pledged to cancel lithium extraction licences signed with Russian and Chinese companies, including CATL, as he prepares for an October election run-off against another right-wing candidate. The result will see Bolivia elect its first right-wing president in nearly two decades. With the country mired in economic crisis, the development […]",[28688],{"slug":544,"name":543,"content":28689},{"job_title":557,"image":28690,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a108fa5c-b774-4220-a07f-14cc40a8e11e\", \"id\": \"\"}-->",[28693,28694,28695],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":28697,"copyright":547,"fieldtype":553,"meta_data":28698,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a231f31570/bm-bolivia.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":28700,"uuid":28701,"name":28702,"slug":28703,"full_slug":28704,"content":28705},112398952329903,"d7ac7e45-8f3d-40ef-9c3e-a2238ab07b30","Argentina’s copper developments accelerate under new incentive regime","argentinas-copper-developments-accelerate-under-new-incentive-regime","article/argentinas-copper-developments-accelerate-under-new-incentive-regime",{"_uid":28706,"date":28707,"tags":28708,"editor":28710,"content":28714,"excerpt":28809,"featured":50,"reporter":28810,"_editable":28814,"component":864,"seo_title":28702,"categories":28815,"visibility":2091,"author_company":49,"featured_image":28818,"seo_description":28809,"author_full_name":49,"author_job_title":49,"formattedDate":28821},"c4a752cf-a851-440a-9aad-e150d3fb862c","2025-08-28 00:00",[28709],{"slug":4357,"name":4358},[28711],{"slug":544,"name":543,"content":28712},{"job_title":557,"image":28713,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":28715},[28716,28721,28733,28741,28746,28751,28756,28769,28774,28779,28787,28792,28798],{"type":594,"attrs":28717,"content":28718},{"textAlign":49},[28719],{"text":28720,"type":599},"Argentina has the potential to be one of the fastest-growing sources of new copper supply in the coming decade, according to the Benchmark Copper Service. Like in neighbouring Chile – the world’s largest producer by output – the Andes mountains host a rich copper mineralogy that offers the country a significant opportunity to develop new resources. These prospects are attracting interest from mining majors such as BHP, Glencore, and First Quantum.",{"type":594,"attrs":28722,"content":28723},{"textAlign":49},[28724,28726,28731],{"text":28725,"type":599},"Last week, Glencore applied for the inclusion of its projects El Pachón and Agua Rica (the Mara Project) into ",{"text":28727,"type":599,"marks":28728},"Argentina’s new Large Investment Incentive Regime (RIGI)",[28729],{"type":604,"attrs":28730},{"href":24250,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":28732,"type":599},", which offers a range of tax breaks, customs, legal, and foreign exchange benefits to companies making large-scale investments (>$200m) in extractive industries.",{"type":627,"attrs":28734},{"id":28735,"body":28736},"3c07338d-3c39-495f-8d38-b71a318b322d",[28737],{"id":28738,"_uid":28739,"type":634,"_editable":28740,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24870218","i-7f4a3b15-2865-40c8-9460-b38e3e28c2cb","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7f4a3b15-2865-40c8-9460-b38e3e28c2cb\", \"id\": \"\"}-->",{"type":594,"attrs":28742,"content":28743},{"textAlign":49},[28744],{"text":28745,"type":599},"Approval under RIGI would mean the projects pay corporate tax of 25%, against the standard 35% rate, while also protecting them from any new taxes introduced in the next 30 years.",{"type":594,"attrs":28747,"content":28748},{"textAlign":49},[28749],{"text":28750,"type":599},"According to the Benchmark Copper Service, Argentina could produce nearly 1.2Mt of copper annually by 2035, should its pipeline of new projects come to fruition. Key developments include Glencore’s El Pachón (280kt), First Quantum’s Taca-Taca (213kt), and the BHP/Lundin-backed Distrito Vicuña (193kt).",{"type":657,"attrs":28752,"content":28753},{"level":15966,"textAlign":49},[28754],{"text":28755,"type":599},"How is Argentina’s project pipeline progressing?",{"type":594,"attrs":28757,"content":28758},{"textAlign":49},[28759,28761,28767],{"text":28760,"type":599},"Although none of these projects are yet operational, Argentina’s newly introduced incentive regime is accelerating capital inflows into the country’s mining sector, as ",{"text":28762,"type":599,"marks":28763},"shown by the deal between BHP and Lundin",[28764],{"type":604,"attrs":28765},{"href":28766,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/bhp-and-lundin-boost-copper-exposure-with-3-billion-filo-acquisition",{"text":28768,"type":599}," to jointly advance the Vicuña District.",{"type":594,"attrs":28770,"content":28771},{"textAlign":49},[28772],{"text":28773,"type":599},"Argentina has historically been viewed as a difficult jurisdiction for mining investment with a reputation for economic instability and challenging business conditions, related to a complicated tax regime and exchange rates",{"type":594,"attrs":28775,"content":28776},{"textAlign":49},[28777],{"text":28778,"type":599},"However, this perception is now beginning to change. In 2023, San Juan province – home to the El Pachón, Distrito Vicuña, Los Azules, and Altar projects – ranked 34 out of 86 in the Fraser Institute’s Policy Perception Index, a composite indicator included within the annual mining survey that measures the opinions of mining executives on the quality and impact of government policies affecting mineral exploration investment. By 2024, San Juan has risen to 11 out of 82.",{"type":627,"attrs":28780},{"id":28781,"body":28782},"a489623e-f64f-49fb-8a36-58e1dee354ac",[28783],{"id":28784,"_uid":28785,"type":634,"_editable":28786,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24869922","i-0d639e3d-f698-47b4-93b6-0e2e4da231c8","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0d639e3d-f698-47b4-93b6-0e2e4da231c8\", \"id\": \"\"}-->",{"type":594,"attrs":28788,"content":28789},{"textAlign":49},[28790],{"text":28791,"type":599},"Benchmark anticipates a global supply gap of over 8Mt of mined copper by 2035. Although Argentina’s output would cover only a fraction of this shortfall, new supply would still enter the market at a time when global demand for copper is high. Four of the 12 largest greenfield projects set to be in production by 2035 are located in Argentina.",{"type":594,"attrs":28793,"content":28794},{"textAlign":49},[28795],{"text":27180,"type":599,"marks":28796},[28797],{"type":643},{"type":627,"attrs":28799},{"id":28800,"body":28801},"7a9d4198-7ea5-4b5c-84c2-64e813cb2cba",[28802],{"id":835,"_uid":28803,"_editable":28804,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":28805,"success_file":28806,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":28808},"i-5eeb432c-3337-489b-8b9e-394589d9223d","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-5eeb432c-3337-489b-8b9e-394589d9223d\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":28807},{},[],"Argentina has the potential to be one of the fastest-growing sources of new copper supply in the coming decade, according to the Benchmark Copper Service. Like in neighbouring Chile – the world’s largest producer by output – the Andes mountains host a rich copper mineralogy that offers the country a significant opportunity to develop new […]",[28811],{"slug":544,"name":543,"content":28812},{"job_title":557,"image":28813,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c4a752cf-a851-440a-9aad-e150d3fb862c\", \"id\": \"\"}-->",[28816,28817],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":28819,"copyright":547,"fieldtype":553,"meta_data":28820,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/be290087a6/bm-shutterstock-2284345111-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 28, 2025",{"id":28823,"uuid":28824,"name":28825,"slug":28826,"full_slug":28827,"content":28828},112398968034143,"95da70c2-a49b-456b-b139-97eebd710984","US targets copper and lithium under Uyghur Forced Labor Prevention Act","us-targets-copper-and-lithium-under-uyghur-forced-labor-prevention-act","article/us-targets-copper-and-lithium-under-uyghur-forced-labor-prevention-act",{"_uid":28829,"date":28830,"tags":28831,"editor":28836,"content":28840,"excerpt":28923,"featured":50,"reporter":28924,"_editable":28928,"component":864,"seo_title":28825,"categories":28929,"visibility":882,"author_company":49,"featured_image":28935,"seo_description":28923,"author_full_name":49,"author_job_title":49,"formattedDate":28938},"38d05417-7a6f-4db5-8f5a-327f405e2c61","2025-08-27 00:00",[28832,28833,28834,28835],{"slug":913,"name":914},{"slug":1375,"name":1376},{"slug":4610,"name":662},{"slug":23760,"name":23761},[28837],{"slug":544,"name":543,"content":28838},{"job_title":557,"image":28839,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":28841},[28842,28847,28852,28857,28862,28867,28872,28885,28893,28898,28903,28908,28913,28918],{"type":594,"attrs":28843,"content":28844},{"textAlign":49},[28845],{"text":28846,"type":599},"The US Department of Homeland Security has designated copper and lithium imports from China for “high‑priority” enforcement under the Uyghur Forced Labor Prevention Act (UFLPA), due to alleged human‑rights abuses in the Xinjiang Uyghur Autonomous Region.",{"type":594,"attrs":28848,"content":28849},{"textAlign":49},[28850],{"text":28851,"type":599},"The enforcement plan sets sector‑specific requirements for traceability, documentation, and verification to prevent goods linked to forced labour in Xinjiang from entering US supply chains. Copper and lithium join a growing list of commodities targeted since the UFLPA came into force in 2022, including aluminium and polysilicon.",{"type":594,"attrs":28853,"content":28854},{"textAlign":49},[28855],{"text":28856,"type":599},"The UFLPA establishes a presumption that all goods produced wholly or partly in Xinjiang, or by entities on the UFLPA Entity List, involve forced labour and are therefore barred from the US market. Exemptions are granted if the importer provides evidence that forced labour was not used.",{"type":657,"attrs":28858,"content":28859},{"level":15966,"textAlign":49},[28860],{"text":28861,"type":599},"What is Xinjiang’s role in the global lithium supply chain?",{"type":594,"attrs":28863,"content":28864},{"textAlign":49},[28865],{"text":28866,"type":599},"In July, a report published by Global Rights Compliance identified more than 100 companies in critical minerals supply chains with exposure to forced labour risks in Xinjiang. Lithium exploration, mining, processing, and battery production were highlighted as key risk areas, owing to the Chinese government’s target to expand lithium mining and downstream manufacturing in the region.",{"type":594,"attrs":28868,"content":28869},{"textAlign":49},[28870],{"text":28871,"type":599},"In 2025, Xinjiang’s lithium output is forecast to reach 24kt LCE, equal to 2% of global supply and 8% of China’s domestic supply, according to the Benchmark Lithium Forecast. Lithium in the region is extracted predominantly from brine and hardrock spodumene. ",{"type":594,"attrs":28873,"content":28874},{"textAlign":49},[28875,28877,28883],{"text":28876,"type":599},"Supply is projected to triple by 2030, reaching 3% of global and 12% of Chinese supply, ",{"text":28878,"type":599,"marks":28879},"underpinned by ~$2 billion worth of investment",[28880],{"type":604,"attrs":28881},{"href":28882,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/2-billion-xinjiang-lithium-investments-to-double-regions-supply",{"text":28884,"type":599}," in the sector.",{"type":627,"attrs":28886},{"id":28887,"body":28888},"c6522a0c-33a4-4ff2-9cdc-9a0930255140",[28889],{"id":28890,"_uid":28891,"type":634,"_editable":28892,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24858449","i-4807276f-c156-4ee9-b95d-66a647aed361","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4807276f-c156-4ee9-b95d-66a647aed361\", \"id\": \"\"}-->",{"type":594,"attrs":28894,"content":28895},{"textAlign":49},[28896],{"text":28897,"type":599},"But the US does not import large quantities of lithium from China. In 2024, the US imported 33kt LCE from China, equivalent to 3% of US’ total lithium imports, according to Benchmark analysis of US trade data.",{"type":594,"attrs":28899,"content":28900},{"textAlign":49},[28901],{"text":28902,"type":599},"Further downstream, Xinjiang is home to a single operational cathode production facility, but has over 700,000 tonnes of capacity slated to come online by the end of the decade – equivalent to 5% of China’s pipeline capacity additions through to 2030.",{"type":594,"attrs":28904,"content":28905},{"textAlign":49},[28906],{"text":28907,"type":599},"In 2024, US lawmakers urged the Department of Homeland Security to add Chinese battery manufacturers CATL and Gotion to its forced labour entity list, alleging links between the companies and forced labour in the Xinjiang region. They warned that continued access for the firms to the US market risks exposing the country to complicity in human rights abuses.",{"type":657,"attrs":28909,"content":28910},{"level":15966,"textAlign":49},[28911],{"text":28912,"type":599},"A minor copper footprint",{"type":594,"attrs":28914,"content":28915},{"textAlign":49},[28916],{"text":28917,"type":599},"Xinjiang hosts some copper mining and smelting capacity but accounts for \u003C0.5% of global supply, according to the Benchmark Copper Service. ",{"type":594,"attrs":28919,"content":28920},{"textAlign":49},[28921],{"text":28922,"type":599},"Refined copper imports met 45% of US demand in 2024, though less than 0.1% originated from China. The leading suppliers were Chile, Canada, and Mexico.","The US Department of Homeland Security has designated copper and lithium imports from China for “high‑priority” enforcement under the Uyghur Forced Labor Prevention Act (UFLPA), due to alleged human‑rights abuses in the Xinjiang Uyghur Autonomous Region. The enforcement plan sets sector‑specific requirements for traceability, documentation, and verification to prevent goods linked to forced labour in […]",[28925],{"slug":544,"name":543,"content":28926},{"job_title":557,"image":28927,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"38d05417-7a6f-4db5-8f5a-327f405e2c61\", \"id\": \"\"}-->",[28930,28931,28932,28933,28934],{"slug":869,"name":870},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":28936,"copyright":547,"fieldtype":553,"meta_data":28937,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/02023e5e64/bm-china-tightens-graphite-export-controls-to-the-us.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 27, 2025",{"id":28940,"uuid":28941,"name":28942,"slug":28943,"full_slug":28944,"content":28945},112398977999870,"7e2cd575-5089-4cf1-9cd1-fa7bb76394c6","Pentagon launches $500m cobalt tender to bolster US supply security","pentagon-launches-500m-cobalt-tender-to-bolster-us-supply-security","article/pentagon-launches-500m-cobalt-tender-to-bolster-us-supply-security",{"_uid":28946,"date":28947,"tags":28948,"editor":28954,"content":28958,"excerpt":29050,"featured":51,"reporter":29051,"_editable":29055,"component":864,"seo_title":28942,"categories":29056,"visibility":882,"author_company":49,"featured_image":29060,"seo_description":29050,"author_full_name":49,"author_job_title":49,"formattedDate":29063},"0015fa2d-2b3c-45c6-b9d8-317970b749f1","2025-08-22 00:00",[28949,28952,28953],{"slug":28950,"name":28951},"department-of-defense","Department of Defense",{"slug":1375,"name":1376},{"slug":4610,"name":662},[28955],{"slug":544,"name":543,"content":28956},{"job_title":557,"image":28957,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":28959},[28960,28965,28978,28983,28991,28996,29007,29012,29017,29022,29034,29039],{"type":594,"attrs":28961,"content":28962},{"textAlign":49},[28963],{"text":28964,"type":599},"The US Department of Defense (DoD) is tendering for up to $500 million of cobalt metal (min 99.8%) utilised in critical aerospace and defence components for its strategic stockpiles, the latest move by the US government to bolster critical mineral supply security and reduce strategic dependencies on China.",{"type":594,"attrs":28966,"content":28967},{"textAlign":49},[28968,28970,28976],{"text":28969,"type":599},"According to the tender documents released this week, the Defense Logistics Agency (DLA) will seek to procure up to 7,480 tonnes of cobalt metal – valued at least $250m at today’s prices (as per the ",{"text":28971,"type":599,"marks":28972},"Benchmark Cobalt Price Assessment",[28973],{"type":604,"attrs":28974},{"href":28975,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cobalt/data-reports/price-assessments",{"text":28977,"type":599},") – for the National Defense Stockpile (NDS) over the next five years, the first time such a purchase has been conducted since 1990. ",{"type":594,"attrs":28979,"content":28980},{"textAlign":49},[28981],{"text":28982,"type":599},"The tender is limited to just three producers: Vale’s Port Colborne and Long Harbour (cobalt rounds) operations in Canada, Sumitomo Metal Mining (cut cathodes) in Japan, and Glencore’s Nikkelverk (cut cathodes) refinery in Norway. Purchases will be exempt from tariffs due to the strategic and critical material designation. Crucially, Chinese cobalt refiners, such as Jinchuan, are excluded from the tender.",{"type":627,"attrs":28984},{"id":28985,"body":28986},"e251cc65-d698-449f-b5fc-30e6a18b4eda",[28987],{"id":28988,"_uid":28989,"type":634,"_editable":28990,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24795506","i-0437887d-8117-4ea2-a688-6f4c21ba35aa","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0437887d-8117-4ea2-a688-6f4c21ba35aa\", \"id\": \"\"}-->",{"type":594,"attrs":28992,"content":28993},{"textAlign":49},[28994],{"text":28995,"type":599},"Cobalt-containing alloys are essential for producing superalloys, used in jet engines, precision-guided missiles, submarines, and other military applications. These superalloys maintain their mechanical strength and integrity close to their melting points, making them ideal for high-temperature applications. ",{"type":594,"attrs":28997,"content":28998},{"textAlign":49},[28999,29001],{"text":29000,"type":599},"Read Benchmark’s Special Issue ",{"text":29002,"type":599,"marks":29003},"Defence: The new driver for critical raw materials",[29004],{"type":604,"attrs":29005},{"href":29006,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/special-issues/1345874",{"type":594,"attrs":29008,"content":29009},{"textAlign":49},[29010],{"text":29011,"type":599},"Benchmark estimates that the tender could account for up to 17% of the selected companies’ combined annual alloy-grade cobalt output, sending a supportive signal for cobalt metal prices over the coming years. Benchmark analysis of trade data suggests that cobalt demand from the US aerospace sector runs at around 4-5ktpa, and that stockpiling would be equivalent to 30% of this demand alone in 2027.",{"type":657,"attrs":29013,"content":29014},{"level":15966,"textAlign":49},[29015],{"text":29016,"type":599},"US government steps up market interventions",{"type":594,"attrs":29018,"content":29019},{"textAlign":49},[29020],{"text":29021,"type":599},"China’s decision in April to restrict exports of rare earth elements vital to the US defence industry has highlighted US strategic vulnerabilities in critical mineral supply chains, and has accelerated the Pentagon’s intervention in these markets. ",{"type":594,"attrs":29023,"content":29024},{"textAlign":49},[29025,29027,29032],{"text":29026,"type":599},"It is widely considered that Western governments possess two key tools in their arsenal to support project economics and bolster critical mineral supply security: minimum price floors and strategic stockpiling. In July, the ",{"text":29028,"type":599,"marks":29029},"DoD inked a multibillion-dollar partnership with MP Materials (MP) to develop a domestic mine-to-magnet supply chain",[29030],{"type":604,"attrs":29031},{"href":22644,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":29033,"type":599},", which included a contractual price floor to support the project’s economics in the face of Chinese competition. ",{"type":594,"attrs":29035,"content":29036},{"textAlign":49},[29037],{"text":29038,"type":599},"The Pentagon’s cobalt tender is the latest in a string of recent tenders recently published for critical minerals – facilitated through a $2 billion package appropriated by Congress for the DLA – which includes niobium, graphite, and antimony.",{"type":594,"attrs":29040,"content":29041},{"textAlign":49},[29042,29044],{"text":29043,"type":599},"China has long conducted similar interventions by stockpiling critical minerals through its State Reserve Bureau (SRB), often used as a tool to raise prices and support domestic industry.  In 2024, the ",{"text":29045,"type":599,"marks":29046},"SRB tendered a reported 15,000 tonnes of cobalt metal from domestic refiners. ",[29047],{"type":604,"attrs":29048},{"href":29049,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rumoured-china-srb-cobalt-purchase-and-potential-market-impact-examined","The US Department of Defense (DoD) is tendering for up to $500 million of cobalt metal (min 99.8%) utilised in critical aerospace and defence components for its strategic stockpiles, the latest move by the US government to bolster critical mineral supply security and reduce strategic dependencies on China. According to the tender documents released this […]",[29052],{"slug":544,"name":543,"content":29053},{"job_title":557,"image":29054,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0015fa2d-2b3c-45c6-b9d8-317970b749f1\", \"id\": \"\"}-->",[29057,29058,29059],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29061,"copyright":547,"fieldtype":553,"meta_data":29062,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6a00b4049a/bm-us-congress.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 22, 2025",{"id":29065,"uuid":29066,"name":29067,"slug":29068,"full_slug":29069,"content":29070},112398992708743,"a561f161-9fa0-448c-afad-bf72f3620d1c","Is the US reducing its reliance on Chinese made cells?","is-the-us-reducing-its-reliance-on-chinese-made-cells","article/is-the-us-reducing-its-reliance-on-chinese-made-cells",{"_uid":29071,"date":29072,"tags":29073,"editor":29079,"content":29083,"excerpt":29157,"featured":51,"reporter":29158,"_editable":29162,"component":864,"seo_title":29067,"categories":29163,"visibility":882,"author_company":49,"data_vis_image":29167,"featured_image":29170,"seo_description":29157,"author_full_name":49,"author_job_title":49,"formattedDate":29173},"e8fb69c8-d688-48be-9e0f-653b2ad70249","2025-08-19 00:00",[29074,29075,29076,29077,29078],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":6290,"name":2052},{"slug":8694,"name":8695},{"slug":1375,"name":1376},[29080],{"slug":544,"name":543,"content":29081},{"job_title":557,"image":29082,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":29084},[29085,29090,29098,29104,29109,29114,29119,29124,29129,29134,29139,29144,29149,29154],{"type":594,"attrs":29086,"content":29087},{"textAlign":49},[29088],{"text":29089,"type":599},"Lithium ion battery imports are an important part of the US’ domestic BESS industry. Historically, China has been the largest source of imported cells to the US, however this trend appears to be changing as US imports from China have fallen drastically in recent months.",{"type":627,"attrs":29091},{"id":29092,"body":29093},"f46f1410-7a54-4099-a013-613ebac438f9",[29094],{"id":29095,"_uid":29096,"type":634,"_editable":29097,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24698673","i-921547c8-ea9a-4359-84ac-f6794d3365be","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-921547c8-ea9a-4359-84ac-f6794d3365be\", \"id\": \"\"}-->",{"type":657,"attrs":29099,"content":29100},{"level":15966,"textAlign":49},[29101,29103],{"text":29102,"type":599},"Why are China imports falling",{"text":28252,"type":599},{"type":594,"attrs":29105,"content":29106},{"textAlign":49},[29107],{"text":29108,"type":599},"From its peak in December 2024, imports from China dropped 73% to June 2025. In June a total of $537.9 million worth of batteries were imported, down from a peak of $1.97 billion in December 2024. This fall has largely been driven by policy and tariff changes.",{"type":594,"attrs":29110,"content":29111},{"textAlign":49},[29112],{"text":29113,"type":599},"Head of Research at Rho Motion Iola Hughes commented “Following Trump’s win in early November and the anticipation that tariffs would follow once he entered office, we saw a significant pre-buying of BESS cells, but since February these levels have fallen significantly.”",{"type":594,"attrs":29115,"content":29116},{"textAlign":49},[29117],{"text":29118,"type":599},"The tariffs have had a more weighted effect on the BESS industry in the US, which is heavily reliant on Chinese LFP cells. In April tariffs on Chinese BESS cells reached 156% amid a mounting trade war but following a trade truce tariffs for BESS now sits at 41% and will remain so until November. Despite this, in June imports of Chinese cells fell to levels last seen in April 2022.",{"type":657,"attrs":29120,"content":29121},{"level":15966,"textAlign":49},[29122],{"text":29123,"type":599},"Are imports from elsewhere plugging the gap?",{"type":594,"attrs":29125,"content":29126},{"textAlign":49},[29127],{"text":29128,"type":599},"Imports from Japan and South Korea have seen a rise in recent months, in H1 2025 Japan lithium ion battery imports increased 65% compared to the same period in 2024, while South Korean imports rose 123%. For the US BESS industry supply of non-Chinese LFP cells remains limited, which threatens BESS players’ ability to adhere to more stringent tax credit rules laid out in the recent OBBBA.",{"type":594,"attrs":29130,"content":29131},{"textAlign":49},[29132],{"text":29133,"type":599},"It is worth noting that lithium ion imports from China are up 2% in H1 2025 compared to the same period in 2024.",{"type":657,"attrs":29135,"content":29136},{"level":15966,"textAlign":49},[29137],{"text":29138,"type":599},"Have you read? ",{"type":657,"attrs":29140,"content":29141},{"level":15966,"textAlign":49},[29142],{"text":29143,"type":599},"What comes next?",{"type":594,"attrs":29145,"content":29146},{"textAlign":49},[29147],{"text":29148,"type":599},"The US BESS sector finds itself at a crossroads. While cell inventories have been built up over recent months, they will need to be replenished in the near future. This could leave US players facing the prospect of absorbing elevated cell costs just as the market braces for further policy headwinds with the threat of higher tariffs.",{"type":594,"attrs":29150,"content":29151},{"textAlign":49},[29152],{"text":29153,"type":599},"As Hughes explained “The ongoing Section 232 investigation into Critical Minerals and the scheduled 301 tariff increase from 7.5% to 25% in 2026 could make today’s 41% rate look like the best deal the industry will get.”",{"type":594,"attrs":29155,"content":29156},{"textAlign":49},[],"Lithium ion battery imports are an important part of the US’ domestic BESS industry. Historically, China has been the largest source of imported cells to the US, however this trend appears to be changing as US imports from China have fallen drastically in recent months. Why are China imports falling? From its peak in December […]",[29159],{"slug":544,"name":543,"content":29160},{"job_title":557,"image":29161,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e8fb69c8-d688-48be-9e0f-653b2ad70249\", \"id\": \"\"}-->",[29164,29165,29166],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29168,"copyright":547,"fieldtype":553,"meta_data":29169,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1755610965/www-production/Screenshot-2025-08-19-144117/Screenshot-2025-08-19-144117.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29171,"copyright":547,"fieldtype":553,"meta_data":29172,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/78cacafdf2/bm-adobestock-65063906.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 19, 2025",{"id":29175,"uuid":6137,"name":29176,"slug":29177,"full_slug":29178,"content":29179},112398997509359,"Charting the evolution of CATL’s revenue streams","charting-the-evolution-of-catls-revenue-streams","article/charting-the-evolution-of-catls-revenue-streams",{"_uid":29180,"date":29181,"tags":29182,"editor":29188,"content":29192,"excerpt":29297,"featured":51,"reporter":29298,"_editable":29302,"component":864,"seo_title":29176,"categories":29303,"visibility":2091,"author_company":49,"data_vis_image":29307,"featured_image":29310,"seo_description":29313,"author_full_name":49,"author_job_title":49,"formattedDate":29314},"3c73a109-1cbd-4d66-b8e0-94b3eaa0f1c1","2025-08-18 00:00",[29183,29184,29185],{"slug":903,"name":904},{"slug":578,"name":579},{"slug":29186,"name":29187},"energy-transition-financials","Energy Transition Financials",[29189],{"slug":544,"name":543,"content":29190},{"job_title":557,"image":29191,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":29193},[29194,29207,29215,29220,29225,29230,29235,29240,29251,29256,29261,29266,29274,29279,29284],{"type":594,"attrs":29195,"content":29196},{"textAlign":49},[29197,29199,29205],{"text":29198,"type":599},"Founded in 2011, CATL is the world’s largest lithium ion battery supplier, controlling just under a ",{"text":29200,"type":599,"marks":29201},"third of the global market in 2024, according to Rho Motion",[29202],{"type":604,"attrs":29203},{"href":29204,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://rhomotion.com/news/the-year-of-the-terawatt-hour-who-deployed-the-most-batteries-in-2024/",{"text":29206,"type":599},". Examining how CATL’s revenue mix has shifted over time provides insight into the battery industry’s development and future direction.",{"type":627,"attrs":29208},{"id":29209,"body":29210},"9c1970f6-a325-4818-8f8c-91a5d3498a6f",[29211],{"id":29212,"_uid":29213,"type":634,"_editable":29214,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24686425","i-0e7055d5-3735-404f-abf1-e1f0e06a6bb5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0e7055d5-3735-404f-abf1-e1f0e06a6bb5\", \"id\": \"\"}-->",{"type":657,"attrs":29216,"content":29217},{"level":15966,"textAlign":49},[29218],{"text":29219,"type":599},"What did CATL’s revenue split look like pre-2020?",{"type":594,"attrs":29221,"content":29222},{"textAlign":49},[29223],{"text":29224,"type":599},"In 2017, CATL generated around $2.5 billion from EV battery sales, accounting for over 83% of its total revenue. By contrast, Battery Energy Storage Systems (BESS) sales totalled just $2.3 million, less than 1% of total revenue. By 2020, BESS revenue had grown to $282 million, representing around 4% of total turnover. Over the same period, EV battery revenue increased by over 130% to $5.7 billion, making up 78% of all revenue. The remainder came from subsidiary operations, smaller business lines such as battery components and services.",{"type":657,"attrs":29226,"content":29227},{"level":15966,"textAlign":49},[29228],{"text":29229,"type":599},"How did CATL change as business from 2020 to 2023?",{"type":594,"attrs":29231,"content":29232},{"textAlign":49},[29233],{"text":29234,"type":599},"The early 2020s demonstrated the speed at which battery markets could expand, and CATL’s ability to dominate them. From 2020 to 2022, the company’s income streams became noticeably more diverse. In 2021, revenue from “Battery Materials and Recycling” reached $2.1 billion, while “Battery Mineral Resources” contributed $324 million.",{"type":594,"attrs":29236,"content":29237},{"textAlign":49},[29238],{"text":29239,"type":599},"Although these were significant additions to the business, the BESS segment emerged as CATL’s fastest growing income stream, accounting for over 10% of revenue in 2021 and 13% in 2022. ",{"type":594,"attrs":29241,"content":29242},{"textAlign":49},[29243,29245],{"text":29244,"type":599},"Read: ",{"text":29246,"type":599,"marks":29247},"How do profit margins vary across key battery producers? ",[29248],{"type":604,"attrs":29249},{"href":29250,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-do-profit-margins-vary-across-key-battery-producers",{"type":657,"attrs":29252,"content":29253},{"level":15966,"textAlign":49},[29254],{"text":29255,"type":599},"Why did revenue slowdown from 2023 to 2024?",{"type":594,"attrs":29257,"content":29258},{"textAlign":49},[29259],{"text":29260,"type":599},"Revenue growth slowed markedly in 2023: total sales rose just 16%, compared with 142% the previous year. From 2023 to 2024, overall sales volumes increased, but revenue fell by 11% due to declining cell prices, partly a result of lower raw material costs and increasing market competition.",{"type":594,"attrs":29262,"content":29263},{"textAlign":49},[29264],{"text":29265,"type":599},"However, during the preceding phase of rapid expansion, CATL integrated vertically across the supply chain and further diversified its income streams. By 2024, EV battery sales still represented the bulk of the business, 70% of total revenue, but the contribution from other segments was steadily rising.",{"type":627,"attrs":29267},{"id":29268,"body":29269},"b2d32ed3-46ef-4b4a-80cd-c0e2a3a0f31d",[29270],{"id":29271,"_uid":29272,"type":634,"_editable":29273,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24686549","i-a289f240-5830-44b3-a0fa-c9a842038e5d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a289f240-5830-44b3-a0fa-c9a842038e5d\", \"id\": \"\"}-->",{"type":657,"attrs":29275,"content":29276},{"level":15966,"textAlign":49},[29277],{"text":29278,"type":599},"Will revenue growth return?",{"type":594,"attrs":29280,"content":29281},{"textAlign":49},[29282],{"text":29283,"type":599},"Looking ahead, EV batteries are expected to remain CATL’s primary revenue driver. Nevertheless, the rapid five-year expansion of the BESS market has highlighted its growing importance within the company’s portfolio.",{"type":594,"attrs":29285,"content":29286},{"textAlign":49},[29287,29289,29295],{"text":29288,"type":599},"CATL is already benefiting from economies of scale and vertical integration, ",{"text":29290,"type":599,"marks":29291},"enabling it to improve product margins",[29292],{"type":604,"attrs":29293},{"href":29294,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/briefings/profitability-heatmaps/energy-transition-profitability-heatmap",{"text":29296,"type":599},". Revenues across all segments are expected to show strong growth in coming years with H1 2025 results being the best indicator to how CATL will continue in the future.  ","Founded in 2011, CATL is the world’s largest lithium ion battery supplier, controlling just under a third of the global market in 2024, according to Rho Motion. Examining how CATL’s revenue mix has shifted over time provides insight into the battery industry’s development and future direction. What did CATL’s revenue split look like pre-2020? In 2017, CATL generated around $2.5 […]",[29299],{"slug":544,"name":543,"content":29300},{"job_title":557,"image":29301,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3c73a109-1cbd-4d66-b8e0-94b3eaa0f1c1\", \"id\": \"\"}-->",[29304,29305,29306],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29308,"copyright":547,"fieldtype":553,"meta_data":29309,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1755512887/www-production/Screenshot-2025-08-18-112736/Screenshot-2025-08-18-112736.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29311,"copyright":547,"fieldtype":553,"meta_data":29312,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cf793343db/bm-adobestock-604280482-editorial-use-only-1-scaled.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Founded in 2011, CATL is the world’s largest lithium ion battery supplier, controlling just under a third of the global market in 2024, according to Rho Motion. Examining how CATL’s revenue mix has shifted over time provides insight into the..","Aug 18, 2025",{"id":29316,"uuid":29317,"name":29318,"slug":29319,"full_slug":29320,"content":29321},112399002207500,"2970785e-fbca-41ed-89a0-e9c871288e13","Visualising Africa’s Battery Storage Pipeline","visualising-africas-battery-storage-pipeline","article/visualising-africas-battery-storage-pipeline",{"_uid":29322,"date":29323,"tags":29324,"editor":29327,"content":29331,"excerpt":29392,"featured":51,"reporter":29393,"_editable":29397,"component":864,"seo_title":29318,"categories":29398,"visibility":2091,"author_company":49,"data_vis_image":29400,"featured_image":29403,"seo_description":29392,"author_full_name":49,"author_job_title":49,"formattedDate":29406},"52bc2ded-af9b-4330-aa2f-51a56e95c5da","2025-08-15 00:00",[29325,29326],{"slug":584,"name":585},{"slug":578,"name":579},[29328],{"slug":544,"name":543,"content":29329},{"job_title":557,"image":29330,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":29332},[29333,29338,29343,29350,29355,29360,29365,29370,29375,29380],{"type":594,"attrs":29334,"content":29335},{"textAlign":49},[29336],{"text":29337,"type":599},"The Battery Energy Storage System (BESS) market is currently the fastest growing segment of global battery demand, with y-o-y growth of 53% in 2024, according to Rho Motion’s BESS database. This expansion has been partly fuelled by falling cell costs along with flexibility demand, which together have enabled BESS to gain a foothold in emerging battery markets.",{"type":594,"attrs":29339,"content":29340},{"textAlign":49},[29341],{"text":29342,"type":599},"In Africa, the number of operational and planned energy storage projects has increased in recent years, driven by the growing affordability of renewable energy across the continent and the continued decline in battery prices.",{"type":594,"attrs":29344,"content":29345},{"textAlign":49},[29346],{"type":1186,"attrs":29347},{"id":49,"alt":547,"src":29348,"title":49,"source":49,"copyright":49,"meta_data":29349},"https://a.storyblok.com/f/287943243085208/5220d662bb/bm-bess-marketin-in-africa-voro-08152025-1.png",{},{"type":657,"attrs":29351,"content":29352},{"level":15966,"textAlign":49},[29353],{"text":29354,"type":599},"What is currently operational?",{"type":594,"attrs":29356,"content":29357},{"textAlign":49},[29358],{"text":29359,"type":599},"South Africa has the largest operational capacity of grid scale projects in Africa, accounting for over 86% of the total operational projects the region. The largest of these projects is the Northern Cape Province, Kenhardt solar and storage project with a 1.14GWh capacity. This is far larger than the other operational projects that have a relatively small average capacity of ~20MWh. Outside South Africa, operational projects are dotted around the continent, from Mozambique to Cote d’Ivoire.  ",{"type":657,"attrs":29361,"content":29362},{"level":15966,"textAlign":49},[29363],{"text":29364,"type":599},"What does the future hold?",{"type":594,"attrs":29366,"content":29367},{"textAlign":49},[29368],{"text":29369,"type":599},"The BESS capacity pipeline for the continent is strong, with South Africa playing a key role in driving the industry forward, as it works to tackle load shedding and grid instability. Beyond South Africa, Morocco and Egypt hold the next largest grid-scale capacity pipelines. Meanwhile, new large-scale projects are being announced further afield, laying the foundations for an expanding African energy storage sector.",{"type":594,"attrs":29371,"content":29372},{"textAlign":49},[29373],{"text":29374,"type":599},"While grid-scale storage is an important segment of the BESS industry, behind the meter (BTM) will also play a role across the continent. Driven by persistent grid instability, the absence of grid connections in many areas, and the continued decline in cell and renewable energy costs, some area’s energy needs will be met by microgrids with the use of smaller batteries.",{"type":657,"attrs":29376,"content":29377},{"level":15966,"textAlign":49},[29378],{"text":29379,"type":599},"More information",{"type":594,"attrs":29381,"content":29382},{"textAlign":49},[29383,29385,29391],{"text":29384,"type":599},"Africa is increasingly in the spotlight when looking at the global battery supply chain. In September 2025 Benchmark is hosting Giga Africa in Marrakech, Morocco. To explore unmatched analysis, market insight, and networking opportunities ",{"text":29386,"type":599,"marks":29387},"click here",[29388],{"type":604,"attrs":29389},{"href":29390,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://benchmarkevents.benchmarkminerals.com/gigaafrica",{"text":974,"type":599},"The Battery Energy Storage System (BESS) market is currently the fastest growing segment of global battery demand, with y-o-y growth of 53% in 2024, according to Rho Motion’s BESS database. This expansion has been partly fuelled by falling cell costs along with flexibility demand, which together have enabled BESS to gain a foothold in emerging […]",[29394],{"slug":544,"name":543,"content":29395},{"job_title":557,"image":29396,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"52bc2ded-af9b-4330-aa2f-51a56e95c5da\", \"id\": \"\"}-->",[29399],{"slug":3343,"name":3344},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29401,"copyright":547,"fieldtype":553,"meta_data":29402,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1755184578/www-production/BESS-Marketin-in-Africa_Voro_08132025-1_451369daa9/BESS-Marketin-in-Africa_Voro_08132025-1_451369daa9.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29404,"copyright":547,"fieldtype":553,"meta_data":29405,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e87dd46a3f/bm-adobestock-825228285-scaled.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 15, 2025",{"id":29408,"uuid":4041,"name":29409,"slug":29410,"full_slug":29411,"content":29412},112399011857773,"Benchmark GIS analysis reveals activity patterns at Syrah Resources’ Balama Graphite Mine in Mozambique","benchmark-gis-analysis-reveals-activity-patterns-at-syrah-resources-balama-graphite-mine-in-mozambique","article/benchmark-gis-analysis-reveals-activity-patterns-at-syrah-resources-balama-graphite-mine-in-mozambique",{"_uid":29413,"date":29414,"tags":29415,"editor":29424,"content":29428,"excerpt":29482,"featured":51,"reporter":29483,"_editable":29487,"component":864,"seo_title":29409,"categories":29488,"visibility":882,"author_company":49,"featured_image":29491,"seo_description":29482,"author_full_name":49,"author_job_title":49,"formattedDate":29494},"1ca1effa-7e36-4a96-acdf-e827d64abe84","2025-08-14 00:00",[29416,29417,29420,29423],{"slug":11313,"name":11314},{"slug":29418,"name":29419},"gis","GIS",{"slug":29421,"name":29422},"mozambique","Mozambique",{"slug":3877,"name":3878},[29425],{"slug":544,"name":543,"content":29426},{"job_title":557,"image":29427,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":29429},[29430,29435,29448,29453,29458,29465,29470,29475],{"type":594,"attrs":29431,"content":29432},{"textAlign":49},[29433],{"text":29434,"type":599},"Benchmark’s GIS team has conducted continuous change detection (CCD) analysis on Syrah Resources’ Balama graphite mine in Mozambique, covering the period from October 2024 to June 2025. The monitoring focused on identifying and tracking activity across four key operational areas:",{"type":594,"attrs":29436,"content":29437},{"textAlign":49},[29438,29440,29446],{"text":29439,"type":599},"Syrah temporarily ",{"text":29441,"type":599,"marks":29442},"suspended operations at Balama in December 2024",[29443],{"type":604,"attrs":29444},{"href":29445,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/syrah-resources-declares-force-majeure-at-balama",{"text":29447,"type":599}," due to civil unrest in Mozambique. The company reported that site access was restored in early May 2025 and subsequently restarted production in June.",{"type":657,"attrs":29449,"content":29450},{"level":15966,"textAlign":49},[29451],{"text":29452,"type":599},"Activity patterns before and during mine closure",{"type":594,"attrs":29454,"content":29455},{"textAlign":49},[29456],{"text":29457,"type":599},"Prior to the shutdown, CCD data across all four areas displayed a stable activity pattern, with only minor variations in reflectance, a key satellite-based measure indicating operational changes. However, the closure brought about marked disruptions, with analysis revealing pronounced peaks and troughs in reflectance readings.",{"type":594,"attrs":29459,"content":29460},{"textAlign":49},[29461],{"type":1186,"attrs":29462},{"id":49,"alt":547,"src":29463,"title":49,"source":49,"copyright":49,"meta_data":29464},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfC_NZzOq7LJRHijPyoWbnz372_AuX-KFOj4KUIpdLiZ5m6JL_RmZKQg23sWQylO0aOPwZLnDZUdX3y-77HobQbwvR0hcoSDMck1RM2bnVgdyZRBUTbQ24b1riU9pdwatG585GcVg?key=ezyG1fkUC3bPO1wHSLEY2Q",{},{"type":594,"attrs":29466,"content":29467},{"textAlign":49},[29468],{"text":29469,"type":599},"Among the most significant developments during the shutdown were:",{"type":594,"attrs":29471,"content":29472},{"textAlign":49},[29473],{"text":29474,"type":599},"From May, once Syrah regained access to Balama, CCD trends shifted notably. All four monitored areas began to show fewer extreme fluctuations in reflectance, indicating a transition back to steady and routine activity. By late June, reports confirmed Syrah’s intention to resume natural graphite production.",{"type":594,"attrs":29476,"content":29477},{"textAlign":49},[29478],{"text":29479,"type":599,"marks":29480},"Benchmark’s GIS Services provide enhanced insight and visibility to our forecasting teams for key energy transition projects worldwide.",[29481],{"type":643},"Benchmark’s GIS team has conducted continuous change detection (CCD) analysis on Syrah Resources’ Balama graphite mine in Mozambique, covering the period from October 2024 to June 2025. The monitoring focused on identifying and tracking activity across four key operational areas: Syrah temporarily suspended operations at Balama in December 2024 due to civil unrest in Mozambique. […]",[29484],{"slug":544,"name":543,"content":29485},{"job_title":557,"image":29486,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1ca1effa-7e36-4a96-acdf-e827d64abe84\", \"id\": \"\"}-->",[29489,29490],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29492,"copyright":547,"fieldtype":553,"meta_data":29493,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2d989915fb/bm-satellite-130761106417.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 14, 2025",{"id":29496,"uuid":29497,"name":29498,"slug":29499,"full_slug":29500,"content":29501},112399016605143,"9985edb4-bc3d-4111-9cd6-cfc0391d5032","Global EV sales grow by 27% in the opening seven months of the year","global-ev-sales-grow-by-27-in-the-opening-seven-months-of-the-year","article/global-ev-sales-grow-by-27-in-the-opening-seven-months-of-the-year",{"_uid":29502,"date":29503,"tags":29504,"editor":29508,"content":29512,"excerpt":29631,"featured":51,"reporter":29632,"_editable":29636,"component":864,"seo_title":29498,"categories":29637,"visibility":2091,"author_company":49,"featured_image":29639,"seo_description":29631,"author_full_name":49,"author_job_title":49,"formattedDate":29642},"0f3af7e1-6ca1-4a00-90c6-710e1e9893ad","2025-08-13 00:00",[29505,29506,29507],{"slug":913,"name":914},{"slug":2790,"name":2791},{"slug":2787,"name":2788},[29509],{"slug":544,"name":543,"content":29510},{"job_title":557,"image":29511,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":29513},[29514,29519,29523,29528,29533,29540,29544,29549,29554,29558,29563,29568,29573,29577,29582,29587,29590,29595,29600,29605,29610,29615,29620],{"type":594,"attrs":29515,"content":29516},{"textAlign":49},[29517],{"text":29518,"type":599},"Rho Motion, a Benchmark Mineral Intelligence company specialising in EV supply chain research and insights, reports that 1.6 million electric vehicles were sold globally in July 2025. This represents a 21% increase compared to July 2024, but a 9% decline from June 2025.",{"type":594,"attrs":29520,"content":29521},{"textAlign":49},[29522],{"text":21372,"type":599},{"type":594,"attrs":29524,"content":29525},{"textAlign":49},[29526],{"text":29527,"type":599},"“Global EV sales passed 10.7 million in the first seven months of 2025, showing a robust 27% increase ytd. China continues to lead the global market and maintains EV penetration rates over 50% despite weaker sales month-on-month. Europe’s momentum is also impressive, with markets like Germany and the UK surging ahead, although France remains sluggish despite new subsidy plans. Italy is emerging as a fast-growing player thanks to fresh incentives. In contrast, North America’s growth has been muted so far in 2025, with the US facing policy headwinds and Canada seeing a slowdown. We expect a short-term lift in US demand ahead of the IRA consumer tax credit deadline in September, followed by a likely dip. Despite regional variations, the overall trajectory for EV adoption in 2025 remains strongly upward.”",{"type":594,"attrs":29529,"content":29530},{"textAlign":49},[29531],{"text":29532,"type":599},"Snapshot electric vehicle sales in YTD 2025 (Jan-Jul 2025) vs YTD 2024 (Jan-Jul 2024), YTD %",{"type":594,"attrs":29534,"content":29535},{"textAlign":49},[29536],{"type":1186,"attrs":29537},{"id":49,"alt":547,"src":29538,"title":49,"source":49,"copyright":49,"meta_data":29539},"https://a.storyblok.com/f/287943243085208/1aa191efa3/bm-monthly-ev-sales-slide-bmi-1346932ca372.jpg",{},{"type":594,"attrs":29541,"content":29542},{"textAlign":49},[29543],{"text":2791,"type":599},{"type":594,"attrs":29545,"content":29546},{"textAlign":49},[29547],{"text":29548,"type":599},"The European EV market has grown by 30% year-to-date, with strong momentum in both battery electric vehicles (BEVs) and plug-in hybrids (PHEVs), up 30% and 32% respectively. Performance remains mixed across the region: Germany and the UK lead with growth of 43% and 32%, while France, despite a 9% year-on-year gain in July, remains down 11% year-to-date. To stimulate demand, the French government will relaunch its EV leasing scheme for low-income households on 30 September 2025, expected to support just over 50,000 purchases.",{"type":594,"attrs":29550,"content":29551},{"textAlign":49},[29552],{"text":29553,"type":599},"Italy has surged by around 40% in 2025 as it narrows the gap with other European markets. EV penetration there now stands at 11%, compared to 27% in Germany and over 30% in the UK. Growth in Italy is set to accelerate further following the approval of EUR600 million (~USD 700 million) in new subsidies.",{"type":594,"attrs":29555,"content":29556},{"textAlign":49},[29557],{"text":2788,"type":599},{"type":594,"attrs":29559,"content":29560},{"textAlign":49},[29561],{"text":29562,"type":599},"North American EV sales (US, Canada, and Mexico) are up just 2% year-to-date. A short-term boost is expected in Q3 ahead of the 30 September 2025 expiry of the IRA consumer tax credit, followed by a likely slowdown in demand.",{"type":594,"attrs":29564,"content":29565},{"textAlign":49},[29566],{"text":29567,"type":599},"In the US, Q2 financial results revealed a multi-billion-dollar hit from tariffs, partially offset by reduced requirements to purchase ZEV credits. Some major automakers are eyeing higher profits by increasing the share of internal combustion engine vehicles in their line-ups. Ford has announced its new ‘Universal EV Platform’ and plans to launch a USD 30,000 electric midsize pickup with LFP batteries in 2027.",{"type":594,"attrs":29569,"content":29570},{"textAlign":49},[29571],{"text":29572,"type":599},"On the trade front, the US has agreed deals with South Korea, Japan, and the EU to implement a 15% tariff on imported cars.",{"type":594,"attrs":29574,"content":29575},{"textAlign":49},[29576],{"text":914,"type":599},{"type":594,"attrs":29578,"content":29579},{"textAlign":49},[29580],{"text":29581,"type":599},"The Chinese EV market fell 13% month-on-month in July but rose 12% year-on-year, bringing year-to-date growth to 29%. Battery electric vehicles (BEVs) continue to outpace plug-in hybrids (PHEVs), with BEV sales up 40% year-to-date compared to 14% for PHEVs. Domestic PHEV sales declined both month-on-month (-15%) and year-on-year (-10%). Despite the slowdown, overall passenger car sales also fell, and EV penetration has remained above 50% for the third consecutive month.",{"type":594,"attrs":29583,"content":29584},{"textAlign":49},[29585],{"text":29586,"type":599},"In late July, the Chinese government allocated its Q3 funding for the consumer goods trade-in scheme, which has supported EV demand since its launch last year. The final round of funding for 2025 is expected in October.",{"type":594,"attrs":29588,"content":29589},{"textAlign":49},[],{"type":594,"attrs":29591,"content":29592},{"textAlign":49},[29593],{"text":29594,"type":599},"++++++++++++++++++++++++++++++++++++++++++++++++++++++++",{"type":594,"attrs":29596,"content":29597},{"textAlign":49},[29598],{"text":29599,"type":599},"Notes to Editors ",{"type":594,"attrs":29601,"content":29602},{"textAlign":49},[29603],{"text":29604,"type":599},"Rho Motion defines ‘Electric Vehicles’ in this case as passenger car and light-duty vehicles which doesn’t include e-scooters or heavy duty commercial vehicles.",{"type":594,"attrs":29606,"content":29607},{"textAlign":49},[29608],{"text":29609,"type":599},"Rho Motion, a Benchmark Company, was founded in 2018 by Managing Director Adam Panayi and is now the leading global research house for actionable intelligence into electric vehicle and battery markets, associated technologies including motors and systems, charging and infrastructure, energy stationary storage, battery recycling and the wider energy and renewables markets.  ",{"type":594,"attrs":29611,"content":29612},{"textAlign":49},[29613],{"text":29614,"type":599},"In June 2024 Rho Motion merged with Benchmark Mineral Intelligence, the world’s fastest-growing business at scale for lithium, critical minerals and the energy transition.  ",{"type":594,"attrs":29616,"content":29617},{"textAlign":49},[29618],{"text":29619,"type":599},"Combined, with nearly 250 employees, Benchmark and Rho Motion form the world’s biggest platform for prices, data and market intelligence dedicated to the full breadth of critical mineral and energy transition supply chains. ",{"type":594,"attrs":29621,"content":29622},{"textAlign":49},[29623,29625],{"text":29624,"type":599},"Find out more about Rho Motion and their upcoming events at:",{"text":29626,"type":599,"marks":29627}," rhomotion.com",[29628],{"type":604,"attrs":29629},{"href":29630,"uuid":49,"anchor":49,"target":49,"linktype":607},"http://rhomotion.com/","Rho Motion, a Benchmark Mineral Intelligence company specialising in EV supply chain research and insights, reports that 1.6 million electric vehicles were sold globally in July 2025. This represents a 21% increase compared to July 2024, but a 9% decline from June 2025. Rho Motion Data Manager, Charles Lester, commented: “Global EV sales passed 10.7 […]",[29633],{"slug":544,"name":543,"content":29634},{"job_title":557,"image":29635,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0f3af7e1-6ca1-4a00-90c6-710e1e9893ad\", \"id\": \"\"}-->",[29638],{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29640,"copyright":547,"fieldtype":553,"meta_data":29641,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d657cb972a/bm-adobestock-1294443161-scaled.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 13, 2025",{"id":29644,"uuid":13356,"name":29645,"slug":29646,"full_slug":29647,"content":29648},112399026808371,"Lithium prices react to news of Chilean shutdown, but real supply impact may be limited","lithium-prices-react-to-news-of-chilean-shutdown-but-real-supply-impact-may-be-limited","article/lithium-prices-react-to-news-of-chilean-shutdown-but-real-supply-impact-may-be-limited",{"_uid":29649,"date":29650,"tags":29651,"editor":29654,"content":29658,"excerpt":29736,"featured":51,"reporter":29737,"component":864,"seo_title":29645,"categories":29741,"visibility":2091,"author_company":49,"featured_image":29744,"seo_description":29736,"author_full_name":49,"author_job_title":49,"formattedDate":29747},"583b0843-5666-4567-9755-6a8be3a21f37","2025-08-12 00:00",[29652,29653],{"slug":17168,"name":13351},{"slug":910,"name":911},[29655],{"slug":544,"name":543,"content":29656},{"job_title":557,"image":29657,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":29659},[29660,29669,29674,29686,29693,29704,29709,29716,29723,29733],{"type":594,"attrs":29661,"content":29662},{"textAlign":49},[29663,29667],{"text":8,"type":599,"marks":29664},[29665],{"type":604,"attrs":29666},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":29668,"type":599}," supply concerns are mounting in early August, following reports this week that Albemarle suspended operations in Chile after an acid tank explosion at a chemical plant in La Negra, in the Antofagasta region.",{"type":594,"attrs":29670,"content":29671},{"textAlign":49},[29672],{"text":29673,"type":599},"Despite conflicting reports on the severity of the situation, Benchmark understands from sources close to the operation that the actual impact on production may have been limited to just one of three production lines, which was forced offline for 3 days.",{"type":594,"attrs":29675,"content":29676},{"textAlign":49},[29677,29679,29684],{"text":29678,"type":599},"Nevertheless, as reports of a suspension filtered through to the market, Benchmark heard EXW China ",{"text":2147,"type":599,"marks":29680},[29681],{"type":604,"attrs":29682},{"href":29683,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/benchmarks-lithium-carbonate-prices-reach-new-all-time-highs",{"text":29685,"type":599}," offers climbing as high as 80,000–87,000 RMB/tonne ($11,100–12,100) on 12 August. ",{"type":627,"attrs":29687},{"id":29688,"body":29689},"3c18f051-a1bf-489b-857f-b3819eb43a45",[29690],{"id":29691,"_uid":29692,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24649137","i-b21a7c4a-3a11-48b9-9dce-ea8643465ec2",{"type":594,"attrs":29694,"content":29695},{"textAlign":49},[29696,29698,29702],{"text":29697,"type":599},"Should transactions be confirmed at these levels, it would represent a 16% increase on the highest confirmed trade recorded late last week (8 August), according to the Benchmark Lithium ",{"text":21901,"type":599,"marks":29699},[29700],{"type":604,"attrs":29701},{"href":21905,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":29703,"type":599},". However, so far procurement activity has been slow as participants evaluate the impacts of recent news of supply disruptions. ",{"type":594,"attrs":29705,"content":29706},{"textAlign":49},[29707],{"text":29708,"type":599},"Indeed, with significant inventories existing in China – estimated by Benchmark at roughly 130,000 tonne LCE as of July – this week’s price movements are primarily being driven by sentiment and reflect the speculative nature of lithium trading in China, rather than signalling a signifcant shift in market fundamentals.",{"type":594,"attrs":29710,"content":29711},{"textAlign":49},[29712],{"text":29713,"type":599,"marks":29714},"Subscribers to Benchmark’s Lithium Price Assessment can closely monitor this price rally, using accurate, market-led price data and inventory tracking to inform contract and pricing decisions.",[29715],{"type":643},{"type":594,"attrs":29717,"content":29718},{"textAlign":49},[29719],{"text":29720,"type":599,"marks":29721},"This service was recently enhanced by daily lithium prices – contact us below to learn more and request a sample report.",[29722],{"type":643},{"type":627,"attrs":29724},{"id":29725,"body":29726},"5fe5873d-009d-4c12-bacd-fa0a8e75556a",[29727],{"id":835,"_uid":29728,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":29729,"success_file":29730,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":29732},"i-926bd7bc-469a-4f25-9f06-54e748bbad87",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":29731},{},[],{"type":594,"attrs":29734,"content":29735},{"textAlign":49},[],"Lithium supply concerns are mounting in early August, following reports this week that Albemarle suspended operations in Chile after an acid tank explosion at a chemical plant in La Negra, in the Antofagasta region. Despite conflicting reports on the severity of the situation, Benchmark understands from sources close to the operation that the actual impact […]",[29738],{"slug":544,"name":543,"content":29739},{"job_title":557,"image":29740,"bio":548,"linkedin":555},{"filename":552},[29742,29743],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29745,"copyright":547,"fieldtype":553,"meta_data":29746,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/shutterstock_2340885309-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 12, 2025",{"id":29749,"uuid":29750,"name":29751,"slug":29752,"full_slug":29753,"content":29754},112399021626871,"b1f77af8-7515-4f97-86f0-6181da187a00","Italy approves new EV subsidies","italy-approves-new-ev-subsides","article/italy-approves-new-ev-subsides",{"_uid":29755,"date":29650,"tags":29756,"editor":29761,"content":29765,"excerpt":29825,"featured":51,"reporter":29826,"_editable":29830,"component":864,"seo_title":29751,"categories":29831,"visibility":882,"author_company":49,"data_vis_image":29833,"featured_image":29836,"seo_description":29825,"author_full_name":49,"author_job_title":49,"formattedDate":29747},"9d160743-77d6-44f4-820c-daa433bfaa75",[29757,29758],{"slug":578,"name":579},{"slug":29759,"name":29760},"italy","Italy",[29762],{"slug":544,"name":543,"content":29763},{"job_title":557,"image":29764,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":29766},[29767,29779,29784,29792,29797,29802,29807,29820],{"type":594,"attrs":29768,"content":29769},{"textAlign":49},[29770,29772,29777],{"text":29771,"type":599},"Italy has approved a new package of subsidies worth nearly EUR597million ($692.8 million), in an effort to boost electric vehicle (EV) sales. This follows the ",{"text":29773,"type":599,"marks":29774},"UK reinstating EV subsidies in July ",[29775],{"type":604,"attrs":29776},{"href":19260,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":29778,"type":599},"and Germany launching a new incentives plan. Under the Italian scheme, individuals will be eligible for grants of up to EUR11,000 ($12,760) to purchase a passenger vehicle, while small businesses can receive as much as EUR20,000 ($23,200) toward the purchase of an electric commercial vehicle.",{"type":657,"attrs":29780,"content":29781},{"level":15966,"textAlign":49},[29782],{"text":29783,"type":599},"Subsidies aimed at urban areas with ranging support",{"type":627,"attrs":29785},{"id":29786,"body":29787},"26c0fdf8-0ea8-4335-a943-8a2e0de07354",[29788],{"id":29789,"_uid":29790,"type":634,"_editable":29791,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24646975","i-561e1f43-87cd-4780-83e4-e91fdc2a3834","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-561e1f43-87cd-4780-83e4-e91fdc2a3834\", \"id\": \"\"}-->",{"type":594,"attrs":29793,"content":29794},{"textAlign":49},[29795],{"text":29796,"type":599},"The scheme is funded by the National Recovery and Resilience Plan, part of the EU’s post pandemic stimulus package, and will be made available to people and small businesses in urban areas with over 50,000 inhabitants. This is with the aim of reducing urban air pollution.",{"type":594,"attrs":29798,"content":29799},{"textAlign":49},[29800],{"text":29801,"type":599},"For individuals the scheme will offer grants of up to EUR9,000 ($10,440) or EUR11,000 for the purchase of an electric passenger car depending on the person’s income. For businesses it provides up to EUR20,000 for the purchase of a commercial vehicle, covering up to 30% of the purchase price.",{"type":657,"attrs":29803,"content":29804},{"level":15966,"textAlign":49},[29805],{"text":29806,"type":599},"How does this fit in with the broader market?",{"type":594,"attrs":29808,"content":29809},{"textAlign":49},[29810,29812,29818],{"text":29811,"type":599},"The news comes as the European EV market grew 30% from January to July 2025 compared to the same period in 2024 according to ",{"text":29813,"type":599,"marks":29814},"Rho Motion’s EV & Battery Database",[29815],{"type":604,"attrs":29816},{"href":29817,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/research/ev-battery-database/",{"text":29819,"type":599},". During the same period, Italy’s market grew 39% outperforming the regional average.",{"type":594,"attrs":29821,"content":29822},{"textAlign":49},[29823],{"text":29824,"type":599},"However, Italy’s EV market remains smaller than other economies in the region, with its penetration rate sitting at 11% year to date. This is lower than the likes of the UK, Germany, or Belgium, all of which have penetration rates over 20%.  ","Italy has approved a new package of subsidies worth nearly EUR597million ($692.8 million), in an effort to boost electric vehicle (EV) sales. This follows the UK reinstating EV subsidies in July and Germany launching a new incentives plan. Under the Italian scheme, individuals will be eligible for grants of up to EUR11,000 ($12,760) to purchase a […]",[29827],{"slug":544,"name":543,"content":29828},{"job_title":557,"image":29829,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9d160743-77d6-44f4-820c-daa433bfaa75\", \"id\": \"\"}-->",[29832],{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29834,"copyright":547,"fieldtype":553,"meta_data":29835,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1755005913/www-production/Screenshot-2025-08-12-143806_1346915d0001/Screenshot-2025-08-12-143806_1346915d0001.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29837,"copyright":547,"fieldtype":553,"meta_data":29838,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ca29e8e73b/bm-adobestock-1408044942-scaled.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":29840,"uuid":11918,"name":29841,"slug":29842,"full_slug":29843,"content":29844},112467328076023,"Has BYD overtaken Tesla in Europe?","byd-is-overtaking-tesla-in-europe","article/byd-is-overtaking-tesla-in-europe",{"_uid":29845,"date":29846,"tags":29847,"editor":29853,"content":29857,"excerpt":29910,"featured":51,"reporter":29911,"_editable":29915,"component":864,"seo_title":29841,"categories":29916,"visibility":882,"author_company":49,"data_vis_image":29919,"featured_image":29922,"seo_description":29910,"author_full_name":49,"author_job_title":49,"formattedDate":29925},"cc28bb19-0512-4a99-a1fd-6ea24a1f3c0e","2025-08-11 00:00",[29848,29849,29850,29851,29852],{"slug":5945,"name":2983},{"slug":913,"name":914},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":3874,"name":3875},[29854],{"slug":544,"name":543,"content":29855},{"job_title":557,"image":29856,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":29858},[29859,29864,29872,29877,29882,29890,29895,29900,29905],{"type":594,"attrs":29860,"content":29861},{"textAlign":49},[29862],{"text":29863,"type":599},"BYD’s European electric vehicle (EV) sales in the first half of this year jumped more than five-fold compared to the same period last year according to Rho Motion’s EV & Battery Database. Over the same period, Tesla’s vehicle sales in Europe fell 28%. As a result, BYD is fast approaching Tesla in terms of unit sales. BYD was the ninth largest OEM in Europe’s EV market in H1 while Tesla remained just ahead at seventh. By comparison, Tesla and BYD held third and 13th positions, respectively, after the first six months of 2024.",{"type":627,"attrs":29865},{"id":29866,"body":29867},"fdc5918f-93e5-49e4-8da2-d757c7a44958",[29868],{"id":29869,"_uid":29870,"type":634,"_editable":29871,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24598346","i-7aa420a9-4f12-4a39-80c3-5325e551a19e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7aa420a9-4f12-4a39-80c3-5325e551a19e\", \"id\": \"\"}-->",{"type":657,"attrs":29873,"content":29874},{"level":15966,"textAlign":49},[29875],{"text":29876,"type":599},"Where is BYD making up ground?",{"type":594,"attrs":29878,"content":29879},{"textAlign":49},[29880],{"text":29881,"type":599},"There are multiple markets in Europe where BYD has sold more vehicles so far in 2025 than Tesla. In Spain and Italy, BYD has outperformed Tesla by 2,839 and 3,058 units respectively. In the UK and Germany, Europe’s two largest EV markets, BYD is catching up with Tesla having sold 3,824 and 2,559 fewer units respectively compared to Tesla. However, in three months of year so far BYD outperformed Tesla in total sales in the UK while it outperformed Tesla in two months of the year so far in Germany.",{"type":627,"attrs":29883},{"id":29884,"body":29885},"159af9a0-0768-471c-9f95-aa6ca187befb",[29886],{"id":29887,"_uid":29888,"type":634,"_editable":29889,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24626563","i-16537595-ac76-4601-b010-7711c242f397","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-16537595-ac76-4601-b010-7711c242f397\", \"id\": \"\"}-->",{"type":657,"attrs":29891,"content":29892},{"level":15966,"textAlign":49},[29893],{"text":29894,"type":599},"What is causing the reverse of fortunes?",{"type":594,"attrs":29896,"content":29897},{"textAlign":49},[29898],{"text":29899,"type":599},"“BYD closing the gap on Tesla in Europe is a story about Tesla’s decline as much as it is about BYD’s rise. Tesla has experienced significant YTD decreases in key European markets, such as France and Germany,” Geroge Whitcombe, EV sales analyst at Rho Motion, commented. “This is largely driven by Musk’s political involvement with divisive political parties and leaders.”",{"type":594,"attrs":29901,"content":29902},{"textAlign":49},[29903],{"text":29904,"type":599},"A refresh of the Model Y at the start of 2025 may explain some of the drop in unit sales during the early months of the year. However, Tesla’s continued weak performance in Europe suggests that its challenges go beyond temporary disruptions caused by changes to production. While BYD’s growth has come from a low base, it is now competing with established European brands in the EV market. It outperformed Skoda, Renault and SEAT in terms of EV sales in the first half of 2025 and fell just short of Audi and Volvo.",{"type":594,"attrs":29906,"content":29907},{"textAlign":49},[29908],{"text":29909,"type":599},"BYD’s growth in Europe has not been fueled by unusually low prices but instead by large model availability that continues to grow and through the sale of PHEVs in light of the EU’s tariffs on Chinese made BEVs. BYD’s PHEV Seal U was the bestselling PHEV in Europe in the first six months of 2025, outselling its nearest competitor by 37% the VW Tiguan.","BYD’s European electric vehicle (EV) sales in the first half of this year jumped more than five-fold compared to the same period last year according to Rho Motion’s EV & Battery Database. Over the same period, Tesla’s vehicle sales in Europe fell 28%. As a result, BYD is fast approaching Tesla in terms of unit […]",[29912],{"slug":544,"name":543,"content":29913},{"job_title":557,"image":29914,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cc28bb19-0512-4a99-a1fd-6ea24a1f3c0e\", \"id\": \"\"}-->",[29917,29918],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29920,"copyright":547,"fieldtype":553,"meta_data":29921,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1754910070/www-production/Screenshot-2025-08-11-120037/Screenshot-2025-08-11-120037.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29923,"copyright":547,"fieldtype":553,"meta_data":29924,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6fc77abfaa/bm-adobestock-915152141-editorial-use-only.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 11, 2025",{"id":29927,"uuid":963,"name":29928,"slug":29929,"full_slug":29930,"content":29931},112399031838361,"CATL suspends operations at Jianxiawo after mining permit expires","catl-suspends-operations-at-jianxiawo-mine-as-permit-expires","article/catl-suspends-operations-at-jianxiawo-mine-as-permit-expires",{"_uid":29932,"date":29846,"tags":29933,"editor":29936,"content":29940,"excerpt":30069,"featured":51,"reporter":30070,"_editable":30074,"component":864,"seo_title":29928,"categories":30075,"visibility":2091,"author_company":49,"featured_image":30078,"seo_description":30069,"author_full_name":49,"author_job_title":49,"formattedDate":29925},"ce26fa54-0ee9-4976-af3a-86d4d08daac3",[29934,29935],{"slug":903,"name":904},{"slug":913,"name":914},[29937],{"slug":544,"name":543,"content":29938},{"job_title":557,"image":29939,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":29941},[29942,29947,29952,29957,29965,29970,29975,29980,29992,29997,30002,30015,30023,30028,30033,30041,30046,30052,30058],{"type":594,"attrs":29943,"content":29944},{"textAlign":49},[29945],{"text":29946,"type":599},"CATL has suspended production at the Jianxiawo mine in China’s Jiangxi Province, one of the largest lithium mines in the region, after authorities failed to extend the mine’s license to operate late last week.",{"type":594,"attrs":29948,"content":29949},{"textAlign":49},[29950],{"text":29951,"type":599},"Mining and refining at the site was suspended last week ahead of the expiration of its permit on 9 August. Market sources reported to Benchmark that operations at the mine are not expected to resume for at least three months.",{"type":594,"attrs":29953,"content":29954},{"textAlign":49},[29955],{"text":29956,"type":599},"In response, lithium chemical and feedstock prices have risen sharply in China’s domestic spot market and on futures exchanges. Benchmark received reports of battery grade lithium carbonate trades in China at RMB 77,000/tonne ($10,703/tonne) on Monday, up 9% since 6 August.",{"type":627,"attrs":29958},{"id":29959,"body":29960},"94a84ff5-4b96-40c4-bee8-72476040ae65",[29961],{"id":29962,"_uid":29963,"type":634,"_editable":29964,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24628519","i-45739f27-7ef8-4f58-84d1-068b2b10054d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-45739f27-7ef8-4f58-84d1-068b2b10054d\", \"id\": \"\"}-->",{"type":594,"attrs":29966,"content":29967},{"textAlign":49},[29968],{"text":29969,"type":599},"Benchmark notes the price movement is likely being underpinned by the speculative nature of lithium trading in China’s domestic market, rather than an immediate tightening of supply availability due to prevailing oversupply throughout the global lithium value chain.",{"type":594,"attrs":29971,"content":29972},{"textAlign":49},[29973],{"text":29974,"type":599},"Why has the mine been suspended?",{"type":594,"attrs":29976,"content":29977},{"textAlign":49},[29978],{"text":29979,"type":599},"Ostensibly the mine’s permit has not been renewed because China’s new mining laws, introduced at the start of this year, raised issues with the lithium content of the site’s low-grade lepidolite ore. The decision to grant a new licence now sits in the hands of the central government.",{"type":594,"attrs":29981,"content":29982},{"textAlign":49},[29983,29985,29990],{"text":29984,"type":599},"However, Beijing recently ",{"text":29986,"type":599,"marks":29987},"adopted an anti-rat race ",[29988],{"type":604,"attrs":29989},{"href":24702,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":29991,"type":599},"directive aiming to curb large industrial overcapacity across many critical industries (a key source of China’s deflationary environment), including the lithium ion battery supply chain. Therefore, it is possible that the latest tightening of permitting rules is a strategic move to bolster prices through supply curtailments.",{"type":594,"attrs":29993,"content":29994},{"textAlign":49},[29995],{"text":29996,"type":599},"What could the suspension mean for the lithium market balance?",{"type":594,"attrs":29998,"content":29999},{"textAlign":49},[30000],{"text":30001,"type":599},"Prior to suspension, the Jianxiawo mine had been projected to produce 40,000 tonnes LCE in 2025 – representing over 10% of China’s mined supply this year, according to the Benchmark Lithium Forecast.",{"type":594,"attrs":30003,"content":30004},{"textAlign":49},[30005,30007,30013],{"text":30006,"type":599},"The mine’s last shutdown occurred in September 2024 at a time when EXW China lithium carbonate (battery grade) prices traded at RMB 72,000/tonne ($10,150). These prices increased by ~8% following the suspension, ",{"text":30008,"type":599,"marks":30009},"before the mine resumed operations in February 2025",[30010],{"type":604,"attrs":30011},{"href":30012,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-could-catl-restarting-its-chinese-lithium-mine-mean-for-the-market",{"text":30014,"type":599},"; supported by cost improvements and its important role in the local economy.",{"type":627,"attrs":30016},{"id":30017,"body":30018},"c81f070e-5df8-4e51-afc5-9e48636f7ed0",[30019],{"id":30020,"_uid":30021,"type":634,"_editable":30022,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24628998","i-304c7741-62ff-47df-8819-93050f2067c1","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-304c7741-62ff-47df-8819-93050f2067c1\", \"id\": \"\"}-->",{"type":594,"attrs":30024,"content":30025},{"textAlign":49},[30026],{"text":30027,"type":599},"During this period, the market balance did not shift significantly due to the abundance of stockpiled material at converters. Benchmark notes that similar fundamentals are likely to be at play during this latest shutdown.",{"type":594,"attrs":30029,"content":30030},{"textAlign":49},[30031],{"text":30032,"type":599},"Yet, assuming the current suspension is not lifted before the end of the year, Benchmark projects that ~20,000 tpa LCE of supply will be taken out of the market in the latter half of 2025. This would reduce the global lithium market surplus by roughly a quarter and is thus likely to be supportive for prices in the second half of the year.",{"type":627,"attrs":30034},{"id":30035,"body":30036},"24f24d5d-cd2f-4ce2-a15f-d56291c07985",[30037],{"id":30038,"_uid":30039,"type":634,"_editable":30040,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24629789","i-efe9c831-51a3-40e4-bd28-0a74d11e6101","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-efe9c831-51a3-40e4-bd28-0a74d11e6101\", \"id\": \"\"}-->",{"type":594,"attrs":30042,"content":30043},{"textAlign":49},[30044],{"text":30045,"type":599},"Market contacts have reported to Benchmark that CATL is already seeking feedstock from alternative sources, reportedly increasing orders for ex-China chemicals and feedstock to fill the shortfall.",{"type":594,"attrs":30047,"content":30048},{"textAlign":49},[30049],{"text":29713,"type":599,"marks":30050},[30051],{"type":643},{"type":594,"attrs":30053,"content":30054},{"textAlign":49},[30055],{"text":29720,"type":599,"marks":30056},[30057],{"type":643},{"type":627,"attrs":30059},{"id":30060,"body":30061},"a1415c9d-1bf2-4e43-b889-acb6f4fdd37f",[30062],{"id":835,"_uid":30063,"_editable":30064,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":30065,"success_file":30066,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":30068},"i-135a82b3-93aa-4aae-87b0-a5c3223f640d","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-135a82b3-93aa-4aae-87b0-a5c3223f640d\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":30067},{},[],"CATL has suspended production at the Jianxiawo mine in China’s Jiangxi Province, one of the largest lithium mines in the region, after authorities failed to extend the mine’s license to operate late last week. Mining and refining at the site was suspended last week ahead of the expiration of its permit on 9 August. Market […]",[30071],{"slug":544,"name":543,"content":30072},{"job_title":557,"image":30073,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ce26fa54-0ee9-4976-af3a-86d4d08daac3\", \"id\": \"\"}-->",[30076,30077],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":30079,"copyright":547,"fieldtype":553,"meta_data":30080,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7c7eb695bb/bm-adobestock-595457310-editorial-use-only-362691fd10.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":30082,"uuid":30083,"name":30084,"slug":30085,"full_slug":30086,"content":30087},112467337767361,"4e0a7643-385b-44bd-8f1a-ca651abe0277","Australian government supports Liontown equity raise, alongside Chinese funders","australian-government-supports-liontown-equity-raise-alongside-chinese-funders","article/australian-government-supports-liontown-equity-raise-alongside-chinese-funders",{"_uid":30088,"date":30089,"tags":30090,"editor":30098,"content":30102,"excerpt":30225,"featured":51,"reporter":30226,"_editable":30230,"component":864,"seo_title":30084,"categories":30231,"visibility":882,"author_company":49,"data_vis_image":30234,"featured_image":30238,"seo_description":30225,"author_full_name":49,"author_job_title":49,"formattedDate":30242},"f3995765-8fa1-49b3-a7ca-ba39a7bdd57a","2025-08-08 00:00",[30091,30092,30093,30096,30097],{"slug":6567,"name":2038},{"slug":578,"name":579},{"slug":30094,"name":30095},"liontown","Liontown",{"slug":910,"name":911},{"slug":6606,"name":12530},[30099],{"slug":544,"name":543,"content":30100},{"job_title":557,"image":30101,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":30103},[30104,30109,30121,30126,30134,30139,30144,30156,30161,30166,30174,30179,30191,30204,30209],{"type":594,"attrs":30105,"content":30106},{"textAlign":49},[30107],{"text":30108,"type":599},"Australian lithium miner Liontown Resources has raised AUD316 million (US$206 mn) in equity. This includes investments from the Australian government and major Chinese lithium chemical producer Canmax.",{"type":594,"attrs":30110,"content":30111},{"textAlign":49},[30112,30114,30120],{"text":30113,"type":599},"The funds will support the ramp up of Liontown’s Kathleen Valley spodumene mine which ",{"text":30115,"type":599,"marks":30116},"began operations last year",[30117],{"type":604,"attrs":30118},{"href":30119,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/liontowns-kathleen-valley-produces-first-spodumene-concentrate-amid-uncertain-market-conditions",{"text":974,"type":599},{"type":594,"attrs":30122,"content":30123},{"textAlign":49},[30124],{"text":30125,"type":599},"This comes following a recovery in spodumene prices, which traded  below $700/tonne between 23 May and 23 July this year. At $700/t, Benchmark analysis suggests that ~30% of hard rock producers, including Kathleen Valley, are loss making.",{"type":627,"attrs":30127},{"id":30128,"body":30129},"4cb06350-2142-4a6c-a0dc-b666c2f52769",[30130],{"id":30131,"_uid":30132,"type":634,"_editable":30133,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24601657","i-b0a4931d-14bb-4448-be96-2291f40290d0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b0a4931d-14bb-4448-be96-2291f40290d0\", \"id\": \"\"}-->",{"type":657,"attrs":30135,"content":30136},{"level":15966,"textAlign":49},[30137],{"text":30138,"type":599},"What is the significance of the funding sources?",{"type":594,"attrs":30140,"content":30141},{"textAlign":49},[30142],{"text":30143,"type":599},"Through the National Reconstruction Fund Corporation, the Australian government is backing Liontown with AUD50 mn (US$32.6 m) of investment. This highlights that the government is taking critical minerals seriously and is backing this up through significant investment.",{"type":594,"attrs":30145,"content":30146},{"textAlign":49},[30147,30149,30154],{"text":30148,"type":599},"Government investment into critical mineral projects is key for the development of supply chains in the West as it improves the bankability of assets for private investors. This follows the ",{"text":30150,"type":599,"marks":30151},"US Department of Defense’s partnership with MP Materials",[30152],{"type":604,"attrs":30153},{"href":22644,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":30155,"type":599}," for rare earths production.",{"type":594,"attrs":30157,"content":30158},{"textAlign":49},[30159],{"text":30160,"type":599},"It is also notable that Canmax led a further AUD50 mn investment through a separate placement with other institutional investors.",{"type":594,"attrs":30162,"content":30163},{"textAlign":49},[30164],{"text":30165,"type":599},"Hancock Resources, one of Liontown’s key investors, did not participate in the funding round.",{"type":627,"attrs":30167},{"id":30168,"body":30169},"dcaed657-95a9-4159-b17e-9f15bded85b3",[30170],{"id":30171,"_uid":30172,"type":634,"_editable":30173,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24600865","i-500cbea2-d943-4936-ba2d-7250e8b11ebe","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-500cbea2-d943-4936-ba2d-7250e8b11ebe\", \"id\": \"\"}-->",{"type":657,"attrs":30175,"content":30176},{"level":15966,"textAlign":49},[30177],{"text":30178,"type":599},"What does Liontown’s equity raise mean for the lithium market?",{"type":594,"attrs":30180,"content":30181},{"textAlign":49},[30182,30184,30189],{"text":30183,"type":599},"Given the oversupply of the broader lithium market, Benchmark believes that some lithium mines would need to ",{"text":30185,"type":599,"marks":30186},"come offline",[30187],{"type":604,"attrs":30188},{"href":21296,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":30190,"type":599}," to re-balance the market and give further upward support to prices.",{"type":594,"attrs":30192,"content":30193},{"textAlign":49},[30194,30196,30202],{"text":30195,"type":599},"Unlike the ",{"text":30197,"type":599,"marks":30198},"previous downcycle in 2020",[30199],{"type":604,"attrs":30200},{"href":30201,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/special-issues/1346054",{"text":30203,"type":599},", the current bear market is characterised by stronger balance sheets, more fund raising opportunities, and sees large players holding strategic investments in lithium projects. For example, LG and Ford are both strategic investors into Liontown and so have a vested interest in Kathleen Valley staying online, even if loss making at current prices.",{"type":594,"attrs":30205,"content":30206},{"textAlign":49},[30207],{"text":30208,"type":599},"That said, before this investment round, without a positive cash-flow, Kathleen Valley was at risk of coming offline, given the challenging price environment. However, with the latest equity raise, which includes both governmental and institutional investments, it is unlikely that Kathleen Valley will be taken offline.",{"type":594,"attrs":30210,"content":30211},{"textAlign":49},[30212,30216,30222],{"text":30213,"type":599,"marks":30214},"Download Benchmark’s Special Issue explaining ",[30215],{"type":643},{"text":30217,"type":599,"marks":30218},"Why This Lithium Market Isn’t Like 2020",[30219,30220],{"type":643},{"type":604,"attrs":30221},{"href":30201,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599,"marks":30223},[30224],{"type":643},"Australian lithium miner Liontown Resources has raised AUD316 million (US$206 mn) in equity. This includes investments from the Australian government and major Chinese lithium chemical producer Canmax. The funds will support the ramp up of Liontown’s Kathleen Valley spodumene mine which began operations last year. This comes following a recovery in spodumene prices, which traded […]",[30227],{"slug":544,"name":543,"content":30228},{"job_title":557,"image":30229,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f3995765-8fa1-49b3-a7ca-ba39a7bdd57a\", \"id\": \"\"}-->",[30232,30233],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":30235,"name":547,"focus":547,"title":30235,"source":547,"filename":30236,"copyright":547,"fieldtype":553,"meta_data":30237,"is_external_url":51},"Chart titled: Liontown shares performing well amongst lithium peers","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1754665887/www-production/Liontown-lithium-share-index@2x/Liontown-lithium-share-index@2x.png?_i=AA",{"alt":30235,"title":30235,"source":547,"copyright":547},{"id":49,"alt":30239,"name":547,"focus":547,"title":30239,"source":547,"filename":30240,"copyright":547,"fieldtype":553,"meta_data":30241,"is_external_url":51},"Kathleen Valley lithium mine by Liontown","https://a.storyblok.com/f/287943243085208/8fcf283a21/bm-250328-liontown-019.jpg",{"alt":30239,"title":30239,"source":547,"copyright":547},"Aug 08, 2025",{"id":30244,"uuid":30245,"name":30246,"slug":30247,"full_slug":30248,"content":30249},112467350858380,"1b628b77-14b5-4044-aa61-218995a1a1a2","Benchmark opens annual public consultation for comment on its market-leading price assessment methodologies","benchmark-opens-annual-public-consultation-for-comment-on-its-market-leading-price-assessment-methodologies-3","article/benchmark-opens-annual-public-consultation-for-comment-on-its-market-leading-price-assessment-methodologies-3",{"_uid":30250,"date":30251,"tags":30252,"editor":30255,"content":30259,"excerpt":30501,"featured":50,"reporter":30502,"_editable":30506,"component":864,"seo_title":30507,"categories":30508,"visibility":2091,"author_company":49,"data_vis_image":30517,"featured_image":30519,"seo_description":30521,"author_full_name":49,"author_job_title":49,"formattedDate":30522},"8ec562a1-d52d-4f17-befc-c2722746e696","2025-08-07 00:00",[30253,30254],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[30256],{"slug":544,"name":543,"content":30257},{"job_title":557,"image":30258,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":30260},[30261,30385,30406,30417,30422,30427,30432,30453,30458,30463,30468,30476,30481,30486,30491,30496],{"type":594,"attrs":30262,"content":30263},{"textAlign":49},[30264,30269,30277,30282,30289,30293,30300,30304,30312,30316,30324,30328,30336,30340,30347,30351,30359,30363,30370,30374,30381],{"text":30265,"type":599,"marks":30266},"Following the continued evolution of the lithium ion battery supply chain, and as part of its rolling methodology review process, Benchmark Mineral Intelligence announces the opening of the 2025 annual public consultation period, for comment on Benchmark's ",[30267],{"type":928,"attrs":30268},{"color":21998},{"text":30270,"type":599,"marks":30271},"market-leading price assessment methodologies",[30272,30274,30276],{"type":604,"attrs":30273},{"href":21905,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":30275},{"color":22006},{"type":3645},{"text":30278,"type":599,"marks":30279}," for 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graphite",[30319,30321,30323],{"type":604,"attrs":30320},{"href":23034,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":30322},{"color":22006},{"type":3645},{"text":3400,"type":599,"marks":30325},[30326],{"type":928,"attrs":30327},{"color":21998},{"text":30329,"type":599,"marks":30330},"synthetic graphite",[30331,30333,30335],{"type":604,"attrs":30332},{"href":23020,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":30334},{"color":22006},{"type":3645},{"text":3400,"type":599,"marks":30337},[30338],{"type":928,"attrs":30339},{"color":21998},{"text":2497,"type":599,"marks":30341},[30342,30344,30346],{"type":604,"attrs":30343},{"href":22973,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":30345},{"color":22006},{"type":3645},{"text":3400,"type":599,"marks":30348},[30349],{"type":928,"attrs":30350},{"color":21998},{"text":4805,"type":599,"marks":30352},[30353,30356,30358],{"type":604,"attrs":30354},{"href":30355,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cathode/prices",{"type":928,"attrs":30357},{"color":22006},{"type":3645},{"text":3400,"type":599,"marks":30360},[30361],{"type":928,"attrs":30362},{"color":21998},{"text":10224,"type":599,"marks":30364},[30365,30367,30369],{"type":604,"attrs":30366},{"href":23164,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":30368},{"color":22006},{"type":3645},{"text":1440,"type":599,"marks":30371},[30372],{"type":928,"attrs":30373},{"color":21998},{"text":14770,"type":599,"marks":30375},[30376,30378,30380],{"type":604,"attrs":30377},{"href":19815,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":30379},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":30382},[30383],{"type":928,"attrs":30384},{"color":21998},{"type":594,"attrs":30386,"content":30387},{"textAlign":49},[30388,30393,30402],{"text":30389,"type":599,"marks":30390},"This annual consultation period allows stakeholders in the lithium ion battery supply chain and all members of the public to directly comment and give feedback on Benchmark's mineral-specific price methodologies, the basis for its ",[30391],{"type":928,"attrs":30392},{"color":21998},{"text":30394,"type":599,"marks":30395},"market-leading Price Assessments",[30396,30399,30401],{"type":604,"attrs":30397},{"href":30398,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-becomes-worlds-only-pra-for-lithium-and-ev-battery-materials-to-set-type-2-iosco-standards-across-the-board",{"type":928,"attrs":30400},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":30403},[30404],{"type":928,"attrs":30405},{"color":21998},{"type":594,"attrs":30407,"content":30408},{"textAlign":49},[30409,30411,30416],{"text":30410,"type":599},"You can find the latest updated versions of Benchmark’s methodologies ",{"text":6515,"type":599,"marks":30412},[30413],{"type":604,"attrs":30414},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/",{"text":974,"type":599},{"type":594,"attrs":30418,"content":30419},{"textAlign":49},[30420],{"text":30421,"type":599},"The consultation period will begin immediately from publication of this article, extending for no less than 28 days from commencement.",{"type":657,"attrs":30423,"content":30424},{"level":15966,"textAlign":49},[30425],{"text":30426,"type":599},"Proposed material changes",{"type":594,"attrs":30428,"content":30429},{"textAlign":49},[30430],{"text":30431,"type":599},"Benchmark proposes to update all Price Assessment Methodologies to allow the low price and high price of the range to be independently rolled over in periods of low liquidity or insufficient data points.",{"type":594,"attrs":30433,"content":30434},{"textAlign":49},[30435,30440,30448],{"text":30436,"type":599,"marks":30437},"Benchmark proposes to update the wording in the ",[30438],{"type":928,"attrs":30439},{"color":21998},{"text":30441,"type":599,"marks":30442},"Lithium Price Assessment Methodology",[30443,30445,30447],{"type":604,"attrs":30444},{"href":2214,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":30446},{"color":22006},{"type":3645},{"text":30449,"type":599,"marks":30450}," to clarify that one member of the Senior Price Team not involved with price collection for the grades is required to attend each price setting meeting.",[30451],{"type":928,"attrs":30452},{"color":21998},{"type":657,"attrs":30454,"content":30455},{"level":15966,"textAlign":49},[30456],{"text":30457,"type":599},"Housekeeping changes",{"type":594,"attrs":30459,"content":30460},{"textAlign":49},[30461],{"text":30462,"type":599},"Following the consultation period, Benchmark will make some non-material changes to the Price Assessment Methodologies to ensure phrasing and nomenclature is consistent across documents for different markets. ",{"type":594,"attrs":30464,"content":30465},{"textAlign":49},[30466],{"text":30467,"type":599},"Benchmark will review all comments and seek to make public all non-confidential responses within 10 working days of the closure of the open season.",{"type":594,"attrs":30469,"content":30470},{"textAlign":49},[30471,30472],{"text":21758,"type":599},{"text":19898,"type":599,"marks":30473},[30474],{"type":604,"attrs":30475},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":30477,"content":30478},{"level":15966,"textAlign":49},[30479],{"text":30480,"type":599},"We ask that you include the following:",{"type":594,"attrs":30482,"content":30483},{"textAlign":49},[30484],{"text":30485,"type":599},"Please outline:",{"type":594,"attrs":30487,"content":30488},{"textAlign":49},[30489],{"text":30490,"type":599},"a) Full Name",{"type":594,"attrs":30492,"content":30493},{"textAlign":49},[30494],{"text":30495,"type":599},"b) Position within your Company",{"type":594,"attrs":30497,"content":30498},{"textAlign":49},[30499],{"text":30500,"type":599},"c) Your company","Following the continued evolution of the lithium ion battery supply chain, and as part of its rolling methodology review process, Benchmark Mineral Intelligence announces the opening of the 2025 annual public consultation period, for comment on Benchmark’s market-leading price assessment methodologies for lithium, nickel, cobalt, natural graphite, synthetic graphite, anode, cathode, black mass and rare […]",[30503],{"slug":544,"name":543,"content":30504},{"job_title":557,"image":30505,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8ec562a1-d52d-4f17-befc-c2722746e696\", \"id\": \"\"}-->","Opens annual public consultation on price assessment methodologie",[30509,30510,30511,30512,30513,30514,30515,30516],{"slug":2497,"name":261},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4330,"name":150},{"slug":1556,"name":414},{"slug":5744,"name":5741},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":30518},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":20239,"copyright":547,"fieldtype":553,"meta_data":30520,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Following the continued evolution of the lithium ion battery supply chain, and as part of its rolling methodology review process, Benchmark Mineral Intelligence announces the opening of the 2025 annual public consultation period, for comment […]","Aug 07, 2025",{"id":30524,"uuid":11033,"name":30525,"slug":30526,"full_slug":30527,"content":30528},112467346127399,"What role could manganese rich cathode chemistries play in the future battery market?","what-role-will-manganese-rich-cathode-chemistries-play-in-the-future-battery-market","article/what-role-will-manganese-rich-cathode-chemistries-play-in-the-future-battery-market",{"_uid":30529,"date":30251,"tags":30530,"editor":30531,"content":30535,"excerpt":30598,"featured":51,"reporter":30599,"_editable":30603,"component":864,"seo_title":30525,"categories":30604,"visibility":882,"author_company":49,"featured_image":30609,"seo_description":30598,"author_full_name":49,"author_job_title":49,"formattedDate":30522},"549ef29d-99fb-4e51-a5f4-693bbe8f5295",[],[30532],{"slug":544,"name":543,"content":30533},{"job_title":557,"image":30534,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":30536},[30537,30542,30547,30552,30557,30562,30567,30572,30577,30585],{"type":594,"attrs":30538,"content":30539},{"textAlign":49},[30540],{"text":30541,"type":599},"The battery industry is dominated by LFP and NCM cathode chemistries, but even with these well-established chemistries there is room for new technologies to be developed. Recently manganese rich cathode chemistries such as LMR (Lithium Manganese Rich), LMNO (Lithium Manganese Nickel Oxide) or HLM (High Lithium Manganese) cathode chemistries have gained market coverage. What does the manganese rich cathode chemistry landscape look like?",{"type":657,"attrs":30543,"content":30544},{"level":15966,"textAlign":49},[30545],{"text":30546,"type":599},"What are manganese rich cells?",{"type":594,"attrs":30548,"content":30549},{"textAlign":49},[30550],{"text":30551,"type":599},"Manganese rich cells are made with higher proportions of manganese compared to more conventional NCM cells. In traditional NCM cathodes, nickel is the largest input material, alongside cobalt and manganese in differing, but lesser ratios. In manganese rich cathode, manganese is the dominant material (c. 65-75%) along with a lower proportion of nickel and cobalt.",{"type":594,"attrs":30553,"content":30554},{"textAlign":49},[30555],{"text":30556,"type":599},"This difference can bring the advantage of producing energy dense cells (compared to LFP) at a lower cost, as it reduces reliance on more costly inputs with more vulnerable supply chains, such as nickel and cobalt. However, manganese rich technologies still face challenges, particularly with structural degradation over extended cycling and high internal resistance due to low electronic conductivity.",{"type":594,"attrs":30558,"content":30559},{"textAlign":49},[30560],{"text":30561,"type":599},"Which midstream players are looking at the technology?",{"type":594,"attrs":30563,"content":30564},{"textAlign":49},[30565],{"text":30566,"type":599},"Several midstream players have made moves into the manganese rich cathode space:",{"type":657,"attrs":30568,"content":30569},{"level":15966,"textAlign":49},[30570],{"text":30571,"type":599},"Which EV OEMs are betting big on manganese rich cathodes?",{"type":594,"attrs":30573,"content":30574},{"textAlign":49},[30575],{"text":30576,"type":599},"To date, only two EV OEMs, both based in the US, have publicly announced their work on manganese rich cathode technologies in the form of LMR: GM and Ford. GM, through their joint venture with LG Energy Solution, Ultium Cells, plans to begin commercial production of LMR cells in the US by 2028. Meanwhile, Ford is developing LMR technology in-house, though it has not yet provided a timeline for when the cells will be used in its vehicles.",{"type":627,"attrs":30578},{"id":30579,"body":30580},"1b878648-c3e3-41d0-9191-1891a289cbc9",[30581],{"id":30582,"_uid":30583,"type":634,"_editable":30584,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24567635","i-1a6c1db5-7209-4a32-ad04-0bc41eef0751","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-1a6c1db5-7209-4a32-ad04-0bc41eef0751\", \"id\": \"\"}-->",{"type":594,"attrs":30586,"content":30587},{"textAlign":49},[30588,30590,30596],{"text":30589,"type":599},"This considered, NCM and NCA based chemistries are expected to remain dominant in the US EV market, accounting for 95% of the market in 2025 according to ",{"text":30591,"type":599,"marks":30592},"Rho Motion’s EV & Battery Forecast",[30593],{"type":604,"attrs":30594},{"href":30595,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/research/ev-battery-forecast/",{"text":30597,"type":599},". By 2030, the NCM/NCA share is expected to decrease to 78%, with LFP/LMFP vehicles taking 20% and 2% being other chemistries, namely LMR.","The battery industry is dominated by LFP and NCM cathode chemistries, but even with these well-established chemistries there is room for new technologies to be developed. Recently manganese rich cathode chemistries such as LMR (Lithium Manganese Rich), LMNO (Lithium Manganese Nickel Oxide) or HLM (High Lithium Manganese) cathode chemistries have gained market coverage. What does […]",[30600],{"slug":544,"name":543,"content":30601},{"job_title":557,"image":30602,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"549ef29d-99fb-4e51-a5f4-693bbe8f5295\", \"id\": \"\"}-->",[30605,30606,30607,30608],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":4805,"name":298},{"slug":2761,"name":2762},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":30610,"copyright":547,"fieldtype":553,"meta_data":30611,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0a835c684b/bm-adobestock-1358366931-scaled.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":30613,"uuid":30614,"name":30615,"slug":30616,"full_slug":30617,"content":30618},107060871050015,"e305545b-23a0-4fc7-b203-77c05f3e2852","Benchmark’s lithium carbon curves reveals >10x emissions gap across top 50 operations","benchmarks-lithium-carbon-curves-reveals-10x-emissions-gap-across-top-50-operations","article/benchmarks-lithium-carbon-curves-reveals-10x-emissions-gap-across-top-50-operations",{"_uid":30619,"date":30251,"tags":30620,"editor":30625,"content":30629,"excerpt":30865,"featured":51,"reporter":30866,"_editable":30870,"component":864,"seo_title":30871,"categories":30872,"visibility":882,"author_company":49,"data_vis_image":30876,"featured_image":30878,"seo_description":30881,"author_full_name":49,"author_job_title":49,"formattedDate":30522},"f9292c3a-6840-4803-965f-6e6e1fc5d1a1",[30621,30622],{"slug":11313,"name":11314},{"slug":30623,"name":30624},"carbon-curve","Carbon curve",[30626],{"slug":544,"name":543,"content":30627},{"job_title":557,"image":30628,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":30630},[30631,30639,30673,30681,30689,30694,30702,30738,30758,30763,30768,30773,30778,30799,30804,30809,30845],{"type":594,"attrs":30632,"content":30633},{"textAlign":49},[30634],{"text":30635,"type":599,"marks":30636},"Benchmark's lithium carbon intensity curve has expanded in scope, now covering the top 50 largest lithium chemical-producing assets in 2025, as well as those forecasted to be in production by 2030.",[30637],{"type":928,"attrs":30638},{"color":21998},{"type":594,"attrs":30640,"content":30641},{"textAlign":49},[30642,30647,30656,30661,30669],{"text":30643,"type":599,"marks":30644},"Greenhouse gas emissions generated from raw material extraction to the lithium chemical stage, known as ",[30645],{"type":928,"attrs":30646},{"color":21998},{"text":30648,"type":599,"marks":30649},"cradle-to-gate emissions",[30650,30653,30655],{"type":604,"attrs":30651},{"href":30652,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-new-lithium-carbon-footprint-guidance-means-for-the-battery-industry",{"type":928,"attrs":30654},{"color":22006},{"type":3645},{"text":30657,"type":599,"marks":30658},", are assessed by Benchmark using the IPCC's 2021 Global Warming Potential (100-year) method. Emissions are categorised into Scope 1 (direct), Scope 2 (energy-related), and ",[30659],{"type":928,"attrs":30660},{"color":21998},{"text":30662,"type":599,"marks":30663},"upstream Scope 3 (indirect) emissions",[30664,30666,30668],{"type":604,"attrs":30665},{"href":30652,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":30667},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":30670},[30671],{"type":928,"attrs":30672},{"color":21998},{"type":594,"attrs":30674,"content":30675},{"textAlign":49},[30676],{"text":30677,"type":599,"marks":30678},"The results show that the top 50 operations, accounting for 68% of global lithium chemical production in 2025, are estimated to emit an average of 15.6 kg CO₂eq per kg of lithium carbonate equivalent (LCE) output. However, there is a considerable disparity between the highest and lowest emitters: from just ~4 kg CO₂eq/kg LCE to over 40kg CO₂eq/kg LCE.",[30679],{"type":928,"attrs":30680},{"color":21998},{"type":627,"attrs":30682},{"id":30683,"body":30684},"130f6f1c-b280-4324-942e-a1abea3ff952",[30685],{"id":30686,"_uid":30687,"type":634,"_editable":30688,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24554665","i-8fbe988b-262e-4dec-9625-8d34c5a8e3bd","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8fbe988b-262e-4dec-9625-8d34c5a8e3bd\", \"id\": \"\"}-->",{"type":657,"attrs":30690,"content":30691},{"level":15966,"textAlign":49},[30692],{"text":30693,"type":599},"What accounts for this difference?",{"type":594,"attrs":30695,"content":30696},{"textAlign":49},[30697],{"text":30698,"type":599,"marks":30699},"This variation in carbon intensities is driven by several underlying factors, including processing technology, geographical location, ore type, and mineral grade.",[30700],{"type":928,"attrs":30701},{"color":21998},{"type":594,"attrs":30703,"content":30704},{"textAlign":49},[30705,30710,30719,30724,30733],{"text":30706,"type":599,"marks":30707},"Notably, ",[30708],{"type":928,"attrs":30709},{"color":21998},{"text":30711,"type":599,"marks":30712},"brine-based lithium operations",[30713,30716,30718],{"type":604,"attrs":30714},{"href":30715,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/hard-rock-vs-brine-how-do-their-carbon-curves-compare",{"type":928,"attrs":30717},{"color":22006},{"type":3645},{"text":30720,"type":599,"marks":30721}," sit at both ends of the curve, demonstrating that differences in brine chemistry (particularly lithium content and impurity levels) and processing methods—between conventional and ",[30722],{"type":928,"attrs":30723},{"color":21998},{"text":30725,"type":599,"marks":30726},"direct lithium extraction (DLE) technologies",[30727,30730,30732],{"type":604,"attrs":30728},{"href":30729,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rise-of-dle-will-open-up-new-sources-of-lithium-supply-this-decade",{"type":928,"attrs":30731},{"color":22006},{"type":3645},{"text":30734,"type":599,"marks":30735},"—can significantly influence emissions.",[30736],{"type":928,"attrs":30737},{"color":21998},{"type":594,"attrs":30739,"content":30740},{"textAlign":49},[30741,30746,30753],{"text":30742,"type":599,"marks":30743},"Amongst ",[30744],{"type":928,"attrs":30745},{"color":21998},{"text":4211,"type":599,"marks":30747},[30748,30750,30752],{"type":604,"attrs":30749},{"href":30715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":30751},{"color":22006},{"type":3645},{"text":30754,"type":599,"marks":30755},", the carbon intensity curve demonstrates that lithium extracted from Chinese mica ores is markedly more carbon intensive than from spodumene.",[30756],{"type":928,"attrs":30757},{"color":21998},{"type":594,"attrs":30759,"content":30760},{"textAlign":49},[30761],{"text":30762,"type":599},"Despite using mixed-salt roasting techniques to lower the roasting temperature and energy use, mining and concentrating lepidolite ore still accounts for over 50% of the total carbon intensity of Chinese mica-based lithium products. This is primarily due to lower lithium grades and high reliance on fossil fuels for energy generation.",{"type":657,"attrs":30764,"content":30765},{"level":15966,"textAlign":49},[30766],{"text":30767,"type":599},"The impact of energy strategies on operations ",{"type":594,"attrs":30769,"content":30770},{"textAlign":49},[30771],{"text":30772,"type":599},"Looking ahead to 2030, Benchmark’s carbon reduction targets scenario reflects operators’ plans and strategies to decarbonise future production. ",{"type":594,"attrs":30774,"content":30775},{"textAlign":49},[30776],{"text":30777,"type":599},"The curve demonstrates that, despite the increased integration of renewable energy sources and other carbon reduction initiatives, the average carbon intensity across the assessed operations is projected to decrease only modestly (~3%) compared to the 2025 scenario.  ",{"type":594,"attrs":30779,"content":30780},{"textAlign":49},[30781,30786,30794],{"text":30782,"type":599,"marks":30783},"A key challenge for producers are Scope 3 emissions, particularly those related to reagents used in lithium processing. For example, ",[30784],{"type":928,"attrs":30785},{"color":21998},{"text":30787,"type":599,"marks":30788},"soda ash used by brine-based operations and sulphuric acid used in hard rock processing",[30789,30791,30793],{"type":604,"attrs":30790},{"href":30715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":30792},{"color":22006},{"type":3645},{"text":30795,"type":599,"marks":30796}," are significant contributors to Scope 3 emissions, while also raising other environmental challenges such as terrestrial ecotoxicity.",[30797],{"type":928,"attrs":30798},{"color":21998},{"type":657,"attrs":30800,"content":30801},{"level":15966,"textAlign":49},[30802],{"text":30803,"type":599},"Why this matters",{"type":594,"attrs":30805,"content":30806},{"textAlign":49},[30807],{"text":30808,"type":599},"Benchmark’s expanded coverage of lithium-producing assets comes at a pivotal time, as understanding product-level carbon footprints becomes increasingly essential for regulatory compliance and responsible sourcing. ",{"type":594,"attrs":30810,"content":30811},{"textAlign":49},[30812,30817,30826,30831,30840],{"text":30813,"type":599,"marks":30814},"This is especially relevant within critical mineral supply chains, given the implementation of the ",[30815],{"type":928,"attrs":30816},{"color":21998},{"text":30818,"type":599,"marks":30819},"EU Batteries Regulation",[30820,30823,30825],{"type":604,"attrs":30821},{"href":30822,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-the-lithium-ion-supply-chain-should-prepare-for-the-eu-battery-regulation",{"type":928,"attrs":30824},{"color":22006},{"type":3645},{"text":30827,"type":599,"marks":30828}," and potential future expansion of initiatives such as the ",[30829],{"type":928,"attrs":30830},{"color":21998},{"text":30832,"type":599,"marks":30833},"EU Carbon Border Adjustment Mechanism (CBAM)",[30834,30837,30839],{"type":604,"attrs":30835},{"href":30836,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-role-of-life-cycle-assessments-in-the-eu-policy-landscape",{"type":928,"attrs":30838},{"color":22006},{"type":3645},{"text":30841,"type":599,"marks":30842}," to include materials such as lithium.",[30843],{"type":928,"attrs":30844},{"color":21998},{"type":594,"attrs":30846,"content":30847},{"textAlign":49},[30848,30852,30860],{"text":2372,"type":599,"marks":30849},[30850],{"type":928,"attrs":30851},{"color":21998},{"text":30853,"type":599,"marks":30854},"Lithium Sustainability Report",[30855,30857,30859],{"type":604,"attrs":30856},{"href":16561,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":30858},{"color":22006},{"type":3645},{"text":30861,"type":599,"marks":30862}," assesses and benchmarks the ESG performance and approach of lithium producers worldwide to enable responsible raw material sourcing.",[30863],{"type":928,"attrs":30864},{"color":21998},"Benchmark’s lithium carbon intensity curve has expanded in scope, now covering the top 50 largest lithium chemical-producing assets in 2025, as well as those forecasted to be in production by 2030. Greenhouse gas emissions generated from raw material extraction to the lithium chemical stage, known as cradle-to-gate emissions, are assessed by Benchmark using the IPCC’s […]",[30867],{"slug":544,"name":543,"content":30868},{"job_title":557,"image":30869,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f9292c3a-6840-4803-965f-6e6e1fc5d1a1\", \"id\": \"\"}-->","Benchmark’s lithium carbon curves reveals >10x emissions gap",[30873,30874,30875],{"slug":872,"name":873},{"slug":878,"name":8},{"slug":16964,"name":16965},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":30877},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":30879,"copyright":547,"fieldtype":553,"meta_data":30880,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d0a32e42e2/bm-lithium-mine.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark’s lithium carbon intensity curve has expanded in scope, now covering the top 50 largest lithium chemical-producing assets in 2025, as well as those forecasted to be in production by 2030. Greenhouse gas emissions generated  […]",{"id":30883,"uuid":10482,"name":30884,"slug":30885,"full_slug":30886,"content":30887},112467360627642,"Rare earth prices show regional bifurcation following export restrictions imposed by China","rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china","article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china",{"_uid":30888,"date":30889,"tags":30890,"editor":30893,"content":30897,"excerpt":31039,"featured":51,"reporter":31040,"_editable":31044,"component":864,"seo_title":30884,"categories":31045,"visibility":2091,"author_company":49,"data_vis_image":31048,"featured_image":31052,"seo_description":31039,"author_full_name":49,"author_job_title":49,"formattedDate":31056},"f8e95cfa-b392-4db8-8948-0966d1276004","2025-08-06 00:00",[30891,30892],{"slug":578,"name":579},{"slug":7529,"name":7530},[30894],{"slug":544,"name":543,"content":30895},{"job_title":557,"image":30896,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":30898},[30899,30910,30918,30923,30928,30933,30938,30946,30951,30963,30968,30973,30978,30983,30990,31004,31021,31028],{"type":594,"attrs":30900,"content":30901},{"textAlign":49},[30902,30904,30909],{"text":30903,"type":599},"Ex-China prices of heavy rare earth oxides (HREO) are significantly higher than those in the domestic Chinese market following ",{"text":30905,"type":599,"marks":30906},"China’s export restrictions",[30907],{"type":604,"attrs":30908},{"href":22616,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":627,"attrs":30911},{"id":30912,"body":30913},"6beb8309-42e8-4003-9e33-66ad37c3b00f",[30914],{"id":30915,"_uid":30916,"type":634,"_editable":30917,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24551260","i-ec8ccf1d-9db3-4778-92d0-6a9e8930ecb5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ec8ccf1d-9db3-4778-92d0-6a9e8930ecb5\", \"id\": \"\"}-->",{"type":657,"attrs":30919,"content":30920},{"level":15966,"textAlign":49},[30921],{"text":30922,"type":599},"What is driving this bifurcation?",{"type":594,"attrs":30924,"content":30925},{"textAlign":49},[30926],{"text":30927,"type":599},"The European market remains highly constrained for the HREOs currently subject to China’s export restrictions. Spot market activity is sporadic, with buyers only accepting offers when absolutely necessary due to the high prices.",{"type":594,"attrs":30929,"content":30930},{"textAlign":49},[30931],{"text":30932,"type":599},"Prices for HREOs continue to demand a significant premium compared to the Chinese domestic market, with Benchmark assessing Dy oxide (CIF Europe) at $800/kg and Tb oxide (CIF Europe) at $3,625/kg.",{"type":594,"attrs":30934,"content":30935},{"textAlign":49},[30936],{"text":30937,"type":599},"Month-on-month European HREO prices moved upwards as China’s export restrictions are placing greater demand on ex-China supplies. In China, however, prices held steady in July.",{"type":627,"attrs":30939},{"id":30940,"body":30941},"f6a7c167-7c2d-449c-8daf-25dd414aa586",[30942],{"id":30943,"_uid":30944,"type":634,"_editable":30945,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24537251","i-5bfebe91-e854-40c4-8cb3-aa3b5ab74a22","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5bfebe91-e854-40c4-8cb3-aa3b5ab74a22\", \"id\": \"\"}-->",{"type":657,"attrs":30947,"content":30948},{"level":15966,"textAlign":49},[30949],{"text":30950,"type":599},"How are light rare earth prices moving?",{"type":594,"attrs":30952,"content":30953},{"textAlign":49},[30954,30956,30961],{"text":30955,"type":599},"Prices for light rare earth oxides (LREOs) in China increased month-on-month in July 2025, driven by tight spot supply amidst bullish market sentiment. In mid-July, ",{"text":30957,"type":599,"marks":30958},"MP Materials announced a definitive deal with the US Department of Defense",[30959],{"type":604,"attrs":30960},{"href":22644,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":30962,"type":599},", which included a minimum price floor of $110/kg for PrNd. This likely marks a long term dynamic, with the DoD indicating it will make further, similar deals in this space.",{"type":594,"attrs":30964,"content":30965},{"textAlign":49},[30966],{"text":30967,"type":599},"Outside of China, PrNd prices tend to track prices in the domestic Chinese market. The North American market responded quickly to price increases in China and the delta  between the two prices is primarily due to shipping and handling costs. Meanwhile, Europe has been slower to respond, leading to a PrNd price 5% below China.",{"type":657,"attrs":30969,"content":30970},{"level":15966,"textAlign":49},[30971],{"text":30972,"type":599},"What could impact the market in the coming months?",{"type":594,"attrs":30974,"content":30975},{"textAlign":49},[30976],{"text":30977,"type":599},"In July, China quietly issued its first rare earth mining and smelting quotas of the year, though has not publicly released what levels these are set at. This low-key approach is part of China’s continued efforts to tightly control its rare earths supply chain.",{"type":594,"attrs":30979,"content":30980},{"textAlign":49},[30981],{"text":30982,"type":599},"It is likely that the impacts of this quota will further contribute to a bullish market sentiment over the next few months.",{"type":594,"attrs":30984,"content":30985},{"textAlign":49},[30986],{"text":30987,"type":599,"marks":30988},"Benchmark is delighted to bring ex-China rare earth price coverage to the market as industry stakeholders scale-up localised production.",[30989],{"type":643},{"type":594,"attrs":30991,"content":30992},{"textAlign":49},[30993,31000],{"text":30994,"type":599,"marks":30995},"European and North American Rare Earth oxide prices",[30996,30997],{"type":643},{"type":604,"attrs":30998},{"href":30999,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-to-launch-ex-china-rare-earth-prices",{"text":31001,"type":599,"marks":31002}," are now included in our Rare Earths Price Assessment, published every month along with rolling market commentary on supply/demand dynamics.",[31003],{"type":643},{"type":594,"attrs":31005,"content":31006},{"textAlign":49},[31007,31011,31017],{"text":31008,"type":599,"marks":31009},"Our wider ",[31010],{"type":643},{"text":31012,"type":599,"marks":31013},"Rare Earths intelligence",[31014,31015],{"type":643},{"type":604,"attrs":31016},{"href":10503,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":31018,"type":599,"marks":31019}," spans a comprehensive market Forecast and Sustainability Report.",[31020],{"type":643},{"type":594,"attrs":31022,"content":31023},{"textAlign":49},[31024],{"text":31025,"type":599,"marks":31026},"Submit your details below to request more information from our team.",[31027],{"type":643},{"type":627,"attrs":31029},{"id":31030,"body":31031},"519e8e11-588a-4545-8d2c-df5d145d876e",[31032],{"id":835,"_uid":31033,"_editable":31034,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":31035,"success_file":31036,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":31038},"i-be6c7ed0-d16c-4d43-9023-f616c7f78867","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-be6c7ed0-d16c-4d43-9023-f616c7f78867\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":31037},{},[],"Ex-China prices of heavy rare earth oxides (HREO) are significantly higher than those in the domestic Chinese market following China’s export restrictions. What is driving this bifurcation? The European market remains highly constrained for the HREOs currently subject to China’s export restrictions. Spot market activity is sporadic, with buyers only accepting offers when absolutely necessary […]",[31041],{"slug":544,"name":543,"content":31042},{"job_title":557,"image":31043,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f8e95cfa-b392-4db8-8948-0966d1276004\", \"id\": \"\"}-->",[31046,31047],{"slug":872,"name":873},{"slug":1556,"name":414},{"id":49,"alt":31049,"name":547,"focus":547,"title":31049,"source":547,"filename":31050,"copyright":547,"fieldtype":553,"meta_data":31051,"is_external_url":51},"Chart titled Rare earth prices split along regional lines","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1754476994/www-production/REE-Prices-Candle-stick@2x-3/REE-Prices-Candle-stick@2x-3.png?_i=AA",{"alt":31049,"title":31049,"source":547,"copyright":547},{"id":49,"alt":31053,"name":547,"focus":547,"title":31053,"source":547,"filename":31054,"copyright":547,"fieldtype":553,"meta_data":31055,"is_external_url":51},"Rare earth elements and minerals loaded on cargo ship in China","https://a.storyblok.com/f/287943243085208/c4990e09ed/bm-shutterstock-1589940898.jpg",{"alt":31053,"title":31053,"source":547,"copyright":547},"Aug 06, 2025",{"id":31058,"uuid":31059,"name":31060,"slug":31061,"full_slug":31062,"content":31063},112467355814641,"6b95ddea-4b1c-429b-b99c-6e8d215b8bfe","Arbitrage opens on copper forward curve after White House hints at phased-in copper cathode tariff ","arbitrage-opens-on-copper-forward-curve-after-white-house-hints-at-phased-in-copper-cathode-tariff","article/arbitrage-opens-on-copper-forward-curve-after-white-house-hints-at-phased-in-copper-cathode-tariff",{"_uid":31064,"date":30889,"tags":31065,"editor":31067,"content":31071,"excerpt":31170,"featured":51,"reporter":31171,"_editable":31175,"component":864,"seo_title":31060,"categories":31176,"visibility":2091,"author_company":49,"featured_image":31179,"seo_description":31170,"author_full_name":49,"author_job_title":49,"formattedDate":31056},"210d9e8b-30b6-4264-a8f2-2a4cc06289f5",[31066],{"slug":7052,"name":7053},[31068],{"slug":544,"name":543,"content":31069},{"job_title":557,"image":31070,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":31072},[31073,31085,31097,31102,31107,31112,31117,31122,31127,31135,31140,31145,31150,31156,31167],{"type":594,"attrs":31074,"content":31075},{"textAlign":49},[31076,31078,31083],{"text":31077,"type":599},"Confirmation last week that the Trump administration’s Section 232 tariffs on copper imports ",{"text":31079,"type":599,"marks":31080},"will not apply to copper cathode sent the copper market into a state of disarray",[31081],{"type":604,"attrs":31082},{"href":16367,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":31084,"type":599},", causing the arbitrage between the LME/CME cash prices to all-but disappear instantly and the CME price to shed 21%. ",{"type":594,"attrs":31086,"content":31087},{"textAlign":49},[31088,31090,31095],{"text":31089,"type":599},"The announcement took the market by surprise as the initial Section 232 investigation announcement in February had ",{"text":31091,"type":599,"marks":31092},"identified US’ reliance on imported copper cathode as a risk to national and economic security",[31093],{"type":604,"attrs":31094},{"href":17227,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":31096,"type":599},". The large spread between the two copper benchmarks reflected broader market expectations for a tariff on refined copper, but this did not transpire. ",{"type":594,"attrs":31098,"content":31099},{"textAlign":49},[31100],{"text":31101,"type":599},"Nevertheless, a tariff on copper cathode appears to still be on the cards longer term. A statement from the White House last week noted that the Trump administration is still exploring tariffs on refined copper products. ",{"type":594,"attrs":31103,"content":31104},{"textAlign":49},[31105],{"text":31106,"type":599},"“By June 30, 2026, the Secretary shall provide the President with an update on domestic copper markets, including refining capacity…so that the President may determine whether imposing a phased universal import duty on refined copper of 15 percent starting on January 1, 2027, and 30 percent starting on January 1, 2028…is warranted to ensure that copper imports do not continue to threaten to impair the national security,” the statement reads. ",{"type":657,"attrs":31108,"content":31109},{"level":15966,"textAlign":49},[31110],{"text":31111,"type":599},"How has the market reacted? ",{"type":594,"attrs":31113,"content":31114},{"textAlign":49},[31115],{"text":31116,"type":599},"One source commented to Benchmark that the White House statement is only likely to kick uncertainty further down the road, noting they expect volatility in the copper market to persist throughout President Trump’s time in office.  ",{"type":594,"attrs":31118,"content":31119},{"textAlign":49},[31120],{"text":31121,"type":599},"Indeed, the prospect of tariffs on copper cathode has seen an arbitrage emerge between the CME and LME forward curves.  ",{"type":594,"attrs":31123,"content":31124},{"textAlign":49},[31125],{"text":31126,"type":599},"Currently, the arbitrage between the two exchanges sits at around $30/tonne for August 2025, but widens to $660/tonne for July 2028. Whilst this spread is likely to be less volatile than the recent arbitrage in the cash prices, it seems the Trump-influenced CME/LME arbitrage play isn’t dead yet. ",{"type":627,"attrs":31128},{"id":31129,"body":31130},"6ec5a662-7d64-4d36-b36e-df53d81c9901",[31131],{"id":31132,"_uid":31133,"type":634,"_editable":31134,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24565967","i-cd067837-0774-4bf8-a770-aa34e5a73c79","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-cd067837-0774-4bf8-a770-aa34e5a73c79\", \"id\": \"\"}-->",{"type":594,"attrs":31136,"content":31137},{"textAlign":49},[31138],{"text":31139,"type":599},"Benchmark notes the prospect of a phased-in tariff on US copper cathode imports over the next two-and-a-half years is a more reasoned approach than the tariff structure that had been initially feared. ",{"type":594,"attrs":31141,"content":31142},{"textAlign":49},[31143],{"text":31144,"type":599},"Building out new mining and smelting capacity is a multi-year process; the mining industry particularly is prone to litigation risk that can result in years-long delays. A 50% tariff on copper cathode would therefore only have served to make copper imports in the US cost more expensive for consumers, with little immediate chance of drastically increasing domestic supply. ",{"type":594,"attrs":31146,"content":31147},{"textAlign":49},[31148],{"text":31149,"type":599},"The tariff timeline proposed by the White House still leaves little time to drastically increase US smelter capacity, although a gradual ramp up to 30% tariff would cause less of a supply shock than markets initially feared.",{"type":594,"attrs":31151,"content":31152},{"textAlign":49},[31153],{"text":27180,"type":599,"marks":31154},[31155],{"type":643},{"type":627,"attrs":31157},{"id":31158,"body":31159},"86432db9-897e-4f18-8d43-30c2e967ee5e",[31160],{"id":835,"_uid":31161,"_editable":31162,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":31163,"success_file":31164,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":31166},"i-0963a388-ba9a-4806-8b23-23f9d75a2761","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-0963a388-ba9a-4806-8b23-23f9d75a2761\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":31165},{},[],{"type":594,"attrs":31168,"content":31169},{"textAlign":49},[],"Confirmation last week that the Trump administration’s Section 232 tariffs on copper imports will not apply to copper cathode sent the copper market into a state of disarray, causing the arbitrage between the LME/CME cash prices to all-but disappear instantly and the CME price to shed 21%. The announcement took the market by surprise as […]",[31172],{"slug":544,"name":543,"content":31173},{"job_title":557,"image":31174,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"210d9e8b-30b6-4264-a8f2-2a4cc06289f5\", \"id\": \"\"}-->",[31177,31178],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":26081,"copyright":547,"fieldtype":553,"meta_data":31180,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":31182,"uuid":6408,"name":31183,"slug":31184,"full_slug":31185,"content":31186},112467365465119,"Batteries and defence, the new demand driver?","batteries-and-defence-the-new-demand-driver","article/batteries-and-defence-the-new-demand-driver",{"_uid":31187,"date":31188,"tags":31189,"editor":31191,"content":31195,"excerpt":31272,"featured":51,"reporter":31273,"_editable":31277,"component":864,"seo_title":31183,"categories":31278,"visibility":2091,"author_company":49,"featured_image":31281,"seo_description":31272,"author_full_name":49,"author_job_title":49,"formattedDate":31284},"3d7d0972-968d-4318-a5bd-104f605bed4c","2025-08-05 00:00",[31190],{"slug":1384,"name":1385},[31192],{"slug":544,"name":543,"content":31193},{"job_title":557,"image":31194,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":31196},[31197,31202,31207,31212,31217,31222,31227,31232,31237,31242,31247,31252,31257,31262],{"type":594,"attrs":31198,"content":31199},{"textAlign":49},[31200],{"text":31201,"type":599},"War is often viewed as a key driver of innovation. Recently, this has moved into the battery space, with batteries starting to play key roles in many military applications. Batteries are adding to the increasing importance of critical minerals in defence applications, on top of non-battery uses such as superalloys.",{"type":657,"attrs":31203,"content":31204},{"level":15966,"textAlign":49},[31205],{"text":31206,"type":599},"What has historic military demand for batteries looked like?",{"type":594,"attrs":31208,"content":31209},{"textAlign":49},[31210],{"text":31211,"type":599},"“Submarines have historically been a large end use market for batteries from a defence standpoint,” commented George Whitcombe, an analyst at Rho Motion. “Historically these were lead acid batteries but as the lithium ion battery market has grown, increasingly demand has shifted towards lithium ion” said Whitcombe.",{"type":594,"attrs":31213,"content":31214},{"textAlign":49},[31215],{"text":31216,"type":599},"Aside from this, battery usage has remained relatively limited. But now as technology plays an increasingly important role in defence, battery demand for military usage is expected to grow.",{"type":657,"attrs":31218,"content":31219},{"level":15966,"textAlign":49},[31220],{"text":31221,"type":599},"What will future demand look like?",{"type":657,"attrs":31223,"content":31224},{"level":15966,"textAlign":49},[31225],{"text":31226,"type":599},"Drones",{"type":594,"attrs":31228,"content":31229},{"textAlign":49},[31230],{"text":31231,"type":599},"The war in Ukraine has demonstrated how important drones are in modern-day warfare, as unmanned combat aerial vehicles (UAVs) have seen widespread use for long-range combat scenarios. Additionally, smaller fibre optic and other first-person viewing drones have seen widespread use on the front line as both weapons and surveillance tools.",{"type":594,"attrs":31233,"content":31234},{"textAlign":49},[31235],{"text":31236,"type":599},"Depending on usage scenario this has led to the rise of non-rechargeable lithium ion batteries in drone usage, as well as conventional rechargeable batteries. After seeing how drones have been used in Ukraine, militaries around the world are committing to increased spending on combat drones.  ",{"type":657,"attrs":31238,"content":31239},{"level":15966,"textAlign":49},[31240],{"text":31241,"type":599},"Electric Vehicles",{"type":594,"attrs":31243,"content":31244},{"textAlign":49},[31245],{"text":31246,"type":599},"Combat and logistical vehicles within militaries continue to use combustion engines as charging infrastructure is by far the largest limiting factor for these vehicles as well as concerns about increased weight. Whitcombe commented, “The US and UK militaries have both pushed the prospect of electrified combat vehicles far into the future but have highlighted the increasing role hybrid vehicles may play.” That considered, there are multiple companies developing electrified tactical vehicles.",{"type":657,"attrs":31248,"content":31249},{"level":15966,"textAlign":49},[31250],{"text":31251,"type":599},"Marine",{"type":594,"attrs":31253,"content":31254},{"textAlign":49},[31255],{"text":31256,"type":599},"In the marine setting, unmanned surface vehicles and unmanned underwater vehicles are playing an increasing role as modern warfare becomes more automated. Although these platforms have been in use since the 1990s for surveillance and reconnaissance as well as direct operational tasks, the war in Ukraine has demonstrated how effectively they can be used. For these vehicles the lithium ion battery is fast becoming the preferred choice.",{"type":594,"attrs":31258,"content":31259},{"textAlign":49},[31260],{"text":31261,"type":599},"While the adoption of batteries and defence remains in its early stages it is clear that batteries, especially lithium ion, are set to play a critical role in defence strategies in militaries of the present and future.",{"type":594,"attrs":31263,"content":31264},{"textAlign":49},[31265,31267,31271],{"text":31266,"type":599},"To find out more about the role of critical minerals plays in defence see Benchmark Source’s recent Special Issue: ",{"text":29002,"type":599,"marks":31268},[31269],{"type":604,"attrs":31270},{"href":29006,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},"War is often viewed as a key driver of innovation. Recently, this has moved into the battery space, with batteries starting to play key roles in many military applications. Batteries are adding to the increasing importance of critical minerals in defence applications, on top of non-battery uses such as superalloys. What has historic military demand […]",[31274],{"slug":544,"name":543,"content":31275},{"job_title":557,"image":31276,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3d7d0972-968d-4318-a5bd-104f605bed4c\", \"id\": \"\"}-->",[31279,31280],{"slug":2499,"name":2500},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":31282,"copyright":547,"fieldtype":553,"meta_data":31283,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9cce789c02/bm-adobestock-1037267848.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 05, 2025",{"id":31286,"uuid":31287,"name":31288,"slug":31289,"full_slug":31290,"content":31291},112467375172941,"44f8309d-f0f9-47f5-a0d1-87cc7a6c4419","US copper prices collapse after tariff exclusion for cathode imports ","us-copper-prices-collapse-after-tariff-exclusion-for-cathode-imports","article/us-copper-prices-collapse-after-tariff-exclusion-for-cathode-imports",{"_uid":31292,"date":31293,"tags":31294,"editor":31296,"content":31300,"excerpt":31420,"featured":51,"reporter":31421,"_editable":31425,"component":864,"seo_title":31288,"categories":31426,"visibility":2091,"author_company":49,"featured_image":31429,"seo_description":31420,"author_full_name":49,"author_job_title":49,"formattedDate":31431},"a2529296-3daf-4e94-ab44-fefb24d9add8","2025-07-31 00:00",[31295],{"slug":1375,"name":1376},[31297],{"slug":544,"name":543,"content":31298},{"job_title":557,"image":31299,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":31301},[31302,31307,31319,31324,31332,31337,31342,31347,31352,31357,31362,31367,31372,31377,31382,31390,31395,31400,31405,31410,31415],{"type":594,"attrs":31303,"content":31304},{"textAlign":49},[31305],{"text":31306,"type":599},"US copper prices dropped more than 20% following confirmation that the 50% copper tariff will not apply to imports of refined copper cathode, a move that shocked the market and ran counter to broader expectations. Instead, the tariff will only cover semi-finished products, such as copper piping and wires. ",{"type":594,"attrs":31308,"content":31309},{"textAlign":49},[31310,31312,31317],{"text":31311,"type":599},"In the months since the ",{"text":31313,"type":599,"marks":31314},"US initiated a Section 232 investigation into copper imports",[31315],{"type":604,"attrs":31316},{"href":17227,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":31318,"type":599},", large quantities of copper cathode were diverted to US warehouses to front load supply ahead of the anticipated tariff. This led to a substantial arbitrage between the CME and LME copper benchmarks.  ",{"type":594,"attrs":31320,"content":31321},{"textAlign":49},[31322],{"text":31323,"type":599},"But yesterday’s announcement caused this arbitrage to collapse immediately – dropping from over $2,600/tonne to $99/tonne in the space of few hours, a 96% decline.  ",{"type":627,"attrs":31325},{"id":31326,"body":31327},"da3f89e7-d6d2-46b1-8553-0c70f60713e1",[31328],{"id":31329,"_uid":31330,"type":634,"_editable":31331,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24493139","i-908b5de3-689d-44f5-b3a6-7f4acaab4086","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-908b5de3-689d-44f5-b3a6-7f4acaab4086\", \"id\": \"\"}-->",{"type":594,"attrs":31333,"content":31334},{"textAlign":49},[31335],{"text":31336,"type":599},"The LME copper price also declined to $9,540/tonne on Thursday morning, down 1.2% from the previous day. However, this was relatively minor compared to the volatility seen on the CME. ",{"type":594,"attrs":31338,"content":31339},{"textAlign":49},[31340],{"text":31341,"type":599},"The news confounded market expectations and rendered months of front-loaded copper imports into the US a futile effort. The now-closed arbitrage and excess imports likely resulted in hundreds of millions of dollars in ultimately unnecessary spending by US consumers and metal market participants. ",{"type":594,"attrs":31343,"content":31344},{"textAlign":49},[31345],{"text":31346,"type":599},"“There’s been lots of working capital tied up for no reason,” said one miner source, noting that the expectation of tariffs had caused widespread market disorder. ",{"type":594,"attrs":31348,"content":31349},{"textAlign":49},[31350],{"text":31351,"type":599},"US copper inventories are now at elevated levels. CME copper stocks stood at 256kt on July 31, up 165% since Trump announced the Section 232 probe into copper imports in late February. Sources also reported that off-exchange warehouse stocks are similarly high. ",{"type":594,"attrs":31353,"content":31354},{"textAlign":49},[31355],{"text":31356,"type":599},"Much of the disruption stems from the US administration’s failure to clearly signal its intentions, which created months of uncertainty. Trade data shows the US has imported 680kt year-to-date—more than double the volume over the same period in 2024. ",{"type":657,"attrs":31358,"content":31359},{"level":15966,"textAlign":49},[31360],{"text":31361,"type":599},"Tariff uncertainty ",{"type":594,"attrs":31363,"content":31364},{"textAlign":49},[31365],{"text":31366,"type":599},"US copper inflows have had global repercussions throughout 2025. Recent months have seen elevated European copper premiums and tight global supply, with tariff fears creating acute and artificial regional imbalances. ",{"type":594,"attrs":31368,"content":31369},{"textAlign":49},[31370],{"text":31371,"type":599},"Although uncertainty ahead of the official announcement kept the CME/LME arbitrage below 50% of LME copper’s value, many believed the tariff would apply to cathode. While some market players had speculated that it might only cover semi-finished products or exempt certain countries, the sharp drop in CME copper prices confirmed that markets broadly expected cathode to be included. ",{"type":594,"attrs":31373,"content":31374},{"textAlign":49},[31375],{"text":31376,"type":599},"The White House Fact Sheet also outlined several measures to support domestic refining capacity and reduce scrap exports. Notably, 25% of high-quality copper scrap produced in the US will now be required to be sold domestically. ",{"type":594,"attrs":31378,"content":31379},{"textAlign":49},[31380],{"text":31381,"type":599},"Additionally, by 2029, 40% of all US copper concentrates, ores, and cathodes will need to be consumed domestically. In 2024, the US exported roughly half of its mined copper output. This new rule will likely force new mining projects, such as Rio Tinto’s Resolution Mine in Arizona, to consider building smelting capacity to remain compliant. ",{"type":627,"attrs":31383},{"id":31384,"body":31385},"11204561-b458-4cdf-b2bc-fd6996e8c6d5",[31386],{"id":31387,"_uid":31388,"type":634,"_editable":31389,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24493336","i-a8eaa733-5f5a-4ad9-bc7d-ba7f9a5f6dd7","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a8eaa733-5f5a-4ad9-bc7d-ba7f9a5f6dd7\", \"id\": \"\"}-->",{"type":594,"attrs":31391,"content":31392},{"textAlign":49},[31393],{"text":31394,"type":599},"Multiple sources acknowledged that while the announced measures are far more restrained than originally expected, they are ultimately more logical. ",{"type":594,"attrs":31396,"content":31397},{"textAlign":49},[31398],{"text":31399,"type":599},"“[It’s] what makes more sense in the end,” said one trader source. ",{"type":594,"attrs":31401,"content":31402},{"textAlign":49},[31403],{"text":31404,"type":599},"Market participants noted that replacing imported cathode would have posed a major challenge, and agreed that focusing on semi-finished products appears to be a more intelligent approach. ",{"type":594,"attrs":31406,"content":31407},{"textAlign":49},[31408],{"text":31409,"type":599},"However, the announcement ultimately does little to address several of the core concerns that initiated the investigation. ",{"type":594,"attrs":31411,"content":31412},{"textAlign":49},[31413],{"text":31414,"type":599},"“The United States has ample copper reserves, yet our smelting and refining capacity lags significantly behind global competitors,” the White House statement said. However, the new measures do little to resolve this issue. ",{"type":594,"attrs":31416,"content":31417},{"textAlign":49},[31418],{"text":31419,"type":599},"One reason the announcement caught markets by surprise is that the measures announced fail to directly address the original challenges outlined in the Section 232 investigation. ","US copper prices dropped more than 20% following confirmation that the 50% copper tariff will not apply to imports of refined copper cathode, a move that shocked the market and ran counter to broader expectations. Instead, the tariff will only cover semi-finished products, such as copper piping and wires. In the months since the US initiated […]",[31422],{"slug":544,"name":543,"content":31423},{"job_title":557,"image":31424,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a2529296-3daf-4e94-ab44-fefb24d9add8\", \"id\": \"\"}-->",[31427,31428],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17464,"copyright":547,"fieldtype":553,"meta_data":31430,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jul 31, 2025",{"id":31433,"uuid":31434,"name":31435,"slug":31436,"full_slug":31437,"content":31438},112467384667771,"5bf393e7-43b7-4435-9ce3-26b3fec82ccc","Sodium ion pipeline dominated by unproven cell producers","sodium-ion-pipeline-dominated-by-unproven-cell-producers","article/sodium-ion-pipeline-dominated-by-unproven-cell-producers",{"_uid":31439,"date":31440,"tags":31441,"editor":31446,"content":31450,"excerpt":31589,"featured":51,"reporter":31590,"_editable":31594,"component":864,"seo_title":31435,"categories":31595,"visibility":2091,"author_company":49,"data_vis_image":31598,"featured_image":31601,"seo_description":31589,"author_full_name":49,"author_job_title":49,"formattedDate":31605},"dfb5648f-79a3-4b52-ae00-88baaf60d65d","2025-07-30 00:00",[31442,31443,31444,31445],{"slug":5945,"name":2983},{"slug":903,"name":904},{"slug":578,"name":579},{"slug":20649,"name":20650},[31447],{"slug":544,"name":543,"content":31448},{"job_title":557,"image":31449,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":31451},[31452,31488,31493,31498,31506,31511,31523,31528,31536,31548,31553,31566,31574],{"type":594,"attrs":31453,"content":31454},{"textAlign":49},[31455,31457,31463,31465,31470,31472,31478,31480,31486],{"text":31456,"type":599},"Two-thirds of the 2035 ",{"text":31458,"type":599,"marks":31459},"sodium ion pipeline capacity",[31460],{"type":604,"attrs":31461},{"href":31462,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/mine-to-grid-sodium-ion",{"text":31464,"type":599}," is from Tier 3 producers, the ",{"text":31466,"type":599,"marks":31467},"Benchmark Gigafactory Database",[31468],{"type":604,"attrs":31469},{"href":11600,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":31471,"type":599}," shows. Just 10% of capacity is from ",{"text":31473,"type":599,"marks":31474},"Tier 1 producers",[31475],{"type":604,"attrs":31476},{"href":31477,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/catl-gears-up-for-mass-market-sodium-ion-batteries",{"text":31479,"type":599}," – those who have ",{"text":31481,"type":599,"marks":31482},"proven their ability",[31483],{"type":604,"attrs":31484},{"href":31485,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lack-of-tier-1-experience-risks-sodium-ion-battery-production-ramp-up",{"text":31487,"type":599}," to produce battery cells at scale for customers outside of China.",{"type":594,"attrs":31489,"content":31490},{"textAlign":49},[31491],{"text":31492,"type":599},"The reverse trend is true for lithium ion batteries, with 42% of capacity being from Tier 1 producers and 21% from Tier 3.",{"type":594,"attrs":31494,"content":31495},{"textAlign":49},[31496],{"text":31497,"type":599},"As Tier 3 producers have yet to prove their ability to manufacture battery cells at scale, and at the quality needed for multiple customers, this highlights that much of the sodium ion manufacturing pipeline faces additional risks on top of the technological challenges associated with commercialising new battery technologies.",{"type":627,"attrs":31499},{"id":31500,"body":31501},"8f32f303-6f28-477a-a7e4-d8cd7374993a",[31502],{"id":31503,"_uid":31504,"type":634,"_editable":31505,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24436983","i-125b8c1c-5325-464f-a916-733fc3687b1a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-125b8c1c-5325-464f-a916-733fc3687b1a\", \"id\": \"\"}-->",{"type":657,"attrs":31507,"content":31508},{"level":15966,"textAlign":49},[31509],{"text":31510,"type":599},"Who are the top sodium ion players?",{"type":594,"attrs":31512,"content":31513},{"textAlign":49},[31514,31516,31521],{"text":31515,"type":599},"BYD and ",{"text":904,"type":599,"marks":31517},[31518],{"type":604,"attrs":31519},{"href":31520,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/catl-releases-freevoy-lithium-sodium-ion-hybrid-battery",{"text":31522,"type":599}," are currently the only Tier 1 cell producers with pipeline sodium ion facilities.",{"type":594,"attrs":31524,"content":31525},{"textAlign":49},[31526],{"text":31527,"type":599},"BYD is reported to have begun production of sodium ion batteries at the first line of its 30 GWh capacity sodium ion gigafactory in Qinghai, China. The facility is operated as a joint venture with Huaihai Holding Group. Through analysis of satellite imagery, Benchmark has confirmed the facility is complete and that activity is taking place.",{"type":627,"attrs":31529},{"id":31530,"body":31531},"7c53abb4-82df-4cc2-a592-331dbbcde0e5",[31532],{"id":31533,"_uid":31534,"type":634,"_editable":31535,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24440933","i-f24fb68b-981d-40b3-b3ad-a0e3c89be160","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f24fb68b-981d-40b3-b3ad-a0e3c89be160\", \"id\": \"\"}-->",{"type":594,"attrs":31537,"content":31538},{"textAlign":49},[31539,31541,31546],{"text":31540,"type":599},"This will be among the largest sodium ion gigafactories when it reaches full capacity, alongside ",{"text":31542,"type":599,"marks":31543},"CATL’s 25 GWh facility",[31544],{"type":604,"attrs":31545},{"href":31477,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":31547,"type":599}," that came online in China last year.",{"type":594,"attrs":31549,"content":31550},{"textAlign":49},[31551],{"text":31552,"type":599},"The largest facilities in the sodium ion cell pipeline come from Tier 3 producers, Peak Energy (US) and Inner Mongolia Xinjin New Energy Technology (China), both of which have 50 GWh sodium ion gigafactories in the very early stages of planning. Overall, Tier 3 producers have 390 GWh of capacity in the pipeline for 2030.",{"type":594,"attrs":31554,"content":31555},{"textAlign":49},[31556,31558,31564],{"text":31557,"type":599},"However, as ",{"text":31559,"type":599,"marks":31560},"Tier 3 producers",[31561],{"type":604,"attrs":31562},{"href":31563,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/new-entrants-drive-sodium-ion-battery-capacity-growth",{"text":31565,"type":599},", they have significant development work required from technical, supply chain and manufacturing standpoints to prove they can compete with incumbent cell producers on performance and cost at the gigascale.",{"type":627,"attrs":31567},{"id":31568,"body":31569},"560a897a-b3c0-4a98-88dc-854520f7bce3",[31570],{"id":31571,"_uid":31572,"type":634,"_editable":31573,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24435345","i-6de150de-9f9a-470a-baa2-23cd29ecf99c","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6de150de-9f9a-470a-baa2-23cd29ecf99c\", \"id\": \"\"}-->",{"type":594,"attrs":31575,"content":31576},{"textAlign":49},[31577,31581,31588],{"text":31578,"type":599,"marks":31579},"Join Benchmark on Tuesday 19 August for the free-to-attend Webinar, ",[31580],{"type":643},{"text":31582,"type":599,"marks":31583},"Sodium ion Batteries: Hype vs Reality on the Road to Commercialisation",[31584,31587],{"type":604,"attrs":31585},{"href":31586,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/sodium-ion-batteries-hype-vs-reality-on-the-road-to-commercialisation",{"type":643},{"text":974,"type":599},"Two-thirds of the 2035 sodium ion pipeline capacity is from Tier 3 producers, the Benchmark Gigafactory Database shows. Just 10% of capacity is from Tier 1 producers – those who have proven their ability to produce battery cells at scale for customers outside of China. The reverse trend is true for lithium ion batteries, with […]",[31591],{"slug":544,"name":543,"content":31592},{"job_title":557,"image":31593,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dfb5648f-79a3-4b52-ae00-88baaf60d65d\", \"id\": \"\"}-->",[31596,31597],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":31599,"copyright":547,"fieldtype":553,"meta_data":31600,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1753864125/www-production/Tier-capacity-2035-sodium-lithium-ion@2x/Tier-capacity-2035-sodium-lithium-ion@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":31602,"name":547,"focus":547,"title":31602,"source":547,"filename":31603,"copyright":547,"fieldtype":553,"meta_data":31604,"is_external_url":51},"Sodium ion battery cells on a pile of salt","https://a.storyblok.com/f/287943243085208/4a0baef41b/bm-sodium-ion-batteries.jpg",{"alt":31602,"title":31602,"source":547,"copyright":547},"Jul 30, 2025",{"id":31607,"uuid":12128,"name":31608,"slug":31609,"full_slug":31610,"content":31611},112467379875350,"How the Middle East is fast becoming a key player in the BESS industry","how-the-middle-east-is-fast-becoming-a-key-player-in-the-bess-industry","article/how-the-middle-east-is-fast-becoming-a-key-player-in-the-bess-industry",{"_uid":31612,"date":31440,"tags":31613,"editor":31619,"content":31623,"excerpt":31702,"featured":51,"reporter":31703,"_editable":31707,"component":864,"seo_title":31608,"categories":31708,"visibility":2091,"author_company":49,"featured_image":31710,"seo_description":31702,"author_full_name":49,"author_job_title":49,"formattedDate":31605},"c565ee4a-73e8-4fb7-9213-45dea0f70f20",[31614,31615,31616],{"slug":25559,"name":25560},{"slug":25567,"name":19549},{"slug":31617,"name":31618},"uae","UAE",[31620],{"slug":544,"name":543,"content":31621},{"job_title":557,"image":31622,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":31624},[31625,31630,31635,31640,31645,31653,31658,31663,31668,31673,31678,31682,31699],{"type":594,"attrs":31626,"content":31627},{"textAlign":49},[31628],{"text":31629,"type":599},"Despite the Middle East and North Africa (MENA) region being synonymous with the fossil fuel industry, several countries within the region are rapidly emerging as some of the world’s fastest-growing markets for Battery Energy Storage Systems (BESS), as they look to decarbonise power systems.",{"type":657,"attrs":31631,"content":31632},{"level":15966,"textAlign":49},[31633],{"text":31634,"type":599},"What does the growth picture look like? ",{"type":594,"attrs":31636,"content":31637},{"textAlign":49},[31638],{"text":31639,"type":599},"Growth in the BESS industry across the MENA region has been concentrated primarily in a handful of countries, most notably Saudi Arabia and the UAE, with Egypt and Israel also seeing some activity. Among these, Saudi Arabia stands out as the key driver to the region’s BESS expansion.",{"type":594,"attrs":31641,"content":31642},{"textAlign":49},[31643],{"text":31644,"type":599},"In reference to Saudi Arabia’s BESS grid capacity and project pipeline, BESS and Energy Research Lead Shan Tomouk at Benchmark commented, “They went from having a pipeline of next to nothing in January 2024, to being the biggest player outside of the top five markets (China, US, UK, Australia and Chile) by June 2025.”",{"type":627,"attrs":31646},{"id":31647,"body":31648},"a54223fd-e8f0-4964-a545-69e28c6e15e4",[31649],{"id":31650,"_uid":31651,"type":634,"_editable":31652,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24457733","i-f0bde5d8-7cdf-4d39-91a1-bc46ea734570","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f0bde5d8-7cdf-4d39-91a1-bc46ea734570\", \"id\": \"\"}-->",{"type":594,"attrs":31654,"content":31655},{"textAlign":49},[31656],{"text":31657,"type":599},"Saudi Arabia currently has 11.7 GWh of grid BESS operational compared to the UAE’s 9 MWh, but both have strong pipelines. Through to 2027 both countries have over 25 GWh of planned or announced projects. According to Rho Motion’s database, this makes them the largest market outside of the top five global markets.",{"type":657,"attrs":31659,"content":31660},{"level":15966,"textAlign":49},[31661],{"text":31662,"type":599},"What is driving this growth?",{"type":594,"attrs":31664,"content":31665},{"textAlign":49},[31666],{"text":31667,"type":599},"Renewable buildout has been a key driver to this growth. Under Saudi Vision 2030, the country has a target of reaching 50% renewable energy production by 2030. Similarly, the UAE has aims to reach 50% renewable generation capacity by 2050.",{"type":594,"attrs":31669,"content":31670},{"textAlign":49},[31671],{"text":31672,"type":599},"Saudi Arabia already has 10.3 GW of renewables installed and a further 41 GW announced for development by 2030. It is worth noting the speed of progress in this market is fast. For example, in July, the Ministry of Energy announced 15 GW of new renewable projects in a single round.",{"type":594,"attrs":31674,"content":31675},{"textAlign":49},[31676],{"text":31677,"type":599},"In addition to the buildout of renewables, systems pricing has also been a key driver. Countries such as Saudi Arabia benefit from low shipping costs from China as well as no tariffs meaning Chinese systems are comparably cheaper than when bought in North America or Europe. These prices have helped facilitate the widespread rollout of BESS in the MENA region.",{"type":657,"attrs":31679,"content":31680},{"level":15966,"textAlign":49},[31681],{"text":29379,"type":599},{"type":594,"attrs":31683,"content":31684},{"textAlign":49},[31685,31689,31695],{"text":31686,"type":599,"marks":31687},"To understand more about how the MENA region is expanding its horizons into the energy transition see our recent special issue “",[31688],{"type":643},{"text":31690,"type":599,"marks":31691},"Beyond Oil: The Middle East and North Africa’s Pivot to Critical Minerals and Clean Energy",[31692,31694],{"type":604,"attrs":31693},{"href":25949,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":31696,"type":599,"marks":31697},"”.",[31698],{"type":643},{"type":594,"attrs":31700,"content":31701},{"textAlign":49},[],"Despite the Middle East and North Africa (MENA) region being synonymous with the fossil fuel industry, several countries within the region are rapidly emerging as some of the world’s fastest-growing markets for Battery Energy Storage Systems (BESS), as they look to decarbonise power systems. What does the growth picture look like? Growth in the BESS […]",[31704],{"slug":544,"name":543,"content":31705},{"job_title":557,"image":31706,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c565ee4a-73e8-4fb7-9213-45dea0f70f20\", \"id\": \"\"}-->",[31709],{"slug":3343,"name":3344},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":31711,"copyright":547,"fieldtype":553,"meta_data":31712,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/017e735283/bm-adobestock-1389698838-scaled.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":31714,"uuid":2402,"name":31715,"slug":31716,"full_slug":31717,"content":31718},112467399348138,"Sovereign Wealth Funds support the Middle East’s pivot to clean energy supply chains","sovereign-wealth-funds-support-the-middle-easts-pivot-to-clean-energy-supply-chains","article/sovereign-wealth-funds-support-the-middle-easts-pivot-to-clean-energy-supply-chains",{"_uid":31719,"date":31720,"tags":31721,"editor":31728,"content":31732,"excerpt":31910,"featured":51,"reporter":31911,"_editable":31915,"component":864,"seo_title":31715,"categories":31916,"visibility":2091,"author_company":49,"data_vis_image":31920,"featured_image":31924,"seo_description":31910,"author_full_name":49,"author_job_title":49,"formattedDate":31928},"2dc5264f-aa5b-4456-94cc-e03311e1d95a","2025-07-23 00:00",[31722,31723,31724,31725,31726,31727],{"slug":584,"name":585},{"slug":578,"name":579},{"slug":2354,"name":2355},{"slug":25567,"name":19549},{"slug":31617,"name":31618},{"slug":4610,"name":662},[31729],{"slug":544,"name":543,"content":31730},{"job_title":557,"image":31731,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":31733},[31734,31746,31764,31769,31777,31782,31787,31806,31811,31816,31824,31829,31834,31842,31847,31852,31864,31877,31893],{"type":594,"attrs":31735,"content":31736},{"textAlign":49},[31737,31739,31744],{"text":31738,"type":599},"Middle Eastern countries, especially the Gulf states, are beginning to ",{"text":31740,"type":599,"marks":31741},"pivot their economies away from oil",[31742],{"type":604,"attrs":31743},{"href":19553,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":31745,"type":599}," and towards clean energy supply chains.",{"type":594,"attrs":31747,"content":31748},{"textAlign":49},[31749,31751,31755,31756,31762],{"text":31750,"type":599},"Assisting in this transition are the region’s Sovereign Wealth Funds (SWFs) which are increasingly investing in ",{"text":22712,"type":599,"marks":31752},[31753],{"type":604,"attrs":31754},{"href":25596,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1440,"type":599},{"text":31757,"type":599,"marks":31758},"downstream energy transition",[31759],{"type":604,"attrs":31760},{"href":31761,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/catl-masdar-partner-for-worlds-largest-solar-power-battery-storage-project",{"text":31763,"type":599}," projects.",{"type":594,"attrs":31765,"content":31766},{"textAlign":49},[31767],{"text":31768,"type":599},"SWFs in the Middle East and North Africa (MENA) region manage over $5 trillion of assets with those based in Saudi Arabia and the United Arab Emirates accounting for two-thirds of this.",{"type":627,"attrs":31770},{"id":31771,"body":31772},"d266835d-78b0-435d-aa40-4636090cd2da",[31773],{"id":31774,"_uid":31775,"type":634,"_editable":31776,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23561528","i-30bc4d4c-b366-44ef-841a-8883b5c6b3ab","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-30bc4d4c-b366-44ef-841a-8883b5c6b3ab\", \"id\": \"\"}-->",{"type":657,"attrs":31778,"content":31779},{"level":15966,"textAlign":49},[31780],{"text":31781,"type":599},"Which funds are investing in the energy transition?",{"type":594,"attrs":31783,"content":31784},{"textAlign":49},[31785],{"text":31786,"type":599},"Many Middle Eastern SWFs have invested in critical mineral and energy transition projects both domestically and internationally.",{"type":594,"attrs":31788,"content":31789},{"textAlign":49},[31790,31792,31797,31799,31805],{"text":31791,"type":599},"For example, ",{"text":31793,"type":599,"marks":31794},"Saudi Arabia’s",[31795],{"type":604,"attrs":31796},{"href":25665,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":31798,"type":599}," Public Investment Fund (PIF) is a majority shareholder of US-based Lucid Motors having invested $1 billion into the automaker. Manara Minerals, a JV between PIF and Ma’aden which invests in global mining assets in emerging markets, ",{"text":31800,"type":599,"marks":31801},"invested $2.5 billion for a 10% stake in Vale Base Metals",[31802],{"type":604,"attrs":31803},{"href":31804,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/saudi-arabia-enters-nickel-and-copper-mining-through-vale-deal-lithium-could-be-next",{"text":974,"type":599},{"type":594,"attrs":31807,"content":31808},{"textAlign":49},[31809],{"text":31810,"type":599},"The Qatar Investment Authority (QIA) is the largest institutional investor in the global mining company Glencore and invested $180 million in TechMet, a US/Ireland company which invests in critical mineral projects around the world.",{"type":594,"attrs":31812,"content":31813},{"textAlign":49},[31814],{"text":31815,"type":599},"Technology developers have also attracted SWF capital. Ascend Elements received investment from both QIA and Oman’s SWF, the OMan Investment Authority (OIA). QIA also invested in solid-state innovator QuantumScape and OIA has invested in silicon anode developer Group14.",{"type":594,"attrs":31817,"content":31818},{"textAlign":49},[31819],{"type":1186,"attrs":31820},{"id":49,"alt":31821,"src":31822,"title":49,"source":49,"copyright":49,"meta_data":31823},"Table showing the key investments by Middle Eastern Sovereign Wealth Funds into the clean energy and minerals space","https://a.storyblok.com/f/287943243085208/413913ce5d/bm-mena-table-150dpi.png",{},{"type":657,"attrs":31825,"content":31826},{"level":15966,"textAlign":49},[31827],{"text":31828,"type":599},"Why are Middle Eastern SWFs investing in global energy transition projects?",{"type":594,"attrs":31830,"content":31831},{"textAlign":49},[31832],{"text":31833,"type":599},"Gulf State economies derive much of their GDP from oil revenues. For Saudi Arabia, hydrocarbon contributions account for almost half its GDP.",{"type":627,"attrs":31835},{"id":31836,"body":31837},"1e1ce75b-538f-4412-b591-53136faa24a2",[31838],{"id":31839,"_uid":31840,"type":634,"_editable":31841,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23612785","i-21bc61ea-717a-4313-9435-2a7dfab848ba","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-21bc61ea-717a-4313-9435-2a7dfab848ba\", \"id\": \"\"}-->",{"type":594,"attrs":31843,"content":31844},{"textAlign":49},[31845],{"text":31846,"type":599},"But as the global energy transition continues apace, there is a growing need for these countries to diversify their economies away from oil.",{"type":594,"attrs":31848,"content":31849},{"textAlign":49},[31850],{"text":31851,"type":599}," “Access to critical minerals is a matter of national security and that, in part, explains the involvement of Sovereign Wealth Funds,” Jim Rutherford, director at Manara Minerals, said at the London Indaba in June. “These [Middle Eastern] countries are thinking of life beyond oil.”",{"type":594,"attrs":31853,"content":31854},{"textAlign":49},[31855,31857,31863],{"text":31856,"type":599},"The size of the Middle East’s SWFs allows them to make long term investments in regions that many Western companies are more wary of investing in, such as ",{"text":31858,"type":599,"marks":31859},"mineral rich African countries",[31860],{"type":604,"attrs":31861},{"href":31862,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/how-africa-can-fully-unlock-its-strategic-potential-in-the-global-energy-transition",{"text":974,"type":599},{"type":594,"attrs":31865,"content":31866},{"textAlign":49},[31867,31869,31875],{"text":31868,"type":599},"“Certainly the equity markets, I think especially traditionally those based in London, who’ve invested in the African mineral space have dried up to an extent,” ",{"text":31870,"type":599,"marks":31871},"Brian Menell",[31872],{"type":604,"attrs":31873},{"href":31874,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/this-is-a-lull-before-a-10-year-bull-market-qa-with-techmets-ceo-brian-menell",{"text":31876,"type":599},", CEO of TechMet, said at the Indaba. “I think that there are certainly new pockets of capital that are coming to the market. The Middle East, for example, has been incredibly active in this space and incredibly active across Africa.”",{"type":594,"attrs":31878,"content":31879},{"textAlign":49},[31880,31884,31890],{"text":31881,"type":599,"marks":31882},"Learn more about the Middle East and North Africa’s pivot towards the energy transition space in our ",[31883],{"type":643},{"text":31885,"type":599,"marks":31886},"free-to-read Special Issue, Beyond Oil",[31887,31888],{"type":643},{"type":604,"attrs":31889},{"href":19553,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599,"marks":31891},[31892],{"type":643},{"type":594,"attrs":31894,"content":31895},{"textAlign":49},[31896,31900,31906],{"text":31897,"type":599,"marks":31898},"And, to learn more about the role of Africa in the space, sign up for the inaugural ",[31899],{"type":643},{"text":31901,"type":599,"marks":31902},"Benchmark Giga Africa",[31903,31904],{"type":643},{"type":604,"attrs":31905},{"href":29390,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":31907,"type":599,"marks":31908}," event taking place in Morocco 22–24 September 2025.",[31909],{"type":643},"Middle Eastern countries, especially the Gulf states, are beginning to pivot their economies away from oil and towards clean energy supply chains. Assisting in this transition are the region’s Sovereign Wealth Funds (SWFs) which are increasingly investing in critical minerals and downstream energy transition projects. SWFs in the Middle East and North Africa (MENA) region […]",[31912],{"slug":544,"name":543,"content":31913},{"job_title":557,"image":31914,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2dc5264f-aa5b-4456-94cc-e03311e1d95a\", \"id\": \"\"}-->",[31917,31918,31919],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":31921,"name":547,"focus":547,"title":31921,"source":547,"filename":31922,"copyright":547,"fieldtype":553,"meta_data":31923,"is_external_url":51},"Middle Eastern and North African Sovereign Wealth Funds","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1753269422/www-production/MENA-SWF-v2-1/MENA-SWF-v2-1.png?_i=AA",{"alt":31921,"title":31921,"source":547,"copyright":547},{"id":49,"alt":31925,"name":547,"focus":547,"title":31925,"source":547,"filename":31926,"copyright":547,"fieldtype":553,"meta_data":31927,"is_external_url":51},"Public Investment Fund tower in Saudi Arabia","https://a.storyblok.com/f/287943243085208/fc40f899db/bm-saudi-arabia-public-investment-fund-tower.jpg",{"alt":31925,"title":31925,"source":547,"copyright":547},"Jul 23, 2025",{"id":31930,"uuid":31931,"name":31932,"slug":31933,"full_slug":31934,"content":31935},112467418599742,"507128fc-ab4c-4838-9f9a-7f1db8953bbf","Indonesian nickel smelters face soaring ore costs amid domestic supply crunch","indonesian-nickel-smelters-face-soaring-ore-costs-amid-domestic-supply-crunch","article/indonesian-nickel-smelters-face-soaring-ore-costs-amid-domestic-supply-crunch",{"_uid":31936,"date":31937,"live":50,"tags":31938,"editor":31944,"content":31948,"excerpt":32085,"featured":51,"reporter":32086,"_editable":32090,"component":864,"seo_title":32091,"categories":32092,"visibility":882,"author_company":547,"data_vis_image":32095,"featured_image":32098,"seo_description":32101,"author_full_name":547,"author_job_title":547,"formattedDate":32102},"cc054e11-603f-4061-b959-358810f2f01f","2025-07-21 00:00",[31939,31940,31941],{"slug":578,"name":579},{"slug":7997,"name":7998},{"slug":31942,"name":31943},"philippines","Philippines",[31945],{"slug":544,"name":543,"content":31946},{"job_title":557,"image":31947,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":31949},[31950,31955,31981,31999,32010,32015,32020,32025,32033,32038,32043,32051,32056,32061,32066,32071],{"type":594,"attrs":31951,"content":31952},{"textAlign":49},[31953],{"text":31954,"type":599},"Indonesia’s nickel smelters are paying an increasingly steep premium to secure nickel ore, as a domestic supply crunch squeezes the industry’s margins. Benchmark notes the premium for some grades, based on data from Mysteel, is approaching 100% over the government’s benchmark price, known as the Harga Patokan Mineral (HPM).",{"type":594,"attrs":31956,"content":31957},{"textAlign":49},[31958,31960,31966,31971,31973,31979],{"text":31959,"type":599},"This supply tightness is driven by rising demand from Indonesian operations—including both newly commissioned High Pressure Acid Leach (HPAL) plants and rotary kiln electric furnaces (RKEFs)—as well as a slowdown in the approval ",{"text":31961,"type":599,"marks":31962},"of Indonesia’s mining quotas",[31963],{"type":604,"attrs":31964},{"href":31965,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/nickel-market-faces-uncertainty-amid-indonesias-mining-quota-adjustments",{"text":31967,"type":599,"marks":31968},"earlier in the year",[31969],{"type":604,"attrs":31970},{"href":31965,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":31972,"type":599},". Compounding this, ",{"text":31974,"type":599,"marks":31975},"heavy rains in the Sulawesi region",[31976],{"type":604,"attrs":31977},{"href":31978,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/hpal-waste-management-in-the-spotlight-after-indonesian-landslide",{"text":31980,"type":599},", a major nickel-producing area of the country, have disrupted nickel ore production this year.",{"type":594,"attrs":31982,"content":31983},{"textAlign":49},[31984,31986,31992,31994],{"text":31985,"type":599},"In particular, the elevated premium is sharply impacting operating margins for non-integrated nickel smelters, which have already faced pressure from falling London Metal Exchange (LME) prices and ",{"text":31987,"type":599,"marks":31988},"Indonesia’s recent hike in royalty rates",[31989],{"type":604,"attrs":31990},{"href":31991,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/battey-targeted-nickel-favoured-in-indonesias-royalty-hike",{"text":31993,"type":599},". Benchmark notes that HPAL operations, targeted at supplying the battery industry, continue to maintain healthy margins and ",{"text":31995,"type":599,"marks":31996},"benefit from a preferential rate under the new royalty regime.",[31997],{"type":604,"attrs":31998},{"href":31991,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":32000,"content":32001},{"textAlign":49},[32002,32008],{"text":32003,"type":599,"marks":32004},"Benchmark’s newly released Nickel Cost Model",[32005],{"type":604,"attrs":32006},{"href":32007,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/nickel/data-reports/forecasts",{"text":32009,"type":599}," shows that ore purchasing costs for non-integrated RKEFs are on average 28% higher (~$1,200/tonne) than those of integrated smelters.",{"type":657,"attrs":32011,"content":32012},{"level":15966,"textAlign":49},[32013],{"text":32014,"type":599},"Philippines provides supply lifeline",{"type":594,"attrs":32016,"content":32017},{"textAlign":49},[32018],{"text":32019,"type":599},"With domestic ore in short supply, Indonesian smelters have increasingly turned to the Philippines to secure feed. ",{"type":594,"attrs":32021,"content":32022},{"textAlign":49},[32023],{"text":32024,"type":599},"In 2024, Indonesia imported over 10 million tonnes of nickel ore to counteract the shortfall in domestic supply, representing a 270% increase on the previous year. This trend has accelerated further in 2025, with imports up 279% y-o-y between January-May.",{"type":627,"attrs":32026},{"id":32027,"body":32028},"0f308a37-1e44-4b76-be31-0eb98347099e",[32029],{"id":32030,"_uid":32031,"type":634,"_editable":32032,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24300550","i-18450c07-5447-4495-ba62-ac02b31dcc42","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-18450c07-5447-4495-ba62-ac02b31dcc42\", \"id\": \"\"}-->",{"type":594,"attrs":32034,"content":32035},{"textAlign":49},[32036],{"text":32037,"type":599},"Notably, Weda Bay, home to the industrial park (IWIP) accounts for the vast majority of the ore imports from the Philippines. ",{"type":594,"attrs":32039,"content":32040},{"textAlign":49},[32041],{"text":32042,"type":599},"This reflects not just volume needs but also ore quality: operations at Weda Bay blend imported ore to balance high silicon-magnesium (Si-Mg) levels in local ore, essential for RKEFs to reduce the viscosity and melting points of the ore (thus minimising processing requirements and electricity costs).",{"type":627,"attrs":32044},{"id":32045,"body":32046},"c0cce572-2016-4152-8f93-ff75880420b0",[32047],{"id":32048,"_uid":32049,"type":634,"_editable":32050,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24300707","i-53a99a32-bc44-43f6-9eb7-87ec5aa62d13","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-53a99a32-bc44-43f6-9eb7-87ec5aa62d13\", \"id\": \"\"}-->",{"type":657,"attrs":32052,"content":32053},{"level":15966,"textAlign":49},[32054],{"text":32055,"type":599},"Indonesia plans mining quota adjustment",{"type":594,"attrs":32057,"content":32058},{"textAlign":49},[32059],{"text":32060,"type":599},"To curb the nickel market’s mounting surplus, Indonesia’s Ministry of Energy and Mineral Resources announced in mid-July that it will revert to annual reviews of RKAB mining quotas (from the current three-year cycle) to better control its resources, in a bid to support benchmark nickel prices and maintain the industry’s margins.",{"type":594,"attrs":32062,"content":32063},{"textAlign":49},[32064],{"text":32065,"type":599},"Despite rising costs, medium-term demand for nickel ore shows little sign of slowing. But a steady decline in Indonesian ore grades, driven by the depletion of higher-grade deposits, is set to place additional strain on domestic supply. ",{"type":594,"attrs":32067,"content":32068},{"textAlign":49},[32069],{"text":32070,"type":599},"To sustain the projected growth in refined output, Indonesia’s nickel industry must expand domestic exploration or face an increased reliance on ore imports.",{"type":594,"attrs":32072,"content":32073},{"textAlign":49},[32074,32081],{"text":32075,"type":599,"marks":32076},"Benchmark’s Nickel Forecast",[32077,32080],{"type":604,"attrs":32078},{"href":32079,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/nickel",{"type":643},{"text":32082,"type":599,"marks":32083}," provides a forward-looking view of supply, demand, costs and prices out to 2040 to guide strategic planning.",[32084],{"type":643},"Indonesia’s nickel smelters are paying an increasingly steep premium to secure nickel ore, as a domestic supply crunch squeezes the industry’s margins. Benchmark notes the premium for some grades, based on data from Mysteel, is approaching 100% over the government’s benchmark price, known as the Harga Patokan Mineral (HPM). This supply tightness is driven by […]",[32087],{"slug":544,"name":543,"content":32088},{"job_title":557,"image":32089,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cc054e11-603f-4061-b959-358810f2f01f\", \"id\": \"\"}-->","Indonesian nickel smelters face soaring ore costs amid domestic..",[32093,32094],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":32096,"copyright":547,"fieldtype":553,"meta_data":32097,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1753114182/www-production/Indonesias-Weda-Bay-accounts-for-the-majority-of-Philippine-nickel-ore-imports-in-2025@2x-2/Indonesias-Weda-Bay-accounts-for-the-majority-of-Philippine-nickel-ore-imports-in-2025@2x-2.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":32099,"copyright":547,"fieldtype":553,"meta_data":32100,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/aa78691cce/bm-shutterstock-1754009414.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Indonesia’s nickel smelters are paying an increasingly steep premium to secure nickel ore, as a domestic supply crunch squeezes the industry’s margins. Benchmark notes the premium for some grades, based on data from Mysteel ...","Jul 21, 2025",{"id":32104,"uuid":32105,"name":32106,"slug":32107,"full_slug":32108,"content":32109},112467423437219,"e291a952-d0e9-450d-a0a3-ba06479d1043","Chinese AAM imports into the US face 160% tariff following antidumping investigation ruling","chinese-aam-imports-into-the-us-face-160-tariff-following-antidumping-investigation-ruling","article/chinese-aam-imports-into-the-us-face-160-tariff-following-antidumping-investigation-ruling",{"_uid":32110,"date":32111,"tags":32112,"editor":32117,"content":32121,"excerpt":32255,"featured":51,"reporter":32256,"_editable":32260,"component":864,"seo_title":32106,"categories":32261,"visibility":2091,"author_company":49,"data_vis_image":32265,"featured_image":32268,"seo_description":32255,"author_full_name":49,"author_job_title":49,"formattedDate":32271},"4e858962-7631-4e33-bb2e-f9f7c3394bcd","2025-07-18 00:00",[32113,32114,32115,32116],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":7052,"name":7053},{"slug":1375,"name":1376},[32118],{"slug":544,"name":543,"content":32119},{"job_title":557,"image":32120,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":32122},[32123,32131,32144,32152,32157,32162,32175,32183,32188,32193,32198,32203,32208,32216,32221,32226,32239,32247],{"type":594,"attrs":32124,"content":32125},{"textAlign":49},[32126,32128,32129],{"text":32127,"type":599},"On 17",{"text":6795,"type":599},{"text":32130,"type":599}," July, the US Department of Commerce (DOC) issued a preliminary determination that China is dumping graphite anode active material (AAM) into the US market, resulting in an antidumping (AD) tariff of 93.5% for the majority of Chinese AAM imports, including material contained in lithium ion batteries.",{"type":594,"attrs":32132,"content":32133},{"textAlign":49},[32134,32136,32142],{"text":32135,"type":599},"This anti-dumping duty comes on top of the ",{"text":32137,"type":599,"marks":32138},"raft of other tariff measures",[32139],{"type":604,"attrs":32140},{"href":32141,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tariffs-and-countervailing-duties-narrow-us-china-anode-cost-gap",{"text":32143,"type":599}," already implemented against imports of Chinese AAM. Combined, these tariffs total 160% for most Chinese AAM imported into the US.",{"type":627,"attrs":32145},{"id":32146,"body":32147},"1f0609f7-0c00-4ade-bd11-7a4c4626db8e",[32148],{"id":32149,"_uid":32150,"type":634,"_editable":32151,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24298061","i-6db52d53-8a50-455e-bab7-9dfa3103ff1b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6db52d53-8a50-455e-bab7-9dfa3103ff1b\", \"id\": \"\"}-->",{"type":657,"attrs":32153,"content":32154},{"level":15966,"textAlign":49},[32155],{"text":32156,"type":599},"How do the tariffs impact AAM and cell costs?",{"type":594,"attrs":32158,"content":32159},{"textAlign":49},[32160],{"text":32161,"type":599},"The cost of Chinese AAM jumps from ~$3,700/tonne to $9,300/tonne, once tariff measures are applied. By comparison, US-made AAM costs around ~$5,400/t, making domestic material over 40% cheaper.",{"type":594,"attrs":32163,"content":32164},{"textAlign":49},[32165,32167,32173],{"text":32166,"type":599},"This marks an advantage for ",{"text":32168,"type":599,"marks":32169},"US anode aspirants",[32170],{"type":604,"attrs":32171},{"href":32172,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/epsilon-receives-115-million-in-tax-credits-as-us-seeks-anode-material-security",{"text":32174,"type":599}," looking to onshore production as they are likely to see greater interest from investors and cell makers, given the more balanced cost landscape. However, given the current limited availability of commercial-scale domestic AAM, cell makers will likely absorb these higher associated costs in the near term, which could dampen demand.",{"type":627,"attrs":32176},{"id":32177,"body":32178},"f6ed8ca3-fa44-4d29-bb42-c39a7d0b21e0",[32179],{"id":32180,"_uid":32181,"type":634,"_editable":32182,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24298402","i-1757868c-c791-41fa-975b-029d69136730","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-1757868c-c791-41fa-975b-029d69136730\", \"id\": \"\"}-->",{"type":657,"attrs":32184,"content":32185},{"level":15966,"textAlign":49},[32186],{"text":32187,"type":599},"How much Chinese AAM does the US import?",{"type":594,"attrs":32189,"content":32190},{"textAlign":49},[32191],{"text":32192,"type":599},"From January 2022 to December 2024, direct Chinese exports to the USA averaged ~2,500 tonnes per month (tpm) of coated spherical purified graphite (CSPG) and ~5,800 tpm of synthetic graphite (Note: some material within the HS code may fall outside battery markets).",{"type":594,"attrs":32194,"content":32195},{"textAlign":49},[32196],{"text":32197,"type":599},"In 2025, average export volumes fell sharply to ~1,400 tpm for CSPG and 4,421 tpm for synthetic graphite. May CSPG exports dropped to 0 and synthetic graphite to 600 tonnes, roughly 1% of China’s global synthetic export share.",{"type":594,"attrs":32199,"content":32200},{"textAlign":49},[32201],{"text":32202,"type":599},"Meanwhile, Indonesia’s AAM exports to the US, which were previously non-existent, now average above 1,000 tpm, driven by BTR shifting exports from China to its Indonesian plant. BTR plans to double that plant’s capacity to 160 ktpa by the end of the year to serve South Korean, US and European buyers.",{"type":594,"attrs":32204,"content":32205},{"textAlign":49},[32206],{"text":32207,"type":599},"This trend of Chinese overseas expansion is likely to continue as companies seek ways to circumvent trade restrictions targeting China. However, governments are increasingly closing loopholes, such as the DOC determining that BTR and CATL could not prove independence from the Chinese Communist Party.",{"type":627,"attrs":32209},{"id":32210,"body":32211},"1428cab1-4bdd-49a1-913b-52de03ca7d88",[32212],{"id":32213,"_uid":32214,"type":634,"_editable":32215,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24299536","i-8425ba5b-c307-47b0-b8e9-b909e6ea3522","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8425ba5b-c307-47b0-b8e9-b909e6ea3522\", \"id\": \"\"}-->",{"type":657,"attrs":32217,"content":32218},{"level":15966,"textAlign":49},[32219],{"text":32220,"type":599},"Who will be impacted by this?",{"type":594,"attrs":32222,"content":32223},{"textAlign":49},[32224],{"text":32225,"type":599},"The new duties also cover AAM contained in imported battery cells. Whilst the share of Chinese cells used in US EVs has fallen notably in recent years, due to earlier tariffs and Inflation Reduction Act (IRA) incentives, limiting the direct impact on the EV sector, the US BESS market remains heavily reliant on Chinese cells—over 90% of which is still sourced from China.",{"type":594,"attrs":32227,"content":32228},{"textAlign":49},[32229,32231,32237],{"text":32230,"type":599},"The exclusion of finalised downstream products (e.g. ",{"text":32232,"type":599,"marks":32233},"BESS containers",[32234],{"type":604,"attrs":32235},{"href":32236,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-charts-what-impact-could-tariffs-have-on-battery-energy-storage-system-prices-in-the-us",{"text":32238,"type":599},") from the scope of the tariff, means this ruling will disproportionately impact domestic system manufacturers, who will face the tariff on their battery imports, compared to Chinese system manufacturers who export finished systems.",{"type":594,"attrs":32240,"content":32241},{"textAlign":49},[32242,32244,32245],{"text":32243,"type":599},"A final ruling is due on 5",{"text":6795,"type":599},{"text":32246,"type":599}," December, which may adjust the rates. Until then, US Customs and Border Protection will collect deposits at the preliminary dumping rates.",{"type":627,"attrs":32248},{"id":32249,"body":32250},"3deeed57-f3ad-439c-b0dc-32d293987793",[32251],{"id":32252,"_uid":32253,"type":634,"_editable":32254,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24298936","i-c339912d-d0cb-4f06-9f2f-008891fce3f4","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c339912d-d0cb-4f06-9f2f-008891fce3f4\", \"id\": \"\"}-->","On 17th July, the US Department of Commerce (DOC) issued a preliminary determination that China is dumping graphite anode active material (AAM) into the US market, resulting in an antidumping (AD) tariff of 93.5% for the majority of Chinese AAM imports, including material contained in lithium ion batteries. This anti-dumping duty comes on top of […]",[32257],{"slug":544,"name":543,"content":32258},{"job_title":557,"image":32259,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4e858962-7631-4e33-bb2e-f9f7c3394bcd\", \"id\": \"\"}-->",[32262,32263,32264],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":32266,"copyright":547,"fieldtype":553,"meta_data":32267,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1752850026/www-production/Anode-tariffs@2x/Anode-tariffs@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":32269,"copyright":547,"fieldtype":553,"meta_data":32270,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e2dfc578ba/bm-us-department-of-commerce.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 18, 2025",{"id":32273,"uuid":32274,"name":32275,"slug":32276,"full_slug":32277,"content":32278},112467432923857,"b5b87571-2bb5-47c0-839f-7606c1d9c92d","Benchmark to publish domestic China prices in Chinese Yuan","benchmark-to-publish-domestic-china-prices-in-chinese-yuan","article/benchmark-to-publish-domestic-china-prices-in-chinese-yuan",{"_uid":32279,"date":32280,"tags":32281,"editor":32284,"content":32288,"excerpt":32557,"featured":50,"reporter":32558,"_editable":32562,"component":864,"seo_title":32275,"categories":32563,"visibility":2091,"author_company":49,"featured_image":32565,"seo_description":32557,"author_full_name":49,"author_job_title":49,"formattedDate":32567},"16279eec-106a-462b-bde9-4026fe5ec8b7","2025-07-17 00:00",[32282,32283],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[32285],{"slug":544,"name":543,"content":32286},{"job_title":557,"image":32287,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":32289},[32290,32295,32300,32305,32310,32315,32319,32324,32329,32334,32338,32343,32347,32352,32357,32361,32366,32370,32375,32380,32385,32390,32394,32399,32404,32409,32414,32418,32423,32428,32433,32438,32443,32448,32453,32458,32462,32467,32472,32477,32482,32487,32492,32497,32502,32506,32511,32516,32521,32526,32531,32536,32540,32545],{"type":594,"attrs":32291,"content":32292},{"textAlign":49},[32293],{"text":32294,"type":599},"Following the conclusion of a formal consultation, Benchmark will publish all grades that are collected in Chinese Yuan (CNY) in their original currency. The change comes amidst heightened foreign exchange (FX) rate volatility over recent months.",{"type":594,"attrs":32296,"content":32297},{"textAlign":49},[32298],{"text":32299,"type":599},"The change impacts prices uploaded to the Benchmark website, however subscribers are now able to toggle between currencies for all grades.",{"type":594,"attrs":32301,"content":32302},{"textAlign":49},[32303],{"text":32304,"type":599},"Therefore, prices are available in both USD and CNY on the website and will continue to be shown in both USD and CNY in assessments distributed to subscribers via email. ",{"type":594,"attrs":32306,"content":32307},{"textAlign":49},[32308],{"text":32309,"type":599},"Moreover, Benchmark has changed its FX rate provider for all prices to Finnhub, with FX rates taken for any relevant grades at 9am (London) on the day of publication. ",{"type":594,"attrs":32311,"content":32312},{"textAlign":49},[32313],{"text":32314,"type":599},"The following grades are impacted:",{"type":594,"attrs":32316,"content":32317},{"textAlign":49},[32318],{"text":8,"type":599},{"type":594,"attrs":32320,"content":32321},{"textAlign":49},[32322],{"text":32323,"type":599},"Lithium Carbonate EXW China; Min 99.0%; Technical",{"type":594,"attrs":32325,"content":32326},{"textAlign":49},[32327],{"text":32328,"type":599},"Lithium Carbonate EXW China; Min 99.5%; Battery",{"type":594,"attrs":32330,"content":32331},{"textAlign":49},[32332],{"text":32333,"type":599},"Lithium Hydroxide EXW China; Min 56.5%",{"type":594,"attrs":32335,"content":32336},{"textAlign":49},[32337],{"text":150,"type":599},{"type":594,"attrs":32339,"content":32340},{"textAlign":49},[32341],{"text":32342,"type":599},"Nickel Sulphate EXW China; Min 22%",{"type":594,"attrs":32344,"content":32345},{"textAlign":49},[32346],{"text":115,"type":599},{"type":594,"attrs":32348,"content":32349},{"textAlign":49},[32350],{"text":32351,"type":599},"Cobalt Sulphate EXW China; Min 20.5%",{"type":594,"attrs":32353,"content":32354},{"textAlign":49},[32355],{"text":32356,"type":599},"Cobalt Oxide EXW China; Min 72.8%",{"type":594,"attrs":32358,"content":32359},{"textAlign":49},[32360],{"text":2762,"type":599},{"type":594,"attrs":32362,"content":32363},{"textAlign":49},[32364],{"text":32365,"type":599},"Manganese Sulphate; EXW China; Min 32%",{"type":594,"attrs":32367,"content":32368},{"textAlign":49},[32369],{"text":414,"type":599},{"type":594,"attrs":32371,"content":32372},{"textAlign":49},[32373],{"text":32374,"type":599},"Neodymium-Praseodymium Oxide; DDP China; >22%>70%",{"type":594,"attrs":32376,"content":32377},{"textAlign":49},[32378],{"text":32379,"type":599},"Dysprosium Oxide; DDP China; 99.0-99.5%",{"type":594,"attrs":32381,"content":32382},{"textAlign":49},[32383],{"text":32384,"type":599},"Samarium Oxide; DDP China; 99.0-99.9%",{"type":594,"attrs":32386,"content":32387},{"textAlign":49},[32388],{"text":32389,"type":599},"Terbium Oxide; DDP China; 99.0-99.9%",{"type":594,"attrs":32391,"content":32392},{"textAlign":49},[32393],{"text":373,"type":599},{"type":594,"attrs":32395,"content":32396},{"textAlign":49},[32397],{"text":32398,"type":599},"Black Mass LFP Feedstock; EXW China; Li Price per Percentage Point; Fixed Price",{"type":594,"attrs":32400,"content":32401},{"textAlign":49},[32402],{"text":32403,"type":599},"Flake Graphite",{"type":594,"attrs":32405,"content":32406},{"textAlign":49},[32407],{"text":32408,"type":599},"DDP China; 94-95% C; -100 Mesh",{"type":594,"attrs":32410,"content":32411},{"textAlign":49},[32412],{"text":32413,"type":599},"DDP China; 94-95% C; +100 Mesh",{"type":594,"attrs":32415,"content":32416},{"textAlign":49},[32417],{"text":2508,"type":599},{"type":594,"attrs":32419,"content":32420},{"textAlign":49},[32421],{"text":32422,"type":599},"Calcined Pet Coke; DDP China; S\u003C0.5%",{"type":594,"attrs":32424,"content":32425},{"textAlign":49},[32426],{"text":32427,"type":599},"Calcined Pet Needle Coke; DDP China; S\u003C0.5%",{"type":594,"attrs":32429,"content":32430},{"textAlign":49},[32431],{"text":32432,"type":599},"Calcined Pitch Needle Coke; DDP China; S\u003C0.5%",{"type":594,"attrs":32434,"content":32435},{"textAlign":49},[32436],{"text":32437,"type":599},"Medium Sulphur Pre-calcined Pet Coke; DDP China; 0.5%\u003CS\u003C3.0%",{"type":594,"attrs":32439,"content":32440},{"textAlign":49},[32441],{"text":32442,"type":599},"Pre-calcined Pet Coke; DDP China; S\u003C0.5%",{"type":594,"attrs":32444,"content":32445},{"textAlign":49},[32446],{"text":32447,"type":599},"Pre-calcined Pet Needle Coke; Current; DDP China; S\u003C0.5%",{"type":594,"attrs":32449,"content":32450},{"textAlign":49},[32451],{"text":32452,"type":599},"Pre-calcined Pitch Needle Coke; DDP China; S\u003C0.5%",{"type":594,"attrs":32454,"content":32455},{"textAlign":49},[32456],{"text":32457,"type":599},"Graphitisation Tolling Fees; China; C≥90%",{"type":594,"attrs":32459,"content":32460},{"textAlign":49},[32461],{"text":298,"type":599},{"type":594,"attrs":32463,"content":32464},{"textAlign":49},[32465],{"text":32466,"type":599},"NCM111, DDP China, 140-160 mAh/g",{"type":594,"attrs":32468,"content":32469},{"textAlign":49},[32470],{"text":32471,"type":599},"NCM523, DDP China, 150-170 mAh/g",{"type":594,"attrs":32473,"content":32474},{"textAlign":49},[32475],{"text":32476,"type":599},"NCM622, DDP China, 155-180 mAh/g",{"type":594,"attrs":32478,"content":32479},{"textAlign":49},[32480],{"text":32481,"type":599},"NCM613, DDP China, 170-200 mAh/g",{"type":594,"attrs":32483,"content":32484},{"textAlign":49},[32485],{"text":32486,"type":599},"NCM811,DDP China, ≥200 mAh/g",{"type":594,"attrs":32488,"content":32489},{"textAlign":49},[32490],{"text":32491,"type":599},"NCA, DDP China, ≥175 mAh/g",{"type":594,"attrs":32493,"content":32494},{"textAlign":49},[32495],{"text":32496,"type":599},"LFP, DDP China, ≥160 mAh/g",{"type":594,"attrs":32498,"content":32499},{"textAlign":49},[32500],{"text":32501,"type":599},"LCO, DDP China, ≥155 mAh/g",{"type":594,"attrs":32503,"content":32504},{"textAlign":49},[32505],{"text":261,"type":599},{"type":594,"attrs":32507,"content":32508},{"textAlign":49},[32509],{"text":32510,"type":599},"High Energy Synthetic Graphite Anode, DDP China, ≥99.97% C, 350-370 mAh/g",{"type":594,"attrs":32512,"content":32513},{"textAlign":49},[32514],{"text":32515,"type":599},"Medium Energy Synthetic Graphite Anode, DDP China, ≥99.95% C, 330-350 mAh/g",{"type":594,"attrs":32517,"content":32518},{"textAlign":49},[32519],{"text":32520,"type":599},"Low Energy Synthetic Graphite Anode, DDP China, ≥99.70% C, 310-330 mAh/g",{"type":594,"attrs":32522,"content":32523},{"textAlign":49},[32524],{"text":32525,"type":599},"High Energy Natural Graphite Anode, DDP China, ≥99.97% C, 360-370 mAh/g",{"type":594,"attrs":32527,"content":32528},{"textAlign":49},[32529],{"text":32530,"type":599},"Medium Energy Natural Graphite Anode, DDP China, ≥99.95% C, 360-370 mAh/g",{"type":594,"attrs":32532,"content":32533},{"textAlign":49},[32534],{"text":32535,"type":599},"Low Energy Natural Graphite Anode, DDP China, ≥99.90% C, 345-360 mAh/g",{"type":594,"attrs":32537,"content":32538},{"textAlign":49},[32539],{"text":2117,"type":599},{"type":594,"attrs":32541,"content":32542},{"textAlign":49},[32543],{"text":32544,"type":599},"LiPF6 EXW China (99.95%)",{"type":594,"attrs":32546,"content":32547},{"textAlign":49},[32548,32552],{"text":32549,"type":599,"marks":32550},"For questions regarding this change, subscribers can contactBenchmark at: ",[32551],{"type":643},{"text":19898,"type":599,"marks":32553},[32554,32556],{"type":604,"attrs":32555},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},"Following the conclusion of a formal consultation, Benchmark will publish all grades that are collected in Chinese Yuan (CNY) in their original currency. The change comes amidst heightened foreign exchange (FX) rate volatility over recent months. The change impacts prices uploaded to the Benchmark website, however subscribers are now able to toggle between currencies for […]",[32559],{"slug":544,"name":543,"content":32560},{"job_title":557,"image":32561,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"16279eec-106a-462b-bde9-4026fe5ec8b7\", \"id\": \"\"}-->",[32564],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":20239,"copyright":547,"fieldtype":553,"meta_data":32566,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jul 17, 2025",{"id":32569,"uuid":32570,"name":32571,"slug":32572,"full_slug":32573,"content":32574},112467447403520,"d1093a8a-c9fa-4cac-96ce-f7d9e4999aa6","The UK government returns to incentivising EV sales ","the-uk-government-returns-to-incentivising-ev-sales","article/the-uk-government-returns-to-incentivising-ev-sales",{"_uid":32575,"date":32576,"tags":32577,"editor":32579,"content":32583,"excerpt":32654,"featured":51,"reporter":32655,"component":864,"seo_title":32571,"categories":32659,"visibility":2091,"author_company":49,"featured_image":32661,"seo_description":32654,"author_full_name":49,"author_job_title":49,"formattedDate":32664},"0bb7b886-de52-428e-a8a4-8dddc05f67d2","2025-07-16 00:00",[32578],{"slug":16791,"name":16792},[32580],{"slug":544,"name":543,"content":32581},{"job_title":557,"image":32582,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":32584},[32585,32597,32602,32607,32612,32617,32622,32627,32632,32637,32644,32649],{"type":594,"attrs":32586,"content":32587},{"textAlign":49},[32588,32590,32595],{"text":32589,"type":599},"The UK government has announced a new package of ",{"text":32591,"type":599,"marks":32592},"EV subsidies",[32593],{"type":604,"attrs":32594},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":32596,"type":599}," worth £650 million ($870 million). The Electric Car Grant (ECG) offers up to £3,750 ($5,000) off the cost of new zero emission vehicle (ZEV) priced at £37,000 ($49,550) or less. The scheme opens on the 16th of July and is set to run until 2029.",{"type":657,"attrs":32598,"content":32599},{"level":15966,"textAlign":49},[32600],{"text":32601,"type":599},"How does the scheme work? ",{"type":594,"attrs":32603,"content":32604},{"textAlign":49},[32605],{"text":32606,"type":599},"Once opened, automakers will apply to have their vehicles included in the scheme, and when approved the discount will be applied straight to the vehicle’s list price. Automakers will have to submit production related emissions figures from which they will be graded into three bands.  ",{"type":594,"attrs":32608,"content":32609},{"textAlign":49},[32610],{"text":32611,"type":599},"Band three is likely to include all Chinese OEMs as ratings will include electricity grid carbon emissions. ",{"type":657,"attrs":32613,"content":32614},{"level":15966,"textAlign":49},[32615],{"text":32616,"type":599},"A targeted approach",{"type":594,"attrs":32618,"content":32619},{"textAlign":49},[32620],{"text":32621,"type":599},"Will Roberts Automotive research lead at Rho Motion commented “The subsidy targets vehicles at the more affordable end of the price spectrum where we are seeing consumer interest growing.”  ",{"type":594,"attrs":32623,"content":32624},{"textAlign":49},[32625],{"text":32626,"type":599},"However, this section of the market remains small, according to Rho Motion analysis, at most  26% of BEVs sold so far this year would be eligible for the subsidy. This highlights the limited availability of models in the affordable and smaller segments; however, this is expected to improve as manufacturers introduce more options to the market. ",{"type":657,"attrs":32628,"content":32629},{"level":15966,"textAlign":49},[32630],{"text":32631,"type":599},"How do the subsidies fit in with the government’s ZEV mandate? ",{"type":594,"attrs":32633,"content":32634},{"textAlign":49},[32635],{"text":32636,"type":599},"Despite direct subsidies for consumers largely ending in 2022, UK BEV sales have continued to grow as the market has matured. The reintroduction of targeted support has been welcomed by the industry, which sees it as a positive step towards accelerating adoption, supporting investment, and maintaining momentum. ",{"type":627,"attrs":32638},{"id":32639,"body":32640},"9be8f004-6a75-4831-86ef-fe3bd904b00c",[32641],{"id":32642,"_uid":32643,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24250533","i-7b99ad19-e116-43b9-8739-9e3415ae6743",{"type":594,"attrs":32645,"content":32646},{"textAlign":49},[32647],{"text":32648,"type":599},"“Politically, the subsidies are important as well. The UK government has reconfirmed its plans for a ban on pure petrol and diesel vehicle sales by 2030, with hybrid vehicles following in 2035 for cars, leaving only zero emissions vehicles, of which BEVs are currently the only viable solution,” Roberts said.",{"type":594,"attrs":32650,"content":32651},{"textAlign":49},[32652],{"text":32653,"type":599},"Under the ZEV mandate, 28% of all automaker passenger car sales must be ZEV in 2025. However, when considering the program’s flexibilities, the effective target is closer to 22-23%. According to Rho Motion’s EV & battery database, BEVs accounted for 21.6% of vehicles sales from January to May this year, with many automakers expected to hit the target.   ","The UK government has announced a new package of EV subsidies worth £650 million ($870 million). The Electric Car Grant (ECG) offers up to £3,750 ($5,000) off the cost of new zero emission vehicle (ZEV) priced at £37,000 ($49,550) or less. The scheme opens on the 16th of July and is set to run until […]",[32656],{"slug":544,"name":543,"content":32657},{"job_title":557,"image":32658,"bio":548,"linkedin":555},{"filename":552},[32660],{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":32662,"copyright":547,"fieldtype":553,"meta_data":32663,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/81aa39c5ef/bm-adobestock-1539528924-134551699d7d.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 16, 2025",{"id":32666,"uuid":32667,"name":32668,"slug":32669,"full_slug":32670,"content":32671},112467442647963,"20126e77-da60-4871-ae3b-7385ff242492","Benchmark life cycle assessment reveals environmental impact of China’s rare earth production","benchmark-life-cycle-assessment-reveals-environmental-impact-of-chinas-rare-earth-production","article/benchmark-life-cycle-assessment-reveals-environmental-impact-of-chinas-rare-earth-production",{"_uid":32672,"date":32576,"tags":32673,"editor":32678,"content":32682,"excerpt":32910,"featured":50,"reporter":32911,"_editable":32915,"component":864,"seo_title":32916,"categories":32917,"visibility":882,"author_company":49,"data_vis_image":32921,"featured_image":32923,"seo_description":32925,"author_full_name":49,"author_job_title":49,"formattedDate":32664},"b3f57819-a345-444b-821d-e6f8693f9ff1",[32674,32675,32677],{"slug":913,"name":914},{"slug":32676,"name":22620},"myanmar",{"slug":23760,"name":23761},[32679],{"slug":544,"name":543,"content":32680},{"job_title":557,"image":32681,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":32683},[32684,32705,32752,32774,32782,32816,32824,32845,32852,32865,32870,32878,32900,32905],{"type":594,"attrs":32685,"content":32686},{"textAlign":49},[32687,32692,32700],{"text":32688,"type":599,"marks":32689},"China's dominance over global rare earths mining and refining comes with severe environmental and ecological costs, the ",[32690],{"type":928,"attrs":32691},{"color":21998},{"text":32693,"type":599,"marks":32694},"Benchmark Rare Earths Global Life Cycle Assessment",[32695,32697,32699],{"type":604,"attrs":32696},{"href":23778,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":32698},{"color":22006},{"type":3645},{"text":32701,"type":599,"marks":32702}," (LCA) shows.",[32703],{"type":928,"attrs":32704},{"color":21998},{"type":594,"attrs":32706,"content":32707},{"textAlign":49},[32708,32713,32721,32726,32735,32739,32747],{"text":32709,"type":599,"marks":32710},"In 2025, ",[32711],{"type":928,"attrs":32712},{"color":21998},{"text":32714,"type":599,"marks":32715},"Chinese producers are set to account for 71% and 90% of the global mined and refined rare earths supplies",[32716,32718,32720],{"type":604,"attrs":32717},{"href":22363,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":32719},{"color":22006},{"type":3645},{"text":32722,"type":599,"marks":32723},", respectively, according to ",[32724],{"type":928,"attrs":32725},{"color":21998},{"text":32727,"type":599,"marks":32728},"Benchmark's Rare Earths Forecast",[32729,32732,32734],{"type":604,"attrs":32730},{"href":32731,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/rare-earths/supply-chain-data",{"type":928,"attrs":32733},{"color":22006},{"type":3645},{"text":17632,"type":599,"marks":32736},[32737],{"type":928,"attrs":32738},{"color":21998},{"text":32740,"type":599,"marks":32741},"Bayan Obo, located in China's Inner Mongolia province, is the world's largest rare earths mine",[32742,32744,32746],{"type":604,"attrs":32743},{"href":22384,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":32745},{"color":22006},{"type":3645},{"text":32748,"type":599,"marks":32749},"—producing nearly 50% of global mined supply this year.",[32750],{"type":928,"attrs":32751},{"color":21998},{"type":594,"attrs":32753,"content":32754},{"textAlign":49},[32755,32760,32769],{"text":32756,"type":599,"marks":32757},"Traditional mining techniques used at Bayan Obo have significant ecological impacts, including water contamination, ",[32758],{"type":928,"attrs":32759},{"color":21998},{"text":32761,"type":599,"marks":32762},"radioactive waste leakage",[32763,32766,32768],{"type":604,"attrs":32764},{"href":32765,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/why-western-rare-earths-producers-must-act-on-radioactive-waste",{"type":928,"attrs":32767},{"color":22006},{"type":3645},{"text":32770,"type":599,"marks":32771},", and air pollution. These issues pose risks not only to the local environment and communities but also to the long-term viability of rare earth supply chains.",[32772],{"type":928,"attrs":32773},{"color":21998},{"type":594,"attrs":32775,"content":32776},{"textAlign":49},[32777],{"text":32778,"type":599,"marks":32779},"LCA identifies major environmental hotspots at Bayan Obo",[32780],{"type":928,"attrs":32781},{"color":21998},{"type":594,"attrs":32783,"content":32784},{"textAlign":49},[32785,32790,32798,32803,32811],{"text":32786,"type":599,"marks":32787},"Benchmark's Rare Earths ",[32788],{"type":928,"attrs":32789},{"color":21998},{"text":32791,"type":599,"marks":32792},"LCA",[32793,32795,32797],{"type":604,"attrs":32794},{"href":23778,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":32796},{"color":22006},{"type":3645},{"text":32799,"type":599,"marks":32800}," assesses the production route of ",[32801],{"type":928,"attrs":32802},{"color":21998},{"text":32804,"type":599,"marks":32805},"praseodymium-neodymium (PrNd) oxide",[32806,32808,32810],{"type":604,"attrs":32807},{"href":22306,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":32809},{"color":22006},{"type":3645},{"text":32812,"type":599,"marks":32813}," in Bayan Obo, China, showing that dangerously high levels of ionising radiation (3.0 kBq U-235 eq) and carcinogenic human toxicity (1.54×10-6 CTUh) are generated per kg of PrNd oxide produced.",[32814],{"type":928,"attrs":32815},{"color":21998},{"type":594,"attrs":32817,"content":32818},{"textAlign":49},[32819],{"text":32820,"type":599,"marks":32821},"The production of hydrochloric acid from chlorine requires a significant amount of coal-fired electricity, combined with the direct emissions of naturally occurring radioactive materials, this give rise to the ionising radiation impact.",[32822],{"type":928,"attrs":32823},{"color":21998},{"type":594,"attrs":32825,"content":32826},{"textAlign":49},[32827,32832,32840],{"text":32828,"type":599,"marks":32829},"This highlights the need to source hydrochloric acid from cleaner sources, as well as the need to adopt measures to minimise ",[32830],{"type":928,"attrs":32831},{"color":21998},{"text":32833,"type":599,"marks":32834},"radioactive materials leakage and exposure",[32835,32837,32839],{"type":604,"attrs":32836},{"href":32765,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":32838},{"color":22006},{"type":3645},{"text":32841,"type":599,"marks":32842}," during mining and processing.",[32843],{"type":928,"attrs":32844},{"color":21998},{"type":594,"attrs":32846,"content":32847},{"textAlign":49},[32848],{"type":1186,"attrs":32849},{"id":49,"alt":547,"src":32850,"title":49,"source":49,"copyright":49,"meta_data":32851},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdZ0GByb-uPw0vBFvu330631klrn5z4KKErL5fCoAbssFBsQpJl8GL7Ki5BuRI_QYby6w-eMJT4qoU22ItimPbCxEXs0Uar4CGY8C5Wu6WiKfXYnMvV209l-BekHFzkvlHa4tJ3WQ?key=GKH9D17Oc6bUWQFQ5J-W-g",{},{"type":594,"attrs":32853,"content":32854},{"textAlign":49},[32855,32857,32863],{"text":32856,"type":599},"According to",{"text":32858,"type":599,"marks":32859}," Benchmark’s Rare Earths Sustainability Index",[32860],{"type":604,"attrs":32861},{"href":32862,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/rare-earths/sustainability/overview",{"text":32864,"type":599},", 100% of current mined rare earths supply in China originates from companies classified as having ‘Moderate Visibility’ on sustainability issues. This is the second lowest tier in the Sustainability Index . ",{"type":594,"attrs":32866,"content":32867},{"textAlign":49},[32868],{"text":32869,"type":599},"Based on current sustainability practices, this classification profile is projected to remain relatively unchanged until 2040.",{"type":627,"attrs":32871},{"id":32872,"body":32873},"90e588d1-a8e5-49bf-8e34-02ea25526f0c",[32874],{"id":32875,"_uid":32876,"type":634,"_editable":32877,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24198270","i-ebaca824-6d70-4574-9757-c267963e049e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ebaca824-6d70-4574-9757-c267963e049e\", \"id\": \"\"}-->",{"type":594,"attrs":32879,"content":32880},{"textAlign":49},[32881,32886,32895],{"text":32882,"type":599,"marks":32883},"Growing global awareness of environmental degradation stemming from mining practices, as well as tightening of environmental regulations—particularly with the rise of mining standards such as ",[32884],{"type":928,"attrs":32885},{"color":21998},{"text":32887,"type":599,"marks":32888},"The Initiative for Responsible Mining Assurance (IRMA)",[32889,32892,32894],{"type":604,"attrs":32890},{"href":32891,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/all-chilean-lithium-rated-to-worlds-most-rigorous-standard",{"type":928,"attrs":32893},{"color":22006},{"type":3645},{"text":32896,"type":599,"marks":32897},"—has led China to increasingly shift parts of its rare earths mining operations to neighbouring countries.",[32898],{"type":928,"attrs":32899},{"color":21998},{"type":594,"attrs":32901,"content":32902},{"textAlign":49},[32903],{"text":32904,"type":599},"This is evident at the Myanmar-China border, particularly in the Kachin area and the rising Shan region near the Thailand-China border, as verified by Benchmark’s GIS team. ",{"type":594,"attrs":32906,"content":32907},{"textAlign":49},[32908],{"text":32909,"type":599},"However, these overseas mining operations, while economically strategic, often do not uphold the environmental standards enforced domestically in China. In many cases, such standards are absent or weakly enforced, raising further sustainability and ethical concerns about China’s rare earth supply chain diversification.","China’s dominance over global rare earths mining and refining comes with severe environmental and ecological costs, the Benchmark Rare Earths Global Life Cycle Assessment (LCA) shows. In 2025, Chinese producers are set to account for 71% and 90% of the global mined and refined rare earths supplies, respectively, according to Benchmark’s Rare Earths Forecast. Bayan […]",[32912],{"slug":544,"name":543,"content":32913},{"job_title":557,"image":32914,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b3f57819-a345-444b-821d-e6f8693f9ff1\", \"id\": \"\"}-->","Life cycle assessment environmental impact of China’s rare earth ",[32918,32919,32920],{"slug":872,"name":873},{"slug":1556,"name":414},{"slug":16964,"name":16965},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":32922},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":22428,"copyright":547,"fieldtype":553,"meta_data":32924,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"China’s dominance over global rare earths mining and refining comes with severe environmental and ecological costs,  Rare Earths Global Life Cycle Assessment (LCA) shows. In 2025, Chinese producers are set to account for 71% and […]",{"id":32927,"uuid":8730,"name":32928,"slug":32929,"full_slug":32930,"content":32931},112467438002998,"China implements export restrictions on cathode and lithium production technologies","china-implements-export-restrictions-on-cathode-and-lithium-production-technologies","article/china-implements-export-restrictions-on-cathode-and-lithium-production-technologies",{"_uid":32932,"date":32576,"tags":32933,"editor":32938,"content":32942,"excerpt":33105,"featured":50,"reporter":33106,"_editable":33110,"component":864,"seo_title":32928,"categories":33111,"visibility":882,"author_company":49,"featured_image":33116,"seo_description":33105,"author_full_name":49,"author_job_title":49,"formattedDate":32664},"b414ef30-f53d-4883-8b80-256e97602d12",[32934,32935,32936,32937],{"slug":913,"name":914},{"slug":24492,"name":24493},{"slug":1387,"name":1388},{"slug":4610,"name":662},[32939],{"slug":544,"name":543,"content":32940},{"job_title":557,"image":32941,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":32943},[32944,32959,32972,32977,32989,32994,32999,33004,33009,33014,33027,33035,33056,33061,33066,33071,33076,33089,33097,33100],{"type":594,"attrs":32945,"content":32946},{"textAlign":49},[32947,32949,32950,32952,32957],{"text":32948,"type":599},"On the 15",{"text":6795,"type":599},{"text":32951,"type":599}," July, China’s Ministry of Commerce officially implemented restrictions on ",{"text":32953,"type":599,"marks":32954},"exports of technologies",[32955],{"type":604,"attrs":32956},{"href":22292,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":32958,"type":599}," used in the production of high-density lithium iron phosphate (LFP) and lithium manganese iron phosphate (LMFP) cathode active materials (CAM), effective immediately. The export of some lithium processing technologies will also be restricted.",{"type":594,"attrs":32960,"content":32961},{"textAlign":49},[32962,32964,32970],{"text":32963,"type":599},"Companies wishing to ",{"text":32965,"type":599,"marks":32966},"export these technologies",[32967],{"type":604,"attrs":32968},{"href":32969,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-companies-will-account-for-80-of-europes-lfp-cell-supply-but-can-ex-chinese-catch-up",{"text":32971,"type":599}," for use outside of China will need to apply for a licence, the approval of which is at the discretion of the Chinese government.",{"type":594,"attrs":32973,"content":32974},{"textAlign":49},[32975],{"text":32976,"type":599},"It is only the export of technologies to produce materials that is restricted; the export of cathode materials and lithium chemicals is not restricted, so overseas battery projects reliant on imports of material from China are unaffected by this announcement.",{"type":594,"attrs":32978,"content":32979},{"textAlign":49},[32980,32982,32988],{"text":32981,"type":599},"This move is seen as the Chinese government’s attempt to retain some of the country’s most valuable battery material intellectual property, as well as continuing to drive CAM exports amidst a ",{"text":32983,"type":599,"marks":32984},"domestic market suffering from overcapacity",[32985],{"type":604,"attrs":32986},{"href":32987,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-lfp-cathode-competition-has-driven-prices-down",{"text":974,"type":599},{"type":657,"attrs":32990,"content":32991},{"level":15966,"textAlign":49},[32992],{"text":32993,"type":599},"Which technologies have been restricted?",{"type":594,"attrs":32995,"content":32996},{"textAlign":49},[32997],{"text":32998,"type":599},"These export restrictions are not expected to impact the majority of Chinese CAM producers, as few have the necessary technology to produce the advanced forms of LFP and LMFP covered. The thresholds for the export restrictions broadly cover what the industry terms “Generation IV” cathode material.",{"type":594,"attrs":33000,"content":33001},{"textAlign":49},[33002],{"text":33003,"type":599},"The restrictions also cover technologies for producing phosphate-based pCAM.",{"type":594,"attrs":33005,"content":33006},{"textAlign":49},[33007],{"text":33008,"type":599},"In relation to lithium processing, the export restrictions cover technologies for producing lithium carbonate and lithium hydroxide from spodumene, direct lithium extraction from brines, the preparation of metallic lithium, and purified lithium-containing liquids.",{"type":657,"attrs":33010,"content":33011},{"level":15966,"textAlign":49},[33012],{"text":33013,"type":599},"Which cathode producers could be impacted?",{"type":594,"attrs":33015,"content":33016},{"textAlign":49},[33017,33019,33025],{"text":33018,"type":599},"Companies such as Fulin Precision and Yuneng are currently qualified to produce LFP that meet the criteria, while Dynanonic, Lopal, Wanrun, Anda technology and Pulead are expected to qualify this year. Of these, ",{"text":33020,"type":599,"marks":33021},"three have projects",[33022],{"type":604,"attrs":33023},{"href":33024,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-could-chinas-proposed-technology-export-restrictions-impact-cathode-expansions-overseas",{"text":33026,"type":599}," outside of China.",{"type":627,"attrs":33028},{"id":33029,"body":33030},"1452f293-2f9a-47d7-b36a-28c7a25af823",[33031],{"id":33032,"_uid":33033,"type":634,"_editable":33034,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24264169","i-6bd80f73-150b-449d-8521-38f10f46fcc9","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6bd80f73-150b-449d-8521-38f10f46fcc9\", \"id\": \"\"}-->",{"type":594,"attrs":33036,"content":33037},{"textAlign":49},[33038,33040,33046,33048,33054],{"text":33039,"type":599},"Of these, ",{"text":33041,"type":599,"marks":33042},"Yuneng is the only one with immediate plans",[33043],{"type":604,"attrs":33044},{"href":33045,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/hunan-yuneng-expands-global-footprint-with-spanish-lfp-cathode-plant",{"text":33047,"type":599}," to produce LFP that meets the specification of the restrictions. However, should ",{"text":33049,"type":599,"marks":33050},"Lopal",[33051],{"type":604,"attrs":33052},{"href":33053,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lopal-first-chinese-company-to-build-lfp-battery-cathode-plant-outside-of-china",{"text":33055,"type":599}," and Wanrun wish to upgrade their facilities to produce such material they would require a license. Lopal has a patent filed by its non-China-based subsidiary for LFP production, though it is unclear how this would be impacted by the export restrictions.",{"type":594,"attrs":33057,"content":33058},{"textAlign":49},[33059],{"text":33060,"type":599},"From conversations with market participants, Benchmark notes that CAM producers appear relatively relaxed about the announcement.",{"type":657,"attrs":33062,"content":33063},{"level":15966,"textAlign":49},[33064],{"text":33065,"type":599},"How could this impact lithium producers?",{"type":594,"attrs":33067,"content":33068},{"textAlign":49},[33069],{"text":33070,"type":599},"These restrictions are particularly significant for hard rock refining projects in Australia, where China holds a unique advantage, not just in cost, but in its ability to operate integrated, commercial-scale plants with minimal disruption.",{"type":594,"attrs":33072,"content":33073},{"textAlign":49},[33074],{"text":33075,"type":599},"While building such plants outside China isn’t impossible (POSCO being a notable example), these new measures could pose challenges for facilities like Kwinana and Kemerton, especially given Albemarle’s reported reliance on Chinese engineers and hardware. Kwinana, being part-owned by Tianqi, may face fewer barriers—but the broader risks remain due to its location.",{"type":594,"attrs":33077,"content":33078},{"textAlign":49},[33079,33081,33087],{"text":33080,"type":599},"For ",{"text":33082,"type":599,"marks":33083},"direct lithium extraction",[33084],{"type":604,"attrs":33085},{"href":33086,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-potential-for-dle-to-make-a-contribution-to-the-lithium-growth-story-is-immense-qa-with-iliad-ceo-samuel-moore",{"text":33088,"type":599}," DLE projects, where much of the recent attention has been focused, the impact may be less immediate. Sunresin has struggled to meet Western performance expectations, and while Lanshen has shown more promise, developers are likely to proceed with caution. With second- and third-generation resins—those developed after Hombre Muerto—yet to be proven at scale, selecting the right DLE technology will require careful consideration.",{"type":627,"attrs":33090},{"id":33091,"body":33092},"e34aff57-b327-402e-b5a8-34a6068a49e7",[33093],{"id":33094,"_uid":33095,"type":634,"_editable":33096,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24263796","i-01882063-b951-496d-b31b-5d887d7f5990","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-01882063-b951-496d-b31b-5d887d7f5990\", \"id\": \"\"}-->",{"type":594,"attrs":33098,"content":33099},{"textAlign":49},[],{"type":594,"attrs":33101,"content":33102},{"textAlign":49},[33103],{"text":33104,"type":599},"Although these restrictions may create potential hurdles for Chinese producers looking to build overseas, more information will be needed to understand the requirements for technology export approval from the Chinese governments before decisions can be made about existing or future Chinese facilities abroad.","On the 15th July, China’s Ministry of Commerce officially implemented restrictions on exports of technologies used in the production of high-density lithium iron phosphate (LFP) and lithium manganese iron phosphate (LMFP) cathode active materials (CAM), effective immediately. The export of some lithium processing technologies will also be restricted. Companies wishing to export these technologies for […]",[33107],{"slug":544,"name":543,"content":33108},{"job_title":557,"image":33109,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b414ef30-f53d-4883-8b80-256e97602d12\", \"id\": \"\"}-->",[33112,33113,33114,33115],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":33117,"copyright":547,"fieldtype":553,"meta_data":33118,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0046a29bc8/bm-china-ministry-of-commerce.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":33120,"uuid":33121,"name":33122,"slug":33123,"full_slug":33124,"content":33125},112467461813552,"45b8fcba-fb63-4961-8dc5-a13832b948bd","Benchmark to publish EXW Europe cobalt metal prices weekly","benchmark-to-publish-exw-europe-cobalt-metal-prices-weekly","article/benchmark-to-publish-exw-europe-cobalt-metal-prices-weekly",{"_uid":33126,"date":33127,"tags":33128,"editor":33132,"content":33136,"excerpt":33291,"featured":50,"reporter":33292,"_editable":33296,"component":864,"seo_title":33122,"categories":33297,"visibility":2091,"author_company":49,"featured_image":33300,"seo_description":33291,"author_full_name":49,"author_job_title":49,"formattedDate":33303},"60591aa1-2652-4443-a74a-78fa4c5454df","2025-07-15 00:00",[33129,33130,33131],{"slug":9655,"name":9656},{"slug":11313,"name":11314},{"slug":581,"name":582},[33133],{"slug":544,"name":543,"content":33134},{"job_title":557,"image":33135,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":33137},[33138,33143,33148,33153,33158,33163,33168,33180,33185,33190,33195,33200,33205,33210,33214,33219,33269,33274,33279],{"type":594,"attrs":33139,"content":33140},{"textAlign":49},[33141],{"text":33142,"type":599},"Benchmark Mineral Intelligence will now publish weekly market price assessments of its Benchmark EXW Europe cobalt metal price assessments beginning 16 July 2025.",{"type":594,"attrs":33144,"content":33145},{"textAlign":49},[33146],{"text":33147,"type":599},"This evolution allows for the facilitation of more frequent cobalt metal price assessments within the parameters of Benchmark’s IOSCO compliant cobalt price methodology.",{"type":657,"attrs":33149,"content":33150},{"level":15966,"textAlign":49},[33151],{"text":33152,"type":599},"Benchmark’s cobalt prices – every week",{"type":594,"attrs":33154,"content":33155},{"textAlign":49},[33156],{"text":33157,"type":599},"Cobalt metal EXW Europe; Min 99.8%",{"type":594,"attrs":33159,"content":33160},{"textAlign":49},[33161],{"text":33162,"type":599},"Cobalt sulphate EXW China; Min 20.5%",{"type":594,"attrs":33164,"content":33165},{"textAlign":49},[33166],{"text":33167,"type":599},"Cobalt hydroxide CIF Asia; Min 20%",{"type":594,"attrs":33169,"content":33170},{"textAlign":49},[33171,33173,33178],{"text":33172,"type":599},"These prices are available to ",{"text":33174,"type":599,"marks":33175},"Benchmark’s Cobalt Price Assessment",[33176],{"type":604,"attrs":33177},{"href":30308,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":33179,"type":599}," subscribers every Wednesday by 4pm (London), starting 16 July 2025, with market analysis sent out to subscribers soon after.",{"type":657,"attrs":33181,"content":33182},{"level":15966,"textAlign":49},[33183],{"text":33184,"type":599},"Benchmark’s cobalt prices – every two weeks",{"type":594,"attrs":33186,"content":33187},{"textAlign":49},[33188],{"text":33189,"type":599},"Cobalt oxide, EXW China; Min 72.8%",{"type":594,"attrs":33191,"content":33192},{"textAlign":49},[33193],{"text":33194,"type":599},"Cobalt Mixed Hydroxide Precipitate CIF Asia; Min 1%, Payable; %",{"type":594,"attrs":33196,"content":33197},{"textAlign":49},[33198],{"text":33199,"type":599},"Cobalt Mixed Hydroxide Precipitate CIF Asia; Aggregate MHP",{"type":594,"attrs":33201,"content":33202},{"textAlign":49},[33203],{"text":33204,"type":599},"These prices will be published by Benchmark every alternate Wednesday by 4pm (London), starting from 23 July 2025, with market analysis sent out to subscribers soon after.",{"type":594,"attrs":33206,"content":33207},{"textAlign":49},[33208],{"text":33209,"type":599},"“This change to the frequency of cobalt metal prices within Benchmark’s IOSCO compliant Cobalt Price Assessment reflects increased liquidity in the market as the number of active players continues to grow and price dynamics display greater volatility, particularly in the ex-China market,” Daisy Jennings-Gray, Head of Prices at Benchmark, said.",{"type":657,"attrs":33211,"content":33212},{"level":15966,"textAlign":49},[33213],{"text":19874,"type":599},{"type":594,"attrs":33215,"content":33216},{"textAlign":49},[33217],{"text":33218,"type":599},"Benchmark Mineral Intelligence is the world’s number one market price provider for the lithium ion battery to electric vehicle supply chain.",{"type":594,"attrs":33220,"content":33221},{"textAlign":49},[33222,33224,33229,33230,33235,33236,33241,33242,33247,33248,33253,33254,33260,33261,33267],{"text":33223,"type":599},"We publish weekly and monthly Price Assessments – ",{"text":115,"type":599,"marks":33225},[33226],{"type":604,"attrs":33227},{"href":33228,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cobalt/portal",{"text":3400,"type":599},{"text":8,"type":599,"marks":33231},[33232],{"type":604,"attrs":33233},{"href":33234,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium/portal",{"text":3400,"type":599},{"text":189,"type":599,"marks":33237},[33238],{"type":604,"attrs":33239},{"href":33240,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/natural-graphite/portal",{"text":3400,"type":599},{"text":2508,"type":599,"marks":33243},[33244],{"type":604,"attrs":33245},{"href":33246,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/synthetic-graphite/portal",{"text":3400,"type":599},{"text":150,"type":599,"marks":33249},[33250],{"type":604,"attrs":33251},{"href":33252,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/nickel/portal",{"text":3400,"type":599},{"text":33255,"type":599,"marks":33256},"Cathodes",[33257],{"type":604,"attrs":33258},{"href":33259,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cathode/portal",{"text":3400,"type":599},{"text":33262,"type":599,"marks":33263},"Anodes",[33264],{"type":604,"attrs":33265},{"href":33266,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/anode/portal",{"text":33268,"type":599}," – to the highest IOSCO standard.",{"type":594,"attrs":33270,"content":33271},{"textAlign":49},[33272],{"text":33273,"type":599},"Our cobalt price assessments are created by senior management and price analysts that truly understand the market they are assessing.",{"type":594,"attrs":33275,"content":33276},{"textAlign":49},[33277],{"text":33278,"type":599},"They are the world’s most trusted battery supply chain price assessments and used to settle contracts and guide major investment decisions. Fill out the form below to learn more about Benchmark’s Price Assessments.",{"type":627,"attrs":33280},{"id":33281,"body":33282},"e40662eb-c0c3-4e4a-a2cf-cad9804f48ec",[33283],{"id":33284,"_uid":33285,"_editable":33286,"component":837,"wrap_in_box":50,"hubspot_form":33284,"redirect_url":33287,"success_file":33288,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":33290},"e11a89cb-d2fd-4fb5-89f6-499583cfac37","i-db5a6ffd-2d5d-460e-8d36-faf83aef2a89","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-db5a6ffd-2d5d-460e-8d36-faf83aef2a89\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":33289},{},[],"Benchmark Mineral Intelligence will now publish weekly market price assessments of its Benchmark EXW Europe cobalt metal price assessments beginning 16 July 2025. This evolution allows for the facilitation of more frequent cobalt metal price assessments within the parameters of Benchmark’s IOSCO compliant cobalt price methodology. Benchmark’s cobalt prices – every week Cobalt metal EXW […]",[33293],{"slug":544,"name":543,"content":33294},{"job_title":557,"image":33295,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"60591aa1-2652-4443-a74a-78fa4c5454df\", \"id\": \"\"}-->",[33298,33299],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":33301,"copyright":547,"fieldtype":553,"meta_data":33302,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3ac8918b07/bm-collage-prices-3.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 15, 2025",{"id":33305,"uuid":33306,"name":33307,"slug":33308,"full_slug":33309,"content":33310},112467471525437,"01c32c47-fd88-4118-9597-2ac7c46ad9b7","Cobalt metal premium to sulphate shrinks following DRC export restrictions","cobalt-metal-premium-to-sulphate-shrinks-following-drc-export-restrictions","article/cobalt-metal-premium-to-sulphate-shrinks-following-drc-export-restrictions",{"_uid":33311,"date":33312,"tags":33313,"editor":33315,"content":33319,"excerpt":33365,"featured":51,"reporter":33366,"_editable":33370,"component":864,"seo_title":33307,"categories":33371,"visibility":882,"author_company":49,"featured_image":33374,"seo_description":33365,"author_full_name":49,"author_job_title":49,"formattedDate":33376},"bc05b28e-9307-464d-8dcd-f27f2e3f056f","2025-07-14 00:00",[33314],{"slug":572,"name":573},[33316],{"slug":544,"name":543,"content":33317},{"job_title":557,"image":33318,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":33320},[33321,33326,33337,33345,33350,33355,33360],{"type":594,"attrs":33322,"content":33323},{"textAlign":49},[33324],{"text":33325,"type":599},"Cobalt prices rallied in the wake of the Democratic Republic of Congo (DRC) imposition of a ban on cobalt exports in late February. But this price response was not felt uniformly across all cobalt grades, with the cobalt sulphate price rally outpacing that of cobalt metal—causing cobalt metal’s historical premium to sulphate to shrink. ",{"type":594,"attrs":33327,"content":33328},{"textAlign":49},[33329,33331,33335],{"text":33330,"type":599},"The average cobalt metal premium to sulphate in the 12 months prior to the export sat at $3.29/lb, according to the ",{"text":28971,"type":599,"marks":33332},[33333],{"type":604,"attrs":33334},{"href":30308,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":33336,"type":599},". This premium dropped sharply by 61% in the four-month period following the ban’s introduction, averaging $1.27/lb.",{"type":627,"attrs":33338},{"id":33339,"body":33340},"2644a8e4-e101-4ad8-a10b-9183a969f000",[33341],{"id":33342,"_uid":33343,"type":634,"_editable":33344,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24226936","i-0259d593-1cfc-4609-a7cc-e700d64f1c79","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0259d593-1cfc-4609-a7cc-e700d64f1c79\", \"id\": \"\"}-->",{"type":594,"attrs":33346,"content":33347},{"textAlign":49},[33348],{"text":33349,"type":599},"In late June, the DRC announced it would be further extending the ban by an additional three months, sparking renewed price volatility. As cobalt sulphate prices rose more significantly than metal, particularly as demand for cobalt chemicals outweighs metal, a further narrowing of the cobalt metal premium has been observed, with the current level sitting at $0.52/lb.",{"type":594,"attrs":33351,"content":33352},{"textAlign":49},[33353],{"text":33354,"type":599},"The current premium level makes it uneconomical for any sulphate-to-metal refiners to operate, as it sits below conversion costs, adding further pressure to metal producers in China which rely on this route. ",{"type":594,"attrs":33356,"content":33357},{"textAlign":49},[33358],{"text":33359,"type":599},"With further action by the DRC anticipated in late September, as well as an expected decline in existing stocks, it is possible that the sulphate price will continue to increase faster than its metal counterpart, leading to an inversion of the relationship.",{"type":594,"attrs":33361,"content":33362},{"textAlign":49},[33363],{"text":33364,"type":599},"This has not occurred since March 2022 at the peak of the EV battery price rally that led to sulphate prices to over $40.00/lb, over 2.5 times higher than today’s prices.","Cobalt prices rallied in the wake of the Democratic Republic of Congo (DRC) imposition of a ban on cobalt exports in late February. But this price response was not felt uniformly across all cobalt grades, with the cobalt sulphate price rally outpacing that of cobalt metal—causing cobalt metal’s historical premium to sulphate to shrink. The […]",[33367],{"slug":544,"name":543,"content":33368},{"job_title":557,"image":33369,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bc05b28e-9307-464d-8dcd-f27f2e3f056f\", \"id\": \"\"}-->",[33372,33373],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":20239,"copyright":547,"fieldtype":553,"meta_data":33375,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jul 14, 2025",{"id":33378,"uuid":33379,"name":33380,"slug":33381,"full_slug":33382,"content":33383},112467476301607,"e4260e79-a2ff-4909-b994-ac271af15882","The evolution of China’s upstream supply chain dominance","the-evolution-of-chinas-upstream-supply-chain-dominance","article/the-evolution-of-chinas-upstream-supply-chain-dominance",{"_uid":33384,"date":33385,"tags":33386,"editor":33390,"content":33394,"excerpt":33502,"featured":51,"reporter":33503,"_editable":33507,"component":864,"seo_title":33380,"categories":33508,"visibility":2091,"author_company":49,"data_vis_image":33517,"featured_image":33519,"seo_description":33502,"author_full_name":49,"author_job_title":49,"formattedDate":33522},"8b225d00-c0d5-44bd-bee0-07f2272c2175","2025-07-11 00:00",[33387,33388,33389],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":1375,"name":1376},[33391],{"slug":544,"name":543,"content":33392},{"job_title":557,"image":33393,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":33395},[33396,33401,33406,33419,33424,33431,33436,33441,33446,33457,33462,33467,33472,33484,33491],{"type":594,"attrs":33397,"content":33398},{"textAlign":49},[33399],{"text":33400,"type":599},"In 2019, Benchmark’s Simon Moores told the US Senate, “we are in the midst of a global battery arms race.”",{"type":594,"attrs":33402,"content":33403},{"textAlign":49},[33404],{"text":33405,"type":599},"Critical mineral mining and refining was emphasised as a key battleground in this race, with Moores saying “those that control these supply chains will hold the balance of industrial power for the 21st century in the auto and energy industries.”",{"type":594,"attrs":33407,"content":33408},{"textAlign":49},[33409,33411,33417],{"text":33410,"type":599},"Especially in critical mineral refining, this balance of power is heavily  skewed towards China due to the ",{"text":33412,"type":599,"marks":33413},"scale of investment",[33414],{"type":604,"attrs":33415},{"href":33416,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-us-and-china-ramp-up-funding-for-domestic-critical-mineral-exploration",{"text":33418,"type":599}," at this critical point in the supply chain.",{"type":594,"attrs":33420,"content":33421},{"textAlign":49},[33422],{"text":33423,"type":599},"How has China’s dominance evolved since Moores’ speech? Are other countries gaining market share in the upstream? And, is the US still a “bystander” as Moores said in 2019?",{"type":594,"attrs":33425,"content":33426},{"textAlign":49},[33427],{"type":1186,"attrs":33428},{"id":49,"alt":547,"src":33429,"title":49,"source":49,"copyright":49,"meta_data":33430},"https://a.storyblok.com/f/287943243085208/e7c1cb1a64/bm-china-usa-row-2018-2025-1-13453935e18b.png",{},{"type":657,"attrs":33432,"content":33433},{"level":15966,"textAlign":49},[33434],{"text":33435,"type":599},"China gains ground domestically and internationally",{"type":594,"attrs":33437,"content":33438},{"textAlign":49},[33439],{"text":33440,"type":599},"Critical mineral supply chains are highly-concentrated within China. This trend has only continued since 2018, with China gaining ground in several minerals.",{"type":594,"attrs":33442,"content":33443},{"textAlign":49},[33444],{"text":33445,"type":599},"One area in which domestic production has lost significant market share is nickel refining, in which the country dropped 16 percentage points between 2019 and 2025, partly due to Indonesia banning nickel ore exports.",{"type":594,"attrs":33447,"content":33448},{"textAlign":49},[33449,33451,33456],{"text":33450,"type":599},"In response, China invested heavily in ",{"text":33452,"type":599,"marks":33453},"Indonesia’s nickel sector",[33454],{"type":604,"attrs":33455},{"href":27301,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":33458,"content":33459},{"textAlign":49},[33460],{"text":33461,"type":599},"China has also invested heavily in cobalt mines in the Democratic Republic of the Congo.",{"type":657,"attrs":33463,"content":33464},{"level":15966,"textAlign":49},[33465],{"text":33466,"type":599},"Is the US still a bystander?",{"type":594,"attrs":33468,"content":33469},{"textAlign":49},[33470],{"text":33471,"type":599},"Across battery raw material markets, the US accounts for just 0–2% of global mined and refined supply.",{"type":594,"attrs":33473,"content":33474},{"textAlign":49},[33475,33477,33482],{"text":33476,"type":599},"However, a ",{"text":33478,"type":599,"marks":33479},"US success story can be found in rare earths",[33480],{"type":604,"attrs":33481},{"href":22644,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":33483,"type":599},", a key family of elements for electric vehicle motors and defence applications.",{"type":594,"attrs":33485,"content":33486},{"textAlign":49},[33487],{"text":33488,"type":599,"marks":33489},"To learn more about Benchmark’s services across the whole supply chain from mine to grid, fill out the form below and one of the team will be in touch.",[33490],{"type":643},{"type":627,"attrs":33492},{"id":33493,"body":33494},"5a13b857-7302-4503-98a1-cd1e64c2f472",[33495],{"id":835,"_uid":33496,"_editable":33497,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":33498,"success_file":33499,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":33501},"i-00a3209a-b030-4d66-8340-dec764ee4565","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-00a3209a-b030-4d66-8340-dec764ee4565\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":33500},{},[],"In 2019, Benchmark’s Simon Moores told the US Senate, “we are in the midst of a global battery arms race.” Critical mineral mining and refining was emphasised as a key battleground in this race, with Moores saying “those that control these supply chains will hold the balance of industrial power for the 21st century in […]",[33504],{"slug":544,"name":543,"content":33505},{"job_title":557,"image":33506,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8b225d00-c0d5-44bd-bee0-07f2272c2175\", \"id\": \"\"}-->",[33509,33510,33511,33512,33513,33514,33515,33516],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":33429,"copyright":547,"fieldtype":553,"meta_data":33518,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":33520,"copyright":547,"fieldtype":553,"meta_data":33521,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/186cf2a280/bm-us-china.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 11, 2025",{"id":33524,"uuid":1436,"name":33525,"slug":33526,"full_slug":33527,"content":33528},107064112663443,"Pentagon invests in MP Materials in bid to break China’s rare earths dominance","pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance","article/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance",{"_uid":33529,"date":33385,"tags":33530,"editor":33535,"content":33539,"excerpt":33672,"featured":51,"reporter":33673,"_editable":33677,"component":864,"seo_title":33678,"categories":33679,"visibility":882,"author_company":49,"data_vis_image":33684,"featured_image":33686,"seo_description":33689,"author_full_name":49,"author_job_title":49,"formattedDate":33522},"04856e4a-edad-47e9-9130-90f232ac4e8c",[33531,33532,33533,33534],{"slug":913,"name":914},{"slug":28950,"name":28951},{"slug":1378,"name":1379},{"slug":26773,"name":13365},[33536],{"slug":544,"name":543,"content":33537},{"job_title":557,"image":33538,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":33540},[33541,33546,33563,33571,33591,33596,33601,33622,33627,33632,33637,33657,33662,33667],{"type":594,"attrs":33542,"content":33543},{"textAlign":49},[33544],{"text":33545,"type":599},"The US Department of Defense (DoD) has inked a multibillion-dollar partnership with MP Materials (MP), marking a pivotal moment in the evolution of global rare earth supply chains. As the first—and currently only—company with a fully integrated mine-to-magnet supply chain in North America, MP’s new “10X” facility is pivotal for reducing US strategic dependencies on China. ",{"type":594,"attrs":33547,"content":33548},{"textAlign":49},[33549,33558],{"text":33550,"type":599,"marks":33551},"Rare earth permanent magnets (REPMs)",[33552,33555,33557],{"type":604,"attrs":33553},{"href":33554,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/glossary/ev-motors-and-systems",{"type":928,"attrs":33556},{"color":22006},{"type":3645},{"text":33559,"type":599,"marks":33560}," are critical components for renewable energy infrastructure, electric vehicles, and key defence technologies, such as F-35 fighter jets and Tomahawk missiles, making supply chain resilience a strategic imperative for western nations. A single F-35 jet contains 48kg of rare earth elements (REEs) and a Virginia-class submarine over 4,500kg.",[33561],{"type":928,"attrs":33562},{"color":21998},{"type":627,"attrs":33564},{"id":33565,"body":33566},"a6bb620f-c63a-48ac-8507-509d928ffdc9",[33567],{"id":33568,"_uid":33569,"type":634,"_editable":33570,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24196778","i-c36b437c-c2a8-48a3-9ba2-1449c31e839f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c36b437c-c2a8-48a3-9ba2-1449c31e839f\", \"id\": \"\"}-->",{"type":594,"attrs":33572,"content":33573},{"textAlign":49},[33574,33576,33581,33583,33589],{"text":33575,"type":599},"The deal comes as ",{"text":33577,"type":599,"marks":33578},"China weaponises its control over rare earths supply chains",[33579],{"type":604,"attrs":33580},{"href":22616,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":33582,"type":599}," in the evolving tit-for-tat trade war between the world’s two largest economies. Boosting domestic supply and ",{"text":33584,"type":599,"marks":33585},"securing access to rare earths resources abroad has been a key priority ",[33586],{"type":604,"attrs":33587},{"href":33588,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-and-ukraine-clinch-historic-critical-minerals-agreement",{"text":33590,"type":599},"for the Trump administration during its early months in office.",{"type":657,"attrs":33592,"content":33593},{"level":15966,"textAlign":49},[33594],{"text":33595,"type":599},"What does the deal involve?",{"type":594,"attrs":33597,"content":33598},{"textAlign":49},[33599],{"text":33600,"type":599},"Central to the agreement is a 10-year NdPr (neodymium-praseodymium) price floor at $110/kg, which not only guarantees stable revenues for MP but also sends strong price signals to the market.",{"type":594,"attrs":33602,"content":33603},{"textAlign":49},[33604,33609,33617],{"text":33605,"type":599,"marks":33606},"Prices outside China have surged 3–5 times since China enacted export controls in early April, a response to President Trump's aggressive tariff policy. This price-floor policy could help create a ",[33607],{"type":928,"attrs":33608},{"color":21998},{"text":33610,"type":599,"marks":33611},"bifurcated pricing mechanism for rare earths",[33612,33614,33616],{"type":604,"attrs":33613},{"href":17497,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":33615},{"color":22006},{"type":3645},{"text":33618,"type":599,"marks":33619},", laying the foundations for an ex-China rare earth price index.",[33620],{"type":928,"attrs":33621},{"color":21998},{"type":594,"attrs":33623,"content":33624},{"textAlign":49},[33625],{"text":33626,"type":599},"The price floor also helps make the 10X project significantly more bankable, by reducing price risk and encouraging upstream and midstream investments. For now, MP will receive $1.15 billion in public-private financing, with the DoD’s $400 million commitment (for a 15% stake) making it MP’s largest shareholder, highlighting the scale and strategic importance of the partnership.",{"type":657,"attrs":33628,"content":33629},{"level":15966,"textAlign":49},[33630],{"text":33631,"type":599},"A game-changing moment for supply security?",{"type":594,"attrs":33633,"content":33634},{"textAlign":49},[33635],{"text":33636,"type":599},"The implications for supply security are significant, with the defence and EV sectors—both disproportionately impacted by China’s export controls—standing to benefit. ",{"type":594,"attrs":33638,"content":33639},{"textAlign":49},[33640,33645,33653],{"text":33641,"type":599,"marks":33642},"The US accounts for the largest share of global defence magnet demand, which is expected to reach 5kt by 2028, and is third only to China in EV magnet demand. By 2030, ",[33643],{"type":928,"attrs":33644},{"color":21998},{"text":33646,"type":599,"marks":33647},"US e-mobility magnet demand is projected to climb to 14.5kt",[33648,33650,33652],{"type":604,"attrs":33649},{"href":16909,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":33651},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":33654},[33655],{"type":928,"attrs":33656},{"color":21998},{"type":594,"attrs":33658,"content":33659},{"textAlign":49},[33660],{"text":33661,"type":599},"MP’s Texas magnet facility (1ktpa capacity) is expected online by end-2026, with the 10X facility targeting ~10kt capacity by 2028. While these developments are significant, US magnet demand is still projected to outpace domestic supply, requiring further capacity build-out beyond 2028.",{"type":594,"attrs":33663,"content":33664},{"textAlign":49},[33665],{"text":33666,"type":599},"Europe, too, is catching up—with players like Neo Performance Materials and Mkango Resources building magnet and recycling capacity.",{"type":594,"attrs":33668,"content":33669},{"textAlign":49},[33670],{"text":33671,"type":599},"The MP–DoD deal is unlikely to be the last. Rather, it’s a template for industrial policy, a national security investment, and a clear signal: the West is finally getting serious about supply resilience.","The US Department of Defense (DoD) has inked a multibillion-dollar partnership with MP Materials (MP), marking a pivotal moment in the evolution of global rare earth supply chains. As the first—and currently only—company with a fully integrated mine-to-magnet supply chain in North America, MP’s new “10X” facility is pivotal for reducing US strategic dependencies on […]",[33674],{"slug":544,"name":543,"content":33675},{"job_title":557,"image":33676,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"04856e4a-edad-47e9-9130-90f232ac4e8c\", \"id\": \"\"}-->","Pentagon invests MP Materials in bid to break China’s rare earths",[33680,33681,33682,33683],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":12983,"name":12984},{"slug":1556,"name":414},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":33685},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":33687,"copyright":547,"fieldtype":553,"meta_data":33688,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/70f265554a/bm-shutterstock-1210283029.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"The US Department of Defense (DoD) has inked a multibillion-dollar partnership with MP Materials (MP), marking a pivotal moment in the evolution of global rare earth supply chains. As the first—and currently only—company with a fully  […]",{"id":33691,"uuid":33692,"name":33693,"slug":33694,"full_slug":33695,"content":33696},112467485210708,"ae821283-ebef-4746-b580-f69702714515","President Trump announces 50% tariff on copper","president-trump-set-to-impose-50-tariff-on-copper","article/president-trump-set-to-impose-50-tariff-on-copper",{"_uid":33697,"date":33698,"tags":33699,"editor":33703,"content":33707,"excerpt":33926,"featured":51,"reporter":33927,"_editable":33931,"component":864,"seo_title":33693,"categories":33932,"visibility":2091,"author_company":49,"data_vis_image":33936,"featured_image":33939,"seo_description":33926,"author_full_name":49,"author_job_title":49,"formattedDate":33941},"1acec126-122b-4d71-a7f7-e9bb35e82070","2025-07-09 00:00",[33700,33701,33702],{"slug":578,"name":579},{"slug":1375,"name":1376},{"slug":4610,"name":662},[33704],{"slug":544,"name":543,"content":33705},{"job_title":557,"image":33706,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":33708},[33709,33717,33722,33727,33732,33737,33742,33747,33752,33760,33765,33770,33775,33780,33785,33793,33798,33806,33811,33816,33821,33826,33831,33839,33844,33849,33854,33859,33864,33869,33877,33882,33887,33892,33899,33915],{"type":594,"attrs":33710,"content":33711},{"textAlign":49},[33712,33714,33715],{"text":33713,"type":599},"On Tuesday 8",{"text":6795,"type":599},{"text":33716,"type":599}," July, President Donald Trump announced the US intends to place a 50% tariff on copper imports into the country. Despite this proclamation, there has yet to be an official written announcement or many additional details.",{"type":594,"attrs":33718,"content":33719},{"textAlign":49},[33720],{"text":33721,"type":599},"Sources that spoke to Benchmark in the wake of the announcement noted surprise at the size of the tariff, which many had expected to be closer to 25%.",{"type":594,"attrs":33723,"content":33724},{"textAlign":49},[33725],{"text":33726,"type":599},"The 50% tariff is set to come into force by late July or early August, a statement from US secretary of commerce Howard Lutnick stated. There remain, however, important details that require further clarification. Such as whether cathodes, semi-products, scrap, and other parts of the copper market will be included under the umbrella definition of “copper.”",{"type":594,"attrs":33728,"content":33729},{"textAlign":49},[33730],{"text":33731,"type":599},"This uncertainty was highlighted by Maximo Pacheco, the chairman of Chile’s CODELCO, who told Reuters there was a lack of clarity on what products and nations would be affected by the tariff. Under previous commodity tariffs some nations have been granted exemptions. For example, the UK has a part exemption from steel tariffs.",{"type":594,"attrs":33733,"content":33734},{"textAlign":49},[33735],{"text":33736,"type":599},"“As usual [with Trump], there are still some big unknowns,” said one European copper smelter.",{"type":657,"attrs":33738,"content":33739},{"level":15966,"textAlign":49},[33740],{"text":33741,"type":599},"Exchange prices move sharply",{"type":594,"attrs":33743,"content":33744},{"textAlign":49},[33745],{"text":33746,"type":599},"Despite the uncertainty, the market has responded quickly to President Trump’s remarks. The CME/LME arbitrage widened on Wednesday morning – standing at $2,820, up 143% since Monday.",{"type":594,"attrs":33748,"content":33749},{"textAlign":49},[33750],{"text":33751,"type":599},"This arbitrage doesn’t, however, reflect a 50% delta to the LME price – showing the market is still pricing in some uncertainty. Rather, the current arbitrage represents around 30% of the LME price, showing there is some expectation the tariff may not be 50% or may have some exemptions.",{"type":627,"attrs":33753},{"id":33754,"body":33755},"c4eb3143-e09c-4f97-8140-36cf6b96085f",[33756],{"id":33757,"_uid":33758,"type":634,"_editable":33759,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24160458","i-9046b521-2e3e-4062-bb6c-c53c96efff20","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9046b521-2e3e-4062-bb6c-c53c96efff20\", \"id\": \"\"}-->",{"type":594,"attrs":33761,"content":33762},{"textAlign":49},[33763],{"text":33764,"type":599},"“The market is still saying that the tariff won’t be 50%,” said one miner noting that uncertainty continued despite Trumps statement.",{"type":594,"attrs":33766,"content":33767},{"textAlign":49},[33768],{"text":33769,"type":599},"The COMEX copper price is a duty inclusive price, unlike the LME which a duty-free price. This means that any tariff should be directly reflected in the COMEX price, explaining the 13% uptick in the COMEX price on Tuesday to an all-time high.",{"type":657,"attrs":33771,"content":33772},{"level":15966,"textAlign":49},[33773],{"text":33774,"type":599},"US copper imports to slow?",{"type":594,"attrs":33776,"content":33777},{"textAlign":49},[33778],{"text":33779,"type":599},"One of the main affects of the uncertainty surrounding tariffs – prior to yesterday’s announcement – was huge flows of copper into the US; in an effort to front-load supply and take advantage of the broad LME-CME arbitrage.",{"type":594,"attrs":33781,"content":33782},{"textAlign":49},[33783],{"text":33784,"type":599},"These deliveries are now likely to slow, with various sources telling Benchmark they don’t believe material will be able to be shipped to the US in time to avoid tariffs on arrival. Shipments from Chile can take upwards of 20 days and could well arrive after the tariff is implemented. EU sources also noted that shipments from Europe would not likely arrive in time to meet the deadline.",{"type":627,"attrs":33786},{"id":33787,"body":33788},"a5260a2e-cc72-4013-8711-f2298a46b526",[33789],{"id":33790,"_uid":33791,"type":634,"_editable":33792,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24161002","i-0e0e364a-c3a2-4682-acde-b3b37ceab490","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0e0e364a-c3a2-4682-acde-b3b37ceab490\", \"id\": \"\"}-->",{"type":594,"attrs":33794,"content":33795},{"textAlign":49},[33796],{"text":33797,"type":599},"Meanwhile, some sources noted that Mexican and Canadian copper may still be able to make it to the US in time. Others noted that some participants may take a risk on shipments already being loaded, but that it’s likely US imports of copper would begin to slow.",{"type":627,"attrs":33799},{"id":33800,"body":33801},"ac1dea58-155c-4a62-80c0-311a90ae2d54",[33802],{"id":33803,"_uid":33804,"type":634,"_editable":33805,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24160596","i-c722f62d-6b71-4f61-af8e-af3cf9901dea","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c722f62d-6b71-4f61-af8e-af3cf9901dea\", \"id\": \"\"}-->",{"type":594,"attrs":33807,"content":33808},{"textAlign":49},[33809],{"text":33810,"type":599},"As a result of front-loading, the US has imported an enormous amount of excess copper over the last few months. In the first four months of 2025, the US imported 461 kt of copper, 232kt and 148kt more than the same periods in 2024 and 2023 respectively.",{"type":657,"attrs":33812,"content":33813},{"level":15966,"textAlign":49},[33814],{"text":33815,"type":599},"LME copper falls on tariff news",{"type":594,"attrs":33817,"content":33818},{"textAlign":49},[33819],{"text":33820,"type":599},"This expectation of slowing imports has caused the LME price and forward curve to move significantly. The LME contract was in a cash-to-three month backwardation before the announcement, which has now fallen significantly. ",{"type":594,"attrs":33822,"content":33823},{"textAlign":49},[33824],{"text":33825,"type":599},"The cash-to-three month was flat on Wednesday morning, from an $80 backwardation on Monday. The LME cash price also fell significantly, down to $9,579.5 – a drop of 2.7% since Tuesday.",{"type":594,"attrs":33827,"content":33828},{"textAlign":49},[33829],{"text":33830,"type":599},"Multiple market sources noted the declining backwardation implied some participants did not think it would be possible to book and ship copper to the US before the tariff enters force – removing support for the cash LME price, which had been buoyed by the scramble to front-load units into the US ahead of tariffs.",{"type":627,"attrs":33832},{"id":33833,"body":33834},"28096e5b-f7c1-4926-a7e3-4fba0c3784f0",[33835],{"id":33836,"_uid":33837,"type":634,"_editable":33838,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24161172","i-c3117ccd-a39c-4103-85a7-fd0969ba5012","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c3117ccd-a39c-4103-85a7-fd0969ba5012\", \"id\": \"\"}-->",{"type":594,"attrs":33840,"content":33841},{"textAlign":49},[33842],{"text":33843,"type":599},"Imports to the US are likely to be impacted significantly, with sources in the rest of the world telling benchmark they expect looser market conditions globally and lower premiums following the announcement.",{"type":594,"attrs":33845,"content":33846},{"textAlign":49},[33847],{"text":33848,"type":599},"“The European market won’t be as tight after summer,” said one European copper smelter.",{"type":594,"attrs":33850,"content":33851},{"textAlign":49},[33852],{"text":33853,"type":599},"“I think starting in September European premiums will start to go down,” said the European trader source.",{"type":657,"attrs":33855,"content":33856},{"level":15966,"textAlign":49},[33857],{"text":33858,"type":599},"Sources skeptical of positive impacts",{"type":594,"attrs":33860,"content":33861},{"textAlign":49},[33862],{"text":33863,"type":599},"A 50% tariff will have significant ramifications for the cost of copper in the US, as there is insufficient domestic production to cover demand. Designed ostensibly to favour domestic supply over foreign sources, the short-term effect of the tariff will be to drive up prices for US consumers of refined copper, who will need to pay a 50% premium to the global market to import material.",{"type":594,"attrs":33865,"content":33866},{"textAlign":49},[33867],{"text":33868,"type":599},"In 2024, the US exported 843 kt of copper contained in scrap and concentrates but imported a net 720 kt of cathodes. This was due to the US having insufficient smelter capacity to process enough copper to support its needs.",{"type":627,"attrs":33870},{"id":33871,"body":33872},"4737d517-bc4f-49bd-b5c9-7b30167d2428",[33873],{"id":33874,"_uid":33875,"type":634,"_editable":33876,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24160810","i-470148da-87b8-4c05-99c9-d48f8678b70a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-470148da-87b8-4c05-99c9-d48f8678b70a\", \"id\": \"\"}-->",{"type":594,"attrs":33878,"content":33879},{"textAlign":49},[33880],{"text":33881,"type":599},"The US has some idled smelter capacity, namely the ASARCO Hayden smelter, however even if re-opened the US would still need to import refined copper. Were the smelter to be restarted, the ramp up would take a significant period of time due to having been closed for several years.",{"type":594,"attrs":33883,"content":33884},{"textAlign":49},[33885],{"text":33886,"type":599},"Sources told Benchmark that companies are unlikely to make multi-year investment decisions based on what could be a transitory tariff.",{"type":594,"attrs":33888,"content":33889},{"textAlign":49},[33890],{"text":33891,"type":599},"“You can’t set a ten-year investment plan on the basis of tariffs,” said the European trader source. This view reflects statements made in the industry before yesterdays news, including by noted BHP CEO Mike Henry.",{"type":594,"attrs":33893,"content":33894},{"textAlign":49},[33895],{"text":33896,"type":599,"marks":33897},"Benchmark’s Copper Service provides exclusive access to unparalleled intelligence with our comprehensive Copper Forecast out to 2050, plus a weekly Copper Briefing bringing clarity to rapidly changing market dynamics.",[33898],{"type":643},{"type":594,"attrs":33900,"content":33901},{"textAlign":49},[33902,33906,33912],{"text":33903,"type":599,"marks":33904},"Submit your details below to learn more, and sign up for Benchmark’s free Copper Newsletter ",[33905],{"type":643},{"text":6515,"type":599,"marks":33907},[33908,33911],{"type":604,"attrs":33909},{"href":33910,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/newsletters",{"type":643},{"text":974,"type":599,"marks":33913},[33914],{"type":643},{"type":627,"attrs":33916},{"id":33917,"body":33918},"22cdedae-daca-48ad-8e3a-5671feb0fadb",[33919],{"id":835,"_uid":33920,"_editable":33921,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":33922,"success_file":33923,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":33925},"i-7b51ee8f-e881-406d-aeb2-47cfa2574db1","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-7b51ee8f-e881-406d-aeb2-47cfa2574db1\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":33924},{},[],"On Tuesday 8th July, President Donald Trump announced the US intends to place a 50% tariff on copper imports into the country. Despite this proclamation, there has yet to be an official written announcement or many additional details. Sources that spoke to Benchmark in the wake of the announcement noted surprise at the size of […]",[33928],{"slug":544,"name":543,"content":33929},{"job_title":557,"image":33930,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1acec126-122b-4d71-a7f7-e9bb35e82070\", \"id\": \"\"}-->",[33933,33934,33935],{"slug":869,"name":870},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":33937,"copyright":547,"fieldtype":553,"meta_data":33938,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1752070586/www-production/Copper-has-flowed-into-US-warehouses-ahead-of-the-tariff-announcement@2x_134530567cbb/Copper-has-flowed-into-US-warehouses-ahead-of-the-tariff-announcement@2x_134530567cbb.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":27204,"copyright":547,"fieldtype":553,"meta_data":33940,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jul 09, 2025",{"id":33943,"uuid":33944,"name":33945,"slug":33946,"full_slug":33947,"content":33948},112467500083887,"59ab5ab8-cc42-42ea-bd91-10dba7a23a51","South32 divests from nickel with Cerro Matoso sale","south32-divests-from-nickel-with-cerro-matoso-sale","article/south32-divests-from-nickel-with-cerro-matoso-sale",{"_uid":33949,"date":33950,"tags":33951,"editor":33958,"content":33962,"excerpt":34018,"featured":51,"reporter":34019,"_editable":34023,"component":864,"seo_title":33945,"categories":34024,"visibility":882,"author_company":49,"featured_image":34027,"seo_description":34018,"author_full_name":49,"author_job_title":49,"formattedDate":34030},"0c483654-5d46-4316-93d0-10a73608a078","2025-07-07 00:00",[33952,33955],{"slug":33953,"name":33954},"colombia","Colombia",{"slug":33956,"name":33957},"south-32","South 32",[33959],{"slug":544,"name":543,"content":33960},{"job_title":557,"image":33961,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":33963},[33964,33969,33974,33979,33986,33991,33996,34001,34008],{"type":594,"attrs":33965,"content":33966},{"textAlign":49},[33967],{"text":33968,"type":599},"South32 has entered a binding agreement to divest its only nickel asset, the Cerro Matoso mine in Colombia, marking the end of a strategic review of the operation. After months of signalling structural shifts in the nickel market, the company has decided to exit nickel altogether, with the CEO Graham Kerr calling it a necessary step to streamline South32’s portfolio toward “higher-margin businesses in minerals and metals critical to the energy transition.”",{"type":594,"attrs":33970,"content":33971},{"textAlign":49},[33972],{"text":33973,"type":599},"The buyer, CoreX Holding, backed by Robert Y. Yildirim (CEO of Turkey’s Yildirim Group), will pay up to $100 million for the mine, with final consideration contingent on future production, nickel prices, and legal conditions.",{"type":594,"attrs":33975,"content":33976},{"textAlign":49},[33977],{"text":33978,"type":599},"The sale may seem surprising:",{"type":594,"attrs":33980,"content":33981},{"textAlign":49},[33982],{"type":1186,"attrs":33983},{"id":49,"alt":547,"src":33984,"title":49,"source":49,"copyright":49,"meta_data":33985},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcmju9HMzZdC7XB9wUQi3C-E0bQDv4xpnxNP42Djklye97irg7jQLGxqKeBwXnheMWYH0tx5XgTWSZzD0ybdx6OrtCofEMV4lMH1GzzQleGyTjCxIN5PPvWV8WFE8uvskdBDvrUhA?key=EHD5CDhOUreNxor7HvWqsg",{},{"type":594,"attrs":33987,"content":33988},{"textAlign":49},[33989],{"text":33990,"type":599},"However, Cerro Matoso has faced challenges. South32 reported a realised nickel price of $13,426/t for the nine months ending March 2025, representing a 16% discount (-$2,500/t) to the LME benchmark, suggesting margins are under pressure and could turn negative if costs are not controlled. Meanwhile, a sustained dispute with the Colombian government over tax and royalty payments has added regulatory uncertainty since at least 2019.",{"type":594,"attrs":33992,"content":33993},{"textAlign":49},[33994],{"text":33995,"type":599},"For Yildirim, the acquisition signals a bold long-term bet. As global nickel prices remain under pressure, this move reflects a strategy of vertical integration and supply diversification, offering buyers in Europe and the US an alternative to China-linked supply chains.",{"type":594,"attrs":33997,"content":33998},{"textAlign":49},[33999],{"text":34000,"type":599},"Following Anglo’s divestment of its Brazilian ferronickel assets to China’s MMG, the Cerro Matoso sale marks another step in a rising wave of M&A, as strategic players reposition in a nickel market facing long-term structural shifts.",{"type":594,"attrs":34002,"content":34003},{"textAlign":49},[34004],{"text":34005,"type":599,"marks":34006},"For the first time, subscribers to the Benchmark Nickel Forecast have access to the full 2025 nickel cost curve — giving asset-level visibility into margins, cost floors, and price risk in an oversupplied market.",[34007],{"type":643},{"type":594,"attrs":34009,"content":34010},{"textAlign":49},[34011],{"text":34012,"type":599,"marks":34013},"Reach out to find out more.",[34014,34017],{"type":604,"attrs":34015},{"href":34016,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts",{"type":643},"South32 has entered a binding agreement to divest its only nickel asset, the Cerro Matoso mine in Colombia, marking the end of a strategic review of the operation. After months of signalling structural shifts in the nickel market, the company has decided to exit nickel altogether, with the CEO Graham Kerr calling it a necessary […]",[34020],{"slug":544,"name":543,"content":34021},{"job_title":557,"image":34022,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0c483654-5d46-4316-93d0-10a73608a078\", \"id\": \"\"}-->",[34025,34026],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":34028,"copyright":547,"fieldtype":553,"meta_data":34029,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bff6aa10cd/bm-mining.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 07, 2025",{"id":34032,"uuid":34033,"name":34034,"slug":34035,"full_slug":34036,"content":34037},112467495348710,"54edd9fc-32f9-4d0d-a708-620c1819df11","Pet coke prices rise in June as production wanes","pet-coke-prices-rise-in-june-as-production-wanes","article/pet-coke-prices-rise-in-june-as-production-wanes",{"_uid":34038,"date":33950,"tags":34039,"editor":34043,"content":34047,"excerpt":34160,"featured":51,"reporter":34161,"_editable":34165,"component":864,"seo_title":34034,"categories":34166,"visibility":882,"author_company":49,"data_vis_image":34170,"featured_image":34173,"seo_description":34160,"author_full_name":49,"author_job_title":49,"formattedDate":34030},"380efb44-70f3-4924-8a0a-d2311acdf1f3",[34040,34041,34042],{"slug":578,"name":579},{"slug":7332,"name":7333},{"slug":2507,"name":15902},[34044],{"slug":544,"name":543,"content":34045},{"job_title":557,"image":34046,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":34048},[34049,34076,34089,34097,34102,34107,34115,34120,34125,34130,34135,34148],{"type":594,"attrs":34050,"content":34051},{"textAlign":49},[34052,34054,34059,34061,34067,34069,34075],{"text":34053,"type":599},"Improved demand from battery synthetic graphite anode producers and low inventories at the supply level saw ",{"text":15265,"type":599,"marks":34055},[34056],{"type":604,"attrs":34057},{"href":34058,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/publications/briefings/raw-material-prices/raw-material-prices-03-07-2025",{"text":34060,"type":599}," of ",{"text":34062,"type":599,"marks":34063},"petroleum-based coke",[34064],{"type":604,"attrs":34065},{"href":34066,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/non-needle-pet-coke-prices-rally-amid-chinese-new-year-restocking",{"text":34068,"type":599}," (pet coke) rise 3% this month following a 16% price drop last month, as ",{"text":34070,"type":599,"marks":34071},"assessed by Benchmark",[34072],{"type":604,"attrs":34073},{"href":34074,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/synthetic-graphite/data-reports/price-assessments",{"text":974,"type":599},{"type":594,"attrs":34077,"content":34078},{"textAlign":49},[34079,34081,34087],{"text":34080,"type":599},"A growing preference from anode producers to purchase pet coke over ",{"text":34082,"type":599,"marks":34083},"the more expensive needle pet coke",[34084],{"type":604,"attrs":34085},{"href":34086,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/pet-coke-prices-rise-as-anode-players-seek-cheaper-feedstock",{"text":34088,"type":599}," also contributed to the price increase.",{"type":627,"attrs":34090},{"id":34091,"body":34092},"eb77f0ef-4f51-45ef-ac88-e42e65ad43ff",[34093],{"id":34094,"_uid":34095,"type":634,"_editable":34096,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24089164","i-b0b25bbd-19a7-45cd-8c31-376d6c9f6537","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b0b25bbd-19a7-45cd-8c31-376d6c9f6537\", \"id\": \"\"}-->",{"type":657,"attrs":34098,"content":34099},{"level":15966,"textAlign":49},[34100],{"text":34101,"type":599},"What are the supply and demand trends for pet coke?",{"type":594,"attrs":34103,"content":34104},{"textAlign":49},[34105],{"text":34106,"type":599},"Although imports of pet coke into China have increased year-on-year, the total availability of materials has decreased due to a reduction in pet coke production.",{"type":627,"attrs":34108},{"id":34109,"body":34110},"f8ba989d-d87d-4fdb-9818-cb4ae11286e3",[34111],{"id":34112,"_uid":34113,"type":634,"_editable":34114,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24120021","i-790e9856-2882-4f1d-ad31-3ec84a1dad20","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-790e9856-2882-4f1d-ad31-3ec84a1dad20\", \"id\": \"\"}-->",{"type":594,"attrs":34116,"content":34117},{"textAlign":49},[34118],{"text":34119,"type":599},"Benchmark analysis shows that Chinese pet coke production has decreased for two reasons:",{"type":594,"attrs":34121,"content":34122},{"textAlign":49},[34123],{"text":34124,"type":599},"Benchmark anticipates that production will continue to decrease further in the second half of 2025.",{"type":594,"attrs":34126,"content":34127},{"textAlign":49},[34128],{"text":34129,"type":599},"On the demand side, the market activity has been moderate, with stable demand from the steel and graphite electrode markets. However, market sentiment shows strong demand from anode producers to secure cheaper materials, therefore, demand for pet coke in 2025 is expected to be positive.",{"type":657,"attrs":34131,"content":34132},{"level":15966,"textAlign":49},[34133],{"text":34134,"type":599},"What are the trends for needle pet coke?",{"type":594,"attrs":34136,"content":34137},{"textAlign":49},[34138,34140,34146],{"text":34139,"type":599},"Prices for ",{"text":34141,"type":599,"marks":34142},"needle coke",[34143],{"type":604,"attrs":34144},{"href":34145,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ex-china-needle-coke-shortage-could-hold-back-anode-buildout",{"text":34147,"type":599}," stayed unchanged under bearish demand from anode producers and steady demand from the steel and electrode markets expected throughout the second half of 2025.",{"type":594,"attrs":34149,"content":34150},{"textAlign":49},[34151,34153,34159],{"text":34152,"type":599},"On the supply side, needle coke producers fulfilled their orders without procuring extra materials, as large inventories were available. Nonetheless, needle coke producers were not willing to lower prices as they produce materials at or near a loss.From January to April 2025, needle coke output increased by up to 70% y-o-y, and is forecast to increase further throughout 2025. Coupled with growing inventories at supply levels, the total supply is expected to stay in overcapacity, according to the ",{"text":34154,"type":599,"marks":34155},"Benchmark Synthetic Graphite Forecast",[34156],{"type":604,"attrs":34157},{"href":34158,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/synthetic-graphite/data-reports/forecasts",{"text":974,"type":599},"Improved demand from battery synthetic graphite anode producers and low inventories at the supply level saw prices of petroleum-based coke (pet coke) rise 3% this month following a 16% price drop last month, as assessed by Benchmark. A growing preference from anode producers to purchase pet coke over the more expensive needle pet coke also […]",[34162],{"slug":544,"name":543,"content":34163},{"job_title":557,"image":34164,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"380efb44-70f3-4924-8a0a-d2311acdf1f3\", \"id\": \"\"}-->",[34167,34168,34169],{"slug":2497,"name":261},{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":34171,"copyright":547,"fieldtype":553,"meta_data":34172,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1751901901/www-production/Pet-coke-production-and-imports@2x-2/Pet-coke-production-and-imports@2x-2.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":34174,"copyright":547,"fieldtype":553,"meta_data":34175,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/928285ffbc/bm-hedging-prices.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":34177,"uuid":34178,"name":34179,"slug":34180,"full_slug":34181,"content":34182},112467509623773,"dc5d76f8-0f1e-4333-a82b-3d3652aeb916","Lithium market faces upstream strain, despite chemical oversupply","lithium-market-faces-upstream-strain-despite-chemical-oversupply","article/lithium-market-faces-upstream-strain-despite-chemical-oversupply",{"_uid":34183,"date":34184,"tags":34185,"editor":34188,"content":34192,"excerpt":34268,"featured":51,"reporter":34269,"_editable":34273,"component":864,"seo_title":34179,"categories":34274,"visibility":882,"author_company":49,"featured_image":34276,"seo_description":34268,"author_full_name":49,"author_job_title":49,"formattedDate":34279},"e00f4df0-bd33-4f65-a716-dd7e82932e5c","2025-07-03 00:00",[34186,34187],{"slug":6567,"name":2038},{"slug":6606,"name":12530},[34189],{"slug":544,"name":543,"content":34190},{"job_title":557,"image":34191,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":34193},[34194,34205,34210,34215,34220,34225,34230,34235,34240,34245,34253,34258,34263],{"type":594,"attrs":34195,"content":34196},{"textAlign":49},[34197,34199,34204],{"text":34198,"type":599},"The lithium supply chain is experiencing structural dislocations, as concentrate (spodumene and mica) supply faces a shortfall of 60kt LCE this year, despite a 70kt LCE surplus in the broader chemical market, according to the latest edition of the ",{"text":34200,"type":599,"marks":34201},"Benchmark Lithium Forecast",[34202],{"type":604,"attrs":34203},{"href":34016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":34206,"content":34207},{"textAlign":49},[34208],{"text":34209,"type":599},"Concentrate demand is projected to grow 34% year-on-year, owing to the expansion of chemical conversion capacity—particularly in China. It is important to note that Benchmark calculates concentrate demand based on capacity multiplied by optimal utilisation rates, a standard approach in metal market analysis.",{"type":594,"attrs":34211,"content":34212},{"textAlign":49},[34213],{"text":34214,"type":599},"However, rising demand has not prevented a sharp decline in spodumene prices, as chemical oversupply continues to exert downward pressure on prices further upstream. Oversupply in the chemical market is being underpinned by increased output from South American brine operations and gains from recycling.",{"type":594,"attrs":34216,"content":34217},{"textAlign":49},[34218],{"text":34219,"type":599},"Benchmark assessed spodumene concentrate prices (FOB Australia) to fall from $826/tonne to $590/tonne over the course of Q2. However, the spodumene-to-carbonate price ratio averaged 8.5% through H1 2025, ranging from 10% to 7.5% over the second quarter. This is broadly in line with 2024’s average of 7.5% and reflects ongoing tightness in feedstock supply despite weaker market sentiment.",{"type":594,"attrs":34221,"content":34222},{"textAlign":49},[34223],{"text":34224,"type":599},"This disconnect is creating pressure throughout the supply chain, squeezing converter margins, lowering utilisation rates, and causing several mines in Africa and Australia to operate at a loss.",{"type":657,"attrs":34226,"content":34227},{"level":15966,"textAlign":49},[34228],{"text":34229,"type":599},"Could more mines go offline?",{"type":594,"attrs":34231,"content":34232},{"textAlign":49},[34233],{"text":34234,"type":599},"Despite tightness in the concentrate market, most miners are operating at a loss in the current price environment. This raises the risk of mine curtailments or project delays in the second half of 2025.",{"type":594,"attrs":34236,"content":34237},{"textAlign":49},[34238],{"text":34239,"type":599},"At current price levels (~$600/tonne), Benchmark estimates nearly 60% of Australian production to be loss-making on an all-in sustaining costs (AISC) basis. ",{"type":594,"attrs":34241,"content":34242},{"textAlign":49},[34243],{"text":34244,"type":599},"Benchmark’s scenario analysis suggests the loss of 1–2 mines (~50kt LCE in 2025) could tighten the chemical market in 2025, lifting prices sharply (as seen each time a mine closes, regardless of the balance). In this scenario, the market could fall into a deficit by 2026. ",{"type":627,"attrs":34246},{"id":34247,"body":34248},"92c699ab-96ed-4b7f-88f2-d1244beef638",[34249],{"id":34250,"_uid":34251,"type":634,"_editable":34252,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24047557","i-7075690f-9445-4f2c-a2ce-e54274a15f15","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7075690f-9445-4f2c-a2ce-e54274a15f15\", \"id\": \"\"}-->",{"type":594,"attrs":34254,"content":34255},{"textAlign":49},[34256],{"text":34257,"type":599},"However, there is little guarantee that higher prices can be sustained in the medium term. Benchmark notes there is over 170Kt LCE of latent capacity at mines on care and maintenance. Price rebounds would be limited by the prospect of this idled capacity returning to market. ",{"type":594,"attrs":34259,"content":34260},{"textAlign":49},[34261],{"text":34262,"type":599},"Moreover, while many mines across Africa and Australia are losing money, there are reasons for them to stay online. In Africa, factors such as use-it-or-lose-it, vertical integration and cost absorption, confidence in future demand increases, and the belief from Chinese companies that low-price cycles are a good time to invest and expand, are among the key reasons behind continued mine development despite the current low price environment.",{"type":594,"attrs":34264,"content":34265},{"textAlign":49},[34266],{"text":34267,"type":599},"This is in direct contrast to the Australian perspective, where cost-cutting and downsizing is underway. Australian producers are playing a waiting game – each trying not to be the next closure – watching each other’s balance sheets closely and strategically considering their M&A options.","The lithium supply chain is experiencing structural dislocations, as concentrate (spodumene and mica) supply faces a shortfall of 60kt LCE this year, despite a 70kt LCE surplus in the broader chemical market, according to the latest edition of the Benchmark Lithium Forecast. Concentrate demand is projected to grow 34% year-on-year, owing to the expansion of […]",[34270],{"slug":544,"name":543,"content":34271},{"job_title":557,"image":34272,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e00f4df0-bd33-4f65-a716-dd7e82932e5c\", \"id\": \"\"}-->",[34275],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":34277,"copyright":547,"fieldtype":553,"meta_data":34278,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2926bc2f9e/bm-spodumene5-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 03, 2025",{"id":34281,"uuid":34282,"name":34283,"slug":34284,"full_slug":34285,"content":34286},112467518315686,"c93a7c91-0433-4c77-a3a6-37377b56dd0c","Benchmark Launches New Technology Service","benchmark-launches-new-technology-service","article/benchmark-launches-new-technology-service",{"_uid":34287,"date":34288,"tags":34289,"editor":34294,"content":34298,"excerpt":34391,"featured":51,"reporter":34392,"component":864,"seo_title":34283,"categories":34396,"visibility":2091,"author_company":49,"featured_image":34400,"seo_description":34391,"author_full_name":49,"author_job_title":49,"formattedDate":34403},"bcdc139d-7cae-4409-93da-435413497d03","2025-07-02 00:00",[34290,34291,34292,34293],{"slug":9655,"name":9656},{"slug":11313,"name":11314},{"slug":21502,"name":21503},{"slug":20649,"name":20650},[34295],{"slug":544,"name":543,"content":34296},{"job_title":557,"image":34297,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":34299},[34300,34314,34326,34331,34350,34359,34364,34369,34374,34381],{"type":594,"attrs":34301,"content":34302},{"textAlign":49},[34303,34304,34306,34312],{"text":9653,"type":599},{"text":34305,"type":599}," is pleased to announce the launch of its ",{"text":34307,"type":599,"marks":34308},"New Technology Service",[34309],{"type":604,"attrs":34310},{"href":34311,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://www.benchmarkminerals.com/new-technology",{"text":34313,"type":599},", a comprehensive quarterly report designed to serve stakeholders across the energy transition supply and value chain. ",{"type":594,"attrs":34315,"content":34316},{"textAlign":49},[34317,34319,34324],{"text":34318,"type":599},"The service is tailored to meet the needs of active ",{"text":34320,"type":599,"marks":34321},"supply chain participants",[34322],{"type":604,"attrs":34323},{"href":16131,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":34325,"type":599}," assessing disruptive technology risks and opportunities, OEMs and system integrators evaluating technology readiness levels (TRLs), and financial institutions seeking early-stage investment opportunities.",{"type":594,"attrs":34327,"content":34328},{"textAlign":49},[34329],{"text":34330,"type":599},"At the core of the service is a global database tracking the capacity expansion plans of 205 companies aiming to commercialise one or more next-generation battery technologies, including:",{"type":594,"attrs":34332,"content":34333},{"textAlign":49},[34334,34336,34340,34342,34344,34348],{"text":34335,"type":599},"This database is supported by an advanced ",{"text":21418,"type":599,"marks":34337},[34338],{"type":604,"attrs":34339},{"href":11600,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":34341,"type":599}," cost calculator",{"text":34343,"type":599},", equipped with transparent CapEx and OpEx assumptions. The tool allows subscribers to model traditional ",{"text":878,"type":599,"marks":34345},[34346],{"type":604,"attrs":34347},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":34349,"type":599},"-ion cells and evaluate the cost impact of integrating silicon anodes, solid electrolytes, and several sodium-ion cathodes.",{"type":594,"attrs":34351,"content":34352},{"textAlign":49},[34353,34355,34357],{"text":34354,"type":599},"Understanding and evaluating the pace and impact of emerging technologies is a continuous challenge. The ",{"text":34356,"type":599},"New Technology Report",{"text":34358,"type":599}," addresses this with deep-dive analysis on three disruptive trends each quarter, applying a data-driven methodology to assess technical progress and forecast potential market impact.",{"type":594,"attrs":34360,"content":34361},{"textAlign":49},[34362],{"text":34363,"type":599},"In the inaugural edition, the report features:",{"type":594,"attrs":34365,"content":34366},{"textAlign":49},[34367],{"text":34368,"type":599},"Benchmark’s New Technology Service is designed to be the industry’s go-to resource for understanding complex and evolving battery technology trends. Subscribers also gain direct access to the analyst team, offering real-time insights into breaking news and developments across nascent sectors.",{"type":594,"attrs":34370,"content":34371},{"textAlign":49},[34372],{"text":34373,"type":599},"“The launch of this service allows Benchmark to share the in-house expertise we’ve developed over the past four years tracking the evolution of emerging battery technologies. Innovation is accelerating, and as commercial momentum builds, it’s critical to maintain an objective, data-driven perspective to distinguish genuine technological progress from market hype,” said Rory McNulty, Product Director (New Technology).",{"type":594,"attrs":34375,"content":34376},{"textAlign":49},[34377],{"text":34378,"type":599,"marks":34379},"Submit your details below to request more information about Benchmark’s New Technology Service, and how this launch enables industry stakeholders to monitor global disruptors and breakthroughs in battery innovation.",[34380],{"type":643},{"type":627,"attrs":34382},{"id":34383,"body":34384},"e9e5c847-d46a-41e0-b958-212011f1aecd",[34385],{"id":835,"_uid":34386,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":34387,"success_file":34388,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":34390},"i-32ec4337-59a7-46ca-ac73-66840dbad469",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":34389},{},[],"Benchmark is pleased to announce the launch of its New Technology Service, a comprehensive quarterly report designed to serve stakeholders across the energy transition supply and value chain. The service is tailored to meet the needs of active supply chain participants assessing disruptive technology risks and opportunities, OEMs and system integrators evaluating technology readiness levels […]",[34393],{"slug":544,"name":543,"content":34394},{"job_title":557,"image":34395,"bio":548,"linkedin":555},{"filename":552},[34397,34398,34399],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":21579,"name":21580},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":34401,"copyright":547,"fieldtype":553,"meta_data":34402,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2d66d3e12c/bm-adobestock-776521047.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 02, 2025",{"id":34405,"uuid":34406,"name":34407,"slug":34408,"full_slug":34409,"content":34410},112467523333387,"735f1722-b3ae-40fb-ae44-69e043c7f3ec","More than 20% of nickel supply loss-making at current prices, Benchmark analysis shows","more-than-20-of-nickel-supply-loss-making-at-current-prices-benchmark-analysis-shows","article/more-than-20-of-nickel-supply-loss-making-at-current-prices-benchmark-analysis-shows",{"_uid":34411,"date":34412,"tags":34413,"editor":34415,"content":34419,"excerpt":34509,"featured":51,"reporter":34510,"_editable":34514,"component":864,"seo_title":34407,"categories":34515,"visibility":2091,"author_company":49,"featured_image":34518,"seo_description":34509,"author_full_name":49,"author_job_title":49,"formattedDate":34521},"f4d5a5e4-116d-432c-b487-8272cdfbc22c","2025-06-30 00:00",[34414],{"slug":7997,"name":7998},[34416],{"slug":544,"name":543,"content":34417},{"job_title":557,"image":34418,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":34420},[34421,34433,34438,34445,34450,34455,34467,34472,34477,34482,34488,34495,34506],{"type":594,"attrs":34422,"content":34423},{"textAlign":49},[34424,34426,34431],{"text":34425,"type":599},"More than one-fifth of the nickel industry is cash negative at current prices, ",{"text":34427,"type":599,"marks":34428},"Benchmark’s newly released nickel cost model illustrates.",[34429],{"type":604,"attrs":34430},{"href":32007,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":34432,"type":599}," While price volatility has been relatively muted year-to-date in 2025, with nickel prices trading mostly between $15,000-15,500/tonne – they are down over 10% compared to the same period a year ago. ",{"type":594,"attrs":34434,"content":34435},{"textAlign":49},[34436],{"text":34437,"type":599},"The analysis shows that Indonesian high pressure acid leach (HPAL) plants comprise some of the industry’s lowest C1 cash costs (averaging ~$9,800/tonne in 2025) and continue to generate healthy margins – supported by-product sales, such as cobalt, that have cemented their position in the first quartile of the cost curve. ",{"type":594,"attrs":34439,"content":34440},{"textAlign":49},[34441],{"type":1186,"attrs":34442},{"id":49,"alt":547,"src":34443,"title":49,"source":49,"copyright":49,"meta_data":34444},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXc_tFFtZp_Pf0Wu3WLE53j7_ZL6zL_hpvIi_MK6HEygjQoL0fgzZmYGCeMWjsmUP3iJxZlM-5JrQXGg_nee-erhj1Fu9OdXsmY1_FxV6bvGlk-duEcXR_ZgKvsio6Yo8a-k8E4E?key=b3fcvfvgoMnai9acuhtQJA",{},{"type":594,"attrs":34446,"content":34447},{"textAlign":49},[34448],{"text":34449,"type":599},"But margins are being squeezed at the other end of the cost curve: non-integrated Indonesian smelters, Chinese nickel pig iron (NPI) producers, and older ferronickel operations are amongst the industry’s highest cash costs, with many loss-making in the current price environment.",{"type":657,"attrs":34451,"content":34452},{"level":15966,"textAlign":49},[34453],{"text":34454,"type":599},"Is Indonesia’s nickel industry under pressure?",{"type":594,"attrs":34456,"content":34457},{"textAlign":49},[34458,34460,34465],{"text":34459,"type":599},"Indonesia’s low operating costs and integrated supply chains has helped its nickel industry maintain a competitive edge, as higher cost operations in ",{"text":2038,"type":599,"marks":34461},[34462],{"type":604,"attrs":34463},{"href":34464,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/bhp-nickel-west-closure-deals-blow-to-australias-nickel-industry",{"text":34466,"type":599}," and other major nickel-producing regions have been squeezed out of the market by structural oversupply and falling prices in recent years.",{"type":594,"attrs":34468,"content":34469},{"textAlign":49},[34470],{"text":34471,"type":599},"But an emerging set of challenges threaten to erode some of these competitive advantages – including rising royalties, tighter RKAB (mining) quotas, ore grade declines, and resource depletion; factors which could significantly reshape the industry’s cost curve in the coming years.",{"type":594,"attrs":34473,"content":34474},{"textAlign":49},[34475],{"text":34476,"type":599},"Moreover, rising global inventories and macroeconomic headwinds could exert further downward pressure on prices in the second half of 2025 – squeezing the margins of producers on the right hand side of the cost curve even further.",{"type":594,"attrs":34478,"content":34479},{"textAlign":49},[34480],{"text":34481,"type":599},"From a cost-support perspective, Benchmark’s analysis indicates that a prolonged period below $15,000/tonne could prompt meaningful supply cuts – suggesting prices may not have much further room to fall.",{"type":594,"attrs":34483,"content":34484},{"textAlign":49},[34485],{"text":34005,"type":599,"marks":34486},[34487],{"type":643},{"type":594,"attrs":34489,"content":34490},{"textAlign":49},[34491],{"text":34492,"type":599,"marks":34493},"Submit your details below to request more information or a free demonstration:",[34494],{"type":643},{"type":627,"attrs":34496},{"id":34497,"body":34498},"e2e026f6-79af-44cc-954b-93aaff74fef5",[34499],{"id":835,"_uid":34500,"_editable":34501,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":34502,"success_file":34503,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":34505},"i-b04c782a-b757-45f4-b6dd-337a1f4483fc","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-b04c782a-b757-45f4-b6dd-337a1f4483fc\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":34504},{},[],{"type":594,"attrs":34507,"content":34508},{"textAlign":49},[],"More than one-fifth of the nickel industry is cash negative at current prices, Benchmark’s newly released nickel cost model illustrates. While price volatility has been relatively muted year-to-date in 2025, with nickel prices trading mostly between $15,000-15,500/tonne – they are down over 10% compared to the same period a year ago. The analysis shows that Indonesian […]",[34511],{"slug":544,"name":543,"content":34512},{"job_title":557,"image":34513,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f4d5a5e4-116d-432c-b487-8272cdfbc22c\", \"id\": \"\"}-->",[34516,34517],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":34519,"copyright":547,"fieldtype":553,"meta_data":34520,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b7427d063a/bm-nickel-indonesia-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 30, 2025",{"id":34523,"uuid":34524,"name":34525,"slug":34526,"full_slug":34527,"content":34528},112467528629516,"ab3a8846-4f77-41da-83fc-1ed5d0196ec8","Power bank recalls on the rise, what does this mean for the recycling industry?","power-bank-recalls-on-the-rise-what-does-this-mean-for-the-recycling-industry","article/power-bank-recalls-on-the-rise-what-does-this-mean-for-the-recycling-industry",{"_uid":34529,"date":34530,"tags":34531,"editor":34534,"content":34538,"excerpt":34619,"featured":51,"reporter":34620,"_editable":34624,"component":864,"seo_title":34525,"categories":34625,"visibility":882,"author_company":49,"featured_image":34628,"seo_description":34619,"author_full_name":49,"author_job_title":49,"formattedDate":34631},"f9cbff61-599d-4770-a49b-969b7bf95cf7","2025-06-26 00:00",[34532,34533],{"slug":913,"name":914},{"slug":26773,"name":13365},[34535],{"slug":544,"name":543,"content":34536},{"job_title":557,"image":34537,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":34539},[34540,34545,34550,34555,34563,34568,34573,34586,34594,34599,34612],{"type":594,"attrs":34541,"content":34542},{"textAlign":49},[34543],{"text":34544,"type":599},"Throughout June over two million power banks have been recalled worldwide after major cell supplier Amprius had its 3C (China Compulsory Certification) certification suspended by China’s “National Certification and Accreditation Administration”. The reason for the suspension remains undisclosed but the recalls cite risks of fire and burn hazards. With over two million power banks already recalled across China and the US, more are expected as other companies used the same cells.",{"type":657,"attrs":34546,"content":34547},{"level":15966,"textAlign":49},[34548],{"text":34549,"type":599},"Who is recalling power banks?",{"type":594,"attrs":34551,"content":34552},{"textAlign":49},[34553],{"text":34554,"type":599},"Romoss has recalled over 490,000 power banks in China, while Anker Innovations has recalled over 710,000 units in China and 1.16 million units in the US. Other brands that use the same Amprius cells and are yet to recall devices include Xiaomi, Ugreen, Baseus, and Aukley, meaning the number devices recalled may continue to increase. While power bank recalls are not rare, this is one of the largest recalls seen in recently.",{"type":627,"attrs":34556},{"id":34557,"body":34558},"25aaebe7-b260-4aa7-8fd6-06fbf2b13516",[34559],{"id":34560,"_uid":34561,"type":634,"_editable":34562,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23957450","i-a05d37dc-17d0-49bf-a1f0-5ba5bbec5ab0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a05d37dc-17d0-49bf-a1f0-5ba5bbec5ab0\", \"id\": \"\"}-->",{"type":657,"attrs":34564,"content":34565},{"level":15966,"textAlign":49},[34566],{"text":34567,"type":599},"Where do these power banks end up?",{"type":594,"attrs":34569,"content":34570},{"textAlign":49},[34571],{"text":34572,"type":599},"Once recalled these power banks will most likely be sent for recycling. The cathode chemistry of power banks include LCO, LMO, and NCM, meaning there is strong potential for material recovery in the recycling market. In recent years, portables, such as power banks, have been a key feedstock for the recycling industry. However, this varies considerably across regions.",{"type":594,"attrs":34574,"content":34575},{"textAlign":49},[34576,34578,34584],{"text":34577,"type":599},"According to ",{"text":34579,"type":599,"marks":34580},"Benchmark’s Battery Recycling Forecast",[34581],{"type":604,"attrs":34582},{"href":34583,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/recycling/data-reports/forecasts",{"text":34585,"type":599},", in 2024 portables accounted for under 1% of available EoL batteries and production scrap available for recycling in China, while in North America the comparative figure increased to 30% and 37% in Europe. This is largely due to higher collection rates in Europe and North America, whereas China has limited end-of-life portable collection, as it is not mandated by legislation.",{"type":627,"attrs":34587},{"id":34588,"body":34589},"f01cf815-2538-4b59-a6da-a8d2c7d0a7fb",[34590],{"id":34591,"_uid":34592,"type":634,"_editable":34593,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23955577","i-3eb6b5b1-7e6d-40df-8563-345c811053d5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-3eb6b5b1-7e6d-40df-8563-345c811053d5\", \"id\": \"\"}-->",{"type":657,"attrs":34595,"content":34596},{"level":15966,"textAlign":49},[34597],{"text":34598,"type":599},"The rise of power banks",{"type":594,"attrs":34600,"content":34601},{"textAlign":49},[34602,34604,34610],{"text":34603,"type":599},"As smartphone, tablet, and wearable technology usage increases, portable power banks have become key at allowing consumers to charge while away from the grid. According to ",{"text":34605,"type":599,"marks":34606},"Rho Motion’s Portables Battery Forecast",[34607],{"type":604,"attrs":34608},{"href":34609,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/research/portables-battery-forecast/",{"text":34611,"type":599}," unit sales of mobile phones and wearables market will increase over 16% from 2025 to 2030, underlying the increasing need for power banks.",{"type":594,"attrs":34613,"content":34614},{"textAlign":49},[34615],{"text":34616,"type":599,"marks":34617},"Image Credit: United States Consumer Product Safety Commission",[34618],{"type":643},"Throughout June over two million power banks have been recalled worldwide after major cell supplier Amprius had its 3C (China Compulsory Certification) certification suspended by China’s “National Certification and Accreditation Administration”. The reason for the suspension remains undisclosed but the recalls cite risks of fire and burn hazards. With over two million power banks already […]",[34621],{"slug":544,"name":543,"content":34622},{"job_title":557,"image":34623,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f9cbff61-599d-4770-a49b-969b7bf95cf7\", \"id\": \"\"}-->",[34626,34627],{"slug":2499,"name":2500},{"slug":5744,"name":5741},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":34629,"copyright":547,"fieldtype":553,"meta_data":34630,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/65017cf80a/bm-anker-power-bank.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 26, 2025",{"id":34633,"uuid":2554,"name":34634,"slug":34635,"full_slug":34636,"content":34637},112467538226446,"South Africa formally launches critical minerals strategy","south-africa-formally-launches-critical-minerals-strategy","article/south-africa-formally-launches-critical-minerals-strategy",{"_uid":34638,"date":34639,"tags":34640,"editor":34643,"content":34647,"excerpt":34789,"featured":51,"reporter":34790,"_editable":34794,"component":864,"seo_title":34634,"categories":34795,"visibility":882,"author_company":49,"featured_image":34806,"seo_description":34789,"author_full_name":49,"author_job_title":49,"formattedDate":34809},"7cd96d8b-13a9-4881-b016-165d6e574557","2025-06-25 00:00",[34641,34642],{"slug":584,"name":585},{"slug":2531,"name":2532},[34644],{"slug":544,"name":543,"content":34645},{"job_title":557,"image":34646,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":34648},[34649,34676,34688,34696,34701,34706,34711,34731,34736,34741,34746,34751,34756,34761,34766,34782],{"type":594,"attrs":34650,"content":34651},{"textAlign":49},[34652,34654,34659,34660,34664,34665,34670,34671,34675],{"text":34653,"type":599},"South Africa has identified 21 minerals as critical, including ",{"text":2761,"type":599,"marks":34655},[34656],{"type":604,"attrs":34657},{"href":34658,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/south-africa-to-remain-top-manganese-producer-with-more-than-one-third-of-supply-in-2024",{"text":3400,"type":599},{"text":14770,"type":599,"marks":34661},[34662],{"type":604,"attrs":34663},{"href":16860,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":869,"type":599,"marks":34666},[34667],{"type":604,"attrs":34668},{"href":34669,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/african-nations-seek-to-capture-greater-value-from-copper-resources",{"text":3411,"type":599},{"text":878,"type":599,"marks":34672},[34673],{"type":604,"attrs":34674},{"href":26495,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":34677,"content":34678},{"textAlign":49},[34679,34681,34686],{"text":34680,"type":599},"Maximising the potential value of the country’s resources of these minerals is the primary aim of ",{"text":2549,"type":599,"marks":34682},[34683],{"type":604,"attrs":34684},{"href":34685,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-battery-supply-chain-impacts-of-elections-in-south-africa-mexico-and-india",{"text":34687,"type":599}," Critical Minerals and Metals Strategy, the formal launch for which took place at the sidelines of the London Indaba event on 25 June 2025, with Benchmark Source in attendance.",{"type":627,"attrs":34689},{"id":34690,"body":34691},"ac5a6a56-aa75-4c52-a981-9684fc311b7f",[34692],{"id":34693,"_uid":34694,"type":634,"_editable":34695,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23938527","i-36b7f121-59e6-4749-9ba6-de6c261d2f5e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-36b7f121-59e6-4749-9ba6-de6c261d2f5e\", \"id\": \"\"}-->",{"type":657,"attrs":34697,"content":34698},{"level":15966,"textAlign":49},[34699],{"text":34700,"type":599},"Strategy targets beneficiation and processing",{"type":594,"attrs":34702,"content":34703},{"textAlign":49},[34704],{"text":34705,"type":599},"The South African government views increasing its local processing capacity as key to this strategy. Although the country has a strong mining sector, significant amounts of its mined mineral resources are currently exported. For example:",{"type":594,"attrs":34707,"content":34708},{"textAlign":49},[34709],{"text":34710,"type":599},"To support this development, special economic zones and beneficiation hubs will be established offering infrastructure support, technical assistance and streamlined regulations.",{"type":594,"attrs":34712,"content":34713},{"textAlign":49},[34714,34716,34722,34724,34729],{"text":34715,"type":599},"Several ",{"text":34717,"type":599,"marks":34718},"African countries",[34719],{"type":604,"attrs":34720},{"href":34721,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/zimbabwe-to-ban-lithium-concentrate-exports-from-2027",{"text":34723,"type":599}," have banned the export of ",{"text":34725,"type":599,"marks":34726},"unbeneficiated ore",[34727],{"type":604,"attrs":34728},{"href":26533,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":34730,"type":599}," in order to promote the development of value-add domestic processing. However, Ntokozo Nzimande, deputy director general at Africa’s Department of Mineral Resources and Energy, said that South Africa was not considering such a ban.",{"type":594,"attrs":34732,"content":34733},{"textAlign":49},[34734],{"text":34735,"type":599},"“If you place a ban, you are suggesting that the problem is domestic supply,” Nzimande said. “And we know for a fact the problem is not the domestic supply, it’s other factors such as electricity and infrastructure integrity. So we’re looking at a basket of interventions besides bans.”",{"type":594,"attrs":34737,"content":34738},{"textAlign":49},[34739],{"text":34740,"type":599},"South Africa’s long running energy crisis has stymied progress towards building domestic processing capacity. This has led to escalating electricity prices and has required the shut down of several power hungry smelters across the country over the last few years.",{"type":594,"attrs":34742,"content":34743},{"textAlign":49},[34744],{"text":34745,"type":599},"Longer term, the strategy includes a plan to position South Africa as a regional hub for the battery industry, including critical mineral mining and processing, precursor material and cathode material production, battery recycling and, eventually, a lithium ion battery gigafactory.",{"type":657,"attrs":34747,"content":34748},{"level":15966,"textAlign":49},[34749],{"text":34750,"type":599},"Exploration investment needed to unlock assets",{"type":594,"attrs":34752,"content":34753},{"textAlign":49},[34754],{"text":34755,"type":599},"One of the other key pillars of the strategy is to increase the amount of geological mapping and exploration in the country. The strategy gives lithium, graphite, copper and rare earths as key targets for further exploration.",{"type":594,"attrs":34757,"content":34758},{"textAlign":49},[34759],{"text":34760,"type":599},"Partly this will be funded by South Africa’s Exploration Fund, which Phumzile Mgcina, Deputy Minister at South Africa’s Department of Minerals and Petroleum Resources, said would be expanded.",{"type":594,"attrs":34762,"content":34763},{"textAlign":49},[34764],{"text":34765,"type":599},"“We also want to attract more exploration investments to unlock our minerals,” Mgcina added.",{"type":594,"attrs":34767,"content":34768},{"textAlign":49},[34769,34773,34779],{"text":34770,"type":599,"marks":34771},"Benchmark is delighted to be bringing our globally renowned Giga conference series to Africa for the first time this September, selecting Morocco as our inaugural host country. ",[34772],{"type":643},{"text":34774,"type":599,"marks":34775},"Learn more and purchase your tickets for a reduced Early Bird rate",[34776,34778],{"type":604,"attrs":34777},{"href":29390,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":34780},[34781],{"type":643},{"type":594,"attrs":34783,"content":34784},{"textAlign":49},[34785],{"type":1186,"attrs":34786},{"id":49,"alt":547,"src":34787,"title":49,"source":49,"copyright":49,"meta_data":34788},"https://a.storyblok.com/f/287943243085208/bcb119f39a/bm-giga-africa.png",{},"South Africa has identified 21 minerals as critical, including manganese, rare earths, copper, and lithium. Maximising the potential value of the country’s resources of these minerals is the primary aim of South Africa’s Critical Minerals and Metals Strategy, the formal launch for which took place at the sidelines of the London Indaba event on 25 […]",[34791],{"slug":544,"name":543,"content":34792},{"job_title":557,"image":34793,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7cd96d8b-13a9-4881-b016-165d6e574557\", \"id\": \"\"}-->",[34796,34797,34798,34799,34800,34801,34802,34803,34804,34805],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":2331,"name":2332},{"slug":880,"name":881},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":34807,"copyright":547,"fieldtype":553,"meta_data":34808,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/555d27a944/bm-south-africa-london-indaba.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 25, 2025",{"id":34811,"uuid":34812,"name":34813,"slug":34814,"full_slug":34815,"content":34816},112467547634960,"d0c0aaa7-dfd5-412a-ae3b-6ea941582d3c","The DRC extends cobalt export ban — what’s next for the market?","the-drc-extends-cobalt-export-ban-whats-next-for-the-market","article/the-drc-extends-cobalt-export-ban-whats-next-for-the-market",{"_uid":34817,"date":34818,"tags":34819,"editor":34822,"content":34826,"excerpt":34911,"featured":51,"reporter":34912,"_editable":34916,"component":864,"seo_title":34813,"categories":34917,"visibility":2091,"author_company":49,"featured_image":34920,"seo_description":34911,"author_full_name":49,"author_job_title":49,"formattedDate":34922},"9cbdc6f1-b72a-4dd4-8bbe-8f48f8d5d710","2025-06-23 00:00",[34820,34821],{"slug":913,"name":914},{"slug":572,"name":573},[34823],{"slug":544,"name":543,"content":34824},{"job_title":557,"image":34825,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":34827},[34828,34833,34845,34850,34855,34862,34867,34872,34877,34882,34887,34892,34897,34904],{"type":594,"attrs":34829,"content":34830},{"textAlign":49},[34831],{"text":34832,"type":599},"The Democratic Republic of Congo (DRC) has extended its ban on cobalt exports for three months until September, as it seeks to rebalance a cobalt market that has been blighted by structural oversupply and stubbornly low prices in recent years, impacting a vital government revenue stream.",{"type":594,"attrs":34834,"content":34835},{"textAlign":49},[34836,34838,34843],{"text":34837,"type":599},"Following the announcement on 21 June, cobalt prices on China’s Wuxi exchange rose sharply (+10%) and Benchmark received reports that cobalt hydroxide offers  in the physical market exceeded $12/lb on 23 June (prices were ",{"text":34839,"type":599,"marks":34840},"assesed by Benchmark at $11.15/lb ",[34841],{"type":604,"attrs":34842},{"href":21905,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":34844,"type":599},"on 18 June).",{"type":594,"attrs":34846,"content":34847},{"textAlign":49},[34848],{"text":34849,"type":599},"However, actual transactions at this price level have failed to materialise, with major buyers in China still carrying reasonable inventories. Benchmark estimates ex-DRC cobalt stocks amounted to 8-10 months worth of consumption in Q2.",{"type":594,"attrs":34851,"content":34852},{"textAlign":49},[34853],{"text":34854,"type":599},"“There is something of a stalemate right now,” said Daniel Fletcher-Manuel, Director of Indexing and Derivatives at Benchmark. “There continues to be large inventories in China, leading to little urgency to buy. Smaller refiners, unable to sell their products, are reportedly cutting back on production. Without a real increase in demand, trading activity is expected to remain low in the near term.”",{"type":594,"attrs":34856,"content":34857},{"textAlign":49},[34858],{"type":1186,"attrs":34859},{"id":49,"alt":547,"src":34860,"title":49,"source":49,"copyright":49,"meta_data":34861},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdLSE_O87tguqDAZizPPKLOB3DwB3MbZBc3OkeFNXQUFlxURviaygi_ZW8yuiElVC7G45M0kHqtrIgpPdL9VxqttGMl7Pf8ZhD4jxJ8IhjLbqOsnc7wOqceO-1C5i0PIsFfipA1?key=nTz63t_k64hVa623v7qTxA",{},{"type":594,"attrs":34863,"content":34864},{"textAlign":49},[34865],{"text":34866,"type":599},"Although Benchmark anticipates the market to have somewhat priced-in the possibility of an extension, with rumors having circulated for several weeks—possibly curbing some upside potential in comparison to the price response seen following the initial ban announcement in February—the measures are set to fuel renewed price volatility in the second half of the year.",{"type":657,"attrs":34868,"content":34869},{"level":15966,"textAlign":49},[34870],{"text":34871,"type":599},"What are the longer term implications?",{"type":594,"attrs":34873,"content":34874},{"textAlign":49},[34875],{"text":34876,"type":599},"Following the conclusion of the ban’s initial four-month period, cobalt hydroxide prices are up 89% year-to-date, as reported by the Benchmark Cobalt Price Assessment",{"type":594,"attrs":34878,"content":34879},{"textAlign":49},[34880],{"text":34881,"type":599},"However, prices have begun to slide in recent weeks owing to there being sufficient inventory throughout the supply chain to satisfy what is relatively weak downstream demand, exacerbated by the ongoing shift—particularly in China—towards lithium iron phosphate (LFP) chemistries that do not contain cobalt.",{"type":594,"attrs":34883,"content":34884},{"textAlign":49},[34885],{"text":34886,"type":599},"Although there are sufficient inventories for now, additional curbs on cobalt exports (such as export quotas) remain a distinct possbility once the extension concludes in September, with the current state of play liable to change as ex-DRC stockpiles are steadily drawn down.",{"type":594,"attrs":34888,"content":34889},{"textAlign":49},[34890],{"text":34891,"type":599},"Indeed, Benchmark analysis suggests that ex-DRC hydroxide stocks could be physically low by the end of next year, with some market participants (particularly smaller refiners) likely to encounter difficulties well before this time. ",{"type":594,"attrs":34893,"content":34894},{"textAlign":49},[34895],{"text":34896,"type":599},"As such, while the market worries about short-term price volatility, the real supply crunch is likely to come in 2026.",{"type":594,"attrs":34898,"content":34899},{"textAlign":49},[34900],{"text":34901,"type":599,"marks":34902},"With critical minerals climbing to the top of the geopolitical agenda, evolving legislation and rising trade tensions make credible market intelligence essential for effective business strategy.",[34903],{"type":643},{"type":594,"attrs":34905,"content":34906},{"textAlign":49},[34907],{"text":34908,"type":599,"marks":34909},"Benchmark brings transparency to the opaque, complex market through our Cobalt Price Assessment, Forecast and Sustainability Report. Submit your details below to request more information.",[34910],{"type":643},"The Democratic Republic of Congo (DRC) has extended its ban on cobalt exports for three months until September, as it seeks to rebalance a cobalt market that has been blighted by structural oversupply and stubbornly low prices in recent years, impacting a vital government revenue stream. Following the announcement on 21 June, cobalt prices on […]",[34913],{"slug":544,"name":543,"content":34914},{"job_title":557,"image":34915,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9cbdc6f1-b72a-4dd4-8bbe-8f48f8d5d710\", \"id\": \"\"}-->",[34918,34919],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":889,"copyright":547,"fieldtype":553,"meta_data":34921,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jun 23, 2025",{"id":34924,"uuid":34925,"name":34926,"slug":34927,"full_slug":34928,"content":34929},112467566619924,"785a87bf-7d8c-4a4c-8614-3328c77fcf83","Senate softens tax bill in a positive turn for the US BESS industry","senate-softens-tax-bill-in-a-positive-turn-for-the-us-bess-industry","article/senate-softens-tax-bill-in-a-positive-turn-for-the-us-bess-industry",{"_uid":34930,"date":34931,"tags":34932,"editor":34937,"content":34941,"excerpt":35005,"featured":50,"reporter":35006,"_editable":35010,"component":864,"seo_title":34926,"categories":35011,"visibility":882,"author_company":49,"featured_image":35014,"seo_description":35005,"author_full_name":49,"author_job_title":49,"formattedDate":35017},"fbfa2f22-c369-41ee-b562-2c76c687067d","2025-06-18 00:00",[34933,34936],{"slug":34934,"name":34935},"ira","IRA",{"slug":4610,"name":662},[34938],{"slug":544,"name":543,"content":34939},{"job_title":557,"image":34940,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":34942},[34943,34948,34955,34960,34965,34970,34975,34980,34985,34990,34995,35000],{"type":594,"attrs":34944,"content":34945},{"textAlign":49},[34946],{"text":34947,"type":599},"Following the passing of the Republican “Big Beautiful Tax Bill” in the House, the Senate Finance Committee has released its rewrite of the Bill ahead of an upcoming vote. The rewrite includes a softening of the 48E investment tax credit (ITC) for BESS, retention of the 45X manufacturing credit and a different phase out of the 30D EV tax credit, as well as more flexible foreign entity rules. The alterations have been received positively especially by the BESS industry, but the US EV industry still faces challenges.",{"type":594,"attrs":34949,"content":34950},{"textAlign":49},[34951],{"type":1186,"attrs":34952},{"id":49,"alt":547,"src":34953,"title":49,"source":49,"copyright":49,"meta_data":34954},"https://a.storyblok.com/f/287943243085208/e0934ac3af/bm-screenshot-2025-06-18-160201-1344251b8fbb.png",{},{"type":657,"attrs":34956,"content":34957},{"level":15966,"textAlign":49},[34958],{"text":34959,"type":599},"What are the positives for the BESS and battery industry?   ",{"type":594,"attrs":34961,"content":34962},{"textAlign":49},[34963],{"text":34964,"type":599},"In the House version of the Bill, these credits could only be claimed if a BESS project began construction within 60 days of the Bill’s enactment and entered into operation before the end of 2028. The Senate’s rewrite proposes a phase down of the 48E ITC for BESS beginning in 2033.",{"type":594,"attrs":34966,"content":34967},{"textAlign":49},[34968],{"text":34969,"type":599},"The Senate proposes keeping the 45X credit in place for battery cell and module production in full through to 2029, before a gradual phase-down from 2030 to 2032. The House had proposed a faster and earlier phase out of the credits, with the full credit available to 2029 and a phase out ending in 2031.",{"type":594,"attrs":34971,"content":34972},{"textAlign":49},[34973],{"text":34974,"type":599},"Principal Geopolitics Analyst at Benchmark Bryan Bille commented “The draft Senate Committee’s proposal offers some relief for the battery energy storage industry, but overall, the IRA clean energy tax credits are still set to be rolled back heavily through this version.”",{"type":657,"attrs":34976,"content":34977},{"level":15966,"textAlign":49},[34978],{"text":34979,"type":599},"Foreign entity of concerns rules remain stringent but offer some flexibility",{"type":594,"attrs":34981,"content":34982},{"textAlign":49},[34983],{"text":34984,"type":599},"The Senate refines foreign entity restrictions by raising ownership thresholds from 10% to 25%. It also outlines meaning of “effective control” by a foreign entity as well as identifying IP and tooling arrangements with foreign entities. In the supply chain, the Senate proposes gradual sourcing requirements, starting with 40% from non-prohibited foreign entities content by 2026, increasing to 60% by 2030. This is more flexible rather than the House’s “all-or-nothing” ban.",{"type":657,"attrs":34986,"content":34987},{"level":15966,"textAlign":49},[34988],{"text":34989,"type":599},"The 30D EV tax credit phase out proposed to be accelerated",{"type":594,"attrs":34991,"content":34992},{"textAlign":49},[34993],{"text":34994,"type":599},"The USD7,500 30D tax credit would be phased out for vehicles acquired more than 180 days after the bill’s enactment while the USD4,000 used EV tax credit would be terminated after 90 days. This differs to the House’s proposal to phase it out at the end of 2025, and one year extension for EV makers that have sold under 200,000 units.",{"type":657,"attrs":34996,"content":34997},{"level":15966,"textAlign":49},[34998],{"text":34999,"type":599},"What’s next for the Bill?",{"type":594,"attrs":35001,"content":35002},{"textAlign":49},[35003],{"text":35004,"type":599},"The amended bill now goes to the Senate for a vote, where if passed, goes back to the house for the Senate-House reconciliation process. During the reconciliation process both chambers of congress must agree on a final text which then passed onto the President to be signed into law.","Following the passing of the Republican “Big Beautiful Tax Bill” in the House, the Senate Finance Committee has released its rewrite of the Bill ahead of an upcoming vote. The rewrite includes a softening of the 48E investment tax credit (ITC) for BESS, retention of the 45X manufacturing credit and a different phase out of […]",[35007],{"slug":544,"name":543,"content":35008},{"job_title":557,"image":35009,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fbfa2f22-c369-41ee-b562-2c76c687067d\", \"id\": \"\"}-->",[35012,35013],{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":35015,"copyright":547,"fieldtype":553,"meta_data":35016,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/16c747abda/bm-adobestock-1377471942.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 18, 2025",{"id":35019,"uuid":35020,"name":35021,"slug":35022,"full_slug":35023,"content":35024},112467561991443,"2f4b5245-d3f4-496f-b073-0cd8af242fb8","Copper concentrate TC/RCs for smelters flatten","copper-concentrate-tc-rcs-for-smelters-flatten","article/copper-concentrate-tc-rcs-for-smelters-flatten",{"_uid":35025,"date":34931,"tags":35026,"editor":35027,"content":35031,"excerpt":35131,"featured":50,"reporter":35132,"_editable":35136,"component":864,"seo_title":35021,"categories":35137,"visibility":2091,"author_company":49,"featured_image":35140,"seo_description":35131,"author_full_name":49,"author_job_title":49,"formattedDate":35017},"4d05e82a-2ea9-4a8f-a4e4-8d8af1c19d7c",[],[35028],{"slug":544,"name":543,"content":35029},{"job_title":557,"image":35030,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":35032},[35033,35038,35050,35055,35063,35068,35073,35078,35083,35088,35093,35098,35103,35108,35113,35118],{"type":594,"attrs":35034,"content":35035},{"textAlign":49},[35036],{"text":35037,"type":599},"Copper concentrate TC/RCs (treatment and refining charges), the fees that smelters charge miners to process copper concentrate into refined copper, appear to have levelled out, with multiple weeks of flat spot purchasing from smelters.",{"type":594,"attrs":35039,"content":35040},{"textAlign":49},[35041,35043,35048],{"text":35042,"type":599},"This comes as ",{"text":35044,"type":599,"marks":35045},"copper concentrate",[35046],{"type":604,"attrs":35047},{"href":18006,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35049,"type":599}," TC/RCs have been at aggressively low levels for over a year, caused by a state of extreme misbalance between smelting capacity and concentrate production.",{"type":594,"attrs":35051,"content":35052},{"textAlign":49},[35053],{"text":35054,"type":599},"Whether this is the bottom of the market or a temporary pause is currently uncertain.",{"type":627,"attrs":35056},{"id":35057,"body":35058},"791a0c10-8936-4f08-9b88-3b274a663462",[35059],{"id":35060,"_uid":35061,"type":634,"_editable":35062,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23824710","i-2fe28a3f-4958-4094-b41a-b5ce5a70d57d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2fe28a3f-4958-4094-b41a-b5ce5a70d57d\", \"id\": \"\"}-->",{"type":657,"attrs":35064,"content":35065},{"level":15966,"textAlign":49},[35066],{"text":35067,"type":599},"What level are TC/RC tenders at?",{"type":594,"attrs":35069,"content":35070},{"textAlign":49},[35071],{"text":35072,"type":599},"This week, a major miner’s tender result reportedly closed at -$45/-4.5¢ for a smelter purchase. This level is the same as their last tender and only $1/0.1¢ from the one before that. The last month or two has seen some degree of stabilisation for TCs. TCs have stayed in a $3.50 range since April 28, having moved over $40 in the 3 months prior, according to MySteel Data.",{"type":594,"attrs":35074,"content":35075},{"textAlign":49},[35076],{"text":35077,"type":599},"“Generally it’s quiet and nothing is shaking the market,” one trader told Benchmark, noting the market had raced down to the -$40s but was now stagnating.",{"type":657,"attrs":35079,"content":35080},{"level":15966,"textAlign":49},[35081],{"text":35082,"type":599},"Will the stabilisation continue?",{"type":594,"attrs":35084,"content":35085},{"textAlign":49},[35086],{"text":35087,"type":599},"In conversations with Benchmark, sources noted that prompt months were well covered for smelters and that this might be slowing imminent demand but not mean the market would stay stable.",{"type":594,"attrs":35089,"content":35090},{"textAlign":49},[35091],{"text":35092,"type":599},"“June and July [are] covered, August there is more interest,” the trader source told Benchmark. This view was shared by a number of participants, with some noting the market may go down again in the coming months.",{"type":594,"attrs":35094,"content":35095},{"textAlign":49},[35096],{"text":35097,"type":599},"Additionally, there are some significant long-term negotiations taking place such as Antofagasta negotiating with Asian smelters for midyear contracts. The offers reportedly started from Antofagasta at -$15/1.5¢—well above spot levels—but have apparently been resisted heavily by smelters.",{"type":594,"attrs":35099,"content":35100},{"textAlign":49},[35101],{"text":35102,"type":599},"The importance of these mid-year discussions might cause some smelters to wait to see the result and pull back slightly from spot market activity. Smelters are also keen to not give the impression that the spot market is falling.",{"type":594,"attrs":35104,"content":35105},{"textAlign":49},[35106],{"text":35107,"type":599},"It is also possible, however, that at -$45/4.5¢ the market is so low that smelters aren’t willing to keep dragging the market lower.",{"type":594,"attrs":35109,"content":35110},{"textAlign":49},[35111],{"text":35112,"type":599},"“Below this level is really not great economically,” one miner told Benchmark. A second trader told Benchmark, “I think this is the bottom.”",{"type":594,"attrs":35114,"content":35115},{"textAlign":49},[35116],{"text":35117,"type":599},"Traders continue to buy concentrates well below smelter buying level, with bids by traders on the aforementioned tender reportedly -$85/8.5¢. The spread between smelter and trader buying is already unprecedentedly large, so there may be little room for smelter buying to fall lower unless smelter’s TCs also decline.",{"type":594,"attrs":35119,"content":35120},{"textAlign":49},[35121,35125,35130],{"text":35122,"type":599,"marks":35123},"Register to Benchmark’s Copper Newsletter ",[35124],{"type":643},{"text":6515,"type":599,"marks":35126},[35127,35129],{"type":604,"attrs":35128},{"href":33910,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599},"Copper concentrate TC/RCs (treatment and refining charges), the fees that smelters charge miners to process copper concentrate into refined copper, appear to have levelled out, with multiple weeks of flat spot purchasing from smelters. This comes as copper concentrate TC/RCs have been at aggressively low levels for over a year, caused by a state of […]",[35133],{"slug":544,"name":543,"content":35134},{"job_title":557,"image":35135,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4d05e82a-2ea9-4a8f-a4e4-8d8af1c19d7c\", \"id\": \"\"}-->",[35138,35139],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":35141,"copyright":547,"fieldtype":553,"meta_data":35142,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4f602b3c80/bm-shutterstock-2155478019.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":35144,"uuid":35145,"name":35146,"slug":35147,"full_slug":35148,"content":35149},112467571232021,"ffcbe2e4-876a-4e5e-b89b-f6db9a8843e8","Visualising battery players’ earnings","visualising-battery-players-earnings","article/visualising-battery-players-earnings",{"_uid":35150,"date":35151,"tags":35152,"editor":35159,"content":35163,"excerpt":35239,"featured":50,"reporter":35240,"_editable":35244,"component":864,"seo_title":35146,"categories":35245,"visibility":2091,"author_company":49,"featured_image":35247,"seo_description":35239,"author_full_name":49,"author_job_title":49,"formattedDate":35250},"31a8f4f5-ad81-4e53-a793-b7d21a32d84e","2025-06-17 00:00",[35153,35154,35155,35158],{"slug":903,"name":904},{"slug":13869,"name":8803},{"slug":35156,"name":35157},"panasonic-energy","Panasonic Energy",{"slug":7722,"name":7723},[35160],{"slug":544,"name":543,"content":35161},{"job_title":557,"image":35162,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":35164},[35165,35170,35177,35184,35192,35197,35202,35207,35212],{"type":594,"attrs":35166,"content":35167},{"textAlign":49},[35168],{"text":35169,"type":599},"Comparing the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) across the battery industry shows some key trends, visualising CATL’s dominance in the battery industry as well as highlighting some key challenges faced by competitors.",{"type":594,"attrs":35171,"content":35172},{"textAlign":49},[35173],{"text":35174,"type":599,"marks":35175},"What is EBITA and why use it?",[35176],{"type":643},{"type":594,"attrs":35178,"content":35179},{"textAlign":49},[35180],{"text":35181,"type":599,"marks":35182},"The EBITDA reflects a company’s operating profitability before the impact of financing decisions, tax environments, and non-cash accounting charges. It can offer a clearer view of how much profit a company generates from its core business activities.",[35183],{"type":643},{"type":627,"attrs":35185},{"id":35186,"body":35187},"9dd65b66-bcca-4316-a999-c008c4e4d3e5",[35188],{"id":35189,"_uid":35190,"type":634,"_editable":35191,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23744504","i-04cf4c79-c41b-4ed5-b4c3-77d3f1d2880d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-04cf4c79-c41b-4ed5-b4c3-77d3f1d2880d\", \"id\": \"\"}-->",{"type":657,"attrs":35193,"content":35194},{"level":15966,"textAlign":49},[35195],{"text":35196,"type":599},"What to take away?",{"type":594,"attrs":35198,"content":35199},{"textAlign":49},[35200],{"text":35201,"type":599},"Before 2020, CATL’s dominance in the battery industry was present but not as prevalent as it is today. In 2019 CATL’s EBITDA was USD 1.3 billion slightly ahead of the next biggest battery player Samsung SDI at USD960 million. From 2020 onward, CATL rapidly pulled away from competition, driven by aggressive capacity expansion and gains in market share. While rivals also ramped up production, this was done at a smaller scale. CATL’s sheer size has enabled significant economies of scale, helping to keep its operating costs low. By 2024, CATL’s EBITDA had reached USD10.9 billion more than four times that of its nearest competitor, LG Energy Solution.",{"type":657,"attrs":35203,"content":35204},{"level":15966,"textAlign":49},[35205],{"text":35206,"type":599},"How are low cell prices affecting battery players?",{"type":594,"attrs":35208,"content":35209},{"textAlign":49},[35210],{"text":35211,"type":599},"While CATL remains well ahead of other Chinese battery makers, recent years have shown that many of these China players are highly capable of navigating a low-price environment. Cell prices have continued to drop putting pressure on industry margins. Despite this, Chinese manufacturers have managed to grow sales, outpacing price declines and allowing earnings to keep rising. In contrast, many ex-China players have seen revenues fall even as volumes increased, leading to a squeeze on earnings.",{"type":594,"attrs":35213,"content":35214},{"textAlign":49},[35215,35219,35225,35229,35236],{"text":35216,"type":599,"marks":35217},"For more information about the battery industry and its outlook see our ",[35218],{"type":643},{"text":35220,"type":599,"marks":35221},"EV & Battery Forecast",[35222,35224],{"type":604,"attrs":35223},{"href":30595,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":35226,"type":599,"marks":35227}," or ",[35228],{"type":643},{"text":35230,"type":599,"marks":35231},"Gigafactory Assessment",[35232,35235],{"type":604,"attrs":35233},{"href":35234,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium-ion-batteries/capacity-database/gigafactory",{"type":643},{"text":974,"type":599,"marks":35237},[35238],{"type":643},"Comparing the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) across the battery industry shows some key trends, visualising CATL’s dominance in the battery industry as well as highlighting some key challenges faced by competitors. What is EBITA and why use it? The EBITDA reflects a company’s operating profitability before the impact of financing decisions, […]",[35241],{"slug":544,"name":543,"content":35242},{"job_title":557,"image":35243,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"31a8f4f5-ad81-4e53-a793-b7d21a32d84e\", \"id\": \"\"}-->",[35246],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":35248,"copyright":547,"fieldtype":553,"meta_data":35249,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/96ed9fc776/bm-adobestock-1356973382.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 17, 2025",{"id":35252,"uuid":12667,"name":35253,"slug":35254,"full_slug":35255,"content":35256},112467600137499,"Zimbabwe to ban lithium concentrate exports from 2027","zimbabwe-to-ban-lithium-concentrate-exports-from-2027","article/zimbabwe-to-ban-lithium-concentrate-exports-from-2027",{"_uid":35257,"date":35258,"tags":35259,"editor":35262,"content":35266,"excerpt":35345,"featured":51,"reporter":35346,"_editable":35350,"component":864,"seo_title":35253,"categories":35351,"visibility":882,"author_company":49,"data_vis_image":35354,"featured_image":35357,"seo_description":35345,"author_full_name":49,"author_job_title":49,"formattedDate":35360},"b4fe085b-3d0c-46b1-acbe-7cb75205d49d","2025-06-12 00:00",[35260,35261],{"slug":578,"name":579},{"slug":12525,"name":12526},[35263],{"slug":544,"name":543,"content":35264},{"job_title":557,"image":35265,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":35267},[35268,35278,35290,35298,35306,35318,35323,35328,35340],{"type":594,"attrs":35269,"content":35270},{"textAlign":49},[35271,35276],{"text":35272,"type":599,"marks":35273},"Zimbabwe’s government",[35274],{"type":604,"attrs":35275},{"href":26507,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35277,"type":599}," will ban lithium concentrate exports from 2027, as it pushes for greater domestic downstream development. ",{"type":594,"attrs":35279,"content":35280},{"textAlign":49},[35281,35283,35288],{"text":35282,"type":599},"There are five operating lithium mines in Zimbabwe, all operated by ",{"text":35284,"type":599,"marks":35285},"Chinese companies",[35286],{"type":604,"attrs":35287},{"href":26495,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35289,"type":599},":  Chengxin Lithium, Sinomine Resource, Huayou Cobalt, Yahua Group and Tsingshan Group. Combined these assets have a total designed capacity of 290 ktpa LCE (lithium carbonate equivalent).",{"type":627,"attrs":35291},{"id":35292,"body":35293},"ef8b9fb0-b73c-4128-8ffb-f17e19054d81",[35294],{"id":35295,"_uid":35296,"type":634,"_editable":35297,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23729239","i-4d61c40e-d9ca-462b-b49a-82aaaae2d5f0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4d61c40e-d9ca-462b-b49a-82aaaae2d5f0\", \"id\": \"\"}-->",{"type":627,"attrs":35299},{"id":35300,"body":35301},"d0b96fb1-2b8b-47c6-a02e-747c48924838",[35302],{"id":35303,"_uid":35304,"type":634,"_editable":35305,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23729923","i-2302fc53-218c-42d9-9179-2f9218605408","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2302fc53-218c-42d9-9179-2f9218605408\", \"id\": \"\"}-->",{"type":594,"attrs":35307,"content":35308},{"textAlign":49},[35309,35311,35316],{"text":35310,"type":599},"The move to ban lithium concentrates builds on Zimbabwe’s ",{"text":35312,"type":599,"marks":35313},"lithium ore export ban implemented in December 2022",[35314],{"type":604,"attrs":35315},{"href":26533,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35317,"type":599},". Similar policies enacted in 2014 and 2020 in Indonesia banning nickel ore exports have resulted in greater domestic added-value and attracted investment.",{"type":657,"attrs":35319,"content":35320},{"level":15966,"textAlign":49},[35321],{"text":35322,"type":599},"What are Zimbabwe’s lithium processing plans?",{"type":594,"attrs":35324,"content":35325},{"textAlign":49},[35326],{"text":35327,"type":599},"Sinomine and Huayou are confirmed to be building lithium sulphate processing plants, while there are others still in the planning stage. Sinomine is targeting 30ktpa lithium sulphate capacity whilst Huayou has 50 ktpa capacity planned. ",{"type":594,"attrs":35329,"content":35330},{"textAlign":49},[35331,35333,35338],{"text":35332,"type":599},"Petalite concentrate grades are usually between 3.5% and 4.5%, which is lower than that of spodumene. The petalite operations of Sinomine and Huayou have been put in Care and Maintenance on the back of ",{"text":35334,"type":599,"marks":35335},"declining lithium prices",[35336],{"type":604,"attrs":35337},{"href":17078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35339,"type":599},". Therefore, building lithium sulphate processing plants could be a win-win game for both Chinese companies and the Zimbabwe government.",{"type":594,"attrs":35341,"content":35342},{"textAlign":49},[35343],{"text":35344,"type":599},"Given the long distances and high transportation fees in Zimbabwe, processing concentrate into lithium sulphate will largely reduce the overall cost of lithium chemicals and help to improve the profitability of lithium producers.","Zimbabwe’s government will ban lithium concentrate exports from 2027, as it pushes for greater domestic downstream development. There are five operating lithium mines in Zimbabwe, all operated by Chinese companies: Chengxin Lithium, Sinomine Resource, Huayou Cobalt, Yahua Group and Tsingshan Group. Combined these assets have a total designed capacity of 290 ktpa LCE (lithium carbonate […]",[35347],{"slug":544,"name":543,"content":35348},{"job_title":557,"image":35349,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b4fe085b-3d0c-46b1-acbe-7cb75205d49d\", \"id\": \"\"}-->",[35352,35353],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":35355,"copyright":547,"fieldtype":553,"meta_data":35356,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1749740853/www-production/Social-friendly-Zimbabwes-lithium-concentrate-output-by-ore-type@2x/Social-friendly-Zimbabwes-lithium-concentrate-output-by-ore-type@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":35358,"copyright":547,"fieldtype":553,"meta_data":35359,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/554e369eb1/bm-arcadia-mine-zimbabwe.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 12, 2025",{"id":35362,"uuid":35363,"name":35364,"slug":35365,"full_slug":35366,"content":35367},112467595341082,"37b5d83b-8319-4c8b-bd93-243747922e57","Weekly Raw Material Prices Briefing: 12/06/2025","weekly-raw-material-prices-briefing-12-06-2025","article/weekly-raw-material-prices-briefing-12-06-2025",{"_uid":35368,"date":35258,"tags":35369,"editor":35375,"content":35379,"excerpt":35477,"featured":50,"reporter":35478,"_editable":35482,"component":864,"seo_title":35364,"categories":35483,"visibility":882,"author_company":49,"featured_image":35491,"seo_description":35477,"author_full_name":49,"author_job_title":49,"formattedDate":35360},"3edfa2ce-1159-4b59-a12e-e2419cc10a76",[35370,35371,35374],{"slug":11313,"name":11314},{"slug":35372,"name":35373},"briefing","Briefing",{"slug":15265,"name":15265},[35376],{"slug":544,"name":543,"content":35377},{"job_title":557,"image":35378,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":35380},[35381,35386,35402,35410,35423,35438,35446,35463,35474],{"type":594,"attrs":35382,"content":35383},{"textAlign":49},[35384],{"text":35385,"type":599},"This is your Weekly Raw Material Prices Briefing, part of your Benchmark Source subscription. Every week, this Briefing charts the changes in prices across the suite of battery minerals and highlights key trends.",{"type":594,"attrs":35387,"content":35388},{"textAlign":49},[35389,35393,35399],{"text":35390,"type":599,"marks":35391},"Updates of this Briefing can now be found on Benchmark Source under the ",[35392],{"type":643},{"text":35394,"type":599,"marks":35395},"Publications tab",[35396,35398],{"type":604,"attrs":35397},{"href":23444,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":35400},[35401],{"type":643},{"type":627,"attrs":35403},{"id":35404,"body":35405},"d63d8223-e046-40b4-b31a-f51be439f646",[35406],{"id":35407,"_uid":35408,"type":634,"_editable":35409,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23726502","i-49b676a9-d718-4472-b852-a57a84727b26","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-49b676a9-d718-4472-b852-a57a84727b26\", \"id\": \"\"}-->",{"type":594,"attrs":35411,"content":35412},{"textAlign":49},[35413,35415,35417,35421],{"text":35414,"type":599},"Lithium: ",{"text":35416,"type":599},"Battery grade lithium carbonate prices in China decreased slower in the week to 11 June than in the previous nine weeks indicating that  market players anticipated prices were nearing a floor. Upstream, ",{"text":6584,"type":599,"marks":35418},[35419],{"type":604,"attrs":35420},{"href":17078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35422,"type":599}," (FOB Australia) prices fell (-3.2%) for the eighth week running due to a robust supply picture.",{"type":594,"attrs":35424,"content":35425},{"textAlign":49},[35426,35428,35430,35436],{"text":35427,"type":599},"Cobalt: ",{"text":35429,"type":599},"Cobalt hydroxide prices fell this week for the time since the end of April, though market activity remains limited as sellers and buyers are waiting to see if the ",{"text":35431,"type":599,"marks":35432},"DRC cobalt export ban",[35433],{"type":604,"attrs":35434},{"href":35435,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-market-braces-for-further-price-rises-amid-looming-drc-export-decision",{"text":35437,"type":599}," will be lifted on 22 June. Cobalt oxide prices have also fallen amidst low weak downstream demand for lithium cobalt oxide (LCO) cathode chemistry.",{"type":627,"attrs":35439},{"id":35440,"body":35441},"812edf87-3a49-45a6-a252-4b6ccf500ef2",[35442],{"id":35443,"_uid":35444,"type":634,"_editable":35445,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23725802","i-7f0715b8-b557-4e74-91b5-f7c51891fa60","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7f0715b8-b557-4e74-91b5-f7c51891fa60\", \"id\": \"\"}-->",{"type":594,"attrs":35447,"content":35448},{"textAlign":49},[35449,35453,35459],{"text":35450,"type":599,"marks":35451},"To learn more about ",[35452],{"type":643},{"text":35454,"type":599,"marks":35455},"Benchmark’s Price Assessments",[35456,35458],{"type":604,"attrs":35457},{"href":21905,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":35460,"type":599,"marks":35461},", fill out the form below and one of the team will be in touch.",[35462],{"type":643},{"type":627,"attrs":35464},{"id":35465,"body":35466},"56485eee-18fb-462b-a0ef-36ff292b5803",[35467],{"id":33284,"_uid":35468,"_editable":35469,"component":837,"wrap_in_box":50,"hubspot_form":33284,"redirect_url":35470,"success_file":35471,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":35473},"i-c4d2bf6d-4546-4303-9496-129652ce04c0","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-c4d2bf6d-4546-4303-9496-129652ce04c0\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":35472},{},[],{"type":594,"attrs":35475,"content":35476},{"textAlign":49},[],"This is your Weekly Raw Material Prices Briefing, part of your Benchmark Source subscription. Every week, this Briefing charts the changes in prices across the suite of battery minerals and highlights key trends. Updates of this Briefing can now be found on Benchmark Source under the Publications tab. Lithium: Battery grade lithium carbonate prices in […]",[35479],{"slug":544,"name":543,"content":35480},{"job_title":557,"image":35481,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3edfa2ce-1159-4b59-a12e-e2419cc10a76\", \"id\": \"\"}-->",[35484,35485,35486,35487,35488,35489,35490],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":33301,"copyright":547,"fieldtype":553,"meta_data":35492,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":35494,"uuid":35495,"name":35496,"slug":35497,"full_slug":35498,"content":35499},112467614518558,"0b69bf8b-34ee-49d6-9433-be6d38e80876","Weekly Raw Material Prices Briefing: 06/06/2025","weekly-raw-material-prices-briefing-06-06-2025","article/weekly-raw-material-prices-briefing-06-06-2025",{"_uid":35500,"date":35501,"tags":35502,"editor":35506,"content":35510,"excerpt":35652,"featured":51,"reporter":35653,"_editable":35657,"component":864,"seo_title":35496,"categories":35658,"visibility":882,"author_company":49,"featured_image":35666,"seo_description":35652,"author_full_name":49,"author_job_title":49,"formattedDate":35668},"36cc7d95-6faf-4b83-a458-726ec84d55ad","2025-06-06 00:00",[35503,35504,35505],{"slug":11313,"name":11314},{"slug":35372,"name":35373},{"slug":15265,"name":15265},[35507],{"slug":544,"name":543,"content":35508},{"job_title":557,"image":35509,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":35511},[35512,35517,35531,35539,35552,35565,35580,35595,35616,35624,35638,35649],{"type":594,"attrs":35513,"content":35514},{"textAlign":49},[35515],{"text":35516,"type":599},"This is your Weekly Raw Material Prices Briefing, part of your Benchmark Source subscription. Every week, this Briefing charts the changes in prices across the suite of battery minerals.",{"type":594,"attrs":35518,"content":35519},{"textAlign":49},[35520,35523,35528],{"text":35390,"type":599,"marks":35521},[35522],{"type":643},{"text":35394,"type":599,"marks":35524},[35525,35527],{"type":604,"attrs":35526},{"href":23444,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":35529},[35530],{"type":643},{"type":627,"attrs":35532},{"id":35533,"body":35534},"6197d68b-cf4b-4fa2-b30d-c01a2b31e933",[35535],{"id":35536,"_uid":35537,"type":634,"_editable":35538,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23591908","i-5927f81c-fbd5-4f8e-8d17-ccf223454a32","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5927f81c-fbd5-4f8e-8d17-ccf223454a32\", \"id\": \"\"}-->",{"type":594,"attrs":35540,"content":35541},{"textAlign":49},[35542,35543,35545,35550],{"text":35414,"type":599},{"text":35544,"type":599},"Between 28 May – 4 June, lithium chemicals prices in the Chinese market fell due to supply outstripping demand, with no sign of significant curtailment from domestic converters despite many operations approaching cost level. Upstream, ",{"text":35546,"type":599,"marks":35547},"Australian spodumene",[35548],{"type":604,"attrs":35549},{"href":17078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35551,"type":599}," majors may wait until the next financial quarter before adjusting production strategies.",{"type":594,"attrs":35553,"content":35554},{"textAlign":49},[35555,35556,35558,35563],{"text":35427,"type":599},{"text":35557,"type":599},"Cobalt hydroxide prices remain unchanged since April due to the ",{"text":35559,"type":599,"marks":35560},"export ban in the DRC",[35561],{"type":604,"attrs":35562},{"href":35435,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35564,"type":599},". Cobalt sulphate prices decreased week-on-week due to weak downstream demand.",{"type":594,"attrs":35566,"content":35567},{"textAlign":49},[35568,35570,35572,35578],{"text":35569,"type":599},"Nickel:",{"text":35571,"type":599}," CIF Asia nickel mixed hydroxide precipitate (MHP) payables remain high due to ",{"text":35573,"type":599,"marks":35574},"ongoing flooding in Indonesia",[35575],{"type":604,"attrs":35576},{"href":35577,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/supply-disruptions-in-indonesia-drive-short-term-gains-for-mhp-payables",{"text":35579,"type":599},". In China, nickel sulphate prices fell as a sluggish market resulted in fewer orders than expected.",{"type":594,"attrs":35581,"content":35582},{"textAlign":49},[35583,35585,35587,35593],{"text":35584,"type":599},"Graphite:",{"text":35586,"type":599}," A continued shift by downstream applications in ",{"text":35588,"type":599,"marks":35589},"favour of synthetic graphite anodes",[35590],{"type":604,"attrs":35591},{"href":35592,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/why-is-chinas-natural-graphite-anode-market-stalling",{"text":35594,"type":599}," has kept prices of uncoated spherical graphite (from natural graphite) low and stable. For synthetic graphite, anode coke prices fell significantly due to strong supply and inventory against a weak downstream demand picture.",{"type":594,"attrs":35596,"content":35597},{"textAlign":49},[35598,35600,35602,35608,35609,35614],{"text":35599,"type":599},"Rare earths:",{"text":35601,"type":599}," Throughout May 2025, prices across all rare earth oxides assessed by Benchmark showed an upward movement m-o-m driven by improved market sentiment ",{"text":35603,"type":599,"marks":35604},"following the easing",[35605],{"type":604,"attrs":35606},{"href":35607,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-and-us-agree-to-cut-tariffs-offering-the-us-battery-industry-some-respite",{"text":34060,"type":599},{"text":35610,"type":599,"marks":35611},"trade tensions",[35612],{"type":604,"attrs":35613},{"href":22616,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35615,"type":599}," between the US and China.",{"type":627,"attrs":35617},{"id":35618,"body":35619},"74077476-afe1-49ec-b030-32557ecf89c8",[35620],{"id":35621,"_uid":35622,"type":634,"_editable":35623,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23270430","i-8d2619ed-7068-4c1e-8b85-727bef9efc23","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8d2619ed-7068-4c1e-8b85-727bef9efc23\", \"id\": \"\"}-->",{"type":594,"attrs":35625,"content":35626},{"textAlign":49},[35627,35630,35635],{"text":35450,"type":599,"marks":35628},[35629],{"type":643},{"text":35454,"type":599,"marks":35631},[35632,35634],{"type":604,"attrs":35633},{"href":21905,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":35460,"type":599,"marks":35636},[35637],{"type":643},{"type":627,"attrs":35639},{"id":35640,"body":35641},"db487001-93a2-4001-be6b-fe17c7d5637e",[35642],{"id":835,"_uid":35643,"_editable":35644,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":35645,"success_file":35646,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":35648},"i-4fb9b575-8891-4b46-8ae4-cafeb793413b","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-4fb9b575-8891-4b46-8ae4-cafeb793413b\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":35647},{},[],{"type":594,"attrs":35650,"content":35651},{"textAlign":49},[],"This is your Weekly Raw Material Prices Briefing, part of your Benchmark Source subscription. Every week, this Briefing charts the changes in prices across the suite of battery minerals. Updates of this Briefing can now be found on Benchmark Source under the Publications tab. Lithium: Between 28 May – 4 June, lithium chemicals prices in […]",[35654],{"slug":544,"name":543,"content":35655},{"job_title":557,"image":35656,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"36cc7d95-6faf-4b83-a458-726ec84d55ad\", \"id\": \"\"}-->",[35659,35660,35661,35662,35663,35664,35665],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":33301,"copyright":547,"fieldtype":553,"meta_data":35667,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jun 06, 2025",{"id":35670,"uuid":35671,"name":35672,"slug":35673,"full_slug":35674,"content":35675},112467653582221,"1f783034-b9c3-4346-b325-577419c8d493","How will data centres impact battery demand?","how-will-data-centres-impact-battery-demand","article/how-will-data-centres-impact-battery-demand",{"_uid":35676,"date":35677,"tags":35678,"editor":35680,"content":35684,"excerpt":35730,"featured":50,"reporter":35731,"_editable":35735,"component":864,"seo_title":35672,"categories":35736,"visibility":2091,"author_company":49,"data_vis_image":35739,"featured_image":35741,"seo_description":35730,"author_full_name":49,"author_job_title":49,"formattedDate":35744},"9d45b8d6-5ab0-41e9-9e1f-b118cf1b5a1c","2025-05-28 00:00",[35679],{"slug":578,"name":579},[35681],{"slug":544,"name":543,"content":35682},{"job_title":557,"image":35683,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":35685},[35686,35691,35698,35703,35715,35720,35725],{"type":594,"attrs":35687,"content":35688},{"textAlign":49},[35689],{"text":35690,"type":599},"The past few years have seen a rapid growth in the rollout and usage of artificial intelligence (AI), particularly in the areas of large language models and generative AI. As this power-hungry industry grows, data centre specific electricity demand will increase, consequently Battery energy storage systems (BESS) will play a role in providing and guaranteeing this power demand.",{"type":594,"attrs":35692,"content":35693},{"textAlign":49},[35694],{"type":1186,"attrs":35695},{"id":49,"alt":547,"src":35696,"title":49,"source":49,"copyright":49,"meta_data":35697},"https://a.storyblok.com/f/287943243085208/4b1bb984df/bm-bess-q2-infographic.jpg",{},{"type":657,"attrs":35699,"content":35700},{"level":15966,"textAlign":49},[35701],{"text":35702,"type":599},"How will increasing power demand affect battery deployments?",{"type":594,"attrs":35704,"content":35705},{"textAlign":49},[35706,35707,35713],{"text":34577,"type":599},{"text":35708,"type":599,"marks":35709},"Rho Motion’s Q2 2025 Battery Energy Stationary Storage Forecas",[35710],{"type":604,"attrs":35711},{"href":35712,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/research/battery-energy-stationary-storage-forecast/",{"text":35714,"type":599},"t global data centre electricity demand is expected to increase over 180% through to 2030, with a large proportion of this will come from the US. While many data centres will secure power through solar and wind deployments, primarily through PPAs. The use of renewables to help power data centres will lend itself to BESS deployments. Consequently, we expect there to be increased BESS demand specifically for data centres.",{"type":657,"attrs":35716,"content":35717},{"level":15966,"textAlign":49},[35718],{"text":35719,"type":599},"Where will the most demand be?",{"type":594,"attrs":35721,"content":35722},{"textAlign":49},[35723],{"text":35724,"type":599},"The US is expected to account for over half of the additional BESS demand, largely as a result of its dominance in the data centre space. China will be the next biggest region, while countries such as the UK and Germany will also see growth as they build out data centre capacity.",{"type":594,"attrs":35726,"content":35727},{"textAlign":49},[35728],{"text":35729,"type":599},"Most of these additional deployments will be grid scale BESS, but uninterrupted power supply (UPS) and behind the meter (BTM) BESS will also play an important role in providing back up power.","The past few years have seen a rapid growth in the rollout and usage of artificial intelligence (AI), particularly in the areas of large language models and generative AI. As this power-hungry industry grows, data centre specific electricity demand will increase, consequently Battery energy storage systems (BESS) will play a role in providing and guaranteeing […]",[35732],{"slug":544,"name":543,"content":35733},{"job_title":557,"image":35734,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9d45b8d6-5ab0-41e9-9e1f-b118cf1b5a1c\", \"id\": \"\"}-->",[35737,35738],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":35696,"copyright":547,"fieldtype":553,"meta_data":35740,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":35742,"copyright":547,"fieldtype":553,"meta_data":35743,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0c4d6e3626/bm-adobestock-700453557-scaled.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"May 28, 2025",{"id":35746,"uuid":6611,"name":35747,"slug":35748,"full_slug":35749,"content":35750},112467658714510,"Direct spodumene hedging becomes essential amid lithium market decoupling","direct-spodumene-hedging-becomes-essential-amid-lithium-market-decoupling","article/direct-spodumene-hedging-becomes-essential-amid-lithium-market-decoupling",{"_uid":35751,"date":35752,"tags":35753,"editor":35758,"content":35762,"excerpt":35883,"featured":51,"reporter":35884,"_editable":35888,"component":864,"seo_title":35747,"categories":35889,"visibility":2091,"author_company":49,"data_vis_image":35892,"featured_image":35896,"seo_description":35883,"author_full_name":49,"author_job_title":49,"formattedDate":35898},"0e0350c5-f618-451c-a024-29b19d6fdf08","2025-05-23 00:00",[35754,35755,35756,35757],{"slug":6567,"name":2038},{"slug":11313,"name":11314},{"slug":578,"name":579},{"slug":910,"name":911},[35759],{"slug":544,"name":543,"content":35760},{"job_title":557,"image":35761,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":35763},[35764,35777,35789,35794,35802,35821,35826,35831,35836,35841,35852,35857,35865,35872],{"type":594,"attrs":35765,"content":35766},{"textAlign":49},[35767,35769,35775],{"text":35768,"type":599},"Historically, spodumene closely tracked lithium chemical prices, allowing some market participants to hedge exposure via lithium futures. However, after years of tight linkage between spodumene and lithium chemical prices, the ",{"text":35770,"type":599,"marks":35771},"global lithium market is undergoing a structural shift",[35772],{"type":604,"attrs":35773},{"href":35774,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review",{"text":35776,"type":599},", reshaping how producers, converters, and investors manage risk.",{"type":594,"attrs":35778,"content":35779},{"textAlign":49},[35780,35782,35787],{"text":35781,"type":599},"Benchmark Mineral Intelligence’s spodumene FOB Australia grade was assessed at $655 per tonne on 21 May 2025, reflecting an almost 23% decrease since the start of the year. Whilst Australian producers had established some degree of price discipline earlier in the year, stymying the downward price trend, competition from cheaper and often lower grade ",{"text":35783,"type":599,"marks":35784},"feedstocks from Africa",[35785],{"type":604,"attrs":35786},{"href":26507,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35788,"type":599}," have made such price protection strategies tougher to maintain. In recent weeks, spot activity on an FOB Australia basis has seen a renewed surge in liquidity with multiple spot trades concluding in recent days at below $700 per tonne. ",{"type":594,"attrs":35790,"content":35791},{"textAlign":49},[35792],{"text":35793,"type":599},"Whilst the spodumene supply landscape is indeed diversifying with increased product availability out of Africa, Australia will continue to provide the lion’s share of spot liquidity to the market.",{"type":627,"attrs":35795},{"id":35796,"body":35797},"395ac5a6-2319-4e68-a320-3f2d9a045332",[35798],{"id":35799,"_uid":35800,"type":634,"_editable":35801,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23352056","i-1782f362-4cc0-4c64-8eca-fbe0c9ddf922","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-1782f362-4cc0-4c64-8eca-fbe0c9ddf922\", \"id\": \"\"}-->",{"type":594,"attrs":35803,"content":35804},{"textAlign":49},[35805,35811,35813,35819],{"text":35806,"type":599,"marks":35807},"Benchmark Mineral Intelligence (BMI) with the Intercontinental Exchange",[35808],{"type":604,"attrs":35809},{"href":35810,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/announcements/ice-signs-major-agreement-with-benchmark-mineral-intelligence-bmi-to-bring-lithium-to-worlds-biggest-energy-exchange",{"text":35812,"type":599}," (ICE) will be ",{"text":35814,"type":599,"marks":35815},"launching its spodumene concentrate futures contract",[35816],{"type":604,"attrs":35817},{"href":35818,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/bmi-ice-the-next-stage-in-lithium-price-transparency",{"text":35820,"type":599}," on an FOB Australia basis, aligning with the prevailing contract structures of the physical market. ",{"type":594,"attrs":35822,"content":35823},{"textAlign":49},[35824],{"text":35825,"type":599},"Index linked contracts between miners and refiners, mostly in China, utilise a combination of Benchmark’s flagship FOB Australia spodumene index and CIF Asia or EXW China lithium chemical indexes. ",{"type":594,"attrs":35827,"content":35828},{"textAlign":49},[35829],{"text":35830,"type":599},"“Around 9% of the spodumene mined globally in 2024 – or slightly less than 60,000 tonnes – was traded on a spot basis,” commented Daniel Fletcher-Manuel, Benchmarks director of indexing and derivatives. ",{"type":594,"attrs":35832,"content":35833},{"textAlign":49},[35834],{"text":35835,"type":599},"“With more than 500,000 tonnes of spodumene trading on long term contracts, and with prices today being so weak, we expect to see substantial hedging interest from spodumene miners in the months and years ahead. They’re unlikely to want to address the issue of price risk by adopting unnecessary basis risk by hedging to terms and grades which are not reflected in their physical contracts,” he added.",{"type":594,"attrs":35837,"content":35838},{"textAlign":49},[35839],{"text":35840,"type":599},"Meanwhile, lithium carbonate spot prices on a CIF Asia basis have decreased on a year-to-date basis by 21% and lithium hydroxide by just 13%. ",{"type":594,"attrs":35842,"content":35843},{"textAlign":49},[35844,35845,35850],{"text":2372,"type":599},{"text":35846,"type":599,"marks":35847},"once-stable correlation between spodumene and its downstream chemicals",[35848],{"type":604,"attrs":35849},{"href":17125,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35851,"type":599}," has become more volatile, introducing significant basis risk for those hedging spodumene with lithium chemical futures. ",{"type":594,"attrs":35853,"content":35854},{"textAlign":49},[35855],{"text":35856,"type":599},"“All of this points to the fact that the BMI-ICE futures contracts, settled against BMI’s FOB Australia spodumene concentrate index is the natural choice for miners, refiners and automakers looking to hedge their physical risk whilst accepting minimal basis risk,”  remarked Fletcher-Manuel.",{"type":627,"attrs":35858},{"id":35859,"body":35860},"ff3989aa-4acc-4d2e-a78e-baa2b196e0d0",[35861],{"id":35862,"_uid":35863,"type":634,"_editable":35864,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23353336","i-4e6a41af-0f3d-4558-b909-d50d23199588","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4e6a41af-0f3d-4558-b909-d50d23199588\", \"id\": \"\"}-->",{"type":594,"attrs":35866,"content":35867},{"textAlign":49},[35868],{"text":35869,"type":599,"marks":35870},"If you’d like to learn more about Benchmark’s suite of lithium services, fill out the form below and one of the team will be in touch:",[35871],{"type":643},{"type":627,"attrs":35873},{"id":35874,"body":35875},"15613062-dec4-4736-9fb5-1aaa13ec0d59",[35876],{"id":835,"_uid":35877,"_editable":35878,"component":837,"wrap_in_box":50,"hubspot_form":835,"redirect_url":35879,"success_file":35880,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":35882},"i-4facae17-fbae-4377-8641-1f4787f1599b","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-4facae17-fbae-4377-8641-1f4787f1599b\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":623,"fieldtype":839,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":35881},{},[],"Historically, spodumene closely tracked lithium chemical prices, allowing some market participants to hedge exposure via lithium futures. However, after years of tight linkage between spodumene and lithium chemical prices, the global lithium market is undergoing a structural shift, reshaping how producers, converters, and investors manage risk. Benchmark Mineral Intelligence’s spodumene FOB Australia grade was assessed […]",[35885],{"slug":544,"name":543,"content":35886},{"job_title":557,"image":35887,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0e0350c5-f618-451c-a024-29b19d6fdf08\", \"id\": \"\"}-->",[35890,35891],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":35893,"name":547,"focus":547,"title":35893,"source":547,"filename":35894,"copyright":547,"fieldtype":553,"meta_data":35895,"is_external_url":51},"Australia is set to remain largest source of spodumene in 2025","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1748014714/www-production/Australia-spod@2x/Australia-spod@2x.png?_i=AA",{"alt":35893,"title":35893,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":6761,"copyright":547,"fieldtype":553,"meta_data":35897,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"May 23, 2025",{"id":35900,"uuid":7779,"name":35901,"slug":35902,"full_slug":35903,"content":35904},112467669106064,"CATL raises $4.6bn in Hong Kong listing to power global expansions","catl-raises-4-6bn-in-hong-kong-listing-to-power-global-expansions","article/catl-raises-4-6bn-in-hong-kong-listing-to-power-global-expansions",{"_uid":35905,"date":35906,"tags":35907,"editor":35911,"content":35915,"excerpt":35992,"featured":51,"reporter":35993,"_editable":35997,"component":864,"seo_title":35901,"categories":35998,"visibility":882,"author_company":49,"featured_image":36000,"seo_description":35992,"author_full_name":49,"author_job_title":49,"formattedDate":36003},"a7c98118-e87f-4d4c-b338-0b6289aa861c","2025-05-21 00:00",[35908,35909,35910],{"slug":903,"name":904},{"slug":913,"name":914},{"slug":2790,"name":2791},[35912],{"slug":544,"name":543,"content":35913},{"job_title":557,"image":35914,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":35916},[35917,35922,35927,35932,35937,35942,35949,35954,35959,35967,35972,35977,35982,35987],{"type":594,"attrs":35918,"content":35919},{"textAlign":49},[35920],{"text":35921,"type":599},"CATL raised $4.6 billion in a secondary listing in Hong Kong on May 20, marking the world’s largest initial public offering (IPO) year-to-date. The Chinese battery giant plans to use the proceeds to complete construction of a 40 GWh gigafactory in Hungary, set to begin production in 2025, as part of its broader strategy to scale its cell production footprint across Europe and other global markets.",{"type":594,"attrs":35923,"content":35924},{"textAlign":49},[35925],{"text":35926,"type":599},"The listing could raise up to $5.3 billion if underwriters exercise an option to sell additional shares, though this still represents only a small fraction of CATL’s $170 billion market capitalization. A 2018 IPO in Shenzhen raised $851 million, which helped fund expansion efforts within China and solidify its position as the world’s leading battery manufacturer.",{"type":657,"attrs":35928,"content":35929},{"level":15966,"textAlign":49},[35930],{"text":35931,"type":599},"CATL expands global footprint ",{"type":594,"attrs":35933,"content":35934},{"textAlign":49},[35935],{"text":35936,"type":599},"CATL captured ~32% of global battery demand in 2024, according to Rho Motion’s Battery Demand Outlook Service, maintaining its market leading position across both the electric vehicle (EV) and battery energy storage system (BESS) sectors.",{"type":594,"attrs":35938,"content":35939},{"textAlign":49},[35940],{"text":35941,"type":599},"The scale of its operations and vertically integrated supply chains has enabled CATL to achieve strong operating profit margins, even as rivals struggled last year amidst challenging market headwinds. In 2024, China accounted for ~70% of its revenues, but the battery giant is moving to strengthen its position abroad: 30% of its revenue were derived from ex-China markets last year, up from less than 4% in 2018, according to a recent stock exchange filing.",{"type":594,"attrs":35943,"content":35944},{"textAlign":49},[35945],{"type":1186,"attrs":35946},{"id":49,"alt":547,"src":35947,"title":49,"source":49,"copyright":49,"meta_data":35948},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXe-vt6NXTFNCaXKdXVSIww_r9XZA_LDAJQS39Cs2WvwSiINrWMGuFWEKTMN67-9FfhFLHRPH_R_6jIr6Ump6Jc_ynAlY0j_nBhiVpFQkmgmKXvs5zJhvH43WIja7tYaWrzr2d-Ebw?key=3vGz_0yu5bq_yitNdfANqQ",{},{"type":594,"attrs":35950,"content":35951},{"textAlign":49},[35952],{"text":35953,"type":599},"Europe has become key to CATL’s global growth, with the battery maker ramping up local production to supply customers like BMW, Stellantis, and Volkswagen. Its European cell production capacity is expected to grow from 14 GWh in 2024 to 164 GWh by 2030, according to Benchmark’s Gigafactory Capacity Assessment. The company is also pursuing expansions in Indonesia (15 GWh) and the United States (20 GWh).",{"type":594,"attrs":35955,"content":35956},{"textAlign":49},[35957],{"text":35958,"type":599},"Additionally, CATL is expanding into new technologies, with plans to begin mass production of next-generation sodium-ion batteries for passenger EVs starting December 2025.",{"type":627,"attrs":35960},{"id":35961,"body":35962},"f29384e6-a88b-42ce-9288-7e1b8fbd4e71",[35963],{"id":35964,"_uid":35965,"type":634,"_editable":35966,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23329526","i-7dceadfc-7a9c-4017-b396-305279154e6f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7dceadfc-7a9c-4017-b396-305279154e6f\", \"id\": \"\"}-->",{"type":594,"attrs":35968,"content":35969},{"textAlign":49},[35970],{"text":35971,"type":599},"However, CATL’s global push does face headwinds. In January, the US Department of Defence added the company to a blacklist of Chinese firms allegedly linked to the Chinese military, potentially discouraging American businesses from engaging with CATL.",{"type":657,"attrs":35973,"content":35974},{"level":15966,"textAlign":49},[35975],{"text":35976,"type":599},"Why are Chinese EV and Battery players targeting Hong Kong?",{"type":594,"attrs":35978,"content":35979},{"textAlign":49},[35980],{"text":35981,"type":599},"As Chinese EV and battery manufacturers accelerate their globalisation strategies, the number of secondary listings in Hong Kong has been steadily increasing due to the exchange’s position as a gateway to international capital markets.",{"type":594,"attrs":35983,"content":35984},{"textAlign":49},[35985],{"text":35986,"type":599},"Excluding CATL’s raise, over $9 billion has been secured by EV and lithium-ion battery technology players through Hong Kong IPOs since Q3 2024, according to Rho Motion’s Energy Transition Capital Tracker.",{"type":594,"attrs":35988,"content":35989},{"textAlign":49},[35990],{"text":35991,"type":599},"Moreover, amidst recent volatility in US equity markets, investors are increasingly manoeuvring to diversify their portfolios to reduce risk. This shift is benefiting Chinese technology leaders like CATL, who are tapping into capital inflows into Asian markets.","CATL raised $4.6 billion in a secondary listing in Hong Kong on May 20, marking the world’s largest initial public offering (IPO) year-to-date. The Chinese battery giant plans to use the proceeds to complete construction of a 40 GWh gigafactory in Hungary, set to begin production in 2025, as part of its broader strategy to […]",[35994],{"slug":544,"name":543,"content":35995},{"job_title":557,"image":35996,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a7c98118-e87f-4d4c-b338-0b6289aa861c\", \"id\": \"\"}-->",[35999],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":36001,"copyright":547,"fieldtype":553,"meta_data":36002,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/56ced82eb3/bm-shutterstock-2533509499.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 21, 2025",{"id":36005,"uuid":10215,"name":36006,"slug":36007,"full_slug":36008,"content":36009},112467731946916,"In Charts: Comparing the European and North American black mass markets","in-charts-comparing-the-european-and-north-american-black-mass-markets","article/in-charts-comparing-the-european-and-north-american-black-mass-markets",{"_uid":36010,"date":36011,"tags":36012,"editor":36019,"content":36023,"excerpt":36167,"featured":50,"reporter":36168,"_editable":36172,"component":864,"seo_title":36173,"categories":36174,"visibility":2091,"author_company":49,"data_vis_image":36178,"featured_image":36180,"seo_description":36183,"author_full_name":49,"author_job_title":49,"formattedDate":36184},"97d278b4-70b2-49b6-b7be-d5a956f6862c","2025-05-07 00:00",[36013,36016,36017,36018],{"slug":36014,"name":36015},"black-mass-prices","Black mass prices",{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":2787,"name":2788},[36020],{"slug":544,"name":543,"content":36021},{"job_title":557,"image":36022,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":36024},[36025,36030,36035,36043,36048,36053,36058,36063,36074,36079,36084,36092,36097,36102,36110,36115,36120,36132,36137,36145,36152,36159],{"type":594,"attrs":36026,"content":36027},{"textAlign":49},[36028],{"text":36029,"type":599},"The battery recycling industries in both Europe and North America are skewed towards black mass production through battery waste pretreatment, leading critical minerals to leak into Asia where there is an abundance of black mass refining capacity, primarily in the form of hydrometallurgy. ",{"type":594,"attrs":36031,"content":36032},{"textAlign":49},[36033],{"text":36034,"type":599},"Although both recycling industries are at similar levels of maturity, there are key differences between how black mass is classified and priced in these regions.",{"type":627,"attrs":36036},{"id":36037,"body":36038},"f8556a94-17d8-42ca-aa7f-d3b4369208d9",[36039],{"id":36040,"_uid":36041,"type":634,"_editable":36042,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23031861","i-591e3c7b-f8eb-4ca4-9adf-324458dea9be","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-591e3c7b-f8eb-4ca4-9adf-324458dea9be\", \"id\": \"\"}-->",{"type":657,"attrs":36044,"content":36045},{"level":15966,"textAlign":49},[36046],{"text":36047,"type":599},"How does black mass classification differ regionally?",{"type":594,"attrs":36049,"content":36050},{"textAlign":49},[36051],{"text":36052,"type":599},"In the US, black mass is classified as a solid waste and only given a hazardous classification if the material in question can be proven to have hazardous characteristics.",{"type":594,"attrs":36054,"content":36055},{"textAlign":49},[36056],{"text":36057,"type":599},"The European Union, by contrast, recently revised its ‘List of Waste’ to classify all black mass as hazardous waste, and thus subject it to ‘Waste Shipment Regulation’ in accordance with the Basel Convention. This requires companies to apply for Transfrontier Shipment of Waste (TFS) permits, effectively blocking the movement of black mass to non-OECD countries.",{"type":657,"attrs":36059,"content":36060},{"level":15966,"textAlign":49},[36061],{"text":36062,"type":599},"What differences are seen in pricing?",{"type":594,"attrs":36064,"content":36065},{"textAlign":49},[36066,36068,36073],{"text":36067,"type":599},"Once viewed as sources of cheaper feedstock, European and North American black mass nickel/cobalt payables have surged over the past couple of years, as per ",{"text":36069,"type":599,"marks":36070},"Benchmark’s Black Mass Price Assessment",[36071],{"type":604,"attrs":36072},{"href":12314,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":36075,"content":36076},{"textAlign":49},[36077],{"text":36078,"type":599},"They are now at parity with those seen in the seaborne Asia market as price transparency has improved. As with the Asia (ex-China) market, lithium payables are not implemented in Europe or North America.",{"type":594,"attrs":36080,"content":36081},{"textAlign":49},[36082],{"text":36083,"type":599},"Historically, Europe’s black mass market has bifurcated based on whether the material was product- or waste-classified, with the former attracting higher payables.",{"type":627,"attrs":36085},{"id":36086,"body":36087},"d1e3df54-e62b-44ed-b63f-60058bf81d99",[36088],{"id":36089,"_uid":36090,"type":634,"_editable":36091,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22969510","i-a424cf32-007e-4ae0-891b-2c732bcd060f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a424cf32-007e-4ae0-891b-2c732bcd060f\", \"id\": \"\"}-->",{"type":594,"attrs":36093,"content":36094},{"textAlign":49},[36095],{"text":36096,"type":599},"North American black mass payables have been more harmonised, with generally higher payable levels. North America’s black mass payables are considered inflated by many market participants as a result of strong overseas demand and limited supply, creating a seller’s market in the region.",{"type":594,"attrs":36098,"content":36099},{"textAlign":49},[36100],{"text":36101,"type":599},"Despite the current similarity in pricing trends across these markets, Benchmark anticipates them to become more distinct following the European Commission’s move to uniformly classify black mass as a hazardous waste. It is expected that a fall in demand for European black mass, resulting from the material being more difficult to ship, will contribute to lower payables.",{"type":627,"attrs":36103},{"id":36104,"body":36105},"7029f25a-72d5-4258-950f-c8c41db53a3a",[36106],{"id":36107,"_uid":36108,"type":634,"_editable":36109,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23032309","i-b6c9f4b9-a2c7-48e5-a476-3ec308795ff5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b6c9f4b9-a2c7-48e5-a476-3ec308795ff5\", \"id\": \"\"}-->",{"type":657,"attrs":36111,"content":36112},{"level":15966,"textAlign":49},[36113],{"text":36114,"type":599},"How are the European and North American markets similar?",{"type":594,"attrs":36116,"content":36117},{"textAlign":49},[36118],{"text":36119,"type":599},"The scrap pools in Europe and North America are broadly similar in terms of chemistry and size, with nickel cobalt manganese (NCM) material being the largest constituent of both region’s scrap pools.",{"type":594,"attrs":36121,"content":36122},{"textAlign":49},[36123,36125,36131],{"text":36124,"type":599},"In terms of the source of scrap, almost half of North America’s pool is from gigafactory waste, compared to just a third in Europe, as assessed by ",{"text":36126,"type":599,"marks":36127},"Benchmark’s Recycling Forecast",[36128],{"type":604,"attrs":36129},{"href":36130,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/recycling/data-reports/forecast",{"text":974,"type":599},{"type":594,"attrs":36133,"content":36134},{"textAlign":49},[36135],{"text":36136,"type":599},"Both region’s recycling industries are still in nascent stages of development, with Europe dominated by a large number of small- to medium-sized players, whilst North America’s industry comprises a smaller number of larger players.",{"type":627,"attrs":36138},{"id":36139,"body":36140},"924cc08f-d720-47fd-b304-14041089e0c0",[36141],{"id":36142,"_uid":36143,"type":634,"_editable":36144,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23048752","i-a82b7dac-dc4a-4821-b022-48b069179a34","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a82b7dac-dc4a-4821-b022-48b069179a34\", \"id\": \"\"}-->",{"type":594,"attrs":36146,"content":36147},{"textAlign":49},[36148],{"text":36149,"type":599,"marks":36150},"Benchmark’s newly enhanced Black Mass Price Assessment now publishes all grades every two weeks, increasing from a monthly frequency. In addition, Benchmark has launched two new EXW Europe price grades in response to the growing maturity and liquidity being observed in the European black mass market.",[36151],{"type":643},{"type":594,"attrs":36153,"content":36154},{"textAlign":49},[36155],{"text":36156,"type":599,"marks":36157},"Moreover, our Battery Recycling Forecast has gained several new features, with our acquisition of Rho Motion providing enriched demand-side data.",[36158],{"type":643},{"type":594,"attrs":36160,"content":36161},{"textAlign":49},[36162,36166],{"text":36163,"type":599,"marks":36164},"To learn more about Benchmark’s Battery Recycling and Black Mass intelligence, contact us here",[36165],{"type":643},{"text":21888,"type":599},"The battery recycling industries in both Europe and North America are skewed towards black mass production through battery waste pretreatment, leading critical minerals to leak into Asia where there is an abundance of black mass refining capacity, primarily in the form of hydrometallurgy. Although both recycling industries are at similar levels of maturity, there are […]",[36169],{"slug":544,"name":543,"content":36170},{"job_title":557,"image":36171,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"97d278b4-70b2-49b6-b7be-d5a956f6862c\", \"id\": \"\"}-->","In Charts: Comparing the European and North American..",[36175,36176,36177],{"slug":872,"name":873},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":36179},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":36181,"copyright":547,"fieldtype":553,"meta_data":36182,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/af0a50d042/bm-dsc-6982-sm.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"The battery recycling industries in both Europe and North America are skewed towards black mass production through battery waste pretreatment, leading critical minerals to leak into Asia where there is an abundance of black ...","May 07, 2025",{"id":36186,"uuid":13267,"name":36187,"slug":36188,"full_slug":36189,"content":36190},112467727154595,"What does Labor’s Australian election victory mean for critical minerals, batteries, and EVs?","what-does-labors-australian-election-victory-mean-for-critical-minerals-and-evs","article/what-does-labors-australian-election-victory-mean-for-critical-minerals-and-evs",{"_uid":36191,"date":36011,"tags":36192,"editor":36194,"content":36198,"excerpt":36312,"featured":51,"reporter":36313,"_editable":36317,"component":864,"seo_title":36187,"categories":36318,"visibility":882,"author_company":49,"featured_image":36321,"seo_description":36312,"author_full_name":49,"author_job_title":49,"formattedDate":36184},"f88ed147-698d-41ca-81f3-8e89bbfeab0a",[36193],{"slug":6567,"name":2038},[36195],{"slug":544,"name":543,"content":36196},{"job_title":557,"image":36197,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":36199},[36200,36205,36218,36223,36228,36233,36238,36243,36251,36256,36269,36277,36282,36287,36292,36297,36302,36307],{"type":594,"attrs":36201,"content":36202},{"textAlign":49},[36203],{"text":36204,"type":599},"Australian Prime Minister Anthony Albanese has secured re-election with a majority win, giving his Labor party a clear mandate to continue with plans to bolster Australia’s domestic critical mineral mining and processing potential.",{"type":594,"attrs":36206,"content":36207},{"textAlign":49},[36208,36210,36216],{"text":36209,"type":599},"Last year, the ",{"text":36211,"type":599,"marks":36212},"Albanese government introduced a tax credit worth 10% for critical mineral processing",[36213],{"type":604,"attrs":36214},{"href":36215,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-australias-budget-mean-for-the-critical-minerals-industry",{"text":36217,"type":599}," and refining costs (at an estimated cost of $4.5 billion) starting from the fiscal year 2027-2028, for up to ten years per project. The policy is designed to spur private investment into the sector. ",{"type":594,"attrs":36219,"content":36220},{"textAlign":49},[36221],{"text":36222,"type":599},"Albanese’s victory now gives prospective investors policy certainty ahead of the proposed July 2027 start date.",{"type":594,"attrs":36224,"content":36225},{"textAlign":49},[36226],{"text":36227,"type":599},"In the run up to the election, Prime Minister Albanese pledged further support for domestic projects, outlining an initial investment of AU$1.2 billion ($763 million) to establish a strategic reserve for 31 critical minerals. ",{"type":594,"attrs":36229,"content":36230},{"textAlign":49},[36231],{"text":36232,"type":599},"This would involve the government buying critical minerals or having the option to buy minerals at a certain price threshold, to provide price support to domestic projects which have come under pressure from low prices.",{"type":657,"attrs":36234,"content":36235},{"level":15966,"textAlign":49},[36236],{"text":36237,"type":599},"Can Australia rival China as a processing powerhouse?",{"type":594,"attrs":36239,"content":36240},{"textAlign":49},[36241],{"text":36242,"type":599},"Australia’s strength lies in the upstream mining stage of the value chain, ranking as the biggest producer of mined lithium and the third largest source of mined rare earths supply in 2024, according to Benchmark analysis. ",{"type":627,"attrs":36244},{"id":36245,"body":36246},"4c86fa56-ddf3-4941-9aa9-09a98236c588",[36247],{"id":36248,"_uid":36249,"type":634,"_editable":36250,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23045858","i-5bae8764-917d-4510-9579-9232cbd72140","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5bae8764-917d-4510-9579-9232cbd72140\", \"id\": \"\"}-->",{"type":594,"attrs":36252,"content":36253},{"textAlign":49},[36254],{"text":36255,"type":599},"Currently, the majority of Australia’s minerals are shipped to China for further processing, and the Albanese government has sought to leverage its resources to build out the domestic critical mineral processing industry, to position the country as a leading ex-China supplier of these minerals.",{"type":594,"attrs":36257,"content":36258},{"textAlign":49},[36259,36261,36267],{"text":36260,"type":599},"Notably, the ",{"text":36262,"type":599,"marks":36263},"Albanese government has led upstream financing efforts to counter China’s dominance over rare earths supply",[36264],{"type":604,"attrs":36265},{"href":36266,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/australia-leads-upstream-rare-earth-financing-efforts",{"text":36268,"type":599}," chains: projects in Australia received $1.7 billion in investment in 2024, amounting to 56% of the total share of global investment, according to the Benchmark Rare Earths Forecast.",{"type":627,"attrs":36270},{"id":36271,"body":36272},"fa07747f-d55b-41a9-9671-e9c5d6000d25",[36273],{"id":36274,"_uid":36275,"type":634,"_editable":36276,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"23047812","i-784243d3-f290-404f-ba21-8b3f37e48f3e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-784243d3-f290-404f-ba21-8b3f37e48f3e\", \"id\": \"\"}-->",{"type":594,"attrs":36278,"content":36279},{"textAlign":49},[36280],{"text":36281,"type":599},"However, Australian projects face challenges in remaining cost-competitive with China. Critical mineral processing is an energy-intensive process that requires considerable amounts of reagents. ",{"type":594,"attrs":36283,"content":36284},{"textAlign":49},[36285],{"text":36286,"type":599},"In January, China’s Tianqi Lithium and IGO halted construction work on a lithium hydroxide facility in Western Australia. The project came under pressure from a combination of cost overruns and low lithium prices.",{"type":657,"attrs":36288,"content":36289},{"level":15966,"textAlign":49},[36290],{"text":36291,"type":599},"What are Labor’s EV policies?",{"type":594,"attrs":36293,"content":36294},{"textAlign":49},[36295],{"text":36296,"type":599},"The Labor government passed the New Vehicle Efficiency Standard (NVES) in 2024, which came into effect in January this year. The policy is designed to encourage automakers to increase the supply of more fuel-efficient and low-emission vehicles, such as hybrids and electric vehicles (EVs).",{"type":594,"attrs":36298,"content":36299},{"textAlign":49},[36300],{"text":36301,"type":599},"The NVES sets annual CO₂ emission targets for new vehicles, obliging automakers to meet these targets at a fleet level. For passenger cars and SUVs, the target starts at 141 grams of CO₂ per kilometer in 2025, decreasing to 58 g/km by 2029.",{"type":657,"attrs":36303,"content":36304},{"level":15966,"textAlign":49},[36305],{"text":36306,"type":599},"How does the new government view BESS?",{"type":594,"attrs":36308,"content":36309},{"textAlign":49},[36310],{"text":36311,"type":599},"On the campaign trail, Prime Minister Albanese also announced a AU$2.3 billion ($647 million) initiative to subsidise battery energy storage systems (BESS) for homeowners. The policy aims to increase BESS sales to one million more households and small businesses by 2030, reducing the cost by approximately 30%. ","Australian Prime Minister Anthony Albanese has secured re-election with a majority win, giving his Labor party a clear mandate to continue with plans to bolster Australia’s domestic critical mineral mining and processing potential. Last year, the Albanese government introduced a tax credit worth 10% for critical mineral processing and refining costs (at an estimated cost […]",[36314],{"slug":544,"name":543,"content":36315},{"job_title":557,"image":36316,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f88ed147-698d-41ca-81f3-8e89bbfeab0a\", \"id\": \"\"}-->",[36319,36320],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":36322,"copyright":547,"fieldtype":553,"meta_data":36323,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7a550688f7/bm-shutterstock-2496979599-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":36325,"uuid":36326,"name":36327,"slug":36328,"full_slug":36329,"content":36330},112467742359008,"a70b0749-a89b-4a3f-ac6b-d9243db1fd17","Chinese EV brands look to PHEVs to avoid EU tariffs","chinese-ev-brands-look-to-phevs-to-avoid-eu-tariffs","article/chinese-ev-brands-look-to-phevs-to-avoid-eu-tariffs",{"_uid":36331,"date":36332,"tags":36333,"editor":36345,"content":36349,"excerpt":36413,"featured":51,"reporter":36414,"_editable":36418,"component":864,"seo_title":36327,"categories":36419,"visibility":2091,"author_company":49,"featured_image":36423,"seo_description":36413,"author_full_name":49,"author_job_title":49,"formattedDate":36426},"977b2ed5-3106-46d4-acf0-ab7eb6f69168","2025-05-02 00:00",[36334,36335,36338,36339,36340,36341,36344],{"slug":5945,"name":2983},{"slug":36336,"name":36337},"chery","Chery",{"slug":913,"name":914},{"slug":2790,"name":2791},{"slug":11650,"name":11651},{"slug":36342,"name":36343},"saic","SAIC",{"slug":4610,"name":662},[36346],{"slug":544,"name":543,"content":36347},{"job_title":557,"image":36348,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":36350},[36351,36364,36371,36376,36381,36386,36393,36398,36403,36408],{"type":594,"attrs":36352,"content":36353},{"textAlign":49},[36354,36356,36362],{"text":36355,"type":599},"Chinese OEMs are seeking to realign their sales strategy in Europe to best reflect the regulatory landscape of the region. In October 2024, the EU ",{"text":36357,"type":599,"marks":36358},"implemented tariffs on Chinese battery electric vehicle (BEV) imports into the bloc following a nine-month-long investigation",[36359],{"type":604,"attrs":36360},{"href":36361,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/membership-industry-updates/the-eu-accepts-final-decision-on-tariffs-for-chinese-made-vehicles/",{"text":36363,"type":599}," into Chinese government subsidies and a five-month-long provisional period. These tariffs, ranging from an additional 7.8% to 35.3%, are set to remain in place for the remainder of the EU’s current parliamentary term until 2029. Subsequently, Chinese OEMs have reacted to reduce the impact of tariffs.",{"type":594,"attrs":36365,"content":36366},{"textAlign":49},[36367],{"type":1186,"attrs":36368},{"id":49,"alt":547,"src":36369,"title":49,"source":49,"copyright":49,"meta_data":36370},"https://a.storyblok.com/f/287943243085208/cf337773db/bm-chinese-oems-increase-phev-sales-to-eu-to-avoid-tariffs-3.png",{},{"type":657,"attrs":36372,"content":36373},{"level":15966,"textAlign":49},[36374],{"text":36375,"type":599},"How have Chinese players changed EV strategies? ",{"type":594,"attrs":36377,"content":36378},{"textAlign":49},[36379],{"text":36380,"type":599},"At the time the anti-subsidy investigation began, BEVs were the main focus of Chinese OEMs selling in Europe. SAIC was the only Chinese player selling notable quantities of plug-in hybrid electric vehicles (PHEVs). As such, Chinese-made BEVs were seen as the main threat to the EU’s EV industry.",{"type":594,"attrs":36382,"content":36383},{"textAlign":49},[36384],{"text":36385,"type":599},"Although Chinese EV OEMs have strong margins on vehicles they make, the tariffs have eroded this. It was only a matter of time before Chinese OEMs looked to change their sales strategy to improve their margins in the EU. Multiple OEMs have now shifted their sales strategy to offer non-BEV models that are not subject to additional countervailing duties.",{"type":594,"attrs":36387,"content":36388},{"textAlign":49},[36389],{"type":1186,"attrs":36390},{"id":49,"alt":547,"src":36391,"title":49,"source":49,"copyright":49,"meta_data":36392},"https://a.storyblok.com/f/287943243085208/93204359da/bm-screenshot-2025-05-01-160347-1342124337bb.png",{},{"type":657,"attrs":36394,"content":36395},{"level":15966,"textAlign":49},[36396],{"text":36397,"type":599},"How much can an automaker save selling a PHEV?",{"type":594,"attrs":36399,"content":36400},{"textAlign":49},[36401],{"text":36402,"type":599},"Looking at BYD, it is subject to an additional 17% countervailing tariff on top of the baseline 10% automotive tariff. In Germany, the price of BYD’s bestselling BEV in the EU, the Atto 3, currently sits at EUR37,990. Considering the total 27% tariff, BYD pays EUR10,257 in duties. On the other hand, its bestselling PHEV, the Seal U, retails at EUR39,990 in Germany, meaning the company pays EUR3,999 in duties. Non-BEV models now offer the highest returns.",{"type":657,"attrs":36404,"content":36405},{"level":15966,"textAlign":49},[36406],{"text":36407,"type":599},"Will Chinese PHEV sales overtake their BEV sales?",{"type":594,"attrs":36409,"content":36410},{"textAlign":49},[36411],{"text":36412,"type":599},"For BYD and SAIC, PHEV sales are on a trajectory to overtake BEV sales this year. In March, 41% of BYD’s EV sales in the EU were PHEVs, while for SAIC this was 49%. For Chery, although it has a lower sales base, PHEVs have already overtaken BEVs with 71% of the EVs it sold in March being PHEVs. As sales continue to evolve throughout this year the extent to which Chinese OEMs have changed their sales strategy will become clear. For now, the lack of tariffs on PHEVs is an opportunity multiple Chinese OEMs are taking advantage of.","Chinese OEMs are seeking to realign their sales strategy in Europe to best reflect the regulatory landscape of the region. In October 2024, the EU implemented tariffs on Chinese battery electric vehicle (BEV) imports into the bloc following a nine-month-long investigation into Chinese government subsidies and a five-month-long provisional period. These tariffs, ranging from an […]",[36415],{"slug":544,"name":543,"content":36416},{"job_title":557,"image":36417,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"977b2ed5-3106-46d4-acf0-ab7eb6f69168\", \"id\": \"\"}-->",[36420,36421,36422],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":36424,"copyright":547,"fieldtype":553,"meta_data":36425,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/246f5f6f03/bm-adobestock-1126164757-editorial-use-only.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"May 02, 2025",{"id":36428,"uuid":36429,"name":36430,"slug":36431,"full_slug":36432,"content":36433},112467736825308,"2394c027-5ccc-4fd6-b3c5-579e3719e337","Chile accelerates state-led lithium strategy with new salt flat projects","chile-accelerates-state-led-lithium-strategy-with-new-salt-flat-projects","article/chile-accelerates-state-led-lithium-strategy-with-new-salt-flat-projects",{"_uid":36434,"date":36332,"tags":36435,"editor":36439,"content":36443,"excerpt":36563,"featured":50,"reporter":36564,"_editable":36568,"component":864,"seo_title":36430,"categories":36569,"visibility":882,"author_company":49,"data_vis_image":36572,"featured_image":36575,"seo_description":36563,"author_full_name":49,"author_job_title":49,"formattedDate":36426},"f2fc35cc-5f48-492b-839d-b5d0f0c7504b",[36436,36437,36438],{"slug":17168,"name":13351},{"slug":578,"name":579},{"slug":16987,"name":16988},[36440],{"slug":544,"name":543,"content":36441},{"job_title":557,"image":36442,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":36444},[36445,36458,36463,36476,36496,36504,36509,36522,36530,36535,36540,36545,36550,36555],{"type":594,"attrs":36446,"content":36447},{"textAlign":49},[36448,36450,36456],{"text":36449,"type":599},"In April 2025, Chile’s Mining Ministry accepted applications from companies for three new lithium flat projects in the country, as part of its ",{"text":36451,"type":599,"marks":36452},"National Lithium Strategy first launched in 2023",[36453],{"type":604,"attrs":36454},{"href":36455,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-chiles-national-lithium-strategy-mean-for-albemarle-and-sqm?_branch_match_id=1544413244209314044&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWj%2FILjqgoKfY2Ck6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAVnEsIEgAAAA%3D",{"text":36457,"type":599},". The projects will be operated through public-private joint ventures in which the Chilean government has a majority stake.",{"type":594,"attrs":36459,"content":36460},{"textAlign":49},[36461],{"text":36462,"type":599},"The projects are to be licensed through Special Lithium Operating Contracts (CEOLs), which fast track projects associated with companies with proven cash reserves, technology, and experience.",{"type":594,"attrs":36464,"content":36465},{"textAlign":49},[36466,36468,36474],{"text":36467,"type":599},"Chile’s state-led resource ownership model is attracting global interest: over 50 companies have ",{"text":36469,"type":599,"marks":36470},"expressed interest",[36471],{"type":604,"attrs":36472},{"href":36473,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sqm-and-codelco-confirm-chilean-lithium-partnership?_branch_match_id=1544413251403940247&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN0rxNfGJsPQyCk6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkjJFkUgAAAA%3D",{"text":36475,"type":599}," in the newly opened salt flats, with further tenders and partnerships expected through 2025.",{"type":594,"attrs":36477,"content":36478},{"textAlign":49},[36479,36481,36487,36489,36494],{"text":36480,"type":599},"Chile’s National Lithium Strategy aims to reassert the country’s position as a global leader in lithium production, whilst welcoming private investment. The strategy requires projects to use ",{"text":36482,"type":599,"marks":36483},"more sustainable technologies",[36484],{"type":604,"attrs":36485},{"href":36486,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/equinor-takes-stake-in-standard-lithium-smackover-direct-lithium-extraction-projects?_branch_match_id=1544413239495712691&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd3bKDcjIC0738k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQOPJ10gAAAA%3D",{"text":36488,"type":599},", such as ",{"text":33082,"type":599,"marks":36490},[36491],{"type":604,"attrs":36492},{"href":36493,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/downloads/special-issues/1320373",{"text":36495,"type":599}," (DLE), to reduce water usage and minimise the environmental impact by removing the need for large evaporation ponds.",{"type":627,"attrs":36497},{"id":36498,"body":36499},"d551d026-2602-4346-9287-276a1da4e1c5",[36500],{"id":36501,"_uid":36502,"type":634,"_editable":36503,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22965797","i-6c7b233d-bda3-406d-9c22-afb8634a3c94","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6c7b233d-bda3-406d-9c22-afb8634a3c94\", \"id\": \"\"}-->",{"type":657,"attrs":36505,"content":36506},{"level":15966,"textAlign":49},[36507],{"text":36508,"type":599},"Who will operate the new projects?",{"type":594,"attrs":36510,"content":36511},{"textAlign":49},[36512,36514,36520],{"text":36513,"type":599},"These new contracts come on the heels of the landmark joint venture between state-owned ",{"text":36515,"type":599,"marks":36516},"Codelco and SQM",[36517],{"type":604,"attrs":36518},{"href":36519,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/byd-rio-tinto-among-shortlisted-developers-for-chiles-altoandinos-lithium-opportunity?_branch_match_id=1544413232004405950&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT0wNKYsKM%2FcyCk6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAlLHFbkgAAAA%3D",{"text":36521,"type":599},", Chile’s biggest lithium producer. That deal was finalised in early 2025 after months of regulatory review and set the tone for this next wave of projects.",{"type":627,"attrs":36523},{"id":36524,"body":36525},"16613a2c-507e-438b-9f8a-cd8638a2dda4",[36526],{"id":36527,"_uid":36528,"type":634,"_editable":36529,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22932168","i-76c0bd21-ca82-451b-9797-4f46934470b7","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-76c0bd21-ca82-451b-9797-4f46934470b7\", \"id\": \"\"}-->",{"type":657,"attrs":36531,"content":36532},{"level":15966,"textAlign":49},[36533],{"text":36534,"type":599},"What happens next?",{"type":594,"attrs":36536,"content":36537},{"textAlign":49},[36538],{"text":36539,"type":599},"Following consultations with indigenous communities, and assuming the applicants accept any other conditions, the contracts will be signed. A public tender  will open if the applicants decline to sign the contracts.",{"type":594,"attrs":36541,"content":36542},{"textAlign":49},[36543],{"text":36544,"type":599},"After that, getting projects off the ground quickly is key. Timing matters, and Chile needs to move before the market gets crowded or new technologies change the game.",{"type":594,"attrs":36546,"content":36547},{"textAlign":49},[36548],{"text":36549,"type":599},"Then there’s the challenge of making these state-private partnerships work in real life—balanacing government oversight with the speed and flexibility companies need.",{"type":594,"attrs":36551,"content":36552},{"textAlign":49},[36553],{"text":36554,"type":599},"Finally, Chile needs to keep local communities on board whilst meeting high environmental standards as projects scale up. Initial steps have been positive, with community agreements in place and cleaner technologies being tested, but keeping that trust will take real, ongoing transparency.",{"type":627,"attrs":36556},{"id":36557,"body":36558},"75b836ca-bc11-432a-8a13-757f5598ee44",[36559],{"id":36560,"_uid":36561,"type":634,"_editable":36562,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22933146","i-f71f010c-c01d-4a63-969c-4a0947c4b14a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f71f010c-c01d-4a63-969c-4a0947c4b14a\", \"id\": \"\"}-->","In April 2025, Chile’s Mining Ministry accepted applications from companies for three new lithium flat projects in the country, as part of its National Lithium Strategy first launched in 2023. The projects will be operated through public-private joint ventures in which the Chilean government has a majority stake. The projects are to be licensed through […]",[36565],{"slug":544,"name":543,"content":36566},{"job_title":557,"image":36567,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f2fc35cc-5f48-492b-839d-b5d0f0c7504b\", \"id\": \"\"}-->",[36570,36571],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":36573,"copyright":547,"fieldtype":553,"meta_data":36574,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1746197660/www-production/Global-lithium-scene-2020-2030@2x-1/Global-lithium-scene-2020-2030@2x-1.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":36576,"copyright":547,"fieldtype":553,"meta_data":36577,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/lithium-atacama-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":36579,"uuid":36580,"name":36581,"slug":36582,"full_slug":36583,"content":36584},112467752054242,"cc846bb8-f72d-429e-b623-e1e2c54c72e5","Trump automotive tariffs, what’s at risk for the EV industry?","trump-automotive-tariffs-whats-at-risk-for-the-ev-industry","article/trump-automotive-tariffs-whats-at-risk-for-the-ev-industry",{"_uid":36585,"date":36586,"tags":36587,"editor":36590,"content":36594,"excerpt":36680,"featured":51,"reporter":36681,"_editable":36685,"component":864,"seo_title":36581,"categories":36686,"visibility":2091,"author_company":49,"featured_image":36689,"seo_description":36680,"author_full_name":49,"author_job_title":49,"formattedDate":36692},"ec6d9e64-3166-42bc-add8-4afb12b961a1","2025-05-01 00:00",[36588,36589],{"slug":7052,"name":7053},{"slug":1375,"name":1376},[36591],{"slug":544,"name":543,"content":36592},{"job_title":557,"image":36593,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":36595},[36596,36605,36612,36617,36630,36635,36640,36645,36650,36655,36660,36665,36670,36675],{"type":594,"attrs":36597,"content":36598},{"textAlign":49},[36599,36601,36603],{"text":36600,"type":599},"President Trump’s automotive tariffs have been in place for a month, and altered automotive parts tariffs are set to come into force on the 3",{"text":36602,"type":599},"rd",{"text":36604,"type":599}," of May. After years of low tariffs these most recent tariffs will have a wide-ranging effect across the EV industry.",{"type":594,"attrs":36606,"content":36607},{"textAlign":49},[36608],{"type":1186,"attrs":36609},{"id":49,"alt":547,"src":36610,"title":49,"source":49,"copyright":49,"meta_data":36611},"https://a.storyblok.com/f/287943243085208/47e74439cc/bm-trumps-automotive-tarrifs-infographic-1192x2048.png",{},{"type":657,"attrs":36613,"content":36614},{"level":15966,"textAlign":49},[36615],{"text":36616,"type":599},"How reliant is the US on EV imports?",{"type":594,"attrs":36618,"content":36619},{"textAlign":49},[36620,36622,36628],{"text":36621,"type":599},"In 2024, just over 1.5 million EVs were sold in the US market. Of these, 595,000 EVs were imported equating to 38% of all US EV sales in 2024 according to ",{"text":36623,"type":599,"marks":36624},"Benchmark’s EV Production Quarterly Outlook.",[36625],{"type":604,"attrs":36626},{"href":36627,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/research/ev-production-quarterly-outlook/",{"text":36629,"type":599}," These vehicles originated from 14 countries, with Mexico accounting for the highest number followed by Japan and South Korea.",{"type":657,"attrs":36631,"content":36632},{"level":15966,"textAlign":49},[36633],{"text":36634,"type":599},"Canada and Mexico will feel the tariffs, but have some leniency",{"type":594,"attrs":36636,"content":36637},{"textAlign":49},[36638],{"text":36639,"type":599},"Under Trump’s tariff polices USMCA compliant vehicles are not subject tariffs, however the proportions of vehicles that are not USMCA compliant will be subject to the 25% automobile tariffs.",{"type":594,"attrs":36641,"content":36642},{"textAlign":49},[36643],{"text":36644,"type":599},"While some vehicles manufactured in Canada and Mexico meet USMCA requirements, many do not, largely due to the globally integrated nature of EV supply chains. As a result, a significant number of vehicles originating from these countries will still be subject to tariffs, albeit at slightly lower rates compared to other countries.",{"type":657,"attrs":36646,"content":36647},{"level":15966,"textAlign":49},[36648],{"text":36649,"type":599},"Europe will feel biggest impact of automotive tariffs",{"type":594,"attrs":36651,"content":36652},{"textAlign":49},[36653],{"text":36654,"type":599},"EVs from Europe made up 28% of US EV imports in 2024, indicating that the region stands to lose the most from the incoming automotive tariffs. Not far behind, Japan and South Korea accounted for 23% and 20% of US imports, respectively. Automakers exporting from these regions now face the prospect of shrinking profit margins or, in some cases, selling EVs at a loss.",{"type":657,"attrs":36656,"content":36657},{"level":15966,"textAlign":49},[36658],{"text":36659,"type":599},"Where do US EV exports go?",{"type":594,"attrs":36661,"content":36662},{"textAlign":49},[36663],{"text":36664,"type":599},"In 2024, the US produced just over 1.1 million EVs, while the majority of these went to the domestic market, just under 186,000 EVs, 17%, were exported and sold outside of the country. Most of these vehicles, 57%, remained within North America going to the US’ neighbours Canada and Mexico. Outside of the region, US-made EVs had a limited market share. The next biggest destination was Europe which sold just over 60,000 US made EVs in 2024.",{"type":594,"attrs":36666,"content":36667},{"textAlign":49},[36668],{"text":36669,"type":599},"US EV exports remain small, largely due to the fact that US automakers have established production facilities abroad, producing vehicles in target markets.",{"type":657,"attrs":36671,"content":36672},{"level":15966,"textAlign":49},[36673],{"text":36674,"type":599},"The outlook for the EV industry with US tariffs",{"type":594,"attrs":36676,"content":36677},{"textAlign":49},[36678],{"text":36679,"type":599},"Tariffs are set to push up EV prices in the US, as many automakers will pass the cost increases onto consumes. However, some automakers could pass the cost increases caused by the US tariffs onto consumers globally, in a bid to reduce US EV price increases.","President Trump’s automotive tariffs have been in place for a month, and altered automotive parts tariffs are set to come into force on the 3rd of May. After years of low tariffs these most recent tariffs will have a wide-ranging effect across the EV industry. How reliant is the US on EV imports? In 2024, […]",[36682],{"slug":544,"name":543,"content":36683},{"job_title":557,"image":36684,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ec6d9e64-3166-42bc-add8-4afb12b961a1\", \"id\": \"\"}-->",[36687,36688],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":36690,"copyright":547,"fieldtype":553,"meta_data":36691,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/54b8a76819/bm-adobestock-1184440147-scaled.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"May 01, 2025",{"id":36694,"uuid":36695,"name":36696,"slug":36697,"full_slug":36698,"content":36699},112467759201799,"805622a0-87ac-4159-ac42-cc8b9ad8559a","How do profit margins vary across key battery producers? ","how-do-profit-margins-vary-across-key-battery-producers","article/how-do-profit-margins-vary-across-key-battery-producers",{"_uid":36700,"date":36701,"tags":36702,"editor":36712,"content":36716,"excerpt":36809,"featured":50,"reporter":36810,"_editable":36814,"component":864,"seo_title":36696,"categories":36815,"visibility":2091,"author_company":547,"data_vis_image":36817,"featured_image":36819,"seo_description":36822,"author_full_name":547,"author_job_title":547,"formattedDate":36823},"230edb6d-13f1-4beb-954c-45ca334085ae","2025-04-30 00:00",[36703,36704,36707,36708,36709],{"slug":903,"name":904},{"slug":36705,"name":36706},"eve","EVE",{"slug":5957,"name":5958},{"slug":13869,"name":8803},{"slug":36710,"name":36711},"samsung-sdi-america","Samsung SDI America",[36713],{"slug":544,"name":543,"content":36714},{"job_title":557,"image":36715,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":36717},[36718,36739,36746,36753,36758,36770,36775,36780,36787,36792,36797,36804],{"type":594,"attrs":36719,"content":36720},{"textAlign":49},[36721,36723,36729,36731,36737],{"text":36722,"type":599},"Battery demand has continually been growing over the last decade, with ",{"text":36724,"type":599,"marks":36725},"annual global battery demand surpassing 1TWh for the first time in 2024 ",[36726],{"type":604,"attrs":36727},{"href":36728,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/membership-industry-updates/the-year-of-the-terawatt-hour-who-deployed-the-most-batteries-in-2024/",{"text":36730,"type":599},"according to ",{"text":36732,"type":599,"marks":36733},"Rho Motion’s Battery Demand Service",[36734],{"type":604,"attrs":36735},{"href":36736,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/research/monthly-battery-demand-service/",{"text":36738,"type":599},". As battery demand has grown, cell prices have followed a downward trajectory with global weighted cell lithium ion cell prices now hovering above $60/kWh according to Benchmark’s Cell Price Assessment. These developments have in turn affected companies’ profit margins. ",{"type":594,"attrs":36740,"content":36741},{"textAlign":49},[36742],{"text":36743,"type":599,"marks":36744},"N.B. In this article the operating income ratio (operating income/revenue) has been examined. This figure is a reflection of the core profitability of battery maker’s operations as it indicates how efficiently each company turns revenue into operating profit after covering production and overhead costs.",[36745],{"type":643},{"type":594,"attrs":36747,"content":36748},{"textAlign":49},[36749],{"type":1186,"attrs":36750},{"id":49,"alt":547,"src":36751,"title":49,"source":49,"copyright":49,"meta_data":36752},"https://a.storyblok.com/f/287943243085208/494caa9b6a/bm-screenshot-2025-04-30-151403.png",{},{"type":657,"attrs":36754,"content":36755},{"level":15966,"textAlign":49},[36756],{"text":36757,"type":599},"CATL leads the way, but other Chinese players are seeing increases in margins",{"type":594,"attrs":36759,"content":36760},{"textAlign":49},[36761,36763,36768],{"text":36762,"type":599},"In 2023, CATL’s profit margin was 11.4%, in 2024 this increased to 15.5%. According to Rho Motion data, ",{"text":36764,"type":599,"marks":36765},"CATL controlled ~32% of the global battery demand market in 2024",[36766],{"type":604,"attrs":36767},{"href":36728,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":36769,"type":599},", underpinning how integral the company is to many EV and BESS supply chains. The scale at which it can its produces batteries helps it achieve strong operating profit margins. While CATL saw the largest jump in operating profit margin, many other Chinese battery makers also saw improvements including CALB, Gotion, Sunwoda, EVE Energy and REPT. This comes despite battery prices continuing to fall. The profit margin improvements are largely down to increased sales as players have expanded further into global markets, and improved production efficiencies but also local subsidies that reduce CAPEX and OPEX costs for Chinese players allowing stronger margins. ",{"type":657,"attrs":36771,"content":36772},{"level":15966,"textAlign":49},[36773],{"text":36774,"type":599},"Ex-China battery makers see profit margins slip",{"type":594,"attrs":36776,"content":36777},{"textAlign":49},[36778],{"text":36779,"type":599},"Two of the largest ex-China battery producers Samsung SDI and LG Energy Solution saw their profit margins slip from 7.2% and 6.4%, respectively, each to 2.2%. In 2024, Samsung SDI and LG Energy Solution accounted for 4% and 13% of the battery market respectively. The fall in profit margins aligns with a decline in each company’s revenue, despite increasing sales volumes. As battery prices fell from 2023 to 2024, LG Energy Solution and Samsung SDI did not achieve sufficient sales growth to offset the drop in cell prices. ",{"type":594,"attrs":36781,"content":36782},{"textAlign":49},[36783],{"type":1186,"attrs":36784},{"id":49,"alt":547,"src":36785,"title":49,"source":49,"copyright":49,"meta_data":36786},"https://a.storyblok.com/f/287943243085208/0c988554ab/bm-screenshot-2025-04-30-151424.png",{},{"type":657,"attrs":36788,"content":36789},{"level":15966,"textAlign":49},[36790],{"text":36791,"type":599},"What is the outlook for profitability in the battery industry?",{"type":594,"attrs":36793,"content":36794},{"textAlign":49},[36795],{"text":36796,"type":599},"Battery cell prices in 2024 reached all-time lows, driven by improved production efficiency and falling lithium prices. While low cell prices have the potential to impact revenues and overall profitability, most major producers continue to operate with relatively healthy profit margins. The EV and BESS markets are expected to keep growing, providing consistent demand and allowing companies to expand sales and potentially absorb further reductions in cell prices. Additionally advances in battery technology and production efficiency could also aid profitability but also push cell prices downward.",{"type":594,"attrs":36798,"content":36799},{"textAlign":49},[36800],{"type":1186,"attrs":36801},{"id":49,"alt":547,"src":36802,"title":49,"source":49,"copyright":49,"meta_data":36803},"https://a.storyblok.com/f/287943243085208/ba146d6a5a/bm-screenshot-2025-04-30-151443.png",{},{"type":594,"attrs":36805,"content":36806},{"textAlign":49},[36807],{"text":36808,"type":599},"However cell prices have remained relatively stable in the first quarter of 2025 and are anticipated to remain so in the near future, meaning margins in 2025 could remain more stable compared to 2023 or 2024. ","Battery demand has continually been growing over the last decade, with annual global battery demand surpassing 1TWh for the first time in 2024 according to Rho Motion’s Battery Demand Service. As battery demand has grown, cell prices have followed a downward trajectory with global weighted cell lithium ion cell prices now hovering above $60/kWh according […]",[36811],{"slug":544,"name":543,"content":36812},{"job_title":557,"image":36813,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"230edb6d-13f1-4beb-954c-45ca334085ae\", \"id\": \"\"}-->",[36816],{"slug":2499,"name":2500},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":36818},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":36820,"copyright":547,"fieldtype":553,"meta_data":36821,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/069d9d2df3/bm-adobestock-916174407.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Battery demand has continually been growing over the last decade, with annual global battery demand surpassing 1TWh for the first time in 2024 according to Rho Motion’s Battery Demand Service. ","Apr 30, 2025",{"id":36825,"uuid":36826,"name":36827,"slug":36828,"full_slug":36829,"content":36830},112467768790537,"4395bb49-1275-4a4a-a0dc-39026b5810c3","The Metals Company applies for deep sea mining license following Trump’s Executive Order","the-metals-company-applies-for-mining-license-following-trumps-executive-order","article/the-metals-company-applies-for-mining-license-following-trumps-executive-order",{"_uid":36831,"date":36832,"tags":36833,"editor":36846,"content":36850,"excerpt":37004,"featured":51,"reporter":37005,"_editable":37009,"component":864,"seo_title":36827,"categories":37010,"visibility":882,"author_company":49,"featured_image":37018,"seo_description":37004,"author_full_name":49,"author_job_title":49,"formattedDate":37021},"99bc559d-c5bb-49c8-8b06-5078548e3fee","2025-04-29 00:00",[36834,36837,36840,36843,36844,36845],{"slug":36835,"name":36836},"deep-sea","Deep Sea",{"slug":36838,"name":36839},"impossible-metals-company","Impossible Metals Company",{"slug":36841,"name":36842},"the-metals-company","The Metals Company",{"slug":1375,"name":1376},{"slug":4610,"name":662},{"slug":23760,"name":23761},[36847],{"slug":544,"name":543,"content":36848},{"job_title":557,"image":36849,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":36851},[36852,36865,36870,36875,36880,36885,36905,36913,36926,36931,36936,36941,36946,36951,36956,36961,36966,36971,36976,36981,36994,36999],{"type":594,"attrs":36853,"content":36854},{"textAlign":49},[36855,36857,36863],{"text":36856,"type":599},"The Metals Company has submitted an application to the US government to ",{"text":36858,"type":599,"marks":36859},"extract deep sea minerals",[36860],{"type":604,"attrs":36861},{"href":36862,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/international-deep-sea-extraction-negotiations-resume-heres-what-you-need-to-know?_branch_match_id=1544413199389813509&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN3cxNswoMnGNCE6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAy%2B1Ft0gAAAA%3D",{"text":36864,"type":599}," from the seabed in the Clarion Clipperton Zone (CCZ), a region in international waters.",{"type":594,"attrs":36866,"content":36867},{"textAlign":49},[36868],{"text":36869,"type":599},"The application was made by the Canada-based company’s US subsidiary TMC USA through the 1980 Deep Seabed Hard Mineral Resources Act (DSHMRA), a US law. The company also applied for two exploration licenses in the CCZ through the National Oceanic and Atmospheric Administration (NOAA).",{"type":594,"attrs":36871,"content":36872},{"textAlign":49},[36873],{"text":36874,"type":599},"This marks the first commercial exploitation license application for international waters, and follows President Trump’s Executive Order earlier in April which aims to accelerate permitting and develop partnerships with industry and allied countries in the deep sea mineral space.",{"type":657,"attrs":36876,"content":36877},{"level":15966,"textAlign":49},[36878],{"text":36879,"type":599},"What role could deep sea minerals play in US critical mineral supply chains?",{"type":594,"attrs":36881,"content":36882},{"textAlign":49},[36883],{"text":36884,"type":599},"The deep sea contains substantial quantities of polymetallic nodules which contain key critical minerals for energy transition including cobalt, nickel, manganese, and copper.",{"type":594,"attrs":36886,"content":36887},{"textAlign":49},[36888,36890,36895,36897,36903],{"text":36889,"type":599},"If extracted by the US, they could contribute to US supply of these minerals. Benchmark analysis shows that even if all land-based mining operations planned in the US come online, the US is ",{"text":36891,"type":599,"marks":36892},"forecast",[36893],{"type":604,"attrs":36894},{"href":34016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":36896,"type":599}," to ",{"text":36898,"type":599,"marks":36899},"remain in a deficit",[36900],{"type":604,"attrs":36901},{"href":36902,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chart-can-the-us-meet-its-critical-mineral-needs-domestically?_branch_match_id=1544413211380094544&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNw42cvYOLSw3C0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAAEdk5kgAAAA%3D",{"text":36904,"type":599}," for most of these minerals.",{"type":627,"attrs":36906},{"id":36907,"body":36908},"cb482251-2fdc-4f77-9e16-8b64f772c688",[36909],{"id":36910,"_uid":36911,"type":634,"_editable":36912,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22850702","i-fa8011ef-5c9f-434b-b4b0-147906081562","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-fa8011ef-5c9f-434b-b4b0-147906081562\", \"id\": \"\"}-->",{"type":594,"attrs":36914,"content":36915},{"textAlign":49},[36916,36918,36924],{"text":36917,"type":599},"Regardless of source, the US has fairly limited processing capabilities for most critical minerals. Previous",{"text":36919,"type":599,"marks":36920}," Executive Orders",[36921],{"type":604,"attrs":36922},{"href":36923,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/trump-executive-order-to-accelerate-us-critical-mineral-push?_branch_match_id=1544413206620288801&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTy4uiDAzN8o3DkqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAWldDL0gAAAA%3D",{"text":36925,"type":599}," have targeted shifting policies and the reallocation of existing funds to support the development of domestic critical mineral processing.",{"type":594,"attrs":36927,"content":36928},{"textAlign":49},[36929],{"text":36930,"type":599},"The Metals Company states that its two exploration areas in the CCZ contain 1,635 million wet tonnes of polymetallic nodules, which the company says translates to 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2.0 million tonnes of cobalt, and 345 million tonnes of manganese.",{"type":594,"attrs":36932,"content":36933},{"textAlign":49},[36934],{"text":36935,"type":599},"Proponents of deep sea mineral extraction say such minerals will reduce the need for land-based mining and have some environmental advantages such as potentially lower carbon emissions per tonne of mined material.",{"type":594,"attrs":36937,"content":36938},{"textAlign":49},[36939],{"text":36940,"type":599},"However, opponents say there is a high risk of damaging deep sea ecosystems if deep sea extraction goes ahead without extensive further study of potential environmental harm.",{"type":594,"attrs":36942,"content":36943},{"textAlign":49},[36944],{"text":36945,"type":599},"Many automakers and more than 30 countries support a moratorium or a precautionary pause on the exploitation of deep sea minerals until more is known about the potential impacts on deep sea ecosystems. Notably these are primarily European automakers.",{"type":594,"attrs":36947,"content":36948},{"textAlign":49},[36949],{"text":36950,"type":599},"Ford, GM, and Tesla (all based in the US) have not signed onto the moratorium, though Ford has publicly stated it will avoid deep sea minerals in its supply chains.",{"type":657,"attrs":36952,"content":36953},{"level":15966,"textAlign":49},[36954],{"text":36955,"type":599},"How does this fit with the International Seabed Authority?",{"type":594,"attrs":36957,"content":36958},{"textAlign":49},[36959],{"text":36960,"type":599},"The International Seabed Authority (ISA) was founded as part of the United National Convention on the Law of the Sea (UNCLOS). The body  has repeatedly missed its own deadlines to reach a consensus over an international deep-sea extraction rulebook.",{"type":594,"attrs":36962,"content":36963},{"textAlign":49},[36964],{"text":36965,"type":599},"As the US did not ratify UNCLOS, it only holds observer status at the ISA rather than being a full member state.",{"type":594,"attrs":36967,"content":36968},{"textAlign":49},[36969],{"text":36970,"type":599},"This has left the US largely on the sidelines of discussions about deep sea mineral regulations. This is in contrast to China which is a member state of the ISA and has been actively driving such discussions.",{"type":594,"attrs":36972,"content":36973},{"textAlign":49},[36974],{"text":36975,"type":599},"However, Trump’s Executive Order outlined a possible route for companies to obtain a license to exploit Areas Beyond National Jurisdiction without needing to go through the ISA.",{"type":594,"attrs":36977,"content":36978},{"textAlign":49},[36979],{"text":36980,"type":599},"“Significant drivers behind this are US national and economic security, and reducing China’s grip on critical mineral supply chains,” said Bryan Bille, principal policy and geoeconomics analyst at Benchmark.",{"type":594,"attrs":36982,"content":36983},{"textAlign":49},[36984,36986,36992],{"text":36985,"type":599},"The Metals Company has been exploring the CCZ through International Seabed Authority (ISA) licenses ",{"text":36987,"type":599,"marks":36988},"sponsored by the island states of Nauru",[36989],{"type":604,"attrs":36990},{"href":36991,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/clock-is-ticking-for-isa-as-deep-sea-extraction-rules-delayed-until-2025?_branch_match_id=1544413217992115074&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN6%2F0MC1KM3eNCE6yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAC55O0kgAAAA%3D",{"text":36993,"type":599}," and Tonga. This application is an acceleration of the company’s previous plan to apply for a commercial extraction license through the ISA on 27 June.",{"type":594,"attrs":36995,"content":36996},{"textAlign":49},[36997],{"text":36998,"type":599},"“These new exploration and exploitation license areas overlap with TMC’s TOML and NORI ISA license areas, which could put it on a collision course with Tonga and Nauru,” said Luc Braun, an analyst at Benchmark.",{"type":594,"attrs":37000,"content":37001},{"textAlign":49},[37002],{"text":37003,"type":599},"Impossible Metals, a US-based deep sea technology developer and mining aspirant, earlier in April submitted a request to begin the leasing process to explore and potentially mine deep sea resources in domestic US waters off the coast of American Samoa via the Outer Continental Shelf Lands Act 1953.","The Metals Company has submitted an application to the US government to extract deep sea minerals from the seabed in the Clarion Clipperton Zone (CCZ), a region in international waters. The application was made by the Canada-based company’s US subsidiary TMC USA through the 1980 Deep Seabed Hard Mineral Resources Act (DSHMRA), a US law. […]",[37006],{"slug":544,"name":543,"content":37007},{"job_title":557,"image":37008,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"99bc559d-c5bb-49c8-8b06-5078548e3fee\", \"id\": \"\"}-->",[37011,37012,37013,37014,37015,37016,37017],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":37019,"copyright":547,"fieldtype":553,"meta_data":37020,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1ba99ee740/bm-conveyor.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 29, 2025",{"id":37023,"uuid":37024,"name":37025,"slug":37026,"full_slug":37027,"content":37028},112467773484554,"d13d0197-17f9-4a94-9395-9184cd748e51","The DRC cobalt export ban: what are the potential next steps?","the-drc-cobalt-export-ban-what-are-the-potential-next-steps","article/the-drc-cobalt-export-ban-what-are-the-potential-next-steps",{"_uid":37029,"date":37030,"tags":37031,"editor":37034,"content":37038,"excerpt":37108,"featured":51,"reporter":37109,"_editable":37113,"component":864,"seo_title":37025,"categories":37114,"visibility":882,"author_company":49,"featured_image":37119,"seo_description":37108,"author_full_name":49,"author_job_title":49,"formattedDate":37121},"814e0a14-9a4b-493a-9864-1f94c4b3fcc8","2025-04-25 00:00",[37032,37033],{"slug":572,"name":573},{"slug":4610,"name":662},[37035],{"slug":544,"name":543,"content":37036},{"job_title":557,"image":37037,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":37039},[37040,37045,37050,37055,37060,37065,37070,37075,37083,37088,37093,37098,37103],{"type":594,"attrs":37041,"content":37042},{"textAlign":49},[37043],{"text":37044,"type":599},"Midway into the Democratic Republic of Congo’s (DRC) four-month ban on cobalt exports, the cobalt market is awaiting further clarity on the government’s next course of action.",{"type":594,"attrs":37046,"content":37047},{"textAlign":49},[37048],{"text":37049,"type":599},"The ban—designed to prop up prices that had fallen to historic lows by early 2025, thus depriving the government of vital revenues—had an immediate and significant impact: cobalt hydroxide prices are up 95% year-to-date, as of 23rd April.",{"type":594,"attrs":37051,"content":37052},{"textAlign":49},[37053],{"text":37054,"type":599},"Whilst nothing is confirmed, speculation is circulating that the ban could be extended beyond the initial four month period, the Benchmark Cobalt Price Assessment reports. Meanwhile DRC officials have previously floated the idea of a supply quota system to manage future supply more tightly.",{"type":594,"attrs":37056,"content":37057},{"textAlign":49},[37058],{"text":37059,"type":599},"Here, Benchmark considers two scenarios and how they could impact cobalt prices and market dynamics in the short to medium term.",{"type":657,"attrs":37061,"content":37062},{"level":15966,"textAlign":49},[37063],{"text":37064,"type":599},"Scenario 1: Base case",{"type":594,"attrs":37066,"content":37067},{"textAlign":49},[37068],{"text":37069,"type":599},"In Benchmark’s base case scenario, some short-term supply-side disruptions are anticipated and global stocks are drawn down to cover imbalances, but DRC supply largely continues unabated. ",{"type":594,"attrs":37071,"content":37072},{"textAlign":49},[37073],{"text":37074,"type":599},"Indeed, major DRC-based players are maintaining throughput rates on bullish copper fundamentals, with CMOC—the world’s largest cobalt miner—announcing Q1 cobalt results of 30kt, up 21% on the previous year. ",{"type":627,"attrs":37076},{"id":37077,"body":37078},"bd977b8f-bb52-4be6-abed-bb469ae2cbaf",[37079],{"id":37080,"_uid":37081,"type":634,"_editable":37082,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22846237","i-0b90bee5-a470-46ed-b8a3-d0839d06a6e5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0b90bee5-a470-46ed-b8a3-d0839d06a6e5\", \"id\": \"\"}-->",{"type":594,"attrs":37084,"content":37085},{"textAlign":49},[37086],{"text":37087,"type":599},"Prior to the ban, Benchmark estimated global stock levels were at 119kt (cobalt contained)— sufficient material to cover the initial four-month period, but not enough to cover a significantly longer ban. An extension would tighten supply availability as stocks dwindle, driving prices higher over the remainder of the year.",{"type":594,"attrs":37089,"content":37090},{"textAlign":49},[37091],{"text":37092,"type":599},"Nevertheless, in this scenario, the cobalt market remains structurally oversupplied in 2025, albeit at a surplus level lower than the previous year.",{"type":657,"attrs":37094,"content":37095},{"level":15966,"textAlign":49},[37096],{"text":37097,"type":599},"Scenario 2: Production quota",{"type":594,"attrs":37099,"content":37100},{"textAlign":49},[37101],{"text":37102,"type":599},"In the second scenario, the DRC government imposes production quotas – likely to be based on 2024 production levels (although below 100%). This would shift the cobalt market far closer to a rebalancing in 2025, setting the stage for structural deficits from 2027 onwards as ex-DRC operations struggle to ramp up supply sufficiently quickly to meet growing battery demand. ",{"type":594,"attrs":37104,"content":37105},{"textAlign":49},[37106],{"text":37107,"type":599},"However, higher prices resulting from the emergence of supply deficits could trigger demand destruction in the medium-term. By pushing up prices of NCM battery chemistries, quotas could result in accelerated adoption of cobalt-free chemistries in the late 2020s, especially in Western markets.","Midway into the Democratic Republic of Congo’s (DRC) four-month ban on cobalt exports, the cobalt market is awaiting further clarity on the government’s next course of action. The ban—designed to prop up prices that had fallen to historic lows by early 2025, thus depriving the government of vital revenues—had an immediate and significant impact: cobalt […]",[37110],{"slug":544,"name":543,"content":37111},{"job_title":557,"image":37112,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"814e0a14-9a4b-493a-9864-1f94c4b3fcc8\", \"id\": \"\"}-->",[37115,37116,37117,37118],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":889,"copyright":547,"fieldtype":553,"meta_data":37120,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Apr 25, 2025",{"id":37123,"uuid":37124,"name":37125,"slug":37126,"full_slug":37127,"content":37128},112467778338315,"ed253bd2-9a68-4787-983e-5d3d7719f23d","Why is China’s natural graphite anode market stalling?","why-is-chinas-natural-graphite-anode-market-stalling","article/why-is-chinas-natural-graphite-anode-market-stalling",{"_uid":37129,"date":37130,"tags":37131,"editor":37134,"content":37138,"excerpt":37232,"featured":50,"reporter":37233,"_editable":37237,"component":864,"seo_title":37125,"categories":37238,"visibility":882,"author_company":49,"featured_image":37244,"seo_description":37232,"author_full_name":49,"author_job_title":49,"formattedDate":37247},"069fd0d5-3412-408c-b00e-c95b2bab8e65","2025-04-24 00:00",[37132,37133],{"slug":913,"name":914},{"slug":23760,"name":23761},[37135],{"slug":544,"name":543,"content":37136},{"job_title":557,"image":37137,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":37139},[37140,37145,37150,37158,37171,37176,37181,37186,37194,37199,37204,37209,37214,37219],{"type":594,"attrs":37141,"content":37142},{"textAlign":49},[37143],{"text":37144,"type":599},"Natural graphite anode project announcements in China have ground to a halt, recent Benchmark analysis shows, as domestic battery manufacturers continue to opt for synthetic graphite-based alternatives.",{"type":594,"attrs":37146,"content":37147},{"textAlign":49},[37148],{"text":37149,"type":599},"No new natural graphite anode project has been announced in China since April 2024; meanwhile over 60 new projects have been announced across synthetic graphite, silicon-engineered, graphite-silicon composite, and lithium metal anodes since—equating to over 2.5Mt of additional anode capacity.",{"type":627,"attrs":37151},{"id":37152,"body":37153},"ab649e0b-371a-4b37-ad54-cc688fd9f1d9",[37154],{"id":37155,"_uid":37156,"type":634,"_editable":37157,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22826682","i-5a8333f5-c61e-4bba-ac86-219ceeeb1f6e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5a8333f5-c61e-4bba-ac86-219ceeeb1f6e\", \"id\": \"\"}-->",{"type":594,"attrs":37159,"content":37160},{"textAlign":49},[37161,37163,37169],{"text":37162,"type":599},"Synthetic graphite anode and graphite-silicon composite projects are leading the way in this regard, the ",{"text":37164,"type":599,"marks":37165},"Benchmark Anode Forecast",[37166],{"type":604,"attrs":37167},{"href":37168,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/anode/data-reports/forecast",{"text":37170,"type":599}," demonstrates, with each chemistry notching up over 20 new market entrants during this period. This reflects a sharp pivot in demand away from natural graphite anode material over the last two years in the Chinese market, which is now filtering through to the supply-side.",{"type":657,"attrs":37172,"content":37173},{"level":15966,"textAlign":49},[37174],{"text":37175,"type":599},"What are the drivers?",{"type":594,"attrs":37177,"content":37178},{"textAlign":49},[37179],{"text":37180,"type":599},"Previously, cell manufacturers blended synthetic and natural graphite anode material at a ratio of around 60:40 respectively, to leverage the performance profile of each. However, current pricing dynamics favour a higher ratio of synthetic graphite anode material in this blend, now typically at a ratio of 80:20 or more.",{"type":594,"attrs":37182,"content":37183},{"textAlign":49},[37184],{"text":37185,"type":599},"This trend was first evident in 2023, as lower energy anode players shifted towards lower-cost feedstocks—medium sulphur pet coke is now preferred to reduce production costs—pushing prices for medium and low energy synthetic graphite anode material below their traditionally lower-cost natural graphite counterparts for the first time in three years.",{"type":627,"attrs":37187},{"id":37188,"body":37189},"f97aeaf3-4d7f-41d6-aa98-149951d504f3",[37190],{"id":37191,"_uid":37192,"type":634,"_editable":37193,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22825664","i-ec89875d-a448-43dc-b7d4-3bb07ad96128","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ec89875d-a448-43dc-b7d4-3bb07ad96128\", \"id\": \"\"}-->",{"type":594,"attrs":37195,"content":37196},{"textAlign":49},[37197],{"text":37198,"type":599},"In addition, the Chinese market is grappling with sustained overcapacity in synthetic graphite anode supply, compounding price declines. Suppliers are opting to reduce prices in order to undercut rivals and retain market share, often at the expense of short-term margins.",{"type":657,"attrs":37200,"content":37201},{"level":15966,"textAlign":49},[37202],{"text":37203,"type":599},"What advantage does synthetic graphite anode material offer?",{"type":594,"attrs":37205,"content":37206},{"textAlign":49},[37207],{"text":37208,"type":599},"Aside from the current cost dynamics, synthetic graphite anodes offer cycle life improvements and higher discharge efficiency compared to their natural graphite counterparts.",{"type":594,"attrs":37210,"content":37211},{"textAlign":49},[37212],{"text":37213,"type":599},"But synthetic graphite production also requires an additional, energy-intensive graphitisation step—often contributing to a higher carbon footprint than natural graphite.",{"type":594,"attrs":37215,"content":37216},{"textAlign":49},[37217],{"text":37218,"type":599},"To offset these emissions, Chinese producers are increasingly relocating their operations to provinces where renewable energy sources comprise a greater share of the grid. Sichuan and Yunnan are amongst the most favoured, due to the predominance of hydropower (>70%) in the electricity mix. ",{"type":594,"attrs":37220,"content":37221},{"textAlign":49},[37222,37224,37230],{"text":37223,"type":599},"In Sichuan province, the carbon emissions associated with producing one tonne of coated synthetic graphite is up to 50% lower than similar production in Inner Mongolia and Yunnan (where coal fired power plants dominate), the ",{"text":37225,"type":599,"marks":37226},"Benchmark Graphite Sustainability Report ",[37227],{"type":604,"attrs":37228},{"href":37229,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/synthetic-graphite/data-reports/sustainability",{"text":37231,"type":599},"shows.","Natural graphite anode project announcements in China have ground to a halt, recent Benchmark analysis shows, as domestic battery manufacturers continue to opt for synthetic graphite-based alternatives. No new natural graphite anode project has been announced in China since April 2024; meanwhile over 60 new projects have been announced across synthetic graphite, silicon-engineered, graphite-silicon composite, […]",[37234],{"slug":544,"name":543,"content":37235},{"job_title":557,"image":37236,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"069fd0d5-3412-408c-b00e-c95b2bab8e65\", \"id\": \"\"}-->",[37239,37240,37241,37242,37243],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":37245,"copyright":547,"fieldtype":553,"meta_data":37246,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8e8f4d67e5/bm-adobestock-187481989.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 24, 2025",{"id":37249,"uuid":11004,"name":37250,"slug":37251,"full_slug":37252,"content":37253},112467787791885,"CATL announces battery capable of 1.3 MW charging, how fast will chargers get?","catl-announces-battery-capable-of-1-3-mw-charging-how-fast-will-chargers-get","article/catl-announces-battery-capable-of-1-3-mw-charging-how-fast-will-chargers-get",{"_uid":37254,"date":37255,"tags":37256,"editor":37263,"content":37267,"excerpt":37348,"featured":51,"reporter":37349,"_editable":37353,"component":864,"seo_title":37250,"categories":37354,"visibility":882,"author_company":49,"featured_image":37358,"seo_description":37348,"author_full_name":49,"author_job_title":49,"formattedDate":37361},"27a65084-d4ee-4746-8193-ac135e31d694","2025-04-23 00:00",[37257,37258,37259,37260],{"slug":5945,"name":2983},{"slug":903,"name":904},{"slug":913,"name":914},{"slug":37261,"name":37262},"geely","Geely",[37264],{"slug":544,"name":543,"content":37265},{"job_title":557,"image":37266,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":37268},[37269,37274,37279,37284,37289,37294,37299,37306,37311,37316,37321,37326,37331,37336,37343],{"type":594,"attrs":37270,"content":37271},{"textAlign":49},[37272],{"text":37273,"type":599},"At CATL’s Tech Day, the battery giant unveiled the second generation of its Shenxing Battery capable of charging at a maximum power of 1.3 MW. This comes less than a month after BYD announced a new iteration of its blade battery capable of charging at speeds of 1 MW; part of the wider trend of Chinese battery players pursuing faster charging speeds for passenger vehicles.",{"type":657,"attrs":37275,"content":37276},{"level":15966,"textAlign":49},[37277],{"text":37278,"type":599},"How does CATL’s fast charging technology compare?",{"type":594,"attrs":37280,"content":37281},{"textAlign":49},[37282],{"text":37283,"type":599},"The second generation of the Shenxing battery has a 12C fast charging rate, with a 205Wh/Kg energy density. This represents an improvement on the first generation released in August 2023, capable of 4C charging. ",{"type":594,"attrs":37285,"content":37286},{"textAlign":49},[37287],{"text":37288,"type":599},"The C charging rating of a battery indicates the rate at which it can be safely charged relative to its capacity, where 1C means charging the entire capacity in one hour and 12C represents charging the total capacity in 1/12 of an hour. ",{"type":594,"attrs":37290,"content":37291},{"textAlign":49},[37292],{"text":37293,"type":599},"CATL’s announcement follows two other notable announcements in the past year.",{"type":594,"attrs":37295,"content":37296},{"textAlign":49},[37297],{"text":37298,"type":599},"In March 2025, BYD unveiled a new “megawatt flash charging battery” capable of 10C charging at a max power of 1 MW, although the energy density was not mentioned. In August 2024, Geely unveiled an ultra-fast charging version of its Aegis blade battery with a 5.5C charging speed, an energy density of 192 Wh/kg and max charging power of 500 kW.",{"type":594,"attrs":37300,"content":37301},{"textAlign":49},[37302],{"type":1186,"attrs":37303},{"id":49,"alt":547,"src":37304,"title":49,"source":49,"copyright":49,"meta_data":37305},"https://a.storyblok.com/f/287943243085208/4211ed573d/bm-screenshot-2025-04-23-152210-1341746d128b.png",{},{"type":657,"attrs":37307,"content":37308},{"level":15966,"textAlign":49},[37309],{"text":37310,"type":599},"When will fast charging technology reach consumers?",{"type":594,"attrs":37312,"content":37313},{"textAlign":49},[37314],{"text":37315,"type":599},"The new BYD “flash charging” battery has already been released in BYD’s Han L and Tang L models. Alongside this BYD said it would install 500 chargers capable of MW speeds by the end of April.",{"type":594,"attrs":37317,"content":37318},{"textAlign":49},[37319],{"text":37320,"type":599},"While BYD unveiled its technology shortly before it reached the market, CATL has unveiled its technology and not yet announced when it will be available to consumers. CATL’s focus remains on the first iterations of the Shenxing battery. Over 50 EV models have already announced the use of the Shenxing Gen 1 with many more expected by the end of the year.",{"type":594,"attrs":37322,"content":37323},{"textAlign":49},[37324],{"text":37325,"type":599},"The ultra-fast charging Aegis blade battery entered the market in August 2024 through Geely’s subsidiary Zeekr and has been rolled out to multiple models.",{"type":657,"attrs":37327,"content":37328},{"level":15966,"textAlign":49},[37329],{"text":37330,"type":599},"What are the challenges to installing fast charging technology?",{"type":594,"attrs":37332,"content":37333},{"textAlign":49},[37334],{"text":37335,"type":599},"Infrastructure remains the biggest limitation to the widescale roll out of fast charging technology. The majority of charging stations accommodate the max charging speed of vehicles on the road. In China last year 70% of the EVs sold had a max charging speed of between 50 and 200 kW, according to Rho Motion’s Charging Database; subsequently most charging stations reflect this trend. ",{"type":594,"attrs":37337,"content":37338},{"textAlign":49},[37339],{"type":1186,"attrs":37340},{"id":49,"alt":547,"src":37341,"title":49,"source":49,"copyright":49,"meta_data":37342},"https://a.storyblok.com/f/287943243085208/76b8781f1d/bm-screenshot-2025-04-23-133554-1341747f33e1.png",{},{"type":594,"attrs":37344,"content":37345},{"textAlign":49},[37346],{"text":37347,"type":599},"For CATL’s Shenxing battery with a max charging speed of 1.3 MW, there is no charger currently capable of reaching that power. That considered, more players are starting to release higher powered chargers in anticipation of the development of faster charging batteries.","At CATL’s Tech Day, the battery giant unveiled the second generation of its Shenxing Battery capable of charging at a maximum power of 1.3 MW. This comes less than a month after BYD announced a new iteration of its blade battery capable of charging at speeds of 1 MW; part of the wider trend of […]",[37350],{"slug":544,"name":543,"content":37351},{"job_title":557,"image":37352,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"27a65084-d4ee-4746-8193-ac135e31d694\", \"id\": \"\"}-->",[37355,37356,37357],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":37359,"copyright":547,"fieldtype":553,"meta_data":37360,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/115f9524ce/bm-adobestock-696811895-1-134174979fb5.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 23, 2025",{"id":37363,"uuid":37364,"name":37365,"slug":37366,"full_slug":37367,"content":37368},112467792817678,"89b43938-003e-4982-9a3a-51bc16a5cd7f","Battery-targeted nickel favoured in Indonesia’s royalty hike ","battey-targeted-nickel-favoured-in-indonesias-royalty-hike","article/battey-targeted-nickel-favoured-in-indonesias-royalty-hike",{"_uid":37369,"date":37370,"tags":37371,"editor":37374,"content":37378,"excerpt":37452,"featured":51,"reporter":37453,"_editable":37457,"component":864,"seo_title":37365,"categories":37458,"visibility":882,"author_company":49,"featured_image":37461,"seo_description":37452,"author_full_name":49,"author_job_title":49,"formattedDate":37463},"17bcadc1-5e4f-4a56-815f-2cb1356e0466","2025-04-17 00:00",[37372,37373],{"slug":7997,"name":7998},{"slug":4610,"name":662},[37375],{"slug":544,"name":543,"content":37376},{"job_title":557,"image":37377,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":37379},[37380,37392,37397,37408,37416,37421,37434,37442],{"type":594,"attrs":37381,"content":37382},{"textAlign":49},[37383,37385,37390],{"text":37384,"type":599},"Indonesia has confirmed it will overhaul its nickel royalty structure ",{"text":37386,"type":599,"marks":37387},"following a public consultation period last month",[37388],{"type":604,"attrs":37389},{"href":27301,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":37391,"type":599},", replacing the current flat 10% levy on nickel ore with a progressive rate ranging from 14% to 19%.",{"type":594,"attrs":37393,"content":37394},{"textAlign":49},[37395],{"text":37396,"type":599},"Nickel matte and ferronickel will also move to a progressive system, though at lower rates than initially proposed. Royalty rates will be determined by the government’s benchmark price, known as the Harga Mineral Acuan (HMA). ",{"type":594,"attrs":37398,"content":37399},{"textAlign":49},[37400,37402],{"text":37401,"type":599},"Notably, limonite ore processed into battery-grade nickel products will benefit from a preferential royalty rate of just 2%, underscoring the government’s commitment to promoting value-added processing and ",{"text":37403,"type":599,"marks":37404},"bolstering its downstream capabilities in the lithium ion battery supply chain.",[37405],{"type":604,"attrs":37406},{"href":37407,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indonesias-ev-ambitions-face-tests-under-new-leadership",{"type":627,"attrs":37409},{"id":37410,"body":37411},"01dc6607-4271-4ab9-af7a-71c9d4d55a3e",[37412],{"id":37413,"_uid":37414,"type":634,"_editable":37415,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22711802","i-4f273a9e-7301-4931-b3cf-7ba69af285cf","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4f273a9e-7301-4931-b3cf-7ba69af285cf\", \"id\": \"\"}-->",{"type":594,"attrs":37417,"content":37418},{"textAlign":49},[37419],{"text":37420,"type":599},"As part of broader efforts to direct investment towards the battery supply chain, a moratorium on new RKEF smelters—primarily serving the stainless steel industry—was proposed last year. ",{"type":594,"attrs":37422,"content":37423},{"textAlign":49},[37424,37426,37432],{"text":37425,"type":599},"The lithium ion battery sector is the fastest-growing end use market for nickel, with demand projected to triple over the next decade, according to the ",{"text":37427,"type":599,"marks":37428},"Benchmark Nickel Forecast",[37429],{"type":604,"attrs":37430},{"href":37431,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/nickel/data-reports/forecast",{"text":37433,"type":599},". In line with this trend, battery-targeted MHP and matte projects are set to drive the majority of Indonesia’s nickel supply growth through to 2030.",{"type":627,"attrs":37435},{"id":37436,"body":37437},"1e7e4efc-feb1-4fc5-82c2-55b5c23e046f",[37438],{"id":37439,"_uid":37440,"type":634,"_editable":37441,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22711341","i-1950913c-6d93-4499-8b72-0b1f5d77b764","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-1950913c-6d93-4499-8b72-0b1f5d77b764\", \"id\": \"\"}-->",{"type":594,"attrs":37443,"content":37444},{"textAlign":49},[37445,37447],{"text":37446,"type":599},"However, due to headwinds in the battery supply chain, Indonesian nickel producers are adding greater optionality into their product mix by developing metal capacity, allowing them to serve different markets depending on underlying fundamentals. ",{"text":37448,"type":599,"marks":37449},"This flexibility supports the government’s broader objective of maximising the value of its resources.",[37450],{"type":604,"attrs":37451},{"href":31965,"uuid":49,"anchor":49,"target":49,"linktype":607},"Indonesia has confirmed it will overhaul its nickel royalty structure following a public consultation period last month, replacing the current flat 10% levy on nickel ore with a progressive rate ranging from 14% to 19%. Nickel matte and ferronickel will also move to a progressive system, though at lower rates than initially proposed. Royalty rates […]",[37454],{"slug":544,"name":543,"content":37455},{"job_title":557,"image":37456,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"17bcadc1-5e4f-4a56-815f-2cb1356e0466\", \"id\": \"\"}-->",[37459,37460],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":27320,"copyright":547,"fieldtype":553,"meta_data":37462,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Apr 17, 2025",{"id":37465,"uuid":37466,"name":37467,"slug":37468,"full_slug":37469,"content":37470},112467821764118,"e9803e2b-bba1-414a-8ee3-9522ce665ad2","HPAL waste management in the spotlight after Indonesian landslide","hpal-waste-management-in-the-spotlight-after-indonesian-landslide","article/hpal-waste-management-in-the-spotlight-after-indonesian-landslide",{"_uid":37471,"date":37472,"tags":37473,"editor":37479,"content":37483,"excerpt":37583,"featured":51,"reporter":37584,"_editable":37588,"component":864,"seo_title":37467,"categories":37589,"visibility":882,"author_company":49,"featured_image":37593,"seo_description":37583,"author_full_name":49,"author_job_title":49,"formattedDate":37596},"20026372-968e-4c2b-82cf-64f2d46b0fa2","2025-04-14 00:00",[37474,37477,37478],{"slug":37475,"name":37476},"hpal","HPAL",{"slug":7997,"name":7998},{"slug":23760,"name":23761},[37480],{"slug":544,"name":543,"content":37481},{"job_title":557,"image":37482,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":37484},[37485,37490,37495,37505,37510,37515,37520,37528,37533,37538,37543,37548,37556,37567,37580],{"type":594,"attrs":37486,"content":37487},{"textAlign":49},[37488],{"text":37489,"type":599},"A landslide resulting from heavy rains in Indonesia last month caused the tailings facilities at the PT QMB high pressure acid leach (HPAL) plant in the Morowali Industrial Park (IMIP) to collapse, resulting in at least two casualties according to media reports. ",{"type":594,"attrs":37491,"content":37492},{"textAlign":49},[37493],{"text":37494,"type":599},"Other HPAL plants near the PT QMB site within IMIP may have also been impacted, although this has yet to be confirmed.",{"type":594,"attrs":37496,"content":37497},{"textAlign":49},[37498,37500],{"text":37499,"type":599},"Benchmark has received reports that the PT QMB site has been shut for at least one to two weeks in the aftermath. This has been a major factor driving ",{"text":37501,"type":599,"marks":37502},"mixed hydroxide precipitate (MHP) payables to three-year highs in early April.",[37503],{"type":604,"attrs":37504},{"href":35577,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":37506,"content":37507},{"level":15966,"textAlign":49},[37508],{"text":37509,"type":599},"How much supply could be impacted?",{"type":594,"attrs":37511,"content":37512},{"textAlign":49},[37513],{"text":37514,"type":599},"If the PT QMB facility is forced to halt production for two weeks, Benchmark estimates ~2.3 kt of nickel in MHP could be lost from the market. A month-long closure could put up to 4.5 kt at risk. ",{"type":594,"attrs":37516,"content":37517},{"textAlign":49},[37518],{"text":37519,"type":599},"Should production at the IMIP HPAL facilities be more broadly affected, an additional 4kt could be lost over two weeks, rising to 8 kt over four weeks.",{"type":627,"attrs":37521},{"id":37522,"body":37523},"33658ece-b2eb-4e06-a7bf-40d6341f403d",[37524],{"id":37525,"_uid":37526,"type":634,"_editable":37527,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22644673","i-1b1db672-0bdf-4565-a24d-21cb8495aaef","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-1b1db672-0bdf-4565-a24d-21cb8495aaef\", \"id\": \"\"}-->",{"type":594,"attrs":37529,"content":37530},{"textAlign":49},[37531],{"text":37532,"type":599},"Although the affected volumes are not large enough to tip the global market balance—estimated by Benchmark to be oversupplied by 94kt in 2025—the disruption is having an impact on MHP payables and prices in the short-term, as this battery-focused segment of the market experiences transitory supply tightness. ",{"type":594,"attrs":37534,"content":37535},{"textAlign":49},[37536],{"text":37537,"type":599},"Despite this, HPAL operations in Indonesia have widely been operating above stated nameplate capacity since being commissioned, meaning the affected sites could offset lost volumes during the shutdown period.",{"type":657,"attrs":37539,"content":37540},{"level":15966,"textAlign":49},[37541],{"text":37542,"type":599},"Collapse highlights environmental concerns",{"type":594,"attrs":37544,"content":37545},{"textAlign":49},[37546],{"text":37547,"type":599},"In light of the disaster, the Indonesian government may be forced to step in with stricter regulation to avoid similar events in the future. This could involve mandating HPAL operators to introduce more robust tailings management procedures before they are able to continue expanding production beyond nameplate capacities, potentially adding to operational costs.",{"type":627,"attrs":37549},{"id":37550,"body":37551},"4558b994-8c1d-47bc-8cce-031cc3136e7d",[37552],{"id":37553,"_uid":37554,"type":634,"_editable":37555,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22644886","i-6adbc777-0a2d-49a7-9c13-56b34ac5aea1","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6adbc777-0a2d-49a7-9c13-56b34ac5aea1\", \"id\": \"\"}-->",{"type":594,"attrs":37557,"content":37558},{"textAlign":49},[37559,37565],{"text":37560,"type":599,"marks":37561},"Concerns have long been raised",[37562],{"type":604,"attrs":37563},{"href":37564,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-should-the-nickel-industry-define-sustainability",{"text":37566,"type":599}," about the potentially devastating environmental impacts from the proliferation of HPAL plants in Indonesia. Indeed, Western miners have pushed for the establishment of a ‘green’ nickel premium, to reflect the higher environmental, social, and governance (ESG) standards of their operations.",{"type":594,"attrs":37568,"content":37569},{"textAlign":49},[37570,37572,37578],{"text":37571,"type":599},"Although HPAL facilities have a lower carbon intensity than other processing routes, according to ",{"text":37573,"type":599,"marks":37574},"Benchmark’s Global Nickel Life Cycle Analysis",[37575],{"type":604,"attrs":37576},{"href":37577,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/nickel/sustainability/lca",{"text":37579,"type":599},", nickel extraction generates large quantities of waste due to the sulphuric acid-intensive nature of the process. The management of this waste in Indonesia is particularly challenging, owing to the risk of adverse weather events and seismic activity in the region.",{"type":594,"attrs":37581,"content":37582},{"textAlign":49},[],"A landslide resulting from heavy rains in Indonesia last month caused the tailings facilities at the PT QMB high pressure acid leach (HPAL) plant in the Morowali Industrial Park (IMIP) to collapse, resulting in at least two casualties according to media reports. Other HPAL plants near the PT QMB site within IMIP may have also […]",[37585],{"slug":544,"name":543,"content":37586},{"job_title":557,"image":37587,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"20026372-968e-4c2b-82cf-64f2d46b0fa2\", \"id\": \"\"}-->",[37590,37591,37592],{"slug":872,"name":873},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":37594,"copyright":547,"fieldtype":553,"meta_data":37595,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/84a23134a0/bm-indo-nickel.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 14, 2025",{"id":37598,"uuid":37599,"name":37600,"slug":37601,"full_slug":37602,"content":37603},112467826462231,"885d4b90-8821-4ac8-81c0-397ca8089f0e","How much money do automakers invest in R&D?","how-much-money-do-automakers-invest-in-rd","article/how-much-money-do-automakers-invest-in-rd",{"_uid":37604,"date":37605,"tags":37606,"editor":37629,"content":37633,"excerpt":37702,"featured":51,"reporter":37703,"_editable":37707,"component":864,"seo_title":37600,"categories":37708,"visibility":882,"author_company":49,"featured_image":37710,"seo_description":37702,"author_full_name":49,"author_job_title":49,"formattedDate":37713},"496a0f20-3f5d-4f25-b2bd-11278a4e8ccd","2025-04-11 00:00",[37607,37608,37609,37610,37613,37616,37619,37622,37625,37628],{"slug":5945,"name":2983},{"slug":3088,"name":3089},{"slug":4612,"name":4613},{"slug":37611,"name":37612},"honda","Honda",{"slug":37614,"name":37615},"hyundai","Hyundai",{"slug":37617,"name":37618},"li-auto","Li Auto",{"slug":37620,"name":37621},"nio","Nio",{"slug":37623,"name":37624},"nissan","Nissan",{"slug":37626,"name":37627},"rho-motion","Rho Motion",{"slug":20643,"name":20644},[37630],{"slug":544,"name":543,"content":37631},{"job_title":557,"image":37632,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":37634},[37635,37640,37647,37652,37657,37662,37667,37672,37679,37684,37689,37694,37699],{"type":594,"attrs":37636,"content":37637},{"textAlign":49},[37638],{"text":37639,"type":599},"The future of how markets evolve is largely dependent on research and development (R&D). It drives innovation, competitiveness, and long-term growth. Within the automotive market, the role of R&D has gained increasing importance in recent years as the industry electrifies. When looking at the data of how much automakers invest in R&D there are large differences.",{"type":594,"attrs":37641,"content":37642},{"textAlign":49},[37643],{"type":1186,"attrs":37644},{"id":49,"alt":547,"src":37645,"title":49,"source":49,"copyright":49,"meta_data":37646},"https://a.storyblok.com/f/287943243085208/e8c01d7a2b/bm-screenshot-2025-04-10-120234-1536x875.png",{},{"type":594,"attrs":37648,"content":37649},{"textAlign":49},[37650],{"text":37651,"type":599},"Why is VW the biggest spender on R&D?",{"type":594,"attrs":37653,"content":37654},{"textAlign":49},[37655],{"text":37656,"type":599},"In 2024, the VW Group spent just under USD23 billion on R&D, more than double the next highest spender, Mercedes-Benz. The R&D division has a focus on electrification, digitalisation, and sustainability including improving its modular electric platforms, software integration and development, and improving production efficiencies. Notably, a large part of its research still revolves around internal combustion vehicle (ICE) vehicle development as the group still sees it playing a large role in its future business.",{"type":594,"attrs":37658,"content":37659},{"textAlign":49},[37660],{"text":37661,"type":599},"Additionally, despite VW having its own software division, CARIAD, in which it has invested billions, it still partnered with, and invested in, Rivian last year to “speed up innovation”. This suggests that despite investing heavily in their own internal division, it was not producing the results wanted leading the business to look elsewhere.",{"type":594,"attrs":37663,"content":37664},{"textAlign":49},[37665],{"text":37666,"type":599},"Changing R&D budgets",{"type":594,"attrs":37668,"content":37669},{"textAlign":49},[37670],{"text":37671,"type":599},"VW is a clear front runner for R&D budget size but when comparing R&D budgets over time, two key trends stand out. First, many Chinese EV manufacturers have significantly increased their investment in recent years, scaling up research efforts in line both with their own growth and the broader expansion of the Chinese EV industry. This reflects a strategic focus on innovation and technological leadership, which has been a hallmark of the Chinese EV market to date.",{"type":594,"attrs":37673,"content":37674},{"textAlign":49},[37675],{"type":1186,"attrs":37676},{"id":49,"alt":547,"src":37677,"title":49,"source":49,"copyright":49,"meta_data":37678},"https://a.storyblok.com/f/287943243085208/6bc36982ef/bm-screenshot-2025-04-10-151751.png",{},{"type":594,"attrs":37680,"content":37681},{"textAlign":49},[37682],{"text":37683,"type":599},"Meanwhile, the top three Japanese automakers—Honda, Nissan, and Toyota—have reduced their R&D budgets in recent years. Although their budgets remain substantial and higher than most other automakers, these players have sustained a strong emphasis on ICE technologies. As a result, EV sales still represent only a small fraction of their overall vehicle sales worldwide.",{"type":594,"attrs":37685,"content":37686},{"textAlign":49},[37687],{"text":37688,"type":599},"R&D in the future",{"type":594,"attrs":37690,"content":37691},{"textAlign":49},[37692],{"text":37693,"type":599},"Pure EV companies such as Tesla, BYD and NIO have the advantage of being able to focus all R&D resources on EV technologies. While legacy OEMs, that still produce ICE vehicles, are far more spread, as they continue to research ICE technologies.",{"type":594,"attrs":37695,"content":37696},{"textAlign":49},[37697],{"text":37698,"type":599},"While legacy OEMs will also research EVs, in the longer term the continuation of ICE research may affect their competitiveness in the EV industry as the vehicle market trends towards electrification.",{"type":594,"attrs":37700,"content":37701},{"textAlign":49},[],"The future of how markets evolve is largely dependent on research and development (R&D). It drives innovation, competitiveness, and long-term growth. Within the automotive market, the role of R&D has gained increasing importance in recent years as the industry electrifies. When looking at the data of how much automakers invest in R&D there are large […]",[37704],{"slug":544,"name":543,"content":37705},{"job_title":557,"image":37706,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"496a0f20-3f5d-4f25-b2bd-11278a4e8ccd\", \"id\": \"\"}-->",[37709],{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":37711,"copyright":547,"fieldtype":553,"meta_data":37712,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6c09e30ced/bm-adobestock-320087635-scaled.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 11, 2025",{"id":37715,"uuid":37716,"name":37717,"slug":37718,"full_slug":37719,"content":37720},112467840855578,"52754d75-3a05-41b8-b8f3-f2f026733cb7","India looks to aid domestic battery production for EVs and phones","india-looks-to-aid-domestic-battery-production-for-evs-and-phones","article/india-looks-to-aid-domestic-battery-production-for-evs-and-phones",{"_uid":37721,"date":37722,"tags":37723,"editor":37731,"content":37735,"excerpt":37873,"featured":50,"reporter":37874,"_editable":37878,"component":864,"seo_title":37717,"categories":37879,"visibility":882,"author_company":49,"data_vis_image":37883,"featured_image":37885,"seo_description":37888,"author_full_name":49,"author_job_title":49,"formattedDate":37889},"4de4a013-f9cf-4b54-8526-2b1834a1c85c","2025-04-09 00:00",[37724,37727,37728,37729,37730],{"slug":37725,"name":37726},"battery-production","Battery Production",{"slug":3088,"name":3089},{"slug":22444,"name":22445},{"slug":37626,"name":37627},{"slug":4610,"name":662},[37732],{"slug":544,"name":543,"content":37733},{"job_title":557,"image":37734,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":37736},[37737,37772,37777,37782,37787,37821,37826,37831,37838,37860],{"type":594,"attrs":37738,"content":37739},{"textAlign":49},[37740,37745,37754,37759,37767],{"text":37741,"type":599,"marks":37742},"As the battery landscape in India continually evolves, ",[37743],{"type":928,"attrs":37744},{"color":21998},{"text":37746,"type":599,"marks":37747},"the government is looking to support domestic production reducing the country's dependence on imports",[37748,37751,37753],{"type":604,"attrs":37749},{"href":37750,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indias-critical-minerals-duty-cut-welcome-but-more-to-be-done-for-its-battery-supply-chain",{"type":928,"attrs":37752},{"color":22006},{"type":3645},{"text":37755,"type":599,"marks":37756},". The Indian government has passed its Finance Bill marking the final stage of implementing the Union Budget 2025. Notably the Finance Bill includes a clause that ends the import duty for goods and machinery to make ",[37757],{"type":928,"attrs":37758},{"color":21998},{"text":37760,"type":599,"marks":37761},"lithium-ion batteries for EVs",[37762,37764,37766],{"type":604,"attrs":37763},{"href":24975,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":37765},{"color":22006},{"type":3645},{"text":37768,"type":599,"marks":37769}," and phones. This comes as the country looks to increase domestic production of batteries and bolster critical mineral supplies as demand is set to increase.",[37770],{"type":928,"attrs":37771},{"color":21998},{"type":594,"attrs":37773,"content":37774},{"textAlign":49},[37775],{"text":37776,"type":599},"What will be exempt from import duties?",{"type":594,"attrs":37778,"content":37779},{"textAlign":49},[37780],{"text":37781,"type":599},"The Bill does not go into details about what specifically will see an end to import duty but instead mentions that “35 capital goods/machinery for use in the manufacture of lithium-ion battery for EVs and 28 capital goods/machinery for use in the manufacture of lithium-ion battery for mobile phones” will be exempt from import duties.",{"type":594,"attrs":37783,"content":37784},{"textAlign":49},[37785],{"text":37786,"type":599},"What does India’s current battery production landscape look like?",{"type":594,"attrs":37788,"content":37789},{"textAlign":49},[37790,37795,37804,37809,37817],{"text":37791,"type":599,"marks":37792},"India has been slow to build out battery manufacturing capacity in comparison to China, Europe and North America with ",[37793],{"type":928,"attrs":37794},{"color":21998},{"text":37796,"type":599,"marks":37797},"the country's first gigafactory coming online in 2023",[37798,37801,37803],{"type":604,"attrs":37799},{"href":37800,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-hidden-gigafactories-powering-emerging-markets",{"type":928,"attrs":37802},{"color":22006},{"type":3645},{"text":37805,"type":599,"marks":37806},". However, as demand increases and is forecast to continue to increase, the country is building out its domestic capabilities. The country's production capacity is set to increase almost 10-fold by 2030, according to ",[37807],{"type":928,"attrs":37808},{"color":21998},{"text":37810,"type":599,"marks":37811},"Benchmark's Gigafactory Assessment",[37812,37814,37816],{"type":604,"attrs":37813},{"href":11600,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":37815},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":37818},[37819],{"type":928,"attrs":37820},{"color":21998},{"type":594,"attrs":37822,"content":37823},{"textAlign":49},[37824],{"text":37825,"type":599},"What is driving battery demand in India?",{"type":594,"attrs":37827,"content":37828},{"textAlign":49},[37829],{"text":37830,"type":599},"Battery demand in India is driven by three key areas: electric 2&3 wheelers, electric passenger cars and sales of portables such as mobile phones.",{"type":594,"attrs":37832,"content":37833},{"textAlign":49},[37834],{"type":1186,"attrs":37835},{"id":49,"alt":547,"src":37836,"title":49,"source":49,"copyright":49,"meta_data":37837},"https://res.cloudinary.com/dkklqdsqc/images/v1743005315/wp_production/image-40_4317322c7c/image-40_4317322c7c.png?_i=AA",{},{"type":594,"attrs":37839,"content":37840},{"textAlign":49},[37841,37846,37855],{"text":37842,"type":599,"marks":37843},"The majority of battery demand in 2024 was estimated to come from 2&3 wheelers, over 6 GWh according to Rho Motion's 2&3-Wheeler Outlook. Passenger car EVs were the next largest demand sector with over 100,000 sold in 2024, a 22% year on year increase, notably this battery demand still remains smaller than that of the 2&3 wheelers segment. By 2030 ",[37844],{"type":928,"attrs":37845},{"color":21998},{"text":37847,"type":599,"marks":37848},"battery demand in these segments are both expected to exceed 30 GWh",[37849,37852,37854],{"type":604,"attrs":37850},{"href":37851,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indias-battery-demand-from-electric-cars-set-to-overtake-two-wheelers-by-end-of-decade",{"type":928,"attrs":37853},{"color":22006},{"type":3645},{"text":37856,"type":599,"marks":37857},", with 2/3 wheeler demand growing over 370% and EV passenger car demand increasing over 800%.",[37858],{"type":928,"attrs":37859},{"color":21998},{"type":594,"attrs":37861,"content":37862},{"textAlign":49},[37863,37865,37871],{"text":37864,"type":599},"Portables demand in India has also seen strong growth in recent years. According to ",{"text":37866,"type":599,"marks":37867},"Rho Motion’s Portables Battery Outlook",[37868],{"type":604,"attrs":37869},{"href":37870,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/research/portables-battery-outlook/",{"text":37872,"type":599},", over 148 million mobile phones were sold across the country in 2024, accounting for approximately 2.5 GWh of battery demand. By 2030 battery demand from mobile phones is expected to rise over 40%, underlining the importance of developing a domestic manufacturing capacity for mobile phone batteries. ","As the battery landscape in India continually evolves, the government is looking to support domestic production reducing the country’s dependence on imports. The Indian government has passed its Finance Bill marking the final stage of implementing the Union Budget 2025. Notably the Finance Bill includes a clause that ends the import duty for goods and […]",[37875],{"slug":544,"name":543,"content":37876},{"job_title":557,"image":37877,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4de4a013-f9cf-4b54-8526-2b1834a1c85c\", \"id\": \"\"}-->",[37880,37881,37882],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":37884},{},{"id":49,"alt":37717,"name":547,"focus":547,"title":37717,"source":547,"filename":37886,"copyright":547,"fieldtype":553,"meta_data":37887,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/70a5ebb99f/bm-adobestock-913639156.jpeg",{"alt":37717,"title":37717,"source":547,"copyright":547},"As the battery landscape in India continually evolves, the government is looking to support domestic production reducing the country’s dependence on imports. The Indian government has passed its Finance Bill marking the final stage of implementing the […]","Apr 09, 2025",{"id":37891,"uuid":37892,"name":37893,"slug":37894,"full_slug":37895,"content":37896},112467836108313,"ea2790bf-62fc-4cec-93db-6a38976d8ec3","When will the EV market reach profitability?","when-will-the-ev-market-reach-profitability","article/when-will-the-ev-market-reach-profitability",{"_uid":37897,"date":37722,"tags":37898,"editor":37902,"content":37906,"excerpt":37992,"featured":51,"reporter":37993,"_editable":37997,"component":864,"seo_title":37893,"categories":37998,"visibility":2091,"author_company":49,"featured_image":38001,"seo_description":37992,"author_full_name":49,"author_job_title":49,"formattedDate":37889},"ce78d3b1-33bf-4210-8ff7-0661a4ed9de0",[37899,37900,37901],{"slug":5945,"name":2983},{"slug":37626,"name":37627},{"slug":3874,"name":3875},[37903],{"slug":544,"name":543,"content":37904},{"job_title":557,"image":37905,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":37907},[37908,37921,37928,37933,37946,37951,37959,37964,37969,37974,37979,37984,37989],{"type":594,"attrs":37909,"content":37910},{"textAlign":49},[37911,37913,37919],{"text":37912,"type":599},"The EV industry has experienced remarkable growth far beyond what many envisioned a decade ago. In 2024, total EV sales surpassed ",{"text":37914,"type":599,"marks":37915},"17 million units worldwide, marking a 25% year-on-year increase",[37916],{"type":604,"attrs":37917},{"href":37918,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/membership-industry-updates/over-17-million-evs-sold-in-2024-record-year/",{"text":37920,"type":599},". As the market expanded, new EV companies emerged and rapidly scaled into multibillion-dollar enterprises. However, a closer look at their financials reveals that while a select few have reached operational profitability, many continue to operate at a net loss.",{"type":594,"attrs":37922,"content":37923},{"textAlign":49},[37924],{"text":37925,"type":599,"marks":37926},"N.B. In this article Rho Motion has examined the operating income ratio (operating income/revenue). This figure is a reflection of the core profitability of automakers operations as it indicates how efficiently each company turns revenue into operating profit after covering production and overhead costs.",[37927],{"type":643},{"type":657,"attrs":37929,"content":37930},{"level":15966,"textAlign":49},[37931],{"text":37932,"type":599},"Which companies operate at a profit?",{"type":594,"attrs":37934,"content":37935},{"textAlign":49},[37936,37938,37944],{"text":37937,"type":599},"As of 2024, Tesla remains the most profitable EV brand, with an operating margin of 7.2%. Close behind is BYD, with a margin of 6.4%. Notably, while Tesla’s margin has declined since 2023, BYD’s has improved, a trend expected to continue this year as ",{"text":37939,"type":599,"marks":37940},"Tesla’s sales have had a shaky start to the year.",[37941],{"type":604,"attrs":37942},{"href":37943,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/membership-industry-updates/teslas-troubled-2025-outlook/",{"text":37945,"type":599}," It is also worth noting both Tesla and BYD are vertically integrated players which has allowed them to improve margins and scale rapidly.",{"type":594,"attrs":37947,"content":37948},{"textAlign":49},[37949],{"text":37950,"type":599},"Beyond these two, only two other EV brands have reached operational profitability, Li Auto and Seres Group (based on Q1-Q3 financials 2024), the latter encompassing sub-brands such as Seres, AITO, and Landian. Li Auto and Seres Group are the first non-vertically integrated EV companies to reach profitability.",{"type":594,"attrs":37952,"content":37953},{"textAlign":49},[37954],{"type":1186,"attrs":37955},{"id":49,"alt":37956,"src":37957,"title":49,"source":49,"copyright":49,"meta_data":37958},"A screenshot of a graph\n\nAI-generated content may be incorrect.","https://lh7-rt.googleusercontent.com/docsz/AD_4nXeRQaIxavhP6ht0bv4FUseplA818IJxe49uhyHk09ykFueW2t5xFrf5G6MuHcs5WxLmLU_v52gWFzBmdTPR-VZBMTyNRu8H83m918id-TVakztjMBifAH1L3Mx-ba4ZhDAQ0KE4Yg?key=UEzw5GyXiT6T8neD0UL11MNU",{},{"type":657,"attrs":37960,"content":37961},{"level":15966,"textAlign":49},[37962],{"text":37963,"type":599},"Which companies are still yet to reach profitability?",{"type":594,"attrs":37965,"content":37966},{"textAlign":49},[37967],{"text":37968,"type":599},"In China, many well-established pure EV brands including Zeekr, Leapmotor, Xpeng, and Nio have yet to turn a profit. Of these, Zeekr is the closest, with an operating margin of -8.5% in 2024.",{"type":594,"attrs":37970,"content":37971},{"textAlign":49},[37972],{"text":37973,"type":599},"Outside China, many pure EV brands continue to operate at significant losses as they scale. For example, Lucid recorded a -374% operating margin in 2024, though this marks an improvement from over -500% in 2023. Lucid benefits from substantial backing by the Saudi Public Investment Fund, which enables it to sustain such large negative margins. Similarly, Vinfast, Rivian and Polestar rely on significant external funding to operate with substantial negative operating income ratios.",{"type":657,"attrs":37975,"content":37976},{"level":15966,"textAlign":49},[37977],{"text":37978,"type":599},"When will the EV market reach widespread profitability?",{"type":594,"attrs":37980,"content":37981},{"textAlign":49},[37982],{"text":37983,"type":599},"A clear trend is emerging profitability is approaching for EV makers. From 2023 to 2024, all EV brands improved their margins, with Seres Group achieving profitability for the first time.",{"type":594,"attrs":37985,"content":37986},{"textAlign":49},[37987],{"text":37988,"type":599},"The key driver of these improvements is scale. Every company with a negative operating margin in 2024 experienced higher sales compared to 2023. If this trend continues, brands such as Zeekr, Leapmotor, and Xpeng are likely to reach profitability in the near future.",{"type":594,"attrs":37990,"content":37991},{"textAlign":49},[],"The EV industry has experienced remarkable growth far beyond what many envisioned a decade ago. In 2024, total EV sales surpassed 17 million units worldwide, marking a 25% year-on-year increase. As the market expanded, new EV companies emerged and rapidly scaled into multibillion-dollar enterprises. However, a closer look at their financials reveals that while a […]",[37994],{"slug":544,"name":543,"content":37995},{"job_title":557,"image":37996,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ce78d3b1-33bf-4210-8ff7-0661a4ed9de0\", \"id\": \"\"}-->",[37999,38000],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":38002,"name":547,"focus":547,"title":38002,"source":547,"filename":38003,"copyright":547,"fieldtype":553,"meta_data":38004,"is_external_url":51},"When will the EV market reach profitability","https://a.storyblok.com/f/287943243085208/b914e9f8ed/bm-adobestock-772485244.jpeg",{"alt":38002,"title":38002,"source":547,"copyright":547},{"id":38006,"uuid":38007,"name":38008,"slug":38009,"full_slug":38010,"content":38011},112467850493537,"c4d4c5e4-a9e6-43d0-8641-2bc5b007961e","China tightens rare earth exports amid escalating trade tensions with US","china-tightens-rare-earth-exports-amid-escalating-trade-tensions-with-us","article/china-tightens-rare-earth-exports-amid-escalating-trade-tensions-with-us",{"_uid":38012,"date":38013,"tags":38014,"editor":38021,"content":38025,"excerpt":38165,"featured":51,"reporter":38166,"_editable":38170,"component":864,"seo_title":38171,"categories":38172,"visibility":882,"author_company":49,"data_vis_image":38177,"featured_image":38179,"seo_description":38181,"author_full_name":49,"author_job_title":49,"formattedDate":38182},"ef63399b-2890-4a76-a076-31e531320492","2025-04-08 00:00",[38015,38016,38019,38020],{"slug":913,"name":914},{"slug":38017,"name":38018},"trade","Trade",{"slug":1375,"name":1376},{"slug":4610,"name":662},[38022],{"slug":544,"name":543,"content":38023},{"job_title":557,"image":38024,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":38026},[38027,38040,38045,38058,38063,38097,38105,38126,38147,38152],{"type":594,"attrs":38028,"content":38029},{"textAlign":49},[38030,38032,38038],{"text":38031,"type":599},"China is implementing new export controls on medium and heavy rare earth-related materials, as part of Beijing’s broader retaliatory measures to ",{"text":38033,"type":599,"marks":38034},"President Trump’s ‘Liberation day’ tariffs announced last week",[38035],{"type":604,"attrs":38036},{"href":38037,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-trade-war-begins-what-does-it-mean-evs-batteries-and-critical-minerals?_branch_match_id=1544413070433335625&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWj3QpynYsqqjMD06yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAeCIR7UgAAAA%3D",{"text":38039,"type":599},", which includes reciprocal duties of 34% on all US imports to China.",{"type":594,"attrs":38041,"content":38042},{"textAlign":49},[38043],{"text":38044,"type":599},"While the measures stop short of an outright export ban, they will require exporters to obtain official permission to ship affected materials and will impact exports to all countries, not just the US. ",{"type":594,"attrs":38046,"content":38047},{"textAlign":49},[38048,38050,38056],{"text":38049,"type":599},"This signals Beijing’s increasing willingness to weaponise its control over critical mineral supply chains as trade tensions mount. Last year, China similarly restricted exports of several critical minerals,",{"text":38051,"type":599,"marks":38052}," including graphite",[38053],{"type":604,"attrs":38054},{"href":38055,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-tightens-graphite-export-controls-to-the-us?_branch_match_id=1544413086524051687&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN8v3CrUM963MD06yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA9ZRepUgAAAA%3D",{"text":38057,"type":599},", in response to US technology export bans.",{"type":657,"attrs":38059,"content":38060},{"level":15966,"textAlign":49},[38061],{"text":38062,"type":599},"How much rare earths supply is at risk?",{"type":594,"attrs":38064,"content":38065},{"textAlign":49},[38066,38071,38079,38084,38092],{"text":38067,"type":599,"marks":38068},"Supply of ",[38069],{"type":928,"attrs":38070},{"color":21998},{"text":38072,"type":599,"marks":38073},"heavy rare earth elements (HREEs)",[38074,38076,38078],{"type":604,"attrs":38075},{"href":22306,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":38077},{"color":22006},{"type":3645},{"text":38080,"type":599,"marks":38081}," has already experienced recent volatility due to ongoing ",[38082],{"type":928,"attrs":38083},{"color":21998},{"text":38085,"type":599,"marks":38086},"political and environmental disruptions in Myanmar",[38087,38089,38091],{"type":604,"attrs":38088},{"href":22624,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":38090},{"color":22006},{"type":3645},{"text":38093,"type":599,"marks":38094},". With China now tightening export controls, over 75% of mined medium and heavy rare earth supply is at risk of disruption, according to Benchmark analysis.",[38095],{"type":928,"attrs":38096},{"color":21998},{"type":627,"attrs":38098},{"id":38099,"body":38100},"6564af12-be72-4fdf-9224-700cabb3a980",[38101],{"id":38102,"_uid":38103,"type":634,"_editable":38104,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22526223","i-c7d9c749-b58b-4d17-8888-80fb1378f2d2","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c7d9c749-b58b-4d17-8888-80fb1378f2d2\", \"id\": \"\"}-->",{"type":594,"attrs":38106,"content":38107},{"textAlign":49},[38108,38113,38121],{"text":38109,"type":599,"marks":38110},"Whilst current stockpiles should be sufficient to meet short-term demand, the anticipation of supply disruptions could trigger market uncertainty and temporarily push prices upwards, particularly for ",[38111],{"type":928,"attrs":38112},{"color":21998},{"text":38114,"type":599,"marks":38115},"Dy and Tb",[38116,38118,38120],{"type":604,"attrs":38117},{"href":17497,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":38119},{"color":22006},{"type":3645},{"text":38122,"type":599,"marks":38123},". Bureaucratic delays in approving exports could further increase price volatility for the affected elements.",[38124],{"type":928,"attrs":38125},{"color":21998},{"type":594,"attrs":38127,"content":38128},{"textAlign":49},[38129,38134,38143],{"text":38130,"type":599,"marks":38131},"In the medium to long term, China's export controls are likely to accelerate de-risking efforts among Western countries. The risk of sustained supply disruption may also incentivise greater substitution away from ",[38132],{"type":928,"attrs":38133},{"color":21998},{"text":38135,"type":599,"marks":38136},"rare earth-containing magnets",[38137,38140,38142],{"type":604,"attrs":38138},{"href":38139,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rare-earth-prices-rise-for-the-first-time-in-2024-as-sentiment-runs-ahead-of-fundamentals",{"type":928,"attrs":38141},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":38144},[38145],{"type":928,"attrs":38146},{"color":21998},{"type":594,"attrs":38148,"content":38149},{"textAlign":49},[38150],{"text":38151,"type":599},"However, to mitigate long-term supply dependencies on China, governments will need to implement proactive policies—including financial incentives and streamlined regulatory approvals—to support new entrants.",{"type":594,"attrs":38153,"content":38154},{"textAlign":49},[38155,38157,38163],{"text":38156,"type":599},"Benchmark data shows that the",{"text":38158,"type":599,"marks":38159}," US is currently leading global efforts",[38160],{"type":604,"attrs":38161},{"href":38162,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/north-american-rare-earth-metals-projects-pave-way-for-magnet-manufacturing?_branch_match_id=1544413078676359762&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTzNPLvV2iqjMD06yrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAt3GvrEgAAAA%3D",{"text":38164,"type":599}," to build a vertically integrated supply chain—from mine to magnet—outside China.","China is implementing new export controls on medium and heavy rare earth-related materials, as part of Beijing’s broader retaliatory measures to President Trump’s ‘Liberation day’ tariffs announced last week, which includes reciprocal duties of 34% on all US imports to China. While the measures stop short of an outright export ban, they will require exporters […]",[38167],{"slug":544,"name":543,"content":38168},{"job_title":557,"image":38169,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ef63399b-2890-4a76-a076-31e531320492\", \"id\": \"\"}-->","China tightens rare earth exports amid trade tensions with US",[38173,38174,38175,38176],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":12983,"name":12984},{"slug":1556,"name":414},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":38178},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":28936,"copyright":547,"fieldtype":553,"meta_data":38180,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"China is implementing new export controls on medium and heavy rare earth-related materials, as part of Beijing’s broader retaliatory measures to President Trump’s ‘Liberation day’ tariffs announced last week, which includes  […]","Apr 08, 2025",{"id":38184,"uuid":10990,"name":38185,"slug":38186,"full_slug":38187,"content":38188},112467855109830,"In Charts: The Rise of BYD","in-charts-the-rise-of-byd","article/in-charts-the-rise-of-byd",{"_uid":38189,"date":38190,"live":50,"tags":38191,"editor":38195,"content":38199,"excerpt":38222,"featured":50,"reporter":38223,"_editable":38227,"component":864,"seo_title":38185,"categories":38228,"visibility":882,"author_company":547,"data_vis_image":38234,"featured_image":38237,"seo_description":38240,"author_full_name":547,"author_job_title":547,"formattedDate":38241},"2cfce87e-4e2d-4b69-a665-3fcb222705ae","2025-04-04 00:00",[38192,38193,38194],{"slug":5945,"name":2983},{"slug":913,"name":914},{"slug":578,"name":579},[38196],{"slug":544,"name":543,"content":38197},{"job_title":557,"image":38198,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":38200},[38201,38206,38211,38213,38220],{"type":594,"attrs":38202,"content":38203},{"textAlign":49},[38204],{"text":38205,"type":599},"BYD stock has increased 32% so far this year and the its annual sales have topped $100 billion for the first time.",{"type":594,"attrs":38207,"content":38208},{"textAlign":49},[38209],{"text":38210,"type":599},"This interactive chart-based story uses data sourced from across the Benchmark and Rho Motion’s suite of products to explore the rise of BYD.",{"type":594,"attrs":38212},{"textAlign":49},{"type":627,"attrs":38214},{"id":38215,"body":38216},"975e069d-8d21-4bb5-bff3-8cc2e189df77",[38217],{"id":38218,"_uid":38219,"type":623,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"3016429","i-fa3890a9-ad58-453e-aa5a-006077948e96",{"type":594,"attrs":38221},{"textAlign":49},"BYD stock has increased 32% so far this year and the its annual sales have topped $100 billion for the first time. This interactive chart-based story uses data sourced from across the Benchmark and Rho Motion’s suite of products to explore the rise of BYD.",[38224],{"slug":544,"name":543,"content":38225},{"job_title":557,"image":38226,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2cfce87e-4e2d-4b69-a665-3fcb222705ae\", \"id\": \"\"}-->",[38229,38230,38231,38232,38233],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":4805,"name":298},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":38235,"copyright":547,"fieldtype":553,"meta_data":38236,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1743778736/www-production/BYD-Tesla-and-all-by-battery-maker@2x/BYD-Tesla-and-all-by-battery-maker@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":38238,"copyright":547,"fieldtype":553,"meta_data":38239,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/69428aff9b/bm-byd-car-factory-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"BYD stock has increased 32% so far this year and the its annual sales have topped $100 billion for the first time. This interactive chart-based story uses data sourced from across the Benchmark and Rho Motion’s suite of products to explore the rise of BYD","Apr 04, 2025",{"id":38243,"uuid":38244,"name":38245,"slug":38246,"full_slug":38247,"content":38248},112467874463800,"e8056f0b-7647-4aa6-9885-73050a4017b1","Moores Tells UK Lawmakers: Commodities Are Back, But the World Has Changed","moores-tells-uk-lawmakers-commodities-are-back-but-the-world-has-changed","article/moores-tells-uk-lawmakers-commodities-are-back-but-the-world-has-changed",{"_uid":38249,"date":38250,"tags":38251,"editor":38255,"content":38259,"excerpt":38461,"featured":51,"reporter":38462,"_editable":38466,"component":864,"seo_title":38245,"categories":38467,"visibility":2091,"author_company":49,"featured_image":38472,"seo_description":38461,"author_full_name":49,"author_job_title":49,"formattedDate":38474},"70766b21-9cea-4e70-a61b-6e4f5c55e5f7","2025-03-28 00:00",[38252,38253,38254],{"slug":11313,"name":11314},{"slug":16791,"name":16792},{"slug":4610,"name":662},[38256],{"slug":544,"name":543,"content":38257},{"job_title":557,"image":38258,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":38260},[38261,38274,38279,38300,38313,38318,38323,38328,38336,38357,38385,38393,38398,38403,38408,38413,38418,38423,38428,38433,38438,38443,38448],{"type":594,"attrs":38262,"content":38263},{"textAlign":49},[38264,38266,38272],{"text":38265,"type":599},"London, March 28 – The global commodities sector is entering a new era driven by energy transition demand, geopolitical turbulence, and a shifting global manufacturing landscape, Benchmark Chairman ",{"text":38267,"type":599,"marks":38268},"Simon Moores",[38269],{"type":604,"attrs":38270},{"href":38271,"uuid":49,"anchor":49,"target":49,"linktype":607},"http://What do President Trump’s executive orders mean for critical minerals?",{"text":38273,"type":599}," told members of the House of Lords on Thursday.",{"type":594,"attrs":38275,"content":38276},{"textAlign":49},[38277],{"text":38278,"type":599},"“Commodities and mining are back,” Moores said. “But the world isn’t what it once was.”",{"type":594,"attrs":38280,"content":38281},{"textAlign":49},[38282,38284,38290,38292,38298],{"text":38283,"type":599},"Speaking at the launch of Battery Britain, the founder of Benchmark Mineral Intelligence highlighted how ",{"text":38285,"type":599,"marks":38286},"materials such as lithium",[38287],{"type":604,"attrs":38288},{"href":38289,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chart-can-the-us-meet-its-critical-mineral-needs-domestically?_branch_match_id=1544413013709408819&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNw42cvYOLSw3C0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAAEdk5kgAAAA%3D",{"text":38291,"type":599},", graphite, and ",{"text":38293,"type":599,"marks":38294},"copper are now firmly",[38295],{"type":604,"attrs":38296},{"href":38297,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/president-trump-orders-probe-into-copper-imports?_branch_match_id=1544413000670000391&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWt3CvDIxIzCg3C0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAlOQVM0gAAAA%3D",{"text":38299,"type":599}," at the heart of global diplomacy and conflict.",{"type":594,"attrs":38301,"content":38302},{"textAlign":49},[38303,38305,38311],{"text":38304,"type":599},"He cited recent tensions between Ukrainian President Volodymyr Zelenskyy and US President Donald Trump over access to ",{"text":38306,"type":599,"marks":38307},"Ukraine’s critical minerals",[38308],{"type":604,"attrs":38309},{"href":38310,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/critical-minerals-a-potential-bargaining-chip-for-us-ukraine-security-guarantees?_branch_match_id=1544413021713724939&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdww1dfMtSS03C0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAouWVHUgAAAA%3D",{"text":38312,"type":599}," as evidence that rare earths and battery metals have become bargaining chips in high-stakes negotiations.",{"type":594,"attrs":38314,"content":38315},{"textAlign":49},[38316],{"text":38317,"type":599},"“The negotiations over the future of Ukraine’s rare earths, lithium and graphite go on,” Moores said.",{"type":594,"attrs":38319,"content":38320},{"textAlign":49},[38321],{"text":38322,"type":599},"He highlighted the recent surge in the price of copper and movements in lithium as key pieces of evidence that the depression in the commodity market is coming to an end. ",{"type":594,"attrs":38324,"content":38325},{"textAlign":49},[38326],{"text":38327,"type":599},"“Only yesterday copper’s price spiked to all time highs—marking the beginning of a new commodity super cycle driven by the energy transition,” Moores said.",{"type":627,"attrs":38329},{"id":38330,"body":38331},"15a85d00-8998-4915-a376-a5c7b9413293",[38332],{"id":38333,"_uid":38334,"type":634,"_editable":38335,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22358449","i-f6ee7576-d0eb-4c04-8f91-4073556b8465","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f6ee7576-d0eb-4c04-8f91-4073556b8465\", \"id\": \"\"}-->",{"type":594,"attrs":38337,"content":38338},{"textAlign":49},[38339,38344,38348,38354],{"text":17207,"type":599,"marks":38340},[38341,38343],{"type":604,"attrs":38342},{"href":16334,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":38345,"type":599,"marks":38346}," sets a new standard of actionable market intelligence and proprietary data, including a comprehensive forecast out to 2050. Learn more about the launch ",[38347],{"type":643},{"text":6515,"type":599,"marks":38349},[38350,38353],{"type":604,"attrs":38351},{"href":38352,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-expands-into-copper-with-new-service?_branch_match_id=1544412992241022165&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz%2FGKKCz0LCs3C0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA4Es7%2FkgAAAA%3D",{"type":643},{"text":974,"type":599,"marks":38355},[38356],{"type":643},{"type":594,"attrs":38358,"content":38359},{"textAlign":49},[38360,38362,38368,38369,38375,38377,38383],{"text":38361,"type":599},"The low lithium price environment has put ",{"text":38363,"type":599,"marks":38364},"pressure on both miners",[38365],{"type":604,"attrs":38366},{"href":38367,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/miners-under-pressure-as-spodumene-price-falls-below-1000-a-tonne?_branch_match_id=1544413008744718253&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL4nINvdzdykr90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAbSNOfUgAAAA%3D",{"text":1440,"type":599},{"text":38370,"type":599,"marks":38371},"chemical producers",[38372],{"type":604,"attrs":38373},{"href":38374,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/spodumene-prices-pressure-processors?_branch_match_id=1544412987299135334&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTw1NqfQzzrUsDEqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAoZeOcUgAAAA%3D",{"text":38376,"type":599},". However, compared to the tumultuous drop in prices seen across 2023, further falls in the lithium price in 2024 and this year have been more subdued. ",{"text":38378,"type":599,"marks":38379},"Benchmark’s Lithium Price Index",[38380],{"type":604,"attrs":38381},{"href":38382,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/lithium-prices/index",{"text":38384,"type":599}," has dropped just 1.1% so far this year.",{"type":627,"attrs":38386},{"id":38387,"body":38388},"87e041a7-df70-4da1-9908-efb3c0237522",[38389],{"id":38390,"_uid":38391,"type":634,"_editable":38392,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22357508","i-0ccb74f7-ae9a-4efa-8fe1-00bc1be37614","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0ccb74f7-ae9a-4efa-8fe1-00bc1be37614\", \"id\": \"\"}-->",{"type":594,"attrs":38394,"content":38395},{"textAlign":49},[38396],{"text":38397,"type":599},"Benchmark’s lithium and critical mineral price assessments have become key tools in setting physical contracts and aiding supply chain negotiations. ",{"type":594,"attrs":38399,"content":38400},{"textAlign":49},[38401],{"text":38402,"type":599},"In an audience of lawmakers, industry and exchanges, Moores highlighted how important a unified platform and collaboration are to drive forward the battery and electric vehicle space domestically.",{"type":594,"attrs":38404,"content":38405},{"textAlign":49},[38406],{"text":38407,"type":599},"Richard Taylor, Chairman of the new UK initiative, Battery Britain, explained that a new lithium ion economy is being created.",{"type":594,"attrs":38409,"content":38410},{"textAlign":49},[38411],{"text":38412,"type":599},"“By 2030, the UK is projected to have a battery demand exceeding 100 GWh,” Taylor said. “Now, more than ever, it is crucial for a significant portion of this demand to be met by domestic sources.”",{"type":594,"attrs":38414,"content":38415},{"textAlign":49},[38416],{"text":38417,"type":599},"“To achieve this, we urgently need the supply chain to collaborate and unify towards this common goal. Battery Britain provides a shared vision to align all of us in this effort,” he added. ",{"type":657,"attrs":38419,"content":38420},{"level":15966,"textAlign":49},[38421],{"text":38422,"type":599},"Drawbridges are rising on international trade ",{"type":594,"attrs":38424,"content":38425},{"textAlign":49},[38426],{"text":38427,"type":599},"Baroness Lindsay Northover called for deeper collaboration with Europe to drive forward the UK’s battery and energy storage ambitions. ",{"type":594,"attrs":38429,"content":38430},{"textAlign":49},[38431],{"text":38432,"type":599},"“Attacks on trade are coming from where we least expect,” the Baroness said. “We must work closer with our European neighbours.”",{"type":594,"attrs":38434,"content":38435},{"textAlign":49},[38436],{"text":38437,"type":599},"Moores stated: “We are in a new reality where countries are drawing up bridges.” ",{"type":594,"attrs":38439,"content":38440},{"textAlign":49},[38441],{"text":38442,"type":599},"“High value manufacturing such as lithium ion batteries is becoming more regional,” he said. “Things are increasingly being made where they are sold. The world is getting smaller for technology supply chains.”",{"type":594,"attrs":38444,"content":38445},{"textAlign":49},[38446],{"text":38447,"type":599},"He also cited the US America First policy on manufacturing as a long term trend that will grip the battery manufacturing space and that the UK must follow a similar suit and ‘bring high value manufacturing home’.",{"type":594,"attrs":38449,"content":38450},{"textAlign":49},[38451,38458],{"text":38452,"type":599,"marks":38453},"Sign up to Battery Britain here",[38454,38457],{"type":604,"attrs":38455},{"href":38456,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.batterybritain.co.uk/",{"type":643},{"text":974,"type":599,"marks":38459},[38460],{"type":643},"London, March 28 – The global commodities sector is entering a new era driven by energy transition demand, geopolitical turbulence, and a shifting global manufacturing landscape, Benchmark Chairman Simon Moores told members of the House of Lords on Thursday. “Commodities and mining are back,” Moores said. “But the world isn’t what it once was.” Speaking […]",[38463],{"slug":544,"name":543,"content":38464},{"job_title":557,"image":38465,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"70766b21-9cea-4e70-a61b-6e4f5c55e5f7\", \"id\": \"\"}-->",[38468,38469,38470,38471],{"slug":869,"name":870},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":19391,"copyright":547,"fieldtype":553,"meta_data":38473,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 28, 2025",{"id":38476,"uuid":10265,"name":38477,"slug":38478,"full_slug":38479,"content":38480},112467879284793,"EU strategic projects could help progress on CRMA goals","eu-strategic-projects-could-help-progress-on-crma-goals","article/eu-strategic-projects-could-help-progress-on-crma-goals",{"_uid":38481,"date":38482,"tags":38483,"editor":38489,"content":38493,"excerpt":38646,"featured":51,"reporter":38647,"_editable":38651,"component":864,"seo_title":38477,"categories":38652,"visibility":882,"author_company":49,"data_vis_image":38660,"featured_image":38663,"seo_description":38646,"author_full_name":49,"author_job_title":49,"formattedDate":38666},"ef30b310-cc07-4d28-ae2f-cefc0a75239d","2025-03-27 00:00",[38484,38485,38486,38487,38488],{"slug":10097,"name":10098},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":4610,"name":662},[38490],{"slug":544,"name":543,"content":38491},{"job_title":557,"image":38492,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":38494},[38495,38508,38513,38526,38547,38555,38560,38565,38570,38582,38587,38592,38597,38605,38610,38615,38628,38633],{"type":594,"attrs":38496,"content":38497},{"textAlign":49},[38498,38500,38506],{"text":38499,"type":599},"Benchmark’s analysis shows that with the ",{"text":38501,"type":599,"marks":38502},"exception of lithium",[38503],{"type":604,"attrs":38504},{"href":38505,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europes-lithium-chemical-production-far-exceeds-its-mined-supply?_branch_match_id=1544412961741859729&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz%2FdODjfKzYkwCUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAzjU%2F30gAAAA%3D",{"text":38507,"type":599}," and nickel mining, the European Union is forecast to fall short of the 2030 domestic battery mineral goals laid out in its Critical Raw Materials Act (CRMA).",{"type":594,"attrs":38509,"content":38510},{"textAlign":49},[38511],{"text":38512,"type":599},"This comes as Brussels announced this week a list of 47 projects it has deemed strategic in helping the bloc improve domestic sourcing of critical minerals. Of these, 31 pertain to battery minerals either in the extraction, processing or recycling stage.",{"type":594,"attrs":38514,"content":38515},{"textAlign":49},[38516,38518,38524],{"text":38517,"type":599},"These projects will benefit from “",{"text":38519,"type":599,"marks":38520},"streamlined permitting",[38521],{"type":604,"attrs":38522},{"href":38523,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-plans-support-for-automakers-with-contentious-regulatory-shake-up?_branch_match_id=1544412969696122396&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD8twLffNcI4wCUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAT77%2FFEgAAAA%3D",{"text":38525,"type":599},"”, in which the permit-granting process will take no more than 27 months for extraction projects and no more than 15 months for processing and recycling projects.",{"type":594,"attrs":38527,"content":38528},{"textAlign":49},[38529,38531,38537,38539,38545],{"text":38530,"type":599},"“Critical raw materials play a central role in the EU Commission’s policy agenda to boost ",{"text":38532,"type":599,"marks":38533},"European green industrial competitiveness",[38534],{"type":604,"attrs":38535},{"href":38536,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-sets-out-economic-competitiveness-plan?_branch_match_id=1544412946562643763&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD80rcS0vK4gwCUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAZ2LkQkgAAAA%3D",{"text":38538,"type":599}," and bridge the gap with ",{"text":38540,"type":599,"marks":38541},"countries like China",[38542],{"type":604,"attrs":38543},{"href":38544,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-us-and-european-policy-tackle-chinas-ev-dominance?_branch_match_id=1544412954113225776&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd%2FINd00MDAk3CUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUATv5aIUgAAAA%3D",{"text":38546,"type":599},". These strategic projects are an important step to secure domestic CRM supply to bolster CRM supply security,” said Bryan Bille, a policy and geoeconomics analyst at Benchmark.",{"type":627,"attrs":38548},{"id":38549,"body":38550},"4cc9d474-3708-4b41-945e-0e23ac3c3af0",[38551],{"id":38552,"_uid":38553,"type":634,"_editable":38554,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22304755","i-aae2aa24-3a78-4e24-8392-c4a3248223e6","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-aae2aa24-3a78-4e24-8392-c4a3248223e6\", \"id\": \"\"}-->",{"type":594,"attrs":38556,"content":38557},{"textAlign":49},[38558],{"text":38559,"type":599},"The EU expects the selected projects to require an overall capital investment of €22.5 billion ($24.3 billion), from both public and private sources. The projects will have access to “coordinated support” on finance and connecting with off-takers.",{"type":657,"attrs":38561,"content":38562},{"level":15966,"textAlign":49},[38563],{"text":38564,"type":599},"How do the projects support the EU’s goals?",{"type":594,"attrs":38566,"content":38567},{"textAlign":49},[38568],{"text":38569,"type":599},"The strategic projects have been selected as the EU has assessed them as playing a key role in the bloc meeting the targets laid out in the Critical Raw Materials Act.",{"type":594,"attrs":38571,"content":38572},{"textAlign":49},[38573,38575,38581],{"text":38574,"type":599},"This Act aims for the bloc to support 10% of its critical minerals demand in 2030 through domestic mining, 40% through domestic processing and ",{"text":38576,"type":599,"marks":38577},"25% through recycling",[38578],{"type":604,"attrs":38579},{"href":38580,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage?_branch_match_id=1544412927820896521&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL8%2BwdDYPiww3CUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAscplP0gAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":38583,"content":38584},{"textAlign":49},[38585],{"text":38586,"type":599},"Benchmark forecasts that the EU is currently on track to achieve this target for mined lithium and nickel, but is set to fall short on the other battery minerals and stages of the value chain.",{"type":594,"attrs":38588,"content":38589},{"textAlign":49},[38590],{"text":38591,"type":599},"However, supporting the strategic projects announced this week could significantly boost progress towards the goals.",{"type":594,"attrs":38593,"content":38594},{"textAlign":49},[38595],{"text":38596,"type":599},"The EU claims that the strategic projects announced this week will enable it to meet many of these goals. For example, the EU says that the nickel projects are expected to contribute over 40% of the bloc’s mined and processed nickel demands.",{"type":627,"attrs":38598},{"id":38599,"body":38600},"6530ced2-a205-45bb-86a9-3bab94aee8ce",[38601],{"id":38602,"_uid":38603,"type":634,"_editable":38604,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22303476","i-3f6cc40c-8b33-470b-ac2f-b3edfff23c5e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-3f6cc40c-8b33-470b-ac2f-b3edfff23c5e\", \"id\": \"\"}-->",{"type":657,"attrs":38606,"content":38607},{"level":15966,"textAlign":49},[38608],{"text":38609,"type":599},"What about non-domestic strategic projects?",{"type":594,"attrs":38611,"content":38612},{"textAlign":49},[38613],{"text":38614,"type":599},"The CRMA also set out a goal that the EU should be less than 65% reliant on a single country to meet the demand for any one of the critical minerals.",{"type":594,"attrs":38616,"content":38617},{"textAlign":49},[38618,38620,38626],{"text":38619,"type":599},"To meet this goal will require that the EU sources ",{"text":38621,"type":599,"marks":38622},"minerals from outside of member countries",[38623],{"type":604,"attrs":38624},{"href":38625,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/mercosur-trade-pact-promises-to-boost-eu-critical-mineral-supply-chains?_branch_match_id=1544412974191769585&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWj3QLc8z1Nww3CUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAjEm3sUgAAAA%3D",{"text":38627,"type":599},", especially for cobalt in which the Democratic Republic of Congo (DRC) is the major supplier of mined material and China dominates in the processing.",{"type":594,"attrs":38629,"content":38630},{"textAlign":49},[38631],{"text":38632,"type":599},"“The EU will need to get non-EU supply to reach the production targets, especially for minerals like cobalt,” Bille said. “So this underlines the importance of the non-EU strategic projects which are not public yet.”",{"type":594,"attrs":38634,"content":38635},{"textAlign":49},[38636,38638,38644],{"text":38637,"type":599},"The European Commission says it received 46 applications for ",{"text":38639,"type":599,"marks":38640},"strategic projects outside of the EU",[38641],{"type":604,"attrs":38642},{"href":38643,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/will-the-eu-copy-chinas-playbook-on-foreign-investments?_branch_match_id=1544412936835999706&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdw7x805OyoswCUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAdV4zRkgAAAA%3D",{"text":38645,"type":599}," and the decision on these will be made at a later stage.","Benchmark’s analysis shows that with the exception of lithium and nickel mining, the European Union is forecast to fall short of the 2030 domestic battery mineral goals laid out in its Critical Raw Materials Act (CRMA). This comes as Brussels announced this week a list of 47 projects it has deemed strategic in helping the […]",[38648],{"slug":544,"name":543,"content":38649},{"job_title":557,"image":38650,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ef30b310-cc07-4d28-ae2f-cefc0a75239d\", \"id\": \"\"}-->",[38653,38654,38655,38656,38657,38658,38659],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":38661,"copyright":547,"fieldtype":553,"meta_data":38662,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1743081753/www-production/CRMA-Q1-2025@2x-3/CRMA-Q1-2025@2x-3.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":38664,"copyright":547,"fieldtype":553,"meta_data":38665,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3bf7ca4792/bm-p066188-843164-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 27, 2025",{"id":38668,"uuid":38669,"name":38670,"slug":38671,"full_slug":38672,"content":38673},112467889131579,"301bf028-8d22-4c89-bc01-059754f7223c","Benchmark expands into Copper with new service","benchmark-expands-into-copper-with-new-service","article/benchmark-expands-into-copper-with-new-service",{"_uid":38674,"date":38675,"tags":38676,"editor":38679,"content":38683,"excerpt":38753,"featured":50,"reporter":38754,"_editable":38758,"component":864,"seo_title":38670,"categories":38759,"visibility":2091,"author_company":49,"featured_image":38762,"seo_description":38753,"author_full_name":49,"author_job_title":49,"formattedDate":38764},"a11b6c93-5408-44b8-8f69-eee0ffa489fa","2025-03-25 00:00",[38677,38678],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[38680],{"slug":544,"name":543,"content":38681},{"job_title":557,"image":38682,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":38684},[38685,38694,38699,38704,38709,38714,38719,38726],{"type":594,"attrs":38686,"content":38687},{"textAlign":49},[38688,38689,38690,38692],{"text":11314,"type":599},{"text":34305,"type":599},{"text":38691,"type":599},"Copper Service",{"text":38693,"type":599},". This new offering is designed for market participants, investors, and industry stakeholders, providing essential insights into the role of copper in the energy transition and the evolving supply chain dynamics.",{"type":594,"attrs":38695,"content":38696},{"textAlign":49},[38697],{"text":38698,"type":599},"As mass electrification accelerates and demand for clean technologies rises, copper is set to become the most critical material underpinning the energy transition. The increasing use of copper in electric vehicles (EVs), AI technologies, and essential grid infrastructure will drive demand in the coming decades, with clean energy’s share of total consumption expected to surge.",{"type":594,"attrs":38700,"content":38701},{"textAlign":49},[38702],{"text":38703,"type":599},"Benchmark’s expansion into the copper sector builds upon its established expertise in battery materials and the broader EV supply chain from mine to grid. With copper playing a crucial role in batteries and electrification, this new service provides a seamless extension of Benchmark’s critical mineral coverage.",{"type":594,"attrs":38705,"content":38706},{"textAlign":49},[38707],{"text":38708,"type":599},"Subscribers will gain access to in-depth data, pricing information, and market intelligence on copper’s role in the global energy transition. The analysis will provide insights into supply, demand, and investment trends, helping stakeholders navigate risks and identify opportunities in fast-growing end-use sectors.",{"type":594,"attrs":38710,"content":38711},{"textAlign":49},[38712],{"text":38713,"type":599},"“Benchmark’s deep understanding of the EV and battery supply chains uniquely positions us to deliver world-class copper research and data,” said Mike Finch, Head of Strategic Initiatives. “Our investment in a global team of analysts, strategically located across key copper hubs in Chile, London, Switzerland, Singapore, and China, ensures we provide clients with comprehensive, data-driven intelligence tailored to the evolving market landscape.”",{"type":594,"attrs":38715,"content":38716},{"textAlign":49},[38717],{"text":38718,"type":599},"Benchmark’s Copper Forecast Service will offer stakeholders a complete market view, incorporating analysis of treatment and refining charges, supply disruptions, and technological shifts such as the decreasing thickness of copper foil in EV batteries. The service is designed to equip users with the tools needed to optimise strategies and stay ahead in a rapidly evolving market.",{"type":594,"attrs":38720,"content":38721},{"textAlign":49},[38722],{"text":38723,"type":599,"marks":38724},"Alongside the Copper Forecast, the Copper Briefing will deliver weekly insights into key market trends, via email. ",[38725],{"type":643},{"type":594,"attrs":38727,"content":38728},{"textAlign":49},[38729,38733,38739,38742,38749],{"text":38730,"type":599,"marks":38731},"To learn more about the intelligence we cover, sign up to our ",[38732],{"type":643},{"text":38734,"type":599,"marks":38735},"Copper Newsletter",[38736,38737],{"type":643},{"type":604,"attrs":38738},{"href":33910,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":35226,"type":599,"marks":38740},[38741],{"type":643},{"text":38743,"type":599,"marks":38744},"contact us",[38745,38746],{"type":643},{"type":604,"attrs":38747},{"href":38748,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/contact",{"text":38750,"type":599,"marks":38751}," today.",[38752],{"type":643},"Benchmark Mineral Intelligence is pleased to announce the launch of its Copper Service. This new offering is designed for market participants, investors, and industry stakeholders, providing essential insights into the role of copper in the energy transition and the evolving supply chain dynamics. As mass electrification accelerates and demand for clean technologies rises, copper is […]",[38755],{"slug":544,"name":543,"content":38756},{"job_title":557,"image":38757,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a11b6c93-5408-44b8-8f69-eee0ffa489fa\", \"id\": \"\"}-->",[38760,38761],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17464,"copyright":547,"fieldtype":553,"meta_data":38763,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 25, 2025",{"id":38766,"uuid":14650,"name":38767,"slug":38768,"full_slug":38769,"content":38770},112467898728517,"Trump Executive Order to accelerate US critical mineral push","trump-executive-order-to-accelerate-us-critical-mineral-push","article/trump-executive-order-to-accelerate-us-critical-mineral-push",{"_uid":38771,"date":38772,"tags":38773,"editor":38776,"content":38780,"excerpt":38951,"featured":51,"reporter":38952,"_editable":38956,"component":864,"seo_title":38767,"categories":38957,"visibility":2091,"author_company":49,"featured_image":38960,"seo_description":38951,"author_full_name":49,"author_job_title":49,"formattedDate":38963},"d4c31a13-3559-4f00-aaff-77b334c3c384","2025-03-21 00:00",[38774,38775],{"slug":1375,"name":1376},{"slug":4610,"name":662},[38777],{"slug":544,"name":543,"content":38778},{"job_title":557,"image":38779,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":38781},[38782,38811,38816,38821,38826,38831,38836,38841,38849,38854,38859,38864,38869,38874,38879,38884,38889,38897,38902,38907,38929],{"type":594,"attrs":38783,"content":38784},{"textAlign":49},[38785,38787,38793,38795,38801,38803,38809],{"text":38786,"type":599},"President Donald Trump invoked emergency powers on Thursday to strengthen US domestic critical mineral production, aligning with the administration’s ",{"text":38788,"type":599,"marks":38789},"broader strategy to secure critical mineral and rare earth supply chains",[38790],{"type":604,"attrs":38791},{"href":38792,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-do-president-trumps-executive-orders-mean-for-critical-minerals",{"text":38794,"type":599},". This strategy has included controversial proposals, such as threats to invade ",{"text":38796,"type":599,"marks":38797},"Greenland",[38798],{"type":604,"attrs":38799},{"href":38800,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/greenland-in-trumps-gaze-due-to-critical-mineral-potential",{"text":38802,"type":599}," and plans to access ",{"text":38804,"type":599,"marks":38805},"Ukraine’s mineral reserves",[38806],{"type":604,"attrs":38807},{"href":38808,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/critical-minerals-a-potential-bargaining-chip-for-us-ukraine-security-guarantees",{"text":38810,"type":599}," as part of a US-backed peace deal.",{"type":594,"attrs":38812,"content":38813},{"textAlign":49},[38814],{"text":38815,"type":599},"An Executive Order titled “Immediate Measures to Increase American Mineral Production” seeks to address national and economic security risks stemming from US dependence on critical mineral imports, primarily from China, by directing federal agencies to expedite permitting approvals, open up federal lands for mining and processing projects, and accelerate both private and public investment towards domestic mineral production.",{"type":594,"attrs":38817,"content":38818},{"textAlign":49},[38819],{"text":38820,"type":599},"“It’s important to note that this executive order does not allocate new funding for domestic mineral production, but rather redirects existing financial tools used under the Biden Administration,” said Bryan Bille, principal policy analyst at Benchmark.",{"type":594,"attrs":38822,"content":38823},{"textAlign":49},[38824],{"text":38825,"type":599},"The order covers all critical minerals listed on the US Critical Minerals List, but also includes, amongst others, copper. It applies to both mineral extraction and midstream processing and thus sends a demand signal that only mining and processing will be favoured at the expense of downstream segments, such as batteries and electric vehicles (EVs).",{"type":657,"attrs":38827,"content":38828},{"level":15966,"textAlign":49},[38829],{"text":38830,"type":599},"Expediting permits",{"type":594,"attrs":38832,"content":38833},{"textAlign":49},[38834],{"text":38835,"type":599},"The Executive Order prioritises streamlining the permitting process to enhance US critical mineral production. Within 10 days, all relevant federal agencies must compile a list of pending critical mineral projects and identify regulatory obstacles, immediately fast-tracking approvals for eligible projects.",{"type":594,"attrs":38837,"content":38838},{"textAlign":49},[38839],{"text":38840,"type":599},"Additionally, the Chair of the National Energy Dominance Council will consult with industry stakeholders to identify regulatory barriers and propose measures to accelerate the permitting process.",{"type":627,"attrs":38842},{"id":38843,"body":38844},"5a0a9d1c-222a-4334-9599-f627017f0653",[38845],{"id":38846,"_uid":38847,"type":634,"_editable":38848,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21831248","i-88f37014-b355-4413-a398-381d33861cd3","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-88f37014-b355-4413-a398-381d33861cd3\", \"id\": \"\"}-->",{"type":657,"attrs":38850,"content":38851},{"level":15966,"textAlign":49},[38852],{"text":38853,"type":599},"Federal land allocation for mining",{"type":594,"attrs":38855,"content":38856},{"textAlign":49},[38857],{"text":38858,"type":599},"The order directs the Department of the Interior to prioritise identifying mineral-rich federal lands within 10 days and to incorporate mining into land-use planning. The Departments of Defense and Energy will offer long-term leases to private entities for mine development on suitable sites.",{"type":594,"attrs":38860,"content":38861},{"textAlign":49},[38862],{"text":38863,"type":599},"Furthermore, the Interior Department has been instructed to propose changes to the Mining Act of 1872—specifically addressing the management of waste rock, tailings, and mine waste disposal—within 30 days.",{"type":594,"attrs":38865,"content":38866},{"textAlign":49},[38867],{"text":38868,"type":599},"“This is considered controversial, especially by environmental groups, as the proposed measures, among others, lack indigenous communities engagement and are said to increase pollution and threaten public lands. Put differently, there is a litigation risk that could result in a major hurdle,” commented Bille.",{"type":657,"attrs":38870,"content":38871},{"level":15966,"textAlign":49},[38872],{"text":38873,"type":599},"Financial and investment support",{"type":594,"attrs":38875,"content":38876},{"textAlign":49},[38877],{"text":38878,"type":599},"The US government is coordinating with the private sector to boost investment in domestic critical mineral projects. “But even though this Executive Order only focuses on and mentions bolstering domestic production, various sources point out that the revamped US DFC fund would also be used for foreign critical mineral projects, like under the Biden Administration,” said Bille.",{"type":594,"attrs":38880,"content":38881},{"textAlign":49},[38882],{"text":38883,"type":599},"In addition, the US Export-Import Bank (EXIM) has been directed to introduce financing initiatives and policy recommendations to strengthen mineral supply chains. ",{"type":594,"attrs":38885,"content":38886},{"textAlign":49},[38887],{"text":38888,"type":599},"This includes securing offtake agreements for raw material feedstocks globally, to support domestic mineral processing. President Trump also announced that the US would soon finalise an agreement with Ukraine and actively pursue additional mineral supply deals with other countries.",{"type":627,"attrs":38890},{"id":38891,"body":38892},"06319526-8080-434d-a8a6-c3bfbab916a1",[38893],{"id":38894,"_uid":38895,"type":634,"_editable":38896,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21832503","i-c6417700-0ade-450d-94f9-af2e30a99025","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c6417700-0ade-450d-94f9-af2e30a99025\", \"id\": \"\"}-->",{"type":594,"attrs":38898,"content":38899},{"textAlign":49},[38900],{"text":38901,"type":599},"“Government-backed offtake agreements are key to unlocking private capital as this gives the confidence to private investors in the current low-price environment to fund processing projects in the US,” Bille added.",{"type":594,"attrs":38903,"content":38904},{"textAlign":49},[38905],{"text":38906,"type":599},"To further consolidate demand, the Assistant Secretary of Defense for Industrial Base Policy has been tasked with convening mineral buyers and requesting bids to supply minerals.",{"type":594,"attrs":38908,"content":38909},{"textAlign":49},[38910,38913,38917,38921,38925],{"text":14670,"type":599,"marks":38911},[38912],{"type":643},{"text":38914,"type":599,"marks":38915},"Giga USA 2025",[38916],{"type":643},{"text":38918,"type":599,"marks":38919},", taking place ",[38920],{"type":643},{"text":38922,"type":599,"marks":38923},"3-4 June in Washington, D.C.",[38924],{"type":643},{"text":38926,"type":599,"marks":38927},", we will be joined by policymakers shaping critical legislation, industry leaders spearheading innovation, and investors fuelling domestic growth, united in the mission to strengthen the North American battery supply chain.",[38928],{"type":643},{"type":594,"attrs":38930,"content":38931},{"textAlign":49},[38932,38939,38943,38947],{"text":38933,"type":599,"marks":38934},"Register now",[38935,38938],{"type":604,"attrs":38936},{"href":38937,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://benchmarkevents.benchmarkminerals.com/gigausa25",{"type":643},{"text":38940,"type":599,"marks":38941}," with our Early Bird offer",[38942],{"type":643},{"text":38944,"type":599,"marks":38945},", available until ",[38946],{"type":643},{"text":38948,"type":599,"marks":38949},"April 25th.",[38950],{"type":643},"President Donald Trump invoked emergency powers on Thursday to strengthen US domestic critical mineral production, aligning with the administration’s broader strategy to secure critical mineral and rare earth supply chains. This strategy has included controversial proposals, such as threats to invade Greenland and plans to access Ukraine’s mineral reserves as part of a US-backed peace […]",[38953],{"slug":544,"name":543,"content":38954},{"job_title":557,"image":38955,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d4c31a13-3559-4f00-aaff-77b334c3c384\", \"id\": \"\"}-->",[38958,38959],{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":38961,"copyright":547,"fieldtype":553,"meta_data":38962,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/07c9e8002d/bm-shutterstock-2586170827-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 21, 2025",{"id":38965,"uuid":38966,"name":38967,"slug":38968,"full_slug":38969,"content":38970},112467908255915,"a9a2a45d-cef7-42f5-87f8-2bf38d8c6ee0","Europe’s lithium chemical production far exceeds its mined supply","europes-lithium-chemical-production-far-exceeds-its-mined-supply","article/europes-lithium-chemical-production-far-exceeds-its-mined-supply",{"_uid":38971,"date":38972,"tags":38973,"editor":38980,"content":38984,"excerpt":39135,"featured":51,"reporter":39136,"_editable":39140,"component":864,"seo_title":38967,"categories":39141,"visibility":882,"author_company":49,"featured_image":39145,"seo_description":39135,"author_full_name":49,"author_job_title":49,"formattedDate":39148},"0c5348b0-abe2-467a-8344-682a9549211a","2025-03-20 00:00",[38974,38975,38976,38979],{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":38977,"name":38978},"giga-europe-2025","Giga Europe 2025",{"slug":23760,"name":23761},[38981],{"slug":544,"name":543,"content":38982},{"job_title":557,"image":38983,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":38985},[38986,38999,39018,39023,39028,39036,39041,39053,39058,39063,39068,39073,39078,39090,39095,39100,39105,39110,39115,39120,39125,39130],{"type":594,"attrs":38987,"content":38988},{"textAlign":49},[38989,38991,38997],{"text":38990,"type":599},"The lithium ",{"text":38992,"type":599,"marks":38993},"industry in Europe",[38994],{"type":604,"attrs":38995},{"href":38996,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-plans-support-for-automakers-with-contentious-regulatory-shake-up?_branch_match_id=1544412836118194866&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdws1Nyl2rXB3DUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAohyn30gAAAA%3D",{"text":38998,"type":599}," is heavily skewed towards chemical refining rather than the extraction of lithium through mining.",{"type":594,"attrs":39000,"content":39001},{"textAlign":49},[39002,39004,39010,39012,39017],{"text":39003,"type":599},"The amount of lithium set to be ",{"text":39005,"type":599,"marks":39006},"mined in Europe",[39007],{"type":604,"attrs":39008},{"href":39009,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europes-last-shot-can-europe-act-fast-enough-to-compete-in-the-battery-supply-chain?_branch_match_id=1544412840628815097&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT8yI9PMt8SsI8U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA20l6m0gAAAA%3D",{"text":39011,"type":599}," this year is around a tenth the amount of forecasted lithium chemical production, on a lithium carbonate equivalent (LCE) basis according to ",{"text":24541,"type":599,"marks":39013},[39014],{"type":604,"attrs":39015},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/data-reports/forecast",{"text":974,"type":599},{"type":594,"attrs":39019,"content":39020},{"textAlign":49},[39021],{"text":39022,"type":599},"This discrepancy is projected to remain out to 2030 and beyond, meaning the non-integrated lithium chemical capacity in Europe’s pipeline will be reliant on imports.",{"type":594,"attrs":39024,"content":39025},{"textAlign":49},[39026],{"text":39027,"type":599},"“There is going to be a lot of playoff in Europe between how much lithium we can get directly out of the ground in Europe and how much of this is about signing supply and offtake agreements and developing non-integrated chemical capacity to feed a homegrown midstream and downstream,” said Daisy Jennings-Gray, Benchmark’s head of prices, at the Benchmark Giga Europe event in Brussels this week.",{"type":627,"attrs":39029},{"id":39030,"body":39031},"725dd7fb-e916-4969-b53a-da5eeea68817",[39032],{"id":39033,"_uid":39034,"type":634,"_editable":39035,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22201929","i-492e6896-54bb-48c2-a7ce-7c4e6770b3ea","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-492e6896-54bb-48c2-a7ce-7c4e6770b3ea\", \"id\": \"\"}-->",{"type":657,"attrs":39037,"content":39038},{"level":15966,"textAlign":49},[39039],{"text":39040,"type":599},"What are the benefits of domestic lithium mining?",{"type":594,"attrs":39042,"content":39043},{"textAlign":49},[39044,39046,39051],{"text":39045,"type":599},"A key benefit of a more domestic supply chain would be increased supply chain security, a concept at the heart of the European Union’s ",{"text":10098,"type":599,"marks":39047},[39048],{"type":604,"attrs":39049},{"href":39050,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-the-european-union-meet-its-crma-goals?_branch_match_id=1544412828296232055&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0Btp6yBadANpH1qTijOjfIWgRWfvvTRG67O1gfRM4lEkK8FzN741w1mLHe%2FFcFPcXVg%2F0E1A1ngE1KcTli2hCv2loiMVSAAAAA%3D%3D",{"text":39052,"type":599}," (CRMA).",{"type":594,"attrs":39054,"content":39055},{"textAlign":49},[39056],{"text":39057,"type":599},"“Having local supplies of lithium to serve an integrated local European market is, of course, extremely strategic,” Alan Parte, lithium projects vice president at Imerys, told attendees. “We need to make that happen.”",{"type":594,"attrs":39059,"content":39060},{"textAlign":49},[39061],{"text":39062,"type":599},"“We need to be really really prepared to stick to our guns and make sure that the security topic remains at the top of the conversation,” Chris Moreno, Vulcan Energy’s chief executive, added.",{"type":594,"attrs":39064,"content":39065},{"textAlign":49},[39066],{"text":39067,"type":599},"Building out a domestic lithium supply chain would bring benefits beyond increased supply chain security.",{"type":594,"attrs":39069,"content":39070},{"textAlign":49},[39071],{"text":39072,"type":599},"“If an OEM […] would procure locally, they would have a much tighter grip on ESG [environmental, social, governance] criteria,” said Michael Schmidtt, economic geologist and senior analyst at the German Raw Materials Agency.",{"type":657,"attrs":39074,"content":39075},{"level":15966,"textAlign":49},[39076],{"text":39077,"type":599},"How can Europe improve its lithium mining industry?",{"type":594,"attrs":39079,"content":39080},{"textAlign":49},[39081,39082,39088],{"text":18584,"type":599},{"text":39083,"type":599,"marks":39084},"ESG may be better controlled",[39085],{"type":604,"attrs":39086},{"href":39087,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sustainability-now-a-critical-metric-for-lithium-supply-agreements?_branch_match_id=1544412846102768680&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FF0LypLSzeM8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAB5dWbUgAAAA%3D",{"text":39089,"type":599}," through domestic lithium mining operations relative to those operations out of the EU’s jurisdiction, getting the social license to mine in Europe is hard.",{"type":594,"attrs":39091,"content":39092},{"textAlign":49},[39093],{"text":39094,"type":599},"“There is a negative perception of mining in Europe,” Imerys’ Parte said. “It is something we all collectively need to work on.”",{"type":594,"attrs":39096,"content":39097},{"textAlign":49},[39098],{"text":39099,"type":599},"Europe’s nascent lithium mining industry does not have the same level of expertise as found in more mining heavy regions of the world. Europe can boost its capabilities by maximising this expertise.",{"type":594,"attrs":39101,"content":39102},{"textAlign":49},[39103],{"text":39104,"type":599},"“Collaboration is the way forward,” said Roland Chavasse, secretary general of the International Lithium Association. “We would never promote isolation over collaboration.”",{"type":594,"attrs":39106,"content":39107},{"textAlign":49},[39108],{"text":39109,"type":599},"Funding mining operations in Europe can also be challenging. Although the EU says it will give “strategic projects” better access to funding, Parte expressed concern that the grant application process in Europe is more uncertain than in the US or China.",{"type":594,"attrs":39111,"content":39112},{"textAlign":49},[39113],{"text":39114,"type":599},"In recent years, Europe has made strides towards supporting the build out of a local supply chain through its policies, but there is room for improvement here.",{"type":594,"attrs":39116,"content":39117},{"textAlign":49},[39118],{"text":39119,"type":599},"“Having a more integrated approach towards the supply chain, industrial policy and strategy would help,” Michael Widmer, head of metals research at the Bank of America, told delegates.",{"type":594,"attrs":39121,"content":39122},{"textAlign":49},[39123],{"text":39124,"type":599},"In the US, the Inflation Reduction Act’s 45X production tax credits go some way to supporting domestic mining operations, and many Chinese operations are able to operate at a loss thanks to government support.",{"type":594,"attrs":39126,"content":39127},{"textAlign":49},[39128],{"text":39129,"type":599},"“We’re not asking for handouts,” emphasised Vulcan Energy’s chief executive Chris Moreno. “We just want to have a chance to be competitive.”",{"type":594,"attrs":39131,"content":39132},{"textAlign":49},[39133],{"text":39134,"type":599},"However, although policies can support competitiveness in the short to medium term, Imerys’ Parte noted that policies have end dates and that “you can’t rely on policy to be competitive long term.”","The lithium industry in Europe is heavily skewed towards chemical refining rather than the extraction of lithium through mining. The amount of lithium set to be mined in Europe this year is around a tenth the amount of forecasted lithium chemical production, on a lithium carbonate equivalent (LCE) basis according to Benchmark’s Lithium Forecast. This […]",[39137],{"slug":544,"name":543,"content":39138},{"job_title":557,"image":39139,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0c5348b0-abe2-467a-8344-682a9549211a\", \"id\": \"\"}-->",[39142,39143,39144],{"slug":872,"name":873},{"slug":878,"name":8},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":39146,"copyright":547,"fieldtype":553,"meta_data":39147,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/858fec203a/bm-r5c11552-straight-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 20, 2025",{"id":39150,"uuid":10243,"name":39151,"slug":39152,"full_slug":39153,"content":39154},112467917820077,"EU classifies black mass as hazardous waste to reduce critical mineral leakage","eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage","article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage",{"_uid":39155,"date":39156,"tags":39157,"editor":39162,"content":39166,"excerpt":39286,"featured":50,"reporter":39287,"_editable":39291,"component":864,"seo_title":39151,"categories":39292,"visibility":882,"author_company":49,"data_vis_image":39296,"featured_image":39299,"seo_description":39286,"author_full_name":49,"author_job_title":49,"formattedDate":39302},"db9549e5-6828-4fc3-b5f3-1a3940544cf4","2025-03-18 00:00",[39158,39159,39160,39161],{"slug":10440,"name":373},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":10093,"name":10094},[39163],{"slug":544,"name":543,"content":39164},{"job_title":557,"image":39165,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":39167},[39168,39188,39200,39212,39220,39225,39230,39238,39243,39248,39253,39258,39263,39268,39276,39281],{"type":594,"attrs":39169,"content":39170},{"textAlign":49},[39171,39173,39178,39180,39186],{"text":39172,"type":599},"Black mass will be categorised as a hazardous waste in the ",{"text":10094,"type":599,"marks":39174},[39175],{"type":604,"attrs":39176},{"href":39177,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/bmw-partners-with-sk-for-battery-recycling-in-europe?_branch_match_id=1544412814191959724&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBQFwBvpPogWXiBatgmNZ4r6ladgq87eTBij9UVrB7lDsUwlCmhzV7Y1laMkbV5iDn%2Fuh9s%2BwoOM8lyOdXZwNYG14Acx6DVESAAAAA%3D%3D",{"text":39179,"type":599}," following the bloc’s decision to update the List of Waste as part of its recent ",{"text":39181,"type":599,"marks":39182},"industrial strategy for the automotive sector",[39183],{"type":604,"attrs":39184},{"href":39185,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-plans-support-for-automakers-with-contentious-regulatory-shake-up?_branch_match_id=1544412801057994017&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdws1Nyl2rXB3DUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAohyn30gAAAA%3D",{"text":39187,"type":599},". Under the Basel Convention hazardous waste can only be exported to OECD countries.",{"type":594,"attrs":39189,"content":39190},{"textAlign":49},[39191,39193,39198],{"text":39192,"type":599},"This change unifies how ",{"text":10224,"type":599,"marks":39194},[39195],{"type":604,"attrs":39196},{"href":39197,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-is-black-mass-and-how-is-it-priced?_branch_match_id=1544412796603544133&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWtywJCInIrsgx9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAEusdjkgAAAA%3D",{"text":39199,"type":599}," is handled as previously the material was shipped as both a product and a waste depending on the country, seller and quality of material.",{"type":594,"attrs":39201,"content":39202},{"textAlign":49},[39203,39205,39210],{"text":39204,"type":599},"However, although this brings clarity, ",{"text":2791,"type":599,"marks":39206},[39207],{"type":604,"attrs":39208},{"href":39209,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/is-europe-ambitious-enough-on-recycling?_branch_match_id=1544412806262832205&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzy91Myx3KjctCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAP09e7kgAAAA%3D",{"text":39211,"type":599}," has a large overcapacity of pre-treatment facilities, which produce black mass, and insufficient capacity for refining that material into battery chemicals.",{"type":627,"attrs":39213},{"id":39214,"body":39215},"097477bc-09f1-4868-8fc4-10a1ef6b5ef6",[39216],{"id":39217,"_uid":39218,"type":634,"_editable":39219,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22172038","i-d7aa6b43-fe68-4147-bd86-1342022d8fde","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-d7aa6b43-fe68-4147-bd86-1342022d8fde\", \"id\": \"\"}-->",{"type":594,"attrs":39221,"content":39222},{"textAlign":49},[39223],{"text":39224,"type":599},"The implementation of the waste codes will take place over 18 months to give industry sufficient time to prepare.",{"type":657,"attrs":39226,"content":39227},{"level":15966,"textAlign":49},[39228],{"text":39229,"type":599},"How could changing the black mass classification impact prices?",{"type":627,"attrs":39231},{"id":39232,"body":39233},"0df78fc5-c336-4052-9277-7c9a31b0bb81",[39234],{"id":39235,"_uid":39236,"type":634,"_editable":39237,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22054486","i-4b747510-1635-480e-b348-ca2e9882ffdd","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4b747510-1635-480e-b348-ca2e9882ffdd\", \"id\": \"\"}-->",{"type":594,"attrs":39239,"content":39240},{"textAlign":49},[39241],{"text":39242,"type":599},"“European black mass payables remain in a bifurcated state, with product-classified material trading at a premium to waste-classified black mass primarily due to greater ease in shipping this material,” said Frederick Bloomfield, a black mass pricing analyst at Benchmark.",{"type":594,"attrs":39244,"content":39245},{"textAlign":49},[39246],{"text":39247,"type":599},"As such, classifying all black mass as waste will likely result in European black mass trading at overall lower payables.",{"type":594,"attrs":39249,"content":39250},{"textAlign":49},[39251],{"text":39252,"type":599},"Further, given the restriction of exports to OECD countries, there could be further downward pressure on payables as fewer buyers vie for material. ",{"type":657,"attrs":39254,"content":39255},{"level":15966,"textAlign":49},[39256],{"text":39257,"type":599},"What is the state of Europe’s recycling industry?",{"type":594,"attrs":39259,"content":39260},{"textAlign":49},[39261],{"text":39262,"type":599},"The majority of recycling facilities in Europe are set up to produce black mass from waste batteries, but not to process this material further. As such, most black mass produced in Europe is still likely to be exported to Asia.",{"type":594,"attrs":39264,"content":39265},{"textAlign":49},[39266],{"text":39267,"type":599},"“From the buy-side market participants have expressed apprehension towards the Commission’s update to HS codes due to the EU’s current lack of black mass refining capacity,” Bloomfield said.",{"type":627,"attrs":39269},{"id":39270,"body":39271},"064bd020-bdd4-4ccd-8cb5-3f8a7e76da2e",[39272],{"id":39273,"_uid":39274,"type":634,"_editable":39275,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22110886","i-45085ad7-e5fb-4d20-ae68-59a35a6f4578","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-45085ad7-e5fb-4d20-ae68-59a35a6f4578\", \"id\": \"\"}-->",{"type":594,"attrs":39277,"content":39278},{"textAlign":49},[39279],{"text":39280,"type":599},"Within the policy documentation, the European Commission is yet to provide a chemical definition of black mass to provide clarity as to when it becomes a product.",{"type":594,"attrs":39282,"content":39283},{"textAlign":49},[39284],{"text":39285,"type":599},"“The ambiguity is leading to uncertainty amongst some recyclers regarding the classification of certain recycled intermediates,” Bloomfield said. “Chemical content definitions similar to that set to be adopted in China could make it more watertight.”","Black mass will be categorised as a hazardous waste in the European Union following the bloc’s decision to update the List of Waste as part of its recent industrial strategy for the automotive sector. Under the Basel Convention hazardous waste can only be exported to OECD countries. This change unifies how black mass is handled […]",[39288],{"slug":544,"name":543,"content":39289},{"job_title":557,"image":39290,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"db9549e5-6828-4fc3-b5f3-1a3940544cf4\", \"id\": \"\"}-->",[39293,39294,39295],{"slug":872,"name":873},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":39297,"copyright":547,"fieldtype":553,"meta_data":39298,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1742301250/www-production/European-blackmass-price-payables@2x-2/European-blackmass-price-payables@2x-2.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":39300,"copyright":547,"fieldtype":553,"meta_data":39301,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1bfd16bc38/bm-p90581208-highres.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 18, 2025",{"id":39304,"uuid":39305,"name":39306,"slug":39307,"full_slug":39308,"content":39309},112467913007276,"0590d7cd-0597-4eaa-b9d5-2b51a432e78f","Is Indonesia’s nickel boom at risk from shifting policy?","is-indonesias-nickel-boom-at-risk-from-shifting-policy","article/is-indonesias-nickel-boom-at-risk-from-shifting-policy",{"_uid":39310,"date":39156,"tags":39311,"editor":39314,"content":39318,"excerpt":39399,"featured":51,"reporter":39400,"_editable":39404,"component":864,"seo_title":39306,"categories":39405,"visibility":882,"author_company":49,"featured_image":39409,"seo_description":39399,"author_full_name":49,"author_job_title":49,"formattedDate":39302},"86881047-c7a6-4ffb-8ad5-4660212e68db",[39312,39313],{"slug":7997,"name":7998},{"slug":4610,"name":662},[39315],{"slug":544,"name":543,"content":39316},{"job_title":557,"image":39317,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":39319},[39320,39325,39330,39338,39343,39348,39361,39366,39374,39379,39384,39389,39394],{"type":594,"attrs":39321,"content":39322},{"textAlign":49},[39323],{"text":39324,"type":599},"The Indonesian government has proposed raising levies on mining companies as newly elected President Prabowo Subianto seeks additional revenue to finance his spending plans. The move is the latest in a series of policy shifts unsettling the nickel market.",{"type":594,"attrs":39326,"content":39327},{"textAlign":49},[39328],{"text":39329,"type":599},"“The proposed nickel royalty increase could affect Indonesia’s output over the coming years,” said Jorge Uzcategui, senior nickel analyst at Benchmark. “Higher costs may squeeze margins for miners, especially those operating with lower-grade ore. This could deter investment and slow production growth, though major producers may absorb the costs better than smaller operators.”",{"type":627,"attrs":39331},{"id":39332,"body":39333},"dbbde67a-890d-4413-9abc-2b1c6222ba01",[39334],{"id":39335,"_uid":39336,"type":634,"_editable":39337,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22161019","i-d8292a31-94bb-4f1d-bc62-add6897ad081","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-d8292a31-94bb-4f1d-bc62-add6897ad081\", \"id\": \"\"}-->",{"type":594,"attrs":39339,"content":39340},{"textAlign":49},[39341],{"text":39342,"type":599},"Based on the current HMA nickel price of $15,534/tonne for the second half of March, nickel miners would face a 14% royalty rate—the lowest tier under the new system but still a 4% increase from the existing 10% rate.",{"type":657,"attrs":39344,"content":39345},{"level":15966,"textAlign":49},[39346],{"text":39347,"type":599},"Are Indonesian nickel smelters under pressure?",{"type":594,"attrs":39349,"content":39350},{"textAlign":49},[39351,39353,39359],{"text":39352,"type":599},"Nickel prices have fallen over 50% since early 2022, according to the ",{"text":39354,"type":599,"marks":39355},"Benchmark Nickel Price Assessment",[39356],{"type":604,"attrs":39357},{"href":39358,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/nickel/nickel-prices/table",{"text":39360,"type":599},", driven by the rapid expansion of Indonesia’s supply base. A slowdown in demand-side growth has further exacerbated the situation, leaving the market to languish in a state of structural oversupply.",{"type":594,"attrs":39362,"content":39363},{"textAlign":49},[39364],{"text":39365,"type":599},"This Indonesian-driven price downturn has forced a growing number of global competitors out of the market, particularly in the West. However, it is now beginning to affect Indonesia’s domestic nickel sector as well. ",{"type":627,"attrs":39367},{"id":39368,"body":39369},"c2daf129-52c8-4035-958c-65eed7850e21",[39370],{"id":39371,"_uid":39372,"type":634,"_editable":39373,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22176713","i-ec24b4d0-8cc2-4231-a555-98200b18d213","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ec24b4d0-8cc2-4231-a555-98200b18d213\", \"id\": \"\"}-->",{"type":594,"attrs":39375,"content":39376},{"textAlign":49},[39377],{"text":39378,"type":599},"PT Gunbuster Nickel, a major producer with over 100,000 tonnes of annual nickel production capacity, has slashed output and is on the verge of shutting down entirely, Bloomberg has reported. The company is struggling financially following the collapse of its Chinese parent firm, Jiangsu Delong Nickel Industry.",{"type":594,"attrs":39380,"content":39381},{"textAlign":49},[39382],{"text":39383,"type":599},"Last year the Indonesian government opted to delay the issuing of new mining quotas, in a bid to curb overproduction and support higher prices. This led to a squeeze in domestic nickel ore supplies, increasing operating costs for Indonesian smelters, which were forced to import ore from the neighboring Philippines.",{"type":594,"attrs":39385,"content":39386},{"textAlign":49},[39387],{"text":39388,"type":599},"The proposed changes to the royalty system would likely add further financial pressure to struggling miners, rendering more projects economically unviable. The Indonesian Nickel Miners Association (APNI) has warned that higher royalties, combined with existing export bans and environmental regulations, could hinder the industry’s expansion efforts over the coming years.",{"type":594,"attrs":39390,"content":39391},{"textAlign":49},[39392],{"text":39393,"type":599},"“It is expected that some miners will pass on these costs to nickel smelters through higher ore prices, which are already selling at a premium to Indonesia’s nickel ore benchmark,” Uzcategui noted.",{"type":594,"attrs":39395,"content":39396},{"textAlign":49},[39397],{"text":39398,"type":599},"Indonesian smelters are already facing narrowing margins due to low prices. If they struggle to absorb rising costs, it could lead to further production cuts or delays in planned capacity expansions.","The Indonesian government has proposed raising levies on mining companies as newly elected President Prabowo Subianto seeks additional revenue to finance his spending plans. The move is the latest in a series of policy shifts unsettling the nickel market. “The proposed nickel royalty increase could affect Indonesia’s output over the coming years,” said Jorge Uzcategui, […]",[39401],{"slug":544,"name":543,"content":39402},{"job_title":557,"image":39403,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"86881047-c7a6-4ffb-8ad5-4660212e68db\", \"id\": \"\"}-->",[39406,39407,39408],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":39410,"copyright":547,"fieldtype":553,"meta_data":39411,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6bc8e3c246/bm-adobestock-484935063.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":39413,"uuid":39414,"name":39415,"slug":39416,"full_slug":39417,"content":39418},112467927355567,"736a5483-2523-4453-82d0-4e438b4cc76a","Flake graphite supply diversification to reshape the industry’s cost curve ","flake-graphite-supply-diversification-to-reshape-the-industrys-cost-curve","article/flake-graphite-supply-diversification-to-reshape-the-industrys-cost-curve",{"_uid":39419,"date":39420,"tags":39421,"editor":39428,"content":39432,"excerpt":39534,"featured":50,"reporter":39535,"_editable":39539,"component":864,"seo_title":39415,"categories":39540,"visibility":882,"author_company":49,"featured_image":39543,"seo_description":39534,"author_full_name":49,"author_job_title":49,"formattedDate":39547},"51836e55-aed5-4cf1-803a-283690c6a77b","2025-03-14 00:00",[39422,39423,39424,39427],{"slug":584,"name":585},{"slug":6567,"name":2038},{"slug":39425,"name":39426},"canada","Canada",{"slug":913,"name":914},[39429],{"slug":544,"name":543,"content":39430},{"job_title":557,"image":39431,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":39433},[39434,39439,39444,39452,39457,39462,39467,39472,39480,39485,39490,39495,39500,39508,39513,39518,39531],{"type":594,"attrs":39435,"content":39436},{"textAlign":49},[39437],{"text":39438,"type":599},"The emergence of new flake graphite projects outside of China are set to transform the industry’s cost structure over the coming decade, according to Benchmark analysis.",{"type":594,"attrs":39440,"content":39441},{"textAlign":49},[39442],{"text":39443,"type":599},"Today, China dominates the flake graphite concentrate production cost curve, with the first 65 percentile solely occupied by Chinese mines. This low cost-base is facilitated by access to low-cost electricity (primarily from coal-fired power plants), cheap labour, and lower logistical costs.",{"type":627,"attrs":39445},{"id":39446,"body":39447},"fe6fd1f7-3b29-4380-8c07-69ffc805a560",[39448],{"id":39449,"_uid":39450,"type":634,"_editable":39451,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22101745","i-b08b16d0-7e80-42fa-b051-c18453a18b4f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b08b16d0-7e80-42fa-b051-c18453a18b4f\", \"id\": \"\"}-->",{"type":594,"attrs":39453,"content":39454},{"textAlign":49},[39455],{"text":39456,"type":599},"“Despite China’s cost advantage, we see a number of projects being developed globally to reduce flake graphite supply dependence on China,” said Camila Cardili, senior graphite analyst at Benchmark. “As these projects come online, we expect the flake graphite cost curve to steepen over the coming decade.”",{"type":657,"attrs":39458,"content":39459},{"level":15966,"textAlign":49},[39460],{"text":39461,"type":599},"Where will new supply come from?",{"type":594,"attrs":39463,"content":39464},{"textAlign":49},[39465],{"text":39466,"type":599},"Australia, Canada and several African countries are key for new project development, collectively accounting for 95% of ex-China supply additions through 2034, according to Benchmark estimates.",{"type":594,"attrs":39468,"content":39469},{"textAlign":49},[39470],{"text":39471,"type":599},"Africa is currently the largest flake graphite-producing region outside China, with six operational assets across Mozambique, Madagascar, and Tanzania. By 2034, an additional 11 projects are expected to come into production, reshaping the region’s cost profile. Benchmark estimates that mining costs will increase from 17% to 24% of total operating costs in the region.",{"type":627,"attrs":39473},{"id":39474,"body":39475},"1cc87a5a-7e94-41e9-bb9a-b6950250f2ee",[39476],{"id":39477,"_uid":39478,"type":634,"_editable":39479,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22102147","i-9a110b2b-c598-430a-aa1c-525110f7473c","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9a110b2b-c598-430a-aa1c-525110f7473c\", \"id\": \"\"}-->",{"type":594,"attrs":39481,"content":39482},{"textAlign":49},[39483],{"text":39484,"type":599},"“The new African projects present a higher strip ratio and lower ore grades than existing operations. This means more material must be moved to access the ore required for concentrate production and processing,” said Cardili.",{"type":594,"attrs":39486,"content":39487},{"textAlign":49},[39488],{"text":39489,"type":599},"Additionally, many of these new projects are located in remote areas and will rely heavily on diesel generators for electricity, further increasing operating costs. As a result, Africa’s average C1 cost is projected to rise from ~$560/tonne in 2024 to ~$610/tonne by 2034.",{"type":594,"attrs":39491,"content":39492},{"textAlign":49},[39493],{"text":39494,"type":599},"While China will continue to have the lowest operational costs, security-of-supply concerns and the spectre of tariffs are promising to reshape global trade, driving investment into jurisdictions that were previously considered economically unattractive for flake graphite mining.",{"type":594,"attrs":39496,"content":39497},{"textAlign":49},[39498],{"text":39499,"type":599},"Australia is poised to become a key supply hub, with five projects under development – several of which are directly integrated into uncoated spherical graphite (USPG) processing, a key feedstock for anode active material (AAM). The average C1 cost for these projects is expected to average ~$550/tonne by 2034.",{"type":627,"attrs":39501},{"id":39502,"body":39503},"5b97bf89-41d0-4ad7-9595-89417ab72255",[39504],{"id":39505,"_uid":39506,"type":634,"_editable":39507,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22101859","i-34948258-479c-4dac-b744-bcc73b680ba8","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-34948258-479c-4dac-b744-bcc73b680ba8\", \"id\": \"\"}-->",{"type":594,"attrs":39509,"content":39510},{"textAlign":49},[39511],{"text":39512,"type":599},"Canada is also set to expand its flake graphite production, with four projects in development that will add a 112,000 tonnes of new supply by 2034. These projects, anticipated to have lower operating costs than Lac des Iles – the country’s only current operation – are expected to reduce Canada’s average C1 cost by around 27%.",{"type":594,"attrs":39514,"content":39515},{"textAlign":49},[39516],{"text":39517,"type":599},"A lower strip ratio is a major factor driving these mining cost efficiencies in Canada, which are set to fall on average 32% between 2024-2034, according to Benchmark analysis.",{"type":594,"attrs":39519,"content":39520},{"textAlign":49},[39521,39523,39529],{"text":39522,"type":599},"“Factoring in both operating and capital costs, Benchmark’s cost analysis implies a long term incentive price of around ~$880/tonne for -100 mesh flake graphite (",{"text":39524,"type":599,"marks":39525},"compared to a price of $435/tonne as of 5th March 2025",[39526],{"type":604,"attrs":39527},{"href":39528,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/natural-graphite/natural-graphite-prices/table",{"text":39530,"type":599},"),” Cardili commented.",{"type":594,"attrs":39532,"content":39533},{"textAlign":49},[],"The emergence of new flake graphite projects outside of China are set to transform the industry’s cost structure over the coming decade, according to Benchmark analysis. Today, China dominates the flake graphite concentrate production cost curve, with the first 65 percentile solely occupied by Chinese mines. This low cost-base is facilitated by access to low-cost […]",[39536],{"slug":544,"name":543,"content":39537},{"job_title":557,"image":39538,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"51836e55-aed5-4cf1-803a-283690c6a77b\", \"id\": \"\"}-->",[39541,39542],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":39544,"name":547,"focus":547,"title":39544,"source":547,"filename":39545,"copyright":547,"fieldtype":553,"meta_data":39546,"is_external_url":51},"Birds-eye view of an excavator working on a mine","https://a.storyblok.com/f/287943243085208/5f6f499bc6/bm-natural-graphite-capex-featured-image.jpg",{"alt":39544,"title":39544,"source":547,"copyright":547},"Mar 14, 2025",{"id":39549,"uuid":39550,"name":39551,"slug":39552,"full_slug":39553,"content":39554},112467947147454,"ccdee5e1-f65f-4ae8-8114-70570da6f6ae","Can the EU use next-gen battery tech to leapfrog China?","can-the-eu-use-next-gen-battery-tech-to-leapfrog-china","article/can-the-eu-use-next-gen-battery-tech-to-leapfrog-china",{"_uid":39555,"date":39556,"tags":39557,"editor":39564,"content":39568,"excerpt":39725,"featured":51,"reporter":39726,"_editable":39730,"component":864,"seo_title":39551,"categories":39731,"visibility":882,"author_company":49,"data_vis_image":39736,"featured_image":39739,"seo_description":39725,"author_full_name":49,"author_job_title":49,"formattedDate":39742},"7853f90b-a8c0-41bb-9e97-ec91e0d4b7c2","2025-03-11 00:00",[39558,39559,39560,39561,39562,39563],{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":21502,"name":21503},{"slug":20649,"name":20650},{"slug":4610,"name":662},[39565],{"slug":544,"name":543,"content":39566},{"job_title":557,"image":39567,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":39569},[39570,39590,39595,39600,39605,39610,39631,39636,39649,39657,39662,39674,39679,39692,39697,39702,39707,39712,39717],{"type":594,"attrs":39571,"content":39572},{"textAlign":49},[39573,39575,39581,39583,39589],{"text":39574,"type":599},"The European Union’s recent ",{"text":39576,"type":599,"marks":39577},"Industrial Action Plan for the European automotive sector",[39578],{"type":604,"attrs":39579},{"href":39580,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-plans-support-for-automakers-with-contentious-regulatory-shake-up?_branch_match_id=1544412677819866925&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdws1Nyl2rXB3DUqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAohyn30gAAAA%3D",{"text":39582,"type":599}," placed a strong focus on the role next-generation battery technologies can play in making the bloc ",{"text":39584,"type":599,"marks":39585},"internationally competitive in the space",[39586],{"type":604,"attrs":39587},{"href":39588,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-leads-production-but-the-west-is-catching-up-new-battery-technology-2024-in-review?_branch_match_id=1544412673308562984&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9ylzKzD1jwiKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAitH%2FQkgAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":39591,"content":39592},{"textAlign":49},[39593],{"text":39594,"type":599},"Between 2025 and 2027, €350 million ($377 million) will be invested into next-generation technology and recycling innovation through the BATT4EU partnership programme. This, in turn, is funded through €1 billion ($1.1 billion) of Horizon Europe joint public and private investment set aside for the automotive sector.",{"type":594,"attrs":39596,"content":39597},{"textAlign":49},[39598],{"text":39599,"type":599},"However, this comes amid growing investment from governments across the world also looking to boost their next-generation battery technology ambitions.",{"type":594,"attrs":39601,"content":39602},{"textAlign":49},[39603],{"text":39604,"type":599},"“The EU can’t compete by sitting on the fence,” said Rory McNulty, Benchmark’s product director for new technology. “If it wants to be a notable force in the battery supply and value chains then it needs to be bold and targeted with its moves.”",{"type":657,"attrs":39606,"content":39607},{"level":15966,"textAlign":49},[39608],{"text":39609,"type":599},"What is the state of Europe’s next-generation scene?",{"type":594,"attrs":39611,"content":39612},{"textAlign":49},[39613,39615,39621,39623,39629],{"text":39614,"type":599},"France was the first to commercialise a ",{"text":39616,"type":599,"marks":39617},"solid-state battery",[39618],{"type":604,"attrs":39619},{"href":39620,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/solid-state-batteries-bring-new-supply-chain-opportunities-challenges-and-potential-bottlenecks?_branch_match_id=1544412663807233255&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzEJKgmzjHQsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPQUVs0gAAAA%3D",{"text":39622,"type":599}," with a ",{"text":39624,"type":599,"marks":39625},"lithium metal anode",[39626],{"type":604,"attrs":39627},{"href":39628,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/are-lithium-metal-batteries-an-opportunity-for-the-west?_branch_match_id=1544412687316565003&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLzb0DM3KM842D0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKOc5fEgAAAA%3D",{"text":39630,"type":599}," for automotive applications, however with other battery technologies Europe has yet to make such a strong mark.",{"type":594,"attrs":39632,"content":39633},{"textAlign":49},[39634],{"text":39635,"type":599},"Although the region has several next-generation projects in the pipeline, more investment is needed to bring these to fruition. The funds referenced in the Action Plan are mostly preexisting pots, with added clarity on how they will be spent.",{"type":594,"attrs":39637,"content":39638},{"textAlign":49},[39639,39641,39647],{"text":39640,"type":599},"In 2023, Taiwanese solid-state cell producer ",{"text":39642,"type":599,"marks":39643},"Prologium announced a €5.2 billion ($5.7 billion)",[39644],{"type":604,"attrs":39645},{"href":39646,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/prologiums-e5-2-billion-french-plant-advances-commercialisation-of-solid-state-batteries?_branch_match_id=1544412692162144216&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTzHLznR38890DEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAgv5h%2B0gAAAA%3D",{"text":39648,"type":599}," plan to build a 48 gigawatt-hour solid-state gigafactory in Dunkirk, France. Set to come online in 2026, this is set to be the largest such facility in Europe.",{"type":627,"attrs":39650},{"id":39651,"body":39652},"4eb13e63-810e-46fe-93f1-fd763d4cce5e",[39653],{"id":39654,"_uid":39655,"type":634,"_editable":39656,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21986529","i-c038c327-b581-4cf2-8acf-ab373fecce86","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c038c327-b581-4cf2-8acf-ab373fecce86\", \"id\": \"\"}-->",{"type":657,"attrs":39658,"content":39659},{"level":15966,"textAlign":49},[39660],{"text":39661,"type":599},"Where does Europe fit in the global next-generation picture?",{"type":594,"attrs":39663,"content":39664},{"textAlign":49},[39665,39667,39673],{"text":39666,"type":599},"Although France was the first to commercialise polymer solid-state batteries for automotive applications, Europe is forecast to quickly be losing ground in the ",{"text":39668,"type":599,"marks":39669},"solid-state space to China",[39670],{"type":604,"attrs":39671},{"href":39672,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/where-is-chinas-solid-state-battery-industry-developing?_branch_match_id=1544412696716194154&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FVwLsn0CHMsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkdx2L0gAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":39675,"content":39676},{"textAlign":49},[39677],{"text":39678,"type":599},"The EU’s positioning in the next-generation technology scene comes as other countries look to stake their place in the industry, too.",{"type":594,"attrs":39680,"content":39681},{"textAlign":49},[39682,39684,39690],{"text":39683,"type":599},"Last year, ",{"text":39685,"type":599,"marks":39686},"China unveiled its All-Solid-State Innovation Platform",[39687],{"type":604,"attrs":39688},{"href":39689,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-battery-industry-unites-in-effort-to-extend-dominance-to-solid-state?_branch_match_id=1544412668623467259&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd690KbDMDncsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAhziMIEgAAAA%3D",{"text":39691,"type":599}," (CASIP) which pulls together industry heavyweights who would normally be competing, such as BYD and CATL, to work together on developing technology.",{"type":594,"attrs":39693,"content":39694},{"textAlign":49},[39695],{"text":39696,"type":599},"“Despite the EU’s policy narrative about leapfrogging China in the development of next generation battery technologies, the market reality shows this will be challenging, given China’s forecast dominant position, especially for sodium-ion,” said Bryan Bille, principal policy and geopolitical analyst at Benchmark.",{"type":594,"attrs":39698,"content":39699},{"textAlign":49},[39700],{"text":39701,"type":599},"Significant investments are flowing into next-generation technologies, too. In 2024, China announced $830 million in funding to specifically develop solid-state batteries, and Japan has $1.2 billion for next-generation technologies.",{"type":594,"attrs":39703,"content":39704},{"textAlign":49},[39705],{"text":39706,"type":599},"Under the Biden administration, the US Departments of Energy and Defense have awarded grants and loans to several next-generation battery companies.",{"type":594,"attrs":39708,"content":39709},{"textAlign":49},[39710],{"text":39711,"type":599},"Although the €350 million from the EU is a welcome step into investing into the battery technologies of tomorrow, more will be needed for the bloc to be internationally competitive.",{"type":594,"attrs":39713,"content":39714},{"textAlign":49},[39715],{"text":39716,"type":599},"“Other countries have already invested significant capital into making the leap between large-scale R&D and pilot production facilities,” McNulty said. “Ambitious investment in the EU to do the same is long overdue.”",{"type":627,"attrs":39718},{"id":39719,"body":39720},"53dacc39-6c53-424a-bacf-aaa736b376fe",[39721],{"id":39722,"_uid":39723,"type":634,"_editable":39724,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"22031774","i-4240f2c7-c30c-488b-a82c-b689ccc9f8af","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4240f2c7-c30c-488b-a82c-b689ccc9f8af\", \"id\": \"\"}-->","The European Union’s recent Industrial Action Plan for the European automotive sector placed a strong focus on the role next-generation battery technologies can play in making the bloc internationally competitive in the space. Between 2025 and 2027, €350 million ($377 million) will be invested into next-generation technology and recycling innovation through the BATT4EU partnership programme. […]",[39727],{"slug":544,"name":543,"content":39728},{"job_title":557,"image":39729,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7853f90b-a8c0-41bb-9e97-ec91e0d4b7c2\", \"id\": \"\"}-->",[39732,39733,39734,39735],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":880,"name":881},{"slug":21579,"name":21580},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":39737,"copyright":547,"fieldtype":553,"meta_data":39738,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1741713173/www-production/Europe-Next-Gen@2x-3/Europe-Next-Gen@2x-3.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":39740,"copyright":547,"fieldtype":553,"meta_data":39741,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5accc848bd/bm-gallerie8.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 11, 2025",{"id":39744,"uuid":677,"name":39745,"slug":39746,"full_slug":39747,"content":39748},112467952476351,"How have cobalt prices reacted to the DRC’s recent export ban?","how-have-cobalt-prices-reacted-to-the-drcs-recent-export-ban","article/how-have-cobalt-prices-reacted-to-the-drcs-recent-export-ban",{"_uid":39749,"date":39750,"tags":39751,"editor":39755,"content":39759,"excerpt":39847,"featured":51,"reporter":39848,"_editable":39852,"component":864,"seo_title":39745,"categories":39853,"visibility":882,"author_company":49,"featured_image":39857,"seo_description":39847,"author_full_name":49,"author_job_title":49,"formattedDate":39859},"d454de1d-0308-430b-a80d-5eeeb9015239","2025-03-07 00:00",[39752,39753,39754],{"slug":913,"name":914},{"slug":572,"name":573},{"slug":4610,"name":662},[39756],{"slug":544,"name":543,"content":39757},{"job_title":557,"image":39758,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":39760},[39761,39774,39784,39789,39797,39802,39807,39812,39817,39822,39827,39832,39837,39842],{"type":594,"attrs":39762,"content":39763},{"textAlign":49},[39764,39766,39772],{"text":39765,"type":599},"The cobalt market is showing early signs of upward price momentum following the Democratic Republic of the Congo’s (DRC) ",{"text":39767,"type":599,"marks":39768},"abrupt decision to impose a four-month cobalt export ban",[39769],{"type":604,"attrs":39770},{"href":39771,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-could-the-temporary-drc-cobalt-export-ban-mean-for-the-market",{"text":39773,"type":599}," last week.",{"type":594,"attrs":39775,"content":39776},{"textAlign":49},[39777,39779],{"text":39778,"type":599},"As of March 5, 2025, Chinese cobalt sulphate prices surged 27% from the previous week, reaching their highest level since December 2023, according to the ",{"text":39780,"type":599,"marks":39781},"Cobalt Price Assessment.",[39782],{"type":604,"attrs":39783},{"href":28975,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":39785,"content":39786},{"textAlign":49},[39787],{"text":39788,"type":599},"“Buyers in China have been quick to replenish depleted sulphate inventories—which had remained low due to expectations of weak demand—following the export ban announcement, anticipating further price increases,” said Roman Aubry, cobalt price analyst at Benchmark.",{"type":627,"attrs":39790},{"id":39791,"body":39792},"c3fd5a93-5607-4ae4-8b46-10a81f711aba",[39793],{"id":39794,"_uid":39795,"type":634,"_editable":39796,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21982809","i-779aca44-42a6-41ef-9c05-4c08236fa449","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-779aca44-42a6-41ef-9c05-4c08236fa449\", \"id\": \"\"}-->",{"type":594,"attrs":39798,"content":39799},{"textAlign":49},[39800],{"text":39801,"type":599},"Meanwhile, cobalt hydroxide prices – the primary form of cobalt exported from the DRC – remained unchanged from the previous week, according to Benchmark.",{"type":594,"attrs":39803,"content":39804},{"textAlign":49},[39805],{"text":39806,"type":599},"“The stability in hydroxide pricing reflects a lack of liquidity due to widespread market uncertainty following the ban. While price increases are widely seen as inevetable – and are expected to track the uplift in sulphate prices – sellers are hesitant to act too soon, fearing they may miss out on acheiving even higher prices,” Aubry explained.",{"type":657,"attrs":39808,"content":39809},{"level":15966,"textAlign":49},[39810],{"text":39811,"type":599},"How long could the price uplift last?",{"type":594,"attrs":39813,"content":39814},{"textAlign":49},[39815],{"text":39816,"type":599},"Benchmark Research Manager Will Talbot estimates that current cobalt stock levels equate to approximately 3.5 months of consumption:",{"type":594,"attrs":39818,"content":39819},{"textAlign":49},[39820],{"text":39821,"type":599},"“This means that by the time the export ban ends, a significant portion of stocks outside the DRC will have been depleted,” he noted.",{"type":594,"attrs":39823,"content":39824},{"textAlign":49},[39825],{"text":39826,"type":599},"As a result, cobalt prices are expected to see continued gains in the coming months as Chinese refiners draw down existing inventories. The DRC government has indicated that the export ban could be just the first of several measures aimed at rebalancing the market and driving prices higher to increase royalty revenues.",{"type":594,"attrs":39828,"content":39829},{"textAlign":49},[39830],{"text":39831,"type":599},"But without a broader supply response, Benchmark expects this price support to be relatively short-lived if the ban were to be lifted, with the market remaining in structural oversupply. ",{"type":594,"attrs":39833,"content":39834},{"textAlign":49},[39835],{"text":39836,"type":599},"“We are seeing early signs of a supply response from several small- to medium-sized producers in the DRC, which are cutting production, increasing stockpiles, discarding cobalt into tailings, or halting operations entirely,” Talbot said.",{"type":594,"attrs":39838,"content":39839},{"textAlign":49},[39840],{"text":39841,"type":599},"Export data indicates that the three major producers – CMOC, Glencore, and ERG – accounted for 73% of DRC cobalt exports in Q1 2024, a figure that rose to over 91% in the following three quarters. Smaller players in the region are now being pushed out by higher volumes from the majors.",{"type":594,"attrs":39843,"content":39844},{"textAlign":49},[39845],{"text":39846,"type":599},"“But ultimately, a response from one of the majors would likely be necessary to materially impact the market balance and sustain a higher price environment, rather than measures that simply delay the surplus,” Talbot added.","The cobalt market is showing early signs of upward price momentum following the Democratic Republic of the Congo’s (DRC) abrupt decision to impose a four-month cobalt export ban last week. As of March 5, 2025, Chinese cobalt sulphate prices surged 27% from the previous week, reaching their highest level since December 2023, according to the […]",[39849],{"slug":544,"name":543,"content":39850},{"job_title":557,"image":39851,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d454de1d-0308-430b-a80d-5eeeb9015239\", \"id\": \"\"}-->",[39854,39855,39856],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":889,"copyright":547,"fieldtype":553,"meta_data":39858,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 07, 2025",{"id":39861,"uuid":39862,"name":39863,"slug":39864,"full_slug":39865,"content":39866},112467957997760,"2e6f89d2-3b0a-40e6-84a8-383484d86ef3","Nickel mining industry sees improvement in gender balance disclosure","nickel-mining-industry-sees-improvement-in-gender-balance-disclosure","article/nickel-mining-industry-sees-improvement-in-gender-balance-disclosure",{"_uid":39867,"date":39868,"tags":39869,"editor":39878,"content":39882,"excerpt":39967,"featured":51,"reporter":39968,"_editable":39972,"component":864,"seo_title":39863,"categories":39973,"visibility":2091,"author_company":49,"data_vis_image":39980,"featured_image":39982,"seo_description":39967,"author_full_name":49,"author_job_title":49,"formattedDate":39985},"47501f4c-0cd5-42d7-b8ef-89dd06f460fc","2025-03-06 00:00",[39870,39871,39874,39877],{"slug":578,"name":579},{"slug":39872,"name":39873},"gender-equality","Gender equality",{"slug":39875,"name":39876},"international-womens-day","International Women's Day",{"slug":23760,"name":23761},[39879],{"slug":544,"name":543,"content":39880},{"job_title":557,"image":39881,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":39883},[39884,39896,39917,39922,39930,39935,39940,39945,39952,39957,39962],{"type":594,"attrs":39885,"content":39886},{"textAlign":49},[39887,39888,39894],{"text":2372,"type":599},{"text":39889,"type":599,"marks":39890},"nickel mining industry",[39891],{"type":604,"attrs":39892},{"href":39893,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-should-the-nickel-industry-define-sustainability?_branch_match_id=1544412643748162135&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN40yiEzKyikqD0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAt8wcWkgAAAA%3D",{"text":39895,"type":599}," has significantly improved its gender balance reporting practices compared to this time last year.",{"type":594,"attrs":39897,"content":39898},{"textAlign":49},[39899,39901,39907,39909,39915],{"text":39900,"type":599},"Reporting on workforce ",{"text":39902,"type":599,"marks":39903},"gender balance",[39904],{"type":604,"attrs":39905},{"href":39906,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/women-make-up-less-than-a-third-of-lithium-mining-boards?_branch_match_id=1544412635284504395&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzTxK4kwMCssD0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAxba1zEgAAAA%3D",{"text":39908,"type":599}," is a ",{"text":39910,"type":599,"marks":39911},"key element of overall environmental, social and governance performance",[39912],{"type":604,"attrs":39913},{"href":39914,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/infographic-key-sustainability-considerations-for-battery-critical-minerals?_branch_match_id=1544412649979408474&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz8jz9Am3zC0qD0qyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA6HXnyEgAAAA%3D",{"text":39916,"type":599}," in the mining industry.",{"type":594,"attrs":39918,"content":39919},{"textAlign":49},[39920],{"text":39921,"type":599},"“You can’t manage what you don’t measure,” said Sarah Colbourn, Benchmark’s head of sustainability. “As with any topic when it comes to sustainability, transparency is key.”",{"type":627,"attrs":39923},{"id":39924,"body":39925},"41299930-ed13-4941-b09b-f021de7b7cbb",[39926],{"id":39927,"_uid":39928,"type":634,"_editable":39929,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21968265","i-04447ed5-2f88-4276-9b79-c3e336b2429f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-04447ed5-2f88-4276-9b79-c3e336b2429f\", \"id\": \"\"}-->",{"type":657,"attrs":39931,"content":39932},{"level":15966,"textAlign":49},[39933],{"text":39934,"type":599},"What is the gender distribution of operating miners’ workforces?",{"type":594,"attrs":39936,"content":39937},{"textAlign":49},[39938],{"text":39939,"type":599},"Compared to this time last year, the average workforce gender balance of operating miners which disclose these statistics has remained largely unchanged.",{"type":594,"attrs":39941,"content":39942},{"textAlign":49},[39943],{"text":39944,"type":599},"“A gender-balanced workforce is key from an equality perspective, but also for companies themselves as it helps support diversity of voices and perspectives,” Colbourn said.",{"type":594,"attrs":39946,"content":39947},{"textAlign":49},[39948],{"type":1186,"attrs":39949},{"id":49,"alt":547,"src":39950,"title":49,"source":49,"copyright":49,"meta_data":39951},"https://a.storyblok.com/f/287943243085208/5b32524a6e/bm-gender-balance2x-3.png",{},{"type":594,"attrs":39953,"content":39954},{"textAlign":49},[39955],{"text":39956,"type":599},"Advancing gender equality is one of the United Nations sustainable development goals (SDG).",{"type":594,"attrs":39958,"content":39959},{"textAlign":49},[39960],{"text":39961,"type":599},"BHP is one nickel miner that has set ambitious goals to improve the gender balance of its workforce. In 2016 the company’s work force was 18% female. By 2024 this had risen to 37%.",{"type":594,"attrs":39963,"content":39964},{"textAlign":49},[39965],{"text":39966,"type":599},"“Mining is a male-dominated industry, and year on year we are seeing progress, though, of course, there is more to be done,” Colbourn said. “At a time when there are reports of labour shortages in mining, bolstering diversity is increasingly key.”","The nickel mining industry has significantly improved its gender balance reporting practices compared to this time last year. Reporting on workforce gender balance is a key element of overall environmental, social and governance performance in the mining industry. “You can’t manage what you don’t measure,” said Sarah Colbourn, Benchmark’s head of sustainability. “As with any […]",[39969],{"slug":544,"name":543,"content":39970},{"job_title":557,"image":39971,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"47501f4c-0cd5-42d7-b8ef-89dd06f460fc\", \"id\": \"\"}-->",[39974,39975,39976,39977,39978,39979],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":39950,"copyright":547,"fieldtype":553,"meta_data":39981,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":39983,"copyright":547,"fieldtype":553,"meta_data":39984,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a9379c2f9f/bm-bhp-nickel-west-smelter.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 06, 2025",{"id":39987,"uuid":5863,"name":39988,"slug":39989,"full_slug":39990,"content":39991},112467979481299,"Infographic: Chinese brand share in overseas EV sales","infographic-share-chinese-brands-in-overseas-ev-sales","article/infographic-share-chinese-brands-in-overseas-ev-sales",{"_uid":39992,"date":39993,"tags":39994,"editor":39997,"content":40001,"excerpt":40094,"featured":50,"reporter":40095,"_editable":40099,"component":864,"seo_title":39988,"categories":40100,"visibility":2091,"author_company":49,"data_vis_image":40103,"featured_image":40105,"seo_description":40094,"author_full_name":49,"author_job_title":49,"formattedDate":40108},"cd0525ea-fa00-47f4-b51d-a52dc1ffcb25","2025-02-28 00:00",[39995,39996],{"slug":913,"name":914},{"slug":578,"name":579},[39998],{"slug":544,"name":543,"content":39999},{"job_title":557,"image":40000,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":40002},[40003,40008,40020,40025,40032,40037,40058,40063,40068,40073,40078],{"type":594,"attrs":40004,"content":40005},{"textAlign":49},[40006],{"text":40007,"type":599},"Penetration of Chinese electric vehicle (EV) brands into overseas markets varies around the world and is dictated by geopolitics as well as the strength of domestic EV production.",{"type":594,"attrs":40009,"content":40010},{"textAlign":49},[40011,40013,40018],{"text":40012,"type":599},"However, uptake in many North American and European countries remains low. By contrast, in Brazil, Thailand and ",{"text":7998,"type":599,"marks":40014},[40015],{"type":604,"attrs":40016},{"href":40017,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indonesia-expands-presence-in-ev-supply-chain-with-chinese-cathode-and-anode-plants?_branch_match_id=1544412512137358880&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW98x1TrXwT8%2FPCkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnYTwSUgAAAA%3D",{"text":40019,"type":599},", at least three-quarters of EV sales are for Chinese models.",{"type":594,"attrs":40021,"content":40022},{"textAlign":49},[40023],{"text":40024,"type":599},"“Chinese brands have firmly established themselves in the global EV market, leveraging a strong domestic foundation to expand internationally,” said Charles Lester, data manager at Rho Motion. “China’s EV industry is not only growing but also reshaping global competition through sheer operational scale and cost advantages.”",{"type":594,"attrs":40026,"content":40027},{"textAlign":49},[40028],{"type":1186,"attrs":40029},{"id":49,"alt":547,"src":40030,"title":49,"source":49,"copyright":49,"meta_data":40031},"https://a.storyblok.com/f/287943243085208/46f7e1a143/bm-chinese-ev-market-share-overseas.webp",{},{"type":657,"attrs":40033,"content":40034},{"level":15966,"textAlign":49},[40035],{"text":40036,"type":599},"What causes the difference in overseas Chinese EV uptake?",{"type":594,"attrs":40038,"content":40039},{"textAlign":49},[40040,40042,40048,40050,40056],{"text":40041,"type":599},"“The expansion of Chinese EV brands is heavily influenced by global trade policies,” Lester said. “A 100% tariff in ",{"text":40043,"type":599,"marks":40044},"the US",[40045],{"type":604,"attrs":40046},{"href":40047,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/trump-2-0-us-election-policy-implications-for-the-ev-supply-chain?_branch_match_id=1544412504646379272&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzwoyz0tON83xDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAISoTAEgAAAA%3D",{"text":40049,"type":599}," and Canada has effectively shut out Chinese OEMs, while the ",{"text":40051,"type":599,"marks":40052},"EU’s mixed tariffs",[40053],{"type":604,"attrs":40054},{"href":40055,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-more-than-halves-proposed-imports-duties-on-tesla-evs-made-in-china?_branch_match_id=1544412520221214497&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdw%2BKcLZwzinI9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAEY8ggUgAAAA%3D",{"text":40057,"type":599},"—reaching up to an additional 35.3%—will slow their penetration in Europe throughout 2025.”",{"type":594,"attrs":40059,"content":40060},{"textAlign":49},[40061],{"text":40062,"type":599},"European policymakers are also more open to Chinese involvement in their supply chains than their US counterparts and several have set up production lines in the region.",{"type":594,"attrs":40064,"content":40065},{"textAlign":49},[40066],{"text":40067,"type":599},"“In contrast, Chinese EVs continue to dominate markets across Latin America and Southeast Asia, where fewer trade barriers and cost competitiveness drive adoption,” Lester said.",{"type":657,"attrs":40069,"content":40070},{"level":15966,"textAlign":49},[40071],{"text":40072,"type":599},"China’s strength in the battery supply chain",{"type":594,"attrs":40074,"content":40075},{"textAlign":49},[40076],{"text":40077,"type":599},"Beyond strength in EV production, China dominates in the mid and downstream of the battery supply chain, as well the processing of battery chemicals.",{"type":594,"attrs":40079,"content":40080},{"textAlign":49},[40081,40085,40091],{"text":40082,"type":599,"marks":40083},"This data is taken from Rho Motion’s EV Sales Quarterly Outlook. To find out more, and to request a demo of the report, ",[40084],{"type":643},{"text":29386,"type":599,"marks":40086},[40087,40090],{"type":604,"attrs":40088},{"href":40089,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/research/ev-sales-quarterly-outlook/",{"type":643},{"text":974,"type":599,"marks":40092},[40093],{"type":643},"Penetration of Chinese electric vehicle (EV) brands into overseas markets varies around the world and is dictated by geopolitics as well as the strength of domestic EV production. However, uptake in many North American and European countries remains low. By contrast, in Brazil, Thailand and Indonesia, at least three-quarters of EV sales are for Chinese […]",[40096],{"slug":544,"name":543,"content":40097},{"job_title":557,"image":40098,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cd0525ea-fa00-47f4-b51d-a52dc1ffcb25\", \"id\": \"\"}-->",[40101,40102],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":40030,"copyright":547,"fieldtype":553,"meta_data":40104,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":40106,"copyright":547,"fieldtype":553,"meta_data":40107,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9be46bc557/bm-2023-byd-belux-dolphin-action-008-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 28, 2025",{"id":40110,"uuid":40111,"name":40112,"slug":40113,"full_slug":40114,"content":40115},112467984236756,"c5262915-d3d4-4b3c-b660-818906c613ab","President Trump orders probe into copper imports","president-trump-orders-probe-into-copper-imports","article/president-trump-orders-probe-into-copper-imports",{"_uid":40116,"date":40117,"tags":40118,"editor":40122,"content":40126,"excerpt":40283,"featured":51,"reporter":40284,"_editable":40288,"component":864,"seo_title":40112,"categories":40289,"visibility":2091,"author_company":49,"data_vis_image":40292,"featured_image":40295,"seo_description":40283,"author_full_name":49,"author_job_title":49,"formattedDate":40298},"45172b83-2e70-4833-98a9-bca2aaeca312","2025-02-27 00:00",[40119,40120,40121],{"slug":578,"name":579},{"slug":7052,"name":7053},{"slug":1375,"name":1376},[40123],{"slug":544,"name":543,"content":40124},{"job_title":557,"image":40125,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":40127},[40128,40141,40161,40166,40177,40182,40187,40192,40197,40204,40209,40214,40219,40224,40231,40236,40241,40246,40251,40259,40264,40271],{"type":594,"attrs":40129,"content":40130},{"textAlign":49},[40131,40133,40139],{"text":40132,"type":599},"President Trump this week signed an executive order to ",{"text":40134,"type":599,"marks":40135},"investigate copper imports into the US",[40136],{"type":604,"attrs":40137},{"href":40138,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/president-trumps-policies-send-mixed-signals-for-copper?_branch_match_id=1544412493894522805&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz8ywTM7xqMrxDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUApoYRsUgAAAA%3D",{"text":40140,"type":599},", citing “significant vulnerabilities” and “increasing reliance on foreign sources”.",{"type":594,"attrs":40142,"content":40143},{"textAlign":49},[40144,40145,40151,40153,40159],{"text":2372,"type":599},{"text":40146,"type":599,"marks":40147},"executive order",[40148],{"type":604,"attrs":40149},{"href":40150,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-do-president-trumps-executive-orders-mean-for-critical-minerals?_branch_match_id=1544412484488521242&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPoiQtm3qAqHxS1Fn5Cu06%2By9F8dofbI2QK5YPXNNAvrSjW%2FNlCTZEuq2Q5zuYfmIG2SS5wzUt4PzGqkVP3Bw9cVIAAAA",{"text":40152,"type":599}," does not come as a surprise to the market, who have been anticipating tariffs on copper imports since ",{"text":40154,"type":599,"marks":40155},"Trump imposed tariffs",[40156],{"type":604,"attrs":40157},{"href":40158,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/trump-2-0-us-election-policy-implications-for-the-ev-supply-chain?_branch_match_id=1544412489127605669&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzwoyz0tON83xDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAISoTAEgAAAA%3D",{"text":40160,"type":599}," on aluminium and steel earlier this month. The exact mechanism by which any impacts will be mitigated will be decided within 270 days.",{"type":594,"attrs":40162,"content":40163},{"textAlign":49},[40164],{"text":40165,"type":599},"However, although an import tariff would benefit domestic copper producers, Benchmark’s view is that tariffs may not result in more domestic production.",{"type":594,"attrs":40167,"content":40168},{"textAlign":49},[40169,40171,40175],{"text":40170,"type":599},"“Trump envisages these tariffs will incentivise more domestic production, but that’s definitely much easier said than done,” said Piotr Ortonowski, copper research lead analyst at Benchmark. “The trouble is that ",{"text":40172,"type":599,"marks":40173},"permitting ",[40174],{"type":643},{"text":40176,"type":599},"in the US has been, by far and away, the biggest obstacle to bringing new mine capacity online.”",{"type":657,"attrs":40178,"content":40179},{"level":15966,"textAlign":49},[40180],{"text":40181,"type":599},"What is the US’ trade balance on copper?",{"type":594,"attrs":40183,"content":40184},{"textAlign":49},[40185],{"text":40186,"type":599},"The US relies on imports to meet half of its domestic refined copper demand, according to Benchmark’s Copper Forecast. The largest exporter of copper to the US is Chile, followed by Canada.",{"type":594,"attrs":40188,"content":40189},{"textAlign":49},[40190],{"text":40191,"type":599},"Given Trump’s move to place significant tariffs on Canada, a copper tariff on top of this would be significant. However, it is yet unclear exactly how a potential tariff would be implemented.",{"type":594,"attrs":40193,"content":40194},{"textAlign":49},[40195],{"text":40196,"type":599},"Although China is the largest producer of refined copper, the US imports very little from the country due to pre-existing tariffs. Overall, the US is a net exporter of copper to China primarily in the form of copper scrap.",{"type":627,"attrs":40198},{"id":40199,"body":40200},"f7183080-7ef6-4426-bcba-56c58067c16c",[40201],{"id":38894,"_uid":40202,"type":634,"_editable":40203,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"i-8ee289c8-32c2-4e40-8462-c654144105e7","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8ee289c8-32c2-4e40-8462-c654144105e7\", \"id\": \"\"}-->",{"type":657,"attrs":40205,"content":40206},{"level":15966,"textAlign":49},[40207],{"text":40208,"type":599},"How could a copper import tariff impact domestic production?",{"type":594,"attrs":40210,"content":40211},{"textAlign":49},[40212],{"text":40213,"type":599},"If a tariff on copper imports were to be imposed, this would no doubt benefit domestic copper producers. However, the US already has a sizeable pipeline of copper projects, with permitting acting as a major bottleneck.",{"type":594,"attrs":40215,"content":40216},{"textAlign":49},[40217],{"text":40218,"type":599},"Previously, Trump has said his administration will try to streamline the permitting process.",{"type":594,"attrs":40220,"content":40221},{"textAlign":49},[40222],{"text":40223,"type":599},"“However, even if all of these operations got the green light overnight,  taking the example of a greenfield copper mine, it would take on average, around four years to go from the start of construction to first production,” Ortonowski said. “Nothing is going to happen overnight.”",{"type":627,"attrs":40225},{"id":40226,"body":40227},"ef9ace8e-c07d-4408-9af2-994cf67062b1",[40228],{"id":38846,"_uid":40229,"type":634,"_editable":40230,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"i-579bee1a-9243-4161-9374-5ade2708bed8","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-579bee1a-9243-4161-9374-5ade2708bed8\", \"id\": \"\"}-->",{"type":594,"attrs":40232,"content":40233},{"textAlign":49},[40234],{"text":40235,"type":599},"Even if mines came online, there is currently insufficient domestic smelting and refining capacity to keep that copper within US borders.",{"type":657,"attrs":40237,"content":40238},{"level":15966,"textAlign":49},[40239],{"text":40240,"type":599},"What impact would a tariff have on copper prices?",{"type":594,"attrs":40242,"content":40243},{"textAlign":49},[40244],{"text":40245,"type":599},"The impact tariffs could have on the market is already being felt. Traders have been baking tariff assumptions into the price of US copper as seen by the price differential between the more globally focused London Metal Exchange and the US focused Comex.",{"type":594,"attrs":40247,"content":40248},{"textAlign":49},[40249],{"text":40250,"type":599},"“As soon as rumours of these tariffs emerged, we started to see the arbitrage between the Comex and the LME price shoot up,” Ortonowski said.",{"type":627,"attrs":40252},{"id":40253,"body":40254},"f57ee693-797f-466f-9c94-919e406da884",[40255],{"id":40256,"_uid":40257,"type":634,"_editable":40258,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21832309","i-589224e1-5572-4588-9eaf-3df904baabba","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-589224e1-5572-4588-9eaf-3df904baabba\", \"id\": \"\"}-->",{"type":594,"attrs":40260,"content":40261},{"textAlign":49},[40262],{"text":40263,"type":599},"“So bottom line is, these tariffs will be inflationary,” Ortonowski said. “Yes, they may incentivise domestic production in the medium to long term, but that will certainly take quite a long time to bring about.” ",{"type":594,"attrs":40265,"content":40266},{"textAlign":49},[40267],{"text":40268,"type":599,"marks":40269},"Benchmark’s new Copper Service is coming soon, and will include a quarterly market forecast supplemented by monthly and weekly analysis of supply-demand dynamics.",[40270],{"type":643},{"type":594,"attrs":40272,"content":40273},{"textAlign":49},[40274,40279],{"text":40275,"type":599,"marks":40276},"In the meantime, if you’d like to learn more about the market insights Benchmark covers, sign up to our Copper Newsletter ",[40277,40278],{"type":643},{"type":643},{"text":40280,"type":599,"marks":40281},"via the form below:",[40282],{"type":643},"President Trump this week signed an executive order to investigate copper imports into the US, citing “significant vulnerabilities” and “increasing reliance on foreign sources”. The executive order does not come as a surprise to the market, who have been anticipating tariffs on copper imports since Trump imposed tariffs on aluminium and steel earlier this month. […]",[40285],{"slug":544,"name":543,"content":40286},{"job_title":557,"image":40287,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"45172b83-2e70-4833-98a9-bca2aaeca312\", \"id\": \"\"}-->",[40290,40291],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":40293,"copyright":547,"fieldtype":553,"meta_data":40294,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1740591691/www-production/Us-copper-imports_exports@2x/Us-copper-imports_exports@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":40296,"copyright":547,"fieldtype":553,"meta_data":40297,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7b06f3db01/bm-rt-kennecott-aerial-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 27, 2025",{"id":40300,"uuid":40301,"name":40302,"slug":40303,"full_slug":40304,"content":40305},112467993632982,"dbd2e110-5b02-45ea-886a-0ea5373e3367","Benchmark begins public consultation on increasing publishing frequency of black mass grades to alternate Thursdays","benchmark-begins-public-consultation-on-increasing-publishing-frequency-of-black-mass-grades-to-alternate-thursdays","article/benchmark-begins-public-consultation-on-increasing-publishing-frequency-of-black-mass-grades-to-alternate-thursdays",{"_uid":40306,"date":40307,"tags":40308,"editor":40312,"content":40316,"excerpt":40431,"featured":50,"reporter":40432,"_editable":40436,"component":864,"seo_title":40302,"categories":40437,"visibility":2091,"author_company":49,"featured_image":40440,"seo_description":40431,"author_full_name":49,"author_job_title":49,"formattedDate":40443},"2fcb81cd-a11c-47d6-bb26-c83063b756cc","2025-02-25 00:00",[40309,40310,40311],{"slug":9655,"name":9656},{"slug":11313,"name":11314},{"slug":36014,"name":36015},[40313],{"slug":544,"name":543,"content":40314},{"job_title":557,"image":40315,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":40317},[40318,40323,40328,40347,40352,40357,40362,40367,40372,40377,40382,40387,40392,40397,40402,40407,40412,40417,40422],{"type":594,"attrs":40319,"content":40320},{"textAlign":49},[40321],{"text":40322,"type":599},"Benchmark Mineral Intelligence announced today that it has started a formal public consultation on changes to its Black Mass Price Assessment Methodology.",{"type":657,"attrs":40324,"content":40325},{"level":15966,"textAlign":49},[40326],{"text":40327,"type":599},"Change in frequency of publication",{"type":594,"attrs":40329,"content":40330},{"textAlign":49},[40331,40333,40339,40341,40346],{"text":40332,"type":599},"Following feedback and discussion with a number of market participants, Benchmark proposes to change the frequency of its ",{"text":40334,"type":599,"marks":40335},"Black Mass Price Assessment",[40336],{"type":604,"attrs":40337},{"href":40338,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/recycling/recycling-prices/table",{"text":40340,"type":599}," publication from monthly to alternate Thursdays by 4pm (London). This is to better reflect the increasing liquidity observed in the black mass market over recent months, as well as to better align with the existing publishing schedules for ",{"text":40342,"type":599,"marks":40343},"Benchmark’s lithium, nickel and cobalt price assessments",[40344],{"type":604,"attrs":40345},{"href":21905,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":40348,"content":40349},{"textAlign":49},[40350],{"text":40351,"type":599},"The proposed changes would impact these grades currently assessed by Benchmark:",{"type":594,"attrs":40353,"content":40354},{"textAlign":49},[40355],{"text":40356,"type":599},"EXW China, NCM Feedstock, Lithium Carbonate Equivalent, Payable %",{"type":594,"attrs":40358,"content":40359},{"textAlign":49},[40360],{"text":40361,"type":599},"EXW China, NCM Feedstock, Nickel Sulphate, Payable %",{"type":594,"attrs":40363,"content":40364},{"textAlign":49},[40365],{"text":40366,"type":599},"EXW China, NCM Feedstock, Cobalt Sulphate, Payable %",{"type":594,"attrs":40368,"content":40369},{"textAlign":49},[40370],{"text":40371,"type":599},"EXW China, LCO Feedstock, Lithium Carbonate Equivalent, Payable %",{"type":594,"attrs":40373,"content":40374},{"textAlign":49},[40375],{"text":40376,"type":599},"EXW China LCO Feedstock, Cobalt Sulphate, Payable %",{"type":594,"attrs":40378,"content":40379},{"textAlign":49},[40380],{"text":40381,"type":599},"EXW China, LFP Feedstock, Li Price per Percentage Point, Fixed Price",{"type":594,"attrs":40383,"content":40384},{"textAlign":49},[40385],{"text":40386,"type":599},"CIF Asia, NCM Feedstock, Nickel Metal, Payable %",{"type":594,"attrs":40388,"content":40389},{"textAlign":49},[40390],{"text":40391,"type":599},"CIF Asia, NCM Feedstock, Cobalt Metal, Payable %",{"type":594,"attrs":40393,"content":40394},{"textAlign":49},[40395],{"text":40396,"type":599},"CIF Asia, LCO Feedstock, Cobalt Metal, Payable %",{"type":594,"attrs":40398,"content":40399},{"textAlign":49},[40400],{"text":40401,"type":599},"EXW North America, NCM Feedstock, Nickel Metal, Payable %",{"type":594,"attrs":40403,"content":40404},{"textAlign":49},[40405],{"text":40406,"type":599},"EXW North America, NCM Feedstock, Cobalt Metal, Payable %",{"type":594,"attrs":40408,"content":40409},{"textAlign":49},[40410],{"text":40411,"type":599},"EXW North America, LCO Feedstock, Cobalt Metal, Payable %",{"type":594,"attrs":40413,"content":40414},{"textAlign":49},[40415],{"text":40416,"type":599},"As the lithium ion battery industry continues to develop, the frequency and volume of battery material and black mass trading is increasing. To give an accurate and comprehensive assessment of price movements, the frequency with which Benchmark publishes prices must also increase.",{"type":594,"attrs":40418,"content":40419},{"textAlign":49},[40420],{"text":40421,"type":599},"These changes will enable subscribers to more easily track and compare prices and trends across these key battery supply chain markets. Benchmark will continue to closely monitor the markets it assesses and move to adjust the frequency and scope of its price assessments in response to market feedback when liquidity allows.",{"type":594,"attrs":40423,"content":40424},{"textAlign":49},[40425,40427],{"text":40426,"type":599},"Benchmark invites feedback from active market participants by the latest 27 March 2025. Comments are welcomed via submission to: ",{"text":19898,"type":599,"marks":40428},[40429],{"type":604,"attrs":40430},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},"Benchmark Mineral Intelligence announced today that it has started a formal public consultation on changes to its Black Mass Price Assessment Methodology. Change in frequency of publication Following feedback and discussion with a number of market participants, Benchmark proposes to change the frequency of its Black Mass Price Assessment publication from monthly to alternate Thursdays […]",[40433],{"slug":544,"name":543,"content":40434},{"job_title":557,"image":40435,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2fcb81cd-a11c-47d6-bb26-c83063b756cc\", \"id\": \"\"}-->",[40438,40439],{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":40441,"copyright":547,"fieldtype":553,"meta_data":40442,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/717531daa3/bm-launch-collage-2.png",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 25, 2025",{"id":40445,"uuid":40446,"name":40447,"slug":40448,"full_slug":40449,"content":40450},112467998413015,"c5469bc0-66d7-44d0-ba10-fa6fc1c1443b","What could the temporary DRC cobalt export ban mean for the market?","what-could-the-temporary-drc-cobalt-export-ban-mean-for-the-market","article/what-could-the-temporary-drc-cobalt-export-ban-mean-for-the-market",{"_uid":40451,"date":40452,"tags":40453,"editor":40458,"content":40462,"excerpt":40597,"featured":51,"reporter":40598,"_editable":40602,"component":864,"seo_title":40447,"categories":40603,"visibility":2091,"author_company":49,"data_vis_image":40607,"featured_image":40610,"seo_description":40597,"author_full_name":49,"author_job_title":49,"formattedDate":40613},"1029a0d5-35cd-4d7f-bd80-82b107a25ec3","2025-02-24 00:00",[40454,40455,40456,40457],{"slug":581,"name":582},{"slug":578,"name":579},{"slug":572,"name":573},{"slug":4610,"name":662},[40459],{"slug":544,"name":543,"content":40460},{"job_title":557,"image":40461,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":40463},[40464,40477,40489,40494,40499,40502,40509,40514,40519,40524,40537,40542,40547,40552,40559,40564,40569,40574,40581],{"type":594,"attrs":40465,"content":40466},{"textAlign":49},[40467,40469,40475],{"text":40468,"type":599},"Exports of cobalt from the ",{"text":40470,"type":599,"marks":40471},"Democratic Republic of the Congo (DRC)",[40472],{"type":604,"attrs":40473},{"href":40474,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-drcs-election-mean-for-copper-and-cobalt-supply?_branch_match_id=1544412473930877082&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd04uTTVJD3U29E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA71oGsEgAAAA%3D",{"text":40476,"type":599}," are to be halted for four months in a bid to counter persistent oversupply in the cobalt market according to a statement by Arecoms, a government body responsible for regulation of the mining industry in the country.",{"type":594,"attrs":40478,"content":40479},{"textAlign":49},[40480,40482,40488],{"text":40481,"type":599},"The DRC is by far the largest miner of cobalt, accounting for over three-quarters of supply in 2024, as assessed by ",{"text":40483,"type":599,"marks":40484},"Benchmark’s Cobalt Forecast",[40485],{"type":604,"attrs":40486},{"href":40487,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cobalt/data-reports/forecast",{"text":974,"type":599},{"type":594,"attrs":40490,"content":40491},{"textAlign":49},[40492],{"text":40493,"type":599},"The cobalt market has been significantly oversupplied for several years, with Benchmark forecasting supply to be 110% of demand this year.",{"type":594,"attrs":40495,"content":40496},{"textAlign":49},[40497],{"text":40498,"type":599},"“The DRC export ban has been put in place to try to align supply with demand amid the current low price environment,” said Will Talbot, a research manager at Benchmark. “Low prices clearly do not work in the DRC’s favour as it receives royalties from cobalt sales.”",{"type":594,"attrs":40500,"content":40501},{"textAlign":49},[],{"type":594,"attrs":40503,"content":40504},{"textAlign":49},[40505],{"type":1186,"attrs":40506},{"id":49,"alt":547,"src":40507,"title":49,"source":49,"copyright":49,"meta_data":40508},"https://a.storyblok.com/f/287943243085208/52e507e930/bm-cobalt-supply2x-2.png",{},{"type":594,"attrs":40510,"content":40511},{"textAlign":49},[40512],{"text":40513,"type":599},"The export ban came into effect on 22 February 2025 and will be reviewed after three months with the potential to lengthen the ban a further if deemed necessary.",{"type":657,"attrs":40515,"content":40516},{"level":15966,"textAlign":49},[40517],{"text":40518,"type":599},"What impact could the export halt have on the market?",{"type":594,"attrs":40520,"content":40521},{"textAlign":49},[40522],{"text":40523,"type":599},"Benchmark expects that smaller producers with less access to financing and high cobalt-to-copper ratios will be the hardest hit by the export ban.",{"type":594,"attrs":40525,"content":40526},{"textAlign":49},[40527,40529,40535],{"text":40528,"type":599},"“We would not expect this ban to materially impact the supply-demand balance unless larger producers such as ERG and Glencore shut down production,” Talbot said, noting that the ",{"text":40530,"type":599,"marks":40531},"largest producer in the country, CMOC",[40532],{"type":604,"attrs":40533},{"href":40534,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cmoc-supply-ramp-up-drives-cobalt-market-to-its-lowest-ebb-cobalt-2024-in-review?_branch_match_id=1544412467795081891&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTzErzXdPNTKpDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAW%2BT9XEgAAAA%3D",{"text":40536,"type":599},", “can likely ride out the storm as it did in 2023 when its TFM asset faced an export ban.”",{"type":594,"attrs":40538,"content":40539},{"textAlign":49},[40540],{"text":40541,"type":599},"The DRC halting exports of cobalt for four months could shrink the forecast oversupply for this year, though the extent of this will depend on whether producers curtail production or increase stocks.",{"type":594,"attrs":40543,"content":40544},{"textAlign":49},[40545],{"text":40546,"type":599},"“As this is an export ban rather than a production quota, this may simply increase the stock level and delay somewhat the supply overhang,” Talbot said. “Conversely, it may encourage more producers to curtail cobalt production, in which case there could be a material decline in supply which would eat into stocks.”",{"type":594,"attrs":40548,"content":40549},{"textAlign":49},[40550],{"text":40551,"type":599},"The oversupply seen in the cobalt market since 2022 has allowed for significant inventory levels to build up.",{"type":594,"attrs":40553,"content":40554},{"textAlign":49},[40555],{"type":1186,"attrs":40556},{"id":49,"alt":547,"src":40557,"title":49,"source":49,"copyright":49,"meta_data":40558},"https://a.storyblok.com/f/287943243085208/17fe2f66d8/bm-cobalt-s-d2x-1.png",{},{"type":657,"attrs":40560,"content":40561},{"level":15966,"textAlign":49},[40562],{"text":40563,"type":599},"How has oversupply impacted cobalt prices?",{"type":594,"attrs":40565,"content":40566},{"textAlign":49},[40567],{"text":40568,"type":599},"The continued oversupply has pushed down on cobalt hydroxide prices (CIF Asia) which hit highs of $34.50 per pound ($76,000/tonne) in April 2022.",{"type":594,"attrs":40570,"content":40571},{"textAlign":49},[40572],{"text":40573,"type":599},"“The low price environment poses significant challenges to producers as well as the government, which relies on the income from royalties on cobalt exports,” said Roman Aubry, a cobalt pricing analyst at Benchmark. “With a temporary export ban in place it is clear the DRC is hoping to maximise the value of the minerals crossing its borders.”",{"type":594,"attrs":40575,"content":40576},{"textAlign":49},[40577],{"type":1186,"attrs":40578},{"id":49,"alt":547,"src":40579,"title":49,"source":49,"copyright":49,"meta_data":40580},"https://a.storyblok.com/f/287943243085208/58c647c10b/bm-cobalt-prices2x-3.png",{},{"type":594,"attrs":40582,"content":40583},{"textAlign":49},[40584,40587,40593],{"text":35450,"type":599,"marks":40585},[40586],{"type":643},{"text":40588,"type":599,"marks":40589},"Benchmark’s Cobalt Forecast, Price Assessment and LCA reports",[40590,40592],{"type":604,"attrs":40591},{"href":6354,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":40594,"type":599,"marks":40595},", fill out the form below and one of our team will be in touch.",[40596],{"type":643},"Exports of cobalt from the Democratic Republic of the Congo (DRC) are to be halted for four months in a bid to counter persistent oversupply in the cobalt market according to a statement by Arecoms, a government body responsible for regulation of the mining industry in the country. The DRC is by far the largest […]",[40599],{"slug":544,"name":543,"content":40600},{"job_title":557,"image":40601,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1029a0d5-35cd-4d7f-bd80-82b107a25ec3\", \"id\": \"\"}-->",[40604,40605,40606],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":40608,"copyright":547,"fieldtype":553,"meta_data":40609,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1740417679/www-production/Cobalt-supply@2x-1/Cobalt-supply@2x-1.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":40611,"copyright":547,"fieldtype":553,"meta_data":40612,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/41e0851e75/bm-etoile-mine-3.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 24, 2025",{"id":40615,"uuid":6932,"name":40616,"slug":40617,"full_slug":40618,"content":40619},112468003135704,"Chinese battery energy storage market to triple by 2033","chinese-battery-energy-storage-market-to-triple-by-2033","article/chinese-battery-energy-storage-market-to-triple-by-2033",{"_uid":40620,"date":40621,"tags":40622,"editor":40629,"content":40633,"excerpt":40747,"featured":50,"reporter":40748,"_editable":40752,"component":864,"seo_title":40616,"categories":40753,"visibility":882,"author_company":49,"data_vis_image":40757,"featured_image":40760,"seo_description":40747,"author_full_name":49,"author_job_title":49,"formattedDate":40763},"b66622ea-a4bb-4369-9526-4eaa6e9406dd","2025-02-21 00:00",[40623,40624,40625,40628],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":40626,"name":40627},"energy-storage","Energy storage",{"slug":4610,"name":662},[40630],{"slug":544,"name":543,"content":40631},{"job_title":557,"image":40632,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":40634},[40635,40654,40659,40672,40685,40693,40698,40703,40708,40713,40718,40723,40728,40739],{"type":594,"attrs":40636,"content":40637},{"textAlign":49},[40638,40639,40645,40647,40653],{"text":2372,"type":599},{"text":40640,"type":599,"marks":40641},"Chinese battery energy storage market",[40642],{"type":604,"attrs":40643},{"href":40644,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-tier-2-producers-double-down-on-energy-storage-market-amid-ev-competition?_branch_match_id=1544412454441538995&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL%2FbKrQw1zclMDEqyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA1HiOKEgAAAA%3D",{"text":40646,"type":599}," is set to triple between 2024 and 2033, according to ",{"text":40648,"type":599,"marks":40649},"Rho Motion’s BESS Outlook",[40650],{"type":604,"attrs":40651},{"href":40652,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/research/battery-energy-stationary-storage-quarterly-outlook/",{"text":974,"type":599},{"type":594,"attrs":40655,"content":40656},{"textAlign":49},[40657],{"text":40658,"type":599},"By 2033, it is forecast that 90% of China’s BESS installations will be grid-scale storage. Most grid scale systems will be standalone, continuing the falling market share of renewable-paired storage systems.",{"type":594,"attrs":40660,"content":40661},{"textAlign":49},[40662,40664,40670],{"text":40663,"type":599},"This trend is set to be solidified as China’s central government recently set out a rule prohibiting provinces from mandating that new ",{"text":40665,"type":599,"marks":40666},"renewable energy installations be paired with battery energy storage systems",[40667],{"type":604,"attrs":40668},{"href":40669,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/catl-masdar-partner-for-worlds-largest-solar-power-battery-storage-project?_branch_match_id=1544412434503643226&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNzJKigwsK3TOD0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUALLLulUgAAAA%3D",{"text":40671,"type":599}," (BESS).",{"type":594,"attrs":40673,"content":40674},{"textAlign":49},[40675,40677,40683],{"text":40676,"type":599},"“China’s grid BESS market has been the major driver of growth in recent years, accounting for 70% of ",{"text":40678,"type":599,"marks":40679},"global deployments in 2024",[40680],{"type":604,"attrs":40681},{"href":40682,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/western-australia-awards-1-billion-in-contracts-for-battery-energy-storage-includes-catl?_branch_match_id=1544412447014147150&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPogW3qALxFiTM6ijfIWgRWfvPZmzj8X7yHZKJeSqxqAyHPXuilr212uWQlba4%2FaBbwbU0hHRnsFYg6BV%2FgHN22c4SAAAAA%3D%3D",{"text":40684,"type":599},".” said Iola Hughes, role at Rho Motion. “Despite this, the market has suffered from low utilisation rates and profits.”",{"type":627,"attrs":40686},{"id":40687,"body":40688},"657f6209-1a1f-4a77-987b-ef9fff0175f2",[40689],{"id":40690,"_uid":40691,"type":634,"_editable":40692,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21735203","i-bb66e526-0f4e-4493-b38c-c423c4935805","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-bb66e526-0f4e-4493-b38c-c423c4935805\", \"id\": \"\"}-->",{"type":657,"attrs":40694,"content":40695},{"level":15966,"textAlign":49},[40696],{"text":40697,"type":599},"How has grid-scale storage evolved in China?",{"type":594,"attrs":40699,"content":40700},{"textAlign":49},[40701],{"text":40702,"type":599},"Xinjiang province was the first in China to mandate pairing a BESS to all new renewable energy projects. Many other provinces followed suit, either requiring or encouraging renewable developers to pair their installations with batteries.",{"type":594,"attrs":40704,"content":40705},{"textAlign":49},[40706],{"text":40707,"type":599},"China’s ruling to prohibit mandating paired storage is in part due to the shortcomings of such policies. To avoid penalties for failing to comply with the rules, many renewable developers deployed poor quality battery systems and operated the batteries at low utilisation rates.",{"type":594,"attrs":40709,"content":40710},{"textAlign":49},[40711],{"text":40712,"type":599},"Now, China wants to shift away from mandates to market-led reforms.",{"type":594,"attrs":40714,"content":40715},{"textAlign":49},[40716],{"text":40717,"type":599},"“The new policy from the NRDC and NEA has the potential to significantly impact China’s BESS market in the coming years,” Hughes said. “It will give BESS operators and renewable energy producers the ability to establish long term supply contracts or sell power directly to the grid, at market determined prices, improving utilisation rate and offering higher profit.”",{"type":657,"attrs":40719,"content":40720},{"level":15966,"textAlign":49},[40721],{"text":40722,"type":599},"What chemistries does China use for grid-scale BESS?",{"type":594,"attrs":40724,"content":40725},{"textAlign":49},[40726],{"text":40727,"type":599},"In 2024, 97% of grid-scale BESS installations used lithium ion batteries, 99% of which used lithium iron phosphate cathodes.",{"type":594,"attrs":40729,"content":40730},{"textAlign":49},[40731,40733,40738],{"text":40732,"type":599},"Other battery chemistries beyond lithium ion are emerging as key technologies for China’s grid-scale BESS market, namely flow batteries and ",{"text":6817,"type":599,"marks":40734},[40735],{"type":604,"attrs":40736},{"href":40737,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-role-can-sodium-ion-batteries-play-in-energy-storage?_branch_match_id=1544412442406702889&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNwop9XPJsnAsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAuCBF7UgAAAA%3D",{"text":974,"type":599},{"type":627,"attrs":40740},{"id":40741,"body":40742},"e276c3b0-f801-4eb3-b37e-e315fd15cdd1",[40743],{"id":40744,"_uid":40745,"type":634,"_editable":40746,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21734852","i-beb4fd27-4b63-425b-91c4-bcd22bd94881","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-beb4fd27-4b63-425b-91c4-bcd22bd94881\", \"id\": \"\"}-->","The Chinese battery energy storage market is set to triple between 2024 and 2033, according to Rho Motion’s BESS Outlook. By 2033, it is forecast that 90% of China’s BESS installations will be grid-scale storage. Most grid scale systems will be standalone, continuing the falling market share of renewable-paired storage systems. This trend is set […]",[40749],{"slug":544,"name":543,"content":40750},{"job_title":557,"image":40751,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b66622ea-a4bb-4369-9526-4eaa6e9406dd\", \"id\": \"\"}-->",[40754,40755,40756],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":40758,"copyright":547,"fieldtype":553,"meta_data":40759,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1740132158/www-production/Socials-Chinese-BESS-demand-to-triple-by-2033@2x/Socials-Chinese-BESS-demand-to-triple-by-2033@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":40761,"copyright":547,"fieldtype":553,"meta_data":40762,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5b4ef3c8f9/bm-shutterstock-2255564093-4-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 21, 2025",{"id":40765,"uuid":40766,"name":40767,"slug":40768,"full_slug":40769,"content":40770},112468012826842,"744252de-ab26-4fc6-89a7-3ddacae9a578","Will 2027 be the year of the solid-state electric vehicle battery?","will-2027-be-the-year-of-the-solid-state-electric-vehicle-battery","article/will-2027-be-the-year-of-the-solid-state-electric-vehicle-battery",{"_uid":40771,"date":40772,"tags":40773,"editor":40777,"content":40781,"excerpt":40944,"featured":51,"reporter":40945,"_editable":40949,"component":864,"seo_title":40767,"categories":40950,"visibility":2091,"author_company":49,"data_vis_image":40954,"featured_image":40957,"seo_description":40944,"author_full_name":49,"author_job_title":49,"formattedDate":40960},"c4e89063-57b0-4d75-9adb-b760679a2c1a","2025-02-19 00:00",[40774,40775,40776],{"slug":5945,"name":2983},{"slug":578,"name":579},{"slug":21502,"name":21503},[40778],{"slug":544,"name":543,"content":40779},{"job_title":557,"image":40780,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":40782},[40783,40796,40809,40822,40835,40840,40861,40866,40874,40886,40891,40896,40901,40906,40919,40927],{"type":594,"attrs":40784,"content":40785},{"textAlign":49},[40786,40788,40794],{"text":40787,"type":599},"This decade is key for ",{"text":40789,"type":599,"marks":40790},"major automakers and OEMs",[40791],{"type":604,"attrs":40792},{"href":40793,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/next-gen-battery-developers-licensing-technology-to-oems-enables-scale?_branch_match_id=1544412380303922643&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT0339TeqKs9yDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA90HGHUgAAAA%3D",{"text":40795,"type":599}," looking to commercialise solid-state batteries in electric vehicle applications.",{"type":594,"attrs":40797,"content":40798},{"textAlign":49},[40799,40801,40807],{"text":40800,"type":599},"Over the past year, several incumbent battery cell producers and ",{"text":40802,"type":599,"marks":40803},"automakers have committed to a demonstration",[40804],{"type":604,"attrs":40805},{"href":40806,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-leads-production-but-the-west-is-catching-up-new-battery-technology-2024-in-review?_branch_match_id=1544412375685129780&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9ylzKzD1jwiKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAitH%2FQkgAAAA%3D",{"text":40808,"type":599}," of solid-state electric vehicles by 2027 with large-scale production by 2030.",{"type":594,"attrs":40810,"content":40811},{"textAlign":49},[40812,40814,40820],{"text":40813,"type":599},"Both of the world’s largest battery makers, ",{"text":40815,"type":599,"marks":40816},"CATL and BYD",[40817],{"type":604,"attrs":40818},{"href":40819,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-battery-industry-unites-in-effort-to-extend-dominance-to-solid-state?_branch_match_id=1544412361449763926&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd690KbDMDncsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAhziMIEgAAAA%3D",{"text":40821,"type":599}," are committed to producing demonstration solid-state vehicles this decade, whilst BYD recently said it was targeting 2030 for mass production.",{"type":594,"attrs":40823,"content":40824},{"textAlign":49},[40825,40827,40833],{"text":40826,"type":599},"“Solid-state technologies are in the middle of a four to six year qualification cycle, so these timelines match up well with forecast commercial delivery timelines,” said ",{"text":40828,"type":599,"marks":40829},"Rory McNulty",[40830],{"type":604,"attrs":40831},{"href":40832,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/scale-up-approaches-for-solid-state-battery-development?_branch_match_id=1544412370742341210&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPogIT2CblqE15TA6yldo19l7L43R%2BmRtJD1TCZDCSgi5m9CayaxiZfPsrp1XH5cPdBPA%2BhwR9e2E2SXUQj8lOUsfSAAAAA%3D%3D",{"text":40834,"type":599},", Benchmark’s Product Director for New Technology.",{"type":657,"attrs":40836,"content":40837},{"level":15966,"textAlign":49},[40838],{"text":40839,"type":599},"Which companies are committing to solid-state technology this decade?",{"type":594,"attrs":40841,"content":40842},{"textAlign":49},[40843,40845,40851,40853,40859],{"text":40844,"type":599},"Although the ",{"text":40846,"type":599,"marks":40847},"technologies being qualified today",[40848],{"type":604,"attrs":40849},{"href":40850,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/stellantis-targets-2026-for-solid-state-battery-ev-using-factorial-energys-technology?_branch_match_id=1544412393780737836&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDwvMrArwj3AsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAlElP%2BEgAAAA%3D",{"text":40852,"type":599}," won’t be seen in commercial cars for at least a few years, the end of 2024 saw ",{"text":40854,"type":599,"marks":40855},"several Chinese players",[40856],{"type":604,"attrs":40857},{"href":40858,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/where-is-chinas-solid-state-battery-industry-developing?_branch_match_id=1544412365995797067&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FVwLsn0CHMsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkdx2L0gAAAA%3D",{"text":40860,"type":599}," roll out vehicles with semi-solid-state batteries using traditional anode materials.",{"type":594,"attrs":40862,"content":40863},{"textAlign":49},[40864],{"text":40865,"type":599},"“With more expected in 2025, this may have been a catalyst for some of the recent timeline announcements we are seeing,” McNulty said.",{"type":594,"attrs":40867,"content":40868},{"textAlign":49},[40869],{"type":1186,"attrs":40870},{"id":49,"alt":40871,"src":40872,"title":49,"source":49,"copyright":49,"meta_data":40873},"This decade is key for solid-state EV commercialisation","https://a.storyblok.com/f/287943243085208/ae40e42d21/bm-ev-commercialisation.png",{},{"type":594,"attrs":40875,"content":40876},{"textAlign":49},[40877,40879,40885],{"text":40878,"type":599},"Although automotive timelines represent the industry’s ambition to make the most of the performance gains of solid-state batteries this decade, it is the cell makers who will ",{"text":40880,"type":599,"marks":40881},"ultimately enable this",[40882],{"type":604,"attrs":40883},{"href":40884,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/solid-state-batteries-bring-new-supply-chain-opportunities-challenges-and-potential-bottlenecks?_branch_match_id=1544412355192180870&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzEJKgmzjHQsDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPQUVs0gAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":40887,"content":40888},{"textAlign":49},[40889],{"text":40890,"type":599},"Samsung, LG Energy Solution, CATL, EVE Energy, and Sunwoda are amongst the largest cell makers that have committed to 2027 to produce solid-state batteries at least at the demonstration scale.",{"type":657,"attrs":40892,"content":40893},{"level":15966,"textAlign":49},[40894],{"text":40895,"type":599},"What solid-state technologies are these companies using?",{"type":594,"attrs":40897,"content":40898},{"textAlign":49},[40899],{"text":40900,"type":599},"The solid-state batteries currently deployed in vehicular applications use semi-solid-state technologies in which a small quantity of liquid electrolyte is added to improve the contact of the anode and cathode to the solid electrolyte.",{"type":594,"attrs":40902,"content":40903},{"textAlign":49},[40904],{"text":40905,"type":599},"They also use more traditional anode materials such as graphite or graphite-silicon composites, meaning the energy density gains aren’t as large as they could be.",{"type":594,"attrs":40907,"content":40908},{"textAlign":49},[40909,40911,40917],{"text":40910,"type":599},"“The key differentiator for technologies undergoing qualification today, is that they are looking to employ ",{"text":40912,"type":599,"marks":40913},"next-generation anode materials",[40914],{"type":604,"attrs":40915},{"href":40916,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/are-lithium-metal-batteries-an-opportunity-for-the-west?_branch_match_id=1544412385544875147&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLzb0DM3KM842D0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKOc5fEgAAAA%3D",{"text":40918,"type":599},", which could provide a really significant leap in energy density,” McNulty said.",{"type":627,"attrs":40920},{"id":40921,"body":40922},"f79eb868-4122-42e7-ab70-c16c4653728a",[40923],{"id":40924,"_uid":40925,"type":634,"_editable":40926,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21690901","i-ea7703e7-4f86-4a5b-b29d-406bc725a603","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ea7703e7-4f86-4a5b-b29d-406bc725a603\", \"id\": \"\"}-->",{"type":594,"attrs":40928,"content":40929},{"textAlign":49},[40930,40934,40941],{"text":40931,"type":599,"marks":40932},"To learn more about trends in emerging battery technologies, download Benchmark’s free special issue, ",[40933],{"type":643},{"text":40935,"type":599,"marks":40936},"Cheaper, Better, and Smaller: The Future of Battery Technology",[40937,40938],{"type":643},{"type":604,"attrs":40939},{"href":40940,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/downloads/special-issues/1332445",{"text":974,"type":599,"marks":40942},[40943],{"type":643},"This decade is key for major automakers and OEMs looking to commercialise solid-state batteries in electric vehicle applications. Over the past year, several incumbent battery cell producers and automakers have committed to a demonstration of solid-state electric vehicles by 2027 with large-scale production by 2030. Both of the world’s largest battery makers, CATL and BYD […]",[40946],{"slug":544,"name":543,"content":40947},{"job_title":557,"image":40948,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c4e89063-57b0-4d75-9adb-b760679a2c1a\", \"id\": 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cell production is almost double that of ",{"text":40043,"type":599,"marks":40993},[40994],{"type":604,"attrs":40995},{"href":40996,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/who-owns-the-usas-gigafactories?_branch_match_id=1544412264042934745&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWrwjxCvOrTCvI9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA%2B0e93kgAAAA%3D",{"text":40998,"type":599}," following the ",{"text":41000,"type":599,"marks":41001},"cancellation of US 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Assessment",[41015],{"type":604,"attrs":41016},{"href":41017,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium-ion-batteries/data-reports/market-assessments",{"text":974,"type":599},{"type":594,"attrs":41020,"content":41021},{"textAlign":49},[41022],{"text":41023,"type":599},"“Europe’s LFP pipeline has not traditionally been ahead of the US’, but 2024 saw a number of major automakers adapt their European strategies to be more LFP focused, striving for lower cost vehicles, and in light of increased competition from Chinese EVs,” said Evan Hartley, research manager at Benchmark.",{"type":627,"attrs":41025},{"id":41026,"body":41027},"f489a272-6fdb-4cf5-82cc-17d4ec08c46a",[41028],{"id":41029,"_uid":41030,"type":634,"_editable":41031,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21595210","i-71b2bebc-a7a7-4fad-93ca-bc9e16381702","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", 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CATL",[41060],{"type":604,"attrs":41061},{"href":41062,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology?_branch_match_id=1544412259396518779&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT87LqjI3zs%2FJ9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKdS2rkgAAAA%3D",{"text":41064,"type":599}," and Envision, and South Korea’s ",{"text":8803,"type":599,"marks":41066},[41067],{"type":604,"attrs":41068},{"href":41069,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lges-lfp-commitment-grows-with-renault-group-battery-cell-deal?_branch_match_id=1544412279462444214&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN85yinKKjMzP9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAOfRYK0gAAAA%3D",{"text":41071,"type":599}," (LGES).",{"type":594,"attrs":41073,"content":41074},{"textAlign":49},[41075],{"text":41076,"type":599},"“Whilst traditionally the South Korean cell players have focused on nickel based cell chemistries, LGES have begun to produce LFP batteries globally, with Samsung and SK On potentially targeting similar production by 2026, pending successful domestic commercialisation,” Hartley said.",{"type":627,"attrs":41078},{"id":41079,"body":41080},"87211190-77ed-4c0f-88eb-76a5cd94fd15",[41081],{"id":41082,"_uid":41083,"type":634,"_editable":41084,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21596995","i-49104527-7019-4a0a-bd7e-c46ef9f0ad17","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-49104527-7019-4a0a-bd7e-c46ef9f0ad17\", \"id\": \"\"}-->",{"type":594,"attrs":41086,"content":41087},{"textAlign":49},[41088,41092,41099],{"text":41089,"type":599,"marks":41090},"Watch expert analysts from Benchmark and Rho Motion discuss the LFP supply chain in ",[41091],{"type":643},{"text":41093,"type":599,"marks":41094},"this episode of the Mine to Grid",[41095,41096],{"type":643},{"type":604,"attrs":41097},{"href":41098,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/mine-to-grid-lfp-2",{"text":41100,"type":599,"marks":41101}," video series.",[41102],{"type":643},{"type":594,"attrs":41104,"content":41105},{"textAlign":49},[],"Europe’s 2030 pipeline for lithium iron phosphate (LFP) cell production is almost double that of the US following the cancellation of US projects by Freyr and Kore Power. The projects accounted for 22% of the US’ LFP pipeline, according to Benchmark’s Gigafactory Assessment. “Europe’s LFP pipeline has not traditionally been ahead of the US’, but […]",[41108],{"slug":544,"name":543,"content":41109},{"job_title":557,"image":41110,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ad9405ca-3c85-47fe-85b6-3f2b2e85c454\", \"id\": \"\"}-->",[41113,41114],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":41116,"copyright":547,"fieldtype":553,"meta_data":41117,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1739444759/www-production/Tier-1-LFP-US-and-Europe-by-producer@2x/Tier-1-LFP-US-and-Europe-by-producer@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":41119,"copyright":547,"fieldtype":553,"meta_data":41120,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1652b2226d/bm-lg-energy-solution-michigan-usa.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 13, 2025",{"id":41123,"uuid":41124,"name":41125,"slug":41126,"full_slug":41127,"content":41128},112468065583334,"61534669-df78-418a-9a3b-dfb8d74ce94c","US graphite players’ tariff petition wins preliminary ITC trade case ruling","us-graphite-players-tariff-petition-wins-preliminary-itc-trade-case-ruling","article/us-graphite-players-tariff-petition-wins-preliminary-itc-trade-case-ruling",{"_uid":41129,"date":41130,"tags":41131,"editor":41136,"content":41140,"excerpt":41291,"featured":51,"reporter":41292,"_editable":41296,"component":864,"seo_title":41125,"categories":41297,"visibility":882,"author_company":49,"data_vis_image":41302,"featured_image":41306,"seo_description":41291,"author_full_name":49,"author_job_title":49,"formattedDate":41308},"9e3ca5c3-2890-4c73-aab0-09dd25e7bcb9","2025-02-06 00:00",[41132,41133,41134,41135],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":7052,"name":7053},{"slug":1375,"name":1376},[41137],{"slug":544,"name":543,"content":41138},{"job_title":557,"image":41139,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":41141},[41142,41154,41167,41172,41180,41185,41190,41195,41208,41216,41245,41250,41258,41263,41268,41273,41278,41283],{"type":594,"attrs":41143,"content":41144},{"textAlign":49},[41145,41147,41152],{"text":41146,"type":599},"The US International Trade Commission (ITC) has made a preliminary determination that ",{"text":914,"type":599,"marks":41148},[41149],{"type":604,"attrs":41150},{"href":41151,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-graphite-export-restrictions-could-hinder-ex-china-anode-development?_branch_match_id=1544412195859805169&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzYrLAw0zA0z9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA1vU5xEgAAAA%3D",{"text":41153,"type":599}," has suppressed the establishment of the US graphite industry through the export of artificially cheap anode material.",{"type":594,"attrs":41155,"content":41156},{"textAlign":49},[41157,41159,41165],{"text":41158,"type":599},"This follows a petition filed by the American Active Anode Material Producers (AAAMP) on 17 December 2024, which sought to impose tariffs as high as 920% on ",{"text":41160,"type":599,"marks":41161},"graphite imports from China",[41162],{"type":604,"attrs":41163},{"href":41164,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-tightens-graphite-export-controls-to-the-us?_branch_match_id=1544412170894745027&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FFOCSjxq0hOCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQ8S84kgAAAA%3D",{"text":41166,"type":599}," which it accused of “malicious trade practices.”",{"type":594,"attrs":41168,"content":41169},{"textAlign":49},[41170],{"text":41171,"type":599},"The anode material covered by this proceeding includes synthetic and natural, with or without coating. Moreover, it is included irrespective of whether it is imported independently, as part of a compound or within a battery.",{"type":627,"attrs":41173},{"id":41174,"body":41175},"9209307f-e2e0-4d31-a914-a7491504e375",[41176],{"id":41177,"_uid":41178,"type":634,"_editable":41179,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21483081","i-9c4fa353-3424-4c7f-837c-e85e78014935","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9c4fa353-3424-4c7f-837c-e85e78014935\", \"id\": \"\"}-->",{"type":657,"attrs":41181,"content":41182},{"level":15966,"textAlign":49},[41183],{"text":41184,"type":599},"What impact could these tariffs have?",{"type":594,"attrs":41186,"content":41187},{"textAlign":49},[41188],{"text":41189,"type":599},"Should tariffs be imposed as a result of this case, it could have notable impacts on automakers.",{"type":657,"attrs":41191,"content":41192},{"level":15966,"textAlign":49},[41193],{"text":41194,"type":599},"Can US anode players supply domestic automakers?",{"type":594,"attrs":41196,"content":41197},{"textAlign":49},[41198,41200,41206],{"text":41199,"type":599},"The US is heavily reliant on imports for battery-grade graphite and ",{"text":41201,"type":599,"marks":41202},"anode materials",[41203],{"type":604,"attrs":41204},{"href":41205,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/north-americas-anode-push-accelerates-with-nouveau-monde-gm-deal?_branch_match_id=1544412175340425275&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD8h2NUovdXZODkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAZ5aO%2F0gAAAA%3D",{"text":41207,"type":599},", with China dominating the available supply.",{"type":627,"attrs":41209},{"id":41210,"body":41211},"c5369f0e-b4f0-4da9-a2c9-794bdf5e0c13",[41212],{"id":41213,"_uid":41214,"type":634,"_editable":41215,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21485354","i-dbb27d14-134e-4e9e-81b1-50150d341140","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-dbb27d14-134e-4e9e-81b1-50150d341140\", \"id\": \"\"}-->",{"type":594,"attrs":41217,"content":41218},{"textAlign":49},[41219,41221,41227,41229,41235,41237,41243],{"text":41220,"type":599},"Despite US government efforts to ",{"text":41222,"type":599,"marks":41223},"increase investment into the onshoring",[41224],{"type":604,"attrs":41225},{"href":41226,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/novonix-inks-offtake-with-powerco-amid-supply-chain-diversification?_branch_match_id=1544412163525018746&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWj%2FRNN%2FHzM%2FfJD0iyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAjyZp5EgAAAA%3D",{"text":41228,"type":599}," of the ",{"text":41230,"type":599,"marks":41231},"domestic anode supply chain",[41232],{"type":604,"attrs":41233},{"href":41234,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/epsilon-receives-115-million-in-tax-credits-as-us-seeks-anode-material-security?_branch_match_id=1544412188045900106&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLwi1yPYKc3bOD0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAgHdZSEgAAAA%3D",{"text":41236,"type":599},", domestic ",{"text":41238,"type":599,"marks":41239},"supply of material",[41240],{"type":604,"attrs":41241},{"href":41242,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/syrahs-anode-material-production-start-in-us-sets-stage-for-localised-supply?_branch_match_id=1544412200394807638&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd63KLvc2rAqvCkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUABmFkP0gAAAA%3D",{"text":41244,"type":599}," remains minimal.",{"type":594,"attrs":41246,"content":41247},{"textAlign":49},[41248],{"text":41249,"type":599},"Recognising this, the Inflation Reduction Act included a temporary exemption for graphite from its 2027 sourcing restrictions to accommodate the lack of domestic production.",{"type":627,"attrs":41251},{"id":41252,"body":41253},"edee1d04-09ae-434b-a814-71c4e9c7b258",[41254],{"id":41255,"_uid":41256,"type":634,"_editable":41257,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21440372","i-317856e4-863c-4beb-ab58-466e7bcc88f5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-317856e4-863c-4beb-ab58-466e7bcc88f5\", \"id\": \"\"}-->",{"type":657,"attrs":41259,"content":41260},{"level":15966,"textAlign":49},[41261],{"text":41262,"type":599},"Why has the AAAMP called for these tariffs?",{"type":594,"attrs":41264,"content":41265},{"textAlign":49},[41266],{"text":41267,"type":599},"“There is overwhelming evidence that China dumps artificially cheap graphite into global markets, which is made possible by state-sponsored policies and massive subsidies,” said Erik Olson, a spokesperson for AAAMP. “Without trade relief from the US government, the domestic graphite industry is in peril.”",{"type":594,"attrs":41269,"content":41270},{"textAlign":49},[41271],{"text":41272,"type":599},"Many Chinese players, especially those in lower tiers, are struggling to break even in the current low price market, Benchmark’s analysis shows. Given China’s low labour costs, inexpensive electricity, and robust infrastructure, if Chinese firms are struggling, North American competitors will face an even steeper uphill battle.",{"type":594,"attrs":41274,"content":41275},{"textAlign":49},[41276],{"text":41277,"type":599},"As well as state support, the AAAMP claimed lower cost Chinese material was enabled by low or no wage protections and a lack of environmental stewardship.",{"type":594,"attrs":41279,"content":41280},{"textAlign":49},[41281],{"text":41282,"type":599},"The case will now proceed in front of both the ITC and US Department of Commerce (DoC) under the jurisdiction of the antidumping and countervailing duty statutes.",{"type":627,"attrs":41284},{"id":41285,"body":41286},"ff3c85bd-c63f-45d7-ae61-c67730e14f7d",[41287],{"id":41288,"_uid":41289,"type":634,"_editable":41290,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21441758","i-f765870a-3181-4248-8d55-0732ad45b75f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f765870a-3181-4248-8d55-0732ad45b75f\", \"id\": \"\"}-->","The US International Trade Commission (ITC) has made a preliminary determination that China has suppressed the establishment of the US graphite industry through the export of artificially cheap anode material. This follows a petition filed by the American Active Anode Material Producers (AAAMP) on 17 December 2024, which sought to impose tariffs as high as […]",[41293],{"slug":544,"name":543,"content":41294},{"job_title":557,"image":41295,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9e3ca5c3-2890-4c73-aab0-09dd25e7bcb9\", \"id\": \"\"}-->",[41298,41299,41300,41301],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":41303,"name":547,"focus":547,"title":41303,"source":547,"filename":41304,"copyright":547,"fieldtype":553,"meta_data":41305,"is_external_url":51},"A 920% tariff on anode materials could add 67% to the cost of cell","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1738841442/www-production/Socials-version-Cell-cost-AAM-tariffs@2x/Socials-version-Cell-cost-AAM-tariffs@2x.png?_i=AA",{"alt":41303,"title":41303,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":28936,"copyright":547,"fieldtype":553,"meta_data":41307,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Feb 06, 2025",{"id":41310,"uuid":41311,"name":41312,"slug":41313,"full_slug":41314,"content":41315},112468060958949,"928ecfda-274f-4414-8b27-cc5baceb9972","How is Saudi Arabia’s critical mineral drive progressing?","how-is-saudi-arabias-critical-mineral-drive-progressing","article/how-is-saudi-arabias-critical-mineral-drive-progressing",{"_uid":41316,"date":41130,"tags":41317,"editor":41319,"content":41323,"excerpt":41436,"featured":51,"reporter":41437,"_editable":41441,"component":864,"seo_title":41312,"categories":41442,"visibility":882,"author_company":49,"featured_image":41450,"seo_description":41436,"author_full_name":49,"author_job_title":49,"formattedDate":41308},"f3451cf6-bff9-408e-85be-6c7808daa59d",[41318],{"slug":25567,"name":19549},[41320],{"slug":544,"name":543,"content":41321},{"job_title":557,"image":41322,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":41324},[41325,41338,41343,41356,41361,41366,41371,41376,41381,41386,41391,41401,41406,41411,41416,41421,41426,41431],{"type":594,"attrs":41326,"content":41327},{"textAlign":49},[41328,41330,41336],{"text":41329,"type":599},"Saudi Arabia is manoeuvring to become an important",{"text":41331,"type":599,"marks":41332}," hub for critical mineral mining and refining",[41333],{"type":604,"attrs":41334},{"href":41335,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-saudi-arabia-and-morocco-are-shaping-the-ev-battery-supply-chain?_branch_match_id=1544412214075265423&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9wrMDfYzz3f0CUyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAA5VniEgAAAA%3D",{"text":41337,"type":599}," as part of its “Vision 2030” economic diversification strategy. After announcing its arrival into the industry in 2022, the Kingdom has leveraged the Public Investment Fund (PIF) and Ma’aden, the country’s state miner, to target strategic investments both at home and abroad.",{"type":594,"attrs":41339,"content":41340},{"textAlign":49},[41341],{"text":41342,"type":599},"Home to rare earths, lithium, phosphate, and copper deposits, the Saudi government aims to lift the domestic mining sector’s GDP contribution from $17 billion to $75 billion by 2030, offering to derisk mining investments through public financial incentives.",{"type":594,"attrs":41344,"content":41345},{"textAlign":49},[41346,41348,41354],{"text":41347,"type":599},"A core focus has been on critical mineral processing to support value-added industries ",{"text":41349,"type":599,"marks":41350},"such as electric vehicle (EV) production",[41351],{"type":604,"attrs":41352},{"href":41353,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/news/the-middle-east-ev-market-trends-investment-and-opportunities/",{"text":41355,"type":599},". The Saudi government has set an ambitious target to produce 500,000 EVs domestically by 2030.",{"type":594,"attrs":41357,"content":41358},{"textAlign":49},[41359],{"text":41360,"type":599},"The Kingdom has positioned itself as a geopolitically ‘neutral’ player in the critical minerals sector to attract investments from China, India and Western players alike.",{"type":594,"attrs":41362,"content":41363},{"textAlign":49},[41364],{"text":41365,"type":599},"And the strategy is paying dividends: India’s Vedanta recently announced a $2 billion commitment for a copper-processing facility in the Kingdom, while in January, oil giant Saudi Aramco (Aramco) and Ma’aden announced a joint venture targeting lithium extraction , targeting commercial-scale production by 2027.",{"type":657,"attrs":41367,"content":41368},{"level":15966,"textAlign":49},[41369],{"text":41370,"type":599},"Domestic potential?",{"type":594,"attrs":41372,"content":41373},{"textAlign":49},[41374],{"text":41375,"type":599},"At the Future Minerals Forum in Riyadh in January, Saudi officials touted $100 billion worth of domestic investment opportunities, discussing plans to expand geological exploration targeting lithium, rare earths, copper, and nickel deposits. The Saudi government estimates the country’s untapped mineral resources to be worth $2.5 trillion.",{"type":594,"attrs":41377,"content":41378},{"textAlign":49},[41379],{"text":41380,"type":599},"Aside from offering capital to de-risk project development, the Kingdom has reformed its mining laws to align closer with investor-friendly jurisdictions like Australia and Canada, resulting in a surge in active mine licenses since 2023. ",{"type":594,"attrs":41382,"content":41383},{"textAlign":49},[41384],{"text":41385,"type":599},"Currently, Saudi Arabia is home to the Jabal Sayid copper project, a collaboration between Ma’aden and Barrick Gold, and is the world’s sixth-largest producer of phosphate rock, commissioning projects to increase production – although it lacks the purified phosphoric acid (PPA) capacity needed for lithium iron phosphate (LFP) cell production. ",{"type":594,"attrs":41387,"content":41388},{"textAlign":49},[41389],{"text":41390,"type":599},"In particular, the Kingdom is leveraging expertise in oil extraction to position itself as a global leader in the adoption of direct lithium extraction (DLE) technology, focusing on oilfield brines. In late 2024, Aramco and Saudi Lithium Infinity (Lihytech) announced the first successful lithium extraction from oilfield brine at pilot scale.",{"type":594,"attrs":41392,"content":41393},{"textAlign":49},[41394,41396],{"text":41395,"type":599},"Three announced lithium projects are projected to supply over 20,000 tonnes of lithium carbonate equivalent (LCE) by the end of the decade, according to the ",{"text":41397,"type":599,"marks":41398},"Benchmark Lithium Forecast.",[41399],{"type":604,"attrs":41400},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":41402,"content":41403},{"textAlign":49},[41404],{"text":41405,"type":599},"Additionally, Saudi Arabia is forecast to produce 60,000 tonnes of pet needle coke from oil feedstocks by 2030, supporting a 20,000-tonne synthetic anode facility, alongside a planned 20,000-tonne natural graphite anode facility. ",{"type":657,"attrs":41407,"content":41408},{"level":15966,"textAlign":49},[41409],{"text":41410,"type":599},"How is the Kingdom expanding its global reach?",{"type":594,"attrs":41412,"content":41413},{"textAlign":49},[41414],{"text":41415,"type":599},"To secure resources to support domestic mineral processing, the Kingdom has also pursued a number of International partnerships – reaching preliminary agreements with several African countries, including the Democratic Republic of the Congo (DRC) and Zambia, to strengthen access to resources.",{"type":594,"attrs":41417,"content":41418},{"textAlign":49},[41419],{"text":41420,"type":599},"Notably, the US views Saudi Arabia as a strategic partner for investments in Africa, often in jurisdictions that Western firms have long viewed to be too risky. ",{"type":594,"attrs":41422,"content":41423},{"textAlign":49},[41424],{"text":41425,"type":599},"In early 2023, Saudi Arabia launched Manara Minerals, a joint venture between Ma’aden and the Public Investment Fund (PIF), with a mandate to begin acquiring overseas mining assets. ",{"type":594,"attrs":41427,"content":41428},{"textAlign":49},[41429],{"text":41430,"type":599},"Although its acquisitions so far have been limited to a 10% stake in Vale Base Metals in early 2024, in January it agreed to acquire a minority stake in Barrick Gold’s Reko Diq copper project in Pakistan, a project positioned to become the next major greenfield copper development.",{"type":594,"attrs":41432,"content":41433},{"textAlign":49},[41434],{"text":41435,"type":599},"The fund is also reported to be in early stage discussions with Chile’s Codelco regarding potential copper investments in South America, while also exploring lithium opportunities in the region.","Saudi Arabia is manoeuvring to become an important hub for critical mineral mining and refining as part of its “Vision 2030” economic diversification strategy. After announcing its arrival into the industry in 2022, the Kingdom has leveraged the Public Investment Fund (PIF) and Ma’aden, the country’s state miner, to target strategic investments both at home […]",[41438],{"slug":544,"name":543,"content":41439},{"job_title":557,"image":41440,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f3451cf6-bff9-408e-85be-6c7808daa59d\", \"id\": \"\"}-->",[41443,41444,41445,41446,41447,41448,41449],{"slug":869,"name":870},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"slug":4330,"name":150},{"slug":4332,"name":4333},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":41451,"copyright":547,"fieldtype":553,"meta_data":41452,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/be75bca5df/bm-saudi-arabia-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":41454,"uuid":9241,"name":41455,"slug":41456,"full_slug":41457,"content":41458},112468113228024,"How could China’s proposed technology export restrictions impact cathode expansions overseas?","how-could-chinas-proposed-technology-export-restrictions-impact-cathode-expansions-overseas","article/how-could-chinas-proposed-technology-export-restrictions-impact-cathode-expansions-overseas",{"_uid":41459,"date":41460,"tags":41461,"editor":41468,"content":41472,"excerpt":41639,"featured":51,"reporter":41640,"_editable":41644,"component":864,"seo_title":41455,"categories":41645,"visibility":882,"author_company":49,"data_vis_image":41648,"featured_image":41652,"seo_description":41639,"author_full_name":49,"author_job_title":49,"formattedDate":41655},"4c36bbd3-7f4c-430f-bf54-e2fbefb1b874","2025-01-30 00:00",[41462,41463,41464,41465,41466],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":1387,"name":1388},{"slug":7219,"name":451},{"slug":41467,"name":33049},"lopal",[41469],{"slug":544,"name":543,"content":41470},{"job_title":557,"image":41471,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":41473},[41474,41495,41508,41521,41526,41531,41539,41544,41563,41576,41581,41586,41591,41611,41619,41624,41629,41634],{"type":594,"attrs":41475,"content":41476},{"textAlign":49},[41477,41479,41485,41487,41493],{"text":41478,"type":599},"Just two companies are consistently producing the advanced form of ",{"text":41480,"type":599,"marks":41481},"lithium iron phosphate",[41482],{"type":604,"attrs":41483},{"href":41484,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/mine-to-grid-lfp-2?_branch_match_id=1544411923178950724&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTy7KdIso8nWqDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUALHeP1kgAAAA%3D",{"text":41486,"type":599}," (LFP) cathode material that ",{"text":41488,"type":599,"marks":41489},"China has proposed  technology export restrictions",[41490],{"type":604,"attrs":41491},{"href":41492,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports?_branch_match_id=1544411901809742252&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzIz8KlIjMq1DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAROyygkgAAAA%3D",{"text":41494,"type":599}," on.",{"type":594,"attrs":41496,"content":41497},{"textAlign":49},[41498,41500,41506],{"text":41499,"type":599},"Fulin Precision (also known as Jiangxi Shenghua) and Hunan Yuneng have the technology and capability to consistently produce this advanced ",{"text":41501,"type":599,"marks":41502},"LFP cathode active material",[41503],{"type":604,"attrs":41504},{"href":41505,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lfp-leads-ncm-evolves-cathode-2024-year-in-review?_branch_match_id=1544411906358798923&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzy1wCXcvNM61DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAsscbDEgAAAA%3D",{"text":41507,"type":599},", known as generation IV LFP.",{"type":594,"attrs":41509,"content":41510},{"textAlign":49},[41511,41513,41519],{"text":41512,"type":599},"The proposed restrictions do not necessarily prevent the export of the ",{"text":41514,"type":599,"marks":41515},"cathode material",[41516],{"type":604,"attrs":41517},{"href":41518,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lfp-cathode-prices-more-than-halve-in-a-year-as-cell-makers-flex-power?_branch_match_id=1544411931555366803&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW964K8zdOK83J9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUArGjRkkgAAAA%3D",{"text":41520,"type":599},", but instead focus on the technology required to produce them.",{"type":594,"attrs":41522,"content":41523},{"textAlign":49},[41524],{"text":41525,"type":599},"“The ban of the new technology would mean that Chinese LFP producers can not produce Gen IV LFP outside China, but they can export this product to the offshore cell producers,” said Harry Tinker, a senior cathode analyst at Benchmark.",{"type":594,"attrs":41527,"content":41528},{"textAlign":49},[41529],{"text":41530,"type":599},"LFP cathode materials can be divided into generations, with the fourth generation being the most advanced available commercially to date with a higher energy density and faster charging capabilities than previous generations. Further generations are in development and would also fall under the purview of the restrictions.",{"type":627,"attrs":41532},{"id":41533,"body":41534},"664003cc-2574-4e21-ba4c-90dc52d40f7c",[41535],{"id":41536,"_uid":41537,"type":634,"_editable":41538,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21355818","i-0087c17a-99e0-435d-987f-fabf2b005824","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0087c17a-99e0-435d-987f-fabf2b005824\", \"id\": \"\"}-->",{"type":657,"attrs":41540,"content":41541},{"level":15966,"textAlign":49},[41542],{"text":41543,"type":599},"Does generation IV material represent a significant amount of production for these companies?",{"type":594,"attrs":41545,"content":41546},{"textAlign":49},[41547,41549,41555,41556,41561],{"text":41548,"type":599},"Fulin is the sole supplier of generation IV LFP material for CATL’s Shenxing Battery. Lopal has supply contracts with ",{"text":41550,"type":599,"marks":41551},"Ford’s Michigan, US LFP cell facility",[41552],{"type":604,"attrs":41553},{"href":41554,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-lopal-to-supply-lfp-cathode-material-to-fords-us-battery-plant?_branch_match_id=1544411917483004243&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd%2FMwtTTKMHfOD0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAeJD3TUgAAAA%3D",{"text":3400,"type":599},{"text":904,"type":599,"marks":41557},[41558],{"type":604,"attrs":41559},{"href":41560,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lopal-signs-rmb-7-billion-lfp-supply-agreement-with-catl?_branch_match_id=1544411894492752948&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD47MK8%2B2KHauDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA2vsb9EgAAAA%3D",{"text":41562,"type":599}," and LG Energy Solution.",{"type":594,"attrs":41564,"content":41565},{"textAlign":49},[41566,41568,41574],{"text":41567,"type":599},"Benchmark’s contacts say that ",{"text":41569,"type":599,"marks":41570},"Lopal’s output",[41571],{"type":604,"attrs":41572},{"href":41573,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lopal-first-chinese-company-to-build-lfp-battery-cathode-plant-outside-of-china?_branch_match_id=1544411936065744729&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPogWnqAuEBqjTuooXyFq0dl9L47R%2BqK1I7lisUiFhWBzV7Y1lVmS%2Fg4Or%2FH13t32gzwBLOF0qE8nrCaiFprgmspCSAAAAA%3D%3D",{"text":41575,"type":599}," is not at the level to be considered generation IV and that Fulin is the most consistent at producing this type of cathode material.",{"type":594,"attrs":41577,"content":41578},{"textAlign":49},[41579],{"text":41580,"type":599},"Dynanonic, Wanrun and Anda Technology are amongst other cathode producers understood to have developed generation IV products but are yet to start mass production.",{"type":657,"attrs":41582,"content":41583},{"level":15966,"textAlign":49},[41584],{"text":41585,"type":599},"What international expansion plans do these companies have?",{"type":594,"attrs":41587,"content":41588},{"textAlign":49},[41589],{"text":41590,"type":599},"Fulin has not announced plans to produce LFP cathode materials overseas and so will likely be unaffected by the proposed technology export ban.",{"type":594,"attrs":41592,"content":41593},{"textAlign":49},[41594,41596,41602,41604,41609],{"text":41595,"type":599},"Other companies with generation IV capabilities in operation or under development do, however, ",{"text":41597,"type":599,"marks":41598},"have plans overseas",[41599],{"type":604,"attrs":41600},{"href":41601,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/hunan-yuneng-expands-global-footprint-with-spanish-lfp-cathode-plant?_branch_match_id=1544411940437458782&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FMwtDQOCszO9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAU8Eq8UgAAAA%3D",{"text":41603,"type":599},". If the proposed restrictions come into place, it could ",{"text":41605,"type":599,"marks":41606},"limit these companies",[41607],{"type":604,"attrs":41608},{"href":41573,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":41610,"type":599}," from producing advanced LFP cathode materials at these facilities.",{"type":627,"attrs":41612},{"id":41613,"body":41614},"eb1f6230-fbf5-4df8-ba2f-6184d4f30fbc",[41615],{"id":41616,"_uid":41617,"type":634,"_editable":41618,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21369063","i-da4f56a6-de7c-4d42-bfca-ccd7a94a7ce9","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-da4f56a6-de7c-4d42-bfca-ccd7a94a7ce9\", \"id\": \"\"}-->",{"type":594,"attrs":41620,"content":41621},{"textAlign":49},[41622],{"text":41623,"type":599},"“The proposed restrictions may lead to slower Chinese LFP investment in other countries, if those producers are targeting the high end EV market,” Tinker said.",{"type":657,"attrs":41625,"content":41626},{"level":15966,"textAlign":49},[41627],{"text":41628,"type":599},"What is the specific technology that would be restricted?",{"type":594,"attrs":41630,"content":41631},{"textAlign":49},[41632],{"text":41633,"type":599},"The proposal from China sets out specific thresholds for what cathode production technologies would be restricted. The higher calendered density of generation IV LFP cathode materials increases the energy density and enables faster charging due to improved conductivity.",{"type":594,"attrs":41635,"content":41636},{"textAlign":49},[41637],{"text":41638,"type":599},"The proposed restrictions also cover technologies used in the production of the precursor materials for LFP and LMFP, such as iron phosphate or ferromanganese phosphate.","Just two companies are consistently producing the advanced form of lithium iron phosphate (LFP) cathode material that China has proposed technology export restrictions on. Fulin Precision (also known as Jiangxi Shenghua) and Hunan Yuneng have the technology and capability to consistently produce this advanced LFP cathode active material, known as generation IV LFP. The proposed […]",[41641],{"slug":544,"name":543,"content":41642},{"job_title":557,"image":41643,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4c36bbd3-7f4c-430f-bf54-e2fbefb1b874\", \"id\": \"\"}-->",[41646,41647],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":41649,"name":547,"focus":547,"title":41649,"source":547,"filename":41650,"copyright":547,"fieldtype":553,"meta_data":41651,"is_external_url":51},"China's proposed LFP technology export restrictions could limit overseas expansion plans","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1738170369/www-production/Gen-IV-LFP-overseas@2x/Gen-IV-LFP-overseas@2x.png?_i=AA",{"alt":41649,"title":41649,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":41653,"copyright":547,"fieldtype":553,"meta_data":41654,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ac49c43a63/bm-china-rare-earths-proposed-export-ban-benchmark.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 30, 2025",{"id":41657,"uuid":41658,"name":41659,"slug":41660,"full_slug":41661,"content":41662},112468103610612,"e3a67e31-02a9-42da-851e-fe7698ecb3a1","OPINION: Moment of truth for European automakers","opinion-moment-of-truth-for-european-automakers","article/opinion-moment-of-truth-for-european-automakers",{"_uid":41663,"date":41460,"tags":41664,"editor":41668,"content":41672,"excerpt":41910,"featured":51,"reporter":41911,"_editable":41915,"component":864,"seo_title":41659,"categories":41916,"visibility":2091,"author_company":49,"featured_image":41918,"seo_description":41910,"author_full_name":49,"author_job_title":49,"formattedDate":41655},"c10577fe-5a31-4809-8bde-f23b82baff73",[41665],{"slug":41666,"name":41667},"opinion","Opinion",[41669],{"slug":544,"name":543,"content":41670},{"job_title":557,"image":41671,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":41673},[41674,41687,41692,41697,41702,41707,41712,41725,41732,41737,41742,41747,41765,41770,41781,41791,41796,41801,41814,41819,41824,41829,41834,41839,41844,41851,41856,41861,41866,41871,41876,41881,41886,41891,41900,41907],{"type":594,"attrs":41675,"content":41676},{"textAlign":49},[41677,41679,41685],{"text":41678,"type":599},"European automakers face the prospect of ",{"text":41680,"type":599,"marks":41681},"billions of euros in fines",[41682],{"type":604,"attrs":41683},{"href":41684,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/downloads/special-issues",{"text":41686,"type":599}," this year as European Union emissions targets come into effect. ",{"type":594,"attrs":41688,"content":41689},{"textAlign":49},[41690],{"text":41691,"type":599},"As Iola Hughes, head of research at Rho Motion, says: “car manufacturer bosses in the EU will be experiencing some sleepless nights in 2025.”",{"type":594,"attrs":41693,"content":41694},{"textAlign":49},[41695],{"text":41696,"type":599},"France, Italy and other countries have called for the EU to relax its emissions legislation, which fines automakers for exceeding average fleet-wide CO2/km targets, saying it will only hurt the European automotive industry. ",{"type":594,"attrs":41698,"content":41699},{"textAlign":49},[41700],{"text":41701,"type":599},"That would be a mistake. With President Donald Trump planning to scrap subsidies and support for electric vehicles, Europe faces a unique opportunity to benefit from the shift to electric cars. ",{"type":594,"attrs":41703,"content":41704},{"textAlign":49},[41705],{"text":41706,"type":599},"The EU must stick to its guns this year, providing the first real test to European automakers in the electrification transition. ",{"type":594,"attrs":41708,"content":41709},{"textAlign":49},[41710],{"text":41711,"type":599},"To reduce or remove targets this year show automakers they can proceed at their own pace going forwards and ultimately not face consequences for failing to decarbonise. It would also be grossly unfair to automakers who have made a larger sacrifice up to now in order to be in a position to meet the targets.",{"type":594,"attrs":41713,"content":41714},{"textAlign":49},[41715,41717,41723],{"text":41716,"type":599},"Yet the EU could ease the burden on automakers by restructuring how the fines are made. It could also reconsider its rules on ",{"text":41718,"type":599,"marks":41719},"plug-in hybrid vehicles",[41720],{"type":604,"attrs":41721},{"href":41722,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-2024-was-the-year-of-the-plug-in-hybrid",{"text":41724,"type":599},", making it easier for them to contribute to the targets – especially range-extender vehicles.",{"type":594,"attrs":41726,"content":41727},{"textAlign":49},[41728],{"type":1186,"attrs":41729},{"id":49,"alt":547,"src":41730,"title":49,"source":49,"copyright":49,"meta_data":41731},"https://a.storyblok.com/f/287943243085208/525b441870/bm-2025-ev-sales-growth-rates1-1332048dd396.png",{},{"type":657,"attrs":41733,"content":41734},{"level":15966,"textAlign":49},[41735],{"text":41736,"type":599},"Lagging EV sales ",{"type":594,"attrs":41738,"content":41739},{"textAlign":49},[41740],{"text":41741,"type":599},"From 2025, overall fleet emissions must reach 93.6 grams of CO2 per kilometre travelled, down from 106.6 grams in 2023. Automakers face fines equivalent to 95 euros per gram of CO2 per vehicle exceeding the limit. ",{"type":594,"attrs":41743,"content":41744},{"textAlign":49},[41745],{"text":41746,"type":599},"Each automaker has specific targets relative to the average mass of vehicles it registers. They can also pool with other automakers to improve their compliance. ",{"type":594,"attrs":41748,"content":41749},{"textAlign":49},[41750,41752,41756,41758,41763],{"text":41751,"type":599},"Analysis by ",{"text":37627,"type":599,"marks":41753},[41754],{"type":604,"attrs":41755},{"href":41684,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":41757,"type":599}," shows that Volvo, Tesla, Polestar, and China’s SAIC are the only automakers likely to meet targets on their own, without pooling with other automakers. (You can follow Rho Motion’s live tracker on emissions fines ",{"text":6515,"type":599,"marks":41759},[41760],{"type":604,"attrs":41761},{"href":41762,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/rho-motions-eu-2025-vehicle-emissions-tracker/",{"text":41764,"type":599},".) ",{"type":594,"attrs":41766,"content":41767},{"textAlign":49},[41768],{"text":41769,"type":599},"European automakers have been slow to capitalise on the transition, and develop lower-priced models that appeal to consumers. They have watched as Chinese electric vehicle companies such as BYD have introduced battery innovations that lower the cost of production, or range-extender vehicles that add small motors to electric vehicles to boost the range. ",{"type":594,"attrs":41771,"content":41772},{"textAlign":49},[41773,41775,41779],{"text":41774,"type":599},"In China, sales of ",{"text":41718,"type":599,"marks":41776},[41777],{"type":604,"attrs":41778},{"href":41722,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":41780,"type":599}," soared last year, as they cater to a segment of consumers who are still conscious of driving range. But in Europe, they have failed to appeal. ",{"type":594,"attrs":41782,"content":41783},{"textAlign":49},[41784,41786],{"text":41785,"type":599},"Last year, sales of electric vehicles in Europe fell by 3% compared to a year earlier. As a result carmakers still risk around 10 billion euros in fines, according to Benchmark’s ",{"text":41787,"type":599,"marks":41788},"special report on the legislation published this week. ",[41789],{"type":604,"attrs":41790},{"href":41684,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":41792,"content":41793},{"textAlign":49},[41794],{"text":41795,"type":599},"But re-writing the emissions rules now would only serve to set back this momentum. It would have risks and knock-on effects on the whole EV supply chain, including on battery plants and midstream and upstream projects, as EVs are a key demand driver. That would further set back the broader goals of the EU to de-risk from China. ",{"type":594,"attrs":41797,"content":41798},{"textAlign":49},[41799],{"text":41800,"type":599},"Investors are already reluctant to back new projects in the supply chain due to uncertainty around demand. ",{"type":594,"attrs":41802,"content":41803},{"textAlign":49},[41804,41806,41812],{"text":41805,"type":599},"As the European Commission’s",{"text":41807,"type":599,"marks":41808}," Competitiveness Compass",[41809],{"type":604,"attrs":41810},{"href":41811,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://commission.europa.eu/document/download/10017eb1-4722-4333-add2-e0ed18105a34_en",{"text":41813,"type":599}," report says:  “The CO2 standards provide long-term certainty to channel the necessary investments.”",{"type":657,"attrs":41815,"content":41816},{"level":15966,"textAlign":49},[41817],{"text":41818,"type":599},"Brighter outlook?",{"type":594,"attrs":41820,"content":41821},{"textAlign":49},[41822],{"text":41823,"type":599},"The EV market might also improve this year, as more models below EUR25,000 reach consumers, and interest rates start to fall, making car leasing more affordable. The European Central Bank is set to further reduce rates this week. ",{"type":594,"attrs":41825,"content":41826},{"textAlign":49},[41827],{"text":41828,"type":599},"Sales are expected to rise by 15% this year compared to 2024 or by 13% compared to 2023, the last year to see growth in the market, according to Rho Motion. ",{"type":594,"attrs":41830,"content":41831},{"textAlign":49},[41832],{"text":41833,"type":599},"While Chinese electric vehicles are undoubtedly providing competition, the tariffs imposed by the EU have gone some way to level the playing field. ",{"type":594,"attrs":41835,"content":41836},{"textAlign":49},[41837],{"text":41838,"type":599},"The focus should be on supporting climate/emission targets through additional consumer and corporate support and a holistic industrial plan focusing on next-gen technologies to help the EU car manufacturing industry bridge the EV competitiveness gap with China, rather than weakening the targets.",{"type":594,"attrs":41840,"content":41841},{"textAlign":49},[41842],{"text":41843,"type":599},"This could include further support for innovation in plug-in hybrid electric vehicles, especially range-extender vehicles, which could help consumers bridge the gap to full electric vehicles. These vehicles use internal combustion engine motors only to re-charge the onboard battery, rather than power the car. ",{"type":594,"attrs":41845,"content":41846},{"textAlign":49},[41847],{"type":1186,"attrs":41848},{"id":49,"alt":547,"src":41849,"title":49,"source":49,"copyright":49,"meta_data":41850},"https://a.storyblok.com/f/287943243085208/4ec2468865/bm-forecast-2025-global-ev-sales1-1332047ce4ad.png",{},{"type":657,"attrs":41852,"content":41853},{"level":15966,"textAlign":49},[41854],{"text":41855,"type":599},"Easing the burden",{"type":594,"attrs":41857,"content":41858},{"textAlign":49},[41859],{"text":41860,"type":599},"However, it would not be unreasonable for the EU Commission to consider what a fair maximum level of punishment is. ",{"type":594,"attrs":41862,"content":41863},{"textAlign":49},[41864],{"text":41865,"type":599},"Larger manufacturers where fines could run into the multi-billion euros may have a point to feel disproportionately hit. ",{"type":594,"attrs":41867,"content":41868},{"textAlign":49},[41869],{"text":41870,"type":599},"Mechanisms could be built in whereby a proportion of fines paid are returned if targets are then met in 2026 and beyond. ",{"type":594,"attrs":41872,"content":41873},{"textAlign":49},[41874],{"text":41875,"type":599},"This could even be targeted with stipulations that the money is used to further decarbonisation efforts. Alternatively funds are set aside specifically to aid electrification across the bloc either through support for supply chain projects or direct consumer support. ",{"type":594,"attrs":41877,"content":41878},{"textAlign":49},[41879],{"text":41880,"type":599},"Such mechanisms would mean fines are not ‘wasted’ or spent elsewhere without providing kickback benefits to the overall goal.",{"type":594,"attrs":41882,"content":41883},{"textAlign":49},[41884],{"text":41885,"type":599},"The EU Commission should use the money responsively to benefit its decarbonisation goals. ",{"type":594,"attrs":41887,"content":41888},{"textAlign":49},[41889],{"text":41890,"type":599},"But letting carmakers off the hook now will only slow down progress, setting back Europe’s goals to lead the global economy and regain its competitiveness.",{"type":594,"attrs":41892,"content":41893},{"textAlign":49},[41894],{"text":41895,"type":599,"marks":41896},"Source@benchmarkminerals.com",[41897],{"type":604,"attrs":41898},{"href":41899,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:Source@benchmarkminerals.com",{"type":594,"attrs":41901,"content":41902},{"textAlign":49},[41903],{"text":41904,"type":599,"marks":41905},"This article is part of Benchmark Source’s new weekly opinion column. Read more below:",[41906],{"type":643},{"type":594,"attrs":41908,"content":41909},{"textAlign":49},[],"European automakers face the prospect of billions of euros in fines this year as European Union emissions targets come into effect. As Iola Hughes, head of research at Rho Motion, says: “car manufacturer bosses in the EU will be experiencing some sleepless nights in 2025.” France, Italy and other countries have called for the EU […]",[41912],{"slug":544,"name":543,"content":41913},{"job_title":557,"image":41914,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c10577fe-5a31-4809-8bde-f23b82baff73\", \"id\": \"\"}-->",[41917],{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":41919,"copyright":547,"fieldtype":553,"meta_data":41920,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f462a5bbcf/bm-european-union.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":41922,"uuid":41923,"name":41924,"slug":41925,"full_slug":41926,"content":41927},112468122693882,"83284bdc-c0e4-4d80-b25a-be359ec5628d","Nickel prices tentatively recover on LME as Indonesia confirms quotas","nickel-prices-tentatively-recover-on-lme-as-indonesia-confirms-quotas","article/nickel-prices-tentatively-recover-on-lme-as-indonesia-confirms-quotas",{"_uid":41928,"date":41929,"tags":41930,"editor":41934,"content":41938,"excerpt":42032,"featured":51,"reporter":42033,"_editable":42037,"component":864,"seo_title":41924,"categories":42038,"visibility":882,"author_company":49,"data_vis_image":42041,"featured_image":42044,"seo_description":42032,"author_full_name":49,"author_job_title":49,"formattedDate":42046},"b1f9b03d-6141-4151-be47-cdb7be99244b","2025-01-28 00:00",[41931,41932,41933],{"slug":578,"name":579},{"slug":7997,"name":7998},{"slug":7994,"name":7995},[41935],{"slug":544,"name":543,"content":41936},{"job_title":557,"image":41937,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":41939},[41940,41945,41950,41955,41962,41967,41974,41979,41984,41989,41994,42007,42012,42017,42022,42027],{"type":594,"attrs":41941,"content":41942},{"textAlign":49},[41943],{"text":41944,"type":599},"Nickel prices on the London Metal Exchange (LME) recovered after the Indonesian government announced lower nickel ore mining quotas for 2025.",{"type":594,"attrs":41946,"content":41947},{"textAlign":49},[41948],{"text":41949,"type":599},"Prices peaked at $15,850 per tonne on 21 January 2025, having been at $15,000 at the start of the month, marking a 6% rise.",{"type":594,"attrs":41951,"content":41952},{"textAlign":49},[41953],{"text":41954,"type":599},"Though rumours had circulated of the quota being as low as 150 million tonnes earlier in January, the final figure is closer to 200 million. ",{"type":594,"attrs":41956,"content":41957},{"textAlign":49},[41958],{"type":1186,"attrs":41959},{"id":49,"alt":547,"src":41960,"title":49,"source":49,"copyright":49,"meta_data":41961},"https://a.storyblok.com/f/287943243085208/53f2cbddaf/bm-lme-nickel-prices-show-signs-of-recovery2x.png",{},{"type":594,"attrs":41963,"content":41964},{"textAlign":49},[41965],{"text":41966,"type":599},"Indonesian government officials indicated they want to maintain nickel metal prices between $16,000 and $18,000 per tonne to sustain profitability whilst attracting investment into nickel-based cathodes.",{"type":594,"attrs":41968,"content":41969},{"textAlign":49},[41970],{"type":1186,"attrs":41971},{"id":49,"alt":547,"src":41972,"title":49,"source":49,"copyright":49,"meta_data":41973},"https://a.storyblok.com/f/287943243085208/9f175cb4f8/bm-indonesian-nickel-exports-rise-amidst-tightening-ore-quotas2x-5-1331944a87d8.png",{},{"type":594,"attrs":41975,"content":41976},{"textAlign":49},[41977],{"text":41978,"type":599},"The movement, however, has not affected nickel prices for battery chemicals. Benchmark’s nickel sulphate EXW China and MHP CIF Asia prices have remained mostly flat over January as both sulphate and cathode producers go offline for the Spring Festival. ",{"type":594,"attrs":41980,"content":41981},{"textAlign":49},[41982],{"text":41983,"type":599},"“Given that Chinese nickel sulphate prices, for the most part, have decoupled from the LME since 2022, it is unlikely that short term fluctuations in the metal price will affect nickel sulphate prices,” said Spencer Ingall, price analyst at Benchmark.",{"type":594,"attrs":41985,"content":41986},{"textAlign":49},[41987],{"text":41988,"type":599},"“However, with the majority of Chinese nickel sulphate being produced from Indonesian MHP, a reduced refining capacity may balance the oversupplied sulphate market, providing price support for struggling Chinese sulphate refiners,” he added. ",{"type":657,"attrs":41990,"content":41991},{"level":15966,"textAlign":49},[41992],{"text":41993,"type":599},"What impact will Indonesia’s nickel quotas have?",{"type":594,"attrs":41995,"content":41996},{"textAlign":49},[41997,41999,42005],{"text":41998,"type":599},"In 2024, Indonesian ",{"text":42000,"type":599,"marks":42001},"imports of nickel ore from the Philippines",[42002],{"type":604,"attrs":42003},{"href":42004,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/nickel-market-faces-uncertainty-amid-indonesias-mining-quota-adjustments?_branch_match_id=1544411867858305395&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD3XycUwPMS3OD0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAI5kFHkgAAAA%3D",{"text":42006,"type":599}," rose 24-fold between January and October, as local refiners sought to sustain output. Imports from the Philippines, as well as New Caledonia, will likely continue to offset some of the losses.",{"type":594,"attrs":42008,"content":42009},{"textAlign":49},[42010],{"text":42011,"type":599},"As well as importing ore, miners could opt to tap higher nickel grades or utilise existing stockpiles.",{"type":594,"attrs":42013,"content":42014},{"textAlign":49},[42015],{"text":42016,"type":599},"The estimated shortfall means it is likely there will be a cut to refined nickel production unless the quota is expanded from current levels. Mining quotas were revised throughout 2024, so adjustments for 2025 remain possible.",{"type":657,"attrs":42018,"content":42019},{"level":15966,"textAlign":49},[42020],{"text":42021,"type":599},"Why has Indonesia placed quotas on nickel ore production?",{"type":594,"attrs":42023,"content":42024},{"textAlign":49},[42025],{"text":42026,"type":599},"A feature of the Work Plan and Budget (RKAB), Indonesia’s nickel ore production quotas were introduced in 2023 to curb illegal mining, improve environmental standards, and ensure responsible resource management amid concerns over premature resource depletion.",{"type":594,"attrs":42028,"content":42029},{"textAlign":49},[42030],{"text":42031,"type":599},"The quotas are provided on a company-specific basis and consider resource-reserve estimates as well as sustainability and logistics considerations.","Nickel prices on the London Metal Exchange (LME) recovered after the Indonesian government announced lower nickel ore mining quotas for 2025. Prices peaked at $15,850 per tonne on 21 January 2025, having been at $15,000 at the start of the month, marking a 6% rise. Though rumours had circulated of the quota being as low […]",[42034],{"slug":544,"name":543,"content":42035},{"job_title":557,"image":42036,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b1f9b03d-6141-4151-be47-cdb7be99244b\", \"id\": \"\"}-->",[42039,42040],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":42042,"copyright":547,"fieldtype":553,"meta_data":42043,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1738059326/www-production/Indonesian-nickel-exports-rise-amidst-tightening-ore-quotas@2x-3_1331928129ad/Indonesian-nickel-exports-rise-amidst-tightening-ore-quotas@2x-3_1331928129ad.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12226,"copyright":547,"fieldtype":553,"meta_data":42045,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jan 28, 2025",{"id":42048,"uuid":42049,"name":42050,"slug":42051,"full_slug":42052,"content":42053},112468132679943,"8ed3e611-8d7d-4b5c-a637-75ae622bb787","Lopal signs RMB 7 billion LFP supply agreement with CATL","lopal-signs-rmb-7-billion-lfp-supply-agreement-with-catl","article/lopal-signs-rmb-7-billion-lfp-supply-agreement-with-catl",{"_uid":42054,"date":42055,"tags":42056,"editor":42062,"content":42066,"excerpt":42204,"featured":50,"reporter":42205,"_editable":42209,"component":864,"seo_title":42050,"categories":42210,"visibility":882,"author_company":49,"data_vis_image":42215,"featured_image":42218,"seo_description":42204,"author_full_name":49,"author_job_title":49,"formattedDate":42221},"dcf45f4c-4bbb-49b7-abaa-f0d51770d594","2025-01-27 00:00",[42057,42058,42059,42060,42061],{"slug":903,"name":904},{"slug":913,"name":914},{"slug":578,"name":579},{"slug":7219,"name":451},{"slug":41467,"name":33049},[42063],{"slug":544,"name":543,"content":42064},{"job_title":557,"image":42065,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":42067},[42068,42079,42092,42113,42118,42126,42131,42139,42160,42165,42170,42191,42196],{"type":594,"attrs":42069,"content":42070},{"textAlign":49},[42071,42077],{"text":42072,"type":599,"marks":42073},"Chinese cathode material",[42074],{"type":604,"attrs":42075},{"href":42076,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports?_branch_match_id=1544411804193647015&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzIz8KlIjMq1DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAROyygkgAAAA%3D",{"text":42078,"type":599}," producer Lopal has signed a RMB 7 billion ($963 million) deal to supply CATL with lithium iron phosphate (LFP) cathode material in 2025.",{"type":594,"attrs":42080,"content":42081},{"textAlign":49},[42082,42084,42090],{"text":42083,"type":599},"In addition to purchasing cathode material, CATL will supply Lopal with lithium materials such as ",{"text":42085,"type":599,"marks":42086},"mica concentrate",[42087],{"type":604,"attrs":42088},{"href":42089,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/the-growing-role-of-chinese-mica-in-the-lithium-market?_branch_match_id=1544411834481216232&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz05x8whOybcoCEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnpAALUgAAAA%3D",{"text":42091,"type":599}," or lithium carbonate up to a value of RMB 1.32 billion ($182 million).",{"type":594,"attrs":42093,"content":42094},{"textAlign":49},[42095,42097,42103,42105,42111],{"text":42096,"type":599},"Lopal is the world’s fourth largest producer of LFP cathode materials, according to ",{"text":42098,"type":599,"marks":42099},"Benchmark’s Cathode Forecast",[42100],{"type":604,"attrs":42101},{"href":42102,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cathode/data-reports/forecast",{"text":42104,"type":599},". The company also has ",{"text":42106,"type":599,"marks":42107},"agreements to supply Ford",[42108],{"type":604,"attrs":42109},{"href":42110,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-lopal-to-supply-lfp-cathode-material-to-fords-us-battery-plant?_branch_match_id=1544411814263553859&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd%2FMwtTTKMHfOD0yyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAeJD3TUgAAAA%3D",{"text":42112,"type":599}," and LG Energy Solution with LFP cathode material.",{"type":594,"attrs":42114,"content":42115},{"textAlign":49},[42116],{"text":42117,"type":599},"The agreement continues the ongoing supply relationship between Lopal and CATL.",{"type":627,"attrs":42119},{"id":42120,"body":42121},"3484cae6-7c9a-4a11-80c0-fe4539adfddf",[42122],{"id":42123,"_uid":42124,"type":634,"_editable":42125,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21299599","i-36ab2306-779a-4245-9fe2-8109a0df7f54","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-36ab2306-779a-4245-9fe2-8109a0df7f54\", \"id\": \"\"}-->",{"type":657,"attrs":42127,"content":42128},{"level":15966,"textAlign":49},[42129],{"text":42130,"type":599},"Where does Lopal fit in China’s cathode material industry?",{"type":627,"attrs":42132},{"id":42133,"body":42134},"3f5f2ced-a7af-4d3f-b90c-ecf9cd0ff8be",[42135],{"id":42136,"_uid":42137,"type":634,"_editable":42138,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21298401","i-28d1e473-a5c0-49e9-a881-9ab0f6033e2f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-28d1e473-a5c0-49e9-a881-9ab0f6033e2f\", \"id\": \"\"}-->",{"type":594,"attrs":42140,"content":42141},{"textAlign":49},[42142,42144,42150,42152,42158],{"text":42143,"type":599},"In addition to Chinese LFP production facilities, ",{"text":42145,"type":599,"marks":42146},"Lopal also operates a facility in Indonesia",[42147],{"type":604,"attrs":42148},{"href":42149,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lopal-first-chinese-company-to-build-lfp-battery-cathode-plant-outside-of-china?_branch_match_id=1544411822285335444&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPogWnqAuEBqjTuooXyFq0dl9L47R%2BqK1I7lisUiFhWBzV7Y1lVmS%2Fg4Or%2FH13t32gzwBLOF0qE8nrCaiFprgmspCSAAAAA%3D%3D",{"text":42151,"type":599},". It is from this facility that the company will supply ",{"text":42153,"type":599,"marks":42154},"Ford’s Michigan plant",[42155],{"type":604,"attrs":42156},{"href":42157,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology?_branch_match_id=1544411797610728118&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT87LqjI3zs%2FJ9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKdS2rkgAAAA%3D",{"text":42159,"type":599}," with LFP material.",{"type":657,"attrs":42161,"content":42162},{"level":15966,"textAlign":49},[42163],{"text":42164,"type":599},"Where will the lithium come from?",{"type":594,"attrs":42166,"content":42167},{"textAlign":49},[42168],{"text":42169,"type":599},"CATL will provide lithium to Lopal with a procurement limit set at RMB 1.32 billion ($182 million). The supply agreement does not specify which mines or refineries the material will come from.",{"type":594,"attrs":42171,"content":42172},{"textAlign":49},[42173,42175,42181,42183,42189],{"text":42174,"type":599},"Last year, the company put its ",{"text":42176,"type":599,"marks":42177},"Jianxiawo mine into care and maintenance",[42178],{"type":604,"attrs":42179},{"href":42180,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-the-reported-shutdown-of-catls-mine-mean-for-the-lithium-market?_branch_match_id=1544411826814734733&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT3NJ8ip1szQvCEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJARBzkgAAAA%3D",{"text":42182,"type":599}," amid ",{"text":42184,"type":599,"marks":42185},"low lithium prices",[42186],{"type":604,"attrs":42187},{"href":42188,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review?_branch_match_id=1544411809867961488&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3YJ9ityNDQpCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJ2vQLEgAAAA%3D",{"text":42190,"type":599},". The only fully operating lithium mine in which CATL has a level of ownership of is Huaqiao Dagang Porcelain in which the company has a 30% stake.",{"type":594,"attrs":42192,"content":42193},{"textAlign":49},[42194],{"text":42195,"type":599},"In addition to mines, CATL has invested in lithium chemical processing plants as well. This includes a 30% stake in a lithium carbonate production facility in Yichun, Jiangxi operated by Lopal who owns the remaining 70% stake.",{"type":594,"attrs":42197,"content":42198},{"textAlign":49},[42199],{"type":1186,"attrs":42200},{"id":49,"alt":42201,"src":42202,"title":49,"source":49,"copyright":49,"meta_data":42203},"Battery-grade lithium carbonate prices have fallen 19% y-o-y in China. LFP cathode prices fell 18% in the same period","https://a.storyblok.com/f/287943243085208/442387cbac/bm-carbonate-and-lfp-prices-china2x-4.png",{},"Chinese cathode material producer Lopal has signed a RMB 7 billion ($963 million) deal to supply CATL with lithium iron phosphate (LFP) cathode material in 2025. In addition to purchasing cathode material, CATL will supply Lopal with lithium materials such as mica concentrate or lithium carbonate up to a value of RMB 1.32 billion ($182 […]",[42206],{"slug":544,"name":543,"content":42207},{"job_title":557,"image":42208,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dcf45f4c-4bbb-49b7-abaa-f0d51770d594\", \"id\": \"\"}-->",[42211,42212,42213,42214],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":42216,"copyright":547,"fieldtype":553,"meta_data":42217,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1738753224/www-production/Chinas-top-five-LFP-cathode-active-material-producers-2025-and-2030@2x-1/Chinas-top-five-LFP-cathode-active-material-producers-2025-and-2030@2x-1.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":42219,"copyright":547,"fieldtype":553,"meta_data":42220,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8dd59d7759/bm-catl-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 27, 2025",{"id":42223,"uuid":789,"name":42224,"slug":42225,"full_slug":42226,"content":42227},112468137414920,"CMOC guidance offers little hope for cobalt prices in 2025","cmoc-guidance-gives-little-hope-for-cobalt-prices-in-2025","article/cmoc-guidance-gives-little-hope-for-cobalt-prices-in-2025",{"_uid":42228,"date":42229,"tags":42230,"editor":42233,"content":42237,"excerpt":42330,"featured":50,"reporter":42331,"_editable":42335,"component":864,"seo_title":42224,"categories":42336,"visibility":882,"author_company":49,"featured_image":42340,"seo_description":42330,"author_full_name":49,"author_job_title":49,"formattedDate":42343},"e798f60f-8772-46d0-a0a0-3b90bb0e8f2a","2025-01-24 00:00",[42231,42232],{"slug":575,"name":576},{"slug":572,"name":573},[42234],{"slug":544,"name":543,"content":42235},{"job_title":557,"image":42236,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":42238},[42239,42244,42257,42262,42267,42272,42277,42282,42289,42294,42299,42304,42309,42314,42319],{"type":594,"attrs":42240,"content":42241},{"textAlign":49},[42242],{"text":42243,"type":599},"CMOC, the world’s largest cobalt miner, outlined production guidance for 2025 this week that aligns closely with its previous year output: targeting 100,000-120,000 tonnes of cobalt production this year, compared to 114,000 tonnes in 2024.",{"type":594,"attrs":42245,"content":42246},{"textAlign":49},[42247,42249,42255],{"text":42248,"type":599},"Following the rapid ramp up of output from its TFM and KFM mines in the Democratic Republic of Congo (DRC) – which saw cobalt output more than double in 2024 and ",{"text":42250,"type":599,"marks":42251},"outstrip full-year production several months early",[42252],{"type":604,"attrs":42253},{"href":42254,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cmoc-surpasses-cobalt-guidance-adding-pressure-on-prices?_branch_match_id=1544411782380082981&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz7fMMEx2K4kqCEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAC7UaTkgAAAA%3D",{"text":42256,"type":599}," – a stabilisation of CMOC’s production had largely been priced into the market this year.",{"type":594,"attrs":42258,"content":42259},{"textAlign":49},[42260],{"text":42261,"type":599},"“Sentiment coming into 2025 was already very weak and the market had been bracing itself for prices this year to look and feel a lot like last year,” said Roman Aubry, cobalt price analyst at Benchmark. ",{"type":594,"attrs":42263,"content":42264},{"textAlign":49},[42265],{"text":42266,"type":599},"“However, the release of CMOC’s guidance – outlining that it plans to maintain last year’s utilisation rates in 2025 – is something tangible, leaving very little room for upward price risk,” Aubry continued.",{"type":657,"attrs":42268,"content":42269},{"level":15966,"textAlign":49},[42270],{"text":42271,"type":599},"CMOC targets copper",{"type":594,"attrs":42273,"content":42274},{"textAlign":49},[42275],{"text":42276,"type":599},"Despite a stabilisation of CMOC’s cobalt output, production remains at exceptionally-high levels, with the guidance reinforcing expectations that the cobalt market is facing another year of bumper oversupply.",{"type":594,"attrs":42278,"content":42279},{"textAlign":49},[42280],{"text":42281,"type":599},"“On the one hand, this stable, predictable weak price environment is positive for buyers – especially given the lack of sophisticated price risk management solutions available to them. But, for established miners and market aspirants, 2025 looks set to be another year where success will be measured by surviving rather than thriving,” Aubry said.",{"type":594,"attrs":42283,"content":42284},{"textAlign":49},[42285],{"type":1186,"attrs":42286},{"id":49,"alt":547,"src":42287,"title":49,"source":49,"copyright":49,"meta_data":42288},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdyUirHnrmOdvohTB6xTabAxJYnLwDvzP3pvvuSmVsFl2HOTn00sU-vlAfMERLvxPQckvoF6ngwY-Q5DDwQsRm7HdCIErlYWzHBQYYlF3A141ZkyTukk_LQM4D_HZFaAJ52PmZOEg?key=OSsPyp5vzNbBxVODjxACWugd",{},{"type":594,"attrs":42290,"content":42291},{"textAlign":49},[42292],{"text":42293,"type":599},"CMOC has prioritised copper over cobalt fundamentals, due to the red metal’s bullish price outlook and China’s strategic drive for supply self-sufficiency to support its clean energy and artificial intelligence (AI) ambitions.",{"type":594,"attrs":42295,"content":42296},{"textAlign":49},[42297],{"text":42298,"type":599},"The Chinese miner is targeting copper production this year of between 600,000 and 660,000 tonnes, compared to around 650,000 tonnes in 2024.",{"type":657,"attrs":42300,"content":42301},{"level":15966,"textAlign":49},[42302],{"text":42303,"type":599},"Is CMOC’s production sustainable?",{"type":594,"attrs":42305,"content":42306},{"textAlign":49},[42307],{"text":42308,"type":599},"But doubts remain about how long the current level of cobalt production can continue. Data from the miner shows their sites are running well above the stated capacity for cobalt.",{"type":594,"attrs":42310,"content":42311},{"textAlign":49},[42312],{"text":42313,"type":599},"Benchmark analysts point to two main factors influencing higher production: “CMOC is running its KFM site above its stated mill capacity, and is also using high-grade ore, meaning the cobalt content in the ore being processed is much higher than the average grade of their reserves,” according to Will Talbot, research manager at Benchmark.",{"type":594,"attrs":42315,"content":42316},{"textAlign":49},[42317],{"text":42318,"type":599},"This suggests cobalt production from KFM will eventually decline as ore feed is expected to return to normal capacity, and the utilisation of high-grade ore means future grades will drop, unless CMOC significantly increases its resource estimates.",{"type":594,"attrs":42320,"content":42321},{"textAlign":49},[42322,42324,42329],{"text":42323,"type":599},"However, CMOC is expected to once again expand its operations in 2027 to sustain copper production – which is set to support cobalt output from CMOC’s African sites above 2024 levels until the early 2030s, according to the ",{"text":42325,"type":599,"marks":42326},"Benchmark Cobalt Forecast",[42327],{"type":604,"attrs":42328},{"href":40487,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"CMOC, the world’s largest cobalt miner, outlined production guidance for 2025 this week that aligns closely with its previous year output: targeting 100,000-120,000 tonnes of cobalt production this year, compared to 114,000 tonnes in 2024. Following the rapid ramp up of output from its TFM and KFM mines in the Democratic Republic of Congo (DRC) […]",[42332],{"slug":544,"name":543,"content":42333},{"job_title":557,"image":42334,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e798f60f-8772-46d0-a0a0-3b90bb0e8f2a\", \"id\": \"\"}-->",[42337,42338,42339],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":42341,"copyright":547,"fieldtype":553,"meta_data":42342,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bb7cdd80f1/bm-cobalt-photograph-for-source-from-harry.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 24, 2025",{"id":42345,"uuid":42346,"name":42347,"slug":42348,"full_slug":42349,"content":42350},112468152213773,"6ca6c785-741b-4b03-9058-02acc6dd8f25","CATL-Masdar partner for world’s largest solar power-battery storage project","catl-masdar-partner-for-worlds-largest-solar-power-battery-storage-project","article/catl-masdar-partner-for-worlds-largest-solar-power-battery-storage-project",{"_uid":42351,"date":42352,"tags":42353,"editor":42361,"content":42365,"excerpt":42501,"featured":50,"reporter":42502,"_editable":42506,"component":864,"seo_title":42507,"categories":42508,"visibility":882,"author_company":49,"data_vis_image":42512,"featured_image":42514,"seo_description":42517,"author_full_name":49,"author_job_title":49,"formattedDate":42518},"91fa90e2-6297-4669-be55-271fbeabfa17","2025-01-23 00:00",[42354,42355,42358],{"slug":903,"name":904},{"slug":42356,"name":42357},"masdar","Masdar",{"slug":42359,"name":42360},"solar-pv","Solar PV",[42362],{"slug":544,"name":543,"content":42363},{"job_title":557,"image":42364,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":42366},[42367,42383,42404,42409,42438,42458,42466,42471,42479],{"type":594,"attrs":42368,"content":42369},{"textAlign":49},[42370,42378],{"text":904,"type":599,"marks":42371},[42372,42375,42377],{"type":604,"attrs":42373},{"href":42374,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/charting-the-evolution-of-catls-revenue-streams",{"type":928,"attrs":42376},{"color":22006},{"type":3645},{"text":42379,"type":599,"marks":42380}," has announced a partnership with Masdar, the Emirati state-owned renewable energy company, to develop the world's largest solar power and battery storage project.",[42381],{"type":928,"attrs":42382},{"color":21998},{"type":594,"attrs":42384,"content":42385},{"textAlign":49},[42386,42391,42400],{"text":42387,"type":599,"marks":42388},"The project will be located in Abu Dhabi with investment totalling $6 billion for the development of 5.2 GW of solar capacity and 19 GWh of ",[42389],{"type":928,"attrs":42390},{"color":21998},{"text":42392,"type":599,"marks":42393},"battery energy stationary storage (BESS)",[42394,42397,42399],{"type":604,"attrs":42395},{"href":42396,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/glossary/battery-energy-storage-system",{"type":928,"attrs":42398},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":42401},[42402],{"type":928,"attrs":42403},{"color":21998},{"type":657,"attrs":42405,"content":42406},{"level":15966,"textAlign":49},[42407],{"text":42408,"type":599},"Where are BESS systems being deployed globally?",{"type":594,"attrs":42410,"content":42411},{"textAlign":49},[42412,42420,42425,42433],{"text":42413,"type":599,"marks":42414},"The majority of deployments are taking place in China",[42415,42417,42419],{"type":604,"attrs":42416},{"href":16685,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":42418},{"color":22006},{"type":3645},{"text":42421,"type":599,"marks":42422},", with the US (led by California and Texas) in second, followed by Western Europe. New markets have started to materialise particularly in the ",[42423],{"type":928,"attrs":42424},{"color":21998},{"text":2355,"type":599,"marks":42426},[42427,42430,42432],{"type":604,"attrs":42428},{"href":42429,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-the-middle-east-is-fast-becoming-a-key-player-in-the-bess-industry",{"type":928,"attrs":42431},{"color":22006},{"type":3645},{"text":42434,"type":599,"marks":42435},", India, central and Eastern Europe, and South America.",[42436],{"type":928,"attrs":42437},{"color":21998},{"type":594,"attrs":42439,"content":42440},{"textAlign":49},[42441,42446,42453],{"text":42442,"type":599,"marks":42443},"\"This deal is indicative of the speed at which deployments can grow in a relatively nascent market. ",[42444],{"type":928,"attrs":42445},{"color":21998},{"text":19549,"type":599,"marks":42447},[42448,42450,42452],{"type":604,"attrs":42449},{"href":25584,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":42451},{"color":22006},{"type":3645},{"text":42454,"type":599,"marks":42455}," is a particularly exciting prospect,\" said Pete Tillotson, Senior Research Analyst at Rho Motion.",[42456],{"type":928,"attrs":42457},{"color":21998},{"type":594,"attrs":42459,"content":42460},{"textAlign":49},[42461],{"text":42462,"type":599,"marks":42463},"The largest operating BESS projects are in the US, with two of the largest being Moss Landing (3 GWh) and Edwards & Sandborn (3.3 GWh). A local state of emergency was declared in Moss Landing following a fire at the battery facility which began last week.",[42464],{"type":928,"attrs":42465},{"color":21998},{"type":657,"attrs":42467,"content":42468},{"level":15966,"textAlign":49},[42469],{"text":42470,"type":599},"What is CATL’s role in the BESS market?",{"type":594,"attrs":42472,"content":42473},{"textAlign":49},[42474],{"text":42475,"type":599,"marks":42476},"CATL will supply the project with its TENER technology which it unveiled in April 2024.",[42477],{"type":928,"attrs":42478},{"color":21998},{"type":594,"attrs":42480,"content":42481},{"textAlign":49},[42482,42487,42496],{"text":42483,"type":599,"marks":42484},"\"CATL's TENER is part of the industry-wide trend shifting to 5MWh+ systems, with ",[42485],{"type":928,"attrs":42486},{"color":21998},{"text":42488,"type":599,"marks":42489},"most leading players now offering some form of larger capacity system",[42490,42493,42495],{"type":604,"attrs":42491},{"href":42492,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/who-were-the-top-cell-suppliers-in-the-bess-market-in-h1-2025",{"type":928,"attrs":42494},{"color":22006},{"type":3645},{"text":42497,"type":599,"marks":42498},". The system claims no-degradation for the first five years, which we suspect is achieved through pre-lithiation,\" said Tillotson.",[42499],{"type":928,"attrs":42500},{"color":21998},"CATL has announced a partnership with Masdar, the Emirati state-owned renewable energy company, to develop the world’s largest solar power and battery storage project. The project will be located in Abu Dhabi with investment totalling $6 billion for the development of 5.2 GW of solar capacity and 19 GWh of battery energy stationary storage (BESS). […]",[42503],{"slug":544,"name":543,"content":42504},{"job_title":557,"image":42505,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"91fa90e2-6297-4669-be55-271fbeabfa17\", \"id\": \"\"}-->","CATL-Masdar world’s largest solar power-battery storage",[42509,42510,42511],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":12983,"name":12984},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":42513},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":42515,"copyright":547,"fieldtype":553,"meta_data":42516,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/24d73b2480/bm-catl-masdar-parnter-for-solar-battery-plant.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"CATL has announced a partnership with Masdar, the Emirati state-owned renewable energy company, to develop the world’s largest solar power and battery storage project. The project will be located in Abu Dhabi with investment totalling  (BESS). […]","Jan 23, 2025",{"id":42520,"uuid":621,"name":42521,"slug":42522,"full_slug":42523,"content":42524},112468161769745,"Chinese lithium miners Zijin and Zangge consolidate in $1.87 billion deal","chinese-lithium-miners-zijin-and-zangge-consolidate-in-1-87-billion-deal","article/chinese-lithium-miners-zijin-and-zangge-consolidate-in-1-87-billion-deal",{"_uid":42525,"date":42526,"tags":42527,"editor":42532,"content":42536,"excerpt":42674,"featured":51,"reporter":42675,"_editable":42679,"component":864,"seo_title":42521,"categories":42680,"visibility":882,"author_company":49,"featured_image":42684,"seo_description":42674,"author_full_name":49,"author_job_title":49,"formattedDate":42687},"cf25a578-d707-4ed1-80c1-aa551f3c3c1c","2025-01-22 00:00",[42528,42529,42530,42531],{"slug":4357,"name":4358},{"slug":913,"name":914},{"slug":572,"name":573},{"slug":17611,"name":17612},[42533],{"slug":544,"name":543,"content":42534},{"job_title":557,"image":42535,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":42537},[42538,42558,42586,42596,42601,42609,42614,42619,42624,42629,42634,42639,42644,42649,42654,42659,42664,42669],{"type":594,"attrs":42539,"content":42540},{"textAlign":49},[42541,42543,42549,42551,42557],{"text":42542,"type":599},"Zijin Mining has acquired a 24.8% stake in Zangge Mining for RMB13.7 billion ($1.87 billion), following 2024’s trend of ",{"text":42544,"type":599,"marks":42545},"consolidation in the lithium market",[42546],{"type":604,"attrs":42547},{"href":42548,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/minmetals-leads-chinas-1-4-billion-lithium-consolidation-effort?_branch_match_id=1544411754315700547&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz6iMLLaISncKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARkAqW0gAAAA%3D",{"text":42550,"type":599}," through ",{"text":42552,"type":599,"marks":42553},"merger and acquisition activity",[42554],{"type":604,"attrs":42555},{"href":42556,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review?_branch_match_id=1544411742214186669&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3YJ9ityNDQpCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJ2vQLEgAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":42559,"content":42560},{"textAlign":49},[42561,42563,42568,42570,42576,42578,42584],{"text":42562,"type":599},"Zangge is operating and developing ",{"text":33082,"type":599,"marks":42564},[42565],{"type":604,"attrs":42566},{"href":42567,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rise-of-dle-will-open-up-new-sources-of-lithium-supply-this-decade?_branch_match_id=1544411758999658955&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNykrjsiLDEr38k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARthgR0gAAAA%3D",{"text":42569,"type":599}," (DLE) projects in China. Zijin, on the other hand, has a more ",{"text":42571,"type":599,"marks":42572},"international footprint",[42573],{"type":604,"attrs":42574},{"href":42575,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-set-to-dominate-african-lithium-production-this-decade?_branch_match_id=1544411746789218458&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBQFwBvpPogWHsBV1C40ninqV55Cu87eTJyzj0VrD7ljdcw1CejKUK53VZJkfewGZ5jBWr99RACZ5Lk82zvA1US2ih%2F0LGpSSAAAAA%3D%3D",{"text":42577,"type":599}," with projects in Argentina and the ",{"text":42579,"type":599,"marks":42580},"Democratic Republic of Congo",[42581],{"type":604,"attrs":42582},{"href":42583,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/mali-set-to-become-africas-second-largest-lithium-producer-in-2025?_branch_match_id=1544411734368523978&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3JPLvYorKrKDUyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAreNnIEgAAAA%3D",{"text":42585,"type":599}," (DRC) as well as China.",{"type":594,"attrs":42587,"content":42588},{"textAlign":49},[42589,42591,42595],{"text":42590,"type":599},"If Zijin succeeds in accelerating the ramp-up of its spodumene project in the DRC, the combined lithium output from the two companies in 2030 would be just behind Albemarle, the world’s second largest lithium miner, according to ",{"text":24541,"type":599,"marks":42592},[42593],{"type":604,"attrs":42594},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":42597,"content":42598},{"textAlign":49},[42599],{"text":42600,"type":599},"“The Zijin-Zangge merger significantly scales up the company’s lithium production over the next five years, transforming the combined entity from a mid-tier producer in 2025 into a top-tier global supplier by 2030,” said Cameron Perks, product director for lithium at Benchmark.",{"type":627,"attrs":42602},{"id":42603,"body":42604},"23ef62b6-c28d-4ad9-9dc2-03f183b5a912",[42605],{"id":42606,"_uid":42607,"type":634,"_editable":42608,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21254005","i-5b2f55a6-7cd8-4795-9c1c-c4b0821b60a4","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5b2f55a6-7cd8-4795-9c1c-c4b0821b60a4\", \"id\": \"\"}-->",{"type":657,"attrs":42610,"content":42611},{"level":15966,"textAlign":49},[42612],{"text":42613,"type":599},"What is the state of Zijin’s lithium portfolio?",{"type":594,"attrs":42615,"content":42616},{"textAlign":49},[42617],{"text":42618,"type":599},"Taking a stake in Zangge is the latest move by Zijin to continue expanding into the lithium industry.",{"type":594,"attrs":42620,"content":42621},{"textAlign":49},[42622],{"text":42623,"type":599},"Zijin’s most notable lithium project is the Manono project in the DRC. The company has a stake in the asset through a joint venture between its subsidiary Jinxiang Lithium and the state-owned mining company Cominiere. The JV has a 25% stake in the mine. AVZ Minerals has a 51% stake in the mine and battery giant CATL has the remaining 24%.",{"type":594,"attrs":42625,"content":42626},{"textAlign":49},[42627],{"text":42628,"type":599},"AVZ had planned for Manono to come online in 2030, though Zijin recently said it intends for the mine to be operational from as early as 2026, with production of just under 100,000 tonnes of lithium carbonate equivalent per year when at full capacity.",{"type":594,"attrs":42630,"content":42631},{"textAlign":49},[42632],{"text":42633,"type":599},"The Argentinian 3Q brine project Zijin acquired in 2021 was due to come online later this year, though local contacts have told Benchmark that the project has been delayed to 2026.",{"type":594,"attrs":42635,"content":42636},{"textAlign":49},[42637],{"text":42638,"type":599},"The company’s only operating lithium asset is a mica mine in Hunan, China. The small ~3,000 tonne LCE per year capacity is due to be increased by 54,000 tonnes LCE with a planned expansion due to come online later this year with a third expansion planned for 2036.",{"type":594,"attrs":42640,"content":42641},{"textAlign":49},[42642],{"text":42643,"type":599},"Zijin is currently constructing Lakkor Tso, a direct lithium extraction project in Tibet. It is due to come online later this year with an expansion due in 2028.",{"type":657,"attrs":42645,"content":42646},{"level":15966,"textAlign":49},[42647],{"text":42648,"type":599},"What lithium projects does Zangge have?",{"type":594,"attrs":42650,"content":42651},{"textAlign":49},[42652],{"text":42653,"type":599},"The deal gives Zijin access to Zangge’s operating direct lithium extraction facility in Qinghai with a capacity of 12,000 tonnes LCE per year.",{"type":594,"attrs":42655,"content":42656},{"textAlign":49},[42657],{"text":42658,"type":599},"Zangge is also developing a DLE asset in Tibet with a capacity of 50,000 tonnes LCE due to begin operating in 2026.",{"type":657,"attrs":42660,"content":42661},{"level":15966,"textAlign":49},[42662],{"text":42663,"type":599},"What role does copper play in the deal?",{"type":594,"attrs":42665,"content":42666},{"textAlign":49},[42667],{"text":42668,"type":599},"The deal also strengthens Zijin’s copper position. Zijin previously had a 50% stake in the Qulong copper mine in Tibet, China. The deal in Zangge ups Zijin’s stake to a controlling 58%.",{"type":594,"attrs":42670,"content":42671},{"textAlign":49},[42672],{"text":42673,"type":599},"The second phase of this project is due to come online towards the end of 2025, targeting production of 550,000 tonnes per year.","Zijin Mining has acquired a 24.8% stake in Zangge Mining for RMB13.7 billion ($1.87 billion), following 2024’s trend of consolidation in the lithium market through merger and acquisition activity. Zangge is operating and developing direct lithium extraction (DLE) projects in China. Zijin, on the other hand, has a more international footprint with projects in Argentina […]",[42676],{"slug":544,"name":543,"content":42677},{"job_title":557,"image":42678,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cf25a578-d707-4ed1-80c1-aa551f3c3c1c\", \"id\": \"\"}-->",[42681,42682,42683],{"slug":869,"name":870},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":42685,"copyright":547,"fieldtype":553,"meta_data":42686,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0ccf7dada2/bm-zijin-mining-3q.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 22, 2025",{"id":42689,"uuid":42690,"name":42691,"slug":42692,"full_slug":42693,"content":42694},112468166484242,"67d2f11b-12f2-4d28-98f2-9ee22f00506a","How the Biden administration raced to protect clean energy loans","biden-administration-raced-to-protect-clean-energy-loans","article/biden-administration-raced-to-protect-clean-energy-loans",{"_uid":42695,"date":42696,"tags":42697,"editor":42700,"content":42704,"excerpt":42754,"featured":51,"reporter":42755,"_editable":42759,"component":864,"seo_title":42691,"categories":42760,"visibility":882,"author_company":49,"featured_image":42764,"seo_description":42754,"author_full_name":49,"author_job_title":49,"formattedDate":42767},"f4301431-c034-40da-8507-cebc7cce7660","2025-01-21 00:00",[42698,42699],{"slug":1375,"name":1376},{"slug":4610,"name":662},[42701],{"slug":544,"name":543,"content":42702},{"job_title":557,"image":42703,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":42705},[42706,42711,42716,42721,42726,42734,42739,42744,42749],{"type":594,"attrs":42707,"content":42708},{"textAlign":49},[42709],{"text":42710,"type":599},"The outgoing Biden Administration distributed $39 billion in clean-energy loans in the aftermath of November’s US presidential election, racing to secure commitments ahead of President Trump’s inauguration this week.",{"type":594,"attrs":42712,"content":42713},{"textAlign":49},[42714],{"text":42715,"type":599},"In Biden’s final weeks the pace of approvals accelerated, with the Department of Energy’s Loan Programs Office (LPO) announcing $27 billion of funding in January alone. Around 32% of the value of LPO’s active loans were committed in 2025, demonstrating the eleventh hour push to protect financing from the incoming Trump administration.",{"type":594,"attrs":42717,"content":42718},{"textAlign":49},[42719],{"text":42720,"type":599},"“Even though billions worth of funds have still not been obligated, the public nature of these clean energy commitments creates political pressure not to claw back these investments, especially those in Republican states,” said Bryan Bille, principal policy and geopolitical analyst at Benchmark.",{"type":594,"attrs":42722,"content":42723},{"textAlign":49},[42724],{"text":42725,"type":599},"Among the final recipients of LPO loans were electric vehicle (EV) manufacturer Rivian ($6.57 billion), to support the development of a new plant in Georgia, and lithium miner Ioneer ($996 million), to progress the Rhyolite Ridge project in Nevada.",{"type":627,"attrs":42727},{"id":42728,"body":42729},"25dda8d4-41e5-476f-b229-4d5bc9a53afa",[42730],{"id":42731,"_uid":42732,"type":634,"_editable":42733,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21242128","i-0abefd92-7aab-4f9b-aa4d-a895f139e2a8","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0abefd92-7aab-4f9b-aa4d-a895f139e2a8\", \"id\": \"\"}-->",{"type":657,"attrs":42735,"content":42736},{"level":15966,"textAlign":49},[42737],{"text":42738,"type":599},"LPO faces uncertain future",{"type":594,"attrs":42740,"content":42741},{"textAlign":49},[42742],{"text":42743,"type":599},"The LPO has been the cornerstone of the Biden Administration’s clean-energy financing efforts under the IRA and Bipartisan Infrastructure Law. However, it faces an uncertain future under the second Trump Administration.",{"type":594,"attrs":42745,"content":42746},{"textAlign":49},[42747],{"text":42748,"type":599},"President Trump has been an outspoken critic of the IRA and other Biden-era clean-energy initiatives, pledging to rescind all unspent IRA funds upon taking office. President Trump lobbied Congress unsuccessfully to close the LPO in his first term in office.",{"type":594,"attrs":42750,"content":42751},{"textAlign":49},[42752],{"text":42753,"type":599},"Reports indicate that the LPO is a key target for cost-cutting and efficiency reforms in federal agencies for the new administration. It has been suggested that the office could be dismantled or repurposed to fund fossil fuel projects.","The outgoing Biden Administration distributed $39 billion in clean-energy loans in the aftermath of November’s US presidential election, racing to secure commitments ahead of President Trump’s inauguration this week. In Biden’s final weeks the pace of approvals accelerated, with the Department of Energy’s Loan Programs Office (LPO) announcing $27 billion of funding in January alone. […]",[42756],{"slug":544,"name":543,"content":42757},{"job_title":557,"image":42758,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f4301431-c034-40da-8507-cebc7cce7660\", \"id\": \"\"}-->",[42761,42762,42763],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":42765,"copyright":547,"fieldtype":553,"meta_data":42766,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b7365a4036/bm-biden-wave-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 21, 2025",{"id":42769,"uuid":42770,"name":42771,"slug":42772,"full_slug":42773,"content":42774},112468189995288,"011543d5-9776-4d59-b2b1-3a8911caa41a","China’s Lopal to supply LFP cathode material to Ford’s US battery plant","chinas-lopal-to-supply-lfp-cathode-material-to-fords-us-battery-plant","article/chinas-lopal-to-supply-lfp-cathode-material-to-fords-us-battery-plant",{"_uid":42775,"date":42776,"tags":42777,"editor":42784,"content":42788,"excerpt":42939,"featured":51,"reporter":42940,"_editable":42944,"component":864,"seo_title":42771,"categories":42945,"visibility":882,"author_company":49,"featured_image":42949,"seo_description":42939,"author_full_name":49,"author_job_title":49,"formattedDate":42952},"b413cc23-fa11-4290-8b56-43f9384b0ad1","2025-01-20 00:00",[42778,42779,42780,42781,42782,42783],{"slug":913,"name":914},{"slug":4612,"name":4613},{"slug":7997,"name":7998},{"slug":7219,"name":451},{"slug":41467,"name":33049},{"slug":1375,"name":1376},[42785],{"slug":544,"name":543,"content":42786},{"job_title":557,"image":42787,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":42789},[42790,42803,42816,42829,42841,42846,42851,42862,42867,42872,42891,42896,42901,42914,42919,42931],{"type":594,"attrs":42791,"content":42792},{"textAlign":49},[42793,42795,42801],{"text":42794,"type":599},"BlueOval Battery Park, ",{"text":42796,"type":599,"marks":42797},"Ford’s battery project in Michigan",[42798],{"type":604,"attrs":42799},{"href":42800,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology?_branch_match_id=1544411653395966960&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT87LqjI3zs%2FJ9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAKdS2rkgAAAA%3D",{"text":42802,"type":599},", signed an agreement with Chinese cathode material producer Lopal for lithium iron phosphate (LFP) between 2026 and 2030.",{"type":594,"attrs":42804,"content":42805},{"textAlign":49},[42806,42808,42814],{"text":42807,"type":599},"Lopal will provide the material via its subsidiary Liyuan (Asia Pacific) which operates a ",{"text":42809,"type":599,"marks":42810},"LFP cathode material production facility in Indonesia",[42811],{"type":604,"attrs":42812},{"href":42813,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lopal-first-chinese-company-to-build-lfp-battery-cathode-plant-outside-of-china?_branch_match_id=1544411676475470032&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpPogWnqAuEBqjTuooXyFq0dl9L47R%2BqK1I7lisUiFhWBzV7Y1lVmS%2Fg4Or%2FH13t32gzwBLOF0qE8nrCaiFprgmspCSAAAAA%3D%3D",{"text":42815,"type":599},". The plant is due to begin commercial-scale operations later this year with a first-phase capacity of 30,000 tonnes per year.",{"type":594,"attrs":42817,"content":42818},{"textAlign":49},[42819,42821,42827],{"text":42820,"type":599},"“This partnership with BlueOval highlights Lopal’s ambitions to build out midstream capacity to supply overseas markets,” said Harry Tinker, an analyst at Benchmark. “",{"text":42822,"type":599,"marks":42823},"Indonesia is already a fast expanding hub",[42824],{"type":604,"attrs":42825},{"href":42826,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/column-does-the-us-ira-give-indonesia-to-china?_branch_match_id=1544411645448571565&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW90%2FOC8nxyMjPCkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAuyZtKEgAAAA%3D",{"text":42828,"type":599}," for the battery supply chain, with many well established Chinese companies investing in the country.”",{"type":594,"attrs":42830,"content":42831},{"textAlign":49},[42832,42833,42839],{"text":2372,"type":599},{"text":42834,"type":599,"marks":42835},"price at which the cathode material will be sold",[42836],{"type":604,"attrs":42837},{"href":42838,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lfp-cathode-prices-more-than-halve-in-a-year-as-cell-makers-flex-power?_branch_match_id=1544411640825134496&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW964K8zdOK83J9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUArGjRkkgAAAA%3D",{"text":42840,"type":599}," has yet to be decided.",{"type":657,"attrs":42842,"content":42843},{"level":15966,"textAlign":49},[42844],{"text":42845,"type":599},"What is Lopal’s role in the global LFP cathode industry?",{"type":594,"attrs":42847,"content":42848},{"textAlign":49},[42849],{"text":42850,"type":599},"In December 2024, Lopal signed an agreement to supply 260,000 tonnes of LFP cathode material to South Korea’s LG Energy Solution between 2024 and 2028.",{"type":594,"attrs":42852,"content":42853},{"textAlign":49},[42854,42860],{"text":42855,"type":599,"marks":42856},"China recently proposed restrictions",[42857],{"type":604,"attrs":42858},{"href":42859,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports?_branch_match_id=1544411661218998014&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzIz8KlIjMq1DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAROyygkgAAAA%3D",{"text":42861,"type":599}," on the export of technology related to the production of some types of LFP cathode material.",{"type":594,"attrs":42863,"content":42864},{"textAlign":49},[42865],{"text":42866,"type":599},"“The overall impact and specifics of the cathode export regulations still remain uncertain while the policy undergoes its review period,” Tinker said. “From what we understand at the moment, it is the most advanced LFP materials that will undergo these restrictions.”",{"type":657,"attrs":42868,"content":42869},{"level":15966,"textAlign":49},[42870],{"text":42871,"type":599},"What is the role of Chinese companies in the BlueOval gigafactory?",{"type":594,"attrs":42873,"content":42874},{"textAlign":49},[42875,42877,42882,42884,42890],{"text":42876,"type":599},"The 20 gigawatt-hour BlueOval gigafactory in Michigan is due to begin operations in 2026, operated by Ford using technology ",{"text":42878,"type":599,"marks":42879},"licensed from China’s CATL",[42880],{"type":604,"attrs":42881},{"href":42800,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":42883,"type":599},", the world’s ",{"text":42885,"type":599,"marks":42886},"largest cell producer",[42887],{"type":604,"attrs":42888},{"href":42889,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-ions-leading-producers-in-2030-china-to-dominate-as-west-ramps-up?_branch_match_id=1544411672045660167&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzwzO8ius8g4O8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA7VnLXUgAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":42892,"content":42893},{"textAlign":49},[42894],{"text":42895,"type":599},"The US Department of Defense recently added CATL to its list of companies affiliated with the Chinese military. Companies on this list are barred from supplying US military contracts.",{"type":594,"attrs":42897,"content":42898},{"textAlign":49},[42899],{"text":42900,"type":599},"Although CATL does not have an ownership stake in the project, the close involvement of the company has raised concerns for some.",{"type":594,"attrs":42902,"content":42903},{"textAlign":49},[42904,42906,42912],{"text":42905,"type":599},"“Michigan cannot afford to gamble with taxpayer money on a project linked to a company flagged for ties to the Chinese military,” said Michigan’s ",{"text":42907,"type":599,"marks":42908},"Republican",[42909],{"type":604,"attrs":42910},{"href":42911,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/donald-trump-wins-us-election-bringing-future-of-ira-into-question?_branch_match_id=1544411685187308952&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWrwgPCs9ILDUv9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAq3AqFEgAAAA%3D",{"text":42913,"type":599}," State Representative Sarah Lightner. “It’s time to claw back these funds and protect our economic and national security.”",{"type":594,"attrs":42915,"content":42916},{"textAlign":49},[42917],{"text":42918,"type":599},"Lopal now adds another major Chinese battery supply chain player into the mix.",{"type":594,"attrs":42920,"content":42921},{"textAlign":49},[42922,42924,42929],{"text":42923,"type":599},"Although the US may want to reduce its dependence on China and Chinese technology, ",{"text":42925,"type":599,"marks":42926},"China far outpaces the rest of the world in LFP",[42927],{"type":604,"attrs":42928},{"href":42838,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":42930,"type":599}," production.",{"type":627,"attrs":42932},{"id":42933,"body":42934},"643d54da-6178-4aa4-82b2-edc63c95beb7",[42935],{"id":42936,"_uid":42937,"type":634,"_editable":42938,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21021895","i-390ba874-d04d-4c6b-8d99-41f686eb4f63","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-390ba874-d04d-4c6b-8d99-41f686eb4f63\", \"id\": \"\"}-->","BlueOval Battery Park, Ford’s battery project in Michigan, signed an agreement with Chinese cathode material producer Lopal for lithium iron phosphate (LFP) between 2026 and 2030. Lopal will provide the material via its subsidiary Liyuan (Asia Pacific) which operates a LFP cathode material production facility in Indonesia. The plant is due to begin commercial-scale operations […]",[42941],{"slug":544,"name":543,"content":42942},{"job_title":557,"image":42943,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b413cc23-fa11-4290-8b56-43f9384b0ad1\", \"id\": \"\"}-->",[42946,42947,42948],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":42950,"copyright":547,"fieldtype":553,"meta_data":42951,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8bccd6c875/bm-ford-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 20, 2025",{"id":42954,"uuid":42955,"name":42956,"slug":42957,"full_slug":42958,"content":42959},112468185342231,"8ab7970d-a0b9-4b26-95bf-d06951c50b51","How is the nickel sulphate market evolving?","how-is-the-nickel-sulphate-market-evolving","article/how-is-the-nickel-sulphate-market-evolving",{"_uid":42960,"date":42776,"tags":42961,"editor":42963,"content":42967,"excerpt":43055,"featured":51,"reporter":43056,"_editable":43060,"component":864,"seo_title":42956,"categories":43061,"visibility":882,"author_company":49,"featured_image":43064,"seo_description":43055,"author_full_name":49,"author_job_title":49,"formattedDate":42952},"66e132bd-16a4-4521-9517-31c270887eb7",[42962],{"slug":7997,"name":7998},[42964],{"slug":544,"name":543,"content":42965},{"job_title":557,"image":42966,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":42968},[42969,42974,42982,42987,42992,42997,43002,43007,43015,43020,43025,43030,43035,43040,43045,43050],{"type":594,"attrs":42970,"content":42971},{"textAlign":49},[42972],{"text":42973,"type":599},"The nickel sulphate market has undergone profound structural changes in recent years; underpinned by the rapid proliferation of Indonesia’s next-generation high-pressure acid leach (HPAL) plants and a China-led convergence of the nickel market’s traditional class I and class II segments.",{"type":627,"attrs":42975},{"id":42976,"body":42977},"4cfcb6fc-aa6a-42b3-b8f6-a8a8c88e5ada",[42978],{"id":42979,"_uid":42980,"type":634,"_editable":42981,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21163819","i-31a834b6-b1ff-4da3-ab7c-6255fe0f5c75","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-31a834b6-b1ff-4da3-ab7c-6255fe0f5c75\", \"id\": \"\"}-->",{"type":594,"attrs":42983,"content":42984},{"textAlign":49},[42985],{"text":42986,"type":599},"Today, Benchmark data reveals that nearly three-quarters of global nickel sulphate production is vertically integrated at the upstream level, while two-thirds is directly integrated into battery precursor (pCAM) production.",{"type":594,"attrs":42988,"content":42989},{"textAlign":49},[42990],{"text":42991,"type":599},"This trend favouring vertically integrated supply chains is set to continue as Indonesia pursues its ‘downstreaming’ policy aimed at fostering a domestic end-to-end electric vehicle ecosystem.",{"type":657,"attrs":42993,"content":42994},{"level":15966,"textAlign":49},[42995],{"text":42996,"type":599},"Limited spot availability outside of China",{"type":594,"attrs":42998,"content":42999},{"textAlign":49},[43000],{"text":43001,"type":599},"Benchmark analysis suggests that just 15,000 tonnes of nickel sulphate (nickel contained) will be available on the spot market from suppliers outside China in 2025: equivalent to 2% of global supply. ",{"type":594,"attrs":43003,"content":43004},{"textAlign":49},[43005],{"text":43006,"type":599},"Last year BHP mothballed the Nickel West complex in Western Australia, removing key ex-China nickel sulphate units from the market until at least 2027.",{"type":627,"attrs":43008},{"id":43009,"body":43010},"c874519b-1863-487f-aa6b-d2b475e2d9bf",[43011],{"id":43012,"_uid":43013,"type":634,"_editable":43014,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21164490","i-b66ab068-cd53-4940-ab0d-af0ab3d8a256","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b66ab068-cd53-4940-ab0d-af0ab3d8a256\", \"id\": \"\"}-->",{"type":594,"attrs":43016,"content":43017},{"textAlign":49},[43018],{"text":43019,"type":599},"Meanwhile, global nickel sulphate production is projected to rise by 15% to 756,000 tonnes (nickel contained) this year, on the back of the ongoing ramp-up of new capacity across China and Indonesia. ",{"type":594,"attrs":43021,"content":43022},{"textAlign":49},[43023],{"text":43024,"type":599},"Of this, 96,000 tonnes is estimated to be available on a spot basis outside of contractual agreements – but concentrated in China, by far the most liquid spot market for the battery chemical.",{"type":657,"attrs":43026,"content":43027},{"level":15966,"textAlign":49},[43028],{"text":43029,"type":599},"How are contracts evolving?",{"type":594,"attrs":43031,"content":43032},{"textAlign":49},[43033],{"text":43034,"type":599},"The nickel market is currently well-supplied and prices remain low, with nickel sulphate buyers confident they can meet their material needs through existing contracts in 2025, Benchmark understands. Optional tonnage clauses in these contracts may also provide flexibility if required.",{"type":594,"attrs":43036,"content":43037},{"textAlign":49},[43038],{"text":43039,"type":599},"“Currently, the need for ‘hand-to-mouth’ procurement is minimal,” said Daniel Fletcher-Manuel, director of prices at Benchmark. “Exploratory transactions may occur during slow trade periods as buyers test sellers’ price discipline and squeeze the nickel sulphate premium over the LME price. But most of 2025’s new production is already covered by 6-12 month supply contracts, with only fringe volumes allocated to the spot market.” ",{"type":594,"attrs":43041,"content":43042},{"textAlign":49},[43043],{"text":43044,"type":599},"Benchmark analysts note that Western market participants continue to base nickel sulphate supply contracts on the London Metal Exchange (LME) nickel contract, despite frustrations over increasing Chinese and Indonesian-origin material in LME warehouses. ",{"type":594,"attrs":43046,"content":43047},{"textAlign":49},[43048],{"text":43049,"type":599},"Conversely, many Asian buyers reference Chinese nickel chemical prices – by far the most liquid spot market – in their CIF Asia contracts.",{"type":594,"attrs":43051,"content":43052},{"textAlign":49},[43053],{"text":43054,"type":599},"“The industry has for some time sought an alternative hedging solution to the LME but has struggled to create a workable option for an ex-China procurement-hedging ecosystem,” Fletcher-Manuel added. ","The nickel sulphate market has undergone profound structural changes in recent years; underpinned by the rapid proliferation of Indonesia’s next-generation high-pressure acid leach (HPAL) plants and a China-led convergence of the nickel market’s traditional class I and class II segments. Today, Benchmark data reveals that nearly three-quarters of global nickel sulphate production is vertically integrated […]",[43057],{"slug":544,"name":543,"content":43058},{"job_title":557,"image":43059,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"66e132bd-16a4-4521-9517-31c270887eb7\", \"id\": \"\"}-->",[43062,43063],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":27204,"copyright":547,"fieldtype":553,"meta_data":43065,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":43067,"uuid":43068,"name":43069,"slug":43070,"full_slug":43071,"content":43072},112468180812054,"e257172d-d084-4f58-b15d-ea6594529e74","Rio Tinto and Glencore talks reflect the industry’s appetite for growth","rio-tinto-and-glencore-talks-reflect-the-industrys-appetite-for-growth","article/rio-tinto-and-glencore-talks-reflect-the-industrys-appetite-for-growth",{"_uid":43073,"date":42776,"tags":43074,"editor":43077,"content":43081,"excerpt":43168,"featured":51,"reporter":43169,"_editable":43173,"component":864,"seo_title":43069,"categories":43174,"visibility":882,"author_company":49,"featured_image":43180,"seo_description":43168,"author_full_name":49,"author_job_title":49,"formattedDate":42952},"082c5031-f352-4499-94f1-627ad7c57763",[43075,43076],{"slug":11317,"name":11318},{"slug":4366,"name":4367},[43078],{"slug":544,"name":543,"content":43079},{"job_title":557,"image":43080,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":43082},[43083,43088,43093,43106,43111,43118,43123,43128,43133,43138,43163],{"type":594,"attrs":43084,"content":43085},{"textAlign":49},[43086],{"text":43087,"type":599},"Rio Tinto and Glencore were engaged in talks over a possible merger last year, according to a recent report by Bloomberg, in what would have been one of the mining industry’s largest deals to date.",{"type":594,"attrs":43089,"content":43090},{"textAlign":49},[43091],{"text":43092,"type":599},"While discussions are now reported to have ended, the proposal underscores the growing ambition among mining companies to expand their exposure to commodities critical to the global energy transition, such as copper and lithium.",{"type":594,"attrs":43094,"content":43095},{"textAlign":49},[43096,43098,43104],{"text":43097,"type":599},"It comes on the heels of ",{"text":43099,"type":599,"marks":43100},"BHP’s unsuccessful attempt to acquire Anglo American",[43101],{"type":604,"attrs":43102},{"href":43103,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-bhps-failed-bid-for-anglo-american-could-impact-the-copper-market?_branch_match_id=1544411710970307414&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz%2FLJzfaKMi7JCkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkW%2BuoEgAAAA%3D",{"text":43105,"type":599}," last year – a proposal driven by the Australian mining giant’s desire to secure Anglo’s prized copper assets in Chile and Peru. Although the bid failed, it sparked a wave of interest in potential M&A activity across the mining sector.",{"type":594,"attrs":43107,"content":43108},{"textAlign":49},[43109],{"text":43110,"type":599},"The chart below highlights the transformative potential of the proposed Rio Tinto-Glencore merger. Had it gone through, the combined entity would have become the world’s largest copper producer, with an estimated output of 1.6 million metric tons in 2023, surpassing Chilean state-owned Codelco’s production for the same period.",{"type":594,"attrs":43112,"content":43113},{"textAlign":49},[43114],{"type":1186,"attrs":43115},{"id":49,"alt":547,"src":43116,"title":49,"source":49,"copyright":49,"meta_data":43117},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdlxG0LINOl_27VXx1Q2CTGQTVfxJPtaCMbn-fZ0XqstZ36_AxqrWsSTpq44cS1ak-wrqrZTMXCbSZYw58_YSRxmBWA0WkRq8CArVkx8owgz6kcNQm-oybKzpITviKwJllhgZVtGw?key=JlmhxciIktwdZnAaa4oPD1XH",{},{"type":594,"attrs":43119,"content":43120},{"textAlign":49},[43121],{"text":43122,"type":599},"“Although achieving growth through M&A is an effective and less time-consuming process than new project development, it will not solve the problem of copper supply deficits in the future,” said Ivan Llancas, copper analyst at Benchmark. “Miners still need to invest in new greenfield projects or brownfield expansions in order to effectively reduce the emerging supply gap.”",{"type":657,"attrs":43124,"content":43125},{"level":15966,"textAlign":49},[43126],{"text":43127,"type":599},"A sign of things to come?",{"type":594,"attrs":43129,"content":43130},{"textAlign":49},[43131],{"text":43132,"type":599},"Mining companies increasingly favour M&A as a strategy to bolster their exposure to energy transition commodities, largely due to the risks associated with new project development. These include lengthy permitting processes and recent inflationary pressures, which often lead to spiraling development costs.",{"type":594,"attrs":43134,"content":43135},{"textAlign":49},[43136],{"text":43137,"type":599},"It is also hoped that mergers can achieve synergies between projects and commodity classes to increase efficiencies, ultimately reducing operating costs.",{"type":594,"attrs":43139,"content":43140},{"textAlign":49},[43141,43143,43149,43155,43157],{"text":43142,"type":599},"Rio Tinto itself agreed to acquire US lithium producer Arcadium for $6.7 billion in 2024; a counter-cyclical deal that ",{"text":43144,"type":599,"marks":43145},"could make the Anglo-Australian a top three miner of the battery metal by 203",[43146],{"type":604,"attrs":43147},{"href":43148,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rio-tinto-commits-to-buy-arcadium-lithium-for-6-7-billion",{"text":43150,"type":599,"marks":43151},"0",[43152],{"type":604,"attrs":43153},{"href":43154,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rio-tinto-commits-to-buy-arcadium-lithium-for-6-7-billion?_branch_match_id=1544411702810366781&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd0lyLwusMivJCkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAuadwMEgAAAA%3D",{"text":43156,"type":599},". Benchmark has previously speculated on whether ",{"text":43158,"type":599,"marks":43159},"Rio’s Arcadium acquisition might entice other miners to enter the lithium fray. ",[43160],{"type":604,"attrs":43161},{"href":43162,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/will-rio-tintos-move-entice-other-mining-majors-into-lithium?_branch_match_id=1544411695464158572&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz6wIM60qMi%2FJCkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPaWgb0gAAAA%3D",{"type":594,"attrs":43164,"content":43165},{"textAlign":49},[43166],{"text":43167,"type":599},"Although discussions between Glencore and Rio Tinto seem to have concluded for now, they reflect the strong appetite for growth among mining majors. This is unlikely to be the last proposal of its kind to surface.","Rio Tinto and Glencore were engaged in talks over a possible merger last year, according to a recent report by Bloomberg, in what would have been one of the mining industry’s largest deals to date. While discussions are now reported to have ended, the proposal underscores the growing ambition among mining companies to expand their […]",[43170],{"slug":544,"name":543,"content":43171},{"job_title":557,"image":43172,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"082c5031-f352-4499-94f1-627ad7c57763\", \"id\": \"\"}-->",[43175,43176,43177,43178,43179],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":43181,"copyright":547,"fieldtype":553,"meta_data":43182,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bda8d09aa2/bm-aerial-view-of-santa-rita-strip-copper-mine-near-silver-city-nm.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":43184,"uuid":43185,"name":43186,"slug":43187,"full_slug":43188,"content":43189},114841632967398,"9d2b951e-12e7-4dc1-9947-895c36c488fb","BMW partners with SK for battery recycling in Europe","bmw-partners-with-sk-for-battery-recycling-in-europe","article/bmw-partners-with-sk-for-battery-recycling-in-europe",{"_uid":43190,"date":43191,"tags":43192,"editor":43202,"content":43206,"excerpt":43360,"featured":51,"reporter":43361,"_editable":43365,"component":864,"seo_title":43186,"categories":43366,"visibility":882,"author_company":49,"data_vis_image":43369,"featured_image":43372,"seo_description":43360,"author_full_name":49,"author_job_title":49,"formattedDate":43375},"c7a1b7e0-319e-4211-a9b9-ff5e2cfeae84","2025-01-16 00:00",[43193,43194,43197,43198,43199],{"slug":10440,"name":373},{"slug":43195,"name":43196},"bmw","BMW",{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":43200,"name":43201},"sk-ecoplant","SK ecoplant",[43203],{"slug":544,"name":543,"content":43204},{"job_title":557,"image":43205,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":43207},[43208,43220,43232,43237,43242,43260,43265,43284,43292,43297,43302,43307,43319,43324,43334,43342,43347],{"type":594,"attrs":43209,"content":43210},{"textAlign":49},[43211,43213,43218],{"text":43212,"type":599},"BMW announced this week a long-term partnership with South Korean ",{"text":5529,"type":599,"marks":43214},[43215],{"type":604,"attrs":43216},{"href":43217,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/recyclers-feel-the-squeeze-recycling-2024-in-review?_branch_match_id=1544393787120707848&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNwhJNzHxz8h0DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAv4TmwEgAAAA%3D",{"text":43219,"type":599}," SK tes, a subsidiary of SK Ecoplant, in which the automaker will send scrap batteries to SK tes’ plant in Rotterdam, Netherlands.",{"type":594,"attrs":43221,"content":43222},{"textAlign":49},[43223,43225,43230],{"text":43224,"type":599},"However, the Rotterdam plant only pretreats battery scrap, producing ",{"text":10224,"type":599,"marks":43226},[43227],{"type":604,"attrs":43228},{"href":43229,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-is-black-mass-and-how-is-it-priced?_branch_match_id=1544393828606773286&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWtywJCInIrsgx9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAEusdjkgAAAA%3D",{"text":43231,"type":599},"—the material containing critical battery minerals such as lithium, nickel and cobalt.",{"type":594,"attrs":43233,"content":43234},{"textAlign":49},[43235],{"text":43236,"type":599},"Processing of this material into battery chemicals will take place “in the global SK tes network,” Diana Schaidnagel, a spokesperson for BMW, confirmed to Benchmark Source.",{"type":657,"attrs":43238,"content":43239},{"level":15966,"textAlign":49},[43240],{"text":43241,"type":599},"Where is European black mass processed?",{"type":594,"attrs":43243,"content":43244},{"textAlign":49},[43245,43247,43253,43255,43259],{"text":43246,"type":599},"Very little ",{"text":43248,"type":599,"marks":43249},"black mass produced in Europe",[43250],{"type":604,"attrs":43251},{"href":43252,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/is-europe-ambitious-enough-on-recycling?_branch_match_id=1544393852680412987&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzy91Myx3KjctCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAP09e7kgAAAA%3D",{"text":43254,"type":599}," can actually be converted into battery chemicals in the region as two-thirds of battery recycling facilities only carry out the pretreatment stage in which the batteries are shredded, according to ",{"text":36126,"type":599,"marks":43256},[43257],{"type":604,"attrs":43258},{"href":36130,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":43261,"content":43262},{"textAlign":49},[43263],{"text":43264,"type":599},"“The under capacity issue in Europe is expected to continue at least in the short term,” said Jie Xu, a recycling analyst at Rho Motion. “This is part of the reason black mass is being shipped overseas for further processing.”",{"type":594,"attrs":43266,"content":43267},{"textAlign":49},[43268,43274,43276,43282],{"text":43269,"type":599,"marks":43270},"Asia has an abundance of hydrometallurgical capacity",[43271],{"type":604,"attrs":43272},{"href":43273,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/critical-mass-asian-demand-for-north-american-scrap-sees-recycler-prices-spike?_branch_match_id=1544393822019681205&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBwQ2AIAwF0I3ghAcT48EBHMGAqZRAC%2Fkl8ebsvsdzDlu9T6Q3S0SVooTYzMUxXCta%2FTJr4CAtnGn%2FQA8BRfOV0F8jbAejC%2F26SmqmSAAAAA%3D%3D",{"text":43275,"type":599}," and are therefore competing for ",{"text":43277,"type":599,"marks":43278},"black mass from Europe",[43279],{"type":604,"attrs":43280},{"href":43281,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/black-mass-hits-policy-mainstream-2023-in-review?_branch_match_id=1544393797629966850&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN3Et8jDxCosoCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAgtTKtkgAAAA%3D",{"text":43283,"type":599}," and North America, especially as those regions are still developing their black mass processing capabilities.",{"type":627,"attrs":43285},{"id":43286,"body":43287},"54cb7ab7-4468-4357-8eb6-897b7ed9afb1",[43288],{"id":43289,"_uid":43290,"type":634,"_editable":43291,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21163330","i-4a758356-204f-4092-8284-c06c20873c82","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4a758356-204f-4092-8284-c06c20873c82\", \"id\": \"\"}-->",{"type":594,"attrs":43293,"content":43294},{"textAlign":49},[43295],{"text":43296,"type":599},"The announcement is part of BMW’s closed-loop recycling program that started in China in 2022. The SK tes partnership targets the European market with BMW planning to expand the program to the US in 2026.",{"type":657,"attrs":43298,"content":43299},{"level":15966,"textAlign":49},[43300],{"text":43301,"type":599},"What role do automakers play in Europe’s recycling scene?",{"type":594,"attrs":43303,"content":43304},{"textAlign":49},[43305],{"text":43306,"type":599},"In addition to its partnership with SK tes, BMW plans to investigate direct recycling at its Cell Recycling Competence Centre under construction in Kirchroth in the Lower Bavaria region of Germany. Direct recycling is a process that recovers and regenerates battery components (such as the cathode or anode) without breaking down the chemical structures.",{"type":594,"attrs":43308,"content":43309},{"textAlign":49},[43310,43312,43318],{"text":43311,"type":599},"BMW are not the only ",{"text":43313,"type":599,"marks":43314},"automaker building out recycling plans in Europe",[43315],{"type":604,"attrs":43316},{"href":43317,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/automakers-ramp-up-recycling-plans-as-volvo-and-catl-agree-partnership?_branch_match_id=1544393834744597158&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLzNODkw3qqxIDkyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAXYMybUgAAAA%3D",{"text":21888,"type":599},{"type":657,"attrs":43320,"content":43321},{"level":15966,"textAlign":49},[43322],{"text":43323,"type":599},"How important are cell makers to Europe’s recycling industry?",{"type":594,"attrs":43325,"content":43326},{"textAlign":49},[43327,43329,43333],{"text":43328,"type":599},"Until 2031, cell makers are set to be the primary source of battery scrap for recyclers in Europe, according to ",{"text":36126,"type":599,"marks":43330},[43331],{"type":604,"attrs":43332},{"href":36130,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":627,"attrs":43335},{"id":43336,"body":43337},"ec8c65bb-52eb-47cf-b106-a8a826fa5c78",[43338],{"id":43339,"_uid":43340,"type":634,"_editable":43341,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21171386","i-a9c51d3a-6a4a-4d51-9755-2e10fe9b53d6","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a9c51d3a-6a4a-4d51-9755-2e10fe9b53d6\", \"id\": \"\"}-->",{"type":594,"attrs":43343,"content":43344},{"textAlign":49},[43345],{"text":43346,"type":599},"CATL’s battery recycling subsidiary Brunp is looking to set up a recycling facility in Europe, potentially in Hungary near CATL’s Debrecen gigafactory.",{"type":594,"attrs":43348,"content":43349},{"textAlign":49},[43350,43352,43358],{"text":43351,"type":599},"Northvolt had a partnership with Norsk Hydro through their joint venture recycling company Hydrovolt. In January 2025, Norsk Hydro acquired Northvolt’s share of the JV following the ",{"text":43353,"type":599,"marks":43354},"cell maker’s financial difficulties",[43355],{"type":604,"attrs":43356},{"href":43357,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/northvolt-files-for-bankruptcy-in-us-as-ceo-steps-down?_branch_match_id=1544393847226974021&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT6syda2o8CgI8U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA9HEV%2FEgAAAA%3D",{"text":43359,"type":599},". Hydrovolt will continue to collaborate with Northvolt’s Swedish recycling operation Revolt.","BMW announced this week a long-term partnership with South Korean battery recycler SK tes, a subsidiary of SK Ecoplant, in which the automaker will send scrap batteries to SK tes’ plant in Rotterdam, Netherlands. However, the Rotterdam plant only pretreats battery scrap, producing black mass—the material containing critical battery minerals such as lithium, nickel and […]",[43362],{"slug":544,"name":543,"content":43363},{"job_title":557,"image":43364,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c7a1b7e0-319e-4211-a9b9-ff5e2cfeae84\", \"id\": \"\"}-->",[43367,43368],{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":43370,"copyright":547,"fieldtype":553,"meta_data":43371,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1737022113/www-production/Europe-battery-scrap-pool-2023-2030-Q4/Europe-battery-scrap-pool-2023-2030-Q4.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":43373,"copyright":547,"fieldtype":553,"meta_data":43374,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/90beb8f6a9/bm-bmw-sk-tes.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 16, 2025",{"id":43377,"uuid":43378,"name":43379,"slug":43380,"full_slug":43381,"content":43382},114841616567011,"d0bc98f4-7a61-48be-b925-5aca5f57924e","OPINION: the West needs to support EV demand to achieve supply chain goals","opinion-the-west-needs-to-support-ev-demand-to-achieve-supply-chain-goals","article/opinion-the-west-needs-to-support-ev-demand-to-achieve-supply-chain-goals",{"_uid":43383,"date":43191,"tags":43384,"editor":43386,"content":43390,"excerpt":43607,"featured":51,"reporter":43608,"_editable":43612,"component":864,"seo_title":43379,"categories":43613,"visibility":2091,"author_company":49,"featured_image":43615,"seo_description":43607,"author_full_name":49,"author_job_title":49,"formattedDate":43375},"3c6de998-d328-47c3-b99b-767b215caf79",[43385],{"slug":41666,"name":41667},[43387],{"slug":544,"name":543,"content":43388},{"job_title":557,"image":43389,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":43391},[43392,43397,43408,43413,43425,43430,43438,43451,43456,43463,43468,43473,43478,43483,43488,43493,43501,43506,43511,43519,43524,43536,43541,43546,43553,43564,43569,43574,43579,43584,43589,43597,43602],{"type":594,"attrs":43393,"content":43394},{"textAlign":49},[43395],{"text":43396,"type":599},"Western politicians have been crystal clear that they want to reduce their reliance on China for clean energy technologies such as batteries. ",{"type":594,"attrs":43398,"content":43399},{"textAlign":49},[43400,43402,43407],{"text":43401,"type":599},"Yet building a battery supply chain will be difficult to achieve unless measures are taken to support electric vehicle ",{"text":18130,"type":599,"marks":43403},[43404],{"type":604,"attrs":43405},{"href":43406,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium-ion-batteries/data-reports/forecast",{"text":17632,"type":599},{"type":594,"attrs":43409,"content":43410},{"textAlign":49},[43411],{"text":43412,"type":599},"Currently the electric vehicle market is being propped up by China, meaning that investors in new mines and refineries to supply Western markets have to grapple with serious demand uncertainty. ",{"type":594,"attrs":43414,"content":43415},{"textAlign":49},[43416,43418,43423],{"text":43417,"type":599},"China’s sales of electric vehicles accounted for 65% of the global market last year, including plug-in hybrids (PHEVs), according to ",{"text":37627,"type":599,"marks":43419},[43420],{"type":604,"attrs":43421},{"href":43422,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/news/over-17-million-evs-sold-in-2024-record-year/",{"text":43424,"type":599},". That’s up from 58% in 2023. ",{"type":594,"attrs":43426,"content":43427},{"textAlign":49},[43428],{"text":43429,"type":599},"Excluding China, sales of pure battery electric vehicles rose by 7% last year from a year earlier. Adding in plug-in hybrid vehicles reduces that growth rate to 6%. That’s hardly the kind of growth that excites mining companies and new investors in the sector.",{"type":627,"attrs":43431},{"id":43432,"body":43433},"6ef6e053-f05d-4b0a-bd9e-4d2b67f3dd5f",[43434],{"id":43435,"_uid":43436,"type":634,"_editable":43437,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21189806","i-33b5895f-f273-426f-b62f-1bf93fcbcd62","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-33b5895f-f273-426f-b62f-1bf93fcbcd62\", \"id\": \"\"}-->",{"type":594,"attrs":43439,"content":43440},{"textAlign":49},[43441,43443,43449],{"text":43442,"type":599},"Having made large investment commitments and big promises a few years ago on the back of political support, many companies are now scaling back plans and cutting spending. Battery plants are being postponed or ",{"text":43444,"type":599,"marks":43445},"cancelled",[43446],{"type":604,"attrs":43447},{"href":43448,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/2024-sees-highest-gigafactory-capacity-cancellations-on-record",{"text":43450,"type":599}," in Europe, while miners of critical minerals have scaled back investment plans. ",{"type":594,"attrs":43452,"content":43453},{"textAlign":49},[43454],{"text":43455,"type":599},"The reality is the energy transition won’t be a nice neat linear demand progression as envisaged by some analysts. But the problem is this demand volatility can seriously damage Western efforts to compete with China during down cycles, setting back geopolitical goals by years. ",{"type":594,"attrs":43457,"content":43458},{"textAlign":49},[43459],{"type":1186,"attrs":43460},{"id":49,"alt":547,"src":43461,"title":49,"source":49,"copyright":49,"meta_data":43462},"https://a.storyblok.com/f/287943243085208/e8ef2c2bf2/bm-ex-china-bev-sales-1331513667e5.png",{},{"type":657,"attrs":43464,"content":43465},{"level":15966,"textAlign":49},[43466],{"text":43467,"type":599},"Importance of policy",{"type":594,"attrs":43469,"content":43470},{"textAlign":49},[43471],{"text":43472,"type":599},"The truth is that the electric vehicle market is still heavily reliant on policy. The Chinese market was supported last year by a trade-in scheme for old cars, while the US market was boosted by subsidies in the Inflation Reduction Act. ",{"type":594,"attrs":43474,"content":43475},{"textAlign":49},[43476],{"text":43477,"type":599},"As Charles Lester, an analyst at Rho Motion, says: “What is clear is that government carrots and sticks are working.”",{"type":594,"attrs":43479,"content":43480},{"textAlign":49},[43481],{"text":43482,"type":599},"In China, over 6.8 million old vehicles were replaced through the trade-in program last year, according to Chinese officials. Owners of old cars could get a 20,000 RMB ($2,728) subsidy for trading in an old vehicle for a new energy vehicle (which includes plug-in hybrids.)",{"type":594,"attrs":43484,"content":43485},{"textAlign":49},[43486],{"text":43487,"type":599},"This program will be extended into 2025, the government recently confirmed. ",{"type":594,"attrs":43489,"content":43490},{"textAlign":49},[43491],{"text":43492,"type":599},"Given that the majority of Chinese electric vehicle sales were for vehicles costing between 150,000 and 200,000 RMB ($20,459 – $27,279), the subsidy was quite powerful.",{"type":627,"attrs":43494},{"id":43495,"body":43496},"81a008e6-1177-4709-8d32-3fa0c10aa708",[43497],{"id":43498,"_uid":43499,"type":634,"_editable":43500,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21186546","i-672a9432-097c-468e-ae11-cc658d9120e3","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-672a9432-097c-468e-ae11-cc658d9120e3\", \"id\": \"\"}-->",{"type":657,"attrs":43502,"content":43503},{"level":15966,"textAlign":49},[43504],{"text":43505,"type":599},"European woes",{"type":594,"attrs":43507,"content":43508},{"textAlign":49},[43509],{"text":43510,"type":599},"In Europe, the withdrawal of some electric vehicle subsidies showed how important they are for electric vehicle demand. The removal of EV subsidies in Germany “had a devastating impact on the whole European market” last year, according to Rho Motion’s Lester. ",{"type":627,"attrs":43512},{"id":43513,"body":43514},"5d337dd3-5ee6-4a7d-85f3-30bea57ab148",[43515],{"id":43516,"_uid":43517,"type":634,"_editable":43518,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21156372","i-f2a997f1-78df-4a87-9801-9a106f81f034","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f2a997f1-78df-4a87-9801-9a106f81f034\", \"id\": \"\"}-->",{"type":594,"attrs":43520,"content":43521},{"textAlign":49},[43522],{"text":43523,"type":599},"The problem is that there are not enough cheap electric vehicles in Europe to entice buyers without subsidies, and plug-in hybrids have also not been pushed by automakers, unlike in China. ",{"type":594,"attrs":43525,"content":43526},{"textAlign":49},[43527,43529,43531,43533,43534],{"text":43528,"type":599},"This is partly because of a recalculation of PHEV CO",{"text":43530,"type":599},"2",{"text":43532,"type":599}," emission figures by the European Union, after real-world driven emissions were found to overstate the actual CO",{"text":43530,"type":599},{"text":43535,"type":599}," emitted from a PHEV. ",{"type":594,"attrs":43537,"content":43538},{"textAlign":49},[43539],{"text":43540,"type":599},"Due to this, sales of PHEVs will not necessarily help automakers avoid billions of euros in emissions fines from the EU. ",{"type":594,"attrs":43542,"content":43543},{"textAlign":49},[43544],{"text":43545,"type":599},"Yet that may be stopping automakers from producing vehicles that consumers actually want to buy. ",{"type":594,"attrs":43547,"content":43548},{"textAlign":49},[43549],{"type":1186,"attrs":43550},{"id":49,"alt":547,"src":43551,"title":49,"source":49,"copyright":49,"meta_data":43552},"https://a.storyblok.com/f/287943243085208/26e461cc6d/bm-phev-sales-china-vs-europe-1331599c79eb.png",{},{"type":594,"attrs":43554,"content":43555},{"textAlign":49},[43556,43558,43563],{"text":43557,"type":599},"Based on 2024 sales performance automakers in Europe are facing fines totalling well over $15 billion, according to Rho Motion. Benchmark will release a special report on Europe’s emissions legislation this month, available for download on the ",{"text":43559,"type":599,"marks":43560},"Source website",[43561],{"type":604,"attrs":43562},{"href":41684,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":43565,"content":43566},{"level":15966,"textAlign":49},[43567],{"text":43568,"type":599},"Whither the US EV market",{"type":594,"attrs":43570,"content":43571},{"textAlign":49},[43572],{"text":43573,"type":599},"The US should heed the warning from Europe before withdrawing EV subsidies. The big question for this year remains the fate of Biden’s signature climate change policies under President Donald Trump. ",{"type":594,"attrs":43575,"content":43576},{"textAlign":49},[43577],{"text":43578,"type":599},"According to the Wall Street Journal, Trump plans to immediately order a roll back of automotive emissions rules published by the Environmental Protection Agency. ",{"type":594,"attrs":43580,"content":43581},{"textAlign":49},[43582],{"text":43583,"type":599},"In addition, he aims to instruct the EPA to cancel its waiver it gave to California, which allowed the state to ban gas cars by 2035. ",{"type":594,"attrs":43585,"content":43586},{"textAlign":49},[43587],{"text":43588,"type":599},"The key, however, will be whether the consumer electric vehicle subsidies in the Inflation Reduction Act remain. The $7,500 tax credit has spurred a boom in EV leasing, since these cars don’t have to meet stringent battery and critical mineral requirements. ",{"type":594,"attrs":43590,"content":43591},{"textAlign":49},[43592],{"type":1186,"attrs":43593},{"id":49,"alt":43594,"src":43595,"title":49,"source":49,"copyright":49,"meta_data":43596},"US EV battery demand growth will likely slow under trump","https://a.storyblok.com/f/287943243085208/ca93056046/bm-trump-ev-demand.png",{},{"type":594,"attrs":43598,"content":43599},{"textAlign":49},[43600],{"text":43601,"type":599},"If the US market falters, China will only increase its dominance of global electric vehicle demand. ",{"type":594,"attrs":43603,"content":43604},{"textAlign":49},[43605],{"text":43606,"type":599},"That, in turn, will reduce the incentive for companies to invest in building a battery supply chain in the West, setting back the broader geopolitical ambitions of countering China’s dominance in critical minerals and batteries.","Western politicians have been crystal clear that they want to reduce their reliance on China for clean energy technologies such as batteries. Yet building a battery supply chain will be difficult to achieve unless measures are taken to support electric vehicle demand. Currently the electric vehicle market is being propped up by China, meaning that […]",[43609],{"slug":544,"name":543,"content":43610},{"job_title":557,"image":43611,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3c6de998-d328-47c3-b99b-767b215caf79\", \"id\": \"\"}-->",[43614],{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":43616,"copyright":547,"fieldtype":553,"meta_data":43617,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/16c152a782/bm-leapmotor-europe.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":43619,"uuid":43620,"name":43621,"slug":43622,"full_slug":43623,"content":43624},114841658288875,"a6a4fb93-0861-464f-8fbe-d88e5bea2644","Benchmark to change publishing date of Nickel Price Assessment to every alternate Wednesday","benchmark-to-change-publishing-date-of-nickel-price-assessment-to-every-alternate-wednesday","article/benchmark-to-change-publishing-date-of-nickel-price-assessment-to-every-alternate-wednesday",{"_uid":43625,"date":43626,"tags":43627,"editor":43630,"content":43634,"excerpt":43740,"featured":50,"reporter":43741,"_editable":43745,"component":864,"seo_title":43621,"categories":43746,"visibility":2091,"author_company":49,"featured_image":43749,"seo_description":43740,"author_full_name":49,"author_job_title":49,"formattedDate":43751},"1323cb44-6101-4a20-b006-6aedb186701c","2025-01-14 00:00",[43628,43629],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[43631],{"slug":544,"name":543,"content":43632},{"job_title":557,"image":43633,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":43635},[43636,43641,43646,43651,43656,43661,43666,43671,43676,43681,43685,43690,43730,43735],{"type":594,"attrs":43637,"content":43638},{"textAlign":49},[43639],{"text":43640,"type":599},"Benchmark Mineral Intelligence will move the publishing of its nickel grades to a cycle of every two weeks on Wednesdays, to better align with the Lithium and Cobalt Price Assessments beginning 15 January 2025. This change has come following a consultation launched on 11 December 2024.",{"type":657,"attrs":43642,"content":43643},{"level":15966,"textAlign":49},[43644],{"text":43645,"type":599},"Benchmark’s nickel prices – every two weeks",{"type":594,"attrs":43647,"content":43648},{"textAlign":49},[43649],{"text":43650,"type":599},"Nickel Sulphate EXW China",{"type":594,"attrs":43652,"content":43653},{"textAlign":49},[43654],{"text":43655,"type":599},"Nickel MHP CIF Asia",{"type":594,"attrs":43657,"content":43658},{"textAlign":49},[43659],{"text":43660,"type":599},"Nickel Sulphate CIF Asia (Normalised)",{"type":594,"attrs":43662,"content":43663},{"textAlign":49},[43664],{"text":43665,"type":599},"Aggregate MHP CIF Asia",{"type":594,"attrs":43667,"content":43668},{"textAlign":49},[43669],{"text":43670,"type":599},"Sustainable Nickel Metal EXW Europe",{"type":594,"attrs":43672,"content":43673},{"textAlign":49},[43674],{"text":43675,"type":599},"Sustainable Nickel Sulphate CIF Asia",{"type":594,"attrs":43677,"content":43678},{"textAlign":49},[43679],{"text":43680,"type":599},"These prices will be published by Benchmark every alternate Wednesday by 4pm (London) starting from 15 January 2025, with market analysis sent out to subscribers soon after.",{"type":657,"attrs":43682,"content":43683},{"level":15966,"textAlign":49},[43684],{"text":19874,"type":599},{"type":594,"attrs":43686,"content":43687},{"textAlign":49},[43688],{"text":43689,"type":599},"Benchmark Mineral Intelligence is the world’s number one market price provider for the lithium ion battery to electric vehicle supply chain. ",{"type":594,"attrs":43691,"content":43692},{"textAlign":49},[43693,43694,43698,43699,43703,43704,43708,43709,43713,43714,43718,43719,43723,43724,43728],{"text":33223,"type":599},{"text":8,"type":599,"marks":43695},[43696],{"type":604,"attrs":43697},{"href":33234,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":115,"type":599,"marks":43700},[43701],{"type":604,"attrs":43702},{"href":33228,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":189,"type":599,"marks":43705},[43706],{"type":604,"attrs":43707},{"href":33240,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":2508,"type":599,"marks":43710},[43711],{"type":604,"attrs":43712},{"href":33246,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":150,"type":599,"marks":43715},[43716],{"type":604,"attrs":43717},{"href":33252,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":33255,"type":599,"marks":43720},[43721],{"type":604,"attrs":43722},{"href":33259,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":33262,"type":599,"marks":43725},[43726],{"type":604,"attrs":43727},{"href":33266,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":43729,"type":599}," – to the highest IOSCO standard. ",{"type":594,"attrs":43731,"content":43732},{"textAlign":49},[43733],{"text":43734,"type":599},"Our nickel price assessments are created by senior management and price analysts that truly understand the market they are assessing.",{"type":594,"attrs":43736,"content":43737},{"textAlign":49},[43738],{"text":43739,"type":599},"They are the world’s most trusted battery supply chain price assessments and used to settle contracts and guide major investment decisions.","Benchmark Mineral Intelligence will move the publishing of its nickel grades to a cycle of every two weeks on Wednesdays, to better align with the Lithium and Cobalt Price Assessments beginning 15 January 2025. This change has come following a consultation launched on 11 December 2024. Benchmark’s nickel prices – every two weeks Nickel Sulphate […]",[43742],{"slug":544,"name":543,"content":43743},{"job_title":557,"image":43744,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1323cb44-6101-4a20-b006-6aedb186701c\", \"id\": \"\"}-->",[43747,43748],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":13853,"copyright":547,"fieldtype":553,"meta_data":43750,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jan 14, 2025",{"id":43753,"uuid":43754,"name":43755,"slug":43756,"full_slug":43757,"content":43758},114841649756906,"0104d68e-9ff6-45f6-b259-a3b4f3229719","Four provinces produce over half of China’s cathode output","four-provinces-produce-over-half-of-chinas-cathode-output","article/four-provinces-produce-over-half-of-chinas-cathode-output",{"_uid":43759,"date":43626,"tags":43760,"editor":43767,"content":43771,"excerpt":43870,"featured":51,"reporter":43871,"_editable":43875,"component":864,"seo_title":43755,"categories":43876,"visibility":882,"author_company":49,"data_vis_image":43879,"featured_image":43882,"seo_description":43870,"author_full_name":49,"author_job_title":49,"formattedDate":43751},"721589f0-1f5c-4974-b79e-ec625d1879b1",[43761,43762,43763,43764],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":7219,"name":451},{"slug":43765,"name":43766},"sichuan","Sichuan",[43768],{"slug":544,"name":543,"content":43769},{"job_title":557,"image":43770,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":43772},[43773,43791,43799,43804,43815,43828,43833,43838,43850,43862],{"type":594,"attrs":43774,"content":43775},{"textAlign":49},[43776,43778,43784,43786,43790],{"text":43777,"type":599},"Just four provinces accounted for over half of China’s ",{"text":43779,"type":599,"marks":43780},"cathode active material production in 2024",[43781],{"type":604,"attrs":43782},{"href":43783,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lfp-leads-ncm-evolves-cathode-2024-year-in-review?_branch_match_id=1544393766494262259&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzy1wCXcvNM61DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAsscbDEgAAAA%3D",{"text":43785,"type":599}," and are set to continue to do so out to 2030, according to ",{"text":42098,"type":599,"marks":43787},[43788],{"type":604,"attrs":43789},{"href":42102,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":627,"attrs":43792},{"id":43793,"body":43794},"87e20197-5b96-4659-b544-f3b54a6265fe",[43795],{"id":43796,"_uid":43797,"type":634,"_editable":43798,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21144577","i-67187b43-0560-491e-bff8-1d96f131cba5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-67187b43-0560-491e-bff8-1d96f131cba5\", \"id\": \"\"}-->",{"type":657,"attrs":43800,"content":43801},{"level":15966,"textAlign":49},[43802],{"text":43803,"type":599},"Which provinces produce the most cathode active material?",{"type":594,"attrs":43805,"content":43806},{"textAlign":49},[43807,43809,43813],{"text":43808,"type":599},"Sichuan is a popular location in part due to its sizable lithium industry. ",{"text":24541,"type":599,"marks":43810},[43811],{"type":604,"attrs":43812},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":43814,"type":599}," shows that 30% of the country’s 2024  lithium chemical production was in the province. Additionally, the province has lower cost, clean energy from hydropower, low labour costs and access to government incentives.",{"type":594,"attrs":43816,"content":43817},{"textAlign":49},[43818,43820,43826],{"text":43819,"type":599},"The largest cathode producer in Sichuan is ",{"text":43821,"type":599,"marks":43822},"Hunan Yuneng New Energy Battery Materials",[43823],{"type":604,"attrs":43824},{"href":43825,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/hunan-yuneng-expands-global-footprint-with-spanish-lfp-cathode-plant?_branch_match_id=1544393746936928544&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FMwtDQOCszO9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAU8Eq8UgAAAA%3D",{"text":43827,"type":599},", though CATL also has major investments in the province.",{"type":594,"attrs":43829,"content":43830},{"textAlign":49},[43831],{"text":43832,"type":599},"The majority of other provinces in China also have some level of cathode production, though many represent less than 1% of the country’s production.",{"type":657,"attrs":43834,"content":43835},{"level":15966,"textAlign":49},[43836],{"text":43837,"type":599},"What cathode material types does China produce?",{"type":594,"attrs":43839,"content":43840},{"textAlign":49},[43841,43843,43848],{"text":43842,"type":599},"Within China, ",{"text":41480,"type":599,"marks":43844},[43845],{"type":604,"attrs":43846},{"href":43847,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lfp-cathode-prices-more-than-halve-in-a-year-as-cell-makers-flex-power?_branch_match_id=1544393737424124876&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW964K8zdOK83J9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUArGjRkkgAAAA%3D",{"text":43849,"type":599}," (LFP) cathode chemistries dominate production.",{"type":594,"attrs":43851,"content":43852},{"textAlign":49},[43853,43855,43861],{"text":43854,"type":599},"China’s strength in LFP cathode materials means it represented 99% of production globally last year. Notably, the country is looking to ",{"text":43856,"type":599,"marks":43857},"restrict exports of advanced LFP cathode technologies",[43858],{"type":604,"attrs":43859},{"href":43860,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports?_branch_match_id=1544393757132871579&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzIz8KlIjMq1DEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAROyygkgAAAA%3D",{"text":974,"type":599},{"type":627,"attrs":43863},{"id":43864,"body":43865},"bf854144-cab9-4bb8-9aa9-27052db01f92",[43866],{"id":43867,"_uid":43868,"type":634,"_editable":43869,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21146570","i-a9a3417a-2ca8-42f2-b766-083fc457f806","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a9a3417a-2ca8-42f2-b766-083fc457f806\", \"id\": \"\"}-->","Just four provinces accounted for over half of China’s cathode active material production in 2024 and are set to continue to do so out to 2030, according to Benchmark’s Cathode Forecast. Which provinces produce the most cathode active material? Sichuan is a popular location in part due to its sizable lithium industry. Benchmark’s Lithium Forecast […]",[43872],{"slug":544,"name":543,"content":43873},{"job_title":557,"image":43874,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"721589f0-1f5c-4974-b79e-ec625d1879b1\", \"id\": \"\"}-->",[43877,43878],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":43880,"copyright":547,"fieldtype":553,"meta_data":43881,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1736857749/www-production/China-cathode-province-map-2024-2030@2x-1/China-cathode-province-map-2024-2030@2x-1.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":43883,"copyright":547,"fieldtype":553,"meta_data":43884,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/23af354620/bm-sichuan-dam.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":43886,"uuid":43887,"name":43888,"slug":43889,"full_slug":43890,"content":43891},112468223189384,"78874d6d-eacb-4baf-8ee9-d7445a35f7b3","Zero emission target helps UK EV market outpace Europe in 2024","zero-emission-target-helps-uk-ev-market-outpace-europe-in-2024","article/zero-emission-target-helps-uk-ev-market-outpace-europe-in-2024",{"_uid":43892,"date":43893,"tags":43894,"editor":43898,"content":43902,"excerpt":43964,"featured":51,"reporter":43965,"_editable":43969,"component":864,"seo_title":43888,"categories":43970,"visibility":882,"author_company":49,"featured_image":43973,"seo_description":43964,"author_full_name":49,"author_job_title":49,"formattedDate":43976},"732ecd04-e91e-4119-9c4b-7ddd70b71519","2025-01-13 00:00",[43895,43896,43897],{"slug":2790,"name":2791},{"slug":16791,"name":16792},{"slug":4610,"name":662},[43899],{"slug":544,"name":543,"content":43900},{"job_title":557,"image":43901,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":43903},[43904,43909,43914,43921,43934,43939,43944,43949,43954,43959],{"type":594,"attrs":43905,"content":43906},{"textAlign":49},[43907],{"text":43908,"type":599},"The UK bucked a wider downturn in electric vehicle (EV) sales across continental Europe in 2024, surpassing Germany to become Europe’s largest EV market for the first time last year. ",{"type":594,"attrs":43910,"content":43911},{"textAlign":49},[43912],{"text":43913,"type":599},"Automakers offered large discounts on electric models – to the tune of an estimated £4.5 billion – to meet the UK government’s zero emission vehicle (ZEV) mandate, which required 22% of vehicles sales to be ZEVs in 2024. ",{"type":594,"attrs":43915,"content":43916},{"textAlign":49},[43917],{"type":1186,"attrs":43918},{"id":49,"alt":547,"src":43919,"title":49,"source":49,"copyright":49,"meta_data":43920},"https://a.storyblok.com/f/287943243085208/4d4cca8535/bm-uk-ev-sales-2-1331412aab75.png",{},{"type":594,"attrs":43922,"content":43923},{"textAlign":49},[43924,43926,43932],{"text":43925,"type":599},"The ZEV mandate is designed to include some flexibility: ",{"text":43927,"type":599,"marks":43928},"allowing automakers to trade ZEV credits between themselves",[43929],{"type":604,"attrs":43930},{"href":43931,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://rhomotion.com/news/will-vehicle-manufactures-reach-the-uks-2024-zev-mandate-targets/",{"text":43933,"type":599},", as well as borrowing from or crediting their sales against their future targets if they exceed or fall short of the mandate.",{"type":594,"attrs":43935,"content":43936},{"textAlign":49},[43937],{"text":43938,"type":599},"But the mandate has faced criticism from some automakers and industry bodies like the Society of Motor Manufacturers and Traders (SMMT), that argue that while ZEV rules incentivise supply, demand remains constrained without measures to support EV adoption, such as subsidies, due to high ticket prices. ",{"type":594,"attrs":43940,"content":43941},{"textAlign":49},[43942],{"text":43943,"type":599},"Prolonged discounts are unsustainable longer-term and risk damaging the UK’s automotive sector; which already saw several plant closures and layoffs last year amidst challenging headwinds for Europe’s automotive sector. ",{"type":594,"attrs":43945,"content":43946},{"textAlign":49},[43947],{"text":43948,"type":599},"Private buyers accounted for just one in ten sales of an electric model in the UK last year, according to reports.",{"type":657,"attrs":43950,"content":43951},{"level":15966,"textAlign":49},[43952],{"text":43953,"type":599},"UK launches review of ZEV rules",{"type":594,"attrs":43955,"content":43956},{"textAlign":49},[43957],{"text":43958,"type":599},"In response to industry calls, the UK government initiated a 2-month consultation period to review the existing ZEV mandate in late December, to assist automakers in meeting the rules regarding the phase-out of internal combustion engines sales by 2030.",{"type":594,"attrs":43960,"content":43961},{"textAlign":49},[43962],{"text":43963,"type":599},"The consultation will consider expanding ZEV emission models to include non-plug-in hybrids (HEV) after 2030, as well as an expansion of the credit “borrowing” scheme and extending credit “trading” beyond its existing 2026 deadline.","The UK bucked a wider downturn in electric vehicle (EV) sales across continental Europe in 2024, surpassing Germany to become Europe’s largest EV market for the first time last year. Automakers offered large discounts on electric models – to the tune of an estimated £4.5 billion – to meet the UK government’s zero emission vehicle […]",[43966],{"slug":544,"name":543,"content":43967},{"job_title":557,"image":43968,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"732ecd04-e91e-4119-9c4b-7ddd70b71519\", \"id\": \"\"}-->",[43971,43972],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":43974,"copyright":547,"fieldtype":553,"meta_data":43975,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b2e771359c/bm-uk-ev.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 13, 2025",{"id":43978,"uuid":43979,"name":43980,"slug":43981,"full_slug":43982,"content":43983},114841682172657,"186f4379-5613-406f-8335-df02f6c04ab3","Benchmark’s on the ground view of Indonesia’s nickel sector","benchmarks-on-the-ground-view-of-indonesias-nickel-sector","article/benchmarks-on-the-ground-view-of-indonesias-nickel-sector",{"_uid":43984,"date":43985,"tags":43986,"editor":43991,"content":43995,"excerpt":44178,"featured":51,"reporter":44179,"_editable":44183,"component":864,"seo_title":43980,"categories":44184,"visibility":882,"author_company":49,"featured_image":44188,"seo_description":44178,"author_full_name":49,"author_job_title":49,"formattedDate":44191},"5950ac21-4dfb-49fb-ba92-8deffc3e6f12","2025-01-10 00:00",[43987,43988,43989,43990],{"slug":11313,"name":11314},{"slug":7997,"name":7998},{"slug":16788,"name":16789},{"slug":23760,"name":23761},[43992],{"slug":544,"name":543,"content":43993},{"job_title":557,"image":43994,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":43996},[43997,44002,44013,44020,44025,44030,44035,44040,44045,44050,44058,44063,44068,44073,44078,44083,44090,44095,44100,44107,44112,44117,44122,44127,44132,44139,44144,44149,44154,44161,44166,44171],{"type":594,"attrs":43998,"content":43999},{"textAlign":49},[44000],{"text":44001,"type":599},"Indonesia has positioned itself as a critical link in the global lithium-ion battery supply chain, evolving from a minor nickel market player less than a decade ago to a dominant force with a commanding influence over global supply and prices.",{"type":594,"attrs":44003,"content":44004},{"textAlign":49},[44005,44007,44012],{"text":44006,"type":599},"Today, Indonesia accounts for nearly 60% of the world’s refined nickel output and has ambitions to establish an end-to-end electric vehicle (EV) ecosystem. Meanwhile its dominance over the nickel market is set to be extended further, contributing to an estimated 68% of all global supply additions by 2030, according to ",{"text":44008,"type":599,"marks":44009},"Benchmark forecasts",[44010],{"type":604,"attrs":44011},{"href":37431,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":44014,"content":44015},{"textAlign":49},[44016],{"type":1186,"attrs":44017},{"id":49,"alt":547,"src":44018,"title":49,"source":49,"copyright":49,"meta_data":44019},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfJL3xJE2t5MokBS6Da1i9A2xemM75NbYmd4OAPQGSFoMqXF04DnXVIj61INLpjWQUvM0IMfkpPNK7nulKLNXXlEQTDLRiptxwYJC2QauXQcT5Oe0oQUsM-_RXZP7zpurGeo2S5MA?key=Yq7VEqXkPFgkv_1BOExLjZUH",{},{"type":594,"attrs":44021,"content":44022},{"textAlign":49},[44023],{"text":44024,"type":599},"The Benchmark team at Ceria Nugraha Indotama’s Kolaka mine site",{"type":594,"attrs":44026,"content":44027},{"textAlign":49},[44028],{"text":44029,"type":599},"With developments unfolding at a remarkable pace, Benchmark’s Product Director Harry Fisher, Senior Nickel Analyst Jorge Uzcategui, and Head of Sales APAC Rob Nichols recently went to Indonesia to witness first hand the rapid evolution of the nickel sector and assess the current landscape, following on from a previous visit in 2023.",{"type":594,"attrs":44031,"content":44032},{"textAlign":49},[44033],{"text":44034,"type":599},"“Site visits such as these are an integral part of our research approach at Benchmark,” said Fisher. “We visited a broad spectrum of players in the Indonesian nickel market, with all three sites undertaking major developments.”",{"type":657,"attrs":44036,"content":44037},{"level":15966,"textAlign":49},[44038],{"text":44039,"type":599},"Midstream momentum ",{"type":594,"attrs":44041,"content":44042},{"textAlign":49},[44043],{"text":44044,"type":599},"The team’s first stop was the Chinese-financed Indonesia Weda Bay Industrial Park (IWIP) in Halmahera Island, North Maluku. Established in 2018, IWIP has rapidly expanded following an influx of large-scale Chinese investment. ",{"type":594,"attrs":44046,"content":44047},{"textAlign":49},[44048],{"text":44049,"type":599},"Operated by stainless steel giant, Tsingshan, nickel output from IWIP reached 600,000 tonnes in 2024, according to Benchmark analysis.",{"type":627,"attrs":44051},{"id":44052,"body":44053},"155ae2a7-fa51-4f50-818b-c8b2d2003e4e",[44054],{"id":44055,"_uid":44056,"type":634,"_editable":44057,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21063962","i-9a9d796f-9fa4-4ff5-967f-7a5cd1c8e1b8","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9a9d796f-9fa4-4ff5-967f-7a5cd1c8e1b8\", \"id\": \"\"}-->",{"type":594,"attrs":44059,"content":44060},{"textAlign":49},[44061],{"text":44062,"type":599},"“IWIP has grown significantly, with several ongoing construction projects, including a number of developments that haven’t been publicly reported,” said Fisher. “While IWIP will primarily serve the electric vehicle (EV) supply chain, the Indonesia Morowali Industrial Park (IMIP) focuses mostly on the stainless steel value chain.”",{"type":594,"attrs":44064,"content":44065},{"textAlign":49},[44066],{"text":44067,"type":599},"“One of the key takeaways from IWIP was that the midstream in Indonesia is now gaining real momentum,” said Fisher. ",{"type":594,"attrs":44069,"content":44070},{"textAlign":49},[44071],{"text":44072,"type":599},"The Benchmark team noted that other industrial parks of a similar nature were being developed to support integrated supply growth, driving cost efficiencies and serving as the pillars of Indonesia’s future supply expansions.",{"type":657,"attrs":44074,"content":44075},{"level":15966,"textAlign":49},[44076],{"text":44077,"type":599},"Optionality rules",{"type":594,"attrs":44079,"content":44080},{"textAlign":49},[44081],{"text":44082,"type":599},"The team’s next visit was to Indonesian-owned Ceria Nugraha Indotama in South Sulawesi, a newer player in the industry. Ceria has ambitious plans, including RKEF smelters  targeting the stainless steel market, nickel matte converters and an HPAL facility targeted for the EV battery supply chain.",{"type":594,"attrs":44084,"content":44085},{"textAlign":49},[44086],{"type":1186,"attrs":44087},{"id":49,"alt":547,"src":44088,"title":49,"source":49,"copyright":49,"meta_data":44089},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfy5HtSWrRuPLIjAyzN5aat5q4sXpZocGRePP2ut6-xCwoIouzI0K4_R4mHxurvEnh-aGOj_9l-aq1yRZV_-4FQVvKRrhLUIlKDrr35_HVU1_2DrkSGEG6g4zr-ZlHIyuvZ27K6?key=Yq7VEqXkPFgkv_1BOExLjZUH",{},{"type":594,"attrs":44091,"content":44092},{"textAlign":49},[44093],{"text":44094,"type":599},"The Benchmark team at Ceria Nugraha Indotama’s refinery",{"type":594,"attrs":44096,"content":44097},{"textAlign":49},[44098],{"text":44099,"type":599},"“This visit reinforced our view of a more dynamic and flexible nickel supply chain,” Uzcategui noted. “Operators are diversifying their product offerings to leverage shifting market dynamics and arbitrage opportunities. This is also linked to the government’s increased focus on optimising nickel reserves and ensuring sustainable development of resources.” ",{"type":594,"attrs":44101,"content":44102},{"textAlign":49},[44103],{"type":1186,"attrs":44104},{"id":49,"alt":547,"src":44105,"title":49,"source":49,"copyright":49,"meta_data":44106},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdjbv4EBn1wLy2mof8ZxQsEgdK4UvYUZt2tyBsu_JuFACzb0IAwoZPFncA_b1PGytBPC-gZVe_rjcf5ykGTLxO9CKRbwn4gfyuq4LLzUYaSta1L7FfxU2w1zWMQ2Bx4O9oRwe45mA?key=Yq7VEqXkPFgkv_1BOExLjZUH",{},{"type":594,"attrs":44108,"content":44109},{"textAlign":49},[44110],{"text":44111,"type":599},"Ceria Nugraha Indotama’s nickel mining operations",{"type":594,"attrs":44113,"content":44114},{"textAlign":49},[44115],{"text":44116,"type":599},"Ceria’s strategy is evidence of this trend, with the company planning to produce ferronickel (FeNi), matte and MHP products for different end-use markets.",{"type":594,"attrs":44118,"content":44119},{"textAlign":49},[44120],{"text":44121,"type":599},"“There was also a strong environmental and community focus, with a real ambition to become a major player in the space,” said Uzcategui.",{"type":657,"attrs":44123,"content":44124},{"level":15966,"textAlign":49},[44125],{"text":44126,"type":599},"Sustainability key ",{"type":594,"attrs":44128,"content":44129},{"textAlign":49},[44130],{"text":44131,"type":599},"The final stop was PT Vale Indonesia’s (PTVI) Sorowako operation in South Sulawesi, a long-established producer with over 50 years of experience and strong ties to Western markets. ",{"type":594,"attrs":44133,"content":44134},{"textAlign":49},[44135],{"type":1186,"attrs":44136},{"id":49,"alt":547,"src":44137,"title":49,"source":49,"copyright":49,"meta_data":44138},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXc15F7uIO9MH-50KT_-0hFVNaDNvicb1xE3bzUt7asO5M-r8cWL3AaGchi8poizNsOH35WpxyURHWcIJna5TQVnIN2bY1RezX71LfAD_5AiDJx7eeHvsBP9gJ-hi3D4Iv8kxd6mNg?key=Yq7VEqXkPFgkv_1BOExLjZUH",{},{"type":594,"attrs":44140,"content":44141},{"textAlign":49},[44142],{"text":44143,"type":599},"PT Vale Indonesia’s refinery",{"type":594,"attrs":44145,"content":44146},{"textAlign":49},[44147],{"text":44148,"type":599},"“For operations like PTVI, a focus on sustainable operations and development is essential to attract Western investment,” Fisher explained. “The company utilises hydroelectricity to power its operations and is implementing a progressive rehabilitation program at mine sites. It is also exploring efficient ways to reuse mined and processed waste.”",{"type":594,"attrs":44150,"content":44151},{"textAlign":49},[44152],{"text":44153,"type":599},"The Benchmark team noted that some areas mined 18 years ago at Sorowako have been fully rehabilitated, with others showing significant recovery within 5 to 10 years. ",{"type":594,"attrs":44155,"content":44156},{"textAlign":49},[44157],{"type":1186,"attrs":44158},{"id":49,"alt":547,"src":44159,"title":49,"source":49,"copyright":49,"meta_data":44160},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcgd27qQzCndWATrNfXIopmF_X6gWRqil9qHNdq_YpFTFTNFWjVJ_KclrOqFCPa6lf5OMD9KjLut0WFpa3JzQ0zI1GF_fgduMfuieEjvbkovAUc47u1P1uXwBUyZGZL7t1aiHNjsw?key=Yq7VEqXkPFgkv_1BOExLjZUH",{},{"type":594,"attrs":44162,"content":44163},{"textAlign":49},[44164],{"text":44165,"type":599},"Hydropower used at PT Vale Indonesia",{"type":594,"attrs":44167,"content":44168},{"textAlign":49},[44169],{"text":44170,"type":599},"“Companies are now pursuing IRMA certification, deemed the international gold standard for responsible mining, although the process remains complex and lengthy,” said Fisher.",{"type":594,"attrs":44172,"content":44173},{"textAlign":49},[44174],{"text":44175,"type":599,"marks":44176},"More Benchmark Source coverage to follow",[44177],{"type":643},"Benchmark’s Jorge Uzcategui, Harry Fisher, and Rob Nichols in Indonesia",[44180],{"slug":544,"name":543,"content":44181},{"job_title":557,"image":44182,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5950ac21-4dfb-49fb-ba92-8deffc3e6f12\", \"id\": \"\"}-->",[44185,44186,44187],{"slug":872,"name":873},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":44189,"copyright":547,"fieldtype":553,"meta_data":44190,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6b4384991b/bm-20241129-095248-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 10, 2025",{"id":44193,"uuid":44194,"name":44195,"slug":44196,"full_slug":44197,"content":44198},114841690458870,"60ae2044-3be7-493b-89a0-715e16d94cdb","OPINION: 2024 was the year of the plug-in hybrid","opinion-2024-was-the-year-of-the-plug-in-hybrid","article/opinion-2024-was-the-year-of-the-plug-in-hybrid",{"_uid":44199,"date":44200,"tags":44201,"editor":44203,"content":44207,"excerpt":44382,"featured":51,"reporter":44383,"_editable":44387,"component":864,"seo_title":44195,"categories":44388,"visibility":2091,"author_company":49,"data_vis_image":44391,"featured_image":44393,"seo_description":44396,"author_full_name":49,"author_job_title":49,"formattedDate":44397},"cd9125a9-eb9a-4c13-87dd-ab80d65338f6","2025-01-09 00:00",[44202],{"slug":41666,"name":41667},[44204],{"slug":544,"name":543,"content":44205},{"job_title":557,"image":44206,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":44208},[44209,44220,44225,44230,44238,44243,44255,44260,44265,44273,44285,44290,44295,44306,44311,44316,44321,44329,44334,44339,44344,44349,44354,44362,44367,44372,44377],{"type":594,"attrs":44210,"content":44211},{"textAlign":49},[44212,44214,44218],{"text":44213,"type":599},"Last year BYD’s sales of plug-in hybrid vehicles grew six times faster than sales of its pure ",{"text":19256,"type":599,"marks":44215},[44216],{"type":604,"attrs":44217},{"href":16561,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":44219,"type":599}," versions. ",{"type":594,"attrs":44221,"content":44222},{"textAlign":49},[44223],{"text":44224,"type":599},"Sales of PHEVs rose by 73% for the full year, compared to a 12% increase for sales of pure battery electric vehicles. ",{"type":594,"attrs":44226,"content":44227},{"textAlign":49},[44228],{"text":44229,"type":599},"PHEVs made up 58% of BYD’s sales of passenger vehicles for the full year – a remarkable share for a technology that many people dismissed a few years ago. ",{"type":627,"attrs":44231},{"id":44232,"body":44233},"f11aa7f2-89c4-41a7-8691-ce64d88fe7cf",[44234],{"id":44235,"_uid":44236,"type":634,"_editable":44237,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21023575","i-c54b3edf-4424-4c75-846f-6d2e21d58bf5","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c54b3edf-4424-4c75-846f-6d2e21d58bf5\", \"id\": \"\"}-->",{"type":594,"attrs":44239,"content":44240},{"textAlign":49},[44241],{"text":44242,"type":599},"The rapid rise of plug-in hybrids indicates that many new buyers are still not ready to buy full electric vehicles, whether because of range concerns, cold temperatures, cost, or charging concerns. ",{"type":594,"attrs":44244,"content":44245},{"textAlign":49},[44246,44248,44253],{"text":44247,"type":599},"Without further innovations to push consumers towards pure battery EVs, the rise of PHEVs in China could become self-sustaining as more carmakers produce hybrid models, potentially reducing forecast ",{"text":44249,"type":599,"marks":44250},"battery demand",[44251],{"type":604,"attrs":44252},{"href":43406,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":44254,"type":599}," this decade. ",{"type":594,"attrs":44256,"content":44257},{"textAlign":49},[44258],{"text":44259,"type":599},"Geely’s Zeekr brand said it will launch two new hybrid models this year, for example. ",{"type":657,"attrs":44261,"content":44262},{"level":15966,"textAlign":49},[44263],{"text":44264,"type":599},"Adapting to consumer demand ",{"type":627,"attrs":44266},{"id":44267,"body":44268},"6ca2d79d-42a9-4400-9a44-350b9bf0ca4c",[44269],{"id":44270,"_uid":44271,"type":634,"_editable":44272,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21094564","i-9085a60a-b936-452d-8c78-25f23870b140","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-9085a60a-b936-452d-8c78-25f23870b140\", \"id\": \"\"}-->",{"type":594,"attrs":44274,"content":44275},{"textAlign":49},[44276,44278,44283],{"text":44277,"type":599},"The rise of plug-in hybrid vehicles has implications for ",{"text":44279,"type":599,"marks":44280},"raw materials",[44281],{"type":604,"attrs":44282},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":44284,"type":599},", as well as for the rest of the supply chain. Since BYD has mastered both plug-in as well as pure battery electric technology, it can be extremely flexible to cater to customers’ tastes in the world’s largest automotive market. ",{"type":594,"attrs":44286,"content":44287},{"textAlign":49},[44288],{"text":44289,"type":599},"Other global automakers such as Honda are going in the same direction – developing capacity to produce EVs or plug-in hybrids, depending on what consumers want. ",{"type":657,"attrs":44291,"content":44292},{"level":15966,"textAlign":49},[44293],{"text":44294,"type":599},"Impact on battery materials",{"type":594,"attrs":44296,"content":44297},{"textAlign":49},[44298,44300,44304],{"text":44299,"type":599},"This might mean more volatility for ",{"text":878,"type":599,"marks":44301},[44302],{"type":604,"attrs":44303},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":44305,"type":599}," and other battery mineral demand going forward, depending on how consumer tastes evolve. ",{"type":594,"attrs":44307,"content":44308},{"textAlign":49},[44309],{"text":44310,"type":599},"Data from Rho Motion shows that on average for 2024 the average battery pack size for a full electric vehicle was 55.4kWh, and 24.8 kWh for a plug-in hybrid vehicle. ",{"type":594,"attrs":44312,"content":44313},{"textAlign":49},[44314],{"text":44315,"type":599},"The BYD Qin Plus PHEV has a 18.3 kWh battery compared to 48 kWh for the standard-range full EV, for example. ",{"type":594,"attrs":44317,"content":44318},{"textAlign":49},[44319],{"text":44320,"type":599},"That means the full EV has more than double the amount of lithium as the plug-in hybrid vehicle. ",{"type":627,"attrs":44322},{"id":44323,"body":44324},"8505dce6-019c-44f5-829d-e4d8472eb050",[44325],{"id":44326,"_uid":44327,"type":634,"_editable":44328,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21113165","i-6f61fa0b-ef9b-4b95-9dbc-344d4729fdf4","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-6f61fa0b-ef9b-4b95-9dbc-344d4729fdf4\", \"id\": \"\"}-->",{"type":657,"attrs":44330,"content":44331},{"level":15966,"textAlign":49},[44332],{"text":44333,"type":599},"Not so simple",{"type":594,"attrs":44335,"content":44336},{"textAlign":49},[44337],{"text":44338,"type":599},"But the picture is more complicated than it first appears. ",{"type":594,"attrs":44340,"content":44341},{"textAlign":49},[44342],{"text":44343,"type":599},"The loss of battery material demand is partially made up for by the rise of range-extender vehicles, which have larger batteries, of around 39 kWh. ",{"type":594,"attrs":44345,"content":44346},{"textAlign":49},[44347],{"text":44348,"type":599},"They made up around 11% of the PHEV market in China last year, according to Rho Motion. ",{"type":594,"attrs":44350,"content":44351},{"textAlign":49},[44352],{"text":44353,"type":599},"In addition, PHEVs are likely taking customers away from full internal combustion engine vehicles, which is only adding to battery demand. ",{"type":627,"attrs":44355},{"id":44356,"body":44357},"370cdab3-90e3-4ec8-b8fe-ee2432c38a75",[44358],{"id":44359,"_uid":44360,"type":634,"_editable":44361,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21080912","i-8999235d-0dda-4ebd-be77-ae145cc9a95f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-8999235d-0dda-4ebd-be77-ae145cc9a95f\", \"id\": \"\"}-->",{"type":657,"attrs":44363,"content":44364},{"level":15966,"textAlign":49},[44365],{"text":44366,"type":599},"Innovation needed",{"type":594,"attrs":44368,"content":44369},{"textAlign":49},[44370],{"text":44371,"type":599},"Still, other innovations will urgently be needed to help increase the range and charging capabilities of pure EVs in China, helping to meet consumers’ needs. ",{"type":594,"attrs":44373,"content":44374},{"textAlign":49},[44375],{"text":44376,"type":599},"BYD is launching the second version of its Blade battery this year, which will enable even longer range by increasing the energy density to as high as 190 watt hours per kilogram, for example.",{"type":594,"attrs":44378,"content":44379},{"textAlign":49},[44380],{"text":44381,"type":599},"The rise of PHEVs is a reminder that the EV revolution – since it is driven by consumers – won’t happen in an easy straight line.  ","Last year BYD’s sales of plug-in hybrid vehicles grew six times faster than sales of its pure battery versions. Sales of PHEVs rose by 73% for the full year, compared to a 12% increase for sales of pure battery electric vehicles. PHEVs made up 58% of BYD’s sales of passenger vehicles for the full year […]",[44384],{"slug":544,"name":543,"content":44385},{"job_title":557,"image":44386,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cd9125a9-eb9a-4c13-87dd-ab80d65338f6\", \"id\": \"\"}-->",[44389,44390],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":44392},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":44394,"copyright":547,"fieldtype":553,"meta_data":44395,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0c6a799cd3/bm-china-byd.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Last year BYD’s sales of plug-in hybrid vehicles grew six times faster than sales of its pure battery versions. Sales of PHEVs rose by 73% for the full year, compared to a 12% increase for sales of pure battery electric vehicles. ","Jan 09, 2025",{"id":44399,"uuid":15948,"name":44400,"slug":44401,"full_slug":44402,"content":44403},114841714563833,"Pet coke prices rise as anode players seek cheaper feedstock","pet-coke-prices-rise-as-anode-players-seek-cheaper-feedstock","article/pet-coke-prices-rise-as-anode-players-seek-cheaper-feedstock",{"_uid":44404,"date":44405,"tags":44406,"editor":44408,"content":44412,"excerpt":44461,"featured":51,"reporter":44462,"_editable":44466,"component":864,"seo_title":44400,"categories":44467,"visibility":882,"author_company":49,"featured_image":44470,"seo_description":44461,"author_full_name":49,"author_job_title":49,"formattedDate":44472},"d25960e0-38f9-4fbf-aaaf-b7473ba2958c","2025-01-08 00:00",[44407],{"slug":7332,"name":7333},[44409],{"slug":544,"name":543,"content":44410},{"job_title":557,"image":44411,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":44413},[44414,44419,44424,44431,44436,44441,44446,44451,44456],{"type":594,"attrs":44415,"content":44416},{"textAlign":49},[44417],{"text":44418,"type":599},"Prices for pet coke are rising whilst needle coke prices continue to decline as anode producers pivot towards cheaper feedstock.",{"type":594,"attrs":44420,"content":44421},{"textAlign":49},[44422],{"text":44423,"type":599},"“Fierce competition in the anode market continues to pressure anode producers, leading them to eke out margin and defend their market share by reducing costs,” said Adam Megginson, senior analyst at Benchmark.",{"type":594,"attrs":44425,"content":44426},{"textAlign":49},[44427],{"type":1186,"attrs":44428},{"id":49,"alt":547,"src":44429,"title":49,"source":49,"copyright":49,"meta_data":44430},"https://a.storyblok.com/f/287943243085208/bb5949d133/bm-pet-coke-prices-rise-as-needle-coke-falls2x-2.png",{},{"type":594,"attrs":44432,"content":44433},{"textAlign":49},[44434],{"text":44435,"type":599},"“Anode producers have been able to pivot towards using more pet coke by blending these cheaper cokes with needle coke and innovating their production process to achieve similar anode performance despite including this cheaper feedstock,” he added.",{"type":657,"attrs":44437,"content":44438},{"level":15966,"textAlign":49},[44439],{"text":44440,"type":599},"What has caused the tough competition in the anode market?",{"type":594,"attrs":44442,"content":44443},{"textAlign":49},[44444],{"text":44445,"type":599},"Oversupply of the anode market has been driven by the large number of Chinese companies, predominantly Tier 2 and 3 players that have entered the market.",{"type":594,"attrs":44447,"content":44448},{"textAlign":49},[44449],{"text":44450,"type":599},"Anode manufacturers are redirecting their working capital towards ensuring the efficiency of existing operations, rather than focusing on future expansion plans, and anode aspirants are struggling to secure private investment to fund their facility construction under the bearish market conditions.",{"type":594,"attrs":44452,"content":44453},{"textAlign":49},[44454],{"text":44455,"type":599},"“The drive to reduce costs contrasts with cathode producers who have typically sought to innovate to maximise performance, as well as cost,” said Megginson.",{"type":594,"attrs":44457,"content":44458},{"textAlign":49},[44459],{"text":44460,"type":599},"Some anode players have responded to the oversupplied domestic market by expanding overseas.","Prices for pet coke are rising whilst needle coke prices continue to decline as anode producers pivot towards cheaper feedstock. “Fierce competition in the anode market continues to pressure anode producers, leading them to eke out margin and defend their market share by reducing costs,” said Adam Megginson, senior analyst at Benchmark. “Anode producers have […]",[44463],{"slug":544,"name":543,"content":44464},{"job_title":557,"image":44465,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d25960e0-38f9-4fbf-aaaf-b7473ba2958c\", \"id\": \"\"}-->",[44468,44469],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":12226,"copyright":547,"fieldtype":553,"meta_data":44471,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jan 08, 2025",{"id":44474,"uuid":44475,"name":44476,"slug":44477,"full_slug":44478,"content":44479},114841706474232,"64ecb1ca-d9bf-4d29-8a68-7817ed211733","LFP leads, NCM evolves: Cathode 2024 year in review","lfp-leads-ncm-evolves-cathode-2024-year-in-review","article/lfp-leads-ncm-evolves-cathode-2024-year-in-review",{"_uid":44480,"date":44405,"tags":44481,"editor":44489,"content":44493,"excerpt":44559,"featured":51,"reporter":44560,"_editable":44564,"component":864,"seo_title":44476,"categories":44565,"visibility":882,"author_company":49,"featured_image":44569,"seo_description":44559,"author_full_name":49,"author_job_title":49,"formattedDate":44472},"4afcc07c-7572-4a4b-be0f-cf43b20261e3",[44482,44483,44484,44485,44488],{"slug":913,"name":914},{"slug":2790,"name":2791},{"slug":7219,"name":451},{"slug":44486,"name":44487},"ncm","NCM",{"slug":2787,"name":2788},[44490],{"slug":544,"name":543,"content":44491},{"job_title":557,"image":44492,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":44494},[44495,44500,44507,44512,44517,44522,44527,44532,44539,44544,44549,44554],{"type":594,"attrs":44496,"content":44497},{"textAlign":49},[44498],{"text":44499,"type":599},"Lithium iron phosphate (LFP) retained its dominant position in the global cathode market on strong demand from China’s stationary storage sector and fast-growing electric vehicle (EV) market in 2024.",{"type":594,"attrs":44501,"content":44502},{"textAlign":49},[44503],{"type":1186,"attrs":44504},{"id":49,"alt":547,"src":44505,"title":49,"source":49,"copyright":49,"meta_data":44506},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfjHsmO_As0Qw0ltALynVMcX1ncQKuZoKOIh3kd-_-FOkcMWPurMRyj2yNgneyC4QTRJ648gxDPPizSOQgM5XVRpTV-T9KcXH8jZ7HmogBDADYfZD-aRUspYTagQWOyS6xOey85jg?key=az8EGPiZZHIRyJZgHC8-87JY",{},{"type":657,"attrs":44508,"content":44509},{"level":15966,"textAlign":49},[44510],{"text":44511,"type":599},"Mid-nickel’s resurgence",{"type":594,"attrs":44513,"content":44514},{"textAlign":49},[44515],{"text":44516,"type":599},"As leading Chinese high-nickel NCM producers opted to cut production on slowing demand in 2024, conversely the foremost producers of high-voltage, mid-nickel NCM rapidly increased output last year.",{"type":594,"attrs":44518,"content":44519},{"textAlign":49},[44520],{"text":44521,"type":599},"“High nickel NCM has conventionally been the battery type of choice for long-range EV makers, but is now being replaced due to growing safety concerns and performance gains from high-voltage mid-nickel cathodes,” said Harry Tinker, principal cathode analyst at Benchmark. ",{"type":594,"attrs":44523,"content":44524},{"textAlign":49},[44525],{"text":44526,"type":599},"Falling raw material prices, primarily for cobalt, have bolstered the competitiveness of mid-nickel variants to LFP, while also benefitting from higher safety standards compared to its high-nickel peers.",{"type":594,"attrs":44528,"content":44529},{"textAlign":49},[44530],{"text":44531,"type":599},"Benchmark estimates high-voltage, mid-nickel NCM cells to be up to 10% cheaper to produce than high-nickel NCM 811.",{"type":594,"attrs":44533,"content":44534},{"textAlign":49},[44535],{"type":1186,"attrs":44536},{"id":49,"alt":547,"src":44537,"title":49,"source":49,"copyright":49,"meta_data":44538},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfEFjZfNj-DQCEcPa3pQhD6QQMRLLxkPYUgTiXB14M-w3KRMyTt0KkBd8t4IMPUsCkzMk_9mOJpWW7Ux8r2mtZFSZycuw91ZOeptCk4v9OD3JYjjfIUZv_iIANS2tjk1c6O3g8Gbw?key=az8EGPiZZHIRyJZgHC8-87JY",{},{"type":657,"attrs":44540,"content":44541},{"level":15966,"textAlign":49},[44542],{"text":44543,"type":599},"Oversupply puts squeeze on Western projects",{"type":594,"attrs":44545,"content":44546},{"textAlign":49},[44547],{"text":44548,"type":599},"The global cathode market faced significant challenges in 2024 from a pervailing structural oversupply. Overcapacity in China, combined with slower-than-expected EV sales in Western markets, created pressure throughout the lithium-ion battery supply chain. ",{"type":594,"attrs":44550,"content":44551},{"textAlign":49},[44552],{"text":44553,"type":599},"This led to sharp declines in raw material prices and heightened cost-pressures, particularly for Western automakers and battery manufacturers that struggled to compete with low-cost Chinese producers. This trend percolated through to the midstream of the battery value chain, squeezing many Western players out of the market in 2024.",{"type":594,"attrs":44555,"content":44556},{"textAlign":49},[44557],{"text":44558,"type":599},"Several cathode projects in Europe and Canada were suspended or halted last year, on a weakened outlook for regional gigafactory demand and downgraded forecasts for EV sales.","Lithium iron phosphate (LFP) retained its dominant position in the global cathode market on strong demand from China’s stationary storage sector and fast-growing electric vehicle (EV) market in 2024. Mid-nickel’s resurgence As leading Chinese high-nickel NCM producers opted to cut production on slowing demand in 2024, conversely the foremost producers of high-voltage, mid-nickel NCM rapidly […]",[44561],{"slug":544,"name":543,"content":44562},{"job_title":557,"image":44563,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4afcc07c-7572-4a4b-be0f-cf43b20261e3\", \"id\": \"\"}-->",[44566,44567,44568],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":44570,"copyright":547,"fieldtype":553,"meta_data":44571,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/Cathode-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":44573,"uuid":44574,"name":44575,"slug":44576,"full_slug":44577,"content":44578},114841731087100,"17e73643-ddcb-454d-9e40-d3d45e3ebe33","Battery minerals deficits continue to be expected within a decade","battery-cathode-material-deficits-continue-to-be-expected-by-the-end-of-decade","article/battery-cathode-material-deficits-continue-to-be-expected-by-the-end-of-decade",{"_uid":44579,"date":44580,"tags":44581,"editor":44582,"content":44586,"excerpt":44648,"featured":51,"reporter":44649,"_editable":44653,"component":864,"seo_title":44575,"categories":44654,"visibility":2091,"author_company":49,"featured_image":44660,"seo_description":44648,"author_full_name":49,"author_job_title":49,"formattedDate":44663},"60359499-792c-48a5-b913-b532863a2d10","2025-01-07 00:00",[],[44583],{"slug":544,"name":543,"content":44584},{"job_title":557,"image":44585,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":44587},[44588,44593,44600,44605,44618,44623,44628],{"type":594,"attrs":44589,"content":44590},{"textAlign":49},[44591],{"text":44592,"type":599},"Though oversupply and low prices have dominated discussions around battery raw material markets this year, significant deficits are forecast in the next ten years.",{"type":594,"attrs":44594,"content":44595},{"textAlign":49},[44596],{"type":1186,"attrs":44597},{"id":49,"alt":547,"src":44598,"title":49,"source":49,"copyright":49,"meta_data":44599},"https://a.storyblok.com/f/287943243085208/d4264a94e7/bm-battery-cathode-mineral-deficit-forecast.jpg",{},{"type":594,"attrs":44601,"content":44602},{"textAlign":49},[44603],{"text":44604,"type":599},"The forecast deficits are substantially higher than the current surpluses. In 2034, the lithium and nickel markets are expected to be in deficits of 572,000 tonnes and 839,000 tonnes respectively. These shortfalls are around seven times larger than the current surpluses for each material.",{"type":594,"attrs":44606,"content":44607},{"textAlign":49},[44608,44610,44616],{"text":44609,"type":599},"Benchmark analysis found that of the ",{"text":44611,"type":599,"marks":44612},"$514 billion of investment needed to meet battery demand in 2030",[44613],{"type":604,"attrs":44614},{"href":44615,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/financing-the-battery-arms-race-the-514-billion-cost-of-bridging-the-global-ev-supply-chain-divide?_branch_match_id=1544393659097193790&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd0nNs7AwqzIp9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJw21hUgAAAA%3D",{"text":44617,"type":599},", upstream projects require $220 billion. Nickel and lithium require the largest investment of any of the materials, at $66 billion and $51 billion respectively.",{"type":594,"attrs":44619,"content":44620},{"textAlign":49},[44621],{"text":44622,"type":599},"It is Benchmark’s view that lithium will be the bottleneck for the growth of the battery industry more than any other part of the supply chain. Though more than one million tonnes of mined lithium is expected to be produced in 2024, mined supply will need to reach 2.7 million tonnes to meet demand in 2030, the majority of which is driven by the electric vehicle (EV) market.",{"type":594,"attrs":44624,"content":44625},{"textAlign":49},[44626],{"text":44627,"type":599},"Western governments’ desire to derisk their supply chains from China will likely grow the $514 billion figure. Lower operating costs and less stringent environmental regulations make the cost of developing refineries and factories in China lower than that of many Western countries.",{"type":594,"attrs":44629,"content":44630},{"textAlign":49},[44631,44633,44639,44641,44646],{"text":44632,"type":599},"The ‘",{"text":44634,"type":599,"marks":44635},"great raw material disconnect",[44636],{"type":604,"attrs":44637},{"href":44638,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/920-billion-needed-to-bridge-the-great-raw-material-disconnect-benchmark-ceo-simon-moores?_branch_match_id=1544393703005897889&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd3Z2DzYpCPYs9k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAX%2Bv0%2B0gAAAA%3D",{"text":44640,"type":599},"’ – raw material supply being insufficient for EV demand –  is exacerbated by the fact mines take between five and 25 years to develop, whereas midstream and downstream facilities typically take less than five years. So while ",{"text":44642,"type":599,"marks":44643},"gigafactories require the largest investment",[44644],{"type":604,"attrs":44645},{"href":44615,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":44647,"type":599}," of any individual component of the supply chain, upstream investment is needed now to ensure these facilities have adequate feedstock to function.","Though oversupply and low prices have dominated discussions around battery raw material markets this year, significant deficits are forecast in the next ten years. The forecast deficits are substantially higher than the current surpluses. In 2034, the lithium and nickel markets are expected to be in deficits of 572,000 tonnes and 839,000 tonnes respectively. These […]",[44650],{"slug":544,"name":543,"content":44651},{"job_title":557,"image":44652,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"60359499-792c-48a5-b913-b532863a2d10\", \"id\": \"\"}-->",[44655,44656,44657,44658,44659],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":44661,"copyright":547,"fieldtype":553,"meta_data":44662,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0726f94549/bm-three-african-countries-account-for-47-graphite-supply-growth.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 07, 2025",{"id":44665,"uuid":44666,"name":44667,"slug":44668,"full_slug":44669,"content":44670},114841722735355,"c763f7b8-8c7a-452b-aa5f-89b3f80a8463","Oversupply in China moves investment overseas: The anode market in 2024","oversupply-in-china-moves-investment-overseas-the-anode-market-in-2024","article/oversupply-in-china-moves-investment-overseas-the-anode-market-in-2024",{"_uid":44671,"date":44580,"tags":44672,"editor":44675,"content":44679,"excerpt":44743,"featured":51,"reporter":44744,"_editable":44748,"component":864,"seo_title":44667,"categories":44749,"visibility":882,"author_company":49,"data_vis_image":44752,"featured_image":44754,"seo_description":44743,"author_full_name":49,"author_job_title":49,"formattedDate":44663},"37882748-8ab4-4717-ab17-5d0d185f7c0f",[44673,44674],{"slug":913,"name":914},{"slug":578,"name":579},[44676],{"slug":544,"name":543,"content":44677},{"job_title":557,"image":44678,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":44680},[44681,44686,44691,44696,44701,44706,44711,44716,44721,44728,44733,44738],{"type":594,"attrs":44682,"content":44683},{"textAlign":49},[44684],{"text":44685,"type":599},"China’s dominance of global anode production continued to define the market in 2024. ",{"type":594,"attrs":44687,"content":44688},{"textAlign":49},[44689],{"text":44690,"type":599},"Domestic overcapacity led Chinese active anode material (AAM) players to seek expansion abroad.",{"type":594,"attrs":44692,"content":44693},{"textAlign":49},[44694],{"text":44695,"type":599},"Outside of China, the market saw a host of offtake deals, particularly focussed within the US, as the nation seeks to derisk its supply chain from China.",{"type":594,"attrs":44697,"content":44698},{"textAlign":49},[44699],{"text":44700,"type":599},"“In 2024, oversupply was a dominant theme, leading to frequent delays, cancellations, and market exits as players grappled with financial pressures. This trend is expected to persist, with the market anticipated to remain in surplus well beyond 2030,” said Tony Alderson, senior analyst at Benchmark.",{"type":657,"attrs":44702,"content":44703},{"level":15966,"textAlign":49},[44704],{"text":44705,"type":599},"Oversupply in China’s domestic market",{"type":594,"attrs":44707,"content":44708},{"textAlign":49},[44709],{"text":44710,"type":599},"AAM demand is expected to rise more than fourfold over the next decade driven predominantly by the electric vehicle (EV) market. Despite this, the market is expected to remain in surplus beyond 2030, making delays, cancellations, and market exits likely to continue.",{"type":594,"attrs":44712,"content":44713},{"textAlign":49},[44714],{"text":44715,"type":599},"Though markets such as North America are a significant source of demand, supply chain localisation policies such as tariffs and export restrictions mean the excess supply in China cannot simply cater overseas markets without relevant approval processes.",{"type":594,"attrs":44717,"content":44718},{"textAlign":49},[44719],{"text":44720,"type":599},"North America has made significant investments in building out domestic AAM supply and signing offtakes with ex-China players. However, domestic production combined with US Free Trade Agreement partner supply is insufficient to meet the burgeoning demand from the region.",{"type":594,"attrs":44722,"content":44723},{"textAlign":49},[44724],{"type":1186,"attrs":44725},{"id":49,"alt":547,"src":44726,"title":49,"source":49,"copyright":49,"meta_data":44727},"https://a.storyblok.com/f/287943243085208/8fde095102/bm-nat-and-syn-graphite-v20-1.png",{},{"type":657,"attrs":44729,"content":44730},{"level":15966,"textAlign":49},[44731],{"text":44732,"type":599},"Chinese companies expanding overseas",{"type":594,"attrs":44734,"content":44735},{"textAlign":49},[44736],{"text":44737,"type":599},"Many of the top AAM players in China have responded to the significant surplus in the domestic market by expanding overseas. By investing in overseas capacity, these companies are able to establish facilities in regions currently experiencing deficits of AAM and that are forecast to widen in the future.",{"type":594,"attrs":44739,"content":44740},{"textAlign":49},[44741],{"text":44742,"type":599},"These companies have targeted regions that would allow their material to qualify for the US Inflation Reduction Act (IRA) tax credits, either by building in countries that have free trade agreements with the US like Canada, Morocco, and South Korea, or by investing in the US itself as in the case of Gotion and Graphex.","China’s dominance of global anode production continued to define the market in 2024. Domestic overcapacity led Chinese active anode material (AAM) players to seek expansion abroad. Outside of China, the market saw a host of offtake deals, particularly focussed within the US, as the nation seeks to derisk its supply chain from China. “In 2024, […]",[44745],{"slug":544,"name":543,"content":44746},{"job_title":557,"image":44747,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"37882748-8ab4-4717-ab17-5d0d185f7c0f\", \"id\": \"\"}-->",[44750,44751],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":44726,"copyright":547,"fieldtype":553,"meta_data":44753,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":44755,"copyright":547,"fieldtype":553,"meta_data":44756,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/33ab12e6cc/bm-anode-picture-from-tony.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":44758,"uuid":44759,"name":44760,"slug":44761,"full_slug":44762,"content":44763},112468255347241,"c78ad83a-2a4b-4e04-9892-e662b323fbcf","REC Silicon to focus on silicon gases following polysilicon exit","rec-silicon-to-focus-on-silicon-gases-following-polysilicon-exit","article/rec-silicon-to-focus-on-silicon-gases-following-polysilicon-exit",{"_uid":44764,"date":44580,"tags":44765,"editor":44769,"content":44773,"excerpt":44904,"featured":51,"reporter":44905,"_editable":44909,"component":864,"seo_title":44760,"categories":44910,"visibility":882,"author_company":49,"featured_image":44914,"seo_description":44904,"author_full_name":49,"author_job_title":49,"formattedDate":44663},"f2bab824-d68a-4df5-9f77-ce6332b77ce6",[44766],{"slug":44767,"name":44768},"rec-silicon","REC Silicon",[44770],{"slug":544,"name":543,"content":44771},{"job_title":557,"image":44772,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":44774},[44775,44796,44801,44811,44824,44829,44834,44839,44847,44859,44869,44874,44879,44884,44889,44894,44899],{"type":594,"attrs":44776,"content":44777},{"textAlign":49},[44778,44780,44786,44788,44794],{"text":44779,"type":599},"REC Silicon—the largest ex-China producer of monosilane gas, a key precursor for next-generation ",{"text":44781,"type":599,"marks":44782},"silicon anode materials",[44783],{"type":604,"attrs":44784},{"href":44785,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-leads-production-but-the-west-is-catching-up-new-battery-technology-2024-in-review?_branch_match_id=1544411584455619147&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9ylzKzD1jwiKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAitH%2FQkgAAAA%3D",{"text":44787,"type":599},"—has suspended operations at its US facility in ",{"text":44789,"type":599,"marks":44790},"Moses Lake",[44791],{"type":604,"attrs":44792},{"href":44793,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/moses-lake-the-usas-silicon-anode-hub?_branch_match_id=1544411601034065324&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL0ssTylxzzBx9k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAVmw29UgAAAA%3D",{"text":44795,"type":599},", Washington.",{"type":594,"attrs":44797,"content":44798},{"textAlign":49},[44799],{"text":44800,"type":599},"The shut down comes as the company exits the polysilicon market in the US in a potential blow to domestic solar cell supply chains.",{"type":594,"attrs":44802,"content":44803},{"textAlign":49},[44804,44809],{"text":44768,"type":599,"marks":44805},[44806],{"type":604,"attrs":44807},{"href":44808,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sila-nanotechnologies-inks-silane-deal-with-rec-silicon-in-us-anode-hub?_branch_match_id=1544411591844589841&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL3YsNUkyqfRx9k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAxhEqUEgAAAA%3D",{"text":44810,"type":599}," will maintain the equipment used to produce monosilane and other speciality silicon gases to allow it to resume production when market conditions allow. The company says this gives it “flexibility to capitalize on future customer demand for silicon anode or other gases while minimising near-term operational costs.”",{"type":594,"attrs":44812,"content":44813},{"textAlign":49},[44814,44816,44822],{"text":44815,"type":599},"Many developers in the ",{"text":44817,"type":599,"marks":44818},"nascent silicon anode market",[44819],{"type":604,"attrs":44820},{"href":44821,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-charts-how-silicon-anodes-could-impact-graphite-demand?_branch_match_id=1544411606033415089&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9ysqM4uwKPVx9k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA6zb89EgAAAA%3D",{"text":44823,"type":599}," in the US use monosilane supplied by REC Silicon for their scale-up and R&D activities. However, this market is significantly smaller than the solar market that REC Silicon has now exited.",{"type":594,"attrs":44825,"content":44826},{"textAlign":49},[44827],{"text":44828,"type":599},"“This is a massive development for silane derived silicon anode players and a huge loss for REC Silicon,” said Alex Sargent, a new technologies analyst at Benchmark.",{"type":594,"attrs":44830,"content":44831},{"textAlign":49},[44832],{"text":44833,"type":599},"Although Moses Lake is currently shut down, the company is still producing silicon gases at its Butte facility in Montana, US.",{"type":657,"attrs":44835,"content":44836},{"level":15966,"textAlign":49},[44837],{"text":44838,"type":599},"What does this mean for the silicon anode industry?",{"type":627,"attrs":44840},{"id":44841,"body":44842},"5d3363a5-cec1-48b0-ab0b-b038970e9390",[44843],{"id":44844,"_uid":44845,"type":634,"_editable":44846,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21048964","i-a8c49c2f-5a8f-4b5e-800f-e7baa8b99ede","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a8c49c2f-5a8f-4b5e-800f-e7baa8b99ede\", \"id\": \"\"}-->",{"type":594,"attrs":44848,"content":44849},{"textAlign":49},[44850,44852,44858],{"text":44851,"type":599},"Although North American silicon anode developers are sourcing silane gas from REC Silicon in the short term, several companies, such as OneD Battery Sciences and Group14 Technologies plan to ",{"text":44853,"type":599,"marks":44854},"produce the material in house or through partners",[44855],{"type":604,"attrs":44856},{"href":44857,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-silicon-anode-scene-starts-2024-with-a-wave-of-announcements?_branch_match_id=1544411596627958444&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWzzMwzo4ISXYqDEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnRlki0gAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":44860,"content":44861},{"textAlign":49},[44862,44867],{"text":44863,"type":599,"marks":44864},"Sila Nanotechnologies",[44865],{"type":604,"attrs":44866},{"href":44808,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":44868,"type":599},", a US-based silicon anode developer, REC Silicon signed a long-term supply agreement in September 2024.",{"type":594,"attrs":44870,"content":44871},{"textAlign":49},[44872],{"text":44873,"type":599},"Rory McNulty, product director for new technologies at Benchmark, discusses the silane gas market.",{"type":657,"attrs":44875,"content":44876},{"level":15966,"textAlign":49},[44877],{"text":44878,"type":599},"Why is REC Silicon now a pure play silane gas producer?",{"type":594,"attrs":44880,"content":44881},{"textAlign":49},[44882],{"text":44883,"type":599},"Demand for polysilicon for the solar cell market is significantly larger than for monosilane for the up-and-coming silicon anode market with sales of the latter typically being used to supplement revenue from polysilicon.",{"type":594,"attrs":44885,"content":44886},{"textAlign":49},[44887],{"text":44888,"type":599},"Up to 90% of Moses Lakes’ output was in the form of polysilicon and destined for QCell, a subsidiary of South Korean photovoltaics producer Hanwha. QCell had a ten-year, $3 billion offtake with REC Silicon for polysilicon materials. Hanwha has a 33% stake in REC Silicon and has solar cell manufacturing facilities in the US.",{"type":594,"attrs":44890,"content":44891},{"textAlign":49},[44892],{"text":44893,"type":599},"REC Silicon was unable to meet the purity requirements for its polysilicon product despite multiple attempts to rectify the issue and so shut down production with no plans to resume polysilicon production.",{"type":594,"attrs":44895,"content":44896},{"textAlign":49},[44897],{"text":44898,"type":599},"The company also ceased polysilicon operations at its Butte, Montana facility early last year. This leaves REC Silicon’s US operations as a silicon gas pure play.",{"type":594,"attrs":44900,"content":44901},{"textAlign":49},[44902],{"text":44903,"type":599},"“Moving forward, REC Silicon will focus its business efforts on silicon gases,” Chuck Sutton, Vice President of polysilicon sales and government relations at REC Silicon, told Benchmark Source. “The company is prioritizing driving costs out of its silicon gas assets and optimising production, with a goal to return to profitability.”","REC Silicon—the largest ex-China producer of monosilane gas, a key precursor for next-generation silicon anode materials—has suspended operations at its US facility in Moses Lake, Washington. The shut down comes as the company exits the polysilicon market in the US in a potential blow to domestic solar cell supply chains. REC Silicon will maintain the […]",[44906],{"slug":544,"name":543,"content":44907},{"job_title":557,"image":44908,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f2bab824-d68a-4df5-9f77-ce6332b77ce6\", \"id\": \"\"}-->",[44911,44912,44913],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":21579,"name":21580},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":44915,"copyright":547,"fieldtype":553,"meta_data":44916,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/84679e3559/bm-14041-rec-silicon-323.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":44918,"uuid":44919,"name":44920,"slug":44921,"full_slug":44922,"content":44923},112468266787371,"6ed7e6bd-581c-4625-9e52-ae97d95fc2e6","China proposes restrictions on lithium and cathode technology exports","china-proposes-restrictions-on-lithium-and-cathode-technology-exports","article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports",{"_uid":44924,"date":44925,"tags":44926,"editor":44933,"content":44937,"excerpt":45101,"featured":51,"reporter":45102,"_editable":45106,"component":864,"seo_title":44920,"categories":45107,"visibility":882,"author_company":49,"data_vis_image":45113,"featured_image":45116,"seo_description":45101,"author_full_name":49,"author_job_title":49,"formattedDate":45119},"19c9834e-fe2a-47bd-931d-2ff51d12d849","2025-01-03 00:00",[44927,44928,44929,44930,44931,44932],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":1387,"name":1388},{"slug":7219,"name":451},{"slug":10948,"name":8774},{"slug":4610,"name":662},[44934],{"slug":544,"name":543,"content":44935},{"job_title":557,"image":44936,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":44938},[44939,44959,44972,44977,44982,44987,44992,44997,45007,45012,45020,45032,45037,45042,45053,45060,45065,45083,45088],{"type":594,"attrs":44940,"content":44941},{"textAlign":49},[44942,44944,44950,44952,44958],{"text":44943,"type":599},"China proposed a new set of restrictions on the export of technologies relating to ",{"text":44945,"type":599,"marks":44946},"lithium processing",[44947],{"type":604,"attrs":44948},{"href":44949,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review?_branch_match_id=1544411500682995095&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3YJ9ityNDQpCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJ2vQLEgAAAA%3D",{"text":44951,"type":599}," and some types of ",{"text":44953,"type":599,"marks":44954},"cathode active materials",[44955],{"type":604,"attrs":44956},{"href":44957,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-companies-will-account-for-80-of-europes-lfp-cell-supply-but-can-ex-chinese-catch-up?_branch_match_id=1544411510431799892&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTzIIyTIJcskN80%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAmQG3V0gAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":44960,"content":44961},{"textAlign":49},[44962,44964,44970],{"text":44963,"type":599},"The proposed restrictions could further hinder the ability of ",{"text":44965,"type":599,"marks":44966},"ex-China players",[44967],{"type":604,"attrs":44968},{"href":44969,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sk-on-secures-domestic-lithium-hydroxide-from-posco-pilbara-jv?_branch_match_id=1544411537425072882&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTw9zqTIwLYlKDUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAD9Y5NkgAAAA%3D",{"text":44971,"type":599}," to develop capacity to support the build out of domestic supply chains.",{"type":594,"attrs":44973,"content":44974},{"textAlign":49},[44975],{"text":44976,"type":599},"“It appears to be an attempt to retain advanced Chinese technology within China and limit its proliferation globally,” said Adam Webb, head of battery raw materials at Benchmark.",{"type":594,"attrs":44978,"content":44979},{"textAlign":49},[44980],{"text":44981,"type":599},"The proposed measures are not outright bans, rather restrictions which would require companies wishing to export their technology products to first apply for permission. The Chinese government is soliciting opinions on the proposed measures until 1 February 2025.",{"type":657,"attrs":44983,"content":44984},{"level":15966,"textAlign":49},[44985],{"text":44986,"type":599},"What impact could these restrictions have on the global lithium market?",{"type":594,"attrs":44988,"content":44989},{"textAlign":49},[44990],{"text":44991,"type":599},"The majority of lithium chemical production is located in China, though for lithium carbonate there is sizable production in South America.",{"type":594,"attrs":44993,"content":44994},{"textAlign":49},[44995],{"text":44996,"type":599},"Lithium hydroxide, however, is more dependent on China as the technology required to convert hard rock minerals into chemicals is primarily located in China or uses Chinese technology.",{"type":594,"attrs":44998,"content":44999},{"textAlign":49},[45000,45002,45006],{"text":45001,"type":599},"However, although China is forecast to maintain its status as the dominant chemicals producer, its overall market share of the lithium chemicals market is set to fall according to ",{"text":24541,"type":599,"marks":45003},[45004],{"type":604,"attrs":45005},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":45008,"content":45009},{"textAlign":49},[45010],{"text":45011,"type":599},"“These proposed restrictions are protectionist measures aimed at maintaining China’s dominant market position,” Webb said.",{"type":627,"attrs":45013},{"id":45014,"body":45015},"9a0aa131-8c55-42cc-bc60-d22cf53b1584",[45016],{"id":45017,"_uid":45018,"type":634,"_editable":45019,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"21021644","i-02e012ce-d792-4f42-97c6-0e22634adc61","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-02e012ce-d792-4f42-97c6-0e22634adc61\", \"id\": \"\"}-->",{"type":594,"attrs":45021,"content":45022},{"textAlign":49},[45023,45025,45031],{"text":45024,"type":599},"In addition to the traditional lithium chemical production routes, Chinese technology is prevalent in the ",{"text":45026,"type":599,"marks":45027},"nascent direct lithium extraction field",[45028],{"type":604,"attrs":45029},{"href":45030,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rise-of-dle-will-open-up-new-sources-of-lithium-supply-this-decade?_branch_match_id=1544411519083039810&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNykrjsiLDEr38k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARthgR0gAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":45033,"content":45034},{"textAlign":49},[45035],{"text":45036,"type":599},"“This could limit options for developers hoping to use DLE technology to exploit brine deposits outside of China and slow the development of brine deposits dependent on DLE technology,” Webb said.",{"type":657,"attrs":45038,"content":45039},{"level":15966,"textAlign":49},[45040],{"text":45041,"type":599},"What could this mean for the LFP market?",{"type":594,"attrs":45043,"content":45044},{"textAlign":49},[45045,45051],{"text":45046,"type":599,"marks":45047},"China has a near monopoly on the production of the LFP",[45048],{"type":604,"attrs":45049},{"href":45050,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lfp-cathode-prices-more-than-halve-in-a-year-as-cell-makers-flex-power?_branch_match_id=1544411528867891715&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW964K8zdOK83J9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUArGjRkkgAAAA%3D",{"text":45052,"type":599}," and lithium iron manganese phosphate (LMFP) high performance cathode active materials covered by the proposed restrictions.",{"type":627,"attrs":45054},{"id":45055,"body":45056},"817d12b8-81ee-4810-8c92-e469aa7f45b3",[45057],{"id":42936,"_uid":45058,"type":634,"_editable":45059,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"i-ad3e9c3a-f537-4140-8c32-6fa7907ef6dd","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ad3e9c3a-f537-4140-8c32-6fa7907ef6dd\", \"id\": \"\"}-->",{"type":594,"attrs":45061,"content":45062},{"textAlign":49},[45063],{"text":45064,"type":599},"As it currently stands, it is unclear whether the proposed export restrictions will apply to Chinese cathode producers operating overseas.",{"type":594,"attrs":45066,"content":45067},{"textAlign":49},[45068,45070,45075,45076,45081],{"text":45069,"type":599},"“More clarity is needed for Chinese cathode producers operating overseas,” said Evan Hartley, research manager at Benchmark. “However, technology export restrictions could see construction or project reviews for producers planning LFP bases in ",{"text":26099,"type":599,"marks":45071},[45072],{"type":604,"attrs":45073},{"href":45074,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-midstream-majors-flock-to-moroccos-fledgling-cathode-hub?_branch_match_id=1544411505675824965&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBMQ6AIAwF0BvBbmIcmI2bqymmSgUK%2BWB08uy%2BF3qvbbDWs%2B4hE2IWZVBqhmo1STTa1c1y0e3exU8f%2BGBA9Nw8ytMYowsomX%2F%2B6C11SAAAAA%3D%3D",{"text":3400,"type":599},{"text":27490,"type":599,"marks":45077},[45078],{"type":604,"attrs":45079},{"href":45080,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/hunan-yuneng-expands-global-footprint-with-spanish-lfp-cathode-plant?_branch_match_id=1544411543544468817&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FMwtDQOCszO9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAU8Eq8UgAAAA%3D",{"text":45082,"type":599},", Indonesia, etc.”",{"type":594,"attrs":45084,"content":45085},{"textAlign":49},[45086],{"text":45087,"type":599},"Chinese LFP cell producers operating overseas could potentially face additional hurdles setting up global supply chains, as if they intend to procure cathode material from domestic Chinese operations, permits will be required.",{"type":594,"attrs":45089,"content":45090},{"textAlign":49},[45091,45093,45099],{"text":45092,"type":599},"“There are also ",{"text":45094,"type":599,"marks":45095},"potential impacts for European",[45096],{"type":604,"attrs":45097},{"href":45098,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lfp-begins-to-make-inroads-into-europes-lithium-ion-ecosystem?_branch_match_id=1544411523992795428&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD3FOzQrLN87P9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAUG8XiEgAAAA%3D",{"text":45100,"type":599}," and North American cell producers looking to switch plans to LFP cell production whilst using Chinese cathode material,” Hartley added. “But only if their suppliers are denied permission, and only if they are using high end L(M)FP CAM.”","China proposed a new set of restrictions on the export of technologies relating to lithium processing and some types of cathode active materials. The proposed restrictions could further hinder the ability of ex-China players to develop capacity to support the build out of domestic supply chains. “It appears to be an attempt to retain advanced […]",[45103],{"slug":544,"name":543,"content":45104},{"job_title":557,"image":45105,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"19c9834e-fe2a-47bd-931d-2ff51d12d849\", \"id\": \"\"}-->",[45108,45109,45110,45111,45112],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":45114,"copyright":547,"fieldtype":553,"meta_data":45115,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1735914826/www-production/LFP-cathode-production-2024-2030@2x/LFP-cathode-production-2024-2030@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":45117,"copyright":547,"fieldtype":553,"meta_data":45118,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a6a6b2af41/bm-the-tianqi-lithium-hydroxide-plant-at-kwinana.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 03, 2025",{"id":45121,"uuid":45122,"name":45123,"slug":45124,"full_slug":45125,"content":45126},112468271686188,"ec2fb971-2978-4cde-abbf-aa3634eb5f34","In Charts: Lithium’s million tonne year","in-charts-lithiums-million-tonne-year","article/in-charts-lithiums-million-tonne-year",{"_uid":45127,"date":45128,"tags":45129,"editor":45131,"content":45135,"excerpt":45247,"featured":51,"reporter":45248,"_editable":45252,"component":864,"seo_title":45123,"categories":45253,"visibility":882,"author_company":49,"data_vis_image":45256,"featured_image":45259,"seo_description":45247,"author_full_name":49,"author_job_title":49,"formattedDate":45261},"11cdd7e2-c598-40d7-9d65-d2cb2741ed44","2025-01-02 00:00",[45130],{"slug":578,"name":579},[45132],{"slug":544,"name":543,"content":45133},{"job_title":557,"image":45134,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":45136},[45137,45150,45176,45184,45189,45206,45214,45219,45227,45239],{"type":594,"attrs":45138,"content":45139},{"textAlign":49},[45140,45142,45148],{"text":45141,"type":599},"Lithium supply surpassed one million tonnes of lithium carbonate equivalent (LCE) for the ",{"text":45143,"type":599,"marks":45144},"first time in 2024",[45145],{"type":604,"attrs":45146},{"href":45147,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review?_branch_match_id=1544411468130097472&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3YJ9ityNDQpCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJ2vQLEgAAAA%3D",{"text":45149,"type":599},", driven by the growing demand for the mineral from the electric vehicle market.",{"type":594,"attrs":45151,"content":45152},{"textAlign":49},[45153,45155,45161,45163,45167,45168,45174],{"text":45154,"type":599},"The largest gains were ",{"text":45156,"type":599,"marks":45157},"seen by China",[45158],{"type":604,"attrs":45159},{"href":45160,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/minmetals-leads-chinas-1-4-billion-lithium-consolidation-effort?_branch_match_id=1544411484197745629&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz6iMLLaISncKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARkAqW0gAAAA%3D",{"text":45162,"type":599}," pushing the country to overtake Chile for the number two spot, according to ",{"text":24541,"type":599,"marks":45164},[45165],{"type":604,"attrs":45166},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"text":45169,"type":599,"marks":45170},"Zimbabwe, too, saw significant growth",[45171],{"type":604,"attrs":45172},{"href":45173,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/zimbabwe-africas-lithium-heartland?_branch_match_id=1544411476010053383&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdwzz9XW0SHIKCEiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAq3asA0gAAAA%3D",{"text":45175,"type":599}," in 2024.",{"type":627,"attrs":45177},{"id":45178,"body":45179},"4eda7a84-682f-48a4-8d0e-297b048c28d4",[45180],{"id":45181,"_uid":45182,"type":634,"_editable":45183,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"20878219","i-121f6650-e43f-40ea-b761-3129987981b2","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-121f6650-e43f-40ea-b761-3129987981b2\", \"id\": \"\"}-->",{"type":594,"attrs":45185,"content":45186},{"textAlign":49},[45187],{"text":45188,"type":599},"Benchmark Source’s Executive Editor, Henry Sanderson,interviewed Wang Xiaoshen, president of Ganfeng Lithium, last year as part of the Power Players video series.",{"type":594,"attrs":45190,"content":45191},{"textAlign":49},[45192,45194,45199,45201,45205],{"text":45193,"type":599},"The largest mines were located in Chile and ",{"text":2038,"type":599,"marks":45195},[45196],{"type":604,"attrs":45197},{"href":45198,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/liontowns-kathleen-valley-produces-first-spodumene-concentrate-amid-uncertain-market-conditions?_branch_match_id=1544411454936510631&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD3AJKHQxqygr90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAA02fpUgAAAA%3D",{"text":45200,"type":599},", with the biggest being SQM’s Salar de Atacama which represented 16% of supply in 2024, according to ",{"text":24541,"type":599,"marks":45202},[45203],{"type":604,"attrs":45204},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":627,"attrs":45207},{"id":45208,"body":45209},"f5b7c34b-f877-4de6-9135-1c839601b281",[45210],{"id":45211,"_uid":45212,"type":634,"_editable":45213,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"20922068","i-ee656302-054f-421c-848e-a4b7bc360d48","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ee656302-054f-421c-848e-a4b7bc360d48\", \"id\": \"\"}-->",{"type":594,"attrs":45215,"content":45216},{"textAlign":49},[45217],{"text":45218,"type":599},"In contrast to mining, production of lithium chemicals is dominated by just one country: China.",{"type":627,"attrs":45220},{"id":45221,"body":45222},"12ac70b9-761c-4394-a58f-9654f2efc126",[45223],{"id":45224,"_uid":45225,"type":634,"_editable":45226,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"20919723","i-7fa01b48-2550-4304-9532-7182bbb76d6c","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7fa01b48-2550-4304-9532-7182bbb76d6c\", \"id\": \"\"}-->",{"type":594,"attrs":45228,"content":45229},{"textAlign":49},[45230,45232,45237],{"text":45231,"type":599},"Lithium carbonate, the generally preferred chemical for ",{"text":41480,"type":599,"marks":45233},[45234],{"type":604,"attrs":45235},{"href":45236,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-hydroxide-prices-fall-for-fifth-straight-month-in-october-amid-shift-to-lfp?_branch_match_id=1544411459816123191&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd6uoKjHIcAoO8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAMDCrUEgAAAA%3D",{"text":45238,"type":599}," (LFP) cathode active material production, was mostly produced using brine as a feedstock, whereas lithium hydroxide producers generally favoured hard rock feedstocks.",{"type":627,"attrs":45240},{"id":45241,"body":45242},"aad55eab-553f-4a32-b0f1-b1ee742185b0",[45243],{"id":45244,"_uid":45245,"type":634,"_editable":45246,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"20892094","i-219efb24-43e2-4987-8302-234cfabc4ecd","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-219efb24-43e2-4987-8302-234cfabc4ecd\", \"id\": \"\"}-->","Lithium supply surpassed one million tonnes of lithium carbonate equivalent (LCE) for the first time in 2024, driven by the growing demand for the mineral from the electric vehicle market. The largest gains were seen by China pushing the country to overtake Chile for the number two spot, according to Benchmark’s Lithium Forecast. Zimbabwe, too, […]",[45249],{"slug":544,"name":543,"content":45250},{"job_title":557,"image":45251,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"11cdd7e2-c598-40d7-9d65-d2cb2741ed44\", \"id\": \"\"}-->",[45254,45255],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":45257,"copyright":547,"fieldtype":553,"meta_data":45258,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1735827494/www-production/Lithium-new-supply-and-demand-2024@2x/Lithium-new-supply-and-demand-2024@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":18647,"copyright":547,"fieldtype":553,"meta_data":45260,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jan 02, 2025",{"id":45263,"uuid":45264,"name":45265,"slug":45266,"full_slug":45267,"content":45268},112468280676911,"3c27be41-9b14-448e-965c-eeeb0e02a01a","Low prices and geopolitics: The graphite market in 2024","low-prices-and-geopolitics-the-graphite-market-in-2024","article/low-prices-and-geopolitics-the-graphite-market-in-2024",{"_uid":45269,"date":45270,"tags":45271,"editor":45275,"content":45279,"excerpt":45447,"featured":51,"reporter":45448,"_editable":45452,"component":864,"seo_title":45265,"categories":45453,"visibility":882,"author_company":49,"data_vis_image":45456,"featured_image":45459,"seo_description":45447,"author_full_name":49,"author_job_title":49,"formattedDate":45462},"53197163-c3bb-4627-bc3a-68d4ec0af714","2024-12-30 00:00",[45272,45273,45274],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":1375,"name":1376},[45276],{"slug":544,"name":543,"content":45277},{"job_title":557,"image":45278,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":45280},[45281,45286,45291,45296,45301,45306,45311,45318,45323,45328,45333,45346,45351,45356,45361,45374,45379,45400,45405,45410,45415,45420,45425,45430,45435,45442],{"type":594,"attrs":45282,"content":45283},{"textAlign":49},[45284],{"text":45285,"type":599},"Low prices and geopolitical posturing have impacted the natural and synthetic graphite markets in 2024. China’s dominance in graphite production has been at the core of these developments. ",{"type":594,"attrs":45287,"content":45288},{"textAlign":49},[45289],{"text":45290,"type":599},"At the end of 2023, China’s graphite export restrictions underscored the global dependence on the country for graphite supply, not only for batteries but also for other industries, like the steel sector. ",{"type":594,"attrs":45292,"content":45293},{"textAlign":49},[45294],{"text":45295,"type":599},"“Chinese cost pressures are pushing ex-China producers out of the market,” said Camila Cardili, an analyst at Benchmark. “This highlights the need for government support measures, as has been seen in the US, to support projects developed outside of China.”",{"type":657,"attrs":45297,"content":45298},{"level":15966,"textAlign":49},[45299],{"text":45300,"type":599},"Small flake natural graphite prices hit historic lows as synthetic gains market share",{"type":594,"attrs":45302,"content":45303},{"textAlign":49},[45304],{"text":45305,"type":599},"Cell makers using a higher proportion of synthetic graphite in their anode material has meant lower than expected demand for natural graphite anode material, leading to record low prices.",{"type":594,"attrs":45307,"content":45308},{"textAlign":49},[45309],{"text":45310,"type":599},"Manufacturers use of more synthetic graphite in their anode chemistries has been driven by:",{"type":594,"attrs":45312,"content":45313},{"textAlign":49},[45314],{"type":1186,"attrs":45315},{"id":49,"alt":547,"src":45316,"title":49,"source":49,"copyright":49,"meta_data":45317},"https://a.storyblok.com/f/287943243085208/3dea927e26/bm-global-small-flake-natural-graphite-prices-are-at-historic-lows2x-1.png",{},{"type":594,"attrs":45319,"content":45320},{"textAlign":49},[45321],{"text":45322,"type":599},"The low price environment has pressured miners in East Africa, several of which have paused production.",{"type":657,"attrs":45324,"content":45325},{"level":15966,"textAlign":49},[45326],{"text":45327,"type":599},"Natural graphite production fell in 2024",{"type":594,"attrs":45329,"content":45330},{"textAlign":49},[45331],{"text":45332,"type":599},"This year, China cut production by 163,000 tonnes compared to 2023 output. The country’s leading role in the market meant this accounted for the majority of the global decrease, though both Africa and India saw supply reductions too.",{"type":594,"attrs":45334,"content":45335},{"textAlign":49},[45336,45338,45344],{"text":45337,"type":599},"“China’s flake graphite production declined in 2024 due to ",{"text":45339,"type":599,"marks":45340},"persistently low prices",[45341],{"type":604,"attrs":45342},{"href":45343,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/falling-natural-graphite-prices-pressure-east-african-operations?_branch_match_id=1544411442842827969&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpuiCCWrbxBqE16aCO8kdo19l7L43RdbY2kFypeuTKQvBFje%2FdFJZsj8ndknmLLqwf6CGAJZ4B7VXCsie0Sj%2BcIgyySAAAAA%3D%3D",{"text":45345,"type":599},", particularly during Q4, when prices fell below production costs (AISC US$450/t). Major producers operated at reduced capacity to meet government employment targets, while smaller producers suspended operations,” said Cardili.",{"type":594,"attrs":45347,"content":45348},{"textAlign":49},[45349],{"text":45350,"type":599},"“Reduced demand, high inventory levels, and competition from synthetic graphite contributed to the low-price environment,” she added.",{"type":594,"attrs":45352,"content":45353},{"textAlign":49},[45354],{"text":45355,"type":599},"Global uncoated spherical graphite (USPG) production was overall stable in 2024. Though China reduced supply by 6%, this was offset by BTR Morowali bringing 10,000 tonnes online in Indonesia. This marks an important first step for Chinese USPG producers to bring their production outside China to meet higher international standards and reduce domestic surplus.",{"type":657,"attrs":45357,"content":45358},{"level":15966,"textAlign":49},[45359],{"text":45360,"type":599},"US tariffs and Chinese export controls",{"type":594,"attrs":45362,"content":45363},{"textAlign":49},[45364,45366,45372],{"text":45365,"type":599},"In May, the ",{"text":45367,"type":599,"marks":45368},"US increased tariffs",[45369],{"type":604,"attrs":45370},{"href":45371,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/why-has-the-us-reinstated-tariffs-on-natural-graphite?_branch_match_id=1544411413638863701&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL4u0zAjPSU4vDkiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAa%2BBH20gAAAA%3D",{"text":45373,"type":599}," on large sections of the lithium ion battery supply chain, drawing specific attention to natural graphite where a 25% tariff was reinstated from 2026.",{"type":594,"attrs":45375,"content":45376},{"textAlign":49},[45377],{"text":45378,"type":599},"“The US graphite market is much less mature than that of China, so the tariff on Chinese products is an incentive to new local projects as well as to ensure US production capacity will be able to comply with the future local demand,” said Cardili.",{"type":594,"attrs":45380,"content":45381},{"textAlign":49},[45382,45384,45390,45392,45398],{"text":45383,"type":599},"In early December, China’s Ministry of Commerce (MOFCOM) announced further ",{"text":45385,"type":599,"marks":45386},"export controls for graphite",[45387],{"type":604,"attrs":45388},{"href":45389,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-tightens-graphite-export-controls-to-the-us?_branch_match_id=1544411431344565479&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FFOCSjxq0hOCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQ8S84kgAAAA%3D",{"text":45391,"type":599},", specifically to the US. Companies have ",{"text":45393,"type":599,"marks":45394},"required a license to export graphite material",[45395],{"type":604,"attrs":45396},{"href":45397,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-graphite-export-restrictions-could-hinder-ex-china-anode-development?_branch_match_id=1544411437521745234&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzYrLAw0zA0z9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA1vU5xEgAAAA%3D",{"text":45399,"type":599}," since December 2023.",{"type":594,"attrs":45401,"content":45402},{"textAlign":49},[45403],{"text":45404,"type":599},"MOFCOM stated the measures were taken on national security grounds however they appear to be in response to the US imposing its own export controls to limit Chinese semiconductor development on 2 December 2024.",{"type":594,"attrs":45406,"content":45407},{"textAlign":49},[45408],{"text":45409,"type":599},"“The restrictions are a play from China to show the stronghold the country has on the market,” said Tony Alderson, senior analyst at Benchmark.",{"type":594,"attrs":45411,"content":45412},{"textAlign":49},[45413],{"text":45414,"type":599}," ‘",{"type":657,"attrs":45416,"content":45417},{"level":15966,"textAlign":49},[45418],{"text":45419,"type":599},"What to expect in the graphite market in 2025 and beyond",{"type":594,"attrs":45421,"content":45422},{"textAlign":49},[45423],{"text":45424,"type":599},"In the case of natural graphite, battery grade -100 mesh prices are expected to continue to decline in H1 2025 until inventory levels are normalised before rebounding in the second half of the year. Meanwhile, plus mesh large flake products are likely to remain at high price levels due to tight supply.",{"type":594,"attrs":45426,"content":45427},{"textAlign":49},[45428],{"text":45429,"type":599},"Global natural graphite production is set for a modest rise in 2025, despite China continuing to reduce supply. The majority of growth comes from African countries adding 53,000 tonnes of supply, along with modest increases from Canada and the rest of the world.",{"type":594,"attrs":45431,"content":45432},{"textAlign":49},[45433],{"text":45434,"type":599},"China will continue to lead growth in the synthetic graphite market, leveraging technological advancements on graphitisation to quickly develop large-scale facilities.",{"type":594,"attrs":45436,"content":45437},{"textAlign":49},[45438],{"type":1186,"attrs":45439},{"id":49,"alt":547,"src":45440,"title":49,"source":49,"copyright":49,"meta_data":45441},"https://a.storyblok.com/f/287943243085208/2549316c56/bm-global-small-flake-natural-graphite-prices-are-at-historic-lows2x-1-1.png",{},{"type":594,"attrs":45443,"content":45444},{"textAlign":49},[45445],{"text":45446,"type":599},"The ex-China market is predicted to be in deficit across the forecast period despite significant increases in production.","Low prices and geopolitical posturing have impacted the natural and synthetic graphite markets in 2024. China’s dominance in graphite production has been at the core of these developments. At the end of 2023, China’s graphite export restrictions underscored the global dependence on the country for graphite supply, not only for batteries but also for other […]",[45449],{"slug":544,"name":543,"content":45450},{"job_title":557,"image":45451,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"53197163-c3bb-4627-bc3a-68d4ec0af714\", \"id\": \"\"}-->",[45454,45455],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":45457,"copyright":547,"fieldtype":553,"meta_data":45458,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1735549793/www-production/Screenshot-2024-12-30-090540/Screenshot-2024-12-30-090540.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":45460,"copyright":547,"fieldtype":553,"meta_data":45461,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/flake-graphite-mining-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 30, 2024",{"id":45464,"uuid":45465,"name":45466,"slug":45467,"full_slug":45468,"content":45469},112468290449969,"7df923cb-0346-4e6f-972f-c6b4786c49ce","Disruption in Myanmar threatens rare earth price volatility","disruption-in-myanmar-threatens-rare-earth-price-volatility","article/disruption-in-myanmar-threatens-rare-earth-price-volatility",{"_uid":45470,"date":45471,"tags":45472,"editor":45476,"content":45480,"excerpt":45665,"featured":51,"reporter":45666,"_editable":45670,"component":864,"seo_title":45466,"categories":45671,"visibility":882,"author_company":49,"data_vis_image":45674,"featured_image":45676,"seo_description":45678,"author_full_name":49,"author_job_title":49,"formattedDate":45679},"3413335b-2934-4f9c-affd-689879d42f23","2024-12-27 00:00",[45473,45474,45475],{"slug":9162,"name":9163},{"slug":32676,"name":22620},{"slug":7529,"name":7530},[45477],{"slug":544,"name":543,"content":45478},{"job_title":557,"image":45479,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":45481},[45482,45503,45511,45531,45553,45558,45563,45568,45573,45578,45583,45604,45625,45629,45634,45641,45648,45653,45658],{"type":594,"attrs":45483,"content":45484},{"textAlign":49},[45485,45490,45498],{"text":45486,"type":599,"marks":45487},"Civil unrest and natural disasters in Myanmar are threatening price volatility in the ",[45488],{"type":928,"attrs":45489},{"color":21998},{"text":45491,"type":599,"marks":45492},"heavy rare earth oxide (HREO)",[45493,45495,45497],{"type":604,"attrs":45494},{"href":22306,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":45496},{"color":22006},{"type":3645},{"text":45499,"type":599,"marks":45500}," market, according to analysis by Benchmark.",[45501],{"type":928,"attrs":45502},{"color":21998},{"type":594,"attrs":45504,"content":45505},{"textAlign":49},[45506],{"text":45507,"type":599,"marks":45508},"The current oversupply has meant the disruption has had a limited impact on prices. However, continued delays to operations could deplete stockpiles and lead to sustained price increases.",[45509],{"type":928,"attrs":45510},{"color":21998},{"type":594,"attrs":45512,"content":45513},{"textAlign":49},[45514,45518,45526],{"text":2898,"type":599,"marks":45515},[45516],{"type":928,"attrs":45517},{"color":21998},{"text":45519,"type":599,"marks":45520},"Dysprosium (Dy) and terbium (Tb) oxide prices",[45521,45523,45525],{"type":604,"attrs":45522},{"href":17497,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":45524},{"color":22006},{"type":3645},{"text":45527,"type":599,"marks":45528}," hit historic lows earlier this year and have since remained stable despite fluctuations in supply and demand. Temporary demand surges from China's EV and household appliance incentives, as well as brief Tb price lifts due to landslides in Myanmar, failed to create significant volatility,\" said Neha Mukherjee, Senior Analyst at Benchmark.",[45529],{"type":928,"attrs":45530},{"color":21998},{"type":594,"attrs":45532,"content":45533},{"textAlign":49},[45534,45539,45548],{"text":45535,"type":599,"marks":45536},"\"This stability reflects an oversupplied market, bolstered by increased output from Myanmar, alternative supply sources in Laos, slower EV demand growth, and ",[45537],{"type":928,"attrs":45538},{"color":21998},{"text":45540,"type":599,"marks":45541},"reduced REO demand projections in wind energy",[45542,45545,45547],{"type":604,"attrs":45543},{"href":45544,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/going-local-sourcing-rare-earths-for-wind-energy-from-regional-supply-chains",{"type":928,"attrs":45546},{"color":22006},{"type":3645},{"text":45549,"type":599,"marks":45550},",\" added Mukherjee.",[45551],{"type":928,"attrs":45552},{"color":21998},{"type":657,"attrs":45554,"content":45555},{"level":985,"textAlign":49},[45556],{"text":45557,"type":599},"At what point will supply disruption affect prices?",{"type":594,"attrs":45559,"content":45560},{"textAlign":49},[45561],{"text":45562,"type":599},"The nature and duration of the supply disruption will determine the impact on prices. However, the current oversupply in the market could mitigate the upward price momentum even in the event of major disruptions. ",{"type":594,"attrs":45564,"content":45565},{"textAlign":49},[45566],{"text":45567,"type":599},"Analysis by Benchmark estimates an eight-quarter disruption could result in more than 1,900 tonnes of dysprosium oxide never reaching buyers.",{"type":594,"attrs":45569,"content":45570},{"textAlign":49},[45571],{"text":45572,"type":599},"“If production halts for eight quarters, prices for Dy could exceed $400/kg by 2026 and remain elevated, marking a significant market shift,” said Mukherjee.",{"type":594,"attrs":45574,"content":45575},{"textAlign":49},[45576],{"text":45577,"type":599},"Despite this supply being ‘lost’ from the market, the impact on prices would be relatively muted given the current oversupply. ",{"type":657,"attrs":45579,"content":45580},{"level":15966,"textAlign":49},[45581],{"text":45582,"type":599},"How dependent is the rare earths market on Myanmar?",{"type":594,"attrs":45584,"content":45585},{"textAlign":49},[45586,45591,45599],{"text":45587,"type":599,"marks":45588},"As well as accounting for more than one third of supply, Myanmar's ",[45589],{"type":928,"attrs":45590},{"color":21998},{"text":45592,"type":599,"marks":45593},"heavy rare earth element (HREE)",[45594,45596,45598],{"type":604,"attrs":45595},{"href":22306,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":45597},{"color":22006},{"type":3645},{"text":45600,"type":599,"marks":45601}," operations are very low cost.",[45602],{"type":928,"attrs":45603},{"color":21998},{"type":594,"attrs":45605,"content":45606},{"textAlign":49},[45607,45612,45621],{"text":45608,"type":599,"marks":45609},"This is beneficial in a market with tough economics. However, the costs are seen elsewhere, namely in the form of ",[45610],{"type":928,"attrs":45611},{"color":21998},{"text":45613,"type":599,"marks":45614},"human rights violations and a disregard for mining waste disposal",[45615,45618,45620],{"type":604,"attrs":45616},{"href":45617,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/infographic-key-sustainability-considerations-for-battery-critical-minerals",{"type":928,"attrs":45619},{"color":22006},{"type":3645},{"text":974,"type":599,"marks":45622},[45623],{"type":928,"attrs":45624},{"color":21998},{"type":594,"attrs":45626,"content":45627},{"textAlign":49},[45628],{"text":45414,"type":599},{"type":594,"attrs":45630,"content":45631},{"textAlign":49},[45632],{"text":45633,"type":599},"The market’s dependency on Myanmar was tested earlier this year when severe landslides threatened mining operations in the country. Analysis of satellite imagery by Benchmark’s GIS team found evidence of a landslide west of Panwa, potentially blocking a road with access to two key rare earth processing sites.",{"type":594,"attrs":45635,"content":45636},{"textAlign":49},[45637],{"type":1186,"attrs":45638},{"id":49,"alt":547,"src":45639,"title":49,"source":49,"copyright":49,"meta_data":45640},"https://a.storyblok.com/f/287943243085208/1d1e5e62c0/bm-3d-myanmar-landslides-august-2024-final-02.png",{},{"type":594,"attrs":45642,"content":45643},{"textAlign":49},[45644],{"type":1186,"attrs":45645},{"id":49,"alt":547,"src":45646,"title":49,"source":49,"copyright":49,"meta_data":45647},"https://a.storyblok.com/f/287943243085208/58030d2661/bm-myanmar-landslides-august-2024-final-02-1.png",{},{"type":594,"attrs":45649,"content":45650},{"textAlign":49},[45651],{"text":45652,"type":599},"Armed clashes between the Kachin Independence Army (KIA) and the national military also escalated, fueling speculation about supply disruptions.",{"type":594,"attrs":45654,"content":45655},{"textAlign":49},[45656],{"text":45657,"type":599},"These disruptions and unregulated mining practices cast doubt on Myanmar as a dependable long-term supplier of HREE.",{"type":594,"attrs":45659,"content":45660},{"textAlign":49},[45661],{"type":1186,"attrs":45662},{"id":49,"alt":547,"src":45663,"title":49,"source":49,"copyright":49,"meta_data":45664},"https://a.storyblok.com/f/287943243085208/41ecfd132e/bm-myanmar-disruptions-1.png",{},"Civil unrest and natural disasters in Myanmar are threatening price volatility in the heavy rare earth oxide (HREO) market, according to analysis by Benchmark. The current oversupply has meant the disruption has had a limited impact on prices. However, continued delays to operations could deplete stockpiles and lead to sustained price increases. “Dysprosium (Dy) and […]",[45667],{"slug":544,"name":543,"content":45668},{"job_title":557,"image":45669,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3413335b-2934-4f9c-affd-689879d42f23\", \"id\": \"\"}-->",[45672,45673],{"slug":872,"name":873},{"slug":1556,"name":414},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":45675},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":33301,"copyright":547,"fieldtype":553,"meta_data":45677,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Civil unrest and natural disasters in Myanmar are threatening price volatility in the heavy rare earth oxide (HREO) market, according to analysis by Benchmark. The current oversupply has meant the disruption has had a limited […]","Dec 27, 2024",{"id":45681,"uuid":45682,"name":45683,"slug":45684,"full_slug":45685,"content":45686},114841817983751,"2362b95b-9cde-4b2c-b75d-99304929b625","Volkswagen and PowerCo invest in Patriot Battery Metals to secure Canadian lithium","volkswagen-and-powerco-invest-in-patriot-battery-metals-to-secure-canadian-lithium","article/volkswagen-and-powerco-invest-in-patriot-battery-metals-to-secure-canadian-lithium",{"_uid":45687,"date":45688,"tags":45689,"editor":45700,"content":45704,"excerpt":45850,"featured":51,"reporter":45851,"_editable":45855,"component":864,"seo_title":45683,"categories":45856,"visibility":882,"author_company":49,"featured_image":45861,"seo_description":45850,"author_full_name":49,"author_job_title":49,"formattedDate":45864},"0ef95eb6-82cc-4c50-9e8e-25e7476a0126","2024-12-24 00:00",[45690,45691,45692,45695,45698],{"slug":39425,"name":39426},{"slug":2787,"name":2788},{"slug":45693,"name":45694},"patriot-battery-metals","Patriot Battery Metals",{"slug":45696,"name":45697},"powerco-se","PowerCo SE",{"slug":45699,"name":20071},"volkswagen",[45701],{"slug":544,"name":543,"content":45702},{"job_title":557,"image":45703,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":45705},[45706,45725,45730,45735,45740,45745,45750,45782,45787,45792,45802,45810,45830,45835,45840,45845],{"type":594,"attrs":45707,"content":45708},{"textAlign":49},[45709,45710,45716,45718,45723],{"text":2372,"type":599},{"text":45711,"type":599,"marks":45712},"Volkswagen Group",[45713],{"type":604,"attrs":45714},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/",{"text":45717,"type":599}," has invested C$69 million (US$48 million) for a 9.9% stake in ",{"text":45719,"type":599,"marks":45720},"Canadian lithium",[45721],{"type":604,"attrs":45722},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":45724,"type":599}," developer Patriot Battery Metals.",{"type":594,"attrs":45726,"content":45727},{"textAlign":49},[45728],{"text":45729,"type":599},"Patriot also signed a binding offtake agreement to supply PowerCo, Volkswagen’s battery making subsidiary, with 100,000 tonnes of spodumene concentrate per year (~10,000 tonnes lithium carbonate equivalent) over a decade.",{"type":594,"attrs":45731,"content":45732},{"textAlign":49},[45733],{"text":45734,"type":599},"The lithium will come from Patriot’s Shaakichiuwaanaan project in Quebec, Canada and could support PowerCo’s operations in the country.",{"type":594,"attrs":45736,"content":45737},{"textAlign":49},[45738],{"text":45739,"type":599},"“The investment is a strong vote of confidence in the project, and gives VW a strategic presence in North America with a stake in the largest pegmatite resource in the region,” said Cameron Perks, product director for lithium at Benchmark.",{"type":657,"attrs":45741,"content":45742},{"level":15966,"textAlign":49},[45743],{"text":45744,"type":599},"Why has VW invested in Patriot?",{"type":594,"attrs":45746,"content":45747},{"textAlign":49},[45748],{"text":45749,"type":599},"Perks estimates that the St Thomas plant will require around 70,000 tonnes LCE of lithium per year, so this investment in Patriot will help secure some of this material domestically.",{"type":594,"attrs":45751,"content":45752},{"textAlign":49},[45753,45754,45760,45761,45766,45768,45774,45776,45780],{"text":25603,"type":599},{"text":45755,"type":599,"marks":45756},"lithium prices are relatively low",[45757],{"type":604,"attrs":45758},{"href":45759,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/spodumene-prices-soften-to-three-year-low-amid-weak-lithium-chemical-prices?_branch_match_id=1544393535739939274&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBMQ6AIBAEwB9Bb2IsrMUnGDCn4MFBFpTOtzPjWyt10tqRnD5ZcApCsLEqW4qKQVibZ2M279d3t%2Fygi4Ag9%2BGQeyXMq0dONADCkDwpSAAAAA%3D%3D",{"text":26527,"type":599},{"text":38378,"type":599,"marks":45762},[45763],{"type":604,"attrs":45764},{"href":45765,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/lithium-prices/table",{"text":45767,"type":599}," down ",{"text":45769,"type":599,"marks":45770},"28.4% so far this year",[45771],{"type":604,"attrs":45772},{"href":45773,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/low-prices-spark-mergers-and-closures-lithium-2024-in-review?_branch_match_id=1544393541507991828&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3YJ9ityNDQpCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAJ2vQLEgAAAA%3D",{"text":45775,"type":599},", though ",{"text":44008,"type":599,"marks":45777},[45778],{"type":604,"attrs":45779},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":45781,"type":599}," a price recovery towards the latter half of 2025.",{"type":594,"attrs":45783,"content":45784},{"textAlign":49},[45785],{"text":45786,"type":599},"“By committing now, VW gets a better price than they would have during the high price cycle, and they’ve positioned themselves as a key partner for future expansions,” Perks said. “It also allows VW to influence environmental, social and governance practices and strategic goals at an early enough stage in the project.”",{"type":657,"attrs":45788,"content":45789},{"level":15966,"textAlign":49},[45790],{"text":45791,"type":599},"What is Patriot Battery Metals’ role in Canada’s lithium scene?",{"type":594,"attrs":45793,"content":45794},{"textAlign":49},[45795,45797,45801],{"text":45796,"type":599},"By 2035, Patriot’s Shaakichiuwaanaan project, including its planned expansion, is set to be the largest lithium mine in Canada, according to ",{"text":24541,"type":599,"marks":45798},[45799],{"type":604,"attrs":45800},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":627,"attrs":45803},{"id":45804,"body":45805},"247e6993-3ee8-4c8e-b2c2-b1c3bec54f83",[45806],{"id":45807,"_uid":45808,"type":634,"_editable":45809,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"20922676","i-a5ab7791-0649-464a-88c5-fc56c88cd3b4","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a5ab7791-0649-464a-88c5-fc56c88cd3b4\", \"id\": \"\"}-->",{"type":594,"attrs":45811,"content":45812},{"textAlign":49},[45813,45815,45820,45822,45828],{"text":45814,"type":599},"The project is also set to be the second largest source of ",{"text":45816,"type":599,"marks":45817},"lithium in North America",[45818],{"type":604,"attrs":45819},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":45821,"type":599}," by 2035, behind ",{"text":45823,"type":599,"marks":45824},"Exxon’s direct lithium extraction",[45825],{"type":604,"attrs":45826},{"href":45827,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/exxon-aiming-for-multiple-lithium-projects-this-decade?_branch_match_id=1544393550632493022&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLyvISvYsDzPMD0iyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAF5T840gAAAA%3D",{"text":45829,"type":599}," Smackover project in the US.",{"type":594,"attrs":45831,"content":45832},{"textAlign":49},[45833],{"text":45834,"type":599},"“Arguably, Shaakichiuwaanaan presents a more straightforward way to large-scale output in North America in the medium term,” Perks said.",{"type":657,"attrs":45836,"content":45837},{"level":15966,"textAlign":49},[45838],{"text":45839,"type":599},"Where will the spodumene be converted to chemicals?",{"type":594,"attrs":45841,"content":45842},{"textAlign":49},[45843],{"text":45844,"type":599},"Although the offtake agreement between PowerCo and Patriot is for spodumene concentrate, the two companies also signed a joint development agreement to “explore opportunities for potential collaborations” such as a “lithium conversion facility.”",{"type":594,"attrs":45846,"content":45847},{"textAlign":49},[45848],{"text":45849,"type":599},"“The mine is located near major hydroelectric power lines, not only allowing for better ESG from mining, but might mean that they look at lithium chemical production on site to reduce logistics costs,” Perks said.","The Volkswagen Group has invested C$69 million (US$48 million) for a 9.9% stake in Canadian lithium developer Patriot Battery Metals. Patriot also signed a binding offtake agreement to supply PowerCo, Volkswagen’s battery making subsidiary, with 100,000 tonnes of spodumene concentrate per year (~10,000 tonnes lithium carbonate equivalent) over a decade. The lithium will come from […]",[45852],{"slug":544,"name":543,"content":45853},{"job_title":557,"image":45854,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0ef95eb6-82cc-4c50-9e8e-25e7476a0126\", \"id\": \"\"}-->",[45857,45858,45859,45860],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":45862,"copyright":547,"fieldtype":553,"meta_data":45863,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/102203e00e/bm-lithium-sample-from-shaakichiuwaanaan-project-in-quebec-canada.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 24, 2024",{"id":45866,"uuid":45867,"name":45868,"slug":45869,"full_slug":45870,"content":45871},114841809660676,"96b7d417-060a-4e64-a7a9-a1bc7a3628d5","Recyclers feel the squeeze: Recycling 2024 in review","recyclers-feel-the-squeeze-recycling-2024-in-review","article/recyclers-feel-the-squeeze-recycling-2024-in-review",{"_uid":45872,"date":45688,"tags":45873,"editor":45878,"content":45882,"excerpt":46046,"featured":51,"reporter":46047,"_editable":46051,"component":864,"seo_title":45868,"categories":46052,"visibility":882,"author_company":49,"featured_image":46055,"seo_description":46046,"author_full_name":49,"author_job_title":49,"formattedDate":45864},"61f2fcca-f688-45d4-b3ca-159312e4f549",[45874,45875,45876,45877],{"slug":36014,"name":36015},{"slug":913,"name":914},{"slug":2790,"name":2791},{"slug":2787,"name":2788},[45879],{"slug":544,"name":543,"content":45880},{"job_title":557,"image":45881,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":45883},[45884,45897,45910,45915,45927,45935,45940,45945,45950,45955,45963,45968,45980,45993,46001,46014,46019,46024,46036,46041],{"type":594,"attrs":45885,"content":45886},{"textAlign":49},[45887,45889,45895],{"text":45888,"type":599},"Low critical raw material prices led to lower ",{"text":45890,"type":599,"marks":45891},"black mass payables",[45892],{"type":604,"attrs":45893},{"href":45894,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-is-black-mass-and-how-is-it-priced?_branch_match_id=1544393610504524433&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWtywJCInIrsgx9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAEusdjkgAAAA%3D",{"text":45896,"type":599}," in 2024, squeezing the already tight margins for battery recyclers.",{"type":594,"attrs":45898,"content":45899},{"textAlign":49},[45900,45902,45908],{"text":45901,"type":599},"Despite this, the overcapacity of black mass processing in Asia led to the ",{"text":45903,"type":599,"marks":45904},"region’s recyclers competing for North American",[45905],{"type":604,"attrs":45906},{"href":45907,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/critical-mass-asian-demand-for-north-american-scrap-sees-recycler-prices-spike?_branch_match_id=1544393599377229037&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBwQ2AIAwF0I3ghAcT48EBHMGAqZRAC%2Fkl8ebsvsdzDlu9T6Q3S0SVooTYzMUxXCta%2FTJr4CAtnGn%2FQA8BRfOV0F8jbAejC%2F26SmqmSAAAAA%3D%3D",{"text":45909,"type":599}," and European black mass.",{"type":594,"attrs":45911,"content":45912},{"textAlign":49},[45913],{"text":45914,"type":599},"This meant minerals contained in the Western battery scrap pool were lost overseas as domestic recyclers struggled to compete with the more developed Asian players.",{"type":594,"attrs":45916,"content":45917},{"textAlign":49},[45918,45920,45925],{"text":45919,"type":599},"“The critical mineral price environment has proven economically challenging for recyclers, forcing some companies to cut production or slow investments in projects,” said ",{"text":5734,"type":599,"marks":45921},[45922],{"type":604,"attrs":45923},{"href":45924,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/the-outlook-for-north-americas-battery-recycling-industry",{"text":45926,"type":599},", a recycling analyst at Benchmark.",{"type":594,"attrs":45928,"content":45929},{"textAlign":49},[45930],{"type":1186,"attrs":45931},{"id":49,"alt":45932,"src":45933,"title":49,"source":49,"copyright":49,"meta_data":45934},"Margins for recyclers were squeezed in 2024","https://a.storyblok.com/f/287943243085208/8dc3a8bcb4/bm-black-mass-margins2x-1.png",{},{"type":657,"attrs":45936,"content":45937},{"level":15966,"textAlign":49},[45938],{"text":45939,"type":599},"How have black mass payables evolved in 2024?",{"type":594,"attrs":45941,"content":45942},{"textAlign":49},[45943],{"text":45944,"type":599},"Black mass payables throughout the year followed trends in battery demand and developments in recycling capacity.",{"type":594,"attrs":45946,"content":45947},{"textAlign":49},[45948],{"text":45949,"type":599},"In the middle of the year, payables started to move downwards again.",{"type":594,"attrs":45951,"content":45952},{"textAlign":49},[45953],{"text":45954,"type":599},"“The momentum reversed as a growing lithium oversupply caused virgin market prices to drop,” said Frederick Bloomfield, a black mass price analyst at Benchmark.",{"type":594,"attrs":45956,"content":45957},{"textAlign":49},[45958],{"type":1186,"attrs":45959},{"id":49,"alt":45960,"src":45961,"title":49,"source":49,"copyright":49,"meta_data":45962},"In 2024, North American payables climbed 12 percentage points spurred by demand from Asian recyclers","https://a.storyblok.com/f/287943243085208/f66a2f4bde/bm-black-mass-payables-20242x-1.png",{},{"type":657,"attrs":45964,"content":45965},{"level":15966,"textAlign":49},[45966],{"text":45967,"type":599},"How did battery demand impact the recycling market?",{"type":594,"attrs":45969,"content":45970},{"textAlign":49},[45971,45973,45979],{"text":45972,"type":599},"The falling raw material prices came on the back of lower than expected demand for electric vehicles. In the West especially, this led to ",{"text":45974,"type":599,"marks":45975},"significant pullbacks in gigafactory capacity",[45976],{"type":604,"attrs":45977},{"href":45978,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/2024-sees-highest-gigafactory-capacity-cancellations-on-record?_branch_match_id=1544393589951639358&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT8x1DvGyyMkK80%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA48FI70gAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":45981,"content":45982},{"textAlign":49},[45983,45985,45991],{"text":45984,"type":599},"In Europe, this has led to ",{"text":45986,"type":599,"marks":45987},"several recyclers to push back or cancel their plans",[45988],{"type":604,"attrs":45989},{"href":45990,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europes-gigafactory-slowdown-impacting-recycling-plans?_branch_match_id=1544393632607702227&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNzW0cM4qNYgoCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA%2B3wrvUgAAAA%3D",{"text":45992,"type":599},". Northvolt’s collapse especially impacted the region with Stena Recycling laying off 60 staff and Revolt, Northvolt’s recycling arm, delaying plans.",{"type":627,"attrs":45994},{"id":45995,"body":45996},"607427da-bfb6-488d-8144-6f6af771cc02",[45997],{"id":45998,"_uid":45999,"type":634,"_editable":46000,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"20876874","i-c7458dbf-3352-461d-97bd-32eefe332816","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c7458dbf-3352-461d-97bd-32eefe332816\", \"id\": \"\"}-->",{"type":594,"attrs":46002,"content":46003},{"textAlign":49},[46004,46006,46012],{"text":46005,"type":599},"“With challenges surrounding securing feedstock for recycling companies across the world, many recycling companies are having to streamline processes to reduce costs,” Browning said. “One approach has been to generate battery chemical intermediates, such as mixed hydroxide precipitates, instead of ",{"text":46007,"type":599,"marks":46008},"battery chemicals",[46009],{"type":604,"attrs":46010},{"href":46011,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/recycling-to-boost-us-lithium-carbonate-production?_branch_match_id=1544393622687312289&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBMQ6AIAwF0BvBbmIcWB10YzPFFCHQQj4kbp7d99KcfSzWBtY7CaFIVgbVYah3U7MW6%2BRstHs%2Fj7B94MhA1ucKaO9grC6hCf8lnLZDSAAAAA%3D%3D",{"text":46013,"type":599},".”",{"type":657,"attrs":46015,"content":46016},{"level":15966,"textAlign":49},[46017],{"text":46018,"type":599},"How did Asian overcapacity impact the industry?",{"type":594,"attrs":46020,"content":46021},{"textAlign":49},[46022],{"text":46023,"type":599},"In Asia, recyclers have invested heavily in hydrometallurgical infrastructure and have significantly lower overheads than processors in Europe and North America.",{"type":594,"attrs":46025,"content":46026},{"textAlign":49},[46027,46029,46034],{"text":46028,"type":599},"This means Asian players have higher purchasing power for black mass than Western players and are able to ",{"text":46030,"type":599,"marks":46031},"outcompete such recyclers on price",[46032],{"type":604,"attrs":46033},{"href":45907,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":46035,"type":599}," even for black mass from those regions.",{"type":594,"attrs":46037,"content":46038},{"textAlign":49},[46039],{"text":46040,"type":599},"“Burgeoning Asian black mass demand spilled over into North America too as competition heated up in the seaborne Asia market causing North American payables to rise,” Bloomfield said.",{"type":657,"attrs":46042,"content":46043},{"level":15966,"textAlign":49},[46044],{"text":46045,"type":599},"What recycling trends are expected for 2025?","Low critical raw material prices led to lower black mass payables in 2024, squeezing the already tight margins for battery recyclers. Despite this, the overcapacity of black mass processing in Asia led to the region’s recyclers competing for North American and European black mass. This meant minerals contained in the Western battery scrap pool were […]",[46048],{"slug":544,"name":543,"content":46049},{"job_title":557,"image":46050,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"61f2fcca-f688-45d4-b3ca-159312e4f549\", \"id\": \"\"}-->",[46053,46054],{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":5749,"copyright":547,"fieldtype":553,"meta_data":46056,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":46058,"uuid":46059,"name":46060,"slug":46061,"full_slug":46062,"content":46063},114841842203404,"7e5a6148-211f-4f3d-89ea-7f7e09823995","Infographic: key people in Donald Trump’s administration","infographic-key-people-in-donald-trumps-administration","article/infographic-key-people-in-donald-trumps-administration",{"_uid":46064,"date":46065,"tags":46066,"editor":46069,"content":46073,"excerpt":46126,"featured":51,"reporter":46127,"component":864,"seo_title":46060,"categories":46131,"visibility":2091,"author_company":49,"featured_image":46133,"seo_description":46126,"author_full_name":49,"author_job_title":49,"formattedDate":46136},"cc9b8577-4feb-4851-9bb0-a6afaa0f9449","2024-12-20 00:00",[46067,46068],{"slug":1375,"name":1376},{"slug":4610,"name":662},[46070],{"slug":544,"name":543,"content":46071},{"job_title":557,"image":46072,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":46074},[46075,46088,46100,46105,46116,46123],{"type":594,"attrs":46076,"content":46077},{"textAlign":49},[46078,46080,46086],{"text":46079,"type":599},"President-elect ",{"text":46081,"type":599,"marks":46082},"Donald Trump",[46083],{"type":604,"attrs":46084},{"href":46085,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/donald-trump-wins-us-election-bringing-future-of-ira-into-question",{"text":46087,"type":599}," said this week that any company that invested $1 billion in the US would receive “expedited permits,” for their projects. ",{"type":594,"attrs":46089,"content":46090},{"textAlign":49},[46091,46093,46098],{"text":46092,"type":599},"It’s a sign that Trump could help speed up mining and ",{"text":46094,"type":599,"marks":46095},"critical mineral",[46096],{"type":604,"attrs":46097},{"href":38800,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":46099,"type":599}," projects once in office. ",{"type":594,"attrs":46101,"content":46102},{"textAlign":49},[46103],{"text":46104,"type":599},"Trump has already proposed a number of candidates to run key government departments in his administration. ",{"type":594,"attrs":46106,"content":46107},{"textAlign":49},[46108,46110,46115],{"text":46109,"type":599},"While some will need approval by Congress, below is a selection of the appointments and their views on metals/mining and the ",{"text":22133,"type":599,"marks":46111},[46112],{"type":604,"attrs":46113},{"href":46114,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/uk-puts-mining-and-critical-minerals-at-forefront-of-energy-transition-benchmark-on-new-taskforce",{"text":974,"type":599},{"type":627,"attrs":46117},{"id":46118,"body":46119},"58517b82-f56d-4a31-b1cb-97bfcce7a425",[46120],{"id":46121,"_uid":46122,"type":634,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"20372346","i-1796e7d9-5dee-4bba-8af3-447b8971f33f",{"type":594,"attrs":46124,"content":46125},{"textAlign":49},[],"President-elect Donald Trump said this week that any company that invested $1 billion in the US would receive “expedited permits,” for their projects. It’s a sign that Trump could help speed up mining and critical mineral projects once in office. Trump has already proposed a number of candidates to run key government departments in his […]",[46128],{"slug":544,"name":543,"content":46129},{"job_title":557,"image":46130,"bio":548,"linkedin":555},{"filename":552},[46132],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":46134,"copyright":547,"fieldtype":553,"meta_data":46135,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/974a5db6f9/bm-donald-trump.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 20, 2024",{"id":46138,"uuid":46139,"name":46140,"slug":46141,"full_slug":46142,"content":46143},114841867373334,"a07c28ea-f0ff-4042-a5dc-006e4de3ca1c","Novonix to receive $754 million conditional loan from Department of Energy for synthetic graphite plant","novonix-to-receive-754-million-conditional-loan-from-department-of-energy-for-synthetic-graphite-plant","article/novonix-to-receive-754-million-conditional-loan-from-department-of-energy-for-synthetic-graphite-plant",{"_uid":46144,"date":46145,"tags":46146,"editor":46151,"content":46155,"excerpt":46252,"featured":51,"reporter":46253,"_editable":46257,"component":864,"seo_title":46140,"categories":46258,"visibility":882,"author_company":49,"featured_image":46261,"seo_description":46252,"author_full_name":49,"author_job_title":49,"formattedDate":46264},"88de9eff-b93d-4305-a002-b68c10f2d3cb","2024-12-18 00:00",[46147,46150],{"slug":46148,"name":46149},"novonix","Novonix",{"slug":1375,"name":1376},[46152],{"slug":544,"name":543,"content":46153},{"job_title":557,"image":46154,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":46156},[46157,46162,46167,46172,46177,46190,46195,46212,46217,46222,46227,46232,46237,46242,46247],{"type":594,"attrs":46158,"content":46159},{"textAlign":49},[46160],{"text":46161,"type":599},"The US Department of Energy (DoE) has offered a conditional loan of $754.8 million to Novonix to partially fund the construction of a synthetic graphite plant as the country continues to derisk its battery supply chain from China. ",{"type":594,"attrs":46163,"content":46164},{"textAlign":49},[46165],{"text":46166,"type":599},"“The loan is a testament to the growing need to develop ex-China graphite supply. This highlights the commitment of the US government towards onshoring of battery components to support its domestic industry,” said Shruti Kashyap, Product Director at Benchmark.",{"type":594,"attrs":46168,"content":46169},{"textAlign":49},[46170],{"text":46171,"type":599},"The new plant, to be located in Chattanooga, Tennessee, is expected to produce approximately 31,500 tonnes per year of synthetic graphite, reaching full production capacity by the end of 2028. ",{"type":657,"attrs":46173,"content":46174},{"level":15966,"textAlign":49},[46175],{"text":46176,"type":599},"Why is the DoE financing a synthetic graphite project?",{"type":594,"attrs":46178,"content":46179},{"textAlign":49},[46180,46182,46188],{"text":46181,"type":599},"China dominates the global supply of synthetic graphite and recently implemented ",{"text":46183,"type":599,"marks":46184},"further export restrictions",[46185],{"type":604,"attrs":46186},{"href":46187,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-tightens-graphite-export-controls-to-the-us?_branch_match_id=1544393440647921539&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FFOCSjxq0hOCUiyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQ8S84kgAAAA%3D",{"text":46189,"type":599}," on graphite materials.",{"type":594,"attrs":46191,"content":46192},{"textAlign":49},[46193],{"text":46194,"type":599},"The US has sought to derisk its battery supply chain from China, making financing available to non-Chinese companies and issuing tax credits for EVs that adhere to the Foreign Entity of Concern (FEOC) clause of the Inflation Reduction Act (IRA).",{"type":594,"attrs":46196,"content":46197},{"textAlign":49},[46198,46200,46204,46205,46211],{"text":46199,"type":599},"As a result there has been growing interest in ex-China graphite material. Novonix has signed offtake agreements with Panasonic, ",{"text":2969,"type":599,"marks":46201},[46202],{"type":604,"attrs":46203},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1440,"type":599},{"text":46206,"type":599,"marks":46207},"PowerCo",[46208],{"type":604,"attrs":46209},{"href":46210,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/novonix-inks-offtake-with-powerco-amid-supply-chain-diversification?_branch_match_id=1544393427273104744&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWj%2FRNN%2FHzM%2FfJD0iyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAjyZp5EgAAAA%3D",{"text":45175,"type":599},{"type":594,"attrs":46213,"content":46214},{"textAlign":49},[46215],{"text":46216,"type":599},"The Australian battery materials player has already shown commitment to the US battery supply chain through its Riverside facility. The project, which is also located in Chattanooga, Tennessee, is expected to begin production in H1 2025 and and reach a capacity of 20,000 tonnes by 2027.",{"type":657,"attrs":46218,"content":46219},{"level":15966,"textAlign":49},[46220],{"text":46221,"type":599},"Will Trump be able to repeal this funding when he takes office in January?",{"type":594,"attrs":46223,"content":46224},{"textAlign":49},[46225],{"text":46226,"type":599},"Following the November election result, the DoE has moved to finalise deals before the start of the Trump administration. ",{"type":594,"attrs":46228,"content":46229},{"textAlign":49},[46230],{"text":46231,"type":599},"“Conditional loans that are yet to be finalised, like the one committed to Novonix, are at risk, as the next Trump administration could repeal these, though this could result in political pushback,” said Bryan Bille, policy analyst at Benchmark.",{"type":594,"attrs":46233,"content":46234},{"textAlign":49},[46235],{"text":46236,"type":599},"“However, clawing back funding from legally binding and finalised loans may be challenging and may even result in legal disputes. Once the loan has been obligated, the money must be paid to the project,” he added.",{"type":594,"attrs":46238,"content":46239},{"textAlign":49},[46240],{"text":46241,"type":599},"The question is then whether there is enough time for borrowers like Novonix to complete the DoE’s vetting process prior to Trump taking office, although his policy on this funding is still unclear. ",{"type":594,"attrs":46243,"content":46244},{"textAlign":49},[46245],{"text":46246,"type":599},"During his first administration, the President-elect withheld funding available through the LPO. However, Trump made $42 billion in loans available through the DoE in September 2020, to address the US’ reliance on “foreign adversaries” for critical minerals.",{"type":594,"attrs":46248,"content":46249},{"textAlign":49},[46250],{"text":46251,"type":599},"Additionally, Tennessee voted Republican, which means Trump may face opposition from the state’s Senator to cutting the funding.","The US Department of Energy (DoE) has offered a conditional loan of $754.8 million to Novonix to partially fund the construction of a synthetic graphite plant as the country continues to derisk its battery supply chain from China. “The loan is a testament to the growing need to develop ex-China graphite supply. This highlights the […]",[46254],{"slug":544,"name":543,"content":46255},{"job_title":557,"image":46256,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"88de9eff-b93d-4305-a002-b68c10f2d3cb\", \"id\": \"\"}-->",[46259,46260],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":46262,"copyright":547,"fieldtype":553,"meta_data":46263,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/db992e5d92/bm-novonix-riverside-2.png",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 18, 2024",{"id":46266,"uuid":46267,"name":46268,"slug":46269,"full_slug":46270,"content":46271},114841858919187,"eae194bc-f9f6-4903-a75b-c1ccc881bf35","Mercosur trade pact promises to boost EU critical mineral supply chains","mercosur-trade-pact-promises-to-boost-eu-critical-mineral-supply-chains","article/mercosur-trade-pact-promises-to-boost-eu-critical-mineral-supply-chains",{"_uid":46272,"date":46145,"tags":46273,"editor":46278,"content":46282,"excerpt":46332,"featured":51,"reporter":46333,"_editable":46337,"component":864,"seo_title":46268,"categories":46338,"visibility":882,"author_company":49,"featured_image":46341,"seo_description":46332,"author_full_name":49,"author_job_title":49,"formattedDate":46264},"f8ead945-a5a7-485e-862c-422fc04fbc97",[46274,46275],{"slug":10093,"name":10094},{"slug":46276,"name":46277},"mercosur","Mercosur",[46279],{"slug":544,"name":543,"content":46280},{"job_title":557,"image":46281,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":46283},[46284,46289,46294,46299,46304,46309,46317,46322,46327],{"type":594,"attrs":46285,"content":46286},{"textAlign":49},[46287],{"text":46288,"type":599},"The European Union (EU) and Mercosur – a trade bloc comprising Brazil, Argentina, Paraguay, and Uruguay – finalised terms on a controversial free-trade agreement (FTA) in early December, potentially opening up tariff-free trade of critical minerals between South America and Europe.",{"type":594,"attrs":46290,"content":46291},{"textAlign":49},[46292],{"text":46293,"type":599},"“For the EU this landmark deal represents a critical step towards supply diversification and critical mineral friendshoring,” said Bryan Bille, policy and geopolitical principal analyst at Benchmark. “It also provides the EU with the geopolitical means to counter China’s growing involvement in those countries.”",{"type":594,"attrs":46295,"content":46296},{"textAlign":49},[46297],{"text":46298,"type":599},"A partnership has been under negotiation for some 25 years and still requires approval from the majority of the EU’s 27 member states and the European Parliament. But it faces stiff opposition from France and other EU countries, due to the potential negative impacts on Europe’s agricultural sector.",{"type":657,"attrs":46300,"content":46301},{"level":15966,"textAlign":49},[46302],{"text":46303,"type":599},"Critical minerals key ",{"type":594,"attrs":46305,"content":46306},{"textAlign":49},[46307],{"text":46308,"type":599},"The agreement would facilitate European access to a lower-cost, reliable source of critical raw material supply – key to boosting the cost competitiveness of the EU’s automotive and clean energy sectors.",{"type":627,"attrs":46310},{"id":46311,"body":46312},"38b52dc7-05f9-4a42-8466-e958b6d5fa2f",[46313],{"id":46314,"_uid":46315,"type":634,"_editable":46316,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"20837985","i-34e9277d-c4e9-4452-81e9-b8a3a294a8a1","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-34e9277d-c4e9-4452-81e9-b8a3a294a8a1\", \"id\": \"\"}-->",{"type":594,"attrs":46318,"content":46319},{"textAlign":49},[46320],{"text":46321,"type":599},"Meanwhile, Mercosur economies would benefit from the removal of ‘tariff escalation’ (where more processed goods face higher import tariffs than raw materials), incentivising value-added investment. EU firms will also be granted establishment rights, designed to encourage investment into Mercosur economies.",{"type":657,"attrs":46323,"content":46324},{"level":15966,"textAlign":49},[46325],{"text":46326,"type":599},"Why now?",{"type":594,"attrs":46328,"content":46329},{"textAlign":49},[46330],{"text":46331,"type":599},"The agreement comes in response to rising protectionism in the global economy, with both blocs seeing an opportunity to assert their commitment to a rules-based trade.","The European Union (EU) and Mercosur – a trade bloc comprising Brazil, Argentina, Paraguay, and Uruguay – finalised terms on a controversial free-trade agreement (FTA) in early December, potentially opening up tariff-free trade of critical minerals between South America and Europe. “For the EU this landmark deal represents a critical step towards supply diversification and […]",[46334],{"slug":544,"name":543,"content":46335},{"job_title":557,"image":46336,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f8ead945-a5a7-485e-862c-422fc04fbc97\", \"id\": \"\"}-->",[46339,46340],{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":46342,"copyright":547,"fieldtype":553,"meta_data":46343,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ae14891d12/bm-eu-mercosur.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":46345,"uuid":46346,"name":46347,"slug":46348,"full_slug":46349,"content":46350},114841875618584,"8a3f7d70-8d4a-4c8c-a1b5-fad3cc28cf08","Low prices spark mergers and closures: Lithium 2024 in review","low-prices-spark-mergers-and-closures-lithium-2024-in-review","article/low-prices-spark-mergers-and-closures-lithium-2024-in-review",{"_uid":46351,"date":46352,"tags":46353,"editor":46357,"content":46361,"excerpt":46591,"featured":51,"reporter":46592,"_editable":46596,"component":864,"seo_title":46347,"categories":46597,"visibility":882,"author_company":49,"data_vis_image":46600,"featured_image":46602,"seo_description":46591,"author_full_name":49,"author_job_title":49,"formattedDate":46605},"a6321161-f690-4c2d-b373-ac6365b9838c","2024-12-17 00:00",[46354,46355,46356],{"slug":578,"name":579},{"slug":910,"name":911},{"slug":6606,"name":12530},[46358],{"slug":544,"name":543,"content":46359},{"job_title":557,"image":46360,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":46362},[46363,46376,46389,46402,46416,46421,46434,46439,46451,46456,46461,46474,46479,46486,46491,46496,46501,46520,46525,46532,46537,46542,46549,46568,46573,46586],{"type":594,"attrs":46364,"content":46365},{"textAlign":49},[46366,46368,46374],{"text":46367,"type":599},"In 2024, the ",{"text":46369,"type":599,"marks":46370},"extended slump in lithium prices",[46371],{"type":604,"attrs":46372},{"href":46373,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/falling-lithium-prices-challenge-new-project-economics?_branch_match_id=1544393415584398250&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWjyi1cEnPDTfPD0iyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAfZsMSkgAAAA%3D",{"text":46375,"type":599}," on the back of lower than expected electric vehicle demand growth led to a raft of cutbacks at operations tasked with meeting lithium’s future expansion requirements.  ",{"type":594,"attrs":46377,"content":46378},{"textAlign":49},[46379,46381,46387],{"text":46380,"type":599},"This price environment, however, also primed the market for a series of ",{"text":46382,"type":599,"marks":46383},"mergers and acquisitions",[46384],{"type":604,"attrs":46385},{"href":46386,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/will-rio-tintos-move-entice-other-mining-majors-into-lithium?_branch_match_id=1544393361521479788&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTw4pL6t08jF180%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAnUwedUgAAAA%3D",{"text":46388,"type":599}," signalling belief in the long-term trajectory of the market from energy and commodity majors. ",{"type":594,"attrs":46390,"content":46391},{"textAlign":49},[46392,46394,46400],{"text":46393,"type":599},"“Lithium prices fell by 28.4% in 2024 as the promise of demand diversification outside China faltered in the crosshairs of macroeconomic and ",{"text":46395,"type":599,"marks":46396},"geopolitical uncertainty",[46397],{"type":604,"attrs":46398},{"href":46399,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-the-battery-industry-could-be-impacted-by-elections-this-year?_branch_match_id=1544393395146175434&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWt8g2T00KDLfID0iyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAsSUu9kgAAAA%3D",{"text":46401,"type":599},",” said Adam Megginson, a lithium price analyst at Benchmark.",{"type":594,"attrs":46403,"content":46404},{"textAlign":49},[46405,46412],{"text":46406,"type":599,"marks":46407},"Watch Benchmark analysts",[46408,46411],{"type":604,"attrs":46409},{"href":46410,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/have-lithium-prices-reached-a-bottom",{"type":643},{"text":46413,"type":599,"marks":46414}," dissect the lithium price environment and forecast how it could develop in 2025.",[46415],{"type":643},{"type":657,"attrs":46417,"content":46418},{"level":15966,"textAlign":49},[46419],{"text":46420,"type":599},"How have supply and demand evolved over the course of 2024?",{"type":594,"attrs":46422,"content":46423},{"textAlign":49},[46424,46426,46432],{"text":46425,"type":599},"Although the longer term prospects for the lithium market are robust, industry growth potential in the medium term remains strongly tied to the EV market. This market suffered in 2024 from policy uncertainty, cost competitiveness from western OEMs, and a resurgence of interest in ",{"text":46427,"type":599,"marks":46428},"hybrid EVs",[46429],{"type":604,"attrs":46430},{"href":46431,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/whats-behind-the-rise-in-plug-in-hybrids",{"text":46433,"type":599}," across certain markets.",{"type":657,"attrs":46435,"content":46436},{"level":15966,"textAlign":49},[46437],{"text":46438,"type":599},"How far have lithium prices fallen in 2024?",{"type":594,"attrs":46440,"content":46441},{"textAlign":49},[46442,46444,46449],{"text":46443,"type":599},"After initially falling in the first few months of the year, there was a ",{"text":46445,"type":599,"marks":46446},"brief uptick in lithium prices in the summer",[46447],{"type":604,"attrs":46448},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":46450,"type":599}," due to a mid-year restocking cycle undertaken by cathode producers. Despite this, lithium prices resumed their downturn for the remainder of 2024, as supply expansions exceeded short term demand growth.",{"type":657,"attrs":46452,"content":46453},{"level":15966,"textAlign":49},[46454],{"text":46455,"type":599},"How have lithium prices impacted lithium miners in 2024?",{"type":594,"attrs":46457,"content":46458},{"textAlign":49},[46459],{"text":46460,"type":599},"The pressure of falling lithium chemical prices ultimately got passed upstream to miners.",{"type":594,"attrs":46462,"content":46463},{"textAlign":49},[46464,46466,46472],{"text":46465,"type":599},"The first casualty of the squeeze was ",{"text":46467,"type":599,"marks":46468},"Core Lithium’s Finnis project",[46469],{"type":604,"attrs":46470},{"href":46471,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/miners-under-pressure-as-spodumene-price-falls-below-1000-a-tonne?_branch_match_id=1544393403400251885&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL4nINvdzdykr90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAbSNOfUgAAAA%3D",{"text":46473,"type":599}," which entered care and maintenance in January.",{"type":594,"attrs":46475,"content":46476},{"textAlign":49},[46477],{"text":46478,"type":599},"When prices resumed their downward turn after brief respite in early summer, a raft of closures followed in quick succession.",{"type":594,"attrs":46480,"content":46481},{"textAlign":49},[46482],{"type":1186,"attrs":46483},{"id":49,"alt":547,"src":46484,"title":49,"source":49,"copyright":49,"meta_data":46485},"https://a.storyblok.com/f/287943243085208/e72977c967/bm-spod-price-mines-closed2x-3.png",{},{"type":594,"attrs":46487,"content":46488},{"textAlign":49},[46489],{"text":46490,"type":599},"“Spodumene producers battled against persistent supply of higher cost Chinese mica feedstock,” Megginson said. “Eventually, these higher cost concentrate suppliers succumbed to the constant drag on prices which had been exacerbated by the integrated producers among them being unwilling to halt production.”",{"type":594,"attrs":46492,"content":46493},{"textAlign":49},[46494],{"text":46495,"type":599},"In addition to closures, some producers scaled back production. However, these actions had limited impact on near term supply so had minimal impact on prices.",{"type":657,"attrs":46497,"content":46498},{"level":15966,"textAlign":49},[46499],{"text":46500,"type":599},"Why has lithium seen so many mergers and acquisitions in 2024?",{"type":594,"attrs":46502,"content":46503},{"textAlign":49},[46504,46506,46511,46512,46518],{"text":46505,"type":599},"Although the low price environment is a struggle for miners, it also enabled an ",{"text":46507,"type":599,"marks":46508},"active mergers",[46509],{"type":604,"attrs":46510},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1440,"type":599},{"text":46513,"type":599,"marks":46514},"acquisitions market",[46515],{"type":604,"attrs":46516},{"href":46517,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rio-tinto-commits-to-buy-arcadium-lithium-for-6-7-billion?_branch_match_id=1544393375195271303&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNwvO9ozwyDd180%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAoy%2FCBEgAAAA%3D",{"text":46519,"type":599},", with more capitalised companies looking to shore up their lithium offerings with counter-cyclical deals.",{"type":594,"attrs":46521,"content":46522},{"textAlign":49},[46523],{"text":46524,"type":599},"“While the market remains in a downswing, companies with stronger balance sheets will continue to look at snapping up competitors at attractively low valuations,” Megginson said.",{"type":594,"attrs":46526,"content":46527},{"textAlign":49},[46528],{"type":1186,"attrs":46529},{"id":49,"alt":547,"src":46530,"title":49,"source":49,"copyright":49,"meta_data":46531},"https://a.storyblok.com/f/287943243085208/f120dd077f/bm-2024-lithium-ma2x-6.png",{},{"type":657,"attrs":46533,"content":46534},{"level":15966,"textAlign":49},[46535],{"text":46536,"type":599},"What does 2025 have in store for lithium?",{"type":594,"attrs":46538,"content":46539},{"textAlign":49},[46540],{"text":46541,"type":599},"“Even with the recently announced curtailments and production guidance cuts, we expect the market to remain marginally oversupplied in 2025, with the surplus representing less than 1% of demand,” said Federico Gay, principal lithium analyst at Benchmark.",{"type":594,"attrs":46543,"content":46544},{"textAlign":49},[46545],{"type":1186,"attrs":46546},{"id":49,"alt":547,"src":46547,"title":49,"source":49,"copyright":49,"meta_data":46548},"https://a.storyblok.com/f/287943243085208/04b6ef7ce4/bm-li-market-balance-2023-20252x.png",{},{"type":594,"attrs":46550,"content":46551},{"textAlign":49},[46552,46554,46558,46560,46566],{"text":46553,"type":599},"On the supply side, Benchmark expects ",{"text":33082,"type":599,"marks":46555},[46556],{"type":604,"attrs":46557},{"href":36493,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":46559,"type":599}," (DLE) technology to continue to ",{"text":46561,"type":599,"marks":46562},"make progress in 2025",[46563],{"type":604,"attrs":46564},{"href":46565,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rise-of-dle-will-open-up-new-sources-of-lithium-supply-this-decade?_branch_match_id=1544393380998957069&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNykrjsiLDEr38k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUARthgR0gAAAA%3D",{"text":46567,"type":599},". Several brine project developers are investing in it to unlock new supplies with more attractive cost structures.",{"type":594,"attrs":46569,"content":46570},{"textAlign":49},[46571],{"text":46572,"type":599},"Although some prices began to tick upwards towards the end of 2024, lithium carbonate prices in China remain on a downward trajectory. As such, 2025 may well see lithium producers continue to feel the squeeze.",{"type":594,"attrs":46574,"content":46575},{"textAlign":49},[46576,46578,46584],{"text":46577,"type":599},"Geopolitics are likely to come to the fore in 2025 as the markets adapt to ",{"text":46579,"type":599,"marks":46580},"new global leaders",[46581],{"type":604,"attrs":46582},{"href":46583,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/donald-trump-wins-us-election-bringing-future-of-ira-into-question?_branch_match_id=1544393389313197873&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWrwgPCs9ILDUv9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAq3AqFEgAAAA%3D",{"text":46585,"type":599}," following 2024’s bumper year of elections.",{"type":594,"attrs":46587,"content":46588},{"textAlign":49},[46589],{"text":46590,"type":599},"“Policy change is top of mind as participants prepare for the new year—especially for those that trade with the USA and Europe,” Megginson said. “They have shared concerns regarding what form promised tariffs will take and how the market could be reshaped as a result.”","In 2024, the extended slump in lithium prices on the back of lower than expected electric vehicle demand growth led to a raft of cutbacks at operations tasked with meeting lithium’s future expansion requirements. This price environment, however, also primed the market for a series of mergers and acquisitions signalling belief in the long-term trajectory […]",[46593],{"slug":544,"name":543,"content":46594},{"job_title":557,"image":46595,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a6321161-f690-4c2d-b373-ac6365b9838c\", \"id\": \"\"}-->",[46598,46599],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":46484,"copyright":547,"fieldtype":553,"meta_data":46601,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":46603,"copyright":547,"fieldtype":553,"meta_data":46604,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/feb7393e0c/bm-website-231108-bald-hill-dji-0275.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 17, 2024",{"id":46607,"uuid":46608,"name":46609,"slug":46610,"full_slug":46611,"content":46612},112468344783414,"69462565-14a2-4c6a-8143-fe10cd5a7611","Trump promises expedited permitting process to projects over $1 billion","trump-promises-expedited-permitting-process-to-projects-over-1-billion","article/trump-promises-expedited-permitting-process-to-projects-over-1-billion",{"_uid":46613,"date":46614,"tags":46615,"editor":46618,"content":46622,"excerpt":46699,"featured":51,"reporter":46700,"_editable":46704,"component":864,"seo_title":46609,"categories":46705,"visibility":882,"author_company":49,"featured_image":46707,"seo_description":46699,"author_full_name":49,"author_job_title":49,"formattedDate":46710},"fa628af9-7101-42ae-8c5c-734bcc7c62bb","2024-12-12 00:00",[46616,46617],{"slug":1375,"name":1376},{"slug":4610,"name":662},[46619],{"slug":544,"name":543,"content":46620},{"job_title":557,"image":46621,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":46623},[46624,46629,46634,46639,46644,46649,46654,46659,46664,46669,46674,46679,46684,46689,46694],{"type":594,"attrs":46625,"content":46626},{"textAlign":49},[46627],{"text":46628,"type":599},"The reelection of Donald Trump may threaten the tax credits and subsidies of the Inflation Reduction Act but could be a boon to US mining and construction projects.",{"type":594,"attrs":46630,"content":46631},{"textAlign":49},[46632],{"text":46633,"type":599},"On 10 December, President-elect Trump stated ambitions to speed up federal regulatory approvals for investments of $1 billion or more on US construction projects via his social media platform Truth Social.",{"type":594,"attrs":46635,"content":46636},{"textAlign":49},[46637],{"text":46638,"type":599},"“This could be important, as permitting is one of the biggest stumbling blocks in the US for energy, infrastructure and mining projects,” said Bryan Bille, Policy Analyst at Benchmark.",{"type":657,"attrs":46640,"content":46641},{"level":15966,"textAlign":49},[46642],{"text":46643,"type":599},"Will Trump be able to do this?",{"type":594,"attrs":46645,"content":46646},{"textAlign":49},[46647],{"text":46648,"type":599},"Under the National Environmental Policy Act (NEPA) the federal government is required to conduct environmental assessments before approving permit applications, adopting federal land management actions, and public infrastructure projects. This may pose a regulatory hurdle to such a policy.",{"type":594,"attrs":46650,"content":46651},{"textAlign":49},[46652],{"text":46653,"type":599},"“The next administration, supported by a majority of Congress, could further relax NEPA restrictions, aiming to shorten environmental review timelines and shrink judicial review deadlines,” said Bille.",{"type":594,"attrs":46655,"content":46656},{"textAlign":49},[46657],{"text":46658,"type":599},"The first Trump administration overhauled NEPA to “facilitate more efficient, effective, and timely NEPA reviews by Federal agencies,” according to a ruling from the Council on Environmental Quality.",{"type":657,"attrs":46660,"content":46661},{"level":15966,"textAlign":49},[46662],{"text":46663,"type":599},"Why has Trump announced this policy?",{"type":594,"attrs":46665,"content":46666},{"textAlign":49},[46667],{"text":46668,"type":599},"A 2020 study by the White House Council on Environmental Quality found the average completion time for a NEPA environmental impact assessment was 4.5 years.",{"type":594,"attrs":46670,"content":46671},{"textAlign":49},[46672],{"text":46673,"type":599},"Subsequently, improving federal permitting procedures has support across the aisle. ",{"type":594,"attrs":46675,"content":46676},{"textAlign":49},[46677],{"text":46678,"type":599},"Congress is currently working to pass the bipartisan Manchin-Barrasso bill to expedite the permitting of energy projects. However, its chances of passing in the final few weeks of the current Congress are uncertain.",{"type":657,"attrs":46680,"content":46681},{"level":15966,"textAlign":49},[46682],{"text":46683,"type":599},"How does this fit into Trump’s wider policy ambitions?",{"type":594,"attrs":46685,"content":46686},{"textAlign":49},[46687],{"text":46688,"type":599},"“This aligns with Trump’s deregulation agenda aiming at cutting red tape (especially at the environmental level) and speeding up project timelines to make it more attractive to invest in the US,” said Bille.",{"type":594,"attrs":46690,"content":46691},{"textAlign":49},[46692],{"text":46693,"type":599},"Trump has regularly stated his support for fossil fuels; expediting the environmental approval process for large infrastructure projects would certainly benefit the industry.",{"type":594,"attrs":46695,"content":46696},{"textAlign":49},[46697],{"text":46698,"type":599},"The President-elect has also vowed to implement across the board tariffs of up to 20% and rollback clean energy tax credits, neither of which is conducive to foreign investment in US manufacturing. Deregulation could be one way of encouraging investment in the US.","The reelection of Donald Trump may threaten the tax credits and subsidies of the Inflation Reduction Act but could be a boon to US mining and construction projects. On 10 December, President-elect Trump stated ambitions to speed up federal regulatory approvals for investments of $1 billion or more on US construction projects via his social […]",[46701],{"slug":544,"name":543,"content":46702},{"job_title":557,"image":46703,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fa628af9-7101-42ae-8c5c-734bcc7c62bb\", \"id\": \"\"}-->",[46706],{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":46708,"copyright":547,"fieldtype":553,"meta_data":46709,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/de4c4f63d3/bm-trump.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 12, 2024",{"id":46712,"uuid":46713,"name":46714,"slug":46715,"full_slug":46716,"content":46717},112468379124286,"6f8e667d-1b29-42c2-8e7c-193e52db52b7","China tightens graphite export controls to the US","china-tightens-graphite-export-controls-to-the-us","article/china-tightens-graphite-export-controls-to-the-us",{"_uid":46718,"date":46719,"tags":46720,"editor":46724,"content":46728,"excerpt":46830,"featured":51,"reporter":46831,"_editable":46835,"component":864,"seo_title":46714,"categories":46836,"visibility":2091,"author_company":49,"data_vis_image":46840,"featured_image":46843,"seo_description":46845,"author_full_name":49,"author_job_title":49,"formattedDate":46846},"10f8fbc9-55bd-414e-9401-8b5573ab4e3b","2024-12-05 00:00",[46721,46722,46723],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":1375,"name":1376},[46725],{"slug":544,"name":543,"content":46726},{"job_title":557,"image":46727,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":46729},[46730,46735,46740,46753,46758,46763,46768,46773,46778,46783,46788,46793,46800,46805,46810,46815,46820,46825],{"type":594,"attrs":46731,"content":46732},{"textAlign":49},[46733],{"text":46734,"type":599},"China’s Ministry of Commerce (MOFCOM) has announced further export controls for graphite, specifically to the US, which could disrupt American anode manufacturing.",{"type":594,"attrs":46736,"content":46737},{"textAlign":49},[46738],{"text":46739,"type":599},"The additional controls on graphite are part of broader measures that limit the export of ‘dual-use items’ – those which can be used for civil or military purposes – to the US.",{"type":594,"attrs":46741,"content":46742},{"textAlign":49},[46743,46745,46751],{"text":46744,"type":599},"The controls come one year after ",{"text":46746,"type":599,"marks":46747},"China first introduced restrictions",[46748],{"type":604,"attrs":46749},{"href":46750,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-graphite-export-restrictions-could-hinder-ex-china-anode-development?_branch_match_id=1544411103520437138&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzYrLAw0zA0z9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA1vU5xEgAAAA%3D",{"text":46752,"type":599}," that required exporters to obtain special licences to export graphite products.",{"type":594,"attrs":46754,"content":46755},{"textAlign":49},[46756],{"text":46757,"type":599},"“This announcement stands out due to its immediate implementation, leaving US companies that directly source material from China without time to stockpile and buffer potential supply chain disruptions,” said Tony Alderson, senior analyst at Benchmark.",{"type":657,"attrs":46759,"content":46760},{"level":15966,"textAlign":49},[46761],{"text":46762,"type":599},"Why has China introduced new export controls on the US?",{"type":594,"attrs":46764,"content":46765},{"textAlign":49},[46766],{"text":46767,"type":599},"A spokesperson for MOFCOM said the measures were taken to protect national security and fulfill international non-proliferation obligations. The spokesperson also said the US had abused export control measures and restricted exports of relevant products to China and placed multiple Chinese companies on sanctions lists to suppress and contain them.",{"type":594,"attrs":46769,"content":46770},{"textAlign":49},[46771],{"text":46772,"type":599},"The measures come as a retaliation to the US imposing new export controls to inhibit China’s ability to develop artificial intelligence for its military.",{"type":594,"attrs":46774,"content":46775},{"textAlign":49},[46776],{"text":46777,"type":599},"“This development further underscores the ongoing geopolitical tensions between China and the US, where trade tariffs and export regulations continue to serve as tools in their economic countermeasures,” said Alderson.",{"type":657,"attrs":46779,"content":46780},{"level":15966,"textAlign":49},[46781],{"text":46782,"type":599},"Why has China included graphite in its tightening of export controls to the US?",{"type":594,"attrs":46784,"content":46785},{"textAlign":49},[46786],{"text":46787,"type":599},"Very high purity graphite material has a number of key uses in nuclear reactors. It is also used in the production of semiconductors and in the field of aviation.",{"type":594,"attrs":46789,"content":46790},{"textAlign":49},[46791],{"text":46792,"type":599},"However, China’s dominance in the production of natural and synthetic graphite, as well as uncoated spherical purified graphite, makes it a useful tool for inhibiting areas of US industry such as anode production.",{"type":594,"attrs":46794,"content":46795},{"textAlign":49},[46796],{"type":1186,"attrs":46797},{"id":49,"alt":547,"src":46798,"title":49,"source":49,"copyright":49,"meta_data":46799},"https://a.storyblok.com/f/287943243085208/636c5a5a67/bm-china-accounts-for-the-majority-of-graphite-material-supply2x-2-132931710c1c.png",{},{"type":657,"attrs":46801,"content":46802},{"level":15966,"textAlign":49},[46803],{"text":46804,"type":599},"What impact will this have on the graphite market?",{"type":594,"attrs":46806,"content":46807},{"textAlign":49},[46808],{"text":46809,"type":599},"There will be an inevitable drop off in Chinese graphite exports to the US.",{"type":594,"attrs":46811,"content":46812},{"textAlign":49},[46813],{"text":46814,"type":599},"“Several uncertainties remain, such as the specific types of graphite covered and the exact level of stringency under the new rules. Nonetheless, short-term supply chain disruptions are likely,” said Alderson. ",{"type":594,"attrs":46816,"content":46817},{"textAlign":49},[46818],{"text":46819,"type":599},"US anode manufacturing is not the target of the restrictions, but the more stringent testing that graphite material will have to pass to be exported will affect the wider market. ",{"type":594,"attrs":46821,"content":46822},{"textAlign":49},[46823],{"text":46824,"type":599},"“Enhanced scrutiny to prevent military end-use will likely lead to longer processing times and increased delays across the supply chain,” said Alderson.",{"type":594,"attrs":46826,"content":46827},{"textAlign":49},[46828],{"text":46829,"type":599},"Though there is growing graphite production outside of China, it will take time to establish new deals and undergo qualification periods.","China’s Ministry of Commerce (MOFCOM) has announced further export controls for graphite, specifically to the US, which could disrupt American anode manufacturing. The additional controls on graphite are part of broader measures that limit the export of ‘dual-use items’ – those which can be used for civil or military purposes – to the US. The […]",[46832],{"slug":544,"name":543,"content":46833},{"job_title":557,"image":46834,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"10f8fbc9-55bd-414e-9401-8b5573ab4e3b\", \"id\": \"\"}-->",[46837,46838,46839],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":46841,"copyright":547,"fieldtype":553,"meta_data":46842,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1733416009/www-production/China-accounts-for-the-majority-of-graphite-material-supply@2x-1/China-accounts-for-the-majority-of-graphite-material-supply@2x-1.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":28936,"copyright":547,"fieldtype":553,"meta_data":46844,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"China’s Ministry of Commerce (MOFCOM) has announced further export controls for graphite, specifically to the US, which could disrupt American anode manufacturing. The additional controls on graphite are part of broader ...","Dec 05, 2024",{"id":46848,"uuid":46849,"name":46850,"slug":46851,"full_slug":46852,"content":46853},112468383994431,"8b761020-f7b4-476b-9ccb-5aaa18b79353","Stellantis-Samsung JV to get $7 billion loan from US Department of Energy","stellantis-samsung-jv-to-get-7-billion-loan-from-us-department-of-energy","article/stellantis-samsung-jv-to-get-7-billion-loan-from-us-department-of-energy",{"_uid":46854,"date":46855,"tags":46856,"editor":46867,"content":46871,"excerpt":46953,"featured":51,"reporter":46954,"_editable":46958,"component":864,"seo_title":46850,"categories":46959,"visibility":882,"author_company":49,"data_vis_image":46962,"featured_image":46965,"seo_description":46953,"author_full_name":49,"author_job_title":49,"formattedDate":46968},"e03ff128-c23f-43a9-b27f-eb77138011e5","2024-12-04 00:00",[46857,46858,46861,46864,46865,46866],{"slug":578,"name":579},{"slug":46859,"name":46860},"inflation-reduction-act","Inflation Reduction Act",{"slug":46862,"name":46863},"samsung","Samsung",{"slug":8694,"name":8695},{"slug":4833,"name":2969},{"slug":1375,"name":1376},[46868],{"slug":544,"name":543,"content":46869},{"job_title":557,"image":46870,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":46872},[46873,46878,46883,46888,46893,46898,46903,46910,46915,46920,46925,46938,46943,46948],{"type":594,"attrs":46874,"content":46875},{"textAlign":49},[46876],{"text":46877,"type":599},"StarPlus Energy, a joint venture between Stellantis and Samsung SDI, has received a conditional loan of $7.54 billion from the US Department of Energy (DoE) to help finance the development of two gigafactories in Indiana. ",{"type":594,"attrs":46879,"content":46880},{"textAlign":49},[46881],{"text":46882,"type":599},"The investment supports a trend of South Korean battery players driving US battery production.",{"type":594,"attrs":46884,"content":46885},{"textAlign":49},[46886],{"text":46887,"type":599},"“Despite a global slowdown in battery investment and a climate of delays and cancellations, the US is continuing to offer support for its domestic projects in order to establish its own battery supply chain whilst also reducing its reliance on China. The loan will also allow Stellantis to further solidify its position in the US EV market,” said Anya Sidhu, an analyst at Benchmark.",{"type":594,"attrs":46889,"content":46890},{"textAlign":49},[46891],{"text":46892,"type":599},"Cells manufactured at the two facilities planned for Kokomo, Indiana will be sold to Stellantis for use in its domestic EV range.",{"type":657,"attrs":46894,"content":46895},{"level":15966,"textAlign":49},[46896],{"text":46897,"type":599},"Why are South Korean cell manufacturers partnering with US automakers?",{"type":594,"attrs":46899,"content":46900},{"textAlign":49},[46901],{"text":46902,"type":599},"“Joint ventures between South Korean cell manufacturers and US automakers benefit both parties as automakers secure a reliable supply of batteries for their growing EV production, while battery manufacturers secure demand for their cells,” said Aran Waid, a Principal Analyst at Benchmark.",{"type":594,"attrs":46904,"content":46905},{"textAlign":49},[46906],{"type":1186,"attrs":46907},{"id":49,"alt":547,"src":46908,"title":49,"source":49,"copyright":49,"meta_data":46909},"https://a.storyblok.com/f/287943243085208/d66a283ced/bm-foreign-owned-projects-are-driving-us-battery-production2x.png",{},{"type":594,"attrs":46911,"content":46912},{"textAlign":49},[46913],{"text":46914,"type":599},"Tax credits under the US’ Inflation Reduction Act (IRA), both for domestic cell manufacturing and EV purchases, also incentivise foreign investment. ",{"type":594,"attrs":46916,"content":46917},{"textAlign":49},[46918],{"text":46919,"type":599},"However, Donald Trump’s reelection to the White House threatens these policies.  ",{"type":594,"attrs":46921,"content":46922},{"textAlign":49},[46923],{"text":46924,"type":599},"Vivek Ramaswamy, who Trump has announced will lead the newly proposed Department of Government Efficiency (DOGE) alongside Elon Musk, stated the loan was “illegitimate and should be rescinded” on X, adding that DOGE would carefully scrutinise this spending. ",{"type":594,"attrs":46926,"content":46927},{"textAlign":49},[46928,46930,46936],{"text":46929,"type":599},"It is also true ",{"text":46931,"type":599,"marks":46932},"Republican states have disproportionately benefited from IRA spending",[46933],{"type":604,"attrs":46934},{"href":46935,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-election-plot-twist-trump-and-musk-to-oversee-great-us-battery-boom-in-red-states?_branch_match_id=1544411089157312567&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWtzAMcw0KSMo28E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAA%2BDsVEgAAAA%3D",{"text":46937,"type":599},", receiving 92% of the $110 billion invested through the act. Additionally, Indiana has voted for Trump in all three of the elections he has run in.",{"type":657,"attrs":46939,"content":46940},{"level":15966,"textAlign":49},[46941],{"text":46942,"type":599},"What is the outlook for StarPlus Energy?",{"type":594,"attrs":46944,"content":46945},{"textAlign":49},[46946],{"text":46947,"type":599},"StarPlus Energy announced the first Kokomo, Indiana project in May 2022 with a planned investment of $2.5 billion. First phase capacity is slated at 23 GWh with ambitions to grow this to 33 GWh and production is expected to begin next year.",{"type":594,"attrs":46949,"content":46950},{"textAlign":49},[46951],{"text":46952,"type":599},"The joint venture confirmed an investment of $3.2 billion for its second gigafactory for Kokomo last year. The project has a nameplace capacity of 34 GWh with production expected to begin in 2027.","StarPlus Energy, a joint venture between Stellantis and Samsung SDI, has received a conditional loan of $7.54 billion from the US Department of Energy (DoE) to help finance the development of two gigafactories in Indiana. The investment supports a trend of South Korean battery players driving US battery production. “Despite a global slowdown in battery […]",[46955],{"slug":544,"name":543,"content":46956},{"job_title":557,"image":46957,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e03ff128-c23f-43a9-b27f-eb77138011e5\", \"id\": \"\"}-->",[46960,46961],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":46963,"copyright":547,"fieldtype":553,"meta_data":46964,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1733322885/www-production/Foreign-owned-projects-are-driving-US-battery-production@2x-1/Foreign-owned-projects-are-driving-US-battery-production@2x-1.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":46966,"copyright":547,"fieldtype":553,"meta_data":46967,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/Stellantis-Samsung-JV-gets-7-billion-loan-from-Department-of-Energy-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 04, 2024",{"id":46970,"uuid":46971,"name":46972,"slug":46973,"full_slug":46974,"content":46975},112468388901440,"1477878f-b195-417c-91d9-5558dbb4b5d2","Infographic: Key sustainability considerations for battery critical minerals","infographic-key-sustainability-considerations-for-battery-critical-minerals","article/infographic-key-sustainability-considerations-for-battery-critical-minerals",{"_uid":46976,"date":46977,"tags":46978,"editor":46982,"content":46986,"excerpt":47115,"featured":51,"reporter":47116,"_editable":47120,"component":864,"seo_title":46972,"categories":47121,"visibility":2091,"author_company":49,"data_vis_image":47129,"featured_image":47131,"seo_description":47115,"author_full_name":49,"author_job_title":49,"formattedDate":47134},"ec0de25c-6386-49db-8369-850074be57c9","2024-12-03 00:00",[46979,46980,46981],{"slug":578,"name":579},{"slug":4610,"name":662},{"slug":23760,"name":23761},[46983],{"slug":544,"name":543,"content":46984},{"job_title":557,"image":46985,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":46987},[46988,47001,47014,47041,47046,47059,47067,47072,47077,47090,47095],{"type":594,"attrs":46989,"content":46990},{"textAlign":49},[46991,46993,46999],{"text":46992,"type":599},"Sustainability is an ",{"text":46994,"type":599,"marks":46995},"increasingly key consideration",[46996],{"type":604,"attrs":46997},{"href":46998,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sustainability-now-a-critical-metric-for-lithium-supply-agreements?_branch_match_id=1544411071848451528&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FF0LypLSzeM8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAB5dWbUgAAAA%3D",{"text":47000,"type":599}," for companies sourcing critical minerals for the battery supply chain. However, although carbon intensity is an important metric within sustainability, it is far from the only one.",{"type":594,"attrs":47002,"content":47003},{"textAlign":49},[47004,47006,47012],{"text":47005,"type":599},"Indeed, each critical mineral has its own set of ",{"text":47007,"type":599,"marks":47008},"nuances and challenges",[47009],{"type":604,"attrs":47010},{"href":47011,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/what-factors-impact-a-battery-life-cycle-assessment",{"text":47013,"type":599}," meaning that the most material metric for one mineral may not be the same as for another mineral.",{"type":594,"attrs":47015,"content":47016},{"textAlign":49},[47017,47019,47025,47027,47033,47035,47040],{"text":47018,"type":599},"For example, water management is one of the top sustainability considerations within the lithium industry whereas ",{"text":47020,"type":599,"marks":47021},"biodiversity",[47022],{"type":604,"attrs":47023},{"href":47024,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-mining-companies-need-to-look-at-new-ways-to-reduce-biodiversity-impacts?_branch_match_id=1544411056818665859&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3A0MvM3jDKM8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAazy5UEgAAAA%3D",{"text":47026,"type":599}," is a more important consideration within the ",{"text":47028,"type":599,"marks":47029},"nickel industry",[47030],{"type":604,"attrs":47031},{"href":47032,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-should-the-nickel-industry-define-sustainability?_branch_match_id=1544411042010327351&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdwnJDgooTjWM8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAuu94RUgAAAA%3D",{"text":47034,"type":599},". There are also regional variations within each mineral too, with human rights issues in cobalt mining being especially relevant in the ",{"text":42579,"type":599,"marks":47036},[47037],{"type":604,"attrs":47038},{"href":47039,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-drcs-election-mean-for-copper-and-cobalt-supply?_branch_match_id=1544411064531591412&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWd04uTTVJD3U29E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA71oGsEgAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":47042,"content":47043},{"textAlign":49},[47044],{"text":47045,"type":599},"“Simply aiming for low carbon materials to ensure responsible sourcing is not enough,” said Marine Hautsch, a sustainability analyst at Benchmark.",{"type":594,"attrs":47047,"content":47048},{"textAlign":49},[47049,47051,47057],{"text":47050,"type":599},"Using the materiality assessments in ",{"text":47052,"type":599,"marks":47053},"Benchmark’s Sustainability Reports",[47054],{"type":604,"attrs":47055},{"href":47056,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg",{"text":47058,"type":599},", the infographic below outlines the key considerations for each mineral:",{"type":594,"attrs":47060,"content":47061},{"textAlign":49},[47062],{"type":1186,"attrs":47063},{"id":49,"alt":47064,"src":47065,"title":49,"source":49,"copyright":49,"meta_data":47066},"Sustainability considerations of the battery supply chain","https://a.storyblok.com/f/287943243085208/4feb1caf97/bm-sustainability-infographic-final-web.png",{},{"type":657,"attrs":47068,"content":47069},{"level":15966,"textAlign":49},[47070],{"text":47071,"type":599},"Is sustainability becoming more important?",{"type":594,"attrs":47073,"content":47074},{"textAlign":49},[47075],{"text":47076,"type":599},"Sustainability is on the policy agenda of an increasing number of governments and organisations.",{"type":594,"attrs":47078,"content":47079},{"textAlign":49},[47080,47082,47088],{"text":47081,"type":599},"“Downstream players are also stepping up, focusing on traceability and ",{"text":47083,"type":599,"marks":47084},"low-carbon mineral production",[47085],{"type":604,"attrs":47086},{"href":47087,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/vale-and-tesla-nickel-deal-highlights-automakers-carbon-conundrum?_branch_match_id=1544411049514178137&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT%2FMKrrCIcDSM8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAmPWWHUgAAAA%3D",{"text":47089,"type":599}," to align with compliance and market expectations,” Hautsch said.",{"type":657,"attrs":47091,"content":47092},{"level":15966,"textAlign":49},[47093],{"text":47094,"type":599},"How does Benchmark assess materiality?",{"type":594,"attrs":47096,"content":47097},{"textAlign":49},[47098,47103,47110],{"text":47099,"type":599,"marks":47100},"Learn more about ",[47101,47102],{"type":643},{"type":643},{"text":47104,"type":599,"marks":47105},"Benchmark’s Sustainability services",[47106,47108,47109],{"type":604,"attrs":47107},{"href":47056,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"type":643},{"text":47111,"type":599,"marks":47112},", including material-specific Sustainability Reports and bespoke Life Cycle Assessments, by filling out the form below:",[47113,47114],{"type":643},{"type":643},"Sustainability is an increasingly key consideration for companies sourcing critical minerals for the battery supply chain. However, although carbon intensity is an important metric within sustainability, it is far from the only one. Indeed, each critical mineral has its own set of nuances and challenges meaning that the most material metric for one mineral may […]",[47117],{"slug":544,"name":543,"content":47118},{"job_title":557,"image":47119,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ec0de25c-6386-49db-8369-850074be57c9\", \"id\": \"\"}-->",[47122,47123,47124,47125,47126,47127,47128],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":47064,"name":547,"focus":547,"title":47064,"source":547,"filename":47065,"copyright":547,"fieldtype":553,"meta_data":47130,"is_external_url":51},{"alt":47064,"title":47064,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":47132,"copyright":547,"fieldtype":553,"meta_data":47133,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/82baccdaef/bm-madagascar-biodiversity.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 03, 2024",{"id":47136,"uuid":47137,"name":47138,"slug":47139,"full_slug":47140,"content":47141},112468399981121,"994c33aa-2bf2-4ef9-b2e9-472834e1b16a","2024 sees highest gigafactory capacity cancellations on record","2024-sees-highest-gigafactory-capacity-cancellations-on-record","article/2024-sees-highest-gigafactory-capacity-cancellations-on-record",{"_uid":47142,"date":47143,"tags":47144,"editor":47145,"content":47149,"excerpt":47253,"featured":51,"reporter":47254,"_editable":47258,"component":864,"seo_title":47138,"categories":47259,"visibility":882,"author_company":49,"featured_image":47262,"seo_description":47253,"author_full_name":49,"author_job_title":49,"formattedDate":47265},"a02cda81-aa4d-4761-bf7b-c1549a7f3ea5","2024-11-28 00:00",[],[47146],{"slug":544,"name":543,"content":47147},{"job_title":557,"image":47148,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":47150},[47151,47156,47161,47166,47173,47178,47183,47196,47201,47206,47211,47218,47225,47243,47248],{"type":594,"attrs":47152,"content":47153},{"textAlign":49},[47154],{"text":47155,"type":599},"More than 312 gigawatt hours (GWh) of gigafactory capacity has been cancelled in 2024, substantially higher than preceding years, according to Benchmark analysis.",{"type":594,"attrs":47157,"content":47158},{"textAlign":49},[47159],{"text":47160,"type":599},"These cancellations have been primarily from less experienced Tier 3 battery manufacturers operating in China who have struggled with low demand and a highly competitive market. More established players have fared better.",{"type":594,"attrs":47162,"content":47163},{"textAlign":49},[47164],{"text":47165,"type":599},"“Despite the high number of gigafactory cancellations and delays in 2024, we’ve seen investments continue amongst large-scale, Tier 1 manufacturers,” said Caspar Rawles, Chief Data Officer at Benchmark.",{"type":594,"attrs":47167,"content":47168},{"textAlign":49},[47169],{"type":1186,"attrs":47170},{"id":49,"alt":547,"src":47171,"title":49,"source":49,"copyright":49,"meta_data":47172},"https://a.storyblok.com/f/287943243085208/6d1d872227/bm-charting-the-fall-of-gigafactories2x-1.png",{},{"type":657,"attrs":47174,"content":47175},{"level":15966,"textAlign":49},[47176],{"text":47177,"type":599},"Where have the cancellations come from?",{"type":594,"attrs":47179,"content":47180},{"textAlign":49},[47181],{"text":47182,"type":599},"Rawles noted that it is not surprising Tier 3 Chinese battery manufacturers make up a disproportionate amount of pipeline capacity as the pipeline for gigafactory growth is largest in China.",{"type":594,"attrs":47184,"content":47185},{"textAlign":49},[47186,47188,47194],{"text":47187,"type":599},"Satellite analysis of gigafactory construction sites by ",{"text":47189,"type":599,"marks":47190},"Benchmark Verified",[47191],{"type":604,"attrs":47192},{"href":47193,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-verified-the-five-stages-of-benchmarks-gigafactory-satellite-analysis?_branch_match_id=1544411027154759212&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL%2FBNNPQsTPVx9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkOjPqkgAAAA%3D",{"text":47195,"type":599}," shows that as well as the announced cancellations 746.4 GWh of pipeline capacity has been delayed in 2024. ",{"type":657,"attrs":47197,"content":47198},{"level":15966,"textAlign":49},[47199],{"text":47200,"type":599},"Where is there growth?",{"type":594,"attrs":47202,"content":47203},{"textAlign":49},[47204],{"text":47205,"type":599},"“We’ve seen investments continue amongst large-scale, Tier 1 manufacturers,” said Rawles. ",{"type":594,"attrs":47207,"content":47208},{"textAlign":49},[47209],{"text":47210,"type":599},"Benchmark Verified has monitored the progression at LG Energy Solution’s gigafactory in Arizona over the course of 2024.",{"type":594,"attrs":47212,"content":47213},{"textAlign":49},[47214],{"type":1186,"attrs":47215},{"id":49,"alt":547,"src":47216,"title":49,"source":49,"copyright":49,"meta_data":47217},"https://a.storyblok.com/f/287943243085208/2c7533720a/bm-lges-arizona-us-december-2023.png",{},{"type":594,"attrs":47219,"content":47220},{"textAlign":49},[47221],{"type":1186,"attrs":47222},{"id":49,"alt":547,"src":47223,"title":49,"source":49,"copyright":49,"meta_data":47224},"https://a.storyblok.com/f/287943243085208/2022b8e8fe/bm-lges-arizona-us-july-2024.png",{},{"type":594,"attrs":47226,"content":47227},{"textAlign":49},[47228,47230,47236,47238,47242],{"text":47229,"type":599},"Investments driven by the US’ Inflation Reduction Act (IRA) will come to fruition next year, with ",{"text":47231,"type":599,"marks":47232},"160 GWh of new capacity coming online in the US",[47233],{"type":604,"attrs":47234},{"href":47235,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-set-for-largest-ever-annual-gigafactory-capacity-increase-in-2025?_branch_match_id=1544411019280116486&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTysusqiy8PFx9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA7wPv0UgAAAA%3D",{"text":47237,"type":599},". Of this new capacity, 135 GWh comes from Tier 1 players, according to Benchmark’s ",{"text":35230,"type":599,"marks":47239},[47240],{"type":604,"attrs":47241},{"href":35234,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":47244,"content":47245},{"textAlign":49},[47246],{"text":47247,"type":599},"“This is when we’ll get scaled manufacturing and, theoretically, after that ramp up process, lower costs [in North America],” Rawles said.",{"type":594,"attrs":47249,"content":47250},{"textAlign":49},[47251],{"text":47252,"type":599},"The reelection of Donald Trump, who has been critical of the IRA and EVs more broadly, brings the security of tax credits into doubt.","More than 312 gigawatt hours (GWh) of gigafactory capacity has been cancelled in 2024, substantially higher than preceding years, according to Benchmark analysis. These cancellations have been primarily from less experienced Tier 3 battery manufacturers operating in China who have struggled with low demand and a highly competitive market. More established players have fared better. […]",[47255],{"slug":544,"name":543,"content":47256},{"job_title":557,"image":47257,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a02cda81-aa4d-4761-bf7b-c1549a7f3ea5\", \"id\": \"\"}-->",[47260,47261],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":47263,"copyright":547,"fieldtype":553,"meta_data":47264,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/80cafd8d3f/bm-factory-construction-featured-image.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 28, 2024",{"id":47267,"uuid":47268,"name":47269,"slug":47270,"full_slug":47271,"content":47272},112468416934467,"23920fde-d418-45af-aef6-109814c25dc8","US pushback fuels Gécamines’ Chemaf acquisition bid","us-pushback-fuels-gecamines-chemaf-acquisition-bid","article/us-pushback-fuels-gecamines-chemaf-acquisition-bid",{"_uid":47273,"date":47274,"tags":47275,"editor":47279,"content":47283,"excerpt":47348,"featured":51,"reporter":47349,"_editable":47353,"component":864,"seo_title":47269,"categories":47354,"visibility":882,"author_company":49,"featured_image":47359,"seo_description":47348,"author_full_name":49,"author_job_title":49,"formattedDate":47362},"162046be-f9d0-4130-bd19-010064291a58","2024-11-27 00:00",[47276,47277,47278],{"slug":913,"name":914},{"slug":572,"name":573},{"slug":1375,"name":1376},[47280],{"slug":544,"name":543,"content":47281},{"job_title":557,"image":47282,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":47284},[47285,47290,47301,47306,47311,47321,47326,47331,47336,47341],{"type":594,"attrs":47286,"content":47287},{"textAlign":49},[47288],{"text":47289,"type":599},"The Democratic Republic of Congo’s (DRC) state miner Gécamines has offered $1 million to takeover heavily indebted Chemaf Resources (Chemaf), to prevent its assets falling into the hands of a Chinese entity, according to Reuters. ",{"type":594,"attrs":47291,"content":47292},{"textAlign":49},[47293,47299],{"text":47294,"type":599,"marks":47295},"Chemaf agreed to sell its Congolese assets to Chinese state-owned Norin Mining (Norin) in June",[47296],{"type":604,"attrs":47297},{"href":47298,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-bolsters-drc-copper-cobalt-dominance-with-proposed-chemaf-acquisition",{"text":47300,"type":599},", a company with ties to the Chinese military that has been sanctioned by the US since 2021. But the deal was later blocked by the DRC government, facing pushback from US officials.",{"type":594,"attrs":47302,"content":47303},{"textAlign":49},[47304],{"text":47305,"type":599},"The US has grown increasingly concerned about China’s outsized role in the DRC’s mineral sector, pushing for Western companies to acquire Congolese assets.",{"type":594,"attrs":47307,"content":47308},{"textAlign":49},[47309],{"text":47310,"type":599},"Chemaf is facing debts of $1 billion, after a sharp drop in cobalt prices and inflationary pressures have left its finances strained. The company estimates an additional $300 million is required to complete the projects.",{"type":594,"attrs":47312,"content":47313},{"textAlign":49},[47314,47319],{"text":47315,"type":599,"marks":47316},"Gécamines has also been seeking to gain an increasing foothold",[47317],{"type":604,"attrs":47318},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":47320,"type":599}," in the copper and cobalt markets. It began selling its share of material from joint-venture projects into the global market for the first time in 2024. ",{"type":657,"attrs":47322,"content":47323},{"level":15966,"textAlign":49},[47324],{"text":47325,"type":599},"A geopolitical shift in the DRC?",{"type":594,"attrs":47327,"content":47328},{"textAlign":49},[47329],{"text":47330,"type":599},"In the last decade, Chinese companies have hoovered up several of the DRC’s key copper/cobalt assets, while Western companies have largely backed away from the region.",{"type":594,"attrs":47332,"content":47333},{"textAlign":49},[47334],{"text":47335,"type":599},"“The takeover of Chemaf shows the geopolitical shift happening in the country before our eyes,” said Piotr Ortonowski, head of copper research at Benchmark. “The DRC government is realising that putting all its eggs in one basket may be a shortsighted strategy.”",{"type":594,"attrs":47337,"content":47338},{"textAlign":49},[47339],{"text":47340,"type":599},"Today, China holds a commanding position in the Congolese mineral sector, accounting for 61% and 67% of cobalt and copper production in 2024, respectively.",{"type":594,"attrs":47342,"content":47343},{"textAlign":49},[47344],{"type":1186,"attrs":47345},{"id":49,"alt":547,"src":47346,"title":49,"source":49,"copyright":49,"meta_data":47347},"https://a.storyblok.com/f/287943243085208/027b0aef69/bm-image-76.png",{},"The Democratic Republic of Congo’s (DRC) state miner Gécamines has offered $1 million to takeover heavily indebted Chemaf Resources (Chemaf), to prevent its assets falling into the hands of a Chinese entity, according to Reuters. Chemaf agreed to sell its Congolese assets to Chinese state-owned Norin Mining (Norin) in June, a company with ties to […]",[47350],{"slug":544,"name":543,"content":47351},{"job_title":557,"image":47352,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"162046be-f9d0-4130-bd19-010064291a58\", \"id\": \"\"}-->",[47355,47356,47357,47358],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":47360,"copyright":547,"fieldtype":553,"meta_data":47361,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/03eb2eed44/bm-glencore-katanga-copper-operation-drc-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 27, 2024",{"id":47364,"uuid":12551,"name":47365,"slug":47366,"full_slug":47367,"content":47368},112468431282759,"Zimbabwe: Africa’s lithium heartland","zimbabwe-africas-lithium-heartland","article/zimbabwe-africas-lithium-heartland",{"_uid":47369,"date":47370,"tags":47371,"editor":47378,"content":47382,"excerpt":47678,"featured":51,"reporter":47679,"_editable":47683,"component":864,"seo_title":47365,"categories":47684,"visibility":882,"author_company":49,"data_vis_image":47687,"featured_image":47689,"seo_description":47678,"author_full_name":49,"author_job_title":49,"formattedDate":47691},"22844d35-758b-47d5-9750-07e55d435a49","2024-11-26 00:00",[47372,47373,47374,47375,47376,47377],{"slug":584,"name":585},{"slug":578,"name":579},{"slug":910,"name":911},{"slug":16788,"name":16789},{"slug":6606,"name":12530},{"slug":12525,"name":12526},[47379],{"slug":544,"name":543,"content":47380},{"job_title":557,"image":47381,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":47383},[47384,47397,47422,47427,47432,47439,47444,47449,47454,47459,47472,47484,47491,47496,47501,47506,47511,47516,47536,47543,47548,47561,47566,47571,47576,47581,47586,47591,47596,47601,47606,47611,47616,47621,47628,47633,47638,47643,47648,47655,47662],{"type":594,"attrs":47385,"content":47386},{"textAlign":49},[47387,47389,47395],{"text":47388,"type":599},"Zimbabwe is currently the fourth largest producer of mined lithium globally, and is at the heart of ",{"text":47390,"type":599,"marks":47391},"Africa’s rising strength",[47392],{"type":604,"attrs":47393},{"href":47394,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/africas-lithium-supply-to-treble-this-year-china-dominates-region?_branch_match_id=1544410942103638391&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBQQqAIBAF0BvpLiKIFh7AI4QOYyPqKF%2BhXWfvPVlrzMPayErSAkrLygh1mjCGqVmL3dwuRJq8j9cHTgxkfe6I%2Fk7G6QS98Q%2FWigvTSAAAAA%3D%3D",{"text":47396,"type":599}," in the global lithium industry.",{"type":594,"attrs":47398,"content":47399},{"textAlign":49},[47400,47402,47408,47410,47414,47416,47420],{"text":47401,"type":599},"Africa’s mined lithium supply is ",{"text":47403,"type":599,"marks":47404},"set to increase",[47405],{"type":604,"attrs":47406},{"href":47407,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/africas-critical-mineral-production-poised-for-rapid-growth?_branch_match_id=1544410926422523657&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDzP1KPIMK0zz90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAMiaLnkgAAAA%3D",{"text":47409,"type":599}," nine-fold between 2023 and 2030, according to ",{"text":24541,"type":599,"marks":47411},[47412],{"type":604,"attrs":47413},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":47415,"type":599},", when it is forecast to account for 14% of global supply. ",{"text":12526,"type":599,"marks":47417},[47418],{"type":604,"attrs":47419},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":47421,"type":599}," is set to account for up to 57% of African mined lithium supplies in the same year.",{"type":594,"attrs":47423,"content":47424},{"textAlign":49},[47425],{"text":47426,"type":599},"Benchmark’s product director for lithium, Cameron Perks, recently visited Zimbabwe to assess the state of play in the country from the costs associated with production to the infrastructure and mine setups.",{"type":594,"attrs":47428,"content":47429},{"textAlign":49},[47430],{"text":47431,"type":599},"“The key takeaway is that the costs across the country are so varied, and higher than one might expect,” he said.",{"type":594,"attrs":47433,"content":47434},{"textAlign":49},[47435],{"type":1186,"attrs":47436},{"id":49,"alt":547,"src":47437,"title":49,"source":49,"copyright":49,"meta_data":47438},"https://a.storyblok.com/f/287943243085208/ee3c0b0c9d/bm-africa-lithium2x-1.png",{},{"type":657,"attrs":47440,"content":47441},{"level":15966,"textAlign":49},[47442],{"text":47443,"type":599},"China in Zimbabwe",{"type":594,"attrs":47445,"content":47446},{"textAlign":49},[47447],{"text":47448,"type":599},"There has been lithium mining in Zimbabwe since the 1950s, through the Bikita mine in the Masvingo province. In the early days, the petalite mined there was destined for industrial use, though this changed as lithium ion batteries emerged as a key technology.",{"type":594,"attrs":47450,"content":47451},{"textAlign":49},[47452],{"text":47453,"type":599},"“When Sinomine acquired it, they stopped all external shipments and were using all the lithium solely internally to convert into lithium chemicals in China,” Perks said.",{"type":594,"attrs":47455,"content":47456},{"textAlign":49},[47457],{"text":47458,"type":599},"In 2023, the number of operating projects increased from just one to four, with another project coming online in 2024.",{"type":594,"attrs":47460,"content":47461},{"textAlign":49},[47462,47464,47470],{"text":47463,"type":599},"Of these five operating lithium projects, ",{"text":47465,"type":599,"marks":47466},"four are majority owned by Chinese companies",[47467],{"type":604,"attrs":47468},{"href":47469,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/african-lithium-exports-climb-as-chinese-owned-mines-go-online?_branch_match_id=1544410972060491111&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNzEIdowyz0%2Fz90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAbSUy8EgAAAA%3D",{"text":47471,"type":599}," with Premier African Minerals’ Zulu mine being the only exception. Although Premier is a UK-based company, 13% of the Zulu mine is owned by China’s Suzhou TA&A.",{"type":594,"attrs":47473,"content":47474},{"textAlign":49},[47475,47477,47482],{"text":47476,"type":599},"“",{"text":35284,"type":599,"marks":47478},[47479],{"type":604,"attrs":47480},{"href":47481,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/we-believe-africa-will-be-the-next-good-opportunity-for-lithium-qa-with-wang-xiaoshen-of-ganfeng-lithium?_branch_match_id=1544410934293771409&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWDykrLgwLLUnz90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQmOXJkgAAAA%3D",{"text":47483,"type":599}," have acquired some of these projects at very advanced stages when lithium prices were at their highs and everyone was scrambling for lithium,” Perks said. “Often these were low hanging fruits.”",{"type":594,"attrs":47485,"content":47486},{"textAlign":49},[47487],{"type":1186,"attrs":47488},{"id":49,"alt":547,"src":47489,"title":49,"source":49,"copyright":49,"meta_data":47490},"https://a.storyblok.com/f/287943243085208/70b6c7c020/bm-zimbabwes-lithium-mines2x.png",{},{"type":594,"attrs":47492,"content":47493},{"textAlign":49},[47494],{"text":47495,"type":599},"China’s appetite to invest in African resources is made clear through its Belt and Road Initiative launched in 2013, of which Zimbabwe is a part. Through this scheme, the Chinese government invests in and develops infrastructure in regions deemed to be of strategic importance.",{"type":594,"attrs":47497,"content":47498},{"textAlign":49},[47499],{"text":47500,"type":599},"“Chinese companies can navigate the complex political systems,” Perks said. “They have the stomach to invest in an environment which is not always clear in terms of regulations.”",{"type":657,"attrs":47502,"content":47503},{"level":15966,"textAlign":49},[47504],{"text":47505,"type":599},"Wide cost base in Zimbabwe",{"type":594,"attrs":47507,"content":47508},{"textAlign":49},[47509],{"text":47510,"type":599},"Through conversations with miners in Zimbabwe, Perks noted a wide range of costs for lithium projects in the country from $600 per tonne at the low end to over $1,000 per tonne at the upper end.",{"type":594,"attrs":47512,"content":47513},{"textAlign":49},[47514],{"text":47515,"type":599},"“The range of costs is so broad because there is such a diverse project quality,” Perks said. “Most of the projects incur higher transportation cost, the difference between them is in the quality of the rocks and the processing of them.”",{"type":594,"attrs":47517,"content":47518},{"textAlign":49},[47519,47521,47526,47528,47534],{"text":47520,"type":599},"Given that ",{"text":47522,"type":599,"marks":47523},"Benchmark assesses",[47524],{"type":604,"attrs":47525},{"href":45765,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":47527,"type":599}," that spodumene currently trades at $765 per tonne (FOB Australia, 6% Li2O) and has been below ",{"text":47529,"type":599,"marks":47530},"$1,000 per tonne since the start of the year",[47531],{"type":604,"attrs":47532},{"href":47533,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/miners-under-pressure-as-spodumene-price-falls-below-1000-a-tonne?_branch_match_id=1544410950463698997&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL4nINvdzdykr90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAbSNOfUgAAAA%3D",{"text":47535,"type":599},", the higher end of these costs are likely hard to stomach.",{"type":594,"attrs":47537,"content":47538},{"textAlign":49},[47539],{"type":1186,"attrs":47540},{"id":49,"alt":547,"src":47541,"title":49,"source":49,"copyright":49,"meta_data":47542},"https://a.storyblok.com/f/287943243085208/c9df736306/bm-arcadia-petalite-processing.jpeg",{},{"type":594,"attrs":47544,"content":47545},{"textAlign":49},[47546],{"text":47547,"type":599},"Cameron Perks, product director for lithium at Benchmark, looking at a petalite processing line during a site visit to the Arcadia mine in Zimbabwe. Image shared with permission from Huayou Cobalt.",{"type":594,"attrs":47549,"content":47550},{"textAlign":49},[47551,47553,47559],{"text":47552,"type":599},"Yet although Australia—the largest hard rock lithium mining country—has seen ",{"text":47554,"type":599,"marks":47555},"multiple mines entering care and maintenance",[47556],{"type":604,"attrs":47557},{"href":47558,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/australian-lithium-supply-cut-by-15-due-to-low-spodumene-prices?_branch_match_id=1544410964162636322&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWjyhx8UoMyzR180%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA6UsK%2F0gAAAA%3D",{"text":47560,"type":599}," amid the low price environment, Zimbabwean mines still look to be operating.",{"type":594,"attrs":47562,"content":47563},{"textAlign":49},[47564],{"text":47565,"type":599},"“The reason why the higher cost mines haven’t come offline, is you potentially lose your delicate licence to operate, and if you don’t progress your project, the Zimbabweans may take it off you,” Perks said, “Additionally, restarting such a huge operation, reskilling, moving your skilled Chinese labour, is a huge undertaking, and it’s a decision not to be taken lightly.”",{"type":594,"attrs":47567,"content":47568},{"textAlign":49},[47569],{"text":47570,"type":599},"Another factor keeping Zimbabwe’s lithium mines operating is the ownership structure. Some of the Chinese owners of Zimbabwe’s lithium projects are vertically integrated, or at least well connected with Chinese cathode and cell makes.",{"type":594,"attrs":47572,"content":47573},{"textAlign":49},[47574],{"text":47575,"type":599},"“Australian deposit quality, product quality and infrastructure is superior. But Australian miners are simply not making cathode, cells or EVs,” Perks said.",{"type":657,"attrs":47577,"content":47578},{"level":15966,"textAlign":49},[47579],{"text":47580,"type":599},"Government royalties hit hard at low prices",{"type":594,"attrs":47582,"content":47583},{"textAlign":49},[47584],{"text":47585,"type":599},"The Zimbabwean government officially takes 5% of revenue from lithium mining as a royalty. However contacts told Perks that in reality a number of other government levies push the effective government cut much higher.",{"type":594,"attrs":47587,"content":47588},{"textAlign":49},[47589],{"text":47590,"type":599},"With lithium prices so low, this royalty adds an extra squeeze onto already razor thin margins.",{"type":594,"attrs":47592,"content":47593},{"textAlign":49},[47594],{"text":47595,"type":599},"Lithium miners, through the country’s Chamber of Mines, have proposed linking the royalty rate to lithium prices to provide some relief when prices are low but still benefiting the government when prices pick back up.",{"type":657,"attrs":47597,"content":47598},{"level":15966,"textAlign":49},[47599],{"text":47600,"type":599},"Operating in Zimbabwe",{"type":594,"attrs":47602,"content":47603},{"textAlign":49},[47604],{"text":47605,"type":599},"Where Australia is a relatively easy jurisdiction to operate a lithium mine in, Zimbabwe poses a wide range of challenges.",{"type":594,"attrs":47607,"content":47608},{"textAlign":49},[47609],{"text":47610,"type":599},"“Key challenges for operating in Zimbabwe would include the infrastructure, electricity availability, skilled people, and dealing with the complex regulations,” Perks said.",{"type":594,"attrs":47612,"content":47613},{"textAlign":49},[47614],{"text":47615,"type":599},"A significant percentage of Zimbabwe’s electricity comes from hydropower. However a punishing drought has led to falling water levels which has caused the Kariba hydroelectric dam to significantly reduce capacity leading to power outages.",{"type":594,"attrs":47617,"content":47618},{"textAlign":49},[47619],{"text":47620,"type":599},"Power outages can be costly for mining operations, especially if they occur regularly. Indeed, Perks experienced several power cuts during his visit to the country.",{"type":594,"attrs":47622,"content":47623},{"textAlign":49},[47624],{"type":1186,"attrs":47625},{"id":49,"alt":547,"src":47626,"title":49,"source":49,"copyright":49,"meta_data":47627},"https://a.storyblok.com/f/287943243085208/65c4f0c928/bm-arcadia-saleable-petalite.jpeg",{},{"type":594,"attrs":47629,"content":47630},{"textAlign":49},[47631],{"text":47632,"type":599},"Product director for Lithium at Benchmark, Cameron Perks, in front of a pile of saleable petalite during a site visit to the Arcadia mine in Zimbabwe Image shared with permission by Huayou Cobalt.",{"type":594,"attrs":47634,"content":47635},{"textAlign":49},[47636],{"text":47637,"type":599},"Beyond power outages, electricity prices are also unreliable leading to miners in the country to invest directly into their own electricity generation. A dedicated coal power plant will be built at the Sandawana lithium mine, for example.",{"type":594,"attrs":47639,"content":47640},{"textAlign":49},[47641],{"text":47642,"type":599},"Despite the challenges, Zimbabwe remains at the heart of Africa’s rising position in the global lithium market.",{"type":594,"attrs":47644,"content":47645},{"textAlign":49},[47646],{"text":47647,"type":599},"“Zimbabwe is home to several operating mines with more in development,” Perks said. “It’s a natural resource rich country.”",{"type":594,"attrs":47649,"content":47650},{"textAlign":49},[47651],{"text":47652,"type":599,"marks":47653},"Benchmark has the world’s largest team of analysts dedicated to lithium ion and energy transition supply chains.",[47654],{"type":643},{"type":594,"attrs":47656,"content":47657},{"textAlign":49},[47658],{"text":47659,"type":599,"marks":47660},"Our rigorous, first-hand approach to research involves regular site visits and direct contact with market participants to supplement Benchmark’s extensive datasets and analyses.",[47661],{"type":643},{"type":594,"attrs":47663,"content":47664},{"textAlign":49},[47665,47669,47671,47677],{"text":47666,"type":599,"marks":47667},"To discuss research opportunities for Benchmark analysts to visit your site, reach out to Benchmark",[47668],{"type":643},{"text":47670,"type":599}," at ",{"text":47672,"type":599,"marks":47673},"contact@benchmarkminerals.com",[47674],{"type":604,"attrs":47675},{"href":47676,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:contact@benchmarkminerals.com",{"text":974,"type":599},"Zimbabwe is currently the fourth largest producer of mined lithium globally, and is at the heart of Africa’s rising strength in the global lithium industry. Africa’s mined lithium supply is set to increase nine-fold between 2023 and 2030, according to Benchmark’s Lithium Forecast, when it is forecast to account for 14% of global supply. Zimbabwe […]",[47680],{"slug":544,"name":543,"content":47681},{"job_title":557,"image":47682,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"22844d35-758b-47d5-9750-07e55d435a49\", \"id\": \"\"}-->",[47685,47686],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":47437,"copyright":547,"fieldtype":553,"meta_data":47688,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":35358,"copyright":547,"fieldtype":553,"meta_data":47690,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Nov 26, 2024",{"id":47693,"uuid":47694,"name":47695,"slug":47696,"full_slug":47697,"content":47698},112468426543685,"4d395299-a1f6-4f0e-b3b9-42f686d55663","OPINION: Election plot twist: Trump and Musk to oversee great US battery boom in red states ","opinion-election-plot-twist-trump-and-musk-to-oversee-great-us-battery-boom-in-red-states","article/opinion-election-plot-twist-trump-and-musk-to-oversee-great-us-battery-boom-in-red-states",{"_uid":47699,"date":47370,"tags":47700,"editor":47702,"content":47706,"excerpt":47999,"featured":51,"reporter":48000,"component":864,"seo_title":47695,"categories":48004,"visibility":2091,"author_company":11314,"featured_image":48007,"seo_description":47999,"author_full_name":38267,"author_job_title":48009,"formattedDate":47691},"b9875afe-e92a-4a53-bada-6f94e5cec629",[47701],{"slug":1375,"name":1376},[47703],{"slug":544,"name":543,"content":47704},{"job_title":557,"image":47705,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":47707},[47708,47719,47729,47734,47739,47744,47756,47761,47766,47771,47776,47781,47786,47791,47796,47801,47806,47811,47822,47827,47838,47843,47854,47859,47864,47869,47874,47879,47884,47895,47900,47905,47910,47915,47920,47925,47930,47935,47940,47945,47950,47960,47965,47970,47975,47980,47986],{"type":594,"attrs":47709,"content":47710},{"textAlign":49},[47711,47713,47717],{"text":47712,"type":599},"In the alliance between President-elect Donald Trump and Elon Musk stands the pending ",{"text":21847,"type":599,"marks":47714},[47715],{"type":604,"attrs":47716},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":47718,"type":599}," battery boom in the US. ",{"type":594,"attrs":47720,"content":47721},{"textAlign":49},[47722,47727],{"text":47723,"type":599,"marks":47724},"Lithium ion batteries",[47725],{"type":604,"attrs":47726},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":47728,"type":599}," are a new mega-industry in-waiting sparked by $110 billion of Inflation Reduction Act (IRA) money. ",{"type":594,"attrs":47730,"content":47731},{"textAlign":49},[47732],{"text":47733,"type":599},"Three years ago, while China dominated, the US was a bystander in this global battery arms race with only a handful of gigafactories producing batteries for domestic EV production. ",{"type":594,"attrs":47735,"content":47736},{"textAlign":49},[47737],{"text":47738,"type":599},"Today, 40 super-sized battery plants span the country in stages of construction that will soon employ up to 4,000 American workers and spark over 50,000 related jobs per site.",{"type":594,"attrs":47740,"content":47741},{"textAlign":49},[47742],{"text":47743,"type":599},"While EVs and batteries have to date been seen through a Democratic lens, 35 of the 40 gigafactories are in Republican states, especially Michigan, Ohio, Tennessee, Georgia and Arizona. ",{"type":594,"attrs":47745,"content":47746},{"textAlign":49},[47747,47749,47754],{"text":47748,"type":599},"Meanwhile, Nevada is home to Elon Musk’s jewel-in-the-crown, the Tesla ",{"text":47750,"type":599,"marks":47751},"Gigafactory",[47752],{"type":604,"attrs":47753},{"href":11600,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":47755,"type":599}," 1, itself the first and still one of the world’s biggest EV battery plants. ",{"type":594,"attrs":47757,"content":47758},{"textAlign":49},[47759],{"text":47760,"type":599},"All of this is government-powered, sunk investment. It’s already paid for. ",{"type":594,"attrs":47762,"content":47763},{"textAlign":49},[47764],{"text":47765,"type":599},"And these super-sized EV battery plants are starting to be turned on.",{"type":594,"attrs":47767,"content":47768},{"textAlign":49},[47769],{"text":47770,"type":599},"As a result, President Trump will oversee the first ever US battery boom. ",{"type":594,"attrs":47772,"content":47773},{"textAlign":49},[47774],{"text":47775,"type":599},"In what is one of the greatest plot twists of Election 2024, nearly all of this battery-related economic activity and future jobs are in Republican strong-holds. ",{"type":594,"attrs":47777,"content":47778},{"textAlign":49},[47779],{"text":47780,"type":599},"Data from Benchmark Mineral Intelligence confirms that 92% of the $110 billion spent is in Republican states while 7% is Democratic. This equates to 93% of the total 1,300 gigawatt-hours (GWh) of batteries expected to come online by 2030.",{"type":594,"attrs":47782,"content":47783},{"textAlign":49},[47784],{"text":47785,"type":599},"Trump has vowed to oversee a “Golden Age of America” where energy takes centre stage and, whether it is politically convenient or not, batteries lie at the centre of this battle for energy independence.",{"type":594,"attrs":47787,"content":47788},{"textAlign":49},[47789],{"text":47790,"type":599},"And the same batteries are not just used for EVs but also mass scale energy storage – its real impact seen for the first time in 2024. ",{"type":594,"attrs":47792,"content":47793},{"textAlign":49},[47794],{"text":47795,"type":599},"California and Texas are now leading the battery storage charge. At times of high demand and cost, batteries are the leading single source of electricity in California – a glimpse of what’s to come.",{"type":594,"attrs":47797,"content":47798},{"textAlign":49},[47799],{"text":47800,"type":599},"Storing sunshine is another one of Musk’s visions.",{"type":594,"attrs":47802,"content":47803},{"textAlign":49},[47804],{"text":47805,"type":599},"“If you wanted to power the entire US with solar panels, it would take a fairly small corner of Nevada or Texas or Utah; you only need about 100 miles by 100 miles of solar panels,” Musk said in 2017.",{"type":594,"attrs":47807,"content":47808},{"textAlign":49},[47809],{"text":47810,"type":599},"This coming of age of battery storage (and ramp up of EVs) has been driven by the falling cost of lithium ion batteries: they are now at the lowest cost point they have ever been. ",{"type":594,"attrs":47812,"content":47813},{"textAlign":49},[47814,47816,47820],{"text":47815,"type":599},"November 2024 data from Benchmark shows that ",{"text":451,"type":599,"marks":47817},[47818],{"type":604,"attrs":47819},{"href":16216,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":47821,"type":599}," batteries’ cost has plummeted to $59 per kilowatt-hour (kWh) while the industry average across all chemistries is $66/kWh.",{"type":594,"attrs":47823,"content":47824},{"textAlign":49},[47825],{"text":47826,"type":599},"When Musk’s Tesla Gigafactory was being constructed in 2017 batteries were four times this price. ",{"type":594,"attrs":47828,"content":47829},{"textAlign":49},[47830,47832,47836],{"text":47831,"type":599},"Yet unless America gets a grip on the ",{"text":28276,"type":599,"marks":47833},[47834],{"type":604,"attrs":47835},{"href":16131,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":47837,"type":599}," for key battery raw materials, these low prices will not last forever. ",{"type":657,"attrs":47839,"content":47840},{"level":15966,"textAlign":49},[47841],{"text":47842,"type":599},"Get America Mining Again",{"type":594,"attrs":47844,"content":47845},{"textAlign":49},[47846,47848,47852],{"text":47847,"type":599},"Key critical minerals such as lithium, rare earths, ",{"text":4330,"type":599,"marks":47849},[47850],{"type":604,"attrs":47851},{"href":32079,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":47853,"type":599},", graphite, and cobalt are central to the success or failure of the battery and EV movement.",{"type":594,"attrs":47855,"content":47856},{"textAlign":49},[47857],{"text":47858,"type":599},"These elements now account for up to 80% of the cost of a lithium ion battery.",{"type":594,"attrs":47860,"content":47861},{"textAlign":49},[47862],{"text":47863,"type":599},"Batteries mean mining. ",{"type":594,"attrs":47865,"content":47866},{"textAlign":49},[47867],{"text":47868,"type":599},"Elon Musk famously called lithium refining “a licence to print money”. ",{"type":594,"attrs":47870,"content":47871},{"textAlign":49},[47872],{"text":47873,"type":599},"He has been preoccupied with lithium mining and refining for well over a decade now flirting with major acquisitions and resulting in Tesla building its own lithium refinery in Texas. ",{"type":594,"attrs":47875,"content":47876},{"textAlign":49},[47877],{"text":47878,"type":599},"This could be a sign of what is to come on a giga-scale.",{"type":594,"attrs":47880,"content":47881},{"textAlign":49},[47882],{"text":47883,"type":599},"China has used its grip on low quality lithium ore production to keep prices artificially low and with it the price of their domestic batteries and electric vehicles. ",{"type":594,"attrs":47885,"content":47886},{"textAlign":49},[47887,47889,47893],{"text":47888,"type":599},"China is now flooding the global market with its domestic EVs resulting in a ",{"text":47890,"type":599,"marks":47891},"Democratic ",[47892],{"type":643},{"text":47894,"type":599},"Administration imposing 100% tariffs on Chinese-made imports – a number that’s simply unheard of. ",{"type":594,"attrs":47896,"content":47897},{"textAlign":49},[47898],{"text":47899,"type":599},"The EU followed suit with a softer 35.2% maximum tariff due to its closer ties with China. ",{"type":594,"attrs":47901,"content":47902},{"textAlign":49},[47903],{"text":47904,"type":599},"These numbers are big. The geopolitical chips are now on the table.",{"type":594,"attrs":47906,"content":47907},{"textAlign":49},[47908],{"text":47909,"type":599},"Controlling the supply chain for these minerals means holding the sway of industrial power. ",{"type":594,"attrs":47911,"content":47912},{"textAlign":49},[47913],{"text":47914,"type":599},"Yet the US is still highly dependent on imports for these crucial elements, particularly from China influenced supply.",{"type":594,"attrs":47916,"content":47917},{"textAlign":49},[47918],{"text":47919,"type":599},"The first Trump Administration can be credited with starting this focus on critical minerals with Executive Order 13817 back in 2017. It was a timely bid to wrestle control of these supply chains back from China. ",{"type":594,"attrs":47921,"content":47922},{"textAlign":49},[47923],{"text":47924,"type":599},"It was a baton that the Biden Administration then ran with as a core part of the Senator Joe Manchin-inspired IRA. ",{"type":594,"attrs":47926,"content":47927},{"textAlign":49},[47928],{"text":47929,"type":599},"If America is to have any golden age in these future facing industries, domestic mining and refining of critical minerals must ramp up significantly. ",{"type":594,"attrs":47931,"content":47932},{"textAlign":49},[47933],{"text":47934,"type":599},"A mining renaissance is needed in middle America. ",{"type":594,"attrs":47936,"content":47937},{"textAlign":49},[47938],{"text":47939,"type":599},"The US needs to make the products that its downstream industries use – no longer can this be outsourced to countries over 10,000 miles away. ",{"type":594,"attrs":47941,"content":47942},{"textAlign":49},[47943],{"text":47944,"type":599},"This means mining, refining and chemical-making – all the things that used to happen two generations ago.",{"type":594,"attrs":47946,"content":47947},{"textAlign":49},[47948],{"text":47949,"type":599},"A mining renaissance, especially in mineral rich states such as Nevada, Arizona, Utah, and Idaho, would add a 10x multiplier to this entire battery mega-trend.",{"type":594,"attrs":47951,"content":47952},{"textAlign":49},[47953,47955,47959],{"text":47954,"type":599},"It would bring jobs back and secure these future facing industries: a Great American Battery Boom would underpin ",{"text":47956,"type":599,"marks":47957},"A Golden Age for America",[47958],{"type":643},{"text":974,"type":599},{"type":594,"attrs":47961,"content":47962},{"textAlign":49},[47963],{"text":47964,"type":599},"The US has only done half the job: building EVs and gigafactories are checked.",{"type":594,"attrs":47966,"content":47967},{"textAlign":49},[47968],{"text":47969,"type":599},"President Trump now has the chance to finish what he started and bring critical minerals mining back to America. ",{"type":594,"attrs":47971,"content":47972},{"textAlign":49},[47973],{"text":47974,"type":599},"Politically speaking, it’s all lined up.",{"type":594,"attrs":47976,"content":47977},{"textAlign":49},[47978],{"text":47979,"type":599},"The blocker: whether President Trump and Elon Musk can make this happen at speed and take this golden opportunity. ",{"type":594,"attrs":47981,"content":47982},{"textAlign":49},[47983],{"text":47652,"type":599,"marks":47984},[47985],{"type":643},{"type":594,"attrs":47987,"content":47988},{"textAlign":49},[47989,47993,47996],{"text":47990,"type":599,"marks":47991},"To learn more or speak with our experts, provide your details ",[47992],{"type":643},{"text":6515,"type":599,"marks":47994},[47995],{"type":643},{"text":974,"type":599,"marks":47997},[47998],{"type":643},"In the alliance between President-elect Donald Trump and Elon Musk stands the pending electric vehicle (EV) battery boom in the US. Lithium ion batteries are a new mega-industry in-waiting sparked by $110 billion of Inflation Reduction Act (IRA) money. Three years ago, while China dominated, the US was a bystander in this global battery arms […]",[48001],{"slug":544,"name":543,"content":48002},{"job_title":557,"image":48003,"bio":548,"linkedin":555},{"filename":552},[48005,48006],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4820,"copyright":547,"fieldtype":553,"meta_data":48008,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"CEO",{"id":48011,"uuid":48012,"name":48013,"slug":48014,"full_slug":48015,"content":48016},112468421653060,"8e6097c3-6bb7-46df-815b-f76c18be0121","NOVONIX inks offtake with PowerCo amid supply chain diversification","novonix-inks-offtake-with-powerco-amid-supply-chain-diversification","article/novonix-inks-offtake-with-powerco-amid-supply-chain-diversification",{"_uid":48017,"date":47370,"tags":48018,"editor":48022,"content":48026,"excerpt":48086,"featured":51,"reporter":48087,"_editable":48091,"component":864,"seo_title":48013,"categories":48092,"visibility":882,"author_company":49,"data_vis_image":48095,"featured_image":48097,"seo_description":48086,"author_full_name":49,"author_job_title":49,"formattedDate":47691},"f8908f1d-e41d-4bf7-8a72-1aeead36059e",[48019,48020,48021],{"slug":578,"name":579},{"slug":46148,"name":46149},{"slug":45696,"name":45697},[48023],{"slug":544,"name":543,"content":48024},{"job_title":557,"image":48025,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":48027},[48028,48033,48038,48043,48048,48053,48058,48066,48071,48076,48081],{"type":594,"attrs":48029,"content":48030},{"textAlign":49},[48031],{"text":48032,"type":599},"NOVONIX has signed a binding offtake agreement with PowerCo, a subsidiary of Volkswagen, for synthetic graphite anode material as geopolitical uncertainty continues to drive supply chain diversification.",{"type":594,"attrs":48034,"content":48035},{"textAlign":49},[48036],{"text":48037,"type":599},"The company will supply a minimum of 32,000 tonnes of synthetic graphite to PowerCo for a five-year term starting in 2027. ",{"type":594,"attrs":48039,"content":48040},{"textAlign":49},[48041],{"text":48042,"type":599},"The battery materials player is expected to begin production at its Riverside facility Tennessee, US in H1 2025. The deal gives NOVONIX enough customer support to progress plans for a second facility in the southeastern US with an initial capacity of 30,000 tonnes per year.",{"type":657,"attrs":48044,"content":48045},{"level":15966,"textAlign":49},[48046],{"text":48047,"type":599},"Why is there increasing demand for ex-China graphite?",{"type":594,"attrs":48049,"content":48050},{"textAlign":49},[48051],{"text":48052,"type":599},"“This surge is driven by the advantages provided by the Inflation Reduction Act (IRA), including Department of Energy investments and tax credits. These incentives have spurred the development of onshore anode material production and attracted more customers seeking future supply of IRA-compliant material,” said Tony Alderson, senior analyst at Benchmark.",{"type":594,"attrs":48054,"content":48055},{"textAlign":49},[48056],{"text":48057,"type":599},"“The supply side of these offtake agreements is primarily based in the USA, with over 247,000 tonnes per year secured throughout 2024,” added Alderson.",{"type":594,"attrs":48059,"content":48060},{"textAlign":49},[48061],{"type":1186,"attrs":48062},{"id":49,"alt":48063,"src":48064,"title":49,"source":49,"copyright":49,"meta_data":48065},"Stacked column chart showing ex-China anode deals post IRA and China export regulations for each year from 2024 to 2034 in tpa","https://a.storyblok.com/f/287943243085208/85bb6c52bb/bm-anode-landscape-post-enactment-of-ira-chinas-export-regulations2x-3.png",{},{"type":657,"attrs":48067,"content":48068},{"level":15966,"textAlign":49},[48069],{"text":48070,"type":599},"How are Chinese export restrictions impacting the market?",{"type":594,"attrs":48072,"content":48073},{"textAlign":49},[48074],{"text":48075,"type":599},"Aside from IRA incentives, ex-China downstream players have sought graphite anode material from outside of China after the country implemented export regulations in December 2023. ",{"type":594,"attrs":48077,"content":48078},{"textAlign":49},[48079],{"text":48080,"type":599},"China produces the majority of both natural and synthetic graphite, making the restrictions especially concerning to companies that operate outside the country.",{"type":594,"attrs":48082,"content":48083},{"textAlign":49},[48084],{"text":48085,"type":599},"The re-election of Donald Trump to the White House exacerbates these geopolitical tensions. Trump has promised to increase the rate and scope of tariffs on Chinese products and is generally hawkish towards the country.","NOVONIX has signed a binding offtake agreement with PowerCo, a subsidiary of Volkswagen, for synthetic graphite anode material as geopolitical uncertainty continues to drive supply chain diversification. The company will supply a minimum of 32,000 tonnes of synthetic graphite to PowerCo for a five-year term starting in 2027. The battery materials player is expected to […]",[48088],{"slug":544,"name":543,"content":48089},{"job_title":557,"image":48090,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f8908f1d-e41d-4bf7-8a72-1aeead36059e\", \"id\": \"\"}-->",[48093,48094],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":48063,"name":547,"focus":547,"title":48063,"source":547,"filename":48064,"copyright":547,"fieldtype":553,"meta_data":48096,"is_external_url":51},{"alt":48063,"title":48063,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":48098,"copyright":547,"fieldtype":553,"meta_data":48099,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3fe169a90d/bm-novonix-powerco-se-offtake.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":48101,"uuid":48102,"name":48103,"slug":48104,"full_slug":48105,"content":48106},112468440969801,"28c7428b-76eb-4f7c-bfb7-8b104bc57772","Is it too late for an ex-China LFP revolution?","is-it-too-late-for-an-ex-china-lfp-revolution","article/is-it-too-late-for-an-ex-china-lfp-revolution",{"_uid":48107,"date":48108,"tags":48109,"editor":48115,"content":48119,"excerpt":48213,"featured":51,"reporter":48214,"_editable":48218,"component":864,"seo_title":48103,"categories":48219,"visibility":882,"author_company":49,"data_vis_image":48222,"featured_image":48225,"seo_description":48213,"author_full_name":49,"author_job_title":49,"formattedDate":48228},"90200639-e97a-4498-b060-337fab7c5ab4","2024-11-25 00:00",[48110,48111,48112,48113,48114],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":7219,"name":451},{"slug":1375,"name":1376},[48116],{"slug":544,"name":543,"content":48117},{"job_title":557,"image":48118,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":48120},[48121,48126,48131,48142,48147,48154,48159,48164,48175,48180,48193,48203,48208],{"type":594,"attrs":48122,"content":48123},{"textAlign":49},[48124],{"text":48125,"type":599},"Europe and North America’s ambitions to cut China from their supply chains is contending with their demand for lithium iron phosphate (LFP) cells. China dominates production of LFP cells, with supply outside the region insufficient to meet demand.",{"type":594,"attrs":48127,"content":48128},{"textAlign":49},[48129],{"text":48130,"type":599},"“The current ex-China LFP pipeline won’t go nearly far enough to meeting demand, not just for EVs but for ESS markets,” said Terry Scarrott, Director of Consultancy for Australasia at Benchmark.",{"type":594,"attrs":48132,"content":48133},{"textAlign":49},[48134,48136,48141],{"text":48135,"type":599},"LFP cells are needed to meet demand for lower cost electric vehicles (EVs) and energy storage systems (ESS). However, more than 99% of LFP supply is expected to come from China this year, with the country still accounting for 90% of production in 2030, according to Benchmark’s ",{"text":48137,"type":599,"marks":48138},"Lithium ion Battery Database",[48139],{"type":604,"attrs":48140},{"href":43406,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":48143,"content":48144},{"textAlign":49},[48145],{"text":48146,"type":599},"“When we think about some of the current geopolitical plays, we can already see there is going to be a meeting of heads to resolve the demand for LFP and protectionist economic policy,” said Scarrott.",{"type":594,"attrs":48148,"content":48149},{"textAlign":49},[48150],{"type":1186,"attrs":48151},{"id":49,"alt":547,"src":48152,"title":49,"source":49,"copyright":49,"meta_data":48153},"https://a.storyblok.com/f/287943243085208/91a380d4da/bm-china-exchina-lfp-production.png",{},{"type":657,"attrs":48155,"content":48156},{"level":15966,"textAlign":49},[48157],{"text":48158,"type":599},"How can ex-China battery players catch up?",{"type":594,"attrs":48160,"content":48161},{"textAlign":49},[48162],{"text":48163,"type":599},"“Ex-China battery producers could compete with more established competitors in China by forming close partnerships and alliances with local raw material suppliers and OEMs to establish localised LFP supply chains. This will help reduce logistics costs and avoid the tariffs applied to Chinese batteries,” said Aran Waid, Principal Analyst at Benchmark.",{"type":594,"attrs":48165,"content":48166},{"textAlign":49},[48167,48169,48173],{"text":48168,"type":599},"Ex-China cell manufacturers are already partnering with automakers on battery projects. Benchmark’s ",{"text":35230,"type":599,"marks":48170},[48171],{"type":604,"attrs":48172},{"href":35234,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":48174,"type":599}," shows that of the seven gigafactories coming online in Europe next year, three are joint ventures with automakers. In the US, this figure is five out of the 11.",{"type":594,"attrs":48176,"content":48177},{"textAlign":49},[48178],{"text":48179,"type":599},"Waid also noted policy incentives available to ex-China producers could reduce set up costs. ",{"type":594,"attrs":48181,"content":48182},{"textAlign":49},[48183,48185,48191],{"text":48184,"type":599},"Benchmark analysis shows ",{"text":48186,"type":599,"marks":48187},"the cost of battery production in the US could be lower than that of China",[48188],{"type":604,"attrs":48189},{"href":48190,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-battery-production-could-beat-china-on-cost-due-to-ira-tax-credits?_branch_match_id=1544410915802805114&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD86OcnTKqsjP9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAESKj%2FEgAAAA%3D",{"text":48192,"type":599}," by the end of the decade due to tax credits in the country’s Inflation Reduction Act (IRA). ",{"type":594,"attrs":48194,"content":48195},{"textAlign":49},[48196,48198,48202],{"text":48197,"type":599},"In 2029, the average cost of LFP cells produced in North America will be under $50/kWh to manufacture when including the $35/kWh IRA tax credit compared to $53.3/kWh in China. There is less than 90 GWh of LFP production forecast for North America, according to Benchmark’s ",{"text":48137,"type":599,"marks":48199},[48200],{"type":604,"attrs":48201},{"href":43406,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":48204,"content":48205},{"textAlign":49},[48206],{"text":48207,"type":599},"However, the re-election of Donald Trump, who has been critical of the IRA, brings some uncertainty around whether this advantage will materialise. ",{"type":594,"attrs":48209,"content":48210},{"textAlign":49},[48211],{"text":48212,"type":599},"An improved sustainability profile could also give ex-China players a competitive edge in Western markets, where consumers and governments place more value on such metrics. ","Europe and North America’s ambitions to cut China from their supply chains is contending with their demand for lithium iron phosphate (LFP) cells. China dominates production of LFP cells, with supply outside the region insufficient to meet demand. “The current ex-China LFP pipeline won’t go nearly far enough to meeting demand, not just for EVs […]",[48215],{"slug":544,"name":543,"content":48216},{"job_title":557,"image":48217,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"90200639-e97a-4498-b060-337fab7c5ab4\", \"id\": \"\"}-->",[48220,48221],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":48223,"copyright":547,"fieldtype":553,"meta_data":48224,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1732010365/www-production/Almost-all-LFP-cell-supply-comes-from-China-no-Y-axis/Almost-all-LFP-cell-supply-comes-from-China-no-Y-axis.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":48226,"copyright":547,"fieldtype":553,"meta_data":48227,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e538793d77/bm-is-it-too-late-for-an-ex-china-lfp-revolution.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 25, 2024",{"id":48230,"uuid":48231,"name":48232,"slug":48233,"full_slug":48234,"content":48235},112468450787915,"2b8ae73c-54df-41b5-9e0e-f06b8d0d6bfc","Northvolt files for bankruptcy in US as CEO steps down","northvolt-files-for-bankruptcy-in-us-as-ceo-steps-down","article/northvolt-files-for-bankruptcy-in-us-as-ceo-steps-down",{"_uid":48236,"date":48237,"tags":48238,"editor":48242,"content":48246,"excerpt":48299,"featured":51,"reporter":48300,"_editable":48304,"component":864,"seo_title":48232,"categories":48305,"visibility":2091,"author_company":49,"featured_image":48308,"seo_description":48299,"author_full_name":49,"author_job_title":49,"formattedDate":48311},"2bcb8268-cc30-4b07-b8c2-fcd0abbeedbc","2024-11-22 00:00",[48239],{"slug":48240,"name":48241},"northvolt","Northvolt",[48243],{"slug":544,"name":543,"content":48244},{"job_title":557,"image":48245,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":48247},[48248,48253,48258,48270,48275,48280,48287,48292],{"type":594,"attrs":48249,"content":48250},{"textAlign":49},[48251],{"text":48252,"type":599},"Swedish battery company Northvolt has filed for bankruptcy in the US, in a setback for Europe’s ambitions to compete with the largest Asian producers of lithium ion batteries for electric vehicles. ",{"type":594,"attrs":48254,"content":48255},{"textAlign":49},[48256],{"text":48257,"type":599},"The company’s co-founder and chief executive Peter Carlsson will also step down from the struggling battery maker, it said. ",{"type":594,"attrs":48259,"content":48260},{"textAlign":49},[48261,48263,48268],{"text":48262,"type":599},"The news highlights the difficulty of scaling up production of ",{"text":48264,"type":599,"marks":48265},"lithium ion batteries",[48266],{"type":604,"attrs":48267},{"href":43406,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":48269,"type":599},", especially at a cost that is competitive with Chinese companies. Northvolt’s factory in the north of Sweden has an annual capacity to produce 16 gigawatt hours of batteries, but the company struggled to reach even 1 GWh of battery cell production. ",{"type":594,"attrs":48271,"content":48272},{"textAlign":49},[48273],{"text":48274,"type":599},"The company said the Chapter 11 filing in the Southern District of Texas would allow it to restructure and secure new financing.",{"type":657,"attrs":48276,"content":48277},{"level":15966,"textAlign":49},[48278],{"text":48279,"type":599},"What does this mean for European battery supply? ",{"type":594,"attrs":48281,"content":48282},{"textAlign":49},[48283],{"type":1186,"attrs":48284},{"id":49,"alt":547,"src":48285,"title":49,"source":49,"copyright":49,"meta_data":48286},"https://a.storyblok.com/f/287943243085208/fa13d638ae/bm-image-103-134408060110.png",{},{"type":657,"attrs":48288,"content":48289},{"level":15966,"textAlign":49},[48290],{"text":48291,"type":599},"Here are the key facts from the bankruptcy:",{"type":594,"attrs":48293,"content":48294},{"textAlign":49},[48295],{"text":48296,"type":599,"marks":48297},"Watch Benchmark analysts discuss what Northvolt’s bankruptcy means for European battery production.",[48298],{"type":643},"Swedish battery company Northvolt has filed for bankruptcy in the US, in a setback for Europe’s ambitions to compete with the largest Asian producers of lithium ion batteries for electric vehicles. The company’s co-founder and chief executive Peter Carlsson will also step down from the struggling battery maker, it said. The news highlights the difficulty […]",[48301],{"slug":544,"name":543,"content":48302},{"job_title":557,"image":48303,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2bcb8268-cc30-4b07-b8c2-fcd0abbeedbc\", \"id\": \"\"}-->",[48306,48307],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":48309,"copyright":547,"fieldtype":553,"meta_data":48310,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bfbe727987/bm-northvolt-giga-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 22, 2024",{"id":48313,"uuid":48314,"name":48315,"slug":48316,"full_slug":48317,"content":48318},114842131201248,"e9d56732-d482-4142-a3de-1844670f61e4","Benchmark modifies price assessment methodologies with regards to publication rights","benchmark-modifies-price-assessment-methodologies-with-regards-to-publication-rights","article/benchmark-modifies-price-assessment-methodologies-with-regards-to-publication-rights",{"_uid":48319,"date":48320,"tags":48321,"editor":48324,"content":48328,"excerpt":48373,"featured":50,"reporter":48374,"_editable":48378,"component":864,"seo_title":48315,"categories":48379,"visibility":2091,"author_company":49,"featured_image":48381,"seo_description":48373,"author_full_name":49,"author_job_title":49,"formattedDate":48384},"49234dff-1f68-4395-97da-29f91e647841","2024-11-19 00:00",[48322,48323],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[48325],{"slug":544,"name":543,"content":48326},{"job_title":557,"image":48327,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":48329},[48330,48335,48348,48353,48358,48363,48368],{"type":594,"attrs":48331,"content":48332},{"textAlign":49},[48333],{"text":48334,"type":599},"Benchmark Mineral Intelligence today announced changes to its price assessment methodologies for: lithium, nickel, cobalt, natural graphite, synthetic graphite, black mass, rare earths, anode, cathode, lithium ion battery cells, manganese and electrolyte. The change means that it will reserve the right to temporarily alter publishing dates, for example during UK national holidays, subject to providing the market with 30 days notice via email.",{"type":594,"attrs":48336,"content":48337},{"textAlign":49},[48338,48340,48346],{"text":48339,"type":599},"The announcement follows the conclusion of a ",{"text":48341,"type":599,"marks":48342},"formal public consultation",[48343],{"type":604,"attrs":48344},{"href":48345,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-begins-public-consultation-on-updates-to-all-price-assessment-methodologies-regarding-the-publication-rights-of-assessments",{"text":48347,"type":599}," regarding the publication rights of assessments across all of its price assessment methodologies.",{"type":594,"attrs":48349,"content":48350},{"textAlign":49},[48351],{"text":48352,"type":599},"Following this announcement, Benchmark would like to inform subscribers that it will temporarily modify its release schedule to accommodate UK bank holidays over the Christmas and New Year period.",{"type":594,"attrs":48354,"content":48355},{"textAlign":49},[48356],{"text":48357,"type":599},"The following Lithium and Cobalt Price Assessments will be affected:",{"type":594,"attrs":48359,"content":48360},{"textAlign":49},[48361],{"text":48362,"type":599},"These assessments will instead be published on the following days:",{"type":594,"attrs":48364,"content":48365},{"textAlign":49},[48366],{"text":48367,"type":599},"Following these two Price Assessments, Benchmark’s weekly assessment schedule will resume on Wednesdays.",{"type":594,"attrs":48369,"content":48370},{"textAlign":49},[48371],{"text":48372,"type":599},"If you wish to speak to our experts about a Price Assessment, or for further questions, please email prices@benchmarkminerals.com.","Benchmark Mineral Intelligence today announced changes to its price assessment methodologies for: lithium, nickel, cobalt, natural graphite, synthetic graphite, black mass, rare earths, anode, cathode, lithium ion battery cells, manganese and electrolyte. The change means that it will reserve the right to temporarily alter publishing dates, for example during UK national holidays, subject to providing the […]",[48375],{"slug":544,"name":543,"content":48376},{"job_title":557,"image":48377,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"49234dff-1f68-4395-97da-29f91e647841\", \"id\": \"\"}-->",[48380],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":48382,"copyright":547,"fieldtype":553,"meta_data":48383,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d9c10e81db/bm-launch-collage-3.png",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 19, 2024",{"id":48386,"uuid":48387,"name":48388,"slug":48389,"full_slug":48390,"content":48391},114842123173086,"9a9adb73-0422-4931-861c-c8251165f52f","Walkabout Resources troubles highlight challenges faced by ex-China graphite players","walkabout-resources-troubles-highlight-challenges-faced-by-ex-china-graphite-players","article/walkabout-resources-troubles-highlight-challenges-faced-by-ex-china-graphite-players",{"_uid":48392,"date":48320,"tags":48393,"editor":48398,"content":48402,"excerpt":48504,"featured":51,"reporter":48505,"_editable":48509,"component":864,"seo_title":48388,"categories":48510,"visibility":882,"author_company":49,"featured_image":48513,"seo_description":48504,"author_full_name":49,"author_job_title":49,"formattedDate":48384},"98bdb7c5-1922-46ce-9a30-6b882c9a1aa9",[48394,48395],{"slug":584,"name":585},{"slug":48396,"name":48397},"tanzania","Tanzania",[48399],{"slug":544,"name":543,"content":48400},{"job_title":557,"image":48401,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":48403},[48404,48409,48414,48419,48424,48429,48434,48439,48444,48449,48454,48466,48471,48484,48489,48494,48499],{"type":594,"attrs":48405,"content":48406},{"textAlign":49},[48407],{"text":48408,"type":599},"Graphite company Walkabout Resources has gone into administration following logistical and high cost issues around exporting its natural graphite from Tanzania.",{"type":594,"attrs":48410,"content":48411},{"textAlign":49},[48412],{"text":48413,"type":599},"The company operated the Lindi mine in Tanzania and announced it had shipped the first material from the asset in June of this year. ",{"type":594,"attrs":48415,"content":48416},{"textAlign":49},[48417],{"text":48418,"type":599},"“This highlights the challenges the ex-China graphite industry faces as diversification of global graphite supply away from China is underway. Logistics, finance and timely qualification are some of the concerns that need to be addressed before the ex-China supply chain becomes robust,” said Shruti Kashyap, product director at Benchmark.",{"type":657,"attrs":48420,"content":48421},{"level":15966,"textAlign":49},[48422],{"text":48423,"type":599},"Why has Walkabout Resources gone into administration?",{"type":594,"attrs":48425,"content":48426},{"textAlign":49},[48427],{"text":48428,"type":599},"Logistical issues exporting the material meant higher costs and inhibited cash flow for the graphite miner. To address these constraints, Walkabout negotiated with senior lender Gemcorp but was unable to make a $5 million investment into the Lindi project, forcing the company into administration. ",{"type":594,"attrs":48430,"content":48431},{"textAlign":49},[48432],{"text":48433,"type":599},"Walkabout said the receivers and managers intend to operate the Lindi Jumbo mine and processing plant on a business-as-usual basis while reviewing operating and recapitalisation options.",{"type":594,"attrs":48435,"content":48436},{"textAlign":49},[48437],{"text":48438,"type":599},"The issues Walkabout faced exporting its graphite from the Mtwara and Dar es Salaam ports may be a concern for other miners too. All projects planned for Tanzania – Lindi and Bunyu with the Mtwara port; Epanko, Chilalo and Mahenge with Dar es Salaam – rely on one of these two ports Walkabout attempted to export their material from.",{"type":657,"attrs":48440,"content":48441},{"level":15966,"textAlign":49},[48442],{"text":48443,"type":599},"What role does Tanzania play in international natural graphite production?",{"type":594,"attrs":48445,"content":48446},{"textAlign":49},[48447],{"text":48448,"type":599},"“Tanzania is emerging as a promising destination for graphite production. The country accounts for only 4% of global flake graphite production with its share slated to increase to double in the next ten years as new projects come online,” said Kashyap.",{"type":594,"attrs":48450,"content":48451},{"textAlign":49},[48452],{"text":48453,"type":599},"The Epanko mine, owned by a joint venture between EcoGraf and the government of Tanzania, is the next mine forecast to come online in the country, with production expected to begin in 2026. Tanzania has several other projects in various stages of development, placing forecast 2030 production at more than 280,000 tonnes of natural graphite.",{"type":594,"attrs":48455,"content":48456},{"textAlign":49},[48457,48459,48464],{"text":48458,"type":599},"In September, Black Rock Mining, another Australian junior mining company, secured ",{"text":48460,"type":599,"marks":48461},"$179 million to develop its Mahenge graphite project",[48462],{"type":604,"attrs":48463},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":48465,"type":599}," in Tanzania.",{"type":657,"attrs":48467,"content":48468},{"level":15966,"textAlign":49},[48469],{"text":48470,"type":599},"Lobito Corridor extension could relieve port infrastructure strain",{"type":594,"attrs":48472,"content":48473},{"textAlign":49},[48474,48476,48482],{"text":48475,"type":599},"US investment to ",{"text":48477,"type":599,"marks":48478},"extend the Lobito Corridor Railway to Tanzania",[48479],{"type":604,"attrs":48480},{"href":48481,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-proposal-for-trans-africa-corridor-targets-copper-and-cobalt-supply-chains?_branch_match_id=1544390747101373747&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9%2FcwK3TyDo%2Bo8E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAu7jLA0gAAAA%3D",{"text":48483,"type":599}," would likely relieve some of the strain on port infrastructure by providing access to the Atlantic without having to ship material around South Africa.",{"type":594,"attrs":48485,"content":48486},{"textAlign":49},[48487],{"text":48488,"type":599},"The Lobito Corridor is a 1,300 km stretch of railway connecting the port of Lobito, on the Atlantic coast of Angola, with the city of Kolwezi in the DRC. Extending the railway to Tanzania would create a ‘Trans-Africa Corridor’ connecting the Central African Copperbelt to both the Atlantic and Indian Oceans.",{"type":594,"attrs":48490,"content":48491},{"textAlign":49},[48492],{"text":48493,"type":599},"However, the re-election of Donald Trump brings into question whether investment from the US will materialise.",{"type":594,"attrs":48495,"content":48496},{"textAlign":49},[48497],{"text":48498,"type":599},"The region is regarded as geopolitically important outside the US as well. At the Forum on China–Africa Cooperation in September, China, Tanzania, and Zambia signed a memorandum of understanding to rehabilitate the Tazara railway – which spans Zambia and Tanzania – signalling China’s intent to develop an alternative to the western-backed Lobito Corridor.",{"type":594,"attrs":48500,"content":48501},{"textAlign":49},[48502],{"text":48503,"type":599},"At the summit, China’s President Xi Jinping pledged $51 billion for African infrastructure projects, with $1 billion designated for the modernisation of the Tazara railway.","Graphite company Walkabout Resources has gone into administration following logistical and high cost issues around exporting its natural graphite from Tanzania. The company operated the Lindi mine in Tanzania and announced it had shipped the first material from the asset in June of this year. “This highlights the challenges the ex-China graphite industry faces as […]",[48506],{"slug":544,"name":543,"content":48507},{"job_title":557,"image":48508,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"98bdb7c5-1922-46ce-9a30-6b882c9a1aa9\", \"id\": \"\"}-->",[48511,48512],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":48514,"name":547,"focus":547,"title":48514,"source":547,"filename":48515,"copyright":547,"fieldtype":553,"meta_data":48516,"is_external_url":51},"Shipping containers at Dar es Salaam port in Tanzania","https://a.storyblok.com/f/287943243085208/7b08c08301/bm-walkabout-resources-goes-into-administration-13283943fb58.jpg",{"alt":48514,"title":48514,"source":547,"copyright":547},{"id":48518,"uuid":48519,"name":48520,"slug":48521,"full_slug":48522,"content":48523},112468480041550,"98b4927a-0731-4fa7-b215-3d0c8616abc2","Public investment key to lowering capital costs, panellists tell Benchmark Week 2024","public-investment-key-to-lowering-capital-costs-panellists-tell-benchmark-week-2024","article/public-investment-key-to-lowering-capital-costs-panellists-tell-benchmark-week-2024",{"_uid":48524,"date":48525,"tags":48526,"editor":48531,"content":48535,"excerpt":48597,"featured":51,"reporter":48598,"_editable":48602,"component":864,"seo_title":48520,"categories":48603,"visibility":882,"author_company":49,"featured_image":48606,"seo_description":48597,"author_full_name":49,"author_job_title":49,"formattedDate":48609},"9af5c7c1-ffcf-4eff-95f1-dfe42f6c4523","2024-11-18 00:00",[48527,48530],{"slug":48528,"name":48529},"benchmark-week-2024","Benchmark Week 2024",{"slug":4610,"name":662},[48532],{"slug":544,"name":543,"content":48533},{"job_title":557,"image":48534,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":48536},[48537,48542,48547,48552,48557,48562,48567,48572,48577,48582,48587,48592],{"type":594,"attrs":48538,"content":48539},{"textAlign":49},[48540],{"text":48541,"type":599},"Lowering the cost of capital through government support is crucial to establishing a competitive and sustainable battery supply chain in the US, panellists remarked at the third day of Benchmark week 2024 in Los Angeles.",{"type":594,"attrs":48543,"content":48544},{"textAlign":49},[48545],{"text":48546,"type":599},"Following the passage of the Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BLI), government agencies have supplied billions of dollars in grants, loans, and tax credits to support the domestic critical mineral and battery supply chain projects, significantly lowering barriers for project financing in the US.",{"type":594,"attrs":48548,"content":48549},{"textAlign":49},[48550],{"text":48551,"type":599},"“One of the big drivers to truly being able to compete with countries such as China on a head to head basis is cost of capital,” said Ashley Zumwalt-Forbes, Deputy Director, Batteries and Critical Minerals, Office of Manufacturing and Energy Supply Chains, US Department of Energy (DoE).",{"type":594,"attrs":48553,"content":48554},{"textAlign":49},[48555],{"text":48556,"type":599},"“These levers are the way in which we can decrease that cost of capital and ultimately compete on an even playing field,” she added.",{"type":657,"attrs":48558,"content":48559},{"level":15966,"textAlign":49},[48560],{"text":48561,"type":599},"Commercial viability key",{"type":594,"attrs":48563,"content":48564},{"textAlign":49},[48565],{"text":48566,"type":599},"Panellists agreed that a driving force behind investment decisions was the commercial viability of a project. Projects must demonstrate a clear path to commercialisation, as well as technical viability and an execution plan.",{"type":594,"attrs":48568,"content":48569},{"textAlign":49},[48570],{"text":48571,"type":599},"“We want to understand basic unit economics,” said David Riposo, Director, Business Development, Energy & Infrastructure, International Development Finance Corporation. “But we don’t hold projects to the same standard as investment banks.”",{"type":594,"attrs":48573,"content":48574},{"textAlign":49},[48575],{"text":48576,"type":599},"These sentiments were echoed by Chelsea Sexton of the DoE’s Loan Programs Office (LPO), who emphasised the programme’s role in providing low-cost capital to support high-potential, but high-risk projects, where commercial loans may not be readily available.",{"type":594,"attrs":48578,"content":48579},{"textAlign":49},[48580],{"text":48581,"type":599},"Highlighting the example of the geothermal extraction of lithium from the Salton Sea in California, Sexton noted that pairing public and private interest could help to increase the competitiveness of US projects to those in China. “We can provide a low cost of capital that ultimately helps bring private equity in.”",{"type":594,"attrs":48583,"content":48584},{"textAlign":49},[48585],{"text":48586,"type":599},"Graphite One CEO Anthony Huston, stressed that government financing had been essential for the domestic supply chain’s survival.",{"type":594,"attrs":48588,"content":48589},{"textAlign":49},[48590],{"text":48591,"type":599},"“For us, it’s been life or death,” he said. “Now we have an opportunity to do something that has never been done before, which is to create a supply chain that should have been built 25 years ago.” ",{"type":594,"attrs":48593,"content":48594},{"textAlign":49},[48595],{"text":48596,"type":599},"“We are on the right path and I think the next administration will continue because of the great work that has been done already,” he added.","Lowering the cost of capital through government support is crucial to establishing a competitive and sustainable battery supply chain in the US, panellists remarked at the third day of Benchmark week 2024 in Los Angeles. Following the passage of the Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BLI), government agencies have supplied billions of […]",[48599],{"slug":544,"name":543,"content":48600},{"job_title":557,"image":48601,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9af5c7c1-ffcf-4eff-95f1-dfe42f6c4523\", \"id\": \"\"}-->",[48604,48605],{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":48607,"copyright":547,"fieldtype":553,"meta_data":48608,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4d5ca02a9a/bm-bmw-24-public-financing.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 18, 2024",{"id":48611,"uuid":48612,"name":48613,"slug":48614,"full_slug":48615,"content":48616},112468513055417,"f70b0bc9-087b-4947-9c35-ccec50ff4956","Another lithium price spike inevitable panellists warn Benchmark Week 2024","another-lithium-price-spike-inevitable-panellists-tell-benchmark-week-2024","article/another-lithium-price-spike-inevitable-panellists-tell-benchmark-week-2024",{"_uid":48617,"date":48618,"tags":48619,"editor":48621,"content":48625,"excerpt":48717,"featured":51,"reporter":48718,"_editable":48722,"component":864,"seo_title":48613,"categories":48723,"visibility":882,"author_company":49,"featured_image":48726,"seo_description":48717,"author_full_name":49,"author_job_title":49,"formattedDate":48729},"854e2bd1-b48c-49a0-b478-22b6d1c7f780","2024-11-14 00:00",[48620],{"slug":48528,"name":48529},[48622],{"slug":544,"name":543,"content":48623},{"job_title":557,"image":48624,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":48626},[48627,48632,48637,48648,48655,48660,48665,48670,48675,48680,48685,48690,48695,48702,48707,48712],{"type":594,"attrs":48628,"content":48629},{"textAlign":49},[48630],{"text":48631,"type":599},"Lithium’s inherent volatility makes another price spike unavoidable this decade, according to experts speaking on the second day of Benchmark Week 2024 in Los Angeles.",{"type":594,"attrs":48633,"content":48634},{"textAlign":49},[48635],{"text":48636,"type":599},"“We’ve seen this movie before,” remarked Anthony Tse, Founder of NEO Capital. “This is the third price cycle I’ve witnessed in over a decade in the industry, and the script appears to be unfolding in a very familiar way.”",{"type":594,"attrs":48638,"content":48639},{"textAlign":49},[48640,48642],{"text":48641,"type":599},"Following a surge to record highs in late 2022, lithium prices have plummeted to multi-year lows in 2024 – currently down 68% year-on-year, according to the the ",{"text":48643,"type":599,"marks":48644},"Benchmark Lithium Price Assessment.",[48645],{"type":604,"attrs":48646},{"href":48647,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/market-insights/price-assessment-analysis",{"type":594,"attrs":48649,"content":48650},{"textAlign":49},[48651],{"type":1186,"attrs":48652},{"id":49,"alt":547,"src":48653,"title":49,"source":49,"copyright":49,"meta_data":48654},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfPXlOqHxVxfXDq5f7Hvip5UvTRQ7sP_oDKIczHsaSLyLXdVKkIGTcYyA2V4US1rRsNc9sigKwAE_R8vvq33mpS_lf32zjpsNGr5mLnxKXOafH2JtjnJte7TD419H6rrYFggbEEzA?key=ZiI0FzsWSM2-RzGMlMWqfz4n",{},{"type":594,"attrs":48656,"content":48657},{"textAlign":49},[48658],{"text":48659,"type":599},"The downturn highlights a recurring pattern in the lithium market, where supply expansions consistently lag behind actual demand changes. Tara Berrie, Senior Group Manager at Rivian, noted, “There has been a historical misalignment between demand and the supply response.” ",{"type":594,"attrs":48661,"content":48662},{"textAlign":49},[48663],{"text":48664,"type":599},"“Investors often recognise demand only after it has materialised. This creates price volatility, which negatively affects both supply and demand sides of the market,” Berrie added.",{"type":594,"attrs":48666,"content":48667},{"textAlign":49},[48668],{"text":48669,"type":599},"Joe Lowry, President of Global Lithium, emphasised that the roots of the next price spike was being laid in the current price environment.",{"type":594,"attrs":48671,"content":48672},{"textAlign":49},[48673],{"text":48674,"type":599},"“You can’t get to three million tonnes by 2030 at current prices. Something has to give,” Lowry stated. “There will be another price spike before the end of the decade, and it will probably be worse than last time because investments are not being made now.”",{"type":657,"attrs":48676,"content":48677},{"level":15966,"textAlign":49},[48678],{"text":48679,"type":599},"A steepening cost curve ",{"type":594,"attrs":48681,"content":48682},{"textAlign":49},[48683],{"text":48684,"type":599},"It was highlighted that the growing geographical diversification of the lithium industry’s  resource base was a key factor differentiating the current price cycle from those in the past, making higher prices inevitable.",{"type":594,"attrs":48686,"content":48687},{"textAlign":49},[48688],{"text":48689,"type":599},"“We have a more complex scenario compared to the last cycle,” said Tse. “There are now a lot more projects in different parts of the world with unique cost structures.”",{"type":594,"attrs":48691,"content":48692},{"textAlign":49},[48693],{"text":48694,"type":599},"Geographical diversification is not the only factor reshaping the cost curve, according to Daisy Jennings-Gray, head of prices at Benchmark. She noted that the type of lithium resources entering the market will continue evolving over the next decade, with an increased share from unconventional, higher-cost sources.",{"type":594,"attrs":48696,"content":48697},{"textAlign":49},[48698],{"type":1186,"attrs":48699},{"id":49,"alt":547,"src":48700,"title":49,"source":49,"copyright":49,"meta_data":48701},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcqOGqobcBxhRN0yIpCTSk4EhklpJF9ARAtcB2w71epZaFXT-D5iqSA4yK3zHWIh2nI-cAAUz_iT3iHM2WzUwrQkNLO5RrQwYe--Hle595q-89zoAGLHFeS9q6p6sMmm058B1TqqA?key=ZiI0FzsWSM2-RzGMlMWqfz4n",{},{"type":594,"attrs":48703,"content":48704},{"textAlign":49},[48705],{"text":48706,"type":599},"“We’ve already seen the cost curve steepen recently with the addition of lepidolite in China and new projects in Africa,” Jennings-Gray said. “This trend will continue as direct lithium extraction (DLE) technology advances in the coming years, further driving up inventive prices.”",{"type":594,"attrs":48708,"content":48709},{"textAlign":49},[48710],{"text":48711,"type":599},"Geopolitical factors are also contributing to cost pressures, as the push for supply chains independent of China has increased the cost of capital for many lithium miners.",{"type":594,"attrs":48713,"content":48714},{"textAlign":49},[48715],{"text":48716,"type":599},"“Almost all lithium mined in Western Australia today has received some level of Chinese capital,” Tse noted. “But geopolitics means that source of capital is no longer available to miners. The more the world pushes for ex-China capacity, the further the cost curve will shift to the right.”","Lithium’s inherent volatility makes another price spike unavoidable this decade, according to experts speaking on the second day of Benchmark Week 2024 in Los Angeles. “We’ve seen this movie before,” remarked Anthony Tse, Founder of NEO Capital. “This is the third price cycle I’ve witnessed in over a decade in the industry, and the script […]",[48719],{"slug":544,"name":543,"content":48720},{"job_title":557,"image":48721,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"854e2bd1-b48c-49a0-b478-22b6d1c7f780\", \"id\": \"\"}-->",[48724,48725],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":48727,"copyright":547,"fieldtype":553,"meta_data":48728,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1bbcb4d657/bm-lithium-panel-1328236f6dee.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 14, 2024",{"id":48731,"uuid":48732,"name":48733,"slug":48734,"full_slug":48735,"content":48736},112468508316344,"6435f979-d577-40a7-b60b-5b9579504412","Trump should focus on battery midstream to build EV industry, Redwood’s Straubel says","trump-should-focus-on-battery-midstream-to-build-ev-industry-redwoods-straubel-says","article/trump-should-focus-on-battery-midstream-to-build-ev-industry-redwoods-straubel-says",{"_uid":48737,"date":48618,"tags":48738,"editor":48742,"content":48746,"excerpt":48897,"featured":51,"reporter":48898,"_editable":48902,"component":864,"seo_title":48733,"categories":48903,"visibility":882,"author_company":49,"featured_image":48905,"seo_description":48897,"author_full_name":49,"author_job_title":49,"formattedDate":48729},"dbfe0fa6-5b48-4ccf-924c-9d132017482f",[48739,48740,48741],{"slug":48528,"name":48529},{"slug":4805,"name":4805},{"slug":7216,"name":7217},[48743],{"slug":544,"name":543,"content":48744},{"job_title":557,"image":48745,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":48747},[48748,48761,48766,48771,48776,48787,48792,48797,48804,48809,48814,48819,48824,48829,48834,48839,48844,48849,48866,48877,48882,48887,48892],{"type":594,"attrs":48749,"content":48750},{"textAlign":49},[48751,48753,48759],{"text":48752,"type":599},"President-elect Donald Trump should focus on building out the midstream of the battery supply chain in the US, to reduce the risk of valuable recycled materials being sent overseas to be processed, JB Straubel, the founder of Redwood Materials, ",{"text":48754,"type":599,"marks":48755},"told",[48756],{"type":604,"attrs":48757},{"href":48758,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/fireside-chat-with-redwood-materials-ceo-jb-straubel-and-benchmark",{"text":48760,"type":599}," the Benchmark Week 2024 conference. ",{"type":594,"attrs":48762,"content":48763},{"textAlign":49},[48764],{"text":48765,"type":599},"The US “could risk being a consumer and importer and then exporting our scrap, our waste, our value again, for someone else to benefit from – that would be a shame I think,” he told the conference in Los Angeles. ",{"type":594,"attrs":48767,"content":48768},{"textAlign":49},[48769],{"text":48770,"type":599},"Trump should act to stop money being invested in battery processing and cathode active material plants outside of the US, in countries who have benefited from being included in the Inflation Reduction Act’s (IRA) electric vehicle consumer subsidies. ",{"type":594,"attrs":48772,"content":48773},{"textAlign":49},[48774],{"text":48775,"type":599},"“I think it’s a pathway for how the new Trump administration might reconcile the IRA to make some adjustments and to reduce the outflows of money – which is one of their stated goals,” he said. ",{"type":594,"attrs":48777,"content":48778},{"textAlign":49},[48779,48781,48785],{"text":48780,"type":599},"Redwood, one of the largest battery recyclers in the US, is one of the few companies building production of ",{"text":44953,"type":599,"marks":48782},[48783],{"type":604,"attrs":48784},{"href":16216,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":48786,"type":599}," in the country. Its plant in Nevada, which is under construction, will have capacity to produce around 18 gigawatt hours (GWh) of cathode active material a year, enough for more than 250,000 electric vehicles. ",{"type":594,"attrs":48788,"content":48789},{"textAlign":49},[48790],{"text":48791,"type":599},"It aims to increase that capacity five-fold to over 100 GWh a year. ",{"type":594,"attrs":48793,"content":48794},{"textAlign":49},[48795],{"text":48796,"type":599},"But Straubel said “it’s tricky for one company to do all this, we need more of an ecosystem growing in the US.” ",{"type":594,"attrs":48798,"content":48799},{"textAlign":49},[48800],{"type":1186,"attrs":48801},{"id":49,"alt":547,"src":48802,"title":49,"source":49,"copyright":49,"meta_data":48803},"https://a.storyblok.com/f/287943243085208/9eaae43efd/bm-benchmark-cathode-construction-tracker.png",{},{"type":657,"attrs":48805,"content":48806},{"level":15966,"textAlign":49},[48807],{"text":48808,"type":599},"Lack of support in the IRA",{"type":594,"attrs":48810,"content":48811},{"textAlign":49},[48812],{"text":48813,"type":599},"Straubel said US policy needed to be more supportive of domestic mining, refining, and cathode production. ",{"type":594,"attrs":48815,"content":48816},{"textAlign":49},[48817],{"text":48818,"type":599},"The implementation of President Joe Biden’s signature Inflation Reduction Act “missed the mark a little bit,” by not specifying that mining, refining or cathode production needed to be in the US, he said.",{"type":594,"attrs":48820,"content":48821},{"textAlign":49},[48822],{"text":48823,"type":599},"The IRA’s electric vehicle tax credits stipulate that electric vehicle batteries must contain critical minerals extracted or processed in the United States, or in any country with which the US has a free trade agreement. ",{"type":594,"attrs":48825,"content":48826},{"textAlign":49},[48827],{"text":48828,"type":599},"As a result investment “quickly moved to other parts of the world,” where there were better incentives, he said. ",{"type":594,"attrs":48830,"content":48831},{"textAlign":49},[48832],{"text":48833,"type":599},"“To me that is one shortcoming of how the IRA actually got implemented,” he said. ",{"type":594,"attrs":48835,"content":48836},{"textAlign":49},[48837],{"text":48838,"type":599},"The original intent of the IRA’s $7,500 electric vehicle tax credit was to boost investment and jobs in the US by forcing automakers to rely on domestic minerals and materials, Straubel added.",{"type":594,"attrs":48840,"content":48841},{"textAlign":49},[48842],{"text":48843,"type":599},"“We haven’t incentivized critical minerals mining, critical minerals refining, or at least to a vastly less degree,” he said. ",{"type":657,"attrs":48845,"content":48846},{"level":15966,"textAlign":49},[48847],{"text":48848,"type":599},"The advantage of recycling ",{"type":594,"attrs":48850,"content":48851},{"textAlign":49},[48852,48856,48858,48864],{"text":36126,"type":599,"marks":48853},[48854],{"type":604,"attrs":48855},{"href":36130,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":48857,"type":599}," shows that",{"text":48859,"type":599,"marks":48860}," process scrap will constitute the primary feedstock supply",[48861],{"type":604,"attrs":48862},{"href":48863,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/battery-production-scrap-to-be-main-source-of-recyclable-material-this-decade",{"text":48865,"type":599}," for North American recyclers until around 2035, at which point the increasing number of old EVs will mean the amount of end-of-life scrap will skyrocket.",{"type":594,"attrs":48867,"content":48868},{"textAlign":49},[48869,48871,48876],{"text":48870,"type":599},"Redwood currently operates a facility in Reno, Nevada, which processes 10,000 tonnes of battery scrap a year and produces precursor cathode active material (pCAM) and lithium carbonate, according to",{"text":48872,"type":599,"marks":48873}," Benchmark’s Recycling Forecast",[48874],{"type":604,"attrs":48875},{"href":36130,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":48878,"content":48879},{"textAlign":49},[48880],{"text":48881,"type":599},"Straubel said that recycling and reprocessing of materials within the US “can be one of our most strategic ways to compete with external supply chains,” as domestic mining would be unable to meet domestic demand. ",{"type":594,"attrs":48883,"content":48884},{"textAlign":49},[48885],{"text":48886,"type":599},"The supply of material feedstock in the US was growing at around 50% to 80% a year, he said. ",{"type":594,"attrs":48888,"content":48889},{"textAlign":49},[48890],{"text":48891,"type":599},"In contrast “it will be very hard, not impossible, but very hard for us to ever really fully meet demand  with domestic mining for all these materials,” he said. ",{"type":594,"attrs":48893,"content":48894},{"textAlign":49},[48895],{"text":48896,"type":599},"“The geology just isn’t that favourable for enough nickel perhaps or copper within US borders.”","President-elect Donald Trump should focus on building out the midstream of the battery supply chain in the US, to reduce the risk of valuable recycled materials being sent overseas to be processed, JB Straubel, the founder of Redwood Materials, told the Benchmark Week 2024 conference. The US “could risk being a consumer and importer and […]",[48899],{"slug":544,"name":543,"content":48900},{"job_title":557,"image":48901,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dbfe0fa6-5b48-4ccf-924c-9d132017482f\", \"id\": \"\"}-->",[48904],{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":48906,"copyright":547,"fieldtype":553,"meta_data":48907,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e610edca02/bm-6o4a0607.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":48909,"uuid":48910,"name":48911,"slug":48912,"full_slug":48913,"content":48914},112468498760374,"e1bbfdb4-3092-4cf7-a142-4640fe436d73","Anode maker Shanshan struggles to maintain control under debt pressures","anode-maker-shanshan-struggles-to-maintain-control-under-debt-pressures","article/anode-maker-shanshan-struggles-to-maintain-control-under-debt-pressures",{"_uid":48915,"date":48618,"tags":48916,"editor":48925,"content":48929,"excerpt":49054,"featured":51,"reporter":49055,"_editable":49059,"component":864,"seo_title":48911,"categories":49060,"visibility":882,"author_company":49,"data_vis_image":49063,"featured_image":49066,"seo_description":49054,"author_full_name":49,"author_job_title":49,"formattedDate":48729},"cf4f5614-efb1-4248-9900-0ad96bed4e71",[48917,48918,48919,48922],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":48920,"name":48921},"finland","Finland",{"slug":48923,"name":48924},"shanshan","Shanshan",[48926],{"slug":544,"name":543,"content":48927},{"job_title":557,"image":48928,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":48930},[48931,48943,48961,48966,48974,48979,48984,48992,48997,49002,49007,49012,49017,49022,49027,49032,49037,49049],{"type":594,"attrs":48932,"content":48933},{"textAlign":49},[48934,48936,48941],{"text":48935,"type":599},"The world’s second largest producer of ",{"text":41201,"type":599,"marks":48937},[48938],{"type":604,"attrs":48939},{"href":48940,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-long-term-anode-pipeline-grows-despite-declining-utilisation-rates?_branch_match_id=1544410755126760994&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWjwqzLC5MNk4q90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAEWLS2kgAAAA%3D",{"text":48942,"type":599},", Ningbo Shanshan, is under severe financial strain amid falling profits and missed debt repayments.",{"type":594,"attrs":48944,"content":48945},{"textAlign":49},[48946,48947,48953,48955,48960],{"text":2372,"type":599},{"text":48948,"type":599,"marks":48949},"Chinese company",[48950],{"type":604,"attrs":48951},{"href":48952,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-charts-why-decoupling-from-chinas-anode-market-could-be-difficult-for-the-west?_branch_match_id=1544410747278552690&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN3DPrCosLUwq90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAQYFuCUgAAAA%3D",{"text":48954,"type":599}," is expected to account for 14% of global anode active material production in 2024, according to ",{"text":48956,"type":599,"marks":48957},"Benchmark’s Anode Forecast",[48958],{"type":604,"attrs":48959},{"href":37168,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":48962,"content":48963},{"textAlign":49},[48964],{"text":48965,"type":599},"“After record-breaking profits in 2021, Shanshan aggressively expanded into the new energy sector,” said Tony Alderson, an anode analyst at Benchmark. “However, intensified competition in China’s battery supply chain—namely in the anode and electrode markets—has eroded the company’s profitability.”",{"type":594,"attrs":48967,"content":48968},{"textAlign":49},[48969],{"type":1186,"attrs":48970},{"id":49,"alt":48971,"src":48972,"title":49,"source":49,"copyright":49,"meta_data":48973},"BTR New Material, Shanshan and Putailai account for 42% of global anode production in 2024","https://a.storyblok.com/f/287943243085208/b156199936/bm-shanshan-in-top-10-anode.png",{},{"type":657,"attrs":48975,"content":48976},{"level":15966,"textAlign":49},[48977],{"text":48978,"type":599},"Why is Shanshan under strain?",{"type":594,"attrs":48980,"content":48981},{"textAlign":49},[48982],{"text":48983,"type":599},"Between 2021 and 2023 Shanshan’s production of graphite anode material increased rapidly.",{"type":594,"attrs":48985,"content":48986},{"textAlign":49},[48987],{"type":1186,"attrs":48988},{"id":49,"alt":48989,"src":48990,"title":49,"source":49,"copyright":49,"meta_data":48991},"Between 2021 and 2023 Shanshan rapidly expanded its anode production","https://a.storyblok.com/f/287943243085208/7e1cb0ae79/bm-shanshan-yoy-1.png",{},{"type":594,"attrs":48993,"content":48994},{"textAlign":49},[48995],{"text":48996,"type":599},"However, although the company is the second largest anode material producer after BTR New Energy, intense competition has eaten into Shanshan’s profitability.",{"type":594,"attrs":48998,"content":48999},{"textAlign":49},[49000],{"text":49001,"type":599},"“Shanshan’s parent company reported nearly a 20% y-o-y decline in net profits, pressured by the need to adopt low-price strategies to stay competitive,” Alderson said.",{"type":594,"attrs":49003,"content":49004},{"textAlign":49},[49005],{"text":49006,"type":599},"This has resulted in the company being unable to pay off its significant debts and missing contract liabilities.",{"type":594,"attrs":49008,"content":49009},{"textAlign":49},[49010],{"text":49011,"type":599},"The People’s Court of Mianyang City has frozen 430 million held by parent company Shanshan Group and, alongside the Guangzhou City Court, have also put an additional 380 million shares on a waiting list to also be frozen.",{"type":657,"attrs":49013,"content":49014},{"level":15966,"textAlign":49},[49015],{"text":49016,"type":599},"What impact could this have on the anode market?",{"type":594,"attrs":49018,"content":49019},{"textAlign":49},[49020],{"text":49021,"type":599},"The freezing of Shanshan’s shares has yet to have a measurable impact on the company’s governance, operation or anode material production.",{"type":594,"attrs":49023,"content":49024},{"textAlign":49},[49025],{"text":49026,"type":599},"“However, the holdings company has already sold off their lithium and cathode businesses to pay off debts,” Alderson said. “So the sale of its electrolyte and anode assets is plausible.”",{"type":594,"attrs":49028,"content":49029},{"textAlign":49},[49030],{"text":49031,"type":599},"Although the overall anode market is forecast to be in oversupply until around 2032, a deficit in the supply of Tier 1 anode material is expected several years sooner—around 2028.",{"type":594,"attrs":49033,"content":49034},{"textAlign":49},[49035],{"text":49036,"type":599},"“If Shanshan’s anode business undergoes forced liquidation, it could notably impact the market,” Alderson said. “It could impact the global Tier 1 anode market balance considerably in the short and medium term.”",{"type":594,"attrs":49038,"content":49039},{"textAlign":49},[49040,49042,49048],{"text":49041,"type":599},"The could also have impacts in Europe as Shanshan is forecast to account for around 12% of the region’s anode supply through ",{"text":49043,"type":599,"marks":49044},"its facility in Finland",[49045],{"type":604,"attrs":49046},{"href":49047,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-shanshan-to-build-e1-28-billion-synthetic-anode-plant-in-finland?_branch_match_id=1544410738759203057&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNyv18ynKz0sq90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAIW6NsUgAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":49050,"content":49051},{"textAlign":49},[49052],{"text":49053,"type":599},"“We have already reportedly heard them reach barriers with this in regards to environmental permits and with this, we could see further delays to the project,” Alderson said.","The world’s second largest producer of anode materials, Ningbo Shanshan, is under severe financial strain amid falling profits and missed debt repayments. The Chinese company is expected to account for 14% of global anode active material production in 2024, according to Benchmark’s Anode Forecast. “After record-breaking profits in 2021, Shanshan aggressively expanded into the new […]",[49056],{"slug":544,"name":543,"content":49057},{"job_title":557,"image":49058,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cf4f5614-efb1-4248-9900-0ad96bed4e71\", \"id\": \"\"}-->",[49061,49062],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":49064,"name":547,"focus":547,"title":49064,"source":547,"filename":48972,"copyright":547,"fieldtype":553,"meta_data":49065,"is_external_url":51},"BTR New Material, Shanshan and Putailai account for 48% of global anode production in 2024",{"alt":49064,"title":49064,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":49067,"copyright":547,"fieldtype":553,"meta_data":49068,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/51e013b859/bm-ningbo-shanshan.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49070,"uuid":49071,"name":49072,"slug":49073,"full_slug":49074,"content":49075},112468494062261,"6c471f7b-8bda-4b6a-8dd7-d23d937afc71","Australian lithium supply cut by 15% due to low spodumene prices","australian-lithium-supply-cut-by-15-due-to-low-spodumene-prices","article/australian-lithium-supply-cut-by-15-due-to-low-spodumene-prices",{"_uid":49076,"date":48618,"tags":49077,"editor":49085,"content":49089,"excerpt":49236,"featured":51,"reporter":49237,"_editable":49241,"component":864,"seo_title":49072,"categories":49242,"visibility":882,"author_company":49,"featured_image":49245,"seo_description":49236,"author_full_name":49,"author_job_title":49,"formattedDate":48729},"08b66523-e63d-4ee2-9b45-cb2400b41c40",[49078,49079,49082,49083,49084],{"slug":6567,"name":2038},{"slug":49080,"name":49081},"liontown-resources","Liontown Resources",{"slug":910,"name":911},{"slug":21156,"name":21157},{"slug":6606,"name":12530},[49086],{"slug":544,"name":543,"content":49087},{"job_title":557,"image":49088,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":49090},[49091,49110,49121,49126,49146,49151,49164,49171,49176,49181,49186,49191,49196,49201,49206,49216,49221,49226,49231],{"type":594,"attrs":49092,"content":49093},{"textAlign":49},[49094,49096,49102,49104,49108],{"text":49095,"type":599},"Around 15% of planned Australian mined lithium production has been cut from 2025 supply, owing to the ",{"text":49097,"type":599,"marks":49098},"continued low lithium price environment",[49099],{"type":604,"attrs":49100},{"href":49101,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/spodumene-prices-soften-to-three-year-low-amid-weak-lithium-chemical-prices?_branch_match_id=1544410785193703462&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBMQ6AIBAEwB9Bb2IsrMUnGDCn4MFBFpTOtzPjWyt10tqRnD5ZcApCsLEqW4qKQVibZ2M279d3t%2Fygi4Ag9%2BGQeyXMq0dONADCkDwpSAAAAA%3D%3D",{"text":49103,"type":599},", according to an analysis by ",{"text":9653,"type":599,"marks":49105},[49106],{"type":604,"attrs":49107},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":49109,"type":599}," based on company announcements.",{"type":594,"attrs":49111,"content":49112},{"textAlign":49},[49113,49115,49119],{"text":49114,"type":599},"Spodumene prices are currently at $765 a tonne, 68% lower than they were this time 12 months ago, according to ",{"text":2210,"type":599,"marks":49116},[49117],{"type":604,"attrs":49118},{"href":45765,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":49120,"type":599},", however they have ticked up slightly in the last two weeks.",{"type":594,"attrs":49122,"content":49123},{"textAlign":49},[49124],{"text":49125,"type":599},"The latest Australian asset to enter care and maintenance is Mineral Resources’ Bald Hill spodumene mine which had been forecast to account for over 2% of Australia’s lithium supply next year.",{"type":594,"attrs":49127,"content":49128},{"textAlign":49},[49129,49131,49137,49139,49144],{"text":49130,"type":599},"“Mineral Resources’ placement of Bald Hill into C&M sees them join a ",{"text":49132,"type":599,"marks":49133},"growing list of producers",[49134],{"type":604,"attrs":49135},{"href":49136,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/pilbara-to-put-ngungaju-into-care-and-maintenance-amid-spodumene-price-woes?_branch_match_id=1544410777432823488&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD8kKck9zTSst90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAksbm%2F0gAAAA%3D",{"text":49138,"type":599}," that have ",{"text":49140,"type":599,"marks":49141},"announced supply cuts",[49142],{"type":604,"attrs":49143},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":49145,"type":599}," due to the sustained low feedstock prices,” said Claudia Cook, a lithium analyst at Benchmark.",{"type":594,"attrs":49147,"content":49148},{"textAlign":49},[49149],{"text":49150,"type":599},"Mining operations at Bald Hill will stop with immediate effect and the spodumene concentrator will cease operations in early December 2024.",{"type":594,"attrs":49152,"content":49153},{"textAlign":49},[49154,49156,49162],{"text":49155,"type":599},"Liontown also recently announced a reduction in the production estimates for its ",{"text":49157,"type":599,"marks":49158},"Kathleen Valley project",[49159],{"type":604,"attrs":49160},{"href":49161,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/liontowns-kathleen-valley-produces-first-spodumene-concentrate-amid-uncertain-market-conditions?_branch_match_id=1544410769914718868&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD3AJKHQxqygr90%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAA02fpUgAAAA%3D",{"text":49163,"type":599}," in Western Australia.",{"type":594,"attrs":49165,"content":49166},{"textAlign":49},[49167],{"type":1186,"attrs":49168},{"id":49,"alt":547,"src":49169,"title":49,"source":49,"copyright":49,"meta_data":49170},"https://a.storyblok.com/f/287943243085208/3509d55ca5/bm-spod-prices-13-nov.png",{},{"type":657,"attrs":49172,"content":49173},{"level":15966,"textAlign":49},[49174],{"text":49175,"type":599},"Will the reduction in spodumene production balance the market?",{"type":594,"attrs":49177,"content":49178},{"textAlign":49},[49179],{"text":49180,"type":599},"Benchmark forecasts that the lithium market will be in oversupply until 2028, weighing down on prices and increasing pressure on spodumene producers at the higher end of the cost curve.",{"type":594,"attrs":49182,"content":49183},{"textAlign":49},[49184],{"text":49185,"type":599},"“These current market conditions are leaving many feedstock producers facing a choice between having to operate at cost, or even a loss, or pausing operations and placing their assets into C&M,” Cook said.",{"type":594,"attrs":49187,"content":49188},{"textAlign":49},[49189],{"text":49190,"type":599},"Although the announced shut downs and reductions in production estimates go some way to resolving this, Cook says that further supply cuts are needed to balance the market in 2025.",{"type":594,"attrs":49192,"content":49193},{"textAlign":49},[49194],{"text":49195,"type":599},"Mineral Resources says that once spodumene prices recover sufficiently, it will bring the Bald Hill project back online. This process would take between four to six weeks, according to the company.",{"type":594,"attrs":49197,"content":49198},{"textAlign":49},[49199],{"text":49200,"type":599},"Should the spodumene price improve sufficiently, Mineral Resources says it will take four to six weeks to restart the mine.",{"type":657,"attrs":49202,"content":49203},{"level":15966,"textAlign":49},[49204],{"text":49205,"type":599},"Are spodumene prices looking up?",{"type":594,"attrs":49207,"content":49208},{"textAlign":49},[49209,49211,49215],{"text":49210,"type":599},"Since the end of May this year, spodumene prices (FOB Australia, 6% Li2O) have continuously declined, hitting $740 per tonne at the end of October, according to ",{"text":2210,"type":599,"marks":49212},[49213],{"type":604,"attrs":49214},{"href":45765,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":49217,"content":49218},{"textAlign":49},[49219],{"text":49220,"type":599},"However, the price assessment period 30 October to 13 November saw the first price increase in 22 weeks with a rise of 3.38% to $765 per tonne.",{"type":594,"attrs":49222,"content":49223},{"textAlign":49},[49224],{"text":49225,"type":599},"“Price sentiment is improving at least when looking to the end of this year, in part due to the increasing list of supply cut announcements,” Cook said.",{"type":594,"attrs":49227,"content":49228},{"textAlign":49},[49229],{"text":49230,"type":599},"Increasing downstream demand in the Chinese market has also pushed prices up.",{"type":594,"attrs":49232,"content":49233},{"textAlign":49},[49234],{"text":49235,"type":599},"“The fourth quarter typically has a seasonal surge in electric vehicle demand,” Cook said. “But we are also seeing an increase from industrial demand due to a push from the Chinese government towards meeting the 5% growth target before the end of the year.”","Around 15% of planned Australian mined lithium production has been cut from 2025 supply, owing to the continued low lithium price environment, according to an analysis by Benchmark based on company announcements. Spodumene prices are currently at $765 a tonne, 68% lower than they were this time 12 months ago, according to Benchmark’s Lithium Price […]",[49238],{"slug":544,"name":543,"content":49239},{"job_title":557,"image":49240,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"08b66523-e63d-4ee2-9b45-cb2400b41c40\", \"id\": \"\"}-->",[49243,49244],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":49246,"copyright":547,"fieldtype":553,"meta_data":49247,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/63aa85883d/bm-website-231108-bald-hill-dsc09271.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49249,"uuid":49250,"name":49251,"slug":49252,"full_slug":49253,"content":49254},112468527280828,"3fd1718a-9471-455e-ad35-b90231917e9f","Japanese battery makers affirm commitment to US despite Trump uncertainty ","japanese-battery-makers-affirm-commitment-to-us-despite-trump-uncertainty","article/japanese-battery-makers-affirm-commitment-to-us-despite-trump-uncertainty",{"_uid":49255,"date":49256,"tags":49257,"editor":49262,"content":49266,"excerpt":49369,"featured":51,"reporter":49370,"_editable":49374,"component":864,"seo_title":49251,"categories":49375,"visibility":2091,"author_company":49,"featured_image":49379,"seo_description":49369,"author_full_name":49,"author_job_title":49,"formattedDate":49382},"d2c717b6-af48-4242-ba52-ec3d8ecd284d","2024-11-13 00:00",[49258,49259,49260,49261],{"slug":48528,"name":48529},{"slug":46859,"name":46860},{"slug":1375,"name":1376},{"slug":4610,"name":662},[49263],{"slug":544,"name":543,"content":49264},{"job_title":557,"image":49265,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":49267},[49268,49281,49286,49291,49296,49301,49308,49313,49318,49323,49330,49335,49347,49352,49366],{"type":594,"attrs":49269,"content":49270},{"textAlign":49},[49271,49273,49279],{"text":49272,"type":599},"As the lithium ion battery industry enters a new era of uncertainty following president-elect ",{"text":49274,"type":599,"marks":49275},"Donald Trump’s victory in November’s US election",[49276],{"type":604,"attrs":49277},{"href":49278,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/donald-trump-wins-us-election-bringing-future-of-ira-into-question?_branch_match_id=1544410703181175264&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWrwgPCs9ILDUv9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAq3AqFEgAAAA%3D",{"text":49280,"type":599},", Japanese cell makers underscored their commitment to the US market during the opening session of Benchmark Week 2024 in Los Angeles.",{"type":594,"attrs":49282,"content":49283},{"textAlign":49},[49284],{"text":49285,"type":599},"“Regardless of the administration and the federal incentives that are in place, we’re long term committed and our investment is in place. That’s not changing,” said Robert Winans, head of supply chain at Panasonic North America. “Our immediate goal is for over 50% of our supply chain to be North America based by the end of the decade and 100% of our manufacturing will be done in the US between Nevada and Kansas.”",{"type":594,"attrs":49287,"content":49288},{"textAlign":49},[49289],{"text":49290,"type":599},"Panasonic, an early mover in the US EV market through its 2017 partnership with Tesla at the Nevada Gigafactory, is developing a second 34 GWh facility in Kansas, scheduled to begin production in 2025.",{"type":594,"attrs":49292,"content":49293},{"textAlign":49},[49294],{"text":49295,"type":599},"Evan Leon, Senior Project Manager at Toyota Tsusho America, echoed Winan’s sentiments, suggesting that the Japanese cell maker’s long term strategy in the US “remained unchanged” following the election result.",{"type":594,"attrs":49297,"content":49298},{"textAlign":49},[49299],{"text":49300,"type":599},"“We committed towards a $14 billion 35 GWh cell and module manufacturing facility in North Carolina in partnership with Toyota, that won’t just be for battery electric vehicles but will go across a variety of electrified powertrains,” he added.",{"type":594,"attrs":49302,"content":49303},{"textAlign":49},[49304],{"text":49305,"type":599,"marks":49306},"Watch Benchmark analysts discuss what Trump’s victory means for EVs and the battery supply chain.",[49307],{"type":643},{"type":594,"attrs":49309,"content":49310},{"textAlign":49},[49311],{"text":49312,"type":599},"Bipartisan support for US manufacturing",{"type":594,"attrs":49314,"content":49315},{"textAlign":49},[49316],{"text":49317,"type":599},"The incoming president has been vocally critical of electrification targets, outlining his desire to repeal some of the incentives provided by the landmark Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BLI). ",{"type":594,"attrs":49319,"content":49320},{"textAlign":49},[49321],{"text":49322,"type":599},"Yet, Iola Hughes, Head of Research at Rho Motion, underscored that over $110 billion of investment had already been committed to electric vehicle and battery supply chain related projects since 2022. ",{"type":594,"attrs":49324,"content":49325},{"textAlign":49},[49326],{"type":1186,"attrs":49327},{"id":49,"alt":547,"src":49328,"title":49,"source":49,"copyright":49,"meta_data":49329},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXee2_ioBcR8FgIkCwpcbLJkYq-Bcat-v02CT_ETTavo4a00DuAFq8VCGSw-tyacHL6MmEp1Ol3VDenyEepZMHWcjTOxqKXTYsGru1K3STdO-vBkWxJeWBSNA4DHxFe5KifUqTPT2w?key=KczbtgWrMWqIK35a2s8Vm35I",{},{"type":594,"attrs":49331,"content":49332},{"textAlign":49},[49333],{"text":49334,"type":599},"“On the supply side the momentum is very much in place,” she said. “The sentiment around creating jobs and supporting manufacturing in the US is very strong.”",{"type":594,"attrs":49336,"content":49337},{"textAlign":49},[49338,49340,49345],{"text":49339,"type":599},"Benchmark analysis demonstrates post-IRA investment has flowed ",{"text":49341,"type":599,"marks":49342},"primarily into Republican states",[49343],{"type":604,"attrs":49344},{"href":49278,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":49346,"type":599},": 93% of IRA-related investments in GWh terms are located in red-states, making a large-scale rolling back of these investments unlikely.",{"type":594,"attrs":49348,"content":49349},{"textAlign":49},[49350],{"text":49351,"type":599},"“We know both parties are very motivated to create US jobs and grow domestic manufacturing,” said Winans. “It is a bipartisan objective and at Panasonic we’re excited about that.”",{"type":594,"attrs":49353,"content":49354},{"textAlign":49},[49355,49362],{"text":49356,"type":599,"marks":49357},"Request a copy",[49358,49361],{"type":604,"attrs":49359},{"href":49360,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/downloads/special-issues/1327359",{"type":643},{"text":49363,"type":599,"marks":49364}," of Benchmark’s report on what Donald Trump’s US election victory means for the EV and battery supply chain. ",[49365],{"type":643},{"type":594,"attrs":49367,"content":49368},{"textAlign":49},[],"As the lithium ion battery industry enters a new era of uncertainty following president-elect Donald Trump’s victory in November’s US election, Japanese cell makers underscored their commitment to the US market during the opening session of Benchmark Week 2024 in Los Angeles. “Regardless of the administration and the federal incentives that are in place, we’re […]",[49371],{"slug":544,"name":543,"content":49372},{"job_title":557,"image":49373,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d2c717b6-af48-4242-ba52-ec3d8ecd284d\", \"id\": \"\"}-->",[49376,49377,49378],{"slug":2499,"name":2500},{"slug":880,"name":881},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":49380,"copyright":547,"fieldtype":553,"meta_data":49381,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5418f12c1d/bm-6o4a0149.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 13, 2024",{"id":49384,"uuid":49385,"name":49386,"slug":49387,"full_slug":49388,"content":49389},112468517868218,"dddf9448-c7ff-4b6f-b3db-9b2008d23e37","US EV market to enter mass adoption phase panellists tell Benchmark Week 2024","us-ev-market-to-enter-mass-adoption-phase-panellists-tell-benchmark-week-2024","article/us-ev-market-to-enter-mass-adoption-phase-panellists-tell-benchmark-week-2024",{"_uid":49390,"date":49256,"tags":49391,"editor":49394,"content":49398,"excerpt":49477,"featured":51,"reporter":49478,"_editable":49482,"component":864,"seo_title":49386,"categories":49483,"visibility":882,"author_company":49,"featured_image":49486,"seo_description":49477,"author_full_name":49,"author_job_title":49,"formattedDate":49382},"0692a781-1365-4642-9508-5264f49270ea",[49392,49393],{"slug":48528,"name":48529},{"slug":1375,"name":1376},[49395],{"slug":544,"name":543,"content":49396},{"job_title":557,"image":49397,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":49399},[49400,49405,49410,49415,49420,49425,49430,49435,49447,49452,49457,49462,49467,49472],{"type":594,"attrs":49401,"content":49402},{"textAlign":49},[49403],{"text":49404,"type":599},"The US electric vehicle (EV) market is entering a mass adoption phase, according to panellists at Benchmark Week 2024 in Los Angeles, in which infrastructure, policy, and affordability challenges will determine the industry’s trajectory over the coming years.",{"type":594,"attrs":49406,"content":49407},{"textAlign":49},[49408],{"text":49409,"type":599},"“The thrust of electrification is relentless,” said Stephen Kosowski, Manager, Long Range Strategy & Planning at Kia North America (KNA), underscoring the industry’s long term prospects. “The upside potential for EVs in the US is much higher than where we are right now.”",{"type":594,"attrs":49411,"content":49412},{"textAlign":49},[49413],{"text":49414,"type":599},"Despite steady growth over recent years, US EV sales have disappointed market expectations in 2024 due to headwinds related to high interest rates and inflationary pressures. Electrification has weighed heavily on the profitability of the US automotive industry this year, leading automakers to scrap or delay EV sales targets to protect their balance sheets.",{"type":594,"attrs":49416,"content":49417},{"textAlign":49},[49418],{"text":49419,"type":599},"“We have seen a difference this year, as turbulence has come into the market,” said William Roberts, automotive research lead at Rho Motion. “Growth has come right down to below 10% and a much lower number of units has been added to the market too.”",{"type":594,"attrs":49421,"content":49422},{"textAlign":49},[49423],{"text":49424,"type":599},"Aside from affordability, panellists identified consumer demand for long-range vehicles, alongside the need for more widespread and reliable fast-charging infrastructure, as bottlenecks hindering future EV adoption in the US. ",{"type":657,"attrs":49426,"content":49427},{"level":15966,"textAlign":49},[49428],{"text":49429,"type":599},"Consumers to benefit from a “tsunami” of EV models",{"type":594,"attrs":49431,"content":49432},{"textAlign":49},[49433],{"text":49434,"type":599},"Until now, EV penetration rates in the US have been constrained by high ticket prices compared to internal combustion engine (ICE) peers, limiting the broader mass market appeal of electric models. ",{"type":594,"attrs":49436,"content":49437},{"textAlign":49},[49438,49440,49445],{"text":49439,"type":599},"But this price gap is set to narrow next year, as ",{"text":49441,"type":599,"marks":49442},"battery cell prices fall to record lows",[49443],{"type":604,"attrs":49444},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":49446,"type":599}," and a wave of new models enters the market – creating a more competitive price landscape that will benefit consumers.",{"type":594,"attrs":49448,"content":49449},{"textAlign":49},[49450],{"text":49451,"type":599},"“Next year the industry will start to see organic demand,” said Mike Maten, Director, EV Policy and Regulatory Affairs for General Motors. “Until now consumer options have been limited, but with more products we’ll start to see real demand.”",{"type":594,"attrs":49453,"content":49454},{"textAlign":49},[49455],{"text":49456,"type":599},"These sentiments were echoed by Hunter Patten, Global Head of Automotive Investment Banking at Wells Fargo.",{"type":594,"attrs":49458,"content":49459},{"textAlign":49},[49460],{"text":49461,"type":599},"“The number of EVs introduced to the market will make it a great time to be a consumer,” Patten said. “The pricing side will be competitive and I think it will result in a thinning of the field.”",{"type":594,"attrs":49463,"content":49464},{"textAlign":49},[49465],{"text":49466,"type":599},"Panellists agreed that the next generation of models entering the market from 2025 would boost competition and likely result in some consolidation from automakers in the coming years.",{"type":594,"attrs":49468,"content":49469},{"textAlign":49},[49470],{"text":49471,"type":599},"“There is a product tsunami in the pipeline,” Kosowski said. “Some will have to be cut, no doubt. But the cars are coming.”",{"type":594,"attrs":49473,"content":49474},{"textAlign":49},[49475],{"text":49476,"type":599},"On the global front, BYD’s Chloe Ke underscored that while the US market faces adoption barriers, the Chinese EV market has seen rapid expansion to reach above 50% of total vehicle sales. The Chinese EV maker is benefitting from growth in export markets, planning new production facilities in Brazil, Turkey, Hungary, and Mexico.","The US electric vehicle (EV) market is entering a mass adoption phase, according to panellists at Benchmark Week 2024 in Los Angeles, in which infrastructure, policy, and affordability challenges will determine the industry’s trajectory over the coming years. “The thrust of electrification is relentless,” said Stephen Kosowski, Manager, Long Range Strategy & Planning at Kia North […]",[49479],{"slug":544,"name":543,"content":49480},{"job_title":557,"image":49481,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0692a781-1365-4642-9508-5264f49270ea\", \"id\": \"\"}-->",[49484,49485],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":49487,"copyright":547,"fieldtype":553,"meta_data":49488,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/927e940364/bm-week-24-ev-dynamics.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49490,"uuid":49491,"name":49492,"slug":49493,"full_slug":49494,"content":49495},112468538143422,"28bbb28c-97bd-4b9b-aeac-30170572b7c1","OPINION: What could the Trump administration’s mineral policy look like?","opinion-what-could-the-trump-administrations-mineral-policy-look-like","article/opinion-what-could-the-trump-administrations-mineral-policy-look-like",{"_uid":49496,"date":49497,"tags":49498,"editor":49501,"content":49505,"excerpt":49604,"featured":51,"reporter":49605,"component":864,"seo_title":49492,"categories":49609,"visibility":2091,"author_company":49,"featured_image":49611,"seo_description":49604,"author_full_name":49613,"author_job_title":49,"formattedDate":49614},"4a619ccf-c821-4606-9cad-e902432476e2","2024-11-12 00:00",[49499,49500],{"slug":41666,"name":41667},{"slug":1375,"name":1376},[49502],{"slug":544,"name":543,"content":49503},{"job_title":557,"image":49504,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":49506},[49507,49512,49517,49522,49527,49532,49537,49548,49553,49558,49569,49574,49590,49597],{"type":594,"attrs":49508,"content":49509},{"textAlign":49},[49510],{"text":49511,"type":599},"“We’re going to become a major producer of…minerals. We’re going to create jobs, making…us truly self-reliant,” then-candidate Donald Trump said in September. Based on Trump’s comments and his first administration’s actions, the incoming administration would likely implement a mineral policy to increase US mineral production—especially extraction—while supporting American workers and companies. Specifically, this mineral policy could include imposing tariffs, streamlining permitting, and financially incentivising domestic mineral projects.",{"type":594,"attrs":49513,"content":49514},{"textAlign":49},[49515],{"text":49516,"type":599},"First, the next Trump Administration could increase tariffs and impose tariff rate quotas on mineral imports. The first Trump administration used both tools, and Trump has vowed to impose a 10%–20% tariff on all imports, which would likely encompass mineral products. Thus, the key question is not if tariffs will be imposed but how. Under the International Emergency Economic Powers Act (IEEPA), Trump could immediately impose tariffs on mineral imports following a national emergency declaration, like his previous Executive Order 13953. However, employing IEEPA for broad-sweeping tariffs is largely untested.",{"type":594,"attrs":49518,"content":49519},{"textAlign":49},[49520],{"text":49521,"type":599},"Alternatively, if the Trump administration seeks to attain domestic mineral production targets like self-sufficiency in metal refining, Trump could direct the Secretary of Commerce to open a Section 232 investigation into mineral imports—just as he did for steel and aluminium imports—and then impose the appropriate tariff rates and quotas to achieve those production targets. The tariff imposition would likely take several months, but using Section 232 of the Trade Expansion Act to impose tariffs has been successfully tested in litigation.",{"type":594,"attrs":49523,"content":49524},{"textAlign":49},[49525],{"text":49526,"type":599},"The next Trump Administration could also impose higher tariffs on mineral imports from China. Trump has vowed a minimum of 60% tariffs on imports of Chinese goods, ostensibly including minerals. To increase tariffs on these goods, Trump could once again use his authority under Section 301 of the Trade Act to direct the US Trade Representative to review the tariff actions from the prior Section 301 investigations into China, and then adjust the tariffs on Chinese goods—including minerals—accordingly.",{"type":594,"attrs":49528,"content":49529},{"textAlign":49},[49530],{"text":49531,"type":599},"Second, the next Trump administration could streamline the permitting process for mineral projects. Aiming to expedite the permitting process for major projects, the first Trump administration issued a rule updating the implementing regulations for the National Environmental Policy Act (NEPA), which is triggered for many mining projects. Under the Biden administration, this rule was largely reversed, but Trump in September said he would quickly approve mining projects halted by environmental regulations. Thus, a future Trump administration could again issue a new rule for NEPA.",{"type":594,"attrs":49533,"content":49534},{"textAlign":49},[49535],{"text":49536,"type":599},"Additionally, the next Trump administration could permit more mines on federal lands. For example, the Biden administration banned mining in Minnesota’s Boundary Waters Canoe Area Wilderness and surrounding watershed for twenty years, yet Trump said he would quickly end the ban. The Trump administration could, too, reverse administrative public land withdrawals and national monument proclamations that closed the associated federal lands to mining.",{"type":594,"attrs":49538,"content":49539},{"textAlign":49},[49540,49542,49546],{"text":49541,"type":599},"The Trump administration could also permit more mines on federal lands by withdrawing parcels of these lands for mining. For instance, the Secretary of the Interior in the late 1940s and early 1950s withdrew parcels of federal lands to facilitate private uranium exploration and mining on these lands. The Trump administration could do the same for other minerals. Moreover, the Trump administration could sell and exchange federal lands to support mining projects, like the Resolution ",{"text":870,"type":599,"marks":49543},[49544],{"type":604,"attrs":49545},{"href":16334,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":49547,"type":599}," project in Arizona.",{"type":594,"attrs":49549,"content":49550},{"textAlign":49},[49551],{"text":49552,"type":599},"Third, the next Trump administration could redirect federal funding toward domestic mineral projects. For example, the first Trump administration issued guidance making domestic critical mineral processing projects eligible for direct loans under the Advanced Technology Vehicle Manufacturing (ATVM) program. The next Trump administration could expand ATVM coverage to include mineral extraction projects. It could consider extending Inflation Reduction Act (IRA) funds for manufacturing projects to mineral-related projects, too. Robert Lighthizer—US Trade Representative in the first Trump administration and likely cabinet pick in the next administration—hinted in September that a future Trump administration could keep the parts of the IRA that support US manufacturing.",{"type":594,"attrs":49554,"content":49555},{"textAlign":49},[49556],{"text":49557,"type":599},"The next Trump administration could also adopt demand-side policies that support US mineral projects. For instance, the first Trump administration applied Buy American policies across the federal government, encouraging the procurement of goods mined and manufactured in the United States. The next administration could, perhaps, issue regulations conditioning government funding for projects—like battery manufacturing plants—that consume large mineral volumes on the projects sourcing high percentages of US-produced raw materials. Additionally, it could expand the definition of foreign entities of concern, limiting eligibility for government funding, procurement, and tax credits to the beneficiaries not sourcing minerals from firms linked to foreign adversaries, particularly China.",{"type":594,"attrs":49559,"content":49560},{"textAlign":49},[49561,49563,49567],{"text":49562,"type":599},"Furthermore, the next Trump administration could financially incentivise domestic mineral projects by purchasing domestically extracted and processed minerals for the National Defense Stockpile. The first Trump administration took steps to increase ",{"text":17501,"type":599,"marks":49564},[49565],{"type":604,"attrs":49566},{"href":10503,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":49568,"type":599}," in the stockpile, and it recommended using the stockpile to increase domestic mineral capabilities. To this end, the next administration could tap both the National Defense Stockpile Transaction Fund and the Defense Production Act fund, which the Eisenhower administration used to stockpile minerals during the Cold War.",{"type":594,"attrs":49570,"content":49571},{"textAlign":49},[49572],{"text":49573,"type":599},"At a July campaign rally in Minnesota, Trump said, “We will turn the Iron Range into a mineral powerhouse….” Based on Trump’s comments and his first administration’s actions, the incoming administration will seek to turn not only Minnesota but also the rest of the country into a mineral powerhouse by imposing tariffs, streamlining permitting, and financially incentivizing domestic mineral projects.",{"type":594,"attrs":49575,"content":49576},{"textAlign":49},[49577,49581,49586],{"text":49578,"type":599,"marks":49579},"Watch Benchmark analysts discuss what Trump’s victory means for ",[49580],{"type":643},{"text":20007,"type":599,"marks":49582},[49583,49584],{"type":643},{"type":604,"attrs":49585},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":49587,"type":599,"marks":49588}," and the battery supply chain.",[49589],{"type":643},{"type":594,"attrs":49591,"content":49592},{"textAlign":49},[49593],{"text":49594,"type":599,"marks":49595},"Gregory Wischer is a non-resident fellow at the Payne Institute for Public Policy at the Colorado School of Mines.",[49596],{"type":643},{"type":594,"attrs":49598,"content":49599},{"textAlign":49},[49600],{"text":49601,"type":599,"marks":49602},"Morgan Bazilian is the director of the Payne Institute for Public Policy and a professor of public policy at the Colorado School of Mines.",[49603],{"type":643},"“We’re going to become a major producer of…minerals. We’re going to create jobs, making…us truly self-reliant,” then-candidate Donald Trump said in September. Based on Trump’s comments and his first administration’s actions, the incoming administration would likely implement a mineral policy to increase US mineral production—especially extraction—while supporting American workers and companies. Specifically, this mineral policy […]",[49606],{"slug":544,"name":543,"content":49607},{"job_title":557,"image":49608,"bio":548,"linkedin":555},{"filename":552},[49610],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":46708,"copyright":547,"fieldtype":553,"meta_data":49612,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Gregory Wischer and Morgan Bazilian","Nov 12, 2024",{"id":49616,"uuid":15757,"name":49617,"slug":49618,"full_slug":49619,"content":49620},112468548879040,"Benchmark maintains position as world’s only PRA dedicated to lithium and EV battery materials to complete a Type 2 IOSCO assurance engagement","benchmark-maintains-position-as-worlds-only-pra-dedicated-to-lithium-and-ev-battery-materials-to-complete-a-type-2-iosco-assurance-engagement","article/benchmark-maintains-position-as-worlds-only-pra-dedicated-to-lithium-and-ev-battery-materials-to-complete-a-type-2-iosco-assurance-engagement",{"_uid":49621,"date":49622,"tags":49623,"editor":49626,"content":49630,"excerpt":50241,"featured":50,"reporter":50242,"_editable":50246,"component":864,"seo_title":49617,"categories":50247,"visibility":2091,"author_company":49,"featured_image":50257,"seo_description":50241,"author_full_name":49,"author_job_title":49,"formattedDate":50261},"d0004276-fdf6-4186-ae44-0be5a2794c8a","2024-11-11 00:00",[49624,49625],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[49627],{"slug":544,"name":543,"content":49628},{"job_title":557,"image":49629,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":49631},[49632,49637,49642,49653,49658,49663,49668,49679,49684,49689,49694,49699,49704,49709,49714,49719,49724,49729,49734,49739,49744,49748,49752,49757,49762,49767,49772,49777,49782,49787,49792,49796,49801,49806,49811,49816,49821,49826,49830,49835,49839,49843,49848,49853,49858,49863,49868,49873,49878,49883,49888,49893,49898,49903,49907,49912,49917,49922,49927,49931,49936,49941,49946,49950,49955,49960,49965,49970,49975,49980,49984,49989,49994,49999,50004,50009,50014,50019,50023,50028,50033,50038,50043,50048,50053,50057,50062,50067,50072,50077,50082,50087,50092,50096,50101,50106,50110,50114,50119,50124,50128,50133,50138,50143,50148,50153,50158,50162,50166,50171,50175,50180,50185,50189,50193,50198,50202,50207,50212,50217,50221,50226,50231,50236],{"type":594,"attrs":49633,"content":49634},{"textAlign":49},[49635],{"text":49636,"type":599},"Benchmark Mineral Intelligence Limited (“Benchmark”) is delighted to announce the successful completion of an independent audit of its policies, processes and controls implemented to adhere to the IOSCO Principles for Price Reporting Agencies (“PRA”) for the fourth consecutive year. ",{"type":594,"attrs":49638,"content":49639},{"textAlign":49},[49640],{"text":49641,"type":599},"The audit was conducted by PricewaterhouseCoopers LLP (“PwC”).",{"type":594,"attrs":49643,"content":49644},{"textAlign":49},[49645,49647,49652],{"text":49646,"type":599},"Benchmark was again subject to reasonable assurance opinion by PwC across the 12 month period ending 30 September 2024 (known also as a Type 2 assurance opinion) – the highest level of assurance available for an audit – over its activities for price grades under its Lithium, Nickel, Cobalt and Flake Graphite and Uncoated Spherical Graphite, Synthetic Graphite, Anode, Cathode, Black Mass and Rare Earths ",{"text":49648,"type":599,"marks":49649},"Price Assessments",[49650],{"type":604,"attrs":49651},{"href":21905,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":49654,"content":49655},{"textAlign":49},[49656],{"text":49657,"type":599},"This audit assures whether, throughout this time period, Benchmark adhered to its stated methodology and procedures, as required by the IOSCO Principles using its unique market-specific price assessment methodologies. ",{"type":594,"attrs":49659,"content":49660},{"textAlign":49},[49661],{"text":49662,"type":599},"This gives Benchmark subscribers and the lithium ion battery supply chain the confidence that Benchmark’s prices across the entire battery and energy transition supply chains are assessed to the same rigorous standards. ",{"type":594,"attrs":49664,"content":49665},{"textAlign":49},[49666],{"text":49667,"type":599},"Benchmark’s transparency in maintaining this highest level of external audit with a leading audit firm demonstrates the company’s founding principle to provide the most robust and reliable lithium ion battery supply chain and wider energy transition price data for its subscribers. ",{"type":594,"attrs":49669,"content":49670},{"textAlign":49},[49671,49673,49678],{"text":49672,"type":599},"A copy of the report can be requested ",{"text":6515,"type":599,"marks":49674},[49675],{"type":604,"attrs":49676},{"href":49677,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/independent-practitioners-assurance-report/",{"text":974,"type":599},{"type":594,"attrs":49680,"content":49681},{"textAlign":49},[49682],{"text":49683,"type":599},"Daisy Jennings-Gray, Head of Prices at Benchmark said:",{"type":594,"attrs":49685,"content":49686},{"textAlign":49},[49687],{"text":49688,"type":599},"“Notable volatility in the battery and energy transition markets has heightened awareness of costs and price risk mitigation throughout the value chains that Benchmark offers world-leading insights into.",{"type":594,"attrs":49690,"content":49691},{"textAlign":49},[49692],{"text":49693,"type":599},"“The credibility of accurate and reliable price information is more critical than ever, and the value of the markets we cover is booming.",{"type":594,"attrs":49695,"content":49696},{"textAlign":49},[49697],{"text":49698,"type":599},"“With household names entering or maintaining their places in the EV and battery space, there is a heightened requirement for trusted data and transparent methodologies, which the IOSCO principles assure.",{"type":594,"attrs":49700,"content":49701},{"textAlign":49},[49702],{"text":49703,"type":599},"“Our global team are experts in what they do, and this audit showcases their commitment to reliability and consistency.”",{"type":594,"attrs":49705,"content":49706},{"textAlign":49},[49707],{"text":49708,"type":599},"Daniel Fletcher-Manuel, Director of Prices & Data, Benchmark said:",{"type":594,"attrs":49710,"content":49711},{"textAlign":49},[49712],{"text":49713,"type":599},"“Benchmark has more price analysts focussing on these critical energy transition markets than other PRA and this latest audit is testament to the incredible work of the whole team. ",{"type":594,"attrs":49715,"content":49716},{"textAlign":49},[49717],{"text":49718,"type":599},"“By partnering with PwC and subjecting so many of our grades to the heightened rigour of IOSCO Type 2 assurance, Benchmark is setting a new global standard for credibility and transparency in energy transition and critical mineral pricing.”",{"type":594,"attrs":49720,"content":49721},{"textAlign":49},[49722],{"text":49723,"type":599},"Simon Moores, CEO, Benchmark said: ",{"type":594,"attrs":49725,"content":49726},{"textAlign":49},[49727],{"text":49728,"type":599},"“This is an achievement that stands alone in the lithium, critical mineral and commodity price reporting and publishing world. ",{"type":594,"attrs":49730,"content":49731},{"textAlign":49},[49732],{"text":49733,"type":599},"“I cannot be more proud of our price reporting team that continues to lead the world on price transparency and quality for the energy transition.”",{"type":657,"attrs":49735,"content":49736},{"level":15966,"textAlign":49},[49737],{"text":49738,"type":599},"Which Benchmark prices were included within the scope of the audit? ",{"type":594,"attrs":49740,"content":49741},{"textAlign":49},[49742],{"text":49743,"type":599},"Reasonable assurance (Type 2) for the period 1 October 2023 to 30 September 2024: ",{"type":594,"attrs":49745,"content":49746},{"textAlign":49},[49747],{"text":8,"type":599},{"type":594,"attrs":49749,"content":49750},{"textAlign":49},[49751],{"text":53,"type":599},{"type":594,"attrs":49753,"content":49754},{"textAlign":49},[49755],{"text":49756,"type":599},"·        Lithium Carbonate, ≥99.0%, FOB South America, USD/tonne",{"type":594,"attrs":49758,"content":49759},{"textAlign":49},[49760],{"text":49761,"type":599},"·        Lithium Carbonate, ≥99.0%, CIF North America, USD/tonne",{"type":594,"attrs":49763,"content":49764},{"textAlign":49},[49765],{"text":49766,"type":599},"·        Lithium Carbonate, ≥99.0%, CIF Europe, USD/tonne",{"type":594,"attrs":49768,"content":49769},{"textAlign":49},[49770],{"text":49771,"type":599},"·        Lithium Carbonate, ≥99.2%, CIF Asia (combined), USD/tonne",{"type":594,"attrs":49773,"content":49774},{"textAlign":49},[49775],{"text":49776,"type":599},"·        Lithium Carbonate, ≥99.2%, CIF Asia (spot), USD/tonne",{"type":594,"attrs":49778,"content":49779},{"textAlign":49},[49780],{"text":49781,"type":599},"·        Lithium Carbonate, ≥99.2%, CIF Asia (contract), USD/tonne",{"type":594,"attrs":49783,"content":49784},{"textAlign":49},[49785],{"text":49786,"type":599},"·        Lithium Carbonate, Battery Grade, ≥99.5%, EXW China, RMB/tonne",{"type":594,"attrs":49788,"content":49789},{"textAlign":49},[49790],{"text":49791,"type":599},"·        Lithium Carbonate, Technical Grade, ≥99.0%, EXW China, RMB/tonne",{"type":594,"attrs":49793,"content":49794},{"textAlign":49},[49795],{"text":83,"type":599},{"type":594,"attrs":49797,"content":49798},{"textAlign":49},[49799],{"text":49800,"type":599},"·        Lithium Hydroxide, ≥55.0%, FOB North America, USD/tonne",{"type":594,"attrs":49802,"content":49803},{"textAlign":49},[49804],{"text":49805,"type":599},"·        Lithium Hydroxide, ≥56.5%, CIF Asia (combined), USD/tonne",{"type":594,"attrs":49807,"content":49808},{"textAlign":49},[49809],{"text":49810,"type":599},"·        Lithium Hydroxide, ≥56.5%, CIF Asia (spot), USD/tonne",{"type":594,"attrs":49812,"content":49813},{"textAlign":49},[49814],{"text":49815,"type":599},"·        Lithium Hydroxide, ≥56.5%, CIF Asia (contract), USD/tonne",{"type":594,"attrs":49817,"content":49818},{"textAlign":49},[49819],{"text":49820,"type":599},"·        Lithium Hydroxide, ≥55.0%, CIF Europe, USD/tonne",{"type":594,"attrs":49822,"content":49823},{"textAlign":49},[49824],{"text":49825,"type":599},"·        Lithium Hydroxide, ≥56.5%, EXW China, RMB/tonne",{"type":594,"attrs":49827,"content":49828},{"textAlign":49},[49829],{"text":12530,"type":599},{"type":594,"attrs":49831,"content":49832},{"textAlign":49},[49833],{"text":49834,"type":599},"·        Spodumene Concentrate, 6%, FOB Australia",{"type":594,"attrs":49836,"content":49837},{"textAlign":49},[49838],{"text":2505,"type":599},{"type":594,"attrs":49840,"content":49841},{"textAlign":49},[49842],{"text":32403,"type":599},{"type":594,"attrs":49844,"content":49845},{"textAlign":49},[49846],{"text":49847,"type":599},"·        Flake , 90-93% C, -100 mesh, FOB China, USD/tonne",{"type":594,"attrs":49849,"content":49850},{"textAlign":49},[49851],{"text":49852,"type":599},"·        Flake, 90-93% C, +100 mesh, FOB China, USD/tonne",{"type":594,"attrs":49854,"content":49855},{"textAlign":49},[49856],{"text":49857,"type":599},"·        Flake, 94-95% C, -100 mesh, FOB China, USD/tonne",{"type":594,"attrs":49859,"content":49860},{"textAlign":49},[49861],{"text":49862,"type":599},"·        Flake, 94-95% C, +100 mesh, FOB China, USD/tonne",{"type":594,"attrs":49864,"content":49865},{"textAlign":49},[49866],{"text":49867,"type":599},"·        Flake, 94-95% C, +80 mesh, FOB China, USD/tonne",{"type":594,"attrs":49869,"content":49870},{"textAlign":49},[49871],{"text":49872,"type":599},"·        Flake, 94-95% C, +50 mesh, FOB China, USD/tonne",{"type":594,"attrs":49874,"content":49875},{"textAlign":49},[49876],{"text":49877,"type":599},"·        Flake, 94-95% C, -100 mesh DDP China, RMB/tonne",{"type":594,"attrs":49879,"content":49880},{"textAlign":49},[49881],{"text":49882,"type":599},"·        Flake, 94-95% C, +100 mesh DDP China, RMB/tonne",{"type":594,"attrs":49884,"content":49885},{"textAlign":49},[49886],{"text":49887,"type":599},"Uncoated Spherical Graphite ",{"type":594,"attrs":49889,"content":49890},{"textAlign":49},[49891],{"text":49892,"type":599},"·        Spherical Uncoated, 99.95% C, 10 microns, FOB China, USD/tonne",{"type":594,"attrs":49894,"content":49895},{"textAlign":49},[49896],{"text":49897,"type":599},"·        Spherical Uncoated, 99.95% C, 15 microns, FOB China, USD/tonne",{"type":594,"attrs":49899,"content":49900},{"textAlign":49},[49901],{"text":49902,"type":599},"·        Spherical Uncoated, 99.95% C, 25 microns, FOB China, USD/tonne",{"type":594,"attrs":49904,"content":49905},{"textAlign":49},[49906],{"text":115,"type":599},{"type":594,"attrs":49908,"content":49909},{"textAlign":49},[49910],{"text":49911,"type":599},"·        Cobalt Sulphate, >20.5%, EXW China, RMB/tonne",{"type":594,"attrs":49913,"content":49914},{"textAlign":49},[49915],{"text":49916,"type":599},"·        Cobalt Battery Metal, Min 99.8%, EXW Europe, USD/lb",{"type":594,"attrs":49918,"content":49919},{"textAlign":49},[49920],{"text":49921,"type":599},"·        Cobalt Hydroxide, 100% Co Contained basis, CIF Asia, USD/tonne",{"type":594,"attrs":49923,"content":49924},{"textAlign":49},[49925],{"text":49926,"type":599},"·        Cobalt Oxide, Min 72.8%, EXW China, RMB/tonne",{"type":594,"attrs":49928,"content":49929},{"textAlign":49},[49930],{"text":150,"type":599},{"type":594,"attrs":49932,"content":49933},{"textAlign":49},[49934],{"text":49935,"type":599},"·        Nickel Sulphate, >22.0%, EXW China, RMB/tonne",{"type":594,"attrs":49937,"content":49938},{"textAlign":49},[49939],{"text":49940,"type":599},"·        Nickel Sulphate, >22.0% Ni, CIF Asia, USD/tonne",{"type":594,"attrs":49942,"content":49943},{"textAlign":49},[49944],{"text":49945,"type":599},"·        MHP payable, CIF Asia, % payable to LME nickel)",{"type":594,"attrs":49947,"content":49948},{"textAlign":49},[49949],{"text":15902,"type":599},{"type":594,"attrs":49951,"content":49952},{"textAlign":49},[49953],{"text":49954,"type":599},"·        Pre-calcined pet coke, \u003C0.5% S, DDP China, RMB/tonne",{"type":594,"attrs":49956,"content":49957},{"textAlign":49},[49958],{"text":49959,"type":599},"·        Calcined pet coke, \u003C0.5%, DDP China RMB/tonne",{"type":594,"attrs":49961,"content":49962},{"textAlign":49},[49963],{"text":49964,"type":599},"·        Pre-calcined pet needle coke, \u003C0.5% S, DDP China, RMB/tonne",{"type":594,"attrs":49966,"content":49967},{"textAlign":49},[49968],{"text":49969,"type":599},"·        Calcined pet needle coke, \u003C0.5% S, DDP China, RMB/tonne",{"type":594,"attrs":49971,"content":49972},{"textAlign":49},[49973],{"text":49974,"type":599},"·        Pre-calcined pitch needle coke, \u003C0.5% S, DDP China, RMB/tonne",{"type":594,"attrs":49976,"content":49977},{"textAlign":49},[49978],{"text":49979,"type":599},"·        Calcined pitch needle coke, \u003C0.5% S, DDP China, RMB/tonne",{"type":594,"attrs":49981,"content":49982},{"textAlign":49},[49983],{"text":298,"type":599},{"type":594,"attrs":49985,"content":49986},{"textAlign":49},[49987],{"text":49988,"type":599},"·        NCM 111, 140-160 mAh/g, DDP China, RMB/tonne",{"type":594,"attrs":49990,"content":49991},{"textAlign":49},[49992],{"text":49993,"type":599},"·        NCM 523, 150-170 mAh/g, DDP China, RMB/tonne",{"type":594,"attrs":49995,"content":49996},{"textAlign":49},[49997],{"text":49998,"type":599},"·        NCM 622, 155-190 mAh/g, DDP China, RMB/tonne",{"type":594,"attrs":50000,"content":50001},{"textAlign":49},[50002],{"text":50003,"type":599},"·        NCM 811, >200 mAh/g, DDP China, RMB/tonne",{"type":594,"attrs":50005,"content":50006},{"textAlign":49},[50007],{"text":50008,"type":599},"·        NCA, >175 mAh/g, DDP China, RMB/tonne",{"type":594,"attrs":50010,"content":50011},{"textAlign":49},[50012],{"text":50013,"type":599},"·        LFP, >160 mAh.g DDP China, RMB/tonne",{"type":594,"attrs":50015,"content":50016},{"textAlign":49},[50017],{"text":50018,"type":599},"·        LCO, >155 mAH/g, DDP China, RMB/tonne",{"type":594,"attrs":50020,"content":50021},{"textAlign":49},[50022],{"text":261,"type":599},{"type":594,"attrs":50024,"content":50025},{"textAlign":49},[50026],{"text":50027,"type":599},"·        High Energy Synthetic Graphite Anode, >99.97% C, 350-370 mAh/g, DDP China, RMB/tonne",{"type":594,"attrs":50029,"content":50030},{"textAlign":49},[50031],{"text":50032,"type":599},"·        Medium Energy Synthetic Graphite Anode, >99.95% C, 330-350 mAh/g, DDP China, RMB/tonne",{"type":594,"attrs":50034,"content":50035},{"textAlign":49},[50036],{"text":50037,"type":599},"·        Low Energy Synthetic Graphite Anode, >99.7% C, 310-330 mAh/g, DDP China, RMB/tonne",{"type":594,"attrs":50039,"content":50040},{"textAlign":49},[50041],{"text":50042,"type":599},"·        High Energy Natural Graphite Anode, >99.97% C, 360-370 mAh/g, DDP China, RMB/tonne",{"type":594,"attrs":50044,"content":50045},{"textAlign":49},[50046],{"text":50047,"type":599},"·        Medium Energy Natural Graphite Anode, >99.95% C, 360-370 mAh/g, DDP China, RMB/tonne",{"type":594,"attrs":50049,"content":50050},{"textAlign":49},[50051],{"text":50052,"type":599},"·        Low Energy Natural Graphite Anode, >99.9% C, 345-360 mAh/g, DDP China, RMB/tonne",{"type":594,"attrs":50054,"content":50055},{"textAlign":49},[50056],{"text":373,"type":599},{"type":594,"attrs":50058,"content":50059},{"textAlign":49},[50060],{"text":50061,"type":599},"·        LCO Feedstock, CoSO4; Payable; EXW China; %",{"type":594,"attrs":50063,"content":50064},{"textAlign":49},[50065],{"text":50066,"type":599},"·        LCO Feedstock, LCE; Payable; EXW China; %",{"type":594,"attrs":50068,"content":50069},{"textAlign":49},[50070],{"text":50071,"type":599},"·        LFP Feedstock, Li Price Per Percentage Point; Fixed Price; EXW China; USD/Tonne",{"type":594,"attrs":50073,"content":50074},{"textAlign":49},[50075],{"text":50076,"type":599},"·        NCM Feedstock, CoSO4; Payable; EXW China; %",{"type":594,"attrs":50078,"content":50079},{"textAlign":49},[50080],{"text":50081,"type":599},"·        NCM Feedstock, LCE; Payable; EXW China; %",{"type":594,"attrs":50083,"content":50084},{"textAlign":49},[50085],{"text":50086,"type":599},"·        NCM Feedstock, NiSO4; Payable; EXW China; %",{"type":594,"attrs":50088,"content":50089},{"textAlign":49},[50090],{"text":50091,"type":599},"Reasonable assurance (Type 2) as at and for the period 31 October 2023 to 30 September 2024:",{"type":594,"attrs":50093,"content":50094},{"textAlign":49},[50095],{"text":15902,"type":599},{"type":594,"attrs":50097,"content":50098},{"textAlign":49},[50099],{"text":50100,"type":599},"·        Pre-calcined medium sulphur pet needle coke, 0.5%\u003CS\u003C3.0%, DDP China, RMB/tonne",{"type":594,"attrs":50102,"content":50103},{"textAlign":49},[50104],{"text":50105,"type":599},"Reasonable assurance (Type 2) as at and for the period 29 November 2023 to 30 September 2024.",{"type":594,"attrs":50107,"content":50108},{"textAlign":49},[50109],{"text":8,"type":599},{"type":594,"attrs":50111,"content":50112},{"textAlign":49},[50113],{"text":53,"type":599},{"type":594,"attrs":50115,"content":50116},{"textAlign":49},[50117],{"text":50118,"type":599},"·        Lithium Carbonate, Benchmark Sustainable, CIF Asia (Spot); Min 99.0%, USD/tonne",{"type":594,"attrs":50120,"content":50121},{"textAlign":49},[50122],{"text":50123,"type":599},"Reasonable assurance (Type 2)  as at and for the period 31 December 2023 to 30 September 2024:",{"type":594,"attrs":50125,"content":50126},{"textAlign":49},[50127],{"text":373,"type":599},{"type":594,"attrs":50129,"content":50130},{"textAlign":49},[50131],{"text":50132,"type":599},"·        LCO Feedstock, Co; Payable; CIF Asia; %",{"type":594,"attrs":50134,"content":50135},{"textAlign":49},[50136],{"text":50137,"type":599},"·        NCM Feedstock, Co; Payable; CIF Asia; %",{"type":594,"attrs":50139,"content":50140},{"textAlign":49},[50141],{"text":50142,"type":599},"·        NCM Feedstock, Co; Payable; EXW North America; %",{"type":594,"attrs":50144,"content":50145},{"textAlign":49},[50146],{"text":50147,"type":599},"·        NCM Feedstock, Ni; Payable; CIF Asia; %",{"type":594,"attrs":50149,"content":50150},{"textAlign":49},[50151],{"text":50152,"type":599},"·        NCM Feedstock, Ni; Payable; EXW North America; %",{"type":594,"attrs":50154,"content":50155},{"textAlign":49},[50156],{"text":50157,"type":599},"Reasonable assurance (Type 2) as at and for the period 31 January 2024 to 30 September 2024:",{"type":594,"attrs":50159,"content":50160},{"textAlign":49},[50161],{"text":2505,"type":599},{"type":594,"attrs":50163,"content":50164},{"textAlign":49},[50165],{"text":32403,"type":599},{"type":594,"attrs":50167,"content":50168},{"textAlign":49},[50169],{"text":50170,"type":599},"·        Flake, 94-95% C, -100 mesh, CIF North America, USD/tonne",{"type":594,"attrs":50172,"content":50173},{"textAlign":49},[50174],{"text":115,"type":599},{"type":594,"attrs":50176,"content":50177},{"textAlign":49},[50178],{"text":50179,"type":599},"·        MHP payable, CIF Asia, Min 1%, % payable",{"type":594,"attrs":50181,"content":50182},{"textAlign":49},[50183],{"text":50184,"type":599},"·        MHP aggregate, CIF Asia, USD/tonne",{"type":594,"attrs":50186,"content":50187},{"textAlign":49},[50188],{"text":150,"type":599},{"type":594,"attrs":50190,"content":50191},{"textAlign":49},[50192],{"text":50184,"type":599},{"type":594,"attrs":50194,"content":50195},{"textAlign":49},[50196],{"text":50197,"type":599},"Reasonable assurance (Type 2) scope as at and for the period 28 March 2024 to 30 September 2024:",{"type":594,"attrs":50199,"content":50200},{"textAlign":49},[50201],{"text":150,"type":599},{"type":594,"attrs":50203,"content":50204},{"textAlign":49},[50205],{"text":50206,"type":599},"·        Sustainable nickel sulphate, CIF Asia, USD/tonne",{"type":594,"attrs":50208,"content":50209},{"textAlign":49},[50210],{"text":50211,"type":599},"·        Sustainable nickel metal, EXW Europe, USD/tonne",{"type":594,"attrs":50213,"content":50214},{"textAlign":49},[50215],{"text":50216,"type":599},"Reasonable assurance (Type 2) as at and for the period 30 April 2024 to 30 September 2024:",{"type":594,"attrs":50218,"content":50219},{"textAlign":49},[50220],{"text":414,"type":599},{"type":594,"attrs":50222,"content":50223},{"textAlign":49},[50224],{"text":50225,"type":599},"·        Neodymium-Praseodymium Oxide, >22%>70%, DDP China, USD/tonne",{"type":594,"attrs":50227,"content":50228},{"textAlign":49},[50229],{"text":50230,"type":599},"·        Dysprosium Oxide,  99.0-99.5%, DDP China, USD/tonne",{"type":594,"attrs":50232,"content":50233},{"textAlign":49},[50234],{"text":50235,"type":599},"·        Samarium Oxide, 99.0-99.9%, DDP China, USD/tonne",{"type":594,"attrs":50237,"content":50238},{"textAlign":49},[50239],{"text":50240,"type":599},"·        Terbium Oxide, 99.0-99.9%, DDP China, USD/tonne","Benchmark Mineral Intelligence Limited (“Benchmark”) is delighted to announce the successful completion of an independent audit of its policies, processes and controls implemented to adhere to the IOSCO Principles for Price Reporting Agencies (“PRA”) for the fourth consecutive year. The audit was conducted by PricewaterhouseCoopers LLP (“PwC”). Benchmark was again subject to reasonable assurance opinion […]",[50243],{"slug":544,"name":543,"content":50244},{"job_title":557,"image":50245,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d0004276-fdf6-4186-ae44-0be5a2794c8a\", \"id\": \"\"}-->",[50248,50249,50250,50251,50252,50253,50254,50255,50256],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4330,"name":150},{"slug":1556,"name":414},{"id":49,"alt":50258,"name":547,"focus":547,"title":50258,"source":547,"filename":50259,"copyright":547,"fieldtype":553,"meta_data":50260,"is_external_url":51},"Cover image featuring mining symbols and periodic table element symbols","https://a.storyblok.com/f/287943243085208/03eea0205c/bm-top-five-producers-across-the-lithium-ion-battery-supply-chain-cover.png",{"alt":50258,"title":50258,"source":547,"copyright":547},"Nov 11, 2024",{"id":50263,"uuid":50264,"name":50265,"slug":50266,"full_slug":50267,"content":50268},112468543275711,"ab875eb4-0fad-41cb-a581-bbe5a1aa5fe5","Battery nickel demand set to triple by 2030","battery-nickel-demand-set-to-triple-by-2030","article/battery-nickel-demand-set-to-triple-by-2030",{"_uid":50269,"date":49622,"tags":50270,"editor":50274,"content":50278,"excerpt":50468,"featured":51,"reporter":50469,"_editable":50473,"component":864,"seo_title":50265,"categories":50474,"visibility":2091,"author_company":49,"featured_image":50479,"seo_description":50468,"author_full_name":49,"author_job_title":49,"formattedDate":50261},"f6d04b74-1891-4ac3-ac00-47e3e6b80e55",[50271,50272,50273],{"slug":913,"name":914},{"slug":2790,"name":2791},{"slug":1375,"name":1376},[50275],{"slug":544,"name":543,"content":50276},{"job_title":557,"image":50277,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":50279},[50280,50285,50290,50295,50302,50307,50312,50317,50330,50343,50348,50353,50358,50363,50376,50381,50388,50399,50406,50424,50437,50451],{"type":594,"attrs":50281,"content":50282},{"textAlign":49},[50283],{"text":50284,"type":599},"Battery nickel demand is set to triple by 2030, according to Benchmark estimates. ",{"type":594,"attrs":50286,"content":50287},{"textAlign":49},[50288],{"text":50289,"type":599},"“Mid and high level performance EVs will be the primary driver of battery nickel demand growth in the coming years, particularly in Western markets,” said Jorge Uzcategui, senior nickel analyst at Benchmark. “There will be growth in China, but it won’t be as pronounced as in ex-China markets.”",{"type":594,"attrs":50291,"content":50292},{"textAlign":49},[50293],{"text":50294,"type":599},"While much of the narrative surrounding the battery industry has centred on the rapid reuptake of lithium iron phosphate (LFP) technology in China in recent years, nickel-based chemistries are set to retain a significant share of the battery market. This is due to the technologies improved performance and the lack of a localised LFP supply chain outside of China.",{"type":594,"attrs":50296,"content":50297},{"textAlign":49},[50298],{"type":1186,"attrs":50299},{"id":49,"alt":547,"src":50300,"title":49,"source":49,"copyright":49,"meta_data":50301},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXep9e5mGzEAA3bFHUUz5237Jqv7-CnjxqSEUZEqrERZwuAelpZuffMpRt_FXEnkPDzFL19AMEnx3U2wipTCfRjpfgVndNDezPrgTQP9LGcZaZ3Rds02W3EChsUm7oAW1wtrZ9fOTg?key=PWyuBl2fuHJRuTdDSLRmW8sd",{},{"type":594,"attrs":50303,"content":50304},{"textAlign":49},[50305],{"text":50306,"type":599},"As the cathode chemistry mix continues to evolve, Benchmark projects LFP and nickel-containing chemistries to each serve different regions and end-use market segments.",{"type":657,"attrs":50308,"content":50309},{"level":15966,"textAlign":49},[50310],{"text":50311,"type":599},"Short-term pain",{"type":594,"attrs":50313,"content":50314},{"textAlign":49},[50315],{"text":50316,"type":599},"Like other battery minerals, battery nickel demand has fallen victim to economic headwinds that have resulted in slower-than-expected EV sales growth across western markets in 2024. Inflationary pressures and high interest rates have eroded the cost competitiveness of electric models compared to internal combustion engine (ICE) peers.",{"type":594,"attrs":50318,"content":50319},{"textAlign":49},[50320,50322,50328],{"text":50321,"type":599},"As electrification weighs on automakers’ balance sheets, the recent slowdown has seen ",{"text":50323,"type":599,"marks":50324},"EV sales targets scrapped",[50325],{"type":604,"attrs":50326},{"href":50327,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ford-scales-back-ev-plans-with-exit-from-canadian-cathode-project?_branch_match_id=1544410644740539324&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdwp0DKiMDMwt8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAfPh43EgAAAA%3D",{"text":50329,"type":599}," or delayed in Europe and North America.",{"type":594,"attrs":50331,"content":50332},{"textAlign":49},[50333,50335,50341],{"text":50334,"type":599},"“In the medium term, we do expect nickel battery demand growth will be slower than previous estimates. This is due to a downgraded outlook for EV demand in ex-China markets, higher LFP uptake in entry level EVs, as well as ",{"text":50336,"type":599,"marks":50337},"political and economic headwinds",[50338],{"type":604,"attrs":50339},{"href":50340,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/donald-trump-wins-us-election-bringing-future-of-ira-into-question?_branch_match_id=1544410660344935502&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLy9OMw83Cc0t8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA3DpbZ0gAAAA%3D",{"text":50342,"type":599},",” Uzcategui said.",{"type":594,"attrs":50344,"content":50345},{"textAlign":49},[50346],{"text":50347,"type":599},"Demand growth may also be impacted by an ongoing shift in the NCM cathode chemistry mix, as mid-nickel variants are favoured to high-nickel as they provide improved thermal stability, reducing the risk of EVs overheating or catching fire. ",{"type":594,"attrs":50349,"content":50350},{"textAlign":49},[50351],{"text":50352,"type":599},"“The current low price environment for cobalt and manganese has made these mid-nickel chemistries more economical than in the past,” Uzcategui added.",{"type":657,"attrs":50354,"content":50355},{"level":15966,"textAlign":49},[50356],{"text":50357,"type":599},"Long term gain",{"type":594,"attrs":50359,"content":50360},{"textAlign":49},[50361],{"text":50362,"type":599},"The current bearishness permeating the nickel market belies the fact that battery nickel demand is undergoing a period of rapid growth. ",{"type":594,"attrs":50364,"content":50365},{"textAlign":49},[50366,50368,50374],{"text":50367,"type":599},"While softer-than-expected demand and massive ",{"text":50369,"type":599,"marks":50370},"supply-side expansions have helped drag nickel prices to their lowest level since 2020",[50371],{"type":604,"attrs":50372},{"href":50373,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-shares-key-nickel-takeaways-from-lme-week?_branch_match_id=1544410652097947296&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWz3TLMHMpNs4t8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA615pe0gAAAA%3D",{"text":50375,"type":599},", battery nickel demand is set to record strong growth of 27% year-on-year in 2024.",{"type":594,"attrs":50377,"content":50378},{"textAlign":49},[50379],{"text":50380,"type":599},"And long term demand prospects remain bullish: Benchmark projections indicate that nickel-based chemistries will capture 85% battery cell production capacity outside of China by 2030, with production increasingly pivoting towards high-nickel chemistry longer-term. ",{"type":594,"attrs":50382,"content":50383},{"textAlign":49},[50384],{"type":1186,"attrs":50385},{"id":49,"alt":547,"src":50386,"title":49,"source":49,"copyright":49,"meta_data":50387},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXc-_31EvMiDZ6Pb7E9u-ZQiHAqoK9a5y80NKOu5MdbezTrZh_Fss8IAjRG0QQwaK6n4frVUs_7FX6FCejnM3xI8cky0WwJMqzkeghDuQ8OxPPxIitwjWotua9GOuYv1JCEFO7Eo?key=PWyuBl2fuHJRuTdDSLRmW8sd",{},{"type":594,"attrs":50389,"content":50390},{"textAlign":49},[50391,50393,50397],{"text":50392,"type":599},"According to the ",{"text":37427,"type":599,"marks":50394},[50395],{"type":604,"attrs":50396},{"href":37431,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":50398,"type":599},", batteries are projected to account for over 50% of nickel demand growth by 2030, reaching 1.5 million tonnes of nickel demand by the end of the decade.",{"type":594,"attrs":50400,"content":50401},{"textAlign":49},[50402],{"text":50403,"type":599,"marks":50404},"Benchmark’s comprehensive nickel market intelligence offering includes: ",[50405],{"type":643},{"type":594,"attrs":50407,"content":50408},{"textAlign":49},[50409,50413,50420],{"text":50410,"type":599,"marks":50411},"IOSCO-assured ",[50412],{"type":643},{"text":50414,"type":599,"marks":50415},"Nickel Price Assessments",[50416,50419],{"type":604,"attrs":50417},{"href":50418,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/nickel/nickel-prices/table/",{"type":643},{"text":50421,"type":599,"marks":50422},", published on a bi-weekly basis to support supply contract settlement, indexation and price risk management. ",[50423],{"type":643},{"type":594,"attrs":50425,"content":50426},{"textAlign":49},[50427,50433],{"text":32075,"type":599,"marks":50428},[50429,50432],{"type":604,"attrs":50430},{"href":50431,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/nickel/data-reports/forecast/",{"type":643},{"text":50434,"type":599,"marks":50435}," provides a forward-looking view of supply, demand, costs and prices out to 2040 to guide strategic planning. ",[50436],{"type":643},{"type":594,"attrs":50438,"content":50439},{"textAlign":49},[50440,50447],{"text":50441,"type":599,"marks":50442},"Benchmark’s Nickel ESG Report",[50443,50446],{"type":604,"attrs":50444},{"href":50445,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/nickel/data-reports/sustainability/",{"type":643},{"text":50448,"type":599,"marks":50449}," assesses the ESG performance of nickel producers worldwide to enable responsible raw material sourcing. ",[50450],{"type":643},{"type":594,"attrs":50452,"content":50453},{"textAlign":49},[50454,50458,50464],{"text":50455,"type":599,"marks":50456},"To learn more, please submit your details ",[50457],{"type":643},{"text":6515,"type":599,"marks":50459},[50460,50463],{"type":604,"attrs":50461},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/contact/",{"type":643},{"text":50465,"type":599,"marks":50466}," and our team will be in touch.",[50467],{"type":643},"Battery nickel demand is set to triple by 2030, according to Benchmark estimates. “Mid and high level performance EVs will be the primary driver of battery nickel demand growth in the coming years, particularly in Western markets,” said Jorge Uzcategui, senior nickel analyst at Benchmark. “There will be growth in China, but it won’t be […]",[50470],{"slug":544,"name":543,"content":50471},{"job_title":557,"image":50472,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f6d04b74-1891-4ac3-ac00-47e3e6b80e55\", \"id\": \"\"}-->",[50475,50476,50477,50478],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":50480,"copyright":547,"fieldtype":553,"meta_data":50481,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7a07053501/bm-0x0-charging-04.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":50483,"uuid":50484,"name":50485,"slug":50486,"full_slug":50487,"content":50488},112468553786049,"879a30b4-02b0-4b02-8ced-91f3347a13e2","Europe’s gigafactory slowdown impacting recycling plans","europes-gigafactory-slowdown-impacting-recycling-plans","article/europes-gigafactory-slowdown-impacting-recycling-plans",{"_uid":50489,"date":50490,"tags":50491,"editor":50494,"content":50498,"excerpt":50639,"featured":51,"reporter":50640,"_editable":50644,"component":864,"seo_title":50485,"categories":50645,"visibility":882,"author_company":49,"featured_image":50650,"seo_description":50639,"author_full_name":49,"author_job_title":49,"formattedDate":50653},"8236f3b3-4740-4f96-b8bc-fde163692038","2024-11-08 00:00",[50492,50493],{"slug":2790,"name":2791},{"slug":2787,"name":2788},[50495],{"slug":544,"name":543,"content":50496},{"job_title":557,"image":50497,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":50499},[50500,50512,50536,50541,50546,50553,50558,50563,50568,50573,50583,50588,50593,50605,50610,50627],{"type":594,"attrs":50501,"content":50502},{"textAlign":49},[50503,50504,50510],{"text":27638,"type":599},{"text":50505,"type":599,"marks":50506},"shrinking gigafactory pipeline",[50507],{"type":604,"attrs":50508},{"href":50509,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/svolt-cancels-second-german-gigafactory?_branch_match_id=1544410629457644383&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAAwXBMQ6AIAwF0BvBbmIc3DWuLga0CIGW%2BiFx8%2By%2BF3vXNljrSc7IDpmTEFxpxqmakiTbbb%2FC0h%2Fl1U8fKBCQ5D486tsI4xxRmX7ER8KtSAAAAA%3D%3D",{"text":50511,"type":599}," has had knock-on effects for the region’s recyclers.",{"type":594,"attrs":50513,"content":50514},{"textAlign":49},[50515,50517,50521,50523,50529,50531,50535],{"text":50516,"type":599},"Since March 2024, Europe’s gigafactory capacity has dropped 8%, according to ",{"text":41013,"type":599,"marks":50518},[50519],{"type":604,"attrs":50520},{"href":41017,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":50522,"type":599},". This, along with delays to gigafactory ramp-ups, has led to a corresponding 12% drop in the size of the forecast 2030 European ",{"text":50524,"type":599,"marks":50525},"production scrap pool",[50526],{"type":604,"attrs":50527},{"href":50528,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/western-battery-scrap-to-account-for-over-third-of-global-pool-by-2035?_branch_match_id=1544410612558459121&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWD7XwqgxNCs3K9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAtZpOEkgAAAA%3D",{"text":50530,"type":599},", according to ",{"text":36126,"type":599,"marks":50532},[50533],{"type":604,"attrs":50534},{"href":36130,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":50537,"content":50538},{"textAlign":49},[50539],{"text":50540,"type":599},"Recyclers in Europe already can’t operate at full capacity due to a shortage of scrap, so the decrease in Europe’s gigafactory pipeline has resulted in multiple recyclers in the region having to delay or cancel plans.",{"type":594,"attrs":50542,"content":50543},{"textAlign":49},[50544],{"text":50545,"type":599},"“Slowing of the European gigafactory pipeline will significantly impact recyclers, as gigafactories provide an immediate source of feedstock for recyclers, production scrap,” said Beatrice Browning, a recycling analyst at Benchmark.",{"type":594,"attrs":50547,"content":50548},{"textAlign":49},[50549],{"type":1186,"attrs":50550},{"id":49,"alt":547,"src":50551,"title":49,"source":49,"copyright":49,"meta_data":50552},"https://a.storyblok.com/f/287943243085208/187f8aa366/bm-europe-na-process-scrap.png",{},{"type":657,"attrs":50554,"content":50555},{"level":15966,"textAlign":49},[50556],{"text":50557,"type":599},"Which recyclers have been impacted?",{"type":594,"attrs":50559,"content":50560},{"textAlign":49},[50561],{"text":50562,"type":599},"The closure and postponement of gigafactories in Europe has led to several recyclers to push back or cancel their plans to develop recycling capabilities in the region.",{"type":594,"attrs":50564,"content":50565},{"textAlign":49},[50566],{"text":50567,"type":599},"Source:Benchmark Recycling Forecast",{"type":657,"attrs":50569,"content":50570},{"level":15966,"textAlign":49},[50571],{"text":50572,"type":599},"Could end-of-life batteries support recyclers?",{"type":594,"attrs":50574,"content":50575},{"textAlign":49},[50576,50578,50582],{"text":50577,"type":599},"Production scrap is the primary source of battery scrap for recyclers globally this decade. For Europe, this dependence peaks in 2026 when production scrap is forecast to account for 70% of the combined scrap pool, according to ",{"text":36126,"type":599,"marks":50579},[50580],{"type":604,"attrs":50581},{"href":36130,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":50584,"content":50585},{"textAlign":49},[50586],{"text":50587,"type":599},"However, Europe has seen slower than expected growth in electric vehicle (EV) uptake, so the forecast size of this pool has also been decreasing.",{"type":594,"attrs":50589,"content":50590},{"textAlign":49},[50591],{"text":50592,"type":599},"From 2031 end-of-life electric vehicles are forecast to overtake production scrap as the primary feedstock for recyclers in Europe. Relationship building is key to securing this future feedstock.",{"type":594,"attrs":50594,"content":50595},{"textAlign":49},[50596,50598,50603],{"text":50597,"type":599},"“Recyclers can work to ",{"text":50599,"type":599,"marks":50600},"secure a steady supply of recycling feedstock through partnerships",[50601],{"type":604,"attrs":50602},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":50604,"type":599}," with companies such as car manufacturers, cell manufacturers, insurance companies and waste management centres, to name a few,” Browning said.",{"type":657,"attrs":50606,"content":50607},{"level":15966,"textAlign":49},[50608],{"text":50609,"type":599},"Is this impacting North America as well?",{"type":594,"attrs":50611,"content":50612},{"textAlign":49},[50613,50615,50620,50622,50626],{"text":50614,"type":599},"Although the slower-than-expected growth in battery demand has had global ramifications, North America’s 2030 gigafactory pipeline has seen modest growth this year. The ",{"text":50616,"type":599,"marks":50617},"region’s forecast process scrap pool",[50618],{"type":604,"attrs":50619},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":50621,"type":599}," for 2030 has grown 5% since the first quarter of the year, according to ",{"text":36126,"type":599,"marks":50623},[50624],{"type":604,"attrs":50625},{"href":36130,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":50628,"content":50629},{"textAlign":49},[50630,50632,50637],{"text":50631,"type":599},"However, Donald Trump’s ",{"text":50633,"type":599,"marks":50634},"second presidency",[50635],{"type":604,"attrs":50636},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":50638,"type":599}," could impact the uptake of electric vehicles in the US, reducing the size of the end-of-life battery scrap pool in North America.","Europe’s shrinking gigafactory pipeline has had knock-on effects for the region’s recyclers. Since March 2024, Europe’s gigafactory capacity has dropped 8%, according to Benchmark’s Gigafactory Assessment. This, along with delays to gigafactory ramp-ups, has led to a corresponding 12% drop in the size of the forecast 2030 European production scrap pool, according to Benchmark’s Recycling […]",[50641],{"slug":544,"name":543,"content":50642},{"job_title":557,"image":50643,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8236f3b3-4740-4f96-b8bc-fde163692038\", \"id\": \"\"}-->",[50646,50647,50648,50649],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":50651,"copyright":547,"fieldtype":553,"meta_data":50652,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e1eab4b160/bm-2023-08-17-licycle-29.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 08, 2024",{"id":50655,"uuid":50656,"name":50657,"slug":50658,"full_slug":50659,"content":50660},112468558660290,"c87eb050-4540-4871-98c7-e44bf802f1f6","How China’s BYD and CATL came to dominate Tier 1 battery supply","how-chinas-byd-and-catl-came-to-dominate-tier-1-battery-supply","article/how-chinas-byd-and-catl-came-to-dominate-tier-1-battery-supply",{"_uid":50661,"date":50662,"tags":50663,"editor":50665,"content":50669,"excerpt":50774,"featured":51,"reporter":50775,"_editable":50779,"component":864,"seo_title":50657,"categories":50780,"visibility":882,"author_company":49,"featured_image":50783,"seo_description":50774,"author_full_name":49,"author_job_title":49,"formattedDate":50787},"12b5f729-8c2f-48e5-a2df-83ef915af098","2024-11-07 00:00",[50664],{"slug":913,"name":914},[50666],{"slug":544,"name":543,"content":50667},{"job_title":557,"image":50668,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":50670},[50671,50681,50686,50691,50698,50703,50708,50713,50718,50728,50733,50738,50743,50748,50758,50769],{"type":594,"attrs":50672,"content":50673},{"textAlign":49},[50674,50676,50680],{"text":50675,"type":599},"Chinese battery players BYD and CATL have doubled their share of Tier 1 battery supply in the past five years, according to Benchmark’s ",{"text":48137,"type":599,"marks":50677},[50678],{"type":604,"attrs":50679},{"href":43406,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":50682,"content":50683},{"textAlign":49},[50684],{"text":50685,"type":599},"Responsible for 32% of Tier 1 production in 2019, the two companies are expected to account for 65% of supply this year, despite almost all companies increasing production in absolute terms. ",{"type":594,"attrs":50687,"content":50688},{"textAlign":49},[50689],{"text":50690,"type":599},"BYD and CATL’s growth in market share has come at the cost of Panasonic, LG Chem, and Samsung SDI, whose combined share has fallen from 62% to 24% over the same period.",{"type":594,"attrs":50692,"content":50693},{"textAlign":49},[50694],{"type":1186,"attrs":50695},{"id":49,"alt":547,"src":50696,"title":49,"source":49,"copyright":49,"meta_data":50697},"https://a.storyblok.com/f/287943243085208/3608e8a319/bm-catl-and-byd-account-for-the-majority-of-tier-1-battery-supply.png",{},{"type":657,"attrs":50699,"content":50700},{"level":15966,"textAlign":49},[50701],{"text":50702,"type":599},"How have BYD and CATL ramped up production faster than other Tier 1 players?",{"type":594,"attrs":50704,"content":50705},{"textAlign":49},[50706],{"text":50707,"type":599},"“CATL’s early entry into China’s battery industry and BYD’s early commitment to electrification have given them a first-mover advantage, allowing them to lead in developing and scaling battery technologies ahead of competitors,” said Aran Waid, principal analyst at Benchmark.",{"type":594,"attrs":50709,"content":50710},{"textAlign":49},[50711],{"text":50712,"type":599},"Waid also identified factors like vertical integration, critical raw material investments, and the logistical advantages of being located in China where much of the material refining and processing takes place as significant in the companies’ success.",{"type":594,"attrs":50714,"content":50715},{"textAlign":49},[50716],{"text":50717,"type":599},"Both companies have innovated – BYD with the Blade Battery and CATL’s Cell-to-Pack technology – and have benefited from support from the Chinese government for aggressive battery capacity expansions.",{"type":594,"attrs":50719,"content":50720},{"textAlign":49},[50721,50723,50727],{"text":50722,"type":599},"The two Chinese companies differ from the other major Tier 1 manufacturers in their production of lithium iron phosphate (LFP). In the case of BYD, 80% of its cells produced this year are expected to be LFP, whilst for CATL this figure is 51%, according to Benchmark’s ",{"text":48137,"type":599,"marks":50724},[50725],{"type":604,"attrs":50726},{"href":43406,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":50729,"content":50730},{"textAlign":49},[50731],{"text":50732,"type":599},"In contrast, LG Chem is the only other major Tier 1 manufacturer with any LFP supply expected this year, though it is forecast to be a very small proportion of its overall production.",{"type":657,"attrs":50734,"content":50735},{"level":15966,"textAlign":49},[50736],{"text":50737,"type":599},"How are South Korean and Japanese Tier 1 manufacturers responding?",{"type":594,"attrs":50739,"content":50740},{"textAlign":49},[50741],{"text":50742,"type":599},"“South Korean and Japanese Tier 1 players are forming joint ventures with Western automakers to secure long-term supply agreements and co-develop battery technologies,” said Waid.",{"type":594,"attrs":50744,"content":50745},{"textAlign":49},[50746],{"text":50747,"type":599},"Companies based in these countries benefit from policy incentives of western governments, such as the Inflation Reduction Act (IRA) which disadvantages Chinese competitors through the Foreign Entity of Concern (FEOC) stipulations.",{"type":594,"attrs":50749,"content":50750},{"textAlign":49},[50751,50752,50756],{"text":25616,"type":599},{"text":48137,"type":599,"marks":50753},[50754],{"type":604,"attrs":50755},{"href":43406,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":50757,"type":599}," shows China is expected to have the highest battery demand of any region this year, at around 570 GWh. ",{"type":594,"attrs":50759,"content":50760},{"textAlign":49},[50761,50763,50768],{"text":50762,"type":599},"Though significantly lower, demand from the combined markets of North America and Europe is forecast to be more than 400 GWh this year. Combined with few established battery manufacturers native to these regions, ",{"text":50764,"type":599,"marks":50765},"Japanese and South Korean players are prioritising expansions in the West",[50766],{"type":604,"attrs":50767},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":50770,"content":50771},{"textAlign":49},[50772],{"text":50773,"type":599},"Additionally, they are investing in advanced technologies, such as solid-state batteries and silicon anodes, with a view to differentiate themselves from Chinese manufacturers and gain a competitive edge in the future. ","Chinese battery players BYD and CATL have doubled their share of Tier 1 battery supply in the past five years, according to Benchmark’s Lithium ion Battery Database. Responsible for 32% of Tier 1 production in 2019, the two companies are expected to account for 65% of supply this year, despite almost all companies increasing production […]",[50776],{"slug":544,"name":543,"content":50777},{"job_title":557,"image":50778,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"12b5f729-8c2f-48e5-a2df-83ef915af098\", \"id\": \"\"}-->",[50781,50782],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":50784,"name":547,"focus":547,"title":50784,"source":547,"filename":50785,"copyright":547,"fieldtype":553,"meta_data":50786,"is_external_url":51},"Robot arms assemble a battery pack on a construction line","https://a.storyblok.com/f/287943243085208/e75f59dfe5/bm-how-chinas-byd-and-catl-came-to-dominate-tier-1-battery-supply.jpg",{"alt":50784,"title":50784,"source":547,"copyright":547},"Nov 07, 2024",{"id":50789,"uuid":50790,"name":50791,"slug":50792,"full_slug":50793,"content":50794},112468568281796,"07a3bf50-cfba-48ed-abdc-80d82b1791dc","Ford scales back EV plans with exit from Canadian cathode project","ford-scales-back-ev-plans-with-exit-from-canadian-cathode-project","article/ford-scales-back-ev-plans-with-exit-from-canadian-cathode-project",{"_uid":50795,"date":50796,"tags":50797,"editor":50800,"content":50804,"excerpt":50940,"featured":51,"reporter":50941,"_editable":50945,"component":864,"seo_title":50791,"categories":50946,"visibility":882,"author_company":49,"featured_image":50950,"seo_description":50940,"author_full_name":49,"author_job_title":49,"formattedDate":50952},"f1e742de-5f21-404c-a6ef-2b896e995957","2024-11-06 00:00",[50798,50799],{"slug":39425,"name":39426},{"slug":4612,"name":4613},[50801],{"slug":544,"name":543,"content":50802},{"job_title":557,"image":50803,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":50805},[50806,50811,50816,50821,50826,50845,50850,50855,50860,50865,50870,50877,50887,50892,50897,50935],{"type":594,"attrs":50807,"content":50808},{"textAlign":49},[50809],{"text":50810,"type":599},"Ford has withdrawn from a $1.2 billion cathode joint venture (JV) with South Korea’s EcoPro BM and SK On in Canada, the latest signal that western automakers are dialling back on electrification plans on slower than expected demand for electric vehicles (EV). ",{"type":594,"attrs":50812,"content":50813},{"textAlign":49},[50814],{"text":50815,"type":599},"“Despite Ford’s exit, the project will still move forward,” said Evan Hartley, research manager at Benchmark. ",{"type":594,"attrs":50817,"content":50818},{"textAlign":49},[50819],{"text":50820,"type":599},"“EcoPro and SK On have the experience and market knowledge to progress, particularly in North America where there is not enough planned cathode capacity to meet regional demand. We expect the two will still look for a downstream OEM to take Ford’s place in the partnership however, at least to guarantee an offtake route,” Hartley added.",{"type":594,"attrs":50822,"content":50823},{"textAlign":49},[50824],{"text":50825,"type":599},"The JV cathode project in Becancour, Quebec has been impacted by construction delays twice this year, both attributed to the automaker adjusting its EV production timelines on stagnating demand.",{"type":594,"attrs":50827,"content":50828},{"textAlign":49},[50829,50831,50837,50839],{"text":50830,"type":599},"The plant is anticipated to operate ",{"text":50832,"type":599,"marks":50833},"45,000 tonnes of high-nickel NCM cathode capacity",[50834],{"type":604,"attrs":50835},{"href":50836,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ford-ecopro-and-sk-on-turn-to-canadas-ev-battery-hub-for-cathode-factory?_branch_match_id=1544395778714666577&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9wkyKQ8PNC7K8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAPatDhkgAAAA%3D",{"text":50838,"type":599}," once in by 2026, according to the ",{"text":50840,"type":599,"marks":50841},"Benchmark Cathode Market Assessment.",[50842],{"type":604,"attrs":50843},{"href":50844,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cathode/data-reports/market-assessments",{"type":657,"attrs":50846,"content":50847},{"level":15966,"textAlign":49},[50848],{"text":50849,"type":599},"Ford feels EV pinch",{"type":594,"attrs":50851,"content":50852},{"textAlign":49},[50853],{"text":50854,"type":599},"Ford has suffered steep losses on its EV business year to date, which are projected to mount to $5 billion across 2024. ",{"type":594,"attrs":50856,"content":50857},{"textAlign":49},[50858],{"text":50859,"type":599},"As electrification weighs on the profitability of Ford’s wider business, the automaker announced earlier this year it would reduce the percentage of its annual capital expenditure directed towards EVs from 40% down to 30%. The company also plans to acheive $2 billion of cost saving by year end to strengthen its balance sheet.",{"type":594,"attrs":50861,"content":50862},{"textAlign":49},[50863],{"text":50864,"type":599},"Ford executives expect the EV market to remain difficult until at least 2026, as consumers prove reluctant to pay higher prices for EVs amid inflationary pressures and high interest rates. Plans to sell only battery electric vehicle (BEV) passenger cars in Europe from 2030 were scrapped in July.",{"type":594,"attrs":50866,"content":50867},{"textAlign":49},[50868],{"text":50869,"type":599},"Chinese EV sales have performed strongly in 2024, surpassing the milestone of one million EV sales in a single month in August according to Rho Motion. In contrast, sales growth in western markets has softened, underperforming market expectations in North America and contracting in Europe.",{"type":594,"attrs":50871,"content":50872},{"textAlign":49},[50873],{"type":1186,"attrs":50874},{"id":49,"alt":547,"src":50875,"title":49,"source":49,"copyright":49,"meta_data":50876},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcITwpSH8W4jsKTp1V2yBj9-xx597IB9nMD6w7ctLlSYcMkJxBhPKPoP0jpuwUdpYNMRYTTXKiRBiRRbXe_qs3gJb8n0jRs8fO8g9fXjMGXtjaIvDNQtoaZfNfIBRCW1PFpMDik2UYg5Wpbuw0QQTm9tmc?key=7GAO_nBEWdRSyfyDx1OOmFbd",{},{"type":594,"attrs":50878,"content":50879},{"textAlign":49},[50880,50885],{"text":50881,"type":599,"marks":50882},"Although cheaper Chinese models have had limited penetration into the US market",[50883],{"type":604,"attrs":50884},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":50886,"type":599},", Chief Executive Jim Farley labelled rising exports from Chinese automakers into Europe and other markets an “existential threat” to Ford’s business.",{"type":657,"attrs":50888,"content":50889},{"level":15966,"textAlign":49},[50890],{"text":50891,"type":599},"Could other investments be at risk?",{"type":594,"attrs":50893,"content":50894},{"textAlign":49},[50895],{"text":50896,"type":599},"As Ford tightens its belt and defers EV production timelines, cost cutting measures raise questions over the status of the automakers other battery supply chain commitments. ",{"type":594,"attrs":50898,"content":50899},{"textAlign":49},[50900,50902,50907,50908,50913,50915,50920,50921,50926,50927,50933],{"text":50901,"type":599},"Ford has been one of the most proactive automakers and has a considerable supply chain footprint, investing directly in ",{"text":50903,"type":599,"marks":50904},"upstream raw material processing",[50905],{"type":604,"attrs":50906},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":36896,"type":599},{"text":50909,"type":599,"marks":50910},"downstream cell production",[50911],{"type":604,"attrs":50912},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":50914,"type":599},". The automaker has also penned a host of long-term agreements directly with ",{"text":50916,"type":599,"marks":50917},"upstream",[50918],{"type":604,"attrs":50919},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":50922,"type":599,"marks":50923},"midstream",[50924],{"type":604,"attrs":50925},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1440,"type":599},{"text":50928,"type":599,"marks":50929},"downstream ",[50930],{"type":604,"attrs":50931},{"href":50932,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lges-to-supply-fords-commercial-evs-in-europe",{"text":50934,"type":599},"suppliers.",{"type":594,"attrs":50936,"content":50937},{"textAlign":49},[50938],{"text":50939,"type":599},"Ford is involved in a 21.5 GWh battery plant partnership with SK On in Georgia, USA. The two companies have plans to build 120 GWh of additional capacity across plants in Tennessee and Kentucky, having secured a $9.2 billion conditional loan from the US Department of Energy in 2023.","Ford has withdrawn from a $1.2 billion cathode joint venture (JV) with South Korea’s EcoPro BM and SK On in Canada, the latest signal that western automakers are dialling back on electrification plans on slower than expected demand for electric vehicles (EV). “Despite Ford’s exit, the project will still move forward,” said Evan Hartley, research […]",[50942],{"slug":544,"name":543,"content":50943},{"job_title":557,"image":50944,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f1e742de-5f21-404c-a6ef-2b896e995957\", \"id\": \"\"}-->",[50947,50948,50949],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":42950,"copyright":547,"fieldtype":553,"meta_data":50951,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Nov 06, 2024",{"id":50954,"uuid":50955,"name":50956,"slug":50957,"full_slug":50958,"content":50959},112468592546505,"e29c4ac1-94a1-41c8-bf9d-3389f01adb5d","How do sodium ion batteries compare to LFP?","how-do-sodium-ion-batteries-compare-to-lfp","article/how-do-sodium-ion-batteries-compare-to-lfp",{"_uid":50960,"date":50961,"tags":50962,"editor":50965,"content":50969,"excerpt":51079,"featured":51,"reporter":51080,"component":864,"seo_title":50956,"categories":51084,"visibility":2091,"author_company":49,"data_vis_image":51086,"featured_image":51088,"seo_description":51091,"author_full_name":49,"author_job_title":49,"formattedDate":51092},"732e385b-dd4e-421e-a374-89584739ca9f","2024-11-04 00:00",[50963,50964],{"slug":7219,"name":451},{"slug":20649,"name":20650},[50966],{"slug":544,"name":543,"content":50967},{"job_title":557,"image":50968,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":50970},[50971,50976,50981,50986,50991,50996,51001,51006,51011,51016,51023,51028,51033,51038,51043,51048,51060,51065,51072],{"type":594,"attrs":50972,"content":50973},{"textAlign":49},[50974],{"text":50975,"type":599},"Demand for both lithium iron phosphate (LFP) and sodium ion batteries is forecast to surge as the battery market seeks lower cost options and cells more suited for energy storage systems (ESS).",{"type":594,"attrs":50977,"content":50978},{"textAlign":49},[50979],{"text":50980,"type":599},"LFP cells have a higher volumetric and gravimetric energy density than sodium ion cells, as well as an improved lifecycle performance. However, research and development of sodium ion batteries is making their performance in these areas increasingly comparable to LFP cells.",{"type":594,"attrs":50982,"content":50983},{"textAlign":49},[50984],{"text":50985,"type":599},"“LFP cells are expected to remain the dominant technology for energy storage applications. However, the extent of forecast growth in the energy storage sector means that there is opportunity for emerging technologies such as sodium ion batteries to enter the market too,” said Catherine Peake, an analyst at Benchmark.",{"type":657,"attrs":50987,"content":50988},{"level":15966,"textAlign":49},[50989],{"text":50990,"type":599},"Performance: Sodium ion batteries vs LFP",{"type":594,"attrs":50992,"content":50993},{"textAlign":49},[50994],{"text":50995,"type":599},"As with lithium ion batteries, the different cathodes of sodium ion batteries – layered oxide, polyanionic, Prussian Blue analogues – have different benefits.",{"type":594,"attrs":50997,"content":50998},{"textAlign":49},[50999],{"text":51000,"type":599},"Layered oxide cathodes have the highest energy density of the sodium ion cathodes up to 170 Wh/kg. This is only slightly lower than that of LFP cells, positioning them well for short range EV and micromobility markets. ",{"type":594,"attrs":51002,"content":51003},{"textAlign":49},[51004],{"text":51005,"type":599},"As the electric vehicle market has driven battery demand in recent years, layered oxide cathodes make up 73% of pipeline capacity for the sodium ion battery market, according to Benchmark’s Sodium ion Battery Forecast.",{"type":594,"attrs":51007,"content":51008},{"textAlign":49},[51009],{"text":51010,"type":599},"Polyanionic cathodes offer an improved safety profile than layered oxides, and have a superior cycle life. According to conversations Benchmark is having with key players in the sodium ion battery market, polyanionic cycle life is approaching and even exceeding that of LFP batteries, though this has not been demonstrated commercially yet.",{"type":594,"attrs":51012,"content":51013},{"textAlign":49},[51014],{"text":51015,"type":599},"These two advantages lend polyanionic cells to ESS applications and there has been increased interest in these cells as a result.",{"type":594,"attrs":51017,"content":51018},{"textAlign":49},[51019,51021],{"text":51020,"type":599},"Though demand for Prussian Blue analogues is lower than the other cathode formats, supply exceeds that of polyanionic cathodes.",{"text":51022,"type":599},"Sodium ion batteries also perform well at both high and low temperatures, strengthening their case for ESS applications.",{"type":657,"attrs":51024,"content":51025},{"level":15966,"textAlign":49},[51026],{"text":51027,"type":599},"Cost competition",{"type":594,"attrs":51029,"content":51030},{"textAlign":49},[51031],{"text":51032,"type":599},"Oversupply in the lithium ion battery supply chain, and subsequent low cell cost, has created a highly challenging price environment for sodium ion batteries.",{"type":594,"attrs":51034,"content":51035},{"textAlign":49},[51036],{"text":51037,"type":599},"“We saw a huge surge in sodium ion battery announcements when lithium prices were at an all time high 18 months ago. Now the price of lithium has returned to 2021 levels we are seeing some consolidation in the sodium ion battery market,” said Peake.",{"type":594,"attrs":51039,"content":51040},{"textAlign":49},[51041],{"text":51042,"type":599},"LFP cells are currently exceptionally low cost at around $60/ kWh, according to Benchmark Lithium ion Battery Price Assessment. ",{"type":594,"attrs":51044,"content":51045},{"textAlign":49},[51046],{"text":51047,"type":599},"However, Benchmark expects lithium prices to rise towards the end of the decade. The extent to which this will increase the cost of LFP cells is less clear, however it could make sodium ion batteries more cost competitive in the future. ",{"type":594,"attrs":51049,"content":51050},{"textAlign":49},[51051,51053,51059],{"text":51052,"type":599},"This is especially true as the sodium ion battery market develops, with larger scale manufacturing and more mature supply chains. Though production is only expected to grow by a little over eight GWh between 2023 and 2024, this is almost a ",{"text":51054,"type":599,"marks":51055},"fourfold increase in supply",[51056],{"type":604,"attrs":51057},{"href":51058,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/new-entrants-drive-sodium-ion-battery-capacity-growth?_branch_match_id=1544395637540028700&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWLy5wMw0sN8nK9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUABshu2EgAAAA%3D",{"text":974,"type":599},{"type":594,"attrs":51061,"content":51062},{"textAlign":49},[51063],{"text":51064,"type":599},"All sodium ion formats benefit from a supply chain that is broadly independent from that of lithium ion alternatives. This is of particular value in the current market where western governments are seeking to derisk their supply chains from China.",{"type":594,"attrs":51066,"content":51067},{"textAlign":49},[51068],{"text":51069,"type":599,"marks":51070},"Benchmark’s coverage of sodium ion batteries helps companies across the supply chain identify commercial bottlenecks and opportunities.",[51071],{"type":643},{"type":594,"attrs":51073,"content":51074},{"textAlign":49},[51075],{"text":51076,"type":599,"marks":51077},"Our Sodium ion Batteries Forecast examines supply and demand of sodium ion battery cell, cathode and anode markets out to 2050. ",[51078],{"type":643},"Demand for both lithium iron phosphate (LFP) and sodium ion batteries is forecast to surge as the battery market seeks lower cost options and cells more suited for energy storage systems (ESS). LFP cells have a higher volumetric and gravimetric energy density than sodium ion cells, as well as an improved lifecycle performance. However, research […]",[51081],{"slug":544,"name":543,"content":51082},{"job_title":557,"image":51083,"bio":548,"linkedin":555},{"filename":552},[51085],{"slug":2499,"name":2500},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":51087},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":51089,"copyright":547,"fieldtype":553,"meta_data":51090,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fd74a7ca17/bm-how-do-sodium-ion-batteries-compare-to-lfp.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Demand for both lithium iron phosphate (LFP) and sodium ion batteries is forecast to surge as the battery market seeks lower cost options and cells more suited for energy storage systems (ESS). ","Nov 04, 2024",{"id":51094,"uuid":14462,"name":51095,"slug":51096,"full_slug":51097,"content":51098},112468602122955,"Pilbara to put Ngungaju into care and maintenance amid spodumene price woes","pilbara-to-put-ngungaju-into-care-and-maintenance-amid-spodumene-price-woes","article/pilbara-to-put-ngungaju-into-care-and-maintenance-amid-spodumene-price-woes",{"_uid":51099,"date":51100,"tags":51101,"editor":51104,"content":51108,"excerpt":51215,"featured":51,"reporter":51216,"_editable":51220,"component":864,"seo_title":51095,"categories":51221,"visibility":2091,"author_company":49,"featured_image":51224,"seo_description":51215,"author_full_name":49,"author_job_title":49,"formattedDate":51227},"35aa7b5b-e1ce-42fa-98e8-b7847144e820","2024-11-01 00:00",[51102,51103],{"slug":910,"name":911},{"slug":6606,"name":12530},[51105],{"slug":544,"name":543,"content":51106},{"job_title":557,"image":51107,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":51109},[51110,51123,51135,51153,51158,51163,51170,51175,51180,51185,51190,51195,51200,51205,51210],{"type":594,"attrs":51111,"content":51112},{"textAlign":49},[51113,51115,51121],{"text":51114,"type":599},"In response to the continued ",{"text":51116,"type":599,"marks":51117},"low lithium price environment",[51118],{"type":604,"attrs":51119},{"href":51120,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/spodumene-prices-soften-to-three-year-low-amid-weak-lithium-chemical-prices?_branch_match_id=1544395588792973193&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNwjyNAxPDPfN9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA5tP4mEgAAAA%3D",{"text":51122,"type":599},", Pilbara Minerals will place its Ngungaju spodumene concentrate plant into care and maintenance from December 2024.",{"type":594,"attrs":51124,"content":51125},{"textAlign":49},[51126,51127,51133],{"text":2372,"type":599},{"text":51128,"type":599,"marks":51129},"Australian lithium major",[51130],{"type":604,"attrs":51131},{"href":51132,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/pilbara-minerals-diversifies-lithium-portfolio-with-latin-resources-acquisition?_branch_match_id=1544395597903935649&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWNzPN8fZJNvDN9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAs%2BTUOkgAAAA%3D",{"text":51134,"type":599}," will refocus its efforts on the lower cost Pilgan plant which is also a part of its Pilgangoora operations in Western Australia.",{"type":594,"attrs":51136,"content":51137},{"textAlign":49},[51138,51140,51146,51148,51152],{"text":51139,"type":599},"This is the latest Australian miner to ",{"text":51141,"type":599,"marks":51142},"pull back on operations",[51143],{"type":604,"attrs":51144},{"href":51145,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/arcadium-lithium-to-place-mt-cattlin-into-care-and-maintenance-amid-spodumene-price-lows?_branch_match_id=1544395575669349742&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTwuJNHUNMfTN9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA66rkNEgAAAA%3D",{"text":51147,"type":599}," in response to low prices. Spodumene prices are currently at $740 per tonne, a 71.54% drop compared to 12 months ago, according to ",{"text":2210,"type":599,"marks":51149},[51150],{"type":604,"attrs":51151},{"href":21704,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":51154,"content":51155},{"textAlign":49},[51156],{"text":51157,"type":599},"“With these lower prices, and oversupply, the market has been waiting for some supply response,” said Claudia Cook, a lithium analyst at Benchmark. “It’s expected that this won’t be the last of the supply response, as the oversupply and low price environment looks set to continue into the new year.”",{"type":594,"attrs":51159,"content":51160},{"textAlign":49},[51161],{"text":51162,"type":599},"Pilbara is still continuing with their other expansion plans which are due to add around 40,000 tonnes LCE per year of capacity to Pilgangoora when complete.",{"type":594,"attrs":51164,"content":51165},{"textAlign":49},[51166],{"type":1186,"attrs":51167},{"id":49,"alt":547,"src":51168,"title":49,"source":49,"copyright":49,"meta_data":51169},"https://a.storyblok.com/f/287943243085208/3f15300e98/bm-falling-spod-prices-oct-30.png",{},{"type":657,"attrs":51171,"content":51172},{"level":15966,"textAlign":49},[51173],{"text":51174,"type":599},"What does this mean for the lithium market?",{"type":657,"attrs":51176,"content":51177},{"level":15966,"textAlign":49},[51178],{"text":51179,"type":599},"Why are Australian miners particularly hard hit by low prices?",{"type":594,"attrs":51181,"content":51182},{"textAlign":49},[51183],{"text":51184,"type":599},"Hard rock assets are typically at the higher end of the cost curve, especially compared to many brine projects. As such, the supply response to the low lithium price environment has mainly come from hardrock assets.",{"type":594,"attrs":51186,"content":51187},{"textAlign":49},[51188],{"text":51189,"type":599},"Australia is also home to most of the operating non-integrated miners–that is spodumene miners who do not also produce lithium chemicals. As non-integrated producers can sell their feedstock to the open market they can be much more exposed to market conditions.",{"type":594,"attrs":51191,"content":51192},{"textAlign":49},[51193],{"text":51194,"type":599},"Pilbara’s announcement is the latest in a string of Australian projects that have been pushed back or placed into care and maintenance.",{"type":657,"attrs":51196,"content":51197},{"level":15966,"textAlign":49},[51198],{"text":51199,"type":599},"How is the low spodumene price impacting miners?",{"type":594,"attrs":51201,"content":51202},{"textAlign":49},[51203],{"text":51204,"type":599},"“This trend has not been confined to just Australia, it’s global,” Cook said. “The lower price environment is resulting in project’s coming offline, reducing output and timelines being pushed out, as projects struggle with financing and a lower than expected demand.”",{"type":594,"attrs":51206,"content":51207},{"textAlign":49},[51208],{"text":51209,"type":599},"The continued decline in lithium prices has put pressure on projects at the higher end of the cost curve. Cook notes that several such projects are operating at or below cost.",{"type":594,"attrs":51211,"content":51212},{"textAlign":49},[51213],{"text":51214,"type":599},"“This mothballing exercise likely shows that Pilbara, in line with Benchmark’s view, does not believe the price will pick up significantly in the near term,” Cook said.","In response to the continued low lithium price environment, Pilbara Minerals will place its Ngungaju spodumene concentrate plant into care and maintenance from December 2024. The Australian lithium major will refocus its efforts on the lower cost Pilgan plant which is also a part of its Pilgangoora operations in Western Australia. This is the latest […]",[51217],{"slug":544,"name":543,"content":51218},{"job_title":557,"image":51219,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"35aa7b5b-e1ce-42fa-98e8-b7847144e820\", \"id\": \"\"}-->",[51222,51223],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":51225,"copyright":547,"fieldtype":553,"meta_data":51226,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ab03882337/bm-large-yellow-machinery-crushing-spodumene-ore-in-a-lithium-mine.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 01, 2024",{"id":51229,"uuid":51230,"name":51231,"slug":51232,"full_slug":51233,"content":51234},112468631315153,"5c7188ab-66c2-4bba-964b-0f327993afef","Benchmark launches new daily lithium carbonate price indicator","benchmark-launches-new-daily-lithium-carbonate-price-indicator","article/benchmark-launches-new-daily-lithium-carbonate-price-indicator",{"_uid":51235,"date":51236,"tags":51237,"editor":51240,"content":51244,"excerpt":51421,"featured":50,"reporter":51422,"_editable":51426,"component":864,"seo_title":51231,"categories":51427,"visibility":2091,"author_company":49,"featured_image":51430,"seo_description":51421,"author_full_name":49,"author_job_title":49,"formattedDate":51432},"92fcadfa-6a3c-44e9-9ae0-b7406eca706a","2024-10-31 00:00",[51238,51239],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[51241],{"slug":544,"name":543,"content":51242},{"job_title":557,"image":51243,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":51245},[51246,51252,51261,51266,51278,51295,51303,51314,51322,51327,51341,51346,51358,51368,51373,51378,51383,51387,51404,51416],{"type":594,"attrs":51247,"content":51248},{"textAlign":49},[51249,51250],{"text":9653,"type":599},{"text":51251,"type":599}," is pleased to announce the launch of a new daily lithium price as part of its market leading Lithium Price Assessment.",{"type":594,"attrs":51253,"content":51254},{"textAlign":49},[51255,51257,51259],{"text":51256,"type":599},"The new price grade – ",{"text":51258,"type":599},"Battery Grade Lithium Carbonate Daily Price Indicator (EXW China)",{"text":51260,"type":599}," – officially launched on 22 October 2024 and is now available to subscribers. ",{"type":594,"attrs":51262,"content":51263},{"textAlign":49},[51264],{"text":51265,"type":599},"The launch of this grade is in response to growing demand from lithium ion battery supply chain participants for higher frequency lithium price data, tracking developments in the Chinese domestic market. ",{"type":594,"attrs":51267,"content":51268},{"textAlign":49},[51269,51271,51273,51275,51276],{"text":51270,"type":599},"The new ",{"text":51272,"type":599},"Daily Price Indicator",{"text":51274,"type":599}," is assessed by ",{"text":9653,"type":599},{"text":51277,"type":599}," using primary data collected directly from active market participants and will only consider spot transactions for battery grade lithium carbonate material. Prices for the indicator must be submitted by 11:59 p.m. (London) to be included in the following day’s indicator. ",{"type":594,"attrs":51279,"content":51280},{"textAlign":49},[51281,51283,51285,51287,51293],{"text":51282,"type":599},"The daily price is calculated by averaging the mean of prices collected on the previous five working days. This methodology allows the daily price to accurately track EXW China Battery Grade lithium carbonate prices in the time between ",{"text":51284,"type":599},"Benchmark’s",{"text":51286,"type":599}," IOSCO-assured ",{"text":51288,"type":599,"marks":51289},"Lithium Price Assessments",[51290],{"type":604,"attrs":51291},{"href":51292,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/",{"text":51294,"type":599},", which will continue to be published weekly on Wednesdays.",{"type":594,"attrs":51296,"content":51297},{"textAlign":49},[51298,51300,51301],{"text":51299,"type":599},"Utilising the rolling average methodology, as outlined above, allows for accurate price publication in periods of low liquidity of physical transactions, without having to rely heavily on bids and offers, which ",{"text":9653,"type":599},{"text":51302,"type":599}," deems as lower reliability than executed trades. ",{"type":594,"attrs":51304,"content":51305},{"textAlign":49},[51306,51308,51309,51311,51312],{"text":51307,"type":599},"This ensures that ",{"text":9653,"type":599},{"text":51310,"type":599}," will continue to publish the prevailing market price for transactions of traded materials in the lithium ion battery supply chain, as part of its long term ethos of providing the most accurate and reflective market pricing for its subscribers. By setting high standards for price data collected on a traded basis and utilising the rolling average methodology, ",{"text":7249,"type":599},{"text":51313,"type":599},"subscribers are assured that the daily price indicator is representative of actual market conditions and is not influenced by sentiment.",{"type":594,"attrs":51315,"content":51316},{"textAlign":49},[51317,51319,51320],{"text":51318,"type":599},"Daisy Jennings-Gray, Head of Prices at ",{"text":9653,"type":599},{"text":51321,"type":599}," said: “As the lithium industry matures, market participants are increasingly interested in tracking price developments at a higher frequency, with the market having experienced notable volatility over shorter time periods throughout 2024.” ",{"type":594,"attrs":51323,"content":51324},{"textAlign":49},[51325],{"text":51326,"type":599},"The launch comes in response to mounting desire from market participants to track intra-assessment market developments. Growing liquidity of transactions of battery grade lithium carbonate on an EXW China basis has enabled this indicator. However, as the market develops, liquidity is not yet high enough to publish consistent daily prices which are reflective of true transactional data.",{"type":594,"attrs":51328,"content":51329},{"textAlign":49},[51330,51332,51333,51335,51339],{"text":51331,"type":599},"As such, ",{"text":7249,"type":599},{"text":51334,"type":599},"finds this indicator enables subscribers to track daily developments in the market without compromising the accuracy, reliability, and high reporting standards for transacted material prices. Therefore, this price launch allows subscribers to follow daily changes in carbonate prices, prior to receiving further market commentary in the ",{"text":21700,"type":599,"marks":51336},[51337],{"type":604,"attrs":51338},{"href":51292,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":51340,"type":599}," each week.",{"type":594,"attrs":51342,"content":51343},{"textAlign":49},[51344],{"text":51345,"type":599},"The launch also comes at a time of increasing growth in demand for LFP chemistry cathode material for EVs in China and ESS applications globally, making a daily lithium carbonate price particularly relevant.",{"type":594,"attrs":51347,"content":51348},{"textAlign":49},[51349,51351,51353,51355,51356],{"text":51350,"type":599},"In response to the launch, ",{"text":51352,"type":599},"Daniel Fletcher-Manuel, Director of Prices and Data at Benchmark ",{"text":51354,"type":599},"said: “",{"text":9653,"type":599},{"text":51357,"type":599}," has invested heavily in its lithium pricing capability throughout 2024, even as lithium market conditions have weakened. This Daily Lithium Price Indicator provides our subscribers with the industry’s only actionable, daily lithium index, which is strategically designed to mitigate exaggerated sentiment, enabling participants to act with maximum confidence.”",{"type":594,"attrs":51359,"content":51360},{"textAlign":49},[51361,51362,51366],{"text":9653,"type":599},{"text":21700,"type":599,"marks":51363},[51364],{"type":604,"attrs":51365},{"href":51292,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":51367,"type":599}," subscribers will now receive the following price grades:",{"type":657,"attrs":51369,"content":51370},{"level":15966,"textAlign":49},[51371],{"text":51372,"type":599},"Daily:",{"type":657,"attrs":51374,"content":51375},{"level":15966,"textAlign":49},[51376],{"text":51377,"type":599},"Weekly:",{"type":657,"attrs":51379,"content":51380},{"level":15966,"textAlign":49},[51381],{"text":51382,"type":599},"Every two weeks (in addition to the above weekly grades):",{"type":657,"attrs":51384,"content":51385},{"level":15966,"textAlign":49},[51386],{"text":19874,"type":599},{"type":594,"attrs":51388,"content":51389},{"textAlign":49},[51390,51392,51397,51399,51403],{"text":51391,"type":599},"If you would like to provide feedback, or become a price submitter for the ",{"text":51393,"type":599,"marks":51394},"Benchmark Lithium Price Assessment",[51395],{"type":604,"attrs":51396},{"href":51292,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":51398,"type":599},", please contact us at ",{"text":19898,"type":599,"marks":51400},[51401],{"type":604,"attrs":51402},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":51405,"content":51406},{"textAlign":49},[51407,51408,51410,51415],{"text":9653,"type":599},{"text":51409,"type":599}," publish weekly and monthly price assessments, to the highest ",{"text":51411,"type":599,"marks":51412},"IOSCO standards",[51413],{"type":604,"attrs":51414},{"href":30398,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":21888,"type":599},{"type":594,"attrs":51417,"content":51418},{"textAlign":49},[51419],{"text":51420,"type":599},"To speak to our team to learn more about this service and to see a sample price report, please provide your details here:","Benchmark is pleased to announce the launch of a new daily lithium price as part of its market leading Lithium Price Assessment. The new price grade – Battery Grade Lithium Carbonate Daily Price Indicator (EXW China) – officially launched on 22 October 2024 and is now available to subscribers. The launch of this grade is […]",[51423],{"slug":544,"name":543,"content":51424},{"job_title":557,"image":51425,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"92fcadfa-6a3c-44e9-9ae0-b7406eca706a\", \"id\": \"\"}-->",[51428,51429],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":13853,"copyright":547,"fieldtype":553,"meta_data":51431,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Oct 31, 2024",{"id":51434,"uuid":51435,"name":51436,"slug":51437,"full_slug":51438,"content":51439},112468616671950,"3cfe15b4-1257-4733-a1cb-dcf5d7248598","CMOC surpasses cobalt guidance adding pressure on prices","cmoc-surpasses-cobalt-guidance-adding-pressure-on-prices","article/cmoc-surpasses-cobalt-guidance-adding-pressure-on-prices",{"_uid":51440,"date":51236,"tags":51441,"editor":51444,"content":51448,"excerpt":51529,"featured":51,"reporter":51530,"_editable":51534,"component":864,"seo_title":51436,"categories":51535,"visibility":882,"author_company":49,"featured_image":51539,"seo_description":51529,"author_full_name":49,"author_job_title":49,"formattedDate":51432},"35c66d1e-b160-4d3f-bf56-0e473c83eaf6",[51442,51443],{"slug":575,"name":576},{"slug":572,"name":573},[51445],{"slug":544,"name":543,"content":51446},{"job_title":557,"image":51447,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":51449},[51450,51455,51460,51472,51477,51482,51494,51505,51512,51517],{"type":594,"attrs":51451,"content":51452},{"textAlign":49},[51453],{"text":51454,"type":599},"CMOC announced it had surpassed full-year cobalt production guidance by the third quarter, piling pressure on prices already languishing at multi-year lows.",{"type":594,"attrs":51456,"content":51457},{"textAlign":49},[51458],{"text":51459,"type":599},"The unprecedented scale of CMOC’s supply ramp up in the Democratic Republic of Congo (DRC) has plunged the cobalt market into oversupply, resulting in a sharp downturn in cobalt prices as the market has struggled to absorb additional supply amid a slowdown in demand growth from the electric vehicle sector.",{"type":594,"attrs":51461,"content":51462},{"textAlign":49},[51463,51465,51470],{"text":51464,"type":599},"The latest results come as no surprise: ",{"text":51466,"type":599,"marks":51467},"CMOC has consistently reported production figures that outstrip projected guidance since the first quarter",[51468],{"type":604,"attrs":51469},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":51471,"type":599}," of 2024. The Chinese miner doubled supply from its DRC assets in 2023.",{"type":657,"attrs":51473,"content":51474},{"level":15966,"textAlign":49},[51475],{"text":51476,"type":599},"CMOC’s Q3 Results",{"type":657,"attrs":51478,"content":51479},{"level":15966,"textAlign":49},[51480],{"text":51481,"type":599},"Oversupply weighs on cobalt prices",{"type":594,"attrs":51483,"content":51484},{"textAlign":49},[51485,51487,51492],{"text":51486,"type":599},"Cobalt hydroxide prices fell to $6.00 – $6.10/lb ($13,228 – $13,448/tonne) in late October, their lowest level since ",{"text":51488,"type":599,"marks":51489},"Benchmark began reporting in 2018",[51490],{"type":604,"attrs":51491},{"href":28975,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":51493,"type":599},". Prices are down 57% from the same period in 2022, prior to the ramp up of phase 2 expansion of TFM and the start of production at KFM.",{"type":594,"attrs":51495,"content":51496},{"textAlign":49},[51497,51499,51503],{"text":51498,"type":599},"On the back of the prevailing oversupply, the ",{"text":42325,"type":599,"marks":51500},[51501],{"type":604,"attrs":51502},{"href":40487,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":51504,"type":599}," projects cobalt prices to remain suppressed across 2024 and 2025, with cobalt metal prices remaining below $12/lb until the end of next year.",{"type":594,"attrs":51506,"content":51507},{"textAlign":49},[51508],{"type":1186,"attrs":51509},{"id":49,"alt":547,"src":51510,"title":49,"source":49,"copyright":49,"meta_data":51511},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXeAYIE-QG-hs35KpQm4rJ9oSRrassSR8-0vwtBCm9nV4RqImV0rLQRgXsDTMs0pVf_-Mom7of1pdBATO3QITcFUeveKjnvqbbAfYm_w0XkqpB2dtFA3MLHnArRc6XoZi_eG8VtrwEv0KvXpN8IpzkgJWyv8?key=vSIsz3EkOJ3k757VXsQ-q59R",{},{"type":594,"attrs":51513,"content":51514},{"textAlign":49},[51515],{"text":51516,"type":599},"Cobalt fundamentals have taken a backseat as CMOC has prioritised the ramp up of copper supply amid bullish price prospects and China’s drive to secure copper resources to achieve self-sufficiency for its vast domestic smelting industry.",{"type":594,"attrs":51518,"content":51519},{"textAlign":49},[51520,51522,51527],{"text":51521,"type":599},"Meanwhile, ",{"text":51523,"type":599,"marks":51524},"US officials have levelled accusations that CMOC has conducted predatory action",[51525],{"type":604,"attrs":51526},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":51528,"type":599},", flooding the cobalt market with excess supply that has crashed prices and stifled investment towards new greenfield projects.","CMOC announced it had surpassed full-year cobalt production guidance by the third quarter, piling pressure on prices already languishing at multi-year lows. The unprecedented scale of CMOC’s supply ramp up in the Democratic Republic of Congo (DRC) has plunged the cobalt market into oversupply, resulting in a sharp downturn in cobalt prices as the market […]",[51531],{"slug":544,"name":543,"content":51532},{"job_title":557,"image":51533,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"35c66d1e-b160-4d3f-bf56-0e473c83eaf6\", \"id\": \"\"}-->",[51536,51537,51538],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":51540,"copyright":547,"fieldtype":553,"meta_data":51541,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c3f96c70c4/bm-cobalt-drc-trucks.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":51543,"uuid":51544,"name":51545,"slug":51546,"full_slug":51547,"content":51548},112468640867027,"175160cf-15fe-473e-b099-d11ec5d38062","EU to impose steep tariffs on China-made EVs despite risk of slowing EV adoption in Europe","eu-to-impose-steep-tariffs-on-china-made-evs-despite-risk-of-slowing-ev-adoption-in-europe","article/eu-to-impose-steep-tariffs-on-china-made-evs-despite-risk-of-slowing-ev-adoption-in-europe",{"_uid":51549,"date":51550,"tags":51551,"editor":51559,"content":51563,"excerpt":51647,"featured":51,"reporter":51648,"_editable":51652,"component":864,"seo_title":51545,"categories":51653,"visibility":882,"author_company":49,"featured_image":51657,"seo_description":51647,"author_full_name":49,"author_job_title":49,"formattedDate":51660},"de878da1-ab7c-4823-b204-73e9edcec94e","2024-10-30 00:00",[51552,51553,51555,51556,51557,51558],{"slug":913,"name":914},{"slug":51554,"name":3467},"electric-vehicles",{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":7052,"name":7053},{"slug":4610,"name":662},[51560],{"slug":544,"name":543,"content":51561},{"job_title":557,"image":51562,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":51564},[51565,51570,51575,51580,51585,51590,51595,51600,51605,51612,51617,51622,51627,51632,51637,51642],{"type":594,"attrs":51566,"content":51567},{"textAlign":49},[51568],{"text":51569,"type":599},"The European Union (EU) is moving ahead with plans to impose steep import tariffs of up to 35.3% on China-made electric vehicles (EVs) for five years, in addition to a 10% import duty already in place. ",{"type":594,"attrs":51571,"content":51572},{"textAlign":49},[51573],{"text":51574,"type":599},"With higher tariffs, the bloc aims to protect Europe’s EV industry from what it perceives as unfair competition due to significant subsidies provided by Beijing to Chinese EV makers.",{"type":594,"attrs":51576,"content":51577},{"textAlign":49},[51578],{"text":51579,"type":599},"“Adding tariffs to low-cost EVs coming out of China will slow Europe’s transition, as high EV prices, amid the tough economic climate for consumers, has been a driver of the growth slowdown,” said Luke Gear, analyst at Benchmark. ",{"type":657,"attrs":51581,"content":51582},{"level":15966,"textAlign":49},[51583],{"text":51584,"type":599},"Impact of the EU’s tariffs",{"type":594,"attrs":51586,"content":51587},{"textAlign":49},[51588],{"text":51589,"type":599},"The EU was the largest recipient of China’s EV exports in 2023 with 31% share. ",{"type":594,"attrs":51591,"content":51592},{"textAlign":49},[51593],{"text":51594,"type":599},"“China-made EVs sold in Europe will be reduced as some OEMs, such as SAIC, will struggle to absorb larger tariffs. However, most Chinese exports currently come from BYD and Tesla and they are expected to remain competitive as both have received tariffs on the lower end of the range and are already achieving high levels of production,” said Gear.",{"type":594,"attrs":51596,"content":51597},{"textAlign":49},[51598],{"text":51599,"type":599},"“Any edge or advantage will be very limited or non-existent for Europe. This is more about bringing back towards alignment rather than giving European manufacturers an advantage. Europe’s challenges remain the same – building desirable, high quality EVs at a price point that is both profitable and affordable,” said Charles Lester, analyst at Rho Motion, a Benchmark-owned company.",{"type":594,"attrs":51601,"content":51602},{"textAlign":49},[51603],{"text":51604,"type":599},"Further, according to Gear, considering that the plug-in hybrid vehicles are excluded from the European tariffs, Chinese OEMs could prioritise hybrid exports over battery EVs, particularly as sentiments are beginning to shift towards hybrids in western markets.  ",{"type":594,"attrs":51606,"content":51607},{"textAlign":49},[51608],{"type":1186,"attrs":51609},{"id":49,"alt":547,"src":51610,"title":49,"source":49,"copyright":49,"meta_data":51611},"https://a.storyblok.com/f/287943243085208/e3bdf90085/bm-eu-tariff-china-v2-30102024-cp.png",{},{"type":657,"attrs":51613,"content":51614},{"level":15966,"textAlign":49},[51615],{"text":51616,"type":599},"What do EU tariffs look like?",{"type":594,"attrs":51618,"content":51619},{"textAlign":49},[51620],{"text":51621,"type":599},"The commission has slightly revised the tariffs lower, which are now expected to be in the range of between 7.8% for Tesla to 35.3% for SAIC, from between 9% to 36.3% that it had announced earlier.",{"type":594,"attrs":51623,"content":51624},{"textAlign":49},[51625],{"text":51626,"type":599},"Tesla’s China-made vehicles would be imposed with the lowest import tariff than rival Chinese EV makers. ",{"type":594,"attrs":51628,"content":51629},{"textAlign":49},[51630],{"text":51631,"type":599},"According to the EU statement the tariffs will take effect on Oct 30.",{"type":594,"attrs":51633,"content":51634},{"textAlign":49},[51635],{"text":51636,"type":599},"The bloc’s final decision follows a round of closed voting earlier this month in which 10 member countries voted in favour of the steep tariffs, while five including Germany voted against the move and 12 abstained from the voting.",{"type":594,"attrs":51638,"content":51639},{"textAlign":49},[51640],{"text":51641,"type":599},"In June this year, the bloc announced tariffs for individual companies based on their levels of cooperation and information that they furnished. A month later it imposed provisional tariffs which were then revised lower in August. The EU said it will not collect the provisional duties imposed in July.",{"type":594,"attrs":51643,"content":51644},{"textAlign":49},[51645],{"text":51646,"type":599},"The EU said it continues to work with China towards finding alternative solutions and is open to negotiating price undertakings with individual exporters. In an apparent retaliation, China had earlier this month launched probes on import of various goods including dairy products and brandy.","The European Union (EU) is moving ahead with plans to impose steep import tariffs of up to 35.3% on China-made electric vehicles (EVs) for five years, in addition to a 10% import duty already in place. With higher tariffs, the bloc aims to protect Europe’s EV industry from what it perceives as unfair competition due […]",[51649],{"slug":544,"name":543,"content":51650},{"job_title":557,"image":51651,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"de878da1-ab7c-4823-b204-73e9edcec94e\", \"id\": \"\"}-->",[51654,51655,51656],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":51658,"copyright":547,"fieldtype":553,"meta_data":51659,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7797859881/bm-chineseexports.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 30, 2024",{"id":51662,"uuid":51663,"name":51664,"slug":51665,"full_slug":51666,"content":51667},112468636103378,"99826f2b-a0c3-462c-bd4d-4fcef206fa5c","Can novel silicon-carbon anode materials compete with graphite on cost?","can-novel-silicon-carbon-anode-materials-compete-with-graphite-on-cost","article/can-novel-silicon-carbon-anode-materials-compete-with-graphite-on-cost",{"_uid":51668,"date":51550,"tags":51669,"editor":51680,"content":51684,"excerpt":51876,"featured":51,"reporter":51877,"_editable":51881,"component":864,"seo_title":51664,"categories":51882,"visibility":882,"author_company":49,"data_vis_image":51887,"featured_image":51890,"seo_description":51876,"author_full_name":49,"author_job_title":49,"formattedDate":51660},"62db1f66-4c19-453d-93d6-da8df1d643a3",[51670,51671,51674,51677,51678],{"slug":578,"name":579},{"slug":51672,"name":51673},"group14","Group14",{"slug":51675,"name":51676},"oned-battery-science","OneD Battery Science",{"slug":44767,"name":44768},{"slug":51679,"name":44863},"sila-nanotechnologies",[51681],{"slug":544,"name":543,"content":51682},{"job_title":557,"image":51683,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":51685},[51686,51698,51703,51716,51721,51738,51743,51748,51753,51758,51763,51768,51779,51784,51789,51799,51804,51809,51814,51819,51824,51829,51834,51839,51844,51849,51859,51864,51869],{"type":594,"attrs":51687,"content":51688},{"textAlign":49},[51689,51691,51696],{"text":51690,"type":599},"Next-generation silicon-carbon anodes promise enhanced energy density compared to their ",{"text":51692,"type":599,"marks":51693},"graphite counterparts",[51694],{"type":604,"attrs":51695},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":51697,"type":599},", but currently come at a significant cost premium.",{"type":594,"attrs":51699,"content":51700},{"textAlign":49},[51701],{"text":51702,"type":599},"Novel materials often require technical and supply chain optimisation to compete with incumbent technologies on cost. For the many materials that use a monosilane feedstock to nano deposit silicon, procurement of this critical material can come with a high cost burden.",{"type":594,"attrs":51704,"content":51705},{"textAlign":49},[51706,51708,51714],{"text":51707,"type":599},"However, new ",{"text":51709,"type":599,"marks":51710},"Benchmark analysis",[51711],{"type":604,"attrs":51712},{"href":51713,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/silicon-anode/data-reports/forecast",{"text":51715,"type":599}," shows that in the long-term, there is potential for silicon-based anodes to become cost competitive with graphite anodes if the procurement cost of monosilane can be reduced and the efficiency of the conversion of monosilane to nanosilicon can be sufficiently optimised.",{"type":594,"attrs":51717,"content":51718},{"textAlign":49},[51719],{"text":51720,"type":599},"“Cost is one of the biggest hurdles to mass market adoption,” said Alex Sargent, an analyst at Benchmark. “If you can’t reduce costs to be competitive with traditional technology then you will be limited to the small portion of the market that can absorb these costs.”",{"type":594,"attrs":51722,"content":51723},{"textAlign":49},[51724,51728,51735],{"text":51725,"type":599,"marks":51726},"Watch Rory McNulty, product director for new technology at Benchmark, ",[51727],{"type":643},{"text":51729,"type":599,"marks":51730},"discuss silicon anodes",[51731,51734],{"type":604,"attrs":51732},{"href":51733,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/the-evolution-of-the-silicon-anode-market",{"type":643},{"text":974,"type":599,"marks":51736},[51737],{"type":643},{"type":657,"attrs":51739,"content":51740},{"level":15966,"textAlign":49},[51741],{"text":51742,"type":599},"What is monosilane and how is it made?",{"type":594,"attrs":51744,"content":51745},{"textAlign":49},[51746],{"text":51747,"type":599},"Monosilane is a key feedstock material for many silicon-based anode materials. It is converted into silicon and deposited onto a substrate or within a scaffold material via chemical vapour deposition (CVD).",{"type":594,"attrs":51749,"content":51750},{"textAlign":49},[51751],{"text":51752,"type":599},"To produce monosilane, high-purity metallurgical grade silicon is first converted to trichlorosilane. This is then reacted with hydrogen to form monosilane. The largest producer of monosilane outside of China is REC Silicon.",{"type":594,"attrs":51754,"content":51755},{"textAlign":49},[51756],{"text":51757,"type":599},"Monosilane is preferred for production of silicon anodes over trichlorosilane as its decomposition products are only silicon and hydrogen avoiding production of acidic hydrogen chloride which can react with the scaffold the silicon is being deposited into.",{"type":594,"attrs":51759,"content":51760},{"textAlign":49},[51761],{"text":51762,"type":599},"The trichlorosilane market is significantly larger than the monosilane market. Capacity for the former is around 1.7 million tonnes annually, compared to 60,000 tonnes for the latter.",{"type":657,"attrs":51764,"content":51765},{"level":15966,"textAlign":49},[51766],{"text":51767,"type":599},"How much does monosilane contribute to the cost of the anode?",{"type":594,"attrs":51769,"content":51770},{"textAlign":49},[51771,51773,51778],{"text":51772,"type":599},"The procurement cost of monosilane is a key contributor to the overall cost of silicon-carbon anode material. This cost is generally significantly lower in China than it is in North America and Europe, according to ",{"text":51774,"type":599,"marks":51775},"Benchmark’s Silicon Anode Forecast",[51776],{"type":604,"attrs":51777},{"href":51713,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":51780,"content":51781},{"textAlign":49},[51782],{"text":51783,"type":599},"Further, the efficiency with which the CVD process converts this to silicon can also have a large impact on the overall cost contribution.",{"type":594,"attrs":51785,"content":51786},{"textAlign":49},[51787],{"text":51788,"type":599},"Benchmark’s high cost scenario of $50 per kilogram of monosilane combined with a low conversion efficiency of 40% leads to the monosilane accounting for around $12.70 per kilowatt-hour of silicon-carbon anode material.",{"type":594,"attrs":51790,"content":51791},{"textAlign":49},[51792,51793,51797],{"text":47520,"type":599},{"text":48956,"type":599,"marks":51794},[51795],{"type":604,"attrs":51796},{"href":37168,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":51798,"type":599}," places the finished cost of a graphite anode between $4-8/kWh, this scenario leaves no room for the additional costs of the carbon scaffold material or coating and processing costs.",{"type":594,"attrs":51800,"content":51801},{"textAlign":49},[51802],{"text":51803,"type":599},"“These additional costs mean significant headroom above the monosilane procurement cost will be required for these technologies to be cost competitive,” Sargent said.",{"type":657,"attrs":51805,"content":51806},{"level":15966,"textAlign":49},[51807],{"text":51808,"type":599},"How can the cost contribution of monosilane be reduced?",{"type":594,"attrs":51810,"content":51811},{"textAlign":49},[51812],{"text":51813,"type":599},"“If you want to reduce the monosilane cost contribution, you need to optimise the way you get your monosilane,” Sargent said.",{"type":594,"attrs":51815,"content":51816},{"textAlign":49},[51817],{"text":51818,"type":599},"This can be achieved by locating the silicon anode active material production facility next to a large monosilane producer reducing the monosilane transport and logistics costs.",{"type":594,"attrs":51820,"content":51821},{"textAlign":49},[51822],{"text":51823,"type":599},"Alternatively, the packing and transportation of monosilane can be eliminated entirely by installing a pipe directly between the monosilane producer and the anode facility or integrating the two production processes.",{"type":594,"attrs":51825,"content":51826},{"textAlign":49},[51827],{"text":51828,"type":599},"Examples of such strategies include:",{"type":594,"attrs":51830,"content":51831},{"textAlign":49},[51832],{"text":51833,"type":599},"Source:Benchmark Silicon Anode Forecast",{"type":594,"attrs":51835,"content":51836},{"textAlign":49},[51837],{"text":51838,"type":599},"Further cost reductions can be achieved through enhancing the conversion efficiency. This can be done by increasing the temperature and reducing the pressure inside the reactor. However this also increases the crystallinity of the silicon material which increases the mechanical fragility of the material during cell cycling.",{"type":594,"attrs":51840,"content":51841},{"textAlign":49},[51842],{"text":51843,"type":599},"“Other modifications must be made to increase the yield, a few examples would be to implement the use of a catalyst, aid the process with plasma or optimise gas recycling,” Sargent said.",{"type":657,"attrs":51845,"content":51846},{"level":15966,"textAlign":49},[51847],{"text":51848,"type":599},"Can the cost be low enough to compete with graphite anodes?",{"type":594,"attrs":51850,"content":51851},{"textAlign":49},[51852,51857],{"text":51853,"type":599,"marks":51854},"Benchmark’s Silicon Anode Forecast’s",[51855],{"type":604,"attrs":51856},{"href":51713,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":51858,"type":599}," low-cost scenario of $10/kg of monosilane–representative of a low price in China–combined with a high conversion rate of 90%, places the cost contribution of monosilane at around $1.10/kWh.",{"type":594,"attrs":51860,"content":51861},{"textAlign":49},[51862],{"text":51863,"type":599},"This leaves just under $3/kWh for the other costs associated with the silicon-carbon anode material in order to be competitive with the lower end of graphite anode costs.",{"type":594,"attrs":51865,"content":51866},{"textAlign":49},[51867],{"text":51868,"type":599},"“The future of these materials is all to play for, how far these innovators can optimise their process and therefore their costs will determine how easily they can penetrate mass markets,” Sargent said.",{"type":594,"attrs":51870,"content":51871},{"textAlign":49},[51872],{"type":1186,"attrs":51873},{"id":49,"alt":547,"src":51874,"title":49,"source":49,"copyright":49,"meta_data":51875},"https://a.storyblok.com/f/287943243085208/ed8b1d229d/bm-silane-cost-v2-28102024.png",{},"Next-generation silicon-carbon anodes promise enhanced energy density compared to their graphite counterparts, but currently come at a significant cost premium. Novel materials often require technical and supply chain optimisation to compete with incumbent technologies on cost. For the many materials that use a monosilane feedstock to nano deposit silicon, procurement of this critical material can […]",[51878],{"slug":544,"name":543,"content":51879},{"job_title":557,"image":51880,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"62db1f66-4c19-453d-93d6-da8df1d643a3\", \"id\": \"\"}-->",[51883,51884,51885,51886],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":21579,"name":21580},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":51888,"copyright":547,"fieldtype":553,"meta_data":51889,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1730307258/www-production/Silane-cost-no-y-axis-30102024/Silane-cost-no-y-axis-30102024.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":51891,"copyright":547,"fieldtype":553,"meta_data":51892,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8cee6edbe2/bm-rec-bt-img-8119-1-v2-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":51894,"uuid":15926,"name":51895,"slug":51896,"full_slug":51897,"content":51898},112468660163287,"Ex-China needle coke shortage could hold back anode buildout ","ex-china-needle-coke-shortage-could-hold-back-anode-buildout","article/ex-china-needle-coke-shortage-could-hold-back-anode-buildout",{"_uid":51899,"date":51900,"tags":51901,"editor":51906,"content":51910,"excerpt":51998,"featured":51,"reporter":51999,"_editable":52003,"component":864,"seo_title":51895,"categories":52004,"visibility":882,"author_company":49,"featured_image":52009,"seo_description":51998,"author_full_name":49,"author_job_title":49,"formattedDate":52011},"fd2fd68b-ea11-4611-9286-019ee312d391","2024-10-29 00:00",[51902,51903,51904,51905],{"slug":913,"name":914},{"slug":26767,"name":26768},{"slug":46859,"name":46860},{"slug":4610,"name":662},[51907],{"slug":544,"name":543,"content":51908},{"job_title":557,"image":51909,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":51911},[51912,51917,51928,51933,51938,51943,51948,51953,51958,51963,51968,51973,51978,51983,51988,51993],{"type":594,"attrs":51913,"content":51914},{"textAlign":49},[51915],{"text":51916,"type":599},"China is set to grow its global dominance in needle coke whilst investment into Western capacity stalls, threatening to leave automakers short of Inflation Reduction Act-compliant synthetic anode material.  ",{"type":594,"attrs":51918,"content":51919},{"textAlign":49},[51920,51922,51927],{"text":51921,"type":599},"In 2024, China is forecast to produce 52% of the world’s supply in needle coke, a synthetic graphite anode material feedstock. This will grow to 68% in 2030, according to the ",{"text":34154,"type":599,"marks":51923},[51924],{"type":604,"attrs":51925},{"href":51926,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/synthetic-graphite/data-reports/forecast",{"text":17632,"type":599},{"type":594,"attrs":51929,"content":51930},{"textAlign":49},[51931],{"text":51932,"type":599},"Chinese-owned needle coke supply is set to double between 2024 and 2034, whilst ex-China supply will only grow at 2.4% compound annual growth rate (CAGR).",{"type":594,"attrs":51934,"content":51935},{"textAlign":49},[51936],{"text":51937,"type":599},"Needle coke has conventionally been the primary feedstock to make synthetic graphite anode materials. Despite this, and the critical mineral status of synthetic graphite in both the EU and the US, there has been little investment into new capacity.",{"type":594,"attrs":51939,"content":51940},{"textAlign":49},[51941],{"text":51942,"type":599},"“There are technological barriers to break into the market and the low price environment today is difficult to incentivise new investment,” said Benchmark Senior Graphite Analyst Yuan Gu.",{"type":657,"attrs":51944,"content":51945},{"level":15966,"textAlign":49},[51946],{"text":51947,"type":599},"What are the main concerns? ",{"type":594,"attrs":51949,"content":51950},{"textAlign":49},[51951],{"text":51952,"type":599},"The lack of ex-China needle coke could put pressure on Western automakers, as well as any automakers looking to sell into the US market, due to sourcing criteria under the Inflation Reduction Act (IRA). ",{"type":594,"attrs":51954,"content":51955},{"textAlign":49},[51956],{"text":51957,"type":599},"Needle coke made in China counts as supply from a Foreign Entity of Concern (FEOC) under the US IRA. EVs whose batteries contain it will eventually not qualify for IRA tax credits.",{"type":594,"attrs":51959,"content":51960},{"textAlign":49},[51961],{"text":51962,"type":599},"However, FEOC-compliant needle coke, the West’s preferred synthetic anode material feedstock, is not keeping pace with the ex-China synthetic anode capacity buildout.",{"type":657,"attrs":51964,"content":51965},{"level":15966,"textAlign":49},[51966],{"text":51967,"type":599},"When could we start seeing a supply gap?",{"type":594,"attrs":51969,"content":51970},{"textAlign":49},[51971],{"text":51972,"type":599},"The issue of a non-FEOC supply gap has been deferred for now thanks to the US government’s temporary waiver on IRA restrictions for synthetic graphite sourcing until 2027.",{"type":594,"attrs":51974,"content":51975},{"textAlign":49},[51976],{"text":51977,"type":599},"Until that time, automakers selling EVs on the US market can earn IRA credits even if they source synthetic graphite from Chinese supply chains. This is meant to buy time for more ex-China, non-FEOC needle coke and synthetic graphite anode capacity to develop.",{"type":594,"attrs":51979,"content":51980},{"textAlign":49},[51981],{"text":51982,"type":599},"Yet a continued lack of investments makes it likely that ex-China synthetic graphite producers will still find themselves short of IRA-compliant feedstock after 2027. ",{"type":657,"attrs":51984,"content":51985},{"level":15966,"textAlign":49},[51986],{"text":51987,"type":599},"Why isn’t there enough investment into needle coke? ",{"type":594,"attrs":51989,"content":51990},{"textAlign":49},[51991],{"text":51992,"type":599},"Prices are currently too low to incentivise new investments into needle coke capacity, which costs a lot more to make than low sulphur pet coke. ",{"type":594,"attrs":51994,"content":51995},{"textAlign":49},[51996],{"text":51997,"type":599},"“Oil based needle coke is a byproduct of oil refining and coal based needle coke is made from coal tar. Growth in petroleum needle coke is capped with global oil refining capacity. The cost of coal tar is too expensive to make coal based needle coke. On top of that, needle coke processing outside of China is a proprietary technology owned by a limited number of producers,” said Gu. ","China is set to grow its global dominance in needle coke whilst investment into Western capacity stalls, threatening to leave automakers short of Inflation Reduction Act-compliant synthetic anode material. In 2024, China is forecast to produce 52% of the world’s supply in needle coke, a synthetic graphite anode material feedstock. This will grow to 68% […]",[52000],{"slug":544,"name":543,"content":52001},{"job_title":557,"image":52002,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fd2fd68b-ea11-4611-9286-019ee312d391\", \"id\": \"\"}-->",[52005,52006,52007,52008],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":44755,"copyright":547,"fieldtype":553,"meta_data":52010,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Oct 29, 2024",{"id":52013,"uuid":52014,"name":52015,"slug":52016,"full_slug":52017,"content":52018},112468650435285,"067c5d1a-639f-4d18-a349-096840deb0ec","US 45X tax credit revisions should go further, miners say","us-45x-tax-credit-revisions-should-go-further-miners-say","article/us-45x-tax-credit-revisions-should-go-further-miners-say",{"_uid":52019,"date":51900,"tags":52020,"editor":52027,"content":52031,"excerpt":52090,"featured":51,"reporter":52091,"_editable":52095,"component":864,"seo_title":52015,"categories":52096,"visibility":882,"author_company":49,"featured_image":52098,"seo_description":52090,"author_full_name":49,"author_job_title":49,"formattedDate":52011},"af723330-2f9c-4068-bcf9-77f9a6e1d64f",[52021,52024,52025,52026],{"slug":52022,"name":52023},"45x","45X",{"slug":46859,"name":46860},{"slug":1375,"name":1376},{"slug":4610,"name":662},[52028],{"slug":544,"name":543,"content":52029},{"job_title":557,"image":52030,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":52032},[52033,52038,52043,52048,52053,52065,52070,52075,52080,52085],{"type":594,"attrs":52034,"content":52035},{"textAlign":49},[52036],{"text":52037,"type":599},"Final eligibility rules for the Inflation Reduction Act’s (IRA) 45X Advanced Manufacturing Production Credit (AMPC) should open up tax credits for certain miners where they were previously excluded.",{"type":594,"attrs":52039,"content":52040},{"textAlign":49},[52041],{"text":52042,"type":599},"Revisions by the US Treasury and Internal Revenue Service to guidelines drafted last December mean that material costs, including the mining and extraction of critical minerals, now come under the 45X credit calculation.",{"type":594,"attrs":52044,"content":52045},{"textAlign":49},[52046],{"text":52047,"type":599},"“The release of the final 45X rules provides long-awaited clarity for US mining projects before the US elections,” said Bryan Bille, principal policy analyst at Benchmark.",{"type":594,"attrs":52049,"content":52050},{"textAlign":49},[52051],{"text":52052,"type":599},"The final rules open a potential new source of federal support for US miners, who have been struggling to mount investments and expansions in the current low price environment. ",{"type":594,"attrs":52054,"content":52055},{"textAlign":49},[52056,52058,52063],{"text":52057,"type":599},"Market conditions have become so challenging for miners that the US government has reportedly considered a price floor to protect the industry. Benchmark analysis indicated that this could cost ",{"text":52059,"type":599,"marks":52060},"$7.5 billion for lithium alone",[52061],{"type":604,"attrs":52062},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52064,"type":599}," over the next five years.",{"type":594,"attrs":52066,"content":52067},{"textAlign":49},[52068],{"text":52069,"type":599},"Industry reactions to the new rules have been largely positive although the National Mining Association (NMA) criticises them for not going far enough. ",{"type":594,"attrs":52071,"content":52072},{"textAlign":49},[52073],{"text":52074,"type":599},"“Treasury’s decision to limit the credit to those producers who also refine materials will prevent many important projects from benefiting from the credit as Congress intended,” said NMA President and CEO Rich Nolan.",{"type":657,"attrs":52076,"content":52077},{"level":15966,"textAlign":49},[52078],{"text":52079,"type":599},"What’s new?",{"type":657,"attrs":52081,"content":52082},{"level":15966,"textAlign":49},[52083],{"text":52084,"type":599},"What’s been the industry reaction?",{"type":657,"attrs":52086,"content":52087},{"level":15966,"textAlign":49},[52088],{"text":52089,"type":599},"What is the 45X tax credit?","Final eligibility rules for the Inflation Reduction Act’s (IRA) 45X Advanced Manufacturing Production Credit (AMPC) should open up tax credits for certain miners where they were previously excluded. Revisions by the US Treasury and Internal Revenue Service to guidelines drafted last December mean that material costs, including the mining and extraction of critical minerals, now […]",[52092],{"slug":544,"name":543,"content":52093},{"job_title":557,"image":52094,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"af723330-2f9c-4068-bcf9-77f9a6e1d64f\", \"id\": \"\"}-->",[52097],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":52099,"copyright":547,"fieldtype":553,"meta_data":52100,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0a0109e80e/bm-treasury-department-building.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":52102,"uuid":52103,"name":52104,"slug":52105,"full_slug":52106,"content":52107},112468674585307,"58867c44-69a4-4408-8c8b-7c56103c2e33","Stellantis targets 2026 for solid-state battery EV using Factorial Energy’s technology","stellantis-targets-2026-for-solid-state-battery-ev-using-factorial-energys-technology","article/stellantis-targets-2026-for-solid-state-battery-ev-using-factorial-energys-technology",{"_uid":52108,"date":52109,"tags":52110,"editor":52116,"content":52120,"excerpt":52285,"featured":51,"reporter":52286,"_editable":52290,"component":864,"seo_title":52104,"categories":52291,"visibility":882,"author_company":49,"featured_image":52295,"seo_description":52285,"author_full_name":49,"author_job_title":49,"formattedDate":52298},"41647228-3ee1-42ec-9255-82d03097cfb9","2024-10-25 00:00",[52111,52114,52115],{"slug":52112,"name":52113},"factorial","Factorial",{"slug":4833,"name":2969},{"slug":21502,"name":21503},[52117],{"slug":544,"name":543,"content":52118},{"job_title":557,"image":52119,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":52121},[52122,52134,52146,52171,52182,52190,52195,52200,52205,52210,52215,52220,52225,52230,52235,52240,52245,52250,52255,52260,52272,52277],{"type":594,"attrs":52123,"content":52124},{"textAlign":49},[52125,52127,52132],{"text":52126,"type":599},"Western automotive giant Stellantis claims it will deliver a demonstration fleet of ",{"text":52128,"type":599,"marks":52129},"electric vehicles powered by solid-state batteries",[52130],{"type":604,"attrs":52131},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52133,"type":599}," produced by US-based Factorial Energy in 2026.",{"type":594,"attrs":52135,"content":52136},{"textAlign":49},[52137,52139,52144],{"text":52138,"type":599},"Factorial is developing polymer-based solid-state batteries with ",{"text":52140,"type":599,"marks":52141},"lithium metal anodes",[52142],{"type":604,"attrs":52143},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52145,"type":599}," and entered formal automotive qualification late last year.",{"type":594,"attrs":52147,"content":52148},{"textAlign":49},[52149,52155,52157,52162,52164,52169],{"text":52150,"type":599,"marks":52151},"Benchmark’s Solid-State and Lithium Metal Batteries Forecast",[52152],{"type":604,"attrs":52153},{"href":52154,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/solid-state/",{"text":52156,"type":599}," shows that although ",{"text":52158,"type":599,"marks":52159},"China is ahead in terms of production",[52160],{"type":604,"attrs":52161},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52163,"type":599}," of next-generation batteries today, ",{"text":52165,"type":599,"marks":52166},"North America has a strong pipeline capacity",[52167],{"type":604,"attrs":52168},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52170,"type":599}," into the next decade.",{"type":594,"attrs":52172,"content":52173},{"textAlign":49},[52174,52176,52180],{"text":52175,"type":599},"“If the target of 2026 is achieved, this is a huge step forward for ex-China solid-state battery realisation,” said ",{"text":40828,"type":599,"marks":52177},[52178],{"type":604,"attrs":52179},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52181,"type":599},", product director for new technology at Benchmark. “2026 as the year for Western solid-state battery delivery is certainly earlier than expected.”",{"type":594,"attrs":52183,"content":52184},{"textAlign":49},[52185],{"type":1186,"attrs":52186},{"id":49,"alt":52187,"src":52188,"title":49,"source":49,"copyright":49,"meta_data":52189},"North America is ahead in the lithium metal capacity race","https://a.storyblok.com/f/287943243085208/a062cabd12/bm-lithium-metal-to-2035-capacity.png",{},{"type":657,"attrs":52191,"content":52192},{"level":15966,"textAlign":49},[52193],{"text":52194,"type":599},"How will Stellantis and Factorial meet the 2026 target?",{"type":594,"attrs":52196,"content":52197},{"textAlign":49},[52198],{"text":52199,"type":599},"In 2023, Factorial opened a 200 megawatt-hour capacity pilot scale facility in Boston and is due to open a commercial 15 gigawatt-hour facility in 2026.",{"type":594,"attrs":52201,"content":52202},{"textAlign":49},[52203],{"text":52204,"type":599},"Factorial entered A-sample formal automotive qualification in October 2023. It typically takes four to six years to complete qualification of a new technology.",{"type":594,"attrs":52206,"content":52207},{"textAlign":49},[52208],{"text":52209,"type":599},"However, the 2026 target implies that Factorial will go from A-sample to D-sample in just two to three years.",{"type":594,"attrs":52211,"content":52212},{"textAlign":49},[52213],{"text":52214,"type":599},"“This indicates that Stellantis has been impressed with performance and manufacturing maturity shown to date,” McNulty said.",{"type":657,"attrs":52216,"content":52217},{"level":15966,"textAlign":49},[52218],{"text":52219,"type":599},"How important are automotive partnerships for Factorial?",{"type":594,"attrs":52221,"content":52222},{"textAlign":49},[52223],{"text":52224,"type":599},"Automotive partnerships are important for any next-generation developer as they ensure alignment between product development and the requirements of the end user.",{"type":594,"attrs":52226,"content":52227},{"textAlign":49},[52228],{"text":52229,"type":599},"“Developing these relationships early and ensuring transparent communication is the most effective way for companies to refine their commercial strategy,” McNulty said.",{"type":594,"attrs":52231,"content":52232},{"textAlign":49},[52233],{"text":52234,"type":599},"Factorial has multiple large automotive partners including:",{"type":594,"attrs":52236,"content":52237},{"textAlign":49},[52238],{"text":52239,"type":599},"The Factorial batteries will be demonstrated in a fleet of Stellantis’ new Dodge Charger Daytona vehicles.",{"type":657,"attrs":52241,"content":52242},{"level":15966,"textAlign":49},[52243],{"text":52244,"type":599},"What needs to happen to commercialise the technology after 2026?",{"type":594,"attrs":52246,"content":52247},{"textAlign":49},[52248],{"text":52249,"type":599},"Once Stellantis has proven that Factorial’s batteries work in the demonstration fleet, the next challenge is to reach mass market commercialisation.",{"type":594,"attrs":52251,"content":52252},{"textAlign":49},[52253],{"text":52254,"type":599},"“Post-demonstration the market opportunity is all about cost,” McNulty said. “Any innovator that can prove technology and manufacturing feasibility has made great progress towards commercial success.”",{"type":594,"attrs":52256,"content":52257},{"textAlign":49},[52258],{"text":52259,"type":599},"Mass market commercialisation will depend on the cost per kilowatt-hour of the packs falling sufficiently. If the price remains high then only the niche premium market will be accessible. Stellantis says it is targeting the “high-performing and affordable” EV market.",{"type":594,"attrs":52261,"content":52262},{"textAlign":49},[52263,52265,52270],{"text":52264,"type":599},"Factorial uses a polymer-based electrolyte in its batteries. Scaling up production of the electrolyte salts required for the polymer electrolyte is a ",{"text":52266,"type":599,"marks":52267},"critical bottleneck",[52268],{"type":604,"attrs":52269},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52271,"type":599},", which will need to be overcome for mass production.",{"type":594,"attrs":52273,"content":52274},{"textAlign":49},[52275],{"text":52276,"type":599},"“The focus once demonstrated will be on accelerating manufacturing ramp-up, optimising material performance, and scaling supply chains to drive cost down,” McNulty said.",{"type":594,"attrs":52278,"content":52279},{"textAlign":49},[52280],{"type":1186,"attrs":52281},{"id":49,"alt":52282,"src":52283,"title":49,"source":49,"copyright":49,"meta_data":52284},"Production of solid-state and lithium metal batteries is dominated by oxide-based electrolytes","https://a.storyblok.com/f/287943243085208/77fae2fb08/bm-next-gen-battery-chemistries-forecast.png",{},"Western automotive giant Stellantis claims it will deliver a demonstration fleet of electric vehicles powered by solid-state batteries produced by US-based Factorial Energy in 2026. Factorial is developing polymer-based solid-state batteries with lithium metal anodes and entered formal automotive qualification late last year. Benchmark’s Solid-State and Lithium Metal Batteries Forecast shows that although China is […]",[52287],{"slug":544,"name":543,"content":52288},{"job_title":557,"image":52289,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"41647228-3ee1-42ec-9255-82d03097cfb9\", \"id\": \"\"}-->",[52292,52293,52294],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":52296,"copyright":547,"fieldtype":553,"meta_data":52297,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4118242db4/bm-100ah-cell.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 25, 2024",{"id":52300,"uuid":52301,"name":52302,"slug":52303,"full_slug":52304,"content":52305},112468693476064,"a8a01419-b90e-433c-a149-b093662dc1ca","Chinese long-term anode pipeline grows despite declining utilisation rates","chinese-long-term-anode-pipeline-grows-despite-declining-utilisation-rates","article/chinese-long-term-anode-pipeline-grows-despite-declining-utilisation-rates",{"_uid":52306,"date":52307,"tags":52308,"editor":52310,"content":52314,"excerpt":52399,"featured":51,"reporter":52400,"_editable":52404,"component":864,"seo_title":52302,"categories":52405,"visibility":882,"author_company":49,"featured_image":52408,"seo_description":52399,"author_full_name":49,"author_job_title":49,"formattedDate":52411},"46065a4e-0892-4872-9050-fae63b63cf3c","2024-10-23 00:00",[52309],{"slug":913,"name":914},[52311],{"slug":544,"name":543,"content":52312},{"job_title":557,"image":52313,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":52315},[52316,52329,52334,52339,52344,52349,52354,52359,52364,52369,52374,52379,52384,52389,52394],{"type":594,"attrs":52317,"content":52318},{"textAlign":49},[52319,52321,52327],{"text":52320,"type":599},"Chinese anode material producers have been keeping ",{"text":52322,"type":599,"marks":52323},"utilisation rates low",[52324],{"type":604,"attrs":52325},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/anode/reports/",{"text":52328,"type":599}," in response to overcapacity even as project developers continue to bank on longer-term demand with a  pipeline of investments.  ",{"type":594,"attrs":52330,"content":52331},{"textAlign":49},[52332],{"text":52333,"type":599},"In addition to lowered utilisation, some smaller Chinese Tier 3 players have dropped out of production altogether under price pressures. ",{"type":594,"attrs":52335,"content":52336},{"textAlign":49},[52337],{"text":52338,"type":599},"Yet so far, the drawback has not been enough to substantially reduce overcapacity in China’s anode industry, meaning prices will still remain at low levels in the near term.",{"type":594,"attrs":52340,"content":52341},{"textAlign":49},[52342],{"text":52343,"type":599},"“Anode active material prices in the Chinese domestic market will likely continue to be at low levels in the near term, over the remainder of 2024 and across 2025, given the magnitude of overcapacity forecasted,” said Benchmark senior analyst Tony Alderson. ",{"type":594,"attrs":52345,"content":52346},{"textAlign":49},[52347],{"text":52348,"type":599},"“Lower-tier and higher-cost anode producers are under the most pressure and are at risk of exiting the market due to the prevailing overcapacity in the near term. However, following this period, demand is set to meet supply, leading to long-term market equilibrium by the mid-2030s where a deficit emerges and widens beyond this period,” said Alderson. ",{"type":594,"attrs":52350,"content":52351},{"textAlign":49},[52352],{"text":52353,"type":599},"The low price environment traces back to the 2020 to 2022 period when anode producers expanded to meet booming EV demand. ",{"type":594,"attrs":52355,"content":52356},{"textAlign":49},[52357],{"text":52358,"type":599},"In January 2023 Chinese EV demand growth eased and has been lower-than-expected since, undermining the economic viability of capacity additions.",{"type":657,"attrs":52360,"content":52361},{"level":15966,"textAlign":49},[52362],{"text":52363,"type":599},"Pipeline still strong",{"type":594,"attrs":52365,"content":52366},{"textAlign":49},[52367],{"text":52368,"type":599},"The state of the anode market today is not deterring project developers in China. Planned project announcements are still increasing, leading Benchmark to continue raising its supply estimates for 2026 and beyond.",{"type":594,"attrs":52370,"content":52371},{"textAlign":49},[52372],{"text":52373,"type":599},"Despite the additional capacity, prices are expected to rise from 2026 onwards as raw material costs rise. A global anode deficit is also expected towards the end of the decade.",{"type":657,"attrs":52375,"content":52376},{"level":15966,"textAlign":49},[52377],{"text":52378,"type":599},"Consolidation ahead ",{"type":594,"attrs":52380,"content":52381},{"textAlign":49},[52382],{"text":52383,"type":599},"Chinese players developing anode projects today are entering the industry at an uncertain time but many expect the climate in the market to shift in the longer term.",{"type":594,"attrs":52385,"content":52386},{"textAlign":49},[52387],{"text":52388,"type":599},"Industry players in China have reported to Benchmark that they predict consolidation will occur over the next couple of years among Chinese firms, particularly among Tier 2 and 3 producers.",{"type":594,"attrs":52390,"content":52391},{"textAlign":49},[52392],{"text":52393,"type":599},"This should leave the biggest and most streamlined players to capitalise on the next wave of EV demand. ",{"type":594,"attrs":52395,"content":52396},{"textAlign":49},[52397],{"text":52398,"type":599},"“We’ve heard of smaller players looking to drop out of the market with reports of Tier 1 anode majors looking to purchase these assets. However, as of yet no actual deals have gone through,” said Alderson. ","Chinese anode material producers have been keeping utilisation rates low in response to overcapacity even as project developers continue to bank on longer-term demand with a pipeline of investments. In addition to lowered utilisation, some smaller Chinese Tier 3 players have dropped out of production altogether under price pressures. Yet so far, the drawback has […]",[52401],{"slug":544,"name":543,"content":52402},{"job_title":557,"image":52403,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"46065a4e-0892-4872-9050-fae63b63cf3c\", \"id\": \"\"}-->",[52406,52407],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":52409,"copyright":547,"fieldtype":553,"meta_data":52410,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1715ca01b7/bm-battery-anode-picture-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 23, 2024",{"id":52413,"uuid":52414,"name":52415,"slug":52416,"full_slug":52417,"content":52418},112468698252001,"1a95a7ae-7205-4c28-bbbf-eb0dd9d04972","Solid-state batteries bring new supply chain opportunities, challenges, and potential bottlenecks","solid-state-batteries-bring-new-supply-chain-opportunities-challenges-and-potential-bottlenecks","article/solid-state-batteries-bring-new-supply-chain-opportunities-challenges-and-potential-bottlenecks",{"_uid":52419,"date":52420,"tags":52421,"editor":52424,"content":52428,"excerpt":52514,"featured":51,"reporter":52515,"_editable":52519,"component":864,"seo_title":52415,"categories":52520,"visibility":882,"author_company":49,"data_vis_image":52525,"featured_image":52528,"seo_description":52514,"author_full_name":49,"author_job_title":49,"formattedDate":52531},"b680a85e-526b-404b-8107-6fb9f59aa68c","2024-10-22 00:00",[52422,52423],{"slug":578,"name":579},{"slug":21502,"name":21503},[52425],{"slug":544,"name":543,"content":52426},{"job_title":557,"image":52427,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":52429},[52430,52435,52440,52453,52458,52466,52471,52476,52481,52488,52493,52498,52504,52509],{"type":594,"attrs":52431,"content":52432},{"textAlign":49},[52433],{"text":52434,"type":599},"Production of solid-state and lithium metal batteries is forecast to grow at a rate of around 40% per year between 2024 and 2036, with solid-state oxide-based batteries accounting for the bulk of this.",{"type":594,"attrs":52436,"content":52437},{"textAlign":49},[52438],{"text":52439,"type":599},"Currently, the more mature nature of the supply chain for oxide-based electrolytes compared to that of sulphide-based electrolytes makes it the current chemistry of choice.",{"type":594,"attrs":52441,"content":52442},{"textAlign":49},[52443,52445,52451],{"text":52444,"type":599},"However, in the long-term, ",{"text":52446,"type":599,"marks":52447},"Benchmark’s Solid-state and Lithium Metal Battery Forecast",[52448],{"type":604,"attrs":52449},{"href":52450,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/solid-state/data-reports/forecast",{"text":52452,"type":599}," anticipates that lanthanum production could become a critical bottleneck to supply growth.",{"type":594,"attrs":52454,"content":52455},{"textAlign":49},[52456],{"text":52457,"type":599},"“For oxide-based compositions which often use materials like lanthana and zircon, the near- and mid-term impact on supply chains isn’t expected to be too dramatic,” said Rory McNulty, product director for new technology at Benchmark. “But could become a significant consideration in the mid- to long-term if these technologies take off into the 10s and 100s of GWh.”",{"type":594,"attrs":52459,"content":52460},{"textAlign":49},[52461],{"type":1186,"attrs":52462},{"id":49,"alt":52463,"src":52464,"title":49,"source":49,"copyright":49,"meta_data":52465},"Graphic with title: Next-generation batteries will uncover new supply chain bottlenecks. Subtitle: Many of the feedstock materials required for next-generation battery electrolytes are not at the scale required for mass commercialisation.\nGraphic shows that for oxide, zirconia and lanthana are mid term bottlenecks. For sulphide, lithium sulphide is an immediate bottleneck, germanium is mid term and phosphorous has long term stability. For polymer, electrolyte salts are an immediate concern and polymer ramp up has long term stability. For novel liquids, two immediate concerns are novel solvents and electrolyte salts","https://a.storyblok.com/f/287943243085208/0470db61c6/bm-solid-state-lithium-metal-v2.png",{},{"type":657,"attrs":52467,"content":52468},{"level":15966,"textAlign":49},[52469],{"text":52470,"type":599},"Bottlenecks for oxide-based solid-state batteries",{"type":594,"attrs":52472,"content":52473},{"textAlign":49},[52474],{"text":52475,"type":599},"Lanthanum and zirconium are critical elements used in many state-of-the-art oxide-based solid-state electrolytes, though neither are anticipated by Benchmark to be an immediate bottleneck as supply is strong and both are generally produced as byproducts for other mineral mining operations.",{"type":594,"attrs":52477,"content":52478},{"textAlign":49},[52479],{"text":52480,"type":599},"However, Benchmark forecasts that both could be potential bottlenecks in the medium- to long-term.",{"type":594,"attrs":52482,"content":52483},{"textAlign":49},[52484],{"type":1186,"attrs":52485},{"id":49,"alt":547,"src":52486,"title":49,"source":49,"copyright":49,"meta_data":52487},"https://a.storyblok.com/f/287943243085208/0d15aad69e/bm-la-supply-oxide-ss-demand-1.png",{},{"type":657,"attrs":52489,"content":52490},{"level":15966,"textAlign":49},[52491],{"text":52492,"type":599},"Alternative electrolyte chemistries have their own bottlenecks",{"type":594,"attrs":52494,"content":52495},{"textAlign":49},[52496],{"text":52497,"type":599},"Although oxide-based materials currently dominate forecast solid-state and lithium metal battery market growth, alternative chemistries are gaining popularity. Each of these have their own supply chain considerations which could impact the market in the short term.",{"type":594,"attrs":52499,"content":52500},{"textAlign":49},[52501],{"type":1186,"attrs":52502},{"id":49,"alt":52282,"src":52283,"title":49,"source":49,"copyright":49,"meta_data":52503},{},{"type":594,"attrs":52505,"content":52506},{"textAlign":49},[52507],{"text":52508,"type":599},"“When developing any technology it is important to understand the raw materials that are required to create key components and identify any bottleneck that could impact commercial roll-out as early as possible,” McNulty said.",{"type":594,"attrs":52510,"content":52511},{"textAlign":49},[52512],{"text":52513,"type":599},"Beyond the electrolyte, batteries incorporating lithium metal anodes face additional challenges associated with scaling up production of lithium metal–technically more challenging than producing lithium carbonate or lithium hydroxide.","Production of solid-state and lithium metal batteries is forecast to grow at a rate of around 40% per year between 2024 and 2036, with solid-state oxide-based batteries accounting for the bulk of this. Currently, the more mature nature of the supply chain for oxide-based electrolytes compared to that of sulphide-based electrolytes makes it the current […]",[52516],{"slug":544,"name":543,"content":52517},{"job_title":557,"image":52518,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b680a85e-526b-404b-8107-6fb9f59aa68c\", \"id\": \"\"}-->",[52521,52522,52523,52524],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":872,"name":873},{"slug":1556,"name":414},{"id":49,"alt":52526,"name":547,"focus":547,"title":52526,"source":547,"filename":52464,"copyright":547,"fieldtype":553,"meta_data":52527,"is_external_url":51},"Graphic with title: Next-generation batteries will uncover new supply chain bottlenecks. Subtitle: Many of the feedstock materials required for next-generation battery electrolytes are not at the scale required for mass commercialisation. Graphic shows that for oxide, zirconia and lanthana are mid term bottlenecks. For sulphide, lithium sulphide is an immediate bottleneck, germanium is mid term and phosphorous has long term stability. For polymer, electrolyte salts are an immediate concern and polymer ramp up has long term stability. For novel liquids, two immediate concerns are novel solvents and electrolyte salts",{"alt":52526,"title":52526,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":52529,"copyright":547,"fieldtype":553,"meta_data":52530,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/32e4b6d7e8/bm-220401-nissan-assb-creation-26-source-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 22, 2024",{"id":52533,"uuid":52534,"name":52535,"slug":52536,"full_slug":52537,"content":52538},112468736017129,"c8cab8b3-bf69-46b8-bc8d-629e8fc2c199","How much cobalt production is owned by Chinese companies?","how-much-cobalt-production-is-owned-by-chinese-companies","article/how-much-cobalt-production-is-owned-by-chinese-companies",{"_uid":52539,"date":52540,"tags":52541,"editor":52545,"content":52549,"excerpt":52645,"featured":51,"reporter":52646,"_editable":52650,"component":864,"seo_title":52535,"categories":52651,"visibility":2091,"author_company":49,"data_vis_image":52655,"featured_image":52658,"seo_description":52645,"author_full_name":49,"author_job_title":49,"formattedDate":52660},"0cce27e7-911f-4909-b706-59fa81c12b7d","2024-10-17 00:00",[52542,52543,52544],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":22565,"name":22566},[52546],{"slug":544,"name":543,"content":52547},{"job_title":557,"image":52548,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":52550},[52551,52556,52561,52566,52573,52578,52583],{"type":594,"attrs":52552,"content":52553},{"textAlign":49},[52554],{"text":52555,"type":599},"China is extending its control of global cobalt production.",{"type":594,"attrs":52557,"content":52558},{"textAlign":49},[52559],{"text":52560,"type":599},"By 2030, the top 10 cobalt producing countries will account for 96% of the total cobalt mined supply, with just two countries, the Democratic Republic of Congo (DRC) and Indonesia, contributing to 84% of total production, Benchmark data shows. ",{"type":594,"attrs":52562,"content":52563},{"textAlign":49},[52564],{"text":52565,"type":599},"Although Chinese firms have a stake in only 3 out of the top 10 cobalt producing nations, they will own over half of the cobalt production in the DRC and Indonesia, as well as 85% of the output from Papua New Guinea. This will give Chinese companies command of 46% of global cobalt mined supply by 2030, up 3% from 2023. ",{"type":594,"attrs":52567,"content":52568},{"textAlign":49},[52569],{"type":1186,"attrs":52570},{"id":49,"alt":547,"src":52571,"title":49,"source":49,"copyright":49,"meta_data":52572},"https://a.storyblok.com/f/287943243085208/300170f2ef/bm-image-72.png",{},{"type":594,"attrs":52574,"content":52575},{"textAlign":49},[52576],{"text":52577,"type":599},"Chinese firms are deeply embedded in the DRC’s mining sector, which will account for 74% of the world’s cobalt output in 2024, having secured several of the country’s key assets in the last decade. Western countries have ceded many of these interests to China, evidenced by the sale of two of the world’s largest cobalt assets, the Tenke Fungurume mine and Kisanfu project, by US-based Freeport-McMoran to CMOC in 2016 and 2020, respectively.",{"type":594,"attrs":52579,"content":52580},{"textAlign":49},[52581],{"text":52582,"type":599},"Cobalt fundamentals have largely fallen to the wayside as China has  pursued copper interests in Africa. This trend has helped to push the cobalt market into structural oversupply, driving down prices to historical lows in the process.",{"type":594,"attrs":52584,"content":52585},{"textAlign":49},[52586,52591,52599,52604,52612,52617,52625,52630,52635,52641],{"text":52587,"type":599,"marks":52588},"Benchmark’s comprehensive cobalt market intelligence includes:",[52589,52590],{"type":643},{"type":643},{"text":52592,"type":599,"marks":52593},"Cobalt Price Assessment",[52594,52597,52598],{"type":604,"attrs":52595},{"href":52596,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cobalt/cobalt-prices/table/",{"type":643},{"type":643},{"text":52600,"type":599,"marks":52601}," publishing weekly cobalt prices to the industry’s most rigorous IOSCO standard.",[52602,52603],{"type":643},{"type":643},{"text":52605,"type":599,"marks":52606},"Cobalt Forecast ",[52607,52610,52611],{"type":604,"attrs":52608},{"href":52609,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cobalt/data-reports/forecast/",{"type":643},{"type":643},{"text":52613,"type":599,"marks":52614},"providing a detailed outlook of cobalt supply, demand, prices and costs out to 2040.",[52615,52616],{"type":643},{"type":643},{"text":52618,"type":599,"marks":52619},"Benchmark’s Cobalt ESG Report",[52620,52623,52624],{"type":604,"attrs":52621},{"href":52622,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cobalt/data-reports/sustainability/",{"type":643},{"type":643},{"text":52626,"type":599,"marks":52627}," enabling subscribers to assess the ESG performance and approach of cobalt producers globally.",[52628,52629],{"type":643},{"type":643},{"text":52631,"type":599,"marks":52632},"To learn more about Benchmark’s cobalt prices, data and market intelligence, please provide your details ",[52633,52634],{"type":643},{"type":643},{"text":6515,"type":599,"marks":52636},[52637,52639,52640],{"type":604,"attrs":52638},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"type":643},{"text":974,"type":599,"marks":52642},[52643,52644],{"type":643},{"type":643},"China is extending its control of global cobalt production. By 2030, the top 10 cobalt producing countries will account for 96% of the total cobalt mined supply, with just two countries, the Democratic Republic of Congo (DRC) and Indonesia, contributing to 84% of total production, Benchmark data shows. Although Chinese firms have a stake in […]",[52647],{"slug":544,"name":543,"content":52648},{"job_title":557,"image":52649,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0cce27e7-911f-4909-b706-59fa81c12b7d\", \"id\": \"\"}-->",[52652,52653,52654],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":52656,"copyright":547,"fieldtype":553,"meta_data":52657,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1729079278/www-production/Chinese-Control-Over-Cobalt-Supply_Voronoi_09252024-1/Chinese-Control-Over-Cobalt-Supply_Voronoi_09252024-1.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":9639,"copyright":547,"fieldtype":553,"meta_data":52659,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Oct 17, 2024",{"id":52662,"uuid":52663,"name":52664,"slug":52665,"full_slug":52666,"content":52667},112468731400936,"f71bcd6e-5502-4399-9f50-15f180c230f5","Stellantis-backed Lyten to build $1 billion lithium-sulphur gigafactory in US","stellantis-backed-lyten-to-build-1-billion-lithium-sulphur-gigafactory-in-us","article/stellantis-backed-lyten-to-build-1-billion-lithium-sulphur-gigafactory-in-us",{"_uid":52668,"date":52540,"tags":52669,"editor":52682,"content":52686,"excerpt":52883,"featured":51,"reporter":52884,"_editable":52888,"component":864,"seo_title":52664,"categories":52889,"visibility":882,"author_company":49,"featured_image":52892,"seo_description":52883,"author_full_name":49,"author_job_title":49,"formattedDate":52660},"c66c93d0-cba7-44ba-b9ad-d4a9bbbce11b",[52670,52673,52675,52678,52679,52680,52681],{"slug":52671,"name":52672},"lithium-metal","Lithium metal",{"slug":52674,"name":52674},"lithium-sulphur",{"slug":52676,"name":52677},"lyten","Lyten",{"slug":2787,"name":2788},{"slug":4833,"name":2969},{"slug":1375,"name":1376},{"slug":21502,"name":21503},[52683],{"slug":544,"name":543,"content":52684},{"job_title":557,"image":52685,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":52687},[52688,52693,52711,52716,52727,52744,52749,52760,52765,52770,52775,52780,52785,52798,52803,52820,52825,52830,52835,52840,52845,52850,52855,52860,52872,52878],{"type":594,"attrs":52689,"content":52690},{"textAlign":49},[52691],{"text":52692,"type":599},"Lithium-sulphur battery developer Lyten plans to invest $1 billion to build a gigafactory in Reno, Nevada, with the first phase of operation due to begin in 2027.",{"type":594,"attrs":52694,"content":52695},{"textAlign":49},[52696,52698,52703,52705,52709],{"text":52697,"type":599},"The Stellantis-backed company’s ",{"text":52699,"type":599,"marks":52700},"next-generation battery",[52701],{"type":604,"attrs":52702},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52704,"type":599}," pairs a graphene-sulphur conversion cathode with a ",{"text":39624,"type":599,"marks":52706},[52707],{"type":604,"attrs":52708},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52710,"type":599},". This has the potential to significantly increase the energy density compared to traditional lithium ion batteries.",{"type":594,"attrs":52712,"content":52713},{"textAlign":49},[52714],{"text":52715,"type":599},"The first of its kind gigafactory is expected to have a capacity of ten gigawatt-hours and will produce the cathode and lithium metal anode active materials as well as assemble cylindrical and prismatic cells.",{"type":594,"attrs":52717,"content":52718},{"textAlign":49},[52719,52721,52725],{"text":52720,"type":599},"“This announcement is huge for lithium-sulphur batteries and is by far the largest announced capacity expansion plan within the global lithium-sulphur industry,” said ",{"text":40828,"type":599,"marks":52722},[52723],{"type":604,"attrs":52724},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52726,"type":599},", product director for new technology at Benchmark.",{"type":594,"attrs":52728,"content":52729},{"textAlign":49},[52730,52734,52741],{"text":52731,"type":599,"marks":52732},"Watch Benchmark’s Webinar about ",[52733],{"type":643},{"text":52735,"type":599,"marks":52736},"emerging battery technologies",[52737,52740],{"type":604,"attrs":52738},{"href":52739,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-transitioning-next-gen-batteries-from-rd-to-commercialisation",{"type":643},{"text":974,"type":599,"marks":52742},[52743],{"type":643},{"type":657,"attrs":52745,"content":52746},{"level":15966,"textAlign":49},[52747],{"text":52748,"type":599},"What are the benefits of lithium sulphur batteries?",{"type":594,"attrs":52750,"content":52751},{"textAlign":49},[52752,52754,52758],{"text":52753,"type":599},"Lithium-sulphur batteries are a type of lithium ion battery that typically pair a ",{"text":39624,"type":599,"marks":52755},[52756],{"type":604,"attrs":52757},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52759,"type":599}," with a novel sulphur-carbon composite cathode.",{"type":594,"attrs":52761,"content":52762},{"textAlign":49},[52763],{"text":52764,"type":599},"The technology also reduces the dependency on several critical minerals required for the traditional lithium ion batteries.",{"type":594,"attrs":52766,"content":52767},{"textAlign":49},[52768],{"text":52769,"type":599},"“The use of lithium metal removes graphite from the anode equation,” McNulty said. “Moving away from traditional metal oxide cathodes and instead using a cathode made of abundant materials like sulphur and carbon removes the requirement of cathode critical minerals.”",{"type":594,"attrs":52771,"content":52772},{"textAlign":49},[52773],{"text":52774,"type":599},"Lyten claims that their technology also offers cost savings compared to traditional lithium ion battery materials.",{"type":594,"attrs":52776,"content":52777},{"textAlign":49},[52778],{"text":52779,"type":599},"“Cost is ultimately determined by a combination of bill of materials and manufacturing throughput,” McNulty said. “The biggest challenge that faces commercialisation of any emerging technology is proving the technology can reach a cost that meets the requirements of the end user.”",{"type":657,"attrs":52781,"content":52782},{"level":15966,"textAlign":49},[52783],{"text":52784,"type":599},"What are the challenges for Lyten?",{"type":594,"attrs":52786,"content":52787},{"textAlign":49},[52788,52790,52796],{"text":52789,"type":599},"Scaling novel technologies and developing the supply chain are ",{"text":52791,"type":599,"marks":52792},"major challenges for any next-generation battery developer",[52793],{"type":604,"attrs":52794},{"href":52795,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-charts-solid-state-batteries-and-the-route-to-commercialisation?_branch_match_id=1544394386636828067&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWTw%2FwSK1MdirN8k%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUASAm730gAAAA%3D",{"text":52797,"type":599},". Many new technologies fail when transitioning from lab-scale to large-format cells with commercially relevant designs.",{"type":594,"attrs":52799,"content":52800},{"textAlign":49},[52801],{"text":52802,"type":599},"“Lyten seems to have progressed through the hardest part of the product development journey, so now faces the engineering and process challenges that come with scaling manufacturing effectively,” McNulty said.",{"type":594,"attrs":52804,"content":52805},{"textAlign":49},[52806,52810,52817],{"text":52807,"type":599,"marks":52808},"Watch Rory McNulty discuss the ",[52809],{"type":643},{"text":52811,"type":599,"marks":52812},"commercialisation of next-generation battery technologies",[52813,52816],{"type":604,"attrs":52814},{"href":52815,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/how-will-emerging-battery-technologies-change-the-status-quo",{"type":643},{"text":974,"type":599,"marks":52818},[52819],{"type":643},{"type":594,"attrs":52821,"content":52822},{"textAlign":49},[52823],{"text":52824,"type":599},"Although Lyten intends to begin operating their new gigafactory from 2027, no timeline has been confirmed for how long it will take to ramp up to full capacity.",{"type":594,"attrs":52826,"content":52827},{"textAlign":49},[52828],{"text":52829,"type":599},"Lyten claims that it is developing a fully domestic supply chain and says it already has North American sources for its lithium and many other components of the battery.",{"type":594,"attrs":52831,"content":52832},{"textAlign":49},[52833],{"text":52834,"type":599},"The only Chinese components the company says are in its supply chain are the cathode and anode tabs for its pouch cells. However, maintaining this localised supply chain as production scales up could be a challenge.",{"type":657,"attrs":52836,"content":52837},{"level":15966,"textAlign":49},[52838],{"text":52839,"type":599},"What markets are Lyten targeting?",{"type":594,"attrs":52841,"content":52842},{"textAlign":49},[52843],{"text":52844,"type":599},"In the near-term, Lyten will target drone, satellite and military applications for their batteries. It is also actively pursuing the electric aviation markets. The company ultimately aims to enter the electric vehicle market.",{"type":594,"attrs":52846,"content":52847},{"textAlign":49},[52848],{"text":52849,"type":599},"“The potential demand from EV applications would dwarf those other demand drivers, and this announcement is a strong signal that Lyten is aiming to take the steps required to get their technology into the EV market,” McNulty said.",{"type":594,"attrs":52851,"content":52852},{"textAlign":49},[52853],{"text":52854,"type":599},"Lyten produces its sample cells at its 200 megawatt-hour capacity pilot-scale facility in San Jose, California. It is developing a second similar facility in Luxembourg.",{"type":657,"attrs":52856,"content":52857},{"level":15966,"textAlign":49},[52858],{"text":52859,"type":599},"What is the state of the lithium metal anode industry?",{"type":594,"attrs":52861,"content":52862},{"textAlign":49},[52863,52865,52870],{"text":52864,"type":599},"Unlike the traditional lithium ion battery industry, a ",{"text":52866,"type":599,"marks":52867},"dominant region for lithium metal batteries",[52868],{"type":604,"attrs":52869},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52871,"type":599}," is yet to emerge.",{"type":594,"attrs":52873,"content":52874},{"textAlign":49},[52875],{"type":1186,"attrs":52876},{"id":49,"alt":52187,"src":52188,"title":49,"source":49,"copyright":49,"meta_data":52877},{},{"type":594,"attrs":52879,"content":52880},{"textAlign":49},[52881],{"text":52882,"type":599},"“The emerging battery technology space is really heating up in North America,” McNulty said. “This announcement is one of many that show the great ambition of North American innovators to be the pioneers of next-generation battery materials.”","Lithium-sulphur battery developer Lyten plans to invest $1 billion to build a gigafactory in Reno, Nevada, with the first phase of operation due to begin in 2027. The Stellantis-backed company’s next-generation battery pairs a graphene-sulphur conversion cathode with a lithium metal anode. This has the potential to significantly increase the energy density compared to traditional […]",[52885],{"slug":544,"name":543,"content":52886},{"job_title":557,"image":52887,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c66c93d0-cba7-44ba-b9ad-d4a9bbbce11b\", \"id\": \"\"}-->",[52890,52891],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":52893,"copyright":547,"fieldtype":553,"meta_data":52894,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0486f76b56/bm-lyten-headquarters1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":52896,"uuid":52897,"name":52898,"slug":52899,"full_slug":52900,"content":52901},112468745622252,"35833d52-4b07-4146-be07-bdca09be1860","New Caledonia faces fresh nickel closures","new-caledonia-faces-fresh-nickel-closures","article/new-caledonia-faces-fresh-nickel-closures",{"_uid":52902,"date":52903,"tags":52904,"editor":52908,"content":52912,"excerpt":52978,"featured":51,"reporter":52979,"_editable":52983,"component":864,"seo_title":52898,"categories":52984,"visibility":882,"author_company":49,"featured_image":52987,"seo_description":52978,"author_full_name":49,"author_job_title":49,"formattedDate":52990},"8e84672a-c88e-4542-a46f-f1867e69cfa3","2024-10-16 00:00",[52905],{"slug":52906,"name":52907},"new-caledonia","New Caledonia",[52909],{"slug":544,"name":543,"content":52910},{"job_title":557,"image":52911,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":52913},[52914,52919,52936,52941,52946,52953,52958,52963,52968,52973],{"type":594,"attrs":52915,"content":52916},{"textAlign":49},[52917],{"text":52918,"type":599},"New Caledonia’s embattled nickel industry is facing a deepening crisis. Eramet-owned Société Le Nickel (SLN) confirmed this week it had put some of its nickel mining operations in the French overseas territory on hold.",{"type":594,"attrs":52920,"content":52921},{"textAlign":49},[52922,52924,52929,52931],{"text":52923,"type":599},"SLN management reported that maintaining operations had become untenable due to a series of blockades and disruptions ",{"text":52925,"type":599,"marks":52926},"since the island plunged into crisis in May.",[52927],{"type":604,"attrs":52928},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52930,"type":599}," Aside from the unrest, the island’s nickel sector has also faced financial strain from ",{"text":52932,"type":599,"marks":52933},"a global oversupply of nickel that has depressed prices.",[52934],{"type":604,"attrs":52935},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":52937,"content":52938},{"level":15966,"textAlign":49},[52939],{"text":52940,"type":599},"What is the current status of New Caledonia’s nickel sector?",{"type":594,"attrs":52942,"content":52943},{"textAlign":49},[52944],{"text":52945,"type":599},"Since the unrest began in May, SLN’s Doniambo ferronickel refinery has been operating at minimum capacity, while the Glencore-owned Koniambo ferronickel refinery and Prony Resources high pressure acid leach (HPAL) plant have remained suspended.",{"type":594,"attrs":52947,"content":52948},{"textAlign":49},[52949],{"type":1186,"attrs":52950},{"id":49,"alt":547,"src":52951,"title":49,"source":49,"copyright":49,"meta_data":52952},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfuVvFlxX9GcXIS5ZI4C6tWCmc7Q0a7siIKbltnP8evsD017FJxBDqa6GNkApRA1GIkPlcvtBf9x7ZROZnDEmejy9tup1L7NftL7URb3-sZoBQkN2dw45oY-YQ75fTeESORq7Zhfkiql_05lpnMdAnN4xWv?key=IraeBVCMjxKGP6xAVcDqDQ",{},{"type":594,"attrs":52954,"content":52955},{"textAlign":49},[52956],{"text":52957,"type":599},"“Some nickel mines in the region have slowly restarted, particularly in areas where miners have stronger relations with the local groups,” said Jorge Uzcategui, senior nickel analyst at Benchmark. “But there remains ongoing issues with power and water in the territory, making it difficult to economically run operations.”",{"type":657,"attrs":52959,"content":52960},{"level":15966,"textAlign":49},[52961],{"text":52962,"type":599},"Could China step in?",{"type":594,"attrs":52964,"content":52965},{"textAlign":49},[52966],{"text":52967,"type":599},"With New Caledonia remaining gripped in long-standing unrest between pro and anti independence movements, a recently published report from the Australian Strategic Policy Institute examined China’s role in the region; noting that China has several direct interests in New Caledonia, owing to its large nickel reserves and its strategic position in the South Pacific.",{"type":594,"attrs":52969,"content":52970},{"textAlign":49},[52971],{"text":52972,"type":599},"The report highlighted the strategic risks posed by New Caledonian independence to France and its western allies. This included losing access to the territory’s nickel resources to China as the European Union undertakes a policy of re-industrialisation to de-risk its lithium ion battery supply chain.",{"type":594,"attrs":52974,"content":52975},{"textAlign":49},[52976],{"text":52977,"type":599},"Although China currently has no direct interests in the island’s nickel mines, it is the largest importer of New Caledonia’s nickel ore. Were New Caledonian independence to be achieved, the report suggested that Chinese firms were the most likely candidates to step in and ‘save’ the island’s struggling nickel industry.","New Caledonia’s embattled nickel industry is facing a deepening crisis. Eramet-owned Société Le Nickel (SLN) confirmed this week it had put some of its nickel mining operations in the French overseas territory on hold. SLN management reported that maintaining operations had become untenable due to a series of blockades and disruptions since the island plunged […]",[52980],{"slug":544,"name":543,"content":52981},{"job_title":557,"image":52982,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8e84672a-c88e-4542-a46f-f1867e69cfa3\", \"id\": \"\"}-->",[52985,52986],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":52988,"copyright":547,"fieldtype":553,"meta_data":52989,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2016ec9f46/bm-istock-828136656.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 16, 2024",{"id":52992,"uuid":52993,"name":52994,"slug":52995,"full_slug":52996,"content":52997},112468740854507,"d8d57eb8-6bf3-45e0-9914-ed6deb2c2694","LGES to supply Ford’s commercial EVs in Europe","lges-to-supply-fords-commercial-evs-in-europe","article/lges-to-supply-fords-commercial-evs-in-europe",{"_uid":52998,"date":52903,"tags":52999,"editor":53002,"content":53006,"excerpt":53068,"featured":51,"reporter":53069,"_editable":53073,"component":864,"seo_title":52994,"categories":53074,"visibility":882,"author_company":49,"featured_image":53077,"seo_description":53068,"author_full_name":49,"author_job_title":49,"formattedDate":52990},"3ebdcbd4-6165-4bd4-a888-dbc59f727f30",[53000,53001],{"slug":2790,"name":2791},{"slug":3117,"name":3118},[53003],{"slug":544,"name":543,"content":53004},{"job_title":557,"image":53005,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":53007},[53008,53013,53023,53028,53033,53038,53043,53048,53053,53058,53063],{"type":594,"attrs":53009,"content":53010},{"textAlign":49},[53011],{"text":53012,"type":599},"LG Energy Solution (LGES) has agreed to supply Ford with 109 gigawatt-hours (GWh) of batteries for electric commercial vans in Europe starting in 2026.",{"type":594,"attrs":53014,"content":53015},{"textAlign":49},[53016,53018,53022],{"text":53017,"type":599},"The South Korean battery maker will supply the battery modules from its Polish facility which is expected to have 125 GWh of cell capacity from next year, according to Benchmark’s ",{"text":35230,"type":599,"marks":53019},[53020],{"type":604,"attrs":53021},{"href":35234,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":53024,"content":53025},{"textAlign":49},[53026],{"text":53027,"type":599},"“With step changes in the EU emission standards coming in 2025, 2030 and 2035, this agreement marks Ford’s intention to ramp up production of their electric vans in Turkey and Romania ahead of the 2030 change,” said George Whitcombe, a research analyst at Rho Motion. ",{"type":594,"attrs":53029,"content":53030},{"textAlign":49},[53031],{"text":53032,"type":599},"The two companies have also agreed LGES will supply batteries for the Ford Mustang Mach-E from the company’s Michigan facility rather than Poland, to enhance business efficiency and capitalise on Inflation Reduction Act (IRA) tax credits.",{"type":594,"attrs":53034,"content":53035},{"textAlign":49},[53036],{"text":53037,"type":599},"From 2030, vans must produce no more than 90.6 grams of CO2 per kilometre (g CO2/km), down from the 2025 to 2029 level of 153.9 g CO2/km. From 2035, the EU fleet-wide CO2 emission target for both cars and vans is 0 g CO2/km.",{"type":657,"attrs":53039,"content":53040},{"level":15966,"textAlign":49},[53041],{"text":53042,"type":599},"How do commercial EVs contribute to battery demand?",{"type":657,"attrs":53044,"content":53045},{"level":15966,"textAlign":49},[53046],{"text":53047,"type":599},"LGES’ operations in Europe compared to the US",{"type":594,"attrs":53049,"content":53050},{"textAlign":49},[53051],{"text":53052,"type":599},"The South Korean manufacturer is investing in developing its overseas capacity with projects in the US and China as well as its Polish gigafactory. ",{"type":594,"attrs":53054,"content":53055},{"textAlign":49},[53056],{"text":53057,"type":599},"LGES has prioritised the US to benefit from the IRA, establishing joint ventures with General Motors, Hyundai, and Honda as well as independent projects in the region.",{"type":594,"attrs":53059,"content":53060},{"textAlign":49},[53061],{"text":53062,"type":599},"“The IRA means LGES benefits from production tax credits of up to $45 per kilowatt hour for producing cells in the US as well as investment tax credits also on offer. Europe on the other hand is more fragmented as incentives vary across countries which make it a less straightforward investment decision compared to the US,” said Aran Waid, principal analyst at Benchmark.",{"type":594,"attrs":53064,"content":53065},{"textAlign":49},[53066],{"text":53067,"type":599},"Waid also noted lower energy costs in the US relative to some European countries and strategic partnerships and joint ventures with automakers like General Motors have also influenced LGES’ regional development.","LG Energy Solution (LGES) has agreed to supply Ford with 109 gigawatt-hours (GWh) of batteries for electric commercial vans in Europe starting in 2026. The South Korean battery maker will supply the battery modules from its Polish facility which is expected to have 125 GWh of cell capacity from next year, according to Benchmark’s Gigafactory […]",[53070],{"slug":544,"name":543,"content":53071},{"job_title":557,"image":53072,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3ebdcbd4-6165-4bd4-a888-dbc59f727f30\", \"id\": \"\"}-->",[53075,53076],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":53078,"name":547,"focus":547,"title":53078,"source":547,"filename":53079,"copyright":547,"fieldtype":553,"meta_data":53080,"is_external_url":51},"LGES' gigafactory in Wroclaw Poland","https://a.storyblok.com/f/287943243085208/815651c6c8/bm-lges-poland-wroclaw.jpg",{"alt":53078,"title":53078,"source":547,"copyright":547},{"id":53082,"uuid":53083,"name":53084,"slug":53085,"full_slug":53086,"content":53087},112468765057877,"b9ad1ff3-b9df-4669-b912-afcb63278966","Stellantis secures €133 million from Spain for potential gigafactory","stellantis-secures-e133-million-from-spain-for-potential-gigafactory","article/stellantis-secures-e133-million-from-spain-for-potential-gigafactory",{"_uid":53088,"date":53089,"tags":53090,"editor":53095,"content":53099,"excerpt":53146,"featured":51,"reporter":53147,"_editable":53151,"component":864,"seo_title":53084,"categories":53152,"visibility":882,"author_company":49,"featured_image":53155,"seo_description":53146,"author_full_name":49,"author_job_title":49,"formattedDate":53158},"dd7adf0c-f39c-43eb-9a9a-03a13a995ae1","2024-10-11 00:00",[53091,53092,53093,53094],{"slug":903,"name":904},{"slug":2790,"name":2791},{"slug":27489,"name":27490},{"slug":4833,"name":2969},[53096],{"slug":544,"name":543,"content":53097},{"job_title":557,"image":53098,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":53100},[53101,53106,53111,53116,53121,53126,53131,53136,53141],{"type":594,"attrs":53102,"content":53103},{"textAlign":49},[53104],{"text":53105,"type":599},"Spain has granted Stellantis a €133 million ($146 million) subsidy for its potential gigafactory in the north east of the country. The Spanish government hopes the support will convince the automaker to confirm its project.",{"type":594,"attrs":53107,"content":53108},{"textAlign":49},[53109],{"text":53110,"type":599},"The grant leverages European Union (EU) pandemic relief funds to support the country’s EV and battery industry.",{"type":594,"attrs":53112,"content":53113},{"textAlign":49},[53114],{"text":53115,"type":599},"Stellantis has now received close to €300 million ($328 million) from the Spanish government, according to the industry ministry.",{"type":594,"attrs":53117,"content":53118},{"textAlign":49},[53119],{"text":53120,"type":599},"Spain has also agreed €152 million ($166 million) for Volkswagen Group’s PowerCo gigafactory. The company has already confirmed the location as Sagunto on Spain’s east coast.",{"type":594,"attrs":53122,"content":53123},{"textAlign":49},[53124],{"text":53125,"type":599},"“Spain lags behind other European countries in terms of battery capacity. The Spanish government allocating subsidies for both Stellantis and VW’s plant in Sagunto affirms its commitment to establishing itself as a cell manufacturing hub, striving to attract future investment from cell makers,” said Anya Sidhu, an analyst at Benchmark.",{"type":657,"attrs":53127,"content":53128},{"level":15966,"textAlign":49},[53129],{"text":53130,"type":599},"Stellantis’ activity in Europe",{"type":657,"attrs":53132,"content":53133},{"level":15966,"textAlign":49},[53134],{"text":53135,"type":599},"Why has Stellantis opted for LFP?",{"type":594,"attrs":53137,"content":53138},{"textAlign":49},[53139],{"text":53140,"type":599},"Back in November 2023, Stellantis announced a Memorandum of Understanding (MoU) with Chinese battery maker CATL. The MoU states the joint venture plans to produce LFP cells for Stellantis’ electric vehicle production in Europe.",{"type":594,"attrs":53142,"content":53143},{"textAlign":49},[53144],{"text":53145,"type":599},"“Cell manufacturers are increasing their LFP capacity in order to compete with the low-cost cells produced in China and meet growing European demand for the chemistry,” said Sidhu.","Spain has granted Stellantis a €133 million ($146 million) subsidy for its potential gigafactory in the north east of the country. The Spanish government hopes the support will convince the automaker to confirm its project. The grant leverages European Union (EU) pandemic relief funds to support the country’s EV and battery industry. Stellantis has now […]",[53148],{"slug":544,"name":543,"content":53149},{"job_title":557,"image":53150,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dd7adf0c-f39c-43eb-9a9a-03a13a995ae1\", \"id\": \"\"}-->",[53153,53154],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":53156,"copyright":547,"fieldtype":553,"meta_data":53157,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/701c1264b7/bm-spain-subsidises-stellantis-gigafactory-13257743b4cd.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 11, 2024",{"id":53160,"uuid":53161,"name":53162,"slug":53163,"full_slug":53164,"content":53165},112468783944537,"6265d055-1d76-45e3-b153-4503d35967ba","Benchmark shares key  nickel takeaways from LME week","benchmark-shares-key-nickel-takeaways-from-lme-week","article/benchmark-shares-key-nickel-takeaways-from-lme-week",{"_uid":53166,"date":53167,"tags":53168,"editor":53171,"content":53175,"excerpt":53343,"featured":51,"reporter":53344,"_editable":53348,"component":864,"seo_title":53162,"categories":53349,"visibility":882,"author_company":49,"featured_image":53352,"seo_description":53343,"author_full_name":49,"author_job_title":49,"formattedDate":53355},"92ff86c6-dd35-4ab3-a634-71fd69912235","2024-10-10 00:00",[53169,53170],{"slug":11313,"name":11314},{"slug":16317,"name":16318},[53172],{"slug":544,"name":543,"content":53173},{"job_title":557,"image":53174,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":53176},[53177,53182,53187,53192,53197,53224,53229,53236,53241,53246,53251,53256,53261,53266,53277,53284,53289,53294,53299,53304,53309,53321,53326,53331,53338],{"type":594,"attrs":53178,"content":53179},{"textAlign":49},[53180],{"text":53181,"type":599},"Following the conclusion of London Metal Exchange (LME) Week, Benchmark nickel analysts share some key takeaways from the global commodity industry’s gathering in the British capital in early October.",{"type":657,"attrs":53183,"content":53184},{"level":15966,"textAlign":49},[53185],{"text":53186,"type":599},"1) Indonesian policy will shape the trajectory of nickel market",{"type":594,"attrs":53188,"content":53189},{"textAlign":49},[53190],{"text":53191,"type":599},"Market participants discussed how Indonesian policy would be crucial to shaping the future direction of the nickel market.",{"type":594,"attrs":53193,"content":53194},{"textAlign":49},[53195],{"text":53196,"type":599},"The Indonesian government has started to implement stricter measures to manage its nickel resources in 2024, policy designed to address concerns that overproduction could lead to premature resource depletion of its high-grade saprolite ore reserves. ",{"type":594,"attrs":53198,"content":53199},{"textAlign":49},[53200,53202,53208,53210,53215,53217,53222],{"text":53201,"type":599},"The measures include the ",{"text":53203,"type":599,"marks":53204},"delayed approval of new mining quotas",[53205],{"type":604,"attrs":53206},{"href":53207,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-will-indonesias-mining-quotas-affect-the-nickel-market?_branch_match_id=1544394228160809467&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL%2FAyyCvN8jMp9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAgGYOxUgAAAA%3D",{"text":53209,"type":599}," and a proposed ",{"text":53211,"type":599,"marks":53212},"moratorium on new rotary kiln-electric furnace (RKEF) smelters",[53213],{"type":604,"attrs":53214},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":53216,"type":599}," that produce nickel pig iron (NPI) and ferronickel. The",{"text":53218,"type":599,"marks":53219}," SIMBARA platform has also been extended to the nickel industry",[53220],{"type":604,"attrs":53221},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":53223,"type":599},", with the aim of improving traceability and cracking down on illegal mining.",{"type":594,"attrs":53225,"content":53226},{"textAlign":49},[53227],{"text":53228,"type":599},"“The government is seeking to strike a balance between increasing market share, maintaining producer margins, and sustainably extracting finite resources,” said Jorge Uzcategui, senior nickel analyst at Benchmark.",{"type":594,"attrs":53230,"content":53231},{"textAlign":49},[53232],{"type":1186,"attrs":53233},{"id":49,"alt":547,"src":53234,"title":49,"source":49,"copyright":49,"meta_data":53235},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXczy948cMCOXhPzwkgcC0BWGij0SpENL9RMtGQ1zJP4IYdEsSqtr8okwzCGSbLWZd-5tDezgf_rSPEuIArc_tOoWr5QfnYW-2krhe1Q2HPC0iuaKNPBffc-NjwuY4X5ptTI4-3zTpp28Lh266c0NL6polir?key=I4kdbhx_PKBriTTYUyY5xA",{},{"type":594,"attrs":53237,"content":53238},{"textAlign":49},[53239],{"text":53240,"type":599},"Indonesia is increasingly pivoting its nickel supply towards the lithium ion battery supply chain, to position itself at the heart of the global electric vehicle (EV) industry. High pressure acid leach (HPAL) facilities, which utilise abundant, lower-grade laterite ores, are viewed as crucial to maximising the long-term economic opportunity presented by this fast-growing sector.",{"type":594,"attrs":53242,"content":53243},{"textAlign":49},[53244],{"text":53245,"type":599},"However, despite this trend, NPI and ferronickel are still expected to account for the majority of the nickel units coming out of Indonesia well into the next decade.",{"type":657,"attrs":53247,"content":53248},{"level":15966,"textAlign":49},[53249],{"text":53250,"type":599},"2) Will Indonesian nickel achieve Inflation Reduction Act (IRA) compliance?",{"type":594,"attrs":53252,"content":53253},{"textAlign":49},[53254],{"text":53255,"type":599},"The US Inflation Reduction Act (IRA) compliance status of Indonesian assets was another key discussion point, representing a real concern for Western EV makers given the scale of their industry’s future sourcing requirements. ",{"type":594,"attrs":53257,"content":53258},{"textAlign":49},[53259],{"text":53260,"type":599},"EVs containing material ultimately procured from foreign entities of concern (FEOC) will not qualify for EV tax credits under the IRA. Recent Benchmark analysis indicates which assets will be at risk, with the majority of global refined nickel classified as (or at high risk of being) FEOC.",{"type":594,"attrs":53262,"content":53263},{"textAlign":49},[53264],{"text":53265,"type":599},"Indonesia accounts for over half of global refined nickel output, but China has outsized influence in its nickel industry. Benchmark analysis demonstrates that over 50% of refined nickel production will come from operations that breach FEOC guidelines, or are deemed ‘high risk’ of doing so.",{"type":594,"attrs":53267,"content":53268},{"textAlign":49},[53269,53270,53275],{"text":2372,"type":599},{"text":53271,"type":599,"marks":53272},"Indonesian government is seeking to restructure the ownership of nickel projects to reduce Chinese ownership",[53273],{"type":604,"attrs":53274},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":53276,"type":599},", aiming to gain access to the US market through IRA tax credit qualification.",{"type":594,"attrs":53278,"content":53279},{"textAlign":49},[53280],{"type":1186,"attrs":53281},{"id":49,"alt":547,"src":53282,"title":49,"source":49,"copyright":49,"meta_data":53283},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXek23fTCwmbq-XCdHuQJSHJYEG6Q4B_Mg4XSHUlRbngJF1RAUDExX6zcgq1uzeR1j_hiIJorEbeF8QL_SIRclAZyaniG73-X5A9-9J4VG36fGMNxtn7XL2FhnQ3E8LUzF-CRm_GI3ZaGzKxhr7pC53OQaM?key=I4kdbhx_PKBriTTYUyY5xA",{},{"type":594,"attrs":53285,"content":53286},{"textAlign":49},[53287],{"text":53288,"type":599},"However, several barriers to entry remain. US policymakers’ have expressed concerns’ over China’s hegemonic position in Indonesia’s nickel industry, while western companies have been hesitant to commit to investments due to the Indonesian nickel industry’s poor record labour, environmental, and social issues.",{"type":594,"attrs":53290,"content":53291},{"textAlign":49},[53292],{"text":53293,"type":599},"In September, the United States Department of Labor (DOL) added Indonesian nickel to the 2024 list of goods produced under conditions of labour exploitation. Although Benchmark understands the finding to be primarily linked to Chinese-run operations in Indonesia, the classification means prospects for a critical minerals specific trade agreement with the US appear more remote.",{"type":657,"attrs":53295,"content":53296},{"level":15966,"textAlign":49},[53297],{"text":53298,"type":599},"3) Short-term prospects for nickel prices remain bearish",{"type":594,"attrs":53300,"content":53301},{"textAlign":49},[53302],{"text":53303,"type":599},"The pace of Indonesia’s supply growth in recent years has been staggering. Since the implementation of a nickel ore export ban in 2020, investment in downstream capacity has seen the country’s nickel supply more than double to over 2 million tonnes in 2024.",{"type":594,"attrs":53305,"content":53306},{"textAlign":49},[53307],{"text":53308,"type":599},"However, it has also left the nickel market facing a prolonged period of structural oversupply that has dragged prices to their lowest levels since November 2020.",{"type":594,"attrs":53310,"content":53311},{"textAlign":49},[53312,53314,53319],{"text":53313,"type":599},"Low prices have decreased the cost-competitiveness for many nickel operations in the west, ",{"text":53315,"type":599,"marks":53316},"leading to a swathe of closures in Australia and New Caledonia ",[53317],{"type":604,"attrs":53318},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":53320,"type":599},"in 2024.",{"type":594,"attrs":53322,"content":53323},{"textAlign":49},[53324],{"text":53325,"type":599},"And there appears to be little respite in sight.",{"type":594,"attrs":53327,"content":53328},{"textAlign":49},[53329],{"text":53330,"type":599},"“Despite all the supply closures and disruptions in the West, strong Indonesian output and slower demand growth, both from weaker macro conditions and a general slowdown in EV growth, will sustain the market surplus in 2024,” said Uzcategui.",{"type":594,"attrs":53332,"content":53333},{"textAlign":49},[53334],{"type":1186,"attrs":53335},{"id":49,"alt":547,"src":53336,"title":49,"source":49,"copyright":49,"meta_data":53337},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXc5Nx0hrw8_C3o4A9XxqtPqamMpyRRWd1wEQvQRh40Q24QEUnIOzaZbVgjPE0zT1XQmSlUu60bi2sRJI91pmhJ9b3GXLmGWyQbMHC6k7FzEet5QusxqsJW_upL5rgZDteWJBr9APgYfKOgUKAOCvb2MnwhE?key=I4kdbhx_PKBriTTYUyY5xA",{},{"type":594,"attrs":53339,"content":53340},{"textAlign":49},[53341],{"text":53342,"type":599},"“This is likely to result in further downward pressure on nickel prices over the remainder of the year,” he added.","Following the conclusion of London Metal Exchange (LME) Week, Benchmark nickel analysts share some key takeaways from the global commodity industry’s gathering in the British capital in early October. 1) Indonesian policy will shape the trajectory of nickel market Market participants discussed how Indonesian policy would be crucial to shaping the future direction of the […]",[53345],{"slug":544,"name":543,"content":53346},{"job_title":557,"image":53347,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"92ff86c6-dd35-4ab3-a634-71fd69912235\", \"id\": \"\"}-->",[53350,53351],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":53353,"copyright":547,"fieldtype":553,"meta_data":53354,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/541272b292/bm-glencore-refined-nickel-at-the-nikkelverk-refinery-norway1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 10, 2024",{"id":53357,"uuid":53358,"name":53359,"slug":53360,"full_slug":53361,"content":53362},112468774564695,"54d99a20-fb17-46b6-a194-218a2ba0f3f8","Does the West’s graphite industry need an ex-China price premium to thrive? ","does-the-wests-graphite-industry-need-an-ex-china-price-premium-to-thrive","article/does-the-wests-graphite-industry-need-an-ex-china-price-premium-to-thrive",{"_uid":53363,"date":53167,"tags":53364,"editor":53367,"content":53371,"excerpt":53458,"featured":51,"reporter":53459,"_editable":53463,"component":864,"seo_title":53359,"categories":53464,"visibility":882,"author_company":49,"featured_image":53467,"seo_description":53458,"author_full_name":49,"author_job_title":49,"formattedDate":53355},"e534db21-6b4f-4a69-9c5c-4208e770479f",[53365,53366],{"slug":913,"name":914},{"slug":46859,"name":46860},[53368],{"slug":544,"name":543,"content":53369},{"job_title":557,"image":53370,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":53372},[53373,53378,53399,53412,53417,53422,53433,53438,53443,53448,53453],{"type":594,"attrs":53374,"content":53375},{"textAlign":49},[53376],{"text":53377,"type":599},"Western graphite producers and project developers are increasingly pushing for ex-China price premiums as they look to compete with China’s dominance in the industry.",{"type":594,"attrs":53379,"content":53380},{"textAlign":49},[53381,53383,53389,53391,53397],{"text":53382,"type":599},"The calls for an ",{"text":53384,"type":599,"marks":53385},"ex-China",[53386],{"type":604,"attrs":53387},{"href":53388,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ex-china-coke-supply-lags-synthetic-graphite-buildout",{"text":53390,"type":599}," price premium come amid ",{"text":53392,"type":599,"marks":53393},"growing geopolitical restrictions",[53394],{"type":604,"attrs":53395},{"href":53396,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/graphite-feoc-sourcing-extension-supports-us-battery-expansion-but-highlights-chinas-dominance",{"text":53398,"type":599}," set to enter force in the coming years and the ongoing low prices squeezing producers margins and failing to incentivise supply.",{"type":594,"attrs":53400,"content":53401},{"textAlign":49},[53402,53404,53410],{"text":53403,"type":599},"“Market participants outside of China have expressed to Benchmark that they are hoping for a premium to emerge, specifically ",{"text":53405,"type":599,"marks":53406},"when tariffs start to bite",[53407],{"type":604,"attrs":53408},{"href":53409,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/why-has-the-us-reinstated-tariffs-on-natural-graphite",{"text":53411,"type":599}," for graphite shipped from China to the US in 2027. They say the risk with the current price level persisting is it may slow the flow of funding available for ex-China projects to be developed and a resultant failure to bring on sufficient supply to meet Western demand,” said Alex Albinski, analyst at Benchmark. ",{"type":657,"attrs":53413,"content":53414},{"level":15966,"textAlign":49},[53415],{"text":53416,"type":599},"China’s hold on the graphite supply chain",{"type":594,"attrs":53418,"content":53419},{"textAlign":49},[53420],{"text":53421,"type":599},"According to Albinski, typical Chinese graphite operations have notably lower cost levels than the largest ex-China operations, making the margins of ex-China operations slimmer. This also brings challenges for miners outside of China to continue production at high cost plants and for developers to secure funding for new projects.",{"type":594,"attrs":53423,"content":53424},{"textAlign":49},[53425,53431],{"text":53426,"type":599,"marks":53427},"Benchmark data shows",[53428],{"type":604,"attrs":53429},{"href":53430,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/1-6-trillion-investment-needed-in-battery-industry-by-2040",{"text":53432,"type":599}," that $5 billion in investments are needed to meet the graphite demand expected by 2030, and $9 billion to close the gap between supply and demand forecast by 2040. ",{"type":657,"attrs":53434,"content":53435},{"level":15966,"textAlign":49},[53436],{"text":53437,"type":599},"Ex-China supply growth",{"type":594,"attrs":53439,"content":53440},{"textAlign":49},[53441],{"text":53442,"type":599},"The growing calls for a price bifurcation comes at a time when market players look for ways to diversify their supplies to meet the US Foreign Entities of Concern (FEOC) requirements under the Inflation Reduction Act (IRA).",{"type":594,"attrs":53444,"content":53445},{"textAlign":49},[53446],{"text":53447,"type":599},"“We are seeing significant development of operations in Africa and elsewhere. A premium would justify the higher capex of ex-China projects that need to be developed if downstream buyers are to comply with FEOC requirements,” said Albinksi.",{"type":594,"attrs":53449,"content":53450},{"textAlign":49},[53451],{"text":53452,"type":599},"“We see a handful of project developments in Canada, Brazil, Tanzania and Madagascar. East Africa in particular has demonstrated the potential for more appealing CAPEX and OPEX requirements, which is particularly important to investors given increasingly challenging price movements,” said Albinski.  ",{"type":594,"attrs":53454,"content":53455},{"textAlign":49},[53456],{"text":53457,"type":599},"“However, currently announced supply from East Africa alone is likely to be insufficient to fully provide for expected demand in the West, therefore higher cost operations in other regions outside of China will be needed,” he added.","Western graphite producers and project developers are increasingly pushing for ex-China price premiums as they look to compete with China’s dominance in the industry. The calls for an ex-China price premium come amid growing geopolitical restrictions set to enter force in the coming years and the ongoing low prices squeezing producers margins and failing to […]",[53460],{"slug":544,"name":543,"content":53461},{"job_title":557,"image":53462,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e534db21-6b4f-4a69-9c5c-4208e770479f\", \"id\": \"\"}-->",[53465,53466],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":53468,"copyright":547,"fieldtype":553,"meta_data":53469,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/abea704b68/bm-priceupdate2.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":53471,"uuid":53472,"name":53473,"slug":53474,"full_slug":53475,"content":53476},112468814435168,"77cf068e-2cc5-46d1-92da-1ff8c25538a5","Rio Tinto eyes Arcadium acquisition to secure lithium presence","rio-tinto-eyes-arcadium-acquisition-to-secure-lithium-presence","article/rio-tinto-eyes-arcadium-acquisition-to-secure-lithium-presence",{"_uid":53477,"date":53478,"tags":53479,"editor":53486,"content":53490,"excerpt":53737,"featured":51,"reporter":53738,"_editable":53742,"component":864,"seo_title":53473,"categories":53743,"visibility":882,"author_company":49,"data_vis_image":53746,"featured_image":53749,"seo_description":53737,"author_full_name":49,"author_job_title":49,"formattedDate":53752},"511a1b9f-f805-4fa5-a80f-1404b47ee65e","2024-10-07 00:00",[53480,53483,53484,53485],{"slug":53481,"name":53482},"arcadium-lithium","Arcadium Lithium",{"slug":578,"name":579},{"slug":17611,"name":17612},{"slug":4366,"name":4367},[53487],{"slug":544,"name":543,"content":53488},{"job_title":557,"image":53489,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":53491},[53492,53509,53514,53526,53537,53545,53550,53555,53565,53573,53578,53583,53598,53603,53608,53619,53631,53636,53644,53649,53654,53659,53679,53684,53689,53702,53707,53714,53721],{"type":594,"attrs":53493,"content":53494},{"textAlign":49},[53495,53500,53502,53507],{"text":4367,"type":599,"marks":53496},[53497],{"type":604,"attrs":53498},{"href":53499,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/rio-tinto",{"text":53501,"type":599}," is in discussions to acquire ",{"text":53482,"type":599,"marks":53503},[53504],{"type":604,"attrs":53505},{"href":53506,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/arcadium-lithium",{"text":53508,"type":599},", as confirmed by both companies on Monday.",{"type":594,"attrs":53510,"content":53511},{"textAlign":49},[53512],{"text":53513,"type":599},"If a deal is agreed, this would catapult the Anglo-Australian mining giant into the top five lithium players and cement its position in the lithium market.",{"type":594,"attrs":53515,"content":53516},{"textAlign":49},[53517,53519,53524],{"text":53518,"type":599},"“Rio has a global vision, and may have been preparing for such a takeover for some time,” said ",{"text":1095,"type":599,"marks":53520},[53521],{"type":604,"attrs":53522},{"href":53523,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/what-does-the-shutdown-of-catls-mine-in-jiangxi-mean-for-the-lithium-market",{"text":53525,"type":599},", product director for lithium at Benchmark.",{"type":594,"attrs":53527,"content":53528},{"textAlign":49},[53529,53531,53535],{"text":53530,"type":599},"Arcadium’s signature asset is the Hombre Muerto brine facility in Argentina using ",{"text":33082,"type":599,"marks":53532},[53533],{"type":604,"attrs":53534},{"href":30729,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":53536,"type":599}," (DLE) technology.",{"type":594,"attrs":53538,"content":53539},{"textAlign":49},[53540],{"type":1186,"attrs":53541},{"id":49,"alt":53542,"src":53543,"title":49,"source":49,"copyright":49,"meta_data":53544},"Top 5 lithium miners by project ownership (2030). A combined Rio Tinto and Arcadium could be the third largest lithium miner if all projects come to fruition","https://a.storyblok.com/f/287943243085208/913b419059/bm-rio-tinto-charts-01-v2.png",{},{"type":657,"attrs":53546,"content":53547},{"level":15966,"textAlign":49},[53548],{"text":53549,"type":599},"What would Rio Tinto buying Arcadium Lithium mean?",{"type":594,"attrs":53551,"content":53552},{"textAlign":49},[53553],{"text":53554,"type":599},"A combined Rio Tinto and Arcadium could potentially have:",{"type":594,"attrs":53556,"content":53557},{"textAlign":49},[53558,53560,53564],{"text":53559,"type":599},"This would position Rio Tinto as the third largest lithium miner and fourth largest lithium chemical producer by 2030, based on project ownership, according to ",{"text":24541,"type":599,"marks":53561},[53562],{"type":604,"attrs":53563},{"href":39016,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":53566,"content":53567},{"textAlign":49},[53568],{"type":1186,"attrs":53569},{"id":49,"alt":53570,"src":53571,"title":49,"source":49,"copyright":49,"meta_data":53572},"Top 5 lithium chemical producers by project ownership (2030)","https://a.storyblok.com/f/287943243085208/69ffb793d9/bm-rio-tinto-charts-02-v2png.png",{},{"type":594,"attrs":53574,"content":53575},{"textAlign":49},[53576],{"text":53577,"type":599},"“This is where Rio is comfortable, in being a top producer, leveraging skills, technology and infrastructure globally and locally,” Perks said.",{"type":594,"attrs":53579,"content":53580},{"textAlign":49},[53581],{"text":53582,"type":599},"Most of this production would come from assets operated or developed by Arcadium Lithium as Rio Tinto has a comparatively small lithium pipeline.",{"type":594,"attrs":53584,"content":53585},{"textAlign":49},[53586,53590,53597],{"text":53587,"type":599,"marks":53588},"Watch our Power Players interview with ",[53589],{"type":643},{"text":53591,"type":599,"marks":53592},"Arcadium CEO Paul Graves",[53593,53596],{"type":604,"attrs":53594},{"href":53595,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/power-players-exclusive-interview-with-arcadium-lithium-ceo-paul-graves",{"type":643},{"text":974,"type":599},{"type":657,"attrs":53599,"content":53600},{"level":15966,"textAlign":49},[53601],{"text":53602,"type":599},"Why is Rio Tinto considering this?",{"type":594,"attrs":53604,"content":53605},{"textAlign":49},[53606],{"text":53607,"type":599},"Rio Tinto’s position as a dominant player in other markets, such as aluminium, makes them a valuable supplier to automakers.",{"type":594,"attrs":53609,"content":53610},{"textAlign":49},[53611,53613,53618],{"text":53612,"type":599},"Rio Tinto has struggled to develop its hard rock project in Jadar, Serbia following ",{"text":53614,"type":599,"marks":53615},"protests against the mine",[53616],{"type":604,"attrs":53617},{"href":27582,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":53620,"content":53621},{"textAlign":49},[53622,53624,53629],{"text":53623,"type":599},"The acquisition talks come as lithium prices have fallen over 60% in the last 12 months, according to ",{"text":2210,"type":599,"marks":53625},[53626],{"type":604,"attrs":53627},{"href":53628,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/lithium-prices",{"text":53630,"type":599},", on the back of slower-than-expected demand growth for electric vehicles.",{"type":594,"attrs":53632,"content":53633},{"textAlign":49},[53634],{"text":53635,"type":599},"“It shows that the company believes the long-term demand from EVs is there, and that no matter what the cathode chemistry is, lithium will be required,”  Perks said.",{"type":594,"attrs":53637,"content":53638},{"textAlign":49},[53639],{"type":1186,"attrs":53640},{"id":49,"alt":53641,"src":53642,"title":49,"source":49,"copyright":49,"meta_data":53643},"Lithium prices have fallen over 60% in the last 12 months","https://a.storyblok.com/f/287943243085208/2dc2e271ee/bm-lithium-gwa-price.png",{},{"type":594,"attrs":53645,"content":53646},{"textAlign":49},[53647],{"text":53648,"type":599},"An acquisition would be significant for Rio Tinto’s DLE plans. The company is developing its DLE Rincon project in Argentina due to come online next year.",{"type":594,"attrs":53650,"content":53651},{"textAlign":49},[53652],{"text":53653,"type":599},"“Acquiring Arcadium would mean they’re acquiring the only non-Chinese company operating a commercial scale DLE technology today,” Perks said.",{"type":657,"attrs":53655,"content":53656},{"level":15966,"textAlign":49},[53657],{"text":53658,"type":599},"What geographical footprint would a combined company have?",{"type":594,"attrs":53660,"content":53661},{"textAlign":49},[53662,53664,53669,53671,53677],{"text":53663,"type":599},"Arcadium’s lithium mining portfolio is primarily brine in ",{"text":4358,"type":599,"marks":53665},[53666],{"type":604,"attrs":53667},{"href":53668,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-javier-mileis-election-in-argentina-mean-for-lithium-mining",{"text":53670,"type":599}," since its hard rock ",{"text":53672,"type":599,"marks":53673},"Mt Cattlin project in Western Australia",[53674],{"type":604,"attrs":53675},{"href":53676,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/arcadium-lithium-to-place-mt-cattlin-into-care-and-maintenance-amid-spodumene-price-lows",{"text":53678,"type":599}," is due to enter care and maintenance from next year. The company is also developing hard rock assets in Canada.",{"type":594,"attrs":53680,"content":53681},{"textAlign":49},[53682],{"text":53683,"type":599},"In terms of lithium chemical production, Arcadium has operating and developing assets in Argentina, China, Japan, the US and Canada. ",{"type":594,"attrs":53685,"content":53686},{"textAlign":49},[53687],{"text":53688,"type":599},"“Rio Tinto has filled in the obvious gap in Arcadium, which is Europe,” Perks said.",{"type":594,"attrs":53690,"content":53691},{"textAlign":49},[53692,53694,53700],{"text":53693,"type":599},"Although Rio Tinto’s Jadar project is uncertain, last year it announced it was considering ",{"text":53695,"type":599,"marks":53696},"Dunkirk, France for a lithium hydroxide",[53697],{"type":604,"attrs":53698},{"href":53699,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rio-tinto-considering-lithium-hydroxide-refinery-in-france",{"text":53701,"type":599}," production facility.",{"type":594,"attrs":53703,"content":53704},{"textAlign":49},[53705],{"text":53706,"type":599},"“Securing feedstock for their suite of existing customers in Europe makes sense, as does securing a base in North America and Japan,” Perks said.",{"type":594,"attrs":53708,"content":53709},{"textAlign":49},[53710],{"text":53711,"type":599,"marks":53712},"Benchmark Week will return to Los Angeles on 12-14 November 2024, bringing global industry leaders, financiers and government officials together to chart a course for the technologies and supply chains central to the energy transition.",[53713],{"type":643},{"type":594,"attrs":53715,"content":53716},{"textAlign":49},[53717],{"text":53718,"type":599,"marks":53719},"Join us at Benchmark Week to forge connections, identify future partners and unlock market opportunities.",[53720],{"type":643},{"type":594,"attrs":53722,"content":53723},{"textAlign":49},[53724,53728,53734],{"text":53725,"type":599,"marks":53726},"View the agenda and secure your ticket ",[53727],{"type":643},{"text":6515,"type":599,"marks":53729},[53730,53733],{"type":604,"attrs":53731},{"href":53732,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://benchmarkevents.benchmarkminerals.com/benchmarkweek2024",{"type":643},{"text":974,"type":599,"marks":53735},[53736],{"type":643},"Rio Tinto is in discussions to acquire Arcadium Lithium, as confirmed by both companies on Monday. If a deal is agreed, this would catapult the Anglo-Australian mining giant into the top five lithium players and cement its position in the lithium market. “Rio has a global vision, and may have been preparing for such a […]",[53739],{"slug":544,"name":543,"content":53740},{"job_title":557,"image":53741,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"511a1b9f-f805-4fa5-a80f-1404b47ee65e\", \"id\": \"\"}-->",[53744,53745],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":53570,"name":547,"focus":547,"title":53570,"source":547,"filename":53747,"copyright":547,"fieldtype":553,"meta_data":53748,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1728313199/www-production/Rio-Chemical-Chart-no-y-numbers/Rio-Chemical-Chart-no-y-numbers.png?_i=AA",{"alt":53570,"title":53570,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":53750,"copyright":547,"fieldtype":553,"meta_data":53751,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/553d191c8a/bm-mt-cattlin.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 07, 2024",{"id":53754,"uuid":53755,"name":53756,"slug":53757,"full_slug":53758,"content":53759},112468819391329,"3c48b8a9-2efc-4cbb-aab4-83837aa15d12","Which companies control the lithium ion battery supply chain?","which-companies-control-the-lithium-ion-battery-supply-chain-2","article/which-companies-control-the-lithium-ion-battery-supply-chain-2",{"_uid":53760,"date":53761,"tags":53762,"editor":53764,"content":53768,"excerpt":53829,"featured":51,"reporter":53830,"_editable":53834,"component":864,"seo_title":53756,"categories":53835,"visibility":2091,"author_company":49,"data_vis_image":53840,"featured_image":53843,"seo_description":53845,"author_full_name":49,"author_job_title":49,"formattedDate":53846},"997116bf-e673-465b-baa2-8e1b2410a4df","2024-10-04 00:00",[53763],{"slug":578,"name":579},[53765],{"slug":544,"name":543,"content":53766},{"job_title":557,"image":53767,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":53769},[53770,53775,53780,53785,53792,53797,53802,53807,53812,53817,53822],{"type":594,"attrs":53771,"content":53772},{"textAlign":49},[53773],{"text":53774,"type":599},"The lithium ion battery is now central to the fortunes of the auto industry and energy transition, with demand forecast to exceed one terawatt hour (TWh) this year, according to Benchmark’s Lithium ion Battery Database, rising from just 74 gigawatt hours (GWh) in 2015. ",{"type":594,"attrs":53776,"content":53777},{"textAlign":49},[53778],{"text":53779,"type":599},"This growing industrial role has meant political attention for the technology has risen too, with Western governments seeking to develop domestic supply chains independent of China, which dominates the industry.",{"type":594,"attrs":53781,"content":53782},{"textAlign":49},[53783],{"text":53784,"type":599},"At the centre of the expansion in production have been the producers ramping up capacity from raw material production through to gigafactory lines. Using Benchmark’s proprietary data, this infographic outlines the leading producers at each stage of the lithium ion battery supply chain.",{"type":594,"attrs":53786,"content":53787},{"textAlign":49},[53788],{"type":1186,"attrs":53789},{"id":49,"alt":547,"src":53790,"title":49,"source":49,"copyright":49,"meta_data":53791},"https://a.storyblok.com/f/287943243085208/7852948919/bm-top-5-producers-across-the-lithium-ion-supply-chain.png",{},{"type":657,"attrs":53793,"content":53794},{"level":15966,"textAlign":49},[53795],{"text":53796,"type":599},"Key insights from Benchmark’s Top 5 Producer infographic ",{"type":657,"attrs":53798,"content":53799},{"level":15966,"textAlign":49},[53800],{"text":53801,"type":599},"1. Battery producer CATL has the largest market share of any company across the supply chain",{"type":657,"attrs":53803,"content":53804},{"level":15966,"textAlign":49},[53805],{"text":53806,"type":599},"2. The cathode market is highly competitive",{"type":657,"attrs":53808,"content":53809},{"level":15966,"textAlign":49},[53810],{"text":53811,"type":599},"3. Chinese companies play a vital role across the supply chain, but dominate midstream and cell production",{"type":657,"attrs":53813,"content":53814},{"level":15966,"textAlign":49},[53815],{"text":53816,"type":599},"4. Western companies play a bigger role in the upstream",{"type":657,"attrs":53818,"content":53819},{"level":15966,"textAlign":49},[53820],{"text":53821,"type":599},"5. The Raw Material Disconnect: Investment is needed across the supply chain but especially upstream",{"type":594,"attrs":53823,"content":53824},{"textAlign":49},[53825],{"text":53826,"type":599,"marks":53827},"To learn more about Benchmark’s EV and lithium ion battery supply chain data fill in the form below and our team will be in touch. ",[53828],{"type":643},"The lithium ion battery is now central to the fortunes of the auto industry and energy transition, with demand forecast to exceed one terawatt hour (TWh) this year, according to Benchmark’s Lithium ion Battery Database, rising from just 74 gigawatt hours (GWh) in 2015. This growing industrial role has meant political attention for the technology […]",[53831],{"slug":544,"name":543,"content":53832},{"job_title":557,"image":53833,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"997116bf-e673-465b-baa2-8e1b2410a4df\", \"id\": \"\"}-->",[53836,53837,53838,53839],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"id":49,"alt":53841,"name":547,"focus":547,"title":53841,"source":547,"filename":53790,"copyright":547,"fieldtype":553,"meta_data":53842,"is_external_url":51},"Infographic showing the top five producers by market share for each material and product in the lithium ion battery supply chain.",{"alt":53841,"title":53841,"source":547,"copyright":547},{"id":49,"alt":50258,"name":547,"focus":547,"title":50258,"source":547,"filename":50259,"copyright":547,"fieldtype":553,"meta_data":53844,"is_external_url":51},{"alt":50258,"title":50258,"source":547,"copyright":547},"The lithium ion battery is now central to the fortunes of the auto industry and energy transition, with demand forecast to exceed one terawatt hour (TWh) this year.","Oct 04, 2024",{"id":53848,"uuid":53849,"name":53850,"slug":53851,"full_slug":53852,"content":53853},112468853797736,"931ed180-5978-4c82-be55-36c13843e743","Benchmark to launch Sodium ion Batteries Forecast report","benchmark-to-launch-sodium-ion-batteries-forecast-report","article/benchmark-to-launch-sodium-ion-batteries-forecast-report",{"_uid":53854,"date":53855,"tags":53856,"editor":53859,"content":53863,"excerpt":53961,"featured":50,"reporter":53962,"_editable":53966,"component":864,"seo_title":53850,"categories":53967,"visibility":2091,"author_company":49,"featured_image":53969,"seo_description":53961,"author_full_name":49,"author_job_title":49,"formattedDate":53971},"3a511c6b-933c-4ba6-95e5-86bcf8d273b3","2024-10-01 00:00",[53857,53858],{"slug":9655,"name":9656},{"slug":20649,"name":20650},[53860],{"slug":544,"name":543,"content":53861},{"job_title":557,"image":53862,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":53864},[53865,53879,53887,53892,53897,53931,53936,53941,53953],{"type":594,"attrs":53866,"content":53867},{"textAlign":49},[53868,53869,53871,53877],{"text":7249,"type":599},{"text":53870,"type":599},"is pleased to announce the launch of its new ",{"text":53872,"type":599,"marks":53873},"Sodium ion Batteries Forecast",[53874],{"type":604,"attrs":53875},{"href":53876,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/sodium-ion-batteries/data-reports/forecast",{"text":53878,"type":599},". This comprehensive report is designed for battery, cathode and anode market participants, OEMs, and investors, providing essential guidance through the complexities of the sodium ion battery sector. Subscribers will gain insights into the forecast market growth and the role that this emerging technology is set to play across the market and especially in the energy storage sector.",{"type":594,"attrs":53880,"content":53881},{"textAlign":49},[53882,53884,53885],{"text":53883,"type":599},"Sodium ion batteries have gained increased attention in recent years due to their potential to offer a low cost energy storage solution without reliance on the lithium supply chain. ",{"text":25616,"type":599},{"text":53886,"type":599},"analysis shows that the pipeline capacity for sodium ion batteries is booming, with a 230% year on year increase between 2023 to 2024, and continued rapid capacity growth forecast out to 2030. These increases signal a commercial drive, however only by understanding market drivers and predicting realistic utilisation rates, can a supply-demand balance be forecast.",{"type":594,"attrs":53888,"content":53889},{"textAlign":49},[53890],{"text":53891,"type":599},"The report offers detailed forecasting of supply and demand for sodium ion battery cells, cathodes and anodes. Analysis is broken down by material type, providing the forecast supply-demand balance for layered oxide, polyanionic and Prussian Blue analogue cathodes.",{"type":594,"attrs":53893,"content":53894},{"textAlign":49},[53895],{"text":53896,"type":599},"The report includes graphics and written analysis of forecast trends, in-depth profiles of key companies in the sector, and a technology handbook which details the material supply chains required to support the technology. Forecast reports will be published on a quarterly basis. Subscribers also have access to the analyst team behind the forecast for personalised insights and context.",{"type":594,"attrs":53898,"content":53899},{"textAlign":49},[53900,53901,53905,53907,53908,53910,53915,53916,53921,53923,53929],{"text":2372,"type":599},{"text":53872,"type":599,"marks":53902},[53903],{"type":604,"attrs":53904},{"href":53876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":53906,"type":599}," further expands ",{"text":25616,"type":599},{"text":53909,"type":599},"coverage of next-generation battery market intelligence, beyond the ",{"text":53911,"type":599,"marks":53912},"Silicon Anode Forecast",[53913],{"type":604,"attrs":53914},{"href":51713,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1440,"type":599},{"text":53917,"type":599,"marks":53918},"Solid-State and Lithium-Metal Batteries Forecast",[53919],{"type":604,"attrs":53920},{"href":52450,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":53922,"type":599},". The report compliments the capacity data provided in the ",{"text":53924,"type":599,"marks":53925},"Sodium ion Batteries Market Assessment",[53926],{"type":604,"attrs":53927},{"href":53928,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/sodium-ion-batteries/data-reports/market-assessments",{"text":53930,"type":599},", providing further granularity and forecasting out to 2040.",{"type":594,"attrs":53932,"content":53933},{"textAlign":49},[53934],{"text":53935,"type":599},"“We monitor the sodium ion battery market drivers to forecast growth within the sector. Benchmark’s wealth of expertise across the battery supply chain in pricing and supply, perfectly positions us to keep up to date with the complexities of this market and to become the go-to for sodium ion battery market intelligence,” said Catherine Peake, Analyst.",{"type":594,"attrs":53937,"content":53938},{"textAlign":49},[53939],{"text":53940,"type":599},"“The global battery industry is evolving, and we are seeing great innovation across the world to tailor battery performance to better meet the requirements of applications. As sodium ion batteries undergo commercial demonstration, the technology is set to be a strong new addition in balancing the equation of the global energy transition” said Rory McNulty, Product Director, New Technology.",{"type":594,"attrs":53942,"content":53943},{"textAlign":49},[53944,53945,53947,53951],{"text":25616,"type":599},{"text":53946,"type":599},"new ",{"text":53872,"type":599,"marks":53948},[53949],{"type":604,"attrs":53950},{"href":53876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":53952,"type":599}," provides independent and detailed analysis of supply and demand out to 2040.",{"type":594,"attrs":53954,"content":53955},{"textAlign":49},[53956,53958,53959],{"text":53957,"type":599},"To view more detail and speak to ",{"text":25616,"type":599},{"text":53960,"type":599},"analysts further, please provide your details here:","Benchmark is pleased to announce the launch of its new Sodium ion Batteries Forecast. This comprehensive report is designed for battery, cathode and anode market participants, OEMs, and investors, providing essential guidance through the complexities of the sodium ion battery sector. Subscribers will gain insights into the forecast market growth and the role that this […]",[53963],{"slug":544,"name":543,"content":53964},{"job_title":557,"image":53965,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3a511c6b-933c-4ba6-95e5-86bcf8d273b3\", \"id\": \"\"}-->",[53968],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":40441,"copyright":547,"fieldtype":553,"meta_data":53970,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Oct 01, 2024",{"id":53973,"uuid":53974,"name":53975,"slug":53976,"full_slug":53977,"content":53978},112468863370090,"bcae3660-32ca-4b05-a4de-9445def3fd8b","EV copper demand to grow despite efficiency-driven content reductions","ev-copper-demand-to-grow-despite-efficiency-driven-content-reductions","article/ev-copper-demand-to-grow-despite-efficiency-driven-content-reductions",{"_uid":53979,"date":53980,"tags":53981,"editor":53985,"content":53989,"excerpt":54043,"featured":51,"reporter":54044,"_editable":54048,"component":864,"seo_title":54049,"categories":54050,"visibility":2091,"author_company":49,"data_vis_image":54055,"featured_image":54058,"seo_description":54061,"author_full_name":49,"author_job_title":49,"formattedDate":54062},"9f6dfd92-dd8d-464c-9292-f06bffb6f511","2024-09-30 00:00",[53982,53983,53984],{"slug":11313,"name":11314},{"slug":578,"name":579},{"slug":22565,"name":22566},[53986],{"slug":544,"name":543,"content":53987},{"job_title":557,"image":53988,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":53990},[53991,53996,54001,54003,54008,54013,54018,54023,54030],{"type":594,"attrs":53992,"content":53993},{"textAlign":49},[53994],{"text":53995,"type":599},"Copper’s role in battery electric vehicles (BEVs) is evolving. ",{"type":594,"attrs":53997,"content":53998},{"textAlign":49},[53999],{"text":54000,"type":599},"The red metal plays a critical role in battery electric vehicles (BEVs), averaging a copper intensity just shy of 70 kg per vehicle. Copper is essential for various components, including the copper foil that serves as a separator between the anode and cathode in batteries, motors, and cables required for recharging.",{"type":594,"attrs":54002},{"textAlign":49},{"type":594,"attrs":54004,"content":54005},{"textAlign":49},[54006],{"text":54007,"type":599},"Yet, automakers are reducing copper intensity of these components to achieve cost savings as they ramp up BEV production. According to Benchmark estimates, this trend will lead to a 38 kg reduction in copper usage per vehicle by 2030, driven by thrifting and the substitution of copper with cheaper materials, as well as efficiency improvements.",{"type":594,"attrs":54009,"content":54010},{"textAlign":49},[54011],{"text":54012,"type":599},"Nearly all copper-containing subcomponents are expected to see some reduction. Busbars—used to distribute power from the battery to different parts of the vehicle and for thermal management—are set to experience the largest annual reduction, averaging 6% to 2030. Lighter and more affordable aluminium busbars are becoming a popular alternative to copper.",{"type":594,"attrs":54014,"content":54015},{"textAlign":49},[54016],{"text":54017,"type":599},"Despite these reductions, the demand for copper from the BEV sector is projected to grow significantly as deployment rates soar and charging infrastructure is built out. These developments are expected to more than offset the decline in copper usage per vehicle. ",{"type":594,"attrs":54019,"content":54020},{"textAlign":49},[54021],{"text":54022,"type":599},"Benchmark projects a 177% increase in copper demand from the EV and battery sector by 2030, reaching 2.5 million tonnes annually.",{"type":594,"attrs":54024,"content":54025},{"textAlign":49},[54026],{"text":54027,"type":599,"marks":54028},"Benchmark’s Copper Weekly Newsletter provides expert market insights and analysis of copper’s role in the evolving energy transition.",[54029],{"type":643},{"type":594,"attrs":54031,"content":54032},{"textAlign":49},[54033,54039],{"text":54034,"type":599,"marks":54035},"Sign up",[54036,54038],{"type":604,"attrs":54037},{"href":16334,"uuid":49,"anchor":49,"target":650,"linktype":607},{"type":643},{"text":54040,"type":599,"marks":54041}," with your business email address to receive Copper Weekly direct to your inbox every Monday.",[54042],{"type":643},"Copper’s role in battery electric vehicles (BEVs) is evolving. The red metal plays a critical role in battery electric vehicles (BEVs), averaging a copper intensity just shy of 70 kg per vehicle. Copper is essential for various components, including the copper foil that serves as a separator between the anode and cathode in batteries, motors, […]",[54045],{"slug":544,"name":543,"content":54046},{"job_title":557,"image":54047,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9f6dfd92-dd8d-464c-9292-f06bffb6f511\", \"id\": \"\"}-->","EV copper demand to grow despite ",[54051,54052,54053,54054],{"slug":2499,"name":2500},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":54056,"copyright":547,"fieldtype":553,"meta_data":54057,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1727697484/www-production/Benchmark-6_Copper-Usage-in-EVs_For-Client/Benchmark-6_Copper-Usage-in-EVs_For-Client.jpg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":54059,"copyright":547,"fieldtype":553,"meta_data":54060,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e85b20ebb4/bm-jag-i-pace-21my-exterior-charging-portofino-blue-020620-001-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Copper’s role in battery electric vehicles (BEVs) is evolving. The red metal plays a critical role in battery electric vehicles (BEVs), averaging a copper intensity just shy of 70 kg per vehicle. ","Sep 30, 2024",{"id":54064,"uuid":54065,"name":54066,"slug":54067,"full_slug":54068,"content":54069},112468877812589,"2809b48a-ae55-4b1c-a787-c1c65bfb6548","US DoE funding promises $680 million to support domestic recycling projects","us-doe-funding-promises-680-million-to-support-domestic-recycling-projects","article/us-doe-funding-promises-680-million-to-support-domestic-recycling-projects",{"_uid":54070,"date":54071,"tags":54072,"editor":54077,"content":54081,"excerpt":54177,"featured":51,"reporter":54178,"_editable":54182,"component":864,"seo_title":54066,"categories":54183,"visibility":882,"author_company":49,"featured_image":54186,"seo_description":54177,"author_full_name":49,"author_job_title":49,"formattedDate":54189},"d6693a63-0ff7-40ed-995d-4d69dc975772","2024-09-27 00:00",[54073,54076],{"slug":54074,"name":54075},"department-of-energy","Department of Energy",{"slug":1375,"name":1376},[54078],{"slug":544,"name":543,"content":54079},{"job_title":557,"image":54080,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":54082},[54083,54088,54093,54110,54115,54126,54138,54150,54155,54160,54172],{"type":594,"attrs":54084,"content":54085},{"textAlign":49},[54086],{"text":54087,"type":599},"The US Department of Energy has allocated $680 million in awards to five battery recycling initiatives as part of a second round of funding under the Bipartisan Infrastructure Law (BIL). ",{"type":594,"attrs":54089,"content":54090},{"textAlign":49},[54091],{"text":54092,"type":599},"Aligning with the Biden Administration’s vision of reducing reliance on Chinese-dominated supply chains, extracting battery minerals from spent lithium-ion battery cells is seen as a key area through which the US can increase its resource independence. This approach supports a circular, closed-loop supply chain, reducing the need for virgin critical minerals from third countries.",{"type":594,"attrs":54094,"content":54095},{"textAlign":49},[54096,54101,54103,54108],{"text":54097,"type":599,"marks":54098},"The Benchmark Battery Recycling Forecast",[54099],{"type":604,"attrs":54100},{"href":36130,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":54102,"type":599}," projects that North America’s total scrap pool – ",{"text":54104,"type":599,"marks":54105},"derived from the growing number of end of life batteries and process scrap from an increasing number of active US-based battery gigafactories",[54106],{"type":604,"attrs":54107},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":54109,"type":599}," – is set to grow 8-fold to 82 gigawatt-hours (GWh) by 2030, presenting a clear opportunity for battery recycling projects in the region. ",{"type":657,"attrs":54111,"content":54112},{"level":15966,"textAlign":49},[54113],{"text":54114,"type":599},"US targets circular economy",{"type":594,"attrs":54116,"content":54117},{"textAlign":49},[54118,54124],{"text":54119,"type":599,"marks":54120},"The first round of US Department of Energy (DoE) funding – announced in early 2022 – allocated $200 million to support battery recycling projects",[54121],{"type":604,"attrs":54122},{"href":54123,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-battery-supply-chain-momentum-continues-with-department-of-energys-3-16-billion-funding?_branch_match_id=1544394116855939684&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT0oqzI0KdDUp9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAZBBYv0gAAAA%3D",{"text":54125,"type":599}," and associated ecosystem, as well as offering $4 billion worth of tax credits across over 100 projects across the nation to increase sustainability within industrial practices.",{"type":594,"attrs":54127,"content":54128},{"textAlign":49},[54129,54131,54137],{"text":54130,"type":599},"Since the passage of the BIL and Inflation Reduction Act (IRA), projections for US battery recycling capacity by 2030 have doubled, according to the ",{"text":54132,"type":599,"marks":54133},"Benchmark Battery Recycling Forecast",[54134],{"type":604,"attrs":54135},{"href":54136,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/recycling/data-reports/forecast/",{"text":17632,"type":599},{"type":594,"attrs":54139,"content":54140},{"textAlign":49},[54141,54143,54148],{"text":54142,"type":599},"However, the current low price environment for critical minerals are ",{"text":54144,"type":599,"marks":54145},"squeezing margins in the recycling industry",[54146],{"type":604,"attrs":54147},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":54149,"type":599},", making it harder for new projects to secure private-sector financing. ",{"type":594,"attrs":54151,"content":54152},{"textAlign":49},[54153],{"text":54154,"type":599},"Moreover, the majority of recycling operations in North America are pre-treatment only, leaving relatively few players able to process black mass into battery chemicals. Those that have this capability have struggled to compete with black mass demand from larger players in Asia, leading to an outflow of black mass from North America to Asia.",{"type":594,"attrs":54156,"content":54157},{"textAlign":49},[54158],{"text":54159,"type":599},"To circumvent this outflow, integrated recyclers in North America are seeking partnerships to recycle end-of-life batteries and process scrap with regional automakers and battery manufacturers. ",{"type":594,"attrs":54161,"content":54162},{"textAlign":49},[54163,54165,54170],{"text":54164,"type":599},"This week, leading US-recycler ",{"text":54166,"type":599,"marks":54167},"Redwood Materials added BMW electric vehicles",[54168],{"type":604,"attrs":54169},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":54171,"type":599}," to its roster of partnerships, which includes Toyota, Volkswagen, General Motors (through Ultium Cells), Audi and Ford (through BlueOvalSK).",{"type":594,"attrs":54173,"content":54174},{"textAlign":49},[54175],{"text":54176,"type":599},"To address regional challenges for battery recycling, the second round of DoE funding plans to support the expansion of battery recycling infrastructure in the US:","The US Department of Energy has allocated $680 million in awards to five battery recycling initiatives as part of a second round of funding under the Bipartisan Infrastructure Law (BIL). Aligning with the Biden Administration’s vision of reducing reliance on Chinese-dominated supply chains, extracting battery minerals from spent lithium-ion battery cells is seen as a […]",[54179],{"slug":544,"name":543,"content":54180},{"job_title":557,"image":54181,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d6693a63-0ff7-40ed-995d-4d69dc975772\", \"id\": \"\"}-->",[54184,54185],{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":54187,"copyright":547,"fieldtype":553,"meta_data":54188,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/efe4a06eb0/bm-battery-car-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 27, 2024",{"id":54191,"uuid":54192,"name":54193,"slug":54194,"full_slug":54195,"content":54196},112468872860524,"2ff821dc-b96e-4e28-b70d-66b482986f7f","European 2030 battery pipeline falls 176 GWh this year amid EV slowdown","european-2030-battery-pipeline-falls-176-gwh-this-year-amid-ev-slowdown","article/european-2030-battery-pipeline-falls-176-gwh-this-year-amid-ev-slowdown",{"_uid":54197,"date":54071,"tags":54198,"editor":54202,"content":54206,"excerpt":54310,"featured":51,"reporter":54311,"_editable":54315,"component":864,"seo_title":54193,"categories":54316,"visibility":882,"author_company":49,"data_vis_image":54320,"featured_image":54322,"seo_description":54310,"author_full_name":49,"author_job_title":49,"formattedDate":54189},"97e11e2b-9e2e-4e3e-b263-0ab79c6ee4b6",[54199,54200,54201],{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":48240,"name":48241},[54203],{"slug":544,"name":543,"content":54204},{"job_title":557,"image":54205,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":54207},[54208,54213,54225,54232,54237,54242,54247,54260,54265,54270,54275,54280,54285,54290,54295,54300,54305],{"type":594,"attrs":54209,"content":54210},{"textAlign":49},[54211],{"text":54212,"type":599},"A slowdown in European electric vehicle (EV) demand is leading to a cutback in gigafactory expansions as Benchmark analysis shows 176 gigawatt hours (GWh) of capacity has been removed from the pipeline in 2024. ",{"type":594,"attrs":54214,"content":54215},{"textAlign":49},[54216,54218,54224],{"text":54217,"type":599},"EV sales in the European market – comprising the EU, UK, and EFTA – were down an estimated 4% between January and August 2024 compared to the same period last year, according to Benchmark’s ",{"text":54219,"type":599,"marks":54220},"Lithium ion Battery Forecast",[54221],{"type":604,"attrs":54222},{"href":54223,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium-ion-batteries/data-reports/forecast/",{"text":17632,"type":599},{"type":594,"attrs":54226,"content":54227},{"textAlign":49},[54228],{"type":1186,"attrs":54229},{"id":49,"alt":547,"src":54230,"title":49,"source":49,"copyright":49,"meta_data":54231},"https://a.storyblok.com/f/287943243085208/08125602d1/bm-screenshot-2024-09-27-093349.png",{},{"type":594,"attrs":54233,"content":54234},{"textAlign":49},[54235],{"text":54236,"type":599},"As a result of these market conditions, Northvolt has suspended plans to add another 30 GWh of capacity to its gigafactory in Skellefteå, Sweden, this week. The site currently has 16 GWh of capacity and has struggled to increase production since making its first cell in late 2022.",{"type":594,"attrs":54238,"content":54239},{"textAlign":49},[54240],{"text":54241,"type":599},"The decision was taken to “ensure that its resources are focused on accelerating production in large-scale cell manufacturing at Northvolt Ett,” according to a statement from Northvolt. ",{"type":594,"attrs":54243,"content":54244},{"textAlign":49},[54245],{"text":54246,"type":599},"“Whilst it is impossible to discount the challenges associated with competition that has arisen from extremely low cell prices coming from China, particularly for Northvolt’s ESS business, the wider issues have been compounded by the company’s lower than average utilisation rate,” said Evan Hartley, research manager at Benchmark.",{"type":594,"attrs":54248,"content":54249},{"textAlign":49},[54250,54252,54258],{"text":54251,"type":599},"Earlier this month, Northvolt ",{"text":54253,"type":599,"marks":54254},"halted its cathode material plans",[54255],{"type":604,"attrs":54256},{"href":54257,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/northvolt-halts-european-cathode-plans-to-refocus-on-batteries",{"text":54259,"type":599}," to focus on large-scale cell manufacturing.",{"type":594,"attrs":54261,"content":54262},{"textAlign":49},[54263],{"text":54264,"type":599},"Plans for Northvolt’s future factories – one in Canada, one in Germany, and a joint venture with Volvo in Sweden – could also be delayed.",{"type":657,"attrs":54266,"content":54267},{"level":15966,"textAlign":49},[54268],{"text":54269,"type":599},"Europe’s EV slowdown",{"type":594,"attrs":54271,"content":54272},{"textAlign":49},[54273],{"text":54274,"type":599},"Northvolt’s decision comes amid a slowdown in European EV demand growth and a climate of delayed investments and cancellations.",{"type":594,"attrs":54276,"content":54277},{"textAlign":49},[54278],{"text":54279,"type":599},"Source: Benchmark Lithium ion Battery Database",{"type":594,"attrs":54281,"content":54282},{"textAlign":49},[54283],{"text":54284,"type":599},"Europe’s year-on-year fall in EV sales comes mostly from Germany, where sales are down 69% year-on-year, according to Benchmark data. This is due to a subsidy-driven spike from Germany which occurred in August of last year, which now no longer exists.",{"type":594,"attrs":54286,"content":54287},{"textAlign":49},[54288],{"text":54289,"type":599},"“Beyond this, the tough economic climate and affordability of electric vehicles is limiting the market. There are some bright spots, however, the UK for example is up 11%, driven by the Zero Emission Vehicle (ZEV) mandate,” said Luke Gear, an analyst at Benchmark.",{"type":594,"attrs":54291,"content":54292},{"textAlign":49},[54293],{"text":54294,"type":599},"The ZEV Mandate is a government policy tool that requires car manufacturers to sell a certain percentage of electric vehicles each year. The mandate requires 80% of news cars sold in 2030 to be electric.",{"type":594,"attrs":54296,"content":54297},{"textAlign":49},[54298],{"text":54299,"type":599},"Global EV sales grew 20% in the first half of 2024 compared to the same period in 2023, according to data from Rho Motion. This growth came predominantly from the Chinese market, in particular from plug-in hybrid (PHEV) sales which rose 70% in the first half of 2024 compared to the previous year. The European EV market only grew 1% over the same period.",{"type":594,"attrs":54301,"content":54302},{"textAlign":49},[54303],{"text":54304,"type":599},"Over the past year several European EV manufacturers have revised back EV targets, delayed investments, or reported falling revenue:",{"type":594,"attrs":54306,"content":54307},{"textAlign":49},[54308],{"text":54309,"type":599},"The step change in EU emissions targets next year – a 15% cut in CO2/km from the 2021 baseline –  is expected to revive growth.","A slowdown in European electric vehicle (EV) demand is leading to a cutback in gigafactory expansions as Benchmark analysis shows 176 gigawatt hours (GWh) of capacity has been removed from the pipeline in 2024. EV sales in the European market – comprising the EU, UK, and EFTA – were down an estimated 4% between January […]",[54312],{"slug":544,"name":543,"content":54313},{"job_title":557,"image":54314,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"97e11e2b-9e2e-4e3e-b263-0ab79c6ee4b6\", \"id\": \"\"}-->",[54317,54318,54319],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":54230,"copyright":547,"fieldtype":553,"meta_data":54321,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":54323,"copyright":547,"fieldtype":553,"meta_data":54324,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0a599f6a7c/bm-northvolt-ett-render.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":54326,"uuid":54327,"name":54328,"slug":54329,"full_slug":54330,"content":54331},112468907000739,"b209ce46-db32-418a-b6ba-6d20784c2d23","DLE and lithium metal projects on track for over $500 million in US DoE funding","dle-and-lithium-metal-projects-on-track-for-over-500-million-in-us-doe-funding","article/dle-and-lithium-metal-projects-on-track-for-over-500-million-in-us-doe-funding",{"_uid":54332,"date":54333,"tags":54334,"editor":54341,"content":54345,"excerpt":54534,"featured":51,"reporter":54535,"_editable":54539,"component":864,"seo_title":54328,"categories":54540,"visibility":882,"author_company":49,"featured_image":54544,"seo_description":54534,"author_full_name":49,"author_job_title":49,"formattedDate":54547},"69213398-a917-4f78-a31e-6e0598f560e8","2024-09-24 00:00",[54335,54336,54337,54338,54339,54340],{"slug":54074,"name":54075},{"slug":24492,"name":24493},{"slug":52671,"name":52672},{"slug":2787,"name":2788},{"slug":1375,"name":1376},{"slug":21502,"name":21503},[54342],{"slug":544,"name":543,"content":54343},{"job_title":557,"image":54344,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":54346},[54347,54359,54364,54391,54396,54401,54413,54424,54432,54437,54442,54447,54458,54463,54468,54473,54478,54483,54487,54492,54497,54504,54521],{"type":594,"attrs":54348,"content":54349},{"textAlign":49},[54350,54351,54357],{"text":2372,"type":599},{"text":54352,"type":599,"marks":54353},"US Department of Energy",[54354],{"type":604,"attrs":54355},{"href":54356,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/jigar-shah-discussing-supporting-us-supply-chains-through-public-partnerships",{"text":54358,"type":599}," announced over $500 million in provisional investments to help build out the next-generation of lithium supply in the US.",{"type":594,"attrs":54360,"content":54361},{"textAlign":49},[54362],{"text":54363,"type":599},"The investments are part of a larger $3 billion round of funding across 25 projects as part of the Bipartisan Infrastructure Law that was passed by the Biden Administration at the end of 2021.",{"type":594,"attrs":54365,"content":54366},{"textAlign":49},[54367,54369,54374,54376,54382,54384,54389],{"text":54368,"type":599},"Of the money provisionally set aside for lithium projects, $450 million is equally split across two ",{"text":33082,"type":599,"marks":54370},[54371],{"type":604,"attrs":54372},{"href":54373,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-is-direct-lithium-extraction-the-industrys-shale-moment",{"text":54375,"type":599}," (DLE) projects, including ",{"text":54377,"type":599,"marks":54378},"Standard Lithium’s joint venture with Equinor",[54379],{"type":604,"attrs":54380},{"href":54381,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/equinor-takes-stake-in-standard-lithium-smackover-direct-lithium-extraction-projects",{"text":54383,"type":599},". Albemarle’s North Carolina ",{"text":39624,"type":599,"marks":54385},[54386],{"type":604,"attrs":54387},{"href":54388,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/are-lithium-metal-batteries-an-opportunity-for-the-west",{"text":54390,"type":599}," project is also set to receive $67 million.",{"type":594,"attrs":54392,"content":54393},{"textAlign":49},[54394],{"text":54395,"type":599},"“Financial support for DLE makes sense. DLE presents a high capital barrier to entry, but has a lot of potential in terms of scale and opex,” said Cameron Perks, product director for lithium at Benchmark.",{"type":594,"attrs":54397,"content":54398},{"textAlign":49},[54399],{"text":54400,"type":599},"“Support for lithium metal anode is a really significant step for consumers who want extended range, and for battery makers moving towards solid state batteries and wanting to derisk their supply-chain,” Perks added.",{"type":594,"attrs":54402,"content":54403},{"textAlign":49},[54404,54406,54411],{"text":54405,"type":599},"US supply of mined lithium is set to grow from around 3,000 tonnes (lithium carbonate equivalent) in 2023 to almost 155,000 tonnes by 2032, according to ",{"text":24541,"type":599,"marks":54407},[54408],{"type":604,"attrs":54409},{"href":54410,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/data-reports/forecast/",{"text":54412,"type":599},". The US’ Lithium chemical supplies are expected to grow similarly, hitting 170,000 tonnes LCE in 2032.",{"type":594,"attrs":54414,"content":54415},{"textAlign":49},[54416,54418,54422],{"text":54417,"type":599},"US demand for lithium in the same year is significantly higher at  more than 400,000 tonnes LCE, according to ",{"text":24541,"type":599,"marks":54419},[54420],{"type":604,"attrs":54421},{"href":54410,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":54423,"type":599},". The US will likely continue to rely on imports of lithium, though investments such as these from the DoE will help to improve its domestic supply.",{"type":594,"attrs":54425,"content":54426},{"textAlign":49},[54427],{"type":1186,"attrs":54428},{"id":49,"alt":54429,"src":54430,"title":49,"source":49,"copyright":49,"meta_data":54431},"US lithium production forecast to increase more than 50-fold between 2023 and 2032","https://a.storyblok.com/f/287943243085208/8102c430a2/bm-50-fold-increase-in-us-lithium-supply.png",{},{"type":657,"attrs":54433,"content":54434},{"level":15966,"textAlign":49},[54435],{"text":54436,"type":599},"Which lithium projects have been selected?",{"type":594,"attrs":54438,"content":54439},{"textAlign":49},[54440],{"text":54441,"type":599},"Of the 25 selectees, three are related to the lithium supply chain, with a combined total of $517 million.",{"type":594,"attrs":54443,"content":54444},{"textAlign":49},[54445],{"text":54446,"type":599},"Source: US Department of Energy",{"type":594,"attrs":54448,"content":54449},{"textAlign":49},[54450,54452,54457],{"text":54451,"type":599},"SWA Lithium and TerraVolta Resources were both selected for awards of $225 million to develop ",{"text":54453,"type":599,"marks":54454},"DLE projects",[54455],{"type":604,"attrs":54456},{"href":30729,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":54459,"content":54460},{"textAlign":49},[54461],{"text":54462,"type":599},"SWA Lithium is a joint venture between Canada’s Standard Lithium and Norwegian energy company Equinor. The funding would be used to develop the Smackover project in South Arkansas which the company claims has the potential of producing up to 45,000 tonnes of battery-grade lithium carbonate per year over at least 20 years.",{"type":594,"attrs":54464,"content":54465},{"textAlign":49},[54466],{"text":54467,"type":599},"TerraVolta Resources also plans to produce battery-grade lithium carbonate from its own significant land position also in the Smackover formation using DLE. The company is planning for 25,000 tonnes of lithium carbonate capacity.",{"type":594,"attrs":54469,"content":54470},{"textAlign":49},[54471],{"text":54472,"type":599},"SWA utilises adsorbent DLE technology from Koch, but TerraVolta has yet to announce which DLE technology it intends to use.",{"type":594,"attrs":54474,"content":54475},{"textAlign":49},[54476],{"text":54477,"type":599},"TerraVolta is supported by The Energy & Minerals Group (EMG), a Texas-based natural resource-focused private equity firm. EMG has previously invested in UK brine DLE project Cornish Lithium.",{"type":594,"attrs":54479,"content":54480},{"textAlign":49},[54481],{"text":54482,"type":599},"Albemarle’s $67 million grant would be spent developing its 50 tonne per annum lithium metal anode facility in North Carolina targeting next generation lithium ion batteries. The company previously received almost $150 million from the DoE in the first round of grants to help develop its Kings Mountain lithium mine.",{"type":657,"attrs":54484,"content":54485},{"level":15966,"textAlign":49},[54486],{"text":36534,"type":599},{"type":594,"attrs":54488,"content":54489},{"textAlign":49},[54490],{"text":54491,"type":599},"Selection at this stage does not constitute a commitment from the DoE to award the funding.",{"type":594,"attrs":54493,"content":54494},{"textAlign":49},[54495],{"text":54496,"type":599},"It is possible that the final decision on these grants won’t be made before January, by which point a new government will be in place. Whether a Democratic or Republican president replaces Biden, could potentially impact the size and selection of the DoE awards.",{"type":594,"attrs":54498,"content":54499},{"textAlign":49},[54500],{"text":54501,"type":599,"marks":54502},"The outcome of the US presidential election on November 5 will bring significant geopolitical consequences for the energy transition in the US and worldwide.",[54503],{"type":643},{"type":594,"attrs":54505,"content":54506},{"textAlign":49},[54507,54511,54517],{"text":54508,"type":599,"marks":54509},"Benchmark’s latest ",[54510],{"type":643},{"text":54512,"type":599,"marks":54513},"Special Issue",[54514,54516],{"type":604,"attrs":54515},{"href":41684,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":54518,"type":599,"marks":54519}," explores the likely policy outcomes from a Harris or Trump presidency and how either administration could impact critical mineral and battery industries.",[54520],{"type":643},{"type":594,"attrs":54522,"content":54523},{"textAlign":49},[54524,54528],{"text":54525,"type":599,"marks":54526},"Request Benchmark’s Special Issue – ",[54527],{"type":643},{"text":54529,"type":599,"marks":54530},"Trump vs Harris: What is at stake?",[54531,54533],{"type":604,"attrs":54532},{"href":41684,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},"The US Department of Energy announced over $500 million in provisional investments to help build out the next-generation of lithium supply in the US. The investments are part of a larger $3 billion round of funding across 25 projects as part of the Bipartisan Infrastructure Law that was passed by the Biden Administration at the […]",[54536],{"slug":544,"name":543,"content":54537},{"job_title":557,"image":54538,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"69213398-a917-4f78-a31e-6e0598f560e8\", \"id\": \"\"}-->",[54541,54542,54543],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":54545,"copyright":547,"fieldtype":553,"meta_data":54546,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e91d4052b3/bm-abc-0969-standardlithium.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 24, 2024",{"id":54549,"uuid":54550,"name":54551,"slug":54552,"full_slug":54553,"content":54554},112468927206342,"a378700b-b652-4777-a805-9913e4d2b3e6","Sila Nanotechnologies inks silane deal with REC Silicon in US anode hub","sila-nanotechnologies-inks-silane-deal-with-rec-silicon-in-us-anode-hub","article/sila-nanotechnologies-inks-silane-deal-with-rec-silicon-in-us-anode-hub",{"_uid":54555,"date":54556,"tags":54557,"editor":54565,"content":54569,"excerpt":54683,"featured":51,"reporter":54684,"_editable":54688,"component":864,"seo_title":54551,"categories":54689,"visibility":882,"author_company":49,"data_vis_image":54694,"featured_image":54698,"seo_description":54683,"author_full_name":49,"author_job_title":49,"formattedDate":54700},"97525bba-b83f-4715-9cc2-a65234671c42","2024-09-20 00:00",[54558,54559,54561,54562,54563,54564],{"slug":578,"name":579},{"slug":54560,"name":44789},"moses-lake",{"slug":2787,"name":2788},{"slug":44767,"name":44768},{"slug":51679,"name":44863},{"slug":1375,"name":1376},[54566],{"slug":544,"name":543,"content":54567},{"job_title":557,"image":54568,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":54570},[54571,54588,54601,54612,54622,54630,54635,54640,54653,54658,54663,54668,54673,54678],{"type":594,"attrs":54572,"content":54573},{"textAlign":49},[54574,54580,54582,54587],{"text":54575,"type":599,"marks":54576},"US-based silicon anode producer",[54577],{"type":604,"attrs":54578},{"href":54579,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-silicon-anode-scene-starts-2024-with-a-wave-of-announcements",{"text":54581,"type":599}," Sila Nanotechnologies will source monosilane gas from REC Silicon through a long-term supply agreement signed Thursday. The silane gas will be produced by REC Silicon in ",{"text":44789,"type":599,"marks":54583},[54584],{"type":604,"attrs":54585},{"href":54586,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/moses-lake-the-usas-silicon-anode-hub",{"text":44795,"type":599},{"type":594,"attrs":54589,"content":54590},{"textAlign":49},[54591,54593,54599],{"text":54592,"type":599},"Sila produces its next generation silicon anode active material at its production facility which Benchmark calculates to have a ",{"text":54594,"type":599,"marks":54595},"capacity",[54596],{"type":604,"attrs":54597},{"href":54598,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/silicon-anodes-prepare-for-mainstream-deployment-with-production-capacity-set-to-triple-in-2024",{"text":54600,"type":599}," of around 10 gigawatt-hours (GWh). This is located next to REC Silicon’s plant.",{"type":594,"attrs":54602,"content":54603},{"textAlign":49},[54604,54606,54611],{"text":54605,"type":599},"Supply of silicon anode material derived from silane is forecast to increase 650% between 2023 and 2032 to 44 GWh, according to ",{"text":51774,"type":599,"marks":54607},[54608],{"type":604,"attrs":54609},{"href":54610,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/silicon-anode/portal/",{"text":974,"type":599},{"type":594,"attrs":54613,"content":54614},{"textAlign":49},[54615,54617,54621],{"text":54616,"type":599},"“Monosilane is the critical feedstock–without it these materials can’t exist,” said ",{"text":40828,"type":599,"marks":54618},[54619],{"type":604,"attrs":54620},{"href":52739,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52726,"type":599},{"type":594,"attrs":54623,"content":54624},{"textAlign":49},[54625],{"type":1186,"attrs":54626},{"id":49,"alt":54627,"src":54628,"title":49,"source":49,"copyright":49,"meta_data":54629},"Silane-derived silicon anode supply forecast to increase 650% between 2023 and 2032","https://a.storyblok.com/f/287943243085208/a67241959a/bm-silane-derived-silicon-anodes.png",{},{"type":657,"attrs":54631,"content":54632},{"level":15966,"textAlign":49},[54633],{"text":54634,"type":599},"Silane supply key to Sila’s EV market ambitions",{"type":594,"attrs":54636,"content":54637},{"textAlign":49},[54638],{"text":54639,"type":599},"The companies have signed a long term agreement lasting through 2031 for REC Silicon, headquartered in Norway, to provide high purity Signature Silane from its Moses Lake facility to Sila.",{"type":594,"attrs":54641,"content":54642},{"textAlign":49},[54643,54645,54651],{"text":54644,"type":599},"“Silane is a key input for the production of Titan Silicon–and for any nano-composite silicon– and while there is plenty of supply in China, domestic supply of silane is extremely limited,” ",{"text":54646,"type":599,"marks":54647},"Sila",[54648],{"type":604,"attrs":54649},{"href":54650,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/engineering-high-performance-silicon-anodes",{"text":54652,"type":599}," told Benchmark Source. “Therefore, securing a steady supply through 2031 is important to maintaining delivery of Titan Silicon for our customers.”",{"type":594,"attrs":54654,"content":54655},{"textAlign":49},[54656],{"text":54657,"type":599},"“For REC, this is the first commercial agreement for use of its merchant silane supply in the new and exciting market of silicon anode active materials,” McNulty said. “For Sila, this locks down a critical feedstock which will ultimately determine the feasibility and cost of their silicon anode active material production.”",{"type":657,"attrs":54659,"content":54660},{"level":15966,"textAlign":49},[54661],{"text":54662,"type":599},"Innovation in silicon anodes depends on silane",{"type":594,"attrs":54664,"content":54665},{"textAlign":49},[54666],{"text":54667,"type":599},"Silicon can be added to graphite to boost the performance of the anode. However, as the material swells 300% when lithiated, only small quantities of silicon are added to prevent damage to the anode. Next-generation silicon anode materials aim to solve this issue.",{"type":594,"attrs":54669,"content":54670},{"textAlign":49},[54671],{"text":54672,"type":599},"“There is a lot of innovation in different engineered silicon anode active materials to improve performance and stability,” McNulty said. “Of these, materials that nano-deposit silicon inside the pores of a scaffold structure, or grown nanowires, are a leading technology being pursued globally.”",{"type":594,"attrs":54674,"content":54675},{"textAlign":49},[54676],{"text":54677,"type":599},"Sila’s Titan Silicon uses a Swiss cheese-like scaffold in which silicon particles occupy the pores. The silicon particle can expand within the pore without damaging the overall structure. The company claims this could boost the range of an EV by 20% and potentially 40% in the future.",{"type":594,"attrs":54679,"content":54680},{"textAlign":49},[54681],{"text":54682,"type":599},"Securing a source of silane is vital for next-generation silicon anode producers.","US-based silicon anode producer Sila Nanotechnologies will source monosilane gas from REC Silicon through a long-term supply agreement signed Thursday. The silane gas will be produced by REC Silicon in Moses Lake, Washington. Sila produces its next generation silicon anode active material at its production facility which Benchmark calculates to have a capacity of around […]",[54685],{"slug":544,"name":543,"content":54686},{"job_title":557,"image":54687,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"97525bba-b83f-4715-9cc2-a65234671c42\", \"id\": \"\"}-->",[54690,54691,54692,54693],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":21579,"name":21580},{"id":49,"alt":54695,"name":547,"focus":547,"title":54695,"source":547,"filename":54696,"copyright":547,"fieldtype":553,"meta_data":54697,"is_external_url":51},"Silane-derived silicon anodes","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1726837229/www-production/Silane-derived-silicon-anodes-no-Y/Silane-derived-silicon-anodes-no-Y.png?_i=AA",{"alt":54695,"title":54695,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":51891,"copyright":547,"fieldtype":553,"meta_data":54699,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Sep 20, 2024",{"id":54702,"uuid":54703,"name":54704,"slug":54705,"full_slug":54706,"content":54707},112468936659912,"be8951cd-a6e6-426d-8336-e05189483dbe","UK and Australian developers dominate African rare earths but China gains influence","uk-and-australian-developers-dominate-african-rare-earths-but-china-gains-influence","article/uk-and-australian-developers-dominate-african-rare-earths-but-china-gains-influence",{"_uid":54708,"date":54709,"tags":54710,"editor":54715,"content":54719,"excerpt":54893,"featured":51,"reporter":54894,"_editable":54898,"component":864,"seo_title":54899,"categories":54900,"visibility":882,"author_company":547,"featured_image":54904,"seo_description":54907,"author_full_name":547,"author_job_title":547,"formattedDate":54908},"25f3b659-5740-4bcd-aa7e-9ca34e6abdaa","2024-09-19 00:00",[54711,54712],{"slug":584,"name":585},{"slug":54713,"name":54714},"wind","Wind",[54716],{"slug":544,"name":543,"content":54717},{"job_title":557,"image":54718,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":54720},[54721,54726,54739,54744,54764,54769,54780,54783,54788,54793,54798,54803,54808,54813,54818,54823,54828,54833,54838,54843,54848,54853,54858,54863,54868,54873,54878,54883,54888],{"type":594,"attrs":54722,"content":54723},{"textAlign":49},[54724],{"text":54725,"type":599},"UK and Australian companies own all of Africa’s rare earths projects, a stand-out exception in a supply chain overwhelmingly dominated by China at a global level.",{"type":594,"attrs":54727,"content":54728},{"textAlign":49},[54729,54731,54737],{"text":54730,"type":599},"All eight planned rare earths mines in Africa are majority-owned by either Australian or UK firms, according to ",{"text":54732,"type":599,"marks":54733},"Benchmark’s Rare Earths Forecast",[54734],{"type":604,"attrs":54735},{"href":54736,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/rare-earths/portal/",{"text":54738,"type":599},", with the projects expected to start going online from 2026.",{"type":594,"attrs":54740,"content":54741},{"textAlign":49},[54742],{"text":54743,"type":599},"This regional pocket of Western dominance lies in contrast to China’s leading role as a rare earths supplier globally, forecast to produce 46% mined praseodymium-neodymium (PrNd) and 72% of total processed PrNd in 2030.",{"type":594,"attrs":54745,"content":54746},{"textAlign":49},[54747,54749,54755,54756,54762],{"text":54748,"type":599},"The Western presence in African rare earths is also striking when compared against China’s dominance in the continent’s other critical minerals sectors, with Chinese companies majority-owning 67% and 55% of 2030 ",{"text":54750,"type":599,"marks":54751},"forecast mined lithium",[54752],{"type":604,"attrs":54753},{"href":54754,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/portal/",{"text":1440,"type":599},{"text":54757,"type":599,"marks":54758},"cobalt supply",[54759],{"type":604,"attrs":54760},{"href":54761,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cobalt/portal/",{"text":54763,"type":599}," respectively.",{"type":594,"attrs":54765,"content":54766},{"textAlign":49},[54767],{"text":54768,"type":599},"Africa’s low capital expenditure and operating costs have been the main draw for Western players.",{"type":594,"attrs":54770,"content":54771},{"textAlign":49},[54772,54774,54779],{"text":54773,"type":599},"“African capital requirement for rare earths is less than other ex-China regions although it is difficult to say for certain that they are lower than in China,” said senior Benchmark analyst ",{"text":1546,"type":599,"marks":54775},[54776],{"type":604,"attrs":54777},{"href":54778,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:nmukherjee@benchmarkminerals.com",{"text":974,"type":599},{"type":594,"attrs":54781,"content":54782},{"textAlign":49},[],{"type":594,"attrs":54784,"content":54785},{"textAlign":49},[54786],{"text":54787,"type":599},"Yet Western ownership of a mine does not guarantee its output will end up in Western value chains. Just 12-13% of African rare earths mine output in 2030 is tied up in supply agreements with European processors while in Tanzania, Chinese influence in the sector is growing through offtakes and ownership shares.",{"type":594,"attrs":54789,"content":54790},{"textAlign":49},[54791],{"text":54792,"type":599},"Rare earths hold applications in wind turbines, EV motors, and certain advanced military equipment. They are classified as critical minerals both in the EU and US. ",{"type":657,"attrs":54794,"content":54795},{"level":15966,"textAlign":49},[54796],{"text":54797,"type":599},"African supply holds strategic potential for West",{"type":594,"attrs":54799,"content":54800},{"textAlign":49},[54801],{"text":54802,"type":599},"With Africa forecast to make up 10% of global ex-China PrNd supply by 2030, its low cost environment offers one of very few routes to Western supply security at current weak prices.",{"type":594,"attrs":54804,"content":54805},{"textAlign":49},[54806],{"text":54807,"type":599},"Western countries are heavily reliant on China for every product along the rare earths value chain, exposing strategic industries to export bans and other supply disruptions. ",{"type":594,"attrs":54809,"content":54810},{"textAlign":49},[54811],{"text":54812,"type":599},"However, it is proving difficult to reduce this reliance by expanding mined capacity in North America, Europe, or Australia. As well as higher operating and capital costs outside China, oversupply from Chinese mines have depressed prices since 2022, leaving a question mark over many ex-China project timelines.",{"type":657,"attrs":54814,"content":54815},{"level":15966,"textAlign":49},[54816],{"text":54817,"type":599},"Why are Western miners dominant in African rare earths?",{"type":594,"attrs":54819,"content":54820},{"textAlign":49},[54821],{"text":54822,"type":599},"Economic and geological realities explain why Western ownership predominates in the African rare earths sector.",{"type":594,"attrs":54824,"content":54825},{"textAlign":49},[54826],{"text":54827,"type":599},"Africa is one of the few ex-China regions where low operating and capital cost could allow Western companies to compete against cost-efficient, scaled Chinese suppliers with high market share.",{"type":594,"attrs":54829,"content":54830},{"textAlign":49},[54831],{"text":54832,"type":599},"“We can definitely say that capital expenditure in Africa is lesser compared to the rest of world ex-China,” said Mukherjee. “Given the current price conditions and complicated process flow sheets of the Rare Earths Market, investors are attracted to projects with lower Capital requirements.”",{"type":594,"attrs":54834,"content":54835},{"textAlign":49},[54836],{"text":54837,"type":599},"One factor driving down capital costs in Africa is easier mining and environmental licensing, transportation, and infrastructure building due to government support for the sector. These are the same factors that drive up costs in Europe and make mined capacity expansions there more challenging.",{"type":594,"attrs":54839,"content":54840},{"textAlign":49},[54841],{"text":54842,"type":599},"Western dominance also results from Chinese rare earths companies largely staying away from the continent. China has less incentive to invest in African rare earths mining because it already has significant amounts of cost-effective domestic supply, the result of two decades-worth of targeted industrial policies.",{"type":594,"attrs":54844,"content":54845},{"textAlign":49},[54846],{"text":54847,"type":599},"Chinese rare earth processors are also flush with imported ores, including from neighbouring Myanmar, where mines are mainly owned by Chinese firms. China’s rare earth industry also supplements domestic ores with supply from Thailand, the US, and Vietnam.",{"type":657,"attrs":54849,"content":54850},{"level":15966,"textAlign":49},[54851],{"text":54852,"type":599},"China gains influence",{"type":594,"attrs":54854,"content":54855},{"textAlign":49},[54856],{"text":54857,"type":599},"At the same time, the size of China’s rare earths processing industry makes it difficult for Western miners in Africa to ignore the market altogether.",{"type":594,"attrs":54859,"content":54860},{"textAlign":49},[54861],{"text":54862,"type":599},"China is set to remain the world’s largest rare earths processor by 2030 at 72% of total PrNd oxide supply, offering mine developers a large, stable source of demand that Europe and the US still cannot. ",{"type":594,"attrs":54864,"content":54865},{"textAlign":49},[54866],{"text":54867,"type":599},"The draw of China for Western developers is clearest in Tanzania, home to two rare earth mines, Wigu Hill and Ngualla. ",{"type":594,"attrs":54869,"content":54870},{"textAlign":49},[54871],{"text":54872,"type":599},"In October 2023, Wigu Hill’s Australian owner Vital Metals signed to give Chinese processor Shenghe Resources a 50% interest in the mine after Vital’s processing business went bankrupt.",{"type":594,"attrs":54874,"content":54875},{"textAlign":49},[54876],{"text":54877,"type":599},"In the same year, Shenghe also entered an offtake with the owner of the Ngualla mine, Peak Rare Earths. Executive chairman Russell Scrimshaw said the project would have been delayed without the deal since processing capacity elsewhere remains so limited.",{"type":594,"attrs":54879,"content":54880},{"textAlign":49},[54881],{"text":54882,"type":599},"Shenghe’s involvement has meant that Tanzania has become the only African country forecast to send 100% of its rare earths output to China. ",{"type":594,"attrs":54884,"content":54885},{"textAlign":49},[54886],{"text":54887,"type":599},"The lack of supply agreements between Western processors and Western miners in Africa shows the gap between US and European public policy, which aims to reduce Chinese dependence, and the financial goals of mine developers, which remain wedded to the Chinese market by virtue of its size. ",{"type":594,"attrs":54889,"content":54890},{"textAlign":49},[54891],{"text":54892,"type":599},"Closing the gap would require the downstream and upstream parts of the ex-China rare earth value chain to expand simultaneously, something that would require a combination of greater government incentives and higher prices. ","UK and Australian companies own all of Africa’s rare earths projects, a stand-out exception in a supply chain overwhelmingly dominated by China at a global level. All eight planned rare earths mines in Africa are majority-owned by either Australian or UK firms, according to Benchmark’s Rare Earths Forecast, with the projects expected to start going […]",[54895],{"slug":544,"name":543,"content":54896},{"job_title":557,"image":54897,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"25f3b659-5740-4bcd-aa7e-9ca34e6abdaa\", \"id\": \"\"}-->","UK and Australian developers dominate African rare earths ..",[54901,54902,54903],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":54905,"copyright":547,"fieldtype":553,"meta_data":54906,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/africa-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"UK and Australian companies own all of Africa’s rare earths projects, a stand-out exception in a supply chain overwhelmingly dominated by China at a global level. All eight planned rare earths mines in Africa are...","Sep 19, 2024",{"id":54910,"uuid":54911,"name":54912,"slug":54913,"full_slug":54914,"content":54915},112468941403081,"a2c81b01-a883-4946-a628-de9f80e1a952","In charts: How silicon anodes could impact graphite demand","in-charts-how-silicon-anodes-could-impact-graphite-demand","article/in-charts-how-silicon-anodes-could-impact-graphite-demand",{"_uid":54916,"date":54917,"tags":54918,"editor":54920,"content":54924,"excerpt":55093,"featured":51,"reporter":55094,"_editable":55098,"component":864,"seo_title":54912,"categories":55099,"visibility":882,"author_company":49,"data_vis_image":55106,"featured_image":55108,"seo_description":55093,"author_full_name":49,"author_job_title":49,"formattedDate":55111},"32993ea4-728e-4a1c-afbd-dbd15bf6f0e4","2024-09-18 00:00",[54919],{"slug":578,"name":579},[54921],{"slug":544,"name":543,"content":54922},{"job_title":557,"image":54923,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":54925},[54926,54938,54950,54969,54974,54979,54992,54997,55002,55012,55017,55022,55029,55034,55039,55044,55055,55062,55067,55076,55081,55088],{"type":594,"attrs":54927,"content":54928},{"textAlign":49},[54929,54931,54936],{"text":54930,"type":599},"Towards the end of the decade the battery anode market is forecast to enter a supply deficit, presenting an opportunity for ",{"text":54932,"type":599,"marks":54933},"next-generation anode technologies such as silicon",[54934],{"type":604,"attrs":54935},{"href":54598,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":54937,"type":599}," to bridge that gap, potentially impacting graphite demand.",{"type":594,"attrs":54939,"content":54940},{"textAlign":49},[54941,54943,54948],{"text":54942,"type":599},"Small quantities of ",{"text":54944,"type":599,"marks":54945},"silicon can be added to graphite",[54946],{"type":604,"attrs":54947},{"href":54579,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":54949,"type":599}," to significantly boost the energy density of the anode, meaning the same weight of material has a higher capacity than an equivalent anode without silicon.",{"type":594,"attrs":54951,"content":54952},{"textAlign":49},[54953,54955,54961,54963,54968],{"text":54954,"type":599},"Demand for ",{"text":54956,"type":599,"marks":54957},"silicon-containing anodes",[54958],{"type":604,"attrs":54959},{"href":54960,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-launches-silicon-anode-forecast-report",{"text":54962,"type":599}," is set to increase over nine-fold between 2023 and 2032 on a gigawatt-hour (GWh) basis as battery makers look to utilise this capacity improvement, according to ",{"text":51774,"type":599,"marks":54964},[54965],{"type":604,"attrs":54966},{"href":54967,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/silicon-anode/data-reports/forecast/",{"text":974,"type":599},{"type":594,"attrs":54970,"content":54971},{"textAlign":49},[54972],{"text":54973,"type":599},"“If you imagine that every cell contains five to ten weight percent silicon, that gives you a 20 to 40% capacity improvement and begins to bridge the supply demand gap,” said Rory McNulty, product director for new technology at Benchmark.",{"type":594,"attrs":54975,"content":54976},{"textAlign":49},[54977],{"text":54978,"type":599},"The graphite contributes between 350 and 360 milliamp-hours per gram of material, whereas silicon can theoretically contribute ten times this. On a practical cell level the improvement will be closer to two to three times.",{"type":594,"attrs":54980,"content":54981},{"textAlign":49},[54982,54984,54990],{"text":54983,"type":599},"“What this means is that when you assemble a cell, you can have the same size cell or pack and squeeze a huge amount more energy density into it,” McNulty said. “You can have the same pack size and your ",{"text":54985,"type":599,"marks":54986},"vehicle can go a lot further",[54987],{"type":604,"attrs":54988},{"href":54989,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/silicon-anodes-near-ev-commercialisation-as-panasonic-targets-2025-use-with-nexeon-deal",{"text":54991,"type":599},", or you could have a much smaller and more efficient pack and really ram that energy density in to get the same range.”",{"type":594,"attrs":54993,"content":54994},{"textAlign":49},[54995],{"text":54996,"type":599},"Through three charts, Benchmark Source explains how the rise of silicon anodes could impact graphite demand.",{"type":657,"attrs":54998,"content":54999},{"level":15966,"textAlign":49},[55000],{"text":55001,"type":599},"1. Silicon anode demand share to more than double by 2032",{"type":594,"attrs":55003,"content":55004},{"textAlign":49},[55005,55010],{"text":48956,"type":599,"marks":55006},[55007],{"type":604,"attrs":55008},{"href":55009,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/anode/data-reports/price-assessments/",{"text":55011,"type":599}," shows that demand for silicon anodes is forecast to increase 920% times between 2023 and 2032 on a MWh-basis, when it will account for 9.2% of demand, up from 4.3%.",{"type":594,"attrs":55013,"content":55014},{"textAlign":49},[55015],{"text":55016,"type":599},"This increase in silicon anode demand will see the combined share of the anode market for synthetic and natural graphite anodes fall slightly from 95% of the market to 90%. However, in absolute terms the GWh demand for synthetic and natural graphite anode material will also increase 4.6 and 2.9 times over that period, respectively.",{"type":594,"attrs":55018,"content":55019},{"textAlign":49},[55020],{"text":55021,"type":599},"By 2032, Benchmark forecasts an anode supply deficit of over 13% compared to demand. Silicon anodes can help plug that deficit, though much growth will also be needed from the graphite anode markets as well.",{"type":594,"attrs":55023,"content":55024},{"textAlign":49},[55025],{"type":1186,"attrs":55026},{"id":49,"alt":547,"src":55027,"title":49,"source":49,"copyright":49,"meta_data":55028},"https://a.storyblok.com/f/287943243085208/3f18daf9fc/bm-2023-2032-anode-market-with-silicon-labelled.png",{},{"type":657,"attrs":55030,"content":55031},{"level":15966,"textAlign":49},[55032],{"text":55033,"type":599},"2. Silicon-containing anodes still need graphite",{"type":594,"attrs":55035,"content":55036},{"textAlign":49},[55037],{"text":55038,"type":599},"When a battery is charged, silicon contained in the anode material expands up to 300%. This decreases the life of the battery. As such silicon is currently added in relatively small quantities to graphite to avoid this issue.",{"type":594,"attrs":55040,"content":55041},{"textAlign":49},[55042],{"text":55043,"type":599},"Over time, as companies commercialise technologies that mitigate the expansion problem of silicon, the percentage of silicon added to anodes will rise.",{"type":594,"attrs":55045,"content":55046},{"textAlign":49},[55047,55049,55053],{"text":55048,"type":599},"By 2032, ",{"text":51774,"type":599,"marks":55050},[55051],{"type":604,"attrs":55052},{"href":54967,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55054,"type":599}," expects that silicon and silicon oxide active materials will account for a quarter of the weight of silicon-containing anodes, but contribute over 60% of the capacity of the material.",{"type":594,"attrs":55056,"content":55057},{"textAlign":49},[55058],{"type":1186,"attrs":55059},{"id":49,"alt":547,"src":55060,"title":49,"source":49,"copyright":49,"meta_data":55061},"https://a.storyblok.com/f/287943243085208/95b56ae235/bm-silicon-graphite-contribution-to-silicon-anode-2023-2032-gwh.png",{},{"type":657,"attrs":55063,"content":55064},{"level":15966,"textAlign":49},[55065],{"text":55066,"type":599},"3. Graphite demand from silicon-containing anodes is rising",{"type":594,"attrs":55068,"content":55069},{"textAlign":49},[55070,55074],{"text":51774,"type":599,"marks":55071},[55072],{"type":604,"attrs":55073},{"href":54967,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55075,"type":599}," shows that the supply of silicon-containing anodes last year was around 28 GWh and is set to increase to around 225 GWh by 2032.",{"type":594,"attrs":55077,"content":55078},{"textAlign":49},[55079],{"text":55080,"type":599},"The graphite demand from the supply of silicon-containing anodes is set to rise six-fold between 2023 and 2032 to 170,000 tonnes.",{"type":594,"attrs":55082,"content":55083},{"textAlign":49},[55084],{"type":1186,"attrs":55085},{"id":49,"alt":547,"src":55086,"title":49,"source":49,"copyright":49,"meta_data":55087},"https://a.storyblok.com/f/287943243085208/796c342121/bm-raw-material-demand-from-si-anodes-tpa.png",{},{"type":594,"attrs":55089,"content":55090},{"textAlign":49},[55091],{"text":55092,"type":599},"“When you talk about increasing silicon content, that will have an impact on graphite demand,” McNulty said. “But given the size of that demand growth and the market growth required to meet this demand, there’s still huge potential for the graphite industry, especially on an absolute tonnes per annum basis.”","Towards the end of the decade the battery anode market is forecast to enter a supply deficit, presenting an opportunity for next-generation anode technologies such as silicon to bridge that gap, potentially impacting graphite demand. Small quantities of silicon can be added to graphite to significantly boost the energy density of the anode, meaning the […]",[55095],{"slug":544,"name":543,"content":55096},{"job_title":557,"image":55097,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"32993ea4-728e-4a1c-afbd-dbd15bf6f0e4\", \"id\": \"\"}-->",[55100,55101,55102,55103,55104,55105],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":21579,"name":21580},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":55060,"copyright":547,"fieldtype":553,"meta_data":55107,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":55109,"copyright":547,"fieldtype":553,"meta_data":55110,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/94c19c6428/bm-white-robot-arms-on-automated-ev-battery-components-production-line.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 18, 2024",{"id":55113,"uuid":55114,"name":55115,"slug":55116,"full_slug":55117,"content":55118},112468980134865,"91e4e689-7b11-4c7c-8337-e24072a66ff4","What does the reported shutdown of CATL’s mine mean for the lithium market?","what-does-the-reported-shutdown-of-catls-mine-mean-for-the-lithium-market","article/what-does-the-reported-shutdown-of-catls-mine-mean-for-the-lithium-market",{"_uid":55119,"date":55120,"tags":55121,"editor":55124,"content":55128,"excerpt":55212,"featured":51,"reporter":55213,"_editable":55217,"component":864,"seo_title":55115,"categories":55218,"visibility":882,"author_company":49,"featured_image":55221,"seo_description":55212,"author_full_name":49,"author_job_title":49,"formattedDate":55223},"a41a06e3-a73f-4873-8e18-c5d3e5182263","2024-09-12 00:00",[55122,55123],{"slug":913,"name":914},{"slug":910,"name":911},[55125],{"slug":544,"name":543,"content":55126},{"job_title":557,"image":55127,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":55129},[55130,55135,55140,55145,55150,55161,55168,55173,55183,55190,55202,55207],{"type":594,"attrs":55131,"content":55132},{"textAlign":49},[55133],{"text":55134,"type":599},"Reports that the world’s largest battery producer CATL has shut a lithium mine in central China due to falling prices could lead to a significant cut to supply from the market, if it is confirmed. ",{"type":594,"attrs":55136,"content":55137},{"textAlign":49},[55138],{"text":55139,"type":599},"Reports from Chinese brokerages said that CATL had shut its Jianxiawo mine in Jiangxi province, due to the fact that lithium prices were below its cash cost of production. ",{"type":594,"attrs":55141,"content":55142},{"textAlign":49},[55143],{"text":55144,"type":599},"If confirmed, it would highlight the difficulties facing Chinese mica mines in the current low price environment, even ones that are owned by larger companies such as CATL. ",{"type":594,"attrs":55146,"content":55147},{"textAlign":49},[55148],{"text":55149,"type":599},"People close to CATL confirmed the news to a reporter from the Shanghai Securities News on Wednesday. The publication said that CATL’s mining processing and refining operations in Yichun in Jiangxi will all be stopped after September. ",{"type":594,"attrs":55151,"content":55152},{"textAlign":49},[55153,55155,55160],{"text":55154,"type":599},"Chinese battery-grade lithium carbonate prices have fallen by 62% over the past year to $10,150 a tonne, according to Benchmark’s ",{"text":21700,"type":599,"marks":55156},[55157],{"type":604,"attrs":55158},{"href":55159,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/lithium-prices/chart/",{"text":17632,"type":599},{"type":594,"attrs":55162,"content":55163},{"textAlign":49},[55164],{"type":1186,"attrs":55165},{"id":49,"alt":547,"src":55166,"title":49,"source":49,"copyright":49,"meta_data":55167},"https://a.storyblok.com/f/287943243085208/064efc9935/bm-chinese-lithium-carbonate-prices.png",{},{"type":594,"attrs":55169,"content":55170},{"textAlign":49},[55171],{"text":55172,"type":599},"The mine, which started production in the fourth quarter of last year, has a capacity to produce 10 million tonnes of ore a year. But due to the relatively low grade of the ore, the costs of production are estimated to be higher than market prices.  ",{"type":594,"attrs":55174,"content":55175},{"textAlign":49},[55176,55177,55181],{"text":7249,"type":599},{"text":36891,"type":599,"marks":55178},[55179],{"type":604,"attrs":55180},{"href":54754,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55182,"type":599}," it was set to produce 20,000 to 25,000 tonnes LCE this year. ",{"type":594,"attrs":55184,"content":55185},{"textAlign":49},[55186],{"type":1186,"attrs":55187},{"id":49,"alt":547,"src":55188,"title":49,"source":49,"copyright":49,"meta_data":55189},"https://a.storyblok.com/f/287943243085208/6a68c719eb/bm-image-101-134407612574.png",{},{"type":594,"attrs":55191,"content":55192},{"textAlign":49},[55193,55195,55200],{"text":55194,"type":599},"Supply of lithium from China was set to almost quadruple by 2028, according to Benchmark’s ",{"text":55196,"type":599,"marks":55197},"Lithium Forecast",[55198],{"type":604,"attrs":55199},{"href":54754,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55201,"type":599},", due to growth in mica mines in Jiangxi, Hunan and Inner Mongolia. ",{"type":594,"attrs":55203,"content":55204},{"textAlign":49},[55205],{"text":55206,"type":599},"With that supply now in doubt, that could reduce the forecast lithium market surplus this year and next. ",{"type":594,"attrs":55208,"content":55209},{"textAlign":49},[55210],{"text":55211,"type":599},"The market is expected to be in a surplus from 2024-26 averaging ~ 100,000 tonnes per year LCE in surplus material, according to Benchmark’s Lithium Forecast. ","Reports that the world’s largest battery producer CATL has shut a lithium mine in central China due to falling prices could lead to a significant cut to supply from the market, if it is confirmed. Reports from Chinese brokerages said that CATL had shut its Jianxiawo mine in Jiangxi province, due to the fact that […]",[55214],{"slug":544,"name":543,"content":55215},{"job_title":557,"image":55216,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a41a06e3-a73f-4873-8e18-c5d3e5182263\", \"id\": \"\"}-->",[55219,55220],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1359,"copyright":547,"fieldtype":553,"meta_data":55222,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Sep 12, 2024",{"id":55225,"uuid":55226,"name":55227,"slug":55228,"full_slug":55229,"content":55230},112468975395792,"f3197fef-675a-431f-a147-e9fa5528be76","Department of Defense awards rare earth recycler $4.22 million for domestic terbium","department-of-defense-awards-rare-earth-recycler-4-22-million-for-domestic-terbium","article/department-of-defense-awards-rare-earth-recycler-4-22-million-for-domestic-terbium",{"_uid":55231,"date":55120,"tags":55232,"editor":55236,"content":55240,"excerpt":55333,"featured":51,"reporter":55334,"_editable":55338,"component":864,"seo_title":55227,"categories":55339,"visibility":882,"author_company":49,"featured_image":55345,"seo_description":55333,"author_full_name":49,"author_job_title":49,"formattedDate":55223},"6866fb25-54b8-41de-aea4-e83ec8fe5b9a",[55233,55234,55235],{"slug":913,"name":914},{"slug":28950,"name":28951},{"slug":1375,"name":1376},[55237],{"slug":544,"name":543,"content":55238},{"job_title":557,"image":55239,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":55241},[55242,55247,55252,55257,55262,55273,55278,55283,55288,55293,55298,55303,55308,55313,55318,55323,55328],{"type":594,"attrs":55243,"content":55244},{"textAlign":49},[55245],{"text":55246,"type":599},"The US Department of Defense has awarded $4.22 million to heavy rare earths recycler Rare Earths Salts in a bid to develop domestic sources of the sought-after element terbium. ",{"type":594,"attrs":55248,"content":55249},{"textAlign":49},[55250],{"text":55251,"type":599},"The award should help Nebraska-based Rare Earths Salts develop and expand its production of terbium oxide from used fluorescent light bulbs, an unconventional route that the company says is cost-competitive with dominant solvent-based methods.",{"type":594,"attrs":55253,"content":55254},{"textAlign":49},[55255],{"text":55256,"type":599},"“Separating Terbium is usually an expensive process. It requires close to 200 iterations of solvent extraction to obtain and the amount present in an ore is quite limited,” commented Neha Mukerjee, Benchmark analyst. ",{"type":594,"attrs":55258,"content":55259},{"textAlign":49},[55260],{"text":55261,"type":599},"Western countries are highly vulnerable to supply shocks for heavy rare earths such as terbium. This is because iconic clay mines, which contain high concentrations of these elements, cluster in Asia under Chinese ownership. ",{"type":594,"attrs":55263,"content":55264},{"textAlign":49},[55265,55267,55272],{"text":55266,"type":599},"Chinese companies are set to produce 94% of global terbium oxide supply in 2030, according to ",{"text":55268,"type":599,"marks":55269},"Benchmark’s Rare Earth Forecast",[55270],{"type":604,"attrs":55271},{"href":54736,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":55274,"content":55275},{"textAlign":49},[55276],{"text":55277,"type":599},"There are currently no late-state ionic clay projects in the US, Europe, or Australia, leaving the US heavily dependent on a rival power for an element with extensive military applications. ",{"type":657,"attrs":55279,"content":55280},{"level":15966,"textAlign":49},[55281],{"text":55282,"type":599},"What is terbium and what does it do? ",{"type":594,"attrs":55284,"content":55285},{"textAlign":49},[55286],{"text":55287,"type":599},"Terbium belongs to a group of nine rare earth elements known as the heavy rare earths. This group of elements have different properties and end use applications to the light rare earths such as praseodymium and neodymium.",{"type":594,"attrs":55289,"content":55290},{"textAlign":49},[55291],{"text":55292,"type":599},"Terbium is used to prevent rare earth permanent magnets from demagnetising under higher temperatures. It is one of the rare earths used in magnets found in missiles, submarines, and aircraft. Additionally, they are used in video displays, night vision goggles, and lasers.",{"type":657,"attrs":55294,"content":55295},{"level":15966,"textAlign":49},[55296],{"text":55297,"type":599},"Why is the award important? ",{"type":594,"attrs":55299,"content":55300},{"textAlign":49},[55301],{"text":55302,"type":599},"The fact that the DoD is willing to help a startup scale an unconventional production method shows how keen the US defence establishment is to develop ex-China sources of terbium. ",{"type":594,"attrs":55304,"content":55305},{"textAlign":49},[55306],{"text":55307,"type":599},"The award, funded through the Defense Production Act Investment (DPAI) office, is meant to support the strengthening of the US’ defence industrial base, as laid out in the Defense Department’s National Defense Industrial Strategy (NDIS) of 2024.",{"type":594,"attrs":55309,"content":55310},{"textAlign":49},[55311],{"text":55312,"type":599},"It also highlights the difficulties faced by Western countries wanting to expand their ex-China terbium supply through more standard routes. ",{"type":594,"attrs":55314,"content":55315},{"textAlign":49},[55316],{"text":55317,"type":599},"China is set to control around 95% of terbium ore supply in 2030, with its miners operating assets both domestically and in neighbouring Myanmar.",{"type":594,"attrs":55319,"content":55320},{"textAlign":49},[55321],{"text":55322,"type":599},"Further, the level of solvent use in conventional heavy rare earths separation raises sustainability concerns. ",{"type":594,"attrs":55324,"content":55325},{"textAlign":49},[55326],{"text":55327,"type":599},"The narrow geological distribution of heavy rare earth-rich deposits as well as the high financial and environmental costs involved in dominant processing methods makes recycling one of the few ways the US could potentially produce terbium oxide independently of Chinese supply chains, at least in the short term. ",{"type":594,"attrs":55329,"content":55330},{"textAlign":49},[55331],{"text":55332,"type":599},"Rare Earth Salts belongs to an emerging crop of startups vying to meet growing demand for ex-China material via alternative production routes that address these sourcing issues.","The US Department of Defense has awarded $4.22 million to heavy rare earths recycler Rare Earths Salts in a bid to develop domestic sources of the sought-after element terbium. The award should help Nebraska-based Rare Earths Salts develop and expand its production of terbium oxide from used fluorescent light bulbs, an unconventional route that the […]",[55335],{"slug":544,"name":543,"content":55336},{"job_title":557,"image":55337,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6866fb25-54b8-41de-aea4-e83ec8fe5b9a\", \"id\": \"\"}-->",[55340,55341,55342,55343,55344],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":1556,"name":414},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":55346,"copyright":547,"fieldtype":553,"meta_data":55347,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/243fce3ac9/bm-terbium-powder.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":55349,"uuid":55350,"name":55351,"slug":55352,"full_slug":55353,"content":55354},112468989445075,"1a803777-0878-4422-bd57-8a13ea007764","India’s Reliance secures 10 GWh gigafactory subsidies amid Ambani’s clean energy push","indias-reliance-secures-10-gwh-gigafactory-subsidies-amid-ambanis-clean-energy-push","article/indias-reliance-secures-10-gwh-gigafactory-subsidies-amid-ambanis-clean-energy-push",{"_uid":55355,"date":55356,"tags":55357,"editor":55360,"content":55364,"excerpt":55494,"featured":51,"reporter":55495,"_editable":55499,"component":864,"seo_title":55351,"categories":55500,"visibility":882,"author_company":49,"featured_image":55503,"seo_description":55494,"author_full_name":49,"author_job_title":49,"formattedDate":55506},"6dffdc00-88d9-4ac7-a3a9-d5ff484d0c87","2024-09-11 00:00",[55358,55359],{"slug":22444,"name":22445},{"slug":4610,"name":662},[55361],{"slug":544,"name":543,"content":55362},{"job_title":557,"image":55363,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":55365},[55366,55371,55376,55388,55393,55398,55417,55422,55429,55434,55439,55444,55449,55454,55466,55471,55476,55489],{"type":594,"attrs":55367,"content":55368},{"textAlign":49},[55369],{"text":55370,"type":599},"India’s Reliance Industries has secured government incentives worth up to INR 3,620 crores ($439 million) under the production-linked incentive (PLI) scheme to set up a 10 gigawatt hours (GWh) battery gigafactory in the country.",{"type":594,"attrs":55372,"content":55373},{"textAlign":49},[55374],{"text":55375,"type":599},"The oil and gas conglomerate beat six other bidders to secure the grants for building the gigafactory, India’s Ministry of Heavy Industries said. ",{"type":594,"attrs":55377,"content":55378},{"textAlign":49},[55379,55381,55386],{"text":55380,"type":599},"“This announcement is significant in terms of India’s ",{"text":55382,"type":599,"marks":55383},"battery manufacturing",[55384],{"type":604,"attrs":55385},{"href":37750,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55387,"type":599}," status as currently the country has a pipeline capacity of 59.5 GWh to 2030, an increase of just 13.5 GWh since August 2023,” said Anya Sidhu, analyst at Benchmark. ",{"type":594,"attrs":55389,"content":55390},{"textAlign":49},[55391],{"text":55392,"type":599},"Days before winning the bid, Ambani revealed to investors at the company’s annual general meeting on August 29 that Reliance has begun construction of an integrated advanced chemistry-based battery manufacturing facility with a 30 GWh annual capacity at Jamnagar. Production will commence by the second half of next year. ",{"type":594,"attrs":55394,"content":55395},{"textAlign":49},[55396],{"text":55397,"type":599},"India has set a target of attaining 50 GWh capacity by 2030. The country has also set out an ambitious target to have 30% EV penetration for passenger vehicles by 2030, 70% for commercial vehicles, and 100% for two and three-wheelers. India’s total battery demand from electric vehicles is forecast to reach 84 GWh by 2030, from 4 GWh last year, according to Rho Motion, a Benchmark-owned company.",{"type":594,"attrs":55399,"content":55400},{"textAlign":49},[55401,55403,55408,55410,55415],{"text":55402,"type":599},"“India’s capacity pipeline is much smaller than other Asian countries with established cell production such as South Korea and Japan. However, like we have witnessed with the ",{"text":46860,"type":599,"marks":55404},[55405],{"type":604,"attrs":55406},{"href":55407,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-inflation-reduction-act-has-really-shifted-the-whole-battery-industry-towards-north-america-qa-with-vianode-ceo-hans-erik-vatne",{"text":55409,"type":599}," in the US and more recently in ",{"text":2052,"type":599,"marks":55411},[55412],{"type":604,"attrs":55413},{"href":55414,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/japan-earmarks-2-4bn-of-subsidies-to-stimulate-domestic-battery-production",{"text":55416,"type":599},", with multi-billion dollar subsidies announced this month, government funding can help unlock private sector investments to help boost domestic cell production,” said Sidhu.",{"type":594,"attrs":55418,"content":55419},{"textAlign":49},[55420],{"text":55421,"type":599},"This is Reliance’s second such win from the PLI scheme. India had in March 2022 signed $2.5 billion worth PLIs to provide subsidies for battery production. In the first round of the advanced chemistry cell (ACC) PLI bidding, the agreements were signed with three companies including Reliance New Energy, a unit of Reliance; Ola Electric and Rajesh Exports, allocating them a total capacity of 30 GWh. ",{"type":594,"attrs":55423,"content":55424},{"textAlign":49},[55425],{"type":1186,"attrs":55426},{"id":49,"alt":547,"src":55427,"title":49,"source":49,"copyright":49,"meta_data":55428},"https://a.storyblok.com/f/287943243085208/4cd75786aa/bm-india-rho-motion-battery-demand.png",{},{"type":594,"attrs":55430,"content":55431},{"textAlign":49},[55432],{"text":55433,"type":599},"The other bidders in the latest round included Amara Raja Advanced Cell Technologies, ACME Cleantech Solutions, Anvi Power, JSW Neo Energy, Lucas TVS and Waree Energies.",{"type":657,"attrs":55435,"content":55436},{"level":15966,"textAlign":49},[55437],{"text":55438,"type":599},"Reliance eyes starting production in 2025",{"type":594,"attrs":55440,"content":55441},{"textAlign":49},[55442],{"text":55443,"type":599},"The move further cements Mukesh Ambani, chairman at Reliance and India’s second richest person’s plans to invest Rs 75,000 crore ($9 billion) towards clean energy and transport in the country.",{"type":594,"attrs":55445,"content":55446},{"textAlign":49},[55447],{"text":55448,"type":599},"Reliance is currently building an advanced chemistry cell (ACC) complex in Jamnagar, located in the western Indian state of Gujarat, with an investment of Rs 60,000 crores ($7.3 billion) and spread over 5,000 acres. The multibillion complex will integrate various aspects of renewable energy such as solar, batteries, as well as green hydrogen production.",{"type":594,"attrs":55450,"content":55451},{"textAlign":49},[55452],{"text":55453,"type":599},"The facility will initially assemble battery systems and packs targeted at the residential, commercial, industrial, telecom, and mobility markets. It will later expand to cell making and battery chemicals production, making it a fully integrated battery gigafactory, Ambani said.",{"type":594,"attrs":55455,"content":55456},{"textAlign":49},[55457,55459,55464],{"text":55458,"type":599},"A year ago Ambani had said Reliance will start with ",{"text":41480,"type":599,"marks":55460},[55461],{"type":604,"attrs":55462},{"href":55463,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indias-reliance-to-build-lfp-battery-factory-as-ambani-targets-clean-energy-push",{"text":55465,"type":599}," (LFP) chemistry and would integrate energy storage with wind and solar power at Jamnagar, which will be followed by “grid-scale” deployment of batteries.",{"type":594,"attrs":55467,"content":55468},{"textAlign":49},[55469],{"text":55470,"type":599},"Reliance has since 2021 made two key acquisitions towards building up its gigafactory plans. These include acquisition of US-based LFP battery maker LithiumWerks for $61 million in 2022. Ambani acquired UK-based startup Faradion for £100 million in late 2021 as it aims to fast-track commercialisation of sodium-ion battery technology as well.",{"type":657,"attrs":55472,"content":55473},{"level":15966,"textAlign":49},[55474],{"text":55475,"type":599},"Other rivals",{"type":594,"attrs":55477,"content":55478},{"textAlign":49},[55479,55481,55487],{"text":55480,"type":599},"A number of gigafactory projects are currently underway. India’s steel-to-cars conglomerate Tata Sons is building a 20 GWh plant in Sanand, Gujarat. ",{"text":55482,"type":599,"marks":55483},"Tata Group",[55484],{"type":604,"attrs":55485},{"href":55486,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-tatas-1-6-billion-gigafactory-plan-mean-for-indias-battery-capacity-pipeline",{"text":55488,"type":599},", which also owns British luxury brand Jaguar Land Rover, is building a 40 GWh gigafactory in the UK as well. ",{"type":594,"attrs":55490,"content":55491},{"textAlign":49},[55492],{"text":55493,"type":599},"Further, lead acid battery makers Amara Raja and Exide are forecast to together add 28 GWh of capacity by 2030, according to the Benchmark Gigafactory analysis. Ola Electric, which is building a cell manufacturing facility in Krishnagiri, Tamil Nadu, aims to expand capacity there to 5 GWh by October 2024.","India’s Reliance Industries has secured government incentives worth up to INR 3,620 crores ($439 million) under the production-linked incentive (PLI) scheme to set up a 10 gigawatt hours (GWh) battery gigafactory in the country. The oil and gas conglomerate beat six other bidders to secure the grants for building the gigafactory, India’s Ministry of Heavy […]",[55496],{"slug":544,"name":543,"content":55497},{"job_title":557,"image":55498,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6dffdc00-88d9-4ac7-a3a9-d5ff484d0c87\", \"id\": \"\"}-->",[55501,55502],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":55504,"copyright":547,"fieldtype":553,"meta_data":55505,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/17a6f16a95/bm-india-ev-picture.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 11, 2024",{"id":55508,"uuid":55509,"name":55510,"slug":55511,"full_slug":55512,"content":55513},112468994257876,"d4b0d14f-313d-4173-984f-6058f2997846","BYD, Rio Tinto among shortlisted developers for Chile’s Altoandinos  lithium opportunity","byd-rio-tinto-among-shortlisted-developers-for-chiles-altoandinos-lithium-opportunity","article/byd-rio-tinto-among-shortlisted-developers-for-chiles-altoandinos-lithium-opportunity",{"_uid":55514,"date":55515,"tags":55516,"editor":55532,"content":55536,"excerpt":55765,"featured":51,"reporter":55766,"_editable":55770,"component":864,"seo_title":55510,"categories":55771,"visibility":882,"author_company":49,"data_vis_image":55775,"featured_image":55778,"seo_description":55765,"author_full_name":49,"author_job_title":49,"formattedDate":55780},"3a30c7c7-9242-4b64-ba27-165e6e788997","2024-09-10 00:00",[55517,55518,55519,55522,55523,55526,55529,55530,55531],{"slug":5945,"name":2983},{"slug":17168,"name":13351},{"slug":55520,"name":55521},"cngr","CNGR",{"slug":578,"name":579},{"slug":55524,"name":55525},"eramet","Eramet",{"slug":55527,"name":55528},"lg-chem","LG Chem",{"slug":4369,"name":4370},{"slug":4366,"name":4367},{"slug":4610,"name":662},[55533],{"slug":544,"name":543,"content":55534},{"job_title":557,"image":55535,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":55537},[55538,55558,55580,55592,55597,55602,55607,55618,55638,55643,55650,55655,55660,55665,55670,55675,55680,55685,55690,55701,55724,55732,55737,55742,55761],{"type":594,"attrs":55539,"content":55540},{"textAlign":49},[55541,55543,55548,55550,55556],{"text":55542,"type":599},"A range of international companies, including ",{"text":2983,"type":599,"marks":55544},[55545],{"type":604,"attrs":55546},{"href":55547,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/byd-builds-battery-supply-chain-in-south-america-with-chile-and-brazil-plants",{"text":55549,"type":599}," and Rio Tinto, have been shortlisted to develop Chile’s Altoandinos salt flats, as the country looks to ",{"text":55551,"type":599,"marks":55552},"boost its falling share",[55553],{"type":604,"attrs":55554},{"href":55555,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chile-boosts-albemarles-quota-as-country-set-to-lose-lithium-market-share",{"text":55557,"type":599}," of the global lithium market.",{"type":594,"attrs":55559,"content":55560},{"textAlign":49},[55561,55566,55568,55574,55575,55579],{"text":13351,"type":599,"marks":55562},[55563],{"type":604,"attrs":55564},{"href":55565,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/chile?items_per_page=12&page_offset=0&tags[]=chile",{"text":55567,"type":599}," was the top lithium producer in 2016, but is expected to fall to third place in 2024 due to growth in ",{"text":55569,"type":599,"marks":55570},"Chinese lithium mining",[55571],{"type":604,"attrs":55572},{"href":55573,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-set-to-overtake-chile-as-worlds-second-largest-lithium-producer",{"text":50530,"type":599},{"text":24541,"type":599,"marks":55576},[55577],{"type":604,"attrs":55578},{"href":54410,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":55581,"content":55582},{"textAlign":49},[55583,55585,55590],{"text":55584,"type":599},"When the ",{"text":55586,"type":599,"marks":55587},"National Lithium Strategy",[55588],{"type":604,"attrs":55589},{"href":18544,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55591,"type":599}," opened the application process this year, it attracted wide international interest with 80 expressions of interest from 54 companies across ten countries.",{"type":594,"attrs":55593,"content":55594},{"textAlign":49},[55595],{"text":55596,"type":599},"“This possibility of tapping a vast amount of resources, in a mining-friendly country with a robust history of producing lithium is of course a beacon for companies to invest in the country,” said Federico Gay, principal lithium analyst at Benchmark.",{"type":657,"attrs":55598,"content":55599},{"level":15966,"textAlign":49},[55600],{"text":55601,"type":599},"Which companies have been shortlisted?",{"type":594,"attrs":55603,"content":55604},{"textAlign":49},[55605],{"text":55606,"type":599},"Six companies have been shortlisted to develop the flats by the state-owned mining firm, Enami.",{"type":594,"attrs":55608,"content":55609},{"textAlign":49},[55610,55612,55616],{"text":55611,"type":599},"The majority of them have little experience in lithium mining or ",{"text":33082,"type":599,"marks":55613},[55614],{"type":604,"attrs":55615},{"href":30729,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55617,"type":599}," (DLE) operations, though several are in the advanced development stages of projects with notable pipeline capacities. China’s BYD is the only one associated with a currently operating mine, through its joint venture with Tibet Mining.",{"type":594,"attrs":55619,"content":55620},{"textAlign":49},[55621,55623,55628,55630,55636],{"text":55622,"type":599},"“BYD and ",{"text":55525,"type":599,"marks":55624},[55625],{"type":604,"attrs":55626},{"href":55627,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eramet-and-tsingshan-open-direct-lithium-extraction-plant-in-argentina",{"text":55629,"type":599}," are the only shortlisted companies with experience in producing lithium from DLE commercially, with ",{"text":55631,"type":599,"marks":55632},"Rio Tinto’s Rincon",[55633],{"type":604,"attrs":55634},{"href":55635,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/we-are-seeing-really-strong-interest-from-car-manufacturers-qa-with-rio-tintos-sinead-kaufman",{"text":55637,"type":599}," project planned to also start operating in a few months,” Gay said. “Rio Tinto also has some history in Chile, with its 30% stake in the Escondida mine, the largest copper operation globally.”",{"type":594,"attrs":55639,"content":55640},{"textAlign":49},[55641],{"text":55642,"type":599},"“LG and CNGR have been fighting in the last few years to secure their lithium chemicals sourcing, mainly by offtake agreements and increasing their stakes in different lithium projects, but they do not have experience managing lithium producing operations,” Gay said.",{"type":594,"attrs":55644,"content":55645},{"textAlign":49},[55646],{"type":1186,"attrs":55647},{"id":49,"alt":547,"src":55648,"title":49,"source":49,"copyright":49,"meta_data":55649},"https://a.storyblok.com/f/287943243085208/2878788f87/bm-chile-shortlist.png",{},{"type":657,"attrs":55651,"content":55652},{"level":15966,"textAlign":49},[55653],{"text":55654,"type":599},"What are the Altoandinos salt flats?",{"type":594,"attrs":55656,"content":55657},{"textAlign":49},[55658],{"text":55659,"type":599},"The Altoandinos salt flats are located in the Atacama region of Chile and comprise five salars. They are owned by the Chile state mining firm Enami.",{"type":594,"attrs":55661,"content":55662},{"textAlign":49},[55663],{"text":55664,"type":599},"Technical information regarding the salt flats will be released to the shortlisted companies soon, so exact details on the resources and chemistry of the salars are not yet publicly known.",{"type":594,"attrs":55666,"content":55667},{"textAlign":49},[55668],{"text":55669,"type":599},"However, the Chilean government has estimated that the Altoandinos salt flats can produce up to 60,000 tonnes of lithium carbonate equivalent per year.",{"type":657,"attrs":55671,"content":55672},{"level":15966,"textAlign":49},[55673],{"text":55674,"type":599},"What is Chile’s National Lithium Strategy?",{"type":594,"attrs":55676,"content":55677},{"textAlign":49},[55678],{"text":55679,"type":599},"The development of the Altoandinos salt flats is a part of Chile’s National Lithium Strategy, announced in 2023 to help reassert Chile as a global lithium player.",{"type":594,"attrs":55681,"content":55682},{"textAlign":49},[55683],{"text":55684,"type":599},"Prior to this announcement, with the exception of the Salars de Atacama and Pedernales, only the Chilean government was allowed to exploit the country’s lithium reserves.",{"type":594,"attrs":55686,"content":55687},{"textAlign":49},[55688],{"text":55689,"type":599},"This resulted in all of Chile’s current lithium production taking place in the Salar de Atacama, led by SQM and Albemarle.",{"type":594,"attrs":55691,"content":55692},{"textAlign":49},[55693,55695,55699],{"text":55694,"type":599},"The lack of tools to enable foreign investment caused Chile’s lithium output to stagnate. In 2015, the country accounted for 37% of global lithium production but this dropped to just over 25% in 2023, according to ",{"text":24541,"type":599,"marks":55696},[55697],{"type":604,"attrs":55698},{"href":54410,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55700,"type":599},". By 2030, Benchmark forecasts this share could drop further to 14%.",{"type":594,"attrs":55702,"content":55703},{"textAlign":49},[55704,55706,55711,55712,55717,55718,55722],{"text":55705,"type":599},"“During the last few years, Chile has been losing dominance over the supply chain, as countries such as ",{"text":4358,"type":599,"marks":55707},[55708],{"type":604,"attrs":55709},{"href":55710,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/argentina?items_per_page=12&page_offset=0&tags[]=argentina",{"text":3400,"type":599},{"text":914,"type":599,"marks":55713},[55714],{"type":604,"attrs":55715},{"href":55716,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/china?items_per_page=12&page_offset=0&tags[]=china",{"text":1440,"type":599},{"text":12526,"type":599,"marks":55719},[55720],{"type":604,"attrs":55721},{"href":26495,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55723,"type":599}," were recipients of large investment amounts to develop lithium assets,” Gay said.",{"type":594,"attrs":55725,"content":55726},{"textAlign":49},[55727],{"type":1186,"attrs":55728},{"id":49,"alt":55729,"src":55730,"title":49,"source":49,"copyright":49,"meta_data":55731},"Chile's lithium dominance is falling","https://a.storyblok.com/f/287943243085208/1d63da1577/bm-chiles-lithium-dominance-is-falling-1323176ef39c.png",{},{"type":594,"attrs":55733,"content":55734},{"textAlign":49},[55735],{"text":55736,"type":599},"Part of the strategy was the creation of a National Lithium Company that partners with the private sector, including international companies, on the development of the country’s lithium resources.",{"type":594,"attrs":55738,"content":55739},{"textAlign":49},[55740],{"text":55741,"type":599},"“This ambitious plan aims for the state to catalogue and accordingly exploit strategic sites, in harmony with local communities that live in the vicinity,” Gay said.",{"type":594,"attrs":55743,"content":55744},{"textAlign":49},[55745,55747,55752,55754,55759],{"text":55746,"type":599},"The strategy calls for the use of ",{"text":55748,"type":599,"marks":55749},"sustainable mining",[55750],{"type":604,"attrs":55751},{"href":32891,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55753,"type":599}," technologies such as ",{"text":55755,"type":599,"marks":55756},"Direct Lithium Extraction",[55757],{"type":604,"attrs":55758},{"href":36493,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55760,"type":599},". The majority of the companies shortlisted have some degree of experience operating or developing DLE technologies.",{"type":657,"attrs":55762,"content":55763},{"level":15966,"textAlign":49},[55764],{"text":36534,"type":599},"A range of international companies, including BYD and Rio Tinto, have been shortlisted to develop Chile’s Altoandinos salt flats, as the country looks to boost its falling share of the global lithium market. Chile was the top lithium producer in 2016, but is expected to fall to third place in 2024 due to growth in […]",[55767],{"slug":544,"name":543,"content":55768},{"job_title":557,"image":55769,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3a30c7c7-9242-4b64-ba27-165e6e788997\", \"id\": \"\"}-->",[55772,55773,55774],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":55776,"copyright":547,"fieldtype":553,"meta_data":55777,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1725895370/www-production/Chiles-lithium-dominance-is-falling-data-thumbnail/Chiles-lithium-dominance-is-falling-data-thumbnail.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":18647,"copyright":547,"fieldtype":553,"meta_data":55779,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Sep 10, 2024",{"id":55782,"uuid":55783,"name":55784,"slug":55785,"full_slug":55786,"content":55787},112469022753754,"c3edf5f9-d876-40b5-a52c-c83b725749d7","POSCO doubles down on African graphite as it continues anode expansions","posco-doubles-down-on-african-graphite-as-it-continues-anode-expansions","article/posco-doubles-down-on-african-graphite-as-it-continues-anode-expansions",{"_uid":55788,"date":55789,"tags":55790,"editor":55797,"content":55801,"excerpt":55866,"featured":51,"reporter":55867,"_editable":55871,"component":864,"seo_title":55784,"categories":55872,"visibility":882,"author_company":49,"featured_image":55877,"seo_description":55866,"author_full_name":49,"author_job_title":49,"formattedDate":55880},"f53c873a-b52d-49a4-bff6-f4c2bd89b9e4","2024-09-06 00:00",[55791,55792,55795,55796],{"slug":584,"name":585},{"slug":55793,"name":55794},"black-rock-mining","Black Rock Mining",{"slug":4369,"name":4370},{"slug":8694,"name":8695},[55798],{"slug":544,"name":543,"content":55799},{"job_title":557,"image":55800,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":55802},[55803,55808,55821,55826,55831,55836,55841,55846,55851,55856,55861],{"type":594,"attrs":55804,"content":55805},{"textAlign":49},[55806],{"text":55807,"type":599},"POSCO is set to increase its reliance on African flake graphite to support its natural anode expansion plans as the company deepened its relationship with in Black Rock Mining this week. ",{"type":594,"attrs":55809,"content":55810},{"textAlign":49},[55811,55813,55819],{"text":55812,"type":599},"The deal sees POSCO increase its stake in the Australian developer and establish a further offtake agreement from the Mahenge project in Tanzania. Earlier this year the battery material manufacturer also signed an ",{"text":55814,"type":599,"marks":55815},"offtake agreement with Australian graphite producer Syrah Resources",[55816],{"type":604,"attrs":55817},{"href":55818,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/syrah-posco-offtake-agreement-highlights-appetite-for-ex-china-flake-graphite",{"text":55820,"type":599}," for production from the Balama mine in Mozambique. ",{"type":594,"attrs":55822,"content":55823},{"textAlign":49},[55824],{"text":55825,"type":599},"The deals highlight how ex-Chinese anode producers are looking to reduce their reliance on China’s graphite materials. As a South Korean company sourcing material from outside of China, POSCO is well positioned to supply Inflation Reduction Act-compliant battery material.",{"type":594,"attrs":55827,"content":55828},{"textAlign":49},[55829],{"text":55830,"type":599},"“POSCO is aiming not only to vertically diversify its operations by integrating spheronisation capacity, but also to geographically diversify its feedstock sources,” said Tony Alderson, a senior analyst covering the anode market at Benchmark.",{"type":657,"attrs":55832,"content":55833},{"level":15966,"textAlign":49},[55834],{"text":55835,"type":599},"The deal",{"type":657,"attrs":55837,"content":55838},{"level":15966,"textAlign":49},[55839],{"text":55840,"type":599},"POSCO’s midstream buildout ",{"type":594,"attrs":55842,"content":55843},{"textAlign":49},[55844],{"text":55845,"type":599},"The investment and offtake agreements with Black Rock Mining form a small but important part of POSCO’s wider lithium ion supply chain strategy. ",{"type":594,"attrs":55847,"content":55848},{"textAlign":49},[55849],{"text":55850,"type":599},"The company has rapidly expanded its presence in the midstream of the lithium ion battery supply chain, which it has supported by developing partnerships globally. The company boasts significant anode, cathode, and lithium chemical capacity, all of which are set to grow further as it ramps up production this decade. ",{"type":657,"attrs":55852,"content":55853},{"level":15966,"textAlign":49},[55854],{"text":55855,"type":599},"POSCO’s lithium ion footprint ",{"type":594,"attrs":55857,"content":55858},{"textAlign":49},[55859],{"text":55860,"type":599},"POSCO’s anode, cathode, and lithium chemical supply facilities span the world, and include joint ventures with western automakers. ",{"type":594,"attrs":55862,"content":55863},{"textAlign":49},[55864],{"text":55865,"type":599},"Source: Benchmark Cathode, Anode, and Lithium Forecasts","POSCO is set to increase its reliance on African flake graphite to support its natural anode expansion plans as the company deepened its relationship with in Black Rock Mining this week. The deal sees POSCO increase its stake in the Australian developer and establish a further offtake agreement from the Mahenge project in Tanzania. Earlier […]",[55868],{"slug":544,"name":543,"content":55869},{"job_title":557,"image":55870,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f53c873a-b52d-49a4-bff6-f4c2bd89b9e4\", \"id\": \"\"}-->",[55873,55874,55875,55876],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":55878,"copyright":547,"fieldtype":553,"meta_data":55879,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/546d3b17e9/bm-posco-flag.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 06, 2024",{"id":55882,"uuid":55883,"name":55884,"slug":55885,"full_slug":55886,"content":55887},112469018022873,"659bd77c-5fe0-4961-b2b9-4eee7aa702d8","Arcadium Lithium to place Mt Cattlin into care and maintenance amid spodumene price lows","arcadium-lithium-to-place-mt-cattlin-into-care-and-maintenance-amid-spodumene-price-lows","article/arcadium-lithium-to-place-mt-cattlin-into-care-and-maintenance-amid-spodumene-price-lows",{"_uid":55888,"date":55789,"tags":55889,"editor":55894,"content":55898,"excerpt":56063,"featured":51,"reporter":56064,"_editable":56068,"component":864,"seo_title":55884,"categories":56069,"visibility":882,"author_company":49,"featured_image":56072,"seo_description":56063,"author_full_name":49,"author_job_title":49,"formattedDate":55880},"74b99fd5-50ff-4bf2-aa14-fd5d82f346a2",[55890,55891,55892,55893],{"slug":53481,"name":53482},{"slug":6567,"name":2038},{"slug":910,"name":911},{"slug":6606,"name":12530},[55895],{"slug":544,"name":543,"content":55896},{"job_title":557,"image":55897,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":55899},[55900,55916,55936,55954,55965,55970,55975,55980,55985,55990,55995,56002,56007,56020,56025,56036,56041,56046,56051],{"type":594,"attrs":55901,"content":55902},{"textAlign":49},[55903,55908,55910,55914],{"text":53482,"type":599,"marks":55904},[55905],{"type":604,"attrs":55906},{"href":55907,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/arcadium-lithium?items_per_page=12&page_offset=0&tags[]=arcadium-lithium",{"text":55909,"type":599}," will transition its Mt Cattlin mine in ",{"text":13262,"type":599,"marks":55911},[55912],{"type":604,"attrs":55913},{"href":36215,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":55915,"type":599}," to Care and Maintenance by 2025 due to the continued decline in spodumene prices.",{"type":594,"attrs":55917,"content":55918},{"textAlign":49},[55919,55921,55926,55928,55934],{"text":55920,"type":599},"Spodumene prices are at $818 per tonne (FOB Australia, 6% Li2O), down 75% from this time last year according to ",{"text":2210,"type":599,"marks":55922},[55923],{"type":604,"attrs":55924},{"href":55925,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/lithium-prices/table/",{"text":55927,"type":599},", putting ",{"text":55929,"type":599,"marks":55930},"pressure on miners",[55931],{"type":604,"attrs":55932},{"href":55933,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/spodumene-prices-soften-to-three-year-low-amid-weak-lithium-chemical-prices",{"text":55935,"type":599}," even at the lower end of the cost curve.",{"type":594,"attrs":55937,"content":55938},{"textAlign":49},[55939,55941,55947,55949,55953],{"text":55940,"type":599},"The hard rock mine was the ",{"text":55942,"type":599,"marks":55943},"fifth largest operating mine",[55944],{"type":604,"attrs":55945},{"href":55946,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source-preview.benchmarkminerals.com/downloads/special-issues/1319193",{"text":55948,"type":599}," in Australia last year, accounting for 9% of the country’s mined lithium supply, according to ",{"text":24541,"type":599,"marks":55950},[55951],{"type":604,"attrs":55952},{"href":54410,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":55955,"content":55956},{"textAlign":49},[55957,55959,55964],{"text":55958,"type":599},"“Even though it is a relatively small mine, Mt Cattlin out of the market is significant,” said ",{"text":1095,"type":599,"marks":55960},[55961],{"type":604,"attrs":55962},{"href":55963,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-is-the-state-of-the-australian-lithium-market",{"text":53525,"type":599},{"type":657,"attrs":55966,"content":55967},{"level":15966,"textAlign":49},[55968],{"text":55969,"type":599},"What is happening to Mt Cattlin?",{"type":594,"attrs":55971,"content":55972},{"textAlign":49},[55973],{"text":55974,"type":599},"Due to the low price environment, Arcadium will suspend waste stripping at the site and halt any expansionary investments beyond stage three.",{"type":594,"attrs":55976,"content":55977},{"textAlign":49},[55978],{"text":55979,"type":599},"“Unfortunately, production at Mt Cattlin beyond the current stage of the open pit cannot be justified in the current price environment for spodumene,” Paul Graves, president and chief executive of Arcadium, said in a statement.",{"type":594,"attrs":55981,"content":55982},{"textAlign":49},[55983],{"text":55984,"type":599},"Arcadium is exploring the possibility of extending the life of the mine through underground mining operations and says it will “continue to explore the viability” of this.",{"type":657,"attrs":55986,"content":55987},{"level":15966,"textAlign":49},[55988],{"text":55989,"type":599},"What are the implications for the market?",{"type":594,"attrs":55991,"content":55992},{"textAlign":49},[55993],{"text":55994,"type":599},"Moving Mt Cattlin into care and maintenance will remove this forecast supply from the market for the foreseeable.",{"type":594,"attrs":55996,"content":55997},{"textAlign":49},[55998],{"type":1186,"attrs":55999},{"id":49,"alt":547,"src":56000,"title":49,"source":49,"copyright":49,"meta_data":56001},"https://a.storyblok.com/f/287943243085208/0cccaf5e36/bm-spodumene-prices-2021-to-2024-sept.png",{},{"type":594,"attrs":56003,"content":56004},{"textAlign":49},[56005],{"text":56006,"type":599},"The low spodumene price environment could put pressure on other lithium miners if they don’t improve.",{"type":594,"attrs":56008,"content":56009},{"textAlign":49},[56010,56012,56018],{"text":56011,"type":599},"“After you take into account things like transport, sustaining and expansion capital, no spodumene miner, except for Greenbushes, is ",{"text":56013,"type":599,"marks":56014},"making money at these levels",[56015],{"type":604,"attrs":56016},{"href":56017,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/miners-under-pressure-as-spodumene-price-falls-below-1000-a-tonne",{"text":56019,"type":599},",” Perks said. “But many can sustain these losses for longer as it is not their C1 cost in the red, whereas for Mt Cattlin, it’s the C1 (mining and processing) costs that are higher than lithium prices.”",{"type":657,"attrs":56021,"content":56022},{"level":15966,"textAlign":49},[56023],{"text":56024,"type":599},"What is Arcadium’s global lithium portfolio?",{"type":594,"attrs":56026,"content":56027},{"textAlign":49},[56028,56030,56035],{"text":56029,"type":599},"The vast majority of Arcadium’s lithium portfolio is located in Argentina and primarily consists of ",{"text":56031,"type":599,"marks":56032},"brine projects",[56033],{"type":604,"attrs":56034},{"href":30729,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":56037,"content":56038},{"textAlign":49},[56039],{"text":56040,"type":599},"Mt Cattlin is Arcadium’s only operating spodumene asset. In Quebec, Canada, the company is developing the Galaxy spodumene project and owns 50% of the Whabouchi spodumene mine with Investissement Quebec.",{"type":594,"attrs":56042,"content":56043},{"textAlign":49},[56044],{"text":56045,"type":599},"“We remain committed to developing our global portfolio of hard rock assets and are confident that they will continue to be a significant part of Arcadium Lithium’s growth story,” Graves said.",{"type":594,"attrs":56047,"content":56048},{"textAlign":49},[56049],{"text":56050,"type":599},"Arcadium operates lithium hydroxide production facilities in the US and China. It is also commissioning a further plant in Japan and developing a lithium hydroxide facility in Canada.",{"type":594,"attrs":56052,"content":56053},{"textAlign":49},[56054,56056,56061],{"text":56055,"type":599},"The company is also the ",{"text":56057,"type":599,"marks":56058},"largest producer of lithium metal",[56059],{"type":604,"attrs":56060},{"href":54388,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":56062,"type":599}," outside of China. In August 2024, Arcadium acquired technology from Li-Metal to produce lithium metal from lithium carbonate.","Arcadium Lithium will transition its Mt Cattlin mine in Western Australia to Care and Maintenance by 2025 due to the continued decline in spodumene prices. Spodumene prices are at $818 per tonne (FOB Australia, 6% Li2O), down 75% from this time last year according to Benchmark’s Lithium Price Assessment, putting pressure on miners even at […]",[56065],{"slug":544,"name":543,"content":56066},{"job_title":557,"image":56067,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"74b99fd5-50ff-4bf2-aa14-fd5d82f346a2\", \"id\": \"\"}-->",[56070,56071],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":53750,"copyright":547,"fieldtype":553,"meta_data":56073,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":56075,"uuid":56076,"name":56077,"slug":56078,"full_slug":56079,"content":56080},112469013271512,"e2231eb0-fa7d-46fa-8c69-fedf405d5f73","Spodumene prices soften to three year low amid weak lithium chemical prices","spodumene-prices-soften-to-three-year-low-amid-weak-lithium-chemical-prices","article/spodumene-prices-soften-to-three-year-low-amid-weak-lithium-chemical-prices",{"_uid":56081,"date":55789,"tags":56082,"editor":56085,"content":56089,"excerpt":56226,"featured":51,"reporter":56227,"_editable":56231,"component":864,"seo_title":56077,"categories":56232,"visibility":2091,"author_company":49,"featured_image":56235,"seo_description":56226,"author_full_name":49,"author_job_title":49,"formattedDate":55880},"9a418886-0564-4f1e-bdf4-708fae3a7039",[56083,56084],{"slug":910,"name":911},{"slug":6606,"name":12530},[56086],{"slug":544,"name":543,"content":56087},{"job_title":557,"image":56088,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":56090},[56091,56096,56108,56121,56126,56131,56154,56159,56164,56169,56176,56181,56193,56206,56211,56216,56221],{"type":594,"attrs":56092,"content":56093},{"textAlign":49},[56094],{"text":56095,"type":599},"Spodumene prices fell to their lowest levels since August 2021 in early September, trailing the steep drop in prices of lithium chemicals in recent months.",{"type":594,"attrs":56097,"content":56098},{"textAlign":49},[56099,56101,56106],{"text":56100,"type":599},"Spodumene FOB Australia prices have fallen 14.4% so far this year to $818 per tonne in the assessment period ending September 4, according to the ",{"text":51393,"type":599,"marks":56102},[56103],{"type":604,"attrs":56104},{"href":56105,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium/data-reports/price-assessments/",{"text":56107,"type":599},". Prices have shrunk to one eighth of the peak levels of $6,401 per tonne seen in December 2022. ",{"type":594,"attrs":56109,"content":56110},{"textAlign":49},[56111,56113,56119],{"text":56112,"type":599},"“The ",{"text":56114,"type":599,"marks":56115},"decline this year",[56116],{"type":604,"attrs":56117},{"href":56118,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/falling-lithium-prices-challenge-new-project-economics",{"text":56120,"type":599}," is very much driven by lithium chemical prices. Historically, spodumene prices follow the chemical price movement and there has been a continuous fall in chemical prices,” said Sophia Jang, analyst with Benchmark. ",{"type":594,"attrs":56122,"content":56123},{"textAlign":49},[56124],{"text":56125,"type":599},"“Furthermore, there are significant inventories with suppliers and the spodumene producers in China continue to produce materials to maintain their market share,” said Jang.",{"type":594,"attrs":56127,"content":56128},{"textAlign":49},[56129],{"text":56130,"type":599},"Spodumene prices also notched a 3.3% decline in the two week assessment period ending September 4, exacerbated by a significant drop in lepidolite prices in China in August, making the latter an increasingly more attractive feedstock than spodumene. ",{"type":594,"attrs":56132,"content":56133},{"textAlign":49},[56134,56136,56141,56142,56147,56149,56153],{"text":56135,"type":599},"Spot prices for ",{"text":2147,"type":599,"marks":56137},[56138],{"type":604,"attrs":56139},{"href":56140,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lfp-uptake-and-flexible-production-lines-keep-lithium-carbonate-prices-above-hydroxide",{"text":1440,"type":599},{"text":21253,"type":599,"marks":56143},[56144],{"type":604,"attrs":56145},{"href":56146,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lithium-hydroxide-prices-fall-below-rmb-80000-for-the-first-time-in-over-three-years",{"text":56148,"type":599}," in China have declined 23.8% and 15% so far this year for the period ending September 4, according to the ",{"text":51393,"type":599,"marks":56150},[56151],{"type":604,"attrs":56152},{"href":56105,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":657,"attrs":56155,"content":56156},{"level":15966,"textAlign":49},[56157],{"text":56158,"type":599},"What do current levels mean for producers?",{"type":594,"attrs":56160,"content":56161},{"textAlign":49},[56162],{"text":56163,"type":599},"The declining prices have hurt the profitability of spodumene producers, especially for the higher cost producers, pushing them to cut production or delay project expansions.",{"type":594,"attrs":56165,"content":56166},{"textAlign":49},[56167],{"text":56168,"type":599},"“As we have approached the $800 a tonne mark, we have started to hear lower bids but they have not closed. So, we’re beginning to see resistance at these levels,” said Adam Megginson, senior analyst with Benchmark.",{"type":594,"attrs":56170,"content":56171},{"textAlign":49},[56172],{"type":1186,"attrs":56173},{"id":49,"alt":547,"src":56174,"title":49,"source":49,"copyright":49,"meta_data":56175},"https://a.storyblok.com/f/287943243085208/680b425a43/bm-spod-price-chart-ed-1.png",{},{"type":594,"attrs":56177,"content":56178},{"textAlign":49},[56179],{"text":56180,"type":599},"According to Megginson, producers don’t want to be the first to announce production pauses amid falling prices as it highlights that they are a higher cost producer. They also want to be ready and producing as prices climb back to be able to capture market share. As a result, some upstream players continue to produce despite prices falling below their costs.",{"type":594,"attrs":56182,"content":56183},{"textAlign":49},[56184,56186,56191],{"text":56185,"type":599},"This week Arcadium Lithium announced plans to put its ",{"text":56187,"type":599,"marks":56188},"Mt Cattlin mine into care and maintenance",[56189],{"type":604,"attrs":56190},{"href":53676,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":56192,"type":599}," in 2025, citing the low price environment. ",{"type":594,"attrs":56194,"content":56195},{"textAlign":49},[56196,56198,56204],{"text":56197,"type":599},"“I think we’re at a low point now, if you look at the publicly listed Australian miners, all of them are losing money now, except for ",{"text":56199,"type":599,"marks":56200},"Greenbushes",[56201],{"type":604,"attrs":56202},{"href":56203,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/greenbushes-lithium-mine-will-stockpile-material-as-spodumene-price-lag-hits-miners",{"text":56205,"type":599},",” said Cameron Perks, analyst with Benchmark.",{"type":594,"attrs":56207,"content":56208},{"textAlign":49},[56209],{"text":56210,"type":599}," “We still expect P1000 from Pilbara to come online, although it could be placed on ice if prices stay low. Greenbushes’ CGP3 expansion is coming online next year and potentially ramps up to around 60,000 tonnes a year lithium carbonate equivalent (LCE). This is still profitable, so it’s unlikely this will slow down. In Africa, projects are not slowing down, primarily owing to their Chinese ownership and vertical integration,” said Perks.",{"type":657,"attrs":56212,"content":56213},{"level":15966,"textAlign":49},[56214],{"text":56215,"type":599},"Are more declines coming?",{"type":594,"attrs":56217,"content":56218},{"textAlign":49},[56219],{"text":56220,"type":599},"Prices are, however, likely to remain bearish in the near term as besides falling lepidolite prices contributing to weaker demand for spodumene, producers are stocked with sufficient inventory.",{"type":594,"attrs":56222,"content":56223},{"textAlign":49},[56224],{"text":56225,"type":599},"“The price increase will not be significant until the end of this year. Though contacts have expressed there could be a short-term increase in price in late September as Chinese cathode producers procure material in advance of the National Day Golden Week on 1 October. We expect demand to increase in the fourth quarter as historically the EV demand is highest then, but whether that translates to higher prices is another question,” said Jang.","Spodumene prices fell to their lowest levels since August 2021 in early September, trailing the steep drop in prices of lithium chemicals in recent months. Spodumene FOB Australia prices have fallen 14.4% so far this year to $818 per tonne in the assessment period ending September 4, according to the Benchmark Lithium Price Assessment. Prices […]",[56228],{"slug":544,"name":543,"content":56229},{"job_title":557,"image":56230,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9a418886-0564-4f1e-bdf4-708fae3a7039\", \"id\": \"\"}-->",[56233,56234],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":56236,"copyright":547,"fieldtype":553,"meta_data":56237,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/07ff6c561c/bm-greenbushes-mine.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":56239,"uuid":56240,"name":56241,"slug":56242,"full_slug":56243,"content":56244},112469008462807,"81ebcea9-5fd3-4f22-ad5f-6a2abc748dcb","African nations seek to capture greater value from copper resources","african-nations-seek-to-capture-greater-value-from-copper-resources","article/african-nations-seek-to-capture-greater-value-from-copper-resources",{"_uid":56245,"date":55789,"tags":56246,"editor":56252,"content":56256,"excerpt":56365,"featured":51,"reporter":56366,"_editable":56370,"component":864,"seo_title":56241,"categories":56371,"visibility":882,"author_company":49,"featured_image":56374,"seo_description":56365,"author_full_name":49,"author_job_title":49,"formattedDate":55880},"d5b5009f-461e-4842-96f3-4eaf81a94c1d",[56247,56248,56251],{"slug":572,"name":573},{"slug":56249,"name":56250},"zambia","Zambia",{"slug":4610,"name":662},[56253],{"slug":544,"name":543,"content":56254},{"job_title":557,"image":56255,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":56257},[56258,56263,56268,56273,56278,56283,56288,56301,56314,56319,56324,56329,56334,56339,56344,56351],{"type":594,"attrs":56259,"content":56260},{"textAlign":49},[56261],{"text":56262,"type":599},"As copper demand rises to feed the global energy transition, copper-rich African nations are increasingly seeking to maximise the economic potential of their abundant reserves.",{"type":594,"attrs":56264,"content":56265},{"textAlign":49},[56266],{"text":56267,"type":599},"Zambia is the latest to propose additional measures to caputre greater value from its copper revenues, as Bloomberg reported last week that the government plans to create a state-owned company to control a 30% stake in future critical minerals mines. The government is also set to review policy related to restricting the export of unprocessed materials. ",{"type":594,"attrs":56269,"content":56270},{"textAlign":49},[56271],{"text":56272,"type":599},"This is in line with Zambia’s broader commodity strategy of growing revenues through increased production and higher royalty payments.",{"type":594,"attrs":56274,"content":56275},{"textAlign":49},[56276],{"text":56277,"type":599},"“Government ownership of mining assets is nothing new and is used extensively across the border in the Democratic Republic of Congo (DRC), where state-owned Gecamines is a shareholder in most assets,” said Piotr Kulas, principal copper analyst at Benchmark. ",{"type":594,"attrs":56279,"content":56280},{"textAlign":49},[56281],{"text":56282,"type":599},"“Although details on the new company in Zambia are scarce, they will likely want to base it on a similar model to Gecamines,” Kulas added.",{"type":594,"attrs":56284,"content":56285},{"textAlign":49},[56286],{"text":56287,"type":599},"While Gecamines has long-held stakes in mining projects in the DRC, it has been pushing for a greater role in production and supply of critical minerals in recent years. The state-owned miner began marketing its own share of copper and cobalt to potential buyers for the first time in 2024. ",{"type":594,"attrs":56289,"content":56290},{"textAlign":49},[56291,56293,56299],{"text":56292,"type":599},"In recent years, the DRC has taken steps to secure a greater share of the economic value of its mining sector. This includes ",{"text":56294,"type":599,"marks":56295},"suspending exports from CMOC’s TFM mine in a near year-long dispute over royalty payments",[56296],{"type":604,"attrs":56297},{"href":56298,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-stockpile-set-to-enter-market-as-cmoc-gecamines-drc-dispute-resolved",{"text":56300,"type":599}," and revoking several copper-cobalt licences owned by Eurasian Resources Group (ERG). ",{"type":594,"attrs":56302,"content":56303},{"textAlign":49},[56304,56306,56312],{"text":56305,"type":599},"These actions follow a period of substantial supply growth. The DRC has recorded double digit annual increases in copper output since 2020, with supply growth peaking at 33% in 2022.",{"text":56307,"type":599,"marks":56308}," Driven predominantly by Chinese miners expanding production at both new and existing mines",[56309],{"type":604,"attrs":56310},{"href":56311,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-china-is-reshaping-the-global-copper-market",{"text":56313,"type":599},", the DRC is  now the world’s second-largest producer of the red metal.",{"type":594,"attrs":56315,"content":56316},{"textAlign":49},[56317],{"text":56318,"type":599},"Copper: the bedrock of Zambia’s economy",{"type":594,"attrs":56320,"content":56321},{"textAlign":49},[56322],{"text":56323,"type":599},"“While DRC copper supply has grown rapidly in the last 3 years, Zambia has for a while been stuck at roughly the same level of output,” said Kulas.",{"type":594,"attrs":56325,"content":56326},{"textAlign":49},[56327],{"text":56328,"type":599},"To take advantage of bullish demand prospects, the Zambian government has targeted an increase in copper production to 3 million tonnes annually by 2031, up from around 700,000 tonnes in 2024. The target would require existing mines to double their output to 1.4 million tonnes.",{"type":594,"attrs":56330,"content":56331},{"textAlign":49},[56332],{"text":56333,"type":599},"Several copper mine expansions are currently underway in Zambia, including a 200,000 tonne expansion of First Quantum Minerals owned Kansanshi mine, due to be completed in 2025, and a 150,000 tonne expansion of Barrick Gold’s Lumwana mine.",{"type":594,"attrs":56335,"content":56336},{"textAlign":49},[56337],{"text":56338,"type":599},"“Nevertheless, achieving the 3 million tonne production target will prove extremely challenging. Copper grades in Zambia are much lower than in the DRC and the country is already facing a structural shortage of energy to power its mining operations,” Kulas added.",{"type":594,"attrs":56340,"content":56341},{"textAlign":49},[56342],{"text":56343,"type":599},"Miners have also warned that increased state control threatens to diminish the competitiveness of Zambia’s mining sector in the global industry, potentially deterring future investment in new supply.",{"type":594,"attrs":56345,"content":56346},{"textAlign":49},[56347],{"text":56348,"type":599,"marks":56349},"First-hand accounts of the copper market are part of the expert market insights provided in Benchmark’s free Copper Weekly newsletter.",[56350],{"type":643},{"type":594,"attrs":56352,"content":56353},{"textAlign":49},[56354,56361],{"text":56355,"type":599,"marks":56356},"Sign up to request Copper Weekly",[56357,56360],{"type":604,"attrs":56358},{"href":56359,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/copper-weekly/",{"type":643},{"text":56362,"type":599,"marks":56363}," and access copper market news and analysis direct to your email every Monday.",[56364],{"type":643},"As copper demand rises to feed the global energy transition, copper-rich African nations are increasingly seeking to maximise the economic potential of their abundant reserves. Zambia is the latest to propose additional measures to caputre greater value from its copper revenues, as Bloomberg reported last week that the government plans to create a state-owned company […]",[56367],{"slug":544,"name":543,"content":56368},{"job_title":557,"image":56369,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d5b5009f-461e-4842-96f3-4eaf81a94c1d\", \"id\": \"\"}-->",[56372,56373],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":17464,"copyright":547,"fieldtype":553,"meta_data":56375,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":56377,"uuid":56378,"name":56379,"slug":56380,"full_slug":56381,"content":56382},112469003756502,"aaec0bbe-3a94-49e6-8933-d7a1e3b00f70","Japan earmarks $2.4bn of subsidies to stimulate domestic battery production  ","japan-earmarks-2-4bn-of-subsidies-to-stimulate-domestic-battery-production","article/japan-earmarks-2-4bn-of-subsidies-to-stimulate-domestic-battery-production",{"_uid":56383,"date":55789,"tags":56384,"editor":56391,"content":56395,"excerpt":56430,"featured":51,"reporter":56431,"_editable":56435,"component":864,"seo_title":56379,"categories":56436,"visibility":882,"author_company":49,"featured_image":56440,"seo_description":56430,"author_full_name":49,"author_job_title":49,"formattedDate":55880},"efa9a158-faa8-4ae6-b28b-56a43bb2ddf0",[56385,56386,56387,56388,56390],{"slug":6290,"name":2052},{"slug":37623,"name":37624},{"slug":13871,"name":13872},{"slug":56389,"name":16905},"toyota",{"slug":4610,"name":662},[56392],{"slug":544,"name":543,"content":56393},{"job_title":557,"image":56394,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":56396},[56397,56402,56407,56412,56417,56422,56427],{"type":594,"attrs":56398,"content":56399},{"textAlign":49},[56400],{"text":56401,"type":599},"Japan is stepping up support for its domestic lithium ion battery supply chain, earmarking up to ¥347.9bn ($2.4 billion) of subsidies to support projects encompassing battery cells, battery materials, and cell production equipment, according to the Ministry of Economy, Trade and Industry (METI). ",{"type":594,"attrs":56403,"content":56404},{"textAlign":49},[56405],{"text":56406,"type":599},"“This is a big offensive from the Ministry of Economy Trade and Industry, particularly considering that Japan’s pipeline cell capacity had only increased 34.5 GWh since 2021 prior to this announcement,” said Evan Hartley, Research Manager at Benchmark.",{"type":657,"attrs":56408,"content":56409},{"level":15966,"textAlign":49},[56410],{"text":56411,"type":599},"What is covered by the subsidies?",{"type":657,"attrs":56413,"content":56414},{"level":15966,"textAlign":49},[56415],{"text":56416,"type":599},"Why is it important?",{"type":657,"attrs":56418,"content":56419},{"level":15966,"textAlign":49},[56420],{"text":56421,"type":599},"How will the battery subsidies be utilised?",{"type":594,"attrs":56423,"content":56424},{"textAlign":49},[56425],{"text":56426,"type":599},"Below is a list of battery cell projects in Japan that will benefit under the latest round of subsidies:",{"type":594,"attrs":56428,"content":56429},{"textAlign":49},[],"Japan is stepping up support for its domestic lithium ion battery supply chain, earmarking up to ¥347.9bn ($2.4 billion) of subsidies to support projects encompassing battery cells, battery materials, and cell production equipment, according to the Ministry of Economy, Trade and Industry (METI). “This is a big offensive from the Ministry of Economy Trade and […]",[56432],{"slug":544,"name":543,"content":56433},{"job_title":557,"image":56434,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"efa9a158-faa8-4ae6-b28b-56a43bb2ddf0\", \"id\": \"\"}-->",[56437,56438,56439],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":4811,"name":4812},{"id":49,"alt":56441,"name":547,"focus":547,"title":56441,"source":547,"filename":56442,"copyright":547,"fieldtype":553,"meta_data":56443,"is_external_url":51},"EV battery pack on production line","https://a.storyblok.com/f/287943243085208/b1159c5f37/bm-ev-battery-pack-on-production-line.jpg",{"alt":56441,"title":56441,"source":547,"copyright":547},{"id":56445,"uuid":56446,"name":56447,"slug":56448,"full_slug":56449,"content":56450},112469037261889,"5d9d58ef-8944-478a-83ce-fa2c7dbaef2a","Chinese flake graphite miners feel the pressure as prices drop further in August  ","chinese-flake-graphite-miners-feel-the-pressure-as-prices-drop-further-in-august","article/chinese-flake-graphite-miners-feel-the-pressure-as-prices-drop-further-in-august",{"_uid":56451,"date":56452,"tags":56453,"editor":56461,"content":56465,"excerpt":56640,"featured":51,"reporter":56641,"_editable":56645,"component":864,"seo_title":56447,"categories":56646,"visibility":2091,"author_company":49,"featured_image":56649,"seo_description":56640,"author_full_name":49,"author_job_title":49,"formattedDate":56651},"c2938377-abb0-4468-a770-262eadf72bfe","2024-09-04 00:00",[56454,56455,56456,56459,56460],{"slug":2497,"name":261},{"slug":913,"name":914},{"slug":56457,"name":56458},"flake-graphite","flake graphite",{"slug":2502,"name":30317},{"slug":15265,"name":15265},[56462],{"slug":544,"name":543,"content":56463},{"job_title":557,"image":56464,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":56466},[56467,56472,56492,56512,56517,56529,56534,56545,56552,56557,56562,56573,56578,56583,56588,56601,56607,56619,56626,56633],{"type":594,"attrs":56468,"content":56469},{"textAlign":49},[56470],{"text":56471,"type":599},"Chinese flake graphite producers are facing low margins and are reducing utilisation rates as prices of the battery material fell in August after flattening out at low levels in recent months.  ",{"type":594,"attrs":56473,"content":56474},{"textAlign":49},[56475,56477,56483,56485,56490],{"text":56476,"type":599},"Flake graphite has been ",{"text":56478,"type":599,"marks":56479},"under pressure",[56480],{"type":604,"attrs":56481},{"href":56482,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/synthetic-anode-material-average-prices-tip-below-natural-graphite-for-first-time-in-over-three-years",{"text":56484,"type":599}," due to a combination of sluggish downstream demand and an increased preference for ",{"text":30329,"type":599,"marks":56486},[56487],{"type":604,"attrs":56488},{"href":56489,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-synthetic-graphite-faces-25-tariff-in-us-as-exemption-ends",{"text":56491,"type":599}," as some anode producers continue to switch to the increasingly affordable option.",{"type":594,"attrs":56493,"content":56494},{"textAlign":49},[56495,56497,56502,56504,56510],{"text":56496,"type":599},"Spot prices for 94-95% C small mesh ",{"text":56458,"type":599,"marks":56498},[56499],{"type":604,"attrs":56500},{"href":56501,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/natural-graphite-market-dominated-by-oversupply-2023-in-review",{"text":56503,"type":599}," fell 5.2% month-on-month to $460 per tonne in the assessment period ending August 30, after five consecutive months of flat prices, according to the ",{"text":56505,"type":599,"marks":56506},"Benchmark Flake Graphite Price Assessment",[56507],{"type":604,"attrs":56508},{"href":56509,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/natural-graphite/data-reports/price-assessments/",{"text":56511,"type":599},". Prices of the high purity, small mesh are at their lowest levels in over a decade and down 16.7% so far this year.",{"type":594,"attrs":56513,"content":56514},{"textAlign":49},[56515],{"text":56516,"type":599},"“The current low price environment has significantly reduced or in some cases eliminated the margins of a notable portion of the graphite producer market in China. Utilisation rates have dropped, with some producers in Jixi City and Luobei County pausing their operations,” said Alex Albinski, analyst at Benchmark. ",{"type":594,"attrs":56518,"content":56519},{"textAlign":49},[56520,56522,56528],{"text":56521,"type":599},"Both Jixi and Luobei are in China’s Heilongjiang Province, a region that is forecast to supply 63% of the global flake graphite supply this year, according to the ",{"text":56523,"type":599,"marks":56524},"Benchmark Flake Graphite Forecast",[56525],{"type":604,"attrs":56526},{"href":56527,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/natural-graphite/data-reports/forecast/",{"text":974,"type":599},{"type":594,"attrs":56530,"content":56531},{"textAlign":49},[56532],{"text":56533,"type":599},"“Natural graphite operations willingly continue to operate at a loss in some cases instead of shutting down production in order to maintain market share, retain staff, and preserve customer relations, with the intention to recuperate losses, should prices rise,” said Albinski, adding that small flake graphite inventories continue to be high.",{"type":594,"attrs":56535,"content":56536},{"textAlign":49},[56537,56539,56543],{"text":56538,"type":599},"For the lower concentration, -100 mesh, 90-93% C flake graphite, prices fell 5.8% month-on-month in August at $365 per tonne, after five flat months, according to the ",{"text":56505,"type":599,"marks":56540},[56541],{"type":604,"attrs":56542},{"href":56509,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":56544,"type":599},". Prices are down 16.1% on a year-to-date basis.",{"type":594,"attrs":56546,"content":56547},{"textAlign":49},[56548],{"type":1186,"attrs":56549},{"id":49,"alt":547,"src":56550,"title":49,"source":49,"copyright":49,"meta_data":56551},"https://a.storyblok.com/f/287943243085208/6b8e32b254/bm-benchmark-flake-graphite-price-chart-ed-4.png",{},{"type":657,"attrs":56553,"content":56554},{"level":15966,"textAlign":49},[56555],{"text":56556,"type":599},"Will low prices pose a risk to future projects?",{"type":594,"attrs":56558,"content":56559},{"textAlign":49},[56560],{"text":56561,"type":599},"Prices falling from an already depressed level can be detrimental to the development of new projects or expansion of existing capacity in the long-term, especially at a time when it’s becoming increasingly tough to secure financing. ",{"type":594,"attrs":56563,"content":56564},{"textAlign":49},[56565,56567,56571],{"text":56566,"type":599},"This comes as flake graphite demand from batteries is forecast to increase threefold between now and 2030, according to the ",{"text":56523,"type":599,"marks":56568},[56569],{"type":604,"attrs":56570},{"href":56527,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":56572,"type":599},". Unless supply is sufficiently incentivised the industry will face expanding deficits as battery production ramps up.",{"type":594,"attrs":56574,"content":56575},{"textAlign":49},[56576],{"text":56577,"type":599},"“While there has been a reduction in utilisation rates and pausing of some higher cost operations in China, we still see significant interest in natural graphite supply chain development both within China and globally,” said Albinski.",{"type":594,"attrs":56579,"content":56580},{"textAlign":49},[56581],{"text":56582,"type":599},"New capacity continues to come online in China, as the country pushes for development of new domestic supply. Globally, there is interest in developing an ex-China graphite supply chain, with natural graphite projects being developed in east East Africa, North America, and elsewhere.",{"type":657,"attrs":56584,"content":56585},{"level":15966,"textAlign":49},[56586],{"text":56587,"type":599},"Growing preference for synthetic feedstock",{"type":594,"attrs":56589,"content":56590},{"textAlign":49},[56591,56593,56599],{"text":56592,"type":599},"Chinese lithium ion battery makers are also increasingly replacing flake graphite with synthetic graphite for ",{"text":56594,"type":599,"marks":56595},"their anode needs",[56596],{"type":604,"attrs":56597},{"href":56598,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/synthetic-graphite-anode-prices-decline-35-in-a-year-as-natural-graphite-price-premium-narrows",{"text":56600,"type":599}," due to the increasingly competitive price of synthetic graphite anode material, given the flexibility to use higher sulphur pet coke as feedstock as opposed to more costly needle cokes.",{"type":594,"attrs":56602,"content":56603},{"textAlign":49},[56604,56605],{"text":47476,"type":599},{"text":56606,"type":599},"We expect to see synthetic graphite material capturing greater anode market share from natural graphite due to the recent tighter cost parity between the feedstocks,” said Albinski.",{"type":594,"attrs":56608,"content":56609},{"textAlign":49},[56610,56612,56617],{"text":56611,"type":599},"Graphite processors will also continue to look for ",{"text":56613,"type":599,"marks":56614},"opportunities",[56615],{"type":604,"attrs":56616},{"href":56489,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":56618,"type":599}," to save on feedstock costs and bring down their costs, particularly in a low price environment. “As a result, we expect increased use of non-needle and high sulphur cokes for synthetic graphite production,” said Albinski.",{"type":594,"attrs":56620,"content":56621},{"textAlign":49},[56622],{"text":56623,"type":599,"marks":56624},"Benchmark provides independent Price Assessments to the industry’s most rigorous IOSCO standards, used for supply contract settlement, indexation and price risk management.",[56625],{"type":643},{"type":594,"attrs":56627,"content":56628},{"textAlign":49},[56629],{"text":56630,"type":599,"marks":56631},"Partner with Benchmark’s Price Reporting Agency to empower your pricing decisions across lithium ion and energy transition supply chains.",[56632],{"type":643},{"type":594,"attrs":56634,"content":56635},{"textAlign":49},[56636],{"text":56637,"type":599,"marks":56638},"To learn more about Benchmark Price Assessments, provide your details below:",[56639],{"type":643},"Chinese flake graphite producers are facing low margins and are reducing utilisation rates as prices of the battery material fell in August after flattening out at low levels in recent months. Flake graphite has been under pressure due to a combination of sluggish downstream demand and an increased preference for synthetic graphite as some anode […]",[56642],{"slug":544,"name":543,"content":56643},{"job_title":557,"image":56644,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c2938377-abb0-4468-a770-262eadf72bfe\", \"id\": \"\"}-->",[56647,56648],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":20239,"copyright":547,"fieldtype":553,"meta_data":56650,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Sep 04, 2024",{"id":56653,"uuid":56654,"name":56655,"slug":56656,"full_slug":56657,"content":56658},112469032395740,"bdd7a36b-4902-434f-a0c2-742789ca083a","GM and Samsung SDI finalise battery JV, signalling demand confidence","gm-and-samsung-sdi-finalise-battery-jv-signalling-demand-confidence","article/gm-and-samsung-sdi-finalise-battery-jv-signalling-demand-confidence",{"_uid":56659,"date":56452,"tags":56660,"editor":56666,"content":56670,"excerpt":56814,"featured":51,"reporter":56815,"_editable":56819,"component":864,"seo_title":56655,"categories":56820,"visibility":882,"author_company":49,"data_vis_image":56823,"featured_image":56827,"seo_description":56814,"author_full_name":49,"author_job_title":49,"formattedDate":56651},"03f2f04e-6f92-4060-874e-db0f65af5010",[56661,56662,56665],{"slug":578,"name":579},{"slug":56663,"name":56664},"general-motors","General Motors",{"slug":46862,"name":46863},[56667],{"slug":544,"name":543,"content":56668},{"job_title":557,"image":56669,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":56671},[56672,56677,56682,56692,56697,56702,56718,56723,56728,56733,56751,56756,56761,56766,56771,56782,56787,56792,56797,56802,56809],{"type":594,"attrs":56673,"content":56674},{"textAlign":49},[56675],{"text":56676,"type":599},"General Motors (GM) and Samsung SDI have finalised their plans to build a US gigafactory through a joint venture in Indiana, US, demonstrating US automakers’ confidence in long-term electric vehicle (EV) demand despite a recent slowdown in growth.",{"type":594,"attrs":56678,"content":56679},{"textAlign":49},[56680],{"text":56681,"type":599},"The deal further strengthens the US battery supply chain, where a surge of investment has supported efforts to localise production, particularly since the implementation of the Inflation Reduction Act (IRA) in 2022. ",{"type":594,"attrs":56683,"content":56684},{"textAlign":49},[56685,56687,56691],{"text":56686,"type":599},"Battery cell demand in North America is forecast to grow 25% in 2024 and more than triple by 2030, according to Benchmark’s ",{"text":48137,"type":599,"marks":56688},[56689],{"type":604,"attrs":56690},{"href":54223,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":56693,"content":56694},{"textAlign":49},[56695],{"text":56696,"type":599},"GM’s Vice President of Batteries Kurt Kelty recently told Benchmark Source he is in favour of more localised supply, citing cost reduction, improved security of supply, and more dynamic battery design processes as benefits.",{"type":594,"attrs":56698,"content":56699},{"textAlign":49},[56700],{"text":56701,"type":599},"“There’s nothing we can’t fundamentally source in North America,” Kelty told Benchmark Source in an exclusive interview.",{"type":594,"attrs":56703,"content":56704},{"textAlign":49},[56705,56709,56715],{"text":56706,"type":599,"marks":56707},"Watch this exclusive interview with Kurt Kelty, Vice President of Batteries, General Motors. View more Power Players videos ",[56708],{"type":643},{"text":6515,"type":599,"marks":56710},[56711,56714],{"type":604,"attrs":56712},{"href":56713,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/power-players?items_per_page=12&page_offset=0&tags[]=power-players",{"type":643},{"text":974,"type":599,"marks":56716},[56717],{"type":643},{"type":657,"attrs":56719,"content":56720},{"level":15966,"textAlign":49},[56721],{"text":56722,"type":599},"The joint venture",{"type":657,"attrs":56724,"content":56725},{"level":15966,"textAlign":49},[56726],{"text":56727,"type":599},"Deal confirmed despite the short-term slowdown",{"type":594,"attrs":56729,"content":56730},{"textAlign":49},[56731],{"text":56732,"type":599},"The news comes amidst negative sentiment in the market, with many cell manufacturers and automakers delaying investments and rolling back targets in recent months.",{"type":594,"attrs":56734,"content":56735},{"textAlign":49},[56736,56737,56743,56745,56750],{"text":5793,"type":599},{"text":56738,"type":599,"marks":56739},"has slowed",[56740],{"type":604,"attrs":56741},{"href":56742,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-bad-is-the-electric-vehicle-slowdown",{"text":56744,"type":599}," since last year, undershooting some automakers’ ambitious targets. As a result, 220 GWh of 2030 gigafactory pipeline capacity was cancelled between January and May of this year, according to Benchmark’s ",{"text":35230,"type":599,"marks":56746},[56747],{"type":604,"attrs":56748},{"href":56749,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium-ion-batteries/capacity-database/gigafactory/",{"text":974,"type":599},{"type":594,"attrs":56752,"content":56753},{"textAlign":49},[56754],{"text":56755,"type":599},"Though the EV market grew by 20% in the first half of 2024 compared to the same period in 2023, most of this growth came from the Chinese market, according to data from Rho Motion. Chinese sales have risen 30% year-to-date, predominantly from plug-in hybrid (PHEV) sales.",{"type":594,"attrs":56757,"content":56758},{"textAlign":49},[56759],{"text":56760,"type":599},"Mercedes-Benz, Porsche, and GM have all dropped or pushed back EV targets, while Ford and VW have both delayed or cancelled new EV models.",{"type":657,"attrs":56762,"content":56763},{"level":15966,"textAlign":49},[56764],{"text":56765,"type":599},"The US’s South Korean and Japanese connection ",{"type":594,"attrs":56767,"content":56768},{"textAlign":49},[56769],{"text":56770,"type":599},"Kelty emphasised the importance of partnering with cell manufacturers in his interview with Benchmark Source last month.",{"type":594,"attrs":56772,"content":56773},{"textAlign":49},[56774,56776,56780],{"text":56775,"type":599},"GM initially worked with LG Energy Solution, with the two companies forecast to have 140 GWh of lithium ion battery capacity from their three joint-owned facilities in 2030, according to Benchmark’s ",{"text":35230,"type":599,"marks":56777},[56778],{"type":604,"attrs":56779},{"href":56749,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":56781,"type":599},". GM’s joint venture with Samsung SDI is forecast to have close to 30 GWh of capacity in the same year.",{"type":594,"attrs":56783,"content":56784},{"textAlign":49},[56785],{"text":56786,"type":599},"This fits with GM’s goal of “localising as much of production as possible,” Kelty told Source.",{"type":594,"attrs":56788,"content":56789},{"textAlign":49},[56790],{"text":56791,"type":599},"Automakers are incentivised to do this through tax credits stipulated in the US’ Inflation Reduction Act, but Kelty also set out several other advantages of more local supply chains.",{"type":594,"attrs":56793,"content":56794},{"textAlign":49},[56795],{"text":56796,"type":599},"“There’s a lot of other hidden costs [aside from price] that go with a supply chain that’s overseas,” said Kelty, noting waiting times for material to be shipped from Asia, the subsequent loss of agility when trying to iterate on cell design, and the improved security of supply when sourcing domestically.",{"type":594,"attrs":56798,"content":56799},{"textAlign":49},[56800],{"text":56801,"type":599},"To achieve local production many US automakers have partnered with South Korean and Japanese whose scale and expertise in cell manufacturing have enabled a rapid build out of capacity. ",{"type":594,"attrs":56803,"content":56804},{"textAlign":49},[56805],{"type":1186,"attrs":56806},{"id":49,"alt":547,"src":56807,"title":49,"source":49,"copyright":49,"meta_data":56808},"https://a.storyblok.com/f/287943243085208/52d44e8b0c/bm-japanese-and-south-korean-battery-manufacturers-stacked-column-chart.png",{},{"type":594,"attrs":56810,"content":56811},{"textAlign":49},[56812],{"text":56813,"type":599},"In 2030, Benchmark forecasts there will be 11 US-based gigafactories joint owned by US automakers and Japanese or South Korean battery manufacturers, producing more than 320 GWh of lithium ion batteries.","General Motors (GM) and Samsung SDI have finalised their plans to build a US gigafactory through a joint venture in Indiana, US, demonstrating US automakers’ confidence in long-term electric vehicle (EV) demand despite a recent slowdown in growth. The deal further strengthens the US battery supply chain, where a surge of investment has supported efforts […]",[56816],{"slug":544,"name":543,"content":56817},{"job_title":557,"image":56818,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"03f2f04e-6f92-4060-874e-db0f65af5010\", \"id\": \"\"}-->",[56821,56822],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":56824,"name":547,"focus":547,"title":56824,"source":547,"filename":56825,"copyright":547,"fieldtype":553,"meta_data":56826,"is_external_url":51},"Stacked column chart showing battery production in 2024 and 2030 from South Korean and Japanese companies JVs with US automakers, production from South Korean and Japanese companies, and other gigafactories","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1725441634/www-production/No-Y-Axis-Japanese-and-South-Korean-battery-manufacturers-stacked-column-chart/No-Y-Axis-Japanese-and-South-Korean-battery-manufacturers-stacked-column-chart.png?_i=AA",{"alt":56824,"title":56824,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":56828,"copyright":547,"fieldtype":553,"meta_data":56829,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c6bcd378d3/bm-gm-and-samsung-finalise-jv.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":56831,"uuid":56832,"name":56833,"slug":56834,"full_slug":56835,"content":56836},112469042070595,"1f90ad51-56f1-447f-ba13-7cc1545f9ce7","What are the challenges and opportunities of graphite recycling?","what-are-the-challenges-and-opportunities-of-graphite-recycling","article/what-are-the-challenges-and-opportunities-of-graphite-recycling",{"_uid":56837,"date":56838,"tags":56839,"editor":56849,"content":56853,"excerpt":57111,"featured":51,"reporter":57112,"_editable":57116,"component":864,"seo_title":56833,"categories":57117,"visibility":882,"author_company":49,"featured_image":57122,"seo_description":57111,"author_full_name":49,"author_job_title":49,"formattedDate":57124},"a52c73ba-bd31-45b9-ae27-82044ff1f593","2024-09-03 00:00",[56840,56843,56846],{"slug":56841,"name":56842},"altilium-metals","Altilium Metals",{"slug":56844,"name":56845},"fortum","Fortum",{"slug":56847,"name":56848},"talga","Talga",[56850],{"slug":544,"name":543,"content":56851},{"job_title":557,"image":56852,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":56854},[56855,56867,56872,56885,56897,56902,56907,56924,56929,56942,56952,56963,56968,56973,56978,56983,56996,57001,57006,57011,57016,57021,57026,57031,57036,57041,57046,57051,57056,57061,57080,57096,57101,57106],{"type":594,"attrs":56856,"content":56857},{"textAlign":49},[56858,56860,56866],{"text":56859,"type":599},"Graphite accounts for up to a quarter of the weight of a battery cell, but the value of this material is typically not recovered when a ",{"text":56861,"type":599,"marks":56862},"battery is recycled",[56863],{"type":604,"attrs":56864},{"href":56865,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/western-battery-scrap-to-account-for-over-third-of-global-pool-by-2035",{"text":974,"type":599},{"type":594,"attrs":56868,"content":56869},{"textAlign":49},[56870],{"text":56871,"type":599},"Very few commercial-scale recyclers extract graphite in a form suitable to reuse in a battery, meaning new batteries require virgin graphite to be mined.",{"type":594,"attrs":56873,"content":56874},{"textAlign":49},[56875,56877,56883],{"text":56876,"type":599},"Almost ",{"text":56878,"type":599,"marks":56879},"three-quarters of flake graphite is mined in China",[56880],{"type":604,"attrs":56881},{"href":56882,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-much-of-the-global-battery-supply-chain-is-owned-by-chinese-companies",{"text":56884,"type":599}," and 94% of uncoated spherical graphite is produced in the country, though other regions are beginning to develop domestic graphite supply chains. As such, extracting graphite from the recycling process presents an opportunity to reduce reliance on a single country.",{"type":594,"attrs":56886,"content":56887},{"textAlign":49},[56888,56890,56895],{"text":56889,"type":599},"“The current incentive for graphite recycling is to reduce China’s monopoly on the graphite supply by creating localised secondary sources for graphite,” Alex Sargent, a ",{"text":56891,"type":599,"marks":56892},"recycling analyst",[56893],{"type":604,"attrs":56894},{"href":54136,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":56896,"type":599}," at Benchmark, said.",{"type":657,"attrs":56898,"content":56899},{"level":15966,"textAlign":49},[56900],{"text":56901,"type":599},"The challenges of graphite recycling",{"type":594,"attrs":56903,"content":56904},{"textAlign":49},[56905],{"text":56906,"type":599},"Graphite recovery is not possible with pyrometallurgical recycling systems as the material is burnt off during the process. However most new recycling developments use hydrometallurgical methods which, in theory, allow for graphite recovery.",{"type":594,"attrs":56908,"content":56909},{"textAlign":49},[56910,56914,56921],{"text":56911,"type":599,"marks":56912},"Watch Benchmark Source’s ",[56913],{"type":643},{"text":56915,"type":599,"marks":56916},"Battery Recycling 101",[56917,56920],{"type":604,"attrs":56918},{"href":56919,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/battery-recycling-101",{"type":643},{"text":21888,"type":599,"marks":56922},[56923],{"type":643},{"type":594,"attrs":56925,"content":56926},{"textAlign":49},[56927],{"text":56928,"type":599},"There are two primary concerns that limit the commercial recovery of graphite from scrap batteries by recyclers: cost and quality.",{"type":594,"attrs":56930,"content":56931},{"textAlign":49},[56932,56934,56940],{"text":56933,"type":599},"The cost of recovering the graphite must be ",{"text":56935,"type":599,"marks":56936},"low enough to be recouped by such low prices",[56937],{"type":604,"attrs":56938},{"href":56939,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/recycling-industry-margins-squeezed-by-low-virgin-material-prices",{"text":56941,"type":599},", whereas the comparatively higher prices for the battery metals make recovering lithium, nickel, or cobalt financially more viable.",{"type":594,"attrs":56943,"content":56944},{"textAlign":49},[56945,56947,56951],{"text":56946,"type":599},"A tonne of uncoated spherical graphite suitable for use in a battery anode is currently priced at $2,100 per tonne (FOB China, 10 microns, 99.95%), whereas a tonne of battery grade lithium carbonate sells for around five times that at over $10,000 per tonne (EXW China), according to ",{"text":35454,"type":599,"marks":56948},[56949],{"type":604,"attrs":56950},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":56953,"content":56954},{"textAlign":49},[56955,56957,56961],{"text":56956,"type":599},"“Historically, the graphite was too low value coming out of ",{"text":10224,"type":599,"marks":56958},[56959],{"type":604,"attrs":56960},{"href":17880,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":56962,"type":599},",” Mark Thompson, the managing director of Talga, told Benchmark Source. “People just left it alone, they didn’t take it out.”",{"type":594,"attrs":56964,"content":56965},{"textAlign":49},[56966],{"text":56967,"type":599},"The other concern is whether the output material from a recycling process can generate high enough quality graphite to be reused in a battery anode.",{"type":594,"attrs":56969,"content":56970},{"textAlign":49},[56971],{"text":56972,"type":599},"Overtime, batteries age and lose their capacity over many cycles. This occurs via degradation mechanisms such as cathode metals migrating from the cathode onto the anode surface. During the recycling process, if the battery is over-discharged or shorted, copper from the anode foil can also contaminate the graphite anode surface.",{"type":594,"attrs":56974,"content":56975},{"textAlign":49},[56976],{"text":56977,"type":599},"“Graphite recovery is simple, graphite recycling is slightly more tricky, not only do you need to separate the graphite from the rest of the battery with high purity in an economically viable way, but you also need to treat the graphite, for instance clean its surface,” Benchmark’s Sargent said. “Then, normally, it’s pretty good to go back into a battery.”",{"type":594,"attrs":56979,"content":56980},{"textAlign":49},[56981],{"text":56982,"type":599},"The resulting clean material will be a specific blend of natural and synthetic graphite, matching the input feedstock. This can cause further complications as cell makers will have specific requirements for the blend of graphite in their anode materials.",{"type":594,"attrs":56984,"content":56985},{"textAlign":49},[56986,56988,56994],{"text":56987,"type":599},"As such, some companies that are exploring graphite recycling are doing so in ",{"text":56989,"type":599,"marks":56990},"partnership with the downstream",[56991],{"type":604,"attrs":56992},{"href":56993,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/automakers-ramp-up-recycling-plans-as-volvo-and-catl-agree-partnership",{"text":56995,"type":599},". By recycling cells with a graphite blend specific to an OEM, the resulting anode will be closer to that OEM’s required specification.",{"type":594,"attrs":56997,"content":56998},{"textAlign":49},[56999],{"text":57000,"type":599},"“We are running different types of batteries with different types of chemistry and different types of composition,” Tero Hollander, head of the batteries business line at the Nordic battery recycler Fortum, told Benchmark Source. “That’s one thing on the recycling side that you need to develop together with the end user.”",{"type":594,"attrs":57002,"content":57003},{"textAlign":49},[57004],{"text":57005,"type":599},"In June this year, Fortum Battery Recycling signed an non-exclusive agreement with Japanese conglomerate Marubeni to jointly build a sustainable recycling supply chain with a focus on graphite recycling.",{"type":594,"attrs":57007,"content":57008},{"textAlign":49},[57009],{"text":57010,"type":599},"Fortum currently operates a hydrometallurgical battery recycling facility in Harjavalta, Finland and mechanical pre-treatment facilities in Germany and Finland.",{"type":657,"attrs":57012,"content":57013},{"level":15966,"textAlign":49},[57014],{"text":57015,"type":599},"The opportunities of graphite recycling",{"type":594,"attrs":57017,"content":57018},{"textAlign":49},[57019],{"text":57020,"type":599},"The biggest opportunity for graphite recycling is the diversification of a supply chain that is otherwise highly concentrated in China, though regions like Africa are growing as sources for natural graphite and there is some spherical graphite capacity being established in Europe and North America.",{"type":594,"attrs":57022,"content":57023},{"textAlign":49},[57024],{"text":57025,"type":599},"Over half of the both natural graphite mining and spherical graphite production is still forecast to be located in China by 2030. More than 90% of synthetic graphite suitable for anode applications is forecast to be made in the country by 2030, too.",{"type":594,"attrs":57027,"content":57028},{"textAlign":49},[57029],{"text":57030,"type":599},"“It’s hard to decouple from China right now,” Christian Marston, co-founder and chief operating officer at Altilium Metals–a UK recycling developer–told Benchmark Source. “If China turns off the tap, it’s a problem.”",{"type":594,"attrs":57032,"content":57033},{"textAlign":49},[57034],{"text":57035,"type":599},"Talga and Altilium have a partnership focused on recovering graphite from waste batteries. Altilium claims that its planned recycling facility in Teesside in the UK will have the capacity to produce up to 20,000 tonnes of graphite a year. This would be a significant boon for the growing domestic battery industry in the country and Europe.",{"type":594,"attrs":57037,"content":57038},{"textAlign":49},[57039],{"text":57040,"type":599},"“Instead of importing fresh synthetic graphite from Asia, you are reusing the synthetic graphite that’s already there within your continent,” Talga’s Thompson said.",{"type":594,"attrs":57042,"content":57043},{"textAlign":49},[57044],{"text":57045,"type":599},"Thompson explained that the purification circuits they use to produce their natural graphite anodes can, with relatively few changes, be used to process recycled graphite material. This allows the recycling purification circuit to be co-located with the anode production facility.",{"type":594,"attrs":57047,"content":57048},{"textAlign":49},[57049],{"text":57050,"type":599},"By converting the graphite to anode material enhances the value proposition.",{"type":594,"attrs":57052,"content":57053},{"textAlign":49},[57054],{"text":57055,"type":599},"“For every stream, you maximise and you go to the highest value component you can,” Marston said. “So if that means post treating your graphite to a product you can sell to an anode producer I think you do that.”",{"type":657,"attrs":57057,"content":57058},{"level":15966,"textAlign":49},[57059],{"text":57060,"type":599},"Recycling policies ignore graphite",{"type":594,"attrs":57062,"content":57063},{"textAlign":49},[57064,57066,57072,57074,57079],{"text":57065,"type":599},"In 2022, the ",{"text":57067,"type":599,"marks":57068},"European Union’s Battery Regulations",[57069],{"type":604,"attrs":57070},{"href":57071,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-the-eu-meet-its-proposed-battery-metals-recycling-targets",{"text":57073,"type":599}," set out mandates for how much a new battery’s raw materials should come from recycled sources. Notably, graphite was not included in this, though the EU has deemed it a critical mineral through the ",{"text":10098,"type":599,"marks":57075},[57076],{"type":604,"attrs":57077},{"href":57078,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-forecast-to-fall-short-of-2030-crma-targets-without-ambitious-action",{"text":974,"type":599},{"type":594,"attrs":57081,"content":57082},{"textAlign":49},[57083,57087,57093],{"text":57084,"type":599,"marks":57085},"Watch a panel discussion about battery recycling from Benchmark’s Giga Europe 2024 event ",[57086],{"type":643},{"text":6515,"type":599,"marks":57088},[57089,57092],{"type":604,"attrs":57090},{"href":57091,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/giga-europe-2024-panel-recycling-and-circular-economy-strategies",{"type":643},{"text":974,"type":599,"marks":57094},[57095],{"type":643},{"type":594,"attrs":57097,"content":57098},{"textAlign":49},[57099],{"text":57100,"type":599},"“I think that it wasn’t included partially because at the time there were no solutions to do it,” Thompson said.",{"type":594,"attrs":57102,"content":57103},{"textAlign":49},[57104],{"text":57105,"type":599},"However, an increasing number of European and global battery recyclers are starting to demonstrate that graphite recycling is technically feasible.",{"type":594,"attrs":57107,"content":57108},{"textAlign":49},[57109],{"text":57110,"type":599},"“I think you’ll see an increase in deals being done in the graphite space,” Thompson said, adding that the EU could potentially add graphite into the Battery Regulations in future.","Graphite accounts for up to a quarter of the weight of a battery cell, but the value of this material is typically not recovered when a battery is recycled. Very few commercial-scale recyclers extract graphite in a form suitable to reuse in a battery, meaning new batteries require virgin graphite to be mined. Almost three-quarters […]",[57113],{"slug":544,"name":543,"content":57114},{"job_title":557,"image":57115,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a52c73ba-bd31-45b9-ae27-82044ff1f593\", \"id\": \"\"}-->",[57118,57119,57120,57121],{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7517,"copyright":547,"fieldtype":553,"meta_data":57123,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Sep 03, 2024",{"id":57126,"uuid":57127,"name":57128,"slug":57129,"full_slug":57130,"content":57131},112469071209546,"b3b5ce15-5ee7-4a97-967d-ed4b0302e7ad","Canada follows US, EU to impose steep import tariffs on China-made EVs","canada-follows-us-eu-to-impose-steep-import-tariffs-on-china-made-evs","article/canada-follows-us-eu-to-impose-steep-import-tariffs-on-china-made-evs",{"_uid":57132,"date":57133,"tags":57134,"editor":57139,"content":57143,"excerpt":57218,"featured":51,"reporter":57219,"_editable":57223,"component":864,"seo_title":57128,"categories":57224,"visibility":882,"author_company":49,"featured_image":57228,"seo_description":57218,"author_full_name":49,"author_job_title":49,"formattedDate":57231},"c8e78d13-2c4a-47b7-b632-c7d96e4f2372","2024-08-29 00:00",[57135,57136,57137,57138],{"slug":39425,"name":39426},{"slug":913,"name":914},{"slug":7052,"name":7053},{"slug":4610,"name":662},[57140],{"slug":544,"name":543,"content":57141},{"job_title":557,"image":57142,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":57144},[57145,57150,57162,57167,57186,57191,57196,57201,57208,57213],{"type":594,"attrs":57146,"content":57147},{"textAlign":49},[57148],{"text":57149,"type":599},"Canada will follow the US and the European Union (EU) to impose a steep import tariff on all China-made electric vehicles (EV) as it looks to protect its EV sector from what it calls unfair competition from China’s subsidies and policies.",{"type":594,"attrs":57151,"content":57152},{"textAlign":49},[57153,57155,57160],{"text":57154,"type":599},"The country said it will impose a 100% import tariff on all Chinese EVs starting October 1. This tariff is in addition to the 6.1% duty that is already in place for EVs produced in ",{"text":914,"type":599,"marks":57156},[57157],{"type":604,"attrs":57158},{"href":57159,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/where-is-china-exporting-its-electric-vehicles",{"text":57161,"type":599}," and imported into Canada. ",{"type":594,"attrs":57163,"content":57164},{"textAlign":49},[57165],{"text":57166,"type":599},"“The primary rationale behind introducing these tariffs is addressing the potential and future imports of lower cost Chinese EVs from China. This might result in new Chinese investments in Canada, like BYD, which has already signalled its interest in entering the country,” said Bryan Bille, policy analyst at Benchmark.",{"type":594,"attrs":57168,"content":57169},{"textAlign":49},[57170,57171,57176,57178,57184],{"text":45365,"type":599},{"text":25085,"type":599,"marks":57172},[57173],{"type":604,"attrs":57174},{"href":57175,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-hikes-tariffs-to-further-isolate-china-from-its-ev-supply-chain-ambitions",{"text":57177,"type":599},"said it will impose a 100% tariff on Chinese EVs. The ",{"text":57179,"type":599,"marks":57180},"EU too has proposed additional import tariffs",[57181],{"type":604,"attrs":57182},{"href":57183,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-more-than-halves-proposed-imports-duties-on-tesla-evs-made-in-china",{"text":57185,"type":599}," in the range of 9% to 36.3%. ",{"type":657,"attrs":57187,"content":57188},{"level":15966,"textAlign":49},[57189],{"text":57190,"type":599},"Tesla Giga Shanghai dominates exports to Canada",{"type":594,"attrs":57192,"content":57193},{"textAlign":49},[57194],{"text":57195,"type":599},"China has significantly increased the EV exports to Canada in recent years. The bulk of those are from Tesla’s gigafactory in Shanghai since the company began shipping them out in 2023.",{"type":594,"attrs":57197,"content":57198},{"textAlign":49},[57199],{"text":57200,"type":599},"“There are only limited EV exports from China to Canada. Given that the majority of these models are Tesla and the company has other EV facilities in the US and in Berlin, we would just expect a shift in the trade dynamics in order to avoid the tariffs,” said Charles Lester, analyst with Rho Motion. ",{"type":594,"attrs":57202,"content":57203},{"textAlign":49},[57204],{"type":1186,"attrs":57205},{"id":49,"alt":547,"src":57206,"title":49,"source":49,"copyright":49,"meta_data":57207},"https://a.storyblok.com/f/287943243085208/a423bf87d8/bm-chinaevexportsnew.png",{},{"type":594,"attrs":57209,"content":57210},{"textAlign":49},[57211],{"text":57212,"type":599},"Tesla counts Giga Shanghai as a key export hub. Tesla produces Model Y and battery cells at Giga Berlin, its first manufacturing location in Europe. The company has two US EV factories in Fremont, California and Austin, Texas. ",{"type":594,"attrs":57214,"content":57215},{"textAlign":49},[57216],{"text":57217,"type":599},"Canada’s EV imports increased twelve fold year-on-year to 39,766 units in 2023, according to data from the General Administration of Customs People’s Republic of China (GACC). In contrast, the US imported only 12,426 EV from China in 2023, a decline of 16.3% on a year-on-year basis. ","Canada will follow the US and the European Union (EU) to impose a steep import tariff on all China-made electric vehicles (EV) as it looks to protect its EV sector from what it calls unfair competition from China’s subsidies and policies. The country said it will impose a 100% import tariff on all Chinese EVs […]",[57220],{"slug":544,"name":543,"content":57221},{"job_title":557,"image":57222,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c8e78d13-2c4a-47b7-b632-c7d96e4f2372\", \"id\": \"\"}-->",[57225,57226,57227],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":57229,"copyright":547,"fieldtype":553,"meta_data":57230,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8d36ef7062/bm-exports.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 29, 2024",{"id":57233,"uuid":57234,"name":57235,"slug":57236,"full_slug":57237,"content":57238},112469081928780,"8276d06a-72c5-409c-b4f0-351aaa58a0b1","EU more than halves proposed import duties on Tesla EVs made in China","eu-more-than-halves-proposed-imports-duties-on-tesla-evs-made-in-china","article/eu-more-than-halves-proposed-imports-duties-on-tesla-evs-made-in-china",{"_uid":57239,"date":57240,"tags":57241,"editor":57247,"content":57251,"excerpt":57340,"featured":51,"reporter":57341,"_editable":57345,"component":864,"seo_title":57235,"categories":57346,"visibility":882,"author_company":49,"featured_image":57350,"seo_description":57340,"author_full_name":49,"author_job_title":49,"formattedDate":57352},"acfb72d4-a83e-4448-8e4f-8d25fc48cf99","2024-08-27 00:00",[57242,57243,57244,57245,57246],{"slug":913,"name":914},{"slug":11650,"name":11651},{"slug":10093,"name":10094},{"slug":1375,"name":1376},{"slug":4610,"name":662},[57248],{"slug":544,"name":543,"content":57249},{"job_title":557,"image":57250,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":57252},[57253,57258,57263,57268,57273,57278,57283,57288,57293,57298,57305,57310,57315,57320,57325,57330,57335],{"type":594,"attrs":57254,"content":57255},{"textAlign":49},[57256],{"text":57257,"type":599},"Tesla has secured a significantly lower import tariff than rival electric vehicle (EV) makers following the European Union’s (EU) recent decision to revise the import duties on China-made EVs entering the region. ",{"type":594,"attrs":57259,"content":57260},{"textAlign":49},[57261],{"text":57262,"type":599},"The EU said Tesla EVs imported from China will now draw an additional import tariff of 9% down from the initially proposed 20.8%, a decision the EU’s enforcement arm had announced in July. ",{"type":594,"attrs":57264,"content":57265},{"textAlign":49},[57266],{"text":57267,"type":599},"The EU deemed Tesla to have received lower state subsidies than other Chinese automakers after the US-based company had requested an individual duty rate for itself.",{"type":594,"attrs":57269,"content":57270},{"textAlign":49},[57271],{"text":57272,"type":599},"Tesla has received subsidies from China for its gigafactory in Shanghai, which doubles up as an EV export hub and makes more than half of its global production. The incentives include a corporate income tax rate of 15% from 2019 through 2023, which is lower than the 25% statutory corporate income tax rate in China. In comparison, BYD and other Chinese EV makers have received a much higher direct subsidy from Beijing.   ",{"type":594,"attrs":57274,"content":57275},{"textAlign":49},[57276],{"text":57277,"type":599},"“Tesla’s imports from China will remain strong, while foreign investment from Chinese automakers into Europe should still increase, driven by tariff circumvention,” said Luke Gear, analyst at Benchmark.",{"type":594,"attrs":57279,"content":57280},{"textAlign":49},[57281],{"text":57282,"type":599},"In 2023, Tesla China exported about 344,000 vehicles, representing around a third of its production, according to Benchmark data. The majority of them were shipped to Europe. However, Tesla’s China exports are down by 18% as of  July this year, compared to 2023.",{"type":657,"attrs":57284,"content":57285},{"level":15966,"textAlign":49},[57286],{"text":57287,"type":599},"Lower duties for rivals but not as much",{"type":594,"attrs":57289,"content":57290},{"textAlign":49},[57291],{"text":57292,"type":599},"While Tesla’s revised tariffs have been more than halved from the initial proposal, the reductions are just under 1% for BYD, Geely and SAIC. ",{"type":594,"attrs":57294,"content":57295},{"textAlign":49},[57296],{"text":57297,"type":599},"The EU said revised duties will not be collected retroactively.",{"type":594,"attrs":57299,"content":57300},{"textAlign":49},[57301],{"type":1186,"attrs":57302},{"id":49,"alt":547,"src":57303,"title":49,"source":49,"copyright":49,"meta_data":57304},"https://a.storyblok.com/f/287943243085208/5356777f2c/bm-eu-tariff-china-22082024-cp-1.png",{},{"type":657,"attrs":57306,"content":57307},{"level":15966,"textAlign":49},[57308],{"text":57309,"type":599},"Growing counter moves",{"type":594,"attrs":57311,"content":57312},{"textAlign":49},[57313],{"text":57314,"type":599},"The EU said the move is aimed at countering subsidies that China provides to EV makers. The commission had in October opened an anti-subsidy probe to find out whether it should impose higher tariffs on subsidised Chinese EV imports to create a level playing field. ",{"type":594,"attrs":57316,"content":57317},{"textAlign":49},[57318],{"text":57319,"type":599},"The EU said the proposal, if approved, will come into effect starting November and the new tariffs will remain in effect for the next five years.",{"type":594,"attrs":57321,"content":57322},{"textAlign":49},[57323],{"text":57324,"type":599},"The move is also being seen as the EU’s softening stance to avoid a fully blown trade war with its key trade partner. The biggest share of China’s EV exports go to the EU. In 2023, the EU had the largest share of China’s EV exports at 31%.",{"type":594,"attrs":57326,"content":57327},{"textAlign":49},[57328],{"text":57329,"type":599},"“Given that the EU slightly lowered some duties compared to the provisional ones initially proposed, this may suggest that this was done in view of China’s recent complaint at the WTO and to make the EU’s case ‘WTO-compatible’, given the EU claims about the level of unfair subsidisation in China,” said Bryan Bille, a policy analyst at Benchmark.  ",{"type":594,"attrs":57331,"content":57332},{"textAlign":49},[57333],{"text":57334,"type":599},"The revised tariff update comes days after Beijing’s complaint to the World Trade Organisation (WTO) on the EU’s decision in July to introduce additional import duties on made in China electric vehicles entering Europe. ",{"type":594,"attrs":57336,"content":57337},{"textAlign":49},[57338],{"text":57339,"type":599},"Following the EU’s latest announcement, China has hit back with an anti-subsidy probe into dairy imports from the European Union which is being seen as a pushback against BEV tariffs.","Tesla has secured a significantly lower import tariff than rival electric vehicle (EV) makers following the European Union’s (EU) recent decision to revise the import duties on China-made EVs entering the region. The EU said Tesla EVs imported from China will now draw an additional import tariff of 9% down from the initially proposed 20.8%, […]",[57342],{"slug":544,"name":543,"content":57343},{"job_title":557,"image":57344,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"acfb72d4-a83e-4448-8e4f-8d25fc48cf99\", \"id\": \"\"}-->",[57347,57348,57349],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":51658,"copyright":547,"fieldtype":553,"meta_data":57351,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Aug 27, 2024",{"id":57354,"uuid":57355,"name":57356,"slug":57357,"full_slug":57358,"content":57359},112469087175757,"f6912cdc-d490-4af7-b2cf-9b223399976a","Chinese investments key as Europe set for fastest synthetic anode growth outside China","chinese-investments-key-as-europe-set-for-fastest-synthetic-anode-growth-outside-china","article/chinese-investments-key-as-europe-set-for-fastest-synthetic-anode-growth-outside-china",{"_uid":57360,"date":57361,"tags":57362,"editor":57367,"content":57371,"excerpt":57496,"featured":51,"reporter":57497,"_editable":57501,"component":864,"seo_title":57356,"categories":57502,"visibility":882,"author_company":49,"featured_image":57505,"seo_description":57496,"author_full_name":49,"author_job_title":49,"formattedDate":57508},"494bf918-4140-4417-b87e-5c006bb783bf","2024-08-26 00:00",[57363,57364,57365,57366],{"slug":913,"name":914},{"slug":2790,"name":2791},{"slug":48923,"name":48924},{"slug":2507,"name":15902},[57368],{"slug":544,"name":543,"content":57369},{"job_title":557,"image":57370,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":57372},[57373,57383,57393,57398,57405,57410,57415,57420,57425,57430,57435,57440,57445,57450,57455,57460,57465,57476,57481,57486,57491],{"type":594,"attrs":57374,"content":57375},{"textAlign":49},[57376,57378,57382],{"text":57377,"type":599},"Europe is to become the fastest growing region for new synthetic anode active material production outside China, according to ",{"text":48956,"type":599,"marks":57379},[57380],{"type":604,"attrs":57381},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":57384,"content":57385},{"textAlign":49},[57386,57388,57392],{"text":57387,"type":599},"Between 2024 and 2030, Europe will account for 35% of the growth in ex-China synthetic anode production, ahead of 34% and 28% for Asia ex-China and North America respectively, according to ",{"text":48956,"type":599,"marks":57389},[57390],{"type":604,"attrs":57391},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":57394,"content":57395},{"textAlign":49},[57396],{"text":57397,"type":599},"Europe’s lead rests heavily on recent investments from Chinese players Shanshan and Putailai, which together own 58% of the region’s total synthetic anode active material pipeline capacity, according to Benchmark data.",{"type":594,"attrs":57399,"content":57400},{"textAlign":49},[57401],{"type":1186,"attrs":57402},{"id":49,"alt":547,"src":57403,"title":49,"source":49,"copyright":49,"meta_data":57404},"https://a.storyblok.com/f/287943243085208/e33945c927/bm-screenshot-2024-08-30-072008.png",{},{"type":594,"attrs":57406,"content":57407},{"textAlign":49},[57408],{"text":57409,"type":599},"“When we talk about announced synthetic anode capacity in Europe, this has been spearheaded by Chinese players,” said Tony Alderson, senior analyst at Benchmark. ",{"type":594,"attrs":57411,"content":57412},{"textAlign":49},[57413],{"text":57414,"type":599},"Shanshan’s Finnish asset is due to go online in 2027 while Putailai’s Swedish facility is scheduled to begin construction in 2024. If all permits are secured, the latter is expected to start producing anode material for Northvolt by 2025-2026. ",{"type":594,"attrs":57416,"content":57417},{"textAlign":49},[57418],{"text":57419,"type":599},"Both investments were announced in 2023 and are the largest synthetic anode material projects in Europe.",{"type":594,"attrs":57421,"content":57422},{"textAlign":49},[57423],{"text":57424,"type":599},"“Without the two major Chinese investments of the past year from Shanshan and Putailai, Europe would lag North America in 2030 synthetic anode active material production,” said Alderson.",{"type":594,"attrs":57426,"content":57427},{"textAlign":49},[57428],{"text":57429,"type":599},"Europe has been the region of choice for Chinese expansion as it offers a growing market with a more welcoming regulatory environment than the US.",{"type":657,"attrs":57431,"content":57432},{"level":15966,"textAlign":49},[57433],{"text":57434,"type":599},"European policy draws big Chinese players",{"type":594,"attrs":57436,"content":57437},{"textAlign":49},[57438],{"text":57439,"type":599},"Europe has managed to draw Chinese players by setting domestic battery material production targets and showing more political openness to Chinese investment than the US. ",{"type":594,"attrs":57441,"content":57442},{"textAlign":49},[57443],{"text":57444,"type":599},"The 2022 Critical Raw Materials Act, the EU’s flagship battery buildout legislation, should stimulate European demand for locally produced battery goods, offering a lucrative new market for Chinese anode producers facing severe overcapacity, competition, and surpluses back home.",{"type":594,"attrs":57446,"content":57447},{"textAlign":49},[57448],{"text":57449,"type":599},"Asia ex-China on the other hand lacks similar incentives to boost anode active material pipeline investments. ",{"type":594,"attrs":57451,"content":57452},{"textAlign":49},[57453],{"text":57454,"type":599},"“India spearheads Asian growth with South Korea and Japan only accounting for a quarter of ex-China supply growth collectively, reflecting the relatively modest government support for the chemistry in those countries,” said Alderson.",{"type":657,"attrs":57456,"content":57457},{"level":15966,"textAlign":49},[57458],{"text":57459,"type":599},"Chinese firms come with cost-cutting strategies",{"type":594,"attrs":57461,"content":57462},{"textAlign":49},[57463],{"text":57464,"type":599},"Despite offering a favourable policy environment, high labour and energy costs are a downside to operating in Europe. ",{"type":594,"attrs":57466,"content":57467},{"textAlign":49},[57468,57474],{"text":57469,"type":599,"marks":57470},"Benchmark’s Anode Cost Model",[57471],{"type":604,"attrs":57472},{"href":57473,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/anode/data-reports/forecast/",{"text":57475,"type":599}," estimates that the average cost for making one kilogram of synthetic anode material from pet coke feedstock would be $8.70 compared to $4.58 in China. ",{"type":594,"attrs":57477,"content":57478},{"textAlign":49},[57479],{"text":57480,"type":599},"Moreover, Europe may have domestic production targets but lacks significant trade tariffs or subsidies to support battery materials producers.",{"type":594,"attrs":57482,"content":57483},{"textAlign":49},[57484],{"text":57485,"type":599},"Europe’s lack of competitiveness should make investments from Chinese players all the more crucial. ",{"type":594,"attrs":57487,"content":57488},{"textAlign":49},[57489],{"text":57490,"type":599},"Chinese players that have invested in European plants are reportedly planning to conduct graphitisation in China, shipping the material back to Europe so that the coating process happens in Finland and Sweden.",{"type":594,"attrs":57492,"content":57493},{"textAlign":49},[57494],{"text":57495,"type":599},"This strategy is aimed at reducing production costs while also ensuring the material is eligible under the Foreign Entity of Concern rule in the US Inflation Reduction Act. (IRA).","Europe is to become the fastest growing region for new synthetic anode active material production outside China, according to Benchmark’s Anode Forecast. Between 2024 and 2030, Europe will account for 35% of the growth in ex-China synthetic anode production, ahead of 34% and 28% for Asia ex-China and North America respectively, according to Benchmark’s Anode […]",[57498],{"slug":544,"name":543,"content":57499},{"job_title":557,"image":57500,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"494bf918-4140-4417-b87e-5c006bb783bf\", \"id\": \"\"}-->",[57503,57504],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":57506,"copyright":547,"fieldtype":553,"meta_data":57507,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/18f0529884/bm-battery-1313743039a7.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 26, 2024",{"id":57510,"uuid":57511,"name":57512,"slug":57513,"full_slug":57514,"content":57515},112469111641170,"7fd7517d-1d65-41c2-b679-ef814f07b327","How much of the global battery supply chain is owned by Chinese companies?","how-much-of-the-global-battery-supply-chain-is-owned-by-chinese-companies","article/how-much-of-the-global-battery-supply-chain-is-owned-by-chinese-companies",{"_uid":57516,"date":57517,"tags":57518,"editor":57521,"content":57525,"excerpt":57758,"featured":51,"reporter":57759,"_editable":57763,"component":864,"seo_title":57512,"categories":57764,"visibility":882,"author_company":49,"data_vis_image":57775,"featured_image":57777,"seo_description":57758,"author_full_name":49,"author_job_title":49,"formattedDate":57780},"d4f33e09-6324-4b5b-8332-51bbe6aa6756","2024-08-22 00:00",[57519,57520],{"slug":913,"name":914},{"slug":578,"name":579},[57522],{"slug":544,"name":543,"content":57523},{"job_title":557,"image":57524,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":57526},[57527,57540,57545,57557,57570,57575,57580,57585,57593,57598,57611,57616,57621,57628,57647,57652,57657,57665,57670,57675,57680,57698,57703,57714,57719,57731,57736,57742],{"type":594,"attrs":57528,"content":57529},{"textAlign":49},[57530,57532,57538],{"text":57531,"type":599},"Western countries are increasingly looking to ",{"text":57533,"type":599,"marks":57534},"derisk their battery supply chains from China",[57535],{"type":604,"attrs":57536},{"href":57537,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-us-and-european-policy-tackle-chinas-ev-dominance",{"text":57539,"type":599}," in a bid to boost domestic resilience.",{"type":594,"attrs":57541,"content":57542},{"textAlign":49},[57543],{"text":57544,"type":599},"However, Chinese companies have the most experience developing and ramping up projects across the battery value chain as well as access to cheaper capital and state subsidies. This technical know-how is required to support the build out of supply outside of China.",{"type":594,"attrs":57546,"content":57547},{"textAlign":49},[57548,57550,57555],{"text":57549,"type":599},"In May, US President Biden unveiled a raft of new tariffs imposed on goods imported from China including a 25% tariff on critical minerals and batteries and a ",{"text":57551,"type":599,"marks":57552},"100% tariff on electric vehicles",[57553],{"type":604,"attrs":57554},{"href":57175,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":57556,"type":599},". These tariffs, however, only apply to material originating in China and not from companies with Chinese involvement outside of the country.",{"type":594,"attrs":57558,"content":57559},{"textAlign":49},[57560,57562,57568],{"text":57561,"type":599},"“China has a firm grip on the various critical mineral and battery supply chains, both in terms of manufacturing in China and corporate involvement around the world, and China has flexed its muscles before through export restrictions,” Bryan Bille, a policy analyst at Benchmark, said. “",{"text":57563,"type":599,"marks":57564},"Geopolitical actors like the EU",[57565],{"type":604,"attrs":57566},{"href":57567,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europes-anti-subsidy-probe-results-in-almost-50-tariffs-on-chinese-ev-imports",{"text":57569,"type":599}," and the US are aiming to derisk from China through supply localisation and diversification.”",{"type":594,"attrs":57571,"content":57572},{"textAlign":49},[57573],{"text":57574,"type":599},"In this Benchmark Source analysis, we look at how far reaching China’s involvement is in the global battery supply chain and how this could allow Chinese companies to avoid tariffs on mineral imports.",{"type":657,"attrs":57576,"content":57577},{"level":15966,"textAlign":49},[57578],{"text":57579,"type":599},"Chinese companies have stakes in much ex-China mined supply",{"type":594,"attrs":57581,"content":57582},{"textAlign":49},[57583],{"text":57584,"type":599},"With the exception of graphite, over 50% of the mined supply of critical minerals takes place outside of China. However, much of this supply comes from partly or fully owned Chinese companies.",{"type":594,"attrs":57586,"content":57587},{"textAlign":49},[57588],{"type":1186,"attrs":57589},{"id":49,"alt":57590,"src":57591,"title":49,"source":49,"copyright":49,"meta_data":57592},"Chinese companies are involved in significant proportions of critical mineral mining","https://a.storyblok.com/f/287943243085208/e52aee1f1b/bm-china-donut-charts-v4-01.png",{},{"type":594,"attrs":57594,"content":57595},{"textAlign":49},[57596],{"text":57597,"type":599},"Nickel and manganese mining have the least direct involvement by Chinese companies with 74% and 76%, respectively, having no Chinese involvement.",{"type":594,"attrs":57599,"content":57600},{"textAlign":49},[57601,57603,57609],{"text":57602,"type":599},"For nickel, this mining predominantly ",{"text":57604,"type":599,"marks":57605},"takes place in Indonesia",[57606],{"type":604,"attrs":57607},{"href":57608,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/infographic-chinas-influence-over-indonesian-nickel",{"text":57610,"type":599},", which has banned the export of nickel ores from the country in order to capture the value from refining the ore.",{"type":657,"attrs":57612,"content":57613},{"level":15966,"textAlign":49},[57614],{"text":57615,"type":599},"Most battery chemical production is located in China",{"type":594,"attrs":57617,"content":57618},{"textAlign":49},[57619],{"text":57620,"type":599},"Converting mined mineral supplies into chemicals suited to the battery industry is mostly dominated by production in China.",{"type":594,"attrs":57622,"content":57623},{"textAlign":49},[57624],{"type":1186,"attrs":57625},{"id":49,"alt":547,"src":57626,"title":49,"source":49,"copyright":49,"meta_data":57627},"https://a.storyblok.com/f/287943243085208/f976848694/bm-china-donut-charts-v4-03-13225111dabe.png",{},{"type":594,"attrs":57629,"content":57630},{"textAlign":49},[57631,57633,57638,57640,57645],{"text":57632,"type":599},"Although there is significant ",{"text":57634,"type":599,"marks":57635},"synthetic graphite production",[57636],{"type":604,"attrs":57637},{"href":56489,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":57639,"type":599}," spread around the world, ",{"text":57641,"type":599,"marks":57642},"supply of material suitable for use in battery anodes",[57643],{"type":604,"attrs":57644},{"href":53388,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":57646,"type":599}," is mostly located in China, with only 2% located outside of the country.",{"type":657,"attrs":57648,"content":57649},{"level":15966,"textAlign":49},[57650],{"text":57651,"type":599},"Very little active material and cell production has no Chinese involvement",{"type":594,"attrs":57653,"content":57654},{"textAlign":49},[57655],{"text":57656,"type":599},"The production of cathode and anode material is mostly located in China, and the vast majority of the cathode material produced outside of China involves Chinese companies to some degree.",{"type":594,"attrs":57658,"content":57659},{"textAlign":49},[57660],{"type":1186,"attrs":57661},{"id":49,"alt":57662,"src":57663,"title":49,"source":49,"copyright":49,"meta_data":57664},"The production of battery cells and components depends on Chinese companies","https://a.storyblok.com/f/287943243085208/a0834f1f9d/bm-china-donut-charts-v4-02.png",{},{"type":594,"attrs":57666,"content":57667},{"textAlign":49},[57668],{"text":57669,"type":599},"The production of so much active material in China makes sense given the concentration of gigafactories in the country.",{"type":657,"attrs":57671,"content":57672},{"level":15966,"textAlign":49},[57673],{"text":57674,"type":599},"Can tariffs be avoided?",{"type":594,"attrs":57676,"content":57677},{"textAlign":49},[57678],{"text":57679,"type":599},"Both the EU and US have enacted tariffs that aim to derisk their EV supply chains from China.",{"type":594,"attrs":57681,"content":57682},{"textAlign":49},[57683,57685,57690,57691,57696],{"text":57684,"type":599},"The US has made it clear that it hopes to entirely disconnect its supply chains from Chinese firms. In addition to the 100% tariffs on Chinese EVs, the US imposes a ",{"text":57686,"type":599,"marks":57687},"25% tariff",[57688],{"type":604,"attrs":57689},{"href":57175,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":9835,"type":599},{"text":57692,"type":599,"marks":57693},"many critical minerals",[57694],{"type":604,"attrs":57695},{"href":53409,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":57697,"type":599}," from China.",{"type":594,"attrs":57699,"content":57700},{"textAlign":49},[57701],{"text":57702,"type":599},"It will struggle to derisk from China for almost all of the battery minerals. However, it might just be able to source enough lithium to meet its demand.",{"type":594,"attrs":57704,"content":57705},{"textAlign":49},[57706,57708,57713],{"text":57707,"type":599},"Although Chinese companies operating outside of China could skirt the US tariffs on critical minerals, such supply could still fall foul of Foreign Entity of Concern rules in the ",{"text":46860,"type":599,"marks":57709},[57710],{"type":604,"attrs":57711},{"href":57712,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/Inflation-Reduction-Act",{"text":974,"type":599},{"type":594,"attrs":57715,"content":57716},{"textAlign":49},[57717],{"text":57718,"type":599},"However, not all governments are so strongly against Chinese companies operating in their regions.",{"type":594,"attrs":57720,"content":57721},{"textAlign":49},[57722,57724,57729],{"text":57723,"type":599},"“Importantly, the ",{"text":57725,"type":599,"marks":57726},"EU",[57727],{"type":604,"attrs":57728},{"href":57078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":57730,"type":599}," remains open to Chinese imports and investments in Europe,” Bille said. “The US is far more hostile towards Chinese investments in the US.”",{"type":657,"attrs":57732,"content":57733},{"level":15966,"textAlign":49},[57734],{"text":57735,"type":599},"Join us at Benchmark Week 2024",{"type":594,"attrs":57737,"content":57738},{"textAlign":49},[57739],{"text":53711,"type":599,"marks":57740},[57741],{"type":643},{"type":594,"attrs":57743,"content":57744},{"textAlign":49},[57745,57749,57755],{"text":57746,"type":599,"marks":57747},"Join us at Benchmark Week to forge connections, identify future partners and unlock market opportunities. ",[57748],{"type":643},{"text":57750,"type":599,"marks":57751},"Purchase your tickets today",[57752,57754],{"type":604,"attrs":57753},{"href":53732,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":57756},[57757],{"type":643},"Western countries are increasingly looking to derisk their battery supply chains from China in a bid to boost domestic resilience. However, Chinese companies have the most experience developing and ramping up projects across the battery value chain as well as access to cheaper capital and state subsidies. This technical know-how is required to support the […]",[57760],{"slug":544,"name":543,"content":57761},{"job_title":557,"image":57762,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d4f33e09-6324-4b5b-8332-51bbe6aa6756\", \"id\": \"\"}-->",[57765,57766,57767,57768,57769,57770,57771,57772,57773,57774],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":4811,"name":4812},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"id":49,"alt":57590,"name":547,"focus":547,"title":57590,"source":547,"filename":57591,"copyright":547,"fieldtype":553,"meta_data":57776,"is_external_url":51},{"alt":57590,"title":57590,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":57778,"copyright":547,"fieldtype":553,"meta_data":57779,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a09ec7a19b/bm-chinas-dominance-header-image-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 22, 2024",{"id":57782,"uuid":57783,"name":57784,"slug":57785,"full_slug":57786,"content":57787},112469106803793,"46f100bf-123b-4413-8b7e-7ed2f9b2351e","Why the ex-China APAC region is a key cathode supply hub for North America","how-is-the-ex-china-apac-region-position-in-the-global-battery-supply-chain-evolving","article/how-is-the-ex-china-apac-region-position-in-the-global-battery-supply-chain-evolving",{"_uid":57788,"date":57517,"tags":57789,"editor":57793,"content":57797,"excerpt":58035,"featured":51,"reporter":58036,"_editable":58040,"component":864,"seo_title":57784,"categories":58041,"visibility":882,"author_company":49,"featured_image":58045,"seo_description":58035,"author_full_name":49,"author_job_title":49,"formattedDate":57780},"46bb2ebb-a6c9-4c91-9e0b-44dcf89600d6",[57790,57791,57792],{"slug":6567,"name":2038},{"slug":6290,"name":2052},{"slug":8694,"name":8695},[57794],{"slug":544,"name":543,"content":57795},{"job_title":557,"image":57796,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":57798},[57799,57830,57835,57846,57851,57856,57867,57874,57885,57897,57910,57915,57928,57935,57940,57945,57952,57957,57962,57975,57986,57991,57996,58001,58012,58017],{"type":594,"attrs":57800,"content":57801},{"textAlign":49},[57802,57804,57810,57812,57817,57819,57823,57825],{"text":57803,"type":599},"China is a battery supply chain behemoth. Composing 85% of global ",{"text":57805,"type":599,"marks":57806},"lithium ion battery cell production",[57807],{"type":604,"attrs":57808},{"href":57809,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium-ion-batteries/portal/",{"text":57811,"type":599},", 80% of ",{"text":4805,"type":599,"marks":57813},[57814],{"type":604,"attrs":57815},{"href":57816,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cathode/portal/",{"text":57818,"type":599}," production, and 65% of ",{"text":878,"type":599,"marks":57820},[57821],{"type":604,"attrs":57822},{"href":54754,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":57824,"type":599}," refining in 2024, ",{"text":57826,"type":599,"marks":57827},"China’s dominance is pervasive across the breadth of the value chain.",[57828],{"type":604,"attrs":57829},{"href":56882,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":57831,"content":57832},{"textAlign":49},[57833],{"text":57834,"type":599},"Beyond its borders, however, the Asia Pacific (APAC) region represents one of the fastest growing hubs for battery-related investments, buoyed by robust long-term battery demand prospects and a supportive policy regime in the US.",{"type":594,"attrs":57836,"content":57837},{"textAlign":49},[57838,57840],{"text":57839,"type":599},"“Over the last two years, it is difficult to ignore the impacts that the US Inflation Reduction Act (IRA) and the broader North American context has had on the battery supply chain,” said Evan Hartley, research manager at Benchmark, ",{"text":57841,"type":599,"marks":57842},"delivering Benchmark’s Giga APAC preview webinar last week.",[57843],{"type":604,"attrs":57844},{"href":57845,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/giga-asia-pacific-2024-preview-zeroing-in-on-the-regions-critical-mineral-supply-for-lithium-ion-batteries-and-electric-vehicles",{"type":594,"attrs":57847,"content":57848},{"textAlign":49},[57849],{"text":57850,"type":599},"“We’re not just seeing domestic capacity and investment growth in the US and Canada; there has also been significant investments in countries like South Korea, Indonesia, and Japan, where factories are being built out with a view to supply the North American market,” Hartley added.",{"type":657,"attrs":57852,"content":57853},{"level":15966,"textAlign":49},[57854],{"text":57855,"type":599},"Ex-China APAC region receives post-IRA midstream investment boost",{"type":594,"attrs":57857,"content":57858},{"textAlign":49},[57859,57861,57865],{"text":57860,"type":599},"Following the IRA’s enactment, the APAC region (excluding China) has witnessed a significant influx of midstream stage investments within the battery value chain. According to ",{"text":9653,"type":599,"marks":57862},[57863],{"type":604,"attrs":57864},{"href":57816,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":57866,"type":599},", projections for cathode production in the region by 2030 have risen 126% since the passage of the landmark climate legislation in late 2022.",{"type":594,"attrs":57868,"content":57869},{"textAlign":49},[57870],{"type":1186,"attrs":57871},{"id":49,"alt":547,"src":57872,"title":49,"source":49,"copyright":49,"meta_data":57873},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXc77x8r7YQe8UPKtqp8DJq6N_3bTKXpvGXt1gCxnmbAsIZ1DG_wJoCoDqW6W5zFQ-Nxh9A4SG9bNEPx_OmZrTgCr4iBINqWHwJawA7WPFXCj8j2ec2qKtVqjkq2VAPJMWBTAwd0siLjUNn1rKeTBPEQt14?key=WM8EXIi4POkRiW2HhiUI0A",{},{"type":594,"attrs":57875,"content":57876},{"textAlign":49},[57877,57879],{"text":57878,"type":599},"Owing to its free trade agreement (FTA) with the US, ",{"text":57880,"type":599,"marks":57881},"South Korea has seen the largest inflow of capital; notching up $5 billion of battery precursor and cathode investment alone in 2023.",[57882],{"type":604,"attrs":57883},{"href":57884,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/south-koreas-5-billion-pcam-and-cathode-building-boom",{"type":594,"attrs":57886,"content":57887},{"textAlign":49},[57888,57890,57895],{"text":57889,"type":599},"Japanese and South Korean battery makers have prioritised North America capacity expansions to take advantage of IRA incentives and are ",{"text":57891,"type":599,"marks":57892},"due to account (including minority partnerships) for 64% of US battery cell production by 2030",[57893],{"type":604,"attrs":57894},{"href":57809,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":57896,"type":599}," – building out the corresponding IRA-compliant supply chains in Asia.",{"type":594,"attrs":57898,"content":57899},{"textAlign":49},[57900,57902,57908],{"text":57901,"type":599},"These investments are positioning the APAC region as a lynchpin for the US battery ambitions. ",{"text":57903,"type":599,"marks":57904},"Benchmark estimates less than one quarter of US gigafactory cathode material demand will be met by domestic plants ",[57905],{"type":604,"attrs":57906},{"href":57907,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-is-the-post-ira-cathode-landscape-evolving",{"text":57909,"type":599},", with this supply deficit set to be filled by imports from FTA partners in the APAC region.",{"type":657,"attrs":57911,"content":57912},{"level":15966,"textAlign":49},[57913],{"text":57914,"type":599},"Diversifying from China a challenge",{"type":594,"attrs":57916,"content":57917},{"textAlign":49},[57918,57920,57926],{"text":57919,"type":599},"Despite efforts to decrease supply chain risk by reducing exposure to China, ",{"text":57921,"type":599,"marks":57922},"Benchmark data",[57923],{"type":604,"attrs":57924},{"href":57925,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cathode/data-reports/market-assessments/",{"text":57927,"type":599}," reveals that battery precursor capacity in the ex-China APAC region will account for just 54% of corresponding cathode capacity by 2030, leaving cathode producers reliant on imports of battery precursor material from China.",{"type":594,"attrs":57929,"content":57930},{"textAlign":49},[57931],{"type":1186,"attrs":57932},{"id":49,"alt":547,"src":57933,"title":49,"source":49,"copyright":49,"meta_data":57934},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfOPRVF5FoC9brPTkmLLfgBdljn_ftN3rKtqXpvnOB-_JgIsEWgShCyNiE1SCyHl0ALLFZK_5LbQmD-RpBZHonKTDQf8BZZPt8www0QPi7xP4uFoL_AH3CJNXZCe_20MZietMIoSB3jWwXKcDLLfHwx0d0?key=WM8EXIi4POkRiW2HhiUI0A",{},{"type":594,"attrs":57936,"content":57937},{"textAlign":49},[57938],{"text":57939,"type":599},"Several of South Korea’s leading cathode players have long-standing battery precursor agreements in place with Chinese firms, in the form of either supply contracts or joint venture partnerships. ",{"type":594,"attrs":57941,"content":57942},{"textAlign":49},[57943],{"text":57944,"type":599},"In August, EcoPro BM agreed to procure an additional 265,000 tonnes of battery precursor from China’s GEM as it expands cathode capacity, extending an existing partnership between the two companies. LG Chem and Posco Chemical have similar such tie-ups in place.",{"type":594,"attrs":57946,"content":57947},{"textAlign":49},[57948],{"type":1186,"attrs":57949},{"id":49,"alt":547,"src":57950,"title":49,"source":49,"copyright":49,"meta_data":57951},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcuq7NAGgSyY_POxwz3ADEW_HvVjfL4MsMyataYzQXXz44J4qv42QiuQepVDU12endyzxSJra2T97IqchQfcklHrWW-K2KvvGPoXcfc0iABbDviYre6lx6vMORF6pYpVgUaXdvdkqdnBUEAgUzxgqjBtTo?key=WM8EXIi4POkRiW2HhiUI0A",{},{"type":594,"attrs":57953,"content":57954},{"textAlign":49},[57955],{"text":57956,"type":599},"China maintains an inherent cost advantage at this step of the battery value chain, owing to the economic benefits of vertically integrated supply chains. Chinese firms have invested heavily across Indonesia and the Democratic Republic of Congo in recent years, guaranteeing access to the nickel, cobalt, and manganese resources required to support large-scale battery precursor production.",{"type":657,"attrs":57958,"content":57959},{"level":15966,"textAlign":49},[57960],{"text":57961,"type":599},"Cost the key differential ",{"type":594,"attrs":57963,"content":57964},{"textAlign":49},[57965,57967,57973],{"text":57966,"type":599},"While the IRA promises generous incentives for Asian companies pivoting towards the North American market, the stringent nature of ",{"text":57968,"type":599,"marks":57969},"foreign entity of concern (FEOC) rules",[57970],{"type":604,"attrs":57971},{"href":57972,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/usa-and-the-battery-to-ev-supply-chain-new-ira-feoc-rules-and-the-impact",{"text":57974,"type":599}," could prove a stumbling block to scaling the APAC supply chain.",{"type":594,"attrs":57976,"content":57977},{"textAlign":49},[57978,57984],{"text":57979,"type":599,"marks":57980},"South Korean battery players have warned that FEOC restrictions on China may leave them struggling to meet the requirements of IRA tax credit qualification",[57981],{"type":604,"attrs":57982},{"href":57983,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/why-south-korean-battery-makers-fear-feoc-rules-could-disrupt-their-us-plans",{"text":57985,"type":599},"; eroding the cost-advantage of pivoting towards a US-centric supply chain.",{"type":594,"attrs":57987,"content":57988},{"textAlign":49},[57989],{"text":57990,"type":599},"Moreover, lithium iron phosphate’s (LFP) growing share of the battery market poses further risks. LFP cells will account for 49% of end-use battery demand in 2024, but are set to comprise just 2% of ex-China APAC cell production and 3% of cathode production in the region this year.",{"type":594,"attrs":57992,"content":57993},{"textAlign":49},[57994],{"text":57995,"type":599},"“When we analyse mid-nickel cells being produced in Asia today, we see an almost $20 per kilowatt hour gulf between them and the LFP cells produced in China,” said Hartley. ",{"type":594,"attrs":57997,"content":57998},{"textAlign":49},[57999],{"text":58000,"type":599},"“China holds a large monopoly over the LFP supply chain. And the low price of LFP battery cells presents a challenge across the APAC region when it comes to competing on cost,” he added. ",{"type":594,"attrs":58002,"content":58003},{"textAlign":49},[58004,58006],{"text":58005,"type":599},"These cost pressures, coupled with ",{"text":58007,"type":599,"marks":58008},"slower-than-expected electric vehicle sales in the west, overcapacity concerns in China, and political uncertainty ahead of the US election in November, are putting many planned investments in the region at risk of being delayed or cancelled.",[58009],{"type":604,"attrs":58010},{"href":58011,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ecopro-bm-latest-cathode-producer-to-mull-capacity-cut",{"type":657,"attrs":58013,"content":58014},{"level":15966,"textAlign":49},[58015],{"text":58016,"type":599},"Join us at Giga APAC 2024",{"type":594,"attrs":58018,"content":58019},{"textAlign":49},[58020,58024,58031],{"text":58021,"type":599,"marks":58022},"Discussions on Asia Pacific’s battery market will continue at Benchmark’s ",[58023],{"type":643},{"text":58025,"type":599,"marks":58026},"Giga APAC 2024",[58027,58030],{"type":604,"attrs":58028},{"href":58029,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://benchmarkevents.benchmarkminerals.com/gigaapac24",{"type":643},{"text":58032,"type":599,"marks":58033}," conference being held September 11-12 at the Ritz Carlton in Perth, Australia.",[58034],{"type":643},"China is a battery supply chain behemoth. Composing 85% of global lithium ion battery cell production, 80% of cathode production, and 65% of lithium refining in 2024, China’s dominance is pervasive across the breadth of the value chain. Beyond its borders, however, the Asia Pacific (APAC) region represents one of the fastest growing hubs for […]",[58037],{"slug":544,"name":543,"content":58038},{"job_title":557,"image":58039,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"46bb2ebb-a6c9-4c91-9e0b-44dcf89600d6\", \"id\": \"\"}-->",[58042,58043,58044],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":58046,"copyright":547,"fieldtype":553,"meta_data":58047,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ae20cac3ca/bm-lithium-ion-battery-adobe-stock-image.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":58049,"uuid":58050,"name":58051,"slug":58052,"full_slug":58053,"content":58054},112469121197141,"b8c4f3f6-7083-4187-b8a2-d5127f0033dd","Ford-BTR’s $120 million anode deal captures a battery industry in flux","ford-btrs-120-million-anode-deal-captures-a-battery-industry-in-flux","article/ford-btrs-120-million-anode-deal-captures-a-battery-industry-in-flux",{"_uid":58055,"date":58056,"tags":58057,"editor":58060,"content":58064,"excerpt":58210,"featured":51,"reporter":58211,"_editable":58215,"component":864,"seo_title":58051,"categories":58216,"visibility":882,"author_company":49,"featured_image":58221,"seo_description":58210,"author_full_name":49,"author_job_title":49,"formattedDate":58224},"f1f30d60-4acd-4446-8ca8-1f1761a7e962","2024-08-21 00:00",[58058,58059],{"slug":913,"name":914},{"slug":1375,"name":1376},[58061],{"slug":544,"name":543,"content":58062},{"job_title":557,"image":58063,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":58065},[58066,58071,58076,58081,58086,58091,58096,58101,58106,58110,58115,58120,58125,58130,58135,58140,58145,58150,58155,58160,58165,58170,58175,58180,58185,58190,58195,58200,58205],{"type":594,"attrs":58067,"content":58068},{"textAlign":49},[58069],{"text":58070,"type":599},"Ford has agreed to pay $120 million to an ex-China subsidiary of BTR for synthetic graphite anode materials in a deal that demonstrates how major mid to downstream battery players are responding to low prices.",{"type":594,"attrs":58072,"content":58073},{"textAlign":49},[58074],{"text":58075,"type":599},"The deal will see Ford and its related companies sourcing synthetic graphite anode materials from Mediterranean Mediterranean New Material Technology (MNMT), a subsidiary of Chinese anode giant BTR.",{"type":594,"attrs":58077,"content":58078},{"textAlign":49},[58079],{"text":58080,"type":599},"In a separate announcement made on the same day, BTR has said it plans to construct a new synthetic graphite anode materials plant in Morocco’s Tangier Tech City with an annual production capacity of 60,000 tonnes. ",{"type":594,"attrs":58082,"content":58083},{"textAlign":49},[58084],{"text":58085,"type":599},"BTR did not confirm that this planned plant would supply Ford but China Boan Group, its largest shareholder, said separately that the company that will build the site will sign a supply deal with Ford. ",{"type":594,"attrs":58087,"content":58088},{"textAlign":49},[58089],{"text":58090,"type":599},"The deal will support Ford’s plans to ramp up EV production, a strategy that includes entering cell production through joint ventures with SK Innovation and CATL.",{"type":594,"attrs":58092,"content":58093},{"textAlign":49},[58094],{"text":58095,"type":599},"For BTR, it promises to advance an ongoing push into Western markets. ",{"type":594,"attrs":58097,"content":58098},{"textAlign":49},[58099],{"text":58100,"type":599},"“Facing intense domestic competition and persistent market surpluses, Chinese anode active materials majors are actively seeking overseas sites to expand their global operations and customer base,” said Tony Alderson, senior analyst at Benchmark. ",{"type":594,"attrs":58102,"content":58103},{"textAlign":49},[58104],{"text":58105,"type":599},"BTR’s use of an ex-China subsidiary in the Ford deal shows the legal manoeuvres Chinese battery materials firms are undertaking to de-risk from mounting policy barriers to US market access. ",{"type":657,"attrs":58107,"content":58108},{"level":15966,"textAlign":49},[58109],{"text":33595,"type":599},{"type":594,"attrs":58111,"content":58112},{"textAlign":49},[58113],{"text":58114,"type":599},"The deal is a supply agreement where BTR’s MANMT will provide Ford with synthetic graphite anodes for an unspecified period from a plant that is yet to be constructed. ",{"type":594,"attrs":58116,"content":58117},{"textAlign":49},[58118],{"text":58119,"type":599},"Ford’s advance payment of $120 million will support construction and production at the planned site. ",{"type":594,"attrs":58121,"content":58122},{"textAlign":49},[58123],{"text":58124,"type":599},"The supply amount has not yet been specified but it is likely that at least some of the anodes purchased through the BTR deal will go to Ford’s cell manufacturing facilities now under construction.",{"type":657,"attrs":58126,"content":58127},{"level":15966,"textAlign":49},[58128],{"text":58129,"type":599},"What does the deal say about the US EV industry?",{"type":594,"attrs":58131,"content":58132},{"textAlign":49},[58133],{"text":58134,"type":599},"OEMs are increasingly looking to procure the midstream materials directly, bypassing the traditional route of going through the cell maker, as they become more closely involved in cell production.",{"type":594,"attrs":58136,"content":58137},{"textAlign":49},[58138],{"text":58139,"type":599},"A similar recent deal involved Stellantis’ Fiat Chrysler Automobiles, which signed an offtake with natural graphite anode producer Westwater Resources in July 2024.",{"type":594,"attrs":58141,"content":58142},{"textAlign":49},[58143],{"text":58144,"type":599},"These strategies of direct purchasing and vertical integration can buffer automakers against cell price fluctuation. The fact that more OEMs are adopting these methods shows the mounting cost-cutting pressures they are under.  ",{"type":657,"attrs":58146,"content":58147},{"level":15966,"textAlign":49},[58148],{"text":58149,"type":599},"What does the deal say about the Chinese battery industry?",{"type":594,"attrs":58151,"content":58152},{"textAlign":49},[58153],{"text":58154,"type":599},"BTR is one of the clearest examples of how severe industry competition in China since 2023 has pushed battery materials producers to seek new markets abroad. ",{"type":594,"attrs":58156,"content":58157},{"textAlign":49},[58158],{"text":58159,"type":599},"In 2023, BTR also announced a $300 million Morocco-based cathode facility, its first cathode projects overseas.",{"type":594,"attrs":58161,"content":58162},{"textAlign":49},[58163],{"text":58164,"type":599},"BTR’s first ever ex-China plant entered phase I production in early August this year, a 80,000 tonne Indonesian anode material project.",{"type":594,"attrs":58166,"content":58167},{"textAlign":49},[58168],{"text":58169,"type":599},"“Under prevailing overcapacity in China, Chinese anode active material majors are actively seeking overseas regions where domestic supply is insufficient to meet demand, in addition to IRA-compliant regions where they can produce material that will qualify for US federal EV credits,” said Alderson. ",{"type":594,"attrs":58171,"content":58172},{"textAlign":49},[58173],{"text":58174,"type":599},"BTR’s new deal with Ford also shows the determination of Chinese anode firms to reach US consumers despite the rise of US policies aimed at protecting the domestic battery industry from lower cost Chinese-owned supply.",{"type":657,"attrs":58176,"content":58177},{"level":15966,"textAlign":49},[58178],{"text":58179,"type":599},"Why is BTR using a subsidiary for the deal?",{"type":594,"attrs":58181,"content":58182},{"textAlign":49},[58183],{"text":58184,"type":599},"BTR’s wholly-owned subsidiary MNMT was founded in 2023 and registered in Morocco, a country that has free trade partnerships with the US and Europe. ",{"type":594,"attrs":58186,"content":58187},{"textAlign":49},[58188],{"text":58189,"type":599},"Establishing ex-China subsidiaries and capacity in free trade partner nations has become a common way for Chinese producers to plan around US rules aimed at supporting domestic producers and reducing dependence on imported battery materials.",{"type":594,"attrs":58191,"content":58192},{"textAlign":49},[58193],{"text":58194,"type":599},"The main US rules of concern include FEOC restrictions in the 2022 IRA, which say EVs on the US market containing graphite supplied by firms owned more than 25% by the Chinese state will not be eligible for federal consumer tax credits after 2027. ",{"type":594,"attrs":58196,"content":58197},{"textAlign":49},[58198],{"text":58199,"type":599},"The Biden administration’s new May 2024 tariff schedule also ended tariff exemptions for Chinese synthetic graphite.",{"type":594,"attrs":58201,"content":58202},{"textAlign":49},[58203],{"text":58204,"type":599},"BTR is less than 25% owned by the Chinese state meaning that supply from the firm would be eligible for IRA tax credits. ",{"type":594,"attrs":58206,"content":58207},{"textAlign":49},[58208],{"text":58209,"type":599},"However, its ex-China subsidiary MNMT acts as an insurance policy for the scenario that US implements more restrictive measures in future. ","Ford has agreed to pay $120 million to an ex-China subsidiary of BTR for synthetic graphite anode materials in a deal that demonstrates how major mid to downstream battery players are responding to low prices. The deal will see Ford and its related companies sourcing synthetic graphite anode materials from Mediterranean Mediterranean New Material Technology […]",[58212],{"slug":544,"name":543,"content":58213},{"job_title":557,"image":58214,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f1f30d60-4acd-4446-8ca8-1f1761a7e962\", \"id\": \"\"}-->",[58217,58218,58219,58220],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":58222,"name":547,"focus":547,"title":58222,"source":547,"filename":8420,"copyright":547,"fieldtype":553,"meta_data":58223,"is_external_url":51},"A new Ford Mustang Mach-E GT X Electric vehicle parking at Electrify America EV charging station",{"alt":58222,"title":58222,"source":547,"copyright":547},"Aug 21, 2024",{"id":58226,"uuid":58227,"name":58228,"slug":58229,"full_slug":58230,"content":58231},112469149754461,"7047769d-9d62-4762-8f1b-0b819eac65ef","US EXIM Bank backs domestic cobalt production with US Strategic Metals loan","us-exim-bank-backs-domestic-cobalt-production-with-us-strategic-metals-loan","article/us-exim-bank-backs-domestic-cobalt-production-with-us-strategic-metals-loan",{"_uid":58232,"date":58233,"tags":58234,"editor":58237,"content":58241,"excerpt":58351,"featured":51,"reporter":58352,"_editable":58356,"component":864,"seo_title":58228,"categories":58357,"visibility":882,"author_company":49,"featured_image":58361,"seo_description":58351,"author_full_name":49,"author_job_title":49,"formattedDate":58363},"6f1c701c-d0e8-4c89-931d-0ab5e6a31ffb","2024-08-16 00:00",[58235,58236],{"slug":46859,"name":46860},{"slug":1375,"name":1376},[58238],{"slug":544,"name":543,"content":58239},{"job_title":557,"image":58240,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":58242},[58243,58248,58259,58264,58276,58281,58291,58296,58301,58306,58313,58318,58323,58333,58346],{"type":594,"attrs":58244,"content":58245},{"textAlign":49},[58246],{"text":58247,"type":599},"US Strategic Metals (USSM) has signed a non-binding Letter of Interest (LOI) for a potential $400 million debt financing package with the Export-Import Bank of the United States (EXIM Bank), progressing efforts towards on-shoring and friend-shoring US critical mineral supply chains.  ",{"type":594,"attrs":58249,"content":58250},{"textAlign":49},[58251,58253,58257],{"text":58252,"type":599},"The EXIM loan spans up to a potential 15 years, and alongside existing equity and credit facilities, will reportedly cover the majority of the capital necessary to complete USSM’s Madison project in Missouri. The project is due to come into production in 2024, according to the ",{"text":42325,"type":599,"marks":58254},[58255],{"type":604,"attrs":58256},{"href":54761,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58258,"type":599},", ramping up production to 1,500 tonnes per annum by the second year of operation.",{"type":594,"attrs":58260,"content":58261},{"textAlign":49},[58262],{"text":58263,"type":599},"The financing is covered under EXIM Bank’s China and Transformational Export Program, aimed at assisting US companies facing competition from China in strategic sectors like renewable energy and critical minerals. ",{"type":594,"attrs":58265,"content":58266},{"textAlign":49},[58267,58269,58275],{"text":58268,"type":599},"USSM enters a growing rank of critical mineral projects to receive funding from EXIM Bank. In June, fellow cobalt aspirant, ",{"text":58270,"type":599,"marks":58271},"Chilean Cobalt Corp, signed a LOI of up to $317.3 million to advance the restart of the La Cobaltera cobalt-copper mine in the San Juan District of northern Chile",[58272],{"type":604,"attrs":58273},{"href":58274,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-exim-bank-boosts-chiles-cobalt-ambitions-in-effort-to-build-ex-china-supply-chain",{"text":17632,"type":599},{"type":657,"attrs":58277,"content":58278},{"level":15966,"textAlign":49},[58279],{"text":58280,"type":599},"US-focused supply chain progresses ",{"type":594,"attrs":58282,"content":58283},{"textAlign":49},[58284,58286],{"text":58285,"type":599},"The Madison project is one of a handful of US pipeline cobalt projects due to enter into production this decade: accounting for up to 50% of US cobalt production by 2030, according to ",{"text":58287,"type":599,"marks":58288},"Benchmark.",[58289],{"type":604,"attrs":58290},{"href":54761,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":58292,"content":58293},{"textAlign":49},[58294],{"text":58295,"type":599},"Cobalt supply from US and Free Trade Agreement (FTA) regions – qualified to receive Inflation Reduction Act (IRA) tax credits – is due to increase threefold over this period; Australia, Canada, and Chile will account for the majority of the growth.",{"type":594,"attrs":58297,"content":58298},{"textAlign":49},[58299],{"text":58300,"type":599},"Despite positive efforts to expedite the development timeline for cobalt projects in the US and FTA economies, the US is unlikely to break its supply dependence on the Democratic Republic of Congo (DRC) as battery demand continues to grow. ",{"type":594,"attrs":58302,"content":58303},{"textAlign":49},[58304],{"text":58305,"type":599},"Benchmark estimates the gap between US cobalt demand and US + FTA agreement mined cobalt supply to be 79% in 2023, a figure rising to over 80% by the end of the decade – despite more stringent sourcing requirements under the IRA coming into effect.",{"type":594,"attrs":58307,"content":58308},{"textAlign":49},[58309],{"type":1186,"attrs":58310},{"id":49,"alt":547,"src":58311,"title":49,"source":49,"copyright":49,"meta_data":58312},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcXbKlBHa9zXN6QPV_w9lpxsMAHnCbvZecYm4zDuAFcJp2DbeeZnlOMHuRCAz7PZKA0jaKZJ9nWQrd8KWWNRytwLdGoW-f_O9DHO8Uv01_pMB8RGnvdGIUT_U7QEknarODun0gxIgAvvV73k8Q0FdhUVOYV?key=RR9z4MSXpp5oIwnMfIIEYg",{},{"type":594,"attrs":58314,"content":58315},{"textAlign":49},[58316],{"text":58317,"type":599},"Rather, it is at the refining stage of the supply chain where the US is likely to see the most success in breaking its grip on the China-dominant cobalt supply chain. China accounts for 76% of refined cobalt production, but the timeline for building out new refining capacity is much shorter and less capital intensive.",{"type":594,"attrs":58319,"content":58320},{"textAlign":49},[58321],{"text":58322,"type":599},"However, this will also require a stable and secure supply of mined cobalt from mines that satisfies IRA sourcing requirements, such as not being in breach of foreign entity of concern (FEOC) rules. ",{"type":594,"attrs":58324,"content":58325},{"textAlign":49},[58326,58328],{"text":58327,"type":599},"Bearish market fundamentals are creating future supply risk for the US battery industry. A rapid ramp up of new supply from Chinese-owned operations in the DRC has helped to sustain a market oversupply, as ",{"text":58329,"type":599,"marks":58330},"demand from electric vehicles has also slowed.",[58331],{"type":604,"attrs":58332},{"href":56742,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":58334,"content":58335},{"textAlign":49},[58336,58338,58344],{"text":58337,"type":599},"Cobalt prices have fallen to their lowest level ever ",{"text":58339,"type":599,"marks":58340},"recorded by Benchmark",[58341],{"type":604,"attrs":58342},{"href":58343,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cobalt/data-reports/price-assessments/",{"text":58345,"type":599}," in August. And this low price environment is resulting in a supply response from established producers. ",{"type":594,"attrs":58347,"content":58348},{"textAlign":49},[58349],{"text":58350,"type":599},"Glencore announced that cobalt production was down 27% in the first half of 2024 compared to the same period a year before, while also revealing it would cease cobalt stockpiling due to falling prices.","US Strategic Metals (USSM) has signed a non-binding Letter of Interest (LOI) for a potential $400 million debt financing package with the Export-Import Bank of the United States (EXIM Bank), progressing efforts towards on-shoring and friend-shoring US critical mineral supply chains. The EXIM loan spans up to a potential 15 years, and alongside existing equity […]",[58353],{"slug":544,"name":543,"content":58354},{"job_title":557,"image":58355,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6f1c701c-d0e8-4c89-931d-0ab5e6a31ffb\", \"id\": \"\"}-->",[58358,58359,58360],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":22889,"copyright":547,"fieldtype":553,"meta_data":58362,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Aug 16, 2024",{"id":58365,"uuid":58366,"name":58367,"slug":58368,"full_slug":58369,"content":58370},112469144978524,"a048e020-ec22-4382-926b-38264899dca2","Pilbara Minerals diversifies lithium portfolio with Latin Resources acquisition","pilbara-minerals-diversifies-lithium-portfolio-with-latin-resources-acquisition","article/pilbara-minerals-diversifies-lithium-portfolio-with-latin-resources-acquisition",{"_uid":58371,"date":58233,"tags":58372,"editor":58383,"content":58387,"excerpt":58604,"featured":51,"reporter":58605,"_editable":58609,"component":864,"seo_title":58367,"categories":58610,"visibility":882,"author_company":49,"featured_image":58613,"seo_description":58604,"author_full_name":49,"author_job_title":49,"formattedDate":58363},"de7025e8-599f-4c91-b1bc-bbc5aa84ce4b",[58373,58374,58375,58378,58379,58380,58381,58382],{"slug":4357,"name":4358},{"slug":7055,"name":7056},{"slug":58376,"name":58377},"latin-resources","Latin Resources",{"slug":910,"name":911},{"slug":17611,"name":17612},{"slug":14410,"name":14411},{"slug":16788,"name":16789},{"slug":6606,"name":12530},[58384],{"slug":544,"name":543,"content":58385},{"job_title":557,"image":58386,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":58388},[58389,58394,58405,58410,58421,58426,58431,58436,58459,58464,58476,58481,58489,58494,58499,58504,58509,58521,58533,58538,58543,58556,58561,58566,58579,58589,58594,58599],{"type":594,"attrs":58390,"content":58391},{"textAlign":49},[58392],{"text":58393,"type":599},"Australian lithium producer Pilbara Minerals is set to acquire Latin Resources through an all-share deal worth $369 million dollars, the company announced on 15 August.",{"type":594,"attrs":58395,"content":58396},{"textAlign":49},[58397,58399,58403],{"text":58398,"type":599},"Pilbara Minerals is the second largest lithium hard rock miner operating globally, according to ",{"text":24541,"type":599,"marks":58400},[58401],{"type":604,"attrs":58402},{"href":54410,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58404,"type":599},", with Pilganoora in Western Australia as its biggest asset. The acquisition will boost Pilbara’s mineral resources by around 20%.",{"type":594,"attrs":58406,"content":58407},{"textAlign":49},[58408],{"text":58409,"type":599},"The deal increases the geographic diversity of Pilbara’s portfolio through the addition of Latin Resources’ flagship Salinas hard rock mine in the Minas Gerais region of Brazil. Pilbara says this will increase its access to markets outside of Asia which its current operations target.",{"type":594,"attrs":58411,"content":58412},{"textAlign":49},[58413,58415,58419],{"text":58414,"type":599},"“This is a strategic fit,” ",{"text":1095,"type":599,"marks":58416},[58417],{"type":604,"attrs":58418},{"href":55963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58420,"type":599},", product director for lithium at Benchmark, said. “It allows them to target European and North American markets, at a time when conversion facilities like Tesla’s Corpus Christi lithium refinery project would have already come online.”",{"type":594,"attrs":58422,"content":58423},{"textAlign":49},[58424],{"text":58425,"type":599},"In addition to being a strategic fit, Perks noted that the acquisition adds resources to Pilbara’s portfolio, rather than focusing on downstream processing to service their existing operations.",{"type":594,"attrs":58427,"content":58428},{"textAlign":49},[58429],{"text":58430,"type":599},"Acquiring Latin Resources whilst the Salinas mine is still in development will allow Pilbara to leverage its expertise and have meaningful input into the design of the Salinas mine.",{"type":657,"attrs":58432,"content":58433},{"level":15966,"textAlign":49},[58434],{"text":58435,"type":599},"The deal is counter-cyclical",{"type":594,"attrs":58437,"content":58438},{"textAlign":49},[58439,58441,58445,58447,58452,58454,58458],{"text":58440,"type":599},"Pilbara’s purchase of Latin Resources comes at a time when ",{"text":12746,"type":599,"marks":58442},[58443],{"type":604,"attrs":58444},{"href":56146,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58446,"type":599}," are at a ",{"text":58448,"type":599,"marks":58449},"low point in the price cycle",[58450],{"type":604,"attrs":58451},{"href":30119,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58453,"type":599},". Spodumene (FOB Australia, 6%) is currently trading at $930 per tonne, down 71.38% from this time last year, according to ",{"text":2210,"type":599,"marks":58455},[58456],{"type":604,"attrs":58457},{"href":55925,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":58460,"content":58461},{"textAlign":49},[58462],{"text":58463,"type":599},"“Usually companies talk big when prices are low but never act,” Perks said.",{"type":594,"attrs":58465,"content":58466},{"textAlign":49},[58467,58469,58474],{"text":58468,"type":599},"The low prices are partly attributable to ",{"text":58470,"type":599,"marks":58471},"surplus supply relative to demand",[58472],{"type":604,"attrs":58473},{"href":56146,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58475,"type":599},". This is forecast to remain the case for a few more years, which overlaps with the 2026 commissioning target Latin Resources has for the Salinas project.",{"type":594,"attrs":58477,"content":58478},{"textAlign":49},[58479],{"text":58480,"type":599},"“Pilbara are obviously committed to the underlying fundamentals and may actually add credibility to a 2026-27 timeline,” Perks said. “Pilbara is well funded, they know how to mine, and Minas Gerais is a good jurisdiction.”",{"type":594,"attrs":58482,"content":58483},{"textAlign":49},[58484],{"type":1186,"attrs":58485},{"id":49,"alt":58486,"src":58487,"title":49,"source":49,"copyright":49,"meta_data":58488},"Spodumene prices have fallen 72% year-on-year","https://a.storyblok.com/f/287943243085208/9c665f537a/bm-spod-price-chart.png",{},{"type":657,"attrs":58490,"content":58491},{"level":15966,"textAlign":49},[58492],{"text":58493,"type":599},"The deal increases geographical diversity",{"type":594,"attrs":58495,"content":58496},{"textAlign":49},[58497],{"text":58498,"type":599},"Pilbara operates two lithium mines. Both are located in Western Australia with China’s Ganfeng Lithium holding 6% stakes in each.",{"type":594,"attrs":58500,"content":58501},{"textAlign":49},[58502],{"text":58503,"type":599},"The largest of Pilbara’s mines is the Pilgangoora mine which began operating in 2018 with a nameplate capacity of 57,000 tonnes LCE per year. Pilbara has plans to increase capacity at the mine by 96,000 tonnes LCE per year through three expansion phases between 2024 and 2029.",{"type":594,"attrs":58505,"content":58506},{"textAlign":49},[58507],{"text":58508,"type":599},"Pilbara’s second mine is Ngungaju which it took out of care and maintenance when it bought it in 2021 from Altura Mining. The mine originally began operating in 2018 with a nameplate capacity of 30,000 tonnes LCE per year.",{"type":594,"attrs":58510,"content":58511},{"textAlign":49},[58512,58514,58519],{"text":58513,"type":599},"Pilbara has ",{"text":58515,"type":599,"marks":58516},"offtake agreements with Ganfeng",[58517],{"type":604,"attrs":58518},{"href":26619,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58520,"type":599}," and South Korea’s Posco, highlighting the access the miner has to the Asian market. With the latter, Pilbara has a lithium hydroxide joint venture in South Korea.",{"type":594,"attrs":58522,"content":58523},{"textAlign":49},[58524,58526,58531],{"text":58525,"type":599},"The acquisition of Latin Resources will enable Pilbara to increase the geographical diversity of its operations through Latin Resource’s Salinas mine in Brazil and the ",{"text":58527,"type":599,"marks":58528},"Catamarca mine in Argentina",[58529],{"type":604,"attrs":58530},{"href":24250,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58532,"type":599},". The latter is one of the few known hard rock deposits in the country.",{"type":594,"attrs":58534,"content":58535},{"textAlign":49},[58536],{"text":58537,"type":599},"The Salinas project is of particular interest due to the location and quality of the resource given the coarse grain.",{"type":594,"attrs":58539,"content":58540},{"textAlign":49},[58541],{"text":58542,"type":599},"“The deposit is of very good geological characteristics, and the government is set to push the lithium agenda forwards,” Federico Gay, principal lithium analyst at Benchmark, said.",{"type":594,"attrs":58544,"content":58545},{"textAlign":49},[58546,58548,58554],{"text":58547,"type":599},"Latin Resources also has a copper project in ",{"text":58549,"type":599,"marks":58550},"Peru",[58551],{"type":604,"attrs":58552},{"href":58553,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/south-america-lithium-keynotes-romulo-mucho-mamani-minister-of-energy-government-of-peru",{"text":58555,"type":599}," and a very early-stage halloysite-kaolin project in Australia, further boosting the diversification benefits the acquisition can bring to Pilbara.",{"type":657,"attrs":58557,"content":58558},{"level":15966,"textAlign":49},[58559],{"text":58560,"type":599},"Brazil’s lithium industry",{"type":594,"attrs":58562,"content":58563},{"textAlign":49},[58564],{"text":58565,"type":599},"In 2022, then Brazilian President Jair Bolsonaro deregulated imports and exports of lithium as part of the broader National Mining Plan 2050. This boosted lithium mining in the country, especially in the Jequitinhonha Valley within the state of Minas Gerais.",{"type":594,"attrs":58567,"content":58568},{"textAlign":49},[58569,58571,58577],{"text":58570,"type":599},"Sigma Lithium Resources’ Grota do Cirilo mine is in the state. It is ",{"text":58572,"type":599,"marks":58573},"Brazil’s largest lithium mine",[58574],{"type":604,"attrs":58575},{"href":58576,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/brazil-set-to-double-share-of-lithium-mining-this-decade-as-sigma-accelerates-plans",{"text":58578,"type":599}," and came online last year with a nameplate capacity of over 36,000 tonnes LCE per year, with plans for expansion. The state is also home to AMG’s Mibra mine and CBL’s Mina do Cachoeira.",{"type":594,"attrs":58580,"content":58581},{"textAlign":49},[58582,58584,58588],{"text":58583,"type":599},"Salinas is forecast to be the second largest lithium mine in Brazil by 2030 and is expected to be competitive on cost, according to ",{"text":24541,"type":599,"marks":58585},[58586],{"type":604,"attrs":58587},{"href":54410,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":58590,"content":58591},{"textAlign":49},[58592],{"text":58593,"type":599},"“The surge in exploration and investment has transformed the Jequitinhonha Valley, once dubbed the ‘Valley of Misery’ into the ‘Valley of Hope’ as new jobs and infrastructure projects begin to uplift the region,” Gay said.",{"type":594,"attrs":58595,"content":58596},{"textAlign":49},[58597],{"text":58598,"type":599},"Earlier this year, Gay visited the Valley to engage with representatives of Brazil’s lithium industry including Latin Resources.",{"type":594,"attrs":58600,"content":58601},{"textAlign":49},[58602],{"text":58603,"type":599},"“The mood was cautiously optimistic, particularly with a long-term perspective,” he said. “All company representatives emphasised the high standards being maintained in social and environmental sectors and the positive social impact of mining activities in the region.”","Australian lithium producer Pilbara Minerals is set to acquire Latin Resources through an all-share deal worth $369 million dollars, the company announced on 15 August. Pilbara Minerals is the second largest lithium hard rock miner operating globally, according to Benchmark’s Lithium Forecast, with Pilganoora in Western Australia as its biggest asset. The acquisition will boost […]",[58606],{"slug":544,"name":543,"content":58607},{"job_title":557,"image":58608,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"de7025e8-599f-4c91-b1bc-bbc5aa84ce4b\", \"id\": \"\"}-->",[58611,58612],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":58614,"name":547,"focus":547,"title":58614,"source":547,"filename":58615,"copyright":547,"fieldtype":553,"meta_data":58616,"is_external_url":51},"Photo of the Salinas project by Latin Resources","https://a.storyblok.com/f/287943243085208/21cfbaee5b/bm-latin-resources-salinas.jpg",{"alt":58614,"title":58614,"source":547,"copyright":547},{"id":58618,"uuid":58619,"name":58620,"slug":58621,"full_slug":58622,"content":58623},112469140157531,"1cff9adf-e067-4b9e-90ca-5ab8603782c1","GM’s Kurt Kelty says Ultium battery “production issues are behind us”","gms-kurt-kelty-says-ultium-battery-production-issues-are-behind-us","article/gms-kurt-kelty-says-ultium-battery-production-issues-are-behind-us",{"_uid":58624,"date":58233,"tags":58625,"editor":58627,"content":58631,"excerpt":58778,"featured":51,"reporter":58779,"_editable":58783,"component":864,"seo_title":58620,"categories":58784,"visibility":2091,"author_company":49,"featured_image":58789,"seo_description":58778,"author_full_name":49,"author_job_title":49,"formattedDate":58363},"e208ab41-ba6b-4dac-bfd1-a4d091d7918e",[58626],{"slug":56663,"name":56664},[58628],{"slug":544,"name":543,"content":58629},{"job_title":557,"image":58630,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":58632},[58633,58644,58649,58661,58666,58677,58682,58687,58692,58697,58711,58716,58721,58726,58731,58736,58741,58746,58751,58756,58761,58766,58771],{"type":594,"attrs":58634,"content":58635},{"textAlign":49},[58636,58638,58643],{"text":58637,"type":599},"General Motors has resolved production issues at its Ultium battery joint venture, Kurt Kelty, vice president of batteries at the Detroit automaker, told ",{"text":16154,"type":599,"marks":58639},[58640],{"type":604,"attrs":58641},{"href":58642,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/exclusive-interview-with-gms-kurt-kelty",{"text":17632,"type":599},{"type":594,"attrs":58645,"content":58646},{"textAlign":49},[58647],{"text":58648,"type":599},"The company’s Ultium partnership with Korea’s LG Energy Solution suffered issues in assembling battery modules but they have now been resolved, he said.  ",{"type":594,"attrs":58650,"content":58651},{"textAlign":49},[58652,58654,58659],{"text":58653,"type":599},"“The production issues are behind us,” ",{"text":58655,"type":599,"marks":58656},"he said",[58657],{"type":604,"attrs":58658},{"href":58642,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58660,"type":599},". “I know there were a lot of production issues at GM but this year both on the module and the vehicles we’re doing much better this year.” ",{"type":594,"attrs":58662,"content":58663},{"textAlign":49},[58664],{"text":58665,"type":599},"GM launched the Ultium JV with LG in March 2020 and the two companies have already built two battery plants in Ohio and Tennessee. A third plant is under construction in Michigan, though reports say that its completion may be postponed due to weaker-than-expected electric vehicle demand.",{"type":594,"attrs":58667,"content":58668},{"textAlign":49},[58669,58671,58676],{"text":58670,"type":599},"Battery production at the joint venture is set to increase from around 19 gigawatt-hours in 2025 to over 100 GWh by the end of the decade, according to Benchmark’s ",{"text":58672,"type":599,"marks":58673},"Lithium ion Batteries Forecast",[58674],{"type":604,"attrs":58675},{"href":57809,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":58678,"content":58679},{"textAlign":49},[58680],{"text":58681,"type":599},"Kelty said he had visited battery manufacturers in China and that Ultium had better production yields than Chinese companies. ",{"type":594,"attrs":58683,"content":58684},{"textAlign":49},[58685],{"text":58686,"type":599},"The JV’s first plant in Ohio is now producing nearly 100 million cells, he said. ",{"type":594,"attrs":58688,"content":58689},{"textAlign":49},[58690],{"text":58691,"type":599},"Production at Tennessee has been ramped up and has hit end-of-year targets on yield, he said. ",{"type":594,"attrs":58693,"content":58694},{"textAlign":49},[58695],{"text":58696,"type":599},"“We’re hitting it out of the park right now,” he said. ",{"type":594,"attrs":58698,"content":58699},{"textAlign":49},[58700,58703,58708],{"text":56706,"type":599,"marks":58701},[58702],{"type":643},{"text":6515,"type":599,"marks":58704},[58705,58707],{"type":604,"attrs":58706},{"href":56713,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":58709},[58710],{"type":643},{"type":657,"attrs":58712,"content":58713},{"level":15966,"textAlign":49},[58714],{"text":58715,"type":599},"Future battery technology",{"type":594,"attrs":58717,"content":58718},{"textAlign":49},[58719],{"text":58720,"type":599},"The Ultium JV currently produces high nickel NCMA (nickel, cobalt, manganese, and aluminium) cells. ",{"type":594,"attrs":58722,"content":58723},{"textAlign":49},[58724],{"text":58725,"type":599},"Kelty said that the high energy density of the cells were suitable for GM’s vehicles. It also reduced cobalt usage. ",{"type":594,"attrs":58727,"content":58728},{"textAlign":49},[58729],{"text":58730,"type":599},"But he agreed that cheaper lithium iron phosphate cells would also be needed in the US, without specifying GM’s strategy for using LFP.  ",{"type":594,"attrs":58732,"content":58733},{"textAlign":49},[58734],{"text":58735,"type":599},"Kelty, who previously worked for silicon startup Sila Nanotechnologies, said that adding silicon would increase the energy density of GM’s by some 20 percent. ",{"type":594,"attrs":58737,"content":58738},{"textAlign":49},[58739],{"text":58740,"type":599},"On solid-state batteries, Kelty said he didn’t think they would be in cars until “quite a bit later” than the end of the decade, although semi solid state batteries would be in vehicles earlier.",{"type":657,"attrs":58742,"content":58743},{"level":15966,"textAlign":49},[58744],{"text":58745,"type":599},"Sourcing in North America ",{"type":594,"attrs":58747,"content":58748},{"textAlign":49},[58749],{"text":58750,"type":599},"Kelty said that it would be possible to source all the battery materials from North America if the company thought “creatively.” Adding silicon to the anode would also reduce demand for materials produced in China such as graphite, he said. ",{"type":594,"attrs":58752,"content":58753},{"textAlign":49},[58754],{"text":58755,"type":599},"Automakers needed to include the “hidden costs” of relying on overseas supply chains, including carbon emissions and logistics costs, he said. ",{"type":594,"attrs":58757,"content":58758},{"textAlign":49},[58759],{"text":58760,"type":599},"“When you ship a product it’s on the water for roughly five weeks,” he said. ",{"type":594,"attrs":58762,"content":58763},{"textAlign":49},[58764],{"text":58765,"type":599},"GM has signed a number of off-take agreements and made investments to secure supplies of critical raw materials. ",{"type":594,"attrs":58767,"content":58768},{"textAlign":49},[58769],{"text":58770,"type":599},"“There’s nothing that we can’t fundamentally source in North America,” he said. “We should be able to get it all here.”",{"type":594,"attrs":58772,"content":58773},{"textAlign":49},[58774],{"text":58775,"type":599,"marks":58776},"To request a free trial for Benchmark Source and explore our wealth of supply chain news and analysis, please provide your details below:",[58777],{"type":643},"General Motors has resolved production issues at its Ultium battery joint venture, Kurt Kelty, vice president of batteries at the Detroit automaker, told Benchmark Source. The company’s Ultium partnership with Korea’s LG Energy Solution suffered issues in assembling battery modules but they have now been resolved, he said. “The production issues are behind us,” he […]",[58780],{"slug":544,"name":543,"content":58781},{"job_title":557,"image":58782,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e208ab41-ba6b-4dac-bfd1-a4d091d7918e\", \"id\": \"\"}-->",[58785,58786,58787,58788],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":58790,"copyright":547,"fieldtype":553,"meta_data":58791,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6a5ba0ecd6/bm-ultiumcellsllcohio013.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":58793,"uuid":58794,"name":58795,"slug":58796,"full_slug":58797,"content":58798},112469135352921,"0c1ddf69-684d-429f-b846-05636bedda62","Chinese nickel sulphate prices weaken further in early August amid seasonal dip","chinese-nickel-sulphate-prices-weaken-further-in-early-august-amid-seasonal-dip","article/chinese-nickel-sulphate-prices-weaken-further-in-early-august-amid-seasonal-dip",{"_uid":58799,"date":58233,"tags":58800,"editor":58803,"content":58807,"excerpt":58920,"featured":51,"reporter":58921,"_editable":58925,"component":864,"seo_title":58795,"categories":58926,"visibility":2091,"author_company":49,"featured_image":58929,"seo_description":58920,"author_full_name":49,"author_job_title":49,"formattedDate":58363},"a15fcbc5-2343-4b82-ae3d-81b031b8982c",[58801,58802],{"slug":913,"name":914},{"slug":7994,"name":7995},[58804],{"slug":544,"name":543,"content":58805},{"job_title":557,"image":58806,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":58808},[58809,58814,58826,58831,58836,58841,58846,58856,58863,58868,58873,58878,58883,58888,58899,58905,58911,58917],{"type":594,"attrs":58810,"content":58811},{"textAlign":49},[58812],{"text":58813,"type":599},"Chinese nickel sulphate prices weakened further in early August as low demand for nickel cobalt manganese (NCM) cathodes pushed prices lower.",{"type":594,"attrs":58815,"content":58816},{"textAlign":49},[58817,58819,58824],{"text":58818,"type":599},"Average prices for nickel sulphate in China declined 1.9% to RMB 26,500 ($3,710) per tonne in the two week period ending 14 August, according to the ",{"text":39354,"type":599,"marks":58820},[58821],{"type":604,"attrs":58822},{"href":58823,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/nickel/reports/",{"text":58825,"type":599},".  ",{"type":594,"attrs":58827,"content":58828},{"textAlign":49},[58829],{"text":58830,"type":599},"Downstream demand has been limited in recent weeks due to the typical seasonal trend, where prices tend to soften in June, July and August as buying interest wanes following strong demand in the first half of the year. ",{"type":594,"attrs":58832,"content":58833},{"textAlign":49},[58834],{"text":58835,"type":599},"“So far demand has dried up during the third quarter,” said Spencer Ingall, an analyst at Benchmark.  ",{"type":594,"attrs":58837,"content":58838},{"textAlign":49},[58839],{"text":58840,"type":599},"“Typically nickel sulphate markets in China follow a seasonal pattern, with strong to moderate demand throughout January to May, then a lull through the summer months with demand then improving from September to the end of Q4,” said Ingall, adding that demand is unlikely to improve for the rest of the year.",{"type":657,"attrs":58842,"content":58843},{"level":15966,"textAlign":49},[58844],{"text":58845,"type":599},"Are we reaching the price floor? ",{"type":594,"attrs":58847,"content":58848},{"textAlign":49},[58849,58851,58855],{"text":58850,"type":599},"The rally in Chinese nickel sulphate prices in the first half of the year usually ends in May or June and this year prices began to come off in late May. Despite the recent offset, Chinese nickel sulphate prices are still up 8% so far this year, according to the ",{"text":39354,"type":599,"marks":58852},[58853],{"type":604,"attrs":58854},{"href":58823,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":58857,"content":58858},{"textAlign":49},[58859],{"type":1186,"attrs":58860},{"id":49,"alt":547,"src":58861,"title":49,"source":49,"copyright":49,"meta_data":58862},"https://a.storyblok.com/f/287943243085208/a39f136c97/bm-nickel-sulphate-price-ed-3.png",{},{"type":594,"attrs":58864,"content":58865},{"textAlign":49},[58866],{"text":58867,"type":599},"“Market participants have expressed doubt over just how much further prices can decline, despite the seasonal trend. There’s still some time left before we typically start to see seasonal demand improvement in late Q3 and into Q4, so prices have the potential to fall below last year’s low of RMB 25,000. It wouldn’t be surprising to see prices fall beneath this point although the market’s general expectation is that we must be close to the floor around this level” said Ingall.",{"type":594,"attrs":58869,"content":58870},{"textAlign":49},[58871],{"text":58872,"type":599},"In the past five years Chinese nickel sulphate prices reached their lowest level of RMB 23,000 ($3,278) per tonne in March 2020.",{"type":657,"attrs":58874,"content":58875},{"level":15966,"textAlign":49},[58876],{"text":58877,"type":599},"What does it mean for sulphate producers?",{"type":594,"attrs":58879,"content":58880},{"textAlign":49},[58881],{"text":58882,"type":599},"“Sulphate producers are seeing their margins squeezed at the moment,” said Ingall, adding that mixed hydroxide precipitate (MHP) producers are in a stronger position.",{"type":594,"attrs":58884,"content":58885},{"textAlign":49},[58886],{"text":58887,"type":599},"“With MHP producers showing price discipline and keeping payables in the high 70s despite offers coming in at lower payable levels, they are able to maintain good profit margins at the expense of the sulphate refiners,” said Ingall.",{"type":594,"attrs":58889,"content":58890},{"textAlign":49},[58891,58893,58897],{"text":58892,"type":599},"Nickel MHP CIF Asia prices have increased 6.3% to $12,501 per tonne so far this year, according to the ",{"text":39354,"type":599,"marks":58894},[58895],{"type":604,"attrs":58896},{"href":58823,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58898,"type":599},". Prices have however declined 21% since late May.",{"type":594,"attrs":58900,"content":58901},{"textAlign":49},[58902],{"text":56623,"type":599,"marks":58903},[58904],{"type":643},{"type":594,"attrs":58906,"content":58907},{"textAlign":49},[58908],{"text":56630,"type":599,"marks":58909},[58910],{"type":643},{"type":594,"attrs":58912,"content":58913},{"textAlign":49},[58914],{"text":56637,"type":599,"marks":58915},[58916],{"type":643},{"type":594,"attrs":58918,"content":58919},{"textAlign":49},[],"Chinese nickel sulphate prices weakened further in early August as low demand for nickel cobalt manganese (NCM) cathodes pushed prices lower. Average prices for nickel sulphate in China declined 1.9% to RMB 26,500 ($3,710) per tonne in the two week period ending 14 August, according to the Benchmark Nickel Price Assessment. Downstream demand has been limited […]",[58922],{"slug":544,"name":543,"content":58923},{"job_title":557,"image":58924,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a15fcbc5-2343-4b82-ae3d-81b031b8982c\", \"id\": \"\"}-->",[58927,58928],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":58930,"copyright":547,"fieldtype":553,"meta_data":58931,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2f1ff980e0/bm-bmiprices1.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":58933,"uuid":58934,"name":58935,"slug":58936,"full_slug":58937,"content":58938},112469130609752,"6fcc0fcb-f366-4bbf-bd8a-5228be676fd2","How China is reshaping the global copper market","how-china-is-reshaping-the-global-copper-market","article/how-china-is-reshaping-the-global-copper-market",{"_uid":58939,"date":58233,"tags":58940,"editor":58944,"content":58948,"excerpt":59008,"featured":51,"reporter":59009,"_editable":59013,"component":864,"seo_title":58935,"categories":59014,"visibility":2091,"author_company":49,"data_vis_image":59017,"featured_image":59020,"seo_description":59008,"author_full_name":49,"author_job_title":49,"formattedDate":58363},"8e410645-1322-4593-a917-f199e540fefd",[58941,58942,58943],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":22565,"name":22566},[58945],{"slug":544,"name":543,"content":58946},{"job_title":557,"image":58947,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":58949},[58950,58962,58970,58975,58980,58985,58990,58997],{"type":594,"attrs":58951,"content":58952},{"textAlign":49},[58953,58955,58960],{"text":58954,"type":599},"China is reshaping the copper landscape. From a marginal player little over a decade ago, the country has emerged as a dominant force in the copper industry: supply from Chinese-backed operations is projected to increase by over 300% between 2010-2028, according to ",{"text":58956,"type":599,"marks":58957},"Benchmark estimates.",[58958],{"type":604,"attrs":58959},{"href":56359,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58961,"type":599}," This focus on resource development has come as western peers have largely retreated away from building new projects.",{"type":594,"attrs":58963,"content":58964},{"textAlign":49},[58965],{"type":1186,"attrs":58966},{"id":49,"alt":58967,"src":58968,"title":49,"source":49,"copyright":49,"meta_data":58969},"Infographic showing the top 3 copper producers globally vs China's copper production","https://a.storyblok.com/f/287943243085208/ae427d5bc7/bm-benchmark-2-chinas-share-of-copper-app-3.jpg",{},{"type":594,"attrs":58971,"content":58972},{"textAlign":49},[58973],{"text":58974,"type":599},"The rise of China’s top copper miners—CMOC, Zijin Mining, and China Northern Rare Earth Group—is emblematic of this growth. These companies have demonstrated an appetite to engage in risky and complex mining jurisdictions, particularly in Africa. Unlike many western companies, which have shied away from politically unstable regions, Chinese firms have actively pursued opportunities in countries such as the Democratic Republic of Congo (DRC) and Zambia. ",{"type":594,"attrs":58976,"content":58977},{"textAlign":49},[58978],{"text":58979,"type":599},"This bold approach has enabled China to secure long-term access to critical copper reserves, ramping up operations at a time when a lack of new mined supply threatens to slow the global energy transition.",{"type":594,"attrs":58981,"content":58982},{"textAlign":49},[58983],{"text":58984,"type":599},"CMOC, for instance, has emerged as a leading copper and cobalt producer, following the acquisition of the Tenke Fungurume mine and Kisanfu project in the DRC from Freeport-McMoRan. Since then, its output has outperformed industry expectations, growing copper production from negligible levels to over 500,000 tonnes annually in 2024. The company has also cemented itself as the world’s leading cobalt producer.",{"type":594,"attrs":58986,"content":58987},{"textAlign":49},[58988],{"text":58989,"type":599},"China’s pursuit of copper has been driven by a determination to achieve self-sufficiency in copper concentrate supply, essential to feed its vast domestic smelting capacity. This is undoubtedly a strategic move, safeguarding copper supply – the key building block on which the energy transition is being built – as the geopolitical landscape becomes ever-more fraught and uncertain.",{"type":594,"attrs":58991,"content":58992},{"textAlign":49},[58993],{"text":58994,"type":599,"marks":58995},"First-hand accounts of the China copper market are part of the expert market insights provided in Benchmark’s free Copper Weekly newsletter.",[58996],{"type":643},{"type":594,"attrs":58998,"content":58999},{"textAlign":49},[59000,59005],{"text":56355,"type":599,"marks":59001},[59002,59004],{"type":604,"attrs":59003},{"href":56359,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":56362,"type":599,"marks":59006},[59007],{"type":643},"China is reshaping the copper landscape. From a marginal player little over a decade ago, the country has emerged as a dominant force in the copper industry: supply from Chinese-backed operations is projected to increase by over 300% between 2010-2028, according to Benchmark estimates. This focus on resource development has come as western peers have […]",[59010],{"slug":544,"name":543,"content":59011},{"job_title":557,"image":59012,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8e410645-1322-4593-a917-f199e540fefd\", \"id\": \"\"}-->",[59015,59016],{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":59018,"copyright":547,"fieldtype":553,"meta_data":59019,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1724163611/www-production/Benchmark-2_Chinas-Share-of-Copper_App-3-1/Benchmark-2_Chinas-Share-of-Copper_App-3-1.jpg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":59021,"copyright":547,"fieldtype":553,"meta_data":59022,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/68652ed2e4/bm-katanga-copper-mine.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":59024,"uuid":59025,"name":59026,"slug":59027,"full_slug":59028,"content":59029},112469168895075,"fd0a8dcb-2c97-4ab0-826a-0ef9d69f632a","EcoPro BM latest cathode producer to mull capacity cut","ecopro-bm-latest-cathode-producer-to-mull-capacity-cut","article/ecopro-bm-latest-cathode-producer-to-mull-capacity-cut",{"_uid":59030,"date":59031,"tags":59032,"editor":59037,"content":59041,"excerpt":59196,"featured":51,"reporter":59197,"_editable":59201,"component":864,"seo_title":59026,"categories":59202,"visibility":882,"author_company":49,"featured_image":59205,"seo_description":59196,"author_full_name":49,"author_job_title":49,"formattedDate":59208},"11060e38-df5d-40e3-ba88-8ccf48dc8794","2024-08-12 00:00",[59033,59036],{"slug":59034,"name":59035},"ecopro","EcoPro",{"slug":8694,"name":8695},[59038],{"slug":544,"name":543,"content":59039},{"job_title":557,"image":59040,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":59042},[59043,59048,59053,59066,59071,59076,59088,59099,59104,59117,59128,59133,59138,59143,59154,59159,59164,59174,59179,59186,59191],{"type":594,"attrs":59044,"content":59045},{"textAlign":49},[59046],{"text":59047,"type":599},"Leading South Korean cathode producer, EcoPro BM, is contemplating scaling back cathode capacity expansion plans, amidst a global slowdown in electric vehicle (EV) sales growth that is pressuring margins across the battery supply chain.",{"type":594,"attrs":59049,"content":59050},{"textAlign":49},[59051],{"text":59052,"type":599},"In its second-quarter results released in late July, EcoPro BM reported a 15% year-on-year decrease in battery material revenue, attributing the decline to reduced downstream demand from the EV industry. The company projected cathode sales into the EV sector would remain ‘limited’ over the remainder of the year.",{"type":594,"attrs":59054,"content":59055},{"textAlign":49},[59056,59058,59064],{"text":59057,"type":599},"EcoPro BM currently operates 250,000 tonnes of cathode production capacity across plants in South Korea and Hungary,",{"text":59059,"type":599,"marks":59060}," according to the Benchmark Cathode Assessment",[59061],{"type":604,"attrs":59062},{"href":59063,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cathode/reports/",{"text":59065,"type":599},", a figure that is projected to rise to 379,000 tonnes by 2030 – as expansion plans are executed and new plants are brought into production in North America. ",{"type":657,"attrs":59067,"content":59068},{"level":15966,"textAlign":49},[59069],{"text":59070,"type":599},"Consolidation takes hold",{"type":594,"attrs":59072,"content":59073},{"textAlign":49},[59074],{"text":59075,"type":599},"A period of consolidation is taking place in the cathode market. A combination of low battery raw material prices, a slowing of electric vehicle battery demand, and pervasive overcapacity concerns, has resulted in a slew of planned investments being scaled back or cancelled.",{"type":594,"attrs":59077,"content":59078},{"textAlign":49},[59079,59081,59086],{"text":59080,"type":599},"In July, fellow cathode producer, ",{"text":59082,"type":599,"marks":59083},"Umicore, announced it was delaying plans to build a cathode facility in Canada and battery recycling plant in Spain",[59084],{"type":604,"attrs":59085},{"href":27674,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":59087,"type":599},", recognising a €1.6 billion impairment charge on its battery material business. ",{"type":594,"attrs":59089,"content":59090},{"textAlign":49},[59091,59093],{"text":59092,"type":599},"BASF is also reportedly undergoing a major review of investments related to its battery material business, having abandoned plans to invest in lithium mining assets in Chile and ",{"text":59094,"type":599,"marks":59095},"walking away from a $2.6 billion nickel-cobalt project in Indonesia with Eramet.",[59096],{"type":604,"attrs":59097},{"href":59098,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/basf-and-eramet-cancel-only-100-western-backed-nickel-project-in-indonesia",{"type":594,"attrs":59100,"content":59101},{"textAlign":49},[59102],{"text":59103,"type":599},"This trend, however, has perhaps been most pronounced downstream in the lithium ion battery market. ",{"type":594,"attrs":59105,"content":59106},{"textAlign":49},[59107,59109,59115],{"text":59108,"type":599},"Earlier this year,",{"text":59110,"type":599,"marks":59111}," China signalled its intention to curb the rapid expansion of lithium-ion battery supply",[59112],{"type":604,"attrs":59113},{"href":59114,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-do-chinas-plans-to-regulate-battery-capacity-expansions-mean",{"text":59116,"type":599},", introducing draft measures with updated standards for battery cell performance, capacity utilisation rates, and minimum R&D spending requirements.",{"type":594,"attrs":59118,"content":59119},{"textAlign":49},[59120,59122,59127],{"text":59121,"type":599},"Challenging market conditions, particularly for tier 2 and 3 operators in China, saw 220 gigawatt-hours (GWh) of gigafactory 2030 pipeline capacity cancelled or postponed in the first five months of 2024, according to ",{"text":41013,"type":599,"marks":59123},[59124],{"type":604,"attrs":59125},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/capacities/",{"text":974,"type":599},{"type":657,"attrs":59129,"content":59130},{"level":15966,"textAlign":49},[59131],{"text":59132,"type":599},"Stationary storage props up demand growth",{"type":594,"attrs":59134,"content":59135},{"textAlign":49},[59136],{"text":59137,"type":599},"Despite weakened sales into the EV battery market, EcoPro BM reported that sales into non-EV battery demand was performing robustly in 2024; sales of cathode material into the stationary storage (ESS) industry increased 85% quarter-on-quarter, driven by the growth of the North American market.",{"type":594,"attrs":59139,"content":59140},{"textAlign":49},[59141],{"text":59142,"type":599},"The ESS market has been a bright spot for lithium ion battery demand in 2024, as grid-scale installations are built to help grids integrate intermittent supplies of renewable energy – particularly in the United States and China.",{"type":594,"attrs":59144,"content":59145},{"textAlign":49},[59146,59148],{"text":59147,"type":599},"ESS is set to represent the fast growing end-use segment for lithium ion batteries in 2024, recording growth of 45% year-on-year according to the ",{"text":59149,"type":599,"marks":59150},"Benchmark lithium ion battery forecast.",[59151],{"type":604,"attrs":59152},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports/",{"type":657,"attrs":59155,"content":59156},{"level":15966,"textAlign":49},[59157],{"text":59158,"type":599},"EV sales growth slows",{"type":594,"attrs":59160,"content":59161},{"textAlign":49},[59162],{"text":59163,"type":599},"EcoPro’s announcement comes as one of its key downstream battery customers, Samsung SDI, recorded a sharp decline in its second-quarter operating profit compared to the same period last year.",{"type":594,"attrs":59165,"content":59166},{"textAlign":49},[59167,59172],{"text":59168,"type":599,"marks":59169},"Slower-than-anticipated growth in electric vehicle sales",[59170],{"type":604,"attrs":59171},{"href":56742,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":59173,"type":599},", particularly in western markets, is leading supply chain players to reconsider moving forward with planned projects, according to Tony Alderson, cathode analyst at Benchmark.",{"type":594,"attrs":59175,"content":59176},{"textAlign":49},[59177],{"text":59178,"type":599},"Global EV sales (including plug-in hybrids) grew by 20% year-on-year during the first half of this year, according to Rho Motion, although this increase was driven in large part by a 30% uplift in sales in China.",{"type":594,"attrs":59180,"content":59181},{"textAlign":49},[59182],{"type":1186,"attrs":59183},{"id":49,"alt":547,"src":59184,"title":49,"source":49,"copyright":49,"meta_data":59185},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXeAE5bMOZB0O6KFgMvo0B0-YXipuPSnneqoZRJdiUWYMFlSjyWmdviPHLCW7TtgCLBSQjj1eFvlKXeLJdcRM5dhfSFGSaJsOLMC2O38vqpX5G9hEM23EvKXYbDoq8TbTgFxufXjmXALX8Z1dv9pEoT-0CWT?key=CwCB2rtCvv_FnyxaxWxppA",{},{"type":594,"attrs":59187,"content":59188},{"textAlign":49},[59189],{"text":59190,"type":599},"In contrast, sales in Europe grew by just 1% during the first half of this year, recording a year-on-year decrease in the largest automotive market of Germany. EV sales in the US have grown by 9%, but from a lower base than in Europe.",{"type":594,"attrs":59192,"content":59193},{"textAlign":49},[59194],{"text":59195,"type":599},"“Aside from slowing EV sales, the shift towards scaling back investments is also being spearheaded by overcapacity concerns across much of the battery supply chain,” Alderson said.","Leading South Korean cathode producer, EcoPro BM, is contemplating scaling back cathode capacity expansion plans, amidst a global slowdown in electric vehicle (EV) sales growth that is pressuring margins across the battery supply chain. In its second-quarter results released in late July, EcoPro BM reported a 15% year-on-year decrease in battery material revenue, attributing the […]",[59198],{"slug":544,"name":543,"content":59199},{"job_title":557,"image":59200,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"11060e38-df5d-40e3-ba88-8ccf48dc8794\", \"id\": \"\"}-->",[59203,59204],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":59206,"copyright":547,"fieldtype":553,"meta_data":59207,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e3a69bca65/bm-basf-cathode-active-material-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 12, 2024",{"id":59210,"uuid":59211,"name":59212,"slug":59213,"full_slug":59214,"content":59215},112469173658725,"d2a2b199-099e-42a3-861f-71cadc085901","India’s critical minerals duty cut: welcome but more to be done for its battery supply chain","indias-critical-minerals-duty-cut-welcome-but-more-to-be-done-for-its-battery-supply-chain","article/indias-critical-minerals-duty-cut-welcome-but-more-to-be-done-for-its-battery-supply-chain",{"_uid":59216,"date":59217,"tags":59218,"editor":59222,"content":59226,"excerpt":59434,"featured":51,"reporter":59435,"_editable":59439,"component":864,"seo_title":59440,"categories":59441,"visibility":882,"author_company":49,"data_vis_image":59447,"featured_image":59449,"seo_description":59452,"author_full_name":49,"author_job_title":49,"formattedDate":59453},"2b73fa23-cc59-4025-a54b-975d62e4a5e0","2024-08-09 00:00",[59219,59220,59221],{"slug":22444,"name":22445},{"slug":1793,"name":1793},{"slug":4610,"name":662},[59223],{"slug":544,"name":543,"content":59224},{"job_title":557,"image":59225,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":59227},[59228,59238,59281,59302,59314,59327,59332,59344,59356,59368,59373,59378,59391,59396,59401,59406,59411,59416,59420],{"type":594,"attrs":59229,"content":59230},{"textAlign":49},[59231,59233,59237],{"text":59232,"type":599},"India has exempted 25 critical minerals including key battery metals from import duties to support the country’s electric vehicle (EV) sector, but more needs to be done on its upstream and midstream front to lift its domestic EV ",{"text":23244,"type":599,"marks":59234},[59235],{"type":604,"attrs":59236},{"href":55486,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":59239,"content":59240},{"textAlign":49},[59241,59246,59253,59257,59264,59268,59276],{"text":59242,"type":599,"marks":59243},"Finance minister Nirmala Sitharaman exempted custom duties on ",[59244],{"type":928,"attrs":59245},{"color":21998},{"text":878,"type":599,"marks":59247},[59248,59250,59252],{"type":604,"attrs":59249},{"href":24726,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":59251},{"color":22006},{"type":3645},{"text":3400,"type":599,"marks":59254},[59255],{"type":928,"attrs":59256},{"color":21998},{"text":4330,"type":599,"marks":59258},[59259,59261,59263],{"type":604,"attrs":59260},{"href":23151,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":59262},{"color":22006},{"type":3645},{"text":3400,"type":599,"marks":59265},[59266],{"type":928,"attrs":59267},{"color":21998},{"text":867,"type":599,"marks":59269},[59270,59273,59275],{"type":604,"attrs":59271},{"href":59272,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/glossary/what-is-cobalt",{"type":928,"attrs":59274},{"color":22006},{"type":3645},{"text":59277,"type":599,"marks":59278},", copper and other strategic materials on July 23, a move she said would provide a major boost to the processing and refining of such minerals in the country.",[59279],{"type":928,"attrs":59280},{"color":21998},{"type":594,"attrs":59282,"content":59283},{"textAlign":49},[59284,59286,59292,59294,59300],{"text":59285,"type":599},"The minister also said ",{"text":59287,"type":599,"marks":59288},"the country will set up",[59289],{"type":604,"attrs":59290},{"href":59291,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-do-indias-elections-mean-for-the-lithium-ion-battery-supply-chain",{"text":59293,"type":599}," a Critical Mineral Mission for domestic production, ",{"text":59295,"type":599,"marks":59296},"recycling of critical minerals",[59297],{"type":604,"attrs":59298},{"href":59299,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indias-battery-startups-push-to-boost-capacity",{"text":59301,"type":599},", and overseas acquisition of critical mineral assets.",{"type":594,"attrs":59303,"content":59304},{"textAlign":49},[59305,59307,59312],{"text":59306,"type":599},"“The exemption on import duties is expected to lower material costs but it may not have any effects on ",{"text":59308,"type":599,"marks":59309},"local production",[59310],{"type":604,"attrs":59311},{"href":55463,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":59313,"type":599}," in the near term,” said Manish Dua, analyst at Benchmark, adding that direct benefits and subsidies would have been a welcome boost.",{"type":594,"attrs":59315,"content":59316},{"textAlign":49},[59317,59319,59325],{"text":59318,"type":599},"An import duty of between 2.5% to 10% on critical ",{"text":59320,"type":599,"marks":59321},"battery materials",[59322],{"type":604,"attrs":59323},{"href":59324,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indias-amara-raja-batteries-seeks-partner-for-1-16-billion-gigafactory-plant",{"text":59326,"type":599}," such as lithium, nickel and cobalt have been completely waived off while import duty on graphite has been lowered to 2.5% from 7.5% earlier.",{"type":657,"attrs":59328,"content":59329},{"level":15966,"textAlign":49},[59330],{"text":59331,"type":599},"The weakest link",{"type":594,"attrs":59333,"content":59334},{"textAlign":49},[59335,59337,59342],{"text":59336,"type":599},"India’s move to lower import duties on some critical raw materials could support the build out of its battery supply chain as it looks to ramp up cell production. The country’s cell making capacity is forecast to reach 58 GWh by 2030, according to the ",{"text":59338,"type":599,"marks":59339},"Benchmark Gigafactory Assessment",[59340],{"type":604,"attrs":59341},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":59343,"type":599},". India has set a target of attaining 50 GWh capacity by 2030. ",{"type":594,"attrs":59345,"content":59346},{"textAlign":49},[59347,59349,59354],{"text":59348,"type":599},"“The upstream part of India’s supply chain is the weakest link,” said Bryan Bille, policy analyst at Benchmark. “Nurturing and developing its domestic nascent ",{"text":23244,"type":599,"marks":59350},[59351],{"type":604,"attrs":59352},{"href":59353,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indias-exide-moves-ahead-with-svolt-backed-gigafactory-plan",{"text":59355,"type":599}," could play into the Western geopolitical policies of pivoting away from China. Also, Chinese derisking has been one of the biggest factors driving investment in India.”",{"type":594,"attrs":59357,"content":59358},{"textAlign":49},[59359,59361,59366],{"text":59360,"type":599},"China dominates the global lithium refining and accounted for 65% of lithium supplies in 2023, according to data from ",{"text":24541,"type":599,"marks":59362},[59363],{"type":604,"attrs":59364},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/lithium/reports/",{"text":59367,"type":599},". Meanwhile, India currently does not produce any lithium and is heavily reliant on imports. ",{"type":657,"attrs":59369,"content":59370},{"level":15966,"textAlign":49},[59371],{"text":59372,"type":599},"Need for speed",{"type":594,"attrs":59374,"content":59375},{"textAlign":49},[59376],{"text":59377,"type":599},"The country has also set out an ambitious target to have 30% EV penetration for passenger vehicles by 2030, 70% for commercial vehicles, and 80% for two and three-wheelers; making it key to have access to these critical battery minerals. ",{"type":594,"attrs":59379,"content":59380},{"textAlign":49},[59381,59383,59389],{"text":59382,"type":599},"But data from Rho Motion, a Benchmark-owned company, shows India is currently behind on these targets. Battery EV and plug-in hybrid EV car penetration was only 1.9% in June and that share is forecast to reach 15% by 2030. For ",{"text":59384,"type":599,"marks":59385},"two and three wheelers",[59386],{"type":604,"attrs":59387},{"href":59388,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/electric-scooters-to-dominate-indias-roads-by-2025-ola-says",{"text":59390,"type":599},", the EV penetration is just about 12% and is forecast to reach 38% by 2030.",{"type":594,"attrs":59392,"content":59393},{"textAlign":49},[59394],{"text":59395,"type":599},"“There is a significant gap between current levels and targets set out, with significant investment required across the value chain as well as in charging infrastructure to allow for higher penetration rates,” said Iola Hughes, head of research at Rho Motion.",{"type":657,"attrs":59397,"content":59398},{"level":15966,"textAlign":49},[59399],{"text":59400,"type":599},"Policy push",{"type":594,"attrs":59402,"content":59403},{"textAlign":49},[59404],{"text":59405,"type":599},"India has been taking steps to secure supply of materials and speed up its upstream and midstream deployment albeit at a slow pace. It has introduced exploration licences for 29 critical minerals that include lithium, nickel, cobalt and others. ",{"type":594,"attrs":59407,"content":59408},{"textAlign":49},[59409],{"text":59410,"type":599},"It has also signed bilateral agreements with resource rich countries such as Australia, Argentina and Chile. In January, Khanij Bidesh India Ltd, a joint venture company formed under the Ministry of Mines to tap mineral assets overseas, acquired a lithium asset in Argentina.",{"type":594,"attrs":59412,"content":59413},{"textAlign":49},[59414],{"text":59415,"type":599},"The country also became a member of the Minerals Security Partnership (MSP) in 2023, a collaboration of 14 countries and the European Union aimed at securing a stable supply of raw materials. In recent months, India has auctioned 14 blocks of critical minerals of which 12 blocks are for composite licence — meant for exploration and extraction.",{"type":657,"attrs":59417,"content":59418},{"level":15966,"textAlign":49},[59419],{"text":58016,"type":599},{"type":594,"attrs":59421,"content":59422},{"textAlign":49},[59423,59426,59431],{"text":58021,"type":599,"marks":59424},[59425],{"type":643},{"text":58025,"type":599,"marks":59427},[59428,59430],{"type":604,"attrs":59429},{"href":58029,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":58032,"type":599,"marks":59432},[59433],{"type":643},"India has exempted 25 critical minerals including key battery metals from import duties to support the country’s electric vehicle (EV) sector, but more needs to be done on its upstream and midstream front to lift its domestic EV battery supply chain. Finance minister Nirmala Sitharaman exempted custom duties on lithium, nickel, cobalt, copper and other […]",[59436],{"slug":544,"name":543,"content":59437},{"job_title":557,"image":59438,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2b73fa23-cc59-4025-a54b-975d62e4a5e0\", \"id\": \"\"}-->","India’s critical minerals duty cut",[59442,59443,59444,59445,59446],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":59448},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":59450,"copyright":547,"fieldtype":553,"meta_data":59451,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4d1d5e4a46/bm-india-ev-scaled-e1653667252878.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"India has exempted 25 critical minerals including key battery metals from import duties to support the country’s electric vehicle (EV) sector, but more needs to be done on its upstream and midstream front to lift its domestic EV battery supply chain.…]","Aug 09, 2024",{"id":59455,"uuid":59456,"name":59457,"slug":59458,"full_slug":59459,"content":59460},112469178504294,"f5635f37-e028-45e1-96c4-a8fea83063a1","China’s long-term anode pipeline grows despite declining utilisation rates","chinas-long-term-anode-pipeline-grows-despite-declining-utilisation-rates","article/chinas-long-term-anode-pipeline-grows-despite-declining-utilisation-rates",{"_uid":59461,"date":59462,"tags":59463,"editor":59467,"content":59471,"excerpt":59582,"featured":51,"reporter":59583,"_editable":59587,"component":864,"seo_title":59457,"categories":59588,"visibility":882,"author_company":49,"featured_image":59591,"seo_description":59582,"author_full_name":49,"author_job_title":49,"formattedDate":59595},"301ca3d9-babd-483c-a65e-cda5e34788a0","2024-08-08 00:00",[59464,59465,59466],{"slug":913,"name":914},{"slug":19750,"name":19750},{"slug":15265,"name":15265},[59468],{"slug":544,"name":543,"content":59469},{"job_title":557,"image":59470,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":59472},[59473,59482,59487,59491,59495,59508,59513,59517,59521,59525,59529,59533,59538,59542,59547,59551,59555,59559,59564,59568],{"type":594,"attrs":59474,"content":59475},{"textAlign":49},[59476,59477,59481],{"text":52320,"type":599},{"text":52322,"type":599,"marks":59478},[59479],{"type":604,"attrs":59480},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":52328,"type":599},{"type":594,"attrs":59483,"content":59484},{"textAlign":49},[59485],{"text":59486,"type":599},"In addition to lowered utilisation, some smaller Chinese tier three players have dropped out of production altogether under price pressures. ",{"type":594,"attrs":59488,"content":59489},{"textAlign":49},[59490],{"text":52338,"type":599},{"type":594,"attrs":59492,"content":59493},{"textAlign":49},[59494],{"text":52343,"type":599},{"type":594,"attrs":59496,"content":59497},{"textAlign":49},[59498,59500,59506],{"text":59499,"type":599},"Benchmark’s Anode Price Index showed a ",{"text":59501,"type":599,"marks":59502},"9% decline year-on-year",[59503],{"type":604,"attrs":59504},{"href":59505,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/anode/portal/",{"text":59507,"type":599}," in June 2024.",{"type":594,"attrs":59509,"content":59510},{"textAlign":49},[59511],{"text":59512,"type":599},"Nonetheless, investment into China’s anode pipeline continues.",{"type":594,"attrs":59514,"content":59515},{"textAlign":49},[59516],{"text":52348,"type":599},{"type":594,"attrs":59518,"content":59519},{"textAlign":49},[59520],{"text":52353,"type":599},{"type":594,"attrs":59522,"content":59523},{"textAlign":49},[59524],{"text":52358,"type":599},{"type":657,"attrs":59526,"content":59527},{"level":15966,"textAlign":49},[59528],{"text":52363,"type":599},{"type":594,"attrs":59530,"content":59531},{"textAlign":49},[59532],{"text":52368,"type":599},{"type":594,"attrs":59534,"content":59535},{"textAlign":49},[59536],{"text":59537,"type":599},"Approximately 420, 000 tonnes per annum of additional anode material capacity to 2035 was announced from mid-January to mid-March in China.",{"type":594,"attrs":59539,"content":59540},{"textAlign":49},[59541],{"text":52373,"type":599},{"type":657,"attrs":59543,"content":59544},{"level":15966,"textAlign":49},[59545],{"text":59546,"type":599},"Consolidation ahead",{"type":594,"attrs":59548,"content":59549},{"textAlign":49},[59550],{"text":52383,"type":599},{"type":594,"attrs":59552,"content":59553},{"textAlign":49},[59554],{"text":52388,"type":599},{"type":594,"attrs":59556,"content":59557},{"textAlign":49},[59558],{"text":52393,"type":599},{"type":594,"attrs":59560,"content":59561},{"textAlign":49},[59562],{"text":59563,"type":599},"“We’ve heard of smaller players  looking to drop out of the market with reports of Tier 1 anode majors looking to purchase these assets. However, as of yet no actual deals have gone through,” stated Alderson. ",{"type":657,"attrs":59565,"content":59566},{"level":15966,"textAlign":49},[59567],{"text":58016,"type":599},{"type":594,"attrs":59569,"content":59570},{"textAlign":49},[59571,59574,59579],{"text":58021,"type":599,"marks":59572},[59573],{"type":643},{"text":58025,"type":599,"marks":59575},[59576,59578],{"type":604,"attrs":59577},{"href":58029,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":58032,"type":599,"marks":59580},[59581],{"type":643},"Chinese anode material producers have been keeping utilisation rates low in response to overcapacity even as project developers continue to bank on longer-term demand with a pipeline of investments. In addition to lowered utilisation, some smaller Chinese tier three players have dropped out of production altogether under price pressures. Yet so far, the drawback has […]",[59584],{"slug":544,"name":543,"content":59585},{"job_title":557,"image":59586,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"301ca3d9-babd-483c-a65e-cda5e34788a0\", \"id\": \"\"}-->",[59589,59590],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":59592,"name":547,"focus":547,"title":59592,"source":547,"filename":59593,"copyright":547,"fieldtype":553,"meta_data":59594,"is_external_url":51},"EV battery cell close up image","https://a.storyblok.com/f/287943243085208/391ff43283/bm-ev-battery-cell.jpg",{"alt":59592,"title":59592,"source":547,"copyright":547},"Aug 08, 2024",{"id":59597,"uuid":59598,"name":59599,"slug":59600,"full_slug":59601,"content":59602},112469188179049,"1681f36a-7606-49c3-9049-f373af55e661","Chinese lithium hydroxide prices fall below RMB 80,000 for the first time in over three years","chinese-lithium-hydroxide-prices-fall-below-rmb-80000-for-the-first-time-in-over-three-years","article/chinese-lithium-hydroxide-prices-fall-below-rmb-80000-for-the-first-time-in-over-three-years",{"_uid":59603,"date":59604,"tags":59605,"editor":59608,"content":59612,"excerpt":59785,"featured":51,"reporter":59786,"_editable":59790,"component":864,"seo_title":59599,"categories":59791,"visibility":882,"author_company":49,"featured_image":59794,"seo_description":59785,"author_full_name":49,"author_job_title":49,"formattedDate":59796},"a1641233-1d21-4e53-8e51-2561396063dc","2024-08-07 00:00",[59606,59607],{"slug":913,"name":914},{"slug":910,"name":911},[59609],{"slug":544,"name":543,"content":59610},{"job_title":557,"image":59611,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":59613},[59614,59627,59632,59637,59647,59652,59661,59666,59671,59688,59706,59713,59718,59723,59728,59733,59738,59743,59748,59760,59765,59775],{"type":594,"attrs":59615,"content":59616},{"textAlign":49},[59617,59619,59625],{"text":59618,"type":599},"Chinese lithium hydroxide prices continued to decline in late July, ",{"text":59620,"type":599,"marks":59621},"slipping",[59622],{"type":604,"attrs":59623},{"href":59624,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-hydroxide-prices-fall-below-rmb-100000-a-tonne-as-producers-offer-discounts",{"text":59626,"type":599}," below the RMB 80,000 ($11,524) a tonne mark for the first time in over three years.",{"type":594,"attrs":59628,"content":59629},{"textAlign":49},[59630],{"text":59631,"type":599},"Lithium hydroxide prices had slipped below the RMB 100,000 per tonne mark in April this year after briefly breaching that level in late December 2023. ",{"type":594,"attrs":59633,"content":59634},{"textAlign":49},[59635],{"text":59636,"type":599},"“In a downtrending market there are psychological threshold prices at which sellers resist further decreases and RMB 80,000 per tonne was one of these, but we have now dipped below this level,” said Adam Megginson, senior analyst at Benchmark.",{"type":594,"attrs":59638,"content":59639},{"textAlign":49},[59640,59642,59646],{"text":59641,"type":599},"Spot prices for Chinese lithium hydroxide have fallen 6% to RMB 78,500 ($10,825) per tonne so far this year and are at their lowest level since April 2021, according to the latest ",{"text":51393,"type":599,"marks":59643},[59644],{"type":604,"attrs":59645},{"href":54754,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":59648,"content":59649},{"textAlign":49},[59650],{"text":59651,"type":599},"According to Megginson, the price sentiment in China is still moderately positive in the mid term with a feeling that from such a low level, prices are unlikely to fall much further. ",{"type":594,"attrs":59653,"content":59654},{"textAlign":49},[59655,59657],{"text":59656,"type":599},"Prices for Chinese technical grade lithium carbonate too ticked below the RMB 80,000 a tonne mark for the first time in over three years. In the assessment period ended July 31, technical grade lithium carbonate prices sat at RMB 78,900 ($10,900) a tonne and those of battery grade lithium carbonate were at RMB 82,500 ($1,375) a tonne, according to the ",{"text":48643,"type":599,"marks":59658},[59659],{"type":604,"attrs":59660},{"href":54754,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":59662,"content":59663},{"level":15966,"textAlign":49},[59664],{"text":59665,"type":599},"Shift to LFP weighs on hydroxide prices ",{"type":594,"attrs":59667,"content":59668},{"textAlign":49},[59669],{"text":59670,"type":599},"The latest decline in prices also comes amid an ongoing shift towards the lithium iron phosphate (LFP) cathode chemistry over nickel cobalt and manganese (NCM). ",{"type":594,"attrs":59672,"content":59673},{"textAlign":49},[59674,59676,59681,59683,59687],{"text":59675,"type":599},"While lithium hydroxide is used to make high nickel NCM cathodes, lithium carbonate is the preferred feedstock for LFP cathodes. Lithium carbonate ",{"text":15265,"type":599,"marks":59677},[59678],{"type":604,"attrs":59679},{"href":59680,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lithium-hydroxide-price-restores-its-premium-over-carbonate",{"text":59682,"type":599}," are expected to remain more expensive than hydroxide until 2027, according to the ",{"text":34200,"type":599,"marks":59684},[59685],{"type":604,"attrs":59686},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":59689,"content":59690},{"textAlign":49},[59691,59693,59698,59700,59704],{"text":59692,"type":599},"LFP and NCM market share is ",{"text":59694,"type":599,"marks":59695},"forecast to account for 48.6%",[59696],{"type":604,"attrs":59697},{"href":56140,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":59699,"type":599}," and 41% respectively at the end of this year, according to the ",{"text":34200,"type":599,"marks":59701},[59702],{"type":604,"attrs":59703},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":59705,"type":599},". However NCM is expected to emerge as the dominant chemistry, increasing its share to 47.5% by the end of 2030 compared to LFP’s 45% share. ",{"type":594,"attrs":59707,"content":59708},{"textAlign":49},[59709],{"type":1186,"attrs":59710},{"id":49,"alt":547,"src":59711,"title":49,"source":49,"copyright":49,"meta_data":59712},"https://a.storyblok.com/f/287943243085208/8e3f568b2a/bm-chinese-lithium-hydroxide-prices.png",{},{"type":657,"attrs":59714,"content":59715},{"level":15966,"textAlign":49},[59716],{"text":59717,"type":599},"Supply glut a concern",{"type":594,"attrs":59719,"content":59720},{"textAlign":49},[59721],{"text":59722,"type":599},"Declining lithium prices have hurt key lithium producers, forcing some to take action.",{"type":594,"attrs":59724,"content":59725},{"textAlign":49},[59726],{"text":59727,"type":599},"Albemarle CEO Kent Masters said last week the company is scaling back production at its lithium hydroxide plant in Kemerton, Australia, and will stop further construction there due to low prices. ",{"type":594,"attrs":59729,"content":59730},{"textAlign":49},[59731],{"text":59732,"type":599},"“We see a continuation in the trend toward more carbonate-based batteries,” Masters told analysts in a post earnings call on Thursday. ",{"type":594,"attrs":59734,"content":59735},{"textAlign":49},[59736],{"text":59737,"type":599},"“We have yet to see significant changes at the mine level as existing and new supplies continue to come to market. And on the conversion side, there is still oversupply predominantly in China,” Masters added. ",{"type":594,"attrs":59739,"content":59740},{"textAlign":49},[59741],{"text":59742,"type":599},"Albemarle operates two production lines at Kemerton. The world’s largest lithium producer had initially planned to run four lines but shelved plans to construct a fourth line in January this year. It is now cancelling construction of the third line and sending the second line into “care and maintenance.” ",{"type":594,"attrs":59744,"content":59745},{"textAlign":49},[59746],{"text":59747,"type":599},"Masters warned many non-integrated producers are unprofitable at these price levels with some operating at reduced rates or idling production. Albemarle now expects average lithium prices to be $15,000 a tonne this year, down from $25,000 a tonne last year. ",{"type":594,"attrs":59749,"content":59750},{"textAlign":49},[59751,59753,59758],{"text":59752,"type":599},"However, other Australian lithium majors such as Pilbara, Mineral Resources, and IGO have recently outlined plans to increase production in the second half of this year. Just last week ",{"text":59754,"type":599,"marks":59755},"Liontown’s Kathleen Valley project in Western Australia",[59756],{"type":604,"attrs":59757},{"href":30119,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":59759,"type":599}," produced its first spodumene concentrate.",{"type":594,"attrs":59761,"content":59762},{"textAlign":49},[59763],{"text":59764,"type":599},"“For prices to tick higher we need to see a supply side response, and so far this has only happened with the small non-integrated players that sit at the top of the cost curve. They haven’t moved the needle on overall supply to the market, especially while majors continue to ramp up,” said Megginson.",{"type":594,"attrs":59766,"content":59767},{"textAlign":49},[59768,59770,59774],{"text":59769,"type":599},"Lithium supply from China, the global lithium refining powerhouse, is forecast to expand by 22.5% to 827,000 tonnes this year, according to the ",{"text":34200,"type":599,"marks":59771},[59772],{"type":604,"attrs":59773},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":59776,"content":59777},{"textAlign":49},[59778,59780,59784],{"text":59779,"type":599},"However, lithium supplies are expected to enter an era of deficit from 2030 onwards as electric vehicle adoption picks up pace globally, according to the ",{"text":34200,"type":599,"marks":59781},[59782],{"type":604,"attrs":59783},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Chinese lithium hydroxide prices continued to decline in late July, slipping below the RMB 80,000 ($11,524) a tonne mark for the first time in over three years. Lithium hydroxide prices had slipped below the RMB 100,000 per tonne mark in April this year after briefly breaching that level in late December 2023. “In a downtrending […]",[59787],{"slug":544,"name":543,"content":59788},{"job_title":557,"image":59789,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a1641233-1d21-4e53-8e51-2561396063dc\", \"id\": \"\"}-->",[59792,59793],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":58930,"copyright":547,"fieldtype":553,"meta_data":59795,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Aug 07, 2024",{"id":59798,"uuid":59799,"name":59800,"slug":59801,"full_slug":59802,"content":59803},112469197534317,"37f96f0d-f44e-469a-80e3-cef3041f3695","How bad is the electric vehicle and battery slowdown?","how-bad-is-the-electric-vehicle-slowdown","article/how-bad-is-the-electric-vehicle-slowdown",{"_uid":59804,"date":59805,"tags":59806,"editor":59807,"content":59811,"excerpt":60020,"featured":51,"reporter":60021,"_editable":60025,"component":864,"seo_title":59800,"categories":60026,"visibility":882,"author_company":49,"featured_image":60030,"seo_description":60020,"author_full_name":49,"author_job_title":49,"formattedDate":60033},"a3e71004-7053-48bd-b079-15c6b2840b32","2024-08-05 00:00",[],[59808],{"slug":544,"name":543,"content":59809},{"job_title":557,"image":59810,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":59812},[59813,59818,59830,59835,59840,59845,59850,59855,59860,59865,59870,59877,59884,59889,59902,59907,59912,59919,59926,59931,59936,59941,59951,59958,59963,59968,59979,59984,59991,59996,60000,60006],{"type":594,"attrs":59814,"content":59815},{"textAlign":49},[59816],{"text":59817,"type":599},"This year a slowdown in the growth of electric vehicle sales has led to battery producers in Europe and elsewhere scaling back or cancelling their plans to expand production capacity. ",{"type":594,"attrs":59819,"content":59820},{"textAlign":49},[59821,59823,59829],{"text":59822,"type":599},"Between January and May this year, 220 gigawatt-hours (GWh) of gigafactory 2030 pipeline capacity has been cancelled or postponed, according to",{"text":59824,"type":599,"marks":59825}," Benchmark’s Gigafactory Assessment",[59826],{"type":604,"attrs":59827},{"href":59828,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/capacities",{"text":974,"type":599},{"type":594,"attrs":59831,"content":59832},{"textAlign":49},[59833],{"text":59834,"type":599},"Media articles have also stoked fears about a slowdown in EV sales, and even the end of the electric vehicle boom. ",{"type":594,"attrs":59836,"content":59837},{"textAlign":49},[59838],{"text":59839,"type":599},"But how bad is demand? Benchmark Source looks at the data.",{"type":657,"attrs":59841,"content":59842},{"level":15966,"textAlign":49},[59843],{"text":59844,"type":599},"EV sales are still growing but China and hybrids are driving growth ",{"type":594,"attrs":59846,"content":59847},{"textAlign":49},[59848],{"text":59849,"type":599},"The electric vehicle market (including plug-in hybrids) has grown by 20% in the first half of this year, compared to the same period in 2023, according to Rho Motion. ",{"type":594,"attrs":59851,"content":59852},{"textAlign":49},[59853],{"text":59854,"type":599},"But most of this growth is being driven by the Chinese market. Chinese sales have grown by 30% year-to-date, driven in part by plug-in hybrid sales. ",{"type":594,"attrs":59856,"content":59857},{"textAlign":49},[59858],{"text":59859,"type":599},"In the first half of 2024, sales of PHEVs in China rose by 70% from a year earlier, compared to a 16% rise for battery electric vehicles. ",{"type":594,"attrs":59861,"content":59862},{"textAlign":49},[59863],{"text":59864,"type":599},"The European EV market has only grown by 1% in the first half of this year compared to 2023, while sales in the largest automotive market of Germany have actually fallen. ",{"type":594,"attrs":59866,"content":59867},{"textAlign":49},[59868],{"text":59869,"type":599},"EV sales in the US have grown by 9%, but from a lower base than Europe. ",{"type":594,"attrs":59871,"content":59872},{"textAlign":49},[59873],{"type":1186,"attrs":59874},{"id":49,"alt":547,"src":59875,"title":49,"source":49,"copyright":49,"meta_data":59876},"https://a.storyblok.com/f/287943243085208/e5e022c92d/bm-global-ev-sales-1h2024.png",{},{"type":594,"attrs":59878,"content":59879},{"textAlign":49},[59880],{"type":1186,"attrs":59881},{"id":49,"alt":547,"src":59882,"title":49,"source":49,"copyright":49,"meta_data":59883},"https://a.storyblok.com/f/287943243085208/a86994872f/bm-image-96-13440689415b.png",{},{"type":657,"attrs":59885,"content":59886},{"level":15966,"textAlign":49},[59887],{"text":59888,"type":599},"Battery demand growth is driven by cheaper LFP cells ",{"type":594,"attrs":59890,"content":59891},{"textAlign":49},[59892,59894,59900],{"text":59893,"type":599},"Lithium ion battery demand is still expected to increase by 35% this year, according to ",{"text":59895,"type":599,"marks":59896},"Benchmark’s Lithium Ion Battery Forecast",[59897],{"type":604,"attrs":59898},{"href":59899,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/",{"text":59901,"type":599},". That’s an increase from Benchmark’s previous forecast of 32% growth. ",{"type":594,"attrs":59903,"content":59904},{"textAlign":49},[59905],{"text":59906,"type":599},"Still – growth is heavily concentrated in China, which is set to account for half of demand this year. It’s also mostly in cheaper lithium iron phosphate (LFP) cells, used in lower priced EVs and energy storage. ",{"type":594,"attrs":59908,"content":59909},{"textAlign":49},[59910],{"text":59911,"type":599},"In the first half of this year LFP cells accounted for 69% of China’s lithium ion installations, an increase of 39% compared to last year, according to official data.  ",{"type":594,"attrs":59913,"content":59914},{"textAlign":49},[59915],{"type":1186,"attrs":59916},{"id":49,"alt":547,"src":59917,"title":49,"source":49,"copyright":49,"meta_data":59918},"https://a.storyblok.com/f/287943243085208/1db8ae0cf5/bm-lithium-ion-battery-demand-growth-by-region-2.png",{},{"type":594,"attrs":59920,"content":59921},{"textAlign":49},[59922],{"type":1186,"attrs":59923},{"id":49,"alt":547,"src":59924,"title":49,"source":49,"copyright":49,"meta_data":59925},"https://a.storyblok.com/f/287943243085208/87eea83e37/bm-battery-cell-chemistry-by-market-share.png",{},{"type":657,"attrs":59927,"content":59928},{"level":15966,"textAlign":49},[59929],{"text":59930,"type":599},"Energy storage growth is helping prop up battery demand ",{"type":594,"attrs":59932,"content":59933},{"textAlign":49},[59934],{"text":59935,"type":599},"The battery energy storage market is booming, especially in the US and China, as grid-scale installations are built to help grids integrate intermittent supplies of renewable energy. ",{"type":594,"attrs":59937,"content":59938},{"textAlign":49},[59939],{"text":59940,"type":599},"ESS is set to account for 62 GWh of growth in demand this year, compared to 239 GWh for electric vehicles, according to Benchmark. ",{"type":594,"attrs":59942,"content":59943},{"textAlign":49},[59944,59946,59950],{"text":59945,"type":599},"The ESS market is forecast to grow at a cumulative growth rate of 8% over the next 5 years, according to ",{"text":59895,"type":599,"marks":59947},[59948],{"type":604,"attrs":59949},{"href":59899,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":59952,"content":59953},{"textAlign":49},[59954],{"type":1186,"attrs":59955},{"id":49,"alt":547,"src":59956,"title":49,"source":49,"copyright":49,"meta_data":59957},"https://a.storyblok.com/f/287943243085208/8852dd3fa8/bm-energy-storage-is-acclerating.png",{},{"type":657,"attrs":59959,"content":59960},{"level":15966,"textAlign":49},[59961],{"text":59962,"type":599},"Cheaper battery prices are creating demand",{"type":594,"attrs":59964,"content":59965},{"textAlign":49},[59966],{"text":59967,"type":599},"The bill of materials (BOM) that makes up roughly 60%-70% of costs for lithium ion batteries has fallen 55% year-over-year for production of cheaper lithium iron phosphate (LFP) cells in China. Falling lithium carbonate prices are responsible for the majority of the decrease. ",{"type":594,"attrs":59969,"content":59970},{"textAlign":49},[59971,59973,59978],{"text":59972,"type":599},"Prices are down 71% Y-o-Y in China, which produced 99.7% of global LFP supply in 2024 according to Benchmark’s ",{"text":59974,"type":599,"marks":59975},"Lithium Ion Battery Forecast",[59976],{"type":604,"attrs":59977},{"href":59899,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":59980,"content":59981},{"textAlign":49},[59982],{"text":59983,"type":599},"For NCM 811, the bill of materials is 53% lower than last year. This is down to lithium, nickel and cobalt, which make up 56% of raw material costs, experiencing a significant decline in prices over the past year. Lithium hydroxide has fallen 82% from its peak in January 2023. Sluggish demand and robust inventory across the supply chain were the main drivers of this price decline.",{"type":594,"attrs":59985,"content":59986},{"textAlign":49},[59987],{"type":1186,"attrs":59988},{"id":49,"alt":547,"src":59989,"title":49,"source":49,"copyright":49,"meta_data":59990},"https://a.storyblok.com/f/287943243085208/1a995ab2b6/bm-battery-costs-have-fallen-sharply.png",{},{"type":594,"attrs":59992,"content":59993},{"textAlign":49},[59994],{"text":59995,"type":599},"Moreover, technological advancements in cell performance are driving costs lower at a $/kWh level. This trend is expected to continue as China’s Ministry of Industry and Information Technology (MIIT) has issued draft regulations, setting out a required increase in energy density standards for all types of cells compared to the 2021 edition.",{"type":657,"attrs":59997,"content":59998},{"level":15966,"textAlign":49},[59999],{"text":57735,"type":599},{"type":594,"attrs":60001,"content":60002},{"textAlign":49},[60003],{"text":53711,"type":599,"marks":60004},[60005],{"type":643},{"type":594,"attrs":60007,"content":60008},{"textAlign":49},[60009,60012,60017],{"text":57746,"type":599,"marks":60010},[60011],{"type":643},{"text":57750,"type":599,"marks":60013},[60014,60016],{"type":604,"attrs":60015},{"href":53732,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":60018},[60019],{"type":643},"This year a slowdown in the growth of electric vehicle sales has led to battery producers in Europe and elsewhere scaling back or cancelling their plans to expand production capacity. Between January and May this year, 220 gigawatt-hours (GWh) of gigafactory 2030 pipeline capacity has been cancelled or postponed, according to Benchmark’s Gigafactory Assessment. Media […]",[60022],{"slug":544,"name":543,"content":60023},{"job_title":557,"image":60024,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a3e71004-7053-48bd-b079-15c6b2840b32\", \"id\": \"\"}-->",[60027,60028,60029],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":60031,"copyright":547,"fieldtype":553,"meta_data":60032,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d296f8bfd8/bm-french-ev.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 05, 2024",{"id":60035,"uuid":60036,"name":60037,"slug":60038,"full_slug":60039,"content":60040},112469211739248,"af4173f6-f728-48ca-9677-771ddfef8d57","Indonesia seeks balance between Chinese nickel dominance and IRA compliance","indonesia-seeks-balance-between-chinese-nickel-dominance-and-ira-compliance","article/indonesia-seeks-balance-between-chinese-nickel-dominance-and-ira-compliance",{"_uid":60041,"date":60042,"tags":60043,"editor":60049,"content":60053,"excerpt":60256,"featured":51,"reporter":60257,"_editable":60261,"component":864,"seo_title":60037,"categories":60262,"visibility":882,"author_company":49,"featured_image":60269,"seo_description":60256,"author_full_name":49,"author_job_title":49,"formattedDate":60272},"91f41a56-417e-4a06-a458-a3502a14f0f6","2024-08-02 00:00",[60044,60045,60046,60047,60048],{"slug":913,"name":914},{"slug":7997,"name":7998},{"slug":46859,"name":46860},{"slug":1375,"name":1376},{"slug":4610,"name":662},[60050],{"slug":544,"name":543,"content":60051},{"job_title":557,"image":60052,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":60054},[60055,60060,60065,60076,60081,60086,60091,60096,60109,60114,60119,60124,60129,60134,60146,60153,60158,60170,60175,60188,60193,60203,60208,60215,60220,60233,60238,60242],{"type":594,"attrs":60056,"content":60057},{"textAlign":49},[60058],{"text":60059,"type":599},"Indonesia is seeking to restructure the ownership of nickel projects, reducing Chinese stakes to ensure its nickel industry qualifies for tax credits under the US Inflation Reduction Act (IRA), according to media reports.",{"type":594,"attrs":60061,"content":60062},{"textAlign":49},[60063],{"text":60064,"type":599},"“Foreign entity of concern” (FEOC) rules mandate that Chinese state-owned companies can  control no more than 25% of a given operation in a non-FEOC country, to qualify for IRA tax credits.",{"type":594,"attrs":60066,"content":60067},{"textAlign":49},[60068,60070],{"text":60069,"type":599},"China holds a commanding position within Indonesia’s nickel industry. Majority-owned Chinese operations will account for over 80% of Indonesia’s battery targeted nickel production in 2024, a figure rising to over 90% once the full breadth of Chinese ownership is considered, according to the ",{"text":60071,"type":599,"marks":60072},"Benchmark Nickel Forecast.",[60073],{"type":604,"attrs":60074},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/nickel/reports/",{"type":594,"attrs":60077,"content":60078},{"textAlign":49},[60079],{"text":60080,"type":599},"Indonesia does not currently possess a free trade agreement (FTA) with the United States, although Jakarta has been in talks over a limited agreement covering critical minerals with the Biden administration. ",{"type":594,"attrs":60082,"content":60083},{"textAlign":49},[60084],{"text":60085,"type":599},"The proposal, however, has faced pushback from US senators, who have criticised Indonesia’s record on labour relations, human rights, and the environment. Moreover, with the US in the midst of an election year, the chances of an agreement being reached near term are low.",{"type":594,"attrs":60087,"content":60088},{"textAlign":49},[60089],{"text":60090,"type":599},"Nevertheless, Indonesian nickel could still qualify for tax credits without an FTA in place, but this will be challenging given the stringent nature of FEOC rules. ",{"type":594,"attrs":60092,"content":60093},{"textAlign":49},[60094],{"text":60095,"type":599},"“It would also be contingent on nickel being exported to a FTA economy, such as South Korea and Japan, for further processing into battery precursor/cathode material, as well as the total value-add of these refined products meeting FTA criteria in each given year,” said Will Talbot, nickel analyst at Benchmark.",{"type":594,"attrs":60097,"content":60098},{"textAlign":49},[60099,60101,60107],{"text":60100,"type":599},"There are currently only a handful of ex-China foreign companies with ties to Indonesia’s nickel industry; Volkswagen and Ford were the first western automakers to invest with Chinese partners in Indonesia, while ",{"text":60102,"type":599,"marks":60103},"several of South Korea’s battery players also have",[60104],{"type":604,"attrs":60105},{"href":60106,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-is-south-koreas-battery-industry-navigating-feoc-nickel-risks",{"text":60108,"type":599}," similar commitments.",{"type":594,"attrs":60110,"content":60111},{"textAlign":49},[60112],{"text":60113,"type":599},"Joint-venture partnerships allow companies to leverage Chinese technological expertise and operational know-how, while minimising exposure to project development risks.",{"type":657,"attrs":60115,"content":60116},{"level":15966,"textAlign":49},[60117],{"text":60118,"type":599},"FTA nickel supply falters under weak prices ",{"type":594,"attrs":60120,"content":60121},{"textAlign":49},[60122],{"text":60123,"type":599},"Indonesia is set to add over 300,000 tonnes of additional supply to the market this year, thrusting the market into a structural oversupply that is forecast to sustain until late in the decade. ",{"type":594,"attrs":60125,"content":60126},{"textAlign":49},[60127],{"text":60128,"type":599},"The supply ramp up has left nickel prices languishing below operating-cost levels for large swathes of the western nickel industry, as higher labour and energy costs have rendered many operations uneconomical compared to Indonesian peers. ",{"type":594,"attrs":60130,"content":60131},{"textAlign":49},[60132],{"text":60133,"type":599},"This has led a growing list of mines to cease operations this year, most notably in Australia and New Caledonia. Supply from US and FTA economies is set to fall by around 2% year-on-year in 2024, while the global oversupply has also dampened prospects of a price recovery in the short-to-medium term – leaving more producers at risk of leaving the market.",{"type":594,"attrs":60135,"content":60136},{"textAlign":49},[60137,60139,60144],{"text":60138,"type":599},"Australia has seen the greatest number of closures year-to-date. ",{"text":60140,"type":599,"marks":60141},"Its largest casualty was announced in July",[60142],{"type":604,"attrs":60143},{"href":34464,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":60145,"type":599},", as BHP revealed it would be placing the country’s biggest nickel mining complex on care and maintenance later this year until early 2027 at the earliest.",{"type":594,"attrs":60147,"content":60148},{"textAlign":49},[60149],{"type":1186,"attrs":60150},{"id":49,"alt":547,"src":60151,"title":49,"source":49,"copyright":49,"meta_data":60152},"https://a.storyblok.com/f/287943243085208/94a762ff75/bm-screenshot-2024-07-17-160604.png",{},{"type":594,"attrs":60154,"content":60155},{"textAlign":49},[60156],{"text":60157,"type":599},"The loss of BHP Nickel West will see Australia’s nickel output in 2025 drop to just half of that in 2023, taking roughly 15% of available FTA nickel supply out of the market from next year. ",{"type":594,"attrs":60159,"content":60160},{"textAlign":49},[60161,60163,60168],{"text":60162,"type":599},"Indonesian operations have not been completely immune to the low price environment either, as several Chinese-backed projects have been shelved this year. ",{"text":60164,"type":599,"marks":60165},"BASF and Eramet recently cancelled plans to construct a $2.6 billion high pressure acid leach (HPAL) facility",[60166],{"type":604,"attrs":60167},{"href":59098,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":60169,"type":599}," in the region, demonstrating that even IRA compliance is not enough to overcome challenging market conditions.",{"type":657,"attrs":60171,"content":60172},{"level":15966,"textAlign":49},[60173],{"text":60174,"type":599},"Difficult for US to meet EV ambitions without Indonesia ",{"type":594,"attrs":60176,"content":60177},{"textAlign":49},[60178,60180,60186],{"text":60179,"type":599},"With much of the nickel industry in dire straits, moves to ",{"text":60181,"type":599,"marks":60182},"establish a ‘green premium’",[60183],{"type":604,"attrs":60184},{"href":60185,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/struggling-nickel-miners-press-for-alternative-pricing-mechanisms",{"text":60187,"type":599}," to support higher-cost, but more environmentally-sustainable nickel production in the west are far from achieving ubiquity. ",{"type":594,"attrs":60189,"content":60190},{"textAlign":49},[60191],{"text":60192,"type":599},"Cost continues to take precedence over sustainability considerations, and the pool of supply that could meet the requirements of a ‘green premium’ is becoming more limited as mines are taken offline. ",{"type":594,"attrs":60194,"content":60195},{"textAlign":49},[60196,60197,60201],{"text":2372,"type":599},{"text":37427,"type":599,"marks":60198},[60199],{"type":604,"attrs":60200},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":60202,"type":599}," projects US and FTA nickel supply next year to be around 10% lower than 2023, despite US battery demand growing by 50% over the same time period. ",{"type":594,"attrs":60204,"content":60205},{"textAlign":49},[60206],{"text":60207,"type":599},"In theory, there could be sufficient nickel from FTA regions to meet US battery demand projections until early into the next decade. However, the battery industry will be competing with well established, less-cost sensitive industries to secure this supply in many cases.",{"type":594,"attrs":60209,"content":60210},{"textAlign":49},[60211],{"type":1186,"attrs":60212},{"id":49,"alt":547,"src":60213,"title":49,"source":49,"copyright":49,"meta_data":60214},"https://a.storyblok.com/f/287943243085208/7f88ade1af/bm-image-70.png",{},{"type":594,"attrs":60216,"content":60217},{"textAlign":49},[60218],{"text":60219,"type":599},"Moreover, supply curtailments, coupled with a slowdown in capital commitment to develop new resources as prices falter, threatens to exacerbate supply shortfalls longer-term.",{"type":594,"attrs":60221,"content":60222},{"textAlign":49},[60223,60225,60231],{"text":60224,"type":599},"The Philippines is ",{"text":60226,"type":599,"marks":60227},"hoping to attract investment to develop alternative nickel resources",[60228],{"type":604,"attrs":60229},{"href":60230,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-the-philippines-emulate-indonesias-success-with-downstream-nickel-plans",{"text":60232,"type":599}," to Indonesia, but this will require large capital outlays during a period of low prices and sustained over-supply.",{"type":594,"attrs":60234,"content":60235},{"textAlign":49},[60236],{"text":60237,"type":599},"It seems therefore inevitable that some Indonesian nickel will find its way into the US battery supply chain. The question is, to what extent?",{"type":657,"attrs":60239,"content":60240},{"level":15966,"textAlign":49},[60241],{"text":58016,"type":599},{"type":594,"attrs":60243,"content":60244},{"textAlign":49},[60245,60248,60253],{"text":58021,"type":599,"marks":60246},[60247],{"type":643},{"text":58025,"type":599,"marks":60249},[60250,60252],{"type":604,"attrs":60251},{"href":58029,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":58032,"type":599,"marks":60254},[60255],{"type":643},"Indonesia is seeking to restructure the ownership of nickel projects, reducing Chinese stakes to ensure its nickel industry qualifies for tax credits under the US Inflation Reduction Act (IRA), according to media reports. “Foreign entity of concern” (FEOC) rules mandate that Chinese state-owned companies can control no more than 25% of a given operation in […]",[60258],{"slug":544,"name":543,"content":60259},{"job_title":557,"image":60260,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"91f41a56-417e-4a06-a458-a3502a14f0f6\", \"id\": \"\"}-->",[60263,60264,60265,60266,60267,60268],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":4811,"name":4812},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":60270,"copyright":547,"fieldtype":553,"meta_data":60271,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7bcec5a807/bm-indonesia-nickel.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 02, 2024",{"id":60274,"uuid":60275,"name":60276,"slug":60277,"full_slug":60278,"content":60279},112469207045231,"9dbdb0f1-7d30-47c3-9083-52de4dda32b0","Where is China’s solid-state battery industry developing?  ","where-is-chinas-solid-state-battery-industry-developing","article/where-is-chinas-solid-state-battery-industry-developing",{"_uid":60280,"date":60042,"tags":60281,"editor":60288,"content":60292,"excerpt":60482,"featured":51,"reporter":60483,"_editable":60487,"component":864,"seo_title":60276,"categories":60488,"visibility":882,"author_company":49,"data_vis_image":60492,"featured_image":60495,"seo_description":60482,"author_full_name":49,"author_job_title":49,"formattedDate":60272},"1c938591-7a45-4675-9e0a-3e8455f37bab",[60282,60283,60284,60285],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":21502,"name":21503},{"slug":60286,"name":60287},"welion","WeLion",[60289],{"slug":544,"name":543,"content":60290},{"job_title":557,"image":60291,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":60293},[60294,60307,60312,60324,60329,60334,60346,60353,60358,60363,60383,60388,60393,60406,60411,60416,60429,60434,60464,60468],{"type":594,"attrs":60295,"content":60296},{"textAlign":49},[60297,60299,60305],{"text":60298,"type":599},"Globally, China represents three-quarters of ",{"text":60300,"type":599,"marks":60301},"solid-state capacity",[60302],{"type":604,"attrs":60303},{"href":60304,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/is-2024-the-year-of-solid-state-battery-powered-evs",{"text":60306,"type":599}," this year, with much of this concentrated in Shandong province.",{"type":594,"attrs":60308,"content":60309},{"textAlign":49},[60310],{"text":60311,"type":599},"Between 2024 and 2030, China’s solid-state capacity is set to grow from 62 gigawatt-hours (GWh) to almost 220 GWh, primarily driven by emerging solid-state developers rather than incumbent cell producers from the traditional lithium ion industry.",{"type":594,"attrs":60313,"content":60314},{"textAlign":49},[60315,60317,60322],{"text":60316,"type":599},"“The Chinese solid-state industry today, as with the rest of the world, is largely driven by start-up and growth phase companies,” ",{"text":40828,"type":599,"marks":60318},[60319],{"type":604,"attrs":60320},{"href":60321,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/scale-up-approaches-for-solid-state-battery-development",{"text":60323,"type":599},", new technologies product director at Benchmark, said.",{"type":657,"attrs":60325,"content":60326},{"level":15966,"textAlign":49},[60327],{"text":60328,"type":599},"Shandong: China’s largest solid-state province",{"type":594,"attrs":60330,"content":60331},{"textAlign":49},[60332],{"text":60333,"type":599},"This year, Shandong has the largest solid-state capacity at 20 GWh, according to Benchmark’s Solid-State and Lithium Metal Batteries Forecast, representing around a third of China’s total capacity.",{"type":594,"attrs":60335,"content":60336},{"textAlign":49},[60337,60339,60345],{"text":60338,"type":599},"By 2030, the province’s dominance is set to increase as its capacity grows to 100 GWh–46% of China’s 2030 ",{"text":60340,"type":599,"marks":60341},"pipeline capacity",[60342],{"type":604,"attrs":60343},{"href":60344,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/emerging-solid-state-industry-has-9-utilisation-rate-as-production-ramps-up",{"text":974,"type":599},{"type":594,"attrs":60347,"content":60348},{"textAlign":49},[60349],{"type":1186,"attrs":60350},{"id":49,"alt":547,"src":60351,"title":49,"source":49,"copyright":49,"meta_data":60352},"https://a.storyblok.com/f/287943243085208/0cadd5f08e/bm-solid-state-china-map-v2.png",{},{"type":594,"attrs":60354,"content":60355},{"textAlign":49},[60356],{"text":60357,"type":599},"To date, all of Shandong’s capacity has been pledged by WeLion Energy Development, an emerging solid-state battery developer.",{"type":594,"attrs":60359,"content":60360},{"textAlign":49},[60361],{"text":60362,"type":599},"“WeLion looks set to be an early driver of domestic solid-state rollout,” McNulty said.",{"type":594,"attrs":60364,"content":60365},{"textAlign":49},[60366,60368,60374,60376,60381],{"text":60367,"type":599},"The company is close to ",{"text":60369,"type":599,"marks":60370},"large-scale commercialisation",[60371],{"type":604,"attrs":60372},{"href":60373,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/solid-state-battery-industry-gears-up-for-automotive-qualification-2023-in-review",{"text":60375,"type":599},", having fitted 150 kWh packs consisting of its solid-state batteries in the ",{"text":60377,"type":599,"marks":60378},"NIO ET7",[60379],{"type":604,"attrs":60380},{"href":60304,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":60382,"type":599},", which is now on sale for the domestic China market.",{"type":594,"attrs":60384,"content":60385},{"textAlign":49},[60386],{"text":60387,"type":599},"WeLion represents just under half of China’s 2030 solid-state capacity pipeline, developing a 100 GWh production facility in Shandong. It also operates sub-gigawatt-hour facilities in Beijing, Jiangsu and Zhejiang.",{"type":594,"attrs":60389,"content":60390},{"textAlign":49},[60391],{"text":60392,"type":599},"Jiangsu province has the second largest 2030 capacity pipeline in China, though this is split between six developers with varying levels of announced capacity. The largest in the province are two 10 GWh facilities being separately developed by Heyuan Lichuang New Energy Technology and Tailan New Energy.",{"type":594,"attrs":60394,"content":60395},{"textAlign":49},[60396,60398,60404],{"text":60397,"type":599},"A 20 GWh facility by ",{"text":60399,"type":599,"marks":60400},"Ganfeng LiEnergy",[60401],{"type":604,"attrs":60402},{"href":60403,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/changan-joins-forces-with-ganfeng-lithium-as-china-pursues-solid-state-batteries",{"text":60405,"type":599},", is the only large-scale project in the pipeline for Guangdong province, which currently has the third largest pipeline in China. It currently operates a 5 GWh facility in its home province of Jiangxi. The company is a subsidiary of Ganfeng Lithium, a leading supplier of lithium hydroxide and lithium metal globally.",{"type":657,"attrs":60407,"content":60408},{"level":15966,"textAlign":49},[60409],{"text":60410,"type":599},"China’s solid-state sleeping giants",{"type":594,"attrs":60412,"content":60413},{"textAlign":49},[60414],{"text":60415,"type":599},"Although much of the pipeline is currently dominated by growth-phase companies, many incumbent battery producers have solid-state ambitions of their own. CATL, for example, is targeting 2027 for the small-scale rollout of its solid-state batteries.",{"type":594,"attrs":60417,"content":60418},{"textAlign":49},[60419,60421,60427],{"text":60420,"type":599},"In February this year, China launched ",{"text":60422,"type":599,"marks":60423},"The China All-Solid-State Battery Collaborative Innovation Platform",[60424],{"type":604,"attrs":60425},{"href":60426,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-battery-industry-unites-in-effort-to-extend-dominance-to-solid-state",{"text":60428,"type":599}," (CASIP), a consortium in which all six of China’s biggest battery producers are members.",{"type":594,"attrs":60430,"content":60431},{"textAlign":49},[60432],{"text":60433,"type":599},"“We are seeing the start of partnerships and investments from bigger players, and the incumbents certainly have aggressive roadmaps for the delivery of their own technologies,” McNulty said. “The incumbents don’t have the same financial and brand building drivers to shout about their commercial progress publicly, but I wouldn’t count them out of the race just yet.”",{"type":594,"attrs":60435,"content":60436},{"textAlign":49},[60437,60441,60447,60451,60455,60461],{"text":60438,"type":599,"marks":60439},"Watch Rory McNulty ",[60440],{"type":643},{"text":60442,"type":599,"marks":60443},"discuss scale-up approaches for solid-state",[60444,60446],{"type":604,"attrs":60445},{"href":60321,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":60448,"type":599,"marks":60449}," battery development.",[60450],{"type":643},{"text":60452,"type":599,"marks":60453},"View more analyst insight videos ",[60454],{"type":643},{"text":6515,"type":599,"marks":60456},[60457,60460],{"type":604,"attrs":60458},{"href":60459,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/analyst-insights?items_per_page=12&page_offset=0&tags%5B%5D=analyst-insights",{"type":643},{"text":974,"type":599,"marks":60462},[60463],{"type":643},{"type":657,"attrs":60465,"content":60466},{"level":15966,"textAlign":49},[60467],{"text":58016,"type":599},{"type":594,"attrs":60469,"content":60470},{"textAlign":49},[60471,60474,60479],{"text":58021,"type":599,"marks":60472},[60473],{"type":643},{"text":58025,"type":599,"marks":60475},[60476,60478],{"type":604,"attrs":60477},{"href":58029,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":58032,"type":599,"marks":60480},[60481],{"type":643},"Globally, China represents three-quarters of solid-state capacity this year, with much of this concentrated in Shandong province. Between 2024 and 2030, China’s solid-state capacity is set to grow from 62 gigawatt-hours (GWh) to almost 220 GWh, primarily driven by emerging solid-state developers rather than incumbent cell producers from the traditional lithium ion industry. “The Chinese […]",[60484],{"slug":544,"name":543,"content":60485},{"job_title":557,"image":60486,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1c938591-7a45-4675-9e0a-3e8455f37bab\", \"id\": \"\"}-->",[60489,60490,60491],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":4811,"name":4812},{"id":49,"alt":60493,"name":547,"focus":547,"title":60493,"source":547,"filename":60351,"copyright":547,"fieldtype":553,"meta_data":60494,"is_external_url":51},"Shandong has the largest solid-state capacity pipeline in China",{"alt":60493,"title":60493,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":60496,"copyright":547,"fieldtype":553,"meta_data":60497,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2822d88c69/bm-solid-state-shutterstock.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":60499,"uuid":60500,"name":60501,"slug":60502,"full_slug":60503,"content":60504},112469221463154,"96440704-ed52-49db-a724-6a292822426c","Benchmark opens annual public consultation for comment on its market leading price assessment methodologies","benchmark-opens-annual-public-consultation-for-comment-on-its-market-leading-price-assessment-methodologies-2","article/benchmark-opens-annual-public-consultation-for-comment-on-its-market-leading-price-assessment-methodologies-2",{"_uid":60505,"date":60506,"tags":60507,"editor":60509,"content":60513,"excerpt":60570,"featured":50,"reporter":60571,"_editable":60575,"component":864,"seo_title":60501,"categories":60576,"visibility":2091,"author_company":49,"featured_image":60578,"seo_description":60570,"author_full_name":49,"author_job_title":49,"formattedDate":60580},"8af45b93-2eef-46a6-a2cf-2df0b963ebd6","2024-08-01 00:00",[60508],{"slug":9655,"name":9656},[60510],{"slug":544,"name":543,"content":60511},{"job_title":557,"image":60512,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":60514},[60515,60520,60525,60534,60538,60542,60550,60554,60558,60562,60566],{"type":594,"attrs":60516,"content":60517},{"textAlign":49},[60518],{"text":60519,"type":599},"Following the continued evolution of the lithium ion battery supply chain, and as part of its rolling methodology review process, Benchmark Mineral Intelligence announces the opening of the 2024 annual public consultation period, for comment on Benchmark’s market-leading Price Assessment Methodologies for lithium, nickel, cobalt, natural graphite, synthetic graphite, anode, cathode, black mass and rare earths.",{"type":594,"attrs":60521,"content":60522},{"textAlign":49},[60523],{"text":60524,"type":599},"This annual consultation period allows stakeholders in the lithium ion battery supply chain and all members of the public to directly comment and give feedback on Benchmark’s mineral specific price methodologies, the basis for its market leading Price Assessments.",{"type":594,"attrs":60526,"content":60527},{"textAlign":49},[60528,60529,60533],{"text":30410,"type":599},{"text":6515,"type":599,"marks":60530},[60531],{"type":604,"attrs":60532},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":60535,"content":60536},{"textAlign":49},[60537],{"text":30421,"type":599},{"type":594,"attrs":60539,"content":60540},{"textAlign":49},[60541],{"text":30467,"type":599},{"type":594,"attrs":60543,"content":60544},{"textAlign":49},[60545,60546],{"text":21758,"type":599},{"text":19898,"type":599,"marks":60547},[60548],{"type":604,"attrs":60549},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":60551,"content":60552},{"level":15966,"textAlign":49},[60553],{"text":30480,"type":599},{"type":594,"attrs":60555,"content":60556},{"textAlign":49},[60557],{"text":30485,"type":599},{"type":594,"attrs":60559,"content":60560},{"textAlign":49},[60561],{"text":30490,"type":599},{"type":594,"attrs":60563,"content":60564},{"textAlign":49},[60565],{"text":30495,"type":599},{"type":594,"attrs":60567,"content":60568},{"textAlign":49},[60569],{"text":30500,"type":599},"Following the continued evolution of the lithium ion battery supply chain, and as part of its rolling methodology review process, Benchmark Mineral Intelligence announces the opening of the 2024 annual public consultation period, for comment on Benchmark’s market-leading Price Assessment Methodologies for lithium, nickel, cobalt, natural graphite, synthetic graphite, anode, cathode, black mass and rare earths. This annual […]",[60572],{"slug":544,"name":543,"content":60573},{"job_title":557,"image":60574,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8af45b93-2eef-46a6-a2cf-2df0b963ebd6\", \"id\": \"\"}-->",[60577],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":48382,"copyright":547,"fieldtype":553,"meta_data":60579,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Aug 01, 2024",{"id":60582,"uuid":60583,"name":60584,"slug":60585,"full_slug":60586,"content":60587},112469226234995,"59f18117-8855-4e35-9dfd-5f7e047e4e65","Synthetic anode materials to beat natural on cost for low and medium energy until late 2020s","synthetic-anode-materials-to-beat-natural-on-cost-for-low-and-medium-energy-until-late-2020s","article/synthetic-anode-materials-to-beat-natural-on-cost-for-low-and-medium-energy-until-late-2020s",{"_uid":60588,"date":60589,"tags":60590,"editor":60592,"content":60596,"excerpt":60729,"featured":51,"reporter":60730,"_editable":60734,"component":864,"seo_title":60584,"categories":60735,"visibility":882,"author_company":49,"featured_image":60738,"seo_description":60729,"author_full_name":49,"author_job_title":49,"formattedDate":60741},"ff66dce3-7a57-411f-b070-d5128d531593","2024-07-31 00:00",[60591],{"slug":913,"name":914},[60593],{"slug":544,"name":543,"content":60594},{"job_title":557,"image":60595,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":60597},[60598,60609,60614,60619,60624,60634,60639,60644,60649,60654,60659,60664,60669,60674,60679,60684,60689,60694,60699,60704,60714,60719,60724],{"type":594,"attrs":60599,"content":60600},{"textAlign":49},[60601,60603,60607],{"text":60602,"type":599},"Synthetic anode active materials (AAM) prices are set to remain below natural AAM prices until almost the end of the decade, according to ",{"text":48956,"type":599,"marks":60604},[60605],{"type":604,"attrs":60606},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":60608,"type":599},", a trend that should further bolster demand for synthetic AAM as producers prioritise cost-cutting.",{"type":594,"attrs":60610,"content":60611},{"textAlign":49},[60612],{"text":60613,"type":599},"Over the next few years, a combination of factors are expected to cap synthetic AAM price increases while ensuring natural AAM prices are unable to fall any further. ",{"type":594,"attrs":60615,"content":60616},{"textAlign":49},[60617],{"text":60618,"type":599},"This continuing price gap should cement the ongoing shift in demand away from natural AAM and towards the more cost-effective synthetic, at least within low to medium capacity AAMs.",{"type":594,"attrs":60620,"content":60621},{"textAlign":49},[60622],{"text":60623,"type":599},"“Affordability is a key metric for adoption. Now that low and medium synthetic anode active materials are priced below natural, demand has shot up with the ratio now around 71:29 in favour of synthetic,” said Benchmark analyst Tony Alderson.",{"type":594,"attrs":60625,"content":60626},{"textAlign":49},[60627,60629,60633],{"text":60628,"type":599},"The shift towards synthetic over natural in low to medium AAMs has been most notable in China, on track to produce 98% of the world’s supply in synthetic AAMs this year, according to ",{"text":48956,"type":599,"marks":60630},[60631],{"type":604,"attrs":60632},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":60635,"content":60636},{"textAlign":49},[60637],{"text":60638,"type":599},"The trend has been especially pronounced among China’s Tier 2 and 3 producers. However, Chinese Tier 1 anode manufacturers may also begin adopting the material in a bid to compete on affordability.",{"type":594,"attrs":60640,"content":60641},{"textAlign":49},[60642],{"text":60643,"type":599},"Natural graphite AAMs used to be favoured by anode producers as it was the lower cost option for portables and ESS end applications. ",{"type":594,"attrs":60645,"content":60646},{"textAlign":49},[60647],{"text":60648,"type":599},"Today, natural AAMs only remain the more cost-effective AAM in the high capacity category though even here synthetic AAMs are closing the gap on competitiveness.",{"type":657,"attrs":60650,"content":60651},{"level":15966,"textAlign":49},[60652],{"text":60653,"type":599},"A historic reversal ",{"type":594,"attrs":60655,"content":60656},{"textAlign":49},[60657],{"text":60658,"type":599},"Demand for synthetic AAM has been growing rapidly since September 2023 when synthetic low and medium capacity versions became more cost-effective than their natural graphite counterparts for the first time.",{"type":594,"attrs":60660,"content":60661},{"textAlign":49},[60662],{"text":60663,"type":599},"In 2023, prices for low capacity synthetic AAM declined by 44% year-on-year to $3,521 per tonne, whilst low capacity natural AAM dropped by just 27% to reach $3,555 per tonne.",{"type":594,"attrs":60665,"content":60666},{"textAlign":49},[60667],{"text":60668,"type":599},"Going forward, anode producers will have all the incentive to continue switching to the lower-priced synthetic AAMs as slowed short term EV demand growth will make cost-cutting a priority through the battery supply chain. ",{"type":657,"attrs":60670,"content":60671},{"level":15966,"textAlign":49},[60672],{"text":60673,"type":599},"Technology and overcapacity drive synthetic uptake",{"type":594,"attrs":60675,"content":60676},{"textAlign":49},[60677],{"text":60678,"type":599},"The steep drop in synthetic AAM prices since 2023 has been due to technological advances allowing producers to tap more economical feedstocks.",{"type":594,"attrs":60680,"content":60681},{"textAlign":49},[60682],{"text":60683,"type":599},"High-purity, low-sulphur needle coke was the dominant synthetic AAM feedstock until recently. However, Chinese AAM producers found ways of utilising needle coke with medium-sulphur pet coke, a less expensive feedstock with higher impurities.",{"type":594,"attrs":60685,"content":60686},{"textAlign":49},[60687],{"text":60688,"type":599},"Broader market dynamics through the EV and battery supply chain have also played a role in reversing the relative competitiveness of synthetic and natural AAMs. ",{"type":594,"attrs":60690,"content":60691},{"textAlign":49},[60692],{"text":60693,"type":599},"EV demand slowdown since 2023 has intensified overcapacity and competition, leading anode material producers to adopt low pricing strategies and finding cost reductions, including by adopting medium-sulphur pet coke.",{"type":657,"attrs":60695,"content":60696},{"level":15966,"textAlign":49},[60697],{"text":60698,"type":599},"Supply disruptions to elevate natural AAM prices",{"type":594,"attrs":60700,"content":60701},{"textAlign":49},[60702],{"text":60703,"type":599},"By contrast to synthetic AAM, supply-side factors should sustain relatively high prices for natural AAM, especially after 2025.",{"type":594,"attrs":60705,"content":60706},{"textAlign":49},[60707,60709,60713],{"text":60708,"type":599},"A deficit is due in both natural AAMs as well as uncoated spherical graphite (USPG), a natural AAM input made from mined flake graphite, according to ",{"text":48956,"type":599,"marks":60710},[60711],{"type":604,"attrs":60712},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":60715,"content":60716},{"textAlign":49},[60717],{"text":60718,"type":599},"According to Benchmark product director Shruti Kashyap, the USPG deficit will occur when Chinese utilisation rates will still be low but ex-China projects have not yet come online. ",{"type":594,"attrs":60720,"content":60721},{"textAlign":49},[60722],{"text":60723,"type":599},"“Even if the Chinese increase utilisation, it wouldn’t help the US, because it wants to build an ex-China supply chain,” she said.",{"type":594,"attrs":60725,"content":60726},{"textAlign":49},[60727],{"text":60728,"type":599},"Flake graphite prices are also expected to rise with Benchmark forecasting a persistent deficit before the end of this decade as demand growth outstrips supply, mainly due to the battery sector.","Synthetic anode active materials (AAM) prices are set to remain below natural AAM prices until almost the end of the decade, according to Benchmark’s Anode Forecast, a trend that should further bolster demand for synthetic AAM as producers prioritise cost-cutting. Over the next few years, a combination of factors are expected to cap synthetic AAM […]",[60731],{"slug":544,"name":543,"content":60732},{"job_title":557,"image":60733,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ff66dce3-7a57-411f-b070-d5128d531593\", \"id\": \"\"}-->",[60736,60737],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":60739,"copyright":547,"fieldtype":553,"meta_data":60740,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2276b31463/bm-pricedeclines2.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 31, 2024",{"id":60743,"uuid":60744,"name":60745,"slug":60746,"full_slug":60747,"content":60748},112469235659894,"5e03fc41-9d16-49c3-ad6a-517bf71bfd81","China to hold position as top manganese sulphate producer this decade despite falling share","china-to-hold-position-as-top-manganese-sulphate-producer-this-decade-despite-falling-share","article/china-to-hold-position-as-top-manganese-sulphate-producer-this-decade-despite-falling-share",{"_uid":60749,"date":60750,"tags":60751,"editor":60753,"content":60757,"excerpt":60859,"featured":51,"reporter":60860,"_editable":60864,"component":864,"seo_title":60745,"categories":60865,"visibility":882,"author_company":49,"featured_image":60870,"seo_description":60859,"author_full_name":49,"author_job_title":49,"formattedDate":60874},"57b00c8b-e354-41a5-a63d-4bc209eaa479","2024-07-29 00:00",[60752],{"slug":913,"name":914},[60754],{"slug":544,"name":543,"content":60755},{"job_title":557,"image":60756,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":60758},[60759,60764,60776,60788,60799,60804,60814,60825,60830,60843,60848],{"type":594,"attrs":60760,"content":60761},{"textAlign":49},[60762],{"text":60763,"type":599},"China is set to maintain its high purity manganese sulphate (HPMSM) supply dominance by the end of the decade, but its share is set to decline by 2030 as more projects in other regions come online. ",{"type":594,"attrs":60765,"content":60766},{"textAlign":49},[60767,60769,60775],{"text":60768,"type":599},"While HPMSM production in China is set to nearly double to 308,000 tonnes by the end of the decade, its dominant share is forecast to come down to 72% in 2030 from 97% this year, according to the ",{"text":60770,"type":599,"marks":60771},"Benchmark Manganese Sulphate Market Outlook",[60772],{"type":604,"attrs":60773},{"href":60774,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/manganese/reports/",{"text":974,"type":599},{"type":594,"attrs":60777,"content":60778},{"textAlign":49},[60779,60781,60786],{"text":60780,"type":599},"High purity manganese is a key element in nickel cobalt manganese (NCM) cathodes, which are widely used in EV batteries due to their high energy density. New cathode chemistries such as lithium manganese iron phosphate (LMFP) also require this chemical, which helps improve the range of ",{"text":2499,"type":599,"marks":60782},[60783],{"type":604,"attrs":60784},{"href":60785,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-launches-manganese-sulphate-market-outlook",{"text":60787,"type":599}," at a lower cost. ",{"type":594,"attrs":60789,"content":60790},{"textAlign":49},[60791,60793,60797],{"text":60792,"type":599},"While the upcoming role LMFP will play in the battery mix is yet to be determined, the global demand for HPMSM is forecast to increase more than 5.9x in 2030 in a high case LMFP uptake scenario, according to the ",{"text":60770,"type":599,"marks":60794},[60795],{"type":604,"attrs":60796},{"href":60774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":60798,"type":599},". In case of  a low LMFP adoption, the market demand is still expected to grow 3.5x until 2030. ",{"type":657,"attrs":60800,"content":60801},{"level":15966,"textAlign":49},[60802],{"text":60803,"type":599},"Where will the ex-China HPMSM supply come from?",{"type":594,"attrs":60805,"content":60806},{"textAlign":49},[60807,60809,60813],{"text":60808,"type":599},"While China will still remain a key HPMSM producer in the coming years, the ex-China HPMSM share is forecast to grow to 28% in 2030 from just 3% this year, according to the ",{"text":60770,"type":599,"marks":60810},[60811],{"type":604,"attrs":60812},{"href":60774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":60815,"content":60816},{"textAlign":49},[60817,60819,60823],{"text":60818,"type":599},"About 41% of the new capacity out to 2030 will come from outside China, according to the ",{"text":60770,"type":599,"marks":60820},[60821],{"type":604,"attrs":60822},{"href":60774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":60824,"type":599},". However this may not be enough to meet the global demand and more ex-China projects will need to come online.",{"type":594,"attrs":60826,"content":60827},{"textAlign":49},[60828],{"text":60829,"type":599},"“There is still considerable uncertainty about how many of those ex-China projects will eventually come online, most are still raising the requisite capital and haven’t begun construction. The potential of ex-China delays combined with new stricter Inflation Reduction Act (IRA) regulations clarified in May creates the risk of a market deficit of IRA eligible HPMSM,” said Zachary Parsons, analyst with Benchmark. ",{"type":594,"attrs":60831,"content":60832},{"textAlign":49},[60833,60835,60841],{"text":60834,"type":599},"In July, the US Department of Treasury ",{"text":60836,"type":599,"marks":60837},"released the final regulations",[60838],{"type":604,"attrs":60839},{"href":60840,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-the-final-30d-ira-tax-credit-rules-mean-for-the-us-auto-industry",{"text":60842,"type":599}," for tax credits under the IRA which mandates manganese and other critical materials to be sourced from a non-foreign entity of concern (FEOC), including China.  ",{"type":594,"attrs":60844,"content":60845},{"textAlign":49},[60846],{"text":60847,"type":599},"Of the 25 ex-China HPMSM projects that Benchmark is currently tracking, only two of them are in operation. These include projects from Vibrantz Technologies and Nippon Denko’s facility in Japan.",{"type":594,"attrs":60849,"content":60850},{"textAlign":49},[60851,60853,60857],{"text":60852,"type":599},"Three projects based in North America and Africa are considered highly probable while two projects, one in the US and the other in Botswana have been marked probable, according to the ",{"text":60770,"type":599,"marks":60854},[60855],{"type":604,"attrs":60856},{"href":60774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":60858,"type":599},". Further, eight projects globally have been marked possible while 25 fall under the speculative category. ","China is set to maintain its high purity manganese sulphate (HPMSM) supply dominance by the end of the decade, but its share is set to decline by 2030 as more projects in other regions come online. While HPMSM production in China is set to nearly double to 308,000 tonnes by the end of the decade, […]",[60861],{"slug":544,"name":543,"content":60862},{"job_title":557,"image":60863,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"57b00c8b-e354-41a5-a63d-4bc209eaa479\", \"id\": \"\"}-->",[60866,60867,60868,60869],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":2761,"name":2762},{"id":49,"alt":60871,"name":547,"focus":547,"title":60871,"source":547,"filename":60872,"copyright":547,"fieldtype":553,"meta_data":60873,"is_external_url":51},"Manganese ore in stockpile at harbor loading site in Port Hedland, Pilbara, Western Australia","https://a.storyblok.com/f/287943243085208/3f82f1e2fa/bm-manganese-ore-stockpile.jpg",{"alt":60871,"title":60871,"source":547,"copyright":547},"Jul 29, 2024",{"id":60876,"uuid":60877,"name":60878,"slug":60879,"full_slug":60880,"content":60881},112469240321143,"55cd7227-84f0-4da4-b8c7-085b45b11b58","US senators unveil long-awaited energy permitting reform bill to boost domestic critical minerals supply","us-senators-unveil-long-awaited-energy-permitting-reform-bill-to-boost-domestic-critical-minerals-supply","article/us-senators-unveil-long-awaited-energy-permitting-reform-bill-to-boost-domestic-critical-minerals-supply",{"_uid":60882,"date":60883,"tags":60884,"editor":60888,"content":60892,"excerpt":61045,"featured":51,"reporter":61046,"_editable":61050,"component":864,"seo_title":60878,"categories":61051,"visibility":882,"author_company":49,"featured_image":61061,"seo_description":61045,"author_full_name":49,"author_job_title":49,"formattedDate":61064},"c899f693-9721-4220-9799-37cf35962b02","2024-07-26 00:00",[60885,60886,60887],{"slug":46859,"name":46860},{"slug":1375,"name":1376},{"slug":4610,"name":662},[60889],{"slug":544,"name":543,"content":60890},{"job_title":557,"image":60891,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":60893},[60894,60899,60912,60917,60922,60938,60943,60948,60959,60964,60971,60984,60989,60994,61001,61006,61021,61025,61031],{"type":594,"attrs":60895,"content":60896},{"textAlign":49},[60897],{"text":60898,"type":599},"US Senators Joe Manchin and John Barrasso, Chairman and Ranking Member of the US Senate Energy and Natural Resources Committee, released the Energy Permitting Reform bill this week – bipartisan legislation that aims to strengthen clean energy supply chains by accelerating the permitting process for critical mineral projects in the US. ",{"type":594,"attrs":60900,"content":60901},{"textAlign":49},[60902,60904,60910],{"text":60903,"type":599},"At June’s Benchmark’s Giga USA event in Washington DC, ",{"text":60905,"type":599,"marks":60906},"Manchin – one of the leading figures behind the Inflation Reduction Act – identified the permitting process as the key bottleneck to upscaling the supply of domestic critical minerals in the US",[60907],{"type":604,"attrs":60908},{"href":60909,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/senator-manchin-commits-to-tackling-us-permitting-reform-for-critical-minerals-projects",{"text":60911,"type":599},"; affirming that he planned to introduce new legislation to avoid projects getting caught in ‘judicial hellholes’.",{"type":594,"attrs":60913,"content":60914},{"textAlign":49},[60915],{"text":60916,"type":599},"“The United States of America is blessed with abundant natural resources that have powered our nation to greatness and allow us to help our friends and allies around the world. Unfortunately, today our outdated permitting system is stifling our economic growth, geopolitical strength, and ability to reduce emissions,” said Manchin, announcing the bill.",{"type":594,"attrs":60918,"content":60919},{"textAlign":49},[60920],{"text":60921,"type":599},"The bill is designed to speed up permitting and provide more certainty for all types of energy and mineral projects, but without bypassing important protections on the environment and local communities.",{"type":594,"attrs":60923,"content":60924},{"textAlign":49},[60925,60929,60935],{"text":60926,"type":599,"marks":60927},"Watch US Senator Joe Manchin’s presentation at Benchmark’s Giga USA 2024. View more Benchmark Source videos ",[60928],{"type":643},{"text":6515,"type":599,"marks":60930},[60931,60934],{"type":604,"attrs":60932},{"href":60933,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video",{"type":643},{"text":17632,"type":599,"marks":60936},[60937],{"type":643},{"type":657,"attrs":60939,"content":60940},{"level":15966,"textAlign":49},[60941],{"text":60942,"type":599},"What does the bill include for critical minerals?",{"type":657,"attrs":60944,"content":60945},{"level":15966,"textAlign":49},[60946],{"text":60947,"type":599},"Permitting process hinders US mining commitments",{"type":594,"attrs":60949,"content":60950},{"textAlign":49},[60951,60957],{"text":60952,"type":599,"marks":60953},"The Inflation Reduction Act (IRA) has accelerated the build out of the US battery production capacity",[60954],{"type":604,"attrs":60955},{"href":60956,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-gigafactory-construction-timelines-surpass-china-as-ira-turbocharges-capacity-pipeline",{"text":60958,"type":599},", as battery makers rush to plan, and then build cell facilities in order to meet surging demand and take advantage of subsidies – shrinking construction timelines in the region.",{"type":594,"attrs":60960,"content":60961},{"textAlign":49},[60962],{"text":60963,"type":599},"Yet, at the upstream stage of the supply chain, large-scale capital commitments for critical mineral projects in the US have been less forthcoming due to high construction costs, high barriers to entry, and long-lead times for new projects. ",{"type":594,"attrs":60965,"content":60966},{"textAlign":49},[60967],{"type":1186,"attrs":60968},{"id":49,"alt":547,"src":60969,"title":49,"source":49,"copyright":49,"meta_data":60970},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfeptZ-D_onh0GDex0TJWrDs76XnV51b3d5OKtHMkEcDPRmRWwpC7gqlYO8HomDfBU0dTJS3aP909bdv40fkodkqdlDVekN27J8Mxx3458DfJ_JEebhiTHzL6kEWf6X7vsaKJ0AN1cDahVq0__-VMtspbEW?key=sx84R2ZJCGhnkKGKYR32Cw",{},{"type":594,"attrs":60972,"content":60973},{"textAlign":49},[60974,60976,60982],{"text":60975,"type":599},"Miners, ",{"text":60977,"type":599,"marks":60978},"such as Glencore",[60979],{"type":604,"attrs":60980},{"href":60981,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/fireside-chat-with-glencores-ash-lazenby",{"text":60983,"type":599},", have identified a lack of certainty over the permitting process in the US as a key stumbling block stopping them from executing on investments in the region. According to the US National Mining Association, it takes on average 7 to 10 years to secure the necessary permits to commence operations in the US, compared to just two years in neighbouring Canada and Australia.",{"type":594,"attrs":60985,"content":60986},{"textAlign":49},[60987],{"text":60988,"type":599},"As a result, miners in the US face some of the longest timeline to develop new critical mineral projects globally – taking up to 25 years to move from the exploration stage to commercial production, according to Benchmark analysis.",{"type":594,"attrs":60990,"content":60991},{"textAlign":49},[60992],{"text":60993,"type":599},"As demand from its growing pipeline of battery gigafactories accelerates, the US is facing an impending supply crunch for IRA compliant critical mineral supply. Benchmark gap analysis indicates that much of the supply chain will struggle to secure material by the beginning of the next decade, with the anode supply chain the biggest source of concern under current projections.",{"type":594,"attrs":60995,"content":60996},{"textAlign":49},[60997],{"type":1186,"attrs":60998},{"id":49,"alt":547,"src":60999,"title":49,"source":49,"copyright":49,"meta_data":61000},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXeCJh9gGpLc5e8MbppKOFqpIHvEmmdNJrSH37J0ZQkb1pByB0XEzLAF6JfX9ZLMjkp23ampLvBbkoZRASecwr9fmHbdpjHLn15nGvMCvVvOymdgglQtnVTwR5rqZVeSK_T-pQuYM0NTXYEqPAkYLvwIQyn2?key=sx84R2ZJCGhnkKGKYR32Cw",{},{"type":594,"attrs":61002,"content":61003},{"textAlign":49},[61004],{"text":61005,"type":599},"Despite holding considerable reserves of natural resources, the US accounted for just 2% of mined lithium supply globally, less than 1% of mined cobalt and nickel, and none of the world’s natural graphite output in 2023.",{"type":594,"attrs":61007,"content":61008},{"textAlign":49},[61009,61013,61018],{"text":61010,"type":599,"marks":61011},"Watch Benchmark’s Giga USA 2024 “Permitting – A Barrier to Competitiveness in the Giga Economy” panel. View more Benchmark Source videos ",[61012],{"type":643},{"text":6515,"type":599,"marks":61014},[61015,61017],{"type":604,"attrs":61016},{"href":60933,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":17632,"type":599,"marks":61019},[61020],{"type":643},{"type":657,"attrs":61022,"content":61023},{"level":15966,"textAlign":49},[61024],{"text":57735,"type":599},{"type":594,"attrs":61026,"content":61027},{"textAlign":49},[61028],{"text":53711,"type":599,"marks":61029},[61030],{"type":643},{"type":594,"attrs":61032,"content":61033},{"textAlign":49},[61034,61037,61042],{"text":57746,"type":599,"marks":61035},[61036],{"type":643},{"text":57750,"type":599,"marks":61038},[61039,61041],{"type":604,"attrs":61040},{"href":53732,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":61043},[61044],{"type":643},"US Senators Joe Manchin and John Barrasso, Chairman and Ranking Member of the US Senate Energy and Natural Resources Committee, released the Energy Permitting Reform bill this week – bipartisan legislation that aims to strengthen clean energy supply chains by accelerating the permitting process for critical mineral projects in the US. At June’s Benchmark’s Giga […]",[61047],{"slug":544,"name":543,"content":61048},{"job_title":557,"image":61049,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c899f693-9721-4220-9799-37cf35962b02\", \"id\": \"\"}-->",[61052,61053,61054,61055,61056,61057,61058,61059,61060],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":2331,"name":2332},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":61062,"copyright":547,"fieldtype":553,"meta_data":61063,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8ca1e5904a/bm-us-image-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 26, 2024",{"id":61066,"uuid":61067,"name":61068,"slug":61069,"full_slug":61070,"content":61071},112469245043832,"eacf53dd-21a5-4e6a-9bab-ca7495552f96","Western battery scrap to account for over third of global pool by 2035","western-battery-scrap-to-account-for-over-third-of-global-pool-by-2035","article/western-battery-scrap-to-account-for-over-third-of-global-pool-by-2035",{"_uid":61072,"date":61073,"tags":61074,"editor":61079,"content":61083,"excerpt":61236,"featured":51,"reporter":61237,"_editable":61241,"component":864,"seo_title":61068,"categories":61242,"visibility":882,"author_company":49,"data_vis_image":61245,"featured_image":61248,"seo_description":61236,"author_full_name":49,"author_job_title":49,"formattedDate":61251},"f47dbcbf-62ce-4dd2-aa91-527bee81cad9","2024-07-24 00:00",[61075,61076,61077,61078],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":2787,"name":2788},[61080],{"slug":544,"name":543,"content":61081},{"job_title":557,"image":61082,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":61084},[61085,61098,61109,61121,61134,61139,61144,61152,61162,61167,61172,61177,61182,61194,61212,61216,61222],{"type":594,"attrs":61086,"content":61087},{"textAlign":49},[61088,61090,61096],{"text":61089,"type":599},"Waste batteries could prove a vital source of critical minerals for the West as many nations look to secure domestic supply chains and decrease import dependence. Globally, as much as ",{"text":61091,"type":599,"marks":61092},"570,000 tonnes of lithium",[61093],{"type":604,"attrs":61094},{"href":61095,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/battery-recycling-pool-could-supplement-2040-lithium-supply-with-equivalent-to-30-mines",{"text":61097,"type":599}," carbonate equivalent could come from recycling by 2035.",{"type":594,"attrs":61099,"content":61100},{"textAlign":49},[61101,61103,61108],{"text":61102,"type":599},"Currently 79% of the feedstock for battery recyclers–that is process scrap from gigafactories and end-of-life batteries–is located in China, making it challenging for non-Chinese recyclers to secure material, according to ",{"text":36126,"type":599,"marks":61104},[61105],{"type":604,"attrs":61106},{"href":61107,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/recycling/reports/",{"text":974,"type":599},{"type":594,"attrs":61110,"content":61111},{"textAlign":49},[61112,61114,61119],{"text":61113,"type":599},"This is forecast to drop by 2035, as North American and ",{"text":61115,"type":599,"marks":61116},"European nations",[61117],{"type":604,"attrs":61118},{"href":57078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":61120,"type":599}," combined grow to represent 37% of the global scrap pool, driven by the build out of gigafactories in those regions and increasing market penetration of EVs. The increase in geographical diversity of the scrap pool could help improve the business case for developing recycling facilities in the West.",{"type":594,"attrs":61122,"content":61123},{"textAlign":49},[61124,61126,61132],{"text":61125,"type":599},"“Legislation is key in driving the economics for building out recycling capacity, particularly while feedstock is ",{"text":61127,"type":599,"marks":61128},"less difficult to procure",[61129],{"type":604,"attrs":61130},{"href":61131,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/critical-mass-asian-demand-for-north-american-scrap-sees-recycler-prices-spike",{"text":61133,"type":599}," in the short-term,” Beatrice Browning, a recycling analyst at Benchmark, said.",{"type":657,"attrs":61135,"content":61136},{"level":15966,"textAlign":49},[61137],{"text":61138,"type":599},"Evolving scrap pool geographical diversity",{"type":594,"attrs":61140,"content":61141},{"textAlign":49},[61142],{"text":61143,"type":599},"The 79% dominance China currently enjoys on recycling feedstock is forecast to drop to 55% by 2035. Europe and North America are forecast to represent 22% and 15% of the global scrap pool that year, up from 8% and 7% this year, respectively.",{"type":594,"attrs":61145,"content":61146},{"textAlign":49},[61147],{"type":1186,"attrs":61148},{"id":49,"alt":61149,"src":61150,"title":49,"source":49,"copyright":49,"meta_data":61151},"China controls four-fifths of recycling feedstock this year","https://a.storyblok.com/f/287943243085208/3805bedd5e/bm-geography-recycling-feedstock.png",{},{"type":594,"attrs":61153,"content":61154},{"textAlign":49},[61155,61157,61161],{"text":61156,"type":599},"This is primarily driven by the surge in gigafactories coming online outside of China. The gigafactory pipeline in Europe and North America is set to grow tenfold from 305 gigawatt hours (GWh) in 2023 to 3 terawatt hours (TWh) in 2035, according to ",{"text":41013,"type":599,"marks":61158},[61159],{"type":604,"attrs":61160},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":61163,"content":61164},{"textAlign":49},[61165],{"text":61166,"type":599},"Another factor is increasing penetration rates of EVs in Western regions, significant quantities of scrap batteries from electric vehicles won’t enter the scrap pool until the second half of next decade.",{"type":594,"attrs":61168,"content":61169},{"textAlign":49},[61170],{"text":61171,"type":599},"“Investment is being made into building out battery recycling infrastructure for the upcoming influx of end-of-life scrap that will be generated in the upcoming decade,” Browning said.",{"type":657,"attrs":61173,"content":61174},{"level":15966,"textAlign":49},[61175],{"text":61176,"type":599},"Preparatory policy",{"type":594,"attrs":61178,"content":61179},{"textAlign":49},[61180],{"text":61181,"type":599},"Although European and North American recyclers are currently strapped for scrap, it is in the interest of governments and industry to lay the groundwork for a battery recycling ecosystem in preparation for increasing feedstock availability.",{"type":594,"attrs":61183,"content":61184},{"textAlign":49},[61185,61187,61192],{"text":61186,"type":599},"The EU, for example, has legislated through its new ",{"text":61188,"type":599,"marks":61189},"Battery Regulation",[61190],{"type":604,"attrs":61191},{"href":30822,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":61193,"type":599}," that a certain proportion of the critical minerals contained in batteries sold within the bloc should come from recycled sources by 2030. The Regulation also sets out minimum battery collection rates and recycling efficiencies.",{"type":594,"attrs":61195,"content":61196},{"textAlign":49},[61197,61199,61205,61207,61211],{"text":61198,"type":599},"The bloc also has the ambitious non-binding goal of ",{"text":61200,"type":599,"marks":61201},"25% of all its critical minerals to come from recycled sources",[61202],{"type":604,"attrs":61203},{"href":61204,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/crma-boosts-eus-2030-battery-recycling-pipeline-by-28",{"text":61206,"type":599}," by 2030. To achieve this will require significant investment in collection and processing facilities, according to ",{"text":36126,"type":599,"marks":61208},[61209],{"type":604,"attrs":61210},{"href":61107,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":61213,"content":61214},{"level":15966,"textAlign":49},[61215],{"text":57735,"type":599},{"type":594,"attrs":61217,"content":61218},{"textAlign":49},[61219],{"text":53711,"type":599,"marks":61220},[61221],{"type":643},{"type":594,"attrs":61223,"content":61224},{"textAlign":49},[61225,61228,61233],{"text":57746,"type":599,"marks":61226},[61227],{"type":643},{"text":57750,"type":599,"marks":61229},[61230,61232],{"type":604,"attrs":61231},{"href":53732,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":61234},[61235],{"type":643},"Waste batteries could prove a vital source of critical minerals for the West as many nations look to secure domestic supply chains and decrease import dependence. Globally, as much as 570,000 tonnes of lithium carbonate equivalent could come from recycling by 2035. Currently 79% of the feedstock for battery recyclers–that is process scrap from gigafactories […]",[61238],{"slug":544,"name":543,"content":61239},{"job_title":557,"image":61240,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f47dbcbf-62ce-4dd2-aa91-527bee81cad9\", \"id\": \"\"}-->",[61243,61244],{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":61149,"name":547,"focus":547,"title":61149,"source":547,"filename":61246,"copyright":547,"fieldtype":553,"meta_data":61247,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1721831094/www-production/Geography-recycling-feedstock-no-Y/Geography-recycling-feedstock-no-Y.png?_i=AA",{"alt":61149,"title":61149,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":61249,"copyright":547,"fieldtype":553,"meta_data":61250,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8d40a54543/bm-battery-recycling-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 24, 2024",{"id":61253,"uuid":61254,"name":61255,"slug":61256,"full_slug":61257,"content":61258},112469249746041,"97c930df-5bef-4ffb-bf1f-ace7717ead11","Rise of DLE will open up new sources of lithium supply this decade","rise-of-dle-will-open-up-new-sources-of-lithium-supply-this-decade","article/rise-of-dle-will-open-up-new-sources-of-lithium-supply-this-decade",{"_uid":61259,"date":61260,"tags":61261,"editor":61263,"content":61267,"excerpt":61417,"featured":51,"reporter":61418,"_editable":61422,"component":864,"seo_title":61423,"categories":61424,"visibility":2091,"author_company":547,"data_vis_image":61426,"featured_image":61428,"seo_description":61273,"author_full_name":547,"author_job_title":547,"formattedDate":61431},"cbe84e8e-5a7e-4175-8b95-5d93df394896","2024-07-23 00:00",[61262],{"slug":24492,"name":24493},[61264],{"slug":544,"name":543,"content":61265},{"job_title":557,"image":61266,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":61268},[61269,61274,61279,61290,61302,61310,61315,61320,61325,61330,61335,61340,61345,61350,61355,61360,61365,61376,61381,61386,61391,61396,61401],{"type":594,"attrs":61270,"content":61271},{"textAlign":49},[61272],{"text":61273,"type":599},"The rise of Direct Lithium Extraction (DLE) technology promises to open up new sources of lithium supply this decade, helping to avert a forecast shortfall of supply, according to a new Benchmark special report. ",{"type":594,"attrs":61275,"content":61276},{"textAlign":49},[61277],{"text":61278,"type":599},"DLE is an umbrella term for a group of technologies that selectively extracts lithium from brines. ",{"type":594,"attrs":61280,"content":61281},{"textAlign":49},[61282,61284,61289],{"text":61283,"type":599},"There are currently 13 operating DLE projects forecast to produce around 124,000 tonnes LCE of lithium chemicals in 2024. By 2035, DLE is expected to contribute 14% of total lithium supply, at around 470kt LCE, according to ",{"text":24541,"type":599,"marks":61285},[61286],{"type":604,"attrs":61287},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/lithium/",{"text":17632,"type":599},{"type":594,"attrs":61291,"content":61292},{"textAlign":49},[61293,61295,61300],{"text":61294,"type":599},"The majority of the 2035 supply is set to come from ",{"text":61296,"type":599,"marks":61297},"continental brines",[61298],{"type":604,"attrs":61299},{"href":55627,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":61301,"type":599},", but with geothermal and oil fields expected to take a 9%, 14% share respectively, according to Benchmark.",{"type":594,"attrs":61303,"content":61304},{"textAlign":49},[61305],{"type":1186,"attrs":61306},{"id":49,"alt":61307,"src":61308,"title":49,"source":49,"copyright":49,"meta_data":61309},"Forecast lithium supply from DLE","https://a.storyblok.com/f/287943243085208/90c0189c0d/bm-forecast-dle-supply.png",{},{"type":594,"attrs":61311,"content":61312},{"textAlign":49},[61313],{"text":61314,"type":599},"Almost three-fourths of new brine projects will use some form of DLE, according to Benchmark. ",{"type":594,"attrs":61316,"content":61317},{"textAlign":49},[61318],{"text":61319,"type":599},"The rise of DLE highlights a reality for supply over the next decade: the growing importance of unconventional supply and the expanding ecosystem of new players in the lithium value chain – particularly oil companies – who will bring capital and expertise to the industry.",{"type":594,"attrs":61321,"content":61322},{"textAlign":49},[61323],{"text":61324,"type":599},"However, DLE’s path to commercialisation could also take time, due to challenges around scalability, inflationary pressures, and delays at new brine projects. Technical risk also provides a hurdle for new investors in the sector. ",{"type":594,"attrs":61326,"content":61327},{"textAlign":49},[61328],{"text":61329,"type":599},"Benchmark’s DLE special report provides an overview of the different DLE technology types including adsorption, ion exchange, solvent extraction, and membranes. ",{"type":594,"attrs":61331,"content":61332},{"textAlign":49},[61333],{"text":61334,"type":599},"Adsorption is the most widely adopted and best-established technology, having been commercially applied by Arcadium and various companies in China. ",{"type":594,"attrs":61336,"content":61337},{"textAlign":49},[61338],{"text":61339,"type":599},"Due to the uniqueness of each brine in terms of impurity levels and lithium concentration, there is no ‘one-size-fits-all solution’. Therefore, for each project, the DLE solution will likely need to be modified to meet the specific environmental and economic conditions.",{"type":657,"attrs":61341,"content":61342},{"level":15966,"textAlign":49},[61343],{"text":61344,"type":599},"Oil-field brines ",{"type":594,"attrs":61346,"content":61347},{"textAlign":49},[61348],{"text":61349,"type":599},"The utilisation of DLE will open up previously undeveloped sources, namely those with low concentrations of lithium such as petro brines, and geothermal deposits. DLE has the potential for 80-90% recovery rates compared with the current evaporation yields of 20-50%.",{"type":594,"attrs":61351,"content":61352},{"textAlign":49},[61353],{"text":61354,"type":599},"DLE could also unlock vast “unconventional” brine resources located in western jurisdictions, at a time when building localised and diversified streams of critical minerals is increasingly a political priority in the US and European Union.",{"type":594,"attrs":61356,"content":61357},{"textAlign":49},[61358],{"text":61359,"type":599},"These “unconventional” resources include previously untapped geothermal and oilfield lithium-bearing brine resources, currently considered uneconomic due to lower lithium concentrations and an inability to extract lithium via traditional evaporation methods.",{"type":594,"attrs":61361,"content":61362},{"textAlign":49},[61363],{"text":61364,"type":599},"For this reason, DLE’s potential is attracting major players to the table. Amongst whom oil and gas companies are increasingly allocating capital and resources to the technology’s development, due to DLE’s similarities with upstream oil extraction and refining.",{"type":594,"attrs":61366,"content":61367},{"textAlign":49},[61368,61370,61375],{"text":61369,"type":599},"Standard Lithium’s Stage 1A project in Arkansas is forecast to be the first petrobrine project to come online in 2026 bringing an initial 5,000 tonnes a year to the ",{"text":61371,"type":599,"marks":61372},"market",[61373],{"type":604,"attrs":61374},{"href":51292,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":61377,"content":61378},{"textAlign":49},[61379],{"text":61380,"type":599},"Oil giant Exxon Mobil is also investing in the state. Last month Exxon Mobil said it had signed a non-binding memorandum of understanding (MOU) with battery producer SK On for supply of up to 100,000 tonnes from the company’s DLE lithium project in Arkansas. ",{"type":657,"attrs":61382,"content":61383},{"level":15966,"textAlign":49},[61384],{"text":61385,"type":599},"Cost challenges",{"type":594,"attrs":61387,"content":61388},{"textAlign":49},[61389],{"text":61390,"type":599},"Still, capital and operating cost challenges associated with lithium DLE projects have been less understood and appreciated by the broader market.",{"type":594,"attrs":61392,"content":61393},{"textAlign":49},[61394],{"text":61395,"type":599},"DLE projects have seen significant cost increases as projects advance, and feasibility studies are updated. Increasing capital cost estimates are attributed to rising global inflation rates, elevated equipment, utility and labour costs. For example, the average early-stage DLE project has an average capital intensity estimate of $37/kg LCE, while advanced projects average $60/kg LCE.",{"type":594,"attrs":61397,"content":61398},{"textAlign":49},[61399],{"text":61400,"type":599},"DLE is unlikely to be the silver bullet for the lithium industry in the short-term therefore and Benchmark doesn’t believe the technology alone is sufficient to bridge structural deficits in the lithium market.",{"type":594,"attrs":61402,"content":61403},{"textAlign":49},[61404,61408,61414],{"text":61405,"type":599,"marks":61406},"Benchmark’s recent special issue – Direct Lithium Extraction: The rise and potential of new lithium extraction technology – explores this topic in further detail. ",[61407],{"type":643},{"text":61409,"type":599,"marks":61410},"Request your copy now",[61411,61413],{"type":604,"attrs":61412},{"href":25949,"uuid":49,"anchor":49,"target":650,"linktype":607},{"type":643},{"text":974,"type":599,"marks":61415},[61416],{"type":643},"The rise of Direct Lithium Extraction (DLE) technology promises to open up new sources of lithium supply this decade, helping to avert a forecast shortfall of supply, according to a new Benchmark special report. DLE is an umbrella term for a group of technologies that selectively extracts lithium from brines. There are currently 13 operating […]",[61419],{"slug":544,"name":543,"content":61420},{"job_title":557,"image":61421,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cbe84e8e-5a7e-4175-8b95-5d93df394896\", \"id\": \"\"}-->","Rise of DLE will open up new sources of lithium ..",[61425],{"slug":878,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":61427},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":61429,"copyright":547,"fieldtype":553,"meta_data":61430,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4c9ee5e00b/bm-brine-pump.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 23, 2024",{"id":61433,"uuid":61434,"name":61435,"slug":61436,"full_slug":61437,"content":61438},114843409829558,"7344a2f2-4480-48a8-9dcf-0f223dd7b886","Next-gen battery developers licensing technology to OEMs enables scale","next-gen-battery-developers-licensing-technology-to-oems-enables-scale","article/next-gen-battery-developers-licensing-technology-to-oems-enables-scale",{"_uid":61439,"date":61440,"tags":61441,"editor":61450,"content":61454,"excerpt":61622,"featured":51,"reporter":61623,"_editable":61627,"component":864,"seo_title":61435,"categories":61628,"visibility":882,"author_company":49,"featured_image":61631,"seo_description":61622,"author_full_name":49,"author_job_title":49,"formattedDate":61634},"9a372cea-483d-4030-849b-f01f08d42107","2024-07-19 00:00",[61442,61445,61448,61449],{"slug":61443,"name":61444},"quantumscape","QuantumScape",{"slug":61446,"name":61447},"solid-power","Solid Power",{"slug":21502,"name":21503},{"slug":45699,"name":20071},[61451],{"slug":544,"name":543,"content":61452},{"job_title":557,"image":61453,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":61455},[61456,61475,61494,61499,61510,61522,61527,61532,61537,61565,61570,61575,61580,61585,61590,61595,61600,61612,61617],{"type":594,"attrs":61457,"content":61458},{"textAlign":49},[61459,61461,61467,61469,61474],{"text":61460,"type":599},"As next-generation batteries get ",{"text":61462,"type":599,"marks":61463},"nearer to commercialisation",[61464],{"type":604,"attrs":61465},{"href":61466,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-charts-solid-state-batteries-and-the-route-to-commercialisation",{"text":61468,"type":599},", developers are increasingly licensing their ",{"text":61470,"type":599,"marks":61471},"technologies to OEMs",[61472],{"type":604,"attrs":61473},{"href":60304,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":61476,"content":61477},{"textAlign":49},[61478,61480,61486,61487,61493],{"text":61479,"type":599},"This year, around 12 gigawatt-hours (GWh) of solid-state and lithium metal battery production is expected, up from",{"text":61481,"type":599,"marks":61482}," 5 GWh last year",[61483],{"type":604,"attrs":61484},{"href":61485,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/solid-state-production-forecast-to-hit-2-gwh-this-year-as-oxide-batteries-dominate",{"text":50530,"type":599},{"text":61488,"type":599,"marks":61489},"Benchmark’s Solid-State and Lithium Metal Forecast",[61490],{"type":604,"attrs":61491},{"href":61492,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/solid-state/reports",{"text":974,"type":599},{"type":594,"attrs":61495,"content":61496},{"textAlign":49},[61497],{"text":61498,"type":599},"This comes as US-based developer QuantumScape announced it would licence its solid-state battery technology to PowerCo, the battery making subsidiary of Germany’s Volkswagen.",{"type":594,"attrs":61500,"content":61501},{"textAlign":49},[61502,61504,61508],{"text":61503,"type":599},"“QuantumScape and Volkswagen have been working together for a while,” ",{"text":40828,"type":599,"marks":61505},[61506],{"type":604,"attrs":61507},{"href":60321,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":61509,"type":599},", a next generation battery analyst at Benchmark, said. “This new announcement with PowerCo re-establishes and re-affirms these demonstration and mass production targets and is a huge vote of confidence that the relationship between the two market participants is still strong.”",{"type":594,"attrs":61511,"content":61512},{"textAlign":49},[61513,61515,61520],{"text":61514,"type":599},"Subject to the passing of technological milestones and the payment of royalties, QuantumScape will grant ",{"text":46206,"type":599,"marks":61516},[61517],{"type":604,"attrs":61518},{"href":61519,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/vw-spins-out-battery-business-as-it-eyes-north-american-gigafactory",{"text":61521,"type":599}," a licence to mass produce battery cells using its solid-state technology with lithium metal anodes.",{"type":594,"attrs":61523,"content":61524},{"textAlign":49},[61525],{"text":61526,"type":599},"The licence is non-exclusive and allows PowerCo to produce 40 GWh per year of batteries with the technology with the option to increase this to 80 GWh.",{"type":657,"attrs":61528,"content":61529},{"level":15966,"textAlign":49},[61530],{"text":61531,"type":599},"Technology licensing",{"type":594,"attrs":61533,"content":61534},{"textAlign":49},[61535],{"text":61536,"type":599},"The technological and business skills required to develop and prove a new technology is completely different to that required to commercially produce batteries at scale.",{"type":594,"attrs":61538,"content":61539},{"textAlign":49},[61540,61544,61550,61554,61557,61562],{"text":61541,"type":599,"marks":61542},"Watch Benchmark Analyst Rory McNulty ",[61543],{"type":643},{"text":61545,"type":599,"marks":61546},"discuss the transition",[61547,61549],{"type":604,"attrs":61548},{"href":52739,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":61551,"type":599,"marks":61552}," from development to commercialisation.",[61553],{"type":643},{"text":60452,"type":599,"marks":61555},[61556],{"type":643},{"text":6515,"type":599,"marks":61558},[61559,61561],{"type":604,"attrs":61560},{"href":60459,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":61563},[61564],{"type":643},{"type":594,"attrs":61566,"content":61567},{"textAlign":49},[61568],{"text":61569,"type":599},"The production lines that next-generation technology developers operate and build are primarily geared towards the qualification of technologies, for example producing A-sample cells and beyond.",{"type":594,"attrs":61571,"content":61572},{"textAlign":49},[61573],{"text":61574,"type":599},"“Most solid-state battery producers don’t have ambitions to become a cell producer,” McNulty said. “Partnerships, licensing, and off-take agreements for solid electrolyte are the most likely routes to mass market roll-out.”",{"type":594,"attrs":61576,"content":61577},{"textAlign":49},[61578],{"text":61579,"type":599},"QuantumScape is currently undergoing formal automotive qualification, having delivered A-sample cells to automakers. It takes between four to six years to complete the process, so McNulty says it wouldn’t be unreasonable to expect QuantumScape’s technology to be used in commercially produced vehicles from 2028/29.",{"type":594,"attrs":61581,"content":61582},{"textAlign":49},[61583],{"text":61584,"type":599},"Solid Power, another US-based solid-state battery developer, is also licensing its technology to South Korean battery maker SK On and German automaker BMW in separate deals worth $20 million each.",{"type":657,"attrs":61586,"content":61587},{"level":15966,"textAlign":49},[61588],{"text":61589,"type":599},"Regional strategies",{"type":594,"attrs":61591,"content":61592},{"textAlign":49},[61593],{"text":61594,"type":599},"There are distinct differences in the approach of developers based outside of China and those based within.",{"type":594,"attrs":61596,"content":61597},{"textAlign":49},[61598],{"text":61599,"type":599},"“North America and the RoW generally build the facilities that they need to meet their contractual obligations or next milestone,” McNulty said. “Chinese innovators tend to build large scale facilities (overcapacity) and ramp-up to meet demand when it comes.”",{"type":594,"attrs":61601,"content":61602},{"textAlign":49},[61603,61605,61610],{"text":61604,"type":599},"In 2024, ",{"text":61606,"type":599,"marks":61607},"China is home to 83% of solid-state battery production capacity",[61608],{"type":604,"attrs":61609},{"href":60426,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":61611,"type":599},", but by 2030 this is forecast to drop to 65%, with North America and Europe representing around 17% each.",{"type":594,"attrs":61613,"content":61614},{"textAlign":49},[61615],{"text":61616,"type":599},"But regardless of where the facilities are located, the trend is clear:",{"type":594,"attrs":61618,"content":61619},{"textAlign":49},[61620],{"text":61621,"type":599},"“The industry is marching on, gearing up for commercial roll out,” McNulty said.","As next-generation batteries get nearer to commercialisation, developers are increasingly licensing their technologies to OEMs. This year, around 12 gigawatt-hours (GWh) of solid-state and lithium metal battery production is expected, up from 5 GWh last year, according to Benchmark’s Solid-State and Lithium Metal Forecast. This comes as US-based developer QuantumScape announced it would licence its […]",[61624],{"slug":544,"name":543,"content":61625},{"job_title":557,"image":61626,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9a372cea-483d-4030-849b-f01f08d42107\", \"id\": \"\"}-->",[61629,61630],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":61632,"copyright":547,"fieldtype":553,"meta_data":61633,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c46028cfd4/bm-qscape-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 19, 2024",{"id":61636,"uuid":61637,"name":61638,"slug":61639,"full_slug":61640,"content":61641},112469267223678,"5caeca25-cc6e-4909-8294-d2f812568111","BYD looks to Turkey as gateway to Europe’s EV market ","byd-looks-to-turkey-as-gateway-to-europes-ev-market","article/byd-looks-to-turkey-as-gateway-to-europes-ev-market",{"_uid":61642,"date":61440,"tags":61643,"editor":61646,"content":61650,"excerpt":61734,"featured":51,"reporter":61735,"_editable":61739,"component":864,"seo_title":61638,"categories":61740,"visibility":882,"author_company":49,"featured_image":61744,"seo_description":61734,"author_full_name":49,"author_job_title":49,"formattedDate":61634},"34beb864-185c-456d-92ea-ac590cf6abf6",[61644,61645],{"slug":913,"name":914},{"slug":51554,"name":3467},[61647],{"slug":544,"name":543,"content":61648},{"job_title":557,"image":61649,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":61651},[61652,61657,61662,61674,61679,61684,61689,61694,61699,61704,61709,61714,61719,61724,61729],{"type":594,"attrs":61653,"content":61654},{"textAlign":49},[61655],{"text":61656,"type":599},"BYD’s $1 billion electric vehicle (EV) plant in Turkey could double up as a gateway to ship electric cars to Europe where all battery electric vehicles (BEVs) imported from China have been imposed with additional tariffs.  ",{"type":594,"attrs":61658,"content":61659},{"textAlign":49},[61660],{"text":61661,"type":599},"Turkey has signed an agreement with BYD to bring online a plant in the country by 2026 with an annual capacity of 150,000 vehicles. The move would help the Chinese EV maker further advance its EV ambitions in Europe, where it is currently building another factory in Hungary.",{"type":594,"attrs":61663,"content":61664},{"textAlign":49},[61665,61667,61672],{"text":61666,"type":599},"BYD’s decision to invest in Turkey follows the ",{"text":61668,"type":599,"marks":61669},"EU’s decision in June to impose tariffs",[61670],{"type":604,"attrs":61671},{"href":57567,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":61673,"type":599}," of up to 38.1% on imports of BEVs from China in addition to the 10% duties already in place. BYD will face an additional duty of 17.4%. ",{"type":594,"attrs":61675,"content":61676},{"textAlign":49},[61677],{"text":61678,"type":599},"“The EU tariffs are set at levels which aim to create a level-playing field between Western and Chinese OEMs – as well as drive local investment and lower demand for imports – rather than prevent access to the market. Overall, this development is in line with the EU’s goals, which is positive,” said Luke Gear, principal analyst, at Benchmark.",{"type":657,"attrs":61680,"content":61681},{"level":15966,"textAlign":49},[61682],{"text":61683,"type":599},"BYD targets Europe for growth",{"type":594,"attrs":61685,"content":61686},{"textAlign":49},[61687],{"text":61688,"type":599},"BYD has been targeting Europe for growth in recent years and has been opening dealerships in the region where Tesla is a leader. ",{"type":594,"attrs":61690,"content":61691},{"textAlign":49},[61692],{"text":61693,"type":599},"“For BYD the primary motive for this move is to gain access to the European auto market while avoiding tariffs, and grow sales more rapidly outside of China,” said Gear. ",{"type":594,"attrs":61695,"content":61696},{"textAlign":49},[61697],{"text":61698,"type":599},"BYD is also scouting for locations to set up an EV plant in Mexico. The EV maker also opened a factory in Thailand earlier this month, its first in Southeast Asia.",{"type":594,"attrs":61700,"content":61701},{"textAlign":49},[61702],{"text":61703,"type":599},"Further, the US decision in May to impose a four fold increase in duties for China-made EVs to 102.5% has made Europe a more attractive market for BYD as despite the additional duty the market still offers the potential for growth compared to the US.",{"type":657,"attrs":61705,"content":61706},{"level":15966,"textAlign":49},[61707],{"text":61708,"type":599},"Turkey’s EU pact a big advantage",{"type":594,"attrs":61710,"content":61711},{"textAlign":49},[61712],{"text":61713,"type":599},"Turkey’s proximity and the country’s pact with the EU will allow BYD to make EVs there and then ship them to Europe without the burden of tariffs. ",{"type":594,"attrs":61715,"content":61716},{"textAlign":49},[61717],{"text":61718,"type":599},"“Turkey is sending a strong signal that it wants to become a hub for European EV production in the same way that it has become for ICE production, so this could help it attract further investment,” said Gear.",{"type":657,"attrs":61720,"content":61721},{"level":15966,"textAlign":49},[61722],{"text":61723,"type":599},"Hungary, Turkey plants may not be enough",{"type":594,"attrs":61725,"content":61726},{"textAlign":49},[61727],{"text":61728,"type":599},"BYD said in December it will build an EV plant in Szeged, Hungary, a country that has been investing billions towards the green energy transition. ",{"type":594,"attrs":61730,"content":61731},{"textAlign":49},[61732],{"text":61733,"type":599},"“BYD will need more than one facility to meet demand in Europe,” said Gear.","BYD’s $1 billion electric vehicle (EV) plant in Turkey could double up as a gateway to ship electric cars to Europe where all battery electric vehicles (BEVs) imported from China have been imposed with additional tariffs. Turkey has signed an agreement with BYD to bring online a plant in the country by 2026 with an […]",[61736],{"slug":544,"name":543,"content":61737},{"job_title":557,"image":61738,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"34beb864-185c-456d-92ea-ac590cf6abf6\", \"id\": \"\"}-->",[61741,61742,61743],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":61745,"copyright":547,"fieldtype":553,"meta_data":61746,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fcd5c5c660/bm-byd-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":61748,"uuid":61749,"name":61750,"slug":61751,"full_slug":61752,"content":61753},112469281731714,"0383b1e1-f6dd-4446-850c-78bdee45dcc7","Growing need for lithium hedging to meet energy transition demand","growing-need-for-lithium-hedging-to-meet-energy-transition-demand","article/growing-need-for-lithium-hedging-to-meet-energy-transition-demand",{"_uid":61754,"date":61755,"tags":61756,"editor":61758,"content":61762,"excerpt":61905,"featured":51,"reporter":61906,"_editable":61910,"component":864,"seo_title":61750,"categories":61911,"visibility":2091,"author_company":547,"data_vis_image":61914,"featured_image":61916,"seo_description":61918,"author_full_name":547,"author_job_title":547,"formattedDate":61919},"a35fbbdb-b0f0-470a-b9b1-c631ca6c01ff","2024-07-18 00:00",[61757],{"slug":910,"name":911},[61759],{"slug":544,"name":543,"content":61760},{"job_title":557,"image":61761,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":61763},[61764,61769,61779,61784,61789,61794,61801,61806,61811,61816,61821,61841,61846,61851,61856,61861,61866,61871,61876,61881,61886,61891,61898],{"type":594,"attrs":61765,"content":61766},{"textAlign":49},[61767],{"text":61768,"type":599},"Ganfeng Lithium’s announcement that it has started a desk to trade derivatives highlights the need for mechanisms to hedge against price risks, following a rapid rise and fall in lithium prices. ",{"type":594,"attrs":61770,"content":61771},{"textAlign":49},[61772,61774,61778],{"text":61773,"type":599},"Lithium prices have fallen over 70% over the past year, following a more than doubling of prices to a record high in late 2022. Battery-grade lithium carbonate prices were last assessed in China at $12,300 a tonne, compared to over $80,000 a tonne in late 2022, according to ",{"text":2210,"type":599,"marks":61775},[61776],{"type":604,"attrs":61777},{"href":51292,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":61780,"content":61781},{"textAlign":49},[61782],{"text":61783,"type":599},"That volatility makes it more difficult for junior and smaller lithium producers to raise financing to come into production; hinders the ability of automotive companies to control costs; and creates significant swings in earnings for the larger lithium producers. ",{"type":594,"attrs":61785,"content":61786},{"textAlign":49},[61787],{"text":61788,"type":599},"The lithium futures market is set to grow significantly this decade, Benchmark forecasts, as producers and consumers look to mitigate against price risks. ",{"type":594,"attrs":61790,"content":61791},{"textAlign":49},[61792],{"text":61793,"type":599},"Benchmark estimates that as much as 1 million tonnes of lithium (LCE) could be hedged this decade, outside of China – the size of the total lithium market last year. ",{"type":594,"attrs":61795,"content":61796},{"textAlign":49},[61797],{"type":1186,"attrs":61798},{"id":49,"alt":547,"src":61799,"title":49,"source":49,"copyright":49,"meta_data":61800},"https://a.storyblok.com/f/287943243085208/8cb21d595c/bm-chart-screenshot-3-1.png",{},{"type":657,"attrs":61802,"content":61803},{"level":15966,"textAlign":49},[61804],{"text":61805,"type":599},"Ganfeng moves to hedge overseas risks ",{"type":594,"attrs":61807,"content":61808},{"textAlign":49},[61809],{"text":61810,"type":599},"Ganfeng, China’s largest lithium producer, said this week that it would begin to trade derivatives to “reduce the risk from market volatility” of overseas investments and overseas business, and “increase financial stability.” The maximum daily contract value will not exceed 8 billion RMB ($1.1 billion), it said. ",{"type":594,"attrs":61812,"content":61813},{"textAlign":49},[61814],{"text":61815,"type":599},"The company said it would trade financial derivatives including but not limited to option products and forward products, without specifying which ones. The underlying assets would include securities, indices, commodities, and interest rates, it said, involving overseas and over-the-counter transactions.",{"type":594,"attrs":61817,"content":61818},{"textAlign":49},[61819],{"text":61820,"type":599},"“The company will develop derivative product investment in a timely, appropriate and prudent manner, without impacting normal business,” Ganfeng said.  ",{"type":594,"attrs":61822,"content":61823},{"textAlign":49},[61824,61828,61832,61838],{"text":61825,"type":599,"marks":61826},"Watch this exclusive interview with Wang Xiaoshen, president of Ganfeng Lithium.",[61827],{"type":643},{"text":61829,"type":599,"marks":61830},"View more Power Players videos ",[61831],{"type":643},{"text":6515,"type":599,"marks":61833},[61834,61837],{"type":604,"attrs":61835},{"href":61836,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://source.benchmarkminerals.com/search?tag=Power+Players",{"type":643},{"text":974,"type":599,"marks":61839},[61840],{"type":643},{"type":657,"attrs":61842,"content":61843},{"level":15966,"textAlign":49},[61844],{"text":61845,"type":599},"Futures exchanges ",{"type":594,"attrs":61847,"content":61848},{"textAlign":49},[61849],{"text":61850,"type":599},"In the lithium market, the Guangzhou Futures Exchange currently has the most active lithium futures contracts. But there are restrictions for foreign companies to use the exchange, due to China’s currency controls. ",{"type":594,"attrs":61852,"content":61853},{"textAlign":49},[61854],{"text":61855,"type":599},"While a number of ex-China hedging mechanisms exist they have limited liquidity along the forward curve. That’s in comparison to the oil market, where producers can hedge future production for up to 20 years in the future.  ",{"type":594,"attrs":61857,"content":61858},{"textAlign":49},[61859],{"text":61860,"type":599},"“Legacy automakers are expected to hedge a significant degree of their lithium exposure and coupled with lithium majors becoming more comfortable with hedging and junior miners needing to hedge to secure debt financing, the need for a liquid futures contract which genuinely reflects physical prices is growing greater by the day,” Daniel Fletcher-Manuel, director of prices at Benchmark, said. ",{"type":657,"attrs":61862,"content":61863},{"level":15966,"textAlign":49},[61864],{"text":61865,"type":599},"Limited liquidity",{"type":594,"attrs":61867,"content":61868},{"textAlign":49},[61869],{"text":61870,"type":599},"This month, average trading volumes on the Guangzhou Futures Exchange have been some three hundred times larger than those for lithium hydroxide futures on the CME exchange in the US. ",{"type":594,"attrs":61872,"content":61873},{"textAlign":49},[61874],{"text":61875,"type":599},"Open interest, the number of outstanding contracts held by the market, was an average of 312,668 tonnes of lithium carbonate this month in Guangzhou, compared to 23,908 tonnes on the CME exchange. ",{"type":594,"attrs":61877,"content":61878},{"textAlign":49},[61879],{"text":61880,"type":599},"The main reasons why trading on the existing offerings is slow is because the market is nascent and immature. Lithium mining companies also have limited hedging experience and have historically hedged price risk through long term fixed prices.",{"type":594,"attrs":61882,"content":61883},{"textAlign":49},[61884],{"text":61885,"type":599},"Most major lithium producers are increasingly moving towards market-based pricing contracts, however, exposing them more to market price risk. ",{"type":594,"attrs":61887,"content":61888},{"textAlign":49},[61889],{"text":61890,"type":599},"In its model, Benchmark estimates that major lithium miners will look to hedge around 10% of their sales in the first instance, potentially increasing to 40% as hedging mechanisms become more liquid and internal appetite for risk management solutions matures.",{"type":594,"attrs":61892,"content":61893},{"textAlign":49},[61894],{"text":61895,"type":599,"marks":61896},"Benchmark’s Lithium Price Assessments, Forecasts and ESG report provide a comprehensive view across the lithium industry as part of our leading prices, data and market intelligence for the lithium ion battery to EV supply chain.",[61897],{"type":643},{"type":594,"attrs":61899,"content":61900},{"textAlign":49},[61901],{"text":61902,"type":599,"marks":61903},"To learn more, please provide your details here and our experts will contact you shortly:",[61904],{"type":643},"Ganfeng Lithium’s announcement that it has started a desk to trade derivatives highlights the need for mechanisms to hedge against price risks, following a rapid rise and fall in lithium prices. Lithium prices have fallen over 70% over the past year, following a more than doubling of prices to a record high in late 2022. […]",[61907],{"slug":544,"name":543,"content":61908},{"job_title":557,"image":61909,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a35fbbdb-b0f0-470a-b9b1-c631ca6c01ff\", \"id\": \"\"}-->",[61912,61913],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":61915},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":34174,"copyright":547,"fieldtype":553,"meta_data":61917,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Ganfeng Lithium’s announcement that it has started a desk to trade derivatives highlights the need for mechanisms to hedge against price risks, following a rapid rise and fall in lithium prices.","Jul 18, 2024",{"id":61921,"uuid":61922,"name":61923,"slug":61924,"full_slug":61925,"content":61926},112469276910721,"59de07f4-9ba9-4c6c-8899-be2f08c3bbb0","EVs drive cobalt demand uplift despite persistent supply overhang","evs-drive-cobalt-demand-uplift-despite-persistent-supply-overhang","article/evs-drive-cobalt-demand-uplift-despite-persistent-supply-overhang",{"_uid":61927,"date":61755,"tags":61928,"editor":61933,"content":61937,"excerpt":62093,"featured":51,"reporter":62094,"_editable":62098,"component":864,"seo_title":61923,"categories":62099,"visibility":882,"author_company":49,"featured_image":62102,"seo_description":62093,"author_full_name":49,"author_job_title":49,"formattedDate":61919},"9743614c-7338-44bb-bef4-51d30543cf4c",[61929,61930,61931,61932],{"slug":913,"name":914},{"slug":575,"name":576},{"slug":581,"name":582},{"slug":572,"name":573},[61934],{"slug":544,"name":543,"content":61935},{"job_title":557,"image":61936,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":61938},[61939,61950,61955,61966,61973,61978,61983,61995,62000,62019,62029,62034,62039,62051,62056,62061,62066,62071,62081],{"type":594,"attrs":61940,"content":61941},{"textAlign":49},[61942,61948],{"text":61943,"type":599,"marks":61944},"With cobalt prices roundly considered to be close to bottoming out at historical lows",[61945],{"type":604,"attrs":61946},{"href":61947,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-sulphate-prices-sink-to-seven-year-low-in-june",{"text":61949,"type":599},", demand prospects for electric vehicles (EV) are a relative bright-spot in what are otherwise bearish market conditions for the industry.",{"type":594,"attrs":61951,"content":61952},{"textAlign":49},[61953],{"text":61954,"type":599},"“There has been a lot of talk in the cobalt market around demand weakness,” said Will Talbot, principal cobalt analyst at Benchmark. “However, if you look at the key demand drivers for the industry, mainly electric vehicles, we are projecting double digit growth in 2024.”",{"type":594,"attrs":61956,"content":61957},{"textAlign":49},[61958,61964],{"text":61959,"type":599,"marks":61960},"Benchmark forecasts cobalt demand to surpass 200,000 tonnes",[61961],{"type":604,"attrs":61962},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/cobalt/reports/",{"text":61965,"type":599}," for the first time in 2024, notching up year-on-year growth of close to 13%. EVs are the key driver of this growth, accounting for 78% of the uplift, with overall battery demand projected to increase by 17% on the previous year.",{"type":594,"attrs":61967,"content":61968},{"textAlign":49},[61969],{"type":1186,"attrs":61970},{"id":49,"alt":547,"src":61971,"title":49,"source":49,"copyright":49,"meta_data":61972},"https://lh7-us.googleusercontent.com/docsz/AD_4nXfz1G99J5sOwB09ZdXUM4ZqX7MQYE3WPHXHfB1R9hg6FkMbGcjOJ9th3S742pTLIwLPyfXYk-UKchqxt9RQAWExI8LROSb_sWhVZ6aM9PuYjO2OfyP0sGBmt-hQ2sx_8aAL0VIv2eYv7HfmuVVD8ZiQCbNE?key=Zxk9MPjN-C9uwNI2R4Laog",{},{"type":594,"attrs":61974,"content":61975},{"textAlign":49},[61976],{"text":61977,"type":599},"“There is demand growth, its just supply-side growth from DRC-assets owned by CMOC has been much more significant than what we’ve seen on the demand side,” Talbot added.",{"type":657,"attrs":61979,"content":61980},{"level":15966,"textAlign":49},[61981],{"text":61982,"type":599},"Cobalt’s downturn",{"type":594,"attrs":61984,"content":61985},{"textAlign":49},[61986,61988,61993],{"text":61987,"type":599},"The cobalt price slump constitutes part of a wider downcycle across the battery metals space. Benchmark cobalt hydroxide prices have fallen by over 29% year-on-year, reaching their lowest level recorded by the ",{"text":28971,"type":599,"marks":61989},[61990],{"type":604,"attrs":61991},{"href":61992,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cobalt/portal/",{"text":61994,"type":599}," by mid-July.",{"type":594,"attrs":61996,"content":61997},{"textAlign":49},[61998],{"text":61999,"type":599},"The downturn has been fuelled by the existence of a significant supply overhang in the market: in 2023 the market reached a record surplus of 19,000 tonnes, driven by a huge ramp up in new supply from CMOC’s Tenke Fungurume (TFM) and Kisanfu (KFM) operations in the DRC.",{"type":594,"attrs":62001,"content":62002},{"textAlign":49},[62003,62007,62008,62011,62016],{"text":62004,"type":599,"marks":62005},"Ash Lazenby, head of cobalt for North America at Glencore, delves into the current state and future of the cobalt market",[62006],{"type":643},{"text":17632,"type":599},{"text":61829,"type":599,"marks":62009},[62010],{"type":643},{"text":6515,"type":599,"marks":62012},[62013,62015],{"type":604,"attrs":62014},{"href":56713,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":62017},[62018],{"type":643},{"type":594,"attrs":62020,"content":62021},{"textAlign":49},[62022,62024],{"text":62023,"type":599},"This was in tandem with a deceleration in demand growth from the battery industry last year, which registered an increase of just 1% year-on-year – stemming from a slowdown in global EV sales and an ",{"text":62025,"type":599,"marks":62026},"ongoing shift towards non-cobalt-containing lithium iron phosphate (LFP) batteries.",[62027],{"type":604,"attrs":62028},{"href":56140,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":62030,"content":62031},{"textAlign":49},[62032],{"text":62033,"type":599},"CMOC announced cobalt production from its two assets totalled 54,000 tonnes in the first half of 2024, implying annualised production of over 100,000. Although the company has reported its cobalt output will not reach this level until 2028, suggesting the current rate of production will not be sustained during the second half of the year.",{"type":594,"attrs":62035,"content":62036},{"textAlign":49},[62037],{"text":62038,"type":599},"While the upside potential for supply growth is significant, the market is also starting to see a supply response from other producers: taking around 15% of global supply out of the market. In fact, Benchmark projects demand-side growth to exceed the supply-side this year – reducing the size of the overall supply surplus by around 59% from 2023. ",{"type":594,"attrs":62040,"content":62041},{"textAlign":49},[62042,62044,62049],{"text":62043,"type":599},"Rumours that ",{"text":62045,"type":599,"marks":62046},"China’s State Reserve Bureau will begin stockpiling cobalt metal has the potential to further reduce the size of the surplus",[62047],{"type":604,"attrs":62048},{"href":29049,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":62050,"type":599},", particularly if the purchase is to the upside of the reported range.",{"type":657,"attrs":62052,"content":62053},{"level":15966,"textAlign":49},[62054],{"text":62055,"type":599},"The raw material disconnect",{"type":594,"attrs":62057,"content":62058},{"textAlign":49},[62059],{"text":62060,"type":599},"Cobalt prices are set to remain constrained at historically low levels over the short-to-medium term, as Benchmark projects the supply surplus to sustain until 2027 – wherein the pace of battery demand growth is set to outstrip the pipeline of new mining capacity.",{"type":594,"attrs":62062,"content":62063},{"textAlign":49},[62064],{"text":62065,"type":599},"The present danger is that current fundamentals could accentuate future supply shortages for the battery industry, as the prevailing low price environment hinders the flow of capital into new mining capacity and producers curtail output at loss-making operations. ",{"type":594,"attrs":62067,"content":62068},{"textAlign":49},[62069],{"text":62070,"type":599},"As geopolitical competition in the industry intensifies, this is a particularly acute problem for the West, where miners are often much more price-sensitive than Chinese counterparts. In contrast, Chinese miners have tended to prioritise strategic aims such as security of supply over operating margins, as they benefit from access to cheap Chinese finance.",{"type":594,"attrs":62072,"content":62073},{"textAlign":49},[62074,62076],{"text":62075,"type":599},"Indeed, Chinese miners have continued to increase output of battery minerals in the face of a wider price downturn across these markets, often ",{"text":62077,"type":599,"marks":62078},"with devastating impacts for the mining industry in western countries.",[62079],{"type":604,"attrs":62080},{"href":34464,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":62082,"content":62083},{"textAlign":49},[62084,62086,62091],{"text":62085,"type":599},"This is true for cobalt and CMOC’s impact on the market over the last 18 months. ",{"text":62087,"type":599,"marks":62088},"China is continuing to lock-up an ever-greater number of the DRC’s copper-cobalt mining operations",[62089],{"type":604,"attrs":62090},{"href":47298,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":62092,"type":599},", taking the share of cobalt supply under Chinese control to over 60% by 2030.","With cobalt prices roundly considered to be close to bottoming out at historical lows, demand prospects for electric vehicles (EV) are a relative bright-spot in what are otherwise bearish market conditions for the industry. “There has been a lot of talk in the cobalt market around demand weakness,” said Will Talbot, principal cobalt analyst at […]",[62095],{"slug":544,"name":543,"content":62096},{"job_title":557,"image":62097,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9743614c-7338-44bb-bef4-51d30543cf4c\", \"id\": \"\"}-->",[62100,62101],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":54059,"copyright":547,"fieldtype":553,"meta_data":62103,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":62105,"uuid":62106,"name":62107,"slug":62108,"full_slug":62109,"content":62110},112469272097920,"ee62e54e-8cd6-492b-b190-9df7af0ff0f8","Silicon anodes prepare for mainstream deployment with production capacity set to triple in 2024","silicon-anodes-prepare-for-mainstream-deployment-with-production-capacity-set-to-triple-in-2024","article/silicon-anodes-prepare-for-mainstream-deployment-with-production-capacity-set-to-triple-in-2024",{"_uid":62111,"date":61755,"tags":62112,"editor":62114,"content":62118,"excerpt":62279,"featured":51,"reporter":62280,"_editable":62284,"component":864,"seo_title":62107,"categories":62285,"visibility":2091,"author_company":49,"data_vis_image":62290,"featured_image":62293,"seo_description":62279,"author_full_name":49,"author_job_title":49,"formattedDate":61919},"e8ec7665-4a70-4c1a-9922-7e1c0b2c5406",[62113],{"slug":578,"name":579},[62115],{"slug":544,"name":543,"content":62116},{"job_title":557,"image":62117,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":62119},[62120,62131,62149,62154,62162,62167,62172,62177,62182,62190,62195,62200,62205,62210,62220,62232,62237,62242,62255,62260,62265,62272],{"type":594,"attrs":62121,"content":62122},{"textAlign":49},[62123,62125,62130],{"text":62124,"type":599},"The silicon anode industry’s production capacity is rapidly growing, indicating to the market that it is ready to hit the ",{"text":62126,"type":599,"marks":62127},"mainstream",[62128],{"type":604,"attrs":62129},{"href":54989,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":62132,"content":62133},{"textAlign":49},[62134,62136,62141,62143,62148],{"text":62135,"type":599},"Over 500 gigawatt-hours of capacity for ",{"text":62137,"type":599,"marks":62138},"silicon-containing anode",[62139],{"type":604,"attrs":62140},{"href":54960,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":62142,"type":599}," material production is expected to be online by the end of 2024, up 234% from 2023, according to ",{"text":51774,"type":599,"marks":62144},[62145],{"type":604,"attrs":62146},{"href":62147,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/silicon-anode/reports",{"text":974,"type":599},{"type":594,"attrs":62150,"content":62151},{"textAlign":49},[62152],{"text":62153,"type":599},"“Innovation has got us to the point today where we have seen serious capital commitments and capacity expansion announced signalling a change in the sentiment around mass adoption of silicon anodes,” Rory McNulty, a next-generation battery analyst at Benchmark, said.",{"type":594,"attrs":62155,"content":62156},{"textAlign":49},[62157],{"type":1186,"attrs":62158},{"id":49,"alt":62159,"src":62160,"title":49,"source":49,"copyright":49,"meta_data":62161},"Silicon anode production capacity forecast to triple this year","https://a.storyblok.com/f/287943243085208/742a83e4fd/bm-silicon-anode-capacity.png",{},{"type":657,"attrs":62163,"content":62164},{"level":15966,"textAlign":49},[62165],{"text":62166,"type":599},"Asia leads",{"type":594,"attrs":62168,"content":62169},{"textAlign":49},[62170],{"text":62171,"type":599},"As with graphite anode materials, China controls most of the production of silicon anodes with almost 70% market share. South Korea is the second largest producer, forecast to produce almost a quarter of this year’s supply.",{"type":594,"attrs":62173,"content":62174},{"textAlign":49},[62175],{"text":62176,"type":599},"Daejoo Electronic Materials, a South Korean producer, is the largest silicon anode producer in 2024. Benchmark forecasts the company will represent 22% of this year’s production.",{"type":594,"attrs":62178,"content":62179},{"textAlign":49},[62180],{"text":62181,"type":599},"BTR and Gotion High-Tech, both operating in China, are the second- and third-largest producers with 10% and 9.6% of global supply, respectively.",{"type":594,"attrs":62183,"content":62184},{"textAlign":49},[62185],{"type":1186,"attrs":62186},{"id":49,"alt":62187,"src":62188,"title":49,"source":49,"copyright":49,"meta_data":62189},"China dominates early market growth for silicon anodes","https://a.storyblok.com/f/287943243085208/98ed290643/bm-silicon-anode-by-location.png",{},{"type":657,"attrs":62191,"content":62192},{"level":15966,"textAlign":49},[62193],{"text":62194,"type":599},"Traditional silicon vs next-gen silicon anodes",{"type":594,"attrs":62196,"content":62197},{"textAlign":49},[62198],{"text":62199,"type":599},"Between 3% and 8% by weight of silicon has been blended into traditional graphite anodes for several years to boost the capacity of the battery. Increasing the silicon content further can greatly improve performance, but the material expands and contracts by up to 300% which can cause the battery to degrade much faster as silicon content increases.",{"type":594,"attrs":62201,"content":62202},{"textAlign":49},[62203],{"text":62204,"type":599},"“Silicon anodes have been around as a concept for a long time and have been in several state-of-the-art anodes for many years,” McNulty said. “However, overcoming the accelerated degradation of these traditional materials–finding a balance between performance enhancement and battery lifetime–has proven challenging.”",{"type":594,"attrs":62206,"content":62207},{"textAlign":49},[62208],{"text":62209,"type":599},"This traditional silicon-containing anode market is largely dominated by Chinese capacity announcements, with some supply coming from South Korea and Japan. Once fully optimised, such blending could increase anode capacity by up to 60%.",{"type":594,"attrs":62211,"content":62212},{"textAlign":49},[62213,62218],{"text":62214,"type":599,"marks":62215},"Next-generation silicon anodes",[62216],{"type":604,"attrs":62217},{"href":54586,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":62219,"type":599}," have started to address the challenges associated with high percentages of silicon through engineering the nano-structure of the materials.",{"type":594,"attrs":62221,"content":62222},{"textAlign":49},[62223,62225,62230],{"text":62224,"type":599},"This is much more of a global trend, with ",{"text":62226,"type":599,"marks":62227},"North American innovators leading the charge",[62228],{"type":604,"attrs":62229},{"href":54579,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":62231,"type":599}," and Chinese companies starting to compete.",{"type":594,"attrs":62233,"content":62234},{"textAlign":49},[62235],{"text":62236,"type":599},"“Here, innovators are looking to provide materials that can enable high-performance applications, with opportunities to tailor blends in a similar way to traditional materials to suit the performance profile needed for a given application,” McNulty said.",{"type":657,"attrs":62238,"content":62239},{"level":15966,"textAlign":49},[62240],{"text":62241,"type":599},"Capacity vs supply",{"type":594,"attrs":62243,"content":62244},{"textAlign":49},[62245,62247,62253],{"text":62246,"type":599},"The facilities coming online this year will take time to hit qualification and cost targets for their materials, so there will be a lag between the boosts seen in ",{"text":62248,"type":599,"marks":62249},"production capacity and realised supply",[62250],{"type":604,"attrs":62251},{"href":62252,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ambition-versus-reality-why-battery-production-capacity-does-not-equal-supply",{"text":62254,"type":599}," entering the market.",{"type":594,"attrs":62256,"content":62257},{"textAlign":49},[62258],{"text":62259,"type":599},"“If positive progress is made towards these targets, the industry looks ready to accelerate,” McNulty said. “Capacity is a measure of ambition and capital commitment.”",{"type":594,"attrs":62261,"content":62262},{"textAlign":49},[62263],{"text":62264,"type":599},"In 2024, Benchmark forecasts there will be 55 GWh of silicon anode production, up from 38 GWh last year.",{"type":594,"attrs":62266,"content":62267},{"textAlign":49},[62268],{"text":62269,"type":599,"marks":62270},"Benchmark’s new Silicon Anode Forecast provides independent and detailed analysis of supply and demand out to 2040.",[62271],{"type":643},{"type":594,"attrs":62273,"content":62274},{"textAlign":49},[62275],{"text":62276,"type":599,"marks":62277},"To view more detail and speak to Benchmark’s analysts further, please provide your details here:",[62278],{"type":643},"The silicon anode industry’s production capacity is rapidly growing, indicating to the market that it is ready to hit the mainstream. Over 500 gigawatt-hours of capacity for silicon-containing anode material production is expected to be online by the end of 2024, up 234% from 2023, according to Benchmark’s Silicon Anode Forecast. “Innovation has got us […]",[62281],{"slug":544,"name":543,"content":62282},{"job_title":557,"image":62283,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e8ec7665-4a70-4c1a-9922-7e1c0b2c5406\", \"id\": \"\"}-->",[62286,62287,62288,62289],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":21579,"name":21580},{"id":49,"alt":62159,"name":547,"focus":547,"title":62159,"source":547,"filename":62291,"copyright":547,"fieldtype":553,"meta_data":62292,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1721306951/www-production/Silicon-anode-capacity-no-Y/Silicon-anode-capacity-no-Y.png?_i=AA",{"alt":62159,"title":62159,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":62294,"copyright":547,"fieldtype":553,"meta_data":62295,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/faf5b15843/bm-group14-scc55.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":62297,"uuid":62298,"name":62299,"slug":62300,"full_slug":62301,"content":62302},112469286589572,"461f077a-521a-4008-947d-61deed3ea5b4","Synthetic anode material average prices tip below natural graphite for first time in over three years","synthetic-anode-material-average-prices-tip-below-natural-graphite-for-first-time-in-over-three-years","article/synthetic-anode-material-average-prices-tip-below-natural-graphite-for-first-time-in-over-three-years",{"_uid":62303,"date":62304,"tags":62305,"editor":62309,"content":62313,"excerpt":62446,"featured":51,"reporter":62447,"_editable":62451,"component":864,"seo_title":62299,"categories":62452,"visibility":882,"author_company":49,"featured_image":62456,"seo_description":62446,"author_full_name":49,"author_job_title":49,"formattedDate":62458},"ee704fe3-faa7-4e83-92be-2b618314f964","2024-07-15 00:00",[62306,62307,62308],{"slug":7335,"name":7336},{"slug":2502,"name":30317},{"slug":2507,"name":15902},[62310],{"slug":544,"name":543,"content":62311},{"job_title":557,"image":62312,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":62314},[62315,62328,62341,62352,62357,62365,62370,62375,62380,62393,62398,62408,62413,62418,62425,62430,62435],{"type":594,"attrs":62316,"content":62317},{"textAlign":49},[62318,62320,62326],{"text":62319,"type":599},"The average price of synthetic graphite anode material has ",{"text":62321,"type":599,"marks":62322},"fallen below",[62323],{"type":604,"attrs":62324},{"href":62325,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/synthetic-graphite-anode-prices-fall-20-this-year-putting-pressure-on-natural-graphite",{"text":62327,"type":599}," that of natural graphite anode for the first time in over three years, pushing cell makers to increasingly switch to the more affordable option.",{"type":594,"attrs":62329,"content":62330},{"textAlign":49},[62331,62333,62339],{"text":62332,"type":599},"Average prices of synthetic graphite anode material have fallen 18% year-on-year in June to $4,738 per tonne, the lowest level since January 2021, according to the ",{"text":62334,"type":599,"marks":62335},"Benchmark Anode Price Assessment",[62336],{"type":604,"attrs":62337},{"href":62338,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/anode/reports/",{"text":62340,"type":599},". In contrast, natural anode prices have declined 11% year-on-year in June to $4,773 per tonne.",{"type":594,"attrs":62342,"content":62343},{"textAlign":49},[62344,62346,62350],{"text":62345,"type":599},"For a perspective, synthetic graphite anode material’s average price per tonne was $1,757 more expensive than its natural graphite counterpart in January 2021, according to the ",{"text":62334,"type":599,"marks":62347},[62348],{"type":604,"attrs":62349},{"href":62338,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":62351,"type":599},". The price gap peaked at $2,329 in November 2021 and stayed at those levels until the end of that year. ",{"type":594,"attrs":62353,"content":62354},{"textAlign":49},[62355],{"text":62356,"type":599},"“Due to the increasingly competitive price of synthetic anode material, many Chinese lithium battery manufacturing companies have chosen to replace it with natural graphite anodes,” said Frank Li, analyst at Benchmark. ",{"type":627,"attrs":62358},{"id":62359,"body":62360},"6a636021-4c5c-4efc-b2cc-06c22b25aef3",[62361],{"id":62362,"_uid":62363,"type":634,"_editable":62364,"component":635,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"24917541","i-c0c7784e-bf85-4e34-b16d-b12c37991cf1","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c0c7784e-bf85-4e34-b16d-b12c37991cf1\", \"id\": \"\"}-->",{"type":594,"attrs":62366,"content":62367},{"textAlign":49},[62368],{"text":62369,"type":599},"According to Li, cell makers that previously opted for natural graphite anode material are now purchasing its counterpart, and in turn increasing demand for synthetic graphite anode material.",{"type":594,"attrs":62371,"content":62372},{"textAlign":49},[62373],{"text":62374,"type":599},"Synthetic graphite dominant anodes are considered safer and more consistent than natural graphite anodes. But synthetic graphite anode prices have typically been more expensive. In November 2021, the global average price gap with natural graphite anodes reached its highest level of $2,329 per tonne.  ",{"type":594,"attrs":62376,"content":62377},{"textAlign":49},[62378],{"text":62379,"type":599},"“The most important factor currently being considered by downstream battery makers is the price of anode materials, while ensuring product quality is qualified. Artificial graphite performs better than natural graphite anodes in terms of fast charging and service life,” said Li.",{"type":594,"attrs":62381,"content":62382},{"textAlign":49},[62383,62385,62391],{"text":62384,"type":599},"Further, while manufacturers often ",{"text":62386,"type":599,"marks":62387},"blend",[62388],{"type":604,"attrs":62389},{"href":62390,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/infographic-china-controls-three-quarters-of-graphite-anode-supply-chain",{"text":62392,"type":599}," the natural and the synthetic materials to improve anode performance, the natural graphite anode material is considered to have a far superior ESG credential compared to the petrochemicals-based synthetic graphite. ",{"type":657,"attrs":62394,"content":62395},{"level":15966,"textAlign":49},[62396],{"text":62397,"type":599},"High energy anode price gap narrows",{"type":594,"attrs":62399,"content":62400},{"textAlign":49},[62401,62403,62407],{"text":62402,"type":599},"Unlike the medium and low energy grades, high energy synthetic anode is still more expensive than the high energy natural anode but with the narrowest price gap since January 2021, according to the ",{"text":62334,"type":599,"marks":62404},[62405],{"type":604,"attrs":62406},{"href":62338,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":62409,"content":62410},{"textAlign":49},[62411],{"text":62412,"type":599},"“Currently, there is a serious overcapacity of artificial graphite anodes in China, but there are very few enterprises that can produce high-end artificial graphite anodes, mainly top anode enterprises, so their prices are relatively high,” according to Li.",{"type":594,"attrs":62414,"content":62415},{"textAlign":49},[62416],{"text":62417,"type":599},"High energy synthetic anodes prices reached RMB 55,000 ($7,590) per tonne in June, above those of high energy natural graphite anodes at RMB 50,000 ($6,900) per tonne.",{"type":594,"attrs":62419,"content":62420},{"textAlign":49},[62421],{"type":1186,"attrs":62422},{"id":49,"alt":547,"src":62423,"title":49,"source":49,"copyright":49,"meta_data":62424},"https://a.storyblok.com/f/287943243085208/925fe25ac4/bm-high-energy-anode-prices.png",{},{"type":594,"attrs":62426,"content":62427},{"textAlign":49},[62428],{"text":62429,"type":599},"High energy synthetic anodes are extensively used in electric vehicle applications while medium and low energy synthetic anodes find their way in computers, mobile phones, digital cameras, low range electric vehicles and energy storage applications. ",{"type":594,"attrs":62431,"content":62432},{"textAlign":49},[62433],{"text":62434,"type":599},"Among all grades of synthetic graphite anodes, the low energy and the medium anodes have registered the sharpest drop in prices since the beginning of January 2021. ",{"type":594,"attrs":62436,"content":62437},{"textAlign":49},[62438,62440,62444],{"text":62439,"type":599},"Low energy synthetic graphite anode prices have been trading below those of low energy natural graphite anode prices since June last year, according to the ",{"text":62334,"type":599,"marks":62441},[62442],{"type":604,"attrs":62443},{"href":62338,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":62445,"type":599},". In the case of medium energy synthetic graphite anodes, prices have been below those of medium energy natural graphite anodes since October 2023.","The average price of synthetic graphite anode material has fallen below that of natural graphite anode for the first time in over three years, pushing cell makers to increasingly switch to the more affordable option. Average prices of synthetic graphite anode material have fallen 18% year-on-year in June to $4,738 per tonne, the lowest level […]",[62448],{"slug":544,"name":543,"content":62449},{"job_title":557,"image":62450,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ee704fe3-faa7-4e83-92be-2b618314f964\", \"id\": \"\"}-->",[62453,62454,62455],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":53468,"copyright":547,"fieldtype":553,"meta_data":62457,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jul 15, 2024",{"id":62460,"uuid":62461,"name":62462,"slug":62463,"full_slug":62464,"content":62465},112469291435141,"71cf441e-03c1-4cbc-a267-9a64c22cae3e","BHP Nickel West closure deals blow to Australia’s nickel industry","bhp-nickel-west-closure-deals-blow-to-australias-nickel-industry","article/bhp-nickel-west-closure-deals-blow-to-australias-nickel-industry",{"_uid":62466,"date":62467,"tags":62468,"editor":62474,"content":62478,"excerpt":62602,"featured":51,"reporter":62603,"_editable":62607,"component":864,"seo_title":62462,"categories":62608,"visibility":882,"author_company":49,"featured_image":62612,"seo_description":62602,"author_full_name":49,"author_job_title":49,"formattedDate":62615},"2d4c5357-c2e0-4457-92e8-f7da59452425","2024-07-12 00:00",[62469,62470,62473],{"slug":6567,"name":2038},{"slug":62471,"name":62472},"bhp","BHP",{"slug":7997,"name":7998},[62475],{"slug":544,"name":543,"content":62476},{"job_title":557,"image":62477,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":62479},[62480,62485,62490,62500,62511,62518,62523,62528,62533,62544,62549,62554,62559,62564,62569,62574,62579,62584],{"type":594,"attrs":62481,"content":62482},{"textAlign":49},[62483],{"text":62484,"type":599},"BHP has announced it will close its flagship Nickel West operation in Western Australia later this year, blaming an oversupply of nickel resulting from the ramp up of low-cost supply originating from Indonesia.",{"type":594,"attrs":62486,"content":62487},{"textAlign":49},[62488],{"text":62489,"type":599},"“Like others in the Australian nickel sector, we have not been able to overcome the substantial economic challenges driven by a global oversupply of nickel,” said Geraldine Slattery, BHP’s Australia president, in announcing the closure.",{"type":594,"attrs":62491,"content":62492},{"textAlign":49},[62493,62498],{"text":62494,"type":599,"marks":62495},"The Australian nickel industry has seen several of its key assets suspended",[62496],{"type":604,"attrs":62497},{"href":60185,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":62499,"type":599}," since the end of last year: closures driven by a challenging market environment, marked by persistently low nickel prices. Aside from Indonesian supply ramp-up, prices have also suffered from a slowdown in demand growth for nickel-containing batteries.",{"type":594,"attrs":62501,"content":62502},{"textAlign":49},[62503,62505,62510],{"text":62504,"type":599},"Nickel West is the largest nickel mine complex in Australia, accounting for around 35% of Australia’s nickel mined supply. The closure will see Australia’s nickel production in 2025 fall to just half of 2022 output, ",{"text":62506,"type":599,"marks":62507},"according to the Benchmark Nickel Forecast",[62508],{"type":604,"attrs":62509},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":62512,"content":62513},{"textAlign":49},[62514],{"type":1186,"attrs":62515},{"id":49,"alt":547,"src":62516,"title":49,"source":49,"copyright":49,"meta_data":62517},"https://a.storyblok.com/f/287943243085208/7918e17d41/bm-image-65.png",{},{"type":657,"attrs":62519,"content":62520},{"level":15966,"textAlign":49},[62521],{"text":62522,"type":599},"What are BHP’s plans for Nickel West?",{"type":657,"attrs":62524,"content":62525},{"level":15966,"textAlign":49},[62526],{"text":62527,"type":599},"Indonesia squeezes Western producers out of the market",{"type":594,"attrs":62529,"content":62530},{"textAlign":49},[62531],{"text":62532,"type":599},"Indonesia is projected to add an estimated 300,000 tonnes of new nickel supply to the market in 2024, resulting in a supply surplus of over 100,000 tonnes. ",{"type":594,"attrs":62534,"content":62535},{"textAlign":49},[62536,62542],{"text":62537,"type":599,"marks":62538},"Benchmark CIF Asia nickel sulphate prices have subsequently fallen by over 17% year-on-year",[62539],{"type":604,"attrs":62540},{"href":62541,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/nickel/portal/?tab=table",{"text":62543,"type":599},", trading at under $18,000/tonne (nickel contained basis) – a downturn that has  squeezed margins for higher-cost operations in the West.  ",{"type":594,"attrs":62545,"content":62546},{"textAlign":49},[62547],{"text":62548,"type":599},"Australian nickel miners suffer from higher capex, labour and energy costs than their Indonesian counterparts, making it harder for them to compete within the current price environment. Indonesian operations have also benefited from access to cheap capital from China and Indonesia’s tax holiday.",{"type":594,"attrs":62550,"content":62551},{"textAlign":49},[62552],{"text":62553,"type":599},"Benchmark forecasts the nickel market surplus to sustain until 2028, depressing nickel exchange prices below $20,000/tonne (real basis) throughout this period. BHP noted in its announcement that forward consensus nickel prices over the next five years had “fallen sharply” due to the strength of Indonesian nickel supply growth.",{"type":594,"attrs":62555,"content":62556},{"textAlign":49},[62557],{"text":62558,"type":599},"Not only will BHP’s closure serve to further consolidate Indonesia’s dominance over global nickel supply, it also reduces the pool of available Inflation Reduction Act compliant nickel by 15% from 2025 – creating additional supply headaches for the US battery supply chain. ",{"type":594,"attrs":62560,"content":62561},{"textAlign":49},[62562],{"text":62563,"type":599},"Jorge Uzcategui, senior nickel analyst at Benchmark, remarked that the suspension of Nickel West would also have wider global implications: “As well as being a leading supplier of ex-China nickel sulphate, BHP is one of the main suppliers of nickel metal to the LME.”",{"type":594,"attrs":62565,"content":62566},{"textAlign":49},[62567],{"text":62568,"type":599},"He noted that in the coming years, with Australia and Russia unable to maintain deliveries to the exchange, each of which contribute around 35% of nickel deliveries to the LME, its warehouses will predominantly contain nickel of Chinese and Indonesian origin. ",{"type":657,"attrs":62570,"content":62571},{"level":15966,"textAlign":49},[62572],{"text":62573,"type":599},"Nickel West closure underscores need for new price points",{"type":594,"attrs":62575,"content":62576},{"textAlign":49},[62577],{"text":62578,"type":599},"Despite bullish medium-to-long term demand projections from the electric vehicle industry, within the nickel market’s current structure Western producers are set to endure a prolonged price downcycle due to the glut of low-cost, but often carbon intensive nickel supply originating from Indonesia. ",{"type":594,"attrs":62580,"content":62581},{"textAlign":49},[62582],{"text":62583,"type":599},"These dynamics are creating pressure for price points that not only better reflect trade flows in the lithium ion battery supply chain, but also the improved sustainability credentials of nickel production in the West.",{"type":594,"attrs":62585,"content":62586},{"textAlign":49},[62587,62589,62595,62597],{"text":62588,"type":599},"To provide clarity to the industry, Benchmark introduced two price points: ",{"text":62590,"type":599,"marks":62591},"EXW Europe Sustainable Nickel Metal and CIF Asia Sustainable Nickel Sulphate",[62592],{"type":604,"attrs":62593},{"href":62594,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-launches-sustainable-nickel-prices",{"text":62596,"type":599},". These prices only account for transactions involving material from producers deemed ‘Industry Leading’ according to the ",{"text":62598,"type":599,"marks":62599},"Benchmark Nickel Sustainability Index.",[62600],{"type":604,"attrs":62601},{"href":37564,"uuid":49,"anchor":49,"target":49,"linktype":607},"BHP has announced it will close its flagship Nickel West operation in Western Australia later this year, blaming an oversupply of nickel resulting from the ramp up of low-cost supply originating from Indonesia. “Like others in the Australian nickel sector, we have not been able to overcome the substantial economic challenges driven by a global […]",[62604],{"slug":544,"name":543,"content":62605},{"job_title":557,"image":62606,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2d4c5357-c2e0-4457-92e8-f7da59452425\", \"id\": \"\"}-->",[62609,62610,62611],{"slug":872,"name":873},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":62613,"copyright":547,"fieldtype":553,"meta_data":62614,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1cb8bc0fc6/bm-bhp-sign-132092108e69.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 12, 2024",{"id":62617,"uuid":62618,"name":62619,"slug":62620,"full_slug":62621,"content":62622},112469300999403,"c49f7a1e-5988-40dc-8cc3-39297151f327","Labour landslide promises to boost UK’s lithium ion battery supply chain and clean energy capability","labour-landslide-promises-to-boost-uks-lithium-ion-battery-supply-chain-and-clean-energy-capability","article/labour-landslide-promises-to-boost-uks-lithium-ion-battery-supply-chain-and-clean-energy-capability",{"_uid":62623,"date":62624,"tags":62625,"editor":62631,"content":62635,"excerpt":62791,"featured":51,"reporter":62792,"_editable":62796,"component":864,"seo_title":62619,"categories":62797,"visibility":882,"author_company":49,"featured_image":62804,"seo_description":62791,"author_full_name":49,"author_job_title":49,"formattedDate":62807},"dc5cb21e-c272-4e7f-90d4-38fbe837219e","2024-07-11 00:00",[62626,62627,62630],{"slug":16791,"name":16792},{"slug":62628,"name":62629},"uk-government","UK Government",{"slug":4610,"name":662},[62632],{"slug":544,"name":543,"content":62633},{"job_title":557,"image":62634,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":62636},[62637,62642,62647,62652,62657,62662,62667,62672,62677,62682,62695,62702,62707,62720,62740,62745,62750,62755,62766,62771,62776,62781],{"type":594,"attrs":62638,"content":62639},{"textAlign":49},[62640],{"text":62641,"type":599},"Sir Keir Starmer’s Labour party swept to victory in July’s UK general election, delivering Britain’s first change of government in 14 years. Having secured 63% of the seats in the House of Commons, the new government has a clear mandate for climate action.",{"type":594,"attrs":62643,"content":62644},{"textAlign":49},[62645],{"text":62646,"type":599},"“The new Labour government seems far more ambitious in terms of climate policy than the previous government and also in terms of international cooperation, including with the EU,” said Bryan Bille, principal policy analyst at Benchmark.",{"type":594,"attrs":62648,"content":62649},{"textAlign":49},[62650],{"text":62651,"type":599},"“However, the current value chain in the UK is unprepared to help meet the net-zero target, so a lot more international cooperation and investments are needed in the critical mineral and battery space,” Bille added.",{"type":657,"attrs":62653,"content":62654},{"level":15966,"textAlign":49},[62655],{"text":62656,"type":599},"Labour to boost UK’s clean energy capabilities ",{"type":594,"attrs":62658,"content":62659},{"textAlign":49},[62660],{"text":62661,"type":599},"Prior to the election, the Labour party pledged to supercharge the UK’s energy transition; promising to revive Britain’s role as a leader on climate action and make the country a ‘clean energy superpower’ with zero carbon electricity by 2030.",{"type":594,"attrs":62663,"content":62664},{"textAlign":49},[62665],{"text":62666,"type":599},"Moreover, Labour has said it plans to reinstate the 2030 ban on new petrol and diesel car sales, after previous prime minister Rishi Sunak had delayed the ban to 2035. To achieve these aims, Labour said it would seek to increase UK battery gigafactory capacity, part-financing new gigafactories using public finances to unlock a ‘much greater sum of private investment.’ ",{"type":594,"attrs":62668,"content":62669},{"textAlign":49},[62670],{"text":62671,"type":599},"On safeguarding critical mineral supply chains, Labour said it would look to identify ‘friendshoring opportunities’ with mineral-rich ally countries, establish an international buyers’ club for critical minerals with partners, and seek a critical minerals partnership with the United States.",{"type":594,"attrs":62673,"content":62674},{"textAlign":49},[62675],{"text":62676,"type":599},"In this regard, work appears to have commenced straight away, as newly appointed foreign secretary, David Lammy, last week travelled to European capitals to strengthen relations with the European Union (EU), seeking a wide-ranging security pact with the bloc that incorporates critical minerals supply. ",{"type":657,"attrs":62678,"content":62679},{"level":15966,"textAlign":49},[62680],{"text":62681,"type":599},"UK battery supply chain unprepared to meet demand",{"type":594,"attrs":62683,"content":62684},{"textAlign":49},[62685,62687,62693],{"text":62686,"type":599},"The UK currently ",{"text":62688,"type":599,"marks":62689},"has a single operating battery gigafactory",[62690],{"type":604,"attrs":62691},{"href":62692,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/uk-faces-battery-supply-chain-challenges-amid-global-competition",{"text":62694,"type":599},", Envision’s AESC plant in Sunderland. Two additional projects are due to enter production by 2030: a second Envision plant in Sunderland in partnership with Nissan and Tata Motors facility in Bridgewater, Somerset, taking the UK’s total production capacity to up to 70 gigawatt-hours (GWh) by the end of the decade.",{"type":594,"attrs":62696,"content":62697},{"textAlign":49},[62698],{"type":1186,"attrs":62699},{"id":49,"alt":547,"src":62700,"title":49,"source":49,"copyright":49,"meta_data":62701},"https://a.storyblok.com/f/287943243085208/143174eaf6/bm-image-64.png",{},{"type":594,"attrs":62703,"content":62704},{"textAlign":49},[62705],{"text":62706,"type":599},"Yet, this will not be sufficient to meet the demand from the domestic automotive industry. The current zero-emission vehicle (ZEV) mandate requires 80% of new cars to be ‘zero emission’ from 2030, rising 100% by 2035, requiring over 100 GWh of capacity to meet these targets, according to Benchmark estimates.",{"type":594,"attrs":62708,"content":62709},{"textAlign":49},[62710,62712,62718],{"text":62711,"type":599},"Further upstream, the disconnect between the UK government’s stated ambitions and the reality on the ground becomes more apparent. ",{"text":62713,"type":599,"marks":62714},"The UK Battery Strategy",[62715],{"type":604,"attrs":62716},{"href":62717,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/uk-pledges-over-2-billion-in-funding-for-evs-and-batteries",{"text":62719,"type":599},", published in November 2023, outlined the government’s vision to develop a ‘globally competitive battery supply chain’ in the UK by 2030. ",{"type":594,"attrs":62721,"content":62722},{"textAlign":49},[62723,62725,62730,62732,62738],{"text":62724,"type":599},"And while the UK holds promise in battery recycling and lithium processing – lithium chemical supply is set ",{"text":62726,"type":599,"marks":62727},"to climb to over 22,000 tonnes LCE by 2030",[62728],{"type":604,"attrs":62729},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":62731,"type":599}," – to date it has failed to attract significant investment at the midstream stage of the battery value chain. ",{"text":62733,"type":599,"marks":62734},"Benchmark projects",[62735],{"type":604,"attrs":62736},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/",{"text":62739,"type":599}," the UK’s pipeline of cathode and anode material production to account for just 17% and 27% of demand from domestic battery production by 2030, respectively.",{"type":594,"attrs":62741,"content":62742},{"textAlign":49},[62743],{"text":62744,"type":599},"The current gaps in the UK’s lithium ion battery supply chain underscore the work needed to boost the UK’s domestic capabilities, if the Labour party hopes to meet its climate targets.",{"type":594,"attrs":62746,"content":62747},{"textAlign":49},[62748],{"text":62749,"type":599},"Plans to accelerate the energy transition will require a step change in investment across the value chain, from both the public and private sectors.",{"type":657,"attrs":62751,"content":62752},{"level":15966,"textAlign":49},[62753],{"text":62754,"type":599},"Benchmark supports the UK government",{"type":594,"attrs":62756,"content":62757},{"textAlign":49},[62758,62764],{"text":62759,"type":599,"marks":62760},"The government’s Critical Minerals Refresh and Task and Finish Group report, featuring insights from Benchmark’s CEO Simon Moores",[62761],{"type":604,"attrs":62762},{"href":62763,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/uk-at-industrial-and-automotive-turning-point-as-battery-demand-set-to-quadruple-by-2030",{"text":62765,"type":599},", highlighted key risks like reliance on imports, supply concentration in third countries, and lack of domestic processing capacity.",{"type":594,"attrs":62767,"content":62768},{"textAlign":49},[62769],{"text":62770,"type":599},"Moores suggests that the battery arms race has left the UK “woefully behind and unprepared” as the global automotive industry reached an inflection point.",{"type":594,"attrs":62772,"content":62773},{"textAlign":49},[62774],{"text":62775,"type":599},"“The building of gigafactories needs to mean the buildout of mines and refineries, the construction of wind turbines has to be alongside developing sustainable rare earth elements and magnet production, and more copper than ever before needs to be secured to build the energy-carrying pipelines,” Moores said.",{"type":594,"attrs":62777,"content":62778},{"textAlign":49},[62779],{"text":62780,"type":599},"The task force suggested that the UK must enhance domestic production, develop recycling technologies, and foster international partnerships.",{"type":594,"attrs":62782,"content":62783},{"textAlign":49},[62784],{"text":62785,"type":599,"marks":62786},"Watch Benchmark CEO Simon Moores give evidence to the UK House of Commons Business and Trade Committee",[62787,62790],{"type":604,"attrs":62788},{"href":62789,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.youtube.com/watch?v=s5bgHiZC1jY",{"type":643},"Sir Keir Starmer’s Labour party swept to victory in July’s UK general election, delivering Britain’s first change of government in 14 years. Having secured 63% of the seats in the House of Commons, the new government has a clear mandate for climate action. “The new Labour government seems far more ambitious in terms of climate […]",[62793],{"slug":544,"name":543,"content":62794},{"job_title":557,"image":62795,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dc5cb21e-c272-4e7f-90d4-38fbe837219e\", \"id\": \"\"}-->",[62798,62799,62800,62801,62802,62803],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":62805,"copyright":547,"fieldtype":553,"meta_data":62806,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9727e21de6/bm-starmer-uk-gov.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 11, 2024",{"id":62809,"uuid":62810,"name":62811,"slug":62812,"full_slug":62813,"content":62814},112469306070252,"d59b87f1-a9d8-45c4-a5aa-89f7333eddd4","Lithium majors differ on move to market-based lithium pricing ","lithium-majors-differ-on-move-to-market-based-lithium-pricing","article/lithium-majors-differ-on-move-to-market-based-lithium-pricing",{"_uid":62815,"date":62816,"tags":62817,"editor":62820,"content":62824,"excerpt":63007,"featured":51,"reporter":63008,"_editable":63012,"component":864,"seo_title":62811,"categories":63013,"visibility":882,"author_company":49,"featured_image":63016,"seo_description":63007,"author_full_name":49,"author_job_title":49,"formattedDate":63019},"3b175ef4-5484-493e-961b-2a32ea5cf9db","2024-07-10 00:00",[62818,62819],{"slug":913,"name":914},{"slug":910,"name":911},[62821],{"slug":544,"name":543,"content":62822},{"job_title":557,"image":62823,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":62825},[62826,62831,62836,62852,62857,62862,62867,62878,62883,62898,62903,62908,62913,62918,62923,62928,62933,62938,62945,62950,62955,62960,62965,62982,62987,62992,62997,63002],{"type":594,"attrs":62827,"content":62828},{"textAlign":49},[62829],{"text":62830,"type":599},"Lithium majors Arcadium Lithium and Ganfeng Lithium are employing different pricing strategies in their supply agreements with automakers, following the end of a dramatic run-up in lithium pricing. ",{"type":594,"attrs":62832,"content":62833},{"textAlign":49},[62834],{"text":62835,"type":599},"The global lithium market has undergone a move  from long term fixed price contracts between consumers and lithium producers, to more market-based pricing mechanisms, according to Benchmark. ",{"type":594,"attrs":62837,"content":62838},{"textAlign":49},[62839,62841,62846,62847,62851],{"text":62840,"type":599},"Yet there are still considerable differences in approach between Western and Chinese lithium producers, according to exclusive interviews with ",{"text":62842,"type":599,"marks":62843},"Arcadium",[62844],{"type":604,"attrs":62845},{"href":53595,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1440,"type":599},{"text":14503,"type":599,"marks":62848},[62849],{"type":604,"attrs":62850},{"href":26356,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":62853,"content":62854},{"textAlign":49},[62855],{"text":62856,"type":599},"Ganfeng only prices sales according to market prices, according to the company’s president Wang Xiaoshen, while Arcadium Lithium uses price floors and ceilings to help protect against volatility, according to the company’s chief executive Paul Graves. ",{"type":657,"attrs":62858,"content":62859},{"level":15966,"textAlign":49},[62860],{"text":62861,"type":599},"Lithium price volatility ",{"type":594,"attrs":62863,"content":62864},{"textAlign":49},[62865],{"text":62866,"type":599},"Chinese battery-grade lithium carbonate prices more than doubled in 2022, causing lithium ion battery prices to increase for the first time this century, putting pressure on global automakers. ",{"type":594,"attrs":62868,"content":62869},{"textAlign":49},[62870,62872,62877],{"text":62871,"type":599},"They have since fallen more than 70% since their peak at the beginning of 2023, according to ",{"text":2210,"type":599,"marks":62873},[62874],{"type":604,"attrs":62875},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium/portal/",{"text":17632,"type":599},{"type":594,"attrs":62879,"content":62880},{"textAlign":49},[62881],{"text":62882,"type":599},"The price volatility has put pressure on lithium producers. Arcadium Lithium said in February it would slow the pace of its growth capital spending this year and extend the timeline for some expansion projects. ",{"type":594,"attrs":62884,"content":62885},{"textAlign":49},[62886,62890,62895],{"text":62887,"type":599,"marks":62888},"Watch this exclusive interview with Arcadium Lithium CEO Paul Graves. View more Power Players videos ",[62889],{"type":643},{"text":6515,"type":599,"marks":62891},[62892,62894],{"type":604,"attrs":62893},{"href":56713,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":62896},[62897],{"type":643},{"type":594,"attrs":62899,"content":62900},{"textAlign":49},[62901],{"text":62902,"type":599},"Benchmark last assessed Chinese battery-grade lithium carbonate prices at RMB 103,500 ($14,275) a tonne and CIF Asia lithium hydroxide contract prices at $14,000 a tonne.",{"type":657,"attrs":62904,"content":62905},{"level":15966,"textAlign":49},[62906],{"text":62907,"type":599},"Floors and ceilings",{"type":594,"attrs":62909,"content":62910},{"textAlign":49},[62911],{"text":62912,"type":599},"Automakers’ have learned from the recent lithium price spike that there is a need for pricing “ceilings” in contracts, and are willing to have “floors” to help lithium producers invest in new supply, Graves said. Market-based pricing is “somewhat inevitable” but it can be within “reasonable ranges,” he said. ",{"type":594,"attrs":62914,"content":62915},{"textAlign":49},[62916],{"text":62917,"type":599},"“The first thing they’ve [OEMs] learned is the pricing risk for them is asymmetric: it can only fall so far but it can go really high. So I think the recognition that ceilings on prices are really valuable to them and they don’t mind paying for them with floors,” Graves told Benchmark Source. ",{"type":594,"attrs":62919,"content":62920},{"textAlign":49},[62921],{"text":62922,"type":599},"“I think most of the market – us included – wants to just price with the market, but within reasonable ranges and the floors and the ceilings are designed to reflect reasonable ranges,” he said. “Any lower than the floor we stop investing. Any higher than the ceiling the economics for the OEM become challenging and we potentially get demand destruction.”",{"type":657,"attrs":62924,"content":62925},{"level":15966,"textAlign":49},[62926],{"text":62927,"type":599},"Move away from fixed price contracts",{"type":594,"attrs":62929,"content":62930},{"textAlign":49},[62931],{"text":62932,"type":599},"Western lithium producers used to sign long-term fixed price contracts for supply. But that structure is gradually being replaced with pricing contracts indexed to market prices, often with a lag. ",{"type":594,"attrs":62934,"content":62935},{"textAlign":49},[62936],{"text":62937,"type":599},"Arcadium Lithium said this year that it benefited from both floors and fixed prices “on a portion” of its lithium hydroxide sales, as well as “a lagging price index effect on some legacy carbonate contracts.” ",{"type":594,"attrs":62939,"content":62940},{"textAlign":49},[62941],{"type":1186,"attrs":62942},{"id":49,"alt":547,"src":62943,"title":49,"source":49,"copyright":49,"meta_data":62944},"https://lh7-us.googleusercontent.com/docsz/AD_4nXfMfFcBH9fgkUlUL7CoWs1f1s8rglzZT42ArufFEBbArfuxbFRI_YfwxJa0FlZUFrkOlfRIMjMl4-gHQkxi8yKJL84j2tpD7kRESpr-smwMaCd5XBFC5_epfRR-vjjC1vp8t5MKtbEttDRois4XDrXTSTo?key=TiLb-0Q5TwX1YVpZCz9zNg",{},{"type":594,"attrs":62946,"content":62947},{"textAlign":49},[62948],{"text":62949,"type":599},"The company says it has multi-year agreements, all with pricing floors, on around two-thirds of its total lithium hydroxide volumes. ",{"type":594,"attrs":62951,"content":62952},{"textAlign":49},[62953],{"text":62954,"type":599},"Last year Nemaska Lithium, which is half owned by Arcadium, signed an 11-year supply agreement with Ford. ",{"type":594,"attrs":62956,"content":62957},{"textAlign":49},[62958],{"text":62959,"type":599},"Ganfeng’s Wang, however, said he did not believe in price floors or ceilings on long-term contracts. ",{"type":594,"attrs":62961,"content":62962},{"textAlign":49},[62963],{"text":62964,"type":599},"“We don’t believe the floor or ceiling is a good idea, we just follow the market,” Wang told Benchmark Source. “You never know – it could be even lower than the floor or higher than the ceiling so the best way is to follow the market.” ",{"type":594,"attrs":62966,"content":62967},{"textAlign":49},[62968,62971,62974,62979],{"text":61825,"type":599,"marks":62969},[62970],{"type":643},{"text":61829,"type":599,"marks":62972},[62973],{"type":643},{"text":6515,"type":599,"marks":62975},[62976,62978],{"type":604,"attrs":62977},{"href":56713,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":62980},[62981],{"type":643},{"type":657,"attrs":62983,"content":62984},{"level":15966,"textAlign":49},[62985],{"text":62986,"type":599},"Lithium producer auctions",{"type":594,"attrs":62988,"content":62989},{"textAlign":49},[62990],{"text":62991,"type":599},"Lithium producers are also moving to more market-based pricing for spodumene sales. This year Albemarle and Pilbara Minerals have both conducted price auctions for sales of spodumene concentrate. ",{"type":594,"attrs":62993,"content":62994},{"textAlign":49},[62995],{"text":62996,"type":599},"Graves said that it “makes a ton of sense” and the company was looking at auctions for sales from its Mt Catlin mine in Australia. ",{"type":594,"attrs":62998,"content":62999},{"textAlign":49},[63000],{"text":63001,"type":599},"“The Chinese consumer of spodumene concentrate has created this,” Graves said. “Price is what it is for them. The natural conclusion to that is you sell to the highest bidder on any given day you don’t have customer relationships, you don’t have contracts – that’s certainly what I think is the right model for spodumene concentrate.”",{"type":594,"attrs":63003,"content":63004},{"textAlign":49},[63005],{"text":63006,"type":599},"Ganfeng’s Wang also said it was a good thing that spodumene prices moved more towards market-based pricing. ","Lithium majors Arcadium Lithium and Ganfeng Lithium are employing different pricing strategies in their supply agreements with automakers, following the end of a dramatic run-up in lithium pricing. The global lithium market has undergone a move from long term fixed price contracts between consumers and lithium producers, to more market-based pricing mechanisms, according to Benchmark. […]",[63009],{"slug":544,"name":543,"content":63010},{"job_title":557,"image":63011,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3b175ef4-5484-493e-961b-2a32ea5cf9db\", \"id\": \"\"}-->",[63014,63015],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":63017,"copyright":547,"fieldtype":553,"meta_data":63018,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8aaff897a8/bm-livent-argentina.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 10, 2024",{"id":63021,"uuid":63022,"name":63023,"slug":63024,"full_slug":63025,"content":63026},114843489046202,"62ee67fc-c39c-4d25-bd20-23bbb4a88535","Cobalt sulphate prices sink to seven year low in June","cobalt-sulphate-prices-sink-to-seven-year-low-in-june","article/cobalt-sulphate-prices-sink-to-seven-year-low-in-june",{"_uid":63027,"date":63028,"tags":63029,"editor":63031,"content":63035,"excerpt":63175,"featured":51,"reporter":63176,"_editable":63180,"component":864,"seo_title":63023,"categories":63181,"visibility":882,"author_company":49,"featured_image":63186,"seo_description":63175,"author_full_name":49,"author_job_title":49,"formattedDate":63188},"f0207bba-8bbc-48d2-9f7b-d8ec2ad79b9a","2024-07-09 00:00",[63030],{"slug":581,"name":582},[63032],{"slug":544,"name":543,"content":63033},{"job_title":557,"image":63034,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":63036},[63037,63058,63076,63081,63098,63109,63116,63121,63132,63137,63149,63154,63159,63165],{"type":594,"attrs":63038,"content":63039},{"textAlign":49},[63040,63042,63048,63050,63056],{"text":63041,"type":599},"Chinese cobalt sulphate prices fell for the fourth straight week on Wednesday to record their ",{"text":63043,"type":599,"marks":63044},"lowest levels",[63045],{"type":604,"attrs":63046},{"href":63047,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-cobalt-sulphate-prices-sink-to-lowest-in-over-seven-years-in-april",{"text":63049,"type":599}," in over seven years as a drop in ",{"text":63051,"type":599,"marks":63052},"nickel cobalt manganese",[63053],{"type":604,"attrs":63054},{"href":63055,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/asian-ncm-cell-prices-fall-to-lowest-levels-in-over-three-years",{"text":63057,"type":599}," (NCM) demand in June dragged down prices for the battery chemical. ",{"type":594,"attrs":63059,"content":63060},{"textAlign":49},[63061,63063,63067,63069,63074],{"text":63062,"type":599},"Spot prices for Chinese ",{"text":867,"type":599,"marks":63064},[63065],{"type":604,"attrs":63066},{"href":58274,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63068,"type":599}," sulphate fell 4.2% week-on-week to RMB 28,250 ($3,899) per tonne in the assessment period ended July 3, hitting their lowest point since Benchmark began tracking prices for the chemical in January 2017, according to the ",{"text":28971,"type":599,"marks":63070},[63071],{"type":604,"attrs":63072},{"href":63073,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cobalt/chart/",{"text":63075,"type":599},". Prices have declined 12.4% year-to-date.",{"type":594,"attrs":63077,"content":63078},{"textAlign":49},[63079],{"text":63080,"type":599},"“Over the month of June, Benchmark estimated a further decrease in NCM demand, adding substantial bearish sentiment towards cobalt sulphate in the short term. This, coupled with high levels of inventory across the supply chain, leaves cobalt sulphate refiners struggling to find buyers and forced to sell for low prices to maintain cash flow,” said Roman Aubry, analyst at Benchmark.",{"type":594,"attrs":63082,"content":63083},{"textAlign":49},[63084,63086,63090,63092,63096],{"text":63085,"type":599},"The global cobalt surplus is expected to be about 8,000 tonnes this year, according to the ",{"text":42325,"type":599,"marks":63087},[63088],{"type":604,"attrs":63089},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63091,"type":599},". According to Benchmark, China’s top cobalt producer CMOC is set to increase production at its two ",{"text":42579,"type":599,"marks":63093},[63094],{"type":604,"attrs":63095},{"href":47298,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63097,"type":599}," (DRC) mines – Kisanfu and Tenke Fungurume. While Glencore’s Katanga and Mutanda assets are forecast to reduce output this year.",{"type":594,"attrs":63099,"content":63100},{"textAlign":49},[63101,63103,63107],{"text":63102,"type":599},"However, the cobalt market is set to enter an era of deficit from 2027 onwards, according to the ",{"text":42325,"type":599,"marks":63104},[63105],{"type":604,"attrs":63106},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63108,"type":599},". The shift towards a deficit will provide price support driven almost entirely by growth in demand for lithium ion batteries.",{"type":594,"attrs":63110,"content":63111},{"textAlign":49},[63112],{"type":1186,"attrs":63113},{"id":49,"alt":547,"src":63114,"title":49,"source":49,"copyright":49,"meta_data":63115},"https://a.storyblok.com/f/287943243085208/ecafd4ec2a/bm-cobalt-sulphate-price-june-edited-1.png",{},{"type":657,"attrs":63117,"content":63118},{"level":15966,"textAlign":49},[63119],{"text":63120,"type":599},"Cobalt hydroxide prices show resilience",{"type":594,"attrs":63122,"content":63123},{"textAlign":49},[63124,63126,63130],{"text":63125,"type":599},"Prices for cobalt hydroxide, the most commonly traded cobalt feedstock material, stayed flat at $14,771 per tonne in the assessment period ended July 3, according to the ",{"text":28971,"type":599,"marks":63127},[63128],{"type":604,"attrs":63129},{"href":63073,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63131,"type":599},". Cobalt hydroxide prices are however down 3% so far this year. ",{"type":594,"attrs":63133,"content":63134},{"textAlign":49},[63135],{"text":63136,"type":599},"“Cobalt hydroxide has been quite resilient, partly due to the Chinese State Reserves Bureau (SRB) purchase increasing demand for feedstock. Large hydroxide producers have attempted to take advantage of this and continue to offer hydroxide above $7 per pound, a premium to the current market, however, the oversupply has made it difficult for these producers to realise transactions at this price point,” said Aubry.",{"type":594,"attrs":63138,"content":63139},{"textAlign":49},[63140,63142,63147],{"text":63141,"type":599},"Benchmark has learnt that the ",{"text":63143,"type":599,"marks":63144},"SRB",[63145],{"type":604,"attrs":63146},{"href":29049,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63148,"type":599}," – the agency responsible for stockpiling strategic critical minerals in China – is tendering to buy up to 15,000 tonnes of cobalt at a price range of between $10.50 per pound to $12.",{"type":657,"attrs":63150,"content":63151},{"level":15966,"textAlign":49},[63152],{"text":63153,"type":599},"Switch to metal as an alternative",{"type":594,"attrs":63155,"content":63156},{"textAlign":49},[63157],{"text":63158,"type":599},"Weak cobalt prices have squeezed margins across the industry, potentially  pushing some refiners with the capability to produce cobalt metal to shift their output towards this market, a move that could help  to mitigate against weakened NCM demand and thus avoid shutdowns. ",{"type":594,"attrs":63160,"content":63161},{"textAlign":49},[63162,63163],{"text":47476,"type":599},{"text":63164,"type":599},"This is not the first time these producers have alternated the products they produce in response to the wider pricing environment and given cobalt metal has maintained its price level while sulphate has continued to decline, it may offer a short refuge for producers,” said Aubry.",{"type":594,"attrs":63166,"content":63167},{"textAlign":49},[63168,63170,63174],{"text":63169,"type":599},"Cobalt battery metal prices, EXW Europe, increased 1.4% to $13.08 per pound assessment period ended July 3, according to the ",{"text":28971,"type":599,"marks":63171},[63172],{"type":604,"attrs":63173},{"href":63073,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Chinese cobalt sulphate prices fell for the fourth straight week on Wednesday to record their lowest levels in over seven years as a drop in nickel cobalt manganese (NCM) demand in June dragged down prices for the battery chemical. Spot prices for Chinese cobalt sulphate fell 4.2% week-on-week to RMB 28,250 ($3,899) per tonne in […]",[63177],{"slug":544,"name":543,"content":63178},{"job_title":557,"image":63179,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f0207bba-8bbc-48d2-9f7b-d8ec2ad79b9a\", \"id\": \"\"}-->",[63182,63183,63184,63185],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":33301,"copyright":547,"fieldtype":553,"meta_data":63187,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jul 09, 2024",{"id":63190,"uuid":4404,"name":63191,"slug":63192,"full_slug":63193,"content":63194},112469314684142,"Argentina’s economic reform bill offers copper and lithium mining incentives","argentinas-economic-reform-bill-offers-copper-and-lithium-mining-incentives","article/argentinas-economic-reform-bill-offers-copper-and-lithium-mining-incentives",{"_uid":63195,"date":63196,"tags":63197,"editor":63200,"content":63204,"excerpt":63343,"featured":51,"reporter":63344,"_editable":63348,"component":864,"seo_title":63191,"categories":63349,"visibility":882,"author_company":49,"featured_image":63353,"seo_description":63343,"author_full_name":49,"author_job_title":49,"formattedDate":63356},"dd241072-fe25-4041-b2dc-c7fff46b0466","2024-07-08 00:00",[63198,63199],{"slug":4357,"name":4358},{"slug":4610,"name":662},[63201],{"slug":544,"name":543,"content":63202},{"job_title":557,"image":63203,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":63205},[63206,63211,63216,63221,63226,63231,63236,63241,63252,63257,63262,63267,63272,63277,63282,63287,63292,63297,63302,63307,63312,63317,63328,63333,63338],{"type":594,"attrs":63207,"content":63208},{"textAlign":49},[63209],{"text":63210,"type":599},"Argentina’s lower Chamber of Deputies passed Javier Milei’s controversial economic reform bill in late June, delivering the libertarian president’s first major legislative victory since taking power in December 2023.",{"type":594,"attrs":63212,"content":63213},{"textAlign":49},[63214],{"text":63215,"type":599},"Under the Large Investment Incentive Scheme (RIGI), the bill boasts a range of incentives designed to attract large-scale capital investments into Argentina’s mining sector. Leveraging the country’s critical mineral resources, particularly copper and lithium, is central to Milei’s plans to alleviate Argentina’s economic malaise and boost foreign currency reserves.",{"type":594,"attrs":63217,"content":63218},{"textAlign":49},[63219],{"text":63220,"type":599},"Although watered down from the original proposal, the wide-ranging legislative agenda is the foundation of Milei’s ‘shock therapy’: intending to foster a more business-friendly environment through a dismantling of regulation, privatising some state-owned companies, and expanding presidential powers over certain areas of the economy.",{"type":657,"attrs":63222,"content":63223},{"level":15966,"textAlign":49},[63224],{"text":63225,"type":599},"What incentives does the bill offer the mining industry?",{"type":594,"attrs":63227,"content":63228},{"textAlign":49},[63229],{"text":63230,"type":599},"The RIGI offers tax breaks, customs, legal and foreign exchange benefits for investments exceeding $200 million, requiring 40% of the investment must be made in the first two years from the date the project is approved.",{"type":594,"attrs":63232,"content":63233},{"textAlign":49},[63234],{"text":63235,"type":599},"The bill builds upon Argentina’s existing Mining Investment Law, which caps provincial royalties at 3%, offers a fixed tax framework for a 30-year period, a tax waiver on capital goods and raw materials for mining purposes, and a tax deduction incentives through each stage of project development.",{"type":657,"attrs":63237,"content":63238},{"level":15966,"textAlign":49},[63239],{"text":63240,"type":599},"Nurturing the nascent lithium industry",{"type":594,"attrs":63242,"content":63243},{"textAlign":49},[63244,63246,63250],{"text":63245,"type":599},"Argentina is set to be the world’s fastest-growing source of lithium supply in 2024, according to the ",{"text":34200,"type":599,"marks":63247},[63248],{"type":604,"attrs":63249},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63251,"type":599},", with output projected to increase by up to 75% year-on-year.",{"type":594,"attrs":63253,"content":63254},{"textAlign":49},[63255],{"text":63256,"type":599},"The RIGI has the potential to “transform” Argentina’s lithium landscape, according to Federico Gay, principal lithium analyst at Benchmark.",{"type":594,"attrs":63258,"content":63259},{"textAlign":49},[63260],{"text":63261,"type":599},"“With a further 26 brownfield and greenfield projects in the pipeline, the RIGI could provide the assurances necessary to secure investment decisions in an increasingly challenging price environment,” Gay said.",{"type":594,"attrs":63263,"content":63264},{"textAlign":49},[63265],{"text":63266,"type":599},"Were Argentina’s project pipeline to come to fruition, it would cement the South American country as the world’s fourth largest lithium producer and close the supply gap with neighbouring Chile. Benchmark projects Argentina’s lithium output to climb to 285,000 tonnes lithium carbonate equivalent (LCE) by the end of decade, up from little over 43,000 in 2023.",{"type":594,"attrs":63268,"content":63269},{"textAlign":49},[63270],{"text":63271,"type":599},"Moreover, as several projects approach construction, they are left facing a critical decision: whether to build a capital-intensive plant to produce lithium carbonate, or focus on lithium chloride, which is cheaper to produce but has lower added value.",{"type":594,"attrs":63273,"content":63274},{"textAlign":49},[63275],{"text":63276,"type":599},"RIGI incentives could spur miners to execute on value-added investments in Argentina, retaining greater value within the domestic lithium industry rather than exporting lower-value lithium products to China for further processing, boosting government revenues in the process.",{"type":594,"attrs":63278,"content":63279},{"textAlign":49},[63280],{"text":63281,"type":599},"“For miners, RIGI guarantees the benefits of stability for 30 years, a crucial factor in a country with a history of dramatic economic and political changes affecting foreign investment,” Gay added.",{"type":657,"attrs":63283,"content":63284},{"level":15966,"textAlign":49},[63285],{"text":63286,"type":599},"Tapping Argentina’s copper potential",{"type":594,"attrs":63288,"content":63289},{"textAlign":49},[63290],{"text":63291,"type":599},"Despite sharing a long border and similar geological make-up with neighbouring Chile, the world’s foremost producer of copper, there are currently no operating copper mines in Argentina – the last, Glencore’s Alumbrera, closed in 2018.",{"type":594,"attrs":63293,"content":63294},{"textAlign":49},[63295],{"text":63296,"type":599},"However, as the world scrambles for additional copper supply to meet global energy transition goals, Argentina is considered one of the leading hotspots for new resource development globally. Argentina’s chamber of mining has identified up to 75.5 million tonnes of potential copper reserves and the government has aims to become one of the world’s top ten producers of the red metal.",{"type":594,"attrs":63298,"content":63299},{"textAlign":49},[63300],{"text":63301,"type":599},"“The project pipeline in Argentina is pretty significant, with over a million tonnes of potential production,” said Piotr Kulas, principal copper analyst at Benchmark. ",{"type":594,"attrs":63303,"content":63304},{"textAlign":49},[63305],{"text":63306,"type":599},"Two of the largest projects in Argentina are owned by Glencore. The Pachon and MARA projects are each slated to produce over 200,000 of copper per year once in production. Glencore recently took on full ownership of the MARA project, indicating its confidence in the future of the project. ",{"type":594,"attrs":63308,"content":63309},{"textAlign":49},[63310],{"text":63311,"type":599},"Another large scale project – First Quantum Minerals (FQM) Taca Taca has been considered by the copper industry as a bellwether for policy developments in Argentina. ",{"type":594,"attrs":63313,"content":63314},{"textAlign":49},[63315],{"text":63316,"type":599},"“FQM has long commented that the geology of the project works, and the orebody is one of the best around,” Kulas added. “However, they have cited economic and policy instability as one of the reasons for taking their time to consider development options.”",{"type":594,"attrs":63318,"content":63319},{"textAlign":49},[63320,63326],{"text":63321,"type":599,"marks":63322},"The recent suspension of FQM’s Cobre Panama",[63323],{"type":604,"attrs":63324},{"href":63325,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-will-panamas-new-government-mean-for-copper",{"text":63327,"type":599},", due to a legal dispute with the Panamanian government, has underscored the importance of a stable and clear policy regime for miners considering multi-billion dollar investments in large-scale, long lead time projects. ",{"type":657,"attrs":63329,"content":63330},{"level":15966,"textAlign":49},[63331],{"text":63332,"type":599},"What do critics say?",{"type":594,"attrs":63334,"content":63335},{"textAlign":49},[63336],{"text":63337,"type":599},"Opponents argue the bill hands foreign companies too many incentives, as profits reaped by these companies are likely to eventually leave the country, leaving provincial governments and local communities with a minimal share of the benefits.",{"type":594,"attrs":63339,"content":63340},{"textAlign":49},[63341],{"text":63342,"type":599},"Others claim the package is too focused on boosting the upstream part of the supply chain and doesn’t go far enough to support the development of local industry, particularly compared to neighbouring Chile, whose policies are more focused on value-addition and creating linkages across the battery value chain. ","Argentina’s lower Chamber of Deputies passed Javier Milei’s controversial economic reform bill in late June, delivering the libertarian president’s first major legislative victory since taking power in December 2023. Under the Large Investment Incentive Scheme (RIGI), the bill boasts a range of incentives designed to attract large-scale capital investments into Argentina’s mining sector. Leveraging the […]",[63345],{"slug":544,"name":543,"content":63346},{"job_title":557,"image":63347,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dd241072-fe25-4041-b2dc-c7fff46b0466\", \"id\": \"\"}-->",[63350,63351,63352],{"slug":869,"name":870},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":63354,"copyright":547,"fieldtype":553,"meta_data":63355,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2d93c0a9e1/bm-argentina-flags.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 08, 2024",{"id":63358,"uuid":63359,"name":63360,"slug":63361,"full_slug":63362,"content":63363},114843505163964,"81f04405-6b12-44ec-a232-afe044418299","Eramet and Tsingshan open direct lithium extraction plant in Argentina","eramet-and-tsingshan-open-direct-lithium-extraction-plant-in-argentina","article/eramet-and-tsingshan-open-direct-lithium-extraction-plant-in-argentina",{"_uid":63364,"date":63365,"tags":63366,"editor":63368,"content":63372,"excerpt":63492,"featured":51,"reporter":63493,"_editable":63497,"component":864,"seo_title":63498,"categories":63499,"visibility":2091,"author_company":49,"data_vis_image":63502,"featured_image":63504,"seo_description":63507,"author_full_name":49,"author_job_title":49,"formattedDate":63508},"7fea6cd2-84bb-40f7-8d33-78dcdb2af156","2024-07-05 00:00",[63367],{"slug":24492,"name":24493},[63369],{"slug":544,"name":543,"content":63370},{"job_title":557,"image":63371,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":63373},[63374,63379,63384,63389,63394,63399,63409,63420,63425,63432,63437,63442,63447,63452,63457,63462,63467,63472,63477,63482,63487],{"type":594,"attrs":63375,"content":63376},{"textAlign":49},[63377],{"text":63378,"type":599},"Eramet commissioned its first Direct Lithium Extraction (DLE) plant in Argentina, marking the first new industrial-scale facility in the country using the technology, which promises to speed up production of lithium. ",{"type":594,"attrs":63380,"content":63381},{"textAlign":49},[63382],{"text":63383,"type":599},"The plant, a joint venture with China’s Tsingshan, is set to start producing battery-grade lithium carbonate from the Centenario- Ratones salar in November, and ramp-up to full production by the middle of next year. It’s set to have capacity to produce 24,000 tonnes a year of battery-grade lithium carbonate, at a cost of between $4,500 to $5,000 a tonne. ",{"type":594,"attrs":63385,"content":63386},{"textAlign":49},[63387],{"text":63388,"type":599},"“They’ve developed their own tech, constructed on time and on budget,” Cam Perks, principal consultant at Benchmark, said. “Now the real test begins.” ",{"type":594,"attrs":63390,"content":63391},{"textAlign":49},[63392],{"text":63393,"type":599},"DLE, which refers to a suite of different technologies for extracting lithium, promises to open up new areas of lithium production, and also increase the speed of lithium extraction from salt flat brines in Chile and Argentina by removing the need for solar evaporation. ",{"type":594,"attrs":63395,"content":63396},{"textAlign":49},[63397],{"text":63398,"type":599},"Arcadium Lithium currently uses DLE in Argentina at its Hombre Muerto project. ",{"type":594,"attrs":63400,"content":63401},{"textAlign":49},[63402,63404,63408],{"text":63403,"type":599},"By 2035, DLE is expected to contribute 14% of total lithium supply, of around 470,000 tonnes LCE, according to Benchmark’s ",{"text":55196,"type":599,"marks":63405},[63406],{"type":604,"attrs":63407},{"href":16561,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":63410,"content":63411},{"textAlign":49},[63412,63414,63418],{"text":63413,"type":599},"This week Benchmark published a special report on DLE lithium extraction and its role in future lithium supply. Click ",{"text":6515,"type":599,"marks":63415},[63416],{"type":604,"attrs":63417},{"href":25949,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":63419,"type":599}," to read the full report. ",{"type":594,"attrs":63421,"content":63422},{"textAlign":49},[63423],{"text":63424,"type":599},"Eramet said the use of DLE shortened the production time for lithium extraction to one week, compared to between 12 and 18 months for traditional evaporation methods in the country. ",{"type":594,"attrs":63426,"content":63427},{"textAlign":49},[63428],{"type":1186,"attrs":63429},{"id":49,"alt":547,"src":63430,"title":49,"source":49,"copyright":49,"meta_data":63431},"https://a.storyblok.com/f/287943243085208/678773059b/bm-image-95-1344066d854e.png",{},{"type":657,"attrs":63433,"content":63434},{"level":15966,"textAlign":49},[63435],{"text":63436,"type":599},"DLE technology",{"type":594,"attrs":63438,"content":63439},{"textAlign":49},[63440],{"text":63441,"type":599},"Eramet is using an aluminium-based adsorbent material, which captures lithium from the brines. ",{"type":594,"attrs":63443,"content":63444},{"textAlign":49},[63445],{"text":63446,"type":599},"Eramet has said that over 60% of the water used in the process is recycled, and that the company is also exploring direct reinjection of the brine into the salt flat to further reduce water consumption. ",{"type":594,"attrs":63448,"content":63449},{"textAlign":49},[63450],{"text":63451,"type":599},"Unlike other processes, it doesn’t use acid, and also can operate at the natural temperature of the brine – around 20 degrees centigrade, Eramet said. ",{"type":594,"attrs":63453,"content":63454},{"textAlign":49},[63455],{"text":63456,"type":599},"The whole process also includes nanofiltration and membrane separation, and has an overall efficiency of around 87%, according to Eramet.  ",{"type":657,"attrs":63458,"content":63459},{"level":15966,"textAlign":49},[63460],{"text":63461,"type":599},"Capital costs",{"type":594,"attrs":63463,"content":63464},{"textAlign":49},[63465],{"text":63466,"type":599},"One hurdle to the application of DLE has been the cost to construct and build new plants. Eramet partnered with China’s Tsingshan, however, which has deep experience building plants in Indonesia. ",{"type":594,"attrs":63468,"content":63469},{"textAlign":49},[63470],{"text":63471,"type":599},"Eramet said the cost of the first phase of its plant, which is at 4,000 metres above sea level, was $870 million. It took three years to construct. ",{"type":594,"attrs":63473,"content":63474},{"textAlign":49},[63475],{"text":63476,"type":599},"That’s up from an earlier estimate made in 2022 of $735 million. ",{"type":594,"attrs":63478,"content":63479},{"textAlign":49},[63480],{"text":63481,"type":599},"The estimated cash cost of production for the project has also risen from an earlier estimate of $3,500 a tonne LCE in 2022. ",{"type":594,"attrs":63483,"content":63484},{"textAlign":49},[63485],{"text":63486,"type":599},"The two companies are also considering building a second phase, which would produce around 30,000 tonnes LCE a year, subject to the obtaining of construction permits. Eramet said it would cost around $800 million. ",{"type":594,"attrs":63488,"content":63489},{"textAlign":49},[63490],{"text":63491,"type":599},"Eramet owns 50.1% of the project, with Tsingshan holding the remainder of the shares.","Eramet commissioned its first Direct Lithium Extraction (DLE) plant in Argentina, marking the first new industrial-scale facility in the country using the technology, which promises to speed up production of lithium. The plant, a joint venture with China’s Tsingshan, is set to start producing battery-grade lithium carbonate from the Centenario- Ratones salar in November, and […]",[63494],{"slug":544,"name":543,"content":63495},{"job_title":557,"image":63496,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7fea6cd2-84bb-40f7-8d33-78dcdb2af156\", \"id\": \"\"}-->","Eramet and Tsingshan open direct lithium ...",[63500,63501],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":63503},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":63505,"copyright":547,"fieldtype":553,"meta_data":63506,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/061c4d8b1b/bm-eramet-argentina.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Eramet commissioned its first Direct Lithium Extraction (DLE) plant in Argentina, marking the first new industrial-scale facility in the country using the technology, which promises to speed up production of lithium.","Jul 05, 2024",{"id":63510,"uuid":63511,"name":63512,"slug":63513,"full_slug":63514,"content":63515},112469323314415,"4cefa5ac-8aba-477c-a9b1-2667fd8f8525","LGES LFP commitment grows with Renault Group battery cell deal","lges-lfp-commitment-grows-with-renault-group-battery-cell-deal","article/lges-lfp-commitment-grows-with-renault-group-battery-cell-deal",{"_uid":63516,"date":63365,"tags":63517,"editor":63522,"content":63526,"excerpt":63649,"featured":51,"reporter":63650,"_editable":63654,"component":864,"seo_title":63512,"categories":63655,"visibility":882,"author_company":49,"data_vis_image":63661,"featured_image":63665,"seo_description":63649,"author_full_name":49,"author_job_title":49,"formattedDate":63508},"e7241057-6566-477d-955b-7a130011d4fa",[63518,63519,63520,63521],{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":7219,"name":451},{"slug":3117,"name":3118},[63523],{"slug":544,"name":543,"content":63524},{"job_title":557,"image":63525,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":63527},[63528,63533,63538,63543,63553,63558,63563,63568,63573,63586,63599,63609,63614,63624,63631],{"type":594,"attrs":63529,"content":63530},{"textAlign":49},[63531],{"text":63532,"type":599},"LG Energy Solution (LGES) has demonstrated its growing focus on lithium iron phosphate (LFP) cells, signing a deal to supply Renault Group’s Ampere.",{"type":594,"attrs":63534,"content":63535},{"textAlign":49},[63536],{"text":63537,"type":599},"The South Korean battery manufacturer is expanding its capacity to meet growing demand for LFP cells outside of China.",{"type":594,"attrs":63539,"content":63540},{"textAlign":49},[63541],{"text":63542,"type":599},"“While LFP lacks in energy density compared to nickel based chemistries, it is desirable on many other fronts. It is generally the lowest cost, is safer (lower voltage, with a more predictable charge/discharge curve), it eliminates use of critical raw materials such as nickel and cobalt, and has a longer lifespan,” said Luke Gear, a Battery and EV Analyst at Benchmark.",{"type":594,"attrs":63544,"content":63545},{"textAlign":49},[63546,63547,63551],{"text":25616,"type":599},{"text":48137,"type":599,"marks":63548},[63549],{"type":604,"attrs":63550},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63552,"type":599}," forecasts demand for the chemistry to almost triple by the end of the decade, from just under 600 GWh in 2024 to more than 1,500 GWh in 2030.",{"type":657,"attrs":63554,"content":63555},{"level":15966,"textAlign":49},[63556],{"text":63557,"type":599},"What has happened?",{"type":657,"attrs":63559,"content":63560},{"level":15966,"textAlign":49},[63561],{"text":63562,"type":599},"LGES and LFP plans",{"type":594,"attrs":63564,"content":63565},{"textAlign":49},[63566],{"text":63567,"type":599},"LGES has historically focused on nickel-based cathode cells but has begun to build out LFP capacity in recent years. ",{"type":594,"attrs":63569,"content":63570},{"textAlign":49},[63571],{"text":63572,"type":599},"The South Korean battery maker plans to produce LFP cells at its Michigan, US, plant from 2026. Though the company has paused construction of its LFP plans at its Arizona, US, site production is still expected to begin in 2029.",{"type":594,"attrs":63574,"content":63575},{"textAlign":49},[63576,63578,63584],{"text":63577,"type":599},"In February, LGES signed a ",{"text":63579,"type":599,"marks":63580},"long-term LFP supply agreement",[63581],{"type":604,"attrs":63582},{"href":63583,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lges-doubles-down-on-lfp-but-nickel-based-chemistries-central-to-long-term-plans",{"text":63585,"type":599}," with Chinese cathode manufacturer  Changzhou Liyuan. Changzhou Liyuan will supply LGES with 160,000 tonnes of LFP products between 2024 and 2028.",{"type":594,"attrs":63587,"content":63588},{"textAlign":49},[63589,63591,63597],{"text":63590,"type":599},"Additionally, LG Chem, the parent company of LGES, has ",{"text":63592,"type":599,"marks":63593},"partnered with Huayou Group",[63594],{"type":604,"attrs":63595},{"href":63596,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-huayou-and-cngr-hope-to-supply-europe-and-us-from-morocco-plants",{"text":63598,"type":599}," to build an LFP cathode material plant with 50,000 tonnes per year nameplate capacity in Morocco, with production expected to begin in 2026.",{"type":594,"attrs":63600,"content":63601},{"textAlign":49},[63602,63604,63608],{"text":63603,"type":599},"However, the South Korean manufacturer remains focused on nickel-based cells. Following the deal with Ampere, 4% of LGES’ 680 GWh pipeline capacity to 2030 is dedicated to LFP cells, according to Benchmark’s ",{"text":35230,"type":599,"marks":63605},[63606],{"type":604,"attrs":63607},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":63610,"content":63611},{"level":15966,"textAlign":49},[63612],{"text":63613,"type":599},"LFP outside of China",{"type":594,"attrs":63615,"content":63616},{"textAlign":49},[63617,63619,63623],{"text":63618,"type":599},"Rising demand for lower cost EVs and ESS batteries has grown demand for LFP cells outside of China. Ex-China production is expected to be just under two GWh this year but it is expected to increase to more than 165 GWh in 2030, according to Benchmark’s ",{"text":48137,"type":599,"marks":63620},[63621],{"type":604,"attrs":63622},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":63625,"content":63626},{"textAlign":49},[63627],{"type":1186,"attrs":63628},{"id":49,"alt":547,"src":63629,"title":49,"source":49,"copyright":49,"meta_data":63630},"https://a.storyblok.com/f/287943243085208/170fd104b1/bm-lfp-production-outside-of-china-is-rising-1.png",{},{"type":594,"attrs":63632,"content":63633},{"textAlign":49},[63634,63636,63640,63642,63647],{"text":63635,"type":599},"More than 99% of global LFP cell production is expected to come from China this year, according to Benchmark’s ",{"text":48137,"type":599,"marks":63637},[63638],{"type":604,"attrs":63639},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63641,"type":599},". By 2030, this figure falls to 92%, with North America and ",{"text":63643,"type":599,"marks":63644},"Europe ",[63645],{"type":604,"attrs":63646},{"href":27590,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63648,"type":599},"making up 4% and 3% respectively.","LG Energy Solution (LGES) has demonstrated its growing focus on lithium iron phosphate (LFP) cells, signing a deal to supply Renault Group’s Ampere. The South Korean battery manufacturer is expanding its capacity to meet growing demand for LFP cells outside of China. “While LFP lacks in energy density compared to nickel based chemistries, it is […]",[63651],{"slug":544,"name":543,"content":63652},{"job_title":557,"image":63653,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e7241057-6566-477d-955b-7a130011d4fa\", \"id\": \"\"}-->",[63656,63657,63658,63659,63660],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4332,"name":4333},{"id":49,"alt":63662,"name":547,"focus":547,"title":63662,"source":547,"filename":63663,"copyright":547,"fieldtype":553,"meta_data":63664,"is_external_url":51},"Line chart showing Ex-China LFP production between 2024 and 2030, showing a mostly linear increase from under 2 GWh of production to more than 160 GWh","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1720178375/www-production/LFP-production-outside-of-China-is-rising-no-Y-axis-1/LFP-production-outside-of-China-is-rising-no-Y-axis-1.png?_i=AA",{"alt":63662,"title":63662,"source":547,"copyright":547},{"id":49,"alt":63666,"name":547,"focus":547,"title":63666,"source":547,"filename":63667,"copyright":547,"fieldtype":553,"meta_data":63668,"is_external_url":51},"Electric vehicle battery construction by robot arms","https://a.storyblok.com/f/287943243085208/e7210abe09/bm-lges-lfp-renault-group-deal.jpg",{"alt":63666,"title":63666,"source":547,"copyright":547},{"id":63670,"uuid":63671,"name":63672,"slug":63673,"full_slug":63674,"content":63675},114843537559230,"2a062449-32db-4484-b0d5-973c720b1921","China bolsters DRC copper-cobalt dominance with proposed Chemaf acquisition","china-bolsters-drc-copper-cobalt-dominance-with-proposed-chemaf-acquisition","article/china-bolsters-drc-copper-cobalt-dominance-with-proposed-chemaf-acquisition",{"_uid":63676,"date":63677,"tags":63678,"editor":63682,"content":63686,"excerpt":63803,"featured":51,"reporter":63804,"_editable":63808,"component":864,"seo_title":63672,"categories":63809,"visibility":882,"author_company":49,"featured_image":63813,"seo_description":63803,"author_full_name":49,"author_job_title":49,"formattedDate":63816},"82090413-bdbc-4220-bd86-f411ed5b60f8","2024-07-04 00:00",[63679,63680,63681],{"slug":913,"name":914},{"slug":572,"name":573},{"slug":1375,"name":1376},[63683],{"slug":544,"name":543,"content":63684},{"job_title":557,"image":63685,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":63687},[63688,63693,63706,63711,63716,63721,63738,63751,63756,63763,63768,63773,63778,63783,63788,63793,63798],{"type":594,"attrs":63689,"content":63690},{"textAlign":49},[63691],{"text":63692,"type":599},"China is set to extend its control over Democratic Republic of Congo (DRC) copper-cobalt mining, after state-owned Norin Mining (Norin) last week agreed a deal to buy Chemaf Resources (Chemaf).",{"type":594,"attrs":63694,"content":63695},{"textAlign":49},[63696,63698,63704],{"text":63697,"type":599},"Chemaf’s statement said the deal would enable the company to address its existing debt obligations to creditors, with the proposed transaction set for completion in Q4. Trafigura is the company’s largest creditor, ",{"text":63699,"type":599,"marks":63700},"striking a $600 million deal with UAE-based Chemaf in 2022",[63701],{"type":604,"attrs":63702},{"href":63703,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/trafigura-strikes-600-million-deal-for-drc-cobalt-and-copper-supply",{"text":63705,"type":599}," to finance the development of Mutoshi and the Etoile expansion.",{"type":594,"attrs":63707,"content":63708},{"textAlign":49},[63709],{"text":63710,"type":599},"However, Chemaf has failed to complete both projects within its existing debt facilities, citing declining copper and cobalt prices as well as inflationary pressures in the global mining sector.",{"type":657,"attrs":63712,"content":63713},{"level":15966,"textAlign":49},[63714],{"text":63715,"type":599},"China’s grip on DRC cobalt ",{"type":594,"attrs":63717,"content":63718},{"textAlign":49},[63719],{"text":63720,"type":599},"Chinese firms are deeply embedded in the DRC mining industry, having hoovered up several of the country’s key copper-cobalt assets over the last decade. ",{"type":594,"attrs":63722,"content":63723},{"textAlign":49},[63724,63730,63732],{"text":63725,"type":599,"marks":63726},"China’s CMOC surpassed Glencore to become both the DRC’s and the world’s largest cobalt miner in 2023",[63727],{"type":604,"attrs":63728},{"href":63729,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cmoc-could-overtake-glencore-with-cobalt-production-boost",{"text":63731,"type":599},", as output from its expanded Tenke Fungurume (TFM) and newly started Kisanfu (KFM) operations surged by over 170% year-on-year. The company is poised to solidify its position in 2024, ",{"text":63733,"type":599,"marks":63734},"reporting record supply growth in the first quarter of the year.",[63735],{"type":604,"attrs":63736},{"href":63737,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-surplus-risks-widening-as-cmoc-surpasses-q1-guidance",{"type":594,"attrs":63739,"content":63740},{"textAlign":49},[63741,63743,63749],{"text":63742,"type":599},"CMOC’s sharp supply ramp-up has led to a 20% year-on-year decrease in ",{"text":63744,"type":599,"marks":63745},"Benchmark CIF Asia cobalt hydroxide price",[63746],{"type":604,"attrs":63747},{"href":63748,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cobalt/reports/",{"text":63750,"type":599},"s. Chinese miners are less price sensitive than their western counterparts, with strategic aims such as security of supply often taking precedence over the company’s bottom line.",{"type":594,"attrs":63752,"content":63753},{"textAlign":49},[63754],{"text":63755,"type":599},"Moreover, copper’s recent price rally, which saw prices reach record highs in May, is incentivising miners to increase output despite bearish fundamentals for cobalt.",{"type":594,"attrs":63757,"content":63758},{"textAlign":49},[63759],{"type":1186,"attrs":63760},{"id":49,"alt":547,"src":63761,"title":49,"source":49,"copyright":49,"meta_data":63762},"https://a.storyblok.com/f/287943243085208/43585ccbc6/bm-image-63.png",{},{"type":594,"attrs":63764,"content":63765},{"textAlign":49},[63766],{"text":63767,"type":599},"Norin’s proposed Chemaf acquisition would take the share of cobalt supply under Chinese-majority ownership to over 60% through to the end of the decade. A level of dominance which poses considerable supply risk for the West.",{"type":657,"attrs":63769,"content":63770},{"level":15966,"textAlign":49},[63771],{"text":63772,"type":599},"US seeks to counter China’s DRC hegemony ",{"type":594,"attrs":63774,"content":63775},{"textAlign":49},[63776],{"text":63777,"type":599},"The DRC’s state-owned miner Gécamines, which leases the mining permit for Mutoshi to Chemaf, is reported to be opposed to the sale. Despite Chemaf suggesting it had already sealed approval from the DRC government.",{"type":594,"attrs":63779,"content":63780},{"textAlign":49},[63781],{"text":63782,"type":599},"Gécamines hopes to gain a foothold in both the copper and cobalt markets, aiming to initiate a long-postponed monopoly on artisanally mined (ASM) cobalt supply in collaboration with Trafigura this year. The state-owned miner has also reportedly begun to sell its share of copper from joint-venture projects for the first time. ",{"type":594,"attrs":63784,"content":63785},{"textAlign":49},[63786],{"text":63787,"type":599},"Norin’s acquisition of Chemaf would also deal a blow to US hopes of countering China’s influence over the DRC mining industry, according to Jorge Uzcategui, senior cobalt analyst at Benchmark ",{"type":594,"attrs":63789,"content":63790},{"textAlign":49},[63791],{"text":63792,"type":599},"“China’s acquisition of Chemaf and its copper-cobalt assets will further cement its control over key resources in the DRC,” said Uzcategui. ",{"type":594,"attrs":63794,"content":63795},{"textAlign":49},[63796],{"text":63797,"type":599},"“In contrast, US ambitions to build a strong mineral supply chain face significant hurdles, from financial constraints to operational complexities in the region,” he added.",{"type":594,"attrs":63799,"content":63800},{"textAlign":49},[63801],{"text":63802,"type":599},"The US government has been attempting to facilitate a deal for Western buyers to takeover copper-cobalt mines in the DRC, which could involve lifting sanctions on the Israeli mining magnate Dan Gertler, The Financial Times reported.","China is set to extend its control over Democratic Republic of Congo (DRC) copper-cobalt mining, after state-owned Norin Mining (Norin) last week agreed a deal to buy Chemaf Resources (Chemaf). Chemaf’s statement said the deal would enable the company to address its existing debt obligations to creditors, with the proposed transaction set for completion in […]",[63805],{"slug":544,"name":543,"content":63806},{"job_title":557,"image":63807,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"82090413-bdbc-4220-bd86-f411ed5b60f8\", \"id\": \"\"}-->",[63810,63811,63812],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":63814,"copyright":547,"fieldtype":553,"meta_data":63815,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1476eb3158/bm-drc-china-flags.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 04, 2024",{"id":63818,"uuid":63819,"name":63820,"slug":63821,"full_slug":63822,"content":63823},112469331739888,"703368a3-2dc4-4903-91a1-e23698bd7c7a","Can US and European policy tackle China’s EV dominance?","can-us-and-european-policy-tackle-chinas-ev-dominance","article/can-us-and-european-policy-tackle-chinas-ev-dominance",{"_uid":63824,"date":63677,"tags":63825,"editor":63833,"content":63837,"excerpt":64076,"featured":51,"reporter":64077,"_editable":64081,"component":864,"seo_title":63820,"categories":64082,"visibility":2091,"author_company":49,"featured_image":64084,"seo_description":64076,"author_full_name":49,"author_job_title":49,"formattedDate":63816},"f3fe375c-8a04-45c1-8930-443003ca89b7",[63826,63827,63828,63829,63830,63831,63832],{"slug":913,"name":914},{"slug":10097,"name":10098},{"slug":10093,"name":10094},{"slug":46859,"name":46860},{"slug":7052,"name":7053},{"slug":26773,"name":13365},{"slug":4610,"name":662},[63834],{"slug":544,"name":543,"content":63835},{"job_title":557,"image":63836,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":63838},[63839,63851,63882,63907,63919,63924,63929,63934,63939,63947,63952,63957,63962,63967,63972,63980,63991,63996,64001,64014,64019,64024,64035,64046,64051,64056,64061,64068],{"type":594,"attrs":63840,"content":63841},{"textAlign":49},[63842,63844,63850],{"text":63843,"type":599},"In recent months, both the US and European Union imposed significant tariffs on electric vehicles imported from China in a bid to ",{"text":63845,"type":599,"marks":63846},"boost the competitiveness of their domestic industries",[63847],{"type":604,"attrs":63848},{"href":63849,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/can-us-eu-policy-derail-chinas-ev-supply-chain-dominance",{"text":974,"type":599},{"type":594,"attrs":63852,"content":63853},{"textAlign":49},[63854,63855,63860,63862,63867,63869,63874,63876,63881],{"text":45365,"type":599},{"text":63856,"type":599,"marks":63857},"US added 100% tariffs",[63858],{"type":604,"attrs":63859},{"href":57175,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63861,"type":599}," to Chinese EV imports, whilst the ",{"text":63863,"type":599,"marks":63864},"EU is proposing a near 50% tariff",[63865],{"type":604,"attrs":63866},{"href":57567,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63868,"type":599}," on some Chinese EVs. The US has also imposed ",{"text":63870,"type":599,"marks":63871},"additional tariffs",[63872],{"type":604,"attrs":63873},{"href":53409,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63875,"type":599}," on Chinese lithium ion batteries, critical minerals and ",{"text":63877,"type":599,"marks":63878},"anode material",[63879],{"type":604,"attrs":63880},{"href":56489,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":63883,"content":63884},{"textAlign":49},[63885,63887,63892,63893,63898,63900,63906],{"text":63886,"type":599},"From the perspective of the ",{"text":57725,"type":599,"marks":63888},[63889],{"type":604,"attrs":63890},{"href":63891,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/European-Union",{"text":1440,"type":599},{"text":13365,"type":599,"marks":63894},[63895],{"type":604,"attrs":63896},{"href":63897,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/USA",{"text":63899,"type":599}," governments these tariffs strive to level the playing field to allow more diverse and domestically-centred supply chains to develop without ",{"text":63901,"type":599,"marks":63902},"supposedly over-subsidised competition",[63903],{"type":604,"attrs":63904},{"href":63905,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-the-eu-could-tackle-subsidised-imports-of-chinese-evs",{"text":57697,"type":599},{"type":594,"attrs":63908,"content":63909},{"textAlign":49},[63910,63912,63917],{"text":63911,"type":599},"“The world can hugely benefit if it relies on a more diversified supply chain,” Julia Poliscanova, a senior director at the European NGO Transport & Environment, said during ",{"text":63913,"type":599,"marks":63914},"Benchmark’s policy webinar",[63915],{"type":604,"attrs":63916},{"href":63849,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63918,"type":599}," last week. “Everyone wins when competition is good.”",{"type":657,"attrs":63920,"content":63921},{"level":15966,"textAlign":49},[63922],{"text":63923,"type":599},"The strength of China",{"type":594,"attrs":63925,"content":63926},{"textAlign":49},[63927],{"text":63928,"type":599},"Of the 1.1 terawatt-hours of lithium ion batteries produced globally last year, 85% were produced in China, despite the country accounting for just 52% of global battery demand.",{"type":594,"attrs":63930,"content":63931},{"textAlign":49},[63932],{"text":63933,"type":599},"This strength in battery production feeds into China’s strength in EV production. In 2023, China exported 1.2 million EVs and is forecast by Benchmark to export 1.4 million this year. The majority of these were to Europe, with just 1% to the US.",{"type":594,"attrs":63935,"content":63936},{"textAlign":49},[63937],{"text":63938,"type":599},"China scaled these technologies faster than any other region and dominates the majority of the supply chain. It achieved this through proactive policies to incentivise the build out of capacity and state support.",{"type":594,"attrs":63940,"content":63941},{"textAlign":49},[63942],{"type":1186,"attrs":63943},{"id":49,"alt":63944,"src":63945,"title":49,"source":49,"copyright":49,"meta_data":63946},"China's rapidly growing EV exports","https://a.storyblok.com/f/287943243085208/b5b16dbdd7/bm-growth-of-chinese-ev-exports.png",{},{"type":657,"attrs":63948,"content":63949},{"level":15966,"textAlign":49},[63950],{"text":63951,"type":599},"The call for tariffs",{"type":594,"attrs":63953,"content":63954},{"textAlign":49},[63955],{"text":63956,"type":599},"However, China’s capacity has grown faster than its domestic demand leading to overcapacity and fierce price competition.",{"type":594,"attrs":63958,"content":63959},{"textAlign":49},[63960],{"text":63961,"type":599},"“The worry for the rest of the world is that China looks to export markets when domestic demand proves insufficient,” Jonathan Humphrey, a senior economist at Benchmark, said during the webinar.",{"type":594,"attrs":63963,"content":63964},{"textAlign":49},[63965],{"text":63966,"type":599},"The European Union argues that the state support China provides for EVs that get exported to the bloc amounts to unfair subsidisation. The US also believes that China’s practices are anti-competitive.",{"type":594,"attrs":63968,"content":63969},{"textAlign":49},[63970],{"text":63971,"type":599},"Thus, both the EU and US have proposed or imposed tariffs on the imports of Chinese EVs to supposedly level the playing field.",{"type":594,"attrs":63973,"content":63974},{"textAlign":49},[63975],{"type":1186,"attrs":63976},{"id":49,"alt":63977,"src":63978,"title":49,"source":49,"copyright":49,"meta_data":63979},"EU could impose almost 50% tariffs on some Chinese EV imports","https://a.storyblok.com/f/287943243085208/12c9a56e8d/bm-eu-tariff-china-13062024-v3.png",{},{"type":594,"attrs":63981,"content":63982},{"textAlign":49},[63983,63985,63989],{"text":63984,"type":599},"However, ",{"text":7052,"type":599,"marks":63986},[63987],{"type":604,"attrs":63988},{"href":25164,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63990,"type":599}," could increase the price of EVs for consumers amidst already slowing growth in EV demand.",{"type":594,"attrs":63992,"content":63993},{"textAlign":49},[63994],{"text":63995,"type":599},"“Short term, there will be some knockdown effects on pricing,” Poliscanova said. “However, I think we shouldn’t forget just how much of the margins and pricing power many Chinese OEMs such as BYD have.”",{"type":594,"attrs":63997,"content":63998},{"textAlign":49},[63999],{"text":64000,"type":599},"Poliscanova argues that despite this, the tariffs help to achieve the goals of green transition policies.",{"type":594,"attrs":64002,"content":64003},{"textAlign":49},[64004,64006,64012],{"text":64005,"type":599},"“The European green agenda has come with a ",{"text":64007,"type":599,"marks":64008},"promise of green jobs",[64009],{"type":604,"attrs":64010},{"href":64011,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ultimately-its-about-making-sure-that-we-keep-real-jobs-here-in-europe-qa-with-the-eus-peter-handley",{"text":64013,"type":599},", new jobs and green growth,” she said. “And if the entire transition is relying on imported technology, those jobs won’t materialise.”",{"type":657,"attrs":64015,"content":64016},{"level":15966,"textAlign":49},[64017],{"text":64018,"type":599},"Policy beyond tariffs",{"type":594,"attrs":64020,"content":64021},{"textAlign":49},[64022],{"text":64023,"type":599},"Tariffs are just one instrument that policy makers can deploy to discourage Chinese imports and encourage the build out of domestic supply chains.",{"type":594,"attrs":64025,"content":64026},{"textAlign":49},[64027,64029,64033],{"text":64028,"type":599},"The US released its industry-changing ",{"text":46860,"type":599,"marks":64030},[64031],{"type":604,"attrs":64032},{"href":57712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":64034,"type":599}," in August 2022, which quickly resulted in a flurry of gigafactory announcements in the country. ",{"type":594,"attrs":64036,"content":64037},{"textAlign":49},[64038,64040,64044],{"text":64039,"type":599},"The EU has opted for a less incentive-laden approach to its domestic green industries. Instead, the bloc has deployed the Net-Zero Industry Act, Battery Regulation and the ",{"text":10098,"type":599,"marks":64041},[64042],{"type":604,"attrs":64043},{"href":57078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":64045,"type":599}," to encourage the domestic build out of a battery ecosystem through regulatory frameworks.",{"type":594,"attrs":64047,"content":64048},{"textAlign":49},[64049],{"text":64050,"type":599},"“Smart regulation is a good way to go: It can attract investment,” Poliscanova said. “And from the consumer point of view, it’s actually the most cost effective way to scale products.”",{"type":594,"attrs":64052,"content":64053},{"textAlign":49},[64054],{"text":64055,"type":599},"But regulation can only go so far to tackle competition from a country as dominant as China.",{"type":594,"attrs":64057,"content":64058},{"textAlign":49},[64059],{"text":64060,"type":599},"“I do believe right now, given the subsidies in China and given the US IRA, just relying on regulations in Europe is simply not good enough,” Poliscanova said. “We do need a lot more investments.”",{"type":594,"attrs":64062,"content":64063},{"textAlign":49},[64064],{"text":64065,"type":599,"marks":64066},"Benchmark Source subscribers can watch all of Benchmark’s webinars, conference presentations, industry interviews, and insights from our analysts on demand.",[64067],{"type":643},{"type":594,"attrs":64069,"content":64070},{"textAlign":49},[64071,64075],{"text":64072,"type":599,"marks":64073},"Fill in the form below to learn more or request a free trial of Benchmark Source",[64074],{"type":643},{"text":21888,"type":599},"In recent months, both the US and European Union imposed significant tariffs on electric vehicles imported from China in a bid to boost the competitiveness of their domestic industries. In May, the US added 100% tariffs to Chinese EV imports, whilst the EU is proposing a near 50% tariff on some Chinese EVs. The US […]",[64078],{"slug":544,"name":543,"content":64079},{"job_title":557,"image":64080,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f3fe375c-8a04-45c1-8930-443003ca89b7\", \"id\": \"\"}-->",[64083],{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":64085,"copyright":547,"fieldtype":553,"meta_data":64086,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d806bcdfae/bm-eu-us-china-132061540c77.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":64088,"uuid":64089,"name":64090,"slug":64091,"full_slug":64092,"content":64093},112469346002163,"b717938e-55cb-4008-9eb5-d151b3df13a2","Chinese LFP cathode prices more than halve in a year as cell makers flex power","chinese-lfp-cathode-prices-more-than-halve-in-a-year-as-cell-makers-flex-power","article/chinese-lfp-cathode-prices-more-than-halve-in-a-year-as-cell-makers-flex-power",{"_uid":64094,"date":64095,"tags":64096,"editor":64102,"content":64106,"excerpt":64207,"featured":51,"reporter":64208,"_editable":64212,"component":864,"seo_title":64090,"categories":64213,"visibility":882,"author_company":49,"featured_image":64218,"seo_description":64207,"author_full_name":49,"author_job_title":49,"formattedDate":64220},"02a25ded-8a42-48ca-a1a1-65f2f031a231","2024-07-03 00:00",[64097,64100,64101],{"slug":64098,"name":64099},"cathode-prices","Cathode prices",{"slug":7219,"name":451},{"slug":910,"name":911},[64103],{"slug":544,"name":543,"content":64104},{"job_title":557,"image":64105,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":64107},[64108,64113,64125,64130,64141,64146,64158,64165,64170,64175,64180,64185,64190,64195],{"type":594,"attrs":64109,"content":64110},{"textAlign":49},[64111],{"text":64112,"type":599},"Prices for Chinese lithium iron phosphate (LFP) cathode material more than halved in the past year amid weak raw material prices, a supply glut and intensive competition among cathode producers.",{"type":594,"attrs":64114,"content":64115},{"textAlign":49},[64116,64118,64123],{"text":64117,"type":599},"LFP cathode prices have declined 52% year-on-year to RMB 42,000 ($5,796) for the period ended  mid June, according to the ",{"text":64119,"type":599,"marks":64120},"Benchmark Cathode Price Assessment",[64121],{"type":604,"attrs":64122},{"href":59063,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":64124,"type":599},". Aside from a rebound in March, when lithium carbonate prices rose about 15%, LFP cathode prices have fallen every month since August.",{"type":594,"attrs":64126,"content":64127},{"textAlign":49},[64128],{"text":64129,"type":599},"“The majority of the price decreases have stemmed from falling lithium carbonate prices in China,” said Evan Hartley, analyst at Benchmark. “But the cell producers have taken advantage of this and suppressed prices even further, leveraging the increased competition within the LFP space.” ",{"type":594,"attrs":64131,"content":64132},{"textAlign":49},[64133,64135,64140],{"text":64134,"type":599},"Chinese lithium carbonate prices have declined 70.5% year-on-year to RMB 92,000 ($12,700) per tonne for the period ended mid June, according to the ",{"text":51393,"type":599,"marks":64136},[64137],{"type":604,"attrs":64138},{"href":64139,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium/chart/",{"text":58825,"type":599},{"type":594,"attrs":64142,"content":64143},{"textAlign":49},[64144],{"text":64145,"type":599},"While prices have declined for all battery cathode materials, LFP cathodes have fallen the most as Tier 1 and 2 cell makers have been lowering battery prices since early last year to gain market share and undercut competitors.",{"type":594,"attrs":64147,"content":64148},{"textAlign":49},[64149,64150,64156],{"text":2372,"type":599},{"text":64151,"type":599,"marks":64152},"Benchmark Cathode Price Index",[64153],{"type":604,"attrs":64154},{"href":64155,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cathode/portal/?tab=chart",{"text":64157,"type":599},", which tracks prices of cathode relative to demand, fell 48.6% since this time last year, reaching its lowest point since January 2021. ",{"type":594,"attrs":64159,"content":64160},{"textAlign":49},[64161],{"type":1186,"attrs":64162},{"id":49,"alt":547,"src":64163,"title":49,"source":49,"copyright":49,"meta_data":64164},"https://a.storyblok.com/f/287943243085208/df3be8392e/bm-lfp-cathode-price-chart.png",{},{"type":657,"attrs":64166,"content":64167},{"level":15966,"textAlign":49},[64168],{"text":64169,"type":599},"Overcapacity bites",{"type":594,"attrs":64171,"content":64172},{"textAlign":49},[64173],{"text":64174,"type":599},"A consistent growth in the Chinese cathode market has seen production capacity far outpace demand, with many producers lowering utilisation rates. ",{"type":594,"attrs":64176,"content":64177},{"textAlign":49},[64178],{"text":64179,"type":599},"“Demand is increasing for LFP, particularly for overseas ESS markets, but capacity expansions continue to outstrip demand, so increasing demand has done little to alleviate overcapacity,” said Hartley.",{"type":594,"attrs":64181,"content":64182},{"textAlign":49},[64183],{"text":64184,"type":599},"According to the analyst, the continuous addition of cathode making capacity in the past few years has helped Tier 1 cell makers to create a price war between midstream companies. ",{"type":594,"attrs":64186,"content":64187},{"textAlign":49},[64188],{"text":64189,"type":599},"“As there are fewer large cell companies, there is a limited pool of customers for cathode producers relative to the amount of competitors out there,” Hartley added.",{"type":594,"attrs":64191,"content":64192},{"textAlign":49},[64193],{"text":64194,"type":599},"A few Chinese cathode investments or projects have been delayed or cancelled due to overcapacity and low profitability.",{"type":594,"attrs":64196,"content":64197},{"textAlign":49},[64198,64200,64206],{"text":64199,"type":599},"The cathode market is forecast to enter an era of deficit from 2029 onwards, according to the ",{"text":64201,"type":599,"marks":64202},"Benchmark Cathode Forecast",[64203],{"type":604,"attrs":64204},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/cathode/reports/",{"text":974,"type":599},"Prices for Chinese lithium iron phosphate (LFP) cathode material more than halved in the past year amid weak raw material prices, a supply glut and intensive competition among cathode producers. LFP cathode prices have declined 52% year-on-year to RMB 42,000 ($5,796) for the period ended mid June, according to the Benchmark Cathode Price Assessment. Aside […]",[64209],{"slug":544,"name":543,"content":64210},{"job_title":557,"image":64211,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"02a25ded-8a42-48ca-a1a1-65f2f031a231\", \"id\": \"\"}-->",[64214,64215,64216,64217],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":878,"name":8},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":58930,"copyright":547,"fieldtype":553,"meta_data":64219,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jul 03, 2024",{"id":64222,"uuid":64223,"name":64224,"slug":64225,"full_slug":64226,"content":64227},112469362496758,"ccddf90a-a8e5-4155-92c7-0ae7eadf0a8b","Benchmark launches satellite analysis to track the global cathode market","benchmark-launches-satellite-analysis-to-track-the-global-cathode-market","article/benchmark-launches-satellite-analysis-to-track-the-global-cathode-market",{"_uid":64228,"date":64229,"tags":64230,"editor":64233,"content":64237,"excerpt":64410,"featured":50,"reporter":64411,"_editable":64415,"component":864,"seo_title":64224,"categories":64416,"visibility":2091,"author_company":49,"featured_image":64419,"seo_description":64410,"author_full_name":49,"author_job_title":49,"formattedDate":64421},"171c7453-c599-4b1d-bcb8-812622e95c97","2024-07-02 00:00",[64231],{"slug":64232,"name":47189},"benchmark-verified",[64234],{"slug":544,"name":543,"content":64235},{"job_title":557,"image":64236,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":64238},[64239,64249,64271,64276,64284,64293,64304,64317,64322,64328,64332,64338,64343,64349,64357,64362,64367,64372,64380,64389,64396,64403],{"type":594,"attrs":64240,"content":64241},{"textAlign":49},[64242,64243,64245,64247],{"text":9653,"type":599},{"text":64244,"type":599}," is pleased to announce it has begun monitoring and verifying global cathode construction progress using satellite imagery as part of the ",{"text":64246,"type":599},"Benchmark Verified ",{"text":64248,"type":599},"service.",{"type":594,"attrs":64250,"content":64251},{"textAlign":49},[64252,64254,64260,64265,64267,64269],{"text":64253,"type":599},"Building upon the ",{"text":64255,"type":599,"marks":64256},"success of such analysis in the ",[64257],{"type":604,"attrs":64258},{"href":64259,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-verified-the-five-stages-of-benchmarks-gigafactory-satellite-analysis",{"text":64261,"type":599,"marks":64262},"Benchmark Gigafactory Market Assessment,",[64263],{"type":604,"attrs":64264},{"href":64259,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":64266,"type":599},"the",{"text":64268,"type":599}," Benchmark Verified",{"text":64270,"type":599}," service is now monitoring over 300 cathode facilities globally.",{"type":594,"attrs":64272,"content":64273},{"textAlign":49},[64274],{"text":64275,"type":599},"“The launch of Benchmark Verified for Cathode has enabled us to take another step forward in building the most comprehensive and accurate picture of manufacturing assets in the global battery supply chain,” said Aakanksha Raje, cathode analyst at Benchmark. “The work we have undertaken has already yielded results in verifying the status of sites, particularly those in more opaque regions such as China.” ",{"type":594,"attrs":64277,"content":64278},{"textAlign":49},[64279,64281,64282],{"text":64280,"type":599},"As new entrants gear up to meet growing demand for locally sourced cathode material in Western markets and Chinese producers continue capacity expansions, ",{"text":25616,"type":599},{"text":64283,"type":599},"satellite imagery will provide subscribers with granular, evidence-based insight into the progress of developments at individual facilities across the globe.",{"type":594,"attrs":64285,"content":64286},{"textAlign":49},[64287,64288,64290,64291],{"text":51284,"type":599},{"text":64289,"type":599}," analysis reveals the number of active cathode facilities globally is set to increase 37% by 2030, taking global cathode capacity to over 22,000,000 tonnes per year by the end of the decade. The ",{"text":64246,"type":599},{"text":64292,"type":599},"service has confirmed 3,000,000 tonnes per year of this additional capacity to currently be in the construction phase.",{"type":594,"attrs":64294,"content":64295},{"textAlign":49},[64296,64298,64299,64301,64302],{"text":64297,"type":599},"However, a downcycle for critical mineral prices is adding considerable risk for the battery industry. In this context, ",{"text":7249,"type":599},{"text":64300,"type":599},"anticipates a period of consolidation to take place in the cathode market this year and next, with geospatial analysis providing the tools necessary for the ",{"text":7249,"type":599},{"text":64303,"type":599},"team to monitor how market players are weathering the storm.",{"type":594,"attrs":64305,"content":64306},{"textAlign":49},[64307,64309,64310,64312],{"text":64308,"type":599},"In addition, the ",{"text":47189,"type":599},{"text":64311,"type":599}," service will provide subscribers with critical insights into regional deviations and trends; exemplified by ",{"text":64313,"type":599,"marks":64314},"Benchmark’s similar analysis on diverging gigafactory construction timelines in the US and China.",[64315],{"type":604,"attrs":64316},{"href":60956,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":64318,"content":64319},{"textAlign":49},[64320],{"text":64321,"type":599},"Today, 85% of the current global cathode capacity is located in China. The US is planning an enormous 300% increase in its number of facilities through to 2030, while Europe’s cathode capacity is set to reach close to 1,000,000 tonnes per year by the end of the decade – 50% of which is confirmed to be in construction through analysis of satellite imagery.",{"type":594,"attrs":64323,"content":64324},{"textAlign":49},[64325,64326],{"text":9653,"type":599},{"text":64327,"type":599}," will continue to monitor each site at regular intervals to confirm activity, particularly as overcapacity in some markets may lead to companies to halt construction, expansion, or production; abandoning projects altogether if headwinds persist.",{"type":657,"attrs":64329,"content":64330},{"level":15966,"textAlign":49},[64331],{"text":47189,"type":599},{"type":594,"attrs":64333,"content":64334},{"textAlign":49},[64335,64336],{"text":51284,"type":599},{"text":64337,"type":599}," new remote sensing service will be included within its Cathode Assessment.",{"type":594,"attrs":64339,"content":64340},{"textAlign":49},[64341],{"text":64342,"type":599},"This service will provide accurate and transparent insight into cathode projects, backed by satellite imagery.",{"type":594,"attrs":64344,"content":64345},{"textAlign":49},[64346,64347],{"text":9653,"type":599},{"text":64348,"type":599}," has combined its detailed knowledge of these existing and planned facilities globally with advanced capabilities in the analysis of satellite imagery using geographic information systems (GIS).",{"type":594,"attrs":64350,"content":64351},{"textAlign":49},[64352,64354,64355],{"text":64353,"type":599},"Initially this service will verify the status of active cathode facilities and monitor the progress of individual projects construction and production timelines. Through the development of proprietary site evaluation methodologies from satellite imagery, ",{"text":9653,"type":599},{"text":64356,"type":599}," will assign each individual cathode production site into one of two initial categories:",{"type":594,"attrs":64358,"content":64359},{"textAlign":49},[64360],{"text":64361,"type":599},"Benchmark uses a number of indicators to gauge activity levels at each site or the stage of construction each facility is undergoing",{"type":594,"attrs":64363,"content":64364},{"textAlign":49},[64365],{"text":64366,"type":599},"These indicators include but are not limited to:",{"type":594,"attrs":64368,"content":64369},{"textAlign":49},[64370],{"text":64371,"type":599},"Where cathode production sites have been verified this will be indicated in research via two main categories:",{"type":594,"attrs":64373,"content":64374},{"textAlign":49},[64375,64377,64378],{"text":64376,"type":599},"Where possible ",{"text":9653,"type":599},{"text":64379,"type":599}," uses its extensive field visits to further verify its findings from satellite imagery.",{"type":594,"attrs":64381,"content":64382},{"textAlign":49},[64383,64385,64387],{"text":64384,"type":599},"As part of our data collection process ",{"text":64386,"type":599},"Benchmark Minerals",{"text":64388,"type":599}," also conducts regular reviews of our sources and the data received to analyse the information published against external metrics and verify accuracy.",{"type":594,"attrs":64390,"content":64391},{"textAlign":49},[64392],{"text":64393,"type":599,"marks":64394},"Benchmark Verified for Cathode is part of the coverage provided in Benchmark’s Cathode Price Assessment.",[64395],{"type":643},{"type":594,"attrs":64397,"content":64398},{"textAlign":49},[64399],{"text":64400,"type":599,"marks":64401},"The satellite imagery allows our experts to independently assess capacity developments in China – Benchmark covers over 90% of global cathode supply.",[64402],{"type":643},{"type":594,"attrs":64404,"content":64405},{"textAlign":49},[64406],{"text":64407,"type":599,"marks":64408},"To see more details and speak to our experts, please provide your details here and our team will contact you shortly.",[64409],{"type":643},"Benchmark is pleased to announce it has begun monitoring and verifying global cathode construction progress using satellite imagery as part of the Benchmark Verified service. Building upon the success of such analysis in the Benchmark Gigafactory Market Assessment, the Benchmark Verified service is now monitoring over 300 cathode facilities globally. “The launch of Benchmark Verified […]",[64412],{"slug":544,"name":543,"content":64413},{"job_title":557,"image":64414,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"171c7453-c599-4b1d-bcb8-812622e95c97\", \"id\": \"\"}-->",[64417,64418],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":29492,"copyright":547,"fieldtype":553,"meta_data":64420,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jul 02, 2024",{"id":64423,"uuid":64424,"name":64425,"slug":64426,"full_slug":64427,"content":64428},112469357683957,"db2b8a9b-c94b-473f-be0a-5b790f71b363","Canada adds phosphate to critical minerals list as LFP demand grows outside China","canada-adds-phosphate-to-critical-minerals-list-as-lfp-demand-grows-outside-china","article/canada-adds-phosphate-to-critical-minerals-list-as-lfp-demand-grows-outside-china",{"_uid":64429,"date":64229,"tags":64430,"editor":64433,"content":64437,"excerpt":64583,"featured":51,"reporter":64584,"_editable":64588,"component":864,"seo_title":64425,"categories":64589,"visibility":2091,"author_company":49,"featured_image":64594,"seo_description":64583,"author_full_name":49,"author_job_title":49,"formattedDate":64421},"bec0ab20-0a65-4b26-b9ad-7d73f82784ee",[64431,64432],{"slug":39425,"name":39426},{"slug":4610,"name":662},[64434],{"slug":544,"name":543,"content":64435},{"job_title":557,"image":64436,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":64438},[64439,64444,64449,64461,64466,64471,64476,64481,64486,64491,64496,64501,64506,64511,64516,64521,64532,64543,64548,64553,64564,64569,64576],{"type":594,"attrs":64440,"content":64441},{"textAlign":49},[64442],{"text":64443,"type":599},"Canada has added phosphorus, high-purity iron, and silicon metal to its critical minerals list, a decision that could support its bid to become a major ex-China battery materials supplier. ",{"type":594,"attrs":64445,"content":64446},{"textAlign":49},[64447],{"text":64448,"type":599},"Lithium iron phosphate (LFP) battery cathodes contain both battery-suitable purified phosphoric acid (PPA), made using mined phosphorus feedstock, and high-purity iron.",{"type":594,"attrs":64450,"content":64451},{"textAlign":49},[64452,64454,64460],{"text":64453,"type":599},"“Phosphate was already considered a critical mineral in the provinces of Quebec and Ontario, which hold significant deposits,” said Benchmark analyst Rania Benjelloun Benkacem. “This national-level addition aims to draw awareness to upcoming ",{"text":64455,"type":599,"marks":64456},"market deficits for PPA",[64457],{"type":604,"attrs":64458},{"href":64459,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/phosphate/reports/",{"text":46013,"type":599},{"type":594,"attrs":64462,"content":64463},{"textAlign":49},[64464],{"text":64465,"type":599},"Silicon metal meanwhile is mainly used in chips and semiconductors but is also a feedstock for silicon-graphite battery anodes, which potentially offers greater density and extended vehicle range compared to standard graphite anodes.",{"type":594,"attrs":64467,"content":64468},{"textAlign":49},[64469],{"text":64470,"type":599},"“The timely addition of silicon to Canada’s critical mineral list may act to future proof its interests in the anode supply and value chains,” said Rory McNulty, senior research analyst at Benchmark.",{"type":594,"attrs":64472,"content":64473},{"textAlign":49},[64474],{"text":64475,"type":599},"Projects in these minerals will now be eligible for various forms of government support, including a seven-year C$1.5 billion ($1.1 billion) federal fund for new critical minerals infrastructure launched in November 2023.",{"type":594,"attrs":64477,"content":64478},{"textAlign":49},[64479],{"text":64480,"type":599},"The update is part of Canada’s Critical Minerals Strategy, launched in 2022, which partly aims to make the country a key supplier of ex-China energy transition minerals for geopolitical partners. ",{"type":594,"attrs":64482,"content":64483},{"textAlign":49},[64484],{"text":64485,"type":599},"The US is a key target market for Canadian producers thanks to the Inflation Reduction Act (IRA), which awards consumer tax credits for EV using batteries containing critical minerals made in free trade partner nations like Canada.",{"type":594,"attrs":64487,"content":64488},{"textAlign":49},[64489],{"text":64490,"type":599},"Canada is also trying to achieve domestic critical minerals supply security, including for its growing battery industry.",{"type":594,"attrs":64492,"content":64493},{"textAlign":49},[64494],{"text":64495,"type":599},"“Canada’s addition of phosphates in its critical mineral list was in response to market fundamentals. It is a strategic step in recognizing the importance of this resource for Canada’s economy,” said Benjelloun Benkacem.",{"type":657,"attrs":64497,"content":64498},{"level":15966,"textAlign":49},[64499],{"text":64500,"type":599},"Rising battery demand for phosphorus",{"type":594,"attrs":64502,"content":64503},{"textAlign":49},[64504],{"text":64505,"type":599},"LFP’s iron and PPA inputs make for a cell chemistry with lower raw material costs than nickel cobalt aluminium (NCA) and nickel manganese cobalt (NCM), which contain the more price-volatile cobalt and nickel.",{"type":594,"attrs":64507,"content":64508},{"textAlign":49},[64509],{"text":64510,"type":599},"Despite its cost advantage, LFP’s EV market share remains low in the West, where battery capacity is dominated by NCA and NCM chemistries. ",{"type":594,"attrs":64512,"content":64513},{"textAlign":49},[64514],{"text":64515,"type":599},"“In the West, the ESS market is driving the immediate need for LFP and its mineral inputs,” said Aran Waid, Benchmark analyst. ",{"type":594,"attrs":64517,"content":64518},{"textAlign":49},[64519],{"text":64520,"type":599},"However, more Western EV manufacturers are expected to adopt LFP going forward as they target the affordable vehicle market. This is expected to drive up high-purity iron and phosphorus demand.",{"type":594,"attrs":64522,"content":64523},{"textAlign":49},[64524,64526,64530],{"text":64525,"type":599},"Right now, there are just three operating LFP cathode plants in the West, one of which is Nano One Materials’ site in Canada, according to ",{"text":42098,"type":599,"marks":64527},[64528],{"type":604,"attrs":64529},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":64531,"type":599},". A planned 10,000 tonne per annum capacity expansion at this site is due to go online in 2026.",{"type":594,"attrs":64533,"content":64534},{"textAlign":49},[64535,64537,64541],{"text":64536,"type":599},"North American and European LFP supply is expected to grow at a compound annual growth rate (CAGR) of 35% between 2024 and 2035, according to ",{"text":42098,"type":599,"marks":64538},[64539],{"type":604,"attrs":64540},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":64542,"type":599},", with seven pipeline projects now in place across the two regions.",{"type":657,"attrs":64544,"content":64545},{"level":15966,"textAlign":49},[64546],{"text":64547,"type":599},"PPA expansion key",{"type":594,"attrs":64549,"content":64550},{"textAlign":49},[64551],{"text":64552,"type":599},"The main raw material bottleneck for LFP expansion is expected to be in battery-suitable PPA, which is derived from mined phosphorus rock, with  Benchmark predicting 0.8 million tonne deficit in the chemical worldwide by 2030. ",{"type":594,"attrs":64554,"content":64555},{"textAlign":49},[64556,64558,64563],{"text":64557,"type":599},"Additionally, much of the 2030 PPA supply may not be geopolitically acceptable for the West since China is set to hold 73% of global capacity by that year, according to ",{"text":64559,"type":599,"marks":64560},"Benchmark’s Phosphoric Acid Market Outlook",[64561],{"type":604,"attrs":64562},{"href":64459,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":64565,"content":64566},{"textAlign":49},[64567],{"text":64568,"type":599},"Securing mined phosphorus feedstock will be important, as well as increasing refining capacity to alleviate the chemical bottleneck. The element is mostly used as an agricultural fertiliser and demand from this sector is expected to grow even as rising battery demand puts additional pressure on supply.",{"type":594,"attrs":64570,"content":64571},{"textAlign":49},[64572],{"text":64573,"type":599,"marks":64574},"Benchmark’s Phosphoric Acid Market Outlook service assesses phosphoric acid and P2O5 market balance for supply, demand and prices with a breakdown of pure phosphoric acid capacity in different regions out to 2030 on a quarterly basis.",[64575],{"type":643},{"type":594,"attrs":64577,"content":64578},{"textAlign":49},[64579],{"text":64580,"type":599,"marks":64581},"To see more detail and speak to our team, please provide your details here:",[64582],{"type":643},"Canada has added phosphorus, high-purity iron, and silicon metal to its critical minerals list, a decision that could support its bid to become a major ex-China battery materials supplier. Lithium iron phosphate (LFP) battery cathodes contain both battery-suitable purified phosphoric acid (PPA), made using mined phosphorus feedstock, and high-purity iron. “Phosphate was already considered a […]",[64585],{"slug":544,"name":543,"content":64586},{"job_title":557,"image":64587,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bec0ab20-0a65-4b26-b9ad-7d73f82784ee\", \"id\": \"\"}-->",[64590,64591,64592,64593],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":64595,"copyright":547,"fieldtype":553,"meta_data":64596,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b5a3cca6a2/bm-canada-map.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":64598,"uuid":64599,"name":64600,"slug":64601,"full_slug":64602,"content":64603},112469352453364,"2d688f4e-b185-4fd8-9318-04507be26d9b","EU forecast to fall short of 2030 CRMA targets without ambitious action","eu-forecast-to-fall-short-of-2030-crma-targets-without-ambitious-action","article/eu-forecast-to-fall-short-of-2030-crma-targets-without-ambitious-action",{"_uid":64604,"date":64229,"tags":64605,"editor":64611,"content":64615,"excerpt":64818,"featured":51,"reporter":64819,"_editable":64823,"component":864,"seo_title":64600,"categories":64824,"visibility":882,"author_company":49,"data_vis_image":64826,"featured_image":64828,"seo_description":64818,"author_full_name":49,"author_job_title":49,"formattedDate":64421},"3a986f6c-ba9b-4b69-ba6f-3b7cd33bf5aa",[64606,64607,64608,64609,64610],{"slug":10097,"name":10098},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":4610,"name":662},[64612],{"slug":544,"name":543,"content":64613},{"job_title":557,"image":64614,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":64616},[64617,64622,64634,64639,64644,64649,64654,64659,64664,64669,64674,64683,64691,64696,64707,64719,64724,64729,64740,64748,64760,64765,64770,64775,64780,64785,64790,64803,64808,64813],{"type":594,"attrs":64618,"content":64619},{"textAlign":49},[64620],{"text":64621,"type":599},"The targets laid out in the European Union’s Critical Raw Materials Act will require significant growth in the bloc’s mining, processing and recycling capabilities, Benchmark data shows.",{"type":594,"attrs":64623,"content":64624},{"textAlign":49},[64625,64627,64633],{"text":64626,"type":599},"The Act, which came into force last month requires that by 2030 certain percentages of the bloc’s combined annual demand for strategic minerals be met by EU-based mines, processors and recyclers. Further, no more than 65% of any given strategic mineral should come from a ",{"text":64628,"type":599,"marks":64629},"single non-EU country",[64630],{"type":604,"attrs":64631},{"href":64632,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-needs-international-partners-for-critical-minerals-diversification",{"text":974,"type":599},{"type":594,"attrs":64635,"content":64636},{"textAlign":49},[64637],{"text":64638,"type":599},"This comes as companies have until August to apply for “strategic project” status. Such projects will enjoy streamlined permitting processes and are expected to help the EU to meet its goals as well as easier access to EU funding.",{"type":594,"attrs":64640,"content":64641},{"textAlign":49},[64642],{"text":64643,"type":599},"“These projects in and outside the European Union are supposed to help the EU meet its supply localisation and diversification targets,” Bryan Bille, a policy analyst at Benchmark, said.",{"type":657,"attrs":64645,"content":64646},{"level":15966,"textAlign":49},[64647],{"text":64648,"type":599},"What are the targets?",{"type":594,"attrs":64650,"content":64651},{"textAlign":49},[64652],{"text":64653,"type":599},"The Critical Raw Materials Act lays out four targets for the bloc to meet by 2030. These reflect the EU’s ambitious goals rather than being legally binding.",{"type":594,"attrs":64655,"content":64656},{"textAlign":49},[64657],{"text":64658,"type":599},"Official Journal of the European Union",{"type":594,"attrs":64660,"content":64661},{"textAlign":49},[64662],{"text":64663,"type":599},"For mining, processing, and recycling the targets are for all the strategic minerals combined. A shortfall in, for example, the mining of cobalt in the EU could be compensated for by nickel mining surpassing the target.",{"type":657,"attrs":64665,"content":64666},{"level":15966,"textAlign":49},[64667],{"text":64668,"type":599},"Which targets are the EU close on?",{"type":594,"attrs":64670,"content":64671},{"textAlign":49},[64672],{"text":64673,"type":599},"Within battery metals, lithium and nickel are the only minerals for which the EU is on track to meet the 10% mining target in terms of demand from battery applications.",{"type":594,"attrs":64675,"content":64676},{"textAlign":49},[64677,64681],{"text":24541,"type":599,"marks":64678},[64679],{"type":604,"attrs":64680},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":64682,"type":599}," shows that between 2024 and 2030, lithium mining in the EU is set to increase 27-fold. Currently, Portugal is the only EU country with any lithium mining. By 2030, however, France and Finland are forecast to be the largest EU miners of lithium.",{"type":594,"attrs":64684,"content":64685},{"textAlign":49},[64686],{"type":1186,"attrs":64687},{"id":49,"alt":64688,"src":64689,"title":49,"source":49,"copyright":49,"meta_data":64690},"CRMA goals require ambitious action","https://a.storyblok.com/f/287943243085208/ffe8e47542/bm-crma-mining-and-processing-q1-2024.png",{},{"type":657,"attrs":64692,"content":64693},{"level":15966,"textAlign":49},[64694],{"text":64695,"type":599},"Which targets are the EU behind on?",{"type":594,"attrs":64697,"content":64698},{"textAlign":49},[64699,64701,64706],{"text":64700,"type":599},"The EU’s processing of critical minerals falls below 40% of its domestic demand from battery applications. For refined cobalt production, the bloc’s current forecast 2030 production in the EU needs to almost triple to meet the 40% target, according to ",{"text":40483,"type":599,"marks":64702},[64703],{"type":604,"attrs":64704},{"href":64705,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/cobalt/reports",{"text":974,"type":599},{"type":594,"attrs":64708,"content":64709},{"textAlign":49},[64710,64712,64718],{"text":64711,"type":599},"For anode materials, the EU is forecast to fall well short on both the mining of flake graphite as well as the ",{"text":64713,"type":599,"marks":64714},"production of spherical graphite",[64715],{"type":604,"attrs":64716},{"href":64717,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sweden-is-only-eu-member-set-to-produce-spherical-graphite-by-2030",{"text":974,"type":599},{"type":594,"attrs":64720,"content":64721},{"textAlign":49},[64722],{"text":64723,"type":599},"Although the EU is forecast to have sizable synthetic graphite production in 2030, most of this is not suited to battery applications.",{"type":594,"attrs":64725,"content":64726},{"textAlign":49},[64727],{"text":64728,"type":599},"The EU is forecast to have some mining and processing capacity in 2030 for most of the strategic minerals. However, for manganese ore and petroleum coke–the precursor to synthetic graphite–there is no production forecast in the EU by 2030.",{"type":594,"attrs":64730,"content":64731},{"textAlign":49},[64732,64738],{"text":64733,"type":599,"marks":64734},"Battery recycling",[64735],{"type":604,"attrs":64736},{"href":64737,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/is-europe-ambitious-enough-on-recycling",{"text":64739,"type":599},", too, needs significant investment if it is to account for 25% of the EU’s strategic mineral demand from batteries. Nickel from European recycled sources is currently forecast to represent the greatest proportion of demand at just shy of 9%.",{"type":594,"attrs":64741,"content":64742},{"textAlign":49},[64743],{"type":1186,"attrs":64744},{"id":49,"alt":64745,"src":64746,"title":49,"source":49,"copyright":49,"meta_data":64747},"2030 recycled metal supplies forecast to fall short of 25% CRMA goals","https://a.storyblok.com/f/287943243085208/aa638dfbe6/bm-crma-recycling-q1-2024.png",{},{"type":594,"attrs":64749,"content":64750},{"textAlign":49},[64751,64753,64758],{"text":64752,"type":599},"However, the CRMA has already had a ",{"text":64754,"type":599,"marks":64755},"positive impact on the EU recycling ecosystem",[64756],{"type":604,"attrs":64757},{"href":61204,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":64759,"type":599}," with a year-on-year increase of 28% in the bloc’s recycling capacity between the end of 2022 and the end of 2023.",{"type":657,"attrs":64761,"content":64762},{"level":15966,"textAlign":49},[64763],{"text":64764,"type":599},"Can the EU meet these goals?",{"type":594,"attrs":64766,"content":64767},{"textAlign":49},[64768],{"text":64769,"type":599},"The data clearly show the level of ambition behind the EU’s goals, but is it realistic to think they can be met?",{"type":594,"attrs":64771,"content":64772},{"textAlign":49},[64773],{"text":64774,"type":599},"“These data are a reality check for the EU, again underlining the importance of supply diversification and the fact that the EU will need to rely on supply from mineral-rich strategic partners to meet its 2030 targets and to diversify away from China,” Bille said.",{"type":594,"attrs":64776,"content":64777},{"textAlign":49},[64778],{"text":64779,"type":599},"A key mechanism the EU plans to use for meeting its goals is through the designation of strategic projects.",{"type":657,"attrs":64781,"content":64782},{"level":15966,"textAlign":49},[64783],{"text":64784,"type":599},"What are strategic projects?",{"type":594,"attrs":64786,"content":64787},{"textAlign":49},[64788],{"text":64789,"type":599},"If a company can show that their project will help the EU to meet ambitious CRMA goals, then it can be given the “strategic” label.",{"type":594,"attrs":64791,"content":64792},{"textAlign":49},[64793,64795,64801],{"text":64794,"type":599},"Strategic projects will be entitled to an ",{"text":64796,"type":599,"marks":64797},"expedited permitting process",[64798],{"type":604,"attrs":64799},{"href":64800,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/five-key-takeaways-from-giga-europe-2024",{"text":64802,"type":599}," that will take no more than 27 months for mining projects or 15 months for pure processing or recycling projects.",{"type":594,"attrs":64804,"content":64805},{"textAlign":49},[64806],{"text":64807,"type":599},"Although the process is quicker than for non-Strategic projects, an environmental impact assessment must still be carried out and delays on this assessment could push a project beyond the 27 or 15 month time period.",{"type":594,"attrs":64809,"content":64810},{"textAlign":49},[64811],{"text":64812,"type":599},"Strategic projects can be developed outside of the EU, though an accelerated permitting procedure cannot be guaranteed in these instances. Benchmark contacts have said that around 90% of strategic projects are expected to be within the EU region.",{"type":594,"attrs":64814,"content":64815},{"textAlign":49},[64816],{"text":64817,"type":599},"The deadline for the first round of strategic project applications is 22 August 2024, with decisions expected to be made towards the end of the year. The EU will announce its decisions from the fourth quarter of 2024.","The targets laid out in the European Union’s Critical Raw Materials Act will require significant growth in the bloc’s mining, processing and recycling capabilities, Benchmark data shows. The Act, which came into force last month requires that by 2030 certain percentages of the bloc’s combined annual demand for strategic minerals be met by EU-based mines, […]",[64820],{"slug":544,"name":543,"content":64821},{"job_title":557,"image":64822,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3a986f6c-ba9b-4b69-ba6f-3b7cd33bf5aa\", \"id\": \"\"}-->",[64825],{"slug":880,"name":881},{"id":49,"alt":64688,"name":547,"focus":547,"title":64688,"source":547,"filename":64689,"copyright":547,"fieldtype":553,"meta_data":64827,"is_external_url":51},{"alt":64688,"title":64688,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":64829,"copyright":547,"fieldtype":553,"meta_data":64830,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/dc1f121d92/bm-eu-flags-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":64832,"uuid":64833,"name":64834,"slug":64835,"full_slug":64836,"content":64837},112469381625082,"0b1bd6e9-0940-4832-ae2b-2df05e621a99","LFP begins to make inroads into Europe’s lithium ion ecosystem","lfp-begins-to-make-inroads-into-europes-lithium-ion-ecosystem","article/lfp-begins-to-make-inroads-into-europes-lithium-ion-ecosystem",{"_uid":64838,"date":64839,"tags":64840,"editor":64844,"content":64848,"excerpt":64943,"featured":51,"reporter":64944,"_editable":64948,"component":864,"seo_title":64834,"categories":64949,"visibility":882,"author_company":49,"data_vis_image":64959,"featured_image":64963,"seo_description":64943,"author_full_name":49,"author_job_title":49,"formattedDate":64967},"d147f7db-746c-4c90-9a26-f977928a592a","2024-06-28 00:00",[64841,64842,64843],{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":7219,"name":451},[64845],{"slug":544,"name":543,"content":64846},{"job_title":557,"image":64847,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":64849},[64850,64855,64865,64870,64881,64886,64893,64898,64903,64908,64913,64918,64923,64933,64938],{"type":594,"attrs":64851,"content":64852},{"textAlign":49},[64853],{"text":64854,"type":599},"European lithium iron phosphate (LFP) cell and cathode capacity is expanding as demand for lower cost electric vehicles and ESS batteries rises in the region.",{"type":594,"attrs":64856,"content":64857},{"textAlign":49},[64858,64860,64864],{"text":64859,"type":599},"European cell production today is almost exclusively focused on nickel cobalt manganese (NCM) chemistries with no active LFP production. However, by 2030 the region is forecast to produce 47 GWh in 2030, according to Benchmark’s ",{"text":48137,"type":599,"marks":64861},[64862],{"type":604,"attrs":64863},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":64866,"content":64867},{"textAlign":49},[64868],{"text":64869,"type":599},"“Cell manufacturers are increasing their LFP capacity in order to compete with the low-cost cells produced in China and meet growing European demand for the chemistry,” said Anya Sidhu, a pricing and data analyst at Benchmark.",{"type":594,"attrs":64871,"content":64872},{"textAlign":49},[64873,64875,64880],{"text":64874,"type":599},"The average LFP cell costs $61.56/kWh, whilst an NCM 622 cell costs $67.27/kWh, according to Benchmark’s ",{"text":64876,"type":599,"marks":64877},"Battery Cell Cost Calculator",[64878],{"type":604,"attrs":64879},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":64882,"content":64883},{"level":15966,"textAlign":49},[64884],{"text":64885,"type":599},"How is Europe’s LFP ecosystem developing?",{"type":594,"attrs":64887,"content":64888},{"textAlign":49},[64889],{"type":1186,"attrs":64890},{"id":49,"alt":547,"src":64891,"title":49,"source":49,"copyright":49,"meta_data":64892},"https://wp-admin.benchmarkminerals.com/app/uploads/European-LFP-capacity-is-expanding.png",{},{"type":657,"attrs":64894,"content":64895},{"level":15966,"textAlign":49},[64896],{"text":64897,"type":599},"Where does LFP fit in Europe?",{"type":594,"attrs":64899,"content":64900},{"textAlign":49},[64901],{"text":64902,"type":599},"LFP cells are well-positioned to meet growing European demand for lower-cost EVs and ESS.",{"type":594,"attrs":64904,"content":64905},{"textAlign":49},[64906],{"text":64907,"type":599},"LFP cells benefit from being lower cost, having a stronger safety profile, and superior lifecycle to NCM batteries. Cost is a priority for cell manufacturers and EV makers looking to provide lower-price options. ",{"type":594,"attrs":64909,"content":64910},{"textAlign":49},[64911],{"text":64912,"type":599},"However, LFP is not set to upstage NCM in the region for the foreseeable future. Most of Europe’s battery pipeline buildout is focused on NCM and automakers’ plans still focus largely on using the greater energy density cells. ",{"type":594,"attrs":64914,"content":64915},{"textAlign":49},[64916],{"text":64917,"type":599},"“While LFP capacity in Europe is set to increase, it is likely that NCM will remain the dominant cell chemistry,” said Sidhu. ",{"type":657,"attrs":64919,"content":64920},{"level":15966,"textAlign":49},[64921],{"text":64922,"type":599},"What role will Chinese companies play?",{"type":594,"attrs":64924,"content":64925},{"textAlign":49},[64926,64928,64932],{"text":64927,"type":599},"LFP expertise and production capacity is concentrated in China with the country set to produce more than 99% of LFP cells this year according to Benchmark’s ",{"text":48137,"type":599,"marks":64929},[64930],{"type":604,"attrs":64931},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":64934,"content":64935},{"textAlign":49},[64936],{"text":64937,"type":599},"Chinese companies’ expertise in the technology and Europe’s more welcoming business environment relative to the US, presents an opportunity to China’s LFP battery and cathode manufacturers. ",{"type":594,"attrs":64939,"content":64940},{"textAlign":49},[64941],{"text":64942,"type":599},"Chinese cell and cathode producers are already set to play a vital role in Europe’s supply chain. By 2030, Benchmark forecasts 29% and 30% of Europe’s cathode and cell production respectively will come from Chinese-owned projects. The share of Chinese involvement in Europe’s LFP cathode ecosystem is likely to be much higher than this. ","European lithium iron phosphate (LFP) cell and cathode capacity is expanding as demand for lower cost electric vehicles and ESS batteries rises in the region. European cell production today is almost exclusively focused on nickel cobalt manganese (NCM) chemistries with no active LFP production. However, by 2030 the region is forecast to produce 47 GWh […]",[64945],{"slug":544,"name":543,"content":64946},{"job_title":557,"image":64947,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d147f7db-746c-4c90-9a26-f977928a592a\", \"id\": \"\"}-->",[64950,64951,64952,64953,64954,64955,64956,64957,64958],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":4811,"name":4812},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":4332,"name":4333},{"id":49,"alt":64960,"name":547,"focus":547,"title":64960,"source":547,"filename":64961,"copyright":547,"fieldtype":553,"meta_data":64962,"is_external_url":51},"Line chart showing increase in European LFP capacity between 2024 and 2030","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1719566019/www-production/European-LFP-capacity-is-expanding-no-Y-axis_13199367551e/European-LFP-capacity-is-expanding-no-Y-axis_13199367551e.png?_i=AA",{"alt":64960,"title":64960,"source":547,"copyright":547},{"id":49,"alt":64964,"name":547,"focus":547,"title":64964,"source":547,"filename":64965,"copyright":547,"fieldtype":553,"meta_data":64966,"is_external_url":51},"Generic EV Battery Pack on Electric Car Production Line inside Modern Factory.","https://wp-admin.benchmarkminerals.com/app/uploads/LFP-begins-to-make-inroads-into-Europes-lithium-ion-ecosystem-scaled.jpg",{"alt":64964,"title":64964,"source":547,"copyright":547},"Jun 28, 2024",{"id":64969,"uuid":64970,"name":64971,"slug":64972,"full_slug":64973,"content":64974},112469415232769,"e41bfb22-a644-4131-83c6-b8024d5696b8","The battery supply chain impacts of elections in South Africa, Mexico, and India ","the-battery-supply-chain-impacts-of-elections-in-south-africa-mexico-and-india","article/the-battery-supply-chain-impacts-of-elections-in-south-africa-mexico-and-india",{"_uid":64975,"date":64976,"tags":64977,"editor":64982,"content":64986,"excerpt":65164,"featured":51,"reporter":65165,"_editable":65169,"component":864,"seo_title":64971,"categories":65170,"visibility":882,"author_company":49,"featured_image":65178,"seo_description":65164,"author_full_name":49,"author_job_title":49,"formattedDate":65181},"086648f6-f3e3-4b5f-9019-41e03a5f8fde","2024-06-20 00:00",[64978,64979,64980,64981],{"slug":22444,"name":22445},{"slug":7058,"name":7059},{"slug":2531,"name":2532},{"slug":4610,"name":662},[64983],{"slug":544,"name":543,"content":64984},{"job_title":557,"image":64985,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":64987},[64988,64993,64998,65002,65007,65012,65017,65022,65027,65032,65037,65042,65047,65051,65056,65061,65066,65071,65076,65081,65086,65091,65096,65101,65105,65110,65122,65127,65132,65137,65142,65154,65159],{"type":594,"attrs":64989,"content":64990},{"textAlign":49},[64991],{"text":64992,"type":599},"May and June saw historic elections in Mexico, South Africa, and India, all emerging lithium ion players occupying different segments of the battery supply chain. ",{"type":594,"attrs":64994,"content":64995},{"textAlign":49},[64996],{"text":64997,"type":599},"From South Africa’s manganese mining dominance to Mexico’s as an emerging electric vehicle (EV) hub, Benchmark looks at how the results could shape their position in global battery markets.  ",{"type":657,"attrs":64999,"content":65000},{"level":15966,"textAlign":49},[65001],{"text":2532,"type":599},{"type":657,"attrs":65003,"content":65004},{"level":15966,"textAlign":49},[65005],{"text":65006,"type":599},"Why is South Africa important in battery supply chains? ",{"type":657,"attrs":65008,"content":65009},{"level":15966,"textAlign":49},[65010],{"text":65011,"type":599},"Who is the new South African government and what does it mean for the manganese supply chain? ",{"type":594,"attrs":65013,"content":65014},{"textAlign":49},[65015],{"text":65016,"type":599},"The May 2024 election was the first time the ruling ANC party failed to get a majority since entering power at the end of apartheid in 1994, leading them to form a coalition government. ",{"type":594,"attrs":65018,"content":65019},{"textAlign":49},[65020],{"text":65021,"type":599},"The main parties that have agreed to govern with the ANC are the Inkatha Freedom Party (IFP) – a conservative party popular among the Zulu, the country’s largest ethnic group – and the pro-business, pro-market Democratic Alliance (DA). ",{"type":594,"attrs":65023,"content":65024},{"textAlign":49},[65025],{"text":65026,"type":599},"The DA came second in the vote and is favoured by many sections of the business community. Their inclusion in government could enhance the country’s foreign investment attractiveness, including for manganese. ",{"type":594,"attrs":65028,"content":65029},{"textAlign":49},[65030],{"text":65031,"type":599},"Yet a new government will not necessarily fix South Africa’s poor infrastructure, the biggest factor limiting its participation in global battery value chains.  ",{"type":594,"attrs":65033,"content":65034},{"textAlign":49},[65035],{"text":65036,"type":599},"“Manganese output in South Africa is affected primarily by how the government succeeds or fails to establish the necessary infrastructure to get products to market,” said Zach Parsons, analyst at Benchmark.",{"type":594,"attrs":65038,"content":65039},{"textAlign":49},[65040],{"text":65041,"type":599},"Electricity outages dominated pre-election discourse, just one of the country’s infrastructure failings. Transport investment will be particularly important for manganese since growth in mined supply will be concentrated in the Kalahari, far from the country’s ports. ",{"type":594,"attrs":65043,"content":65044},{"textAlign":49},[65045],{"text":65046,"type":599},"“Affordable, consistent power and transport is critical to make South Africa cost competitive as an ex-China producer of manganese ores and chemicals, and giving investors the economic confidence to back projects,” said Parsons.",{"type":657,"attrs":65048,"content":65049},{"level":15966,"textAlign":49},[65050],{"text":7059,"type":599},{"type":657,"attrs":65052,"content":65053},{"level":15966,"textAlign":49},[65054],{"text":65055,"type":599},"Why is Mexico important for the battery supply chain?",{"type":657,"attrs":65057,"content":65058},{"level":15966,"textAlign":49},[65059],{"text":65060,"type":599},"Who is the new Mexican government and how will it impact the lithium ion supply chain? ",{"type":594,"attrs":65062,"content":65063},{"textAlign":49},[65064],{"text":65065,"type":599},"The June general election returned the ruling left-wing Morena party to power and the Morena candidate Claudia Sheinbaum as president, backed by the hugely popular outgoing president, Andrés Manuel López Obrador.",{"type":594,"attrs":65067,"content":65068},{"textAlign":49},[65069],{"text":65070,"type":599},"Morena’s left-wing coalition also won a super-majority in the lower House of Congress.",{"type":594,"attrs":65072,"content":65073},{"textAlign":49},[65074],{"text":65075,"type":599},"Sheinbaum appears more likely to foster EV and lithium ion capacity growth than her predecessor Lopez Obrador. She has stated she would develop the country’s lithium and copper mining to achieve a full domestic EV value chain. She has also pledged to boost renewable energy to 50% by 2030. ",{"type":657,"attrs":65077,"content":65078},{"level":15966,"textAlign":49},[65079],{"text":65080,"type":599},"What’s Sheinbaum’s attitude towards the private sector? ",{"type":594,"attrs":65082,"content":65083},{"textAlign":49},[65084],{"text":65085,"type":599},"Although Sheinbaum states she favours public investment in achieving clean energy goals, fiscal pressures will be a constraint on this. ",{"type":594,"attrs":65087,"content":65088},{"textAlign":49},[65089],{"text":65090,"type":599},"Instead, Mexico will most likely pursue a mixed approach to lithium ion buildout, especially since Sheinbaum has expressed willingness to work with the private sector. ",{"type":594,"attrs":65092,"content":65093},{"textAlign":49},[65094],{"text":65095,"type":599},"Downstream players would welcome some state intervention. Infrastructure investment is crucial for further EV capacity since Mexico’s growing auto industry is already straining at the limits of a weak national energy grid. ",{"type":594,"attrs":65097,"content":65098},{"textAlign":49},[65099],{"text":65100,"type":599},"The Sonora Plan is an example of state-private capacity building that may attract further private investment into Mexico. The programme is building lithium extraction, renewable energy and industrial plants in the northern state of Sonora aimed at building a domestic EV manufacturing hub. Sheinbaum has expressed support for the project, set up under Obrador. ",{"type":657,"attrs":65102,"content":65103},{"level":15966,"textAlign":49},[65104],{"text":22445,"type":599},{"type":657,"attrs":65106,"content":65107},{"level":15966,"textAlign":49},[65108],{"text":65109,"type":599},"Who won and what does this mean for lithium ion? ",{"type":594,"attrs":65111,"content":65112},{"textAlign":49},[65113,65115,65120],{"text":65114,"type":599},"Incumbent prime minister and BJP leader Nayendra Modi has been sworn in for his third consecutive term as Prime Minister ",{"text":65116,"type":599,"marks":65117},"after multi-stage elections",[65118],{"type":604,"attrs":65119},{"href":59291,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":65121,"type":599}," over May and June. ",{"type":594,"attrs":65123,"content":65124},{"textAlign":49},[65125],{"text":65126,"type":599},"Lithium ion stakeholders regard the BJP leader Narendra Modi favourably for his efforts to establish a domestic mine-to-battery value chain.",{"type":594,"attrs":65128,"content":65129},{"textAlign":49},[65130],{"text":65131,"type":599},"However, his BJP party did worse than polls had suggested, losing its parliamentary majority for the first time in a decade. Anger around high unemployment, inequality driven by rapid growth, and inflation contributed.",{"type":594,"attrs":65133,"content":65134},{"textAlign":49},[65135],{"text":65136,"type":599},"Markets reacted badly to the BJP slip yet the BJP’s election losses may not affect India’s lithium ion momentum. Already, the BJP has responded by economic growth policies and ambitions to rival China in manufacturing exports. ",{"type":657,"attrs":65138,"content":65139},{"level":15966,"textAlign":49},[65140],{"text":65141,"type":599},"Why is India important for the lithium ion value chain? ",{"type":594,"attrs":65143,"content":65144},{"textAlign":49},[65145,65147,65152],{"text":65146,"type":599},"India’s policies around lithium ion buildout have focused on the downstream, aiming for 30% of its passenger vehicles sold in 2030 to be ",{"text":65148,"type":599,"marks":65149},"EVs as well as 50 gigawatt hours of battery capacity",[65150],{"type":604,"attrs":65151},{"href":37851,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":65153,"type":599}," by the same year. It is broadly on track to hit its battery targets, according to Benchmark data. ",{"type":594,"attrs":65155,"content":65156},{"textAlign":49},[65157],{"text":65158,"type":599},"In the midstream, India holds growing capacity in synthetic graphite anode materials and is set to become one of the top suppliers compliant with US Foreign Entity of Concern rules.",{"type":594,"attrs":65160,"content":65161},{"textAlign":49},[65162],{"text":65163,"type":599},"Upstream, the government has expressed its commitment to achieving critical minerals supply security, encouraging domestic mining while also buying up foreign assets.","May and June saw historic elections in Mexico, South Africa, and India, all emerging lithium ion players occupying different segments of the battery supply chain. From South Africa’s manganese mining dominance to Mexico’s as an emerging electric vehicle (EV) hub, Benchmark looks at how the results could shape their position in global battery markets. South […]",[65166],{"slug":544,"name":543,"content":65167},{"job_title":557,"image":65168,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"086648f6-f3e3-4b5f-9019-41e03a5f8fde\", \"id\": \"\"}-->",[65171,65172,65173,65174,65175,65176,65177],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":4811,"name":4812},{"slug":2761,"name":2762},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":65179,"copyright":547,"fieldtype":553,"meta_data":65180,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/05de2718a7/bm-election.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 20, 2024",{"id":65183,"uuid":65184,"name":65185,"slug":65186,"full_slug":65187,"content":65188},112469410309376,"8671a9ba-96d5-43de-98e3-706f6f05c77f","Giga USA 2024 takeaways: Policy and politics drive US battery ambitions","giga-usa-2024-takeaways-policy-and-politics-drive-us-battery-ambitions","article/giga-usa-2024-takeaways-policy-and-politics-drive-us-battery-ambitions",{"_uid":65189,"date":64976,"tags":65190,"editor":65195,"content":65199,"excerpt":65471,"featured":51,"reporter":65472,"_editable":65476,"component":864,"seo_title":65185,"categories":65477,"visibility":882,"author_company":49,"featured_image":65488,"seo_description":65471,"author_full_name":49,"author_job_title":49,"formattedDate":65181},"33f974af-a82b-43bf-8258-9bd806b10c11",[65191,65194],{"slug":65192,"name":65193},"battery-gigafactories-usa-2024","Battery Gigafactories USA 2024",{"slug":1375,"name":1376},[65196],{"slug":544,"name":543,"content":65197},{"job_title":557,"image":65198,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":65200},[65201,65206,65219,65226,65231,65236,65241,65246,65256,65266,65278,65290,65295,65300,65305,65310,65315,65322,65327,65337,65344,65349,65354,65359,65364,65369,65376,65386,65391,65396,65407,65412,65417,65422,65427,65432,65437,65442,65447,65452,65456],{"type":594,"attrs":65202,"content":65203},{"textAlign":49},[65204],{"text":65205,"type":599},"As the curtain fell on Benchmark’s flagship Giga USA event last week in Washington DC, it was clear that the lithium ion battery industry had firmly entered a new era: one in which policy and politics are front and centre.",{"type":594,"attrs":65207,"content":65208},{"textAlign":49},[65209,65211,65217],{"text":65210,"type":599},"“The trend is pretty obvious,” said Simon Moores, CEO of Benchmark, ",{"text":65212,"type":599,"marks":65213},"delivering his opening remarks.",[65214],{"type":604,"attrs":65215},{"href":65216,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-four-eras-of-the-gigafactory-simon-moores-opens-giga-usa-2024",{"text":65218,"type":599}," “Politics will shape everything else that goes on within the industry.”",{"type":594,"attrs":65220,"content":65221},{"textAlign":49},[65222],{"type":1186,"attrs":65223},{"id":49,"alt":547,"src":65224,"title":49,"source":49,"copyright":49,"meta_data":65225},"https://a.storyblok.com/f/287943243085208/28e7c2f3f9/bm-atl09689.jpg",{},{"type":594,"attrs":65227,"content":65228},{"textAlign":49},[65229],{"text":65230,"type":599},"Simon Moores, Benchmark CEO delivers the opening address at Giga USA 2024",{"type":594,"attrs":65232,"content":65233},{"textAlign":49},[65234],{"text":65235,"type":599},"In this article, Benchmark examines some of the major underlying themes and discussion points that weaved throughout the three day event in the US capital. ",{"type":657,"attrs":65237,"content":65238},{"level":15966,"textAlign":49},[65239],{"text":65240,"type":599},"1) Politics in the driving seat",{"type":594,"attrs":65242,"content":65243},{"textAlign":49},[65244],{"text":65245,"type":599},"Discussion across the three days zeroed-in on the different ways in which the Inflation Reduction Act (IRA) was turbocharging the energy transition in the US. The landmark climate policy has created a step change for US clean energy investments; estimates put post-IRA clean energy manufacturing investments in the US at $17 billion as of Q1 2024. ",{"type":594,"attrs":65247,"content":65248},{"textAlign":49},[65249,65251],{"text":65250,"type":599},"As a key platform technology for the energy transition, the lithium ion battery industry has been a key recipient of this post-IRA investment. US cell production is forecast to increase from 57 GWh in 2023 to over 800 GWh by the end of the decade, a rise of 20% on similar projections one year ago according to the ",{"text":65252,"type":599,"marks":65253},"Benchmark Lithium ion Battery Forecast.",[65254],{"type":604,"attrs":65255},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":65257,"content":65258},{"textAlign":49},[65259,65261],{"text":65260,"type":599},"It’s not just in the US too that the IRA is incentivising capital deployments, as investment flows into the economies of free trade agreement partners to develop new critical mineral infrastructure. ",{"text":65262,"type":599,"marks":65263},"South Korea in particular has emerged as a key partner for US battery supply chain ambitions.",[65264],{"type":604,"attrs":65265},{"href":57884,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":65267,"content":65268},{"textAlign":49},[65269,65271,65276],{"text":65270,"type":599},"The geopolitics of the industry is shaping the way the world trades, re-defining the parameters of globalisation. ",{"text":65272,"type":599,"marks":65273},"Last month, the US hiked up tariffs on Chinese made EVs, batteries, and critical minerals",[65274],{"type":604,"attrs":65275},{"href":57175,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":65277,"type":599},", ushering in a new dawn for US protectionist trade policies.",{"type":594,"attrs":65279,"content":65280},{"textAlign":49},[65281,65283,65288],{"text":65282,"type":599},"Europe too is erecting trade barriers to protect its domestic industries from Chinese competition. The ",{"text":65284,"type":599,"marks":65285},"EU’s recent anti-subsidy probe resulted in additional duties of up to 38.1%",[65286],{"type":604,"attrs":65287},{"href":57567,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":65289,"type":599}," on imports of battery electric vehicles from China, on top of the existing 10% tariffs currently in place.",{"type":657,"attrs":65291,"content":65292},{"level":15966,"textAlign":49},[65293],{"text":65294,"type":599},"2) Bipartisan battery consensus",{"type":594,"attrs":65296,"content":65297},{"textAlign":49},[65298],{"text":65299,"type":599},"With the US election looming in November, concerns were raised over whether a change in administration could signal a shift in policy direction from the White House.",{"type":594,"attrs":65301,"content":65302},{"textAlign":49},[65303],{"text":65304,"type":599},"The Trump Administration was the first to impose tariffs on Chinese-made EVs and graphite, but the former president has been less supportive of IRA tax credits, indicating he would look to roll back the policy were he elected at the end of the year.",{"type":594,"attrs":65306,"content":65307},{"textAlign":49},[65308],{"text":65309,"type":599},"However, the consensus amongst speakers was that a substantial shift was unlikely. Lithium ion batteries were said to be part of an irreversible economic “mega-trend”and de-risking clean energy supply chains, a geo-political priority in Washington with broad support across both parties.",{"type":594,"attrs":65311,"content":65312},{"textAlign":49},[65313],{"text":65314,"type":599},"“There is fairly huge bipartisan support for on-shoring and friendshoring critical minerals,” commented Jigar Shah, Director for the Loan Programs Office at the US Department of Energy. “I don’t see policy changes between administrations.”",{"type":594,"attrs":65316,"content":65317},{"textAlign":49},[65318],{"type":1186,"attrs":65319},{"id":49,"alt":547,"src":65320,"title":49,"source":49,"copyright":49,"meta_data":65321},"https://lh7-us.googleusercontent.com/docsz/AD_4nXfF2HXkj3C3NqoH2-foAT1_vZtWrjmc7Lf883wOYPcmY_MBxWBafvYvHsZhZxQdIm_2PLrOomZ5Yry40IBPYQ0xuX8FwpU1v35P5c9RGq1HeB3QI1pms0CMhOrl00nvV1FAJFK02Knms0JVsqSUkZH_Oms?key=eRS5SZnKeI4DzP7DXAeoWQ",{},{"type":594,"attrs":65323,"content":65324},{"textAlign":49},[65325],{"text":65326,"type":599},"The bulk of post-IRA battery investment has been concentrated within traditional red states, with delegates suggesting that Republicans were unlikely to repeal legislation that was creating new jobs and bolstering industry in their districts.",{"type":594,"attrs":65328,"content":65329},{"textAlign":49},[65330,65335],{"text":65331,"type":599,"marks":65332},"Delivering a keynote address",[65333],{"type":604,"attrs":65334},{"href":60909,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":65336,"type":599},", Senator Joe Manchin – a key powerbroker behind the passage of the IRA and Chairman of the Senate Energy and Natural Resources Committee – emphasised the national security implications of US dependence on China.",{"type":594,"attrs":65338,"content":65339},{"textAlign":49},[65340],{"type":1186,"attrs":65341},{"id":49,"alt":547,"src":65342,"title":49,"source":49,"copyright":49,"meta_data":65343},"https://a.storyblok.com/f/287943243085208/b8b6b580ba/bm-atl04778.jpg",{},{"type":594,"attrs":65345,"content":65346},{"textAlign":49},[65347],{"text":65348,"type":599},"Senator Joe Manchin’s keynote address on the second day of Giga USA 2024",{"type":594,"attrs":65350,"content":65351},{"textAlign":49},[65352],{"text":65353,"type":599},"“We’ve never been caught in this position where we are so dependent on foreign entities to keep this economy going,” he said. “The bipartisan infrastructure bill and IRA has a chance to correct the direction we’ve been going on for too long.”",{"type":657,"attrs":65355,"content":65356},{"level":15966,"textAlign":49},[65357],{"text":65358,"type":599},"3) Tackling volatility in maturing markets ",{"type":594,"attrs":65360,"content":65361},{"textAlign":49},[65362],{"text":65363,"type":599},"Reflecting on the direction that critical material prices have taken over the course of the last two years, panellists commented that price volatility was an inherent risk for US supply chain resilience, hamstringing capital deployment in new projects across North America.",{"type":594,"attrs":65365,"content":65366},{"textAlign":49},[65367],{"text":65368,"type":599},"“We’re facing delays across the critical minerals industry,” said Caspar Rawles, Chief Data Officer at Benchmark. “The challenge is that we’re in a price environment which isn’t incentivising investment in the supply chain.”",{"type":594,"attrs":65370,"content":65371},{"textAlign":49},[65372],{"type":1186,"attrs":65373},{"id":49,"alt":547,"src":65374,"title":49,"source":49,"copyright":49,"meta_data":65375},"https://lh7-us.googleusercontent.com/docsz/AD_4nXfioyQaExgUSg50H-Om_hRG52zZZT9oNDE1nbNsmwFZI3tphYFQdYWDVe85znewbluKpwPXH4XVbMSxlwD4h9O94PUZwez8nuzqAWILDcd-_ErCi5AxS1CruucY-fFxLW8WyMPuEi3rMEEbZGdrnqv5DEe4?key=eRS5SZnKeI4DzP7DXAeoWQ",{},{"type":594,"attrs":65377,"content":65378},{"textAlign":49},[65379,65384],{"text":65380,"type":599,"marks":65381},"Lithium’s downturn from record highs",[65382],{"type":604,"attrs":65383},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":65385,"type":599}," has been the sharp end of a broader price correction across critical mineral markets, that is adding considerable future supply risk for the lithium ion battery industry.",{"type":594,"attrs":65387,"content":65388},{"textAlign":49},[65389],{"text":65390,"type":599},"The need for new pricing mechanisms, to better manage risk in these maturing markets was discussed as a way to create greater ‘predictability’ for investors. The lack of a liquid hedging mechanism in the lithium market was identified as a roadblock block to debt financing for many US aspirants.",{"type":594,"attrs":65392,"content":65393},{"textAlign":49},[65394],{"text":65395,"type":599},"“Commodities are cyclical. The challenge is to make them become more predictable,” said Ash Lazenby, Head of Cobalt North America at Glencore. “We need a good line of sight on exactly the trajectory of this business, with a required rate of return (RRR) that supports the logic of bringing on new production.”",{"type":594,"attrs":65397,"content":65398},{"textAlign":49},[65399,65405],{"text":65400,"type":599,"marks":65401},"Former UK deputy prime minister Dominic Raab",[65402],{"type":604,"attrs":65403},{"href":65404,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/government-private-sector-cooperation-key-to-critical-mineral-security-ex-uk-deputy-prime-minister-tells-giga-usa",{"text":65406,"type":599},", suggested that greater certainty for investors could be provided through increased collaboration between the private-public sectors.",{"type":594,"attrs":65408,"content":65409},{"textAlign":49},[65410],{"text":65411,"type":599},"Raab urged the West to get out of its “comfort zone” of working through existing transatlantic and pacific partnerships, to re-engage with Africa, Asia, and Latin America to secure critical mineral partnerships that are mutually beneficial for both sides of the table.",{"type":657,"attrs":65413,"content":65414},{"level":15966,"textAlign":49},[65415],{"text":65416,"type":599}," 4) US has the ability to innovate",{"type":594,"attrs":65418,"content":65419},{"textAlign":49},[65420],{"text":65421,"type":599},"Speakers also stressed the role that innovation could play in accelerating the energy transition in North America, urging the US to lean on its inherent advantages to become more competitive with China.",{"type":594,"attrs":65423,"content":65424},{"textAlign":49},[65425],{"text":65426,"type":599},"“The US has the best entrepreneurship ecosystem in the world, world class educational institutions, science and researchers working every day to develop innovations that will deliver better performance and lower cost that will speed up the energy transition,” suggested Alex Jacquez, Special Assistant to the President for Economic Development and Industrial Strategy. ",{"type":594,"attrs":65428,"content":65429},{"textAlign":49},[65430],{"text":65431,"type":599},"It was acknowledged that China has a clear first mover advantage in manufacturing scale and access to critical mineral supply, controlling over 90% of global processing capacity in some cases. ",{"type":594,"attrs":65433,"content":65434},{"textAlign":49},[65435],{"text":65436,"type":599},"“From a competitiveness and technology perspective, China is dominant and is at least five years ahead,” said Allan Swan, President, North America, Panasonic Energy. “We’ve got to catch back up.” ",{"type":594,"attrs":65438,"content":65439},{"textAlign":49},[65440],{"text":65441,"type":599},"Rather than simply copying China’s approach, the US should seek to develop novel manufacturing processes to make batteries cleaner, lower cost, and more competitive on the global market.",{"type":594,"attrs":65443,"content":65444},{"textAlign":49},[65445],{"text":65446,"type":599},"The evolution of a circular economy – through the build out of battery recycling capabilities that would dramatically reduce US dependence on critical minerals originating from third countries – was also eyed as a key area in which innovation could fast-track US supply chain resilience. Catalysed by a strong federal policy regime, covering everything from permitting reform to the domestic charging network.",{"type":594,"attrs":65448,"content":65449},{"textAlign":49},[65450],{"text":65451,"type":599},"“Innovation is what makes me the most bullish on the US chances in the electrification future,” Jacquez added.",{"type":657,"attrs":65453,"content":65454},{"level":15966,"textAlign":49},[65455],{"text":58016,"type":599},{"type":594,"attrs":65457,"content":65458},{"textAlign":49},[65459,65463,65468],{"text":65460,"type":599,"marks":65461},"Discussions on the battery market will continue at Benchmark’s ",[65462],{"type":643},{"text":58025,"type":599,"marks":65464},[65465,65467],{"type":604,"attrs":65466},{"href":58029,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":58032,"type":599,"marks":65469},[65470],{"type":643},"As the curtain fell on Benchmark’s flagship Giga USA event last week in Washington DC, it was clear that the lithium ion battery industry had firmly entered a new era: one in which policy and politics are front and centre. “The trend is pretty obvious,” said Simon Moores, CEO of Benchmark, delivering his opening remarks. […]",[65473],{"slug":544,"name":543,"content":65474},{"job_title":557,"image":65475,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"33f974af-a82b-43bf-8258-9bd806b10c11\", \"id\": \"\"}-->",[65478,65479,65480,65481,65482,65483,65484,65485,65486,65487],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":2331,"name":2332},{"slug":880,"name":881},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":65489,"copyright":547,"fieldtype":553,"meta_data":65490,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c9db8c0bee/bm-atl01616.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":65492,"uuid":65493,"name":65494,"slug":65495,"full_slug":65496,"content":65497},112469443912967,"c6e1c6e9-67a9-4de7-865e-2844a2600608","European and Chinese gigafactory pipelines shrink despite long-term demand growth prospects","european-and-chinese-gigafactory-pipelines-shrink-despite-long-term-demand-growth-prospects","article/european-and-chinese-gigafactory-pipelines-shrink-despite-long-term-demand-growth-prospects",{"_uid":65498,"date":65499,"tags":65500,"editor":65509,"content":65513,"excerpt":65743,"featured":51,"reporter":65744,"_editable":65748,"component":864,"seo_title":65494,"categories":65749,"visibility":882,"author_company":49,"data_vis_image":65752,"featured_image":65755,"seo_description":65743,"author_full_name":49,"author_job_title":49,"formattedDate":65758},"7a4ab9e3-4e6f-4478-a2ab-d7a090ea960a","2024-06-13 00:00",[65501,65502,65503,65504,65505,65508],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":4833,"name":2969},{"slug":65506,"name":65507},"svolt","SVOLT",{"slug":1375,"name":1376},[65510],{"slug":544,"name":543,"content":65511},{"job_title":557,"image":65512,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":65514},[65515,65525,65552,65570,65575,65595,65603,65608,65613,65618,65630,65648,65653,65666,65671,65676,65681,65686,65691,65712,65720,65725,65738],{"type":594,"attrs":65516,"content":65517},{"textAlign":49},[65518,65520,65524],{"text":65519,"type":599},"Between January and May this year, 220 gigawatt-hours (GWh) of gigafactory 2030 pipeline capacity has been cancelled or postponed, according to ",{"text":41013,"type":599,"marks":65521},[65522],{"type":604,"attrs":65523},{"href":59828,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":65526,"content":65527},{"textAlign":49},[65528,65530,65536,65537,65542,65544,65550],{"text":65529,"type":599},"This comes despite increasing demand for batteries from the ",{"text":65531,"type":599,"marks":65532},"electric vehicle",[65533],{"type":604,"attrs":65534},{"href":65535,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-nev-sales-rebound-in-march-after-slow-start-this-year",{"text":1440,"type":599},{"text":12716,"type":599,"marks":65538},[65539],{"type":604,"attrs":65540},{"href":65541,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/energy-storage-demand-boom-in-china-helps-market-double-in-size",{"text":65543,"type":599}," markets. ",{"text":65545,"type":599,"marks":65546},"Benchmark’s Lithium ion Database",[65547],{"type":604,"attrs":65548},{"href":65549,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports",{"text":65551,"type":599}," forecasts that battery demand will triple from 1.3 terawatt-hours (TWh) in 2024 to 3.8 TWh in 2030.",{"type":594,"attrs":65553,"content":65554},{"textAlign":49},[65555,65557,65562,65563,65568],{"text":65556,"type":599},"All of the cancellations have been in ",{"text":914,"type":599,"marks":65558},[65559],{"type":604,"attrs":65560},{"href":65561,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-gigafactory-construction-timelines-lengthen-as-tier-2-and-3-developments-increase",{"text":1440,"type":599},{"text":2791,"type":599,"marks":65564},[65565],{"type":604,"attrs":65566},{"href":65567,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-charts-the-state-of-play-in-europes-battery-market",{"text":65569,"type":599},", which saw their 2030 gigafactory capacity pipelines shrink 3% and 2%, respectively, between January and May. The US’ pipeline grew slightly by 2%.",{"type":594,"attrs":65571,"content":65572},{"textAlign":49},[65573],{"text":65574,"type":599},"Europe’s pipeline is set to contract further as Stellantis-backed cell maker ACC paused work on its German and Italian gigafactories this month, citing a need to research lower cost batteries.",{"type":594,"attrs":65576,"content":65577},{"textAlign":49},[65578,65580,65586,65588,65593],{"text":65579,"type":599},"“2024 was expected to be the ",{"text":65581,"type":599,"marks":65582},"year of consolidation",[65583],{"type":604,"attrs":65584},{"href":65585,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/gigafactory-pipeline-contraction-could-signal-chinese-battery-consolidation",{"text":65587,"type":599}," and stalled plans across the battery supply chain, and we are now starting to see some big profile announcements,” ",{"text":7861,"type":599,"marks":65589},[65590],{"type":604,"attrs":65591},{"href":65592,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/lithium-ion-cell-prices-fall-below-100-per-kwh-battery-market-2023-in-review",{"text":65594,"type":599},", a gigafactory analyst at Benchmark, said.",{"type":594,"attrs":65596,"content":65597},{"textAlign":49},[65598],{"type":1186,"attrs":65599},{"id":49,"alt":65600,"src":65601,"title":49,"source":49,"copyright":49,"meta_data":65602},"Both China and Europe have seen declines in their 2030 gigafactory pipeline so far this year","https://a.storyblok.com/f/287943243085208/c6d4786a1f/bm-yoy-pipleline-growth.png",{},{"type":657,"attrs":65604,"content":65605},{"level":15966,"textAlign":49},[65606],{"text":65607,"type":599},"Why is China’s pipeline shrinking?",{"type":594,"attrs":65609,"content":65610},{"textAlign":49},[65611],{"text":65612,"type":599},"The majority of the projects removed from the 2030 pipeline so far this year have been in China, with tier 2 and 3 facilities dominating the list. Between January and May this year, 18 out of the 20 abandoned projects were located in China, representing 74% of the cancelled pipeline capacity.",{"type":594,"attrs":65614,"content":65615},{"textAlign":49},[65616],{"text":65617,"type":599},"“A lot of consolidation has occurred at Chinese facilities where low prices combined with struggles with yield means companies have abandoned plans,” Hartley said.",{"type":594,"attrs":65619,"content":65620},{"textAlign":49},[65621,65622,65628],{"text":25616,"type":599},{"text":65623,"type":599,"marks":65624},"Lithium ion battery Price Index",[65625],{"type":604,"attrs":65626},{"href":65627,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries/portal",{"text":65629,"type":599}," has fallen 3.02% so far this year. Cylindrical lithium iron phosphate (LFP) cells (EXW China), for example, are now assessed at $70.62 per kilowatt-hour (kWh) compared to $76.25 per kWh at the end of last year.",{"type":594,"attrs":65631,"content":65632},{"textAlign":49},[65633,65637,65643,65647],{"text":65634,"type":599,"marks":65635},"Watch Benchmark analyst Evan Hartley ",[65636],{"type":643},{"text":65638,"type":599,"marks":65639},"discuss cell prices falling below $100/kWh",[65640,65642],{"type":604,"attrs":65641},{"href":65592,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":65644,"type":599,"marks":65645}," on Benchmark Source",[65646],{"type":643},{"text":974,"type":599},{"type":657,"attrs":65649,"content":65650},{"level":15966,"textAlign":49},[65651],{"text":65652,"type":599},"What’s happening in Europe?",{"type":594,"attrs":65654,"content":65655},{"textAlign":49},[65656,65658,65664],{"text":65657,"type":599},"In Europe, Chinese cell maker SVOLT cancelled its ",{"text":65659,"type":599,"marks":65660},"Lauchhammer gigafactory in Germany",[65661],{"type":604,"attrs":65662},{"href":65663,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/svolt-files-2-1-billion-ipo-as-it-looks-to-fund-battery-capacity-expansions",{"text":65665,"type":599}," due to a “low level of planning security” caused by the “threat of international punitive tariffs to market distortions due to protracted and unevenly distributed subsidies.”",{"type":594,"attrs":65667,"content":65668},{"textAlign":49},[65669],{"text":65670,"type":599},"The SVOLT facility would have added 16 GWh of capacity to the 2030 pipeline and the company had already installed some equipment at the site.",{"type":594,"attrs":65672,"content":65673},{"textAlign":49},[65674],{"text":65675,"type":599},"Beyond prices and policy, generally sluggish EV demand growth has also been cited as a reason to postpone plans. Volkswagen had planned to build a 40 GWh gigafactory in Eastern Europe due to these market conditions. VW still intends to go ahead with its gigafactories planned for Germany, Spain and Canada.",{"type":594,"attrs":65677,"content":65678},{"textAlign":49},[65679],{"text":65680,"type":599},"With ACC now also postponing its European gigafactory plans, Europe’s pipeline will shrink even further. ACC’s Italian and German gigafactories would have each added 40 GWh to Europe’s pipeline.",{"type":657,"attrs":65682,"content":65683},{"level":15966,"textAlign":49},[65684],{"text":65685,"type":599},"Why is the US’ pipeline growth slowing?",{"type":594,"attrs":65687,"content":65688},{"textAlign":49},[65689],{"text":65690,"type":599},"The US’ pipeline grew rapidly after the Inflation Reduction Act (IRA) was announced in August 2022. Between August 2022 and August 2023, the country’s pipeline grew 60%. By contrast Europe’s pipeline grew 16% in the same time period.",{"type":594,"attrs":65692,"content":65693},{"textAlign":49},[65694,65696,65702,65704,65710],{"text":65695,"type":599},"Yet so far this year, the ",{"text":65697,"type":599,"marks":65698},"US’ pipeline has grown just 2%",[65699],{"type":604,"attrs":65700},{"href":65701,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-gigafactory-rollout-hit-by-setbacks",{"text":65703,"type":599},", suggesting the initial buzz from the IRA is tapering and the companies that had announced new gigafactories are now more focused on ",{"text":65705,"type":599,"marks":65706},"bringing those to fruition",[65707],{"type":604,"attrs":65708},{"href":65709,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/gigafactory-investment-slows-in-first-half-of-2023-as-producers-focus-on-existing-plans",{"text":65711,"type":599}," rather than developing new projects.",{"type":594,"attrs":65713,"content":65714},{"textAlign":49},[65715],{"type":1186,"attrs":65716},{"id":49,"alt":65717,"src":65718,"title":49,"source":49,"copyright":49,"meta_data":65719},"US and Europe 2030 pipeline stalls","https://a.storyblok.com/f/287943243085208/7edd9f7f92/bm-us-eur-pipeline.png",{},{"type":657,"attrs":65721,"content":65722},{"level":15966,"textAlign":49},[65723],{"text":65724,"type":599},"Could the elections impact the pipeline?",{"type":594,"attrs":65726,"content":65727},{"textAlign":49},[65728,65730,65736],{"text":65729,"type":599},"Both the US and European Union have ",{"text":65731,"type":599,"marks":65732},"major elections",[65733],{"type":604,"attrs":65734},{"href":65735,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-the-battery-industry-could-be-impacted-by-elections-this-year",{"text":65737,"type":599}," this year, adding a level of geopolitical uncertainty. For the US, the election result could impact the interpretation of some aspects of the IRA, whereas the European Parliamentary elections may change the bloc’s approach to China.",{"type":594,"attrs":65739,"content":65740},{"textAlign":49},[65741],{"text":65742,"type":599},"“Election uncertainty is combined with the fact that most producers are already expending large amounts of effort towards the already announced plants,” Hartley said. “They have not the cash, energy or appetite to build more.”","Between January and May this year, 220 gigawatt-hours (GWh) of gigafactory 2030 pipeline capacity has been cancelled or postponed, according to Benchmark’s Gigafactory Assessment. This comes despite increasing demand for batteries from the electric vehicle and energy storage markets. Benchmark’s Lithium ion Database forecasts that battery demand will triple from 1.3 terawatt-hours (TWh) in 2024 […]",[65745],{"slug":544,"name":543,"content":65746},{"job_title":557,"image":65747,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7a4ab9e3-4e6f-4478-a2ab-d7a090ea960a\", \"id\": \"\"}-->",[65750,65751],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":65600,"name":547,"focus":547,"title":65600,"source":547,"filename":65753,"copyright":547,"fieldtype":553,"meta_data":65754,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1718033112/www-production/YoY-pipeline-growth-no-Y_1319303167f8/YoY-pipeline-growth-no-Y_1319303167f8.png?_i=AA",{"alt":65600,"title":65600,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":65756,"copyright":547,"fieldtype":553,"meta_data":65757,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/30f10dc357/bm-1-svolt-uberherrn-gebaude1-rgb.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 13, 2024",{"id":65760,"uuid":65761,"name":65762,"slug":65763,"full_slug":65764,"content":65765},112469439096070,"64723b08-ad5d-47bd-8315-327764fb01fa","Chinese synthetic graphite faces 25% tariff in US as exemption ends ","chinese-synthetic-graphite-faces-25-tariff-in-us-as-exemption-ends","article/chinese-synthetic-graphite-faces-25-tariff-in-us-as-exemption-ends",{"_uid":65766,"date":65499,"tags":65767,"editor":65771,"content":65775,"excerpt":65921,"featured":51,"reporter":65922,"_editable":65926,"component":864,"seo_title":65762,"categories":65927,"visibility":882,"author_company":49,"featured_image":65931,"seo_description":65921,"author_full_name":49,"author_job_title":49,"formattedDate":65758},"c6a48f07-442e-4bdb-8177-d9689c3b63af",[65768,65769,65770],{"slug":913,"name":914},{"slug":7052,"name":7053},{"slug":1375,"name":1376},[65772],{"slug":544,"name":543,"content":65773},{"job_title":557,"image":65774,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":65776},[65777,65782,65794,65799,65812,65817,65822,65827,65832,65845,65850,65862,65874,65879,65889,65894,65899,65904,65916],{"type":594,"attrs":65778,"content":65779},{"textAlign":49},[65780],{"text":65781,"type":599},"The US’ tariff exemption for synthetic graphite imported from China ends this week, with the material again subject to a 25% tariff from the 14 June. ",{"type":594,"attrs":65783,"content":65784},{"textAlign":49},[65785,65787,65792],{"text":65786,"type":599},"This fits into the US’ wider efforts to limit China’s role across the lithium ion supply chain. Last month the ",{"text":65788,"type":599,"marks":65789},"US announced a host of tariffs",[65790],{"type":604,"attrs":65791},{"href":57175,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":65793,"type":599}," on critical minerals, including natural graphite, batteries, and electric vehicles. ",{"type":594,"attrs":65795,"content":65796},{"textAlign":49},[65797],{"text":65798,"type":599},"“China’s dominance over synthetic graphite supply means the US will likely continue to import synthetic graphite anode materials from China,” said Yuan Gu, senior graphite analyst at Benchmark.",{"type":594,"attrs":65800,"content":65801},{"textAlign":49},[65802,65804,65810],{"text":65803,"type":599},"China supplied more than 98% of global synthetic graphite anode materials in 2023, with 12% of the country’s synthetic graphite and related products exported to the US, according to Benchmark’s ",{"text":65805,"type":599,"marks":65806},"Synthetic Graphite Forecast",[65807],{"type":604,"attrs":65808},{"href":65809,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/synthetic-graphite/reports/",{"text":65811,"type":599}," and Global Trade Tracker.",{"type":657,"attrs":65813,"content":65814},{"level":15966,"textAlign":49},[65815],{"text":65816,"type":599},"Why is the US ending the tariff exemption for synthetic graphite?",{"type":594,"attrs":65818,"content":65819},{"textAlign":49},[65820],{"text":65821,"type":599},"“The US is determined to diversify its battery raw materials supply chain and reduce reliance on China. Ending the tariff exemption could make the synthetic graphite from China less competitive,” said Gu.",{"type":594,"attrs":65823,"content":65824},{"textAlign":49},[65825],{"text":65826,"type":599},"China benefits from lower energy prices and labour costs, making their synthetic graphite very cost competitive. Though the price of Chinese synthetic graphite is low, the costs are felt elsewhere.",{"type":594,"attrs":65828,"content":65829},{"textAlign":49},[65830],{"text":65831,"type":599},"“Around 30% of the synthetic graphite producers in China have publicly stated they use renewable energy, which is much lower than the rest of Asia and Europe where the figure is 67%, and North America where it is 50%.” said Yanxing Liu, a sustainability analyst at Benchmark.",{"type":594,"attrs":65833,"content":65834},{"textAlign":49},[65835,65837,65843],{"text":65836,"type":599},"Chinese synthetic graphite producers are generally classified as ‘Limited Visibility’ on the transparency of their ESG practice, scoring 16 (out of 100) on average, according to Benchmark’s ",{"text":65838,"type":599,"marks":65839},"Graphite ESG Report",[65840],{"type":604,"attrs":65841},{"href":65842,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg/graphite/reports/",{"text":65844,"type":599},". This is notably lower than companies operating in the rest of Asia, Europe and North America whose average stands around 50, classified at ‘Moderate Visibility’.",{"type":594,"attrs":65846,"content":65847},{"textAlign":49},[65848],{"text":65849,"type":599},"In 2018, the Trump administration placed a tariff on synthetic graphite under Section 301 of the Trade Act in the US, which applied to a group of Chinese products. However, the tariff was later waived as US auto manufacturers called for an exemption to enable them to reduce production costs.",{"type":594,"attrs":65851,"content":65852},{"textAlign":49},[65853,65855,65860],{"text":65854,"type":599},"While seeking to ‘de-risk’ its battery supply chain from China, the US appears to be placing specific focus on anodes. In May, the US announced it would be ",{"text":65856,"type":599,"marks":65857},"reinstating a 25% tariff on natural graphite in 2026",[65858],{"type":604,"attrs":65859},{"href":53409,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":65861,"type":599},".   ",{"type":594,"attrs":65863,"content":65864},{"textAlign":49},[65865,65867,65873],{"text":65866,"type":599},"As with synthetic graphite, China is a major supplier of natural graphite. The country is forecast to produce 72% of global natural graphite supply, and 98% of uncoated spherical graphite (USPG) output this year, according to Benchmark’s ",{"text":65868,"type":599,"marks":65869},"Natural Graphite Forecast",[65870],{"type":604,"attrs":65871},{"href":65872,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/natural-graphite/reports/",{"text":974,"type":599},{"type":657,"attrs":65875,"content":65876},{"level":15966,"textAlign":49},[65877],{"text":65878,"type":599},"Where can it source synthetic graphite from if not China?",{"type":594,"attrs":65880,"content":65881},{"textAlign":49},[65882,65884,65888],{"text":65883,"type":599},"Alongside several domestic synthetic graphite facilities, US buyers looking to source synthetic graphite from outside of China have several options. Countries outside of China are set to produce a quarter of the world’s synthetic graphite in 2024, according to Benchmark’s ",{"text":65805,"type":599,"marks":65885},[65886],{"type":604,"attrs":65887},{"href":65809,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":65890,"content":65891},{"textAlign":49},[65892],{"text":65893,"type":599},"“Much of this material is not targeted towards battery anode end markets however, with just under 5% of ex-China synthetic graphite production destined for these end use markets,” said Adam Megginson, a price and data analyst at Benchmark.",{"type":594,"attrs":65895,"content":65896},{"textAlign":49},[65897],{"text":65898,"type":599},"In the case of Chinese-owned, European-based facilities, such as Shanshan’s Finnish project, it may be that they are exempt from Section 301 tariffs, but ineligible for tax credits under the Inflation Reduction Act due to the Foreign Entity of Concern stipulation.",{"type":657,"attrs":65900,"content":65901},{"level":15966,"textAlign":49},[65902],{"text":65903,"type":599},"The synthetic graphite market",{"type":594,"attrs":65905,"content":65906},{"textAlign":49},[65907,65909,65914],{"text":65908,"type":599},"Over the past six years, China has been a net exporter of synthetic graphite, according to Benchmark’s ",{"text":65910,"type":599,"marks":65911},"Synthetic Graphite Report",[65912],{"type":604,"attrs":65913},{"href":65809,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":65915,"type":599},". In 2023, China produced 77% of global synthetic graphite supply, a figure that is expected to rise to 79% by 2029.The country is the primary exporter of synthetic anode materials worldwide. ",{"type":594,"attrs":65917,"content":65918},{"textAlign":49},[65919],{"text":65920,"type":599},"The main destinations for Chinese synthetic graphite exports are South Korea, India, US, Japan and Poland, contributing to more than 50% of total exports. A significant portion is directed towards the steel industry, particularly for steelmaking via electric arc furnaces.","The US’ tariff exemption for synthetic graphite imported from China ends this week, with the material again subject to a 25% tariff from the 14 June. This fits into the US’ wider efforts to limit China’s role across the lithium ion supply chain. Last month the US announced a host of tariffs on critical minerals, […]",[65923],{"slug":544,"name":543,"content":65924},{"job_title":557,"image":65925,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c6a48f07-442e-4bdb-8177-d9689c3b63af\", \"id\": \"\"}-->",[65928,65929,65930],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2504,"name":2505},{"id":49,"alt":65932,"name":547,"focus":547,"title":65932,"source":547,"filename":65933,"copyright":547,"fieldtype":553,"meta_data":65934,"is_external_url":51},"Stacks of material in a factory","https://a.storyblok.com/f/287943243085208/c00760515e/bm-chinese-synthetic-graphite-faces-25-tariff-in-us-as-exemption-ends.jpg",{"alt":65932,"title":65932,"source":547,"copyright":547},{"id":65936,"uuid":65937,"name":65938,"slug":65939,"full_slug":65940,"content":65941},112469434332421,"df390b31-b34b-4727-b788-b549c56cad41","European Union’s anti-subsidy probe results in almost 50% tariffs on Chinese EV imports","europes-anti-subsidy-probe-results-in-almost-50-tariffs-on-chinese-ev-imports","article/europes-anti-subsidy-probe-results-in-almost-50-tariffs-on-chinese-ev-imports",{"_uid":65942,"date":65499,"tags":65943,"editor":65951,"content":65955,"excerpt":66161,"featured":51,"reporter":66162,"_editable":66166,"component":864,"seo_title":65938,"categories":66167,"visibility":882,"author_company":49,"data_vis_image":66171,"featured_image":66173,"seo_description":66161,"author_full_name":49,"author_job_title":49,"formattedDate":65758},"e7f8357e-00ff-44d0-b9c2-32fa5ccc6cc8",[65944,65945,65946,65947,65948,65949,65950],{"slug":5945,"name":2983},{"slug":913,"name":914},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":7052,"name":7053},{"slug":3874,"name":3875},[65952],{"slug":544,"name":543,"content":65953},{"job_title":557,"image":65954,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":65956},[65957,65969,65981,65986,65991,65997,66002,66007,66012,66022,66027,66032,66037,66042,66046,66051,66056,66061,66066,66071,66076,66081,66086,66091,66096,66104,66109,66114,66119,66126,66154],{"type":594,"attrs":65958,"content":65959},{"textAlign":49},[65960,65962,65967],{"text":65961,"type":599},"The European Union has announced it intends to impose additional duties of up to 38.1% on ",{"text":65963,"type":599,"marks":65964},"imports of battery electric vehicles from China",[65965],{"type":604,"attrs":65966},{"href":63905,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":65968,"type":599},". These are on top of the existing 10% tariffs currently in place.",{"type":594,"attrs":65970,"content":65971},{"textAlign":49},[65972,65974,65979],{"text":65973,"type":599},"This marks the latest geopolitical escalation in China-West relations in the EV supply chain, after the ",{"text":65975,"type":599,"marks":65976},"US imposed 100% tariffs on Chinese EV exports last month",[65977],{"type":604,"attrs":65978},{"href":57175,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":65980,"type":599},", significantly higher than those suggested by the EU.",{"type":594,"attrs":65982,"content":65983},{"textAlign":49},[65984],{"text":65985,"type":599},"The duties imposed vary depending on the amount of state subsidisation and the level of compliance with the EU’s anti-subsidy probe that began in September last year.",{"type":594,"attrs":65987,"content":65988},{"textAlign":49},[65989],{"text":65990,"type":599},"“The EU is proposing these countervailing duties to counter what it views as China’s unfair subsidisation of the EV sector and protect its EV industry,” Bryan Bille, a policy analyst at Benchmark, said. “With these duties, the EU basically wants to create a level playing field in the EV sector.”",{"type":594,"attrs":65992,"content":65993},{"textAlign":49},[65994],{"type":1186,"attrs":65995},{"id":49,"alt":547,"src":63978,"title":49,"source":49,"copyright":49,"meta_data":65996},{},{"type":657,"attrs":65998,"content":65999},{"level":15966,"textAlign":49},[66000],{"text":66001,"type":599},"Why is the EU increasing duties?",{"type":594,"attrs":66003,"content":66004},{"textAlign":49},[66005],{"text":66006,"type":599},"Last year, the EU initiated a probe into state subsidisation of Chinese EVs being exported to the EU. The probe has found “sufficient evidence” that these subsidies are unfair and could cause “injury” to the market that is “difficult to repair.”",{"type":594,"attrs":66008,"content":66009},{"textAlign":49},[66010],{"text":66011,"type":599},"The provisional conclusion of this investigation quantified the extent to which certain automakers were being subsidised. The level of subsidisation found will be used as the additional duty imposed on top of the existing 10% duty.",{"type":594,"attrs":66013,"content":66014},{"textAlign":49},[66015,66020],{"text":2983,"type":599,"marks":66016},[66017],{"type":604,"attrs":66018},{"href":66019,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/byd?items_per_page=12&page_offset=0&tags[]=byd",{"text":66021,"type":599},", Geely and SAIC were individually assessed and will face additional duties of 17.4%, 20% and 38.1%. Companies which were not sampled but did comply with the EU’s investigation will receive a duty of 21%.",{"type":594,"attrs":66023,"content":66024},{"textAlign":49},[66025],{"text":66026,"type":599},"Non-sampled companies that also did not comply with the investigation will face the maximum 38% additional duty.",{"type":657,"attrs":66028,"content":66029},{"level":15966,"textAlign":49},[66030],{"text":66031,"type":599},"Are Western automakers impacted?",{"type":594,"attrs":66033,"content":66034},{"textAlign":49},[66035],{"text":66036,"type":599},"Notably, Western automakers operating in China are not exempt from the EU’s proposed additional duties. The Chinese arm of Germany’s BMW and Tesla China will both face 21% additional duties.",{"type":594,"attrs":66038,"content":66039},{"textAlign":49},[66040],{"text":66041,"type":599},"“This explains why Germany is opposed to these duties. German car manufacturers are still investing in China, especially in R&D and innovation,” Bryan Bille, a policy analyst at Benchmark, said.",{"type":657,"attrs":66043,"content":66044},{"level":15966,"textAlign":49},[66045],{"text":36534,"type":599},{"type":594,"attrs":66047,"content":66048},{"textAlign":49},[66049],{"text":66050,"type":599},"The announced duties are at the pre-disclosure stage and could change if factual errors are found in the Commission’s calculations. The Commission must publish the provisional duties by 4 July.",{"type":594,"attrs":66052,"content":66053},{"textAlign":49},[66054],{"text":66055,"type":599},"These provisional duties will then enter into force the next day and a decision on the final determination of the countervailing duties must then be made by 2 November this year.",{"type":594,"attrs":66057,"content":66058},{"textAlign":49},[66059],{"text":66060,"type":599},"The additional duties would remain in place for up to five years.",{"type":657,"attrs":66062,"content":66063},{"level":15966,"textAlign":49},[66064],{"text":66065,"type":599},"Can the automakers have their additional duties changed?",{"type":594,"attrs":66067,"content":66068},{"textAlign":49},[66069],{"text":66070,"type":599},"One potential change will be Tesla’s additional duty which currently sits at 21%. The company made a “substantiated request” and may receive an individually calculated duty rate before the rates become definitive.",{"type":594,"attrs":66072,"content":66073},{"textAlign":49},[66074],{"text":66075,"type":599},"Other companies wishing for individually calculated rates are now too late for this to occur and the duties are imposed. However, they can request an “accelerated review” after the rates become definitive.",{"type":594,"attrs":66077,"content":66078},{"textAlign":49},[66079],{"text":66080,"type":599},"The Commission would then have nine months to carry out its assessment.",{"type":657,"attrs":66082,"content":66083},{"level":15966,"textAlign":49},[66084],{"text":66085,"type":599},"How many EVs does China export to the EU?",{"type":594,"attrs":66087,"content":66088},{"textAlign":49},[66089],{"text":66090,"type":599},"In 2023, China exported 482,000 EVs to the European Union, according to GACC data, up 47% from 2022.",{"type":594,"attrs":66092,"content":66093},{"textAlign":49},[66094],{"text":66095,"type":599},"Exports of EVs from China into the EU peaked in the second quarter of 2023. Such exports in the first quarter of 2024 were down 11% compared to the same quarter in 2023.",{"type":594,"attrs":66097,"content":66098},{"textAlign":49},[66099],{"type":1186,"attrs":66100},{"id":49,"alt":66101,"src":66102,"title":49,"source":49,"copyright":49,"meta_data":66103},"Exports of EVs from China to the EU","https://a.storyblok.com/f/287943243085208/e75eca4106/bm-china-eu-ev-exports.png",{},{"type":657,"attrs":66105,"content":66106},{"level":15966,"textAlign":49},[66107],{"text":66108,"type":599},"Is this similar to the US’ approach?",{"type":594,"attrs":66110,"content":66111},{"textAlign":49},[66112],{"text":66113,"type":599},"Last month, the US imposed a 100% tariff on all EVs imported from China in addition to the base 2.5% tariff–a far more aggressive approach than that of the EU.",{"type":594,"attrs":66115,"content":66116},{"textAlign":49},[66117],{"text":66118,"type":599},"“Contrary to the US confrontational approach, the EU approach seems to be carefully calibrated, differentiating between various EV manufacturers in China, and creating a balance between additional protection for domestic EV producers and not being too antagonistic towards China,” Bille said. “In addition, the EU still wants to act within the World Trade Organisation context.”",{"type":594,"attrs":66120,"content":66121},{"textAlign":49},[66122],{"text":66123,"type":599,"marks":66124},"Benchmark’s webinar on Thursday 27 June will examine EU tariffs in more detail as part of a wider discussion on policy announcements set to impact the global EV industry.",[66125],{"type":643},{"type":594,"attrs":66127,"content":66128},{"textAlign":49},[66129,66133,66137,66140,66144,66151],{"text":66130,"type":599,"marks":66131},"Join us on Thursday 27 June at 07:00 or 15:00 (GMT+1) for our webinar: ‘",[66132],{"type":643},{"text":66134,"type":599,"marks":66135},"Can US & EU Policy Derail China’s EV Supply Chain Dominance",[66136],{"type":643},{"text":28252,"type":599,"marks":66138},[66139],{"type":643},{"text":66141,"type":599,"marks":66142},"‘  – ",[66143],{"type":643},{"text":66145,"type":599,"marks":66146},"click here to register",[66147,66150],{"type":604,"attrs":66148},{"href":66149,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/can-us-eu-policy-derail-chinas-ev-supply-chain-dominance/",{"type":643},{"text":974,"type":599,"marks":66152},[66153],{"type":643},{"type":594,"attrs":66155,"content":66156},{"textAlign":49},[66157],{"text":66158,"type":599,"marks":66159},"Benchmark presentations will be followed by a panel discussion featuring Julia Poliscanova, Senior Director at Transport and Environment (T&E).",[66160],{"type":643},"The European Union has announced it intends to impose additional duties of up to 38.1% on imports of battery electric vehicles from China. These are on top of the existing 10% tariffs currently in place. This marks the latest geopolitical escalation in China-West relations in the EV supply chain, after the US imposed 100% tariffs […]",[66163],{"slug":544,"name":543,"content":66164},{"job_title":557,"image":66165,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e7f8357e-00ff-44d0-b9c2-32fa5ccc6cc8\", \"id\": \"\"}-->",[66168,66169,66170],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":63977,"name":547,"focus":547,"title":63977,"source":547,"filename":63978,"copyright":547,"fieldtype":553,"meta_data":66172,"is_external_url":51},{"alt":63977,"title":63977,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7201,"copyright":547,"fieldtype":553,"meta_data":66174,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":66176,"uuid":66177,"name":66178,"slug":66179,"full_slug":66180,"content":66181},112469449438472,"47b8eb0c-05f0-4400-995e-325c91801cab","Government-private sector cooperation key to critical mineral security ex-UK Deputy Prime Minister tells Giga USA","government-private-sector-cooperation-key-to-critical-mineral-security-ex-uk-deputy-prime-minister-tells-giga-usa","article/government-private-sector-cooperation-key-to-critical-mineral-security-ex-uk-deputy-prime-minister-tells-giga-usa",{"_uid":66182,"date":66183,"tags":66184,"editor":66190,"content":66194,"excerpt":66313,"featured":51,"reporter":66314,"_editable":66318,"component":864,"seo_title":66178,"categories":66319,"visibility":882,"author_company":49,"featured_image":66323,"seo_description":66313,"author_full_name":49,"author_job_title":49,"formattedDate":66326},"23d53905-a346-460f-9e67-8916d6509240","2024-06-12 00:00",[66185,66186,66187,66188,66189],{"slug":65192,"name":65193},{"slug":913,"name":914},{"slug":10093,"name":10094},{"slug":1375,"name":1376},{"slug":4610,"name":662},[66191],{"slug":544,"name":543,"content":66192},{"job_title":557,"image":66193,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":66195},[66196,66201,66206,66211,66216,66221,66226,66231,66236,66246,66251,66256,66261,66268,66273,66278,66283,66293,66298,66303,66308],{"type":594,"attrs":66197,"content":66198},{"textAlign":49},[66199],{"text":66200,"type":599},"Strengthening collaboration between the public and private sectors will be critical for the US and its Western allies’ ambition of building secure clean energy supply chains, according to panellists on the first day of Benchmark’s Giga USA 2024 event in Washington DC.",{"type":594,"attrs":66202,"content":66203},{"textAlign":49},[66204],{"text":66205,"type":599},"“The critical minerals sector is not a free market,” said former United Kingdom deputy Prime Minister, Dominic Raab. “We’re not dealing with normal market conditions. We need to play to the innovative advantages that we have in the private sector in the West and government has a role to play.”",{"type":657,"attrs":66207,"content":66208},{"level":15966,"textAlign":49},[66209],{"text":66210,"type":599},"Protectionist measures designed to address market distortions ",{"type":594,"attrs":66212,"content":66213},{"textAlign":49},[66214],{"text":66215,"type":599},"Raab, now Senior Strategic Advisor on Global Affairs at Appian, suggested the “big challenge” was addressing capital cost discrepancies for Western miners and their Chinese counterparts, underscoring the role policy could play in bridging the gap between geopolitical and commercial realities.",{"type":594,"attrs":66217,"content":66218},{"textAlign":49},[66219],{"text":66220,"type":599},"He noted that protectionist measures introduced by the US would play an important role in addressing these market discrepancies, by helping to “level the playing field” for Western companies.",{"type":594,"attrs":66222,"content":66223},{"textAlign":49},[66224],{"text":66225,"type":599},"China’s lithium ion battery industry has been heavily subsidised since its classification as a strategic sector in 2015. Thanks to state support, China now has a hegemonic position across the global battery value chain and is able to produce critical minerals, lithium ion batteries, and electric vehicles at a significantly lower cost than in the West.",{"type":594,"attrs":66227,"content":66228},{"textAlign":49},[66229],{"text":66230,"type":599},"Lawmakers in the US and EU have warned that unfettered access to Western markets for Chinese minerals, batteries, and EVs risks decimating domestic industries, raising trade barriers in response.",{"type":594,"attrs":66232,"content":66233},{"textAlign":49},[66234],{"text":66235,"type":599},"“On the means to the end, whether it be through tariffs or subsidies, that will be contested. But we’re playing catch up and we have to play to our strengths,” he added.",{"type":594,"attrs":66237,"content":66238},{"textAlign":49},[66239,66241],{"text":66240,"type":599},"The European Union announced this week that it would increase duties on Chinese electric vehicles by up to 38.1% from July 2024, ",{"text":66242,"type":599,"marks":66243},"following similar tariff US hikes in May.",[66244],{"type":604,"attrs":66245},{"href":57175,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":66247,"content":66248},{"level":15966,"textAlign":49},[66249],{"text":66250,"type":599},"Long-term certainty needed to incentivise mining investments",{"type":594,"attrs":66252,"content":66253},{"textAlign":49},[66254],{"text":66255,"type":599},"Aside from addressing capex discrepancies between China and the West, according to Raab, governments in the West need to create long-term certainty for businesses over minings investments in their own jurisdictions.",{"type":594,"attrs":66257,"content":66258},{"textAlign":49},[66259],{"text":66260,"type":599},"Mining is the most capital intensive stage of the lithium ion battery supply chain, with lead times stretching to anywhere between 5-25 years compared to 2-5 years at other stages of the value chain, according to Benchmark analysis. Delays in building new mines have been compounded by the current low price environment for critical minerals, which has served to hamstring new investment and curtail existing supply. ",{"type":594,"attrs":66262,"content":66263},{"textAlign":49},[66264],{"type":1186,"attrs":66265},{"id":49,"alt":547,"src":66266,"title":49,"source":49,"copyright":49,"meta_data":66267},"https://lh7-us.googleusercontent.com/docsz/AD_4nXf0Ztx5ViHjwDM0zyxKSphRW-Y7iavvge4HF6rdAzJMYJsPO9voU7Sn_D1Rkk1tNDVP9T6JK1vh1u2J9H15dWSSEJJvP2OzpNzckuhSUHl_MQ6XGU6wJFS8xo0OX79q5gZcKfGji-o0QRB48KVUUPfGIM1G?key=lphewRSCo6Ons6oSVwmdpA",{},{"type":594,"attrs":66269,"content":66270},{"textAlign":49},[66271],{"text":66272,"type":599},"Ash Lazenby, Head of Cobalt North America, Glencore, echoed Raab’s sentiments, suggesting that “predictability” was the greatest barrier for upstream capital deployment in the West today.",{"type":594,"attrs":66274,"content":66275},{"textAlign":49},[66276],{"text":66277,"type":599},"“Commodities are cyclical. The challenge is to make them become more predictable,” he said. “We need a good line of sight on exactly the trajectory of this business, with a required rate of return (RRR) that supports the logic of bringing on new production.”",{"type":594,"attrs":66279,"content":66280},{"textAlign":49},[66281],{"text":66282,"type":599},"Lazenby highlighted the streamlining of the permitting process for new mines as a key area in which governments could aid the private sector, suggesting that Glencore wanted to see a more rigorous permitting process in the West to allow timelines to become more predictable. ",{"type":594,"attrs":66284,"content":66285},{"textAlign":49},[66286,66291],{"text":66287,"type":599,"marks":66288},"Benchmark projects all critical minerals markets to fall into deficit at varying stages in the next five years",[66289],{"type":604,"attrs":66290},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":66292,"type":599},", with in-house analysis indicating that over $220 billion of additional upstream investment will be required to meet battery demand projections by 2030. However, long lead times, combined with geopolitical uncertainties and environmental and social governance concerns, means that the risk portfolio for mining projects is very high. ",{"type":594,"attrs":66294,"content":66295},{"textAlign":49},[66296],{"text":66297,"type":599},"Ashish Patki, Director, Business Development and Market Intelligence, Arcadium Lithium, agreed that policy was key to creating a long-term value proposition for miners in Western jurisdictions, noting that the capital intensity for lithium operation in North America was considerably higher than in China or other regions of Asia. ",{"type":594,"attrs":66299,"content":66300},{"textAlign":49},[66301],{"text":66302,"type":599},"“Policy, but also technology direction is important,” he said. ",{"type":594,"attrs":66304,"content":66305},{"textAlign":49},[66306],{"text":66307,"type":599},"Patki suggested that the US government could assist the industry by providing greater clarity over the direction of the technological roadmap. Incentivising the uptake of certain chemistries, akin to the Chinese policy of promoting high-nickel NCM cathode adoption several years ago. ",{"type":594,"attrs":66309,"content":66310},{"textAlign":49},[66311],{"text":66312,"type":599},"“LFP has a huge role to play in North America,” he added, “its uptake will determine whether investments are made in lithium carbonate or hydroxide.”","Strengthening collaboration between the public and private sectors will be critical for the US and its Western allies’ ambition of building secure clean energy supply chains, according to panellists on the first day of Benchmark’s Giga USA 2024 event in Washington DC. “The critical minerals sector is not a free market,” said former United Kingdom […]",[66315],{"slug":544,"name":543,"content":66316},{"job_title":557,"image":66317,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"23d53905-a346-460f-9e67-8916d6509240\", \"id\": \"\"}-->",[66320,66321,66322],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":66324,"copyright":547,"fieldtype":553,"meta_data":66325,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/92990ba50c/bm-atl00458.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 12, 2024",{"id":66328,"uuid":66329,"name":66330,"slug":66331,"full_slug":66332,"content":66333},112469458785546,"3d8747ec-3a11-4915-a01c-fb61454cd5f8","The four eras of the lithium ion battery: Simon Moores opens Giga USA 2024","the-four-eras-of-the-gigafactory-simon-moores-opens-giga-usa-2024","article/the-four-eras-of-the-gigafactory-simon-moores-opens-giga-usa-2024",{"_uid":66334,"date":66335,"tags":66336,"editor":66338,"content":66342,"excerpt":66476,"featured":51,"reporter":66477,"_editable":66481,"component":864,"seo_title":66330,"categories":66482,"visibility":882,"author_company":49,"featured_image":66486,"seo_description":66476,"author_full_name":49,"author_job_title":49,"formattedDate":66489},"22c799a1-cd12-4343-9c5d-5e053fc542b9","2024-06-11 00:00",[66337],{"slug":65192,"name":65193},[66339],{"slug":544,"name":543,"content":66340},{"job_title":557,"image":66341,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":66343},[66344,66349,66354,66359,66364,66369,66374,66379,66384,66389,66394,66399,66406,66411,66416,66421,66426,66431,66436,66441,66446,66451,66456,66461,66466,66471],{"type":594,"attrs":66345,"content":66346},{"textAlign":49},[66347],{"text":66348,"type":599},"A decade ago, the battery sector was a 60 gigawatt-hour niche and battery cells averaged at $400/kWh.",{"type":594,"attrs":66350,"content":66351},{"textAlign":49},[66352],{"text":66353,"type":599},"Fast-forward to 2024 and Benchmark is forecasting that 1.4 terawatt-hours of batteries will be produced this year. Battery cell prices have fallen to just $78/kWh and the industry is at the heart of a global energy transition.",{"type":594,"attrs":66355,"content":66356},{"textAlign":49},[66357],{"text":66358,"type":599},"“Lithium ion batteries are becoming better, cheaper and abundant,” Simon Moores, Benchmark’s chief executive, said at Benchmark’s Giga USA conference. “It is a megatrend that will last the best part of this century.”",{"type":594,"attrs":66360,"content":66361},{"textAlign":49},[66362],{"text":66363,"type":599},"At the Washington D.C. event, Moores broke down the last decade of rapid growth and change into four eras.",{"type":594,"attrs":66365,"content":66366},{"textAlign":49},[66367],{"text":66368,"type":599},"2014-2017: Inception",{"type":594,"attrs":66370,"content":66371},{"textAlign":49},[66372],{"text":66373,"type":599},"In 2014, the nascent battery industry was based around demand and supply from China. Electric buses using lithium iron phosphate (LFP) batteries were taking off in the country, alongside electric bikes requiring small batteries.",{"type":594,"attrs":66375,"content":66376},{"textAlign":49},[66377],{"text":66378,"type":599},"Batteries, let alone their supply chains, were not a priority for Western governments. Tesla was the main non-Chinese player in the electric vehicle space driving change in the industry.",{"type":594,"attrs":66380,"content":66381},{"textAlign":49},[66382],{"text":66383,"type":599},"“Really batteries, and certainly the raw materials that go into them, weren’t on the radar in terms of discussion. They were just going to be there–it was no problem,” Moores said.",{"type":594,"attrs":66385,"content":66386},{"textAlign":49},[66387],{"text":66388,"type":599},"2018-2020 : Technology works",{"type":594,"attrs":66390,"content":66391},{"textAlign":49},[66392],{"text":66393,"type":599},"By 2018, the industry had grown to 170 GWh and the concept of a gigafactory was becoming more mainstream, with over 100 operating or in development around the world.",{"type":594,"attrs":66395,"content":66396},{"textAlign":49},[66397],{"text":66398,"type":599},"“The battery was getting better and it was becoming lower cost at the same time and it was becoming abundant with the rise of these gigafactories.”",{"type":594,"attrs":66400,"content":66401},{"textAlign":49},[66402],{"type":1186,"attrs":66403},{"id":49,"alt":547,"src":66404,"title":49,"source":49,"copyright":49,"meta_data":66405},"https://a.storyblok.com/f/287943243085208/4335e4b9e8/bm-giga-usa-2024-01.jpg",{},{"type":594,"attrs":66407,"content":66408},{"textAlign":49},[66409],{"text":66410,"type":599},"2021-2024: Scaling supply chain",{"type":594,"attrs":66412,"content":66413},{"textAlign":49},[66414],{"text":66415,"type":599},"The start of this era saw the industry break the 500 GWh barrier for the first time in 2021, more than triple the size of the industry in 2018.",{"type":594,"attrs":66417,"content":66418},{"textAlign":49},[66419],{"text":66420,"type":599},"With this rapid growth, it was becoming increasingly apparent that more raw materials would be needed: lithium, cobalt, nickel, graphite.",{"type":594,"attrs":66422,"content":66423},{"textAlign":49},[66424],{"text":66425,"type":599},"“It wasn’t just about batteries anymore,” Moores said. “All these gigafactories were being built around the world, yet they weren’t being built in tandem with the raw material supply to go into it.”",{"type":594,"attrs":66427,"content":66428},{"textAlign":49},[66429],{"text":66430,"type":599},"Around this time, the world was still reeling from the Covid-19 pandemic.",{"type":594,"attrs":66432,"content":66433},{"textAlign":49},[66434],{"text":66435,"type":599},"“It was supply chain chaos,” Moores said. “It was about building back.”",{"type":594,"attrs":66437,"content":66438},{"textAlign":49},[66439],{"text":66440,"type":599},"In 2022, a defining moment in the industry occurred. The US unveiled the Inflation Reduction Act, a far-reaching piece of legislation offering tax incentives to develop a domestic and friend-shored battery supply chain.",{"type":594,"attrs":66442,"content":66443},{"textAlign":49},[66444],{"text":66445,"type":599},"By the end of the era, Moores says the true impacts of this policy are now beginning to be felt and has ushered in the final of the four eras.",{"type":594,"attrs":66447,"content":66448},{"textAlign":49},[66449],{"text":66450,"type":599},"2024 and beyond: Politics as usual",{"type":594,"attrs":66452,"content":66453},{"textAlign":49},[66454],{"text":66455,"type":599},"The IRA and policies like the European Union’s Critical Raw Materials Act was “government rushing out policy to backfill this megatrend,” according to Moores.",{"type":594,"attrs":66457,"content":66458},{"textAlign":49},[66459],{"text":66460,"type":599},"It is now clear that policy and politics will play a key part in the further evolution of the battery industry and momentum has set in and will stick even in this year of elections.",{"type":594,"attrs":66462,"content":66463},{"textAlign":49},[66464],{"text":66465,"type":599},"“This trend is so big, the money’s been sunk, and it’s a global mega trend; it’s kind of irrelevant who’s next in the White House,” Moores said.",{"type":594,"attrs":66467,"content":66468},{"textAlign":49},[66469],{"text":66470,"type":599},"This year, Benchmark forecasts 1.4 TWh of batteries will be produced. By 2030 this is forecast to grow to over 4 TWh. ",{"type":594,"attrs":66472,"content":66473},{"textAlign":49},[66474],{"text":66475,"type":599},"“The trend is pretty obvious,” Moores said. “But politics will shape everything else that goes on within the industry.”","A decade ago, the battery sector was a 60 gigawatt-hour niche and battery cells averaged at $400/kWh. Fast-forward to 2024 and Benchmark is forecasting that 1.4 terawatt-hours of batteries will be produced this year. Battery cell prices have fallen to just $78/kWh and the industry is at the heart of a global energy transition. “Lithium […]",[66478],{"slug":544,"name":543,"content":66479},{"job_title":557,"image":66480,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"22c799a1-cd12-4343-9c5d-5e053fc542b9\", \"id\": \"\"}-->",[66483,66484,66485],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":66487,"copyright":547,"fieldtype":553,"meta_data":66488,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/93eef2e832/bm-simon-moores-gigausa-2024-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 11, 2024",{"id":66491,"uuid":66492,"name":66493,"slug":66494,"full_slug":66495,"content":66496},114843761056823,"4ed8d8aa-a926-4a40-8832-24cc409f4d49","Rumoured China SRB cobalt purchase and potential market impact examined","rumoured-china-srb-cobalt-purchase-and-potential-market-impact-examined","article/rumoured-china-srb-cobalt-purchase-and-potential-market-impact-examined",{"_uid":66497,"date":66498,"tags":66499,"editor":66503,"content":66507,"excerpt":66609,"featured":51,"reporter":66610,"_editable":66614,"component":864,"seo_title":66493,"categories":66615,"visibility":882,"author_company":49,"featured_image":66618,"seo_description":66609,"author_full_name":49,"author_job_title":49,"formattedDate":66620},"3bbc78cb-c63d-41c3-9c49-73d50ba2bf6b","2024-06-10 00:00",[66500,66501],{"slug":913,"name":914},{"slug":66502,"name":63143},"srb",[66504],{"slug":544,"name":543,"content":66505},{"job_title":557,"image":66506,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":66508},[66509,66514,66519,66524,66534,66539,66544,66549,66562,66567,66572,66577,66582,66587,66592,66597],{"type":594,"attrs":66510,"content":66511},{"textAlign":49},[66512],{"text":66513,"type":599},"China’s State Reserve Bureau (SRB) – the agency responsible for China’s stockpiles of strategic critical minerals – is rumoured to be on the brink of a record round of cobalt metal purchases.",{"type":594,"attrs":66515,"content":66516},{"textAlign":49},[66517],{"text":66518,"type":599},"The SRB has reportedly sent out a tender for up to 15,000 tonnes of cobalt metal to domestic refiners. While negotiations are said to be ongoing, expectations are that a price level of $10.50 – $12.00 per pound will be agreed if it were to be finalised.",{"type":594,"attrs":66520,"content":66521},{"textAlign":49},[66522],{"text":66523,"type":599},"“Short term, news of the SRB purchase could signify a change of momentum for metal prices, and suggests that Chinese officials believe that prices may have reached, or are close to, the floor,” said Roman Aubry, cobalt price analyst at Benchmark.",{"type":594,"attrs":66525,"content":66526},{"textAlign":49},[66527,66532],{"text":66528,"type":599,"marks":66529},"Cobalt metal prices have fallen by nearly 20% year-on-year",[66530],{"type":604,"attrs":66531},{"href":61992,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":66533,"type":599},", currently trading at their lowest level since 2019 when average metal prices reached $12.85 per pound ($28,350 per tonne).",{"type":594,"attrs":66535,"content":66536},{"textAlign":49},[66537],{"text":66538,"type":599},"The European metal market has come under pressure from an influx of Chinese material in recent months; Chinese refiners have converted excess cobalt hydroxide into metal to take advantage of arbitrage opportunities presented between the European and Chinese markets.",{"type":657,"attrs":66540,"content":66541},{"level":15966,"textAlign":49},[66542],{"text":66543,"type":599},"What impact could the purchase have on prices?",{"type":594,"attrs":66545,"content":66546},{"textAlign":49},[66547],{"text":66548,"type":599},"SRB stockpiling is driven by the needs of military and industrial applications in China, but has also been used as a vehicle for the Chinese government to stimulate commodity markets during downcycles. ",{"type":594,"attrs":66550,"content":66551},{"textAlign":49},[66552,66554,66560],{"text":66553,"type":599},"Standing at roughly 30,000-40,000 tonnes per annum, the metal market’s position as a key benchmark for cobalt prices has become increasingly disproportionate to its share of the supply mix. In January, Benchmark reported that the cobalt industry is ",{"text":66555,"type":599,"marks":66556},"increasingly attempting to move away from the metal",[66557],{"type":604,"attrs":66558},{"href":66559,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-industry-looks-to-move-away-from-metal-prices-after-market-downturn",{"text":66561,"type":599}," benchmark in cobalt hydroxide trades to better reflect dynamics in the battery market. ",{"type":594,"attrs":66563,"content":66564},{"textAlign":49},[66565],{"text":66566,"type":599},"Were it to go ahead, the SRB purchase would account for close to half of all metal production in 2024 and likely lead to a short-term price dislocation. However, it is unlikely to have a material impact on the overall cobalt supply balance. ",{"type":594,"attrs":66568,"content":66569},{"textAlign":49},[66570],{"text":66571,"type":599},"“While the purchase is not enough to shift the overall balance, it would be a positive for sentiment in an overwhelmingly bearish market,” Aubry said. ",{"type":594,"attrs":66573,"content":66574},{"textAlign":49},[66575],{"text":66576,"type":599},"“What happens with SRB will dictate what happens with prices in the coming months, improved sentiment could disappear quickly if the purchase fails to materialise,” he added.",{"type":657,"attrs":66578,"content":66579},{"level":15966,"textAlign":49},[66580],{"text":66581,"type":599},"Oversupply drives prices towards historical lows",{"type":594,"attrs":66583,"content":66584},{"textAlign":49},[66585],{"text":66586,"type":599},"Sentiment in the cobalt market has turned increasingly bearish, as robust supply growth primarily from the Democratic Republic of Congo (DRC) but also Indonesia, coupled with slower than expected  demand growth from the battery industry, has pushed the market into a structural oversupply. ",{"type":594,"attrs":66588,"content":66589},{"textAlign":49},[66590],{"text":66591,"type":599},"Prior to the rumoured SRB purchase, Benchmark forecasts that oversupply in the cobalt market would reach 12,500 tonnes in 2024. But with significant stockpiles of material accumulated across the supply chain, any purchase is unlikely to throw the market into deficit.",{"type":594,"attrs":66593,"content":66594},{"textAlign":49},[66595],{"text":66596,"type":599},"In fact, the current surplus risks widening as operations in the DRC ramp up output in response to bullish copper fundamentals; prices for the red metal reached record highs in May. Diverging fundamentals between the two markets pose a considerable downside risk for cobalt prices in the short-to-medium term. ",{"type":594,"attrs":66598,"content":66599},{"textAlign":49},[66600,66602,66607],{"text":66601,"type":599},"News that leading cobalt producer CMOC’s",{"text":66603,"type":599,"marks":66604}," first quarter production results outperformed previous guidance",[66605],{"type":604,"attrs":66606},{"href":63737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":66608,"type":599}," has only served to further darken the mood. This could potentially push the market towards a record supply surplus if first quarter production is sustained on an annualised basis.","China’s State Reserve Bureau (SRB) – the agency responsible for China’s stockpiles of strategic critical minerals – is rumoured to be on the brink of a record round of cobalt metal purchases. The SRB has reportedly sent out a tender for up to 15,000 tonnes of cobalt metal to domestic refiners. While negotiations are said […]",[66611],{"slug":544,"name":543,"content":66612},{"job_title":557,"image":66613,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3bbc78cb-c63d-41c3-9c49-73d50ba2bf6b\", \"id\": \"\"}-->",[66616,66617],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":41653,"copyright":547,"fieldtype":553,"meta_data":66619,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jun 10, 2024",{"id":66622,"uuid":66623,"name":66624,"slug":66625,"full_slug":66626,"content":66627},112469467428107,"1715ceae-1610-45c5-8310-867c034bb1b5","New Caledonia unrest deepens nickel industry crisis ","new-caledonia-unrest-deepens-nickel-industry-crisis","article/new-caledonia-unrest-deepens-nickel-industry-crisis",{"_uid":66628,"date":66498,"tags":66629,"editor":66634,"content":66638,"excerpt":66795,"featured":51,"reporter":66796,"_editable":66800,"component":864,"seo_title":66624,"categories":66801,"visibility":2091,"author_company":49,"featured_image":66804,"seo_description":66795,"author_full_name":49,"author_job_title":49,"formattedDate":66620},"871755b8-ad48-4d46-ac44-e3972dc55a20",[66630,66633],{"slug":66631,"name":66632},"france","France",{"slug":52906,"name":52907},[66635],{"slug":544,"name":543,"content":66636},{"job_title":557,"image":66637,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":66639},[66640,66645,66650,66661,66668,66673,66691,66696,66701,66706,66711,66718,66723,66728,66733,66738,66743,66748,66753,66758],{"type":594,"attrs":66641,"content":66642},{"textAlign":49},[66643],{"text":66644,"type":599},"Deadly riots that rocked New Caledonia in May, the French overseas territory in the South Pacific, has deepened the crisis for the territory’s embattled nickel industry. ",{"type":594,"attrs":66646,"content":66647},{"textAlign":49},[66648],{"text":66649,"type":599},"Sparked by controversial plans to give more voting rights to non-indigenous people, nickel mining in the territory has been halted since the start of the unrest in the middle of last month. ",{"type":594,"attrs":66651,"content":66652},{"textAlign":49},[66653,66655,66659],{"text":66654,"type":599},"New Caledonia produces 6% of mined and 2% of refined nickel globally, according to the ",{"text":37427,"type":599,"marks":66656},[66657],{"type":604,"attrs":66658},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":66660,"type":599},". Last year, over 70% of New Caledonia’s refined nickel production was in the form of ferronickel, a low-grade nickel used in the production of stainless steel, with the remainder mixed hydroxide precipitate (MHP) targeted at the battery industry. ",{"type":594,"attrs":66662,"content":66663},{"textAlign":49},[66664],{"type":1186,"attrs":66665},{"id":49,"alt":547,"src":66666,"title":49,"source":49,"copyright":49,"meta_data":66667},"https://a.storyblok.com/f/287943243085208/51da26f2f0/bm-image-61.png",{},{"type":594,"attrs":66669,"content":66670},{"textAlign":49},[66671],{"text":66672,"type":599},"London Metal Exchange nickel prices rose by more than 8% in the wake of the unrest, breaching the $20,000 per tonne mark in May for the first time since July 2023. Prices retreated to below $18,000 per tonne in early June, similar to levels seen before the unrest following a lifting of the state of emergency by the French government.",{"type":594,"attrs":66674,"content":66675},{"textAlign":49},[66676,66678,66683,66685,66689],{"text":66677,"type":599},"The unrest has also proved ",{"text":66679,"type":599,"marks":66680},"supportive to nickel prices in the battery ",[66681],{"type":604,"attrs":66682},{"href":62541,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":66684,"type":599},"supply chain, according to the ",{"text":39354,"type":599,"marks":66686},[66687],{"type":604,"attrs":66688},{"href":62541,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":66690,"type":599},". Benchmark’s MHP, CIF Asia, % payable to LME recorded a slight uptick following the unrest, while upstream factors have helped hold up the Chinese sulphate price despite downstream demand showing seasonal weakness. ",{"type":657,"attrs":66692,"content":66693},{"level":15966,"textAlign":49},[66694],{"text":66695,"type":599},"What impact could the unrest have on the nickel market?",{"type":594,"attrs":66697,"content":66698},{"textAlign":49},[66699],{"text":66700,"type":599},"Benchmark estimates that New Caledonia produced over 100,000 tonnes of refined nickel in 2023, with overall mine production exceeding 200,000 tonnes of contained nickel. ",{"type":594,"attrs":66702,"content":66703},{"textAlign":49},[66704],{"text":66705,"type":599},"If disruptions to nickel mining in the region were to persist for a prolonged period of time, it could have a material impact on the nickel market balance in 2024, according to Will Talbot, principal nickel analyst at Benchmark.",{"type":594,"attrs":66707,"content":66708},{"textAlign":49},[66709],{"text":66710,"type":599},"“These disruptions could affect the market balance, which is forecast to be oversupplied by around 100,000 tonnes this year,” he said. “Were all New Caledonia’s material to stay offline, there is a risk of rebalancing.”",{"type":594,"attrs":66712,"content":66713},{"textAlign":49},[66714],{"type":1186,"attrs":66715},{"id":49,"alt":547,"src":66716,"title":49,"source":49,"copyright":49,"meta_data":66717},"https://a.storyblok.com/f/287943243085208/c30b9900d7/bm-image-59-1319310fee6c.png",{},{"type":594,"attrs":66719,"content":66720},{"textAlign":49},[66721],{"text":66722,"type":599},"The impact of a potential re-balancing would be less acute for the battery industry, as the use of the territory’s nickel is far more pervasive in the stainless steel industry. The region primarily exports its ore and refined nickel to smelters and stainless steel operations in China and other countries in Asia. ",{"type":594,"attrs":66724,"content":66725},{"textAlign":49},[66726],{"text":66727,"type":599},"In this scenario, the removal of New Caledonian units from the market could provide support for LME nickel prices across the remainder of the year. Benchmark estimates that low nickel prices have taken out about 60,000 tonnes from the market in 2024, with several more operations classified as “at risk” of closure under the current price environment. ",{"type":594,"attrs":66729,"content":66730},{"textAlign":49},[66731],{"text":66732,"type":599},"“If New Caledonia supply were to remain offline, it could provide support for some of the bigger Australian producers to stay online this year,” Talbot added.",{"type":657,"attrs":66734,"content":66735},{"level":15966,"textAlign":49},[66736],{"text":66737,"type":599},"Unrest exacerbates existing crisis",{"type":594,"attrs":66739,"content":66740},{"textAlign":49},[66741],{"text":66742,"type":599},"The turmoil has compounded high production costs for nickel operations in New Caledonia. The territory’s nickel sector has long been blighted by high-operating costs, capex blowouts, and difficulties ramping supply to nameplate capacity. ",{"type":594,"attrs":66744,"content":66745},{"textAlign":49},[66746],{"text":66747,"type":599},"A wave of low-cost supply emanating from Indonesia led nickel prices to fall across 2023 and early 2024, eroding the cost competitiveness of New Caledonia’s nickel sector. ",{"type":594,"attrs":66749,"content":66750},{"textAlign":49},[66751],{"text":66752,"type":599},"The French government has been in negotiations to rescue the New Caledonia nickel industry, which forms the backbone of its economy. Paris also wants to avoid the struggling industry falling into the hands of potential Chinese investors as it seeks to assert greater geo-political influence in the region.",{"type":594,"attrs":66754,"content":66755},{"textAlign":49},[66756],{"text":66757,"type":599},"In November, the French government proposed the ‘Nickel Pact’, a state bailout package that would subsidise energy costs up to 200 million euros a year, in return for commitments to supply more nickel to Europe. The package, however, has met resistance from local indigenous groups that are demanding greater autonomy for the industry.",{"type":594,"attrs":66759,"content":66760},{"textAlign":49},[66761,66765,66768,66771,66775,66778,66782,66786,66790,66794],{"text":66762,"type":599,"marks":66763},"To speak to our nickel experts and learn more about Benchmark’s ",[66764],{"type":643},{"text":21707,"type":599,"marks":66766},[66767],{"type":643},{"text":3400,"type":599,"marks":66769},[66770],{"type":643},{"text":66772,"type":599,"marks":66773},"Nickel Forecast",[66774],{"type":643},{"text":3400,"type":599,"marks":66776},[66777],{"type":643},{"text":66779,"type":599,"marks":66780},"Nickel ESG Report",[66781],{"type":643},{"text":66783,"type":599,"marks":66784}," and our bespoke ",[66785],{"type":643},{"text":66787,"type":599,"marks":66788},"Consulting ",[66789],{"type":643},{"text":66791,"type":599,"marks":66792},"services, please provide your details here and our team will be in touch",[66793],{"type":643},{"text":974,"type":599},"Deadly riots that rocked New Caledonia in May, the French overseas territory in the South Pacific, has deepened the crisis for the territory’s embattled nickel industry. Sparked by controversial plans to give more voting rights to non-indigenous people, nickel mining in the territory has been halted since the start of the unrest in the middle […]",[66797],{"slug":544,"name":543,"content":66798},{"job_title":557,"image":66799,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"871755b8-ad48-4d46-ac44-e3972dc55a20\", \"id\": \"\"}-->",[66802,66803],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":66805,"copyright":547,"fieldtype":553,"meta_data":66806,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f026aa0d62/bm-new-caledonia.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":66808,"uuid":66809,"name":66810,"slug":66811,"full_slug":66812,"content":66813},112469494662416,"7d8ef09d-7a07-4dae-b0a7-571bc39b1ec1","EU signs supply partnership with critical minerals giant Australia","eu-signs-supply-partnership-with-critical-minerals-giant-australia","article/eu-signs-supply-partnership-with-critical-minerals-giant-australia",{"_uid":66814,"date":66815,"tags":66816,"editor":66821,"content":66825,"excerpt":67013,"featured":51,"reporter":67014,"_editable":67018,"component":864,"seo_title":66810,"categories":67019,"visibility":882,"author_company":49,"featured_image":67025,"seo_description":67013,"author_full_name":49,"author_job_title":49,"formattedDate":67029},"7180d15b-6c84-4f0e-bc11-6505c066701e","2024-06-04 00:00",[66817,66818,66819,66820],{"slug":6567,"name":2038},{"slug":10097,"name":10098},{"slug":2790,"name":2791},{"slug":4610,"name":662},[66822],{"slug":544,"name":543,"content":66823},{"job_title":557,"image":66824,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":66826},[66827,66832,66837,66842,66850,66855,66862,66878,66890,66900,66905,66916,66921,66926,66931,66942,66952,66963,66968,66973,66978,66983,66988,66993,67000],{"type":594,"attrs":66828,"content":66829},{"textAlign":49},[66830],{"text":66831,"type":599},"Australia became the European Union’s 13th Critical Raw Materials (CRM) Strategic Partner last week in a major advance for European critical raw materials strategy.",{"type":594,"attrs":66833,"content":66834},{"textAlign":49},[66835],{"text":66836,"type":599},"The EU-Australia Memorandum of Understanding (MoU), signed on 28 May, will guide bilateral cooperation between the regions in critical minerals mining, refining, and recycling. ",{"type":594,"attrs":66838,"content":66839},{"textAlign":49},[66840],{"text":66841,"type":599},"The supply chains that result from the deal will feed into the clean energy sectors, including electric vehicle (EV) batteries, as well as the digital transition sectors, defence, and aerospace. ",{"type":594,"attrs":66843,"content":66844},{"textAlign":49},[66845,66848],{"text":47476,"type":599,"marks":66846},[66847],{"type":643},{"text":66849,"type":599},"Australia is among the most significant of the EU’s CRM Strategic Partnerships to date given its mineral endowments, mining experience, good ESG track record, and ambition to develop mid- and downstream capabilities,” said senior policy analyst Bryan Bille.",{"type":594,"attrs":66851,"content":66852},{"textAlign":49},[66853],{"text":66854,"type":599},"Australia is a globally significant miner of lithium, cobalt, nickel, and manganese, meaning the new partnership could help the EU more easily achieve critical minerals diversification and supply security targets.",{"type":594,"attrs":66856,"content":66857},{"textAlign":49},[66858],{"type":1186,"attrs":66859},{"id":49,"alt":547,"src":66860,"title":49,"source":49,"copyright":49,"meta_data":66861},"https://a.storyblok.com/f/287943243085208/42d0cff3aa/bm-battery-critical-minerals-v5-1.png",{},{"type":594,"attrs":66863,"content":66864},{"textAlign":49},[66865,66866,66871,66873,66877],{"text":2372,"type":599},{"text":66867,"type":599,"marks":66868},"EU needs CRM Strategic Partners",[66869],{"type":604,"attrs":66870},{"href":64632,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":66872,"type":599}," like Australia for security of supply as the bloc is only on track to produce 2% of its total cobalt demand in 2030, as well as 10% for nickel and 9% for lithium, according to ",{"text":57921,"type":599,"marks":66874},[66875],{"type":604,"attrs":66876},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":66879,"content":66880},{"textAlign":49},[66881,66882,66888],{"text":2372,"type":599},{"text":66883,"type":599,"marks":66884},"CRM partnerships",[66885],{"type":604,"attrs":66886},{"href":66887,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/australian-eu-and-canadian-representatives-urge-critical-minerals-cooperation",{"text":66889,"type":599}," are also designed to help the EU to achieve diversification so that it is not heavily reliant on any single third producer.",{"type":594,"attrs":66891,"content":66892},{"textAlign":49},[66893,66894,66898],{"text":2372,"type":599},{"text":10098,"type":599,"marks":66895},[66896],{"type":604,"attrs":66897},{"href":64632,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":66899,"type":599}," (CRMA), which came into force in May 2024, states that by 2030, no more than 65% of the EU’s annual consumption of strategic raw materials should come from a single ex-EU country. ",{"type":594,"attrs":66901,"content":66902},{"textAlign":49},[66903],{"text":66904,"type":599},"The EU has promised to devise a roadmap within 6 months laying out actions to implement the partnership.",{"type":594,"attrs":66906,"content":66907},{"textAlign":49},[66908,66910,66915],{"text":66909,"type":599},"The EU signed its first CRM Strategic partnership with Canada in 2021 and since then has secured deals with nations across Central Asia, Latin America, and ",{"text":585,"type":599,"marks":66911},[66912],{"type":604,"attrs":66913},{"href":66914,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-africa-fill-the-eus-critical-mineral-deficit",{"text":974,"type":599},{"type":594,"attrs":66917,"content":66918},{"textAlign":49},[66919],{"text":66920,"type":599},"The bloc is still pursuing negotiations for a free trade agreement with Australia, which would further facilitate critical minerals supply cooperation.",{"type":657,"attrs":66922,"content":66923},{"level":15966,"textAlign":49},[66924],{"text":66925,"type":599},"Australia’s mineral wealth",{"type":594,"attrs":66927,"content":66928},{"textAlign":49},[66929],{"text":66930,"type":599},"Australia mines the battery minerals lithium, nickel, cobalt, and manganese as well as rare earths, an input for the permanent magnets inside EV motors.",{"type":594,"attrs":66932,"content":66933},{"textAlign":49},[66934,66936,66940],{"text":66935,"type":599},"The country’s main battery mineral product is lithium. In 2024, Australia is forecast to produce 34% of global lithium feedstock supply, according to ",{"text":24541,"type":599,"marks":66937},[66938],{"type":604,"attrs":66939},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":66941,"type":599},", making it the biggest single country supplier. ",{"type":594,"attrs":66943,"content":66944},{"textAlign":49},[66945,66947],{"text":66946,"type":599},"In terms of nickel, Australia will be important in helping the EU diversify its nickel supply away from Indonesia, where Chinese producers are dominant. By 2028, the country is expected to produce 3% of the world’s mined nickel, according to ",{"text":66948,"type":599,"marks":66949},"Benchmark’s Nickel Forecast.",[66950],{"type":604,"attrs":66951},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":66953,"content":66954},{"textAlign":49},[66955,66957,66962],{"text":66956,"type":599},"Australia could also become a significant producer of manganese, contributing about 15% of world supply in 2028 if the Groote Eylandt mine were to come back online, according to ",{"text":66958,"type":599,"marks":66959},"Benchmark’s Manganese Sulphate Outlook",[66960],{"type":604,"attrs":66961},{"href":60774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":66964,"content":66965},{"textAlign":49},[66966],{"text":66967,"type":599},"Aside from battery minerals, Australia has a large pipeline in rare earth mines. Rare earths, which go into EV motors, are a key target of EU supply diversification as the bloc has limited domestic mining capacity and relies on China for 100% of its heavy rare earths supply.",{"type":657,"attrs":66969,"content":66970},{"level":15966,"textAlign":49},[66971],{"text":66972,"type":599},"Areas of cooperation",{"type":594,"attrs":66974,"content":66975},{"textAlign":49},[66976],{"text":66977,"type":599},"EU-Australia cooperation will extend across the exploration, extraction, processing, refining, and recycling of critical minerals as well as the processing of extractive waste.",{"type":594,"attrs":66979,"content":66980},{"textAlign":49},[66981],{"text":66982,"type":599},"The MoU text emphasised that the partnership would be geared towards building sustainable supply chains through cooperating on research and innovation to minimise environmental and climate footprint and aligning ESG policy and practices between the nations.  ",{"type":594,"attrs":66984,"content":66985},{"textAlign":49},[66986],{"text":66987,"type":599},"The partnership is also set to contribute to the development of Australia’s domestic critical minerals sector.",{"type":594,"attrs":66989,"content":66990},{"textAlign":49},[66991],{"text":66992,"type":599},"The MoU also allows for Australia-EU cooperation in any part of the world where both have ‘mutual interests’ relating to critical minerals supply, such as Africa.",{"type":594,"attrs":66994,"content":66995},{"textAlign":49},[66996],{"text":66997,"type":599,"marks":66998},"Join Benchmark’s premier event for the battery and EV supply chain across Asia Pacific at the Ritz Carlton Hotel, Perth, Australia, on 11-12 September 2024.",[66999],{"type":643},{"type":594,"attrs":67001,"content":67002},{"textAlign":49},[67003,67010],{"text":67004,"type":599,"marks":67005},"Click here to find out more about Giga APAC and secure your ticket now",[67006,67009],{"type":604,"attrs":67007},{"href":67008,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://benchmarkevents.benchmarkminerals.com/gigaapac24/",{"type":643},{"text":974,"type":599,"marks":67011},[67012],{"type":643},"Australia became the European Union’s 13th Critical Raw Materials (CRM) Strategic Partner last week in a major advance for European critical raw materials strategy. The EU-Australia Memorandum of Understanding (MoU), signed on 28 May, will guide bilateral cooperation between the regions in critical minerals mining, refining, and recycling. The supply chains that result from the […]",[67015],{"slug":544,"name":543,"content":67016},{"job_title":557,"image":67017,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7180d15b-6c84-4f0e-bc11-6505c066701e\", \"id\": \"\"}-->",[67020,67021,67022,67023,67024],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"slug":4330,"name":150},{"slug":1556,"name":414},{"id":49,"alt":67026,"name":547,"focus":547,"title":67026,"source":547,"filename":67027,"copyright":547,"fieldtype":553,"meta_data":67028,"is_external_url":51},"Australian and EU flags","https://a.storyblok.com/f/287943243085208/778f3c80b3/bm-european-union-and-australia.jpg",{"alt":67026,"title":67026,"source":547,"copyright":547},"Jun 04, 2024",{"id":67031,"uuid":67032,"name":67033,"slug":67034,"full_slug":67035,"content":67036},112469504423186,"0071bf2d-2e6d-4f86-a564-ab2d228698d4","How BHP’s failed bid for Anglo American could impact the copper market","how-bhps-failed-bid-for-anglo-american-could-impact-the-copper-market","article/how-bhps-failed-bid-for-anglo-american-could-impact-the-copper-market",{"_uid":67037,"date":67038,"tags":67039,"editor":67045,"content":67049,"excerpt":67218,"featured":51,"reporter":67219,"_editable":67223,"component":864,"seo_title":67033,"categories":67224,"visibility":2091,"author_company":49,"featured_image":67228,"seo_description":67218,"author_full_name":49,"author_job_title":49,"formattedDate":67231},"ab0c3599-18c5-49ef-9d69-eacdc9db0db1","2024-05-31 00:00",[67040,67043,67044],{"slug":67041,"name":67042},"anglo-american","Anglo American",{"slug":62471,"name":62472},{"slug":17611,"name":17612},[67046],{"slug":544,"name":543,"content":67047},{"job_title":557,"image":67048,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":67050},[67051,67056,67061,67081,67086,67091,67099,67104,67109,67114,67119,67132,67137,67142,67150,67155,67160,67165,67170,67175,67180,67185,67190,67195,67200,67205,67210],{"type":594,"attrs":67052,"content":67053},{"textAlign":49},[67054],{"text":67055,"type":599},"BHP’s bid to take over Anglo American for $49 billion collapsed after weeks of negotiations on Wednesday. The bid was the largest in the commodity sector’s recent history.",{"type":594,"attrs":67057,"content":67058},{"textAlign":49},[67059],{"text":67060,"type":599},"Anglo declined to extend the 29 May deadline to allow BHP more time to make a further offer, after having already extended the deadline from a week earlier.",{"type":594,"attrs":67062,"content":67063},{"textAlign":49},[67064,67066,67072,67074,67080],{"text":67065,"type":599},"Had the proposed deal been successful, BHP would have accounted for around ",{"text":67067,"type":599,"marks":67068},"10% of global mined copper supply",[67069],{"type":604,"attrs":67070},{"href":67071,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/copper-underpins-bhps-39-billion-anglo-american-takeover-offer",{"text":67073,"type":599}," and overtaken Chile’s Codelco as the world’s largest copper miner, according to ",{"text":67075,"type":599,"marks":67076},"Benchmark’s Copper Forecast Service",[67077],{"type":604,"attrs":67078},{"href":67079,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/copper-is-coming-benchmark-expands-critical-mineral-coverage",{"text":974,"type":599},{"type":594,"attrs":67082,"content":67083},{"textAlign":49},[67084],{"text":67085,"type":599},"“Too small a time window to finalise a deal of this size and complexity, failure to win over Anglo’s investors, resistance from Anglo’s board and suboptimal timing of the approach are all reasons behind the failure,” Piotr Ortonowski, a project manager at Benchmark, said. “But, ultimately, it was BHP’s price discipline which determined that enough is enough.”",{"type":594,"attrs":67087,"content":67088},{"textAlign":49},[67089],{"text":67090,"type":599},"In 2023, BHP produced around 1.3 million tonnes of copper whilst Anglo produced around 570,000 tonnes. The companies also have significant nickel operations with over 81,00 tonnes and 61,000 tonnes of refined nickel production respectively in 2023, according to Benchmark’s Nickel Forecast.",{"type":594,"attrs":67092,"content":67093},{"textAlign":49},[67094],{"type":1186,"attrs":67095},{"id":49,"alt":67096,"src":67097,"title":49,"source":49,"copyright":49,"meta_data":67098},"BHP's proposed merger with Anglo American would create copper giant and bolster nickel exposure","https://a.storyblok.com/f/287943243085208/5b6b4a5453/bm-copper-updated010524-002.png",{},{"type":594,"attrs":67100,"content":67101},{"textAlign":49},[67102],{"text":67103,"type":599},"A key sticking point was BHP’s requirement that Anglo entirely demerge its shareholdings in both Anglo American Platinum and Kumba Iron Ore Limited, both of which operate in South Africa.",{"type":594,"attrs":67105,"content":67106},{"textAlign":49},[67107],{"text":67108,"type":599},"“The requirement to pursue two contemporaneous demergers of publicly listed companies alongside a takeover and the inter-conditional nature of the three transactions is unprecedented,” Anglo said in a press statement.",{"type":594,"attrs":67110,"content":67111},{"textAlign":49},[67112],{"text":67113,"type":599},"“The process of dealing with South African authorities to get the demerger done would likely be very convoluted, drawn out and costly,” Ortonowski said, adding, “Moreover, Anglo’s existing shareholders would be left with separate shares for these demerged assets, which could perform very poorly going forward – a major risk to them.”",{"type":657,"attrs":67115,"content":67116},{"level":15966,"textAlign":49},[67117],{"text":67118,"type":599},"What could the impact on the copper market be?",{"type":594,"attrs":67120,"content":67121},{"textAlign":49},[67122,67124,67130],{"text":67123,"type":599},"The outlook for the copper market balance is one of undersupply, a view reinforced by BHP’s attempt to take over Anglo. This year is ",{"text":67125,"type":599,"marks":67126},"especially tough for copper miners",[67127],{"type":604,"attrs":67128},{"href":67129,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-shares-7-key-takeaways-from-cesco-week-santiago",{"text":67131,"type":599},", with close to a million tonnes of annualised disruptions in only the first five months of the year.",{"type":594,"attrs":67133,"content":67134},{"textAlign":49},[67135],{"text":67136,"type":599},"Ortonowski explains that the major players in the industry have been too slow responding to this to organically increase the output of their own projects.",{"type":594,"attrs":67138,"content":67139},{"textAlign":49},[67140],{"text":67141,"type":599},"“They are turning to acquisitions as a band-aid to building exposure to copper,” he said.",{"type":594,"attrs":67143,"content":67144},{"textAlign":49},[67145],{"type":1186,"attrs":67146},{"id":49,"alt":67147,"src":67148,"title":49,"source":49,"copyright":49,"meta_data":67149},"Recent mine disruptions have removed around 1Mt of mine supply from this year's balance","https://a.storyblok.com/f/287943243085208/6f60beeab1/bm-cesco-week-takeaways-01-v3-22042024-cp.png",{},{"type":594,"attrs":67151,"content":67152},{"textAlign":49},[67153],{"text":67154,"type":599},"BHP’s attempt on Anglo is the second major copper-focused merger and acquisition (M&A) approach that has failed in recent years: Glencore’s $23 billion bid for Teck Resources was rejected in 2023.",{"type":594,"attrs":67156,"content":67157},{"textAlign":49},[67158],{"text":67159,"type":599},"“Will these failures ramp up pressure on majors to put more effort into expanding copper output through organic growth? Or will they become prepared to pay a higher price for M&A targets?” asks Ortonowski.",{"type":594,"attrs":67161,"content":67162},{"textAlign":49},[67163],{"text":67164,"type":599},"On the copper concentrate side, had the deal gone through BHP would have controlled around 15% of global custom copper concentrate supply, according to Benchmark.",{"type":657,"attrs":67166,"content":67167},{"level":15966,"textAlign":49},[67168],{"text":67169,"type":599},"How has it impacted copper prices?",{"type":594,"attrs":67171,"content":67172},{"textAlign":49},[67173],{"text":67174,"type":599},"Within a week of BHP putting a bid in for Anglo, copper prices on the London Metal Exchange (LME) surged by $400 per tonne and have consolidated above $10,000 per tonne.",{"type":594,"attrs":67176,"content":67177},{"textAlign":49},[67178],{"text":67179,"type":599},"“BHP’s approach for Anglo has undeniably been one of the key driving forces behind copper’s recent rally,” Ortonowski said.",{"type":657,"attrs":67181,"content":67182},{"level":15966,"textAlign":49},[67183],{"text":67184,"type":599},"Can BHP bid again?",{"type":594,"attrs":67186,"content":67187},{"textAlign":49},[67188],{"text":67189,"type":599},"If BHP wants to place another offer, it must wait at least six months before doing so. Though technically, it could bypass the Anglo board and place a hostile bid, but the company has indicated it does not intend to do so.",{"type":594,"attrs":67191,"content":67192},{"textAlign":49},[67193],{"text":67194,"type":599},"“With BHP out of the picture in the foreseeable future, Glencore and Rio Tinto have been widely touted as potential suitors,” according to Ortonowski. “Notably, Glencore already co-owns Anglo’s crown jewel – the Collahuasi mine – so is intimately familiar with the asset.”",{"type":657,"attrs":67196,"content":67197},{"level":15966,"textAlign":49},[67198],{"text":67199,"type":599},"What’s next for Anglo American?",{"type":594,"attrs":67201,"content":67202},{"textAlign":49},[67203],{"text":67204,"type":599},"Not long after the initial bid by BHP, Anglo’s board announced a series of changes to the structure of the business including:",{"type":594,"attrs":67206,"content":67207},{"textAlign":49},[67208],{"text":67209,"type":599},"“Celebrations in Anglo’s boardroom are likely to be short-lived – the company’s leadership now faces a much tougher challenge of proving that it can deliver value to its shareholders by following through on a successful restructuring of the business,” Ortonowski said. “Pressure’s on.”",{"type":594,"attrs":67211,"content":67212},{"textAlign":49},[67213,67217],{"text":67214,"type":599,"marks":67215},"If you would like to find out more about Benchmark’s upcoming copper services, please fill in the form below",[67216],{"type":643},{"text":21888,"type":599},"BHP’s bid to take over Anglo American for $49 billion collapsed after weeks of negotiations on Wednesday. The bid was the largest in the commodity sector’s recent history. Anglo declined to extend the 29 May deadline to allow BHP more time to make a further offer, after having already extended the deadline from a week […]",[67220],{"slug":544,"name":543,"content":67221},{"job_title":557,"image":67222,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ab0c3599-18c5-49ef-9d69-eacdc9db0db1\", \"id\": \"\"}-->",[67225,67226,67227],{"slug":869,"name":870},{"slug":872,"name":873},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":67229,"copyright":547,"fieldtype":553,"meta_data":67230,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f7fcce11ba/bm-anglo-american-copper-south-africa.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 31, 2024",{"id":67233,"uuid":67234,"name":67235,"slug":67236,"full_slug":67237,"content":67238},112469528220952,"0929a798-53dd-410c-a027-2ec5809e8df3","Chile boosts Albemarle’s quota as country set to lose lithium market share","chile-boosts-albemarles-quota-as-country-set-to-lose-lithium-market-share","article/chile-boosts-albemarles-quota-as-country-set-to-lose-lithium-market-share",{"_uid":67239,"date":67240,"tags":67241,"editor":67244,"content":67248,"excerpt":67348,"featured":51,"reporter":67349,"_editable":67353,"component":864,"seo_title":67235,"categories":67354,"visibility":882,"author_company":49,"featured_image":67357,"seo_description":67348,"author_full_name":49,"author_job_title":49,"formattedDate":67360},"03e0bc1d-6d3f-4fb8-836b-1a672e94ca22","2024-05-24 00:00",[67242,67243],{"slug":11320,"name":11321},{"slug":17168,"name":13351},[67245],{"slug":544,"name":543,"content":67246},{"job_title":557,"image":67247,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":67249},[67250,67255,67265,67270,67275,67282,67294,67299,67304,67309,67314,67319,67324,67331,67336],{"type":594,"attrs":67251,"content":67252},{"textAlign":49},[67253],{"text":67254,"type":599},"Chile, the world’s second largest lithium producer, is forecast to account for 21% of global lithium production this year, whilst neighbouring Argentina sits in fifth place with 7% of global production.",{"type":594,"attrs":67256,"content":67257},{"textAlign":49},[67258,67260,67264],{"text":67259,"type":599},"However, by 2030, Chile is set to drop to 13% whilst Argentina rises to 12% of global production, according to ",{"text":24541,"type":599,"marks":67261},[67262],{"type":604,"attrs":67263},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":67266,"content":67267},{"textAlign":49},[67268],{"text":67269,"type":599},"This comes as Chile’s production development corporation CORFO, is giving US-based Albemarle the option to increase its production quota and the Chilean government opens up a tender process to private companies to bid on other salt flats in the country.",{"type":594,"attrs":67271,"content":67272},{"textAlign":49},[67273],{"text":67274,"type":599},"“Chile wants to recover the strategic place it once had as it’s slowly losing its ground,” Federico Gay, principal lithium analyst at Benchmark, said.",{"type":594,"attrs":67276,"content":67277},{"textAlign":49},[67278],{"type":1186,"attrs":67279},{"id":49,"alt":547,"src":67280,"title":49,"source":49,"copyright":49,"meta_data":67281},"https://lh7-us.googleusercontent.com/VaCI6H30PNHfAFl4NQkGAJ6a7KQAh6JTFFr7rvF6vpwcab4kg0To7KDOFKw6jSt8QCLXPJLbPamGIMwKVqA6jpXRLmFbTXZdopNm3VdMMJ7PBNQNIfbBlNNKVquDcM2GO89QBpiyBimVCBU5iw6E-1g",{},{"type":594,"attrs":67283,"content":67284},{"textAlign":49},[67285,67287,67292],{"text":67286,"type":599},"Currently, Albemarle and SQM are the only two companies with operating lithium assets in Chile. However, several other companies have shown interest in developing lithium projects in the country and are waiting for clarification on the ",{"text":67288,"type":599,"marks":67289},"country’s national lithium strategy",[67290],{"type":604,"attrs":67291},{"href":18544,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":67293,"type":599}," announced in 2023.  ",{"type":594,"attrs":67295,"content":67296},{"textAlign":49},[67297],{"text":67298,"type":599},"In the terms of its agreement, CORFO laid out a series of requirements that must be met in order to access the increased quota. These include the development and use of more sustainable technologies, focused primarily on lowering water consumption, and “preferential pricing” of Albemarle’s products for Chilean and foreign companies established in Chile.",{"type":594,"attrs":67300,"content":67301},{"textAlign":49},[67302],{"text":67303,"type":599},"If Albemarle accepts the terms of the agreement, its production quota would increase by 240,000 tonnes of lithium metal equivalent (1.27 million tonnes lithium carbonate equivalent), an almost 50% increase on its existing quota. Albemarle will also make a payment of US$15.2 million.",{"type":657,"attrs":67305,"content":67306},{"level":15966,"textAlign":49},[67307],{"text":67308,"type":599},"Direct lithium extraction development",{"type":594,"attrs":67310,"content":67311},{"textAlign":49},[67312],{"text":67313,"type":599},"CORFO specifically notes direct lithium extraction (DLE) as an example of a more sustainable technology to exploit the brine resources in Chile. Currently there are no operating DLE projects in Chile. ",{"type":594,"attrs":67315,"content":67316},{"textAlign":49},[67317],{"text":67318,"type":599},"Argentina, by contrast to Chile, already has one active DLE operation, the Hombre Muerto mine, operated by Arcadium Lithium. There are several other DLE projects in the pipeline to be developed in Argentina in the next few years, including Eramet’s Centenario Ratones, which is forecasted to start production this year. In part, the expansion of DLE lithium projects is helping Argentina to catch up with Chile.",{"type":594,"attrs":67320,"content":67321},{"textAlign":49},[67322],{"text":67323,"type":599},"Globally, Benchmark forecasts DLE will account for 16% of lithium production by 2030.",{"type":594,"attrs":67325,"content":67326},{"textAlign":49},[67327],{"type":1186,"attrs":67328},{"id":49,"alt":547,"src":67329,"title":49,"source":49,"copyright":49,"meta_data":67330},"https://lh7-us.googleusercontent.com/zSDijQ9f5IwzqwoTef_9oF-rbuEPvrhaA3a8-qAbxhONDtTU3_Xwewwam1350R9XxjgCB8f8SRp8hU8-EMwU-cJGQf0LRFeg2YuO3HWiYy8X5ruGJK9QCLmgyOUxYr6XuRu0LIQf_PvhjqQFr7AZ7W8",{},{"type":594,"attrs":67332,"content":67333},{"textAlign":49},[67334],{"text":67335,"type":599},"If Albemarle goes ahead with the expanded quota, CORFO must carry out a process of Indigenous Consultation with the communities based in the Salar and then obtain the relevant environmental permits. ",{"type":594,"attrs":67337,"content":67338},{"textAlign":49},[67339,67341,67347],{"text":67340,"type":599},"Both Albemarle and SQM have “Industry Leading” scores for their ESG practices, according to ",{"text":67342,"type":599,"marks":67343},"Benchmark’s Lithium ESG Report",[67344],{"type":604,"attrs":67345},{"href":67346,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg/lithium/reports/",{"text":974,"type":599},"Chile, the world’s second largest lithium producer, is forecast to account for 21% of global lithium production this year, whilst neighbouring Argentina sits in fifth place with 7% of global production. However, by 2030, Chile is set to drop to 13% whilst Argentina rises to 12% of global production, according to Benchmark’s Lithium Forecast. This […]",[67350],{"slug":544,"name":543,"content":67351},{"job_title":557,"image":67352,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"03e0bc1d-6d3f-4fb8-836b-1a672e94ca22\", \"id\": \"\"}-->",[67355,67356],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":67358,"copyright":547,"fieldtype":553,"meta_data":67359,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/064497e89e/bm-chile-palace.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 24, 2024",{"id":67362,"uuid":67363,"name":67364,"slug":67365,"full_slug":67366,"content":67367},112469547550081,"fd4290c5-f984-4a1b-b821-6605e7a3c765","What does Australia’s budget mean for critical minerals?","what-does-australias-budget-mean-for-the-critical-minerals-industry","article/what-does-australias-budget-mean-for-the-critical-minerals-industry",{"_uid":67368,"date":67369,"tags":67370,"editor":67373,"content":67377,"excerpt":67498,"featured":51,"reporter":67499,"_editable":67503,"component":864,"seo_title":67364,"categories":67504,"visibility":882,"author_company":49,"featured_image":67509,"seo_description":67498,"author_full_name":49,"author_job_title":49,"formattedDate":67512},"47d71f58-1237-43f2-ba98-89c0affdd201","2024-05-17 00:00",[67371,67372],{"slug":6567,"name":2038},{"slug":4610,"name":662},[67374],{"slug":544,"name":543,"content":67375},{"job_title":557,"image":67376,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":67378},[67379,67384,67389,67425,67430,67435,67440,67445,67450,67455,67460,67465,67470,67475,67480,67484],{"type":594,"attrs":67380,"content":67381},{"textAlign":49},[67382],{"text":67383,"type":599},"Australia unveiled its annual budget this week, which includes a significant package of funding designed to boost the development of its critical minerals sector.",{"type":594,"attrs":67385,"content":67386},{"textAlign":49},[67387],{"text":67388,"type":599},"Under the ‘Future Made in Australia’ initiative, the Australian government will provide an estimated $19.7 billion (US$13.2 billion) over ten years to cement the country’s position as a key supplier of critical minerals for the global energy transition and support stated ambitions of establishing the country as a renewable energy “superpower.”",{"type":594,"attrs":67390,"content":67391},{"textAlign":49},[67392,67394,67398,67400,67405,67407,67412,67414,67418,67420,67424],{"text":67393,"type":599},"Australia is home to some of the largest known reserves of critical minerals globally. As of 2024, ",{"text":57921,"type":599,"marks":67395},[67396],{"type":604,"attrs":67397},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":67399,"type":599}," shows that Australia ranks as the foremost producer of ",{"text":878,"type":599,"marks":67401},[67402],{"type":604,"attrs":67403},{"href":67404,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/lithium/reports",{"text":67406,"type":599},", second largest source of mined ",{"text":14770,"type":599,"marks":67408},[67409],{"type":604,"attrs":67410},{"href":67411,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/rare-earths/reports/",{"text":67413,"type":599}," supply, fourth largest producer of refined ",{"text":4330,"type":599,"marks":67415},[67416],{"type":604,"attrs":67417},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":67419,"type":599},", and fourth largest of ",{"text":867,"type":599,"marks":67421},[67422],{"type":604,"attrs":67423},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":67426,"content":67427},{"level":15966,"textAlign":49},[67428],{"text":67429,"type":599},"What does the budget include?",{"type":657,"attrs":67431,"content":67432},{"level":15966,"textAlign":49},[67433],{"text":67434,"type":599},"Measures welcomed but further clarity required",{"type":594,"attrs":67436,"content":67437},{"textAlign":49},[67438],{"text":67439,"type":599},"As the global energy transition accelerates, Australia is embroiled in national debate regarding how the country’s position in clean energy supply chains should materialise. ",{"type":594,"attrs":67441,"content":67442},{"textAlign":49},[67443],{"text":67444,"type":599},"Having lost its automotive industry in the last decade, many want to see Australia leverage its critical mineral resources to build out a domestic lithium ion battery and electric vehicle manufacturing sector.",{"type":594,"attrs":67446,"content":67447},{"textAlign":49},[67448],{"text":67449,"type":599},"“The argument against going downstream is that Australia can’t compete with lower-cost competitors in Asia, and so shouldn’t bother trying,” said Cameron Perks, principal lithium consultant at Benchmark. “To me it seems logical to pursue some value-add to mining as a compromise, but going all the way to the battery level will prove difficult.”",{"type":594,"attrs":67451,"content":67452},{"textAlign":49},[67453],{"text":67454,"type":599},"While the refundable tax offset for processing critical minerals will be welcomed as an important step in retaining value in Australia, Benchmark notes several points that will require further clarification, including: which stage of the value chain will attract the credit, the eligibility of spodumene concentrate, how foreign (specifically Chinese) ownership will affect eligibility, and whether the 10% credit will be sufficient.",{"type":657,"attrs":67456,"content":67457},{"level":15966,"textAlign":49},[67458],{"text":67459,"type":599},"Low prices increase pressure on federal government",{"type":594,"attrs":67461,"content":67462},{"textAlign":49},[67463],{"text":67464,"type":599},"Despite its relative abundance of battery minerals, Australia’s critical minerals sector has come under pressure from sharp declines in critical mineral prices in the last 12 months. Australian miners have struggled to compete with supply originating from other regions due to higher operating costs (opex). ",{"type":594,"attrs":67466,"content":67467},{"textAlign":49},[67468],{"text":67469,"type":599},"An unprecedented ramp up of new nickel supply from Indonesia has led close to 24,000 tonnes of Australian nickel to be taken out of the market since the beginning of 2024, while lithium’s low price environment too has claimed casualties in Australia so far this year.",{"type":594,"attrs":67471,"content":67472},{"textAlign":49},[67473],{"text":67474,"type":599},"A growing list of mine closures has ratcheted up pressure on the Australian government to step up its financial support for the critical minerals sector. ",{"type":594,"attrs":67476,"content":67477},{"textAlign":49},[67478],{"text":67479,"type":599},"In February, the Federal government classified nickel as a “critical mineral” to open up access to $2.7 billion of financing, while the Western Australian government announced a 50% royalty rebate for an 18-month period if nickel prices fell below $20,000 per tonne. ",{"type":657,"attrs":67481,"content":67482},{"level":15966,"textAlign":49},[67483],{"text":58016,"type":599},{"type":594,"attrs":67485,"content":67486},{"textAlign":49},[67487,67490,67495],{"text":58021,"type":599,"marks":67488},[67489],{"type":643},{"text":58025,"type":599,"marks":67491},[67492,67494],{"type":604,"attrs":67493},{"href":58029,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":58032,"type":599,"marks":67496},[67497],{"type":643},"Australia unveiled its annual budget this week, which includes a significant package of funding designed to boost the development of its critical minerals sector. Under the ‘Future Made in Australia’ initiative, the Australian government will provide an estimated $19.7 billion (US$13.2 billion) over ten years to cement the country’s position as a key supplier of […]",[67500],{"slug":544,"name":543,"content":67501},{"job_title":557,"image":67502,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"47d71f58-1237-43f2-ba98-89c0affdd201\", \"id\": \"\"}-->",[67505,67506,67507,67508],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":67510,"copyright":547,"fieldtype":553,"meta_data":67511,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0e98b17d9b/bm-australia-flags.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 17, 2024",{"id":67514,"uuid":67515,"name":67516,"slug":67517,"full_slug":67518,"content":67519},112469576197513,"5fc329fa-e60f-46d1-ab91-fe58c7fb5caa","Phosphoric acid deficit widens amid higher demand and slow supply response","phosphoric-acid-deficit-widens-amid-higher-demand-and-slow-supply-response","article/phosphoric-acid-deficit-widens-amid-higher-demand-and-slow-supply-response",{"_uid":67520,"date":67521,"tags":67522,"editor":67530,"content":67534,"excerpt":67679,"featured":51,"reporter":67680,"_editable":67684,"component":864,"seo_title":67516,"categories":67685,"visibility":882,"author_company":49,"featured_image":67688,"seo_description":67679,"author_full_name":49,"author_job_title":49,"formattedDate":67692},"a50f2307-52b0-4dec-88b9-4a0e21626de7","2024-05-14 00:00",[67523,67524,67525,67528,67529],{"slug":913,"name":914},{"slug":10093,"name":10094},{"slug":67526,"name":67527},"phosphoric-acid","Phosphoric Acid",{"slug":18142,"name":18142},{"slug":26773,"name":13365},[67531],{"slug":544,"name":543,"content":67532},{"job_title":557,"image":67533,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":67535},[67536,67547,67552,67557,67562,67567,67572,67579,67584,67589,67594,67599,67604,67609,67614,67619,67624,67629,67634,67639,67644,67649,67654,67659,67664,67669,67674],{"type":594,"attrs":67537,"content":67538},{"textAlign":49},[67539,67541,67546],{"text":67540,"type":599},"Delays to extra supply and a revised demand profile have increased the market deficit for phosphoric acid by 0.2 million tonnes (Mt) to 0.9 Mt in 2030, according to Benchmark’s ",{"text":67542,"type":599,"marks":67543},"Phosphoric Acid Market Outlook",[67544],{"type":604,"attrs":67545},{"href":64459,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":67548,"content":67549},{"textAlign":49},[67550],{"text":67551,"type":599},"Phosphoric acid goes into the cathodes of lithium ferrous phosphate (LFP) and lithium manganese iron phosphate (LMFP) batteries. ",{"type":594,"attrs":67553,"content":67554},{"textAlign":49},[67555],{"text":67556,"type":599},"Growing demand, under-investment in phosphoric acid refining, and geopolitical red lines on sourcing means these chemistries are at risk of raw material shortfalls.",{"type":594,"attrs":67558,"content":67559},{"textAlign":49},[67560],{"text":67561,"type":599},"Currently, phosphoric acid producers have been plugging technical deficits lasting from at least 2018 by drawing on stockpiles. ",{"type":594,"attrs":67563,"content":67564},{"textAlign":49},[67565],{"text":67566,"type":599},"However, destocking will not be enough to alleviate the deficit come 2030, according to Maximilian Court, Benchmark Product Director.",{"type":594,"attrs":67568,"content":67569},{"textAlign":49},[67570],{"text":67571,"type":599},"“The deficit emerging is structural so even if you plug it with stocks in one year it will open further. We can debate the timing of when the technical deficit becomes a real shortfall but, given our forecasts, 2030’s deficit in particular looks unable to be plugged with stocks,” he said.",{"type":594,"attrs":67573,"content":67574},{"textAlign":49},[67575],{"type":1186,"attrs":67576},{"id":49,"alt":547,"src":67577,"title":49,"source":49,"copyright":49,"meta_data":67578},"https://lh7-us.googleusercontent.com/KLr-ZcJY67C6CGzjeupRPXe64Z9ebDR6Jnh4KhDxzN7U8jFgyeLJq2P-fIt7ukV5COdXskbMVOJWcExz7WXv-HRkEeKwJpY5Ovss0GGUMkUzj9qJWfsqnfp0Z5XzCJbY8Wrd55NMpLlpvG1C9YswSWM",{},{"type":657,"attrs":67580,"content":67581},{"level":15966,"textAlign":49},[67582],{"text":67583,"type":599},"Lagging supply widens deficit",{"type":594,"attrs":67585,"content":67586},{"textAlign":49},[67587],{"text":67588,"type":599},"Lagging supply was the main factor driving Benchmark’s upward revision of its global phosphoric acid deficit. ",{"type":594,"attrs":67590,"content":67591},{"textAlign":49},[67592],{"text":67593,"type":599},"This was partly due to slower-than-expected progress at First Phosphate’s new site in Quebec, Canada making it less likely to bring tonnes to market by 2030.",{"type":594,"attrs":67595,"content":67596},{"textAlign":49},[67597],{"text":67598,"type":599},"Refining capacity is the primary bottleneck for phosphoric acid as batteries require phosphoric acid of food grade standard.",{"type":594,"attrs":67600,"content":67601},{"textAlign":49},[67602],{"text":67603,"type":599},"“The medium and long term depend on possible PPA projects reaching the market on top of operating and committed plants producing at nameplate capacity,” said Benchmark analyst Rania Benjelloun Benkacem. ",{"type":594,"attrs":67605,"content":67606},{"textAlign":49},[67607],{"text":67608,"type":599},"That being said, some additional rock phosphate mining will also be needed to keep up with any expanded battery-grade phosphoric acid capacity.",{"type":594,"attrs":67610,"content":67611},{"textAlign":49},[67612],{"text":67613,"type":599},"“Extra phosphoric acid investment will entail extra mining tonnes to be delivered to market. This is because incumbent tonnage is focused on supplying the fertiliser market, which is not expected to shrink while battery demand grows,” said Court. ",{"type":657,"attrs":67615,"content":67616},{"level":15966,"textAlign":49},[67617],{"text":67618,"type":599},"Battery demand on the rise",{"type":594,"attrs":67620,"content":67621},{"textAlign":49},[67622],{"text":67623,"type":599},"Slightly stronger demand for phosphoric acid from the auto sector was also behind the widened deficit.",{"type":594,"attrs":67625,"content":67626},{"textAlign":49},[67627],{"text":67628,"type":599},"Auto sector demand for phosphoric acid is expected to rise from 5% currently to 23% by 2030, a percentage point up from previous quarter projections. ",{"type":594,"attrs":67630,"content":67631},{"textAlign":49},[67632],{"text":67633,"type":599},"This reflects growing interest in LFP batteries among automakers targeting the affordable EV market. LFP is set to be 45% of total cell demand by 2030.",{"type":657,"attrs":67635,"content":67636},{"level":15966,"textAlign":49},[67637],{"text":67638,"type":599},"Import-dependence ahead for US and EU",{"type":594,"attrs":67640,"content":67641},{"textAlign":49},[67642],{"text":67643,"type":599},"Supply risks will differ regionally, with the EU and US battery industries facing greater shortfalls and import reliance.",{"type":594,"attrs":67645,"content":67646},{"textAlign":49},[67647],{"text":67648,"type":599},"In China, phosphoric acid capacity is expected to rise one and a half times between 2023 and 2033. This is comfortably above its domestic LFP capacity growth, set to increase just four times over the period, meaning it will continue being self-sufficient in the chemical. ",{"type":594,"attrs":67650,"content":67651},{"textAlign":49},[67652],{"text":67653,"type":599},"By contrast, Western LFP demand growth for phosphoric acid is set to outstrip regional supply.",{"type":594,"attrs":67655,"content":67656},{"textAlign":49},[67657],{"text":67658,"type":599},"North American capacity is set to increase 37 times over the period while its phosphoric acid capacity is only expected to double.",{"type":594,"attrs":67660,"content":67661},{"textAlign":49},[67662],{"text":67663,"type":599},"Another constraint on battery-grade phosphoric acid supply for the US will be the US Inflation Reduction Act (IRA).",{"type":594,"attrs":67665,"content":67666},{"textAlign":49},[67667],{"text":67668,"type":599},"Under the act, EVs sold on the US market that use battery components from suppliers associated with Foreign Entities of Concern (FEOCs) will not be eligible for tax credits. This includes top phosphoric acid producer China.",{"type":594,"attrs":67670,"content":67671},{"textAlign":49},[67672],{"text":67673,"type":599},"The EU faces a similar regional shortfall. Benchmark forecasts European phosphoric acid capacity will remain flat even as regional LFP capacity grows 25 times between 2023 and 2030. ",{"type":594,"attrs":67675,"content":67676},{"textAlign":49},[67677],{"text":67678,"type":599},"Given this outlook, the EU and US LFP industries will likely lean heavily on free trade partner Morocco, set to hold 5% of global capacity in 2030, as well as continued imports from China.","Delays to extra supply and a revised demand profile have increased the market deficit for phosphoric acid by 0.2 million tonnes (Mt) to 0.9 Mt in 2030, according to Benchmark’s Phosphoric Acid Market Outlook. Phosphoric acid goes into the cathodes of lithium ferrous phosphate (LFP) and lithium manganese iron phosphate (LMFP) batteries. Growing demand, under-investment […]",[67681],{"slug":544,"name":543,"content":67682},{"job_title":557,"image":67683,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a50f2307-52b0-4dec-88b9-4a0e21626de7\", \"id\": \"\"}-->",[67686,67687],{"slug":872,"name":873},{"slug":4332,"name":4333},{"id":49,"alt":67689,"name":547,"focus":547,"title":67689,"source":547,"filename":67690,"copyright":547,"fieldtype":553,"meta_data":67691,"is_external_url":51},"Phosphate mine.","https://a.storyblok.com/f/287943243085208/2f4c9c7f70/bm-phosphate-mine.jpg",{"alt":67689,"title":67689,"source":547,"copyright":547},"May 14, 2024",{"id":67694,"uuid":67695,"name":67696,"slug":67697,"full_slug":67698,"content":67699},112469581837706,"82f99b82-f8e6-47ff-8bfe-010614d4c5cd","How much control do Chinese companies have over global lithium production?","how-much-control-do-chinese-companies-have-over-global-lithium-production","article/how-much-control-do-chinese-companies-have-over-global-lithium-production",{"_uid":67700,"date":67701,"tags":67702,"editor":67705,"content":67709,"excerpt":67920,"featured":51,"reporter":67921,"_editable":67925,"component":864,"seo_title":67696,"categories":67926,"visibility":882,"author_company":49,"data_vis_image":67929,"featured_image":67931,"seo_description":67920,"author_full_name":49,"author_job_title":49,"formattedDate":67934},"85a9a103-5f0b-4493-95ef-54c0a24b763e","2024-05-13 00:00",[67703,67704],{"slug":913,"name":914},{"slug":578,"name":579},[67706],{"slug":544,"name":543,"content":67707},{"job_title":557,"image":67708,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":67710},[67711,67730,67748,67761,67766,67774,67779,67784,67792,67797,67802,67819,67837,67854,67864,67872,67877,67882,67887,67892,67897,67902,67906],{"type":594,"attrs":67712,"content":67713},{"textAlign":49},[67714,67716,67721,67723,67729],{"text":67715,"type":599},"Lithium chemical supply is ",{"text":67717,"type":599,"marks":67718},"dominated by China",[67719],{"type":604,"attrs":67720},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":67722,"type":599},", with around two-thirds of last year’s supply involving Chinese companies, and most ",{"text":67724,"type":599,"marks":67725},"facilities being located in China",[67726],{"type":604,"attrs":67727},{"href":67728,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-lithium-vulnerability-reliance-on-imports-set-to-rise-this-decade",{"text":974,"type":599},{"type":594,"attrs":67731,"content":67732},{"textAlign":49},[67733,67735,67741,67743,67747],{"text":67734,"type":599},"Upstream, however, China was the source of just 20% of ",{"text":67736,"type":599,"marks":67737},"mined lithium",[67738],{"type":604,"attrs":67739},{"href":67740,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ex-china-lithium-premium-highlights-a-market-still-short-of-supply",{"text":67742,"type":599}," in 2023, reports ",{"text":24541,"type":599,"marks":67744},[67745],{"type":604,"attrs":67746},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":67749,"content":67750},{"textAlign":49},[67751,67753,67759],{"text":67752,"type":599},"Despite this, Chinese companies are associated with 59% of ",{"text":67754,"type":599,"marks":67755},"global mined supplies of lithium",[67756],{"type":604,"attrs":67757},{"href":67758,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-lithium-sustainability-risks-in-china-africa-and-south-america",{"text":67760,"type":599},". A large proportion of these assets are located in Australia, though increasingly Chinese companies are diversifying into other regions.",{"type":594,"attrs":67762,"content":67763},{"textAlign":49},[67764],{"text":67765,"type":599},"“Australia is becoming more cautious when it comes to Chinese investment in critical metals like lithium,” Xiaobai Liu, a lithium analyst at Benchmark, said.",{"type":594,"attrs":67767,"content":67768},{"textAlign":49},[67769],{"type":1186,"attrs":67770},{"id":49,"alt":67771,"src":67772,"title":49,"source":49,"copyright":49,"meta_data":67773},"Chart titled China's outsized investment in lithium mining","https://a.storyblok.com/f/287943243085208/68ed78da25/bm-china-operation-vs-ownership-lithium.png",{},{"type":657,"attrs":67775,"content":67776},{"level":15966,"textAlign":49},[67777],{"text":67778,"type":599},"Where are Chinese companies operating?",{"type":594,"attrs":67780,"content":67781},{"textAlign":49},[67782],{"text":67783,"type":599},"In 2023, 82% of lithium mined in Australia was associated with Chinese companies. The presence of Chinese companies in Australian lithium mining is expected to continue to 2030, though a lower proportion of assets are forecast to be associated with such companies.",{"type":594,"attrs":67785,"content":67786},{"textAlign":49},[67787],{"type":1186,"attrs":67788},{"id":49,"alt":67789,"src":67790,"title":49,"source":49,"copyright":49,"meta_data":67791},"Chart showing how much mined lithium supply is associated with China","https://a.storyblok.com/f/287943243085208/7ab9db167f/bm-world-vs-china-ownership-lithium-growth.png",{},{"type":594,"attrs":67793,"content":67794},{"textAlign":49},[67795],{"text":67796,"type":599},"Liu notes that beyond Australia, Chinese companies are making significant investments in Argentinian brine assets and hard-rock African deposits.",{"type":594,"attrs":67798,"content":67799},{"textAlign":49},[67800],{"text":67801,"type":599},"South America is the second largest region for lithium production with almost three-quarters of the region’s output coming from Chile. Gabriel Boric, the country’s president, began nationalising Chile’s lithium industry in 2023.",{"type":594,"attrs":67803,"content":67804},{"textAlign":49},[67805,67809,67816],{"text":67806,"type":599,"marks":67807},"Watch Benchmark analysts discuss lithium and resource nationalism in this ",[67808],{"type":643},{"text":67810,"type":599,"marks":67811},"Webinar playback",[67812,67815],{"type":604,"attrs":67813},{"href":67814,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/lithium-and-resource-nationalism-shifting-policies-in-chile-and-the-impact-on-lithium-in-south-america",{"type":643},{"text":974,"type":599,"marks":67817},[67818],{"type":643},{"type":594,"attrs":67820,"content":67821},{"textAlign":49},[67822,67824,67829,67830,67835],{"text":67823,"type":599},"As such, no Chilean lithium assets are directly owned by Chinese entities. From 2025, the Chilean lithium assets of SQM and Albemarle, will fall under the majority ownership (50% plus one share) by the ",{"text":67825,"type":599,"marks":67826},"National Copper Company",[67827],{"type":604,"attrs":67828},{"href":18567,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":42550,"type":599},{"text":67831,"type":599,"marks":67832},"new private-public partnerships",[67833],{"type":604,"attrs":67834},{"href":18567,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":67836,"type":599},". SQM itself is 20% owned by China’s Tianqi Lithium, however.",{"type":594,"attrs":67838,"content":67839},{"textAlign":49},[67840,67844,67846,67852],{"text":4358,"type":599,"marks":67841},[67842],{"type":604,"attrs":67843},{"href":53668,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":67845,"type":599}," has a more favourable ",{"text":67847,"type":599,"marks":67848},"policy environment",[67849],{"type":604,"attrs":67850},{"href":67851,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-the-election-of-argentinas-president-milei-means-for-lithium",{"text":67853,"type":599}," for Chinese entities operating in the country, and so has been China’s main focus in South America. Chinese companies had direct ownership stakes in 12% of Argentina’s lithium output last year, though this is forecast to rise to 52% by 2030.",{"type":594,"attrs":67855,"content":67856},{"textAlign":49},[67857,67862],{"text":67858,"type":599,"marks":67859},"Africa’s lithium scene",[67860],{"type":604,"attrs":67861},{"href":26495,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":67863,"type":599}," is rapidly growing and is strongly supported by Chinese companies through the belt-and-road initiative. Such companies will have involvement in 86% of the continent’s mined lithium output by 2030.",{"type":594,"attrs":67865,"content":67866},{"textAlign":49},[67867],{"type":1186,"attrs":67868},{"id":49,"alt":67869,"src":67870,"title":49,"source":49,"copyright":49,"meta_data":67871},"Chart showing where the lithium mines with Chinese companies associated are located","https://a.storyblok.com/f/287943243085208/25f84876e3/bm-where-are-chinese-owned-mines-lithium-located.png",{},{"type":657,"attrs":67873,"content":67874},{"level":15966,"textAlign":49},[67875],{"text":67876,"type":599},"Governments are increasingly cautious",{"type":594,"attrs":67878,"content":67879},{"textAlign":49},[67880],{"text":67881,"type":599},"The US has made very clear its desire to limit to Chinese involvement in any supply chains associated with the energy transition, through the Foreign Entity of Concern clause in the Inflation Reduction Act, which can include Chinese-owned or part-owned companies.",{"type":594,"attrs":67883,"content":67884},{"textAlign":49},[67885],{"text":67886,"type":599},"Any vehicle that contains battery components manufactured by an FEOC or critical minerals from an FEOC will be ineligible for the 30D New Clean Vehicle Credit from 2024 and 2025, respectively.",{"type":594,"attrs":67888,"content":67889},{"textAlign":49},[67890],{"text":67891,"type":599},"This has led China to seek out lithium resources in countries more open to Chinese investment such as Argentina or those in Africa.",{"type":594,"attrs":67893,"content":67894},{"textAlign":49},[67895],{"text":67896,"type":599},"In North America, in addition to the US, both the Canadian and Mexican governments have previously acted to limit the involvement of Chinese companies in the operation of their lithium assets.",{"type":594,"attrs":67898,"content":67899},{"textAlign":49},[67900],{"text":67901,"type":599},"“Chinese businesses had previously held a small stake in some lithium assets in Canada, but they were obliged to sell after the Canadian government identified lithium as one of the essential resources for the development of electric vehicles,” Liu said. “A similar story happened to Chinese investment in Mexico when the mining right of Ganfeng Lithium over Sonora project was annulled by the Mexican government.”",{"type":657,"attrs":67903,"content":67904},{"level":15966,"textAlign":49},[67905],{"text":58016,"type":599},{"type":594,"attrs":67907,"content":67908},{"textAlign":49},[67909,67912,67917],{"text":58021,"type":599,"marks":67910},[67911],{"type":643},{"text":58025,"type":599,"marks":67913},[67914,67916],{"type":604,"attrs":67915},{"href":58029,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":58032,"type":599,"marks":67918},[67919],{"type":643},"Lithium chemical supply is dominated by China, with around two-thirds of last year’s supply involving Chinese companies, and most facilities being located in China. Upstream, however, China was the source of just 20% of mined lithium in 2023, reports Benchmark’s Lithium Forecast. Despite this, Chinese companies are associated with 59% of global mined supplies of […]",[67922],{"slug":544,"name":543,"content":67923},{"job_title":557,"image":67924,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"85a9a103-5f0b-4493-95ef-54c0a24b763e\", \"id\": \"\"}-->",[67927,67928],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":67771,"name":547,"focus":547,"title":67771,"source":547,"filename":67772,"copyright":547,"fieldtype":553,"meta_data":67930,"is_external_url":51},{"alt":67771,"title":67771,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":67932,"copyright":547,"fieldtype":553,"meta_data":67933,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4c0b98690a/bm-ore-1-v2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 13, 2024",{"id":67936,"uuid":67937,"name":67938,"slug":67939,"full_slug":67940,"content":67941},112469587191181,"5c856884-2e5a-46b2-9ac7-4391b1efd759","Chinese cobalt sulphate prices sink to lowest in over seven years in April","chinese-cobalt-sulphate-prices-sink-to-lowest-in-over-seven-years-in-april","article/chinese-cobalt-sulphate-prices-sink-to-lowest-in-over-seven-years-in-april",{"_uid":67942,"date":67943,"tags":67944,"editor":67948,"content":67952,"excerpt":68107,"featured":51,"reporter":68108,"_editable":68112,"component":864,"seo_title":67938,"categories":68113,"visibility":2091,"author_company":49,"featured_image":68116,"seo_description":68107,"author_full_name":49,"author_job_title":49,"formattedDate":68119},"b971b1eb-3b53-4fe2-9d42-1ecea465fe26","2024-05-10 00:00",[67945,67946,67947],{"slug":913,"name":914},{"slug":572,"name":573},{"slug":15265,"name":15265},[67949],{"slug":544,"name":543,"content":67950},{"job_title":557,"image":67951,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":67953},[67954,67959,67964,67969,67979,67992,67999,68004,68009,68027,68032,68042,68053,68066,68093],{"type":594,"attrs":67955,"content":67956},{"textAlign":49},[67957],{"text":67958,"type":599},"Chinese cobalt sulphate prices hit their lowest levels in over seven years in April as a continued oversupply of cobalt hydroxide weighed on sulphate prices.",{"type":594,"attrs":67960,"content":67961},{"textAlign":49},[67962],{"text":67963,"type":599},"Spot prices for Chinese cobalt sulphate declined 5.2% in April to RMB 30,800 ($4,250) per tonnes, hitting their lowest point since Benchmark began tracking prices for the chemical in January 2017. ",{"type":594,"attrs":67965,"content":67966},{"textAlign":49},[67967],{"text":67968,"type":599},"“The cobalt market remains well oversupplied in 2024 with CMOC’s ramp-up of the Kisanfu Fungurume (KFM) mine last year adding significant tonnage,” said Will Talbot, principal cobalt analyst at Benchmark. “Market participants continue to indicate hydroxide stocks are piling up in warehouses around the world.”",{"type":594,"attrs":67970,"content":67971},{"textAlign":49},[67972,67977],{"text":67973,"type":599,"marks":67974},"CMOC said earlier this month its cobalt production",[67975],{"type":604,"attrs":67976},{"href":63737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":67978,"type":599}," increased nearly fivefold year-on-year in the first quarter across the KFM and the Tenke Fungurume mines in the Democratic Republic of Congo. The increase comes at a time when the market is already in a surplus. ",{"type":594,"attrs":67980,"content":67981},{"textAlign":49},[67982,67984,67990],{"text":67983,"type":599},"In addition to the oversupply, prices also fell in April as cathode makers ended restocking of ",{"text":67985,"type":599,"marks":67986},"nickel-cobalt-manganese",[67987],{"type":604,"attrs":67988},{"href":67989,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/2023-will-be-the-year-the-auto-industry-secures-manganese",{"text":67991,"type":599}," (NCM) cathode inventories, drying up demand.",{"type":594,"attrs":67993,"content":67994},{"textAlign":49},[67995],{"type":1186,"attrs":67996},{"id":49,"alt":547,"src":67997,"title":49,"source":49,"copyright":49,"meta_data":67998},"https://a.storyblok.com/f/287943243085208/6c1e304b48/bm-cobalt-priced-jan-2017-onwards-ed.png",{},{"type":657,"attrs":68000,"content":68001},{"level":15966,"textAlign":49},[68002],{"text":68003,"type":599},"Could cobalt sulphate prices fall further?",{"type":594,"attrs":68005,"content":68006},{"textAlign":49},[68007],{"text":68008,"type":599},"“Cobalt sulphate prices are set to continue their downtrend in the near term as the demand is quite limited and cobalt hydroxide remains greatly oversupplied,” said Nicole Peng, an analyst at Benchmark.",{"type":594,"attrs":68010,"content":68011},{"textAlign":49},[68012,68014,68020,68022,68026],{"text":68013,"type":599},"The latest price decline also offset the ",{"text":68015,"type":599,"marks":68016},"slight uptick in Chinese cobalt sulphate",[68017],{"type":604,"attrs":68018},{"href":68019,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-prices-remain-steady-in-march-as-cathode-makers-ease-restocking-inventories",{"text":68021,"type":599}," seen at the end of the first quarter. Prices are now down 3.8% so far this year and have fallen 13.2% year-on-year, according to the ",{"text":28971,"type":599,"marks":68023},[68024],{"type":604,"attrs":68025},{"href":63748,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":68028,"content":68029},{"level":15966,"textAlign":49},[68030],{"text":68031,"type":599},"Feedstock prices slip lower ",{"type":594,"attrs":68033,"content":68034},{"textAlign":49},[68035,68037,68041],{"text":68036,"type":599},"Prices for cobalt hydroxide, the most commonly traded cobalt feedstock material, slipped in April. Any further declines would result in prices hitting their lowest levels for the first time since January 2018 when Benchmark began tracking prices for the chemical, according to the ",{"text":28971,"type":599,"marks":68038},[68039],{"type":604,"attrs":68040},{"href":63748,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":68043,"content":68044},{"textAlign":49},[68045,68047,68051],{"text":68046,"type":599},"CIF Asia cobalt hydroxide prices fell 2.8% to $6.9 per pound ($15,212 per tonne) for the assessment period ended May 2, according to the ",{"text":28971,"type":599,"marks":68048},[68049],{"type":604,"attrs":68050},{"href":63748,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":68052,"type":599},". Hydroxide prices are however still up 6.2% so far this year.",{"type":594,"attrs":68054,"content":68055},{"textAlign":49},[68056,68059,68062],{"text":25616,"type":599,"marks":68057},[68058],{"type":643},{"text":52592,"type":599,"marks":68060},[68061],{"type":643},{"text":68063,"type":599,"marks":68064}," provides price transparency along with market analysis every month.",[68065],{"type":643},{"type":594,"attrs":68067,"content":68068},{"textAlign":49},[68069,68073,68076,68079,68083,68086,68090],{"text":68070,"type":599,"marks":68071},"It forms part of our industry leading cobalt market intelligence which includes our ",[68072],{"type":643},{"text":52592,"type":599,"marks":68074},[68075],{"type":643},{"text":3400,"type":599,"marks":68077},[68078],{"type":643},{"text":68080,"type":599,"marks":68081},"Cobalt Forecast",[68082],{"type":643},{"text":1440,"type":599,"marks":68084},[68085],{"type":643},{"text":68087,"type":599,"marks":68088},"Cobalt ESG Report",[68089],{"type":643},{"text":974,"type":599,"marks":68091},[68092],{"type":643},{"type":594,"attrs":68094,"content":68095},{"textAlign":49},[68096,68100,68103],{"text":68097,"type":599,"marks":68098},"To request a sample ",[68099],{"type":643},{"text":21901,"type":599,"marks":68101},[68102],{"type":643},{"text":68104,"type":599,"marks":68105}," and learn more about our wider cobalt market intelligence, please provide your details and our team will contact you shortly.",[68106],{"type":643},"Chinese cobalt sulphate prices hit their lowest levels in over seven years in April as a continued oversupply of cobalt hydroxide weighed on sulphate prices. Spot prices for Chinese cobalt sulphate declined 5.2% in April to RMB 30,800 ($4,250) per tonnes, hitting their lowest point since Benchmark began tracking prices for the chemical in January […]",[68109],{"slug":544,"name":543,"content":68110},{"job_title":557,"image":68111,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b971b1eb-3b53-4fe2-9d42-1ecea465fe26\", \"id\": \"\"}-->",[68114,68115],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":68117,"copyright":547,"fieldtype":553,"meta_data":68118,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/609b8999df/bm-price-update-4.png",{"alt":547,"title":547,"source":547,"copyright":547},"May 10, 2024",{"id":68121,"uuid":68122,"name":68123,"slug":68124,"full_slug":68125,"content":68126},112469598836111,"c8890380-e805-4353-a852-415101ac7c73","What will Panama’s new government mean for copper?","what-will-panamas-new-government-mean-for-copper","article/what-will-panamas-new-government-mean-for-copper",{"_uid":68127,"date":68128,"tags":68129,"editor":68140,"content":68144,"excerpt":68334,"featured":51,"reporter":68335,"component":864,"seo_title":68123,"categories":68339,"visibility":2091,"author_company":49,"featured_image":68343,"seo_description":68334,"author_full_name":49,"author_job_title":49,"formattedDate":68347},"acf4dd6e-a455-4c02-8bcc-06feb3fddc9a","2024-05-09 00:00",[68130,68133,68136,68139],{"slug":68131,"name":68132},"elections","Elections",{"slug":68134,"name":68135},"first-quantum","First Quantum",{"slug":68137,"name":68138},"panama","Panama",{"slug":4610,"name":662},[68141],{"slug":544,"name":543,"content":68142},{"job_title":557,"image":68143,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":68145},[68146,68157,68162,68167,68172,68185,68190,68197,68202,68207,68212,68217,68222,68227,68232,68237,68242,68247,68252,68257,68262,68267,68272,68277,68282,68287,68292,68297,68302,68307,68312,68317,68322,68327],{"type":594,"attrs":68147,"content":68148},{"textAlign":49},[68149,68151,68155],{"text":68150,"type":599},"In a year of heightened ",{"text":869,"type":599,"marks":68152},[68153],{"type":604,"attrs":68154},{"href":16334,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":68156,"type":599}," supply disruptions, the November 2023 closure of Cobre Panama has been the biggest by far. ",{"type":594,"attrs":68158,"content":68159},{"textAlign":49},[68160],{"text":68161,"type":599},"Now, the market is now watching to see whether the election of right-leaning Jose Raul Mulino as Panama’s new president could bring the asset back online.",{"type":594,"attrs":68163,"content":68164},{"textAlign":49},[68165],{"text":68166,"type":599},"“If Mulino is indeed eyeing a restart, his greatest challenge will be to change public perceptions of mining in Panama,” said Piotr Ortonowski, project manager at Benchmark. “As our base case, we do not foresee Cobre Panama producing a single tonne of copper until 2026.” ",{"type":657,"attrs":68168,"content":68169},{"level":15966,"textAlign":49},[68170],{"text":68171,"type":599},"Why does Cobre Panama matter to the copper market? ",{"type":594,"attrs":68173,"content":68174},{"textAlign":49},[68175,68177,68183],{"text":68176,"type":599},"Cobre Panama made up over 1% of global ",{"text":68178,"type":599,"marks":68179},"copper supply",[68180],{"type":604,"attrs":68181},{"href":68182,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/is-europe-doing-enough-to-secure-its-copper-supply",{"text":68184,"type":599},". Its shutdown has been the biggest single squeeze on concentrate supply over the last half-year, representing over a third of all reported copper supply removals since late 2023. ",{"type":594,"attrs":68186,"content":68187},{"textAlign":49},[68188],{"text":68189,"type":599},"It also coincided with an unusually high rate of global copper supply disruptions, sharpening focus on a looming refined copper deficit.",{"type":594,"attrs":68191,"content":68192},{"textAlign":49},[68193],{"type":1186,"attrs":68194},{"id":49,"alt":547,"src":68195,"title":49,"source":49,"copyright":49,"meta_data":68196},"https://lh7-us.googleusercontent.com/SIJqA8rwGPKHeHWoIHWCRLBMZCzB1XJp9M6uWkKWX1NG5aN99czHlwzQztm-v1fIRf3PVFtfz4wEjkCOdYXOj6H-eqzNx-oLVx0o5ggyHy8QMlb9qDdIurxSD4m-gYlM8r4Ud2xcG3rcIRQFFOEebEU",{},{"type":657,"attrs":68198,"content":68199},{"level":15966,"textAlign":49},[68200],{"text":68201,"type":599},"Why did the Cobre Panama mine close?",{"type":594,"attrs":68203,"content":68204},{"textAlign":49},[68205],{"text":68206,"type":599},"On 29 November 2023, Panama’s Supreme Court ruled it would be unconstitutional to extend Canadian miner First Quantum’s contract over the mine. ",{"type":594,"attrs":68208,"content":68209},{"textAlign":49},[68210],{"text":68211,"type":599},"This thwarted an unpopular October 2023 decision by the Panama government to approve the contract for a further 20 years. ",{"type":594,"attrs":68213,"content":68214},{"textAlign":49},[68215],{"text":68216,"type":599},"The approval had sparked month-long protests that paralysed the country. Demonstrators argued the mine damaged a wildlife corridor essential for indigenous communities and the Panama Canal’s water supply. They also claimed contract negotiations lacked transparency and undermined Panamanian interests. ",{"type":594,"attrs":68218,"content":68219},{"textAlign":49},[68220],{"text":68221,"type":599},"The Supreme Court upheld these concerns in its ruling. ",{"type":657,"attrs":68223,"content":68224},{"level":15966,"textAlign":49},[68225],{"text":68226,"type":599},"What is Mulino’s stance on Cobre Panama?",{"type":594,"attrs":68228,"content":68229},{"textAlign":49},[68230],{"text":68231,"type":599},"Business-friendly Mulino became the new president after Panama’s 5 May general elections. ",{"type":594,"attrs":68233,"content":68234},{"textAlign":49},[68235],{"text":68236,"type":599},"Elected on a mandate of reviving economic growth, Mulino is probably favourable to restarting the asset, which generated around 3.5% of Panama’s 2021 GDP. ",{"type":594,"attrs":68238,"content":68239},{"textAlign":49},[68240],{"text":68241,"type":599},"Yet Mulino will have to deliver on promises of growth and public spending without an immediate mine restart. Public and judicial opinion remain aligned against the project and ignoring this risks a major crisis, particularly with an electorate already deeply distrustful of the political class.  ",{"type":594,"attrs":68243,"content":68244},{"textAlign":49},[68245],{"text":68246,"type":599},"Mulino signalled his allegiance to the popular mood days after his election, responding to First Quantum’s offer of “dialogue” by stating contract renewal cannot be a solution and that any temporary mine restart would only be to reduce asset closure costs. He also stated First Quantum would have to drop its ongoing $2 billion IMF lawsuit against Panama for any talks to begin.",{"type":657,"attrs":68248,"content":68249},{"level":15966,"textAlign":49},[68250],{"text":68251,"type":599},"Is there a legal route to mine reopening?",{"type":594,"attrs":68253,"content":68254},{"textAlign":49},[68255],{"text":68256,"type":599},"The composition of congress would make it challenging for Mulino to push for a mine restart through legal means, even if he were willing to risk his political popularity on doing this without popular consent.",{"type":594,"attrs":68258,"content":68259},{"textAlign":49},[68260],{"text":68261,"type":599},"First, the mine contract would need to be changed so that it would be compatible with the constitution. ",{"type":594,"attrs":68263,"content":68264},{"textAlign":49},[68265],{"text":68266,"type":599},"The government would also have to revoke or amend the November 2023 law that banned permits for new metal mining. To achieve this, Mulino would need support from other parties and independents as his own party holds just 18% of seats. ",{"type":594,"attrs":68268,"content":68269},{"textAlign":49},[68270],{"text":68271,"type":599},"“The group in congress with the most seats is comprised of independent lawmakers, many of whom participated in and encouraged anti-mining protests last year,” said Bryan Bille, principal policy analyst at Benchmark.",{"type":657,"attrs":68273,"content":68274},{"level":15966,"textAlign":49},[68275],{"text":68276,"type":599},"Could the financial fallout sway the public?",{"type":594,"attrs":68278,"content":68279},{"textAlign":49},[68280],{"text":68281,"type":599},"Panama was already grappling with government revenue losses from its drought-stricken canal before the mine protests. Cobre Panama’s closure has only put more pressure on public finances. ",{"type":594,"attrs":68283,"content":68284},{"textAlign":49},[68285],{"text":68286,"type":599},"“The loss of government revenue will come to be felt across Panama from this year. Public investment spending – a driver of longer-term growth – will likely be cut as the government continues efforts to consolidate its finances,” according to Jonathan Humphrey, economist at Benchmark.",{"type":594,"attrs":68288,"content":68289},{"textAlign":49},[68290],{"text":68291,"type":599},"Yet fiscal tightening is unlikely to cause enough economic pain to shift voter opinion on Cobre Panama. On top of the fact that the state has pursued financial consolidation since Covid, the prospect of losing revenue and jobs did not dampen opposition to the mine last year.",{"type":657,"attrs":68293,"content":68294},{"level":15966,"textAlign":49},[68295],{"text":68296,"type":599},"Could public opinion shift?",{"type":594,"attrs":68298,"content":68299},{"textAlign":49},[68300],{"text":68301,"type":599},"Protests against Cobre Panama were successful at mobilising the public because Panamaians saw it as an example of official corruption, a major voter issue.  ",{"type":594,"attrs":68303,"content":68304},{"textAlign":49},[68305],{"text":68306,"type":599},"This does mean, however, that the protests were not a rejection of mining per se, opening avenues for Mulino to win public favour by overhauling governance of the sector and negotiating a new, more acceptable contract  ",{"type":594,"attrs":68308,"content":68309},{"textAlign":49},[68310],{"text":68311,"type":599},"Yet convincing the public would be a long process and recent history suggests politicians should be wary of ignoring popular opinion as it stands. ",{"type":594,"attrs":68313,"content":68314},{"textAlign":49},[68315],{"text":68316,"type":599},"2011 saw demonstrations against proposed mining code liberalisation by the government of Ricardo Martinelli, former president and Mulino’s political patron. These restarted in 2012 when Martinelli was seen to renege on his promises. Three protestors died in this period.",{"type":594,"attrs":68318,"content":68319},{"textAlign":49},[68320],{"text":68321,"type":599},"Pushing for a mine restart too soon could again spark renewed unrest, worsening public distrust of the political class while further shaking investor confidence.",{"type":594,"attrs":68323,"content":68324},{"textAlign":49},[68325],{"text":68326,"type":599},"“Even if and when the green light is given for operations to restart, bringing the mine back on line will be no easy task. Workers will need to be re-hired, contracts for services, consumables and equipment will need to be renegotiated, pits will need to be dewatered. The longer the mine is down, the longer it will take to ramp up,” said Piotr Kulas, principal copper supply analyst. ",{"type":594,"attrs":68328,"content":68329},{"textAlign":49},[68330,68333],{"text":67214,"type":599,"marks":68331},[68332],{"type":643},{"text":21888,"type":599},"In a year of heightened copper supply disruptions, the November 2023 closure of Cobre Panama has been the biggest by far. Now, the market is now watching to see whether the election of right-leaning Jose Raul Mulino as Panama’s new president could bring the asset back online. “If Mulino is indeed eyeing a restart, his […]",[68336],{"slug":544,"name":543,"content":68337},{"job_title":557,"image":68338,"bio":548,"linkedin":555},{"filename":552},[68340,68341,68342],{"slug":869,"name":870},{"slug":872,"name":873},{"slug":12983,"name":12984},{"id":49,"alt":68344,"name":547,"focus":547,"title":68344,"source":547,"filename":68345,"copyright":547,"fieldtype":553,"meta_data":68346,"is_external_url":51},"Panama on map, close up map of central america","https://a.storyblok.com/f/287943243085208/f929b068fd/bm-panama-on-map.jpg",{"alt":68344,"title":68344,"source":547,"copyright":547},"May 09, 2024",{"id":68349,"uuid":68350,"name":68351,"slug":68352,"full_slug":68353,"content":68354},112469618271638,"a337abc6-6de0-4010-bd0a-dd20e7c1a321","How is the post-IRA cathode landscape evolving?","how-is-the-post-ira-cathode-landscape-evolving","article/how-is-the-post-ira-cathode-landscape-evolving",{"_uid":68355,"date":68356,"tags":68357,"editor":68366,"content":68370,"excerpt":68531,"featured":51,"reporter":68532,"_editable":68536,"component":864,"seo_title":68351,"categories":68537,"visibility":2091,"author_company":49,"data_vis_image":68544,"featured_image":68547,"seo_description":68531,"author_full_name":49,"author_job_title":49,"formattedDate":68549},"c1c68b74-f312-478f-94fd-b5e3cb865fd3","2024-05-06 00:00",[68358,68359,68360,68361,68362,68363,68364,68365],{"slug":578,"name":579},{"slug":46859,"name":46860},{"slug":7219,"name":451},{"slug":26098,"name":26099},{"slug":44486,"name":44487},{"slug":8694,"name":8695},{"slug":1375,"name":1376},{"slug":4610,"name":662},[68367],{"slug":544,"name":543,"content":68368},{"job_title":557,"image":68369,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":68371},[68372,68384,68395,68400,68405,68408,68413,68418,68423,68430,68440,68451,68456,68461,68471,68476,68481,68491,68498,68503,68508,68513],{"type":594,"attrs":68373,"content":68374},{"textAlign":49},[68375,68377,68382],{"text":68376,"type":599},"As the ",{"text":68378,"type":599,"marks":68379},"Inflation Reduction Act (IRA) accelerates the buildout of US gigafactory cell capacity",[68380],{"type":604,"attrs":68381},{"href":60956,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":68383,"type":599},", efforts to onshore the midstream of the US EV battery supply chain are lagging the pace of downstream investment – representing a potential bottleneck for US supply chain security.",{"type":594,"attrs":68385,"content":68386},{"textAlign":49},[68387,68389],{"text":68388,"type":599},"The IRA provides substantial financial incentives to boost domestic clean energy supply chains, slashing the capital expenditure (capex) of a US cathode production facility by up to 30% according to Benchmark analysis. This has attracted foreign investment into the US EV market, notably from ",{"text":68390,"type":599,"marks":68391},"South Korean companies aiming to play a vital role in the growing US EV battery market.",[68392],{"type":604,"attrs":68393},{"href":68394,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/japanese-and-south-korean-battery-makers-prioritise-north-america-over-asia",{"type":594,"attrs":68396,"content":68397},{"textAlign":49},[68398],{"text":68399,"type":599},"Projections for US cathode supply through to 2030 have been boosted sixfold since the passage of the flagship climate policy in August 2022. ",{"type":594,"attrs":68401,"content":68402},{"textAlign":49},[68403],{"text":68404,"type":599},"Nevertheless, with US cell production set to scale to over 800 gigawatt hours (GWh) by the end of the decade, Benchmark data indicates that domestic US cathode supply will account for just one third of US cell supply – leaving the US reliant on imports to fill this supply gap.",{"type":594,"attrs":68406,"content":68407},{"textAlign":49},[],{"type":657,"attrs":68409,"content":68410},{"level":15966,"textAlign":49},[68411],{"text":68412,"type":599},"Can FTA partners bridge this supply shortfall?",{"type":594,"attrs":68414,"content":68415},{"textAlign":49},[68416],{"text":68417,"type":599},"To de-risk the US battery supply chain from China, the IRA facilitates tax credit eligibility if an applicable percentage of the value of the critical minerals contained in the battery are extracted or processed in a region where the US has a free trade agreement (FTA).",{"type":594,"attrs":68419,"content":68420},{"textAlign":49},[68421],{"text":68422,"type":599},"This has opened the door to a tide of battery supply chain related investments in FTA economies since August 2022. Midstream capacity has been a key target of this investment, owing to the relatively low capital outlay and the limited exposure to price risk (when compared to upstream mining operations) for projects at this step of the value chain.",{"type":594,"attrs":68424,"content":68425},{"textAlign":49},[68426],{"type":1186,"attrs":68427},{"id":49,"alt":547,"src":68428,"title":49,"source":49,"copyright":49,"meta_data":68429},"https://a.storyblok.com/f/287943243085208/b9853113e5/bm-image-57.png",{},{"type":594,"attrs":68431,"content":68432},{"textAlign":49},[68433,68438],{"text":68434,"type":599,"marks":68435},"South Korea has led the way in this regard, notching up over $5 billion of investment in battery precursor and cathode investments from domestic players in 2023 ",[68436],{"type":604,"attrs":68437},{"href":57884,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":68439,"type":599},"– with an eye on exporting the material to the US EV market. South Korean battery producers have signed a host of partnerships and supply agreements with US automakers, requiring IRA-compliant supply chains to fulfil these contracts.",{"type":594,"attrs":68441,"content":68442},{"textAlign":49},[68443,68449],{"text":68444,"type":599,"marks":68445},"Morocco too has been on the receiving end of a flurry of recent cathode-related investments",[68446],{"type":604,"attrs":68447},{"href":68448,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/moroccan-government-approves-300-million-btr-cathode-project",{"text":68450,"type":599},", owing to its FTA agreement with the US and close proximity to the EU. The North African country is also host to the world’s largest reserves of phosphate, making it a particularly attractive proposition for lithium iron phosphate (LFP) investments targeting Western EV markets.",{"type":594,"attrs":68452,"content":68453},{"textAlign":49},[68454],{"text":68455,"type":599},"“In theory cathode supply from FTA jurisdictions could be sufficient to meet demand from US-based cell suppliers by the end of the decade,” said Harry Tinker, cathode and anode analyst at Benchmark. “However, it is unlikely all FTA cathode supply will be re-routed to the US market, as producers will have commitments from other regions to meet.”",{"type":594,"attrs":68457,"content":68458},{"textAlign":49},[68459],{"text":68460,"type":599},"“Furthermore,” he added, “suppliers must ensure compliance with US ‘Foreign Entity of Concern (FEOC)’ requirements to sell into the US market.”",{"type":594,"attrs":68462,"content":68463},{"textAlign":49},[68464,68469],{"text":68465,"type":599,"marks":68466},"China remains integral to the supply chain for South Korean battery manufacturers",[68467],{"type":604,"attrs":68468},{"href":60106,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":68470,"type":599},", as South Korean companies continue to engage in investments throughout the value chain in partnership with Chinese companies. These commitments may now necessitate adjustments in ownership structures to ensure compliance with IRA tax credit requirements.",{"type":594,"attrs":68472,"content":68473},{"textAlign":49},[68474],{"text":68475,"type":599},"Benchmark estimates up to 15% of US and FTA cathode supply to originate from operations financed with Chinese capital by 2030, with this figure rising to 35% at the battery precursor stage of the supply chain. ",{"type":657,"attrs":68477,"content":68478},{"level":15966,"textAlign":49},[68479],{"text":68480,"type":599},"LFP investments on the rise",{"type":594,"attrs":68482,"content":68483},{"textAlign":49},[68484,68486,68490],{"text":68485,"type":599},"Commitments to LFP cathode capacity are forming an increasingly significant part of the post-IRA investment landscape. The forecast for LFP cathode supply from US and Free Trade Agreement (FTA) jurisdictions by 2030 has grown from little over 1,000 tonnes in Q3 2022 to 350,000 tonnes as of Q1 2024, according to the ",{"text":64201,"type":599,"marks":68487},[68488],{"type":604,"attrs":68489},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":68492,"content":68493},{"textAlign":49},[68494],{"type":1186,"attrs":68495},{"id":49,"alt":547,"src":68496,"title":49,"source":49,"copyright":49,"meta_data":68497},"https://a.storyblok.com/f/287943243085208/5ae9bc5703/bm-image-58.png",{},{"type":594,"attrs":68499,"content":68500},{"textAlign":49},[68501],{"text":68502,"type":599},"This trend is echoed at the cell level, with the US’s share of global LFP cell production forecast to increase from 0.1% in 2023 to 4% by 2030. ",{"type":594,"attrs":68504,"content":68505},{"textAlign":49},[68506],{"text":68507,"type":599},"LFP cells are seen as key to reducing the cost of electric vehicles in the US, and the chemistry is already extensively used by Tesla. The US is also becoming increasingly reliant on the iron-based chemistry for energy storage systems due to LFP’s superior-life cycle.",{"type":657,"attrs":68509,"content":68510},{"level":15966,"textAlign":49},[68511],{"text":68512,"type":599},"Join us at Giga USA 2024",{"type":594,"attrs":68514,"content":68515},{"textAlign":49},[68516,68520,68527],{"text":68517,"type":599,"marks":68518},"Discussions on cathode production and the Inflation Reduction Act will continue at Benchmark’s ",[68519],{"type":643},{"text":68521,"type":599,"marks":68522},"Giga USA 2024",[68523,68526],{"type":604,"attrs":68524},{"href":68525,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://benchmarkevents.benchmarkminerals.com/gigausa24",{"type":643},{"text":68528,"type":599,"marks":68529}," conference being held June 11-13 at the JW Marriott Washington DC, USA.",[68530],{"type":643},"As the Inflation Reduction Act (IRA) accelerates the buildout of US gigafactory cell capacity, efforts to onshore the midstream of the US EV battery supply chain are lagging the pace of downstream investment – representing a potential bottleneck for US supply chain security. The IRA provides substantial financial incentives to boost domestic clean energy supply […]",[68533],{"slug":544,"name":543,"content":68534},{"job_title":557,"image":68535,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c1c68b74-f312-478f-94fd-b5e3cb865fd3\", \"id\": \"\"}-->",[68538,68539,68540,68541,68542,68543],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4330,"name":150},{"slug":4332,"name":4333},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":68545,"copyright":547,"fieldtype":553,"meta_data":68546,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1714640262/www-production/US-cathode-vs-US-cell/US-cathode-vs-US-cell.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4820,"copyright":547,"fieldtype":553,"meta_data":68548,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"May 06, 2024",{"id":68551,"uuid":68552,"name":68553,"slug":68554,"full_slug":68555,"content":68556},114844013527039,"7562c39f-4f26-4dc8-96be-e8eb533ef172","Cobalt surplus risks widening as CMOC surpasses Q1 guidance ","cobalt-surplus-risks-widening-as-cmoc-surpasses-q1-guidance","article/cobalt-surplus-risks-widening-as-cmoc-surpasses-q1-guidance",{"_uid":68557,"date":68558,"tags":68559,"editor":68563,"content":68567,"excerpt":68669,"featured":51,"reporter":68670,"_editable":68674,"component":864,"seo_title":68553,"categories":68675,"visibility":882,"author_company":49,"featured_image":68679,"seo_description":68669,"author_full_name":49,"author_job_title":49,"formattedDate":68682},"d403d6d1-c575-44a2-a667-8494ebb78284","2024-05-03 00:00",[68560,68561,68562],{"slug":913,"name":914},{"slug":575,"name":576},{"slug":572,"name":573},[68564],{"slug":544,"name":543,"content":68565},{"job_title":557,"image":68566,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":68568},[68569,68574,68579,68584,68589,68594,68599,68604,68609,68614,68632,68637,68642,68647,68652,68664],{"type":594,"attrs":68570,"content":68571},{"textAlign":49},[68572],{"text":68573,"type":599},"The cobalt market is facing the prospect of being inundated with a gut of new supply this year, as leading producer CMOC last week published first quarter cobalt production results that far outstripped its previous guidance.",{"type":594,"attrs":68575,"content":68576},{"textAlign":49},[68577],{"text":68578,"type":599},"The Chinese miner announced it had achieved first quarter cobalt production of over 25,000 tonnes – a record 392% year-on-year increase – across the Tenke Fungurume (TFM) and Kisanfu (KFM) mines in the Democratic Republic of Congo (DRC). The results significantly outperform September 2023 guidance, which had projected full year cobalt output of 60,000 to 70,000 tonnes in 2024.",{"type":594,"attrs":68580,"content":68581},{"textAlign":49},[68582],{"text":68583,"type":599},"Were CMOC to sustain first quarter production on an annualised rate, cobalt output across TFM and KFM could climb to over 100,000 in 2024 – an increase of up to 68% on its previous projections. In this scenario, Benchmark analysis indicates the cobalt supply surplus could breach 60,000 tonnes this year, with the Chinese miner alone accounting for 59% of demand from the lithium ion battery sector. ",{"type":594,"attrs":68585,"content":68586},{"textAlign":49},[68587],{"text":68588,"type":599},"“The cobalt market is already full of stocks,” said Will Talbot, principal cobalt analyst at Benchmark. “If CMOC were to carry on at this rate of production, we’d see other producers forced to reduce their output.”",{"type":657,"attrs":68590,"content":68591},{"level":15966,"textAlign":49},[68592],{"text":68593,"type":599},"Can the market absorb more cobalt?",{"type":594,"attrs":68595,"content":68596},{"textAlign":49},[68597],{"text":68598,"type":599},"While CMOC reported in November 2023 that it was “striving to exceed production,” the size of the uplift has blindsided many in the cobalt market. ",{"type":594,"attrs":68600,"content":68601},{"textAlign":49},[68602],{"text":68603,"type":599},"A growing dichotomy in copper and cobalt fundamentals is adding further pressure to a cobalt sector already facing structural oversupply until 2027. Bullish copper prices and an emerging squeeze on copper concentrate supply is providing strong incentives for miners in Africa’s copper belt to increase output of the red metal.",{"type":594,"attrs":68605,"content":68606},{"textAlign":49},[68607],{"text":68608,"type":599},"A cobalt supply response already appears to be materialising. Glencore announced in late April that cobalt production fell by 37% year-on-year in the first quarter of 2024, although the Swiss miner affirmed its full year production guidance of 35,000 to 40,000 tonnes of cobalt.",{"type":594,"attrs":68610,"content":68611},{"textAlign":49},[68612],{"text":68613,"type":599},"“CMOC’s results add to what is already very bearish sentiment in the cobalt market,” said Roman Aubrey, cobalt price analyst at Benchmark. “We’ve seen hydroxide prices in April fall back to where they were at the start of the year due to oversupply, and this downturn may be further exacerbated by the recent [CMOC] production figures.”",{"type":594,"attrs":68615,"content":68616},{"textAlign":49},[68617,68619,68624,68626],{"text":68618,"type":599},"The cobalt hydroxide supply overhang is creating downward pressure on cobalt prices across the board. In April ",{"text":68620,"type":599,"marks":68621},"Cobalt chemical prices",[68622],{"type":604,"attrs":68623},{"href":61992,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":68625,"type":599}," fell to their lowest level since Benchmark began assessing the market in January 2017, according to ",{"text":68627,"type":599,"marks":68628},"Benchmark’s Cobalt Price Assessment.",[68629],{"type":604,"attrs":68630},{"href":68631,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cobalt/portal/?tab=table",{"type":594,"attrs":68633,"content":68634},{"textAlign":49},[68635],{"text":68636,"type":599},"“Despite these challenges, the market may have already priced in some expectations that CMOC would exceed production guidance,” added Aubrey. “If that’s the case, the near term price impact from the announcement could be minimised.”",{"type":657,"attrs":68638,"content":68639},{"level":15966,"textAlign":49},[68640],{"text":68641,"type":599},"Copper key to CMOC expansions",{"type":594,"attrs":68643,"content":68644},{"textAlign":49},[68645],{"text":68646,"type":599},"The Chinese miner is now the world’s largest producer of cobalt by output, having surpassed Glencore in 2023, and appears to be targeting a position as a top 10 copper producer globally. First quarter copper production reached 147,500 tonnes, an increase of 123% year-on-year.",{"type":594,"attrs":68648,"content":68649},{"textAlign":49},[68650],{"text":68651,"type":599},"“The Q1 figures do not marry up with their previous guidance at all,” said Piotr Ortonowski, head of copper analysis at Benchmark.“Production is already way over. If CMOC were to hit guidance now, it would signify a huge drop in output over the remainder of the year which is unlikely to happen.”",{"type":594,"attrs":68653,"content":68654},{"textAlign":49},[68655,68657,68662],{"text":68656,"type":599},"Behind this unprecedented supply growth are dynamics at play beyond the cobalt market. Benchmark analysts attribute CMOC’s overperformance to ",{"text":68658,"type":599,"marks":68659},"bullish fundamentals in the copper market",[68660],{"type":604,"attrs":68661},{"href":67129,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":68663,"type":599}," and a drive from the Chinese government to secure its own copper resources.",{"type":594,"attrs":68665,"content":68666},{"textAlign":49},[68667],{"text":68668,"type":599},"“At the moment CMOC doesn’t care about cobalt prices,” said Ortonwski. “This is a push from the Chinese government to safeguard copper supply as it nears self-sufficiency in copper smelting capacity.”","The cobalt market is facing the prospect of being inundated with a gut of new supply this year, as leading producer CMOC last week published first quarter cobalt production results that far outstripped its previous guidance. The Chinese miner announced it had achieved first quarter cobalt production of over 25,000 tonnes – a record 392% […]",[68671],{"slug":544,"name":543,"content":68672},{"job_title":557,"image":68673,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d403d6d1-c575-44a2-a667-8494ebb78284\", \"id\": \"\"}-->",[68676,68677,68678],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":68680,"copyright":547,"fieldtype":553,"meta_data":68681,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7fba52e9ba/bm-cobalt-harry-fisher.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 03, 2024",{"id":68684,"uuid":68685,"name":68686,"slug":68687,"full_slug":68688,"content":68689},112469634741656,"e7f7fb1f-4e25-49b3-ae37-30b85f3429d9","How low can battery emissions go?","how-low-can-battery-emissions-go","article/how-low-can-battery-emissions-go",{"_uid":68690,"date":68691,"tags":68692,"editor":68694,"content":68698,"excerpt":68891,"featured":51,"reporter":68892,"_editable":68896,"component":864,"seo_title":68686,"categories":68897,"visibility":2091,"author_company":49,"featured_image":68900,"seo_description":68891,"author_full_name":49,"author_job_title":49,"formattedDate":68903},"8058e65f-247e-461a-b222-16fe00f00cfd","2024-05-02 00:00",[68693],{"slug":23760,"name":23761},[68695],{"slug":544,"name":543,"content":68696},{"job_title":557,"image":68697,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":68699},[68700,68712,68717,68724,68729,68734,68739,68744,68755,68760,68765,68770,68775,68780,68785,68790,68795,68800,68805,68810,68817,68822,68827,68831,68841,68846,68851,68856,68861,68866,68871,68876,68881,68886],{"type":594,"attrs":68701,"content":68702},{"textAlign":49},[68703,68705,68711],{"text":68704,"type":599},"The carbon footprint of lithium ion batteries can vary significantly depending on the types of raw materials used and the location of production, according to Benchmark’s ",{"text":68706,"type":599,"marks":68707},"Battery Emissions Analyser",[68708],{"type":604,"attrs":68709},{"href":68710,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg/battery-emissions-analyser/",{"text":17632,"type":599},{"type":594,"attrs":68713,"content":68714},{"textAlign":49},[68715],{"text":68716,"type":599},"Producing high-nickel lithium ion batteries in Sweden rather than China could help reduce a cell’s carbon footprint by >25%, according to Benchmark. And using lithium mined from brine in South America rather than from mica in China can reduce LFP cell emissions by up to ~30%, the data shows.",{"type":594,"attrs":68718,"content":68719},{"textAlign":49},[68720],{"type":1186,"attrs":68721},{"id":49,"alt":547,"src":68722,"title":49,"source":49,"copyright":49,"meta_data":68723},"https://a.storyblok.com/f/287943243085208/9fb2edce9d/bm-battery-emissions-renewable-energy.png",{},{"type":657,"attrs":68725,"content":68726},{"level":15966,"textAlign":49},[68727],{"text":68728,"type":599},"How are battery emissions calculated?",{"type":594,"attrs":68730,"content":68731},{"textAlign":49},[68732],{"text":68733,"type":599},"The results highlight the importance of accounting for the whole supply chain when measuring battery emissions, to enable more transparency for customers and consumers. The world’s largest battery producers currently only account for their direct emissions – known as Scope 1 and 2 emissions – rather than those stemming from their supply chains. ",{"type":594,"attrs":68735,"content":68736},{"textAlign":49},[68737],{"text":68738,"type":599},"CATL, the world’s largest battery producer, said its total greenhouse gas emissions, Scope 1 and 2, last year were 2 million tonnes CO2e, but this would be much higher if the supply chain was taken into account. ",{"type":594,"attrs":68740,"content":68741},{"textAlign":49},[68742],{"text":68743,"type":599},"With global lithium-ion battery production set to grow significantly from 1 TWh in 2023 to an estimated 5 TWh by 2033, understanding the environmental impact of these technologies is crucial. ",{"type":594,"attrs":68745,"content":68746},{"textAlign":49},[68747,68748,68753],{"text":25616,"type":599},{"text":68749,"type":599,"marks":68750},"Battery Emissions Analyser ",[68751],{"type":604,"attrs":68752},{"href":68710,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":68754,"type":599},"tool allows for comparison of the carbon intensity of varying battery cells depending on cathode and anode chemistry, region of production, and processing routes for battery materials.",{"type":594,"attrs":68756,"content":68757},{"textAlign":49},[68758],{"text":68759,"type":599},"It shows that the carbon footprint of battery production could be cut by as much as 70% by using renewable electricity, as well as choosing different types of battery raw materials.",{"type":657,"attrs":68761,"content":68762},{"level":15966,"textAlign":49},[68763],{"text":68764,"type":599},"How important is the source of electricity? ",{"type":594,"attrs":68766,"content":68767},{"textAlign":49},[68768],{"text":68769,"type":599},"Sweden relies on renewable energy for more than 60% of its electricity supply, while in China, coal-fired power plants still provide 75% of electricity. ",{"type":594,"attrs":68771,"content":68772},{"textAlign":49},[68773],{"text":68774,"type":599},"Sweden’s grid is dominated by hydroelectric and nuclear power, while wind power is taking up a growing proportion of supply. ",{"type":594,"attrs":68776,"content":68777},{"textAlign":49},[68778],{"text":68779,"type":599},"Swedish battery company Northvolt has said its current battery emissions are as low as 33 kg CO2/kWh but it is aiming for 10 kg CO2/kWh by 2030, including Scope 1, 2 and 3 emissions. ",{"type":594,"attrs":68781,"content":68782},{"textAlign":49},[68783],{"text":68784,"type":599},"The company uses 100% renewable energy to power its Northvolt Ett factory in the north of Sweden, mostly from hydropower and wind power. Northvolt’s battery production in the country is set to increase nine-fold this decade to over 45 gigawatt hours, according to Benchmark’s Lithium ion Battery database. ",{"type":594,"attrs":68786,"content":68787},{"textAlign":49},[68788],{"text":68789,"type":599},"Within China, however, the source of electricity can also make a big difference to emissions. CATL, the world’s largest battery producer, said last year that it relied on renewable energy for 65% of its energy needs, an increase of 39% since 2022, which resulted in the greenhouse gas emissions intensity of its battery production falling by 45% in 2023 from a year earlier. ",{"type":657,"attrs":68791,"content":68792},{"level":15966,"textAlign":49},[68793],{"text":68794,"type":599},"What is the impact of raw materials?",{"type":594,"attrs":68796,"content":68797},{"textAlign":49},[68798],{"text":68799,"type":599},"Still, when it comes to the carbon footprint of a battery, it is the raw materials in the cathode and anode that contribute the majority of the carbon footprint share. ",{"type":594,"attrs":68801,"content":68802},{"textAlign":49},[68803],{"text":68804,"type":599},"The ore from which lithium is extracted can have sizeable impacts on the overall carbon intensity of a cell, due to the energy required to convert the ore to lithium chemical.",{"type":594,"attrs":68806,"content":68807},{"textAlign":49},[68808],{"text":68809,"type":599},"When comparing the production of an LFP cell with lithium chemical from different sources, the cell with lithium from brine has an up to ~30% lower overall carbon intensity.",{"type":594,"attrs":68811,"content":68812},{"textAlign":49},[68813],{"type":1186,"attrs":68814},{"id":49,"alt":547,"src":68815,"title":49,"source":49,"copyright":49,"meta_data":68816},"https://a.storyblok.com/f/287943243085208/462e4e5259/bm-lithium-impact-on-battery-emissions.png",{},{"type":594,"attrs":68818,"content":68819},{"textAlign":49},[68820],{"text":68821,"type":599},"This highlights the growing importance of raw material sourcing for cells, due to the emphasis being placed on the carbon footprint of batteries with regulation such as the EU Battery Regulation.",{"type":594,"attrs":68823,"content":68824},{"textAlign":49},[68825],{"text":68826,"type":599},"Similarly, with graphite, the location of synthetic graphite production has a meaningful impact on the carbon emissions of the battery. Synthetic graphite produced in coal-heavy Inner Mongolia has >35% higher carbon emissions than using the average electricity grid in China.",{"type":657,"attrs":68828,"content":68829},{"level":15966,"textAlign":49},[68830],{"text":68706,"type":599},{"type":594,"attrs":68832,"content":68833},{"textAlign":49},[68834,68835,68839],{"text":25616,"type":599},{"text":68706,"type":599,"marks":68836},[68837],{"type":604,"attrs":68838},{"href":68710,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":68840,"type":599}," provides carbon intensity assessment for 8 different battery chemistries including: ",{"type":594,"attrs":68842,"content":68843},{"textAlign":49},[68844],{"text":68845,"type":599},"• LFP",{"type":594,"attrs":68847,"content":68848},{"textAlign":49},[68849],{"text":68850,"type":599},"• NCM low nickel",{"type":594,"attrs":68852,"content":68853},{"textAlign":49},[68854],{"text":68855,"type":599},"• NCM mid nickel",{"type":594,"attrs":68857,"content":68858},{"textAlign":49},[68859],{"text":68860,"type":599},"• NCM high nickel",{"type":594,"attrs":68862,"content":68863},{"textAlign":49},[68864],{"text":68865,"type":599},"• NCA",{"type":594,"attrs":68867,"content":68868},{"textAlign":49},[68869],{"text":68870,"type":599},"• LCO",{"type":594,"attrs":68872,"content":68873},{"textAlign":49},[68874],{"text":68875,"type":599},"• 4V Ni or Mn based",{"type":594,"attrs":68877,"content":68878},{"textAlign":49},[68879],{"text":68880,"type":599},"• 5V Mn based",{"type":594,"attrs":68882,"content":68883},{"textAlign":49},[68884],{"text":68885,"type":599},"This service can also be tailored to suit your needs, allowing for comparison between your battery product against other battery cell chemistries, or estimation of your product’s carbon impact emissions in the battery supply chain, and more. ",{"type":594,"attrs":68887,"content":68888},{"textAlign":49},[68889],{"text":68890,"type":599},"To learn more about our Battery Emissions Analyser, ESG Reports and Life Cycle Assessment products and services, fill out this form below and we’ll be in touch:","The carbon footprint of lithium ion batteries can vary significantly depending on the types of raw materials used and the location of production, according to Benchmark’s Battery Emissions Analyser. Producing high-nickel lithium ion batteries in Sweden rather than China could help reduce a cell’s carbon footprint by >25%, according to Benchmark. And using lithium mined […]",[68893],{"slug":544,"name":543,"content":68894},{"job_title":557,"image":68895,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8058e65f-247e-461a-b222-16fe00f00cfd\", \"id\": \"\"}-->",[68898,68899],{"slug":2499,"name":2500},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":68901,"copyright":547,"fieldtype":553,"meta_data":68902,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/green-battery-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 02, 2024",{"id":68905,"uuid":68906,"name":68907,"slug":68908,"full_slug":68909,"content":68910},112469639714202,"ccf8c1d9-fbfb-4d59-8ea1-4aa72989460c","Benchmark launches Rare Earths Price Assessment","benchmark-launches-rare-earths-price-assessment","article/benchmark-launches-rare-earths-price-assessment",{"_uid":68911,"date":68912,"tags":68913,"editor":68917,"content":68921,"excerpt":69046,"featured":50,"reporter":69047,"_editable":69051,"component":864,"seo_title":68907,"categories":69052,"visibility":2091,"author_company":49,"data_vis_image":69056,"featured_image":69058,"seo_description":69060,"author_full_name":49,"author_job_title":49,"formattedDate":69061},"33aeb057-5307-4b3f-8785-4b46a1579970","2024-05-01 00:00",[68914,68915,68916],{"slug":9655,"name":9656},{"slug":913,"name":914},{"slug":5072,"name":5073},[68918],{"slug":544,"name":543,"content":68919},{"job_title":557,"image":68920,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":68922},[68923,68937,68942,68947,68952,68957,68962,68967,68972,68977,68982,68987,68991,68996,69001,69005,69009,69013,69017,69021,69025,69029,69034,69038,69042],{"type":594,"attrs":68924,"content":68925},{"textAlign":49},[68926,68928,68930,68935],{"text":68927,"type":599},"Benchmark Mineral Intelligence ",{"text":68929,"type":599},"is delighted to announce the launch of its latest product, ",{"text":68931,"type":599,"marks":68932},"the Rare Earths Price Assessment",[68933],{"type":604,"attrs":68934},{"href":19815,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":68936,"type":599},". This assessment provides comprehensive market analysis and price assessments for four key rare earth oxides: Praseodymium-Neodymium, Dysprosium, Terbium, and Samarium.",{"type":594,"attrs":68938,"content":68939},{"textAlign":49},[68940],{"text":68941,"type":599},"The assessment will provide highly anticipated insight into the rare earths industry, a market that is deemed crucial for the world’s energy transition, and adds an additional service to Benchmark’s Rare Earths offering, including the pre-existing Rare Earths Forecast report published every quarter by Benchmark.",{"type":594,"attrs":68943,"content":68944},{"textAlign":49},[68945],{"text":68946,"type":599},"Benchmark has been collating prices and analysing market activity over the past months in preparation for the release of this new product. Through direct interaction with active market participants, analysts at Benchmark track and assess transacted prices to gain a diverse perspective of current market activity and the economic factors that are driving price movements and market sentiment.",{"type":594,"attrs":68948,"content":68949},{"textAlign":49},[68950],{"text":68951,"type":599},"On a monthly basis, Benchmark will publish the following grades as part of its Rare Earths Price Assessment:",{"type":594,"attrs":68953,"content":68954},{"textAlign":49},[68955],{"text":68956,"type":599},"“We are pleased to announce the launch of the Benchmark Rare Earths Price Assessment, which provides prices and insight on the rare earth oxides that are crucial to the energy transition,” said Daisy Jennings-Gray, Head of Prices at Benchmark",{"type":594,"attrs":68958,"content":68959},{"textAlign":49},[68960],{"text":68961,"type":599},"“Demand for rare earth permanent magnets in technology such as electric vehicles, consumer electronics and wind turbines is rising rapidly, and as such Benchmark is leveraging its expertise in these markets to provide greater transparency into a market which is dominated by China.”",{"type":594,"attrs":68963,"content":68964},{"textAlign":49},[68965],{"text":68966,"type":599},"“Benchmark collaborates with the global rare earths supply chain to ensure Benchmark’s data is the most accurate and reliable in the market, and we remain committed to continually evolving the price risk management tools we provide to the people making key decisions for the energy transition.”",{"type":594,"attrs":68968,"content":68969},{"textAlign":49},[68970],{"text":68971,"type":599},"With China currently accounting for 71% of supply, Benchmark’s new Rare Earths Price Assessment service focuses on the domestic Chinese supply chain and will provide much-needed transparency in this opaque market.",{"type":594,"attrs":68973,"content":68974},{"textAlign":49},[68975],{"text":68976,"type":599},"As global nations look to diversify supply and shift the market balance away from this regional hub by developing domestic value chains, Benchmark will look to evolve its methodologies to track emerging trading dynamics.",{"type":594,"attrs":68978,"content":68979},{"textAlign":49},[68980],{"text":68981,"type":599},"Daniel Fletcher-Manuel, Director of Prices and Data at Benchmark, said “The importance of rare earth elements, which are vital to both renewable energy production and electric vehicle manufacturing, in powering the energy transition cannot be overstated.”",{"type":594,"attrs":68983,"content":68984},{"textAlign":49},[68985],{"text":68986,"type":599},"“By deploying the practises behind our industry leading, IOSCO compliant price discovery methodologies and our extensive network, Benchmark’s rare earth oxide prices enable converters, traders and buyers to mitigate supply chain and geopolitical uncertainty, and manage price risk by bringing transparency to opaque markets for the energy transition,” added Fletcher-Manuel",{"type":657,"attrs":68988,"content":68989},{"level":15966,"textAlign":49},[68990],{"text":19874,"type":599},{"type":594,"attrs":68992,"content":68993},{"textAlign":49},[68994],{"text":68995,"type":599},"If you would like to provide feedback or become a price submitter for the Benchmark Rare Earths Price Assessment please contact us at prices@benchmarkminerals.com.",{"type":594,"attrs":68997,"content":68998},{"textAlign":49},[68999],{"text":69000,"type":599},"We publish weekly and monthly price assessments, to the highest IOSCO standards:",{"type":594,"attrs":69002,"content":69003},{"textAlign":49},[69004],{"text":8,"type":599},{"type":594,"attrs":69006,"content":69007},{"textAlign":49},[69008],{"text":115,"type":599},{"type":594,"attrs":69010,"content":69011},{"textAlign":49},[69012],{"text":189,"type":599},{"type":594,"attrs":69014,"content":69015},{"textAlign":49},[69016],{"text":2508,"type":599},{"type":594,"attrs":69018,"content":69019},{"textAlign":49},[69020],{"text":150,"type":599},{"type":594,"attrs":69022,"content":69023},{"textAlign":49},[69024],{"text":298,"type":599},{"type":594,"attrs":69026,"content":69027},{"textAlign":49},[69028],{"text":261,"type":599},{"type":594,"attrs":69030,"content":69031},{"textAlign":49},[69032],{"text":69033,"type":599},"Lithium Ion Battery Cells",{"type":594,"attrs":69035,"content":69036},{"textAlign":49},[69037],{"text":373,"type":599},{"type":594,"attrs":69039,"content":69040},{"textAlign":49},[69041],{"text":414,"type":599},{"type":594,"attrs":69043,"content":69044},{"textAlign":49},[69045],{"text":51420,"type":599},"Benchmark Mineral Intelligence is delighted to announce the launch of its latest product, the Rare Earths Price Assessment. This assessment provides comprehensive market analysis and price assessments for four key rare earth oxides: Praseodymium-Neodymium, Dysprosium, Terbium, and Samarium. The assessment will provide highly anticipated insight into the rare earths industry, a market that is deemed […]",[69048],{"slug":544,"name":543,"content":69049},{"job_title":557,"image":69050,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"33aeb057-5307-4b3f-8785-4b46a1579970\", \"id\": \"\"}-->",[69053,69054,69055],{"slug":872,"name":873},{"slug":12983,"name":12984},{"slug":1556,"name":414},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":69057},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":13231,"copyright":547,"fieldtype":553,"meta_data":69059,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark Mineral Intelligence is delighted to announce the launch of its latest product, the Rare Earths Price Assessment. This assessment provides comprehensive market analysis and price assessments for four key rare earth oxides: ","May 01, 2024",{"id":69063,"uuid":69064,"name":69065,"slug":69066,"full_slug":69067,"content":69068},112469669119395,"8dcb59c0-08f7-42a9-9c38-d501e8460dd1","What do India’s elections mean for the lithium ion battery supply chain?","what-do-indias-elections-mean-for-the-lithium-ion-battery-supply-chain","article/what-do-indias-elections-mean-for-the-lithium-ion-battery-supply-chain",{"_uid":69069,"date":69070,"tags":69071,"editor":69075,"content":69079,"excerpt":69198,"featured":51,"reporter":69199,"_editable":69203,"component":864,"seo_title":69065,"categories":69204,"visibility":882,"author_company":49,"featured_image":69210,"seo_description":69198,"author_full_name":49,"author_job_title":49,"formattedDate":69214},"bd3fc0a6-1a23-4d75-b259-d87735bee2cc","2024-04-26 00:00",[69072,69073,69074],{"slug":68131,"name":68132},{"slug":22444,"name":22445},{"slug":4610,"name":662},[69076],{"slug":544,"name":543,"content":69077},{"job_title":557,"image":69078,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":69080},[69081,69086,69098,69103,69108,69113,69118,69123,69128,69133,69138,69143,69148,69153,69158,69163,69168,69173,69178,69183,69188,69193],{"type":594,"attrs":69082,"content":69083},{"textAlign":49},[69084],{"text":69085,"type":599},"India’s Prime Minister Narendra Modi is on track to win a third term in the country’s ongoing general elections, a reassuring prospect for many lithium ion stakeholders. ",{"type":594,"attrs":69087,"content":69088},{"textAlign":49},[69089,69091,69096],{"text":69090,"type":599},"Under the pro-business, pro-growth leader, the number of ",{"text":69092,"type":599,"marks":69093},"pipeline battery gigafactories",[69094],{"type":604,"attrs":69095},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":69097,"type":599}," in India has gone from zero to four in around two years.  ",{"type":594,"attrs":69099,"content":69100},{"textAlign":49},[69101],{"text":69102,"type":599},"Three of these emerged out of subsidies awarded in 2022 under the Production Linked Incentive (PLI) scheme, a flagship industrial initiative authorised with a INR 181 billion (US$2.17 billion) budget for the battery industry.",{"type":594,"attrs":69104,"content":69105},{"textAlign":49},[69106],{"text":69107,"type":599},"India’s battery ambitions are enshrined in two key targets:",{"type":594,"attrs":69109,"content":69110},{"textAlign":49},[69111],{"text":69112,"type":599},"India’s battery ramp-up is in its earliest stages. However, one factor that looks likely to ensure its long-term commitment to nurturing a domestic industry is the West’s pivot away from Chinese-dominated supply chains.",{"type":594,"attrs":69114,"content":69115},{"textAlign":49},[69116],{"text":69117,"type":599},"Chinese derisking has been one of the biggest factors driving investment into India, supporting the country’s world-leading growth rates over recent years.",{"type":594,"attrs":69119,"content":69120},{"textAlign":49},[69121],{"text":69122,"type":599},"Building capacity in strategic sectors like batteries could enable India to fill some of China’s functions as a global exporter and offer paths towards manufacturing-led development – a goal shared by the country’s major parties.",{"type":594,"attrs":69124,"content":69125},{"textAlign":49},[69126],{"text":69127,"type":599},"“Even if opposition forces were a serious threat to Modi, no major Indian political group advocates abandoning Modi’s basic pro-manufacturing, pro-growth position,” said Bryan Bille, principal policy analyst at Benchmark.",{"type":594,"attrs":69129,"content":69130},{"textAlign":49},[69131],{"text":69132,"type":599},"Yet India’s EV battery value chain is still small and uneven, raising questions about how realistic its ambitions are.",{"type":657,"attrs":69134,"content":69135},{"level":15966,"textAlign":49},[69136],{"text":69137,"type":599},"Is India on track to meet its battery targets?",{"type":657,"attrs":69139,"content":69140},{"level":15966,"textAlign":49},[69141],{"text":69142,"type":599},"What next? ",{"type":594,"attrs":69144,"content":69145},{"textAlign":49},[69146],{"text":69147,"type":599},"Modi’s commitment to battery industry growth is clear. Yet questions remain about routes to implementation.",{"type":594,"attrs":69149,"content":69150},{"textAlign":49},[69151],{"text":69152,"type":599},"One variable in Modi’s battery and EV buildout will be the weight given to foreign or domestic companies. ",{"type":594,"attrs":69154,"content":69155},{"textAlign":49},[69156],{"text":69157,"type":599},"So far, the emphasis has been on attracting foreign entities with the March 2023 EV investment policy a clear example of this, granting import duty cuts for companies that set up factories on Indian soil under certain conditions. ",{"type":594,"attrs":69159,"content":69160},{"textAlign":49},[69161],{"text":69162,"type":599},"Yet there has been pushback among domestic producers such as Mahindra and Tata Motors, who have previously requested the government not to lower import duties for foreign producers. ",{"type":594,"attrs":69164,"content":69165},{"textAlign":49},[69166],{"text":69167,"type":599},"The government argues that conditional import duty cuts are necessary to boost local EV production early on in the ramp-up. ",{"type":594,"attrs":69169,"content":69170},{"textAlign":49},[69171],{"text":69172,"type":599},"If the government’s priority is on expanding local capacity regardless of ownership, it is similarly ambivalent about end markets. ",{"type":594,"attrs":69174,"content":69175},{"textAlign":49},[69176],{"text":69177,"type":599},"“When local capacity is there, there will be growth in both domestic sales and exports,” commented Manish Dua, principal consultant at Benchmark. “There is no outright agenda to focus on exports. It depends on the companies looking to invest and where their customers are located.”",{"type":594,"attrs":69179,"content":69180},{"textAlign":49},[69181],{"text":69182,"type":599},"India’s federal battery policy has leaned towards incentivising production over stimulating consumption. This fits with historical patterns of state-led industrial buildout, close ties between the state and large private companies, and budget constraints.",{"type":594,"attrs":69184,"content":69185},{"textAlign":49},[69186],{"text":69187,"type":599},"“India is not going to provide demand-side incentives at the levels offered by the US, EU, or China,” Dua said.",{"type":594,"attrs":69189,"content":69190},{"textAlign":49},[69191],{"text":69192,"type":599},"India’s state governments are also playing a role in market-building.",{"type":594,"attrs":69194,"content":69195},{"textAlign":49},[69196],{"text":69197,"type":599},"“Respective state governments also offer supply side incentives, including tax credits and support mechanisms, that are quite attractive. These are underappreciated aspects of Indian manufacturing policy,” said Dua.","India’s Prime Minister Narendra Modi is on track to win a third term in the country’s ongoing general elections, a reassuring prospect for many lithium ion stakeholders. Under the pro-business, pro-growth leader, the number of pipeline battery gigafactories in India has gone from zero to four in around two years. Three of these emerged out […]",[69200],{"slug":544,"name":543,"content":69201},{"job_title":557,"image":69202,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bd3fc0a6-1a23-4d75-b259-d87735bee2cc\", \"id\": \"\"}-->",[69205,69206,69207,69208,69209],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4811,"name":4812},{"id":49,"alt":69211,"name":547,"focus":547,"title":69211,"source":547,"filename":69212,"copyright":547,"fieldtype":553,"meta_data":69213,"is_external_url":51},"The Indian flag held up in a crowd","https://a.storyblok.com/f/287943243085208/af07b2233b/bm-triranga-the-indian-flag.jpg",{"alt":69211,"title":69211,"source":547,"copyright":547},"Apr 26, 2024",{"id":69216,"uuid":69217,"name":69218,"slug":69219,"full_slug":69220,"content":69221},112469673842084,"3c3f7761-46cc-4cd6-813f-f6c979c0a5c7","Copper underpins BHP’s $39 billion Anglo American takeover offer","copper-underpins-bhps-39-billion-anglo-american-takeover-offer","article/copper-underpins-bhps-39-billion-anglo-american-takeover-offer",{"_uid":69222,"date":69223,"tags":69224,"editor":69227,"content":69231,"excerpt":69352,"featured":51,"reporter":69353,"_editable":69357,"component":864,"seo_title":69218,"categories":69358,"visibility":2091,"author_company":49,"featured_image":69362,"seo_description":69352,"author_full_name":49,"author_job_title":49,"formattedDate":69364},"f60f0f51-b429-4fb7-9723-95c2196272a3","2024-04-25 00:00",[69225,69226],{"slug":67041,"name":67042},{"slug":62471,"name":62472},[69228],{"slug":544,"name":543,"content":69229},{"job_title":557,"image":69230,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":69232},[69233,69238,69243,69249,69254,69259,69269,69274,69279,69284,69289,69294,69299,69304,69314,69319,69324,69335,69340,69345],{"type":594,"attrs":69234,"content":69235},{"textAlign":49},[69236],{"text":69237,"type":599},"BHP is seeking to increase its exposure to copper, a key energy transition metal, through a proposed $38.8 billion takeover of Anglo American. The deal, if realised, would see BHP emerge as the world’s biggest copper producer, accounting for around 10% of global mined supply.",{"type":594,"attrs":69239,"content":69240},{"textAlign":49},[69241],{"text":69242,"type":599},"“The proposed merger is to gain access to Anglo American’s strategic resources, copper in particular,” said Yongcheng Zhao, principal copper analyst at Benchmark. “A lack of new mined copper resources is a major obstacle for the energy transition and mining companies are facing growing resistance to building new mines, forcing them to merge to achieve growth.”",{"type":594,"attrs":69244,"content":69245},{"textAlign":49},[69246],{"type":1186,"attrs":69247},{"id":49,"alt":547,"src":67097,"title":49,"source":49,"copyright":49,"meta_data":69248},{},{"type":594,"attrs":69250,"content":69251},{"textAlign":49},[69252],{"text":69253,"type":599},"The proposed acquisition, the largest in the commodity sector’s recent history, marks the latest chapter in BHP’s plans to increase its exposure to “future-facing commodities” through an expansion of its copper footprint. Last year the mining giant acquired Australian copper producer Oz Minerals for $6.4 billion.",{"type":594,"attrs":69255,"content":69256},{"textAlign":49},[69257],{"text":69258,"type":599},"Anglo American is home to prized copper assets in Peru and Chile, but has found itself at a crossroads following significant downgrades to its production forecasts in 2024-25. Despite a bullish outlook for the red metal, the London-based mining company was forced to lower its 2024 copper forecast by 7% due to curtailments at its Chilean operations.",{"type":594,"attrs":69260,"content":69261},{"textAlign":49},[69262,69267],{"text":69263,"type":599,"marks":69264},"Copper prices have surged in response to heightened demand and expectations that close to 1Mt of mine supply disruptions are set to be realised over the course of 2024",[69265],{"type":604,"attrs":69266},{"href":67129,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":69268,"type":599},", with the market also pricing in additional mine supply risk this year and next.",{"type":594,"attrs":69270,"content":69271},{"textAlign":49},[69272],{"text":69273,"type":599},"BHP produced approximately 1.3Mt of copper in 2023, while Anglo American’s output stood at 0.57Mt. However, concerns over potential antitrust issues could be a sticking point in the proposed takeover, given the significant market dominance that would result from the combined forces of BHP and Anglo American presence in the copper sector.",{"type":657,"attrs":69275,"content":69276},{"level":15966,"textAlign":49},[69277],{"text":69278,"type":599},"Acquisitions underscore supply growth limitations",{"type":594,"attrs":69280,"content":69281},{"textAlign":49},[69282],{"text":69283,"type":599},"Copper is underpinning global decarbonisation efforts, with vast quantities required to build the infrastructure necessary to support the green energy transition. Exponential demand growth from clean energy technologies will also be supplemented by traditional end-use sectors, such as construction. ",{"type":594,"attrs":69285,"content":69286},{"textAlign":49},[69287],{"text":69288,"type":599},"However, a lack of new mined copper resources has the potential to slow the energy transition and de-rail global climate targets.",{"type":594,"attrs":69290,"content":69291},{"textAlign":49},[69292],{"text":69293,"type":599},"“The proposed deal highlights miners’ desperation to boost production through acquisitions, rather than through organic growth, in order to reap the benefits of the growing supply gap,” said Piotr Ortonowski, project manager at Benchmark. “However, this solution does little to bridge the supply gap itself.” ",{"type":657,"attrs":69295,"content":69296},{"level":15966,"textAlign":49},[69297],{"text":69298,"type":599},"Miners’ seek copper acquisitions to support growth:",{"type":594,"attrs":69300,"content":69301},{"textAlign":49},[69302],{"text":69303,"type":599},"BHP has warned that there will be insufficient copper supply to electrify the global economy, with CEO Mike Henry last year suggesting there is an investment shortfall of more than $300 billion to develop new supply. ",{"type":594,"attrs":69305,"content":69306},{"textAlign":49},[69307,69312],{"text":69308,"type":599,"marks":69309},"In announcing the launch of Benchmark’s coverage of copper",[69310],{"type":604,"attrs":69311},{"href":67129,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":69313,"type":599},", Benchmark analysts recently noted that recent mine disruptions have effectively fast-tracked the markets transition to a deficit by eradicating the previously forecasted two- to three-year surplus buffer. ",{"type":657,"attrs":69315,"content":69316},{"level":15966,"textAlign":49},[69317],{"text":69318,"type":599},"More than copper",{"type":594,"attrs":69320,"content":69321},{"textAlign":49},[69322],{"text":69323,"type":599},"Aside from copper, the proposed deal would also see BHP acquire Anglo American’s coking coal, iron ore and nickel assets, cementing its position as the world’s largest mining company. ",{"type":594,"attrs":69325,"content":69326},{"textAlign":49},[69327,69328,69333],{"text":34577,"type":599},{"text":69329,"type":599,"marks":69330},"the Benchmark Nickel Forecast",[69331],{"type":604,"attrs":69332},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":69334,"type":599},", Anglo American produced more than 60kt of refined nickel across its operations in Brazil and South Africa in 2023. Combined output from BHP’s nickel operation’s in Western Australia and Anglo American could reach close to 150kt, making it one of the largest producers of nickel outside of Indonesia. ",{"type":594,"attrs":69336,"content":69337},{"textAlign":49},[69338],{"text":69339,"type":599},"BHP has previously outlined ambitions to increase its exposure to nickel, which it deems a “future facing commodity” critical to the energy transition. As part of last year’s acquisition of Oz Minerals, the mining giant acquired the West Musgrave nickel mine in Western Australia.",{"type":594,"attrs":69341,"content":69342},{"textAlign":49},[69343],{"text":69344,"type":599},"However, both companies have been forced to realise substantial impairment charges on their nickel assets in 2024, as double digit declines in nickel prices since early 2023 have created challenging market conditions. Western nickel miners have come under pressure from a glut of low-cost nickel supply coming onstream from Indonesia.",{"type":594,"attrs":69346,"content":69347},{"textAlign":49},[69348,69351],{"text":67214,"type":599,"marks":69349},[69350],{"type":643},{"text":21888,"type":599},"BHP is seeking to increase its exposure to copper, a key energy transition metal, through a proposed $38.8 billion takeover of Anglo American. The deal, if realised, would see BHP emerge as the world’s biggest copper producer, accounting for around 10% of global mined supply. “The proposed merger is to gain access to Anglo American’s […]",[69354],{"slug":544,"name":543,"content":69355},{"job_title":557,"image":69356,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f60f0f51-b429-4fb7-9723-95c2196272a3\", \"id\": \"\"}-->",[69359,69360,69361],{"slug":869,"name":870},{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":22227,"copyright":547,"fieldtype":553,"meta_data":69363,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Apr 25, 2024",{"id":69366,"uuid":69367,"name":69368,"slug":69369,"full_slug":69370,"content":69371},112469687932327,"34c5a689-a73e-422f-98fa-1444992465c5","Anode prices stay flat in March as material surplus balances increase in demand","anode-prices-stay-flat-in-march-as-material-surplus-balances-increase-in-demand","article/anode-prices-stay-flat-in-march-as-material-surplus-balances-increase-in-demand",{"_uid":69372,"date":69373,"tags":69374,"editor":69377,"content":69381,"excerpt":69498,"featured":51,"reporter":69499,"_editable":69503,"component":864,"seo_title":69368,"categories":69504,"visibility":882,"author_company":49,"featured_image":69507,"seo_description":69498,"author_full_name":49,"author_job_title":49,"formattedDate":69509},"532ff83e-2566-4437-83a4-b8a85510b186","2024-04-24 00:00",[69375,69376],{"slug":7335,"name":7336},{"slug":913,"name":914},[69378],{"slug":544,"name":543,"content":69379},{"job_title":557,"image":69380,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":69382},[69383,69388,69400,69410,69420,69425,69432,69448,69453,69463,69468,69473,69483,69493],{"type":594,"attrs":69384,"content":69385},{"textAlign":49},[69386],{"text":69387,"type":599},"Prices for both high energy synthetic graphite anodes and natural graphite anodes stayed flat in April for the fifth straight month as improving downstream demand in recent weeks and the continued surplus kept prices stable.",{"type":594,"attrs":69389,"content":69390},{"textAlign":49},[69391,69393,69399],{"text":69392,"type":599},"While Chinese cell makers booked more orders amid a rebound in new energy vehicle sales in China, an oversupply and comfortable inventory levels with anode producers ",{"text":69394,"type":599,"marks":69395},"kept prices low",[69396],{"type":604,"attrs":69397},{"href":69398,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-anode-producers-move-ahead-with-capacity-expansion-plans-despite-falling-graphite-prices",{"text":974,"type":599},{"type":594,"attrs":69401,"content":69402},{"textAlign":49},[69403,69405,69409],{"text":69404,"type":599},"High energy synthetic graphite anode prices remained stable at an average of RMB 58,000 ($8,004) per tonne (DDP China) for the period ended April 15 and on a month-on-month basis, according to the ",{"text":62334,"type":599,"marks":69406},[69407],{"type":604,"attrs":69408},{"href":62338,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":69411,"content":69412},{"textAlign":49},[69413,69415,69419],{"text":69414,"type":599},"Similarly, prices for high energy natural graphite anode too held steady to close at an average of RMB 51,500 ($7,107) per tonne (DDP China), according to the ",{"text":62334,"type":599,"marks":69416},[69417],{"type":604,"attrs":69418},{"href":62338,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":69421,"content":69422},{"textAlign":49},[69423],{"text":69424,"type":599},"“Due to the relatively lower competition in the higher energy anode market, there hasn’t been as much pressure for these higher tiered players to employ low-price strategies, unlike their counterparts in the medium and low-energy anode sectors,” said Tony Alderson, analyst at Benchmark. ",{"type":594,"attrs":69426,"content":69427},{"textAlign":49},[69428],{"type":1186,"attrs":69429},{"id":49,"alt":547,"src":69430,"title":49,"source":49,"copyright":49,"meta_data":69431},"https://lh7-us.googleusercontent.com/8klbuq_sXQYsT3AKOfBQcSZusMxYKHJ7rx65Tdpe5oNt0F06M7CTT6lQyxjwB4IS3rs5E4l7uXG6GVCGB4XGCrEJg0nGwdTG2spbS_j2a3uY1ICVbs_OGyoYXIfKi65alfm2M4x05etpqOcI6FwcwoQ",{},{"type":594,"attrs":69433,"content":69434},{"textAlign":49},[69435,69436,69441,69443,69447],{"text":2372,"type":599},{"text":69437,"type":599,"marks":69438},"price gap between",[69439],{"type":604,"attrs":69440},{"href":56598,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":69442,"type":599}," high energy synthetic anode material and high energy natural graphite anode material narrowed to RMB 6,500 ($897) per tonne in November and has since stayed at those levels, according to the ",{"text":62334,"type":599,"marks":69444},[69445],{"type":604,"attrs":69446},{"href":62338,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":69449,"content":69450},{"textAlign":49},[69451],{"text":69452,"type":599},"“Under comparatively reduced competition, these players are reluctant to reduce their prices any further, citing squeezed profit margins,” said Alderson.",{"type":594,"attrs":69454,"content":69455},{"textAlign":49},[69456,69458,69462],{"text":69457,"type":599},"The anode market is expected to remain in surplus this year and stay in oversupply until the end of 2028 before entering an era of deficit, according to the ",{"text":37164,"type":599,"marks":69459},[69460],{"type":604,"attrs":69461},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":69464,"content":69465},{"level":15966,"textAlign":49},[69466],{"text":69467,"type":599},"Mid and low energy anode prices",{"type":594,"attrs":69469,"content":69470},{"textAlign":49},[69471],{"text":69472,"type":599},"Prices for all other grades assessed by Benchmark, including the medium and low energy synthetic and natural graphite anodes that are used in energy storage and consumer electronics end markets, have stayed flat since mid-January onwards. ",{"type":594,"attrs":69474,"content":69475},{"textAlign":49},[69476,69478,69482],{"text":69477,"type":599},"Medium energy natural graphite anode prices have declined 18.3% year-on-year, while low energy natural graphite prices have fallen 23.7% year-on-year, according to the ",{"text":62334,"type":599,"marks":69479},[69480],{"type":604,"attrs":69481},{"href":62338,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":69484,"content":69485},{"textAlign":49},[69486,69488],{"text":69487,"type":599},"Prices for the low energy synthetic graphite anode material have declined 37.5% year-on-year, while for medium energy synthetic graphite anode material prices have declined 40.2% year-on-year, according to the  ",{"text":69489,"type":599,"marks":69490},"Benchmark Anode Price Assessment.",[69491],{"type":604,"attrs":69492},{"href":62338,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":69494,"content":69495},{"textAlign":49},[69496],{"text":69497,"type":599},"Some low tiered anode producers in China have kept their operations shut since the start of the Spring Festival holiday period due to their limited order books and the prevailing low price environment.","Prices for both high energy synthetic graphite anodes and natural graphite anodes stayed flat in April for the fifth straight month as improving downstream demand in recent weeks and the continued surplus kept prices stable. While Chinese cell makers booked more orders amid a rebound in new energy vehicle sales in China, an oversupply and […]",[69500],{"slug":544,"name":543,"content":69501},{"job_title":557,"image":69502,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"532ff83e-2566-4437-83a4-b8a85510b186\", \"id\": \"\"}-->",[69505,69506],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":58930,"copyright":547,"fieldtype":553,"meta_data":69508,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Apr 24, 2024",{"id":69511,"uuid":69512,"name":69513,"slug":69514,"full_slug":69515,"content":69516},112469692650920,"5c4c5b7d-334a-4a63-b5ac-2222a0b31621","Why mining majors are investing in battery recycling","why-mining-majors-are-investing-in-battery-recycling","article/why-mining-majors-are-investing-in-battery-recycling",{"_uid":69517,"date":69518,"tags":69519,"editor":69523,"content":69527,"excerpt":69651,"featured":51,"reporter":69652,"_editable":69656,"component":864,"seo_title":69513,"categories":69657,"visibility":882,"author_company":49,"featured_image":69665,"seo_description":69651,"author_full_name":49,"author_job_title":49,"formattedDate":69668},"478cc962-bff7-4c83-b75a-c586510a7e2b","2024-04-23 00:00",[69520,69521,69522],{"slug":39425,"name":39426},{"slug":2790,"name":2791},{"slug":1375,"name":1376},[69524],{"slug":544,"name":543,"content":69525},{"job_title":557,"image":69526,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":69528},[69529,69541,69546,69551,69556,69561,69566,69571,69576,69581,69586,69591,69596,69601,69611,69616,69621,69626,69631,69636,69641,69646],{"type":594,"attrs":69530,"content":69531},{"textAlign":49},[69532,69534,69539],{"text":69533,"type":599},"Mining majors like Glencore and SQM are stepping up investments into ",{"text":69535,"type":599,"marks":69536},"battery recycling",[69537],{"type":604,"attrs":69538},{"href":61107,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":69540,"type":599}," to demonstrate sustainability commitments and capitalise on forecast demand growth for critical minerals.",{"type":594,"attrs":69542,"content":69543},{"textAlign":49},[69544],{"text":69545,"type":599},"2024 has already seen two recycling investments from mining companies. In March, Switzerland’s Glencore invested $75 million into Canadian recycler Li-Cycle following an initial $200 million investment in 2022, giving Glencore a 10% stake. ",{"type":594,"attrs":69547,"content":69548},{"textAlign":49},[69549],{"text":69550,"type":599},"“Outside of its mining business, Glencore is also one of the world’s biggest commodity traders. We expect recycled battery metals to prove popular with some end users and Glencore clients wanting to put spotlight on using sustainably sourced metals in their products,” said Piotr Kulas, principal analyst at Benchmark.",{"type":594,"attrs":69552,"content":69553},{"textAlign":49},[69554],{"text":69555,"type":599},"Glencore’s Li-Cycle partnership began in 2022 when the two firms first entered a long-term commercial agreement. ",{"type":594,"attrs":69557,"content":69558},{"textAlign":49},[69559],{"text":69560,"type":599},"The miner’s latest Li-Cycle investment was to keep the recycler afloat as it faces financial difficulties. Rising costs led Li-Cycle to pause construction at its Rochester Hub black mass processing facility last year and the company is now conducting a comprehensive review of its organisational structure.",{"type":594,"attrs":69562,"content":69563},{"textAlign":49},[69564],{"text":69565,"type":599},"Apart from its investments into Li-Cycle, Glencore holds its own recycling capacity across two sites in Canada: at Horne Smelter in Quebec and at the Sudbury INO, Ontario, whose end products include recycled cobalt sulphate, nickel, and copper.",{"type":594,"attrs":69567,"content":69568},{"textAlign":49},[69569],{"text":69570,"type":599},"In February, Chilean lithium producer Sociedad Química y Minera (SQM) announced it would put $9.43 million to UK battery recycler Altilium following its $2.58 million injection into Altilium’s Series A round in 2023.",{"type":657,"attrs":69572,"content":69573},{"level":15966,"textAlign":49},[69574],{"text":69575,"type":599},"Why are miners interested in recycling?",{"type":594,"attrs":69577,"content":69578},{"textAlign":49},[69579],{"text":69580,"type":599},"Miners are becoming more publicly visible actors in the energy transition, with their environmental, social and governance credentials facing increased scrutiny.  ",{"type":594,"attrs":69582,"content":69583},{"textAlign":49},[69584],{"text":69585,"type":599},"“Mining companies that are showing commitment to sustainable practices could be giving themselves a competitive advantage,” said Benchmark analyst Beatrice Browning.",{"type":594,"attrs":69587,"content":69588},{"textAlign":49},[69589],{"text":69590,"type":599},"Upstream majors also want to maximise their critical minerals output as supply deficits forecast this decade for lithium, cobalt, and nickel could see prices increase.",{"type":594,"attrs":69592,"content":69593},{"textAlign":49},[69594],{"text":69595,"type":599},"Mines will remain the largest source of battery critical minerals but recycled material can generate additional economic value. ",{"type":594,"attrs":69597,"content":69598},{"textAlign":49},[69599],{"text":69600,"type":599},"“Mining companies are aware that secondary supply will only help to plug the demand gap and not to overtake them any time soon,” said Browning.",{"type":594,"attrs":69602,"content":69603},{"textAlign":49},[69604,69606,69610],{"text":69605,"type":599},"Benchmark forecasts the scrap pool could contain 25% of lithium, 24% of nickel and 33% of the cobalt demand from batteries in 2040. That compares to 6% of lithium, 7% of nickel and 9% of cobalt demand from batteries in 2024, according to ",{"text":36126,"type":599,"marks":69607},[69608],{"type":604,"attrs":69609},{"href":61107,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":657,"attrs":69612,"content":69613},{"level":15966,"textAlign":49},[69614],{"text":69615,"type":599},"What is the demand right now for recycled materials?",{"type":594,"attrs":69617,"content":69618},{"textAlign":49},[69619],{"text":69620,"type":599},"The last year has seen recycled materials decline in line with prices for the mined material.  ",{"type":594,"attrs":69622,"content":69623},{"textAlign":49},[69624],{"text":69625,"type":599},"However, there are signs that things may be improving for recycled cobalt and nickel. ",{"type":594,"attrs":69627,"content":69628},{"textAlign":49},[69629],{"text":69630,"type":599},"“Primary nickel prices have been increasing. Nickel and cobalt black mass payables are higher than for lithium so the best recycling economics is with batteries rich in these minerals,” said Browning. ",{"type":594,"attrs":69632,"content":69633},{"textAlign":49},[69634],{"text":69635,"type":599},"By contrast, nickel and cobalt-free lithium iron phosphate batteries have been uneconomic to recycle at current prices, at least in the West.",{"type":594,"attrs":69637,"content":69638},{"textAlign":49},[69639],{"text":69640,"type":599},"It is significant that miners are continuing to invest in recycling through a period of low prices and low demand. This indicates that for larger miners, recycling investments are guided by expectations of a stronger market later this decade once deficits for critical minerals kick in.",{"type":657,"attrs":69642,"content":69643},{"level":15966,"textAlign":49},[69644],{"text":69645,"type":599},"Which other miners are interested in recycling?",{"type":594,"attrs":69647,"content":69648},{"textAlign":49},[69649],{"text":69650,"type":599},"Apart from SQM and Glencore, other big mining names have acquired stakes in recycling or are planning to enter the sector. ","Mining majors like Glencore and SQM are stepping up investments into battery recycling to demonstrate sustainability commitments and capitalise on forecast demand growth for critical minerals. 2024 has already seen two recycling investments from mining companies. In March, Switzerland’s Glencore invested $75 million into Canadian recycler Li-Cycle following an initial $200 million investment in 2022, […]",[69653],{"slug":544,"name":543,"content":69654},{"job_title":557,"image":69655,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"478cc962-bff7-4c83-b75a-c586510a7e2b\", \"id\": \"\"}-->",[69658,69659,69660,69661,69662,69663,69664],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":878,"name":8},{"slug":4330,"name":150},{"slug":5744,"name":5741},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":69666,"copyright":547,"fieldtype":553,"meta_data":69667,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/edb4f711b1/bm-used-ev-batteries-recycling.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 23, 2024",{"id":69670,"uuid":69671,"name":69672,"slug":69673,"full_slug":69674,"content":69675},112469697471913,"8baf2f65-4d48-4ded-9488-34bae166415e","Copper is coming! Benchmark expands critical mineral coverage","copper-is-coming-benchmark-expands-critical-mineral-coverage","article/copper-is-coming-benchmark-expands-critical-mineral-coverage",{"_uid":69676,"date":69677,"tags":69678,"editor":69680,"content":69684,"excerpt":69795,"featured":50,"reporter":69796,"_editable":69800,"component":864,"seo_title":69672,"categories":69801,"visibility":2091,"author_company":49,"featured_image":69804,"seo_description":69795,"author_full_name":49,"author_job_title":49,"formattedDate":69807},"d8a9cec8-07fb-4027-a33a-c9f02a22ca93","2024-04-22 00:00",[69679],{"slug":9655,"name":9656},[69681],{"slug":544,"name":543,"content":69682},{"job_title":557,"image":69683,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":69685},[69686,69691,69703,69708,69713,69718,69723,69728,69733,69738,69743,69748,69753,69758,69763,69768,69773,69784,69789,69792],{"type":594,"attrs":69687,"content":69688},{"textAlign":49},[69689],{"text":69690,"type":599},"Benchmark is initiating coverage of copper.",{"type":594,"attrs":69692,"content":69693},{"textAlign":49},[69694,69696,69701],{"text":69695,"type":599},"We will launch the Benchmark ",{"text":69697,"type":599,"marks":69698},"Copper Forecast ",[69699],{"type":604,"attrs":69700},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":69702,"type":599},"Service in early 2025.",{"type":594,"attrs":69704,"content":69705},{"textAlign":49},[69706],{"text":69707,"type":599},"In this Q&A with Mike Finch, Head of Strategic Initiatives, we dive into the rationale behind Benchmark expanding into the copper markets alongside learning more about when and what to expect from the first releases.",{"type":657,"attrs":69709,"content":69710},{"level":15966,"textAlign":49},[69711],{"text":69712,"type":599},"What prompted Benchmark to expand into the copper industry?",{"type":594,"attrs":69714,"content":69715},{"textAlign":49},[69716],{"text":69717,"type":599},"Simply put, no material is more critical to the energy transition than copper. Mass electrification, a key pillar to successful decarbonisation, will require vast amounts of copper conductor over the coming decades. Alongside the higher intensity of use in clean technologies, electric vehicles (EVs) and AI, huge quantities of copper will be required to build the necessary charging and grid infrastructure to enable the green energy transition.",{"type":594,"attrs":69719,"content":69720},{"textAlign":49},[69721],{"text":69722,"type":599},"Indeed, clean energy’s share of total demand is set to surge, far outpacing growth in traditional end-use sectors, such as construction. We recognise the pivotal role that copper will play in the coming decades and are committed to providing clients with unparalleled insights, data and prices as the world continues to transition to a greener, more sustainable future.",{"type":657,"attrs":69724,"content":69725},{"level":15966,"textAlign":49},[69726],{"text":69727,"type":599},"What do you think gives Benchmark an edge in such a competitive landscape?",{"type":594,"attrs":69729,"content":69730},{"textAlign":49},[69731],{"text":69732,"type":599},"Benchmark’s deep understanding of the EV supply chain, alongside the broader energy transition, uniquely positions us to excel in providing copper research and data. Given the substantial copper utilisation within batteries, our expertise in analysing battery materials and market trends seamlessly extends to the copper industry. By leveraging our established networks and methodologies, we can offer unparalleled insights into the interconnectedness of these critical sectors, providing our clients with industry-leading insights and data in the fastest growing end-use sectors for copper.",{"type":594,"attrs":69734,"content":69735},{"textAlign":49},[69736],{"text":69737,"type":599},"We have invested heavily in a world-class team of analysts, strategically positioned around the globe in key copper supply, demand, trade and investment hubs of Chile, London, Switzerland, Singapore and China. This helps to ensure that our analysis is not only comprehensive, but also deeply rooted in local expertise and market insights. This, coupled with our commitment to data accuracy, granularity and transparency, leaves us perfectly positioned to begin covering the copper markets. As such, Benchmark is poised to become the go-to source for copper market intelligence as the industry steps forward into a new-era.",{"type":657,"attrs":69739,"content":69740},{"level":15966,"textAlign":49},[69741],{"text":69742,"type":599},"What will Benchmark’s new service offer to stakeholders in the copper industry?",{"type":594,"attrs":69744,"content":69745},{"textAlign":49},[69746],{"text":69747,"type":599},"Benchmark’s expansion into the copper industry builds upon synergies with our existing services, particularly in critical mineral sectors like lithium, nickel and cobalt. Our in-depth knowledge of the electrification ecosystem, coupled with our expertise in battery materials and supply chain dynamics, seamlessly integrates with our analysis of the copper market. By connecting these critical elements, we offer stakeholders a holistic view of the evolving energy landscape, empowering them to navigate complex market dynamics with confidence and clarity.",{"type":594,"attrs":69749,"content":69750},{"textAlign":49},[69751],{"text":69752,"type":599},"Our new service will offer stakeholders in the copper industry access to unparalleled data, analysis, and pricing information. We aim to equip our clients with the essential tools to mitigate risks and to navigate the complexities of the copper market effectively, especially in relation to the fast-evolving ‘green’ sectors.",{"type":594,"attrs":69754,"content":69755},{"textAlign":49},[69756],{"text":69757,"type":599},"Whether it’s understanding the implications of TC/RC collapses or anticipating future market trends, such as falling battery foil thickness in EVs, our insights and data will enable stakeholders to proactively respond to evolving market dynamics and seize opportunities for growth.",{"type":657,"attrs":69759,"content":69760},{"level":15966,"textAlign":49},[69761],{"text":69762,"type":599},"What can stakeholders expect from Benchmark leading up to the launch of its copper services?",{"type":594,"attrs":69764,"content":69765},{"textAlign":49},[69766],{"text":69767,"type":599},"Leading up to the launch of our full forecast service later this year, Benchmark will be providing a sneak peek into the world of copper through the Copper Weekly service (available on a free-trial basis), set to debut in early-H2. This newsletter will offer valuable insights and analysis to keep readers informed and engaged as we prepare to unveil our comprehensive Copper Forecast Service later in the year.",{"type":657,"attrs":69769,"content":69770},{"level":15966,"textAlign":49},[69771],{"text":69772,"type":599},"How can interested parties learn more about Benchmark’s new copper services?",{"type":594,"attrs":69774,"content":69775},{"textAlign":49},[69776,69778,69783],{"text":69777,"type":599},"To stay updated on the latest developments and receive exclusive previews, all interested parties need to do is fill in the form below to pre-register for our Copper Weekly service and to keep up to date with the latest information. And remember, this is just the beginning – expect plenty more analysis and updates from Benchmark between now and the official launch dates! Indeed, our Copper Team recently travelled to Santiago to attend the annual industry gathering at CESCO Week and have provided ",{"text":69779,"type":599,"marks":69780},"seven key takeaways from their trip",[69781],{"type":604,"attrs":69782},{"href":67129,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":69785,"content":69786},{"textAlign":49},[69787],{"text":69788,"type":599},"If you would like to find out more about Benchmark’s upcoming copper services, please fill in the form below.",{"type":594,"attrs":69790,"content":69791},{"textAlign":49},[],{"type":594,"attrs":69793,"content":69794},{"textAlign":49},[],"Benchmark is initiating coverage of copper. We will launch the Benchmark Copper Forecast Service in early 2025. In this Q&A with Mike Finch, Head of Strategic Initiatives, we dive into the rationale behind Benchmark expanding into the copper markets alongside learning more about when and what to expect from the first releases. What prompted Benchmark […]",[69797],{"slug":544,"name":543,"content":69798},{"job_title":557,"image":69799,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d8a9cec8-07fb-4027-a33a-c9f02a22ca93\", \"id\": \"\"}-->",[69802,69803],{"slug":872,"name":873},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":69805,"copyright":547,"fieldtype":553,"meta_data":69806,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1b4bec85d4/bm-kennecott-copper-mine.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 22, 2024",{"id":69809,"uuid":69810,"name":69811,"slug":69812,"full_slug":69813,"content":69814},112469711861164,"c2e633f7-ee41-420a-8123-8f2742a4e8f3","Nickel prices rise after US, UK sanctions on Russian metal","nickel-prices-rise-after-us-uk-sanctions-on-russian-metal","article/nickel-prices-rise-after-us-uk-sanctions-on-russian-metal",{"_uid":69815,"date":69816,"tags":69817,"editor":69822,"content":69826,"excerpt":69943,"featured":51,"reporter":69944,"_editable":69948,"component":864,"seo_title":69811,"categories":69949,"visibility":882,"author_company":49,"featured_image":69952,"seo_description":69943,"author_full_name":49,"author_job_title":49,"formattedDate":69954},"adeba531-fb00-4899-b61b-4269725758c2","2024-04-18 00:00",[69818,69819,69820,69821],{"slug":913,"name":914},{"slug":7994,"name":7995},{"slug":16791,"name":16792},{"slug":26773,"name":13365},[69823],{"slug":544,"name":543,"content":69824},{"job_title":557,"image":69825,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":69827},[69828,69840,69852,69857,69870,69875,69886,69891,69896,69901,69906,69918,69923,69928,69938],{"type":594,"attrs":69829,"content":69830},{"textAlign":49},[69831,69833,69838],{"text":69832,"type":599},"Prices of all ",{"text":4330,"type":599,"marks":69834},[69835],{"type":604,"attrs":69836},{"href":69837,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lower-cobalt-and-nickel-prices-to-ease-battery-cell-price-jump",{"text":69839,"type":599}," chemicals, except Chinese nickel sulphate, rose briefly in mid April in response to sanctions by the US and the UK banning deliveries of Russian metal supplies for Russia’s invasion of Ukraine.",{"type":594,"attrs":69841,"content":69842},{"textAlign":49},[69843,69845,69850],{"text":69844,"type":599},"The sanctions, which came into effect over the weekend, halted deliveries of any new Russian supplies of ",{"text":4330,"type":599,"marks":69846},[69847],{"type":604,"attrs":69848},{"href":69849,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indonesian-nickel-investments-buck-wider-downturn",{"text":69851,"type":599}," to the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME), pushing up prices of nickel chemicals linked to the two exchanges.",{"type":594,"attrs":69853,"content":69854},{"textAlign":49},[69855],{"text":69856,"type":599},"Prices increased 1.5% to $18,505 per tonne for nickel sulphate CIF Asia (normalised) during the assessment period. ",{"type":594,"attrs":69858,"content":69859},{"textAlign":49},[69860,69862,69868],{"text":69861,"type":599},"Benchmark analyst Spencer Ingall believes the small rally in nickel prices was a result of ",{"text":69863,"type":599,"marks":69864},"fears",[69865],{"type":604,"attrs":69866},{"href":69867,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/nickel-miners-struggle-amid-falling-prices-supply-glut",{"text":69869,"type":599}," the sanctions on Russian material will affect trade volumes, but prices, he said, are likely to return to levels before the sanctions were announced.",{"type":594,"attrs":69871,"content":69872},{"textAlign":49},[69873],{"text":69874,"type":599},"“The sanction will affect new material originating from Russia but it is unlikely to have any material impact on volumes and so LME price will likely correct itself this week to levels seen before the announcement,” said Ingall.",{"type":594,"attrs":69876,"content":69877},{"textAlign":49},[69878,69880,69884],{"text":69879,"type":599},"While Russia accounted for only 4% of the global refined nickel supply in 2023, according to the ",{"text":37427,"type":599,"marks":69881},[69882],{"type":604,"attrs":69883},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":69885,"type":599},", it makes up a significant percentage of the volume on the LME.",{"type":594,"attrs":69887,"content":69888},{"textAlign":49},[69889],{"text":69890,"type":599},"“If Russian product already on the exchange got sanctioned then the volume of LME nickel available would have changed massively, but this isn’t the case,” said Ingall.",{"type":594,"attrs":69892,"content":69893},{"textAlign":49},[69894],{"text":69895,"type":599},"Since the LME began publicly reporting on country of origin stock data, the share of nickel volumes from Russian origin has increased from 16% in January 2023 to 36% in March 2024, sitting on par with volumes from Australian origin nickel, accounting for 25,000 tonnes of nickel. ",{"type":594,"attrs":69897,"content":69898},{"textAlign":49},[69899],{"text":69900,"type":599},"The sanctions are also applicable to aluminium and copper produced in Russia.",{"type":594,"attrs":69902,"content":69903},{"textAlign":49},[69904],{"text":69905,"type":599},"Meanwhile, nickel MHP CIF Asia Payables to LME nickel increased by 1.3% in the first half of April, trading at 80% to drive up the aggregate MHP price, despite stable cobalt prices. Benchmark expects MHP payables are likely to return to mid 70% levels in late April or early May as the second quarter restocking phase comes to an end.",{"type":594,"attrs":69907,"content":69908},{"textAlign":49},[69909,69911,69916],{"text":69910,"type":599},"Prices increased 2.1% and 2.0% for ",{"text":69912,"type":599,"marks":69913},"Benchmark’s recently launched",[69914],{"type":604,"attrs":69915},{"href":62594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":69917,"type":599}," sustainable nickel metal and sustainable nickel sulphate to $17,921 per tonne and $19,194 a tonne respectively. The increases are attributed to the sharp increase in the LME Class I nickel price. ",{"type":657,"attrs":69919,"content":69920},{"level":15966,"textAlign":49},[69921],{"text":69922,"type":599},"Chinese nickel sulphate prices buck the trend",{"type":594,"attrs":69924,"content":69925},{"textAlign":49},[69926],{"text":69927,"type":599},"Chinese nickel sulphate prices reported a decline for the first time this year as producers finished restocking inventories and downstream market participants have opted for a wait-and-watch approach for signs of improvement in demand.",{"type":594,"attrs":69929,"content":69930},{"textAlign":49},[69931,69933,69937],{"text":69932,"type":599},"Chinese nickel sulphate prices declined 0.4% to RMB 30,250 ($4,175) per tonne in the week ended April 16, according to the ",{"text":39354,"type":599,"marks":69934},[69935],{"type":604,"attrs":69936},{"href":58823,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":69939,"content":69940},{"textAlign":49},[69941],{"text":69942,"type":599},"The latest decline in Chinese nickel sulphate prices and an increase in nickel MHP CIF Asia has further widened the gap in prices between the two, making the former the cheapest option for Asian (ex-China) cell makers to acquire nickel sulphate. ","Prices of all nickel chemicals, except Chinese nickel sulphate, rose briefly in mid April in response to sanctions by the US and the UK banning deliveries of Russian metal supplies for Russia’s invasion of Ukraine. The sanctions, which came into effect over the weekend, halted deliveries of any new Russian supplies of nickel to the […]",[69945],{"slug":544,"name":543,"content":69946},{"job_title":557,"image":69947,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"adeba531-fb00-4899-b61b-4269725758c2\", \"id\": \"\"}-->",[69950,69951],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":68117,"copyright":547,"fieldtype":553,"meta_data":69953,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Apr 18, 2024",{"id":69956,"uuid":69957,"name":69958,"slug":69959,"full_slug":69960,"content":69961},112469716612525,"d8c3d8ab-2458-45a6-aa4e-92b074e3d57d","Africa’s lithium supply to triple this year, China dominates region","africas-lithium-supply-to-treble-this-year-china-dominates-region","article/africas-lithium-supply-to-treble-this-year-china-dominates-region",{"_uid":69962,"date":69963,"tags":69964,"editor":69972,"content":69976,"excerpt":70142,"featured":51,"reporter":70143,"_editable":70147,"component":864,"seo_title":69958,"categories":70148,"visibility":882,"author_company":49,"data_vis_image":70151,"featured_image":70155,"seo_description":70142,"author_full_name":49,"author_job_title":49,"formattedDate":70158},"eefe682c-b907-4e3e-a1a0-30e5533ad3b4","2024-04-17 00:00",[69965,69966,69967,69968,69971],{"slug":584,"name":585},{"slug":913,"name":914},{"slug":578,"name":579},{"slug":69969,"name":69970},"namibia","Namibia",{"slug":12525,"name":12526},[69973],{"slug":544,"name":543,"content":69974},{"job_title":557,"image":69975,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":69977},[69978,69995,70000,70020,70032,70039,70044,70049,70054,70059,70064,70069,70080,70088,70098,70103,70108,70113,70132,70137],{"type":594,"attrs":69979,"content":69980},{"textAlign":49},[69981,69983,69988,69990,69994],{"text":69982,"type":599},"Mined ",{"text":69984,"type":599,"marks":69985},"lithium output from Africa",[69986],{"type":604,"attrs":69987},{"href":26525,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":69989,"type":599}," is set to increase threefold in 2024 compared to last year, as assessed by Benchmark’s latest ",{"text":55196,"type":599,"marks":69991},[69992],{"type":604,"attrs":69993},{"href":67404,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":69996,"content":69997},{"textAlign":49},[69998],{"text":69999,"type":599},"In 2023, the region accounted for just 4% of mined lithium globally. This year it is forecast to account for 10% of global supply.",{"type":594,"attrs":70001,"content":70002},{"textAlign":49},[70003,70005,70011,70013,70019],{"text":70004,"type":599},"This ",{"text":70006,"type":599,"marks":70007},"rapid growth",[70008],{"type":604,"attrs":70009},{"href":70010,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/africas-critical-mineral-production-poised-for-rapid-growth",{"text":70012,"type":599}," will be the largest proportional increase in mined lithium supply of any region this year. The vast majority of the region’s lithium output is ",{"text":70014,"type":599,"marks":70015},"associated with Chinese companies",[70016],{"type":604,"attrs":70017},{"href":70018,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-set-to-dominate-african-lithium-production-this-decade",{"text":974,"type":599},{"type":594,"attrs":70021,"content":70022},{"textAlign":49},[70023,70025,70030],{"text":70024,"type":599},"“Africa makes for an attractive lithium source,” Claudia Cook, a lithium analyst at Benchmark, said. “Not only does it hold large lithium resources, but despite there being some ",{"text":70026,"type":599,"marks":70027},"ESG (environmental, social and governance) issues",[70028],{"type":604,"attrs":70029},{"href":67758,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":70031,"type":599},", there is a relatively supportive political and general infrastructure environment.”",{"type":594,"attrs":70033,"content":70034},{"textAlign":49},[70035],{"type":1186,"attrs":70036},{"id":49,"alt":547,"src":70037,"title":49,"source":49,"copyright":49,"meta_data":70038},"https://a.storyblok.com/f/287943243085208/80e1a444a2/bm-lithium-supply-2023-2024-africa-highlighted.png",{},{"type":657,"attrs":70040,"content":70041},{"level":15966,"textAlign":49},[70042],{"text":70043,"type":599},"Lithium in Africa",{"type":594,"attrs":70045,"content":70046},{"textAlign":49},[70047],{"text":70048,"type":599},"Benchmark forecasts that African lithium mines will output 111,000 tonnes LCE in 2024, up 201% from the relatively small base of 37,000 tonnes LCE produced in 2023. All of Africa’s lithium output comes from hard rock sources.",{"type":594,"attrs":70050,"content":70051},{"textAlign":49},[70052],{"text":70053,"type":599},"This compares to an overall increase of 26% in global lithium mine output.",{"type":594,"attrs":70055,"content":70056},{"textAlign":49},[70057],{"text":70058,"type":599},"Although spodumene concentrate prices fell throughout 2023, this was from an all time high in January 2023 of $6,401 per tonne. In the lead up to 2023, prices were continually rising, encouraging project development.",{"type":594,"attrs":70060,"content":70061},{"textAlign":49},[70062],{"text":70063,"type":599},"“The high price environment in the run up to 2023’s price falls aided in making this a possibility, and we saw mines coming online at a much quicker rate than average,” Cook said.",{"type":594,"attrs":70065,"content":70066},{"textAlign":49},[70067],{"text":70068,"type":599},"Most African lithium comes from Zimbabwe, which is forecast to account for 80% of the region’s output this year. The second largest contributor to Africa’s mined lithium output in 2024 is Namibia, representing 17%.",{"type":594,"attrs":70070,"content":70071},{"textAlign":49},[70072,70074,70079],{"text":70073,"type":599},"In Zimbabwe, there are reports of artisanal mining operations using child labour. There are no lithium miners operating in Africa with good ESG practices or better, as assessed by ",{"text":67342,"type":599,"marks":70075},[70076],{"type":604,"attrs":70077},{"href":70078,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg/lithium/reports",{"text":974,"type":599},{"type":594,"attrs":70081,"content":70082},{"textAlign":49},[70083],{"type":1186,"attrs":70084},{"id":49,"alt":70085,"src":70086,"title":49,"source":49,"copyright":49,"meta_data":70087},"Mined lithium supply from Africa to increase threefold this year","https://a.storyblok.com/f/287943243085208/c8b47d5258/bm-african-lithium-2023-2024-2025-by-country.png",{},{"type":594,"attrs":70089,"content":70090},{"textAlign":49},[70091,70096],{"text":70092,"type":599,"marks":70093},"Exporting unprocessed lithium ore",[70094],{"type":604,"attrs":70095},{"href":26533,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":70097,"type":599}," is banned in both Zimbabwe and Namibia, though this has not had a marked impact on supply. These measures are designed to keep more of the value-add in the countries. Processed ores, such as spodumene concentrate with at least 3% lithia content, are allowed to be exported.",{"type":594,"attrs":70099,"content":70100},{"textAlign":49},[70101],{"text":70102,"type":599},"“The ban mainly targeted artisanal mining, and many producers were already planning beneficiation plants,” Cook said. “In the current low-price environment direct shipping ore (DSO) is uneconomical so even without the ban it wouldn’t be a very viable product.”",{"type":594,"attrs":70104,"content":70105},{"textAlign":49},[70106],{"text":70107,"type":599},"From 2025, Mali and Ethiopia are forecast to account for an increasing proportion of African supply. ",{"type":657,"attrs":70109,"content":70110},{"level":15966,"textAlign":49},[70111],{"text":70112,"type":599},"Who’s funding African lithium?",{"type":594,"attrs":70114,"content":70115},{"textAlign":49},[70116,70118,70123,70125,70130],{"text":70117,"type":599},"Although the mines are located in Africa, over 97% of this supply is associated with ",{"text":35284,"type":599,"marks":70119},[70120],{"type":604,"attrs":70121},{"href":70122,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/we-believe-africa-will-be-the-next-good-opportunity-for-lithium-qa-with-wang-xiaoshen-of-ganfeng-lithium",{"text":70124,"type":599},". For 94% of African supply, ",{"text":35284,"type":599,"marks":70126},[70127],{"type":604,"attrs":70128},{"href":70129,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/byd-eyes-african-lithium-as-chinese-companies-invest-in-continent",{"text":70131,"type":599}," are the primary owners of the mines.",{"type":594,"attrs":70133,"content":70134},{"textAlign":49},[70135],{"text":70136,"type":599},"The Bikita and Arcadia projects are the largest operating lithium mines in Africa, both located in Zimbabwe. Though the Arcadia mine is operated by Prospect Lithium, an Australian firm, it is owned by Zhejiang Huayou Cobalt which is headquartered in China. The Bikita mine is owned and operated by China’s Sinomine.",{"type":594,"attrs":70138,"content":70139},{"textAlign":49},[70140],{"text":70141,"type":599},"“China holds the majority of the world’s refining capacity. However, their domestic mine supply cannot keep up,” Cook said. “What sets China apart is that it already has the supply chain to utilise African lithium resources, as well as the expertise and capital.”","Mined lithium output from Africa is set to increase threefold in 2024 compared to last year, as assessed by Benchmark’s latest Lithium Forecast. In 2023, the region accounted for just 4% of mined lithium globally. This year it is forecast to account for 10% of global supply. This rapid growth will be the largest proportional […]",[70144],{"slug":544,"name":543,"content":70145},{"job_title":557,"image":70146,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"eefe682c-b907-4e3e-a1a0-30e5533ad3b4\", \"id\": \"\"}-->",[70149,70150],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":70152,"name":547,"focus":547,"title":70152,"source":547,"filename":70153,"copyright":547,"fieldtype":553,"meta_data":70154,"is_external_url":51},"Africa is the fastest growing region for mined lithium supply this year","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1713520159/www-production/Africa-2023-2024-global-lithium-supply-free/Africa-2023-2024-global-lithium-supply-free.png?_i=AA",{"alt":70152,"title":70152,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":70156,"copyright":547,"fieldtype":553,"meta_data":70157,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d56b2fb047/bm-arcadia-mine.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 17, 2024",{"id":70160,"uuid":70161,"name":70162,"slug":70163,"full_slug":70164,"content":70165},112469743510962,"c5a8dc88-ac6a-4a86-970f-ed0b712f27cf","How the EU could tackle subsidised imports of Chinese EVs","how-the-eu-could-tackle-subsidised-imports-of-chinese-evs","article/how-the-eu-could-tackle-subsidised-imports-of-chinese-evs",{"_uid":70166,"date":70167,"tags":70168,"editor":70173,"content":70177,"excerpt":70372,"featured":51,"reporter":70373,"_editable":70377,"component":864,"seo_title":70162,"categories":70378,"visibility":882,"author_company":49,"data_vis_image":70381,"featured_image":70384,"seo_description":70372,"author_full_name":49,"author_job_title":49,"formattedDate":70387},"d2873e2e-a846-45f2-b098-f63f5b2a7c63","2024-04-10 00:00",[70169,70170,70171,70172],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":10093,"name":10094},{"slug":4610,"name":662},[70174],{"slug":544,"name":543,"content":70175},{"job_title":557,"image":70176,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":70178},[70179,70189,70224,70229,70234,70242,70247,70252,70257,70265,70270,70275,70280,70285,70290,70295,70300,70305,70310,70315,70320,70325,70333,70338,70343,70348,70360],{"type":594,"attrs":70180,"content":70181},{"textAlign":49},[70182,70183,70187],{"text":2372,"type":599},{"text":10094,"type":599,"marks":70184},[70185],{"type":604,"attrs":70186},{"href":64800,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":70188,"type":599}," believes electric vehicles (EVs) imported from China are unfairly subsidised to an extent that reduces the competitiveness of automakers operating in the bloc, according to the first results of an ongoing anti-subsidy probe published in March this year.",{"type":594,"attrs":70190,"content":70191},{"textAlign":49},[70192,70194,70200,70202,70208,70210,70215,70217,70222],{"text":70193,"type":599},"In addition to subsidies, China is able to produce EVs so cheaply in part thanks to its ",{"text":70195,"type":599,"marks":70196},"strength in producing lithium ion battery cells",[70197],{"type":604,"attrs":70198},{"href":70199,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/chinas-ev-supply-chain-partnerships-prices-and-prospects-for-2024",{"text":70201,"type":599}," at a ",{"text":70203,"type":599,"marks":70204},"lower cost",[70205],{"type":604,"attrs":70206},{"href":70207,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-much-cheaper-are-chinese-lithium-ion-battery-cells",{"text":70209,"type":599}," than the rest of the world. The country produced 85% of cells globally last year, according to ",{"text":70211,"type":599,"marks":70212},"Benchmark’s Lithium ion Battery Database",[70213],{"type":604,"attrs":70214},{"href":65549,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":70216,"type":599},". Moreover, ",{"text":70218,"type":599,"marks":70219},"Benchmark calculates the price",[70220],{"type":604,"attrs":70221},{"href":65627,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":70223,"type":599}," of a prismatic nickel cobalt manganese 811 (NCM) cell produced in China to be $72.2 per kilowatt-hour compared to $88.5 in Europe. ",{"type":594,"attrs":70225,"content":70226},{"textAlign":49},[70227],{"text":70228,"type":599},"Last year, EU countries imported around 760,000 EVs from outside of the EU, according to Eurostat data via Global Trade Tracker, valued at over €20 billion ($22 billion). Around 60% of these vehicles originated in China.",{"type":594,"attrs":70230,"content":70231},{"textAlign":49},[70232],{"text":70233,"type":599},"“There is also a risk that an increasing number of Union producers will suffer from diminishing sales and reduced production levels if imports continue at the current increased levels at allegedly subsidised prices from [China],” the Commission said in a document released last month.",{"type":594,"attrs":70235,"content":70236},{"textAlign":49},[70237],{"type":1186,"attrs":70238},{"id":49,"alt":70239,"src":70240,"title":49,"source":49,"copyright":49,"meta_data":70241},"The EU imported 9.7 billion euro EVs from China","https://a.storyblok.com/f/287943243085208/e0a12c2e25/bm-eu-imports-of-chinese-evs-1.png",{},{"type":657,"attrs":70243,"content":70244},{"level":15966,"textAlign":49},[70245],{"text":70246,"type":599},"Where does China export its EVs?",{"type":594,"attrs":70248,"content":70249},{"textAlign":49},[70250],{"text":70251,"type":599},"China exported over 1.5 million electric passenger vehicles in 2023, according to Chinese trade statistics via Global Trade Tracker. Belgium was the largest recipient, taking 11% of the exports followed by Thailand and the UK with 10% and 8%, respectively.",{"type":594,"attrs":70253,"content":70254},{"textAlign":49},[70255],{"text":70256,"type":599},"Combined, EU countries accounted for 31% of China’s EV exports.",{"type":594,"attrs":70258,"content":70259},{"textAlign":49},[70260],{"type":1186,"attrs":70261},{"id":49,"alt":70262,"src":70263,"title":49,"source":49,"copyright":49,"meta_data":70264},"A third of China's EV exports are to the EU","https://a.storyblok.com/f/287943243085208/1d45ca98cf/bm-china-ev-exports-1316869e5b46.png",{},{"type":657,"attrs":70266,"content":70267},{"level":15966,"textAlign":49},[70268],{"text":70269,"type":599},"What has the EU’s investigation found?",{"type":594,"attrs":70271,"content":70272},{"textAlign":49},[70273],{"text":70274,"type":599},"Between October 2023 and January 2024 imports of EVs from China into the EU were 14% higher than in the same period a year earlier, according to the investigation.",{"type":594,"attrs":70276,"content":70277},{"textAlign":49},[70278],{"text":70279,"type":599},"It also found that the monthly average number of EV imports from China was 11% higher between October 2023 and January 2024 than between October 2022 and September 2023, indicating that imports are accelerating.",{"type":594,"attrs":70281,"content":70282},{"textAlign":49},[70283],{"text":70284,"type":599},"The EU Commission says it has found “sufficient evidence” that EVs imported from China are being subsidised, keeping prices artificially low and distorting the market. This, it concludes, could cause “injury” to the market that is “difficult to repair.”",{"type":657,"attrs":70286,"content":70287},{"level":15966,"textAlign":49},[70288],{"text":70289,"type":599},"What is the EU’s response?",{"type":594,"attrs":70291,"content":70292},{"textAlign":49},[70293],{"text":70294,"type":599},"The EU Commission launched the anti-subsidy probe in October last year. As a result of its findings so far, imports of EVs from China must be registered. This opens up the possibility of imposing additional tariffs on such imports which may be applied retroactively from March 2024.",{"type":594,"attrs":70296,"content":70297},{"textAlign":49},[70298],{"text":70299,"type":599},"Any tariff applied would be in addition to the 10% tariff the EU already imposes on EVs imported from non-free trade agreement (FTA) partner countries.",{"type":594,"attrs":70301,"content":70302},{"textAlign":49},[70303],{"text":70304,"type":599},"“It’s essential to keep in mind that some Western car manufacturers, like Tesla, BMW, and Renault, make EVs in China and could likely be hit by tariffs,” Bryan Bille, a policy analyst at Benchmark, said.",{"type":594,"attrs":70306,"content":70307},{"textAlign":49},[70308],{"text":70309,"type":599},"Research by the non-governmental organisation Transport & Environment suggests that although EVs made in China could represent a quarter of new EV sales in the EU, penetration of Chinese brands is expected to be around 11%.",{"type":657,"attrs":70311,"content":70312},{"level":15966,"textAlign":49},[70313],{"text":70314,"type":599},"Do tariffs work?",{"type":594,"attrs":70316,"content":70317},{"textAlign":49},[70318],{"text":70319,"type":599},"The EU’s existing 10% tariff on EVs imported from China is significantly lower than the US’ 27.5% tariff.",{"type":594,"attrs":70321,"content":70322},{"textAlign":49},[70323],{"text":70324,"type":599},"This is a key reason that China exports far fewer EVs to the US than it does to the EU.",{"type":594,"attrs":70326,"content":70327},{"textAlign":49},[70328],{"type":1186,"attrs":70329},{"id":49,"alt":70330,"src":70331,"title":49,"source":49,"copyright":49,"meta_data":70332},"China exports fare more EVs to the EU than to the US","https://a.storyblok.com/f/287943243085208/24beb31652/bm-eu-vs-us-china-exports-2-131669234206.png",{},{"type":594,"attrs":70334,"content":70335},{"textAlign":49},[70336],{"text":70337,"type":599},"Increasing tariffs, however, will not necessarily solve the problem of cheap Chinese EVs out-competing domestic players as Chinese automakers can absorb the costs of tariffs as EVs are much cheaper to produce in China, according to Bille.",{"type":657,"attrs":70339,"content":70340},{"level":15966,"textAlign":49},[70341],{"text":70342,"type":599},"What more can the EU do?",{"type":594,"attrs":70344,"content":70345},{"textAlign":49},[70346],{"text":70347,"type":599},"“It’s not only a question about raising the EV import tariff to the right level, making Chinese EVs more expensive and European EVs more competitive,” Bille said. “But it is also about channelling more public-private support to battery R&D and introducing stringent local content requirements to spur cutting edge local EV manufacturing in Europe.”",{"type":594,"attrs":70349,"content":70350},{"textAlign":49},[70351,70353,70358],{"text":70352,"type":599},"The EU has already made moves to increase the competitiveness of its EV and battery industry. The ",{"text":10098,"type":599,"marks":70354},[70355],{"type":604,"attrs":70356},{"href":70357,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-increases-critical-mineral-recycling-targets-in-bid-to-increase-self-reliance",{"text":70359,"type":599},", for example, sets benchmarks for what proportion of critical minerals used by the bloc should be mined, processed and recycled locally, though these are not legally binding.",{"type":594,"attrs":70361,"content":70362},{"textAlign":49},[70363,70365,70371],{"text":70364,"type":599},"“Current EU provisions lack teeth,” according to Bille, “especially ",{"text":70366,"type":599,"marks":70367},"compared to the US IRA",[70368],{"type":604,"attrs":70369},{"href":70370,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/carrots-and-sticks-how-europe-can-improve-its-battery-value-chain-funding",{"text":46013,"type":599},"The European Union believes electric vehicles (EVs) imported from China are unfairly subsidised to an extent that reduces the competitiveness of automakers operating in the bloc, according to the first results of an ongoing anti-subsidy probe published in March this year. In addition to subsidies, China is able to produce EVs so cheaply in part […]",[70374],{"slug":544,"name":543,"content":70375},{"job_title":557,"image":70376,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d2873e2e-a846-45f2-b098-f63f5b2a7c63\", \"id\": \"\"}-->",[70379,70380],{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":70262,"name":547,"focus":547,"title":70262,"source":547,"filename":70382,"copyright":547,"fieldtype":553,"meta_data":70383,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1712753433/www-production/China-EV-exports-no-y-2/China-EV-exports-no-y-2.png?_i=AA",{"alt":70262,"title":70262,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":70385,"copyright":547,"fieldtype":553,"meta_data":70386,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/956e95aad2/bm-eu-china-flags-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 10, 2024",{"id":70389,"uuid":70390,"name":70391,"slug":70392,"full_slug":70393,"content":70394},112469748348339,"1dc55635-1b89-419b-80ad-f9d0e04bb23b","Moroccan government approves $300 million BTR cathode project","moroccan-government-approves-300-million-btr-cathode-project","article/moroccan-government-approves-300-million-btr-cathode-project",{"_uid":70395,"date":70396,"tags":70397,"editor":70403,"content":70407,"excerpt":70543,"featured":51,"reporter":70544,"_editable":70548,"component":864,"seo_title":70391,"categories":70549,"visibility":882,"author_company":49,"featured_image":70554,"seo_description":70543,"author_full_name":49,"author_job_title":49,"formattedDate":70558},"bd5fab79-c382-4a7b-b847-b917e9681ba7","2024-04-09 00:00",[70398,70399,70400,70401,70402],{"slug":584,"name":585},{"slug":913,"name":914},{"slug":10093,"name":10094},{"slug":26098,"name":26099},{"slug":4610,"name":662},[70404],{"slug":544,"name":543,"content":70405},{"job_title":557,"image":70406,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":70408},[70409,70414,70419,70424,70429,70434,70439,70444,70449,70454,70459,70464,70469,70474,70478,70483,70488,70493,70498,70503,70508,70513,70518,70523,70528,70533],{"type":594,"attrs":70410,"content":70411},{"textAlign":49},[70412],{"text":70413,"type":599},"BTR’s planned Moroccan cathode facility can enter construction after obtaining government approval, advancing the Chinese battery producers’ plans to move closer to the crucial European market.",{"type":594,"attrs":70415,"content":70416},{"textAlign":49},[70417],{"text":70418,"type":599},"BTR’s planned nickel cathode facility in Tangiers is the first Chinese battery project to gain permission from the Moroccan government.",{"type":594,"attrs":70420,"content":70421},{"textAlign":49},[70422],{"text":70423,"type":599},"The approval came in the form of an investment deal signed at a ceremony attended by the country’s prime minister Aziz Akhannouch and the company’s chairman He Xueqin.",{"type":594,"attrs":70425,"content":70426},{"textAlign":49},[70427],{"text":70428,"type":599},"BTR first announced its planned 50,000 tonne capacity nickel cathode facility in December 2023, a year when Chinese battery supply chain investments to Morocco surged.",{"type":657,"attrs":70430,"content":70431},{"level":15966,"textAlign":49},[70432],{"text":70433,"type":599},"Morocco’s mid- to downstream pipeline has developed rapidly thanks to Chinese investment",{"type":594,"attrs":70435,"content":70436},{"textAlign":49},[70437],{"text":70438,"type":599},"Five other Chinese firms announced Moroccan capacity in 2023, keen to capitalise on the country’s privileged status as an EU and US free trade agreement (FTA) partner. ",{"type":594,"attrs":70440,"content":70441},{"textAlign":49},[70442],{"text":70443,"type":599},"The latter partnership allows materials produced there to be eligible for US Inflation Reduction Act (IRA) EV tax credits.",{"type":594,"attrs":70445,"content":70446},{"textAlign":49},[70447],{"text":70448,"type":599},"For some Chinese suppliers including BTR, the EU remains the more appealing market than the US, where Foreign Entity of Concern (FEOC) guidelines make it harder for Chinese battery and battery input companies to receive federal tax credits.",{"type":594,"attrs":70450,"content":70451},{"textAlign":49},[70452],{"text":70453,"type":599},"“The US imposes more stringent sourcing requirements for batteries to access tax credits,” said Bryan Bille, policy analyst at Benchmark. “The EU market is more open to Chinese firms as it lacks the equivalent of the US FEOC guidelines, which disqualifies batteries from IRA benefits if Chinese entities hold a certain ownership stake in battery input suppliers.”",{"type":657,"attrs":70455,"content":70456},{"level":15966,"textAlign":49},[70457],{"text":70458,"type":599},"Key facts about BTR’s planned Morocco facility",{"type":594,"attrs":70460,"content":70461},{"textAlign":49},[70462],{"text":70463,"type":599},"BTR’s Moroccan nickel cathode facility, its first cathode project overseas, will be located on the Tangier Technopark City industrial park in Tangier Province. ",{"type":594,"attrs":70465,"content":70466},{"textAlign":49},[70467],{"text":70468,"type":599},"BTR says it plans to begin construction in the second quarter of this year and aims to manufacture its first 25,000 tonnes at the site in September 2026, according to a Moroccan government statement. ",{"type":594,"attrs":70470,"content":70471},{"textAlign":49},[70472],{"text":70473,"type":599},"Its total planned investment for the project is expected to be a maximum of RMB 3.5 billion dirhams ($483 million).",{"type":657,"attrs":70475,"content":70476},{"level":15966,"textAlign":49},[70477],{"text":56416,"type":599},{"type":594,"attrs":70479,"content":70480},{"textAlign":49},[70481],{"text":70482,"type":599},"Alongside BTR, Chinese battery and battery material companies CNGR, Huayou Cobalt, Gotion, and Guangzhou Tinci also announced their first Moroccan plants last year.",{"type":594,"attrs":70484,"content":70485},{"textAlign":49},[70486],{"text":70487,"type":599},"This Chinese investment has meant the Kingdom has been able to build a midstream pipeline from scratch in a very short period, putting it on a path to becoming one of the fastest-growing emerging battery hubs in the world. ",{"type":594,"attrs":70489,"content":70490},{"textAlign":49},[70491],{"text":70492,"type":599},"The Moroccan government’s approval of BTR’s project shows how quickly Chinese battery announcements are entering build-out. In this case, approval came just three months after the initial announcement. ",{"type":594,"attrs":70494,"content":70495},{"textAlign":49},[70496],{"text":70497,"type":599},"The rapid project approval highlights strong existing economic ties between Morocco and China, countries with a long history of economic cooperation, including under the Belt and Road Initiative. ",{"type":594,"attrs":70499,"content":70500},{"textAlign":49},[70501],{"text":70502,"type":599},"The investments support Morocco’s ambitions to become an EV manufacturing hub. With BTR’s factory set to create 2,500 jobs, the project also aligns with Morocco’s broader industrial growth targets under its economic plan, the New Development Model. ",{"type":594,"attrs":70504,"content":70505},{"textAlign":49},[70506],{"text":70507,"type":599},"The BTR signing is likely to spur more Chinese-owned battery project approvals in Morocco over the coming months. The country’s industry and trade minister Ryad Mezzour has stated that negotiations are now ongoing with five other unnamed manufacturers to set up similar plants.",{"type":657,"attrs":70509,"content":70510},{"level":15966,"textAlign":49},[70511],{"text":70512,"type":599},"Why are Chinese battery companies in Morocco? ",{"type":594,"attrs":70514,"content":70515},{"textAlign":49},[70516],{"text":70517,"type":599},"Morocco’s appeal lies in its proximity to Europe and the US, which are critical outlets for Chinese battery materials companies facing market saturation and slowing demand at home. ",{"type":594,"attrs":70519,"content":70520},{"textAlign":49},[70521],{"text":70522,"type":599},"The EU and the US are particularly important for Chinese battery companies that specialise in high-nickel cathodes, like BTR. These higher-range chemistries dominate the Western market while Chinese consumer preference is towards nickel-free lithium iron phosphate (LFP).",{"type":594,"attrs":70524,"content":70525},{"textAlign":49},[70526],{"text":70527,"type":599},"However, with the EU and US pursuing battery sourcing diversification to lower the geopolitical risks of import dependence on China, Chinese companies are facing growing barriers to marketing their goods abroad.",{"type":594,"attrs":70529,"content":70530},{"textAlign":49},[70531],{"text":70532,"type":599},"To maintain access to Western markets, Chinese battery suppliers are opening capacity in countries with trade ties to the West, such as Morocco. ",{"type":594,"attrs":70534,"content":70535},{"textAlign":49},[70536,70538,70542],{"text":70537,"type":599},"LFP cells currently make up 49% of global cell chemistry capacity, whilst NCM chemistries make up 42%, according to ",{"text":70211,"type":599,"marks":70539},[70540],{"type":604,"attrs":70541},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"BTR’s planned Moroccan cathode facility can enter construction after obtaining government approval, advancing the Chinese battery producers’ plans to move closer to the crucial European market. BTR’s planned nickel cathode facility in Tangiers is the first Chinese battery project to gain permission from the Moroccan government. The approval came in the form of an investment […]",[70545],{"slug":544,"name":543,"content":70546},{"job_title":557,"image":70547,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bd5fab79-c382-4a7b-b847-b917e9681ba7\", \"id\": \"\"}-->",[70550,70551,70552,70553],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4332,"name":4333},{"id":49,"alt":70555,"name":547,"focus":547,"title":70555,"source":547,"filename":70556,"copyright":547,"fieldtype":553,"meta_data":70557,"is_external_url":51},"Tangier, Morocco","https://a.storyblok.com/f/287943243085208/6dc475971c/bm-tangier-morocco.jpg",{"alt":70555,"title":70555,"source":547,"copyright":547},"Apr 09, 2024",{"id":70560,"uuid":70561,"name":70562,"slug":70563,"full_slug":70564,"content":70565},112469757937077,"bc606fae-2f7c-4eb6-a0f3-8eff2503076b","Indian Oil set to join the battery supply chain with Panasonic Energy partnership","indian-oil-set-to-join-the-battery-supply-chain-with-panasonic-energy-partnership","article/indian-oil-set-to-join-the-battery-supply-chain-with-panasonic-energy-partnership",{"_uid":70566,"date":70567,"tags":70568,"editor":70570,"content":70574,"excerpt":70660,"featured":51,"reporter":70661,"_editable":70665,"component":864,"seo_title":70562,"categories":70666,"visibility":882,"author_company":49,"featured_image":70669,"seo_description":70660,"author_full_name":49,"author_job_title":49,"formattedDate":70671},"57a35e97-0d18-49d4-bbc9-a4da3e9d5830","2024-04-05 00:00",[70569],{"slug":22444,"name":22445},[70571],{"slug":544,"name":543,"content":70572},{"job_title":557,"image":70573,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":70575},[70576,70581,70592,70596,70601,70613,70620,70625,70630,70635,70640,70645,70650,70655],{"type":594,"attrs":70577,"content":70578},{"textAlign":49},[70579],{"text":70580,"type":599},"Plans for a joint venture between Indian Oil Corporation and Panasonic Energy signals India’s movement towards electric vehicles (EVs) and the battery industry is gathering pace. The move is driven by expected demand for two and three wheel EVs and energy storage systems in India.",{"type":594,"attrs":70582,"content":70583},{"textAlign":49},[70584,70586,70591],{"text":70585,"type":599},"India’s cell capacity is set to reach 58 gigawatt hours (GWh) by the end of the decade, according to ",{"text":70587,"type":599,"marks":70588},"Benchmark’s Gigafactory Market Assessment",[70589],{"type":604,"attrs":70590},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":70593,"content":70594},{"level":15966,"textAlign":49},[70595],{"text":63557,"type":599},{"type":657,"attrs":70597,"content":70598},{"level":15966,"textAlign":49},[70599],{"text":70600,"type":599},"What is the state of India’s battery industry?",{"type":594,"attrs":70602,"content":70603},{"textAlign":49},[70604,70606,70611],{"text":70605,"type":599},"India currently has no operating battery factories, according to ",{"text":70607,"type":599,"marks":70608},"Benchmark’s Lithium Ion Battery Database",[70609],{"type":604,"attrs":70610},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":70612,"type":599},". However, this is set to change.",{"type":594,"attrs":70614,"content":70615},{"textAlign":49},[70616],{"type":1186,"attrs":70617},{"id":49,"alt":547,"src":70618,"title":49,"source":49,"copyright":49,"meta_data":70619},"https://a.storyblok.com/f/287943243085208/2ac5b9b51e/bm-india-gigafactory-capacity-1.png",{},{"type":594,"attrs":70621,"content":70622},{"textAlign":49},[70623],{"text":70624,"type":599},"“The last few years have seen a plethora of investment into the Indian lithium ion battery sector from both incumbent lead acid battery producers, and other new energy technology companies,” said Evan Hartley, a senior analyst at Benchmark. ",{"type":657,"attrs":70626,"content":70627},{"level":15966,"textAlign":49},[70628],{"text":70629,"type":599},"How is India’s upstream developing?",{"type":594,"attrs":70631,"content":70632},{"textAlign":49},[70633],{"text":70634,"type":599},"While India is beginning to develop its gigafactory pipeline it still lacks significant critical raw materials supply. ",{"type":594,"attrs":70636,"content":70637},{"textAlign":49},[70638],{"text":70639,"type":599},"There are early stage developments being made in lithium ion battery recycling and cathode production. The country has been having the most success in developing its anode infrastructure, however. ",{"type":657,"attrs":70641,"content":70642},{"level":15966,"textAlign":49},[70643],{"text":70644,"type":599},"Oil companies and the battery market",{"type":594,"attrs":70646,"content":70647},{"textAlign":49},[70648],{"text":70649,"type":599},"Indian Oil Corporation, the country’s largest state-owned oil production company, aims to achieve net zero CO2 emissions by 2046. Like many oil companies seeking alternatives to fossil fuels, Indian Oil Corporation has invested in renewable energy. ",{"type":594,"attrs":70651,"content":70652},{"textAlign":49},[70653],{"text":70654,"type":599},"“Whilst many of the giants within the global battery landscape focus almost entirely on new energy, several historically oil and gas focused companies have invested into, and had success within the lithium ion battery supply chain,” said Hartley.",{"type":594,"attrs":70656,"content":70657},{"textAlign":49},[70658],{"text":70659,"type":599},"Indian Oil Corporation is not the only petrochemical company with interests in the battery market. Legacy fossil fuel producers have made investments across the supply chain, including: ","Plans for a joint venture between Indian Oil Corporation and Panasonic Energy signals India’s movement towards electric vehicles (EVs) and the battery industry is gathering pace. The move is driven by expected demand for two and three wheel EVs and energy storage systems in India. India’s cell capacity is set to reach 58 gigawatt hours […]",[70662],{"slug":544,"name":543,"content":70663},{"job_title":557,"image":70664,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"57a35e97-0d18-49d4-bbc9-a4da3e9d5830\", \"id\": \"\"}-->",[70667,70668],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":56441,"name":547,"focus":547,"title":56441,"source":547,"filename":56442,"copyright":547,"fieldtype":553,"meta_data":70670,"is_external_url":51},{"alt":56441,"title":56441,"source":547,"copyright":547},"Apr 05, 2024",{"id":70673,"uuid":70674,"name":70675,"slug":70676,"full_slug":70677,"content":70678},112469772539320,"5596ecc0-0e93-4f54-ab30-7c7476de68f3","US gigafactory construction timelines surpass China as IRA turbocharges capacity pipeline","us-gigafactory-construction-timelines-surpass-china-as-ira-turbocharges-capacity-pipeline","article/us-gigafactory-construction-timelines-surpass-china-as-ira-turbocharges-capacity-pipeline",{"_uid":70679,"date":70680,"tags":70681,"editor":70688,"content":70692,"excerpt":70855,"featured":51,"reporter":70856,"_editable":70860,"component":864,"seo_title":70675,"categories":70861,"visibility":882,"author_company":49,"data_vis_image":70864,"featured_image":70866,"seo_description":70855,"author_full_name":49,"author_job_title":49,"formattedDate":70869},"7708c84a-f9a3-443a-ad0b-7de8a28d70d3","2024-04-03 00:00",[70682,70683,70684,70686,70687],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":70685,"name":70685},"gigafactory",{"slug":1375,"name":1376},{"slug":4610,"name":662},[70689],{"slug":544,"name":543,"content":70690},{"job_title":557,"image":70691,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":70693},[70694,70699,70712,70719,70731,70742,70747,70750,70755,70766,70771,70783,70788,70791,70796,70801,70811,70815,70831,70848],{"type":594,"attrs":70695,"content":70696},{"textAlign":49},[70697],{"text":70698,"type":599},"The US Inflation Reduction Act (IRA) is dramatically accelerating the construction timeline for battery gigafactories in North America, according to Benchmark’s Chief Data Officer Caspar Rawles.",{"type":594,"attrs":70700,"content":70701},{"textAlign":49},[70702,70704,70710],{"text":70703,"type":599},"“The previous belief was that China was the quickest region to install new plants,” said Rawles at ",{"text":70705,"type":599,"marks":70706},"Benchmark’s recent Giga Europe 2024 event in Stockholm",[70707],{"type":604,"attrs":70708},{"href":70709,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/from-specialist-to-scale-what-does-this-mean-for-the-battery-supply-chain-in-2024",{"text":70711,"type":599},". “But since the IRA, North America has leapfrogged China in the timeline to building out these plants.”",{"type":594,"attrs":70713,"content":70714},{"textAlign":49},[70715],{"type":1186,"attrs":70716},{"id":49,"alt":547,"src":70717,"title":49,"source":49,"copyright":49,"meta_data":70718},"https://a.storyblok.com/f/287943243085208/23a170fcc7/bm-image-53.png",{},{"type":594,"attrs":70720,"content":70721},{"textAlign":49},[70722,70723,70729],{"text":2372,"type":599},{"text":70724,"type":599,"marks":70725},"Benchmark Lithium ion Battery Gigafactory Assessment",[70726],{"type":604,"attrs":70727},{"href":70728,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/reports/",{"text":70730,"type":599},"recently launched a Gigafactory Construction Tracker to monitor global plant development and quantify regional trends, analysing the length of time factories typically spend at various stages of construction.",{"type":594,"attrs":70732,"content":70733},{"textAlign":49},[70734,70736,70740],{"text":70735,"type":599},"Harnessing data from ",{"text":47189,"type":599,"marks":70737},[70738],{"type":604,"attrs":70739},{"href":64259,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":70741,"type":599},", a method of monitoring plant build out through the use of satellite imagery and remote sensing techniques to confirm the stage of development for each cell plant, the Construction Tracker demonstrates that North America has overtaken China as the region with the shortest timeline to build out plants. Facilities in the region now average less than 30 months between initial ground clearance and completion. ",{"type":657,"attrs":70743,"content":70744},{"level":15966,"textAlign":49},[70745],{"text":70746,"type":599},"Case Study: LGES Chem expanding capacity in Michigan, US",{"type":594,"attrs":70748,"content":70749},{"textAlign":49},[],{"type":594,"attrs":70751,"content":70752},{"textAlign":49},[70753],{"text":70754,"type":599},"With the IRA offering more than half a trillion dollars in clean energy incentives, construction timelines have shortened as cell suppliers rush to plan, construct, and then qualify new plants to meet growing demand from automotive customers and take advantage of subsidies.",{"type":594,"attrs":70756,"content":70757},{"textAlign":49},[70758,70759,70764],{"text":2372,"type":599},{"text":70760,"type":599,"marks":70761},"Benchmark Lithium ion Battery Forecast",[70762],{"type":604,"attrs":70763},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":70765,"type":599}," has added 9 new US plants to its database since the IRA’s ratification, additional capacity that is set to take US cell production to over 800 gigawatt hours (GWh) by 2030. An uptick of 20% from Benchmark’s 2030 projection a year ago.",{"type":657,"attrs":70767,"content":70768},{"level":15966,"textAlign":49},[70769],{"text":70770,"type":599},"Tiers matter",{"type":594,"attrs":70772,"content":70773},{"textAlign":49},[70774,70776,70781],{"text":70775,"type":599},"China remains host to the largest amount of lithium ion battery cell capacity, including ",{"text":70777,"type":599,"marks":70778},"1,970 GWh of ",[70779],{"type":604,"attrs":70780},{"href":70728,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":70782,"type":599},"operational capacity and an additional 371 GWh currently in the ‘completion’ phase; describing the period in which building construction is complete, but equipment installation and cell qualification is ongoing.",{"type":594,"attrs":70784,"content":70785},{"textAlign":49},[70786],{"text":70787,"type":599},"Although construction timelines in North America have hastened, the longer average construction length in China is due to Tier 2 and Tier 3 producers forming a large proportion of the overall capacity buildout in the region. In reality, construction of Tier 1 cell capacity in China is on par with the US. ",{"type":594,"attrs":70789,"content":70790},{"textAlign":49},[],{"type":594,"attrs":70792,"content":70793},{"textAlign":49},[70794],{"text":70795,"type":599},"“The difference demonstrates the impact of different companies’ experience level in the supply chain,” said Rawles.",{"type":594,"attrs":70797,"content":70798},{"textAlign":49},[70799],{"text":70800,"type":599},"Overcapacity fears within the Chinese market are also leading to construction delays, particularly amongst Tier 2 and 3 producers. Construction has often been halted to focus on maintaining existing capacity or build out new capacity in other regions.",{"type":594,"attrs":70802,"content":70803},{"textAlign":49},[70804,70809],{"text":70805,"type":599,"marks":70806},"The Benchmark Lithium ion Battery Database Forecast",[70807],{"type":604,"attrs":70808},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":70810,"type":599}," shows that Chinese cell supply will sustain a regional surplus through to 2040. However, much of this surplus will be centred amongst Tier 2 and 3 producers, and is therefore unlikely to be qualified to supply western EV markets. ",{"type":657,"attrs":70812,"content":70813},{"level":15966,"textAlign":49},[70814],{"text":68512,"type":599},{"type":594,"attrs":70816,"content":70817},{"textAlign":49},[70818,70822,70827],{"text":70819,"type":599,"marks":70820},"Discussions on raw material price volatility will continue at Benchmark’s ",[70821],{"type":643},{"text":68521,"type":599,"marks":70823},[70824,70826],{"type":604,"attrs":70825},{"href":68525,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":70828,"type":599,"marks":70829}," conference behind held June 11-13 at the JW Marriott Washington DC, USA.",[70830],{"type":643},{"type":594,"attrs":70832,"content":70833},{"textAlign":49},[70834,70838,70844],{"text":70835,"type":599,"marks":70836},"This year’s conference will include Benchmark’s inaugural ",[70837],{"type":643},{"text":70839,"type":599,"marks":70840},"World Lithium Congress",[70841,70843],{"type":604,"attrs":70842},{"href":68525,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":70845,"type":599,"marks":70846},". The world’s lithium industry, global governance and finance meet for the world’s biggest and most influential pure play lithium event.",[70847],{"type":643},{"type":594,"attrs":70849,"content":70850},{"textAlign":49},[70851],{"text":70852,"type":599,"marks":70853},"To learn more about the event please provide your details here and we’ll contact you shortly.",[70854],{"type":643},"The US Inflation Reduction Act (IRA) is dramatically accelerating the construction timeline for battery gigafactories in North America, according to Benchmark’s Chief Data Officer Caspar Rawles. “The previous belief was that China was the quickest region to install new plants,” said Rawles at Benchmark’s recent Giga Europe 2024 event in Stockholm. “But since the IRA, […]",[70857],{"slug":544,"name":543,"content":70858},{"job_title":557,"image":70859,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7708c84a-f9a3-443a-ad0b-7de8a28d70d3\", \"id\": \"\"}-->",[70862,70863],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":70717,"copyright":547,"fieldtype":553,"meta_data":70865,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":70867,"copyright":547,"fieldtype":553,"meta_data":70868,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/dc424d9e50/bm-0x0-gigafactorynevada-01.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 03, 2024",{"id":70871,"uuid":70872,"name":70873,"slug":70874,"full_slug":70875,"content":70876},112469787039163,"81de6987-014f-4e8f-9911-965ff0b08c16","Benchmark launches Chinese graphitisation tolling fees as part of Synthetic Price Assessment","benchmark-launches-chinese-graphitisation-tolling-fees-price-assessment","article/benchmark-launches-chinese-graphitisation-tolling-fees-price-assessment",{"_uid":70877,"date":70878,"tags":70879,"editor":70881,"content":70885,"excerpt":71041,"featured":51,"reporter":71042,"_editable":71046,"component":864,"seo_title":70873,"categories":71047,"visibility":2091,"author_company":49,"featured_image":71050,"seo_description":71041,"author_full_name":49,"author_job_title":49,"formattedDate":71053},"49a93f34-0e03-4ab3-9fa5-1985fd1d5b7b","2024-04-02 00:00",[70880],{"slug":9655,"name":9656},[70882],{"slug":544,"name":543,"content":70883},{"job_title":557,"image":70884,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":70886},[70887,70900,70905,70913,70921,70929,70940,70945,70950,70955,70960,70965,70970,70975,70980,70992,70999,71006,71010,71027,71037],{"type":594,"attrs":70888,"content":70889},{"textAlign":49},[70890,70891,70893,70899],{"text":11314,"type":599},{"text":70892,"type":599}," is pleased to announce the launch of prices for graphitisation tolling fees as part of its monthly ",{"text":70894,"type":599,"marks":70895},"Synthetic Graphite Price Assessment",[70896],{"type":604,"attrs":70897},{"href":70898,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/synthetic-graphite/portal/",{"text":974,"type":599},{"type":594,"attrs":70901,"content":70902},{"textAlign":49},[70903],{"text":70904,"type":599},"Graphitisation tolling services play a crucial role in the synthetic graphite ecosystem, facilitating the essential conversion services necessary for synthetic graphite anode production for non-integrated players.",{"type":594,"attrs":70906,"content":70907},{"textAlign":49},[70908,70910,70911],{"text":70909,"type":599},"The launch of ",{"text":9653,"type":599},{"text":70912,"type":599},"’s graphitisation tolling fee prices provides subscribers with additional transparency upstream of the domestic China anode supply chain.",{"type":594,"attrs":70914,"content":70915},{"textAlign":49},[70916,70918,70919],{"text":70917,"type":599},"The prices collected first hand from active market participants pertain to a negotiated fee for the graphitisation of coke feedstock material, which is agreed with non-integrated anode manufacturers. The specification outlined by ",{"text":9653,"type":599},{"text":70920,"type":599}," stipulate that finished product must achieve a graphitisation degree exceeding 90% carbon content.",{"type":594,"attrs":70922,"content":70923},{"textAlign":49},[70924,70926,70927],{"text":70925,"type":599},"The new grade joins seven existing anode coke grades, which ",{"text":9653,"type":599},{"text":70928,"type":599}," assesses first hand under its market leading, IOSCO-assured price assessment methodology, and publishes monthly.  ",{"type":594,"attrs":70930,"content":70931},{"textAlign":49},[70932,70933,70938],{"text":7249,"type":599},{"text":70894,"type":599,"marks":70934},[70935],{"type":604,"attrs":70936},{"href":70937,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/synthetic-graphite/",{"text":70939,"type":599}," subscribers will now have access to the following prices on a monthly basis:",{"type":594,"attrs":70941,"content":70942},{"textAlign":49},[70943],{"text":70944,"type":599},"·        Calcined Pet Needle Coke, DDP China, S≤0.5%",{"type":594,"attrs":70946,"content":70947},{"textAlign":49},[70948],{"text":70949,"type":599},"·        Pre-calcined Pet Needle Coke, DDP China, S≤0.5%",{"type":594,"attrs":70951,"content":70952},{"textAlign":49},[70953],{"text":70954,"type":599},"·        Calcined Pitch Needle Coke, DDP China, S≤0.5%",{"type":594,"attrs":70956,"content":70957},{"textAlign":49},[70958],{"text":70959,"type":599},"·        Pre-calcined Pitch Needle Coke, DDP China, S≤0.5%",{"type":594,"attrs":70961,"content":70962},{"textAlign":49},[70963],{"text":70964,"type":599},"·        Calcined Pet Coke, DDP China, S≤0.5%",{"type":594,"attrs":70966,"content":70967},{"textAlign":49},[70968],{"text":70969,"type":599},"·        Pre-calcined Pet Coke, DDP China, S≤0.5%",{"type":594,"attrs":70971,"content":70972},{"textAlign":49},[70973],{"text":70974,"type":599},"·        Pre-calcined Medium Sulphur Pet Coke, DDP China, 0.5%\u003CS≤3.0%",{"type":594,"attrs":70976,"content":70977},{"textAlign":49},[70978],{"text":70979,"type":599},"·        Graphitisation Tolling Fees",{"type":594,"attrs":70981,"content":70982},{"textAlign":49},[70983,70985,70990],{"text":70984,"type":599},"These eight prices will be published for access by subscribers to Benchmark’s ",{"text":70986,"type":599,"marks":70987},"website",[70988],{"type":604,"attrs":70989},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":70991,"type":599}," on the last working day of the month (or the closest workday following) by 4pm (London). Market analysis will be sent out to subscribers soon after.",{"type":594,"attrs":70993,"content":70994},{"textAlign":49},[70995,70997],{"text":70996,"type":599},"Daisy Jennings-Gray, Head of Prices at Benchmark, ",{"text":70998,"type":599},"said: “Providing reliable and trustworthy data is key across each individual stage of a value chain, with Benchmark’s new graphitisation tolling fee assessment offering greater granularity to supply chain players who need to understand prices through every step of the anode production process.”",{"type":594,"attrs":71000,"content":71001},{"textAlign":49},[71002,71004],{"text":71003,"type":599},"Adam Megginson, Analyst",{"text":71005,"type":599},", said: “With graphitisation tollers playing an increasingly pivotal role in the anode supply chain, we are pleased to introduce graphitisation tolling fees to our Synthetic Graphite Price Assessment. This addition aims to enhance the transparency we bring to the anode supply chain, by providing our subscribers with the most trusted and up-to-date data covering a rapidly evolving market.”",{"type":657,"attrs":71007,"content":71008},{"level":15966,"textAlign":49},[71009],{"text":19874,"type":599},{"type":594,"attrs":71011,"content":71012},{"textAlign":49},[71013,71015,71020,71022,71026],{"text":71014,"type":599},"If you would like to provide feedback or become a price submitter for the ",{"text":71016,"type":599,"marks":71017},"Benchmark Synthetic Graphite Price Assessment",[71018],{"type":604,"attrs":71019},{"href":70898,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71021,"type":599}," please contact us at ",{"text":19898,"type":599,"marks":71023},[71024],{"type":604,"attrs":71025},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":71028,"content":71029},{"textAlign":49},[71030,71032,71036],{"text":71031,"type":599},"Benchmark publish weekly and monthly price assessments, to the highest ",{"text":51411,"type":599,"marks":71033},[71034],{"type":604,"attrs":71035},{"href":30398,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":21888,"type":599},{"type":594,"attrs":71038,"content":71039},{"textAlign":49},[71040],{"text":51420,"type":599},"Benchmark Mineral Intelligence is pleased to announce the launch of prices for graphitisation tolling fees as part of its monthly Synthetic Graphite Price Assessment. Graphitisation tolling services play a crucial role in the synthetic graphite ecosystem, facilitating the essential conversion services necessary for synthetic graphite anode production for non-integrated players. The launch of Benchmark’s graphitisation tolling […]",[71043],{"slug":544,"name":543,"content":71044},{"job_title":557,"image":71045,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"49a93f34-0e03-4ab3-9fa5-1985fd1d5b7b\", \"id\": \"\"}-->",[71048,71049],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":71051,"copyright":547,"fieldtype":553,"meta_data":71052,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d132058717/bm-petcoke.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 02, 2024",{"id":71055,"uuid":71056,"name":71057,"slug":71058,"full_slug":71059,"content":71060},112469806175779,"1967e87d-0a54-40d7-be0a-ff2acefb5200","What new lithium carbon footprint guidance means for the battery industry","what-new-lithium-carbon-footprint-guidance-means-for-the-battery-industry","article/what-new-lithium-carbon-footprint-guidance-means-for-the-battery-industry",{"_uid":71061,"date":71062,"tags":71063,"editor":71068,"content":71072,"excerpt":71259,"featured":51,"reporter":71260,"_editable":71264,"component":864,"seo_title":71057,"categories":71265,"visibility":2091,"author_company":49,"featured_image":71269,"seo_description":71259,"author_full_name":49,"author_job_title":49,"formattedDate":71271},"a7aff6db-248f-4ece-9951-d3ece695f1a2","2024-03-28 00:00",[71064,71067],{"slug":71065,"name":71066},"life-cycle-assessment","Life Cycle Assessment",{"slug":23760,"name":23761},[71069],{"slug":544,"name":543,"content":71070},{"job_title":557,"image":71071,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":71073},[71074,71091,71103,71108,71113,71118,71123,71128,71133,71138,71143,71155,71175,71183,71188,71193,71198,71211,71216,71221,71234,71239,71244,71251],{"type":594,"attrs":71075,"content":71076},{"textAlign":49},[71077,71079,71084,71086,71090],{"text":71078,"type":599},"Just 28% of operating lithium miners and 26% of operating lithium converters publicly report their ",{"text":71080,"type":599,"marks":71081},"carbon footprint",[71082],{"type":604,"attrs":71083},{"href":18842,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71085,"type":599}," and even fewer (17% and 15%, respectively) present a life cycle assessment, according to ",{"text":67342,"type":599,"marks":71087},[71088],{"type":604,"attrs":71089},{"href":70078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":71092,"content":71093},{"textAlign":49},[71094,71096,71101],{"text":71095,"type":599},"Given the myriad of feedstocks and processing routes available, calculating the ",{"text":71097,"type":599,"marks":71098},"carbon footprint of lithium chemicals",[71099],{"type":604,"attrs":71100},{"href":32891,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71102,"type":599}," can be complicated and making comparisons between products and companies is difficult.",{"type":594,"attrs":71104,"content":71105},{"textAlign":49},[71106],{"text":71107,"type":599},"As such, Benchmark provided its expertise in life cycle assessments to advise in the development of new guidance on calculating the carbon footprint of lithium chemicals released this month by the International Lithium Association.",{"type":594,"attrs":71109,"content":71110},{"textAlign":49},[71111],{"text":71112,"type":599},"Here, Benchmark sets out what these guidelines are and what they mean for the industry.",{"type":657,"attrs":71114,"content":71115},{"level":15966,"textAlign":49},[71116],{"text":71117,"type":599},"What are the guidelines for?",{"type":594,"attrs":71119,"content":71120},{"textAlign":49},[71121],{"text":71122,"type":599},"The guidelines, although not legally required, enable the comparison of carbon footprints across different lithium products produced by different companies.",{"type":594,"attrs":71124,"content":71125},{"textAlign":49},[71126],{"text":71127,"type":599},"“Companies are increasingly looking to understand the environmental impact of the materials that they’re buying and putting into their batteries,” Sarah Colbourn, acting head of sustainability at Benchmark, said. “In order to do that in a way that’s fair, first of all companies need to report on the carbon footprint of their products, but also there needs to be an apples to apples comparison.”",{"type":594,"attrs":71129,"content":71130},{"textAlign":49},[71131],{"text":71132,"type":599},"The guidance is for any company that is assessing the carbon footprint for a lithium product, whether that is the producer themselves or a life cycle assessment practitioner.",{"type":594,"attrs":71134,"content":71135},{"textAlign":49},[71136],{"text":71137,"type":599},"“It can help companies themselves to quantify their own carbon footprint, and better understand environmental hotspots in their production,” Colbourn said. “But, in turn, it will also help midstream and downstream companies to fairly assess sources of lithium when it comes to the carbon footprint of varying lithium supplies.”",{"type":657,"attrs":71139,"content":71140},{"level":15966,"textAlign":49},[71141],{"text":71142,"type":599},"Why is this needed?",{"type":594,"attrs":71144,"content":71145},{"textAlign":49},[71146,71148,71154],{"text":71147,"type":599},"Sustainability, especially with regards to carbon emissions, is increasingly on the ",{"text":71149,"type":599,"marks":71150},"agenda of policy makers",[71151],{"type":604,"attrs":71152},{"href":71153,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-critical-raw-materials-act-europes-attempt-to-have-both-quality-speed",{"text":974,"type":599},{"type":594,"attrs":71156,"content":71157},{"textAlign":49},[71158,71160,71165,71167,71173],{"text":71159,"type":599},"From February 2025, batteries sold into the European Union must have their ",{"text":71161,"type":599,"marks":71162},"carbon footprint disclosed under rules",[71163],{"type":604,"attrs":71164},{"href":30822,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71166,"type":599}," in the new battery regulations. This must be reported in the ",{"text":71168,"type":599,"marks":71169},"battery passport",[71170],{"type":604,"attrs":71171},{"href":71172,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insight-how-the-supply-chain-needs-to-prepare-for-the-new-eu-batteries-regulation",{"text":71174,"type":599}," which is a legal requirement in the bloc from 2027.",{"type":594,"attrs":71176,"content":71177},{"textAlign":49},[71178],{"type":1186,"attrs":71179},{"id":49,"alt":71180,"src":71181,"title":49,"source":49,"copyright":49,"meta_data":71182},"Ranges of several key environmental impact categories for lithium carbonate production","https://a.storyblok.com/f/287943243085208/4bf118753d/bm-lithium-carbonate-production-range-v3.png",{},{"type":657,"attrs":71184,"content":71185},{"level":15966,"textAlign":49},[71186],{"text":71187,"type":599},"What do the guidelines cover?",{"type":594,"attrs":71189,"content":71190},{"textAlign":49},[71191],{"text":71192,"type":599},"The guidelines published by the association covers cradle-to-gate boundaries, and excludes emissions produced in the use-phase and recycling of the product.",{"type":594,"attrs":71194,"content":71195},{"textAlign":49},[71196],{"text":71197,"type":599},"Although it primarily focuses on lithium carbonate and lithium hydroxide and their precursors, the report notes the guidelines can be extended to other products such as lithium metal and lithium sulphide which are key materials for next generation battery technologies.",{"type":594,"attrs":71199,"content":71200},{"textAlign":49},[71201,71203,71209],{"text":71202,"type":599},"“The guideline also lays out the different treatments to different co-products common in lithium production such as potassium chloride and gypsum,” ",{"text":71204,"type":599,"marks":71205},"Olivia Lin",[71206],{"type":604,"attrs":71207},{"href":71208,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/sustainability-keynote-understanding-battery-emissions-in-light-of-the-eu-batteries-regulations",{"text":71210,"type":599},", an LCA practitioner at Benchmark, said. “This clears the uncertainty in calculating the carbon footprint in a multi-output production process.”",{"type":594,"attrs":71212,"content":71213},{"textAlign":49},[71214],{"text":71215,"type":599},"The guidelines require companies to consider emissions from scopes 1 and 2 as well as upstream scope 3 emissions.",{"type":657,"attrs":71217,"content":71218},{"level":15966,"textAlign":49},[71219],{"text":71220,"type":599},"There’s more to sustainability than carbon",{"type":594,"attrs":71222,"content":71223},{"textAlign":49},[71224,71226,71232],{"text":71225,"type":599},"Although a standardised and harmonised approach for assessing the carbon footprint of lithium products is a good step forward, there is ",{"text":71227,"type":599,"marks":71228},"more to sustainability",[71229],{"type":604,"attrs":71230},{"href":71231,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europe-leads-on-board-gender-diversity-in-lithium-mining",{"text":71233,"type":599}," than just carbon emissions.",{"type":594,"attrs":71235,"content":71236},{"textAlign":49},[71237],{"text":71238,"type":599},"Water usage, environmental toxicity, and waste management, for example, are also vital components of a life cycle assessment (LCA).",{"type":594,"attrs":71240,"content":71241},{"textAlign":49},[71242],{"text":71243,"type":599},"“We can see from our materiality assessment and from our life cycle assessment that companies should be opening the scope of assessments up to look beyond carbon as well,” Colbourn said.",{"type":594,"attrs":71245,"content":71246},{"textAlign":49},[71247],{"type":1186,"attrs":71248},{"id":49,"alt":547,"src":71249,"title":49,"source":49,"copyright":49,"meta_data":71250},"https://a.storyblok.com/f/287943243085208/37c5a0cffd/bm-carbon-sustainability-chart-v3.png",{},{"type":594,"attrs":71252,"content":71253},{"textAlign":49},[71254,71258],{"text":71255,"type":599,"marks":71256},"To learn more about Benchmark’s ESG and life cycle assessment products and services, fill out this form below and we’ll be in touch",[71257],{"type":643},{"text":21888,"type":599},"Just 28% of operating lithium miners and 26% of operating lithium converters publicly report their carbon footprint and even fewer (17% and 15%, respectively) present a life cycle assessment, according to Benchmark’s Lithium ESG Report. Given the myriad of feedstocks and processing routes available, calculating the carbon footprint of lithium chemicals can be complicated and […]",[71261],{"slug":544,"name":543,"content":71262},{"job_title":557,"image":71263,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a7aff6db-248f-4ece-9951-d3ece695f1a2\", \"id\": \"\"}-->",[71266,71267,71268],{"slug":872,"name":873},{"slug":878,"name":8},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8679,"copyright":547,"fieldtype":553,"meta_data":71270,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 28, 2024",{"id":71273,"uuid":71274,"name":71275,"slug":71276,"full_slug":71277,"content":71278},112469796652577,"9468d701-7e72-4941-b6fd-0e14f09e59f1","US anode pipeline grows 150% since IRA but large North American deficit still forecast","us-anode-pipeline-grows-150-since-ira-but-large-north-american-deficit-still-forecast","article/us-anode-pipeline-grows-150-since-ira-but-large-north-american-deficit-still-forecast",{"_uid":71279,"date":71062,"tags":71280,"editor":71286,"content":71290,"excerpt":71405,"featured":51,"reporter":71406,"_editable":71410,"component":864,"seo_title":71275,"categories":71411,"visibility":882,"author_company":49,"data_vis_image":71414,"featured_image":71418,"seo_description":71405,"author_full_name":49,"author_job_title":49,"formattedDate":71271},"ecb1ba36-d868-4203-b5f1-6f39a155ca85",[71281,71282,71283,71284,71285],{"slug":2497,"name":261},{"slug":578,"name":579},{"slug":46859,"name":46860},{"slug":1375,"name":1376},{"slug":4610,"name":662},[71287],{"slug":544,"name":543,"content":71288},{"job_title":557,"image":71289,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":71291},[71292,71297,71302,71309,71321,71332,71337,71342,71355,71360,71365,71378,71383,71396,71400],{"type":594,"attrs":71293,"content":71294},{"textAlign":49},[71295],{"text":71296,"type":599},"US anode pipeline capacity to 2030 has risen nearly 150% since the enactment of the Inflation Reduction Act (IRA), according to Benchmark data. The number of facilities has risen from 12 in July 2022 to 21 in December 2023.",{"type":594,"attrs":71298,"content":71299},{"textAlign":49},[71300],{"text":71301,"type":599},"“The IRA has catalysed the anode capacity pipeline growth in North America, with the act’s incentives enabling players to push for increased expansion plans and foster a shift towards a more self-sufficient regional battery supply chain,” said Tony Alderson, an anode analyst at Benchmark.",{"type":594,"attrs":71303,"content":71304},{"textAlign":49},[71305],{"type":1186,"attrs":71306},{"id":49,"alt":547,"src":71307,"title":49,"source":49,"copyright":49,"meta_data":71308},"https://a.storyblok.com/f/287943243085208/3eebb15277/bm-us-anode-capacity-line-chart.png",{},{"type":594,"attrs":71310,"content":71311},{"textAlign":49},[71312,71314,71319],{"text":71313,"type":599},"Despite the build out, the Benchmark ",{"text":71315,"type":599,"marks":71316},"Anode Forecast",[71317],{"type":604,"attrs":71318},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71320,"type":599}," expects a supply-demand deficit of more than 240,000 tonnes in 2024 for North America, a figure which exceeds 700,000 by the end of the decade.",{"type":594,"attrs":71322,"content":71323},{"textAlign":49},[71324,71326,71331],{"text":71325,"type":599},"China is set to remain a dominant player in the anode sector. Having moved early in the anode industry, Chinese manufacturers benefit from patented technology and operating expertise. This is reflected in the market: in 2023, 92% of anode supply came from China, according to Benchmark’s ",{"text":71327,"type":599,"marks":71328},"Anode Forecast Report Q4 2023",[71329],{"type":604,"attrs":71330},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":71333,"content":71334},{"textAlign":49},[71335],{"text":71336,"type":599},"This poses an issue for anode aspirants seeking to benefit from IRA subsidies. EVs are ineligible for IRA tax credits if any of their batteries, minerals or components originate from a ‘Foreign Entity of Concern’, of which China is one.",{"type":594,"attrs":71338,"content":71339},{"textAlign":49},[71340],{"text":71341,"type":599},"“It may prove challenging for ex-China anode aspirants to build out sufficient regional supply to meet the surging downstream demand without some level of Chinese involvement in overseas projects, or continued imports from the country,” said Alderson.",{"type":594,"attrs":71343,"content":71344},{"textAlign":49},[71345,71347,71353],{"text":71346,"type":599},"Currently, Syrah Resources, an Australian-listed graphite and anode company, operates the only commercial scale vertically integrated natural graphite anode facility outside of China. The ",{"text":71348,"type":599,"marks":71349},"Vidalia facility",[71350],{"type":604,"attrs":71351},{"href":71352,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/syrahs-anode-material-production-start-in-us-sets-stage-for-localised-supply",{"text":71354,"type":599},", located in Louisiana, US, began production in Q1 2024 with an initial production capacity of 11,250 tonnes per year.",{"type":657,"attrs":71356,"content":71357},{"level":15966,"textAlign":49},[71358],{"text":71359,"type":599},"Recent offtake agreements investments",{"type":594,"attrs":71361,"content":71362},{"textAlign":49},[71363],{"text":71364,"type":599},"In early February 2024, US-based Westwater Resources announced a natural graphite anode offtake deal with SK On, a South Korean battery manufacturer. Westwater will supply natural graphite anode material from its Kellyton anode project in Alabama, US to SK On’s US battery facilities. ",{"type":594,"attrs":71366,"content":71367},{"textAlign":49},[71368,71370,71376],{"text":71369,"type":599},"The Kellyton anode project is targeting a first phase nameplate capacity of 12,500 tonnes per year with production scheduled for early 2025, according to Benchmark’s ",{"text":71371,"type":599,"marks":71372},"Anode Price Assessment",[71373],{"type":604,"attrs":71374},{"href":71375,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/anode/portal/?tab=table",{"text":71377,"type":599},". Westwater has outlined plans to expand the project’s total nameplate capacity to approximately 40,000 tonnes per year by 2028.",{"type":594,"attrs":71379,"content":71380},{"textAlign":49},[71381],{"text":71382,"type":599},"Novonix, an Australian-listed aspiring anode player, also announced a binding offtake deal with Panasonic Energy in early February 2024. Novonix will supply synthetic graphite anode material from its Riverside project in Tennessee, US to Panasonic’s planned battery facilities in the country. The agreement is for 10,000 tonnes of anode material between 2025 and 2028.",{"type":594,"attrs":71384,"content":71385},{"textAlign":49},[71386,71388,71394],{"text":71387,"type":599},"Another North American development from February this year was Canada’s Nouveau Monde Graphite (NMG) signing ",{"text":71389,"type":599,"marks":71390},"multiyear offtake agreements",[71391],{"type":604,"attrs":71392},{"href":71393,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/north-americas-anode-push-accelerates-with-nouveau-monde-gm-deal",{"text":71395,"type":599}," with GM and Panasonic Energy for natural graphite anode material. NMG will supply both GM and Panasonic 18,000 tonnes of anode material each year, spread over six and seven years respectively. The graphite will be sourced from NMG’s Matawinie mine and processed at its Bécancour facility. ",{"type":657,"attrs":71397,"content":71398},{"level":15966,"textAlign":49},[71399],{"text":68521,"type":599},{"type":594,"attrs":71401,"content":71402},{"textAlign":49},[71403],{"text":71404,"type":599},"Join us in Washington DC 11-13 June 2024 for Giga USA where we will dive into the state of the anode supply chain the USA. Fill out the form below for more details.","US anode pipeline capacity to 2030 has risen nearly 150% since the enactment of the Inflation Reduction Act (IRA), according to Benchmark data. The number of facilities has risen from 12 in July 2022 to 21 in December 2023. “The IRA has catalysed the anode capacity pipeline growth in North America, with the act’s incentives […]",[71407],{"slug":544,"name":543,"content":71408},{"job_title":557,"image":71409,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ecb1ba36-d868-4203-b5f1-6f39a155ca85\", \"id\": \"\"}-->",[71412,71413],{"slug":2497,"name":261},{"slug":21579,"name":21580},{"id":49,"alt":71415,"name":547,"focus":547,"title":71415,"source":547,"filename":71416,"copyright":547,"fieldtype":553,"meta_data":71417,"is_external_url":51},"Line chart showing increase in US 2030 anode capacity between January 2022 and February 2024","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1711629534/www-production/US-anode-capacity-line-chart-1/US-anode-capacity-line-chart-1.png?_i=AA",{"alt":71415,"title":71415,"source":547,"copyright":547},{"id":49,"alt":71419,"name":547,"focus":547,"title":71419,"source":547,"filename":71420,"copyright":547,"fieldtype":553,"meta_data":71421,"is_external_url":51},"Syrah's Vidalia Facility in Louisiana USA","https://a.storyblok.com/f/287943243085208/9673beddd5/bm-syrahs-vidalia-facility-in-louisiana-usa.jpg",{"alt":71419,"title":71419,"source":547,"copyright":547},{"id":71423,"uuid":71424,"name":71425,"slug":71426,"full_slug":71427,"content":71428},112469791880736,"8256dcd9-f5d6-44ec-85f1-cd6ffad7ef5e","Gigafactory pipeline contraction could signal Chinese battery consolidation","gigafactory-pipeline-contraction-could-signal-chinese-battery-consolidation","article/gigafactory-pipeline-contraction-could-signal-chinese-battery-consolidation",{"_uid":71429,"date":71062,"tags":71430,"editor":71434,"content":71438,"excerpt":71522,"featured":51,"reporter":71523,"_editable":71527,"component":864,"seo_title":71425,"categories":71528,"visibility":882,"author_company":49,"featured_image":71530,"seo_description":71522,"author_full_name":49,"author_job_title":49,"formattedDate":71271},"1c2ae481-31a2-47ed-97fa-9d74a07ec189",[71431,71432,71433],{"slug":64232,"name":47189},{"slug":913,"name":914},{"slug":70685,"name":70685},[71435],{"slug":544,"name":543,"content":71436},{"job_title":557,"image":71437,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":71439},[71440,71445,71450,71457,71462,71467,71472,71477,71482,71487,71492,71497,71502,71507,71512,71517],{"type":594,"attrs":71441,"content":71442},{"textAlign":49},[71443],{"text":71444,"type":599},"The battery pipeline capacity fell 1.94% month-on-month in March, the biggest net decline since Benchmark launched its formal assessment in 2018.",{"type":594,"attrs":71446,"content":71447},{"textAlign":49},[71448],{"text":71449,"type":599},"The drop reflects lower investment and may indicate that China’s competitive cell industry is about to undergo consolidation.",{"type":594,"attrs":71451,"content":71452},{"textAlign":49},[71453],{"type":1186,"attrs":71454},{"id":49,"alt":547,"src":71455,"title":49,"source":49,"copyright":49,"meta_data":71456},"https://a.storyblok.com/f/287943243085208/d18874334b/bm-unnamed-1.png",{},{"type":594,"attrs":71458,"content":71459},{"textAlign":49},[71460],{"text":71461,"type":599},"Based on satellite image analyses, Benchmark removed assets from its gigafactory database that no longer appeared under construction.",{"type":594,"attrs":71463,"content":71464},{"textAlign":49},[71465],{"text":71466,"type":599},"Benchmark selected sites for analysis based on reports of financial and legal difficulties at certain companies.",{"type":594,"attrs":71468,"content":71469},{"textAlign":49},[71470],{"text":71471,"type":599},"In total, the removed pipeline projects represented 181 gigawatt hours (GWh) of capacity and all were smaller Tier 2 or Tier 3 assets, ranging between two to 50 GWh in capacity. ",{"type":594,"attrs":71473,"content":71474},{"textAlign":49},[71475],{"text":71476,"type":599},"In addition to the drop in pipeline gigawatt hours, the number of planned projects also fell by 4 compared to the previous month, the biggest drop in this metric since April 2023.",{"type":594,"attrs":71478,"content":71479},{"textAlign":49},[71480],{"text":71481,"type":599},"“What we are seeing is not just less capacity but fewer gigafactories,” said Hartley.",{"type":657,"attrs":71483,"content":71484},{"level":15966,"textAlign":49},[71485],{"text":71486,"type":599},"Projects not being replaced",{"type":594,"attrs":71488,"content":71489},{"textAlign":49},[71490],{"text":71491,"type":599},"The cell pipeline contraction reflects a slowdown in investment after months of lower EV demand growth and a heavier focus from cell makers on expanding existing projects. ",{"type":594,"attrs":71493,"content":71494},{"textAlign":49},[71495],{"text":71496,"type":599},"“If five or six projects dropped out a year ago, likely it would not have resulted in a net loss to the pipeline because there would have been new ones being announced,” said Evan Hartley, a senior analyst at Benchmark. ",{"type":594,"attrs":71498,"content":71499},{"textAlign":49},[71500],{"text":71501,"type":599},"More closures are expected this year, primarily among smaller producers. This would imply China’s cell industry is about to undergo consolidation, especially if larger players snap up cheap land and equipment from failed smaller projects. ",{"type":594,"attrs":71503,"content":71504},{"textAlign":49},[71505],{"text":71506,"type":599},"“This year a lot of the bigger producers are expecting to outlast the smaller producers,” said Hartley. ",{"type":594,"attrs":71508,"content":71509},{"textAlign":49},[71510],{"text":71511,"type":599},"However, less capacity could be a good thing for the industry, he says, as decreased growth in EV consumption has led to an increase in unused factory capacity.",{"type":594,"attrs":71513,"content":71514},{"textAlign":49},[71515],{"text":71516,"type":599},"“Overcapacity has been a significant concern over the past year, particularly within the Chinese domestic market. With so many planned gigafactories, we expect raw material supply deficits towards the end of the decade, and the removal of a few planned projects could remove some of that pressure,” said Hartley. ",{"type":594,"attrs":71518,"content":71519},{"textAlign":49},[71520],{"text":71521,"type":599},"Cell capacity removal will not increase forecast battery supply deficits as future bottlenecks are expected to come from shortages of raw materials, not battery capacity.","The battery pipeline capacity fell 1.94% month-on-month in March, the biggest net decline since Benchmark launched its formal assessment in 2018. The drop reflects lower investment and may indicate that China’s competitive cell industry is about to undergo consolidation. Based on satellite image analyses, Benchmark removed assets from its gigafactory database that no longer appeared […]",[71524],{"slug":544,"name":543,"content":71525},{"job_title":557,"image":71526,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1c2ae481-31a2-47ed-97fa-9d74a07ec189\", \"id\": \"\"}-->",[71529],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":55109,"copyright":547,"fieldtype":553,"meta_data":71531,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":71533,"uuid":71534,"name":71535,"slug":71536,"full_slug":71537,"content":71538},112469842535979,"b1d07d9e-2f48-4be9-8afc-977d1d7181d3","Black mass prices edge higher as nickel, cobalt prices climb up","black-mass-prices-edge-higher-as-nickel-cobalt-prices-climb-up","article/black-mass-prices-edge-higher-as-nickel-cobalt-prices-climb-up",{"_uid":71539,"date":71540,"tags":71541,"editor":71543,"content":71547,"excerpt":71643,"featured":51,"reporter":71644,"_editable":71648,"component":864,"seo_title":71535,"categories":71649,"visibility":882,"author_company":49,"featured_image":71654,"seo_description":71643,"author_full_name":49,"author_job_title":49,"formattedDate":71656},"47ac4c26-0da3-4251-8d79-ce8f25672886","2024-03-22 00:00",[71542],{"slug":36014,"name":36015},[71544],{"slug":544,"name":543,"content":71545},{"job_title":557,"image":71546,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":71548},[71549,71554,71559,71571,71578,71596,71606,71611,71616,71621,71633,71638],{"type":594,"attrs":71550,"content":71551},{"textAlign":49},[71552],{"text":71553,"type":599},"Prices for CIF Asia black mass payables increased in February for both nickel cobalt and manganese (NCM) and lithium cobalt oxide (LCO) feedstocks.",{"type":594,"attrs":71555,"content":71556},{"textAlign":49},[71557],{"text":71558,"type":599},"The prices increased amid growing competition between China and South Korean market participants as they offered higher payables on the back of improving downstream sentiment.",{"type":594,"attrs":71560,"content":71561},{"textAlign":49},[71562,71564,71570],{"text":71563,"type":599},"CIF Asia black mass payables rose by 11.1% month-on-month for NCM feedstocks while for LCO the increase was 7.4%, according to the ",{"text":71565,"type":599,"marks":71566},"Benchmark Black Mass Price Assessment",[71567],{"type":604,"attrs":71568},{"href":71569,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/black-mass/reports/",{"text":974,"type":599},{"type":594,"attrs":71572,"content":71573},{"textAlign":49},[71574],{"type":1186,"attrs":71575},{"id":49,"alt":547,"src":71576,"title":49,"source":49,"copyright":49,"meta_data":71577},"https://a.storyblok.com/f/287943243085208/872d06faa1/bm-black-mass-prices-1.png",{},{"type":594,"attrs":71579,"content":71580},{"textAlign":49},[71581,71583,71588,71589,71594],{"text":71582,"type":599},"The latest increase in prices comes at a time when prices of ",{"text":878,"type":599,"marks":71584},[71585],{"type":604,"attrs":71586},{"href":71587,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lithium-prices-climb-higher-in-early-march-on-improving-downstream-demand",{"text":3400,"type":599},{"text":4330,"type":599,"marks":71590},[71591],{"type":604,"attrs":71592},{"href":71593,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-nickel-price-drop-pauses-as-cathode-makers-top-up-inventory",{"text":71595,"type":599}," and cobalt show signs of recovery after months of declines driven by strengthening downstream demand and restocking activity from cathode makers, especially NCM cathodes.",{"type":594,"attrs":71597,"content":71598},{"textAlign":49},[71599,71601,71605],{"text":71600,"type":599},"South Korean and Japanese traders bought process scrap black mass for as much as 95% payables in February. Further, South Korean buyers have been paying a premium to seize supply despite likely making a loss, according to the ",{"text":71565,"type":599,"marks":71602},[71603],{"type":604,"attrs":71604},{"href":71569,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":71607,"content":71608},{"textAlign":49},[71609],{"text":71610,"type":599},"“This desire to secure volumes comes in anticipation of South Korea’s large volume of hydrometallurgical processing capacity due to come online in the second half of this year, with South Korean recyclers and traders purchasing large volumes of black mass from Asia and western markets,” said Hazel Huang, analyst with Benchmark. ",{"type":594,"attrs":71612,"content":71613},{"textAlign":49},[71614],{"text":71615,"type":599},"South Korean recyclers prefer only higher quality black mass with lower impurity levels. ",{"type":657,"attrs":71617,"content":71618},{"level":15966,"textAlign":49},[71619],{"text":71620,"type":599},"Chinese prices edge higher",{"type":594,"attrs":71622,"content":71623},{"textAlign":49},[71624,71626,71631],{"text":71625,"type":599},"Prices also ticked higher for all process scrap feedstocks traded in the Chinese market. Chinese payables for NCM feedstock black mass rose 3% month-on-month to 69% in February, according to the ",{"text":71565,"type":599,"marks":71627},[71628],{"type":604,"attrs":71629},{"href":71630,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/",{"text":71632,"type":599},". For lithium iron phosphate feedstock (LFP) black mass the increase was 3.7% to $487. ",{"type":594,"attrs":71634,"content":71635},{"textAlign":49},[71636],{"text":71637,"type":599},"The LFP price is based on per percent of lithium in LFP black mass feedstock.",{"type":594,"attrs":71639,"content":71640},{"textAlign":49},[71641],{"text":71642,"type":599},"The increases are attributable to improvements in primary nickel and lithium battery chemical markets resulting from seasonal lithium price rises and the expected uptick in downstream EV demand after the holidays.","Prices for CIF Asia black mass payables increased in February for both nickel cobalt and manganese (NCM) and lithium cobalt oxide (LCO) feedstocks. The prices increased amid growing competition between China and South Korean market participants as they offered higher payables on the back of improving downstream sentiment. CIF Asia black mass payables rose by […]",[71645],{"slug":544,"name":543,"content":71646},{"job_title":557,"image":71647,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"47ac4c26-0da3-4251-8d79-ce8f25672886\", \"id\": \"\"}-->",[71650,71651,71652,71653],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":4330,"name":150},{"slug":5744,"name":5741},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":58930,"copyright":547,"fieldtype":553,"meta_data":71655,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 22, 2024",{"id":71658,"uuid":71659,"name":71660,"slug":71661,"full_slug":71662,"content":71663},112469862651439,"ab98448d-2096-43f7-a64f-fe5b16d68d38","Europe’s gigafactories must prioritise sustainability to differentiate, panellists at Giga Europe 2024 caution","europes-gigafactories-must-prioritise-sustainability-to-differentiate-panellists-at-giga-europe-2024-caution","article/europes-gigafactories-must-prioritise-sustainability-to-differentiate-panellists-at-giga-europe-2024-caution",{"_uid":71664,"date":71665,"tags":71666,"editor":71672,"content":71676,"excerpt":71906,"featured":51,"reporter":71907,"_editable":71911,"component":864,"seo_title":71660,"categories":71912,"visibility":882,"author_company":49,"featured_image":71916,"seo_description":71906,"author_full_name":49,"author_job_title":49,"formattedDate":71919},"07b53ba6-d72d-4574-a5e0-2c36aa1dc278","2024-03-21 00:00",[71667,71668,71671],{"slug":2790,"name":2791},{"slug":71669,"name":71670},"giga-europe-2024","Giga Europe 2024",{"slug":70685,"name":70685},[71673],{"slug":544,"name":543,"content":71674},{"job_title":557,"image":71675,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":71677},[71678,71690,71695,71715,71723,71741,71746,71751,71756,71763,71779,71784,71810,71815,71820,71825,71830,71835,71840,71845,71850,71855,71860,71884,71891,71896,71901],{"type":594,"attrs":71679,"content":71680},{"textAlign":49},[71681,71683,71689],{"text":71682,"type":599},"European gigafactories must distinguish themselves from Asian counterparts by embedding sustainability into their supply chains and production processes, according to panellists at last week’s Benchmark Giga Europe 2024 conference in Stockholm, ",{"text":71684,"type":599,"marks":71685},"Sweden",[71686],{"type":604,"attrs":71687},{"href":71688,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europes-anode-supply-chain-converges-on-sweden",{"text":17632,"type":599},{"type":594,"attrs":71691,"content":71692},{"textAlign":49},[71693],{"text":71694,"type":599},"“We need to differentiate ourselves from the competition in Asia,” said Vincent Veron, Head of Transition Minerals, Metals, and Batteries at BNP Paribas. “It is important to have the ESG aspect baked in.” ",{"type":594,"attrs":71696,"content":71697},{"textAlign":49},[71698,71700,71706,71708,71713],{"text":71699,"type":599},"The European Union (EU) has embarked on an ambitious legislative agenda that aims to foster ",{"text":71701,"type":599,"marks":71702},"sustainable and secure clean energy supply chain within the bloc",[71703],{"type":604,"attrs":71704},{"href":71705,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europe-must-face-up-to-supply-chain-challenges-giga-europe-2024-conference-told",{"text":71707,"type":599},". The Critical Raw Materials Act (CRMA) sets targets for critical raw material extraction, processing, and recycling, while ",{"text":71709,"type":599,"marks":71710},"EU Battery Regulations",[71711],{"type":604,"attrs":71712},{"href":30822,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71714,"type":599}," set minimum thresholds for recycled content of battery minerals contained within cells sold in the bloc.",{"type":594,"attrs":71716,"content":71717},{"textAlign":49},[71718],{"type":1186,"attrs":71719},{"id":49,"alt":71720,"src":71721,"title":49,"source":49,"copyright":49,"meta_data":71722},"Stacked area chart showing growing European battery cell production broken down by country","https://a.storyblok.com/f/287943243085208/81d9d3675b/bm-european-countrys-forecast-battery-cell-supply-1.png",{},{"type":594,"attrs":71724,"content":71725},{"textAlign":49},[71726,71728,71733,71735,71739],{"text":71727,"type":599},"Beyond these legislative targets, panellists discussed how sustainability considerations were driving the direction of investment across ",{"text":71729,"type":599,"marks":71730},"Europe’s nascent battery supply chain",[71731],{"type":604,"attrs":71732},{"href":65567,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71734,"type":599},". According to the ",{"text":70760,"type":599,"marks":71736},[71737],{"type":604,"attrs":71738},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71740,"type":599},", Europe’s battery cell production is set to increase at compound annual growth rate (CAGR) of 48% out to 2030, as the EU scales capacity to meet its clean energy targets.",{"type":657,"attrs":71742,"content":71743},{"level":15966,"textAlign":49},[71744],{"text":71745,"type":599},"Energy-mix underpins battery investments ",{"type":594,"attrs":71747,"content":71748},{"textAlign":49},[71749],{"text":71750,"type":599},"Panellists agreed that geography played a determining role in the location of battery gigafactories and their corresponding supply chains, particularly in relation to the availability of renewable energy resources.",{"type":594,"attrs":71752,"content":71753},{"textAlign":49},[71754],{"text":71755,"type":599},"“Many underestimate the role that location plays in your energy consumption,” said Andreas Morrier, Chief Operating Officer of Morrow Batteries. “Cell production is 50% of the carbon footprint of the battery. Cells have to be produced sustainably, and we want to move production to a location where there is emission-free energy.”",{"type":594,"attrs":71757,"content":71758},{"textAlign":49},[71759],{"text":71760,"type":599,"marks":71761},"Watch the Building and Operating Sustainable Gigafactories panel from Giga Europe 2024.",[71762],{"type":643},{"type":594,"attrs":71764,"content":71765},{"textAlign":49},[71766,71770,71776],{"text":71767,"type":599,"marks":71768},"Watch other presentations from the event ",[71769],{"type":643},{"text":6515,"type":599,"marks":71771},[71772,71775],{"type":604,"attrs":71773},{"href":71774,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/downloads/presentations",{"type":643},{"text":974,"type":599,"marks":71777},[71778],{"type":643},{"type":594,"attrs":71780,"content":71781},{"textAlign":49},[71782],{"text":71783,"type":599},"Morrow Batteries is building a 43 gigawatt hours capacity plant in Arendal, Norway, where the grid is composed almost exclusively of hydropower. Morrier suggested that Norway’s cold environment had other benefits too, from less energy-intensive water cooling to improved operating conditions for the plant’s dry room.",{"type":594,"attrs":71785,"content":71786},{"textAlign":49},[71787,71789,71794,71796,71801,71803,71808],{"text":71788,"type":599},"Panellists noted that Nordic countries were benefitting from a host of battery value chain investments due to the region’s abundance of raw materials and access to cheap, renewable energy. Benchmark data shows that Nordic countries are set to account for 12% of Europe’s ",{"text":71790,"type":599,"marks":71791},"cell production",[71792],{"type":604,"attrs":71793},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71795,"type":599},", 18% of ",{"text":71797,"type":599,"marks":71798},"cathode production",[71799],{"type":604,"attrs":71800},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71802,"type":599},", and 88% ",{"text":71804,"type":599,"marks":71805},"anode production",[71806],{"type":604,"attrs":71807},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71809,"type":599}," by 2030.",{"type":594,"attrs":71811,"content":71812},{"textAlign":49},[71813],{"text":71814,"type":599},"“The energy mix is key for the location,” said Fredrik Agelén, Chief Program Manager at Volvo Group. ",{"type":657,"attrs":71816,"content":71817},{"level":15966,"textAlign":49},[71818],{"text":71819,"type":599},"Gigafactories draw on existing infrastructure",{"type":594,"attrs":71821,"content":71822},{"textAlign":49},[71823],{"text":71824,"type":599},"Industrial legacies were another crucial factor shaping Europe’s evolving battery supply chain, according to the panellists, drawing on existing infrastructure and skills of local communities. ",{"type":594,"attrs":71826,"content":71827},{"textAlign":49},[71828],{"text":71829,"type":599},"Philippe Chain, Co-Founder and Chief Customer Officer at Verkor, stressed the importance of reindustrialising Europe by developing localised supply chain ‘clusters.’ He noted that investment was being attracted to Northern France from across the value chain due to the region’s large existing industrial base.",{"type":594,"attrs":71831,"content":71832},{"textAlign":49},[71833],{"text":71834,"type":599},"“It is important to expand across the entire value chain, and a good way to do this is to localise the supply chain,” Chain said. “Doing so would cut down on transportation emissions but also allows the entire supply chain to harness the same clean energy.”",{"type":594,"attrs":71836,"content":71837},{"textAlign":49},[71838],{"text":71839,"type":599},"As part of the re-industrialisation process, panellists emphasised the importance of retraining workers with the necessary skills to operate in the battery value chain. Chain said that Verkor was creating a ‘battery school’ in Dunkirk, France, to provide a large array of education programmes across the entire supply chain.",{"type":594,"attrs":71841,"content":71842},{"textAlign":49},[71843],{"text":71844,"type":599},"“We have a lot of existing competencies in Europe. We just need that extra 10-20% to top it up,” agreed Agelén. “There is already a solid foundation in Europe.” ",{"type":657,"attrs":71846,"content":71847},{"level":15966,"textAlign":49},[71848],{"text":71849,"type":599},"Balancing cost competitiveness and sustainability ",{"type":594,"attrs":71851,"content":71852},{"textAlign":49},[71853],{"text":71854,"type":599},"The panellists underscored the need for cost competitiveness while maintaining sustainability. Achieving this balance involves investing in manufacturing efficiency and securing locally sourced raw materials.",{"type":594,"attrs":71856,"content":71857},{"textAlign":49},[71858],{"text":71859,"type":599},"“Cost competitiveness of the industry in Europe is important for the sustainability of the industry,” said Morrier. “If it’s not profitable it won’t be sustainable from a financial perspective.”",{"type":594,"attrs":71861,"content":71862},{"textAlign":49},[71863,71865,71870,71872,71876,71878,71883],{"text":71864,"type":599},"A key challenge identified was the kickstarting recycling capacity in the region. Although Europe’s ",{"text":71866,"type":599,"marks":71867},"battery recycling pipeline has been boosted by 28%",[71868],{"type":604,"attrs":71869},{"href":61204,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71871,"type":599}," since the announcement of the CRMA, according to ",{"text":36126,"type":599,"marks":71873},[71874],{"type":604,"attrs":71875},{"href":61107,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":71877,"type":599},", capacity ",{"text":71879,"type":599,"marks":71880},"remains well below the CRMA’s 25% recycling target by 2030",[71881],{"type":604,"attrs":71882},{"href":64737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":71885,"content":71886},{"textAlign":49},[71887],{"type":1186,"attrs":71888},{"id":49,"alt":547,"src":71889,"title":49,"source":49,"copyright":49,"meta_data":71890},"https://a.storyblok.com/f/287943243085208/b1d3b83e9b/bm-eus-post-crma.png",{},{"type":594,"attrs":71892,"content":71893},{"textAlign":49},[71894],{"text":71895,"type":599},"“The big challenge we face now is speed. We need to build up this capacity in Europe,” said Veron. “Scrap is going to be important at the beginning. End of life is later down the line.” ",{"type":594,"attrs":71897,"content":71898},{"textAlign":49},[71899],{"text":71900,"type":599},"More support was needed from governments to safeguard the competitiveness of producers adopting sustainable practices, suggested the panel. Compared to the EU’s regulatory approach, the US Inflation Reduction Act (IRA) provides economic incentives to support such sustainable practices.",{"type":594,"attrs":71902,"content":71903},{"textAlign":49},[71904],{"text":71905,"type":599},"“Governments need to find a price tag for sustainability,” added Morrier. “At the moment sustainability comes at a premium in Europe.”","European gigafactories must distinguish themselves from Asian counterparts by embedding sustainability into their supply chains and production processes, according to panellists at last week’s Benchmark Giga Europe 2024 conference in Stockholm, Sweden. “We need to differentiate ourselves from the competition in Asia,” said Vincent Veron, Head of Transition Minerals, Metals, and Batteries at BNP Paribas. […]",[71908],{"slug":544,"name":543,"content":71909},{"job_title":557,"image":71910,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"07b53ba6-d72d-4574-a5e0-2c36aa1dc278\", \"id\": \"\"}-->",[71913,71914,71915],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":71917,"copyright":547,"fieldtype":553,"meta_data":71918,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2c24b5b4b3/bm-giga-europe-sustainable-gigas.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 21, 2024",{"id":71921,"uuid":71922,"name":71923,"slug":71924,"full_slug":71925,"content":71926},112469857785390,"e94ad0f0-bae7-42b4-8185-925d4b6240a6","Why Western rare earths producers must act on radioactive waste","why-western-rare-earths-producers-must-act-on-radioactive-waste","article/why-western-rare-earths-producers-must-act-on-radioactive-waste",{"_uid":71927,"date":71665,"tags":71928,"editor":71931,"content":71935,"excerpt":72072,"featured":51,"reporter":72073,"_editable":72077,"component":864,"seo_title":71923,"categories":72078,"visibility":2091,"author_company":49,"data_vis_image":72083,"featured_image":72085,"seo_description":72089,"author_full_name":49,"author_job_title":49,"formattedDate":71919},"6e5b38d9-5dd6-44af-a77c-c403e1429d6d",[71929,71930],{"slug":9159,"name":9160},{"slug":23760,"name":23761},[71932],{"slug":544,"name":543,"content":71933},{"job_title":557,"image":71934,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":71936},[71937,71956,71961,71966,71971,71976,71988,71993,71998,72003,72008,72013,72018,72023,72028,72038,72043,72058,72065],{"type":594,"attrs":71938,"content":71939},{"textAlign":49},[71940,71942,71948,71950,71955],{"text":71941,"type":599},"Western rare earths buildout requires strong performance on the management of radioactive waste, a ",{"text":71943,"type":599,"marks":71944},"major sustainability risk",[71945],{"type":604,"attrs":71946},{"href":71947,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg/rare-earths/reports/",{"text":71949,"type":599}," in the supply chain, according to ",{"text":71951,"type":599,"marks":71952},"Benchmark’s Rare Earths ESG report",[71953],{"type":604,"attrs":71954},{"href":10503,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":71957,"content":71958},{"textAlign":49},[71959],{"text":71960,"type":599},"“In Benchmark’s materiality assessment for rare earths mining and refining, we have identified waste and water management as critically important topics as these substances often contain low grade radioactivity,” said Chi Lee, Benchmark analyst. ",{"type":594,"attrs":71962,"content":71963},{"textAlign":49},[71964],{"text":71965,"type":599},"In processing, one kilogram of rare earths oxide produces close to 1 kilo becquerel uranium-235 equivalent of ionising radiation, according to Benchmark data, mainly from thorium and uranium.",{"type":594,"attrs":71967,"content":71968},{"textAlign":49},[71969],{"text":71970,"type":599},"Storage is the only way to prevent radioactive material from entering the environment, where it can pose health risks such as cancer, leukaemia, and birth defects.  ",{"type":594,"attrs":71972,"content":71973},{"textAlign":49},[71974],{"text":71975,"type":599},"“Waste management includes having a tailings management plan and its alignment to Global Industry Standard on Tailings Management (GISTM), which we identify as best practice,” said Lee.",{"type":594,"attrs":71977,"content":71978},{"textAlign":49},[71979,71981,71987],{"text":71980,"type":599},"Yet only 17% of operating rare earths miners align with the Global Industry Standard on Tailings Management, according to ",{"text":71982,"type":599,"marks":71983},"Benchmark’s new Rare Earths ESG report",[71984],{"type":604,"attrs":71985},{"href":71986,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://www.benchmarkminerals.com/rare-earths/",{"text":17632,"type":599},{"type":594,"attrs":71989,"content":71990},{"textAlign":49},[71991],{"text":71992,"type":599},"Waste management performance will be vital to scaling Western rare earths supply chains. Not only does it allow greater social licence to operate, it can also confer market advantages.",{"type":594,"attrs":71994,"content":71995},{"textAlign":49},[71996],{"text":71997,"type":599},"Struggling to compete on cost, European, North American and Australian players are positioning themselves as more sustainable than their established Chinese rivals. ",{"type":594,"attrs":71999,"content":72000},{"textAlign":49},[72001],{"text":72002,"type":599},"The importance of waste management to scaling ex-China capacity is highlighted by the case of Australian rare earths producer Lynas, whose Malaysian processing plant at Kuantan has faced pushback around the issue of radioactive waste.",{"type":594,"attrs":72004,"content":72005},{"textAlign":49},[72006],{"text":72007,"type":599},"Lynas states that multiple International Atomic Energy Agency reviews have found its plant fully compliant with international standards. ",{"type":657,"attrs":72009,"content":72010},{"level":15966,"textAlign":49},[72011],{"text":72012,"type":599},"Radioactive disaster shapes Malaysian perceptions",{"type":594,"attrs":72014,"content":72015},{"textAlign":49},[72016],{"text":72017,"type":599},"Malaysian public opinion is highly sensitive to the issue of rare earths byproducts due to an environmental disaster caused by the industry. ",{"type":594,"attrs":72019,"content":72020},{"textAlign":49},[72021],{"text":72022,"type":599},"During the eighties, a Mitishubishi-owned rare earths refinery located in Bukit Merah in the west of the country dumped untreated waste into the environment, sparking one of Asia’s longest-lasting environmental clean up operations.",{"type":594,"attrs":72024,"content":72025},{"textAlign":49},[72026],{"text":72027,"type":599},"Perceptions are more favourable in Australia, where Lynas is building its second plant at Kalgoorlie without significant opposition.",{"type":594,"attrs":72029,"content":72030},{"textAlign":49},[72031,72033,72037],{"text":72032,"type":599},"Of the fourteen rare earths elements, five hold high value uses in renewable and defence technologies. One is  Praseodymium Neodymium (PrNd) oxide, demand for which is expected to grow by 94% between 2024 and 2034, according to ",{"text":55268,"type":599,"marks":72034},[72035],{"type":604,"attrs":72036},{"href":71986,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":65861,"type":599},{"type":594,"attrs":72039,"content":72040},{"textAlign":49},[72041],{"text":72042,"type":599},"In 2024, 96% of PrNd oxide demand is forecast to come from rare earth permanent magnets (REPMs) found in wind turbines and EV motors. There is no known way to substitute for rare earths in this application without lowering performance.",{"type":594,"attrs":72044,"content":72045},{"textAlign":49},[72046,72050,72054],{"text":72047,"type":599,"marks":72048},"Benchmark’s new ",[72049],{"type":643},{"text":72051,"type":599,"marks":72052},"Rare Earths ESG Report",[72053],{"type":643},{"text":72055,"type":599,"marks":72056}," provides a comprehensive view assessing the ESG performance of over 30 mining and 30 refining companies globally across 79 metrics.",[72057],{"type":643},{"type":594,"attrs":72059,"content":72060},{"textAlign":49},[72061],{"text":72062,"type":599,"marks":72063},"It enables miners and refiners to benchmark their ESG performance against peers, as well as allowing companies to evaluate their own sustainability performance.",[72064],{"type":643},{"type":594,"attrs":72066,"content":72067},{"textAlign":49},[72068],{"text":72069,"type":599,"marks":72070},"To speak to our experts, please provide your details here and we’ll contact you shortly.",[72071],{"type":643},"Western rare earths buildout requires strong performance on the management of radioactive waste, a major sustainability risk in the supply chain, according to Benchmark’s Rare Earths ESG report. “In Benchmark’s materiality assessment for rare earths mining and refining, we have identified waste and water management as critically important topics as these substances often contain low […]",[72074],{"slug":544,"name":543,"content":72075},{"job_title":557,"image":72076,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6e5b38d9-5dd6-44af-a77c-c403e1429d6d\", \"id\": \"\"}-->",[72079,72080,72081,72082],{"slug":872,"name":873},{"slug":12983,"name":12984},{"slug":1556,"name":414},{"slug":16964,"name":16965},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":72084},{},{"id":49,"alt":72086,"name":547,"focus":547,"title":72086,"source":547,"filename":72087,"copyright":547,"fieldtype":553,"meta_data":72088,"is_external_url":51},"Lanthanum rare earth element on periodic table, close up","https://a.storyblok.com/f/287943243085208/f0471278fd/bm-lanthanum-for-lanthanide-radioactive-rare-earth-ore-on-periodic-table.jpg",{"alt":72086,"title":72086,"source":547,"copyright":547},"Western rare earths buildout requires strong performance on the management of radioactive waste, a major sustainability risk in the supply chain, according to Benchmark’s Rare Earths ESG report.",{"id":72091,"uuid":72092,"name":72093,"slug":72094,"full_slug":72095,"content":72096},112469867877937,"ee896a60-a710-4c24-9535-dfcb6ec1db15","Five key takeaways from Giga Europe 2024","five-key-takeaways-from-giga-europe-2024","article/five-key-takeaways-from-giga-europe-2024",{"_uid":72097,"date":72098,"tags":72099,"editor":72104,"content":72108,"excerpt":72425,"featured":51,"reporter":72426,"_editable":72430,"component":864,"seo_title":72093,"categories":72431,"visibility":2091,"author_company":49,"featured_image":72434,"seo_description":72425,"author_full_name":49,"author_job_title":49,"formattedDate":72437},"cd3a1302-a178-4f81-ac03-314610b301e3","2024-03-20 00:00",[72100,72101,72102,72103],{"slug":2790,"name":2791},{"slug":71669,"name":71670},{"slug":4610,"name":662},{"slug":23760,"name":23761},[72105],{"slug":544,"name":543,"content":72106},{"job_title":557,"image":72107,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":72109},[72110,72115,72127,72140,72145,72150,72161,72166,72178,72185,72190,72209,72214,72219,72224,72236,72241,72246,72251,72256,72261,72268,72273,72278,72283,72288,72313,72318,72325,72330,72335,72354,72365,72370,72375,72380,72392,72397,72402,72406,72418],{"type":594,"attrs":72111,"content":72112},{"textAlign":49},[72113],{"text":72114,"type":599},"Europe, like much of the world, is at a key point in the green transition with batteries being a key enabling technology. Policies made today will impact both the supply and demand of the critical minerals needed out into the next decade.",{"type":594,"attrs":72116,"content":72117},{"textAlign":49},[72118,72120,72125],{"text":72119,"type":599},"Delegates of Benchmark’s Giga Europe 2024 event ",{"text":72121,"type":599,"marks":72122},"converged on Stockholm, Sweden",[72123],{"type":604,"attrs":72124},{"href":71688,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72126,"type":599}," last week to discuss the state-of-play, and future, of Europe’s lithium ion battery industry.",{"type":594,"attrs":72128,"content":72129},{"textAlign":49},[72130,72132,72138],{"text":72131,"type":599},"“We have done great things together but we have to do more,” ",{"text":72133,"type":599,"marks":72134},"Maroš Šefčovič",[72135],{"type":604,"attrs":72136},{"href":72137,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/words-of-welcome-from-european-commission",{"text":72139,"type":599},", the vice president of the European Commission, told attendees. “For that we must continue our cooperation and work together to find innovative solutions to the challenges we face.”  ",{"type":594,"attrs":72141,"content":72142},{"textAlign":49},[72143],{"text":72144,"type":599},"Here, Benchmark Source outlines five key takeaways from the event.",{"type":657,"attrs":72146,"content":72147},{"level":15966,"textAlign":49},[72148],{"text":72149,"type":599},"1. Critical minerals are still at the top of battery makers’ agendas ",{"type":594,"attrs":72151,"content":72152},{"textAlign":49},[72153,72155,72159],{"text":72154,"type":599},"With battery demand increasing, the capacity of gigafactories in Europe is set to keep rising from 135 gigawatt-hours in 2023 to 1.3 terawatt-hours in 2030, according to ",{"text":41013,"type":599,"marks":72156},[72157],{"type":604,"attrs":72158},{"href":59828,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72160,"type":599},", with critical mineral demand following suit.",{"type":594,"attrs":72162,"content":72163},{"textAlign":49},[72164],{"text":72165,"type":599},"“That’s the revolution we are facing not just to create the batteries but of course the critical raw materials as well because half of the bill of material of a battery is from raw materials,” Dennis van Schie, chief supply chain officer at Northvolt, said.",{"type":594,"attrs":72167,"content":72168},{"textAlign":49},[72169,72171,72177],{"text":72170,"type":599},"Supply of these raw materials is currently inadequate to match future European demand ",{"text":72172,"type":599,"marks":72173},"even if the markets are relatively balanced in the near term",[72174],{"type":604,"attrs":72175},{"href":72176,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/more-raw-material-price-volatility-to-come-this-decade-benchmarks-chief-data-officer-warns",{"text":974,"type":599},{"type":594,"attrs":72179,"content":72180},{"textAlign":49},[72181],{"type":1186,"attrs":72182},{"id":49,"alt":547,"src":72183,"title":49,"source":49,"copyright":49,"meta_data":72184},"https://a.storyblok.com/f/287943243085208/07fa6a32a0/bm-caspar-giga-europe.jpg",{},{"type":594,"attrs":72186,"content":72187},{"textAlign":49},[72188],{"text":72189,"type":599},"Benchmark’s Chief Data Officer Caspar Rawles presents at Giga Europe 2024",{"type":594,"attrs":72191,"content":72192},{"textAlign":49},[72193,72195,72200,72202,72207],{"text":72194,"type":599},"“We know this ",{"text":72196,"type":599,"marks":72197},"wave of demand is coming",[72198],{"type":604,"attrs":72199},{"href":72176,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72201,"type":599}," and while supplies are adequate now, as we reduce those investments and reduce that future pipeline, we’re creating future periods of volatility,” ",{"text":72203,"type":599,"marks":72204},"Caspar Rawles",[72205],{"type":604,"attrs":72206},{"href":70709,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72208,"type":599},", chief data officer at Benchmark, said.",{"type":657,"attrs":72210,"content":72211},{"level":15966,"textAlign":49},[72212],{"text":72213,"type":599},"2. Europe needs to face up to ESG and geopolitical risks",{"type":594,"attrs":72215,"content":72216},{"textAlign":49},[72217],{"text":72218,"type":599},"Currently, much of the supply of critical raw materials is dependent on China. Although the country doesn’t dominate in the mining of these minerals, the world relies on Chinese supplies of processed minerals.",{"type":594,"attrs":72220,"content":72221},{"textAlign":49},[72222],{"text":72223,"type":599},"Similarly, upstream supply of minerals such as cobalt and nickel are highly dependent on the Democratic Republic of Congo and Indonesia, respectively.",{"type":594,"attrs":72225,"content":72226},{"textAlign":49},[72227,72229,72234],{"text":72228,"type":599},"Dependence on any one country for minerals exposes Europe to greater supply and geopolitical risks, especially if that country is not aligned with Europe’s policy goals. As such, ",{"text":72230,"type":599,"marks":72231},"cooperation with allies will be key",[72232],{"type":604,"attrs":72233},{"href":66887,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72235,"type":599}," to developing secure supply chains.",{"type":594,"attrs":72237,"content":72238},{"textAlign":49},[72239],{"text":72240,"type":599},"“We keep collaborating, identifying opportunities, sharing our expertise, interchanging people so we can identify the most efficient ways of extracting critical metals,” John Langoulant, Agent General of the Government of Western Australia, said.",{"type":594,"attrs":72242,"content":72243},{"textAlign":49},[72244],{"text":72245,"type":599},"Martin Philips, the chief executive of Talga, emphasised the importance of developing a sustainable supply chain. “I would challenge the gigafactory procurement teams to show how to […] start to move towards a more sustainable, more ethical supply chain,” he said.",{"type":657,"attrs":72247,"content":72248},{"level":15966,"textAlign":49},[72249],{"text":72250,"type":599},"3. Permitting needs reform",{"type":594,"attrs":72252,"content":72253},{"textAlign":49},[72254],{"text":72255,"type":599},"It is no secret that permitting for mines and processing facilities in Europe is slow, a point repeatedly emphasised during the event.",{"type":594,"attrs":72257,"content":72258},{"textAlign":49},[72259],{"text":72260,"type":599},"“Decisions are quite decentralised,” Ebba Busch, deputy prime minister of Sweden, said. “So you have to have permits from very many different parts of society, which makes the decision making quite lengthy, slow and unpredictable.”",{"type":594,"attrs":72262,"content":72263},{"textAlign":49},[72264],{"type":1186,"attrs":72265},{"id":49,"alt":547,"src":72266,"title":49,"source":49,"copyright":49,"meta_data":72267},"https://a.storyblok.com/f/287943243085208/17ef42d6ee/bm-ebba-busch.jpg",{},{"type":594,"attrs":72269,"content":72270},{"textAlign":49},[72271],{"text":72272,"type":599},"Ebba Busch, Sweden’s Deputy Prime Minister, gives words of welcome at Giga Europe 2024",{"type":594,"attrs":72274,"content":72275},{"textAlign":49},[72276],{"text":72277,"type":599},"Whilst it is imperative that concerns from local communities are listened to and acted upon, Alban Letailleur, business director for lithium at Imerys, said local opposition is a “key bottleneck”.",{"type":594,"attrs":72279,"content":72280},{"textAlign":49},[72281],{"text":72282,"type":599},"To tackle this, Europe’s Critical Raw Materials Act (CRMA) aims to reduce the total duration of the permit granting process to 27 months or fewer for extraction projects, or 15 months for processing recycling projects.",{"type":657,"attrs":72284,"content":72285},{"level":15966,"textAlign":49},[72286],{"text":72287,"type":599},"4. Europe needs more investment and finance",{"type":594,"attrs":72289,"content":72290},{"textAlign":49},[72291,72296,72298,72304,72306,72312],{"text":72292,"type":599,"marks":72293},"Peter Handley",[72294],{"type":604,"attrs":72295},{"href":64011,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72297,"type":599},", head of the unit for energy-intensive industries and raw materials at the European Commission, ",{"text":72299,"type":599,"marks":72300},"said that the key to building out",[72301],{"type":604,"attrs":72302},{"href":72303,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/european-crm-act-establishing-a-framework-for-ensuring-a-secure-and-sustainable-supply-of-critical-raw-materials",{"text":72305,"type":599}," the supply chain was to ",{"text":72307,"type":599,"marks":72308},"encourage the downstream to invest into upstream projects",[72309],{"type":604,"attrs":72310},{"href":72311,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/european-companies-must-look-upstream-for-eu-critical-minerals-support",{"text":974,"type":599},{"type":594,"attrs":72314,"content":72315},{"textAlign":49},[72316],{"text":72317,"type":599},"“If the mid and downstream companies are not there, ready to invest in such projects then those projects will be taken by others,” he said. “The mid and downstream need to be looking upwards.”",{"type":594,"attrs":72319,"content":72320},{"textAlign":49},[72321],{"type":1186,"attrs":72322},{"id":49,"alt":547,"src":72323,"title":49,"source":49,"copyright":49,"meta_data":72324},"https://a.storyblok.com/f/287943243085208/a7cb00d947/bm-peter-h-gigaeurope.jpg",{},{"type":594,"attrs":72326,"content":72327},{"textAlign":49},[72328],{"text":72329,"type":599},"Peter Handley from the European Commission delivers a key note presentation about the raw materials policy in the EU at Giga Europe 2024",{"type":594,"attrs":72331,"content":72332},{"textAlign":49},[72333],{"text":72334,"type":599},"Some delegates contrasted the finance scene in Europe to that of the US which is relatively simple thanks to the clear tax incentives included in the Inflation Reduction Act and the faster decision making of loan programs such as that from the Department of Energy.",{"type":594,"attrs":72336,"content":72337},{"textAlign":49},[72338,72339,72344,72346,72352],{"text":56112,"type":599},{"text":72340,"type":599,"marks":72341},"US is clearly well ahead of Europe",[72342],{"type":604,"attrs":72343},{"href":70370,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72345,"type":599},",” ",{"text":72347,"type":599,"marks":72348},"Paul Betts",[72349],{"type":604,"attrs":72350},{"href":72351,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/access-to-finance-panel-improving-and-facilitating-access-to-funding-for-battery-and-raw-materials-projects",{"text":72353,"type":599},", managing director of RBC Capital Markets, said. “I think there’s a reform going on and I hope Europe follows suit.”",{"type":594,"attrs":72355,"content":72356},{"textAlign":49},[72357,72358,72363],{"text":63984,"type":599},{"text":72359,"type":599,"marks":72360},"Minister Busch didn’t believe the EU",[72361],{"type":604,"attrs":72362},{"href":72176,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72364,"type":599}," should necessarily take this approach, saying the state should act more as a “catalyst or an accelerator for the green transition.”",{"type":657,"attrs":72366,"content":72367},{"level":15966,"textAlign":49},[72368],{"text":72369,"type":599},"5. Europe’s policies are sending the right signals",{"type":594,"attrs":72371,"content":72372},{"textAlign":49},[72373],{"text":72374,"type":599},"Delegates at Giga Europe 2024 were, on the whole, positive about the policy direction of the EU.",{"type":594,"attrs":72376,"content":72377},{"textAlign":49},[72378],{"text":72379,"type":599},"Giorgio Corbetta, EU affairs director at Eurobat, praised the new policies. “There’s a lot of good pieces of legislation that we have at our disposal now,” he said. “We should leverage [these] to continue helping the European Union assert itself as the climate action champion.”",{"type":594,"attrs":72381,"content":72382},{"textAlign":49},[72383,72385,72390],{"text":72384,"type":599},"Much of Europe’s policy includes targets relating to recycling. Panellists at the event debated whether ",{"text":72386,"type":599,"marks":72387},"they were ambitious enough",[72388],{"type":604,"attrs":72389},{"href":64737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72391,"type":599},", but all agreed they were a good start.",{"type":594,"attrs":72393,"content":72394},{"textAlign":49},[72395],{"text":72396,"type":599},"“I think [the regulations] are giving the kick on recycling, pushing investment, and developing capacities,” Daphne Peres, lead buyer of battery raw materials at the Volvo Group, said.",{"type":594,"attrs":72398,"content":72399},{"textAlign":49},[72400],{"text":72401,"type":599},"Minister Busch summarised the sentiment saying “The EU is walking in the right direction but our value chains must become more secure.”",{"type":657,"attrs":72403,"content":72404},{"level":15966,"textAlign":49},[72405],{"text":68521,"type":599},{"type":594,"attrs":72407,"content":72408},{"textAlign":49},[72409,72411,72416],{"text":72410,"type":599},"Like Europe, the US is deploying policy to encourage the build out of its battery industry and associated supply chains. Join us in Washington DC 11-13 June 2024 for ",{"text":72412,"type":599,"marks":72413},"Giga USA",[72414],{"type":604,"attrs":72415},{"href":68525,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72417,"type":599}," where we will dive into the battery supply chains of the US. Fill out the form below for more details.",{"type":594,"attrs":72419,"content":72420},{"textAlign":49},[72421],{"type":1186,"attrs":72422},{"id":49,"alt":547,"src":72423,"title":49,"source":49,"copyright":49,"meta_data":72424},"https://a.storyblok.com/f/287943243085208/771886b94e/bm-gigausworldlithiumforum-bg-240205-ht-01.jpg",{},"Europe, like much of the world, is at a key point in the green transition with batteries being a key enabling technology. Policies made today will impact both the supply and demand of the critical minerals needed out into the next decade. Delegates of Benchmark’s Giga Europe 2024 event converged on Stockholm, Sweden last week […]",[72427],{"slug":544,"name":543,"content":72428},{"job_title":557,"image":72429,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cd3a1302-a178-4f81-ac03-314610b301e3\", \"id\": \"\"}-->",[72432,72433],{"slug":880,"name":881},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":72435,"copyright":547,"fieldtype":553,"meta_data":72436,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b5139fd6bb/bm-benchmarksthlm-124.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 20, 2024",{"id":72439,"uuid":72440,"name":72441,"slug":72442,"full_slug":72443,"content":72444},112469882598964,"9e240e4b-0ef3-4ebf-b8f0-875ed0973b8b","Chinese lithium prices climb higher in early March on improving downstream demand","chinese-lithium-prices-climb-higher-in-early-march-on-improving-downstream-demand","article/chinese-lithium-prices-climb-higher-in-early-march-on-improving-downstream-demand",{"_uid":72445,"date":72446,"tags":72447,"editor":72450,"content":72454,"excerpt":72573,"featured":51,"reporter":72574,"_editable":72578,"component":864,"seo_title":72441,"categories":72579,"visibility":882,"author_company":49,"featured_image":72582,"seo_description":72573,"author_full_name":49,"author_job_title":49,"formattedDate":72584},"c47f94aa-6d99-4719-a81f-5cabe4e53bbe","2024-03-19 00:00",[72448,72449],{"slug":913,"name":914},{"slug":910,"name":911},[72451],{"slug":544,"name":543,"content":72452},{"job_title":557,"image":72453,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":72455},[72456,72467,72472,72483,72494,72501,72506,72511,72516,72529,72553,72558,72563,72568],{"type":594,"attrs":72457,"content":72458},{"textAlign":49},[72459,72461,72466],{"text":72460,"type":599},"Chinese lithium prices recovered further in the first two weeks of March to reach their highest level in three months, driven by strengthening downstream demand and buying activity from ",{"text":72462,"type":599,"marks":72463},"cathode makers",[72464],{"type":604,"attrs":72465},{"href":71593,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":72468,"content":72469},{"textAlign":49},[72470],{"text":72471,"type":599},"Lithium hydroxide prices saw the most significant increase as production plans for high-nickel nickel cobalt manganese (NCM) cell cathodes picked up. Electric vehicle makers are battling for market share, with plans to boost production of premium models where these chemistries are popularly used.",{"type":594,"attrs":72473,"content":72474},{"textAlign":49},[72475,72477,72481],{"text":72476,"type":599},"Spot prices for lithium hydroxide in China have increased 10.2% to RMB 97,500 ($13,550) in the latest ",{"text":51393,"type":599,"marks":72478},[72479],{"type":604,"attrs":72480},{"href":64139,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72482,"type":599},". Prices are up 16.8% so far this year.",{"type":594,"attrs":72484,"content":72485},{"textAlign":49},[72486,72488,72492],{"text":72487,"type":599},"Spot prices for battery-grade lithium carbonate prices in China are also up, increasing 2.6% in the week ending March 13 to an average of RMB 108,750 ($15,125) a tonne, according to the ",{"text":51393,"type":599,"marks":72489},[72490],{"type":604,"attrs":72491},{"href":64139,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72493,"type":599},". Chinese lithium carbonate prices are now up 12.7% so far this year. ",{"type":594,"attrs":72495,"content":72496},{"textAlign":49},[72497],{"type":1186,"attrs":72498},{"id":49,"alt":547,"src":72499,"title":49,"source":49,"copyright":49,"meta_data":72500},"https://a.storyblok.com/f/287943243085208/fbd5173a29/bm-lithium-price-chart-march-13-2024-1.png",{},{"type":657,"attrs":72502,"content":72503},{"level":15966,"textAlign":49},[72504],{"text":72505,"type":599},"Electric vehicle sales exceed expectations",{"type":594,"attrs":72507,"content":72508},{"textAlign":49},[72509],{"text":72510,"type":599},"EV sales increased by about 40% in the first ten days of the month when compared with a year ago, contacts reported to Benchmark.  ",{"type":594,"attrs":72512,"content":72513},{"textAlign":49},[72514],{"text":72515,"type":599},"“EV sales so far in March in China have exceeded expectations,” said Daisy Jennings-Gray, head of prices at Benchmark. ",{"type":594,"attrs":72517,"content":72518},{"textAlign":49},[72519,72521,72527],{"text":72520,"type":599},"Chinese electric vehicle makers have been able to cut prices due to lower cell prices, showing the ",{"text":72522,"type":599,"marks":72523},"impact lower pricing for raw materials",[72524],{"type":604,"attrs":72525},{"href":72526,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/have-lithium-prices-reached-a-bottom",{"text":72528,"type":599}," has had on the downstream. ",{"type":594,"attrs":72530,"content":72531},{"textAlign":49},[72532,72534,72539,72541,72545,72547],{"text":72533,"type":599},"Global weighted average lithium prices have ",{"text":72535,"type":599,"marks":72536},"fallen 81% since the beginning of 2023",[72537],{"type":604,"attrs":72538},{"href":72176,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72540,"type":599},", according to the ",{"text":51393,"type":599,"marks":72542},[72543],{"type":604,"attrs":72544},{"href":64139,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72546,"type":599}," while global cell prices have declined 37.3%, according to the ",{"text":72548,"type":599,"marks":72549},"Benchmark Lithium ion Battery Cell Price Assessment.",[72550],{"type":604,"attrs":72551},{"href":72552,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries/chart/",{"type":594,"attrs":72554,"content":72555},{"textAlign":49},[72556],{"text":72557,"type":599},"Jennings-Gray does not expect a major rally in prices but said the latest increases are key. “Despite a low price environment, producers now seem to have begun to resist buyer pressure to lower prices further,” she said. ",{"type":594,"attrs":72559,"content":72560},{"textAlign":49},[72561],{"text":72562,"type":599},"A bulk of the latest increased spot market buying activity is coming from a small number of Tier 1 players, while demand from the remaining Tier 2 and 3 players has remained largely stable.",{"type":594,"attrs":72564,"content":72565},{"textAlign":49},[72566],{"text":72567,"type":599},"“The price increases may continue in the short term, especially as feedstock prices have also been rising in response to increased demand,” said Jennings-Gray. “That being said, there has been no major shift on the supply-side, and the market overall remains balanced, so we expect prices to stabilise eventually.” ",{"type":594,"attrs":72569,"content":72570},{"textAlign":49},[72571],{"text":72572,"type":599},"Prices increased across all grades except for CIF Asia lithium carbonate spot prices where a decline of 1.5% to $13,300 was reported during the assessment period, due to regionally weaker demand for LFP cathode chemistries, which utilise this as feedstock.  ","Chinese lithium prices recovered further in the first two weeks of March to reach their highest level in three months, driven by strengthening downstream demand and buying activity from cathode makers. Lithium hydroxide prices saw the most significant increase as production plans for high-nickel nickel cobalt manganese (NCM) cell cathodes picked up. Electric vehicle makers […]",[72575],{"slug":544,"name":543,"content":72576},{"job_title":557,"image":72577,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c47f94aa-6d99-4719-a81f-5cabe4e53bbe\", \"id\": \"\"}-->",[72580,72581],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":53468,"copyright":547,"fieldtype":553,"meta_data":72583,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 19, 2024",{"id":72586,"uuid":72587,"name":72588,"slug":72589,"full_slug":72590,"content":72591},112469877863987,"d23f1ab3-0455-4204-8af3-d2a85331ce4e","Is Europe ambitious enough on recycling?","is-europe-ambitious-enough-on-recycling","article/is-europe-ambitious-enough-on-recycling",{"_uid":72592,"date":72446,"tags":72593,"editor":72599,"content":72603,"excerpt":72822,"featured":51,"reporter":72823,"_editable":72827,"component":864,"seo_title":72588,"categories":72828,"visibility":882,"author_company":49,"featured_image":72831,"seo_description":72822,"author_full_name":49,"author_job_title":49,"formattedDate":72584},"762ecea5-d9d4-4be4-8d8d-8b659a5b4e08",[72594,72595,72596,72597,72598],{"slug":10097,"name":10098},{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":71669,"name":71670},{"slug":4610,"name":662},[72600],{"slug":544,"name":543,"content":72601},{"job_title":557,"image":72602,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":72604},[72605,72616,72635,72647,72652,72668,72673,72678,72683,72688,72705,72713,72718,72723,72728,72733,72741,72746,72751,72756,72761,72766,72771,72776,72781,72799,72812,72817],{"type":594,"attrs":72606,"content":72607},{"textAlign":49},[72608,72610,72615],{"text":72609,"type":599},"In recent years, the European Union has developed legislation to encourage the build out of domestic battery ",{"text":72611,"type":599,"marks":72612},"recycling capacity",[72613],{"type":604,"attrs":72614},{"href":61095,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":72617,"content":72618},{"textAlign":49},[72619,72621,72626,72628,72633],{"text":72620,"type":599},"The bloc is aiming for ",{"text":72622,"type":599,"marks":72623},"25% of its strategic raw material demand",[72624],{"type":604,"attrs":72625},{"href":70357,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72627,"type":599}," to come from recycled sources by 2030, through non-binding targets in its Critical Raw Materials Act (CRMA). It also released new ",{"text":72629,"type":599,"marks":72630},"battery regulations",[72631],{"type":604,"attrs":72632},{"href":57071,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72634,"type":599}," which mandate minimum levels of recycled content for lithium, nickel and cobalt in batteries sold within the EU.",{"type":594,"attrs":72636,"content":72637},{"textAlign":49},[72638,72640,72646],{"text":72639,"type":599},"At Benchmark’s Giga Europe conference in Stockholm last week, panellists during the recycling and circularity session debated whether these targets are enough to build out recycling capacity and how the regulations compare to the ",{"text":72641,"type":599,"marks":72642},"US’ incentive-led approach",[72643],{"type":604,"attrs":72644},{"href":72645,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-miners-and-recyclers-could-lose-out-on-production-tax-credits-in-the-inflation-reduction-act",{"text":974,"type":599},{"type":594,"attrs":72648,"content":72649},{"textAlign":49},[72650],{"text":72651,"type":599},"“This gives a good ecosystem to develop and build up the business models and the ecosystem,” Daphne Peres, lead buyer of battery raw materials at the Volvo Group, told attendees at the event.",{"type":594,"attrs":72653,"content":72654},{"textAlign":49},[72655,72657,72662,72663,72667],{"text":72656,"type":599},"Indeed, since the CRMA recycling targets were announced, the ",{"text":72658,"type":599,"marks":72659},"battery recycling pipeline in Europe has been boosted 28%",[72660],{"type":604,"attrs":72661},{"href":61204,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":50530,"type":599},{"text":36126,"type":599,"marks":72664},[72665],{"type":604,"attrs":72666},{"href":61107,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":72669,"content":72670},{"level":15966,"textAlign":49},[72671],{"text":72672,"type":599},"Is Europe ambitious enough?",{"type":594,"attrs":72674,"content":72675},{"textAlign":49},[72676],{"text":72677,"type":599},"By 2031, at least 6%, 6% and 12% of the lithium, nickel and cobalt in a battery sold within the European Union must come from recycled sources as per the Battery Regulations that were passed in 2023. These targets increase to 12%, 15%, and 26%, respectively in 2036.",{"type":594,"attrs":72679,"content":72680},{"textAlign":49},[72681],{"text":72682,"type":599},"There was general agreement amongst panellists that both the Battery Regulations and CRMA are good for Europe. However, there was debate as to whether the targets went far enough.",{"type":594,"attrs":72684,"content":72685},{"textAlign":49},[72686],{"text":72687,"type":599},"“I’m in the camp of not ambitious enough,” Richard Carlow, the co-founder and chief executive of recycling technology developer True 2 Materials, said. “Ultimately, I think that it’s a moving goalpost and as technologies come available that allow us to recycle more, they will adjust the targets.”",{"type":594,"attrs":72689,"content":72690},{"textAlign":49},[72691,72696,72698,72703],{"text":72692,"type":599,"marks":72693},"Benchmark’s analysis",[72694],{"type":604,"attrs":72695},{"href":57071,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72697,"type":599}," of the policies show that ",{"text":72699,"type":599,"marks":72700},"both sets of targets",[72701],{"type":604,"attrs":72702},{"href":70357,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72704,"type":599}," will be challenging to meet, especially for lithium, unless more capital is invested into the sector.",{"type":594,"attrs":72706,"content":72707},{"textAlign":49},[72708],{"type":1186,"attrs":72709},{"id":49,"alt":72710,"src":72711,"title":49,"source":49,"copyright":49,"meta_data":72712},"Recycling in the EU needs to be improved across the board to meet CRMA targets","https://a.storyblok.com/f/287943243085208/dd6cc9d4e0/bm-recycling-crma.png",{},{"type":594,"attrs":72714,"content":72715},{"textAlign":49},[72716],{"text":72717,"type":599},"“I think those two regulations are giving the kick on recycling, pushing investment, and developing capacities, and it [also] makes it [a] priority on everybody’s agenda,” Peres said, in favour of the regulations. “We need to understand that the target is not recycling a battery per se. It’s really to have a minimum impact on the environment.”",{"type":657,"attrs":72719,"content":72720},{"level":15966,"textAlign":49},[72721],{"text":72722,"type":599},"Black mass regulations",{"type":594,"attrs":72724,"content":72725},{"textAlign":49},[72726],{"text":72727,"type":599},"Currently the majority of battery recycling companies operating in Europe focus on the pre-treatment of waste batteries. Pre-treatment refers to the dismantling and shredding of waste batteries to produce the black mass which contains valuable battery minerals.",{"type":594,"attrs":72729,"content":72730},{"textAlign":49},[72731],{"text":72732,"type":599},"Of the 33 operating European recycling facilities tracked in Benchmark’s Recycling Forecast, almost three-fifths carry out only the pre-treatment step. Ecobat is one of the companies operating in Europe this way.",{"type":594,"attrs":72734,"content":72735},{"textAlign":49},[72736],{"type":1186,"attrs":72737},{"id":49,"alt":72738,"src":72739,"title":49,"source":49,"copyright":49,"meta_data":72740},"Most of Europe's operating battery recycling facilities only pre-treat batteries","https://a.storyblok.com/f/287943243085208/57b2041dd6/bm-europe-recycling-by-stage.png",{},{"type":594,"attrs":72742,"content":72743},{"textAlign":49},[72744],{"text":72745,"type":599},"But to meet the targets set out in the Battery Regulations and CRMA will require black mass processing capacity to be built out in Europe, otherwise the valuable materials contained in the black mass will be able to cross borders to other regions.",{"type":594,"attrs":72747,"content":72748},{"textAlign":49},[72749],{"text":72750,"type":599},"Classifying black mass as a hazardous waste can allow its cross-border movement to be restricted, meaning it must be processed in the region to extract its value. But Tom Schaefer, vice president of global business development, lithium at battery recycler Ecobat, warned that this is not necessarily all positive.",{"type":594,"attrs":72752,"content":72753},{"textAlign":49},[72754],{"text":72755,"type":599},"“We’ve seen some significant shifts in the interpretation of the waste codes to change how black mass is treated and handled and under what regulations black mass falls under,” he said. “When it becomes more restrictive, it increases the cost of the overall supply chain.”",{"type":594,"attrs":72757,"content":72758},{"textAlign":49},[72759],{"text":72760,"type":599},"He gave the counterexample of the US, which classifies black mass not as a waste but a product.",{"type":594,"attrs":72762,"content":72763},{"textAlign":49},[72764],{"text":72765,"type":599},"“That allows us significant flexibility and significant reduction in cost on our outbound shipments of material. Eventually that will have significant benefits as the overall ecosystem grows,” he said.",{"type":657,"attrs":72767,"content":72768},{"level":15966,"textAlign":49},[72769],{"text":72770,"type":599},"Targets versus incentives",{"type":594,"attrs":72772,"content":72773},{"textAlign":49},[72774],{"text":72775,"type":599},"Umberto Cucchi, EV and Battery Lead at digital passport developer Circularise, said we should think about why the targets are being set.",{"type":594,"attrs":72777,"content":72778},{"textAlign":49},[72779],{"text":72780,"type":599},"“The question is, without this regulation, this target, would the whole value chain move toward this target on their own?” he asked. “I don’t think so.”",{"type":594,"attrs":72782,"content":72783},{"textAlign":49},[72784,72786,72792,72794,72798],{"text":72785,"type":599},"In contrast to the regulatory approach the EU is taking to increasing battery recycling, the ",{"text":72787,"type":599,"marks":72788},"US is aiming to move the dial",[72789],{"type":604,"attrs":72790},{"href":72791,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-companies-shaping-the-north-american-lithium-ion-recycling-ecosystem",{"text":72793,"type":599}," through incentives within the ",{"text":46860,"type":599,"marks":72795},[72796],{"type":604,"attrs":72797},{"href":70370,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":72800,"content":72801},{"textAlign":49},[72802,72804,72810],{"text":72803,"type":599},"“There’s certainly a ",{"text":72805,"type":599,"marks":72806},"higher recycling rate in Europe",[72807],{"type":604,"attrs":72808},{"href":72809,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/north-american-recyclers-set-sights-on-european-market",{"text":72811,"type":599}," driven primarily by regulation,” he said. “I would argue that the cost structure in the US is significantly lower because it’s an unregulated environment.”",{"type":594,"attrs":72813,"content":72814},{"textAlign":49},[72815],{"text":72816,"type":599},"It is too early to tell whether Europe’s regulatory approach will win out over the US’ incentivisation approach.",{"type":594,"attrs":72818,"content":72819},{"textAlign":49},[72820],{"text":72821,"type":599},"“I would just encourage everyone in the room who has any type of authority or any perspective on this to consider the total cost of manipulating the supply chain through either mechanism and ensuring that we’re maintaining a path forward to reducing the overall price of the pack,” Schaefer said.","In recent years, the European Union has developed legislation to encourage the build out of domestic battery recycling capacity. The bloc is aiming for 25% of its strategic raw material demand to come from recycled sources by 2030, through non-binding targets in its Critical Raw Materials Act (CRMA). It also released new battery regulations which […]",[72824],{"slug":544,"name":543,"content":72825},{"job_title":557,"image":72826,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"762ecea5-d9d4-4be4-8d8d-8b659a5b4e08\", \"id\": \"\"}-->",[72829,72830],{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":72832,"copyright":547,"fieldtype":553,"meta_data":72833,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6a21216f7a/bm-gigaeurope-recycling-panel-photo.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":72835,"uuid":72836,"name":72837,"slug":72838,"full_slug":72839,"content":72840},112469897057848,"4b863d2b-8230-4f66-a75c-402dce2351ee","Carrots and sticks: How Europe can improve its battery value chain funding","carrots-and-sticks-how-europe-can-improve-its-battery-value-chain-funding","article/carrots-and-sticks-how-europe-can-improve-its-battery-value-chain-funding",{"_uid":72841,"date":72842,"tags":72843,"editor":72847,"content":72851,"excerpt":72983,"featured":51,"reporter":72984,"_editable":72988,"component":864,"seo_title":72837,"categories":72989,"visibility":882,"author_company":49,"featured_image":72992,"seo_description":72983,"author_full_name":49,"author_job_title":49,"formattedDate":72996},"6f27911f-addf-46d0-bad0-c8d7844eb13a","2024-03-15 00:00",[72844,72845,72846],{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":71669,"name":71670},[72848],{"slug":544,"name":543,"content":72849},{"job_title":557,"image":72850,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":72852},[72853,72858,72869,72874,72886,72891,72898,72912,72917,72922,72927,72932,72939,72953,72958,72963,72968,72973,72978],{"type":594,"attrs":72854,"content":72855},{"textAlign":49},[72856],{"text":72857,"type":599},"Securing funding for projects across the battery supply chain remains challenging despite strong demand long-term fundamentals. Uncertainty over raw material prices, costs of production, and the regulatory environment make investors hesitant, panellists told Benchmark’s Giga Europe conference attendees this week. ",{"type":594,"attrs":72859,"content":72860},{"textAlign":49},[72861,72863,72867],{"text":72862,"type":599},"At the event held in ",{"text":71684,"type":599,"marks":72864},[72865],{"type":604,"attrs":72866},{"href":71688,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":72868,"type":599},", speakers discussed Europe’s approach to funding projects and the region’s various obstacles and opportunities for financing the energy transition.",{"type":594,"attrs":72870,"content":72871},{"textAlign":49},[72872],{"text":72873,"type":599},"“Europeans are very good at the stick, the Americans are very good at the carrot,” Jean-Christophe Laloux, Director General of the European Investment Bank, said.",{"type":594,"attrs":72875,"content":72876},{"textAlign":49},[72877,72879,72885],{"text":72878,"type":599},"A recurring theme was Europe’s preference for regulation, rather than the kind of incentives seen in the US’ Inflation Reduction Act (IRA). Under the EU’s rules of origin for batteries, EVs containing a battery made from outside the bloc would be subject to a 10% tariff. In contrast, the IRA provides a tax credit of up to $7,500 when purchasing an EV made without inputs from ",{"text":72880,"type":599,"marks":72881},"Foreign Entities of Concern",[72882],{"type":604,"attrs":72883},{"href":72884,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/role-of-private-overseas-chinese-companies-key-to-us-ev-tax-credits",{"text":17632,"type":599},{"type":594,"attrs":72887,"content":72888},{"textAlign":49},[72889],{"text":72890,"type":599},"“The US is clearly well ahead of Europe… I think there’s a reform going on and I hope Europe follows suit,” said Paul Betts, Managing Director of RBC Capital Markets. ",{"type":594,"attrs":72892,"content":72893},{"textAlign":49},[72894],{"text":72895,"type":599,"marks":72896},"Watch the Access to Finance Panel from Giga Europe 2024. ",[72897],{"type":643},{"type":594,"attrs":72899,"content":72900},{"textAlign":49},[72901,72904,72909],{"text":71767,"type":599,"marks":72902},[72903],{"type":643},{"text":6515,"type":599,"marks":72905},[72906,72908],{"type":604,"attrs":72907},{"href":71774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":72910},[72911],{"type":643},{"type":594,"attrs":72913,"content":72914},{"textAlign":49},[72915],{"text":72916,"type":599},"Laloux echoed this sentiment, noting that alongside the current EU legislation, Europe “still has to improve the business case.”",{"type":594,"attrs":72918,"content":72919},{"textAlign":49},[72920],{"text":72921,"type":599},"There is evidence that more state funding would benefit Europe. Without the €902 million ($982 million) in state aid provided by Germany, Northvolt would have built its Heide plant in the US to benefit from IRA support.",{"type":594,"attrs":72923,"content":72924},{"textAlign":49},[72925],{"text":72926,"type":599},"An additional factor highlighted by speakers was the simplicity of the US’ IRA, as opposed to the array of different funding mechanisms available in Europe.",{"type":594,"attrs":72928,"content":72929},{"textAlign":49},[72930],{"text":72931,"type":599},"“There is too much of a patchwork of different instruments… It is mind-blowingly complicated for entrepreneurs to actually know where to go,” Laloux said. ",{"type":594,"attrs":72933,"content":72934},{"textAlign":49},[72935],{"text":72936,"type":599,"marks":72937},"Watch Jean-Christophe Laloux, Director General of the European Investment Bank, present at Giga Europe 2024. ",[72938],{"type":643},{"type":594,"attrs":72940,"content":72941},{"textAlign":49},[72942,72945,72950],{"text":71767,"type":599,"marks":72943},[72944],{"type":643},{"text":6515,"type":599,"marks":72946},[72947,72949],{"type":604,"attrs":72948},{"href":71774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":72951},[72952],{"type":643},{"type":594,"attrs":72954,"content":72955},{"textAlign":49},[72956],{"text":72957,"type":599},"Another theme was the political and regulatory stability of the EU and the value of this for battery project financing. ",{"type":594,"attrs":72959,"content":72960},{"textAlign":49},[72961],{"text":72962,"type":599},"“The predictability and the stability of the entire set of policies is really important because the investment decisions that are being made, particularly in mining but also in gigafactories, are more in the space of decades than anything else,” Jeroen Kies, Co-Head of Branch at Sumitomo Mitsui Banking Corporation, said. ",{"type":594,"attrs":72964,"content":72965},{"textAlign":49},[72966],{"text":72967,"type":599},"The long-term nature of supply chain projects, along with the uncertainty driven by price volatility and manufacturing costs, makes predictable regulation all the more valuable. ",{"type":594,"attrs":72969,"content":72970},{"textAlign":49},[72971],{"text":72972,"type":599},"“We need to continue to travel the course straight. That will help us redirect private capital flows to low carbon investment,” Laloux said. ",{"type":594,"attrs":72974,"content":72975},{"textAlign":49},[72976],{"text":72977,"type":599},"Though the IRA has successfully garnered investment in the US battery supply chain, uncertainty over the next US election is a detractor for prospective investors. ",{"type":594,"attrs":72979,"content":72980},{"textAlign":49},[72981],{"text":72982,"type":599},"“(In Europe) we have stability, we are not questioning what is going to happen after November,” Christophe Hadjal, Managing Director of Société Générale, said. ","Securing funding for projects across the battery supply chain remains challenging despite strong demand long-term fundamentals. Uncertainty over raw material prices, costs of production, and the regulatory environment make investors hesitant, panellists told Benchmark’s Giga Europe conference attendees this week. At the event held in Sweden, speakers discussed Europe’s approach to funding projects and the […]",[72985],{"slug":544,"name":543,"content":72986},{"job_title":557,"image":72987,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6f27911f-addf-46d0-bad0-c8d7844eb13a\", \"id\": \"\"}-->",[72990,72991],{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":72993,"name":547,"focus":547,"title":72993,"source":547,"filename":72994,"copyright":547,"fieldtype":553,"meta_data":72995,"is_external_url":51},"The Access to Finance Panel at Giga Europe 2024","https://a.storyblok.com/f/287943243085208/ba54bb479d/bm-access-to-finance-panel-giga-europe-2024.jpg",{"alt":72993,"title":72993,"source":547,"copyright":547},"Mar 15, 2024",{"id":72998,"uuid":72999,"name":73000,"slug":73001,"full_slug":73002,"content":73003},112469911303739,"a1ae8e6f-3eec-4d8f-8ce1-fa553f228a31","Chinese nickel price drop pauses as cathode makers top up inventory","chinese-nickel-price-drop-pauses-as-cathode-makers-top-up-inventory","article/chinese-nickel-price-drop-pauses-as-cathode-makers-top-up-inventory",{"_uid":73004,"date":73005,"tags":73006,"editor":73009,"content":73013,"excerpt":73145,"featured":51,"reporter":73146,"_editable":73150,"component":864,"seo_title":73000,"categories":73151,"visibility":882,"author_company":49,"featured_image":73156,"seo_description":73145,"author_full_name":49,"author_job_title":49,"formattedDate":73158},"e83c8338-9979-45dc-9fa0-b89b9bab4230","2024-03-13 00:00",[73007,73008],{"slug":913,"name":914},{"slug":7994,"name":7995},[73010],{"slug":544,"name":543,"content":73011},{"job_title":557,"image":73012,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":73014},[73015,73020,73039,73049,73062,73067,73078,73083,73088,73095,73100,73105,73115,73120,73125,73130,73135,73140],{"type":594,"attrs":73016,"content":73017},{"textAlign":49},[73018],{"text":73019,"type":599},"Chinese nickel sulphate prices rose to their highest in four months at the end of February as nickel cobalt manganese (NCM) cathode makers topped up their depleting inventories amid tight supplies after the Chinese Spring Festival.",{"type":594,"attrs":73021,"content":73022},{"textAlign":49},[73023,73025,73030,73032,73038],{"text":73024,"type":599},"The latest uptick in prices also follows a number of ",{"text":73026,"type":599,"marks":73027},"production cuts",[73028],{"type":604,"attrs":73029},{"href":69867,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73031,"type":599}," announced last month by nickel producers in China and Indonesia as they looked to rein in losses and ",{"text":73033,"type":599,"marks":73034},"lower the supply surplus",[73035],{"type":604,"attrs":73036},{"href":73037,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/nickel/nickel-facilities-across-the-asia-announce-output-cuts-benchmark-nickel/",{"text":974,"type":599},{"type":594,"attrs":73040,"content":73041},{"textAlign":49},[73042,73044],{"text":73043,"type":599},"Average prices for nickel sulphate in China increased 4.2% to RMB 28,200 ($3,920) per tonne in the week ending February 29, reaching their highest level since November 2023, according to the ",{"text":73045,"type":599,"marks":73046},"Benchmark’s Nickel Price Assessment.",[73047],{"type":604,"attrs":73048},{"href":33252,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":73050,"content":73051},{"textAlign":49},[73052,73054,73060],{"text":73053,"type":599},"“Nickel demand from the battery sector is picking up whilst ",{"text":73055,"type":599,"marks":73056},"supply has been slow",[73057],{"type":604,"attrs":73058},{"href":73059,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-nickel-sulphate-prices-near-three-year-low-amid-weak-battery-demand",{"text":73061,"type":599}," to pick back up following the Spring Festival,” said Spencer Ingall, analyst at Benchmark.",{"type":594,"attrs":73063,"content":73064},{"textAlign":49},[73065],{"text":73066,"type":599},"The supplies were also tight as the Chinese-owned mixed hydroxide precipitate (MHP) producers in Indonesia took longer to resume operations after the key holiday when factory workers are on leave for nearly two weeks.",{"type":594,"attrs":73068,"content":73069},{"textAlign":49},[73070,73072,73077],{"text":73071,"type":599},"Nickel supply is expected to be in surplus of around 260,000 tonnes this year, according to the ",{"text":37427,"type":599,"marks":73073},[73074],{"type":604,"attrs":73075},{"href":73076,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/nickel/reports",{"text":974,"type":599},{"type":594,"attrs":73079,"content":73080},{"textAlign":49},[73081],{"text":73082,"type":599},"“Almost all of the negative price sentiment over the last year has been in reference to the oversupply in the nickel market,” said Ingall, adding that delay in the approval of mining quotas in Indonesia may restrict new refiners in the region from getting an allocated ore supply.",{"type":594,"attrs":73084,"content":73085},{"textAlign":49},[73086],{"text":73087,"type":599},"Prices of nickel sulphate CIF Asia (normalised) also saw an increase during the assessment period, up 5.7% to $17,546 per tonne. Meanwhile, nickel MHP CIF Asia prices increased 10.6% to $13,238 per tonne.",{"type":594,"attrs":73089,"content":73090},{"textAlign":49},[73091],{"type":1186,"attrs":73092},{"id":49,"alt":547,"src":73093,"title":49,"source":49,"copyright":49,"meta_data":73094},"https://a.storyblok.com/f/287943243085208/9cf00539ef/bm-nickel-price-chart-feb-24.png",{},{"type":594,"attrs":73096,"content":73097},{"textAlign":49},[73098],{"text":73099,"type":599},"Despite the recent buying uptick, the nickel supply chain remains cautious towards restocking due to concerns over falling nickel prices, according to Benchmark analyst Nicole Peng.",{"type":594,"attrs":73101,"content":73102},{"textAlign":49},[73103],{"text":73104,"type":599},"“Sulphate refiners currently have low inventory levels, with production dictated by demand every month, with the inventory of raw material MHP also low for the same reason,” said Peng.",{"type":594,"attrs":73106,"content":73107},{"textAlign":49},[73108,73110,73114],{"text":73109,"type":599},"Chinese nickel sulphate prices have declined 27.7% year-on-year, according to the ",{"text":39354,"type":599,"marks":73111},[73112],{"type":604,"attrs":73113},{"href":33252,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":73116,"content":73117},{"level":15966,"textAlign":49},[73118],{"text":73119,"type":599},"Benchmark to launch first of its kind sustainable nickel sulphate pricing",{"type":594,"attrs":73121,"content":73122},{"textAlign":49},[73123],{"text":73124,"type":599},"Benchmark will launch a Sustainable Nickel Sulphate, CIF Asia, price in March, in response to growing demand from the lithium ion battery supply chain for pricing which takes into account the sustainability credentials of the products under assessment.",{"type":594,"attrs":73126,"content":73127},{"textAlign":49},[73128],{"text":73129,"type":599},"The new price will be assessed by Benchmark using primary data collected directly from active market participants and will only consider transactions for material that originates from Industry Leading producers, according to the Benchmark’s Nickel Sustainability Index.",{"type":594,"attrs":73131,"content":73132},{"textAlign":49},[73133],{"text":73134,"type":599},"Benchmark’s Nickel Sustainability Index is published quarterly in the Benchmark Nickel ESG Report, and currently measures 79 indicators categorised under environmental, social and governance components to form a composite score.",{"type":594,"attrs":73136,"content":73137},{"textAlign":49},[73138],{"text":73139,"type":599},"Producers who score above 70, are deemed “Industry Leading” by Benchmark.",{"type":594,"attrs":73141,"content":73142},{"textAlign":49},[73143],{"text":73144,"type":599},"As with all other nickel grades under assessment, transactional price data is collected directly from active buyers and sellers in the market. Benchmark will only use price data for material traded on a spot basis and will publish the Sustainable Nickel Sulphate price on a fortnightly basis.","Chinese nickel sulphate prices rose to their highest in four months at the end of February as nickel cobalt manganese (NCM) cathode makers topped up their depleting inventories amid tight supplies after the Chinese Spring Festival. The latest uptick in prices also follows a number of production cuts announced last month by nickel producers in […]",[73147],{"slug":544,"name":543,"content":73148},{"job_title":557,"image":73149,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e83c8338-9979-45dc-9fa0-b89b9bab4230\", \"id\": \"\"}-->",[73152,73153,73154,73155],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":58930,"copyright":547,"fieldtype":553,"meta_data":73157,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 13, 2024",{"id":73160,"uuid":73161,"name":73162,"slug":73163,"full_slug":73164,"content":73165},112469916104252,"593940e4-30ad-4856-98c4-e9f154e203c7","Have lithium prices reached a bottom? ","have-lithium-prices-reached-a-bottom","article/have-lithium-prices-reached-a-bottom",{"_uid":73166,"date":73167,"tags":73168,"editor":73170,"content":73174,"excerpt":73408,"featured":51,"reporter":73409,"_editable":73413,"component":864,"seo_title":73162,"categories":73414,"visibility":882,"author_company":49,"featured_image":73416,"seo_description":73408,"author_full_name":49,"author_job_title":49,"formattedDate":73418},"5c996f86-57bd-4ca3-acb3-30ce78b47744","2024-03-12 00:00",[73169],{"slug":910,"name":911},[73171],{"slug":544,"name":543,"content":73172},{"job_title":557,"image":73173,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":73175},[73176,73187,73192,73202,73207,73212,73217,73229,73236,73241,73246,73258,73265,73270,73280,73285,73292,73297,73302,73307,73314,73319,73324,73329,73334,73339,73344,73349,73359,73364,73374,73383,73388,73393,73398,73403],{"type":594,"attrs":73177,"content":73178},{"textAlign":49},[73179,73180,73185],{"text":34139,"type":599},{"text":73181,"type":599,"marks":73182},"lithium chemicals",[73183],{"type":604,"attrs":73184},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73186,"type":599}," in the Chinese domestic market rose in early March, raising hopes that a year-long market rout might be over. ",{"type":594,"attrs":73188,"content":73189},{"textAlign":49},[73190],{"text":73191,"type":599},"Battery grade lithium carbonate prices in the Chinese domestic market rose by 11% w-o-w to reach RMB 106,000/tonne ($14,725) (EXW China), breaching the RMB 100,000/tonne threshold for the first time in 2024. ",{"type":594,"attrs":73193,"content":73194},{"textAlign":49},[73195,73200],{"text":73196,"type":599,"marks":73197},"Prices",[73198],{"type":604,"attrs":73199},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73201,"type":599}," for lithium hydroxide rose by 5.4% to an average of RMB 88,500/tonne ($12,300) (EXW China) in the week to 6 March.",{"type":594,"attrs":73203,"content":73204},{"textAlign":49},[73205],{"text":73206,"type":599},"Driving this change in sentiment is the expectation that battery production will increase this month, following a drawdown in cell inventories in China, pushing cathode makers to secure material on the spot market. ",{"type":594,"attrs":73208,"content":73209},{"textAlign":49},[73210],{"text":73211,"type":599},"In addition, there are reports of Chinese environmental inspections on lithium production in Jiangxi province, which could see output slow from some Chinese producers. ",{"type":594,"attrs":73213,"content":73214},{"textAlign":49},[73215],{"text":73216,"type":599},"Reflecting the change, lithium carbonate futures traded on the Guangzhou Futures Exchange have risen over the past two weeks. The market is currently in contango, where future prices are higher than current prices. ",{"type":594,"attrs":73218,"content":73219},{"textAlign":49},[73220,73222,73227],{"text":73221,"type":599},"Still, while the lithium price decline over the past year has been severe, Benchmark ",{"text":73223,"type":599,"marks":73224},"estimates",[73225],{"type":604,"attrs":73226},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73228,"type":599}," that only around 13% of current lithium supply is uneconomic at current prices – much of which is from new integrated Chinese producers, who aren’t under the same pricing pressures as others in the market. ",{"type":594,"attrs":73230,"content":73231},{"textAlign":49},[73232],{"type":1186,"attrs":73233},{"id":49,"alt":547,"src":73234,"title":49,"source":49,"copyright":49,"meta_data":73235},"https://a.storyblok.com/f/287943243085208/1e53c33a02/bm-13-lithium-loss-making.png",{},{"type":594,"attrs":73237,"content":73238},{"textAlign":49},[73239],{"text":73240,"type":599},"As such the market is likely to be finely balanced this year, with lithium prices stabilising in the near term. ",{"type":594,"attrs":73242,"content":73243},{"textAlign":49},[73244],{"text":73245,"type":599},"Lithium hydroxide prices are still double the average price in 2020, and most companies are still profitable, albeit margins have declined due to cost inflation. ",{"type":594,"attrs":73247,"content":73248},{"textAlign":49},[73249,73251,73256],{"text":73250,"type":599},"Today’s price levels do, however, pose a much greater risk to prospective suppliers, with nearly one third of the ",{"text":73252,"type":599,"marks":73253},"forecasted",[73254],{"type":604,"attrs":73255},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73257,"type":599}," production from projects under development requiring higher prices to incentivise new expansions. ",{"type":594,"attrs":73259,"content":73260},{"textAlign":49},[73261],{"type":1186,"attrs":73262},{"id":49,"alt":547,"src":73263,"title":49,"source":49,"copyright":49,"meta_data":73264},"https://a.storyblok.com/f/287943243085208/68cefe3044/bm-lithium-carbonate-cost-curve.png",{},{"type":657,"attrs":73266,"content":73267},{"level":15966,"textAlign":49},[73268],{"text":73269,"type":599},"Storing up a supply shortfall ",{"type":594,"attrs":73271,"content":73272},{"textAlign":49},[73273,73275],{"text":73274,"type":599},"Developments of greenfield projects required to meet the battery ambitions of the coming years have slowed following the downturn, putting a ",{"text":73276,"type":599,"marks":73277},"risk to much needed capacity expansions.",[73278],{"type":604,"attrs":73279},{"href":56118,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":73281,"content":73282},{"textAlign":49},[73283],{"text":73284,"type":599},"While 2023 and 2024 supply growth was primarily from existing and brownfield project expansions, 2025 will see strong growth from greenfield projects, comprising 21% of new supply. While the market is expected to reenter a deficit position by 2029, this timeline is now likely to be significantly shortened as greenfield projects are delayed. ",{"type":594,"attrs":73286,"content":73287},{"textAlign":49},[73288],{"type":1186,"attrs":73289},{"id":49,"alt":547,"src":73290,"title":49,"source":49,"copyright":49,"meta_data":73291},"https://a.storyblok.com/f/287943243085208/f11f9a0efd/bm-new-projects-required-to-close-the-deficit.png",{},{"type":594,"attrs":73293,"content":73294},{"textAlign":49},[73295],{"text":73296,"type":599},"Importantly, this overall market deficit doesn’t represent the split between integrated and non-integrated operators, which impacts open market availability, or account for the quality of lithium chemicals finding their way to market, much of which is expected to be sub-optimal for battery applications as new facilities ramp-up and refine processes. ",{"type":594,"attrs":73298,"content":73299},{"textAlign":49},[73300],{"text":73301,"type":599},"Lower prices are also likely to increase demand and place further strain on the market. A modelled high-case demand scenario indicates that ~1Mt of additional demand could be added if OEM targets and government policy decisions were to eventuate. While the market is unlikely to reach a high-case scenario, lower prices could shift base-case demand higher. ",{"type":594,"attrs":73303,"content":73304},{"textAlign":49},[73305],{"text":73306,"type":599},"In sum, higher demand, stimulated by lower prices, combined with delayed greenfield project developments, could very quickly shift the lithium market balance. ",{"type":594,"attrs":73308,"content":73309},{"textAlign":49},[73310],{"type":1186,"attrs":73311},{"id":49,"alt":547,"src":73312,"title":49,"source":49,"copyright":49,"meta_data":73313},"https://a.storyblok.com/f/287943243085208/865dcd689a/bm-lithium-defict-graph-1.png",{},{"type":657,"attrs":73315,"content":73316},{"level":15966,"textAlign":49},[73317],{"text":73318,"type":599},"What is happening with Chinese lepidolite? ",{"type":594,"attrs":73320,"content":73321},{"textAlign":49},[73322],{"text":73323,"type":599},"Lepidolite from Jiangxi, China, has been established as the marginal cost producer in the lithium market, primarily due to low ore grades (circa 0.2% Li2O). ",{"type":594,"attrs":73325,"content":73326},{"textAlign":49},[73327],{"text":73328,"type":599},"Costs range from around $16/kg to $27/kg, meaning that most of Jiangxi lepidolite is experiencing losses at today’s spot prices, according to Benchmark.",{"type":594,"attrs":73330,"content":73331},{"textAlign":49},[73332],{"text":73333,"type":599},"In addition, environmental investigations of lithium producers in Jiangxi province this month could add further costs, as they may be required to undertake additional processing of lithium slag. ",{"type":594,"attrs":73335,"content":73336},{"textAlign":49},[73337],{"text":73338,"type":599},"Benchmark has received indications this additional processing would cost approximately RMB 3,000-4,000/tonne of lithium carbonate extracted. ",{"type":594,"attrs":73340,"content":73341},{"textAlign":49},[73342],{"text":73343,"type":599},"Yet, despite this, company losses may be sustained for longer than expected, particularly for mines that are integrated with battery cell producers. ",{"type":594,"attrs":73345,"content":73346},{"textAlign":49},[73347],{"text":73348,"type":599},"Benchmark expects that mined lithium supply from Chinese mica is expected to increase by over 36% this year from 2023, despite the current price environment. ",{"type":594,"attrs":73350,"content":73351},{"textAlign":49},[73352,73354,73358],{"text":73353,"type":599},"As a result, the overall lithium market is set to be in a small surplus of around 8,000 tonnes this year, according to Benchmark’s ",{"text":55196,"type":599,"marks":73355},[73356],{"type":604,"attrs":73357},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":657,"attrs":73360,"content":73361},{"level":15966,"textAlign":49},[73362],{"text":73363,"type":599},"How are non-China prices developing? ",{"type":594,"attrs":73365,"content":73366},{"textAlign":49},[73367,73368,73372],{"text":34139,"type":599},{"text":878,"type":599,"marks":73369},[73370],{"type":604,"attrs":73371},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73373,"type":599}," in Europe and North America are continuing to fall as price contract mechanisms update to reflect recent spot price trends in Asia, putting further pressure on new mines and plants in development. ",{"type":594,"attrs":73375,"content":73376},{"textAlign":49},[73377,73381],{"text":73196,"type":599,"marks":73378},[73379],{"type":604,"attrs":73380},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73382,"type":599}," for lithium hydroxide material out of North America fell by 8.3% during the assessment period, to reach an average of $13,750/tonne (FOB NA), due to particularly slow procurement interest from buyers.",{"type":594,"attrs":73384,"content":73385},{"textAlign":49},[73386],{"text":73387,"type":599},"In Asia, Benchmark assessed lithium carbonate contract prices on a CIF Asia basis falling moderately to an average of $15,000/tonne during the assessment period.",{"type":594,"attrs":73389,"content":73390},{"textAlign":49},[73391],{"text":73392,"type":599},"However, with major Japanese and Korean battery buyers consuming the majority of their lithium allocation under longer-term agreements, the average input price for many remains significantly higher than these levels and is likely to remain elevated for much of 2024. ",{"type":594,"attrs":73394,"content":73395},{"textAlign":49},[73396],{"text":73397,"type":599},"Increasing orders from these battery majors mean, even at these price levels, the world’s largest lithium producers are all still increasing supply output this year, as they predict demand growth will remain strong. ",{"type":594,"attrs":73399,"content":73400},{"textAlign":49},[73401],{"text":73402,"type":599},"Albemarle said it will increase sales volumes by between 10% to 20% in 2024, compared to 35% growth in 2023. While Chile’s SQM said it will increase supply by between 5% to 10%. ",{"type":594,"attrs":73404,"content":73405},{"textAlign":49},[73406],{"text":73407,"type":599},"Australia’s Pilbara Minerals said that it is on track to ramp up operations at its Pilgangoora project to 640,000-680,000 tonnes per year of spodumene concentrate by the third quarter. ","Prices for lithium chemicals in the Chinese domestic market rose in early March, raising hopes that a year-long market rout might be over. Battery grade lithium carbonate prices in the Chinese domestic market rose by 11% w-o-w to reach RMB 106,000/tonne ($14,725) (EXW China), breaching the RMB 100,000/tonne threshold for the first time in 2024. […]",[73410],{"slug":544,"name":543,"content":73411},{"job_title":557,"image":73412,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5c996f86-57bd-4ca3-acb3-30ce78b47744\", \"id\": \"\"}-->",[73415],{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":36576,"copyright":547,"fieldtype":553,"meta_data":73417,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 12, 2024",{"id":73420,"uuid":73421,"name":73422,"slug":73423,"full_slug":73424,"content":73425},112469926057535,"ca9696d8-0036-409e-b49d-3934cf652861","Europe’s anode supply chain converges on Sweden","europes-anode-supply-chain-converges-on-sweden","article/europes-anode-supply-chain-converges-on-sweden",{"_uid":73426,"date":73427,"tags":73428,"editor":73433,"content":73437,"excerpt":73644,"featured":51,"reporter":73645,"_editable":73649,"component":864,"seo_title":73422,"categories":73650,"visibility":2091,"author_company":49,"featured_image":73656,"seo_description":73644,"author_full_name":49,"author_job_title":49,"formattedDate":73659},"f6df986c-f0a8-40d8-b6e5-bb08392502dd","2024-03-11 00:00",[73429,73430,73431],{"slug":10097,"name":10098},{"slug":2790,"name":2791},{"slug":73432,"name":71684},"sweden",[73434],{"slug":544,"name":543,"content":73435},{"job_title":557,"image":73436,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":73438},[73439,73444,73463,73476,73487,73492,73504,73517,73530,73542,73549,73554,73559,73564,73576,73581,73586,73591,73603,73613,73618,73630,73637],{"type":594,"attrs":73440,"content":73441},{"textAlign":49},[73442],{"text":73443,"type":599},"Sweden is emerging as the leading hub for Europe’s battery anode value chain, as part of a broader trend of midstream battery investments converging around mineral-rich countries in Scandinavia. ",{"type":594,"attrs":73445,"content":73446},{"textAlign":49},[73447,73449,73454,73456,73461],{"text":73448,"type":599},"Since the EU’s Critical Raw Materials Act (CRMA) ",{"text":73450,"type":599,"marks":73451},"mandated that at least 40%",[73452],{"type":604,"attrs":73453},{"href":70357,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73455,"type":599}," of the bloc’s consumption of critical raw materials be processed in Europe, ",{"text":73457,"type":599,"marks":73458},"projections for Sweden’s 2030 anode production",[73459],{"type":604,"attrs":73460},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73462,"type":599}," have risen 132% year-on-year.",{"type":594,"attrs":73464,"content":73465},{"textAlign":49},[73466,73468,73474],{"text":73467,"type":599},"Last year, China’s Shanghai ",{"text":73469,"type":599,"marks":73470},"Putailai announced it planned to build Europe’s largest anode production",[73471],{"type":604,"attrs":73472},{"href":73473,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europes-anode-market-set-to-accelerate-with-putailai-talga-plants",{"text":73475,"type":599}," facility in Sundsvall, Sweden. The leading anode player is targeting a nameplate capacity of 100,000 tonnes per year of synthetic graphite anode materials. Talga Group is also planning on 104,000 tonnes per year of natural graphite anode capacity across multiple sites in Sweden, with first production from its 19,500 tonnes per year plant in Luleå scheduled for 2024.",{"type":594,"attrs":73477,"content":73478},{"textAlign":49},[73479,73481,73485],{"text":73480,"type":599},"These developments have seen Sweden set to account for over 40% of the EU’s anode production from 2028 onwards, according to ",{"text":48956,"type":599,"marks":73482},[73483],{"type":604,"attrs":73484},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73486,"type":599},". Neighbouring Finland has also benefited from a slew of anode related investments, as the two countries combine for 76% of the EU’s total planned anode capacity.",{"type":657,"attrs":73488,"content":73489},{"level":15966,"textAlign":49},[73490],{"text":73491,"type":599},"Logic of localisation key to investments",{"type":594,"attrs":73493,"content":73494},{"textAlign":49},[73495,73497,73502],{"text":73496,"type":599},"The economic benefits of vertical integration is underpinning this trend. ",{"text":73498,"type":599,"marks":73499},"Sweden is the only EU member state",[73500],{"type":604,"attrs":73501},{"href":64717,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73503,"type":599}," set to produce spherical graphite material through to 2040",{"type":594,"attrs":73505,"content":73506},{"textAlign":49},[73507,73509,73515],{"text":73508,"type":599},"Talga Group’s spherical graphite production facility in Luleå is set to be first vertically integrated anode producer within the EU. The company",{"text":73510,"type":599,"marks":73511}," broke ground on Europe’s first anode plant in October 2023",[73512],{"type":604,"attrs":73513},{"href":73514,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europes-looming-battery-anode-shortage",{"text":73516,"type":599},", later integrating supply from its own mine once in production.",{"type":594,"attrs":73518,"content":73519},{"textAlign":49},[73520,73522,73528],{"text":73521,"type":599},"Alongside meeting the CRMA’s extraction requirements, ",{"text":73523,"type":599,"marks":73524},"China’s recent graphite exports restrictions",[73525],{"type":604,"attrs":73526},{"href":73527,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-graphite-export-restrictions-could-hinder-ex-china-anode-development",{"text":73529,"type":599}," has underscored the benefit of access to locally sourced feed. ",{"type":594,"attrs":73531,"content":73532},{"textAlign":49},[73533,73535,73540],{"text":73534,"type":599},"“These",{"text":73536,"type":599,"marks":73537}," restrictions",[73538],{"type":604,"attrs":73539},{"href":73527,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73541,"type":599}," have increased attention from downstream players to the importance of supply diversification and sourcing material from ex-China markets,” said Tony Alderson, anode analyst at Benchmark.",{"type":594,"attrs":73543,"content":73544},{"textAlign":49},[73545],{"type":1186,"attrs":73546},{"id":49,"alt":547,"src":73547,"title":49,"source":49,"copyright":49,"meta_data":73548},"https://a.storyblok.com/f/287943243085208/bd3bd55ebe/bm-swedenmap.png",{},{"type":594,"attrs":73550,"content":73551},{"textAlign":49},[73552],{"text":73553,"type":599},"The draw of Sweden is also close proximity to Northvolt’s European operations. Puitali’s facility is slated to begin producing anode material for the Swedish cell manufacturer once in production in 2025, while fellow anode entrants in the region are targeting Northvolt as a key customer for their material.",{"type":657,"attrs":73555,"content":73556},{"level":15966,"textAlign":49},[73557],{"text":73558,"type":599},"Sweden offers improved sustainability credentials",{"type":594,"attrs":73560,"content":73561},{"textAlign":49},[73562],{"text":73563,"type":599},"Sweden’s energy mix offers further incentive for midstream investment in the region. Renewables accounted for 67% of its grid in 2023 (compared to an EU average of 22%), the majority of which is hydroelectric power.",{"type":594,"attrs":73565,"content":73566},{"textAlign":49},[73567,73569,73574],{"text":73568,"type":599},"This is particularly pertinent for anode producers using synthetic graphite as feed, as ",{"text":73570,"type":599,"marks":73571},"the Benchmark Graphite ESG Report",[73572],{"type":604,"attrs":73573},{"href":65842,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73575,"type":599}," indicates that in China anode production from synthetic graphite is on average 83% more carbon-intensive than its natural graphite peers.",{"type":594,"attrs":73577,"content":73578},{"textAlign":49},[73579],{"text":73580,"type":599},"“Producing anode material from synthetic graphite is a carbon-intensive process and suppliers are under increased scrutiny from customers over their energy use,” said Alderson. “Sweden’s hydro-electric power offers anode players a way to introduce renewables into their production process.” ",{"type":594,"attrs":73582,"content":73583},{"textAlign":49},[73584],{"text":73585,"type":599},"A close proximity to downstream customers in Europe would also considerably reduce the carbon emissions linked to transportation, when compared to shipping material from China.",{"type":657,"attrs":73587,"content":73588},{"level":15966,"textAlign":49},[73589],{"text":73590,"type":599},"Supply overhang spooks investors ",{"type":594,"attrs":73592,"content":73593},{"textAlign":49},[73594,73596,73601],{"text":73595,"type":599},"Despite a widening ",{"text":73597,"type":599,"marks":73598},"disconnect between Europe’s anode supply and demand",[73599],{"type":604,"attrs":73600},{"href":73514,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73602,"type":599},", the global oversupply in the anode market is hamstringing new investment in Europe. ",{"type":594,"attrs":73604,"content":73605},{"textAlign":49},[73606,73608,73612],{"text":73607,"type":599},"The anode market is set to sustain a structural surplus until 2029, although much of the excess capacity in China is supply targeted for energy storage system markets – according to ",{"text":48956,"type":599,"marks":73609},[73610],{"type":604,"attrs":73611},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":73614,"content":73615},{"textAlign":49},[73616],{"text":73617,"type":599},"“Anode players in Europe are finding it hard to drum up new investment for expansion plans, as the structural oversupply in China scares off investors,” said Alderson.",{"type":594,"attrs":73619,"content":73620},{"textAlign":49},[73621,73623,73628],{"text":73622,"type":599},"To date ",{"text":73624,"type":599,"marks":73625},"anode prices",[73626],{"type":604,"attrs":73627},{"href":71375,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73629,"type":599}," have experienced double digit declines year-on-year across the board, as excess capacity in China has led producers to target lower-value end use markets in order to retain market share.",{"type":594,"attrs":73631,"content":73632},{"textAlign":49},[73633],{"text":73634,"type":599,"marks":73635},"Benchmark provides independent price assessment and forecast for anode as part of our leading market intelligence covering the lithium ion battery to EV supply chain.",[73636],{"type":643},{"type":594,"attrs":73638,"content":73639},{"textAlign":49},[73640],{"text":73641,"type":599,"marks":73642},"For further detailed insight into Benchmark’s battery cell coverage, please provide your details here and our experts will be in touch with you soon.",[73643],{"type":643},"Sweden is emerging as the leading hub for Europe’s battery anode value chain, as part of a broader trend of midstream battery investments converging around mineral-rich countries in Scandinavia. Since the EU’s Critical Raw Materials Act (CRMA) mandated that at least 40% of the bloc’s consumption of critical raw materials be processed in Europe, projections […]",[73646],{"slug":544,"name":543,"content":73647},{"job_title":557,"image":73648,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f6df986c-f0a8-40d8-b6e5-bb08392502dd\", \"id\": \"\"}-->",[73651,73652,73653,73654,73655],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":73657,"copyright":547,"fieldtype":553,"meta_data":73658,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/91603b582e/bm-talga-mine.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 11, 2024",{"id":73661,"uuid":73662,"name":73663,"slug":73664,"full_slug":73665,"content":73666},112469940549186,"0641cd0d-8f80-4a95-9e73-c22371d23c2a","LGES doubles down on LFP but nickel-based chemistries central to long term plans ","lges-doubles-down-on-lfp-but-nickel-based-chemistries-central-to-long-term-plans","article/lges-doubles-down-on-lfp-but-nickel-based-chemistries-central-to-long-term-plans",{"_uid":73667,"date":73668,"tags":73669,"editor":73671,"content":73675,"excerpt":73763,"featured":51,"reporter":73764,"_editable":73768,"component":864,"seo_title":73663,"categories":73769,"visibility":882,"author_company":49,"featured_image":73778,"seo_description":73763,"author_full_name":49,"author_job_title":49,"formattedDate":73780},"4099e644-81ac-40b2-9056-e50867f8d82c","2024-03-08 00:00",[73670],{"slug":3117,"name":3118},[73672],{"slug":544,"name":543,"content":73673},{"job_title":557,"image":73674,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":73676},[73677,73682,73687,73692,73697,73708,73721,73732,73737,73747,73752],{"type":594,"attrs":73678,"content":73679},{"textAlign":49},[73680],{"text":73681,"type":599},"South Korean battery producer LG Energy Solution (LGES) has firmed up its commitment to lithium iron phosphate (LFP) cell production with the signing a long-term supply agreement with Chinese cathode maker Changzhou Liyuan. ",{"type":594,"attrs":73683,"content":73684},{"textAlign":49},[73685],{"text":73686,"type":599},"The cathode manufacturer will supply LGES with 160,000 tonnes of LFP products between 2024 and 2028. The deal is indicative of wider trends in the market where interest in LFP continues to grow. ",{"type":594,"attrs":73688,"content":73689},{"textAlign":49},[73690],{"text":73691,"type":599},"“Historically, South Korean cathode and cell manufacturers have focused on nickel chemistries, but with announcements like this from LGES we are increasingly seeing these players diversifying into LFP too,” said Matt Stock, product director for new technology at Benchmark.",{"type":594,"attrs":73693,"content":73694},{"textAlign":49},[73695],{"text":73696,"type":599},"“There is strong demand for LFP, but the majority of the supply capacity is from China, with little capacity elsewhere,” added Stock.",{"type":594,"attrs":73698,"content":73699},{"textAlign":49},[73700,73702,73706],{"text":73701,"type":599},"In 2023, China was responsible for 99% of global LFP output, according to ",{"text":42098,"type":599,"marks":73703},[73704],{"type":604,"attrs":73705},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73707,"type":599},". By 2030, based on current developments, China’s market share is set to be 90% with South Korea set to be the second largest LFP cathode-producing country but with just 3% of global output. ",{"type":594,"attrs":73709,"content":73710},{"textAlign":49},[73711,73713,73719],{"text":73712,"type":599},"Demand is rising for LFP cathodes due to their lower cost, improved safety profile, and superior lifecycle. Cost is an especially pertinent issue as ",{"text":73714,"type":599,"marks":73715},"demand growth for EVs has slowed",[73716],{"type":604,"attrs":73717},{"href":73718,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ev-sales-growth-has-slowed-but-has-not-been-derailed",{"text":73720,"type":599}," and Western car manufacturers compete with cheaper Chinese models. ",{"type":594,"attrs":73722,"content":73723},{"textAlign":49},[73724,73726,73730],{"text":73725,"type":599},"LFP cells currently make up 49% of global cell chemistry capacity, whilst nickel cobalt manganese (NCM) chemistries make up 42%, according to ",{"text":70211,"type":599,"marks":73727},[73728],{"type":604,"attrs":73729},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73731,"type":599},". By 2030, NCM chemistries will make up 51% of global capacity, with LFP falling to 44%. Though the market balance is set to shift, capacity for both chemistries will grow significantly: more than quadrupling in size in the case of NCM chemistries and more than doubling for LFP.",{"type":657,"attrs":73733,"content":73734},{"level":15966,"textAlign":49},[73735],{"text":73736,"type":599},"Nickel-based cells still key to LGES strategy",{"type":594,"attrs":73738,"content":73739},{"textAlign":49},[73740,73742,73746],{"text":73741,"type":599},"LGES is currently predominantly focused on nickel based cathode chemistries. Prior to its agreement with Changzhou Liyuan, LGES had 670 GWh of cell production capacity for 2030, over 90% of which will be dedicated to nickel-based cells, according to ",{"text":41013,"type":599,"marks":73743},[73744],{"type":604,"attrs":73745},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":73748,"content":73749},{"textAlign":49},[73750],{"text":73751,"type":599},"LGES currently produces LFP cells at its Michigan, US, plant and plans to produce LFP cells at its Arizona, US, site which is forecast to begin production in 2025.",{"type":594,"attrs":73753,"content":73754},{"textAlign":49},[73755,73757,73762],{"text":73756,"type":599},"LG Chem, the parent company of LGES, has agreed a ",{"text":73758,"type":599,"marks":73759},"partnership with Huayou Group",[73760],{"type":604,"attrs":73761},{"href":63596,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":63598,"type":599},"South Korean battery producer LG Energy Solution (LGES) has firmed up its commitment to lithium iron phosphate (LFP) cell production with the signing a long-term supply agreement with Chinese cathode maker Changzhou Liyuan. The cathode manufacturer will supply LGES with 160,000 tonnes of LFP products between 2024 and 2028. The deal is indicative of wider […]",[73765],{"slug":544,"name":543,"content":73766},{"job_title":557,"image":73767,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4099e644-81ac-40b2-9056-e50867f8d82c\", \"id\": \"\"}-->",[73770,73771,73772,73773,73774,73775,73776,73777],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":4811,"name":4812},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":4332,"name":4333},{"id":49,"alt":59592,"name":547,"focus":547,"title":59592,"source":547,"filename":59593,"copyright":547,"fieldtype":553,"meta_data":73779,"is_external_url":51},{"alt":59592,"title":59592,"source":547,"copyright":547},"Mar 08, 2024",{"id":73782,"uuid":73783,"name":73784,"slug":73785,"full_slug":73786,"content":73787},112469930862144,"d17a273c-6e8c-4d46-ba8a-5c32ed5249fa","Europe leads on board gender diversity in lithium mining","europe-leads-on-board-gender-diversity-in-lithium-mining","article/europe-leads-on-board-gender-diversity-in-lithium-mining",{"_uid":73788,"date":73668,"tags":73789,"editor":73795,"content":73799,"excerpt":73909,"featured":51,"reporter":73910,"_editable":73914,"component":864,"seo_title":73784,"categories":73915,"visibility":2091,"author_company":49,"data_vis_image":73919,"featured_image":73921,"seo_description":73909,"author_full_name":49,"author_job_title":49,"formattedDate":73780},"4c02ea11-5127-436a-bb50-49415d729de5",[73790,73791,73792,73793,73794],{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":39872,"name":39873},{"slug":39875,"name":39876},{"slug":23760,"name":23761},[73796],{"slug":544,"name":543,"content":73797},{"job_title":557,"image":73798,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":73800},[73801,73812,73817,73822,73833,73841,73858,73870,73882,73887,73892,73904],{"type":594,"attrs":73802,"content":73803},{"textAlign":49},[73804,73806,73811],{"text":73805,"type":599},"Lithium mining companies operating or developing in Europe have stronger gender diversity at the board level than other regions, according to ",{"text":73807,"type":599,"marks":73808},"Benchmark’s Lithium Sustainability Index",[73809],{"type":604,"attrs":73810},{"href":70078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":73813,"content":73814},{"textAlign":49},[73815],{"text":73816,"type":599},"Of the 24 lithium mining companies with projects in Europe that disclose their board members, there is an average of 26% female representation. This compares to a 13% global average.",{"type":594,"attrs":73818,"content":73819},{"textAlign":49},[73820],{"text":73821,"type":599},"“Balance in boards responsible for major decision-making at companies is not only essential from a Diversity and Inclusion perspective, but reports demonstrate how diverse boards ultimately have a positive impact on company performance,” Sarah Colbourn, Acting Head of Sustainability at Benchmark, said. “Gender diversity at board level sets the tone for the business more broadly.”",{"type":594,"attrs":73823,"content":73824},{"textAlign":49},[73825,73827,73831],{"text":73826,"type":599},"Europe accounted for just 0.2% of global mined lithium production in 2023, according to ",{"text":24541,"type":599,"marks":73828},[73829],{"type":604,"attrs":73830},{"href":67404,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73832,"type":599},". This is set to grow to 3.2% by 2030.",{"type":594,"attrs":73834,"content":73835},{"textAlign":49},[73836],{"type":1186,"attrs":73837},{"id":49,"alt":73838,"src":73839,"title":49,"source":49,"copyright":49,"meta_data":73840},"Europe leads in lithium mining board gender diversity","https://a.storyblok.com/f/287943243085208/fd65efc437/bm-lithium-gender-diversity-boards-13146039cd6d.png",{},{"type":594,"attrs":73842,"content":73843},{"textAlign":49},[73844,73850,73851,73856],{"text":73845,"type":599,"marks":73846},"Oceania",[73847],{"type":604,"attrs":73848},{"href":73849,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/australia-on-course-to-remain-number-one-lithium-producer-to-2030",{"text":1440,"type":599},{"text":16988,"type":599,"marks":73852},[73853],{"type":604,"attrs":73854},{"href":73855,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/south-america-set-to-become-leading-lithium-producing-region-in-2027",{"text":73857,"type":599}," are the world’s largest lithium producing regions, representing 40% and 33% of mined lithium supply in 2023. However, companies operating or developing lithium projects in Oceania had an average of just 11% gender diversity on their boards compared to 20% in South America.",{"type":594,"attrs":73859,"content":73860},{"textAlign":49},[73861,73863,73868],{"text":73862,"type":599},"Lithium mining companies with ",{"text":73864,"type":599,"marks":73865},"African",[73866],{"type":604,"attrs":73867},{"href":66914,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73869,"type":599}," projects had the lowest gender diversity with the average board comprising just 10% female representation amongst those that disclose their board members.",{"type":594,"attrs":73871,"content":73872},{"textAlign":49},[73873,73874,73880],{"text":2372,"type":599},{"text":73875,"type":599,"marks":73876},"United Nations has Gender Equality",[73877],{"type":604,"attrs":73878},{"href":73879,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/women-make-up-less-than-a-third-of-lithium-mining-boards",{"text":73881,"type":599}," as one of its Sustainable Development Goals. Policy at the country and regional level can help progress towards this goal.",{"type":594,"attrs":73883,"content":73884},{"textAlign":49},[73885],{"text":73886,"type":599},"The European Union has mandatory gender diversity quotas as part of its Gender Equality Strategy. In 2022, as part of this strategy, the bloc approved a directive on gender balance on corporate boards.",{"type":594,"attrs":73888,"content":73889},{"textAlign":49},[73890],{"text":73891,"type":599},"The directive states that by 2026, listed companies in Europe should “aim to have members of the underrepresented sex” holding at least 40% of non-executive director positions or 33% of all director positions.",{"type":594,"attrs":73893,"content":73894},{"textAlign":49},[73895,73897,73902],{"text":73896,"type":599},"Gender diversity is a key part of broader",{"text":73898,"type":599,"marks":73899}," environmental, social, and governance",[73900],{"type":604,"attrs":73901},{"href":67758,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73903,"type":599}," (ESG) aims.",{"type":594,"attrs":73905,"content":73906},{"textAlign":49},[73907],{"text":73908,"type":599},"“Though we see a focus on carbon, that’s not to say it should be–or is–the primary focus of the industry and supply chain from a sustainability perspective,” Colbourn said. “We have reflected this in our Sustainability Indexes whereby no weightings are currently applied to different sub-components.”","Lithium mining companies operating or developing in Europe have stronger gender diversity at the board level than other regions, according to Benchmark’s Lithium Sustainability Index. Of the 24 lithium mining companies with projects in Europe that disclose their board members, there is an average of 26% female representation. This compares to a 13% global average. […]",[73911],{"slug":544,"name":543,"content":73912},{"job_title":557,"image":73913,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4c02ea11-5127-436a-bb50-49415d729de5\", \"id\": \"\"}-->",[73916,73917,73918],{"slug":872,"name":873},{"slug":878,"name":8},{"slug":16964,"name":16965},{"id":49,"alt":73838,"name":547,"focus":547,"title":73838,"source":547,"filename":73839,"copyright":547,"fieldtype":553,"meta_data":73920,"is_external_url":51},{"alt":73838,"title":73838,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":73922,"copyright":547,"fieldtype":553,"meta_data":73923,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/902f23d8aa/bm-diverse-board-image.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":73925,"uuid":73926,"name":73927,"slug":73928,"full_slug":73929,"content":73930},112469955085893,"16aaebfb-e5e7-46f3-a6c8-ff539515dc48","Syrah-Posco offtake agreement highlights appetite for ex-China flake graphite ","syrah-posco-offtake-agreement-highlights-appetite-for-ex-china-flake-graphite","article/syrah-posco-offtake-agreement-highlights-appetite-for-ex-china-flake-graphite",{"_uid":73931,"date":73932,"tags":73933,"editor":73938,"content":73942,"excerpt":74056,"featured":51,"reporter":74057,"_editable":74061,"component":864,"seo_title":73927,"categories":74062,"visibility":882,"author_company":49,"featured_image":74067,"seo_description":74056,"author_full_name":49,"author_job_title":49,"formattedDate":74070},"06b6fd42-c9af-4151-93d3-05145766ed28","2024-03-07 00:00",[73934,73935,73936,73937],{"slug":584,"name":585},{"slug":913,"name":914},{"slug":4369,"name":4370},{"slug":3877,"name":3878},[73939],{"slug":544,"name":543,"content":73940},{"job_title":557,"image":73941,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":73943},[73944,73949,73954,73959,73964,73969,73976,73987,73992,73997,74008,74013,74033,74038,74043],{"type":594,"attrs":73945,"content":73946},{"textAlign":49},[73947],{"text":73948,"type":599},"Growing natural graphite production from African countries is attracting interest from ex-China downstream players, which are looking for ways to diversify their supply sources. ",{"type":594,"attrs":73950,"content":73951},{"textAlign":49},[73952],{"text":73953,"type":599},"Last week, Australian integrated natural graphite producer Syrah Resources signed a long-term offtake agreement with anode maker Posco Future M. ",{"type":594,"attrs":73955,"content":73956},{"textAlign":49},[73957],{"text":73958,"type":599},"Graphite concentrate will be sourced from Syrah’s Balama mine in Mozambique, with the South Korean company taking up to 60,000 tonnes per year from the second year to the end of the six year term.",{"type":594,"attrs":73960,"content":73961},{"textAlign":49},[73962],{"text":73963,"type":599},"“The agreement signifies the continued strategic shift downstream players located outside of China are taking towards reducing their reliance on the Chinese materials market,” said Tony Alderson, a graphite analyst at Benchmark. ",{"type":657,"attrs":73965,"content":73966},{"level":15966,"textAlign":49},[73967],{"text":73968,"type":599},"Africa’s growing graphite production",{"type":594,"attrs":73970,"content":73971},{"textAlign":49},[73972],{"type":1186,"attrs":73973},{"id":49,"alt":547,"src":73974,"title":49,"source":49,"copyright":49,"meta_data":73975},"https://a.storyblok.com/f/287943243085208/b9a5c7f6cb/bm-china-vs-africa-vs-row-chart.png",{},{"type":594,"attrs":73977,"content":73978},{"textAlign":49},[73979,73981,73985],{"text":73980,"type":599},"In 2024, 64% of global natural graphite production is forecast to come from China, whilst 22% is expected to come from African countries, according to Benchmark’s ",{"text":65868,"type":599,"marks":73982},[73983],{"type":604,"attrs":73984},{"href":65872,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":73986,"type":599},". By 2030, production from African countries is expected to grow to 37%, whilst China’s drops to 38%. The growth in African graphite is driven primarily by Madagascar, Mozambique, and Tanzania. ",{"type":594,"attrs":73988,"content":73989},{"textAlign":49},[73990],{"text":73991,"type":599},"Africa is forecast to bring online significant flake graphite production in coming years, but there is little downstream spherical graphite capacity being developed in the region. Currently, NextSource’s planned anode facility in Mauritius stands as the sole vertical integration venture on the continent. ",{"type":594,"attrs":73993,"content":73994},{"textAlign":49},[73995],{"text":73996,"type":599},"“This trend is attributed to manufacturers’ preferences to process materials closer to their downstream customers, as well as the attraction of incentives offered for production in European and North American regions,” according to Alderson. ",{"type":594,"attrs":73998,"content":73999},{"textAlign":49},[74000,74002,74006],{"text":74001,"type":599},"In 2023, 92% of global anode supply came from China, according to ",{"text":48956,"type":599,"marks":74003},[74004],{"type":604,"attrs":74005},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74007,"type":599},". By 2033, Benchmark forecasts China’s market share will fall to 78%, as total global output is set to reach almost 4 million tonnes.",{"type":657,"attrs":74009,"content":74010},{"level":15966,"textAlign":49},[74011],{"text":74012,"type":599},"Geopolitical factors drive investments in ex-China supply",{"type":594,"attrs":74014,"content":74015},{"textAlign":49},[74016,74018,74023,74025,74031],{"text":74017,"type":599},"Battery manufacturers have been seeking to source materials and products from outside of China since the enactment of the US’ Inflation Reduction Act (IRA) in 2022. From 2025, companies must source battery products and materials from companies not ",{"text":74019,"type":599,"marks":74020},"associated with China or other ‘Foreign Entities of Concern",[74021],{"type":604,"attrs":74022},{"href":57972,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74024,"type":599},"’ to qualify for electric vehicle tax credits. The European Union’s",{"text":74026,"type":599,"marks":74027}," Critical Raw Material Act",[74028],{"type":604,"attrs":74029},{"href":74030,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-achievable-are-the-eu-critical-raw-materials-targets",{"text":74032,"type":599}," serves a similar purpose, seeking to reduce dependence on China for green technology.",{"type":594,"attrs":74034,"content":74035},{"textAlign":49},[74036],{"text":74037,"type":599},"“Since the IRA, there has been significant investment in ex-China graphite and anode projects, with the US anode capacity pipeline increasing by nearly 150% post-IRA announcement,” said Alderson. ",{"type":594,"attrs":74039,"content":74040},{"textAlign":49},[74041],{"text":74042,"type":599},"US anode capacity expansion is the result of more than $5 billion worth of investment announced since the enactment of the IRA, according to Benchmark data. The EU has undergone a similar capacity ramp up, rising from 191,000 tonnes per year in July 2022 to 486,000 tonnes per year in February 2024, a 154% increase.",{"type":594,"attrs":74044,"content":74045},{"textAlign":49},[74046,74048,74054],{"text":74047,"type":599},"Chinese graphite export regulations, which came into effect in December 2023, present an additional incentive for reducing dependence on Chinese-sourced graphite. The regulations require companies to apply for licences to export graphite products. China has ",{"text":74049,"type":599,"marks":74050},"approved Posco Future M’s licence",[74051],{"type":604,"attrs":74052},{"href":74053,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/natural-graphite/china-approves-graphite-export-licenses-to-south-korea-benchmark-graphite/?categories=demand,mining,prices,processing-refining&search=south%20korea",{"text":74055,"type":599}," to export graphite material to South Korea.","Growing natural graphite production from African countries is attracting interest from ex-China downstream players, which are looking for ways to diversify their supply sources. Last week, Australian integrated natural graphite producer Syrah Resources signed a long-term offtake agreement with anode maker Posco Future M. Graphite concentrate will be sourced from Syrah’s Balama mine in Mozambique, […]",[74058],{"slug":544,"name":543,"content":74059},{"job_title":557,"image":74060,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"06b6fd42-c9af-4151-93d3-05145766ed28\", \"id\": \"\"}-->",[74063,74064,74065,74066],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":74068,"copyright":547,"fieldtype":553,"meta_data":74069,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cabe64b336/bm-gis-balama-mine-site.png",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 07, 2024",{"id":74072,"uuid":74073,"name":74074,"slug":74075,"full_slug":74076,"content":74077},112469965018695,"35218634-a7bb-45e6-9727-ce5c53d1942e","CRMA boosts EU’s 2030 battery recycling pipeline by 28% ","crma-boosts-eus-2030-battery-recycling-pipeline-by-28","article/crma-boosts-eus-2030-battery-recycling-pipeline-by-28",{"_uid":74078,"date":74079,"tags":74080,"editor":74085,"content":74089,"excerpt":74239,"featured":51,"reporter":74240,"_editable":74244,"component":864,"seo_title":74074,"categories":74245,"visibility":882,"author_company":49,"featured_image":74253,"seo_description":74239,"author_full_name":49,"author_job_title":49,"formattedDate":74256},"8b88f953-125d-48f3-989d-20056b396dbd","2024-03-06 00:00",[74081,74082,74083,74084],{"slug":10097,"name":10098},{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":4610,"name":662},[74086],{"slug":544,"name":543,"content":74087},{"job_title":557,"image":74088,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":74090},[74091,74103,74108,74114,74125,74138,74143,74154,74159,74177,74189,74209,74214,74219,74224,74229],{"type":594,"attrs":74092,"content":74093},{"textAlign":49},[74094,74096,74101],{"text":74095,"type":599},"Ambitious recycling targets under the EU’s Critical Raw Materials Act (CRMA) are creating investment opportunities in Europe, as the ",{"text":74097,"type":599,"marks":74098},"Benchmark Recycling Forecast",[74099],{"type":604,"attrs":74100},{"href":61107,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74102,"type":599}," added 22 European facilities to its battery recyclers database in 2023. Commitments that have increased the bloc’s 2030 battery recycling capacity pipeline by 28% on a year-on-year basis. ",{"type":594,"attrs":74104,"content":74105},{"textAlign":49},[74106],{"text":74107,"type":599},"“Since the CRMA was first proposed, there has been a great deal of momentum towards establishing a more extensive battery recycling landscape in the EU,” said Beatrice Browning, recycling analyst at Benchmark.",{"type":594,"attrs":74109,"content":74110},{"textAlign":49},[74111],{"type":1186,"attrs":74112},{"id":49,"alt":547,"src":71889,"title":49,"source":49,"copyright":49,"meta_data":74113},{},{"type":594,"attrs":74115,"content":74116},{"textAlign":49},[74117,74123],{"text":74118,"type":599,"marks":74119},"Glencore, Li-Cycle",[74120],{"type":604,"attrs":74121},{"href":74122,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/glencore-expands-battery-recycling-reach-with-200-million-li-cycle-investment-and-supply-agreements",{"text":74124,"type":599},", and Stellantis are amongst those planning new recycling infrastructure in the bloc since the act was tabled in March 2023. In January, Northvolt secured a $5 billion loan to enable an expansion of its Revolt Ett battery recycling plant in northern Sweden.",{"type":594,"attrs":74126,"content":74127},{"textAlign":49},[74128,74130,74136],{"text":74129,"type":599},"Despite this uplift, recycled material can only begin to substitute virgin supply once capacity reaches scale. The current ",{"text":74131,"type":599,"marks":74132},"low price environment across battery materials",[74133],{"type":604,"attrs":74134},{"href":74135,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/battery-raw-material-price-declines-add-to-long-term-supply-risks",{"text":74137,"type":599}," threatens to delay this timeline, as the energy-intensive nature of the industry makes it a low margin sector vulnerable to price volatility. ",{"type":657,"attrs":74139,"content":74140},{"level":15966,"textAlign":49},[74141],{"text":74142,"type":599},"Policy developments drive recycling momentum",{"type":594,"attrs":74144,"content":74145},{"textAlign":49},[74146,74147,74152],{"text":18584,"type":599},{"text":74148,"type":599,"marks":74149},"Benchmark data shows that across the suite of battery metals the EU is relatively well positioned to meet the 10% mining thresholds",[74150],{"type":604,"attrs":74151},{"href":74030,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74153,"type":599}," by 2030, geological constraints dictate that the bloc will not develop sufficient mining capacity to become fully autonomous. Therefore the build out of recycling capacity is viewed in Brussels as a key pillar of the bloc’s supply chain localisation strategy. ",{"type":594,"attrs":74155,"content":74156},{"textAlign":49},[74157],{"text":74158,"type":599},"“Policy developments have been essential to ensuring recycling infrastructure is supported within the region,” Browning said.",{"type":594,"attrs":74160,"content":74161},{"textAlign":49},[74162,74164,74168,74170,74175],{"text":74163,"type":599},"In November, the bloc increased its target for the proportion of critical minerals that should be sourced from ",{"text":5744,"type":599,"marks":74165},[74166],{"type":604,"attrs":74167},{"href":61107,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74169,"type":599}," from 1",{"text":74171,"type":599,"marks":74172},"5% to 25% of annual demand",[74173],{"type":604,"attrs":74174},{"href":70357,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74176,"type":599}," by 2030. This is an aggregate figure encompassing all critical raw materials, allowing a shortfall in one material to be covered by another.",{"type":594,"attrs":74178,"content":74179},{"textAlign":49},[74180,74182,74187],{"text":74181,"type":599},"Battery materials have ",{"text":74183,"type":599,"marks":74184},"their own mandatory recycling ",[74185],{"type":604,"attrs":74186},{"href":30822,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74188,"type":599},"thresholds under EU Battery Regulation that came into effect in August 2023. The regulation stipulates the amount of recycled content of certain materials that must be in new batteries by 2031 (6% for lithium and nickel and 16% for cobalt). Recycling targets are set to become more stringent in 2036, with the minimum recycled content targets rising to 12% for lithium, 15% for nickel and 26% for cobalt. ",{"type":594,"attrs":74190,"content":74191},{"textAlign":49},[74192,74196,74197,74200,74206],{"text":74193,"type":599,"marks":74194},"Watch Benchmark analyst Tom Drabble discuss Europe’s battery regulation",[74195],{"type":643},{"text":17632,"type":599},{"text":60452,"type":599,"marks":74198},[74199],{"type":643},{"text":6515,"type":599,"marks":74201},[74202,74205],{"type":604,"attrs":74203},{"href":74204,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search/tag/analyst-insights?items_per_page=12&page_offset=0&tags[]=analyst-insights",{"type":643},{"text":974,"type":599,"marks":74207},[74208],{"type":643},{"type":594,"attrs":74210,"content":74211},{"textAlign":49},[74212],{"text":74213,"type":599},"Collection rate guidelines and categorisations for lithium ion batteries have also been updated to streamline the recycling process, with proposals in place for dedicated waste codes for batteries and black mass under the European List of Waste in 2024.",{"type":657,"attrs":74215,"content":74216},{"level":15966,"textAlign":49},[74217],{"text":74218,"type":599},"Europe lacks black mass processing capacity",{"type":594,"attrs":74220,"content":74221},{"textAlign":49},[74222],{"text":74223,"type":599},"Despite progress abound, further investment in hydrometallurgical refining capacity is required to extract the critical raw materials from the black mass generated from waste batteries.",{"type":594,"attrs":74225,"content":74226},{"textAlign":49},[74227],{"text":74228,"type":599},"“Though there is capacity being built up in the EU, recycling capacity has mainly been focused on mechanical pretreatment to generate black mass,” said Browning. “Without extensive processing capacity to extract the battery-related chemicals from this battery intermediate, black mass will continue to leak out of the region to Southeast Asia for processing, and the battery recycling targets will not be attainable.” ",{"type":594,"attrs":74230,"content":74231},{"textAlign":49},[74232,74233,74237],{"text":2372,"type":599},{"text":74097,"type":599,"marks":74234},[74235],{"type":604,"attrs":74236},{"href":61107,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74238,"type":599}," indicates that only nickel supply is set to meet the EU Battery Regulation recycling targets by 2031, with each battery mineral set to fall short of more stringent thresholds that come into effect in 2036.","Ambitious recycling targets under the EU’s Critical Raw Materials Act (CRMA) are creating investment opportunities in Europe, as the Benchmark Recycling Forecast added 22 European facilities to its battery recyclers database in 2023. Commitments that have increased the bloc’s 2030 battery recycling capacity pipeline by 28% on a year-on-year basis. “Since the CRMA was first […]",[74241],{"slug":544,"name":543,"content":74242},{"job_title":557,"image":74243,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8b88f953-125d-48f3-989d-20056b396dbd\", \"id\": \"\"}-->",[74246,74247,74248,74249,74250,74251,74252],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":74254,"copyright":547,"fieldtype":553,"meta_data":74255,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ffbfd0b994/bm-neometals-battery-recycling.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 06, 2024",{"id":74258,"uuid":74259,"name":74260,"slug":74261,"full_slug":74262,"content":74263},112469960173126,"760f0143-8312-49eb-ab01-4a9f68f029cd","UK at industrial and automotive turning point as battery demand set to quadruple by 2030","uk-at-industrial-and-automotive-turning-point-as-battery-demand-set-to-quadruple-by-2030","article/uk-at-industrial-and-automotive-turning-point-as-battery-demand-set-to-quadruple-by-2030",{"_uid":74264,"date":74079,"tags":74265,"editor":74268,"content":74272,"excerpt":74463,"featured":51,"reporter":74464,"_editable":74468,"component":864,"seo_title":74260,"categories":74469,"visibility":2091,"author_company":49,"featured_image":74479,"seo_description":74463,"author_full_name":49,"author_job_title":49,"formattedDate":74256},"85afc946-2f07-48f8-89d0-d6ddbef4e88a",[74266,74267],{"slug":16791,"name":16792},{"slug":4610,"name":662},[74269],{"slug":544,"name":543,"content":74270},{"job_title":557,"image":74271,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":74273},[74274,74279,74297,74310,74315,74322,74327,74335,74340,74345,74350,74355,74360,74373,74378,74383,74388,74393,74400,74405,74410,74415,74420,74425,74430,74435,74446,74451,74456],{"type":594,"attrs":74275,"content":74276},{"textAlign":49},[74277],{"text":74278,"type":599},"The UK government has set out the actions it plans to take to ensure that local industry has access to critical minerals from “responsible, reliable and resilient sources.”",{"type":594,"attrs":74280,"content":74281},{"textAlign":49},[74282,74284,74288,74290,74295],{"text":74283,"type":599},"To meet the rising demand for electric vehicles, ",{"text":44008,"type":599,"marks":74285},[74286],{"type":604,"attrs":74287},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74289,"type":599}," battery demand from ",{"text":74291,"type":599,"marks":74292},"passenger EVs in the UK",[74293],{"type":604,"attrs":74294},{"href":62717,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74296,"type":599}," will quadruple between now and 2030 to over 100 gigawatt-hours (GWh).",{"type":594,"attrs":74298,"content":74299},{"textAlign":49},[74300,74302,74308],{"text":74301,"type":599},"To produce these batteries, the UK has a planned 2030 capacity of around 70 GWh, including a ",{"text":74303,"type":599,"marks":74304},"40 GWh gigafactory",[74305],{"type":604,"attrs":74306},{"href":74307,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tata-jaguar-land-rover-gigafactory-more-than-doubles-uk-pipeline-capacity",{"text":74309,"type":599}," announced last year by India’s Tata Motors.",{"type":594,"attrs":74311,"content":74312},{"textAlign":49},[74313],{"text":74314,"type":599},"In 2023, the government launched the Critical Minerals Refresh. As part of this a Task and Finish Group was set up to give recommendations to the government on Industry Resilience for Critical Minerals. A report by this group was published in December last year.",{"type":594,"attrs":74316,"content":74317},{"textAlign":49},[74318,74320],{"text":74319,"type":599},"Simon Moores, chief executive of Benchmark,",{"text":74321,"type":599},"was a key part of this group, using Benchmark’s industry-leading data and analysis to give deep insights on the challenges facing the UK’s battery and critical mineral supply chains.",{"type":594,"attrs":74323,"content":74324},{"textAlign":49},[74325],{"text":74326,"type":599},"The group laid out seven recommendations, all of which have now broadly been accepted by the government.",{"type":594,"attrs":74328,"content":74329},{"textAlign":49},[74330],{"text":62785,"type":599,"marks":74331},[74332,74334],{"type":604,"attrs":74333},{"href":62789,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"type":657,"attrs":74336,"content":74337},{"level":15966,"textAlign":49},[74338],{"text":74339,"type":599},"Simon Moores, chief executive of Benchmark said:",{"type":594,"attrs":74341,"content":74342},{"textAlign":49},[74343],{"text":74344,"type":599},"“The UK is at an automotive and industrial turning point. ",{"type":594,"attrs":74346,"content":74347},{"textAlign":49},[74348],{"text":74349,"type":599},"“Its future hinges on access to the critical minerals that are driving this new global future and transition away from fossil fuels. ",{"type":594,"attrs":74351,"content":74352},{"textAlign":49},[74353],{"text":74354,"type":599},"“Lithium ion batteries and their raw materials are at the crux of this 21st century industrial challenge. ",{"type":594,"attrs":74356,"content":74357},{"textAlign":49},[74358],{"text":74359,"type":599},"“Yet this global battery arms race is leaving the UK woefully behind and unprepared. ",{"type":594,"attrs":74361,"content":74362},{"textAlign":49},[74363,74365,74371],{"text":74364,"type":599},"“The supply chains for lithium, nickel, copper, rare earths, graphite, cobalt, and manganese need to be ",{"text":74366,"type":599,"marks":74367},"developed in lock step",[74368],{"type":604,"attrs":74369},{"href":74370,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/uk-strategy-needs-to-align-with-battery-ambitions",{"text":74372,"type":599}," with downstream industrial ambitions. ",{"type":594,"attrs":74374,"content":74375},{"textAlign":49},[74376],{"text":74377,"type":599},"“The building of gigafactories needs to mean the buildout of mines and refineries, the construction of wind turbines has to be alongside developing sustainable rare earth elements and magnet production, and more copper than ever before needs to be secured to build the energy-carrying pipelines. ",{"type":594,"attrs":74379,"content":74380},{"textAlign":49},[74381],{"text":74382,"type":599},"“This begins with the HM Government’s Task and Finish Group recommendations blueprint which Benchmark was proud to play a part.”",{"type":657,"attrs":74384,"content":74385},{"level":15966,"textAlign":49},[74386],{"text":74387,"type":599},"Identification of risks",{"type":594,"attrs":74389,"content":74390},{"textAlign":49},[74391],{"text":74392,"type":599},"The report identified several key risks:",{"type":594,"attrs":74394,"content":74395},{"textAlign":49},[74396],{"type":1186,"attrs":74397},{"id":49,"alt":547,"src":74398,"title":49,"source":49,"copyright":49,"meta_data":74399},"https://a.storyblok.com/f/287943243085208/7c6e1b2d19/bm-pricedeclines.png",{},{"type":657,"attrs":74401,"content":74402},{"level":15966,"textAlign":49},[74403],{"text":74404,"type":599},"What the government will do",{"type":594,"attrs":74406,"content":74407},{"textAlign":49},[74408],{"text":74409,"type":599},"The UK plans to work with industry to develop resilient and diversified supply chains. Part of this will require building out the UK’s domestic production of critical minerals.",{"type":594,"attrs":74411,"content":74412},{"textAlign":49},[74413],{"text":74414,"type":599},"“The UK is a strategic location for midstream processing, including refining and materials manufacturing, building on its globally competitive capabilities in this field,” the government said.",{"type":594,"attrs":74416,"content":74417},{"textAlign":49},[74418],{"text":74419,"type":599},"Although the UK has a strong history in the chemicals industry, the country currently has very little lithium chemicals production, though there are several projects in the pipeline such as Green Lithium’s refinery in Teesside.",{"type":594,"attrs":74421,"content":74422},{"textAlign":49},[74423],{"text":74424,"type":599},"Key to developing a resilient supply chain is building strong relationships with other countries. The government says its international engagement is focused on “helping like-minded, resource-rich countries” and that it will “continue to build international trade and partnerships on critical minerals to support our security of supply of critical minerals.”",{"type":594,"attrs":74426,"content":74427},{"textAlign":49},[74428],{"text":74429,"type":599},"The UK is currently a member of the Minerals Security Partnership (MSP), which also includes the US, Canada and other countries, and last year signed the Atlantic Declaration with the US.",{"type":594,"attrs":74431,"content":74432},{"textAlign":49},[74433],{"text":74434,"type":599},"The government also acknowledges the key role recycling will play in developing a circular economy. The government says it is “exploring regulatory mechanisms to promote recovery of critical minerals from waste.”",{"type":594,"attrs":74436,"content":74437},{"textAlign":49},[74438,74440,74445],{"text":74439,"type":599},"Altilium Clean Technology, a UK-based recycling technology developer, this week announced a multimillion-pound partnership with Japanese automaker Nissan and battery maker AESC to improve the sustainability of UK-made batteries through recycling. Altilium could become one of the first producers of ",{"text":74441,"type":599,"marks":74442},"cathode active material in the UK",[74443],{"type":604,"attrs":74444},{"href":24585,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":74447,"content":74448},{"textAlign":49},[74449],{"text":74450,"type":599},"Sustainable sourcing of critical minerals is another key area that the government has said it will focus on. It says it wants to “[play] a leading role in global efforts to drive up ESG performance.”",{"type":594,"attrs":74452,"content":74453},{"textAlign":49},[74454],{"text":74455,"type":599},"The UK Department for Business and Trade will publish an update on its critical mineral strategy this summer.",{"type":594,"attrs":74457,"content":74458},{"textAlign":49},[74459],{"text":74460,"type":599,"marks":74461},"This is a free-to-read article by Benchmark Source. To discover more content like this, fill in the form below to request a free trial:",[74462],{"type":643},"The UK government has set out the actions it plans to take to ensure that local industry has access to critical minerals from “responsible, reliable and resilient sources.” To meet the rising demand for electric vehicles, Benchmark forecasts battery demand from passenger EVs in the UK will quadruple between now and 2030 to over 100 […]",[74465],{"slug":544,"name":543,"content":74466},{"job_title":557,"image":74467,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"85afc946-2f07-48f8-89d0-d6ddbef4e88a\", \"id\": \"\"}-->",[74470,74471,74472,74473,74474,74475,74476,74477,74478],{"slug":2499,"name":2500},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":4811,"name":4812},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":19391,"copyright":547,"fieldtype":553,"meta_data":74480,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":74482,"uuid":74483,"name":74484,"slug":74485,"full_slug":74486,"content":74487},112469974640202,"e170cf98-633d-4474-bd8d-aabe123f1bd1","Western rare earth majors under pressure as low prices hit profits","western-rare-earth-majors-under-pressure-as-low-prices-hit-profits","article/western-rare-earth-majors-under-pressure-as-low-prices-hit-profits",{"_uid":74488,"date":74489,"tags":74490,"editor":74496,"content":74500,"excerpt":74634,"featured":51,"reporter":74635,"_editable":74639,"component":864,"seo_title":74484,"categories":74640,"visibility":882,"author_company":49,"featured_image":74644,"seo_description":74634,"author_full_name":49,"author_job_title":49,"formattedDate":74647},"ea1286c1-1871-4f9c-b6f7-2a67ab103b5e","2024-03-05 00:00",[74491,74492,74494,74495],{"slug":6567,"name":2038},{"slug":74493,"name":10603},"lynas",{"slug":1378,"name":1379},{"slug":1375,"name":1376},[74497],{"slug":544,"name":543,"content":74498},{"job_title":557,"image":74499,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":74501},[74502,74507,74512,74522,74525,74530,74535,74545,74550,74555,74560,74579,74584,74589,74594,74599,74604,74609,74614,74619,74624,74629],{"type":594,"attrs":74503,"content":74504},{"textAlign":49},[74505],{"text":74506,"type":599},"Major rare earth producers Lynas and MP Materials have reported significant losses due to declining prices and increased expenditure, reflecting the growing pressures on Western players in an oversupplied market.",{"type":594,"attrs":74508,"content":74509},{"textAlign":49},[74510],{"text":74511,"type":599},"“We are definitely at a market killing price at the moment, so it is not unreasonable to expect some price uplift in the second half of this year,” said Benchmark project director Daan de Jonge. ",{"type":594,"attrs":74513,"content":74514},{"textAlign":49},[74515,74517,74521],{"text":74516,"type":599},"US miner MP and Australian miner and processor Lynas are expected to produce 17 % of global praseodymium-neodymium (PrNd) supply in 2024, according to ",{"text":54732,"type":599,"marks":74518},[74519],{"type":604,"attrs":74520},{"href":67411,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":74523,"content":74524},{"textAlign":49},[],{"type":594,"attrs":74526,"content":74527},{"textAlign":49},[74528],{"text":74529,"type":599},"As two of just three major operating Western rare earths producers, Lynas and MP are critical to EU and US efforts to develop ex-China rare earths supply. However, below-incentive prices resulting from Chinese oversupply could threaten the pace of Western supply chain buildout. ",{"type":594,"attrs":74531,"content":74532},{"textAlign":49},[74533],{"text":74534,"type":599},"China has been raising its rare earth production quotas for the past two years despite slowed demand for rare earth permanent magnets (REPMs) from the wind and EV sectors. ",{"type":594,"attrs":74536,"content":74537},{"textAlign":49},[74538,74540,74544],{"text":74539,"type":599},"The country has enormous influence over prices, forecast to produce 70% of mined PrNd and 82% of processed PrNd oxides in 2024 according to ",{"text":54732,"type":599,"marks":74541},[74542],{"type":604,"attrs":74543},{"href":67411,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"type":594,"attrs":74546,"content":74547},{"textAlign":49},[74548],{"text":74549,"type":599},"The geopolitical risks of Chinese rare earths dependence will heighten over this decade, with Benchmark expecting global PrNd oxides to enter a growing deficit from 2028 onwards. ",{"type":594,"attrs":74551,"content":74552},{"textAlign":49},[74553],{"text":74554,"type":599},"According to de Jonge, the short-term outlook for Western producers is pessimistic. However, shutdowns are not an immediate risk for MP and Lynas.",{"type":594,"attrs":74556,"content":74557},{"textAlign":49},[74558],{"text":74559,"type":599},"“These producers accrued lots of cash while prices were so high which allows them to survive current prices,” said de Jonge. ",{"type":594,"attrs":74561,"content":74562},{"textAlign":49},[74563,74567,74568,74571,74576],{"text":74564,"type":599,"marks":74565},"Watch Benchmark project director Daan de Jonge discuss the main trends in the REE market in 2023",[74566],{"type":643},{"text":17632,"type":599},{"text":60452,"type":599,"marks":74569},[74570],{"type":643},{"text":6515,"type":599,"marks":74572},[74573,74575],{"type":604,"attrs":74574},{"href":74204,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":74577},[74578],{"type":643},{"type":594,"attrs":74580,"content":74581},{"textAlign":49},[74582],{"text":74583,"type":599},"Low prices drove Lynas and MP to discuss a possible merger between the companies earlier this year in order to better compete with Chinese producers but the talks ended without a deal last month.",{"type":657,"attrs":74585,"content":74586},{"level":15966,"textAlign":49},[74587],{"text":74588,"type":599},"MP profits squeezed by low prices and higher costs",{"type":594,"attrs":74590,"content":74591},{"textAlign":49},[74592],{"text":74593,"type":599},"MP Materials, the owner of Mountain Pass mine in California, reported a 98% EBITDA drop in the fourth quarter of 2023 compared to the same period in 2022. It marks MP’s fifth consecutive decline in its quarterly EBITDA. ",{"type":594,"attrs":74595,"content":74596},{"textAlign":49},[74597],{"text":74598,"type":599},"MP attributed this to a 13% fall in realised prices resulting from lower demand growth for rare earth permanent magnets (REPMs).",{"type":594,"attrs":74600,"content":74601},{"textAlign":49},[74602],{"text":74603,"type":599},"Rising production costs were an additional pressure point. The bulk of this came from payroll costs as MP continues to implement its Stage II project to build its first rare earths oxide processing capacity.  ",{"type":594,"attrs":74605,"content":74606},{"textAlign":49},[74607],{"text":74608,"type":599},"Lower sales volumes over the quarter also meant the company suffered reduced economies of scale, further pushing up production costs per unit.",{"type":594,"attrs":74610,"content":74611},{"textAlign":49},[74612],{"text":74613,"type":599},"Still, MP may be able to recuperate these losses once their new separation capacity is fully online. ",{"type":657,"attrs":74615,"content":74616},{"level":15966,"textAlign":49},[74617],{"text":74618,"type":599},"Ballooning cash outflows at Lynas ",{"type":594,"attrs":74620,"content":74621},{"textAlign":49},[74622],{"text":74623,"type":599},"Meanwhile, Australian miner and processor Lynas reported a 67% fall in EBITDA for its first half of 2024 compared to the same period in 2023. Losses were softened by the company’s half-year reporting period, which covers a stretch of relatively higher prices last year. ",{"type":594,"attrs":74625,"content":74626},{"textAlign":49},[74627],{"text":74628,"type":599},"Lower selling prices over the first half of 2024 was the major contributor to its EBITDA drop. However, Lynas’ losses were softened somewhat by the company’s half-year reporting period, which covers a stretch of somewhat higher prices last year. ",{"type":594,"attrs":74630,"content":74631},{"textAlign":49},[74632],{"text":74633,"type":599},"In addition, Lynas’ net cash outflows rose 820% in the period compared to the first half of 2023. This came from payments of rehabilitation liabilities associated with its Malaysian processing site, Kalgoorlie as well as investment into the expansions of its Mount Weld mine.","Major rare earth producers Lynas and MP Materials have reported significant losses due to declining prices and increased expenditure, reflecting the growing pressures on Western players in an oversupplied market. “We are definitely at a market killing price at the moment, so it is not unreasonable to expect some price uplift in the second half […]",[74636],{"slug":544,"name":543,"content":74637},{"job_title":557,"image":74638,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ea1286c1-1871-4f9c-b6f7-2a67ab103b5e\", \"id\": \"\"}-->",[74641,74642,74643],{"slug":872,"name":873},{"slug":12983,"name":12984},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":74645,"copyright":547,"fieldtype":553,"meta_data":74646,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/05a2a6a959/bm-ree.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 05, 2024",{"id":74649,"uuid":74650,"name":74651,"slug":74652,"full_slug":74653,"content":74654},112469969831497,"58fdf8c4-2195-4e48-ac11-38d70f56f4f4","Benchmark launches Sodium ion Market Assessment","benchmark-launches-sodium-ion-market-assessment","article/benchmark-launches-sodium-ion-market-assessment",{"_uid":74655,"date":74489,"tags":74656,"editor":74660,"content":74664,"excerpt":74762,"featured":50,"reporter":74763,"_editable":74767,"component":864,"seo_title":74651,"categories":74768,"visibility":2091,"author_company":49,"featured_image":74771,"seo_description":74762,"author_full_name":49,"author_job_title":49,"formattedDate":74647},"2883c669-1680-498e-b5d4-b017d7f0af9c",[74657,74658,74659],{"slug":9655,"name":9656},{"slug":6777,"name":6778},{"slug":20649,"name":20650},[74661],{"slug":544,"name":543,"content":74662},{"job_title":557,"image":74663,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":74665},[74666,74679,74690,74695,74700,74705,74710,74722,74727,74732,74748,74755],{"type":594,"attrs":74667,"content":74668},{"textAlign":49},[74669,74671,74677],{"text":74670,"type":599},"Benchmark Mineral Intelligence is pleased to announce the launch of its new ",{"text":74672,"type":599,"marks":74673},"Sodium ion Market Assessment",[74674],{"type":604,"attrs":74675},{"href":74676,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/market-assessments/sodium-ion-batteries/",{"text":74678,"type":599}," which provides a comprehensive view of the current, and forecasted sodium ion capacity pipeline, on a factory-by-factory level. By assessing capacity build out at three stages of the supply chain, cathode, anode, and cell, Benchmark provides unique insight into a currently opaque market.",{"type":594,"attrs":74680,"content":74681},{"textAlign":49},[74682,74684,74688],{"text":74683,"type":599},"The launch of Benchmark’s new ",{"text":74672,"type":599,"marks":74685},[74686],{"type":604,"attrs":74687},{"href":74676,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74689,"type":599}," enables market participants to gain insight into the development of this emerging battery technology and understand its potential impact on the more dominant lithium ion chemistries.",{"type":594,"attrs":74691,"content":74692},{"textAlign":49},[74693],{"text":74694,"type":599},"Benchmark collates and analyses the ramp-up of production capacity of sodium ion cells, cathode and anode material globally. Tracking new project announcements as well as project expansions, delays, and cancellations to give a complete and accurate picture of the distribution of sodium ion battery capacity to 2035. Crucially, following over a year of research, Benchmark has created a Tier ranking, applied to its sodium ion cell capacity outlook. This Tier ranking provides an understanding of the proportion of supply that will be provided by established battery companies that have relationships with major OEMs compared to new market entrants.",{"type":594,"attrs":74696,"content":74697},{"textAlign":49},[74698],{"text":74699,"type":599},"Benchmark leverages its deep domain knowledge of anode and cathode chemistries to track announced plans for capacity resulting from projected sodium ion facility build outs, summarising the volume, type, and location of production.",{"type":594,"attrs":74701,"content":74702},{"textAlign":49},[74703],{"text":74704,"type":599},"Other components of the report include thorough and insightful written analysis on capacity developments as well as the tracking of partnerships which provides a deeper understanding of the key players and the emerging development of supply chains.",{"type":594,"attrs":74706,"content":74707},{"textAlign":49},[74708],{"text":74709,"type":599},"Alex Pearce, Head of Data Assessments, said: “Despite recent falls in lithium ion cell prices, investment continues in sodium ion technology due to growing concerns in the security of supply chains to produce lithium iron phosphate and nickel cobalt manganese cells as well as its attractive proposition for use in the energy storage sector.”",{"type":594,"attrs":74711,"content":74712},{"textAlign":49},[74713,74715,74720],{"text":74714,"type":599},"“This assessment allows us to develop a broader and deeper understanding of the evolving battery manufacturing landscape alongside our existing ",{"text":74716,"type":599,"marks":74717},"Lithium ion Battery Gigafactory Assessment",[74718],{"type":604,"attrs":74719},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74721,"type":599},",” he said.",{"type":594,"attrs":74723,"content":74724},{"textAlign":49},[74725],{"text":74726,"type":599},"Currently, the sodium ion landscape is even more China centric than that of its lithium ion counterpart. As of 2023, 99.4% of the sodium ion cell manufacturing capacity is based in the country, with that share projected to drop only to 96.3% by the end of the decade. The story is similar for cathode and anode material production capacities.",{"type":594,"attrs":74728,"content":74729},{"textAlign":49},[74730],{"text":74731,"type":599},"“It may be that should sodium ion large scale commercialisation manifest, we will see many trends that shaped the lithium ion market come to pass for sodium also. Supply chain localisation could be key moving forward,” Evan Hartley, Senior Analyst, said. ",{"type":594,"attrs":74733,"content":74734},{"textAlign":49},[74735,74738,74744],{"text":72047,"type":599,"marks":74736},[74737],{"type":643},{"text":74739,"type":599,"marks":74740},"Sodium Ion Market Assessment",[74741,74743],{"type":604,"attrs":74742},{"href":74676,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":74745,"type":599,"marks":74746}," provides a comprehensive view of the current and forecasted sodium ion capacity pipeline on a factory-by-factory level.",[74747],{"type":643},{"type":594,"attrs":74749,"content":74750},{"textAlign":49},[74751],{"text":74752,"type":599,"marks":74753},"By assessing capacity build out at three stages of the supply chain – cathode, anode and cell – Benchmark provides unique insight into a currently opaque market.",[74754],{"type":643},{"type":594,"attrs":74756,"content":74757},{"textAlign":49},[74758],{"text":74759,"type":599,"marks":74760},"To speak to our experts and to request a sample report, please provide your details here and we’ll contact you shortly.",[74761],{"type":643},"Benchmark Mineral Intelligence is pleased to announce the launch of its new Sodium ion Market Assessment which provides a comprehensive view of the current, and forecasted sodium ion capacity pipeline, on a factory-by-factory level. By assessing capacity build out at three stages of the supply chain, cathode, anode, and cell, Benchmark provides unique insight into a […]",[74764],{"slug":544,"name":543,"content":74765},{"job_title":557,"image":74766,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2883c669-1680-498e-b5d4-b017d7f0af9c\", \"id\": \"\"}-->",[74769,74770],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"id":49,"alt":31602,"name":547,"focus":547,"title":31602,"source":547,"filename":31603,"copyright":547,"fieldtype":553,"meta_data":74772,"is_external_url":51},{"alt":31602,"title":31602,"source":547,"copyright":547},{"id":74774,"uuid":74775,"name":74776,"slug":74777,"full_slug":74778,"content":74779},112469979547211,"b1bbf789-0070-4461-921d-df051504e612","Chinese lithium chemical prices edge up on improving near-term demand sentiment","chinese-lithium-chemical-prices-edge-up-on-improving-near-term-demand-sentiment","article/chinese-lithium-chemical-prices-edge-up-on-improving-near-term-demand-sentiment",{"_uid":74780,"date":74781,"tags":74782,"editor":74783,"content":74787,"excerpt":74881,"featured":51,"reporter":74882,"_editable":74886,"component":864,"seo_title":74776,"categories":74887,"visibility":882,"author_company":49,"featured_image":74890,"seo_description":74881,"author_full_name":49,"author_job_title":49,"formattedDate":74893},"4f9c20bf-b5d4-4ea5-ad39-74fdd535dbc8","2024-03-01 00:00",[],[74784],{"slug":544,"name":543,"content":74785},{"job_title":557,"image":74786,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":74788},[74789,74794,74799,74811,74818,74823,74828,74840,74845,74850,74860,74871],{"type":594,"attrs":74790,"content":74791},{"textAlign":49},[74792],{"text":74793,"type":599},"Lithium prices in China edged up in late February amid an improvement in short-term demand sentiment.",{"type":594,"attrs":74795,"content":74796},{"textAlign":49},[74797],{"text":74798,"type":599},"This is the second rise in prices this year, following a slight uptick ahead of the Chinese Spring Festival when the market had expected a notable increase in cathode production in late February and March. ",{"type":594,"attrs":74800,"content":74801},{"textAlign":49},[74802,74804,74809],{"text":74803,"type":599},"Chinese lithium hydroxide prices rose 3.1% to an average of RMB 84,000 ($11,675) a tonne in the week ending February 28, according to the ",{"text":51393,"type":599,"marks":74805},[74806],{"type":604,"attrs":74807},{"href":74808,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium/reports/",{"text":74810,"type":599},". Chinese lithium hydroxide prices are now up 0.6% so far this year and have declined 82.5% year-on-year.",{"type":594,"attrs":74812,"content":74813},{"textAlign":49},[74814],{"type":1186,"attrs":74815},{"id":49,"alt":547,"src":74816,"title":49,"source":49,"copyright":49,"meta_data":74817},"https://a.storyblok.com/f/287943243085208/e239b15096/bm-lithium-price-chart-feb-28.png",{},{"type":594,"attrs":74819,"content":74820},{"textAlign":49},[74821],{"text":74822,"type":599},"Certain regional cell makers are expected to increase production in March by as much as 30% on a month-on-month basis, although production remained muted during Spring Festival in February. But cell and cathode makers do not have sufficient inventories of lithium chemicals to meet this surge, contacts reported to Benchmark. The move is likely to boost additional spot market procurement and spot market prices in the short term.",{"type":594,"attrs":74824,"content":74825},{"textAlign":49},[74826],{"text":74827,"type":599},"“There is usually an uptick in demand after Spring Festival, which is what we are starting to see,” said Daisy Jennings-Gray, head of prices at Benchmark. ",{"type":594,"attrs":74829,"content":74830},{"textAlign":49},[74831,74833,74838],{"text":74832,"type":599},"In 2024, the impact of the low price environment could feed into more downstream ",{"text":74834,"type":599,"marks":74835},"demand for raw materials",[74836],{"type":604,"attrs":74837},{"href":61095,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74839,"type":599},", driven by lower cell prices which could in turn improve overall electric vehicle demand. ",{"type":594,"attrs":74841,"content":74842},{"textAlign":49},[74843],{"text":74844,"type":599},"“That being said, the lithium market is set to be much more balanced this year so it’s unlikely to result in a huge increase in prices,” Jennings-Gray said. “Nonetheless, environmental inspections at lepidolite operations in Jiangxi are also helping to support prices at the moment, given concerns over a slight constriction in supply.” ",{"type":594,"attrs":74846,"content":74847},{"textAlign":49},[74848],{"text":74849,"type":599},"Further, customers have asked some cathode makers to accept fixed prices for finished cathodes set at a discount of 5% to 10% to average prices in January and February. Benchmark expects that while some may accept these terms, others may opt to reduce production in response to squeezed profit margins. ",{"type":594,"attrs":74851,"content":74852},{"textAlign":49},[74853],{"text":74854,"type":599,"marks":74855},"Watch Benchmark price analyst Sophia Jang discuss lithium’s price performance.",[74856,74859],{"type":604,"attrs":74857},{"href":74858,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-why-have-lithium-price-falls-continued-into-2024",{"type":643},{"type":594,"attrs":74861,"content":74862},{"textAlign":49},[74863,74865,74869],{"text":74864,"type":599},"Spot prices for battery-grade lithium carbonate prices in China remained steady, rising marginally by 0.1% in the week ending February 28 to an average of RMB 95,500 ($13,275) a tonne, according to the ",{"text":51393,"type":599,"marks":74866},[74867],{"type":604,"attrs":74868},{"href":74808,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74870,"type":599},". Chinese lithium carbonate prices are now down 1% in the first two months of this year and have fallen 78.9% year-on-year. ",{"type":594,"attrs":74872,"content":74873},{"textAlign":49},[74874,74876,74880],{"text":74875,"type":599},"Sustainable lithium prices have also inched up in February. Spot prices for sustainable lithium carbonate CIF Asia, Min 99% increased 3.4% to $14,475 per tonne, according to the ",{"text":51393,"type":599,"marks":74877},[74878],{"type":604,"attrs":74879},{"href":74808,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},"Lithium prices in China edged up in late February amid an improvement in short-term demand sentiment. This is the second rise in prices this year, following a slight uptick ahead of the Chinese Spring Festival when the market had expected a notable increase in cathode production in late February and March. Chinese lithium hydroxide prices […]",[74883],{"slug":544,"name":543,"content":74884},{"job_title":557,"image":74885,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4f9c20bf-b5d4-4ea5-ad39-74fdd535dbc8\", \"id\": \"\"}-->",[74888,74889],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":74891,"copyright":547,"fieldtype":553,"meta_data":74892,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/87c3570c82/bm-price-chart-1313884cf2e2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 01, 2024",{"id":74895,"uuid":74896,"name":74897,"slug":74898,"full_slug":74899,"content":74900},112469984319052,"82fa4172-93b3-4721-ab6b-183eb8bf4c9f","pCAM in charts: China retains cathode precursor dominance as it drives capacity expansions","pcam-in-charts-china-retains-cathode-precursor-dominance-as-it-drives-capacity-expansions","article/pcam-in-charts-china-retains-cathode-precursor-dominance-as-it-drives-capacity-expansions",{"_uid":74901,"date":74902,"tags":74903,"editor":74907,"content":74911,"excerpt":75040,"featured":50,"reporter":75041,"_editable":75045,"component":864,"seo_title":74897,"categories":75046,"visibility":882,"author_company":49,"data_vis_image":75049,"featured_image":75052,"seo_description":75040,"author_full_name":49,"author_job_title":49,"formattedDate":75056},"6da2bead-604a-4f9e-8158-c40c0402ac53","2024-02-29 00:00",[74904,74905,74906],{"slug":4805,"name":4805},{"slug":578,"name":579},{"slug":7216,"name":7217},[74908],{"slug":544,"name":543,"content":74909},{"job_title":557,"image":74910,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":74912},[74913,74918,74931,74936,74943,74948,74953,74958,74965,74970,74982,74989,74994,75006,75013,75018,75025,75035],{"type":594,"attrs":74914,"content":74915},{"textAlign":49},[74916],{"text":74917,"type":599},"China dominates global pCAM (precursor cathode active material ) capacity and will drive global expansions, a trend that Benchmark forecasts will hold for the foreseeable future. ",{"type":594,"attrs":74919,"content":74920},{"textAlign":49},[74921,74923,74929],{"text":74922,"type":599},"With data from ",{"text":74924,"type":599,"marks":74925},"Benchmark’s Precursor Cathode Active Material Assessment",[74926],{"type":604,"attrs":74927},{"href":74928,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/market-assessments/precursor-assessment/capacities/",{"text":74930,"type":599}," showing pCAM capacity increasing by 195% between 2024 and 2035, here we outline the key trends using Benchmark’s charts and data.",{"type":657,"attrs":74932,"content":74933},{"level":15966,"textAlign":49},[74934],{"text":74935,"type":599},"China dominates pCAM capacity for the foreseeable future",{"type":594,"attrs":74937,"content":74938},{"textAlign":49},[74939],{"type":1186,"attrs":74940},{"id":49,"alt":547,"src":74941,"title":49,"source":49,"copyright":49,"meta_data":74942},"https://a.storyblok.com/f/287943243085208/ae15d9510d/bm-screenshot-2024-02-23-165524.png",{},{"type":594,"attrs":74944,"content":74945},{"textAlign":49},[74946],{"text":74947,"type":599},"China currently controls 92% of global pCAM capacity and despite other regions ramping up production, the country is forecast to hold an 89% market share in 2035. North America sees the most dramatic relative growth in capacity, rising by more than 5,000% between 2024 and 2035. Despite this, the region is forecast to hold a 1% market share in 2035. ",{"type":657,"attrs":74949,"content":74950},{"level":15966,"textAlign":49},[74951],{"text":74952,"type":599},"This trend holds for Tier 1 capacity",{"type":594,"attrs":74954,"content":74955},{"textAlign":49},[74956],{"text":74957,"type":599},"China currently makes up 89% of global Tier 1 pCAM capacity. Despite this share falling over the next decade, the country will remain the key producer of Tier 1 pCAM material, which is qualified to supply the global EV market  ",{"type":594,"attrs":74959,"content":74960},{"textAlign":49},[74961],{"type":1186,"attrs":74962},{"id":49,"alt":547,"src":74963,"title":49,"source":49,"copyright":49,"meta_data":74964},"https://a.storyblok.com/f/287943243085208/b0e61da78c/bm-screenshot-2024-02-23-165536.png",{},{"type":657,"attrs":74966,"content":74967},{"level":15966,"textAlign":49},[74968],{"text":74969,"type":599},"Ex-China capacity grows 3x by 2035, with South Korea holding the largest capacity",{"type":594,"attrs":74971,"content":74972},{"textAlign":49},[74973,74975,74980],{"text":74974,"type":599},"South Korea has invested heavily in its pCAM and CAM capacity, directing ",{"text":74976,"type":599,"marks":74977},"$5 billion",[74978],{"type":604,"attrs":74979},{"href":57884,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":74981,"type":599}," of funding to this area in 2023. The investment is intended to meet growing demand from the US for battery materials compliant with the Inflation Reduction Act (IRA). South Korea’s planned pCAM production capacity grew by 60% year-on-year in 2023.",{"type":594,"attrs":74983,"content":74984},{"textAlign":49},[74985],{"type":1186,"attrs":74986},{"id":49,"alt":547,"src":74987,"title":49,"source":49,"copyright":49,"meta_data":74988},"https://a.storyblok.com/f/287943243085208/fb10cf5c67/bm-ex-china-market-share-area-adjusted-1.png",{},{"type":657,"attrs":74990,"content":74991},{"level":15966,"textAlign":49},[74992],{"text":74993,"type":599},"China’s pCAM-CAM integration is stable as capacity grows",{"type":594,"attrs":74995,"content":74996},{"textAlign":49},[74997,74999,75004],{"text":74998,"type":599},"China’s pCAM capacity is forecast to grow 184% between 2024 and 2035, according to Benchmark’s ",{"text":75000,"type":599,"marks":75001},"Precursor Cathode Active Material Assessment",[75002],{"type":604,"attrs":75003},{"href":74928,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75005,"type":599},". Despite this, pCAM-CAM integration only falls from 54% to 53%. Despite this significant ramp up in capacity, Benchmark forecasts pCAM-CAM integration will remain with 53% of capacity linked to integrated pCAM-CAM projects. Integration reflects capacity from producers which process both pCAM and CAM. ",{"type":594,"attrs":75007,"content":75008},{"textAlign":49},[75009],{"type":1186,"attrs":75010},{"id":49,"alt":547,"src":75011,"title":49,"source":49,"copyright":49,"meta_data":75012},"https://a.storyblok.com/f/287943243085208/f14aecae98/bm-screenshot-2024-02-23-165552.png",{},{"type":657,"attrs":75014,"content":75015},{"level":15966,"textAlign":49},[75016],{"text":75017,"type":599},"Competition in the pCAM market",{"type":594,"attrs":75019,"content":75020},{"textAlign":49},[75021],{"type":1186,"attrs":75022},{"id":49,"alt":547,"src":75023,"title":49,"source":49,"copyright":49,"meta_data":75024},"https://a.storyblok.com/f/287943243085208/973f3121c4/bm-top-pcam-producers-table.png",{},{"type":594,"attrs":75026,"content":75027},{"textAlign":49},[75028,75030,75034],{"text":75029,"type":599},"The five companies with the highest pCAM capacity make up 46% of the total global capacity. This rises to 69% if you assess the top 10 producers. In comparison, the top 10 battery cell producers have 92% of current global capacity, according to Benchmark’s ",{"text":35230,"type":599,"marks":75031},[75032],{"type":604,"attrs":75033},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":75036,"content":75037},{"textAlign":49},[75038],{"text":75039,"type":599},"For pCAM capacity, the top ten companies are all Chinese-owned, a figure which Benchmark expects to remain stable this decade. Umicore is the highest non-Chinese company at 12th with 2% market share in 2024 and is based in Brussels.","China dominates global pCAM (precursor cathode active material ) capacity and will drive global expansions, a trend that Benchmark forecasts will hold for the foreseeable future. With data from Benchmark’s Precursor Cathode Active Material Assessment showing pCAM capacity increasing by 195% between 2024 and 2035, here we outline the key trends using Benchmark’s charts and […]",[75042],{"slug":544,"name":543,"content":75043},{"job_title":557,"image":75044,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6da2bead-604a-4f9e-8158-c40c0402ac53\", \"id\": \"\"}-->",[75047,75048],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":75050,"name":547,"focus":547,"title":75050,"source":547,"filename":74941,"copyright":547,"fieldtype":553,"meta_data":75051,"is_external_url":51},"Stacked column chart showing Chinese market share of pCAM capacity compared to other global regions.",{"alt":75050,"title":75050,"source":547,"copyright":547},{"id":49,"alt":75053,"name":547,"focus":547,"title":75053,"source":547,"filename":75054,"copyright":547,"fieldtype":553,"meta_data":75055,"is_external_url":51},"Close-up image of a battery and wiring","https://a.storyblok.com/f/287943243085208/baec85913e/bm-pcam-in-charts-featured-image.jpg",{"alt":75053,"title":75053,"source":547,"copyright":547},"Feb 29, 2024",{"id":75058,"uuid":75059,"name":75060,"slug":75061,"full_slug":75062,"content":75063},112469994157646,"cb8031ef-0017-4073-b77d-bf4be5d7f67e","Benchmark launches Rare Earths ESG Report  ","benchmark-launches-rare-earths-esg-report","article/benchmark-launches-rare-earths-esg-report",{"_uid":75064,"date":75065,"tags":75066,"editor":75069,"content":75073,"excerpt":75140,"featured":50,"reporter":75141,"_editable":75145,"component":864,"seo_title":75060,"categories":75146,"visibility":2091,"author_company":49,"featured_image":75151,"seo_description":75140,"author_full_name":49,"author_job_title":49,"formattedDate":75154},"fa1ad314-1793-41c4-828e-805eeb3bd815","2024-02-28 00:00",[75067,75068],{"slug":9655,"name":9656},{"slug":23760,"name":23761},[75070],{"slug":544,"name":543,"content":75071},{"job_title":557,"image":75072,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":75074},[75075,75080,75092,75097,75102,75107,75116,75121,75130,75135],{"type":594,"attrs":75076,"content":75077},{"textAlign":49},[75078],{"text":75079,"type":599},"Benchmark Mineral Intelligence is pleased to announce the launch of its new Rare Earths ESG Report, which will bring further clarity to the environmental, social and governance landscape of the rare earths industry. ",{"type":594,"attrs":75081,"content":75082},{"textAlign":49},[75083,75084,75090],{"text":70909,"type":599},{"text":75085,"type":599,"marks":75086},"Benchmark’s Rare Earths ESG Report",[75087],{"type":604,"attrs":75088},{"href":75089,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg/rare-earths/",{"text":75091,"type":599}," enables miners and refiners to benchmark their ESG performance against peers, as well as allowing companies to evaluate their own sustainability performance. For downstream players and investors, the Rare Earths ESG Report acts as a responsible sourcing and ESG investment screening tool. ",{"type":594,"attrs":75093,"content":75094},{"textAlign":49},[75095],{"text":75096,"type":599},"Amongst other features of the report, a key component is Benchmark’s Rare Earths Sustainability Index, which measures the transparency and performance of >60 rare earths mining and refining companies across the globe on a company-by-company basis. ",{"type":594,"attrs":75098,"content":75099},{"textAlign":49},[75100],{"text":75101,"type":599},"Benchmark’s Sustainability Index evaluates the sustainability disclosures of companies across 79 environmental, social and governance indicators. Scores awarded to companies lead to classification into one of four categories: Industry Leading, Good Practice, Moderate Visibility, and Limited Visibility.  ",{"type":594,"attrs":75103,"content":75104},{"textAlign":49},[75105],{"text":75106,"type":599},"Other components of the report include quarterly updates on major ESG trends within the industry, news and policy briefings, discussion of key materiality topics and a global Life Cycle Assessment (LCA) assessing the current dominant rare earths production route.  ",{"type":594,"attrs":75108,"content":75109},{"textAlign":49},[75110,75112,75114],{"text":75111,"type":599},"Sarah Colbourn, Acting Head of Sustainability, ",{"text":75113,"type":599},"said:",{"text":75115,"type":599},"“With rare earths set to play such a pivotal role in energy transition supply chains we are delighted to launch an ESG report designed to support the industry by providing a data-driven assessment of ESG performance across the mining and refining space.”",{"type":594,"attrs":75117,"content":75118},{"textAlign":49},[75119],{"text":75120,"type":599},"“This builds on Benchmark’s extensive offering in the sustainability space, adding to our range of ESG reports for battery materials”, she said. ",{"type":594,"attrs":75122,"content":75123},{"textAlign":49},[75124,75126,75128],{"text":75125,"type":599},"“The expansion of Benchmark’s rare earth coverage with the addition of the ESG Report comes at a crucial time for the industry, and will play a critical role in helping the supply chain meet increasingly stringent demands from downstream players,” ",{"text":75127,"type":599},"Daan de Jonge, Product Director – Critical Minerals and Multi-Commodity",{"text":75129,"type":599},", said.  ",{"type":657,"attrs":75131,"content":75132},{"level":15966,"textAlign":49},[75133],{"text":75134,"type":599},"Benchmark Sustainability Products and Services – contact us:  ",{"type":594,"attrs":75136,"content":75137},{"textAlign":49},[75138],{"text":75139,"type":599},"Benchmark’s new Rare Earth ESG Report adds to our existing range of ESG reports for lithium, nickel, cobalt, and graphite. Benchmark’s Sustainability division also provides bespoke Life Cycle Assessment (LCA) services.  ","Benchmark Mineral Intelligence is pleased to announce the launch of its new Rare Earths ESG Report, which will bring further clarity to the environmental, social and governance landscape of the rare earths industry. The launch of Benchmark’s Rare Earths ESG Report enables miners and refiners to benchmark their ESG performance against peers, as well as […]",[75142],{"slug":544,"name":543,"content":75143},{"job_title":557,"image":75144,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fa1ad314-1793-41c4-828e-805eeb3bd815\", \"id\": \"\"}-->",[75147,75148,75149,75150],{"slug":872,"name":873},{"slug":12983,"name":12984},{"slug":1556,"name":414},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":75152,"copyright":547,"fieldtype":553,"meta_data":75153,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a99c6460dc/bm-reemining.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 28, 2024",{"id":75156,"uuid":75157,"name":75158,"slug":75159,"full_slug":75160,"content":75161},112469998978639,"56f1117c-d3dc-49c5-9e00-f086ef484657","Struggling nickel miners press for alternative pricing mechanisms","struggling-nickel-miners-press-for-alternative-pricing-mechanisms","article/struggling-nickel-miners-press-for-alternative-pricing-mechanisms",{"_uid":75162,"date":75163,"tags":75164,"editor":75168,"content":75172,"excerpt":75392,"featured":51,"reporter":75393,"_editable":75397,"component":864,"seo_title":75158,"categories":75398,"visibility":2091,"author_company":49,"data_vis_image":75401,"featured_image":75403,"seo_description":75405,"author_full_name":49,"author_job_title":49,"formattedDate":75406},"2ae79f1a-0d73-46d6-a79a-b7365543e846","2024-02-27 00:00",[75165,75166,75167],{"slug":6567,"name":2038},{"slug":7997,"name":7998},{"slug":7994,"name":7995},[75169],{"slug":544,"name":543,"content":75170},{"job_title":557,"image":75171,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":75173},[75174,75179,75184,75203,75208,75216,75221,75226,75231,75236,75241,75246,75257,75265,75270,75275,75280,75285,75290,75295,75300,75305,75310,75322,75327,75332,75337,75341,75345,75349,75361,75365,75369,75374,75379,75384],{"type":594,"attrs":75175,"content":75176},{"textAlign":49},[75177],{"text":75178,"type":599},"Embattled nickel miners are calling for alternative pricing mechanisms to support operations located in Western jurisdictions, as low nickel prices claim a growing list of casualties in Australia.",{"type":594,"attrs":75180,"content":75181},{"textAlign":49},[75182],{"text":75183,"type":599},"Australian mining tycoon Andrew Forrest was amongst those in late-February to appeal to the London Metal Exchange (LME) to differentiate nickel depending on the sustainability credentials of the product. ",{"type":594,"attrs":75185,"content":75186},{"textAlign":49},[75187,75189,75194,75196,75201],{"text":75188,"type":599},"Forrest’s Wyloo Metals is ",{"text":75190,"type":599,"marks":75191},"one of at least five nickel mines in Australia ",[75192],{"type":604,"attrs":75193},{"href":69867,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75195,"type":599},"to have closed or curtailed production since the start of 2024. Benchmark’s ",{"text":75197,"type":599,"marks":75198},"MHP CIF Asia (Fixed Price) and EXW China nickel sulphate",[75199],{"type":604,"attrs":75200},{"href":32079,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":75202,"type":599}," prices have fallen 38% and 33% respectively year-on-year.",{"type":594,"attrs":75204,"content":75205},{"textAlign":49},[75206],{"text":75207,"type":599},"The downturn was sparked by a ramp-up of class I nickel capacity at Chinese-owned operations in Indonesia during the second half of 2023 that had bridged the previous gap between a balanced class I and an over-supplied class II nickel market. ",{"type":594,"attrs":75209,"content":75210},{"textAlign":49},[75211],{"type":1186,"attrs":75212},{"id":49,"alt":75213,"src":75214,"title":49,"source":49,"copyright":49,"meta_data":75215},"Nickel prices fall under structural pressures","https://a.storyblok.com/f/287943243085208/ba11122426/bm-strugglers-nickel-miners-price-chart.png",{},{"type":594,"attrs":75217,"content":75218},{"textAlign":49},[75219],{"text":75220,"type":599},"Several Chinese operators in Indonesia are now converting low-grade class II nickel into high-purity LME registered cathodes, taking advantage of the exchange’s newly introduced fast-track registration process to improve liquidity on its much-chastised nickel contract.",{"type":594,"attrs":75222,"content":75223},{"textAlign":49},[75224],{"text":75225,"type":599},"In mid-February, the Australian government stepped in to support its domestic nickel industry by classifying nickel as a “critical mineral” to open up access to $2.7 billion of federal financing. The Western Australian government is adding further assistance by providing a 50% royalty rebate over an 18-month period when nickel prices fall below $20,000 per tonne.",{"type":594,"attrs":75227,"content":75228},{"textAlign":49},[75229],{"text":75230,"type":599},"With BHP considering the closure of its Nickel West operation, it noted that nickel’s inclusion in the critical minerals list spoke “to the speed of the deterioration in industry conditions.” An updated list of critical minerals was released only in December 2023.",{"type":594,"attrs":75232,"content":75233},{"textAlign":49},[75234],{"text":75235,"type":599},"Although the mining giant welcomed nickel’s inclusion, it suggested the support would prove toothless without fundamental changes to global nickel pricing mechanisms.",{"type":657,"attrs":75237,"content":75238},{"level":15966,"textAlign":49},[75239],{"text":75240,"type":599},"Bifurcation key to reviving Western competitiveness ",{"type":594,"attrs":75242,"content":75243},{"textAlign":49},[75244],{"text":75245,"type":599},"Within the market’s current guise, Western miners are facing a prolonged period of pain despite bullish medium-to-long term demand projections. ",{"type":594,"attrs":75247,"content":75248},{"textAlign":49},[75249,75251,75255],{"text":75250,"type":599},"Chinese-owned operations in Indonesia have ramped up new supply at an unprecedented speed. ",{"text":32075,"type":599,"marks":75252},[75253],{"type":604,"attrs":75254},{"href":32079,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":75256,"type":599}," shows that Indonesia’s nickel supply increased from 384,000 tonnes in 2019 to 1.7 million tonnes in 2023. This figure is forecast to rise to over 4 million tonnes by 2030.",{"type":594,"attrs":75258,"content":75259},{"textAlign":49},[75260],{"type":1186,"attrs":75261},{"id":49,"alt":75262,"src":75263,"title":49,"source":49,"copyright":49,"meta_data":75264},"Indonesia dwarfs Australia as the world's largest nickel producers","https://a.storyblok.com/f/287943243085208/b9a97cabda/bm-struggling-nickel-miners-indo-vs-aus.png",{},{"type":594,"attrs":75266,"content":75267},{"textAlign":49},[75268],{"text":75269,"type":599},"This glut of new Indonesian supply is set to sustain a structural surplus until 2028 – even as battery demand grows at a compound growth rate of 18.9% until the end of the decade. ",{"type":594,"attrs":75271,"content":75272},{"textAlign":49},[75273],{"text":75274,"type":599},"The bridging of class I and class II nickel supply has eroded the cost-competitiveness of established class I nickel producers almost overnight.",{"type":594,"attrs":75276,"content":75277},{"textAlign":49},[75278],{"text":75279,"type":599},"“Currently its a bleak outlook for Western producers. Without a price premium they will remain uncompetitive to Indonesia during a prolonged period of low prices,” said Jorge Uzcategui, nickel analyst at Benchmark. ",{"type":594,"attrs":75281,"content":75282},{"textAlign":49},[75283],{"text":75284,"type":599},"Chinese companies in Indonesia also operate under different parameters to their more commercially minded Western counterparts, undercutting higher-cost producers that adopt more sustainable practices.",{"type":594,"attrs":75286,"content":75287},{"textAlign":49},[75288],{"text":75289,"type":599},"BHP has been highly critical of the LME and its decision to qualify Chinese material of Indonesian origin. The company is a leading voice calling for a bifurcation of nickel prices to safeguard the long-term competitiveness of the nickel industry in Australia.",{"type":594,"attrs":75291,"content":75292},{"textAlign":49},[75293],{"text":75294,"type":599},"It follows that nickel prices should be differentiated between units produced by processes with higher standards of sustainability and those that score lower in environmental and social governance indexes. ",{"type":594,"attrs":75296,"content":75297},{"textAlign":49},[75298],{"text":75299,"type":599},"How a possible bifurcation could evolve remains up for interpretation. But suggestions include commercial premia/discounts to ensure profitability during low-price cycles and tighter sustainability standards for LME qualification.",{"type":594,"attrs":75301,"content":75302},{"textAlign":49},[75303],{"text":75304,"type":599},"Policy is another lever. Stricter sourcing requirements for subsidy qualification under the flagship US Inflation Reduction Act could help to rebalance the playing field. ",{"type":657,"attrs":75306,"content":75307},{"level":15966,"textAlign":49},[75308],{"text":75309,"type":599},"Environmental standards in Indonesia are looser than in the West",{"type":594,"attrs":75311,"content":75312},{"textAlign":49},[75313,75315,75320],{"text":75314,"type":599},"Whilst not all Indonesian nickel can be classified as ‘unsustainable,’ ",{"text":75316,"type":599,"marks":75317},"Benchmark’s Nickel ESG Carbon Intensity Curves",[75318],{"type":604,"attrs":75319},{"href":32079,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":75321,"type":599}," demonstrate that nickel produced via the rotary kiln electric furnace (RKEF) process, accounting for 75% of Indonesian output in 2023,is up to six times more carbon intensive than BHP’s Nickel West project in Western Australia. ",{"type":594,"attrs":75323,"content":75324},{"textAlign":49},[75325],{"text":75326,"type":599},"Over 60% of Indonesia’s electricity generation relies on coal-fired power plants and the conversion of class II nickel (via RKEF) into a LME registered product is by far the most energy-intensive route for class I nickel production. ",{"type":594,"attrs":75328,"content":75329},{"textAlign":49},[75330],{"text":75331,"type":599},"And this is before other environmental and social factors such as deforestation, biodiversity loss, water pollution, and labour rights are considered. A fire at a nickel smelter at Tsingshan’s Morowali Industrial Park in December, which killed 13 workers and injured a further 46, highlights some of these underlying risks.",{"type":594,"attrs":75333,"content":75334},{"textAlign":49},[75335],{"text":75336,"type":599},"“Ultimately, the environmental and social footprint of the majority of Indonesian nickel mining wouldn’t be accepted in other regions,” Uzcategui said.",{"type":657,"attrs":75338,"content":75339},{"level":15966,"textAlign":49},[75340],{"text":73119,"type":599},{"type":594,"attrs":75342,"content":75343},{"textAlign":49},[75344],{"text":73124,"type":599},{"type":594,"attrs":75346,"content":75347},{"textAlign":49},[75348],{"text":73129,"type":599},{"type":594,"attrs":75350,"content":75351},{"textAlign":49},[75352,75354,75359],{"text":75353,"type":599},"Benchmark’s Nickel Sustainability Index is published quarterly in the ",{"text":75355,"type":599,"marks":75356},"Benchmark Nickel ESG Report",[75357],{"type":604,"attrs":75358},{"href":32079,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":75360,"type":599},", and currently measures 79 indicators categorised under environmental, social and governance components to form a composite score.",{"type":594,"attrs":75362,"content":75363},{"textAlign":49},[75364],{"text":73139,"type":599},{"type":594,"attrs":75366,"content":75367},{"textAlign":49},[75368],{"text":73144,"type":599},{"type":594,"attrs":75370,"content":75371},{"textAlign":49},[75372],{"text":75373,"type":599},"A prolonged period of weak prices across all nickel products has incentivised Industry Leading producers to market the sustainability of their product and the transparency of their practices. Moreover, a desire from OEM procurement teams to meet company ESG requirements has demonstrated downstream desire for such prices. ",{"type":594,"attrs":75375,"content":75376},{"textAlign":49},[75377],{"text":75378,"type":599},"“It is natural that right now, with nickel values across all grades being so weak, miners are seeking to differentiate from their competition by focusing on their sustainability credentials. However, this is not a transient dynamic,” said Daniel Fletcher-Manuel, Director of Prices & Data at Benchmark.",{"type":594,"attrs":75380,"content":75381},{"textAlign":49},[75382],{"text":75383,"type":599},"“There is a real interest among OEMs in demonstrating to their customers and shareholders that sustainability is a critical part of their procurement strategy. Benchmark’s first of its kind Sustainable Nickel Sulphate price enables the supply chain to index to a price which considers sustainability objectively,” he added.",{"type":594,"attrs":75385,"content":75386},{"textAlign":49},[75387,75391],{"text":75388,"type":599,"marks":75389},"To speak to our nickel experts and learn more about Benchmark’s Nickel Price Assessment, advisory services and market-leading prices coverage, please provide your details here and our team will be in touch",[75390],{"type":643},{"text":974,"type":599},"Embattled nickel miners are calling for alternative pricing mechanisms to support operations located in Western jurisdictions, as low nickel prices claim a growing list of casualties in Australia. Australian mining tycoon Andrew Forrest was amongst those in late-February to appeal to the London Metal Exchange (LME) to differentiate nickel depending on the sustainability credentials of […]",[75394],{"slug":544,"name":543,"content":75395},{"job_title":557,"image":75396,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2ae79f1a-0d73-46d6-a79a-b7365543e846\", \"id\": \"\"}-->",[75399,75400],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":75402},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":53353,"copyright":547,"fieldtype":553,"meta_data":75404,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Embattled nickel miners are calling for alternative pricing mechanisms to support operations located in Western jurisdictions, as low nickel prices claim a growing list of casualties in Australia. ","Feb 27, 2024",{"id":75408,"uuid":75409,"name":75410,"slug":75411,"full_slug":75412,"content":75413},112470008702545,"e32db117-a7d6-4fb8-a9b7-0bd19bb2a4dc","Battery raw material price declines add to long term supply risks ","battery-raw-material-price-declines-add-to-long-term-supply-risks","article/battery-raw-material-price-declines-add-to-long-term-supply-risks",{"_uid":75414,"date":75415,"tags":75416,"editor":75417,"content":75421,"excerpt":75550,"featured":51,"reporter":75551,"_editable":75555,"component":864,"seo_title":75410,"categories":75556,"visibility":882,"author_company":49,"featured_image":75564,"seo_description":75550,"author_full_name":49,"author_job_title":49,"formattedDate":75566},"6c747ca9-97a5-4e29-bc2c-0803ac96815f","2024-02-23 00:00",[],[75418],{"slug":544,"name":543,"content":75419},{"job_title":557,"image":75420,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":75422},[75423,75428,75454,75459,75465,75475,75480,75492,75497,75502,75522,75535,75540,75545],{"type":594,"attrs":75424,"content":75425},{"textAlign":49},[75426],{"text":75427,"type":599},"Lithium’s downturn from record highs is the sharp end of a broader correction across the suite of battery raw materials that is adding considerable future supply risk for the battery industry. ",{"type":594,"attrs":75429,"content":75430},{"textAlign":49},[75431,75433,75439,75441,75446,75447,75452],{"text":75432,"type":599},"Benchmark’s latest price assessments show ",{"text":75434,"type":599,"marks":75435},"EXW China Lithium Carbonate (battery)",[75436],{"type":604,"attrs":75437},{"href":75438,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium/portal/?tab=table",{"text":75440,"type":599}," prices have decreased 79.9% year-on-year, while ",{"text":75442,"type":599,"marks":75443},"EXW China Cobalt Sulphate",[75444],{"type":604,"attrs":75445},{"href":68631,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1440,"type":599},{"text":75448,"type":599,"marks":75449},"DDP China Natural Graphite 94-95% C, -100 mesh",[75450],{"type":604,"attrs":75451},{"href":28474,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75453,"type":599}," have also recorded notable declines, down 24.4% and 37.9% year-on-year respectively. ",{"type":594,"attrs":75455,"content":75456},{"textAlign":49},[75457],{"text":75458,"type":599},"Under the current low-price environment operators are curtailing production at existing mines and investment in new supply is being hamstrung. This is despite bullish medium-to-long term demand prospects for these future-facing commodities. ",{"type":594,"attrs":75460,"content":75461},{"textAlign":49},[75462],{"type":1186,"attrs":75463},{"id":49,"alt":547,"src":74398,"title":49,"source":49,"copyright":49,"meta_data":75464},{},{"type":594,"attrs":75466,"content":75467},{"textAlign":49},[75468,75470],{"text":75469,"type":599},"Battery demand is set to increase at a compound annual growth rate (CAGR) of 19.5% until the end of the decade, according to ",{"text":75471,"type":599,"marks":75472},"Benchmark’s Lithium ion Battery Database.",[75473],{"type":604,"attrs":75474},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":75476,"content":75477},{"textAlign":49},[75478],{"text":75479,"type":599},"The downtrend across all markets is broadly reflective of a short-term slowdown in electric vehicle (EV) sector demand growth. Lithium prices have proven particularly volatile due to the immature nature of the market, with previous high prices supporting ‘unconventional’ supply sources that are now proving uneconomical at current price levels.",{"type":594,"attrs":75481,"content":75482},{"textAlign":49},[75483,75485,75490],{"text":75484,"type":599},"A bearish outlook is contributing further downward pressure to prices in some markets. This is particularly true for cobalt and nickel, as Benchmark ",{"text":75486,"type":599,"marks":75487},"projects",[75488],{"type":604,"attrs":75489},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75491,"type":599}," significant supply-side additions to sustain market surpluses until 2026 and 2028 respectively.",{"type":657,"attrs":75493,"content":75494},{"level":15966,"textAlign":49},[75495],{"text":75496,"type":599},"Downturn increases demand for new prices points",{"type":594,"attrs":75498,"content":75499},{"textAlign":49},[75500],{"text":75501,"type":599},"The current downturn is amplifying calls across the industry for price points that encompass a broad range of considerations beyond just price. ",{"type":594,"attrs":75503,"content":75504},{"textAlign":49},[75505,75507,75512,75514,75520],{"text":75506,"type":599},"As Benchmark previously ",{"text":75508,"type":599,"marks":75509},"reported",[75510],{"type":604,"attrs":75511},{"href":18842,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75513,"type":599},", sustainability considerations are now forming a critical metric in new contract agreements in the lithium market. And whilst there is no clear ‘green premium’ for lithium as yet, Benchmark now ",{"text":75515,"type":599,"marks":75516},"releases",[75517],{"type":604,"attrs":75518},{"href":75519,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-to-launch-sustainable-lithium-carbonate-pricing",{"text":75521,"type":599}," a bi-weekly Sustainable Lithium Carbonate spot price to provide the industry with greater price granularity. ",{"type":594,"attrs":75523,"content":75524},{"textAlign":49},[75525,75527,75533],{"text":75526,"type":599},"Likewise, Benchmark recently ",{"text":75528,"type":599,"marks":75529},"launched",[75530],{"type":604,"attrs":75531},{"href":75532,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/growing-demand-for-ex-china-graphite-drives-need-for-new-pricing-data",{"text":75534,"type":599}," a North America graphite price that reflects the West’s growing efforts to diversify supply chains away from China to improve security of supply and lower carbon emissions.",{"type":594,"attrs":75536,"content":75537},{"textAlign":49},[75538],{"text":75539,"type":599},"Meanwhile, beleaguered nickel miners in the West are also pressing for a bifurcation of the nickel market and the adoption of pricing mechanisms that differentiate the environmental footprint of different processing routes. ",{"type":594,"attrs":75541,"content":75542},{"textAlign":49},[75543],{"text":75544,"type":599},"Nickel sulphate prices have fallen 36% from the beginning of 2023, leading to an ever-growing number of mines in western jurisdictions to be mothballed. Western operators are struggling to compete against the large volumes of low-cost, carbon-intensive nickel entering the market from Chinese operations in Indonesia. ",{"type":594,"attrs":75546,"content":75547},{"textAlign":49},[75548],{"text":75549,"type":599},"End-users, however, remain resistant to adopting pricing mechanisms that impose a price premium. Automakers fear that increased raw material prices will derail attempts to drive down vehicle production costs. ","Lithium’s downturn from record highs is the sharp end of a broader correction across the suite of battery raw materials that is adding considerable future supply risk for the battery industry. Benchmark’s latest price assessments show EXW China Lithium Carbonate (battery) prices have decreased 79.9% year-on-year, while EXW China Cobalt Sulphate and DDP China Natural […]",[75552],{"slug":544,"name":543,"content":75553},{"job_title":557,"image":75554,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6c747ca9-97a5-4e29-bc2c-0803ac96815f\", \"id\": \"\"}-->",[75557,75558,75559,75560,75561,75562,75563],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":60739,"copyright":547,"fieldtype":553,"meta_data":75565,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Feb 23, 2024",{"id":75568,"uuid":75569,"name":75570,"slug":75571,"full_slug":75572,"content":75573},112470013564498,"5d0ea8dd-9214-4e55-ba73-db5262869d11","“The Inflation Reduction Act has created a race to the top.” Q&A with Ruth Gratzke of Siemens ","the-inflation-reduction-act-has-created-a-race-to-the-top-qa-with-ruth-gratzke-of-siemens","article/the-inflation-reduction-act-has-created-a-race-to-the-top-qa-with-ruth-gratzke-of-siemens",{"_uid":75574,"date":75575,"tags":75576,"editor":75578,"content":75582,"excerpt":75707,"featured":51,"reporter":75708,"_editable":75712,"component":864,"seo_title":75570,"categories":75713,"visibility":2091,"author_company":49,"featured_image":75716,"seo_description":75707,"author_full_name":49,"author_job_title":49,"formattedDate":75719},"4c5ebac0-eead-49e9-bd86-0e24138de16a","2024-02-22 00:00",[75577],{"slug":18915,"name":18916},[75579],{"slug":544,"name":543,"content":75580},{"job_title":557,"image":75581,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":75583},[75584,75589,75594,75599,75604,75616,75621,75626,75637,75642,75647,75652,75657,75662,75667,75672,75677,75682,75687,75692,75697,75702],{"type":594,"attrs":75585,"content":75586},{"textAlign":49},[75587],{"text":75588,"type":599},"Siemens is helping to digitalise and automate the global battery industry,  and is also a key investor in new battery gigafactories in the US and Europe. ",{"type":594,"attrs":75590,"content":75591},{"textAlign":49},[75592],{"text":75593,"type":599},"In 2018 Siemens signed an agreement with Swedish battery producer Northvolt, and also invested in the company. It is also working with Arizona-based Kore Power in the US. ",{"type":594,"attrs":75595,"content":75596},{"textAlign":49},[75597],{"text":75598,"type":599},"Siemens Financial Services was the lead investor on the initial $75 million of private financing for Kore’s six gigawatt hour battery factory in Buckeye, which is due to start production at the end of this year. ",{"type":594,"attrs":75600,"content":75601},{"textAlign":49},[75602],{"text":75603,"type":599},"The company’s technology and software promises to improve the efficiency and reduce the energy usage of battery factories. ",{"type":594,"attrs":75605,"content":75606},{"textAlign":49},[75607,75609,75614],{"text":75608,"type":599},"There are over 400 battery gigafactories being built globally, according to Benchmark’s ",{"text":75610,"type":599,"marks":75611},"Gigafactory Assessment, ",[75612],{"type":604,"attrs":75613},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75615,"type":599},"with a total planned capacity over over 9,000 gigawatt hours. ",{"type":594,"attrs":75617,"content":75618},{"textAlign":49},[75619],{"text":75620,"type":599},"Benchmark Source sat down with Ruth Gratzke, president of Siemens Smart Infrastructure US & CEO of Siemens Industry, to learn more about how the company is helping battery factories.",{"type":657,"attrs":75622,"content":75623},{"level":15966,"textAlign":49},[75624],{"text":75625,"type":599},"How has the IRA impacted battery manufacturing in the US? ",{"type":594,"attrs":75627,"content":75628},{"textAlign":49},[75629,75630,75635],{"text":2372,"type":599},{"text":46860,"type":599,"marks":75631},[75632],{"type":604,"attrs":75633},{"href":75634,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lg-chem-gm-cathode-deal-illustrates-successes-of-ira-supply-chain-buildout",{"text":75636,"type":599}," has created a race to the top. It has made clear to companies where America’s industrial priorities stand, and we’re seeing domestic battery manufacturing rise to the top of that list. And the response from industry has been incredible — we’ve seen billions of dollars of private capital being invested here in the US in addition to the “down payment” from the federal government through vehicles such as the IRA. These climate-focused investments create opportunities for industry to innovate, especially in the areas of digitalisation and decarbonisation.",{"type":594,"attrs":75638,"content":75639},{"textAlign":49},[75640],{"text":75641,"type":599},"Additionally, Siemens helped create a coalition of US domestic battery supply chain companies called the US Battery Machine Builders, otherwise known as US BMB. This coalition is dedicated to fortifying the US battery supply chain by encouraging adoption of American-made machines and equipment. This will ensure quality machines are being crafted right here in the US and since companies applying for federal funding are analysed for domestic content, we believe that these federal programs will also help build demand for domestic capabilities in the battery supply chain, creating jobs and supporting US businesses.",{"type":657,"attrs":75643,"content":75644},{"level":15966,"textAlign":49},[75645],{"text":75646,"type":599},"How can your technology help cut the cost of producing lithium-ion batteries in the US? What kind of cost improvements can be achieved?",{"type":594,"attrs":75648,"content":75649},{"textAlign":49},[75650],{"text":75651,"type":599},"Siemens Smart Infrastructure smart factory solutions provide the foundation for more resilient, efficient and connected facilities – ultimately helping usher in the next era of US manufacturing. Power distribution hardware and software ensure facilities’ electrical footprint is efficient and reliable while providing building managers with real-time analytics and diagnostic maintenance insights.",{"type":594,"attrs":75653,"content":75654},{"textAlign":49},[75655],{"text":75656,"type":599},"Siemens’ building management systems can monitor environmental controls, security, and power distribution systems all from a single interface, which increases comfort, efficiency, optimises energy usage, and safety for occupants.",{"type":657,"attrs":75658,"content":75659},{"level":15966,"textAlign":49},[75660],{"text":75661,"type":599},"How does it improve quality and production yields?",{"type":594,"attrs":75663,"content":75664},{"textAlign":49},[75665],{"text":75666,"type":599},"Siemens’ digital twin and automation technology as well as industrial IOT solutions help battery manufacturers improve production quality and increase production yield. For example, Siemens and Voltaiq have developed a new solution that combines Siemens’ industrial Internet of Things and Voltaiq’s suite of battery-specific monitoring, visualising and advanced analytics capabilities to accelerate battery manufacturing. ",{"type":594,"attrs":75668,"content":75669},{"textAlign":49},[75670],{"text":75671,"type":599},"The joint solution addresses the challenges faced in the critical finishing stage of battery production – which makes up a significant portion of production costs and time – by helping to reduce the risk associated with discovering problems late in the production cycle where yield and profitability are most likely to suffer.",{"type":594,"attrs":75673,"content":75674},{"textAlign":49},[75675],{"text":75676,"type":599},"When it comes to large battery production Siemens has the end-to-end capabilities and expertise from raw material procurement to battery recycling and reuse – helping manufacturers leverage fast-moving opportunities in this short period of time. We also help battery factories avert unplanned downtime by deploying intelligent power systems that increase resiliency, safety, and flexibility and through modern analytics engines driven by IoT sensors, meters, and programmable logic controllers.",{"type":594,"attrs":75678,"content":75679},{"textAlign":49},[75680],{"text":75681,"type":599},"One key partnership demonstrating the potential of collaboration is our work with the battery developer Northvolt. We’re working with Northvolt to digitise their entire value chain – from the design of the battery cell to production and services. The use of software and automation will enable Northvolt to build an advanced factory capable of making batteries with a low carbon footprint.",{"type":594,"attrs":75683,"content":75684},{"textAlign":49},[75685],{"text":75686,"type":599},"Siemens’ digital twin technology helps our customers envision the battery in the virtual world before the first one is ever produced — allowing manufacturers to test the battery and look at its characteristics in the design phase. This same technology can be applied to the production line to test layouts, look for efficiencies and test the stresses and the limits of what that production process is going to bring.",{"type":657,"attrs":75688,"content":75689},{"level":15966,"textAlign":49},[75690],{"text":75691,"type":599},"How can energy use for producing batteries be improved? How can the sustainability of battery production be improved? Could you give some examples of improvements?",{"type":594,"attrs":75693,"content":75694},{"textAlign":49},[75695],{"text":75696,"type":599},"There are ways to improve energy efficiency throughout the entire battery value chain. Looking at the process first from the facility itself and the building envelope, the incorporation of renewables and distributed energy resources can help the facility become more efficient and energy dependent. Connect these resources with an energy management software system and now you have usage data that can be used to employ optimisation strategies. When looking at the production process, digital twins can help create efficient products without wasting resources in the initial design phase – this is true all the way down to the recycling process.",{"type":657,"attrs":75698,"content":75699},{"level":15966,"textAlign":49},[75700],{"text":75701,"type":599},"How will AI impact battery manufacturing? Can it lead to improvements that will improve costs?",{"type":594,"attrs":75703,"content":75704},{"textAlign":49},[75705],{"text":75706,"type":599},"We foresee manufacturers utilising AI to teach robots to do the repetitive and maybe even dangerous parts of the job of disassembling batteries for recycling purposes. With the application of technology, by bringing additional tools into the manufacturing environment, we have the potential to make every human more productive. AI can also help reprogram machines faster and in natural language that will upskill workers on the shopfloor and allow for more efficient use of valuable resources.","Siemens is helping to digitalise and automate the global battery industry, and is also a key investor in new battery gigafactories in the US and Europe. In 2018 Siemens signed an agreement with Swedish battery producer Northvolt, and also invested in the company. It is also working with Arizona-based Kore Power in the US. Siemens […]",[75709],{"slug":544,"name":543,"content":75710},{"job_title":557,"image":75711,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4c5ebac0-eead-49e9-bd86-0e24138de16a\", \"id\": \"\"}-->",[75714,75715],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":75717,"copyright":547,"fieldtype":553,"meta_data":75718,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3acbaf9ed6/bm-gratzke-ruth.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 22, 2024",{"id":75721,"uuid":75722,"name":75723,"slug":75724,"full_slug":75725,"content":75726},112470023034552,"c2c4a5f4-d0c9-424f-87c7-dfe1623057b1","North America’s anode push accelerates with Nouveau Monde GM deal ","north-americas-anode-push-accelerates-with-nouveau-monde-gm-deal","article/north-americas-anode-push-accelerates-with-nouveau-monde-gm-deal",{"_uid":75727,"date":75728,"tags":75729,"editor":75731,"content":75735,"excerpt":75930,"featured":51,"reporter":75931,"_editable":75935,"component":864,"seo_title":75723,"categories":75936,"visibility":882,"author_company":49,"featured_image":75942,"seo_description":75930,"author_full_name":49,"author_job_title":49,"formattedDate":75945},"09695d3d-7458-4693-b60b-86761fa4798f","2024-02-21 00:00",[75730],{"slug":2787,"name":2788},[75732],{"slug":544,"name":543,"content":75733},{"job_title":557,"image":75734,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":75736},[75737,75749,75767,75772,75784,75789,75796,75809,75820,75825,75830,75835,75847,75852,75864,75869,75874,75879,75884,75889,75894,75913,75918],{"type":594,"attrs":75738,"content":75739},{"textAlign":49},[75740,75742,75747],{"text":75741,"type":599},"Nouveau Monde Graphite’s (NMG) multi-year offtake agreements with General Motors (GM) and ",{"text":13872,"type":599,"marks":75743},[75744],{"type":604,"attrs":75745},{"href":75746,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/panasonics-canadian-graphite-deal-highlights-north-american-opportunity",{"text":75748,"type":599}," for natural graphite active anode material is set to support North America’s anode push as the incentives in the US Inflation Reduction Act (IRA) spur local sourcing and reduce dependency on China. ",{"type":594,"attrs":75750,"content":75751},{"textAlign":49},[75752,75754,75759,75761,75765],{"text":75753,"type":599},"NMG’s twin offtake deals with Tier 1 customers ",{"text":75755,"type":599,"marks":75756},"comes",[75757],{"type":604,"attrs":75758},{"href":75746,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75760,"type":599}," as a reassurance for the anode company at a time when ",{"text":15265,"type":599,"marks":75762},[75763],{"type":604,"attrs":75764},{"href":75532,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75766,"type":599}," of the critical battery materials have reached new lows. ",{"type":594,"attrs":75768,"content":75769},{"textAlign":49},[75770],{"text":75771,"type":599},"“It is clear that western downstream players are seeking to secure anode material from outside of China, which has become an increasingly pressing target given China’s dominance in the graphite value chain against the backdrop of the IRA,” said Daisy Jennings-Gray, Head of Prices at Benchmark.",{"type":594,"attrs":75773,"content":75774},{"textAlign":49},[75775,75777,75782],{"text":75776,"type":599},"North America’s anode capacity is set to grow almost five fold to over 900,000 tonnes in 2035 from over 95,000 tonnes in 2025, according to data from the ",{"text":62334,"type":599,"marks":75778},[75779],{"type":604,"attrs":75780},{"href":75781,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/natural-graphite/reports/",{"text":75783,"type":599},". In terms of market share that would represent over 4% of the global anode capacity share in 2035.",{"type":594,"attrs":75785,"content":75786},{"textAlign":49},[75787],{"text":75788,"type":599},"North America would also emerge as the leading region outside China to have the largest anode capacity by 2035. In contrast, China’s anode capacity is expected to reach 18.7 million tonnes in 2035 from 6.4 million tonnes in 2025.",{"type":594,"attrs":75790,"content":75791},{"textAlign":49},[75792],{"type":1186,"attrs":75793},{"id":49,"alt":547,"src":75794,"title":49,"source":49,"copyright":49,"meta_data":75795},"https://a.storyblok.com/f/287943243085208/d12bdd0768/bm-na-anode-capacity-chart-edited-2.png",{},{"type":594,"attrs":75797,"content":75798},{"textAlign":49},[75799,75801,75807],{"text":75800,"type":599},"“The graphite market is approaching a tipping point in its dissociation from China’s historical near monopoly. With new trade regulations like Chinese export restrictions and the US’ IRA, it’s critical for North American battery and EV makers to find meaningful and sizable alternatives,” ",{"text":75802,"type":599,"marks":75803},"Eric Desaulniers",[75804],{"type":604,"attrs":75805},{"href":75806,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/oems-are-ready-to-pay-the-price-needed-to-finance-projects-qa-with-nouveau-monde-ceo-eric-desaulniers",{"text":75808,"type":599},", chief executive officer of NMG, told Benchmark Source.",{"type":594,"attrs":75810,"content":75811},{"textAlign":49},[75812,75818],{"text":75813,"type":599,"marks":75814},"Benchmark Flake Graphite Price Index",[75815],{"type":604,"attrs":75816},{"href":75817,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/natural-graphite/portal/?tab=chart",{"text":75819,"type":599}," has declined 1.3% so far this year and is down 28.2% on a year-on-year basis.",{"type":594,"attrs":75821,"content":75822},{"textAlign":49},[75823],{"text":75824,"type":599},"Desaulniers said there is a growing call for a local, ESG-compliant, carbon-neutral supply chain in North America and that he expects a disconnect from China’s prices.",{"type":657,"attrs":75826,"content":75827},{"level":15966,"textAlign":49},[75828],{"text":75829,"type":599},"Growing call for ex-China anode material",{"type":594,"attrs":75831,"content":75832},{"textAlign":49},[75833],{"text":75834,"type":599},"“Despite low prices for graphite in recent months, there is an appetite for material that is not associated with the Chinese anode value chain, which dominates the industry,” said Jennings-Gray.",{"type":594,"attrs":75836,"content":75837},{"textAlign":49},[75838,75840,75845],{"text":75839,"type":599},"Jennings-Gray expects more such localised demand hubs to ",{"text":75841,"type":599,"marks":75842},"drive price premiums for material ",[75843],{"type":604,"attrs":75844},{"href":75532,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75846,"type":599},"that meets certain standards as legislation such as the IRA comes into force.",{"type":594,"attrs":75848,"content":75849},{"textAlign":49},[75850],{"text":75851,"type":599},"“A number of ex-China graphite players are already looking to settle supply contracts against price indexes that are not linked to transactions in the China market,” she added.",{"type":594,"attrs":75853,"content":75854},{"textAlign":49},[75855,75857,75862],{"text":75856,"type":599},"Benchmark has been tracking the graphite price trends in North America as the need for an ex-China anode value chain gains strength. Benchmark ",{"text":75858,"type":599,"marks":75859},"now publishes",[75860],{"type":604,"attrs":75861},{"href":75532,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75863,"type":599}," a -100 mesh, 94-95% carbon, CIF North America flake graphite concentrate price in response to the growing demand for tracking ex-China supply developments.",{"type":657,"attrs":75865,"content":75866},{"level":15966,"textAlign":49},[75867],{"text":75868,"type":599},"NMG’s plan ",{"type":594,"attrs":75870,"content":75871},{"textAlign":49},[75872],{"text":75873,"type":599},"NMG will supply GM and Panasonic each 18,000 tonnes of anode material annually, spread over six and seven years respectively. The deals cover 85% of Montreal-based NMG’s 42,000 tonnes a year of planned anode materials from its facility in Bécancour where it will use graphite from its nearby Matawinie mine.",{"type":594,"attrs":75875,"content":75876},{"textAlign":49},[75877],{"text":75878,"type":599},"Desaulniers said the locked supplies provide NMG visibility and support from investment-grade manufacturers and that the company is in talks with potential customers for the rest of the production. ",{"type":594,"attrs":75880,"content":75881},{"textAlign":49},[75882],{"text":75883,"type":599},"GM will also invest $150 million in the plant, an initial equity investment of $25 million to support NMG’s Phase 2 operations and a further $125 million equity on approval following the final investment decision. Panasonic, a key Tesla supplier, will make an initial equity investment of $25 million and aims to further finance with potential co-investors an amount valued at about $150 million as part of construction funding for the Phase 2 facilities. ",{"type":594,"attrs":75885,"content":75886},{"textAlign":49},[75887],{"text":75888,"type":599},"NMG is also looking to start the next phase of expansion at its Uatnan mining project, which has an estimated production target of 500,000 tonnes a year of graphite concentrate.",{"type":657,"attrs":75890,"content":75891},{"level":15966,"textAlign":49},[75892],{"text":75893,"type":599},"Wave of moves in North America’s anode space",{"type":594,"attrs":75895,"content":75896},{"textAlign":49},[75897,75899,75904,75906,75911],{"text":75898,"type":599},"A number of other anode making companies have been moving ahead with projects and inked offtake deals in North America. In February, ",{"text":75900,"type":599,"marks":75901},"Syrah Resources became",[75902],{"type":604,"attrs":75903},{"href":71352,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75905,"type":599}," the first commercial scale vertically integrated natural graphite anode maker outside China with the start of production at its Vidalia plant in Louisiana. ",{"text":13872,"type":599,"marks":75907},[75908],{"type":604,"attrs":75909},{"href":75910,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/panasonic-to-double-us-battery-production-capacity-with-kansas-plant",{"text":75912,"type":599}," has also signed an offtake deal with Novonix to supply 10,000 tonnes a year of graphite material for four years starting in 2025 from its plant in Tennessee.",{"type":594,"attrs":75914,"content":75915},{"textAlign":49},[75916],{"text":75917,"type":599},"In addition, Westwater revealed earlier this month its first off-take deal with South Korean battery maker SK On’s battery plants in the US. SK On counts Ford, Volkswagen, Hyundai and others as its customers. Westwater will supply SK On CSPG-10 natural graphite anode products and the latter will buy a fixed percentage of the anode maker’s forecasted volume on an annual basis. ",{"type":594,"attrs":75919,"content":75920},{"textAlign":49},[75921,75923,75928],{"text":75922,"type":599},"In January, OneD Battery Sciences said it has teamed up with Koch Modular to build an anode production facility in North America to produce their ",{"text":75924,"type":599,"marks":75925},"silicon-graphite anode material",[75926],{"type":604,"attrs":75927},{"href":54579,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75929,"type":599},". Koch will build a co-located silane production facility.","Nouveau Monde Graphite’s (NMG) multi-year offtake agreements with General Motors (GM) and Panasonic for natural graphite active anode material is set to support North America’s anode push as the incentives in the US Inflation Reduction Act (IRA) spur local sourcing and reduce dependency on China. NMG’s twin offtake deals with Tier 1 customers comes as […]",[75932],{"slug":544,"name":543,"content":75933},{"job_title":557,"image":75934,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"09695d3d-7458-4693-b60b-86761fa4798f\", \"id\": \"\"}-->",[75937,75938,75939,75940,75941],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":75943,"copyright":547,"fieldtype":553,"meta_data":75944,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/NMG-Becancour-site-aerial-Ultium-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 21, 2024",{"id":75947,"uuid":75948,"name":75949,"slug":75950,"full_slug":75951,"content":75952},112470056851135,"5bbd6f47-f0bb-40a8-98c5-8b49fda5548f","Syrah’s anode material production start in US sets stage for localised supply","syrahs-anode-material-production-start-in-us-sets-stage-for-localised-supply","article/syrahs-anode-material-production-start-in-us-sets-stage-for-localised-supply",{"_uid":75953,"date":75954,"tags":75955,"editor":75959,"content":75963,"excerpt":76096,"featured":51,"reporter":76097,"_editable":76101,"component":864,"seo_title":75949,"categories":76102,"visibility":882,"author_company":49,"featured_image":76106,"seo_description":76096,"author_full_name":49,"author_job_title":49,"formattedDate":76108},"75bec1a1-8f77-44f6-a075-d86d645795c3","2024-02-15 00:00",[75956,75957,75958],{"slug":913,"name":914},{"slug":2787,"name":2788},{"slug":26773,"name":13365},[75960],{"slug":544,"name":543,"content":75961},{"job_title":557,"image":75962,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":75964},[75965,75978,75983,75988,75999,76010,76020,76025,76030,76035,76040,76045,76058,76071,76083],{"type":594,"attrs":75966,"content":75967},{"textAlign":49},[75968,75970,75976],{"text":75969,"type":599},"Syrah Resources has started production of natural graphite anode active material at its Vidalia plant in Louisiana, setting the stage for Inflation Reduction Act (IRA) compliant supplies to come online as North America looks to ",{"text":75971,"type":599,"marks":75972},"lower its dependency on Chinese",[75973],{"type":604,"attrs":75974},{"href":75975,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-ability-to-restrict-supply-is-now-fully-visible-qa-with-syrahs-shaun-verner",{"text":75977,"type":599}," incumbents.",{"type":594,"attrs":75979,"content":75980},{"textAlign":49},[75981],{"text":75982,"type":599},"The move makes Syrah the first commercial scale vertically integrated natural graphite anode maker outside China.",{"type":594,"attrs":75984,"content":75985},{"textAlign":49},[75986],{"text":75987,"type":599},"“Whilst these steps mark the beginning of localised anode material production, there remains a significant journey ahead before the region achieves self-sufficiency,” said Tony Alderson, graphite analyst at Benchmark.",{"type":594,"attrs":75989,"content":75990},{"textAlign":49},[75991,75993,75997],{"text":75992,"type":599},"The US anode supply is forecast to grow 38 times to reach around 129,000 tonnes a year by the end of 2030 from around 3,000 tonnes in 2023, according to ",{"text":48956,"type":599,"marks":75994},[75995],{"type":604,"attrs":75996},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":75998,"type":599},". Despite this substantial growth, the US anode share is expected to make up just under 4% of the global market share by the end of 2030. ",{"type":594,"attrs":76000,"content":76001},{"textAlign":49},[76002,76004,76008],{"text":76003,"type":599},"In contrast, China is anticipated to maintain its dominant position, holding over 82% of the anode supplies by the end of the decade, ",{"text":57921,"type":599,"marks":76005},[76006],{"type":604,"attrs":76007},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76009,"type":599}," shows. ",{"type":594,"attrs":76011,"content":76012},{"textAlign":49},[76013,76015,76019],{"text":76014,"type":599},"North America is forecast to experience an anode material deficit throughout the decade, with projections indicating that the deficit will surpass 700,000 tonnes a year by the end of the decade from 244,000 tonnes this year, according to ",{"text":48956,"type":599,"marks":76016},[76017],{"type":604,"attrs":76018},{"href":52326,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":76021,"content":76022},{"textAlign":49},[76023],{"text":76024,"type":599},"“This highlights the substantial investments needed to establish a regional midstream value chain if the supply is to be sourced locally,” said Alderson.",{"type":594,"attrs":76026,"content":76027},{"textAlign":49},[76028],{"text":76029,"type":599},"In addition to Syrah, companies such as Westwater and Nouveau Monde are developing vertically integrated projects in the region, further contributing to this trend.",{"type":594,"attrs":76031,"content":76032},{"textAlign":49},[76033],{"text":76034,"type":599},"Earlier this month, Westwater revealed its first off-take deal with South Korean battery maker SK On’s battery plants in the US. SK On counts Ford, Volkswagen, Hyundai and others as its customers. Westwater will supply SK On CSPG-10 natural graphite anode products and the latter will buy a fixed percentage of the anode maker’s forecasted volume on an annual basis. ",{"type":594,"attrs":76036,"content":76037},{"textAlign":49},[76038],{"text":76039,"type":599},"China could comfortably cover Europe and North America’s anode supply deficit, however ESG concerns and IRA compliance remain a challenge for integrating Chinese material in the future.",{"type":657,"attrs":76041,"content":76042},{"level":15966,"textAlign":49},[76043],{"text":76044,"type":599},"Syrah’s Vidalia gameplan",{"type":594,"attrs":76046,"content":76047},{"textAlign":49},[76048,76050,76056],{"text":76049,"type":599},"Syrah aims to ramp up production rates at Vidalia to 11,250 tonnes a year nameplate capacity, targeting 80% within six months and ",{"text":76051,"type":599,"marks":76052},"full capacity",[76053],{"type":604,"attrs":76054},{"href":76055,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-ira-poses-challenges-for-south-korean-companies-as-they-build-out-north-american-battery-capacity",{"text":76057,"type":599}," within 18 months. It will source the feedstock from its Balama mine and processing facility in northern Mozambique. ",{"type":594,"attrs":76059,"content":76060},{"textAlign":49},[76061,76063,76069],{"text":76062,"type":599},"Syrah said it will produce and send product samples to its ",{"text":76064,"type":599,"marks":76065},"downstream customers including Tesla",[76066],{"type":604,"attrs":76067},{"href":76068,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-secures-us-graphite-supplies-with-syrah-deal",{"text":76070,"type":599}," for testing and qualification purposes. Tesla had in 2021 said it will buy 8,000 tonnes of graphite anode material from Syrah’s Vidalia facility for four years at a fixed price once it starts commercial production. Though offtake sales will be based on the production ramp-up and the completion of the product qualification process. ",{"type":594,"attrs":76072,"content":76073},{"textAlign":49},[76074,76076,76081],{"text":76075,"type":599},"Syrah’s Vidalia production start also follows China’s recent introduction of ",{"text":76077,"type":599,"marks":76078},"export controls on natural and synthetic graphite",[76079],{"type":604,"attrs":76080},{"href":73527,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76082,"type":599}," and its products, and the US guidance on the foreign entity of concern (FEOC) qualification for the Section 30D tax credit for new electric vehicles in the IRA. ",{"type":594,"attrs":76084,"content":76085},{"textAlign":49},[76086,76088,76094],{"text":76087,"type":599},"The company said it is making progress to secure ",{"text":76089,"type":599,"marks":76090},"additional funding",[76091],{"type":604,"attrs":76092},{"href":76093,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-doe-awards-first-battery-supply-chain-loan-to-syrah-anode-project",{"text":76095,"type":599}," for Vidalia’s further expansion and that the US Department of Energy (DOE) is undertaking due diligence for an additional loan of US$350 million to support the expansion to a total 45,000 tonnes per year nameplate capacity.","Syrah Resources has started production of natural graphite anode active material at its Vidalia plant in Louisiana, setting the stage for Inflation Reduction Act (IRA) compliant supplies to come online as North America looks to lower its dependency on Chinese incumbents. The move makes Syrah the first commercial scale vertically integrated natural graphite anode maker […]",[76098],{"slug":544,"name":543,"content":76099},{"job_title":557,"image":76100,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"75bec1a1-8f77-44f6-a075-d86d645795c3\", \"id\": \"\"}-->",[76103,76104,76105],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4077,"copyright":547,"fieldtype":553,"meta_data":76107,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Feb 15, 2024",{"id":76110,"uuid":76111,"name":76112,"slug":76113,"full_slug":76114,"content":76115},112470052021950,"47328a64-adfd-4111-86d4-27bbf7bc1ec7","LG Chem, GM cathode deal illustrates successes of IRA supply chain buildout  ","lg-chem-gm-cathode-deal-illustrates-successes-of-ira-supply-chain-buildout","article/lg-chem-gm-cathode-deal-illustrates-successes-of-ira-supply-chain-buildout",{"_uid":76116,"date":75954,"tags":76117,"editor":76121,"content":76125,"excerpt":76264,"featured":51,"reporter":76265,"_editable":76269,"component":864,"seo_title":76112,"categories":76270,"visibility":882,"author_company":49,"featured_image":76274,"seo_description":76264,"author_full_name":49,"author_job_title":49,"formattedDate":76108},"efdcfdb9-cf13-434b-a333-5bdba63fb612",[76118,76119,76120],{"slug":913,"name":914},{"slug":46859,"name":46860},{"slug":26773,"name":13365},[76122],{"slug":544,"name":543,"content":76123},{"job_title":557,"image":76124,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":76126},[76127,76132,76169,76182,76187,76197,76208,76213,76226,76231,76236,76241,76246,76251],{"type":594,"attrs":76128,"content":76129},{"textAlign":49},[76130],{"text":76131,"type":599},"South Korea’s LG Chem has secured a cathode supply deal with US automaker General Motors in a move that will lower North America’s reliance on Chinese cathode material.",{"type":594,"attrs":76133,"content":76134},{"textAlign":49},[76135,76137,76143,76145,76151,76153,76159,76161,76167],{"text":76136,"type":599},"The KRW 25 trillion ($18.7 billion) deal shows LG Chem’s ",{"text":76138,"type":599,"marks":76139},"growing role",[76140],{"type":604,"attrs":76141},{"href":76142,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/gm-locks-up-lithium-and-cathode-supply-with-livent-and-gm-deals",{"text":76144,"type":599}," in the US, where more ",{"text":76146,"type":599,"marks":76147},"automakers including GM",[76148],{"type":604,"attrs":76149},{"href":76150,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/we-see-this-as-an-opportunity-to-build-the-supply-chain-from-the-ground-up-the-right-way-qa-with-gms-tanya-skilton",{"text":76152,"type":599}," are looking to ",{"text":76154,"type":599,"marks":76155},"diversify their supply chains",[76156],{"type":604,"attrs":76157},{"href":76158,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/toyota-signs-2-2-billion-cathode-contract-with-lg-chem-as-automakers-look-to-secure-material",{"text":76160,"type":599}," and are turning to localised supply to meet the subsidy criteria set by the ",{"text":76162,"type":599,"marks":76163},"US Inflation Reduction Act",[76164],{"type":604,"attrs":76165},{"href":76166,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/one-year-on-the-ira-has-changed-the-battery-landscape-in-the-us",{"text":76168,"type":599}," (IRA).",{"type":594,"attrs":76170,"content":76171},{"textAlign":49},[76172,76174,76180],{"text":76173,"type":599},"“The deal highlights how large scale supply chains have been set up in light of the IRA,” said Evan Hartley, analyst at Benchmark. “LG having a local supply of cathode for GM, with the potential to use non Chinese feedstock, having invested in South Korean and",{"text":76175,"type":599,"marks":76176}," Moroccan",[76177],{"type":604,"attrs":76178},{"href":76179,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-midstream-majors-flock-to-moroccos-fledgling-cathode-hub",{"text":76181,"type":599}," pCAM over the past year, has created a significant post-IRA supply chain.”",{"type":594,"attrs":76183,"content":76184},{"textAlign":49},[76185],{"text":76186,"type":599},"The latest agreement, which will see LG Chem supply 500,000 tonnes of cathode materials until 2035 to GM, is an extension of a partnership between the two companies revealed in July 2022. ",{"type":594,"attrs":76188,"content":76189},{"textAlign":49},[76190,76192,76196],{"text":76191,"type":599},"North American cathode production is set to grow more than thirty-six fold to almost 570,000 tonnes in 2035 from around 17,000 tonnes in 2024, according to ",{"text":42098,"type":599,"marks":76193},[76194],{"type":604,"attrs":76195},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":76198,"content":76199},{"textAlign":49},[76200,76202,76206],{"text":76201,"type":599},"China is expected to account for 81% of global cathode production in 2024, according to ",{"text":42098,"type":599,"marks":76203},[76204],{"type":604,"attrs":76205},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76207,"type":599},". In contrast, North America and Europe are expected to together produce less than 2% of the global supplies this year.",{"type":657,"attrs":76209,"content":76210},{"level":15966,"textAlign":49},[76211],{"text":76212,"type":599},"Localising supply chains",{"type":594,"attrs":76214,"content":76215},{"textAlign":49},[76216,76218,76224],{"text":76217,"type":599},"LG Chem is aiming to begin producing cathode materials at its ",{"text":76219,"type":599,"marks":76220},"under construction plant in Tennessee",[76221],{"type":604,"attrs":76222},{"href":76223,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lg-chem-tennessee-cathode-plant-could-double-north-american-production",{"text":76225,"type":599}," with an annual production capacity of 60,000 tonnes in 2026. The plant will supply cathode materials to GM’s joint venture battery cell plants in North America, including Ultium Cells, a joint venture between GM and LG Energy Solution.",{"type":594,"attrs":76227,"content":76228},{"textAlign":49},[76229],{"text":76230,"type":599},"The battery maker is spending KRW 2 trillion ($1.6 billion) to set up the first phase of its Tennessee plant. Back in November 2022, LG Chem had said it would invest $3 billion to build its cathode plant in Tennessee with an annual capacity of 120,000 tonnes by 2027.",{"type":594,"attrs":76232,"content":76233},{"textAlign":49},[76234],{"text":76235,"type":599},"Last December, the battery maker said that its Tennessee facility will secure minerals and precursors from countries with US free trade agreements (FTAs), including precursors from Ulsan from Korea Precursor Company (KPC), a joint venture between LG Chem and Korea Zinc.",{"type":594,"attrs":76237,"content":76238},{"textAlign":49},[76239],{"text":76240,"type":599},"The latest supply deal is a subset of the previous one and spans from 2026 through 2035 in which LG Chem will supply half a million tonnes of nickel, cobalt, manganese, aluminium cathode materials. LG Chem said the material is enough to power five million electric vehicles with a range of more than 500 kilometres (311 miles) on a single charge. ",{"type":594,"attrs":76242,"content":76243},{"textAlign":49},[76244],{"text":76245,"type":599},"“There’s great potential for similar deals from automakers and cell producers heavily invested in gigafactory construction in North America, with the Tier 1 cathode producers having spent so much of the past year moving away from Chinese supply,” said Hartley.",{"type":594,"attrs":76247,"content":76248},{"textAlign":49},[76249],{"text":76250,"type":599},"LG Chem said the cathode materials may also be used by GM in other electric vehicle projects. In October, LG Chem had signed a KRW 2.9 trillion ($2.2 billion) deal with Toyota to supply cathode material to its North American operations until 2030.",{"type":594,"attrs":76252,"content":76253},{"textAlign":49},[76254,76256,76262],{"text":76255,"type":599},"GM had also signed a six-year supply contract with ",{"text":76257,"type":599,"marks":76258},"Livent",[76259],{"type":604,"attrs":76260},{"href":76261,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/being-fully-integrated-is-the-only-way-this-industry-will-develop-to-meet-all-the-needs-of-consumers-qa-with-livent-ceo-paul-graves",{"text":76263,"type":599}," in July 2022 to secure battery-grade lithium hydroxide primarily from its brine-based operations in Argentina starting in 2025.","South Korea’s LG Chem has secured a cathode supply deal with US automaker General Motors in a move that will lower North America’s reliance on Chinese cathode material. The KRW 25 trillion ($18.7 billion) deal shows LG Chem’s growing role in the US, where more automakers including GM are looking to diversify their supply chains […]",[76266],{"slug":544,"name":543,"content":76267},{"job_title":557,"image":76268,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"efdcfdb9-cf13-434b-a333-5bdba63fb612\", \"id\": \"\"}-->",[76271,76272,76273],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":76275,"copyright":547,"fieldtype":553,"meta_data":76276,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/880477c85f/bm-lgchem.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":76278,"uuid":76279,"name":76280,"slug":76281,"full_slug":76282,"content":76283},112470062405312,"b8870075-f1f1-4221-a565-c008ebbb7d90","Fluorspar: The quiet achiever of the lithium ion battery boom","fluorspar-the-quiet-achiever-of-the-lithium-ion-battery-boom","article/fluorspar-the-quiet-achiever-of-the-lithium-ion-battery-boom",{"_uid":76284,"date":76285,"tags":76286,"editor":76287,"content":76291,"excerpt":76436,"featured":51,"reporter":76437,"_editable":76441,"component":864,"seo_title":76280,"categories":76442,"visibility":2091,"author_company":49,"featured_image":76445,"seo_description":76436,"author_full_name":49,"author_job_title":49,"formattedDate":76448},"a6f7b898-5cc1-463d-ad12-11406b6a9cff","2024-02-13 00:00",[],[76288],{"slug":544,"name":543,"content":76289},{"job_title":557,"image":76290,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":76292},[76293,76298,76310,76315,76323,76328,76337,76346,76355,76364,76371,76376,76381,76388,76395,76402,76407,76412,76417,76426,76431],{"type":594,"attrs":76294,"content":76295},{"textAlign":49},[76296],{"text":76297,"type":599},"While cobalt, nickel, and lithium hog the headlines, another critical mineral is quietly gaining prominence in the lithium ion battery revolution: fluorspar. Specifically, acidspar, a high-grade fluorspar concentrate, is emerging as a vital player in various stages of the battery value chain, driving demand and reshaping the industry’s landscape.",{"type":594,"attrs":76299,"content":76300},{"textAlign":49},[76301,76303,76309],{"text":76302,"type":599},"Fluorspar demand from the lithium ion battery sector is expected to exceed 1.6 million tonnes by 2030, representing a significant portion of the overall market, according to ",{"text":76304,"type":599,"marks":76305},"Benchmark’s Fluorspar Market Outlook",[76306],{"type":604,"attrs":76307},{"href":76308,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/fluorspar/reports/",{"text":17632,"type":599},{"type":594,"attrs":76311,"content":76312},{"textAlign":49},[76313],{"text":76314,"type":599},"This unassuming mineral, primarily composed of calcium fluoride (CaF2), holds potential beyond its traditional uses in refrigerants, steelmaking and aluminium production. Fluorspar is mainly produced through open pit operations and has two main grades: metallurgical-grade (metspar) for steelmaking and acid-grade (acidspar). The material is extracted and then processed through crushing, grinding, and physical sorting.",{"type":594,"attrs":76316,"content":76317},{"textAlign":49},[76318,76320,76321],{"text":76319,"type":599},"Acid-grade material or acidspar requires further chemical refining to reach 97% CaF",{"text":43530,"type":599},{"text":76322,"type":599}," content. The final product is sold in a powder form and transported either as dry or wet filtercake, depending on the shipping routes and end-market.",{"type":594,"attrs":76324,"content":76325},{"textAlign":49},[76326],{"text":76327,"type":599},"As the lithium ion battery market experiences exponential growth fuelled by electric vehicles and renewable energy storage, fluorspar’s unique properties are finding increasing application in four key areas:",{"type":594,"attrs":76329,"content":76330},{"textAlign":49},[76331,76333,76335],{"text":76332,"type":599},"1.  ",{"text":76334,"type":599},"Polyvinylidene fluoride (PVDF) binder in cathodes: ",{"text":76336,"type":599},"PVDF, a fluoropolymer derived from fluorspar, serves as the critical binder material holding cathode active materials together. Its excellent performance in high-voltage batteries and resistance to harsh chemical environments make it irreplaceable. The growing demand for high-nickel cathodes, with their superior energy density, further boosts PVDF consumption.",{"type":594,"attrs":76338,"content":76339},{"textAlign":49},[76340,76342,76344],{"text":76341,"type":599},"2.  ",{"text":76343,"type":599},"PVDF coating on separators in pouch-format cells:",{"text":76345,"type":599}," Pouch cells, popular in consumer electronics and smaller battery applications, employ separators coated with PVDF to enhance their stability and safety. This application, though currently smaller than cathode binder use, is witnessing rapid growth due to the rising popularity of pouch cells.",{"type":594,"attrs":76347,"content":76348},{"textAlign":49},[76349,76351,76353],{"text":76350,"type":599},"3.  ",{"text":76352,"type":599},"Lithium hexafluorophosphate (LiPF6) electrolyte: ",{"text":76354,"type":599},"LiPF6 serves as the key electrolyte salt in lithium ion batteries, facilitating lithium ion movement. Its production relies heavily on hydrofluoric acid (HF), which is derived from fluorspar. The surging demand for lithium ion batteries directly translates to increased LiPF6 and, consequently, fluorspar consumption.",{"type":594,"attrs":76356,"content":76357},{"textAlign":49},[76358,76360,76362],{"text":76359,"type":599},"4.  ",{"text":76361,"type":599},"Hydrofluoric acid for anode purification:",{"text":76363,"type":599}," Natural flake graphite, a common anode material, often contains impurities like silica. HF plays a crucial role in removing these impurities, enhancing the performance and safety of the anode. As demand for high-purity graphite increases, so does the reliance on HF and, subsequently, fluorspar.",{"type":594,"attrs":76365,"content":76366},{"textAlign":49},[76367],{"type":1186,"attrs":76368},{"id":49,"alt":547,"src":76369,"title":49,"source":49,"copyright":49,"meta_data":76370},"https://a.storyblok.com/f/287943243085208/b5bfd63093/bm-fluorsparoutlook.png",{},{"type":657,"attrs":76372,"content":76373},{"level":15966,"textAlign":49},[76374],{"text":76375,"type":599},"Challenges ahead",{"type":594,"attrs":76377,"content":76378},{"textAlign":49},[76379],{"text":76380,"type":599},"This growing demand presents opportunities for the fluorspar industry. However, challenges remain.",{"type":594,"attrs":76382,"content":76383},{"textAlign":49},[76384,76386],{"text":76385,"type":599},"Supply constraints:",{"text":76387,"type":599}," Current fluorspar production is largely concentrated in a few countries, raising concerns about potential supply bottlenecks. Additionally, stringent environmental regulations can hamper new mine development, further tightening supply. New, largescale, and high-grade mining projects can require large amounts of new capital which can present challenges in jurisdictions with high-risk profiles.",{"type":594,"attrs":76389,"content":76390},{"textAlign":49},[76391,76393],{"text":76392,"type":599},"Price volatility:",{"text":76394,"type":599}," Fluorspar prices have historically been volatile, impacted by factors such as geopolitical tensions and fluctuations in demand from other sectors. This volatility can create uncertainty for battery manufacturers and hinder long-term planning. Diversifying supply and improving price transparency will help to remove some of the uncertainty from this critical market.",{"type":594,"attrs":76396,"content":76397},{"textAlign":49},[76398,76400],{"text":76399,"type":599},"Sustainability concerns: ",{"text":76401,"type":599},"Fluorspar mining and processing raise environmental concerns, necessitating responsible practices and the adoption of sustainable mining and processing technologies. Again, diversifying supply away from artisanal producers – particularly in China – is likely to improve the sustainability credentials of the industry. This is particularly true if additional supply can be funded in nations which already have an advanced and sophisticated mining industry.",{"type":594,"attrs":76403,"content":76404},{"textAlign":49},[76405],{"text":76406,"type":599},"Despite these challenges, the long-term outlook for fluorspar, particularly acidspar, is promising. The crucial role it plays in lithium ion battery production, coupled with growing demand for cleaner energy solutions, is driving innovation and investment in exploration, processing, and sustainable practices.",{"type":594,"attrs":76408,"content":76409},{"textAlign":49},[76410],{"text":76411,"type":599},"Looming deficits are encouraging supply through innovation but “grade is king” is still expected to remain the market mantra through to 2030:",{"type":594,"attrs":76413,"content":76414},{"textAlign":49},[76415],{"text":76416,"type":599},"Fluorspar is no longer a supporting actor in the lithium ion battery market. As the demand for cleaner energy solutions intensifies, acidspar’s critical role in battery production positions it to become a cornerstone of the sustainable future. Addressing supply chain challenges, reducing price volatility, and prioritising sustainability will be crucial to unlocking the full potential of this mineral in the burgeoning lithium ion battery revolution.",{"type":594,"attrs":76418,"content":76419},{"textAlign":49},[76420,76422,76424],{"text":76421,"type":599},"Benchmark has just launched its new ",{"text":76423,"type":599},"Fluorspar Market Outlook ",{"text":76425,"type":599},"with detailed analysis of supply, demand and prices out to 2030.",{"type":594,"attrs":76427,"content":76428},{"textAlign":49},[76429],{"text":76430,"type":599},"The report is updated every quarter to support market participants with their market activity and strategic planning.",{"type":594,"attrs":76432,"content":76433},{"textAlign":49},[76434],{"text":76435,"type":599},"If you would like to speak to Benchmark’s experts to learn more about our Fluorspar Market Outlook, please provide your details below and our team will be in touch.","While cobalt, nickel, and lithium hog the headlines, another critical mineral is quietly gaining prominence in the lithium ion battery revolution: fluorspar. Specifically, acidspar, a high-grade fluorspar concentrate, is emerging as a vital player in various stages of the battery value chain, driving demand and reshaping the industry’s landscape. Fluorspar demand from the lithium ion […]",[76438],{"slug":544,"name":543,"content":76439},{"job_title":557,"image":76440,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a6f7b898-5cc1-463d-ad12-11406b6a9cff\", \"id\": \"\"}-->",[76443,76444],{"slug":872,"name":873},{"slug":2331,"name":2332},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":76446,"copyright":547,"fieldtype":553,"meta_data":76447,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/Fluorspar-1-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 13, 2024",{"id":76450,"uuid":76451,"name":76452,"slug":76453,"full_slug":76454,"content":76455},112470068283073,"ed5d4c6c-8a06-4bba-a5cc-8affc54df890","Benchmark launches CIF North America graphite price driven by growing demand for ex-China graphite","growing-demand-for-ex-china-graphite-drives-need-for-new-pricing-data","article/growing-demand-for-ex-china-graphite-drives-need-for-new-pricing-data",{"_uid":76456,"date":76457,"tags":76458,"editor":76461,"content":76465,"excerpt":76584,"featured":51,"reporter":76585,"_editable":76589,"component":864,"seo_title":76452,"categories":76590,"visibility":2091,"author_company":49,"featured_image":76593,"seo_description":76584,"author_full_name":49,"author_job_title":49,"formattedDate":76596},"3165abd8-23ff-4c95-be02-767c03aafc95","2024-02-09 00:00",[76459,76460],{"slug":913,"name":914},{"slug":2787,"name":2788},[76462],{"slug":544,"name":543,"content":76463},{"job_title":557,"image":76464,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":76466},[76467,76472,76477,76482,76487,76492,76497,76502,76512,76517,76522,76527,76532,76544,76549,76554,76559,76564,76571,76577],{"type":594,"attrs":76468,"content":76469},{"textAlign":49},[76470],{"text":76471,"type":599},"Downstream market players are accelerating plans to diversify their raw material supply away from China, pushing the supply chain to require new prices which reflect trends in the ex-China market.",{"type":594,"attrs":76473,"content":76474},{"textAlign":49},[76475],{"text":76476,"type":599},"In the graphite market, incentive policies such as the Inflation Reduction Act (IRA) and the recently enforced Chinese export regulations have encouraged this trend. In 2023, China produced about 70% of global supplies of natural flake graphite and almost all the spherical graphite used in anodes for lithium ion batteries.  ",{"type":594,"attrs":76478,"content":76479},{"textAlign":49},[76480],{"text":76481,"type":599},"“Downstream players are looking to geographically diversify their sourced material away from China, seeking government incentives under the IRA, and benefits from localisation such as greater security of supply, reduced shipping times, and emissions,” said Tony Alderson, graphite analyst at Benchmark.",{"type":594,"attrs":76483,"content":76484},{"textAlign":49},[76485],{"text":76486,"type":599},"China’s graphite export regulations, which came into effect on December 1, 2023, have had minimal impact on prices, but they have catalysed the trend of derisking.",{"type":594,"attrs":76488,"content":76489},{"textAlign":49},[76490],{"text":76491,"type":599},"“Whilst the regulations implementation and subsequent supply chain disruptions haven’t significantly impacted material prices, they have undoubtedly heightened the battery supply chain’s concerns over  China and its dominant position in the graphite market,” Alderson said.",{"type":657,"attrs":76493,"content":76494},{"level":15966,"textAlign":49},[76495],{"text":76496,"type":599},"New pricing required in response to ex-China demand",{"type":594,"attrs":76498,"content":76499},{"textAlign":49},[76500],{"text":76501,"type":599},"In response to this growing demand for tracking ex-China supply developments, Benchmark now publishes a -100 mesh, 94-95% carbon, CIF North America price. The CIF North American price joins two existing -100 mesh, 94-95% carbon grades, on an FOB China and DDP China basis, which Benchmark assesses using primary data collected directly from active market participants. ",{"type":594,"attrs":76503,"content":76504},{"textAlign":49},[76505,76507,76511],{"text":76506,"type":599},"The new CIF North America flake graphite grade will be published as part of ",{"text":28470,"type":599,"marks":76508},[76509],{"type":604,"attrs":76510},{"href":28474,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":28476,"type":599},{"type":594,"attrs":76513,"content":76514},{"textAlign":49},[76515],{"text":76516,"type":599},"“Increasingly, ex-China graphite players are looking to settle supply contracts against price indexes that are not linked to transactions in the China market, to ensure the price is reflective of dynamics in North America,” said Daisy Jennings-Gray, Head of Prices at Benchmark.",{"type":594,"attrs":76518,"content":76519},{"textAlign":49},[76520],{"text":76521,"type":599},"“In the US and Canada, we are seeing anode capacity and graphite mining operations being rapidly established, and these market participants want to see the development of regional prices to help deliver transparency in what is still quite an opaque market,” she added.",{"type":594,"attrs":76523,"content":76524},{"textAlign":49},[76525],{"text":76526,"type":599},"North America is an important region for the lithium ion battery supply chain. As well as the IRA, the US’ Bipartisan Infrastructure Law allocates $369 billion in public funding for energy and climate-related projects over the next 10 years. Along with other factors, such funding means the US is attracting more cleantech investment than other regions, and therefore more demand for relevant pricing.",{"type":594,"attrs":76528,"content":76529},{"textAlign":49},[76530],{"text":76531,"type":599},"“China is also expected to account for over 85% of the global anode capacity market share by the end of the decade, underlining the further investments required outside of China to foster competitiveness and challenge its market leadership,” said Alderson.",{"type":594,"attrs":76533,"content":76534},{"textAlign":49},[76535,76537,76542],{"text":76536,"type":599},"The flake graphite market is expected to enter a deficit in 2025, followed by a surplus between 2026 and 2028, and then a persistent deficit from 2029, according to ",{"text":76538,"type":599,"marks":76539},"Benchmark’s Natural Graphite Forecast",[76540],{"type":604,"attrs":76541},{"href":65872,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76543,"type":599},". Longer-term, the deficit is expected to intensify from about 400,000 tonnes in 2030 to around 5 million tonnes in 2040. ",{"type":657,"attrs":76545,"content":76546},{"level":15966,"textAlign":49},[76547],{"text":76548,"type":599},"Chinese export regulations",{"type":594,"attrs":76550,"content":76551},{"textAlign":49},[76552],{"text":76553,"type":599},"Last year, China’s Ministry of Commerce and General Administration of Customs announced it would require companies to apply for licences to export graphite products, starting on 1 December 2023. Specifically, licences will be required to export:",{"type":594,"attrs":76555,"content":76556},{"textAlign":49},[76557],{"text":76558,"type":599},"The restrictions have had a limited impact on graphite prices so far. Licences to allow South Korean buyers to export graphite material from China have already been granted. This could help ensure a stable supply for companies further down the battery supply chain in the country, such as cell makers LGES and SDI.",{"type":594,"attrs":76560,"content":76561},{"textAlign":49},[76562],{"text":76563,"type":599},"However, the policy could make it more difficult for overseas companies to buy Chinese graphite, depending on how stringently they restrict permits and for how long. Reportedly, licences for exporting to the US, India, and Japan are yet to be approved. Benchmark expects these licences to be permitted by the end of February at the earliest.",{"type":594,"attrs":76565,"content":76566},{"textAlign":49},[76567],{"text":76568,"type":599,"marks":76569},"Benchmark has just launched its new CIF North America flake graphite grade, published as part of Benchmark’s Natural Graphite Price Assessment.",[76570],{"type":643},{"type":594,"attrs":76572,"content":76573},{"textAlign":49},[76574],{"text":28536,"type":599,"marks":76575},[76576],{"type":643},{"type":594,"attrs":76578,"content":76579},{"textAlign":49},[76580],{"text":76581,"type":599,"marks":76582},"If you would like to speak to Benchmark’s experts to learn more about our new CIF North America flake graphite grade or our wider graphite services, please provide your details below and our team will be in touch.",[76583],{"type":643},"Downstream market players are accelerating plans to diversify their raw material supply away from China, pushing the supply chain to require new prices which reflect trends in the ex-China market. In the graphite market, incentive policies such as the Inflation Reduction Act (IRA) and the recently enforced Chinese export regulations have encouraged this trend. In […]",[76586],{"slug":544,"name":543,"content":76587},{"job_title":557,"image":76588,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3165abd8-23ff-4c95-be02-767c03aafc95\", \"id\": \"\"}-->",[76591,76592],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":76594,"copyright":547,"fieldtype":553,"meta_data":76595,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/94092cb89a/bm-graphite-13131312087d.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 09, 2024",{"id":76598,"uuid":76599,"name":76600,"slug":76601,"full_slug":76602,"content":76603},112470080440004,"4298bc75-c5e4-4d69-becf-e318792cb46a","South America to reclaim place as the leading lithium-producing region by 2027","south-america-set-to-become-leading-lithium-producing-region-in-2027","article/south-america-set-to-become-leading-lithium-producing-region-in-2027",{"_uid":76604,"date":76605,"tags":76606,"editor":76610,"content":76614,"excerpt":76709,"featured":50,"reporter":76710,"_editable":76714,"component":864,"seo_title":76600,"categories":76715,"visibility":882,"author_company":49,"featured_image":76718,"seo_description":76709,"author_full_name":49,"author_job_title":49,"formattedDate":76721},"3eaebdbe-4364-4c0d-9f8e-859b0c13b759","2024-02-08 00:00",[76607,76608,76609],{"slug":4357,"name":4358},{"slug":6567,"name":2038},{"slug":17168,"name":13351},[76611],{"slug":544,"name":543,"content":76612},{"job_title":557,"image":76613,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":76615},[76616,76621,76632,76637,76648,76653,76658,76663,76668,76680,76692,76697],{"type":594,"attrs":76617,"content":76618},{"textAlign":49},[76619],{"text":76620,"type":599},"South America is poised to become the world’s largest lithium producing region by 2027 as stable brine production in Chile, growing output in Argentina as well as new hard rock supplies from Brazil drive a surge of production.",{"type":594,"attrs":76622,"content":76623},{"textAlign":49},[76624,76626,76630],{"text":76625,"type":599},"Lithium supply from South America is set to increase to 30% of global supply in 2027, with the share of production from Australia, the world’s current top lithium producing country, set to fall to 29% that year, according to ",{"text":24541,"type":599,"marks":76627},[76628],{"type":604,"attrs":76629},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76631,"type":599},". By 2030 production from Australia is on track to represent 25% of global supply as production diversifies to other regions and countries.",{"type":594,"attrs":76633,"content":76634},{"textAlign":49},[76635],{"text":76636,"type":599},"“South America plays a key role in the lithium supply chain. In 2023 it was accountable for one-third of the global lithium mined output and the region currently holds over 60% of the global lithium resources and that is why it is so important for the lithium supply chain,” said Federico Gay, analyst with Benchmark.",{"type":594,"attrs":76638,"content":76639},{"textAlign":49},[76640,76642,76646],{"text":76641,"type":599},"Together, Chile and Argentina account for 90% of the region’s lithium supplies, according to the ",{"text":34200,"type":599,"marks":76643},[76644],{"type":604,"attrs":76645},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76647,"type":599},", the bulk of which is produced in Chile. Argentina, however, is set to drive expansions in the region, with Benchmark forecasting that the country will be responsible for 53% of new South American supply out to 2027.",{"type":657,"attrs":76649,"content":76650},{"level":15966,"textAlign":49},[76651],{"text":76652,"type":599},"South America’s strategic role in the lithium market",{"type":594,"attrs":76654,"content":76655},{"textAlign":49},[76656],{"text":76657,"type":599},"South America made up around 50% of the global mined supply in 2015 before rapid expansions in Australian hard rock supply in the late 2010s shifted the balance. Back then Chile was the only lithium producing country in South America. ",{"type":594,"attrs":76659,"content":76660},{"textAlign":49},[76661],{"text":76662,"type":599},"“Producing lithium from brine is a relatively cheaper process than hardrock. This makes South American salars more competitive on cost compared to other sources, but it also involves a higher capital cost to put into operation,” said Gay.",{"type":594,"attrs":76664,"content":76665},{"textAlign":49},[76666],{"text":76667,"type":599},"South America also hosts hard rock lithium production and Benchmark forecasts Brazil to contribute to 16% of the region’s output in 2027.",{"type":594,"attrs":76669,"content":76670},{"textAlign":49},[76671,76673,76678],{"text":76672,"type":599},"“Even with the ",{"text":76674,"type":599,"marks":76675},"current low lithium price environment",[76676],{"type":604,"attrs":76677},{"href":56118,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76679,"type":599},", the lithium industry in South America is evolving rapidly and the region will continue to be a strategic part in the supply chain in the foreseeable future,” he added.",{"type":594,"attrs":76681,"content":76682},{"textAlign":49},[76683,76685,76690],{"text":76684,"type":599},"The price rout in lithium is pushing an increasing number of companies to ",{"text":76686,"type":599,"marks":76687},"cut production or delay projects",[76688],{"type":604,"attrs":76689},{"href":56118,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76691,"type":599},", raising questions about future incentive price levels and the sustainability of the current market.  ",{"type":594,"attrs":76693,"content":76694},{"textAlign":49},[76695],{"text":76696,"type":599},"Chile alone exported around $8 billion worth of lithium in 2022, representing 14% of the total mining exports from the country. Lithium exports from Argentina and Brazil in 2023 totaled $540 and $400 million, respectively, indicating the region’s reliance on mining on their economy.",{"type":594,"attrs":76698,"content":76699},{"textAlign":49},[76700,76701,76707],{"text":2372,"type":599},{"text":76702,"type":599,"marks":76703},"Benchmark Lithium Price Index",[76704],{"type":604,"attrs":76705},{"href":76706,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium/portal/?tab=chart",{"text":76708,"type":599}," has fallen 13.7% this year for the assessment period ended February 7 and is down 80.2% on a year-on-year basis.","South America is poised to become the world’s largest lithium producing region by 2027 as stable brine production in Chile, growing output in Argentina as well as new hard rock supplies from Brazil drive a surge of production. Lithium supply from South America is set to increase to 30% of global supply in 2027, with […]",[76711],{"slug":544,"name":543,"content":76712},{"job_title":557,"image":76713,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3eaebdbe-4364-4c0d-9f8e-859b0c13b759\", \"id\": \"\"}-->",[76716,76717],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":76719,"copyright":547,"fieldtype":553,"meta_data":76720,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/499de64262/bm-lithium-extraction-pools-argentina.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 08, 2024",{"id":76723,"uuid":76724,"name":76725,"slug":76726,"full_slug":76727,"content":76728},112470074689219,"d98df56b-ffca-43de-91a5-63dcca2423e9","Chinese companies to account for one third of Europe’s domestic battery production by 2030","chinese-owned-companies-to-produce-one-third-of-european-battery-cells-by-2030","article/chinese-owned-companies-to-produce-one-third-of-european-battery-cells-by-2030",{"_uid":76729,"date":76605,"tags":76730,"editor":76732,"content":76736,"excerpt":76806,"featured":51,"reporter":76807,"_editable":76811,"component":864,"seo_title":76725,"categories":76812,"visibility":882,"author_company":49,"featured_image":76814,"seo_description":76806,"author_full_name":49,"author_job_title":49,"formattedDate":76721},"8aeb0849-f5ec-41b3-ac6e-de0775177677",[76731],{"slug":913,"name":914},[76733],{"slug":544,"name":543,"content":76734},{"job_title":557,"image":76735,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":76737},[76738,76743,76754,76759,76764,76771,76776,76781,76786,76791,76796,76801],{"type":594,"attrs":76739,"content":76740},{"textAlign":49},[76741],{"text":76742,"type":599},"Europe’s reliance on Chinese producers to develop its domestic cell production means that one third of the continent’s total output will come from Chinese-owned companies by the end of the decade, Benchmark analysis shows.",{"type":594,"attrs":76744,"content":76745},{"textAlign":49},[76746,76748,76752],{"text":76747,"type":599},"Data from ",{"text":65545,"type":599,"marks":76749},[76750],{"type":604,"attrs":76751},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76753,"type":599}," forecasts that 33% of cells produced in Europe will come from Chinese-owned operations in 2030. Benchmark is tracking over 40 cell production facilities being developed in Europe, 12 of which are owned by Chinese companies, including leading producers such as CATL, CALB and SVOLT. ",{"type":594,"attrs":76755,"content":76756},{"textAlign":49},[76757],{"text":76758,"type":599},"Chinese producers are finding Europe a more favourable environment to develop battery production than the US, according to Benchmark battery cell analyst Aran Waid, allowing them to develop a footprint in western markets.",{"type":594,"attrs":76760,"content":76761},{"textAlign":49},[76762],{"text":76763,"type":599},"“The European market’s demand for electric vehicle batteries is driven by the need to sustain competitiveness in car manufacturing. This has led to a more favourable environment for Chinese battery makers than the US, with the view that Chinese battery makers can introduce innovative and cost-effective batteries to the region,” said Waid. ",{"type":594,"attrs":76765,"content":76766},{"textAlign":49},[76767],{"type":1186,"attrs":76768},{"id":49,"alt":547,"src":76769,"title":49,"source":49,"copyright":49,"meta_data":76770},"https://a.storyblok.com/f/287943243085208/633fcacabf/bm-europeanbatteryproductionchart.png",{},{"type":657,"attrs":76772,"content":76773},{"level":15966,"textAlign":49},[76774],{"text":76775,"type":599},"Can Chinese producers plug European cell shortfall? ",{"type":594,"attrs":76777,"content":76778},{"textAlign":49},[76779],{"text":76780,"type":599},"With European countries and automakers setting out bold electrification targets, the region’s battery demand is set to increase almost five times between 2023 to over 950 gigawatt hours (GWh) in 2030, according to Benchmark data.",{"type":594,"attrs":76782,"content":76783},{"textAlign":49},[76784],{"text":76785,"type":599},"“A lack of competition from strong local battery makers could also be a factor behind Chinese producers targeting the European market, particularly as their global competitors from South Korea and Japan have prioritised US expansion due to the Inflation Reduction Act incentives,” Waid added.",{"type":594,"attrs":76787,"content":76788},{"textAlign":49},[76789],{"text":76790,"type":599},"Benchmark data shows that even with Chinese-owned battery cell producers drawn to set up production on the continent, Europe will only produce just over 500 GWh of cells in 2030, forcing European countries to rely on cells imported from other regions.",{"type":594,"attrs":76792,"content":76793},{"textAlign":49},[76794],{"text":76795,"type":599},"Concerns, however, continue to grow within Europe about the role Chinese battery producers are playing.",{"type":594,"attrs":76797,"content":76798},{"textAlign":49},[76799],{"text":76800,"type":599},"“Chinese cell makers enjoy the advantages of state-backed credit and equity financing, which is more cost-effective than any available on the financial markets,” Waid said.",{"type":594,"attrs":76802,"content":76803},{"textAlign":49},[76804],{"text":76805,"type":599},"He added that “the European Commission has initiated an investigation into Chinese automakers to determine whether tariffs should be imposed, should they be found to be unfairly benefiting from state subsidies. The outcome is uncertain, and there is a possibility of additional restrictions on Chinese battery investment.”","Europe’s reliance on Chinese producers to develop its domestic cell production means that one third of the continent’s total output will come from Chinese-owned companies by the end of the decade, Benchmark analysis shows. Data from Benchmark’s Lithium ion Database forecasts that 33% of cells produced in Europe will come from Chinese-owned operations in 2030. […]",[76808],{"slug":544,"name":543,"content":76809},{"job_title":557,"image":76810,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8aeb0849-f5ec-41b3-ac6e-de0775177677\", \"id\": \"\"}-->",[76813],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":76815,"copyright":547,"fieldtype":553,"meta_data":76816,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8f1fe4ac85/bm-battery-production-jiangxi-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":76818,"uuid":76819,"name":76820,"slug":76821,"full_slug":76822,"content":76823},112470094665415,"3a1ef6f7-b216-4094-b9f2-37d77790f51f","What does the 2024 Indonesia Election mean for the EV battery supply chain?","what-does-the-2024-indonesia-election-mean-for-the-ev-battery-supply-chain","article/what-does-the-2024-indonesia-election-mean-for-the-ev-battery-supply-chain",{"_uid":76824,"date":76825,"tags":76826,"editor":76829,"content":76833,"excerpt":77015,"featured":51,"reporter":77016,"_editable":77020,"component":864,"seo_title":76820,"categories":77021,"visibility":2091,"author_company":49,"featured_image":77025,"seo_description":77015,"author_full_name":49,"author_job_title":49,"formattedDate":77029},"20cc00b2-2062-410d-bca2-b5e3797dab03","2024-02-05 00:00",[76827,76828],{"slug":68131,"name":68132},{"slug":7997,"name":7998},[76830],{"slug":544,"name":543,"content":76831},{"job_title":557,"image":76832,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":76834},[76835,76840,76845,76850,76860,76865,76870,76875,76880,76885,76890,76895,76900,76905,76910,76915,76920,76932,76939,76944,76949,76954,76959,76964,76983,76995,77000,77005,77010],{"type":594,"attrs":76836,"content":76837},{"textAlign":49},[76838],{"text":76839,"type":599},"On February 14, 2024, Indonesians will head to the polls to elect a new president. It will mark the beginning of the end for current President Joko “Jokowi” Widodo’s ten-year reign as the leader of the world’s largest mined and refined nickel producer. ",{"type":594,"attrs":76841,"content":76842},{"textAlign":49},[76843],{"text":76844,"type":599},"Jokowi’s tenure was marked by ambitious infrastructure development goals as well as resource nationalist policies, including the 2020 export ban on unprocessed nickel in an effort to develop a downstream battery industry, generate more local added value, and move up the electric vehicle (EV) battery supply chain. ",{"type":594,"attrs":76846,"content":76847},{"textAlign":49},[76848],{"text":76849,"type":599},"Global policymakers and investors are closely watching this election given Indonesia’s grip on nickel supply. ",{"type":594,"attrs":76851,"content":76852},{"textAlign":49},[76853,76854,76858],{"text":34577,"type":599},{"text":32075,"type":599,"marks":76855},[76856],{"type":604,"attrs":76857},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76859,"type":599},", Indonesia was the world’s biggest mined and refined nickel producer last year, accounting for 54% and 50% of global output in mined and refined supply, respectively. ",{"type":657,"attrs":76861,"content":76862},{"level":15966,"textAlign":49},[76863],{"text":76864,"type":599},"Who are the contenders?",{"type":594,"attrs":76866,"content":76867},{"textAlign":49},[76868],{"text":76869,"type":599},"The main contenders for the presidency are:",{"type":594,"attrs":76871,"content":76872},{"textAlign":49},[76873],{"text":76874,"type":599},"According to the polls, Prabowo, who has the implicit backing of outgoing President Jokowi, is in pole position but may not have enough support to secure a majority in the first round. If no candidate secures a simple majority in the first round, then the election will go to a runoff vote on June 26. Given current polling, a runoff is looking increasingly likely.",{"type":657,"attrs":76876,"content":76877},{"level":15966,"textAlign":49},[76878],{"text":76879,"type":599},"What can we expect for downstream policy?",{"type":594,"attrs":76881,"content":76882},{"textAlign":49},[76883],{"text":76884,"type":599},"All of the current candidates for president are generally expected to continue with implementing the commodity downstreaming policy that has been a hallmark of the Jokowi years, although Baswedan has been the most vocal about environmental implications of the policy.",{"type":594,"attrs":76886,"content":76887},{"textAlign":49},[76888],{"text":76889,"type":599},"Indonesia attracted controversy in recent years over the nickel ore export ban that it instituted with the goal of attracting mid- and downstream investments.",{"type":594,"attrs":76891,"content":76892},{"textAlign":49},[76893],{"text":76894,"type":599},"The export ban has been the most extreme example of Jokowi’s commodity downstreaming policy, but the government has used additional tools to pursue this goal that include the establishment of tax holidays and special economic zones. ",{"type":594,"attrs":76896,"content":76897},{"textAlign":49},[76898],{"text":76899,"type":599},"Indonesia is attracting major players to partake in its value chain. Already Chinese companies Brunp and CATL are active in the mining and refining sector with Ford and LG Energy Solution planning to join. LG Energy Solution and Hyundai are slated to begin producing cells this year, with the latter also planning to manufacture EVs, along with Volkswagen. Meanwhile, BYD is planning to manufacture and sell EVs in Indonesia this year as well.",{"type":657,"attrs":76901,"content":76902},{"level":15966,"textAlign":49},[76903],{"text":76904,"type":599},"Geopolitical engagement with China, the US, and the EU ",{"type":594,"attrs":76906,"content":76907},{"textAlign":49},[76908],{"text":76909,"type":599},"The current Indonesian government sees the importance of having good relations with both the US and China and is, therefore, tactfully balancing between the two amid the US-China geopolitical competition. Presidential frontrunner Prabowo has reaffirmed this aim during the campaign, stating that the ideal Indonesian foreign policy is one of “non-alignment” and active cooperation with all countries. ",{"type":594,"attrs":76911,"content":76912},{"textAlign":49},[76913],{"text":76914,"type":599},"China is Indonesia’s largest trading partner and a massive source of investment. Political and corporate leadership in Indonesia have cultivated very close ties with Chinese players. As a result, there is no reason to believe that Indonesia would turn away from Chinese capital.",{"type":594,"attrs":76916,"content":76917},{"textAlign":49},[76918],{"text":76919,"type":599},"US President Biden and Indonesian President Widodo agreed in November 2023 to develop a critical minerals action plan aimed at addressing the labour and environmental issues in the nickel industry and to increase investment standards in view of future negotiations on a critical minerals agreement.",{"type":594,"attrs":76921,"content":76922},{"textAlign":49},[76923,76925,76930],{"text":76924,"type":599},"At the same time, the ",{"text":76926,"type":599,"marks":76927},"FEOC guidance in the US Inflation Reduction Act (IRA)",[76928],{"type":604,"attrs":76929},{"href":72884,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76931,"type":599}," may dampen the appetite for battery and EV makers to source nickel from Indonesia. As a means of overcoming the restrictions from Washington, there was discussion last year of a limited trade agreement, similar to the one the US has with Japan, but it failed to materialise. ",{"type":594,"attrs":76933,"content":76934},{"textAlign":49},[76935],{"type":1186,"attrs":76936},{"id":49,"alt":547,"src":76937,"title":49,"source":49,"copyright":49,"meta_data":76938},"https://a.storyblok.com/f/287943243085208/e2e4712a5f/bm-indonesia-nickel-v16-hr-1.jpg",{},{"type":594,"attrs":76940,"content":76941},{"textAlign":49},[76942],{"text":76943,"type":599},"The Biden administration’s reticence to make a deal may have been influenced by distaste for Indonesian export controls as well as a bipartisan group of US senators, including Joe Manchin, who expressed concerns over Indonesia’s ESG issues and China’s deep involvement in the Indonesian nickel industry and warned against concluding a critical minerals agreement, giving access to the IRA’s tax credits. ",{"type":594,"attrs":76945,"content":76946},{"textAlign":49},[76947],{"text":76948,"type":599},"Finally, Indonesian-European ties have been bumpy lately. Presidential frontrunner Prabawo has been critical of engagement with the EU, largely due to the EU’s stringent anti-deforestation regulation, preventing imports of goods driving deforestation globally, and the dispute over Indonesia’s 2020 full ban on unprocessed nickel. ",{"type":594,"attrs":76950,"content":76951},{"textAlign":49},[76952],{"text":76953,"type":599},"In 2022, the World Trade Organisation (WTO) ruled in favour of the EU confirming that the export ban and the domestic processing requirement were inconsistent with WTO law, prompting Indonesia to file an appeal, which is pending. This has cast doubt over the successful outcome of free trade negotiations between the EU and Indonesia, launched in 2016.",{"type":657,"attrs":76955,"content":76956},{"level":15966,"textAlign":49},[76957],{"text":76958,"type":599},"What are the implications for EV supply chain sustainability?",{"type":594,"attrs":76960,"content":76961},{"textAlign":49},[76962],{"text":76963,"type":599},"While notably limited, there has been some conversation around ESG issues during the campaign. For instance, the Baswedan camp stated Indonesia’s downstreaming policy has been reckless, considering the high environmental costs and the insufficient benefits to local workers. ",{"type":594,"attrs":76965,"content":76966},{"textAlign":49},[76967,76969,76975,76977,76982],{"text":76968,"type":599},"Indonesia faces serious challenges in developing an EV supply chain in a sustainable way. Benchmark’s recent ",{"text":76970,"type":599,"marks":76971},"Nickel ESG report",[76972],{"type":604,"attrs":76973},{"href":76974,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg/nickel/reports/",{"text":76976,"type":599}," highlights that nickel concessions in the country have led to 76,301 hectares of tropical forest clearance in the country. Moreover, in terms of GHG,  electricity for RKEF and HPAL projects in Indonesia is",{"text":76978,"type":599,"marks":76979}," sourced from coal-fired power plants",[76980],{"type":604,"attrs":76981},{"href":23848,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":76984,"content":76985},{"textAlign":49},[76986,76988,76993],{"text":76987,"type":599},"While Indonesia welcomed the Just Energy Transition Partnership (JETP), aiming to raise the share of ",{"text":76989,"type":599,"marks":76990},"renewables in the country grid to 34% by 2030",[76991],{"type":604,"attrs":76992},{"href":23848,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":76994,"type":599},", there are real concerns and barriers around the costs of the energy transition which would affect Indonesia’s global competitiveness in nickel production and threaten to raise energy costs for Indonesian citizens. VP candidate Gibran has given voice to these concerns on the campaign trail.  ",{"type":657,"attrs":76996,"content":76997},{"level":15966,"textAlign":49},[76998],{"text":76999,"type":599},"Pivotal moment for Indonesia",{"type":594,"attrs":77001,"content":77002},{"textAlign":49},[77003],{"text":77004,"type":599},"The election will have far-reaching implications for the future of Indonesian politics and the economy. ",{"type":594,"attrs":77006,"content":77007},{"textAlign":49},[77008],{"text":77009,"type":599},"While we expect the commodity downstreaming policy to continue, the business environment cultivated by the new leader could impact the volume of investment in the country’s mid- and downstream industries and thus Indonesia’s goal to generate more domestic value in the EV supply chain. ",{"type":594,"attrs":77011,"content":77012},{"textAlign":49},[77013],{"text":77014,"type":599},"Indonesia’s deep engagement with China is likely to continue. How the new leader is able to balance the sustainability and geopolitical concerns of the US will be critical to watch as it will have ramifications for demand for Indonesian minerals. ","On February 14, 2024, Indonesians will head to the polls to elect a new president. It will mark the beginning of the end for current President Joko “Jokowi” Widodo’s ten-year reign as the leader of the world’s largest mined and refined nickel producer. Jokowi’s tenure was marked by ambitious infrastructure development goals as well as […]",[77017],{"slug":544,"name":543,"content":77018},{"job_title":557,"image":77019,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"20cc00b2-2062-410d-bca2-b5e3797dab03\", \"id\": \"\"}-->",[77022,77023,77024],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":4330,"name":150},{"id":49,"alt":77026,"name":547,"focus":547,"title":77026,"source":547,"filename":77027,"copyright":547,"fieldtype":553,"meta_data":77028,"is_external_url":51},"Indonesia flag.","https://a.storyblok.com/f/287943243085208/0bb3f48db1/bm-indonesiaflag.jpg",{"alt":77026,"title":77026,"source":547,"copyright":547},"Feb 05, 2024",{"id":77031,"uuid":77032,"name":77033,"slug":77034,"full_slug":77035,"content":77036},112470105003721,"3b1be274-e937-4918-af14-2e6b2aa1c049","US silicon anode scene starts 2024 with a wave of announcements","us-silicon-anode-scene-starts-2024-with-a-wave-of-announcements","article/us-silicon-anode-scene-starts-2024-with-a-wave-of-announcements",{"_uid":77037,"date":77038,"tags":77039,"editor":77047,"content":77051,"excerpt":77236,"featured":51,"reporter":77237,"_editable":77241,"component":864,"seo_title":77033,"categories":77242,"visibility":882,"author_company":49,"featured_image":77247,"seo_description":77236,"author_full_name":49,"author_job_title":49,"formattedDate":77250},"e4a32ec7-3716-4771-a8b0-3a15569e0bf8","2024-02-02 00:00",[77040,77041,77044,77045,77046],{"slug":2790,"name":2791},{"slug":77042,"name":77043},"gdi","GDI",{"slug":2787,"name":2788},{"slug":51675,"name":51676},{"slug":26773,"name":13365},[77048],{"slug":544,"name":543,"content":77049},{"job_title":557,"image":77050,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":77052},[77053,77058,77068,77094,77106,77111,77116,77121,77126,77131,77144,77149,77154,77159,77164,77169,77174,77179,77184,77189,77194,77199,77211,77216,77221,77226,77231],{"type":594,"attrs":77054,"content":77055},{"textAlign":49},[77056],{"text":77057,"type":599},"US-based silicon anode innovators kicked off 2024 with a flurry of announcements, laying the groundwork for further developments in the space.",{"type":594,"attrs":77059,"content":77060},{"textAlign":49},[77061,77066],{"text":77062,"type":599,"marks":77063},"Silicon materials",[77064],{"type":604,"attrs":77065},{"href":54989,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77067,"type":599}," can be used directly as an active anode material (AAM) or mixed with graphite to form a blended material to improve anode performance. However, silicon expands around 300% when lithiated which poses a major technical hurdle for incorporating larger quantities of the material in commercial applications such as electric vehicles.",{"type":594,"attrs":77069,"content":77070},{"textAlign":49},[77071,77073,77078,77080,77086,77088,77093],{"text":77072,"type":599},"This could be an opportunity for the West to make inroads in the anode market. Currently ",{"text":77074,"type":599,"marks":77075},"China dominates the industry",[77076],{"type":604,"attrs":77077},{"href":62390,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77079,"type":599},", forecast to account for ",{"text":77081,"type":599,"marks":77082},"93% of global anode material production",[77083],{"type":604,"attrs":77084},{"href":77085,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/in-charts-why-decoupling-from-chinas-anode-market-could-be-difficult-for-the-west",{"text":77087,"type":599}," this year, according to ",{"text":48956,"type":599,"marks":77089},[77090],{"type":604,"attrs":77091},{"href":77092,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/anode/reports",{"text":974,"type":599},{"type":594,"attrs":77095,"content":77096},{"textAlign":49},[77097,77098,77104],{"text":47476,"type":599},{"text":77099,"type":599,"marks":77100},"China dominates production",[77101],{"type":604,"attrs":77102},{"href":77103,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-btr-says-4680-cell-demand-to-drive-silicon-anode-growth",{"text":77105,"type":599}," of the incumbent silicon-graphite blended anodes, but as we look to emerging technologies, innovation is spread across the world. Several US innovators have announced big plans and partnerships for 2024, so the year is off to a good start,” Rory McNulty, an analyst at Benchmark, said.",{"type":594,"attrs":77107,"content":77108},{"textAlign":49},[77109],{"text":77110,"type":599},"“The next few years could be critical to commercial success,” he added.",{"type":657,"attrs":77112,"content":77113},{"level":15966,"textAlign":49},[77114],{"text":77115,"type":599},"January’s silicon buzz",{"type":594,"attrs":77117,"content":77118},{"textAlign":49},[77119],{"text":77120,"type":599},"Many US-based silicon anode companies at various levels of commercialisation have made announcements in January, indicating a growing confidence in the technology.",{"type":657,"attrs":77122,"content":77123},{"level":15966,"textAlign":49},[77124],{"text":77125,"type":599},"Differences in Europe and North America",{"type":594,"attrs":77127,"content":77128},{"textAlign":49},[77129],{"text":77130,"type":599},"The US’ Inflation Reduction Act is an obvious draw for companies in the battery supply chain.",{"type":594,"attrs":77132,"content":77133},{"textAlign":49},[77134,77136,77142],{"text":77135,"type":599},"“It has impacted our customers’ decision making,” ",{"text":77137,"type":599,"marks":77138},"Vincent Pluvinage",[77139],{"type":604,"attrs":77140},{"href":77141,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/sinanode-silicon-simplified-advancing-the-ev-battery",{"text":77143,"type":599},", co-founder and chief executive of OneD, told Benchmark Source. “What we have seen is that there are customers from Europe and customers from Asia that are setting up plants in North America.”",{"type":594,"attrs":77145,"content":77146},{"textAlign":49},[77147],{"text":77148,"type":599},"GDI, who recently received a loan form the European Investment Bank to develop its pilot plant in Germany, is one of the few companies based in the US to seek opportunities in Europe rather than in North America.",{"type":594,"attrs":77150,"content":77151},{"textAlign":49},[77152],{"text":77153,"type":599},"“The US, right now, is the land of opportunity when you’re ready to go big,” Rob Anstey, chief executive of GDI, told Benchmark Source. “Europe seems to have a better environment for doing things in a more practical phase-by-phase manner.”",{"type":594,"attrs":77155,"content":77156},{"textAlign":49},[77157],{"text":77158,"type":599},"Production at GDI’s pilot plant is due to commence in 2025, reaching up to 100 megawatt hours by 2026 and up to 1 gigawatt hour by 2029.",{"type":657,"attrs":77160,"content":77161},{"level":15966,"textAlign":49},[77162],{"text":77163,"type":599},"Could silane gas be a bottleneck?",{"type":594,"attrs":77165,"content":77166},{"textAlign":49},[77167],{"text":77168,"type":599},"A key precursor for many silicon anode materials is silane, a gas made from metallurgical grade silicon.",{"type":594,"attrs":77170,"content":77171},{"textAlign":49},[77172],{"text":77173,"type":599},"The silicon industry is well established owing to the variety of uses of the material in large markets such as stainless steel and silicones, though the purity of the silicon for these materials is not as high as for batteries.",{"type":594,"attrs":77175,"content":77176},{"textAlign":49},[77177],{"text":77178,"type":599},"Silicon suitable for use in battery anodes is more akin to the type produced for the solar cell and semiconductor markets.",{"type":594,"attrs":77180,"content":77181},{"textAlign":49},[77182],{"text":77183,"type":599},"These large incumbent industries mean the silicon supply chain is well developed and robust, according to McNulty.",{"type":594,"attrs":77185,"content":77186},{"textAlign":49},[77187],{"text":77188,"type":599},"“However, competing high-value industries mean that potential supply and demand have several large and competing drivers,” he added.",{"type":594,"attrs":77190,"content":77191},{"textAlign":49},[77192],{"text":77193,"type":599},"Non-Chinese production of the gas needs to ramp up at the same pace as the market lest the developing silicon anode scene remain dependent on Chinese feedstock. ",{"type":594,"attrs":77195,"content":77196},{"textAlign":49},[77197],{"text":77198,"type":599},"“The problem that exists today is that while there is a million tonnes per year of silane gas being produced, it’s almost exclusively produced in China,” Pluvinage said. “And the reason for this is because China has 93% of the solar cell market.”",{"type":594,"attrs":77200,"content":77201},{"textAlign":49},[77202,77204,77209],{"text":77203,"type":599},"Outside of China, one of the largest producers of silane gas is REC Silicon, headquartered in Norway. REC Silicon operates several facilities, including one in ",{"text":77205,"type":599,"marks":77206},"Moses Lake, Washington",[77207],{"type":604,"attrs":77208},{"href":54586,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77210,"type":599},". This operation was shut down in 2019 due to Chinese tariffs on polysilicon produced in the US.",{"type":594,"attrs":77212,"content":77213},{"textAlign":49},[77214],{"text":77215,"type":599},"The plant has now reopened after substantial funding from Hanwha Solutions, a South Korean conglomerate which, amongst other things, produces solar cells. Hanwha now owns a 33.3% stake in REC Silicon and signed an offtake for 100% of its solar grade polysilicon produced at the Moses Lake plant for the next ten years, valued at around $3 billion.",{"type":594,"attrs":77217,"content":77218},{"textAlign":49},[77219],{"text":77220,"type":599},"The offtake agreement does not explicitly state if this will impact silane gas availability, though the production of solar grade polysilicon requires silane gas.",{"type":594,"attrs":77222,"content":77223},{"textAlign":49},[77224],{"text":77225,"type":599},"This is one reason Pluvinage says OneD formed an exclusive partnership with Koch Modular. OneD is the only silicon anode company Koch will build its modular silane production facilities for.",{"type":594,"attrs":77227,"content":77228},{"textAlign":49},[77229],{"text":77230,"type":599},"GDI’s Anstey says he is less concerned about silane gas supplies, citing the fact that chip makers like Intel and AMD have been shipping silane gas for decades.",{"type":594,"attrs":77232,"content":77233},{"textAlign":49},[77234],{"text":77235,"type":599},"“Silane is an industrial commodity,” Anstey said. “You can scale silane just as easily as you can scale synthetic graphite, they just don’t want to do it until there are supply agreements.”","US-based silicon anode innovators kicked off 2024 with a flurry of announcements, laying the groundwork for further developments in the space. Silicon materials can be used directly as an active anode material (AAM) or mixed with graphite to form a blended material to improve anode performance. However, silicon expands around 300% when lithiated which poses […]",[77238],{"slug":544,"name":543,"content":77239},{"job_title":557,"image":77240,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e4a32ec7-3716-4771-a8b0-3a15569e0bf8\", \"id\": \"\"}-->",[77243,77244,77245,77246],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":21579,"name":21580},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":77248,"copyright":547,"fieldtype":553,"meta_data":77249,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/79d582c98e/bm-koch-silane-production-taiwan-2.png",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 02, 2024",{"id":77252,"uuid":77253,"name":77254,"slug":77255,"full_slug":77256,"content":77257},112470099744456,"07197122-731d-4a59-8470-fa1f2d4615c4","India’s battery demand from electric cars set to overtake two wheelers’ by end of decade","indias-battery-demand-from-electric-cars-set-to-overtake-two-wheelers-by-end-of-decade","article/indias-battery-demand-from-electric-cars-set-to-overtake-two-wheelers-by-end-of-decade",{"_uid":77258,"date":77038,"tags":77259,"editor":77263,"content":77267,"excerpt":77476,"featured":51,"reporter":77477,"_editable":77481,"component":864,"seo_title":77254,"categories":77482,"visibility":882,"author_company":49,"featured_image":77486,"seo_description":77476,"author_full_name":49,"author_job_title":49,"formattedDate":77250},"2aae30d0-8cf4-4602-823a-68c439b9815f",[77260,77261,77262],{"slug":51554,"name":3467},{"slug":70685,"name":70685},{"slug":22444,"name":22445},[77264],{"slug":544,"name":543,"content":77265},{"job_title":557,"image":77266,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":77268},[77269,77281,77286,77291,77296,77303,77308,77313,77318,77325,77330,77335,77340,77345,77350,77355,77367,77374,77379,77384,77389,77394,77399,77404,77409,77428,77439,77451,77463],{"type":594,"attrs":77270,"content":77271},{"textAlign":49},[77272,77274,77279],{"text":77273,"type":599},"India’s battery demand from electric cars is set to overtake the demand for batteries from the ",{"text":77275,"type":599,"marks":77276},"electric two and three wheelers ",[77277],{"type":604,"attrs":77278},{"href":59388,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77280,"type":599},"segment (2 & 3-wheeler) by the end of the decade, even as the country faces a steep challenge to secure and build a stable supply of critical battery materials locally. ",{"type":594,"attrs":77282,"content":77283},{"textAlign":49},[77284],{"text":77285,"type":599},"In 2029, India’s battery demand for electric cars is forecast to reach 33 gigawatt hours (GWh), while demand for electric 2 & 3-wheelers is expected to hit 27 GWh that year, according to Rho Motion. Just last year, battery demand for the electric 2 & 3-wheeler category reached 4 GWh while demand from electric cars was less than 3 GWh.",{"type":594,"attrs":77287,"content":77288},{"textAlign":49},[77289],{"text":77290,"type":599},"India’s electric 2-wheeler adoption has been increasing, with sales jumping 35% in 2023 on a year-on-year basis to 856,906 units, according to data from the Society of Manufacturers of Electric Vehicles (SMEV). In contrast, sales of electric cars more than doubled in 2023 to 84,854 units, albeit at a smaller base. ",{"type":594,"attrs":77292,"content":77293},{"textAlign":49},[77294],{"text":77295,"type":599},"“Indian customers are very price sensitive and the government too has to keep in check its budget and how much it allocates for the growth of the electric vehicle market as a whole,” said Manish Dua, an analyst with Benchmark, emphasising how policy linked subsidies have helped boost India’s sales of electric two wheelers.",{"type":594,"attrs":77297,"content":77298},{"textAlign":49},[77299],{"type":1186,"attrs":77300},{"id":49,"alt":547,"src":77301,"title":49,"source":49,"copyright":49,"meta_data":77302},"https://a.storyblok.com/f/287943243085208/6408303393/bm-india-e-234-battery-demand-edited.png",{},{"type":594,"attrs":77304,"content":77305},{"textAlign":49},[77306],{"text":77307,"type":599},"Currently in its second phase, India’s Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) policy offers upfront incentives for buying electric vehicles. In its current form, the policy offers a subsidy of Rs 10,000 ($121) per kilowatt hour (kWh) of battery with a cap of up to 15% of the cost of an electric two wheeler’s ex-factory price. ",{"type":594,"attrs":77309,"content":77310},{"textAlign":49},[77311],{"text":77312,"type":599},"However, ending of the subsidies after the policy expires on March 31 this year could hurt electric vehicle sales in the country.  ",{"type":657,"attrs":77314,"content":77315},{"level":15966,"textAlign":49},[77316],{"text":77317,"type":599},"Not enough local capacity",{"type":594,"attrs":77319,"content":77320},{"textAlign":49},[77321,77323],{"text":77322,"type":599},"India’s total battery demand from electric vehicles is forecast to reach 84 GWh by 2030, from",{"text":77324,"type":599},"4 GWh last year, according to Rho Motion. That’s more than the government’s target of setting up 50 GWh of lithium ion battery production capacity in the country by 2030, which it has pledged to back with $2.5 billion in subsidies.",{"type":594,"attrs":77326,"content":77327},{"textAlign":49},[77328],{"text":77329,"type":599},"Prime Minister Narendra Modi’s government also wants 30% of passenger vehicle sales to be electric by 2030, with that number increasing to 70% for its commercial vehicles and 80% for the 2 & 3-wheelers. India is the world’s fourth-largest automotive market by production. ",{"type":594,"attrs":77331,"content":77332},{"textAlign":49},[77333],{"text":77334,"type":599},"The country’s federal think-tank Niti Aayog has even more ambitious estimates. It projects India’s electric 2-wheeler battery demand alone to reach between 40 GWh and 60 GWh by fiscal year 2028, or about 11 million to 15 million electric 2-wheeler sales. Niti Aayog estimates India’s annual battery demand to rise between 104 GWh to 260 GWh by 2030. But not everyone is equally optimistic.",{"type":594,"attrs":77336,"content":77337},{"textAlign":49},[77338],{"text":77339,"type":599},"“The total electric two wheeler market in 2023 for India was 856,000 units, for that to go to 11 million to 15 million in four years is very optimistic. Getting to five million by then would be an achievement,” said Luke Gear, analyst with Benchmark.",{"type":594,"attrs":77341,"content":77342},{"textAlign":49},[77343],{"text":77344,"type":599},"“Even at 50% CAGR to 2028 sales are around 6.5 million. But most markets are lower than 50% CAGR over an extended period,” said Gear.",{"type":657,"attrs":77346,"content":77347},{"level":15966,"textAlign":49},[77348],{"text":77349,"type":599},"The key players",{"type":594,"attrs":77351,"content":77352},{"textAlign":49},[77353],{"text":77354,"type":599},"India is currently largely importing batteries from China, as well as South Korea and mainland China and the country requires a big upstream push to accelerate domestic battery manufacturing.",{"type":594,"attrs":77356,"content":77357},{"textAlign":49},[77358,77360,77365],{"text":77359,"type":599},"In 2021, India’s $2.5 billion Production Linked Incentive (PLI) scheme for battery manufacturing capacity was awarded to three companies, namely Rajesh Exports, ",{"text":77361,"type":599,"marks":77362},"Ola Electric",[77363],{"type":604,"attrs":77364},{"href":59388,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77366,"type":599}," and Reliance New Solar.",{"type":594,"attrs":77368,"content":77369},{"textAlign":49},[77370],{"type":1186,"attrs":77371},{"id":49,"alt":547,"src":77372,"title":49,"source":49,"copyright":49,"meta_data":77373},"https://a.storyblok.com/f/287943243085208/bd05d4f452/bm-indiaelectric2wheeler-240202-ht-01-2-edited.jpg",{},{"type":594,"attrs":77375,"content":77376},{"textAlign":49},[77377],{"text":77378,"type":599},"The selected firms were expected to set up the manufacturing facility within two years. Subsidies will be spent over a period of five years and the companies have to commit to a minimum capacity of 5 GWh.",{"type":594,"attrs":77380,"content":77381},{"textAlign":49},[77382],{"text":77383,"type":599},"Though, of these, gold miner Rajesh Exports’ downstream plans are still not clear. Softbank-backed Ola has revealed plans to set up a gigafactory and is raising $662 million in India’s first initial public offering (IPO) by an electric vehicle maker. Reliance too has said it plans to set up a battery gigafactory by 2026 to produce lithium iron phosphate (LFP) battery cells and scale it to 50 GWh a year by 2027.",{"type":594,"attrs":77385,"content":77386},{"textAlign":49},[77387],{"text":77388,"type":599},"Ola is also India’s top electric scooter maker with a 21% market share for the fiscal year 2023, according to SMEV. Beginning March this year, the company plans to commence making 4680 cells at its upcoming gigafactory in Krishnagiri, Tamil Nadu, a state dotting the southern coast of India. Ola aims to ramp up the cumulative capacity at this gigafactory to 20 GWh by April 2026.",{"type":594,"attrs":77390,"content":77391},{"textAlign":49},[77392],{"text":77393,"type":599},"“As we start, we will be importing our battery components from around the world: China, Korea, US, and Europe, given that the battery component industry is currently non-existent in India,” a spokesperson with Ola Electric told Benchmark, adding that the company is working on long-term off-takes for key materials that will be fed into its supply chain to ensure raw material security.",{"type":594,"attrs":77395,"content":77396},{"textAlign":49},[77397],{"text":77398,"type":599},"Ola said it is also actively exploring opportunities to localise cathode and other key components.",{"type":594,"attrs":77400,"content":77401},{"textAlign":49},[77402],{"text":77403,"type":599},"“India’s supply chain is still developing and it relies largely on China. Further, excess Chinese capacities would get sold here. China consumes at home and exports a lot as well. India is currently a net importer,” Dua said. ",{"type":657,"attrs":77405,"content":77406},{"level":15966,"textAlign":49},[77407],{"text":77408,"type":599},"Non-PLI push",{"type":594,"attrs":77410,"content":77411},{"textAlign":49},[77412,77414,77420,77422,77426],{"text":77413,"type":599},"The bulk of India’s battery cell production expansion will also be led by the country’s current leading electric car maker ",{"text":77415,"type":599,"marks":77416},"Tata Motors",[77417],{"type":604,"attrs":77418},{"href":77419,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tatas-10000-ev-set-to-boost-india-ev-market-but-domestic-battery-supply-lags",{"text":77421,"type":599},", a subsidiary of Tata Sons. According to the ",{"text":59338,"type":599,"marks":77423},[77424],{"type":604,"attrs":77425},{"href":70728,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77427,"type":599},", Tata Group subsidiary Agratas will add 20 GWh of battery capacity by 2030. ",{"type":594,"attrs":77429,"content":77430},{"textAlign":49},[77431,77433,77437],{"text":77432,"type":599},"Another 12 GWh capacity will come from India’s largest automotive battery maker Exide Industries, according to the ",{"text":59338,"type":599,"marks":77434},[77435],{"type":604,"attrs":77436},{"href":70728,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77438,"type":599},". The battery maker’s $770 million lithium ion cell manufacturing plant in the southern state of Karnataka in collaboration with China’s SVOLT will have an initial production capacity of six gigawatt-hours.",{"type":594,"attrs":77440,"content":77441},{"textAlign":49},[77442,77444,77449],{"text":77443,"type":599},"Exide",{"text":77445,"type":599,"marks":77446}," plans to manufacture cells",[77447],{"type":604,"attrs":77448},{"href":59353,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77450,"type":599}," across two popular chemistries to meet the needs of a diverse set of automakers. These include nickel manganese cobalt (NCM) and LFP (lithium iron phosphate) chemistries for the cylindrical, pouch and prismatic cell formats.",{"type":594,"attrs":77452,"content":77453},{"textAlign":49},[77454,77456,77461],{"text":77455,"type":599},"Key rival ",{"text":77457,"type":599,"marks":77458},"Amara Raja",[77459],{"type":604,"attrs":77460},{"href":59324,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77462,"type":599}," is looking for potential partners to help build a battery gigafactory in the country by 2025. The lead-acid battery maker said in 2022 it will spend $1.16 billion in ten years to build a gigafactory with a capacity of up to 16 GWh and a battery pack assembly unit of up to 5 GWh.",{"type":594,"attrs":77464,"content":77465},{"textAlign":49},[77466,77468,77474],{"text":77467,"type":599},"Indian anode producer ",{"text":77469,"type":599,"marks":77470},"Epsilon Advanced Materials",[77471],{"type":604,"attrs":77472},{"href":77473,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-good-thing-about-us-customers-is-that-they-have-scale-qa-with-epsilons-vikram-handa",{"text":77475,"type":599}," is building a plant in India with capacity to produce 50,000 tonnes of synthetic graphite and is working on plans to set up a cathode making factory later this year.","India’s battery demand from electric cars is set to overtake the demand for batteries from the electric two and three wheelers segment (2 & 3-wheeler) by the end of the decade, even as the country faces a steep challenge to secure and build a stable supply of critical battery materials locally. In 2029, India’s battery […]",[77478],{"slug":544,"name":543,"content":77479},{"job_title":557,"image":77480,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2aae30d0-8cf4-4602-823a-68c439b9815f\", \"id\": \"\"}-->",[77483,77484,77485],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"id":49,"alt":77487,"name":547,"focus":547,"title":77487,"source":547,"filename":77488,"copyright":547,"fieldtype":553,"meta_data":77489,"is_external_url":51},"An electric vehicle charging and swapping station in India's capital New Delhi.","https://a.storyblok.com/f/287943243085208/0d0d6dd79d/bm-india-electric-scooter-charging.jpg",{"alt":77487,"title":77487,"source":547,"copyright":547},{"id":77491,"uuid":77492,"name":77493,"slug":77494,"full_slug":77495,"content":77496},112470134261456,"f1c793ab-4470-4e64-ab1a-f8f072ae6585","“Ultimately, it’s about making sure that we keep real jobs here in Europe.” Q&A with the EU’s Peter Handley","ultimately-its-about-making-sure-that-we-keep-real-jobs-here-in-europe-qa-with-the-eus-peter-handley","article/ultimately-its-about-making-sure-that-we-keep-real-jobs-here-in-europe-qa-with-the-eus-peter-handley",{"_uid":77497,"date":77498,"tags":77499,"editor":77504,"content":77508,"excerpt":77751,"featured":51,"reporter":77752,"_editable":77756,"component":864,"seo_title":77493,"categories":77757,"visibility":2091,"author_company":49,"featured_image":77767,"seo_description":77751,"author_full_name":49,"author_job_title":49,"formattedDate":77770},"ab32627f-614b-4c27-9082-1649311dbf1b","2024-01-25 00:00",[77500,77501,77502,77503],{"slug":11650,"name":11651},{"slug":10093,"name":10094},{"slug":18915,"name":18916},{"slug":4610,"name":662},[77505],{"slug":544,"name":543,"content":77506},{"job_title":557,"image":77507,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":77509},[77510,77521,77526,77539,77546,77551,77556,77561,77573,77578,77583,77588,77593,77598,77603,77608,77613,77618,77623,77628,77634,77639,77644,77649,77654,77659,77664,77669,77674,77679,77684,77689,77694,77706,77711,77716,77721,77726,77731,77736,77741,77746],{"type":594,"attrs":77511,"content":77512},{"textAlign":49},[77513,77515,77519],{"text":77514,"type":599},"Last year the European Union introduced the ",{"text":10098,"type":599,"marks":77516},[77517],{"type":604,"attrs":77518},{"href":74030,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77520,"type":599},", the bloc’s first piece of legislation designed to boost supplies of critical minerals. ",{"type":594,"attrs":77522,"content":77523},{"textAlign":49},[77524],{"text":77525,"type":599},"Over the past year the EU has also signed strategic partnership agreements on raw materials with multiple countries, including Namibia, the Democratic Republic of Congo, and – most recently – with Greenland. ",{"type":594,"attrs":77527,"content":77528},{"textAlign":49},[77529,77531,77537],{"text":77530,"type":599},"The EU has also relaxed ",{"text":77532,"type":599,"marks":77533},"state aid rules",[77534],{"type":604,"attrs":77535},{"href":77536,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eu-agrees-e902-million-aid-to-northvolt-as-europes-battery-production-set-to-fall-behind-north-america",{"text":77538,"type":599}," to give governments more leeway to fund clean energy investments. ",{"type":594,"attrs":77540,"content":77541},{"textAlign":49},[77542,77544],{"text":77543,"type":599},"Benchmark Source sat down with Peter Handley, head of unit for energy-intensive industries and raw materials",{"text":77545,"type":599},"at the European Commission, to learn more. ",{"type":657,"attrs":77547,"content":77548},{"level":15966,"textAlign":49},[77549],{"text":77550,"type":599},"What can we expect this year from the CRMA and the implementation?",{"type":594,"attrs":77552,"content":77553},{"textAlign":49},[77554],{"text":77555,"type":599},"The European Critical Raw Materials Act, which we proposed on 16th of March 2023, now has political agreement from the European Parliament and the Council of the European Union. There are a few formal steps to go through before formal adoption, publication in the EU’s Official Journal and entry into force. ",{"type":594,"attrs":77557,"content":77558},{"textAlign":49},[77559],{"text":77560,"type":599},"We don’t have a specific date for that, because it depends on things beyond our control. But we think it’ll enter into force around Easter time this year. So just over a year after we proposed it, which is incredibly fast.",{"type":594,"attrs":77562,"content":77563},{"textAlign":49},[77564,77566,77571],{"text":77565,"type":599},"There’s a whole raft of provisions and ",{"text":77567,"type":599,"marks":77568},"tasks",[77569],{"type":604,"attrs":77570},{"href":70357,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77572,"type":599}," set out in the Act. But the vehicle, the governance body, for many of these is the Critical Raw Materials Board. ",{"type":594,"attrs":77574,"content":77575},{"textAlign":49},[77576],{"text":77577,"type":599},"So one of the first things we will do is to establish this board, where every Member State will have a seat at the table. It will be chaired by the Commission. And many of the functions involve either exchange of information amongst experts or the board discussing and then issuing recommendations to the Commission so the Commission can then take decisions.",{"type":657,"attrs":77579,"content":77580},{"level":15966,"textAlign":49},[77581],{"text":77582,"type":599},"When can we expect the first “strategic projects” in the Act?",{"type":594,"attrs":77584,"content":77585},{"textAlign":49},[77586],{"text":77587,"type":599},"Look, I can’t give you a hard answer about where the first list of strategic projects will come out. What I will say is this, the European Parliament and the Council moved extremely fast in the negotiations last year because they consider it urgent to take action. So we can’t afford to sit on our hands. We’re going to push things forward as much as we can, because we also know that it’s not long until 2030. We need to start getting things out there to make a difference. ",{"type":594,"attrs":77589,"content":77590},{"textAlign":49},[77591],{"text":77592,"type":599},"The priority is going to be setting up the process of collecting, assessing and recommending “strategic projects.” I wouldn’t be surprised if this Commission seeks to deliver a list before the end of its mandate. That’s the working assumption. But as I say it’s not set in stone. ",{"type":657,"attrs":77594,"content":77595},{"level":15966,"textAlign":49},[77596],{"text":77597,"type":599},"How do you avoid the problem of trying to pick winners for these projects?",{"type":594,"attrs":77599,"content":77600},{"textAlign":49},[77601],{"text":77602,"type":599},"Well, because the Commission isn’t going to be picking these projects on its own. The Act says that strategic projects have to help us to move towards achieving our 2030 benchmarks for extraction, refining, recycling and external diversification. They have to be good projects, in terms of contributing to strategic technologies that we need: clean tech, digital tech, defence and aerospace. They have to be good in terms of environment, social governance, community involvement. Basically, they have to be good projects. ",{"type":594,"attrs":77604,"content":77605},{"textAlign":49},[77606],{"text":77607,"type":599},"I would basically put it into three phases. ",{"type":594,"attrs":77609,"content":77610},{"textAlign":49},[77611],{"text":77612,"type":599},"The upfront stage is informing everybody, developing the template and issuing the call for proposals – making it possible for promoters to apply. ",{"type":594,"attrs":77614,"content":77615},{"textAlign":49},[77616],{"text":77617,"type":599},"Then when the Commission receives the applications, they will be checked for completeness, and bounced back if they’re not complete. ",{"type":594,"attrs":77619,"content":77620},{"textAlign":49},[77621],{"text":77622,"type":599},"After that comes the technical assessment. Do they tick all the boxes in terms of what is set out in the Act? And the last step is presenting a roster of projects to the Board, so that it can discuss and issue a recommendation to the Commission. ",{"type":594,"attrs":77624,"content":77625},{"textAlign":49},[77626],{"text":77627,"type":599},"We’ll be looking for a sensible first batch of projects that hits the sweet spots in terms of different points in the value chain, a good mix of strategic materials and a good geographical spread inside and outside the EU. Let’s not forget, we need to develop the EU’s own capabilities and diversify its external supply.",{"type":594,"attrs":77629,"content":77630},{"textAlign":49},[77631],{"type":1186,"attrs":77632},{"id":49,"alt":72710,"src":72711,"title":49,"source":49,"copyright":49,"meta_data":77633},{},{"type":657,"attrs":77635,"content":77636},{"level":15966,"textAlign":49},[77637],{"text":77638,"type":599},"Strategic projects can be outside the EU, can you explain a bit about this, what are the limits? ",{"type":594,"attrs":77640,"content":77641},{"textAlign":49},[77642],{"text":77643,"type":599},"It doesn’t have to be in a country where we already have a strategic critical raw materials partnership, but will depend on the quality of the projects and their relevance for the EU’s and third country’s shared interests.",{"type":594,"attrs":77645,"content":77646},{"textAlign":49},[77647],{"text":77648,"type":599},"Strategic projects outside the EU will benefit from a range of things. ",{"type":594,"attrs":77650,"content":77651},{"textAlign":49},[77652],{"text":77653,"type":599},"Firstly, political de-risking with the third country authorities, bringing in our stakeholders, including European businesses that may be wanting to offtake, invest in projects, sell technology and services, provide advice on raising standards – there’s a whole bunch of things we can bring to the table. ",{"type":594,"attrs":77655,"content":77656},{"textAlign":49},[77657],{"text":77658,"type":599},"And we can also deploy various European funding programmes and bring in the whole Global Gateway approach if it’s an emerging economy. We can bring in flanking actions – you want to do cleaner mining and processing but don’t have a stable energy infrastructure with renewables? Okay, we can address the infrastructure. You don’t have good logistics to get stuff to ports? We can discuss that. If you need help developing policies or skills, we can help with those things.",{"type":657,"attrs":77660,"content":77661},{"level":15966,"textAlign":49},[77662],{"text":77663,"type":599},"How will the plans for joint purchasing of minerals in the Act work and will it lower the costs?",{"type":594,"attrs":77665,"content":77666},{"textAlign":49},[77667],{"text":77668,"type":599},"Well, you have to look at joint purchasing as one of a number of measures in the Act to help bring supply and demand together. We say that it may be helpful to aggregate the demand of European companies because then we can go in with a bit more leverage and maybe get better conditions and access terms. And maybe it will make a difference in the project getting off the ground or not. If we go in with a request for 10,000 tonnes of something versus 2 million tonnes over 10 years we become a player. ",{"type":594,"attrs":77670,"content":77671},{"textAlign":49},[77672],{"text":77673,"type":599},"The idea of aggregating demand is one element. And then another element is maybe we should provide a way where we can offer matchmaking around purchasing, which is what they’re doing quite successfully at the moment in natural gas … We have a provision in the Act, which is basically copy paste of the gas platform. ",{"type":594,"attrs":77675,"content":77676},{"textAlign":49},[77677],{"text":77678,"type":599},"But we’re public officials, not commodity traders. We have to understand how the markets really work and involve experts. It’s all complicated by the fact that at the moment, certain commodity prices are crashing through the floor. You can say there’s no better time to buy stuff than when it’s dirt cheap. But what do you buy? At what price? Where are you going to store it? How are you going to insure it? Who’s going to bear the risk? ",{"type":657,"attrs":77680,"content":77681},{"level":15966,"textAlign":49},[77682],{"text":77683,"type":599},"One of the criticisms of the Act is that there are no actual incentives for companies to use European mined or produced minerals – how do you respond to that? ",{"type":594,"attrs":77685,"content":77686},{"textAlign":49},[77687],{"text":77688,"type":599},"I think it depends what kind of incentives you’re talking about. I mean, there is a new geo-economic logic, which is driving companies to think about reducing their risk exposure against supply chain disruptions. ",{"type":594,"attrs":77690,"content":77691},{"textAlign":49},[77692],{"text":77693,"type":599},"This may lead them towards supporting the kind of projects we want to pull together to build up domestic capabilities or diversify externally. ",{"type":594,"attrs":77695,"content":77696},{"textAlign":49},[77697,77699,77704],{"text":77698,"type":599},"We think also that we need some market incentives to encourage companies to want to buy ",{"text":77700,"type":599,"marks":77701},"clean",[77702],{"type":604,"attrs":77703},{"href":30836,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77705,"type":599},", transparently and responsibly-sourced stuff, even if it costs a bit more per unit, because they can even that out in the number of units that they sell to the final customer, and they can put together a value proposition which is the steel is green, the copper is green, and the minerals used in the battery have a low emission footprint. We also think that green public procurement, looking at things other than the lowest cost, can also help us. ",{"type":594,"attrs":77707,"content":77708},{"textAlign":49},[77709],{"text":77710,"type":599},"And the provisions that we put in place in the article called “company risk preparedness” are also designed to get downstream user companies who are involved in clean tech, digital, defence and aerospace, to regularly assess their security of supply vulnerabilities and present this to their board, together with actions to mitigate serious risks. These can include investments, offtakes or building longer inventories, to reduce the risk of going out of business because they can’t get the stuff they need to make their products. ",{"type":657,"attrs":77712,"content":77713},{"level":15966,"textAlign":49},[77714],{"text":77715,"type":599},"Should Europe create a critical raw materials Sovereignty Fund? ",{"type":594,"attrs":77717,"content":77718},{"textAlign":49},[77719],{"text":77720,"type":599},"The Commission already came out with its thinking of it as part of the Green Deal Industrial Plan. Member States understand the importance of European companies investing in clean tech and resilient and sustainable supply chains. They also realise that not every country can afford to use State aid, but there are limits on their readiness to increase European funding just now.",{"type":657,"attrs":77722,"content":77723},{"level":15966,"textAlign":49},[77724],{"text":77725,"type":599},"What other EU raw material agreements can we expect with other countries?",{"type":594,"attrs":77727,"content":77728},{"textAlign":49},[77729],{"text":77730,"type":599},"What’s coming down the road imminently is Norway. We’ve finalised the negotiations and gearing towards signing that one. We’re also in the middle of negotiations with Australia. And we’ve just launched negotiations with Uzbekistan, our second Central Asian country. There’s going to be a lot of outreach towards Latin America to follow up on the agreements we reached last year and also to reach out to additional countries in that important region.",{"type":594,"attrs":77732,"content":77733},{"textAlign":49},[77734],{"text":77735,"type":599},"We have ongoing free trade agreement negotiations with Indonesia, which include an energy and raw materials chapter. We have not proposed a strategic partnership from the European side to Indonesia, nor have they proposed one to us. But what we say to any country is our door is always open to talk about strategic projects .",{"type":657,"attrs":77737,"content":77738},{"level":15966,"textAlign":49},[77739],{"text":77740,"type":599},"Are you hopeful about mining in Europe? We’ve seen problems in Serbia, in Portugal for example. ",{"type":594,"attrs":77742,"content":77743},{"textAlign":49},[77744],{"text":77745,"type":599},"All the efforts we’ve done over the last two years are explaining why all this stuff is important. And ultimately, it’s about making sure that we keep real jobs here in Europe and don’t become a de-industrialised part of the world entirely dependent on goods and products coming from outside or relying on products made in a way that is far less good for the environment or for the climate than if we made it here.",{"type":594,"attrs":77747,"content":77748},{"textAlign":49},[77749],{"text":77750,"type":599},"Let’s not forget that we have to have a viable economy, because without a viable economy, society is not going to be happy. So am I confident that a new mine will open every day? No, but I think discourse can change that. I think the political authorities appreciate just what’s at stake and I think companies understand that we’ll support them provided they do things right: engage seriously with local communities, explain the economic and job benefits and sustainable infrastructure developments. Explain what’s going to happen when the mine comes to the end of its life. ","Last year the European Union introduced the Critical Raw Materials Act, the bloc’s first piece of legislation designed to boost supplies of critical minerals. Over the past year the EU has also signed strategic partnership agreements on raw materials with multiple countries, including Namibia, the Democratic Republic of Congo, and – most recently – with […]",[77753],{"slug":544,"name":543,"content":77754},{"job_title":557,"image":77755,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ab32627f-614b-4c27-9082-1649311dbf1b\", \"id\": \"\"}-->",[77758,77759,77760,77761,77762,77763,77764,77765,77766],{"slug":867,"name":115},{"slug":869,"name":870},{"slug":872,"name":873},{"slug":2331,"name":2332},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":77768,"copyright":547,"fieldtype":553,"meta_data":77769,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6d961b5ed0/bm-picture-peter-handley1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 25, 2024",{"id":77772,"uuid":77773,"name":77774,"slug":77775,"full_slug":77776,"content":77777},112470129190606,"54e0a328-6860-4260-b852-1e5f5068119c","Infographic: China’s influence over Indonesian nickel","infographic-chinas-influence-over-indonesian-nickel","article/infographic-chinas-influence-over-indonesian-nickel",{"_uid":77778,"date":77498,"tags":77779,"editor":77783,"content":77787,"excerpt":77844,"featured":51,"reporter":77845,"_editable":77849,"component":864,"seo_title":77774,"categories":77850,"visibility":882,"author_company":49,"data_vis_image":77854,"featured_image":77857,"seo_description":77844,"author_full_name":49,"author_job_title":49,"formattedDate":77770},"a9469c04-6616-434e-b523-35750afe943c",[77780,77781,77782],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":7997,"name":7998},[77784],{"slug":544,"name":543,"content":77785},{"job_title":557,"image":77786,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":77788},[77789,77794,77799,77804,77809,77815,77820,77825,77830,77835],{"type":594,"attrs":77790,"content":77791},{"textAlign":49},[77792],{"text":77793,"type":599},"Majority Chinese-owned companies will produce a large but declining share of nickel suitable for batteries made in Indonesia out to 2030.",{"type":594,"attrs":77795,"content":77796},{"textAlign":49},[77797],{"text":77798,"type":599},"In 2033, 54% of Indonesia’s battery nickel output will come from majority Chinese-owned producers, down from 82% in 2024.*",{"type":594,"attrs":77800,"content":77801},{"textAlign":49},[77802],{"text":77803,"type":599},"Western investment will drive the trend. An indicative example is Ford’s recent entry into a joint venture high pressure acid leach refinery held by Vale and China’s Huayou.",{"type":594,"attrs":77805,"content":77806},{"textAlign":49},[77807],{"text":77808,"type":599},"Still, 90% of Indonesian nickel will come from producers under some Chinese ownership in 2030. Already, the extent of Chinese investment in its industry is making it difficult for Indonesia to access US Inflation Reduction Act (IRA) benefits. ",{"type":594,"attrs":77810,"content":77811},{"textAlign":49},[77812],{"type":1186,"attrs":77813},{"id":49,"alt":547,"src":76937,"title":49,"source":49,"copyright":49,"meta_data":77814},{},{"type":594,"attrs":77816,"content":77817},{"textAlign":49},[77818],{"text":77819,"type":599},"US President Joe Biden has faced domestic political pushback against the prospect of a trade agreement with Indonesia, which could make Chinese producers there eligible for IRA tax credits.",{"type":594,"attrs":77821,"content":77822},{"textAlign":49},[77823],{"text":77824,"type":599},"Even if Indonesia gains US Free Trade Agreement status, the IRA’s Foreign Entities of Concern (FEOC) rule may disqualify some of its Chinese-owned output. ",{"type":594,"attrs":77826,"content":77827},{"textAlign":49},[77828],{"text":77829,"type":599},"In December 2023, the US Treasury announced that any critical minerals producer that is more than 25% owned by a company associated with the Chinese government will not qualify for IRA tax credits.",{"type":594,"attrs":77831,"content":77832},{"textAlign":49},[77833],{"text":77834,"type":599},"It is still unclear which Indonesian refineries would be affected. Our assessment does not distinguish between private and publicly-owned Chinese companies but the guidelines may be implemented in a way that treats privately-owned Chinese companies in foreign joint ventures more leniently than state-owned ones. The Treasury is also yet to define what qualifies as state-controlled enterprises.",{"type":594,"attrs":77836,"content":77837},{"textAlign":49},[77838,77840],{"text":77839,"type":599},"* ",{"text":77841,"type":599,"marks":77842},"These are conservative estimates on Chinese ownership levels as some Indonesia-registered refining companies may be owned by Chinese companies. Further, ownership split for some joint ventures are still unclear.",[77843],{"type":643},"Majority Chinese-owned companies will produce a large but declining share of nickel suitable for batteries made in Indonesia out to 2030. In 2033, 54% of Indonesia’s battery nickel output will come from majority Chinese-owned producers, down from 82% in 2024.* Western investment will drive the trend. An indicative example is Ford’s recent entry into a […]",[77846],{"slug":544,"name":543,"content":77847},{"job_title":557,"image":77848,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a9469c04-6616-434e-b523-35750afe943c\", \"id\": \"\"}-->",[77851,77852,77853],{"slug":4805,"name":298},{"slug":880,"name":881},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":77855,"copyright":547,"fieldtype":553,"meta_data":77856,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_1966,h_2560,c_scale/f_auto,q_auto/v1706186919/www-production/Indonesia-Nickel-_V16_HR/Indonesia-Nickel-_V16_HR.jpg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":77858,"copyright":547,"fieldtype":553,"meta_data":77859,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7df8939b02/bm-indonesia-nickel-v16-cover.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":77861,"uuid":77862,"name":77863,"slug":77864,"full_slug":77865,"content":77866},112470149007059,"eaf1a4f8-8ca7-459b-9b36-6ce16b5c6530","What the US 2024 elections mean for the IRA and EV battery supply chain","what-the-us-2024-elections-mean-for-the-ira-and-ev-battery-supply-chain","article/what-the-us-2024-elections-mean-for-the-ira-and-ev-battery-supply-chain",{"_uid":77867,"date":77868,"tags":77869,"editor":77873,"content":77877,"excerpt":78101,"featured":51,"reporter":78102,"_editable":78106,"component":864,"seo_title":77863,"categories":78107,"visibility":2091,"author_company":49,"featured_image":78109,"seo_description":78101,"author_full_name":49,"author_job_title":49,"formattedDate":78111},"4bd85663-1bb7-43b6-89dd-4f007f24e173","2024-01-19 00:00",[77870,77871,77872],{"slug":913,"name":914},{"slug":68131,"name":68132},{"slug":26773,"name":13365},[77874],{"slug":544,"name":543,"content":77875},{"job_title":557,"image":77876,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":77878},[77879,77891,77896,77909,77922,77935,77940,77945,77950,77955,77960,77965,77970,77975,77980,77985,78004,78009,78014,78019,78024,78044,78049,78054,78059,78064,78069,78082,78091,78098],{"type":594,"attrs":77880,"content":77881},{"textAlign":49},[77882,77884,77889],{"text":77883,"type":599},"The Inflation Reduction Act (IRA) has ",{"text":77885,"type":599,"marks":77886},"changed the battery landscape",[77887],{"type":604,"attrs":77888},{"href":76166,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77890,"type":599}," in the US and around the globe. Since the beginning of President Biden’s term, companies have announced well over $100 billion in manufacturing investments to develop the United States’ battery supply chain. But the Act has been under fire, and it is likely that an election year could turn up the rhetorical heat.",{"type":594,"attrs":77892,"content":77893},{"textAlign":49},[77894],{"text":77895,"type":599},"Among other things, the incentives laid out in the IRA have been directed at developing manufacturing capacity for electric vehicles (EVs) and clean technologies while guiding US commercial entities toward hedging against a more geopolitically fractured world. ",{"type":594,"attrs":77897,"content":77898},{"textAlign":49},[77899,77901,77907],{"text":77900,"type":599},"Notably, the IRA 30D New Clean Vehicle Credit incentivises the purchase of EVs, but with restrictions over where critical minerals and battery components may be sourced for the finished vehicle to qualify. ",{"text":77902,"type":599,"marks":77903},"In this way",[77904],{"type":604,"attrs":77905},{"href":77906,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/usa-battery-to-ev-supply-chain-new-ira-feoc-rules/",{"text":77908,"type":599},", the IRA is also being used to secure the American development of next-generation clean technologies from risks posed by geopolitical adversaries, mainly China. ",{"type":594,"attrs":77910,"content":77911},{"textAlign":49},[77912,77914,77920],{"text":77913,"type":599},"The implementation and guidance around IRA incentives have ",{"text":77915,"type":599,"marks":77916},"not been without controversy",[77917],{"type":604,"attrs":77918},{"href":77919,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/joe-manchin-says-treasury-guidance-waters-down-inflation-reduction-act",{"text":77921,"type":599},". Republican and centrist Democratic lawmakers, like Joe Manchin, believe that the Biden Administration is excessively incentivising EV sales while watering down provisions that keep American dollars out of the hands of Chinese firms. ",{"type":594,"attrs":77923,"content":77924},{"textAlign":49},[77925,77927,77933],{"text":77926,"type":599},"Republican Senator Lisa Murkowski recently questioned the Deputy Secretaries of Energy and Treasury during a ",{"text":77928,"type":599,"marks":77929},"Senate Hearing",[77930],{"type":604,"attrs":77931},{"href":77932,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.energy.senate.gov/hearings/2024/1/full-committee-hearing-to-examine-federal-electric-vehicle-incentives-including-the-federal-government-s-role-in-fostering-reliable-and-resilient-electric-vehicle-supply-chains",{"text":77934,"type":599},", raising her concerns that federal loan programs and tax incentives are supporting overseas extractive industries while leaving mining assets in her home state behind. ",{"type":594,"attrs":77936,"content":77937},{"textAlign":49},[77938],{"text":77939,"type":599},"The likelihood is high that would-be Republican presidents and political leadership will take aim at the Biden Administration’s crowning achievement this election year. Already, former President Donald Trump has stated the intention to “gut” the IRA and members of the conservative group ‘America First Policy Institute’ have said that changes to the IRA would be a “Day 1” issue for a Republican or Trump presidency. “Project 2025,” the political playbook put together by the conservative Heritage Foundation as a guide for a Republican administration, advocates repealing the IRA.",{"type":594,"attrs":77941,"content":77942},{"textAlign":49},[77943],{"text":77944,"type":599},"A full “gutting” through the US Congress and legislative system would be challenging. However, the executive authority would allow for changes to the interpretation and implementation of the IRA that could have material impacts on the EV battery supply chain.",{"type":657,"attrs":77946,"content":77947},{"level":15966,"textAlign":49},[77948],{"text":77949,"type":599},"Repealing the IRA through the US Congress is a tall order",{"type":594,"attrs":77951,"content":77952},{"textAlign":49},[77953],{"text":77954,"type":599},"The extent to which former President Trump or any other president-elect would or could roll back IRA clean energy provisions would be determined by the use of executive power, political will, and the parameters of the US legislative and rulemaking processes. ",{"type":594,"attrs":77956,"content":77957},{"textAlign":49},[77958],{"text":77959,"type":599},"Because the IRA is a law enacted by the US Congress, repealing the act of congress or altering it fundamentally would require Congress to pass new legislation that either explicitly or implicitly repeals the original act. ",{"type":594,"attrs":77961,"content":77962},{"textAlign":49},[77963],{"text":77964,"type":599},"As all bills do in order to become an act of congress, the new bill would have to pass both the House and the Senate by a simple majority before being signed into law by the president. Nearly a year from the US elections, it is impossible to say whether the Republican party will sufficiently control Congress to put an act like this onto the next president’s desk. ",{"type":657,"attrs":77966,"content":77967},{"level":15966,"textAlign":49},[77968],{"text":77969,"type":599},"Executive authority offers a clearer path",{"type":594,"attrs":77971,"content":77972},{"textAlign":49},[77973],{"text":77974,"type":599},"However, beyond legislation, there are ways that a new president could opt to change the implementation of IRA programs. Two potential areas where a Republican president could seek to alter the IRA without passing new legislation are in the areas of loans and grants and in the executive branch guidance on interpreting the rules of the IRA. ",{"type":594,"attrs":77976,"content":77977},{"textAlign":49},[77978],{"text":77979,"type":599},"While a new president could not claw back designated funds (for example, for the Department of Energy (DOE) loans and grants program or the budgeting allocations for tax credits), a new president could select a head of the DOE who could elect not to sign off on new grants and loans. During Trump’s first term in office, his Administration initially held back billions in DOE loans before an about-face months later when it reopened them for the development of critical minerals. ",{"type":594,"attrs":77981,"content":77982},{"textAlign":49},[77983],{"text":77984,"type":599},"Additionally, while the law clearly sets out tax credits for things like advanced manufacturing (45X) and clean vehicles (30D) many of the specifics on eligibility have been left to executive agencies like the US Treasury, IRS, and DOE to craft while soliciting comments from industry. ",{"type":594,"attrs":77986,"content":77987},{"textAlign":49},[77988,77990,77995,77997,78002],{"text":77989,"type":599},"Issues around who ",{"text":77991,"type":599,"marks":77992},"constitutes a foreign entity of concern (FEOC)",[77993],{"type":604,"attrs":77994},{"href":77906,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":77996,"type":599}," and cannot participate in the incentivised EV supply chain or which types of producers qualify for ",{"text":77998,"type":599,"marks":77999},"advanced manufacturing production tax credits",[78000],{"type":604,"attrs":78001},{"href":72645,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78003,"type":599}," are decided through the “interpretive rules” process where executive agencies determine how to interpret and apply the letter of the law. ",{"type":594,"attrs":78005,"content":78006},{"textAlign":49},[78007],{"text":78008,"type":599},"Such interpretive rules do not have the force of law and, therefore, do not have to go through the same arduous legislative process as the law itself. A Republican president could push the executive agencies toward reworking guidance and reinterpreting the law. ",{"type":594,"attrs":78010,"content":78011},{"textAlign":49},[78012],{"text":78013,"type":599},"If Donald Trump were reelected he could instruct the US Treasury, IRS, and DOE to rework its definition of a foreign entity of concern as it applies to the 30D tax credit. The rules could be made more stringent to exclude more firms with links to Chinese parties. Such a decision would be politically appealing as it would simultaneously be marketed as a move that is “tough on China” and restrict the number of electric vehicle purchases that are subsidised by the state. ",{"type":657,"attrs":78015,"content":78016},{"level":15966,"textAlign":49},[78017],{"text":78018,"type":599},"Pain from an IRA repeal would hit close to home for Republican lawmakers",{"type":594,"attrs":78020,"content":78021},{"textAlign":49},[78022],{"text":78023,"type":599},"With the push of the IRA, Republican states have received billions in clean energy funding and added thousands of clean energy jobs. Disassembling the driver of these positive economic outcomes in the so-called “battery belt” would present some obvious political risks for lawmakers.",{"type":594,"attrs":78025,"content":78026},{"textAlign":49},[78027,78029,78035,78037,78042],{"text":78028,"type":599},"The IRA is also enabling US global leadership in next-generation energy technology. Benchmark has tracked how the IRA has ",{"text":78030,"type":599,"marks":78031},"“supercharged”",[78032],{"type":604,"attrs":78033},{"href":78034,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ira-supercharges-usas-gigafactory-capacity-pipeline-as-it-overtakes-europe-for-first-time",{"text":78036,"type":599}," the ",{"text":78038,"type":599,"marks":78039},"US’ gigafactory capacity pipeline",[78040],{"type":604,"attrs":78041},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78043,"type":599},", driving it to overtake Europe for the first time in 2023. Both the US and Europe still trail behind China’s capacity extensions, but the IRA is helping the US in the right direction. Tough talk on China is par for the course in a US election year, and it may behove leadership to consider the benefits of a policy meant to blunt the manufacturing edge of competitors.",{"type":594,"attrs":78045,"content":78046},{"textAlign":49},[78047],{"text":78048,"type":599},"Real test of the IRA’s endurance will happen after the election",{"type":594,"attrs":78050,"content":78051},{"textAlign":49},[78052],{"text":78053,"type":599},"With the IRA being one of the key components of the “Bidenomics” strategy that President Joe Biden is likely to campaign on this year, it will certainly be in the sights of his political opponents to attack.",{"type":594,"attrs":78055,"content":78056},{"textAlign":49},[78057],{"text":78058,"type":599},"The real test of the IRA’s endurance will happen after the election. The case in which the Republican party takes the Presidency, House, and Senate presents the highest risk to the future of the IRA. However, even then, there are real reasons that would give Republican lawmakers pause before repealing the IRA, most notably the billions of dollars in investment that the IRA has driven into Republican states. ",{"type":594,"attrs":78060,"content":78061},{"textAlign":49},[78062],{"text":78063,"type":599},"The more likely scenario is that President Trump or another Republican president, regardless of the makeup of Congress, would use the executive authority to choose agency heads or issue executive orders which direct executive officers to clarify or further existing laws to alter the implementation of IRA incentives. ",{"type":594,"attrs":78065,"content":78066},{"textAlign":49},[78067],{"text":78068,"type":599},"As with all things in an election year, time will tell.",{"type":594,"attrs":78070,"content":78071},{"textAlign":49},[78072,78076],{"text":78073,"type":599,"marks":78074},"Join policy makers and industry leaders from across the EV battery supply chain at Benchmark’s premiere conference, ",[78075],{"type":643},{"text":78077,"type":599,"marks":78078},"Giga USA & The World Lithium Congress 2024.",[78079,78081],{"type":604,"attrs":78080},{"href":68525,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"type":594,"attrs":78083,"content":78084},{"textAlign":49},[78085],{"text":78086,"type":599,"marks":78087},"Click here to reserve your ticket now and take advantage of the Super Early Bird rate.",[78088,78089],{"type":643},{"type":604,"attrs":78090},{"href":68525,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":78092,"content":78093},{"textAlign":49},[78094],{"text":78095,"type":599,"marks":78096},"And, to learn more about Benchmark’s services, including our policy analysis, speak to our experts – please provide your details here:",[78097],{"type":643},{"type":594,"attrs":78099,"content":78100},{"textAlign":49},[],"The Inflation Reduction Act (IRA) has changed the battery landscape in the US and around the globe. Since the beginning of President Biden’s term, companies have announced well over $100 billion in manufacturing investments to develop the United States’ battery supply chain. But the Act has been under fire, and it is likely that an […]",[78103],{"slug":544,"name":543,"content":78104},{"job_title":557,"image":78105,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4bd85663-1bb7-43b6-89dd-4f007f24e173\", \"id\": \"\"}-->",[78108],{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":14882,"copyright":547,"fieldtype":553,"meta_data":78110,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jan 19, 2024",{"id":78113,"uuid":78114,"name":78115,"slug":78116,"full_slug":78117,"content":78118},112470144202450,"d93404cb-4001-4cfe-8816-4b0802455678","Nickel miners struggle amid falling prices, supply glut","nickel-miners-struggle-amid-falling-prices-supply-glut","article/nickel-miners-struggle-amid-falling-prices-supply-glut",{"_uid":78119,"date":77868,"tags":78120,"editor":78122,"content":78126,"excerpt":78284,"featured":51,"reporter":78285,"_editable":78289,"component":864,"seo_title":78115,"categories":78290,"visibility":882,"author_company":49,"featured_image":78293,"seo_description":78284,"author_full_name":49,"author_job_title":49,"formattedDate":78111},"6ddfce8f-cfee-4563-8b7a-b9e75442f92a",[78121],{"slug":7994,"name":7995},[78123],{"slug":544,"name":543,"content":78124},{"job_title":557,"image":78125,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":78127},[78128,78133,78138,78143,78148,78153,78171,78178,78191,78196,78201,78206,78211,78216,78227,78232,78237,78242,78247,78252,78264,78274],{"type":594,"attrs":78129,"content":78130},{"textAlign":49},[78131],{"text":78132,"type":599},"Low nickel prices are pushing Western nickel miners to halt or slow down projects as they look to cut down on costs and protect margins amid a rapid decline in prices due to increased supply from Indonesia. ",{"type":594,"attrs":78134,"content":78135},{"textAlign":49},[78136],{"text":78137,"type":599},"Mining giant BHP said the nickel industry is undergoing “structural changes” with options being reviewed for its nickel operations to reduce the impact of the sharp fall in prices. ",{"type":594,"attrs":78139,"content":78140},{"textAlign":49},[78141],{"text":78142,"type":599},"BHP owns the West Musgrave nickel project in Western Australia and the Nickel West unit, which includes a nickel sulphate refinery. The company inked a deal to supply nickel to Tesla in 2021.",{"type":594,"attrs":78144,"content":78145},{"textAlign":49},[78146],{"text":78147,"type":599},"Nickel prices have been underperforming in the past year on the back of a supply surplus and weaker than expected demand for nickel-based cathodes used in lithium ion batteries and stainless steel. ",{"type":594,"attrs":78149,"content":78150},{"textAlign":49},[78151],{"text":78152,"type":599},"“The low pricing we see in nickel at the moment is starting to press on producers. So far this year, two operations in Western Australia have decided to pause operations,” said Will Talbot, analyst at Benchmark, adding that they may not be the last and some of the Indonesian high pressure acid leach (HPAL) projects with relatively low operating costs may start to halt production this year.",{"type":594,"attrs":78154,"content":78155},{"textAlign":49},[78156,78158,78162,78164,78169],{"text":78157,"type":599},"The nickel MHP price has declined 33.4% since the beginning of 2023 to $11,755 per tonne as of January 15, according to the ",{"text":39354,"type":599,"marks":78159},[78160],{"type":604,"attrs":78161},{"href":62541,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78163,"type":599},". Chinese ",{"text":78165,"type":599,"marks":78166},"nickel sulphate prices",[78167],{"type":604,"attrs":78168},{"href":73059,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78170,"type":599}," have plunged to their lowest level since July 2020 to RMB 24,750 ($3,440) per tonne, recording a decline of 29.8% since the start of 2023.",{"type":594,"attrs":78172,"content":78173},{"textAlign":49},[78174],{"type":1186,"attrs":78175},{"id":49,"alt":547,"src":78176,"title":49,"source":49,"copyright":49,"meta_data":78177},"https://a.storyblok.com/f/287943243085208/e839448c5d/bm-chart-screenshot-1.png",{},{"type":594,"attrs":78179,"content":78180},{"textAlign":49},[78181,78183,78189],{"text":78182,"type":599},"BHP is not the only miner facing hurdles in this low price environment. Canada’s First Quantum Minerals has also decided to suspend operations this month. The company said its margins have been significantly hurt due to lower payabilities and high operating costs forcing it to halt mining at its ",{"text":78184,"type":599,"marks":78185},"Posco-backed",[78186],{"type":604,"attrs":78187},{"href":78188,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/posco-expands-battery-raw-material-supply-with-stake-in-first-quantums-ravensthorpe-nickel-operation",{"text":78190,"type":599}," Ravensthorpe nickel mine in Western Australia as part of a three-year plan aimed at strengthening its balance sheet.",{"type":594,"attrs":78192,"content":78193},{"textAlign":49},[78194],{"text":78195,"type":599},"First Quantum said the production halt at Ravensthorpe would help substantially lower costs and that it has enough stockpile for 18 months to produce nickel concentrate instead. Ravensthorpe’s cash costs averaged above $20,000 per tonne to about $24,000 a tonne since the second quarter of 2022, according to the company’s quarterly results. ",{"type":594,"attrs":78197,"content":78198},{"textAlign":49},[78199],{"text":78200,"type":599},"Nickel prices on the London Metal Exchange have fallen to $16,100 a tonne. ",{"type":594,"attrs":78202,"content":78203},{"textAlign":49},[78204],{"text":78205,"type":599},"“With the nickel price trending below $20,000 a tonne since mid-September and no expectation for it to go back to those levels in the short term, operating at a cash loss for an extended period of time would be unsustainable,” said Jorge Uzcategui, analyst at Benchmark.",{"type":594,"attrs":78207,"content":78208},{"textAlign":49},[78209],{"text":78210,"type":599},"While Ravensthorpe accounted for less than 1% of the global mined supply of nickel in 2023, its closure could be significant in the context of the Inflation Reduction Act (IRA) as it is one of the few MHP producers with no Chinese involvement operating in a Free Trade Agreement (FTA) country.",{"type":594,"attrs":78212,"content":78213},{"textAlign":49},[78214],{"text":78215,"type":599},"“As a proportion of this subsegment – of which nickel output is effectively guaranteed to qualify for 30D raw material subsidies – Ravensthorpe accounted for a third of this output and, if it resumes production in line with our previous expectations, would account for over one-fifth by 2030,” Uzcategui said.",{"type":594,"attrs":78217,"content":78218},{"textAlign":49},[78219,78221,78225],{"text":78220,"type":599},"Before the recent shutdowns were announced, the nickel market was forecast to end in a surplus of 223,000 tonnes in 2023, with 2024 reaching a surplus of 260,000 tonnes as more HPAL and new nickel pig iron and ferronickel operations come into the market, according to the ",{"text":37427,"type":599,"marks":78222},[78223],{"type":604,"attrs":78224},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78226,"type":599},". However, the nickel market is expected to enter an era of deficit from 2029 onwards.",{"type":657,"attrs":78228,"content":78229},{"level":15966,"textAlign":49},[78230],{"text":78231,"type":599},"Growing pain",{"type":594,"attrs":78233,"content":78234},{"textAlign":49},[78235],{"text":78236,"type":599},"Last month, nickel miner IGO said its Cosmos project in Western Australia, which it bought for $1.3 billion from Western Areas in 2022, will face a further write down. ",{"type":594,"attrs":78238,"content":78239},{"textAlign":49},[78240],{"text":78241,"type":599},"In August, the project took a $968 million impairment charge due to higher capital and operating costs and delays in mining production. ",{"type":594,"attrs":78243,"content":78244},{"textAlign":49},[78245],{"text":78246,"type":599},"Meanwhile, Australia’s Panoramic Resources said it is suspending operations at its Savannah nickel project and that it is exploring a sale or recapitalisation of the asset. ",{"type":594,"attrs":78248,"content":78249},{"textAlign":49},[78250],{"text":78251,"type":599},"The decline in nickel prices have particularly been more severe for Australian nickel miners, which have struggled to keep up with the growing and more affordable supply from Indonesian soil. ",{"type":594,"attrs":78253,"content":78254},{"textAlign":49},[78255,78257,78262],{"text":78256,"type":599},"But a consistent decline in nickel ",{"text":15265,"type":599,"marks":78258},[78259],{"type":604,"attrs":78260},{"href":78261,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-rise-of-alternative-pricing-mechanisms-in-the-nickel-sulphate-market",{"text":78263,"type":599}," could also mean processing nickel in Indonesia could turn out to be less profitable as well. ",{"type":594,"attrs":78265,"content":78266},{"textAlign":49},[78267,78269,78273],{"text":78268,"type":599},"Indonesia is the world’s largest nickel producer and is set to produce 65.5% of the world’s refined nickel in 2030 and 65% of mined nickel, according to the ",{"text":37427,"type":599,"marks":78270},[78271],{"type":604,"attrs":78272},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":78275,"content":78276},{"textAlign":49},[78277,78279,78283],{"text":78278,"type":599},"The country, which has the world’s largest nickel reserves, is forecast to increase its nickel supply by about 38% to 1.87 million tonnes of refined supply in 2023, according to the ",{"text":37427,"type":599,"marks":78280},[78281],{"type":604,"attrs":78282},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Low nickel prices are pushing Western nickel miners to halt or slow down projects as they look to cut down on costs and protect margins amid a rapid decline in prices due to increased supply from Indonesia. Mining giant BHP said the nickel industry is undergoing “structural changes” with options being reviewed for its nickel […]",[78286],{"slug":544,"name":543,"content":78287},{"job_title":557,"image":78288,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6ddfce8f-cfee-4563-8b7a-b9e75442f92a\", \"id\": \"\"}-->",[78291,78292],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":78294,"copyright":547,"fieldtype":553,"meta_data":78295,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/259ceff99c/bm-nickeltrucks.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":78297,"uuid":78298,"name":78299,"slug":78300,"full_slug":78301,"content":78302},112470177933017,"857bb57c-d249-4c39-909e-f0fa8147fa85","EU agrees €902 million aid to Northvolt as Europe’s battery production set to fall behind North America","eu-agrees-e902-million-aid-to-northvolt-as-europes-battery-production-set-to-fall-behind-north-america","article/eu-agrees-e902-million-aid-to-northvolt-as-europes-battery-production-set-to-fall-behind-north-america",{"_uid":78303,"date":78304,"tags":78305,"editor":78310,"content":78314,"excerpt":78447,"featured":50,"reporter":78448,"_editable":78452,"component":864,"seo_title":78299,"categories":78453,"visibility":882,"author_company":49,"featured_image":78455,"seo_description":78447,"author_full_name":49,"author_job_title":49,"formattedDate":78458},"fa2bc400-b0fe-494a-b7e5-9343fa861dcf","2024-01-12 00:00",[78306,78307,78308,78309],{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":48240,"name":48241},{"slug":4610,"name":662},[78311],{"slug":544,"name":543,"content":78312},{"job_title":557,"image":78313,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":78315},[78316,78321,78326,78331,78342,78349,78354,78359,78364,78369,78374,78379,78384,78389,78402,78414,78419,78424,78429,78434],{"type":594,"attrs":78317,"content":78318},{"textAlign":49},[78319],{"text":78320,"type":599},"The European Commission has approved €902 million ($961 million) of state aid from Germany for Sweden’s Northvolt to set up a battery plant in the country, in a move designed to counter the generous subsidies for the industry available in the US.  ",{"type":594,"attrs":78322,"content":78323},{"textAlign":49},[78324],{"text":78325,"type":599},"The money would be the first such grant as part of a “matching aid clause” in EU rules that is aimed at preventing investment from moving to other countries, in particular the US, where the Inflation Reduction Act has accelerated clean energy investments. ",{"type":594,"attrs":78327,"content":78328},{"textAlign":49},[78329],{"text":78330,"type":599},"It comes as data shows North America is set to produce more batteries than Europe by the end of this decade, following over $100 billion of announced investments in battery manufacturing following the passing of the IRA in August 2022.",{"type":594,"attrs":78332,"content":78333},{"textAlign":49},[78334,78336,78340],{"text":78335,"type":599},"Europe’s cell supply is forecast to reach 750 gigawatt hours by 2030, from 77 GWh this year, according to ",{"text":70607,"type":599,"marks":78337},[78338],{"type":604,"attrs":78339},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78341,"type":599},". But North American cell supply is now expected to grow from 75 GWh this year to 886 GWh by the end of 2030.",{"type":594,"attrs":78343,"content":78344},{"textAlign":49},[78345],{"type":1186,"attrs":78346},{"id":49,"alt":547,"src":78347,"title":49,"source":49,"copyright":49,"meta_data":78348},"https://a.storyblok.com/f/287943243085208/40378ed373/bm-europe-vs-na-cell-supply.png",{},{"type":594,"attrs":78350,"content":78351},{"textAlign":49},[78352],{"text":78353,"type":599},"Earlier last year Northvolt said that it planned to invest in the US instead of in the north German state of Schleswig-Holstein, due to the subsidies available. ",{"type":594,"attrs":78355,"content":78356},{"textAlign":49},[78357],{"text":78358,"type":599},"“Without the aid, Northvolt would establish the plant in the United States, where support was offered in particular under the Inflation Reduction Act,” the EU Commission acknowledged.",{"type":657,"attrs":78360,"content":78361},{"level":15966,"textAlign":49},[78362],{"text":78363,"type":599},"Northvolt Drei",{"type":594,"attrs":78365,"content":78366},{"textAlign":49},[78367],{"text":78368,"type":599},"Northvolt’s proposed German plant will have an annual capacity of 60 gigawatt-hours (GWh) and could power up to one million electric vehicles a year, depending on the size of the battery, the European Commission said. The plant will start producing in 2026 and will reach full production capacity in 2029.",{"type":594,"attrs":78370,"content":78371},{"textAlign":49},[78372],{"text":78373,"type":599},"Northvolt aims to use clean energy from the region’s wind power for the plant, as well as energy that comes from interconnections with Denmark and Norway. ",{"type":594,"attrs":78375,"content":78376},{"textAlign":49},[78377],{"text":78378,"type":599},"“By approving this state aid, hopefully it will bring more confidence to manufacturers to continue with plans for plants in Europe with the confidence that there will be state support in a similar way that the IRA would support such plans,” said Aran Waid, an analyst with Benchmark.",{"type":657,"attrs":78380,"content":78381},{"level":15966,"textAlign":49},[78382],{"text":78383,"type":599},"Matching US subsidies ",{"type":594,"attrs":78385,"content":78386},{"textAlign":49},[78387],{"text":78388,"type":599},"Early last year, the EU loosed state aid rules as part of the Temporary Crisis and Transition Framework, which was first introduced following Russia’s invasion of Ukraine. It allows individual European countries to support accelerated investments in strategic sectors such as battery making for the transition towards a net-zero economy.",{"type":594,"attrs":78390,"content":78391},{"textAlign":49},[78392,78394,78400],{"text":78393,"type":599},"That allows the provision of financing to support Europe’s ",{"text":78395,"type":599,"marks":78396},"Green Deal Industrial Plan",[78397],{"type":604,"attrs":78398},{"href":78399,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/key-points-from-the-eus-green-deal-industrial-plan",{"text":78401,"type":599},", a policy aimed at ensuring access to critical raw materials and stimulating cleantech investments in Europe, mainly through regulation. This includes the European Critical Raw Materials Act (CRMA) and the Net-Zero Industry Act (NZIA).",{"type":594,"attrs":78403,"content":78404},{"textAlign":49},[78405,78407,78412],{"text":78406,"type":599},"Europe has some 1.13 terrawatt hours (TWh) of planned battery production by 2030, according to the ",{"text":78408,"type":599,"marks":78409},"Benchmark Gigafactory Assessment.",[78410],{"type":604,"attrs":78411},{"href":70728,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78413,"type":599}," Northvolt’s 60 GWh plant could make up around 5.3% of the total European pipeline. ",{"type":594,"attrs":78415,"content":78416},{"textAlign":49},[78417],{"text":78418,"type":599},"In contrast, the North American battery capacity pipeline to 2030 is forecast to reach 1.3 TWh.",{"type":594,"attrs":78420,"content":78421},{"textAlign":49},[78422],{"text":78423,"type":599},"The German aid comprises a €700 million ($746 million) direct grant and a €202 million ($215 million) guarantee to the plant, which is planned to be built outside the town of Heide, north of Hamburg.  ",{"type":594,"attrs":78425,"content":78426},{"textAlign":49},[78427],{"text":78428,"type":599},"The move, the EU said, will not lead to overcapacity in the market and that it is proportionate and limited to the minimum necessary to trigger the investment in Europe. ",{"type":594,"attrs":78430,"content":78431},{"textAlign":49},[78432],{"text":78433,"type":599},"The grant will also not exceed the amount of the subsidy that Northvolt could receive for the equivalent investment in the US.",{"type":594,"attrs":78435,"content":78436},{"textAlign":49},[78437,78439,78445],{"text":78438,"type":599},"Northvolt currently has a plant in Sweden and Poland and is also building ",{"text":78440,"type":599,"marks":78441},"a $5 billion gigafactory",[78442],{"type":604,"attrs":78443},{"href":78444,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/northvolt-picks-quebec-for-5-billion-gigafactory",{"text":78446,"type":599}," in Canada.  ","The European Commission has approved €902 million ($961 million) of state aid from Germany for Sweden’s Northvolt to set up a battery plant in the country, in a move designed to counter the generous subsidies for the industry available in the US. The money would be the first such grant as part of a “matching […]",[78449],{"slug":544,"name":543,"content":78450},{"job_title":557,"image":78451,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fa2bc400-b0fe-494a-b7e5-9343fa861dcf\", \"id\": \"\"}-->",[78454],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":78456,"copyright":547,"fieldtype":553,"meta_data":78457,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7f8ac30a0d/bm-northvolt-drei.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 12, 2024",{"id":78460,"uuid":78461,"name":78462,"slug":78463,"full_slug":78464,"content":78465},112470173042392,"ed40208a-1e7d-44f6-8cbf-605f3cb4a943","Benchmark Verified: The five stages of Benchmark’s gigafactory satellite analysis ","benchmark-verified-the-five-stages-of-benchmarks-gigafactory-satellite-analysis","article/benchmark-verified-the-five-stages-of-benchmarks-gigafactory-satellite-analysis",{"_uid":78466,"date":78304,"tags":78467,"editor":78469,"content":78473,"excerpt":78634,"featured":51,"reporter":78635,"_editable":78639,"component":864,"seo_title":78462,"categories":78640,"visibility":2091,"author_company":49,"featured_image":78643,"seo_description":78634,"author_full_name":49,"author_job_title":49,"formattedDate":78458},"2af3579a-8df4-4c12-9924-9dd1f9839d80",[78468],{"slug":64232,"name":47189},[78470],{"slug":544,"name":543,"content":78471},{"job_title":557,"image":78472,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":78474},[78475,78488,78493,78498,78509,78514,78519,78524,78529,78534,78539,78544,78549,78554,78559,78564,78569,78574,78578,78586,78591,78596,78604,78609,78614,78619,78624,78629],{"type":594,"attrs":78476,"content":78477},{"textAlign":49},[78478,78480,78486],{"text":78479,"type":599},"As the number of gigafactories being built increases, ",{"text":78481,"type":599,"marks":78482},"Benchmark has begun using satellite analysis",[78483],{"type":604,"attrs":78484},{"href":78485,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-satellite-analysis-confirms-gigafactory-construction-timelines",{"text":78487,"type":599}," to provide an additional level of insight into the ramp up of battery capacity. ",{"type":594,"attrs":78489,"content":78490},{"textAlign":49},[78491],{"text":78492,"type":599},"Benchmark has verified 400 operations globally, 235 of which are active. With many sites nearing completion, this figure is expected to rise in the near future. As a result of this growth in the market, and the fact that existing sites generally operate significantly below their maximum capacity, the importance of transparency and accuracy increases.",{"type":594,"attrs":78494,"content":78495},{"textAlign":49},[78496],{"text":78497,"type":599},"Benchmark began tracking the development of gigafactories in 2015 and in 2023 established the use of Geographic Information Systems (GIS) to verify the status of these battery plants using satellite imagery.",{"type":594,"attrs":78499,"content":78500},{"textAlign":49},[78501,78503,78507],{"text":78502,"type":599},"This information is tracked and published through Benchmark Verified, which provides additional evidence-backed insight to Benchmark’s ",{"text":35230,"type":599,"marks":78504},[78505],{"type":604,"attrs":78506},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78508,"type":599},", as new battery companies enter the market and existing producers scale rapidly.",{"type":594,"attrs":78510,"content":78511},{"textAlign":49},[78512],{"text":78513,"type":599},"Since launching in October, Benchmark’s analysts have verified 93.6% of Tier 1 pipeline capacity. Sites still in the planning phase are yet to be verified.",{"type":594,"attrs":78515,"content":78516},{"textAlign":49},[78517],{"text":78518,"type":599},"Below are the five stage process used by Benchmark Verified to assess each gigafactory’s stage of development:",{"type":657,"attrs":78520,"content":78521},{"level":15966,"textAlign":49},[78522],{"text":78523,"type":599},"Stage 1: Identify and verify location",{"type":594,"attrs":78525,"content":78526},{"textAlign":49},[78527],{"text":78528,"type":599},"The first stage of gigafactory satellite analysis is confirming the location. ",{"type":594,"attrs":78530,"content":78531},{"textAlign":49},[78532],{"text":78533,"type":599},"To do this, Benchmark’s GIS division uses Benchmark’s proprietary data, insights from our sector analysts, and preliminary satellite imagery to identify and corroborate the location of each factory. Benchmark is currently tracking over 400 gigafactories in production or development. ",{"type":657,"attrs":78535,"content":78536},{"level":15966,"textAlign":49},[78537],{"text":78538,"type":599},"Stage 2: Establish construction timeline",{"type":594,"attrs":78540,"content":78541},{"textAlign":49},[78542],{"text":78543,"type":599},"For sites still under construction, Benchmark uses proprietary in-house analysis to identify completion of key development milestones and produce a timeline of site activity. ",{"type":657,"attrs":78545,"content":78546},{"level":15966,"textAlign":49},[78547],{"text":78548,"type":599},"Stage 3: Analyse active sites",{"type":594,"attrs":78550,"content":78551},{"textAlign":49},[78552],{"text":78553,"type":599},"Using high-resolution satellite imagery, Benchmark analyses active sites to confirm site footprint as well as signs of production activity. Via continued rolling analysis this insight is used alongside our direct interaction with supply chain players to add further evidence to Benchmark’s production data.",{"type":657,"attrs":78555,"content":78556},{"level":15966,"textAlign":49},[78557],{"text":78558,"type":599},"Stage 4: Review and assign",{"type":594,"attrs":78560,"content":78561},{"textAlign":49},[78562],{"text":78563,"type":599},"Following a final review and based on the analysis in the previous sections Benchmark’s GIS analysts will then categorise these gigafactories into two groups: “Verified Active Capacity,” where external site activity is complete suggesting progress towards cell production, or “Verified Capacity Under Construction,” with visible evidence of construction.",{"type":657,"attrs":78565,"content":78566},{"level":15966,"textAlign":49},[78567],{"text":78568,"type":599},"Stage 5: Publish to database",{"type":594,"attrs":78570,"content":78571},{"textAlign":49},[78572],{"text":78573,"type":599},"The status of each site is updated monthly and is accessible to subscribers both in the report and on the Benchmark website. Benchmark Verified ensures that Benchmark’s capacity forecast in the Benchmark Gigafactory Assessment remains the most accurate and reliable in the market.",{"type":657,"attrs":78575,"content":78576},{"level":15966,"textAlign":49},[78577],{"text":70746,"type":599},{"type":594,"attrs":78579,"content":78580},{"textAlign":49},[78581],{"type":1186,"attrs":78582},{"id":49,"alt":78583,"src":78584,"title":49,"source":49,"copyright":49,"meta_data":78585},"Satellite image of the LG Chem Michigan plant","https://a.storyblok.com/f/287943243085208/6210ed2b98/bm-lg-chem-michigan.jpeg",{},{"type":594,"attrs":78587,"content":78588},{"textAlign":49},[78589],{"text":78590,"type":599},"In early October, LG Energy Solution (LGES), a South Korean Tier 1 battery cell manufacturer, announced a KRW 4 trillion (US$3bn) investment in expanding its gigafactory located in Holland, Michigan, US. The intention was to increase capacity at the plant to 40 gigawatt-hours (GWh) by 2025. This development follows the company’s earlier announcement in March 2022, to increase capacity to 26 GWh, scheduled to be operational by 2024.",{"type":594,"attrs":78592,"content":78593},{"textAlign":49},[78594],{"text":78595,"type":599},"The expansion plan was prompted by a substantial long-term supply agreement with Toyota, securing an annual order for 20 GWh of NCMA cells. The expanded production lines established as part of this initiative will be dedicated to the production of pouch NCM cells for the Toyota assembly plant in Georgetown, Kentucky, US.",{"type":594,"attrs":78597,"content":78598},{"textAlign":49},[78599],{"type":1186,"attrs":78600},{"id":49,"alt":78601,"src":78602,"title":49,"source":49,"copyright":49,"meta_data":78603},"Waterfall chart showing percentage of time spent at each stage of development at the LG Chem Michigan plant","https://a.storyblok.com/f/287943243085208/94c9460d2e/bm-lg-chem-waterfall-chart.png",{},{"type":594,"attrs":78605,"content":78606},{"textAlign":49},[78607],{"text":78608,"type":599},"Benchmark has been able to assess and verify construction activities at the plant using geospatial analysis. Using satellite imagery showing the laying of foundations and earth works, Benchmark confirmed the onset of construction in June 2022. ",{"type":594,"attrs":78610,"content":78611},{"textAlign":49},[78612],{"text":78613,"type":599},"The increase in capacity at the production base is nearing completion, with the majority of the facility roof installed as of July 2023. Growth in adjacent depot buildings, employee car parking facilities, and logistical infrastructure provides additional evidence. ",{"type":594,"attrs":78615,"content":78616},{"textAlign":49},[78617],{"text":78618,"type":599},"This expansion brings LGES’ global pipeline capacity to 710.2 GWh through to 2030, according to the Benchmark Gigafactory Assessment.",{"type":594,"attrs":78620,"content":78621},{"textAlign":49},[78622],{"text":78623,"type":599},"Benchmark’s new remote sensing service provides accurate and transparent insight into downstream projects, backed by satellite imagery.",{"type":594,"attrs":78625,"content":78626},{"textAlign":49},[78627],{"text":78628,"type":599},"This analysis is included every month in our Gigafactory Assessment.",{"type":594,"attrs":78630,"content":78631},{"textAlign":49},[78632],{"text":78633,"type":599},"If you interested in to learn more about Benchmark’s Gigafactory Assessment and view a sample report, please register your interest here:","As the number of gigafactories being built increases, Benchmark has begun using satellite analysis to provide an additional level of insight into the ramp up of battery capacity. Benchmark has verified 400 operations globally, 235 of which are active. With many sites nearing completion, this figure is expected to rise in the near future. As […]",[78636],{"slug":544,"name":543,"content":78637},{"job_title":557,"image":78638,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2af3579a-8df4-4c12-9924-9dd1f9839d80\", \"id\": \"\"}-->",[78641,78642],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":78644,"name":547,"focus":547,"title":78644,"source":547,"filename":78645,"copyright":547,"fieldtype":553,"meta_data":78646,"is_external_url":51},"Crane working on building site","https://a.storyblok.com/f/287943243085208/295450afe9/bm-building-works-image.jpg",{"alt":78644,"title":78644,"source":547,"copyright":547},{"id":78648,"uuid":78649,"name":78650,"slug":78651,"full_slug":78652,"content":78653},112470168327895,"5eb87f93-67a4-4050-9e03-c1d89052ced6","What to expect for cathode markets in 2024?","what-to-expect-for-cathode-markets-in-2024","article/what-to-expect-for-cathode-markets-in-2024",{"_uid":78654,"date":78304,"tags":78655,"editor":78661,"content":78665,"excerpt":78793,"featured":50,"reporter":78794,"_editable":78798,"component":864,"seo_title":78650,"categories":78799,"visibility":882,"author_company":49,"data_vis_image":78806,"featured_image":78808,"seo_description":78793,"author_full_name":49,"author_job_title":49,"formattedDate":78458},"e1822833-956d-4540-a81a-68b8f0cf2c5a",[78656,78657,78658,78659,78660],{"slug":64098,"name":64099},{"slug":581,"name":582},{"slug":578,"name":579},{"slug":910,"name":911},{"slug":7994,"name":7995},[78662],{"slug":544,"name":543,"content":78663},{"job_title":557,"image":78664,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":78666},[78667,78678,78689,78705,78710,78722,78735,78747,78752,78757,78765,78769,78777,78781,78785],{"type":594,"attrs":78668,"content":78669},{"textAlign":49},[78670,78672,78676],{"text":78671,"type":599},"The rise of cheaper ",{"text":41480,"type":599,"marks":78673},[78674],{"type":604,"attrs":78675},{"href":24051,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78677,"type":599}," (LFP) batteries will continue this year, with the cell chemistry set to account for almost 50% of all market demand. ",{"type":594,"attrs":78679,"content":78680},{"textAlign":49},[78681,78683,78687],{"text":78682,"type":599},"LFP cells are forecast to increase their market share to 48% in 2024, from 45% of demand in 2023, according to ",{"text":70607,"type":599,"marks":78684},[78685],{"type":604,"attrs":78686},{"href":65549,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78688,"type":599},". In contrast, the share of nickel cobalt manganese (NCM) cells on the market is set to decline to 42% from 43%.  ",{"type":594,"attrs":78690,"content":78691},{"textAlign":49},[78692,78694,78698,78699,78703],{"text":78693,"type":599},"This will have a particularly strong impact on the demand for ",{"text":867,"type":599,"marks":78695},[78696],{"type":604,"attrs":78697},{"href":64705,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"text":150,"type":599,"marks":78700},[78701],{"type":604,"attrs":78702},{"href":73076,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78704,"type":599}," is expected to be in a surplus this year and lithium is set to see a balanced market in 2024.",{"type":594,"attrs":78706,"content":78707},{"textAlign":49},[78708],{"text":78709,"type":599},"As supply outpaces demand, prices for these materials are expected to continue their 2023 trend and stay low. With much of the supply chain still concentrated in China, how companies in the country respond could have major impacts across the whole sector.",{"type":594,"attrs":78711,"content":78712},{"textAlign":49},[78713,78715,78720],{"text":78714,"type":599},"“How Chinese companies operate through the low price environment will be interesting,” ",{"text":13834,"type":599,"marks":78716},[78717],{"type":604,"attrs":78718},{"href":78719,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-will-lithium-prices-recover",{"text":78721,"type":599},", head of prices at Benchmark, said. “Prices are below operating costs for most battery chemicals going into 2024, so any supply-side response could drive bullish sentiment. That being said, China tends to push through these cycles rather than bring capacity offline.”",{"type":594,"attrs":78723,"content":78724},{"textAlign":49},[78725,78727,78733],{"text":78726,"type":599},"Lithium ion battery production is forecast to have hit ",{"text":78728,"type":599,"marks":78729},"one terawatt hour in 2023",[78730],{"type":604,"attrs":78731},{"href":78732,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/battery-production-set-to-pass-1-twh-in-2023",{"text":78734,"type":599}," and is set to grow another 33% in 2024. This is keeping pace with global demand, which continues to grow with sales of electric vehicles increasing 31% year-on-year last year, according to Rho Motion.",{"type":594,"attrs":78736,"content":78737},{"textAlign":49},[78738,78740,78746],{"text":78739,"type":599},"In addition, any further uptick in demand could help create stability for ",{"text":78741,"type":599,"marks":78742},"cathode markets",[78743],{"type":604,"attrs":78744},{"href":78745,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-and-the-west-the-state-of-the-global-cathode-market",{"text":17632,"type":599},{"type":594,"attrs":78748,"content":78749},{"textAlign":49},[78750],{"text":78751,"type":599},"Here, Benchmark Source outlines the key trends to watch for in 2024 in the cathode market.",{"type":657,"attrs":78753,"content":78754},{"level":15966,"textAlign":49},[78755],{"text":78756,"type":599},"Cathode material",{"type":594,"attrs":78758,"content":78759},{"textAlign":49},[78760],{"type":1186,"attrs":78761},{"id":49,"alt":78762,"src":78763,"title":49,"source":49,"copyright":49,"meta_data":78764},"Cathode prices fell 63% in 2023","https://a.storyblok.com/f/287943243085208/34971c6c29/bm-cathode-price-index-2023.png",{},{"type":657,"attrs":78766,"content":78767},{"level":15966,"textAlign":49},[78768],{"text":8,"type":599},{"type":594,"attrs":78770,"content":78771},{"textAlign":49},[78772],{"type":1186,"attrs":78773},{"id":49,"alt":78774,"src":78775,"title":49,"source":49,"copyright":49,"meta_data":78776},"Hard rock and brine will remain the dominant lithium sources in 2024","https://a.storyblok.com/f/287943243085208/8bf87e4f58/bm-lithium-sources-2023-2024-weighted.png",{},{"type":657,"attrs":78778,"content":78779},{"level":15966,"textAlign":49},[78780],{"text":150,"type":599},{"type":657,"attrs":78782,"content":78783},{"level":15966,"textAlign":49},[78784],{"text":115,"type":599},{"type":594,"attrs":78786,"content":78787},{"textAlign":49},[78788],{"type":1186,"attrs":78789},{"id":49,"alt":78790,"src":78791,"title":49,"source":49,"copyright":49,"meta_data":78792},"The DRC will remain the dominant country for cobalt production in 2024","https://a.storyblok.com/f/287943243085208/35568799dc/bm-cobalt-countries-2024.png",{},"The rise of cheaper lithium iron phosphate (LFP) batteries will continue this year, with the cell chemistry set to account for almost 50% of all market demand. LFP cells are forecast to increase their market share to 48% in 2024, from 45% of demand in 2023, according to Benchmark’s Lithium Ion Battery Database. In contrast, […]",[78795],{"slug":544,"name":543,"content":78796},{"job_title":557,"image":78797,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e1822833-956d-4540-a81a-68b8f0cf2c5a\", \"id\": \"\"}-->",[78800,78801,78802,78803,78804,78805],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":78763,"copyright":547,"fieldtype":553,"meta_data":78807,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":78809,"copyright":547,"fieldtype":553,"meta_data":78810,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3022a8f8f6/bm-process-competence-center-battery-assembly.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":78812,"uuid":78813,"name":78814,"slug":78815,"full_slug":78816,"content":78817},112470192850652,"a19e25ab-4381-489d-9f1c-56015f2f2bd4","South Korea’s $5 billion pCAM and cathode building boom","south-koreas-5-billion-pcam-and-cathode-building-boom","article/south-koreas-5-billion-pcam-and-cathode-building-boom",{"_uid":78818,"date":78819,"tags":78820,"editor":78822,"content":78826,"excerpt":78975,"featured":51,"reporter":78976,"_editable":78980,"component":864,"seo_title":78814,"categories":78981,"visibility":882,"author_company":49,"featured_image":78983,"seo_description":78975,"author_full_name":49,"author_job_title":49,"formattedDate":78986},"a6a86d58-de9f-43b9-b82d-a60b8ebbf79f","2024-01-10 00:00",[78821],{"slug":8694,"name":8695},[78823],{"slug":544,"name":543,"content":78824},{"job_title":557,"image":78825,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":78827},[78828,78833,78838,78850,78855,78862,78867,78872,78877,78882,78887,78892,78908,78913,78918,78923,78928,78940,78952,78965,78970],{"type":594,"attrs":78829,"content":78830},{"textAlign":49},[78831],{"text":78832,"type":599},"Last year saw over $5 billion worth of investments into precursor cathode active material (pCAM) and cathode active material (CAM) capacity in South Korea, in response to growing North American demand for US Inflation Reduction Act (IRA)-compliant battery materials.  ",{"type":594,"attrs":78834,"content":78835},{"textAlign":49},[78836],{"text":78837,"type":599},"“South Korea has significant pCAM and CAM manufacturing expertise and the country can help reduce the US’ reliance on China for battery materials,” said Benchmark analyst Anya Sidhu.",{"type":594,"attrs":78839,"content":78840},{"textAlign":49},[78841,78843,78848],{"text":78842,"type":599},"South Korea’s planned pCAM production capacity grew by 60% last year, compared to 2022, ",{"text":78844,"type":599,"marks":78845},"according to Benchmark data",[78846],{"type":604,"attrs":78847},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":78849,"type":599},", while planned cathode production capacity increased by some 133,000 tonnes a year. ",{"type":594,"attrs":78851,"content":78852},{"textAlign":49},[78853],{"text":78854,"type":599},"In November 2023, South Korean cathode producer L&F Material Co. announced an additional 290,000 tonnes per annum (tpa) of pipeline CAM capacity, with an investment of KRW 2.6t ($2bn). In the same month, LS Group announced 40,000 tpa of additional pCAM capacity for the planned joint venture facility it owns with L&F.",{"type":594,"attrs":78856,"content":78857},{"textAlign":49},[78858],{"type":1186,"attrs":78859},{"id":49,"alt":547,"src":78860,"title":49,"source":49,"copyright":49,"meta_data":78861},"https://a.storyblok.com/f/287943243085208/43a751a8a0/bm-screenshot-2024-01-10-174202.png",{},{"type":594,"attrs":78863,"content":78864},{"textAlign":49},[78865],{"text":78866,"type":599},"South Korea’s cathode producers have always sold significant quantities into North America. However, capacity investments geared towards the market have grown since the 2022 US IRA.",{"type":594,"attrs":78868,"content":78869},{"textAlign":49},[78870],{"text":78871,"type":599},"The IRA awards $3,750 in tax credits to manufacturers for each electric vehicle sold if a certain value of its battery critical minerals are extracted or processed in the US or US free trade partner countries.",{"type":594,"attrs":78873,"content":78874},{"textAlign":49},[78875],{"text":78876,"type":599},"South Korea a US free trader partner and is also the world’s second biggest CAM and pCAM producer, making it an attractive alternative to China for the US to diversify sourcing for battery constituent materials.",{"type":657,"attrs":78878,"content":78879},{"level":15966,"textAlign":49},[78880],{"text":78881,"type":599},"L&F grows CAM capacity",{"type":594,"attrs":78883,"content":78884},{"textAlign":49},[78885],{"text":78886,"type":599},"Tier 1 South Korean cathode producer L&F committed KRW 2.6 trillion ($2 billion) for a planned new 290,000 tonne per annum (tpa) CAM asset in Daegu, North Gyeongsang in eastern South Korea. ",{"type":594,"attrs":78888,"content":78889},{"textAlign":49},[78890],{"text":78891,"type":599},"Out of the total capacity, 160,000 tpa will be for lithium iron phosphate (LFP) cathode materials production and 130,000 tpa for high-nickel cathode material. ",{"type":594,"attrs":78893,"content":78894},{"textAlign":49},[78895,78897,78903,78904],{"text":78896,"type":599},"The site brings L&F’s total CAM pipeline capacity to 415,000 tonnes a year, of which 125,000 is operating, according to Benchmark’s ",{"text":78898,"type":599,"marks":78899},"latest Cathode ",[78900],{"type":604,"attrs":78901},{"href":78902,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cathode/portal/",{"text":21901,"type":599},{"text":974,"type":599,"marks":78905},[78906],{"type":604,"attrs":78907},{"href":78902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":78909,"content":78910},{"level":15966,"textAlign":49},[78911],{"text":78912,"type":599},"South Korean producers seek IRA compliance",{"type":594,"attrs":78914,"content":78915},{"textAlign":49},[78916],{"text":78917,"type":599},"In late November, South Korean energy conglomerate, LS Group revealed plans to expand capacity at is planned pCAM production base in Saemangeum, Jeollabuk-do, South Korea.",{"type":594,"attrs":78919,"content":78920},{"textAlign":49},[78921],{"text":78922,"type":599},"This expansion involves a total investment of KRW 2.2t ($1.7bn). The newly planned second phase will have a capacity of 40,000 tpa of mid and high nickel precursor material.",{"type":594,"attrs":78924,"content":78925},{"textAlign":49},[78926],{"text":78927,"type":599},"The 40,000 tpa capacity will add to the 120,000 tpa initially announced when the project, named LS-L&F Battery Solution, was unveiled in June 2023.",{"type":594,"attrs":78929,"content":78930},{"textAlign":49},[78931,78933,78939],{"text":78932,"type":599},"This pCAM asset is jointly owned with L&F. Its output will likely supply the latter’s CAM facilities, according to Benchmark’s latest ",{"text":78934,"type":599,"marks":78935},"Cathode Price Assessment",[78936],{"type":604,"attrs":78937},{"href":78938,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cathode/portal/?tab=table",{"text":58825,"type":599},{"type":594,"attrs":78941,"content":78942},{"textAlign":49},[78943,78945,78950],{"text":78944,"type":599},"As a fully South Korean-owned facility, this joint venture bucks a recent trend of South Korean battery materials producers partnering with ",{"text":35284,"type":599,"marks":78946},[78947],{"type":604,"attrs":78948},{"href":78949,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-battery-materials-producers-expand-overseas-with-hungary-south-korea-deals",{"text":78951,"type":599}," to build domestic cathode capacity. ",{"type":594,"attrs":78953,"content":78954},{"textAlign":49},[78955,78957,78963],{"text":78956,"type":599},"This means the asset is less likely to fall foul of a December 2023 Foreign Entity of Concern (FEOC) ",{"text":78958,"type":599,"marks":78959},"guidance",[78960],{"type":604,"attrs":78961},{"href":78962,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-moves-to-cut-china-from-its-battery-supply-chain",{"text":78964,"type":599}," from the US Treasury stating that if a company associated with the Chinese government owns more than a 25% interest in a battery materials producer, its output will not be eligible for IRA tax credits, even if it operates in a free trade partner country.",{"type":594,"attrs":78966,"content":78967},{"textAlign":49},[78968],{"text":78969,"type":599},"“With L&F’s major cathode operations based domestically in South Korea, it is the company’s pCAM supply that is likely sourced in part from China. The projects L&F has announced in past year seek to rectify this,” explained Evan Hartley, a Benchmark analyst. ",{"type":594,"attrs":78971,"content":78972},{"textAlign":49},[78973],{"text":78974,"type":599},"Still, South Korean producers will need to ensure they source raw materials that also don’t breach this guidance.","Last year saw over $5 billion worth of investments into precursor cathode active material (pCAM) and cathode active material (CAM) capacity in South Korea, in response to growing North American demand for US Inflation Reduction Act (IRA)-compliant battery materials. “South Korea has significant pCAM and CAM manufacturing expertise and the country can help reduce the […]",[78977],{"slug":544,"name":543,"content":78978},{"job_title":557,"image":78979,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a6a86d58-de9f-43b9-b82d-a60b8ebbf79f\", \"id\": \"\"}-->",[78982],{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":78984,"copyright":547,"fieldtype":553,"meta_data":78985,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e47a129ba3/bm-south-korea-factory.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 10, 2024",{"id":78988,"uuid":78989,"name":78990,"slug":78991,"full_slug":78992,"content":78993},112470202930910,"4abc4a7a-0cf8-4e2c-9a5f-040b39c555d0","EU delays Brexit EV trade rules, yet challenges remain ","eu-delays-brexit-ev-trade-rules-yet-challenges-remain","article/eu-delays-brexit-ev-trade-rules-yet-challenges-remain",{"_uid":78994,"date":78995,"tags":78996,"editor":79000,"content":79004,"excerpt":79127,"featured":50,"reporter":79128,"_editable":79132,"component":864,"seo_title":78990,"categories":79133,"visibility":882,"author_company":49,"featured_image":79135,"seo_description":79127,"author_full_name":49,"author_job_title":49,"formattedDate":79138},"547ee766-bfc2-42f6-adb4-c888d19e4cd8","2024-01-05 00:00",[78997,78998,78999],{"slug":2790,"name":2791},{"slug":16791,"name":16792},{"slug":4610,"name":662},[79001],{"slug":544,"name":543,"content":79002},{"job_title":557,"image":79003,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":79005},[79006,79011,79024,79029,79034,79039,79044,79049,79054,79067,79072,79084,79091,79096,79107,79112,79117,79122],{"type":594,"attrs":79007,"content":79008},{"textAlign":49},[79009],{"text":79010,"type":599},"To strike a balance between avoiding additional costs and incentivising investment in local battery manufacturing capacity, the European Union (EU) and the United Kingdom (UK) struck a deal last month to extend current local content requirements for batteries and electric vehicles (EVs) until December 31, 2026. ",{"type":594,"attrs":79012,"content":79013},{"textAlign":49},[79014,79016,79022],{"text":79015,"type":599},"This recent decision results from ",{"text":79017,"type":599,"marks":79018},"several months of negotiations",[79019],{"type":604,"attrs":79020},{"href":79021,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cathode-supply-poses-problems-for-post-brexit-ev-trade-rules",{"text":79023,"type":599}," between the EU and the UK. The UK government and EU member states like Germany supported an extension, while mainly France opposed it. ",{"type":594,"attrs":79025,"content":79026},{"textAlign":49},[79027],{"text":79028,"type":599},"The three-year extension provides relief for the UK and European automotive and battery industries by removing the immediate threat of tariffs and increased costs. The European Automobile Manufacturers’ Association (ACEA) estimated that the new requirements, which were supposed to enter into force on January 1, 2024, would cost EU vehicle makers and consumers €4.3 billion ($4.7 billion) over the next three years.",{"type":594,"attrs":79030,"content":79031},{"textAlign":49},[79032],{"text":79033,"type":599},"Under the EU-UK Trade and Cooperation Agreement (TCA), which came into force in 2021, batteries and EVs traded between the EU and the UK must comply with local content requirements, so-called ‘rules of origin’, to be traded tariff-free. Rules of origin stipulate a minimum level of EU or UK-manufactured local content to qualify for a zero tariff rate; otherwise, a tariff, in this case of 10% on EVs, has to be paid.",{"type":594,"attrs":79035,"content":79036},{"textAlign":49},[79037],{"text":79038,"type":599},"The EU-UK TCA originally proposed a three-stage approach for introducing local content requirements. The first set of rules of origin requires that the local content value must reach 40% for EVs, 30% for battery cells and modules, and 30% for battery packs. ",{"type":594,"attrs":79040,"content":79041},{"textAlign":49},[79042],{"text":79043,"type":599},"As a result of the three-year extension of the current rules, the second stage that was to be introduced this year is scrapped. ",{"type":594,"attrs":79045,"content":79046},{"textAlign":49},[79047],{"text":79048,"type":599},"Battery and EV makers will now only need to meet the new and final local content requirements by January 1, 2027. These rules will be much more stringent, requiring that the local content value must reach 55% for EVs, 65% for battery cells and modules, and 70% for battery packs. ",{"type":594,"attrs":79050,"content":79051},{"textAlign":49},[79052],{"text":79053,"type":599},"Additionally, for the batteries, the cathode materials will need to be sourced from the EU/UK and for EVs, the battery pack must originate from either the UK or the EU.",{"type":594,"attrs":79055,"content":79056},{"textAlign":49},[79057,79059,79065],{"text":79058,"type":599},"The EU and the UK are each other’s ",{"text":79060,"type":599,"marks":79061},"biggest EV export markets",[79062],{"type":604,"attrs":79063},{"href":79064,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.reuters.com/business/autos-transportation/eu-set-delay-tighter-rules-electric-vehicle-trade-with-britain-2023-12-06/",{"text":79066,"type":599},". The UK is the EU’s number one market for vehicle exports by volume, including EU-made EVs, with about one million cars exported in 2022, according to ACEA. In the opposite direction, approximately 58% of UK-built cars are exported to the EU, according to the Society of Motor Manufacturers and Traders (SMMT).",{"type":594,"attrs":79068,"content":79069},{"textAlign":49},[79070],{"text":79071,"type":599},"The EU and the UK designed the rules of origin to incentivise investments in their domestic battery industries and to decrease their dependence on Chinese supply. Both actors stated that global competition, recent geopolitical developments, like supply disruptions and the Russian invasion of Ukraine, and macroeconomic conditions prompted them to announce the three-year extension.",{"type":594,"attrs":79073,"content":79074},{"textAlign":49},[79075,79077,79082],{"text":79076,"type":599},"This decision, characterised as a “one-off extension”, reflects the concerns of policymakers and industry alike that meeting the planned January 2024 rules of origin would have been challenging and highly disruptive, given the ",{"text":79078,"type":599,"marks":79079},"lack of cathode production ",[79080],{"type":604,"attrs":79081},{"href":79021,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79083,"type":599},"in Europe. According to Benchmark, raw materials make up more than 65% of a battery cell cost, with cathode inputs responsible for about 56%, depending on the chemistry mix. ",{"type":594,"attrs":79085,"content":79086},{"textAlign":49},[79087],{"type":1186,"attrs":79088},{"id":49,"alt":547,"src":79089,"title":49,"source":49,"copyright":49,"meta_data":79090},"https://a.storyblok.com/f/287943243085208/981e1a4eb9/bm-eu-rules-of-origin-cathode.png",{},{"type":657,"attrs":79092,"content":79093},{"level":15966,"textAlign":49},[79094],{"text":79095,"type":599},"Challenging targets",{"type":594,"attrs":79097,"content":79098},{"textAlign":49},[79099,79101,79105],{"text":79100,"type":599},"But meeting the final rules in 2027, requiring that cathode materials need to be sourced from the EU/UK and a battery pack must originate from either the EU or the UK, is expected to be equally challenging. According to Benchmark’s ",{"text":78934,"type":599,"marks":79102},[79103],{"type":604,"attrs":79104},{"href":78902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79106,"type":599},", Europe is only set to account for 3.1% of global cathode production capacity by the end of this decade, with China expecting to take a share of 84%. ",{"type":594,"attrs":79108,"content":79109},{"textAlign":49},[79110],{"text":79111,"type":599},"The region is already set to fall short of meeting its own demand for cathodes by 2027 – with Benchmark forecasting supply of around 116 gigawatt hours worth of material, only enough for around 1.7 million EVs. ",{"type":594,"attrs":79113,"content":79114},{"textAlign":49},[79115],{"text":79116,"type":599},"Rho Motion forecasts that passenger EV sales for Europe, including the UK, will be almost 6 million by then. ",{"type":594,"attrs":79118,"content":79119},{"textAlign":49},[79120],{"text":79121,"type":599},"The EU and the UK have recently announced funding to support the development of a local battery ecosystem and boost domestic battery manufacturing. The EU Commission announced a new €3 billion ($3.3 billion) instrument for three years for the European EV battery value chain, particularly around cell production, while the UK committed to invest over £2 billion ($2.6 billion) through its Advanced Manufacturing Plan.",{"type":594,"attrs":79123,"content":79124},{"textAlign":49},[79125],{"text":79126,"type":599},"The one-off extension brings temporary relief to European and UK EV manufacturers, but it remains to be seen if three years will be long enough to develop local battery supply chains and avoid tariffs. Given the current projects in the pipeline, it appears unlikely.","To strike a balance between avoiding additional costs and incentivising investment in local battery manufacturing capacity, the European Union (EU) and the United Kingdom (UK) struck a deal last month to extend current local content requirements for batteries and electric vehicles (EVs) until December 31, 2026. This recent decision results from several months of negotiations […]",[79129],{"slug":544,"name":543,"content":79130},{"job_title":557,"image":79131,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"547ee766-bfc2-42f6-adb4-c888d19e4cd8\", \"id\": \"\"}-->",[79134],{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":79136,"copyright":547,"fieldtype":553,"meta_data":79137,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/Europe-and-UK-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 05, 2024",{"id":79140,"uuid":79141,"name":79142,"slug":79143,"full_slug":79144,"content":79145},112470207641311,"d6ae9392-7b91-4c01-86a2-b8b48b35f2fa","China’s midstream majors flock to Morocco’s fledgling cathode hub ","chinas-midstream-majors-flock-to-moroccos-fledgling-cathode-hub","article/chinas-midstream-majors-flock-to-moroccos-fledgling-cathode-hub",{"_uid":79146,"date":79147,"tags":79148,"editor":79152,"content":79156,"excerpt":79338,"featured":51,"reporter":79339,"_editable":79343,"component":864,"seo_title":79142,"categories":79344,"visibility":882,"author_company":49,"featured_image":79349,"seo_description":79338,"author_full_name":49,"author_job_title":49,"formattedDate":79352},"dcc538d7-307a-4fe0-9d35-d40b5815cd68","2024-01-04 00:00",[79149,79150,79151],{"slug":584,"name":585},{"slug":26098,"name":26099},{"slug":4610,"name":662},[79153],{"slug":544,"name":543,"content":79154},{"job_title":557,"image":79155,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":79157},[79158,79170,79190,79200,79213,79218,79223,79230,79235,79240,79252,79264,79269,79274,79279,79284,79289,79301,79311,79316,79321,79326],{"type":594,"attrs":79159,"content":79160},{"textAlign":49},[79161,79163,79168],{"text":79162,"type":599},"China’s BTR will invest RMB 3.5 billion ($496.6 million) to build a lithium ion battery cathode plant in ",{"text":26099,"type":599,"marks":79164},[79165],{"type":604,"attrs":79166},{"href":79167,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/phosphate-concerns-drive-chinese-battery-investments-in-morocco",{"text":79169,"type":599},", joining a host of Chinese midstream players who are turning to the north African nation to serve Western markets.",{"type":594,"attrs":79171,"content":79172},{"textAlign":49},[79173,79175,79180,79182,79188],{"text":79174,"type":599},"Morocco is ",{"text":79176,"type":599,"marks":79177},"increasingly",[79178],{"type":604,"attrs":79179},{"href":63596,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79181,"type":599}," drawing investments linked to the battery supply chain that include commitments from CNGR, ",{"text":79183,"type":599,"marks":79184},"Huayou Cobalt",[79185],{"type":604,"attrs":79186},{"href":79187,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lg-chem-huayou-cobalts-900-million-precursor-plant-latest-test-of-ira",{"text":79189,"type":599},", Guangzhou Tinci and others as the country looks to establish itself as an electric vehicle battery making hub in the region. ",{"type":594,"attrs":79191,"content":79192},{"textAlign":49},[79193,79195,79199],{"text":79194,"type":599},"A total of over $700 million has been pledged in these plants, which could take Morocco’s cathode production capacity to around 150,000 tonnes a year – around a quarter of Europe’s planned cathode production capacity by 2030, according to ",{"text":42098,"type":599,"marks":79196},[79197],{"type":604,"attrs":79198},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":79201,"content":79202},{"textAlign":49},[79203,79205,79211],{"text":79204,"type":599},"“Chinese producers are looking to invest overseas to escape domestic overcapacity and to gain access to other markets. Morocco has considerable critical mineral supply which ",{"text":79206,"type":599,"marks":79207},"BTR",[79208],{"type":604,"attrs":79209},{"href":79210,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/global-anode-producers-will-struggle-to-compete-with-chinas-giants",{"text":79212,"type":599}," may be planning to employ as feedstock,” said Anya Sidhu, analyst with Benchmark.",{"type":594,"attrs":79214,"content":79215},{"textAlign":49},[79216],{"text":79217,"type":599},"Shenzhen-based BTR is the largest anode producer in the world but also produces both lithium iron phosphate (LFP) and nickel cobalt and manganese (NCM) cathode chemistries. It counts cell makers CATL, Panasonic and EVE Energy as its key cathode clients. ",{"type":594,"attrs":79219,"content":79220},{"textAlign":49},[79221],{"text":79222,"type":599},"The company’s China cathode supply is forecast to increase to 70,000 tonnes by the end of the decade from 40,000 tonnes this year.",{"type":594,"attrs":79224,"content":79225},{"textAlign":49},[79226],{"type":1186,"attrs":79227},{"id":49,"alt":547,"src":79228,"title":49,"source":49,"copyright":49,"meta_data":79229},"https://a.storyblok.com/f/287943243085208/4346fd7d32/bm-europe-morocco-cathode-capacity-2.png",{},{"type":657,"attrs":79231,"content":79232},{"level":15966,"textAlign":49},[79233],{"text":79234,"type":599},"BTR’s plans ",{"type":594,"attrs":79236,"content":79237},{"textAlign":49},[79238],{"text":79239,"type":599},"BTR will lead the construction of the plant which when completed will have a production capacity of 50,000 tonnes of cathode a year. BTR’s Moroccan subsidiary Bnuo International Holding will take charge of operational responsibilities of the plant. ",{"type":594,"attrs":79241,"content":79242},{"textAlign":49},[79243,79245,79250],{"text":79244,"type":599},"Benchmark expects the ",{"text":79206,"type":599,"marks":79246},[79247],{"type":604,"attrs":79248},{"href":79249,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/btr-leads-the-way-as-chinese-battery-supply-chain-goes-public",{"text":79251,"type":599}," plant to begin production in 2026, in line with other projects of the same size in Morocco. ",{"type":594,"attrs":79253,"content":79254},{"textAlign":49},[79255,79257,79262],{"text":79256,"type":599},"It will take time, however, for the Morocco cathode plants to ramp up to full production. Before the BTR announcement, ",{"text":79258,"type":599,"marks":79259},"Benchmark forecast the country’s production to ",[79260],{"type":604,"attrs":79261},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79263,"type":599},"reach nearly 11,000 tonnes by the end of the decade.",{"type":594,"attrs":79265,"content":79266},{"textAlign":49},[79267],{"text":79268,"type":599},"In September, Huayou and LG Chem revealed plans for a new LFP cathode plant in Morocco. And in July, China’s Guangzhou Tinci revealed a $280 million plan to build a new plant to make battery materials in Morocco.",{"type":594,"attrs":79270,"content":79271},{"textAlign":49},[79272],{"text":79273,"type":599},"In another deal, China’s CNGR and Moroccan private equity firm Al Mada formed a joint venture to build 210,000 tonnes of annual capacity in precursor cathode active material (pCAM), LFP materials, and black mass processing in the country.",{"type":594,"attrs":79275,"content":79276},{"textAlign":49},[79277],{"text":79278,"type":599},"LG Chem and Huayou also have plans for additional investment to build a 52,000 tpa lithium conversion plant in Morocco.",{"type":657,"attrs":79280,"content":79281},{"level":15966,"textAlign":49},[79282],{"text":79283,"type":599},"Reaching the European and US markets ",{"type":594,"attrs":79285,"content":79286},{"textAlign":49},[79287],{"text":79288,"type":599},"Morocco has strong trade relations with Europe, and the European Union its largest trade partner. ",{"type":594,"attrs":79290,"content":79291},{"textAlign":49},[79292,79294,79299],{"text":79293,"type":599},"It also has the world’s largest reserves of ",{"text":79295,"type":599,"marks":79296},"phosphorus rock",[79297],{"type":604,"attrs":79298},{"href":79167,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79300,"type":599},", which is used to make phosphoric acid for LFP cathodes. ",{"type":594,"attrs":79302,"content":79303},{"textAlign":49},[79304,79306],{"text":79305,"type":599},"Europe’s cathode demand is forecast to increase four-fold to 2 million tonnes by the end of 2030, according to the ",{"text":79307,"type":599,"marks":79308},"Benchmark Cathode Forecast.",[79309],{"type":604,"attrs":79310},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":79312,"content":79313},{"textAlign":49},[79314],{"text":79315,"type":599},"The country also has a free trade agreement with the US, meaning that material produced in Morocco that is used in electric vehicle batteries could be eligible under the country’s Inflation Reduction Act (IRA). ",{"type":594,"attrs":79317,"content":79318},{"textAlign":49},[79319],{"text":79320,"type":599},"However, that could be complicated by the Foreign Entity of Concern (FEOC) regulations of the IRA.    ",{"type":594,"attrs":79322,"content":79323},{"textAlign":49},[79324],{"text":79325,"type":599},"The IRA requires a certain percentage of an electric vehicle battery’s critical minerals to be extracted or processed in the United States or a country with which the United States has an Free Trade Agreement (FTA) for electric vehicle makers to be eligible for receiving $3,750 in tax credits per vehicle.  ",{"type":594,"attrs":79327,"content":79328},{"textAlign":49},[79329,79331,79336],{"text":79330,"type":599},"However, under the ",{"text":79332,"type":599,"marks":79333},"latest proposed guidelines",[79334],{"type":604,"attrs":79335},{"href":78962,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79337,"type":599}," for what defines an FEOC, the Biden administration said last month that a company would be classified as an FEOC if a company linked to China’s government holds 25% of its equity. ","China’s BTR will invest RMB 3.5 billion ($496.6 million) to build a lithium ion battery cathode plant in Morocco, joining a host of Chinese midstream players who are turning to the north African nation to serve Western markets. Morocco is increasingly drawing investments linked to the battery supply chain that include commitments from CNGR, Huayou […]",[79340],{"slug":544,"name":543,"content":79341},{"job_title":557,"image":79342,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dcc538d7-307a-4fe0-9d35-d40b5815cd68\", \"id\": \"\"}-->",[79345,79346,79347,79348],{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":79350,"copyright":547,"fieldtype":553,"meta_data":79351,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8728fb1668/bm-morocco-port.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 04, 2024",{"id":79354,"uuid":79355,"name":79356,"slug":79357,"full_slug":79358,"content":79359},112470217000673,"39c97f59-a543-4bc4-a33d-9c9704a30653","Solid-state battery industry gears up for automotive qualification: 2023 in review","solid-state-battery-industry-gears-up-for-automotive-qualification-2023-in-review","article/solid-state-battery-industry-gears-up-for-automotive-qualification-2023-in-review",{"_uid":79360,"date":79361,"tags":79362,"editor":79364,"content":79368,"excerpt":79536,"featured":51,"reporter":79537,"_editable":79541,"component":864,"seo_title":79356,"categories":79542,"visibility":882,"author_company":49,"featured_image":79546,"seo_description":79536,"author_full_name":49,"author_job_title":49,"formattedDate":79549},"8e3c34bb-6c0a-4e7a-b71b-413ce15725a1","2024-01-03 00:00",[79363],{"slug":21502,"name":21503},[79365],{"slug":544,"name":543,"content":79366},{"job_title":557,"image":79367,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":79369},[79370,79375,79387,79399,79411,79416,79428,79433,79445,79450,79458,79463,79468,79473,79478,79483,79488,79501,79506,79511,79516,79521,79526,79531],{"type":594,"attrs":79371,"content":79372},{"textAlign":49},[79373],{"text":79374,"type":599},"In 2023, the solid-state battery sector continued to progress towards commercialisation with the number of large-scale research and development and pilot plants in operation increasing around the world.",{"type":594,"attrs":79376,"content":79377},{"textAlign":49},[79378,79380,79385],{"text":79379,"type":599},"As with the conventional lithium ion battery industry, ",{"text":79381,"type":599,"marks":79382},"Chinese companies lead the way",[79383],{"type":604,"attrs":79384},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79386,"type":599}," with several having solid-state batteries already in demonstration electric vehicles (EVs).",{"type":594,"attrs":79388,"content":79389},{"textAlign":49},[79390,79392,79397],{"text":79391,"type":599},"This year saw US startup ",{"text":79393,"type":599,"marks":79394},"Solid Power become the first Western solid state battery producer ",[79395],{"type":604,"attrs":79396},{"href":61466,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79398,"type":599},"to enter the automotive qualification procedure in the passenger EV space.",{"type":594,"attrs":79400,"content":79401},{"textAlign":49},[79402,79404,79409],{"text":79403,"type":599},"“The anchor point of 2023 has been huge commercial progress by solid state companies,” ",{"text":40828,"type":599,"marks":79405},[79406],{"type":604,"attrs":79407},{"href":79408,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-solid-state-batteries-and-the-road-to-commercialisation",{"text":79410,"type":599},", an analyst at Benchmark, said. “We’ve moved from an ‘if and but’ to a ‘when’.”",{"type":657,"attrs":79412,"content":79413},{"level":15966,"textAlign":49},[79414],{"text":79415,"type":599},"Solid state production outstrips demand",{"type":594,"attrs":79417,"content":79418},{"textAlign":49},[79419,79421,79426],{"text":79420,"type":599},"Globally, production of solid-state batteries is forecast to have grown 91% from ",{"text":79422,"type":599,"marks":79423},"2022 levels",[79424],{"type":604,"attrs":79425},{"href":61485,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79427,"type":599}," to nearly 4 gigawatt hours (GWh) in 2023. Capacity grew 54% to 20 GWh.",{"type":594,"attrs":79429,"content":79430},{"textAlign":49},[79431],{"text":79432,"type":599},"“Ambitious capacity announcements provide a positive outlook on market growth,” McNulty said.",{"type":594,"attrs":79434,"content":79435},{"textAlign":49},[79436,79438,79443],{"text":79437,"type":599},"In the near term ",{"text":79439,"type":599,"marks":79440},"solid-state facilities will operate with low utilisation rates",[79441],{"type":604,"attrs":79442},{"href":60344,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79444,"type":599},", ramping up production to support the requirements of qualification.",{"type":594,"attrs":79446,"content":79447},{"textAlign":49},[79448],{"text":79449,"type":599},"“Given that the market is pre-commercialisation, production may outstrip demand during this period,” McNulty said.",{"type":594,"attrs":79451,"content":79452},{"textAlign":49},[79453],{"type":1186,"attrs":79454},{"id":49,"alt":79455,"src":79456,"title":49,"source":49,"copyright":49,"meta_data":79457},"Near-term solid state battery production forecast to outstrip demand","https://a.storyblok.com/f/287943243085208/34dd430264/bm-production-capacity-demand-solid-state-1.png",{},{"type":594,"attrs":79459,"content":79460},{"textAlign":49},[79461],{"text":79462,"type":599},"Demand is likely to increase significantly in the mid-term as the technologies mature and are demonstrated on a commercially-viable scale.",{"type":594,"attrs":79464,"content":79465},{"textAlign":49},[79466],{"text":79467,"type":599},"“Successful completion of formal automotive qualification procedures, and meeting the required combination of performance, safety and cost will ultimately determine the global appetite for solid state batteries,” McNulty said.",{"type":657,"attrs":79469,"content":79470},{"level":15966,"textAlign":49},[79471],{"text":79472,"type":599},"China’s head start",{"type":594,"attrs":79474,"content":79475},{"textAlign":49},[79476],{"text":79477,"type":599},"China is ahead of Western markets in the commercialisation of solid state batteries, with several Chinese innovators already showcasing demonstration vehicles.",{"type":594,"attrs":79479,"content":79480},{"textAlign":49},[79481],{"text":79482,"type":599},"“We are seeing a lot of Chinese producers developing solid state batteries using more mature anode technologies,” McNulty said.",{"type":594,"attrs":79484,"content":79485},{"textAlign":49},[79486],{"text":79487,"type":599},"In December 2023, William Li, chief executive of Chinese EV maker Nio, drove just over 1,000 kilometres (621 miles) from Nio’s home city of Shanghai to Xiamen.",{"type":594,"attrs":79489,"content":79490},{"textAlign":49},[79491,79493,79499],{"text":79492,"type":599},"The publicity stunt demonstrated the long range of the ",{"text":79494,"type":599,"marks":79495},"150 kilowatt-hour semi-solid-state battery developed by Beijing WeLion",[79496],{"type":604,"attrs":79497},{"href":79498,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/automakers-eye-solid-state-batteries-for-1000-km-evs-as-welion-produces-first-battery",{"text":79500,"type":599}," New Energy Technology for Nio. The battery’s electrolyte still contains a liquid component, to improve the contact between the solid electrolyte and the cathode and anode.",{"type":594,"attrs":79502,"content":79503},{"textAlign":49},[79504],{"text":79505,"type":599},"In total there are four Chinese companies with solid-state batteries in demonstration vehicles:",{"type":594,"attrs":79507,"content":79508},{"textAlign":49},[79509],{"text":79510,"type":599},"Also in Asia, Toyota says it is nearing mass production of its solid-state battery technology. A press release by the Japanese automaker in October 2023 said it aims to bring a solid-state EV to market in 2027-2028. It is developing sulphide-based solid-state batteries with Japanese oil company Idemitsu Kosan.",{"type":594,"attrs":79512,"content":79513},{"textAlign":49},[79514],{"text":79515,"type":599},"South Korea’s Samsung SDI is also targeting 2027 for mass production of its sulphide, anode-free solid-state batteries. The company completed construction of a pilot plant in June 2023. Production was due to begin at the end of 2023, though no official announcement has been made.",{"type":657,"attrs":79517,"content":79518},{"level":15966,"textAlign":49},[79519],{"text":79520,"type":599},"The West gears up",{"type":594,"attrs":79522,"content":79523},{"textAlign":49},[79524],{"text":79525,"type":599},"In Europe, Blue Solutions already has solid-state batteries deployed in electric bus applications. Electric buses have predictable drive cycles and packs can be heated prior to use, improving the performance of the polymer electrolyte. To date, the French battery maker is the only Western player to have successfully commercialised a solid-state electrolyte in a transportation application.",{"type":594,"attrs":79527,"content":79528},{"textAlign":49},[79529],{"text":79530,"type":599},"For passenger EV applications, more rigorous qualification is required as the cycling conditions are less predictable. Solid Power, headquartered in Colorado, initiated A-sample formal automotive qualification with BMW to begin the automotive qualification process. The company is the first non-Chinese sulphide solid-state developer to begin the automotive qualification process that generally takes four to six years.",{"type":594,"attrs":79532,"content":79533},{"textAlign":49},[79534],{"text":79535,"type":599},"Factorial Energy, based in the US, took a step closer to beginning this process by shipping its 100 amp-hour polymer-based semi-solid state EV battery cells to automotive OEM partners for testing at the start of 2023. It began operation of its pilot line in Boston in October 2023. The company has partnerships with Stellantis, Kia, Hyundai and Mercedes-Benz.","In 2023, the solid-state battery sector continued to progress towards commercialisation with the number of large-scale research and development and pilot plants in operation increasing around the world. As with the conventional lithium ion battery industry, Chinese companies lead the way with several having solid-state batteries already in demonstration electric vehicles (EVs). This year saw […]",[79538],{"slug":544,"name":543,"content":79539},{"job_title":557,"image":79540,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8e3c34bb-6c0a-4e7a-b71b-413ce15725a1\", \"id\": \"\"}-->",[79543,79544,79545],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":79547,"copyright":547,"fieldtype":553,"meta_data":79548,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/82a49363c0/bm-solidpower-day1-04-jpg.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 03, 2024",{"id":79551,"uuid":79552,"name":79553,"slug":79554,"full_slug":79555,"content":79556},112470221706978,"d2d9f337-c94b-4fe8-91f7-cba02150cef0","The year Western companies got serious about manganese – 2023 in review","the-year-western-companies-got-serious-about-manganese-2023-in-review","article/the-year-western-companies-got-serious-about-manganese-2023-in-review",{"_uid":79557,"date":79558,"tags":79559,"editor":79560,"content":79564,"excerpt":79685,"featured":50,"reporter":79686,"_editable":79690,"component":864,"seo_title":79553,"categories":79691,"visibility":882,"author_company":49,"featured_image":79694,"seo_description":79685,"author_full_name":49,"author_job_title":49,"formattedDate":79697},"10ccb141-9f0c-4eae-9173-9952a8d116ae","2024-01-02 00:00",[],[79561],{"slug":544,"name":543,"content":79562},{"job_title":557,"image":79563,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":79565},[79566,79571,79576,79581,79586,79591,79603,79608,79613,79620,79625,79630,79635,79640,79645,79650,79655,79660,79665,79670,79675,79680],{"type":594,"attrs":79567,"content":79568},{"textAlign":49},[79569],{"text":79570,"type":599},"Over the past year, a number of western companies have invested in building a supply chain to produce high purity manganese for lithium ion batteries, a market currently dominated by China. ",{"type":594,"attrs":79572,"content":79573},{"textAlign":49},[79574],{"text":79575,"type":599},"During the year General Motors agreed to lend Australia’s Element 25 $85 million to build its manganese processing facility in Louisiana, while Vibrantz Technologies announced it would build a pilot plant to process high-purity manganese sulphate (HPMSM) in Mexico. ",{"type":594,"attrs":79577,"content":79578},{"textAlign":49},[79579],{"text":79580,"type":599},"In Europe, Euro Manganese announced it had received $100 million in funding for its project in the Czech Republic.",{"type":594,"attrs":79582,"content":79583},{"textAlign":49},[79584],{"text":79585,"type":599},"“Outside of China, there has been an increasing understanding that in the long run, HPMSM will be an important component of batteries,” Maximilian Court, an analyst at Benchmark, said.",{"type":594,"attrs":79587,"content":79588},{"textAlign":49},[79589],{"text":79590,"type":599},"“Most projects ex-China are still in feasibility or pre-feasibility stages, so next year could be a pivotal year for those seeking funding to begin construction.” ",{"type":594,"attrs":79592,"content":79593},{"textAlign":49},[79594,79596,79602],{"text":79595,"type":599},"Manganese is becoming increasingly central to automakers due to the adoption of more energy dense manganese-rich cathodes. They are forecast to have a 6% market share by 2030, according to Benchmark’s ",{"text":79597,"type":599,"marks":79598},"Manganese Sulphate Market Outlook",[79599],{"type":604,"attrs":79600},{"href":79601,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/manganese/reports",{"text":17632,"type":599},{"type":594,"attrs":79604,"content":79605},{"textAlign":49},[79606],{"text":79607,"type":599},"But investments to increase supply are essential as the market is expected to enter a deficit by 2026, according to Benchmark. ",{"type":594,"attrs":79609,"content":79610},{"textAlign":49},[79611],{"text":79612,"type":599},"Less than 0.5% of total manganese supply is suitable for lithium-ion battery applications. That’s because, so far, high purity manganese sulphate and metal has had very few and very niche applications.",{"type":594,"attrs":79614,"content":79615},{"textAlign":49},[79616],{"type":1186,"attrs":79617},{"id":49,"alt":547,"src":79618,"title":49,"source":49,"copyright":49,"meta_data":79619},"https://a.storyblok.com/f/287943243085208/8aea0308f8/bm-manganese-chart-2023.png",{},{"type":657,"attrs":79621,"content":79622},{"level":15966,"textAlign":49},[79623],{"text":79624,"type":599},"The rise of LMFP battery cells ",{"type":594,"attrs":79626,"content":79627},{"textAlign":49},[79628],{"text":79629,"type":599},"Manganese chemistries such as lithium manganese iron phosphate (LMFP) are becoming increasingly popular in China, due to the improved energy density they offer. They substitute the iron units for manganese while lithium and phosphate content remain constant. ",{"type":594,"attrs":79631,"content":79632},{"textAlign":49},[79633],{"text":79634,"type":599},"“The industry seems to be coalescing around a 60:40 chemistry split of manganese to iron,” Court said. “This is a fast-moving segment of the battery market and some ex-China start-ups are looking to capitalise on the energy density increases that LMFP can offer.”",{"type":594,"attrs":79636,"content":79637},{"textAlign":49},[79638],{"text":79639,"type":599},"“Penetration rates for LMFP could change the market for batteries (especially in the Chinese electric vehicle market) where automakers can scale quickly,” he added.",{"type":657,"attrs":79641,"content":79642},{"level":15966,"textAlign":49},[79643],{"text":79644,"type":599},"Western players to build capacity",{"type":594,"attrs":79646,"content":79647},{"textAlign":49},[79648],{"text":79649,"type":599},"Dependence on China has prompted companies outside the Asian country to explore potential projects, with 19 new sites in early scoping announced in the past year. China has 30 projects at operating, probable or possible stages of ramp-up and planning. ",{"type":594,"attrs":79651,"content":79652},{"textAlign":49},[79653],{"text":79654,"type":599},"The US Inflation Reduction Act (IRA) has also encouraged non-Chinese production. However, the recent update to the IRA in December has drawn into question exactly how manganese will be classified for subsidy purposes, since the ore might fall into the category of a “low-value material” for batteries, while HPMSM will not. HPMSM producers manufacture the end product for the precursor cathode active material plants and it is clear which plant it comes from (Foreign Entity of Concern or not). ",{"type":594,"attrs":79656,"content":79657},{"textAlign":49},[79658],{"text":79659,"type":599},"“There remains a lack of economic clarity around the IRA’s stipulations for most battery raw materials and the US federal government is currently soliciting comments and feedback,” Court said. “Uncertainty around this classification is a key problem for new entrants looking to secure investment – particularly in a vertically-integrated North American setting.”",{"type":657,"attrs":79661,"content":79662},{"level":15966,"textAlign":49},[79663],{"text":79664,"type":599},"Low price environment ",{"type":594,"attrs":79666,"content":79667},{"textAlign":49},[79668],{"text":79669,"type":599},"China dominates manganese supply, accounting for about 93% of HPMSM output in 2022. In 2023, there was plentiful supply in the market, 96% of which came out of the Asian country.",{"type":594,"attrs":79671,"content":79672},{"textAlign":49},[79673],{"text":79674,"type":599},"As prices decreased from the 2021 to 2022 highs, many Chinese companies found it unprofitable to operate at spot prices, however, and paused operations at points during the spring.",{"type":594,"attrs":79676,"content":79677},{"textAlign":49},[79678],{"text":79679,"type":599},"This was true even for some Chinese companies in the first-quartile of cash costs (on an ex-works China basis), according to Benchmark’s Court.",{"type":594,"attrs":79681,"content":79682},{"textAlign":49},[79683],{"text":79684,"type":599},"“Since prices were relatively low around June/July, market participants expected a slight increase towards the end of the year,” Court said. “But prices have since moved lower as there continues to be plentiful supply in the market and significant demand increases have been delayed due to broader macro headwinds.” ","Over the past year, a number of western companies have invested in building a supply chain to produce high purity manganese for lithium ion batteries, a market currently dominated by China. During the year General Motors agreed to lend Australia’s Element 25 $85 million to build its manganese processing facility in Louisiana, while Vibrantz Technologies […]",[79687],{"slug":544,"name":543,"content":79688},{"job_title":557,"image":79689,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"10ccb141-9f0c-4eae-9173-9952a8d116ae\", \"id\": \"\"}-->",[79692,79693],{"slug":872,"name":873},{"slug":2761,"name":2762},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":79695,"copyright":547,"fieldtype":553,"meta_data":79696,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/85a63f3eb7/bm-erametmanganese-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 02, 2024",{"id":79699,"uuid":79700,"name":79701,"slug":79702,"full_slug":79703,"content":79704},112470226577123,"5833ba11-7733-43c6-9c61-99993a1e918e","Synthetic graphite capacity expansions continue as anode producers look to higher sulphur pet cokes – 2023 in review","synthetic-graphite-capacity-expansions-continue-as-anode-producers-look-to-higher-sulphur-pet-cokes-2023-in-review","article/synthetic-graphite-capacity-expansions-continue-as-anode-producers-look-to-higher-sulphur-pet-cokes-2023-in-review",{"_uid":79705,"date":79706,"tags":79707,"editor":79709,"content":79713,"excerpt":79895,"featured":50,"reporter":79896,"_editable":79900,"component":864,"seo_title":79701,"categories":79901,"visibility":882,"author_company":49,"featured_image":79904,"seo_description":79895,"author_full_name":49,"author_job_title":49,"formattedDate":79907},"3558d8f7-2c9e-4b78-9868-9775e4bc1fef","2023-12-29 00:00",[79708],{"slug":2507,"name":15902},[79710],{"slug":544,"name":543,"content":79711},{"job_title":557,"image":79712,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":79714},[79715,79720,79725,79738,79748,79760,79770,79775,79787,79792,79797,79808,79813,79818,79829,79834,79845,79855,79860,79865,79870,79875,79880,79885,79890],{"type":594,"attrs":79716,"content":79717},{"textAlign":49},[79718],{"text":79719,"type":599},"Synthetic graphite capacity expansions remained a key trend in 2023 in China as anode producers looked to lower cost, higher sulphur feedstocks in an effort to manage costs. ",{"type":594,"attrs":79721,"content":79722},{"textAlign":49},[79723],{"text":79724,"type":599},"“Despite prices for coke falling throughout 2023, we’ve seen new project and capacity announcements continue at pace in China,” Adam Megginson, analyst at Benchmark said. “In the mid-to-long term we expect this build out to continue pretty much at the same pace as we’ve seen for the majority of this year.”",{"type":594,"attrs":79726,"content":79727},{"textAlign":49},[79728,79730,79736],{"text":79729,"type":599},"“In an effort to reduce costs, we’ve also seen producers ",{"text":79731,"type":599,"marks":79732},"using medium and higher sulphur coke feedstock",[79733],{"type":604,"attrs":79734},{"href":79735,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-to-publish-ddp-china-medium-sulphur-pet-coke-spot-prices",{"text":79737,"type":599},", as it is cheaper and more abundant in the market,” Megginson added. ",{"type":594,"attrs":79739,"content":79740},{"textAlign":49},[79741,79743,79747],{"text":79742,"type":599},"Supply is set to continue to outpace demand for the next several years, especially as anode producers continue to implement production technology improvements to reduce costs by blending in pet coke, opening a large pool of feedstock, according to ",{"text":16004,"type":599,"marks":79744},[79745],{"type":604,"attrs":79746},{"href":65809,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":79749,"content":79750},{"textAlign":49},[79751,79753,79758],{"text":79752,"type":599},"Growth in battery production, however, will see needle coke demand increase threefold between 2023 and 2030 according to ",{"text":16004,"type":599,"marks":79754},[79755],{"type":604,"attrs":79756},{"href":79757,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/synthetic-graphite/",{"text":79759,"type":599},". In that time the share of needle coke demand from the lithium ion industry will rise from 27% to 49%.",{"type":594,"attrs":79761,"content":79762},{"textAlign":49},[79763],{"text":79764,"type":599,"marks":79765},"Watch Benchmark analyst Adam Megginson discuss key synthetic graphite developments in 2023.",[79766,79769],{"type":604,"attrs":79767},{"href":79768,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/consistent-coke-price-falls-synthetic-graphite-market-2023-in-review",{"type":643},{"type":594,"attrs":79771,"content":79772},{"textAlign":49},[79773],{"text":79774,"type":599},"In 2023, weaker downstream demand hurt prices for all battery materials, but synthetic graphite has also felt added pressure from a large and growing feedstock surplus.  ",{"type":594,"attrs":79776,"content":79777},{"textAlign":49},[79778,79780,79785],{"text":79779,"type":599},"However, Chinese supply uncertainty following ",{"text":79781,"type":599,"marks":79782},"new export permit rules",[79783],{"type":604,"attrs":79784},{"href":73527,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79786,"type":599}," for some graphite products supported a short term boost to demand in Q4. ",{"type":594,"attrs":79788,"content":79789},{"textAlign":49},[79790],{"text":79791,"type":599},"Since the rules took effect, China’s Ministry of Commerce has approved “several” applications that meet the requirements, spokesperson Shu Jueting said during a press conference. ",{"type":594,"attrs":79793,"content":79794},{"textAlign":49},[79795],{"text":79796,"type":599},"The export permit ban placed a spotlight on Chinese dominance in an often overlooked part of the lithium ion supply chain. Within the synthetic anode value chain, the ex-China capacity that exists is clustered in coke and synthetic graphite production. While very few ex-China countries make the higher value synthetic graphite anode active materials. ",{"type":594,"attrs":79798,"content":79799},{"textAlign":49},[79800,79802,79806],{"text":79801,"type":599},"Currently, China supplies 97% of the world’s synthetic graphite anode active materials according to ",{"text":16004,"type":599,"marks":79803},[79804],{"type":604,"attrs":79805},{"href":65809,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79807,"type":599}," despite producing only 69% of the world’s synthetic graphite and coke, meaning most of the ex-China synthetic graphite will still end up in China for final processing into anode materials. ",{"type":594,"attrs":79809,"content":79810},{"textAlign":49},[79811],{"text":79812,"type":599},"In Europe, efforts to build anode supply chains that bypass China may now be supported by the Critical Raw Material Act as synthetic graphite was added to its list of strategic and critical raw materials in November.",{"type":594,"attrs":79814,"content":79815},{"textAlign":49},[79816],{"text":79817,"type":599},"Prices under pressure",{"type":594,"attrs":79819,"content":79820},{"textAlign":49},[79821,79823,79827],{"text":79822,"type":599},"Weak downstream demand and ongoing oversupply has placed downward pressure on ",{"text":30329,"type":599,"marks":79824},[79825],{"type":604,"attrs":79826},{"href":70898,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79828,"type":599}," prices throughout 2023. ",{"type":594,"attrs":79830,"content":79831},{"textAlign":49},[79832],{"text":79833,"type":599},"“Synthetic graphite oversupply was higher even compared to other battery materials in a year of lower-than-expected demand,” said Tony Alderson, Benchmark analyst. ",{"type":594,"attrs":79835,"content":79836},{"textAlign":49},[79837,79843],{"text":79838,"type":599,"marks":79839},"Benchmark’s Anode Coke Price Index",[79840],{"type":604,"attrs":79841},{"href":79842,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/synthetic-graphite/portal/?tab=chart",{"text":79844,"type":599}," has been declining throughout the year, down 38% since January. ",{"type":594,"attrs":79846,"content":79847},{"textAlign":49},[79848,79850,79854],{"text":79849,"type":599},"The most notable decline came in DDP China pre-calcined pet coke prices, which dropped 50% between January and November to RMB 3,000 ($420) per tonne, as assessed by ",{"text":9653,"type":599,"marks":79851},[79852],{"type":604,"attrs":79853},{"href":70898,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":79856,"content":79857},{"textAlign":49},[79858],{"text":79859,"type":599},"Part of this was driven by intense competition among suppliers, who have been accepting lower prices and margin loss in exchange for market share. ",{"type":594,"attrs":79861,"content":79862},{"textAlign":49},[79863],{"text":79864,"type":599},"Pet coke was the only product to see relative price strengthening through the second quarter, rising 2.56%. This was due to increased demand from producers shifting away from needle cokes in a bid to cut costs.",{"type":594,"attrs":79866,"content":79867},{"textAlign":49},[79868],{"text":79869,"type":599},"“Pet coke producers were unwilling to reduce prices, citing squeezed profit margins,” said Alderson.",{"type":594,"attrs":79871,"content":79872},{"textAlign":49},[79873],{"text":79874,"type":599},"The price pressure on needle cokes eased off in the third quarter. By July, as production costs went up, producers of needle cokes resisted further price drops leading to a prolonged stabilisation in prices that lasted into November 2023. ",{"type":594,"attrs":79876,"content":79877},{"textAlign":49},[79878],{"text":79879,"type":599},"For pitch needle coke, there was price strengthening by October, led by rises in feedstock prices. Overall, the product saw just a 1% drop over the third quarter while pet needle saw no change in price through the period. ",{"type":594,"attrs":79881,"content":79882},{"textAlign":49},[79883],{"text":79884,"type":599},"“For pet needle coke specifically the supply is a bit tighter relative to pet coke as some players are shutting down or reducing utilisation because they are not making enough money,” said Alderson. ",{"type":594,"attrs":79886,"content":79887},{"textAlign":49},[79888],{"text":79889,"type":599},"“Some pet needle players are also switching to pet coke which means needle coke supply tightening is actually translating into greater pet coke supply,” Alderson added. ",{"type":594,"attrs":79891,"content":79892},{"textAlign":49},[79893],{"text":79894,"type":599},"Pet coke has substantially increased its price competitiveness against pet needle coke this year. In 2022, pet coke was on average priced 34% less than pet needle coke while in 2023, it was 52% less.","Synthetic graphite capacity expansions remained a key trend in 2023 in China as anode producers looked to lower cost, higher sulphur feedstocks in an effort to manage costs. “Despite prices for coke falling throughout 2023, we’ve seen new project and capacity announcements continue at pace in China,” Adam Megginson, analyst at Benchmark said. “In the […]",[79897],{"slug":544,"name":543,"content":79898},{"job_title":557,"image":79899,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3558d8f7-2c9e-4b78-9868-9775e4bc1fef\", \"id\": \"\"}-->",[79902,79903],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":79905,"copyright":547,"fieldtype":553,"meta_data":79906,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b2e3f82406/bm-posco-chemicals-first-synthetic-graphite-anode-material-plant.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 29, 2023",{"id":79909,"uuid":79910,"name":79911,"slug":79912,"full_slug":79913,"content":79914},112470246287079,"2a16c44d-52e7-4d54-a4bc-a86c28a5f180","Lithium price decline casts shadow over long-term supply prospects – 2023 in review","lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review","article/lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review",{"_uid":79915,"date":79916,"tags":79917,"editor":79920,"content":79924,"excerpt":80255,"featured":51,"reporter":80256,"_editable":80260,"component":864,"seo_title":79911,"categories":80261,"visibility":882,"author_company":49,"data_vis_image":80264,"featured_image":80266,"seo_description":80255,"author_full_name":49,"author_job_title":49,"formattedDate":80269},"04b87adc-58cc-4f1f-a7ac-1269f83f582e","2023-12-22 00:00",[79918,79919],{"slug":578,"name":579},{"slug":910,"name":911},[79921],{"slug":544,"name":543,"content":79922},{"job_title":557,"image":79923,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":79925},[79926,79931,79941,79946,79957,79962,79967,79977,79987,79992,79997,80002,80007,80012,80017,80024,80035,80040,80045,80052,80057,80062,80074,80081,80091,80096,80103,80121,80126,80144,80154,80159,80166,80186,80198,80203,80215,80220,80232,80250],{"type":594,"attrs":79927,"content":79928},{"textAlign":49},[79929],{"text":79930,"type":599},"A major correction in prices from record highs defined the lithium market in 2023, as new capacities provided flexibility in raw material supplies and electric vehicle (EV) demand growth underperformed on expectations. ",{"type":594,"attrs":79932,"content":79933},{"textAlign":49},[79934,79939],{"text":79935,"type":599,"marks":79936},"Benchmark’s lithium carbonate prices",[79937],{"type":604,"attrs":79938},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79940,"type":599}," had surged to unprecedented levels, reaching $81,375 per tonne in China by December 2022, leading consumers across the supply chain to build inventories approaching the end of the year. ",{"type":594,"attrs":79942,"content":79943},{"textAlign":49},[79944],{"text":79945,"type":599},"This stock build up was compounded by a slowdown in the Chinese EV market moving into 2023, sparking an inevitable correction in prices which had reached unsustainable levels across much of the spot market. ",{"type":594,"attrs":79947,"content":79948},{"textAlign":49},[79949,79951,79955],{"text":79950,"type":599},"Incremental supply growth – most notably from spodumene operations in Africa and lepidolite in China – subsequently fueled a decline of more than 75% in ",{"text":38378,"type":599,"marks":79952},[79953],{"type":604,"attrs":79954},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":79956,"type":599}," over the course of the year. ",{"type":594,"attrs":79958,"content":79959},{"textAlign":49},[79960],{"text":79961,"type":599},"Much of this new incremental supply was, however, from lower grade sources of material, creating an increasingly steep cost curve. ",{"type":594,"attrs":79963,"content":79964},{"textAlign":49},[79965],{"text":79966,"type":599},"By the end of 2023, lower price levels – which were still up by 139% from when the price cycle began in 2020 – had already made swathes of this flexible capacity uneconomical, leaving questions over the true scale of the surplus moving into 2024.",{"type":594,"attrs":79968,"content":79969},{"textAlign":49},[79970,79972,79976],{"text":79971,"type":599},"Lower prices have also stunted capital investment into the sector, diminishing new supply prospects in a sector where demand is still on course to experience a CAGR of 20% between now and 2030, according to ",{"text":24541,"type":599,"marks":79973},[79974],{"type":604,"attrs":79975},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":79978,"content":79979},{"textAlign":49},[79980],{"text":79981,"type":599,"marks":79982},"Watch Benchmark analyst Tony Alderson discuss the key lithium market trends of 2023",[79983,79986],{"type":604,"attrs":79984},{"href":79985,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/price-slump-new-supply-shifting-market-dynamics-lithium-2023-year-in-review",{"type":643},{"type":657,"attrs":79988,"content":79989},{"level":15966,"textAlign":49},[79990],{"text":79991,"type":599},"Will lithium prices incentivise supply growth?",{"type":594,"attrs":79993,"content":79994},{"textAlign":49},[79995],{"text":79996,"type":599},"Shifting cost dynamics in the lithium market have led to concerns over the viability of some projects at lower price levels. ",{"type":594,"attrs":79998,"content":79999},{"textAlign":49},[80000],{"text":80001,"type":599},"The need to develop new assets, often using new technologies, only increases capital intensities, at a time when short-term market dynamics are detracting financing. ",{"type":594,"attrs":80003,"content":80004},{"textAlign":49},[80005],{"text":80006,"type":599},"“We’ve seen prices fall and spot market activity remain relatively subdued throughout the whole of the year,” Tony Alderson, an analyst at Benchmark, said. “The scale of the correction now raises questions over the economics of many projects.” ",{"type":594,"attrs":80008,"content":80009},{"textAlign":49},[80010],{"text":80011,"type":599},"In particular, lithium hydroxide – which was central to the industry’s expansion ambitions as recently as 2019 – has seen prices slump over 80% in the last 12 months to $13,150 per tonne in China in December. ",{"type":594,"attrs":80013,"content":80014},{"textAlign":49},[80015],{"text":80016,"type":599},"This decline relative to lithium carbonate has led to periods of battery-grade hydroxide trading at a discount to carbonate, which speaks to the rapid shift in battery chemistry preferences – another bottleneck to capital allocation. ",{"type":594,"attrs":80018,"content":80019},{"textAlign":49},[80020],{"type":1186,"attrs":80021},{"id":49,"alt":547,"src":80022,"title":49,"source":49,"copyright":49,"meta_data":80023},"https://a.storyblok.com/f/287943243085208/9b3d2619a6/bm-lithiumprices2023.png",{},{"type":594,"attrs":80025,"content":80026},{"textAlign":49},[80027,80029,80033],{"text":80028,"type":599},"As a result, lithium hydroxide supply is now on track to increase by only 65% in 2023, according to ",{"text":24541,"type":599,"marks":80030},[80031],{"type":604,"attrs":80032},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80034,"type":599},", a worrying sign for Western markets which are still expected to lean far more towards hydroxide containing, high energy-dense chemistries over the coming years. ",{"type":657,"attrs":80036,"content":80037},{"level":15966,"textAlign":49},[80038],{"text":80039,"type":599},"Where led the 2023 supply surge? ",{"type":594,"attrs":80041,"content":80042},{"textAlign":49},[80043],{"text":80044,"type":599},"The majority of the supply increase in 2023 came from the ramp up or expansion of existing projects. Supply from new projects accounted for just 21% of the increase.",{"type":594,"attrs":80046,"content":80047},{"textAlign":49},[80048],{"type":1186,"attrs":80049},{"id":49,"alt":547,"src":80050,"title":49,"source":49,"copyright":49,"meta_data":80051},"https://a.storyblok.com/f/287943243085208/704ab69cba/bm-lithiumsupply2023.png",{},{"type":594,"attrs":80053,"content":80054},{"textAlign":49},[80055],{"text":80056,"type":599},"In terms of tonnage, more than 60% of additional supply in 2023 came from either Australia or China.",{"type":594,"attrs":80058,"content":80059},{"textAlign":49},[80060],{"text":80061,"type":599},"In Australia, this growth came from spodumene sources, with some spodumene producers in the country reporting record production volumes.",{"type":594,"attrs":80063,"content":80064},{"textAlign":49},[80065,80067,80072],{"text":80066,"type":599},"The largest increase in Australian production this year was from the ramp up of the Wodgina mine operated by MARBL Lithium, a joint venture between ",{"text":11321,"type":599,"marks":80068},[80069],{"type":604,"attrs":80070},{"href":80071,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/albemarle-plans-to-double-kemerton-hydroxide-capacity-as-australian-lithium-chemical-production-ramps-up",{"text":80073,"type":599}," and Mineral Resources, which began operations in 2022. In 2023, production is forecast to increase to 55,000 tonnes and is expected to ramp up further to 69,000 tonnes in 2024.",{"type":594,"attrs":80075,"content":80076},{"textAlign":49},[80077],{"type":1186,"attrs":80078},{"id":49,"alt":547,"src":80079,"title":49,"source":49,"copyright":49,"meta_data":80080},"https://a.storyblok.com/f/287943243085208/223eec190a/bm-australiachinasupply.png",{},{"type":594,"attrs":80082,"content":80083},{"textAlign":49},[80084,80086,80090],{"text":80085,"type":599},"In China new lithium supply came primarily from either brine or mica deposits. Mica deposits in Jiangxi generally have low grades, containing around 0.2% Li2O, making them a high cost source of lithium. As such these deposits are considered marginal cost operations and most are experiencing losses, according to ",{"text":24541,"type":599,"marks":80087},[80088],{"type":604,"attrs":80089},{"href":67404,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":80092,"content":80093},{"textAlign":49},[80094],{"text":80095,"type":599},"Three of the top five lithium deposits were in Australia in 2023, with the remaining two being located in the Salar de Atacama in Chile.",{"type":594,"attrs":80097,"content":80098},{"textAlign":49},[80099],{"type":1186,"attrs":80100},{"id":49,"alt":547,"src":80101,"title":49,"source":49,"copyright":49,"meta_data":80102},"https://a.storyblok.com/f/287943243085208/246a5f4ca0/bm-lithiumdeposits.png",{},{"type":594,"attrs":80104,"content":80105},{"textAlign":49},[80106,80107,80112,80114,80119],{"text":18584,"type":599},{"text":80108,"type":599,"marks":80109},"lithium production in Africa",[80110],{"type":604,"attrs":80111},{"href":67758,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80113,"type":599}," this year was just 4% of global production, the continent saw significant increases in supply. ",{"text":80115,"type":599,"marks":80116},"African lithium production in 2023",[80117],{"type":604,"attrs":80118},{"href":70018,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80120,"type":599}," is forecast to be five times of 2022, with Zimbabwe and Namibia making up the bulk of this supply.",{"type":657,"attrs":80122,"content":80123},{"level":15966,"textAlign":49},[80124],{"text":80125,"type":599},"Sustainable lithium sources",{"type":594,"attrs":80127,"content":80128},{"textAlign":49},[80129,80131,80136,80138,80143],{"text":80130,"type":599},"Sustainability has been in focus this year. The Initiative for Responsible Mining Assurance (IRMA), the most stringent mining standard in the world, ",{"text":80132,"type":599,"marks":80133},"accredited the Chilean brine operation of Albemarle and SQM",[80134],{"type":604,"attrs":80135},{"href":32891,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80137,"type":599}," in June and September, respectively. These operations accounted for all ",{"text":80139,"type":599,"marks":80140},"Chilean lithium production",[80141],{"type":604,"attrs":80142},{"href":18544,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":20111,"type":599},{"type":594,"attrs":80145,"content":80146},{"textAlign":49},[80147,80149,80153],{"text":80148,"type":599},"Albemarle and SQM also have Industry Leading environmental, social and governance (ESG) practices and disclosures, according to ",{"text":73807,"type":599,"marks":80150},[80151],{"type":604,"attrs":80152},{"href":70078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":80155,"content":80156},{"textAlign":49},[80157],{"text":80158,"type":599},"The Index comprises 79 metrics such as whether they publish an ESG report. A third of global lithium production in 2023 is forecast to be associated with miners or chemical producers with Industry Leading scores on the Index.",{"type":594,"attrs":80160,"content":80161},{"textAlign":49},[80162],{"type":1186,"attrs":80163},{"id":49,"alt":547,"src":80164,"title":49,"source":49,"copyright":49,"meta_data":80165},"https://a.storyblok.com/f/287943243085208/d73ac8bdec/bm-lithiumsustainability2023.png",{},{"type":594,"attrs":80167,"content":80168},{"textAlign":49},[80169,80171,80177,80179,80184],{"text":80170,"type":599},"Allkem, an Australian lithium producer with an Industry Leading score on Benchmark’s index, ",{"text":80172,"type":599,"marks":80173},"merged with the USA’s Livent in May 2023",[80174],{"type":604,"attrs":80175},{"href":80176,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/livent-and-allkem-merger-to-create-10-6-billion-lithium-producer",{"text":80178,"type":599},". In December, the ",{"text":80180,"type":599,"marks":80181},"$10.6 billion merger offer",[80182],{"type":604,"attrs":80183},{"href":76261,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80185,"type":599}," was formally accepted. Arcadium Lithium, the combined company name, could be the fifth largest lithium producer in terms of market capitalisation.",{"type":594,"attrs":80187,"content":80188},{"textAlign":49},[80189,80191,80196],{"text":80190,"type":599},"The prices of lithium carbonate produced by companies with Industry Leading scores are compiled in a ",{"text":80192,"type":599,"marks":80193},"new price released by Benchmark",[80194],{"type":604,"attrs":80195},{"href":75519,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80197,"type":599}," in November this year.",{"type":657,"attrs":80199,"content":80200},{"level":15966,"textAlign":49},[80201],{"text":80202,"type":599},"Western policy movements",{"type":594,"attrs":80204,"content":80205},{"textAlign":49},[80206,80208,80213],{"text":80207,"type":599},"Over a year on from the introduction of the Inflation Reduction Act in the US, the government released guidance on what constitutes a ",{"text":80209,"type":599,"marks":80210},"Foreign Entity of Concern",[80211],{"type":604,"attrs":80212},{"href":78962,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80214,"type":599}," in December.",{"type":594,"attrs":80216,"content":80217},{"textAlign":49},[80218],{"text":80219,"type":599},"The guidance states that automakers will not be eligible for up to $7,500 in electric vehicle subsidies if they use battery components or critical minerals from companies where at least 25% is owned directly or indirectly by Chinese companies. This could pose an issue to sourcing lithium from mines such as Greenbushes in Australia. Despite Australia having a Free Trade Agreement with the US, China’s Tianqi Lithium has a 26% stake in the project.",{"type":594,"attrs":80221,"content":80222},{"textAlign":49},[80223,80225,80230],{"text":80224,"type":599},"Further guidance from the US states that “any costs related to the extraction or acquisition of raw materials would not be taken into account as production costs,” in a blow to ",{"text":80226,"type":599,"marks":80227},"domestic lithium miners",[80228],{"type":604,"attrs":80229},{"href":72645,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80231,"type":599}," who could lose out on the production tax credits they had hoped to claim.",{"type":594,"attrs":80233,"content":80234},{"textAlign":49},[80235,80237,80242,80244,80248],{"text":80236,"type":599},"In Europe, ",{"text":80238,"type":599,"marks":80239},"political agreement was reached",[80240],{"type":604,"attrs":80241},{"href":70357,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80243,"type":599}," over the ",{"text":10098,"type":599,"marks":80245},[80246],{"type":604,"attrs":80247},{"href":71153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80249,"type":599},". The Act states that 10% of Europe’s consumption of critical minerals, including lithium, should be mined within the bloc, 40% should be processed there, and 25% recycled by 2030.",{"type":594,"attrs":80251,"content":80252},{"textAlign":49},[80253],{"text":80254,"type":599},"Benchmark analysis showed that for lithium the recycling and processing targets will be difficult to achieve with current forecast production. However, it should be noted that these are benchmarks and not mandates.","A major correction in prices from record highs defined the lithium market in 2023, as new capacities provided flexibility in raw material supplies and electric vehicle (EV) demand growth underperformed on expectations. Benchmark’s lithium carbonate prices had surged to unprecedented levels, reaching $81,375 per tonne in China by December 2022, leading consumers across the supply […]",[80257],{"slug":544,"name":543,"content":80258},{"job_title":557,"image":80259,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"04b87adc-58cc-4f1f-a7ac-1269f83f582e\", \"id\": \"\"}-->",[80262,80263],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":80079,"copyright":547,"fieldtype":553,"meta_data":80265,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":80267,"copyright":547,"fieldtype":553,"meta_data":80268,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/86dcba3f46/bm-lithium-reserves-salar-de-atacama.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 22, 2023",{"id":80271,"uuid":80272,"name":80273,"slug":80274,"full_slug":80275,"content":80276},112470241138406,"d700f259-37be-4752-b437-df3156902f45","Ex-China interest in manganese battery market grows as Eramet and Vibrantz agree supply deal","ex-china-interest-in-manganese-battery-market-grows-as-eramet-and-vibrantz-agree-supply-deal","article/ex-china-interest-in-manganese-battery-market-grows-as-eramet-and-vibrantz-agree-supply-deal",{"_uid":80277,"date":79916,"tags":80278,"editor":80283,"content":80287,"excerpt":80414,"featured":51,"reporter":80415,"_editable":80419,"component":864,"seo_title":80273,"categories":80420,"visibility":882,"author_company":49,"featured_image":80423,"seo_description":80414,"author_full_name":49,"author_job_title":49,"formattedDate":80269},"d59a2ffd-0f55-403a-93be-3f4fba2212f6",[80279,80280],{"slug":55524,"name":55525},{"slug":80281,"name":80282},"vibrantz","Vibrantz",[80284],{"slug":544,"name":543,"content":80285},{"job_title":557,"image":80286,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":80288},[80289,80294,80299,80304,80316,80321,80328,80339,80344,80349,80354,80359,80364,80369,80387,80399,80404,80409],{"type":594,"attrs":80290,"content":80291},{"textAlign":49},[80292],{"text":80293,"type":599},"A new deal between Eramet and Vibrantz shows how manganese producers outside of China are looking to make inroads into the battery value chain.",{"type":594,"attrs":80295,"content":80296},{"textAlign":49},[80297],{"text":80298,"type":599},"Leading manganese producer Eramet will supply Vibrantz with manganese ore from its Gabon mine over a 10-year period. Vibrantz manufactures manganese sulphate which is used in the production of cathode materials such as nickel cobalt manganese (NCM) and lithium iron manganese phosphate (LMFP). ",{"type":594,"attrs":80300,"content":80301},{"textAlign":49},[80302],{"text":80303,"type":599},"The majority of manganese ore is used in the steel and alloy markets, but growing demand for high purity manganese sulphate (HPMSM) means the battery market will grow at a faster rate than traditional markets according to Benchmark analysis.",{"type":594,"attrs":80305,"content":80306},{"textAlign":49},[80307,80309,80314],{"text":80308,"type":599},"Global demand for HPMSM will increase by more than three and a half times by 2030, according to the base scenario laid out in ",{"text":80310,"type":599,"marks":80311},"Benchmark’s Manganese Sulphate Market Outlook",[80312],{"type":604,"attrs":80313},{"href":60774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80315,"type":599},", driven mostly by NCM battery demand. ",{"type":594,"attrs":80317,"content":80318},{"textAlign":49},[80319],{"text":80320,"type":599},"Automotive majors are looking at manganese-intensive battery chemistries due to their lower cost structures and improved performance. As a result of these demand increases, interest in battery-grade manganese is going upstream.",{"type":594,"attrs":80322,"content":80323},{"textAlign":49},[80324],{"type":1186,"attrs":80325},{"id":49,"alt":547,"src":80326,"title":49,"source":49,"copyright":49,"meta_data":80327},"https://a.storyblok.com/f/287943243085208/cfe7e81db5/bm-hpsmssupply.png",{},{"type":594,"attrs":80329,"content":80330},{"textAlign":49},[80331,80333,80337],{"text":80332,"type":599},"China supplies 93% of the world’s HPMSM, according to ",{"text":80310,"type":599,"marks":80334},[80335],{"type":604,"attrs":80336},{"href":60774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80338,"type":599},". This trend is set to continue, with China producing 61% of new HPMSM due to come online by 2030. The Eramet-Vibrantz deal goes some way to reducing China’s large share of supply, and shows how manganese operations outside of China are taking interest in the battery market. ",{"type":657,"attrs":80340,"content":80341},{"level":15966,"textAlign":49},[80342],{"text":80343,"type":599},"LMFP growth could boost demand further",{"type":594,"attrs":80345,"content":80346},{"textAlign":49},[80347],{"text":80348,"type":599},"In the case of widespread lithium iron manganese phosphate (LMFP) cathode adoption, however, Benchmark forecasts demand to register an almost six times increase. ",{"type":594,"attrs":80350,"content":80351},{"textAlign":49},[80352],{"text":80353,"type":599},"“LMFP’s impact on HPMSM demand will rely on two factors: overall LMFP uptake and manganese intensity within LMFP batteries,” said Zach Parsons, research analyst at Benchmark.",{"type":594,"attrs":80355,"content":80356},{"textAlign":49},[80357],{"text":80358,"type":599},"Interest in LMFP has risen over the past year as it offers a more cost effective alternative to NCM applications by adapting lithium iron phosphate production lines. How much manganese the average LMFP chemistry will contain is yet to be determined as battery producers continue to experiment with different iron to manganese ratios. ",{"type":594,"attrs":80360,"content":80361},{"textAlign":49},[80362],{"text":80363,"type":599},"“HPMSM demand is likely to multiply several times by 2030, but an elevated LMFP uptake would raise that demand expectation even further,” said Parsons.",{"type":657,"attrs":80365,"content":80366},{"level":15966,"textAlign":49},[80367],{"text":80368,"type":599},"Challenges in China ",{"type":594,"attrs":80370,"content":80371},{"textAlign":49},[80372,80374,80380,80382,80386],{"text":80373,"type":599},"The deal could also go someway to filling the expected supply left by Ningxia Tianyuan Manganese Industry Group (TMI), which ",{"text":80375,"type":599,"marks":80376},"continues to encounter solvency issues",[80377],{"type":604,"attrs":80378},{"href":80379,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/bankruptcy-of-chinas-manganese-king-adds-uncertainty-to-battery-supply",{"text":80381,"type":599}," as it struggles to bring 1 million tonnes of HPMSM into the market (at 32% Mn contained). The TMI project was set to account for around 42% of total potential Chinese processing capacity, according to ",{"text":80310,"type":599,"marks":80383},[80384],{"type":604,"attrs":80385},{"href":60774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":80388,"content":80389},{"textAlign":49},[80390,80392,80397],{"text":80391,"type":599},"If the project is cancelled or not bought by another company, the manganese sulphate deficit could come two years earlier, around 2026 to 2027, ",{"text":80393,"type":599,"marks":80394},"according to Anna Fleming",[80395],{"type":604,"attrs":80396},{"href":80379,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80398,"type":599},", a consultant at Benchmark. Even if TMI does bring the volume to market it may be absorbed domestically or if Benchmark’s high-case LMFP demand forecast comes to fruition.",{"type":657,"attrs":80400,"content":80401},{"level":15966,"textAlign":49},[80402],{"text":80403,"type":599},"IRA opportunities",{"type":594,"attrs":80405,"content":80406},{"textAlign":49},[80407],{"text":80408,"type":599},"Vibrantz recently announced construction of a pilot facility to process battery grade HPMSM at its Tampico, Mexico site. The expansion is expected to increase Vibrantz’s HPMSM capacity to 45,000 metric tons per year, which is enough to power two million EVs. ",{"type":594,"attrs":80410,"content":80411},{"textAlign":49},[80412],{"text":80413,"type":599},"The buildout of North American manganese projects is likely incentivised by the credits that could be offered within Inflation Reduction Act in the US. An underlying motive of the Act is to reduce the American battery supply chain’s dependency on Foreign Entities of Concern which includes China as per 10 U.S. Code 2533c(d), according to Maximilian Court, product director, battery chemicals at Benchmark.","A new deal between Eramet and Vibrantz shows how manganese producers outside of China are looking to make inroads into the battery value chain. Leading manganese producer Eramet will supply Vibrantz with manganese ore from its Gabon mine over a 10-year period. Vibrantz manufactures manganese sulphate which is used in the production of cathode materials […]",[80416],{"slug":544,"name":543,"content":80417},{"job_title":557,"image":80418,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d59a2ffd-0f55-403a-93be-3f4fba2212f6\", \"id\": \"\"}-->",[80421,80422],{"slug":872,"name":873},{"slug":2761,"name":2762},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":80424,"copyright":547,"fieldtype":553,"meta_data":80425,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6027cacddb/bm-erametmanganese.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":80427,"uuid":80428,"name":80429,"slug":80430,"full_slug":80431,"content":80432},112470261180239,"a2687529-221f-4e5b-89ac-5d251f86c7a7","What does DRC’s election mean for copper and cobalt supply? ","what-does-drcs-election-mean-for-copper-and-cobalt-supply","article/what-does-drcs-election-mean-for-copper-and-cobalt-supply",{"_uid":80433,"date":80434,"tags":80435,"editor":80438,"content":80442,"excerpt":80657,"featured":51,"reporter":80658,"_editable":80662,"component":864,"seo_title":80429,"categories":80663,"visibility":2091,"author_company":49,"featured_image":80667,"seo_description":80657,"author_full_name":49,"author_job_title":49,"formattedDate":80670},"25425e71-2e96-47ed-8c8d-6f7ee70f9069","2023-12-20 00:00",[80436,80437],{"slug":572,"name":573},{"slug":68131,"name":68132},[80439],{"slug":544,"name":543,"content":80440},{"job_title":557,"image":80441,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":80443},[80444,80449,80454,80459,80464,80469,80474,80479,80484,80494,80501,80506,80511,80516,80521,80526,80531,80536,80541,80552,80557,80562,80582,80587,80592,80597,80602,80607,80612,80617,80622,80627,80632,80637,80642,80647,80652],{"type":594,"attrs":80445,"content":80446},{"textAlign":49},[80447],{"text":80448,"type":599},"Today marks the beginning of the Democratic Republic of Congo’s (DRC) presidential, national, regional and local elections. It is estimated that more than 40 million Congolese people, from a nation of nearly 100 million, will go to the polls to express their political wishes. The president of the DRC is elected in a single round of votes. ",{"type":594,"attrs":80450,"content":80451},{"textAlign":49},[80452],{"text":80453,"type":599},"Provisional results of the election are expected to be available on December 31, and the president is expected to be sworn in on January 20, 2024.  ",{"type":594,"attrs":80455,"content":80456},{"textAlign":49},[80457],{"text":80458,"type":599},"Current DRC President Felix Tshisekedi, who is looking to secure a second five-year presidential term faces an array of challengers. His main rivals include former ExxonMobil executive Martin Fayulu, who is widely believed to have been the legitimate winner of the 2018 vote, Moise Katumbi, the former governor of the copper-rich Katanga region, and Nobel Peace Prize laureate Denis Mukwege.",{"type":594,"attrs":80460,"content":80461},{"textAlign":49},[80462],{"text":80463,"type":599},"Global policymakers and investors active across the electric vehicle (EV) battery supply chain are closely watching the unfolding political developments, as any indications of policy continuity, a departure from the status quo, or elevated instability may have ripple effects across the critical mineral and cleantech industries, given the DRC’s mineral endowments. ",{"type":594,"attrs":80465,"content":80466},{"textAlign":49},[80467],{"text":80468,"type":599},"Additionally, the recent trend of increased resource nationalism, as the political establishment has sought to reclaim greater ownership of foreign-owned domestic assets, has highlighted political risks for international business interests in the sector.",{"type":594,"attrs":80470,"content":80471},{"textAlign":49},[80472],{"text":80473,"type":599},"Election observers caution that the risk of fraud or delay in selecting new leadership is high. Additionally, some regions may be unable to participate in the election for president, due to growing instability and armed conflict, particularly in the North Kivu province in the east of the country. A close or contested presidential result could also lead to a national crisis, like in the previous presidential election in 2018.",{"type":657,"attrs":80475,"content":80476},{"level":15966,"textAlign":49},[80477],{"text":80478,"type":599},"DRC’s mineral wealth",{"type":594,"attrs":80480,"content":80481},{"textAlign":49},[80482],{"text":80483,"type":599},"The DRC is the world’s top cobalt producer and sits on the world’s largest reserves of the element. In the DRC, cobalt is mined as a by-product of copper, and the country is tied for second place, with Peru, in terms of global copper production. ",{"type":594,"attrs":80485,"content":80486},{"textAlign":49},[80487,80488,80492],{"text":34577,"type":599},{"text":40483,"type":599,"marks":80489},[80490],{"type":604,"attrs":80491},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80493,"type":599},", the DRC will account for 76% of global cobalt mine production in 2023, with its share of global cobalt production gradually decreasing to 67% in 2028 and 66% in 2033. However, the DRC will continue to be the dominant producer, and its loss of market share over time is generally attributable to an increase in Indonesian output rather than a decline in the DRC. The cobalt-copper production is located in the Lualaba and Haut-Katanga provinces.",{"type":594,"attrs":80495,"content":80496},{"textAlign":49},[80497],{"type":1186,"attrs":80498},{"id":49,"alt":547,"src":80499,"title":49,"source":49,"copyright":49,"meta_data":80500},"https://a.storyblok.com/f/287943243085208/c5efb55fb0/bm-drc-cobalt-production-map.png",{},{"type":594,"attrs":80502,"content":80503},{"textAlign":49},[80504],{"text":80505,"type":599},"Simply put, there will be no EV industry without Congolese cobalt, something the automotive industry is beginning to come to terms with. The DRC’s pivotal role in the green transition, as well as its status as the site of a geopolitical scramble for Africa’s green minerals, warrants a closer examination of some of the key issues that could be shaped by the election outcome.",{"type":657,"attrs":80507,"content":80508},{"level":15966,"textAlign":49},[80509],{"text":80510,"type":599},"Local battery industrialisation and implementation of the DRC-Zambia agreement ",{"type":594,"attrs":80512,"content":80513},{"textAlign":49},[80514],{"text":80515,"type":599},"In the mix is DRC’s future as a piece of a potential localised central African EV battery supply chain and industrial ecosystem. A 2022 agreement between the DRC and neighbouring Zambia aims to develop a local EV battery supply chain through the use of special economic zones, starting with the production of battery precursor. One step in this direction is a recently announced cobalt-copper refinery project which will be developed by Congolese company Buenessa and which is supported by the DRC government.",{"type":594,"attrs":80517,"content":80518},{"textAlign":49},[80519],{"text":80520,"type":599},"The DRC-Zambia Battery Council oversees the implementation of the cooperation agreement, for which the African Export-Import Bank (Afreximbank) and the United Nations Economic Commission for Africa (ECA) are playing a facilitating role. ",{"type":594,"attrs":80522,"content":80523},{"textAlign":49},[80524],{"text":80525,"type":599},"This agreement reflects the DRC’s ambition to move up the EV battery supply chain from being a critical mineral producer to a potential green industrial power. The US backed a DRC-Zambia agreement through a trilateral Memorandum of Understanding (MoU) in December 2022. ",{"type":594,"attrs":80527,"content":80528},{"textAlign":49},[80529],{"text":80530,"type":599},"The outcome of the DRC elections is likely to influence the ongoing discussions between the DRC and Zambia on the location of a potential battery precursors facility, among other issues. ",{"type":594,"attrs":80532,"content":80533},{"textAlign":49},[80534],{"text":80535,"type":599},"Considering the need to source various battery minerals like manganese, nickel, and graphite from other African countries like South Africa, Madagascar, and Mozambique, broader cooperation on the continent will be crucial. How the future DRC president embraces enhanced regional cooperation will have implications for the development of this new industrial ecosystem.",{"type":657,"attrs":80537,"content":80538},{"level":15966,"textAlign":49},[80539],{"text":80540,"type":599},"Relationship with China and Congolese resource nationalism",{"type":594,"attrs":80542,"content":80543},{"textAlign":49},[80544,80546,80550],{"text":80545,"type":599},"Chinese investment and firms have played an outsize role in developing and benefitting from the DRC’s natural resources. ",{"text":40483,"type":599,"marks":80547},[80548],{"type":604,"attrs":80549},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80551,"type":599}," shows that Chinese firms currently have financial stakes in 18 of the 26 cobalt-producing assets in the DRC.",{"type":594,"attrs":80553,"content":80554},{"textAlign":49},[80555],{"text":80556,"type":599},"While the political establishment of the DRC has courted international investment to help exploit their natural resources, DRC leadership is also engaged on multiple fronts in attempting to restructure copper-cobalt mining agreements and joint ventures to capture more of the value from these activities domestically. ",{"type":594,"attrs":80558,"content":80559},{"textAlign":49},[80560],{"text":80561,"type":599},"This year, President Tshisekedi instructed his government to move ahead with talks on restructuring the $6 billion Sicomines deal, originally entered into force in 2008, to boost its domestic stake in the venture from 32 to 70%. Renegotiation attempts are not only targeting Chinese firms, however. In 2018, Glencore agreed to write off the debt of a subsidiary jointly owned along with the state-owned mining company Gécamines in order to end a dispute with the state-owned miner. ",{"type":594,"attrs":80563,"content":80564},{"textAlign":49},[80565,80567,80573,80575,80580],{"text":80566,"type":599},"At their extremes these situations can pose potentially serious ramifications for cobalt supply. In 2022, China’s CMOC was hit with export restrictions by the DRC government, which accused the company of intentionally misrepresenting the ",{"text":80568,"type":599,"marks":80569},"size of the Tenke Fungureme mine reserves",[80570],{"type":604,"attrs":80571},{"href":80572,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/congo-court-ejects-china-moly-from-tenke-cobalt-mine",{"text":80574,"type":599},", impacting the royalty payments to Gécamines, which has a 20% stake in the mine. This has led to a large build-up of stockpiled material. The dispute was resolved, and ",{"text":80576,"type":599,"marks":80577},"export restrictions were lifted",[80578],{"type":604,"attrs":80579},{"href":56298,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80581,"type":599}," in April this year.",{"type":594,"attrs":80583,"content":80584},{"textAlign":49},[80585],{"text":80586,"type":599},"This month, the Congo government extended the suspension of Eurasian Resources Group’s (ERG) Boss Mining copper-cobalt project over environmental and safety concerns. This follows a 2018 renegotiation which saw Gécamines increase its stake in Boss Mining and the state’s statement of interest in buying back copper and cobalt assets from ERG in summer 2023.",{"type":594,"attrs":80588,"content":80589},{"textAlign":49},[80590],{"text":80591,"type":599},"The next Congolese president will have to balance the need to be a reliable business partner while ensuring that foreign investment can generate local added value. ",{"type":657,"attrs":80593,"content":80594},{"level":15966,"textAlign":49},[80595],{"text":80596,"type":599},"Geopolitical involvement of the US and EU",{"type":594,"attrs":80598,"content":80599},{"textAlign":49},[80600],{"text":80601,"type":599},"The European Union (EU) and the United States have also increasingly focused on the DRC with the dual aims of securing their own cleantech supply chains and countering China’s geopolitical ambitions in the African Copperbelt. How the DRC navigates this Western geopolitical interest and whether it will benefit from it remains to be seen.",{"type":594,"attrs":80603,"content":80604},{"textAlign":49},[80605],{"text":80606,"type":599},"As part of its Global Gateway Initiative, the EU concluded a strategic partnership on sustainable raw materials value chains with the DRC last October, identifying five areas of collaboration including critical raw material supply chain integration, mobilisation of infrastructure financing, ESG due diligence and traceability, research and innovation, and building legal and regulatory capacity. The EU concluded a similar strategic partnership with Zambia.",{"type":594,"attrs":80608,"content":80609},{"textAlign":49},[80610],{"text":80611,"type":599},"Following the G20 summit in September 2023, the EU, the US, the DRC, Zambia, Angola, the African Development Bank and the Africa Finance Corporation signed a MoU to support the development of the so-called “Lobito Corridor.” ",{"type":594,"attrs":80613,"content":80614},{"textAlign":49},[80615],{"text":80616,"type":599},"This transport corridor aims to connect the DRC and Zambia to regional and global trade markets via the Port of Lobito in Angola. By doing this, the US and EU are attempting to enhance regional African cooperation to support the development of local critical raw materials supply chains and, at the same time, to meet their own demand for these minerals. ",{"type":594,"attrs":80618,"content":80619},{"textAlign":49},[80620],{"text":80621,"type":599},"Certainly, the next Congolese president will have a role to play in unlocking further investment and enabling the success of these goals. ",{"type":657,"attrs":80623,"content":80624},{"level":15966,"textAlign":49},[80625],{"text":80626,"type":599},"What’s ahead",{"type":594,"attrs":80628,"content":80629},{"textAlign":49},[80630],{"text":80631,"type":599},"Supported by the state apparatus and facing a fragmented opposition, current President Tshisekedi is believed to hold the pole position in the elections. Whether contested election results or accusations of meddling cause additional unrest in the country is a clear and present risk. ",{"type":594,"attrs":80633,"content":80634},{"textAlign":49},[80635],{"text":80636,"type":599},"The tendencies of resource nationalism from the current government may continue into the next presidency, regardless of the winner, as the government attempts to gain more control over the revenues from the copper-cobalt mining sector. ",{"type":594,"attrs":80638,"content":80639},{"textAlign":49},[80640],{"text":80641,"type":599},"Indeed this seems like it may be an enduring feature as the DRC has struggled to translate increased investment and production in these sectors into material benefits for the broader Congolese public, despite rising mineral prices fueling impressive gross domestic product growth in the country over the last several years. The process of renegotiating deals and reallocating revenue carries with it the risk of disputes and supply disruptions if the government decides to play hardball. ",{"type":594,"attrs":80643,"content":80644},{"textAlign":49},[80645],{"text":80646,"type":599},"A Tshisekedi victory may provide some degree of policy continuity for investors in the mining sector that diminishes the perceived risk of continued and future investment. However, no election outcome will change the simple fact that the world needs what the DRC has to offer. How the next Congolese president can balance pressing issues at home with international cooperation will be a critical factor in the near and long-term future of DRC’s status as a key mineral producer and, perhaps one day, a green industrial power.",{"type":657,"attrs":80648,"content":80649},{"level":15966,"textAlign":49},[80650],{"text":80651,"type":599},"Learn more about Benchmark’s cobalt services",{"type":594,"attrs":80653,"content":80654},{"textAlign":49},[80655],{"text":80656,"type":599},"Fill in the form below to learn more about Benchmark’s cobalt price assessments, cobalt market forecasts and ESG services.","Today marks the beginning of the Democratic Republic of Congo’s (DRC) presidential, national, regional and local elections. It is estimated that more than 40 million Congolese people, from a nation of nearly 100 million, will go to the polls to express their political wishes. The president of the DRC is elected in a single round […]",[80659],{"slug":544,"name":543,"content":80660},{"job_title":557,"image":80661,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"25425e71-2e96-47ed-8c8d-6f7ee70f9069\", \"id\": \"\"}-->",[80664,80665,80666],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":80668,"copyright":547,"fieldtype":553,"meta_data":80669,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6af1f07149/bm-drc-cobalt-trucks.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 20, 2023",{"id":80672,"uuid":80673,"name":80674,"slug":80675,"full_slug":80676,"content":80677},112470251345641,"7ad1ec72-d647-4c19-ad16-9836d4c92b77","Cobalt supply from Indonesia almost doubles, CMOC’s DRC output drives oversupply  – 2023 in review","cobalt-price-rout-deepens-in-2023-as-oversupply-weak-ncm-demand-looms-2023-in-review","article/cobalt-price-rout-deepens-in-2023-as-oversupply-weak-ncm-demand-looms-2023-in-review",{"_uid":80678,"date":80434,"tags":80679,"editor":80680,"content":80684,"excerpt":80908,"featured":50,"reporter":80909,"_editable":80913,"component":864,"seo_title":80674,"categories":80914,"visibility":882,"author_company":49,"featured_image":80917,"seo_description":80908,"author_full_name":49,"author_job_title":49,"formattedDate":80670},"58c47488-369e-4eee-8140-cb02a9448015",[],[80681],{"slug":544,"name":543,"content":80682},{"job_title":557,"image":80683,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":80685},[80686,80691,80702,80712,80717,80727,80732,80737,80749,80760,80767,80772,80777,80782,80793,80814,80819,80829,80834,80839,80844,80856,80861,80866,80886,80893,80903],{"type":594,"attrs":80687,"content":80688},{"textAlign":49},[80689],{"text":80690,"type":599},"Cobalt supply increased significantly in 2023, driven by China’s CMOC’s production increase at its Kisanfu mine in the Democratic Republic of Congo (DRC).  ",{"type":594,"attrs":80692,"content":80693},{"textAlign":49},[80694,80696,80701],{"text":80695,"type":599},"In April, the Chinese company and the DRC state-owned mining company Gecamines ",{"text":80697,"type":599,"marks":80698},"ended a ten-month dispute over royalty payments",[80699],{"type":604,"attrs":80700},{"href":56298,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":80703,"content":80704},{"textAlign":49},[80705,80707,80711],{"text":80706,"type":599},"The DRC is responsible for 75% of the world’s output, with global cobalt supply expected to increase 17% this year compared to 2022, according to ",{"text":40483,"type":599,"marks":80708},[80709],{"type":604,"attrs":80710},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":80713,"content":80714},{"textAlign":49},[80715],{"text":80716,"type":599},"Early in the year, China’s CMOC also revealed ambitious guidance for its Tenke Fungurume (TFM) and Kisanfu (KFM) mines in the DRC. TFM increased production and KFM began operations in the second quarter, bringing more cobalt supplies to the market when cobalt prices were already trading at low levels. ",{"type":594,"attrs":80718,"content":80719},{"textAlign":49},[80720,80722,80726],{"text":80721,"type":599},"In addition, cobalt supply from Indonesia, the world’s second largest cobalt producer, nearly doubled in 2023, according to ",{"text":40483,"type":599,"marks":80723},[80724],{"type":604,"attrs":80725},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":80728,"content":80729},{"textAlign":49},[80730],{"text":80731,"type":599},"“Obviously this increase in supply lowered prices but not as much as everyone thought. That’s because everyone knew this was coming and it had been baked into the cobalt price for quite some time,” said Spencer Ingall, analyst at Benchmark.",{"type":657,"attrs":80733,"content":80734},{"level":15966,"textAlign":49},[80735],{"text":80736,"type":599},"Cobalt prices pull back",{"type":594,"attrs":80738,"content":80739},{"textAlign":49},[80740,80742,80747],{"text":80741,"type":599},"Cobalt prices staged a steady retreat during most of 2023, as a combination of increased supply and weak ",{"text":80743,"type":599,"marks":80744},"downstream",[80745],{"type":604,"attrs":80746},{"href":73718,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80748,"type":599}," demand weighed on the market, pushing prices lower. ",{"type":594,"attrs":80750,"content":80751},{"textAlign":49},[80752,80754,80759],{"text":80753,"type":599},"Cobalt metal prices have decreased 28.9% to $32,132 per tonne so far this year, while Chinese cobalt sulphate prices have declined 40.4% to RMB 31,000 ($4,340) per tonne. Cobalt hydroxide prices are down 44.3%, currently trading at $14,881 per tonne, according to the",{"text":80755,"type":599,"marks":80756}," Benchmark Cobalt Price Assessment",[80757],{"type":604,"attrs":80758},{"href":63748,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":80761,"content":80762},{"textAlign":49},[80763],{"type":1186,"attrs":80764},{"id":49,"alt":547,"src":80765,"title":49,"source":49,"copyright":49,"meta_data":80766},"https://a.storyblok.com/f/287943243085208/46990135b5/bm-cobaltsulphateprices2023today.png",{},{"type":594,"attrs":80768,"content":80769},{"textAlign":49},[80770],{"text":80771,"type":599},"Prices of cobalt declined across all grades assessed by Benchmark in 2023, as demand growth slowed. ",{"type":594,"attrs":80773,"content":80774},{"textAlign":49},[80775],{"text":80776,"type":599},"“There has been a persistent downward trend throughout the year,” said Roman Aubry, analyst at Benchmark.",{"type":594,"attrs":80778,"content":80779},{"textAlign":49},[80780],{"text":80781,"type":599},"“Cobalt prices have fallen consistently. The main driver is the growing disparity in supply and demand, with supply continuing to increase and demand consistently failing to meet expectations.”",{"type":594,"attrs":80783,"content":80784},{"textAlign":49},[80785,80787,80791],{"text":80786,"type":599},"Cobalt metal prices slipped below the $15 per pound mark at least five times this year, according to the",{"text":80755,"type":599,"marks":80788},[80789],{"type":604,"attrs":80790},{"href":63748,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80792,"type":599},". In comparison, between January 2020 and December 2022, cobalt prices had fallen below that threshold only four times.",{"type":594,"attrs":80794,"content":80795},{"textAlign":49},[80796,80798,80804,80806,80812],{"text":80797,"type":599},"Cobalt staged brief rallies in July and November. China’s State Reserve Bureau (SRB)",{"text":80799,"type":599,"marks":80800}," bought about 5,600 tonnes of cobalt",[80801],{"type":604,"attrs":80802},{"href":80803,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-to-stockpile-cobalt-metal-after-prices-more-than-halve",{"text":80805,"type":599}," metal in July and",{"text":80807,"type":599,"marks":80808}," announced plans to buy 3,100 tonnes of cobalt metal",[80809],{"type":604,"attrs":80810},{"href":80811,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-plans-to-stockpile-cobalt-after-price-rout",{"text":80813,"type":599}," from November through to April 2024. The move led to a temporary boost in sentiment in the domestic Chinese market.",{"type":594,"attrs":80815,"content":80816},{"textAlign":49},[80817],{"text":80818,"type":599},"The SRB typically waits to restock until market prices are near or at their floor, therefore, the latest buys were widely received as bullish for near-term prices.",{"type":594,"attrs":80820,"content":80821},{"textAlign":49},[80822,80824],{"text":80823,"type":599},"Oversupply in the cobalt market is expected to continue in 2024, with demand for nickel cobalt manganese cathodes expected to remain weak. The cobalt supply surplus is expected to peak in 2024 and enter an era of deficit from 2027 onwards, according to the",{"text":80825,"type":599,"marks":80826}," Benchmark Cobalt Forecast.",[80827],{"type":604,"attrs":80828},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":80830,"content":80831},{"textAlign":49},[80832],{"text":80833,"type":599},"Prices are expected to remain under pressure in the short term, but are forecast to adjust upwards as the market moves towards a deficit.",{"type":657,"attrs":80835,"content":80836},{"level":15966,"textAlign":49},[80837],{"text":80838,"type":599},"Demand slows down, supply receives a boost",{"type":594,"attrs":80840,"content":80841},{"textAlign":49},[80842],{"text":80843,"type":599},"In 2023, battery demand did not grow as fast as some producers had anticipated. Spot demand for cobalt remained subdued for most of the year as existing inventories and long-term contracts met downstream needs. ",{"type":594,"attrs":80845,"content":80846},{"textAlign":49},[80847,80849,80854],{"text":80848,"type":599},"Even with weaker demand from the electric vehicle sector,",{"text":80850,"type":599,"marks":80851}," Benchmark is forecasting",[80852],{"type":604,"attrs":80853},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80855,"type":599}," total demand to have increased by 15% this year to just over 210,000 tonnes.",{"type":594,"attrs":80857,"content":80858},{"textAlign":49},[80859],{"text":80860,"type":599},"On the supply front, the resolution of CMOC’s dispute with Gecamines meant that its estimated 16,000 tonnes of cobalt hydroxide stockpile was ready to leave the DRC and enter the market.",{"type":594,"attrs":80862,"content":80863},{"textAlign":49},[80864],{"text":80865,"type":599},"Cobalt supply is expected to reach about 224,000 tonnes this year, and grow further to about 250,000 in 2024, according to Benchmark’s Cobalt Forecast. ",{"type":594,"attrs":80867,"content":80868},{"textAlign":49},[80869,80871,80876,80878,80884],{"text":80870,"type":599},"Cobalt output from the DRC increased by over 20% year-on-year with the vast majority of this coming from CMOC’s KFM mine, according to the",{"text":80872,"type":599,"marks":80873}," Benchmark Cobalt Forecast",[80874],{"type":604,"attrs":80875},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80877,"type":599},". CMOC had in November",{"text":80879,"type":599,"marks":80880}," provided guidance of producing",[80881],{"type":604,"attrs":80882},{"href":80883,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cobalt/cmocs-2023-cobalt-production-guidance-points-to-146-yoy-increase-benchmark-cobalt/",{"text":80885,"type":599}," 50,000 tonnes of cobalt in 2023 including output from both TFM and KFM.",{"type":594,"attrs":80887,"content":80888},{"textAlign":49},[80889],{"type":1186,"attrs":80890},{"id":49,"alt":547,"src":80891,"title":49,"source":49,"copyright":49,"meta_data":80892},"https://a.storyblok.com/f/287943243085208/3d71bb17bd/bm-cmoc-cobalt-2023.png",{},{"type":594,"attrs":80894,"content":80895},{"textAlign":49},[80896,80901],{"text":80897,"type":599,"marks":80898},"Rival Glencore",[80899],{"type":604,"attrs":80900},{"href":63729,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":80902,"type":599}," had in August said it had stockpiled cobalt in the first half of 2023, a move aimed at leveraging lower prices and lowering supplies to the market.",{"type":594,"attrs":80904,"content":80905},{"textAlign":49},[80906],{"text":80907,"type":599},"“Some producers can get around this by stockpiling cobalt. Glencore has certainly started doing this and has plans to do this over the next year. As the price gets tighter, it gets harder to make significant margins. But not everyone is able to get out as unscathed as Glencore,” said Aubry.","Cobalt supply increased significantly in 2023, driven by China’s CMOC’s production increase at its Kisanfu mine in the Democratic Republic of Congo (DRC). In April, the Chinese company and the DRC state-owned mining company Gecamines ended a ten-month dispute over royalty payments. The DRC is responsible for 75% of the world’s output, with global cobalt […]",[80910],{"slug":544,"name":543,"content":80911},{"job_title":557,"image":80912,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"58c47488-369e-4eee-8140-cb02a9448015\", \"id\": \"\"}-->",[80915,80916],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":68680,"copyright":547,"fieldtype":553,"meta_data":80918,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":80920,"uuid":80921,"name":80922,"slug":80923,"full_slug":80924,"content":80925},112470266038096,"88aa3ca7-f30a-42ae-932d-232c0678b96b","Indonesian nickel at centre of battery geopolitics – 2023 in review","indonesian-supply-ramp-up-and-weaker-cathode-demand-hits-nickel-prices-2023-in-review","article/indonesian-supply-ramp-up-and-weaker-cathode-demand-hits-nickel-prices-2023-in-review",{"_uid":80926,"date":80927,"tags":80928,"editor":80929,"content":80933,"excerpt":81099,"featured":51,"reporter":81100,"_editable":81104,"component":864,"seo_title":80922,"categories":81105,"visibility":882,"author_company":49,"featured_image":81108,"seo_description":81099,"author_full_name":49,"author_job_title":49,"formattedDate":81110},"625386f6-308b-4b20-9d28-470a63417144","2023-12-19 00:00",[],[80930],{"slug":544,"name":543,"content":80931},{"job_title":557,"image":80932,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":80934},[80935,80940,80950,80955,80960,80970,80975,80980,80985,81006,81011,81016,81021,81030,81037,81042,81053,81058,81075,81082,81087],{"type":594,"attrs":80936,"content":80937},{"textAlign":49},[80938],{"text":80939,"type":599},"Indonesian supply was central to the nickel story in 2023 as it played a pivotal role in ramping up new production and remained a point of contention in US-China relations. ",{"type":594,"attrs":80941,"content":80942},{"textAlign":49},[80943,80945,80949],{"text":80944,"type":599},"Despite nickel demand growing by 7%, largely driven by increasing battery production, the global nickel market is set to end this year in a surplus of over 200,000 tonnes according to ",{"text":32075,"type":599,"marks":80946},[80947],{"type":604,"attrs":80948},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":80951,"content":80952},{"textAlign":49},[80953],{"text":80954,"type":599},"While near-term battery demand was lower than expected its long-term trajectory, however, is set to be driven by the growth in high nickel nickel cobalt manganese (NCM) cathode demand from the electric vehicle (EV) industry, particularly in Western markets. ",{"type":594,"attrs":80956,"content":80957},{"textAlign":49},[80958],{"text":80959,"type":599},"But with North American automakers’ ambitions relying on nickel supply 2023 saw increased focus on whether Indonesian material would fit into US battery ambitions.",{"type":594,"attrs":80961,"content":80962},{"textAlign":49},[80963],{"text":80964,"type":599,"marks":80965},"Watch Benchmark analyst Spencer Ingall discuss the key nickel market trends of 2023",[80966,80969],{"type":604,"attrs":80967},{"href":80968,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/indonesias-supply-surge-nickel-market-2023-in-review",{"type":643},{"type":657,"attrs":80971,"content":80972},{"level":15966,"textAlign":49},[80973],{"text":80974,"type":599},"Will Indonesian nickel enter the US?",{"type":594,"attrs":80976,"content":80977},{"textAlign":49},[80978],{"text":80979,"type":599},"While Indonesia is expected to maintain its nickel supply dominance, the country does not have a free trade agreement with the US yet, implying its nickel is not eligible for subsidies under the Inflation Reduction Act (IRA). ",{"type":594,"attrs":80981,"content":80982},{"textAlign":49},[80983],{"text":80984,"type":599},"Automakers must source a certain percentage of critical minerals from the US or free trade agreement countries, in order to obtain a $3,750 EV tax credit under the legislation.",{"type":594,"attrs":80986,"content":80987},{"textAlign":49},[80988,80990,80996,80998,81004],{"text":80989,"type":599},"In November, Indonesia and the US agreed to ",{"text":80991,"type":599,"marks":80992},"develop a critical minerals action plan",[80993],{"type":604,"attrs":80994},{"href":80995,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-and-indonesia-pave-way-for-critical-minerals-agreement",{"text":80997,"type":599}," following talks at the White House. But this month the US proposed ",{"text":80999,"type":599,"marks":81000},"Foreign Entity of Concern rules that ",[81001],{"type":604,"attrs":81002},{"href":81003,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/nickel/proposed-ira-feoc-threshold-poses-risk-to-american-automaker-ncm-ambitions-benchmark-nickel/",{"text":81005,"type":599},"could further make it difficult for supplies from Indonesia to become IRA-compliant.",{"type":594,"attrs":81007,"content":81008},{"textAlign":49},[81009],{"text":81010,"type":599},"“Without Indonesia it will be extremely hard. The US currently does not have enough supply coming from its free trade partners to make up for its demand,” said Spencer Ingall, a Benchmark nickel analyst.",{"type":657,"attrs":81012,"content":81013},{"level":15966,"textAlign":49},[81014],{"text":81015,"type":599},"Indonesian supply ramp up",{"type":594,"attrs":81017,"content":81018},{"textAlign":49},[81019],{"text":81020,"type":599},"The bulk of the supply growth this year came in from nickel pig iron (NPI) producers in Indonesia, which cater largely to the stainless steel market, which supplied an additional 230,000 tonnes of nickel to the market, compared to last year. In contrast, mixed hydroxide precipitate (MHP) and nickel matte operations supplied over 170,000 tonnes.",{"type":594,"attrs":81022,"content":81023},{"textAlign":49},[81024,81025,81029],{"text":78278,"type":599},{"text":37427,"type":599,"marks":81026},[81027],{"type":604,"attrs":81028},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":81031,"content":81032},{"textAlign":49},[81033],{"type":1186,"attrs":81034},{"id":49,"alt":547,"src":81035,"title":49,"source":49,"copyright":49,"meta_data":81036},"https://a.storyblok.com/f/287943243085208/f0ebef83af/bm-indoensia-nickel-supply-chart.png",{},{"type":594,"attrs":81038,"content":81039},{"textAlign":49},[81040],{"text":81041,"type":599},"“The oversupply is going to continue. So it doesn’t look like there’s going to be much room for positive movement in a pricing sense,” said Ingall, adding that Indonesia has shown capabilities to add new capacity at a swift pace.",{"type":594,"attrs":81043,"content":81044},{"textAlign":49},[81045,81047,81051],{"text":81046,"type":599},"In 2024, the market is expected to reach a surplus of around 260,000 tonnes, as more high-pressure acid leaching and new NPI and ferronickel operations come into the market, according to the ",{"text":37427,"type":599,"marks":81048},[81049],{"type":604,"attrs":81050},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81052,"type":599},". The nickel market is forecast to enter an era of deficit from 2029 onwards.",{"type":657,"attrs":81054,"content":81055},{"level":15966,"textAlign":49},[81056],{"text":81057,"type":599},"Demand growth slowdown and price falls",{"type":594,"attrs":81059,"content":81060},{"textAlign":49},[81061,81063,81067,81069,81074],{"text":81062,"type":599},"Chinese ",{"text":78165,"type":599,"marks":81064},[81065],{"type":604,"attrs":81066},{"href":73059,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81068,"type":599}," fell to their lowest levels since August 2020 to RMB 25,500 ($3,605) per tonne on December 15, recording a decline of 35.4% on a year-to-date basis, according to ",{"text":81070,"type":599,"marks":81071},"Benchmark’s Nickel Price Assessment",[81072],{"type":604,"attrs":81073},{"href":62541,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":81076,"content":81077},{"textAlign":49},[81078],{"type":1186,"attrs":81079},{"id":49,"alt":547,"src":81080,"title":49,"source":49,"copyright":49,"meta_data":81081},"https://a.storyblok.com/f/287943243085208/443154e97e/bm-lme-nickel-and-china-nickel-sulphate-divergence.png",{},{"type":594,"attrs":81083,"content":81084},{"textAlign":49},[81085],{"text":81086,"type":599},"A surplus in the nickel market coincided with battery demand not growing as fast as expected, in part due to a slowdown in the growth of EV sales in China, the world’s largest market. ",{"type":594,"attrs":81088,"content":81089},{"textAlign":49},[81090,81092,81097],{"text":81091,"type":599},"Higher interest rates have also weakened demand in the US and Europe. ",{"text":81093,"type":599,"marks":81094},"Benchmark now forecasts",[81095],{"type":604,"attrs":81096},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81098,"type":599}," that nickel demand will reach 3.1 million tonnes this year, a slight downgrade from last quarter’s expectations.","Indonesian supply was central to the nickel story in 2023 as it played a pivotal role in ramping up new production and remained a point of contention in US-China relations. Despite nickel demand growing by 7%, largely driven by increasing battery production, the global nickel market is set to end this year in a surplus […]",[81101],{"slug":544,"name":543,"content":81102},{"job_title":557,"image":81103,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"625386f6-308b-4b20-9d28-470a63417144\", \"id\": \"\"}-->",[81106,81107],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":14396,"copyright":547,"fieldtype":553,"meta_data":81109,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Dec 19, 2023",{"id":81112,"uuid":81113,"name":81114,"slug":81115,"full_slug":81116,"content":81117},112470280296275,"63c28cb9-4c7b-4597-b425-35feb4177695","Lithium hydroxide prices fall below RMB 100,000 a tonne as producers offer discounts","lithium-hydroxide-prices-fall-below-rmb-100000-a-tonne-as-producers-offer-discounts","article/lithium-hydroxide-prices-fall-below-rmb-100000-a-tonne-as-producers-offer-discounts",{"_uid":81118,"date":81119,"tags":81120,"editor":81122,"content":81126,"excerpt":81262,"featured":51,"reporter":81263,"_editable":81267,"component":864,"seo_title":81114,"categories":81268,"visibility":882,"author_company":49,"featured_image":81271,"seo_description":81262,"author_full_name":49,"author_job_title":49,"formattedDate":81273},"7d56da16-1bc1-4faa-8024-7b121b3ef627","2023-12-14 00:00",[81121],{"slug":913,"name":914},[81123],{"slug":544,"name":543,"content":81124},{"job_title":557,"image":81125,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":81127},[81128,81138,81143,81155,81160,81165,81170,81175,81180,81185,81190,81200,81210,81215,81220,81230,81235,81242,81247,81252,81257],{"type":594,"attrs":81129,"content":81130},{"textAlign":49},[81131,81133,81137],{"text":81132,"type":599},"Lithium hydroxide prices in China saw transactions priced below the RMB 100,000 per tonne ($13,900) mark for the first time in 2023, according to the latest ",{"text":51393,"type":599,"marks":81134},[81135],{"type":604,"attrs":81136},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":81139,"content":81140},{"textAlign":49},[81141],{"text":81142,"type":599},"Ongoing sluggish demand has continued to put pressure on lithium hydroxide prices, which have declined around 17% since the start of the month to between RMB 97,000 and 105,000 a tonne. Year-to-date prices have fallen by 77%. ",{"type":594,"attrs":81144,"content":81145},{"textAlign":49},[81146,81148,81153],{"text":81147,"type":599},"The growth in sales of ",{"text":81149,"type":599,"marks":81150},"electric vehicles in China",[81151],{"type":604,"attrs":81152},{"href":73718,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81154,"type":599}," has slowed this year, while at the same time demand for more powerful nickel cobalt manganese (NCM) batteries, which typically use lithium hydroxide, has also weakened. ",{"type":594,"attrs":81156,"content":81157},{"textAlign":49},[81158],{"text":81159,"type":599},"Battery cell production in China rose by 13.4% in November compared to the previous month, to reach 87.7 gigawatt-hours, yet lithium iron phosphate (LFP) batteries accounted for 59.8 GWh of the total. ",{"type":594,"attrs":81161,"content":81162},{"textAlign":49},[81163],{"text":81164,"type":599},"“Sentiment surrounding lithium hydroxide demand has been particularly bearish,” Daisy Jennings-Gray, senior analyst at Benchmark, said. “Whilst lithium iron phosphate (LFP) demand has seen some support this year from energy storage systems applications, high energy NCM cell manufacturers have cut back production rates.”",{"type":594,"attrs":81166,"content":81167},{"textAlign":49},[81168],{"text":81169,"type":599},"While lithium hydroxide trades at a discount to lithium carbonate in China, in Asia hydroxide is at a small premium $100/tonne, due to the typically stronger demand for hydroxide from high nickel NCM cathode producers in South Korea and Japan.",{"type":594,"attrs":81171,"content":81172},{"textAlign":49},[81173],{"text":81174,"type":599},"Still, some cathode manufacturers in Japan and South Korea have also looked to limit raw material procurement given that sufficient lithium hydroxide volumes are delivered under long term contracts. ",{"type":594,"attrs":81176,"content":81177},{"textAlign":49},[81178],{"text":81179,"type":599},"To secure buyer interest for new contracts, sellers have reportedly been offering significant discounts to prevailing spot market prices, while existing contracts have been readjusted downwards. ",{"type":594,"attrs":81181,"content":81182},{"textAlign":49},[81183],{"text":81184,"type":599},"“Buyers continue to seek discounts on contracted material, which at the moment producers are willing to offer in a bid to shift volume before the end of the year, to close off calendar-year financial targets,” Jennings-Gray said. ",{"type":657,"attrs":81186,"content":81187},{"level":15966,"textAlign":49},[81188],{"text":81189,"type":599},"Spodumene prices ",{"type":594,"attrs":81191,"content":81192},{"textAlign":49},[81193,81195,81199],{"text":81194,"type":599},"Following the trend seen in the lithium chemicals market, spodumene prices continued to fall in the past two weeks, currently sitting at $1,300 per tonne, according to ",{"text":2210,"type":599,"marks":81196},[81197],{"type":604,"attrs":81198},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":81201,"content":81202},{"textAlign":49},[81203,81205,81209],{"text":81204,"type":599},"“This coupled with the recent trend of shortening quotation periods in spodumene concentrate contract mechanisms have further weighed on prices,” according to ",{"text":2210,"type":599,"marks":81206},[81207],{"type":604,"attrs":81208},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":81211,"content":81212},{"textAlign":49},[81213],{"text":81214,"type":599},"The low price environment is impacting non-integrated converters, which struggle the most during sharp declines in spot market pricing.",{"type":594,"attrs":81216,"content":81217},{"textAlign":49},[81218],{"text":81219,"type":599},"“That’s because they often pay for material on a lagged basis – so by the time their feedstock arrives, they paid last month’s price for it, and by the time they can sell it, the price for their refined goods has declined further and profits are either squeezed or turned negative,” Jennings-Gray said. ",{"type":594,"attrs":81221,"content":81222},{"textAlign":49},[81223,81228],{"text":81224,"type":599,"marks":81225},"Mechanisms for pricing contracts",[81226],{"type":604,"attrs":81227},{"href":24753,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81229,"type":599}," have been shifting this year, with converters looking to pay for spodumene based on the price when the material arrives in China rather than when it left Australia. ",{"type":594,"attrs":81231,"content":81232},{"textAlign":49},[81233],{"text":81234,"type":599},"“(They do this) to account for the sharp decline in chemicals spot pricing that continues whilst the shipments are out for delivery,” Jennings-Gray said. ",{"type":594,"attrs":81236,"content":81237},{"textAlign":49},[81238],{"type":1186,"attrs":81239},{"id":49,"alt":547,"src":81240,"title":49,"source":49,"copyright":49,"meta_data":81241},"https://a.storyblok.com/f/287943243085208/74769afe8b/bm-lithium-and-spodumene-prices-2023-1.png",{},{"type":657,"attrs":81243,"content":81244},{"level":15966,"textAlign":49},[81245],{"text":81246,"type":599},"Lithium carbonate remains under pressure",{"type":594,"attrs":81248,"content":81249},{"textAlign":49},[81250],{"text":81251,"type":599},"Lithium carbonate prices also continued their downward spiral in December, with spot prices for battery-grade lithium carbonate prices in China falling to an average of RMB 108,500 per tonne ($15,075).",{"type":594,"attrs":81253,"content":81254},{"textAlign":49},[81255],{"text":81256,"type":599},"Despite robust monthly growth in EV sales figures in China throughout November, larger volume buyers of carbonate supplying EV end markets remained cautious about purchasing material, citing continued pessimism towards lithium chemicals prices in the near term, according to Benchmark.",{"type":594,"attrs":81258,"content":81259},{"textAlign":49},[81260],{"text":81261,"type":599},"This could potentially drive an uptick in pricing in the first or second quarter next year, however, depending on whether higher cost producers in China can afford to continue to operate with negative margins, or whether a supply-side response to the low price environment sees availability restricted.","Lithium hydroxide prices in China saw transactions priced below the RMB 100,000 per tonne ($13,900) mark for the first time in 2023, according to the latest Benchmark Lithium Price Assessment. Ongoing sluggish demand has continued to put pressure on lithium hydroxide prices, which have declined around 17% since the start of the month to between […]",[81264],{"slug":544,"name":543,"content":81265},{"job_title":557,"image":81266,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7d56da16-1bc1-4faa-8024-7b121b3ef627\", \"id\": \"\"}-->",[81269,81270],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":36576,"copyright":547,"fieldtype":553,"meta_data":81272,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Dec 14, 2023",{"id":81275,"uuid":81276,"name":81277,"slug":81278,"full_slug":81279,"content":81280},112470275589970,"b18a782e-8f69-4b25-9ca0-1db74b745688","Battery gigafactory investment slows as number of new plants falls to lowest level since 2019","battery-gigafactory-investment-slows-as-number-of-new-plants-falls-to-lowest-level-since-2019","article/battery-gigafactory-investment-slows-as-number-of-new-plants-falls-to-lowest-level-since-2019",{"_uid":81281,"date":81119,"tags":81282,"editor":81284,"content":81288,"excerpt":81458,"featured":51,"reporter":81459,"_editable":81463,"component":864,"seo_title":81277,"categories":81464,"visibility":882,"author_company":49,"data_vis_image":81467,"featured_image":81469,"seo_description":81458,"author_full_name":49,"author_job_title":49,"formattedDate":81273},"2afb05bc-da4b-4d36-8a0d-f88e130f97d9",[81283],{"slug":578,"name":579},[81285],{"slug":544,"name":543,"content":81286},{"job_title":557,"image":81287,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":81289},[81290,81302,81312,81317,81322,81327,81340,81352,81357,81362,81370,81375,81397,81402,81415,81427,81432,81437,81442,81447],{"type":594,"attrs":81291,"content":81292},{"textAlign":49},[81293,81295,81300],{"text":81294,"type":599},"The number of planned battery ",{"text":4811,"type":599,"marks":81296},[81297],{"type":604,"attrs":81298},{"href":81299,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/where-are-the-worlds-gigafactories",{"text":81301,"type":599}," announced globally this year fell to the lowest level since 2019, as investment in the sector cools following a rapid buildout over the past two years. ",{"type":594,"attrs":81303,"content":81304},{"textAlign":49},[81305,81307,81311],{"text":81306,"type":599},"Only 47 new planned plants were added to the pipeline this year, representing around 1.5 terawatt hours (TWh) of production capacity, according to ",{"text":41013,"type":599,"marks":81308},[81309],{"type":604,"attrs":81310},{"href":59828,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":81313,"content":81314},{"textAlign":49},[81315],{"text":81316,"type":599},"This is half of the 3 TWh increase in pipeline capacity added last year across 102 additional gigafactories.",{"type":594,"attrs":81318,"content":81319},{"textAlign":49},[81320],{"text":81321,"type":599},"The numbers reflect a slowdown of investment in China after a period of rapid growth, as both existing and new battery companies expanded production capacity, driven by rising electric vehicle (EV) sales and continued government support.  ",{"type":594,"attrs":81323,"content":81324},{"textAlign":49},[81325],{"text":81326,"type":599},"China now has a potential oversupply of lithium ion battery capacity out to the end of this decade, with more planned production than domestic demand.  ",{"type":594,"attrs":81328,"content":81329},{"textAlign":49},[81330,81332,81338],{"text":81331,"type":599},"At the same time a multitude of ",{"text":81333,"type":599,"marks":81334},"setbacks has hit existing gigafactory plans",[81335],{"type":604,"attrs":81336},{"href":81337,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/battery-producers-cut-back-on-investments-as-ev-growth-rate-slows",{"text":81339,"type":599}," in the West, where producers are less experienced at building plants.",{"type":594,"attrs":81341,"content":81342},{"textAlign":49},[81343,81345,81350],{"text":81344,"type":599},"“With a lot of Western battery projects planned by market entrants and startups, there has been significant technological and financial challenges causing projects to slow in their progress, or be ",{"text":81346,"type":599,"marks":81347},"outright cancelled",[81348],{"type":604,"attrs":81349},{"href":65701,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81351,"type":599},",” Evan Hartley, an analyst at Benchmark, said.",{"type":594,"attrs":81353,"content":81354},{"textAlign":49},[81355],{"text":81356,"type":599},"The lower growth seen this year is partially also a consequence of the strong growth seen in the previous two years.",{"type":594,"attrs":81358,"content":81359},{"textAlign":49},[81360],{"text":81361,"type":599},"“The huge growth in planned factories across 2021 and 2022 means that a lot of companies are expending significant resources ramping up and operating these projects, which likely leads to less focus on new facilities,” Hartley said.",{"type":594,"attrs":81363,"content":81364},{"textAlign":49},[81365],{"type":1186,"attrs":81366},{"id":49,"alt":81367,"src":81368,"title":49,"source":49,"copyright":49,"meta_data":81369},"New gigafactory additions slow to lowest number since 2019","https://a.storyblok.com/f/287943243085208/95ac2cd2f6/bm-increase-in-gigafactories.png",{},{"type":657,"attrs":81371,"content":81372},{"level":15966,"textAlign":49},[81373],{"text":81374,"type":599},"Overcapacity in China ",{"type":594,"attrs":81376,"content":81377},{"textAlign":49},[81378,81383,81385,81390,81392,81396],{"text":914,"type":599,"marks":81379},[81380],{"type":604,"attrs":81381},{"href":81382,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/five-provinces-account-for-over-half-of-chinas-2030-gigafactory-pipeline-capacity",{"text":81384,"type":599}," is set to produce ",{"text":81386,"type":599,"marks":81387},"949 gigawatt hours (GWh) of lithium ion batteries this year",[81388],{"type":604,"attrs":81389},{"href":78732,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81391,"type":599},", accounting for 82% of global production, according to ",{"text":70211,"type":599,"marks":81393},[81394],{"type":604,"attrs":81395},{"href":65549,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":81398,"content":81399},{"textAlign":49},[81400],{"text":81401,"type":599},"This is significantly higher than the 530 GWh of demand for batteries in China. The country’s surplus production is more than one and half times bigger than the combined deficit of the rest of the world.",{"type":594,"attrs":81403,"content":81404},{"textAlign":49},[81405,81407,81413],{"text":81406,"type":599},"“A considerable slowdown in Chinese domestic investments has occurred, due to the ",{"text":81408,"type":599,"marks":81409},"oversupply of cells currently present in the market",[81410],{"type":604,"attrs":81411},{"href":81412,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/over-400-gigafactories-in-2030-pipeline-but-overcapacity-fears-loom",{"text":81414,"type":599},",” Hartley said.",{"type":594,"attrs":81416,"content":81417},{"textAlign":49},[81418,81420,81425],{"text":81419,"type":599},"Analysis by the new ",{"text":81421,"type":599,"marks":81422},"Benchmark Verified service",[81423],{"type":604,"attrs":81424},{"href":78485,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81426,"type":599}," of satellite data shows that many of the announced projects in China have failed to come to fruition despite the lack of any official announcements confirming their cancellations.",{"type":657,"attrs":81428,"content":81429},{"level":15966,"textAlign":49},[81430],{"text":81431,"type":599},"Slowing EV sales growth",{"type":594,"attrs":81433,"content":81434},{"textAlign":49},[81435],{"text":81436,"type":599},"Globally, EV sales grew 31% so far this year, compared to 60% last year and a doubling the year before.",{"type":594,"attrs":81438,"content":81439},{"textAlign":49},[81440],{"text":81441,"type":599},"The bearish EV market is impacting cell makers globally, weakening appetite for new cell production projects.",{"type":594,"attrs":81443,"content":81444},{"textAlign":49},[81445],{"text":81446,"type":599},"“This phenomenon isn’t just limited to the start ups, with larger Tier 1 firms also feeling the crunch from weaker than expected EV demand, and navigating an immature battery market,” Hartley said.",{"type":594,"attrs":81448,"content":81449},{"textAlign":49},[81450,81451,81456],{"text":31791,"type":599},{"text":4613,"type":599,"marks":81452},[81453],{"type":604,"attrs":81454},{"href":81455,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/three-quarters-of-north-american-gigafactory-2030-pipeline-capacity-associated-with-automakers",{"text":81457,"type":599},", LG Energy Solution, and Turkish industrial conglomerate Koç Holding cancelled their joint venture plan to build a 30 GWh gigafactory in Turkey. They cited slowing EV demand in Europe as one of the factors influencing the decision.","The number of planned battery gigafactories announced globally this year fell to the lowest level since 2019, as investment in the sector cools following a rapid buildout over the past two years. Only 47 new planned plants were added to the pipeline this year, representing around 1.5 terawatt hours (TWh) of production capacity, according to […]",[81460],{"slug":544,"name":543,"content":81461},{"job_title":557,"image":81462,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2afb05bc-da4b-4d36-8a0d-f88e130f97d9\", \"id\": \"\"}-->",[81465,81466],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":81367,"name":547,"focus":547,"title":81367,"source":547,"filename":81368,"copyright":547,"fieldtype":553,"meta_data":81468,"is_external_url":51},{"alt":81367,"title":81367,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":81470,"copyright":547,"fieldtype":553,"meta_data":81471,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c4ab44146a/bm-hidden-gigafactory-vietnam-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":81473,"uuid":81474,"name":81475,"slug":81476,"full_slug":81477,"content":81478},112470290261845,"d847f7e6-6134-4048-8b1a-d36230088800","How methodological choices impact LCA results: the case of nickel","how-methodological-choices-impact-lca-results-the-case-of-nickel","article/how-methodological-choices-impact-lca-results-the-case-of-nickel",{"_uid":81479,"date":81480,"tags":81481,"editor":81483,"content":81487,"excerpt":81623,"featured":50,"reporter":81624,"_editable":81628,"component":864,"seo_title":81475,"categories":81629,"visibility":882,"author_company":49,"featured_image":81632,"seo_description":81623,"author_full_name":49,"author_job_title":49,"formattedDate":81635},"1a19a440-4da8-43f3-9978-a0e090f373b3","2023-12-13 00:00",[81482],{"slug":23760,"name":23761},[81484],{"slug":544,"name":543,"content":81485},{"job_title":557,"image":81486,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":81488},[81489,81500,81505,81510,81515,81520,81525,81530,81535,81540,81545,81556,81561,81566,81573,81578,81583,81588,81593,81598,81603,81608,81613,81618],{"type":594,"attrs":81490,"content":81491},{"textAlign":49},[81492,81498],{"text":81493,"type":599,"marks":81494},"Life Cycle Assessments",[81495],{"type":604,"attrs":81496},{"href":81497,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg/lca/",{"text":81499,"type":599}," consider a broad range of environmental impact categories, yet the calculation of impacts across categories relies on methodological choices.",{"type":594,"attrs":81501,"content":81502},{"textAlign":49},[81503],{"text":81504,"type":599},"Industry guidelines serve as an indispensable framework for conducting LCAs and are crucial to enable comparability between different assessments. A lack of standardised rules may lead to LCA practitioners adopting different methodologies and thus hinder LCAs’ strive to be as consistent as possible. ",{"type":594,"attrs":81506,"content":81507},{"textAlign":49},[81508],{"text":81509,"type":599},"Importantly, however, assumptions and methodologies used should always be scrutinised.",{"type":594,"attrs":81511,"content":81512},{"textAlign":49},[81513],{"text":81514,"type":599},"The Nickel Institute has been particularly proactive in developing such guidelines, and other industries or commodity sectors are catching up with this. This trend towards establishing comprehensive industry guidelines signifies a broader commitment to enhancing the reliability and uniformity of LCAs in diverse sectors.",{"type":657,"attrs":81516,"content":81517},{"level":15966,"textAlign":49},[81518],{"text":81519,"type":599},"Nickel mining impacts",{"type":594,"attrs":81521,"content":81522},{"textAlign":49},[81523],{"text":81524,"type":599},"Metals and mining processes account for 8-10% of global greenhouse gas emissions. Nickel is responsible for 0.27% of global emissions, according to the Nickel Institute, and is the most carbon-intensive component of a nickel cobalt manganese (NCM) lithium ion battery. ",{"type":594,"attrs":81526,"content":81527},{"textAlign":49},[81528],{"text":81529,"type":599},"Impact categories include but are not limited to Global Warming Potential (GWP), water consumption, freshwater eutrophication, fine particulate matter formation, energy demand and human non-carcinogenic toxicity.",{"type":594,"attrs":81531,"content":81532},{"textAlign":49},[81533],{"text":81534,"type":599},"GWP accounts for the gases that contribute to the greenhouse gas effect, which is why it is also called “Greenhouse gases and carbon dioxide equivalents.” Freshwater eutrophication arises from the release of nutrients into the soil or freshwater bodies, leading to an increase in nutrient levels, such as phosphorus and nitrogen. ",{"type":594,"attrs":81536,"content":81537},{"textAlign":49},[81538],{"text":81539,"type":599},"Fine particulate matter formation represents a blend of organic and inorganic substances, which can cause harm for human health.",{"type":594,"attrs":81541,"content":81542},{"textAlign":49},[81543],{"text":81544,"type":599},"Different production routes and technologies used to produce nickel result in different environmental profiles. For example, the location of production, the specific technology used, and the type of ore processed play a significant role in shaping this profile. ",{"type":594,"attrs":81546,"content":81547},{"textAlign":49},[81548,81549,81554],{"text":25616,"type":599},{"text":81550,"type":599,"marks":81551},"Global Nickel LCA",[81552],{"type":604,"attrs":81553},{"href":76974,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81555,"type":599}," reveals that GWP of the dominant nickel production methods are associated with high energy demand. The range of impact is influenced by various variables, including ore type (sulfide or oxide), location, and the technology employed.",{"type":657,"attrs":81557,"content":81558},{"level":15966,"textAlign":49},[81559],{"text":81560,"type":599},"Factors affecting LCA choices",{"type":594,"attrs":81562,"content":81563},{"textAlign":49},[81564],{"text":81565,"type":599},"The choices made by LCA practitioners are important to consider as they can have substantial impacts on the results.",{"type":594,"attrs":81567,"content":81568},{"textAlign":49},[81569],{"type":1186,"attrs":81570},{"id":49,"alt":547,"src":81571,"title":49,"source":49,"copyright":49,"meta_data":81572},"https://a.storyblok.com/f/287943243085208/66a78fdb1f/bm-system-boundary-diagram-13110172cf76.png",{},{"type":657,"attrs":81574,"content":81575},{"level":15966,"textAlign":49},[81576],{"text":81577,"type":599},"System boundaries ",{"type":594,"attrs":81579,"content":81580},{"textAlign":49},[81581],{"text":81582,"type":599},"The LCA system boundaries (i.e. life cycle stages and processes included in the calculation) affect the results of LCAs. For nickel production, it encompasses mining (both open pit and underground), ore preparation (for lateritic ores) and beneficiation (for sulphidic ores), primary extraction, and metal refining. Complementary processes like the transportation of raw materials, electricity generation (both on-site and off-site), and wastewater treatment and waste processing are also included.",{"type":657,"attrs":81584,"content":81585},{"level":15966,"textAlign":49},[81586],{"text":81587,"type":599},"System expansion",{"type":594,"attrs":81589,"content":81590},{"textAlign":49},[81591],{"text":81592,"type":599},"Production in the metal and mining industry benefits from adopting system expansion in LCAs, which considers the environmental benefits of producing by-products and treats them as the emissions theoretically avoided from manufacturing the same products via alternative production routes. They are often called “environmental credits.” In the case of nickel, it is used for non-metallic by-products, such as sulphuric acid.",{"type":657,"attrs":81594,"content":81595},{"level":15966,"textAlign":49},[81596],{"text":81597,"type":599},"Allocation methods",{"type":594,"attrs":81599,"content":81600},{"textAlign":49},[81601],{"text":81602,"type":599},"Allocation is arguably the most discussed topic amongst LCA practitioners, as a change in allocation factor can induce different LCA results and conclusions. ISO 14044 recommends to avoid allocation wherever possible, and suggests to use system expansion instead. ",{"type":594,"attrs":81604,"content":81605},{"textAlign":49},[81606],{"text":81607,"type":599},"When allocation is required, ISO 14044 advises to allocate inputs and outputs in a way that reflects physical or economic relationships. Besides, allocation methods also vary based on the type of base and precious metals being produced and whether they occur together in the same deposit. Amongst the by-products associated with nickel production, the best approaches as defined by the Nickel Institute are:",{"type":657,"attrs":81609,"content":81610},{"level":15966,"textAlign":49},[81611],{"text":81612,"type":599},"Harmonising LCA Methodologies ",{"type":594,"attrs":81614,"content":81615},{"textAlign":49},[81616],{"text":81617,"type":599},"The Nickel Institute has provided guidelines to harmonise LCA methodologies to enhance comparability. It recommended that system boundaries include end-of-life disposal and recycling, the use of avoided burden methodology (also referred to as the end-of-life method) for recycling allocation, which prevents double-counting of products recycled or reused, and determining co-product allocation based on the type of co-products. ",{"type":594,"attrs":81619,"content":81620},{"textAlign":49},[81621],{"text":81622,"type":599},"For a more complete view of the environmental impact of a product, its entire life cycle should be included to account for the benefits of its recyclability.","Life Cycle Assessments consider a broad range of environmental impact categories, yet the calculation of impacts across categories relies on methodological choices. Industry guidelines serve as an indispensable framework for conducting LCAs and are crucial to enable comparability between different assessments. A lack of standardised rules may lead to LCA practitioners adopting different methodologies and […]",[81625],{"slug":544,"name":543,"content":81626},{"job_title":557,"image":81627,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1a19a440-4da8-43f3-9978-a0e090f373b3\", \"id\": \"\"}-->",[81630,81631],{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":81633,"copyright":547,"fieldtype":553,"meta_data":81634,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/007a7be606/bm-nickel-indonesia-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 13, 2023",{"id":81637,"uuid":81638,"name":81639,"slug":81640,"full_slug":81641,"content":81642},112470300698455,"e6423570-8629-4c00-af4d-48afb7dea35b","Hard carbon anode production needs to scale to meet sodium ion battery ambitions","hard-carbon-anode-production-needs-to-scale-to-meet-sodium-ion-battery-ambitions","article/hard-carbon-anode-production-needs-to-scale-to-meet-sodium-ion-battery-ambitions",{"_uid":81643,"date":81644,"tags":81645,"editor":81649,"content":81653,"excerpt":81781,"featured":51,"reporter":81782,"_editable":81786,"component":864,"seo_title":81639,"categories":81787,"visibility":882,"author_company":49,"featured_image":81791,"seo_description":81781,"author_full_name":49,"author_job_title":49,"formattedDate":81793},"f4aded07-8e71-4056-b0bb-a54b342b82a5","2023-12-12 00:00",[81646,81647,81648],{"slug":913,"name":914},{"slug":6777,"name":6778},{"slug":20649,"name":20650},[81650],{"slug":544,"name":543,"content":81651},{"job_title":557,"image":81652,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":81654},[81655,81664,81669,81674,81684,81689,81696,81701,81706,81711,81716,81721,81726,81731,81736,81741,81746,81751,81756,81761,81766,81771,81776],{"type":594,"attrs":81656,"content":81657},{"textAlign":49},[81658,81662],{"text":6778,"type":599,"marks":81659},[81660],{"type":604,"attrs":81661},{"href":74676,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81663,"type":599}," battery production is set to accelerate as some automakers look to capitalise on the potentially lower costs compared to lithium ion batteries.",{"type":594,"attrs":81665,"content":81666},{"textAlign":49},[81667],{"text":81668,"type":599},"While lithium ion batteries use graphite anode materials, sodium ion batteries require hard carbon anodes instead. ",{"type":594,"attrs":81670,"content":81671},{"textAlign":49},[81672],{"text":81673,"type":599},"But announcements for the production of such anodes are lagging behind those of sodium ion battery cell production. ",{"type":594,"attrs":81675,"content":81676},{"textAlign":49},[81677,81682],{"text":81678,"type":599,"marks":81679},"Benchmark data forecasts",[81680],{"type":604,"attrs":81681},{"href":74676,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81683,"type":599}," that even the high case for 2025 production of hard carbon anodes is just a third of what is needed to match the expected production of sodium ion cells.",{"type":594,"attrs":81685,"content":81686},{"textAlign":49},[81687],{"text":81688,"type":599},"“Until you start seeing those hard carbon announcements, then that’s the limiting factor for the sodium ion battery industry,” Rory McNulty, senior analyst at Benchmark, said.",{"type":594,"attrs":81690,"content":81691},{"textAlign":49},[81692],{"type":1186,"attrs":81693},{"id":49,"alt":547,"src":81694,"title":49,"source":49,"copyright":49,"meta_data":81695},"https://a.storyblok.com/f/287943243085208/3dff62c08f/bm-image-48.png",{},{"type":657,"attrs":81697,"content":81698},{"level":15966,"textAlign":49},[81699],{"text":81700,"type":599},"What is hard carbon?",{"type":594,"attrs":81702,"content":81703},{"textAlign":49},[81704],{"text":81705,"type":599},"Where graphite has a layered structure in which lithium ions intercalate, hard carbon has a less well defined structure. Sodium ions then adsorb onto the surface and pores of the hard carbon during charging.",{"type":594,"attrs":81707,"content":81708},{"textAlign":49},[81709],{"text":81710,"type":599},"This less structured material has a higher volume than graphite, leading to a lower volumetric energy density. This is one of the factors that give sodium ion batteries a lower capacity than an equivalently-sized lithium ion battery.",{"type":594,"attrs":81712,"content":81713},{"textAlign":49},[81714],{"text":81715,"type":599},"Hard carbon can be made through the pyrolysis of abundant biomass sources such as coconut shells and sugars or phenolic resins. These sources are widely spread geographically, Brigita Darminto, senior analyst at Benchmark, said.",{"type":594,"attrs":81717,"content":81718},{"textAlign":49},[81719],{"text":81720,"type":599},"Typically the feedstock material is low cost and is often a by- or waste-product of the agricultural, food, textile or manufacturing industries. Compared to graphite anode production, however, more tonnage of feedstock material is typically required to make one tonne of anode.",{"type":594,"attrs":81722,"content":81723},{"textAlign":49},[81724],{"text":81725,"type":599},"Since the cost of feedstock material is low, in the long run with economies of scale, the total cost of hard carbon anodes production is expected to be comparable or even lower than that of graphite anodes, according to Benchmark.",{"type":657,"attrs":81727,"content":81728},{"level":15966,"textAlign":49},[81729],{"text":81730,"type":599},"Chinese production accelerates ",{"type":594,"attrs":81732,"content":81733},{"textAlign":49},[81734],{"text":81735,"type":599},"Despite the widespread availability of biomass feedstock material, 90% of hard carbon anode production capacity for 2023 is located in China.",{"type":594,"attrs":81737,"content":81738},{"textAlign":49},[81739],{"text":81740,"type":599},"The top five graphite anode producers are all based in China. Each also has plans in the hard carbon anode space. BTR, the world’s largest producer of graphite anodes for the lithium ion battery industry, has a range of hard carbon products targeting sodium ion batteries for the two- and three-wheeler markets as well as energy storage.",{"type":594,"attrs":81742,"content":81743},{"textAlign":49},[81744],{"text":81745,"type":599},"The 2030 pipeline capacity for hard carbon anode production from Chinese incumbents has surpassed 14,000 tonnes.",{"type":594,"attrs":81747,"content":81748},{"textAlign":49},[81749],{"text":81750,"type":599},"Some non-Chinese players plan to enter the market over the next decade, but China’s control of the market will remain strong with 86% of the 2030 pipeline capacity for hard carbon anodes being located in the country.",{"type":594,"attrs":81752,"content":81753},{"textAlign":49},[81754],{"text":81755,"type":599},"Although there is increasing movement in the space, the hard carbon anode industry has yet to see significant investment from downstream players such as cell and automakers.",{"type":657,"attrs":81757,"content":81758},{"level":15966,"textAlign":49},[81759],{"text":81760,"type":599},"Lack of Tier 1 producers",{"type":594,"attrs":81762,"content":81763},{"textAlign":49},[81764],{"text":81765,"type":599},"Despite the presence of anode industry heavyweights such as BTR, the vast majority of planned hard carbon anode capacity is from companies who have never produced battery grade anode materials at all.",{"type":594,"attrs":81767,"content":81768},{"textAlign":49},[81769],{"text":81770,"type":599},"One such company in this category is the Shengquan Group, an established Chinese biomass and chemicals producer, though with no experience in anode manufacturing. The company has 80,000 tonnes of hard carbon anode in its pipeline, using biomass resin as the feedstock material.",{"type":594,"attrs":81772,"content":81773},{"textAlign":49},[81774],{"text":81775,"type":599},"Tier 1 producers are categorised by Benchmark as producers with track records in supplying anode material to cell makers. This Tier represents just 29% of forecast production in 2025.",{"type":594,"attrs":81777,"content":81778},{"textAlign":49},[81779],{"text":81780,"type":599},"“The majority are still very much focused on graphite for lithium ion batteries,” Darminto said.","Sodium ion battery production is set to accelerate as some automakers look to capitalise on the potentially lower costs compared to lithium ion batteries. While lithium ion batteries use graphite anode materials, sodium ion batteries require hard carbon anodes instead. But announcements for the production of such anodes are lagging behind those of sodium ion […]",[81783],{"slug":544,"name":543,"content":81784},{"job_title":557,"image":81785,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f4aded07-8e71-4056-b0bb-a54b342b82a5\", \"id\": \"\"}-->",[81788,81789,81790],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"id":49,"alt":31602,"name":547,"focus":547,"title":31602,"source":547,"filename":31603,"copyright":547,"fieldtype":553,"meta_data":81792,"is_external_url":51},{"alt":31602,"title":31602,"source":547,"copyright":547},"Dec 12, 2023",{"id":81795,"uuid":81796,"name":81797,"slug":81798,"full_slug":81799,"content":81800},112470295160662,"2abd223f-78f8-429d-82b3-ef8b0132d17f","EV sales growth has slowed, but has not been derailed","ev-sales-growth-has-slowed-but-has-not-been-derailed","article/ev-sales-growth-has-slowed-but-has-not-been-derailed",{"_uid":81801,"date":81644,"tags":81802,"editor":81803,"content":81807,"excerpt":81974,"featured":50,"reporter":81975,"_editable":81979,"component":864,"seo_title":81797,"categories":81980,"visibility":882,"author_company":49,"featured_image":81982,"seo_description":81974,"author_full_name":49,"author_job_title":49,"formattedDate":81793},"e7c5b663-676f-42a1-95ed-b02f98a51546",[],[81804],{"slug":544,"name":543,"content":81805},{"job_title":557,"image":81806,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":81808},[81809,81822,81833,81838,81845,81850,81863,81868,81873,81878,81885,81890,81902,81907,81912,81924,81929,81934,81939,81944,81949,81954,81959,81964,81969],{"type":594,"attrs":81810,"content":81811},{"textAlign":49},[81812,81814,81820],{"text":81813,"type":599},"Global ",{"text":81815,"type":599,"marks":81816},"electric vehicle sales",[81817],{"type":604,"attrs":81818},{"href":81819,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-the-key-ev-market-trends-of-2023",{"text":81821,"type":599}," doubled in 2021, grew by 60% in 2022, and are on course for 31% growth in 2023. ",{"type":594,"attrs":81823,"content":81824},{"textAlign":49},[81825,81827,81832],{"text":81826,"type":599},"On the one hand, the growth rate is set to fall for the second consecutive year against a backdrop of several automakers announcing ",{"text":81828,"type":599,"marks":81829},"production cutbacks",[81830],{"type":604,"attrs":81831},{"href":81337,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":81834,"content":81835},{"textAlign":49},[81836],{"text":81837,"type":599},"On the other hand, however, passenger EV sales in 2023 were predicted to be 14.19m globally late last year by Rho Motion, while the actual figure is 13.6m, meaning demand is not falling too far below expectations.",{"type":594,"attrs":81839,"content":81840},{"textAlign":49},[81841],{"type":1186,"attrs":81842},{"id":49,"alt":547,"src":81843,"title":49,"source":49,"copyright":49,"meta_data":81844},"https://a.storyblok.com/f/287943243085208/2fab9e9363/bm-image-91-13440598c090.png",{},{"type":657,"attrs":81846,"content":81847},{"level":15966,"textAlign":49},[81848],{"text":81849,"type":599},"After rapid growth, China’s EV market cools ",{"type":594,"attrs":81851,"content":81852},{"textAlign":49},[81853,81855,81861],{"text":81854,"type":599},"China, the world’s largest ",{"text":81856,"type":599,"marks":81857},"EV market",[81858],{"type":604,"attrs":81859},{"href":81860,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/three-reasons-why-chinas-ev-market-is-still-strong",{"text":81862,"type":599},", is driving the decline in 2023. Some of this can be attributed to the end of the national electric vehicle purchase subsidy in 2022 and a slowing economy after Covid-19 controls ended late last year. ",{"type":594,"attrs":81864,"content":81865},{"textAlign":49},[81866],{"text":81867,"type":599},"China’s government responded by extending its EV tax incentive through to 2027, and while markets have shown recovery in the latter half of this year, growth is set to remain below 2022 levels in the fourth quarter. ",{"type":594,"attrs":81869,"content":81870},{"textAlign":49},[81871],{"text":81872,"type":599},"More fundamentally, China’s markets are also slowing because of the high volumes of EV sales already achieved – around 33% of domestic car sales this year. Double-digit growth is expected to fall naturally as this climbs further, and China’s dominance means this will be reflected in the global numbers.",{"type":594,"attrs":81874,"content":81875},{"textAlign":49},[81876],{"text":81877,"type":599},"In contrast, growth in the US is now above both China and Europe, at over 40% this year, which is relatively stable compared to last year. US EV sales will also reach about 7% of total vehicle sales in 2023, leaving plenty of room for growth to increase rapidly. ",{"type":594,"attrs":81879,"content":81880},{"textAlign":49},[81881],{"type":1186,"attrs":81882},{"id":49,"alt":547,"src":81883,"title":49,"source":49,"copyright":49,"meta_data":81884},"https://a.storyblok.com/f/287943243085208/13c737703f/bm-image-92.png",{},{"type":657,"attrs":81886,"content":81887},{"level":15966,"textAlign":49},[81888],{"text":81889,"type":599},"EV production delays",{"type":594,"attrs":81891,"content":81892},{"textAlign":49},[81893,81895,81900],{"text":81894,"type":599},"Yet, EV ",{"text":81896,"type":599,"marks":81897},"production delays",[81898],{"type":604,"attrs":81899},{"href":81337,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81901,"type":599}," have abounded this quarter, and are generally weighted more towards legacy US automakers. The primary catalyst for this is fierce price competition from Tesla and rising costs from new agreements with the United Auto Workers (UAW) union, at a time when legacy automakers are still not making money on electric vehicles. ",{"type":594,"attrs":81903,"content":81904},{"textAlign":49},[81905],{"text":81906,"type":599},"Ford, which posted a $1.3 billion loss in its EV division in the third quarter, cut future production of the F-150 lightning electric pickup truck and delayed future battery production at its Kentucky plant. It also completely scrapped a battery manufacturing joint venture with LG Energy Solution in Turkey. ",{"type":594,"attrs":81908,"content":81909},{"textAlign":49},[81910],{"text":81911,"type":599},"Likewise, General Motors postponed production of the Silverado EV, its first high-volume electric pickup truck, which will now be produced in 2025 with prices starting at $74,800. Subsequently, GM earmarked $10 billion for share buybacks. ",{"type":594,"attrs":81913,"content":81914},{"textAlign":49},[81915,81917,81922],{"text":81916,"type":599},"More difficulties will be presented in 2024 as new guidance was released this month clarifying restrictions on ",{"text":81918,"type":599,"marks":81919},"China’s involvement",[81920],{"type":604,"attrs":81921},{"href":72884,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":81923,"type":599}," in the US battery supply chain. The proposals state that, from 2024, models will no longer qualify for EV tax credits under the Inflation Reduction Act if they use battery components, or, from 2025, critical minerals extracted, processed or recycled from China, among other FEOCs (Foreign Entity of Concern). ",{"type":594,"attrs":81925,"content":81926},{"textAlign":49},[81927],{"text":81928,"type":599},"Tesla’s price cuts, and hesitation around a new EV production facility in Mexico, are also a sign that consumer demand has weakened in US markets more fundamentally. Elon Musk has pointed to high interest rates, which have more of an impact on large purchases like cars. ",{"type":594,"attrs":81930,"content":81931},{"textAlign":49},[81932],{"text":81933,"type":599},"On a more positive note, Musk did still go ahead with the launch of the Cybertruck. While its base model price is $20,000 higher than anticipated ($60,990), and Musk warned volume production would not arrive until 2025, this is mainly due to the Cybertruck being a completely new product, made with new technology and materials – it will take time to scale the necessary production processes (the Cybertruck has an estimated 2 million pre orders to work through).",{"type":657,"attrs":81935,"content":81936},{"level":15966,"textAlign":49},[81937],{"text":81938,"type":599},"Inflation and interest rates hit European sales ",{"type":594,"attrs":81940,"content":81941},{"textAlign":49},[81942],{"text":81943,"type":599},"In Europe, high inflation and interest rates are also hurting sales, and growth here is behind both the US and China, at around 19%. ",{"type":594,"attrs":81945,"content":81946},{"textAlign":49},[81947],{"text":81948,"type":599},"Meanwhile, individual countries have also been reducing financial incentives. Germany, the bloc’s largest auto market, dropped its EV tax credit, ending them for PHEVs this year and for BEVs by 2025. Other phaseout announcements came from Ireland and Switzerland in the fourth quarter. ",{"type":594,"attrs":81950,"content":81951},{"textAlign":49},[81952],{"text":81953,"type":599},"While VW has scrapped a future EV production facility in Wolfsburg, Germany, and paused one of three production lines in Zwickau, other European automakers are more positive. ",{"type":594,"attrs":81955,"content":81956},{"textAlign":49},[81957],{"text":81958,"type":599},"Renault, which is planning an upcoming IPO, forecasted increased sales, and Nissan committed to investing £2 billion, including government funding, to expand its EV factory in Sunderland, UK, and is standing by its target to sell 100% BEVs in Europe by 2030. ",{"type":594,"attrs":81960,"content":81961},{"textAlign":49},[81962],{"text":81963,"type":599},"Toyota is also mulling over new investments in Europe, including the UK, while the European Commission is making €3bn ($3.24 billion) in subsidies available to accelerate growth of local battery and EV supply chains.",{"type":594,"attrs":81965,"content":81966},{"textAlign":49},[81967],{"text":81968,"type":599},"In summary, is the EV market slowing? Yes, but the slowdown has multiple drivers. These include challenging economic conditions, shrinking financial incentives, rising labour costs in the US, as well as natural movement along the S-Curve of adoption. ",{"type":594,"attrs":81970,"content":81971},{"textAlign":49},[81972],{"text":81973,"type":599},"Sales growth has slowed, but has not been derailed.","Global electric vehicle sales doubled in 2021, grew by 60% in 2022, and are on course for 31% growth in 2023. On the one hand, the growth rate is set to fall for the second consecutive year against a backdrop of several automakers announcing production cutbacks. On the other hand, however, passenger EV sales in […]",[81976],{"slug":544,"name":543,"content":81977},{"job_title":557,"image":81978,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e7c5b663-676f-42a1-95ed-b02f98a51546\", \"id\": \"\"}-->",[81981],{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":81983,"copyright":547,"fieldtype":553,"meta_data":81984,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/Ford-F-150-Lightning_Charging_01-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":81986,"uuid":81987,"name":81988,"slug":81989,"full_slug":81990,"content":81991},112470321370973,"52654370-1dac-4e1f-8396-a0401fd456fb","Graphite prices tick up following China’s proposed export regulations","graphite-prices-tick-up-following-chinas-proposed-export-regulations","article/graphite-prices-tick-up-following-chinas-proposed-export-regulations",{"_uid":81992,"date":81993,"tags":81994,"editor":81997,"content":82001,"excerpt":82099,"featured":51,"reporter":82100,"_editable":82104,"component":864,"seo_title":81988,"categories":82105,"visibility":882,"author_company":49,"featured_image":82108,"seo_description":82099,"author_full_name":49,"author_job_title":49,"formattedDate":82112},"f9fc0fdf-ad61-40f4-8616-e4e831cd038e","2023-12-08 00:00",[81995,81996],{"slug":1387,"name":1388},{"slug":7332,"name":7333},[81998],{"slug":544,"name":543,"content":81999},{"job_title":557,"image":82000,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":82002},[82003,82016,82026,82031,82036,82043,82048,82053,82058,82063,82068,82073,82078,82089,82094],{"type":594,"attrs":82004,"content":82005},{"textAlign":49},[82006,82008,82014],{"text":82007,"type":599},"Following the announcement that ",{"text":82009,"type":599,"marks":82010},"China will regulate the export of some graphite products",[82011],{"type":604,"attrs":82012},{"href":82013,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-chinas-graphite-export-restrictions-mean-for-prices",{"text":82015,"type":599}," from 1st December, natural graphite prices experienced an uptick in November for the first time this year.",{"type":594,"attrs":82017,"content":82018},{"textAlign":49},[82019,82024],{"text":82020,"type":599,"marks":82021},"Benchmark’s Flake Graphite Price Assessment",[82022],{"type":604,"attrs":82023},{"href":28474,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":82025,"type":599}," showed an increase of 3.7% in the price of flake graphite (FOB China -100, 94-95% C) to $560 per tonne.",{"type":594,"attrs":82027,"content":82028},{"textAlign":49},[82029],{"text":82030,"type":599},"Although some of this increase is attributable to the strengthening of the Chinese renminbi against the US dollar, demand in November rose as anode producers outside of China looked to secure graphite supplies ahead of the imposition of export regulations.",{"type":594,"attrs":82032,"content":82033},{"textAlign":49},[82034],{"text":82035,"type":599},"“The graphite market has remained bearish throughout 2023, yet now we are starting to see an uptick in prices,” Tony Alderson, an analyst at Benchmark, said.",{"type":594,"attrs":82037,"content":82038},{"textAlign":49},[82039],{"type":1186,"attrs":82040},{"id":49,"alt":547,"src":82041,"title":49,"source":49,"copyright":49,"meta_data":82042},"https://a.storyblok.com/f/287943243085208/96f379268f/bm-flake-graphite-price-rise-chart.png",{},{"type":657,"attrs":82044,"content":82045},{"level":15966,"textAlign":49},[82046],{"text":82047,"type":599},"China’s export regulations",{"type":594,"attrs":82049,"content":82050},{"textAlign":49},[82051],{"text":82052,"type":599},"In October this year, China announced it would regulate the export of high purity synthetic graphite and “its products” as well as flake graphite and its products, including spherical graphite.",{"type":594,"attrs":82054,"content":82055},{"textAlign":49},[82056],{"text":82057,"type":599},"In order for a graphite miner to export material outside of China, they will need to obtain an export licence.",{"type":594,"attrs":82059,"content":82060},{"textAlign":49},[82061],{"text":82062,"type":599},"“All natural graphite prices on an FOB basis moderately rose under improved demand for exported material ahead of China’s export regulations being implemented,” Benchmark’s latest Flake Graphite Price Assessment reads.",{"type":594,"attrs":82064,"content":82065},{"textAlign":49},[82066],{"text":82067,"type":599},"Alderson noted that “since the implementation of the restrictions at the start of December we have seen export volumes drop off.”",{"type":657,"attrs":82069,"content":82070},{"level":15966,"textAlign":49},[82071],{"text":82072,"type":599},"Seasonal price changes",{"type":594,"attrs":82074,"content":82075},{"textAlign":49},[82076],{"text":82077,"type":599},"However, the increase in price is not as high as it could be due to supply from China’s Heilongjiang province still being operational. Typically, graphite mines in the province shut down in the winter months due to the bitterly cold weather, curtailing supply and raising prices. However, warmer weather in Heilongjiang this year has meant some mines in the area are still operating meaning less supply restriction.",{"type":594,"attrs":82079,"content":82080},{"textAlign":49},[82081,82083,82088],{"text":82082,"type":599},"Heilongjiang province is forecast to produce 57% of the world’s supply of flake graphite this year according to ",{"text":76538,"type":599,"marks":82084},[82085],{"type":604,"attrs":82086},{"href":82087,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/natural-graphite/reports",{"text":974,"type":599},{"type":594,"attrs":82090,"content":82091},{"textAlign":49},[82092],{"text":82093,"type":599},"Despite the warmer weather, heavy snowfall in the province did cause some supply disruption which put additional upward pressure on prices.",{"type":594,"attrs":82095,"content":82096},{"textAlign":49},[82097],{"text":82098,"type":599},"Alderson said mines in the region aren’t expected to begin their seasonal shutdowns until mid-December.","Following the announcement that China will regulate the export of some graphite products from 1st December, natural graphite prices experienced an uptick in November for the first time this year. Benchmark’s Flake Graphite Price Assessment showed an increase of 3.7% in the price of flake graphite (FOB China -100, 94-95% C) to $560 per tonne. […]",[82101],{"slug":544,"name":543,"content":82102},{"job_title":557,"image":82103,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f9fc0fdf-ad61-40f4-8616-e4e831cd038e\", \"id\": \"\"}-->",[82106,82107],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":82109,"name":547,"focus":547,"title":82109,"source":547,"filename":82110,"copyright":547,"fieldtype":553,"meta_data":82111,"is_external_url":51},"flake graphite china","https://a.storyblok.com/f/287943243085208/f00339b3a3/bm-img-3615.jpg",{"alt":82109,"title":82109,"source":547,"copyright":547},"Dec 08, 2023",{"id":82114,"uuid":82115,"name":82116,"slug":82117,"full_slug":82118,"content":82119},112470316533596,"ff429a86-59ba-4c74-bf07-ac9b1471d3bf","OPINION: Chinese companies should be careful about exploiting loopholes in Western policy","opinion-chinese-companies-should-be-careful-about-exploiting-loopholes-in-western-policy","article/opinion-chinese-companies-should-be-careful-about-exploiting-loopholes-in-western-policy",{"_uid":82120,"date":81993,"tags":82121,"editor":82125,"content":82129,"excerpt":82279,"featured":50,"reporter":82280,"_editable":82284,"component":864,"seo_title":82116,"categories":82285,"visibility":882,"author_company":11314,"featured_image":82288,"seo_description":82279,"author_full_name":82291,"author_job_title":82292,"formattedDate":82112},"ea430165-ed22-4c49-a769-7b8a22889732",[82122,82123,82124],{"slug":913,"name":914},{"slug":41666,"name":41667},{"slug":1375,"name":1376},[82126],{"slug":544,"name":543,"content":82127},{"job_title":557,"image":82128,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":82130},[82131,82136,82141,82153,82158,82163,82174,82179,82184,82189,82194,82199,82204,82209,82214,82219,82224,82229,82234,82239,82244,82249,82254,82259,82264,82269,82274],{"type":594,"attrs":82132,"content":82133},{"textAlign":49},[82134],{"text":82135,"type":599},"Having dominated the global battery supply chain, Chinese companies now face two twin challenges: a life-and-death struggle at home amid overcapacity and low prices, and a growing thicket of regulations overseas designed to keep them out of US and European markets. ",{"type":594,"attrs":82137,"content":82138},{"textAlign":49},[82139],{"text":82140,"type":599},"Over the past few years, Chinese battery, cathode, anode and other companies have rapidly expanded production, competing against each other fiercely for market share. ",{"type":594,"attrs":82142,"content":82143},{"textAlign":49},[82144,82146,82151],{"text":82145,"type":599},"This year, cathode prices have fallen by 57%, according to ",{"text":82147,"type":599,"marks":82148},"Benchmark’s Cathode Price Index",[82149],{"type":604,"attrs":82150},{"href":78902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":82152,"type":599},". The projected surplus of cathode production in China by the end of the decade is enough to meet the forecast deficit in both the European Union and the US. ",{"type":594,"attrs":82154,"content":82155},{"textAlign":49},[82156],{"text":82157,"type":599},"Benchmark also forecasts that China will produce 1.3 TWh more batteries than is needed to meet its domestic demand in 2030 – the only country to produce a surplus of cells.",{"type":594,"attrs":82159,"content":82160},{"textAlign":49},[82161],{"text":82162,"type":599},"Xu Kaihua, chairman of Chinese battery materials company GEM, recently talked about how the price war in China will lead to a clearing out of weaker companies. ",{"type":594,"attrs":82164,"content":82165},{"textAlign":49},[82166,82168,82172],{"text":82167,"type":599},"But he also talked about how damaging it is for the entire industry. Overinvestment in production has led to “involution” in the Chinese battery supply chain industry, he said, using a popular phrase, ",{"text":82169,"type":599,"marks":82170},"neijuan",[82171],{"type":643},{"text":82173,"type":599},", which refers to the practice of investing ever more for less return. ",{"type":594,"attrs":82175,"content":82176},{"textAlign":49},[82177],{"text":82178,"type":599},"Building enough production capacity to supply 2030 demand and beyond reduces current utilisation rates, leading to a lower market value for companies, he said. That in turn reduces their ability to raise capital. ",{"type":594,"attrs":82180,"content":82181},{"textAlign":49},[82182],{"text":82183,"type":599},"To Xu, the companies who will survive will be those who have successfully moved into overseas markets, which will become the “main battleground.” ",{"type":657,"attrs":82185,"content":82186},{"level":15966,"textAlign":49},[82187],{"text":82188,"type":599},"A less welcoming world",{"type":594,"attrs":82190,"content":82191},{"textAlign":49},[82192],{"text":82193,"type":599},"Yet the world is becoming increasingly hostile to Chinese companies. Policies both in the European Union and the US are designed to keep them out. ",{"type":594,"attrs":82195,"content":82196},{"textAlign":49},[82197],{"text":82198,"type":599},"Last week the US proposed a rule that would potentially bar Chinese companies from providing critical minerals to the US automotive market, if they own more than 25% of any company in the supply chain. In addition, any company producing materials within China – regardless of ownership – is also disqualified. ",{"type":594,"attrs":82200,"content":82201},{"textAlign":49},[82202],{"text":82203,"type":599},"The European Union has not only launched a Carbon Border Adjustment Mechanism, which could be extended beyond steel and aluminium in the future, but also a Battery Regulation that requires strict sustainability standards for imported batteries. ",{"type":594,"attrs":82205,"content":82206},{"textAlign":49},[82207],{"text":82208,"type":599},"In addition, its Critical Raw Materials Act says that no more than 65% of the bloc’s supply of critical minerals can come from any one third country.",{"type":657,"attrs":82210,"content":82211},{"level":15966,"textAlign":49},[82212],{"text":82213,"type":599},"The necessity of China",{"type":594,"attrs":82215,"content":82216},{"textAlign":49},[82217],{"text":82218,"type":599},"The reality is that despite the political rhetoric in the short to medium-term there are simply not enough homegrown alternatives to Chinese companies with the technical skills and capabilities to meet automotive demand. ",{"type":594,"attrs":82220,"content":82221},{"textAlign":49},[82222],{"text":82223,"type":599},"China produces almost all the world’s graphite used in batteries, and dominates nickel production in Indonesia, for example. Even with all the subsidies and protection on offer, Western companies cannot scale up fast enough.",{"type":594,"attrs":82225,"content":82226},{"textAlign":49},[82227],{"text":82228,"type":599},"In addition, as automakers focus all-out on reducing costs, the Chinese supply chain is the only way to make EVs successful. ",{"type":594,"attrs":82230,"content":82231},{"textAlign":49},[82232],{"text":82233,"type":599},"That means that loopholes will be found.",{"type":594,"attrs":82235,"content":82236},{"textAlign":49},[82237],{"text":82238,"type":599},"Still, that doesn’t mean that Chinese companies should rush to exploit them, as they have done with US import tariffs and regulations in previous years. A few years ago one Chinese aluminium company, Zhongwang, built a huge stockpile of metal in Mexico, in order to evade US import tariffs. Others relied on shipping products to South East Asia first. ",{"type":594,"attrs":82240,"content":82241},{"textAlign":49},[82242],{"text":82243,"type":599},"There will likely be a small handful of international Chinese companies, who will manage to enter the US and European markets, via various means. GEM has already offered to adjust its equity ownership in its South Korean battery materials project in order to meet US requirements, for example. ",{"type":594,"attrs":82245,"content":82246},{"textAlign":49},[82247],{"text":82248,"type":599},"The route to overseas markets for Chinese companies will likely still be rocky, as they navigate overseas labour relations, permitting, and the increasingly hostile policies. LGES is importing some 900 workers from South Korea for its battery plant in Canada, but it’s unlikely any Chinese company would be able to do the same thing. ",{"type":594,"attrs":82250,"content":82251},{"textAlign":49},[82252],{"text":82253,"type":599},"But Chinese companies should also be careful. A backlash against Chinese companies who do manage to benefit from taxpayer subsidies could also set back progress in the fight against climate change. Especially with a US election approaching.",{"type":594,"attrs":82255,"content":82256},{"textAlign":49},[82257],{"text":82258,"type":599},"In reducing the benefits that Western companies can gain from the energy transition in terms of jobs, skills and investment, it will only reduce support for climate friendly policies. ",{"type":594,"attrs":82260,"content":82261},{"textAlign":49},[82262],{"text":82263,"type":599},"In the end, that would also hurt China.",{"type":594,"attrs":82265,"content":82266},{"textAlign":49},[82267],{"text":82268,"type":599},"China should avoid exporting its model of brutal competition to overseas countries, and think carefully before investing in new projects. Partnerships with Western companies should be done properly. ",{"type":594,"attrs":82270,"content":82271},{"textAlign":49},[82272],{"text":82273,"type":599},"China has helped lower the costs for batteries and their materials, helping hugely to make the transition to electric vehicles viable. ",{"type":594,"attrs":82275,"content":82276},{"textAlign":49},[82277],{"text":82278,"type":599},"But as they eye up ways to get around new regulations they should bear in mind that decimating all competition by lowering prices beyond a point where it is profitable won’t lead to a growing global market left entirely to China. It will lead to a slower energy transition.","Having dominated the global battery supply chain, Chinese companies now face two twin challenges: a life-and-death struggle at home amid overcapacity and low prices, and a growing thicket of regulations overseas designed to keep them out of US and European markets. Over the past few years, Chinese battery, cathode, anode and other companies have rapidly […]",[82281],{"slug":544,"name":543,"content":82282},{"job_title":557,"image":82283,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ea430165-ed22-4c49-a769-7b8a22889732\", \"id\": \"\"}-->",[82286,82287],{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":82289,"copyright":547,"fieldtype":553,"meta_data":82290,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/18fd236b19/bm-china-ev-charger.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Henry Sanderson","Executive Editor",{"id":82294,"uuid":82295,"name":82296,"slug":82297,"full_slug":82298,"content":82299},112470311303002,"b17baec8-13b0-44a5-91b0-676c3119d514","Role of private overseas Chinese companies key to US EV tax credits","role-of-private-overseas-chinese-companies-key-to-us-ev-tax-credits","article/role-of-private-overseas-chinese-companies-key-to-us-ev-tax-credits",{"_uid":82300,"date":81993,"tags":82301,"editor":82306,"content":82310,"excerpt":82545,"featured":51,"reporter":82546,"_editable":82550,"component":864,"seo_title":82296,"categories":82551,"visibility":2091,"author_company":49,"featured_image":82554,"seo_description":82545,"author_full_name":49,"author_job_title":49,"formattedDate":82112},"4b02aa5e-4855-4c03-a8f6-62e7be0bde94",[82302,82303,82304,82305],{"slug":913,"name":914},{"slug":46859,"name":46860},{"slug":1375,"name":1376},{"slug":4610,"name":662},[82307],{"slug":544,"name":543,"content":82308},{"job_title":557,"image":82309,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":82311},[82312,82324,82336,82341,82346,82364,82369,82374,82379,82384,82389,82394,82401,82406,82411,82416,82421,82432,82437,82442,82447,82452,82459,82464,82477,82482,82487,82492,82497,82502,82507,82517,82522,82529,82534],{"type":594,"attrs":82313,"content":82314},{"textAlign":49},[82315,82317,82322],{"text":82316,"type":599},"How the US government interprets the eligibility of foreign subsidiaries of private Chinese companies in the Inflation Reduction Act’s electric vehicle ",{"text":82318,"type":599,"marks":82319},"tax credits",[82320],{"type":604,"attrs":82321},{"href":78962,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":82323,"type":599}," will be key in determining China’s involvement in the country’s battery supply chain. ",{"type":594,"attrs":82325,"content":82326},{"textAlign":49},[82327,82329,82334],{"text":82328,"type":599},"The US Department of Energy has ",{"text":82330,"type":599,"marks":82331},"proposed guidance",[82332],{"type":604,"attrs":82333},{"href":78962,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":82335,"type":599}," for what constitutes a “Foreign Entity of Concern (FEOC)” under the IRA’s electric vehicle tax credits, which provide up to $7,500 of relief for each vehicle sold to consumers. ",{"type":594,"attrs":82337,"content":82338},{"textAlign":49},[82339],{"text":82340,"type":599},"The ruling is intended to reduce the country’s reliance on China for battery components and critical minerals, and stimulate the build out of the domestic supply chain. Automakers won’t be able to receive the credits if any company in their battery supply chain has 25% or more of its equity, voting rights or board seats owned by a Chinese government-linked company. ",{"type":594,"attrs":82342,"content":82343},{"textAlign":49},[82344],{"text":82345,"type":599},"But some guidance is still being interpreted and debated by the government itself and it is uncertain how it will be applied, Benchmark understands. Specifically, whether a foreign subsidiary of a private Chinese company, or even a subsidiary of a company with government links, would still be eligible. ",{"type":594,"attrs":82347,"content":82348},{"textAlign":49},[82349,82351,82356,82358,82362],{"text":82350,"type":599},"How it is interpreted will be key for the fate of the US electric vehicle market, given ",{"text":82352,"type":599,"marks":82353},"China’s dominance",[82354],{"type":604,"attrs":82355},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":82357,"type":599}," in the processing of critical minerals such as ",{"text":878,"type":599,"marks":82359},[82360],{"type":604,"attrs":82361},{"href":55573,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":82363,"type":599},", nickel and cobalt. If all Chinese involvement is prohibited, that could reduce the number of EVs sold in the US at reduced prices, potentially slowing EV sales over the next few years. ",{"type":594,"attrs":82365,"content":82366},{"textAlign":49},[82367],{"text":82368,"type":599},"China’s dominance in certain sectors, such as graphite, lithium processing, as well as nickel production in Indonesia,will make it difficult for automakers to reach immediate compliance with the ruling’s objectives. ",{"type":657,"attrs":82370,"content":82371},{"level":15966,"textAlign":49},[82372],{"text":82373,"type":599},"Ford’s nickel deal ",{"type":594,"attrs":82375,"content":82376},{"textAlign":49},[82377],{"text":82378,"type":599},"Ford’s recent deals with Chinese companies highlight the importance of how the guidance is interpreted. ",{"type":594,"attrs":82380,"content":82381},{"textAlign":49},[82382],{"text":82383,"type":599},"The automaker has a joint venture with Vale and China’s Huayou Cobalt to build a $3.8 billion nickel processing plant in Indonesia. Ford owns a 9% stake in the Pomalaa nickel project, with Huaqi Singapore, a subsidiary of Huayou Cobalt, owning 73%, and Vale 18%. ",{"type":594,"attrs":82385,"content":82386},{"textAlign":49},[82387],{"text":82388,"type":599},"Huaqi Singapore is a wholly-owned overseas subsidiary of a privately owned company listed on the Shanghai Stock Exchange, Huayou Cobalt. ",{"type":594,"attrs":82390,"content":82391},{"textAlign":49},[82392],{"text":82393,"type":599},"In addition, this week Huayou said that Ford could raise its stake to 17%, while Vale could own up to 30%. ",{"type":594,"attrs":82395,"content":82396},{"textAlign":49},[82397],{"type":1186,"attrs":82398},{"id":49,"alt":547,"src":82399,"title":49,"source":49,"copyright":49,"meta_data":82400},"https://a.storyblok.com/f/287943243085208/179a591d3c/bm-ira-compliant-nickel-and-cobalt.png",{},{"type":657,"attrs":82402,"content":82403},{"level":15966,"textAlign":49},[82404],{"text":82405,"type":599},"Devil in the details",{"type":594,"attrs":82407,"content":82408},{"textAlign":49},[82409],{"text":82410,"type":599},"The department proposed to define a FEOC as a company that is “owned by, controlled by, or subject to the jurisdiction or direction of a government of a foreign country that is a covered nation.” ",{"type":594,"attrs":82412,"content":82413},{"textAlign":49},[82414],{"text":82415,"type":599},"It is clear that 25+% control of a company by Chinese government entities makes that company non-compliant with the FEOC guidance and so that company cannot be used as a source of materials in the supply chain for tax credit eligible EVs in the US market.",{"type":594,"attrs":82417,"content":82418},{"textAlign":49},[82419],{"text":82420,"type":599},"These links include senior political figures and in the case of China, includes members of the Chinese People’s Political Consultative Conference and current and former members of the Politburo. It also includes their family members. ",{"type":594,"attrs":82422,"content":82423},{"textAlign":49},[82424,82426,82430],{"text":82425,"type":599},"“Essentially, what this guidance is looking to achieve is to cut out reliance on firms that are ",{"text":82427,"type":599,"marks":82428},"effectively controlled",[82429],{"type":643},{"text":82431,"type":599}," by a covered nation government,” Alex Becker, a policy analyst at Benchmark, said. “De-risking is the name of the game.”",{"type":594,"attrs":82433,"content":82434},{"textAlign":49},[82435],{"text":82436,"type":599},"However it is less clear in the case of a private Chinese company, or company with no government ownership. They could have an interest greater than 25% in a foreign company (and even up to 100% ownership), and theoretically be compliant with the FEOC guidance.",{"type":594,"attrs":82438,"content":82439},{"textAlign":49},[82440],{"text":82441,"type":599},"The guidance states that subsidiaries of FEOC “are not automatically considered to also be FEOCs solely based on their parent being a covered nation jurisdictional entity.” ",{"type":594,"attrs":82443,"content":82444},{"textAlign":49},[82445],{"text":82446,"type":599},"Cases like this will likely have to be determined on a case by case basis to understand where effective control of the company’s operations is held, Benchmark understands. ",{"type":594,"attrs":82448,"content":82449},{"textAlign":49},[82450],{"text":82451,"type":599},"“Therefore there is considerable uncertainty around whether companies (such as in Indonesia) that are substantially owned by private Chinese entities will be compliant,” Becker said.",{"type":657,"attrs":82453,"content":82454},{"level":15966,"textAlign":49},[82455,82457],{"text":82456,"type":599},"Licensing",{"text":82458,"type":599},"uncertainty",{"type":594,"attrs":82460,"content":82461},{"textAlign":49},[82462],{"text":82463,"type":599},"The guidance also seeks to prohibit licensing of technology from Chinese government-linked companies, in cases where they have control of the end entity. ",{"type":594,"attrs":82465,"content":82466},{"textAlign":49},[82467,82469,82475],{"text":82468,"type":599},"In February, ",{"text":82470,"type":599,"marks":82471},"Ford said it would build a lithium iron phosphate",[82472],{"type":604,"attrs":82473},{"href":82474,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology",{"text":82476,"type":599}," (LFP) battery factory in Michigan using licensed technology from China’s CATL. It is unclear whether this will still be eligible or not. ",{"type":594,"attrs":82478,"content":82479},{"textAlign":49},[82480],{"text":82481,"type":599},"Ford has said that the battery plant will be a wholly owned subsidiary of the automaker that “would manufacture the battery cells using LFP battery cell knowledge and services provided by CATL.”",{"type":594,"attrs":82483,"content":82484},{"textAlign":49},[82485],{"text":82486,"type":599},"CATL told Nikkei Asia this week that the agreement would be unaffected by the FEOC proposed rules. ",{"type":594,"attrs":82488,"content":82489},{"textAlign":49},[82490],{"text":82491,"type":599},"“The plant structure was designed under the definition of the foreign entity of concern (FEOC), so there will be no impact on further implementation,” Zeng Yuqun, the founder of CATL, told the publication. ",{"type":657,"attrs":82493,"content":82494},{"level":15966,"textAlign":49},[82495],{"text":82496,"type":599},"Making do without China",{"type":594,"attrs":82498,"content":82499},{"textAlign":49},[82500],{"text":82501,"type":599},"Starting in 2024, an eligible clean vehicle may not contain any battery components that are manufactured or assembled by a FEOC, and, beginning in 2025, an eligible clean vehicle may not contain any critical minerals that were extracted, processed, or recycled by a FEOC.",{"type":594,"attrs":82503,"content":82504},{"textAlign":49},[82505],{"text":82506,"type":599},"The DOE guidance is clear that any minerals processed or extracted within China will not be eligible, regardless of ownership. That could hit the operations of foreign companies in China. ",{"type":594,"attrs":82508,"content":82509},{"textAlign":49},[82510,82512,82516],{"text":82511,"type":599},"Over 80% of lithium hydroxide production is set to come from China in 2023, according to the ",{"text":34200,"type":599,"marks":82513},[82514],{"type":604,"attrs":82515},{"href":67404,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":82518,"content":82519},{"textAlign":49},[82520],{"text":82521,"type":599},"Albemarle is set to complete construction of a 50,000 tonne lithium hydroxide conversion plant in Sichuan province by early next year, for example. Chile’s SQM and US company Livent both also have invested in new processing plants in China. ",{"type":594,"attrs":82523,"content":82524},{"textAlign":49},[82525],{"type":1186,"attrs":82526},{"id":49,"alt":547,"src":82527,"title":49,"source":49,"copyright":49,"meta_data":82528},"https://a.storyblok.com/f/287943243085208/cac42a34ea/bm-ira-feoc-webinar-newsletter-graphic.png",{},{"type":594,"attrs":82530,"content":82531},{"textAlign":49},[82532],{"text":82533,"type":599},"Join Benchmark Mineral Intelligence as we dissect new guidance from US Department of Energy on the Inflation Reduction Act 30D Tax Credit – the Foreign Entities of Concern (FEOC).",{"type":594,"attrs":82535,"content":82536},{"textAlign":49},[82537,82539,82544],{"text":82538,"type":599},"Benchmark breaks down the immediate potential impact of the new FEOC rules on this ",{"text":82540,"type":599,"marks":82541},"webinar",[82542],{"type":604,"attrs":82543},{"href":77906,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"How the US government interprets the eligibility of foreign subsidiaries of private Chinese companies in the Inflation Reduction Act’s electric vehicle tax credits will be key in determining China’s involvement in the country’s battery supply chain. The US Department of Energy has proposed guidance for what constitutes a “Foreign Entity of Concern (FEOC)” under the […]",[82547],{"slug":544,"name":543,"content":82548},{"job_title":557,"image":82549,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4b02aa5e-4855-4c03-a8f6-62e7be0bde94\", \"id\": \"\"}-->",[82552,82553],{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":82555,"copyright":547,"fieldtype":553,"meta_data":82556,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9adb68bb60/bm-shanshan-china.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":82558,"uuid":82559,"name":82560,"slug":82561,"full_slug":82562,"content":82563},112470331021153,"0e0ccd7a-39e0-466d-952c-358495abefcd","Exxon aiming for “multiple” lithium projects this decade ","exxon-aiming-for-multiple-lithium-projects-this-decade","article/exxon-aiming-for-multiple-lithium-projects-this-decade",{"_uid":82564,"date":82565,"tags":82566,"editor":82568,"content":82572,"excerpt":82752,"featured":51,"reporter":82753,"_editable":82757,"component":864,"seo_title":82560,"categories":82758,"visibility":882,"author_company":49,"featured_image":82760,"seo_description":82752,"author_full_name":49,"author_job_title":49,"formattedDate":82763},"aafbb5d5-d333-41f6-bae9-0916482bae4b","2023-12-07 00:00",[82567],{"slug":24492,"name":24493},[82569],{"slug":544,"name":543,"content":82570},{"job_title":557,"image":82571,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":82573},[82574,82584,82589,82594,82599,82604,82609,82614,82619,82624,82629,82634,82639,82644,82649,82654,82659,82664,82677,82682,82687,82692,82702,82707,82712,82717,82722,82727,82732,82737,82742,82747],{"type":594,"attrs":82575,"content":82576},{"textAlign":49},[82577,82579,82583],{"text":82578,"type":599},"Exxon Mobil wants to have multiple lithium projects by the end of the decade as it aims to start production in the state of Arkansas by 2027, the company told ",{"text":16154,"type":599,"marks":82580},[82581],{"type":604,"attrs":82582},{"href":71630,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":82585,"content":82586},{"textAlign":49},[82587],{"text":82588,"type":599},"The oil company will have “multiple commercial scale projects,” according to Patrick Howarth, global business manager for lithium at Exxon, both in Arkansas and elsewhere. ",{"type":594,"attrs":82590,"content":82591},{"textAlign":49},[82592],{"text":82593,"type":599},"“That’s really our ambition,” he said. “From a strategic point of view, it’s first project online by 2027, and multiple project potential by 2030. That’s really our ambition.”",{"type":594,"attrs":82595,"content":82596},{"textAlign":49},[82597],{"text":82598,"type":599},"“We’re a global company, we have a global geoscience and sub-surface understanding, so we’re obviously scanning the planet for where the best types of resources are.” ",{"type":594,"attrs":82600,"content":82601},{"textAlign":49},[82602],{"text":82603,"type":599},"The move is part of Exxon’s plans to spend $20 billion over the next four years on “lower emissions” initiatives, including hydrogen, biofuels and carbon capture and storage. The company’s existing drilling expertise in oil and gas as well as a large balance sheet could help unlock US lithium production. ",{"type":594,"attrs":82605,"content":82606},{"textAlign":49},[82607],{"text":82608,"type":599},"The company’s chief executive Darren Woods said last month that the company had the “tools, the skills, the size, and the intellectual and financial resources, to bend the curve on emissions.”",{"type":594,"attrs":82610,"content":82611},{"textAlign":49},[82612],{"text":82613,"type":599},"Earlier this year Exxon acquired the rights to 120,000 acres of the Smackover formation in southern Arkansas, where companies such as Standard Lithium and Tetra Technologies are also developing brine projects. ",{"type":594,"attrs":82615,"content":82616},{"textAlign":49},[82617],{"text":82618,"type":599},"In 2021 US private conglomerate Koch Industries invested $100 million in Standard Lithium. ",{"type":594,"attrs":82620,"content":82621},{"textAlign":49},[82622],{"text":82623,"type":599},"Howarth said the company is still evaluating the size of its Arkansas resource but the company aims to produce enough lithium for 1 million electric vehicles by the end of the decade, using Direct Lithium Extraction (DLE).",{"type":594,"attrs":82625,"content":82626},{"textAlign":49},[82627],{"text":82628,"type":599},"Exxon forecasts that by midcentury around 40% of the vehicles on the road will be electric. ",{"type":594,"attrs":82630,"content":82631},{"textAlign":49},[82632],{"text":82633,"type":599},"Howarth said that Exxon had existing relationships “formed over many decades of helping automakers build out new technology platforms,” but declined to comment on any talks for future lithium supply. ",{"type":657,"attrs":82635,"content":82636},{"level":15966,"textAlign":49},[82637],{"text":82638,"type":599},"Tapping Arkansas",{"type":594,"attrs":82640,"content":82641},{"textAlign":49},[82642],{"text":82643,"type":599},"Exxon said it would drill wells about 10,000 feet below the surface to extract brine in Arkansas, which will then be processed using DLE technology into battery-grade material. The brine will then be reinjected back underground. It did not say which DLE technology it will use.",{"type":594,"attrs":82645,"content":82646},{"textAlign":49},[82647],{"text":82648,"type":599},"“In the lithium space what we see is a pretty unique skill set that we have in the deep brine space,” Howarth said. “We’ve got over 2,000 PhDs that today don’t produce lithium but what they do do is many of the same process steps at different operations around the company. So what we’re really talking about is integrating the skills and capabilities that we have across our business today.”",{"type":594,"attrs":82650,"content":82651},{"textAlign":49},[82652],{"text":82653,"type":599},"Exxon said this week that it will leverage both its upstream skills in “geoscience, reservoir management, and efficient drilling” as well as its downstream capabilities in “fluid processing and extraction to separate the lithium from the brine.” ",{"type":594,"attrs":82655,"content":82656},{"textAlign":49},[82657],{"text":82658,"type":599},"James Mills, a consultant at Benchmark, said designing a flowsheet for DLE requires a significant number of test cycles and includes pre-conditioning the brine to maximise the recovery in the DLE process. ",{"type":594,"attrs":82660,"content":82661},{"textAlign":49},[82662],{"text":82663,"type":599},"“This cycling process is the limiting factor on the speed of growth for the DLE industry, with Benchmark data forecasting material volumes 2026-2027 and beyond,” he said. “Having the backing of Exxon’s balance sheet obviously allows multiple test cycles to be run in parallel which de-risks the pace of the pre-commercial design phase.”",{"type":594,"attrs":82665,"content":82666},{"textAlign":49},[82667,82669,82675],{"text":82668,"type":599},"ExxonMobil has already made strides in the lithium supply chain through its majority-owned Canadian petroleum company, Imperial Oil, which",{"text":82670,"type":599,"marks":82671}," invested in Canadian lithium project developer, E3 Lithium, in June 2022",[82672],{"type":604,"attrs":82673},{"href":82674,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium/imperial-oil-signs-strategic-agreement-with-e3-lithium-to-advance-dle-pilot-project-in-alberta-canada-benchmark-lithium/?categories=demand,mining,prices,processing-refining&search=oil",{"text":82676,"type":599}," to advance the latter’s pilot-scale DLE production line in Alberta, Canada.",{"type":657,"attrs":82678,"content":82679},{"level":15966,"textAlign":49},[82680],{"text":82681,"type":599},"North America’s DLE potential",{"type":594,"attrs":82683,"content":82684},{"textAlign":49},[82685],{"text":82686,"type":599},"North America is set to produce a less than 3% share of global lithium raw materials in 2023, while it will account for over a 15% share of global battery-related lithium demand.",{"type":594,"attrs":82688,"content":82689},{"textAlign":49},[82690],{"text":82691,"type":599},"Yet a number of new projects under development  across the region are set to see supply increase by over 600,000 tonnes by the end of the decade, according to Benchmark’s Lithium Forecast. Over half of this supply is set to come from projects in California, with the rest coming from projects in Nevada and Arkansas. ",{"type":594,"attrs":82693,"content":82694},{"textAlign":49},[82695,82697,82701],{"text":82696,"type":599},"If it reaches its target to produce around 100,000 tonnes of lithium (LCE) by 2030, Exxon would be among the largest producers of lithium via DLE, according to ",{"text":24541,"type":599,"marks":82698},[82699],{"type":604,"attrs":82700},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":82703,"content":82704},{"textAlign":49},[82705],{"text":82706,"type":599},"DLE technologies are set to be pivotal in unlocking US lithium potential, aiming to increase the speed and yield of lithium recovery, as well as enable the use of lower concentration brines. ",{"type":594,"attrs":82708,"content":82709},{"textAlign":49},[82710],{"text":82711,"type":599},"By 2030 lithium extracted via DLE is forecast to make up 15% of global mined supply, according to Benchmark’s Lithium Forecast. ",{"type":657,"attrs":82713,"content":82714},{"level":15966,"textAlign":49},[82715],{"text":82716,"type":599},"Tailoring the DLE process",{"type":594,"attrs":82718,"content":82719},{"textAlign":49},[82720],{"text":82721,"type":599},"DLE refers to a group of extraction technologies which are already being commercially deployed in varying ways in Qinghai, China, as well as by Livent in Argentina.",{"type":594,"attrs":82723,"content":82724},{"textAlign":49},[82725],{"text":82726,"type":599},"New DLE technologies are being tested at lab and demonstration-scale plants across the world, aiming to unlock untapped brine resources across a number of jurisdictions. ",{"type":594,"attrs":82728,"content":82729},{"textAlign":49},[82730],{"text":82731,"type":599},"Each brine requires its own specifically tailor-made DLE process, however, which means a number of years are required to properly test and demonstrate the viability of the technology for each brine.",{"type":594,"attrs":82733,"content":82734},{"textAlign":49},[82735],{"text":82736,"type":599},"Last month Chile’s SQM, one of the world’s largest lithium producers, said it had acquired a 20% stake in French DLE lithium company Adionics. ",{"type":594,"attrs":82738,"content":82739},{"textAlign":49},[82740],{"text":82741,"type":599},"The push towards DLE from the world’s leading producer of lithium from conventional brine extraction hints to the potential efficiency and sustainability advantages of DLE, although technical hurdles remain an obstacle for many.",{"type":594,"attrs":82743,"content":82744},{"textAlign":49},[82745],{"text":82746,"type":599},"In addition, capital costs have been increasing for new DLE projects this year. Earlier this year Rio Tinto said that capex for its Rincon project in Argentina would now be $335m, up from $140 million. ",{"type":594,"attrs":82748,"content":82749},{"textAlign":49},[82750],{"text":82751,"type":599},"This summer Lake Resources also said its project in Argentina would be delayed by three years until 2027 with capex planned to more than double from initial estimates to between $1.1 billion to $1.5 billion.","Exxon Mobil wants to have multiple lithium projects by the end of the decade as it aims to start production in the state of Arkansas by 2027, the company told Benchmark Source. The oil company will have “multiple commercial scale projects,” according to Patrick Howarth, global business manager for lithium at Exxon, both in Arkansas […]",[82754],{"slug":544,"name":543,"content":82755},{"job_title":557,"image":82756,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"aafbb5d5-d333-41f6-bae9-0916482bae4b\", \"id\": \"\"}-->",[82759],{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":82761,"copyright":547,"fieldtype":553,"meta_data":82762,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/880792b064/bm-exxon-refinery.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 07, 2023",{"id":82765,"uuid":82766,"name":82767,"slug":82768,"full_slug":82769,"content":82770},112470340585317,"e12954a1-3487-451f-ba52-43a560b7e8cb","China and the West: the state of the global cathode market","china-and-the-west-the-state-of-the-global-cathode-market","article/china-and-the-west-the-state-of-the-global-cathode-market",{"_uid":82771,"date":82772,"tags":82773,"editor":82774,"content":82778,"excerpt":82970,"featured":50,"reporter":82971,"_editable":82975,"component":864,"seo_title":82767,"categories":82976,"visibility":882,"author_company":49,"featured_image":82978,"seo_description":82970,"author_full_name":49,"author_job_title":49,"formattedDate":82981},"6dcae19a-2f2b-49eb-bf5f-6f15760a8d2a","2023-12-05 00:00",[],[82775],{"slug":544,"name":543,"content":82776},{"job_title":557,"image":82777,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":82779},[82780,82785,82790,82802,82807,82812,82817,82822,82827,82832,82837,82842,82854,82859,82864,82871,82876,82887,82892,82897,82902,82913,82918,82923,82928,82935,82940,82945,82950,82955,82960,82965],{"type":594,"attrs":82781,"content":82782},{"textAlign":49},[82783],{"text":82784,"type":599},"Declining prices and low demand have been major themes of the cathode active materials market this year. ",{"type":594,"attrs":82786,"content":82787},{"textAlign":49},[82788],{"text":82789,"type":599},"Benchmark’s Cathode Price Index has fallen by 58% year-to-date. ",{"type":594,"attrs":82791,"content":82792},{"textAlign":49},[82793,82795,82800],{"text":82794,"type":599},"Yet despite the slowdown, Benchmark still forecasts a ",{"text":82796,"type":599,"marks":82797},"300 gigawatt hour (GWh) increase",[82798],{"type":604,"attrs":82799},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":82801,"type":599}," in year-on-year demand in 2023 and a supply deficit due by 2028. ",{"type":594,"attrs":82803,"content":82804},{"textAlign":49},[82805],{"text":82806,"type":599},"The sector is also undergoing a period of major reorganisation. Oversupply in China’s industry could drive consolidation there while companies in Europe and the US are rapidly expanding pipeline capacity.",{"type":594,"attrs":82808,"content":82809},{"textAlign":49},[82810],{"text":82811,"type":599},"Here are three things to know about the cathode market at this critical juncture:",{"type":657,"attrs":82813,"content":82814},{"level":15966,"textAlign":49},[82815],{"text":82816,"type":599},"1. China faces an overcapacity crisis but the world will soon need the extra output",{"type":594,"attrs":82818,"content":82819},{"textAlign":49},[82820],{"text":82821,"type":599},"Overcapacity is the biggest story of the Chinese cathode industry right now, a situation where producers are able to make more cathodes than there is demand for them. ",{"type":594,"attrs":82823,"content":82824},{"textAlign":49},[82825],{"text":82826,"type":599},"Weaker-than-expected Chinese electric vehicle (EV) demand has meant cell maker purchasing has dwindled, leading cathode materials makers to cut production. ",{"type":594,"attrs":82828,"content":82829},{"textAlign":49},[82830],{"text":82831,"type":599},"The general capacity utilisation rate in China is between 50%-60%, but some smaller cathode producers may have rates of around 30%.",{"type":594,"attrs":82833,"content":82834},{"textAlign":49},[82835],{"text":82836,"type":599},"Overcapacity is a serious problem that will likely push smaller producers to fold over the coming months, leaving larger players to pick up their assets. ",{"type":594,"attrs":82838,"content":82839},{"textAlign":49},[82840],{"text":82841,"type":599},"In the longer run, however, the global market will benefit from the surplus capacity. The sheer rate of forecast demand growth from the battery sector means all of today’s Chinese capacity – and more – will be needed. ",{"type":594,"attrs":82843,"content":82844},{"textAlign":49},[82845,82847,82852],{"text":82846,"type":599},"A global cathode active materials deficit is due in 2028, according to ",{"text":82848,"type":599,"marks":82849},"Benchmark’s base case demand scenario",[82850],{"type":604,"attrs":82851},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":82853,"type":599},". For tier 1 cathode materials, the only kind qualified to sell in Western markets, a global deficit could begin as early as 2024. ",{"type":594,"attrs":82855,"content":82856},{"textAlign":49},[82857],{"text":82858,"type":599},"Even with the combined cathode active materials pool produced in the EU, US, and free trade partner countries, supply will make up just 64% of total EU and US demand in 2032. ",{"type":594,"attrs":82860,"content":82861},{"textAlign":49},[82862],{"text":82863,"type":599},"The shortfall could be even larger as cathodes made in partner countries may not end up being sold in the EU or US, meaning the EV industries there will still need at least some Chinese output.  ",{"type":594,"attrs":82865,"content":82866},{"textAlign":49},[82867],{"type":1186,"attrs":82868},{"id":49,"alt":547,"src":82869,"title":49,"source":49,"copyright":49,"meta_data":82870},"https://a.storyblok.com/f/287943243085208/ccfaa53eac/bm-c3-cathode-demand-evolution.png",{},{"type":657,"attrs":82872,"content":82873},{"level":15966,"textAlign":49},[82874],{"text":82875,"type":599},"2. The West can achieve greater autonomy from China but cannot exclude it completely",{"type":594,"attrs":82877,"content":82878},{"textAlign":49},[82879,82881,82885],{"text":82880,"type":599},"Policies such as the EU ",{"text":10098,"type":599,"marks":82882},[82883],{"type":604,"attrs":82884},{"href":70357,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":82886,"type":599}," (CRMA) and the US Inflation Reduction Act (IRA) have sparked optimism in some quarters about the West’s ability to break its reliance on Chinese supply. ",{"type":594,"attrs":82888,"content":82889},{"textAlign":49},[82890],{"text":82891,"type":599},"Assessing how far the Western cathode industry can reduce its reliance on China depends on how supply security is defined. ",{"type":594,"attrs":82893,"content":82894},{"textAlign":49},[82895],{"text":82896,"type":599},"The EU has been relatively open to Chinese investments into domestic capacity. The logic is that local supply, regardless of ownership, is less vulnerable to geopolitical or logistical disruptions than imports. ",{"type":594,"attrs":82898,"content":82899},{"textAlign":49},[82900],{"text":82901,"type":599},"In the US, supply security is more informed by national security concerns. Chinese investment into domestic supply chains represents an unacceptable concession to an economic and geopolitical rival. ",{"type":594,"attrs":82903,"content":82904},{"textAlign":49},[82905,82907,82912],{"text":82906,"type":599},"These two approaches to supply security reflect in forecast figures for supply ownership in the two regions. In the US, 12% of domestic cathode output is expected to be made by majority Chinese companies in 2032 compared to 27% of Europe-based cathode output, according to ",{"text":42098,"type":599,"marks":82908},[82909],{"type":604,"attrs":82910},{"href":82911,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/cathode/",{"text":17632,"type":599},{"type":594,"attrs":82914,"content":82915},{"textAlign":49},[82916],{"text":82917,"type":599},"A realistic assessment of the extent to which the West can build an independent cathode active materials industry also depends on how far upstream you’re willing to look. ",{"type":594,"attrs":82919,"content":82920},{"textAlign":49},[82921],{"text":82922,"type":599},"Chinese battery materials producers are already adapting to the IRA by setting up in free trade partner nations, meaning trade links between China and the West are being re-routed rather than severed completely. ",{"type":594,"attrs":82924,"content":82925},{"textAlign":49},[82926],{"text":82927,"type":599},"While the EU and US can certainly reach a lower level of reliance than it has today on Chinese cathode imports, the depth of their supply chain independence will ultimately depend on the amount of raw materials they can secure for their expanding midstreams.",{"type":594,"attrs":82929,"content":82930},{"textAlign":49},[82931],{"type":1186,"attrs":82932},{"id":49,"alt":547,"src":82933,"title":49,"source":49,"copyright":49,"meta_data":82934},"https://a.storyblok.com/f/287943243085208/7208159a32/bm-china-cathode-surplus.png",{},{"type":657,"attrs":82936,"content":82937},{"level":15966,"textAlign":49},[82938],{"text":82939,"type":599},"3. China is gaining in innovation, not just scaling ",{"type":594,"attrs":82941,"content":82942},{"textAlign":49},[82943],{"text":82944,"type":599},"New cathode chemistries like novel cobalt-free batteries (NMx) and lithium manganese nickel oxide (LMNO) are generating immense industry interest as they promise longer range at lower costs while reducing the need for certain critical minerals like cobalt. ",{"type":594,"attrs":82946,"content":82947},{"textAlign":49},[82948],{"text":82949,"type":599},"It is clear that China leads on scaling lower-cost, lower-range chemistries but there is still a tendency to assume that the US and Europe hold an advantage in technological innovation. ",{"type":594,"attrs":82951,"content":82952},{"textAlign":49},[82953],{"text":82954,"type":599},"Innovation is difficult to measure. On the one hand, the EU and North America have a high density of niche startups pushing the technological boundaries of cathodes. Yet China is getting new chemistries to market much more quickly. Benchmark data shows that the only confirmed LMNO cathode materials project, for example, is in China, owned by Haili Lithium Battery.",{"type":594,"attrs":82956,"content":82957},{"textAlign":49},[82958],{"text":82959,"type":599},"China’s tendency to rush new chemistries to market results in more commercial failures. However, this trial-and-error approach can be valuable in refining technologies whose merit can only be assessed in real-world applications.",{"type":594,"attrs":82961,"content":82962},{"textAlign":49},[82963],{"text":82964,"type":599},"Western innovators by contrast are more cautious about bringing out new technologies, preferring them to undergo rigorous testing. For them, technical failure after rollout can bring capital risk and reputational loss.",{"type":594,"attrs":82966,"content":82967},{"textAlign":49},[82968],{"text":82969,"type":599},"What all this indicates is that the EU and US will increasingly have to contend not just with China’s manufacturing prowess but also its advances as an innovator. ","Declining prices and low demand have been major themes of the cathode active materials market this year. Benchmark’s Cathode Price Index has fallen by 58% year-to-date. Yet despite the slowdown, Benchmark still forecasts a 300 gigawatt hour (GWh) increase in year-on-year demand in 2023 and a supply deficit due by 2028. The sector is also […]",[82972],{"slug":544,"name":543,"content":82973},{"job_title":557,"image":82974,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6dcae19a-2f2b-49eb-bf5f-6f15760a8d2a\", \"id\": \"\"}-->",[82977],{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":82979,"copyright":547,"fieldtype":553,"meta_data":82980,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7d68af2799/bm-jars-li-carbonate-ni-sulfate-co-sulfate-cathode-2048x1365-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 05, 2023",{"id":82983,"uuid":82984,"name":82985,"slug":82986,"full_slug":82987,"content":82988},112470350231399,"f96efcbb-c832-4a90-9aca-d2bc4d3ff88a","UK pledges over £2 billion in funding for EVs and batteries","uk-pledges-over-2-billion-in-funding-for-evs-and-batteries","article/uk-pledges-over-2-billion-in-funding-for-evs-and-batteries",{"_uid":82989,"date":82990,"tags":82991,"editor":82993,"content":82997,"excerpt":83121,"featured":50,"reporter":83122,"_editable":83126,"component":864,"seo_title":82985,"categories":83127,"visibility":882,"author_company":49,"featured_image":83130,"seo_description":83121,"author_full_name":49,"author_job_title":49,"formattedDate":83133},"9c8601c7-50eb-4f4d-ac73-b26046611914","2023-12-01 00:00",[82992],{"slug":16791,"name":16792},[82994],{"slug":544,"name":543,"content":82995},{"job_title":557,"image":82996,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":82998},[82999,83004,83009,83014,83019,83024,83028,83033,83038,83047,83052,83057,83062,83067,83076,83081,83086,83091,83096,83101,83106,83111,83116],{"type":594,"attrs":83000,"content":83001},{"textAlign":49},[83002],{"text":83003,"type":599},"The UK has pledged over £2 billion ($2.5 billion) in research and development (R&D) funding for manufacturing and development of zero emission vehicles, their batteries and supply chains between 2025 and 2030.",{"type":594,"attrs":83005,"content":83006},{"textAlign":49},[83007],{"text":83008,"type":599},"The funding is the first of 15 measures introduced in the Battery Strategy, which also includes £12 million ($15.2) to establish a new Advanced Materials Battery Industrialisation Centre to bridge the gap between academia and commercialisation of anode and cathode active materials.",{"type":594,"attrs":83010,"content":83011},{"textAlign":49},[83012],{"text":83013,"type":599},"The strategy comes following the announcement by Nissan that it would build three electric vehicle (EV) models at its factory in Sunderland, as well as an additional battery gigafactory. ",{"type":594,"attrs":83015,"content":83016},{"textAlign":49},[83017],{"text":83018,"type":599},"The UK has struggled to compete, however, with the subsidies available in the US Inflation Reduction Act, which has helped drive a rapid increase in battery supply chain investment in the country.",{"type":594,"attrs":83020,"content":83021},{"textAlign":49},[83022],{"text":83023,"type":599},"“The UK Battery Strategy marks a significant step to bolster the EV and battery sectors, reinforcing the country’s world leading position in research and development,” Matt Stock, product director at Benchmark, said. “However, the stakes are high with strong international competition, and not fully seizing the opportunities in these sectors could hinder the UK’s global competitiveness.”",{"type":657,"attrs":83025,"content":83026},{"level":15966,"textAlign":49},[83027],{"text":19957,"type":599},{"type":594,"attrs":83029,"content":83030},{"textAlign":49},[83031],{"text":83032,"type":599},"The Strategy report highlights the need for critical raw materials to meet the growing demand for batteries, driven primarily by growth in EV demand.",{"type":594,"attrs":83034,"content":83035},{"textAlign":49},[83036],{"text":83037,"type":599},"However, it acknowledges that the UK doesn’t have the domestic minerals required to meet this demand and emphasises the importance of diplomacy in securing the minerals required. It points to a Free Trade Agreement between the UK and Australia due to come into force by the end of the year as an example.",{"type":594,"attrs":83039,"content":83040},{"textAlign":49},[83041,83045],{"text":24541,"type":599,"marks":83042},[83043],{"type":604,"attrs":83044},{"href":67404,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83046,"type":599}," shows that Australia will account for 42% of global lithium mining this year. However, the country accounts for just 1% of lithium chemicals production, with China accounting for 65% of this stage of the supply chain.",{"type":594,"attrs":83048,"content":83049},{"textAlign":49},[83050],{"text":83051,"type":599},"Access to Australia’s spodumene could bolster the UK’s position in lithium chemical production with companies such as Green Lithium and Tees Valley Lithium looking to make lithium hydroxide domestically.",{"type":594,"attrs":83053,"content":83054},{"textAlign":49},[83055],{"text":83056,"type":599},"But for other minerals the story is less optimistic. The UK has no cobalt refining capabilities nor does it produce battery grade manganese chemicals.",{"type":594,"attrs":83058,"content":83059},{"textAlign":49},[83060],{"text":83061,"type":599},"In this regard, recycling could help. The Strategy states that “developing full commercial recycling capabilities is a significant opportunity for the UK given the growing demand for EVs.”",{"type":594,"attrs":83063,"content":83064},{"textAlign":49},[83065],{"text":83066,"type":599},"In oral evidence given to the Business and Trade Committee in May this year, Benchmark Chief Executive Simon Moores said: “Recycling is a crucial component in building a sustainable battery supply chain, but it underlines more how important mining is.”",{"type":594,"attrs":83068,"content":83069},{"textAlign":49},[83070],{"text":83071,"type":599,"marks":83072},"Watch Benchmark CEO Simon Moores give evidence to the UK House of Commons Business and Trade Committee ",[83073,83075],{"type":604,"attrs":83074},{"href":62789,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"type":657,"attrs":83077,"content":83078},{"level":15966,"textAlign":49},[83079],{"text":83080,"type":599},"Funding to bolster R&D",{"type":594,"attrs":83082,"content":83083},{"textAlign":49},[83084],{"text":83085,"type":599},"The largest capital allocation in the Strategy is the £2 billion of new capital and R&D funding to build on the work of the Automotive Transformation Fund and Advanced Propulsion Centre, funding bodies investing in the electric vehicle supply chain.",{"type":594,"attrs":83087,"content":83088},{"textAlign":49},[83089],{"text":83090,"type":599},"The Strategy also commits a further £61 million ($77.3 million) to projects within the Faraday Battery Challenge. This was set up in 2017 to drive growth in the UK’s battery sector. In 2022, the programme was extended to 2025. The finance allocated in the Battery Strategy brings the total funding of the Faraday Battery Challenge to £610 million ($775 million) since its inception.",{"type":594,"attrs":83092,"content":83093},{"textAlign":49},[83094],{"text":83095,"type":599},"The Challenge’s funding is split across multiple bodies: The Faraday Institution focuses on research and lab-scale projects; Innovate UK manages business-led innovation and feasibility studies; and the UK Battery Industrialisation Centre (UKBIC) leads on scale-up projects.",{"type":594,"attrs":83097,"content":83098},{"textAlign":49},[83099],{"text":83100,"type":599},"The Strategy allocates £38 million to enhance UKBIC’s facilities. UKBIC says some of the funds will be used to build a new flexible scale-up line to bridge the gap between the kilogram scale facilities available elsewhere and UKBIC’s existing volume industrialisation line.",{"type":594,"attrs":83102,"content":83103},{"textAlign":49},[83104],{"text":83105,"type":599},"The UK Battery Strategy also delivers £12 million for the establishment of a new body. The Advanced Materials Battery Industrialisation Centre (AMBIC), in the West Midlands and North East of England, will focus on the development and commercialisation of novel battery materials including cathode and anode active materials.",{"type":594,"attrs":83107,"content":83108},{"textAlign":49},[83109],{"text":83110,"type":599},"The investment into UKBIC and AMBIC aims to “[develop] the UK’s battery world-class capabilities, from R&D to industrialisation,” according to the Strategy.",{"type":594,"attrs":83112,"content":83113},{"textAlign":49},[83114],{"text":83115,"type":599},"Moving beyond R&D and start-up is a challenge for UK businesses. The Strategy report states that access to “follow-on finance” to grow firms from “pre-revenue to manufacture” is currently difficult.",{"type":594,"attrs":83117,"content":83118},{"textAlign":49},[83119],{"text":83120,"type":599},"Although the Strategy doesn’t outline any specific improvements in this area, one of the 15 measures states that the UK will “explore the case for new financial mechanisms to support start-ups in the battery sector, including through public/private equity investment with government seed funding.”","The UK has pledged over £2 billion ($2.5 billion) in research and development (R&D) funding for manufacturing and development of zero emission vehicles, their batteries and supply chains between 2025 and 2030. The funding is the first of 15 measures introduced in the Battery Strategy, which also includes £12 million ($15.2) to establish a new […]",[83123],{"slug":544,"name":543,"content":83124},{"job_title":557,"image":83125,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9c8601c7-50eb-4f4d-ac73-b26046611914\", \"id\": \"\"}-->",[83128,83129],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":83131,"copyright":547,"fieldtype":553,"meta_data":83132,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f260954dc6/bm-house-of-commons.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 01, 2023",{"id":83135,"uuid":83136,"name":83137,"slug":83138,"full_slug":83139,"content":83140},112470345377638,"ad5e38a8-c5ff-4ca8-8092-9cda0ff156f6","US moves to cut China from its battery supply chain","us-moves-to-cut-china-from-its-battery-supply-chain","article/us-moves-to-cut-china-from-its-battery-supply-chain",{"_uid":83141,"date":82990,"tags":83142,"editor":83145,"content":83149,"excerpt":83315,"featured":51,"reporter":83316,"_editable":83320,"component":864,"seo_title":83137,"categories":83321,"visibility":882,"author_company":49,"featured_image":83324,"seo_description":83315,"author_full_name":49,"author_job_title":49,"formattedDate":83133},"a4eb297d-a370-4b6f-ac65-d2727c44eda0",[83143,83144],{"slug":913,"name":914},{"slug":1375,"name":1376},[83146],{"slug":544,"name":543,"content":83147},{"job_title":557,"image":83148,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":83150},[83151,83156,83161,83166,83177,83188,83193,83198,83203,83208,83213,83218,83223,83228,83233,83238,83243,83248,83253,83258,83263,83268,83275,83280,83285,83290,83303,83308],{"type":594,"attrs":83152,"content":83153},{"textAlign":49},[83154],{"text":83155,"type":599},"The US has moved to limit Chinese involvement in the country’s battery supply chain by setting a 25% ownership cap for companies producing battery components or critical minerals for electric vehicles. ",{"type":594,"attrs":83157,"content":83158},{"textAlign":49},[83159],{"text":83160,"type":599},"Automakers will not be eligible for up to $7,500 in electric vehicle subsidies if they use battery components or critical minerals from companies where at least 25% is owned directly or indirectly by Chinese companies, according to guidance from the US Treasury and the Department of Energy.  ",{"type":594,"attrs":83162,"content":83163},{"textAlign":49},[83164],{"text":83165,"type":599},"The guidance also covers licensing of technologies from Chinese companies.",{"type":594,"attrs":83167,"content":83168},{"textAlign":49},[83169,83171,83175],{"text":83170,"type":599},"The rules could severely limit Chinese involvement in the US battery supply chain in the near term due to ",{"text":82352,"type":599,"marks":83172},[83173],{"type":604,"attrs":83174},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83176,"type":599}," in the processing of critical minerals and production of battery components. ",{"type":594,"attrs":83178,"content":83179},{"textAlign":49},[83180,83182,83186],{"text":83181,"type":599},"It will be especially difficult in sectors where China has over 80% market share, such as production of lithium iron phosphate (LFP) batteries, precursor materials (",{"text":7217,"type":599,"marks":83183},[83184],{"type":604,"attrs":83185},{"href":74928,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83187,"type":599},"), high purity manganese sulphate, and graphite. ",{"type":594,"attrs":83189,"content":83190},{"textAlign":49},[83191],{"text":83192,"type":599},"It could also be a blow to plants producing precursors and cathodes in South Korea, which mostly rely on nickel from Chinese companies in Indonesia. ",{"type":594,"attrs":83194,"content":83195},{"textAlign":49},[83196],{"text":83197,"type":599},"At least 82% of Indonesia’s 2024 battery nickel output will be under majority Chinese ownership and at least 54% by 2033, according to Benchmark.",{"type":594,"attrs":83199,"content":83200},{"textAlign":49},[83201],{"text":83202,"type":599},"One of the world’s largest lithium mines, the Greenbushes mine in Australia, is also controlled by China’s Tianqi Lithium, which has a 26% stake. ",{"type":594,"attrs":83204,"content":83205},{"textAlign":49},[83206],{"text":83207,"type":599},"“President Biden entered office determined to reverse the decades-long trend of letting jobs and factories go overseas to China,” John Podesta, senior advisor to the president for Clean Energy Innovation and Implementation, said. “Thanks to the Investing in America agenda and today’s important guidance from Treasury and the Department of Energy, we’re helping ensure that the electric vehicle future will be made in America.”",{"type":657,"attrs":83209,"content":83210},{"level":15966,"textAlign":49},[83211],{"text":83212,"type":599},"Inflation Reduction Act requirements",{"type":594,"attrs":83214,"content":83215},{"textAlign":49},[83216],{"text":83217,"type":599},"According to the 2022 Inflation Reduction Act, from 2024 an electric vehicle cannot contain any battery components that are manufactured by a “Foreign Entity of Concern (FEOC),” if automakers want to receive tax credits.  ",{"type":594,"attrs":83219,"content":83220},{"textAlign":49},[83221],{"text":83222,"type":599},"Starting in 2025 the vehicle’s battery can’t contain any critical minerals that were extracted, processed, or recycled by a “Foreign Entity of Concern.”",{"type":594,"attrs":83224,"content":83225},{"textAlign":49},[83226],{"text":83227,"type":599},"A “Foreign Entity of Concern” is a company, person, or group formed under the jurisdiction of, or influenced by, China, Russia, North Korea, or Iran.",{"type":594,"attrs":83229,"content":83230},{"textAlign":49},[83231],{"text":83232,"type":599},"The guidance released on Friday proposes to prohibit the involvement of companies where “25% or more of the entity’s board seats, voting rights, or equity interest are cumulatively held by” Foreign Entities of Concern (FEOC), “directly or indirectly via one or more intermediate entities.”",{"type":594,"attrs":83234,"content":83235},{"textAlign":49},[83236],{"text":83237,"type":599},"Still, it is unclear whether the 25% rule would cover a privately-owned Chinese firm, or whether it is only ownership by the government or a government-connected entity.",{"type":594,"attrs":83239,"content":83240},{"textAlign":49},[83241],{"text":83242,"type":599},"Determining FEOC control of subsidiary businesses is done by looking at proportional control of the end entity.",{"type":594,"attrs":83244,"content":83245},{"textAlign":49},[83246],{"text":83247,"type":599},"It also covers licensing of technologies from Chinese companies where the Chinese entity exerts “effective control” over the extraction, processing, recycling, manufacturing or assembly of battery components or materials. ",{"type":657,"attrs":83249,"content":83250},{"level":15966,"textAlign":49},[83251],{"text":83252,"type":599},"Tracing minerals",{"type":594,"attrs":83254,"content":83255},{"textAlign":49},[83256],{"text":83257,"type":599},"For critical minerals, the rule covers extraction, processing, and recycling. A mineral extracted by an entity that is not a FEOC but processed by a FEOC would not be compliant, it says.",{"type":594,"attrs":83259,"content":83260},{"textAlign":49},[83261],{"text":83262,"type":599},"Automakers will have to conduct tracing on their supply chains to ensure they meet the requirements. Given the difficulty of tracing critical minerals, the guidance proposes to allocate minerals to a “particular set of battery cells.” ",{"type":594,"attrs":83264,"content":83265},{"textAlign":49},[83266],{"text":83267,"type":599},"“The battery cells would then have to be physically tracked to batteries and new clean vehicles using a serial number or other identification system,” it says. ",{"type":594,"attrs":83269,"content":83270},{"textAlign":49},[83271],{"type":1186,"attrs":83272},{"id":49,"alt":547,"src":83273,"title":49,"source":49,"copyright":49,"meta_data":83274},"https://a.storyblok.com/f/287943243085208/148f0f5c52/bm-lithium-feoc.png",{},{"type":657,"attrs":83276,"content":83277},{"level":15966,"textAlign":49},[83278],{"text":83279,"type":599},"Potential loopholes ",{"type":594,"attrs":83281,"content":83282},{"textAlign":49},[83283],{"text":83284,"type":599},"Still, Chinese companies and their partners have already pledged to adjust their equity ownership to meet the US requirements. ",{"type":594,"attrs":83286,"content":83287},{"textAlign":49},[83288],{"text":83289,"type":599},"South Korea’s LG Chem said in September it would adjust equity ownership at its planned LFP cathode plant in Morocco, which it is building with China’s Youshan. ",{"type":594,"attrs":83291,"content":83292},{"textAlign":49},[83293,83295,83301],{"text":83294,"type":599},"China’s largest battery recycling company ",{"text":83296,"type":599,"marks":83297},"GEM has also said",[83298],{"type":604,"attrs":83299},{"href":83300,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-gem-aims-for-us-ira-compliance-with-sk-ecopro-south-korea-precursor-plant",{"text":83302,"type":599}," it would do the same for its battery precursor plant in South Korea it is building with SK On and EcoPro.",{"type":594,"attrs":83304,"content":83305},{"textAlign":49},[83306],{"text":83307,"type":599},"Almost 40% of planned pCAM production in South Korea has some Chinese involvement, according to Benchmark. Globally, over 89% of the planned pipeline for pCAM production is fully Chinese owned.",{"type":594,"attrs":83309,"content":83310},{"textAlign":49},[83311],{"type":1186,"attrs":83312},{"id":49,"alt":547,"src":83313,"title":49,"source":49,"copyright":49,"meta_data":83314},"https://a.storyblok.com/f/287943243085208/556b50227e/bm-global-precursor-ramp-up.png",{},"The US has moved to limit Chinese involvement in the country’s battery supply chain by setting a 25% ownership cap for companies producing battery components or critical minerals for electric vehicles. Automakers will not be eligible for up to $7,500 in electric vehicle subsidies if they use battery components or critical minerals from companies where […]",[83317],{"slug":544,"name":543,"content":83318},{"job_title":557,"image":83319,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a4eb297d-a370-4b6f-ac65-d2727c44eda0\", \"id\": \"\"}-->",[83322,83323],{"slug":2499,"name":2500},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":83325,"copyright":547,"fieldtype":553,"meta_data":83326,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/US-Treasury-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":83328,"uuid":83329,"name":83330,"slug":83331,"full_slug":83332,"content":83333},112470355085162,"706f9f67-262e-4d6e-88fb-e1cc057126bc","OPINION: Why battery supply chain investors should not fear disruptive technologies","opinion-why-battery-supply-chain-investors-should-not-fear-disruptive-technologies","article/opinion-why-battery-supply-chain-investors-should-not-fear-disruptive-technologies",{"_uid":83334,"date":83335,"tags":83336,"editor":83338,"content":83342,"excerpt":83528,"featured":51,"reporter":83529,"_editable":83533,"component":864,"seo_title":83330,"categories":83534,"visibility":2091,"author_company":11314,"featured_image":83537,"seo_description":83528,"author_full_name":83539,"author_job_title":49,"formattedDate":83540},"598fb213-00f6-4acd-9003-63fd8e584769","2023-11-29 00:00",[83337],{"slug":41666,"name":41667},[83339],{"slug":544,"name":543,"content":83340},{"job_title":557,"image":83341,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":83343},[83344,83349,83354,83359,83371,83376,83388,83399,83411,83416,83421,83426,83431,83436,83441,83448,83453,83458,83463,83468,83473,83478,83483,83488,83495,83500,83511,83516,83521],{"type":594,"attrs":83345,"content":83346},{"textAlign":49},[83347],{"text":83348,"type":599},"Supply-side players, including upstream producers, refiners and battery manufacturers, seem to have recurrent nightmares about a new technology that will suddenly come and eat their lunch. ",{"type":594,"attrs":83350,"content":83351},{"textAlign":49},[83352],{"text":83353,"type":599},"“Technology leapfrogging” is a central question we get asked when undertaking due diligence assignments or bankable market reports. ",{"type":594,"attrs":83355,"content":83356},{"textAlign":49},[83357],{"text":83358,"type":599},"The concerns may be fed by a wave of investment from technology-savvy venture capital money, which has in the past enabled sudden cannibalisation of a product (e.g. digital cameras, media players, and sat navs made redundant by smartphones).",{"type":594,"attrs":83360,"content":83361},{"textAlign":49},[83362,83364,83369],{"text":83363,"type":599},"One area of concern for nickel and cobalt producers aiming to ramp up upstream production is the emergence of a new generation of lithium iron phosphate (LFP) battery technologies that are set to compete in the mid-range electric vehicle (EV) market where nickel cobalt manganese (NCM) chemistry incumbency is strong. Adding manganese to the cathode (to create ",{"text":8774,"type":599,"marks":83365},[83366],{"type":604,"attrs":83367},{"href":83368,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lmfp-cathodes-advance-as-chinese-producers-test-material-with-automakers",{"text":83370,"type":599},") appears to do this by adding energy capacity at a marginal additional cost. ",{"type":594,"attrs":83372,"content":83373},{"textAlign":49},[83374],{"text":83375,"type":599},"To add further pessimism, manganese is also being added to NCM cathodes themselves to significantly reduce nickel content and eliminate cobalt (NMx technology) with a potentially modest trade-off between cost and performance. Benchmark base-case forecasts suggest that both LMFP and NMx (also known as manganese-rich chemistries) are only likely to reach commercialisation at scale by the end of this decade and stay in single digits market share by 2040.",{"type":594,"attrs":83377,"content":83378},{"textAlign":49},[83379,83381,83386],{"text":83380,"type":599},"While lithium is almost immune to the manganese-rich chemistry battle above, upstream incumbents worry about the emergence of direct lithium extraction (DLE) as the equivalent to shale in the oil and gas industry a couple of decades ago. As discussed recently in a ",{"text":83382,"type":599,"marks":83383},"paper",[83384],{"type":604,"attrs":83385},{"href":54373,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83387,"type":599},", we believe DLE does have a role in the sector, but development pathways are still uncertain and full-scale disruption is a low-probability event.",{"type":594,"attrs":83389,"content":83390},{"textAlign":49},[83391,83393,83398],{"text":83392,"type":599},"On the anode side, the concern is about solid-state batteries massively substituting incumbent graphite feedstocks. Again we have discussed the high degree of uncertainty of these technologies becoming mainstream by the ",{"text":83394,"type":599,"marks":83395},"end of this decade",[83396],{"type":604,"attrs":83397},{"href":79408,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":83400,"content":83401},{"textAlign":49},[83402,83404,83410],{"text":83403,"type":599},"Incumbent battery makers have their own anxieties with sodium ion batteries making a massive leap to enhance their energy storage system  appeal and compete head-to-head with lithium ion in the EV market. Benchmark’s view is that there are very significant technical ",{"text":83405,"type":599,"marks":83406},"challenges for that to happen",[83407],{"type":604,"attrs":83408},{"href":83409,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-why-sodium-ion-batteries-will-take-longer-than-people-think",{"text":974,"type":599},{"type":594,"attrs":83412,"content":83413},{"textAlign":49},[83414],{"text":83415,"type":599},"Seen from these perspectives, it appears to be a matter of “when” rather than “if” incumbents lose out to disruptors. But does incumbency actually matter?",{"type":657,"attrs":83417,"content":83418},{"level":15966,"textAlign":49},[83419],{"text":83420,"type":599},"The role of incumbency and scaling up",{"type":594,"attrs":83422,"content":83423},{"textAlign":49},[83424],{"text":83425,"type":599},"One potential issue is that disruptive technology discussions are often made under a “point in time” perspective, missing the highly dynamic nature of the market. ",{"type":594,"attrs":83427,"content":83428},{"textAlign":49},[83429],{"text":83430,"type":599},"A reminder: under Benchmark’s base-case outlook the lithium ion value chain needs to add in the next seven years three times as much as it has done in the last seven years. As a consequence, the overarching priority for OEMs is to scale up production as fast as possible, and new technologies, no matter how “plug-and-play” they are, will put this scaling up drive at risk. ",{"type":594,"attrs":83432,"content":83433},{"textAlign":49},[83434],{"text":83435,"type":599},"New technologies, by their nature, create uncertainty and ultimately weigh on funding decisions by OEMs and cell makers. ",{"type":594,"attrs":83437,"content":83438},{"textAlign":49},[83439],{"text":83440,"type":599},"This is not to say that incumbents are completely ignoring new technologies.",{"type":594,"attrs":83442,"content":83443},{"textAlign":49},[83444],{"type":1186,"attrs":83445},{"id":49,"alt":547,"src":83446,"title":49,"source":49,"copyright":49,"meta_data":83447},"https://a.storyblok.com/f/287943243085208/8fac56d476/bm-oems-approach-to-scaling-up.png",{},{"type":594,"attrs":83449,"content":83450},{"textAlign":49},[83451],{"text":83452,"type":599},"As shown above, serious incumbents are indeed considering new technologies, not for the expansions being sanctioned over the next three to five years, but for those further down the line in the next decade. ",{"type":594,"attrs":83454,"content":83455},{"textAlign":49},[83456],{"text":83457,"type":599},"Such adoption, which is later than tech-developers are hoping for, is heavily caveated by technical performance requirements, to ensure beyond doubt that the new technology will deliver the promised benefits.",{"type":594,"attrs":83459,"content":83460},{"textAlign":49},[83461],{"text":83462,"type":599},"Incumbents have the capability to test new technologies in parallel to scaling up conventional plants, enabling optionality to introduce them at the right time. New entrants on the other hand cannot afford to double down on technical risk as it will undermine their entry efforts.",{"type":594,"attrs":83464,"content":83465},{"textAlign":49},[83466],{"text":83467,"type":599},"In short, the trade-off between faster scaling of production versus the potential benefits of new technologies does not work in the short term. The caveat to this is that if EV adoption slows down (there are plenty of economic headwinds), the urgency of scaling up is no longer there and a new technology may have a better chance of winning the trade-off. ",{"type":594,"attrs":83469,"content":83470},{"textAlign":49},[83471],{"text":83472,"type":599},"But as has been experienced many times in the past, technologies tend to make slow progress over a long period of time to then suddenly leapfrog almost overnight to become mainstream. How would the lithium ion landscape change if the optimists are right?",{"type":657,"attrs":83474,"content":83475},{"level":15966,"textAlign":49},[83476],{"text":83477,"type":599},"Faster technology adoption ",{"type":594,"attrs":83479,"content":83480},{"textAlign":49},[83481],{"text":83482,"type":599},"As a thought exercise let’s assume all of the above “base-case” views fail to materialise and every single technology becomes mainstream within this decade. The most salient outcome of this scenario would be a materially lower unit cost per kilowatt-hour and therefore an increased risk of new technologies substituting incumbents. ",{"type":594,"attrs":83484,"content":83485},{"textAlign":49},[83486],{"text":83487,"type":599},"However, demand is likely to respond positively to lower battery costs. How strongly? The higher end of demand for batteries is what is needed to achieve Net Zero plans, which as shown below is materially higher than “base-case demand.”",{"type":594,"attrs":83489,"content":83490},{"textAlign":49},[83491],{"type":1186,"attrs":83492},{"id":49,"alt":547,"src":83493,"title":49,"source":49,"copyright":49,"meta_data":83494},"https://a.storyblok.com/f/287943243085208/52781b0eb2/bm-battery-demand-scenarios2.png",{},{"type":594,"attrs":83496,"content":83497},{"textAlign":49},[83498],{"text":83499,"type":599},"The reality is that the world is massively constrained by a lack of raw materials, in particular lithium, to meet Benchmark’s base-case demand scenario, let alone to get to the International Energy Agency’s Net Zero or all-electric case scenarios. ",{"type":594,"attrs":83501,"content":83502},{"textAlign":49},[83503,83505,83509],{"text":83504,"type":599},"Assuming the world manages to somehow debottleneck the upstream part of the value chain (not a light assumption to make), the upshot is that if these technologies do surprise us on the upside, then there is a case to be made that they will most likely ",{"text":83506,"type":599,"marks":83507},"add",[83508],{"type":643},{"text":83510,"type":599}," to rather than substitute supply. The end result will be a solid pathway to achieve net zero by 2050. ",{"type":594,"attrs":83512,"content":83513},{"textAlign":49},[83514],{"text":83515,"type":599},"In practice though, it is likely that the bottleneck (and subsequent investor anxiety) moves to the associated infrastructure required for such massive and faster level of electrification – in particular availability of copper, grid expansions and charging infrastructure.",{"type":594,"attrs":83517,"content":83518},{"textAlign":49},[83519],{"text":83520,"type":599},"Benchmark’s Strategic Advisory team provides bespoke analysis and consulting services to enable the most complex investment decisions in the lithium ion industry, including how the interplay of different technology pathways could impact investors, policy and markets.",{"type":594,"attrs":83522,"content":83523},{"textAlign":49},[83524,83526],{"text":83525,"type":599},"To learn more",{"text":83527,"type":599},"please provide your details below and our experts will be in touch:","Supply-side players, including upstream producers, refiners and battery manufacturers, seem to have recurrent nightmares about a new technology that will suddenly come and eat their lunch. “Technology leapfrogging” is a central question we get asked when undertaking due diligence assignments or bankable market reports. The concerns may be fed by a wave of investment from […]",[83530],{"slug":544,"name":543,"content":83531},{"job_title":557,"image":83532,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"598fb213-00f6-4acd-9003-63fd8e584769\", \"id\": \"\"}-->",[83535,83536],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2339,"copyright":547,"fieldtype":553,"meta_data":83538,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Ricardo Morales","Nov 29, 2023",{"id":83542,"uuid":83543,"name":83544,"slug":83545,"full_slug":83546,"content":83547},112470359889771,"2ab305cf-91c6-4ad4-90af-38eab4432634","Chinese lithium prices continue to decline as hydroxide falls below $20,000 a tonne  ","chinese-lithium-prices-continue-to-decline-as-hydroxide-falls-below-20000-a-tonne","article/chinese-lithium-prices-continue-to-decline-as-hydroxide-falls-below-20000-a-tonne",{"_uid":83548,"date":83549,"tags":83550,"editor":83553,"content":83557,"excerpt":83707,"featured":50,"reporter":83708,"_editable":83712,"component":864,"seo_title":83544,"categories":83713,"visibility":882,"author_company":49,"featured_image":83716,"seo_description":83707,"author_full_name":49,"author_job_title":49,"formattedDate":83719},"97894c9d-a825-4693-bb3f-96db6dafbe44","2023-11-28 00:00",[83551,83552],{"slug":913,"name":914},{"slug":910,"name":911},[83554],{"slug":544,"name":543,"content":83555},{"job_title":557,"image":83556,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":83558},[83559,83564,83574,83586,83601,83606,83611,83616,83626,83631,83638,83643,83656,83661,83666,83671,83676,83697],{"type":594,"attrs":83560,"content":83561},{"textAlign":49},[83562],{"text":83563,"type":599},"Chinese lithium prices continued to decline this month, with lithium hydroxide prices falling to RMB 134,000 ($18,750) a tonne, their lowest levels in over two years. ",{"type":594,"attrs":83565,"content":83566},{"textAlign":49},[83567,83569,83573],{"text":83568,"type":599},"Spot prices for Chinese lithium hydroxide have fallen by 76% year-to-date, according to ",{"text":2210,"type":599,"marks":83570},[83571],{"type":604,"attrs":83572},{"href":74808,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":83575,"content":83576},{"textAlign":49},[83577,83579,83584],{"text":83578,"type":599},"Hydroxide has been particularly hard hit due to the continued demand preference for ",{"text":83580,"type":599,"marks":83581},"lithium iron phosphate (LFP) cathodes",[83582],{"type":604,"attrs":83583},{"href":24051,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83585,"type":599}," in batteries over high-nickel nickel cobalt manganese (NCM) cathodes.",{"type":594,"attrs":83587,"content":83588},{"textAlign":49},[83589,83593,83595,83600],{"text":42098,"type":599,"marks":83590},[83591],{"type":604,"attrs":83592},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83594,"type":599}," estimates that China’s LFP share will grow ",{"text":83596,"type":599,"marks":83597},"from 56% last year to 61%",[83598],{"type":604,"attrs":83599},{"href":81860,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":45175,"type":599},{"type":594,"attrs":83602,"content":83603},{"textAlign":49},[83604],{"text":83605,"type":599},"Spot prices for battery-grade lithium carbonate prices in China declined 5.4% in the week ending November 22 to an average of RMB 140,000 ($19,600) a tonne. Chinese lithium carbonate prices are down 74% so far this year.",{"type":594,"attrs":83607,"content":83608},{"textAlign":49},[83609],{"text":83610,"type":599},"“Bearish price sentiment in China is having the biggest effect. But also limited spot market interest from buyers and consistent upstream supply,” said Adam Megginson, lithium analyst at Benchmark.",{"type":657,"attrs":83612,"content":83613},{"level":15966,"textAlign":49},[83614],{"text":83615,"type":599},"Cathode buyers hold off",{"type":594,"attrs":83617,"content":83618},{"textAlign":49},[83619,83621,83625],{"text":83620,"type":599},"As a result of lower-than-expected demand and robust lithium supply, cathode makers in China could cut production by between 10% to 15% throughout December, according to the ",{"text":51393,"type":599,"marks":83622},[83623],{"type":604,"attrs":83624},{"href":74808,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":83627,"content":83628},{"textAlign":49},[83629],{"text":83630,"type":599},"“Cathode makers have sufficient volumes already being delivered under contracts, that they don’t need to purchase additional volumes on the spot market, hence falling spot market prices,” said Megginson.",{"type":594,"attrs":83632,"content":83633},{"textAlign":49},[83634],{"type":1186,"attrs":83635},{"id":49,"alt":547,"src":83636,"title":49,"source":49,"copyright":49,"meta_data":83637},"https://a.storyblok.com/f/287943243085208/fd5485a75f/bm-china-lithium-prices-november-2.png",{},{"type":657,"attrs":83639,"content":83640},{"level":15966,"textAlign":49},[83641],{"text":83642,"type":599},"China’s price decline could get worse",{"type":594,"attrs":83644,"content":83645},{"textAlign":49},[83646,83648,83654],{"text":83647,"type":599},"Most market participants are expecting lithium prices to ",{"text":83649,"type":599,"marks":83650},"fall throughout December",[83651],{"type":604,"attrs":83652},{"href":83653,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/oems-and-battery-makers-on-alert-as-lower-lithium-prices-to-push-into-2024-benchmark",{"text":83655,"type":599}," while some expect prices to stabilise around RMB 100,000 a tonne.",{"type":594,"attrs":83657,"content":83658},{"textAlign":49},[83659],{"text":83660,"type":599},"“The dynamics that are leading to current price falls persist. The first quarter is typically a more bearish period for lithium demand from the electric vehicle end market, and lithium prices are often weaker in the quarter as a result,” Megginson said.",{"type":594,"attrs":83662,"content":83663},{"textAlign":49},[83664],{"text":83665,"type":599},"Earlier this month, SQM’s chief executive Ricardo Ramos told investors in a post earnings call that excess inventories as well as additional supply have been negatively affecting buying activity. Ramos said he expects price decline could continue for the rest of the year.",{"type":657,"attrs":83667,"content":83668},{"level":15966,"textAlign":49},[83669],{"text":83670,"type":599},"Limiting future supply",{"type":594,"attrs":83672,"content":83673},{"textAlign":49},[83674],{"text":83675,"type":599},"Falling lithium prices have drawn concerns from lithium producers.",{"type":594,"attrs":83677,"content":83678},{"textAlign":49},[83679,83681,83687,83689,83695],{"text":83680,"type":599},"Lithium producer ",{"text":83682,"type":599,"marks":83683},"Allkem’s chief sales and marketing officer Christian Barbier said",[83684],{"type":604,"attrs":83685},{"href":83686,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/low-lithium-prices-risk-delaying-investment-in-new-supply-allkem-says",{"text":83688,"type":599}," during a keynote presentation at Benchmark Week that the falling lithium prices could delay investment in ",{"text":83690,"type":599,"marks":83691},"new mines that will be needed",[83692],{"type":604,"attrs":83693},{"href":83694,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lithium-prices-fall-below-rmb-200000-a-tonne-putting-pressure-on-domestic-mines",{"text":83696,"type":599}," to meet rising demand this decade.",{"type":594,"attrs":83698,"content":83699},{"textAlign":49},[83700,83702,83706],{"text":83701,"type":599},"Despite recent surpluses, lithium supplies are expected to enter an era of deficit from 2028 onwards as electric vehicle adoption picks up pace, according to the ",{"text":34200,"type":599,"marks":83703},[83704],{"type":604,"attrs":83705},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Chinese lithium prices continued to decline this month, with lithium hydroxide prices falling to RMB 134,000 ($18,750) a tonne, their lowest levels in over two years. Spot prices for Chinese lithium hydroxide have fallen by 76% year-to-date, according to Benchmark’s Lithium Price Assessment. Hydroxide has been particularly hard hit due to the continued demand preference […]",[83709],{"slug":544,"name":543,"content":83710},{"job_title":557,"image":83711,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"97894c9d-a825-4693-bb3f-96db6dafbe44\", \"id\": \"\"}-->",[83714,83715],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":83717,"copyright":547,"fieldtype":553,"meta_data":83718,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/Lithium-prices-Photograph-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 28, 2023",{"id":83721,"uuid":83722,"name":83723,"slug":83724,"full_slug":83725,"content":83726},112470369294190,"c83a9a4d-2b46-4c23-98f4-e83ac4bb2567","China’s CMOC bucks tough cobalt market with plans for output increase","chinas-cmoc-bucks-tough-cobalt-market-with-plans-for-output-increase","article/chinas-cmoc-bucks-tough-cobalt-market-with-plans-for-output-increase",{"_uid":83727,"date":83728,"tags":83729,"editor":83732,"content":83736,"excerpt":83948,"featured":51,"reporter":83949,"_editable":83953,"component":864,"seo_title":83723,"categories":83954,"visibility":882,"author_company":49,"featured_image":83957,"seo_description":83948,"author_full_name":49,"author_job_title":49,"formattedDate":83960},"bd7eda9e-1352-4d64-b8b6-cd3b019a8482","2023-11-27 00:00",[83730,83731],{"slug":581,"name":582},{"slug":572,"name":573},[83733],{"slug":544,"name":543,"content":83734},{"job_title":557,"image":83735,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":83737},[83738,83750,83762,83772,83777,83782,83794,83799,83804,83812,83817,83830,83839,83844,83849,83854,83859,83871,83882,83887,83892,83900,83905,83910,83915,83920,83925,83930,83943],{"type":594,"attrs":83739,"content":83740},{"textAlign":49},[83741,83743,83748],{"text":83742,"type":599},"Miners in the ",{"text":42579,"type":599,"marks":83744},[83745],{"type":604,"attrs":83746},{"href":83747,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/drc-needs-to-improve-esg-of-cobalt-to-become-key-to-climate-crisis",{"text":83749,"type":599}," (DRC) are under pressure this year as a result of low prices for copper and cobalt, with Glencore stockpiling material in the first half of the year.",{"type":594,"attrs":83751,"content":83752},{"textAlign":49},[83753,83755,83760],{"text":83754,"type":599},"But ",{"text":83756,"type":599,"marks":83757},"China’s CMOC",[83758],{"type":604,"attrs":83759},{"href":63729,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83761,"type":599}," is pushing ahead with plans for increased output, despite the weak market, aiming to overtake Glencore as the world’s largest producer, citing its confidence in the battery market. ",{"type":594,"attrs":83763,"content":83764},{"textAlign":49},[83765,83767,83771],{"text":83766,"type":599},"This month, cobalt hydroxide prices, CIF Asia, averaged $18,739 per tonne ($8.50 per pound), down 38% from this time last year, as reported in ",{"text":33174,"type":599,"marks":83768},[83769],{"type":604,"attrs":83770},{"href":33228,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":83773,"content":83774},{"textAlign":49},[83775],{"text":83776,"type":599},"Cobalt is mined as a byproduct of copper in the DRC. Copper prices have also only risen by 1% year-to-date to $8,429 a tonne, according to the London Metal Exchange. ",{"type":594,"attrs":83778,"content":83779},{"textAlign":49},[83780],{"text":83781,"type":599},"CMOC plans to produce 50,000 tonnes of cobalt this year, compared to Glencore’s plans for around 38,000 tonnes of the metal. ",{"type":594,"attrs":83783,"content":83784},{"textAlign":49},[83785,83787,83792],{"text":83786,"type":599},"“There is a bit of anxiety in the market that efforts to increase prices and reduce production are going to be pretty much outpaced by CMOC,”  ",{"text":6538,"type":599,"marks":83788},[83789],{"type":604,"attrs":83790},{"href":83791,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-is-behind-cobalts-bear-market",{"text":83793,"type":599},", an analyst at Benchmark, said.",{"type":594,"attrs":83795,"content":83796},{"textAlign":49},[83797],{"text":83798,"type":599},"Benchmark forecasts the cobalt market will remain in surplus until at least 2026.",{"type":594,"attrs":83800,"content":83801},{"textAlign":49},[83802],{"text":83803,"type":599}," “If producers do nothing, that is only going to get worse,” Aubry said. ",{"type":594,"attrs":83805,"content":83806},{"textAlign":49},[83807],{"type":1186,"attrs":83808},{"id":49,"alt":83809,"src":83810,"title":49,"source":49,"copyright":49,"meta_data":83811},"Cobalt prices near floor","https://a.storyblok.com/f/287943243085208/1d43c934d7/bm-cobalt-price-chart-nov-14-2023.png",{},{"type":657,"attrs":83813,"content":83814},{"level":15966,"textAlign":49},[83815],{"text":83816,"type":599},"CMOC’s expansion",{"type":594,"attrs":83818,"content":83819},{"textAlign":49},[83820,83822,83828],{"text":83821,"type":599},"Three-quarters of cobalt production this year is located in the DRC, and of this, CMOC produces 26% through its ",{"text":83823,"type":599,"marks":83824},"Tenke Fungurume",[83825],{"type":604,"attrs":83826},{"href":83827,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-hydroxide-prices-tumble-as-tenke-mine-in-drc-restarts-exports",{"text":83829,"type":599}," (TFM) and Kisanfu (KFM) mines.",{"type":594,"attrs":83831,"content":83832},{"textAlign":49},[83833,83837],{"text":40483,"type":599,"marks":83834},[83835],{"type":604,"attrs":83836},{"href":64705,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83838,"type":599}," shows CMOC could increase its production by 30% next year as the second phase of TFM ramps up and the third phase comes online. KFM is also set to further ramp up.",{"type":594,"attrs":83840,"content":83841},{"textAlign":49},[83842],{"text":83843,"type":599},"The company told Chinese media this month that cobalt prices were stable and in a “balanced range.” As a result the “downstream can use cobalt with more confidence,” it said.  ",{"type":594,"attrs":83845,"content":83846},{"textAlign":49},[83847],{"text":83848,"type":599},"CMOC said it believes that “technical innovations” can improve the competitiveness of NCM batteries. As a result it had signed long-term agreements with some downstream customers to provide a stable supply, it added. ",{"type":594,"attrs":83850,"content":83851},{"textAlign":49},[83852],{"text":83853,"type":599},"“They have not announced any plans to reduce production,” Aubry said. “In fact, most of their plans so far show that they’re going to massively increase production.”",{"type":594,"attrs":83855,"content":83856},{"textAlign":49},[83857],{"text":83858,"type":599},"CMOC is primarily concerned with increasing their copper production and being one of the major players in the copper market, while the cobalt by-product brings in a nice additional credit, according to Jorge Uzcategui, an analyst at Benchmark.",{"type":594,"attrs":83860,"content":83861},{"textAlign":49},[83862,83864,83869],{"text":83863,"type":599},"Last year, CMOC was hit with ",{"text":83865,"type":599,"marks":83866},"export restrictions",[83867],{"type":604,"attrs":83868},{"href":80572,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83870,"type":599}," by the DRC government. They continued to operate despite the restrictions leading to a large build up of stockpiled material.",{"type":594,"attrs":83872,"content":83873},{"textAlign":49},[83874,83875,83880],{"text":2372,"type":599},{"text":83876,"type":599,"marks":83877},"restrictions were lifted in April this year",[83878],{"type":604,"attrs":83879},{"href":56298,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83881,"type":599},", but the company is still selling this material into the market.",{"type":594,"attrs":83883,"content":83884},{"textAlign":49},[83885],{"text":83886,"type":599},"Uzcategui suggests that this would reduce the likelihood that CMOC would plan to stockpile anymore copper or cobalt material.",{"type":594,"attrs":83888,"content":83889},{"textAlign":49},[83890],{"text":83891,"type":599},"That’s the opposite of its main rival Glencore. ",{"type":594,"attrs":83893,"content":83894},{"textAlign":49},[83895],{"type":1186,"attrs":83896},{"id":49,"alt":83897,"src":83898,"title":49,"source":49,"copyright":49,"meta_data":83899},"Cobalt hydroxide market in near term surplus","https://a.storyblok.com/f/287943243085208/d5eb6fe23d/bm-cobalt-market-balance-q3-2023.png",{},{"type":657,"attrs":83901,"content":83902},{"level":15966,"textAlign":49},[83903],{"text":83904,"type":599},"Glencore to produce less ",{"type":594,"attrs":83906,"content":83907},{"textAlign":49},[83908],{"text":83909,"type":599},"Glencore, the world’s largest cobalt producer, stockpiled metal in the first half of this year, in response to the low-price environment and oversupply of cobalt. ",{"type":594,"attrs":83911,"content":83912},{"textAlign":49},[83913],{"text":83914,"type":599},"Glencore’s year to date cobalt production, as of the third quarter, fell by 2% compared to 2022, from 33,100 tonnes in 2022 to 32,500 tonnes in 2023.",{"type":594,"attrs":83916,"content":83917},{"textAlign":49},[83918],{"text":83919,"type":599},"This was mainly due to lower grades at its Mutanda mine in the DRC, which may reduce production even further, Reuters reported this week. ",{"type":594,"attrs":83921,"content":83922},{"textAlign":49},[83923],{"text":83924,"type":599},"Looking ahead, Glencore has stated that its production guideline for 2023 remains unchanged from their previous estimate, with an expected production of 38,000 tonnes of cobalt throughout the calendar year.",{"type":594,"attrs":83926,"content":83927},{"textAlign":49},[83928],{"text":83929,"type":599},"This may be reduced by around 5,000 tonnes due to depleting ore grades, Reuters reported. ",{"type":594,"attrs":83931,"content":83932},{"textAlign":49},[83933,83935,83941],{"text":83934,"type":599},"Exports of cobalt from the DRC have also recently been ",{"text":83936,"type":599,"marks":83937},"impacted by a trucker strike",[83938],{"type":604,"attrs":83939},{"href":83940,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-hydroxide-prices-rise-as-truck-shortages-slows-freight-out-of-drc",{"text":83942,"type":599}," significantly slowing movement of copper and cobalt from mines in the DRC through Zambia to ports such as Durban in South Africa.",{"type":594,"attrs":83944,"content":83945},{"textAlign":49},[83946],{"text":83947,"type":599},"However inventories in Asia and China are understood by Benchmark to be able to meet cobalt hydroxide demands for the rest of the year.","Miners in the Democratic Republic of Congo (DRC) are under pressure this year as a result of low prices for copper and cobalt, with Glencore stockpiling material in the first half of the year. But China’s CMOC is pushing ahead with plans for increased output, despite the weak market, aiming to overtake Glencore as the […]",[83950],{"slug":544,"name":543,"content":83951},{"job_title":557,"image":83952,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bd7eda9e-1352-4d64-b8b6-cd3b019a8482\", \"id\": \"\"}-->",[83955,83956],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":83958,"copyright":547,"fieldtype":553,"meta_data":83959,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/197ae295cf/bm-mutanda-mine.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 27, 2023",{"id":83962,"uuid":83963,"name":83964,"slug":83965,"full_slug":83966,"content":83967},112470379018097,"c0c879bc-e867-4f88-8acc-dfbd0ffbab54","Glencore deepens lithium push with Galan offtake","glencore-deepens-lithium-push-with-galan-offtake","article/glencore-deepens-lithium-push-with-galan-offtake",{"_uid":83968,"date":83969,"tags":83970,"editor":83972,"content":83976,"excerpt":84121,"featured":50,"reporter":84122,"_editable":84126,"component":864,"seo_title":83964,"categories":84127,"visibility":882,"author_company":49,"featured_image":84131,"seo_description":84121,"author_full_name":49,"author_job_title":49,"formattedDate":84134},"dd146c3b-9e06-4387-aefa-7ecc912d4b3d","2023-11-24 00:00",[83971],{"slug":11317,"name":11318},[83973],{"slug":544,"name":543,"content":83974},{"job_title":557,"image":83975,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":83977},[83978,83983,83988,83999,84004,84009,84014,84019,84024,84029,84034,84051,84056,84069,84079,84084,84091,84096,84101,84106,84111,84116],{"type":594,"attrs":83979,"content":83980},{"textAlign":49},[83981],{"text":83982,"type":599},"Glencore’s lithium offtake agreement with Australian junior Galan Lithium highlights the miner’s growing role in providing financing for lithium projects, at a time when fundraising from other sources has become more challenging. ",{"type":594,"attrs":83984,"content":83985},{"textAlign":49},[83986],{"text":83987,"type":599},"Galan will supply 100% of lithium chloride concentrate from phase one of its Hombre Muerto West (MHW) lithium brine project in Argentina to Glencore for five years, in return for a prepayment of between $70 million to $100 million. ",{"type":594,"attrs":83989,"content":83990},{"textAlign":49},[83991,83993,83997],{"text":83992,"type":599},"The deal comes at a difficult time for smaller lithium companies, as falling share prices and rising interest rates have made it harder to raise capital. Chinese battery grade ",{"text":12746,"type":599,"marks":83994},[83995],{"type":604,"attrs":83996},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83998,"type":599}," have fallen more than 70% this year to their lowest levels since September 2021. ",{"type":594,"attrs":84000,"content":84001},{"textAlign":49},[84002],{"text":84003,"type":599},"Benchmark’s latest lithium carbonate, FOB South America, price was last assessed at $28,250 a tonne.  ",{"type":594,"attrs":84005,"content":84006},{"textAlign":49},[84007],{"text":84008,"type":599},"“New projects need cash and Glencore has it,” said Cameron Perks, lithium analyst at Benchmark.      ",{"type":594,"attrs":84010,"content":84011},{"textAlign":49},[84012],{"text":84013,"type":599},"“Obviously the advantage for Glencore here is that they can make money on the trading business and also learn about how the industry works. They are also a mining company, so perhaps they have plans to expand that part of their business in lithium as well,” Perks added.",{"type":594,"attrs":84015,"content":84016},{"textAlign":49},[84017],{"text":84018,"type":599},"Galan is on track to begin initial commercial production in the first half of 2025, with a nameplate capacity of 5,400 tpa of lithium chloride concentrate.",{"type":594,"attrs":84020,"content":84021},{"textAlign":49},[84022],{"text":84023,"type":599},"Glencore will also have the first right to negotiate in respect of marketing or financing with regards to the future expansion of the HMW project for the second phase of expansion. The second phase is targeting a nameplate capacity of 20,000 tpa LCE of lithium chloride by 2026.",{"type":594,"attrs":84025,"content":84026},{"textAlign":49},[84027],{"text":84028,"type":599},"“Our agreement with Glencore significantly de-risks our project and we are very well poised to secure finance for Phase 1 of the HMW project,” said Juan Pablo Vargas de la Vega, managing director of Galan Lithium.",{"type":594,"attrs":84030,"content":84031},{"textAlign":49},[84032],{"text":84033,"type":599},"Benchmark forecasts Argentina’s lithium supply share will increase from 5% in 2023 to 13% in 2028, while neighbouring Chile’s share of production is expected to fall from 24% to 14%.",{"type":594,"attrs":84035,"content":84036},{"textAlign":49},[84037,84039,84044,84046,84050],{"text":84038,"type":599},"Growing electric vehicle adoption is expected to send the ",{"text":84040,"type":599,"marks":84041},"global lithium supplies",[84042],{"type":604,"attrs":84043},{"href":75519,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84045,"type":599}," into an era of deficit from 2028 onwards, according to the ",{"text":34200,"type":599,"marks":84047},[84048],{"type":604,"attrs":84049},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":84052,"content":84053},{"level":15966,"textAlign":49},[84054],{"text":84055,"type":599},"Glencore’s lithium push",{"type":594,"attrs":84057,"content":84058},{"textAlign":49},[84059,84061,84067],{"text":84060,"type":599},"Glencore’s investments and offtake agreements in battery metals for its trading business have picked up pace in recent months. In July, Europe’s largest and oldest mining company Eramet said it had ",{"text":84062,"type":599,"marks":84063},"signed a $400 million",[84064],{"type":604,"attrs":84065},{"href":84066,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/if-you-want-to-have-access-to-a-large-supply-of-nickel-you-cant-ignore-indonesia-qa-with-eramets-geoff-streeton",{"text":84068,"type":599},", five-year deal with Glencore to jointly market 50,000 tonnes of lithium carbonate produced from its Centenario-Ratones project in Argentina. ",{"type":594,"attrs":84070,"content":84071},{"textAlign":49},[84072,84074],{"text":84073,"type":599},"“Glencore is looking to expand in its trading and offering of lithium carbonate products but don’t have a captive source so we are able to provide them with the ability to build their trading book,” Geoff Streeton, Chief Development Officer, Eramet, told ",{"text":84075,"type":599,"marks":84076},"Benchmark Source. ",[84077],{"type":604,"attrs":84078},{"href":84066,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":84080,"content":84081},{"textAlign":49},[84082],{"text":84083,"type":599},"“On the other side we were looking for a flexible source of capital. The arrangement provides us with pre-financing we can use for general corporate purposes. We got a very competitive source of capital through this,” Streeton said.",{"type":594,"attrs":84085,"content":84086},{"textAlign":49},[84087],{"type":1186,"attrs":84088},{"id":49,"alt":547,"src":84089,"title":49,"source":49,"copyright":49,"meta_data":84090},"https://a.storyblok.com/f/287943243085208/9a8019ca00/bm-glencorelithiummap.png",{},{"type":594,"attrs":84092,"content":84093},{"textAlign":49},[84094],{"text":84095,"type":599},"In September, Canadian lithium miner Sigma Lithium said it would supply over 22,500 tonnes of lithium to Glencore from its Grota do Cirilo project in Brazil.",{"type":594,"attrs":84097,"content":84098},{"textAlign":49},[84099],{"text":84100,"type":599},"Sigma said in October that it received a prepayment from Glencore at “premium prices” for 20,000 tonnes of material.  ",{"type":594,"attrs":84102,"content":84103},{"textAlign":49},[84104],{"text":84105,"type":599},"Also in September, Canadian lithium miner Tantalex Lithium said Glencore has agreed to pay a total of $5 million in two batches as part of the marketing off-take agreement for lithium produced from its Manono lithium tailings project in the Democratic Republic of Congo (DRC). ",{"type":594,"attrs":84107,"content":84108},{"textAlign":49},[84109],{"text":84110,"type":599},"Glencore said it would finance a third of the capital requirements for the DRC project, if it meets its conditions.",{"type":594,"attrs":84112,"content":84113},{"textAlign":49},[84114],{"text":84115,"type":599},"“Major trading houses are generally becoming more active in the space. Their experience with offtake discussions and logistics associated with large bulk commodity loads is often appealing to feedstock buyers, and also allows pre-payments for material to often be made to project developers,” said Daisy Jennings-Gray, lithium analyst with Benchmark.   ",{"type":594,"attrs":84117,"content":84118},{"textAlign":49},[84119],{"text":84120,"type":599},"“In addition, many will likely be looking to hedge their price risk as a futures market for lithium develops,” Jennings-Gray added.","Glencore’s lithium offtake agreement with Australian junior Galan Lithium highlights the miner’s growing role in providing financing for lithium projects, at a time when fundraising from other sources has become more challenging. Galan will supply 100% of lithium chloride concentrate from phase one of its Hombre Muerto West (MHW) lithium brine project in Argentina to […]",[84123],{"slug":544,"name":543,"content":84124},{"job_title":557,"image":84125,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dd146c3b-9e06-4387-aefa-7ecc912d4b3d\", \"id\": \"\"}-->",[84128,84129,84130],{"slug":872,"name":873},{"slug":878,"name":8},{"slug":5744,"name":5741},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":84132,"copyright":547,"fieldtype":553,"meta_data":84133,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d2e7635f96/bm-argentina-lithium.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 24, 2023",{"id":84136,"uuid":84137,"name":84138,"slug":84139,"full_slug":84140,"content":84141},112470374115183,"8282f5a1-ee23-4a8f-85a8-0e939cc15488","Anode supply chain faces graphite ESG risk, Benchmark analysis","only-2-graphite-companies-score-as-industry-leading-in-terms-of-esg-according-to-benchmark","article/only-2-graphite-companies-score-as-industry-leading-in-terms-of-esg-according-to-benchmark",{"_uid":84142,"date":83969,"tags":84143,"editor":84152,"content":84156,"excerpt":84279,"featured":51,"reporter":84280,"_editable":84284,"component":864,"seo_title":84138,"categories":84285,"visibility":2091,"author_company":49,"featured_image":84289,"seo_description":84279,"author_full_name":49,"author_job_title":49,"formattedDate":84134},"cd85708f-5fd3-472f-9219-58f464b136d6",[84144,84145,84146,84147,84150,84151],{"slug":9655,"name":9656},{"slug":24499,"name":24500},{"slug":2502,"name":30317},{"slug":84148,"name":84149},"nouveau-monde-graphite","Nouveau Monde Graphite",{"slug":2507,"name":15902},{"slug":23760,"name":23761},[84153],{"slug":544,"name":543,"content":84154},{"job_title":557,"image":84155,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":84157},[84158,84163,84175,84180,84190,84195,84200,84212,84217,84225,84230,84240,84245,84250,84255,84264,84274],{"type":594,"attrs":84159,"content":84160},{"textAlign":49},[84161],{"text":84162,"type":599},"Only 6% of global graphite production this year will come from companies assessed as having “Good” or “Industry Leading” environmental, social and governance (ESG) practices, according to new research from Benchmark.",{"type":594,"attrs":84164,"content":84165},{"textAlign":49},[84166,84168,84174],{"text":84167,"type":599},"Just two graphite companies are assessed as having “Industry Leading” ESG practices data from ",{"text":84169,"type":599,"marks":84170},"Benchmark’s new Graphite ESG Report",[84171],{"type":604,"attrs":84172},{"href":84173,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg/graphite",{"text":76009,"type":599},{"type":594,"attrs":84176,"content":84177},{"textAlign":49},[84178],{"text":84179,"type":599},"For natural graphite, no actively producing operations were found to demonstrate “Good” or “Industry Leading” ESG practices and disclosures.",{"type":594,"attrs":84181,"content":84182},{"textAlign":49},[84183,84188],{"text":15902,"type":599,"marks":84184},[84185],{"type":604,"attrs":84186},{"href":84187,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/could-flake-graphite-bottlenecks-push-automakers-to-synthetic",{"text":84189,"type":599},", often flagged for its carbon intensive production process, fared marginally better, with one producer – Imerys, accounting for less than 1% of 2023 production – identified as having “Industry Leading” criteria. ",{"type":594,"attrs":84191,"content":84192},{"textAlign":49},[84193],{"text":84194,"type":599},"Benchmark’s analysis identifies another six existing synthetic graphite producers as having “Good Practice” out of 134 total companies assessed. These companies account for close to 6% of the combined natural and synthetic graphite output for 2023 according to Benchmark’s Graphite Forecasts.",{"type":594,"attrs":84196,"content":84197},{"textAlign":49},[84198],{"text":84199,"type":599},"The findings underline that graphite sourcing risks stretch far beyond supply diversification. Global dependence on Chinese supply has exposed consumers to sustainability risks that have become inherent in the country’s domestic supply chains. This production has yet to receive the analysis or oversight needed to meet increasing Western consumer standards. ",{"type":594,"attrs":84201,"content":84202},{"textAlign":49},[84203,84205,84210],{"text":84204,"type":599},"For both natural and synthetic graphite, there are no companies based in China with sustainability index scores that would place them in the “Good” or “Industry Leading” categories. Benchmark Source previously ",{"text":84206,"type":599,"marks":84207},"reported that three-quarters of the graphite anode supply chain",[84208],{"type":604,"attrs":84209},{"href":62390,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84211,"type":599}," is situated in China.",{"type":594,"attrs":84213,"content":84214},{"textAlign":49},[84215],{"text":84216,"type":599},"“There is still a lack of ESG awareness in the current graphite industry and suppliers are not prepared for sustainability criteria being increasingly applied to Western supply chains, now and in the near future,” Olivia Lin, an analyst at Benchmark, said.",{"type":594,"attrs":84218,"content":84219},{"textAlign":49},[84220],{"type":1186,"attrs":84221},{"id":49,"alt":84222,"src":84223,"title":49,"source":49,"copyright":49,"meta_data":84224},"No natural graphite production this year is from a producer with \"Good\" esg practices","https://a.storyblok.com/f/287943243085208/49d6551382/bm-graphite-production-by-esg-score.png",{},{"type":657,"attrs":84226,"content":84227},{"level":15966,"textAlign":49},[84228],{"text":84229,"type":599},"Benchmark Graphite Sustainability Index",{"type":594,"attrs":84231,"content":84232},{"textAlign":49},[84233,84238],{"text":84234,"type":599,"marks":84235},"Benchmark’s new Graphite Sustainability Index",[84236],{"type":604,"attrs":84237},{"href":84173,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84239,"type":599}," scores companies on a scale of 1-100 based on topics deemed to be of material importance for ESG for the graphite industry. Benchmark assesses a set of 79 metrics including having policies for net zero, resettlement, and gender equality.",{"type":594,"attrs":84241,"content":84242},{"textAlign":49},[84243],{"text":84244,"type":599},"“This is a multi-stakeholder led process that identifies the material topics to be included,” Charlotte Selvey Miller, head of sustainability at Benchmark, said.",{"type":594,"attrs":84246,"content":84247},{"textAlign":49},[84248],{"text":84249,"type":599},"A score of over 70 deems a company “Industry Leading” and a score of over 55 deems a company as having “Good practice”.",{"type":594,"attrs":84251,"content":84252},{"textAlign":49},[84253],{"text":84254,"type":599},"“To be classified as “Industry Leading” shows that the company is progressive against industry peers in their efforts towards ESG policies, disclosures and transparency,” Selvey Miller said. “When a company is classified in the Index as “Good Practice”, we have noticed that companies are working towards ESG transparency and are making the right and more conscious steps to becoming a responsible company.”",{"type":594,"attrs":84256,"content":84257},{"textAlign":49},[84258,84262],{"text":84149,"type":599,"marks":84259},[84260],{"type":604,"attrs":84261},{"href":75746,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84263,"type":599}," is the only natural graphite developer in the pipeline that has demonstrated “Industry Leading” ESG practices, in the development of its Matawinie mine in Quebec, Canada. However, the project, which will produce graphite material for anode production, is not forecast to come online until at least 2025, underlining the lack of ESG transparency in the natural graphite space. ",{"type":594,"attrs":84265,"content":84266},{"textAlign":49},[84267,84272],{"text":24500,"type":599,"marks":84268},[84269],{"type":604,"attrs":84270},{"href":84271,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/uk-set-to-begin-lithium-mining-as-frances-imerys-agrees-deal-with-british-lithium",{"text":84273,"type":599}," is the only synthetic graphite producer assessed as being Industry Leading in Benchmark’s Sustainability Index. It operates two small production facilities in Europe, though only its Swiss facility currently produces anode-grade synthetic graphite, according to Benchmark’s Synthetic Graphite Forecast.",{"type":594,"attrs":84275,"content":84276},{"textAlign":49},[84277],{"text":84278,"type":599},"To learn more about Benchmark’s new Graphite ESG Report, please provide your details below and our experts will be in touch:","Only 6% of global graphite production this year will come from companies assessed as having “Good” or “Industry Leading” environmental, social and governance (ESG) practices, according to new research from Benchmark. Just two graphite companies are assessed as having “Industry Leading” ESG practices data from Benchmark’s new Graphite ESG Report shows. For natural graphite, no […]",[84281],{"slug":544,"name":543,"content":84282},{"job_title":557,"image":84283,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cd85708f-5fd3-472f-9219-58f464b136d6\", \"id\": \"\"}-->",[84286,84287,84288],{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":84290,"copyright":547,"fieldtype":553,"meta_data":84291,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d4fb97338a/bm-graphite-report-cover.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":84293,"uuid":84294,"name":84295,"slug":84296,"full_slug":84297,"content":84298},112470388574067,"6160acda-22ce-4c3e-89c5-6fefad4154fa","Stellantis-CATL deal could bring Chinese LFP battery production to Europe","stellantis-catl-deal-could-bring-chinese-lfp-battery-production-to-europe","article/stellantis-catl-deal-could-bring-chinese-lfp-battery-production-to-europe",{"_uid":84299,"date":84300,"tags":84301,"editor":84305,"content":84309,"excerpt":84440,"featured":51,"reporter":84441,"_editable":84445,"component":864,"seo_title":84295,"categories":84446,"visibility":882,"author_company":49,"featured_image":84453,"seo_description":84440,"author_full_name":49,"author_job_title":49,"formattedDate":84457},"8c691169-6c5a-42bb-b1a3-6d14b24ce674","2023-11-23 00:00",[84302,84303,84304],{"slug":913,"name":914},{"slug":2790,"name":2791},{"slug":7219,"name":451},[84306],{"slug":544,"name":543,"content":84307},{"job_title":557,"image":84308,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":84310},[84311,84323,84328,84333,84338,84343,84348,84358,84368,84373,84378,84383,84388,84393,84398,84403,84408,84413,84423,84428],{"type":594,"attrs":84312,"content":84313},{"textAlign":49},[84314,84316,84321],{"text":84315,"type":599},"Stellantis is joining forces with China’s CATL to build a European gigafactory for ",{"text":84317,"type":599,"marks":84318},"lithium iron phosphate (LFP) batteries",[84319],{"type":604,"attrs":84320},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84322,"type":599},", a cheaper cell chemistry that could help the European automaker produce more mass market electric vehicles. ",{"type":594,"attrs":84324,"content":84325},{"textAlign":49},[84326],{"text":84327,"type":599},"The companies have signed a non-binding memorandum of understanding and are considering 50:50 ownership of the plant, which would become CATL’s first plant in Europe to specialise in LFPs. It would also be Europe’s first LFP-focused pipeline cell project under some Chinese ownership.",{"type":594,"attrs":84329,"content":84330},{"textAlign":49},[84331],{"text":84332,"type":599},"The deal highlights China’s dominance in LFP battery cell technology, where manufacturers have had a longer time to hone efficient production lines and achieve economies of scale. ",{"type":594,"attrs":84334,"content":84335},{"textAlign":49},[84336],{"text":84337,"type":599},"“I think Europe will struggle to produce LFP cells at a cost competitive level to China initially,” said Waid. “I think from a cost perspective it’s probably cheaper to ship Chinese imports into Europe,” Aran Waid, an analyst at Benchmark, said.",{"type":594,"attrs":84339,"content":84340},{"textAlign":49},[84341],{"text":84342,"type":599},"The new factory would support the automaker’s Dare Forward 2030 strategy, aiming for 100% of its European sales mix to be electric battery passenger vehicles by the end of the decade.",{"type":657,"attrs":84344,"content":84345},{"level":15966,"textAlign":49},[84346],{"text":84347,"type":599},"The rise of LFP",{"type":594,"attrs":84349,"content":84350},{"textAlign":49},[84351,84353,84357],{"text":84352,"type":599},"LFP’s popularity owes to the fact that its raw material inputs are less costly than those for nickel cobalt manganese (NCM) chemistries. EV demand for the cell type is forecast to grow from 313 gigawatt-hours (GWh) in 2023 to 1.3 terawatt-hours by 2030, according to ",{"text":70211,"type":599,"marks":84354},[84355],{"type":604,"attrs":84356},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":84359,"content":84360},{"textAlign":49},[84361,84363,84367],{"text":84362,"type":599},"However, Europe has no operating LFP plants and just four in the pipeline, according to ",{"text":65545,"type":599,"marks":84364},[84365],{"type":604,"attrs":84366},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":84369,"content":84370},{"textAlign":49},[84371],{"text":84372,"type":599},"With Chinese battery manufacturers holding a virtual monopoly over the expertise to scale the chemistry at cost, they are likely to play an increasing role in bolstering Europe’s capacity. ",{"type":594,"attrs":84374,"content":84375},{"textAlign":49},[84376],{"text":84377,"type":599},"“Automakers are in a race to reduce costs. This may lead to other automakers to partner with Chinese firms for local LFP plants, at least until South Korean manufacturers ramp up,” said Waid. ",{"type":594,"attrs":84379,"content":84380},{"textAlign":49},[84381],{"text":84382,"type":599},"Tesla’s announcement in 2021 to adopt CATL’s LFP cells in all standard range versions of its Model 3 and Y has been one factor pushing automakers towards the more cost-competitive chemistry. ",{"type":594,"attrs":84384,"content":84385},{"textAlign":49},[84386],{"text":84387,"type":599},"“Coming up with a mass market offering that uses low cost LFP cells will be important to stimulating wider EV adoption,” Waid added.",{"type":657,"attrs":84389,"content":84390},{"level":15966,"textAlign":49},[84391],{"text":84392,"type":599},"Stellantis expands battery supply options",{"type":594,"attrs":84394,"content":84395},{"textAlign":49},[84396],{"text":84397,"type":599},"Stellantis’ current cell projects specialise in nickel-based chemistries, which are generally used in longer-range vehicles.",{"type":594,"attrs":84399,"content":84400},{"textAlign":49},[84401],{"text":84402,"type":599},"Its only operating cell plant so far is located in France – the Automotive Cells Company, which is owned jointly with Total and Mercedes-Benz and forecast to produce 300 megawatt-hours in 2023. The three companies plan to develop two more European projects in Germany and Italy.  ",{"type":594,"attrs":84404,"content":84405},{"textAlign":49},[84406],{"text":84407,"type":599},"Stellantis is also developing two US projects with Samsung and one in Canada with LG Energy Solution. ",{"type":657,"attrs":84409,"content":84410},{"level":15966,"textAlign":49},[84411],{"text":84412,"type":599},"CATL’s growing overseas presence ",{"type":594,"attrs":84414,"content":84415},{"textAlign":49},[84416,84418,84422],{"text":84417,"type":599},"Already, CATL is the Chinese company with the largest share of Europe’s cell supply and is on track to maintain this position in 2032, when it is forecast to produce 16% of the region’s output, according to ",{"text":70211,"type":599,"marks":84419},[84420],{"type":604,"attrs":84421},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":84424,"content":84425},{"textAlign":49},[84426],{"text":84427,"type":599},"CATL currently operates one mid-nickel NCM plant in Germany, part of a supply deal with BMW, and plans another project specialising in the same chemistry in Hungary.",{"type":594,"attrs":84429,"content":84430},{"textAlign":49},[84431,84433,84438],{"text":84432,"type":599},"CATL’s other ex-China project is in the US where it is building a 35 GWh LFP project in Michigan in a ",{"text":84434,"type":599,"marks":84435},"joint venture with Ford",[84436],{"type":604,"attrs":84437},{"href":82474,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84439,"type":599}," announced in February 2023. ","Stellantis is joining forces with China’s CATL to build a European gigafactory for lithium iron phosphate (LFP) batteries, a cheaper cell chemistry that could help the European automaker produce more mass market electric vehicles. The companies have signed a non-binding memorandum of understanding and are considering 50:50 ownership of the plant, which would become CATL’s […]",[84442],{"slug":544,"name":543,"content":84443},{"job_title":557,"image":84444,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8c691169-6c5a-42bb-b1a3-6d14b24ce674\", \"id\": \"\"}-->",[84447,84448,84449,84450,84451,84452],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":878,"name":8},{"slug":4332,"name":4333},{"id":49,"alt":84454,"name":547,"focus":547,"title":84454,"source":547,"filename":84455,"copyright":547,"fieldtype":553,"meta_data":84456,"is_external_url":51},"Peugeot 208 electric white clean showroom at the geneva international motorshow, ev car from stellantis group,","https://a.storyblok.com/f/287943243085208/ba77561945/bm-stellantis-peugeot-ev-in-geneva.jpg",{"alt":84454,"title":84454,"source":547,"copyright":547},"Nov 23, 2023",{"id":84459,"uuid":84460,"name":84461,"slug":84462,"full_slug":84463,"content":84464},112470393366388,"51ecbdfd-2405-4d5b-9860-df176d253bc5","EU increases critical mineral recycling targets in bid to increase self-reliance","eu-increases-critical-mineral-recycling-targets-in-bid-to-increase-self-reliance","article/eu-increases-critical-mineral-recycling-targets-in-bid-to-increase-self-reliance",{"_uid":84465,"date":84466,"tags":84467,"editor":84473,"content":84477,"excerpt":84712,"featured":51,"reporter":84713,"_editable":84717,"component":864,"seo_title":84461,"categories":84718,"visibility":882,"author_company":49,"data_vis_image":84722,"featured_image":84725,"seo_description":84712,"author_full_name":49,"author_job_title":49,"formattedDate":84728},"849bd8e1-41aa-46f2-b00b-a7f4c6440796","2023-11-22 00:00",[84468,84469,84470,84471,84472],{"slug":10097,"name":10098},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":4610,"name":662},[84474],{"slug":544,"name":543,"content":84475},{"job_title":557,"image":84476,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":84478},[84479,84490,84495,84505,84517,84522,84534,84545,84550,84556,84568,84573,84578,84583,84588,84599,84604,84609,84614,84619,84627,84632,84637,84645,84650,84655,84660,84665,84677,84689,84700],{"type":594,"attrs":84480,"content":84481},{"textAlign":49},[84482,84484,84488],{"text":84483,"type":599},"The European Union has increased its target for the proportion of annual demand for critical minerals that should be sourced from ",{"text":5744,"type":599,"marks":84485},[84486],{"type":604,"attrs":84487},{"href":61107,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84489,"type":599},", in an effort to reduce its reliance on China for clean energy inputs. ",{"type":594,"attrs":84491,"content":84492},{"textAlign":49},[84493],{"text":84494,"type":599},"The Council and the European Parliament reached an agreement this month on the Critical Raw Materials Act, which could see it passed into law next year. The target for recycled materials has increased from 15% to 25% of annual demand by 2030.",{"type":594,"attrs":84496,"content":84497},{"textAlign":49},[84498,84503],{"text":44008,"type":599,"marks":84499},[84500],{"type":604,"attrs":84501},{"href":84502,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/recycling/reports",{"text":84504,"type":599}," show that no battery mineral is set to be produced from recycled sources in high enough quantities to meet this benchmark by 2030.",{"type":594,"attrs":84506,"content":84507},{"textAlign":49},[84508,84510,84515],{"text":84509,"type":599},"“These targets are ambitious,” Beatrice Browning, a recycling analyst at Benchmark, said. “In order for this to happen the EU needs to ramp up ",{"text":84511,"type":599,"marks":84512},"hydrometallurgical capacity",[84513],{"type":604,"attrs":84514},{"href":17880,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84516,"type":599},", particularly for lithium recovery.”",{"type":594,"attrs":84518,"content":84519},{"textAlign":49},[84520],{"text":84521,"type":599},"Previous drafts of the CRMA required that recycled sources account for at least 15% of the EU’s annual strategic raw material consumption. ",{"type":594,"attrs":84523,"content":84524},{"textAlign":49},[84525,84527,84532],{"text":84526,"type":599},"The previous ",{"text":84528,"type":599,"marks":84529},"benchmark was already ambitious",[84530],{"type":604,"attrs":84531},{"href":74030,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84533,"type":599},". Benchmark’s data shows that current projections for Europe’s 2030 scrap pool and recycling technology mix could mean recycled sources will account for just 5% of the bloc’s lithium demand from batteries.",{"type":594,"attrs":84535,"content":84536},{"textAlign":49},[84537,84539,84544],{"text":84538,"type":599},"Although these are benchmarks, rather than mandatory targets, the increased prominence given to recycling could ",{"text":84540,"type":599,"marks":84541},"boost the industry in the bloc",[84542],{"type":604,"attrs":84543},{"href":72809,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":84546,"content":84547},{"textAlign":49},[84548],{"text":84549,"type":599},"“By increasing the 2030 recycling benchmark, the EU sends a signal that it is taking recycling very seriously and sees this as an important strategy to increase its security of supply,” Bryan Bille, an analyst at Benchmark, said.",{"type":594,"attrs":84551,"content":84552},{"textAlign":49},[84553],{"type":1186,"attrs":84554},{"id":49,"alt":72710,"src":72711,"title":49,"source":49,"copyright":49,"meta_data":84555},{},{"type":594,"attrs":84557,"content":84558},{"textAlign":49},[84559,84561,84566],{"text":84560,"type":599},"Earlier this year, the EU adopted ",{"text":84562,"type":599,"marks":84563},"new battery regulations",[84564],{"type":604,"attrs":84565},{"href":57071,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84567,"type":599}," which stipulate mandatory minimum levels of recycled content for batteries. ",{"type":594,"attrs":84569,"content":84570},{"textAlign":49},[84571],{"text":84572,"type":599},"Unlike the CRMA benchmarks, these are mandatory targets.",{"type":594,"attrs":84574,"content":84575},{"textAlign":49},[84576],{"text":84577,"type":599},"The targets are set to 6%, 6%, and 16% for lithium, nickel and cobalt, respectively, from 2031. The minimum percentages in the battery regulations increase to 12%, 15%, and 26% from 2036.",{"type":657,"attrs":84579,"content":84580},{"level":15966,"textAlign":49},[84581],{"text":84582,"type":599},"Geopolitical momentum",{"type":594,"attrs":84584,"content":84585},{"textAlign":49},[84586],{"text":84587,"type":599},"The proposed updates to the Act are in addition to the requirements that at least 10% of the EU’s strategic raw material consumption be mined in the bloc and at least 40% of its consumption be processed in the bloc.",{"type":594,"attrs":84589,"content":84590},{"textAlign":49},[84591,84593,84598],{"text":84592,"type":599},"The CRMA also states that for any given strategic raw material, no more than 65% of the EU’s annual consumption should come from a ",{"text":84594,"type":599,"marks":84595},"single third country",[84596],{"type":604,"attrs":84597},{"href":62390,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":84600,"content":84601},{"textAlign":49},[84602],{"text":84603,"type":599},"“By publishing these benchmarks, the EU aims to create geopolitical momentum and drive the development of local critical raw material supply chains forward,” Bille said.",{"type":594,"attrs":84605,"content":84606},{"textAlign":49},[84607],{"text":84608,"type":599},"Bille added that the CRMA currently lacks any “real incentives for private investments” and doesn’t have any targeted funding “despite calls from the industry to create a European Critical Raw Materials Fund.”",{"type":594,"attrs":84610,"content":84611},{"textAlign":49},[84612],{"text":84613,"type":599},"“This is a major difference between the US Inflation Reduction Act and the EU CRMA,” he said.",{"type":594,"attrs":84615,"content":84616},{"textAlign":49},[84617],{"text":84618,"type":599},"The mining benchmark is forecast to be met by most battery minerals, with cobalt seeing the largest gap between EU supply and demand.",{"type":594,"attrs":84620,"content":84621},{"textAlign":49},[84622],{"type":1186,"attrs":84623},{"id":49,"alt":84624,"src":84625,"title":49,"source":49,"copyright":49,"meta_data":84626},"Most battery minerals are close to, or above, the CRMA's 10% EU mining target","https://a.storyblok.com/f/287943243085208/a94dfb4106/bm-mining-crma.png",{},{"type":594,"attrs":84628,"content":84629},{"textAlign":49},[84630],{"text":84631,"type":599},"On the processing side, only battery-grade manganese and synthetic graphite are forecast to meet the 40% target. Lithium chemicals and spherical graphite, in particular, fall far short of the target.",{"type":594,"attrs":84633,"content":84634},{"textAlign":49},[84635],{"text":84636,"type":599},"However, the benchmarks are aggregated across all strategic raw materials meaning a shortfall in one raw material could be compensated for by others.",{"type":594,"attrs":84638,"content":84639},{"textAlign":49},[84640],{"type":1186,"attrs":84641},{"id":49,"alt":84642,"src":84643,"title":49,"source":49,"copyright":49,"meta_data":84644},"Lithium chemical and spherical graphite production will require more investment to meet CRMA processing targets","https://a.storyblok.com/f/287943243085208/b4d859145a/bm-processing-crma.png",{},{"type":594,"attrs":84646,"content":84647},{"textAlign":49},[84648],{"text":84649,"type":599},"This provisional version of the Act has been agreed between the European Parliament and the Council of the EU, but will still need to be formally approved in both EU institutions before entering into force.",{"type":657,"attrs":84651,"content":84652},{"level":15966,"textAlign":49},[84653],{"text":84654,"type":599},"Synthetic graphite joins critical materials list",{"type":594,"attrs":84656,"content":84657},{"textAlign":49},[84658],{"text":84659,"type":599},"The EU’s critical raw materials list was last updated earlier this year and features battery minerals including lithium, cobalt, nickel, manganese and natural graphite. The latest revision to the CRMA would designate synthetic graphite as a strategic raw material in the three years leading up to the next revision of the list.",{"type":594,"attrs":84661,"content":84662},{"textAlign":49},[84663],{"text":84664,"type":599},"Inclusion as strategic raw materials means the mining, processing and recycling benchmarks will apply to it as well.",{"type":594,"attrs":84666,"content":84667},{"textAlign":49},[84668,84670,84675],{"text":84669,"type":599},"EU and EFTA countries are currently forecast by Benchmark to produce 64% of the ",{"text":30329,"type":599,"marks":84671},[84672],{"type":604,"attrs":84673},{"href":84674,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/five-reasons-western-automakers-face-a-synthetic-graphite-problem",{"text":84676,"type":599}," demanded by the battery industry. However, much of this may be redirected to other demand segments such as stainless steel production.",{"type":594,"attrs":84678,"content":84679},{"textAlign":49},[84680,84682,84687],{"text":84681,"type":599},"Spherical graphite, the precursor to natural graphite anodes, is a ",{"text":84683,"type":599,"marks":84684},"major sticking point",[84685],{"type":604,"attrs":84686},{"href":64717,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84688,"type":599},", with forecast production of just 16% of the EU’s battery-related demand for the material in 2030.",{"type":594,"attrs":84690,"content":84691},{"textAlign":49},[84692,84694,84699],{"text":84693,"type":599},"Benchmark data shows China exerts dominance over ",{"text":84695,"type":599,"marks":84696},"three-quarters of the anode supply chain",[84697],{"type":604,"attrs":84698},{"href":62390,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":84701,"content":84702},{"textAlign":49},[84703,84705,84710],{"text":84704,"type":599},"“The addition of synthetic graphite fits perfectly in the ",{"text":84706,"type":599,"marks":84707},"current geopolitical competition",[84708],{"type":604,"attrs":84709},{"href":73527,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84711,"type":599}," for access to these strategic resources and China’s dominant position in the graphite supply chain,” Bille said.","The European Union has increased its target for the proportion of annual demand for critical minerals that should be sourced from recycling, in an effort to reduce its reliance on China for clean energy inputs. The Council and the European Parliament reached an agreement this month on the Critical Raw Materials Act, which could see […]",[84714],{"slug":544,"name":543,"content":84715},{"job_title":557,"image":84716,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"849bd8e1-41aa-46f2-b00b-a7f4c6440796\", \"id\": \"\"}-->",[84719,84720,84721],{"slug":872,"name":873},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":84723,"copyright":547,"fieldtype":553,"meta_data":84724,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1700668207/www-production/Recycling-CRMA-no-Y/Recycling-CRMA-no-Y.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":84726,"copyright":547,"fieldtype":553,"meta_data":84727,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d71e6d8f78/bm-eu-flags.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 22, 2023",{"id":84730,"uuid":84731,"name":84732,"slug":84733,"full_slug":84734,"content":84735},112470402787190,"7783345f-b532-4edb-bb0f-a1b50e2f880b","NCM and LFP: The battle for cathode chemistry dominance","ncm-and-lfp-the-battle-for-cathode-chemistry-dominance","article/ncm-and-lfp-the-battle-for-cathode-chemistry-dominance",{"_uid":84736,"date":84737,"tags":84738,"editor":84747,"content":84751,"excerpt":84924,"featured":51,"reporter":84925,"_editable":84929,"component":864,"seo_title":84732,"categories":84930,"visibility":882,"author_company":49,"featured_image":84940,"seo_description":84924,"author_full_name":49,"author_job_title":49,"formattedDate":84943},"d15b0405-799f-4c50-839c-abc5a694e8ba","2023-11-21 00:00",[84739,84742,84743,84744,84745,84746],{"slug":84740,"name":84741},"benchmark-week-2023","Benchmark Week 2023",{"slug":913,"name":914},{"slug":2790,"name":2791},{"slug":7219,"name":451},{"slug":44486,"name":44487},{"slug":1375,"name":1376},[84748],{"slug":544,"name":543,"content":84749},{"job_title":557,"image":84750,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":84752},[84753,84758,84763,84768,84773,84778,84783,84790,84795,84800,84807,84820,84827,84838,84843,84848,84853,84858,84863,84868,84873,84880,84897,84902,84907,84912,84917],{"type":594,"attrs":84754,"content":84755},{"textAlign":49},[84756],{"text":84757,"type":599},"Despite the rapid growth in use of cheaper lithium iron phosphate (LFP) cathodes in batteries over the past year, nickel cobalt manganese (NCM) chemistries will be dominant by the end of the decade, due to growth in Western electric vehicle markets. ",{"type":594,"attrs":84759,"content":84760},{"textAlign":49},[84761],{"text":84762,"type":599},"LFP is forecast to account for 44% of total cathode demand in 2030 while NCM is forecast to account for 48% of the cathode market share, according to Benchmark. ",{"type":594,"attrs":84764,"content":84765},{"textAlign":49},[84766],{"text":84767,"type":599},"“While LFP will be the chemistry of choice in China, NCM will be preferred in the EU and North American markets,” Jorge Uzcategui, analyst at Benchmark, said during a keynote presentation at Benchmark Week 2023. ",{"type":594,"attrs":84769,"content":84770},{"textAlign":49},[84771],{"text":84772,"type":599},"Uzcategui added that the scale of investments towards setting up NCM plants has been quite sizable in both the US and Europe when compared with LFP. ",{"type":594,"attrs":84774,"content":84775},{"textAlign":49},[84776],{"text":84777,"type":599},"Europe’s NCM cathode capacity is estimated to be seven times higher than LFP capacity by 2030, according to the Benchmark Cathode Price Assessment. In North America, NCM cathode capacity is estimated to be three times higher than LFP.",{"type":594,"attrs":84779,"content":84780},{"textAlign":49},[84781],{"text":84782,"type":599},"LFP cathodes have increased in popularity recently due to their lower cost, higher safety profile and higher lifecycle, while NCM cathodes offer longer range, especially for cathodes with higher nickel intensities.",{"type":594,"attrs":84784,"content":84785},{"textAlign":49},[84786],{"type":1186,"attrs":84787},{"id":49,"alt":547,"src":84788,"title":49,"source":49,"copyright":49,"meta_data":84789},"https://a.storyblok.com/f/287943243085208/8e9f0105ff/bm-lfp-vs-ncm.png",{},{"type":594,"attrs":84791,"content":84792},{"textAlign":49},[84793],{"text":84794,"type":599},"China, the world’s leading electric vehicle market, has rapidly adopted LFP cathodes over NCM chemistries. The country currently produces nearly all the global LFP battery materials, but a number of companies in the US and Europe are looking to adopt this chemistry due to its lower cost and being nickel- and cobalt-free. ",{"type":594,"attrs":84796,"content":84797},{"textAlign":49},[84798],{"text":84799,"type":599},"“LFP as a battery chemistry has had some proven scalability and a very strong track record, particularly in China,” Benchmark analyst Maximilian Court told delegates at Benchmark Week 2023, adding that cell producers outside of China are reacting to demand and building capabilities.",{"type":594,"attrs":84801,"content":84802},{"textAlign":49},[84803],{"type":1186,"attrs":84804},{"id":49,"alt":547,"src":84805,"title":49,"source":49,"copyright":49,"meta_data":84806},"https://a.storyblok.com/f/287943243085208/05260f140b/bm-max-bmw-2023.jpg",{},{"type":594,"attrs":84808,"content":84809},{"textAlign":49},[84810,84812,84818],{"text":84811,"type":599},"A host of LFP cathode",{"text":84813,"type":599,"marks":84814}," projects outside China",[84815],{"type":604,"attrs":84816},{"href":84817,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-rise-of-lfp-batteries-outside-of-china",{"text":84819,"type":599}," are underway including Freyr and Finnish Minerals Group’s collaboration for a LFP cathode plant in Finland. Freyr is also building a LFP battery plant in the US state of Georgia with a capacity of 34 gigawatt hours (GWh) for $1.7 billion. Battery startup Our Next Energy plans to invest $1.6 billion in a 20 GWh battery factory in Michigan.   ",{"type":594,"attrs":84821,"content":84822},{"textAlign":49},[84823],{"type":1186,"attrs":84824},{"id":49,"alt":547,"src":84825,"title":49,"source":49,"copyright":49,"meta_data":84826},"https://a.storyblok.com/f/287943243085208/31fdbad907/bm-global-lfp-expansion.png",{},{"type":594,"attrs":84828,"content":84829},{"textAlign":49},[84830,84832,84836],{"text":84831,"type":599},"The LFP supply capacity in China is set to grow by 3.5 times by 2030 from 450 GWh this year, Court said, citing the ",{"text":64201,"type":599,"marks":84833},[84834],{"type":604,"attrs":84835},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84837,"type":599},". In contrast, the rest of the world currently has less than 4 GWh of LFP capacity and needs to play catch up. ",{"type":594,"attrs":84839,"content":84840},{"textAlign":49},[84841],{"text":84842,"type":599},"Despite recent investments, the West will have to depend on China’s supply in the short to mid-term, according to the Benchmark Cathode Forecast.",{"type":657,"attrs":84844,"content":84845},{"level":15966,"textAlign":49},[84846],{"text":84847,"type":599},"Nickel, cobalt deficits",{"type":594,"attrs":84849,"content":84850},{"textAlign":49},[84851],{"text":84852,"type":599},"Preference for nickel cobalt manganese cathodes for electric vehicle batteries in North America and Europe is likely to drive the current surpluses for these raw materials into deficit towards the end of the decade, Uzcategui said.",{"type":594,"attrs":84854,"content":84855},{"textAlign":49},[84856],{"text":84857,"type":599},"Continuous investments in Indonesia and Africa has helped bring nickel and cobalt capacities online faster than the current demand. ",{"type":594,"attrs":84859,"content":84860},{"textAlign":49},[84861],{"text":84862,"type":599},"“There’s been a lot of ramp ups and expansions in different operations for both of these markets,” Uzcategui said.",{"type":594,"attrs":84864,"content":84865},{"textAlign":49},[84866],{"text":84867,"type":599},"“We’re also seeing weaker than expected demand due to the current macroeconomic environment yet we see that there are large growing supply gaps for both of these markets happening for nickel from 2028 onwards and for cobalt from 2027,” Uzcategui said. ",{"type":594,"attrs":84869,"content":84870},{"textAlign":49},[84871],{"text":84872,"type":599},"While the global supply of nickel and cobalt is expected to increase multifold over the coming years, the Benchmark forecasts show there is not enough materials to satisfy the growth in electric vehicle battery demand from the late 2020s onwards.",{"type":594,"attrs":84874,"content":84875},{"textAlign":49},[84876],{"type":1186,"attrs":84877},{"id":49,"alt":547,"src":84878,"title":49,"source":49,"copyright":49,"meta_data":84879},"https://a.storyblok.com/f/287943243085208/6c1761a7aa/bm-nickel-cobalt-deficits.png",{},{"type":594,"attrs":84881,"content":84882},{"textAlign":49},[84883,84885,84890,84892,84896],{"text":84884,"type":599},"Global nickel supply is expected to increase to 4.7 million tonnes by 2030 from 3.4 million tonnes this year, according to the ",{"text":37427,"type":599,"marks":84886},[84887],{"type":604,"attrs":84888},{"href":84889,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/nickel/",{"text":84891,"type":599},". The supply of cobalt is expected to increase to around 350,000 tonnes by 2030 from 225,117 tonnes this year, according to the ",{"text":42325,"type":599,"marks":84893},[84894],{"type":604,"attrs":84895},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":84898,"content":84899},{"level":15966,"textAlign":49},[84900],{"text":84901,"type":599},"Manganese & phosphoric acid deficits",{"type":594,"attrs":84903,"content":84904},{"textAlign":49},[84905],{"text":84906,"type":599},"Growing demand for LFP cathodes could also lead to market deficits for both manganese and phosphoric acid, according to Court.",{"type":594,"attrs":84908,"content":84909},{"textAlign":49},[84910],{"text":84911,"type":599},"Court added that securing pure chemical forms of these relatively abundant minerals is key. The phosphate works to provide lithium ions with a latticework by which to move and impurities impede that movement and could also be dangerous. ",{"type":594,"attrs":84913,"content":84914},{"textAlign":49},[84915],{"text":84916,"type":599},"Manganese too requires a high level of purity and is difficult to produce at scale and expensive as well. Battery makers use the highly refined form of manganese metal to increase the performance of LFP and the NCM batteries. While manganese ore is abundant, its processing is dominated by China. ",{"type":594,"attrs":84918,"content":84919},{"textAlign":49},[84920],{"type":1186,"attrs":84921},{"id":49,"alt":547,"src":84922,"title":49,"source":49,"copyright":49,"meta_data":84923},"https://a.storyblok.com/f/287943243085208/be49a96454/bm-manganese-and-ppa-deficits.png",{},"Despite the rapid growth in use of cheaper lithium iron phosphate (LFP) cathodes in batteries over the past year, nickel cobalt manganese (NCM) chemistries will be dominant by the end of the decade, due to growth in Western electric vehicle markets. LFP is forecast to account for 44% of total cathode demand in 2030 while […]",[84926],{"slug":544,"name":543,"content":84927},{"job_title":557,"image":84928,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d15b0405-799f-4c50-839c-abc5a694e8ba\", \"id\": \"\"}-->",[84931,84932,84933,84934,84935,84936,84937,84938,84939],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":878,"name":8},{"slug":2761,"name":2762},{"slug":4330,"name":150},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":84941,"copyright":547,"fieldtype":553,"meta_data":84942,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c828417c5b/bm-jorge-bmw-2023.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 21, 2023",{"id":84945,"uuid":84946,"name":84947,"slug":84948,"full_slug":84949,"content":84950},112470397994869,"ac486b9f-ebe7-47d2-a47d-c7a844b0eeae","Three key battery takeaways from Benchmark Week","three-key-battery-takeaways-from-benchmark-week","article/three-key-battery-takeaways-from-benchmark-week",{"_uid":84951,"date":84737,"tags":84952,"editor":84956,"content":84960,"excerpt":85175,"featured":51,"reporter":85176,"_editable":85180,"component":864,"seo_title":84947,"categories":85181,"visibility":882,"author_company":547,"featured_image":85186,"seo_description":85188,"author_full_name":547,"author_job_title":547,"formattedDate":84943},"e2729ce6-627d-4578-bfc7-9d16aeeddfa4",[84953,84954,84955],{"slug":84740,"name":84741},{"slug":54713,"name":54714},{"slug":42359,"name":42360},[84957],{"slug":544,"name":543,"content":84958},{"job_title":557,"image":84959,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":84961},[84962,84974,84985,84990,85003,85008,85013,85018,85029,85034,85039,85044,85049,85056,85061,85071,85076,85081,85094,85099,85111,85116,85121,85133,85138,85143,85148,85153,85160,85165,85170],{"type":594,"attrs":84963,"content":84964},{"textAlign":49},[84965,84967,84972],{"text":84966,"type":599},"Since 2021 over $300 billion has been invested in battery cell capacity, ",{"text":7861,"type":599,"marks":84968},[84969],{"type":604,"attrs":84970},{"href":84971,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/north-american-battery-capacity-creating-a-twh-industry",{"text":84973,"type":599},", an analyst at Benchmark, told attendees at Benchmark Week 2023.",{"type":594,"attrs":84975,"content":84976},{"textAlign":49},[84977,84979,84983],{"text":84978,"type":599},"Much of this capacity will be located in China. Benchmark’s ",{"text":35230,"type":599,"marks":84980},[84981],{"type":604,"attrs":84982},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":84984,"type":599}," shows that 67% of the global 2030 pipeline capacity in 2030 is located in the country.",{"type":594,"attrs":84986,"content":84987},{"textAlign":49},[84988],{"text":84989,"type":599},"In response to this, governments around the world have devised policies to increase the security of the supply chains and to minimise how much influence any one country can have.",{"type":594,"attrs":84991,"content":84992},{"textAlign":49},[84993,84995,85001],{"text":84994,"type":599},"“Diversification is going to be key if we are going to unlock these technologies,” ",{"text":84996,"type":599,"marks":84997},"Mike Finch",[84998],{"type":604,"attrs":84999},{"href":85000,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/powering-tomorrow-just-how-hungry-are-clean-energy-technologies",{"text":85002,"type":599},", a product director at Benchmark, said at the event.",{"type":594,"attrs":85004,"content":85005},{"textAlign":49},[85006],{"text":85007,"type":599},"Below are three key takeaways from the discussions around the downstream of the energy transition supply chains.",{"type":657,"attrs":85009,"content":85010},{"level":15966,"textAlign":49},[85011],{"text":85012,"type":599},"1. Policy is driving the downstream, but the midstream must not be forgotten",{"type":594,"attrs":85014,"content":85015},{"textAlign":49},[85016],{"text":85017,"type":599},"One of the clearest influences of policy on downstream production is seen from the US Inflation Reduction Act. Passed in August 2022, the act includes a multitude of tax incentives to directly encourage the development of a domestic and allied supply chain.",{"type":594,"attrs":85019,"content":85020},{"textAlign":49},[85021,85023,85027],{"text":85022,"type":599},"Since the act was passed, US gigafactory ",{"text":60340,"type":599,"marks":85024},[85025],{"type":604,"attrs":85026},{"href":59126,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":85028,"type":599}," out to 2030 has grown by 80%. This has allowed the country to catch up with Europe, which grew its planned capacity by only 40% in the same time period.",{"type":594,"attrs":85030,"content":85031},{"textAlign":49},[85032],{"text":85033,"type":599},"But these gigafactories need cathode and anode active materials – areas also dominated by China.",{"type":594,"attrs":85035,"content":85036},{"textAlign":49},[85037],{"text":85038,"type":599},"North America has a relatively healthy cathode pipeline, through production facilities planned in Canada, Hartley said.",{"type":594,"attrs":85040,"content":85041},{"textAlign":49},[85042],{"text":85043,"type":599},"“However, looking at the anode markets and looking at the precursor markets, it is clear that significant investment is still needed,” Hartley said.",{"type":594,"attrs":85045,"content":85046},{"textAlign":49},[85047],{"text":85048,"type":599},"Abigail Seadler Wulf, head of the American Battery Materials Initiative at the US Department of Energy, agrees. She told attendees that more needs to be done to incentivise midstream production in the US whilst also supporting “allies and friends abroad that already have some of that capacity.”",{"type":594,"attrs":85050,"content":85051},{"textAlign":49},[85052],{"type":1186,"attrs":85053},{"id":49,"alt":547,"src":85054,"title":49,"source":49,"copyright":49,"meta_data":85055},"https://a.storyblok.com/f/287943243085208/f8957bc79d/bm-na-midstream.png",{},{"type":657,"attrs":85057,"content":85058},{"level":15966,"textAlign":49},[85059],{"text":85060,"type":599},"2. Battery demand for electric vehicles and energy storage is increasing but segmenting",{"type":594,"attrs":85062,"content":85063},{"textAlign":49},[85064,85065,85069],{"text":25616,"type":599},{"text":48137,"type":599,"marks":85066},[85067],{"type":604,"attrs":85068},{"href":59899,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":85070,"type":599}," forecasts that battery demand will increase from 1 terawatt-hour (TWh) in 2023 to 3.9 TWh in 2030. Electric vehicles (EVs) are forecast to account for 88% of this.",{"type":594,"attrs":85072,"content":85073},{"textAlign":49},[85074],{"text":85075,"type":599},"“Shifting to electric personal mobility requires nothing short of a complete transformation of the global industrial base. And the reimagination of auto markets around the world,” John Bozzella, president and chief executive of the Alliance for Automotive Innovation, told attendees.",{"type":594,"attrs":85077,"content":85078},{"textAlign":49},[85079],{"text":85080,"type":599},"There is an increasing segmentation in the battery market, which has typically followed the trends of passenger EV requirements.",{"type":594,"attrs":85082,"content":85083},{"textAlign":49},[85084,85086,85092],{"text":85085,"type":599},"Daimler Truck, a German truck manufacturer, for example, announced a plan to build a lithium iron phosphate (LFP) gigafactory in the US earlier this year. ",{"text":85087,"type":599,"marks":85088},"Bill Van Amburg",[85089],{"type":604,"attrs":85090},{"href":85091,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/growing-demand-for-commercial-electrification",{"text":85093,"type":599},", consulting strategic advisor at CALSTART, sees this as a growing trend.",{"type":594,"attrs":85095,"content":85096},{"textAlign":49},[85097],{"text":85098,"type":599},"“The truck makers realise they need to protect themselves in the marketplace,” he said. “They’re looking not just at assembling the batteries, but actually having dedicated battery manufacturing for their supply.”",{"type":594,"attrs":85100,"content":85101},{"textAlign":49},[85102,85104,85109],{"text":85103,"type":599},"Energy storage applications, too, are seeing diversification away from the cell formats used by the passenger EV market. ",{"text":5039,"type":599,"marks":85105},[85106],{"type":604,"attrs":85107},{"href":85108,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/ev-demand-dynamics",{"text":85110,"type":599},", the automotive research lead at Rho Motion, explained that the energy storage system (ESS) segment is increasingly looking to dedicated cell formats that are larger than those used for EVs.",{"type":594,"attrs":85112,"content":85113},{"textAlign":49},[85114],{"text":85115,"type":599},"“They’re not necessarily looking to just take the scraps of whatever was left over from the EV industry,” he said. “So there will be almost two parallel markets.”",{"type":594,"attrs":85117,"content":85118},{"textAlign":49},[85119],{"text":85120,"type":599},"This brings into question whether EV batteries will get a second life as ESS batteries.",{"type":594,"attrs":85122,"content":85123},{"textAlign":49},[85124,85126,85132],{"text":85125,"type":599},"“[ESS integrators would] quite like to have their own dedicated systems that are going to work as best as possible for those solutions,” ",{"text":85127,"type":599,"marks":85128},"Roberts said",[85129],{"type":604,"attrs":85130},{"href":85131,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/benchmark-week-2023-panel-electric-vehicle-demand-dynamics",{"text":974,"type":599},{"type":657,"attrs":85134,"content":85135},{"level":15966,"textAlign":49},[85136],{"text":85137,"type":599},"3. The rollout of clean energy grids will significantly increase critical mineral demand",{"type":594,"attrs":85139,"content":85140},{"textAlign":49},[85141],{"text":85142,"type":599},"Benchmark’s Finch told attendees that renewable energy sources accounted for 30% of electricity generation in 2023 and is set to rise to 90% by 2050.",{"type":594,"attrs":85144,"content":85145},{"textAlign":49},[85146],{"text":85147,"type":599},"This could require ten times more wind capacity and 15 times more solar capacity than is installed today for Benchmark’s base case scenario. Reaching net zero will likely require significantly more than this, he said.",{"type":594,"attrs":85149,"content":85150},{"textAlign":49},[85151],{"text":85152,"type":599},"Clean energy technology is typically more mineral intensive than the legacy technologies they are replacing. Copper and aluminium intensity is far higher for wind and solar than for coal and gas, for example.",{"type":594,"attrs":85154,"content":85155},{"textAlign":49},[85156],{"type":1186,"attrs":85157},{"id":49,"alt":547,"src":85158,"title":49,"source":49,"copyright":49,"meta_data":85159},"https://a.storyblok.com/f/287943243085208/eb1f2ff2e0/bm-mineral-intensity-energy-applications.png",{},{"type":594,"attrs":85161,"content":85162},{"textAlign":49},[85163],{"text":85164,"type":599},"In 2022, clean technologies represented 22% of global copper demand. This is set to rise to 29% in 2030.",{"type":594,"attrs":85166,"content":85167},{"textAlign":49},[85168],{"text":85169,"type":599},"It’s not just critical mineral supply chains that need to change in response to the rollout of renewables. Many electricity grids around the world, especially in Western countries, were not developed with such high renewable penetration and energy demands in mind.",{"type":594,"attrs":85171,"content":85172},{"textAlign":49},[85173],{"text":85174,"type":599},"“They struggle to deal with current energy requirements and demands, let alone adding huge capacity,” Finch said.","Since 2021 over $300 billion has been invested in battery cell capacity, Evan Hartley, an analyst at Benchmark, told attendees at Benchmark Week 2023. Much of this capacity will be located in China. Benchmark’s Gigafactory Assessment shows that 67% of the global 2030 pipeline capacity in 2030 is located in the country. In response to […]",[85177],{"slug":544,"name":543,"content":85178},{"job_title":557,"image":85179,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e2729ce6-627d-4578-bfc7-9d16aeeddfa4\", \"id\": \"\"}-->",[85182,85183,85184,85185],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":58046,"copyright":547,"fieldtype":553,"meta_data":85187,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Since 2021 over $300 billion has been invested in battery cell capacity, Evan Hartley, an analyst at Benchmark, told attendees at Benchmark Week 2023. Much of this capacity will be located in China. Benchmark’s ...",{"id":85190,"uuid":85191,"name":85192,"slug":85193,"full_slug":85194,"content":85195},112470431848317,"23e9d282-cba1-4511-8bec-9f123b47b62e","Nobel laureate Stanley Whittingham on the future of lithium ion batteries","nobel-laureate-stanley-whittingham-on-the-future-of-lithium-ion-batteries","article/nobel-laureate-stanley-whittingham-on-the-future-of-lithium-ion-batteries",{"_uid":85196,"date":85197,"tags":85198,"editor":85200,"content":85204,"excerpt":85353,"featured":51,"reporter":85354,"_editable":85358,"component":864,"seo_title":85192,"categories":85359,"visibility":2091,"author_company":49,"featured_image":85361,"seo_description":85353,"author_full_name":49,"author_job_title":49,"formattedDate":85364},"24da7b44-38ae-4e3c-8186-5f34cc0948ac","2023-11-16 00:00",[85199],{"slug":84740,"name":84741},[85201],{"slug":544,"name":543,"content":85202},{"job_title":557,"image":85203,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":85205},[85206,85218,85223,85228,85233,85238,85243,85248,85253,85258,85263,85268,85273,85278,85291,85296,85303,85308,85313,85318,85323,85328,85333,85338,85343,85348],{"type":594,"attrs":85207,"content":85208},{"textAlign":49},[85209,85211,85216],{"text":85210,"type":599},"Professor Stanley Whittingham was awarded Benchmark’s Lifetime Achievement Award at ",{"text":84741,"type":599,"marks":85212},[85213],{"type":604,"attrs":85214},{"href":85215,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://benchmarkevents.benchmarkminerals.com/benchmarkweek23",{"text":85217,"type":599}," conference in Los Angeles. ",{"type":594,"attrs":85219,"content":85220},{"textAlign":49},[85221],{"text":85222,"type":599},"Whittingham won the Nobel Prize in chemistry in 2019 alongside Akira Yoshino and John Goodenough for his work on the development of lithium ion batteries. ",{"type":594,"attrs":85224,"content":85225},{"textAlign":49},[85226],{"text":85227,"type":599},"Here are some key takeaways from his talk: ",{"type":657,"attrs":85229,"content":85230},{"level":15966,"textAlign":49},[85231],{"text":85232,"type":599},"Battery technology: ",{"type":594,"attrs":85234,"content":85235},{"textAlign":49},[85236],{"text":85237,"type":599},"Whittingham shared with the audience what he believes will be the next evolution for batteries. ",{"type":594,"attrs":85239,"content":85240},{"textAlign":49},[85241],{"text":85242,"type":599},"“I think the next step is to go from lithium ion to lithium (metal), and that’s what a lot of our goals are. So if we can double the energy density in the present batteries, that will automatically cut the cost by at least 50%” he said. ",{"type":594,"attrs":85244,"content":85245},{"textAlign":49},[85246],{"text":85247,"type":599},"Whittingham is part of a consortium funded by the Department of Energy that aims to increase the specific energy of lithium ion batteries to 500 Wh kg, with 1,000 charge/discharge cycles. ",{"type":594,"attrs":85249,"content":85250},{"textAlign":49},[85251],{"text":85252,"type":599},"“Today we’re at about 1,000 cycles at 350 wh/kg,” he said. ",{"type":594,"attrs":85254,"content":85255},{"textAlign":49},[85256],{"text":85257,"type":599},"The addition of manganese can boost the voltage of LFP cells, while other materials such as vanadyl phosphates are also being looked at to increase energy density, he said.",{"type":594,"attrs":85259,"content":85260},{"textAlign":49},[85261],{"text":85262,"type":599},"In the future, lithium sulphur cells could also double the energy density of current lithium ion batteries, and is the “lowest cost of all systems,” Whittingham said. “That would be a huge breakthrough; it would have much higher energy density on a weight basis.” ",{"type":594,"attrs":85264,"content":85265},{"textAlign":49},[85266],{"text":85267,"type":599},"On sodium ion technologies, Whittingham said the cost was potentially an issue. ",{"type":594,"attrs":85269,"content":85270},{"textAlign":49},[85271],{"text":85272,"type":599},"“There’s lots of interest in sodium, but if you do technical work on sodium, make sure you do the economics at the same time, it’s not clear that sodium ion will be any less expensive, it may even be more expensive,” he said. “Because the energy density is one half so it’s going to be twice the size, twice the weight. The only advantage is can you take all the cobalt out and nickel out by using a manganese iron cathode.” ",{"type":594,"attrs":85274,"content":85275},{"textAlign":49},[85276],{"text":85277,"type":599},"“There’s incentives for sodium but don’t expect sodium to come roaring and take out the field in the next two or three years.”",{"type":594,"attrs":85279,"content":85280},{"textAlign":49},[85281,85283,85289],{"text":85282,"type":599},"Whittingham said ",{"text":85284,"type":599,"marks":85285},"solid-state batteries",[85286],{"type":604,"attrs":85287},{"href":85288,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/solid-state/",{"text":85290,"type":599}," will be at least five or ten years out. ",{"type":594,"attrs":85292,"content":85293},{"textAlign":49},[85294],{"text":85295,"type":599},"“No evidence today that solid state is any safer than today’s liquid electrolyte batteries, despite what you may read … 95% of everything you read in the popular press is hype.” ",{"type":594,"attrs":85297,"content":85298},{"textAlign":49},[85299],{"type":1186,"attrs":85300},{"id":49,"alt":547,"src":85301,"title":49,"source":49,"copyright":49,"meta_data":85302},"https://a.storyblok.com/f/287943243085208/d2ab7879a5/bm-c1-lithium-ion-changing-dynamics-1.png",{},{"type":657,"attrs":85304,"content":85305},{"level":15966,"textAlign":49},[85306],{"text":85307,"type":599},"Regional supply chains:",{"type":594,"attrs":85309,"content":85310},{"textAlign":49},[85311],{"text":85312,"type":599},"The US should work with Canada to build a regional supply chain for batteries and has “everything it needs” to build cheaper lithium iron phosphate (LFP) cells, Whittingham said. ",{"type":594,"attrs":85314,"content":85315},{"textAlign":49},[85316],{"text":85317,"type":599},"“We have lithium in this country, we have iron in this country, we have phosphorus in this country and we clearly have lots of oxygen. So we have everything we need in North America to make LFP.”",{"type":594,"attrs":85319,"content":85320},{"textAlign":49},[85321],{"text":85322,"type":599},"That will involve the US working with Canada on the extraction of raw materials for batteries, he added. ",{"type":594,"attrs":85324,"content":85325},{"textAlign":49},[85326],{"text":85327,"type":599},"“I’ve been trying to convince Washington, with some success, to talk about North America and stop talking about the US. Because we have a lot of clean energy in Canada, we have nickel, and graphite in Canada, and they’re our friends. So let’s work more closely with them.”",{"type":657,"attrs":85329,"content":85330},{"level":15966,"textAlign":49},[85331],{"text":85332,"type":599},"Improving battery production:",{"type":594,"attrs":85334,"content":85335},{"textAlign":49},[85336],{"text":85337,"type":599},"Production of lithium ion batteries also needs to become cleaner, by removing the use of solvents such as NMP as well as cutting down on the energy used, he said. Battery production needs between 40 to 80 kWh to make a 1 kWh battery, he said.",{"type":594,"attrs":85339,"content":85340},{"textAlign":49},[85341],{"text":85342,"type":599},"“We need to build here to supply our own needs. We don’t necessarily need to exclude China totally, there’s some things they can do for us. But we need to have our own industry, the cost will be less, both dollars and environmental, if we do it ourselves,” he said. “We can’t have all our industry just disappearing like it has done for the last 30 to 40 years.”",{"type":594,"attrs":85344,"content":85345},{"textAlign":49},[85346],{"text":85347,"type":599},"“We have to have cells that can recycle and we’ve got to make sure the cells are safer. That doesn’t necessarily mean changing the chemistry. It means making them in a better way.” ",{"type":594,"attrs":85349,"content":85350},{"textAlign":49},[85351],{"text":85352,"type":599},"To learn more about Benchmark and any of its services, please provide your details here:","Professor Stanley Whittingham was awarded Benchmark’s Lifetime Achievement Award at Benchmark Week 2023 conference in Los Angeles. Whittingham won the Nobel Prize in chemistry in 2019 alongside Akira Yoshino and John Goodenough for his work on the development of lithium ion batteries. Here are some key takeaways from his talk: Battery technology: Whittingham shared with […]",[85355],{"slug":544,"name":543,"content":85356},{"job_title":557,"image":85357,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"24da7b44-38ae-4e3c-8186-5f34cc0948ac\", \"id\": \"\"}-->",[85360],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":85362,"copyright":547,"fieldtype":553,"meta_data":85363,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8fe6ac3295/bm-stan-whittingham.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 16, 2023",{"id":85366,"uuid":85367,"name":85368,"slug":85369,"full_slug":85370,"content":85371},112470426961788,"973b79a3-87a9-4a6a-916e-8ff7d308b3cd","Benchmark to launch sustainable lithium carbonate pricing","benchmark-to-launch-sustainable-lithium-carbonate-pricing","article/benchmark-to-launch-sustainable-lithium-carbonate-pricing",{"_uid":85372,"date":85197,"tags":85373,"editor":85377,"content":85381,"excerpt":85518,"featured":51,"reporter":85519,"_editable":85523,"component":864,"seo_title":85368,"categories":85524,"visibility":2091,"author_company":49,"featured_image":85527,"seo_description":85518,"author_full_name":49,"author_job_title":49,"formattedDate":85364},"4866789f-b775-4fd8-9fe8-93717058db3f",[85374,85375,85376],{"slug":9655,"name":9656},{"slug":910,"name":911},{"slug":23760,"name":23761},[85378],{"slug":544,"name":543,"content":85379},{"job_title":557,"image":85380,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":85382},[85383,85388,85406,85411,85416,85421,85426,85431,85436,85441,85446,85455,85460,85467,85472,85477,85481,85492,85503,85508,85513],{"type":594,"attrs":85384,"content":85385},{"textAlign":49},[85386],{"text":85387,"type":599},"Benchmark will launch a Sustainable Lithium Carbonate, CIF Asia, spot price this month, in response to growing demand from the lithium ion battery supply chain for pricing which takes into account the sustainability credentials of the products under assessment.",{"type":594,"attrs":85389,"content":85390},{"textAlign":49},[85391,85392,85397,85399,85404],{"text":51270,"type":599},{"text":85393,"type":599,"marks":85394},"price",[85395],{"type":604,"attrs":85396},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":85398,"type":599}," will be assessed by Benchmark using primary data collected directly from active market participants, only considering transactions for material that originates from producers deemed by Benchmark to be Industry Leading, according to the Benchmark’s ",{"text":85400,"type":599,"marks":85401},"Lithium Sustainability Index",[85402],{"type":604,"attrs":85403},{"href":67346,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":85405,"type":599},". It will begin on the 29th November.",{"type":594,"attrs":85407,"content":85408},{"textAlign":49},[85409],{"text":85410,"type":599},"Benchmark’s Lithium Sustainability Index is published quarterly in the Benchmark Lithium ESG Report, and measures an array of indicators categorised under environmental, social and governance components to form a composite score.",{"type":594,"attrs":85412,"content":85413},{"textAlign":49},[85414],{"text":85415,"type":599},"Producers who score above 70 are deemed “Industry Leading” by Benchmark. ",{"type":594,"attrs":85417,"content":85418},{"textAlign":49},[85419],{"text":85420,"type":599},"As with all other lithium grades under assessment, transactional price data is collected directly from active buyers and sellers in the market. Benchmark will only use price data for material traded on a spot basis and will publish the Sustainable Lithium Carbonate price on alternate Wednesdays. ",{"type":594,"attrs":85422,"content":85423},{"textAlign":49},[85424],{"text":85425,"type":599},"Benchmark has noted increasing efforts from lithium producers to exhibit transparency around their sustainability credentials, combined with a desire by downstream consumers to ensure material they procure meets company by company ESG-friendly requirements",{"type":594,"attrs":85427,"content":85428},{"textAlign":49},[85429],{"text":85430,"type":599},"As such, market participants have requested new indexes to help with greater transparency around more ESG compliant material, to be used to support contract negotiations between buyers and sellers that consider more than just the underlying price of lithium chemicals. ",{"type":594,"attrs":85432,"content":85433},{"textAlign":49},[85434],{"text":85435,"type":599},"“In an industry first, we are pleased to launch Benchmark’s Sustainable Lithium Carbonate price grade as part of our market leading Lithium Price Assessment,” Caspar Rawles, Chief Data Officer at Benchmark, said.",{"type":594,"attrs":85437,"content":85438},{"textAlign":49},[85439],{"text":85440,"type":599},"“With a rapidly growing focus on ESG compliant battery chemicals across the industry its great to leverage Benchmark’s expertise from its Sustainability Division to further evolve our price assessment methodology.”",{"type":594,"attrs":85442,"content":85443},{"textAlign":49},[85444],{"text":85445,"type":599},"“Allowing users of our price assessment to accurately identify new price trends in the market is a key role that Benchmark plays as the lithium ion battery industry’s leading Price Reporting Agency,” he said. “This new sustainable lithium grade further highlights our commitment to constantly adapting along with the supply chain, shining a light on the previously opaque role that sustainability considerations play in pricing lithium chemicals.”",{"type":594,"attrs":85447,"content":85448},{"textAlign":49},[85449,85451,85453],{"text":85450,"type":599},"“As a PRA, our ambition is to facilitate the sharing of both risk and reward for as many participants in the energy transition as possible, making ‘Net Zero’ a fairer and more profitable ambition for the whole supply chain. Benchmark’s Sustainable Lithium Carbonate price grade is the natural and inevitable evolution of that ambition,” Daniel Fletcher-Manuel",{"text":85452,"type":599},",",{"text":85454,"type":599}," head of prices, data and indices at Benchmark, said. ",{"type":594,"attrs":85456,"content":85457},{"textAlign":49},[85458],{"text":85459,"type":599},"“Feedback from the market has been extremely encouraging with major stakeholders recognising that Benchmark has a truly unique authority to develop the market’s Sustainable Lithium Carbonate pricing methodology,” he added. “The substantial investment we have placed in our Sustainability team as well as our PRA business in recent years means that we’re the only provider with the expertise and experience to establish a price which has the confidence of both lithium miners and processors/end users.”",{"type":594,"attrs":85461,"content":85462},{"textAlign":49},[85463,85465],{"text":85464,"type":599},"“We’re pleased to announce the release of this industry-first Sustainable Lithium price, which utilises Benchmark’s Lithium Sustainability Index to identify highly scored companies in terms of ESG disclosures, performance and transparency in the sector,”",{"text":85466,"type":599},"Charlotte Selvey-Miller, head of sustainability at Benchmark, said.",{"type":594,"attrs":85468,"content":85469},{"textAlign":49},[85470],{"text":85471,"type":599},"“Although not identified as a ‘green premium’, this is the first step in identifying price trends within the Sustainability Index’s Industry Leading category of lithium companies,” she said.",{"type":594,"attrs":85473,"content":85474},{"textAlign":49},[85475],{"text":85476,"type":599},"“The Sustainability Index identifies 79 key environmental, social and governance factors which are used to analyse the industry on a company-by-company basis, all underlined by our stakeholder-informed materiality assessment. This gives a deeper, holistic perspective of the risks and topics that are key to be addressed by companies during this poignant time of the energy transition,” Selvey-Miller said.",{"type":657,"attrs":85478,"content":85479},{"level":15966,"textAlign":49},[85480],{"text":19874,"type":599},{"type":594,"attrs":85482,"content":85483},{"textAlign":49},[85484,85486],{"text":85485,"type":599},"For further information on Benchmark Lithium Price Assessment service please follow this ",{"text":85487,"type":599,"marks":85488},"link.",[85489],{"type":604,"attrs":85490},{"href":85491,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium/",{"type":594,"attrs":85493,"content":85494},{"textAlign":49},[85495,85497,85502],{"text":85496,"type":599},"For further information on Benchmark Lithium ESG report please follow this ",{"text":604,"type":599,"marks":85498},[85499],{"type":604,"attrs":85500},{"href":85501,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg/lithium/",{"text":17632,"type":599},{"type":594,"attrs":85504,"content":85505},{"textAlign":49},[85506],{"text":85507,"type":599},"Benchmark Mineral Intelligence publishes weekly and monthly Price Assessments – lithium, cobalt, natural graphite, synthetic graphite, nickel, cathodes, anodes – to the highest IOSCO standard. ",{"type":594,"attrs":85509,"content":85510},{"textAlign":49},[85511],{"text":85512,"type":599},"Our lithium price assessments are created by senior management and price analysts who truly understand the market they are assessing. ",{"type":594,"attrs":85514,"content":85515},{"textAlign":49},[85516],{"text":85517,"type":599},"They are the world’s most trusted lithium price assessments and used to settle contracts and guide major investment decisions. To learn more please fill out this form.","Benchmark will launch a Sustainable Lithium Carbonate, CIF Asia, spot price this month, in response to growing demand from the lithium ion battery supply chain for pricing which takes into account the sustainability credentials of the products under assessment. The new price will be assessed by Benchmark using primary data collected directly from active market […]",[85520],{"slug":544,"name":543,"content":85521},{"job_title":557,"image":85522,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4866789f-b775-4fd8-9fe8-93717058db3f\", \"id\": \"\"}-->",[85525,85526],{"slug":878,"name":8},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":84132,"copyright":547,"fieldtype":553,"meta_data":85528,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":85530,"uuid":85531,"name":85532,"slug":85533,"full_slug":85534,"content":85535},112470421809019,"63e0e19c-b5d0-4659-980f-61d43bf68f8b","Lithium price volatility hits contract pricing mechanisms","lithium-price-volatility-hits-contract-pricing-mechanisms","article/lithium-price-volatility-hits-contract-pricing-mechanisms",{"_uid":85536,"date":85197,"tags":85537,"editor":85540,"content":85544,"excerpt":85650,"featured":51,"reporter":85651,"_editable":85655,"component":864,"seo_title":85532,"categories":85656,"visibility":882,"author_company":49,"featured_image":85658,"seo_description":85650,"author_full_name":49,"author_job_title":49,"formattedDate":85364},"e63ff0a0-9545-41a3-b944-9852dc0e4ad7",[85538,85539],{"slug":84740,"name":84741},{"slug":910,"name":911},[85541],{"slug":544,"name":543,"content":85542},{"job_title":557,"image":85543,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":85545},[85546,85558,85563,85568,85578,85583,85588,85593,85598,85603,85608,85613,85618,85623,85628,85633,85645],{"type":594,"attrs":85547,"content":85548},{"textAlign":49},[85549,85551,85556],{"text":85550,"type":599},"Lithium ",{"text":85552,"type":599,"marks":85553},"pricing",[85554],{"type":604,"attrs":85555},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":85557,"type":599}," mechanisms are changing, as many players are reassessing how contracting is done on the back of lithium spot price volatility, according to delegates at Benchmark Week.   ",{"type":594,"attrs":85559,"content":85560},{"textAlign":49},[85561],{"text":85562,"type":599},"Following a spot price rally that began in 2021, there was a move away from fixed pricing contracts, Daisy Jennings-Gray, a senior price analyst at Benchmark, said at the event. ",{"type":594,"attrs":85564,"content":85565},{"textAlign":49},[85566],{"text":85567,"type":599},"“What’s happening now is because the spot market has turned in another direction, suddenly, everyone is questioning the decisions that they made back in 2021,” she said. “What that means is no one’s honing in on one approach to how contracting is done. So there’s a lot of different prices being reported out there.”",{"type":594,"attrs":85569,"content":85570},{"textAlign":49},[85571,85573,85577],{"text":85572,"type":599},"Chinese lithium prices are down more than 70% this year, with spot demand currently remaining lacklustre against a backdrop of comfortable downstream inventories, according to the latest ",{"text":2210,"type":599,"marks":85574},[85575],{"type":604,"attrs":85576},{"href":75438,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":85579,"content":85580},{"textAlign":49},[85581],{"text":85582,"type":599},"During the panel discussion at the event, Joe Lowry, president of Global Lithium, also said there’s a discomfort with how the last contract pricing round was structured.",{"type":594,"attrs":85584,"content":85585},{"textAlign":49},[85586],{"text":85587,"type":599},"“This is an immature situation, and I don’t think we’ll have a real lithium pricing standard mechanism for contracts for a few years,” he said. ",{"type":594,"attrs":85589,"content":85590},{"textAlign":49},[85591],{"text":85592,"type":599},"Commenting on prices, Christian Barbier, Allkem’s chief sales and marketing officer, said the industry is still searching for the right pricing formula.",{"type":594,"attrs":85594,"content":85595},{"textAlign":49},[85596],{"text":85597,"type":599},"“Demand is strong, the problem is, it is such a revolution, that it is incredibly difficult to predict demand and it is incredibly difficult to predict supply because of the complexity of the projects,” he said. ",{"type":594,"attrs":85599,"content":85600},{"textAlign":49},[85601],{"text":85602,"type":599},"Anthony Tse, founder of Vertical Ventures and senior advisor to EMR Capital, said the high capital intensity of adding more lithium units in other parts of the world should also be considered.",{"type":594,"attrs":85604,"content":85605},{"textAlign":49},[85606],{"text":85607,"type":599},"“And that’s even before you start talking about the more macro inflationary environment and interest rates and the availability of labour,” he said. “Every single company will have their own challenges in terms of keeping budget, keeping schedule, and having capital needs that were in excess of what they originally planned.”",{"type":657,"attrs":85609,"content":85610},{"level":15966,"textAlign":49},[85611],{"text":85612,"type":599},"Sustainable lithium prices",{"type":594,"attrs":85614,"content":85615},{"textAlign":49},[85616],{"text":85617,"type":599},"Another key topic in the discussions around lithium prices has been the possibility of a  “green premium.” Allkem’s Barbier said current prices don’t reflect ESG credentials, something that he believes should happen in the future. ",{"type":594,"attrs":85619,"content":85620},{"textAlign":49},[85621],{"text":85622,"type":599},"“I believe it is necessary and the EV promise that is given to consumers depends on creating a better future for the planet. This is what the EV buyers are buying – and that includes the ESG credentials of production all along the supply chain,” he said. ",{"type":594,"attrs":85624,"content":85625},{"textAlign":49},[85626],{"text":85627,"type":599},"For Lowry, president of Global Lithium, what is happening right now in terms of ESG credential is noise. ",{"type":594,"attrs":85629,"content":85630},{"textAlign":49},[85631],{"text":85632,"type":599},"“I think it’s going to matter, but sometimes when there’s a need for material, ESG criteria is still second fiddle to what happens in reality,” he said. ",{"type":594,"attrs":85634,"content":85635},{"textAlign":49},[85636,85638,85643],{"text":85637,"type":599},"Benchmark is launching a sustainable lithium ",{"text":85639,"type":599,"marks":85640},"price index",[85641],{"type":604,"attrs":85642},{"href":75519,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":85644,"type":599}," this month, which could encourage producers to be more transparent about their sustainability credentials.",{"type":594,"attrs":85646,"content":85647},{"textAlign":49},[85648],{"text":85649,"type":599},"“We categorise these industry leading producers in terms of sustainability based on publicly available indicators of how transparent these producers are being,” Jennings-Gray said.  “We can then essentially, categorise all the data that we collect first-hand from the market to form a price assessment that reflects material that originates from those key producers.”","Lithium pricing mechanisms are changing, as many players are reassessing how contracting is done on the back of lithium spot price volatility, according to delegates at Benchmark Week. Following a spot price rally that began in 2021, there was a move away from fixed pricing contracts, Daisy Jennings-Gray, a senior price analyst at Benchmark, […]",[85652],{"slug":544,"name":543,"content":85653},{"job_title":557,"image":85654,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e63ff0a0-9545-41a3-b944-9852dc0e4ad7\", \"id\": \"\"}-->",[85657],{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":85659,"copyright":547,"fieldtype":553,"meta_data":85660,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d74639e663/bm-daisy-benchmark-week.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":85662,"uuid":85663,"name":85664,"slug":85665,"full_slug":85666,"content":85667},112470451074945,"646af976-ba14-43a7-91b2-b21eb4fc9dd3","How the battery supply chain has changed since the first Benchmark Week in 2016 ","how-the-battery-supply-chain-has-changed-since-the-first-benchmark-week-in-2016","article/how-the-battery-supply-chain-has-changed-since-the-first-benchmark-week-in-2016",{"_uid":85668,"date":85669,"tags":85670,"editor":85673,"content":85677,"excerpt":85893,"featured":51,"reporter":85894,"_editable":85898,"component":864,"seo_title":85664,"categories":85899,"visibility":882,"author_company":49,"data_vis_image":85910,"featured_image":85913,"seo_description":85893,"author_full_name":49,"author_job_title":49,"formattedDate":85916},"a505c00f-8869-4628-9b15-5cce5fa4663e","2023-11-15 00:00",[85671,85672],{"slug":84740,"name":84741},{"slug":578,"name":579},[85674],{"slug":544,"name":543,"content":85675},{"job_title":557,"image":85676,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":85678},[85679,85684,85689,85694,85701,85706,85716,85721,85728,85733,85743,85748,85753,85760,85765,85770,85775,85780,85785,85790,85796,85801,85806,85824,85836,85843,85848,85853,85863,85874,85886],{"type":594,"attrs":85680,"content":85681},{"textAlign":49},[85682],{"text":85683,"type":599},"Benchmark Week has been the leading gathering for the world’s lithium ion battery supply chain since 2016. In the years following the first Benchmark Week the industry has been transformed with gigafactories now producing battery cells at an unprecedented scale. ",{"type":594,"attrs":85685,"content":85686},{"textAlign":49},[85687],{"text":85688,"type":599},"In terms of broad market trends, both battery demand and supply have ramped up significantly with the proliferation of electric vehicles (EVs). In turn, markets for key battery raw materials – lithium, cobalt, nickel, natural graphite, synthetic graphite – have been reshaped. In many cases, the market for batteries is now the dominant source of demand for these materials. ",{"type":594,"attrs":85690,"content":85691},{"textAlign":49},[85692],{"text":85693,"type":599},"Here we outline some of the most significant changes in the market since 2016, demonstrating the rapid scale-up in EV demand, China’s growing dominance in the market, and how battery demand has grown the markets for key raw materials.",{"type":657,"attrs":85695,"content":85696},{"level":15966,"textAlign":49},[85697,85699],{"text":85698,"type":599},"1. ",{"text":85700,"type":599},"Electric vehicles drive 10x growth in demand for batteries",{"type":594,"attrs":85702,"content":85703},{"textAlign":49},[85704],{"text":85705,"type":599},"In 2016, EVs and portable electronics each made up 49% of battery demand. Up to that point portable electronics had been lithium ion’s main end market but 2016 was the first year where the balance tipped towards EVs. ",{"type":594,"attrs":85707,"content":85708},{"textAlign":49},[85709,85711,85715],{"text":85710,"type":599},"Since then, huge increases in EV production have driven total battery demand to grow more than ten-fold to a forecast 900 gigawatt-hours (GWh) this year according to ",{"text":70211,"type":599,"marks":85712},[85713],{"type":604,"attrs":85714},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":85717,"content":85718},{"textAlign":49},[85719],{"text":85720,"type":599},"Energy storage systems (ESS) demand has grown at the fastest rate during this period, increasing from less than 2 GWh to a forecast 123 GWh this year and is now the second largest market by application.",{"type":594,"attrs":85722,"content":85723},{"textAlign":49},[85724],{"type":1186,"attrs":85725},{"id":49,"alt":547,"src":85726,"title":49,"source":49,"copyright":49,"meta_data":85727},"https://a.storyblok.com/f/287943243085208/a2cbd5351d/bm-remade-chart-for-james-2.jpg",{},{"type":657,"attrs":85729,"content":85730},{"level":15966,"textAlign":49},[85731],{"text":85732,"type":599},"2. China’s dominance increases, reshaping the lithium ion top 10 ",{"type":594,"attrs":85734,"content":85735},{"textAlign":49},[85736,85738,85742],{"text":85737,"type":599},"Chinese companies have increased their share of battery production from 52% in 2016 to a forecast 74% in 2023, at the expense of Japanese and South Korean companies’ market share according to data from ",{"text":70211,"type":599,"marks":85739},[85740],{"type":604,"attrs":85741},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":85744,"content":85745},{"textAlign":49},[85746],{"text":85747,"type":599},"Today, CATL has firmly established itself as the leading battery producer globally and Benchmark forecasts it will account for almost one third of global production this year. China’s BYD and South Korea’s LG Energy Solution (LGES) will between them account for 20% of the market this year. ",{"type":594,"attrs":85749,"content":85750},{"textAlign":49},[85751],{"text":85752,"type":599},"This marks a substantial change from 2016, when the leading producers were Japan’s Panasonic and South Korea’s Samsung SDI, and LG Chem. While LG Chem through LGES has retained its place as the third largest supplier, Panasonic and Samsung SDI have fallen to fifth and sixth place.",{"type":594,"attrs":85754,"content":85755},{"textAlign":49},[85756],{"type":1186,"attrs":85757},{"id":49,"alt":547,"src":85758,"title":49,"source":49,"copyright":49,"meta_data":85759},"https://a.storyblok.com/f/287943243085208/5caae255bd/bm-c2-top10-battery-producers.png",{},{"type":657,"attrs":85761,"content":85762},{"level":15966,"textAlign":49},[85763],{"text":85764,"type":599},"3. Cathode demand has evolved ",{"type":594,"attrs":85766,"content":85767},{"textAlign":49},[85768],{"text":85769,"type":599},"The change in cathode chemistry demand reflects the shift toward an EV dominated battery industry. ",{"type":594,"attrs":85771,"content":85772},{"textAlign":49},[85773],{"text":85774,"type":599},"Up to 2016, lithium cobalt oxide (LCO) cathodes had been the leading chemistry by application. LCO is the predominant cathode material for portable electronics which were responsible for the majority of battery demand at that time.",{"type":594,"attrs":85776,"content":85777},{"textAlign":49},[85778],{"text":85779,"type":599},"By 2018, NCM (nickel, cobalt, manganese) had become the leading cathode material, reflecting the growth in demand for EVs where the chemistry is favoured. ",{"type":594,"attrs":85781,"content":85782},{"textAlign":49},[85783],{"text":85784,"type":599},"More recently, lithium iron phosphate (LFP) cells have grown in popularity, particularly in China, as technological innovations have helped to lower costs. This cost efficiency is why Benchmark is forecasting LFP demand to overtake NCM in the short term. ",{"type":594,"attrs":85786,"content":85787},{"textAlign":49},[85788],{"text":85789,"type":599},"This year Benchmark forecasts LFP demand will overtake NCM demand for the first time.",{"type":594,"attrs":85791,"content":85792},{"textAlign":49},[85793],{"type":1186,"attrs":85794},{"id":49,"alt":547,"src":82869,"title":49,"source":49,"copyright":49,"meta_data":85795},{},{"type":657,"attrs":85797,"content":85798},{"level":15966,"textAlign":49},[85799],{"text":85800,"type":599},"4. Anode demand has reshaped the graphite industry ",{"type":594,"attrs":85802,"content":85803},{"textAlign":49},[85804],{"text":85805,"type":599},"Both synthetic and natural graphite are critical anode materials but in 2016 just 15% of demand for natural graphite came from the battery sector, and 7% for synthetic graphite. ",{"type":594,"attrs":85807,"content":85808},{"textAlign":49},[85809,85811,85817,85818,85823],{"text":85810,"type":599},"This year the battery sector will consume more than half of the world’s natural flake graphite and 40% of synthetic graphite according to Benchmark’s ",{"text":85812,"type":599,"marks":85813},"Natural",[85814],{"type":604,"attrs":85815},{"href":85816,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/natural-graphite/",{"text":1440,"type":599},{"text":85819,"type":599,"marks":85820},"Synthetic Graphite Forecasts",[85821],{"type":604,"attrs":85822},{"href":79757,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":85825,"content":85826},{"textAlign":49},[85827,85829,85834],{"text":85828,"type":599},"China dominated the supply chains for both materials in 2016 and still does, ",{"text":85830,"type":599,"marks":85831},"controlling 75% and 74% of the natural graphite and synthetic graphite supply chains",[85832],{"type":604,"attrs":85833},{"href":62390,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":85835,"type":599},", according to data from Benchmark. This is set to increase to 85% by the end of the decade according to Tony Alderson, an analyst at Benchmark.",{"type":594,"attrs":85837,"content":85838},{"textAlign":49},[85839],{"type":1186,"attrs":85840},{"id":49,"alt":547,"src":85841,"title":49,"source":49,"copyright":49,"meta_data":85842},"https://a.storyblok.com/f/287943243085208/9f2526e3b6/bm-charts-for-james-new-headlines-dec-11-04-gr-use.jpg",{},{"type":657,"attrs":85844,"content":85845},{"level":15966,"textAlign":49},[85846],{"text":85847,"type":599},"5. Batteries transform cobalt and lithium markets; nickel to follow",{"type":594,"attrs":85849,"content":85850},{"textAlign":49},[85851],{"text":85852,"type":599},"The battery market has driven significant increases in demand for lithium, cobalt and nickel since 2016. ",{"type":594,"attrs":85854,"content":85855},{"textAlign":49},[85856,85858,85862],{"text":85857,"type":599},"Lithium demand from across cathode chemistries means that 87% of its demand will come from the battery industry in 2023, up from 40% in 2016 according to ",{"text":24541,"type":599,"marks":85859},[85860],{"type":604,"attrs":85861},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":85864,"content":85865},{"textAlign":49},[85866,85868,85872],{"text":85867,"type":599},"For cobalt, the battery industry will be responsible for 75% of demand this year. In 2016 battery demand for cobalt exceeded 50% for the first time according to ",{"text":40483,"type":599,"marks":85869},[85870],{"type":604,"attrs":85871},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":85873,"type":599},". While cobalt demand has increased considerably since then, increases in demand for LFP and high nickel NCM batteries means it hasn’t seen as rapid growth as other raw materials. ",{"type":594,"attrs":85875,"content":85876},{"textAlign":49},[85877,85879,85885],{"text":85878,"type":599},"The rise of NCM cathodes, driven by growing EV demand means refined nickel demand has seen a substantial increase in relative terms, increasing from 4% of the market in 2016 to more than 16% in 2023. This trend is set to continue with demand from high nickel cathodes forecast to exceed demand from ",{"text":85880,"type":599,"marks":85881},"stainless steel in the 2030s",[85882],{"type":604,"attrs":85883},{"href":85884,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/nickel-demand-for-batteries-to-overtake-stainless-steel-in-late-2030s",{"text":974,"type":599},{"type":594,"attrs":85887,"content":85888},{"textAlign":49},[85889],{"type":1186,"attrs":85890},{"id":49,"alt":547,"src":85891,"title":49,"source":49,"copyright":49,"meta_data":85892},"https://a.storyblok.com/f/287943243085208/4d2438323c/bm-charts-for-james-new-headlines-dec-11-05-last-use.jpg",{},"Benchmark Week has been the leading gathering for the world’s lithium ion battery supply chain since 2016. In the years following the first Benchmark Week the industry has been transformed with gigafactories now producing battery cells at an unprecedented scale. In terms of broad market trends, both battery demand and supply have ramped up significantly […]",[85895],{"slug":544,"name":543,"content":85896},{"job_title":557,"image":85897,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a505c00f-8869-4628-9b15-5cce5fa4663e\", \"id\": \"\"}-->",[85900,85901,85902,85903,85904,85905,85906,85907,85908,85909],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":85911,"name":547,"focus":547,"title":85911,"source":547,"filename":85726,"copyright":547,"fieldtype":553,"meta_data":85912,"is_external_url":51},"Chart showing the change in demand for different components of the lithium ion market (electric vehicles, energy storage, and portable electrics).",{"alt":85911,"title":85911,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":85914,"copyright":547,"fieldtype":553,"meta_data":85915,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d5393970c1/bm-china-battery-factory.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 15, 2023",{"id":85918,"uuid":85919,"name":85920,"slug":85921,"full_slug":85922,"content":85923},112470441461631,"5e40ff74-59ad-4b6e-bde7-c3048d4b3a54","US will work with allies to build battery supply chain, State Department says","us-will-work-with-allies-to-build-battery-supply-chain-state-department-says","article/us-will-work-with-allies-to-build-battery-supply-chain-state-department-says",{"_uid":85924,"date":85669,"tags":85925,"editor":85927,"content":85931,"excerpt":86012,"featured":51,"reporter":86013,"_editable":86017,"component":864,"seo_title":85920,"categories":86018,"visibility":882,"author_company":49,"featured_image":86021,"seo_description":86012,"author_full_name":49,"author_job_title":49,"formattedDate":85916},"25a049a3-7fe6-4eeb-b82b-8f1b58495889",[85926],{"slug":84740,"name":84741},[85928],{"slug":544,"name":543,"content":85929},{"job_title":557,"image":85930,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":85932},[85933,85938,85943,85948,85953,85958,85970,85975,85980,85985,85990,86002,86007],{"type":594,"attrs":85934,"content":85935},{"textAlign":49},[85936],{"text":85937,"type":599},"The US will need to work with its allies to develop a battery supply chain, especially in the midstream where China dominates, according to a State Department official. ",{"type":594,"attrs":85939,"content":85940},{"textAlign":49},[85941],{"text":85942,"type":599},"The US will work with its partners and allies to “diversify every node of every supply chain,” Chris Davy, acting deputy assistant secretary in the Bureau of Energy Resources at the US State Department, said during a keynote address at Benchmark Week. ",{"type":594,"attrs":85944,"content":85945},{"textAlign":49},[85946],{"text":85947,"type":599},"“Our strength comes from our alliances with like minded nations, we are stronger when we work together with our allies to tackle the massive challenges we face,” he said. “We can’t do it alone, and acting alone is not how we do business.” ",{"type":594,"attrs":85949,"content":85950},{"textAlign":49},[85951],{"text":85952,"type":599},"The remarks come over a year after President Joe Biden’s Inflation Reduction Act caused considerable alarm amongst allied countries in Europe and elsewhere, due to the subsidies provided in the legislation, as well as the critical mineral requirements. ",{"type":594,"attrs":85954,"content":85955},{"textAlign":49},[85956],{"text":85957,"type":599},"Since then the US has sought to work with Europe to make European critical minerals eligible under the IRA, which currently requires they be extracted or processed in countries with free trade agreements with the US. ",{"type":594,"attrs":85959,"content":85960},{"textAlign":49},[85961,85963,85968],{"text":85962,"type":599},"This week the US agreed to develop a ",{"text":85964,"type":599,"marks":85965},"“critical minerals action plan” with Indonesia",[85966],{"type":604,"attrs":85967},{"href":80995,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":85969,"type":599},", which could potentially allow more nickel from the Asian country to enter the US electric vehicle (EV) market. ",{"type":657,"attrs":85971,"content":85972},{"level":15966,"textAlign":49},[85973],{"text":85974,"type":599},"IRA investment boom",{"type":594,"attrs":85976,"content":85977},{"textAlign":49},[85978],{"text":85979,"type":599},"Davy said the IRA had led to $142 billion in private investment announcements throughout the EV and battery manufacturing supply chains. ",{"type":594,"attrs":85981,"content":85982},{"textAlign":49},[85983],{"text":85984,"type":599},"“Our recent estimate predicts that public and private investment in the US clean energy and semiconductor sectors will top a staggering $3.5 trillion over the next decade,” Davy said.",{"type":594,"attrs":85986,"content":85987},{"textAlign":49},[85988],{"text":85989,"type":599},"President Biden’s administration has set a goal for 50% of all new cars sold by 2030 to be electric, which will require scaling up supply of critical minerals including lithium, nickel and graphite. ",{"type":594,"attrs":85991,"content":85992},{"textAlign":49},[85993,85995,86000],{"text":85994,"type":599},"North America is set to produce a less than 3% share of global lithium raw materials in 2023, while it will account for over a 15% share of global battery-related lithium demand, according to ",{"text":85996,"type":599,"marks":85997},"Benchmark’s Lithium Fo",[85998],{"type":604,"attrs":85999},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86001,"type":599},"recast.",{"type":594,"attrs":86003,"content":86004},{"textAlign":49},[86005],{"text":86006,"type":599},"As the need for more critical minerals to power the energy transition increases, Davy said the challenges for the US include increasing supply, improving environmental and social sustainability, and reforming permitting. ",{"type":594,"attrs":86008,"content":86009},{"textAlign":49},[86010],{"text":86011,"type":599},"“We recognise that our competition has built up a significant advantage in controlling critical inputs and dominating supply chains, making it difficult for US companies to compete,” he said. “But nothing is inevitable. The current state of play is not permanent. We are taking action.”","The US will need to work with its allies to develop a battery supply chain, especially in the midstream where China dominates, according to a State Department official. The US will work with its partners and allies to “diversify every node of every supply chain,” Chris Davy, acting deputy assistant secretary in the Bureau of […]",[86014],{"slug":544,"name":543,"content":86015},{"job_title":557,"image":86016,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"25a049a3-7fe6-4eeb-b82b-8f1b58495889\", \"id\": \"\"}-->",[86019,86020],{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":86022,"copyright":547,"fieldtype":553,"meta_data":86023,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/be1eeae418/bm-davy-state-department.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":86025,"uuid":86026,"name":86027,"slug":86028,"full_slug":86029,"content":86030},112470460548995,"2b52e853-269a-4741-a242-4961cacc8c1e","Arnold Schwarzenegger to be presented with inaugural Benchmark Lifetime Achievement Award at Benchmark Week 2023","arnold-schwarzenegger-to-be-presented-with-inaugural-benchmark-lifetime-achievement-award-at-benchmark-week-2023","article/arnold-schwarzenegger-to-be-presented-with-inaugural-benchmark-lifetime-achievement-award-at-benchmark-week-2023",{"_uid":86031,"date":86032,"tags":86033,"editor":86035,"content":86039,"excerpt":86214,"featured":50,"reporter":86215,"_editable":86219,"component":864,"seo_title":86027,"categories":86220,"visibility":2091,"author_company":49,"featured_image":86223,"seo_description":86214,"author_full_name":49,"author_job_title":49,"formattedDate":86226},"80f8711c-6afa-42eb-91fc-b08225981b9a","2023-11-14 00:00",[86034],{"slug":9655,"name":9656},[86036],{"slug":544,"name":543,"content":86037},{"job_title":557,"image":86038,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":86040},[86041,86062,86075,86080,86107,86123,86128,86133,86153,86158,86167,86176,86181,86186,86191,86196,86201,86209],{"type":594,"attrs":86042,"content":86043},{"textAlign":49},[86044,86046,86052,86054,86060],{"text":86045,"type":599},"LOS ANGELES, CALIFORNIA, USA — (November 13, 2023) —",{"text":86047,"type":599,"marks":86048},"Benchmark Mineral Intelligence Limited",[86049],{"type":604,"attrs":86050},{"href":86051,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com",{"text":86053,"type":599}," (“Benchmark”) is delighted to announce that ",{"text":86055,"type":599,"marks":86056},"Governor Arnold Schwarzenegger",[86057],{"type":604,"attrs":86058},{"href":86059,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://governors.library.ca.gov/38-schwarzenegger.html",{"text":86061,"type":599}," will be recognized with Benchmark’s inaugural Lifetime Achievement Award, for his visionary leadership in rapidly advancing clean, sustainable energy initiatives, while ensuring that the energy transition can also be a major economic driver. ",{"type":594,"attrs":86063,"content":86064},{"textAlign":49},[86065,86067,86073],{"text":86066,"type":599},"The Award will be presented on behalf of Benchmark by Nobel Laureate ",{"text":86068,"type":599,"marks":86069},"Dr. Stanley Whittingham",[86070],{"type":604,"attrs":86071},{"href":86072,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.nobelprize.org/prizes/chemistry/2019/whittingham/facts/",{"text":86074,"type":599},", forefather of the lithium-ion battery.",{"type":594,"attrs":86076,"content":86077},{"textAlign":49},[86078],{"text":86079,"type":599},"As the twice-elected leader of the State of California from 2003 to 2011, Governor Schwarzenegger spearheaded the state’s world-leading commitment to green energy and environmental stewardship, signing the first-in-the-nation Global Warming Solutions Act and the Million Solar Roofs Initiative in 2006. He also issued a seminal Executive Order establishing the Low Carbon Fuel Standard. Such actions set the standard for the rest of the USA and beyond.",{"type":594,"attrs":86081,"content":86082},{"textAlign":49},[86083,86085,86087,86091,86093,86094,86096,86098,86100,86106],{"text":86084,"type":599},"Governor Schwarzenegger ",{"text":86086,"type":599},"will kick-off ",{"text":84741,"type":599,"marks":86088},[86089],{"type":604,"attrs":86090},{"href":85215,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86092,"type":599}," by joining Benchmark Chief Executive Officer, ",{"text":38267,"type":599},{"text":86095,"type":599},", for a Fireside Chat, to be moderated by veteran critical-materials expert, ",{"text":86097,"type":599},"Ty Dinwoodie",{"text":86099,"type":599},", Managing Director of ",{"text":86101,"type":599,"marks":86102},"G&W Advisory Ltd",[86103],{"type":604,"attrs":86104},{"href":86105,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://g-w.ca",{"text":974,"type":599},{"type":594,"attrs":86108,"content":86109},{"textAlign":49},[86110,86112,86114,86115,86121],{"text":86111,"type":599},"Governor Schwarzenegger is scheduled to commence the Keynote Fireside Chat at ",{"text":86113,"type":599},"9:00am (PST) on Tuesday, November 14, 2023",{"text":47670,"type":599},{"text":86116,"type":599,"marks":86117},"The Ritz-Carlton Hotel",[86118],{"type":604,"attrs":86119},{"href":86120,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.ritzcarlton.com/en/hotels/laxmd-the-ritz-carlton-marina-del-rey/overview/?scid=f2ae0541-1279-4f24-b197-a979c79310b0",{"text":86122,"type":599}," in Los Angeles, California, the home of Benchmark Week 2023 for the week.",{"type":594,"attrs":86124,"content":86125},{"textAlign":49},[86126],{"text":86127,"type":599},"Moores, commented, “A generation ago, Arnold Schwarzenegger shifted the entire geopolitical narrative towards the advent of batteries, electric vehicles, and low-carbon technologies long before it was in the mainstream discourse.”",{"type":594,"attrs":86129,"content":86130},{"textAlign":49},[86131],{"text":86132,"type":599},"“It is our privilege to recognize Governor Schwarzenegger for his outstanding contributions to clean energy,” Moores said. “Arnold was the first US governor to develop a comprehensive, future-focussed energy strategy, which created the example for low carbon energy policies around the world.”",{"type":594,"attrs":86134,"content":86135},{"textAlign":49},[86136,86138,86144,86145,86151],{"text":86137,"type":599},"Arnold Schwarzenegger, through the ",{"text":86139,"type":599,"marks":86140},"USC Schwarzenegger Institute",[86141],{"type":604,"attrs":86142},{"href":86143,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://schwarzenegger.usc.edu",{"text":1680,"type":599},{"text":86146,"type":599,"marks":86147},"Schwarzenegger Climate Initiative",[86148],{"type":604,"attrs":86149},{"href":86150,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.schwarzeneggerclimateinitiative.com",{"text":86152,"type":599},", continues to work tirelessly to advance the numerous sustainable energy and environmental initiatives that he spearheaded during his tenure as Governor.",{"type":657,"attrs":86154,"content":86155},{"level":15966,"textAlign":49},[86156],{"text":86157,"type":599},"ABOUT BENCHMARK WEEK 2023",{"type":594,"attrs":86159,"content":86160},{"textAlign":49},[86161,86165],{"text":84741,"type":599,"marks":86162},[86163],{"type":604,"attrs":86164},{"href":85215,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86166,"type":599}," is Benchmark’s flagship annual event, taking place November 14 to 16, 2023 at the Ritz-Carlton Hotel in Los Angeles.",{"type":594,"attrs":86168,"content":86169},{"textAlign":49},[86170,86174],{"text":84741,"type":599,"marks":86171},[86172],{"type":604,"attrs":86173},{"href":85215,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86175,"type":599}," is the world’s leading industry forum for the critical-mineral supply chains for energy-transition technologies.",{"type":594,"attrs":86177,"content":86178},{"textAlign":49},[86179],{"text":86180,"type":599},"Anchored by Benchmark’s focus on lithium-ion batteries, this year the event expands out to include rare earths and permanent magnets, sodium-ion batteries, and emerging technologies crucial to transitioning the world away from fossil fuels.",{"type":657,"attrs":86182,"content":86183},{"level":15966,"textAlign":49},[86184],{"text":86185,"type":599},"ABOUT BENCHMARK MINERAL INTELLIGENCE",{"type":594,"attrs":86187,"content":86188},{"textAlign":49},[86189],{"text":86190,"type":599},"Benchmark enables the energy transition through a world-class, independent offering of lithium- and other critical-minerals prices, battery and electric-vehicle supply chain data and forecasts in the form of subscriptions, advisory services and industry-specific events.",{"type":594,"attrs":86192,"content":86193},{"textAlign":49},[86194],{"text":86195,"type":599},"Its clients are major decision makers from across the critical-minerals, battery-materials, lithium-ion battery, automotive and energy-storage supply chains.",{"type":594,"attrs":86197,"content":86198},{"textAlign":49},[86199],{"text":86200,"type":599},"Benchmark also plays a key role in informing world government policy at the highest level.",{"type":594,"attrs":86202,"content":86203},{"textAlign":49},[86204],{"text":86205,"type":599,"marks":86206},"www.benchmarkminerals.com",[86207],{"type":604,"attrs":86208},{"href":86051,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":86210,"content":86211},{"level":15966,"textAlign":49},[86212],{"text":86213,"type":599},"Contact us","LOS ANGELES, CALIFORNIA, USA — (November 13, 2023) — Benchmark Mineral Intelligence Limited (“Benchmark”) is delighted to announce that Governor Arnold Schwarzenegger will be recognized with Benchmark’s inaugural Lifetime Achievement Award, for his visionary leadership in rapidly advancing clean, sustainable energy initiatives, while ensuring that the energy transition can also be a major economic driver. […]",[86216],{"slug":544,"name":543,"content":86217},{"job_title":557,"image":86218,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"80f8711c-6afa-42eb-91fc-b08225981b9a\", \"id\": \"\"}-->",[86221,86222],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":86224,"copyright":547,"fieldtype":553,"meta_data":86225,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/10534ff8b5/bm-schwarzenegger-head-shot.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 14, 2023",{"id":86228,"uuid":86229,"name":86230,"slug":86231,"full_slug":86232,"content":86233},112470475384710,"59041d28-1d3e-494f-a35b-a4077016e386","Benchmark to increase publishing frequency of nickel grades to twice-monthly","benchmark-to-increase-publishing-frequency-of-nickel-grades-to-twice-monthly","article/benchmark-to-increase-publishing-frequency-of-nickel-grades-to-twice-monthly",{"_uid":86234,"date":86235,"tags":86236,"editor":86240,"content":86244,"excerpt":86384,"featured":50,"reporter":86385,"_editable":86389,"component":864,"seo_title":86390,"categories":86391,"visibility":2091,"author_company":547,"featured_image":86394,"seo_description":86396,"author_full_name":547,"author_job_title":547,"formattedDate":86397},"c97cf20e-097e-4e97-ba8b-e2c41c593a5e","2023-11-13 00:00",[86237,86238,86239],{"slug":9655,"name":9656},{"slug":11313,"name":11314},{"slug":7994,"name":7995},[86241],{"slug":544,"name":543,"content":86242},{"job_title":557,"image":86243,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":86245},[86246,86251,86256,86261,86270,86275,86280,86285,86290,86295,86300,86317,86321,86325,86364,86368,86372],{"type":594,"attrs":86247,"content":86248},{"textAlign":49},[86249],{"text":86250,"type":599},"Benchmark Mineral Intelligence (Benchmark) will now assess all nickel prices twice a month, evolving our process from once-a-month cycles.",{"type":594,"attrs":86252,"content":86253},{"textAlign":49},[86254],{"text":86255,"type":599},"This evolution allows for the facilitation of more frequent nickel price assessments within the parameters of Benchmark’s IOSCO compliant nickel price methodology.",{"type":594,"attrs":86257,"content":86258},{"textAlign":49},[86259],{"text":86260,"type":599},"This is following a market consultation period in October and November 2023.",{"type":594,"attrs":86262,"content":86263},{"textAlign":49},[86264,86266,86268],{"text":86265,"type":599},"Additionally, Benchmark will include its new ",{"text":86267,"type":599},"Normalised Nickel Sulphate CIF Asia",{"text":86269,"type":599}," price along with the publication of nickel MHP CIF Asia price in a USD/tonne format to increase clarity on changing MHP costs.",{"type":594,"attrs":86271,"content":86272},{"textAlign":49},[86273],{"text":86274,"type":599},"Benchmark’s nickel prices – Bi-monthly",{"type":594,"attrs":86276,"content":86277},{"textAlign":49},[86278],{"text":86279,"type":599},"Nickel Sulphate EXW Chine, >22%",{"type":594,"attrs":86281,"content":86282},{"textAlign":49},[86283],{"text":86284,"type":599},"Nickel Sulphate, CIF Asia, >22%",{"type":594,"attrs":86286,"content":86287},{"textAlign":49},[86288],{"text":86289,"type":599},"Nickel Sulphate CIF Asia (Normalised), 100% Ni contained",{"type":594,"attrs":86291,"content":86292},{"textAlign":49},[86293],{"text":86294,"type":599},"Nickel MHP, CIF Asia, >35%, Payable",{"type":594,"attrs":86296,"content":86297},{"textAlign":49},[86298],{"text":86299,"type":599},"Nickel MHP, CIF Asia, >35%, USD/tonne",{"type":594,"attrs":86301,"content":86302},{"textAlign":49},[86303,86304,86309,86311,86312,86314,86315],{"text":33172,"type":599},{"text":86305,"type":599,"marks":86306},"Benchmark’s Nickel Price Assessment ",[86307],{"type":604,"attrs":86308},{"href":50418,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86310,"type":599}," subscribers on the 15",{"text":6795,"type":599},{"text":86313,"type":599}," of the month (or the closest working day following the 15",{"text":6795,"type":599},{"text":86316,"type":599},") and the final working day of the month, both by 4pm (London).",{"type":657,"attrs":86318,"content":86319},{"level":15966,"textAlign":49},[86320],{"text":19874,"type":599},{"type":594,"attrs":86322,"content":86323},{"textAlign":49},[86324],{"text":43689,"type":599},{"type":594,"attrs":86326,"content":86327},{"textAlign":49},[86328,86329,86333,86334,86338,86339,86343,86344,86348,86349,86353,86354,86358,86359,86363],{"text":33223,"type":599},{"text":8,"type":599,"marks":86330},[86331],{"type":604,"attrs":86332},{"href":33234,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":115,"type":599,"marks":86335},[86336],{"type":604,"attrs":86337},{"href":33228,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":189,"type":599,"marks":86340},[86341],{"type":604,"attrs":86342},{"href":33240,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":2508,"type":599,"marks":86345},[86346],{"type":604,"attrs":86347},{"href":33246,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":150,"type":599,"marks":86350},[86351],{"type":604,"attrs":86352},{"href":33252,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":33255,"type":599,"marks":86355},[86356],{"type":604,"attrs":86357},{"href":33259,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":33262,"type":599,"marks":86360},[86361],{"type":604,"attrs":86362},{"href":33266,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":43729,"type":599},{"type":594,"attrs":86365,"content":86366},{"textAlign":49},[86367],{"text":43734,"type":599},{"type":594,"attrs":86369,"content":86370},{"textAlign":49},[86371],{"text":43739,"type":599},{"type":594,"attrs":86373,"content":86374},{"textAlign":49},[86375,86377,86383],{"text":86376,"type":599},"To learn more please fill out this ",{"text":86378,"type":599,"marks":86379},"contact form",[86380],{"type":604,"attrs":86381},{"href":86382,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/contact",{"text":974,"type":599},"Benchmark Mineral Intelligence (Benchmark) will now assess all nickel prices twice a month, evolving our process from once-a-month cycles. This evolution allows for the facilitation of more frequent nickel price assessments within the parameters of Benchmark’s IOSCO compliant nickel price methodology. This is following a market consultation period in October and November 2023. Additionally, Benchmark […]",[86386],{"slug":544,"name":543,"content":86387},{"job_title":557,"image":86388,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c97cf20e-097e-4e97-ba8b-e2c41c593a5e\", \"id\": \"\"}-->","Benchmark to increase publishing frequency of nickel grades to..",[86392,86393],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":40441,"copyright":547,"fieldtype":553,"meta_data":86395,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark Mineral Intelligence (Benchmark) will now assess all nickel prices twice a month, evolving our process from once-a-month cycles. This evolution allows for the facilitation of more frequent nickel price assessments within the parameters of ...","Nov 13, 2023",{"id":86399,"uuid":86400,"name":86401,"slug":86402,"full_slug":86403,"content":86404},112470470559621,"de7ae5a6-50db-4c4a-b098-85818b612c4a","“China’s ability to restrict supply is now fully visible.” Q&A with Syrah’s Shaun Verner","chinas-ability-to-restrict-supply-is-now-fully-visible-qa-with-syrahs-shaun-verner","article/chinas-ability-to-restrict-supply-is-now-fully-visible-qa-with-syrahs-shaun-verner",{"_uid":86405,"date":86235,"tags":86406,"editor":86409,"content":86413,"excerpt":86597,"featured":51,"reporter":86598,"_editable":86602,"component":864,"seo_title":86401,"categories":86603,"visibility":882,"author_company":49,"featured_image":86606,"seo_description":86597,"author_full_name":49,"author_job_title":49,"formattedDate":86397},"146bd2fc-2d65-4311-9fbc-94c4e3a21784",[86407,86408],{"slug":1387,"name":1388},{"slug":18915,"name":18916},[86410],{"slug":544,"name":543,"content":86411},{"job_title":557,"image":86412,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":86414},[86415,86426,86431,86436,86448,86453,86458,86477,86482,86487,86492,86497,86502,86507,86512,86517,86523,86528,86533,86538,86543,86550,86555,86560,86565,86570,86575,86580,86585,86590],{"type":594,"attrs":86416,"content":86417},{"textAlign":49},[86418,86420,86424],{"text":86419,"type":599},"Syrah Resources is the largest producer of graphite outside of ",{"text":914,"type":599,"marks":86421},[86422],{"type":604,"attrs":86423},{"href":82013,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86425,"type":599},", in terms of total capacity. ",{"type":594,"attrs":86427,"content":86428},{"textAlign":49},[86429],{"text":86430,"type":599},"The Australian company produces flake graphite concentrate from its Balama mine and processing facility in northern Mozambique.  ",{"type":594,"attrs":86432,"content":86433},{"textAlign":49},[86434],{"text":86435,"type":599},"The company is also building a plant to produce natural graphite anode materials in Vidalia, Louisiana, which is set to begin operations this year. Its initial capacity will be 11,250 tonnes of active anode materials a year, with plans to expand this to 45,000 tonnes a year. It estimates the plant could meet 10% of US demand. ",{"type":594,"attrs":86437,"content":86438},{"textAlign":49},[86439,86441,86446],{"text":86440,"type":599},"Syrah has won support from the US government for the project. In July 2022, the Department of Energy issued a $102.1 million ",{"text":86442,"type":599,"marks":86443},"loan",[86444],{"type":604,"attrs":86445},{"href":76093,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86447,"type":599}," to Syrah for the expansion of Vidalia. It was the first loan from the DOE’s Advanced Technology Vehicles Manufacturing Loan Program since 2011.",{"type":594,"attrs":86449,"content":86450},{"textAlign":49},[86451],{"text":86452,"type":599},"The company has also recently received conditional approval from the US International Development Finance Corporation for a $150 million loan commitment for expansion at Balama. ",{"type":594,"attrs":86454,"content":86455},{"textAlign":49},[86456],{"text":86457,"type":599},"Benchmark Source sat down with the company’s chief executive Shaun Verner to learn more. Verner previously worked at mining company BHP for 20 years. ",{"type":657,"attrs":86459,"content":86460},{"level":15966,"textAlign":49},[86461,86463,86468,86470,86475],{"text":86462,"type":599},"China recently ",{"text":86464,"type":599,"marks":86465},"announced",[86466],{"type":604,"attrs":86467},{"href":73527,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86469,"type":599}," that permits would now be needed for the export of some graphite products. You’ve said that you expect there to be ",{"text":86471,"type":599,"marks":86472},"some buying activity",[86473],{"type":604,"attrs":86474},{"href":82013,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86476,"type":599}," ahead of the December deadline, are you seeing that?",{"type":594,"attrs":86478,"content":86479},{"textAlign":49},[86480],{"text":86481,"type":599},"I think that there’s certainly a number of ex-China buyers who are doing a lot of work around ensuring supply continuity. And we’re hearing some discussions on processes around some degree of stockpiling, pre-ordering, changing contracting processes, etc… The other thing that’s apparent, clearly, is that Chinese exporters – and I’m talking specifically here, natural graphite at this point – are seeking to export as much as they can prior to December 1.",{"type":594,"attrs":86483,"content":86484},{"textAlign":49},[86485],{"text":86486,"type":599},"I think if you start to look downstream a little bit into purified spherical and some of the anode material, the Chinese natural graphite buyers, those processors of those two materials, are kind of in this strange position where they’re consuming a lot of current stock to export. But they’re a little concerned about purchasing much more until they know whether they’re going to be able to export as freely after December 1. ",{"type":594,"attrs":86488,"content":86489},{"textAlign":49},[86490],{"text":86491,"type":599},"And we’ve got the winter production period coming up as well. So this is a challenging period for people to navigate. But certainly on the ex-China side of things across natural graphite, and purified spherical, we’re hearing about more purchasing. ",{"type":594,"attrs":86493,"content":86494},{"textAlign":49},[86495],{"text":86496,"type":599},"I think the big unknown here is how these controls will be implemented. And it’s a pretty interesting period, because there’s a lot of people expressing opinions about it, but the reality is that nobody really knows. And, of course, Chinese exporters are expressing confidence that it will be largely administrative and there won’t be an interruption. And customers are doing their best to remain confident that there won’t be an interruption in supply or the supply won’t be impacted. ",{"type":594,"attrs":86498,"content":86499},{"textAlign":49},[86500],{"text":86501,"type":599},"But as I said, the reality today is that nobody really knows whether the process will be implemented in the way that they anticipate, nor really whether the Chinese authorities will use the process to manage export volumes – to choose particular suppliers to manage capacity utilisation. Because there’s no doubt there’s an issue on that front in artificial graphite. ",{"type":657,"attrs":86503,"content":86504},{"level":15966,"textAlign":49},[86505],{"text":86506,"type":599},"How much do you think this is China using its dominance in anodes and graphites to send a message or to hit back at the US?",{"type":594,"attrs":86508,"content":86509},{"textAlign":49},[86510],{"text":86511,"type":599},"It’s really hard to say. I think that the important point here is that whether or not restrictions or controls are implemented or whether the licensing process is administrative or not, doesn’t really matter. ",{"type":594,"attrs":86513,"content":86514},{"textAlign":49},[86515],{"text":86516,"type":599},"What is evident now is the potential impact of China’s ability to restrict supply is now fully visible. And, of course, it was visible before, but now there’s a mechanism in place by which it can be managed very quickly. For the ex-China supply chain that is developing from a battery perspective, from an anode material perspective, that’s a very challenging position to be in. ",{"type":594,"attrs":86518,"content":86519},{"textAlign":49},[86520,86522],{"text":86521,"type":599},"Alternative sourcing and risk diversification become more and more important. I can’t really comment on what the motivations are. But what we can say without any sort of shadow of a doubt is that if supplies are limited either in natural graphite or in purified spherical graphite or anode material, it will have a significant impact on the export markets. Because there is not a significant amount of alternative supply in any of those product segments",{"text":974,"type":599},{"type":594,"attrs":86524,"content":86525},{"textAlign":49},[86526],{"text":86527,"type":599},"People focus on natural graphite exports from China as natural graphite only. And even even giving China a really good yield into purified spherical [graphite] – let’s say it’s a 50% yield, though it’s probably lower than that. If you look at natural graphite exports, purified spherical exports, and natural graphite anode material exports, on average for the last year China exported the equivalent of about 400,000 tonnes of natural graphite units. ",{"type":594,"attrs":86529,"content":86530},{"textAlign":49},[86531],{"text":86532,"type":599},"It’s a much more significant natural graphite exporter than the natural graphite flake and fines exports would indicate, because of that purified spherical and anode material. So I think that that increases the importance of understanding that any restriction or process control that impedes exports is going to have a significant impact on these export markets.",{"type":657,"attrs":86534,"content":86535},{"level":15966,"textAlign":49},[86536],{"text":86537,"type":599},"There’s been huge investment in production of synthetic graphite in China. Do you think China is flooding the market with that material, just as the West is trying to build its own supply chains, or is it just a feature of the Chinese system that they build overcapacity?",{"type":594,"attrs":86539,"content":86540},{"textAlign":49},[86541],{"text":86542,"type":599},"I think it’s very much the latter. There’s been a lot of new capacity, some projects which started two or three years ago, some which started more recently. And a lot of that capacity has come to market at the same time over the last year or so. And the competition within that market domestically in China is absolutely brutal at the moment and to some extent, the only market share mechanism available to new entrants is price. And that’s why we refer to what we see as pretty significant margin pressure. Particularly for new entrants, who are trying to find a place in that market. ",{"type":594,"attrs":86544,"content":86545},{"textAlign":49},[86546],{"type":1186,"attrs":86547},{"id":49,"alt":547,"src":86548,"title":49,"source":49,"copyright":49,"meta_data":86549},"https://a.storyblok.com/f/287943243085208/14a8d1be94/bm-anode-price-08nov.png",{},{"type":657,"attrs":86551,"content":86552},{"level":15966,"textAlign":49},[86553],{"text":86554,"type":599},"Your Vidalia anode plant in the US is due to start this quarter. How long will it take to ramp up and start supplying battery producers?",{"type":594,"attrs":86556,"content":86557},{"textAlign":49},[86558],{"text":86559,"type":599},"So we have talked about a fairly conservative, well, very conservative ramp-up profile – 18 months to full capacity. But on the flip side of that, we are seeking to get to 80% capacity as soon as we can. And certainly we think by the middle of next year, we should be at that level. ",{"type":657,"attrs":86561,"content":86562},{"level":15966,"textAlign":49},[86563],{"text":86564,"type":599},"How important was the DOE loan in terms of the project? ",{"type":594,"attrs":86566,"content":86567},{"textAlign":49},[86568],{"text":86569,"type":599},"It’s an important element of the funding stack for the project. We had strong equity market support for the project, we actually undertook an equity raise to fully fund the project and then the DOE loan was formalised after that. And it’s been a learning process for us. But also a learning process for the DOE moving into the manufacturing supply chain for input materials. I think we’ve shown that it could be the first of an ongoing series of funding processes for expansions. And secondly, it really does help from a credibility perspective, because of the due diligence they do. That allows other funding sources to have a greater degree of confidence around some of these projects. ",{"type":657,"attrs":86571,"content":86572},{"level":15966,"textAlign":49},[86573],{"text":86574,"type":599},"You shut down the Balama mine earlier this year due to falling graphite prices. But you resumed production for 32 days in the third quarter, as part of what you call a “production campaign.” Will you resume full production at the mine now given China’s export controls?",{"type":594,"attrs":86576,"content":86577},{"textAlign":49},[86578],{"text":86579,"type":599},"Given the continuing volatility in the natural graphite market through the last 12 months or so, we kept finding that we were having production interruptions because of lack of inventory capacity, i.e. warehousing space. So we ended up sort of flipping the production process on its head and producing at maximum output, or a significant output level until we fully filled all the inventory space … and then stopping and conserving cost until that inventory had been drawn down enough to justify another production campaign. ",{"type":594,"attrs":86581,"content":86582},{"textAlign":49},[86583],{"text":86584,"type":599},"As demand increases the production response campaign will be there, i.e. the campaigns will become more frequent, until the point at which we’re back to continuous operation. So it’s really been a process of maximising efficiency when we are producing and minimising costs when we’re not producing and letting demand really pull through those production periods.",{"type":594,"attrs":86586,"content":86587},{"textAlign":49},[86588],{"text":86589,"type":599},"We’ve always had spare capacity … And the market is finally growing to a point where we see that Balama’s capacity and the utilisation of that capacity is absolutely key for the future market balance.",{"type":594,"attrs":86591,"content":86592},{"textAlign":49},[86593],{"type":1186,"attrs":86594},{"id":49,"alt":547,"src":86595,"title":49,"source":49,"copyright":49,"meta_data":86596},"https://a.storyblok.com/f/287943243085208/f513285287/bm-graphite-price-chart-1.png",{},"Syrah Resources is the largest producer of graphite outside of China, in terms of total capacity. The Australian company produces flake graphite concentrate from its Balama mine and processing facility in northern Mozambique. The company is also building a plant to produce natural graphite anode materials in Vidalia, Louisiana, which is set to begin […]",[86599],{"slug":544,"name":543,"content":86600},{"job_title":557,"image":86601,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"146bd2fc-2d65-4311-9fbc-94c4e3a21784\", \"id\": \"\"}-->",[86604,86605],{"slug":2497,"name":261},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":86607,"copyright":547,"fieldtype":553,"meta_data":86608,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/48cab5e2a5/bm-syraresources-29112018-shaun-verner-a.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":86610,"uuid":86611,"name":86612,"slug":86613,"full_slug":86614,"content":86615},112470499198960,"e267fb42-dcfe-4ab9-bc89-d770adb6713c","UK faces battery supply chain challenges amid global competition","uk-faces-battery-supply-chain-challenges-amid-global-competition","article/uk-faces-battery-supply-chain-challenges-amid-global-competition",{"_uid":86616,"date":86617,"tags":86618,"editor":86622,"content":86626,"excerpt":86962,"featured":51,"reporter":86963,"_editable":86967,"component":864,"seo_title":86612,"categories":86968,"visibility":882,"author_company":49,"data_vis_image":86974,"featured_image":86977,"seo_description":86962,"author_full_name":49,"author_job_title":49,"formattedDate":86980},"24cacba6-84e8-4314-8181-64b70aeda458","2023-11-08 00:00",[86619,86620,86621],{"slug":578,"name":579},{"slug":16791,"name":16792},{"slug":4610,"name":662},[86623],{"slug":544,"name":543,"content":86624},{"job_title":557,"image":86625,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":86627},[86628,86633,86645,86656,86661,86666,86671,86676,86681,86686,86691,86696,86701,86713,86718,86723,86728,86740,86748,86753,86758,86763,86768,86773,86785,86790,86802,86807,86812,86817,86822,86827,86832,86840,86845,86850,86855,86860,86865,86870,86875,86880,86885,86890,86895,86900,86905,86910,86915,86920,86932,86937,86942,86947,86952,86957],{"type":594,"attrs":86629,"content":86630},{"textAlign":49},[86631],{"text":86632,"type":599},"Investment in the UK battery supply chain has picked up this year, backed by renewed government attention and a number of company announcements. But can the country scale fast enough to remain relevant on the global stage?",{"type":594,"attrs":86634,"content":86635},{"textAlign":49},[86636,86638,86643],{"text":86637,"type":599},"The government of prime minister Rishi Sunak has announced a number of critical mineral agreements this year, including with Japan, Zambia, and Canada. And in July Tata, the Indian owner of Jaguar Land Rover, agreed to build a £4 billion ($5.2 billion) ",{"text":86639,"type":599,"marks":86640},"battery gigafactory in Somerset",[86641],{"type":604,"attrs":86642},{"href":74307,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86644,"type":599},", in a boost to the UK’s electric vehicle industry.",{"type":594,"attrs":86646,"content":86647},{"textAlign":49},[86648,86650,86655],{"text":86649,"type":599},"Yet the UK still lacks enough battery capacity to meet the demand of its automotive industry, as well as supplies of midstream materials such as cathode and anode. In addition, it also faces regulatory challenges to export electric vehicles to the European Union under ",{"text":86651,"type":599,"marks":86652},"post-Brexit trading arrangements",[86653],{"type":604,"attrs":86654},{"href":79021,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":86657,"content":86658},{"textAlign":49},[86659],{"text":86660,"type":599},"That could leave the UK heavily reliant on China, which produces over 80% of batteries globally, as assessed by Benchmark’s Lithium ion Battery Database, and dominates the processing of critical raw materials. Chinese electric vehicles are also starting to make inroads into the UK market. ",{"type":594,"attrs":86662,"content":86663},{"textAlign":49},[86664],{"text":86665,"type":599},"“I think the reality is, regardless of which market you’re in, to have one country having 80% of the market isn’t healthy,” Nusrat Ghani, Minister of State at the UK’s Department for Business and Trade, told Benchmark Source. “It’s imperative that we diversify our supply chain.”",{"type":594,"attrs":86667,"content":86668},{"textAlign":49},[86669],{"text":86670,"type":599},"To others, however, the UK is behind its Western allies in encouraging its own domestic industry, as it lacks the government financial support found in the US Inflation Reduction Act.",{"type":594,"attrs":86672,"content":86673},{"textAlign":49},[86674],{"text":86675,"type":599},"“We [the UK] are very late to the party,” Jeremy Wrathall, the chief executive of lithium developer Cornish Lithium, said to Benchmark Source. “It’s only when the IRA came along, and the EU critical raw materials act, that Britain finally woke up.”",{"type":657,"attrs":86677,"content":86678},{"level":15966,"textAlign":49},[86679],{"text":86680,"type":599},"Sunak’s delayed EV target ",{"type":594,"attrs":86682,"content":86683},{"textAlign":49},[86684],{"text":86685,"type":599},"By 2035 all new car sales in the UK must be zero emission. ",{"type":594,"attrs":86687,"content":86688},{"textAlign":49},[86689],{"text":86690,"type":599},"This target was originally 2030, though Rishi Sunak, the current UK prime minister, pushed it back saying this put the UK in line with other countries such as France and Germany. ",{"type":594,"attrs":86692,"content":86693},{"textAlign":49},[86694],{"text":86695,"type":599},"As part of the announcement of the 2035 target, Sunak’s government also set out the UK’s zero emissions vehicle mandate.",{"type":594,"attrs":86697,"content":86698},{"textAlign":49},[86699],{"text":86700,"type":599},"This states 22% of new cars must be zero emission from next year, gradually rising to 80% of new cars (and 70% of new vans) by 2030 and 100% by 2035 which the UK says is in line with other countries such as France and Germany.",{"type":594,"attrs":86702,"content":86703},{"textAlign":49},[86704,86706,86711],{"text":86705,"type":599},"To meet at least some of this demand domestically requires an extensive supply chain. The UK could need up to ",{"text":86707,"type":599,"marks":86708},"three to four supersized gigafactories",[86709],{"type":604,"attrs":86710},{"href":74370,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86712,"type":599}," by 2030 to meet the growing demand. These will need to be fed with anode and cathode material from a currently non-existent UK production base.",{"type":594,"attrs":86714,"content":86715},{"textAlign":49},[86716],{"text":86717,"type":599},"So far, the UK is falling far short of meeting those targets. ",{"type":657,"attrs":86719,"content":86720},{"level":15966,"textAlign":49},[86721],{"text":86722,"type":599},"Battery shortage",{"type":594,"attrs":86724,"content":86725},{"textAlign":49},[86726],{"text":86727,"type":599},"The UK currently has just 1.9 gigawatt hours of gigafactory capacity, entirely from the Envision AESC plant in Sunderland in the northeast of England. A second plant is set to be built by Envision and Nissan due to begin operations in 2025 with 12 GWh of capacity, eventually rising to 30 GWh.",{"type":594,"attrs":86729,"content":86730},{"textAlign":49},[86731,86733,86738],{"text":86732,"type":599},"India’s Tata will build a ",{"text":86734,"type":599,"marks":86735},"40 GWh gigafactory in Somerset in the southwest of England",[86736],{"type":604,"attrs":86737},{"href":74307,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86739,"type":599},". The facility is due to begin operations in 2026 and will supply Jaguar Land Rover, also owned by Tata. The site may also rely on Envision for battery technology, according to media reports.",{"type":594,"attrs":86741,"content":86742},{"textAlign":49},[86743],{"type":1186,"attrs":86744},{"id":49,"alt":86745,"src":86746,"title":49,"source":49,"copyright":49,"meta_data":86747},"UK Gigafactory pipeline to reach 66.9 GWh by 2030","https://a.storyblok.com/f/287943243085208/1edd4808ee/bm-uk-gigafactory-capacity-oct-2023-1.png",{},{"type":594,"attrs":86749,"content":86750},{"textAlign":49},[86751],{"text":86752,"type":599},"The West Midlands Gigafactory in Coventry is a site with the planning permission to house a 60 GWh facility. As yet no battery maker has invested in the site, though Jim O’Boyle, a councillor in the Coventry City Council, said in a statement that they were in “advanced discussions with leading Asian battery manufacturers who want to develop a presence in the UK.”",{"type":594,"attrs":86754,"content":86755},{"textAlign":49},[86756],{"text":86757,"type":599},"All told, the UK currently has only 66.9 GWh of capacity in the pipeline for 2030, enough for around 1.2 million electric vehicles a year if operated at full capacity, according to Luke Gear, an analyst at Benchmark.",{"type":657,"attrs":86759,"content":86760},{"level":15966,"textAlign":49},[86761],{"text":86762,"type":599},"Critical minerals at home and abroad",{"type":594,"attrs":86764,"content":86765},{"textAlign":49},[86766],{"text":86767,"type":599},"For critical minerals, the UK is most advanced in lithium, and is set to produce 28,000 tonnes LCE of lithium chemicals by 2030, according to Benchmark’s Lithium Forecast.",{"type":594,"attrs":86769,"content":86770},{"textAlign":49},[86771],{"text":86772,"type":599},"The UK is home to Europe’s only lithium refiner outside of Russia: Leverton Lithium. They produce lithium carbonate and lithium hydroxide, though at a relatively small scale and most of this is destined for non-battery applications. They have a JV with Germany’s Helm AG to build a refinery to produce battery grade lithium in the UK towards the end of the decade.",{"type":594,"attrs":86774,"content":86775},{"textAlign":49},[86776,86778,86783],{"text":86777,"type":599},"Several other companies are hoping to build lithium refineries in the UK with ",{"text":86779,"type":599,"marks":86780},"Green Lithium",[86781],{"type":604,"attrs":86782},{"href":24585,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86784,"type":599}," and Tees Valley Lithium looking to Teeside in the North East of England.",{"type":594,"attrs":86786,"content":86787},{"textAlign":49},[86788],{"text":86789,"type":599},"“Producing in the UK offers some of the lowest operational costs, meaning we are able to weather price fluctuations like those we see today,” Richard Taylor, co-founder of UK-based lithium aspirant Green Lithium, said. “The UK also has one of the strongest and most skilled labour forces.”",{"type":594,"attrs":86791,"content":86792},{"textAlign":49},[86793,86795,86800],{"text":86794,"type":599},"Further upstream, Cornish Lithium and ",{"text":86796,"type":599,"marks":86797},"British Lithium are looking to extract lithium in Cornwall",[86798],{"type":604,"attrs":86799},{"href":84271,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86801,"type":599}," in the Southwest of the country and Northern Lithium have plans in County Durham in the North East.",{"type":594,"attrs":86803,"content":86804},{"textAlign":49},[86805],{"text":86806,"type":599},"Still, the government needs to do more to support critical mineral mining and processing, however, according to Jeremy Wrathall, chief executive of Cornish Lithium. ",{"type":594,"attrs":86808,"content":86809},{"textAlign":49},[86810],{"text":86811,"type":599},"“There is very, very little–pitifully little–[money for] the primary raw materials,” Wrathall said, emphasising that they are grateful for the support they have got. “I think the realisation has dawned that without the raw materials, you’ve got nothing.”",{"type":594,"attrs":86813,"content":86814},{"textAlign":49},[86815],{"text":86816,"type":599},"Cornish Lithium recently secured £24 million ($30 million) in equity financing from the UK Infrastructure Bank, which is backed by the UK Treasury and was set up to fulfil the role of the European Investment Bank post-Brexit.",{"type":594,"attrs":86818,"content":86819},{"textAlign":49},[86820],{"text":86821,"type":599},"Projects like Cornish Lithium and Green Lithium have also received small amounts from the £850 million ($1 billion) Automotive Transformation Fund (ATF) which aims to develop an end-to-end supply chain for electric vehicles in the UK.",{"type":594,"attrs":86823,"content":86824},{"textAlign":49},[86825],{"text":86826,"type":599},"“R&D funding has been really instrumental in creating a real focused effort within the UK to develop technology and innovation in this space,” Ian Constance, the chief executive of the Advanced Propulsion Centre which runs the ATF, told Benchmark Source. “But to build the supply chain at scale, we need to do more than just the R&D–we actually have to put capital on the table.”",{"type":594,"attrs":86828,"content":86829},{"textAlign":49},[86830],{"text":86831,"type":599},"The UK currently produces a significant quantity of low-sulphur petroleum coke, the precursor for synthetic graphite, at P66’s Humberside facility. However, the UK has no large scale synthetic graphite production facilities suited to the battery industry, so much of this is exported to Asia.",{"type":594,"attrs":86833,"content":86834},{"textAlign":49},[86835],{"type":1186,"attrs":86836},{"id":49,"alt":86837,"src":86838,"title":49,"source":49,"copyright":49,"meta_data":86839},"The UK lacks anode and cathode production","https://a.storyblok.com/f/287943243085208/711d150d70/bm-uk-upstream-q3-2023.png",{},{"type":594,"attrs":86841,"content":86842},{"textAlign":49},[86843],{"text":86844,"type":599},"The UK is a part of the Mineral Security Partnership (MSP), a coalition of 14 governments including the UK, US, and Australia representing 50% of global GDP. The MSP aims to encourage public and private sector investment into the critical mineral supply chain.",{"type":594,"attrs":86846,"content":86847},{"textAlign":49},[86848],{"text":86849,"type":599},"Last month, the UK hosted the latest meeting of the partnership where 17 projects were selected to be driven forward by the MSP. This includes HyProMag, a UK-based company developing a large-scale rare earth magnet recycling plant in Birmingham.",{"type":657,"attrs":86851,"content":86852},{"level":15966,"textAlign":49},[86853],{"text":86854,"type":599},"Relying on imports ",{"type":594,"attrs":86856,"content":86857},{"textAlign":49},[86858],{"text":86859,"type":599},"“There is currently a geopolitical competition ongoing to secure access to battery minerals and the UK, like the US, the EU, Japan and other Western mineral-consuming countries and organisations realise they ultimately need to rely on battery mineral imports,” Bryan Bille, an analyst at Benchmark, said.",{"type":594,"attrs":86861,"content":86862},{"textAlign":49},[86863],{"text":86864,"type":599},"This is a reality the UK government recognises.",{"type":594,"attrs":86866,"content":86867},{"textAlign":49},[86868],{"text":86869,"type":599},"“We know we need to secure more minerals,” Minister Ghani said. “We need to partner up and collaborate with other countries that share our values. We can’t do this alone.”",{"type":594,"attrs":86871,"content":86872},{"textAlign":49},[86873],{"text":86874,"type":599},"To this end, the UK has embarked on a world tour of sorts, strengthening relations and signing agreements with countries it views as allies in the industry.",{"type":594,"attrs":86876,"content":86877},{"textAlign":49},[86878],{"text":86879,"type":599},"“This is a new space so we’ve got to make sure that we are working with like minded partners in providing some more certainty and resilience in our supply chains with partners that we can work with,” Ghani said.",{"type":594,"attrs":86881,"content":86882},{"textAlign":49},[86883],{"text":86884,"type":599},"Across the pond, the UK has signed the Atlantic Declaration. With this initiative, both parties have launched negotiations aimed at securing a UK-US critical minerals agreement, ensuring battery minerals extracted or processed in the UK count towards the sourcing requirements for the 30D clean vehicle credit in the Inflation Reduction Act. The negotiations are still ongoing at this stage.",{"type":594,"attrs":86886,"content":86887},{"textAlign":49},[86888],{"text":86889,"type":599},"“This is a huge differentiator from Europe,” Green Lithium’s Taylor said. “We’ve got the whole of America as a potential customer base, whereas refineries setting up in Europe don’t have that.”",{"type":594,"attrs":86891,"content":86892},{"textAlign":49},[86893],{"text":86894,"type":599},"But even to import raw materials, the UK will need to build out anode or cathode production facilities. There are currently no plants in the pipeline, according to Benchmark.",{"type":594,"attrs":86896,"content":86897},{"textAlign":49},[86898],{"text":86899,"type":599},"“Despite the presence of anode operations in the UK, these are scattered R&D operations and commercialisation efforts have faced limited investment,” Tony Alderson, an analyst at Benchmark, said. “If anode operations are to capture a moderate global market share, much more investment and development is needed.”",{"type":594,"attrs":86901,"content":86902},{"textAlign":49},[86903],{"text":86904,"type":599},"To supply the UK’s 66.9 GWh of pipeline gigafactory capacity will require around 115,000 tonnes of cathode material and 79,000 tonnes of anode material.",{"type":594,"attrs":86906,"content":86907},{"textAlign":49},[86908],{"text":86909,"type":599},"Benchmark’s chief executive Simon Moores explained to the UK’s House of Commons in May this year that building out this midstream will help the whole supply chain.",{"type":594,"attrs":86911,"content":86912},{"textAlign":49},[86913],{"text":86914,"type":599},"“The key thing is that the UK does not have to just do the deals [for raw materials] itself,” Moores said. “It has to attract the midstream of the supply chain—the big companies that build these battery plants and the cathode and anode plants in the middle—to then give them enough incentive to go and get those raw materials themselves.”",{"type":657,"attrs":86916,"content":86917},{"level":15966,"textAlign":49},[86918],{"text":86919,"type":599},"Post-Brexit trade restrictions ",{"type":594,"attrs":86921,"content":86922},{"textAlign":49},[86923,86925,86930],{"text":86924,"type":599},"Part of the Trade and Cooperation Agreement that came into force in 2020 concerns “",{"text":86926,"type":599,"marks":86927},"rules of origin",[86928],{"type":604,"attrs":86929},{"href":24636,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":86931,"type":599},",” which dictate whether a product is local enough to qualify for a preferential tariff rate, otherwise a tariff has to be paid.",{"type":594,"attrs":86933,"content":86934},{"textAlign":49},[86935],{"text":86936,"type":599},"In order to export EVs from the UK to the EU tariff-free (and vice-versa), 40% of the value of the EV must originate from the UK and the EU. From the start of next year, however, this rises to 45% of the EV and 60% of the value of the battery pack. If these requirements are not met, a 10% tariff will need to paid.",{"type":594,"attrs":86938,"content":86939},{"textAlign":49},[86940],{"text":86941,"type":599},"With cathode inputs making up around 56% of the costs of a battery cell, the absence of any commercial production in the UK will prove a sticking point for meeting the rules of origin requirements even if sufficient battery production capacity is developed.",{"type":594,"attrs":86943,"content":86944},{"textAlign":49},[86945],{"text":86946,"type":599},"The high value of the battery relative to the price of a car means these rules will disproportionately impact EVs compared to petrol and diesel cars. At a time when the UK and EU are trying to accelerate the roll out of EVs, this could increase their costs and make them less attractive to consumers.",{"type":594,"attrs":86948,"content":86949},{"textAlign":49},[86950],{"text":86951,"type":599},"Almost three-quarters of cars manufactured in the UK last month were exported according to The Society of Motor Manufacturers and Traders (SMMT). Since January this year, over a third of the UK’s auto exports were EVs.",{"type":594,"attrs":86953,"content":86954},{"textAlign":49},[86955],{"text":86956,"type":599},"The EU is the UK’s largest trading partner for cars accounting for 80% of the UK’s exports so far this year. Bilateral trade of EVs with the bloc more than doubled from £7.3 billion in 2020 to £15.3 billion in 2022, according to SMMT.",{"type":594,"attrs":86958,"content":86959},{"textAlign":49},[86960],{"text":86961,"type":599},"“Today the industry does not have sufficient supply of locally-sourced batteries and components to meet demand,” Tim Slatter, Ford’s Britain chair, said in a statement. “Tightening the trade rules at this point risks undermining the switch to EVs with tariffs and adding pointless cost to customers wanting to go green.”","Investment in the UK battery supply chain has picked up this year, backed by renewed government attention and a number of company announcements. But can the country scale fast enough to remain relevant on the global stage? The government of prime minister Rishi Sunak has announced a number of critical mineral agreements this year, including […]",[86964],{"slug":544,"name":543,"content":86965},{"job_title":557,"image":86966,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"24cacba6-84e8-4314-8181-64b70aeda458\", \"id\": \"\"}-->",[86969,86970,86971,86972,86973],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":4811,"name":4812},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":86975,"copyright":547,"fieldtype":553,"meta_data":86976,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1699446873/www-production/UK-gigafactory-capacity-Oct-2023-no-y/UK-gigafactory-capacity-Oct-2023-no-y.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":86978,"copyright":547,"fieldtype":553,"meta_data":86979,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/12e5fbaca5/bm-shutterstock-2152798997-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 08, 2023",{"id":86982,"uuid":86983,"name":86984,"slug":86985,"full_slug":86986,"content":86987},112470513588211,"d4b6c251-4d2c-434a-9be3-c8debed332fe","Greenbushes lithium mine will stockpile material as spodumene price lag hits miners","greenbushes-lithium-mine-will-stockpile-material-as-spodumene-price-lag-hits-miners","article/greenbushes-lithium-mine-will-stockpile-material-as-spodumene-price-lag-hits-miners",{"_uid":86988,"date":86989,"tags":86990,"editor":86993,"content":86997,"excerpt":87156,"featured":50,"reporter":87157,"_editable":87161,"component":864,"seo_title":86984,"categories":87162,"visibility":882,"author_company":49,"featured_image":87164,"seo_description":87156,"author_full_name":49,"author_job_title":49,"formattedDate":87166},"973afd43-4d8f-4811-b850-a50d2ac202e4","2023-11-02 00:00",[86991,86992],{"slug":910,"name":911},{"slug":6606,"name":12530},[86994],{"slug":544,"name":543,"content":86995},{"job_title":557,"image":86996,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":86998},[86999,87009,87014,87019,87024,87029,87034,87041,87046,87051,87056,87061,87066,87071,87081,87086,87091,87096,87101,87106,87111,87116,87121,87126,87136,87141,87146,87151],{"type":594,"attrs":87000,"content":87001},{"textAlign":49},[87002,87004,87008],{"text":87003,"type":599},"The world’s largest hardrock lithium mine, the Greenbushes mine in Australia, will stockpile some material this year rather than sell it, due to falling Chinese ",{"text":12746,"type":599,"marks":87005},[87006],{"type":604,"attrs":87007},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":87010,"content":87011},{"textAlign":49},[87012],{"text":87013,"type":599},"Australia’s IGO, which along with China’s Tianqi Lithium, owns 51% of Greenbushes, said spodumene concentrate would be stockpiled for future sales, and it may be necessary to reduce production at the mine. ",{"type":594,"attrs":87015,"content":87016},{"textAlign":49},[87017],{"text":87018,"type":599},"The decision reflects “lower product volume requirements” for Tianqi Lithium, IGO said. ",{"type":594,"attrs":87020,"content":87021},{"textAlign":49},[87022],{"text":87023,"type":599},"“We have seen some near-term volatility in the lithium sector, which is likely to have an impact on Greenbushes’ sales in the December quarter,” Matt Dusci, acting chief executive of IGO, said. ",{"type":594,"attrs":87025,"content":87026},{"textAlign":49},[87027],{"text":87028,"type":599},"It comes after prices for spodumene (6% Li2O) fell by 62% this year, according to Benchmark, due to weakening demand in China, and a buildup of inventories. ",{"type":594,"attrs":87030,"content":87031},{"textAlign":49},[87032],{"text":87033,"type":599},"US lithium producer Albemarle, which owns 49% of Greenbushes, said “it could be that we pull back on the mine,” when it makes a decision on its allocation for material this year. ",{"type":594,"attrs":87035,"content":87036},{"textAlign":49},[87037],{"type":1186,"attrs":87038},{"id":49,"alt":547,"src":87039,"title":49,"source":49,"copyright":49,"meta_data":87040},"https://a.storyblok.com/f/287943243085208/33631afa65/bm-spodumene-prices.png",{},{"type":657,"attrs":87042,"content":87043},{"level":15966,"textAlign":49},[87044],{"text":87045,"type":599},"Spodumene prices",{"type":594,"attrs":87047,"content":87048},{"textAlign":49},[87049],{"text":87050,"type":599},"Spodumene prices have traditionally lagged Chinese spot market lithium chemical prices, as part of contract agreements between buyers and sellers. But that mechanism is adduring further pressure on producers this year, due to a sharp fall in Chinese lithium prices.  ",{"type":594,"attrs":87052,"content":87053},{"textAlign":49},[87054],{"text":87055,"type":599},"Pricing for Greenbushes spodumene is reset quarterly, according to Albemarle, which means its shareholders currently pay a premium to spot market prices for the product. IGO said it was talking with the other shareholders about adjusting the pricing mechanisms. ",{"type":594,"attrs":87057,"content":87058},{"textAlign":49},[87059],{"text":87060,"type":599},"Albemarle said it expected its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) to be “flat to down” this year, compared to 2022, due in part to the pricing lag in spodumene prices. ",{"type":594,"attrs":87062,"content":87063},{"textAlign":49},[87064],{"text":87065,"type":599},"Lithium refiners have tried to shift to formula-based pricing for spodumene with shorter lags to the chemicals spot market, according to Benchmark. ",{"type":594,"attrs":87067,"content":87068},{"textAlign":49},[87069],{"text":87070,"type":599},"Prices for battery grade lithium carbonate in the Chinese market have fallen by 69% year-to-date to RMB 163,000 ($22,275) a tonne. ",{"type":594,"attrs":87072,"content":87073},{"textAlign":49},[87074,87076,87080],{"text":87075,"type":599},"Spodumene prices were last assessed at an average of $2,450/ tonne (FOB Australia), according to ",{"text":2210,"type":599,"marks":87077},[87078],{"type":604,"attrs":87079},{"href":85491,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":87082,"content":87083},{"textAlign":49},[87084],{"text":87085,"type":599},"Benchmark heard offers as low as $1,800/tonne last month, which could serve as an early indicator of prices aligning with lithium chemical prices in Asia. ",{"type":657,"attrs":87087,"content":87088},{"level":15966,"textAlign":49},[87089],{"text":87090,"type":599},"Surplus production",{"type":594,"attrs":87092,"content":87093},{"textAlign":49},[87094],{"text":87095,"type":599},"IGO said that spodumene concentrate sales from Greenbushes in the December quarter are likely to be around 25% lower than forecast production.",{"type":594,"attrs":87097,"content":87098},{"textAlign":49},[87099],{"text":87100,"type":599},"The ASX-listed company said that if shareholders of Greenbushes were “unable to agree arrangements to manage surplus production volumes” that it might be necessary to reduce production at the mine next year. ",{"type":594,"attrs":87102,"content":87103},{"textAlign":49},[87104],{"text":87105,"type":599},"IGO said the average realised price for total spodumene sales (chemical and technical grade) achieved by Greenbushes in the quarter ending September was $3,740/t FOB Australia, compared to $5,431/t in the prior quarter.",{"type":594,"attrs":87107,"content":87108},{"textAlign":49},[87109],{"text":87110,"type":599},"The company owns 49% of Tianqi Lithium Energy Australia, which in turn owns 51% of Greenbushes. ",{"type":657,"attrs":87112,"content":87113},{"level":15966,"textAlign":49},[87114],{"text":87115,"type":599},"Nearing a bottom",{"type":594,"attrs":87117,"content":87118},{"textAlign":49},[87119],{"text":87120,"type":599},"IGO and Albemarle both said that current weakness in lithium prices is likely to be short-term, however. ",{"type":594,"attrs":87122,"content":87123},{"textAlign":49},[87124],{"text":87125,"type":599},"“IGO expects this volatility will be near term and that the fundamentals of the lithium market remain strong over the medium to long term,” IGO said. ",{"type":594,"attrs":87127,"content":87128},{"textAlign":49},[87129,87134],{"text":11321,"type":599,"marks":87130},[87131],{"type":604,"attrs":87132},{"href":87133,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-albemarles-turbo-charged-demand-data-showcases-lithiums-growing-supply-problem",{"text":87135,"type":599}," said global electric vehicle sales remain on track for 40% year-over-year growth and remain “resilient.” ",{"type":594,"attrs":87137,"content":87138},{"textAlign":49},[87139],{"text":87140,"type":599},"It said stockpiles of lithium held by cathode producers have fallen to less than one week’s worth of material. Higher cost lepidolite miners in China have also begun to stop producing, it said. ",{"type":594,"attrs":87142,"content":87143},{"textAlign":49},[87144],{"text":87145,"type":599},"“Both upstream and downstream producers have continued destocking with very low levels of inventory at cathode producers,” Albemarle’s chief executive Kent Masters, said. ",{"type":594,"attrs":87147,"content":87148},{"textAlign":49},[87149],{"text":87150,"type":599},"Eric Norris, president of lithium at Albemarle, said he was “perplexed” at the current low lithium prices and said other projects could also be slowed down. ",{"type":594,"attrs":87152,"content":87153},{"textAlign":49},[87154],{"text":87155,"type":599},"Prices are “below reinvestment economics,” Norris said. “Our concern would be towards the end of the decade that there needs to be sufficient capacity to serve the EV market,” he said.","The world’s largest hardrock lithium mine, the Greenbushes mine in Australia, will stockpile some material this year rather than sell it, due to falling Chinese lithium prices. Australia’s IGO, which along with China’s Tianqi Lithium, owns 51% of Greenbushes, said spodumene concentrate would be stockpiled for future sales, and it may be necessary to reduce […]",[87158],{"slug":544,"name":543,"content":87159},{"job_title":557,"image":87160,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"973afd43-4d8f-4811-b850-a50d2ac202e4\", \"id\": \"\"}-->",[87163],{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":6761,"copyright":547,"fieldtype":553,"meta_data":87165,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Nov 02, 2023",{"id":87168,"uuid":87169,"name":87170,"slug":87171,"full_slug":87172,"content":87173},112470539253752,"b8fa8360-7f43-4db2-8d1b-b2b81188331a","Where are the world’s gigafactories?","where-are-the-worlds-gigafactories","article/where-are-the-worlds-gigafactories",{"_uid":87174,"date":87175,"tags":87176,"editor":87181,"content":87185,"excerpt":87421,"featured":51,"reporter":87422,"_editable":87426,"component":864,"seo_title":87170,"categories":87427,"visibility":2091,"author_company":49,"data_vis_image":87430,"featured_image":87432,"seo_description":87421,"author_full_name":49,"author_job_title":49,"formattedDate":87435},"d4c0eee7-71b0-4e38-87f3-e50f6623bef6","2023-10-31 00:00",[87177,87178,87179,87180],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":2787,"name":2788},[87182],{"slug":544,"name":543,"content":87183},{"job_title":557,"image":87184,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":87186},[87187,87204,87217,87235,87253,87265,87273,87278,87298,87303,87314,87326,87331,87342,87347,87352,87363,87368,87373,87383,87396,87401,87406,87411],{"type":594,"attrs":87188,"content":87189},{"textAlign":49},[87190,87192,87197,87199,87203],{"text":87191,"type":599},"There are over 240 operational gigafactories across the world, with this currently ",{"text":87193,"type":599,"marks":87194},"set to rise to over 400 by 2030",[87195],{"type":604,"attrs":87196},{"href":81412,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":87198,"type":599}," as assessed by ",{"text":41013,"type":599,"marks":87200},[87201],{"type":604,"attrs":87202},{"href":59828,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":87205,"content":87206},{"textAlign":49},[87207,87209,87215],{"text":87208,"type":599},"Combined, these gigafactories have a ",{"text":87210,"type":599,"marks":87211},"2030 pipeline capacity",[87212],{"type":604,"attrs":87213},{"href":87214,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/battery-capacity-to-increase-4-fold-by-2030-amid-qualification-challenge-outside-asia",{"text":87216,"type":599}," of nine terawatt-hours (TWh).",{"type":594,"attrs":87218,"content":87219},{"textAlign":49},[87220,87221,87226,87228,87233],{"text":18584,"type":599},{"text":87222,"type":599,"marks":87223},"82% of gigafactory capacity this year is located in China",[87224],{"type":604,"attrs":87225},{"href":81382,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":87227,"type":599},", Western policies aimed at encouraging ",{"text":87229,"type":599,"marks":87230},"domestic production",[87231],{"type":604,"attrs":87232},{"href":78034,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":87234,"type":599}," sees this drop to 68% in 2030.",{"type":594,"attrs":87236,"content":87237},{"textAlign":49},[87238,87239,87244,87246,87251],{"text":47476,"type":599},{"text":87240,"type":599,"marks":87241},"China holds close to 70% of the battery cell pipeline capacity",[87242],{"type":604,"attrs":87243},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":87245,"type":599},", which has led to significant policy movements in both Europe and North America in order to reduce reliance on Chinese cells for the EV transition,” ",{"text":7861,"type":599,"marks":87247},[87248],{"type":604,"attrs":87249},{"href":87250,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-takeaways-from-benchmarks-china-gigafactory-field-trip",{"text":87252,"type":599},", an analyst at Benchmark, said. ",{"type":594,"attrs":87254,"content":87255},{"textAlign":49},[87256,87258,87264],{"text":87257,"type":599},"Benchmark has mapped the 2030 gigafactory pipeline in a free ",{"text":87259,"type":599,"marks":87260},"Special Issue available on Benchmark Source",[87261],{"type":604,"attrs":87262},{"href":87263,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/downloads/special-issues/1305958",{"text":974,"type":599},{"type":594,"attrs":87266,"content":87267},{"textAlign":49},[87268],{"type":1186,"attrs":87269},{"id":49,"alt":87270,"src":87271,"title":49,"source":49,"copyright":49,"meta_data":87272},"68% of the global 2030 gigafactory pipeline is in China","https://a.storyblok.com/f/287943243085208/f972fd0f7d/bm-global-gigafactory-pipeline-2022-2030-2.png",{},{"type":657,"attrs":87274,"content":87275},{"level":15966,"textAlign":49},[87276],{"text":87277,"type":599},"Disrupting China’s dominance",{"type":594,"attrs":87279,"content":87280},{"textAlign":49},[87281,87283,87289,87291,87296],{"text":87282,"type":599},"China is home to seven of the ",{"text":87284,"type":599,"marks":87285},"ten largest battery makers",[87286],{"type":604,"attrs":87287},{"href":87288,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-big-get-bigger-in-batteries-top-ten-producers-set-to-grow-output-400",{"text":87290,"type":599}," by capacity today, with ",{"text":904,"type":599,"marks":87292},[87293],{"type":604,"attrs":87294},{"href":87295,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-battery-kings-diverging-fortunes-of-catl-and-byd-highlight-raw-material-challenge",{"text":87297,"type":599}," firmly in the top spot.",{"type":594,"attrs":87299,"content":87300},{"textAlign":49},[87301],{"text":87302,"type":599},"Although China will remain the dominant battery production centre in 2030, Western nations are investing and regulating their way into a stronger position in the market.",{"type":594,"attrs":87304,"content":87305},{"textAlign":49},[87306,87308,87312],{"text":87307,"type":599},"The US has been largely successful in this through President Biden’s ",{"text":46860,"type":599,"marks":87309},[87310],{"type":604,"attrs":87311},{"href":77919,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":87313,"type":599}," (IRA). With generous production tax incentives, the IRA has accelerated North America’s 2030 pipeline up to 1.3 TWh.",{"type":594,"attrs":87315,"content":87316},{"textAlign":49},[87317,87319,87324],{"text":87318,"type":599},"The IRA is explicitly designed to reduce China’s hold on the US EV market by excluding vehicles containing battery components and materials sourced from so-called “",{"text":72880,"type":599,"marks":87320},[87321],{"type":604,"attrs":87322},{"href":87323,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/automakers-us-government-guidance-on-chinese-involvement-in-battery-supply-chain",{"text":87325,"type":599},"” from the tax credits.",{"type":594,"attrs":87327,"content":87328},{"textAlign":49},[87329],{"text":87330,"type":599},"Although the exact definition of these entities is yet to be confirmed, it will effectively prevent automakers using batteries produced in China from accessing many of the credits. There is no explicit prohibition preventing a Chinese company building plants in the US to access the incentives, however.",{"type":594,"attrs":87332,"content":87333},{"textAlign":49},[87334,87340],{"text":87335,"type":599,"marks":87336},"In Europe",[87337],{"type":604,"attrs":87338},{"href":87339,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/samsung-and-hyundais-first-battery-deal-targets-european-market",{"text":87341,"type":599},", over half of the 1.2 TWh pipeline capacity for 2030 is located in Germany, Hungary and France, which are set to be home to 19 of the region’s 36 gigafactories.",{"type":594,"attrs":87343,"content":87344},{"textAlign":49},[87345],{"text":87346,"type":599},"Unlike the US, Europe is more accepting of Chinese companies building gigafactories there. In 2030, two of the five largest gigafactories in Europe will be operated by CATL in Hungary and Germany.",{"type":594,"attrs":87348,"content":87349},{"textAlign":49},[87350],{"text":87351,"type":599},"“With so much capacity in China another consequence has been the rise in Chinese companies pursuing overseas strategy in order to escape the strong domestic competition created by oversupply fears,” Hartley said. ",{"type":594,"attrs":87353,"content":87354},{"textAlign":49},[87355,87357,87361],{"text":87356,"type":599},"Europe’s less exclusionary approach is reflected in ",{"text":70211,"type":599,"marks":87358},[87359],{"type":604,"attrs":87360},{"href":65549,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":87362,"type":599},", which forecasts that just 9.2% of North America’s battery production in 2030 is set to be owned by a Chinese company compared to 31% in Europe.",{"type":657,"attrs":87364,"content":87365},{"level":15966,"textAlign":49},[87366],{"text":87367,"type":599},"Critical raw material disconnect",{"type":594,"attrs":87369,"content":87370},{"textAlign":49},[87371],{"text":87372,"type":599},"The growth of the gigafactory pipeline will require a corresponding amount of growth in the upstream supply chain.",{"type":594,"attrs":87374,"content":87375},{"textAlign":49},[87376,87378,87382],{"text":87377,"type":599},"In this regard, Benchmark views lithium as the critical limiting mineral. In 2030, 2.7 million tonnes of lithium are expected to be produced, according to ",{"text":24541,"type":599,"marks":87379},[87380],{"type":604,"attrs":87381},{"href":67404,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":87384,"content":87385},{"textAlign":49},[87386,87388,87394],{"text":87387,"type":599},"This corresponds to just 3.4 TWh of lithium ion battery cell production, a far cry from the 7 TWh of batteries required if ",{"text":87389,"type":599,"marks":87390},"governmental policy and company targets",[87391],{"type":604,"attrs":87392},{"href":87393,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-industry-needs-over-116-billion-to-meet-automaker-and-policy-targets-by-2030",{"text":87395,"type":599}," are to be met, as per Benchmark’s high case demand scenario.",{"type":594,"attrs":87397,"content":87398},{"textAlign":49},[87399],{"text":87400,"type":599},"“Whilst not all this capacity will come online, the hypothetical raw material demand generated from the gigafactory pipeline will require 7.5 million tonnes of lithium annually by 2030, which really highlights the scale of the battery cell factory build out,” Hartley said.",{"type":657,"attrs":87402,"content":87403},{"level":15966,"textAlign":49},[87404],{"text":87405,"type":599},"Download Benchmark’s Global Gigafactories 2023 Map",{"type":594,"attrs":87407,"content":87408},{"textAlign":49},[87409],{"text":87410,"type":599},"Drawing on Benchmark’s proprietary data this infographic maps out the major regions where gigafactories are being built and the key data to the lithium ion story.",{"type":594,"attrs":87412,"content":87413},{"textAlign":49},[87414,87416,87420],{"text":87415,"type":599},"Download the map ",{"text":6515,"type":599,"marks":87417},[87418],{"type":604,"attrs":87419},{"href":87263,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"There are over 240 operational gigafactories across the world, with this currently set to rise to over 400 by 2030 as assessed by Benchmark’s Gigafactory Assessment. Combined, these gigafactories have a 2030 pipeline capacity of nine terawatt-hours (TWh). Although 82% of gigafactory capacity this year is located in China, Western policies aimed at encouraging domestic […]",[87423],{"slug":544,"name":543,"content":87424},{"job_title":557,"image":87425,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d4c0eee7-71b0-4e38-87f3-e50f6623bef6\", \"id\": \"\"}-->",[87428,87429],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":87270,"name":547,"focus":547,"title":87270,"source":547,"filename":87271,"copyright":547,"fieldtype":553,"meta_data":87431,"is_external_url":51},{"alt":87270,"title":87270,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":87433,"copyright":547,"fieldtype":553,"meta_data":87434,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d97368fd1f/bm-p90473547-highres.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 31, 2023",{"id":87437,"uuid":87438,"name":87439,"slug":87440,"full_slug":87441,"content":87442},112470533969911,"6dc13075-7528-4a0b-ade0-c59d80537a74","Three reasons why China’s EV market is still strong ","three-reasons-why-chinas-ev-market-is-still-strong","article/three-reasons-why-chinas-ev-market-is-still-strong",{"_uid":87443,"date":87175,"tags":87444,"editor":87447,"content":87451,"excerpt":87626,"featured":50,"reporter":87627,"_editable":87631,"component":864,"seo_title":87439,"categories":87632,"visibility":882,"author_company":49,"data_vis_image":87635,"featured_image":87638,"seo_description":87626,"author_full_name":49,"author_job_title":49,"formattedDate":87435},"0f9bd486-c8e0-4f13-8463-013c724dcf02",[87445,87446],{"slug":913,"name":914},{"slug":578,"name":579},[87448],{"slug":544,"name":543,"content":87449},{"job_title":557,"image":87450,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":87452},[87453,87458,87463,87468,87473,87478,87483,87496,87509,87514,87519,87524,87529,87534,87541,87546,87555,87560,87565,87570,87581,87588,87593,87604,87609,87614,87621],{"type":594,"attrs":87454,"content":87455},{"textAlign":49},[87456],{"text":87457,"type":599},"China’s electric vehicle (EV) market has slowed down this year, amid concerns about a downturn in the world’s second-largest economy. ",{"type":594,"attrs":87459,"content":87460},{"textAlign":49},[87461],{"text":87462,"type":599},"China’s plug-in car sales are on course to grow by 32% this year, while sales in North America are expected to grow by 45%, according to Rho Motion. ",{"type":594,"attrs":87464,"content":87465},{"textAlign":49},[87466],{"text":87467,"type":599},"Yet despite the slower growth, China still continues to lead the global market towards the green transition.",{"type":594,"attrs":87469,"content":87470},{"textAlign":49},[87471],{"text":87472,"type":599},"Rho Motion estimates China will account for 58% of global electric car sales by the end of this year. ",{"type":594,"attrs":87474,"content":87475},{"textAlign":49},[87476],{"text":87477,"type":599},"Here are three reasons why China still dominates the global electric car market.",{"type":657,"attrs":87479,"content":87480},{"level":15966,"textAlign":49},[87481],{"text":87482,"type":599},"1. China EV sales still growing despite slowing pace",{"type":594,"attrs":87484,"content":87485},{"textAlign":49},[87486,87488,87494],{"text":87487,"type":599},"Demand for electric vehicles in China ",{"text":87489,"type":599,"marks":87490},"took a hit at the start of the year",[87491],{"type":604,"attrs":87492},{"href":87493,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-nev-sales-fall-by-48-in-january-hitting-battery-raw-material-prices",{"text":87495,"type":599}," due to the end of purchase subsidies and the start of the country’s Spring Festival holiday. ",{"type":594,"attrs":87497,"content":87498},{"textAlign":49},[87499,87501,87507],{"text":87500,"type":599},"In late June, China ",{"text":87502,"type":599,"marks":87503},"extended",[87504],{"type":604,"attrs":87505},{"href":87506,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-ev-recovery-fails-to-stir-lithium-prices",{"text":87508,"type":599}," tax breaks for certain electric vehicles until 2027, and focused on stimulating rural demand in response to weak sales. NEV sales have since climbed higher and rose again last month to reach a new record. ",{"type":594,"attrs":87510,"content":87511},{"textAlign":49},[87512],{"text":87513,"type":599},"China’s NEV sales, which includes fuel cell vehicles, plug-in hybrids and battery electric vehicles (BEVs), reached 904,000 in September, an increase of 6.8% on a month-on-month basis, according to data from the China Association of Automobile Manufacturers (CAAM). Sales increased 27.7% compared to the month last year.",{"type":594,"attrs":87515,"content":87516},{"textAlign":49},[87517],{"text":87518,"type":599},"BEVs already contribute to 70% of total NEV sales in China, with sales increasing 5% month-on-month to 627,000 vehicles in September, and rising 16% year-on-year, according to CAAM.",{"type":594,"attrs":87520,"content":87521},{"textAlign":49},[87522],{"text":87523,"type":599},"This translated through to battery cell production statistics, with monthly battery production rising by 5.6% m-o-m, to reach 77.4 GWh in September.",{"type":594,"attrs":87525,"content":87526},{"textAlign":49},[87527],{"text":87528,"type":599},"For October, China’s leading producer BYD reported that its NEV sales rose by 39% year-on-year to reach 301,833 units. ",{"type":594,"attrs":87530,"content":87531},{"textAlign":49},[87532],{"text":87533,"type":599},"Benchmark estimates China’s NEV penetration rate is on course to reach 38.3% this year, from 28% in 2022. China is years ahead of its target it set in 2020 for NEVs to reach a penetration rate of 25% in 2025.",{"type":594,"attrs":87535,"content":87536},{"textAlign":49},[87537],{"type":1186,"attrs":87538},{"id":49,"alt":547,"src":87539,"title":49,"source":49,"copyright":49,"meta_data":87540},"https://a.storyblok.com/f/287943243085208/3781b1da02/bm-china-nev-sales.png",{},{"type":594,"attrs":87542,"content":87543},{"textAlign":49},[87544],{"text":87545,"type":599},"China’s plug-in car sales will reach 8 million this year, up from 6 million units in 2022, according to Rho Motion. In contrast, the European electric vehicle market is expected to reach 3 million units this year, from 2.61 million units in 2022. The North American electric vehicle market is expected to reach 1.5 million this year, from 1 million units in 2022.",{"type":657,"attrs":87547,"content":87548},{"level":15966,"textAlign":49},[87549],{"text":87550,"type":599,"marks":87551},"Watch Benchmark analyst Luke Gear discuss the key EV market trends of 2023",[87552,87554],{"type":604,"attrs":87553},{"href":81819,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"type":657,"attrs":87556,"content":87557},{"level":15966,"textAlign":49},[87558],{"text":87559,"type":599},"2. China’s battery cell prices are the lowest globally",{"type":594,"attrs":87561,"content":87562},{"textAlign":49},[87563],{"text":87564,"type":599},"China accounts for the bulk of global lithium ion battery cell production and battery prices in the country are as a result lower than elsewhere. ",{"type":594,"attrs":87566,"content":87567},{"textAlign":49},[87568],{"text":87569,"type":599},"The global weighted average price of EV lithium ion cells is $94.6 per kilowatt-hour (kWh), as assessed by Benchmark.",{"type":594,"attrs":87571,"content":87572},{"textAlign":49},[87573,87575,87580],{"text":87574,"type":599},"The Chinese lithium-iron-phosphate (LFP) prismatic cell price is $81.1 per kWh, and $86.9/kWh for nickel cobalt manganese (NCM) 622 cells, according to ",{"text":87576,"type":599,"marks":87577},"Benchmark’s Lithium Ion Battery Cell Price Assessment",[87578],{"type":604,"attrs":87579},{"href":75438,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":87582,"content":87583},{"textAlign":49},[87584],{"type":1186,"attrs":87585},{"id":49,"alt":547,"src":87586,"title":49,"source":49,"copyright":49,"meta_data":87587},"https://a.storyblok.com/f/287943243085208/3d44a9df4a/bm-china-cell-prices-edited-1.png",{},{"type":657,"attrs":87589,"content":87590},{"level":15966,"textAlign":49},[87591],{"text":87592,"type":599},"3. China’s growing LFP share helps lower-cost models",{"type":594,"attrs":87594,"content":87595},{"textAlign":49},[87596,87598,87602],{"text":87597,"type":599},"China has rapidly adopted cheaper LFP cathodes over NCM chemistries. ",{"text":42098,"type":599,"marks":87599},[87600],{"type":604,"attrs":87601},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":87603,"type":599}," estimates China’s LFP share will grow to 71% by the end of the decade from 60% this year. In 2021, China’s LFP share was 49%.",{"type":594,"attrs":87605,"content":87606},{"textAlign":49},[87607],{"text":87608,"type":599},"That has helped reduce the cost of Chinese electric vehicles, with the Hongguang Mini electric vehicle starting at 29,800 RMB ($4,100). ",{"type":594,"attrs":87610,"content":87611},{"textAlign":49},[87612],{"text":87613,"type":599},"“LFP is crucial to keep battery pack prices down in recent times and will play an important role in the future for the lower-end of EVs,” said Robert Burrell, analyst at Benchmark.",{"type":594,"attrs":87615,"content":87616},{"textAlign":49},[87617],{"type":1186,"attrs":87618},{"id":49,"alt":547,"src":87619,"title":49,"source":49,"copyright":49,"meta_data":87620},"https://a.storyblok.com/f/287943243085208/e500123f4e/bm-lfp-v-ncm-china.png",{},{"type":594,"attrs":87622,"content":87623},{"textAlign":49},[87624],{"text":87625,"type":599},"“Low price-point and entry-level EVs are not achievable without LFP cathodes and it is this market where we will see the largest shift for consumers.” ","China’s electric vehicle (EV) market has slowed down this year, amid concerns about a downturn in the world’s second-largest economy. China’s plug-in car sales are on course to grow by 32% this year, while sales in North America are expected to grow by 45%, according to Rho Motion. Yet despite the slower growth, China still […]",[87628],{"slug":544,"name":543,"content":87629},{"job_title":557,"image":87630,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0f9bd486-c8e0-4f13-8463-013c724dcf02\", \"id\": \"\"}-->",[87633,87634],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":87636,"copyright":547,"fieldtype":553,"meta_data":87637,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1699027198/www-production/Chinese-cell-prices/Chinese-cell-prices.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":87639,"copyright":547,"fieldtype":553,"meta_data":87640,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/BYD-charging-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":87642,"uuid":87643,"name":87644,"slug":87645,"full_slug":87646,"content":87647},112470544893945,"b8e04fe9-8d00-4355-b770-b64126a20e9c","“Energy storage will be the bottleneck for a clean energy grid.” Q&A with author Akshat Rathi","energy-storage-will-be-the-bottleneck-for-a-clean-energy-grid-qa-with-author-akshat-rathi","article/energy-storage-will-be-the-bottleneck-for-a-clean-energy-grid-qa-with-author-akshat-rathi",{"_uid":87648,"date":87649,"tags":87650,"editor":87652,"content":87656,"excerpt":87830,"featured":50,"reporter":87831,"_editable":87835,"component":864,"seo_title":87644,"categories":87836,"visibility":882,"author_company":49,"featured_image":87839,"seo_description":87830,"author_full_name":49,"author_job_title":49,"formattedDate":87842},"d7f75876-6348-4ab5-be84-5fde8d1aa638","2023-10-27 00:00",[87651],{"slug":18915,"name":18916},[87653],{"slug":544,"name":543,"content":87654},{"job_title":557,"image":87655,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":87657},[87658,87669,87674,87686,87691,87696,87701,87706,87711,87716,87721,87726,87731,87736,87743,87748,87753,87758,87763,87768,87773,87785,87790,87795,87800,87805,87810,87815,87820,87825],{"type":594,"attrs":87659,"content":87660},{"textAlign":49},[87661,87663,87667],{"text":87662,"type":599},"Akshat Rathi’s new book, ",{"text":87664,"type":599,"marks":87665},"Climate Capitalism: Winning the Global Race to Zero Emissions",[87666],{"type":643},{"text":87668,"type":599},", argues that it is now cheaper to save the world than to destroy it. ",{"type":594,"attrs":87670,"content":87671},{"textAlign":49},[87672],{"text":87673,"type":599},"He details how entrepreneurs, innovation, and sound government policy can accelerate the deployment of clean energy technologies, and help us lower global emissions and reduce the rise in global temperatures. ",{"type":594,"attrs":87675,"content":87676},{"textAlign":49},[87677,87679,87684],{"text":87678,"type":599},"It is an optimistic book that aims to provide a framework for thinking about policies, investment, as well as how large incumbent companies can transition. Each chapter profiles a character or company that has driven change, including Bill Gates, the Chinese battery producer ",{"text":904,"type":599,"marks":87680},[87681],{"type":604,"attrs":87682},{"href":87683,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/western-australia-awards-1-billion-in-contracts-for-battery-energy-storage-includes-catl",{"text":87685,"type":599},", and the former chief executive of Unilever. ",{"type":594,"attrs":87687,"content":87688},{"textAlign":49},[87689],{"text":87690,"type":599},"Rathi is an award-winning senior reporter for Bloomberg who previously worked for Quartz.",{"type":594,"attrs":87692,"content":87693},{"textAlign":49},[87694],{"text":87695,"type":599},"Benchmark Source sat down with him to learn more about the book and his views on the current state of clean energy. ",{"type":657,"attrs":87697,"content":87698},{"level":15966,"textAlign":49},[87699],{"text":87700,"type":599},"Your book is very optimistic. I wondered if you’re still feeling that optimism now, given we have oil companies backtracking on efforts to move into renewables, and a backlash in some areas against government climate policies? ",{"type":594,"attrs":87702,"content":87703},{"textAlign":49},[87704],{"text":87705,"type":599},"I would say I’ve always been realistic. That’s been my goal to try and look at the trends as we see them in the past and where they’re going. And in that sense, the progress we’ve seen has come despite a huge amount of barriers – both from the oil and gas industry first to sow doubt on climate science, and cause public disinformation on the subject, to then policymakers dragging their feet for the longest time about future threats. ",{"type":594,"attrs":87707,"content":87708},{"textAlign":49},[87709],{"text":87710,"type":599},"To the point where we are now where the green energy transition is taking off, where governments of all kinds, from the US to Europe to China to India, are committed to goals and are deploying whatever legislative power that they can muster for the energy transition. ",{"type":594,"attrs":87712,"content":87713},{"textAlign":49},[87714],{"text":87715,"type":599},"So we could have been in a better place, no doubt, but we are in a pretty decent place, despite the sort of backlash we’ve seen from the oil and gas industry, from some right-wing parties, and from a growing movement towards not investing in sustainability … calling ESG and sustainability ‘the enemy.’ Those are real things that we need to think about. But from an energy transition perspective, it is two steps forward, one step back, and not the other way around.",{"type":657,"attrs":87717,"content":87718},{"level":15966,"textAlign":49},[87719],{"text":87720,"type":599},"The chapters on China show the importance of policy in driving electric vehicle adoption. Are you worried about that policy continuity in the West, given what we have seen in the UK recently, as well as the upcoming US election? ",{"type":594,"attrs":87722,"content":87723},{"textAlign":49},[87724],{"text":87725,"type":599},"That is a real worry, in the sense that finally the lesson governments have come around to realising is that investing in clean energy isn’t just about tackling climate change. It’s also about energy security, and it’s about global competitiveness. Are they too late in recognising that and will they continue to back that transition in the same way that the current leaders have? That is a worrying one. ",{"type":594,"attrs":87727,"content":87728},{"textAlign":49},[87729],{"text":87730,"type":599},"But what we do see though is that at least in Europe, outside of the UK, that commitment is much firmer. So take the example of Siemens Energy right now … the German government is stepping in and recognising that it’s a strategic asset that needs to be supported. That kind of thinking will have to be embedded in all major economies if they really do want to grow this industry domestically, and make it competitive in a global landscape. Otherwise China’s just waiting to eat the lunch. ",{"type":594,"attrs":87732,"content":87733},{"textAlign":49},[87734],{"text":87735,"type":599},"The problems are for real, there’s no doubt about it. But the cost, the pure cost of convincing people that climate action is beneficial to them, has fallen over the last decade. And so there are political headwinds right now … but that is part of how politics works. When we look at the larger trend of people’s understanding of climate change and of the benefits from climate action, it is growing. And that trend is much more stable than the political swings we are watching.",{"type":594,"attrs":87737,"content":87738},{"textAlign":49},[87739],{"type":1186,"attrs":87740},{"id":49,"alt":547,"src":87741,"title":49,"source":49,"copyright":49,"meta_data":87742},"https://a.storyblok.com/f/287943243085208/75e218bbdc/bm-akshat-rathi-book.webp",{},{"type":657,"attrs":87744,"content":87745},{"level":15966,"textAlign":49},[87746],{"text":87747,"type":599},"You write in the book about the power of law to change the flow of capital. But that cannot be good for every country – the US IRA attracts investment away from Europe, for example, won’t there be winners and losers? ",{"type":594,"attrs":87749,"content":87750},{"textAlign":49},[87751],{"text":87752,"type":599},"We’ve always been in that world, in a way – we run a capitalist economy globally. And that does lead to winners and losers. If anything it has been the other way around, where now governments are much more understanding of the nature of the energy transition, and the fact that China can just win if they don’t actually create the policies and incentives for their own companies to be able to compete with China. ",{"type":594,"attrs":87754,"content":87755},{"textAlign":49},[87756],{"text":87757,"type":599},"So there is clearly a risk that governments recognise that China is going to have the capacity to beat them if they don’t create that capacity domestically. The risk is … in trying to protect their own domestic industry, and their own domestic markets, a country may go too far. It may create too many trade barriers, too many tariff barriers, and make the transition much more expensive than it needs to be. ",{"type":594,"attrs":87759,"content":87760},{"textAlign":49},[87761],{"text":87762,"type":599},"They may end up in a place where they haven’t really cut emissions at the pace that they need to, nor created the domestic champions that they were hoping through these barriers. ",{"type":594,"attrs":87764,"content":87765},{"textAlign":49},[87766],{"text":87767,"type":599},"So we are seeing a swing in government recognition of the energy transition towards trying to grab the opportunities. But we also have to be careful that governments don’t go too far. Because that will ultimately be bad for the energy transition, and will not even benefit the countries that are trying to attempt it.",{"type":657,"attrs":87769,"content":87770},{"level":15966,"textAlign":49},[87771],{"text":87772,"type":599},"You write about the importance of innovation in the book, and the efforts of Bill Gates to fund this. You say that the costs of energy storage may need to come down to $10 a kWh to allow renewable energy to really become dominant on the grid. What kind of possibilities do you see there? ",{"type":594,"attrs":87774,"content":87775},{"textAlign":49},[87776,87778,87783],{"text":87777,"type":599},"I think one of the things that have been possibly the most fun to cover is the level of innovation we’ve seen in the energy storage industry. Of course, the majority of that has come in the form of ",{"text":48264,"type":599,"marks":87779},[87780],{"type":604,"attrs":87781},{"href":87782,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries/portal/",{"text":87784,"type":599}," and very many different kinds of lithium ion batteries you can make. But it’s been surprisingly shocking. The best analysts, the best projections, are often wrong and the industry becomes bigger and bigger than anybody expected it to become. ",{"type":594,"attrs":87786,"content":87787},{"textAlign":49},[87788],{"text":87789,"type":599},"I do think that from a grid balancing perspective, without large scale cheap energy storage, the cleaning up of the grid to get to 100% carbon-free electricity is going to get harder. And so there is a huge amount of incentive to try and support innovation for non-lithium ion cheap energy storage technologies. And we’ve barely scratched the surface on that. ",{"type":594,"attrs":87791,"content":87792},{"textAlign":49},[87793],{"text":87794,"type":599},"You know, there are a few handful of companies – you can count them on the fingers of one hand – that have anything that even promise to be able to reach $10 a kilowatt hour. The fact that we have some that can get to $50 or $25 a kilowatt hour is kind of amazing. We didn’t have those five years ago. ",{"type":594,"attrs":87796,"content":87797},{"textAlign":49},[87798],{"text":87799,"type":599},"And so there’s a huge amount of innovation just waiting, I feel like, to be unlocked for solutions. But it does require investors who are thinking big, it requires governments who are willing to then deploy these technologies at a large scale, so that they can run down which one of these will give us the best solutions possible. ",{"type":594,"attrs":87801,"content":87802},{"textAlign":49},[87803],{"text":87804,"type":599},"But energy storage will be the bottleneck for a clean energy grid. If that doesn’t remain a bottleneck, every part of the energy transition becomes faster. If you have a clean grid everything else becomes so much easier to handle.",{"type":657,"attrs":87806,"content":87807},{"level":15966,"textAlign":49},[87808],{"text":87809,"type":599},"The chapter on India and solar is fascinating. What is their path to climate capitalism? ",{"type":594,"attrs":87811,"content":87812},{"textAlign":49},[87813],{"text":87814,"type":599},"One of the success stories that I write about in India is partly dependent on foreign capital. ReNew Power, which is one of the largest renewable energy companies in India, built itself with the support of the likes of Goldman Sachs and the Canadian pension fund and a few other foreign investors. That capital was key for them to be able to struggle through what is a difficult business environment. At least it was very difficult when they started off, it has become a little bit better in the decades since. India needs to do a lot more to attract that kind of foreign capital.",{"type":594,"attrs":87816,"content":87817},{"textAlign":49},[87818],{"text":87819,"type":599},"India is in a place where it could massively benefit. From being a democracy that has its problems … but it is a stable democracy in the sense that the government knows what they need to do on their climate goals and are committed to it. But there are bottlenecks that they need to sort out, so things that ReNew has had to overcome, such as grid capacity to absorb renewables; clear payment mechanisms so that the producers of clean electricity get paid on time; regulatory certainty, so that once you build a project, you are guaranteed your 20 years of revenue and there are no political swings or regulatory swings that may damage your reputation, around certainty of payments. ",{"type":594,"attrs":87821,"content":87822},{"textAlign":49},[87823],{"text":87824,"type":599},"Those are things that are very much in government control. And many of those things India has started working on, it needs to do a lot more, but we are seeing grid expansion plans, we are seeing a centralised payment system. We are seeing losses that came about [from] trying to change power purchasing agreements being defended in court through a system that says contracts must be respected and must be honoured. ",{"type":594,"attrs":87826,"content":87827},{"textAlign":49},[87828],{"text":87829,"type":599},"So, India actually has, you know, also the potential to be able to deploy these energy technologies at scale, at very low prices, given both the resources and the human capital that it can put to work. So it is in a very good place to succeed. In a way it’s theirs to lose if they don’t put the right policies and support mechanisms in place.","Akshat Rathi’s new book, Climate Capitalism: Winning the Global Race to Zero Emissions, argues that it is now cheaper to save the world than to destroy it. He details how entrepreneurs, innovation, and sound government policy can accelerate the deployment of clean energy technologies, and help us lower global emissions and reduce the rise in […]",[87832],{"slug":544,"name":543,"content":87833},{"job_title":557,"image":87834,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d7f75876-6348-4ab5-be84-5fde8d1aa638\", \"id\": \"\"}-->",[87837,87838],{"slug":880,"name":881},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":87840,"copyright":547,"fieldtype":553,"meta_data":87841,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4f83cd703b/bm-bloomberg-akshat-rathi-crop.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 27, 2023",{"id":87844,"uuid":87845,"name":87846,"slug":87847,"full_slug":87848,"content":87849},112470564943869,"c13e0cb3-c5e9-4fec-a7f7-0535df46313c","China plans to stockpile cobalt after price rout","china-plans-to-stockpile-cobalt-after-price-rout","article/china-plans-to-stockpile-cobalt-after-price-rout",{"_uid":87850,"date":87851,"tags":87852,"editor":87855,"content":87859,"excerpt":87977,"featured":50,"reporter":87978,"_editable":87982,"component":864,"seo_title":87846,"categories":87983,"visibility":882,"author_company":49,"featured_image":87986,"seo_description":87977,"author_full_name":49,"author_job_title":49,"formattedDate":87989},"c2940250-04f5-4026-988a-2b668df59dd2","2023-10-25 00:00",[87853,87854],{"slug":913,"name":914},{"slug":581,"name":582},[87856],{"slug":544,"name":543,"content":87857},{"job_title":557,"image":87858,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":87860},[87861,87866,87871,87882,87887,87899,87904,87909,87914,87919,87924,87929,87939,87946,87957,87967,87972],{"type":594,"attrs":87862,"content":87863},{"textAlign":49},[87864],{"text":87865,"type":599},"China plans to stockpile cobalt as prices for the key battery raw material remain under pressure. ",{"type":594,"attrs":87867,"content":87868},{"textAlign":49},[87869],{"text":87870,"type":599},"The country’s National Food and Strategic Reserves Administration is set to purchase around 3,100 tonnes of cobalt, for a price of around 255,000 RMB ($34,877), Benchmark understands. ",{"type":594,"attrs":87872,"content":87873},{"textAlign":49},[87874,87876,87880],{"text":87875,"type":599},"Cobalt metal prices are sitting at $34,502 a tonne, according to ",{"text":33174,"type":599,"marks":87877},[87878],{"type":604,"attrs":87879},{"href":61992,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":87881,"type":599},", which means the purchase is in line with current price levels. ",{"type":594,"attrs":87883,"content":87884},{"textAlign":49},[87885],{"text":87886,"type":599},"“Generally, purchasing from the SRB signals a floor for the cobalt price,” Jorge Uzcategui, analyst at Benchmark, said. “We could potentially see an uptick in the cobalt metal price following this news.”",{"type":594,"attrs":87888,"content":87889},{"textAlign":49},[87890,87892,87897],{"text":87891,"type":599},"In July, ",{"text":87893,"type":599,"marks":87894},"China was expected to buy 5,600 tonnes of cobalt",[87895],{"type":604,"attrs":87896},{"href":80803,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":87898,"type":599}," during the second half of the year at a price of 280,000 RMB a tonne ($34,507 at the time) from four suppliers. Following the announcement, prices saw a rebound. ",{"type":594,"attrs":87900,"content":87901},{"textAlign":49},[87902],{"text":87903,"type":599},"“However, overall market fundamentals for cobalt show a large market surplus this year and next, so there is not much upside for the price,” Uzcategui said.",{"type":594,"attrs":87905,"content":87906},{"textAlign":49},[87907],{"text":87908,"type":599},"Even though the market will remain in oversupply, the amount of cobalt bought and expected to be delivered to the SRB could see the cobalt market surplus decrease from 13,300 tonnes to 10,400 tonnes this year.",{"type":594,"attrs":87910,"content":87911},{"textAlign":49},[87912],{"text":87913,"type":599},"The additional SRB cobalt purchase is expected to be supplied by five major cobalt producers, with the delivery of material potentially happening in the next four to five months, Benchmark understands. ",{"type":594,"attrs":87915,"content":87916},{"textAlign":49},[87917],{"text":87918,"type":599},"China is the world’s top cobalt consumer, with most of the battery raw material coming from the Democratic Republic of Congo, the leading cobalt producing country. ",{"type":657,"attrs":87920,"content":87921},{"level":15966,"textAlign":49},[87922],{"text":87923,"type":599},"Cobalt prices low, oversupply to remain",{"type":594,"attrs":87925,"content":87926},{"textAlign":49},[87927],{"text":87928,"type":599},"Excess of cobalt supply paired with weak downstream demand has seen cobalt prices fall in 2023. ",{"type":594,"attrs":87930,"content":87931},{"textAlign":49},[87932,87934,87938],{"text":87933,"type":599},"Cobalt metal prices have decreased 23.7% year-to-date, while sulphate prices have declined by 27.9%. The biggest drop so far this year has been for cobalt hydroxide prices, which are down 34.8%, according to ",{"text":33174,"type":599,"marks":87935},[87936],{"type":604,"attrs":87937},{"href":61992,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":87940,"content":87941},{"textAlign":49},[87942],{"type":1186,"attrs":87943},{"id":49,"alt":547,"src":87944,"title":49,"source":49,"copyright":49,"meta_data":87945},"https://a.storyblok.com/f/287943243085208/036fcbfd12/bm-cobalt-hydroxide-cif-asia-27sep-1.png",{},{"type":594,"attrs":87947,"content":87948},{"textAlign":49},[87949,87955],{"text":87950,"type":599,"marks":87951},"Prices have seen a mild recovery",[87952],{"type":604,"attrs":87953},{"href":87954,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-prices-stage-mild-recovery-in-october-as-seasonal-demand-improves",{"text":87956,"type":599}," in October on the back of seasonal buying trends, but market sentiment remains bearish in the medium to long term.",{"type":594,"attrs":87958,"content":87959},{"textAlign":49},[87960,87962,87966],{"text":87961,"type":599},"The oversupply in the cobalt market is expected to continue until 2026 on the back of Indonesia’s growing output and expansions in the Democratic Republic of Congo (DRC), according to ",{"text":40483,"type":599,"marks":87963},[87964],{"type":604,"attrs":87965},{"href":61963,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":87968,"content":87969},{"textAlign":49},[87970],{"text":87971,"type":599},"By 2030, Benchmark expects global mined cobalt supply to more than double over 2022 output. However, this will still not be enough to meet growing demand from the battery industry, which will push the cobalt market to a deficit by 2027. ",{"type":594,"attrs":87973,"content":87974},{"textAlign":49},[87975],{"text":87976,"type":599},"“Even with the level of investment seen this year and in the pipeline, more will be needed for a viable energy transition,” William Talbot, principal analyst at Benchmark, said.","China plans to stockpile cobalt as prices for the key battery raw material remain under pressure. The country’s National Food and Strategic Reserves Administration is set to purchase around 3,100 tonnes of cobalt, for a price of around 255,000 RMB ($34,877), Benchmark understands. Cobalt metal prices are sitting at $34,502 a tonne, according to Benchmark’s […]",[87979],{"slug":544,"name":543,"content":87980},{"job_title":557,"image":87981,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c2940250-04f5-4026-988a-2b668df59dd2\", \"id\": \"\"}-->",[87984,87985],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":87987,"copyright":547,"fieldtype":553,"meta_data":87988,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/dad5925879/bm-etoile-mine-cobalt-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 25, 2023",{"id":87991,"uuid":87992,"name":87993,"slug":87994,"full_slug":87995,"content":87996},112470589179907,"91cf6358-331d-4742-9e6e-a20480184366","China’s graphite export regulation shift puts anode in the spotlight","china-graphite-export-restrictions-could-hinder-ex-china-anode-development","article/china-graphite-export-restrictions-could-hinder-ex-china-anode-development",{"_uid":87997,"date":87998,"tags":87999,"editor":88003,"content":88007,"excerpt":88215,"featured":51,"reporter":88216,"_editable":88220,"component":864,"seo_title":87993,"categories":88221,"visibility":2091,"author_company":49,"featured_image":88225,"seo_description":88215,"author_full_name":49,"author_job_title":49,"formattedDate":88227},"1d835b06-89a2-4a35-a61b-5afe2f7293c2","2023-10-20 00:00",[88000,88001,88002],{"slug":913,"name":914},{"slug":1387,"name":1388},{"slug":48923,"name":48924},[88004],{"slug":544,"name":543,"content":88005},{"job_title":557,"image":88006,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":88008},[88009,88020,88025,88030,88035,88040,88045,88050,88055,88062,88067,88076,88081,88086,88091,88096,88101,88111,88118,88123,88128,88133,88138,88143,88148,88153,88158,88165,88170,88175,88180,88185,88197,88204],{"type":594,"attrs":88010,"content":88011},{"textAlign":49},[88012,88014,88018],{"text":88013,"type":599},"China’s decision to restrict some exports of ",{"text":2504,"type":599,"marks":88015},[88016],{"type":604,"attrs":88017},{"href":28474,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":88019,"type":599}," products could hinder production of battery anodes in South Korea and elsewhere, making the electric vehicle supply chain even more reliant on China. ",{"type":594,"attrs":88021,"content":88022},{"textAlign":49},[88023],{"text":88024,"type":599},"The Ministry of Commerce and the General Administration of Customs said on Friday that exports of three types of graphite would not be allowed without permits, in order to protect the country’s “security and interests.” This includes high purity synthetic graphite and their products as well as natural flake graphite and its products, which includes spherical and expanded graphite. The main end use market for spherical graphite is lithium ion batteries.",{"type":594,"attrs":88026,"content":88027},{"textAlign":49},[88028],{"text":88029,"type":599},"In the short term, before the policy takes effect on the first of December, participants may use the window of opportunity to increase stockpiles of graphite.",{"type":594,"attrs":88031,"content":88032},{"textAlign":49},[88033],{"text":88034,"type":599},"Once in effect, the policy could make it more difficult for overseas companies to buy Chinese graphite feedstock products, depending on how stringently they restrict permits, according to Benchmark. Some overseas anode producers such as those situated in South Korea, for example, rely on imports of spherical graphite (USPG) from China.",{"type":594,"attrs":88036,"content":88037},{"textAlign":49},[88038],{"text":88039,"type":599},"However, if it lasts into the longer term, it is likely to accelerate the build out of a localised graphite and battery anode supply chain outside China. ",{"type":594,"attrs":88041,"content":88042},{"textAlign":49},[88043],{"text":88044,"type":599},"“You would expect this to trigger the rise of anode plants outside of China,” Simon Moores, chief executive of Benchmark, said. ",{"type":594,"attrs":88046,"content":88047},{"textAlign":49},[88048],{"text":88049,"type":599},"“There has been all but zero planning for this moment from countries reliant on China’s graphite and anode supply chain.”",{"type":594,"attrs":88051,"content":88052},{"textAlign":49},[88053],{"text":88054,"type":599},"It comes after US President Biden increased controls on the export of advanced chips to China last week, increasing trade tensions between the two countries. The European Union has also announced an investigation into Chinese electric vehicle subsidies. ",{"type":594,"attrs":88056,"content":88057},{"textAlign":49},[88058],{"type":1186,"attrs":88059},{"id":49,"alt":547,"src":88060,"title":49,"source":49,"copyright":49,"meta_data":88061},"https://a.storyblok.com/f/287943243085208/1c38179e9c/bm-anode-capacity-by-region.png",{},{"type":657,"attrs":88063,"content":88064},{"level":15966,"textAlign":49},[88065],{"text":88066,"type":599},"China’s graphite dominance",{"type":594,"attrs":88068,"content":88069},{"textAlign":49},[88070,88074],{"text":914,"type":599,"marks":88071},[88072],{"type":604,"attrs":88073},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":88075,"type":599}," is the world’s largest producer and exporter of graphite, producing almost 70% of the world’s supplies of natural and synthetic graphite this year, giving it strong influence over global supply chains. China is also currently responsible for nearly all spherical graphite supply and produces over 90% of the world’s anodes for lithium ion batteries. ",{"type":594,"attrs":88077,"content":88078},{"textAlign":49},[88079],{"text":88080,"type":599},"Chinese anode companies such as BTR, Shanshan and Putailai are deeply embedded in the global electric vehicle supply chain, supplying leading battery companies such as Panasonic, CATL, and LG Energy Solution. ",{"type":594,"attrs":88082,"content":88083},{"textAlign":49},[88084],{"text":88085,"type":599},"The global anode market is dominated by synthetic graphite with 70% of anodes set to be made from synthetic graphite this year and 25% from natural graphite. ",{"type":594,"attrs":88087,"content":88088},{"textAlign":49},[88089],{"text":88090,"type":599},"Graphite is also used in the nuclear power industry, as material in reactor cores. ",{"type":594,"attrs":88092,"content":88093},{"textAlign":49},[88094],{"text":88095,"type":599},"“As the world’s largest producer and exporter of graphite, China has long been firmly fulfilling its international obligations such as non-proliferation,” the Ministry of Commerce said in published answers to questions on the measures. ",{"type":594,"attrs":88097,"content":88098},{"textAlign":49},[88099],{"text":88100,"type":599},"It comes as prices for natural graphite have fallen sharply this year, due to oversupply and relatively sluggish demand from the electric vehicle and industrial markets. That has hit graphite mining operations outside of China, with some mines shutting production. ",{"type":594,"attrs":88102,"content":88103},{"textAlign":49},[88104,88106,88110],{"text":88105,"type":599},"Prices for (94-95% C) -100 mesh (FOB China) natural graphite have fallen 30.8% so far in 2023 as assessed by ",{"text":9653,"type":599,"marks":88107},[88108],{"type":604,"attrs":88109},{"href":28474,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":88112,"content":88113},{"textAlign":49},[88114],{"type":1186,"attrs":88115},{"id":49,"alt":547,"src":88116,"title":49,"source":49,"copyright":49,"meta_data":88117},"https://a.storyblok.com/f/287943243085208/3d6e81624d/bm-benchmark-graphite-price-index.png",{},{"type":657,"attrs":88119,"content":88120},{"level":15966,"textAlign":49},[88121],{"text":88122,"type":599},"South Korea’s anode buyers",{"type":594,"attrs":88124,"content":88125},{"textAlign":49},[88126],{"text":88127,"type":599},"The policy will come into force on the first of December, and could introduce delays for exports, depending on how long it takes for permitting to be approved. ",{"type":594,"attrs":88129,"content":88130},{"textAlign":49},[88131],{"text":88132,"type":599},"That could hinder ex-China anode production for manufacturers who currently rely on feedstock material from China, according to Tony Alderson, an analyst at Benchmark.   ",{"type":594,"attrs":88134,"content":88135},{"textAlign":49},[88136],{"text":88137,"type":599},"It may further push anode manufacturers outside of China to be more reliant on ex-China graphite material, such as from Africa, he said. ",{"type":594,"attrs":88139,"content":88140},{"textAlign":49},[88141],{"text":88142,"type":599},"South Korean anode producer Posco has in recent months signed two agreements with flake graphite producers outside of China. ",{"type":594,"attrs":88144,"content":88145},{"textAlign":49},[88146],{"text":88147,"type":599},"Last month it signed an agreement with Canadian-listed flake graphite producer NextSource Materials for the offtake of 30,000 tonnes a year of graphite over ten years. The same month it signed an offtake agreement with Australian-listed graphite project developer, Black Rock Mining, to secure graphite material from the latter’s second phase of its Mahenge project in Tanzania.",{"type":594,"attrs":88149,"content":88150},{"textAlign":49},[88151],{"text":88152,"type":599},"African graphite producers have struggled this year due to lower prices, with Australia’s Syrah Resources temporarily stopping production at its mine in Mozambique in June 2023. ",{"type":594,"attrs":88154,"content":88155},{"textAlign":49},[88156],{"text":88157,"type":599},"Depending on the stringency of these measures announced by China on Friday, this could improve prices for ex-China projects in the future, according to Daisy Jennings-Gray, an analyst at Benchmark. ",{"type":594,"attrs":88159,"content":88160},{"textAlign":49},[88161],{"type":1186,"attrs":88162},{"id":49,"alt":547,"src":88163,"title":49,"source":49,"copyright":49,"meta_data":88164},"https://a.storyblok.com/f/287943243085208/596155fcf3/bm-south-korea-anode-capacity-2.png",{},{"type":657,"attrs":88166,"content":88167},{"level":15966,"textAlign":49},[88168],{"text":88169,"type":599},"Ex-China anode supply chain ",{"type":594,"attrs":88171,"content":88172},{"textAlign":49},[88173],{"text":88174,"type":599},"The US Inflation Reduction Act and the European Union’s Critical Raw Materials Act are accelerating the development of an ex-China anode supply chain. ",{"type":594,"attrs":88176,"content":88177},{"textAlign":49},[88178],{"text":88179,"type":599},"Last month Australian company Talga Resources broke ground on Europe’s first anode plant in the north of Sweden. ",{"type":594,"attrs":88181,"content":88182},{"textAlign":49},[88183],{"text":88184,"type":599},"In the US, Novonix, Annovion and Syrah Resources, among others, are also building anode projects. ",{"type":594,"attrs":88186,"content":88187},{"textAlign":49},[88188,88190,88195],{"text":88189,"type":599},"But Chinese companies are also expanding overseas, with Ningbo ",{"text":48924,"type":599,"marks":88191},[88192],{"type":604,"attrs":88193},{"href":88194,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-shanshan-to-build-e1-28-billion-synthetic-anode-plant-in-finland",{"text":88196,"type":599}," and Putailai agreeing this year to build plants in Europe. It’s uncertain how Beijing’s policies on exports will impact these developments, however. ",{"type":594,"attrs":88198,"content":88199},{"textAlign":49},[88200],{"type":1186,"attrs":88201},{"id":49,"alt":547,"src":88202,"title":49,"source":49,"copyright":49,"meta_data":88203},"https://a.storyblok.com/f/287943243085208/bc1f71b7f8/bm-synthetic-anode-prices.png",{},{"type":594,"attrs":88205,"content":88206},{"textAlign":49},[88207,88209,88214],{"text":88208,"type":599},"Graphite Anodes 2023 takes place as part of Benchmark Week on November 14-16 in Los Angeles, California. Join industry leaders across the supply chain and Benchmark experts – ",{"text":88210,"type":599,"marks":88211},"secure your tickets here",[88212],{"type":604,"attrs":88213},{"href":85215,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},"China’s decision to restrict some exports of graphite products could hinder production of battery anodes in South Korea and elsewhere, making the electric vehicle supply chain even more reliant on China. The Ministry of Commerce and the General Administration of Customs said on Friday that exports of three types of graphite would not be allowed […]",[88217],{"slug":544,"name":543,"content":88218},{"job_title":557,"image":88219,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1d835b06-89a2-4a35-a61b-5afe2f7293c2\", \"id\": \"\"}-->",[88222,88223,88224],{"slug":2497,"name":261},{"slug":880,"name":881},{"slug":2504,"name":2505},{"id":49,"alt":82109,"name":547,"focus":547,"title":82109,"source":547,"filename":82110,"copyright":547,"fieldtype":553,"meta_data":88226,"is_external_url":51},{"alt":82109,"title":82109,"source":547,"copyright":547},"Oct 20, 2023",{"id":88229,"uuid":88230,"name":88231,"slug":88232,"full_slug":88233,"content":88234},112470584305666,"f5a93817-477f-4ed6-b8c7-7c405e6e07fb","Umicore-AESC cathode deal bolsters nascent North American supply chain","umicore-aesc-cathode-deal-bolsters-nascent-north-american-supply-chain","article/umicore-aesc-cathode-deal-bolsters-nascent-north-american-supply-chain",{"_uid":88235,"date":87998,"tags":88236,"editor":88239,"content":88243,"excerpt":88396,"featured":50,"reporter":88397,"_editable":88401,"component":864,"seo_title":88231,"categories":88402,"visibility":882,"author_company":49,"featured_image":88405,"seo_description":88396,"author_full_name":49,"author_job_title":49,"formattedDate":88227},"a855ebb6-4822-4acc-91ba-ee8584f0be32",[88237,88238],{"slug":2787,"name":2788},{"slug":4610,"name":662},[88240],{"slug":544,"name":543,"content":88241},{"job_title":557,"image":88242,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":88244},[88245,88256,88261,88266,88271,88276,88281,88286,88291,88296,88301,88306,88311,88316,88326,88331,88336,88341,88346,88351,88356,88361,88366,88371,88376,88381,88386,88391],{"type":594,"attrs":88246,"content":88247},{"textAlign":49},[88248,88250,88254],{"text":88249,"type":599},"Belgium’s Umicore has signed a ten year agreement to supply ",{"text":4805,"type":599,"marks":88251},[88252],{"type":604,"attrs":88253},{"href":78902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":88255,"type":599}," materials to US battery cell plants owned by China’s Envision AESC, in a deal that will boost Canada’s role in the North American supply chain.",{"type":594,"attrs":88257,"content":88258},{"textAlign":49},[88259],{"text":88260,"type":599},"Under the agreement, Umicore will provide AESC, bought by Chinese battery producer Envision in 2018, with high-nickel cathode active materials (CAM) from its plant in Cheonan, Korea, as well as its planned 35 gigawatt-hour (GWh) site in Ontario, Canada.",{"type":594,"attrs":88262,"content":88263},{"textAlign":49},[88264],{"text":88265,"type":599},"Umicore’s Ontario project, due to begin production in 2026, is central to the company’s ongoing pivot to the North American market.",{"type":594,"attrs":88267,"content":88268},{"textAlign":49},[88269],{"text":88270,"type":599},"“For Umicore, this is an opportunity to expand its customer base in North America and access lucrative Inflation Reduction Act (IRA) tax credits,” said Benchmark analyst Rob Burrell. “AESC will be a valuable partner for Umicore in achieving this as the cell producer already supplies some high profile automakers.”",{"type":594,"attrs":88272,"content":88273},{"textAlign":49},[88274],{"text":88275,"type":599},"The US IRA awards $3,750 in consumer tax credits for electric vehicles if a certain value of the critical minerals in its battery has been extracted or processed domestically or in a US free trade partner, such as Canada. A further $3,750 is awarded if a certain percentage of the value of the battery components was manufactured or assembled in North America.",{"type":594,"attrs":88277,"content":88278},{"textAlign":49},[88279],{"text":88280,"type":599},"On top of US subsidies, the plant could also benefit from Canadian funding, receiving up to C$975.9 million ($710 million) from both the federal and Ontario governments, in an agreement announced the same day that Umicore and AESC unveiled their supply agreement. ",{"type":594,"attrs":88282,"content":88283},{"textAlign":49},[88284],{"text":88285,"type":599},"Since the IRA was launched, Canada has been stepping up support for its own domestic industry to better compete with US battery incentives. Its 2023 federal budget included a 30% investment tax credit for equipment used to manufacture EVs. Separately, the federal government has already promised billions of dollars to battery and carmakers planning domestic plants.",{"type":594,"attrs":88287,"content":88288},{"textAlign":49},[88289],{"text":88290,"type":599},"Since 2022, these stimulus measures in Canada and the US have given rise to a cross-border supply chain knitting together the battery industries of both countries. ",{"type":594,"attrs":88292,"content":88293},{"textAlign":49},[88294],{"text":88295,"type":599},"The AESC-Umicore cathode deal follows a similar announcement in August 2023 over a new 45 GWh capacity cathode plant in Quebec that will supply Ford’s US plants. The facility is jointly owned by Korea’s SK On, EcoPro BM, and Ford.",{"type":594,"attrs":88297,"content":88298},{"textAlign":49},[88299],{"text":88300,"type":599},"In another Canada-to-US project, Posco and General Motors are now constructing a cathode plant in Quebec that is estimated to have received over $1 billion in investment.",{"type":594,"attrs":88302,"content":88303},{"textAlign":49},[88304],{"text":88305,"type":599},"These deals show how dependent North America’s battery buildout has been on foreign investment. Around 75% of the region’s battery output in 2032 is forecast to be majority-owned by ex-North American companies, with majority South Korean-owned companies to be responsible for 47%.",{"type":594,"attrs":88307,"content":88308},{"textAlign":49},[88309],{"text":88310,"type":599},"“Automakers there have leaned on ex-North American cell makers to bring cell production expertise. Due to the geopolitical landscape, they have favoured South Korean manufacturers,” said Benchmark analyst Aran Waid. ",{"type":657,"attrs":88312,"content":88313},{"level":15966,"textAlign":49},[88314],{"text":88315,"type":599},"Umicore embarks upon North American expansion",{"type":594,"attrs":88317,"content":88318},{"textAlign":49},[88319,88321,88325],{"text":88320,"type":599},"Umicore holds 64% of the world’s European-owned cathode capacity in production or development, according to ",{"text":42098,"type":599,"marks":88322},[88323],{"type":604,"attrs":88324},{"href":64205,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":88327,"content":88328},{"textAlign":49},[88329],{"text":88330,"type":599},"Although registered in Belgium, 92% of Umicore’s capacity that is already in operation lies in South Korea and China, with the rest in Europe. ",{"type":594,"attrs":88332,"content":88333},{"textAlign":49},[88334],{"text":88335,"type":599},"The company is now targeting expansion in North America, where electric vehicle sales volumes in North America went up “substantially” between 2021 and 2022, according to Umicore’s last annual report. ",{"type":594,"attrs":88337,"content":88338},{"textAlign":49},[88339],{"text":88340,"type":599},"The Ontario plant will become Umicore’s first site on the continent and one of its biggest globally for nameplate capacity once built. ",{"type":594,"attrs":88342,"content":88343},{"textAlign":49},[88344],{"text":88345,"type":599},"According to a December 2022 announcement, Umicore and Volkswagen’s battery company PowerCo have been exploring a long-term supply agreement that would make PowerCo an “important customer” for the new Ontario plant. ",{"type":594,"attrs":88347,"content":88348},{"textAlign":49},[88349],{"text":88350,"type":599},"PowerCo and Umicore have already entered a joint venture supplying the former’s European cell factories. PowerCo now plans to build three cell factories around Ontario, Canada.",{"type":594,"attrs":88352,"content":88353},{"textAlign":49},[88354],{"text":88355,"type":599},"Umicore was one of 16 companies along the lithium ion supply chain to sign a letter last month criticising EU policy on the region’s battery industry.",{"type":594,"attrs":88357,"content":88358},{"textAlign":49},[88359],{"text":88360,"type":599},"The letter stated that the bloc was falling behind the US in building the sector, holding up the latter’s “mammoth investment package under the Inflation Reduction Act” as an example of the kinds of measures needed to compete with China on battery capacity, processing, and raw material extraction.",{"type":657,"attrs":88362,"content":88363},{"level":15966,"textAlign":49},[88364],{"text":88365,"type":599},"AESC widens automaker customer base",{"type":594,"attrs":88367,"content":88368},{"textAlign":49},[88369],{"text":88370,"type":599},"Like Umicore, AESC holds pipeline capacity across several continents, with 25% of its cell pipeline located in the US, 27% in China, and 32% in Europe. ",{"type":594,"attrs":88372,"content":88373},{"textAlign":49},[88374],{"text":88375,"type":599},"The company is now expanding its US operations to benefit from IRA subsidies. Apart from its site in Tennessee, it has two more planned in South Carolina and Bowling Green, Kentucky. ",{"type":594,"attrs":88377,"content":88378},{"textAlign":49},[88379],{"text":88380,"type":599},"The Bowling Green cell project is partly owned by Mercedes-Benz, which will buy cells from the AESC and Umicore’s partnership to power its sixth generation of BMW’s eDrive range. ",{"type":594,"attrs":88382,"content":88383},{"textAlign":49},[88384],{"text":88385,"type":599},"The partnership between AESC and the German automaker, announced in October 2022, is a move by AESC to widen its client base beyond its primary customer Nissan. ",{"type":594,"attrs":88387,"content":88388},{"textAlign":49},[88389],{"text":88390,"type":599},"AESC already supplies Renault and Mitsubishi Motors, both members of an automotive partnership founded in 1999 with Nissan. AESC is now reported to be in talks with other automakers in Japan, Europe, the US and China for new supply deals.",{"type":594,"attrs":88392,"content":88393},{"textAlign":49},[88394],{"text":88395,"type":599},"AESC began life as Nissan’s battery manufacturing arm, which the Japanese automaker sold to China’s Envision in 2018. ","Belgium’s Umicore has signed a ten year agreement to supply cathode materials to US battery cell plants owned by China’s Envision AESC, in a deal that will boost Canada’s role in the North American supply chain. Under the agreement, Umicore will provide AESC, bought by Chinese battery producer Envision in 2018, with high-nickel cathode active […]",[88398],{"slug":544,"name":543,"content":88399},{"job_title":557,"image":88400,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a855ebb6-4822-4acc-91ba-ee8584f0be32\", \"id\": \"\"}-->",[88403,88404],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":88406,"name":547,"focus":547,"title":88406,"source":547,"filename":88407,"copyright":547,"fieldtype":553,"meta_data":88408,"is_external_url":51},"Aerial picture of the site location and future construction site of Umicore battery materials gigafactory in Loyalist, Ontario, Canada - taken in September 2023.","https://a.storyblok.com/f/287943243085208/6e1e9b2415/bm-umicore-loyalist-hires.jpg",{"alt":88406,"title":88406,"source":547,"copyright":547},{"id":88410,"uuid":88411,"name":88412,"slug":88413,"full_slug":88414,"content":88415},112470599010310,"079d6d27-6a03-4854-be93-886af7896ca2","Chile advances lithium and cathode ambitions with Codelco and Tsingshan deals","chile-advances-lithium-and-cathode-ambitions-with-codelco-and-tsingshan-deals","article/chile-advances-lithium-and-cathode-ambitions-with-codelco-and-tsingshan-deals",{"_uid":88416,"date":88417,"tags":88418,"editor":88420,"content":88424,"excerpt":88571,"featured":51,"reporter":88572,"_editable":88576,"component":864,"seo_title":88412,"categories":88577,"visibility":882,"author_company":49,"featured_image":88579,"seo_description":88571,"author_full_name":49,"author_job_title":49,"formattedDate":88582},"618931a5-8313-4dac-a9b8-d10e1449cd70","2023-10-19 00:00",[88419],{"slug":17168,"name":13351},[88421],{"slug":544,"name":543,"content":88422},{"job_title":557,"image":88423,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":88425},[88426,88439,88444,88449,88454,88466,88471,88476,88481,88486,88491,88496,88501,88506,88516,88521,88526,88531,88536,88541,88546,88551,88561,88566],{"type":594,"attrs":88427,"content":88428},{"textAlign":49},[88429,88431,88437],{"text":88430,"type":599},"Chile is moving forward with plans to develop its lithium and battery material ",{"text":88432,"type":599,"marks":88433},"sectors",[88434],{"type":604,"attrs":88435},{"href":88436,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chiles-lithium-growth-challenged-by-political-uncertainty",{"text":88438,"type":599},", with deals signed this week for a lithium mining project, as well as a cathode plant in the country. ",{"type":594,"attrs":88440,"content":88441},{"textAlign":49},[88442],{"text":88443,"type":599},"State-owned Codelco is set to takeover Australia’s Lithium Power International for A$385 million ($243 million) while Chinese nickel major Tsingshan will build a $233 million plant to produce 120,000 tonnes a year of lithium iron phosphate (LFP) cathode in the country. ",{"type":594,"attrs":88445,"content":88446},{"textAlign":49},[88447],{"text":88448,"type":599},"The deals reflect the ambitions of Chilean president Gabriel Boric to grow the country’s lithium sector, but to do it with greater involvement from the state, as well as to obtain more value for Chile. ",{"type":594,"attrs":88450,"content":88451},{"textAlign":49},[88452],{"text":88453,"type":599},"Chile produced over 200,000 tonnes of lithium carbonate and lithium hydroxide last year, but almost all of this material is exported to Asia, where it is turned into battery materials. ",{"type":594,"attrs":88455,"content":88456},{"textAlign":49},[88457,88459,88464],{"text":88458,"type":599},"Earlier this year China’s BYD s",{"text":88460,"type":599,"marks":88461},"aid it planned",[88462],{"type":604,"attrs":88463},{"href":55547,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":88465,"type":599}," to build a $290 million 50,000 tonne-a-year cathode plant in Chile using lithium from Chilean producer SQM.",{"type":594,"attrs":88467,"content":88468},{"textAlign":49},[88469],{"text":88470,"type":599},"Chile has a free trade agreement with the US, meaning Chilean cathode material may be eligible for subsidies under the Inflation Reduction Act.",{"type":594,"attrs":88472,"content":88473},{"textAlign":49},[88474],{"text":88475,"type":599},"“I think it’s a key move for LFP in North America, which is currently lacking in the CAM [cathode active materials] production space,” Rob Burell, an analyst at Benchmark, said. “There will undoubtedly be enormous demand for LFP cells over the next 20 years for widespread and low-cost electrification”",{"type":657,"attrs":88477,"content":88478},{"level":15966,"textAlign":49},[88479],{"text":88480,"type":599},"Tsingshan deepens investment in South America ",{"type":594,"attrs":88482,"content":88483},{"textAlign":49},[88484],{"text":88485,"type":599},"During a visit to Beijing for the third Belt and Road Forum, Boric met with Xiang Guangda, the head of China’s stainless steel company Tsingshan. ",{"type":594,"attrs":88487,"content":88488},{"textAlign":49},[88489],{"text":88490,"type":599},"Tsingshan expects its LFP cathode plant to start production in May 2025, according to Chile’s economic development agency Corfo. ",{"type":594,"attrs":88492,"content":88493},{"textAlign":49},[88494],{"text":88495,"type":599},"Tsingshan will get access to 11,244 tonnes a year of battery-grade lithium carbonate at preferential prices until 2030, under allocations managed by Corfo. ",{"type":594,"attrs":88497,"content":88498},{"textAlign":49},[88499],{"text":88500,"type":599},"SQM leases its right to extract lithium from the Atacama desert from the Chilean government. As part of its 2019 lease agreement with Corfo, SQM agreed to offer lithium at preferential prices to “value-added producers” in Chile. ",{"type":594,"attrs":88502,"content":88503},{"textAlign":49},[88504],{"text":88505,"type":599},"The price is based on the lowest export market price, equal to the weighted average FOB price “on the 20% lower price of the volume exported during the previous six months.” ",{"type":594,"attrs":88507,"content":88508},{"textAlign":49},[88509,88514],{"text":88510,"type":599,"marks":88511},"Benchmark’s lithium carbonate, FOB South America, prices",[88512],{"type":604,"attrs":88513},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":88515,"type":599}," were last assessed at $28,250/tonne on 18 October 2023, the lowest level since January 2022, due to ample availability of carbonate from brine producers. ",{"type":594,"attrs":88517,"content":88518},{"textAlign":49},[88519],{"text":88520,"type":599},"The deal with Tsingshan will represent half of the lithium quota available under the contract between Corfo and SQM, Corfo said. ",{"type":657,"attrs":88522,"content":88523},{"level":15966,"textAlign":49},[88524],{"text":88525,"type":599},"Codelco enters lithium ",{"type":594,"attrs":88527,"content":88528},{"textAlign":49},[88529],{"text":88530,"type":599},"In April, Chile outlined plans to take further ownership of lithium mining in the country and appointed Codelco, the world’s largest copper miner, as a key player in developing lithium projects through public-private associations. ",{"type":594,"attrs":88532,"content":88533},{"textAlign":49},[88534],{"text":88535,"type":599},"This week, Codelco inked its first lithium deal since the South American country launched its national lithium strategy with Lithium Power International.",{"type":594,"attrs":88537,"content":88538},{"textAlign":49},[88539],{"text":88540,"type":599},"The junior mining company owns the Maricunga lithium project in the Atacama region in northern Chile, which is expected to produce 15,200 per year LCE over 20 years in its first stage, according to its most recent definitive feasibility study. ",{"type":594,"attrs":88542,"content":88543},{"textAlign":49},[88544],{"text":88545,"type":599},"Codelco, which said it has the resources to pay for the acquisition, owns assets and permits close to the Maricunga asset. However, the miner has not developed any lithium projects so far. ",{"type":594,"attrs":88547,"content":88548},{"textAlign":49},[88549],{"text":88550,"type":599},"The takeover deal has to be approved by Lithium Power International’s shareholders, with a vote expected to happen in January. Minera Blanco, which owns the biggest stake in the junior mining company, has already said it is supporting the buyout. ",{"type":594,"attrs":88552,"content":88553},{"textAlign":49},[88554,88556,88560],{"text":88555,"type":599},"Chile, the world’s second largest lithium producer, is expected to remain a dominant player in the sector, with output reaching 495,000 tonnes LCE by 2030, according to Benchmark’s ",{"text":55196,"type":599,"marks":88557},[88558],{"type":604,"attrs":88559},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":88562,"content":88563},{"textAlign":49},[88564],{"text":88565,"type":599},"There are currently only two lithium producers in Chile, SQM and Albemarle, with their contracts for lithium mining in the country expiring in 2030 and 2043 respectively. The top lithium producers will need to negotiate their contracts after that to meet the requirements set in April by the government.",{"type":594,"attrs":88567,"content":88568},{"textAlign":49},[88569],{"text":88570,"type":599},"Benchmark forecasts output from SQM and Albemarle operations in Chile will account for 24% of the global lithium market this year.","Chile is moving forward with plans to develop its lithium and battery material sectors, with deals signed this week for a lithium mining project, as well as a cathode plant in the country. State-owned Codelco is set to takeover Australia’s Lithium Power International for A$385 million ($243 million) while Chinese nickel major Tsingshan will build […]",[88573],{"slug":544,"name":543,"content":88574},{"job_title":557,"image":88575,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"618931a5-8313-4dac-a9b8-d10e1449cd70\", \"id\": \"\"}-->",[88578],{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":88580,"copyright":547,"fieldtype":553,"meta_data":88581,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c67b8dc02d/bm-boric-and-xiang-guangda.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 19, 2023",{"id":88584,"uuid":88585,"name":88586,"slug":88587,"full_slug":88588,"content":88589},112470608640008,"620c2be5-3547-42a0-9ed3-6ca2a8c0bcbb","“This level of investment in manufacturing hasn’t happened in the US in more than half a century.” Q&A with Ascend Elements CEO Mike O’Kronley","this-level-of-investment-in-manufacturing-hasnt-happened-in-the-us-in-more-than-half-a-century-qa-with-ascend-elements-ceo-mike-okronley","article/this-level-of-investment-in-manufacturing-hasnt-happened-in-the-us-in-more-than-half-a-century-qa-with-ascend-elements-ceo-mike-okronley",{"_uid":88590,"date":88591,"tags":88592,"editor":88594,"content":88598,"excerpt":88776,"featured":50,"reporter":88777,"_editable":88781,"component":864,"seo_title":88586,"categories":88782,"visibility":882,"author_company":49,"featured_image":88787,"seo_description":88776,"author_full_name":49,"author_job_title":49,"formattedDate":88790},"79b59374-0287-4d3d-9515-c1a09cc43581","2023-10-17 00:00",[88593],{"slug":18915,"name":18916},[88595],{"slug":544,"name":543,"content":88596},{"job_title":557,"image":88597,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":88599},[88600,88605,88615,88620,88625,88630,88635,88640,88651,88656,88661,88666,88673,88678,88683,88688,88693,88705,88710,88715,88720,88725,88730,88735,88746,88751,88756,88761,88766,88771],{"type":594,"attrs":88601,"content":88602},{"textAlign":49},[88603],{"text":88604,"type":599},"A year ago Ascend Elements broke ground on the first plant in the US to produce precursor cathode active materials (pCAM), a key part of the battery supply chain that is currently dominated by Chinese companies. ",{"type":594,"attrs":88606,"content":88607},{"textAlign":49},[88608,88610,88614],{"text":88609,"type":599},"China currently has 91% of global production capacity of pCAM, according to ",{"text":9653,"type":599,"marks":88611},[88612],{"type":604,"attrs":88613},{"href":82911,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":58825,"type":599},{"type":594,"attrs":88616,"content":88617},{"textAlign":49},[88618],{"text":88619,"type":599},"This summer Ascend said it had signed a multi-year contract to supply around $1 billion worth of pCAM for use in a “major US company’s battery manufacturing process,” beginning in the fourth quarter of next year. It didn’t name the company. ",{"type":594,"attrs":88621,"content":88622},{"textAlign":49},[88623],{"text":88624,"type":599},"Ascend produces pCAM directly from recycled battery materials, without the need to first separate out the individual metals. The company’s co-founders filed their first patent for this “hydro-to-cathode” process in 2012 at Worcester Polytechnic Institute. ",{"type":594,"attrs":88626,"content":88627},{"textAlign":49},[88628],{"text":88629,"type":599},"Its chief executive Mike O’Kronley is a “long-time automotive person” who previously worked for US battery startup A123 Systems and before that Bosch. Manufacturing is “in his blood,” he says. ",{"type":594,"attrs":88631,"content":88632},{"textAlign":49},[88633],{"text":88634,"type":599},"Benchmark Source sat down with O’Kronley to learn more. ",{"type":657,"attrs":88636,"content":88637},{"level":15966,"textAlign":49},[88638],{"text":88639,"type":599},"China has almost 100% dominance of the pCAM supply chain. How much of a risk is that? ",{"type":594,"attrs":88641,"content":88642},{"textAlign":49},[88643,88645,88649],{"text":88644,"type":599},"In order to make it all work … You have to have pieces of the ",{"text":88646,"type":599,"marks":88647},"entire",[88648],{"type":643},{"text":88650,"type":599}," supply chain. And so you can’t leave one piece out. There has been a lot of work that’s been done on battery assembly. There’s been a lot of work and even a lot of announcements on CAM [cathode active material] production in the US, but next to no announcements on pCAM. And so, there’s certainly a void there. There’s a lot of pCAM production coming from Asia – there is quite a bit that exists in Korea, but the vast majority of it, 80 plus percent, is all China. We focus on NMC materials now, so it’s not the only type of material, but with respect to NMC materials there’s virtually no pCAM production in the United States currently.",{"type":657,"attrs":88652,"content":88653},{"level":15966,"textAlign":49},[88654],{"text":88655,"type":599},"How do you compete with the Chinese players? How competitive is your process compared to current production?",{"type":594,"attrs":88657,"content":88658},{"textAlign":49},[88659],{"text":88660,"type":599},"We have proven with several customers that we can offer the same pricing – landed price in the US – as the lowest cost Chinese producer. The process is very efficient, it is lower capex, it is lower opex, but also, when you consider the cost of the feedstock, we are not paying full metal market price for our raw materials. Whereas a typical pCAM producer is going to be paying a much higher price for their raw materials. Our raw materials are essentially spent lithium ion batteries so that also changes the cost dynamic. Even though we’re not at the scale of some of the really big pCAM producers in China, we’re still able to compete very effectively on price.",{"type":594,"attrs":88662,"content":88663},{"textAlign":49},[88664],{"text":88665,"type":599},"So we don’t necessarily need the subsidies to make that happen.",{"type":594,"attrs":88667,"content":88668},{"textAlign":49},[88669],{"type":1186,"attrs":88670},{"id":49,"alt":547,"src":88671,"title":49,"source":49,"copyright":49,"meta_data":88672},"https://a.storyblok.com/f/287943243085208/7f8df830b4/bm-mike-okronley-1-sm.jpg",{},{"type":657,"attrs":88674,"content":88675},{"level":15966,"textAlign":49},[88676],{"text":88677,"type":599},"With all these gigafactories coming on, what percentage of material is coming from manufacturing scrap versus end-of-life batteries?",{"type":594,"attrs":88679,"content":88680},{"textAlign":49},[88681],{"text":88682,"type":599},"I think a number that is often getting quoted is 78% last year, which I can confirm from our own perspective. The vast majority of it is manufacturing scrap. In fact, I would peg it at over 80% of what Ascend Elements is getting, is manufacturing scrap to process. But what I would also say is that it is our preferred scrap. Not because it’s easier to process but because of the constitution of the manufacturing scrap relative to end-of-life batteries. ",{"type":594,"attrs":88684,"content":88685},{"textAlign":49},[88686],{"text":88687,"type":599},"In fact, we ultimately need the feedstock that has the highest amount of nickel possible because of our products and as a result, if you look across the market, where is the highest amount of nickel of any battery product? It’s from manufacturing scrap, particularly EVs. ",{"type":657,"attrs":88689,"content":88690},{"level":15966,"textAlign":49},[88691],{"text":88692,"type":599},"So what happens when in the future you get end-of-life batteries back with an older cathode technology but yet cathode technology has moved on and you’re producing a different cathode, is your process adjustable?",{"type":594,"attrs":88694,"content":88695},{"textAlign":49},[88696,88698,88703],{"text":88697,"type":599},"Yes, the process is adjustable. We bring in batteries and we discharge them, then we mechanically shred them to make black mass. We can also purchase black mass. Because it’s coming from end-of-life batteries and from manufacturing scrap the amount of nickel, manganese, and cobalt – that ratio varies. Once we have the ",{"text":10224,"type":599,"marks":88699},[88700],{"type":604,"attrs":88701},{"href":88702,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/black-mass/portal/",{"text":88704,"type":599},", we transform it, we get it into a solution, we leach it in an acid, this is typical of the hydromet process. ",{"type":594,"attrs":88706,"content":88707},{"textAlign":49},[88708],{"text":88709,"type":599},"But where our unique technology comes in is we clean up that solution by removing all of the impurities, that’s a big part of our IP. We do not separate out nickel, manganese and cobalt, which is what is typically done in industry. We keep them together. And then we readjust the ratio of nickel, manganese, and cobalt. So if we are bringing in a 10-year-old battery that is, for example, NMC 111 or a NMC 622, and we’re making it an NMC 811 we effectively have to add nickel to that solution to get the metal ratio. And so we would either make our own nickel sulphate from black mass, or we would source from one of our partners. So there’ll be a certain amount of virgin material that’s in there as well. ",{"type":657,"attrs":88711,"content":88712},{"level":15966,"textAlign":49},[88713],{"text":88714,"type":599},"You’re claiming a 90% reduction in carbon footprint compared to battery materials made from mined metals. Where does that reduction come from in the process? ",{"type":594,"attrs":88716,"content":88717},{"textAlign":49},[88718],{"text":88719,"type":599},"There are a few areas that it comes from. One is the hydro-to-cathode process itself. It’s more efficient. Also recognise that our feedstock is starting with a very concentrated source of nickel, manganese, cobalt and lithium. So nowhere in the world is there more concentrated source of lithium than in a lithium ion battery. It’s not the brine, it’s not the hardrock – lithium ion batteries are more concentrated than anywhere else on the planet. So when you start with a concentrated source, there’s already natural efficiencies there. ",{"type":594,"attrs":88721,"content":88722},{"textAlign":49},[88723],{"text":88724,"type":599},"The hydro-to-cathode process because it is a hydro process, it’s not a thermal process, it is more efficient. The fact that we don’t separate out the three key metals we keep them together, it’s more efficient. ",{"type":594,"attrs":88726,"content":88727},{"textAlign":49},[88728],{"text":88729,"type":599},"When you look at the type of energy that we’re using, in our process, it’s all hydroelectric. We’re located in Kentucky, the vast majority of all the energy that’s produced by our local utility is all hydro electric. So it’s renewable. That’s very different from what is typically done for the average grid in China. That will change over time. ",{"type":594,"attrs":88731,"content":88732},{"textAlign":49},[88733],{"text":88734,"type":599},"But then, the third area is actually the credits that we get for recycling other products that don’t go into cathode material. So when you recycle a battery, we are recycling, graphite, copper, aluminium. And we don’t use that in our end product. But we get we’re still recycling it. So we actively get credit for that. When we return that back into the supply chain, there are credits that we effectively get. And so that would be true of any recycling company or any company that’s making materials in a circular fashion. They would get those types of credits. ",{"type":657,"attrs":88736,"content":88737},{"level":15966,"textAlign":49},[88738,88740,88744],{"text":88739,"type":599},"How do you think ",{"text":10224,"type":599,"marks":88741},[88742],{"type":604,"attrs":88743},{"href":88702,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":88745,"type":599}," will be priced in North America? ",{"type":594,"attrs":88747,"content":88748},{"textAlign":49},[88749],{"text":88750,"type":599},"There are, I would say, broadly two categories that affect price: one is the inherent metal content in black mass. Everyone understands that because you can measure it. The challenge with the black mass is what else comes with it. So it’s not all the same. It doesn’t process the same. Some producers of black mass have a lot of moisture content that has to be dealt with. There are a lot of different impurities depending on how they’re producing it. ",{"type":594,"attrs":88752,"content":88753},{"textAlign":49},[88754],{"text":88755,"type":599},"What they put into a shredder will potentially put a lot of impurities into the black mass. So as an example, companies that put an entire battery pack into a shredder, effectively what they’re doing is the valuable metal content in that battery is going down in the black mass. You’re also introducing a high fraction of impurities. ",{"type":594,"attrs":88757,"content":88758},{"textAlign":49},[88759],{"text":88760,"type":599},"So the black mass that’s produced from somebody shredding an entire battery pack is going to be less than black mass that has relatively low impurities. So that’s a big part of it. So there won’t be a uniform price for black mass as an example … Because somebody that’s processing it is going to have to deal with those impurities.",{"type":657,"attrs":88762,"content":88763},{"level":15966,"textAlign":49},[88764],{"text":88765,"type":599},"Overall, how will this time be different to what happened under President Barack Obama, when battery companies like A123 were supported by the government but ended up not suceeding? ",{"type":594,"attrs":88767,"content":88768},{"textAlign":49},[88769],{"text":88770,"type":599},"The intention was exactly the same … The reason why it didn’t work largely in the United States at that time, is the market just wasn’t ready. He was too early. This time is very different. The major difference is the market is ready. There’s a market demand right now that exists for EVs and energy storage. ",{"type":594,"attrs":88772,"content":88773},{"textAlign":49},[88774],{"text":88775,"type":599},"It is really fantastic to see and to be part of this manufacturing revolution that’s happened in the United States, so much capacity and infrastructure is going in from a manufacturing perspective, making things again. And so I love seeing that. This level of investment in manufacturing hasn’t happened in the US for more than half a century. And so seeing that investment in manufacturing, again, is something that I certainly haven’t seen in my lifetime.","A year ago Ascend Elements broke ground on the first plant in the US to produce precursor cathode active materials (pCAM), a key part of the battery supply chain that is currently dominated by Chinese companies. China currently has 91% of global production capacity of pCAM, according to Benchmark. This summer Ascend said it had […]",[88778],{"slug":544,"name":543,"content":88779},{"job_title":557,"image":88780,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"79b59374-0287-4d3d-9515-c1a09cc43581\", \"id\": \"\"}-->",[88783,88784,88785,88786],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":88788,"copyright":547,"fieldtype":553,"meta_data":88789,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/96e7643622/bm-mike-okronley-2023-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 17, 2023",{"id":88792,"uuid":88793,"name":88794,"slug":88795,"full_slug":88796,"content":88797},112470628030476,"6d875621-8f39-4e42-9325-78c5591f4125","Europe’s looming battery anode shortage","europes-looming-battery-anode-shortage","article/europes-looming-battery-anode-shortage",{"_uid":88798,"date":88799,"tags":88800,"editor":88802,"content":88806,"excerpt":89070,"featured":51,"reporter":89071,"_editable":89075,"component":864,"seo_title":88794,"categories":89076,"visibility":882,"author_company":49,"featured_image":89078,"seo_description":89070,"author_full_name":49,"author_job_title":49,"formattedDate":89081},"0b04a5b2-963b-4b29-95d6-6dcb46336206","2023-10-13 00:00",[88801],{"slug":56847,"name":56848},[88803],{"slug":544,"name":543,"content":88804},{"job_title":557,"image":88805,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":88807},[88808,88813,88818,88830,88835,88840,88845,88850,88855,88862,88867,88872,88877,88886,88891,88896,88901,88908,88913,88926,88931,88936,88941,88946,88951,88956,88963,88968,88973,88978,88983,88993,89000,89005,89010,89018,89025,89030,89035,89040,89045,89050,89055,89060,89065],{"type":594,"attrs":88809,"content":88810},{"textAlign":49},[88811],{"text":88812,"type":599},"In a small clearing in the thick forest outside the small city of Luleå in the north of Sweden, last month the Australian mining group Talga broke ground on Europe’s first plant to produce active anode material (AAM) for lithium-ion batteries.",{"type":594,"attrs":88814,"content":88815},{"textAlign":49},[88816],{"text":88817,"type":599},"The company hopes to source graphite from a nearby mine a few hours drive away, processing it into battery material using the region’s hydropower. The plant will produce 19,500 tonnes per year of AAM – with the hope to get to over 100,000 tonnes eventually.",{"type":594,"attrs":88819,"content":88820},{"textAlign":49},[88821,88823,88828],{"text":88822,"type":599},"Yet Europe will need around 1 million tonnes a year of AAM a year to meet demand by 2030, according to ",{"text":88824,"type":599,"marks":88825},"Benchmark’s Forecast",[88826],{"type":604,"attrs":88827},{"href":59505,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":88829,"type":599},". It’s currently on track to supply less than a quarter of that, most of it from Chinese companies investing in Europe.",{"type":594,"attrs":88831,"content":88832},{"textAlign":49},[88833],{"text":88834,"type":599},"Without further homegrown capacity – either from Chinese or local companies – European automakers could remain reliant on domestic Chinese production of synthetic and natural graphite AAM, which have a higher carbon footprint than those produced elsewhere.",{"type":594,"attrs":88836,"content":88837},{"textAlign":49},[88838],{"text":88839,"type":599},"Already, overcapacity in China and a switch to lower cost feedstock   material has lowered the price of synthetic AAM – making them more attractive for automakers, despite their higher carbon footprint.",{"type":594,"attrs":88841,"content":88842},{"textAlign":49},[88843],{"text":88844,"type":599},"“Under the prevailing overcapacity environment, the buyer’s priority is just wanting cheap and available material,” Tony Alderson, an analyst at Benchmark, said. “Downstream and midstream players are really not too concerned about ESG at the moment.”",{"type":594,"attrs":88846,"content":88847},{"textAlign":49},[88848],{"text":88849,"type":599},"Talga’s chief executive Mark Thompson calls it a “massive, global dump of synthetic material from China.”",{"type":594,"attrs":88851,"content":88852},{"textAlign":49},[88853],{"text":88854,"type":599},"“The reality is that all the cell makers in Europe are currently buying all the Chinese material,” he told Benchmark Source. ",{"type":594,"attrs":88856,"content":88857},{"textAlign":49},[88858],{"type":1186,"attrs":88859},{"id":49,"alt":547,"src":88860,"title":49,"source":49,"copyright":49,"meta_data":88861},"https://a.storyblok.com/f/287943243085208/cfced7cfdb/bm-european-anode-demand-and-supply.png",{},{"type":657,"attrs":88863,"content":88864},{"level":15966,"textAlign":49},[88865],{"text":88866,"type":599},"Falling anode prices",{"type":594,"attrs":88868,"content":88869},{"textAlign":49},[88870],{"text":88871,"type":599},"Automakers normally use a blend of synthetic and natural graphite in their anodes, but falling prices for synthetic graphite in China is putting pressure on suppliers of natural graphite. ",{"type":594,"attrs":88873,"content":88874},{"textAlign":49},[88875],{"text":88876,"type":599},"Synthetic feedstock material has typically been a more consistent product within China and the AAM can achieve a longer cycle life over natural-based material. Therefore, synthetic AAM has historically held a significant price premium over natural AAM due to these reasons, as well as underlying cost.",{"type":594,"attrs":88878,"content":88879},{"textAlign":49},[88880,88882,88884],{"text":88881,"type":599},"This year that price gap has narrowed, however, due to the increased use of ",{"text":88883,"type":599},"higher",{"text":88885,"type":599}," sulphur coke feedstock. Prices for low energy synthetic graphite AAM fell to RMB 3,000 a tonne ($411) below its corresponding natural graphite material in September.",{"type":594,"attrs":88887,"content":88888},{"textAlign":49},[88889],{"text":88890,"type":599},"Prices for high energy synthetic graphite AAM have fallen by 20% this year, compared to a 13% fall for high energy natural graphite AAM, according to Benchmark. ",{"type":594,"attrs":88892,"content":88893},{"textAlign":49},[88894],{"text":88895,"type":599},"At current price levels Chinese producers targeting lower end use markets “are just trying to retain their market share and survive,” according to Alderson.",{"type":594,"attrs":88897,"content":88898},{"textAlign":49},[88899],{"text":88900,"type":599},"Earlier this year Australian producer Syrah said it would stop production at its mine in Mozambique due to the low prices for graphite. The Benchmark Graphite Price Index fell by 30% in August compared to a year earlier.",{"type":594,"attrs":88902,"content":88903},{"textAlign":49},[88904],{"type":1186,"attrs":88905},{"id":49,"alt":547,"src":88906,"title":49,"source":49,"copyright":49,"meta_data":88907},"https://a.storyblok.com/f/287943243085208/fbafe7ebb3/bm-natural-vs-synthetic-prices.png",{},{"type":594,"attrs":88909,"content":88910},{"textAlign":49},[88911],{"text":88912,"type":599},"The fall in prices could further cement Chinese dominance as it comes just as new projects in the West are looking for financing. China currently produces almost all the world’s synthetic and natural graphite AAM.",{"type":594,"attrs":88914,"content":88915},{"textAlign":49},[88916,88918,88924],{"text":88917,"type":599},"Norwegian synthetic graphite producer Vianode ",{"text":88919,"type":599,"marks":88920},"told Benchmark Source",[88921],{"type":604,"attrs":88922},{"href":88923,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-inflation-reduction-act-has-really-shifted-the-whole-battery-industry-towards-north-america-qa-with-vianode-ceo-hans-erik-vatne?mc_cid=da73baeae3&mc_eid=30cdfc306f",{"text":88925,"type":599}," that it may consider the US to build its first plant, due to the subsidies available in the Inflation Reduction Act.",{"type":594,"attrs":88927,"content":88928},{"textAlign":49},[88929],{"text":88930,"type":599},"Talga has received a 150 million euro ($164 million) loan from the European Investment Bank, and says it has selected a group of banks to provide debt for its anode project.",{"type":594,"attrs":88932,"content":88933},{"textAlign":49},[88934],{"text":88935,"type":599},"But Thompson says Europe needs to do more to ensure European domestic supply, or it risks being completely reliant on Chinese synthetic graphite, most of which is produced using coal fired power.",{"type":594,"attrs":88937,"content":88938},{"textAlign":49},[88939],{"text":88940,"type":599},"Many new synthetic AAM projects in China are being built in Inner Mongolia, which increases the carbon footprint compared to other areas of China by some 73%, according to Benchmark.",{"type":594,"attrs":88942,"content":88943},{"textAlign":49},[88944],{"text":88945,"type":599},"In addition the use of higher sulphur feedstock risks adding to the pollution as the sulphur is “just burnt off” in the process, Thompson says. ",{"type":594,"attrs":88947,"content":88948},{"textAlign":49},[88949],{"text":88950,"type":599},"The majority of investment in Europe is going to new battery factories, he says, but not the raw materials to feed them.",{"type":594,"attrs":88952,"content":88953},{"textAlign":49},[88954],{"text":88955,"type":599},"“Everyone can plan a battery factory and everyone backs it,” Thompson says, “And I guess they presume that they’re going to just work out the supply chain of the raw materials.”",{"type":594,"attrs":88957,"content":88958},{"textAlign":49},[88959],{"type":1186,"attrs":88960},{"id":49,"alt":547,"src":88961,"title":49,"source":49,"copyright":49,"meta_data":88962},"https://a.storyblok.com/f/287943243085208/f9f9df7b3e/bm-pet-coke-price-12oct-1.png",{},{"type":657,"attrs":88964,"content":88965},{"level":15966,"textAlign":49},[88966],{"text":88967,"type":599},"Emissions standards",{"type":594,"attrs":88969,"content":88970},{"textAlign":49},[88971],{"text":88972,"type":599},"Talga says its process has emissions that are up to 92% lower than Chinese synthetic graphite imported into Europe, due to the use of hydropower for electricity, but also because of the nature of its mined deposit.",{"type":594,"attrs":88974,"content":88975},{"textAlign":49},[88976],{"text":88977,"type":599},"The Nunasvaara mine contains a very high proportion of small flake graphite, according to Thompson, that makes them more suitable for battery anodes. “The graphite particles are already battery-size in the ground,” he said.",{"type":594,"attrs":88979,"content":88980},{"textAlign":49},[88981],{"text":88982,"type":599},"At a grade of between 20% to 30% at its mine in northern Sweden, less ore needs to be mined to produce graphite concentrate than mines with a lower graphite content ore. The company says it can produce around 19,500 tonnes of anode from 100,000 tonnes of graphite ore.",{"type":594,"attrs":88984,"content":88985},{"textAlign":49},[88986,88988,88991],{"text":88987,"type":599},"“This yield up to ten times compared to your average flake graphite mine,” Thompson said. “That lowers your overall CO",{"text":43530,"type":599,"marks":88989},[88990],{"type":643},{"text":88992,"type":599}," because you’ve produced more anode with less energy and less rock along the way.”",{"type":594,"attrs":88994,"content":88995},{"textAlign":49},[88996],{"type":1186,"attrs":88997},{"id":49,"alt":547,"src":88998,"title":49,"source":49,"copyright":49,"meta_data":88999},"https://wp-admin.benchmarkminerals.com/app/uploads/Talga-123-1024x683.jpg",{},{"type":594,"attrs":89001,"content":89002},{"textAlign":49},[89003],{"text":89004,"type":599},"Talga, Produktionsanläggning, Luleå, Swerim. 220330",{"type":594,"attrs":89006,"content":89007},{"textAlign":49},[89008],{"text":89009,"type":599},"In addition, Talga says it uses an alkaline-based purification technique, with significantly less hydrofluoric acid than is used in China. It also has cut the number of processing steps and increased the anode yields over traditional Chinese manufacturing, it says. ",{"type":594,"attrs":89011,"content":89012},{"textAlign":49},[89013,89015,89017],{"text":89014,"type":599},"The current cost contribution of natural AAM to a battery cell can be as low as 5% according to Benchmark. If Western producers are able to produce a qualified product at scale and maintain the same margins, then it should be an easy win to convince automakers to pay marginally more for a much enhanced ESG ",{"text":89016,"type":599},"product",{"text":974,"type":599},{"type":594,"attrs":89019,"content":89020},{"textAlign":49},[89021],{"type":1186,"attrs":89022},{"id":49,"alt":547,"src":89023,"title":49,"source":49,"copyright":49,"meta_data":89024},"https://a.storyblok.com/f/287943243085208/01e40294e9/bm-anode-supply-and-demand-global.png",{},{"type":657,"attrs":89026,"content":89027},{"level":15966,"textAlign":49},[89028],{"text":89029,"type":599},"Mine decision heads to Supreme Court ",{"type":594,"attrs":89031,"content":89032},{"textAlign":49},[89033],{"text":89034,"type":599},"Talga’s anode plant has been especially designed to process the material from the mine, which will be trucked to the site, with one truck leaving every 12 hours.",{"type":594,"attrs":89036,"content":89037},{"textAlign":49},[89038],{"text":89039,"type":599},"Yet the mine lies on the site of winter grazing land of the indigenous Sámi people, who bring their reindeer down from the mountains in the winter months.",{"type":594,"attrs":89041,"content":89042},{"textAlign":49},[89043],{"text":89044,"type":599},"Talga has agreed that it will only operate its mine for six months during the summer. It also eventually wants to mine underground, to further decrease the environmental impact.",{"type":594,"attrs":89046,"content":89047},{"textAlign":49},[89048],{"text":89049,"type":599},"Still, Thompson says while the mine will operate for six months the mill will keep going all year around, processing stockpiled material. That will enable it to maintain continuous production.",{"type":594,"attrs":89051,"content":89052},{"textAlign":49},[89053],{"text":89054,"type":599},"The Sámi villages appealed against the mine’s permit from the Swedish Land and Environment Court earlier this year. While this appeal was rejected by an appeals court, the case has been forwarded to the country’s Supreme Court, who will now decide whether to hear the case.",{"type":594,"attrs":89056,"content":89057},{"textAlign":49},[89058],{"text":89059,"type":599},"Until the appeals process is completed the granted environment permit is not yet “in force” and can therefore not be acted on, according to Talga. ",{"type":594,"attrs":89061,"content":89062},{"textAlign":49},[89063],{"text":89064,"type":599},"That could be a test of the European Union’s commitment to meeting more of its own mineral demand from within its borders. The EU’s Critical Raw Materials Act promises to “reduce the administrative burden and simplify permitting procedures for critical raw materials projects in the EU.”",{"type":594,"attrs":89066,"content":89067},{"textAlign":49},[89068],{"text":89069,"type":599},"“If they [automakers] don’t commit something local than when they want a choice of something else, or they want to lower their CO2, they can’t do it,” Thompson says. “Our resources are here. And that should just be recognised and supported.”","In a small clearing in the thick forest outside the small city of Luleå in the north of Sweden, last month the Australian mining group Talga broke ground on Europe’s first plant to produce active anode material (AAM) for lithium-ion batteries. The company hopes to source graphite from a nearby mine a few hours drive […]",[89072],{"slug":544,"name":543,"content":89073},{"job_title":557,"image":89074,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0b04a5b2-963b-4b29-95d6-6dcb46336206\", \"id\": \"\"}-->",[89077],{"slug":2497,"name":261},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":89079,"copyright":547,"fieldtype":553,"meta_data":89080,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/Talga-1-1-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 13, 2023",{"id":89083,"uuid":89084,"name":89085,"slug":89086,"full_slug":89087,"content":89088},112470637475855,"5e678937-eeff-4340-8853-60ab5dc55597","Key takeaways from Benchmark’s Energy Transition Commodity Outlook","key-takeaways-from-benchmarks-energy-transition-commodity-outlook","article/key-takeaways-from-benchmarks-energy-transition-commodity-outlook",{"_uid":89089,"date":89090,"tags":89091,"editor":89093,"content":89097,"excerpt":89191,"featured":51,"reporter":89192,"component":864,"seo_title":89085,"categories":89196,"visibility":2091,"author_company":49,"featured_image":89199,"seo_description":89191,"author_full_name":49,"author_job_title":49,"formattedDate":89202},"45730798-f29d-4f31-97bd-8d20a7f2bc5f","2023-10-12 00:00",[89092],{"slug":11313,"name":11314},[89094],{"slug":544,"name":543,"content":89095},{"job_title":557,"image":89096,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":89098},[89099,89112,89117,89122,89129,89134,89139,89144,89151,89156,89163,89174,89181,89186],{"type":594,"attrs":89100,"content":89101},{"textAlign":49},[89102,89104,89110],{"text":89103,"type":599},"Benchmark held its Energy Transition Commodity Outlook ",{"text":89105,"type":599,"marks":89106},"event",[89107],{"type":604,"attrs":89108},{"href":89109,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://www.benchmarkminerals.com/events",{"text":89111,"type":599}," in London this week. ",{"type":594,"attrs":89113,"content":89114},{"textAlign":49},[89115],{"text":89116,"type":599},"Here are some key takeaways from the speakers: ",{"type":657,"attrs":89118,"content":89119},{"level":15966,"textAlign":49},[89120],{"text":89121,"type":599},"Simon Moores, CEO of Benchmark: ",{"type":594,"attrs":89123,"content":89124},{"textAlign":49},[89125],{"type":1186,"attrs":89126},{"id":49,"alt":547,"src":89127,"title":49,"source":49,"copyright":49,"meta_data":89128},"https://a.storyblok.com/f/287943243085208/c3fdc9223b/bm-market-balance.png",{},{"type":657,"attrs":89130,"content":89131},{"level":15966,"textAlign":49},[89132],{"text":89133,"type":599},"Caspar Rawles, chief data officer: ",{"type":657,"attrs":89135,"content":89136},{"level":15966,"textAlign":49},[89137],{"text":89138,"type":599},"Mark Beveridge, principal consultant: ",{"type":657,"attrs":89140,"content":89141},{"level":15966,"textAlign":49},[89142],{"text":89143,"type":599},"Jessica Roberts, head of forecasting:",{"type":594,"attrs":89145,"content":89146},{"textAlign":49},[89147],{"type":1186,"attrs":89148},{"id":49,"alt":547,"src":89149,"title":49,"source":49,"copyright":49,"meta_data":89150},"https://a.storyblok.com/f/287943243085208/7ed58257ef/bm-recycling-scrap-pool-global.png",{},{"type":657,"attrs":89152,"content":89153},{"level":15966,"textAlign":49},[89154],{"text":89155,"type":599},"Daisy Jennings-Gray, senior price analyst: ",{"type":594,"attrs":89157,"content":89158},{"textAlign":49},[89159],{"type":1186,"attrs":89160},{"id":49,"alt":547,"src":89161,"title":49,"source":49,"copyright":49,"meta_data":89162},"https://a.storyblok.com/f/287943243085208/733fcaecb2/bm-image-46.png",{},{"type":657,"attrs":89164,"content":89165},{"level":15966,"textAlign":49},[89166,89168,89172],{"text":89167,"type":599},"Will Talbot, principal analyst, ",{"text":4330,"type":599,"marks":89169},[89170],{"type":604,"attrs":89171},{"href":32079,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":89173,"type":599}," and cobalt: ",{"type":594,"attrs":89175,"content":89176},{"textAlign":49},[89177],{"type":1186,"attrs":89178},{"id":49,"alt":547,"src":89179,"title":49,"source":49,"copyright":49,"meta_data":89180},"https://a.storyblok.com/f/287943243085208/62b062e547/bm-nickel-and-cobalt-ira.png",{},{"type":657,"attrs":89182,"content":89183},{"level":15966,"textAlign":49},[89184],{"text":89185,"type":599},"Ricardo Morales, associate director strategic advisory: ",{"type":594,"attrs":89187,"content":89188},{"textAlign":49},[89189],{"text":89190,"type":599},"If you’d like to speak to Benchmark’s experts about our market views into 2024 and beyond, please provide your details here and our team will be in touch.","Benchmark held its Energy Transition Commodity Outlook event in London this week. Here are some key takeaways from the speakers: Simon Moores, CEO of Benchmark: Caspar Rawles, chief data officer: Mark Beveridge, principal consultant: Jessica Roberts, head of forecasting: Daisy Jennings-Gray, senior price analyst: Will Talbot, principal analyst, nickel and cobalt: Ricardo Morales, associate director […]",[89193],{"slug":544,"name":543,"content":89194},{"job_title":557,"image":89195,"bio":548,"linkedin":555},{"filename":552},[89197,89198],{"slug":872,"name":873},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":89200,"copyright":547,"fieldtype":553,"meta_data":89201,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/12c82b6ffc/bm-benchmark-lme-week-title-slide.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 12, 2023",{"id":89204,"uuid":89205,"name":89206,"slug":89207,"full_slug":89208,"content":89209},112470647072785,"232f6a01-ca62-4654-9e4b-c2ac34f624cc","Q3 review: uncertain demand hits battery mineral prices","3q-roundup-uncertain-demand-hits-battery-mineral-prices","article/3q-roundup-uncertain-demand-hits-battery-mineral-prices",{"_uid":89210,"date":89211,"tags":89212,"editor":89215,"content":89219,"excerpt":89471,"featured":50,"reporter":89472,"_editable":89476,"component":864,"seo_title":89206,"categories":89477,"visibility":882,"author_company":49,"featured_image":89484,"seo_description":89471,"author_full_name":49,"author_job_title":49,"formattedDate":89486},"e8a4f22b-bfa9-4727-aed6-bf7528d9dd58","2023-10-11 00:00",[89213,89214],{"slug":913,"name":914},{"slug":910,"name":911},[89216],{"slug":544,"name":543,"content":89217},{"job_title":557,"image":89218,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":89220},[89221,89234,89239,89244,89249,89254,89259,89271,89276,89283,89288,89293,89298,89309,89314,89326,89333,89338,89343,89348,89359,89371,89376,89381,89386,89391,89396,89401,89406,89411,89418,89423,89434,89439,89444,89456,89461,89466],{"type":594,"attrs":89222,"content":89223},{"textAlign":49},[89224,89226,89232],{"text":89225,"type":599},"Battery materials prices including lithium, graphite, cobalt and nickel extended their declines in the third quarter of this year, helping to push cell prices ",{"text":89227,"type":599,"marks":89228},"below the key threshold of $100 per kilowatt-hour",[89229],{"type":604,"attrs":89230},{"href":89231,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/global-cell-prices-fall-below-100-kwh-for-first-time-in-two-years",{"text":89233,"type":599}," average weighted price for the first time in two years.  ",{"type":594,"attrs":89235,"content":89236},{"textAlign":49},[89237],{"text":89238,"type":599},"While lithium led the pack in recording a sharp decline in prices in the three month period, other critical battery materials reported significant falls as well. Growing weakness in the Chinese economy in recent months has kept downstream demand uncertain even as new supply has remained robust, putting prices under pressure. ",{"type":594,"attrs":89240,"content":89241},{"textAlign":49},[89242],{"text":89243,"type":599},"Daniel Fletcher-Manuel, head of prices at Benchmark, said the third quarter is typically a slow period but it was “uniquely quiet from a spot demand perspective” this year due to particularly slow activity from nickel cobalt and manganese (NCM) cathode and cell makers.",{"type":594,"attrs":89245,"content":89246},{"textAlign":49},[89247],{"text":89248,"type":599},"“Faced with falling prices across all cathode raw materials, buyers opted for a ‘wait and see’ approach whilst volumes under contract satisfied most immediate requirements. This was especially the case in China where the midstream had access to comfortable inventories and underwhelming downstream demand dynamics,” said Fletcher-Manuel.",{"type":594,"attrs":89250,"content":89251},{"textAlign":49},[89252],{"text":89253,"type":599},"The fall in battery metals in the third quarter was also reflected in falling prices for cathode and anodes. Benchmark’s Cathode and Anode indices fell by 7% and 0.7% in the third quarter on a sequential basis and are down by 49.2% and 18% in the first nine months of the year. ",{"type":657,"attrs":89255,"content":89256},{"level":15966,"textAlign":49},[89257],{"text":89258,"type":599},"Lithium prices continue to fall",{"type":594,"attrs":89260,"content":89261},{"textAlign":49},[89262,89264,89269],{"text":89263,"type":599},"While lithium’s rally that had started in late 2020 ended earlier this year, prices fell consistently throughout the third quarter to push Chinese battery-grade lithium carbonate prices ",{"text":89265,"type":599,"marks":89266},"below the key",[89267],{"type":604,"attrs":89268},{"href":83694,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":89270,"type":599}," RMB 200,000 ($28,810) per tonne mark. ",{"type":594,"attrs":89272,"content":89273},{"textAlign":49},[89274],{"text":89275,"type":599},"Benchmark senior analyst Daisy Jennings-Gray said that an uncertainty over downstream demand has driven down lithium prices as demand from cell makers was weaker than expected.",{"type":594,"attrs":89277,"content":89278},{"textAlign":49},[89279],{"type":1186,"attrs":89280},{"id":49,"alt":547,"src":89281,"title":49,"source":49,"copyright":49,"meta_data":89282},"https://a.storyblok.com/f/287943243085208/ff731428cf/bm-lithium-q3-prices-1303309f0307.png",{},{"type":594,"attrs":89284,"content":89285},{"textAlign":49},[89286],{"text":89287,"type":599},"“This has been compounded by strong downstream inventories which battery makers have been working through, rather than procuring new raw materials. In addition, the third quarter is always a stronger time of the year for domestic supply from Chinese lithium brine producers,” said  Jennings-Gray.",{"type":594,"attrs":89289,"content":89290},{"textAlign":49},[89291],{"text":89292,"type":599},"Chinese spot prices for both battery-grade lithium carbonate and lithium hydroxide nearly halved in the third quarter to reach RMB 167,500 ($22,950) per tonne and RMB 162,500 ($22,275) per tonne respectively at the end of September, according to the Benchmark Lithium Price Assessment. ",{"type":657,"attrs":89294,"content":89295},{"level":15966,"textAlign":49},[89296],{"text":89297,"type":599},"Cobalt prices hit new lows",{"type":594,"attrs":89299,"content":89300},{"textAlign":49},[89301,89303,89308],{"text":89302,"type":599},"Despite a brief rally in July, cobalt sulphate prices fell 7.5% to RMB 37,000 per tonne in the third quarter of 2023 while prices for cobalt metal declined 0.5% to $32,794 per tonne ($14.88 per pound) in the three months ended Sept. 30, according to ",{"text":33174,"type":599,"marks":89304},[89305],{"type":604,"attrs":89306},{"href":89307,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cobalt/",{"text":17632,"type":599},{"type":594,"attrs":89310,"content":89311},{"textAlign":49},[89312],{"text":89313,"type":599},"Cobalt prices also reached new lows in the third quarter but there are signs pointing to small opportunities for prices to increase.",{"type":594,"attrs":89315,"content":89316},{"textAlign":49},[89317,89319,89324],{"text":89318,"type":599},"“The cobalt market is in a ",{"text":89320,"type":599,"marks":89321},"state of massive oversupply",[89322],{"type":604,"attrs":89323},{"href":63729,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":89325,"type":599},", with demand unable to improve at the same rate,” said Roman Aubry, analyst with Benchmark.",{"type":594,"attrs":89327,"content":89328},{"textAlign":49},[89329],{"type":1186,"attrs":89330},{"id":49,"alt":547,"src":89331,"title":49,"source":49,"copyright":49,"meta_data":89332},"https://a.storyblok.com/f/287943243085208/3428cc6a94/bm-cobalt-q3-prices.png",{},{"type":594,"attrs":89334,"content":89335},{"textAlign":49},[89336],{"text":89337,"type":599},"“Inventories throughout the supply chain were full, with demand not able to move the needle, however, in the last few weeks of the quarter we have seen some opportunities for restocking, and consequently a small rise in prices,” said Aubry.",{"type":594,"attrs":89339,"content":89340},{"textAlign":49},[89341],{"text":89342,"type":599},"Despite this, the seasonal increases in downstream demand at the end of third quarter have not reached expected levels, making it harder for prices to rebound after a slowdown in spot activity over the summer.",{"type":657,"attrs":89344,"content":89345},{"level":15966,"textAlign":49},[89346],{"text":89347,"type":599},"Nickel hit by weaker cathode demand",{"type":594,"attrs":89349,"content":89350},{"textAlign":49},[89351,89353,89358],{"text":89352,"type":599},"Chinese nickel sulphate prices plunged to their lowest levels since December 2020 to RMB 31,000 per tonne at the end of the third quarter, a decline of 6%, according to ",{"text":81070,"type":599,"marks":89354},[89355],{"type":604,"attrs":89356},{"href":89357,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/nickel/",{"text":17632,"type":599},{"type":594,"attrs":89360,"content":89361},{"textAlign":49},[89362,89364,89369],{"text":89363,"type":599},"The decline was primarily due to ",{"text":89365,"type":599,"marks":89366},"slower than expected demand recovery",[89367],{"type":604,"attrs":89368},{"href":73059,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":89370,"type":599}," for nickel cobalt manganese (NCM) cathodes that are used in electric vehicle batteries. ",{"type":594,"attrs":89372,"content":89373},{"textAlign":49},[89374],{"text":89375,"type":599},"“NCM demand has been weak throughout the entirety of the third quarter resulting in very little activity in the CIF Asia sulphate spot market,” said Spencer Ingall, analyst with Benchmark, adding that the third quarter is usually slow due to seasonal trends.",{"type":594,"attrs":89377,"content":89378},{"textAlign":49},[89379],{"text":89380,"type":599},"Nickel fuels a bulk of the battery demand for the NCM cathode segment, where a period of quiet demand has sent prices lower.",{"type":594,"attrs":89382,"content":89383},{"textAlign":49},[89384],{"text":89385,"type":599},"“There have been many announcements of new HPAL facilities that produce MHP in both Indonesia and the Philippines even as existing facilities continue to ramp up. So, supply is increasing while demand remains largely the same, pushing prices down,” said Ingall.",{"type":594,"attrs":89387,"content":89388},{"textAlign":49},[89389],{"text":89390,"type":599},"Indonesia’s new nickel refining capacity is focused towards producing MHP, an intermediate nickel product that needs to be further processed into nickel sulphate for use in batteries. ",{"type":657,"attrs":89392,"content":89393},{"level":15966,"textAlign":49},[89394],{"text":89395,"type":599},"Synthetic graphite under pressure",{"type":594,"attrs":89397,"content":89398},{"textAlign":49},[89399],{"text":89400,"type":599},"Prices for coke, the feedstock for synthetic graphite, continued to decline in the third quarter as supply remained robust with announcements of new coke capacity coming online continuing at pace in China. ",{"type":594,"attrs":89402,"content":89403},{"textAlign":49},[89404],{"text":89405,"type":599},"Meanwhile this robust supply was met with lacklustre demand from battery anode customers supplying the electric vehicle market and graphite electrode customers supplying steel foundries.",{"type":594,"attrs":89407,"content":89408},{"textAlign":49},[89409],{"text":89410,"type":599},"“These price declines developed despite coke producers at points successfully resisting price decreases, citing their squeezed margins. Some less cost efficient operations reduced utilisation rates in response to the challenging pricing environment,” said Adam Megginson, an analyst with Benchmark.",{"type":594,"attrs":89412,"content":89413},{"textAlign":49},[89414],{"type":1186,"attrs":89415},{"id":49,"alt":547,"src":89416,"title":49,"source":49,"copyright":49,"meta_data":89417},"https://a.storyblok.com/f/287943243085208/b5fd522ac8/bm-synthetic-graphite-q3-prices.png",{},{"type":594,"attrs":89419,"content":89420},{"textAlign":49},[89421],{"text":89422,"type":599},"Battery anode producers continued to use an increasing proportion of non-needle coke, and higher sulphur coke as feedstock, with both trends weighing on needle coke and low sulphur coke prices respectively during the quarter.",{"type":594,"attrs":89424,"content":89425},{"textAlign":49},[89426,89428,89433],{"text":89427,"type":599},"Prices for Chinese pre-calcined pet needle coke declined 16% to RMB 5,150 per tonne in the third quarter and are down 43% year-to-date, according to ",{"text":89429,"type":599,"marks":89430},"Benchmark’s Synthetic Graphite Price Assessment",[89431],{"type":604,"attrs":89432},{"href":70937,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":89435,"content":89436},{"textAlign":49},[89437],{"text":89438,"type":599},"“Towards the end of the quarter, needle coke prices began to stabilise after some needle coke producers attempted to raise prices to bolster their profit margins. While these attempts were unsuccessful because needle coke customers refused to pay higher prices for material, they did slow the fall of previously tumbling prices,” Megginson said.",{"type":657,"attrs":89440,"content":89441},{"level":15966,"textAlign":49},[89442],{"text":89443,"type":599},"Flake graphite prices ",{"type":594,"attrs":89445,"content":89446},{"textAlign":49},[89447,89449,89454],{"text":89448,"type":599},"Chinese -100 mesh 94-95% C flake graphite prices experienced a continued fall throughout the third quarter, declining 10.9% in three months ended September 30 to RMB 4,050 per tonne, according to ",{"text":82020,"type":599,"marks":89450},[89451],{"type":604,"attrs":89452},{"href":89453,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/natural-graphite/",{"text":89455,"type":599},".  Prices are down 30% in the first nine months of the year.",{"type":594,"attrs":89457,"content":89458},{"textAlign":49},[89459],{"text":89460,"type":599},"“This downtick in prices is attributable to the peak seasonal production at Chinese graphite mines in Heilongjiang Province during the summer months, improving the domestic supply picture, compounded by relatively lacklustre downstream demand from the EV sector,” said Tony Alderson, analyst with Benchmark.",{"type":594,"attrs":89462,"content":89463},{"textAlign":49},[89464],{"text":89465,"type":599},"The analyst also linked the declining prices for flake graphite to the substantial drop in synthetic graphite prices this year. ",{"type":594,"attrs":89467,"content":89468},{"textAlign":49},[89469],{"text":89470,"type":599},"“In response to this market shift, anode makers have strategically leveraged their greater bargaining power to exert downward price pressure on flake graphite producers, aiming to stay competitive in the face of reduced synthetic graphite prices,” said Alderson.","Battery materials prices including lithium, graphite, cobalt and nickel extended their declines in the third quarter of this year, helping to push cell prices below the key threshold of $100 per kilowatt-hour average weighted price for the first time in two years. While lithium led the pack in recording a sharp decline in prices in the three […]",[89473],{"slug":544,"name":543,"content":89474},{"job_title":557,"image":89475,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e8a4f22b-bfa9-4727-aed6-bf7528d9dd58\", \"id\": \"\"}-->",[89478,89479,89480,89481,89482,89483],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":58046,"copyright":547,"fieldtype":553,"meta_data":89485,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Oct 11, 2023",{"id":89488,"uuid":89489,"name":89490,"slug":89491,"full_slug":89492,"content":89493},112470661421076,"5afa5351-610d-4409-a8e0-9a90db766f9f","Benchmark becomes world’s only PRA for lithium and EV battery materials to set Type 2 IOSCO standards across the board","benchmark-becomes-worlds-only-pra-for-lithium-and-ev-battery-materials-to-set-type-2-iosco-standards-across-the-board","article/benchmark-becomes-worlds-only-pra-for-lithium-and-ev-battery-materials-to-set-type-2-iosco-standards-across-the-board",{"_uid":89494,"date":89495,"tags":89496,"editor":89498,"content":89502,"excerpt":89732,"featured":50,"reporter":89733,"_editable":89737,"component":864,"seo_title":89738,"categories":89739,"visibility":2091,"author_company":49,"data_vis_image":89741,"featured_image":89743,"seo_description":89746,"author_full_name":49,"author_job_title":49,"formattedDate":89747},"75243d2d-3ffc-4af9-b7f5-ed81c1235cce","2023-10-10 00:00",[89497],{"slug":9655,"name":9656},[89499],{"slug":544,"name":543,"content":89500},{"job_title":557,"image":89501,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":89503},[89504,89509,89514,89540,89545,89566,89571,89576,89585,89590,89595,89600,89605,89610,89615,89620,89625,89630,89635,89640,89644,89649,89654,89659,89664,89669,89674,89678,89683,89687,89691,89696,89701,89705,89709,89714,89719,89723,89727],{"type":594,"attrs":89505,"content":89506},{"textAlign":49},[89507],{"text":89508,"type":599},"Benchmark becomes world’s only PRA for lithium and EV battery materials to complete a Type 2 assurance engagement with respect to the IOSCO Principles for Price Reporting Agencies",{"type":594,"attrs":89510,"content":89511},{"textAlign":49},[89512],{"text":89513,"type":599},"Benchmark Mineral Intelligence is delighted to announce the successful completion of an independent audit of its policies, processes and controls implemented to adhere to the IOSCO Principles for Price Reporting Agencies (PRA). The audit was conducted by PricewaterhouseCoopers LLP (“PwC”).",{"type":594,"attrs":89515,"content":89516},{"textAlign":49},[89517,89519,89523,89524,89528,89529,89533,89534,89539],{"text":89518,"type":599},"Benchmark was again subject to reasonable assurance by PwC – the highest level of assurance available for an audit – over its activities across the 12 month period (known also as a Type 2 assurance opinion), from 1 October 2022 and 30 September 2023, for all price grades under its ",{"text":8,"type":599,"marks":89520},[89521],{"type":604,"attrs":89522},{"href":2214,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":3400,"type":599},{"text":150,"type":599,"marks":89525},[89526],{"type":604,"attrs":89527},{"href":21711,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":3400,"type":599},{"text":115,"type":599,"marks":89530},[89531],{"type":604,"attrs":89532},{"href":30308,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":1440,"type":599},{"text":89535,"type":599,"marks":89536},"Flake Graphite and Uncoated Spherical GraphitePrice Assessments",[89537],{"type":604,"attrs":89538},{"href":23034,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":89541,"content":89542},{"textAlign":49},[89543],{"text":89544,"type":599},"This audit assures whether throughout this time period, Benchmark adhered to its stated methodology and procedures, as required by the IOSCO Principles using its unique market-specific price assessment methodologies. ",{"type":594,"attrs":89546,"content":89547},{"textAlign":49},[89548,89550,89554,89555,89559,89560,89564],{"text":89549,"type":599},"Further to this, Benchmark was subject to limited assurance by PwC  for the first time – as is industry practice – over its activities as at 30 September 2023 (a Type 1 assurance opinion) against its ",{"text":261,"type":599,"marks":89551},[89552],{"type":604,"attrs":89553},{"href":22973,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":3400,"type":599},{"text":298,"type":599,"marks":89556},[89557],{"type":604,"attrs":89558},{"href":30355,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":1440,"type":599},{"text":2508,"type":599,"marks":89561},[89562],{"type":604,"attrs":89563},{"href":23020,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":89565,"type":599}," Price Assessments in preparation for a reasonable assurance (Type 2) audit in 2024.",{"type":594,"attrs":89567,"content":89568},{"textAlign":49},[89569],{"text":89570,"type":599},"This gives Benchmark subscribers and the lithium ion battery supply chain the confidence that Benchmark’s downstream anode and cathode prices are assessed to the same rigorous standard as its upstream raw material price assessments. ",{"type":594,"attrs":89572,"content":89573},{"textAlign":49},[89574],{"text":89575,"type":599},"Benchmark’s transparency in pushing for this highest level of external audit demonstrates the company’s founding principle to provide the most robust and reliable lithium ion battery supply chain price data for its subscribers. ",{"type":594,"attrs":89577,"content":89578},{"textAlign":49},[89579,89580,89584],{"text":49672,"type":599},{"text":6515,"type":599,"marks":89581},[89582],{"type":604,"attrs":89583},{"href":49677,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":89586,"content":89587},{"level":15966,"textAlign":49},[89588],{"text":89589,"type":599},"Daniel Fletcher-Manuel, Head of Prices, Data & Indices, Benchmark said:",{"type":594,"attrs":89591,"content":89592},{"textAlign":49},[89593],{"text":89594,"type":599},"“I’m proud to say we are the only global PRA to commission Type 2 IOSCO assurance across the depth and breadth of battery materials we do.”",{"type":594,"attrs":89596,"content":89597},{"textAlign":49},[89598],{"text":89599,"type":599},"“It is critical to the success of the energy transition that industry participants can secure long-term, strategic trade partnerships where both risk and reward are shared.”",{"type":594,"attrs":89601,"content":89602},{"textAlign":49},[89603],{"text":89604,"type":599},"“With billions of dollars of trade every year being underpinned by Benchmark Minerals’ prices and as contract mechanisms become increasingly sophisticated, it is vital that we maintain the market’s confidence as the index provider of choice.”",{"type":657,"attrs":89606,"content":89607},{"level":15966,"textAlign":49},[89608],{"text":89609,"type":599},"Caspar Rawles, Chief Data Officer, Benchmark said:",{"type":594,"attrs":89611,"content":89612},{"textAlign":49},[89613],{"text":89614,"type":599},"“Benchmark continues to set the standard by continuing its Type 2 IOSCO assurance over its long standing price assessments for the lithium and battery supply chain. ",{"type":594,"attrs":89616,"content":89617},{"textAlign":49},[89618],{"text":89619,"type":599},"“This achievement highlights our dedication to data quality across the board by commissioning Type 1 IOSCO assurance on our newest Anode, Cathode and Synthetic Graphite Price Assessments, the first step, ready for the Type 2 audit in 2024” ",{"type":594,"attrs":89621,"content":89622},{"textAlign":49},[89623],{"text":89624,"type":599},"“Obtaining Type 2 assurance from a reputable auditor is so crucial to understand the level of detail and rigour that sets Benchmark apart from everyone else. ",{"type":594,"attrs":89626,"content":89627},{"textAlign":49},[89628],{"text":89629,"type":599},"“Type 2 assurance opens our price assessment process up for the whole year, rather than the point in time, spot check approach for Type 1 assurance. ",{"type":594,"attrs":89631,"content":89632},{"textAlign":49},[89633],{"text":89634,"type":599},"“We urge all market participants to ask two questions: one, is every single price you are using Type 2 assured? And two, who is assuring it?",{"type":594,"attrs":89636,"content":89637},{"textAlign":49},[89638],{"text":89639,"type":599},"“PwC is the best in the business for IOSCO audits.”",{"type":657,"attrs":89641,"content":89642},{"level":15966,"textAlign":49},[89643],{"text":49723,"type":599},{"type":594,"attrs":89645,"content":89646},{"textAlign":49},[89647],{"text":89648,"type":599},"“No one has ever reached this level of rigour and accuracy for lithium and battery raw materials prices. ",{"type":594,"attrs":89650,"content":89651},{"textAlign":49},[89652],{"text":89653,"type":599},"“This audit has, yet again, independently demonstrated that there is no market price offering like Benchmark’s.”",{"type":594,"attrs":89655,"content":89656},{"textAlign":49},[89657],{"text":89658,"type":599},"“It is a true first and I am so proud of Benchmark’s prices division.”",{"type":594,"attrs":89660,"content":89661},{"textAlign":49},[89662],{"text":89663,"type":599},"“Benchmark’s level of rigour and detail in setting prices for the lithium ion battery supply chain is unprecedented, unrivalled and something quite special. ",{"type":594,"attrs":89665,"content":89666},{"textAlign":49},[89667],{"text":89668,"type":599},"“Since 2014, we have been laser focused on pioneering battery raw material market price assessments, moving the industry offering away from inaccurate, journalistic methods to a data-first and industry knowledge approach. ",{"type":594,"attrs":89670,"content":89671},{"textAlign":49},[89672],{"text":89673,"type":599},"“This is just one reason why Team Benchmark is the fastest growing and most trusted PRA and data business in the critical minerals, battery and energy transition space.” ",{"type":657,"attrs":89675,"content":89676},{"level":15966,"textAlign":49},[89677],{"text":49738,"type":599},{"type":657,"attrs":89679,"content":89680},{"level":15966,"textAlign":49},[89681],{"text":89682,"type":599},"Reasonable assurance (Type 2): ",{"type":657,"attrs":89684,"content":89685},{"level":15966,"textAlign":49},[89686],{"text":8,"type":599},{"type":657,"attrs":89688,"content":89689},{"level":15966,"textAlign":49},[89690],{"text":2505,"type":599},{"type":594,"attrs":89692,"content":89693},{"textAlign":49},[89694],{"text":89695,"type":599},"Flake graphite – lithium ion battery natural graphite anode feedstock:",{"type":657,"attrs":89697,"content":89698},{"level":15966,"textAlign":49},[89699],{"text":89700,"type":599},"Uncoated Spherical Graphite – The lithium ion battery natural graphite anode precursor:",{"type":657,"attrs":89702,"content":89703},{"level":15966,"textAlign":49},[89704],{"text":115,"type":599},{"type":657,"attrs":89706,"content":89707},{"level":15966,"textAlign":49},[89708],{"text":150,"type":599},{"type":657,"attrs":89710,"content":89711},{"level":15966,"textAlign":49},[89712],{"text":89713,"type":599},"Limited Assurance (Type 1):",{"type":657,"attrs":89715,"content":89716},{"level":15966,"textAlign":49},[89717],{"text":89718,"type":599},"Synthetic Graphite – lithium ion battery synthetic graphite anode feedstock:",{"type":657,"attrs":89720,"content":89721},{"level":15966,"textAlign":49},[89722],{"text":261,"type":599},{"type":657,"attrs":89724,"content":89725},{"level":15966,"textAlign":49},[89726],{"text":298,"type":599},{"type":594,"attrs":89728,"content":89729},{"textAlign":49},[89730],{"text":89731,"type":599},"To learn more about Benchmark’s Price Assessments and to request a sample price report, please fill out this form and we will be in touch.","Benchmark becomes world’s only PRA for lithium and EV battery materials to complete a Type 2 assurance engagement with respect to the IOSCO Principles for Price Reporting Agencies Benchmark Mineral Intelligence is delighted to announce the successful completion of an independent audit of its policies, processes and controls implemented to adhere to the IOSCO Principles […]",[89734],{"slug":544,"name":543,"content":89735},{"job_title":557,"image":89736,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"75243d2d-3ffc-4af9-b7f5-ed81c1235cce\", \"id\": \"\"}-->","Benchmark becomes world’s only PRA for lithium ...",[89740],{"slug":872,"name":873},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":89742},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":89744,"copyright":547,"fieldtype":553,"meta_data":89745,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6ea8b3dea3/bm-battery-image.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark becomes world’s only PRA for lithium and EV battery materials to complete a Type 2 assurance engagement with respect to the IOSCO Principles for Price Reporting Agencies Benchmark Mineral Intelligence is delighted to announce...","Oct 10, 2023",{"id":89749,"uuid":89750,"name":89751,"slug":89752,"full_slug":89753,"content":89754},112470656735251,"8bd6cfd0-89bf-4835-8450-68dbb8447ddd","China’s Huayou and CNGR hope to supply Europe and US from Morocco plants","chinas-huayou-and-cngr-hope-to-supply-europe-and-us-from-morocco-plants","article/chinas-huayou-and-cngr-hope-to-supply-europe-and-us-from-morocco-plants",{"_uid":89755,"date":89495,"tags":89756,"editor":89759,"content":89763,"excerpt":89920,"featured":51,"reporter":89921,"_editable":89925,"component":864,"seo_title":89751,"categories":89926,"visibility":882,"author_company":49,"featured_image":89931,"seo_description":89920,"author_full_name":49,"author_job_title":49,"formattedDate":89747},"dbeb25e0-e5ca-4661-b304-5bd915d2a08c",[89757,89758],{"slug":584,"name":585},{"slug":26098,"name":26099},[89760],{"slug":544,"name":543,"content":89761},{"job_title":557,"image":89762,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":89764},[89765,89775,89780,89785,89790,89795,89806,89811,89816,89821,89832,89844,89849,89854,89859,89864,89869,89874,89879,89884,89889,89900,89905,89910,89915],{"type":594,"attrs":89766,"content":89767},{"textAlign":49},[89768,89773],{"text":26099,"type":599,"marks":89769},[89770],{"type":604,"attrs":89771},{"href":89772,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwi7ydOE-euBAxUMQkEAHfbmAC4QFnoECAwQAQ&url=https%3A%2F%2Fsource.benchmarkminerals.com%2Farticle%2Fphosphate-concerns-drive-chinese-battery-investments-in-morocco&usg=AOvVaw3_AIbsjA3AAKXYH5SlVdHa&opi=89978449",{"text":89774,"type":599}," is becoming a key destination for Chinese investment in the battery supply chain, as companies look to access Europe and North American markets via the country. ",{"type":594,"attrs":89776,"content":89777},{"textAlign":49},[89778],{"text":89779,"type":599},"CNGR and Huayou Cobalt have both announced plans to build capacity in Morocco, with the hope that they can supply US and European customers, and also access supplies of phosphate and other minerals. ",{"type":594,"attrs":89781,"content":89782},{"textAlign":49},[89783],{"text":89784,"type":599},"Moroccan capacity acts as a “fantastic bridge” for Chinese producers, said Benchmark consultant James Mills.",{"type":594,"attrs":89786,"content":89787},{"textAlign":49},[89788],{"text":89789,"type":599},"Morocco has a free trade agreement with the US, meaning that critical minerals from the country could be eligible for subsidies under President Joe Biden’s Inflation Reduction Act. ",{"type":594,"attrs":89791,"content":89792},{"textAlign":49},[89793],{"text":89794,"type":599},"The IRA mandates that a certain percentage of a battery’s critical minerals must be “extracted or processed in the United States or a country with which the United States has a free trade agreement,” in order for automakers to receive $3,750 in tax credits for electric vehicles. ",{"type":594,"attrs":89796,"content":89797},{"textAlign":49},[89798,89800,89804],{"text":89799,"type":599},"In late September, Huayou and LG Chem signed a Memorandum of Understanding (MoU) for a new lithium iron phosphate (LFP) ",{"text":4805,"type":599,"marks":89801},[89802],{"type":604,"attrs":89803},{"href":78902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":89805,"type":599}," plant in the country to supply the North American market. In a separate deal, Huayou Cobalt and LG Chem are partnering over a new lithium conversion facility in Morocco.",{"type":594,"attrs":89807,"content":89808},{"textAlign":49},[89809],{"text":89810,"type":599},"“LFP cathode materials produced at the Morocco plant will be supplied to the North American market and subsidised by the US Inflation Reduction Act (IRA) as Morocco is a signatory to the US Free Trade Agreement (FTA),” LG Chem said. ",{"type":594,"attrs":89812,"content":89813},{"textAlign":49},[89814],{"text":89815,"type":599},"LG Chem said that the two companies could also “adjust” their equity share in the joint venture to meet IRA requirements that prohibit the involvement of “Foreign Entities of Concern” in the battery supply chain. ",{"type":594,"attrs":89817,"content":89818},{"textAlign":49},[89819],{"text":89820,"type":599},"In the same month, CNGR Morocco New Energy and Al Mada, a Moroccan private equity group, formed a joint venture to build 210,000 tonnes of annual capacity in precursor cathode active material (pCAM) and black mass processing on a new $2 billion green industrial complex.",{"type":594,"attrs":89822,"content":89823},{"textAlign":49},[89824,89826,89830],{"text":89825,"type":599},"CNGR and its partners are in talks with Moroccan state miner OCP to secure battery-grade ",{"text":4332,"type":599,"marks":89827},[89828],{"type":604,"attrs":89829},{"href":64459,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":89831,"type":599}," supply, indicating how the country’s vast mineral reserves are a major draw for Chinese investments. ",{"type":594,"attrs":89833,"content":89834},{"textAlign":49},[89835,89837,89842],{"text":89836,"type":599},"The Huayou and CNGR deals followed ",{"text":89838,"type":599,"marks":89839},"announcements",[89840],{"type":604,"attrs":89841},{"href":79167,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":89843,"type":599}," by Chinese cell and battery chemical producers Yahua, Tinci, and Gotion earlier in the year to build facilities in the country. ",{"type":594,"attrs":89845,"content":89846},{"textAlign":49},[89847],{"text":89848,"type":599},"Morocco’s other advantages include its geographical proximity to Europe, lower labour costs relative to Europe, and developed industrial infrastructure. Its energy mix is also changing, offering the potential for emissions savings. ",{"type":594,"attrs":89850,"content":89851},{"textAlign":49},[89852],{"text":89853,"type":599},"“Morocco is planning aggressive renewable energy targets beyond 2030, supporting Western strategic targets for a low-carbon battery value chain,” said Mills. ",{"type":657,"attrs":89855,"content":89856},{"level":15966,"textAlign":49},[89857],{"text":89858,"type":599},"CNGR’s $2 billion plan ",{"type":594,"attrs":89860,"content":89861},{"textAlign":49},[89862],{"text":89863,"type":599},"The joint venture between Al-Mada and CNGR plans to build a 120,000 tonne per year capacity nickel cobalt manganese pCAM plant, a 60,000 tonne per year capacity LFP pCAM plant, and a 30,000 tonne per year capacity plant for black mass processing. ",{"type":594,"attrs":89865,"content":89866},{"textAlign":49},[89867],{"text":89868,"type":599},"Construction is due to begin at the end of 2023 and production is scheduled for 2025.",{"type":594,"attrs":89870,"content":89871},{"textAlign":49},[89872],{"text":89873,"type":599},"CNGR said it would benefit from Morocco’s resources of phosphate and cobalt. The joint venture’s interest in OCP’s phosphate supply shows how the new battery sector will benefit Morocco’s primary extraction economy, said Mills, bringing domestic value-add to its raw material resources. ",{"type":657,"attrs":89875,"content":89876},{"level":15966,"textAlign":49},[89877],{"text":89878,"type":599},"Huayou’s Morocco move ",{"type":594,"attrs":89880,"content":89881},{"textAlign":49},[89882],{"text":89883,"type":599},"Like CNGR, Huayou started out in cobalt mining and refining and has moved further downstream as part of its strategy to enter the wider lithium supply chain whilst maintaining its position in cobalt. ",{"type":594,"attrs":89885,"content":89886},{"textAlign":49},[89887],{"text":89888,"type":599},"Huayou and LG Chem’s planned 50,000 tonne capacity LFP cathode plant in Morocco should begin production in 2026. The partners say they will eventually double precursor production.",{"type":594,"attrs":89890,"content":89891},{"textAlign":49},[89892,89894,89898],{"text":89893,"type":599},"LG Chem has emphasised the strategic value of Moroccan phosphate for its LFP cathode project. Morocco’s ",{"text":2761,"type":599,"marks":89895},[89896],{"type":604,"attrs":89897},{"href":60774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":89899,"type":599}," reserves could also become important given the partnerships’ plans to expand into lithium-manganese-phosphate-iron (LMFP) cathode material production.",{"type":657,"attrs":89901,"content":89902},{"level":15966,"textAlign":49},[89903],{"text":89904,"type":599},"Western markets more crucial than ever",{"type":594,"attrs":89906,"content":89907},{"textAlign":49},[89908],{"text":89909,"type":599},"Western markets now hold increasing importance for Chinese companies like CNGR and Huayou, whose cathode pipeline in China is currently only qualified to sell domestically. ",{"type":594,"attrs":89911,"content":89912},{"textAlign":49},[89913],{"text":89914,"type":599},"After rapidly expanding over 2021 to 2022, Chinese midstream producers have faced a slowdown in EV sales growth over 2023 which has triggered a mounting overcapacity problem in the industry.",{"type":594,"attrs":89916,"content":89917},{"textAlign":49},[89918],{"text":89919,"type":599},"The EU and US offer a vital outlet for Chinese producers as they are growing markets that still do not have enough manufacturing capacity to meet regional demand.","Morocco is becoming a key destination for Chinese investment in the battery supply chain, as companies look to access Europe and North American markets via the country. CNGR and Huayou Cobalt have both announced plans to build capacity in Morocco, with the hope that they can supply US and European customers, and also access supplies […]",[89922],{"slug":544,"name":543,"content":89923},{"job_title":557,"image":89924,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dbeb25e0-e5ca-4661-b304-5bd915d2a08c\", \"id\": \"\"}-->",[89927,89928,89929,89930],{"slug":4805,"name":298},{"slug":880,"name":881},{"slug":2761,"name":2762},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":79350,"copyright":547,"fieldtype":553,"meta_data":89932,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":89934,"uuid":89935,"name":89936,"slug":89937,"full_slug":89938,"content":89939},112470666319893,"712589d8-5141-4d54-b34e-81a73206afea","LG Energy Solution to supply Toyota 20 GWh of batteries from Michigan with new production lines","lg-energy-solution-to-supply-toyota-20-gwh-of-batteries-from-michigan-with-new-production-lines","article/lg-energy-solution-to-supply-toyota-20-gwh-of-batteries-from-michigan-with-new-production-lines",{"_uid":89940,"date":89941,"tags":89942,"editor":89947,"content":89951,"excerpt":90051,"featured":50,"reporter":90052,"_editable":90056,"component":864,"seo_title":89936,"categories":90057,"visibility":882,"author_company":49,"featured_image":90060,"seo_description":90051,"author_full_name":49,"author_job_title":49,"formattedDate":90063},"f5c2e959-b517-4e3d-a416-b0a0a1d37007","2023-10-06 00:00",[89943,89944,89945,89946],{"slug":3117,"name":3118},{"slug":2787,"name":2788},{"slug":56389,"name":16905},{"slug":1375,"name":1376},[89948],{"slug":544,"name":543,"content":89949},{"job_title":557,"image":89950,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":89952},[89953,89963,89968,89973,89978,89983,89988,89993,89998,90011,90016,90021,90034,90044],{"type":594,"attrs":89954,"content":89955},{"textAlign":49},[89956,89961],{"text":8803,"type":599,"marks":89957},[89958],{"type":604,"attrs":89959},{"href":89960,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-planned-lfp-battery-production-capacity-soars-past-europe-with-lges-and-gotion-plants",{"text":89962,"type":599}," will supply Toyota with 20 gigawatt-hours of batteries from its gigafactory in Michigan. This is the Korean battery maker’s largest single supply deal outside of its joint ventures.",{"type":594,"attrs":89964,"content":89965},{"textAlign":49},[89966],{"text":89967,"type":599},"The nickel, cobalt, manganese, aluminium (NCMA) lithium ion pouch cell battery modules will be sent to Toyota in Kentucky where they will be turned into packs before being used in the assembly of Toyota’s US-made electric vehicles.",{"type":594,"attrs":89969,"content":89970},{"textAlign":49},[89971],{"text":89972,"type":599},"To meet this increased demand, LGES will invest KRW 4 trillion (~ $3 billion) to build new production lines at the Michigan facility dedicated to Toyota.",{"type":594,"attrs":89974,"content":89975},{"textAlign":49},[89976],{"text":89977,"type":599},"“The supply agreement represents a significant order for LGES, so much so that they are prepared to boost investment and upgrade infrastructure in Michigan,” Evan Hartley, an analyst at Benchmark, said.",{"type":594,"attrs":89979,"content":89980},{"textAlign":49},[89981],{"text":89982,"type":599},"In March last year, the company announced an investment of $1.7 billion to increase the capacity of the Holland, Michigan gigafactory from 5 GWh to 25 GWh.",{"type":594,"attrs":89984,"content":89985},{"textAlign":49},[89986],{"text":89987,"type":599},"This new investment for production lines dedicated to Toyota will further increase the capacity of the gigafactory to 40 GWh, as confirmed by Benchmark’s contacts at the company.",{"type":594,"attrs":89989,"content":89990},{"textAlign":49},[89991],{"text":89992,"type":599},"Construction of the new lines is expected to be complete by 2025 when the supply deal is due to commence.",{"type":657,"attrs":89994,"content":89995},{"level":15966,"textAlign":49},[89996],{"text":89997,"type":599},"LGES’ automaker relations",{"type":594,"attrs":89999,"content":90000},{"textAlign":49},[90001,90003,90009],{"text":90002,"type":599},"Of the ",{"text":90004,"type":599,"marks":90005},"eight gigafactories LGES",[90006],{"type":604,"attrs":90007},{"href":90008,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lges-expands-north-america-footprint-with-canada-and-arizona-gigafactories",{"text":90010,"type":599}," operates in, or has planned for, North America, six of them are through a joint venture with an automaker.",{"type":594,"attrs":90012,"content":90013},{"textAlign":49},[90014],{"text":90015,"type":599},"LGES’ Holland, Michigan gigafactory is one of the two operated or planned by the company not to be through a joint venture. However, this latest deal highlights how closely the company works with automakers.",{"type":594,"attrs":90017,"content":90018},{"textAlign":49},[90019],{"text":90020,"type":599},"“LGES continues to maintain strong links with leading legacy automakers in North America, ensuring it will be left with very little leftover, unutilised capacity across its large cell production portfolio,” Hartley said.",{"type":594,"attrs":90022,"content":90023},{"textAlign":49},[90024,90026,90032],{"text":90025,"type":599},"In June this year, LGES struck a deal with ",{"text":90027,"type":599,"marks":90028},"Hyundai to build a joint 30 GWh battery plant",[90029],{"type":604,"attrs":90030},{"href":90031,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/hyundai-announces-second-us-battery-jv-with-4-3-billion-lges-gigafactory",{"text":90033,"type":599}," in Georgia for $4.3 billion, and announced an additional $2 billion in August. It also has several more gigafactories planned with automakers: three with GM in the US, one with Honda in Ohio, and a Canadian gigafactory with Stellantis.",{"type":594,"attrs":90035,"content":90036},{"textAlign":49},[90037,90042],{"text":90038,"type":599,"marks":90039},"Partnering up with automakers is seen as a wider trend in North America",[90040],{"type":604,"attrs":90041},{"href":81455,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":90043,"type":599},". Benchmark’s Gigafactory Assessment shows that 43% of North America’s 1.3 TWh 2030 pipeline capacity is from joint ventures between battery makers and automakers.",{"type":594,"attrs":90045,"content":90046},{"textAlign":49},[90047],{"type":1186,"attrs":90048},{"id":49,"alt":547,"src":90049,"title":49,"source":49,"copyright":49,"meta_data":90050},"https://a.storyblok.com/f/287943243085208/e134295ffe/bm-lges-na-presence-1-130669256d35.png",{},"LG Energy Solution will supply Toyota with 20 gigawatt-hours of batteries from its gigafactory in Michigan. This is the Korean battery maker’s largest single supply deal outside of its joint ventures. The nickel, cobalt, manganese, aluminium (NCMA) lithium ion pouch cell battery modules will be sent to Toyota in Kentucky where they will be turned […]",[90053],{"slug":544,"name":543,"content":90054},{"job_title":557,"image":90055,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f5c2e959-b517-4e3d-a416-b0a0a1d37007\", \"id\": \"\"}-->",[90058,90059],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":90061,"copyright":547,"fieldtype":553,"meta_data":90062,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e47c8786cc/bm-lg-energy-solution-expands-holland-manufacturing-plant-with-1-7-billion-investment-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 06, 2023",{"id":90065,"uuid":90066,"name":90067,"slug":90068,"full_slug":90069,"content":90070},112470686681113,"fb1714ee-bcb3-4d2d-84eb-cb8035c75560","Saudi Arabia backs lithium startups as it sharpens upstream focus","saudi-arabia-backs-lithium-startups-as-it-sharpens-upstream-focus","article/saudi-arabia-backs-lithium-startups-as-it-sharpens-upstream-focus",{"_uid":90071,"date":90072,"tags":90073,"editor":90077,"content":90081,"excerpt":90243,"featured":50,"reporter":90244,"_editable":90248,"component":864,"seo_title":90067,"categories":90249,"visibility":882,"author_company":49,"featured_image":90253,"seo_description":90243,"author_full_name":49,"author_job_title":49,"formattedDate":90257},"79221e18-fe78-4a64-9217-7cf222029ea6","2023-10-04 00:00",[90074,90075,90076],{"slug":584,"name":585},{"slug":25567,"name":19549},{"slug":1375,"name":1376},[90078],{"slug":544,"name":543,"content":90079},{"job_title":557,"image":90080,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":90082},[90083,90093,90098,90103,90122,90127,90140,90143,90148,90153,90158,90163,90168,90173,90178,90183,90188,90193,90198,90203,90208,90213,90218,90223,90228,90233,90238],{"type":594,"attrs":90084,"content":90085},{"textAlign":49},[90086,90091],{"text":19549,"type":599,"marks":90087},[90088],{"type":604,"attrs":90089},{"href":90090,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwj80IW7sNyBAxV4SkEAHXsTBpoQFnoECBIQAQ&url=https%3A%2F%2Fsource.benchmarkminerals.com%2Farticle%2Ffrom-oil-to-lithium-how-saudi-arabia-is-building-a-battery-supply-chain&usg=AOvVaw0kZL-3MWhWNwkh-9v3EjGp&opi=89978449",{"text":90092,"type":599}," is moving further upstream in the battery supply chain, investing in two lithium companies over the past month, as the country emerges as a major capital allocator in the sector.",{"type":594,"attrs":90094,"content":90095},{"textAlign":49},[90096],{"text":90097,"type":599},"Last month, Saudi investment firm Energy Capital Group invested an undisclosed sum into US lithium metal battery startup Pure Lithium, which says it has developed a process for making lithium metal electrodes.",{"type":594,"attrs":90099,"content":90100},{"textAlign":49},[90101],{"text":90102,"type":599},"In a separate September deal, Saudi state-owned National Lithium Company signed a memorandum of understanding (MoU) with Australian miner Abyssinian Metals, which is developing the Kenticha project in southern Ethiopia. ",{"type":594,"attrs":90104,"content":90105},{"textAlign":49},[90106,90108,90113,90115,90120],{"text":90107,"type":599},"The deals came just over a month after Saudi Arabia bought a 10% stake in Brazilian miner Vale’s nickel and copper unit for ",{"text":90109,"type":599,"marks":90110},"$3.5 billion",[90111],{"type":604,"attrs":90112},{"href":31804,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":90114,"type":599},", its first ever battery mining investment. In June Australian startup European Lithium and Saudi Arabia’s Obeikan Investment Group also announced an agreement to build and operate a",{"text":90116,"type":599,"marks":90117}," lithium hydroxide",[90118],{"type":604,"attrs":90119},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":90121,"type":599}," refinery in Saudi Arabia.",{"type":594,"attrs":90123,"content":90124},{"textAlign":49},[90125],{"text":90126,"type":599},"“I expect Saudi’s battery supply chain to rapidly build out over the next decade. Undoubtedly, all the major agencies and companies in Saudi are pushing to ensure security of supply,” said Benchmark consultant Ahmed Mehdi.",{"type":594,"attrs":90128,"content":90129},{"textAlign":49},[90130,90132,90138],{"text":90131,"type":599},"Saudi Arabia ",{"text":90133,"type":599,"marks":90134},"accelerated",[90135],{"type":604,"attrs":90136},{"href":90137,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/from-oil-to-lithium-how-saudi-arabia-is-building-a-battery-supply-chain",{"text":90139,"type":599}," its entry into the lithium ion sector this year, investing around $13 billion across the battery value chain between January and September 2023.",{"type":594,"attrs":90141,"content":90142},{"textAlign":49},[],{"type":594,"attrs":90144,"content":90145},{"textAlign":49},[90146],{"text":90147,"type":599},"These investments are designed to support the Saudi production target of 500,000 EVs a year by 2030, part of its longer term strategy to reduce the share of non-oil exports in its GDP under the government’s Vision 2030 economic reform programme. ",{"type":594,"attrs":90149,"content":90150},{"textAlign":49},[90151],{"text":90152,"type":599},"Yet Saudi Arabia’s entry into lithium ion raw materials serves geostrategic ambitions as much as a national economic agenda, with reports emerging that its government is in talks with the US over a $15 billion global battery mining venture centred on Africa.",{"type":594,"attrs":90154,"content":90155},{"textAlign":49},[90156],{"text":90157,"type":599},"Oman is another Middle Eastern oil power entering lithium ion to diversify its fossil-dependent economy. On September 6, the country’s sovereign wealth fund announced it will buy a minority stake in Our Next Energy, a US cell maker specialising in lithium iron phosphate (LFP). It is the fund’s third lithium ion investment in the last year.",{"type":657,"attrs":90159,"content":90160},{"level":15966,"textAlign":49},[90161],{"text":90162,"type":599},"Saudi Arabia sustains midstream investments",{"type":594,"attrs":90164,"content":90165},{"textAlign":49},[90166],{"text":90167,"type":599},"Saudi Arabia’s investment into US startup Pure Lithium shows the Kingdom is not averse to backing next-generation battery technologies.",{"type":594,"attrs":90169,"content":90170},{"textAlign":49},[90171],{"text":90172,"type":599},"Pure Lithium has developed a way of using waste feedstock to make pure lithium metal electrodes, components for lithium metal batteries that offer higher energy density than lithium ion but are not yet widely available.",{"type":594,"attrs":90174,"content":90175},{"textAlign":49},[90176],{"text":90177,"type":599},"“This investment into Pure Lithium shows Saudi Arabia’s blended approach towards lithium ion investments: both venture financing of startups like these and investments into established firms,” noted Ahmed Medhi.",{"type":594,"attrs":90179,"content":90180},{"textAlign":49},[90181],{"text":90182,"type":599},"Difficulties sourcing enough ultra-high purity lithium metals pose barriers to commercialisation but Pure Lithium intends to source low-cost lithium salts from oilfield brines, a byproduct of the petroleum industry. ",{"type":594,"attrs":90184,"content":90185},{"textAlign":49},[90186],{"text":90187,"type":599},"Through its new partnership with Saudi Arabia, the company aims to establish a brine-to-battery production chain. If successfully scaled, the method could open a stock of lithium within Saudi Arabia itself, diversifying the Kingdom’s raw material sources and ensuring greater supply security for its EV industry. ",{"type":594,"attrs":90189,"content":90190},{"textAlign":49},[90191],{"text":90192,"type":599},"More downstream Saudi investments are in the works as the government strives to build out a complete battery supply chain. It is searching for a technical partner for the country’s first cell factory, aiming for an annual capacity of between 15 and 20 gigawatt hours (GWh).",{"type":657,"attrs":90194,"content":90195},{"level":15966,"textAlign":49},[90196],{"text":90197,"type":599},"Raw materials for Saudi Arabian EVs",{"type":594,"attrs":90199,"content":90200},{"textAlign":49},[90201],{"text":90202,"type":599},"The lithium MoU between Abyssinian Metals Limited and National Lithium Company is to be replaced by binding agreements that would increase the Saudi investment from an initial $1 million to $10 million. On top of this, a further equity investment from National Lithium Company would secure it with a 19.9% stake in the miner once it goes public.",{"type":594,"attrs":90204,"content":90205},{"textAlign":49},[90206],{"text":90207,"type":599},"The new binding agreements would also commit Abyssinian to delivering an unspecified volume of prepaid spodumene concentrate for Saudi Arabia’s domestic lithium processing pipeline, which currently consists of two planned hydroxide facilities that forecast to together produce 18,050 tonnes LCE of material by 2032, according to Benchmark data. ",{"type":594,"attrs":90209,"content":90210},{"textAlign":49},[90211],{"text":90212,"type":599},"Security of lithium supply is crucial for building Saudi Arabia’s domestic chemicals-to-EV manufacturing supply chain, a goal that came into closer view on September 28 when majority Saudi-owned EV producer Lucid Motors announced it had opened the country’s first EV plant in Jeddah. Saudi EV brand Ceer is constructing another.",{"type":594,"attrs":90214,"content":90215},{"textAlign":49},[90216],{"text":90217,"type":599},"Abyssinian Metals Limited’s Kenticha pegmatite project, scheduled to come online from late 2023, is due to produce 9,025 LCE tonnes of lithium by 2030, according to Benchmark data. Saudi Arabia’s forecast lithium demand in 2030 is between 25 to 30 kilotonnes LCE.",{"type":657,"attrs":90219,"content":90220},{"level":15966,"textAlign":49},[90221],{"text":90222,"type":599},"Saudi Arabia strengthens US ties",{"type":594,"attrs":90224,"content":90225},{"textAlign":49},[90226],{"text":90227,"type":599},"With global lithium deficits due from 2028, control over battery mining capacity has become a focal point for geopolitical rivalries between the West and China. ",{"type":594,"attrs":90229,"content":90230},{"textAlign":49},[90231],{"text":90232,"type":599},"This geostrategic component of Saudi mining ventures came to the fore after the Wall Street Journal reported Saudi Arabia is in talks with the US to develop energy transition mining assets in Africa, a collaboration that would grant US firms buying rights to some of the output. ",{"type":594,"attrs":90234,"content":90235},{"textAlign":49},[90236],{"text":90237,"type":599},"Africa is becoming a new site of resource competition between China and the West with producers jostling to develop projects there. The continent’s share of global lithium supply will increase from 1% to 12% between 2022 and 2033, according to Benchmark data. ",{"type":594,"attrs":90239,"content":90240},{"textAlign":49},[90241],{"text":90242,"type":599},"Within this context, Saudi Arabia’s push into battery mining aims to maintain the geopolitical standing it has built on the back petroleum exports even while it diversifies economically. ","Saudi Arabia is moving further upstream in the battery supply chain, investing in two lithium companies over the past month, as the country emerges as a major capital allocator in the sector. Last month, Saudi investment firm Energy Capital Group invested an undisclosed sum into US lithium metal battery startup Pure Lithium, which says it […]",[90245],{"slug":544,"name":543,"content":90246},{"job_title":557,"image":90247,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"79221e18-fe78-4a64-9217-7cf222029ea6\", \"id\": \"\"}-->",[90250,90251,90252],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":90254,"name":547,"focus":547,"title":90254,"source":547,"filename":90255,"copyright":547,"fieldtype":553,"meta_data":90256,"is_external_url":51},"Plug in a modern electric car with flag of saudi arabia. conceptual animation 3D rendering","https://a.storyblok.com/f/287943243085208/e2bd99442c/bm-shutterstock-1918544507.jpg",{"alt":90254,"title":90254,"source":547,"copyright":547},"Oct 04, 2023",{"id":90259,"uuid":90260,"name":90261,"slug":90262,"full_slug":90263,"content":90264},112470681339928,"e3820883-1287-4673-a1ab-8cfb12b85620","More phosphoric acid refining capacity needed as LFP demand increases","more-phosphoric-acid-refining-capacity-needed-as-lfp-demand-increases","article/more-phosphoric-acid-refining-capacity-needed-as-lfp-demand-increases",{"_uid":90265,"date":90072,"tags":90266,"editor":90269,"content":90273,"excerpt":90398,"featured":51,"reporter":90399,"_editable":90403,"component":864,"seo_title":90261,"categories":90404,"visibility":2091,"author_company":49,"featured_image":90407,"seo_description":90398,"author_full_name":49,"author_job_title":49,"formattedDate":90257},"648edcaf-1ef2-4017-bf8a-48c220b886d2",[90267,90268],{"slug":9655,"name":9656},{"slug":67526,"name":67527},[90270],{"slug":544,"name":543,"content":90271},{"job_title":557,"image":90272,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":90274},[90275,90280,90285,90295,90300,90310,90315,90320,90325,90330,90335,90342,90347,90352,90357,90362,90367,90372,90377,90391],{"type":594,"attrs":90276,"content":90277},{"textAlign":49},[90278],{"text":90279,"type":599},"Demand for lithium-iron-phosphate (LFP) batteries is on the rise as automakers look for ways to further reduce the cost of electric vehicles. ",{"type":594,"attrs":90281,"content":90282},{"textAlign":49},[90283],{"text":90284,"type":599},"Securing raw material supply to meet increased demand for batteries will continue to be a trend in coming years, with attention from automakers now turning to the phosphoric acid supply chain. ",{"type":594,"attrs":90286,"content":90287},{"textAlign":49},[90288,90290,90294],{"text":90289,"type":599},"The automotive sector currently represents about 5% of purified phosphoric acid (PPA) demand, but that number is expected to jump to 24% by 2030. This emerging demand will need to be satisfied by new sources of supply, according to Benchmark’s recently released ",{"text":67542,"type":599,"marks":90291},[90292],{"type":604,"attrs":90293},{"href":64459,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":90296,"content":90297},{"textAlign":49},[90298],{"text":90299,"type":599},"“Understanding how phosphoric acid capacity will scale is of critical importance to the lithium-ion economy and its longer-term technological evolution,” Maximilian Court, product director at Benchmark, said.",{"type":594,"attrs":90301,"content":90302},{"textAlign":49},[90303,90305,90309],{"text":90304,"type":599},"Increasing lithium-ion battery demand paired with a rising intensity of PPA usage is set to increase the need for this raw material in cathodes by more than 28 times compared with 2020, according to Benchmark’s ",{"text":67542,"type":599,"marks":90306},[90307],{"type":604,"attrs":90308},{"href":64459,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":90311,"content":90312},{"textAlign":49},[90313],{"text":90314,"type":599},"Furthermore, next-generation LFP and lithium manganese iron phosphate (LFMP) cathode chemistries are more energy dense, lower cost, and safer. These chemistries are expected to comprise a 42% share of cell demand by 2030.",{"type":657,"attrs":90316,"content":90317},{"level":15966,"textAlign":49},[90318],{"text":90319,"type":599},"Bottleneck expected in phosphate refining ",{"type":594,"attrs":90321,"content":90322},{"textAlign":49},[90323],{"text":90324,"type":599},"Supply of phosphate rock is unlikely to be a constraint going forward, with six countries producing 81% of the world’s total output. China and Morocco host the largest producers, which include Guizhou Phosphate & Chemical Group (GPC) and OCP, respectively.",{"type":594,"attrs":90326,"content":90327},{"textAlign":49},[90328],{"text":90329,"type":599},"But phosphate rock has to be refined to reach a purity level essential for batteries. Phosphoric acid purification, to food grade standards or higher, is important because it ensures that heavy metals are removed and allows lithium-ions to have an easy passage from one electrode to the other. ",{"type":594,"attrs":90331,"content":90332},{"textAlign":49},[90333],{"text":90334,"type":599},"Only 3% of total phosphate product supply is currently suitable for lithium ion battery applications given refinement qualifications. For LFP, food grade purified phosphoric acid (PPA) supply is needed, with demand for this battery input so far being driven by food and industrial usage. ",{"type":594,"attrs":90336,"content":90337},{"textAlign":49},[90338],{"type":1186,"attrs":90339},{"id":49,"alt":547,"src":90340,"title":49,"source":49,"copyright":49,"meta_data":90341},"https://a.storyblok.com/f/287943243085208/1340453a76/bm-screenshot-2023-10-05-085333.png",{},{"type":594,"attrs":90343,"content":90344},{"textAlign":49},[90345],{"text":90346,"type":599},"As with some other battery raw materials, China has a dominant position in refining phosphate rock into PPA. The country had almost two-thirds of capacity in 2022.",{"type":594,"attrs":90348,"content":90349},{"textAlign":49},[90350],{"text":90351,"type":599},"Much processing from rock to PPA is conducted domestically because the global average grade of phosphate rock products is around 30% and transporting 70% waste is unattractive economically.",{"type":594,"attrs":90353,"content":90354},{"textAlign":49},[90355],{"text":90356,"type":599},"“The concentration of supply in China is set to be a key challenge for OEMs and governments over the coming forecast horizon – not just as a political, country problem but also due to the economic risks of being overly dependent on one nation for key raw material supply,” Court said.",{"type":594,"attrs":90358,"content":90359},{"textAlign":49},[90360],{"text":90361,"type":599},"There are just three PPA expansion projects outside of China, with all existing production supplied to incumbent customers. What’s more, Benchmark expects PPA supply from the rest of the world excluding China to lose market share by the end of the decade, declining from 42% in 2022 to 33% by 2030.",{"type":594,"attrs":90363,"content":90364},{"textAlign":49},[90365],{"text":90366,"type":599},"“Securing sources of PPA supply outside of China will be necessary for Western gigafactories. It’s really important that western OEMs, governments and businesses address upcoming market deficits now,” Jessica Roberts, Benchmark’s head of forecasting, said.",{"type":594,"attrs":90368,"content":90369},{"textAlign":49},[90370],{"text":90371,"type":599},"As with some other battery raw materials, the global phosphorus supply chain needs investment in PPA refining capacity to meet supply for batteries. Around $100 million in capital investment is required for a 30,000 tonne PPA plant and many of these large-scale facilities will be required in order to satisfy market deficits expected by 2030. ",{"type":594,"attrs":90373,"content":90374},{"textAlign":49},[90375],{"text":90376,"type":599},"“Large capital investment will be required in a timely fashion to support the LFP – and broader lithium-ion battery supply chain – yet only three expansion projects are currently committed to by ex-China producers,” Court said.",{"type":594,"attrs":90378,"content":90379},{"textAlign":49},[90380,90384,90387],{"text":90381,"type":599,"marks":90382},"Benchmark’s newly released ",[90383],{"type":643},{"text":67542,"type":599,"marks":90385},[90386],{"type":643},{"text":90388,"type":599,"marks":90389}," service assesses phosphoric acid and P2O5 market balance for supply, demand and prices with a high-level cost breakdown out to 2030 on a quarterly basis.",[90390],{"type":643},{"type":594,"attrs":90392,"content":90393},{"textAlign":49},[90394],{"text":90395,"type":599,"marks":90396},"To see more detail and speak to our team about the new service, please provide your details here:",[90397],{"type":643},"Demand for lithium-iron-phosphate (LFP) batteries is on the rise as automakers look for ways to further reduce the cost of electric vehicles. Securing raw material supply to meet increased demand for batteries will continue to be a trend in coming years, with attention from automakers now turning to the phosphoric acid supply chain. The automotive […]",[90400],{"slug":544,"name":543,"content":90401},{"job_title":557,"image":90402,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"648edcaf-1ef2-4017-bf8a-48c220b886d2\", \"id\": \"\"}-->",[90405,90406],{"slug":872,"name":873},{"slug":4332,"name":4333},{"id":49,"alt":67689,"name":547,"focus":547,"title":67689,"source":547,"filename":67690,"copyright":547,"fieldtype":553,"meta_data":90408,"is_external_url":51},{"alt":67689,"title":67689,"source":547,"copyright":547},{"id":90410,"uuid":90411,"name":90412,"slug":90413,"full_slug":90414,"content":90415},112470715439136,"1d72ef60-3709-4d83-b64e-bda8711694de","Japan needs to build more refineries to reduce lithium dependence","japan-needs-to-build-more-refineries-to-reduce-lithium-dependence","article/japan-needs-to-build-more-refineries-to-reduce-lithium-dependence",{"_uid":90416,"date":90417,"tags":90418,"editor":90423,"content":90427,"excerpt":90550,"featured":50,"reporter":90551,"_editable":90555,"component":864,"seo_title":90412,"categories":90556,"visibility":882,"author_company":49,"featured_image":90562,"seo_description":90550,"author_full_name":49,"author_job_title":49,"formattedDate":90566},"5abdc74f-4b15-4a90-91c5-3b6ea4c8b0c4","2023-09-29 00:00",[90419,90422],{"slug":90420,"name":90421},"battery-gigafactories-asia-pacific-2023","Battery Gigafactories Asia Pacific 2023",{"slug":6290,"name":2052},[90424],{"slug":544,"name":543,"content":90425},{"job_title":557,"image":90426,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":90428},[90429,90440,90445,90450,90455,90460,90465,90470,90483,90488,90501,90512,90517,90522,90527,90540,90545],{"type":594,"attrs":90430,"content":90431},{"textAlign":49},[90432,90434,90438],{"text":90433,"type":599},"Japan will remain dependent on lithium ",{"text":18142,"type":599,"marks":90435},[90436],{"type":604,"attrs":90437},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":90439,"type":599}," from China for cathode production unless the country deploys capital to develop its domestic lithium refining industry. ",{"type":594,"attrs":90441,"content":90442},{"textAlign":49},[90443],{"text":90444,"type":599},"Giving a keynote presentation at Benchmark’s Battery Gigafactories Asia Pacific 2023, Cameron Perks, principal analyst at Benchmark, said Japan currently needs about 50,000 tonnes of lithium carbonate equivalent (LCE) to produce cathodes. That number is expected to double in the next ten years, as Japan remains a top nickel cobalt aluminium (NCM) cathode producer.",{"type":594,"attrs":90446,"content":90447},{"textAlign":49},[90448],{"text":90449,"type":599},"“It’s not huge compared to the amount of material that the market needs, but there are a number of risks involved with future supply,” Perks said. “The issues going forward will be supply availability, being exposed to Chinese spot prices and technical grade material coming from South America.” ",{"type":594,"attrs":90451,"content":90452},{"textAlign":49},[90453],{"text":90454,"type":599},"Currently, Japan is quite dependent on output from Chile and Argentina. Perks pointed out that Japan will hinge on brine expansion plans in those countries, where not all supply will be battery grade.",{"type":594,"attrs":90456,"content":90457},{"textAlign":49},[90458],{"text":90459,"type":599},"“Unless there are lithium carbonate technical grade purification plants being built here in Japan, more and more lithium will come from China, even if it is from brine, especially while a lot of these brine producers are ramping up,” Perks said.",{"type":594,"attrs":90461,"content":90462},{"textAlign":49},[90463],{"text":90464,"type":599},"Allkem’s Naraha lithium hydroxide plant in Japan, which is under construction, is expected to be producing about 9,000 tonnes LCE by 2030, using brine from Argentina.",{"type":657,"attrs":90466,"content":90467},{"level":15966,"textAlign":49},[90468],{"text":90469,"type":599},"Battery cell production",{"type":594,"attrs":90471,"content":90472},{"textAlign":49},[90473,90475,90481],{"text":90474,"type":599},"Perks also said Japan currently has a ",{"text":90476,"type":599,"marks":90477},"leading role in lithium ion battery technology",[90478],{"type":604,"attrs":90479},{"href":90480,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/japans-role-in-developing-the-lithium-ion-battery-industry",{"text":90482,"type":599}," but it’s not a main cell production player. ",{"type":594,"attrs":90484,"content":90485},{"textAlign":49},[90486],{"text":90487,"type":599},"“China is absolutely tearing away from everyone else in terms of battery cell production and, interestingly, there’s a risk that Japan’s impressive historical role in lithium ion will be supplanted by others like the US and Europe,” Perks said. ",{"type":594,"attrs":90489,"content":90490},{"textAlign":49},[90491,90493,90499],{"text":90492,"type":599},"While ",{"text":90494,"type":599,"marks":90495},"Japan has set a target",[90496],{"type":604,"attrs":90497},{"href":90498,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-japan-hit-its-2030-target-of-20-battery-market-share",{"text":90500,"type":599}," to develop 150 GWh of domestic battery cell production by the end of the decade, Benchmark forecasts the country will produce about 30 GWh of battery cells in 2023. ",{"type":594,"attrs":90502,"content":90503},{"textAlign":49},[90504,90506,90511],{"text":90505,"type":599},"China is expected to account for 915 GWh of battery cell supply this year — that’s about 80 percent of the world’s output, according to ",{"text":90507,"type":599,"marks":90508},"Benchmark’s Lithium ion Batteries Forecast",[90509],{"type":604,"attrs":90510},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":90513,"content":90514},{"textAlign":49},[90515],{"text":90516,"type":599},"“Japan is producing a lot of cathode and exporting its technology and know-how to other places where cells are made,” Perks said. ",{"type":594,"attrs":90518,"content":90519},{"textAlign":49},[90520],{"text":90521,"type":599},"Financing will be needed to develop more capacity, with Benchmark estimating, in a base case scenario, that about $51 billion will be needed to plug the global lithium market balance gap expected by 2030. ",{"type":594,"attrs":90523,"content":90524},{"textAlign":49},[90525],{"text":90526,"type":599},"“Japan has a number of very important large auto manufacturers with large research and development budgets, which was in the order of $20 billion in 2022 alone,” Perks said. “There should be enough money floating around, but it is not just about throwing money at the problem, it is also about environmental, social and governance, cost and viability.”",{"type":594,"attrs":90528,"content":90529},{"textAlign":49},[90530,90532,90538],{"text":90531,"type":599},"During a presentation at the Tokyo event, Hidetaka Nishimura, deputy director general at the Ministry of Economy, Trade and Industry, Japan, ",{"text":90533,"type":599,"marks":90534},"called for more collaboration globally",[90535],{"type":604,"attrs":90536},{"href":90537,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-japan-call-for-global-collaboration-to-meet-growing-battery-demand",{"text":90539,"type":599}," to support the energy transition. ",{"type":594,"attrs":90541,"content":90542},{"textAlign":49},[90543],{"text":90544,"type":599},"“Given that the battery supply chain is huge and unfortunately Japan is a resource-poor country we recognise the importance of strengthening global cooperation to secure battery metals, upstream resources, and to make the supply chain more resilient,” he said. ",{"type":594,"attrs":90546,"content":90547},{"textAlign":49},[90548],{"text":90549,"type":599},"Last week, Japan signed a battery supply chain agreement with Canada, which could give the Asian country access to the key battery raw materials it needs. It could also potentially give access to US subsidies for its automakers. ","Japan will remain dependent on lithium supply from China for cathode production unless the country deploys capital to develop its domestic lithium refining industry. Giving a keynote presentation at Benchmark’s Battery Gigafactories Asia Pacific 2023, Cameron Perks, principal analyst at Benchmark, said Japan currently needs about 50,000 tonnes of lithium carbonate equivalent (LCE) to produce […]",[90552],{"slug":544,"name":543,"content":90553},{"job_title":557,"image":90554,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5abdc74f-4b15-4a90-91c5-3b6ea4c8b0c4\", \"id\": \"\"}-->",[90557,90558,90559,90560,90561],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":90563,"name":547,"focus":547,"title":90563,"source":547,"filename":90564,"copyright":547,"fieldtype":553,"meta_data":90565,"is_external_url":51},"Cameron Perks, principal analyst at Benchmark, giving a presentation.","https://a.storyblok.com/f/287943243085208/ab2b4c8185/bm-cameron-perks-1305773e81f3.jpg",{"alt":90563,"title":90563,"source":547,"copyright":547},"Sep 29, 2023",{"id":90568,"uuid":90569,"name":90570,"slug":90571,"full_slug":90572,"content":90573},112470705793054,"2d9d2da6-059b-4298-99cf-94c344c620ab","“The Inflation Reduction Act has really shifted the whole battery industry towards North America.” Q&A with Vianode CEO Hans Erik Vatne","the-inflation-reduction-act-has-really-shifted-the-whole-battery-industry-towards-north-america-qa-with-vianode-ceo-hans-erik-vatne","article/the-inflation-reduction-act-has-really-shifted-the-whole-battery-industry-towards-north-america-qa-with-vianode-ceo-hans-erik-vatne",{"_uid":90574,"date":90417,"tags":90575,"editor":90583,"content":90587,"excerpt":90723,"featured":50,"reporter":90724,"_editable":90728,"component":864,"seo_title":90570,"categories":90729,"visibility":882,"author_company":49,"featured_image":90732,"seo_description":90723,"author_full_name":49,"author_job_title":49,"formattedDate":90566},"702069d5-754d-4a87-8ff5-a14072359e59",[90576,90577,90578,90579,90580],{"slug":46859,"name":46860},{"slug":2787,"name":2788},{"slug":18915,"name":18916},{"slug":1375,"name":1376},{"slug":90581,"name":90582},"vianode","Vianode",[90584],{"slug":544,"name":543,"content":90585},{"job_title":557,"image":90586,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":90588},[90589,90600,90611,90616,90621,90626,90631,90636,90641,90646,90651,90656,90661,90666,90671,90676,90681,90686,90693,90698,90703,90708,90713,90718],{"type":594,"attrs":90590,"content":90591},{"textAlign":49},[90592,90594,90598],{"text":90593,"type":599},"Norwegian anode startup Vianode, which is owned by Elkem, Hydro and Altor, is considering building its first large-scale ",{"text":30329,"type":599,"marks":90595},[90596],{"type":604,"attrs":90597},{"href":70937,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":90599,"type":599}," plant in North America rather than Europe, due to the subsidies available in the Inflation Reduction Act. ",{"type":594,"attrs":90601,"content":90602},{"textAlign":49},[90603,90605,90610],{"text":90604,"type":599},"The plant is likely to have a capacity to produce around 50,000 tonnes a year of ",{"text":30329,"type":599,"marks":90606},[90607],{"type":604,"attrs":90608},{"href":90609,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/synthetic-graphite/analysis/",{"text":17632,"type":599},{"type":594,"attrs":90612,"content":90613},{"textAlign":49},[90614],{"text":90615,"type":599},"It comes after Vianode announced in September 2022 that it would invest NOK 2bn ($182m) into an initial planned anode facility in Herøya, Norway, to be in production in 2024. ",{"type":594,"attrs":90617,"content":90618},{"textAlign":49},[90619],{"text":90620,"type":599},"The company eventually wants to build two larger full-scale plants, one in North America, and the other in Europe, with an eventual target of being able to produce 200,000 tonnes a year of synthetic graphite, enough for up to 2-3 million electric vehicles. ",{"type":594,"attrs":90622,"content":90623},{"textAlign":49},[90624],{"text":90625,"type":599},"Benchmark Source sat down with the company’s interim chief executive Hans Erik Vatne to learn more. He previously worked for Norsk Hydro for 27 years.",{"type":657,"attrs":90627,"content":90628},{"level":15966,"textAlign":49},[90629],{"text":90630,"type":599},"Have you changed your plans with regard to the location of your first plant? ",{"type":594,"attrs":90632,"content":90633},{"textAlign":49},[90634],{"text":90635,"type":599},"We actually had a dual strategy – we said we wanted a large scale plant both in Europe and North America. And then we have done our technology development in Norway. We have this industrialization customer qualification plant in Norway, so it will be natural to build the first plant in Norway where we know how things work. But with the new Inflation Reduction Act in the US we’ve had to revisit this. ",{"type":594,"attrs":90637,"content":90638},{"textAlign":49},[90639],{"text":90640,"type":599},"So now we are in the process of selecting the first large-scale site. The strategy is clear. We want production in both places, but the decision on where the first large-scale plant will be depend very much on the incentives, the duties, the support we can get. And also of course, the customer demand. What we have seen is that the Inflation Reduction Act has really shifted the whole battery industry towards North America. The demand from customers is just tremendous.",{"type":594,"attrs":90642,"content":90643},{"textAlign":49},[90644],{"text":90645,"type":599},"We need to be where the customers want us to be so we haven’t decided yet but we will make the decision this autumn.",{"type":657,"attrs":90647,"content":90648},{"level":15966,"textAlign":49},[90649],{"text":90650,"type":599},"Can you tell us about your value proposition compared to current production?",{"type":594,"attrs":90652,"content":90653},{"textAlign":49},[90654],{"text":90655,"type":599},"Our value proposition is about sustainability, the ability to produce graphite with our own developed proprietary technology which then provides graphite with a carbon footprint reduction of 90%, or even more, than the industry standard. But it’s not only about CO2, it’s also reduced energy and resource consumption. It’s also a closed furnace technology with off-gas treatment, which means there is not an open pit as we see in China, where companies emit a lot of dust, sulphur and heavy metals just up in the air. We are introducing new technology, with better utilising of both energy and resources and having a far better sustainability footprint. ",{"type":594,"attrs":90657,"content":90658},{"textAlign":49},[90659],{"text":90660,"type":599},"There is a growing concern about the sustainability of batteries.",{"type":594,"attrs":90662,"content":90663},{"textAlign":49},[90664],{"text":90665,"type":599},"Carbon is really quite cheap relative to other battery materials. Graphite is the cheapest and easiest way to reduce the total carbon footprint of the battery cell.",{"type":594,"attrs":90667,"content":90668},{"textAlign":49},[90669],{"text":90670,"type":599},"And then also what interests us is recycling after the use of the battery. We’ll look at the opportunity of recycling the graphite as well. Today recycling and circularity has a very strong focus on cobalt and nickel but we have started more on the R&D side to look at recycling the graphite. Today that’s totally ignored because the value is so low compared to the other [minerals.] But we think there is a very good opportunity to do that. And laboratory testing has shown very promising results. So that will also be a part of our business case going forward.",{"type":657,"attrs":90672,"content":90673},{"level":15966,"textAlign":49},[90674],{"text":90675,"type":599},"Can you describe your technology?",{"type":594,"attrs":90677,"content":90678},{"textAlign":49},[90679],{"text":90680,"type":599},"What we have is a closed furnace concept. It’s a closed furnace technology also utilising induction heating instead of the traditional way of producing graphite. And through hydropower we are able to take [the carbon footprint] down to around 1.5 kilos of CO2, from 25 kilos CO2 [per kg of graphite in China]. And we include everything. Direct emissions from our process is roughly a third of that 1.5, the rest is mainly related to producing the coke and transport. So we say it’s at least more than 90% reduction [compared to China.] We could even say 98%. ",{"type":594,"attrs":90682,"content":90683},{"textAlign":49},[90684],{"text":90685,"type":599},"It’s not only CO2, it’s also local emissions. European consumers and politicians are not aware of this. It’s inexpensive and straightforward to install and build out capacity [in China.] Europe is really overflowing with these materials at a very low price. So of course that is our challenge because our furnaces, they’re very advanced and quite expensive. So we will have, when building our first plant, a substantial initial capital expenditure, that will of course challenge the business case. We hope European politicians see that and understand this, and put higher requirements on sustainability, CO2 levels and so on, and also for imports, so that we can compete within this industry with a more sustainable technology",{"type":594,"attrs":90687,"content":90688},{"textAlign":49},[90689],{"type":1186,"attrs":90690},{"id":49,"alt":547,"src":90691,"title":49,"source":49,"copyright":49,"meta_data":90692},"https://a.storyblok.com/f/287943243085208/447e7638d9/bm-vianode.jpg",{},{"type":657,"attrs":90694,"content":90695},{"level":15966,"textAlign":49},[90696],{"text":90697,"type":599},"So without that will it be tough to compete with Chinese producers? ",{"type":594,"attrs":90699,"content":90700},{"textAlign":49},[90701],{"text":90702,"type":599},"As long as Europe has no barriers, no help to build its own industry then it’s extremely difficult to compete with the Chinese on price. They have been in the business for 10 to 15 years and have optimised their processes and become quite good at this. Competing with that is challenging. So that’s something we all the time need to preach to our politicians – they have to do something to both protect their own industry, and also to raise the sustainability level of this industry. Just importing material without any restrictions on CO2 or other parameters will not make Europe the leader when it comes to sustainability.",{"type":594,"attrs":90704,"content":90705},{"textAlign":49},[90706],{"text":90707,"type":599},"When building your first plant, you tend to make some mistakes, you tend to be a bit conservative because you’re not 100% sure how your throughput is. And so we think that’s really our hurdle to be able to build the first plant. Then we know we have a much better operating cost position because we use much less energy. We have a very modern automated process. So we think we can compete very well on the operational cost but we have this high initial capex expenditure. That’s really the challenge. ",{"type":657,"attrs":90709,"content":90710},{"level":15966,"textAlign":49},[90711],{"text":90712,"type":599},"How do you see the anode chemistry developing regards to silicon? ",{"type":594,"attrs":90714,"content":90715},{"textAlign":49},[90716],{"text":90717,"type":599},"What we see is that there is a lot of R&D in general, both around silicon but also even further out with solid state batteries with lithium metal anodes and so on. But what we see is that to really implement this into an industry that has invested so heavily into the existing solutions with a huge set of manufacturing plants, it will take a lot of time to both convince them to change the equipment. ",{"type":594,"attrs":90719,"content":90720},{"textAlign":49},[90721],{"text":90722,"type":599},"Also there are very thorough qualification processes with an OEM to really test out and be sure they want to shift to this technology. Our impression is that yes, there’s a lot of R&D going on, but the deployment of that technology at an industrial scale will take a very long time. So we think that for years and even decades going forward, graphite will be high in demand.","Norwegian anode startup Vianode, which is owned by Elkem, Hydro and Altor, is considering building its first large-scale synthetic graphite plant in North America rather than Europe, due to the subsidies available in the Inflation Reduction Act. The plant is likely to have a capacity to produce around 50,000 tonnes a year of synthetic graphite. […]",[90725],{"slug":544,"name":543,"content":90726},{"job_title":557,"image":90727,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"702069d5-754d-4a87-8ff5-a14072359e59\", \"id\": \"\"}-->",[90730,90731],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":90733,"copyright":547,"fieldtype":553,"meta_data":90734,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a51449a6a7/bm-vatne.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":90736,"uuid":90737,"name":90738,"slug":90739,"full_slug":90740,"content":90741},112470700980253,"6fc51b21-6460-4f17-91a3-647e7d170d72","Stellantis invests $90 million in Argentina Lithium","stellantis-invests-90-million-in-argentina-lithium-project","article/stellantis-invests-90-million-in-argentina-lithium-project",{"_uid":90742,"date":90417,"tags":90743,"editor":90746,"content":90750,"excerpt":90888,"featured":51,"reporter":90889,"_editable":90893,"component":864,"seo_title":90738,"categories":90894,"visibility":882,"author_company":49,"featured_image":90897,"seo_description":90888,"author_full_name":49,"author_job_title":49,"formattedDate":90566},"22431079-a502-4120-98e1-50a0a87ad65e",[90744,90745],{"slug":4357,"name":4358},{"slug":4833,"name":2969},[90747],{"slug":544,"name":543,"content":90748},{"job_title":557,"image":90749,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":90751},[90752,90757,90762,90767,90772,90777,90782,90787,90797,90802,90807,90812,90817,90838,90843,90848,90853,90870,90875],{"type":594,"attrs":90753,"content":90754},{"textAlign":49},[90755],{"text":90756,"type":599},"Stellantis has invested $90 million for a 20% stake in Argentina Lithium, an early stage exploration company with assets in the South American country. ",{"type":594,"attrs":90758,"content":90759},{"textAlign":49},[90760],{"text":90761,"type":599},"“The downstream is becoming increasingly focussed on direct investment to secure raw material supply,” Benchmark senior analyst Daisy Jennings-Gray said.",{"type":594,"attrs":90763,"content":90764},{"textAlign":49},[90765],{"text":90766,"type":599},"“Given the looming lithium market deficit towards the end of this decade, automakers see this as an attempt to guarantee supply, and may be able to achieve preferential prices for raw materials if equity is taken in suppliers,” Jennings-Gray told Benchmark Source.",{"type":594,"attrs":90768,"content":90769},{"textAlign":49},[90770],{"text":90771,"type":599},"Once the transaction is closed, Stellantis, through its subsidiary Peugeot Citroen Argentina, will become the second largest shareholder in Argentina Lithium. ",{"type":594,"attrs":90773,"content":90774},{"textAlign":49},[90775],{"text":90776,"type":599},"The companies also agreed to an offtake deal in which Stellantis will purchase up to 15,000 tonnes per year LCE from Argentina Lithium over a seven year period, with the option of extending the offtake agreement’s duration.",{"type":594,"attrs":90778,"content":90779},{"textAlign":49},[90780],{"text":90781,"type":599},"Argentina Lithium is developing the Rincon West, Antofalla North, Pocitos and Incahuasi lithium brine projects in Argentina. The start of the supply deal with Stellantis is conditional on reaching commercial production at one or more of its assets, with other qualifications and requirements also set in the agreement. ",{"type":594,"attrs":90783,"content":90784},{"textAlign":49},[90785],{"text":90786,"type":599},"“(Direct investment from automakers) provides a boost to the balance sheet of prospective producers to get their project off the ground,” Jennings-Gray said. ",{"type":594,"attrs":90788,"content":90789},{"textAlign":49},[90790,90792,90796],{"text":90791,"type":599},"Production from Argentina, the world’s fourth largest producing country, will experience the highest growth rate in South America, increasing to 342,000 tonnes LCE by 2033, as assessed by ",{"text":24541,"type":599,"marks":90793},[90794],{"type":604,"attrs":90795},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":90798,"content":90799},{"textAlign":49},[90800],{"text":90801,"type":599},"“Argentina is set to overtake Chile towards the end of the decade as the lead South American lithium producer,” Jennings-Gray said. “Historically, the country has been open to attracting foreign investment, and has lower royalty rates than its neighbour.” ",{"type":594,"attrs":90803,"content":90804},{"textAlign":49},[90805],{"text":90806,"type":599},"Current lithium operating assets in Argentina include Livent’s Salar del Hombre Muerto in Catamarca province and Allkem’s Olaroz in Jujuy province. ",{"type":657,"attrs":90808,"content":90809},{"level":15966,"textAlign":49},[90810],{"text":90811,"type":599},"Stellantis, other carmakers move to secure supply",{"type":594,"attrs":90813,"content":90814},{"textAlign":49},[90815],{"text":90816,"type":599},"The deal with Argentina Lithium is not the first equity investment and offtake deal Stellantis, which was formed from the merger between Fiat Chrysler and the French PSA Group, has reached for lithium supply. ",{"type":594,"attrs":90818,"content":90819},{"textAlign":49},[90820,90822,90828,90830,90836],{"text":90821,"type":599},"The company has already signed deals with ",{"text":90823,"type":599,"marks":90824},"Vulcan Energy",[90825],{"type":604,"attrs":90826},{"href":90827,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium/stellantis-invests-eur-50m-for-8-share-in-vulcan-energy-resources-benchmark-lithium/?categories=demand,mining,prices,processing-refining&search=stellantis",{"text":90829,"type":599},", which is developing its direct lithium extraction Upper Rhine Valley project in Germany, and ",{"text":90831,"type":599,"marks":90832},"Controlled Thermal Resources",[90833],{"type":604,"attrs":90834},{"href":90835,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium/stellantis-invests-over-100m-into-ctr-to-advance-its-geothermal-lithium-project-in-california-usa-benchmark-lithium/?categories=demand,mining,prices,processing-refining&search=stellantis",{"text":90837,"type":599},", which is advancing its Hell’s Kitchen geothermal brine project in the US. ",{"type":594,"attrs":90839,"content":90840},{"textAlign":49},[90841],{"text":90842,"type":599},"Stellantis has also inked an agreement with Kuniko Metals for battery-grade nickel sulphate and cobalt sulphate from its exploration projects in Norway. The automaker also signed a deal for manganese sulphate with Australia’s Element 25. ",{"type":594,"attrs":90844,"content":90845},{"textAlign":49},[90846],{"text":90847,"type":599},"Copper, another key metal needed for the energy transition, has also caught Stellantis eye, with the company investing $155 million earlier this year to buy a minority stake in McEwan Copper, which owns the Los Azules project in Argentina.",{"type":594,"attrs":90849,"content":90850},{"textAlign":49},[90851],{"text":90852,"type":599},"By 2030, Stellantis is aiming for all of its European passenger car sales and half of its US passenger car and light-duty truck sales to be battery electric vehicles.",{"type":594,"attrs":90854,"content":90855},{"textAlign":49},[90856,90858,90863,90865,90869],{"text":90857,"type":599},"Despite many raw materials ",{"text":90859,"type":599,"marks":90860},"prices performing on a downward trend",[90861],{"type":604,"attrs":90862},{"href":83694,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":90864,"type":599}," this year, carmakers continue to show interest in securing long term supply. Lithium carbonate prices have declined 57.3% year to date, while lithium hydroxide is down 62% so far this year, according to ",{"text":57921,"type":599,"marks":90866},[90867],{"type":604,"attrs":90868},{"href":75438,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":90871,"content":90872},{"textAlign":49},[90873],{"text":90874,"type":599},"“If prices stay at more reasonable levels it seems possible that this might draw more interest from automakers,” in equity investments, Jennings-Gray said. “That being said, there is still risk involved with investment in lithium projects at an early stage, as they may never commercialise.”",{"type":594,"attrs":90876,"content":90877},{"textAlign":49},[90878,90880,90886],{"text":90879,"type":599},"Earlier this year, General Motors made ",{"text":90881,"type":599,"marks":90882},"the biggest equity investment to date",[90883],{"type":604,"attrs":90884},{"href":90885,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/gm-commits-650-million-to-secure-us-lithium-production#:~:text=General%20Motors%20has%20become%20the,project%20in%20Nevada%20into%20production.",{"text":90887,"type":599}," in a yet to come on stream lithium asset when it inked a $650 million deal with Lithium Americas. The mining company is developing its Thacker Pass project in Nevada, US and its Cauchari-Olaroz and Pastos Grandes assets in Argentina.","Stellantis has invested $90 million for a 20% stake in Argentina Lithium, an early stage exploration company with assets in the South American country. “The downstream is becoming increasingly focussed on direct investment to secure raw material supply,” Benchmark senior analyst Daisy Jennings-Gray said. “Given the looming lithium market deficit towards the end of this […]",[90890],{"slug":544,"name":543,"content":90891},{"job_title":557,"image":90892,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"22431079-a502-4120-98e1-50a0a87ad65e\", \"id\": \"\"}-->",[90895,90896],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":90898,"name":547,"focus":547,"title":90898,"source":547,"filename":90899,"copyright":547,"fieldtype":553,"meta_data":90900,"is_external_url":51},"Argentina Lithium's Rincon asset in Argentina.","https://a.storyblok.com/f/287943243085208/b6de7372ec/bm-rincon.jpeg",{"alt":90898,"title":90898,"source":547,"copyright":547},{"id":90902,"uuid":90903,"name":90904,"slug":90905,"full_slug":90906,"content":90907},112470720264225,"001e09f0-706c-40c0-921d-1bc37f266a2b","Rare earth magnets unlikely to be substituted any time soon","rare-earth-magnets-unlikely-to-be-substituted-any-time-soon","article/rare-earth-magnets-unlikely-to-be-substituted-any-time-soon",{"_uid":90908,"date":90909,"tags":90910,"editor":90912,"content":90916,"excerpt":91094,"featured":50,"reporter":91095,"_editable":91099,"component":864,"seo_title":90904,"categories":91100,"visibility":882,"author_company":49,"featured_image":91103,"seo_description":91094,"author_full_name":49,"author_job_title":49,"formattedDate":91107},"c952c5d7-6c4c-494e-a164-90ef74a477da","2023-09-27 00:00",[90911],{"slug":90420,"name":90421},[90913],{"slug":544,"name":543,"content":90914},{"job_title":557,"image":90915,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":90917},[90918,90923,90928,90933,90938,90943,90948,90953,90958,90963,90968,90973,90978,90983,90988,90993,90998,91003,91008,91013,91018,91023,91028,91033,91038,91043,91048,91053,91058,91063,91068,91073,91078,91091],{"type":594,"attrs":90919,"content":90920},{"textAlign":49},[90921],{"text":90922,"type":599},"Rare earths demand will remain robust through to 2040 as the elements’ properties make them difficult to reduce or substitute without lowering performance in end use applications, according to Benchmark analyst Daan de Jonge.",{"type":594,"attrs":90924,"content":90925},{"textAlign":49},[90926],{"text":90927,"type":599},"Neodymium, praseodymium, samarium, terbium, and dysprosium hold the highest market value of the 17 rare earths, used mainly as inputs for the alloys of rare earths permanent magnets (REPMs). ",{"type":594,"attrs":90929,"content":90930},{"textAlign":49},[90931],{"text":90932,"type":599},"REPMs are used in a range of high growth sectors like wind power, electric vehicles (EVs), personal electronics, and industrial machinery. Yet, thanks to price volatility and production centring heavily on China, some companies including Tesla aim to eliminate them from their products. ",{"type":594,"attrs":90934,"content":90935},{"textAlign":49},[90936],{"text":90937,"type":599},"Despite these pressures, De Jonge argues rare earths will remain essential to a wide sweep of industries.",{"type":594,"attrs":90939,"content":90940},{"textAlign":49},[90941],{"text":90942,"type":599},"“The key thing to consider is that REPMs are by far the most efficient type of magnet in the market today … so if you substitute them out, you have to make sacrifices elsewhere,” he said during a keynote presentation at Benchmark’s Battery Gigafactories Asia Pacific event in Tokyo. ",{"type":594,"attrs":90944,"content":90945},{"textAlign":49},[90946],{"text":90947,"type":599},"Apart from sustained demand growth, Chinese dominance of the rare earths supply chain will be another continuity over this decade, according to de Jonge.",{"type":657,"attrs":90949,"content":90950},{"level":15966,"textAlign":49},[90951],{"text":90952,"type":599},"Critical resources for the energy transition",{"type":594,"attrs":90954,"content":90955},{"textAlign":49},[90956],{"text":90957,"type":599},"Wind and e-mobility will be the fastest growing sources of demand for REPMs, which achieve propulsive force for turbines and car motors. ",{"type":594,"attrs":90959,"content":90960},{"textAlign":49},[90961],{"text":90962,"type":599},"E-mobility covers everything from light duty (LD) EVs to scooters and comprises around 30% of total REPMs demand today. Its share is due to grow to 60% by 2040, according to Benchmark forecasts. ",{"type":594,"attrs":90964,"content":90965},{"textAlign":49},[90966],{"text":90967,"type":599},"LD EVs will drive the bulk of demand growth from e-mobility. The industry’s consumption of REPMs is growing as EVs become more cost competitive and yearly unit sales rise in key markets around the world. ",{"type":594,"attrs":90969,"content":90970},{"textAlign":49},[90971],{"text":90972,"type":599},"The amount of rare earths used in each car is also climbing. Design trends are favouring vehicles with higher peak-power, demanding larger and more numerous REPMs.",{"type":594,"attrs":90974,"content":90975},{"textAlign":49},[90976],{"text":90977,"type":599},"“These design trends are compounding underlying very favourable demand numbers,” said de Jonge.",{"type":594,"attrs":90979,"content":90980},{"textAlign":49},[90981],{"text":90982,"type":599},"Further supporting optimistic demand forecasts is the longer and more fundamental shift towards a lower carbon global energy mix, something that should make wind power and EVs keystone sectors of the future. ",{"type":657,"attrs":90984,"content":90985},{"level":15966,"textAlign":49},[90986],{"text":90987,"type":599},"The limits of efficiency and substitution",{"type":594,"attrs":90989,"content":90990},{"textAlign":49},[90991],{"text":90992,"type":599},"De Jonge acknowledged that unexpected breakthrough technologies could always steer demand away from rare earths.",{"type":594,"attrs":90994,"content":90995},{"textAlign":49},[90996],{"text":90997,"type":599},"Material efficiencies have already been achieved in certain parts of the industry. For example, a neodymium, iron & boron (NdFeB) magnet alloy with less than 4% dysprosium content today can offer the same performance as one with 10 to 11% ten years ago. ",{"type":594,"attrs":90999,"content":91000},{"textAlign":49},[91001],{"text":91002,"type":599},"Judging by current research trends, however, industry appears to be approaching a limit on reducing rare earth usage. This is because today’s REPMs have obtained such high efficiencies that removing the elements tends to weaken performance.",{"type":594,"attrs":91004,"content":91005},{"textAlign":49},[91006],{"text":91007,"type":599},"“At a certain point, you begin reaching a point of diminishing returns where it is not as easy to remove the last 2% as it was to remove the first 2%.”",{"type":594,"attrs":91009,"content":91010},{"textAlign":49},[91011],{"text":91012,"type":599},"Substitution for cheaper materials, or outright elimination in favour of alternative motor systems altogether, could also weaken rare earths demand. Again, de Jonge says this could bring unacceptable performance and efficiency costs. ",{"type":594,"attrs":91014,"content":91015},{"textAlign":49},[91016],{"text":91017,"type":599},"“If [an application] needs an efficient motor, it most likely consumes rare earths,” said de Jonge.",{"type":657,"attrs":91019,"content":91020},{"level":15966,"textAlign":49},[91021],{"text":91022,"type":599},"Design choice can module demand growth rate",{"type":594,"attrs":91024,"content":91025},{"textAlign":49},[91026],{"text":91027,"type":599},"Despite overall growth forecasts, design choices in end applications can shape rare earths consumption patterns, according to de Jonge. ",{"type":594,"attrs":91029,"content":91030},{"textAlign":49},[91031],{"text":91032,"type":599},"A key example is how Chinese and European wind turbines have affected regional markets. China’s preference for hybrid turbine motors that operate at medium speed use less rare earths and have led to a drop in the country’s average yearly demand. ",{"type":594,"attrs":91034,"content":91035},{"textAlign":49},[91036],{"text":91037,"type":599},"The European wind industry by contrast favours what are known as direct driven permanent magnet synchronous turbines, particularly in offshore installations. Here, rare earths demand is growing much more rapidly than in China.",{"type":594,"attrs":91039,"content":91040},{"textAlign":49},[91041],{"text":91042,"type":599},"Design choices may alter the rate at which demand will increase without denting the overall forecast for growth. ",{"type":657,"attrs":91044,"content":91045},{"level":15966,"textAlign":49},[91046],{"text":91047,"type":599},"China set to remain dominant supplier",{"type":594,"attrs":91049,"content":91050},{"textAlign":49},[91051],{"text":91052,"type":599},"De Jonge also noted that Chinese dominance in the rare earths supply chain will likely last out to 2030.",{"type":594,"attrs":91054,"content":91055},{"textAlign":49},[91056],{"text":91057,"type":599},"Currently, China holds almost the entire global capacity for rare earths processing and magnet-making, as well as a near-monopoly on the expertise needed to construct and run the supply chain. ",{"type":594,"attrs":91059,"content":91060},{"textAlign":49},[91061],{"text":91062,"type":599},"Despite its lead, the Chinese rare earths industry continues to expand. Its total year output in terms of mined material from 2018 is the same as the output in the first half of 2023. ",{"type":594,"attrs":91064,"content":91065},{"textAlign":49},[91066],{"text":91067,"type":599},"“This represents massive capability for growth,” said de Jonge of China. ",{"type":594,"attrs":91069,"content":91070},{"textAlign":49},[91071],{"text":91072,"type":599},"The picture is similar for processing. Chinese Northern, which operates the biggest rare earths mine in the world, recently announced plans to bolster rare earths oxides output by almost one third. ",{"type":594,"attrs":91074,"content":91075},{"textAlign":49},[91076],{"text":91077,"type":599},"The Chinese government’s quota system is a key mechanism for stimulating rare earths production. The latest target, which was issued in late September, increased China’s full-year mining target for 2023 by 14% over 2022. ",{"type":594,"attrs":91079,"content":91080},{"textAlign":49},[91081,91083,91089],{"text":91082,"type":599},"Combined with China’s cost advantages, the ",{"text":91084,"type":599,"marks":91085},"West will struggle",[91086],{"type":604,"attrs":91087},{"href":91088,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/asian-rare-earth-supply-uncertainties-strengthen-case-for-western-capacity",{"text":91090,"type":599}," to replicate a similar scale of production. ",{"type":594,"attrs":91092,"content":91093},{"textAlign":49},[],"Rare earths demand will remain robust through to 2040 as the elements’ properties make them difficult to reduce or substitute without lowering performance in end use applications, according to Benchmark analyst Daan de Jonge. Neodymium, praseodymium, samarium, terbium, and dysprosium hold the highest market value of the 17 rare earths, used mainly as inputs for […]",[91096],{"slug":544,"name":543,"content":91097},{"job_title":557,"image":91098,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c952c5d7-6c4c-494e-a164-90ef74a477da\", \"id\": \"\"}-->",[91101,91102],{"slug":872,"name":873},{"slug":1556,"name":414},{"id":49,"alt":91104,"name":547,"focus":547,"title":91104,"source":547,"filename":91105,"copyright":547,"fieldtype":553,"meta_data":91106,"is_external_url":51},"Daan de Jonge speaking on a stage with a presentation slide behind him showing rare earths on the periodic table","https://a.storyblok.com/f/287943243085208/dbc1cb07ac/bm-img-7257.jpg",{"alt":91104,"title":91104,"source":547,"copyright":547},"Sep 27, 2023",{"id":91109,"uuid":91110,"name":91111,"slug":91112,"full_slug":91113,"content":91114},112470734379044,"996a822d-9b89-4a2f-9017-547969934918","India’s Amara Raja Batteries seeks partner for $1.16 billion gigafactory plant","indias-amara-raja-batteries-seeks-partner-for-1-16-billion-gigafactory-plant","article/indias-amara-raja-batteries-seeks-partner-for-1-16-billion-gigafactory-plant",{"_uid":91115,"date":91116,"tags":91117,"editor":91120,"content":91124,"excerpt":91318,"featured":50,"reporter":91319,"_editable":91323,"component":864,"seo_title":91324,"categories":91325,"visibility":882,"author_company":49,"data_vis_image":91328,"featured_image":91330,"seo_description":91334,"author_full_name":49,"author_job_title":49,"formattedDate":91335},"55565dcc-48f4-4820-8eca-2b123bb95691","2023-09-25 00:00",[91118,91119],{"slug":90420,"name":90421},{"slug":22444,"name":22445},[91121],{"slug":544,"name":543,"content":91122},{"job_title":557,"image":91123,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":91125},[91126,91131,91142,91147,91165,91170,91175,91180,91185,91190,91195,91200,91205,91210,91231,91253,91274,91279,91313],{"type":594,"attrs":91127,"content":91128},{"textAlign":49},[91129],{"text":91130,"type":599},"India’s Amara Raja is scouting for potential partners to help build a battery gigafactory in the country by 2025, a company executive told Benchmark Source. ",{"type":594,"attrs":91132,"content":91133},{"textAlign":49},[91134,91136,91140],{"text":91135,"type":599},"“We’re talking to a couple of different people for different levels of support, and we are willing to engage in joint ventures if they’re available,” Vikram Gourineni, executive director of Amara Raja, said on the sidelines of Benchmark’s ",{"text":90421,"type":599,"marks":91137},[91138],{"type":604,"attrs":91139},{"href":90537,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":91141,"type":599}," in Tokyo. ",{"type":594,"attrs":91143,"content":91144},{"textAlign":49},[91145],{"text":91146,"type":599},"Last year, Amara Raja said it will spend $1.16 billion over the next ten years to build a gigafactory with a capacity of up to 16 GWh and a battery pack assembly unit of up to 5 GWh.",{"type":594,"attrs":91148,"content":91149},{"textAlign":49},[91150,91152,91156,91158,91163],{"text":91151,"type":599},"The number two lead acid battery maker in India aims to follow bigger rival ",{"text":77443,"type":599,"marks":91153},[91154],{"type":604,"attrs":91155},{"href":59353,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":91157,"type":599},", who last year partnered with China’s ",{"text":91159,"type":599,"marks":91160},"SVolt",[91161],{"type":604,"attrs":91162},{"href":65663,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":91164,"type":599}," in a $770 million deal to build a cell making gigafactory in the country’s southern state of Karnataka.",{"type":594,"attrs":91166,"content":91167},{"textAlign":49},[91168],{"text":91169,"type":599},"“If you look at Exide, they seem to be off to a right start. They have a capable partner in SVolt who are providing them a range of consulting services from licensing out to cell technology, helping out with the factory, and even the supply chain,” said Gourineni.",{"type":657,"attrs":91171,"content":91172},{"level":15966,"textAlign":49},[91173],{"text":91174,"type":599},"Potential partner?",{"type":594,"attrs":91176,"content":91177},{"textAlign":49},[91178],{"text":91179,"type":599},"The executive said the company is open to partnering with companies in China and has been in talks with potential partners there as well as other parts Asia and Europe, but did not disclose any names. ",{"type":594,"attrs":91181,"content":91182},{"textAlign":49},[91183],{"text":91184,"type":599},"“Our biggest concern is going all in without a partnership. If we go in too blind, it’s a lot of money spent. From a partner perspective, the most important thing is somebody who has a proven track record of scale manufacturing, with good yields,” said Gourineni.",{"type":594,"attrs":91186,"content":91187},{"textAlign":49},[91188],{"text":91189,"type":599},"The executive at India’s second largest battery maker said that if there is an opportunity to form a partnership with a Chinese company, it will look into the restrictions, but the government has not issued very clear guidelines.  ",{"type":594,"attrs":91191,"content":91192},{"textAlign":49},[91193],{"text":91194,"type":599},"“There are two types of players out there – those who have an operational model as a large battery maker and then those who are purely technology oriented companies who licence the technology. Ideally, it would be good to tie up with a large cell maker,” added Vijayanand S, president of the New Energy business at Amara Raja Batteries.",{"type":657,"attrs":91196,"content":91197},{"level":15966,"textAlign":49},[91198],{"text":91199,"type":599},"Policy support",{"type":594,"attrs":91201,"content":91202},{"textAlign":49},[91203],{"text":91204,"type":599},"India’s government has floated various policies to accelerate the electric vehicle adoption and battery manufacturing, these include Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) and Production Linked Incentive (PLI).",{"type":594,"attrs":91206,"content":91207},{"textAlign":49},[91208],{"text":91209,"type":599},"“Indian players are taking all the risks. And if they fail along the way, there’s nothing for them,” said Gourineni. ",{"type":594,"attrs":91211,"content":91212},{"textAlign":49},[91213,91218,91226],{"text":91214,"type":599,"marks":91215},"The executive cited ",[91216],{"type":928,"attrs":91217},{"color":21998},{"text":91219,"type":599,"marks":91220},"the US Inflation Reduction Act",[91221,91223,91225],{"type":604,"attrs":91222},{"href":76166,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":91224},{"color":22006},{"type":3645},{"text":91227,"type":599,"marks":91228}," and other programs that fund companies at the investment stage thereby lowering the risk.",[91229],{"type":928,"attrs":91230},{"color":21998},{"type":594,"attrs":91232,"content":91233},{"textAlign":49},[91234,91239,91248],{"text":91235,"type":599,"marks":91236},"\"If we want to pull in ",[91237],{"type":928,"attrs":91238},{"color":21998},{"text":91240,"type":599,"marks":91241},"cathode and anode makers into the country",[91242,91245,91247],{"type":604,"attrs":91243},{"href":91244,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/site-visit-altmin-and-sudeep-advanced-material-support-indias-midstream-ambitions",{"type":928,"attrs":91246},{"color":22006},{"type":3645},{"text":91249,"type":599,"marks":91250},", the entire industry has to be involved and the government too has to find ways to incentivize them,\" said Gourineni.",[91251],{"type":928,"attrs":91252},{"color":21998},{"type":594,"attrs":91254,"content":91255},{"textAlign":49},[91256,91261,91269],{"text":91257,"type":599,"marks":91258},"India's $2.5 billion PLI scheme awarded subsidies for battery production to ",[91259],{"type":928,"attrs":91260},{"color":21998},{"text":91262,"type":599,"marks":91263},"three players in 2022 including Rajesh Exports, Ola Electric and Reliance New Energy",[91264,91266,91268],{"type":604,"attrs":91265},{"href":37800,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":91267},{"color":22006},{"type":3645},{"text":91270,"type":599,"marks":91271},". The incentives under the scheme are released over a fixed period of five years from the time of commissioning of the gigafactories and attract penalties if deadlines are not met.",[91272],{"type":928,"attrs":91273},{"color":21998},{"type":657,"attrs":91275,"content":91276},{"level":15966,"textAlign":49},[91277],{"text":91278,"type":599},"Battery chemistry",{"type":594,"attrs":91280,"content":91281},{"textAlign":49},[91282,91287,91295,91300,91308],{"text":91283,"type":599,"marks":91284},"Amara Raja aims to target ",[91285],{"type":928,"attrs":91286},{"color":21998},{"text":91288,"type":599,"marks":91289},"India's electric two-wheeler space",[91290,91292,91294],{"type":604,"attrs":91291},{"href":37851,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":91293},{"color":22006},{"type":3645},{"text":91296,"type":599,"marks":91297}," in its initial leg of expansion and try out the ",[91298],{"type":928,"attrs":91299},{"color":21998},{"text":91301,"type":599,"marks":91302},"nickel manganese cobalt (NMC) 2170 format",[91303,91305,91307],{"type":604,"attrs":91304},{"href":23151,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":928,"attrs":91306},{"color":22006},{"type":3645},{"text":91309,"type":599,"marks":91310}," in the early days, though the company believes that by 2030 the share of electric four-wheelers will have caught on.",[91311],{"type":928,"attrs":91312},{"color":21998},{"type":594,"attrs":91314,"content":91315},{"textAlign":49},[91316],{"text":91317,"type":599},"“The overall mix of the electric two-wheeler battery market will actually be equal to the electric four-wheeler batteries in 2030. Thereafter, electric four-wheelers will naturally grow much faster,” said Gourineni, adding that the NMC 2170 can be a building block to scale as most of the packs will be between 2 KWh to 3 KWh.","India’s Amara Raja is scouting for potential partners to help build a battery gigafactory in the country by 2025, a company executive told Benchmark Source. “We’re talking to a couple of different people for different levels of support, and we are willing to engage in joint ventures if they’re available,” Vikram Gourineni, executive director of […]",[91320],{"slug":544,"name":543,"content":91321},{"job_title":557,"image":91322,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"55565dcc-48f4-4820-8eca-2b123bb95691\", \"id\": \"\"}-->","Amara Raja seeks partner for $1.16 billion gigafactory plant",[91326,91327],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":91329},{},{"id":49,"alt":91331,"name":547,"focus":547,"title":91331,"source":547,"filename":91332,"copyright":547,"fieldtype":553,"meta_data":91333,"is_external_url":51},"Fast charger EV station","https://a.storyblok.com/f/287943243085208/c6125a713c/bm-indiaevs.jpg",{"alt":91331,"title":91331,"source":547,"copyright":547},"India’s Amara Raja is scouting for potential partners to help build a battery gigafactory in the country by 2025, a company executive told Benchmark Source. “We’re talking to a couple of different people for different  […]","Sep 25, 2023",{"id":91337,"uuid":91338,"name":91339,"slug":91340,"full_slug":91341,"content":91342},112470743890058,"c70ca34e-a236-4ac6-901d-9a1ca3e0f9b7","Cost competitiveness key for critical minerals projects, Benchmark delegates say","cost-competitiveness-key-for-critical-minerals-projects-benchmark-delegates-say","article/cost-competitiveness-key-for-critical-minerals-projects-benchmark-delegates-say",{"_uid":91343,"date":91344,"tags":91345,"editor":91347,"content":91351,"excerpt":91507,"featured":50,"reporter":91508,"_editable":91512,"component":864,"seo_title":91339,"categories":91513,"visibility":882,"author_company":49,"featured_image":91515,"seo_description":91507,"author_full_name":49,"author_job_title":49,"formattedDate":91519},"ccb48ed8-f9bb-486e-99f7-79ef03e6bece","2023-09-22 00:00",[91346],{"slug":90420,"name":90421},[91348],{"slug":544,"name":543,"content":91349},{"job_title":557,"image":91350,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":91352},[91353,91366,91371,91376,91381,91394,91406,91411,91416,91427,91432,91437,91442,91447,91452,91457,91462,91467,91472,91477,91482,91487,91492,91497,91502],{"type":594,"attrs":91354,"content":91355},{"textAlign":49},[91356,91358,91364],{"text":91357,"type":599},"Mining companies in the battery supply chain will need to remain cost competitive to attract capital, despite subsidies and government policies such as the Inflation Reduction Act, delegates at Benchmark’s Gigafactory Asia Pacific ",{"text":91359,"type":599,"marks":91360},"conference",[91361],{"type":604,"attrs":91362},{"href":91363,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://benchmarkevents.benchmarkminerals.com/gigaapac",{"text":91365,"type":599}," said. ",{"type":594,"attrs":91367,"content":91368},{"textAlign":49},[91369],{"text":91370,"type":599},"Weakness in the equity markets and a lack of capital from governments will continue to make fundraising difficult, they said. ",{"type":594,"attrs":91372,"content":91373},{"textAlign":49},[91374],{"text":91375,"type":599},"The reality today is that developing an upstream opportunity in North America, especially in the continent in the US, is not easy, Anthony Tse, operating partner at Franklin Templeton, said during a panel discussion. ",{"type":594,"attrs":91377,"content":91378},{"textAlign":49},[91379],{"text":91380,"type":599},"“Just because there’s an Inflation Reduction Act doesn’t necessarily mean that the project is going to get off the ground,” Tse said.",{"type":594,"attrs":91382,"content":91383},{"textAlign":49},[91384,91386,91392],{"text":91385,"type":599},"As countries around the world accelerate their transition to electric vehicles and energy storage systems, Benchmark forecasts ",{"text":91387,"type":599,"marks":91388},"more than 300 new mines",[91389],{"type":604,"attrs":91390},{"href":91391,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/more-than-300-new-mines-required-to-meet-battery-demand-by-2035",{"text":91393,"type":599}," will be needed to meet demand from these sectors by 2035. ",{"type":594,"attrs":91395,"content":91396},{"textAlign":49},[91397,91399,91404],{"text":91398,"type":599},"To put that into an investment perspective, ",{"text":91400,"type":599,"marks":91401},"the lithium industry alone will need $116 billion",[91402],{"type":604,"attrs":91403},{"href":87393,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":91405,"type":599}," by 2030 to build new mines and refineries, as well as expand existing assets. But the current global macroeconomic conditions have hit costs for junior miners, which rely on financing to bring projects on stream.  ",{"type":594,"attrs":91407,"content":91408},{"textAlign":49},[91409],{"text":91410,"type":599},"If all of this production capacity wants to stand at the same time, it is important to remember there’s only a finite capacity of capital available to be deployed, Tse said.",{"type":594,"attrs":91412,"content":91413},{"textAlign":49},[91414],{"text":91415,"type":599},"“As a custodian of other people’s capital you can’t avoid not paying attention to the long term sustainable economics. I think fundamentally any project has to stand up from a future cash flow perspective and return on investment,” he said. ",{"type":594,"attrs":91417,"content":91418},{"textAlign":49},[91419,91421,91425],{"text":91420,"type":599},"Demand for lithium ion batteries is forecast to grow to 3.9 terawatt-hours by 2030, up from around 1 TWh this year, according to ",{"text":90507,"type":599,"marks":91422},[91423],{"type":604,"attrs":91424},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":91426,"type":599},". That means the need for key metals such as lithium, nickel and cobalt will also increase significantly.",{"type":594,"attrs":91428,"content":91429},{"textAlign":49},[91430],{"text":91431,"type":599},"Lithium supply is expected to more than double to reach 2.5 million tonnes lithium carbonate equivalent (LCE), while nickel sulphate supply is forecast to hit 1.1 million tonnes by the end of the decade, according to Benchmark data. ",{"type":594,"attrs":91433,"content":91434},{"textAlign":49},[91435],{"text":91436,"type":599},"For other companies throughout the supply chain to be sustainable in the long term they will need to not only have a solid raw materials strategy but they will also have to become cost competitive, Tse, former managing director of Australia’s Galaxy Resources, now Allkem, added. ",{"type":594,"attrs":91438,"content":91439},{"textAlign":49},[91440],{"text":91441,"type":599},"“That cost competitiveness will come back and play a major factor in terms of whether or not a business can be more profitable in the longer term and how attractive they will become for the capital that’s required to build it out,” Tse said. ",{"type":657,"attrs":91443,"content":91444},{"level":15966,"textAlign":49},[91445],{"text":91446,"type":599},"Macroeconomic impact",{"type":594,"attrs":91448,"content":91449},{"textAlign":49},[91450],{"text":91451,"type":599},"Even though the current inflationary environment has not changed the views of banks on mining assets, one thing it has done is dry up the equity capital markets, Michael Willoughby, Managing Director at HSBC, said. ",{"type":594,"attrs":91453,"content":91454},{"textAlign":49},[91455],{"text":91456,"type":599},"“That’s because everyone is worried about macroeconomic factors, geopolitics hasn’t added up, because it must, by its nature, interfere with the flow of free capital between continents, and then you’ve got an industry that no one understands,” Willoughby said.",{"type":594,"attrs":91458,"content":91459},{"textAlign":49},[91460],{"text":91461,"type":599},"The HSBC managing director also pointed out that emerging markets seem to buy into higher risk investments a lot more than Western countries, even though the West has more liquid capital markets.",{"type":594,"attrs":91463,"content":91464},{"textAlign":49},[91465],{"text":91466,"type":599},"“That’s because it’s 40% more expensive for a Western company to invest or to raise equity capital than it is for their equivalent company in an emerging country,” he said. “The difference is the institutional ownership of Western markets is 80 percent, with ownership being half passive … so the (industry) doesn’t get the appropriate capital.”",{"type":594,"attrs":91468,"content":91469},{"textAlign":49},[91470],{"text":91471,"type":599},"Meanwhile, countries such as Indonesia, Saudi Arabia, Brazil, China and Korea, to a certain extent, have markets more dominated by retail investors. ",{"type":594,"attrs":91473,"content":91474},{"textAlign":49},[91475],{"text":91476,"type":599},"“Retail investors want commodity price volatility, they want greenfield growth and risk,” Willoughby said. “That’s why the supply chain is tilted in favour of emerging countries, that’s why they are so far ahead – the cost of funding is completely different.”",{"type":657,"attrs":91478,"content":91479},{"level":15966,"textAlign":49},[91480],{"text":91481,"type":599},"Legislation lacks clarity",{"type":594,"attrs":91483,"content":91484},{"textAlign":49},[91485],{"text":91486,"type":599},"The US and Europe have pushed forward with legislation to strengthen their critical minerals supply chains and reduce vulnerabilities and dependence from Asia. Last year, the US launched the Inflation Reduction Act while Europe moved forward with its Critical Raw Materials Act. ",{"type":594,"attrs":91488,"content":91489},{"textAlign":49},[91490],{"text":91491,"type":599},"One major challenge around policies is the lack of details, Ross Gregory, partner at financial advisory firm New Electric Partners, said.",{"type":594,"attrs":91493,"content":91494},{"textAlign":49},[91495],{"text":91496,"type":599},"“They’re not incentivizing actual negotiations to resolve the issues around the road to zero carbon. They’re motherhood statements,” he said. “These policies conflict, they are self-serving to a degree, they are not multilateral, they are unilateral, and they’re not fixing the issue really.”",{"type":594,"attrs":91498,"content":91499},{"textAlign":49},[91500],{"text":91501,"type":599},"For Gregory, governments in Australia, Korea, Japan, are not doing what Saudi Arabia has done by creating a national industrial policy to get them ahead and into the game.",{"type":594,"attrs":91503,"content":91504},{"textAlign":49},[91505],{"text":91506,"type":599},"“We’re not seeing, apart from a fair bit of lip service, a lot of actual money being pulled by governments, despite the strong statements about wanting to sponsor this industry. So I think we’ve got hard times ahead in the funding cycle still,” he added.","Mining companies in the battery supply chain will need to remain cost competitive to attract capital, despite subsidies and government policies such as the Inflation Reduction Act, delegates at Benchmark’s Gigafactory Asia Pacific conference said. Weakness in the equity markets and a lack of capital from governments will continue to make fundraising difficult, they said. […]",[91509],{"slug":544,"name":543,"content":91510},{"job_title":557,"image":91511,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ccb48ed8-f9bb-486e-99f7-79ef03e6bece\", \"id\": \"\"}-->",[91514],{"slug":872,"name":873},{"id":49,"alt":91516,"name":547,"focus":547,"title":91516,"source":547,"filename":91517,"copyright":547,"fieldtype":553,"meta_data":91518,"is_external_url":51},"Panel discussion at Battery Gigafactories APAC 2023.","https://a.storyblok.com/f/287943243085208/db961e12d8/bm-img-6844-13057210aff8.jpg",{"alt":91516,"title":91516,"source":547,"copyright":547},"Sep 22, 2023",{"id":91521,"uuid":91522,"name":91523,"slug":91524,"full_slug":91525,"content":91526},112470758344845,"334097c4-2f9a-479c-991f-8a37663b94de","Battery capacity to increase 4-fold by 2030 amid qualification challenge outside Asia","battery-capacity-to-increase-4-fold-by-2030-amid-qualification-challenge-outside-asia","article/battery-capacity-to-increase-4-fold-by-2030-amid-qualification-challenge-outside-asia",{"_uid":91527,"date":91528,"tags":91529,"editor":91533,"content":91537,"excerpt":91601,"featured":51,"reporter":91602,"_editable":91606,"component":864,"seo_title":91607,"categories":91608,"visibility":2091,"author_company":49,"data_vis_image":91611,"featured_image":91613,"seo_description":91616,"author_full_name":49,"author_job_title":49,"formattedDate":91617},"40f1d9d4-0f4b-4226-a346-990958098422","2023-09-21 00:00",[91530,91531,91532],{"slug":90420,"name":90421},{"slug":913,"name":914},{"slug":6290,"name":2052},[91534],{"slug":544,"name":543,"content":91535},{"job_title":557,"image":91536,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":91538},[91539,91544,91549,91554,91559,91564,91569,91576,91581,91586,91591,91596],{"type":594,"attrs":91540,"content":91541},{"textAlign":49},[91542],{"text":91543,"type":599},"Lithium ion battery capacity is set to grow four fold by the end of the decade, but the industry must overcome cost and quality issues as it expands outside of Asia, Benchmark’s Chief Operating Officer Andrew Miller said at the Battery Gigafactories Asia Pacific 2023 conference in Tokyo.",{"type":594,"attrs":91545,"content":91546},{"textAlign":49},[91547],{"text":91548,"type":599},"Global battery capacity is set to grow to 4 terawatt hours (TWh) in 2030 after surpassing the 1 TWh mark this year, Miller told delegates. ",{"type":594,"attrs":91550,"content":91551},{"textAlign":49},[91552],{"text":91553,"type":599},"In 2015, worldwide capacity was 68 gigawatt hours (GWh) according to Benchmark’s Gigafactory Assessment.",{"type":594,"attrs":91555,"content":91556},{"textAlign":49},[91557],{"text":91558,"type":599},"“A large proportion of production is set to come online from outside of the Asia Pacific region but more than a third of that production is tied to or coming from producers that are untested or unqualified,” said Miller.",{"type":594,"attrs":91560,"content":91561},{"textAlign":49},[91562],{"text":91563,"type":599},"The bulk of expansions outside of Asia are coming from Europe and North America. By 2030 Europe’s share of global battery capacity is set to grow to 13.7% from 7.8% last year, while North America’s is set to increase to 14.7% by the end of the decade from 6% in 2022.",{"type":594,"attrs":91565,"content":91566},{"textAlign":49},[91567],{"text":91568,"type":599},"While initial expansions in these regions were driven by established tier 1 producers, recent years have seen several announcements from less experienced tier 1 and tier 2 players. ",{"type":594,"attrs":91570,"content":91571},{"textAlign":49},[91572],{"type":1186,"attrs":91573},{"id":49,"alt":547,"src":91574,"title":49,"source":49,"copyright":49,"meta_data":91575},"https://a.storyblok.com/f/287943243085208/6815bcb624/bm-four-twh-by-2030.png",{},{"type":594,"attrs":91577,"content":91578},{"textAlign":49},[91579],{"text":91580,"type":599},"“The stakes are rising around the lithium ion battery supply chain,” Miller said, adding that making batteries at cost levels that spur mass adoption is one of the key questions for the industry as it looks to add scale to meet this emerging demand.",{"type":594,"attrs":91582,"content":91583},{"textAlign":49},[91584],{"text":91585,"type":599},"Asia Pacific’s cell capacity share is set to fall to 70% in 2030 from 78.4% last year, according to Benchmark’s Gigafactory Assessment. ",{"type":594,"attrs":91587,"content":91588},{"textAlign":49},[91589],{"text":91590,"type":599},"China is on track to maintain its dominance as the world’s top cell producer with 68% share in 2030.",{"type":594,"attrs":91592,"content":91593},{"textAlign":49},[91594],{"text":91595,"type":599},"Excluding China, Asia Pacific’s share of battery production is small. Still, Japan’s technology and innovation played a key role to scale from lab to commercialisation in the 1990s. Both Japanese and South Korean producers have also supported the development of capacity in Europe and North America. ",{"type":594,"attrs":91597,"content":91598},{"textAlign":49},[91599],{"text":91600,"type":599},"“If you think about the technology and the quality of batteries that we’re looking to bring to market, a huge amount of that expertise and that experience resides here in the Asia Pacific. This region is incredibly strategically important to the future of the global EV industry around the world,”  said Miller.","Lithium ion battery capacity is set to grow four fold by the end of the decade, but the industry must overcome cost and quality issues as it expands outside of Asia, Benchmark’s Chief Operating Officer Andrew Miller said at the Battery Gigafactories Asia Pacific 2023 conference in Tokyo. Global battery capacity is set to grow […]",[91603],{"slug":544,"name":543,"content":91604},{"job_title":557,"image":91605,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"40f1d9d4-0f4b-4226-a346-990958098422\", \"id\": \"\"}-->","Battery capacity to increase 4-fold by 2030 amid qualification ..",[91609,91610],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":91612},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":91614,"copyright":547,"fieldtype":553,"meta_data":91615,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9f5c049523/bm-andrew-miller-battery-gigafactories-asia-pacific-2023.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Lithium ion battery capacity is set to grow four fold by the end of the decade, but the industry must overcome cost and quality issues as it expands outside of Asia, ...","Sep 21, 2023",{"id":91619,"uuid":91620,"name":91621,"slug":91622,"full_slug":91623,"content":91624},112470748612747,"fbbc2179-b576-4eec-9adc-7abbfca3bcc7","US lithium race intensifies as Arkansas advances DLE prospects","us-lithium-race-intensifies-as-arkansas-advances-dle-prospects","article/us-lithium-race-intensifies-as-arkansas-advances-dle-prospects",{"_uid":91625,"date":91528,"tags":91626,"editor":91629,"content":91633,"excerpt":91759,"featured":50,"reporter":91760,"_editable":91764,"component":864,"seo_title":91621,"categories":91765,"visibility":882,"author_company":49,"featured_image":91767,"seo_description":91759,"author_full_name":49,"author_job_title":49,"formattedDate":91617},"bf3a520f-eb1d-4e90-94d3-01106eafcc54",[91627,91628],{"slug":24492,"name":24493},{"slug":1375,"name":1376},[91630],{"slug":544,"name":543,"content":91631},{"job_title":557,"image":91632,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":91634},[91635,91640,91645,91650,91655,91660,91673,91678,91683,91688,91699,91704,91709,91714,91719,91724,91729,91734,91739,91744,91749,91754],{"type":594,"attrs":91636,"content":91637},{"textAlign":49},[91638],{"text":91639,"type":599},"The governor of Arkansas, Sarah Huckabee Sanders, has underlined the state’s ambitions to become a leading hub for the development of North America’s battery supply chain, emphasising the potential of new technology in advancing lithium prospects in legacy oil areas.",{"type":594,"attrs":91641,"content":91642},{"textAlign":49},[91643],{"text":91644,"type":599},"The state is “moving at breakneck speed to become the lithium capital of America,” Sanders said in a speech last week, mentioning developments in El Dorado, Magnolia and Smackover. ",{"type":594,"attrs":91646,"content":91647},{"textAlign":49},[91648],{"text":91649,"type":599},"The comments come as the focus on commercialising a number of DLE projects across North America has intensified and operators in Arkansas are now seeking to secure access to additional resources across the state. ",{"type":594,"attrs":91651,"content":91652},{"textAlign":49},[91653],{"text":91654,"type":599},"“Brine lithium is critical for batteries and other energy products, and I’m not being dramatic when I say this has the potential to transform the region and our entire state,” Republican governor Sanders said.",{"type":594,"attrs":91656,"content":91657},{"textAlign":49},[91658],{"text":91659,"type":599},"One of the companies which has pioneered DLE efforts in Arkansas, Standard Lithium, recently acquired a 118-acre parcel located in Lafayette County, adding to its around 180,000 acres of leases in the Smackover brine formation.",{"type":594,"attrs":91661,"content":91662},{"textAlign":49},[91663,91665,91671],{"text":91664,"type":599},"The lithium startup, backed by ",{"text":91666,"type":599,"marks":91667},"Koch Industries",[91668],{"type":604,"attrs":91669},{"href":91670,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/koch-takes-energy-storage-spend-to-over-500-million-with-standard-lithium",{"text":91672,"type":599},", is set to build its first commercial extraction plant next year, at a cost of $365 million. It will use a selective sorption DLE process to produce around 5,400 tonnes a year of battery-quality lithium carbonate from brines in the Smackover formation in southern Arkansas.",{"type":594,"attrs":91674,"content":91675},{"textAlign":49},[91676],{"text":91677,"type":599},"US lithium producer Albemarle also said this summer it will build a plant to extract lithium using DLE in the Smackover, where it produces bromine from brine. Exxon Mobil has also reportedly bought 120,000 acres across the Smackover formation.",{"type":594,"attrs":91679,"content":91680},{"textAlign":49},[91681],{"text":91682,"type":599},"Last month, Australia’s Pantera Minerals acquired a stake in Daytona Lithium, which has 5,325 acres in the Smackover.",{"type":594,"attrs":91684,"content":91685},{"textAlign":49},[91686],{"text":91687,"type":599},"News of progress in Arkansas comes after Canadian developer E3 Lithium announced last month it had begun production at its pilot-scale direct lithium extraction (DLE) facility, located in Alberta, Canada. E3 plans to achieve an initial phase nameplate capacity of 20,000 tpa of lithium hydroxide at the DLE project in Alberta, with production expected to begin in 2026.",{"type":594,"attrs":91689,"content":91690},{"textAlign":49},[91691,91693,91697],{"text":91692,"type":599},"Supply from North American DLE projects is set to increase sevenfold this decade to almost over 60,000 tonnes LCE, according to Benchmark’s ",{"text":55196,"type":599,"marks":91694},[91695],{"type":604,"attrs":91696},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":91698,"type":599},". Arkansas is expected to count for almost a third of that supply. ",{"type":657,"attrs":91700,"content":91701},{"level":15966,"textAlign":49},[91702],{"text":91703,"type":599},"DLE central to US lithium ambitions",{"type":594,"attrs":91705,"content":91706},{"textAlign":49},[91707],{"text":91708,"type":599},"The US accounts for less than 2% of the global lithium chemicals supply but this is set to rise to 10% by the end of the decade, according to Benchmark’s Lithium Forecast, driven by growth in alternative lithium extraction methods.",{"type":594,"attrs":91710,"content":91711},{"textAlign":49},[91712],{"text":91713,"type":599},"“The demand for DLE projects is justified, especially considering the relentless US battery interest and composition of domestic lithium projects. It’s a case of when, not if, these chemicals enter the market at scale” said James Mills, consultant with Benchmark.",{"type":594,"attrs":91715,"content":91716},{"textAlign":49},[91717],{"text":91718,"type":599},"With US DLE prospects experiencing positive regulatory and industrial tailwinds, the race is now on to scale new technologies and bring commercial chemical volumes to market.",{"type":594,"attrs":91720,"content":91721},{"textAlign":49},[91722],{"text":91723,"type":599},"Development of these chemical refineries to match extractive ambitions is a critical link in the supply chain that not many have yet addressed.",{"type":657,"attrs":91725,"content":91726},{"level":15966,"textAlign":49},[91727],{"text":91728,"type":599},"Partnerships ",{"type":594,"attrs":91730,"content":91731},{"textAlign":49},[91732],{"text":91733,"type":599},"Partnerships with established projects, chemical partners or equipment suppliers is therefore going to be essential in accelerating the pathway to profitability for many. ",{"type":594,"attrs":91735,"content":91736},{"textAlign":49},[91737],{"text":91738,"type":599},"This is something the likes of Standard Lithium have addressed from the early stages of its Arkansas venture, working with German chemicals company Lanxess to access feedstock and then with Koch Industries to refine its DLE processing. ",{"type":594,"attrs":91740,"content":91741},{"textAlign":49},[91742],{"text":91743,"type":599},"The company’s commercial plant will process brine used by Lanxess to produce bromine just outside El Dorado. ",{"type":594,"attrs":91745,"content":91746},{"textAlign":49},[91747],{"text":91748,"type":599},"The planned commercial plant “marks the beginning of a series of lithium projects we’ve charted across the Smackover Formation, a region that’s been integral to the US energy sector for over a century,” Robert Mintak, chief executive of Standard Lithium, said. “Leveraging this vast reservoir of knowledge and the region’s culture of innovation, we aim to position the region as a significant contributor addressing the U.S.’s needs for sustainably produced lithium.”",{"type":594,"attrs":91750,"content":91751},{"textAlign":49},[91752],{"text":91753,"type":599},"The company is also targeting production of at least 30,000 tonnes a year of lithium hydroxide starting in 2027 at its South West Arkansas Project. It estimates it will cost $1.3 billion to build the project. ",{"type":594,"attrs":91755,"content":91756},{"textAlign":49},[91757],{"text":91758,"type":599},"The Smackover was the centre of Arkansas’ oil boom during the 1920s. The state still produces produces 4 million barrels of oil and 400 billion cubic feet of natural gas each year, according to Sanders. ","The governor of Arkansas, Sarah Huckabee Sanders, has underlined the state’s ambitions to become a leading hub for the development of North America’s battery supply chain, emphasising the potential of new technology in advancing lithium prospects in legacy oil areas. The state is “moving at breakneck speed to become the lithium capital of America,” Sanders […]",[91761],{"slug":544,"name":543,"content":91762},{"job_title":557,"image":91763,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bf3a520f-eb1d-4e90-94d3-01106eafcc54\", \"id\": \"\"}-->",[91766],{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":91768,"copyright":547,"fieldtype":553,"meta_data":91769,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3cf4c08315/bm-standard-lithium-koch.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":91771,"uuid":91772,"name":91773,"slug":91774,"full_slug":91775,"content":91776},112470763190414,"e186dbaa-a50f-4fe6-b906-7c9069bed431","China’s Gotion follows CATL playbook with nickel investment","chinas-gotion-follows-catl-playbook-with-nickel-investment","article/chinas-gotion-follows-catl-playbook-with-nickel-investment",{"_uid":91777,"date":91778,"tags":91779,"editor":91782,"content":91786,"excerpt":91990,"featured":51,"reporter":91991,"_editable":91995,"component":864,"seo_title":91773,"categories":91996,"visibility":882,"author_company":49,"featured_image":92001,"seo_description":91990,"author_full_name":49,"author_job_title":49,"formattedDate":92004},"78f963fa-75c3-4d79-8022-ad79a6e7c5bc","2023-09-20 00:00",[91780,91781],{"slug":5957,"name":5958},{"slug":7997,"name":7998},[91783],{"slug":544,"name":543,"content":91784},{"job_title":557,"image":91785,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":91787},[91788,91793,91812,91825,91830,91835,91846,91851,91856,91861,91866,91871,91876,91889,91894,91899,91919,91931,91936,91941,91946,91958,91970,91975,91985],{"type":594,"attrs":91789,"content":91790},{"textAlign":49},[91791],{"text":91792,"type":599},"Chinese battery cell producer Gotion High-Tech has agreed to build a nickel processing plant in Indonesia, in the latest sign of battery producers directly sourcing raw materials.",{"type":594,"attrs":91794,"content":91795},{"textAlign":49},[91796,91798,91803,91805,91811],{"text":91797,"type":599},"The plant with Indonesia’s Anugrah Neo Energy Materials will have a production capacity of 120,000 tonnes of ",{"text":4330,"type":599,"marks":91799},[91800],{"type":604,"attrs":91801},{"href":91802,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-nickel-a-market-in-flux",{"text":91804,"type":599}," in the form of mixed hydroxide precipitate (MHP), an ",{"text":91806,"type":599,"marks":91807},"intermediate product which also contains cobalt",[91808],{"type":604,"attrs":91809},{"href":91810,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/two-fifths-of-cobalt-could-come-from-nickel-mines-by-2030",{"text":974,"type":599},{"type":594,"attrs":91813,"content":91814},{"textAlign":49},[91815,91817,91823],{"text":91816,"type":599},"It comes as the ",{"text":91818,"type":599,"marks":91819},"Indonesian government",[91820],{"type":604,"attrs":91821},{"href":91822,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-the-rise-of-indonesia-in-the-nickel-supply-chain",{"text":91824,"type":599}," last month announced plans to restrict the building of new nickel smelters for the stainless steel industry to prevent overproduction of nickel pig iron (NPI) and to encourage investment in high pressure acid leaching (HPAL) projects that can support the fledgling battery industry.",{"type":594,"attrs":91826,"content":91827},{"textAlign":49},[91828],{"text":91829,"type":599},"“The suspension of nickel smelters basically stops any new NPI manufacturers setting up,” Spencer Ingall, an analyst at Benchmark, said. “The fact that a week or two after this statement, the Gotion deal was announced, is proof that the Indonesian authorities are looking much more favourably on MHP production than NPI production.”",{"type":594,"attrs":91831,"content":91832},{"textAlign":49},[91833],{"text":91834,"type":599},"Indonesia’s plan to stop the construction of new pyrometallurgical smelters follows the country’s ban on the export of unprocessed nickel ore in 2020 in order to capture more of the value add of its growing nickel industry.",{"type":594,"attrs":91836,"content":91837},{"textAlign":49},[91838,91840,91845],{"text":91839,"type":599},"This year, Indonesia is forecast to produce 50% of the world’s nickel, potentially rising to 65% in 2030 according to ",{"text":32075,"type":599,"marks":91841},[91842],{"type":604,"attrs":91843},{"href":91844,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/nickel",{"text":974,"type":599},{"type":594,"attrs":91847,"content":91848},{"textAlign":49},[91849],{"text":91850,"type":599},"The Indonesian Ministry for Industry said that the HPAL project that Gotion is involved in will eventually integrate to include direct sourcing of the nickel ore and production of nickel and cobalt sulphate.",{"type":657,"attrs":91852,"content":91853},{"level":15966,"textAlign":49},[91854],{"text":91855,"type":599},"Downstream securing nickel",{"type":594,"attrs":91857,"content":91858},{"textAlign":49},[91859],{"text":91860,"type":599},"Gotion is now part of a growing club of downstream players looking to secure nickel production.",{"type":594,"attrs":91862,"content":91863},{"textAlign":49},[91864],{"text":91865,"type":599},"“Gotion building their own nickel plant means they have a complete nickel supply chain, from ore to battery, something very few battery manufacturers have,” Ingall said.",{"type":594,"attrs":91867,"content":91868},{"textAlign":49},[91869],{"text":91870,"type":599},"In April last year, China’s CATL–the world’s largest battery producer–announced it would jointly invest $6 billion into an Indonesian battery hub. This project will include cell production and recycling as well as nickel mining, processing and battery material production.",{"type":594,"attrs":91872,"content":91873},{"textAlign":49},[91874],{"text":91875,"type":599},"Last month, Hyundai Motor Group announced its intent to buy a 5% stake in Korea Zinc for KRW 530 billion ($400 million) as part of the automaker’s drive to secure nickel.",{"type":594,"attrs":91877,"content":91878},{"textAlign":49},[91879,91881,91887],{"text":91880,"type":599},"In March this year, Ford announced it would invest ",{"text":91882,"type":599,"marks":91883},"$4.5 billion for a  17% stake in a nickel processing project",[91884],{"type":604,"attrs":91885},{"href":91886,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/investment-in-indonesian-nickel-diversifies-from-china-as-ford-joins-4-5-billion-project",{"text":91888,"type":599}," being built in Indonesia by Vale and Huayou Cobalt.",{"type":594,"attrs":91890,"content":91891},{"textAlign":49},[91892],{"text":91893,"type":599},"Earlier this year, Volkswagen’s PowerCo, Stellantis, and commodity trader Glencore each committed $100 million to back a $1 billion deal to buy two Brazilian mines–one copper and one nickel.",{"type":594,"attrs":91895,"content":91896},{"textAlign":49},[91897],{"text":91898,"type":599},"“With the incoming nickel deficit around 2027, battery makers are trying to secure a stable supply of nickel,” Ingall said.",{"type":594,"attrs":91900,"content":91901},{"textAlign":49},[91902,91904,91910,91912,91918],{"text":91903,"type":599},"Tesla, too, has made deals to secure nickel supplies such as backing a nickel mine in Goro, New Caledonia. The company also has deals for nickel from Vale’s Canadian operations and has an offtake agreed with ",{"text":91905,"type":599,"marks":91906},"Talon Metals",[91907],{"type":604,"attrs":91908},{"href":91909,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-and-bhp-back-nickel-projects-to-develop-supply-outside-of-indonesia",{"text":91911,"type":599},", which recently entered an agreement with the ",{"text":91913,"type":599,"marks":91914},"US Department of Defence to increase domestic nickel production",[91915],{"type":604,"attrs":91916},{"href":91917,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-department-of-defense-awards-110-million-to-boost-lithium-and-nickel-mining",{"text":974,"type":599},{"type":594,"attrs":91920,"content":91921},{"textAlign":49},[91922,91923,91929],{"text":36209,"type":599},{"text":91924,"type":599,"marks":91925},"company faced pushback from some environmental groups",[91926],{"type":604,"attrs":91927},{"href":91928,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/automakers-esg-woes-grow-over-indonesian-nickel",{"text":91930,"type":599}," over its plans to use Indonesian nickel.",{"type":657,"attrs":91932,"content":91933},{"level":15966,"textAlign":49},[91934],{"text":91935,"type":599},"Gotion’s expansion outside of China",{"type":594,"attrs":91937,"content":91938},{"textAlign":49},[91939],{"text":91940,"type":599},"Beyond investments into nickel, Gotion has made a flurry of announcements outside of China.",{"type":594,"attrs":91942,"content":91943},{"textAlign":49},[91944],{"text":91945,"type":599},"On Monday this week, the company announced it would build a 20 GWh gigafactory in Europe with the Slovakian battery maker Inobat, which Gotion has a 25% stake in. Construction is due to commence in 2024 and production in 2026. The exact location of the facility has yet to be announced.",{"type":594,"attrs":91947,"content":91948},{"textAlign":49},[91949,91951,91957],{"text":91950,"type":599},"It also opened a ",{"text":91952,"type":599,"marks":91953},"battery pack plant in Germany this month",[91954],{"type":604,"attrs":91955},{"href":91956,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/gotion-targets-100-gwh-overseas-expansion-as-it-launches-german-battery-pack-plant",{"text":974,"type":599},{"type":594,"attrs":91959,"content":91960},{"textAlign":49},[91961,91963,91968],{"text":91962,"type":599},"In the US, ",{"text":91964,"type":599,"marks":91965},"Gotion has plans to build gigafactories",[91966],{"type":604,"attrs":91967},{"href":89960,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":91969,"type":599}," in Michigan and Illinois with investments of $2.36 billion and $2 billion, respectively.",{"type":594,"attrs":91971,"content":91972},{"textAlign":49},[91973],{"text":91974,"type":599},"It also began construction of a 5 GWh LFP gigafactory in Vietnam last year in partnership with Vinfast.",{"type":594,"attrs":91976,"content":91977},{"textAlign":49},[91978,91980,91984],{"text":91979,"type":599},"“It’s a growing part of a wider trend we’ve seen over the past year or so, whereby Chinese companies enter into JVs, and sign cooperation agreements, with local companies in both Europe and North America, in order to mitigate any future penalties for Chinese reliant supply chains,” ",{"text":7861,"type":599,"marks":91981},[91982],{"type":604,"attrs":91983},{"href":87250,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":83793,"type":599},{"type":594,"attrs":91986,"content":91987},{"textAlign":49},[91988],{"text":91989,"type":599},"“Gotion is being particularly ambitious in its global strategy, leading a two front war if you will, aiming to establish multiple big projects in both the US and Europe.” ","Chinese battery cell producer Gotion High-Tech has agreed to build a nickel processing plant in Indonesia, in the latest sign of battery producers directly sourcing raw materials. The plant with Indonesia’s Anugrah Neo Energy Materials will have a production capacity of 120,000 tonnes of nickel in the form of mixed hydroxide precipitate (MHP), an intermediate […]",[91992],{"slug":544,"name":543,"content":91993},{"job_title":557,"image":91994,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"78f963fa-75c3-4d79-8022-ad79a6e7c5bc\", \"id\": \"\"}-->",[91997,91998,91999,92000],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":92002,"copyright":547,"fieldtype":553,"meta_data":92003,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5383b462ed/bm-shutterstock-2176927741-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 20, 2023",{"id":92006,"uuid":92007,"name":92008,"slug":92009,"full_slug":92010,"content":92011},112470777628818,"b7aed7e8-d0ec-43b8-968b-23c8cc803002","Two-fifths of cobalt could come from nickel mines by 2030","two-fifths-of-cobalt-could-come-from-nickel-mines-by-2030","article/two-fifths-of-cobalt-could-come-from-nickel-mines-by-2030",{"_uid":92012,"date":92013,"tags":92014,"editor":92018,"content":92022,"excerpt":92229,"featured":51,"reporter":92230,"_editable":92234,"component":864,"seo_title":92008,"categories":92235,"visibility":2091,"author_company":49,"data_vis_image":92238,"featured_image":92240,"seo_description":92229,"author_full_name":49,"author_job_title":49,"formattedDate":92243},"4d3bf47d-1be5-4354-97f1-ead1d5bb250c","2023-09-15 00:00",[92015,92016,92017],{"slug":578,"name":579},{"slug":572,"name":573},{"slug":7997,"name":7998},[92019],{"slug":544,"name":543,"content":92020},{"job_title":557,"image":92021,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":92023},[92024,92042,92053,92064,92069,92074,92079,92087,92092,92097,92102,92107,92112,92117,92142,92171,92176,92181,92186,92191,92196,92209,92214,92219,92224],{"type":594,"attrs":92025,"content":92026},{"textAlign":49},[92027,92029,92035,92036,92041],{"text":92028,"type":599},"The proportion of global cobalt supply that is mined as a byproduct of nickel could increase from 25% this year to 41% in 2030, driven primarily by the rise ",{"text":92030,"type":599,"marks":92031},"of production in Indonesia",[92032],{"type":604,"attrs":92033},{"href":92034,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-could-indonesias-growth-threaten-drcs-strength-in-cobalt",{"text":50530,"type":599},{"text":40483,"type":599,"marks":92037},[92038],{"type":604,"attrs":92039},{"href":92040,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/cobalt",{"text":974,"type":599},{"type":594,"attrs":92043,"content":92044},{"textAlign":49},[92045,92047,92051],{"text":92046,"type":599},"The majority of cobalt is currently mined as a byproduct of copper, with this accounting for three-quarters of this year’s forecast cobalt production. This could drop to 57% in 2030. This form of cobalt production almost entirely takes place in the ",{"text":42579,"type":599,"marks":92048},[92049],{"type":604,"attrs":92050},{"href":63729,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":92052,"type":599}," (DRC).",{"type":594,"attrs":92054,"content":92055},{"textAlign":49},[92056,92058,92063],{"text":92057,"type":599},"Although Benchmark’s Cobalt Forecast shows that the cobalt market is currently oversupplied, a structural deficit is forecast from 2027 onwards meaning it is key that ",{"text":92059,"type":599,"marks":92060},"new supply planned in Indonesia comes online",[92061],{"type":604,"attrs":92062},{"href":91822,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":92065,"content":92066},{"textAlign":49},[92067],{"text":92068,"type":599},"But cobalt supply is not in the hands of the cobalt market, rather it is at the whims of copper and nickel mining, which it is a byproduct of.",{"type":594,"attrs":92070,"content":92071},{"textAlign":49},[92072],{"text":92073,"type":599},"“If you don’t understand the copper and nickel markets, you don’t understand cobalt,” Piotr Kulas, an analyst at Benchmark, said.",{"type":594,"attrs":92075,"content":92076},{"textAlign":49},[92077],{"text":92078,"type":599},"Just 1% of cobalt mined this year will be the primary product of the mine from which it is produced, according to Benchmark’s Cobalt Forecast.",{"type":594,"attrs":92080,"content":92081},{"textAlign":49},[92082],{"type":1186,"attrs":92083},{"id":49,"alt":92084,"src":92085,"title":49,"source":49,"copyright":49,"meta_data":92086},"Cobalt mined as a byproduct of nickel is on the rise","https://a.storyblok.com/f/287943243085208/3258031a8a/bm-cobalt-byproduct.png",{},{"type":657,"attrs":92088,"content":92089},{"level":15966,"textAlign":49},[92090],{"text":92091,"type":599},"Different forms of cobalt",{"type":594,"attrs":92093,"content":92094},{"textAlign":49},[92095],{"text":92096,"type":599},"Cobalt produced from a copper mine is in the form of a copper-cobalt oxide. The two are separated through a sulphuric acid leaching process which produces cobalt hydroxide that is then shipped to China for conversion into cobalt sulphate for batteries.",{"type":594,"attrs":92098,"content":92099},{"textAlign":49},[92100],{"text":92101,"type":599},"The rise in cobalt production from nickel mines has been enabled by the high pressure acid leaching process (HPAL) which produces a mixed hydroxide precipitate (MHP) containing nickel, cobalt and manganese hydroxides. This is then converted into sulphates for batteries primarily in China.",{"type":594,"attrs":92103,"content":92104},{"textAlign":49},[92105],{"text":92106,"type":599},"Indonesia is the largest country for this kind of production. In 2030, Benchmark’s Cobalt Forecast shows the country could represent 82% of cobalt produced through the HPAL process. Australia and Papua New Guinea are forecast to represent 7% and 4% of the HPAL cobalt production in the same year. ",{"type":594,"attrs":92108,"content":92109},{"textAlign":49},[92110],{"text":92111,"type":599},"Indonesian cobalt production has risen on the back of the country banning the export of nickel ores in 2020. This led to an uptick in HPAL project investments, primarily by Chinese companies, increasing the amount of cobalt produced as a byproduct.",{"type":594,"attrs":92113,"content":92114},{"textAlign":49},[92115],{"text":92116,"type":599},"Another driver for the rise of Indonesian cobalt is increasing concerns from automakers over the challenges associated with the DRC.",{"type":594,"attrs":92118,"content":92119},{"textAlign":49},[92120,92121,92126,92128,92134,92135,92140],{"text":56112,"type":599},{"text":92122,"type":599,"marks":92123},"country experiences constant logistical",[92124],{"type":604,"attrs":92125},{"href":83940,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":92127,"type":599}," and power issues, and responsible sourcing from the ",{"text":92129,"type":599,"marks":92130},"artisanal sector",[92131],{"type":604,"attrs":92132},{"href":92133,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/drc-to-push-ahead-with-government-control-of-small-scale-mining-presidential-advisor-says",{"text":39908,"type":599},{"text":92136,"type":599,"marks":92137},"big concern for many market players",[92138],{"type":604,"attrs":92139},{"href":83747,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":92141,"type":599},",” Jorge Uzcategui, an analyst at Benchmark, said.",{"type":594,"attrs":92143,"content":92144},{"textAlign":49},[92145,92147,92153,92155,92161,92163,92169],{"text":92146,"type":599},"Although Indonesia also has its own set of ",{"text":92148,"type":599,"marks":92149},"environmental",[92150],{"type":604,"attrs":92151},{"href":92152,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-ecological-costs-of-indonesian-nickel",{"text":92154,"type":599},", social, and ",{"text":92156,"type":599,"marks":92157},"governance",[92158],{"type":604,"attrs":92159},{"href":92160,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/nickel-refiners-in-indonesia-lag-global-peers-on-water-pollution-monitoring",{"text":92162,"type":599}," (ESG) ",{"text":92164,"type":599,"marks":92165},"concerns",[92166],{"type":604,"attrs":92167},{"href":92168,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-esg-concerns-for-indonesian-nickel-production",{"text":92170,"type":599},", there are reports suggesting that the country could get a Free Trade Agreement-like arrangement with the US, making critical minerals from the country potentially compliant with the Inflation Reduction Act.",{"type":594,"attrs":92172,"content":92173},{"textAlign":49},[92174],{"text":92175,"type":599},"Cobalt mined as a byproduct of nickel production also has the advantage of being produced in conjunction with other battery minerals. Kulas noted that the ratios of nickel and cobalt in MHP is similar to that required by NCM 811 cathode material, providing an advantage over cobalt sourced from the DRC which requires separate sourcing of nickel and manganese feedstocks.",{"type":594,"attrs":92177,"content":92178},{"textAlign":49},[92179],{"text":92180,"type":599},"But with the cobalt market forecast to enter a deficit from 2027, supply is needed soon and the DRC has the advantage of being a more mature producer and higher cobalt grades.",{"type":594,"attrs":92182,"content":92183},{"textAlign":49},[92184],{"text":92185,"type":599},"“One of the most significant aspects of this shift is that the cobalt market will become slightly more diversified,” Uzcategui said. ",{"type":657,"attrs":92187,"content":92188},{"level":15966,"textAlign":49},[92189],{"text":92190,"type":599},"Cobalt’s unique pricing dynamics",{"type":594,"attrs":92192,"content":92193},{"textAlign":49},[92194],{"text":92195,"type":599},"A consequence of cobalt being mined as a byproduct of other metals is that supply and price are not as intimately connected as is the case for other battery metals.",{"type":594,"attrs":92197,"content":92198},{"textAlign":49},[92199,92201,92207],{"text":92200,"type":599},"“A good example of this is that right now, ",{"text":92202,"type":599,"marks":92203},"cobalt hydroxide is at the lowest it has been in the last five years",[92204],{"type":604,"attrs":92205},{"href":92206,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalts-brief-price-rally-ends-as-logistical-constraints-ease-surplus-continues",{"text":92208,"type":599},", though, despite that, cobalt mining isn’t slowing down at all,” Roman Aubry, an analyst at Benchmark, said.",{"type":594,"attrs":92210,"content":92211},{"textAlign":49},[92212],{"text":92213,"type":599},"Aubry suggests that a rise in the prevalence of cobalt produced as a byproduct of nickel mining, could call for greater standardisation in fledgling MHP cobalt payable pricing.",{"type":594,"attrs":92215,"content":92216},{"textAlign":49},[92217],{"text":92218,"type":599},"“That being said, since cobalt in MHP is such a small amount, it still very much takes a backseat to nickel in MHP,” he said.",{"type":594,"attrs":92220,"content":92221},{"textAlign":49},[92222],{"text":92223,"type":599},"Benchmark provides a range of prices, data and market intelligence services for the nickel and cobalt markets:",{"type":594,"attrs":92225,"content":92226},{"textAlign":49},[92227],{"text":92228,"type":599},"To learn more about any of these services and to speak to our experts, please provide your details here:","The proportion of global cobalt supply that is mined as a byproduct of nickel could increase from 25% this year to 41% in 2030, driven primarily by the rise of production in Indonesia, according to Benchmark’s Cobalt Forecast. The majority of cobalt is currently mined as a byproduct of copper, with this accounting for three-quarters […]",[92231],{"slug":544,"name":543,"content":92232},{"job_title":557,"image":92233,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4d3bf47d-1be5-4354-97f1-ead1d5bb250c\", \"id\": \"\"}-->",[92236,92237],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":92085,"copyright":547,"fieldtype":553,"meta_data":92239,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":92241,"copyright":547,"fieldtype":553,"meta_data":92242,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/67cbc079ce/bm-morowali-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 15, 2023",{"id":92245,"uuid":92246,"name":92247,"slug":92248,"full_slug":92249,"content":92250},112470804023448,"b2900df7-a3f3-42bd-81d8-3cc89c47ff11","OPINION: Is Direct Lithium Extraction the industry’s ‘shale’ moment?","opinion-is-direct-lithium-extraction-the-industrys-shale-moment","article/opinion-is-direct-lithium-extraction-the-industrys-shale-moment",{"_uid":92251,"date":92252,"tags":92253,"editor":92256,"content":92260,"excerpt":92480,"featured":50,"reporter":92481,"_editable":92485,"component":864,"seo_title":92247,"categories":92486,"visibility":2091,"author_company":11314,"featured_image":92489,"seo_description":92480,"author_full_name":92492,"author_job_title":49,"formattedDate":92493},"4e43608b-bbb8-4cc8-ad23-b12d8467d626","2023-09-12 00:00",[92254,92255],{"slug":24492,"name":24493},{"slug":41666,"name":41667},[92257],{"slug":544,"name":543,"content":92258},{"job_title":557,"image":92259,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":92261},[92262,92267,92272,92284,92289,92294,92299,92304,92316,92328,92333,92340,92345,92356,92361,92366,92371,92376,92381,92386,92391,92396,92401,92406,92415,92424,92433,92440,92445,92450,92455,92463,92473],{"type":594,"attrs":92263,"content":92264},{"textAlign":49},[92265],{"text":92266,"type":599},"More than twenty years ago, the oil industry was fixated with fears of peak oil supply – a widely misplaced view that geological constraints would determine production in a bell-curve fashion. Oil supply would become less elastic as a result, so the argument went. ",{"type":594,"attrs":92268,"content":92269},{"textAlign":49},[92270],{"text":92271,"type":599},"The US shale revolution – which began in 2008 – busted this myth. Having introduced a new source of highly elastic short-cycle supply, unconventional shale transformed the US as the world’s largest oil and gas producer. As a result, today no-one seriously talks of peak oil supply. Instead, peak demand has become the new buzzword.  ",{"type":594,"attrs":92273,"content":92274},{"textAlign":49},[92275,92277,92282],{"text":92276,"type":599},"For the global ",{"text":92278,"type":599,"marks":92279},"lithium industry",[92280],{"type":604,"attrs":92281},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":92283,"type":599},", a different debate is taking root: while oil demand may only grow by ~1% per year to 2030, lithium demand is expected to grow by CAGR 15-20% to 2030. ",{"type":594,"attrs":92285,"content":92286},{"textAlign":49},[92287],{"text":92288,"type":599},"Despite a recent softening in lithium prices from last year’s record highs, the marginal cost of producing lithium continues to remain high – driven by degrading ore qualities and upstream cost inflation. ",{"type":594,"attrs":92290,"content":92291},{"textAlign":49},[92292],{"text":92293,"type":599},"Conventional wisdom today holds that lithium’s relative supply inelasticity should maintain pricing above incentive levels. However, just like fears of peak oil supply, technology can be a game-changer, shifting the entire supply curve. Can Direct lithium extraction (DLE) – touted as a new ‘game-changing’ technology – promise to give lithium its ‘shale’ moment? ",{"type":657,"attrs":92295,"content":92296},{"level":15966,"textAlign":49},[92297],{"text":92298,"type":599},"DLE’s promise",{"type":594,"attrs":92300,"content":92301},{"textAlign":49},[92302],{"text":92303,"type":599},"Widely touted as a ‘game-changing’ technology, DLE aims to remove lithium in solution via ionic size, charge, and chemical properties, while stripping impurities, mainly magnesium, calcium, potassium, and sodium. Multiple approaches are under development, with sorption, ion exchange resins, and solvent extraction leading the charge towards commercial scale.",{"type":594,"attrs":92305,"content":92306},{"textAlign":49},[92307,92309,92314],{"text":92308,"type":599},"These processes promise significantly greater lithium recoveries resulting in reduced surface footprints, limited water consumption, and optimised ",{"text":92310,"type":599,"marks":92311},"carbon intensity",[92312],{"type":604,"attrs":92313},{"href":30715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":92315,"type":599},". The projects can use geothermal brine renewable energy or co-located carbon capture, as explored by developer E3 Lithium.",{"type":594,"attrs":92317,"content":92318},{"textAlign":49},[92319,92321,92326],{"text":92320,"type":599},"Pressures to evolve ",{"text":92322,"type":599,"marks":92323},"lithium extraction technology",[92324],{"type":604,"attrs":92325},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":92327,"type":599}," are arriving from across the entire value chain, most evident from Chile’s recently announced National Lithium Strategy, which says that all new projects should use DLE, to minimise the environmental impact across Salar brines. ",{"type":594,"attrs":92329,"content":92330},{"textAlign":49},[92331],{"text":92332,"type":599},"Additionally, as Chinese industry counterparts dominate the conversion of hard-rock sources into lithium chemicals, controlling around 98% global refining capacity in 2023, the potential of DLE could also unlock vast ‘unconventional’ brine resources across Western jurisdictions. ",{"type":594,"attrs":92334,"content":92335},{"textAlign":49},[92336],{"type":1186,"attrs":92337},{"id":49,"alt":547,"src":92338,"title":49,"source":49,"copyright":49,"meta_data":92339},"https://a.storyblok.com/f/287943243085208/8703281568/bm-brine-market-share.jpg",{},{"type":594,"attrs":92341,"content":92342},{"textAlign":49},[92343],{"text":92344,"type":599},"Currently, there are three key brine resources where optimised DLE flowsheets are being explored, key among them being: conventional salar brines, geothermal brines, and oilfield brines. ",{"type":594,"attrs":92346,"content":92347},{"textAlign":49},[92348,92350,92354],{"text":92349,"type":599},"But compared to the traditional salar brines across South America and China, geothermal and oilfield brines contain lithium in solution an order of magnitude ",{"text":92351,"type":599,"marks":92352},"lower",[92353],{"type":643},{"text":92355,"type":599}," than existing supply; typically 100-200 ppm lithium compared up to 2000ppm. Therefore, the economic viability of DLE on low-grade brines requires significant demonstration as projects push towards first commercial production.",{"type":657,"attrs":92357,"content":92358},{"level":15966,"textAlign":49},[92359],{"text":92360,"type":599},"Oil and gas industry enters lithium",{"type":594,"attrs":92362,"content":92363},{"textAlign":49},[92364],{"text":92365,"type":599},"The allocation of capital and resources by the oil and gas industry is growing in low-grade brines, with actors including Chevron, Equinor, and Schlumberger (developing the NeoLith project in collaboration with Panasonic) all developing interest.",{"type":594,"attrs":92367,"content":92368},{"textAlign":49},[92369],{"text":92370,"type":599},"They have followed a path led by developers such as Standard Lithium and speciality chemical maker Lanxess in Arkansas. ",{"type":594,"attrs":92372,"content":92373},{"textAlign":49},[92374],{"text":92375,"type":599},"And the brine resources are huge. ",{"type":594,"attrs":92377,"content":92378},{"textAlign":49},[92379],{"text":92380,"type":599},"Standard Lithium alone has 3.14m tonnes of LCE (NI-43-101) indicated brine resource.",{"type":594,"attrs":92382,"content":92383},{"textAlign":49},[92384],{"text":92385,"type":599},"In particular, ExxonMobil are pursuing a diversified approach to lithium extraction, purchasing 120,000 gross acres across the Smackover formation in South Arkansas, potentially containing up to 4 million tonnes LCE, equivalent to 50 million EVs. ",{"type":594,"attrs":92387,"content":92388},{"textAlign":49},[92389],{"text":92390,"type":599},"An earlier $6.4m investment in June 2022 from Imperial Oil – an Exxon subsidiary – secured strategic exposure to Alberta-based E3 Lithium’s Clearwater oilfield brine project, which is advancing towards a pilot plant during summer 2023. ",{"type":594,"attrs":92392,"content":92393},{"textAlign":49},[92394],{"text":92395,"type":599},"The scale of sunk cost into borehole infrastructure and historic production data, production knowledge, and availability of co-located industry such as fresh water and reagents, offers a major market advantage for this segment of the lithium industry.",{"type":657,"attrs":92397,"content":92398},{"level":15966,"textAlign":49},[92399],{"text":92400,"type":599},"Commercial hurdles",{"type":594,"attrs":92402,"content":92403},{"textAlign":49},[92404],{"text":92405,"type":599},"Despite the rosy outlook for expanding DLE, significant commercial hurdles need to be overcome, however.  ",{"type":594,"attrs":92407,"content":92408},{"textAlign":49},[92409,92411,92413],{"text":92410,"type":599},"1.     ",{"text":92412,"type":599},"Cost curve position",{"text":92414,"type":599}," – Across conventional salar brines, the true capital intensity linked with supporting infrastructure e.g., fresh water and reagents, requires greater visibility, while low lithium concentrations and energy costs across Western jurisdictions also require greater scrutiny. ",{"type":594,"attrs":92416,"content":92417},{"textAlign":49},[92418,92420,92422],{"text":92419,"type":599},"2.     ",{"text":92421,"type":599},"Time to market",{"text":92423,"type":599}," – In June Australia’s Lake Resources announced a three-year delay to the development of its Kachi project in Argentina, which is facing soaring inflation, supply chain delays and a lack of skilled labour. Delays are currently around 2.4 years for new conventional lithium projects, according to Benchmark, so compounding greenfield sites with technology risk will only exacerbate the time to market.",{"type":594,"attrs":92425,"content":92426},{"textAlign":49},[92427,92429,92431],{"text":92428,"type":599},"3.     ",{"text":92430,"type":599},"ESG credentials",{"text":92432,"type":599}," – While DLE is touted as the saviour to freshwater disruption across conventional salar brines, the volumes required for the washing and stripping phase of sorbent technologies remains high. Our site visits to DLE players suggests up to 100-200 tonnes fresh water per tonne of lithium carbonate product for sorbent materials. The potential for efficient recycling of freshwater streams is high, but with an impact on the total operating expenditures. ",{"type":594,"attrs":92434,"content":92435},{"textAlign":49},[92436],{"type":1186,"attrs":92437},{"id":49,"alt":547,"src":92438,"title":49,"source":49,"copyright":49,"meta_data":92439},"https://a.storyblok.com/f/287943243085208/8fa9684133/bm-dle-uplift-to-brine-scenarios.jpg",{},{"type":657,"attrs":92441,"content":92442},{"level":15966,"textAlign":49},[92443],{"text":92444,"type":599},"No silver bullet ",{"type":594,"attrs":92446,"content":92447},{"textAlign":49},[92448],{"text":92449,"type":599},"While DLE may not be the silver bullet for the lithium industry in the short-term, the optimisation of new flowsheets for various brine resources does highlight a reality for supply over the next decade: the growing importance of unconventional supply and the expanding ecosystem of new players in the lithium value chain – particularly oil companies who will bring capital and expertise to the industry. ",{"type":594,"attrs":92451,"content":92452},{"textAlign":49},[92453],{"text":92454,"type":599},"For now, however, the industry – much like Godot in Samuel Beckett’s play – will have to wait for its ‘shale’ moment.",{"type":594,"attrs":92456,"content":92457},{"textAlign":49},[92458,92462],{"text":92459,"type":599,"marks":92460},"Ahmed Mehdi is a principal at Benchmark Minerals, leading the company’s engagement with the global energy industry",[92461],{"type":643},{"text":974,"type":599},{"type":594,"attrs":92464,"content":92465},{"textAlign":49},[92466,92470],{"text":92467,"type":599,"marks":92468},"James Mills is a principal at Benchmark, having previously worked with Volkwagen AG and is a leading lithium strategist at the firm",[92469],{"type":643},{"text":974,"type":599,"marks":92471},[92472],{"type":643},{"type":594,"attrs":92474,"content":92475},{"textAlign":49},[92476],{"text":92477,"type":599,"marks":92478},"To speak to our lithium experts and learn more about Benchmark’s Lithium Forecast, advisory services and market-leading prices coverage, please provide your details here and our team will be in touch:",[92479],{"type":643},"More than twenty years ago, the oil industry was fixated with fears of peak oil supply – a widely misplaced view that geological constraints would determine production in a bell-curve fashion. Oil supply would become less elastic as a result, so the argument went. The US shale revolution – which began in 2008 – busted […]",[92482],{"slug":544,"name":543,"content":92483},{"job_title":557,"image":92484,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4e43608b-bbb8-4cc8-ad23-b12d8467d626\", \"id\": \"\"}-->",[92487,92488],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":92490,"copyright":547,"fieldtype":553,"meta_data":92491,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f8e38c3f80/bm-dle-lithium.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Ahmed Mehdi and James Mills","Sep 12, 2023",{"id":92495,"uuid":92496,"name":92497,"slug":92498,"full_slug":92499,"content":92500},112470808864921,"43b5ad4c-5153-4b1f-b978-d427f6403087","All Chilean lithium rated to world’s most rigorous standard","all-chilean-lithium-rated-to-worlds-most-rigorous-standard","article/all-chilean-lithium-rated-to-worlds-most-rigorous-standard",{"_uid":92501,"date":92502,"tags":92503,"editor":92512,"content":92516,"excerpt":92677,"featured":51,"reporter":92678,"_editable":92682,"component":864,"seo_title":92497,"categories":92683,"visibility":882,"author_company":49,"featured_image":92688,"seo_description":92677,"author_full_name":49,"author_job_title":49,"formattedDate":92691},"52dc6a35-c40d-4d9e-8b60-c4de502a5968","2023-09-11 00:00",[92504,92505,92506,92509,92510,92511],{"slug":11320,"name":11321},{"slug":17168,"name":13351},{"slug":92507,"name":92508},"irma","IRMA",{"slug":18476,"name":18477},{"slug":4610,"name":662},{"slug":23760,"name":23761},[92513],{"slug":544,"name":543,"content":92514},{"job_title":557,"image":92515,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":92517},[92518,92536,92541,92546,92558,92566,92571,92576,92581,92586,92599,92604,92614,92619,92636,92641,92654,92659,92672],{"type":594,"attrs":92519,"content":92520},{"textAlign":49},[92521,92523,92528,92530,92535],{"text":92522,"type":599},"All ",{"text":92524,"type":599,"marks":92525},"Chilean lithium",[92526],{"type":604,"attrs":92527},{"href":18544,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":92529,"type":599}," now comes from mines with ratings from the Initiative for Responsible Mining Assurance (IRMA), following SQM receiving its rating last week. Chile is forecast to produce a quarter of global lithium this year, according ",{"text":24541,"type":599,"marks":92531},[92532],{"type":604,"attrs":92533},{"href":92534,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/lithium",{"text":974,"type":599},{"type":594,"attrs":92537,"content":92538},{"textAlign":49},[92539],{"text":92540,"type":599},"IRMA is the most rigorous mining standard in the world, comprising over 400 metrics across four principle areas: Business Integrity, Planning for Positive Legacies, Social Responsibility and Environmental Responsibility.",{"type":594,"attrs":92542,"content":92543},{"textAlign":49},[92544],{"text":92545,"type":599},"Lithium and other battery minerals from mines following such standards are in increasing demand. Ford, Volkswagen, and Tesla are amongst the automakers supporting the standard through membership to IRMA.",{"type":594,"attrs":92547,"content":92548},{"textAlign":49},[92549,92551,92556],{"text":92550,"type":599},"“IRMA accreditation can help offer reassurances for the downstream that minerals from IRMA-accredited mines come at a lower reputational risk compared to other non IRMA mines,” ",{"text":92552,"type":599,"marks":92553},"Tom Drabble",[92554],{"type":604,"attrs":92555},{"href":67758,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":92557,"type":599},", an analyst at Benchmark, said. “The upstream is therefore reacting to that.”",{"type":594,"attrs":92559,"content":92560},{"textAlign":49},[92561],{"type":1186,"attrs":92562},{"id":49,"alt":92563,"src":92564,"title":49,"source":49,"copyright":49,"meta_data":92565},"2023 lithium production forecast (tonnes LCE). Chile forecast to produce quarter of lithium this year","https://a.storyblok.com/f/287943243085208/a4e669d133/bm-lithium-2023-forecast.png",{},{"type":657,"attrs":92567,"content":92568},{"level":15966,"textAlign":49},[92569],{"text":92570,"type":599},"SQM and Albemarle meet standards",{"type":594,"attrs":92572,"content":92573},{"textAlign":49},[92574],{"text":92575,"type":599},"Chile’s lithium is currently produced by two sites in the Salar de Atacama operated by SQM and Albemarle.",{"type":594,"attrs":92577,"content":92578},{"textAlign":49},[92579],{"text":92580,"type":599},"IRMA has four achievement levels. Levels 50, 75, or 100 mean a mine has met 50%, 75% or 100% of the metrics in each of the principle areas and also met 40 critical criteria. The lowest level is the Transparency level which is awarded to mine sites which receive an IRMA-approved audit and publicly share the results but do not meet the criteria for IRMA level 50 or higher.",{"type":594,"attrs":92582,"content":92583},{"textAlign":49},[92584],{"text":92585,"type":599},"SQM’s site, which Benchmark’s Lithium Forecast shows will produce 75% of Chile’s lithium this year, became the first lithium mine to reach IRMA achievement level 75 last week.",{"type":594,"attrs":92587,"content":92588},{"textAlign":49},[92589,92591,92597],{"text":92590,"type":599},"“This is the most rigorous and the most comprehensive mining assurance standard in the world,” ",{"text":92592,"type":599,"marks":92593},"Stefan Debruyne",[92594],{"type":604,"attrs":92595},{"href":92596,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/carbon-and-water-neutral-lithium-sqms-innovation-roadmap-and-sustainable-development-plan",{"text":92598,"type":599},", director of external affairs at SQM, told Benchmark Source, emphasising that getting an IRMA 75 rating is not the end of the process. “Of course, when you undertake a standard, your ambition is to have 100.”",{"type":594,"attrs":92600,"content":92601},{"textAlign":49},[92602],{"text":92603,"type":599},"Albemarle’s site reached IRMA achievement level 50 in June this year. It narrowly missed out on achievement level 75 due to scores of 72.2% in business integrity and 74% in social responsibility. Albemarle was the first lithium miner to meet IRMA standards.",{"type":594,"attrs":92605,"content":92606},{"textAlign":49},[92607,92612],{"text":11321,"type":599,"marks":92608},[92609],{"type":604,"attrs":92610},{"href":92611,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/albemarle-looks-to-acquire-more-lithium-resources-to-secure-post-2030-supply",{"text":92613,"type":599}," is working with its joint venture partners to undertake an IRMA assessment for its hard rock sites in Western Australia and is aiming for its Kings Mountain site in North Carolina to be the first IRMA 100 mine site.",{"type":594,"attrs":92615,"content":92616},{"textAlign":49},[92617],{"text":92618,"type":599},"SQM and Albemarle are currently the only miners operating lithium mines with IRMA ratings.",{"type":594,"attrs":92620,"content":92621},{"textAlign":49},[92622,92628,92630,92635],{"text":92623,"type":599,"marks":92624},"Livent’s",[92625],{"type":604,"attrs":92626},{"href":92627,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-grow-or-be-bought-livent-allkem-merger-sets-scene-for-industry-consolidation",{"text":92629,"type":599}," Fenix operation in Argentina is currently undergoing an independent audit and Mineral Resources is carrying out the self-assessment process on its Wodgina mine operation in ",{"text":13262,"type":599,"marks":92631},[92632],{"type":604,"attrs":92633},{"href":92634,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/australia-looks-to-boost-domestic-mineral-processing-industry-with-676-million-fund",{"text":974,"type":599},{"type":657,"attrs":92637,"content":92638},{"level":15966,"textAlign":49},[92639],{"text":92640,"type":599},"Downstream and policymakers call for standards",{"type":594,"attrs":92642,"content":92643},{"textAlign":49},[92644,92646,92652],{"text":92645,"type":599},"Sustainable lithium sourcing is becoming increasingly important for automakers and downstream players. In May, ",{"text":92647,"type":599,"marks":92648},"Albemarle signed a five-year agreement to supply Ford",[92649],{"type":604,"attrs":92650},{"href":92651,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ford-signs-five-lithium-deals-to-secure-north-american-and-ira-compliant-supply",{"text":92653,"type":599}," with lithium sourced only from IRMA-accredited mines.",{"type":594,"attrs":92655,"content":92656},{"textAlign":49},[92657],{"text":92658,"type":599},"“Sustainability, transparency, and traceability are of increasing importance to customers across the lithium value chain,” Albemarle told Benchmark Source. “This new era of lithium requires responsible mining to achieve a just transition to electrification and digitalization globally.”",{"type":594,"attrs":92660,"content":92661},{"textAlign":49},[92662,92664,92670],{"text":92663,"type":599},"The comprehensiveness of the IRMA standard has meant it was recommended in President Biden’s 100-Day review of supply chains and the ",{"text":92665,"type":599,"marks":92666},"EU’s new Battery Regulations",[92667],{"type":604,"attrs":92668},{"href":92669,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europe-needs-to-step-up-its-game-to-compete-in-global-battery-industry-sefcovic-says",{"text":92671,"type":599}," as a starting point for the development of a responsible mining industry. ",{"type":594,"attrs":92673,"content":92674},{"textAlign":49},[92675],{"text":92676,"type":599},"“Both the White House and the EU have referenced IRMA as a potential method for supply chain due diligence,” Debruyne said, “If you look at them together, I think that is significant.”","All Chilean lithium now comes from mines with ratings from the Initiative for Responsible Mining Assurance (IRMA), following SQM receiving its rating last week. Chile is forecast to produce a quarter of global lithium this year, according Benchmark’s Lithium Forecast. IRMA is the most rigorous mining standard in the world, comprising over 400 metrics across […]",[92679],{"slug":544,"name":543,"content":92680},{"job_title":557,"image":92681,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"52dc6a35-c40d-4d9e-8b60-c4de502a5968\", \"id\": \"\"}-->",[92684,92685,92686,92687],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":92689,"copyright":547,"fieldtype":553,"meta_data":92690,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b91ead2533/bm-benchmark-lithium-chile-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 11, 2023",{"id":92693,"uuid":92694,"name":92695,"slug":92696,"full_slug":92697,"content":92698},112470813554842,"e27c999d-e248-4106-8400-6e65567f6ff9","Daimler to build LFP gigafactory in US with joint venture partners","daimler-to-build-lfp-gigafactory-in-us-with-joint-venture-partners","article/daimler-to-build-lfp-gigafactory-in-us-with-joint-venture-partners",{"_uid":92699,"date":92700,"tags":92701,"editor":92709,"content":92713,"excerpt":92809,"featured":51,"reporter":92810,"_editable":92814,"component":864,"seo_title":92695,"categories":92815,"visibility":882,"author_company":49,"featured_image":92822,"seo_description":92809,"author_full_name":49,"author_job_title":49,"formattedDate":92825},"6b41f55e-c6ea-46c3-8352-a5afd86717c9","2023-09-08 00:00",[92702,92705,92706,92708],{"slug":92703,"name":92704},"daimler","Daimler",{"slug":2787,"name":2788},{"slug":92707,"name":92707},"trucks",{"slug":1375,"name":1376},[92710],{"slug":544,"name":543,"content":92711},{"job_title":557,"image":92712,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":92714},[92715,92720,92725,92744,92749,92754,92759,92764,92769,92774,92779,92784,92789,92794,92799,92804],{"type":594,"attrs":92716,"content":92717},{"textAlign":49},[92718],{"text":92719,"type":599},"Daimler Truck, a German truck manufacturer, is planning a $2-3 billion gigafactory to produce lithium iron phosphate (LFP) cells in the US in a joint venture.",{"type":594,"attrs":92721,"content":92722},{"textAlign":49},[92723],{"text":92724,"type":599},"The 21 gigawatt-hour gigafactory will be built through a joint venture between Daimler Truck, component manufacturer Accelera (a unit of Cummins), and truck maker PACCAR, who will each have a 30% interest in the venture. Chinese battery producer EVE Energy will take a 10% stake as the technology partner.",{"type":594,"attrs":92726,"content":92727},{"textAlign":49},[92728,92730,92736,92738,92743],{"text":92729,"type":599},"This comes as North America is forecast to increase from 0.2% of global ",{"text":92731,"type":599,"marks":92732},"LFP cell production",[92733],{"type":604,"attrs":92734},{"href":92735,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/kore-power-850-million-doe-loan-provides-boost-to-us-lfp-cell-production",{"text":92737,"type":599}," this year to 5.5% by 2030, according to ",{"text":70211,"type":599,"marks":92739},[92740],{"type":604,"attrs":92741},{"href":92742,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries",{"text":974,"type":599},{"type":594,"attrs":92745,"content":92746},{"textAlign":49},[92747],{"text":92748,"type":599},"“This is a positive development for North American LFP build out due to growing demand for LFP outside of China,” Aran Waid, an analyst at Benchmark, said. “As the electrification of commercial vehicles is driven by China, LFP is the dominant chemistry in commercial electric vehicle segments as well as the growing energy storage system market.”",{"type":594,"attrs":92750,"content":92751},{"textAlign":49},[92752],{"text":92753,"type":599},"The site for the gigafactory has yet to be decided. However, a final site announcement is expected within the next six months, Paul Mandaiker, Daimler Truck’s technology and regulations spokesperson, told Benchmark Source.",{"type":594,"attrs":92755,"content":92756},{"textAlign":49},[92757],{"text":92758,"type":599},"Production is forecast to begin in 2027.",{"type":657,"attrs":92760,"content":92761},{"level":15966,"textAlign":49},[92762],{"text":92763,"type":599},"Choice of LFP",{"type":594,"attrs":92765,"content":92766},{"textAlign":49},[92767],{"text":92768,"type":599},"Compared to nickel cobalt manganese (NCM) cells, LFP is generally considered to have lower performance for passenger vehicles. However, for large trucks, the cell chemistry has a host of advantages.",{"type":594,"attrs":92770,"content":92771},{"textAlign":49},[92772],{"text":92773,"type":599},"“LFP battery technology is an excellent choice for commercial vehicles,” Mandaiker said. “The LFP battery cells produced by the joint venture will be able to offer several advantages compared to other battery chemistries, including lower cost, longer life, and enhanced safety, without the need for nickel and cobalt raw materials.”",{"type":594,"attrs":92775,"content":92776},{"textAlign":49},[92777],{"text":92778,"type":599},"However, despite these advantages, China has a near monopoly on the production of LFP cells, with 99.5% of production occurring in the country.",{"type":594,"attrs":92780,"content":92781},{"textAlign":49},[92782],{"text":92783,"type":599},"China also dominates in the supply chain with over 99% of LFP cathode material forecast to be produced in China this year, according to Benchmark’s Cathode Forecast.",{"type":594,"attrs":92785,"content":92786},{"textAlign":49},[92787],{"text":92788,"type":599},"“At the start of production, like any battery cells manufactured globally, a significant portion of the battery cell materials will come from China,” Mandaiker said. “The joint venture plans to localise the majority of components in North America as soon as possible.”",{"type":594,"attrs":92790,"content":92791},{"textAlign":49},[92792],{"text":92793,"type":599},"The US is incentivising the build out of such local supply chains through the Inflation Reduction Act and state economic development packages.",{"type":594,"attrs":92795,"content":92796},{"textAlign":49},[92797],{"text":92798,"type":599},"“These programs are critical to support the localisation of battery production, and of the battery supply chain,” Mandaiker said.",{"type":594,"attrs":92800,"content":92801},{"textAlign":49},[92802],{"text":92803,"type":599},"Although the US’ Inflation Reduction Act has some provisions excluding foreign entities of concern from certain tax credits, Daimler Truck does not foresee EVE Energy’s involvement as impacting the joint venture’s ability to qualify for the credits.",{"type":594,"attrs":92805,"content":92806},{"textAlign":49},[92807],{"text":92808,"type":599},"“No state and local incentives will flow directly to any individual partner,” Mandaiker said. “Rather, they will be realised by the joint venture itself in the development and production of cells in the US – exactly as policy makers intended.”","Daimler Truck, a German truck manufacturer, is planning a $2-3 billion gigafactory to produce lithium iron phosphate (LFP) cells in the US in a joint venture. The 21 gigawatt-hour gigafactory will be built through a joint venture between Daimler Truck, component manufacturer Accelera (a unit of Cummins), and truck maker PACCAR, who will each have […]",[92811],{"slug":544,"name":543,"content":92812},{"job_title":557,"image":92813,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6b41f55e-c6ea-46c3-8352-a5afd86717c9\", \"id\": \"\"}-->",[92816,92817,92818,92819,92820,92821],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"slug":878,"name":8},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":92823,"copyright":547,"fieldtype":553,"meta_data":92824,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/24ec504631/bm-23dt152-001.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 08, 2023",{"id":92827,"uuid":92828,"name":92829,"slug":92830,"full_slug":92831,"content":92832},112470847092907,"a9e35b25-6750-4dd8-8941-eb45d66f4d81","Chinese cathode prices fall as cell makers squeeze producers","chinese-cathode-prices-fall-as-cell-makers-squeeze-producers","article/chinese-cathode-prices-fall-as-cell-makers-squeeze-producers",{"_uid":92833,"date":92834,"tags":92835,"editor":92837,"content":92841,"excerpt":92952,"featured":51,"reporter":92953,"_editable":92957,"component":864,"seo_title":92829,"categories":92958,"visibility":882,"author_company":49,"featured_image":92962,"seo_description":92952,"author_full_name":49,"author_job_title":49,"formattedDate":92964},"aeb58b43-388c-4f38-9a17-3194c4c9d689","2023-09-01 00:00",[92836],{"slug":913,"name":914},[92838],{"slug":544,"name":543,"content":92839},{"job_title":557,"image":92840,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":92842},[92843,92855,92860,92865,92875,92880,92885,92890,92895,92902,92907,92912,92917,92922,92927,92932,92937,92942],{"type":594,"attrs":92844,"content":92845},{"textAlign":49},[92846,92848,92854],{"text":92847,"type":599},"Chinese cathode producers are suffering from lower prices, as battery cell manufacturers remain hesitant to buy amid declining raw material prices and ",{"text":92849,"type":599,"marks":92850},"weaker electric vehicle demand",[92851],{"type":604,"attrs":92852},{"href":92853,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-economic-slowdown-hits-battery-supply-chain?mc_cid=e371f568db&mc_eid=UNIQID",{"text":974,"type":599},{"type":594,"attrs":92856,"content":92857},{"textAlign":49},[92858],{"text":92859,"type":599},"Prices for high nickel cathodes have experienced the largest price falls over the past month, according to Benchmark. ",{"type":594,"attrs":92861,"content":92862},{"textAlign":49},[92863],{"text":92864,"type":599},"Nickel cobalt aluminium (NCA) cathode active material prices fell 9.8% between 17 July to 15 August to an average of RMB 275,000/tonne ($37,675), the biggest decline among all cathode materials assessed by Benchmark. ",{"type":594,"attrs":92866,"content":92867},{"textAlign":49},[92868,92870],{"text":92869,"type":599},"High nickel NCM811 prices fell by 7%, while the price of lithium iron phosphate (LFP) cathode materials fell 7.7 % month-on-month to RMB 90,000/tonne ($12,330), according to ",{"text":92871,"type":599,"marks":92872},"Benchmark’s Cathode Price Assessment.",[92873],{"type":604,"attrs":92874},{"href":78902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":92876,"content":92877},{"textAlign":49},[92878],{"text":92879,"type":599},"Contacts reported to Benchmark that cell manufacturers were hesitant at procuring new cathode material due to recent price fluctuations in the market. Cell makers who are buying, aware of falling raw materials prices, are driving hard bargains with CAM manufacturers.",{"type":594,"attrs":92881,"content":92882},{"textAlign":49},[92883],{"text":92884,"type":599},"“The cell producers do have power in this case and know that the raw material prices have fallen. The CAM producers will want to retain customers and increase market share so will look to negotiate,” explained Rob Burrell. ",{"type":594,"attrs":92886,"content":92887},{"textAlign":49},[92888],{"text":92889,"type":599},"In addition, battery cell producers are suffering from weaker downstream demand. ",{"type":594,"attrs":92891,"content":92892},{"textAlign":49},[92893],{"text":92894,"type":599},"“Cell producers are under pressure to keep business going as usual in a more challenging economic environment,” said Benchmark analyst Aran Waid.",{"type":594,"attrs":92896,"content":92897},{"textAlign":49},[92898],{"type":1186,"attrs":92899},{"id":49,"alt":547,"src":92900,"title":49,"source":49,"copyright":49,"meta_data":92901},"https://a.storyblok.com/f/287943243085208/d157ba1acc/bm-lfp-cathode-31aug.png",{},{"type":657,"attrs":92903,"content":92904},{"level":15966,"textAlign":49},[92905],{"text":92906,"type":599},"Decline in nickel cathode prices",{"type":594,"attrs":92908,"content":92909},{"textAlign":49},[92910],{"text":92911,"type":599},"Nickel cathode prices overall have been on a downward trajectory since 15 March 2022, when they hit their highest levels since Benchmark began tracking them in 2021. ",{"type":594,"attrs":92913,"content":92914},{"textAlign":49},[92915],{"text":92916,"type":599},"The July to August 2023 dip has largely wiped out gains in nickel cathode prices over May to July 2023, only the second time that cathode prices had risen over consecutive months since their all-time highs in the spring of 2022.",{"type":594,"attrs":92918,"content":92919},{"textAlign":49},[92920],{"text":92921,"type":599},"NCM cathode producers have now begun to lower prices for material in order to gain market share, and undercut competitors, mirroring LFP cathode market trends present throughout 2023.",{"type":594,"attrs":92923,"content":92924},{"textAlign":49},[92925],{"text":92926,"type":599},"Battery plant underutilisation is common in China, meaning demand for cathode materials is weak despite more cell capacity coming online. ",{"type":657,"attrs":92928,"content":92929},{"level":15966,"textAlign":49},[92930],{"text":92931,"type":599},"Falling cobalt and lithium prices  ",{"type":594,"attrs":92933,"content":92934},{"textAlign":49},[92935],{"text":92936,"type":599},"Lower cathode prices have mainly been driven by declines in battery raw material prices this year. Chinese battery-grade lithium carbonate prices have more than halved year-to-date. ",{"type":594,"attrs":92938,"content":92939},{"textAlign":49},[92940],{"text":92941,"type":599},"In the period 12 July – 09 August, Benchmark lithium hydroxide (EXW China) prices declined by 12.4%.",{"type":594,"attrs":92943,"content":92944},{"textAlign":49},[92945,92950],{"text":92946,"type":599,"marks":92947},"Cobalt sulphate",[92948],{"type":604,"attrs":92949},{"href":61992,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":92951,"type":599}," prices in China also fell 13.2% between 17 July and 15 August, following a slight increase between 15 May and July 17. ","Chinese cathode producers are suffering from lower prices, as battery cell manufacturers remain hesitant to buy amid declining raw material prices and weaker electric vehicle demand. Prices for high nickel cathodes have experienced the largest price falls over the past month, according to Benchmark. Nickel cobalt aluminium (NCA) cathode active material prices fell 9.8% between […]",[92954],{"slug":544,"name":543,"content":92955},{"job_title":557,"image":92956,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"aeb58b43-388c-4f38-9a17-3194c4c9d689\", \"id\": \"\"}-->",[92959,92960,92961],{"slug":4805,"name":298},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7318,"copyright":547,"fieldtype":553,"meta_data":92963,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Sep 01, 2023",{"id":92966,"uuid":92967,"name":92968,"slug":92969,"full_slug":92970,"content":92971},112470842329258,"4a2b7a60-60a6-4c5e-b485-d75acc8809e5","Chinese lithium prices more than halve as slowdown knocks confidence","chinese-lithium-prices-more-than-halve-as-confidence-knocked-by-slowdown","article/chinese-lithium-prices-more-than-halve-as-confidence-knocked-by-slowdown",{"_uid":92972,"date":92834,"tags":92973,"editor":92976,"content":92980,"excerpt":93141,"featured":51,"reporter":93142,"_editable":93146,"component":864,"seo_title":92968,"categories":93147,"visibility":882,"author_company":49,"featured_image":93151,"seo_description":93141,"author_full_name":49,"author_job_title":49,"formattedDate":92964},"2ce059e0-6e15-4ee3-ac5a-21d2b74c239b",[92974,92975],{"slug":913,"name":914},{"slug":910,"name":911},[92977],{"slug":544,"name":543,"content":92978},{"job_title":557,"image":92979,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":92981},[92982,92992,92997,93010,93015,93020,93025,93030,93035,93042,93047,93052,93057,93062,93075,93080,93085,93090,93095,93100,93105,93110,93115,93120,93125,93136],{"type":594,"attrs":92983,"content":92984},{"textAlign":49},[92985,92986,92990],{"text":81062,"type":599},{"text":12746,"type":599,"marks":92987},[92988],{"type":604,"attrs":92989},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":92991,"type":599}," have fallen more than 50% since the start of the year, due to growing economic uncertainty in China and a rise in supply, pushing the country’s battery producers to seek discounts from suppliers. ",{"type":594,"attrs":92993,"content":92994},{"textAlign":49},[92995],{"text":92996,"type":599},"Battery-grade lithium carbonate prices in China have declined 58% in the first seven months of the year to RMB 223,000 ($30,550) a tonne, according to Benchmark’s Lithium Price Assessment. ",{"type":594,"attrs":92998,"content":92999},{"textAlign":49},[93000,93002,93008],{"text":93001,"type":599},"The prices for the battery-grade critical material fell by 23% in August, reflecting a ",{"text":93003,"type":599,"marks":93004},"slowdown in economic growth in China",[93005],{"type":604,"attrs":93006},{"href":93007,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-economic-slowdown-hits-battery-supply-chain",{"text":93009,"type":599},", as well as caution on the behalf of buyers who are looking to restock at lower prices. ",{"type":594,"attrs":93011,"content":93012},{"textAlign":49},[93013],{"text":93014,"type":599},"“The downstream lithium demand picture is still fairly weak especially from the electric vehicle sector while demand from the energy storage system end market has been more consistent through the year,” said Adam Megginson, analyst with Benchmark.",{"type":594,"attrs":93016,"content":93017},{"textAlign":49},[93018],{"text":93019,"type":599},"China’s two largest lithium producers Tianqi Lithium and Ganfeng Lithium both reported that profits declined in the first half of the year due to lower lithium chemical prices. Tianqi said net profit fell by 37% compared to a year earlier, while Ganfeng said profits were down by 19%. ",{"type":594,"attrs":93021,"content":93022},{"textAlign":49},[93023],{"text":93024,"type":599},"Spot prices for Chinese lithium hydroxide have fallen by over 60% year-to-date to an average of RMB 205,000 ($28,075), according to Benchmark’s Lithium Price Assessment. Chinese lithium hydroxide prices fell 24% in August alone.",{"type":594,"attrs":93026,"content":93027},{"textAlign":49},[93028],{"text":93029,"type":599},"Chinese battery cell makers, who have notable bargaining power, have been looking to procure material on behalf of their suppliers. This is to benefit from cheaper prices versus cathode manufacturers’ existing contracts and lower the portion of cathode costs associated with lithium, according to Benchmark’s Lithium Price Assessment. ",{"type":594,"attrs":93031,"content":93032},{"textAlign":49},[93033],{"text":93034,"type":599},"“Given the greater bargaining power of these cell majors, they have negotiated spot volumes at cheaper prices than prices paid by cathode makers for volumes received under existing contracts,” according to the latest assessment. ",{"type":594,"attrs":93036,"content":93037},{"textAlign":49},[93038],{"type":1186,"attrs":93039},{"id":49,"alt":547,"src":93040,"title":49,"source":49,"copyright":49,"meta_data":93041},"https://a.storyblok.com/f/287943243085208/603efcd1f4/bm-china-lithium-prices-ytd.png",{},{"type":657,"attrs":93043,"content":93044},{"level":15966,"textAlign":49},[93045],{"text":93046,"type":599},"China’s economic slowdown",{"type":594,"attrs":93048,"content":93049},{"textAlign":49},[93050],{"text":93051,"type":599},"China’s economy is suffering from a slowdown in the real estate sector, as well as a drop in consumer confidence, as it struggles to recover from the effects of its zero-Covid policy, dismantled last year. ",{"type":594,"attrs":93053,"content":93054},{"textAlign":49},[93055],{"text":93056,"type":599},"While sales of electric vehicles are still growing, the growth rate has slowed. Month-on-month sales of New Energy Vehicles (NEV) and Battery Electric Vehicles (BEV) declined by 3.2% and 5% in July, according to data from the China Association of Automobile Manufacturers. ",{"type":594,"attrs":93058,"content":93059},{"textAlign":49},[93060],{"text":93061,"type":599},"“Turmoil in the construction sector in China has weakened consumer confidence, and tightening discretionary spending going into the fourth quarter could impact EV sales,” said Megginson. “They may not meet the market’s ambitious expectations due to the gloomy macroeconomic picture emerging in China.” ",{"type":594,"attrs":93063,"content":93064},{"textAlign":49},[93065,93067,93073],{"text":93066,"type":599},"Nonetheless, China’s electric passenger car and electric light duty vehicle sales ",{"text":93068,"type":599,"marks":93069},"are forecast to reach 9 million",[93070],{"type":604,"attrs":93071},{"href":93072,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-nev-sales-rebound-29-from-january-as-automakers-start-price-war",{"text":93074,"type":599}," units by the end of 2023, compared to 6.2 million units last year, according to Rho Motion.",{"type":594,"attrs":93076,"content":93077},{"textAlign":49},[93078],{"text":93079,"type":599},"There are some signs that the market may be recovering. BYD said on Friday that it sold 145,627 battery electric vehicles in August, an increase of 76% from a year earlier, and up 8% from July. ",{"type":594,"attrs":93081,"content":93082},{"textAlign":49},[93083],{"text":93084,"type":599},"In addition, Chinese cathode manufacturers have “relatively modest” stock levels of lithium, and may look to restock in the near future, according to Benchmark. ",{"type":657,"attrs":93086,"content":93087},{"level":15966,"textAlign":49},[93088],{"text":93089,"type":599},"Lithium producers look to manage uncertainty",{"type":594,"attrs":93091,"content":93092},{"textAlign":49},[93093],{"text":93094,"type":599},"Falling lithium chemical prices have hit Chinese lithium companies. Ganfeng said its first half sales were affected by fluctuations in market demand in the lithium industry and the ample inventory level of downstream customers.",{"type":594,"attrs":93096,"content":93097},{"textAlign":49},[93098],{"text":93099,"type":599},"For the second half of the year, Ganfeng said it “will continue to prioritise prudent operation and risk control,” and will “effectively manage its inventory while ensuring that the risks are controllable and that there is sufficient customer demand.”",{"type":594,"attrs":93101,"content":93102},{"textAlign":49},[93103],{"text":93104,"type":599},"Prices for lithium spodumene have also fallen by 50% this year to $3,200 per tonne, according to Benchmark. ",{"type":594,"attrs":93106,"content":93107},{"textAlign":49},[93108],{"text":93109,"type":599},"Dale Henderson, chief executive officer of Australian lithium miner Pilbara Minerals, said last month that despite a pullback in pricing in the first half of the year, strong margins continued to be realised. ",{"type":594,"attrs":93111,"content":93112},{"textAlign":49},[93113],{"text":93114,"type":599},"“Looking forward, we expect continued growth in demand for our product with some ongoing pricing volatility in the shorter term as the supply chain continues to tightly manage inventories and responds to macro-economic conditions,” he said.",{"type":657,"attrs":93116,"content":93117},{"level":15966,"textAlign":49},[93118],{"text":93119,"type":599},"Lithium supply",{"type":594,"attrs":93121,"content":93122},{"textAlign":49},[93123],{"text":93124,"type":599},"An increase in lithium supply this year is likely to lead to a more balanced market by 2024, according to Benchmark.  ",{"type":594,"attrs":93126,"content":93127},{"textAlign":49},[93128,93129,93134],{"text":7249,"type":599},{"text":93130,"type":599,"marks":93131},"expects",[93132],{"type":604,"attrs":93133},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93135,"type":599}," a global deficit of around 8,000 tonnes LCE this year from a previous estimate of 20,000 tonne LCE deficit made in the first quarter. ",{"type":594,"attrs":93137,"content":93138},{"textAlign":49},[93139],{"text":93140,"type":599},"“Although we could see a small rally in lithium prices in the fourth quarter, overall prices are likely to remain relatively range bound given that the market is set to be more balanced going into 2024,” Megginson said.","Chinese lithium prices have fallen more than 50% since the start of the year, due to growing economic uncertainty in China and a rise in supply, pushing the country’s battery producers to seek discounts from suppliers. Battery-grade lithium carbonate prices in China have declined 58% in the first seven months of the year to RMB […]",[93143],{"slug":544,"name":543,"content":93144},{"job_title":557,"image":93145,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2ce059e0-6e15-4ee3-ac5a-21d2b74c239b\", \"id\": \"\"}-->",[93148,93149,93150],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":93152,"copyright":547,"fieldtype":553,"meta_data":93153,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/87c768bc09/bm-greenbushes-tianqi.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":93155,"uuid":93156,"name":93157,"slug":93158,"full_slug":93159,"content":93160},112470851799212,"273aa23d-4a63-4961-b236-85e467deabff","India’s Reliance to build LFP battery factory as Ambani targets clean energy push","indias-reliance-to-build-lfp-battery-factory-as-ambani-targets-clean-energy-push","article/indias-reliance-to-build-lfp-battery-factory-as-ambani-targets-clean-energy-push",{"_uid":93161,"date":93162,"tags":93163,"editor":93166,"content":93170,"excerpt":93307,"featured":51,"reporter":93308,"_editable":93312,"component":864,"seo_title":93157,"categories":93313,"visibility":882,"author_company":49,"featured_image":93320,"seo_description":93307,"author_full_name":49,"author_job_title":49,"formattedDate":93323},"3eabac8a-99aa-4ca9-93d6-ea0f50eb5b8c","2023-08-31 00:00",[93164,93165],{"slug":22444,"name":22445},{"slug":7219,"name":451},[93167],{"slug":544,"name":543,"content":93168},{"job_title":557,"image":93169,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":93171},[93172,93183,93195,93200,93205,93210,93215,93220,93225,93230,93250,93255,93260,93265,93270,93277,93282,93287,93292,93297,93302],{"type":594,"attrs":93173,"content":93174},{"textAlign":49},[93175,93177,93181],{"text":93176,"type":599},"India’s Reliance Industries plans to set up a battery ",{"text":70685,"type":599,"marks":93178},[93179],{"type":604,"attrs":93180},{"href":81412,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93182,"type":599}," to produce lithium iron phosphate (LFP) battery cells, as part of its multibillion investment push aimed towards clean energy and transport. ",{"type":594,"attrs":93184,"content":93185},{"textAlign":49},[93186,93188,93193],{"text":93187,"type":599},"Reliance will set up a battery gigafactory in India by 2026 which will make ",{"text":46007,"type":599,"marks":93189},[93190],{"type":604,"attrs":93191},{"href":93192,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/india-is-far-behind-in-race-to-build-battery-supply-chain-epsilon-says",{"text":93194,"type":599},", cells, packs as well as containerised energy storage solutions. It will also have a battery recycling facility.",{"type":594,"attrs":93196,"content":93197},{"textAlign":49},[93198],{"text":93199,"type":599},"Mukesh Ambani, chairman at Reliance and India’s richest person, has pledged to invest Rs 75,000 crore ($9 billion) in the new energy unit to expand production of solar, wind, hydrogen, and batteries.",{"type":594,"attrs":93201,"content":93202},{"textAlign":49},[93203],{"text":93204,"type":599},"“We will start with lithium iron phosphate (LFP) chemistry which has been proven at scale for its safety, stability, and life, targeting to produce LFP-based solutions at world beating lifecycle costs,” Ambani told investors at the company’s annual general meeting on August 28. ",{"type":594,"attrs":93206,"content":93207},{"textAlign":49},[93208],{"text":93209,"type":599},"Spread over 5,000 acres, the Dhirubhai Ambani Green Energy Giga Manufacturing Complex in Jamnagar, in the Indian state of Gujarat, is expected to be among the world’s largest integrated energy manufacturing facilities. ",{"type":594,"attrs":93211,"content":93212},{"textAlign":49},[93213],{"text":93214,"type":599},"With an investment of Rs 60,000 crores ($7.3 billion), the complex will integrate various aspects of renewable energy such as solar, batteries, as well as green hydrogen production.",{"type":594,"attrs":93216,"content":93217},{"textAlign":49},[93218],{"text":93219,"type":599},"Ambani said the company would integrate energy storage with wind and solar power at Jamnagar, which will be followed by “grid-scale” deployment of batteries.",{"type":594,"attrs":93221,"content":93222},{"textAlign":49},[93223],{"text":93224,"type":599},"Reliance has previously said it plans to begin production of battery packs and scale up to a fully integrated 5 gigawatt hours (GWh) annual cell and pack manufacturing facility by 2024 and further scale it to 50 GWh a year by 2027.",{"type":657,"attrs":93226,"content":93227},{"level":15966,"textAlign":49},[93228],{"text":93229,"type":599},"Commercialising sodium ion",{"type":594,"attrs":93231,"content":93232},{"textAlign":49},[93233,93235,93241,93243,93248],{"text":93234,"type":599},"Ambani also revealed plans to develop ",{"text":93236,"type":599,"marks":93237},"sodium-ion battery technology",[93238],{"type":604,"attrs":93239},{"href":93240,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/you-cant-go-all-around-the-world-and-secure-the-rights-to-all-the-sodium-qa-with-faradion-ceo-james-quinn?mc_cid=6be219fd59&mc_eid=UNIQID",{"text":93242,"type":599}," following its acquisition of UK-based startup ",{"text":93244,"type":599,"marks":93245},"Faradion",[93246],{"type":604,"attrs":93247},{"href":93240,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93249,"type":599}," for £100 million in late 2021. ",{"type":594,"attrs":93251,"content":93252},{"textAlign":49},[93253],{"text":93254,"type":599},"“We will build on our technology leadership by industrialising sodium-ion cell production at a megawatt level by 2025, and rapidly build up to giga-scale thereafter,” Ambani explained.",{"type":657,"attrs":93256,"content":93257},{"level":15966,"textAlign":49},[93258],{"text":93259,"type":599},"India’s rising battery demand",{"type":594,"attrs":93261,"content":93262},{"textAlign":49},[93263],{"text":93264,"type":599},"India’s battery demand from the electric vehicles including four, two and three wheelers, and energy storage systems, is set to grow from 9.2 GWh this year to about 108.4 GWh by the end of the decade, according to Rho Motion. Of these LPF based batteries are expected to capture most of the market share.  ",{"type":594,"attrs":93266,"content":93267},{"textAlign":49},[93268],{"text":93269,"type":599},"Globally, LFPs have become the key chemistry in the ESS market due to its safety, performance and affordability.",{"type":594,"attrs":93271,"content":93272},{"textAlign":49},[93273],{"type":1186,"attrs":93274},{"id":49,"alt":547,"src":93275,"title":49,"source":49,"copyright":49,"meta_data":93276},"https://a.storyblok.com/f/287943243085208/69a9ac790d/bm-battery-demand-india-edited-2.png",{},{"type":657,"attrs":93278,"content":93279},{"level":15966,"textAlign":49},[93280],{"text":93281,"type":599},"Growth through acquisitions ",{"type":594,"attrs":93283,"content":93284},{"textAlign":49},[93285],{"text":93286,"type":599},"Reliance has in the past two years made two acquisitions that are key towards building up its battery gigafactory plans. ",{"type":594,"attrs":93288,"content":93289},{"textAlign":49},[93290],{"text":93291,"type":599},"Reliance New Energy Solar Ltd (RNESL), the renewable arm of the diverse conglomerate, last year acquired LFP battery maker LithiumWerks for $61 million. ",{"type":594,"attrs":93293,"content":93294},{"textAlign":49},[93295],{"text":93296,"type":599},"The deal gave Reliance access to around 219 patents relating to LFP process and technology, according to the company. ",{"type":594,"attrs":93298,"content":93299},{"textAlign":49},[93300],{"text":93301,"type":599},"It also has a an agreement with the US-based long-duration energy storage startup Ambri. ",{"type":594,"attrs":93303,"content":93304},{"textAlign":49},[93305],{"text":93306,"type":599},"Reliance New Energy is one of the three Indian companies that last year signed agreements under the government’s $2.5 billion Production Linked Incentive (PLI) scheme to secure subsidies for setting up battery gigafactories. The other two beneficiaries include Rajesh Exports and Ola Electric.","India’s Reliance Industries plans to set up a battery gigafactory to produce lithium iron phosphate (LFP) battery cells, as part of its multibillion investment push aimed towards clean energy and transport. Reliance will set up a battery gigafactory in India by 2026 which will make battery chemicals, cells, packs as well as containerised energy storage […]",[93309],{"slug":544,"name":543,"content":93310},{"job_title":557,"image":93311,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3eabac8a-99aa-4ca9-93d6-ea0f50eb5b8c\", \"id\": \"\"}-->",[93314,93315,93316,93317,93318,93319],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":878,"name":8},{"slug":12983,"name":12984},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":93321,"copyright":547,"fieldtype":553,"meta_data":93322,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/99320bd180/bm-india-energy-storage.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 31, 2023",{"id":93325,"uuid":93326,"name":93327,"slug":93328,"full_slug":93329,"content":93330},112470861379758,"0c942fdf-d3a8-420d-94b0-53c7df54c918","Battery demand for manganese set to increase 8-fold this decade","benchmark-launches-manganese-sulphate-market-outlook","article/benchmark-launches-manganese-sulphate-market-outlook",{"_uid":93331,"date":93332,"tags":93333,"editor":93336,"content":93340,"excerpt":93420,"featured":51,"reporter":93421,"_editable":93425,"component":864,"seo_title":93327,"categories":93426,"visibility":2091,"author_company":49,"featured_image":93430,"seo_description":93420,"author_full_name":49,"author_job_title":49,"formattedDate":93433},"ef7c4de2-8790-4519-a9be-85d2f6d4c68c","2023-08-30 00:00",[93334,93335],{"slug":9655,"name":9656},{"slug":2761,"name":2762},[93337],{"slug":544,"name":543,"content":93338},{"job_title":557,"image":93339,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":93341},[93342,93352,93357,93364,93369,93382,93387,93392,93397,93402,93407,93412],{"type":594,"attrs":93343,"content":93344},{"textAlign":49},[93345,93347,93351],{"text":93346,"type":599},"Demand for manganese in batteries is set to grow over eight-fold this decade, due to new battery chemistries and rising electric vehicle sales, according to Benchmark’s ",{"text":79597,"type":599,"marks":93348},[93349],{"type":604,"attrs":93350},{"href":60774,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":93353,"content":93354},{"textAlign":49},[93355],{"text":93356,"type":599},"Manganese is a crucial element in nickel cobalt manganese (NMC) cathodes and can be used to improve the range of electric vehicles at a relatively low cost. New battery chemistries are expected to use even more manganese. ",{"type":594,"attrs":93358,"content":93359},{"textAlign":49},[93360],{"type":1186,"attrs":93361},{"id":49,"alt":547,"src":93362,"title":49,"source":49,"copyright":49,"meta_data":93363},"https://a.storyblok.com/f/287943243085208/d194b28ce0/bm-manganese-demand-8-times.jpg",{},{"type":594,"attrs":93365,"content":93366},{"textAlign":49},[93367],{"text":93368,"type":599},"Automotive companies are increasingly turning to manganese-intensive forms of battery chemistry due to lower cost structures and improved performance.",{"type":594,"attrs":93370,"content":93371},{"textAlign":49},[93372,93374,93380],{"text":93373,"type":599},"General Motors has ",{"text":93375,"type":599,"marks":93376},"invested in",[93377],{"type":604,"attrs":93378},{"href":93379,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/gm-backs-first-us-manganese-plant-with-85-million-loan?mc_cid=c75338e548&mc_eid=UNIQID",{"text":93381,"type":599}," Element25, which is building a manganese refinery in Louisiana, and this month also backed Mitra Chem, a Silicon Valley company which is developing lithium manganese iron phosphate (LMFP) cathodes. ",{"type":594,"attrs":93383,"content":93384},{"textAlign":49},[93385],{"text":93386,"type":599},"Chinese cathode companies are also expanding production of LMFP cathodes where manganese’s properties can improve performance at a lower-cost.",{"type":594,"attrs":93388,"content":93389},{"textAlign":49},[93390],{"text":93391,"type":599},"Next generation lithium manganese nickel oxide (LMNO) battery chemistries are also soon to be commercialised and Benchmark forecasts a 6% share by 2030. ",{"type":594,"attrs":93393,"content":93394},{"textAlign":49},[93395],{"text":93396,"type":599},"Yet the supply chain for high-purity manganese sulphate (HPMSM) production is dominated by China, which currently accounts for 96% of global supply. ",{"type":594,"attrs":93398,"content":93399},{"textAlign":49},[93400],{"text":93401,"type":599},"Maximilian Court, product director at Benchmark, said: “Understanding the chemical complexity of more mature commodity markets is essential as OEM’s seek to manage supply chain risks and scale for emerging EV demand.",{"type":594,"attrs":93403,"content":93404},{"textAlign":49},[93405],{"text":93406,"type":599},"“Manganese sulphate is an increasingly strategic input which helps to improve battery safety and lower the cost of cathode chemistries – understanding how manganese refining capacity will scale is at the heart of the lithium-ion economy and its longer-term technological evolution.”",{"type":594,"attrs":93408,"content":93409},{"textAlign":49},[93410],{"text":93411,"type":599},"Jess Roberts, Benchmark’s Head of Forecasting, added: “Manganese’s elemental properties, its lower-cost application in batteries, and its concentration in China is why western OEMs, governments and businesses need to address upcoming market deficits; and it’s important that they engage with that future story now.”",{"type":594,"attrs":93413,"content":93414},{"textAlign":49},[93415,93417,93418],{"text":93416,"type":599},"To speak to Benchmark’s team and learn more about our new ",{"text":79597,"type":599},{"text":93419,"type":599}," service, please fill out this form. ","Demand for manganese in batteries is set to grow over eight-fold this decade, due to new battery chemistries and rising electric vehicle sales, according to Benchmark’s Manganese Sulphate Market Outlook. Manganese is a crucial element in nickel cobalt manganese (NMC) cathodes and can be used to improve the range of electric vehicles at a relatively […]",[93422],{"slug":544,"name":543,"content":93423},{"job_title":557,"image":93424,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ef7c4de2-8790-4519-a9be-85d2f6d4c68c\", \"id\": \"\"}-->",[93427,93428,93429],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":2761,"name":2762},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":93431,"copyright":547,"fieldtype":553,"meta_data":93432,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d7eadab5b3/bm-south-africa-manganese.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 30, 2023",{"id":93435,"uuid":93436,"name":93437,"slug":93438,"full_slug":93439,"content":93440},112470866233519,"66ea0abc-1f26-4c48-994a-dc9e0bd636cb","Five provinces account for over half of China’s 2030 gigafactory pipeline capacity","five-provinces-account-for-over-half-of-chinas-2030-gigafactory-pipeline-capacity","article/five-provinces-account-for-over-half-of-chinas-2030-gigafactory-pipeline-capacity",{"_uid":93441,"date":93442,"tags":93443,"editor":93446,"content":93450,"excerpt":93581,"featured":51,"reporter":93582,"_editable":93586,"component":864,"seo_title":93437,"categories":93587,"visibility":882,"author_company":49,"data_vis_image":93590,"featured_image":93593,"seo_description":93581,"author_full_name":49,"author_job_title":49,"formattedDate":93596},"ac19471b-29b0-48d5-aba3-ada7bd061f4e","2023-08-25 00:00",[93444,93445],{"slug":913,"name":914},{"slug":578,"name":579},[93447],{"slug":544,"name":543,"content":93448},{"job_title":557,"image":93449,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":93451},[93452,93457,93476,93489,93494,93501,93506,93511,93521,93532,93537,93550,93571,93576],{"type":594,"attrs":93453,"content":93454},{"textAlign":49},[93455],{"text":93456,"type":599},"China has over six terawatt-hours of capacity in its 2030 gigafactory pipeline, representing two-thirds of the world total.",{"type":594,"attrs":93458,"content":93459},{"textAlign":49},[93460,93462,93467,93469,93474],{"text":93461,"type":599},"This month, ",{"text":41013,"type":599,"marks":93463},[93464],{"type":604,"attrs":93465},{"href":93466,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment",{"text":93468,"type":599}," showed that there are now ",{"text":93470,"type":599,"marks":93471},"401 gigafactories in the 2030 pipeline",[93472],{"type":604,"attrs":93473},{"href":81412,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93475,"type":599}," with a total capacity of 8.9 TWh.",{"type":594,"attrs":93477,"content":93478},{"textAlign":49},[93479,93481,93487],{"text":93480,"type":599},"Just five provinces in China account for 53% of the country’s total capacity. ",{"text":93482,"type":599,"marks":93483},"Jiangsu province",[93484],{"type":604,"attrs":93485},{"href":93486,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-chinese-province-producing-more-batteries-than-the-rest-of-the-world",{"text":93488,"type":599}," alone accounts for 18% of the country’s pipeline capacity.",{"type":594,"attrs":93490,"content":93491},{"textAlign":49},[93492],{"text":93493,"type":599},"“Business [in Jiangsu] has a better environment, the government has more experience, location between Beijing and Shanghai with ports for sea and river transportation,” Albert Li, an analyst at Benchmark, said.",{"type":594,"attrs":93495,"content":93496},{"textAlign":49},[93497],{"type":1186,"attrs":93498},{"id":49,"alt":547,"src":93499,"title":49,"source":49,"copyright":49,"meta_data":93500},"https://a.storyblok.com/f/287943243085208/3e17c82d34/bm-benchmark-china-gigafactory-top-5-provinces-gwh.png",{},{"type":594,"attrs":93502,"content":93503},{"textAlign":49},[93504],{"text":93505,"type":599},"Jiangsu province has 1.1 TWh of 2030 pipeline capacity, equivalent to 12.5% of the global pipeline. The province’s pipeline is close to that of the US which has the second largest pipeline capacity of any country at 1.2 TWh.",{"type":594,"attrs":93507,"content":93508},{"textAlign":49},[93509],{"text":93510,"type":599},"Last year, Jiangsu produced more lithium ion batteries than the rest of the world (excluding China) combined.",{"type":594,"attrs":93512,"content":93513},{"textAlign":49},[93514,93519],{"text":8803,"type":599,"marks":93515},[93516],{"type":604,"attrs":93517},{"href":93518,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lges-aims-to-surpass-catl-with-10-8-billion-battery-ipo",{"text":93520,"type":599}," has 135 GWh in its 2030 pipeline in Jiangsu and CATL has 111 GWh of capacity there as well.",{"type":594,"attrs":93522,"content":93523},{"textAlign":49},[93524,93530],{"text":93525,"type":599,"marks":93526},"Sichuan province",[93527],{"type":604,"attrs":93528},{"href":93529,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-impact-will-the-sichuan-power-cuts-have-on-chinas-battery-supply-chain",{"text":93531,"type":599}," has the second largest pipeline capacity in China at 591 GWh.",{"type":594,"attrs":93533,"content":93534},{"textAlign":49},[93535],{"text":93536,"type":599},"“Sichuan has rich lithium mine resources with the best quality and the lithium chemical industrial chain is mature,” Li said. “It also has the richest and biggest clean hydro power energy resource.”",{"type":594,"attrs":93538,"content":93539},{"textAlign":49},[93540,93542,93548],{"text":93541,"type":599},"This clean power gives ",{"text":93543,"type":599,"marks":93544},"Sichuan an advantage when exporting to non-Chinese markets",[93545],{"type":604,"attrs":93546},{"href":93547,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-big-are-catls-battery-emissions",{"text":93549,"type":599}," such as Europe which value the low carbon emissions associated with batteries made there compared to other provinces.",{"type":594,"attrs":93551,"content":93552},{"textAlign":49},[93553,93557,93559,93564,93565,93569],{"text":14082,"type":599,"marks":93554},[93555],{"type":604,"attrs":93556},{"href":87295,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93558,"type":599}," 2030 pipeline includes 211 GWh in Sichuan. ",{"text":5961,"type":599,"marks":93560},[93561],{"type":604,"attrs":93562},{"href":93563,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-calb-files-for-ipo-as-it-looks-to-challenge-catls-battery-dominance",{"text":1440,"type":599},{"text":65507,"type":599,"marks":93566},[93567],{"type":604,"attrs":93568},{"href":65663,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93570,"type":599}," also have large ambitions for the province with 130 GWh and 119 GWh in their respective 2030 pipelines.",{"type":594,"attrs":93572,"content":93573},{"textAlign":49},[93574],{"text":93575,"type":599},"Anhui, Zhejiang, and Hubei round off the top five Chinese provinces with 518 GWh, 497 GWh, and 490 GWh of pipeline capacity, respectively.",{"type":594,"attrs":93577,"content":93578},{"textAlign":49},[93579],{"text":93580,"type":599},"The local governments in these provinces are competing with each other to attract investment, Li said.","China has over six terawatt-hours of capacity in its 2030 gigafactory pipeline, representing two-thirds of the world total. This month, Benchmark’s Gigafactory Assessment showed that there are now 401 gigafactories in the 2030 pipeline with a total capacity of 8.9 TWh. Just five provinces in China account for 53% of the country’s total capacity. Jiangsu […]",[93583],{"slug":544,"name":543,"content":93584},{"job_title":557,"image":93585,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ac19471b-29b0-48d5-aba3-ada7bd061f4e\", \"id\": \"\"}-->",[93588,93589],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":93591,"copyright":547,"fieldtype":553,"meta_data":93592,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1694691205/www-production/data-vs-redacted/data-vs-redacted.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":93594,"copyright":547,"fieldtype":553,"meta_data":93595,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4b260a3c00/bm-lg-energy-solution-nanjing-china.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 25, 2023",{"id":93598,"uuid":93599,"name":93600,"slug":93601,"full_slug":93602,"content":93603},112470871095472,"5b63fa07-50a7-40dc-af30-dc276128f790","Cobalt’s brief price rally ends as logistical constraints ease, surplus continues","cobalts-brief-price-rally-ends-as-logistical-constraints-ease-surplus-continues","article/cobalts-brief-price-rally-ends-as-logistical-constraints-ease-surplus-continues",{"_uid":93604,"date":93605,"tags":93606,"editor":93609,"content":93613,"excerpt":93729,"featured":51,"reporter":93730,"_editable":93734,"component":864,"seo_title":93600,"categories":93735,"visibility":882,"author_company":49,"featured_image":93740,"seo_description":93729,"author_full_name":49,"author_job_title":49,"formattedDate":93742},"0397297f-741c-44d4-9fb4-2925706fe5cf","2023-08-24 00:00",[93607,93608],{"slug":913,"name":914},{"slug":581,"name":582},[93610],{"slug":544,"name":543,"content":93611},{"job_title":557,"image":93612,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":93614},[93615,93620,93631,93643,93648,93653,93664,93669,93674,93681,93686,93691,93696,93701,93706,93711,93716,93726],{"type":594,"attrs":93616,"content":93617},{"textAlign":49},[93618],{"text":93619,"type":599},"Cobalt hydroxide’s price rally that began in mid May has come to an end amid easing logistical constraints in the Democratic Republic of Congo (DRC), recent indications of a slowdown in China, and a persistent surplus.",{"type":594,"attrs":93621,"content":93622},{"textAlign":49},[93623,93625,93630],{"text":93624,"type":599},"While cobalt prices fell across all grades, CIF Asia cobalt hydroxide registered the largest fall and were down 15% to $18,739 a tonne between 1 and 15 August , according to ",{"text":33174,"type":599,"marks":93626},[93627],{"type":604,"attrs":93628},{"href":93629,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/cobalt",{"text":974,"type":599},{"type":594,"attrs":93632,"content":93633},{"textAlign":49},[93634,93636,93641],{"text":93635,"type":599},"CIF Asia cobalt hydroxide prices had increased 34% from mid May until early August before falling again. The price rally was led by a combination of ",{"text":93637,"type":599,"marks":93638},"limited supply out of the DRC",[93639],{"type":604,"attrs":93640},{"href":83940,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93642,"type":599}," due to logistical constraints and a bullish position taken by traders due to that.  ",{"type":594,"attrs":93644,"content":93645},{"textAlign":49},[93646],{"text":93647,"type":599},"“After a few weeks, supplies from the DRC started to improve and there was more availability. There wasn’t really a reason to keep buying hydroxide as stocks across the supply chain are plentiful. Because still fundamentally, we are in an oversupply and there’s not a huge amount of demand when compared to that,” said Roman Aubry, an analyst at Benchmark.",{"type":594,"attrs":93649,"content":93650},{"textAlign":49},[93651],{"text":93652,"type":599},"“The price decline was compounded massively by the recent bearish sentiment from China. Some Chinese buyers and sellers are now in the mindset that the growth that they’ve been seeing for years isn’t really sustainable,” said Aubry, adding that in general, cobalt prices are very sentiment driven.",{"type":594,"attrs":93654,"content":93655},{"textAlign":49},[93656,93658,93663],{"text":93657,"type":599},"The market is expected to remain in a cobalt supply surplus until 2026 before entering an era of deficit from 2027 onwards, according to ",{"text":40483,"type":599,"marks":93659},[93660],{"type":604,"attrs":93661},{"href":93662,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/cobalt/",{"text":974,"type":599},{"type":594,"attrs":93665,"content":93666},{"textAlign":49},[93667],{"text":93668,"type":599},"Cobalt hydroxide prices are now down 30% from the end of 2022 primarily due to weaker downstream demand from the electric vehicle sector compared with last year.",{"type":594,"attrs":93670,"content":93671},{"textAlign":49},[93672],{"text":93673,"type":599},"According to Benchmark estimates, the DRC produces nearly all of the world’s cobalt hydroxide and roughly 12,500 tonnes of the crude feedstock leaves the region every month of which about 80% of the inventory is tied to contracts and the rest is available for spot transactions.",{"type":594,"attrs":93675,"content":93676},{"textAlign":49},[93677],{"type":1186,"attrs":93678},{"id":49,"alt":547,"src":93679,"title":49,"source":49,"copyright":49,"meta_data":93680},"https://a.storyblok.com/f/287943243085208/1cccadb28b/bm-cobalt-hydroxide-price-chart-aug-15.png",{},{"type":657,"attrs":93682,"content":93683},{"level":15966,"textAlign":49},[93684],{"text":93685,"type":599},"NCM weakness",{"type":594,"attrs":93687,"content":93688},{"textAlign":49},[93689],{"text":93690,"type":599},"Benchmark data shows that the majority of battery demand for cobalt comes from NCM (nickel, cathode, manganese) cathode materials, which are showing signs of weakness in China due to limited or smaller than expected growth that has resulted in a lower volume of sales. ",{"type":594,"attrs":93692,"content":93693},{"textAlign":49},[93694],{"text":93695,"type":599},"“In electric vehicles, a lower volume of sales translates directly into low NCM demand, which in turn snowballs into lower cobalt demand. But in China, LFP is becoming a more and more dominant part of the EV space,” said Aubry.",{"type":594,"attrs":93697,"content":93698},{"textAlign":49},[93699],{"text":93700,"type":599},"The growth of LFP chemistries cuts directly hits cobalt demand as it provides an alternative cobalt-free chemistry for electric vehicle batteries. With electric vehicle demand is expected to be the main driver of cobalt demand growth, developments in LFP could affect cobalt’s demand outlook.",{"type":657,"attrs":93702,"content":93703},{"level":15966,"textAlign":49},[93704],{"text":93705,"type":599},"Ripple effect",{"type":594,"attrs":93707,"content":93708},{"textAlign":49},[93709],{"text":93710,"type":599},"Cobalt sulphate prices have also declined as weak downstream demand and falling hydroxide prices put pressure on producers.",{"type":594,"attrs":93712,"content":93713},{"textAlign":49},[93714],{"text":93715,"type":599},"“Since cobalt hydroxide goes into making cobalt sulphate, as hydroxide becomes cheaper it becomes difficult for sulphate producers to sell cobalt sulphate at a higher rate, as the higher prices become harder to justify. Some purchasers are buying sulphate instead of oxide to produce LCO (lithium cobalt oxide), as the sulphate price cut makes it more competitive,’ said Aubry.",{"type":594,"attrs":93717,"content":93718},{"textAlign":49},[93719,93721,93725],{"text":93720,"type":599},"Chinese cobalt sulphate prices fell 9.2% to $5,412 per tonne in the period under review, and are down 24% so far this year, according to ",{"text":33174,"type":599,"marks":93722},[93723],{"type":604,"attrs":93724},{"href":89307,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":93727,"content":93728},{"textAlign":49},[],"Cobalt hydroxide’s price rally that began in mid May has come to an end amid easing logistical constraints in the Democratic Republic of Congo (DRC), recent indications of a slowdown in China, and a persistent surplus. While cobalt prices fell across all grades, CIF Asia cobalt hydroxide registered the largest fall and were down 15% […]",[93731],{"slug":544,"name":543,"content":93732},{"job_title":557,"image":93733,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0397297f-741c-44d4-9fb4-2925706fe5cf\", \"id\": \"\"}-->",[93736,93737,93738,93739],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":68680,"copyright":547,"fieldtype":553,"meta_data":93741,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Aug 24, 2023",{"id":93744,"uuid":93745,"name":93746,"slug":93747,"full_slug":93748,"content":93749},112470895147189,"12c45b90-a126-4a6f-b467-7071074bfa28","Over 400 gigafactories in 2030 pipeline, but overcapacity fears loom","over-400-gigafactories-in-2030-pipeline-but-overcapacity-fears-loom","article/over-400-gigafactories-in-2030-pipeline-but-overcapacity-fears-loom",{"_uid":93750,"date":93751,"tags":93752,"editor":93754,"content":93758,"excerpt":93954,"featured":51,"reporter":93955,"_editable":93959,"component":864,"seo_title":93746,"categories":93960,"visibility":882,"author_company":49,"featured_image":93965,"seo_description":93954,"author_full_name":49,"author_job_title":49,"formattedDate":93968},"e9731e3f-fa34-4499-a833-c63a6fe69b16","2023-08-18 00:00",[93753],{"slug":913,"name":914},[93755],{"slug":544,"name":543,"content":93756},{"job_title":557,"image":93757,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":93759},[93760,93770,93775,93788,93793,93798,93809,93814,93819,93829,93834,93839,93852,93857,93862,93882,93887,93895,93900,93905,93910,93922,93927,93939],{"type":594,"attrs":93761,"content":93762},{"textAlign":49},[93763,93765,93769],{"text":93764,"type":599},"There are now 401 gigafactories planned to be in operation by 2030, representing almost nine terawatt hours of annual production capacity, according to ",{"text":9653,"type":599,"marks":93766},[93767],{"type":604,"attrs":93768},{"href":93466,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":93771,"content":93772},{"textAlign":49},[93773],{"text":93774,"type":599},"The 400th gigafactory to be added to the pipeline is Tata Group’s £4 billion ($5.2 billion), 40 gigawatt-hour UK-based facility due to begin production in 2026.",{"type":594,"attrs":93776,"content":93777},{"textAlign":49},[93778,93780,93786],{"text":93779,"type":599},"While the pipeline highlights the acclerating growth of the global battery and electric vehicle industries, there are concerns of overcapacity, especially in China. The country, the world’s largest battery producer, has a large proportion of Tier 2 and ",{"text":93781,"type":599,"marks":93782},"Tier 3 cell producers",[93783],{"type":604,"attrs":93784},{"href":93785,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-cell-oversupply-hits-tier-3-producers",{"text":93787,"type":599}," currently unable to access Western EV markets. ",{"type":594,"attrs":93789,"content":93790},{"textAlign":49},[93791],{"text":93792,"type":599},"“Everyone knows the EV market will be huge in the future – it is a big cake, and everyone wants 50% of that cake, not just 1%,” Albert Li, an analyst at Benchmark, said. “So everyone is expanding, and the new companies want part of it, too.”",{"type":657,"attrs":93794,"content":93795},{"level":15966,"textAlign":49},[93796],{"text":93797,"type":599},"Surplus in China, deficits outside",{"type":594,"attrs":93799,"content":93800},{"textAlign":49},[93801,93803,93807],{"text":93802,"type":599},"Two-thirds of the pipeline is based in China, which is currently set to have 6 TWh of capacity in 2030, according to ",{"text":41013,"type":599,"marks":93804},[93805],{"type":604,"attrs":93806},{"href":93466,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93808,"type":599},". There is growing concern that the country could face significant oversupply issues.",{"type":594,"attrs":93810,"content":93811},{"textAlign":49},[93812],{"text":93813,"type":599},"Although it is likely that a significant number of facilities in the pipeline won’t come to fruition, Benchmark still forecasts that China will produce 1.2 TWh more batteries than is needed to meet its domestic demand in 2030 – the only country to produce a surplus of cells.",{"type":594,"attrs":93815,"content":93816},{"textAlign":49},[93817],{"text":93818,"type":599},"Outside of China, all other regions are forecast to be in a deficit by the end of the decade.",{"type":594,"attrs":93820,"content":93821},{"textAlign":49},[93822,93827],{"text":93823,"type":599,"marks":93824},"North America and Europe",[93825],{"type":604,"attrs":93826},{"href":78034,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93828,"type":599}," have 1.3 and 1.2 TWh of 2030 pipeline capacity, respectively and the rest of Asia has 0.3 TWh.",{"type":594,"attrs":93830,"content":93831},{"textAlign":49},[93832],{"text":93833,"type":599},"The combined deficit of all other countries in 2030 is forecast to be 1.1 TWh, suggesting that China has enough capacity to supply the rest of the world as well as its domestic demand.",{"type":657,"attrs":93835,"content":93836},{"level":15966,"textAlign":49},[93837],{"text":93838,"type":599},"Quality concerns",{"type":594,"attrs":93840,"content":93841},{"textAlign":49},[93842,93844,93850],{"text":93843,"type":599},"Still, within China country, only 35% of the 2030 pipeline capacity is associated with a ",{"text":93845,"type":599,"marks":93846},"Tier 1 cell producer",[93847],{"type":604,"attrs":93848},{"href":93849,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/shortage-of-top-tier-battery-supply-expected-this-decade",{"text":93851,"type":599}," that can supply the automotive market outside of China.",{"type":594,"attrs":93853,"content":93854},{"textAlign":49},[93855],{"text":93856,"type":599},"Tier 2 producers who can supply the domestic EV market make up 45% of China’s pipeline capacity, with Tier 3 producers–those as yet unqualified to supply any EV market–comprising the remaining 20%.",{"type":594,"attrs":93858,"content":93859},{"textAlign":49},[93860],{"text":93861,"type":599},"Given that Tier 2 and Tier 3 cell producers can’t export their cells to international EV markets, the country is forecast to be very oversupplied for cells of these tiers unless the companies work through the qualification process to access non-Chinese markets.",{"type":594,"attrs":93863,"content":93864},{"textAlign":49},[93865,93867,93873,93875,93880],{"text":93866,"type":599},"Li suggests that some of these producers may be focusing on ",{"text":93868,"type":599,"marks":93869},"non-EV markets such as energy storage",[93870],{"type":604,"attrs":93871},{"href":93872,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-lfp-dominance-could-constrain-us-energy-storage-deployment",{"text":93874,"type":599},", which have lower qualification requirements and may be less competitive. He noted that the ",{"text":93876,"type":599,"marks":93877},"top ten cell producers",[93878],{"type":604,"attrs":93879},{"href":87288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93881,"type":599}," dominate almost all of the EV market.",{"type":594,"attrs":93883,"content":93884},{"textAlign":49},[93885],{"text":93886,"type":599},"“Through fierce competition, cell producers will compete with better quality cells with lower cost,” Li said. “Those newcomers who just want to make quick money will be forced out of the market, the ones that will be left will be competitive.”",{"type":594,"attrs":93888,"content":93889},{"textAlign":49},[93890],{"type":1186,"attrs":93891},{"id":49,"alt":93892,"src":93893,"title":49,"source":49,"copyright":49,"meta_data":93894},"401 gigafactories in 2030 pipeline","https://a.storyblok.com/f/287943243085208/1c1b816766/bm-401-giga-chart.png",{},{"type":657,"attrs":93896,"content":93897},{"level":15966,"textAlign":49},[93898],{"text":93899,"type":599},"Lithium deficits ",{"type":594,"attrs":93901,"content":93902},{"textAlign":49},[93903],{"text":93904,"type":599},"In Benchmark’s view, lithium supply is the key constraining factor for building batteries.",{"type":594,"attrs":93906,"content":93907},{"textAlign":49},[93908],{"text":93909,"type":599},"Benchmark’s Lithium ion Battery Database and Lithium Forecast shows just 3.2 TWh of lithium ion batteries can be produced with the forecast lithium supplies in 2030.",{"type":594,"attrs":93911,"content":93912},{"textAlign":49},[93913,93915,93920],{"text":93914,"type":599},"If every gigafactory in the 2030 pipeline came online, then just ",{"text":93916,"type":599,"marks":93917},"36% of the capacity would be utilised",[93918],{"type":604,"attrs":93919},{"href":62252,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93921,"type":599}," unless significant investment is made upstream to build out lithium supplies.",{"type":594,"attrs":93923,"content":93924},{"textAlign":49},[93925],{"text":93926,"type":599},"“Lithium shortages will mean plants could be forced to operate at reduced utilisation levels,” Aran Waid, an analyst at Benchmark, said. “This will increase cost pressures if plants are forced to run at lower rates than targeted which could lead to postponement or cancellation of future capacity expansions.”",{"type":594,"attrs":93928,"content":93929},{"textAlign":49},[93930,93932,93937],{"text":93931,"type":599},"Benchmark forecasts that to produce the lithium needed to meet forecast demand in 2030 will require an additional $54 billion in investment. This could rise further to ",{"text":93933,"type":599,"marks":93934},"$116 billion",[93935],{"type":604,"attrs":93936},{"href":87393,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93938,"type":599}," if the ambitions of automakers and policymakers are to be met.",{"type":594,"attrs":93940,"content":93941},{"textAlign":49},[93942,93946,93951],{"text":93943,"type":599,"marks":93944},"The data in this Benchmark Source article comes from the ",[93945],{"type":643},{"text":59338,"type":599,"marks":93947},[93948,93950],{"type":604,"attrs":93949},{"href":93466,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":93952},[93953],{"type":643},"There are now 401 gigafactories planned to be in operation by 2030, representing almost nine terawatt hours of annual production capacity, according to Benchmark. The 400th gigafactory to be added to the pipeline is Tata Group’s £4 billion ($5.2 billion), 40 gigawatt-hour UK-based facility due to begin production in 2026. While the pipeline highlights the […]",[93956],{"slug":544,"name":543,"content":93957},{"job_title":557,"image":93958,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e9731e3f-fa34-4499-a833-c63a6fe69b16\", \"id\": \"\"}-->",[93961,93962,93963,93964],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":93966,"copyright":547,"fieldtype":553,"meta_data":93967,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e5daebf3d4/bm-400th-gigafactory-bm-story-v2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 18, 2023",{"id":93970,"uuid":93971,"name":93972,"slug":93973,"full_slug":93974,"content":93975},112470899939510,"475eaeaf-6d0f-4dce-90db-dbee658fc440","CATL’s faster charging battery could boost uptake of LFP cells","catls-faster-charging-battery-could-boost-uptake-of-lfp-cells","article/catls-faster-charging-battery-could-boost-uptake-of-lfp-cells",{"_uid":93976,"date":93977,"tags":93978,"editor":93982,"content":93986,"excerpt":94149,"featured":50,"reporter":94150,"_editable":94154,"component":864,"seo_title":93972,"categories":94155,"visibility":882,"author_company":49,"featured_image":94163,"seo_description":94149,"author_full_name":49,"author_job_title":49,"formattedDate":94166},"8e4635f0-86e5-491c-8e26-97d3e0ab2d6b","2023-08-17 00:00",[93979,93980,93981],{"slug":903,"name":904},{"slug":913,"name":914},{"slug":7219,"name":451},[93983],{"slug":544,"name":543,"content":93984},{"job_title":557,"image":93985,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":93987},[93988,94005,94017,94029,94034,94042,94047,94052,94063,94071,94076,94088,94093,94098,94103,94114,94119,94124,94129,94134,94139,94144],{"type":594,"attrs":93989,"content":93990},{"textAlign":49},[93991,93992,93996,93998,94004],{"text":5085,"type":599},{"text":904,"type":599,"marks":93993},[93994],{"type":604,"attrs":93995},{"href":87288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":93997,"type":599}," has launched a faster charging lithium iron phosphate (LFP) battery that it says can power an electric vehicle 400 km (248 miles) after ten minutes of charging, in a development that could further boost adoption of the ",{"text":93999,"type":599,"marks":94000},"cheaper battery chemistry",[94001],{"type":604,"attrs":94002},{"href":94003,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rising-lithium-carbonate-prices-push-lfp-cell-costs-in-china-above-high-nickel-batteries",{"text":17632,"type":599},{"type":594,"attrs":94006,"content":94007},{"textAlign":49},[94008,94010,94015],{"text":94009,"type":599},"The Shenxing battery is due to enter mass production at the end of this year and be ",{"text":94011,"type":599,"marks":94012},"available in EVs",[94013],{"type":604,"attrs":94014},{"href":87506,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":94016,"type":599}," in the first quarter of 2024, CATL said. Fully charged, the battery will have 700 km (435 miles) range.",{"type":594,"attrs":94018,"content":94019},{"textAlign":49},[94020,94022,94028],{"text":94021,"type":599},"“Range anxiety issues will fade away with time as fast charging technology improves further, giving LFP a boost given its lower range against higher nickel batteries,” ",{"text":94023,"type":599,"marks":94024},"Manish Dua",[94025],{"type":604,"attrs":94026},{"href":94027,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-can-indias-battery-supply-chain-catch-up",{"text":83793,"type":599},{"type":594,"attrs":94030,"content":94031},{"textAlign":49},[94032],{"text":94033,"type":599},"Around 40% of EV battery demand is expected to be met by LFP batteries this year, with the rest mostly provided for by a mix of mid- and high-nickel NCM cells.",{"type":594,"attrs":94035,"content":94036},{"textAlign":49},[94037],{"type":1186,"attrs":94038},{"id":49,"alt":94039,"src":94040,"title":49,"source":49,"copyright":49,"meta_data":94041},"Two-fifths of EVs forecast to use LFP cells this year","https://a.storyblok.com/f/287943243085208/beca9ba96a/bm-ev-cell-demand.png",{},{"type":594,"attrs":94043,"content":94044},{"textAlign":49},[94045],{"text":94046,"type":599},"Although high-nickel NCM battery cells are forecast to increase in popularity (from 23% of EV cell demand this year to 42% in 2030), the significant increase in charging performance of CATL’s new LFP cell could challenge this.",{"type":594,"attrs":94048,"content":94049},{"textAlign":49},[94050],{"text":94051,"type":599},"“NCM’s share will keep dwindling along with the argument for higher battery pack sizes against these developments,” Dua said.",{"type":594,"attrs":94053,"content":94054},{"textAlign":49},[94055,94057,94061],{"text":94056,"type":599},"Global production of LFP battery cells is expected to increase over six-fold from 266 GWh this year to 1.64 TWh in 2030. China will account for 99.7% of this production in 2023, with ",{"text":904,"type":599,"marks":94058},[94059],{"type":604,"attrs":94060},{"href":87295,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":94062,"type":599}," forecast to account for 42% of the global total.",{"type":594,"attrs":94064,"content":94065},{"textAlign":49},[94066],{"type":1186,"attrs":94067},{"id":49,"alt":94068,"src":94069,"title":49,"source":49,"copyright":49,"meta_data":94070},"LFP cell production dominated by China","https://a.storyblok.com/f/287943243085208/467bac505e/bm-lfp-cell-production.png",{},{"type":657,"attrs":94072,"content":94073},{"level":15966,"textAlign":49},[94074],{"text":94075,"type":599},"Auto partners",{"type":594,"attrs":94077,"content":94078},{"textAlign":49},[94079,94081,94086],{"text":94080,"type":599},"During the product launch, CATL indicated the battery could potentially be used in EVs produced by GAC Group, Zeekr, ",{"text":36337,"type":599,"marks":94082},[94083],{"type":604,"attrs":94084},{"href":94085,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-lithium-ion-incumbents-back-sodium-batteries-as-byd-makes-move-into-space",{"text":94087,"type":599},", and others.",{"type":594,"attrs":94089,"content":94090},{"textAlign":49},[94091],{"text":94092,"type":599},"“CATL is willing to collaborate with upstream and downstream partners, jointly accelerate the mass production of the superfast charging technology to benefit everyone,” Gao Huan, chief technical officer of CATL’s China E-Car business, said.",{"type":657,"attrs":94094,"content":94095},{"level":15966,"textAlign":49},[94096],{"text":94097,"type":599},"CATL’s innovations",{"type":594,"attrs":94099,"content":94100},{"textAlign":49},[94101],{"text":94102,"type":599},"CATL said the Shenxing battery can charge to 80% in 10 minutes at room temperature. In cold temperatures as low as -10°C it can take 30 minutes, it said.",{"type":594,"attrs":94104,"content":94105},{"textAlign":49},[94106,94108,94112],{"text":94107,"type":599},"Fast charging is typically limited by the graphite anode, according to ",{"text":40828,"type":599,"marks":94109},[94110],{"type":604,"attrs":94111},{"href":79408,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":94113,"type":599},", an analyst at Benchmark. Lithium can plate on the surface of the anode when charged rapidly which increases the resistance and lowers performance.",{"type":594,"attrs":94115,"content":94116},{"textAlign":49},[94117],{"text":94118,"type":599},"“Graphite operates close to zero volts when it is filling with lithium [charging],” he said. “When graphite is charged too fast, the voltage drops to or below zero volts, causing lithium metal to plate and degrade the battery.”",{"type":594,"attrs":94120,"content":94121},{"textAlign":49},[94122],{"text":94123,"type":599},"To achieve superfast charging rates with just graphite, CATL has developed a multi-gradient graphite anode which they refer to as “fast ion ring graphite technology.”",{"type":594,"attrs":94125,"content":94126},{"textAlign":49},[94127],{"text":94128,"type":599},"“Most people didn’t think that we’d be able to get graphite down to that kind of speed anywhere near this quick,” McNulty said. “They’ve optimised their graphite processing and their graphite structure so that they’ve got a very dense anode material while simultaneously optimising the solid-electrolyte interphase.”",{"type":594,"attrs":94130,"content":94131},{"textAlign":49},[94132],{"text":94133,"type":599},"A consequence of superfast charging is that the electrodes and electrolyte can experience accelerated degradation.",{"type":594,"attrs":94135,"content":94136},{"textAlign":49},[94137],{"text":94138,"type":599},"CATL said it had developed a “superconducting electrolyte formula” that improves conductivity. ",{"type":594,"attrs":94140,"content":94141},{"textAlign":49},[94142],{"text":94143,"type":599},"However, CATL’s decision to opt for a high porosity separator material indicates that they have largely overcome issues of degradation that normally require a low porosity material.",{"type":594,"attrs":94145,"content":94146},{"textAlign":49},[94147],{"text":94148,"type":599},"“Whatever they’ve done, they’ve got a very stable cell design. I think that’s probably their electrolyte optimisation,” McNulty said.","China’s CATL has launched a faster charging lithium iron phosphate (LFP) battery that it says can power an electric vehicle 400 km (248 miles) after ten minutes of charging, in a development that could further boost adoption of the cheaper battery chemistry. The Shenxing battery is due to enter mass production at the end of […]",[94151],{"slug":544,"name":543,"content":94152},{"job_title":557,"image":94153,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8e4635f0-86e5-491c-8e26-97d3e0ab2d6b\", \"id\": \"\"}-->",[94156,94157,94158,94159,94160,94161,94162],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":878,"name":8},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":94164,"copyright":547,"fieldtype":553,"meta_data":94165,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f4cec4e271/bm-catl-shenxing.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 17, 2023",{"id":94168,"uuid":94169,"name":94170,"slug":94171,"full_slug":94172,"content":94173},112470924216507,"4bbdd14f-6ac9-4bc1-866e-e1258c23d85c","How much cheaper are Chinese lithium ion battery cells?","how-much-cheaper-are-chinese-lithium-ion-battery-cells","article/how-much-cheaper-are-chinese-lithium-ion-battery-cells",{"_uid":94174,"date":94175,"tags":94176,"editor":94182,"content":94186,"excerpt":94301,"featured":50,"reporter":94302,"_editable":94306,"component":864,"seo_title":94170,"categories":94307,"visibility":882,"author_company":49,"data_vis_image":94310,"featured_image":94313,"seo_description":94301,"author_full_name":49,"author_job_title":49,"formattedDate":94316},"d25f1196-13bd-4ee2-b343-7053a3e427d6","2023-08-14 00:00",[94177,94180,94181],{"slug":94178,"name":94179},"battery-prices","Battery Prices",{"slug":913,"name":914},{"slug":578,"name":579},[94183],{"slug":544,"name":543,"content":94184},{"job_title":557,"image":94185,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":94187},[94188,94200,94212,94217,94225,94242,94247,94252,94260,94271,94276,94281,94293],{"type":594,"attrs":94189,"content":94190},{"textAlign":49},[94191,94193,94198],{"text":94192,"type":599},"The price of ",{"text":94194,"type":599,"marks":94195},"lithium ion battery cells",[94196],{"type":604,"attrs":94197},{"href":87782,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":94199,"type":599}," in China could be as much as 15% cheaper than those in North America, due to higher operating costs and raw material prices. ",{"type":594,"attrs":94201,"content":94202},{"textAlign":49},[94203,94205,94210],{"text":94204,"type":599},"The price of nickel cobalt manganese (NCM) 622 pouch cells in China are $103.6 per kilowatt-hour, compared to $121.9 in North America, according to Benchmark’s ",{"text":94206,"type":599,"marks":94207},"Lithium ion Battery Cell Price Assessment",[94208],{"type":604,"attrs":94209},{"href":87782,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":94211,"type":599},". The same trend is seen across the other battery chemistries and formats.",{"type":594,"attrs":94213,"content":94214},{"textAlign":49},[94215],{"text":94216,"type":599},"“Chinese cell prices are traditionally lower than those elsewhere, as among other factors the raw material costs, along with processing costs like labour and electricity are lower within the region,” Evan Hartley, an analyst at Benchmark, said.",{"type":594,"attrs":94218,"content":94219},{"textAlign":49},[94220],{"type":1186,"attrs":94221},{"id":49,"alt":94222,"src":94223,"title":49,"source":49,"copyright":49,"meta_data":94224},"Chinese cell prices more than 15% cheaper than the rest of the world","https://a.storyblok.com/f/287943243085208/df28cb8e3f/bm-cell-prices.png",{},{"type":594,"attrs":94226,"content":94227},{"textAlign":49},[94228,94230,94235,94236,94240],{"text":94229,"type":599},"China is, by far, the ",{"text":94231,"type":599,"marks":94232},"largest producer of battery cells",[94233],{"type":604,"attrs":94234},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"text":70211,"type":599,"marks":94237},[94238],{"type":604,"attrs":94239},{"href":92742,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":94241,"type":599}," forecasts that China will account for 80% of global cell production.",{"type":594,"attrs":94243,"content":94244},{"textAlign":49},[94245],{"text":94246,"type":599},"Benchmark’s Lithium ion Battery Cell Price Assessment derives prices based on its IOSCO-approved critical raw material price assessments, market knowledge, and external data sources.",{"type":594,"attrs":94248,"content":94249},{"textAlign":49},[94250],{"text":94251,"type":599},"Benchmark estimates that operating costs contribute around 12% ($14.8 per kWh) of the price for NCM622 pouch cells in North America compared to just 7.6% ($7.9 per kWh) in China. Operating costs are even higher in Europe and the rest of Asia, representing 14.6% and 14.5% of the price, respectively.",{"type":594,"attrs":94253,"content":94254},{"textAlign":49},[94255],{"type":1186,"attrs":94256},{"id":49,"alt":94257,"src":94258,"title":49,"source":49,"copyright":49,"meta_data":94259},"Operating costs represent just 7.6% of Chinese cell price","https://a.storyblok.com/f/287943243085208/352117cbba/bm-operating-costs.png",{},{"type":594,"attrs":94261,"content":94262},{"textAlign":49},[94263,94265,94270],{"text":94264,"type":599},"The differential in cell prices between China and the rest of the world has grown since a year ago when the same Chinese cells were calculated to be just 3.8% cheaper than in North America. In part, this is due to the impact of falling ",{"text":12746,"type":599,"marks":94266},[94267],{"type":604,"attrs":94268},{"href":94269,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lithium-prices-continue-to-fall-as-miners-dismiss-demand-concerns",{"text":974,"type":599},{"type":594,"attrs":94272,"content":94273},{"textAlign":49},[94274],{"text":94275,"type":599},"In the latest price assessment, lithium contributed 29.2% ($30.3 per kWh) to Chinese NCM622 prismatic cell prices compared to 33% ($40.2 per kWh) in North America.",{"type":594,"attrs":94277,"content":94278},{"textAlign":49},[94279],{"text":94280,"type":599},"“Currently [cell] prices in China are significantly lower as global lithium prices for ex China producers, negotiated on a contract basis, lag behind the price fall across the Chinese lithium spot market across 2023,” Hartley said.",{"type":594,"attrs":94282,"content":94283},{"textAlign":49},[94284,94286,94291],{"text":94285,"type":599},"Lithium hydroxide is currently trading on the Chinese spot market at RMB 253,000 ($35,175) per tonne LCE, according to ",{"text":2210,"type":599,"marks":94287},[94288],{"type":604,"attrs":94289},{"href":94290,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium",{"text":94292,"type":599},". The CIF Asia contract price is 28% higher at $45,000 per tonne LCE.",{"type":594,"attrs":94294,"content":94295},{"textAlign":49},[94296],{"type":1186,"attrs":94297},{"id":49,"alt":94298,"src":94299,"title":49,"source":49,"copyright":49,"meta_data":94300},"Difference between cell prices in China compared to elsewhere has grown over past year","https://a.storyblok.com/f/287943243085208/84d545a9ce/bm-ncm622-pouch-prices.png",{},"The price of lithium ion battery cells in China could be as much as 15% cheaper than those in North America, due to higher operating costs and raw material prices. The price of nickel cobalt manganese (NCM) 622 pouch cells in China are $103.6 per kilowatt-hour, compared to $121.9 in North America, according to Benchmark’s […]",[94303],{"slug":544,"name":543,"content":94304},{"job_title":557,"image":94305,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d25f1196-13bd-4ee2-b343-7053a3e427d6\", \"id\": \"\"}-->",[94308,94309],{"slug":2499,"name":2500},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":94311,"copyright":547,"fieldtype":553,"meta_data":94312,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692311327/www-production/ncm622-pouch-prices_wy/ncm622-pouch-prices_wy.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":94314,"copyright":547,"fieldtype":553,"meta_data":94315,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/571f93ee11/bm-lithium-ion-cell-prices-feature-image.png",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 14, 2023",{"id":94318,"uuid":94319,"name":94320,"slug":94321,"full_slug":94322,"content":94323},112470928935100,"a124ae0d-f0bc-46fc-9cbb-370fe2c770f5","Falling rare earth prices hit producers as Lynas stockpiles","falling-rare-earth-prices-hit-producers-as-lynas-stockpiles","article/falling-rare-earth-prices-hit-producers-as-lynas-stockpiles",{"_uid":94324,"date":94325,"tags":94326,"editor":94333,"content":94337,"excerpt":94528,"featured":51,"reporter":94529,"_editable":94533,"component":864,"seo_title":94320,"categories":94534,"visibility":882,"author_company":547,"featured_image":94538,"seo_description":94540,"author_full_name":547,"author_job_title":547,"formattedDate":94541},"38b193bf-86dd-4641-b6e5-e72243c1998d","2023-08-11 00:00",[94327,94328,94329,94330,94331,94332],{"slug":6567,"name":2038},{"slug":74493,"name":10603},{"slug":1378,"name":1379},{"slug":7529,"name":7530},{"slug":1375,"name":1376},{"slug":54713,"name":54714},[94334],{"slug":544,"name":543,"content":94335},{"job_title":557,"image":94336,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":94338},[94339,94350,94355,94360,94367,94372,94383,94388,94393,94406,94411,94416,94421,94426,94431,94436,94441,94446,94451,94456,94461,94466,94471,94476,94481,94486,94491,94496,94503,94508,94513,94518,94523],{"type":594,"attrs":94340,"content":94341},{"textAlign":49},[94342,94344,94348],{"text":94343,"type":599},"Falling ",{"text":17518,"type":599,"marks":94345},[94346],{"type":604,"attrs":94347},{"href":67411,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":94349,"type":599}," prices are putting pressure on mining operations outside of China, as Australia’s Lynas Rare Earths said it would stockpile some material this year.",{"type":594,"attrs":94351,"content":94352},{"textAlign":49},[94353],{"text":94354,"type":599},"Lynas said sales for the quarter ending in June fell 47% year-on-year to A$157.5 million ($103 million) as weak demand combined with oversupply from China continue to lower rare earth prices.",{"type":594,"attrs":94356,"content":94357},{"textAlign":49},[94358],{"text":94359,"type":599},"The company said its average selling price fell 51% to A$38.9/kg ($25.38) for the quarter, according to the company. US company MP Materials, another of the few non-Chinese rare earths producers, said its realised prices for rare earth oxides in concentrate fell by 55% in the quarter ending June from a year earlier. ",{"type":594,"attrs":94361,"content":94362},{"textAlign":49},[94363],{"type":1186,"attrs":94364},{"id":49,"alt":547,"src":94365,"title":49,"source":49,"copyright":49,"meta_data":94366},"https://a.storyblok.com/f/287943243085208/59f6f096c9/bm-chart-screenshot-27.png",{},{"type":594,"attrs":94368,"content":94369},{"textAlign":49},[94370],{"text":94371,"type":599},"Lynas attributed its weak performance to softer Japanese demand for NdFeB magnets, a rare earth permanent magnet containing praseodymium (Pr) and neodymium (Nr) oxide. It also pointed to Chinese oversupply of LaCe, an alloy of lanthanum and cerium, rare earths with lower market value than PrNd.",{"type":594,"attrs":94373,"content":94374},{"textAlign":49},[94375,94381],{"text":94376,"type":599,"marks":94377},"Slowing economic growth in China",[94378],{"type":604,"attrs":94379},{"href":94380,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-slowdown-dampens-2023-ev-demand-outlook",{"text":94382,"type":599}," and high supply are likely to sustain these price drops in the short term, with Benchmark expecting a surplus of PrNd oxide this year. China is forecast to produce 74% of the global PrNd oxide supply in 2023. ",{"type":657,"attrs":94384,"content":94385},{"level":15966,"textAlign":49},[94386],{"text":94387,"type":599},"Deterring investment ",{"type":594,"attrs":94389,"content":94390},{"textAlign":49},[94391],{"text":94392,"type":599},"According to Benchmark analyst Daan de Jonge, the low price environment could deter further investments into Australia’s rare earths capacity, weakening the EU and US’ ability to reduce their dependence on rare earth materials from China.",{"type":594,"attrs":94394,"content":94395},{"textAlign":49},[94396,94398,94404],{"text":94397,"type":599},"Australia is one of the few Western-allied free trade agreement countries with large, economically viable rare earths deposits, making capacity expansions there essential for Western markets to obtain ",{"text":94399,"type":599,"marks":94400},"enough ex-China feedstock",[94401],{"type":604,"attrs":94402},{"href":94403,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/australia-set-for-rare-earths-expansion-as-it-deepens-ties-with-us-to-build-ex-china-supply-chains",{"text":94405,"type":599}," for its growing renewable industries. ",{"type":594,"attrs":94407,"content":94408},{"textAlign":49},[94409],{"text":94410,"type":599},"Lynas is currently developing two rare earth refineries: one in Kalgoorlie, Western Australia and another in Seadrift, Texas for the US Department of Defence. It is also trying to increase PrNd output at its Mount Weld rare earths mine in Western Australia from 5,500 tonnes, in 2022 to 12,000 tonnes from 2026.",{"type":594,"attrs":94412,"content":94413},{"textAlign":49},[94414],{"text":94415,"type":599},"MP Materials, which owns the Mountain Pass mine in California, said it would also start producing separated rare earth products this quarter, including PrNd oxide, following the building of a processing plant. It currently sells its rare earth concentrate to China’s Shenghe. ",{"type":657,"attrs":94417,"content":94418},{"level":15966,"textAlign":49},[94419],{"text":94420,"type":599},"Sluggish wind and EV demand",{"type":594,"attrs":94422,"content":94423},{"textAlign":49},[94424],{"text":94425,"type":599},"PrNd prices are heavily dependent on demand from the renewables sector. A total of 96% of PrNd oxide demand in 2023 is expected to come from manufacturers of rare earth permanent magnets (REPMs), which enhance the efficiency of wind turbines and e-mobility vehicles. These two end uses will make up 30% and 7% of REPM demand in 2023 respectively, according to Benchmark.  ",{"type":594,"attrs":94427,"content":94428},{"textAlign":49},[94429],{"text":94430,"type":599},"Although rare earth prices have been declining since 2022, recent weak demand from both wind and EVs have exacerbated the trend. Within the wind turbine sector, a new hybrid generator technology that uses less PrND and dysprosium is gaining market share. Hybrid turbines need only around 10% of the magnet weight per megawatt hour that would be needed for an ordinary low-speed direct drive turbine.  ",{"type":594,"attrs":94432,"content":94433},{"textAlign":49},[94434],{"text":94435,"type":599},"James Litinsky, chief executive of MP Materials, said on the company’s earnings call this month that “industrial applications, wind turbines, hard disk drives, speakers for PCs and smartphones and other consumer electronics applications” have been weak throughout 2023.",{"type":594,"attrs":94437,"content":94438},{"textAlign":49},[94439],{"text":94440,"type":599},"Alongside this, Chinese consumer demand for EVs has grown at a much slower pace over the first half of 2023 than was expected at the beginning of the year, tracking a weak post-pandemic recovery for the Chinese economy overall.",{"type":594,"attrs":94442,"content":94443},{"textAlign":49},[94444],{"text":94445,"type":599},"This slowdown in REPM demand has coincided with strong rare earths supply from China that Benchmark expects will put the market into surplus for the majority of 2023.",{"type":657,"attrs":94447,"content":94448},{"level":15966,"textAlign":49},[94449],{"text":94450,"type":599},"Rare earth market is normalising",{"type":594,"attrs":94452,"content":94453},{"textAlign":49},[94454],{"text":94455,"type":599},"At the same time, Benchmark analyst Daan De Jonge says the ongoing price decline must be put into a longer perspective. ",{"type":594,"attrs":94457,"content":94458},{"textAlign":49},[94459],{"text":94460,"type":599},"“Prices are returning to pre-2020 levels,” he said.",{"type":594,"attrs":94462,"content":94463},{"textAlign":49},[94464],{"text":94465,"type":599},"Between 2012 until 2020, rare earths prices were relatively stable. Then, in 2020, the Chinese government imposed export control laws on rare earths and other strategic goods.",{"type":594,"attrs":94467,"content":94468},{"textAlign":49},[94469],{"text":94470,"type":599},"The resulting price rises boosted Lynas’ revenue, which grew 66% quarter-on-quarter between October and December 2021 and again at 61% between January and March 2022. ",{"type":594,"attrs":94472,"content":94473},{"textAlign":49},[94474],{"text":94475,"type":599},"PrNd prices peaked in late February 2022, almost reaching the record highs of 2011 when China imposed drastic rare earths export quotas. ",{"type":594,"attrs":94477,"content":94478},{"textAlign":49},[94479],{"text":94480,"type":599},"By early March 2022, the Chinese government moved to contain prices by instructing its rare earths producers to increase output and prevent market speculation or hoarding. ",{"type":594,"attrs":94482,"content":94483},{"textAlign":49},[94484],{"text":94485,"type":599},"Lynas’ revenue fell 10% over the quarter April to June 2022 and 44% over July to September 2022. ",{"type":594,"attrs":94487,"content":94488},{"textAlign":49},[94489],{"text":94490,"type":599},"Chinese prices for NdPr oxide, excluding VAT, have fallen by more than half from last year to around $60 a kilogram, according to Lynas. ",{"type":657,"attrs":94492,"content":94493},{"level":15966,"textAlign":49},[94494],{"text":94495,"type":599},"Short-term surplus, long-term deficits",{"type":594,"attrs":94497,"content":94498},{"textAlign":49},[94499],{"type":1186,"attrs":94500},{"id":49,"alt":547,"src":94501,"title":49,"source":49,"copyright":49,"meta_data":94502},"https://lh5.googleusercontent.com/G6Oo2CGL7ivxanY6PNivXvoUAebMzcRTNEDU7FUPAnepkZ4JMDqCTK-BceI685rGZ1G7mOle-BhDivhhnmWEMtthhCdILnhEhZOac0OnUHDec7hdTB6yi2_LLnN1U4RjLnVffMGGhIhZvrq3lqCwCvw",{},{"type":594,"attrs":94504,"content":94505},{"textAlign":49},[94506],{"text":94507,"type":599},"Current low prices are also in line with Benchmark forecasts, which indicate that the PrNd oxide market will mostly remain in surplus before 2028.",{"type":594,"attrs":94509,"content":94510},{"textAlign":49},[94511],{"text":94512,"type":599},"Part of the reason for this is that the rare earths market has an in-built tendency towards oversupply. This is due to the geochemistry of the elements. ",{"type":594,"attrs":94514,"content":94515},{"textAlign":49},[94516],{"text":94517,"type":599},"Only several rare earths have high market value but all seventeen tend to cluster in the earth crust, forcing producers to extract and separate them together regardless of relative market value. ",{"type":594,"attrs":94519,"content":94520},{"textAlign":49},[94521],{"text":94522,"type":599},"Despite this, Benchmark expects a global PrNd deficit will begin in 2028, widening to 43 kilotonnes by 2035. This will be driven by rising REPM demand from the renewable transition sectors. ",{"type":594,"attrs":94524,"content":94525},{"textAlign":49},[94526],{"text":94527,"type":599},"Between 2023 and 2032, magnet demand for PrNd is expected to double, according to Benchmark data, while EV share of REPM demand could go up from 30% to 49% in the same period. ","Falling rare earth prices are putting pressure on mining operations outside of China, as Australia’s Lynas Rare Earths said it would stockpile some material this year. Lynas said sales for the quarter ending in June fell 47% year-on-year to A$157.5 million ($103 million) as weak demand combined with oversupply from China continue to lower rare […]",[94530],{"slug":544,"name":543,"content":94531},{"job_title":557,"image":94532,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"38b193bf-86dd-4641-b6e5-e72243c1998d\", \"id\": \"\"}-->",[94535,94536,94537],{"slug":3088,"name":3089},{"slug":12983,"name":12984},{"slug":1556,"name":414},{"id":49,"alt":31053,"name":547,"focus":547,"title":31053,"source":547,"filename":31054,"copyright":547,"fieldtype":553,"meta_data":94539,"is_external_url":51},{"alt":31053,"title":31053,"source":547,"copyright":547},"Falling rare earth prices are putting pressure on mining operations outside of China, as Australia’s Lynas Rare Earths said it would stockpile some material this year. Lynas said sales for the quarter ending in June fell 47% year-on-year ...","Aug 11, 2023",{"id":94543,"uuid":94544,"name":94545,"slug":94546,"full_slug":94547,"content":94548},112470943275199,"0a945593-6e0c-427a-9b77-e9bfb8ef7821","Falling lithium prices weigh on black mass prices in China","falling-lithium-prices-weigh-on-black-mass-prices-in-china","article/falling-lithium-prices-weigh-on-black-mass-prices-in-china",{"_uid":94549,"date":94550,"tags":94551,"editor":94553,"content":94557,"excerpt":94710,"featured":51,"reporter":94711,"_editable":94715,"component":864,"seo_title":94545,"categories":94716,"visibility":2091,"author_company":49,"data_vis_image":94721,"featured_image":94723,"seo_description":94725,"author_full_name":49,"author_job_title":49,"formattedDate":94726},"dafe39ad-a923-48f0-8043-fbb58b9cafed","2023-08-09 00:00",[94552],{"slug":913,"name":914},[94554],{"slug":544,"name":543,"content":94555},{"job_title":557,"image":94556,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":94558},[94559,94571,94583,94588,94598,94603,94608,94613,94618,94623,94628,94633,94638,94645,94650,94655,94660,94665,94670,94675,94680,94685,94690,94695,94700,94705],{"type":594,"attrs":94560,"content":94561},{"textAlign":49},[94562,94564,94569],{"text":94563,"type":599},"Prices for black mass material from process scrap fell by 5% in July from a month earlier, according to Benchmark’s inaugural black mass price ",{"text":94565,"type":599,"marks":94566},"assessment",[94567],{"type":604,"attrs":94568},{"href":23164,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":94570,"type":599},", due to a decline in the underlying prices for lithium. ",{"type":594,"attrs":94572,"content":94573},{"textAlign":49},[94574,94576,94581],{"text":94575,"type":599},"The weighted average black mass price from all process scrap feedstocks as traded in the Chinese market was last ",{"text":94577,"type":599,"marks":94578},"assessed",[94579],{"type":604,"attrs":94580},{"href":22937,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":94582,"type":599}," at RMB 98,369/tonne ($13,666), down 5% from a month earlier to a “significant erosion in lithium iron phosphate (LFP) scrap values.”",{"type":594,"attrs":94584,"content":94585},{"textAlign":49},[94586],{"text":94587,"type":599},"That compares to a price of RMB 67,283 ($9,348) a tonne for aggregated, weighted average black mass prices from all end-of-life feedstocks. ",{"type":594,"attrs":94589,"content":94590},{"textAlign":49},[94591,94593,94597],{"text":94592,"type":599},"The lower prices will put increasing pressure on the margins of recycling companies, who are selling material into a falling lithium market. Prices for battery grade lithium carbonate in China have fallen by 47% year-to-date, according to ",{"text":9653,"type":599,"marks":94594},[94595],{"type":604,"attrs":94596},{"href":16561,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":94599,"content":94600},{"textAlign":49},[94601],{"text":94602,"type":599},"Some recyclers are accepting balance sheet losses in the near term, in order to establish long-term relationships with black mass producers, according to Benchmark. ",{"type":594,"attrs":94604,"content":94605},{"textAlign":49},[94606],{"text":94607,"type":599},"“Black mass traders in July reported that liquidity during the month was notably low, which they attributed to low lithium chemical prices in the virgin market,” according to Benchmark’s Black Mass Price Assessment. ",{"type":594,"attrs":94609,"content":94610},{"textAlign":49},[94611],{"text":94612,"type":599},"Process scrap makes up the majority of the global scrap pool in China, due to the large number of battery gigafactories in production. Scrap from end-of-life batteries is not set to make up a meaningful supply until the early to mid 2030s, according to Benchmark. ",{"type":594,"attrs":94614,"content":94615},{"textAlign":49},[94616],{"text":94617,"type":599},"Recyclers generally pay for material as a payable of the battery chemical prices for black mass material, although lithium from lithium iron phosphate (LFP) feedstock is priced differently, as a fixed price per percentage point of lithium. ",{"type":594,"attrs":94619,"content":94620},{"textAlign":49},[94621],{"text":94622,"type":599},"Benchmark’s LFP feedstock price, measured as lithium price per percentage point of content, fell by 11.6% in July to RMB 9,500-11,000 ($1,330-1,540).",{"type":594,"attrs":94624,"content":94625},{"textAlign":49},[94626],{"text":94627,"type":599},"Process scrap is more expensive than end-of-life scrap because of the higher chemical content of valuable metals. As a result payables are higher than for EOL scrap. ",{"type":594,"attrs":94629,"content":94630},{"textAlign":49},[94631],{"text":94632,"type":599},"As such, movements in the underlying virgin markets impact weighted average black mass from process scrap prices to an increased degree compared to EOL feedstocks. ",{"type":594,"attrs":94634,"content":94635},{"textAlign":49},[94636],{"text":94637,"type":599},"While black mass prices historically followed cobalt prices, their movement is now dominated by lithium prices, according to Benchmark. ",{"type":594,"attrs":94639,"content":94640},{"textAlign":49},[94641],{"type":1186,"attrs":94642},{"id":49,"alt":547,"src":94643,"title":49,"source":49,"copyright":49,"meta_data":94644},"https://a.storyblok.com/f/287943243085208/07c5ebeaa1/bm-black-mass-prices-1303932e511d.png",{},{"type":657,"attrs":94646,"content":94647},{"level":15966,"textAlign":49},[94648],{"text":94649,"type":599},"Lower lithium prices",{"type":594,"attrs":94651,"content":94652},{"textAlign":49},[94653],{"text":94654,"type":599},"Chinese battery grade spot lithium carbonate prices fell by 10% in July, according to Benchmark’s Lithium Price Assessment, to RMB 279,000 a tonne ($38,834), due to weaker demand from cathode producers.  ",{"type":594,"attrs":94656,"content":94657},{"textAlign":49},[94658],{"text":94659,"type":599},"That has put pressure on margins of recycling companies in China. ",{"type":594,"attrs":94661,"content":94662},{"textAlign":49},[94663],{"text":94664,"type":599},"The fall in lithium prices resulted in a significant change in payables from NCM feedstock, which fell by 5.7% from June to an average of 74.5%. This yields a derived chemical price for lithium carbonate equivalent (LCE) from NCM black mass of $31,100/tonne, which is an 8.3% decrease on June values.",{"type":594,"attrs":94666,"content":94667},{"textAlign":49},[94668],{"text":94669,"type":599},"Derived lithium prices from LCO cathode black mass in LCE terms declined by 0.8% to $31,347/tonne on an EXW China basis, driven by bearish underlying lithium prices in the virgin market.",{"type":657,"attrs":94671,"content":94672},{"level":15966,"textAlign":49},[94673],{"text":94674,"type":599},"HIgher cobalt prices offset decline ",{"type":594,"attrs":94676,"content":94677},{"textAlign":49},[94678],{"text":94679,"type":599},"Still, higher cobalt sulphate prices in China lifted cobalt payables in the market. ",{"type":594,"attrs":94681,"content":94682},{"textAlign":49},[94683],{"text":94684,"type":599},"Cobalt prices have increased in China due to constrained supplies of cobalt hydroxide from the Democratic Republic of the Congo, due to logistical issues. ",{"type":594,"attrs":94686,"content":94687},{"textAlign":49},[94688],{"text":94689,"type":599},"Cobalt payables from NCM feedstock ranged 71-78% in July, with the low end reflecting trades from end of life (EOL) scrap and the high end reflecting trades from process scrap. ",{"type":594,"attrs":94691,"content":94692},{"textAlign":49},[94693],{"text":94694,"type":599},"This yielded an equivalent chemical price for cobalt sulphate from NCM black mass of $4,632/tonne in July, some 15% higher than prices in June. This increase was driven by higher prices in the underlying market value for virgin cobalt sulphate in the EXW China market.",{"type":594,"attrs":94696,"content":94697},{"textAlign":49},[94698],{"text":94699,"type":599},"Payables from LCO feedstock cobalt sulphate increased in July to an average of 75.0%. Coupled with a firmer underlying virgin cobalt sulphate market, this gave an equivalent cobalt sulphate from LCO black mass in the EXW China market of $4,678/tonne – an 18.1% increase against June’s assessment. ",{"type":657,"attrs":94701,"content":94702},{"level":15966,"textAlign":49},[94703],{"text":94704,"type":599},"Learn more about Benchmark’s new Black Mass Price Assessment service:",{"type":594,"attrs":94706,"content":94707},{"textAlign":49},[94708],{"text":94709,"type":599},"To speak to our team to learn more about this new service and to see a sample price report, please provide your details here:","Prices for black mass material from process scrap fell by 5% in July from a month earlier, according to Benchmark’s inaugural black mass price assessment, due to a decline in the underlying prices for lithium. The weighted average black mass price from all process scrap feedstocks as traded in the Chinese market was last assessed […]",[94712],{"slug":544,"name":543,"content":94713},{"job_title":557,"image":94714,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dafe39ad-a923-48f0-8043-fbb58b9cafed\", \"id\": \"\"}-->",[94717,94718,94719,94720],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":94722},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":61249,"copyright":547,"fieldtype":553,"meta_data":94724,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Prices for black mass material from process scrap fell by 5% in July from a month earlier, according to Benchmark’s inaugural black mass price assessment, due to a decline in the underlying prices for lithium.","Aug 09, 2023",{"id":94728,"uuid":94729,"name":94730,"slug":94731,"full_slug":94732,"content":94733},112470972233925,"78157165-0ad0-4c77-9e41-f9195988dc4b","Albemarle looks to acquire more lithium resources to secure post-2030 supply","albemarle-looks-to-acquire-more-lithium-resources-to-secure-post-2030-supply","article/albemarle-looks-to-acquire-more-lithium-resources-to-secure-post-2030-supply",{"_uid":94734,"date":94735,"tags":94736,"editor":94738,"content":94742,"excerpt":94896,"featured":51,"reporter":94897,"_editable":94901,"component":864,"seo_title":94730,"categories":94902,"visibility":882,"author_company":49,"featured_image":94905,"seo_description":94896,"author_full_name":49,"author_job_title":49,"formattedDate":94908},"81497680-d18a-443c-821d-695bbed0b293","2023-08-03 00:00",[94737],{"slug":11320,"name":11321},[94739],{"slug":544,"name":543,"content":94740},{"job_title":557,"image":94741,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":94743},[94744,94755,94760,94765,94770,94775,94788,94793,94798,94803,94808,94813,94818,94831,94836,94841,94846,94851,94856,94861,94866,94871,94876,94881,94886,94891],{"type":594,"attrs":94745,"content":94746},{"textAlign":49},[94747,94749,94753],{"text":94748,"type":599},"Albemarle, the world’s largest lithium producer, said it will make more acquisitions in early stage ",{"text":878,"type":599,"marks":94750},[94751],{"type":604,"attrs":94752},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":94754,"type":599}," projects as it looks to secure resources to meet future demand after 2030.  ",{"type":594,"attrs":94756,"content":94757},{"textAlign":49},[94758],{"text":94759,"type":599},"“We’re pretty much good until about the end of the decade or so but we need additional resources beyond that, but the lead time to identify, qualify and then bring a resource on we need that kind of time,” Kent Masters, chief executive of Albemarle, told analysts on Thursday.",{"type":594,"attrs":94761,"content":94762},{"textAlign":49},[94763],{"text":94764,"type":599},"The comments come after Albemarle invested in two undeveloped lithium projects this year, and made a A$5.5 billion bid for Australia’s Liontown Resources in March. ",{"type":594,"attrs":94766,"content":94767},{"textAlign":49},[94768],{"text":94769,"type":599},"Lithium prices continue to fall making it a good time to buy new assets. Chinese spot battery grade lithium carbonate prices have fallen by 48% since January while battery-grade lithium hydroxide prices are down 51% year-to-date, according to Benchmark Lithium Price Assessment. ",{"type":594,"attrs":94771,"content":94772},{"textAlign":49},[94773],{"text":94774,"type":599},"The global lithium market is expected to be short of supply starting in 2027, due to growing sales of electric vehicles, according to Benchmark’s Lithium Forecast.  ",{"type":594,"attrs":94776,"content":94777},{"textAlign":49},[94778,94780,94786],{"text":94779,"type":599},"A total of $51 billion needs to be ",{"text":94781,"type":599,"marks":94782},"invested in lithium mining",[94783],{"type":604,"attrs":94784},{"href":94785,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/financing-the-battery-arms-race-the-514-billion-cost-of-bridging-the-global-ev-supply-chain-divide",{"text":94787,"type":599}," to meet forecast battery cell demand by 2030, according to Benchmark. ",{"type":657,"attrs":94789,"content":94790},{"level":15966,"textAlign":49},[94791],{"text":94792,"type":599},"Resource deals",{"type":594,"attrs":94794,"content":94795},{"textAlign":49},[94796],{"text":94797,"type":599},"This month Albemarle acquired a 4.9% stake in Canadian junior miner Patriot Battery Metals for C$109 million ($82 million), a move that will help it build a supply chain in North America.",{"type":594,"attrs":94799,"content":94800},{"textAlign":49},[94801],{"text":94802,"type":599},"Patriot is developing the Corvette Property in the James Bay region of Quebec.",{"type":594,"attrs":94804,"content":94805},{"textAlign":49},[94806],{"text":94807,"type":599},"Canada’s lithium supply is forecast to grow to 225,000 tonnes LCE a year in 2030, from 24,000 tonnes LCE this year, according to Benchmark Lithium Forecast.",{"type":594,"attrs":94809,"content":94810},{"textAlign":49},[94811],{"text":94812,"type":599},"In June, Albemarle bought a 100% stake in Western Lithium, a subsidiary of Lithium Power, in a deal valued at A$30 million ($20 million). This provides Albemarle with “prospective exploration tenements” near its Greenbushes spodumene mine, Albemarle said. ",{"type":594,"attrs":94814,"content":94815},{"textAlign":49},[94816],{"text":94817,"type":599},"“We are taking smaller stakes to get our foot in the door,” Masters said. “That allows us to get information, and analyse the opportunity as it develops and then we’ll have an opportunity later whether we participate in a bigger way or not.” ",{"type":594,"attrs":94819,"content":94820},{"textAlign":49},[94821,94823,94829],{"text":94822,"type":599},"Albemarle’s A$5.5 billion ($3.7) billion cash ",{"text":94824,"type":599,"marks":94825},"takeover bid",[94826],{"type":604,"attrs":94827},{"href":94828,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/albemarles-3-7-billion-offer-for-aussie-lithium-miner-liontown-rejected-as-opportunistic",{"text":94830,"type":599}," for Liontown Resources was rejected by the Australian lithium spodumene developer, who said it was opportunistic and that it substantially undervalued the company. ",{"type":594,"attrs":94832,"content":94833},{"textAlign":49},[94834],{"text":94835,"type":599},"The board of Liontown has “not meaningfully engaged in progressing the transaction,” Albemarle’s chief financial officer Scott Tozier said Thursday.",{"type":657,"attrs":94837,"content":94838},{"level":15966,"textAlign":49},[94839],{"text":94840,"type":599},"Adding conversion capacity",{"type":594,"attrs":94842,"content":94843},{"textAlign":49},[94844],{"text":94845,"type":599},"Albemarle needs to secure supplies of lithium to feed its processing plants, following an increase in conversion capacity. ",{"type":594,"attrs":94847,"content":94848},{"textAlign":49},[94849],{"text":94850,"type":599},"Last month Albemarle agreed with its partner Mineral Resources that it would become the sole owner of the Kemerton lithium hydroxide processing facility in Australia. ",{"type":594,"attrs":94852,"content":94853},{"textAlign":49},[94854],{"text":94855,"type":599},"Albemarle also plans to build a lithium hydroxide refinery in South Carolina.",{"type":594,"attrs":94857,"content":94858},{"textAlign":49},[94859],{"text":94860,"type":599},"In addition, as part of the deal with Patriot the two companies said they signed a non-binding memorandum of understanding (MoU) to develop an integrated lithium hydroxide facility located in Canada or in the US. ",{"type":657,"attrs":94862,"content":94863},{"level":15966,"textAlign":49},[94864],{"text":94865,"type":599},"Lithium demand ",{"type":594,"attrs":94867,"content":94868},{"textAlign":49},[94869],{"text":94870,"type":599},"Albemarle said lithium demand remained “strong” and it forecast global electric vehicle sales are on track for a 40% growth this year after a slower start to the year.",{"type":594,"attrs":94872,"content":94873},{"textAlign":49},[94874],{"text":94875,"type":599},"It said it expected its full year realised lithium pricing to be at the higher end of its previous range of a 20% to 30% increase on last year, “assuming recent lithium market prices continue through 2023.”",{"type":594,"attrs":94877,"content":94878},{"textAlign":49},[94879],{"text":94880,"type":599},"Contract prices for lithium hydroxide CIF Asia have fallen by 38% this year, according to Benchmark. ",{"type":594,"attrs":94882,"content":94883},{"textAlign":49},[94884],{"text":94885,"type":599},"“Since May, we have seen a rebound in lithium market prices driven by downstream restocking and a strong EV and battery production. Customers are returning to the spot market after restocking to unsustainably low levels of inventory against the backdrop of growing demand,” said Masters. ",{"type":594,"attrs":94887,"content":94888},{"textAlign":49},[94889],{"text":94890,"type":599},"The company raised the full year guidance citing recent increases in lithium prices and volumes. ",{"type":594,"attrs":94892,"content":94893},{"textAlign":49},[94894],{"text":94895,"type":599},"Albemarle said it now expects full year net sales to be between $10.4 – $11.5 billion, from between $9.8 and $11.5 billion it forecast previously, primarily driven by growth in electric vehicles. ","Albemarle, the world’s largest lithium producer, said it will make more acquisitions in early stage lithium projects as it looks to secure resources to meet future demand after 2030. “We’re pretty much good until about the end of the decade or so but we need additional resources beyond that, but the lead time to identify, […]",[94898],{"slug":544,"name":543,"content":94899},{"job_title":557,"image":94900,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"81497680-d18a-443c-821d-695bbed0b293\", \"id\": \"\"}-->",[94903,94904],{"slug":2499,"name":2500},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":94906,"copyright":547,"fieldtype":553,"meta_data":94907,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b1968eca64/bm-talison-lithium.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 03, 2023",{"id":94910,"uuid":94911,"name":94912,"slug":94913,"full_slug":94914,"content":94915},112470982146347,"59dab0d3-e279-4385-b46a-8438e9b55eb0","Saudi Arabia enters nickel  mining through Vale deal, lithium could be next","saudi-arabia-enters-nickel-and-copper-mining-through-vale-deal-lithium-could-be-next","article/saudi-arabia-enters-nickel-and-copper-mining-through-vale-deal-lithium-could-be-next",{"_uid":94916,"date":94917,"tags":94918,"editor":94926,"content":94930,"excerpt":95080,"featured":51,"reporter":95081,"_editable":95085,"component":864,"seo_title":94912,"categories":95086,"visibility":882,"author_company":49,"featured_image":95089,"seo_description":95080,"author_full_name":49,"author_job_title":49,"formattedDate":95093},"da2c987a-c8f8-4a8c-940e-f9e6f546767a","2023-08-02 00:00",[94919,94921,94922,94923,94924],{"slug":94920,"name":94920},"aluminium",{"slug":7055,"name":7056},{"slug":2354,"name":2355},{"slug":25567,"name":19549},{"slug":94925,"name":94925},"steel",[94927],{"slug":544,"name":543,"content":94928},{"job_title":557,"image":94929,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":94931},[94932,94943,94948,94953,94958,94965,94970,94975,94980,94985,94997,95008,95013,95018,95023,95028,95033,95038,95043,95048,95055,95060,95065,95070,95075],{"type":594,"attrs":94933,"content":94934},{"textAlign":49},[94935,94937,94941],{"text":94936,"type":599},"Saudi Arabia has struck a $3.5 billion deal with Brazilian miner Vale for 10% of its copper and ",{"text":4330,"type":599,"marks":94938},[94939],{"type":604,"attrs":94940},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":94942,"type":599}," base metals division, marking the oil power’s first entry into battery metals mining. ",{"type":594,"attrs":94944,"content":94945},{"textAlign":49},[94946],{"text":94947,"type":599},"The binding agreement involves Manara Minerals, a joint venture between the Saudi Arabian state mining company Ma’aden and the Saudi government’s sovereign wealth fund, the Public Investment Fund (PIF). ",{"type":594,"attrs":94949,"content":94950},{"textAlign":49},[94951],{"text":94952,"type":599},"“The decision from the PIF and Ma’aden highlights how key nickel will be for the energy transition. As our nickel demand forecasts show, we expect that by the late 2030s, lithium ion batteries will surpass stainless steel as the largest nickel demand segment,” said Benchmark analyst Will Talbot.",{"type":594,"attrs":94954,"content":94955},{"textAlign":49},[94956],{"text":94957,"type":599},"“Lithium will be next,” said Ahmed Mehdi, a consultant for Benchmark who has been actively involved in developing Saudi Arabia’s battery supply chain strategy over the past several years.",{"type":594,"attrs":94959,"content":94960},{"textAlign":49},[94961],{"type":1186,"attrs":94962},{"id":49,"alt":547,"src":94963,"title":49,"source":49,"copyright":49,"meta_data":94964},"https://a.storyblok.com/f/287943243085208/8b71f94b40/bm-nickel-demand-by-sector-2.png",{},{"type":594,"attrs":94966,"content":94967},{"textAlign":49},[94968],{"text":94969,"type":599},"Saudi Arabia beat both Qatar Investment Authority and Japan’s Mitsui in the bidding process by paying a premium on the unit’s valuation, assuring Vale of its long-term interest in the project.",{"type":594,"attrs":94971,"content":94972},{"textAlign":49},[94973],{"text":94974,"type":599},"The deal supports Saudi and Vale’s respective strategies for capitalising on the renewable energy transition. ",{"type":594,"attrs":94976,"content":94977},{"textAlign":49},[94978],{"text":94979,"type":599},"For Saudi Arabia, entering the battery supply chain is a vehicle for diversifying its economy away from oil, part of a national economic strategy known as Vision 2030. ",{"type":594,"attrs":94981,"content":94982},{"textAlign":49},[94983],{"text":94984,"type":599},"Saudi Arabian investments have been moving steadily up the lithium ion supply chain, beginning with investments into EV manufacturing plants in 2018. ",{"type":594,"attrs":94986,"content":94987},{"textAlign":49},[94988,94990,94995],{"text":94989,"type":599},"2023 has seen several announcements for some of the earliest ",{"text":94991,"type":599,"marks":94992},"lithium processing and anode projects",[94993],{"type":604,"attrs":94994},{"href":90137,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":94996,"type":599}," in Saudi Arabia while PIF is right now conducting investment screening for non-controlling stakes in upstream lithium projects.",{"type":594,"attrs":94998,"content":94999},{"textAlign":49},[95000,95002,95006],{"text":95001,"type":599},"Demand for nickel for batteries is expected to increase five times from now until 2032 according to data from ",{"text":32075,"type":599,"marks":95003},[95004],{"type":604,"attrs":95005},{"href":60075,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":95007,"type":599},". Vale’s divestment aims to grow its base metals division and enlarge its share of the new market. The miner could also acquire supply contracts to serve Saudi Arabia’s battery chemical processing facilities that are under development.",{"type":594,"attrs":95009,"content":95010},{"textAlign":49},[95011],{"text":95012,"type":599},"The new mining alliance also holds geoeconomic consequences. Vale is one of the world’s largest nickel producers and its Saudi partnership promises to unlock large volumes of non-Chinese owned battery metal resources, something that the EU and US lithium ion industries need to break their dependence on China’s supply chains. ",{"type":594,"attrs":95014,"content":95015},{"textAlign":49},[95016],{"text":95017,"type":599},"“Saudi’s foray into mining for the battery materials sector represents a new geopolitical chapter. Saudi financial muscle can match China, which was the early pioneer in snapping up overseas mining stakes,” said Mehdi.",{"type":594,"attrs":95019,"content":95020},{"textAlign":49},[95021],{"text":95022,"type":599},"Benchmark forecasts Vale will produce 177,000 tonnes of refined nickel (net) this year at various operations around the world including in Indonesia, Canada, and Brazil. ",{"type":657,"attrs":95024,"content":95025},{"level":15966,"textAlign":49},[95026],{"text":95027,"type":599},"Saudi Arabia’s follows its aluminium model ",{"type":594,"attrs":95029,"content":95030},{"textAlign":49},[95031],{"text":95032,"type":599},"In joining forces with a large foreign entity to enter energy transition metals mining, Saudi Arabia is replicating an older strategy it used to build its home aluminium sector.",{"type":594,"attrs":95034,"content":95035},{"textAlign":49},[95036],{"text":95037,"type":599},"In 2009 Saudi Arabia’s state-run mining Company Ma’aden formed a $10.8 billion joint venture with US aluminium corporation Alcoa. This created Saudi Arabia’s largest integrated aluminium complex, which included a bauxite mine, refinery, smelter, and rolling mill. ",{"type":594,"attrs":95039,"content":95040},{"textAlign":49},[95041],{"text":95042,"type":599},"“Without Alcoa, there would be no aluminium industry in Saudi today,” Mehdi said.",{"type":594,"attrs":95044,"content":95045},{"textAlign":49},[95046],{"text":95047,"type":599},"Although Saudi Arabia’s bauxite reserves supported its aluminium ventures back in the 2000s, the country lacks its own energy transition metal deposits. The new Vale asset enables Saudi Arabia to plug its raw materials gap. ",{"type":594,"attrs":95049,"content":95050},{"textAlign":49},[95051,95053],{"text":95052,"type":599},"That Manara Minerals Investment is a joint venture between Ma’aden and the Saudi sovereign wealth fund shows how Saudi Arabia is not just using its aluminum experience as a strategic template but also leveraging its legacy metal sector to gain a foothold in the lithium ion business. ",{"text":95054,"type":599},"Saudi Arabia now plans to use Manara Minerals’ as an investment vehicle for overseas battery metals processing projects.. According to Mehdi, this will enable the country to pick up the expertise and investments needed to develop the Kingdom into a metals processing hub.  ",{"type":657,"attrs":95056,"content":95057},{"level":15966,"textAlign":49},[95058],{"text":95059,"type":599},"Vale de-risks for the renewables transition",{"type":594,"attrs":95061,"content":95062},{"textAlign":49},[95063],{"text":95064,"type":599},"Vale is alive to the pressures and opportunities afforded by the low carbon economy and its base metals sell-off is designed to dampen the risks that  decarbonisation may pose to its current business model. ",{"type":594,"attrs":95066,"content":95067},{"textAlign":49},[95068],{"text":95069,"type":599},"Right now, Vale’s main revenue generator is iron ore but the company expects demand for its base metals will increase as the energy transition gathers pace. By separating off its copper and nickel unit, Vale wants to see its valuation grow to eventually match that of its iron ore section.",{"type":594,"attrs":95071,"content":95072},{"textAlign":49},[95073],{"text":95074,"type":599},"Already, the company has been increasing its exposure to the electric vehicle industry, signing long-term nickel supply agreements with General Motors, Northvolt and Tesla.",{"type":594,"attrs":95076,"content":95077},{"textAlign":49},[95078],{"text":95079,"type":599},"The new Saudi partnership also gives the company a chance to re-fit its all-important iron business by opening access to markets for low-carbon industrial metals via Saudi projects. Vale and Saudi Arabia have already signed agreements to develop ‘Mega Hubs’ in the Middle Eastern Kingdom to produce low-carbon iron and steel for local and seabourne markets. ","Saudi Arabia has struck a $3.5 billion deal with Brazilian miner Vale for 10% of its copper and nickel base metals division, marking the oil power’s first entry into battery metals mining. The binding agreement involves Manara Minerals, a joint venture between the Saudi Arabian state mining company Ma’aden and the Saudi government’s sovereign wealth […]",[95082],{"slug":544,"name":543,"content":95083},{"job_title":557,"image":95084,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"da2c987a-c8f8-4a8c-940e-f9e6f546767a\", \"id\": \"\"}-->",[95087,95088],{"slug":880,"name":881},{"slug":4330,"name":150},{"id":49,"alt":95090,"name":547,"focus":547,"title":95090,"source":547,"filename":95091,"copyright":547,"fieldtype":553,"meta_data":95092,"is_external_url":51},"Image of Saudi Arabian capital Riyadh at night","https://a.storyblok.com/f/287943243085208/a69de3212a/bm-shutterstock-1224851173.jpg",{"alt":95090,"title":95090,"source":547,"copyright":547},"Aug 02, 2023",{"id":95095,"uuid":95096,"name":95097,"slug":95098,"full_slug":95099,"content":95100},112470996375854,"434aa0b0-a7f0-4138-ae17-0272e77285f0","Four charts to understand the state of the cathode market","four-charts-to-understand-the-state-of-the-cathode-market","article/four-charts-to-understand-the-state-of-the-cathode-market",{"_uid":95101,"date":95102,"tags":95103,"editor":95105,"content":95109,"excerpt":95305,"featured":51,"reporter":95306,"_editable":95310,"component":864,"seo_title":95097,"categories":95311,"visibility":882,"author_company":49,"data_vis_image":95314,"featured_image":95317,"seo_description":95305,"author_full_name":49,"author_job_title":49,"formattedDate":95320},"4786ed6c-b8f2-45ed-b523-fc38f366169f","2023-08-01 00:00",[95104],{"slug":578,"name":579},[95106],{"slug":544,"name":543,"content":95107},{"job_title":557,"image":95108,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":95110},[95111,95123,95150,95155,95174,95182,95194,95199,95204,95209,95214,95222,95227,95239,95244,95249,95257,95262,95267,95272,95277,95282,95290,95295,95300],{"type":594,"attrs":95112,"content":95113},{"textAlign":49},[95114,95116,95121],{"text":95115,"type":599},"The cathode market is set to be balanced until 2027, after which it is forecast to enter a growing deficit, according to ",{"text":42098,"type":599,"marks":95117},[95118],{"type":604,"attrs":95119},{"href":95120,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/cathode",{"text":95122,"type":599},". Despite this overall balance, a closer look reveals imbalances in some areas of the cathode market.",{"type":594,"attrs":95124,"content":95125},{"textAlign":49},[95126,95128,95133,95134,95140,95142,95148],{"text":95127,"type":599},"Firstly, ",{"text":95129,"type":599,"marks":95130},"only China",[95131],{"type":604,"attrs":95132},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1680,"type":599},{"text":95135,"type":599,"marks":95136},"rest of Asia",[95137],{"type":604,"attrs":95138},{"href":95139,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indonesia-expands-presence-in-ev-supply-chain-with-chinese-cathode-and-anode-plants",{"text":95141,"type":599}," have surplus cathode supply relative to their demand. ",{"text":95143,"type":599,"marks":95144},"Western markets are all in deficit",[95145],{"type":604,"attrs":95146},{"href":95147,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-looming-us-and-europe-cathode-shortage",{"text":95149,"type":599}," as their growth in demand outpaces growth in domestic supply.",{"type":594,"attrs":95151,"content":95152},{"textAlign":49},[95153],{"text":95154,"type":599},"Secondly, China has a large number of Tier 2 and Tier 3 cathode material producers which cannot sell into Western EV markets resulting in surplus production of cathode material in these tiers and a deficit of Tier 1 material.",{"type":594,"attrs":95156,"content":95157},{"textAlign":49},[95158,95160,95165,95167,95172],{"text":95159,"type":599},"Further, the market is only balanced in terms of overall cathode material tonnage. Growth in demand for some specific chemistries such as ",{"text":41480,"type":599,"marks":95161},[95162],{"type":604,"attrs":95163},{"href":95164,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lfp-cathode-prices-rise-as-battery-demand-recovers",{"text":95166,"type":599}," (LFP) and some forms of ",{"text":63051,"type":599,"marks":95168},[95169],{"type":604,"attrs":95170},{"href":95171,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ncm-811-cathode-production-in-deficit-from-next-year",{"text":95173,"type":599}," (NCM) is outpacing supply growth.",{"type":594,"attrs":95175,"content":95176},{"textAlign":49},[95177],{"type":1186,"attrs":95178},{"id":49,"alt":95179,"src":95180,"title":49,"source":49,"copyright":49,"meta_data":95181},"The overall cathode market is balanced in the short term","https://a.storyblok.com/f/287943243085208/02dfa2373e/bm-cathode-overall-balance.png",{},{"type":594,"attrs":95183,"content":95184},{"textAlign":49},[95185,95187,95192],{"text":95186,"type":599},"Analysis by Benchmark showed that at least ",{"text":95188,"type":599,"marks":95189},"$39.5 billion of investment",[95190],{"type":604,"attrs":95191},{"href":94785,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":95193,"type":599}," is needed in cathode production to close the gap between today’s supply and 2030’s demand.",{"type":594,"attrs":95195,"content":95196},{"textAlign":49},[95197],{"text":95198,"type":599},"“The consequence of the imbalances is that we will see greater investment upstream, specifically for LFP which will allow for considerably lower EV prices,” Rob Burrell, an analyst at Benchmark, said.",{"type":657,"attrs":95200,"content":95201},{"level":15966,"textAlign":49},[95202],{"text":95203,"type":599},"Tier and regional imbalances",{"type":594,"attrs":95205,"content":95206},{"textAlign":49},[95207],{"text":95208,"type":599},"Cathode production is so highly concentrated in Asia, that the region produces significantly more material than it needs. China, the largest producer of cathode material, is forecast to produce 57% more material than is needed to meet its domestic battery demand this year.",{"type":594,"attrs":95210,"content":95211},{"textAlign":49},[95212],{"text":95213,"type":599},"The rest of the world relies almost entirely on imports from Asia to support their domestic needs.",{"type":594,"attrs":95215,"content":95216},{"textAlign":49},[95217],{"type":1186,"attrs":95218},{"id":49,"alt":95219,"src":95220,"title":49,"source":49,"copyright":49,"meta_data":95221},"Asia is forecast to produce surplus cathode material relative to its domestic requirements","https://a.storyblok.com/f/287943243085208/46f4c767db/bm-cathode-regional-balance.png",{},{"type":594,"attrs":95223,"content":95224},{"textAlign":49},[95225],{"text":95226,"type":599},"Although the Inflation Reduction Act has stimulated investment into the US supply chain, the country will still depend heavily on supplies of cathode material from outside the country until this market matures.",{"type":594,"attrs":95228,"content":95229},{"textAlign":49},[95230,95231,95237],{"text":51331,"type":599},{"text":95232,"type":599,"marks":95233},"Western markets",[95234],{"type":604,"attrs":95235},{"href":95236,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-xtc-and-orano-strike-e1-5-billion-deal-for-frances-first-cathode-production",{"text":95238,"type":599}," still rely on Asian cathode material. But in China, a significant number of producers are Tier 2 or 3 and are not qualified to be used in cells destined for Western EV markets",{"type":594,"attrs":95240,"content":95241},{"textAlign":49},[95242],{"text":95243,"type":599},"To meet the requirements of non-Chinese companies, cell makers need to use cathode material from Tier 1 suppliers. Benchmark forecasts this tier will be in a deficit for the first time this year.",{"type":594,"attrs":95245,"content":95246},{"textAlign":49},[95247],{"text":95248,"type":599},"“OEMs will look to qualify Tier 2 material in order to cover the Tier 1 deficits,” Burrell said.",{"type":594,"attrs":95250,"content":95251},{"textAlign":49},[95252],{"type":1186,"attrs":95253},{"id":49,"alt":95254,"src":95255,"title":49,"source":49,"copyright":49,"meta_data":95256},"Tier 1 cathode material in deficit for the first time this year","https://a.storyblok.com/f/287943243085208/f1156a7ca6/bm-cathode-tier-balance-1.png",{},{"type":657,"attrs":95258,"content":95259},{"level":15966,"textAlign":49},[95260],{"text":95261,"type":599},"LFP and NCM undersupply",{"type":594,"attrs":95263,"content":95264},{"textAlign":49},[95265],{"text":95266,"type":599},"This year, LFP is forecast to be in a deficit of 228,000 tonnes though this will reduce to 107,000 by 2026 as new capacity is brought online. However, demand is forecast to grow rapidly, significantly outpacing the forecast growth in supply in the latter half of the decade.",{"type":594,"attrs":95268,"content":95269},{"textAlign":49},[95270],{"text":95271,"type":599},"Burrell says that in the mid-term, China has the ability to bring online enough new capacity to close this gap. Benchmark’s Cathode Forecast shows that 99% of LFP cathode material will be produced in China this year, dropping slightly to 95% in 2030.",{"type":594,"attrs":95273,"content":95274},{"textAlign":49},[95275],{"text":95276,"type":599},"“The challenge would be for getting enough Tier 1 LFP capacity online for the EV market,” Burrell said, adding that the LFP deficit is particularly severe for North America as the region looks to move away from Chinese supply.",{"type":594,"attrs":95278,"content":95279},{"textAlign":49},[95280],{"text":95281,"type":599},"Demand for high-nickel cathode chemistries is expected to grow rapidly in the coming years as more high-end applications emerge. This growth will be especially strong in North America due to the high demand for EVs with longer ranges.",{"type":594,"attrs":95283,"content":95284},{"textAlign":49},[95285],{"type":1186,"attrs":95286},{"id":49,"alt":95287,"src":95288,"title":49,"source":49,"copyright":49,"meta_data":95289},"LFP and NCM 811 represent most of deficit in 2030","https://a.storyblok.com/f/287943243085208/bf981b3fed/bm-cathode-chemistry-balance.png",{},{"type":594,"attrs":95291,"content":95292},{"textAlign":49},[95293],{"text":95294,"type":599},"NCM 811 demand is on track to grow over six times between 2023 and 2030, with a deficit emerging from 2025.",{"type":594,"attrs":95296,"content":95297},{"textAlign":49},[95298],{"text":95299,"type":599},"To meet the growing demand for NCM 811, some applications may shift to other chemistries such as NCM 622 or 523, the latter of which is in a surplus.",{"type":594,"attrs":95301,"content":95302},{"textAlign":49},[95303],{"text":95304,"type":599},"“I think mid-nickel variants will be able to satisfy most needs in relation to performance, especially when they are not in the high-performance category,” Burrell said. “NCM 811 will still be required to achieve the highest ranges, however.”","The cathode market is set to be balanced until 2027, after which it is forecast to enter a growing deficit, according to Benchmark’s Cathode Forecast. Despite this overall balance, a closer look reveals imbalances in some areas of the cathode market. Firstly, only China and the rest of Asia have surplus cathode supply relative to […]",[95307],{"slug":544,"name":543,"content":95308},{"job_title":557,"image":95309,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4786ed6c-b8f2-45ed-b523-fc38f366169f\", \"id\": \"\"}-->",[95312,95313],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":95315,"copyright":547,"fieldtype":553,"meta_data":95316,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1694087942/www-production/Cathode-tier-balance-redact/Cathode-tier-balance-redact.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":95318,"copyright":547,"fieldtype":553,"meta_data":95319,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c9b817b381/bm-operators-working-in-the-cathode-production-in-nysa-poland.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 01, 2023",{"id":95322,"uuid":95323,"name":60501,"slug":95324,"full_slug":95325,"content":95326},112470991690029,"a4448a07-782d-4bea-8a38-ae9df66880bc","benchmark-opens-annual-public-consultation-for-comment-on-its-market-leading-price-assessment-methodologies","article/benchmark-opens-annual-public-consultation-for-comment-on-its-market-leading-price-assessment-methodologies",{"_uid":95327,"date":95102,"tags":95328,"editor":95330,"content":95334,"excerpt":95390,"featured":50,"reporter":95391,"_editable":95395,"component":864,"seo_title":60501,"categories":95396,"visibility":2091,"author_company":49,"featured_image":95398,"seo_description":95390,"author_full_name":49,"author_job_title":49,"formattedDate":95320},"e00438e2-9488-47c3-bff7-154d827f4c85",[95329],{"slug":9655,"name":9656},[95331],{"slug":544,"name":543,"content":95332},{"job_title":557,"image":95333,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":95335},[95336,95341,95345,95354,95358,95362,95370,95374,95378,95382,95386],{"type":594,"attrs":95337,"content":95338},{"textAlign":49},[95339],{"text":95340,"type":599},"Following the continued evolution of the lithium ion battery supply chain, and as part of its rolling methodology review process, Benchmark Mineral Intelligence announces the opening of the 2023 annual public consultation period, for comment on Benchmark’s market-leading Price Assessment Methodologies for lithium, nickel, cobalt, and graphite.",{"type":594,"attrs":95342,"content":95343},{"textAlign":49},[95344],{"text":60524,"type":599},{"type":594,"attrs":95346,"content":95347},{"textAlign":49},[95348,95349,95353],{"text":30410,"type":599},{"text":6515,"type":599,"marks":95350},[95351],{"type":604,"attrs":95352},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":95355,"content":95356},{"textAlign":49},[95357],{"text":30421,"type":599},{"type":594,"attrs":95359,"content":95360},{"textAlign":49},[95361],{"text":30467,"type":599},{"type":594,"attrs":95363,"content":95364},{"textAlign":49},[95365,95366],{"text":21758,"type":599},{"text":19898,"type":599,"marks":95367},[95368],{"type":604,"attrs":95369},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":95371,"content":95372},{"level":15966,"textAlign":49},[95373],{"text":30480,"type":599},{"type":594,"attrs":95375,"content":95376},{"textAlign":49},[95377],{"text":30485,"type":599},{"type":594,"attrs":95379,"content":95380},{"textAlign":49},[95381],{"text":30490,"type":599},{"type":594,"attrs":95383,"content":95384},{"textAlign":49},[95385],{"text":30495,"type":599},{"type":594,"attrs":95387,"content":95388},{"textAlign":49},[95389],{"text":30500,"type":599},"Following the continued evolution of the lithium ion battery supply chain, and as part of its rolling methodology review process, Benchmark Mineral Intelligence announces the opening of the 2023 annual public consultation period, for comment on Benchmark’s market-leading Price Assessment Methodologies for lithium, nickel, cobalt, and graphite. This annual consultation period allows stakeholders in the […]",[95392],{"slug":544,"name":543,"content":95393},{"job_title":557,"image":95394,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e00438e2-9488-47c3-bff7-154d827f4c85\", \"id\": \"\"}-->",[95397],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":95399,"copyright":547,"fieldtype":553,"meta_data":95400,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9c33cbfe44/bm-istock-813733522-380433caff0.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":95402,"uuid":95403,"name":95404,"slug":95405,"full_slug":95406,"content":95407},112471001037104,"60646923-40dc-49b7-80a4-a3968021c006","Benchmark launches Black Mass Price Assessment service","benchmark-launches-black-mass-price-assessment-service","article/benchmark-launches-black-mass-price-assessment-service",{"_uid":95408,"date":95409,"tags":95410,"editor":95415,"content":95419,"excerpt":95534,"featured":50,"reporter":95535,"_editable":95539,"component":864,"seo_title":95404,"categories":95540,"visibility":2091,"author_company":49,"data_vis_image":95543,"featured_image":95545,"seo_description":95548,"author_full_name":49,"author_job_title":49,"formattedDate":95549},"3c41082c-0eaa-4e3e-baed-9ff02b086cc3","2023-07-31 00:00",[95411,95412,95413,95414],{"slug":9655,"name":9656},{"slug":11313,"name":11314},{"slug":10440,"name":373},{"slug":36014,"name":36015},[95416],{"slug":544,"name":543,"content":95417},{"job_title":557,"image":95418,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":95420},[95421,95432,95442,95447,95452,95457,95464,95469,95474,95479,95484,95489,95494,95499,95504,95508,95512,95521,95526,95530],{"type":594,"attrs":95422,"content":95423},{"textAlign":49},[95424,95426,95430],{"text":95425,"type":599},"Benchmark Mineral Intelligence has launched its new monthly ",{"text":40334,"type":599,"marks":95427},[95428],{"type":604,"attrs":95429},{"href":23164,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":95431,"type":599},", commencing publication on 31 July 2023.",{"type":594,"attrs":95433,"content":95434},{"textAlign":49},[95435,95437],{"text":95436,"type":599},"China is the primary market for battery recycling and black mass trading, according to ",{"text":95438,"type":599,"marks":95439},"Benchmark’s Battery Recycling Forecast.",[95440],{"type":604,"attrs":95441},{"href":23164,"uuid":49,"anchor":49,"target":650,"linktype":607},{"type":594,"attrs":95443,"content":95444},{"textAlign":49},[95445],{"text":95446,"type":599},"The launch of this latest Benchmark price assessment enables traders, recyclers, cathode manufacturers and the lithium ion battery supply chain to accurately track black mass prices. By publishing payables, equivalent chemical values alongside aggregated weighted average black mass prices, Benchmark empowers the market to realise commercial opportunities sooner, minimise risk, and better plan investment strategies.",{"type":594,"attrs":95448,"content":95449},{"textAlign":49},[95450],{"text":95451,"type":599},"Benchmark prides itself on truly understanding and listening to the black mass market to guide our IOSCO compliant Price Assessment practices.",{"type":657,"attrs":95453,"content":95454},{"level":15966,"textAlign":49},[95455],{"text":95456,"type":599},"Benchmark’s Monthly Black Mass Prices",{"type":594,"attrs":95458,"content":95459},{"textAlign":49},[95460,95461,95462],{"text":7249,"type":599},{"text":40334,"type":599},{"text":95463,"type":599}," subscribers will now have access to the following prices every month:",{"type":657,"attrs":95465,"content":95466},{"level":15966,"textAlign":49},[95467],{"text":95468,"type":599},"Payables",{"type":657,"attrs":95470,"content":95471},{"level":15966,"textAlign":49},[95472],{"text":95473,"type":599},"Black Mass Chemical Prices",{"type":657,"attrs":95475,"content":95476},{"level":15966,"textAlign":49},[95477],{"text":95478,"type":599},"Aggregated Black Mass Prices",{"type":594,"attrs":95480,"content":95481},{"textAlign":49},[95482],{"text":95483,"type":599},"These 13 prices will be published for access by subscribers to Benchmark’s website on the final working day of the month by 4pm (London). Market analysis will sent out to subscribers soon after.",{"type":594,"attrs":95485,"content":95486},{"textAlign":49},[95487],{"text":95488,"type":599},"Caspar Rawles, Benchmark’s Chief Data Officer, said:",{"type":594,"attrs":95490,"content":95491},{"textAlign":49},[95492],{"text":95493,"type":599},"“The importance of recycled material in the lithium ion battery supply continues to grow, and the launch of Benchmark’s Black Mass Price Assessment enables our subscribers to track pricing in this market as it plays a bigger role in global supply chains.",{"type":594,"attrs":95495,"content":95496},{"textAlign":49},[95497],{"text":95498,"type":599},"“This latest Price Assessment launch reconfirms Benchmark’s commitment to the most detailed, accurate and reliable data on the Energy Transition, and I commend the price team for the hard work it has taken to launch this market leading service.",{"type":594,"attrs":95500,"content":95501},{"textAlign":49},[95502],{"text":95503,"type":599},"“As the world’s black mass market matures further, Benchmark is committed to bringing further transparency to this opaque market with the ongoing evolution of its price assessment methodologies to meet the market’s needs.”",{"type":657,"attrs":95505,"content":95506},{"level":15966,"textAlign":49},[95507],{"text":28061,"type":599},{"type":594,"attrs":95509,"content":95510},{"textAlign":49},[95511],{"text":33218,"type":599},{"type":594,"attrs":95513,"content":95514},{"textAlign":49},[95515,95517],{"text":95516,"type":599},"If you would like to provide feedback or become a price submitter for Benchmark Black Mass Price Assessment please contact us at ",{"text":19898,"type":599,"marks":95518},[95519],{"type":604,"attrs":95520},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":95522,"content":95523},{"textAlign":49},[95524],{"text":95525,"type":599},"We publish weekly and monthly Price Assessments – Lithium, Cobalt, Natural Graphite, Synthetic Graphite, Nickel, Cathodes, Anodes, Lithium-ion Cells, and Black Mass – to the highest IOSCO standard.",{"type":657,"attrs":95527,"content":95528},{"level":15966,"textAlign":49},[95529],{"text":94704,"type":599},{"type":594,"attrs":95531,"content":95532},{"textAlign":49},[95533],{"text":94709,"type":599},"Benchmark Mineral Intelligence has launched its new monthly Black Mass Price Assessment, commencing publication on 31 July 2023. China is the primary market for battery recycling and black mass trading, according to Benchmark’s Battery Recycling Forecast. The launch of this latest Benchmark price assessment enables traders, recyclers, cathode manufacturers and the lithium ion battery supply chain to […]",[95536],{"slug":544,"name":543,"content":95537},{"job_title":557,"image":95538,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3c41082c-0eaa-4e3e-baed-9ff02b086cc3\", \"id\": \"\"}-->",[95541,95542],{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":95544},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":95546,"copyright":547,"fieldtype":553,"meta_data":95547,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d3c77ae785/bm-black-mass-webinar-image.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark Mineral Intelligence has launched its new monthly Black Mass Price Assessment, commencing publication on 31 July 2023. China is the primary market for battery recycling and black mass trading, according to Benchmark’s Battery Recycling Forecast.","Jul 31, 2023",{"id":95551,"uuid":95552,"name":95553,"slug":95554,"full_slug":95555,"content":95556},112471005788465,"37cfba14-5174-4cd8-963a-3219d8134f80","Indonesia moves up the nickel value chain with Huayou nickel sulphate plant","indonesia-moves-up-the-nickel-value-chain-with-huayou-nickel-sulphate-plant","article/indonesia-moves-up-the-nickel-value-chain-with-huayou-nickel-sulphate-plant",{"_uid":95557,"date":95558,"tags":95559,"editor":95561,"content":95565,"excerpt":95706,"featured":51,"reporter":95707,"_editable":95711,"component":864,"seo_title":95553,"categories":95712,"visibility":882,"author_company":49,"featured_image":95714,"seo_description":95706,"author_full_name":49,"author_job_title":49,"formattedDate":95717},"3518fa03-ee13-4918-91a8-262be5cf093d","2023-07-28 00:00",[95560],{"slug":7997,"name":7998},[95562],{"slug":544,"name":543,"content":95563},{"job_title":557,"image":95564,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":95566},[95567,95579,95584,95589,95594,95599,95604,95616,95626,95631,95636,95641,95646,95651,95656,95661,95666,95671,95676,95681,95686,95691,95696,95701],{"type":594,"attrs":95568,"content":95569},{"textAlign":49},[95570,95572,95577],{"text":95571,"type":599},"China’s Huayou plans to invest $200 million to build its first Indonesian ",{"text":4330,"type":599,"marks":95573},[95574],{"type":604,"attrs":95575},{"href":95576,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/nickel/portal/",{"text":95578,"type":599}," sulphate (NiSO4) plant, boosting Indonesia’s position within the global lithium ion value chain.",{"type":594,"attrs":95580,"content":95581},{"textAlign":49},[95582],{"text":95583,"type":599},"At 50,000 tonnes per year of capacity in terms of nickel metal, it extends Huayou’s presence within the country’s mining and refining sectors.",{"type":594,"attrs":95585,"content":95586},{"textAlign":49},[95587],{"text":95588,"type":599},"Nickel sulphate is a refined form of nickel used to make precursor cathode active materials (PCAM) for EV battery cathodes. Although Indonesian nickel refinery capacity additions and expansions saw record growth in 2022, according to Benchmark data, most of this was for mixed hydroxide precipitate (MHP), an intermediate nickel product that needs to be further processed into nickel sulphate for use in batteries. ",{"type":594,"attrs":95590,"content":95591},{"textAlign":49},[95592],{"text":95593,"type":599},"More nickel sulphate capacity would not only allow Indonesia to generate more value from its mines than it has been able to as an MHP producer, it could also pave the way towards a complete mine-to-EV supply chain in the country.",{"type":594,"attrs":95595,"content":95596},{"textAlign":49},[95597],{"text":95598,"type":599},"This is especially as the Indonesian government has recently stepped up efforts to attract foreign investment for the country’s first downstream lithium ion plants.",{"type":594,"attrs":95600,"content":95601},{"textAlign":49},[95602],{"text":95603,"type":599},"“Indonesia has commitments for major investments into the broader EV supply chain already, but they are still looking for someone to commit to a mid or downstream project,” commented Benchmark analyst Harry Fisher.",{"type":594,"attrs":95605,"content":95606},{"textAlign":49},[95607,95609,95615],{"text":95608,"type":599},"In June PT Halmahera Lygend, a joint venture with China’s Ningbo Lygend, started operations at a nickel sulphate plant on ",{"text":95610,"type":599,"marks":95611},"Obi Island",[95612],{"type":604,"attrs":95613},{"href":95614,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-overcoming-mining-waste-issues-will-be-key-to-indonesias-nickel-ambitions",{"text":974,"type":599},{"type":594,"attrs":95617,"content":95618},{"textAlign":49},[95619,95621,95625],{"text":95620,"type":599},"China accounted for 74% of nickel sulphate production in 2022, a figure set to decline to 65% by 2025 as Australian and Indonesian producers ramp up new capacity, according to Benchmark’s ",{"text":66772,"type":599,"marks":95622},[95623],{"type":604,"attrs":95624},{"href":84889,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":95627,"content":95628},{"level":15966,"textAlign":49},[95629],{"text":95630,"type":599},"Chinese nickel sulphate prices rebound",{"type":594,"attrs":95632,"content":95633},{"textAlign":49},[95634],{"text":95635,"type":599},"Prices for nickel sulphate in China rose 3.1% month-on-month in June to reach RMB 33,000 ($4,554) per tonne on average, as assessed by Benchmark, thanks to moderate improvements in spot demand. ",{"type":594,"attrs":95637,"content":95638},{"textAlign":49},[95639],{"text":95640,"type":599},"Buoyed by firmer indications from the downstream, MHP payables increased in June compared to May, according to Benchmark’s Nickel Price Assessment.",{"type":594,"attrs":95642,"content":95643},{"textAlign":49},[95644],{"text":95645,"type":599},"“There is some optimism amongst Indonesian players that the MHP market has bottomed out,” according to Benchmark’s assessment. ",{"type":657,"attrs":95647,"content":95648},{"level":15966,"textAlign":49},[95649],{"text":95650,"type":599},"Chinese dominance in Indonesia",{"type":594,"attrs":95652,"content":95653},{"textAlign":49},[95654],{"text":95655,"type":599},"Mid- to downstream build-out in Indonesia will likely be as dependent on Chinese capital as its mining and refining sectors have been, with its government already courting Chinese automakers and the Chinese government for financial support.",{"type":594,"attrs":95657,"content":95658},{"textAlign":49},[95659],{"text":95660,"type":599},"On 25 July, the Indonesian government announced that it is finalising a set of incentives for EV manufacturers to set up in the country, with China’s BYD among several automakers to be involved in shaping the package. ",{"type":594,"attrs":95662,"content":95663},{"textAlign":49},[95664],{"text":95665,"type":599},"Indonesian president Joko Widodo also visited China this week to meet his Chinese counterpart President Xi Jinping in Chengdu. Xi followed up the meeting by announcing China would deepen its economic cooperation with Indonesia across economic sectors, including in electric vehicle manufacturing.",{"type":657,"attrs":95667,"content":95668},{"level":15966,"textAlign":49},[95669],{"text":95670,"type":599},"Huayou is set to grow its Indonesia nickel output",{"type":594,"attrs":95672,"content":95673},{"textAlign":49},[95674],{"text":95675,"type":599},"Huayou currently operates one of the first HPAL projects in Indonesia – the PT Huayue project, a JV with Tsingshan in the Indonesia Morowali Industrial Park. ",{"type":594,"attrs":95677,"content":95678},{"textAlign":49},[95679],{"text":95680,"type":599},"The company is involved in a further five pipeline MHP projects with partners that include Volkswagen, Tsinghan, LG Energy Solution, Vale, and Ford. ",{"type":594,"attrs":95682,"content":95683},{"textAlign":49},[95684],{"text":95685,"type":599},"Huayou’s new subsidiary for the nickel sulphate project, named Huaxiang Refining Indonesia, will be owned by three companies: its existing subsidiary Huayao International Investment, which will hold 49% of the new company, Singapore-based Strive Investment, which will hold 49%, and Lindo investment, which will hold 2%. ",{"type":657,"attrs":95687,"content":95688},{"level":15966,"textAlign":49},[95689],{"text":95690,"type":599},"Indonesia’s success",{"type":594,"attrs":95692,"content":95693},{"textAlign":49},[95694],{"text":95695,"type":599},"Huayou’s cobalt sulphate investment is the latest success for the Indonesian government in its approach towards encouraging high value battery processing industries in the country.",{"type":594,"attrs":95697,"content":95698},{"textAlign":49},[95699],{"text":95700,"type":599},"Indonesia’s nickel refining boom over the last three years owes much to the government’s 2020 ban on all nickel ore exports, which forced foreign companies to establish domestic processing capacity to exploit Indonesian reserves. ",{"type":594,"attrs":95702,"content":95703},{"textAlign":49},[95704],{"text":95705,"type":599},"This has transformed Indonesia’s position in the global lithium ion economy from ten years ago, when the country was solely a nickel ore exporter, to its status as a battery chemicals producer now potentially capable of supporting a domestic cell and EV industry. ","China’s Huayou plans to invest $200 million to build its first Indonesian nickel sulphate (NiSO4) plant, boosting Indonesia’s position within the global lithium ion value chain. At 50,000 tonnes per year of capacity in terms of nickel metal, it extends Huayou’s presence within the country’s mining and refining sectors. Nickel sulphate is a refined form […]",[95708],{"slug":544,"name":543,"content":95709},{"job_title":557,"image":95710,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3518fa03-ee13-4918-91a8-262be5cf093d\", \"id\": \"\"}-->",[95713],{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":95715,"copyright":547,"fieldtype":553,"meta_data":95716,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3ecaaf5ca1/bm-pt-huayue.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 28, 2023",{"id":95719,"uuid":95720,"name":95721,"slug":95722,"full_slug":95723,"content":95724},112471015754036,"6212cfed-c494-483c-92eb-bfb43bad904e","Rare earth permanent magnet production advances outside of China","rare-earth-permanent-magnet-production-advances-outside-of-china","article/rare-earth-permanent-magnet-production-advances-outside-of-china",{"_uid":95725,"date":95726,"tags":95727,"editor":95729,"content":95733,"excerpt":95890,"featured":51,"reporter":95891,"_editable":95895,"component":864,"seo_title":95721,"categories":95896,"visibility":882,"author_company":49,"featured_image":95900,"seo_description":95890,"author_full_name":49,"author_job_title":49,"formattedDate":95903},"349a5733-8adb-4c8d-a55b-4f26cd402947","2023-07-27 00:00",[95728],{"slug":1556,"name":414},[95730],{"slug":544,"name":543,"content":95731},{"job_title":557,"image":95732,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":95734},[95735,95740,95745,95752,95757,95762,95767,95779,95784,95789,95794,95799,95804,95809,95814,95819,95824,95829,95834,95839,95844,95849,95854,95865,95870,95875,95880,95885],{"type":594,"attrs":95736,"content":95737},{"textAlign":49},[95738],{"text":95739,"type":599},"Canadian-owned Neo Magnequench started construction of a rare earths permanent magnets (REPM) plant in Narva, Estonia earlier this month. The plant advances European Union ambitions to reduce dependence on imports from China, which currently provides 98% of the region’s supply. ",{"type":594,"attrs":95741,"content":95742},{"textAlign":49},[95743],{"text":95744,"type":599},"Permanent magnets made from rare earths are essential to the energy transition because their powerful magnetic fields increase the efficiency of electric vehicle and wind turbine motors. China’s dominance in REPM production makes Europe’s access to these components vulnerable to geopolitical tensions and logistical disruptions.",{"type":594,"attrs":95746,"content":95747},{"textAlign":49},[95748],{"type":1186,"attrs":95749},{"id":49,"alt":547,"src":95750,"title":49,"source":49,"copyright":49,"meta_data":95751},"https://a.storyblok.com/f/287943243085208/8f2471dc24/bm-chart-screenshot-23.png",{},{"type":594,"attrs":95753,"content":95754},{"textAlign":49},[95755],{"text":95756,"type":599},"It’s one of a number of new plants being built in the West to reduce reliance on Chinese suppliers, which currently dominate prouction. In the US, at least three companies are building REPM manufacturing facilities. ",{"type":594,"attrs":95758,"content":95759},{"textAlign":49},[95760],{"text":95761,"type":599},"Neo, a subsidiary of Neo Performance Materials, said its Estonia plant will start production in 2025, producing enough REPM for around 1.5 million electric vehicles. This will rise to 5,000 tonnes a year in a second phase of construction, enough for around 4.5 million electric cars.",{"type":594,"attrs":95763,"content":95764},{"textAlign":49},[95765],{"text":95766,"type":599},"Yet the companies will also need to secure enough supplies of rare earth materials to feed the plants to completely reduce reliance on China, according to Benchmark analyst Neha Mukherjee. ",{"type":594,"attrs":95768,"content":95769},{"textAlign":49},[95770,95772,95774],{"text":95771,"type":599},"China is forecast to still produce 63% of the world’s supply of PrNd",{"text":95773,"type":599},"feedstock for magnets by 2028, compared to 7% for the US and 19% for Australia, according to Benchmark’s ",{"text":95775,"type":599,"marks":95776},"Rare Earths Forecast.",[95777],{"type":604,"attrs":95778},{"href":67411,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":95780,"content":95781},{"level":15966,"textAlign":49},[95782],{"text":95783,"type":599},"Securing rare earths ",{"type":594,"attrs":95785,"content":95786},{"textAlign":49},[95787],{"text":95788,"type":599},"As well as REPM production, the EU wants to develop a full supply chain in rare earths that extends to mining. The EU’s proposed Critical Raw Materials Act released in March 2023 set a target that by 2030, 10% of the rare earths consumed in the region must be extracted there.  ",{"type":594,"attrs":95790,"content":95791},{"textAlign":49},[95792],{"text":95793,"type":599},"However, with only one European rare earths deposit currently being explored and given the time it takes to bring a mine to production, sourcing rare earth concentrates from existing ex-China producers looks the more realistic option. ",{"type":594,"attrs":95795,"content":95796},{"textAlign":49},[95797],{"text":95798,"type":599},"Neo currently sources its rare earth feedstock from Russia and the US. In future, it could obtain rare earth concentrates from Western Australia’s Yangibana rare earths mine thanks to a non-binding agreement signed in June 2023 with its developer, Hastings Technology Metals. ",{"type":594,"attrs":95800,"content":95801},{"textAlign":49},[95802],{"text":95803,"type":599},"Neo has also begun initial exploration at its Sarfartoq rare earths project in Greenland, aiming to conduct a preliminary economic assessment by 2023. ",{"type":594,"attrs":95805,"content":95806},{"textAlign":49},[95807],{"text":95808,"type":599},"Neo said its nearby rare earth separations plant in Sillamäe, Estonia will provide rare earth feedstock to the Narva plant “from the US and other sources.” ",{"type":657,"attrs":95810,"content":95811},{"level":15966,"textAlign":49},[95812],{"text":95813,"type":599},"US magnet producers",{"type":594,"attrs":95815,"content":95816},{"textAlign":49},[95817],{"text":95818,"type":599},"In the US, magnet producers are also securing supplies of rare earths, or building integrated facilities. ",{"type":594,"attrs":95820,"content":95821},{"textAlign":49},[95822],{"text":95823,"type":599},"USA Rare Earths is currently recommissioning magnet manufacturing equipment that it acquired from Japanese producer Hitachi Metals, which had operated a North Carolina-based rare earth magnet manufacturing facility until 2015.",{"type":594,"attrs":95825,"content":95826},{"textAlign":49},[95827],{"text":95828,"type":599},"This forms part of USA Rare Earth’s $100 million project to build an integrated rare earths processing and magnet manufacturing plant in Stillwater, Oklahoma. The company is also conducting feasibility studies for its Round Top rare earths mine in Texas. ",{"type":594,"attrs":95830,"content":95831},{"textAlign":49},[95832],{"text":95833,"type":599},"Startup Noveon Magnetics is also producing magnets at a plant in San Marcos, Texas, with a planned initial capacity to produce 2,000 tonnes of sintered neodymium magnets a year. It plans to expand to more than 10,000 tonnes a year eventually, the company’s co-founder Peter Afiuny told Benchmark. ",{"type":594,"attrs":95835,"content":95836},{"textAlign":49},[95837],{"text":95838,"type":599},"“Our goal is to get to that over the next five years,” he said. ",{"type":594,"attrs":95840,"content":95841},{"textAlign":49},[95842],{"text":95843,"type":599},"Earlier this year, Noveon signed an agreement with Australian Strategic Materials for supplies of neodymium iron boron alloy from its South Korean plant. ",{"type":594,"attrs":95845,"content":95846},{"textAlign":49},[95847],{"text":95848,"type":599},"Unlike the EU, the US already mines rare earth concentrates. The largest project is MP Material’s Mountain Pass Mine in Southern California. The company aims to process all of its own concentrate material by 2024. ",{"type":594,"attrs":95850,"content":95851},{"textAlign":49},[95852],{"text":95853,"type":599},"MP Materials is aiming for full vertical integration with a REPM plant under construction in Fort Worth, Texas. In 2021, it entered a long term supply agreement with General Motors to supply the automaker with rare earth materials, alloys, and finished magnets for Ultium battery platform.",{"type":594,"attrs":95855,"content":95856},{"textAlign":49},[95857,95859,95864],{"text":95858,"type":599},"Without magnet production “you can have all the material in the world but you’re still sending it to China to make magnets,” James Litinsky, chief executive of MP Materials, told Benchmark’s Battery Gigafactories USA ",{"text":95860,"type":599,"marks":95861},"conference in June",[95862],{"type":604,"attrs":95863},{"href":22398,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":95866,"content":95867},{"textAlign":49},[95868],{"text":95869,"type":599},"In January 2023, Vacuumschmelze also signed a binding deal with General Motors to set up a North American REPM plant for a range of GM EVs. It is expected to begin operating in 2025 and supply GM for a minimum of ten years. ",{"type":594,"attrs":95871,"content":95872},{"textAlign":49},[95873],{"text":95874,"type":599},"The US was the world’s biggest rare earths miner and producer from the 1960s to 2000 before the industry moved to China. Much of the ongoing REPM capacity building in the US is an attempt to revive an older rare earths industry in the country, giving the US a head-start on Europe in building a complete REPM supply chain. ",{"type":657,"attrs":95876,"content":95877},{"level":15966,"textAlign":49},[95878],{"text":95879,"type":599},"Japan as second largest magnet producer",{"type":594,"attrs":95881,"content":95882},{"textAlign":49},[95883],{"text":95884,"type":599},"Japan is the world’s second biggest producer of REPMs after China. Hitachi Metals is a globally significant producer and holds patents for the process behind sintered NdFeB magnets from its acquisition of the originator company, Sumitomo. ",{"type":594,"attrs":95886,"content":95887},{"textAlign":49},[95888],{"text":95889,"type":599},"Hitachi, which rebranded in January 2023 under the name Proterial, has focused its R&D on ways of reducing demand for rare earths feedstock. It recently unveiled a prototype for an iron-based alternative to neodymium EV magnets and has been investing into rare earth recycling technology since at least 2010.","Canadian-owned Neo Magnequench started construction of a rare earths permanent magnets (REPM) plant in Narva, Estonia earlier this month. The plant advances European Union ambitions to reduce dependence on imports from China, which currently provides 98% of the region’s supply. Permanent magnets made from rare earths are essential to the energy transition because their powerful […]",[95892],{"slug":544,"name":543,"content":95893},{"job_title":557,"image":95894,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"349a5733-8adb-4c8d-a55b-4f26cd402947\", \"id\": \"\"}-->",[95897,95898,95899],{"slug":872,"name":873},{"slug":12983,"name":12984},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":95901,"copyright":547,"fieldtype":553,"meta_data":95902,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4b1207761a/bm-neo-magnet-plant.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 27, 2023",{"id":95905,"uuid":95906,"name":95907,"slug":95908,"full_slug":95909,"content":95910},112471021246773,"94139efe-3119-43e5-85f6-2affede93299","Chinese LFP cathode prices rise 11% as battery demand recovers","chinese-lfp-cathode-prices-rise-as-battery-demand-recovers","article/chinese-lfp-cathode-prices-rise-as-battery-demand-recovers",{"_uid":95911,"date":95912,"tags":95913,"editor":95915,"content":95919,"excerpt":96038,"featured":51,"reporter":96039,"_editable":96043,"component":864,"seo_title":95907,"categories":96044,"visibility":882,"author_company":49,"featured_image":96051,"seo_description":96038,"author_full_name":49,"author_job_title":49,"formattedDate":96053},"e18c7d1d-d133-4d3c-9f6f-6fb7437efda5","2023-07-26 00:00",[95914],{"slug":64098,"name":64099},[95916],{"slug":544,"name":543,"content":95917},{"job_title":557,"image":95918,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":95920},[95921,95932,95937,95942,95947,95952,95957,95962,95969,95974,95979,95984,95989,95994,95999,96004,96009,96014,96019,96024,96031],{"type":594,"attrs":95922,"content":95923},{"textAlign":49},[95924,95926,95930],{"text":95925,"type":599},"Prices for lithium iron phosphate (LFP) ",{"text":41514,"type":599,"marks":95927},[95928],{"type":604,"attrs":95929},{"href":78902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":95931,"type":599}," in China rose by 11% over the past month due to an improvement in demand for electric vehicles in the country as well as energy storage systems. ",{"type":594,"attrs":95933,"content":95934},{"textAlign":49},[95935],{"text":95936,"type":599},"LFP cathode prices in China rose by 11.4% month-on-month as of mid July to an average of RMB 97,500 ($13,553) per tonne, according to Benchmark’s Cathode Market Assessment. Prices have increased 34% since mid-May.",{"type":594,"attrs":95938,"content":95939},{"textAlign":49},[95940],{"text":95941,"type":599},"China’s production of cheaper LFP batteries rose by 12% last month, from a month earlier, as contacts told Benchmark that demand from cell producers targeting the ESS market was high.",{"type":594,"attrs":95943,"content":95944},{"textAlign":49},[95945],{"text":95946,"type":599},"Chinese domestic LFP cell production was 42.2 gigawatt hours in June, up about 11.6% on a month-on-month basis, according to China’s Automotive Battery Innovation Alliance. In comparison, nickel cobalt manganese (NCM) production was 17.7 gigawatt hours in June, down 4.8%.",{"type":594,"attrs":95948,"content":95949},{"textAlign":49},[95950],{"text":95951,"type":599},"Chinese cathode producer Dynanonic said this week that downstream demand had recovered since May, and the company had improved its utilisation rate at its factories as a result. Prices for its products also improved in June, it said. ",{"type":594,"attrs":95953,"content":95954},{"textAlign":49},[95955],{"text":95956,"type":599},"While battery grade lithium carbonate (EXW China) prices fell by 2% in the period 14 June – 12 July, iron phosphate prices within China increased, according to Benchmark. ",{"type":594,"attrs":95958,"content":95959},{"textAlign":49},[95960],{"text":95961,"type":599},"“Improved recent demand for LFP cathode, as well as a marginal uptick in iron phosphate prices is the cause of the rise in LFP cathode material prices this month,” said Evan Hartley, analyst with Benchmark.",{"type":594,"attrs":95963,"content":95964},{"textAlign":49},[95965],{"type":1186,"attrs":95966},{"id":49,"alt":547,"src":95967,"title":49,"source":49,"copyright":49,"meta_data":95968},"https://a.storyblok.com/f/287943243085208/04c1cf3b65/bm-lfp-cathode-prices-chart.png",{},{"type":657,"attrs":95970,"content":95971},{"level":15966,"textAlign":49},[95972],{"text":95973,"type":599},"Rising lithium carbonate prices",{"type":594,"attrs":95975,"content":95976},{"textAlign":49},[95977],{"text":95978,"type":599},"Battery-grade lithium carbonate prices in China have risen by 29% since mid-May to RMB 304,000 ($42,250) per tonne, for the period ended July 19, according to Benchmark Lithium Price Assessment.",{"type":594,"attrs":95980,"content":95981},{"textAlign":49},[95982],{"text":95983,"type":599},"Contacts reported to Benchmark that some LFP manufacturers in China were looking to stock up on raw material, under concerns that Sichuan province might encounter power shutdowns, similar to those experienced in August 2022, if abnormally high temperatures hit the region.",{"type":657,"attrs":95985,"content":95986},{"level":15966,"textAlign":49},[95987],{"text":95988,"type":599},"Overcapacity",{"type":594,"attrs":95990,"content":95991},{"textAlign":49},[95992],{"text":95993,"type":599},"Despite the recent price increase, prices for LFP cathodes have fallen by 42% this year, according to Benchmark. ",{"type":594,"attrs":95995,"content":95996},{"textAlign":49},[95997],{"text":95998,"type":599},"Chinese companies, especially Tier 2 and Tier 3 producers, continue to invest in LFP cathode capacity, however. The country has a pipeline LFP cathode capacity of almost 19 million tonnes a year, though it is expected many producers with ambitious LFP cathode plans will struggle to bring projects online, and utilise capacity, at the announced scale.",{"type":657,"attrs":96000,"content":96001},{"level":15966,"textAlign":49},[96002],{"text":96003,"type":599},"Weaker NCM demand ",{"type":594,"attrs":96005,"content":96006},{"textAlign":49},[96007],{"text":96008,"type":599},"The Benchmark Cathode Price Index, which includes the global weighted average price for all cathode grades, rose by 13.5% from a month earlier during the assessment period ended July 17.",{"type":594,"attrs":96010,"content":96011},{"textAlign":49},[96012],{"text":96013,"type":599},"To determine the weighting of the index, Benchmark assesses market demand for each assessed cathode grade using the Benchmark cathode market forecast.",{"type":594,"attrs":96015,"content":96016},{"textAlign":49},[96017],{"text":96018,"type":599},"High nickel NCM811 cathode material prices in the Chinese domestic market remained stable across June and July amidst a period of persistent weak demand.",{"type":594,"attrs":96020,"content":96021},{"textAlign":49},[96022],{"text":96023,"type":599},"Lithium hydroxide prices have fallen as a result. In the period 14 June – 12 July, Benchmark’s lithium hydroxide (EXW China) price fell 5.0%. ",{"type":594,"attrs":96025,"content":96026},{"textAlign":49},[96027,96029],{"text":96028,"type":599},"Contacts reported to Benchmark that Tier 2 and Tier 3 producers",{"text":96030,"type":599},"have reduced nickel based cathode production in the wake of low order volumes, and the expectation of limited future price increases.",{"type":594,"attrs":96032,"content":96033},{"textAlign":49},[96034],{"type":1186,"attrs":96035},{"id":49,"alt":547,"src":96036,"title":49,"source":49,"copyright":49,"meta_data":96037},"https://a.storyblok.com/f/287943243085208/36dc500ab9/bm-ncm811-cathode-ddp-china-25july.png",{},"Prices for lithium iron phosphate (LFP) cathode material in China rose by 11% over the past month due to an improvement in demand for electric vehicles in the country as well as energy storage systems. LFP cathode prices in China rose by 11.4% month-on-month as of mid July to an average of RMB 97,500 ($13,553) […]",[96040],{"slug":544,"name":543,"content":96041},{"job_title":557,"image":96042,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e18c7d1d-d133-4d3c-9f6f-6fb7437efda5\", \"id\": \"\"}-->",[96045,96046,96047,96048,96049,96050],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":878,"name":8},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":44570,"copyright":547,"fieldtype":553,"meta_data":96052,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jul 26, 2023",{"id":96055,"uuid":96056,"name":96057,"slug":96058,"full_slug":96059,"content":96060},112471027239222,"23d5ae92-c063-48cf-a630-c38f5074f381","Silicon anodes near EV commercialisation as Panasonic targets 2025 use with Nexeon deal","silicon-anodes-near-ev-commercialisation-as-panasonic-targets-2025-use-with-nexeon-deal","article/silicon-anodes-near-ev-commercialisation-as-panasonic-targets-2025-use-with-nexeon-deal",{"_uid":96061,"date":96062,"tags":96063,"editor":96065,"content":96069,"excerpt":96197,"featured":51,"reporter":96198,"_editable":96202,"component":864,"seo_title":96057,"categories":96203,"visibility":882,"author_company":49,"featured_image":96208,"seo_description":96197,"author_full_name":49,"author_job_title":49,"formattedDate":96211},"35089ca1-292d-4990-9d97-d8f6be71b437","2023-07-25 00:00",[96064],{"slug":13871,"name":13872},[96066],{"slug":544,"name":543,"content":96067},{"job_title":557,"image":96068,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":96070},[96071,96083,96088,96093,96105,96115,96120,96125,96130,96135,96140,96145,96150,96155,96160,96165,96170,96175,96187,96192],{"type":594,"attrs":96072,"content":96073},{"textAlign":49},[96074,96076,96081],{"text":96075,"type":599},"Panasonic said it would use ",{"text":44781,"type":599,"marks":96077},[96078],{"type":604,"attrs":96079},{"href":96080,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-role-do-silicon-anode-materials-play-in-lithium-ion-batteries",{"text":96082,"type":599}," from UK startup Nexeon at its Kansas battery factory starting in 2025, in a step forward for commercialisation of higher silicon anodes. ",{"type":594,"attrs":96084,"content":96085},{"textAlign":49},[96086],{"text":96087,"type":599},"The Japanese battery company said Nexeon’s technology had the “potential to significantly increase cell energy density,” helping it meet its target of improving the volumetric energy density of its battery by 5% by 2025 and 25% by 2030.",{"type":594,"attrs":96089,"content":96090},{"textAlign":49},[96091],{"text":96092,"type":599},"Increasing the use of silicon in a battery’s anode is a key goal of battery companies, since the material has a theoretical capacity up to 10 times that of graphite. ",{"type":594,"attrs":96094,"content":96095},{"textAlign":49},[96096,96098,96103],{"text":96097,"type":599},"According to Benchmark’s ",{"text":96099,"type":599,"marks":96100},"Anode Market Assessment",[96101],{"type":604,"attrs":96102},{"href":59505,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":96104,"type":599},", graphite-silicon anode projects account for nearly 10% of the total global anode capacity in planning, underscoring the significant role this chemistry is expected to play in the future market.",{"type":594,"attrs":96106,"content":96107},{"textAlign":49},[96108,96110,96114],{"text":96109,"type":599},"Graphite silicon anode demand is forecast to increase 370% between 2023 and 2030, according to Benchmark’s ",{"text":71315,"type":599,"marks":96111},[96112],{"type":604,"attrs":96113},{"href":59505,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":657,"attrs":96116,"content":96117},{"level":15966,"textAlign":49},[96118],{"text":96119,"type":599},"Overcoming technical challenges",{"type":594,"attrs":96121,"content":96122},{"textAlign":49},[96123],{"text":96124,"type":599},"While small amounts of silicon are already used in lithium ion batteries for electric vehicles, increasing the amount of silicon has proved difficult, due to the expansion of the material when the battery is charged, which reduces the cycle life of a cell. ",{"type":594,"attrs":96126,"content":96127},{"textAlign":49},[96128],{"text":96129,"type":599},"Currently, silicon only makes up between 3% to 10% of a lithium ion battery’s anode.",{"type":594,"attrs":96131,"content":96132},{"textAlign":49},[96133],{"text":96134,"type":599},"Panasonic said Nexeon’s structure “contains expansion during battery charging … and increases the anode’s capacity while maintaining excellent cycle properties.” ",{"type":594,"attrs":96136,"content":96137},{"textAlign":49},[96138],{"text":96139,"type":599},"Oxfordshire-based Nexeon says its silicon based anode material could increase the energy density of a lithium ion cell by up to 50%. The company is looking for a commercial site outside the UK to produce the material, it told Benchmark. ",{"type":594,"attrs":96141,"content":96142},{"textAlign":49},[96143],{"text":96144,"type":599},"Still, Rory McNulty, an analyst at Benchmark, said a key challenge for silicon anodes would be competing on cost with the much larger supply chain for graphite. ",{"type":594,"attrs":96146,"content":96147},{"textAlign":49},[96148],{"text":96149,"type":599},"The question is whether an automaker will be willing to absorb those costs for the extra performance and driving range a higher silicon anode could provide, he said. ",{"type":594,"attrs":96151,"content":96152},{"textAlign":49},[96153],{"text":96154,"type":599},"“The question is at what cost people are willing to take to get that increase in capacity,” he said. “It’s all about scaling up supply chains – silicon should be relatively cheap once the supply chain is scaled.” ",{"type":657,"attrs":96156,"content":96157},{"level":15966,"textAlign":49},[96158],{"text":96159,"type":599},"Group 14 expands into Europe",{"type":594,"attrs":96161,"content":96162},{"textAlign":49},[96163],{"text":96164,"type":599},"The news comes as US silicon anode producer Group 14 said it had acquired a German silane producer, to secure supplies of silane gas to produce its silicon anode materials. ",{"type":594,"attrs":96166,"content":96167},{"textAlign":49},[96168],{"text":96169,"type":599},"The company requires silane gas as a critical precursor for ultra-high purity silicon production.",{"type":594,"attrs":96171,"content":96172},{"textAlign":49},[96173],{"text":96174,"type":599},"The deal for Schmid Silicon Technology Holding will help the company expand in Europe and be closer to its automotive customers, it said. ",{"type":594,"attrs":96176,"content":96177},{"textAlign":49},[96178,96180,96185],{"text":96179,"type":599},"Group 14 is backed by Porsche, and has a factory in Washington State. It is building a second US factory in ",{"text":44789,"type":599,"marks":96181},[96182],{"type":604,"attrs":96183},{"href":96184,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.google.com/search?client=firefox-b-d&q=silicon+anodes+benchmark+source",{"text":96186,"type":599},", which will use renewable energy to produce silicon anode materials. ",{"type":594,"attrs":96188,"content":96189},{"textAlign":49},[96190],{"text":96191,"type":599},"It also has a joint venture with South Korean battery manufacturer SK Group.",{"type":594,"attrs":96193,"content":96194},{"textAlign":49},[96195],{"text":96196,"type":599},"Other silicon anode startups in the US include Sila Nanotechnologies, which has partnered with Mercedes-Benz, and OneD Battery Sciences, which has an agreement with General Motors.  ","Panasonic said it would use silicon anode materials from UK startup Nexeon at its Kansas battery factory starting in 2025, in a step forward for commercialisation of higher silicon anodes. The Japanese battery company said Nexeon’s technology had the “potential to significantly increase cell energy density,” helping it meet its target of improving the volumetric […]",[96199],{"slug":544,"name":543,"content":96200},{"job_title":557,"image":96201,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"35089ca1-292d-4990-9d97-d8f6be71b437\", \"id\": \"\"}-->",[96204,96205,96206,96207],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":21579,"name":21580},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":96209,"copyright":547,"fieldtype":553,"meta_data":96210,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c7c5ee2b90/bm-4680-batteries.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 25, 2023",{"id":96213,"uuid":96214,"name":96215,"slug":96216,"full_slug":96217,"content":96218},112471042451769,"b355130f-59c1-462e-a41e-4058e3bc706c","Deficit of -100 flake graphite could push anode makers to larger mesh sizes","deficit-of-100-flake-graphite-deficit-could-push-anode-makers-to-larger-flakes","article/deficit-of-100-flake-graphite-deficit-could-push-anode-makers-to-larger-flakes",{"_uid":96219,"date":96220,"tags":96221,"editor":96229,"content":96233,"excerpt":96393,"featured":51,"reporter":96394,"_editable":96398,"component":864,"seo_title":96215,"categories":96399,"visibility":882,"author_company":49,"data_vis_image":96402,"featured_image":96405,"seo_description":96393,"author_full_name":49,"author_job_title":49,"formattedDate":96408},"28196251-36e9-4a5f-9a47-a314d94852a4","2023-07-21 00:00",[96222,96223,96224,96227,96228],{"slug":578,"name":579},{"slug":56457,"name":56458},{"slug":96225,"name":96226},"mesh-size","Mesh size",{"slug":2357,"name":2358},{"slug":3877,"name":3878},[96230],{"slug":544,"name":543,"content":96231},{"job_title":557,"image":96232,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":96234},[96235,96240,96245,96250,96255,96266,96271,96276,96281,96286,96291,96296,96301,96306,96313,96318,96323,96328,96333,96338,96343,96348,96353,96358,96363,96368,96373,96378,96383,96388],{"type":594,"attrs":96236,"content":96237},{"textAlign":49},[96238],{"text":96239,"type":599},"Anode makers could look to larger flake graphite sizes keep up with battery demand as Benchmark forecasts a growing -100 flake graphite deficit. ",{"type":594,"attrs":96241,"content":96242},{"textAlign":49},[96243],{"text":96244,"type":599},"Before being converted into the spherical graphite required for battery anode material, flake graphite must first be micronised.",{"type":594,"attrs":96246,"content":96247},{"textAlign":49},[96248],{"text":96249,"type":599},"Given that the larger graphite flake sizes sell at a premium and also need more micronisation, anode producers are generally reluctant to buy these large sizes and so look to buy the smallest flake graphite (i.e., -100 mesh).",{"type":594,"attrs":96251,"content":96252},{"textAlign":49},[96253],{"text":96254,"type":599},"“The anode producer’s mentality is, why pay more for a larger flake size when the less expensive small flake is then further reduced in size as part of the anode making process?” Brent Nykoliation, executive vice president of NextSource Materials–a Canadian flake graphite miner operating the Molo graphite mine in Madagascar–told Benchmark Source.",{"type":594,"attrs":96256,"content":96257},{"textAlign":49},[96258,96260,96264],{"text":96259,"type":599},"But this size of graphite is in a deficit, according to ",{"text":76538,"type":599,"marks":96261},[96262],{"type":604,"attrs":96263},{"href":85816,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":96265,"type":599},". The industries which require the larger graphite sizes are not growing at the same pace as the battery industry, leading to a surplus of the larger mesh sizes.",{"type":594,"attrs":96267,"content":96268},{"textAlign":49},[96269],{"text":96270,"type":599},"If they can’t source enough of the -100 flake graphite of the purity required, they may look to using lower purity material, according to Tony Alderson, an analyst at Benchmark. This requires a larger throughput of material and degrades equipment quicker.",{"type":594,"attrs":96272,"content":96273},{"textAlign":49},[96274],{"text":96275,"type":599},"“Then once they utilise that avenue, the larger flake sizes and synthetic graphite anode options open up,” Alderson said.",{"type":594,"attrs":96277,"content":96278},{"textAlign":49},[96279],{"text":96280,"type":599},"But both the larger mesh sizes and synthetic graphite options typically incur higher costs.",{"type":657,"attrs":96282,"content":96283},{"level":15966,"textAlign":49},[96284],{"text":96285,"type":599},"Growing -100 deficit",{"type":594,"attrs":96287,"content":96288},{"textAlign":49},[96289],{"text":96290,"type":599},"In 2023, the supply of -100 flake graphite is forecast to be 69% of demand, despite the overall graphite market being in a slight surplus. In 2030, Benchmark forecasts that supply of -100 flake will be just 46% of demand with the market in an overall deficit.",{"type":594,"attrs":96292,"content":96293},{"textAlign":49},[96294],{"text":96295,"type":599},"But despite the deficit forecast for 2030, it is only supply of the -100 mesh size that will actually be lower than demand. The vast majority of mines produce a mix of mesh sizes with just 28 out of the 73 mines in operation of development tracked by Benchmark having -100 flake production representing 50% or more of their production.",{"type":594,"attrs":96297,"content":96298},{"textAlign":49},[96299],{"text":96300,"type":599},"As a result of the push to open more graphite mines to meet the growing demand for batteries, supply of larger flake sizes of graphite is growing, despite the demand for such grades being relatively steady.",{"type":594,"attrs":96302,"content":96303},{"textAlign":49},[96304],{"text":96305,"type":599},"Between 2023 and 2030, demand for -100 flake graphite is forecast to grow 202%. Demand for all other mesh sizes combined is forecast to grow just 11% in the same period. Yet supply of these larger mesh sizes is forecast to increase by 118% and -100 to grow by 104%.",{"type":594,"attrs":96307,"content":96308},{"textAlign":49},[96309],{"type":1186,"attrs":96310},{"id":49,"alt":547,"src":96311,"title":49,"source":49,"copyright":49,"meta_data":96312},"https://a.storyblok.com/f/287943243085208/3351c79bb8/bm-graphite-balance-chart-by-flake.png",{},{"type":657,"attrs":96314,"content":96315},{"level":15966,"textAlign":49},[96316],{"text":96317,"type":599},"How will anode material producers respond?",{"type":594,"attrs":96319,"content":96320},{"textAlign":49},[96321],{"text":96322,"type":599},"Given the increasing undersupply of -100 flake graphite and the oversupply of larger mesh sizes, it is possible that some anode makers will have to buy the currently more expensive larger mesh sizes and process those down to the size needed to produce the spherical graphite required for battery anode material.",{"type":594,"attrs":96324,"content":96325},{"textAlign":49},[96326],{"text":96327,"type":599},"“You can use any material, you just have to put more work into it,” Joe Williams, head of technical marketing at Syrah Resources–an Australian flake graphite miner operating in Mozambique–told Benchmark Source.",{"type":594,"attrs":96329,"content":96330},{"textAlign":49},[96331],{"text":96332,"type":599},"Earlier this year, Syrah Resources paused operations at its Balama graphite mine in response to the current low graphite prices resulting from an oversupply in the overall market, anode makers having large inventories and relatively weak downstream demand.",{"type":594,"attrs":96334,"content":96335},{"textAlign":49},[96336],{"text":96337,"type":599},"Williams added that currently anode active material producers wouldn’t look to use the larger mesh sizes to produce their product unless the price of the larger mesh size was “pretty much the same” as the smaller size.",{"type":594,"attrs":96339,"content":96340},{"textAlign":49},[96341],{"text":96342,"type":599},"In addition to mesh size, purity is also important. Typically for spherical graphite production for anode material, 94-95% purity feedstock is used. Williams said that some buyers are mixing lower purity graphite in with Syrah’s high purity flake to lower costs.",{"type":594,"attrs":96344,"content":96345},{"textAlign":49},[96346],{"text":96347,"type":599},"Although -100 prices are currently lower than large mesh sizes, this emerging disparity in the market balances of the respective grades could change the picture.",{"type":594,"attrs":96349,"content":96350},{"textAlign":49},[96351],{"text":96352,"type":599},"“The market for large, coarse flake, commands a premium but is small in comparison to the market demand for anode material,” Nykoliation said. “Graphite buyers in turn will need to decide if they are willing to pay a premium for larger flake material that may only be available at times to meet the demand for anode feedstock,” he added.  ",{"type":657,"attrs":96354,"content":96355},{"level":15966,"textAlign":49},[96356],{"text":96357,"type":599},"The benefits of vertical integration",{"type":594,"attrs":96359,"content":96360},{"textAlign":49},[96361],{"text":96362,"type":599},"Both Syrah and NextSource have planned integrated operations meaning they can go from mining the graphite through to producing natural graphite anode material.",{"type":594,"attrs":96364,"content":96365},{"textAlign":49},[96366],{"text":96367,"type":599},"Syrah has their Vidalia facility for producing anode active material in Louisiana in the US, whereas NextSource are planning to construct an AAM production facility in Mauritius.",{"type":594,"attrs":96369,"content":96370},{"textAlign":49},[96371],{"text":96372,"type":599},"Through integration, a company is able to reduce their exposure to changing graphite prices by taking the material through to completed anode material. And if they have a surplus of larger flake graphite material this can be used in their own processes.",{"type":594,"attrs":96374,"content":96375},{"textAlign":49},[96376],{"text":96377,"type":599},"“Generally, it is roughly the same cost for us to produce large and jumbo flake in our plant as it is to produce the medium and small (-100 mesh) material at the flotation stage,” Nykoliation said. “The classification into the different flake sizes occurs at the end of the process,” he added.",{"type":594,"attrs":96379,"content":96380},{"textAlign":49},[96381],{"text":96382,"type":599},"Another advantage of integration is the simplification of customer supply chains. With the Inflation Reduction Act requiring US automakers to cut out supply from “foreign entities of concern”, a company covering the whole value chain from mine to AAM is useful.",{"type":594,"attrs":96384,"content":96385},{"textAlign":49},[96386],{"text":96387,"type":599},"Given that Benchmark forecasts China will produce 65% of the world’s flake graphite and 98% of spherical graphite this year, the need for increased diversity of supply is clear.",{"type":594,"attrs":96389,"content":96390},{"textAlign":49},[96391],{"text":96392,"type":599},"“One of the benefits of vertical integration is that the customer benefits from having that visible chain of custody and security of supply,” Williams said.","Anode makers could look to larger flake graphite sizes keep up with battery demand as Benchmark forecasts a growing -100 flake graphite deficit. Before being converted into the spherical graphite required for battery anode material, flake graphite must first be micronised. Given that the larger graphite flake sizes sell at a premium and also need […]",[96395],{"slug":544,"name":543,"content":96396},{"job_title":557,"image":96397,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"28196251-36e9-4a5f-9a47-a314d94852a4\", \"id\": \"\"}-->",[96400,96401],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":96403,"copyright":547,"fieldtype":553,"meta_data":96404,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1694088398/www-production/100-redact/100-redact.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":96406,"copyright":547,"fieldtype":553,"meta_data":96407,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d1c91ea071/bm-nextsource-molo-madagascar.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 21, 2023",{"id":96410,"uuid":96411,"name":96412,"slug":96413,"full_slug":96414,"content":96415},112471037659448,"7227a87e-28f8-401b-b4df-c2fc997cfc0e","OPINION: Critical Raw Materials Act: Europe’s attempt to have both quality & speed ","opinion-critical-raw-materials-act-europes-attempt-to-have-both-quality-speed","article/opinion-critical-raw-materials-act-europes-attempt-to-have-both-quality-speed",{"_uid":96416,"date":96220,"tags":96417,"editor":96423,"content":96427,"excerpt":96546,"featured":51,"reporter":96547,"_editable":96551,"component":864,"seo_title":96412,"categories":96552,"visibility":882,"author_company":96556,"featured_image":96557,"seo_description":96546,"author_full_name":96561,"author_job_title":49,"formattedDate":96408},"27c92ab9-da55-42de-b075-9756b5c2851e",[96418,96419,96420,96421,96422],{"slug":10097,"name":10098},{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":41666,"name":41667},{"slug":4610,"name":662},[96424],{"slug":544,"name":543,"content":96425},{"job_title":557,"image":96426,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":96428},[96429,96434,96439,96444,96449,96454,96459,96464,96469,96474,96479,96484,96489,96494,96499,96504,96509,96514,96519,96524,96529,96534,96539],{"type":594,"attrs":96430,"content":96431},{"textAlign":49},[96432],{"text":96433,"type":599},"Critical metals are top of the global agenda. Just this month both the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) published powerful reports. Metals including copper, nickel and lithium are at the heart of geopolitics, as investments into new mines, as well as concentration concerns, escalate.",{"type":594,"attrs":96435,"content":96436},{"textAlign":49},[96437],{"text":96438,"type":599},"Europe attempts to catch up with its European Critical Raw Materials Act (CRMA). While it lacks direct funding support, the law aims to ramp up projects across the supply chain using the “Strategic Project” label. The idea is to speed up permitting and get local administrations to act fast. ",{"type":594,"attrs":96440,"content":96441},{"textAlign":49},[96442],{"text":96443,"type":599},"Crucially, the IEA notes a lack of progress in cleaning up mining operations. So as Europe scrambles to onshore metals supply, the question is can it do so without  trumping its environmental and social safeguards?",{"type":657,"attrs":96445,"content":96446},{"level":15966,"textAlign":49},[96447],{"text":96448,"type":599},"It’s feasible ",{"type":594,"attrs":96450,"content":96451},{"textAlign":49},[96452],{"text":96453,"type":599},"In theory doing things right and fast when it comes to minerals is feasible. Practices and technologies to reduce the environmental impact and bring local communities on board are all available. But the consistent application of these globally is needed. ",{"type":594,"attrs":96455,"content":96456},{"textAlign":49},[96457],{"text":96458,"type":599},"Take the technology. Much innovation has happened on this front. Minerals can now be extracted fully underground to reduce on land pollution (as Infinity Lithium is doing in Spain), their toxic tailings can be dried and stack safely to avoid dangerous run-offs (though not yet a legal requirement in Europe), while new clean ways to extract lithium from geothermal brines should be operational in Europe after 2025. ",{"type":594,"attrs":96460,"content":96461},{"textAlign":49},[96462],{"text":96463,"type":599},"Similarly, practices to engage with communities effectively are readily available, just need to be applied. These include consulting people impacted by the operations early and throughout the project development, adjusting the plans based on their feedback, and simply knocking on people’s doors to talk to them (rather than sending PDFs).",{"type":657,"attrs":96465,"content":96466},{"level":15966,"textAlign":49},[96467],{"text":96468,"type":599},"What does the CRM Act require? ",{"type":594,"attrs":96470,"content":96471},{"textAlign":49},[96472],{"text":96473,"type":599},"Rightfully, the CRMA stipulates that EU environmental requirements around water, waste treatment and biodiversity protection cannot be foregone. Similarly, it requires strategic projects to ensure “meaningful engagement with local communities” and sets a minimum deadline of 90 days for public consultation (though some in the European Parliament want to cut it to 80). ",{"type":594,"attrs":96475,"content":96476},{"textAlign":49},[96477],{"text":96478,"type":599},"But what the law does is gets the permitting process around those safeguards to move faster. ",{"type":594,"attrs":96480,"content":96481},{"textAlign":49},[96482],{"text":96483,"type":599},"Stuck project applications is a problem across European countries, curtailing everything from erecting wind turbines, installing an electric car charger to building battery and recycling factories. Often it’s due to a lack of expertise and personnel in local authorities.",{"type":594,"attrs":96485,"content":96486},{"textAlign":49},[96487],{"text":96488,"type":599},"The European Commission wants to solve this by getting governments to address the capacity issues (including financial assistance) and by setting hard deadlines for permits. For extraction projects, once all documents are submitted, permits shall be granted within 2 years. For processing and recycling projects the deadline is a year. ",{"type":594,"attrs":96490,"content":96491},{"textAlign":49},[96492],{"text":96493,"type":599},"Strategic projects are also given an overriding public interest status. This means that if in court – provided all the social, environmental and community practices are adhered to – the project may go ahead despite the opposition. This makes sense as the goal is high standards, not a nod to nimbyism. ",{"type":657,"attrs":96495,"content":96496},{"level":15966,"textAlign":49},[96497],{"text":96498,"type":599},"What about global projects? ",{"type":594,"attrs":96500,"content":96501},{"textAlign":49},[96502],{"text":96503,"type":599},"Securing critical raw materials locally is only part of the story. While Europe has a lot of potential to recycle metals and should onshore mid-stream processing, much primary will continue to be sourced from resource-rich countries, such as Chile, Congo and Indonesia. ",{"type":594,"attrs":96505,"content":96506},{"textAlign":49},[96507],{"text":96508,"type":599},"European social and environmental rules, or permitting provisions, are not applicable in those countries. Instead, effective global standards coupled with strong due diligence and traceability rules are key here. ",{"type":594,"attrs":96510,"content":96511},{"textAlign":49},[96512],{"text":96513,"type":599},"This is where the Critical Raw Materials Act is less strong. ",{"type":594,"attrs":96515,"content":96516},{"textAlign":49},[96517],{"text":96518,"type":599},"First, the law does not actually set any global requirements. Instead, these are regulated separately under the EU Corporate Sustainability Due Diligence Directive (or CS3D for short) currently being finalised. CS3D should secure strong rules on environmental and social due diligence for the extractive sector, similar to what the just agreed EU Battery Regulation requires for cobalt, graphite, lithium and nickel in batteries. ",{"type":594,"attrs":96520,"content":96521},{"textAlign":49},[96522],{"text":96523,"type":599},"Second, the critical raw materials act allows companies to comply via their membership of “industry schemes”, or organisations such as the International Council on Mining and Metals and the Cobalt Initiative. The problem is that these are not created or managed equal. Some risk being mere rubber-stamping exercises lacking independence, while others – e.g. the Initiative for Responsible Mining Assurance (IRMA) – do help raise the bar in global mining projects. ",{"type":594,"attrs":96525,"content":96526},{"textAlign":49},[96527],{"text":96528,"type":599},"IRMA’s strength is in its equal multi-stakeholder governance, as well as strong audits of mining sites themselves – not company policies – that are made public. Many western automakers have already joined the initiative, alongside heavyweights like Microsoft and Tiffany. ",{"type":594,"attrs":96530,"content":96531},{"textAlign":49},[96532],{"text":96533,"type":599},"So CRMA should only accept global standards with multi-stakeholder governance, site-specific controls and transparent & independent audits.",{"type":594,"attrs":96535,"content":96536},{"textAlign":49},[96537],{"text":96538,"type":599},"With critical metals top of the agenda, the critical raw materials act is Europe’s opportunity to not only onshore the supply, but do so responsibly and to high standards. As progress in cleaning up mining operations is slow, the European Parliament and governments agreeing the law in the coming months can change that.",{"type":594,"attrs":96540,"content":96541},{"textAlign":49},[96542],{"text":96543,"type":599,"marks":96544},"Julia Poliscanova is senior director at green transport group Transport & Environment. She is also on the board of directors of the Global Battery Alliance and is an unpaid advisor to the board of Vulcan Energy Resources.",[96545],{"type":643},"Critical metals are top of the global agenda. Just this month both the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) published powerful reports. Metals including copper, nickel and lithium are at the heart of geopolitics, as investments into new mines, as well as concentration concerns, escalate. Europe attempts to catch up […]",[96548],{"slug":544,"name":543,"content":96549},{"job_title":557,"image":96550,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"27c92ab9-da55-42de-b075-9756b5c2851e\", \"id\": \"\"}-->",[96553,96554,96555],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":16964,"name":16965},"Transport & Environment (T&E)",{"id":49,"alt":96558,"name":547,"focus":547,"title":96558,"source":547,"filename":96559,"copyright":547,"fieldtype":553,"meta_data":96560,"is_external_url":51},"EU Parliment","https://a.storyblok.com/f/287943243085208/f3e6b47490/bm-eu-parliment1.png",{"alt":96558,"title":96558,"source":547,"copyright":547},"Julia Poliscanova",{"id":96563,"uuid":96564,"name":96565,"slug":96566,"full_slug":96567,"content":96568},112471057185085,"051f2a5f-53fb-4104-9db5-ec76e1d1560f","Synthetic graphite anode prices flatten in July as producers resist more drops","synthetic-graphite-anode-prices-flatten-in-july-as-producers-resist-more-drops","article/synthetic-graphite-anode-prices-flatten-in-july-as-producers-resist-more-drops",{"_uid":96569,"date":96570,"tags":96571,"editor":96576,"content":96580,"excerpt":96672,"featured":51,"reporter":96673,"_editable":96677,"component":864,"seo_title":96565,"categories":96678,"visibility":882,"author_company":49,"featured_image":96680,"seo_description":96672,"author_full_name":49,"author_job_title":49,"formattedDate":96682},"28723291-600b-4e13-a27e-18bc1ee74503","2023-07-19 00:00",[96572,96573,96574,96575],{"slug":2497,"name":261},{"slug":7335,"name":7336},{"slug":913,"name":914},{"slug":2507,"name":15902},[96577],{"slug":544,"name":543,"content":96578},{"job_title":557,"image":96579,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":96581},[96582,96587,96592,96597,96602,96607,96618,96629,96640,96647,96652,96657,96662,96667],{"type":594,"attrs":96583,"content":96584},{"textAlign":49},[96585],{"text":96586,"type":599},"Prices for high energy synthetic graphite anodes levelled out in July as producers facing tightening margins resisted further drops amid signs of a rebound in the electric vehicle sales in China.",{"type":594,"attrs":96588,"content":96589},{"textAlign":49},[96590],{"text":96591,"type":599},"The latest levelling out comes after months of slow downstream demand from the electric vehicle sector that have now pushed down synthetic graphite prices to levels that producers claim are nearing parity with costs.",{"type":594,"attrs":96593,"content":96594},{"textAlign":49},[96595],{"text":96596,"type":599},"Prices for the high energy synthetic graphite anodes have declined 20% since November to reach their lowest level since January 2021 to RMB 60,000 ($8,340) a tonne, according to Adam Megginson, analyst with Benchmark.",{"type":594,"attrs":96598,"content":96599},{"textAlign":49},[96600],{"text":96601,"type":599},"“Anode producers are unwilling to reduce prices further – despite strong cell maker purchasing power – as their profits are squeezed,” Megginson said.",{"type":594,"attrs":96603,"content":96604},{"textAlign":49},[96605],{"text":96606,"type":599},"“Although EV-related demand continues to build, ample midstream inventories have delayed anode purchasing activity,” said Megginson.",{"type":594,"attrs":96608,"content":96609},{"textAlign":49},[96610,96612,96616],{"text":96611,"type":599},"Following China’s move to extend a sales tax break for electric vehicles until 2027, the world’s largest automotive market ",{"text":75508,"type":599,"marks":96613},[96614],{"type":604,"attrs":96615},{"href":87506,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":96617,"type":599}," a 10% month-on-month increase in electric vehicle sales.",{"type":594,"attrs":96619,"content":96620},{"textAlign":49},[96621,96623,96628],{"text":96622,"type":599},"Notably, the prices for medium and low energy synthetic graphite anodes that are used in energy storage and consumer electronics end markets have also levelled out in July and declines of 24.5% and 35.7% were registered so far this year, according to the ",{"text":62334,"type":599,"marks":96624},[96625],{"type":604,"attrs":96626},{"href":96627,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/anode/",{"text":974,"type":599},{"type":594,"attrs":96630,"content":96631},{"textAlign":49},[96632,96634,96639],{"text":96633,"type":599},"In China — where fierce competition between Tier 2 and Tier 3 anode makers has driven players to keep prices low in order to defend market share — is set to produce 88% of the global anode supply by 2033, according to ",{"text":48956,"type":599,"marks":96635},[96636],{"type":604,"attrs":96637},{"href":96638,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/anode/",{"text":974,"type":599},{"type":594,"attrs":96641,"content":96642},{"textAlign":49},[96643],{"type":1186,"attrs":96644},{"id":49,"alt":547,"src":96645,"title":49,"source":49,"copyright":49,"meta_data":96646},"https://a.storyblok.com/f/287943243085208/4fd92f2fd2/bm-synthetic-graphite-anode-chart-1-1303001a916a.png",{},{"type":657,"attrs":96648,"content":96649},{"level":15966,"textAlign":49},[96650],{"text":96651,"type":599},"Narrowing gap",{"type":594,"attrs":96653,"content":96654},{"textAlign":49},[96655],{"text":96656,"type":599},"The slide in synthetic graphite anode material costs can also be seen impacting the natural graphite market, especially in China where a preference for former is already strong.",{"type":594,"attrs":96658,"content":96659},{"textAlign":49},[96660],{"text":96661,"type":599},"The premium for high energy synthetic graphite anodes over natural graphite anodes has shrunk to RMB 7,000 ($973) a tonne, from RMB 12,000 ($1,788) in January this year. ",{"type":594,"attrs":96663,"content":96664},{"textAlign":49},[96665],{"text":96666,"type":599},"Last month, prices for synthetic low energy anodes were recorded at a discount to the equivalent natural graphite anode price for the first time since Benchmark began recording prices.",{"type":594,"attrs":96668,"content":96669},{"textAlign":49},[96670],{"text":96671,"type":599},"Megginson said the closing gap could prompt anode makers to opt for more synthetic graphite feedstock until the natural feedstock restores its price advantage, though it could take a while as new synthetic graphite supply continues to come online.","Prices for high energy synthetic graphite anodes levelled out in July as producers facing tightening margins resisted further drops amid signs of a rebound in the electric vehicle sales in China. The latest levelling out comes after months of slow downstream demand from the electric vehicle sector that have now pushed down synthetic graphite prices […]",[96674],{"slug":544,"name":543,"content":96675},{"job_title":557,"image":96676,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"28723291-600b-4e13-a27e-18bc1ee74503\", \"id\": \"\"}-->",[96679],{"slug":2497,"name":261},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":79905,"copyright":547,"fieldtype":553,"meta_data":96681,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jul 19, 2023",{"id":96684,"uuid":96685,"name":96686,"slug":96687,"full_slug":96688,"content":96689},112471061838142,"5313eb29-d1e0-41da-b015-5d79326be0fc","The ecological costs of Indonesian nickel","the-ecological-costs-of-indonesian-nickel","article/the-ecological-costs-of-indonesian-nickel",{"_uid":96690,"date":96691,"tags":96692,"editor":96704,"content":96708,"excerpt":96971,"featured":51,"reporter":96972,"_editable":96976,"component":864,"seo_title":96686,"categories":96977,"visibility":882,"author_company":49,"featured_image":96981,"seo_description":96971,"author_full_name":49,"author_job_title":49,"formattedDate":96984},"f835ceab-3c51-4323-8643-a0c994967fa2","2023-07-18 00:00",[96693,96694,96697,96698,96699,96702,96703],{"slug":30623,"name":30624},{"slug":96695,"name":96696},"environmental-regulation","environmental regulation",{"slug":7997,"name":7998},{"slug":71065,"name":71066},{"slug":96700,"name":96701},"nickel-refining","nickel refining",{"slug":4610,"name":662},{"slug":23760,"name":23761},[96705],{"slug":544,"name":543,"content":96706},{"job_title":557,"image":96707,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":96709},[96710,96722,96727,96740,96753,96763,96770,96775,96780,96785,96790,96795,96800,96805,96810,96815,96820,96825,96830,96835,96842,96847,96852,96857,96862,96867,96872,96877,96882,96887,96892,96897,96902,96909,96914,96919,96924,96929,96934,96939,96944,96949,96954,96959,96964],{"type":594,"attrs":96711,"content":96712},{"textAlign":49},[96713,96715,96720],{"text":96714,"type":599},"Nickel refining in Indonesia can severely pressure natural ecosystems, according to ",{"text":96716,"type":599,"marks":96717},"Benchmark’s global nickel life cycle assessment",[96718],{"type":604,"attrs":96719},{"href":76974,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":96721,"type":599},", underlining the need to look beyond global warming impacts when evaluating the battery metal’s sustainability.",{"type":594,"attrs":96723,"content":96724},{"textAlign":49},[96725],{"text":96726,"type":599},"An Indonesia-to-China production route that uses the high pressure acid leaching (HPAL) method ranked second worst among seven production routes analysed by Benchmark for three nature risks – water consumption, soil acidification, and fine particulate matter formation. This is despite performing well on global warming potential, due to low carbon emissions relative to other routes.",{"type":594,"attrs":96728,"content":96729},{"textAlign":49},[96730,96732,96738],{"text":96731,"type":599},"As the world’s largest nickel producer, Indonesia will be critical to meeting ",{"text":96733,"type":599,"marks":96734},"demand for electric vehicle batteries",[96735],{"type":604,"attrs":96736},{"href":96737,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indonesia-cobalt-supply-to-push-market-into-surplus-this-decade",{"text":96739,"type":599}," this decade. The country has said it hopes to be included as an eligible supply source under the US Inflation Reduction Act, though this has not yet been finalised or confirmed. ",{"type":594,"attrs":96741,"content":96742},{"textAlign":49},[96743,96745,96751],{"text":96744,"type":599},"Chinese companies have invested heavily in HPAL processing plants in the country, which refine the country’s nickel laterite ore into mostly mixed hydroxide precipitate ",{"text":96746,"type":599,"marks":96747},"(MHP)",[96748],{"type":604,"attrs":96749},{"href":96750,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-launches-nickel-industrys-first-mixed-hydroxide-precipitate-mhp-price",{"text":96752,"type":599}," for export to China for use in electric vehicle batteries. ",{"type":594,"attrs":96754,"content":96755},{"textAlign":49},[96756,96758,96762],{"text":96757,"type":599},"Attention has grown, however, on the ecological impacts of nickel mining and processing in the country. This could become an even greater concern as more Indonesian nickel ends up in ",{"text":95232,"type":599,"marks":96759},[96760],{"type":604,"attrs":96761},{"href":91886,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":96764,"content":96765},{"textAlign":49},[96766,96768],{"text":96767,"type":599},"So far, critical minerals partnerships struck between the US and other regions have referenced sustainability without embedding specific rules for nature risk and LCAs.",{"text":96769,"type":599},"Similarly, the EU Critical Minerals Act proposal does not require critical minerals sellers to conduct LCAs on products they put onto the EU market. It does say the EU aims to formulate such a framework for critical minerals LCAs and LCA requirements in future, one that sellers must adhere to in order to put their products on the EU market. However, this is only a template for the moment, with no time-frame given for executing it.",{"type":594,"attrs":96771,"content":96772},{"textAlign":49},[96773],{"text":96774,"type":599},"Nature risks harm wildlife, food security, and human health while also indirectly contributing to global warming. Yet companies monitor and disclose them far less than greenhouse gas emissions, often treated as the sole metric of sustainability by corporate ESG reports.",{"type":594,"attrs":96776,"content":96777},{"textAlign":49},[96778],{"text":96779,"type":599},"“Greenhouse gas-driven climate change has been on the agenda for a while, but conversations around ‘nature risk’ are only now getting louder,” says Benchmark analyst Elizaveta Kremer-Nidzelskaya.",{"type":657,"attrs":96781,"content":96782},{"level":15966,"textAlign":49},[96783],{"text":96784,"type":599},"Environmental impacts of the HPAL route",{"type":594,"attrs":96786,"content":96787},{"textAlign":49},[96788],{"text":96789,"type":599},"The HPAL process uses steam and high pressure along with sulphuric acid to separate nickel and cobalt from laterite ore. ",{"type":594,"attrs":96791,"content":96792},{"textAlign":49},[96793],{"text":96794,"type":599},"Indonesia’s ramp-up in nickel refining capacity, particularly through new HPAL projects, will be essential for the world to meet its decarbonisation targets. However, the country’s drive to build out the industry could undermine its own conservation goals. ",{"type":594,"attrs":96796,"content":96797},{"textAlign":49},[96798],{"text":96799,"type":599},"The southeast Asian nation ranks as one of the world’s 17 “mega-diverse” countries, with habitats on metal outcrops – including those where nickel is found – displaying exceptionally high levels of endemic biodiversity. Sulawesi, where six refineries are planned, is typical of an Indonesian region rich in both unique species and nickel deposits.",{"type":594,"attrs":96801,"content":96802},{"textAlign":49},[96803],{"text":96804,"type":599},"Assessing how nickel refining impacts affect ecosystems requires metrics other than greenhouse gas emissions. As well as global warming, Benchmarks’ LCA looked at marine eutrophication, freshwater eutrophication, ozone depletion, freshwater consumption, fine particulate matter formation, and terrestrial acidification. ",{"type":594,"attrs":96806,"content":96807},{"textAlign":49},[96808],{"text":96809,"type":599},"The LCA modelled two supply chains associated with Indonesian nickel: RKEF and HPAL. Of the seven routes assessed, these carried the largest volume of global nickel supply in 2022. RKEF supplies both the EV and the steel industry while the HPAL route makes up the bulk of nickel that goes into EV batteries worldwide.",{"type":594,"attrs":96811,"content":96812},{"textAlign":49},[96813],{"text":96814,"type":599},"The RKEF route – which models a supply chain linking Indonesian nickel to Chinese refineries – scored worst on the highest number of environmental impact categories. On top of global warming, it ranked bottom for marine eutrophication, terrestrial acidification, fine particulate matter formation, freshwater eutrophication, and water consumption.",{"type":594,"attrs":96816,"content":96817},{"textAlign":49},[96818],{"text":96819,"type":599},"The RKEF technique is used by the majority of nickel refineries operating in Indonesia today. However, all 24 pipeline nickel refinery projects in Indonesia use HPAL, a more energy efficient alternative. ",{"type":594,"attrs":96821,"content":96822},{"textAlign":49},[96823],{"text":96824,"type":599},"The LCA found that the HPAL production route – which models a supply chain that carried most of the world’s EV battery nickel in 2022 – released 370% more pollutants than its nearest contender within the particulate matter formation category and 270% more for terrestrial acidification.",{"type":594,"attrs":96826,"content":96827},{"textAlign":49},[96828],{"text":96829,"type":599},"Terrestrial acidification refers to the release of sulphur dioxide into the environment, which damages terrestrial species. Sulphur dioxide is already monitored by the Indonesian government through real-time numbers that must be below a set threshold.  ",{"type":594,"attrs":96831,"content":96832},{"textAlign":49},[96833],{"text":96834,"type":599},"Particulate matter are emissions that damage human health, increasing the risk of respiratory diseases, lung cancer and cardiovascular mortality.",{"type":594,"attrs":96836,"content":96837},{"textAlign":49},[96838],{"type":1186,"attrs":96839},{"id":49,"alt":547,"src":96840,"title":49,"source":49,"copyright":49,"meta_data":96841},"https://a.storyblok.com/f/287943243085208/8f66bbcbdb/bm-chart-screenshot-18.png",{},{"type":594,"attrs":96843,"content":96844},{"textAlign":49},[96845],{"text":96846,"type":599},"MHP production, a step within the HPAL process, was the source for most of the route’s overall terrestrial acidification and fine particulate matter formation impacts through its release of sulphur dioxide. The sulphur dioxide emissions of HPAL increase when sulphuric acid is produced on-site.",{"type":594,"attrs":96848,"content":96849},{"textAlign":49},[96850],{"text":96851,"type":599},"HPAL’s ecosystem impacts could be even higher as Benchmark’s assessment did not account for sulphur dioxide pollution released by tailings.",{"type":594,"attrs":96853,"content":96854},{"textAlign":49},[96855],{"text":96856,"type":599},"Reconciling rapid nickel industry growth in Indonesia, the most biodiverse nickel producer, with the country’s conservation goals will depend on industry tracking a wider range of environmental impacts across production chains. ",{"type":594,"attrs":96858,"content":96859},{"textAlign":49},[96860],{"text":96861,"type":599},"The Indonesian government has already proposed using its Program for Environmental Performance Rating (PROPER) scheme to incentivise more comprehensive environmental impact monitoring, including for biodiversity, by giving more emphasis on rating companies for conducting LCAs. ",{"type":594,"attrs":96863,"content":96864},{"textAlign":49},[96865],{"text":96866,"type":599},"Nonetheless, Kremer-Nidzelskaya says environmental risk mitigation comes with cost and technical challenges. ",{"type":594,"attrs":96868,"content":96869},{"textAlign":49},[96870],{"text":96871,"type":599},"“The technology is already quite advanced and used in a controlled environment, with thresholds in place set by the government to limit impacts on water or air pollution, for instance, making any technological leaps difficult and costly,” she said.",{"type":594,"attrs":96873,"content":96874},{"textAlign":49},[96875],{"text":96876,"type":599},"Although Indonesia has a robust set of environmental regulations in place, the issue often lies with weaknesses in monitoring and implementation. The country’s president Joko Widodo pledged to improve monitoring in the nickel mining industry while visiting a nickel mining town on Sulawesi island in March 2023.",{"type":657,"attrs":96878,"content":96879},{"level":15966,"textAlign":49},[96880],{"text":96881,"type":599},"HPAL offers smaller greenhouse gas savings than RKEF",{"type":594,"attrs":96883,"content":96884},{"textAlign":49},[96885],{"text":96886,"type":599},"Apart from highlighting HPAL’s nature risks, Benchmark’s LCA results also complicates its reputation as a low emission processing alternative to RKEF.",{"type":594,"attrs":96888,"content":96889},{"textAlign":49},[96890],{"text":96891,"type":599},"Benchmark’s LCA found that the HPAL route emitted 80% less carbon than RKEF and had the second lowest carbon emissions of all the seven routes analysed. However, HPAL’s carbon impact is harder to mitigate than for RKEF.",{"type":594,"attrs":96893,"content":96894},{"textAlign":49},[96895],{"text":96896,"type":599},"RKEF’s greenhouse emissions are mostly derived from the use of coal-fired power in Indonesia and China. Switching to a 34% renewable energy mix however would achieve a 9% lowering of its greenhouse gas emissions.",{"type":594,"attrs":96898,"content":96899},{"textAlign":49},[96900],{"text":96901,"type":599},"By contrast, this renewable energy mix scenario would only reduce carbon emissions for HPAL by 3.2%. This is because a lot of the route’s overall carbon emissions are inherent to the smelting process and cannot be easily eliminated.",{"type":594,"attrs":96903,"content":96904},{"textAlign":49},[96905],{"type":1186,"attrs":96906},{"id":49,"alt":547,"src":96907,"title":49,"source":49,"copyright":49,"meta_data":96908},"https://lh3.googleusercontent.com/A7SiFoaSLZr8gPS16TNPrlGfahyAj-TXChKJqpes_v8wrVhjFIAGv_yX2N0zFhTFJK60KAsmqf_EnscoHBcY0F1aaHE9Clyo-c3SM0EOflIUh2o1swvw1UCVmi7LP7Yvz5Umuq-WGpXhDlf6aAZAKNc",{},{"type":594,"attrs":96910,"content":96911},{"textAlign":49},[96912],{"text":96913,"type":599},"“As it stands, RKEF is ‘worse’ than HPAL in terms of global warming potential, however the latter is harder to decarbonise,” explained Kremer-Nidzelskaya. ",{"type":594,"attrs":96915,"content":96916},{"textAlign":49},[96917],{"text":96918,"type":599},"RKEF’s emissions would still not be lower than that of HPAL’s even with decarbonised energy. Yet the emissions gap between the two processes would narrow under a cleaner power grid scenario, highlighting how sustainability cannot easily be reduced to the single metric of global warming potential when other impacts are at play. ",{"type":594,"attrs":96920,"content":96921},{"textAlign":49},[96922],{"text":96923,"type":599},"Full LCA results are needed to assess the overall impact of a route, with decision-making likely to involve trade-offs between different kinds of impacts. Weighting which environmental impacts should be given priority will depend on geographical specificities and what factors, like electricity power sources, are the most significant contributors to the different categories, according to Kremer-Nedzelskaya.",{"type":594,"attrs":96925,"content":96926},{"textAlign":49},[96927],{"text":96928,"type":599},"For example, terrestrial acidification is important in evaluating Indonesia’s nickel as its coasts host highly endemic coral ecosystems that would be damaged by acid run-off. Even refineries located inland could contaminate freshwater streams.",{"type":657,"attrs":96930,"content":96931},{"level":15966,"textAlign":49},[96932],{"text":96933,"type":599},"Data gaps hamper nature risk monitoring",{"type":594,"attrs":96935,"content":96936},{"textAlign":49},[96937],{"text":96938,"type":599},"Lack of data is one of the biggest obstacles to mitigating nature risks associated with nickel refining. ",{"type":594,"attrs":96940,"content":96941},{"textAlign":49},[96942],{"text":96943,"type":599},"Of the 47 refined nickel producers operating in Indonesia assessed by Benchmark, 11 release ESG reports but only four release use biodiversity indicators to monitor biodiversity. ",{"type":594,"attrs":96945,"content":96946},{"textAlign":49},[96947],{"text":96948,"type":599},"More worryingly, only two of the 11 conduct LCAs, a comprehensive and quantitative method that accounts for impacts across the entire refining process.",{"type":594,"attrs":96950,"content":96951},{"textAlign":49},[96952],{"text":96953,"type":599},"Benchmark’s LCA practitioner Bruna Grossl notes that without LCAs, a refiner’s ESG reports may only discuss environmental issues qualitatively or by using limited data covering just their own production. Only an LCA can reveal full, embedded impacts – for example, the environmental footprints that come with manufacturing the chemical inputs used in a refinery.",{"type":594,"attrs":96955,"content":96956},{"textAlign":49},[96957],{"text":96958,"type":599},"Part of why nature risks remain neglected in corporate monitoring and disclosure is that international guidelines have been slower to develop than procedures for reporting on greenhouse gas emissions. ",{"type":594,"attrs":96960,"content":96961},{"textAlign":49},[96962],{"text":96963,"type":599},"Harmonised procedures for reporting on greenhouse gas emissions have existed since 2018, when the Task Force on Climate-related Financial Disclosures released guidelines. There are currently no equivalent standards for reporting nature risks although the Taskforce on Nature-related Financial Disclosures (TNFD) is due to release the first framework on this in September 2023. ",{"type":594,"attrs":96965,"content":96966},{"textAlign":49},[96967],{"text":96968,"type":599,"marks":96969},"Editor’s note: The article was updated to clarify that the EU Critical Minerals Act does reference LCAs and potential future LCA requirements, but that they have not developed a system for implementing this yet.",[96970],{"type":643},"Nickel refining in Indonesia can severely pressure natural ecosystems, according to Benchmark’s global nickel life cycle assessment, underlining the need to look beyond global warming impacts when evaluating the battery metal’s sustainability. An Indonesia-to-China production route that uses the high pressure acid leaching (HPAL) method ranked second worst among seven production routes analysed by Benchmark […]",[96973],{"slug":544,"name":543,"content":96974},{"job_title":557,"image":96975,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f835ceab-3c51-4323-8643-a0c994967fa2\", \"id\": \"\"}-->",[96978,96979,96980],{"slug":872,"name":873},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":96982,"copyright":547,"fieldtype":553,"meta_data":96983,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/91272987cb/bm-morowali-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 18, 2023",{"id":96986,"uuid":96987,"name":96988,"slug":96989,"full_slug":96990,"content":96991},112471071390017,"36cf8334-d0b0-4595-8921-6f8ceb414a1c","Natural graphite prices fall by 20% on China supply increase","natural-graphite-prices-fall-by-20-on-china-supply-increase","article/natural-graphite-prices-fall-by-20-on-china-supply-increase",{"_uid":96992,"date":96993,"tags":96994,"editor":96996,"content":97000,"excerpt":97147,"featured":51,"reporter":97148,"_editable":97152,"component":864,"seo_title":96988,"categories":97153,"visibility":882,"author_company":49,"featured_image":97156,"seo_description":97147,"author_full_name":49,"author_job_title":49,"formattedDate":97159},"6e446989-da46-438b-95db-228c2c1d3257","2023-07-14 00:00",[96995],{"slug":7332,"name":7333},[96997],{"slug":544,"name":543,"content":96998},{"job_title":557,"image":96999,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":97001},[97002,97021,97033,97038,97043,97048,97060,97068,97073,97078,97083,97088,97093,97100,97105,97110,97119,97124,97135],{"type":594,"attrs":97003,"content":97004},{"textAlign":49},[97005,97006,97012,97014,97019],{"text":34139,"type":599},{"text":97007,"type":599,"marks":97008},"natural graphite material used in batteries",[97009],{"type":604,"attrs":97010},{"href":97011,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-natural-flake-graphites-lithium-ion-moment",{"text":97013,"type":599}," have fallen by over 20% this year, due to growth in ",{"text":97015,"type":599,"marks":97016},"supply in China",[97017],{"type":604,"attrs":97018},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":97020,"type":599},", the world’s largest producer, and slower sales of electric vehicles.",{"type":594,"attrs":97022,"content":97023},{"textAlign":49},[97024,97026,97032],{"text":97025,"type":599},"The largest price drops were seen for the finer grade sizes used in anodes, with prices for Chinese -100 sized 94-95% C sold into markets outside of China dropping 7% to $640 per tonne, the largest drop since October 2019, according to ",{"text":97027,"type":599,"marks":97028},"Benchmark’s Natural Graphite Price Assessment",[97029],{"type":604,"attrs":97030},{"href":97031,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/natural-graphite",{"text":974,"type":599},{"type":594,"attrs":97034,"content":97035},{"textAlign":49},[97036],{"text":97037,"type":599},"The equivalent grade sold in China fell by 3% last month to RMB 4,550 ($637) per tonne, and has dropped 21% this year so far.",{"type":594,"attrs":97039,"content":97040},{"textAlign":49},[97041],{"text":97042,"type":599},"The fall in graphite prices puts increasing pressure on graphite miners, and comes as anode manufacturers report plentiful raw material inventories, especially in China. ",{"type":594,"attrs":97044,"content":97045},{"textAlign":49},[97046],{"text":97047,"type":599},"As a result there was limited procurement of natural flake graphite in June, according to Benchmark. ",{"type":594,"attrs":97049,"content":97050},{"textAlign":49},[97051,97053,97058],{"text":97052,"type":599},"“Healthy midstream inventories meant consumers were able to negotiate lower prices or else delay purchasing altogether,” ",{"text":1104,"type":599,"marks":97054},[97055],{"type":604,"attrs":97056},{"href":97057,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-coke-prices-and-the-state-of-the-synthetic-graphite-market",{"text":97059,"type":599},", an analyst at Benchmark, said. “Prices for finer mesh material fell the most as this is the preferred feedstock for anode material manufacturers who were under the least pressure to procure additional material.”",{"type":594,"attrs":97061,"content":97062},{"textAlign":49},[97063],{"type":1186,"attrs":97064},{"id":49,"alt":97065,"src":97066,"title":49,"source":49,"copyright":49,"meta_data":97067},"Benchmark's Flake Graphite Price Index has fallen 23% so far this year","https://a.storyblok.com/f/287943243085208/38bc3a487f/bm-natural-graphite-price-index.png",{},{"type":657,"attrs":97069,"content":97070},{"level":15966,"textAlign":49},[97071],{"text":97072,"type":599},"China’s robust graphite supply",{"type":594,"attrs":97074,"content":97075},{"textAlign":49},[97076],{"text":97077,"type":599},"Increased supply of natural graphite is putting pressure on the market. According to Benchmark estimates, global flake graphite production increased by 8.3% last month.",{"type":594,"attrs":97079,"content":97080},{"textAlign":49},[97081],{"text":97082,"type":599},"In particular, there is strong supply from Heilongjiang province in China. A total of 60% of global production of -100 flake graphite, the grade typically used for battery applications, will occur in the province this year, according to Benchmark’s Natural Graphite Forecast.",{"type":594,"attrs":97084,"content":97085},{"textAlign":49},[97086],{"text":97087,"type":599},"A combination of sluggish demand for natural graphite from anode makers and strong inventories have put further downward pressure on prices.",{"type":594,"attrs":97089,"content":97090},{"textAlign":49},[97091],{"text":97092,"type":599},"The 6.98% drop in Chinese flake graphite sold into markets outside of China was also due to the weakening of the Chinese currency against the US dollar. ",{"type":594,"attrs":97094,"content":97095},{"textAlign":49},[97096],{"type":1186,"attrs":97097},{"id":49,"alt":547,"src":97098,"title":49,"source":49,"copyright":49,"meta_data":97099},"https://a.storyblok.com/f/287943243085208/c07606aa1d/bm-natural-graphite-prices-1.png",{},{"type":594,"attrs":97101,"content":97102},{"textAlign":49},[97103],{"text":97104,"type":599},"On the back of these falling prices, graphite producers have reported to Benchmark that their margins are being squeezed as production costs are reaching near parity with prices.",{"type":594,"attrs":97106,"content":97107},{"textAlign":49},[97108],{"text":97109,"type":599},"In March, Australia’s Syrah Resources said it would “moderate production” from its Balama mine in Mozambique “until demand conditions and sales orders at economic prices warrant higher capacity utilisation.”",{"type":594,"attrs":97111,"content":97112},{"textAlign":49},[97113,97115,97117],{"text":97114,"type":599},"In China, high operational costs, compounded by low grade ore",{"text":97116,"type":599},"and poor recovery rates at mining operations in Luobei county are",{"text":97118,"type":599},"pushing production costs to reach near parity with prevailing market prices, minimising profit margins for flake graphite producers.",{"type":594,"attrs":97120,"content":97121},{"textAlign":49},[97122],{"text":97123,"type":599},"The squeeze is being felt further downstream too. Uncoated spherical graphite prices fell 4.7% last month as anode makers continue to work through their inventory.",{"type":594,"attrs":97125,"content":97126},{"textAlign":49},[97127,97129,97134],{"text":97128,"type":599},"Although natural graphite prices are falling, so too are prices for synthetic graphite feedstock. This month saw Benchmark’s ",{"text":97130,"type":599,"marks":97131},"low energy synthetic graphite anode price fall below that of its natural graphite equivalent",[97132],{"type":604,"attrs":97133},{"href":62325,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":97136,"content":97137},{"textAlign":49},[97138,97140,97145],{"text":97139,"type":599},"“This could prompt anode manufacturers to opt for more synthetic graphite feedstock, until natural restores its price advantage,” Megginson said. “This restoration could take a while as substantial new s",{"text":97141,"type":599,"marks":97142},"ynthetic graphite",[97143],{"type":604,"attrs":97144},{"href":84674,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":97146,"type":599}," supply continues to come online.”","Prices for natural graphite material used in batteries have fallen by over 20% this year, due to growth in supply in China, the world’s largest producer, and slower sales of electric vehicles. The largest price drops were seen for the finer grade sizes used in anodes, with prices for Chinese -100 sized 94-95% C sold […]",[97149],{"slug":544,"name":543,"content":97150},{"job_title":557,"image":97151,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6e446989-da46-438b-95db-228c2c1d3257\", \"id\": \"\"}-->",[97154,97155],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":97157,"copyright":547,"fieldtype":553,"meta_data":97158,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/25af869a6b/bm-6.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 14, 2023",{"id":97161,"uuid":97162,"name":97163,"slug":97164,"full_slug":97165,"content":97166},112471080802628,"42b275d2-01b4-4586-a20f-98a657da4dca","China slowdown dampens 2023 EV battery demand outlook","china-slowdown-dampens-2023-ev-demand-outlook","article/china-slowdown-dampens-2023-ev-demand-outlook",{"_uid":97167,"date":97168,"tags":97169,"editor":97175,"content":97179,"excerpt":97308,"featured":51,"reporter":97309,"_editable":97313,"component":864,"seo_title":97163,"categories":97314,"visibility":882,"author_company":49,"featured_image":97316,"seo_description":97308,"author_full_name":49,"author_job_title":49,"formattedDate":97320},"663b829a-7fc5-4f22-b6ee-1abd4f6c2ce6","2023-07-13 00:00",[97170,97171,97172,97173],{"slug":913,"name":914},{"slug":51554,"name":3467},{"slug":19750,"name":19750},{"slug":97174,"name":48264},"lithium-ion-batteries",[97176],{"slug":544,"name":543,"content":97177},{"job_title":557,"image":97178,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":97180},[97181,97193,97204,97209,97214,97219,97224,97229,97234,97241,97246,97259,97271,97276,97281,97288,97293,97298,97303],{"type":594,"attrs":97182,"content":97183},{"textAlign":49},[97184,97186,97191],{"text":97185,"type":599},"Benchmark has revised down its forecast for China’s ",{"text":97187,"type":599,"marks":97188},"electric vehicle battery demand ",[97189],{"type":604,"attrs":97190},{"href":59153,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":97192,"type":599},"for this year by 14% due to an economic slowdown in the country. ",{"type":594,"attrs":97194,"content":97195},{"textAlign":49},[97196,97198,97203],{"text":97197,"type":599},"EV battery demand in China is set to be around 407 gigawatt hours this year, down from an earlier forecast of 473 GWh, according to Benchmark’s ",{"text":97199,"type":599,"marks":97200},"Lithium Ion Battery Database",[97201],{"type":604,"attrs":97202},{"href":59899,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":97205,"content":97206},{"textAlign":49},[97207],{"text":97208,"type":599},"Although Chinese EV sales picked up in May and June, growth rates have fallen short of expectations at the outset of the year. May’s year-on-year EV passenger sales growth rate was 50%, compared to 113% in April and 97% in May 2022. ",{"type":594,"attrs":97210,"content":97211},{"textAlign":49},[97212],{"text":97213,"type":599},"In June, sales increased by 20.5% year-over-year to 573,000 units, according to the China Association of Automobile Manufacturers.",{"type":594,"attrs":97215,"content":97216},{"textAlign":49},[97217],{"text":97218,"type":599},"“I would say this potentially signifies that China’s EV adoption is slowing down,” said Aran Waid, an analyst at Benchmark.",{"type":594,"attrs":97220,"content":97221},{"textAlign":49},[97222],{"text":97223,"type":599},"Benchmark still expects a Chinese EV sales recovery in 2023 although later than expected in quarter three. Even then, however, sales will probably not reach the heights forecast a few months ago.",{"type":594,"attrs":97225,"content":97226},{"textAlign":49},[97227],{"text":97228,"type":599},"Weak demand has worsened overcapacity in Chinese EV production. Benchmark now forecasts a 389 GWh surplus for the Chinese domestic market in 2023 compared to the 211 GWh surplus expected in the first quarter. ",{"type":594,"attrs":97230,"content":97231},{"textAlign":49},[97232],{"text":97233,"type":599},"“This surplus will highlight the increased importance of export markets for cell suppliers if they are to maintain cell production levels,” Waid commented. ",{"type":594,"attrs":97235,"content":97236},{"textAlign":49},[97237],{"type":1186,"attrs":97238},{"id":49,"alt":547,"src":97239,"title":49,"source":49,"copyright":49,"meta_data":97240},"https://a.storyblok.com/f/287943243085208/a65138a678/bm-chart-screenshot-16-1.png",{},{"type":657,"attrs":97242,"content":97243},{"level":15966,"textAlign":49},[97244],{"text":97245,"type":599},"Chinese market struggles to recover",{"type":594,"attrs":97247,"content":97248},{"textAlign":49},[97249,97251,97257],{"text":97250,"type":599},"Chinese EV sales fell at ",{"text":97252,"type":599,"marks":97253},"the end of 2022",[97254],{"type":604,"attrs":97255},{"href":97256,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-prices-soften-for-first-time-in-seven-months-amid-demand-uncertainty",{"text":97258,"type":599}," as the market prepared for the end of government consumer subsidies in January 2023. ",{"type":594,"attrs":97260,"content":97261},{"textAlign":49},[97262,97264,97269],{"text":97263,"type":599},"There were also ",{"text":97265,"type":599,"marks":97266},"market uncertainties",[97267],{"type":604,"attrs":97268},{"href":97256,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":97270,"type":599}," stemming from the Chinese government’s sudden decision to reverse its zero-COVID policy and re-open the economy starting in January.",{"type":594,"attrs":97272,"content":97273},{"textAlign":49},[97274],{"text":97275,"type":599},"Yet 2023 opened with many market players anticipating EV demand would recover by the second quarter on the back of a general economic resurgence. ",{"type":594,"attrs":97277,"content":97278},{"textAlign":49},[97279],{"text":97280,"type":599},"However, China’s economy has since struggled to regain its pre-pandemic momentum, resulting in weak EV sales persisting over the first half of 2023. This was despite fierce price competition between Chinese automakers to stimulate demand after government subsidies ended.",{"type":594,"attrs":97282,"content":97283},{"textAlign":49},[97284],{"type":1186,"attrs":97285},{"id":49,"alt":547,"src":97286,"title":49,"source":49,"copyright":49,"meta_data":97287},"https://a.storyblok.com/f/287943243085208/212a9b38db/bm-chart-screenshot-14-2.png",{},{"type":657,"attrs":97289,"content":97290},{"level":15966,"textAlign":49},[97291],{"text":97292,"type":599},"Revised expectations",{"type":594,"attrs":97294,"content":97295},{"textAlign":49},[97296],{"text":97297,"type":599},"In response to flagging EV sales, the Chinese government has extended purchase tax exemptions on electric vehicles and attempted to stimulate rural demand. On 21 June it announced renewed tax breaks for EV consumers amounting to 520 billion yuan ($73 billion) over four years.",{"type":594,"attrs":97299,"content":97300},{"textAlign":49},[97301],{"text":97302,"type":599},"Yet the Chinese EV boom during the pandemic had depended on a much more extensive support package. Without similar measures, baseline growth expectations for China’s EV market may need to be revised down more permanently.",{"type":594,"attrs":97304,"content":97305},{"textAlign":49},[97306],{"text":97307,"type":599},"“We may not see the same level of year-on-year growth as we saw in the last few years, when national subsidies were offered on top of tax exemptions,” Waid explained. ","Benchmark has revised down its forecast for China’s electric vehicle battery demand for this year by 14% due to an economic slowdown in the country. EV battery demand in China is set to be around 407 gigawatt hours this year, down from an earlier forecast of 473 GWh, according to Benchmark’s Lithium Ion Battery Database. […]",[97310],{"slug":544,"name":543,"content":97311},{"job_title":557,"image":97312,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"663b829a-7fc5-4f22-b6ee-1abd4f6c2ce6\", \"id\": \"\"}-->",[97315],{"slug":3088,"name":3089},{"id":49,"alt":97317,"name":547,"focus":547,"title":97317,"source":547,"filename":97318,"copyright":547,"fieldtype":553,"meta_data":97319,"is_external_url":51},"BYD Han all-electric car showcased at the Paris Motor Show, France - October 17, 2022.","https://a.storyblok.com/f/287943243085208/c51c41b576/bm-shutterstock-2216581469.jpg",{"alt":97317,"title":97317,"source":547,"copyright":547},"Jul 13, 2023",{"id":97322,"uuid":97323,"name":97324,"slug":97325,"full_slug":97326,"content":97327},112471076124994,"2140f253-4e5a-4427-931a-3f964f5658c6","“You can’t go all around the world and secure the rights to all the sodium.” Q&A with Faradion CEO James Quinn","you-cant-go-all-around-the-world-and-secure-the-rights-to-all-the-sodium-qa-with-faradion-ceo-james-quinn","article/you-cant-go-all-around-the-world-and-secure-the-rights-to-all-the-sodium-qa-with-faradion-ceo-james-quinn",{"_uid":97328,"date":97168,"tags":97329,"editor":97335,"content":97339,"excerpt":97500,"featured":51,"reporter":97501,"_editable":97505,"component":864,"seo_title":97324,"categories":97506,"visibility":882,"author_company":49,"featured_image":97512,"seo_description":97500,"author_full_name":49,"author_job_title":49,"formattedDate":97320},"bd3989db-311c-4219-8a34-4e6cebb9be83",[97330,97332,97333,97334],{"slug":97331,"name":93244},"faradion",{"slug":18915,"name":18916},{"slug":6777,"name":6778},{"slug":20649,"name":20650},[97336],{"slug":544,"name":543,"content":97337},{"job_title":557,"image":97338,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":97340},[97341,97353,97358,97363,97368,97373,97378,97383,97388,97393,97398,97403,97408,97413,97418,97423,97428,97433,97440,97445,97450,97455,97460,97465,97470,97475,97480,97485,97490,97495],{"type":594,"attrs":97342,"content":97343},{"textAlign":49},[97344,97346,97351],{"text":97345,"type":599},"UK startup Faradion has been working on ",{"text":6817,"type":599,"marks":97347},[97348],{"type":604,"attrs":97349},{"href":97350,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sodium-ion-2030-pipeline-capacity-hits-150-gwh-as-cathode-trends-emerge",{"text":97352,"type":599}," for over ten years, since it was founded in 2011. In late 2021 it was bought by the Indian conglomerate Reliance Industries for £100 million.",{"type":594,"attrs":97354,"content":97355},{"textAlign":49},[97356],{"text":97357,"type":599},"Sodium ion batteries are emerging as an alternative battery technology to lithium ion, especially for energy storage applications. They’ve also been installed in electric vehicles in China. ",{"type":594,"attrs":97359,"content":97360},{"textAlign":49},[97361],{"text":97362,"type":599},"Benchmark expects sodium ion batteries to take around 5% of the ESS market by 2030, whilst it is only expected to take 1% of the EV market by 2030.",{"type":594,"attrs":97364,"content":97365},{"textAlign":49},[97366],{"text":97367,"type":599},"While China is the world’s largest producer, Reliance has plans to invest £25 million in Faradion and it wants to build an energy storage battery factory in India. Reliance, which is led by Mukesh Ambani, is listed in India with a market capitalisation of $226 billion. ",{"type":594,"attrs":97369,"content":97370},{"textAlign":49},[97371],{"text":97372,"type":599},"Benchmark Source sat down with Faradion’s chief executive James Quinn to learn more. ",{"type":657,"attrs":97374,"content":97375},{"level":15966,"textAlign":49},[97376],{"text":97377,"type":599},"Can you give us an overview of Faradion’s technology?",{"type":594,"attrs":97379,"content":97380},{"textAlign":49},[97381],{"text":97382,"type":599},"We use a layered oxide cathode. We were really one of the first ones to champion that sodium ion technology in particular, and then also the layered oxide. In terms of our anode, it’s a hard carbon anode. You know, we don’t use graphite. There’s a number of sources of it, but it’s primarily coconut shells. So it’s certainly a more sustainable technology than unless there’s a global pandemic on coconuts or walnuts or other nuts then we should be ok. ",{"type":657,"attrs":97384,"content":97385},{"level":15966,"textAlign":49},[97386],{"text":97387,"type":599},"So there’s no cobalt, no copper. Obviously, no lithium, no graphite. So what kind of cost is the bill of materials, what’s the cost difference? ",{"type":594,"attrs":97389,"content":97390},{"textAlign":49},[97391],{"text":97392,"type":599},"Well, we see at the gigawatt hour level about a 24% to 32% lower cost than LFP. And I didn’t really comment on the electrolyte, but electrolytes is a NaPF6 (sodium hexafluorophosphate.) So as opposed to an LiPF6 [with LFP]. It is available and we can buy it today, but it’s not produced in the kind of volume we would like it – both for the hard carbon and for the electrolyte. ",{"type":657,"attrs":97394,"content":97395},{"level":15966,"textAlign":49},[97396],{"text":97397,"type":599},"And if you translate the costs into dollars per kilowatt hour what do you think you are roughly?",{"type":594,"attrs":97399,"content":97400},{"textAlign":49},[97401],{"text":97402,"type":599},"I think one thing is first of all you need to use lower cost materials, two you need volume and three you need to optimise those materials. One thing we’re working on is to reduce nickel content. So we think there’s room for improvement. We think as we get into volume we will certainly be sub- $50 a kilowatt hour for the bill of materials.",{"type":594,"attrs":97404,"content":97405},{"textAlign":49},[97406],{"text":97407,"type":599},"We think the technology’s got legs as well –  as you increase the energy density, the dollar per kilowatt hour comes down as well. So there’s a number of knobs to turn there.",{"type":657,"attrs":97409,"content":97410},{"level":15966,"textAlign":49},[97411],{"text":97412,"type":599},"You were bought by Reliance – a huge company. Will they enable you to scale up? ",{"type":594,"attrs":97414,"content":97415},{"textAlign":49},[97416],{"text":97417,"type":599},"Absolutely – what we do really well is innovate and advance the technology. What Reliance does really well is to build really big cost effective factories.",{"type":657,"attrs":97419,"content":97420},{"level":15966,"textAlign":49},[97421],{"text":97422,"type":599},"What’s the status of the upstream side for sodium ion batteries?",{"type":594,"attrs":97424,"content":97425},{"textAlign":49},[97426],{"text":97427,"type":599},"I don’t really see that as a big issue. You have sodium chloride primarily –  we basically use the term it’s harvested versus mining. You do desalination, there’s abundance of the material but there’s also a broad range of sources of the material as well, and it’s not limited to any particular country or region. It’s pretty much anywhere. And, it’s approximately $200 to $300 a tonne for sodium, whereas you know what the lithium prices are… You don’t get something for nothing. I mean, there are some challenges in terms of finding ways to continue to increase the energy density and be able to advance the technology. ",{"type":594,"attrs":97429,"content":97430},{"textAlign":49},[97431],{"text":97432,"type":599},"But I think we’re getting there. And by the way, I don’t think this is “one size fits all” – there’s not going to be a total winner and everything is going to be LFP or NMC or, or even sodium ion. I think you’ll see a broad range of uses and applications for it. It’ll be very application specific.",{"type":594,"attrs":97434,"content":97435},{"textAlign":49},[97436],{"type":1186,"attrs":97437},{"id":49,"alt":547,"src":97438,"title":49,"source":49,"copyright":49,"meta_data":97439},"https://a.storyblok.com/f/287943243085208/a5365fd213/bm-image-25.png",{},{"type":657,"attrs":97441,"content":97442},{"level":15966,"textAlign":49},[97443],{"text":97444,"type":599},"What is the niche that sodium ion batteries fill that lithium based batteries can’t fill? ",{"type":594,"attrs":97446,"content":97447},{"textAlign":49},[97448],{"text":97449,"type":599},"If it’s big, heavy, stands still, moves slow, or goes fast, you’ll see sodium ion technology.So it’s pretty much where you see lithium, you’ll see you’ll see sodium ion.  As you’re bringing in new technology in the market, you can’t be all things to all people. Faradion is focused on stationary energy storage, large scale BESS systems, telecom, commercial, residential, ESS-type application. So I think we’re in a unique position with Reliance because Reliance they have a massive captive demand. Reliance has the largest oil refinery in the world and the largest retail business in the world, they have one of the largest telecom companies in the world. So it’s a massive business and they have massive demand.",{"type":657,"attrs":97451,"content":97452},{"level":15966,"textAlign":49},[97453],{"text":97454,"type":599},"So will energy storage be the “hero application” for sodium ion? ",{"type":594,"attrs":97456,"content":97457},{"textAlign":49},[97458],{"text":97459,"type":599},"You know, you don’t need the highest energy density. In my own personal view, I think the stationary energy storage market, especially large scale BESS, is going to be a multiple larger market than EV. But EV is going to consume a lot of lithium, it’s going to consume a lot of that supply. And you’re going to need, you know, alternative technologies. I think Winston Churchill had said that for energy security, you need technology differentiation, material differentiation, and geographic differentiation. And I think sodium ion provides a lot of those types of benefits.",{"type":594,"attrs":97461,"content":97462},{"textAlign":49},[97463],{"text":97464,"type":599},"I think we’re in a much better position than we were with lithium ion in terms of sodium. You can’t go all around the world and secure the rights to all the sodium right? Or buy all the coconut trees in the world. So I think we’re in a much better position, because it is so widely available. And there’s a lot of benefits to that: it’s lower cost, it’s more sustainable. It’s not limited to particular countries or regions. ",{"type":657,"attrs":97466,"content":97467},{"level":15966,"textAlign":49},[97468],{"text":97469,"type":599},"Sodium ion is safer to transport, can you talk about that? ",{"type":594,"attrs":97471,"content":97472},{"textAlign":49},[97473],{"text":97474,"type":599},"That’s really interesting. As you know when you travel in a plane, you have to always take out your lithium ion batteries if you’re going to check a bag and that’s because they can become unstable and catch fire. ",{"type":594,"attrs":97476,"content":97477},{"textAlign":49},[97478],{"text":97479,"type":599},"They always have to have a 30-40% state of charge. With sodium ion we can completely discharge to zero volts and so you are shipping under less onerous conditions. And you can install it at zero volts and then power it up and power it down. So there’s huge advantages for that. ",{"type":594,"attrs":97481,"content":97482},{"textAlign":49},[97483],{"text":97484,"type":599},"The reason is because we with the hard carbon anodes we can have a broader selection of electrolytes so we’re able to use a really, really low volatility high flashpoint electrolyte. And because we also don’t have copper, what happens is under certain conditions it starts to dissolve the separator and then starts to short with the copper and then that’s what ends up catching fire and becomes unstable. You cannot use this electrolyte in lithium ion so it gives us a bit of a unique position. ",{"type":657,"attrs":97486,"content":97487},{"level":15966,"textAlign":49},[97488],{"text":97489,"type":599},"Will you be targeting other markets?",{"type":594,"attrs":97491,"content":97492},{"textAlign":49},[97493],{"text":97494,"type":599},"I think if you can be competitive in India, with this technology with a company like Reliance, you can be competitive anywhere. It’s one of the lowest electricity prices in the world. ",{"type":594,"attrs":97496,"content":97497},{"textAlign":49},[97498],{"text":97499,"type":599},"They have massive captive demand, which means massive buying power in terms of batteries so they can get them at very low cost. So sodium ion has to be a competitive technology in India to work well with Reliance in order for us to make Reliance successful, but then that means it will be incredibly competitive in every other market.","UK startup Faradion has been working on sodium ion batteries for over ten years, since it was founded in 2011. In late 2021 it was bought by the Indian conglomerate Reliance Industries for £100 million. Sodium ion batteries are emerging as an alternative battery technology to lithium ion, especially for energy storage applications. They’ve also […]",[97502],{"slug":544,"name":543,"content":97503},{"job_title":557,"image":97504,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bd3989db-311c-4219-8a34-4e6cebb9be83\", \"id\": \"\"}-->",[97507,97508,97509,97510,97511],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":97513,"copyright":547,"fieldtype":553,"meta_data":97514,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b168a502d3/bm-jim-headshot-colour.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":97516,"uuid":97517,"name":97518,"slug":97519,"full_slug":97520,"content":97521},112471085603141,"70c93307-f3fa-4c50-8312-656e62eb20cc","Battery cathode prices rise for first time this year as lithium costs increase","battery-cathode-prices-rise-for-first-time-this-year-as-lithium-costs-increase","article/battery-cathode-prices-rise-for-first-time-this-year-as-lithium-costs-increase",{"_uid":97522,"date":97523,"tags":97524,"editor":97527,"content":97531,"excerpt":97673,"featured":51,"reporter":97674,"_editable":97678,"component":864,"seo_title":97518,"categories":97679,"visibility":2091,"author_company":49,"featured_image":97684,"seo_description":97673,"author_full_name":49,"author_job_title":49,"formattedDate":97687},"a526df0b-96f4-482a-817b-c2cb980fb12e","2023-07-12 00:00",[97525,97526],{"slug":64098,"name":64099},{"slug":913,"name":914},[97528],{"slug":544,"name":543,"content":97529},{"job_title":557,"image":97530,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":97532},[97533,97544,97549,97554,97559,97564,97569,97574,97579,97584,97589,97594,97606,97611,97616,97623,97628,97633,97638,97643,97648,97653,97658,97663,97668],{"type":594,"attrs":97534,"content":97535},{"textAlign":49},[97536,97538,97543],{"text":97537,"type":599},"The price of all types of battery cathode materials rose in June for the first time this year following an uptick in demand and increases in raw material feedstock costs, according to ",{"text":97539,"type":599,"marks":97540},"Benchmark’s Cathode Price Assessment",[97541],{"type":604,"attrs":97542},{"href":78902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":97545,"content":97546},{"textAlign":49},[97547],{"text":97548,"type":599},"The Benchmark Cathode Price Index, which tracks all cathode active material chemistries, increased by 14.6% from a month earlier. ",{"type":594,"attrs":97550,"content":97551},{"textAlign":49},[97552],{"text":97553,"type":599},"The increase in cathode prices was driven primarily by a rebound in prices for lithium and cobalt within China after months of declines. ",{"type":594,"attrs":97555,"content":97556},{"textAlign":49},[97557],{"text":97558,"type":599},"The cathode price index is still down 45.4% on a year-to-date basis.",{"type":594,"attrs":97560,"content":97561},{"textAlign":49},[97562],{"text":97563,"type":599},"Buyers of cathodes for consumer electronics also stocked up ahead of the Chinese 618 shopping festival which lasts from late May until mid-June and is a key metric for China’s consumer spending and economic health. ",{"type":594,"attrs":97565,"content":97566},{"textAlign":49},[97567],{"text":97568,"type":599},"Prices for LCO cathode material increased 18.7% month-on-month to an average of RMB 270,000 per tonne, according to Benchmark. ",{"type":594,"attrs":97570,"content":97571},{"textAlign":49},[97572],{"text":97573,"type":599},"Cathodes make up over 40% of the cost of lithium ion battery cells and a rebound in demand and prices could imply higher manufacturing costs further along in the supply chain as well. ",{"type":594,"attrs":97575,"content":97576},{"textAlign":49},[97577],{"text":97578,"type":599},"Still, the overall market recovery remains limited as producers wait for clear signs of recovery following a slowdown in China’s economic growth. ",{"type":657,"attrs":97580,"content":97581},{"level":15966,"textAlign":49},[97582],{"text":97583,"type":599},"Lithium, cobalt prices rebound",{"type":594,"attrs":97585,"content":97586},{"textAlign":49},[97587],{"text":97588,"type":599},"The most notable reason for the increase in prices across cathode chemistries is the recent rebound in lithium prices. ",{"type":594,"attrs":97590,"content":97591},{"textAlign":49},[97592],{"text":97593,"type":599},"Benchmark’s battery grade lithium hydroxide (EXW China) price ticked upwards 32.1% in the period 17 May – 14 June.",{"type":594,"attrs":97595,"content":97596},{"textAlign":49},[97597,97599,97604],{"text":97598,"type":599},"For Chinese cobalt sulphate, Benchmark’s cobalt sulphate (EXW China) price rose 14.8% between 15 May – 15 June. The increase comes even as the wider cobalt market is expected to ",{"text":97600,"type":599,"marks":97601},"remain in a supply surplus",[97602],{"type":604,"attrs":97603},{"href":80803,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":97605,"type":599}," of 17,000 tonnes this year.",{"type":594,"attrs":97607,"content":97608},{"textAlign":49},[97609],{"text":97610,"type":599},"Lithium makes up around 30% of the costs of lithium ion battery cells while cobalt is a key constituent of nickel cobalt manganese cathode chemistry. ",{"type":594,"attrs":97612,"content":97613},{"textAlign":49},[97614],{"text":97615,"type":599},"After a weak start to the year, China’s electric vehicle is showing signs of recovery. The country’s largest EV producer BYD sold 128,196 battery electric vehicles in June, an increase of 84% year-on-year and 7.2% month-on-month.",{"type":594,"attrs":97617,"content":97618},{"textAlign":49},[97619],{"type":1186,"attrs":97620},{"id":49,"alt":547,"src":97621,"title":49,"source":49,"copyright":49,"meta_data":97622},"https://a.storyblok.com/f/287943243085208/90f27ae8aa/bm-cathode-price-index-june-2023.png",{},{"type":657,"attrs":97624,"content":97625},{"level":15966,"textAlign":49},[97626],{"text":97627,"type":599},"LFP cathodes lead price increase",{"type":594,"attrs":97629,"content":97630},{"textAlign":49},[97631],{"text":97632,"type":599},"The price of lithium iron phosphate (LFP) cathodes reported the largest increase with prices in China rising 19.9% month-on-month to an average of RMB 87,500 per tonne ($12,210). ",{"type":594,"attrs":97634,"content":97635},{"textAlign":49},[97636],{"text":97637,"type":599},"The LFP cell production accounted for 67% of Chinese production in May, reaching 37.8 GWh. ",{"type":594,"attrs":97639,"content":97640},{"textAlign":49},[97641],{"text":97642,"type":599},"The demand was led by the growing activity within the ESS market, contacts told Benchmark. Though LFP price increases continue to be limited due to competition among cathode producers to gain market share.",{"type":657,"attrs":97644,"content":97645},{"level":15966,"textAlign":49},[97646],{"text":97647,"type":599},"NCM prices ",{"type":594,"attrs":97649,"content":97650},{"textAlign":49},[97651],{"text":97652,"type":599},"Prices for the nickel based cathode chemistries too saw a rebound as demand increased steadily, led by low to mid nickel cathode grades where prices for NCM622 in China increased 11% month-on-month to an average of RMB 227,500 per tonne.",{"type":594,"attrs":97654,"content":97655},{"textAlign":49},[97656],{"text":97657,"type":599},"Prices also increased for the high nickel cathode grades, with NCA and NCM811 prices rising 9.1% and 12.9% month-on-month respectively to an average of RMB 300,000 a tonne ($41,867) and RMB 285,000 per tonne ($39,774). ",{"type":594,"attrs":97659,"content":97660},{"textAlign":49},[97661],{"text":97662,"type":599},"Overall China’s NCM production rose 5.7% in May to 18.6 GWh. ",{"type":594,"attrs":97664,"content":97665},{"textAlign":49},[97666],{"text":97667,"type":599},"According to Benchmark, rising demand is expected to continue into the third quarter and producers are forecasting an increased production in response.",{"type":594,"attrs":97669,"content":97670},{"textAlign":49},[97671],{"text":97672,"type":599},"Benchmark’s Anode and Cathode Price Assessment services provide monthly DDP China prices and analysis for the midstream of the supply chain – to request a sample report and see more detail, please provide your details here:","The price of all types of battery cathode materials rose in June for the first time this year following an uptick in demand and increases in raw material feedstock costs, according to Benchmark’s Cathode Price Assessment. The Benchmark Cathode Price Index, which tracks all cathode active material chemistries, increased by 14.6% from a month earlier. […]",[97675],{"slug":544,"name":543,"content":97676},{"job_title":557,"image":97677,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a526df0b-96f4-482a-817b-c2cb980fb12e\", \"id\": \"\"}-->",[97680,97681,97682,97683],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":97685,"copyright":547,"fieldtype":553,"meta_data":97686,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/846e54be92/bm-basf-cathode-active-material.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 12, 2023",{"id":97689,"uuid":97690,"name":97691,"slug":97692,"full_slug":97693,"content":97694},112471090452806,"f68673aa-9a43-4150-bf0c-c64fe2543d6d","BYD builds battery supply chain in South America with Chile and Brazil plants","byd-builds-battery-supply-chain-in-south-america-with-chile-and-brazil-plants","article/byd-builds-battery-supply-chain-in-south-america-with-chile-and-brazil-plants",{"_uid":97695,"date":97696,"tags":97697,"editor":97701,"content":97705,"excerpt":97855,"featured":51,"reporter":97856,"_editable":97860,"component":864,"seo_title":97691,"categories":97861,"visibility":882,"author_company":49,"featured_image":97867,"seo_description":97855,"author_full_name":49,"author_job_title":49,"formattedDate":97870},"d5a007ab-f65b-4098-b1ed-94b9acb9061b","2023-07-11 00:00",[97698,97699,97700],{"slug":7055,"name":7056},{"slug":5945,"name":2983},{"slug":17168,"name":13351},[97702],{"slug":544,"name":543,"content":97703},{"job_title":557,"image":97704,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":97706},[97707,97725,97730,97735,97740,97745,97750,97762,97767,97772,97777,97782,97787,97790,97795,97800,97805,97810,97815,97820,97825,97830,97835,97845,97850],{"type":594,"attrs":97708,"content":97709},{"textAlign":49},[97710,97712,97717,97719,97723],{"text":97711,"type":599},"China’s largest electric vehicle producer BYD is building a battery supply chain in South America, with plans for the region’s first ",{"text":97713,"type":599,"marks":97714},"cathode plant",[97715],{"type":604,"attrs":97716},{"href":78902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":97718,"type":599}," in Chile as well as a ",{"text":878,"type":599,"marks":97720},[97721],{"type":604,"attrs":97722},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":97724,"type":599}," and iron phosphate processing facility in Brazil. ",{"type":594,"attrs":97726,"content":97727},{"textAlign":49},[97728],{"text":97729,"type":599},"The $290 million Antofagasta plant, BYD’s first overseas cathode facility, is expected to begin production by late 2025 at an initial capacity of 15,000 tonnes per annum. Its full capacity of 50,000 tonnes is due to be installed by 2028.",{"type":594,"attrs":97731,"content":97732},{"textAlign":49},[97733],{"text":97734,"type":599},"BYD’s investment represents the first downstream battery materials project in South America. It comes after the region has struggled to develop higher value battery industries despite being on track to produce a third of the world’s lithium in 2023. ",{"type":594,"attrs":97736,"content":97737},{"textAlign":49},[97738],{"text":97739,"type":599},"BYD is also planning to build a 3 billion reais ($614 million) EV manufacturing complex in Brazil with an expected capacity of 150,000 cars per year. It will be the company’s first EV manufacturing plant outside of Asia.",{"type":594,"attrs":97741,"content":97742},{"textAlign":49},[97743],{"text":97744,"type":599},"The plant will also process lithium and iron phosphate materials needed for BYD’s lithium iron phosphate (LFP) batteries. It is scheduled to begin production in the second half of 2024.",{"type":657,"attrs":97746,"content":97747},{"level":15966,"textAlign":49},[97748],{"text":97749,"type":599},"BYD versus Tesla",{"type":594,"attrs":97751,"content":97752},{"textAlign":49},[97753,97755,97760],{"text":97754,"type":599},"BYD is one of the most vertically integrated automakers, but lags behind ",{"text":3875,"type":599,"marks":97756},[97757],{"type":604,"attrs":97758},{"href":97759,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-takes-on-byds-crown-with-100-gwh-nevada-expansion",{"text":97761,"type":599}," in terms of cathode pipeline capacity. ",{"type":594,"attrs":97763,"content":97764},{"textAlign":49},[97765],{"text":97766,"type":599},"BYD has planned cathode production of 77,000 tpa in the pipeline, according to Benchmark. That compares to 85,000 tonnes for Tesla, which is building capacity at its Texas gigafactory. ",{"type":594,"attrs":97768,"content":97769},{"textAlign":49},[97770],{"text":97771,"type":599},"The automaker already enjoys close commercial ties with Chile and exports EVs across South America, a region where EV demand is expected to grow 24 times over the coming decade, as assessed by Benchmark. ",{"type":594,"attrs":97773,"content":97774},{"textAlign":49},[97775],{"text":97776,"type":599},"The automaker first collaborated with the Chilean government in 2017 supplying electric buses for the capital city of Santiago. It entered the local passenger EV market in December 2022. ",{"type":594,"attrs":97778,"content":97779},{"textAlign":49},[97780],{"text":97781,"type":599},"The project is part of an emerging pattern of Chinese manufacturers opening up overseas capacity to support global expansion. In July, Bloomberg reported that Zijin Mining Group Co. was in advanced stages of talks to build a cathode plant in Argentina with an arm of the state-run energy firm YPF SA.",{"type":594,"attrs":97783,"content":97784},{"textAlign":49},[97785],{"text":97786,"type":599},"Benchmark expects growing investment into foreign facilities over coming years, especially in emerging markets like Chile that have abundant raw material reserves. ",{"type":594,"attrs":97788,"content":97789},{"textAlign":49},[],{"type":657,"attrs":97791,"content":97792},{"level":15966,"textAlign":49},[97793],{"text":97794,"type":599},"Securing access to lithium ",{"type":594,"attrs":97796,"content":97797},{"textAlign":49},[97798],{"text":97799,"type":599},"BYD’s plant will be able to access lithium carbonate produced by Chilean producer SQM at preferential prices through an August 2022 initiative by the Chilean government to incentivise downstream investment. ",{"type":594,"attrs":97801,"content":97802},{"textAlign":49},[97803],{"text":97804,"type":599},"“This cathode manufacturing facility will be in close proximity to the lithium source, keeping shipping distances short and timescales to a minimum,” said Rob Burrell, an analyst at Benchmark.",{"type":594,"attrs":97806,"content":97807},{"textAlign":49},[97808],{"text":97809,"type":599},"The Chile project also serves BYD’s ambitions for vertical integration, according to Burrell. ",{"type":594,"attrs":97811,"content":97812},{"textAlign":49},[97813],{"text":97814,"type":599},"“Having full control over cathode supply makes complete sense to both secure future supply and also reduce costs along the value chain,” Burrell noted. ",{"type":594,"attrs":97816,"content":97817},{"textAlign":49},[97818],{"text":97819,"type":599},"Plans for the site originated in an April 2023 deal between BYD, one of the world’s biggest EV battery cell manufacturers, and the Production Development Corporation (CORFO), a Chilean governmental organisation. It was announced shortly after Chile revealed plans to strengthen state control over its lithium industry.  ",{"type":594,"attrs":97821,"content":97822},{"textAlign":49},[97823],{"text":97824,"type":599},"The plant will mainly supply LFP cathodes for BYD EVs and will boost the cell-maker’s total cathode capacity almost threefold. Right now, BYD operates just one cathode plant in Qinghai, China, which is expected to produce just 9% of its total 2023 battery cell output. Dynanonic, Yuneng, Pulead are BYD’s main cathode suppliers. ",{"type":657,"attrs":97826,"content":97827},{"level":15966,"textAlign":49},[97828],{"text":97829,"type":599},"China’s influence in South America ",{"type":594,"attrs":97831,"content":97832},{"textAlign":49},[97833],{"text":97834,"type":599},"BYD is one of the first Chinese battery producers to invest in South American downstream capacity. However, Chinese capital has already proven instrumental in developing the continent’s lithium mining and refining sectors.",{"type":594,"attrs":97836,"content":97837},{"textAlign":49},[97838,97840],{"text":97839,"type":599},"Companies with majority Chinese ownership could be responsible for 17% of South American lithium chemicals supply in 2032, as assessed by ",{"text":97841,"type":599,"marks":97842},"Benchmark. ",[97843],{"type":604,"attrs":97844},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":97846,"content":97847},{"textAlign":49},[97848],{"text":97849,"type":599},"The proportion of Chinese-owned South American lithium mining capacity could increase after Bolivia signed agreements this year with China’s Citic Guoan Group and battery producer CATL to develop its untapped lithium reserves. ",{"type":594,"attrs":97851,"content":97852},{"textAlign":49},[97853],{"text":97854,"type":599},"China will likely remain the single most important foreign actor in developing South America’s lithium ion capabilities given its dominance as a global producer and longstanding trade and investment relations with countries in the region.","China’s largest electric vehicle producer BYD is building a battery supply chain in South America, with plans for the region’s first cathode plant in Chile as well as a lithium and iron phosphate processing facility in Brazil. The $290 million Antofagasta plant, BYD’s first overseas cathode facility, is expected to begin production by late 2025 […]",[97857],{"slug":544,"name":543,"content":97858},{"job_title":557,"image":97859,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d5a007ab-f65b-4098-b1ed-94b9acb9061b\", \"id\": \"\"}-->",[97862,97863,97864,97865,97866],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":3088,"name":3089},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":97868,"copyright":547,"fieldtype":553,"meta_data":97869,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c3ffdeaeaa/bm-byd-bus-santiago.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 11, 2023",{"id":97872,"uuid":97873,"name":97874,"slug":97875,"full_slug":97876,"content":97877},112471104964938,"c69db068-dc57-44cf-b393-9a3b37f8952f","Five reasons Western automakers face a synthetic graphite problem","five-reasons-western-automakers-face-a-synthetic-graphite-problem","article/five-reasons-western-automakers-face-a-synthetic-graphite-problem",{"_uid":97878,"date":97879,"tags":97880,"editor":97883,"content":97887,"excerpt":98126,"featured":51,"reporter":98127,"_editable":98131,"component":864,"seo_title":97874,"categories":98132,"visibility":882,"author_company":49,"featured_image":98137,"seo_description":98126,"author_full_name":49,"author_job_title":49,"formattedDate":98140},"d96f1062-be6f-4631-962e-491f6acb4fbb","2023-07-07 00:00",[97881,97882],{"slug":2497,"name":261},{"slug":2507,"name":15902},[97884],{"slug":544,"name":543,"content":97885},{"job_title":557,"image":97886,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":97888},[97889,97901,97906,97911,97916,97921,97926,97931,97936,97941,97951,97956,97963,97970,97975,97980,97985,97990,97997,98002,98007,98012,98017,98022,98027,98032,98037,98042,98049,98054,98067,98072,98077,98082,98087,98092,98099,98104,98109,98114,98119],{"type":594,"attrs":97890,"content":97891},{"textAlign":49},[97892,97894,97899],{"text":97893,"type":599},"Automakers are increasingly using ",{"text":97895,"type":599,"marks":97896},"synthetic graphite material",[97897],{"type":604,"attrs":97898},{"href":79757,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":97900,"type":599}," in their battery anodes, due to its greater availability and increasingly lower costs.",{"type":594,"attrs":97902,"content":97903},{"textAlign":49},[97904],{"text":97905,"type":599},"Synthetic anodes are likely to make up 63% of the anode market by 2025, according to Benchmark, as a shortage of flake graphite supply is expected to curb the uptake of natural graphite anodes.",{"type":594,"attrs":97907,"content":97908},{"textAlign":49},[97909],{"text":97910,"type":599},"Yet automakers face a shortage of non-Chinese synthetic graphite this decade, which could make it difficult to satisfy US and European Union policies seeking to encourage the localisation of battery supply chains. ",{"type":594,"attrs":97912,"content":97913},{"textAlign":49},[97914],{"text":97915,"type":599},"China produces almost all of the world’s synthetic graphite. Falling prices for battery anodes due to new capacity in China pose extra challenges to companies investing in new production in the US and Europe. ",{"type":594,"attrs":97917,"content":97918},{"textAlign":49},[97919],{"text":97920,"type":599},"Prices for the six grades of anode material tracked by Benchmark (three natural, three synthetic) have fallen by an average of 16.2% this year. ",{"type":594,"attrs":97922,"content":97923},{"textAlign":49},[97924],{"text":97925,"type":599},"Here are five reasons why synthetic graphite may well be a critical problem this decade. ",{"type":657,"attrs":97927,"content":97928},{"level":15966,"textAlign":49},[97929],{"text":97930,"type":599},"1. China’s anode dominance",{"type":594,"attrs":97932,"content":97933},{"textAlign":49},[97934],{"text":97935,"type":599},"China is expected to remain a dominant force in the global anode market throughout Benchmark’s entire forecast period to 2040.",{"type":594,"attrs":97937,"content":97938},{"textAlign":49},[97939],{"text":97940,"type":599},"Synthetic anode production capacity in China has increased rapidly over the the last few years, due to large investments subsidised by local governments. ",{"type":594,"attrs":97942,"content":97943},{"textAlign":49},[97944,97946,97950],{"text":97945,"type":599},"This has led to synthetic anode supply reaching an estimated 1,819 ktpa by 2026, compared with 553 ktpa for natural anodes, according to Benchmark’s ",{"text":71315,"type":599,"marks":97947},[97948],{"type":604,"attrs":97949},{"href":96638,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":97952,"content":97953},{"textAlign":49},[97954],{"text":97955,"type":599},"China now produces 98% of the world’s synthetic graphite anodes, a market share that’s only set to slip to 94% by the end of the decade, according to Benchmark. ",{"type":594,"attrs":97957,"content":97958},{"textAlign":49},[97959],{"type":1186,"attrs":97960},{"id":49,"alt":547,"src":97961,"title":49,"source":49,"copyright":49,"meta_data":97962},"https://a.storyblok.com/f/287943243085208/c1aa6d00de/bm-image-87.png",{},{"type":657,"attrs":97964,"content":97965},{"level":15966,"textAlign":49},[97966,97968],{"text":97967,"type":599},"2. ",{"text":97969,"type":599},"Feedstock",{"type":594,"attrs":97971,"content":97972},{"textAlign":49},[97973],{"text":97974,"type":599},"Coke for synthetic graphite can be derived from either an oil feedstock (‘petroleum’ or ‘pet’ coke) or a coal feedstock (‘pitch’ coke). ",{"type":594,"attrs":97976,"content":97977},{"textAlign":49},[97978],{"text":97979,"type":599},"China is the leading global supplier of low sulphur coke and synthetic graphite, having established significant graphitisation infrastructure to supply electrodes for the country’s steel industry. The nation accounted for approximately two-thirds of global low sulphur coke production in 2022.",{"type":594,"attrs":97981,"content":97982},{"textAlign":49},[97983],{"text":97984,"type":599},"By 2030 China is projected to account for a near 75% share of global supply of coke. ",{"type":594,"attrs":97986,"content":97987},{"textAlign":49},[97988],{"text":97989,"type":599},"Therefore, battery anode producers using synthetic graphite feedstock will continue to find it challenging to source feedstock from elsewhere.",{"type":594,"attrs":97991,"content":97992},{"textAlign":49},[97993],{"type":1186,"attrs":97994},{"id":49,"alt":547,"src":97995,"title":49,"source":49,"copyright":49,"meta_data":97996},"https://a.storyblok.com/f/287943243085208/4c48a8a07d/bm-low-sulphur-coke-china.jpg",{},{"type":657,"attrs":97998,"content":97999},{"level":15966,"textAlign":49},[98000],{"text":98001,"type":599},"3. US IRA requirements",{"type":594,"attrs":98003,"content":98004},{"textAlign":49},[98005],{"text":98006,"type":599},"The US Inflation Reduction Act specifies that by 2027 a total of 80% of the value of the critical minerals contained in a battery must be extracted or processed in the US or a country with a free trade agreement in order for automakers to receive electric vehicle tax credits. ",{"type":594,"attrs":98008,"content":98009},{"textAlign":49},[98010],{"text":98011,"type":599},"Anodes make up around 10% of the costs of a high-nickel NCM 811 cell, according to Benchmark, meaning automakers could meet the IRA requirements by securing supplies for lithium, nickel and cobalt from FTA countries. ",{"type":594,"attrs":98013,"content":98014},{"textAlign":49},[98015],{"text":98016,"type":599},"But the IRA also requires that no critical minerals or battery components be extracted, processed, or produced by a “foreign entity of concern,” including Chinese companies. ",{"type":594,"attrs":98018,"content":98019},{"textAlign":49},[98020],{"text":98021,"type":599},"While the final implementation details have not been disclosed, this could mean Chinese companies may only be eligible if they have joint ventures with non-Chinese partners. ",{"type":594,"attrs":98023,"content":98024},{"textAlign":49},[98025],{"text":98026,"type":599},"Yet apart from a deal between General Motors and South Korea’s Posco for supplies of synthetic graphite, there have been few non-Chinese supply deals announced. ",{"type":594,"attrs":98028,"content":98029},{"textAlign":49},[98030],{"text":98031,"type":599},"Last month Mitsubishi Chemical Group signed an agreement with South Korean cathode producer L&F to explore “strengthening the supply chain for anode materials in countries that have concluded a free trade agreement with the US.”",{"type":594,"attrs":98033,"content":98034},{"textAlign":49},[98035],{"text":98036,"type":599},"Synthetic graphite production is starting to be built in the US, with Anovion this month starting construction on a 40,000 tonne a year plant in Georgia. Epsilon and Novonix are also building capacity. But that won’t be enough to meet market demand. ",{"type":594,"attrs":98038,"content":98039},{"textAlign":49},[98040],{"text":98041,"type":599},"“Finding someone who can develop anode capacity that is IRA compliant is very difficult, because it’s all in China,” Daisy Jennings-Gray, senior analyst at Benchmark. “There are some hopefuls on the synthetic side – but it’s not going to be enough to meet every OEM’s requirements.” ",{"type":594,"attrs":98043,"content":98044},{"textAlign":49},[98045],{"type":1186,"attrs":98046},{"id":49,"alt":547,"src":98047,"title":49,"source":49,"copyright":49,"meta_data":98048},"https://a.storyblok.com/f/287943243085208/745a82d0c2/bm-us-ira-battery-graph.png",{},{"type":657,"attrs":98050,"content":98051},{"level":15966,"textAlign":49},[98052],{"text":98053,"type":599},"4. Costs",{"type":594,"attrs":98055,"content":98056},{"textAlign":49},[98057,98059,98065],{"text":98058,"type":599},"With anode producers in China beginning to use cheaper medium-to-high sulphur feedstocks for synthetic graphite anode material, synthetic graphite is likely to get ",{"text":98060,"type":599,"marks":98061},"cheaper",[98062],{"type":604,"attrs":98063},{"href":98064,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/synthetic-graphite-prices-close-gap-with-natural-as-tolling-fees-fall",{"text":98066,"type":599}," than natural graphite in the near term.  ",{"type":594,"attrs":98068,"content":98069},{"textAlign":49},[98070],{"text":98071,"type":599},"Prices will also likely remain low as the synthetic graphite market is set to remain in oversupply until later this decade, according to Benchmark’s Synthetic Graphite Forecast. ",{"type":594,"attrs":98073,"content":98074},{"textAlign":49},[98075],{"text":98076,"type":599},"Falling prices for finished anode products and midstream precursors have begun to near costs throughout the entire anode value chain.",{"type":594,"attrs":98078,"content":98079},{"textAlign":49},[98080],{"text":98081,"type":599},"Expanding the supply of synthetic graphite anode material derived outside of China to meet forecasts of increasing demand globally will pose a challenge given the significantly lower capex associated with Chinese anode projects. ",{"type":594,"attrs":98083,"content":98084},{"textAlign":49},[98085],{"text":98086,"type":599},"For example, Benchmark calculates that capex intensity per tonne is over 80% higher for projects outside of China. This cost chasm is likely to continue to be an obstacle to ex-China project developments.",{"type":594,"attrs":98088,"content":98089},{"textAlign":49},[98090],{"text":98091,"type":599},"Graphitization is an energy and labour-intensive process, reliant on electricity to reach temperatures of close to 3,000°C.",{"type":594,"attrs":98093,"content":98094},{"textAlign":49},[98095],{"type":1186,"attrs":98096},{"id":49,"alt":547,"src":98097,"title":49,"source":49,"copyright":49,"meta_data":98098},"https://a.storyblok.com/f/287943243085208/fd185ad9fb/bm-pre-calcined-needle-coke-04july.png",{},{"type":657,"attrs":98100,"content":98101},{"level":15966,"textAlign":49},[98102],{"text":98103,"type":599},"5. Chemistry ",{"type":594,"attrs":98105,"content":98106},{"textAlign":49},[98107],{"text":98108,"type":599},"While new silicon-anode chemistries are being developed outside of China, especially in the US, which will boost fast charging and energy density, it will take time for it to reach mass market share and overcome technical difficulties. ",{"type":594,"attrs":98110,"content":98111},{"textAlign":49},[98112],{"text":98113,"type":599},"Graphite silicon anodes are only expected to make up 4% of the anode market share by 2025, according to Benchmark. ",{"type":594,"attrs":98115,"content":98116},{"textAlign":49},[98117],{"text":98118,"type":599},"The share of silicon in the anode is expected to reach between 7% to 10% by next decade, according to Benchmark. ",{"type":594,"attrs":98120,"content":98121},{"textAlign":49},[98122],{"type":1186,"attrs":98123},{"id":49,"alt":547,"src":98124,"title":49,"source":49,"copyright":49,"meta_data":98125},"https://a.storyblok.com/f/287943243085208/be295034d1/bm-the-making-of-an-anode.jpg",{},"Automakers are increasingly using synthetic graphite material in their battery anodes, due to its greater availability and increasingly lower costs. Synthetic anodes are likely to make up 63% of the anode market by 2025, according to Benchmark, as a shortage of flake graphite supply is expected to curb the uptake of natural graphite anodes. Yet […]",[98128],{"slug":544,"name":543,"content":98129},{"job_title":557,"image":98130,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d96f1062-be6f-4631-962e-491f6acb4fbb\", \"id\": \"\"}-->",[98133,98134,98135,98136],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":880,"name":881},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":98138,"copyright":547,"fieldtype":553,"meta_data":98139,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b3e65efb38/bm-battery-anode-picture.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 07, 2023",{"id":98142,"uuid":98143,"name":98144,"slug":98145,"full_slug":98146,"content":98147},112471119739213,"5e3f7019-aa9f-4b40-a9c5-d7690e2639dc","Africa’s critical mineral production poised for rapid growth","africas-critical-mineral-production-poised-for-rapid-growth","article/africas-critical-mineral-production-poised-for-rapid-growth",{"_uid":98148,"date":98149,"tags":98150,"editor":98157,"content":98161,"excerpt":98405,"featured":51,"reporter":98406,"_editable":98410,"component":864,"seo_title":98144,"categories":98411,"visibility":2091,"author_company":49,"featured_image":98419,"seo_description":98405,"author_full_name":49,"author_job_title":49,"formattedDate":98422},"1adb7d8d-55c7-4611-9abb-06087bd0d7ca","2023-07-05 00:00",[98151,98152,98153,98154,98155,98156],{"slug":584,"name":585},{"slug":913,"name":914},{"slug":10093,"name":10094},{"slug":7997,"name":7998},{"slug":69969,"name":69970},{"slug":12525,"name":12526},[98158],{"slug":544,"name":543,"content":98159},{"job_title":557,"image":98160,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":98162},[98163,98179,98184,98194,98199,98204,98217,98224,98229,98246,98257,98268,98279,98284,98289,98294,98313,98318,98323,98328,98333,98338,98350,98355,98360,98365,98370,98375,98380,98385,98390,98395,98400],{"type":594,"attrs":98164,"content":98165},{"textAlign":49},[98166,98171,98173,98177],{"text":98167,"type":599,"marks":98168},"Africa’s mined lithium production",[98169],{"type":604,"attrs":98170},{"href":70122,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":98172,"type":599}," output is set to increase more than ten-fold this decade, according to ",{"text":24541,"type":599,"marks":98174},[98175],{"type":604,"attrs":98176},{"href":92534,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":98178,"type":599},", potentially representing 12% of global supply.",{"type":594,"attrs":98180,"content":98181},{"textAlign":49},[98182],{"text":98183,"type":599},"This will increase the region’s strength in the supply of critical minerals beyond cobalt, which the continent has historically dominated.",{"type":594,"attrs":98185,"content":98186},{"textAlign":49},[98187,98192],{"text":98188,"type":599,"marks":98189},"China has invested heavily across Africa",[98190],{"type":604,"attrs":98191},{"href":70018,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":98193,"type":599}," to help secure access to its critical mineral deposits, potentially putting Western countries on the back foot when it comes to operating in the region.",{"type":594,"attrs":98195,"content":98196},{"textAlign":49},[98197],{"text":98198,"type":599},"A total of 83% of forecast lithium supply is set to come from projects with some form of Chinese involvement, according to Benchmark.",{"type":594,"attrs":98200,"content":98201},{"textAlign":49},[98202],{"text":98203,"type":599},"That’s led to calls for Western mining companies to increase investments in Africa, in order to ensure supplies of minerals for US and European markets. ",{"type":594,"attrs":98205,"content":98206},{"textAlign":49},[98207,98209,98215],{"text":98208,"type":599},"“If the West wants to guard their own sustainability and not be overly dependent on the Eastern world, they are going to have to embrace Africa,” Neal Froneman, chief executive of ",{"text":98210,"type":599,"marks":98211},"Sibanye Stillwater",[98212],{"type":604,"attrs":98213},{"href":98214,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sibanye-seeks-control-of-keliber-in-boost-to-europes-lithium-supply",{"text":98216,"type":599},", said at the London Indaba, an African mining conference, last week.",{"type":594,"attrs":98218,"content":98219},{"textAlign":49},[98220],{"type":1186,"attrs":98221},{"id":49,"alt":547,"src":98222,"title":49,"source":49,"copyright":49,"meta_data":98223},"https://a.storyblok.com/f/287943243085208/a922002833/bm-africa-mineral-shares.png",{},{"type":657,"attrs":98225,"content":98226},{"level":15966,"textAlign":49},[98227],{"text":98228,"type":599},"Africa’s role in the future of critical minerals",{"type":594,"attrs":98230,"content":98231},{"textAlign":49},[98232,98234,98238,98240,98245],{"text":98233,"type":599},"Of the critical battery minerals, cobalt is the one which Africa captures the largest share of the upstream mining. ",{"text":40483,"type":599,"marks":98235},[98236],{"type":604,"attrs":98237},{"href":92040,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":98239,"type":599}," shows that 75% of mined cobalt comes from the continent, with the ",{"text":98241,"type":599,"marks":98242},"vast majority of this coming from the DRC",[98243],{"type":604,"attrs":98244},{"href":83827,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":98247,"content":98248},{"textAlign":49},[98249,98250,98255],{"text":18584,"type":599},{"text":98251,"type":599,"marks":98252},"Indonesian cobalt will eat into this market share",[98253],{"type":604,"attrs":98254},{"href":96737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":98256,"type":599},", the region will maintain a strong 69% of the market in 2030.",{"type":594,"attrs":98258,"content":98259},{"textAlign":49},[98260,98262,98267],{"text":98261,"type":599},"Africa has rich flake graphite reserves, too, and is expected to grow production from 19% of global supply this year to 39% in 2030, according to ",{"text":76538,"type":599,"marks":98263},[98264],{"type":604,"attrs":98265},{"href":98266,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/natural-graphite",{"text":974,"type":599},{"type":594,"attrs":98269,"content":98270},{"textAlign":49},[98271,98272,98277],{"text":3007,"type":599},{"text":2504,"type":599,"marks":98273},[98274],{"type":604,"attrs":98275},{"href":98276,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/flake-graphite-production-in-africa-set-to-overtake-china-this-decade",{"text":98278,"type":599},", unlike cobalt and lithium, non-Chinese companies are the dominant investors on the continent. ",{"type":594,"attrs":98280,"content":98281},{"textAlign":49},[98282],{"text":98283,"type":599},"In lithium, Benchmark’s Lithium Forecast shows that the region is expected to account for just 4% of global mined lithium supply this year. However, by 2033 its market share is forecast to triple to 12% of global supply.",{"type":594,"attrs":98285,"content":98286},{"textAlign":49},[98287],{"text":98288,"type":599},"Sinomine’s Bikita project in Zimbabwe started operations this year, giving it a forecasted 15kt LCE of output in 2023, increasing to 40kt LCE by 2025.",{"type":657,"attrs":98290,"content":98291},{"level":15966,"textAlign":49},[98292],{"text":98293,"type":599},"Capturing the value add",{"type":594,"attrs":98295,"content":98296},{"textAlign":49},[98297,98299,98304,98306,98311],{"text":98298,"type":599},"Some African countries want to increase the amount of value they extract from these minerals before they get exported. ",{"text":98300,"type":599,"marks":98301},"Namibia recently banned exports",[98302],{"type":604,"attrs":98303},{"href":67728,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":98305,"type":599}," of non-beneficiated ores of critical minerals including lithium following in the footsteps of ",{"text":98307,"type":599,"marks":98308},"Zimbabwe who passed similar legislation",[98309],{"type":604,"attrs":98310},{"href":26533,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":98312,"type":599}," in December last year.",{"type":594,"attrs":98314,"content":98315},{"textAlign":49},[98316],{"text":98317,"type":599},"Last month, Namibia banned the export of unprocessed lithium, cobalt, manganese, graphite and rare earth minerals.",{"type":594,"attrs":98319,"content":98320},{"textAlign":49},[98321],{"text":98322,"type":599},"“This prohibition applies strictly to unprocessed critical minerals. Value should be added at least up to the concentrate, carbonate/hydroxide level,” Andreas Simon, a spokesperson for Namibia’s Ministry of Mines and Energy, said.",{"type":594,"attrs":98324,"content":98325},{"textAlign":49},[98326],{"text":98327,"type":599},"Northern Graphite, a Canadian graphite producer operating in Namibia, processes graphite mined at its Okanjande facility into a graphite concentrate. Its chief executive Hugues Jacquemin said that Namibian export ban “should have no bearing on our plans to mine and process graphite bearing resources into concentrate” at their facility.",{"type":657,"attrs":98329,"content":98330},{"level":15966,"textAlign":49},[98331],{"text":98332,"type":599},"Playing with fire",{"type":594,"attrs":98334,"content":98335},{"textAlign":49},[98336],{"text":98337,"type":599},"However, such bans may contravene World Trade Organisation rules, Peter Leon, a partner and Global Africa chair at international law firm Herbert Smith Freehills, said at the Indaba.",{"type":594,"attrs":98339,"content":98340},{"textAlign":49},[98341,98343,98349],{"text":98342,"type":599},"Leon warned attendees of the Indaba that export bans may contravene legislation set by the World Trade Organisation, specifically the rules regarding quantitative restrictions laid out in ",{"text":98344,"type":599,"marks":98345},"Article XI of the General Agreement on Tariffs and Trade",[98346],{"type":604,"attrs":98347},{"href":98348,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.wto.org/english/docs_e/legal_e/gatt47_01_e.htm#articleXI",{"text":974,"type":599},{"type":594,"attrs":98351,"content":98352},{"textAlign":49},[98353],{"text":98354,"type":599},"The first paragraph of the Article states that countries cannot prohibit or restrict a product except through “duties, taxes or other charges”.",{"type":594,"attrs":98356,"content":98357},{"textAlign":49},[98358],{"text":98359,"type":599},"“When you combine the export ban with domestic processing, you are really playing with fire,” Leon said at the London Indaba.",{"type":594,"attrs":98361,"content":98362},{"textAlign":49},[98363],{"text":98364,"type":599},"In December 2020, Indonesia banned the export of nickel ore.",{"type":594,"attrs":98366,"content":98367},{"textAlign":49},[98368],{"text":98369,"type":599},"However, the European Union filed a complaint against the country with the WTO saying the export ban went against several articles including Article XI and risked its stainless steel industry.",{"type":594,"attrs":98371,"content":98372},{"textAlign":49},[98373],{"text":98374,"type":599},"In November 2022, the WTO ruled in the EU’s favour, though Indonesia has appealed. However as the Appellate Board is currently non-operational both parties have agreed that the appeal process will begin once the board resumes operation.",{"type":594,"attrs":98376,"content":98377},{"textAlign":49},[98378],{"text":98379,"type":599},"Such a ruling could set a precedent for appeals against Namibia and Zimbabwe, though the non-functional nature of the appeals process could complicate matters.",{"type":657,"attrs":98381,"content":98382},{"level":15966,"textAlign":49},[98383],{"text":98384,"type":599},"The challenge of moving up the value chain ",{"type":594,"attrs":98386,"content":98387},{"textAlign":49},[98388],{"text":98389,"type":599},"Despite Africa’s growing presence in the mining of critical raw materials, it remains a bit player in the value chain further downstream. The continent is forecast by Benchmark to produce just 0.1% of lithium chemicals in 2030 and 0.2% of spherical graphite.",{"type":594,"attrs":98391,"content":98392},{"textAlign":49},[98393],{"text":98394,"type":599},"Africa has a greater share of the refining of cobalt than the other critical minerals, but even so, is forecast by Benchmark to capture just 4.9% of this market in 2030 despite 69% of mined cobalt coming from the continent in that year.",{"type":594,"attrs":98396,"content":98397},{"textAlign":49},[98398],{"text":98399,"type":599},"This article is an example of the regular analysis provided on Benchmark Source.",{"type":594,"attrs":98401,"content":98402},{"textAlign":49},[98403],{"text":98404,"type":599},"Please fill in the form below to request a free trial of Benchmark Source to experience the service:","Africa’s mined lithium production output is set to increase more than ten-fold this decade, according to Benchmark’s Lithium Forecast, potentially representing 12% of global supply. This will increase the region’s strength in the supply of critical minerals beyond cobalt, which the continent has historically dominated. China has invested heavily across Africa to help secure access […]",[98407],{"slug":544,"name":543,"content":98408},{"job_title":557,"image":98409,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1adb7d8d-55c7-4611-9abb-06087bd0d7ca\", \"id\": \"\"}-->",[98412,98413,98414,98415,98416,98417,98418],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4330,"name":150},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":98420,"copyright":547,"fieldtype":553,"meta_data":98421,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/adfcf9a445/bm-3.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 05, 2023",{"id":98424,"uuid":98425,"name":98426,"slug":98427,"full_slug":98428,"content":98429},112471124695374,"51906789-2c5d-4a75-8f6e-644227b60b70","From Skyfall to Scale: 9 years of Benchmark – CEO comment","from-skyfall-to-scale-9-years-of-benchmark-ceo-comment","article/from-skyfall-to-scale-9-years-of-benchmark-ceo-comment",{"_uid":98430,"date":98431,"tags":98432,"editor":98435,"content":98439,"excerpt":98834,"featured":50,"reporter":98835,"_editable":98839,"component":864,"seo_title":98426,"categories":98840,"visibility":2091,"author_company":11314,"featured_image":98843,"seo_description":98834,"author_full_name":38267,"author_job_title":98846,"formattedDate":98847},"e94d6e04-fc6d-43a4-a320-493977755c43","2023-07-03 00:00",[98433,98434],{"slug":9655,"name":9656},{"slug":11313,"name":11314},[98436],{"slug":544,"name":543,"content":98437},{"job_title":557,"image":98438,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":98440},[98441,98452,98463,98468,98479,98484,98489,98494,98499,98504,98509,98514,98527,98532,98537,98542,98547,98552,98557,98562,98567,98572,98577,98605,98610,98615,98620,98625,98630,98635,98647,98657,98662,98671,98676,98681,98686,98691,98696,98701,98706,98711,98716,98721,98726,98731,98736,98747,98752,98757,98762,98767,98772,98777,98782,98787,98792,98797,98802],{"type":594,"attrs":98442,"content":98443},{"textAlign":49},[98444,98448],{"text":98445,"type":599,"marks":98446},"This an internal CEO comment that we have decided to make public to give some insight into the Team Benchmark operation, especially for customers",[98447],{"type":643},{"text":98449,"type":599,"marks":98450},"who have been with us for many years.",[98451],{"type":643},{"type":594,"attrs":98453,"content":98454},{"textAlign":49},[98455,98457,98462],{"text":98456,"type":599},"We are in a unique moment in history, not just for the entire lithium ion battery and electric vehicle thematic but for ",{"text":98458,"type":599,"marks":98459},"Team Benchmark",[98460],{"type":604,"attrs":98461},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":98464,"content":98465},{"textAlign":49},[98466],{"text":98467,"type":599},"The world is in the midst of a global battery arms race … but we know that story already.",{"type":594,"attrs":98469,"content":98470},{"textAlign":49},[98471,98473,98477],{"text":98472,"type":599},"The story of ",{"text":9653,"type":599,"marks":98474},[98475],{"type":604,"attrs":98476},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":98478,"type":599},"’s rise is nearly as remarkable as the speed at which the world is ramping batteries and their supply chains.",{"type":594,"attrs":98480,"content":98481},{"textAlign":49},[98482],{"text":98483,"type":599},"Founded in 2014, Benchmark was an idea and a passion that really only became a business between 2016 and 2017.",{"type":594,"attrs":98485,"content":98486},{"textAlign":49},[98487],{"text":98488,"type":599},"Benchmark was designed specifically for what our primary function still is to this day: to collect the world’s most accurate and reliable prices and supply chain data to enable the biggest decisions of our industry.",{"type":594,"attrs":98490,"content":98491},{"textAlign":49},[98492],{"text":98493,"type":599},"We are a business that has been built from scratch to be plugged directly into this Energy Transition: our products, our quality, our culture, our brand, and our reputation are centred on this.",{"type":594,"attrs":98495,"content":98496},{"textAlign":49},[98497],{"text":98498,"type":599},"We are the world’s only major commodity publisher not to retrofit or rebrand legacy activities into the Energy Transition.",{"type":594,"attrs":98500,"content":98501},{"textAlign":49},[98502],{"text":98503,"type":599},"The very essence of what Benchmark is, is what we say we do.",{"type":594,"attrs":98505,"content":98506},{"textAlign":49},[98507],{"text":98508,"type":599},"This creates an honesty, a simplicity and integrity for clients that is unmatched.",{"type":594,"attrs":98510,"content":98511},{"textAlign":49},[98512],{"text":98513,"type":599},"Benchmark collects first hand data by analysts that truly know what they are talking about: this is what we did in 2014 and what we still do today.",{"type":594,"attrs":98515,"content":98516},{"textAlign":49},[98517,98519,98525],{"text":98518,"type":599},"Our prices set new ",{"text":98520,"type":599,"marks":98521},"IOSCO regulation",[98522],{"type":604,"attrs":98523},{"href":98524,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/blog-archive/ey-awards-highest-iosco-assurance-for-benchmark-minerals-lithium-prices/",{"text":98526,"type":599}," standards – no one in the world has passed this level of audit rigour besides Benchmark.",{"type":594,"attrs":98528,"content":98529},{"textAlign":49},[98530],{"text":98531,"type":599},"Our supply chain data has depth that is unrivalled … it even breaks excel spread- sheets.",{"type":594,"attrs":98533,"content":98534},{"textAlign":49},[98535],{"text":98536,"type":599},"Our consistency to get to these levels, maintain them and, in many cases, still have the energy to surpass them has been incredible to watch.",{"type":594,"attrs":98538,"content":98539},{"textAlign":49},[98540],{"text":98541,"type":599},"No one in world publishing is anywhere near our level – and these are major corporations trying with all their might to compete for many many years now.",{"type":594,"attrs":98543,"content":98544},{"textAlign":49},[98545],{"text":98546,"type":599},"Our data is the core to our wider intelligence and knowledge building activities.",{"type":594,"attrs":98548,"content":98549},{"textAlign":49},[98550],{"text":98551,"type":599},"When you combine first hand data with first hand knowledge and experience, you create powerful analysis which is showcased at its best in our consultancy division.",{"type":594,"attrs":98553,"content":98554},{"textAlign":49},[98555],{"text":98556,"type":599},"This is a division that drives multi billion dollar raw material contract decisions, mine and gigafactory build out and EV plans.",{"type":594,"attrs":98558,"content":98559},{"textAlign":49},[98560],{"text":98561,"type":599},"Within that consultancy process, where our senior analysts engage directly with battery supply chain participants on a project by project basis, the Benchmark brand is taken to new levels and our data is further embedded into the workflow of the industry.",{"type":594,"attrs":98563,"content":98564},{"textAlign":49},[98565],{"text":98566,"type":599},"It’s one thing being a price and data provider through subscriptions, but it’s a different ball game telling companies how to view these markets and what the best options to further their business is – a powerful position.",{"type":594,"attrs":98568,"content":98569},{"textAlign":49},[98570],{"text":98571,"type":599},"A third pillar, and one that elevates Benchmark from a special company to one with an X-Factor, is influence.",{"type":594,"attrs":98573,"content":98574},{"textAlign":49},[98575],{"text":98576,"type":599},"Our engagement with governments around the world – the highest level of government is as unprecedented as it is un- rivalled.",{"type":594,"attrs":98578,"content":98579},{"textAlign":49},[98580,98582,98588,98590,98596,98598,98603],{"text":98581,"type":599},"Being invited to sit in front of the ",{"text":98583,"type":599,"marks":98584},"US Senate",[98585],{"type":604,"attrs":98586},{"href":98587,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/blog-archive/benchmarks-minerals-simon-moores-warns-senate-us-a-bystander-in-battery-raw-materials/",{"text":98589,"type":599}," (multiple times), the ",{"text":98591,"type":599,"marks":98592},"House of Commons",[98593],{"type":604,"attrs":98594},{"href":98595,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/benchmark-contributes-to-uk-business-and-trade-committee-discussion-on-batteries-and-evs",{"text":98597,"type":599},", the Canadian ",{"text":98591,"type":599,"marks":98599},[98600],{"type":604,"attrs":98601},{"href":98602,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/canada-can-create-upstream-ev-battery-blueprint-benchmarks-moores-tells-parliament",{"text":98604,"type":599}," and the G7 to name a few, is a hell of an achievement.",{"type":594,"attrs":98606,"content":98607},{"textAlign":49},[98608],{"text":98609,"type":599},"As a client once told us in 2020 about the US Senate appearances: “Lightening doesn’t strike twice in the same place… three times and something different is going on.”",{"type":594,"attrs":98611,"content":98612},{"textAlign":49},[98613],{"text":98614,"type":599},"The private government meetings are even more next level.",{"type":594,"attrs":98616,"content":98617},{"textAlign":49},[98618],{"text":98619,"type":599},"We are on three government committees (two in the UK and one in the USA) … and more will come for us all.",{"type":594,"attrs":98621,"content":98622},{"textAlign":49},[98623],{"text":98624,"type":599},"The work the entire team does to take that one bit of data – plant that one small seed – and grow it into The General Sherman Tree (the world’s biggest tree, I Googled it) is an incredible achievement.",{"type":594,"attrs":98626,"content":98627},{"textAlign":49},[98628],{"text":98629,"type":599},"From our editorial first approach to building the engines of subscription sales, marketing and technology to make this happen – and to keep growing – is special.",{"type":594,"attrs":98631,"content":98632},{"textAlign":49},[98633],{"text":98634,"type":599},"This is something major corporations do, it is not something a company with 150 people and rising does.",{"type":594,"attrs":98636,"content":98637},{"textAlign":49},[98638,98640,98645],{"text":98639,"type":599},"Yet, while Benchmark’s ",{"text":98641,"type":599,"marks":98642},"data and knowledge",[98643],{"type":604,"attrs":98644},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":98646,"type":599}," is the bedrock of our industry, the engines (Subscription Sales, Marketing, Technology) are the bedrock of Benchmark.",{"type":594,"attrs":98648,"content":98649},{"textAlign":49},[98650,98652,98656],{"text":98651,"type":599},"Our community has a home only because we have built a global series of world class events (Gigafactories, World Tour, Benchmark Week) and an entry point to the Benchmark universe with ",{"text":16154,"type":599,"marks":98653},[98654],{"type":604,"attrs":98655},{"href":71630,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":98658,"content":98659},{"textAlign":49},[98660],{"text":98661,"type":599},"Events allow us to meet the highest profile of people in our industry, to feel like they are a part of this Benchmark movement, and to likewise give the highest profile of people a stage.",{"type":594,"attrs":98663,"content":98664},{"textAlign":49},[98665,98669],{"text":16154,"type":599,"marks":98666},[98667],{"type":604,"attrs":98668},{"href":71630,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":98670,"type":599}," has evolved into something really unique, allowing us to generate content that – like events – builds communities and grows our customer base … providing an entry point into Benchmark for stakeholders of any level.",{"type":594,"attrs":98672,"content":98673},{"textAlign":49},[98674],{"text":98675,"type":599},"Our investment into these divisions has turned the team headcount balance 180 degrees, from a business dominated by analysts in 2022 – understandable as a industry first company – to one that now is far more balanced with sales, marketing, technology focused team members.",{"type":594,"attrs":98677,"content":98678},{"textAlign":49},[98679],{"text":98680,"type":599},"It’s commonly said – and probably too much in the wider world – but this would not work without the right people and personalities to make it happen.",{"type":594,"attrs":98682,"content":98683},{"textAlign":49},[98684],{"text":98685,"type":599},"Companies and management teams like to say this stuff without actually living it.",{"type":594,"attrs":98687,"content":98688},{"textAlign":49},[98689],{"text":98690,"type":599},"But in Benchmark it is pretty clear this could not be more true.",{"type":594,"attrs":98692,"content":98693},{"textAlign":49},[98694],{"text":98695,"type":599},"The genuinely positive vibe of our past meetings and AGMs and the way different divisions network and enjoy each other’s com- pany is there for all to see.",{"type":594,"attrs":98697,"content":98698},{"textAlign":49},[98699],{"text":98700,"type":599},"Without Team Benchmark’s ability to pick the right people – and say goodbye to the ones that do not quite work – we would not be growing as quickly as we are, and worse, we would grind to a halt.",{"type":594,"attrs":98702,"content":98703},{"textAlign":49},[98704],{"text":98705,"type":599},"The most ordinary of your day to day actions turn increasingly bigger and big- ger cogs that keep the entire Benchmark operation moving forward.",{"type":594,"attrs":98707,"content":98708},{"textAlign":49},[98709],{"text":98710,"type":599},"Your actions have turned Benchmark into the world’s most important and influential publishing business in our space.",{"type":594,"attrs":98712,"content":98713},{"textAlign":49},[98714],{"text":98715,"type":599},"We invest where others fear to.",{"type":594,"attrs":98717,"content":98718},{"textAlign":49},[98719],{"text":98720,"type":599},"We are the first business in the commodity world to go from start up and scale up for more than a generation.",{"type":594,"attrs":98722,"content":98723},{"textAlign":49},[98724],{"text":98725,"type":599},"The Benchmark management team invests where others either fear to, or where others do not even think to and we do so on a super long term horizon.",{"type":594,"attrs":98727,"content":98728},{"textAlign":49},[98729],{"text":98730,"type":599},"Pointing the ship in the right direction, trusting the blueprint, not flinching when roadbumps occur, and turning up each day to simply put in a shift – even when it is a hard grind – is something we are genuinely world class at.",{"type":594,"attrs":98732,"content":98733},{"textAlign":49},[98734],{"text":98735,"type":599},"That must not change.",{"type":594,"attrs":98737,"content":98738},{"textAlign":49},[98739,98745],{"text":98740,"type":599,"marks":98741},"Project Skyfall",[98742],{"type":604,"attrs":98743},{"href":98744,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/project-skyfall-ushers-in-new-era-for-benchmark-restructure-expand-evolve",{"text":98746,"type":599}," has taken us to new heights, is giving us brand new challenges and has created an environment in constant flux.",{"type":594,"attrs":98748,"content":98749},{"textAlign":49},[98750],{"text":98751,"type":599},"Yet with all of these new challenges, it still feels like day one with so much more to achieve.",{"type":594,"attrs":98753,"content":98754},{"textAlign":49},[98755],{"text":98756,"type":599},"And at the same time we are fast approaching a decade of Benchmark – next year will be our “La Decima”.",{"type":594,"attrs":98758,"content":98759},{"textAlign":49},[98760],{"text":98761,"type":599},"It was something we joked about in 2015, yet we now stare down the barrel of ten years of Benchmark.",{"type":594,"attrs":98763,"content":98764},{"textAlign":49},[98765],{"text":98766,"type":599},"Suffice to say, leave it with the management team to plan something fitting for AGM 2024.",{"type":594,"attrs":98768,"content":98769},{"textAlign":49},[98770],{"text":98771,"type":599},"The AGM serves more than a function of just getting the team together and learning about different parts of the business.",{"type":594,"attrs":98773,"content":98774},{"textAlign":49},[98775],{"text":98776,"type":599},"It provides us with a moment in time to reflect on what we have all achieved both individually and, most critically, as a collective.",{"type":594,"attrs":98778,"content":98779},{"textAlign":49},[98780],{"text":98781,"type":599},"The AGM affords us this moment to be thankful for everyone that has made it happen.",{"type":594,"attrs":98783,"content":98784},{"textAlign":49},[98785],{"text":98786,"type":599},"For me this is perhaps the most important thing for the AGM and I urge you all to enjoy the moment with your team members.",{"type":594,"attrs":98788,"content":98789},{"textAlign":49},[98790],{"text":98791,"type":599},"Because what we have is unique and special, but the best is yet to come.",{"type":594,"attrs":98793,"content":98794},{"textAlign":49},[98795],{"text":98796,"type":599},"Yet we all need to stay mindful that tomorrow’s success is not today’s success, it has to be earned every day.",{"type":594,"attrs":98798,"content":98799},{"textAlign":49},[98800],{"text":98801,"type":599},"See you at work.",{"type":594,"attrs":98803,"content":98804},{"textAlign":49},[98805,98809,98813,98820,98824,98831],{"text":98806,"type":599,"marks":98807},"Interested in joining the team? We are welcoming new team members from around the world. Our mantra is personality first, experience second.",[98808],{"type":643},{"text":98810,"type":599,"marks":98811},"Join Team Benchmark, visit ",[98812],{"type":643},{"text":98814,"type":599,"marks":98815},"this page",[98816,98819],{"type":604,"attrs":98817},{"href":98818,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/join-us/",{"type":643},{"text":98821,"type":599,"marks":98822},", or email us at ",[98823],{"type":643},{"text":98825,"type":599,"marks":98826},"careers@benchmarkminerals.com",[98827,98830],{"type":604,"attrs":98828},{"href":98829,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:careers@benchmarkminerals.com",{"type":643},{"text":974,"type":599,"marks":98832},[98833],{"type":643},"This an internal CEO comment that we have decided to make public to give some insight into the Team Benchmark operation, especially for customers who have been with us for many years. We are in a unique moment in history, not just for the entire lithium ion battery and electric vehicle thematic but for Team […]",[98836],{"slug":544,"name":543,"content":98837},{"job_title":557,"image":98838,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e94d6e04-fc6d-43a4-a320-493977755c43\", \"id\": \"\"}-->",[98841,98842],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":98844,"copyright":547,"fieldtype":553,"meta_data":98845,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2de2717276/bm-agm-2023-source-article-header.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"CEO ","Jul 03, 2023",{"id":98849,"uuid":98850,"name":98851,"slug":98852,"full_slug":98853,"content":98854},112471129577807,"f85371cc-ac75-4603-b440-98eb6f882c2d","UK set to begin lithium mining as France’s Imerys agrees deal with British Lithium","uk-set-to-begin-lithium-mining-as-frances-imerys-agrees-deal-with-british-lithium","article/uk-set-to-begin-lithium-mining-as-frances-imerys-agrees-deal-with-british-lithium",{"_uid":98855,"date":98856,"tags":98857,"editor":98861,"content":98865,"excerpt":99057,"featured":51,"reporter":99058,"_editable":99062,"component":864,"seo_title":98851,"categories":99063,"visibility":882,"author_company":49,"featured_image":99067,"seo_description":99057,"author_full_name":49,"author_job_title":49,"formattedDate":99070},"206a4ad4-3959-4285-a3ad-98d96924c351","2023-06-30 00:00",[98858,98859,98860],{"slug":24485,"name":24486},{"slug":24499,"name":24500},{"slug":16791,"name":16792},[98862],{"slug":544,"name":543,"content":98863},{"job_title":557,"image":98864,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":98866},[98867,98872,98877,98890,98895,98907,98912,98924,98931,98944,98949,98954,98959,98964,98969,98974,98979,98984,98989,98994,98999,99004,99009,99014,99019,99024,99029,99036,99045,99050],{"type":594,"attrs":98868,"content":98869},{"textAlign":49},[98870],{"text":98871,"type":599},"Imerys, the French mining and processing company, has signed a deal with startup British Lithium to mine and process lithium in Cornwall, in what will be the first integrated facility in the UK. ",{"type":594,"attrs":98873,"content":98874},{"textAlign":49},[98875],{"text":98876,"type":599},"The JV aims to produce 20,000 tonnes LCE a year of lithium carbonate at the site, enough for around 500,000 electric vehicles, with production due to start in 2028. The lithium will be mined at an existing Imerys-owned mining site and processed at a nearby refinery. ",{"type":594,"attrs":98878,"content":98879},{"textAlign":49},[98880,98882,98888],{"text":98881,"type":599},"This announcement could expand production of ",{"text":98883,"type":599,"marks":98884},"lithium in Europe",[98885],{"type":604,"attrs":98886},{"href":98887,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-europe-is-on-a-mission-to-secure-critical-minerals-heres-three-things-it-should-do",{"text":98889,"type":599},", which is the second-largest electric vehicle market after China, yet mines less than 1% of the global supply. ",{"type":594,"attrs":98891,"content":98892},{"textAlign":49},[98893],{"text":98894,"type":599},"“[Lithium] is key for Europe’s independence,” Alessandro Dazza, chief executive of Imerys, said. “Today Europe and the UK import most of their lithium, therefore securing lithium production and supply is a matter of sovereignty.” ",{"type":594,"attrs":98896,"content":98897},{"textAlign":49},[98898,98900,98906],{"text":98899,"type":599},"It comes at a time when mining projects have struggled to receive permitting and move into production on the continent. The largest European lithium project, the Jadar mine in Serbia owned by Rio Tinto, had its ",{"text":98901,"type":599,"marks":98902},"permits withdrawn by the government last year",[98903],{"type":604,"attrs":98904},{"href":98905,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europes-lithium-supply-outlook-worsens-as-serbia-cancels-rio-tintos-plans",{"text":58825,"type":599},{"type":594,"attrs":98908,"content":98909},{"textAlign":49},[98910],{"text":98911,"type":599},"It also brings hope to the UK sector, after Cornish Lithium this week said it faced an uncertain future if it could not secure £10 million ($12.1 million) by the end of July.",{"type":594,"attrs":98913,"content":98914},{"textAlign":49},[98915,98917,98922],{"text":98916,"type":599},"The UK would need ",{"text":98918,"type":599,"marks":98919},"160,000 tonnes of lithium LCE",[98920],{"type":604,"attrs":98921},{"href":74370,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":98923,"type":599}," by 2030 to meet its forecast 200 gigawatt hours demand for batteries, according to Benchmark. In terms of Europe, Benchmark forecasts lithium chemical supply to rise to 110,000 tonnes LCE by 2030, less than 5% of global supply. ",{"type":594,"attrs":98925,"content":98926},{"textAlign":49},[98927],{"type":1186,"attrs":98928},{"id":49,"alt":547,"src":98929,"title":49,"source":49,"copyright":49,"meta_data":98930},"https://a.storyblok.com/f/287943243085208/b6abc7bb1d/bm-europe-lithium.png",{},{"type":594,"attrs":98932,"content":98933},{"textAlign":49},[98934,98936,98942],{"text":98935,"type":599},"The UK is falling behind in the global race towards clean energy, the official Climate Change Committee warned this week, saying “the UK is ",{"text":98937,"type":599,"marks":98938},"missing a window of opportunity",[98939],{"type":604,"attrs":98940},{"href":98941,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-to-be-a-battery-leader-the-uk-needs-to-act-quickly",{"text":98943,"type":599}," to compete in key sectors such as battery manufacturing.”",{"type":594,"attrs":98945,"content":98946},{"textAlign":49},[98947],{"text":98948,"type":599},"“This joint venture between Imerys and British Lithium will strengthen our domestic supply of critical minerals, which is vitally important as we seek to grow the UK’s advanced manufacturing industry and help create the jobs of the future,” Kemi Badenoch, the UK’s Business and Trade Secretary, said.",{"type":657,"attrs":98950,"content":98951},{"level":15966,"textAlign":49},[98952],{"text":98953,"type":599},"Imerys goes big on lithium",{"type":594,"attrs":98955,"content":98956},{"textAlign":49},[98957],{"text":98958,"type":599},"The deal comes after Imerys announced this month it had produced the first battery-grade lithium hydroxide from its Beauvoir quarry in France, which it said last year could produce 34,000 tonnes of lithium hydroxide starting in 2028.",{"type":594,"attrs":98960,"content":98961},{"textAlign":49},[98962],{"text":98963,"type":599},"Imerys, which has a market capitalisation of $3.3 billion, says it will now become the largest integrated producer of lithium in Europe this decade. It aims to become a “leading supplier on the European battery market.” ",{"type":594,"attrs":98965,"content":98966},{"textAlign":49},[98967],{"text":98968,"type":599},"Imerys’ already mines in Cornwall, where it produces around one million tonnes of kaolin each year, meaning separate permitting is not needed for the mine. ",{"type":594,"attrs":98970,"content":98971},{"textAlign":49},[98972],{"text":98973,"type":599},"The company says a drilling programme and pre feasibility study (PFS) are in progress for the project with British Lithium. Costs of production could be between $7,000 to $9,000 a tonne, according to Daniel Fletcher-Manuel, head of prices at Benchmark. ",{"type":594,"attrs":98975,"content":98976},{"textAlign":49},[98977],{"text":98978,"type":599},"Imerys’ CEO did not reveal an estimated capital cost for the Cornwall plant but said the cost of building the company’s Emili lithium project in France would cost a 1 billion euros. Cornwall “will probably be a bit easier” as there is no underground mining, he said, though the grade is lower. ",{"type":594,"attrs":98980,"content":98981},{"textAlign":49},[98982],{"text":98983,"type":599},"While the material is likely to go to the UK market, it could also be eligible for subsidies under the US Inflation Reduction Act, under a deal struck between the UK and US this month, he said. ",{"type":657,"attrs":98985,"content":98986},{"level":15966,"textAlign":49},[98987],{"text":98988,"type":599},"Lithium in Cornwall",{"type":594,"attrs":98990,"content":98991},{"textAlign":49},[98992],{"text":98993,"type":599},"British Lithium has been drilling and exploring land in Cornwall owned by Imerys since 2017. The deposit it is developing is a lithium mica contained in granite. ",{"type":594,"attrs":98995,"content":98996},{"textAlign":49},[98997],{"text":98998,"type":599},"The company will produce a mica concentrate at an onsite beneficiation facility before it is converted to battery-grade  lithium carbonate at a co-located refinery. The company claims the lithium resources can support a mine life of 30 years with production of 20,000 tonnes LCE. ",{"type":594,"attrs":99000,"content":99001},{"textAlign":49},[99002],{"text":99003,"type":599},"British Lithium said it successfully produced battery-grade lithium carbonate for the first time in 2021 from a pilot plant. The company is supported by funds from Innovate UK and the Automotive Transformation Fund.",{"type":594,"attrs":99005,"content":99006},{"textAlign":49},[99007],{"text":99008,"type":599},"Imerys will take an 80% stake in the JV, with British Lithium taking the remaining 20%.",{"type":657,"attrs":99010,"content":99011},{"level":15966,"textAlign":49},[99012],{"text":99013,"type":599},"Other UK lithium projects",{"type":594,"attrs":99015,"content":99016},{"textAlign":49},[99017],{"text":99018,"type":599},"Elsewhere in Cornwall, startup Cornish lithium is exploring two mine sites. Its Trelavour site is also a mica-containing granite project. It has licensed technology from Australia’s Lepidico to produce battery-grade lithium hydroxide from this feedstock. Its United Downs site is planned to use geothermal direct lithium extraction and the company is exploring a variety of technologies to enable this.",{"type":594,"attrs":99020,"content":99021},{"textAlign":49},[99022],{"text":99023,"type":599},"However, Cornish Lithium said in its annual report this week that the needed £10 million ($12.1 million) to meet its financial commitments and continue operations for the next 12 months.",{"type":594,"attrs":99025,"content":99026},{"textAlign":49},[99027],{"text":99028,"type":599},"Leverton Lithium is the only manufacturer of lithium chemicals currently operating in the UK. The company has a combined production of around 4,000 tonnes LCE of lithium carbonate and lithium hydroxide. Leverton has a 50:50 joint venture with Germany’s Helm to scale-up its battery-grade chemical production capabilities.",{"type":594,"attrs":99030,"content":99031},{"textAlign":49},[99032],{"type":1186,"attrs":99033},{"id":49,"alt":547,"src":99034,"title":49,"source":49,"copyright":49,"meta_data":99035},"https://a.storyblok.com/f/287943243085208/3d8936f289/bm-uk-by-rank.png",{},{"type":594,"attrs":99037,"content":99038},{"textAlign":49},[99039,99043],{"text":86779,"type":599,"marks":99040},[99041],{"type":604,"attrs":99042},{"href":24585,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":99044,"type":599}," hopes to produce lithium chemicals in the UK this decade. It is building a lithium hydroxide refinery in Teesside in the northeast of England targeting 50,000 tonnes LCE of lithium hydroxide, with production planned to start in 2026. Construction is due to begin next year.",{"type":594,"attrs":99046,"content":99047},{"textAlign":49},[99048],{"text":99049,"type":599},"Tees Valley Lithium, wholly owned by Alkemy Capital Investments, is also looking at Teesside for its refinery that is planned to convert lithium sulphate, brine, and technical grade carbonate into battery grade chemicals. They are targeting 96,000 tonnes of lithium hydroxide, which would make them the largest lithium chemicals producer in Europe.",{"type":594,"attrs":99051,"content":99052},{"textAlign":49},[99053],{"type":1186,"attrs":99054},{"id":49,"alt":547,"src":99055,"title":49,"source":49,"copyright":49,"meta_data":99056},"https://a.storyblok.com/f/287943243085208/230316bf12/bm-uk-by-comapny.png",{},"Imerys, the French mining and processing company, has signed a deal with startup British Lithium to mine and process lithium in Cornwall, in what will be the first integrated facility in the UK. The JV aims to produce 20,000 tonnes LCE a year of lithium carbonate at the site, enough for around 500,000 electric vehicles, […]",[99059],{"slug":544,"name":543,"content":99060},{"job_title":557,"image":99061,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"206a4ad4-3959-4285-a3ad-98d96924c351\", \"id\": \"\"}-->",[99064,99065,99066],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":99068,"copyright":547,"fieldtype":553,"meta_data":99069,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fefdfb8185/bm-british-lithium-23-may-23-lo-res-70.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 30, 2023",{"id":99072,"uuid":99073,"name":99074,"slug":99075,"full_slug":99076,"content":99077},112471139264849,"7d26919a-25b6-4394-b436-bca08bb32eb9","Europe’s first anode plant nears construction as EIB agrees €150 million Talga loan","europes-first-anode-plant-nears-construction-as-eib-agrees-e150-million-talga-loan","article/europes-first-anode-plant-nears-construction-as-eib-agrees-e150-million-talga-loan",{"_uid":99078,"date":99079,"tags":99080,"editor":99083,"content":99087,"excerpt":99231,"featured":51,"reporter":99232,"_editable":99236,"component":864,"seo_title":99074,"categories":99237,"visibility":882,"author_company":49,"featured_image":99243,"seo_description":99231,"author_full_name":49,"author_job_title":49,"formattedDate":99246},"d5b24756-0316-4957-8b34-81c771ee1ab5","2023-06-28 00:00",[99081,99082],{"slug":2497,"name":261},{"slug":2504,"name":2504},[99084],{"slug":544,"name":543,"content":99085},{"job_title":557,"image":99086,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":99088},[99089,99101,99106,99111,99123,99128,99138,99143,99148,99155,99160,99165,99170,99175,99180,99185,99190,99195,99200,99205,99210,99215,99226],{"type":594,"attrs":99090,"content":99091},{"textAlign":49},[99092,99094,99099],{"text":99093,"type":599},"The European Investment Bank has approved a 150 million euro ($164 million) loan to Talga Group’s graphite mine and anode plant in Sweden, as the European Union ",{"text":99095,"type":599,"marks":99096},"looks",[99097],{"type":604,"attrs":99098},{"href":74030,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":99100,"type":599}," to reduce reliance on China for the battery material. ",{"type":594,"attrs":99102,"content":99103},{"textAlign":49},[99104],{"text":99105,"type":599},"The board approved the loan to the Vittangi Anode project this month, which aims to produce 19,500 tonnes a year of coated natural graphite anode materials for batteries, enough for around 300,000 electric vehicles.",{"type":594,"attrs":99107,"content":99108},{"textAlign":49},[99109],{"text":99110,"type":599},"The loan will form part of a debt financing package Talga is seeking from banks and export credit agencies. ",{"type":594,"attrs":99112,"content":99113},{"textAlign":49},[99114,99116,99122],{"text":99115,"type":599},"The project is a test of whether the EU can move forward with mining and processing projects, as part of its strategy to diversify its supplies of critical minerals. The EU has said that the block should process at least 40% of its annual consumption of critical minerals by 2030, and has also promised to ",{"text":99117,"type":599,"marks":99118},"speed up permitting",[99119],{"type":604,"attrs":99120},{"href":99121,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-are-the-esg-implications-of-the-eu-critical-raw-materials-act",{"text":17632,"type":599},{"type":594,"attrs":99124,"content":99125},{"textAlign":49},[99126],{"text":99127,"type":599},"The project “represents a crucial step in the supply chain of high-performance batteries in the EU which are key to the decarbonisation of the transport section,” the EIB said. ",{"type":594,"attrs":99129,"content":99130},{"textAlign":49},[99131,99133],{"text":99132,"type":599},"China is projected to account for over 94% of total global anode production by the middle of the decade, according to the ",{"text":99134,"type":599,"marks":99135},"Benchmark Anode Forecast. ",[99136],{"type":604,"attrs":99137},{"href":96638,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":99139,"content":99140},{"textAlign":49},[99141],{"text":99142,"type":599},"The country also mines three fifths of the world’s natural graphite feedstock, with just over 3% of the global supply of flake graphite expected to be sourced from Europe by the end of the decade, according to the Benchmark Graphite Forecast.",{"type":594,"attrs":99144,"content":99145},{"textAlign":49},[99146],{"text":99147,"type":599},"The European Union’s proposed Critical Raw Materials Act, which was unveiled in April, includes battery grade natural graphite as a critical mineral, but not synthetic graphite. ",{"type":594,"attrs":99149,"content":99150},{"textAlign":49},[99151],{"type":1186,"attrs":99152},{"id":49,"alt":547,"src":99153,"title":49,"source":49,"copyright":49,"meta_data":99154},"https://a.storyblok.com/f/287943243085208/c2f44cde7c/bm-100-mesh-flake-graphite-prices.png",{},{"type":657,"attrs":99156,"content":99157},{"level":15966,"textAlign":49},[99158],{"text":99159,"type":599},"Permitting approvals ",{"type":594,"attrs":99161,"content":99162},{"textAlign":49},[99163],{"text":99164,"type":599},"The Critical Raw Materials Act said the EU would “simplify permitting procedures for critical raw materials projects in the EU.”",{"type":594,"attrs":99166,"content":99167},{"textAlign":49},[99168],{"text":99169,"type":599},"Last week Talga said it received its environmental permit for the anode plant in the Luleå Industrial Park, subject to three weeks for appeals. ",{"type":594,"attrs":99171,"content":99172},{"textAlign":49},[99173],{"text":99174,"type":599},"In early April the company said that it had been awarded the environmental permit for its planned Nunasvaara South graphite mine, also in the north of the country. ",{"type":594,"attrs":99176,"content":99177},{"textAlign":49},[99178],{"text":99179,"type":599},"The decision of the Land and Environment Court for the mine has been appealed by two indigenous Sámi villages, however, according to the EIB, and “as a result, the environmental permit has not entered into force yet.”",{"type":594,"attrs":99181,"content":99182},{"textAlign":49},[99183],{"text":99184,"type":599},"“The process in Sweden is that a series of appeals are possible. So they can appeal and that gets heard or not, and then they can sort of appeal that as well,” Mark Thompson, managing director of Talga, told Benchmark in April. ",{"type":594,"attrs":99186,"content":99187},{"textAlign":49},[99188],{"text":99189,"type":599},"The permit for the mine was also awarded provided necessary mitigation measures including noise, blasting, reindeer husbandry and remediation for loss of natural values, according to the EIB.",{"type":594,"attrs":99191,"content":99192},{"textAlign":49},[99193],{"text":99194,"type":599},"Mining is only likely to take place during six months a year in the summer period, while final conditions pertaining to emissions into water and dust are yet to be determined. ",{"type":594,"attrs":99196,"content":99197},{"textAlign":49},[99198],{"text":99199,"type":599},"Talga said, however, it could proceed with construction of the processing plant in the third quarter, and had over 25,000 tonnes of graphite ore stockpiles for early-stage production. ",{"type":594,"attrs":99201,"content":99202},{"textAlign":49},[99203],{"text":99204,"type":599},"Following the board approval, loan documentation is being agreed between the EIB and Talga, the company said.",{"type":657,"attrs":99206,"content":99207},{"level":15966,"textAlign":49},[99208],{"text":99209,"type":599},"Falling graphite prices ",{"type":594,"attrs":99211,"content":99212},{"textAlign":49},[99213],{"text":99214,"type":599},"The construction of the plant comes amid a challenging time in the graphite market with prices declining this year due to weak downstream demand in China. ",{"type":594,"attrs":99216,"content":99217},{"textAlign":49},[99218,99219,99224],{"text":25616,"type":599},{"text":99220,"type":599,"marks":99221},"Anode Price Index",[99222],{"type":604,"attrs":99223},{"href":59505,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":99225,"type":599}," has fallen by 17.5% since the beginning of 2023, while prices for high energy natural graphite anodes have fallen by 10% year-to-date. ",{"type":594,"attrs":99227,"content":99228},{"textAlign":49},[99229],{"text":99230,"type":599},"Prices for all flake graphite grades on an FOB China basis ticked downwards in May under subdued downstream demand. The price for higher purity -100 mesh flake decreased by 2.5% m-o-m to an average of $688/tonne (94-95% C, FOB China.) Year-to-date they have fallen by 15%. ","The European Investment Bank has approved a 150 million euro ($164 million) loan to Talga Group’s graphite mine and anode plant in Sweden, as the European Union looks to reduce reliance on China for the battery material. The board approved the loan to the Vittangi Anode project this month, which aims to produce 19,500 tonnes […]",[99233],{"slug":544,"name":543,"content":99234},{"job_title":557,"image":99235,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d5b24756-0316-4957-8b34-81c771ee1ab5\", \"id\": \"\"}-->",[99238,99239,99240,99241,99242],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":99244,"copyright":547,"fieldtype":553,"meta_data":99245,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5936343b98/bm-talga-mark.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 28, 2023",{"id":99248,"uuid":99249,"name":99250,"slug":99251,"full_slug":99252,"content":99253},112471158585685,"81de47a1-48e0-4241-b982-44008b9615d6","Ford’s battery JV gets $9.2 billion conditional DoE loan in boost to US battery manufacturing","fords-battery-jv-gets-9-2-billion-conditional-doe-loan-in-boost-to-us-battery-manufacturing","article/fords-battery-jv-gets-9-2-billion-conditional-doe-loan-in-boost-to-us-battery-manufacturing",{"_uid":99254,"date":99255,"tags":99256,"editor":99262,"content":99266,"excerpt":99385,"featured":51,"reporter":99386,"_editable":99390,"component":864,"seo_title":99250,"categories":99391,"visibility":882,"author_company":49,"featured_image":99394,"seo_description":99385,"author_full_name":49,"author_job_title":49,"formattedDate":99397},"44eacff3-62b1-4f4f-a24b-c4ce7d6fe41f","2023-06-23 00:00",[99257,99258,99259,99260,99261],{"slug":54074,"name":54075},{"slug":4612,"name":4613},{"slug":46859,"name":46860},{"slug":7726,"name":7727},{"slug":1375,"name":1376},[99263],{"slug":544,"name":543,"content":99264},{"job_title":557,"image":99265,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":99267},[99268,99280,99293,99298,99303,99314,99321,99326,99331,99343,99348,99353,99358,99363,99368,99380],{"type":594,"attrs":99269,"content":99270},{"textAlign":49},[99271,99273,99278],{"text":99272,"type":599},"Ford’s battery joint venture with SK On has won a $9.2 billion conditional loan from the ",{"text":54352,"type":599,"marks":99274},[99275],{"type":604,"attrs":99276},{"href":99277,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/to-me-what-matters-is-american-dominance-in-these-sectors-of-the-future-qa-with-the-does-jigar-shah",{"text":99279,"type":599},", to help cover the costs of building three gigafactories in Kentucky and Tennessee totalling over 120 gigawatt hours.",{"type":594,"attrs":99281,"content":99282},{"textAlign":49},[99283,99285,99291],{"text":99284,"type":599},"The loan is the largest given by the department’s ",{"text":99286,"type":599,"marks":99287},"Loan Programs Office",[99288],{"type":604,"attrs":99289},{"href":99290,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/2-billion-redwood-doe-loan-advances-us-cathode-production",{"text":99292,"type":599}," (LPO), and will help provide around one tenth of the forecast US battery capacity by 2030, according to Benchmark. ",{"type":594,"attrs":99294,"content":99295},{"textAlign":49},[99296],{"text":99297,"type":599},"“The loan further highlights the US’ commitment to its domestic battery manufacturing industry, not only boosting SK On and Ford’s plans, but also giving confidence to other cell producers, with the potential to attract even more cell capacity commitments,” Evan Hartley, an analyst at Benchmark, said.",{"type":594,"attrs":99299,"content":99300},{"textAlign":49},[99301],{"text":99302,"type":599},"The Department of Energy’s loan program is a key component of President Joe Biden’s strategy to build a US battery supply chain, so as to reduce reliance on China and generate jobs for local communities across the country. ",{"type":594,"attrs":99304,"content":99305},{"textAlign":49},[99306,99308,99313],{"text":99307,"type":599},"The total battery capacity set to be built in the US by the end of the decade is now around 1.18 terawatt hours by 2030, ",{"text":99309,"type":599,"marks":99310},"up from around 380 GWh when Biden came into office",[99311],{"type":604,"attrs":99312},{"href":78034,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":99315,"content":99316},{"textAlign":49},[99317],{"type":1186,"attrs":99318},{"id":49,"alt":547,"src":99319,"title":49,"source":49,"copyright":49,"meta_data":99320},"https://a.storyblok.com/f/287943243085208/71bd13471f/bm-us-gigafactory-capacity-top-5.png",{},{"type":594,"attrs":99322,"content":99323},{"textAlign":49},[99324],{"text":99325,"type":599},"Biden has said he aims for 50% of all new vehicle sales by 2030 to be electric vehicles. ",{"type":594,"attrs":99327,"content":99328},{"textAlign":49},[99329],{"text":99330,"type":599},"Still, currently, the US is set to account for around 13% of global battery capacity by 2030, compared to 68% for China. ",{"type":594,"attrs":99332,"content":99333},{"textAlign":49},[99334,99336,99341],{"text":99335,"type":599},"This loan follows the $850 million conditional loan awarded to ",{"text":99337,"type":599,"marks":99338},"US battery startup KORE Power",[99339],{"type":604,"attrs":99340},{"href":92735,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":99342,"type":599}," just last week. Last year the DoE agreed to lend $2.5 billion to General Motor’s battery joint venture Ultium Cells to build gigafactories in Ohio, Tennessee, and Michigan.  ",{"type":657,"attrs":99344,"content":99345},{"level":15966,"textAlign":49},[99346],{"text":99347,"type":599},"BlueOval SK takes shape ",{"type":594,"attrs":99349,"content":99350},{"textAlign":49},[99351],{"text":99352,"type":599},"The three gigafactories are being built by BlueOval SK, a joint venture between US automaker Ford and the South Korean battery maker SK On. Two will be in Kentucky and one in Tennessee.",{"type":594,"attrs":99354,"content":99355},{"textAlign":49},[99356],{"text":99357,"type":599},"Each gigafactory is expected to be at least 40 GWh, making them the largest factories in SK On’s portfolio.",{"type":594,"attrs":99359,"content":99360},{"textAlign":49},[99361],{"text":99362,"type":599},"The gigafactories are expected to come online from 2025. By 2027, Benchmark’s Gigafactory Assessment puts BlueOval SK as the third largest battery producer in the US by capacity, behind Tesla and Ultium Cells–GM’s joint venture with LG Energy Solution–in first and second position, respectively.",{"type":657,"attrs":99364,"content":99365},{"level":15966,"textAlign":49},[99366],{"text":99367,"type":599},"IRA boosts DOE’s loans program",{"type":594,"attrs":99369,"content":99370},{"textAlign":49},[99371,99373,99378],{"text":99372,"type":599},"The amount of money the LPO can loan was bolstered by the ",{"text":46860,"type":599,"marks":99374},[99375],{"type":604,"attrs":99376},{"href":99377,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-what-will-be-the-eventual-cost-of-the-us-inflation-reduction-act",{"text":99379,"type":599},", which set aside $11.7 billion to support the office through credit subsidies. A total of $3 billion of this is specifically associated with the Advanced Technology Vehicle Manufacturing Loan Program, the program through which BlueOval SK applied for this latest loan.",{"type":594,"attrs":99381,"content":99382},{"textAlign":49},[99383],{"text":99384,"type":599},"The IRA removed the $25 billion cap on this ATVM program, allowing for more, and larger, loans to be awarded.","Ford’s battery joint venture with SK On has won a $9.2 billion conditional loan from the US Department of Energy, to help cover the costs of building three gigafactories in Kentucky and Tennessee totalling over 120 gigawatt hours. The loan is the largest given by the department’s Loan Programs Office (LPO), and will help provide […]",[99387],{"slug":544,"name":543,"content":99388},{"job_title":557,"image":99389,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"44eacff3-62b1-4f4f-a24b-c4ce7d6fe41f\", \"id\": \"\"}-->",[99392,99393],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":99395,"copyright":547,"fieldtype":553,"meta_data":99396,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7c206cc730/bm-blueovalsk-battery-park-02.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 23, 2023",{"id":99399,"uuid":99400,"name":99401,"slug":99402,"full_slug":99403,"content":99404},112471153658196,"66d499d7-9bf0-417d-a86d-544eb6b042b1","Chinese battery materials producers expand overseas with Hungary, South Korea deals","chinese-battery-materials-producers-expand-overseas-with-hungary-south-korea-deals","article/chinese-battery-materials-producers-expand-overseas-with-hungary-south-korea-deals",{"_uid":99405,"date":99255,"tags":99406,"editor":99415,"content":99419,"excerpt":99547,"featured":50,"reporter":99548,"_editable":99552,"component":864,"seo_title":99401,"categories":99553,"visibility":882,"author_company":49,"featured_image":99558,"seo_description":99547,"author_full_name":49,"author_job_title":49,"formattedDate":99397},"202ee7dc-fabc-4121-91dc-766e77682aa2",[99407,99408,99409,99410,99411,99414],{"slug":2497,"name":261},{"slug":4805,"name":4805},{"slug":913,"name":914},{"slug":7718,"name":5872},{"slug":99412,"name":99413},"precursor-material","precursor material",{"slug":8694,"name":8695},[99416],{"slug":544,"name":543,"content":99417},{"job_title":557,"image":99418,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":99420},[99421,99426,99431,99436,99441,99446,99451,99456,99461,99466,99471,99476,99481,99486,99491,99496,99501,99506,99511,99516,99521,99526,99531,99538,99541,99544],{"type":594,"attrs":99422,"content":99423},{"textAlign":49},[99424],{"text":99425,"type":599},"Chinese battery material producers continue their expansion overseas with two deals this week for new cathode plants in Hungary and South Korea.",{"type":594,"attrs":99427,"content":99428},{"textAlign":49},[99429],{"text":99430,"type":599},"Huayou Cobalt announced on 21 June it will invest $1.5 billion into what could become one of Hungary’s first cathode facilities. It is its first investment into an industrial project located in Europe.",{"type":594,"attrs":99432,"content":99433},{"textAlign":49},[99434],{"text":99435,"type":599},"The same day, South Korean steel firm Posco and Chinese cathode precursor maker CNGR announced a joint venture for a 110,000 tonne a year capacity precursor cathode active material (pCAM) plant in South Korea alongside a 50ktpa nickel sulphate refinery.",{"type":594,"attrs":99437,"content":99438},{"textAlign":49},[99439],{"text":99440,"type":599},"The deals highlight the rapid expansion overseas of Chinese battery materials companies, who already dominate global production of precursors and cathode materials. That could make it harder for US and European companies to compete in markets outside of China. ",{"type":594,"attrs":99442,"content":99443},{"textAlign":49},[99444],{"text":99445,"type":599},"The Posco-CNGR deal is the third deal involving a Chinese battery materials company in South Korea this year. ",{"type":594,"attrs":99447,"content":99448},{"textAlign":49},[99449],{"text":99450,"type":599},"Between 2023 and 2032, the share of cathode active materials made in China is only set to fall from 79% of global supply to 71%, as assessed by Benchmark. Over the same period output from Chinese-owned plants outside China is expected to increase twenty-fold. ",{"type":594,"attrs":99452,"content":99453},{"textAlign":49},[99454],{"text":99455,"type":599},"Chinese firms are particularly well-poised to capture a large share of the cathode market in Europe, where there is a deficit of supply, according to Benchmark.",{"type":594,"attrs":99457,"content":99458},{"textAlign":49},[99459],{"text":99460,"type":599},"Greater Chinese involvement also poses security risks at a time when relations between China and western-allied nations are deteriorating, raising questions around the balance between economic and national security as countries build battery capacity in partnership with geopolitical rivals.",{"type":657,"attrs":99462,"content":99463},{"level":15966,"textAlign":49},[99464],{"text":99465,"type":599},"Huayou Cobalt’s first European project",{"type":594,"attrs":99467,"content":99468},{"textAlign":49},[99469],{"text":99470,"type":599},"Huayou, China’s largest cobalt producer, announced that it would build a high-nickel cathode project in Hungary at a ceremony in the country’s Ministry of Foreign Affairs on 21 June. The event was attended by Hungarian minister of foreign affairs Péter Szijjártó.",{"type":594,"attrs":99472,"content":99473},{"textAlign":49},[99474],{"text":99475,"type":599},"Huayou stated that the plant will count battery makers CATL, EVE Energy Co., Automotive Energy Supply Corporation (AESC), and LG Energy Solution as customers. The materials could also end up in vehicles produced by BMW, Volkswagen and Renault, it said. ",{"type":594,"attrs":99477,"content":99478},{"textAlign":49},[99479],{"text":99480,"type":599},"Huayou Cobalt currently has no operating cathode plants but does have two pipeline projects in China with a combined capacity of 500,000 tonnes per year. ",{"type":594,"attrs":99482,"content":99483},{"textAlign":49},[99484],{"text":99485,"type":599},"Hungary is investing heavily into its EV supply chain and has already attracted significant investment from battery producers to set up gigafactories, including CATL and SK Innovation.",{"type":594,"attrs":99487,"content":99488},{"textAlign":49},[99489],{"text":99490,"type":599},"Hungary has also been unusually active among the EU member states in strengthening economic ties with China as the economic bloc comes under pressure from the US to tighten foreign investment oversight. ",{"type":594,"attrs":99492,"content":99493},{"textAlign":49},[99494],{"text":99495,"type":599},"Under the Viktor Orban government, Hungary became the first European participant in China’s Belt and Road Initiative and joined the 16+1 cooperation framework for China and Central and Eastern European countries.",{"type":657,"attrs":99497,"content":99498},{"level":15966,"textAlign":49},[99499],{"text":99500,"type":599},"Posco and CNGR sign South Korean joint venture ",{"type":594,"attrs":99502,"content":99503},{"textAlign":49},[99504],{"text":99505,"type":599},"On the same day as Huayou’s announcement, Posco Future M Co. and Posco Holdings, owned by South Korean steel company Posco Group, unveiled a joint venture agreement with Chinese cathode producer CNGR to build two South Korean nickel sulphate and pCAM plants. The deal is worth 1.5 trillion won ($1.2 billion).",{"type":594,"attrs":99507,"content":99508},{"textAlign":49},[99509],{"text":99510,"type":599},"Posco Holdings and CNGR will own 60% and 40% of the nickel sulphate plant respectively. 20% of the precursor plant will go to Posco and the remainder to CNGR.",{"type":594,"attrs":99512,"content":99513},{"textAlign":49},[99514],{"text":99515,"type":599},"CNGR is a lithium ion battery cathode precursor maker while Posco is already an established player in cathode active materials, operating a plant in Tongxiang, China as well as three in South Korea. ",{"type":594,"attrs":99517,"content":99518},{"textAlign":49},[99519],{"text":99520,"type":599},"South Korea, itself a major battery materials producer, has been a major target of foreign investment by Chinese companies, with two other major joint ventures announced this year. ",{"type":594,"attrs":99522,"content":99523},{"textAlign":49},[99524],{"text":99525,"type":599},"In March 2023, South Korean EV battery maker SK On and China’s GEM agreed to build a 50, 000 tonne precursor plant. The following month, Huayou announced a joint venture deal with South Korea’s LG Chem to build a $923 million precursor plant, its second in the country.",{"type":594,"attrs":99527,"content":99528},{"textAlign":49},[99529],{"text":99530,"type":599},"Partnerships like this will likely be crucial in supporting the South Korean government’s plans to boost EV battery production. In late 2022, it committed 350 billion won ($267 million) to make the domestic sector more competitive with China’s, announcing a further 20 trillion won (£15.1 billion) for battery innovation and manufacturing in April 2023.",{"type":594,"attrs":99532,"content":99533},{"textAlign":49},[99534],{"text":99535,"type":599,"marks":99536},"Correction: the article originally stated that Huayou Cobalt had three existing pipeline projects for cathode material production, prior to the announcement of its Hungary investment. This has been corrected to two. The article also gave a 240, 000 tonne per annum figure for Huayou’s existing cathode pipeline capacity. This has also been corrected, to 500, 000 tonnes per annum.",[99537],{"type":643},{"type":594,"attrs":99539,"content":99540},{"textAlign":49},[],{"type":594,"attrs":99542,"content":99543},{"textAlign":49},[],{"type":594,"attrs":99545,"content":99546},{"textAlign":49},[],"Chinese battery material producers continue their expansion overseas with two deals this week for new cathode plants in Hungary and South Korea. Huayou Cobalt announced on 21 June it will invest $1.5 billion into what could become one of Hungary’s first cathode facilities. It is its first investment into an industrial project located in Europe. […]",[99549],{"slug":544,"name":543,"content":99550},{"job_title":557,"image":99551,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"202ee7dc-fabc-4121-91dc-766e77682aa2\", \"id\": \"\"}-->",[99554,99555,99556,99557],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":880,"name":881},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":99559,"copyright":547,"fieldtype":553,"meta_data":99560,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/78e4f6ff5b/bm-shutterstock-2114296142.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":99562,"uuid":99563,"name":99564,"slug":99565,"full_slug":99566,"content":99567},112471178594649,"af1633e6-5a6a-47bb-8da9-ccf381086dad","Financing the battery arms race: the $514 billion cost of bridging the global EV supply chain divide","financing-the-battery-arms-race-the-514-billion-cost-of-bridging-the-global-ev-supply-chain-divide","article/financing-the-battery-arms-race-the-514-billion-cost-of-bridging-the-global-ev-supply-chain-divide",{"_uid":99568,"date":99569,"tags":99570,"editor":99572,"content":99576,"excerpt":99785,"featured":51,"reporter":99786,"_editable":99790,"component":864,"seo_title":99564,"categories":99791,"visibility":882,"author_company":49,"featured_image":99796,"seo_description":99785,"author_full_name":49,"author_job_title":49,"formattedDate":99799},"63303b10-c060-40a3-84a4-3846ca8f3346","2023-06-19 00:00",[99571],{"slug":578,"name":579},[99573],{"slug":544,"name":543,"content":99574},{"job_title":557,"image":99575,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":99577},[99578,99588,99593,99598,99605,99610,99615,99620,99625,99635,99640,99650,99655,99665,99670,99675,99686,99691,99696,99701,99706,99711,99716,99721,99726,99731,99744,99754,99759,99764,99769,99774,99779],{"type":594,"attrs":99579,"content":99580},{"textAlign":49},[99581,99583,99587],{"text":99582,"type":599},"Globally, the battery industry needs to invest at least $514 billion across the whole supply chain to meet expected demand in 2030, and $920 billion by 2035, according to a new analysis by ",{"text":9653,"type":599,"marks":99584},[99585],{"type":604,"attrs":99586},{"href":45715,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":99589,"content":99590},{"textAlign":49},[99591],{"text":99592,"type":599},"Demand for lithium ion batteries is forecast to grow to 3.7 terawatt-hours by 2030, up from around 1 TWh this year. Most of this growth is driven by an ever increasing demand for electric vehicles.",{"type":594,"attrs":99594,"content":99595},{"textAlign":49},[99596],{"text":99597,"type":599},"Producing the critical raw materials will require $220 billion (43% of the total), with nickel and lithium accounting for over half of that. Manufacturing the additional 2.7 TWh of batteries needed by 2030 will require $201 billion and the midstream production of battery materials will take the remaining $93 billion.",{"type":594,"attrs":99599,"content":99600},{"textAlign":49},[99601],{"type":1186,"attrs":99602},{"id":49,"alt":547,"src":99603,"title":49,"source":49,"copyright":49,"meta_data":99604},"https://a.storyblok.com/f/287943243085208/9f82d6c146/bm-benchmark-infographic-investment-needed-in-battery-supply-chain-1.jpg",{},{"type":594,"attrs":99606,"content":99607},{"textAlign":49},[99608],{"text":99609,"type":599},"The amount is just a fraction of the estimated $35 trillion needed to be spent on the energy transition by 2030, according to the International Renewable Energy Agency. This includes spending on renewables such as wind and solar as well as grid and other infrastructure. ",{"type":594,"attrs":99611,"content":99612},{"textAlign":49},[99613],{"text":99614,"type":599},"Global investment in technologies to help the energy transition reached a record $1.3 trillion in 2022, IRENA said. ",{"type":594,"attrs":99616,"content":99617},{"textAlign":49},[99618],{"text":99619,"type":599},"“The energy transition is still in its early stages and massive capital deployment is going to be needed in order to meet the goals of industry and policy makers,” Andrew Miller, Benchmark’s chief operating officer, said. “Energy storage might form a relatively small piece of the overall financing required, but it is a strategically critical piece of the puzzle. Batteries are the platform technology for clean energy goals, so financing these supply chains is at the heart of the race towards net zero.”",{"type":657,"attrs":99621,"content":99622},{"level":15966,"textAlign":49},[99623],{"text":99624,"type":599},"Critical Raw Materials ",{"type":594,"attrs":99626,"content":99627},{"textAlign":49},[99628,99630,99634],{"text":99629,"type":599},"This year is expected to see over a million tonnes LCE of lithium mined for the first time, according to Benchmark’s ",{"text":55196,"type":599,"marks":99631},[99632],{"type":604,"attrs":99633},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":99636,"content":99637},{"textAlign":49},[99638],{"text":99639,"type":599},"By 2030 this number will need to increase to 2.8 million tonnes, with almost all of this demand growth driven by the need for lithium ion batteries. Benchmark’s analysis shows that the expansion of the global lithium industry will need $51 billion of investment.",{"type":594,"attrs":99641,"content":99642},{"textAlign":49},[99643,99645,99649],{"text":99644,"type":599},"Benchmark’s view is that lithium, more than any other part of the supply chain, will be the bottleneck for the growth of the battery industry. To put the scale of the lithium challenge into context, more lithium will be needed in 2030 than was mined between 2015 and 2022, according to Benchmark’s ",{"text":55196,"type":599,"marks":99646},[99647],{"type":604,"attrs":99648},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":99651,"content":99652},{"textAlign":49},[99653],{"text":99654,"type":599},"Refined nickel, too, will pose a challenge. With a near two million tonne supply gap between what is in production today and what is needed globally by 2030, nickel requires the largest critical mineral investment of $66 billion.",{"type":594,"attrs":99656,"content":99657},{"textAlign":49},[99658,99660,99664],{"text":99659,"type":599},"Most nickel demand is for non-battery applications with stainless steel accounting for half of global nickel demand in 2030. However, batteries are the fastest-growing demand market for nickel. This year nickel demand from batteries is just 15%, but this is forecast to rise to 32% by 2030, according to Benchmark’s ",{"text":66772,"type":599,"marks":99661},[99662],{"type":604,"attrs":99663},{"href":84889,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":99666,"content":99667},{"textAlign":49},[99668],{"text":99669,"type":599},"Natural and synthetic graphite are forecast by Benchmark to have a combined supply gap of 3.6 million tonnes, but the relatively lower capital requirements for graphite mines and synthetic graphite production facilities results in an investment need of $4.3 billion. ",{"type":657,"attrs":99671,"content":99672},{"level":15966,"textAlign":49},[99673],{"text":99674,"type":599},"The rise of gigafactories ",{"type":594,"attrs":99676,"content":99677},{"textAlign":49},[99678,99680,99684],{"text":99679,"type":599},"In 2030, Benchmark forecasts that annual global demand for lithium ion batteries will hit 3.7 TWh, as assessed in Benchmark’s ",{"text":48137,"type":599,"marks":99681},[99682],{"type":604,"attrs":99683},{"href":59899,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":99685,"type":599},". This year, the world is forecast to produce 1.0 TWh.",{"type":594,"attrs":99687,"content":99688},{"textAlign":49},[99689],{"text":99690,"type":599},"Closing this 2.7 TWh gap will need $201 billion of investment. Most of this (56%) will be put towards building 1.2 TWh of new gigafactories on greenfield sites. The remaining $89 billion is needed to expand and develop brownfield sites where industry players such as CATL are already operating, and thus capex intensity is lower.",{"type":657,"attrs":99692,"content":99693},{"level":15966,"textAlign":49},[99694],{"text":99695,"type":599},"Cathodes and anodes ",{"type":594,"attrs":99697,"content":99698},{"textAlign":49},[99699],{"text":99700,"type":599},"Although the lion’s share of investment into the battery supply chain is needed for critical raw materials and gigafactories, anode and cathode production still requires significant attention.",{"type":594,"attrs":99702,"content":99703},{"textAlign":49},[99704],{"text":99705,"type":599},"Indeed, Benchmark’s analysis suggests cathode production will require $40 billion and anode production $15 billion to close the supply gap currently looming over 2030.",{"type":594,"attrs":99707,"content":99708},{"textAlign":49},[99709],{"text":99710,"type":599},"Without investment into the midstream, the gigafactories won’t be able to operate at full capacity if access to anodes and cathodes becomes a bottleneck.",{"type":594,"attrs":99712,"content":99713},{"textAlign":49},[99714],{"text":99715,"type":599},"The bulk of investment into cathode production will need to focus on the two chemistries that are emerging as most popular: lithium iron phosphate (LFP) and NCM811.",{"type":594,"attrs":99717,"content":99718},{"textAlign":49},[99719],{"text":99720,"type":599},"Electrolytes and separators also need significant investment, with Benchmark’s analysis showing that the area needs $38 billion to close the supply gap by 2030.",{"type":657,"attrs":99722,"content":99723},{"level":15966,"textAlign":49},[99724],{"text":99725,"type":599},"Adding the cost of geopolitics",{"type":594,"attrs":99727,"content":99728},{"textAlign":49},[99729],{"text":99730,"type":599},"Currently, China dominates in every segment of the battery supply chain. With this, the country has built up substantial expertise in building the required production facilities at a relatively low cost.",{"type":594,"attrs":99732,"content":99733},{"textAlign":49},[99734,99736,99742],{"text":99735,"type":599},"The $514 billion bill for the industry will likely grow as countries increasingly look to develop regional supply chains. Take US lithium producer Albemarle, for example: their ",{"text":99737,"type":599,"marks":99738},"lithium refinery",[99739],{"type":604,"attrs":99740},{"href":99741,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/opinion-why-elon-musk-is-right-about-lithium-refining-being-a-bottleneck",{"text":99743,"type":599}," in Meishan, China, is projected to cost around $500 million for 50,000 tonnes LCE. Their equivalently sized facility in South Carolina, USA is projected to cost $1.3 billion.",{"type":594,"attrs":99745,"content":99746},{"textAlign":49},[99747,99752],{"text":99748,"type":599,"marks":99749},"IRA tax credits",[99750],{"type":604,"attrs":99751},{"href":78034,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":99753,"type":599}," may lessen the burden on companies operating in the US, but ultimately the bill has to be paid, whether by a company or a government subsidising the industry. ",{"type":657,"attrs":99755,"content":99756},{"level":15966,"textAlign":49},[99757],{"text":99758,"type":599},"Timeline considerations",{"type":594,"attrs":99760,"content":99761},{"textAlign":49},[99762],{"text":99763,"type":599},"A gigafactory can be built in two to five years. A refinery can be built in two. But the mines needed upstream of them take between 5 and 25 years to develop.",{"type":594,"attrs":99765,"content":99766},{"textAlign":49},[99767],{"text":99768,"type":599},"So even though gigafactories require the largest amount of investment, it is imperative that investment is made now in the mines. Otherwise, the gigafactories will stand idle with production constrained by limited feedstock.",{"type":594,"attrs":99770,"content":99771},{"textAlign":49},[99772],{"text":99773,"type":599},"The industry must use joined-up thinking to ensure all aspects of the supply chain grow in tandem to maximise efficiency, according to Simon Moores, chief executive of Benchmark. ",{"type":594,"attrs":99775,"content":99776},{"textAlign":49},[99777],{"text":99778,"type":599},"Benchmark’s analysis is built on the market forecast databases and cost models in Benchmark’s Forecast services for Lithium, Nickel, Cobalt, Graphite, Anode, Cathode, Battery Cells and Recycling.",{"type":594,"attrs":99780,"content":99781},{"textAlign":49},[99782,99784],{"text":99783,"type":599},"To learn more about Benchmark’s Forecast services, provide your details here and our team will contact you shortly",{"text":21888,"type":599},"Globally, the battery industry needs to invest at least $514 billion across the whole supply chain to meet expected demand in 2030, and $920 billion by 2035, according to a new analysis by Benchmark. Demand for lithium ion batteries is forecast to grow to 3.7 terawatt-hours by 2030, up from around 1 TWh this year. […]",[99787],{"slug":544,"name":543,"content":99788},{"job_title":557,"image":99789,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"63303b10-c060-40a3-84a4-3846ca8f3346\", \"id\": \"\"}-->",[99792,99793,99794,99795],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":99797,"copyright":547,"fieldtype":553,"meta_data":99798,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4204545bc3/bm-global-investment-2030-banner-v3.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 19, 2023",{"id":99801,"uuid":99802,"name":99803,"slug":99804,"full_slug":99805,"content":99806},112471188040027,"222bb6fa-2965-49c1-93d6-eb1b36dee4fa","From oil to lithium: How Saudi Arabia is building a battery supply chain","from-oil-to-lithium-how-saudi-arabia-is-building-a-battery-supply-chain","article/from-oil-to-lithium-how-saudi-arabia-is-building-a-battery-supply-chain",{"_uid":99807,"date":99808,"tags":99809,"editor":99816,"content":99820,"excerpt":100042,"featured":51,"reporter":100043,"_editable":100047,"component":864,"seo_title":100048,"categories":100049,"visibility":2091,"author_company":49,"data_vis_image":100055,"featured_image":100057,"seo_description":100060,"author_full_name":49,"author_job_title":49,"formattedDate":100061},"ce677dc2-4891-4502-abe3-855c5deba7c7","2023-06-16 00:00",[99810,99813,99814,99815],{"slug":99811,"name":99812},"deals","Deals",{"slug":2354,"name":2355},{"slug":25567,"name":19549},{"slug":4610,"name":662},[99817],{"slug":544,"name":543,"content":99818},{"job_title":557,"image":99819,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":99821},[99822,99839,99844,99849,99854,99859,99864,99869,99880,99885,99890,99895,99900,99905,99910,99915,99920,99925,99930,99935,99940,99945,99950,99955,99960,99965,99970,99975,99980,99985,99990,99995,100000,100005,100010,100015,100020,100025],{"type":594,"attrs":99823,"content":99824},{"textAlign":49},[99825,99827,99831,99833,99837],{"text":99826,"type":599},"Saudi Arabia is a step closer to becoming part of the global battery industry after deals to develop ",{"text":878,"type":599,"marks":99828},[99829],{"type":604,"attrs":99830},{"href":16561,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":99832,"type":599}," processing and ",{"text":2497,"type":599,"marks":99834},[99835],{"type":604,"attrs":99836},{"href":23076,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":99838,"type":599}," material projects in the country. ",{"type":594,"attrs":99840,"content":99841},{"textAlign":49},[99842],{"text":99843,"type":599},"The deals could make Saudi Arabia’s lithium ion supply chain the most developed in the Middle East, which right now has virtually no battery material capacity.",{"type":594,"attrs":99845,"content":99846},{"textAlign":49},[99847],{"text":99848,"type":599},"Saudi Arabia’s ambitions for an electric vehicle supply chain are part of its push to diversify the national economy away from oil, a project guided by the government’s Vision 2030 reform plan announced in 2016. ",{"type":594,"attrs":99850,"content":99851},{"textAlign":49},[99852],{"text":99853,"type":599},"Although the Saudi government has been investing into the EV sector since 2018, its midstream and upstream segments are still in their early stages.",{"type":594,"attrs":99855,"content":99856},{"textAlign":49},[99857],{"text":99858,"type":599},"The Saudi advantage lies in relatively low reagent costs and government incentives like tax, land, and capital support, said Benchmark consultant Ahmed Mehdi.  ",{"type":594,"attrs":99860,"content":99861},{"textAlign":49},[99862],{"text":99863,"type":599},"Still, a challenge will be sourcing enough technical labour for complex parts of the value chain, he said. In addition, the plants will have to secure raw material feedstocks from globally competitive markets.  ",{"type":657,"attrs":99865,"content":99866},{"level":15966,"textAlign":49},[99867],{"text":99868,"type":599},"Lithium processing",{"type":594,"attrs":99870,"content":99871},{"textAlign":49},[99872,99874,99878],{"text":99873,"type":599},"This month Australian startup European Lithium and Saudi Arabia’s Obeikan Investment Group announced an agreement to create a joint venture to build and operate a ",{"text":21253,"type":599,"marks":99875},[99876],{"type":604,"attrs":99877},{"href":16561,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":99879,"type":599}," refinery in Saudi Arabia. ",{"type":594,"attrs":99881,"content":99882},{"textAlign":49},[99883],{"text":99884,"type":599},"European Lithium said the Saudi processing plant will process spodumene from a mine that the company is developing in Wolfsberg, Austria. ",{"type":594,"attrs":99886,"content":99887},{"textAlign":49},[99888],{"text":99889,"type":599},"It will sell the lithium spodumene concentrate to the JV at a “reduced rate” with a floor price of $3,000 a tonne and a ceiling price of $7,000 a tonne over the life of the current resource of the Wolfsberg mine. Spodumene prices are currently around $3,650 a tonne, according to Benchmark’s Lithium Price Assessment. ",{"type":594,"attrs":99891,"content":99892},{"textAlign":49},[99893],{"text":99894,"type":599},"The mine is set to produce 3,610 tonnes (LCE) of lithium per year by 2030, as assessed by Benchmark. ",{"type":594,"attrs":99896,"content":99897},{"textAlign":49},[99898],{"text":99899,"type":599},"European Lithium said the facility would be developed to “meet the minimum initial capacity and product specifications” to supply BMW. ",{"type":594,"attrs":99901,"content":99902},{"textAlign":49},[99903],{"text":99904,"type":599},"In 2021, Saudi Arabia became the first Middle Eastern country to establish pipeline capacity in lithium processing by signing an agreement with EV Metals Groups to build a battery chemicals complex in Yanbu Industrial City.",{"type":594,"attrs":99906,"content":99907},{"textAlign":49},[99908],{"text":99909,"type":599},"The site could produce 18,050 tonnes of lithium hydroxide by 2030, according to Benchmark’s Lithium Forecast. The project was allocated 123 hectares of land this year as well as energy by the Saudi government. ",{"type":657,"attrs":99911,"content":99912},{"level":15966,"textAlign":49},[99913],{"text":99914,"type":599},"First anode plant in the Middle East",{"type":594,"attrs":99916,"content":99917},{"textAlign":49},[99918],{"text":99919,"type":599},"Saudi Arabia is also developing its anode industry, where it may have a natural competitive advantage. ",{"type":594,"attrs":99921,"content":99922},{"textAlign":49},[99923],{"text":99924,"type":599},"Earlier this year startup Novonix announced a joint venture deal to build a 30,000 tonne capacity graphite anode materials facility with TAQAT Development, a Saudi energy company. Novonix will own 40% of the JV, and TAQAT the remainder. ",{"type":594,"attrs":99926,"content":99927},{"textAlign":49},[99928],{"text":99929,"type":599},"It will supply EV and energy storage systems (ESS) markets in the Middle East and North Africa region. ",{"type":594,"attrs":99931,"content":99932},{"textAlign":49},[99933],{"text":99934,"type":599},"Construction is scheduled to begin in 2024 although the precise location has not yet been announced.   ",{"type":594,"attrs":99936,"content":99937},{"textAlign":49},[99938],{"text":99939,"type":599},"A key advantage for the project will be sourcing precursor material from within Saudi Arabia, in the form of petroleum needle coke. ",{"type":657,"attrs":99941,"content":99942},{"level":15966,"textAlign":49},[99943],{"text":99944,"type":599},"First pet needle coke project in Saudi Arabia ",{"type":594,"attrs":99946,"content":99947},{"textAlign":49},[99948],{"text":99949,"type":599},"In May, TAQAT Development announced a deal with Chevron Lummus Global to build a 75,000 tonne per annum nameplate capacity pet needle coke plant, with a graphitisation facility to produce synthetic graphite in Rabigh. ",{"type":594,"attrs":99951,"content":99952},{"textAlign":49},[99953],{"text":99954,"type":599},"TAQAT will use proprietary needle coke technology from Chevron Lummus, an oil refinery technology joint venture between oil major Chevron and refinery technology developer Lummus Technology. ",{"type":594,"attrs":99956,"content":99957},{"textAlign":49},[99958],{"text":99959,"type":599},"Rabigh Refining & Petrochemical Company will supply feedstock in the form of decant oil.",{"type":594,"attrs":99961,"content":99962},{"textAlign":49},[99963],{"text":99964,"type":599},"Benchmark analyst Mehdi says needle coke is a promising venture for Saudi Arabia, as it will benefit from its established ecosystem for making other chemicals. ",{"type":594,"attrs":99966,"content":99967},{"textAlign":49},[99968],{"text":99969,"type":599},"“Saudi has a lot of decant oil feedstock for needle coke production and given chemical hub of Kingdom, could see interest from other players such as petrochemical players who see battery chemical market as a good hedge to volatile petchem margins,” he said. ",{"type":657,"attrs":99971,"content":99972},{"level":15966,"textAlign":49},[99973],{"text":99974,"type":599},"Saudi’s EV push ",{"type":594,"attrs":99976,"content":99977},{"textAlign":49},[99978],{"text":99979,"type":599},"As well as markets in the Middle East, North Africa and Europe, the new facilities will likely sell to Saudi Arabia’s own EV manufacturing industry.",{"type":594,"attrs":99981,"content":99982},{"textAlign":49},[99983],{"text":99984,"type":599},"Saudi Arabia’s EV manufacturing sector began to emerge in 2022 when Lucid Motors, a Californian automaker backed by the Saudi sovereign wealth fund, announced it would build its first ex-US factory in the Kingdom. The same year saw the launch of the first Saudi EV brand Ceer, another beneficiary of the government’s sovereign wealth fund. ",{"type":594,"attrs":99986,"content":99987},{"textAlign":49},[99988],{"text":99989,"type":599},"This month Saudi Arabia also signed a $5.6 billion deal with Chinese EV producer Human Horizons for a joint venture focusing on research and development of automobiles. ",{"type":594,"attrs":99991,"content":99992},{"textAlign":49},[99993],{"text":99994,"type":599},"The manufacturing projects aim at meeting national EV targets. Saudi Investment Minister Khalid al-Falih said this year that the country aims to produce 500,000 electric cars annually by 2030 while under the Vision 2030 reform plan, there are plans to make 30% of all vehicles on the road in Riyadh electric by 2030. ",{"type":657,"attrs":99996,"content":99997},{"level":15966,"textAlign":49},[99998],{"text":99999,"type":599},"Limits to competitiveness",{"type":594,"attrs":100001,"content":100002},{"textAlign":49},[100003],{"text":100004,"type":599},"Yet as a late entrant to EV production, Saudi’s industrial advantages may only take them so far.",{"type":594,"attrs":100006,"content":100007},{"textAlign":49},[100008],{"text":100009,"type":599},"“Saudi just wants a seat at the table of the global battery value chain – keeps them relevant and too important to ignore but despite all talk of Vision 2030, Saudi will be more of a capital allocator,” Mehdi said. “Saudi’s competitive advantage only goes so far.”",{"type":594,"attrs":100011,"content":100012},{"textAlign":49},[100013],{"text":100014,"type":599},"Further, oil looks likely to remain central to the Kingdom’s economy. ",{"type":594,"attrs":100016,"content":100017},{"textAlign":49},[100018],{"text":100019,"type":599},"“Saudi Arabia is still the lowest cost oil producer and the margins on oil exports are extremely high,” Mehdi said. ",{"type":594,"attrs":100021,"content":100022},{"textAlign":49},[100023],{"text":100024,"type":599},"Oil made up 71% of Saudi Arabia’s total export revenue in 2021, according to OPEC. ",{"type":594,"attrs":100026,"content":100027},{"textAlign":49},[100028,100032,100038],{"text":100029,"type":599,"marks":100030},"This is a ",[100031],{"type":643},{"text":16154,"type":599,"marks":100033},[100034,100037],{"type":604,"attrs":100035},{"href":100036,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://intelligence.benchmarkminerals.com/",{"type":643},{"text":100039,"type":599,"marks":100040}," article. Fill in the form below to request a free trial. ",[100041],{"type":643},"Saudi Arabia is a step closer to becoming part of the global battery industry after deals to develop lithium processing and anode material projects in the country. The deals could make Saudi Arabia’s lithium ion supply chain the most developed in the Middle East, which right now has virtually no battery material capacity. Saudi Arabia’s […]",[100044],{"slug":544,"name":543,"content":100045},{"job_title":557,"image":100046,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ce677dc2-4891-4502-abe3-855c5deba7c7\", \"id\": \"\"}-->","From oil to lithium: How Saudi Arabia is building ...",[100050,100051,100052,100053,100054],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":2504,"name":2505},{"slug":878,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":100056},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":100058,"copyright":547,"fieldtype":553,"meta_data":100059,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b5669cd7ad/bm-shutterstock-220867813.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Saudi Arabia is a step closer to becoming part of the global battery industry after deals to develop lithium processing and anode material projects in the country. ","Jun 16, 2023",{"id":100063,"uuid":100064,"name":100065,"slug":100066,"full_slug":100067,"content":100068},112471202306398,"998e97a2-4a39-4b68-b9bc-09f4df17014a","KORE Power $850 million DOE loan provides boost to US LFP cell production","kore-power-850-million-doe-loan-provides-boost-to-us-lfp-cell-production","article/kore-power-850-million-doe-loan-provides-boost-to-us-lfp-cell-production",{"_uid":100069,"date":100070,"tags":100071,"editor":100082,"content":100086,"excerpt":100232,"featured":51,"reporter":100233,"_editable":100237,"component":864,"seo_title":100065,"categories":100238,"visibility":882,"author_company":49,"featured_image":100245,"seo_description":100232,"author_full_name":49,"author_job_title":49,"formattedDate":100248},"1a5d5ea0-692a-4477-b8ac-a95780862e6b","2023-06-14 00:00",[100072,100075,100076,100079,100080,100081],{"slug":100073,"name":100074},"battery-gigafactories-usa-2023","Battery Gigafactories USA 2023",{"slug":54074,"name":54075},{"slug":100077,"name":100078},"kore-power","KORE Power",{"slug":7219,"name":451},{"slug":26315,"name":26316},{"slug":1375,"name":1376},[100083],{"slug":544,"name":543,"content":100084},{"job_title":557,"image":100085,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":100087},[100088,100101,100106,100111,100123,100136,100147,100152,100164,100169,100179,100187,100192,100204,100209,100217,100222,100227],{"type":594,"attrs":100089,"content":100090},{"textAlign":49},[100091,100093,100099],{"text":100092,"type":599},"US battery startup KORE Power won a $850 million conditional loan from the Department of Energy to build a battery plant in Arizona, in a boost to domestic efforts to produce ",{"text":100094,"type":599,"marks":100095},"cheaper lithium iron phosphate",[100096],{"type":604,"attrs":100097},{"href":100098,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lfp-battery-prices-fall-to-12-month-low-as-lithium-prices-slump",{"text":100100,"type":599}," cells for electric vehicles and energy storage.",{"type":594,"attrs":100102,"content":100103},{"textAlign":49},[100104],{"text":100105,"type":599},"The planned 12 gigawatt-hour facility is set to produce cells using LFP and nickel cobalt manganese (NCM) cathodes and will target both the energy storage and electric vehicle markets. The company says the facility will begin commercial operations in late 2024 or early 2025 with the loan supporting the first 6 GWh.",{"type":594,"attrs":100107,"content":100108},{"textAlign":49},[100109],{"text":100110,"type":599},"The loan is the first to a US homegrown battery startup and is also the first to support LFP battery production, which is currently dominated by China. ",{"type":594,"attrs":100112,"content":100113},{"textAlign":49},[100114,100116,100121],{"text":100115,"type":599},"LFP cells are key to reducing the cost of electric vehicles in the US, and the chemistry is already extensively used by Tesla. Ford is also adopting the chemistry, while General Motors told Benchmark’s Battery Gigafactory USA conference last week that the automaker would look at the chemistry after government ",{"text":100117,"type":599,"marks":100118},"rules about Chinese involvement in the US supply chain",[100119],{"type":604,"attrs":100120},{"href":87323,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":100122,"type":599}," become clearer. ",{"type":594,"attrs":100124,"content":100125},{"textAlign":49},[100126,100128,100134],{"text":100127,"type":599},"LFP battery cells are the cheapest lithium ion battery cell chemistry, with Benchmark’s latest ",{"text":100129,"type":599,"marks":100130},"Lithium ion Battery Price Assessment",[100131],{"type":604,"attrs":100132},{"href":100133,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries",{"text":100135,"type":599}," showing an average price of $98.5 per kWh, compared to $112.7 per kWh for Benchmark’s Weighted Average NCM cell price.  ",{"type":594,"attrs":100137,"content":100138},{"textAlign":49},[100139,100140,100145],{"text":2372,"type":599},{"text":100141,"type":599,"marks":100142},"US currently accounts for just 5.5% of the planned global LFP cell production",[100143],{"type":604,"attrs":100144},{"href":84817,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":100146,"type":599}," pipeline out fo 2030, according to Benchmark. ",{"type":594,"attrs":100148,"content":100149},{"textAlign":49},[100150],{"text":100151,"type":599},"Battery startup Our Next Energy, which plans to build a 20 GWh gigafactory in Michigan producing LFP cells, said this week that it would work with Canadian cathode producer Nano One to develop a North American supply chain for LFP batteries.",{"type":594,"attrs":100153,"content":100154},{"textAlign":49},[100155,100157,100162],{"text":100156,"type":599},"“LFP batteries were invented here in the United States, they’ve obviously been scaled up elsewhere,” ",{"text":100158,"type":599,"marks":100159},"Jigar Shah",[100160],{"type":604,"attrs":100161},{"href":99277,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":100163,"type":599},", director of the DoE Loan Programs Office, told attendees at Benchmark’s Battery Gigafactory USA event last week.",{"type":657,"attrs":100165,"content":100166},{"level":15966,"textAlign":49},[100167],{"text":100168,"type":599},"US LFP cell capacity",{"type":594,"attrs":100170,"content":100171},{"textAlign":49},[100172,100177],{"text":100173,"type":599,"marks":100174},"LFP cell production capacity in the US is set to grow",[100175],{"type":604,"attrs":100176},{"href":84817,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":100178,"type":599}," from 0 GWh in 2022 to 156 GWh in 2030. This will give LFP the second largest share of the US battery production capacity in that year, at 13%, overtaking NCM 622, capacity for which is set to decline after 2030.",{"type":594,"attrs":100180,"content":100181},{"textAlign":49},[100182],{"type":1186,"attrs":100183},{"id":49,"alt":100184,"src":100185,"title":49,"source":49,"copyright":49,"meta_data":100186},"LFP cells represent 13% of US 2030 pipeline capacity","https://a.storyblok.com/f/287943243085208/fd8f092fb9/bm-us-cell-percentage.png",{},{"type":594,"attrs":100188,"content":100189},{"textAlign":49},[100190],{"text":100191,"type":599},"Although KORE Power was amongst the first to announce domestic LFP production, LGES will be the first to produce such cells in the country when it brings LFP capacity online at its Michigan gigafactory later this year.",{"type":594,"attrs":100193,"content":100194},{"textAlign":49},[100195,100197,100202],{"text":100196,"type":599},"Earlier this year, ",{"text":100198,"type":599,"marks":100199},"Ford announced it would invest $3.5 billion to build a 35 GWh LFP battery cell plant in Michigan",[100200],{"type":604,"attrs":100201},{"href":82474,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":100203,"type":599},", using technology provided by China’s largest battery producer CATL. ",{"type":594,"attrs":100205,"content":100206},{"textAlign":49},[100207],{"text":100208,"type":599},"Last year, nickel cobalt aluminium (NCA) and NCM 811 comprised 41% and 40% of total US cell production capacity. Although total NCA production capacity will more than double to 91 GWh in 2030, this will represent just 8% of the US’s total cell capacity.",{"type":594,"attrs":100210,"content":100211},{"textAlign":49},[100212],{"type":1186,"attrs":100213},{"id":49,"alt":100214,"src":100215,"title":49,"source":49,"copyright":49,"meta_data":100216},"US LFP cell capacity on the rise","https://a.storyblok.com/f/287943243085208/6e96647166/bm-us-cell-capacity.png",{},{"type":594,"attrs":100218,"content":100219},{"textAlign":49},[100220],{"text":100221,"type":599},"NCM 811 production capacity in the US will grow the most between now and 2030, reaching 732 GWh, or 62% of the total US capacity.",{"type":594,"attrs":100223,"content":100224},{"textAlign":49},[100225],{"text":100226,"type":599},"“We [the US] have a really good story about diversification,” Shah said. “The dominant chemistry in this marketplace has yet to be determined.”",{"type":594,"attrs":100228,"content":100229},{"textAlign":49},[100230],{"text":100231,"type":599},"This is the seventh conditional loan commitment the Department of Energy has made through the Advanced Technology Vehicles Manufacturing Loan Program.","US battery startup KORE Power won a $850 million conditional loan from the Department of Energy to build a battery plant in Arizona, in a boost to domestic efforts to produce cheaper lithium iron phosphate cells for electric vehicles and energy storage. The planned 12 gigawatt-hour facility is set to produce cells using LFP and […]",[100234],{"slug":544,"name":543,"content":100235},{"job_title":557,"image":100236,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1a5d5ea0-692a-4477-b8ac-a95780862e6b\", \"id\": \"\"}-->",[100239,100240,100241,100242,100243,100244],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":878,"name":8},{"slug":4332,"name":4333},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":100246,"copyright":547,"fieldtype":553,"meta_data":100247,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/936b467798/bm-korepower-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 14, 2023",{"id":100250,"uuid":100251,"name":100252,"slug":100253,"full_slug":100254,"content":100255},112471206984131,"44e9603e-1d92-4336-be17-38a15193bb23","“Being fully integrated is the only way this industry will develop to meet all the needs of consumers.” Q&A with Livent CEO Paul Graves","being-fully-integrated-is-the-only-way-this-industry-will-develop-to-meet-all-the-needs-of-consumers-qa-with-livent-ceo-paul-graves","article/being-fully-integrated-is-the-only-way-this-industry-will-develop-to-meet-all-the-needs-of-consumers-qa-with-livent-ceo-paul-graves",{"_uid":100256,"date":100257,"tags":100258,"editor":100263,"content":100267,"excerpt":100458,"featured":50,"reporter":100459,"_editable":100463,"component":864,"seo_title":100252,"categories":100464,"visibility":882,"author_company":49,"featured_image":100467,"seo_description":100458,"author_full_name":49,"author_job_title":49,"formattedDate":100470},"aab386aa-442b-4d9d-99d0-52385d87b8fb","2023-06-09 00:00",[100259,100260,100262],{"slug":100073,"name":100074},{"slug":100261,"name":76257},"livent",{"slug":18915,"name":18916},[100264],{"slug":544,"name":543,"content":100265},{"job_title":557,"image":100266,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":100268},[100269,100281,100286,100291,100296,100301,100311,100316,100321,100326,100331,100336,100341,100346,100351,100356,100361,100366,100371,100376,100381,100393,100398,100403,100408,100413,100418,100423,100428,100433,100438,100443,100448,100453],{"type":594,"attrs":100270,"content":100271},{"textAlign":49},[100272,100274,100279],{"text":100273,"type":599},"Last month, US lithium producer Livent ",{"text":100275,"type":599,"marks":100276},"announced a merger",[100277],{"type":604,"attrs":100278},{"href":80176,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":100280,"type":599}," agreement with Allkem, which will create a $10.6 billion US-headquartered lithium producer. ",{"type":594,"attrs":100282,"content":100283},{"textAlign":49},[100284],{"text":100285,"type":599},"Paul Graves, chief executive of Livent, will become CEO of the combined company, once the deal goes through. ",{"type":594,"attrs":100287,"content":100288},{"textAlign":49},[100289],{"text":100290,"type":599},"Graves sat down with Andrew Miller, Benchmark’s chief operating officer, at Benchmark’s Battery Gigafactories USA conference in Washington. ",{"type":594,"attrs":100292,"content":100293},{"textAlign":49},[100294],{"text":100295,"type":599},"Below is an edited transcript of the conversation. ",{"type":657,"attrs":100297,"content":100298},{"level":15966,"textAlign":49},[100299],{"text":100300,"type":599},"Just in the context of thinking about building on the supply chain in the US. What is the rationale behind that for you, and what do you think it tells us about the future direction of the industry?",{"type":594,"attrs":100302,"content":100303},{"textAlign":49},[100304,100305,100309],{"text":2372,"type":599},{"text":92278,"type":599,"marks":100306},[100307],{"type":604,"attrs":100308},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":100310,"type":599}," is a tough one to sort of predict, mainly because it’s just changing so quickly and so rapidly. And while you can sort of spot the major trends, they don’t always play out the way that you expect them to. I think the IRA has clearly got a lot of people looking at different ways to build the supply chain more broadly. ",{"type":594,"attrs":100312,"content":100313},{"textAlign":49},[100314],{"text":100315,"type":599},"That said the rocks are where the rocks are, there’s only so much you can do with the extraction piece of the value change. But there’s a lot you can do building the supply chain locally when it comes to the processing piece. ",{"type":594,"attrs":100317,"content":100318},{"textAlign":49},[100319],{"text":100320,"type":599},"And it’s really an important part of what we’ve been doing for many, many years and I think generally speaking, if you’re going to be a lithium producer, you’re gonna have to find a way to crack the code of getting closer to the actual end consumer, which is largely an automotive OEM and you’re going to have to find ways to be valuable to them in that supply chain. ",{"type":594,"attrs":100322,"content":100323},{"textAlign":49},[100324],{"text":100325,"type":599},"And you’re going to have to find ways to be valuable to them in their supply chain. I mean, the starting point is to have volume, but increasingly the old model, developed over the last decade of non-integrated production – there’ll be a place for it, but I think it’s very difficult to imagine that the next iteration of the supply chain follows that same path. ",{"type":594,"attrs":100327,"content":100328},{"textAlign":49},[100329],{"text":100330,"type":599},"So we have to figure out ways to have a sustainable supply chain that is fully integrated and also meets the sort of localization needs that much of the world is placing on the EV industry.",{"type":657,"attrs":100332,"content":100333},{"level":15966,"textAlign":49},[100334],{"text":100335,"type":599},"The lead times for lithium projects are actually extending. And as we move this the demand side of this equation more and more away from China, actually the requirements on that material become more and more stringent. It would be great if we could introduce the material and have it in the market in six months. But it doesn’t seem to us to be the reality of where we go. ",{"type":594,"attrs":100337,"content":100338},{"textAlign":49},[100339],{"text":100340,"type":599},"You’re absolutely right. I think we’re in a phase today where what we have is an incredibly, highly demanding customer because the first vehicle launches that most of the western OEMs are doing are higher performance vehicles, high performance batteries, high nickel. So lithium hydroxide based and that’s the harder end of the battery supply chain. And I think as you look at more commercial vehicles and more entry level vehicles coming in and we’ll have more lithium carbonate-based batteries, I think that will get easier. ",{"type":594,"attrs":100342,"content":100343},{"textAlign":49},[100344],{"text":100345,"type":599},"And it’s interesting to talk about the industry moving away from China. I think what’s happening is the industry is going to grow faster outside China, but China is still a huge part of the battery industry and will be for the foreseeable future and so because we are a lithium producer, we don’t want to sit here and say, ‘I’m not going to go here. I’m not going to go there.’ ",{"type":594,"attrs":100347,"content":100348},{"textAlign":49},[100349],{"text":100350,"type":599},"What we’re really trying to do is figure out what our customers need. And if you’re working with a large OEM, they need lithium in China just as much as they need in Europe or they need it in the US. And they need those capabilities all around the world as well. ",{"type":594,"attrs":100352,"content":100353},{"textAlign":49},[100354],{"text":100355,"type":599},"The supply side doesn’t get any easier today. And by the way, a lot of the resources being developed now are not easier resources than the ones we developed 10 years ago. So there’s a lot of challenges to bringing enough supply on.",{"type":657,"attrs":100357,"content":100358},{"level":15966,"textAlign":49},[100359],{"text":100360,"type":599},"How have your conversations with automotive companies changed in the light of the Inflation Reduction Act? ",{"type":594,"attrs":100362,"content":100363},{"textAlign":49},[100364],{"text":100365,"type":599},"I think many of them have really only very recently figured out what the IRA actually means – what it means for them, what it means for their supply chain. ",{"type":594,"attrs":100367,"content":100368},{"textAlign":49},[100369],{"text":100370,"type":599},"I think the conversations more broadly with customers though, are going more senior in the organisation’s they’re going on more frequently within the organisations. ",{"type":594,"attrs":100372,"content":100373},{"textAlign":49},[100374],{"text":100375,"type":599},"There is much greater understanding of the supply chain challenges that they are trying to meet. We have the technology now to do electric vehicles. We have consumer acceptance by vehicles, we don’t have a supply chain for electric vehicles. And so I think most automotive OEMs are world class in supply chain building, and they’re turning their attention to it now and the conversation is more driven by that than necessarily, you know, either the IRA or any other geopolitical forces at work. It’s about building the supply chain that doesn’t exist today.",{"type":657,"attrs":100377,"content":100378},{"level":15966,"textAlign":49},[100379],{"text":100380,"type":599},"We’ve seen from Benchmark a lot more use of third party reference pricing. People are talking about the potential for a spot market emerging. Do you see that?  ",{"type":594,"attrs":100382,"content":100383},{"textAlign":49},[100384,100386,100391],{"text":100385,"type":599},"I think you’ve got to be really careful to understand what people want. Do people really want a liquid spot market or do they want some kind of ",{"text":100387,"type":599,"marks":100388},"price transparency",[100389],{"type":604,"attrs":100390},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":100392,"type":599}," and discovery of what market prices are. I think it is more the latter. I don’t think you’re ever gonna buy lithium hydroxide on the spot market. Having some degree of price discovery. I don’t know that having a spot market is necessarily the only answer to that. You know, most of our customers want to pay the market price or whatever market prices mean. ",{"type":594,"attrs":100394,"content":100395},{"textAlign":49},[100396],{"text":100397,"type":599},"They don’t want to get caught on the wrong side of a fixed price agreement. Where the price is 30 and the market price is 20. So they tend to feel more comfortable paying more as long as everybody’s paying more. And so that’s sort of more of the sort of price discovery they’re looking for. I am not entirely sure what a deeper, more liquid spot market does or who you serve.",{"type":657,"attrs":100399,"content":100400},{"level":15966,"textAlign":49},[100401],{"text":100402,"type":599},"Do you see that more feedstocks will evolve over time where we can use different types of intermediate chemicals?",{"type":594,"attrs":100404,"content":100405},{"textAlign":49},[100406],{"text":100407,"type":599},"I think there’s this desire to add more value. If you start with the hard rock and then you move into spodumene concentrate, and you just sell that to China there’s a desire to capture more of that value. But not a lot of confidence that they’d go all the way to lithium hydroxide – building the plant, making the product, and building the organisation that’s going to be out with the customers getting that material qualified. ",{"type":594,"attrs":100409,"content":100410},{"textAlign":49},[100411],{"text":100412,"type":599},"So the natural answer to that is to partner with maybe a chemical company in Europe or in the US who can take you know lithium sulphate or something and I think I think these are these are all valid questions, but I don’t think they really solve any fundamental question that people will really start to ask in the future, which is, how do we make this industry more cost efficient? And it’s not by having the disaggregated supply chains. ",{"type":594,"attrs":100414,"content":100415},{"textAlign":49},[100416],{"text":100417,"type":599},"You know, one of the worst things you can do is just constantly mix your feedstocks into a lithium hydroxide plant. In many cases, the customers won’t let you change the feedstock. You got to re-quality. ",{"type":594,"attrs":100419,"content":100420},{"textAlign":49},[100421],{"text":100422,"type":599},"Being fully integrated I think it’s the only way this industry will develop to meet all the needs of the consumers – predictability around pricing, security of supply and capturing value to the full supply chain. I think you have to be fully integrated.",{"type":657,"attrs":100424,"content":100425},{"level":15966,"textAlign":49},[100426],{"text":100427,"type":599},"How realistic is it to expand supply in Argentina, would you want to diversify away from Argentina? ",{"type":594,"attrs":100429,"content":100430},{"textAlign":49},[100431],{"text":100432,"type":599},"Diversifying away from Argentina is not how I would describe it. I think diversifying flows of supply, it’s critically important to us. But that doesn’t mean that we therefore want to be less exposed, right and we’re going to continue to grow in Argentina. ",{"type":594,"attrs":100434,"content":100435},{"textAlign":49},[100436],{"text":100437,"type":599},"The reality of producing lithium in Argentina is that they are world class resources and you produce a product, basically high quality lithium carbonate, which is the most flexible product, you can sell it or you can convert it into a lithium product and add more value to it. It’s easier to ship it’s easier to store. ",{"type":594,"attrs":100439,"content":100440},{"textAlign":49},[100441],{"text":100442,"type":599},"It’s just frankly a much better alternative than almost every other type of resource. ",{"type":657,"attrs":100444,"content":100445},{"level":15966,"textAlign":49},[100446],{"text":100447,"type":599},"One question around the role of government. What do you see as the best way for the government to facilitate the industry? ",{"type":594,"attrs":100449,"content":100450},{"textAlign":49},[100451],{"text":100452,"type":599},"I don’t have an easy answer to that one. I mean, I don’t think of government and ‘quicker’ in the same sentence very often. So I’m convinced that throwing capital at it or claiming we’re short-terming permitting processes is necessarily the right answer either. So I think in the end, if a resource is a good quality resource, and there’s demand for it, and we have confidence over future pricing and future demand, the resource will get developed. I don’t really know why the government wants to move that along any more quickly. ",{"type":594,"attrs":100454,"content":100455},{"textAlign":49},[100456],{"text":100457,"type":599},"I think stepping in to sort of stimulate demand, but we’ve seen this in China and in Europe and in the US, of varying degrees, focusing on almost a forced conversion to EVs. That’s all you need to do. Once we move to electric vehicles that supply chain will build itself and lithium resources that make sense will get developed. I don’t think you need to go further than that. It just distorts decision making. It distorts capital flows. I don’t think it’s particularly helpful to be honest.","Last month, US lithium producer Livent announced a merger agreement with Allkem, which will create a $10.6 billion US-headquartered lithium producer. Paul Graves, chief executive of Livent, will become CEO of the combined company, once the deal goes through. Graves sat down with Andrew Miller, Benchmark’s chief operating officer, at Benchmark’s Battery Gigafactories USA conference […]",[100460],{"slug":544,"name":543,"content":100461},{"job_title":557,"image":100462,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"aab386aa-442b-4d9d-99d0-52385d87b8fb\", \"id\": \"\"}-->",[100465,100466],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":100468,"copyright":547,"fieldtype":553,"meta_data":100469,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bcf4b1dd08/bm-paul-graves.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 09, 2023",{"id":100472,"uuid":100473,"name":100474,"slug":100475,"full_slug":100476,"content":100477},112471221131718,"5e9a79f2-0123-468c-9c3c-920325929919","Manchin says “major strides” made in critical mineral permitting after debt limit deal","manchin-says-major-strides-made-in-critical-mineral-permitting-after-debt-limit-deal","article/manchin-says-major-strides-made-in-critical-mineral-permitting-after-debt-limit-deal",{"_uid":100478,"date":100479,"tags":100480,"editor":100484,"content":100488,"excerpt":100633,"featured":51,"reporter":100634,"_editable":100638,"component":864,"seo_title":100474,"categories":100639,"visibility":2091,"author_company":49,"featured_image":100642,"seo_description":100633,"author_full_name":49,"author_job_title":49,"formattedDate":100645},"8e282241-ba3e-426e-83ed-7911ae480abf","2023-06-08 00:00",[100481,100482,100483],{"slug":100073,"name":100074},{"slug":1375,"name":1376},{"slug":4610,"name":662},[100485],{"slug":544,"name":543,"content":100486},{"job_title":557,"image":100487,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":100489},[100490,100495,100508,100513,100525,100530,100535,100540,100545,100550,100555,100568,100573,100578,100583,100588,100593,100598,100603,100608,100613],{"type":594,"attrs":100491,"content":100492},{"textAlign":49},[100493],{"text":100494,"type":599},"Senator Joe Manchin said that “major strides” had been made in terms of improving permitting for critical mineral projects, following the debt ceiling deal agreed in Congress this month. ",{"type":594,"attrs":100496,"content":100497},{"textAlign":49},[100498,100500,100506],{"text":100499,"type":599},"The West Virginia Democrat told the ",{"text":100501,"type":599,"marks":100502},"Benchmark Gigafactories USA conference",[100503],{"type":604,"attrs":100504},{"href":100505,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://benchmarkevents.benchmarkminerals.com/gigausa/agenda",{"text":100507,"type":599}," that the “environmental community has to come to grips with reality. We have to do the mining. We have to do the processing. We can do it. We have to embrace it.”",{"type":594,"attrs":100509,"content":100510},{"textAlign":49},[100511],{"text":100512,"type":599},"The remarks come following the inclusion of permitting reforms in the debt ceiling agreement passed by Congress last month, including putting a time limit on environmental reviews of major infrastructure projects. ",{"type":594,"attrs":100514,"content":100515},{"textAlign":49},[100516,100517,100523],{"text":2372,"type":599},{"text":100518,"type":599,"marks":100519},"agreement",[100520],{"type":604,"attrs":100521},{"href":100522,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf",{"text":100524,"type":599}," sets a two year time limit on Environmental Impact Statements for projects. It also streamlines permitting for energy storage projects. ",{"type":594,"attrs":100526,"content":100527},{"textAlign":49},[100528],{"text":100529,"type":599},"The bill also approved permits for the Mountain Valley gas pipeline in Manchin’s home state. ",{"type":594,"attrs":100531,"content":100532},{"textAlign":49},[100533],{"text":100534,"type":599},"Permitting reform is a key part of boosting US critical mining and processing this decade. The US is forecast to account for just 3.4% of lithium chemicals production globally in 2030 and less than 0.5% in each of refined cobalt, nickel sulphate, and flake graphite production, according to Benchmark. ",{"type":657,"attrs":100536,"content":100537},{"level":15966,"textAlign":49},[100538],{"text":100539,"type":599},"Automakers call for permitting reform",{"type":594,"attrs":100541,"content":100542},{"textAlign":49},[100543],{"text":100544,"type":599},"Automakers including General Motors and Volkswagen told the Benchmark conference that permitting reform was needed to increase the domestic mining and processing of those minerals. ",{"type":594,"attrs":100546,"content":100547},{"textAlign":49},[100548],{"text":100549,"type":599},"“Obviously Congress made a first attempt, which I think is a very important attempt, but permitting reform has to continue. And we have to continue to press that advantage,” Craig Glidden, executive vice president at GM, said.   ",{"type":594,"attrs":100551,"content":100552},{"textAlign":49},[100553],{"text":100554,"type":599},"Donald Davidson, senior manager for public policy and strategy at Volkswagen America, said that permitting reform could work “hand in glove” with the critical mineral mining incentives in the Inflation Reduction Act, which have no end date.  ",{"type":594,"attrs":100556,"content":100557},{"textAlign":49},[100558,100560,100566],{"text":100559,"type":599},"Last month South32’s Hermosa manganese project ",{"text":100561,"type":599,"marks":100562},"was included",[100563],{"type":604,"attrs":100564},{"href":100565,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/south32-could-become-key-battery-manganese-supplier-as-arizona-project-receives-permitting-boost",{"text":100567,"type":599}," in the government’s “FAST-41” permitting process, which puts the project on a public dashboard to help increase the transparency of the process. ",{"type":594,"attrs":100569,"content":100570},{"textAlign":49},[100571],{"text":100572,"type":599},"Pat Risner, president of the Hermosa project, told the Benchmark conference that the Fast-41 process was a “rigorous process” where the company had to demonstrate the importance to the nation of the project. ",{"type":594,"attrs":100574,"content":100575},{"textAlign":49},[100576],{"text":100577,"type":599},"But he called it an “important tool” for speeding up the process. ",{"type":657,"attrs":100579,"content":100580},{"level":15966,"textAlign":49},[100581],{"text":100582,"type":599},"Permitting reform bill",{"type":594,"attrs":100584,"content":100585},{"textAlign":49},[100586],{"text":100587,"type":599},"Alex Jacquez, special assistant to the President for Economic Development and Industrial Strategy, told the Benchmark conference that the government needed to make permitting “more efficient.”",{"type":594,"attrs":100589,"content":100590},{"textAlign":49},[100591],{"text":100592,"type":599},"“We need to make it more efficient how we permit in the United States,” he said. “I think some of that is on government processes, but certainly some of that is on resources … It’s about working with the private sector, working with states and localities … We need more. We need to go further.”",{"type":594,"attrs":100594,"content":100595},{"textAlign":49},[100596],{"text":100597,"type":599},"The US Department of the Interior is focused on updating mining regulations and laws, including driving efficiencies in the permitting system, he said. ",{"type":594,"attrs":100599,"content":100600},{"textAlign":49},[100601],{"text":100602,"type":599},"One of the main causes of delays is litigation, Jacquez said. There was a lot of work being done in terms of equity sharing with communities and getting them involved early on in a project, he said. ",{"type":594,"attrs":100604,"content":100605},{"textAlign":49},[100606],{"text":100607,"type":599},"There were a “number of proposals” that the administration would like to see in a permitting reform bill and it would publish a report this month, Jacquez added. ",{"type":594,"attrs":100609,"content":100610},{"textAlign":49},[100611],{"text":100612,"type":599},"Reform is needed to “ensure that we are upholding our bedrock environmental standards but also moving the project forward in a timely and consistent manner,” he said. ",{"type":594,"attrs":100614,"content":100615},{"textAlign":49},[100616,100619,100625,100629],{"text":100029,"type":599,"marks":100617},[100618],{"type":643},{"text":16154,"type":599,"marks":100620},[100621,100624],{"type":604,"attrs":100622},{"href":100623,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/request-a-trial",{"type":643},{"text":100626,"type":599,"marks":100627}," article. Fill in the form below to request",[100628],{"type":643},{"text":100630,"type":599,"marks":100631},"a free trial. ",[100632],{"type":643},"Senator Joe Manchin said that “major strides” had been made in terms of improving permitting for critical mineral projects, following the debt ceiling deal agreed in Congress this month. The West Virginia Democrat told the Benchmark Gigafactories USA conference that the “environmental community has to come to grips with reality. We have to do the […]",[100635],{"slug":544,"name":543,"content":100636},{"job_title":557,"image":100637,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8e282241-ba3e-426e-83ed-7911ae480abf\", \"id\": \"\"}-->",[100640,100641],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":100643,"copyright":547,"fieldtype":553,"meta_data":100644,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5cce25df8a/bm-img-9449-13011136ee15.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 08, 2023",{"id":100647,"uuid":100648,"name":100649,"slug":100650,"full_slug":100651,"content":100652},112464087896221,"db2bd404-99e3-4a88-a9ec-0f2eeed9cc0e","What does Tata’s $1.6 billion gigafactory plan mean for India’s battery capacity pipeline?","what-does-tatas-1-6-billion-gigafactory-plan-mean-for-indias-battery-capacity-pipeline","article/what-does-tatas-1-6-billion-gigafactory-plan-mean-for-indias-battery-capacity-pipeline",{"_uid":100653,"date":100479,"tags":100654,"editor":100656,"content":100660,"excerpt":100757,"featured":50,"reporter":100758,"_editable":100762,"component":864,"seo_title":100649,"categories":100763,"visibility":882,"author_company":49,"featured_image":100766,"seo_description":100757,"author_full_name":49,"author_job_title":49,"formattedDate":100645},"23b5be7b-a0cf-4124-99f3-1311299613af",[100655],{"slug":22444,"name":22445},[100657],{"slug":544,"name":543,"content":100658},{"job_title":557,"image":100659,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":100661},[100662,100667,100672,100677,100682,100687,100692,100697,100702,100707,100712,100717,100722,100727,100732,100737,100742,100747,100752],{"type":594,"attrs":100663,"content":100664},{"textAlign":49},[100665],{"text":100666,"type":599},"Indian conglomerate Tata Group will spend Rs 13,000 crore ($1.58 billion) to set up a gigafactory to make lithium ion batteries, a move that is expected to spur the country’s nascent battery manufacturing sector and its supply chain.",{"type":594,"attrs":100668,"content":100669},{"textAlign":49},[100670],{"text":100671,"type":599},"If Tata’s plant comes online and adds 20 gigawatt hours (GWh) by 2035, this will push India’s pipeline capacity above 50 GWh and will be the country’s biggest battery plant in terms of capacity, according to Benchmark analysis.",{"type":594,"attrs":100673,"content":100674},{"textAlign":49},[100675],{"text":100676,"type":599},"Based on current plans, India will account for less than 1% of the global battery capacity by 2030, according to Benchmark Gigafactory Assessment.",{"type":594,"attrs":100678,"content":100679},{"textAlign":49},[100680],{"text":100681,"type":599},"“India is currently playing catchup with building a battery supply chain,” said Aran Waid, analyst with Benchmark.",{"type":594,"attrs":100683,"content":100684},{"textAlign":49},[100685],{"text":100686,"type":599},"The move comes as India, the world’s fourth largest automotive market, looks to spur the development of an electric vehicle market to support its climate and clean energy goals. Prime Minister Narendra Modi has set a target of ensuring electric cars make up 30% of private car sales by 2030, from less than 1% last year.",{"type":594,"attrs":100688,"content":100689},{"textAlign":49},[100690],{"text":100691,"type":599},"Tata Group subsidiary Agaratas Energy Storage Solutions has signed a memorandum of understanding with Gujarat, a state located on the western coast of the Indian peninsula, to set up a gigafactory with production capacity of 20 GWh annually. The company has not disclosed the location of the gigafactory or the timeline for when the construction will begin and complete. ",{"type":657,"attrs":100693,"content":100694},{"level":15966,"textAlign":49},[100695],{"text":100696,"type":599},"India’s gigafactory plans",{"type":594,"attrs":100698,"content":100699},{"textAlign":49},[100700],{"text":100701,"type":599},"Last year India signed agreements under the government’s $2.5 billion Production Linked Incentive (PLI) scheme which provides subsidies for battery production. These include Rajesh Exports, Ola Electric and Reliance New Energy.",{"type":594,"attrs":100703,"content":100704},{"textAlign":49},[100705],{"text":100706,"type":599},"Gold refiner Rajesh Exports said in January it has signed an agreement with the Government of India and southern state Karnataka for setting up a 5 GWh lithium ion battery plant in the state, via its subsidiary ACC Energy. No further details have been announced yet. ",{"type":594,"attrs":100708,"content":100709},{"textAlign":49},[100710],{"text":100711,"type":599},"Ola Electric, which last year said it will commission a 5 gigawatt-hour battery cell factory in India by the end of 2023 and aims to install 100 GWh over the decade. ",{"type":594,"attrs":100713,"content":100714},{"textAlign":49},[100715],{"text":100716,"type":599},"Benchmark currently tracks three gigafactories in India. These include an Exide and SVOLT joint venture, a plant being built by Amara Raja, and Ola Electric’s plant. ",{"type":594,"attrs":100718,"content":100719},{"textAlign":49},[100720],{"text":100721,"type":599},"The Amara Raja plant is expected to come online in 2026 with 2 GWh capacity at first, taking India’s overall capacity to 18 GWh in 2026. The capacity will increase to 26 GWh by 2030 and 38 GWh by 2035, according to Benchmark analysis.  ",{"type":594,"attrs":100723,"content":100724},{"textAlign":49},[100725],{"text":100726,"type":599},"India’s largest automotive battery producer Exide is constructing a cell manufacturing plant in the southern state of Karnataka in collaboration with China’s SVOLT. Exide said last year its plant will have initial production capacity of six gigawatt-hours which would be ramped up to 12 GWh of capacity this decade with a total of $770 million of investment.",{"type":657,"attrs":100728,"content":100729},{"level":15966,"textAlign":49},[100730],{"text":100731,"type":599},"Tata’s gameplan",{"type":594,"attrs":100733,"content":100734},{"textAlign":49},[100735],{"text":100736,"type":599},"Tata Group subsidiary Tata Motors makes electric cars and has a dominating market share in the Indian electric cars space due to its early head start compared to rivals. A gigafactory would help the automaker lower reliance on China for securing battery cells.",{"type":594,"attrs":100738,"content":100739},{"textAlign":49},[100740],{"text":100741,"type":599},"Currently Tata sources the lithium ion batteries from its subsidiary Tata AutoComp Systems, which in turn has a joint venture with China’s Gotion Hi-Tech to produce them locally. ",{"type":594,"attrs":100743,"content":100744},{"textAlign":49},[100745],{"text":100746,"type":599},"The automaker had also rolled out an electric vehicle subsidiary Tata Passenger Electric Mobility two years ago. The electric vehicle subsidiary also has a plant in Sanand, Gujarat.",{"type":594,"attrs":100748,"content":100749},{"textAlign":49},[100750],{"text":100751,"type":599},"Tata Group, which also owns British luxury brand Jaguar Land Rover, has also been reported to pick the United Kingdom for a multi-billion-pound gigafactory.",{"type":594,"attrs":100753,"content":100754},{"textAlign":49},[100755],{"text":100756,"type":599},"Tata Motors sold 50,000 electric vehicles in the fiscal year ended March 2023.","Indian conglomerate Tata Group will spend Rs 13,000 crore ($1.58 billion) to set up a gigafactory to make lithium ion batteries, a move that is expected to spur the country’s nascent battery manufacturing sector and its supply chain. If Tata’s plant comes online and adds 20 gigawatt hours (GWh) by 2035, this will push India’s […]",[100759],{"slug":544,"name":543,"content":100760},{"job_title":557,"image":100761,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"23b5be7b-a0cf-4124-99f3-1311299613af\", \"id\": \"\"}-->",[100764,100765],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":100767,"copyright":547,"fieldtype":553,"meta_data":100768,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/94059d664d/bm-tata-nexon-evs-on-the-roll.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":100770,"uuid":100771,"name":100772,"slug":100773,"full_slug":100774,"content":100775},112471234369992,"3adfd181-183e-48da-8303-df27fefcd8a3","“We see this as an opportunity to build the supply chain from the ground up the right way.” Q&A with GM’s Tanya Skilton","we-see-this-as-an-opportunity-to-build-the-supply-chain-from-the-ground-up-the-right-way-qa-with-gms-tanya-skilton","article/we-see-this-as-an-opportunity-to-build-the-supply-chain-from-the-ground-up-the-right-way-qa-with-gms-tanya-skilton",{"_uid":100776,"date":100777,"tags":100778,"editor":100781,"content":100785,"excerpt":100955,"featured":51,"reporter":100956,"_editable":100960,"component":864,"seo_title":100772,"categories":100961,"visibility":882,"author_company":49,"featured_image":100966,"seo_description":100955,"author_full_name":49,"author_job_title":49,"formattedDate":100969},"18e4dbda-6650-49e3-b466-beb44362bc3a","2023-06-06 00:00",[100779,100780],{"slug":18915,"name":18916},{"slug":1375,"name":1376},[100782],{"slug":544,"name":543,"content":100783},{"job_title":557,"image":100784,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":100786},[100787,100792,100797,100810,100815,100820,100825,100830,100835,100847,100852,100857,100862,100867,100872,100877,100882,100887,100900,100905,100910,100915,100920,100925,100930,100935,100940,100945,100950],{"type":594,"attrs":100788,"content":100789},{"textAlign":49},[100790],{"text":100791,"type":599},"General Motors is moving fast to build a North American supply chain to back its goal to produce 1 million electric vehicles by 2025, and go all electric a decade later. ",{"type":594,"attrs":100793,"content":100794},{"textAlign":49},[100795],{"text":100796,"type":599},"This month it said it would expand a site in Quebec it is building with South Korea’s Posco, and invest an additional $1 billion to produce cathode and precursor materials.",{"type":594,"attrs":100798,"content":100799},{"textAlign":49},[100800,100802,100808],{"text":100801,"type":599},"The automaker’s $650 million investment into ",{"text":100803,"type":599,"marks":100804},"Lithium Americas",[100805],{"type":604,"attrs":100806},{"href":100807,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/gm-commits-650-million-to-secure-us-lithium-production",{"text":100809,"type":599}," earlier this year was the largest-ever investment by an automaker into a lithium company. ",{"type":594,"attrs":100811,"content":100812},{"textAlign":49},[100813],{"text":100814,"type":599},"Shortly after taking over her job Tanya Skilton, director of electric vehicle critical materials, was sent to South Korea, for what she thought would be a week. She ended up staying a month to help secure GM’s battery raw materials. Skilton previously worked for Rio Tinto.",{"type":594,"attrs":100816,"content":100817},{"textAlign":49},[100818],{"text":100819,"type":599},"Benchmark Source sat down with her to find out more.  ",{"type":594,"attrs":100821,"content":100822},{"textAlign":49},[100823],{"text":100824,"type":599},"First off it would be great to talk about the deal with Lithium Americas. It would be great to understand why you felt the need to actually invest in a lithium asset rather than do an offtake or any other sort of deal? ",{"type":594,"attrs":100826,"content":100827},{"textAlign":49},[100828],{"text":100829,"type":599},"I guess starting from the fact that demand is set to outstrip supply as we see it out into the end of the decade and beyond. But even more so, GM is really committed to doing things the right way. So, we’ve said we’re going to go fully electric by the midpoint of the next decade, but we want to do it with the right kind of footprint. You know, we really see this as an opportunity to build the supply chain from the ground up the right way the first time – so we’re not going going back and fixing things. ",{"type":594,"attrs":100831,"content":100832},{"textAlign":49},[100833],{"text":100834,"type":599},"And we do recognise that mining and processing has a completely different, you know, footprint from a community and from a environmental impact than our bread and butter businesses and so, we want to partner with people to make sure that the minerals that we need are going to come to us from the right locations where we can count on good governance and with companies that are going to focus on those environmental and social impacts that they’re going to have. ",{"type":594,"attrs":100836,"content":100837},{"textAlign":49},[100838,100840,100845],{"text":100839,"type":599},"And so thinking about all of those things, and then stepping back and saying okay, how do we get a secure supply chain that’s going to be resilient, that’s going to be able to scale with us, and that’s going to be cost competitive. We want so much from it. We can’t just wait for it to show up in that way. And so we’ve decided that we need to proactively step out and stimulate the right kinds of supply and ",{"text":100803,"type":599,"marks":100841},[100842],{"type":604,"attrs":100843},{"href":100844,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/this-is-going-to-represent-a-turning-point-qa-with-lithium-americas-ceo-jon-evans",{"text":100846,"type":599}," is just a classic example of us doing that.",{"type":594,"attrs":100848,"content":100849},{"textAlign":49},[100850],{"text":100851,"type":599},"Is having ownership of Lithium Americas a way of hedging your price exposure?",{"type":594,"attrs":100853,"content":100854},{"textAlign":49},[100855],{"text":100856,"type":599},"It has that impact that was never necessarily the primary objective. We know we need cost competitiveness into the future. And so of course, you know, direct ownership through an equity stake or participating with some sort of contribution of cash helps with that, and we look to secure that. But we want all of these ventures to also enjoy the upside in the market. So we’ve been very considerate of you know, the needs of both parties as we’ve we’ve we’ve done these deals, but sure it does. It does help with that.",{"type":594,"attrs":100858,"content":100859},{"textAlign":49},[100860],{"text":100861,"type":599},"How much does the Inflation Reduction Act factor into this?",{"type":594,"attrs":100863,"content":100864},{"textAlign":49},[100865],{"text":100866,"type":599},"You know, we’re really grateful for the IRA. However, what I will say is, and I can’t take any credit for this, I joined this team in July last year, but by then we already had a really strong localisation strategy in North America as well as a friend-shoring-type strategy, and that was well underway. And of course, the IRA came around in August. ",{"type":594,"attrs":100868,"content":100869},{"textAlign":49},[100870],{"text":100871,"type":599},"It was a pleasant surprise, because it just seemed to underline and highlight that our strategy was the right one. So obviously there’s all of the footprint considerations when you’re moving minerals around the world and then processing them and then bringing them all of our cell plants that we’ve announced are based in North America, and the majority of our transformation of our fleet is going to happen in North America. Of course our China partners are doing similarly and doing very well with that. But the supply chain that we’re building is for this North American market. And so we always knew we had to build a supply chain that was going to be sustainable, scalable, and grow with us and not necessarily have it just serendipitously show up wherever in the world but very deliberately intentionally build it to be North America-centric. And so the IRA only helps.",{"type":594,"attrs":100873,"content":100874},{"textAlign":49},[100875],{"text":100876,"type":599},"How helpful is the IRA and the tax credits in terms of building a localised supply chain? ",{"type":594,"attrs":100878,"content":100879},{"textAlign":49},[100880],{"text":100881,"type":599},"It is helpful for sure. So it’s caused a lot more projects to kind of pay attention to the speed with which they’re getting up and running. So I’ve seen projects that I don’t know if they were on the books prior to the IRA, maybe they were still thinking about things, but they’ve certainly all started to step forward more now. And of course, the production tax credits will help the economics because the economics when you look at them on a like-for-like basis on paper, don’t always stack up. And there is the inflation that we’re all dealing with at the moment. And with all of these projects wanting to get up and running quickly there’s always a shortage developing in the construction industry. And so the production tax credits will significantly help with helping to make the business case stand up and ultimately making these vehicles more affordable for the consumer.",{"type":594,"attrs":100883,"content":100884},{"textAlign":49},[100885],{"text":100886,"type":599},"Doesn’t it risk increasing prices for EVs? Because obviously making cathode in North America or processing in North America, it is difficult to compete with the Chinese. So do we not risk prices for EVs and batteries going up in the short term?",{"type":594,"attrs":100888,"content":100889},{"textAlign":49},[100890,100892,100898],{"text":100891,"type":599},"It’s an interesting question. It is not easy to make the business case stand up for the partners that we’re working with – our global partners. So you know, we have our ",{"text":100893,"type":599,"marks":100894},"joint venture for cathode",[100895],{"type":604,"attrs":100896},{"href":100897,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/clean-energy-lures-gm-posco-and-basf-cathode-projects-to-quebec",{"text":100899,"type":599}," with Posco and I was visiting just two weeks ago, and the steel is coming up and there’s cranes all over the site and all of that it’s very exciting to see – it’s coming alive. ",{"type":594,"attrs":100901,"content":100902},{"textAlign":49},[100903],{"text":100904,"type":599},"Posco is not the kind of company nor is General Motors, the kind of company that would sign up to poor economics for a project like that. That’s going to live for a very long time. And so we’ve worked very hard to pay attention to making it globally competitive as best as we can. Playing to our strengths. They are a chemical processing company that has been deeply involved all the way down to mining as well for their own businesses. We’re very well established in North America and have a lot of relationships here, construction relationships. We know the landscape well. We know how to bring in manufacturing facilities in North America and under budget and on time. ",{"type":594,"attrs":100906,"content":100907},{"textAlign":49},[100908],{"text":100909,"type":599},"So we’re pooling our resources to manage the economics because we know that we can’t stand things that won’t compete. So yeah, it’s tough, but we’ve got to work at it.",{"type":594,"attrs":100911,"content":100912},{"textAlign":49},[100913],{"text":100914,"type":599},"Since you’ve just come back from Quebec could you describe the site? ",{"type":594,"attrs":100916,"content":100917},{"textAlign":49},[100918],{"text":100919,"type":599},"We had a vision of a CAM [cathode active materials] joint venture plant sort of at the centre of what we think of as this battery chemicals mega site, and then nickel sulphate piping in; recycling hopefully co-located also with the plant. Lithium hydroxide co-located would also be fantastic. And then other sulphates as well. So cobalt and manganese will also need to be in sulphate form coming into the plant. Really the CAM plant will be at the heart of it with all of these kind of sprouting up around it.",{"type":594,"attrs":100921,"content":100922},{"textAlign":49},[100923],{"text":100924,"type":599},"And I just wanted to ask about the impact of lower prices, we’ve seen a dramatic decline in lithium. Does this mean battery supply deals are being renegotiated? Do you immediately see the benefit, or is there a sort of lag impact?",{"type":594,"attrs":100926,"content":100927},{"textAlign":49},[100928],{"text":100929,"type":599},"No, we’re not having to renegotiate any deals necessarily. Because we knew very much from the start that whether it’s the battery cells or the cathode or anode, all of it is so commodity exposed, that we need to write our contracts such that we can protect the parties involved, whether it’s us or whoever’s passing those materials through to us so, so the deals are written to accommodate this kind of back and forth in the marketplace. And if there’s any lag it’s a matter of quotation or periods and months rather than anything longer than that. It’s fairly standard commodity market type deals.",{"type":594,"attrs":100931,"content":100932},{"textAlign":49},[100933],{"text":100934,"type":599},"I guess it’s a relief right as batteries should get cheaper this year. ",{"type":594,"attrs":100936,"content":100937},{"textAlign":49},[100938],{"text":100939,"type":599},"It is a little bit of a wait and see. I mean, lithium in particular tends to somehow rise during the second half of the year and get tighter. So what happened last couple of years so we’ll see. But you know, the good news is we have such direct relationships with not just the CAM makers, but even the lithium supply and the nickel supply that we’re all talking about it and hearing about what they’re anticipating with their books and that sort of thing.",{"type":594,"attrs":100941,"content":100942},{"textAlign":49},[100943],{"text":100944,"type":599},"Moving onto nickel. We’ve seen Ford going to Indonesia. It seems hard to meet forecast demand without Indonesian nickel. Do you have any plans to look at the country? ",{"type":594,"attrs":100946,"content":100947},{"textAlign":49},[100948],{"text":100949,"type":599},"We currently have some exposure to Indonesia, of course through our CAM partnerships. And in terms of what we’re doing directly, you would have read about our Vale partnership for nickel sulphate and that will be a tremendous game changer because we’re really working on a plan that will be conjoined with Posco-GM joint venture. So that gives us some significant advantages and that nickel will come from Canada for the most part. We are looking at the fact that there are not a whole lot of new nickel projects around the world, and Indonesia is a massive nickel province. ",{"type":594,"attrs":100951,"content":100952},{"textAlign":49},[100953],{"text":100954,"type":599},"We like going back to what I said at the start. ESG is something that we really do care about and we want to be very, very selective, selective and intentional about our nickel footprint. We never tend to stop looking at opportunities. But at the moment, we don’t have anything necessarily coming out of Indonesia other than our CAM exposures. And we’ll keep looking and work out what the next best engagements need to be.","General Motors is moving fast to build a North American supply chain to back its goal to produce 1 million electric vehicles by 2025, and go all electric a decade later. This month it said it would expand a site in Quebec it is building with South Korea’s Posco, and invest an additional $1 billion […]",[100957],{"slug":544,"name":543,"content":100958},{"job_title":557,"image":100959,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"18e4dbda-6650-49e3-b466-beb44362bc3a\", \"id\": \"\"}-->",[100962,100963,100964,100965],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":100967,"copyright":547,"fieldtype":553,"meta_data":100968,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cbb408bf15/bm-tanyaskilton-april-20231.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 06, 2023",{"id":100971,"uuid":100972,"name":100973,"slug":100974,"full_slug":100975,"content":100976},112471260883405,"75d14adc-d5d2-4502-b826-289c6587a3c8","Synthetic graphite anode prices fall 20% this year putting pressure on natural graphite","synthetic-graphite-anode-prices-fall-20-this-year-putting-pressure-on-natural-graphite","article/synthetic-graphite-anode-prices-fall-20-this-year-putting-pressure-on-natural-graphite",{"_uid":100977,"date":100978,"tags":100979,"editor":100983,"content":100987,"excerpt":101158,"featured":51,"reporter":101159,"_editable":101163,"component":864,"seo_title":100973,"categories":101164,"visibility":882,"author_company":49,"featured_image":101169,"seo_description":101158,"author_full_name":49,"author_job_title":49,"formattedDate":101171},"07396e7c-b352-4562-b85f-ee92fd30f259","2023-05-31 00:00",[100980,100981,100982],{"slug":7335,"name":7336},{"slug":7332,"name":7333},{"slug":2507,"name":15902},[100984],{"slug":544,"name":543,"content":100985},{"job_title":557,"image":100986,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":100988},[100989,100994,101006,101011,101023,101028,101039,101046,101051,101056,101061,101066,101077,101082,101093,101098,101103,101110,101115,101128,101133,101138],{"type":594,"attrs":100990,"content":100991},{"textAlign":49},[100992],{"text":100993,"type":599},"Synthetic graphite prices have fallen by 20% this year, as producers in China increasingly manage to lower costs by using cheaper feedstock.",{"type":594,"attrs":100995,"content":100996},{"textAlign":49},[100997,100999,101004],{"text":100998,"type":599},"Sluggish downstream demand from the ",{"text":65531,"type":599,"marks":101000},[101001],{"type":604,"attrs":101002},{"href":101003,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/infographic-how-ev-choice-affects-lithium-nickel-and-cobalt-demand",{"text":101005,"type":599}," market is also pushing down on synthetic graphite prices as anode producers opt to use their inventories.",{"type":594,"attrs":101007,"content":101008},{"textAlign":49},[101009],{"text":101010,"type":599},"Synthetic graphite dominant anodes generally have a higher cycle life and consistency than natural graphite and are considered safer. However, the cost of synthetic graphite anode material is typically higher.",{"type":594,"attrs":101012,"content":101013},{"textAlign":49},[101014,101016,101021],{"text":101015,"type":599},"However, with the price of ",{"text":101017,"type":599,"marks":101018},"synthetic anode material falling",[101019],{"type":604,"attrs":101020},{"href":98064,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":101022,"type":599},", concerns over price may be fading.",{"type":594,"attrs":101024,"content":101025},{"textAlign":49},[101026],{"text":101027,"type":599},"“Only 12 months ago, we assessed low energy synthetic anode materials to be 27% more expensive than natural, but this premium has closed rapidly as synthetic graphite capacity continues to come online at pace,” Adam Megginson, an analyst at Benchmark, said.",{"type":594,"attrs":101029,"content":101030},{"textAlign":49},[101031,101033,101038],{"text":101032,"type":599},"Across all types of anodes, the synthetic graphite anode prices are falling more sharply than those of their natural graphite counterparts. For the low energy anodes used in energy storage applications, the price of natural and synthetic graphite anodes are now the same  for the first time, according to ",{"text":101034,"type":599,"marks":101035},"Benchmark’s Anode Price Assessment",[101036],{"type":604,"attrs":101037},{"href":96627,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":101040,"content":101041},{"textAlign":49},[101042],{"type":1186,"attrs":101043},{"id":49,"alt":547,"src":101044,"title":49,"source":49,"copyright":49,"meta_data":101045},"https://a.storyblok.com/f/287943243085208/10c343fce7/bm-low-energy-synthetic-graphite-anode-price.png",{},{"type":657,"attrs":101047,"content":101048},{"level":15966,"textAlign":49},[101049],{"text":101050,"type":599},"Cheaper feedstock",{"type":594,"attrs":101052,"content":101053},{"textAlign":49},[101054],{"text":101055,"type":599},"Typically, synthetic graphite anode active material producers use petroleum coke feedstocks with a sulphur content below 0.5% in order to meet end product specifications.",{"type":594,"attrs":101057,"content":101058},{"textAlign":49},[101059],{"text":101060,"type":599},"However, coke feedstocks with medium (0.5% to 4%) or high (4+%) sulphur content sell at a discount of around RMB 4,000 ($564) per tonne to the low sulphur feedstocks. This makes them attractive to anode producers looking to reduce costs.",{"type":594,"attrs":101062,"content":101063},{"textAlign":49},[101064],{"text":101065,"type":599},"The higher sulphur feedstocks require desulphurisation before they can be used to make anode materials. The costs for this are relatively low at RMB 300 to 500 ($44-73) per tonne.",{"type":594,"attrs":101067,"content":101068},{"textAlign":49},[101069,101071,101076],{"text":101070,"type":599},"“That price advantage between the higher sulphur and lower sulphur pet coke is still there even after they undertake that extra step of desulphurisation,” Megginson said in a ",{"text":101072,"type":599,"marks":101073},"video for Benchmark Source",[101074],{"type":604,"attrs":101075},{"href":97057,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":101078,"content":101079},{"textAlign":49},[101080],{"text":101081,"type":599},"Contacts have reported to Benchmark that the substitution of higher sulphur content feedstocks is particularly prevalent for anode makers supplying cell producers making lithium iron phosphate (LFP) based cells.",{"type":594,"attrs":101083,"content":101084},{"textAlign":49},[101085,101087,101091],{"text":101086,"type":599},"Demand for LFP cells is set to increase threefold by 2026, according to ",{"text":75471,"type":599,"marks":101088},[101089],{"type":604,"attrs":101090},{"href":92742,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":101092,"type":599}," Unless low sulphur coke costs fall to close the premium, it is likely that much of this demand will be met with anodes produced using higher sulphur feedstock.",{"type":594,"attrs":101094,"content":101095},{"textAlign":49},[101096],{"text":101097,"type":599},"Higher performance cells using lithium, nickel, cobalt, manganese (NCM) cathodes continue to prefer using anode material produced from low sulphur feedstocks.",{"type":594,"attrs":101099,"content":101100},{"textAlign":49},[101101],{"text":101102,"type":599},"But these high performance cells can still benefit from the trend towards high sulphur feedstocks as it is reducing demand for the low sulphur feedstocks, thus driving prices down.",{"type":594,"attrs":101104,"content":101105},{"textAlign":49},[101106],{"type":1186,"attrs":101107},{"id":49,"alt":547,"src":101108,"title":49,"source":49,"copyright":49,"meta_data":101109},"https://a.storyblok.com/f/287943243085208/2f84bb5f33/bm-high-energy-synthetic-graphite-anode-price.png",{},{"type":657,"attrs":101111,"content":101112},{"level":15966,"textAlign":49},[101113],{"text":101114,"type":599},"Pressure on natural graphite",{"type":594,"attrs":101116,"content":101117},{"textAlign":49},[101118,101120,101126],{"text":101119,"type":599},"The falling cost of synthetic graphite anode material is putting pressure on the natural graphite market, especially in ",{"text":101121,"type":599,"marks":101122},"China where a preference for synthetic anodes",[101123],{"type":604,"attrs":101124},{"href":101125,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-anode-players-announce-3-9-billion-for-synthetic-graphite-projects",{"text":101127,"type":599}," was already strong.",{"type":594,"attrs":101129,"content":101130},{"textAlign":49},[101131],{"text":101132,"type":599},"Strong demand for synthetic graphite is weighing on natural graphite developers’ plans globally, too. ",{"type":594,"attrs":101134,"content":101135},{"textAlign":49},[101136],{"text":101137,"type":599},"“It could impact the natural graphite project pipeline, if natural graphite loses its cost competitiveness with synthetic graphite,” Megginson said. “Especially while the additional environmental costs at synthetic graphite operations in China continue to be ignored.”",{"type":594,"attrs":101139,"content":101140},{"textAlign":49},[101141,101143,101149,101151,101157],{"text":101142,"type":599},"Synthetic graphite anode production can be ",{"text":101144,"type":599,"marks":101145},"over four times as carbon intensive",[101146],{"type":604,"attrs":101147},{"href":101148,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/esg-of-graphite-how-do-synthetic-graphite-and-natural-graphite-compare",{"text":101150,"type":599}," as natural graphite anode production due to the high energy usage in the ",{"text":101152,"type":599,"marks":101153},"graphitisation of the coke feedstock",[101154],{"type":604,"attrs":101155},{"href":101156,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/twin-power-crises-hit-chinas-synthetic-graphite-producers",{"text":974,"type":599},"Synthetic graphite prices have fallen by 20% this year, as producers in China increasingly manage to lower costs by using cheaper feedstock. Sluggish downstream demand from the electric vehicle market is also pushing down on synthetic graphite prices as anode producers opt to use their inventories. Synthetic graphite dominant anodes generally have a higher cycle […]",[101160],{"slug":544,"name":543,"content":101161},{"job_title":557,"image":101162,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"07396e7c-b352-4562-b85f-ee92fd30f259\", \"id\": \"\"}-->",[101165,101166,101167,101168],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":98138,"copyright":547,"fieldtype":553,"meta_data":101170,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"May 31, 2023",{"id":101173,"uuid":101174,"name":101175,"slug":101176,"full_slug":101177,"content":101178},112471280347601,"55980459-d246-4d5f-b9c3-0fc8d8d638e9","China set to overtake Chile as world’s second largest lithium producer","china-set-to-overtake-chile-as-worlds-second-largest-lithium-producer","article/china-set-to-overtake-chile-as-worlds-second-largest-lithium-producer",{"_uid":101179,"date":101180,"live":50,"tags":101181,"editor":101185,"content":101189,"excerpt":101332,"featured":51,"reporter":101333,"_editable":101337,"component":864,"seo_title":101338,"categories":101339,"visibility":882,"author_company":547,"data_vis_image":101344,"featured_image":101346,"seo_description":101348,"author_full_name":547,"author_job_title":547,"formattedDate":101349},"f4662734-7ce4-4a59-b95f-9c692ce4eabc","2023-05-26 00:00",[101182,101183,101184],{"slug":6567,"name":2038},{"slug":17168,"name":13351},{"slug":913,"name":914},[101186],{"slug":544,"name":543,"content":101187},{"job_title":557,"image":101188,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":101190},[101191,101202,101212,101217,101222,101233,101238,101243,101248,101253,101258,101265,101270,101275,101280,101285,101290,101295,101300,101305,101317,101322,101327],{"type":594,"attrs":101192,"content":101193},{"textAlign":49},[101194,101196,101200],{"text":101195,"type":599},"China is poised to replace ",{"text":13351,"type":599,"marks":101197},[101198],{"type":604,"attrs":101199},{"href":88436,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":101201,"type":599}," as the world’s second largest lithium miner in the next five years, as companies invest in domestic lithium resources to help reducce the country’s dependence on imported feedstock from Australia.",{"type":594,"attrs":101203,"content":101204},{"textAlign":49},[101205,101207,101211],{"text":101206,"type":599},"Between now and 2028, China’s share of world lithium supply will remain steady at 17% while Chile’s will decline from 24% to 15%, pushing the latter to third place in global producer rankings, according to ",{"text":24541,"type":599,"marks":101208},[101209],{"type":604,"attrs":101210},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":101213,"content":101214},{"textAlign":49},[101215],{"text":101216,"type":599},"China is the world’s largest processor of lithium chemicals, but still relies on Australia for the bulk of its imports of lithium feedstock. That exposes the country to foreign spodumene prices, as well as to Australia, which is increasingly cooperating with the US on critical mineral projects. ",{"type":594,"attrs":101218,"content":101219},{"textAlign":49},[101220],{"text":101221,"type":599},"On Saturday US President Joe Biden and Australian Prime Minister Anthony Albanese signed an agreement at the G7 meeting in Hiroshima that aims to expand cooperation in crticial minerals. “We intend to coordinate to spur the diversification and expansion of clean energy supply chains,” it said. ",{"type":594,"attrs":101223,"content":101224},{"textAlign":49},[101225,101227,101232],{"text":101226,"type":599},"Chinese market participants have continued to invest in the development of domestic integrated lithium chemicals capacity. At the same time, growth in Chile is set to slow due to lack of new projects, which have been held up by ",{"text":101228,"type":599,"marks":101229},"government regulation",[101230],{"type":604,"attrs":101231},{"href":88436,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":101234,"content":101235},{"textAlign":49},[101236],{"text":101237,"type":599},"“China has a political will to encourage as many lithium mines as possible while Chile has a dearth of greenfield projects,” commented Benchmark analyst Cameron Perks.",{"type":657,"attrs":101239,"content":101240},{"level":15966,"textAlign":49},[101241],{"text":101242,"type":599},"China already moving upstream",{"type":594,"attrs":101244,"content":101245},{"textAlign":49},[101246],{"text":101247,"type":599},"China is the world’s biggest single lithium processor but its domestic lithium mining sector is still relatively small.",{"type":594,"attrs":101249,"content":101250},{"textAlign":49},[101251],{"text":101252,"type":599},"This is changing, however, with 24 lithium mining projects already under development as both the central government and private actors move to reduce reliance on Australian spodumene.",{"type":594,"attrs":101254,"content":101255},{"textAlign":49},[101256],{"text":101257,"type":599},"Yichun in Jiangxi province has seen significant investment by major downstream battery supply chain companies in China looking to develop integrated operations in the vicinity of domestic lithium resources.",{"type":594,"attrs":101259,"content":101260},{"textAlign":49},[101261],{"type":1186,"attrs":101262},{"id":49,"alt":547,"src":101263,"title":49,"source":49,"copyright":49,"meta_data":101264},"https://a.storyblok.com/f/287943243085208/4c1566a3d1/bm-screenshot-2023-05-25-110453-13003545dcf5.png",{},{"type":594,"attrs":101266,"content":101267},{"textAlign":49},[101268],{"text":101269,"type":599},"Currently, around half of China’s mined output comes from brine deposits but the focus going forwards is on developing hard rock projects. Chinese lithium from spodumene and lepidolite ores will increase over 200% between 2023 and 2028.",{"type":657,"attrs":101271,"content":101272},{"level":15966,"textAlign":49},[101273],{"text":101274,"type":599},"Reducing risky imports",{"type":594,"attrs":101276,"content":101277},{"textAlign":49},[101278],{"text":101279,"type":599},"Nonetheless, imported lithium feedstocks will remain crucial. Chinese mined supply in 2028 will only be 30% of Chinese chemical output in lithium carbonate equivalent tonnes.",{"type":594,"attrs":101281,"content":101282},{"textAlign":49},[101283],{"text":101284,"type":599},"However, self-sufficiency is not so much a priority for Chinese actors as reducing the exposure of domestic refineries to market risks.",{"type":594,"attrs":101286,"content":101287},{"textAlign":49},[101288],{"text":101289,"type":599},"More domestic feedstock would make Chinese refiners less vulnerable to high spodumene prices such as those seen between November 2022 and May 2023, when resilient input costs squeezed margins and threatened suspensions at smaller firms. ",{"type":594,"attrs":101291,"content":101292},{"textAlign":49},[101293],{"text":101294,"type":599},"The push for increased domestic mining will also shore up Chinese access to ore as Australia increases its own chemical production, reducing the amount of spodumene available for export.",{"type":657,"attrs":101296,"content":101297},{"level":15966,"textAlign":49},[101298],{"text":101299,"type":599},"More lepidolite mining brings environmental risks",{"type":594,"attrs":101301,"content":101302},{"textAlign":49},[101303],{"text":101304,"type":599},"Increased Chinese supply also has sustainability implications since it will boost the share of lithium from lepidolite, an ore that is more environmentally damaging to exploit than brine or spodumene.",{"type":594,"attrs":101306,"content":101307},{"textAlign":49},[101308,101310,101315],{"text":101309,"type":599},"Lithium carbonate from lepidolite ranks worse than carbonate from brine or spodumene on all four environmental impact areas covered by Benchmark’s ",{"text":101311,"type":599,"marks":101312},"global life cycle assessment",[101313],{"type":604,"attrs":101314},{"href":23778,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":101316,"type":599},": global warming potential, freshwater eutrophication, terrestrial ecotoxicity, and human non-carcinogenic toxicity. This owes to the fact that lepidolite has low concentrations of lithium, making it more energy-intensive to exploit. ",{"type":594,"attrs":101318,"content":101319},{"textAlign":49},[101320],{"text":101321,"type":599},"Carbonate from lepidolite compares particularly badly to brine, releasing at least 80% more pollutants per kilogram of carbonate in every environmental impact category. The biggest gap between the ores is in global warming potential, with lepidolite extraction releasing 88% more carbon dioxide than brine extraction.  ",{"type":594,"attrs":101323,"content":101324},{"textAlign":49},[101325],{"text":101326,"type":599},"One way to improve the sustainability of lepidolite extraction would be to increase the share of renewables in China’s electricity mix as 50% of its carbon emissions come from this source.",{"type":594,"attrs":101328,"content":101329},{"textAlign":49},[101330],{"text":101331,"type":599},"Still fossil fuels are used for roasting when it comes to lepidolite and spodumene, which is not something you can electrify easily. ","China is poised to replace Chile as the world’s second largest lithium miner in the next five years, as companies invest in domestic lithium resources to help reducce the country’s dependence on imported feedstock from Australia. Between now and 2028, China’s share of world lithium supply will remain steady at 17% while Chile’s will decline […]",[101334],{"slug":544,"name":543,"content":101335},{"job_title":557,"image":101336,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f4662734-7ce4-4a59-b95f-9c692ce4eabc\", \"id\": \"\"}-->","China set to overtake Chile as world’s second largest ",[101340,101341,101342,101343],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"slug":16964,"name":16965},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":101345},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":51225,"copyright":547,"fieldtype":553,"meta_data":101347,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"China is poised to replace Chile as the world’s second largest lithium miner in the next five years, as companies invest in domestic lithium resources to help reduce the country’s dependence on imported feedstock from Australia. ...","May 26, 2023",{"id":101351,"uuid":101352,"name":101353,"slug":101354,"full_slug":101355,"content":101356},112471275702736,"9bf1020d-c1ac-482f-a339-7eaae116017d","UK battery industry could see boost as Tata eyes Somerset for gigafactory investment","uk-battery-industry-could-see-boost-as-tata-eyes-somerset-for-gigafactory-investment","article/uk-battery-industry-could-see-boost-as-tata-eyes-somerset-for-gigafactory-investment",{"_uid":101357,"date":101180,"tags":101358,"editor":101363,"content":101367,"excerpt":101487,"featured":51,"reporter":101488,"_editable":101492,"component":864,"seo_title":101353,"categories":101493,"visibility":882,"author_company":49,"featured_image":101496,"seo_description":101487,"author_full_name":49,"author_job_title":49,"formattedDate":101349},"fafc55ed-f54b-4aaa-9238-3843b37660e0",[101359,101362],{"slug":101360,"name":101361},"tata","Tata",{"slug":16791,"name":16792},[101364],{"slug":544,"name":543,"content":101365},{"job_title":557,"image":101366,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":101368},[101369,101374,101379,101391,101403,101408,101413,101418,101423,101428,101440,101445,101450,101455,101460,101465,101477,101482],{"type":594,"attrs":101370,"content":101371},{"textAlign":49},[101372],{"text":101373,"type":599},"Tata Group, the Indian company that owns Jaguar Land Rover, looks set to pick the UK for the site of its new multi-billion-pound gigafactory, according to a report from the BBC.",{"type":594,"attrs":101375,"content":101376},{"textAlign":49},[101377],{"text":101378,"type":599},"The company has been considering either the UK or Spain as the location of a European gigafactory.",{"type":594,"attrs":101380,"content":101381},{"textAlign":49},[101382,101384,101390],{"text":101383,"type":599},"If the plan goes ahead, the gigafactory could provide a significant boost to the UK’s ailing battery industry which suffered a setback earlier this year with the ",{"text":101385,"type":599,"marks":101386},"collapse of Britishvolt",[101387],{"type":604,"attrs":101388},{"href":101389,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/uk-battery-pipeline-shrinks-after-britishvolt-collapse",{"text":974,"type":599},{"type":594,"attrs":101392,"content":101393},{"textAlign":49},[101394,101396,101401],{"text":101395,"type":599},"The UK needs ",{"text":101397,"type":599,"marks":101398},"200 gigawatt hours of battery production by 2030",[101399],{"type":604,"attrs":101400},{"href":74370,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":101402,"type":599},", according to Benchmark. This will require at least three more gigafactories, costing in total around £20 billion ($25 billion), according to Simon Moores, Benchmark’s chief executive.",{"type":594,"attrs":101404,"content":101405},{"textAlign":49},[101406],{"text":101407,"type":599},"Currently, the UK only has one gigafactory with a capacity of 1.9 gigawatt-hours with Envision AESC’s plant in Sunderland.",{"type":594,"attrs":101409,"content":101410},{"textAlign":49},[101411],{"text":101412,"type":599},"The BBC reported that Tata’s chairman is expected to meet with Rishi Sunak, the UK’s prime minister, at some point next week.",{"type":657,"attrs":101414,"content":101415},{"level":15966,"textAlign":49},[101416],{"text":101417,"type":599},"UK’s battery scene",{"type":594,"attrs":101419,"content":101420},{"textAlign":49},[101421],{"text":101422,"type":599},"Through a partnership with Nissan, Envision AESC plans to build a second gigafactory in Sunderland with a capacity of 35 GWh. This facility is expected to begin operations in 2025 with an initial capacity of 12 GWh.",{"type":594,"attrs":101424,"content":101425},{"textAlign":49},[101426],{"text":101427,"type":599},"Beyond these, the UK has no other cell production capacity confirmed in the pipeline and it is unknown what size Tata’s potential UK gigafactory or investment could be.",{"type":594,"attrs":101429,"content":101430},{"textAlign":49},[101431,101433,101438],{"text":101432,"type":599},"The plant could alleviate some of the ",{"text":101434,"type":599,"marks":101435},"recent fears from the UK’s automotive industry",[101436],{"type":604,"attrs":101437},{"href":24636,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":101439,"type":599}," raised by “rules of origin” regulations that are set to come into force in 2024. These rules require 45% of the value of an EV and 60% of the value of an EV battery to be derived from the UK or the EU, lest a 10% tariff be imposed.",{"type":594,"attrs":101441,"content":101442},{"textAlign":49},[101443],{"text":101444,"type":599},"Stellantis and Ford, automakers with EV production plans in the UK, believe these rules could make operating in the UK untenable as there isn’t enough local capacity to meet demand.",{"type":594,"attrs":101446,"content":101447},{"textAlign":49},[101448],{"text":101449,"type":599},"The presence of a Tata and the associated Jaguar Land Rover brand in the UK could send a positive signal to the market that a big name has faith in the ability to do business in the country.",{"type":594,"attrs":101451,"content":101452},{"textAlign":49},[101453],{"text":101454,"type":599},"However, the UK will need more than gigafactories to catch up with neighbouring Europe in terms of a battery supply chain.",{"type":594,"attrs":101456,"content":101457},{"textAlign":49},[101458],{"text":101459,"type":599},"“Whilst any commitment Tata might make towards constructing cell production capacity in the UK is a step in the right direction, more is needed across the supply chain to ensure the development of a resilient localised industry,” Evan Hartley, an analyst at Benchmark, said.",{"type":657,"attrs":101461,"content":101462},{"level":15966,"textAlign":49},[101463],{"text":101464,"type":599},"Critical minerals and midstream processing",{"type":594,"attrs":101466,"content":101467},{"textAlign":49},[101468,101470,101475],{"text":101469,"type":599},"Even with sufficient battery production capacity and raw material deals in place, the UK will remain beholden to Europe, Asia and potentially the US if it doesn’t build up the ",{"text":101471,"type":599,"marks":101472},"midstream chemical processing",[101473],{"type":604,"attrs":101474},{"href":24585,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":101476,"type":599}," and cathode and anode production in tandem.",{"type":594,"attrs":101478,"content":101479},{"textAlign":49},[101480],{"text":101481,"type":599},"The UK currently has no cathode or anode material production. Investment in gigafactories is key to attracting these producers, according to Moores.",{"type":594,"attrs":101483,"content":101484},{"textAlign":49},[101485],{"text":101486,"type":599},"“That 20 billion [pounds] unlocks the opportunities for the rest of the supply chain, and unlocks the electric vehicle industry here in the UK,” Moores said.","Tata Group, the Indian company that owns Jaguar Land Rover, looks set to pick the UK for the site of its new multi-billion-pound gigafactory, according to a report from the BBC. The company has been considering either the UK or Spain as the location of a European gigafactory. If the plan goes ahead, the gigafactory […]",[101489],{"slug":544,"name":543,"content":101490},{"job_title":557,"image":101491,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fafc55ed-f54b-4aaa-9238-3843b37660e0\", \"id\": \"\"}-->",[101494,101495],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":54059,"copyright":547,"fieldtype":553,"meta_data":101497,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":101499,"uuid":101500,"name":101501,"slug":101502,"full_slug":101503,"content":101504},112471294769620,"f1974f05-a44e-4d60-bdd0-fafe404f52b8","Sodium ion battery producers target the energy storage market","sodium-ion-battery-producers-target-the-energy-storage-market","article/sodium-ion-battery-producers-target-the-energy-storage-market",{"_uid":101505,"date":101506,"tags":101507,"editor":101510,"content":101514,"excerpt":101684,"featured":51,"reporter":101685,"_editable":101689,"component":864,"seo_title":101501,"categories":101690,"visibility":882,"author_company":49,"featured_image":101693,"seo_description":101684,"author_full_name":49,"author_job_title":49,"formattedDate":101696},"c37da677-6183-4796-bc66-f5b5a1261224","2023-05-24 00:00",[101508,101509],{"slug":6777,"name":6778},{"slug":20649,"name":20650},[101511],{"slug":544,"name":543,"content":101512},{"job_title":557,"image":101513,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":101515},[101516,101521,101532,101537,101549,101554,101559,101564,101569,101576,101581,101586,101591,101596,101601,101606,101611,101616,101621,101626,101631,101636,101643,101648,101653,101658,101663,101668,101679],{"type":594,"attrs":101517,"content":101518},{"textAlign":49},[101519],{"text":101520,"type":599},"Sodium ion battery producers are expanding production to target the energy storage market, betting on the battery chemistry’s lower costs and greater safety to win customers. ",{"type":594,"attrs":101522,"content":101523},{"textAlign":49},[101524,101526,101530],{"text":101525,"type":599},"Of the sodium ion ",{"text":4811,"type":599,"marks":101527},[101528],{"type":604,"attrs":101529},{"href":97350,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":101531,"type":599}," Benchmark has information of the end market for, two-thirds are targeting ESS markets.",{"type":594,"attrs":101533,"content":101534},{"textAlign":49},[101535],{"text":101536,"type":599},"Energy storage is forecast by Rho Motion to account for 40% of demand for sodium ion batteries in 2030 compared to 10% of the demand for lithium ion batteries.",{"type":594,"attrs":101538,"content":101539},{"textAlign":49},[101540,101542,101547],{"text":101541,"type":599},"Unlike ",{"text":3467,"type":599,"marks":101543},[101544],{"type":604,"attrs":101545},{"href":101546,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-biggest-cell-makers-back-sodium-ion-for-auto-industry",{"text":101548,"type":599},", the lower energy density of sodium ion batteries is not a concern for energy storage applications, where cost and safety are the primary determining factors in choosing a battery technology.",{"type":594,"attrs":101550,"content":101551},{"textAlign":49},[101552],{"text":101553,"type":599},"The increased weight of sodium ion relative to the lithium ion means energy density is lower than lithium ion cells. ",{"type":594,"attrs":101555,"content":101556},{"textAlign":49},[101557],{"text":101558,"type":599},"“The majority of sodium ion cell capacity commitments are coming from companies targeting the ESS market,” Evan Hartley, an analyst at Benchmark, said. “The few producers targeting the EV market tend to be well established in the lithium ion space, hoping to utilise existing partnerships with automakers to secure supply deals.”",{"type":594,"attrs":101560,"content":101561},{"textAlign":49},[101562],{"text":101563,"type":599},"Rho Motion forecasts that sodium ion batteries could make up 7% of the energy storage market in 2030, rising to 13% in 2040.",{"type":594,"attrs":101565,"content":101566},{"textAlign":49},[101567],{"text":101568,"type":599},"HiNa Battery, a Chinese sodium ion developer, is planning one of the largest sodium ion energy storage installations in Anhui, China. The project is expected to be commissioned later this year with a capacity of 30MW/60MWh.",{"type":594,"attrs":101570,"content":101571},{"textAlign":49},[101572],{"type":1186,"attrs":101573},{"id":49,"alt":547,"src":101574,"title":49,"source":49,"copyright":49,"meta_data":101575},"https://a.storyblok.com/f/287943243085208/f64c2a1bdc/bm-sodium-ion.jpg",{},{"type":657,"attrs":101577,"content":101578},{"level":15966,"textAlign":49},[101579],{"text":101580,"type":599},"Ex-China players ",{"type":594,"attrs":101582,"content":101583},{"textAlign":49},[101584],{"text":101585,"type":599},"While China currently dominates production of sodium ion batteries, a number of companies outside the country are entering the business.",{"type":594,"attrs":101587,"content":101588},{"textAlign":49},[101589],{"text":101590,"type":599},"Outside of China, three of the four sodium ion gigafactories tracked by Benchmark are geared up to supply the energy storage market as well as electric vehicles. The largest of these is France’s Tiamat Energy which has a planned production capacity of six gigawatt-hours at its facility due to begin operations in 2026. ",{"type":594,"attrs":101592,"content":101593},{"textAlign":49},[101594],{"text":101595,"type":599},"Faradion, a UK-based sodium ion producer wholly owned by India’s Reliance Industries, is also targeting the energy storage market with its gigafactory planned for construction in Gujarat, India. The company has a joint venture called Nation Energie with ICM Investments in Australia. ",{"type":594,"attrs":101597,"content":101598},{"textAlign":49},[101599],{"text":101600,"type":599},"AMTE Power operates a sub-gigawatt-hour facility in Thurso, Scotland and plans to build a gigawatt-hour scale facility in Dundee in the second half of this decade. AceOn, a UK-based energy storage provider, last year announced it would use AMTE’s sodium ion batteries in a new portable energy storage device for use as backup power in remote regions.",{"type":657,"attrs":101602,"content":101603},{"level":15966,"textAlign":49},[101604],{"text":101605,"type":599},"Building a supply chain ",{"type":594,"attrs":101607,"content":101608},{"textAlign":49},[101609],{"text":101610,"type":599},"One of the biggest draws for sodium ion batteries for energy storage applications is the potential for them to be cheaper than their lithium ion counterparts.",{"type":594,"attrs":101612,"content":101613},{"textAlign":49},[101614],{"text":101615,"type":599},"“Given that the ESS battery market is highly cost-driven, as long as sodium-ion can offer a cost advantage over lithium-ion alternatives, then we expect it to be popular in this market,” Victoria Hugill, an analyst at Rho Motion, said.",{"type":594,"attrs":101617,"content":101618},{"textAlign":49},[101619],{"text":101620,"type":599},"But although sodium carbonate can, in theory, be produced from cheaper feedstock materials, the supply chains surrounding this and other materials needed for sodium ion batteries are not yet as mature as that for lithium ion batteries.",{"type":594,"attrs":101622,"content":101623},{"textAlign":49},[101624],{"text":101625,"type":599},"“The supply chain needs to be built up in order to make it cost competitive and make that supply chain a reality,” Wes Simons, corporate development director at AMTE Power, told Benchmark Source.",{"type":594,"attrs":101627,"content":101628},{"textAlign":49},[101629],{"text":101630,"type":599},"Sodium ion batteries will need to compete on price with LFP batteries, which Benchmark’s Lithium ion Price Assessment show have dropped 12.2% from last April to $88.50 per kilowatt-hour due to falling lithium prices this year.",{"type":594,"attrs":101632,"content":101633},{"textAlign":49},[101634],{"text":101635,"type":599},"“If the cost of LFP batteries continues to decrease, the cost advantage of sodium-ion batteries will be weakened,” Hugill said.",{"type":657,"attrs":101637,"content":101638},{"level":15966,"textAlign":49},[101639,101641],{"text":101640,"type":599},"Safety",{"text":101642,"type":599}," benefits",{"type":594,"attrs":101644,"content":101645},{"textAlign":49},[101646],{"text":101647,"type":599},"Safety is a frequently touted benefit of sodium ion batteries compared to lithium ion. For energy storage systems, where large quantities of batteries are operating close together and often without supervision, this is a key benefit of the technology.",{"type":594,"attrs":101649,"content":101650},{"textAlign":49},[101651],{"text":101652,"type":599},"One reason for the enhanced safety is that the current collector on which active material is coated is the aluminium on both the anode and cathode sides of a cell. In a lithium ion cell, the anode is coated onto copper and the cathode onto aluminium.",{"type":594,"attrs":101654,"content":101655},{"textAlign":49},[101656],{"text":101657,"type":599},"The consequence of this is that a lithium ion battery cannot be fully discharged without dissolving some of the copper. Sodium ion batteries, on the other hand, can be fully discharged without damaging the cell.",{"type":594,"attrs":101659,"content":101660},{"textAlign":49},[101661],{"text":101662,"type":599},"“Unlike lithium ion, which has to be transported as dangerous goods because they have to be in a partially charged state to retain the battery integrity at all times, sodium cells can be completely discharged to zero volts,” Simons said.",{"type":594,"attrs":101664,"content":101665},{"textAlign":49},[101666],{"text":101667,"type":599},"AMTE Power, this month became the first European to receive a United Nations 38.3 testing certificate for a sodium ion battery cell, meaning their sodium ion cell is approved for safe transport across the globe.",{"type":594,"attrs":101669,"content":101670},{"textAlign":49},[101671,101673,101677],{"text":101672,"type":599},"Faradion noted in a paper published in the journal ",{"text":101674,"type":599,"marks":101675},"Energy Materials Advances",[101676],{"type":643},{"text":101678,"type":599}," that another safety advantage of sodium ion being transported at zero state-of-charge is that it is inherently safer for engineers to install a battery in this state compared to installing a lithium ion battery which would have to be at least 30% charged.",{"type":594,"attrs":101680,"content":101681},{"textAlign":49},[101682],{"text":101683,"type":599},"Simons explained that sodium ion batteries are also more thermally stable than lithium ion batteries, allowing them to access markets where safe low- and high-temperature performance is needed for grid and off-grid energy storage.","Sodium ion battery producers are expanding production to target the energy storage market, betting on the battery chemistry’s lower costs and greater safety to win customers. Of the sodium ion gigafactories Benchmark has information of the end market for, two-thirds are targeting ESS markets. Energy storage is forecast by Rho Motion to account for 40% […]",[101686],{"slug":544,"name":543,"content":101687},{"job_title":557,"image":101688,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c37da677-6183-4796-bc66-f5b5a1261224\", \"id\": \"\"}-->",[101691,101692],{"slug":7030,"name":7031},{"slug":3343,"name":3344},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":101694,"copyright":547,"fieldtype":553,"meta_data":101695,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d94b2b1dd4/bm-sodium-ion-amte.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 24, 2023",{"id":101698,"uuid":101699,"name":101700,"slug":101701,"full_slug":101702,"content":101703},112471304243670,"b2e7c164-bdff-4608-883b-f0302b7ba6bb","Ford signs five lithium deals to secure North American and IRA-compliant supply","ford-signs-five-lithium-deals-to-secure-north-american-and-ira-compliant-supply","article/ford-signs-five-lithium-deals-to-secure-north-american-and-ira-compliant-supply",{"_uid":101704,"date":101705,"tags":101706,"editor":101709,"content":101713,"excerpt":101851,"featured":51,"reporter":101852,"_editable":101856,"component":864,"seo_title":101700,"categories":101857,"visibility":882,"author_company":49,"featured_image":101863,"seo_description":101851,"author_full_name":49,"author_job_title":49,"formattedDate":101866},"54701b08-f0f8-4c9e-93e1-c8de94cc559e","2023-05-23 00:00",[101707,101708],{"slug":4612,"name":4613},{"slug":46859,"name":46860},[101710],{"slug":544,"name":543,"content":101711},{"job_title":557,"image":101712,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":101714},[101715,101727,101739,101744,101749,101754,101759,101764,101769,101774,101779,101784,101789,101794,101799,101804,101809,101814,101819,101824,101829,101841,101846],{"type":594,"attrs":101716,"content":101717},{"textAlign":49},[101718,101720,101726],{"text":101719,"type":599},"Ford signed five lithium supply agreements with both the world’s largest producers SQM and Albemarle as well as with three smaller companies, to back its goal to produce 2 million vehicles a year by 2026 with raw materials that are ",{"text":101721,"type":599,"marks":101722},"eligible for US government tax credits",[101723],{"type":604,"attrs":101724},{"href":101725,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-the-us-meet-the-critical-mineral-requirements-of-the-climate-bill",{"text":17632,"type":599},{"type":594,"attrs":101728,"content":101729},{"textAlign":49},[101730,101732,101737],{"text":101731,"type":599},"Ford EVs with batteries containing lithium supplied by the agreements will likely qualify for consumer tax credits under the ",{"text":46860,"type":599,"marks":101733},[101734],{"type":604,"attrs":101735},{"href":101736,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ira-lifts-us-battery-pipeline-growth-in-second-half-of-the-year-outpacing-europe",{"text":101738,"type":599},", providing up to $7,500 per vehicle.",{"type":594,"attrs":101740,"content":101741},{"textAlign":49},[101742],{"text":101743,"type":599},"The move is a big push by Ford to localise its EV supply chain into North America as well as source material from Free Trade Agreement countries such as Chile, to meet the requirements of the IRA. It will also become the first customer of Nemaska Lithium, which is developing a mine and processing facility in Quebec. ",{"type":594,"attrs":101745,"content":101746},{"textAlign":49},[101747],{"text":101748,"type":599},"Benchmark forecasts that under 90,000 tonnes a year of lithium chemicals supply will come from North America by mid-decade. With battery-related demand in North America set to reach over 220,000 tpa LCE by 2025, investments into the region’s battery supply chain will need to accelerate if automakers are to secure sufficient material to meet this demand locally.",{"type":594,"attrs":101750,"content":101751},{"textAlign":49},[101752],{"text":101753,"type":599},"“This is the bedrock for an entire new lithium ion economy in the USA,” said Simon Moores, Benchmark CEO.",{"type":657,"attrs":101755,"content":101756},{"level":15966,"textAlign":49},[101757],{"text":101758,"type":599},"Lithium majors central to Ford’s battery ramp-up",{"type":594,"attrs":101760,"content":101761},{"textAlign":49},[101762],{"text":101763,"type":599},"According to Lisa Drake, vice president of EV industrialisation at Ford, supply agreements with lithium majors means Ford’s expansion plans are “significantly de-risked.”",{"type":594,"attrs":101765,"content":101766},{"textAlign":49},[101767],{"text":101768,"type":599},"Albemarle will supply 100,000 tonnes of lithium hydroxide for Ford between 2026 and 2030 while Chilean producer SQM will deliver an unspecified amount of lithium carbonate and lithium hydroxide.",{"type":594,"attrs":101770,"content":101771},{"textAlign":49},[101772],{"text":101773,"type":599},"The deals mean that Ford has secured more than 90% of the lithium and nickel inputs it requires to meet its 2 million a year capacity target. ",{"type":594,"attrs":101775,"content":101776},{"textAlign":49},[101777],{"text":101778,"type":599},"The automaker says it has secured 240 gigawatt hours of battery cell capacity between five gigafactories in the US and Turkey. ",{"type":657,"attrs":101780,"content":101781},{"level":15966,"textAlign":49},[101782],{"text":101783,"type":599},"Investing in future suppliers",{"type":594,"attrs":101785,"content":101786},{"textAlign":49},[101787],{"text":101788,"type":599},"Drake also announced the company will be investing in lithium projects still under development, referring to the deals with Compass Minerals, Nemaska Lithium, and Energy Source Minerals. ",{"type":594,"attrs":101790,"content":101791},{"textAlign":49},[101792],{"text":101793,"type":599},"Nemaska Lithium, which is 50 % owned by Livent, will supply up to 13,000 tonnes per year of lithium hydroxide from its Bécancour plant for 11 years once the plant comes online. ",{"type":594,"attrs":101795,"content":101796},{"textAlign":49},[101797],{"text":101798,"type":599},"Before Bécancour starts producing, Nemaska will supply Ford with spodumene concentrate from its Whabouchi mine. The deal makes Ford Nemaska’s first customer.",{"type":594,"attrs":101800,"content":101801},{"textAlign":49},[101802],{"text":101803,"type":599},"EnergySource Minerals will supply lithium hydroxide from a 20,000 tonne-per-year capacity brine project in Imperial Valley, California expected to start operating in 2025. It has not specified the amount it will deliver. ",{"type":594,"attrs":101805,"content":101806},{"textAlign":49},[101807],{"text":101808,"type":599},"Compass Minerals will provide Ford with up to 40% of its lithium carbonate from its Utah brine project for 5 years once it starts producing. The facility is set to enter production in 2025 and have an initial nameplate capacity of 11,000 tpa of lithium carbonate.",{"type":594,"attrs":101810,"content":101811},{"textAlign":49},[101812],{"text":101813,"type":599},"EnergySource Minerals processes lithium from brine that has been used to generate geothermal power using direct lithium extraction (DLE). Compass Minerals is also set to use Energy Source Mineral’s technology for its brine project.",{"type":594,"attrs":101815,"content":101816},{"textAlign":49},[101817],{"text":101818,"type":599},"According to Drake, investing in juniors supports the “need to continue exploring reserves and development extraction technologies” in order to “further diversify the industry.” ",{"type":594,"attrs":101820,"content":101821},{"textAlign":49},[101822],{"text":101823,"type":599},"Last year Ford also signed an offtake agreement with Ioneer, which is developing a lithium mine in Nevada. ",{"type":657,"attrs":101825,"content":101826},{"level":15966,"textAlign":49},[101827],{"text":101828,"type":599},"Ford to use US-processed nickel",{"type":594,"attrs":101830,"content":101831},{"textAlign":49},[101832,101834,101840],{"text":101833,"type":599},"In addition to the lithium supply deals, Drake also announced one Ford battery plant will have access to a supply of IRA-compliant nickel sulphate intermediate MHP, thanks to a 2022 partnership with Brazilian miner ",{"text":101835,"type":599,"marks":101836},"Vale",[101837],{"type":604,"attrs":101838},{"href":101839,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/vale-and-tesla-nickel-deal-highlights-automakers-carbon-conundrum",{"text":974,"type":599},{"type":594,"attrs":101842,"content":101843},{"textAlign":49},[101844],{"text":101845,"type":599},"Ford’s second 45 GWh Blue Oval EV plant in Kentucky will use MHP made using Vale nickel to manufacture battery cells for Ford Commercial Pro EVs.",{"type":594,"attrs":101847,"content":101848},{"textAlign":49},[101849],{"text":101850,"type":599},"All Ford Commercial Pros manufactured at Blue Oval will qualify for the IRA’s full $7,500 tax credit, Drake said.","Ford signed five lithium supply agreements with both the world’s largest producers SQM and Albemarle as well as with three smaller companies, to back its goal to produce 2 million vehicles a year by 2026 with raw materials that are eligible for US government tax credits. Ford EVs with batteries containing lithium supplied by the […]",[101853],{"slug":544,"name":543,"content":101854},{"job_title":557,"image":101855,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"54701b08-f0f8-4c9e-93e1-c8de94cc559e\", \"id\": \"\"}-->",[101858,101859,101860,101861,101862],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4811,"name":4812},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":101864,"copyright":547,"fieldtype":553,"meta_data":101865,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9cafb7e5c3/bm-21-frd-mch-48104.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 23, 2023",{"id":101868,"uuid":101869,"name":101870,"slug":101871,"full_slug":101872,"content":101873},112471313721817,"0b37295d-b573-4d88-8bdc-7c30f8ac1ea6","Anovion plans $800 million Georgia synthetic anode plant in boost to US supply","anovion-plans-800-million-georgia-synthetic-anode-plant-in-boost-to-us-supply","article/anovion-plans-800-million-georgia-synthetic-anode-plant-in-boost-to-us-supply",{"_uid":101874,"date":101875,"tags":101876,"editor":101877,"content":101881,"excerpt":101998,"featured":50,"reporter":101999,"_editable":102003,"component":864,"seo_title":101870,"categories":102004,"visibility":882,"author_company":49,"featured_image":102007,"seo_description":101998,"author_full_name":49,"author_job_title":49,"formattedDate":102010},"71d7ba0f-392c-490a-bedf-44def4471523","2023-05-19 00:00",[],[101878],{"slug":544,"name":543,"content":101879},{"job_title":557,"image":101880,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":101882},[101883,101888,101893,101903,101908,101913,101918,101923,101928,101933,101938,101943,101948,101953,101958,101963,101968,101972,101977,101988,101993],{"type":594,"attrs":101884,"content":101885},{"textAlign":49},[101886],{"text":101887,"type":599},"US anode producer Anovion will spend $800 million to build a synthetic anode production facility in southwest Georgia, a move that will significantly expand the country’s production capacity of the key battery component.",{"type":594,"attrs":101889,"content":101890},{"textAlign":49},[101891],{"text":101892,"type":599},"Chicago, Illinois-based Anovion said the Decatur County facility will have the capacity to produce 40,000 tonnes a year of synthetic graphite anode material when fully operational.",{"type":594,"attrs":101894,"content":101895},{"textAlign":49},[101896,101898],{"text":101897,"type":599},"The plant is a step towards reducing US reliance on China for anode battery materials. North America is set to account for less than 3% of global anode production by the end of the decade, according to the ",{"text":101899,"type":599,"marks":101900},"Benchmark Anode Forecast.",[101901],{"type":604,"attrs":101902},{"href":96638,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":101904,"content":101905},{"textAlign":49},[101906],{"text":101907,"type":599},"In comparison, China produced nearly all of the world’s synthetic graphite anode material last year.",{"type":594,"attrs":101909,"content":101910},{"textAlign":49},[101911],{"text":101912,"type":599},"Annovion’s planned facility alone is set to account for a notable 15% share of US anode capacity by the end of the decade according to the Benchmark Anode Market Assessment.",{"type":594,"attrs":101914,"content":101915},{"textAlign":49},[101916],{"text":101917,"type":599},"“This highlights the midstream battery value chain’s nascency and the need for additional investment in the near future to meet North America’s rapidly increasing downstream demand from the EV industry,” said Tony Alderson, analyst with Benchmark.",{"type":594,"attrs":101919,"content":101920},{"textAlign":49},[101921],{"text":101922,"type":599},"Earlier this month South Korean cell maker, SK On, signed a joint development agreement with US anode aspirant, Westwater Resources, to develop natural graphite anode materials in the US. ",{"type":657,"attrs":101924,"content":101925},{"level":15966,"textAlign":49},[101926],{"text":101927,"type":599},"US subsidies ",{"type":594,"attrs":101929,"content":101930},{"textAlign":49},[101931],{"text":101932,"type":599},"Anovion’s announcement follows its receipt of $117 million in grant funding in October from the US Department of Energy under the Bipartisan Infrastructure Law. Anovion had then said it would construct a 35,000 tonnes a year nameplate capacity of synthetic graphite anode facility in North Alabama. ",{"type":594,"attrs":101934,"content":101935},{"textAlign":49},[101936],{"text":101937,"type":599},"The US Inflation Reduction Act has spurred a number of investments in the North American battery supply chain, and includes a 10% tax credit for anode producers. ",{"type":657,"attrs":101939,"content":101940},{"level":15966,"textAlign":49},[101941],{"text":101942,"type":599},"Georgia on my mind",{"type":594,"attrs":101944,"content":101945},{"textAlign":49},[101946],{"text":101947,"type":599},"Georgia has been one of the biggest winners from the IRA, in terms of clean energy investments. ",{"type":594,"attrs":101949,"content":101950},{"textAlign":49},[101951],{"text":101952,"type":599},"Annovion said that “the proximity to other battery and EV manufacturing plants” would allow the company to reduce its carbon footprint. ",{"type":594,"attrs":101954,"content":101955},{"textAlign":49},[101956],{"text":101957,"type":599},"SK On has invested $2.6 billion since stepping foot in Georgia in 2018 to build two battery manufacturing facilities in Jackson County. ",{"type":594,"attrs":101959,"content":101960},{"textAlign":49},[101961],{"text":101962,"type":599},"The clients include Ford for its F-150 Lightning truck and Volkswagen for its ID.4. SK started mass production in early 2022.",{"type":594,"attrs":101964,"content":101965},{"textAlign":49},[101966],{"text":101967,"type":599},"Startup Freyr also plans to spend $1.7 billion to build a battery plant in Georgia with a capacity of 34 gigawatt hours.",{"type":657,"attrs":101969,"content":101970},{"level":15966,"textAlign":49},[101971],{"text":88866,"type":599},{"type":594,"attrs":101973,"content":101974},{"textAlign":49},[101975],{"text":101976,"type":599},"Anovion’s launch comes at a challenging time for the market.",{"type":594,"attrs":101978,"content":101979},{"textAlign":49},[101980,101981,101986],{"text":2372,"type":599},{"text":101982,"type":599,"marks":101983},"Benchmark Anode Price Index",[101984],{"type":604,"attrs":101985},{"href":70937,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":101987,"type":599}," fell by 4.8% m-o-m throughout late April and early May, falling in line with declining feedstock prices.",{"type":594,"attrs":101989,"content":101990},{"textAlign":49},[101991],{"text":101992,"type":599},"The Benchmark LiB Anode Coke Price Index dropped 14.7% in April and is down 23% so far this year, according to Benchmark Synthetic Graphite Assessment. ",{"type":594,"attrs":101994,"content":101995},{"textAlign":49},[101996],{"text":101997,"type":599},"The latest decline is due to overcapacity in the Chinese market as well as falling graphitisation costs.","US anode producer Anovion will spend $800 million to build a synthetic anode production facility in southwest Georgia, a move that will significantly expand the country’s production capacity of the key battery component. Chicago, Illinois-based Anovion said the Decatur County facility will have the capacity to produce 40,000 tonnes a year of synthetic graphite anode […]",[102000],{"slug":544,"name":543,"content":102001},{"job_title":557,"image":102002,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"71d7ba0f-392c-490a-bedf-44def4471523\", \"id\": \"\"}-->",[102005,102006],{"slug":2497,"name":261},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":102008,"copyright":547,"fieldtype":553,"meta_data":102009,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1972d2f149/bm-anovion-bainbridge-signing.png",{"alt":547,"title":547,"source":547,"copyright":547},"May 19, 2023",{"id":102012,"uuid":102013,"name":102014,"slug":102015,"full_slug":102016,"content":102017},112471332837855,"dd75f8dd-e4ac-4806-97fd-29eec61e422b","Spodumene prices fall 32% easing pressure on lithium refiners","spodumene-prices-fall-32-easing-pressure-on-lithium-refiners","article/spodumene-prices-fall-32-easing-pressure-on-lithium-refiners",{"_uid":102018,"date":102019,"tags":102020,"editor":102023,"content":102027,"excerpt":102147,"featured":51,"reporter":102148,"_editable":102152,"component":864,"seo_title":102014,"categories":102153,"visibility":882,"author_company":49,"featured_image":102155,"seo_description":102147,"author_full_name":49,"author_job_title":49,"formattedDate":102157},"c6f41563-0311-4cad-8f5f-3034c4b2f0c8","2023-05-18 00:00",[102021,102022],{"slug":910,"name":911},{"slug":6606,"name":12530},[102024],{"slug":544,"name":543,"content":102025},{"job_title":557,"image":102026,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":102028},[102029,102040,102045,102050,102055,102060,102065,102070,102077,102082,102087,102092,102097,102102,102107,102112,102117,102122,102127,102132,102137,102142],{"type":594,"attrs":102030,"content":102031},{"textAlign":49},[102032,102034,102038],{"text":102033,"type":599},"Spodumene ",{"text":15265,"type":599,"marks":102035},[102036],{"type":604,"attrs":102037},{"href":62876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102039,"type":599}," fell by 32% this month, in lagged response to low lithium chemicals prices, relieving some pressure on Chinese refiners after months of high input costs. ",{"type":594,"attrs":102041,"content":102042},{"textAlign":49},[102043],{"text":102044,"type":599},"The fortnight-on-fortnight spodumene drop is the sharpest single decline in spodumene prices since Benchmark began tracking the data, amounting to a 35% drop between 19 April and 17 May 2023, to $3,250 a tonne. ",{"type":594,"attrs":102046,"content":102047},{"textAlign":49},[102048],{"text":102049,"type":599},"The news will be welcomed by Chinese lithium refiners, whose margins have been squeezed by resilient spodumene prices and falling chemicals prices over the last 7 months, forcing some smaller players to shut production in wait for higher output prices.",{"type":594,"attrs":102051,"content":102052},{"textAlign":49},[102053],{"text":102054,"type":599},"At current average spodumene prices, lithium refiners are only just making a profit in China compared to a loss for most of this year, according to Benchmark analyst Tony Alderson. ",{"type":594,"attrs":102056,"content":102057},{"textAlign":49},[102058],{"text":102059,"type":599},"FOB Australian spodumene had fallen by only 25% this year as of the beginning of May, while lithium hydroxide prices in China had more than halved. ",{"type":594,"attrs":102061,"content":102062},{"textAlign":49},[102063],{"text":102064,"type":599},"As a result, refiners saw the gross added value of their output erode the longer they waited between buying the ore and selling chemical products.  ",{"type":594,"attrs":102066,"content":102067},{"textAlign":49},[102068],{"text":102069,"type":599},"Spodumene contract price mechanisms tied to either the Chinese domestic or seaborne Asian chemicals markets have now been updated to reflect the low price environment for carbonate and hydroxide seen throughout the first quarter, causing the 23% price drop this month.",{"type":594,"attrs":102071,"content":102072},{"textAlign":49},[102073],{"type":1186,"attrs":102074},{"id":49,"alt":547,"src":102075,"title":49,"source":49,"copyright":49,"meta_data":102076},"https://a.storyblok.com/f/287943243085208/e50ca68b65/bm-spodumene-prices-may-2023.jpg",{},{"type":657,"attrs":102078,"content":102079},{"level":15966,"textAlign":49},[102080],{"text":102081,"type":599},"The end of spodumene’s resilience",{"type":594,"attrs":102083,"content":102084},{"textAlign":49},[102085],{"text":102086,"type":599},"Until the start of May, spodumene prices had maintained a relatively high level due to particularly long lag times in contracting, despite falling lithium chemicals prices. ",{"type":594,"attrs":102088,"content":102089},{"textAlign":49},[102090],{"text":102091,"type":599},"Many spodumene contracts are also tied to the CIF Asia market, where chemicals prices have been higher than within China, especially since March 2023. ",{"type":594,"attrs":102093,"content":102094},{"textAlign":49},[102095],{"text":102096,"type":599},"Lithium hydroxide spot CIF Asia prices were last recorded at $40,000 a tonne, according to Benchmark, compared to $32,950 a tonne in the Chinese market. ",{"type":594,"attrs":102098,"content":102099},{"textAlign":49},[102100],{"text":102101,"type":599},"Sustained ore demand from the refining sector itself has also played a part. Refiners have continued buying spodumene for conversion into hydroxide despite weak demand, since it is costly to shut down and restart the process. This has sustained the prices of their own inputs.",{"type":657,"attrs":102103,"content":102104},{"level":15966,"textAlign":49},[102105],{"text":102106,"type":599},"Refiners respond to lithium squeeze",{"type":594,"attrs":102108,"content":102109},{"textAlign":49},[102110],{"text":102111,"type":599},"Some Chinese refiners have decided to build up inventories, reporting to Benchmark that they will not sell to traders until they see a sustained upward trend. ",{"type":594,"attrs":102113,"content":102114},{"textAlign":49},[102115],{"text":102116,"type":599},"Some converters have also been relying on non conventional lithium concentrates which have much more closely followed what’s going on in the Chinese domestic market.",{"type":594,"attrs":102118,"content":102119},{"textAlign":49},[102120],{"text":102121,"type":599},"For lithium hydroxide, Chinese refiners have also been selling on the seaborne Asian and European markets, where price declines have lagged those seen in Chinese domestic markets. ",{"type":594,"attrs":102123,"content":102124},{"textAlign":49},[102125],{"text":102126,"type":599},"Finally, some small unintegrated players shut down production. Anshan Heavy Duty Mining Machinery, one such player which sold its first chemicals last year, already halted production for two months in 2023 in response to high concentrate prices.",{"type":657,"attrs":102128,"content":102129},{"level":15966,"textAlign":49},[102130],{"text":102131,"type":599},"Lithium chemical prices rebound ",{"type":594,"attrs":102133,"content":102134},{"textAlign":49},[102135],{"text":102136,"type":599},"The rebound in lithium chemical prices this month will be a welcome relief to the sector. ",{"type":594,"attrs":102138,"content":102139},{"textAlign":49},[102140],{"text":102141,"type":599},"Within China, spot prices for lithium hydroxide increased by 12.4% in the week 10 May – 17 May, as cathode manufacturers rushed to procure material in the anticipation that demand could grow in the near term.",{"type":594,"attrs":102143,"content":102144},{"textAlign":49},[102145],{"text":102146,"type":599},"Battery grade Chinese lithium carbonate prices registered a 19% increase over the past week to RMB 235,000 ($33,600) a tonne. ","Spodumene prices fell by 32% this month, in lagged response to low lithium chemicals prices, relieving some pressure on Chinese refiners after months of high input costs. The fortnight-on-fortnight spodumene drop is the sharpest single decline in spodumene prices since Benchmark began tracking the data, amounting to a 35% drop between 19 April and 17 […]",[102149],{"slug":544,"name":543,"content":102150},{"job_title":557,"image":102151,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c6f41563-0311-4cad-8f5f-3034c4b2f0c8\", \"id\": \"\"}-->",[102154],{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":56236,"copyright":547,"fieldtype":553,"meta_data":102156,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"May 18, 2023",{"id":102159,"uuid":102160,"name":102161,"slug":102162,"full_slug":102163,"content":102164},112471337679328,"ce13d0bd-7847-4c5d-9882-1a342349bde5","OPINION: Why Elon Musk is right about lithium refining being a bottleneck","opinion-why-elon-musk-is-right-about-lithium-refining-being-a-bottleneck","article/opinion-why-elon-musk-is-right-about-lithium-refining-being-a-bottleneck",{"_uid":102165,"date":102166,"tags":102167,"editor":102169,"content":102173,"excerpt":102338,"featured":51,"reporter":102339,"_editable":102343,"component":864,"seo_title":102161,"categories":102344,"visibility":882,"author_company":11314,"featured_image":102346,"seo_description":102338,"author_full_name":1095,"author_job_title":4580,"formattedDate":102349},"2aa832d1-2698-4dd3-ba8b-cc4cee9687f7","2023-05-16 00:00",[102168],{"slug":41666,"name":41667},[102170],{"slug":544,"name":543,"content":102171},{"job_title":557,"image":102172,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":102174},[102175,102188,102201,102212,102217,102238,102243,102248,102253,102258,102263,102268,102273,102278,102283,102295,102300,102311,102318,102323,102328,102333],{"type":594,"attrs":102176,"content":102177},{"textAlign":49},[102178,102180,102186],{"text":102179,"type":599},"Tesla broke ground on its $1 billion, 1-million-car capacity lithium hydroxide ",{"text":102181,"type":599,"marks":102182},"refinery",[102183],{"type":604,"attrs":102184},{"href":102185,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/everything-we-know-about-teslas-planned-lithium-refinery",{"text":102187,"type":599}," in Corpus Christi, Texas last week. Joined by Texas Governor Greg Abbott and Deputy Under Secretary for Infrastructure at the Department of Energy Dr Kathleen Hogan, the project has the blessings of local and federal authorities. ",{"type":594,"attrs":102189,"content":102190},{"textAlign":49},[102191,102193,102199],{"text":102192,"type":599},"But Musk is not building the plant because he wants to, despite refineries apparently being a “licence to print money.” Instead, he’s doing it “because we have to.” But since no one is forcing Musk to build ",{"text":102194,"type":599,"marks":102195},"the plant",[102196],{"type":604,"attrs":102197},{"href":102198,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/exclusive-tesla-becomes-first-automaker-to-enter-lithium-supply-chain-reshapes-foundations-of-china-dominated-spodumene-2",{"text":102200,"type":599},", why does he feel that way?",{"type":594,"attrs":102202,"content":102203},{"textAlign":49},[102204,102206,102210],{"text":102205,"type":599},"During his speech, Musk reiterated historical comments that he has made, claiming that refining lithium is “a fundamental chokepoint”. But in reality, China is actually very good at building lithium refining facilities, on time, on spec and on budget. Benchmark’s ",{"text":55196,"type":599,"marks":102207},[102208],{"type":604,"attrs":102209},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102211,"type":599}," predicts that capacity for conversion in China will easily keep up with requirements. ",{"type":594,"attrs":102213,"content":102214},{"textAlign":49},[102215],{"text":102216,"type":599},"Refineries are also much cheaper in China – costing around half what they are projected to cost in the US. Albemarle says its US lithium hydroxide refinery in South Carolina will cost $1.3 billion, compared to $500 million for the plant it is building in Meishan, China, that has a similar 50,000 tonne capacity. ",{"type":594,"attrs":102218,"content":102219},{"textAlign":49},[102220,102222,102228,102230,102236],{"text":102221,"type":599},"Right now, it’s mining that can’t keep up. A lack of ",{"text":102223,"type":599,"marks":102224},"feedstock",[102225],{"type":604,"attrs":102226},{"href":102227,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/whats-going-on-with-lithium-prices",{"text":102229,"type":599}," is one of the fundamental reasons why we’ve had ",{"text":102231,"type":599,"marks":102232},"high prices",[102233],{"type":604,"attrs":102234},{"href":102235,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/first-week-on-week-increase-in-domestic-chinese-lithium-carbonate-prices-since-november-2022",{"text":102237,"type":599},", which is why Musk is wrong when he says that lithium ore availability is not an issue. Finding lithium in economic concentrations, in a location which is amenable to its extraction, will always be challenging.",{"type":594,"attrs":102239,"content":102240},{"textAlign":49},[102241],{"text":102242,"type":599},"So how is Musk also right?",{"type":657,"attrs":102244,"content":102245},{"level":15966,"textAlign":49},[102246],{"text":102247,"type":599},"Building a North American supply chain",{"type":594,"attrs":102249,"content":102250},{"textAlign":49},[102251],{"text":102252,"type":599},"During this week’s groundbreaking ceremony, senior manager Turner Caldwell, a co-inventor of Tesla’s clay salt lithium extraction process that was patented in 2021, said that “we view this site as having a major focus on regionalising the lithium supply chain.”",{"type":594,"attrs":102254,"content":102255},{"textAlign":49},[102256],{"text":102257,"type":599},"This echoed Dr Hogan’s comments earlier in the ceremony when she mentioned the importance of this plant to a “secure domestic supply chain.”",{"type":594,"attrs":102259,"content":102260},{"textAlign":49},[102261],{"text":102262,"type":599},"Caldwell and Hogan’s comments seem to confirm that there is a broader scope at play in building the conversion plant in North America. ",{"type":594,"attrs":102264,"content":102265},{"textAlign":49},[102266],{"text":102267,"type":599},"Drew Baglino, SVP of Powertrain and Energy Engineering at Tesla, who also presented at the ceremony, said that “we can bring in spodumene, which is the rock input to this refinery, from all over North America.”",{"type":594,"attrs":102269,"content":102270},{"textAlign":49},[102271],{"text":102272,"type":599},"Although the messaging got a little murky when the nearby deepwater port was mentioned as another avenue for bringing in spodumene – perhaps a plan B for the situation where ~640,000 tonnes of spodumene concentrate is not available in North America. ",{"type":594,"attrs":102274,"content":102275},{"textAlign":49},[102276],{"text":102277,"type":599},"In any case, the impetus of building a lithium supply chain inside North America for North Americans became very clear during the ceremony.",{"type":594,"attrs":102279,"content":102280},{"textAlign":49},[102281],{"text":102282,"type":599},"Commercial scale spodumene conversion facilities do not exist outside of China (yet). That’s because it’s really, really hard to build them. ",{"type":594,"attrs":102284,"content":102285},{"textAlign":49},[102286,102288,102293],{"text":102287,"type":599},"You just have to look at ",{"text":102289,"type":599,"marks":102290},"Albemarle’s",[102291],{"type":604,"attrs":102292},{"href":80071,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102294,"type":599}," and Tianqi’s experience in Australia, where the companies have struggled to build lithium hydroxide refineries on time and on budget.  ",{"type":594,"attrs":102296,"content":102297},{"textAlign":49},[102298],{"text":102299,"type":599},"And with enough capacity to supply 1 million vehicles (which equates to anywhere between 40 to 80,000 tonnes LCE), Tesla’s processing plant, which is using a technique never before tried on a large, commercial scale, is going to be huge and technically risky. ",{"type":594,"attrs":102301,"content":102302},{"textAlign":49},[102303,102305,102309],{"text":102304,"type":599},"So, if we’re talking about refining ",{"text":102306,"type":599,"marks":102307},"outside ",[102308],{"type":643},{"text":102310,"type":599},"of China being a bottleneck, then yes, Musk is right. ",{"type":594,"attrs":102312,"content":102313},{"textAlign":49},[102314],{"type":1186,"attrs":102315},{"id":49,"alt":547,"src":102316,"title":49,"source":49,"copyright":49,"meta_data":102317},"https://a.storyblok.com/f/287943243085208/a749b9c0ce/bm-lithium-refinery-capex.jpg",{},{"type":594,"attrs":102319,"content":102320},{"textAlign":49},[102321],{"text":102322,"type":599},"Eventually, the plant is designed to be “feed flexible,” being able to process pretty much everything, seemingly, from clay, to brine, to battery production scrap and end-of-life batteries. ",{"type":594,"attrs":102324,"content":102325},{"textAlign":49},[102326],{"text":102327,"type":599},"There was some talk about the input reagents and waste output being more environmentally friendly than the traditional acid-roast route which is used in China. It has been speculated that Tesla is going to be using the Metso-Outotec alkaline leach process, which matches up with the comments made during the ceremony regarding inputs and outputs, but nothing has really been confirmed yet. ",{"type":594,"attrs":102329,"content":102330},{"textAlign":49},[102331],{"text":102332,"type":599},"The ceremony has also confirmed output will be lithium hydroxide, supporting the argument that the future in North America will be high-nickel chemistry batteries.",{"type":594,"attrs":102334,"content":102335},{"textAlign":49},[102336],{"text":102337,"type":599},"In the end, Musk is a man who puts his money where his mouth is. The next question is whether the massive deficit in lithium forecast for 2030 and beyond means that Tesla does eventually build a mine? And will Musk recognise that mining too is a bottleneck?","Tesla broke ground on its $1 billion, 1-million-car capacity lithium hydroxide refinery in Corpus Christi, Texas last week. Joined by Texas Governor Greg Abbott and Deputy Under Secretary for Infrastructure at the Department of Energy Dr Kathleen Hogan, the project has the blessings of local and federal authorities. But Musk is not building the plant […]",[102340],{"slug":544,"name":543,"content":102341},{"job_title":557,"image":102342,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2aa832d1-2698-4dd3-ba8b-cc4cee9687f7\", \"id\": \"\"}-->",[102345],{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":102347,"copyright":547,"fieldtype":553,"meta_data":102348,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1a7066307d/bm-tesla-lithium-refinery.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 16, 2023",{"id":102351,"uuid":102352,"name":102353,"slug":102354,"full_slug":102355,"content":102356},112471342467553,"3a20e634-5847-40b1-adcd-f324c042585a","ProLogium’s €5.2 billion French plant advances commercialisation of solid-state batteries","prologiums-e5-2-billion-french-plant-advances-commercialisation-of-solid-state-batteries","article/prologiums-e5-2-billion-french-plant-advances-commercialisation-of-solid-state-batteries",{"_uid":102357,"date":102358,"tags":102359,"editor":102361,"content":102365,"excerpt":102528,"featured":51,"reporter":102529,"_editable":102533,"component":864,"seo_title":102353,"categories":102534,"visibility":882,"author_company":49,"featured_image":102537,"seo_description":102528,"author_full_name":49,"author_job_title":49,"formattedDate":102540},"b5d2efc7-10da-4619-8d97-4f56c8d32d75","2023-05-15 00:00",[102360],{"slug":21502,"name":21503},[102362],{"slug":544,"name":543,"content":102363},{"job_title":557,"image":102364,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":102366},[102367,102378,102383,102395,102407,102412,102423,102430,102435,102440,102445,102450,102455,102460,102465,102478,102483,102488,102493,102498,102503,102508,102513,102518,102523],{"type":594,"attrs":102368,"content":102369},{"textAlign":49},[102370,102372,102376],{"text":102371,"type":599},"The decision by Taiwan’s ProLogium Technology to invest 5.2 billion euros ($5.7 billion) to build a gigafactory in France is a significant step towards the commercialisation of ",{"text":85284,"type":599,"marks":102373},[102374],{"type":604,"attrs":102375},{"href":85288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102377,"type":599}," and marks a major milestone for the European battery landscape.   ",{"type":594,"attrs":102379,"content":102380},{"textAlign":49},[102381],{"text":102382,"type":599},"The solid-state battery maker, which is partnered with Mercedes-Benz, Vietnam’s VinFast, and China’s Nio, said it would set up a 48 gigawatt hours (GWh) factory in Dunkirk, an industrial port in France, at a ceremony attended by French President Emmanuel Macron.  ",{"type":594,"attrs":102384,"content":102385},{"textAlign":49},[102386,102388,102393],{"text":102387,"type":599},"The facility, scheduled to break ground in 2024 and enter first production in 2026, is forecast to account for around 20% of global ",{"text":102389,"type":599,"marks":102390},"solid-state production",[102391],{"type":604,"attrs":102392},{"href":60344,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102394,"type":599}," by 2030 when it is scheduled to be fully operational. ",{"type":594,"attrs":102396,"content":102397},{"textAlign":49},[102398,102400,102405],{"text":102399,"type":599},"ProLogium’s technology promises greater range, battery safety and faster charging as a result of their novel electrolyte and anode pairings. It also significantly advances ",{"text":102401,"type":599,"marks":102402},"production capacity",[102403],{"type":604,"attrs":102404},{"href":79408,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102406,"type":599}," in the West.",{"type":594,"attrs":102408,"content":102409},{"textAlign":49},[102410],{"text":102411,"type":599},"“ProLogium has already built facilities in Taiwan that are capable of GWh-scale manufacturing and this announcement marks their first big expansion outside of Asia,” Rory McNulty, an analyst with Benchmark, said. “The company’s track record with mass production of their technology is a critical challenge that many competitors are currently trying to overcome.”",{"type":594,"attrs":102413,"content":102414},{"textAlign":49},[102415,102417,102422],{"text":102416,"type":599},"Solid-state battery capacity is expected to reach 25 GWh by the end of this year and grow to 371 GWh by the end of 2030, according to Benchmark’s Solid-state and Lithium Metal Batteries ",{"text":102418,"type":599,"marks":102419},"Forecast",[102420],{"type":604,"attrs":102421},{"href":85288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":102424,"content":102425},{"textAlign":49},[102426],{"type":1186,"attrs":102427},{"id":49,"alt":547,"src":102428,"title":49,"source":49,"copyright":49,"meta_data":102429},"https://a.storyblok.com/f/287943243085208/9c982f3f2c/bm-solid-state-battery.jpg",{},{"type":657,"attrs":102431,"content":102432},{"level":15966,"textAlign":49},[102433],{"text":102434,"type":599},"ProLogium’s rise ",{"type":594,"attrs":102436,"content":102437},{"textAlign":49},[102438],{"text":102439,"type":599},"ProLogium, founded in Taiwan in 2006, develops all-solid-state batteries that use an oxide solid-state electrolyte paired with a high nickel NCM cathode and either a silicon oxide (SiOx)-graphite composite anode or a lithium metal anode.",{"type":594,"attrs":102441,"content":102442},{"textAlign":49},[102443],{"text":102444,"type":599},"It has already secured investment from Mercedes-Benz, and last year signed an agreement with European battery startup ACC, which is owned by TotalEnergies, Stellantis and Mercedes-Benz. ",{"type":594,"attrs":102446,"content":102447},{"textAlign":49},[102448],{"text":102449,"type":599},"The company built a pilot-production facility in 2017, with an initial production capacity of 40 MWh/yr. This has steadily ramped up capacity to 0.5 GWh/yr, with plans to scale production to 3 GWh by the second quarter of this year.",{"type":594,"attrs":102451,"content":102452},{"textAlign":49},[102453],{"text":102454,"type":599},"The company uses an innovative “bipolar” design, where individual cells can be stacked to achieve the desired module voltage. This architecture allows flexibility in module and pack design while simultaneously increasing cell energy density, by reducing cell housing requirements, and extending cell lifetime.",{"type":594,"attrs":102456,"content":102457},{"textAlign":49},[102458],{"text":102459,"type":599},"ProLogium has produced 46-layered cells which are currently commercially available. ProLogium has demonstrated good performance of their multi-layers cells and are moving towards automotive qualification, according to McNulty. ",{"type":657,"attrs":102461,"content":102462},{"level":15966,"textAlign":49},[102463],{"text":102464,"type":599},"The challenge of lithium metal availability ",{"type":594,"attrs":102466,"content":102467},{"textAlign":49},[102468,102470,102476],{"text":102469,"type":599},"A key challenge for the mass production of ProLogium’s next-generation solid-state technology is the cost and availability of the ",{"text":102471,"type":599,"marks":102472},"ultra-thin lithium metal foil",[102473],{"type":604,"attrs":102474},{"href":102475,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/solid-state-needs-lithium-metal-production-to-gear-up-to-meet-future-demand",{"text":102477,"type":599}," that is required. ",{"type":594,"attrs":102479,"content":102480},{"textAlign":49},[102481],{"text":102482,"type":599},"The battery-grade lithium metal supply chain is currently dominated by China, where Ganfeng Lithium is the key producer. Maturation and localisation of lithium metal production is critical to the realisation of a European lithium metal battery market.",{"type":594,"attrs":102484,"content":102485},{"textAlign":49},[102486],{"text":102487,"type":599},"Total global lithium metal capacity is ~7,150 tpa, of which only a small proportion is classified as battery grade (>99.9% purity). With the transportation of lithium metal being a key challenge, global capacity will need to be developed to ensure the localisation of this supply chain.",{"type":657,"attrs":102489,"content":102490},{"level":15966,"textAlign":49},[102491],{"text":102492,"type":599},"Victory for Macron ",{"type":594,"attrs":102494,"content":102495},{"textAlign":49},[102496],{"text":102497,"type":599},"ProLogium considered establishing facilities in the US but decided to stick with the European Union via France given the benefits that include “the need to have stable, low-cost, and green electrical power,” the Associated Press reported, citing CEO Vincent Yang.",{"type":594,"attrs":102499,"content":102500},{"textAlign":49},[102501],{"text":102502,"type":599},"“We were competing with the entire world and you chose France and Dunkirk. You trust in a country and an industrial site over the long term, and so we will be committed to meet the deadlines, the financing and everything that will enable you to succeed over the long term,” said French President Emmanuel Macron.",{"type":594,"attrs":102504,"content":102505},{"textAlign":49},[102506],{"text":102507,"type":599},"France is also home to solid-state battery company Blue Solutions, which has a production capacity of 1.5 GWh spread across France and Canada, with plans to ramp capacity to over 15 GWh by 2030.",{"type":594,"attrs":102509,"content":102510},{"textAlign":49},[102511],{"text":102512,"type":599},"France relies on nuclear power for 70% of its electricity.  ProLogium said it picked Dunkirk from a list of over 90 cities.",{"type":594,"attrs":102514,"content":102515},{"textAlign":49},[102516],{"text":102517,"type":599},"The development comes as the European Union is trying to compete with the US Inflation Reduction Act by offering more incentives to produce batteries as well as mine and process critical minerals. ",{"type":594,"attrs":102519,"content":102520},{"textAlign":49},[102521],{"text":102522,"type":599},"Last week Swedish battery startup Northvolt said it will build its new gigafactory in Germany, with the backing of the German federal government as well as the Schleswig-Holstein state government.",{"type":594,"attrs":102524,"content":102525},{"textAlign":49},[102526],{"text":102527,"type":599},"Northvolt had previously indicated that it wanted to build a battery factory in the US to take advantage of the subsidies in the IRA. ","The decision by Taiwan’s ProLogium Technology to invest 5.2 billion euros ($5.7 billion) to build a gigafactory in France is a significant step towards the commercialisation of solid-state batteries and marks a major milestone for the European battery landscape. The solid-state battery maker, which is partnered with Mercedes-Benz, Vietnam’s VinFast, and China’s Nio, said it […]",[102530],{"slug":544,"name":543,"content":102531},{"job_title":557,"image":102532,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b5d2efc7-10da-4619-8d97-4f56c8d32d75\", \"id\": \"\"}-->",[102535,102536],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":102538,"copyright":547,"fieldtype":553,"meta_data":102539,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6b6d1dffee/bm-prologium.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 15, 2023",{"id":102542,"uuid":102543,"name":102544,"slug":102545,"full_slug":102546,"content":102547},112471356832228,"4d0efdb2-6164-4270-a51a-02417eb7b0ff","OPINION: Grow or be bought: Livent-Allkem merger sets scene for industry consolidation","opinion-grow-or-be-bought-livent-allkem-merger-sets-scene-for-industry-consolidation","article/opinion-grow-or-be-bought-livent-allkem-merger-sets-scene-for-industry-consolidation",{"_uid":102548,"date":102549,"tags":102550,"editor":102557,"content":102561,"excerpt":102753,"featured":50,"reporter":102754,"_editable":102758,"component":864,"seo_title":102544,"categories":102759,"visibility":882,"author_company":11314,"featured_image":102761,"seo_description":102753,"author_full_name":82291,"author_job_title":82292,"formattedDate":102763},"b6cb9a9d-1b26-49bf-9016-bf8ab0a85d94","2023-05-12 00:00",[102551,102554,102555,102556],{"slug":102552,"name":102553},"allkem","Allkem",{"slug":100261,"name":76257},{"slug":17611,"name":17612},{"slug":41666,"name":41667},[102558],{"slug":544,"name":543,"content":102559},{"job_title":557,"image":102560,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":102562},[102563,102574,102585,102590,102595,102600,102605,102616,102621,102633,102640,102645,102650,102655,102660,102665,102670,102680,102690,102695,102700,102705,102710,102715,102727,102738,102743,102748],{"type":594,"attrs":102564,"content":102565},{"textAlign":49},[102566,102568,102572],{"text":102567,"type":599},"US lithium producer ",{"text":76257,"type":599,"marks":102569},[102570],{"type":604,"attrs":102571},{"href":80176,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102573,"type":599}," can trace its roots back to the 1940s. The company also supplied lithium to the first lithium ion battery produced by Sony in 1991. ",{"type":594,"attrs":102575,"content":102576},{"textAlign":49},[102577,102579,102583],{"text":102578,"type":599},"Yet in recent decades the company lost that considerable head start to more acquisitive Chinese companies, who didn’t even exist twenty years ago. Tianqi Lithium and ",{"text":4361,"type":599,"marks":102580},[102581],{"type":604,"attrs":102582},{"href":70122,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102584,"type":599}," are now the third and fourth largest, based on market capitalisation. Even Pilbara Minerals, which first produced spodumene in 2018, is valued at double what Livent is. ",{"type":594,"attrs":102586,"content":102587},{"textAlign":49},[102588],{"text":102589,"type":599},"As the larger automotive companies began to scale up their supply chains to back billions of dollars of investments into electric vehicles, that position was becoming untenable for Livent. ",{"type":594,"attrs":102591,"content":102592},{"textAlign":49},[102593],{"text":102594,"type":599},"The company had secured top-tier lithium hydroxide supply deals with Tesla, GM, BMW, and others, due to its long experience producing battery-grade products. But it lacked the scale and size to keep up with its customers, and also satisfy their needs to meet the requirements of the Inflation Reduction Act, whose subsidies mostly finish by the end of the decade. ",{"type":594,"attrs":102596,"content":102597},{"textAlign":49},[102598],{"text":102599,"type":599},"Paul Graves, the chief executive of Livent, has long coveted gaining access to an Australian hard rock resource as well as another project in Argentina, where the company has already been mining since 1998. ",{"type":594,"attrs":102601,"content":102602},{"textAlign":49},[102603],{"text":102604,"type":599},"Yet until now Livent has been on the sidelines. Ganfeng became the majority owner of the Cauchari lithium project in Argentina, which started production this year. And new players such as Rio Tinto have also entered the country, with deals to supply automakers. ",{"type":594,"attrs":102606,"content":102607},{"textAlign":49},[102608,102610,102615],{"text":102609,"type":599},"Even in lithium metal, which is used in future solid state batteries, Ganfeng has announced 7,000 tonnes per annum capacity expansions, but Livent has yet to announce any expansions, according to Benchmark’s ",{"text":102611,"type":599,"marks":102612},"Solid State Forecast",[102613],{"type":604,"attrs":102614},{"href":85288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":102617,"content":102618},{"textAlign":49},[102619],{"text":102620,"type":599},"Facing a world where geopolitical tensions with China are only increasing, OEMs need to construct new supply chains at scale – and that requires investment in new projects fast. Either the lithium producers do it, or the automakers will do it themselves. ",{"type":594,"attrs":102622,"content":102623},{"textAlign":49},[102624,102626,102631],{"text":102625,"type":599},"Earlier this year General Motors, which entered a long-term lithium hydroxide deal with Livent last year, agreed to ",{"text":102627,"type":599,"marks":102628},"invest $650 million in Lithium Americas",[102629],{"type":604,"attrs":102630},{"href":100844,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102632,"type":599},", highlighting the need for the automaker to secure supplies in North America. ",{"type":594,"attrs":102634,"content":102635},{"textAlign":49},[102636],{"type":1186,"attrs":102637},{"id":49,"alt":547,"src":102638,"title":49,"source":49,"copyright":49,"meta_data":102639},"https://a.storyblok.com/f/287943243085208/7a1acfc746/bm-screenshot-2023-05-12-at-095817.png",{},{"type":657,"attrs":102641,"content":102642},{"level":15966,"textAlign":49},[102643],{"text":102644,"type":599},"Automakers commit",{"type":594,"attrs":102646,"content":102647},{"textAlign":49},[102648],{"text":102649,"type":599},"In 2020 Graves said that “firmer long-term commitments” from customers are needed before “our industry can start to invest for growth again.”",{"type":594,"attrs":102651,"content":102652},{"textAlign":49},[102653],{"text":102654,"type":599},"Those commitments have now arrived. Last year Graves said that the company looked forward “to building a broad partnership that will support GM’s electric vehicle strategy, its supply chain goals and the future requirements of its growing EV fleet for reliable, high-performance lithium products.” ",{"type":594,"attrs":102656,"content":102657},{"textAlign":49},[102658],{"text":102659,"type":599},"But what kind of “partnership” can exist without growth in lithium supply? What kind of “long-term” can there be if you only have one project in Argentina? ",{"type":594,"attrs":102661,"content":102662},{"textAlign":49},[102663],{"text":102664,"type":599},"There is also only so much “partnership” talk that automakers can engage in without seeing the evidence of supply growth. ",{"type":594,"attrs":102666,"content":102667},{"textAlign":49},[102668],{"text":102669,"type":599},"They would rather not be forced to secure supplies from Chinese companies because of a failure of Western companies to expand in time. Who knows what relations with China will look like in five or ten years time?",{"type":594,"attrs":102671,"content":102672},{"textAlign":49},[102673,102675,102679],{"text":102674,"type":599},"Chinese companies are set to account for around half of lithium chemical supply this year, according to ",{"text":24541,"type":599,"marks":102676},[102677],{"type":604,"attrs":102678},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":102681,"content":102682},{"textAlign":49},[102683,102684,102688],{"text":2372,"type":599},{"text":102553,"type":599,"marks":102685},[102686],{"type":604,"attrs":102687},{"href":80176,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102689,"type":599}," merger allows Livent to secure that future growth, via Allkem’s James Bay project in Quebec and Sal de Vida brine project in Argentina. ",{"type":594,"attrs":102691,"content":102692},{"textAlign":49},[102693],{"text":102694,"type":599},"Livent’s own Nemaska Lithium project in Quebec has already failed once under previous owners, and cannot go that way again. ",{"type":594,"attrs":102696,"content":102697},{"textAlign":49},[102698],{"text":102699,"type":599},"Automakers need to be assured that Livent will deliver on new growth projects, and this deal helps to secure that. ",{"type":594,"attrs":102701,"content":102702},{"textAlign":49},[102703],{"text":102704,"type":599},"In many ways it is also a survival deal for Livent and Allkem – at a market capitalization of around $5 billion each they faced the prospect of being acquired by someone else. ",{"type":594,"attrs":102706,"content":102707},{"textAlign":49},[102708],{"text":102709,"type":599},"The challenge now for the combined entity will be delivering on that promise to become the world’s third largest integrated producer by 2027, in an inflationary and uncertain global environment. ",{"type":594,"attrs":102711,"content":102712},{"textAlign":49},[102713],{"text":102714,"type":599},"A bigger balance sheet and shared expertise will help – but projects in Quebec, like all lithium projects, will still be hard. ",{"type":594,"attrs":102716,"content":102717},{"textAlign":49},[102718,102720,102725],{"text":102719,"type":599},"At the same time, ",{"text":102721,"type":599,"marks":102722},"Chinese investment in Africa",[102723],{"type":604,"attrs":102724},{"href":70018,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102726,"type":599}," as well as domestically will ensure a growing supply of lithium to Chinese rivals, who are also targeting expansion. ",{"type":594,"attrs":102728,"content":102729},{"textAlign":49},[102730,102732,102736],{"text":102731,"type":599},"Almost 90% of the 2030 supply from Africa is set to come from projects partly or fully owned by ",{"text":35284,"type":599,"marks":102733},[102734],{"type":604,"attrs":102735},{"href":70122,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102737,"type":599},", according to Benchmark’s Lithium Forecast. ",{"type":594,"attrs":102739,"content":102740},{"textAlign":49},[102741],{"text":102742,"type":599},"Yes, automakers would prefer lithium from North America or safer jurisdictions with a higher ESG profile. But the higher priority is just securing supply so they can actually make electric vehicles, and not lose market share to Chinese EV exports, especially in Europe. ",{"type":594,"attrs":102744,"content":102745},{"textAlign":49},[102746],{"text":102747,"type":599},"Expect to see more deals as lithium producers enter growth mode – as highlighted by Albemarle’s bid for Liontown Resources, which was rejected by the company in March. ",{"type":594,"attrs":102749,"content":102750},{"textAlign":49},[102751],{"text":102752,"type":599},"The M&A boom that accompanied the “old economy” commodities of the mid-2000s may just be starting in lithium. ","US lithium producer Livent can trace its roots back to the 1940s. The company also supplied lithium to the first lithium ion battery produced by Sony in 1991. Yet in recent decades the company lost that considerable head start to more acquisitive Chinese companies, who didn’t even exist twenty years ago. Tianqi Lithium and Ganfeng […]",[102755],{"slug":544,"name":543,"content":102756},{"job_title":557,"image":102757,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b6cb9a9d-1b26-49bf-9016-bf8ab0a85d94\", \"id\": \"\"}-->",[102760],{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":63017,"copyright":547,"fieldtype":553,"meta_data":102762,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"May 12, 2023",{"id":102765,"uuid":102766,"name":102767,"slug":102768,"full_slug":102769,"content":102770},112471376083432,"01efe4bd-c898-46c2-a9b7-33be0ec72477","Europe’s anode market set to accelerate with Putailai, Talga plants","europes-anode-market-set-to-accelerate-with-putailai-talga-plants","article/europes-anode-market-set-to-accelerate-with-putailai-talga-plants",{"_uid":102771,"date":102772,"tags":102773,"editor":102774,"content":102778,"excerpt":102912,"featured":51,"reporter":102913,"_editable":102917,"component":864,"seo_title":102767,"categories":102918,"visibility":882,"author_company":49,"featured_image":102920,"seo_description":102912,"author_full_name":49,"author_job_title":49,"formattedDate":102923},"aa260d1b-82ff-463b-9a70-dadfd50c7de4","2023-05-10 00:00",[],[102775],{"slug":544,"name":543,"content":102776},{"job_title":557,"image":102777,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":102779},[102780,102785,102790,102795,102800,102811,102820,102825,102830,102835,102842,102847,102852,102857,102862,102867,102872,102877,102882,102887,102892,102897,102902,102907],{"type":594,"attrs":102781,"content":102782},{"textAlign":49},[102783],{"text":102784,"type":599},"Europe is moving closer to becoming a producer of battery anodes for electric vehicles, as Chinese anode supplier Putailai and Australia’s Talga Group both plan to build plants in Sweden. ",{"type":594,"attrs":102786,"content":102787},{"textAlign":49},[102788],{"text":102789,"type":599},"Putailai said this month it plans to invest $1.5 billion in a plant, which will supply Swedish battery producer Northvolt and significantly boost Europe’s anode pipeline capacity.",{"type":594,"attrs":102791,"content":102792},{"textAlign":49},[102793],{"text":102794,"type":599},"Talga also told Benchmark that it is confident it will get a permit for its planned 19,500tpa battery anode manufacturing plant in Sweden this summer, following the awarding of an environmental permit for its graphite mine last month. ",{"type":594,"attrs":102796,"content":102797},{"textAlign":49},[102798],{"text":102799,"type":599},"Mark Thompson, Talga’s managing director, said he expected to start building the refinery later this year, to start production in 2024. ",{"type":594,"attrs":102801,"content":102802},{"textAlign":49},[102803,102805,102809],{"text":102804,"type":599},"Europe is acutely short of homegrown supplies of graphite and battery anodes, making it completely reliant on China for the key battery material. ",{"text":44008,"type":599,"marks":102806},[102807],{"type":604,"attrs":102808},{"href":96627,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":102810,"type":599}," that by the end of the decade, anode supply from Europe will only account for just over 1% of global supply.",{"type":594,"attrs":102812,"content":102813},{"textAlign":49},[102814,102816,102818],{"text":102815,"type":599},"Putailai’s planned project would account for nearly 60% of the planned",{"text":102817,"type":599},"anode material capacity in Europe, according to the Benchmark Anode",{"text":102819,"type":599},"Forecast.",{"type":594,"attrs":102821,"content":102822},{"textAlign":49},[102823],{"text":102824,"type":599},"This year the European Union proposed targets for localising the battery supply chain, as part of its Critical Raw Materials Act, but this will require significantly more investment into flake graphite and anode production. ",{"type":594,"attrs":102826,"content":102827},{"textAlign":49},[102828],{"text":102829,"type":599},"“We know the industry is the worst when it comes to the control that China has on its supply chain,” Thompson said. “So it’s a lot harder to comply, you need to generate new projects.”",{"type":594,"attrs":102831,"content":102832},{"textAlign":49},[102833],{"text":102834,"type":599},"Europe is on track for an estimated -972 GWh deficit by 2030, the largest of any region, according to Benchmark’s Anode Forecast. ",{"type":594,"attrs":102836,"content":102837},{"textAlign":49},[102838],{"type":1186,"attrs":102839},{"id":49,"alt":547,"src":102840,"title":49,"source":49,"copyright":49,"meta_data":102841},"https://a.storyblok.com/f/287943243085208/bb8d1004ef/bm-europe-anode-deficit.png",{},{"type":657,"attrs":102843,"content":102844},{"level":15966,"textAlign":49},[102845],{"text":102846,"type":599},"China’s Putailai targets Europe ",{"type":594,"attrs":102848,"content":102849},{"textAlign":49},[102850],{"text":102851,"type":599},"Putailai said it would build a production base for 100,000 tonnes of anode materials in Sweden by the end of 2026 or early 2027.",{"type":594,"attrs":102853,"content":102854},{"textAlign":49},[102855],{"text":102856,"type":599},"“This is a hefty investment, especially for Europe where there isn’t all that much movement on the anode side of things,” said Rob Burrell, analyst with Benchmark.",{"type":594,"attrs":102858,"content":102859},{"textAlign":49},[102860],{"text":102861,"type":599},"“Europe likely needs these types of investment from overseas to accelerate domestic anode capacity, otherwise it is due to fall behind quite significantly.”",{"type":594,"attrs":102863,"content":102864},{"textAlign":49},[102865],{"text":102866,"type":599},"Northvolt told Benchmark it would be a “key buyer” for the product, and moving the production to Sweden could lead to a 90% reduction in the carbon footprint of the anode material.",{"type":594,"attrs":102868,"content":102869},{"textAlign":49},[102870],{"text":102871,"type":599},"Putailai is China’s largest anode producer, with a total production capacity of 183,000 tonnes a year, according to Benchmark’s Anode Forecast, almost all of it for synthetic graphite. That’s set to expand to 373,000 tonnes by the end of the decade. ",{"type":594,"attrs":102873,"content":102874},{"textAlign":49},[102875],{"text":102876,"type":599},"Its investment into Sweden comes amid a period of oversupply in China, according to Frank Li, an analyst at Benchmark, which has caused prices to fall this year.",{"type":594,"attrs":102878,"content":102879},{"textAlign":49},[102880],{"text":102881,"type":599},"Anode prices have fallen by 12% year-to-date, according to Benchmark’s Anode Price Index. Prices for high energy synthetic graphite anodes have fallen by 11% this year to an average of RMB 64,500 a tonne ($9,302.) ",{"type":657,"attrs":102883,"content":102884},{"level":15966,"textAlign":49},[102885],{"text":102886,"type":599},"Talga’s anode plant  ",{"type":594,"attrs":102888,"content":102889},{"textAlign":49},[102890],{"text":102891,"type":599},"Talga says it also aims to produce over 100,000 tonnes a year of anode materials eventually. ",{"type":594,"attrs":102893,"content":102894},{"textAlign":49},[102895],{"text":102896,"type":599},"In February it raised A$40 million ($27 million) for initial construction of the anode plant in the Luleå industrial park, which is focused on clean energy industries. ",{"type":594,"attrs":102898,"content":102899},{"textAlign":49},[102900],{"text":102901,"type":599},"In April, the company also received environmental permitting for its Nunasvaara South natural graphite mine in Sweden, which will feed the anode plant. It also hopes to exploit a second deposit, called Niska, to feed the refinery. ",{"type":594,"attrs":102903,"content":102904},{"textAlign":49},[102905],{"text":102906,"type":599},"Thomson said, however, that the priority was building the anode refinery – as that was the bottleneck in Europe. ",{"type":594,"attrs":102908,"content":102909},{"textAlign":49},[102910],{"text":102911,"type":599},"“The bottleneck is the downstream anode refinery, we need to finance and construct that first,” Thompson told Benchmark.","Europe is moving closer to becoming a producer of battery anodes for electric vehicles, as Chinese anode supplier Putailai and Australia’s Talga Group both plan to build plants in Sweden. Putailai said this month it plans to invest $1.5 billion in a plant, which will supply Swedish battery producer Northvolt and significantly boost Europe’s anode […]",[102914],{"slug":544,"name":543,"content":102915},{"job_title":557,"image":102916,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"aa260d1b-82ff-463b-9a70-dadfd50c7de4\", \"id\": \"\"}-->",[102919],{"slug":2497,"name":261},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":102921,"copyright":547,"fieldtype":553,"meta_data":102922,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7ffa369126/bm-2022naturalgraphitetrialmine.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 10, 2023",{"id":102925,"uuid":102926,"name":102927,"slug":102928,"full_slug":102929,"content":102930},112471380842985,"06e21162-ac63-4af2-a41a-658cb77e1de6","How big are CATL’s battery emissions?","how-big-are-catls-battery-emissions","article/how-big-are-catls-battery-emissions",{"_uid":102931,"date":102932,"tags":102933,"editor":102937,"content":102941,"excerpt":103135,"featured":51,"reporter":103136,"_editable":103140,"component":864,"seo_title":102927,"categories":103141,"visibility":882,"author_company":49,"featured_image":103144,"seo_description":103135,"author_full_name":49,"author_job_title":49,"formattedDate":103147},"601697e3-945e-4695-bf5d-fcaed0ac5318","2023-05-09 00:00",[102934,102935,102936],{"slug":903,"name":904},{"slug":913,"name":914},{"slug":23760,"name":23761},[102938],{"slug":544,"name":543,"content":102939},{"job_title":557,"image":102940,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":102942},[102943,102954,102959,102964,102969,102979,102984,102989,103001,103006,103014,103019,103026,103031,103039,103044,103049,103057,103065,103075,103080,103085,103090,103095,103100,103105,103110,103115,103120,103125,103130],{"type":594,"attrs":102944,"content":102945},{"textAlign":49},[102946,102948,102953],{"text":102947,"type":599},"China’s CATL is the world’s largest battery producer, and is likely to maintain that share this decade, ",{"text":102949,"type":599,"marks":102950},"according to Benchmark",[102951],{"type":604,"attrs":102952},{"href":87288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":102955,"content":102956},{"textAlign":49},[102957],{"text":102958,"type":599},"Last month Ningde-based CATL announced its plan to achieve carbon neutrality in its “core operations” by 2025 and across the battery value chain by 2035.",{"type":594,"attrs":102960,"content":102961},{"textAlign":49},[102962],{"text":102963,"type":599},"It is one of the most ambitious targets of any large battery producer. LG Energy Solution has a target of reaching net zero emissions by 2040 while Samsung SDI has pledged to reach net zero carbon emissions by 2050. ",{"type":594,"attrs":102965,"content":102966},{"textAlign":49},[102967],{"text":102968,"type":599},"How big a challenge is it for CATL to reach net zero emissions? ",{"type":594,"attrs":102970,"content":102971},{"textAlign":49},[102972,102977],{"text":9653,"type":599,"marks":102973},[102974],{"type":604,"attrs":102975},{"href":102976,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/esg/",{"text":102978,"type":599}," breaks down the company’s emissions, according to the latest data. ",{"type":657,"attrs":102980,"content":102981},{"level":15966,"textAlign":49},[102982],{"text":102983,"type":599},"How much does CATL emit? ",{"type":594,"attrs":102985,"content":102986},{"textAlign":49},[102987],{"text":102988,"type":599},"CATL’s emissions from its operations rose last year, as its production increased. ",{"type":594,"attrs":102990,"content":102991},{"textAlign":49},[102992,102994,102997,102999],{"text":102993,"type":599},"The company says that it emitted 3.4 million tonnes of carbon dioxide equivalent (CO",{"text":43530,"type":599,"marks":102995},[102996],{"type":643},{"text":102998,"type":599},"-eq)",{"text":103000,"type":599},"in 2022, which includes both the direct emissions from manufacturing batteries and also the emissions from the electricity and energy it uses, so-called Scope 1 and Scope 2 emissions. ",{"type":594,"attrs":103002,"content":103003},{"textAlign":49},[103004],{"text":103005,"type":599},"That compares to 2.3 million tonnes in 2021, due to broader coverage of 2022 accounting and higher production, it said. ",{"type":594,"attrs":103007,"content":103008},{"textAlign":49},[103009,103011,103012],{"text":103010,"type":599},"In terms of emissions intensity, however, CATL says it produced 10.5 tonnes of CO",{"text":43530,"type":599},{"text":103013,"type":599},"-eq per MWh of batteries produced in 2022, down 25% from the previous year.",{"type":594,"attrs":103015,"content":103016},{"textAlign":49},[103017],{"text":103018,"type":599},"This was due to the “adjustment of emission factor of purchased electricity” as well as to a change in the power mix, CATL said.",{"type":594,"attrs":103020,"content":103021},{"textAlign":49},[103022],{"type":1186,"attrs":103023},{"id":49,"alt":547,"src":103024,"title":49,"source":49,"copyright":49,"meta_data":103025},"https://a.storyblok.com/f/287943243085208/8368db99f6/bm-2-12993286a877.png",{},{"type":594,"attrs":103027,"content":103028},{"textAlign":49},[103029],{"text":103030,"type":599},"That may be better than its rivals. LG Energy Solution said its total emissions, including Scope 1 and 2, was 1.3 million tonnes in 2021.",{"type":594,"attrs":103032,"content":103033},{"textAlign":49},[103034,103036,103037],{"text":103035,"type":599},"LGES does not release emissions intensity, but based on Benchmark’s forecast of its production in 2021 it would have been 16.7 tonnes CO",{"text":43530,"type":599},{"text":103038,"type":599},"-eq per MWh, compared to 13.98 for CATL. ",{"type":594,"attrs":103040,"content":103041},{"textAlign":49},[103042],{"text":103043,"type":599},"The biggest absence from CATL’s report, however, is any data for the company’s Scope 3 emissions, which are emissions generated from its supply chain. That’s likely to be a much higher figure due to the emissions produced during mining, processing and shipping materials that it uses. ",{"type":594,"attrs":103045,"content":103046},{"textAlign":49},[103047],{"text":103048,"type":599},"CATL does not release full Scope 3 emissions at the moment. LGES also does not release Scope 3 emissions. ",{"type":594,"attrs":103050,"content":103051},{"textAlign":49},[103052,103054,103055],{"text":103053,"type":599},"CATL has said that its Scope 3 emissions for its four largest production bases (which account for 70% of its total direct emissions) were 7.3 million tonnes CO",{"text":43530,"type":599},{"text":103056,"type":599},"-eq in 2021, according to a third-party assessment published in a separate carbon accounting report. ",{"type":594,"attrs":103058,"content":103059},{"textAlign":49},[103060,103062,103063],{"text":103061,"type":599},"That would take the company’s total emissions (Scope 1, 2 and 3) to 8.9 million tonnes CO",{"text":43530,"type":599},{"text":103064,"type":599},"-eq in 2021, driving up emissions intensity to roughly 55 tonnes per MWh.",{"type":594,"attrs":103066,"content":103067},{"textAlign":49},[103068,103070,103073],{"text":103069,"type":599},"Scope 3 emissions are considerably higher than direct emissions for other battery producers that disclose the data. Samsung SDI said its indirect emissions in 2021 were 1.3 million tonnes CO",{"text":43530,"type":599,"marks":103071},[103072],{"type":643},{"text":103074,"type":599},"-eq, compared to 225,594 tonnes for its direct emissions.",{"type":594,"attrs":103076,"content":103077},{"textAlign":49},[103078],{"text":103079,"type":599},"Northvolt has set a target of reaching the equivalent of 10 tonnes CO2e per MWh battery production by 2030 on a cell level, covering Scope 1, 2, and 3 emissions. Currently it says its carbon footprint is 33 tonnes CO2e per MWh. ",{"type":657,"attrs":103081,"content":103082},{"level":15966,"textAlign":49},[103083],{"text":103084,"type":599},"Renewable energy ",{"type":594,"attrs":103086,"content":103087},{"textAlign":49},[103088],{"text":103089,"type":599},"A key way to reduce direct emissions is to switch to using renewable energy. CATL says it relied on renewable energy for 26.6% of its electricity usage last year, up from 22% in 2021. ",{"type":594,"attrs":103091,"content":103092},{"textAlign":49},[103093],{"text":103094,"type":599},"That’s lower than other global battery manufacturers, however. ",{"type":594,"attrs":103096,"content":103097},{"textAlign":49},[103098],{"text":103099,"type":599},"Northvolt says 95% of the energy used for battery production in the north of Sweden came from renewable energy last year. LG Energy Solution says about 60% of its electricity was sourced from renewable sources last year, with plants in Poland and the US relying completely on renewable energy. ",{"type":594,"attrs":103101,"content":103102},{"textAlign":49},[103103],{"text":103104,"type":599},"LGES says that it will switch to using 100% renewable energy in all manufacturing sites by 2025.",{"type":594,"attrs":103106,"content":103107},{"textAlign":49},[103108],{"text":103109,"type":599},"CATL said its plants in Sichuan and Germany have switched to renewable energy. ",{"type":594,"attrs":103111,"content":103112},{"textAlign":49},[103113],{"text":103114,"type":599},"But its 26.6% number also includes green certificates purchased from International Renewable Energy Certificates (I-Rec) and Guarantees of Origins (GO), so it is not the total amount used by the company directly. ",{"type":657,"attrs":103116,"content":103117},{"level":15966,"textAlign":49},[103118],{"text":103119,"type":599},"Water usage",{"type":594,"attrs":103121,"content":103122},{"textAlign":49},[103123],{"text":103124,"type":599},"In terms of water, only water withdrawal is noted by CATL. No consumption figures, nor the detailed sources of withdrawal are included. ",{"type":594,"attrs":103126,"content":103127},{"textAlign":49},[103128],{"text":103129,"type":599},"There is also no percent of actual recycled water data released. ",{"type":594,"attrs":103131,"content":103132},{"textAlign":49},[103133],{"text":103134,"type":599},"“It’s nice to see that they have put in good efforts into carbon accounting, especially getting it third-party verified, but there is still an area of improvement for their ESG report, particularly in terms of scope 3, energy and water reporting,” Olivia Lin, an analyst at Benchmark, said.","China’s CATL is the world’s largest battery producer, and is likely to maintain that share this decade, according to Benchmark. Last month Ningde-based CATL announced its plan to achieve carbon neutrality in its “core operations” by 2025 and across the battery value chain by 2035. It is one of the most ambitious targets of any […]",[103137],{"slug":544,"name":543,"content":103138},{"job_title":557,"image":103139,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"601697e3-945e-4695-bf5d-fcaed0ac5318\", \"id\": \"\"}-->",[103142,103143],{"slug":2499,"name":2500},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":103145,"copyright":547,"fieldtype":553,"meta_data":103146,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/622dd9ff84/bm-catl-carbon-neutrality.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 09, 2023",{"id":103149,"uuid":13303,"name":103150,"slug":103151,"full_slug":103152,"content":103153},112471404657134,"Albemarle plans to double Kemerton hydroxide capacity as Australian lithium chemical production ramps up","albemarle-plans-to-double-kemerton-hydroxide-capacity-as-australian-lithium-chemical-production-ramps-up","article/albemarle-plans-to-double-kemerton-hydroxide-capacity-as-australian-lithium-chemical-production-ramps-up",{"_uid":103154,"date":103155,"tags":103156,"editor":103159,"content":103163,"excerpt":103244,"featured":50,"reporter":103245,"_editable":103249,"component":864,"seo_title":103150,"categories":103250,"visibility":882,"author_company":49,"featured_image":103253,"seo_description":103244,"author_full_name":49,"author_job_title":49,"formattedDate":103256},"1f27f090-e83e-4428-bb20-32ffe7870082","2023-05-05 00:00",[103157,103158],{"slug":11320,"name":11321},{"slug":6567,"name":2038},[103160],{"slug":544,"name":543,"content":103161},{"job_title":557,"image":103162,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":103164},[103165,103170,103181,103186,103191,103196,103203,103208,103213,103218,103229,103234,103239],{"type":594,"attrs":103166,"content":103167},{"textAlign":49},[103168],{"text":103169,"type":599},"Albemarle plans to spend over $1 billion to build two new production lines at its Kemerton plant in Western Australia by 2026, a move that will double its lithium hydroxide processing capacity.",{"type":594,"attrs":103171,"content":103172},{"textAlign":49},[103173,103175,103179],{"text":103174,"type":599},"The development comes as Australia ramps up downstream lithium chemical production, which is forecast to reach 170,000 tonnes by the end of the decade, up from 12,000 tonnes this year according to ",{"text":24541,"type":599,"marks":103176},[103177],{"type":604,"attrs":103178},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":103180,"type":599},". The bulk of Australia’s spodumene is currently processed into lithium hydroxide in China. ",{"type":594,"attrs":103182,"content":103183},{"textAlign":49},[103184],{"text":103185,"type":599},"“By shifting further production capacity into the midstream, in addition to the company’s already established upstream operations, Albemarle will be able to strengthen its vertically integrated operations,” said Tony Alderson, analyst with Benchmark.",{"type":594,"attrs":103187,"content":103188},{"textAlign":49},[103189],{"text":103190,"type":599},"The US-listed lithium major said it will wholly own and operate the two new production lines at Kemerton, south of Perth in Western Australia. The expansion at Kemerton would  increase the plant’s production by 50,000 tonnes a year and to 100,000 tonnes a year at full capacity, enough to make an estimated 2.4 million electric vehicles annually according to Albemarle.",{"type":594,"attrs":103192,"content":103193},{"textAlign":49},[103194],{"text":103195,"type":599},"Albemarle and Mineral Resources jointly operated the Kemerton facility until February when the two companies restructured their agreement following which Albemarle increased its stake to 85% from 60% in the first two production lines at the facility, in addition to operating the plant on behalf of the joint venture.",{"type":594,"attrs":103197,"content":103198},{"textAlign":49},[103199],{"type":1186,"attrs":103200},{"id":49,"alt":547,"src":103201,"title":49,"source":49,"copyright":49,"meta_data":103202},"https://a.storyblok.com/f/287943243085208/5a582f3cb5/bm-edited-1-australian-lithium-chemical-supply.png",{},{"type":594,"attrs":103204,"content":103205},{"textAlign":49},[103206],{"text":103207,"type":599},"The Kemerton plant secures the spodumene concentrate produced at the Greenbushes mine in Western Australia, in which Albemarle holds a 49% share. A Tianqi Lithium and IGO Limited joint venture owns the remaining 51% of Greenbushes.",{"type":594,"attrs":103209,"content":103210},{"textAlign":49},[103211],{"text":103212,"type":599},"Spodumene is converted to lithium for industrial use which is then used to manufacture lithium ion batteries. The capacity expansion would also help Kemerton become the second biggest lithium hydroxide plant in the world outside of China according to Albemarle. ",{"type":594,"attrs":103214,"content":103215},{"textAlign":49},[103216],{"text":103217,"type":599},"“Looking to the broader picture, with Australia traditionally focusing on the upstream operations in the lithium ion supply chain, this move by Albemarle has been a part of growing efforts to shift the region’s lithium processing capacity into the midstream, in a bid to capture more value in the supply chain,” Alderson said.",{"type":594,"attrs":103219,"content":103220},{"textAlign":49},[103221,103223,103227],{"text":103222,"type":599},"Australia is forecast to produce 790,000 tonnes of lithium mined supply (lithium carbonate equivalent) by the end of 2030, a jump of 60% from 2023, according to ",{"text":24541,"type":599,"marks":103224},[103225],{"type":604,"attrs":103226},{"href":61288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":103228,"type":599},". By then the country is forecast to produce 28% of the world’s global mined lithium supply. ",{"type":594,"attrs":103230,"content":103231},{"textAlign":49},[103232],{"text":103233,"type":599},"Margin protection",{"type":594,"attrs":103235,"content":103236},{"textAlign":49},[103237],{"text":103238,"type":599},"The company on Wednesday reported more than four-fold increase in first quarter profit to $1.2 billion but slashed its annual forecast citing softening lithium market pricing. Albemarle lowered its adjusted EBITDA margin for 2023 to between 34% to 35%, from 37% to 40% revealed earlier. ",{"type":594,"attrs":103240,"content":103241},{"textAlign":49},[103242],{"text":103243,"type":599},"“Albemarle wants to retain their margin share and provide themselves some stability in margins as mining margins fluctuate. This is why they like producing chemicals. They also primarily see themselves as a chemicals company primarily, so it also makes sense from that point of view,” said Perks.","Albemarle plans to spend over $1 billion to build two new production lines at its Kemerton plant in Western Australia by 2026, a move that will double its lithium hydroxide processing capacity. The development comes as Australia ramps up downstream lithium chemical production, which is forecast to reach 170,000 tonnes by the end of the […]",[103246],{"slug":544,"name":543,"content":103247},{"job_title":557,"image":103248,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1f27f090-e83e-4428-bb20-32ffe7870082\", \"id\": \"\"}-->",[103251,103252],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":103254,"copyright":547,"fieldtype":553,"meta_data":103255,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/125182399d/bm-albemarle-kemerton-site.png",{"alt":547,"title":547,"source":547,"copyright":547},"May 05, 2023",{"id":103258,"uuid":103259,"name":103260,"slug":103261,"full_slug":103262,"content":103263},112471399946733,"fb58e910-874b-4fd8-9079-775019d0a424","What does Chile’s national lithium strategy mean for Albemarle and SQM?","what-does-chiles-national-lithium-strategy-mean-for-albemarle-and-sqm","article/what-does-chiles-national-lithium-strategy-mean-for-albemarle-and-sqm",{"_uid":103264,"date":103155,"tags":103265,"editor":103269,"content":103273,"excerpt":103429,"featured":50,"reporter":103430,"_editable":103434,"component":864,"seo_title":103260,"categories":103435,"visibility":882,"author_company":49,"featured_image":103438,"seo_description":103429,"author_full_name":49,"author_job_title":49,"formattedDate":103256},"09b1bad6-08fe-4b63-b02e-69a317dd2e7c",[103266,103267,103268],{"slug":11320,"name":11321},{"slug":17168,"name":13351},{"slug":18476,"name":18477},[103270],{"slug":544,"name":543,"content":103271},{"job_title":557,"image":103272,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":103274},[103275,103280,103285,103296,103309,103314,103319,103324,103342,103349,103354,103359,103364,103369,103374,103379,103384,103389,103394,103399,103404,103409,103414,103419,103424],{"type":594,"attrs":103276,"content":103277},{"textAlign":49},[103278],{"text":103279,"type":599},"Chile’s largest lithium producers SQM and Albemarle are set to ramp up production in the country through the end of the decade even as Chile’s share of the global lithium market is forecast to significantly fall. ",{"type":594,"attrs":103281,"content":103282},{"textAlign":49},[103283],{"text":103284,"type":599},"This comes as the country makes efforts to accelerate the production and export of critical battery material for electric vehicles, under a new national lithium strategy.",{"type":594,"attrs":103286,"content":103287},{"textAlign":49},[103288,103290,103294],{"text":103289,"type":599},"Production from SQM and Albemarle in Chile is forecast to reach 262,000 tonnes of lithium (LCE) by the end of this year according to data from ",{"text":24541,"type":599,"marks":103291},[103292],{"type":604,"attrs":103293},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":103295,"type":599},". Benchmark forecasts that production from Chile will represent 24% of global supply in 2023, falling to 13% in 2027.",{"type":594,"attrs":103297,"content":103298},{"textAlign":49},[103299,103301,103307],{"text":103300,"type":599},"The data highlights the intention behind Chilean President Gabriel Boric’s ",{"text":103302,"type":599,"marks":103303},"announcement last month",[103304],{"type":604,"attrs":103305},{"href":103306,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chile-plans-to-take-control-of-lithium-mining-via-public-private-partnership",{"text":103308,"type":599}," to develop the country’s vast lithium reserves via a public-private partnership.",{"type":594,"attrs":103310,"content":103311},{"textAlign":49},[103312],{"text":103313,"type":599},"“Chile is not nationalising its lithium sector but it is implementing a new national lithium strategy that aims to increase the country’s participation in the global lithium industry and capture more of the value chain for lithium production,” said Cameron Perks, analyst with Benchmark.",{"type":594,"attrs":103315,"content":103316},{"textAlign":49},[103317],{"text":103318,"type":599},"“The government wants to take a stake and negotiate a stake in these companies once their current contracts expire,” Perks said.",{"type":594,"attrs":103320,"content":103321},{"textAlign":49},[103322],{"text":103323,"type":599},"Chile’s strategy was developed in response to growing demand for lithium and the recognition that lithium could become a strategic resource for the country. ",{"type":594,"attrs":103325,"content":103326},{"textAlign":49},[103327,103329,103333,103335,103340],{"text":103328,"type":599},"Furthermore, neighbouring country Argentina is set to overtake Chile’s lithium supply by 2030 according to ",{"text":24541,"type":599,"marks":103330},[103331],{"type":604,"attrs":103332},{"href":59365,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":103334,"type":599},". Chile has the world’s largest lithium reserves but has ",{"text":103336,"type":599,"marks":103337},"lagged behind",[103338],{"type":604,"attrs":103339},{"href":88436,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":103341,"type":599}," in terms of policy stability and investments.  ",{"type":594,"attrs":103343,"content":103344},{"textAlign":49},[103345],{"type":1186,"attrs":103346},{"id":49,"alt":547,"src":103347,"title":49,"source":49,"copyright":49,"meta_data":103348},"https://a.storyblok.com/f/287943243085208/16fb12fd62/bm-2027sqmalb.png",{},{"type":594,"attrs":103350,"content":103351},{"textAlign":49},[103352],{"text":103353,"type":599},"Chile’s foot forward",{"type":594,"attrs":103355,"content":103356},{"textAlign":49},[103357],{"text":103358,"type":599},"The Chilean government is yet to reveal further plans to acquire a stake in private lithium companies such as SQM and Albemarle as part of its national lithium strategy that aims to increase the government’s participation in the industry through the creation of a state-owned lithium company, Codelco-Litio. ",{"type":594,"attrs":103360,"content":103361},{"textAlign":49},[103362],{"text":103363,"type":599},"The state-owned Codelco-Litio would be responsible for exploring and developing new lithium reserves in Chile, as well as producing and selling lithium products. It would operate alongside existing private lithium companies and would not compete with them directly. ",{"type":594,"attrs":103365,"content":103366},{"textAlign":49},[103367],{"text":103368,"type":599},"SQM and Albemarle both pay royalties to the Chilean government for their lithium production in the country. The royalty amount paid by the two companies varies depending on factors such as the market price of lithium and the specific terms of their contracts with the government.  ",{"type":594,"attrs":103370,"content":103371},{"textAlign":49},[103372],{"text":103373,"type":599},"“Recently, Chilean President Boric proposed a new national lithium policy. The government has repeatedly made it clear it would honour current concessions. Chile has always honoured the rule of law, and we do not see the new policy as a threat to our current concession,”  Kent Masters, CEO Albemarle told analysts in a post earnings call on Thursday.",{"type":594,"attrs":103375,"content":103376},{"textAlign":49},[103377],{"text":103378,"type":599},"Masters added that, if enacted, the new policy may offer opportunities but expansions and getting additional concessions will probably require it to use new technology and partner with the government as well around that.",{"type":594,"attrs":103380,"content":103381},{"textAlign":49},[103382],{"text":103383,"type":599},"SQM has a contract with Chile until 2030 and Albemarle until 2043. Last year, SQM contributed more than $5 billion to Chile’s treasury, thanks to higher lithium prices. Albemarle paid a commission of 40% per tonne of lithium.",{"type":594,"attrs":103385,"content":103386},{"textAlign":49},[103387],{"text":103388,"type":599},"“I think it’s important that they’ve respected the existing arrangements and agreements. I don’t think there’ll be much difference operationally going forward in terms of the planned output and expansions. The biggest thing here is that it might affect the investability from the greenfield side,” said Perks.",{"type":594,"attrs":103390,"content":103391},{"textAlign":49},[103392],{"text":103393,"type":599},"Overall, the impact of Chile’s national lithium strategy on SQM and Albemarle is likely to depend on how well the companies are able to adapt to the changing regulatory environment and compete in an increasingly crowded market.",{"type":594,"attrs":103395,"content":103396},{"textAlign":49},[103397],{"text":103398,"type":599},"Chile’s government already operates Codelco, the world’s largest copper producer. The state-owned copper mining company which owns 28% in Chilean copper mines while the rest is owned and operated by private mining companies.",{"type":594,"attrs":103400,"content":103401},{"textAlign":49},[103402],{"text":103403,"type":599},"Environmental aspects",{"type":594,"attrs":103405,"content":103406},{"textAlign":49},[103407],{"text":103408,"type":599},"Following Boric’s announcement last month, SQM said it would need to invest $2 billion of additional capital to achieve results in line with the firm’s environmental sustainability goals as well as Chile’s new strategy that aims to  improve sustainability and environmental practices.",{"type":594,"attrs":103410,"content":103411},{"textAlign":49},[103412],{"text":103413,"type":599},"SQM’s statement followed a meeting with national production agency CORFO over the scope and objectives of the government’s new lithium strategy. SQM said it was informed that state miner Codelco would lead negotiations with the company.",{"type":594,"attrs":103415,"content":103416},{"textAlign":49},[103417],{"text":103418,"type":599},"Chile plans to use direct lithium extraction (DLE) rather than large evaporation ponds, using technology from China’s SunResin.  ",{"type":594,"attrs":103420,"content":103421},{"textAlign":49},[103422],{"text":103423,"type":599},"“The biggest issue for DLE might be from the water use standpoint and also from a reinjection of spent brine back into the resource and how will they manage that,” said Perks. ",{"type":594,"attrs":103425,"content":103426},{"textAlign":49},[103427],{"text":103428,"type":599},"“Overall, I think that the government is trying, at least they’re trying to have environmental responsibility. It’s important to have environmental responsibility or stewardship, from the major supplier of lithium, particularly since lithium is going into decarbonisation efforts.” ","Chile’s largest lithium producers SQM and Albemarle are set to ramp up production in the country through the end of the decade even as Chile’s share of the global lithium market is forecast to significantly fall. This comes as the country makes efforts to accelerate the production and export of critical battery material for electric […]",[103431],{"slug":544,"name":543,"content":103432},{"job_title":557,"image":103433,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"09b1bad6-08fe-4b63-b02e-69a317dd2e7c\", \"id\": \"\"}-->",[103436,103437],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":80267,"copyright":547,"fieldtype":553,"meta_data":103439,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":103441,"uuid":103442,"name":103443,"slug":103444,"full_slug":103445,"content":103446},112471395158508,"fb11c39f-0578-4da6-84a6-9f9d347e0a44","Benchmark invited to give evidence at UK’s House of Commons on battery supply chain","benchmark-invited-to-give-evidence-at-uks-house-of-commons-on-battery-supply-chain","article/benchmark-invited-to-give-evidence-at-uks-house-of-commons-on-battery-supply-chain",{"_uid":103447,"date":103155,"tags":103448,"editor":103450,"content":103454,"excerpt":103536,"featured":50,"reporter":103537,"_editable":103541,"component":864,"seo_title":103443,"categories":103542,"visibility":2091,"author_company":49,"featured_image":103544,"seo_description":103536,"author_full_name":49,"author_job_title":49,"formattedDate":103256},"ad623b43-81d2-4506-9baf-fa630ea3743e",[103449],{"slug":9655,"name":9656},[103451],{"slug":544,"name":543,"content":103452},{"job_title":557,"image":103453,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":103455},[103456,103461,103466,103471,103476,103481,103486,103491,103496,103501,103509,103518,103527],{"type":594,"attrs":103457,"content":103458},{"textAlign":49},[103459],{"text":103460,"type":599},"Benchmark Mineral Intelligence is delighted to announce that it has been invited to give evidence to the UK’s House of Commons Business and Trade Select Committee.",{"type":594,"attrs":103462,"content":103463},{"textAlign":49},[103464],{"text":103465,"type":599},"Benchmark’s CEO, Simon Moores, will speak on Tuesday 9th May, 14.45 (UK) at the hearing: ‘Oral Evidence for Batteries and Electric Vehicle Manufacturing in the UK’.",{"type":594,"attrs":103467,"content":103468},{"textAlign":49},[103469],{"text":103470,"type":599},"The Business and Trade Select Committee has launched an inquiry into the state of the UK’s battery supply chain, how it can meet domestic and global demand, and what can be learned from the rest of the world. ",{"type":594,"attrs":103472,"content":103473},{"textAlign":49},[103474],{"text":103475,"type":599},"On Benchmark’s invitation Moores said: “The world is in the midst of a global battery arms race. The UK is in a perilous position. It has limited future battery capacity, nowhere near enough to sustain the historic levels of automotive activity that the UK has a rich history in. ",{"type":594,"attrs":103477,"content":103478},{"textAlign":49},[103479],{"text":103480,"type":599},"“It has no production of critical minerals needed for this industry, or chemicals needed to go into the batteries, and an entire supply chain approach is needed — a lithium ion economy is needed to be built in the UK to secure future industries, especially EV manufacturing. ",{"type":594,"attrs":103482,"content":103483},{"textAlign":49},[103484],{"text":103485,"type":599},"“From gigafactories to the mines that fuel them, the UK needs an all encompassing plan for the next 50 years. Government, finance and industry need joined-up thinking to create a lithium ion economy in the UK.",{"type":594,"attrs":103487,"content":103488},{"textAlign":49},[103489],{"text":103490,"type":599},"“We are proud at Benchmark to be able to contribute to the leadership of this discussion at the House of Commons next week.”",{"type":594,"attrs":103492,"content":103493},{"textAlign":49},[103494],{"text":103495,"type":599},"If you are industry participant and would like to connect with Benchmark on this subject, please email: contact@benchmarkminerals.com ",{"type":594,"attrs":103497,"content":103498},{"textAlign":49},[103499],{"text":103500,"type":599},"Further reading",{"type":594,"attrs":103502,"content":103503},{"textAlign":49},[103504],{"text":103505,"type":599,"marks":103506},"UK puts mining and critical minerals at forefront of energy transition; Benchmark on new taskforce",[103507],{"type":604,"attrs":103508},{"href":46114,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":103510,"content":103511},{"textAlign":49},[103512],{"text":103513,"type":599,"marks":103514},"Benchmark Minerals’ Simon Moores warns Senate US a ‘bystander’ in battery arms race | February 2019",[103515],{"type":604,"attrs":103516},{"href":103517,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.youtube.com/watch?v=wv0PHIo1zzo",{"type":594,"attrs":103519,"content":103520},{"textAlign":49},[103521],{"text":103522,"type":599,"marks":103523},"“A new global lithium ion economy is being created” – Benchmark’s Simon Moores US Senate testimony transcript | June 2020",[103524],{"type":604,"attrs":103525},{"href":103526,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/a-new-global-lithium-ion-economy-is-being-created-benchmarks-simon-moores-us-senate-testimony-transcript",{"type":594,"attrs":103528,"content":103529},{"textAlign":49},[103530],{"text":103531,"type":599,"marks":103532},"“Canada can create upstream EV battery blueprint” Benchmark’s Moores tells parliament | February 2021",[103533],{"type":604,"attrs":103534},{"href":103535,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/canada-can-create-upstream-ev-battery-blueprint-benchmarks-moores-tells-parliament-2","Benchmark Mineral Intelligence is delighted to announce that it has been invited to give evidence to the UK’s House of Commons Business and Trade Select Committee. Benchmark’s CEO, Simon Moores, will speak on Tuesday 9th May, 14.45 (UK) at the hearing: ‘Oral Evidence for Batteries and Electric Vehicle Manufacturing in the UK’. The Business and […]",[103538],{"slug":544,"name":543,"content":103539},{"job_title":557,"image":103540,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ad623b43-81d2-4506-9baf-fa630ea3743e\", \"id\": \"\"}-->",[103543],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":83131,"copyright":547,"fieldtype":553,"meta_data":103545,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":103547,"uuid":103548,"name":103549,"slug":103550,"full_slug":103551,"content":103552},112471409523183,"9f93dec0-5634-4f8e-a6e6-fd17c1f8060d","Solid-state production forecast to hit 2 GWh this year as oxide batteries dominate","solid-state-production-forecast-to-hit-2-gwh-this-year-as-oxide-batteries-dominate","article/solid-state-production-forecast-to-hit-2-gwh-this-year-as-oxide-batteries-dominate",{"_uid":103553,"date":103554,"tags":103555,"editor":103566,"content":103570,"excerpt":103746,"featured":50,"reporter":103747,"_editable":103751,"component":864,"seo_title":103549,"categories":103752,"visibility":2091,"author_company":49,"featured_image":103755,"seo_description":103746,"author_full_name":49,"author_job_title":49,"formattedDate":103758},"52c07a8b-e1e2-4910-b44b-6f53b34e6600","2023-05-04 00:00",[103556,103559,103560,103563,103564,103565],{"slug":103557,"name":103558},"blue-solutions","Blue Solutions",{"slug":4360,"name":4361},{"slug":103561,"name":103562},"prologium","ProLogium",{"slug":61443,"name":61444},{"slug":61446,"name":61447},{"slug":21502,"name":21503},[103567],{"slug":544,"name":543,"content":103568},{"job_title":557,"image":103569,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":103571},[103572,103584,103589,103600,103620,103628,103633,103638,103643,103648,103653,103658,103663,103668,103673,103686,103693,103698,103711,103716,103721,103726,103731,103736,103741],{"type":594,"attrs":103573,"content":103574},{"textAlign":49},[103575,103577,103583],{"text":103576,"type":599},"This year is set to see solid-state battery production exceed two gigawatt-hours for the first time, according to ",{"text":103578,"type":599,"marks":103579},"Benchmark’s Solid-state Forecast",[103580],{"type":604,"attrs":103581},{"href":103582,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/solid-state",{"text":974,"type":599},{"type":594,"attrs":103585,"content":103586},{"textAlign":49},[103587],{"text":103588,"type":599},"A solid-state battery replaces the liquid electrolyte used in traditional lithium ion batteries with a solid-state separator. The composition of this can be broadly divided into polymers, oxide-, and sulfide-based solid electrolytes. This year, 73% of solid-state battery production is forecast to use an oxide-based electrolyte, with polymers accounting for the other 27%.",{"type":594,"attrs":103590,"content":103591},{"textAlign":49},[103592,103594,103598],{"text":103593,"type":599},"By enabling the use of next-generation cathode and ",{"text":41201,"type":599,"marks":103595},[103596],{"type":604,"attrs":103597},{"href":102475,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":103599,"type":599},", solid-state batteries have the potential to achieve higher energy densities whilst also improving safety by eliminating the flammable liquid electrolyte component.",{"type":594,"attrs":103601,"content":103602},{"textAlign":49},[103603,103605,103611,103613,103618],{"text":103604,"type":599},"“Over the past 12 months, the solid-state and lithium metal battery markets have really taken off. ",{"text":103606,"type":599,"marks":103607},"Annual production surpassed one gigawatt-hour at the start of the year",[103608],{"type":604,"attrs":103609},{"href":103610,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/solid-state-enters-gigawatt-hour-era-as-new-capacity-comes-online-in-2022",{"text":103612,"type":599},", and since then many producers have made significant steps towards formal ",{"text":103614,"type":599,"marks":103615},"automotive qualification",[103616],{"type":604,"attrs":103617},{"href":79498,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":103619,"type":599},".” Rory McNulty, an analyst at Benchmark, said.",{"type":594,"attrs":103621,"content":103622},{"textAlign":49},[103623],{"type":1186,"attrs":103624},{"id":49,"alt":103625,"src":103626,"title":49,"source":49,"copyright":49,"meta_data":103627},"Production of solid-state batteries forecast to exceed 2 gigawatt-hours this year","https://a.storyblok.com/f/287943243085208/13b9c78be6/bm-2-gwh-solid-state.png",{},{"type":657,"attrs":103629,"content":103630},{"level":15966,"textAlign":49},[103631],{"text":103632,"type":599},"Polymer solid-state",{"type":594,"attrs":103634,"content":103635},{"textAlign":49},[103636],{"text":103637,"type":599},"To date, only polymer-based solid-state batteries have successfully been commercialised for use in electric vehicle applications.",{"type":594,"attrs":103639,"content":103640},{"textAlign":49},[103641],{"text":103642,"type":599},"In 2016, Blue Solutions, a subsidiary of France’s Bolloré Group, deployed its polymer-based solid-state batteries in electric buses through the company’s subsidiary BlueBus. The company has a production capacity of 1.5 GWh spread across France and Canada, with plans to ramp capacity to over 15 GWh by 2030.",{"type":594,"attrs":103644,"content":103645},{"textAlign":49},[103646],{"text":103647,"type":599},"“One of the key benefits of solid-state polymer electrolytes is that they have been demonstrated in an application: we know they work,” McNulty said, adding that robust supply chains and ease of manufacture are also key benefits of the chemistry.",{"type":594,"attrs":103649,"content":103650},{"textAlign":49},[103651],{"text":103652,"type":599},"However, these electrolytes often have poor ionic conductivity leading to low performance, and often require pre-heating to between 60 – 80 °C to be conductive enough to function, McNulty explained.",{"type":594,"attrs":103654,"content":103655},{"textAlign":49},[103656],{"text":103657,"type":599},"This isn’t a major issue for predictable drive-cycle applications, such as electric buses, as the batteries can be preheated in the depot before being deployed.",{"type":594,"attrs":103659,"content":103660},{"textAlign":49},[103661],{"text":103662,"type":599},"Currently, solid-state polymer electrolytes are not compatible with high-voltage cathode materials (e.g., high-nickel chemistries), though the next generation of solid-state polymer electrolytes may overcome this challenge, McNulty suggested.",{"type":657,"attrs":103664,"content":103665},{"level":15966,"textAlign":49},[103666],{"text":103667,"type":599},"Oxide solid-state",{"type":594,"attrs":103669,"content":103670},{"textAlign":49},[103671],{"text":103672,"type":599},"The ionic conductivity and performance of oxide-based solid-state electrolytes are higher than those of polymer-based electrolytes. This class of electrolyte ranks excellent in terms of electrochemical, thermal, and chemical stability, according to Benchmark’s Solid-state Forecast.",{"type":594,"attrs":103674,"content":103675},{"textAlign":49},[103676,103678,103684],{"text":103677,"type":599},"However, oxide materials are often extremely brittle, making them difficult to handle in the manufacturing process. The raw material supply chain is also complicated by the need for ",{"text":103679,"type":599,"marks":103680},"lanthanum",[103681],{"type":604,"attrs":103682},{"href":103683,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-rare-earths-market-101",{"text":103685,"type":599}," and zirconia, both of which are non-trivial to source and are typically mined by-products, McNulty said.",{"type":594,"attrs":103687,"content":103688},{"textAlign":49},[103689],{"type":1186,"attrs":103690},{"id":49,"alt":547,"src":103691,"title":49,"source":49,"copyright":49,"meta_data":103692},"https://a.storyblok.com/f/287943243085208/0ad0fd64d3/bm-image-85-1344047c3b9c.png",{},{"type":594,"attrs":103694,"content":103695},{"textAlign":49},[103696],{"text":103697,"type":599},"China’s Ganfeng LiEnergy, a subsidiary of Ganfeng Lithium, last year announced plans to build a 10 GWh gigafactory in Chongqing, China, to produce oxide-based solid-state batteries.",{"type":594,"attrs":103699,"content":103700},{"textAlign":49},[103701,103703,103709],{"text":103702,"type":599},"Taiwan-based ProLogium is another major player in the oxide industry. Having formed ",{"text":103704,"type":599,"marks":103705},"partnerships with several automakers",[103706],{"type":604,"attrs":103707},{"href":103708,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/solid-state-battery-race-picks-up-speed-as-vietnams-vinfast-takes-stake-in-prologium",{"text":103710,"type":599}," including Nio and VinFast in Asia and Mercedes-Benz in Europe, the company is in the process of identifying a second gigafactory site in Europe or North America alongside scaling their domestic production capacity to 3 GWh in 2023.",{"type":594,"attrs":103712,"content":103713},{"textAlign":49},[103714],{"text":103715,"type":599},"QuantumScape, a US-based oxide-based solid-state battery developer, has the backing of Volkswagen and SAIC Motors. The company is currently in the pre-pilot stage of production and plans to build a 1 GWh pilot plant through a joint venture with Volkswagen, which could be operational from 2026.",{"type":657,"attrs":103717,"content":103718},{"level":15966,"textAlign":49},[103719],{"text":103720,"type":599},"Sulfide solid-state",{"type":594,"attrs":103722,"content":103723},{"textAlign":49},[103724],{"text":103725,"type":599},"The highest-performing solid-state electrolytes are typically in the sulfide family. These have extremely good ionic conductivity, sometimes exceeding that of liquid electrolytes. However, although considerable progress has been made in manufacturing the electrolytes, there is no announced commercial-scale production of battery cells at this time.",{"type":594,"attrs":103727,"content":103728},{"textAlign":49},[103729],{"text":103730,"type":599},"“The other advantage over the oxides that the sulfide have is the processability,” Josh Buettner-Garrett, chief technical officer of Solid Power–a sulfide solid-state developer–told Benchmark. “They’re somewhat malleable. So you can do things like taking pretty conventional calendaring lines, used in traditional lithium ion [production], and apply those same types of processes to these sulfide electrolytes.”",{"type":594,"attrs":103732,"content":103733},{"textAlign":49},[103734],{"text":103735,"type":599},"Solid Power, based in Colorado, US, is one of the most active players in the sulfide space. In June last year, the company established a pilot production line to develop its A-sample cells to send to automakers for qualification. The company has partnerships BMW and Ford.",{"type":594,"attrs":103737,"content":103738},{"textAlign":49},[103739],{"text":103740,"type":599},"One of the key raw materials for sulfide-based solid electrolytes is lithium sulfide, which is one of the key bottlenecks to the commercialisation of the technology, as until now R&D has been the primary consumer, with no established commercial market.",{"type":594,"attrs":103742,"content":103743},{"textAlign":49},[103744],{"text":103745,"type":599},"“Lithium sulfide is the main supply chain challenge,” Buettner-Garrett said. “It’s really just the chicken and egg problem of how large of a scaling effort [of lithium sulfide production] can be justified.”","This year is set to see solid-state battery production exceed two gigawatt-hours for the first time, according to Benchmark’s Solid-state Forecast. A solid-state battery replaces the liquid electrolyte used in traditional lithium ion batteries with a solid-state separator. The composition of this can be broadly divided into polymers, oxide-, and sulfide-based solid electrolytes. This year, […]",[103748],{"slug":544,"name":543,"content":103749},{"job_title":557,"image":103750,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"52c07a8b-e1e2-4910-b44b-6f53b34e6600\", \"id\": \"\"}-->",[103753,103754],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":103756,"copyright":547,"fieldtype":553,"meta_data":103757,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0317b5496f/bm-solidpower-day1-16-jpg.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 04, 2023",{"id":103760,"uuid":103761,"name":103762,"slug":103763,"full_slug":103764,"content":103765},112471423900146,"1025be79-3742-48c7-8c77-ae0d08ce8547","China’s lithium market shows faint signs of improvement as technical grade lithium prices rise","chinas-lithium-market-shows-faint-signs-of-improvement-as-technical-grade-lithium-prices-rise","article/chinas-lithium-market-shows-faint-signs-of-improvement-as-technical-grade-lithium-prices-rise",{"_uid":103766,"date":103767,"tags":103768,"editor":103770,"content":103774,"excerpt":103968,"featured":50,"reporter":103969,"_editable":103973,"component":864,"seo_title":103762,"categories":103974,"visibility":882,"author_company":49,"featured_image":103977,"seo_description":103968,"author_full_name":49,"author_job_title":49,"formattedDate":103980},"6e6e0b0a-4aa5-4684-b8dd-891d0e07346a","2023-04-28 00:00",[103769],{"slug":910,"name":911},[103771],{"slug":544,"name":543,"content":103772},{"job_title":557,"image":103773,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":103775},[103776,103781,103792,103797,103802,103807,103812,103817,103822,103827,103832,103837,103842,103847,103852,103857,103862,103867,103872,103877,103889,103902,103907,103912,103917,103922,103927,103932,103937,103942,103947,103958,103963],{"type":594,"attrs":103777,"content":103778},{"textAlign":49},[103779],{"text":103780,"type":599},"Chinese technical-grade lithium prices rose this week for the first time in six months, in an indication that sentiment may be turning in the lithium market after a collapse in prices this year. ",{"type":594,"attrs":103782,"content":103783},{"textAlign":49},[103784,103786,103790],{"text":103785,"type":599},"Prices for technical-grade lithium, which is not used in batteries, rose by 3% this week as of Wednesday, according to Benchmark’s ",{"text":21700,"type":599,"marks":103787},[103788],{"type":604,"attrs":103789},{"href":85491,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":103791,"type":599},". Prices are still down by 3.7% between 19 and 26 April.  ",{"type":594,"attrs":103793,"content":103794},{"textAlign":49},[103795],{"text":103796,"type":599},"The signal has boosted hopes that lithium may be picking up after a slump that saw Chinese lithium prices more than halve this year.",{"type":594,"attrs":103798,"content":103799},{"textAlign":49},[103800],{"text":103801,"type":599},"It is the first time that any of the Chinese domestic lithium grades as assessed by Benchmark have seen signs of increasing since mid November 2022.",{"type":594,"attrs":103803,"content":103804},{"textAlign":49},[103805],{"text":103806,"type":599},"It comes as the Chinese Politburo said on Friday that the country should “consolidate and expand the advantages of new energy vehicle development,” according to an official read out of the meeting. ",{"type":657,"attrs":103808,"content":103809},{"level":15966,"textAlign":49},[103810],{"text":103811,"type":599},"The Wuxi market",{"type":594,"attrs":103813,"content":103814},{"textAlign":49},[103815],{"text":103816,"type":599},"The uptick in technical grade lithium carbonate originated with futures speculation on the Chinese Wuxi Stainless Steel Exchange. Traders had already begun buying warehouse space in anticipation of stocking material two weeks prior to the increase.",{"type":594,"attrs":103818,"content":103819},{"textAlign":49},[103820],{"text":103821,"type":599},"Futures optimism spilled over into the physical market, where buying pushed up the upper range of prices for technical carbonate during the second half of Benchmark’s weekly assessment period by RMB 5000/tonne ($725) compared to the earlier half.",{"type":594,"attrs":103823,"content":103824},{"textAlign":49},[103825],{"text":103826,"type":599},"Although other grades have continued their slide, the increase in technical grade carbonate is a “significant” shift in the Chinese market, said Benchmark analyst Tony Alderson.",{"type":594,"attrs":103828,"content":103829},{"textAlign":49},[103830],{"text":103831,"type":599},"“It can sometimes, though not always, act as an early indicator” for where the wider market will go next, he said.",{"type":594,"attrs":103833,"content":103834},{"textAlign":49},[103835],{"text":103836,"type":599},"Chinese technical grade lithium carbonate stood at RMB 155,000 a tonne ($22,423) as of April 26. ",{"type":657,"attrs":103838,"content":103839},{"level":15966,"textAlign":49},[103840],{"text":103841,"type":599},"Trading sentiment at odds with inventories ",{"type":594,"attrs":103843,"content":103844},{"textAlign":49},[103845],{"text":103846,"type":599},"Meanwhile, inventory levels remain uneven across the supply chain. This suggests any real demand increases for lithium chemicals may be months away.",{"type":594,"attrs":103848,"content":103849},{"textAlign":49},[103850],{"text":103851,"type":599},"Many supply chain actors are still not purchasing as they continue to draw on reserves stocked months ago. Others are actively holding off from buying to exploit further price slides.",{"type":594,"attrs":103853,"content":103854},{"textAlign":49},[103855],{"text":103856,"type":599},"Cathode makers do not expect demand to fully rebound until the third quarter. Benchmark reports that some cancelled lithium orders over the assessment period in response to bearish prices.",{"type":594,"attrs":103858,"content":103859},{"textAlign":49},[103860],{"text":103861,"type":599},"One factor discouraging cathode makers from buying fresh supply is the lead time between purchasing lithium chemicals and manufacturing end products. ",{"type":594,"attrs":103863,"content":103864},{"textAlign":49},[103865],{"text":103866,"type":599},"With lithium prices higher at the time of purchase compared to when the cathode is sold, and the NCM and LFP markets demanding product prices tied to declining chemical prices, cathode makers risk margin losses by replenishing inventories. ",{"type":594,"attrs":103868,"content":103869},{"textAlign":49},[103870],{"text":103871,"type":599},"However, some major cell makers are getting through inventories at an increasing rate thanks to month-on-month order increases, according to Benchmark analysts. Certain inventory buffers in the segment have now narrowed to three weeks down from four to six previously.",{"type":657,"attrs":103873,"content":103874},{"level":15966,"textAlign":49},[103875],{"text":103876,"type":599},"EV sales need to recover ",{"type":594,"attrs":103878,"content":103879},{"textAlign":49},[103880,103882,103887],{"text":103881,"type":599},"Right now, many manufacturers have enough inventory left from a period of brisk sales in the fourth quarter of last year. ",{"text":103883,"type":599,"marks":103884},"A tumble in EV sales",[103885],{"type":604,"attrs":103886},{"href":87493,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":103888,"type":599}," during January 2023 has also helped maintain stocks. ",{"type":594,"attrs":103890,"content":103891},{"textAlign":49},[103892,103894,103900],{"text":103893,"type":599},"Although EV sales have been ",{"text":103895,"type":599,"marks":103896},"growing month-on-month",[103897],{"type":604,"attrs":103898},{"href":103899,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-nev-sales-rise-by-24-in-march-as-price-wars-stoke-demand",{"text":103901,"type":599}," since, they have not yet reached levels that would force simultaneous and large-volume purchasing among supply chain actors.",{"type":594,"attrs":103903,"content":103904},{"textAlign":49},[103905],{"text":103906,"type":599},"This is set to change by the end of 2023, with Rho Motion forecasting a 39% year-on-year increase in total EV sales. China will dominate with over 9 million units. ",{"type":594,"attrs":103908,"content":103909},{"textAlign":49},[103910],{"text":103911,"type":599},"Although the China Passenger Car Association announced that April NEV sales to be 8.4% lower than in March, Benchmark believes any monthly dip would not substantially impact overall forecasts for the year ahead. ",{"type":657,"attrs":103913,"content":103914},{"level":15966,"textAlign":49},[103915],{"text":103916,"type":599},"Futures and real demand",{"type":594,"attrs":103918,"content":103919},{"textAlign":49},[103920],{"text":103921,"type":599},"Wednesday’s movement did not reflect any real changes in consumer demand but rather market expectations among a small group of well-informed actors.",{"type":594,"attrs":103923,"content":103924},{"textAlign":49},[103925],{"text":103926,"type":599},"The link between futures and changes in real demand is unclear. In the past, futures platforms have alternately over-exaggerated and predicted later movements on the physical market.",{"type":594,"attrs":103928,"content":103929},{"textAlign":49},[103930],{"text":103931,"type":599},"Nonetheless, there is some reason to believe that Wednesday’s price rise augurs real demand increases later this year.",{"type":594,"attrs":103933,"content":103934},{"textAlign":49},[103935],{"text":103936,"type":599},"Trader sentiment, particularly with regards to technical grade lithium carbonate, is often the earliest register of market shifts.",{"type":594,"attrs":103938,"content":103939},{"textAlign":49},[103940],{"text":103941,"type":599},"Benchmark analyst Adam Megginson explained that trader activity centres around technical grade lithium carbonate as it is easier to store than hydroxide. It is also less likely to be caught up in manufacturing contracts than battery grade lithium.",{"type":594,"attrs":103943,"content":103944},{"textAlign":49},[103945],{"text":103946,"type":599},"While in isolation Wednesday’s price bump does not point to an imminent demand increase, other developments similarly point towards gradual rebalancing in the lithium ion market.  ",{"type":594,"attrs":103948,"content":103949},{"textAlign":49},[103950,103952,103957],{"text":103951,"type":599},"The EV industry for example has already begun to counterbalance months of flagging demand by slashing prices. The strategy is already starting to ",{"text":103953,"type":599,"marks":103954},"boost sales",[103955],{"type":604,"attrs":103956},{"href":103899,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":103959,"content":103960},{"textAlign":49},[103961],{"text":103962,"type":599},"Overall, however, Chinese domestic lithium prices continued to decline through the assessment period of 19 – 26 April 2023, fitting the overarching trend for the first quarter of 2023.",{"type":594,"attrs":103964,"content":103965},{"textAlign":49},[103966],{"text":103967,"type":599},"Spot pricing in the wider Asian market also decreased over the week. Lithium carbonate CIF Asia spot prices fell by 2.9% week-on-week, while lithium hydroxide CIA Asia spot prices fell by 5.3%.","Chinese technical-grade lithium prices rose this week for the first time in six months, in an indication that sentiment may be turning in the lithium market after a collapse in prices this year. Prices for technical-grade lithium, which is not used in batteries, rose by 3% this week as of Wednesday, according to Benchmark’s Lithium […]",[103970],{"slug":544,"name":543,"content":103971},{"job_title":557,"image":103972,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6e6e0b0a-4aa5-4684-b8dd-891d0e07346a\", \"id\": \"\"}-->",[103975,103976],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":103978,"copyright":547,"fieldtype":553,"meta_data":103979,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2c27896aac/bm-australian-spodumene-mine.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 28, 2023",{"id":103982,"uuid":103983,"name":103984,"slug":103985,"full_slug":103986,"content":103987},112471451630172,"f97d6cf8-d774-421d-b8f3-cda8370e587f","Apple’s cobalt recycling pledge could require a third of supply by 2025","apples-cobalt-recycling-pledge-could-require-a-third-of-supply-by-2025","article/apples-cobalt-recycling-pledge-could-require-a-third-of-supply-by-2025",{"_uid":103988,"date":103989,"tags":103990,"editor":103994,"content":103998,"excerpt":104183,"featured":51,"reporter":104184,"_editable":104188,"component":864,"seo_title":103984,"categories":104189,"visibility":882,"author_company":49,"featured_image":104193,"seo_description":104183,"author_full_name":49,"author_job_title":49,"formattedDate":104196},"9ef9fafa-0de2-4460-bf1b-7981bb817809","2023-04-25 00:00",[103991],{"slug":103992,"name":103993},"apple","Apple",[103995],{"slug":544,"name":543,"content":103996},{"job_title":557,"image":103997,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":103999},[104000,104011,104022,104027,104032,104037,104042,104053,104058,104063,104068,104079,104084,104089,104099,104106,104111,104123,104128,104133,104138,104143,104148,104153,104158,104163,104168,104173,104178],{"type":594,"attrs":104001,"content":104002},{"textAlign":49},[104003,104005,104009],{"text":104004,"type":599},"Apple’s pledge to use recycled ",{"text":867,"type":599,"marks":104006},[104007],{"type":604,"attrs":104008},{"href":89307,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104010,"type":599}," for all of its batteries as soon as 2025 could require a third of the forecast global supply of recycled material, according to Benchmark. ",{"type":594,"attrs":104012,"content":104013},{"textAlign":49},[104014,104016,104021],{"text":104015,"type":599},"Apple could need to source around 7,000 tonnes of recycled cobalt in 2025 to meet its goal, around a third of the around 20,000 tonnes expected to be available that year according to data from ",{"text":36126,"type":599,"marks":104017},[104018],{"type":604,"attrs":104019},{"href":104020,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/recycling/",{"text":974,"type":599},{"type":594,"attrs":104023,"content":104024},{"textAlign":49},[104025],{"text":104026,"type":599},"This month Apple said it would use recycled cobalt in all “Apple-designed batteries” by 2025, the first time the company has set a specific date for transitioning to fully recycled battery metals.",{"type":594,"attrs":104028,"content":104029},{"textAlign":49},[104030],{"text":104031,"type":599},"The company said Apple’s own batteries are used in the iPhone, iPad, Apple Watch, as well as the MacBook, and “represent a significant majority of the company’s use of cobalt.”",{"type":594,"attrs":104033,"content":104034},{"textAlign":49},[104035],{"text":104036,"type":599},"Last year a quarter of all cobalt used in Apple products came from recycled material, according to the company. In 2021 it was 13%. ",{"type":594,"attrs":104038,"content":104039},{"textAlign":49},[104040],{"text":104041,"type":599},"Apple consumed more cobalt than Tesla until recently. Benchmark estimates that in 2020 Apple consumed twice as much cobalt as Tesla.",{"type":594,"attrs":104043,"content":104044},{"textAlign":49},[104045,104047,104051],{"text":104046,"type":599},"“Cobalt will continue to be a focus of recyclers as successful recovery rates help drive the economics of ",{"text":69535,"type":599,"marks":104048},[104049],{"type":604,"attrs":104050},{"href":104020,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104052,"type":599},", in comparison to the recovery of lithium,” Sarah Colbourn, an analyst at Benchmark, said.",{"type":657,"attrs":104054,"content":104055},{"level":15966,"textAlign":49},[104056],{"text":104057,"type":599},"Pressure on supply",{"type":594,"attrs":104059,"content":104060},{"textAlign":49},[104061],{"text":104062,"type":599},"Although supply will not be the limiting factor for Apple, its target does raise wider questions over long term market balance in recycled metals. ",{"type":594,"attrs":104064,"content":104065},{"textAlign":49},[104066],{"text":104067,"type":599},"This is because other entities are also pledging to move away from mined sources.",{"type":594,"attrs":104069,"content":104070},{"textAlign":49},[104071,104072,104077],{"text":2372,"type":599},{"text":104073,"type":599,"marks":104074},"March 2023 EU Critical Raw Materials Act",[104075],{"type":604,"attrs":104076},{"href":74030,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104078,"type":599}," set a target for 15% of the EU’s annual consumption of critical materials, including cobalt, to come from recycled supply by the end of this decade.",{"type":594,"attrs":104080,"content":104081},{"textAlign":49},[104082],{"text":104083,"type":599},"These targets are “set to put pressure on recycled material availability in the coming years,” according to Colbourn.",{"type":594,"attrs":104085,"content":104086},{"textAlign":49},[104087],{"text":104088,"type":599},"Recycled cobalt stock is growing but is only expected to make up 12% of total demand for the metal in 2030. This will rise to 19% by 2035.",{"type":594,"attrs":104090,"content":104091},{"textAlign":49},[104092,104094,104098],{"text":104093,"type":599},"Plummeting prices could also make recycling become less viable. Prices for cobalt hydroxide have fallen by 75% over the past year, reaching $18,519 per tonne, according to Benchmark’s ",{"text":52592,"type":599,"marks":104095},[104096],{"type":604,"attrs":104097},{"href":89307,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":104100,"content":104101},{"level":15966,"textAlign":49},[104102,104104],{"text":104103,"type":599},"Cobalt ",{"text":104105,"type":599},"ESG concerns",{"type":594,"attrs":104107,"content":104108},{"textAlign":49},[104109],{"text":104110,"type":599},"While Apple’s target is geared towards meeting the company’s 2030 carbon neutrality goal, switching to recycled sources also offers reputational benefits.",{"type":594,"attrs":104112,"content":104113},{"textAlign":49},[104114,104116,104121],{"text":104115,"type":599},"In 2022, 73% of the ",{"text":104117,"type":599,"marks":104118},"total mined supply of cobalt",[104119],{"type":604,"attrs":104120},{"href":56298,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104122,"type":599}," was mined in the Democratic Republic of Congo where poor labour conditions are rife.",{"type":594,"attrs":104124,"content":104125},{"textAlign":49},[104126],{"text":104127,"type":599},"In 2019, Apple and other major tech firms were accused of bearing responsibility for child labour in Congolese cobalt mines in a class action lawsuit.",{"type":594,"attrs":104129,"content":104130},{"textAlign":49},[104131],{"text":104132,"type":599},"While the case was dismissed in 2021 by a US district court, tech firms remain wary of being associated with the supply chain.",{"type":657,"attrs":104134,"content":104135},{"level":15966,"textAlign":49},[104136],{"text":104137,"type":599},"Cobalt here to stay",{"type":594,"attrs":104139,"content":104140},{"textAlign":49},[104141],{"text":104142,"type":599},"Despite these concerns, cobalt will likely remain integral to lithium ion technologies.",{"type":594,"attrs":104144,"content":104145},{"textAlign":49},[104146],{"text":104147,"type":599},"Batteries needing the metal will represent 94% of cathode demand from the portables market in 2032, according to Benchmark.",{"type":594,"attrs":104149,"content":104150},{"textAlign":49},[104151],{"text":104152,"type":599},"LCO batteries, the most popular choice for portables, have the highest cobalt needs per MWh of all chemistries.",{"type":594,"attrs":104154,"content":104155},{"textAlign":49},[104156],{"text":104157,"type":599},"“I don’t see a large shift away from cobalt demand. Unless there are significant supply or price shifts again or some huge breakthrough” Rob Burrell, an analyst at Benchmark, said. ",{"type":594,"attrs":104159,"content":104160},{"textAlign":49},[104161],{"text":104162,"type":599},"ESG concerns around the mined supply, combined with the fact that its unique properties make it difficult to eliminate from batteries altogether, mean that demand for recycled cobalt can only increase, he said. ",{"type":657,"attrs":104164,"content":104165},{"level":15966,"textAlign":49},[104166],{"text":104167,"type":599},"Future scrap ",{"type":594,"attrs":104169,"content":104170},{"textAlign":49},[104171],{"text":104172,"type":599},"To ease supply pressures, recycling capacity needs to be aligned with ambitious sourcing targets. One factor to consider will be the compositional make-up of future scrap material.",{"type":594,"attrs":104174,"content":104175},{"textAlign":49},[104176],{"text":104177,"type":599},"Today, 50% of the global end-of-life scrap pool consists of batteries returning from portable applications, according to Benchmark’s Colbourn. By 2035 this will drop to around 5%, she said. ",{"type":594,"attrs":104179,"content":104180},{"textAlign":49},[104181],{"text":104182,"type":599},"Longer-term, feedstock for recycling will contain more nickel-rich batteries and [cobalt-free] lithium iron phosphate (LFP) scrap, she said.","Apple’s pledge to use recycled cobalt for all of its batteries as soon as 2025 could require a third of the forecast global supply of recycled material, according to Benchmark. Apple could need to source around 7,000 tonnes of recycled cobalt in 2025 to meet its goal, around a third of the around 20,000 tonnes […]",[104185],{"slug":544,"name":543,"content":104186},{"job_title":557,"image":104187,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9ef9fafa-0de2-4460-bf1b-7981bb817809\", \"id\": \"\"}-->",[104190,104191,104192],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":5744,"name":5741},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":104194,"copyright":547,"fieldtype":553,"meta_data":104195,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/11950a0ada/bm-apple-recycled-materials-iphone-14.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 25, 2023",{"id":104198,"uuid":104199,"name":104200,"slug":104201,"full_slug":104202,"content":104203},112471446854235,"d15ddfa6-712c-4a05-ad09-492fc0bb0986","OPINION: What most major mining houses have got wrong about lithium","opinion-what-most-major-mining-houses-have-got-wrong-about-lithium","article/opinion-what-most-major-mining-houses-have-got-wrong-about-lithium",{"_uid":104204,"date":103989,"tags":104205,"editor":104207,"content":104211,"excerpt":104460,"featured":51,"reporter":104461,"_editable":104465,"component":864,"seo_title":104466,"categories":104467,"visibility":2091,"author_company":11314,"data_vis_image":104470,"featured_image":104472,"seo_description":104475,"author_full_name":83539,"author_job_title":49,"formattedDate":104196},"a5085fea-7462-4420-8ba4-43b58b3e32d2",[104206],{"slug":41666,"name":41667},[104208],{"slug":544,"name":543,"content":104209},{"job_title":557,"image":104210,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":104212},[104213,104226,104231,104236,104243,104248,104253,104258,104263,104268,104276,104281,104286,104291,104298,104303,104308,104327,104332,104337,104342,104347,104354,104359,104364,104369,104374,104379,104384,104389,104394,104399,104404,104409,104414,104421,104426,104431,104436,104441,104446,104453],{"type":594,"attrs":104214,"content":104215},{"textAlign":49},[104216,104218,104224],{"text":104217,"type":599},"Major mining companies not active in the lithium space may be surprised to see the 2022 ",{"text":104219,"type":599,"marks":104220},"earnings figures",[104221],{"type":604,"attrs":104222},{"href":104223,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-prices-hit-record-high-as-market-pricing-takes-hold-2022-in-review",{"text":104225,"type":599}," reported by global lithium leaders SQM and Albemarle.",{"type":594,"attrs":104227,"content":104228},{"textAlign":49},[104229],{"text":104230,"type":599},"At $5.8 and $3.5 billion respectively in terms of earnings before interest, tax, depreciation and amortisation (EBITDA), the amounts dwarf the most optimistic forecasts for new growth commodities such as potash, which BHP and Anglo American have invested in. ",{"type":594,"attrs":104232,"content":104233},{"textAlign":49},[104234],{"text":104235,"type":599},"To put these numbers in context, Anglo’s base metals division (several copper and nickel assets) reported an EBITDA of $2.6 billion in 2022 and BHP’s copper division annualised result published last month was $5.6 billion. ",{"type":594,"attrs":104237,"content":104238},{"textAlign":49},[104239],{"type":1186,"attrs":104240},{"id":49,"alt":547,"src":104241,"title":49,"source":49,"copyright":49,"meta_data":104242},"https://a.storyblok.com/f/287943243085208/bb038d6d2a/bm-big-miners-and-lithium-3.jpg",{},{"type":657,"attrs":104244,"content":104245},{"level":15966,"textAlign":49},[104246],{"text":104247,"type":599},"Lithium’s theoretical “unattractiveness”",{"type":594,"attrs":104249,"content":104250},{"textAlign":49},[104251],{"text":104252,"type":599},"Traditional assessments of commodity “attractiveness” usually involve a view on a set of attributes that would drive a sustainable steep cost curve, such as geological scarcity, capital intensity, and supply gap profile, among others. ",{"type":594,"attrs":104254,"content":104255},{"textAlign":49},[104256],{"text":104257,"type":599},"The hope is that, helped by superior financial capability, majors can establish themselves in the first two quartiles, leaving smaller high cost operators to set the price cycle (swing producers). ",{"type":594,"attrs":104259,"content":104260},{"textAlign":49},[104261],{"text":104262,"type":599},"Some sophisticated analyses may include “resilience” during the low part of the price cycle – which essentially informs whether uneconomic supply is too sticky and therefore prone to prolong low price periods. ",{"type":594,"attrs":104264,"content":104265},{"textAlign":49},[104266],{"text":104267,"type":599},"Don’t forget that the size of the industry must be large enough to deploy the heavy resources of major mining houses.",{"type":594,"attrs":104269,"content":104270},{"textAlign":49},[104271,104273,104274],{"text":104272,"type":599},"Lithium has not performed well under this test – in particular five years ago when the lithium fever started. It failed very early on by not being geologically scarce – according to the US Geological Survey lithium ranks as the 30",{"text":6795,"type":599},{"text":104275,"type":599}," most abundant element on earth. ",{"type":594,"attrs":104277,"content":104278},{"textAlign":49},[104279],{"text":104280,"type":599},"At 89 million tonnes, we have more than 130 years of 2021 production in known mineral resources (and resources have almost tripled from 2017). Many mining majors, driven by a “geoscience-first” approach, stopped right at that point.",{"type":594,"attrs":104282,"content":104283},{"textAlign":49},[104284],{"text":104285,"type":599},"There may have been others with enough patience to look further, but they again found disappointment in size and capital intensity measures. The total industry size of lithium in 2015 was a mere $1.6 billion and was forecast to reach no more than $8-10 billion by 2020. ",{"type":594,"attrs":104287,"content":104288},{"textAlign":49},[104289],{"text":104290,"type":599},"“Why bother with a small-flat-cost-curve industry,” was the natural outcome of that traditional analysis.",{"type":594,"attrs":104292,"content":104293},{"textAlign":49},[104294],{"type":1186,"attrs":104295},{"id":49,"alt":547,"src":104296,"title":49,"source":49,"copyright":49,"meta_data":104297},"https://a.storyblok.com/f/287943243085208/d076620890/bm-ricardo-graphic.png",{},{"type":657,"attrs":104299,"content":104300},{"level":15966,"textAlign":49},[104301],{"text":104302,"type":599},"The attractive reality of lithium",{"type":594,"attrs":104304,"content":104305},{"textAlign":49},[104306],{"text":104307,"type":599},"The conventional industry analysis for lithium appears to have aged badly (and too soon). ",{"type":594,"attrs":104309,"content":104310},{"textAlign":49},[104311,104313,104319,104321,104325],{"text":104312,"type":599},"According to Benchmark’s leading ",{"text":104314,"type":599,"marks":104315},"price assessments",[104316],{"type":604,"attrs":104317},{"href":104318,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/five-reasons-why-falling-chinese-lithium-prices-dont-tell-the-whole-story",{"text":104320,"type":599},", apart from 2020, ",{"text":12746,"type":599,"marks":104322},[104323],{"type":604,"attrs":104324},{"href":51292,"uuid":49,"anchor":49,"target":650,"linktype":607},{"text":104326,"type":599}," have been well above the marginal cost of production since 2017 and are forecast to stay at that level until early 2030s. ",{"type":594,"attrs":104328,"content":104329},{"textAlign":49},[104330],{"text":104331,"type":599},"To put this in context, if copper had the same price levels in 2022 as the “adolescent industry” (as some commentators have referred to lithium), it would have traded at between $30,000 to $40,000 per tonne!",{"type":594,"attrs":104333,"content":104334},{"textAlign":49},[104335],{"text":104336,"type":599},"Furthermore, the industry is fully governed by a steep cost curve with first quartile and second quartile incumbents enjoying a juicy operating margin of 90% and 85% respectively last year. ",{"type":594,"attrs":104338,"content":104339},{"textAlign":49},[104340],{"text":104341,"type":599},"And this trend is likely to continue. According to Benchmark’s industry leading lithium cost models, by the early 2030s the long run cost structure is likely to support operating margins above 50% for Q1 and Q2 operators.",{"type":594,"attrs":104343,"content":104344},{"textAlign":49},[104345],{"text":104346,"type":599},"Why the disparity between theory and reality?",{"type":594,"attrs":104348,"content":104349},{"textAlign":49},[104350],{"type":1186,"attrs":104351},{"id":49,"alt":547,"src":104352,"title":49,"source":49,"copyright":49,"meta_data":104353},"https://a.storyblok.com/f/287943243085208/1dd984d980/bm-big-mines-and-lithium-4.jpg",{},{"type":594,"attrs":104355,"content":104356},{"textAlign":49},[104357],{"text":104358,"type":599},"Our analysis indicates that there are two flaws in the traditional analysis. ",{"type":594,"attrs":104360,"content":104361},{"textAlign":49},[104362],{"text":104363,"type":599},"The first missing link is on the constraints that exist to extract and process lithium to keep up pace with breathtaking demand. In other words, yes there may be “almost-unlimited” lithium units on the ground but what sets the price is the actual quantity of units that reach the market relative to (very high) demand.  The natural question is then: why is supply so constrained?",{"type":594,"attrs":104365,"content":104366},{"textAlign":49},[104367],{"text":104368,"type":599},"There are two main bottlenecks: extraction and processing.",{"type":594,"attrs":104370,"content":104371},{"textAlign":49},[104372],{"text":104373,"type":599},"For extraction the issue is the usual lag in permitting and getting the resource mature enough to attract funding for construction – so in a way similar to other commodities, but again no other major commodity has a 15-year CAGR of 20%. ",{"type":594,"attrs":104375,"content":104376},{"textAlign":49},[104377],{"text":104378,"type":599},"There are only so many geologists, engineers and permitting professionals that will be available to progress the extraction part of an “unattractive industry” at pace, even less when these capabilities are tightly held by the majors.",{"type":594,"attrs":104380,"content":104381},{"textAlign":49},[104382],{"text":104383,"type":599},"If you are lucky enough to get your extraction part sorted, that’s when the real problem starts. Lithium units going into batteries must be qualified along the supply chain – and this involves achieving specifications at the ppm (parts per million) level very early on.",{"type":594,"attrs":104385,"content":104386},{"textAlign":49},[104387],{"text":104388,"type":599},"As a result, the processing demands are enormous for “bulk chemists” ramping up new plants.",{"type":594,"attrs":104390,"content":104391},{"textAlign":49},[104392],{"text":104393,"type":599},"Qualification processes take 12 months, can fail and add an enormous commercial risk to mine development via compounded project risk. The same applies for anyone setting up merchant lithium chemical plants – feedstocks would need to be qualified. ",{"type":594,"attrs":104395,"content":104396},{"textAlign":49},[104397],{"text":104398,"type":599},"It can become a classic “chicken-and-egg” situation. ",{"type":594,"attrs":104400,"content":104401},{"textAlign":49},[104402],{"text":104403,"type":599},"The second gap in the traditional analysis is paradoxically on geology. A long period of time with prices well above incentive price levels has enabled a scramble to get to market as soon as possible. ",{"type":594,"attrs":104405,"content":104406},{"textAlign":49},[104407],{"text":104408,"type":599},"That means it’s not the most efficient mineral resources that are being developed first. There are in fact plenty of previously thought uneconomic (now marginal) deposits that are entering the mainstream supply chain (lepidolite probably the most covered case). The result is therefore a cemented steeper cost curve than the traditional analysis would have suggested, leading to resilient and better than expected returns for low-cost incumbents.",{"type":594,"attrs":104410,"content":104411},{"textAlign":49},[104412],{"text":104413,"type":599},"The result of very high prices has led to an industry many times larger to what was forecast in 2015 – at $48 billion in 2022, which is still a long away from copper ($160 billion) or nickel ($80 billion), but nowhere near the $8-10 billion most conventional analyses were indicating in the mid 2010s.",{"type":594,"attrs":104415,"content":104416},{"textAlign":49},[104417],{"type":1186,"attrs":104418},{"id":49,"alt":547,"src":104419,"title":49,"source":49,"copyright":49,"meta_data":104420},"https://a.storyblok.com/f/287943243085208/473ff4661a/bm-big-miners-and-lithium-2-1.jpg",{},{"type":657,"attrs":104422,"content":104423},{"level":15966,"textAlign":49},[104424],{"text":104425,"type":599},"What now for mining majors?",{"type":594,"attrs":104427,"content":104428},{"textAlign":49},[104429],{"text":104430,"type":599},"While hindsight could be painful for those majors that may have contemplated entering the industry in the mid-2010s, the reality is that attempting breaking in today would not be easy given the very high price environment which will expose them to write-downs in the future.",{"type":594,"attrs":104432,"content":104433},{"textAlign":49},[104434],{"text":104435,"type":599},"Majors should nevertheless refresh their views on the industry and explore areas in which they can play to their strengths (they do have large scale processing and project development capabilities). ",{"type":594,"attrs":104437,"content":104438},{"textAlign":49},[104439],{"text":104440,"type":599},"The classic opportunistic/countercyclical M&A play should also be prepared if and when prices get back to, or below, incentive pricing (if only for a very short period of time though).",{"type":594,"attrs":104442,"content":104443},{"textAlign":49},[104444],{"text":104445,"type":599},"Finally, hindsight has a reputation as the only perfect science, but it is also a great source of learnt lessons. Geoscience is rightly at the centre of investment appraisal processes, but lithium has shown that while necessary, geoscience on its own is not sufficient to grasp the complexities of superfast growing commodity markets.",{"type":594,"attrs":104447,"content":104448},{"textAlign":49},[104449],{"text":104450,"type":599,"marks":104451},"Benchmark’s Consultancy division advises mining companies and supply chain participants on market assessment and entry strategies, as well a wide range of business areas.",[104452],{"type":643},{"type":594,"attrs":104454,"content":104455},{"textAlign":49},[104456],{"text":104457,"type":599,"marks":104458},"Please provide your details below to speak to our global team of experts on the opportunities and challenges facing your business.",[104459],{"type":643},"Major mining companies not active in the lithium space may be surprised to see the 2022 earnings figures reported by global lithium leaders SQM and Albemarle. At $5.8 and $3.5 billion respectively in terms of earnings before interest, tax, depreciation and amortisation (EBITDA), the amounts dwarf the most optimistic forecasts for new growth commodities such […]",[104462],{"slug":544,"name":543,"content":104463},{"job_title":557,"image":104464,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a5085fea-7462-4420-8ba4-43b58b3e32d2\", \"id\": \"\"}-->","OPINION: What most major mining houses ",[104468,104469],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":104471},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":104473,"copyright":547,"fieldtype":553,"meta_data":104474,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1a00759a19/bm-lithium-story-april-2023.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Major mining companies not active in the lithium space may be surprised to see the 2022 earnings figures reported by global lithium leaders SQM and Albemarle. At $5.8 and $3.5 billion respectively in terms of earnings...",{"id":104477,"uuid":104478,"name":104479,"slug":104480,"full_slug":104481,"content":104482},112471442672218,"9db1ed70-0bb2-41e3-b2d5-e1f1ebfa7986","Tanzanian graphite’s growing global presence","tanzanian-graphites-growing-global-presence","article/tanzanian-graphites-growing-global-presence",{"_uid":104483,"date":103989,"tags":104484,"editor":104492,"content":104496,"excerpt":104601,"featured":51,"reporter":104602,"_editable":104606,"component":864,"seo_title":104479,"categories":104607,"visibility":882,"author_company":49,"data_vis_image":104610,"featured_image":104613,"seo_description":104601,"author_full_name":49,"author_job_title":49,"formattedDate":104196},"f6633f93-b2f2-4698-9a2e-339e22f95e8f",[104485,104486,104487,104490,104491],{"slug":584,"name":585},{"slug":578,"name":579},{"slug":104488,"name":104489},"madagascar","Madagascar",{"slug":29421,"name":29422},{"slug":48396,"name":48397},[104493],{"slug":544,"name":543,"content":104494},{"job_title":557,"image":104495,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":104497},[104498,104518,104529,104534,104541,104546,104558,104563,104570,104582,104594],{"type":594,"attrs":104499,"content":104500},{"textAlign":49},[104501,104503,104509,104511,104517],{"text":104502,"type":599},"Production of flake graphite in Tanzania is forecast by Benchmark to increase by forty-fold this decade, ",{"text":104504,"type":599,"marks":104505},"potentially overtaking Madagascar",[104506],{"type":604,"attrs":104507},{"href":104508,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/madagascar-to-boost-supply-of-ex-china-graphite-for-batteries",{"text":104510,"type":599}," as the continent’s second largest producer of the ",{"text":104512,"type":599,"marks":104513},"anode feedstock material",[104514],{"type":604,"attrs":104515},{"href":104516,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/thriving-battery-anode-market-drives-demand-for-natural-flake-graphite-2022-in-review",{"text":17632,"type":599},{"type":594,"attrs":104519,"content":104520},{"textAlign":49},[104521,104523,104528],{"text":104522,"type":599},"By 2030, Tanzania is expected to produce 11.4% of the world’s graphite, up from just 0.6% last year, according to Benchmark’s weighted ",{"text":104524,"type":599,"marks":104525},"Flake Graphite Forecast",[104526],{"type":604,"attrs":104527},{"href":65872,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":104530,"content":104531},{"textAlign":49},[104532],{"text":104533,"type":599},"This comes as the Tanzanian government this month bought 16% stakes in both Evolution Energy Materials and EcoGraf, two Australian-based graphite miners who are looking to further develop their graphite projects in Tanzania.",{"type":594,"attrs":104535,"content":104536},{"textAlign":49},[104537],{"type":1186,"attrs":104538},{"id":49,"alt":547,"src":104539,"title":49,"source":49,"copyright":49,"meta_data":104540},"https://a.storyblok.com/f/287943243085208/97a846acd8/bm-image-124-13441372c7ec.png",{},{"type":594,"attrs":104542,"content":104543},{"textAlign":49},[104544],{"text":104545,"type":599},"“Tanzania is looking to bring online local mining projects in order to maintain the nation’s economic focus on mining, which accounts for nearly half of the country’s exports, by fast-tracking projects in fast-growing markets such as graphite,” George Miller, an analyst at Benchmark, said.",{"type":594,"attrs":104547,"content":104548},{"textAlign":49},[104549,104551,104556],{"text":104550,"type":599},"African graphite is set to constitute ",{"text":104552,"type":599,"marks":104553},"39% of global graphite production in 2030",[104554],{"type":604,"attrs":104555},{"href":98276,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104557,"type":599},", with Tanzania accounting for 29% of that total, according to Benchmark.",{"type":594,"attrs":104559,"content":104560},{"textAlign":49},[104561],{"text":104562,"type":599},"The growth of African graphite supply could be a boon for regions such as North America and Europe, which are currently highly dependent on China for graphite.",{"type":594,"attrs":104564,"content":104565},{"textAlign":49},[104566],{"type":1186,"attrs":104567},{"id":49,"alt":547,"src":104568,"title":49,"source":49,"copyright":49,"meta_data":104569},"https://a.storyblok.com/f/287943243085208/304c4c794b/bm-african-graphite-1.png",{},{"type":594,"attrs":104571,"content":104572},{"textAlign":49},[104573,104575,104580],{"text":104574,"type":599},"“Africa has a wealth of flake graphite deposits, and given most of the cost of graphite mining is tied up in labour and energy, the region is well placed to compete with China on costs,” Miller said. “Crucially, this allows regions with rapidly increasing graphite demand, including North America and the EU, to diversify their anode supply chains away from ",{"text":104576,"type":599,"marks":104577},"Chinese dependency",[104578],{"type":604,"attrs":104579},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104581,"type":599}," at current.”",{"type":594,"attrs":104583,"content":104584},{"textAlign":49},[104585,104587,104592],{"text":104586,"type":599},"However for anode supply chains to truly diversify, capacity to process flake graphite into spherical graphite needs to develop in tandem. Last year ",{"text":104588,"type":599,"marks":104589},"100% of spherical graphite",[104590],{"type":604,"attrs":104591},{"href":64717,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104593,"type":599}," was produced in China, and this dominance will continue through into the next decade.",{"type":594,"attrs":104595,"content":104596},{"textAlign":49},[104597],{"type":1186,"attrs":104598},{"id":49,"alt":547,"src":104599,"title":49,"source":49,"copyright":49,"meta_data":104600},"https://a.storyblok.com/f/287943243085208/2a2ca2cdc4/bm-image-125-1344138f3dbb.png",{},"Production of flake graphite in Tanzania is forecast by Benchmark to increase by forty-fold this decade, potentially overtaking Madagascar as the continent’s second largest producer of the anode feedstock material. By 2030, Tanzania is expected to produce 11.4% of the world’s graphite, up from just 0.6% last year, according to Benchmark’s weighted Flake Graphite Forecast. […]",[104603],{"slug":544,"name":543,"content":104604},{"job_title":557,"image":104605,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f6633f93-b2f2-4698-9a2e-339e22f95e8f\", \"id\": \"\"}-->",[104608,104609],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":104611,"copyright":547,"fieldtype":553,"meta_data":104612,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692310519/www-production/tanzanian-graphite/tanzanian-graphite.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":104614,"copyright":547,"fieldtype":553,"meta_data":104615,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/48028618f5/bm-tanzania-featured-4.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":104617,"uuid":104618,"name":104619,"slug":104620,"full_slug":104621,"content":104622},112471475554913,"0213dcca-6b27-491a-964d-e571b2b85110","Chinese lithium prices continue to slide in April amid signs of demand improvement","chinese-lithium-prices-continue-to-slide-in-april-amid-signs-of-demand-improvement","article/chinese-lithium-prices-continue-to-slide-in-april-amid-signs-of-demand-improvement",{"_uid":104623,"date":104624,"tags":104625,"editor":104628,"content":104632,"excerpt":104751,"featured":51,"reporter":104752,"_editable":104756,"component":864,"seo_title":104619,"categories":104757,"visibility":882,"author_company":49,"featured_image":104760,"seo_description":104751,"author_full_name":49,"author_job_title":49,"formattedDate":104763},"22c55838-f839-4017-9abb-0d051fb8fc18","2023-04-21 00:00",[104626,104627],{"slug":913,"name":914},{"slug":910,"name":911},[104629],{"slug":544,"name":543,"content":104630},{"job_title":557,"image":104631,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":104633},[104634,104639,104651,104656,104661,104666,104671,104676,104697,104704,104709,104714,104719,104731,104736,104741,104746],{"type":594,"attrs":104635,"content":104636},{"textAlign":49},[104637],{"text":104638,"type":599},"Chinese lithium spot prices fell for the twelfth straight week in mid April as brine producers in China flooded the market with additional volume of technical-grade material.",{"type":594,"attrs":104640,"content":104641},{"textAlign":49},[104642,104644,104649],{"text":104643,"type":599},"The price for battery-grade lithium carbonate fell by 7% week-on-week to RMB 197,500 a tonne ($28,625) for the period ended April 19, according to ",{"text":104645,"type":599,"marks":104646},"Benchmark’s Lithium Price Assessment.",[104647],{"type":604,"attrs":104648},{"href":85491,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104650,"type":599}," The price decline was even sharper for technical grade material due, falling 14% week-on-week to RMB 161,000 a tonne ($23,350).",{"type":594,"attrs":104652,"content":104653},{"textAlign":49},[104654],{"text":104655,"type":599},"Battery grade lithium carbonate prices have declined 65% since hitting an all-time high in late November last year, while the decline for the technical grade is at a greater fall of 70%.",{"type":594,"attrs":104657,"content":104658},{"textAlign":49},[104659],{"text":104660,"type":599},"Despite the latest price declines, sentiment towards demand has improved, as indicated by trading in lithium futures contracts. Benchmark’s contacts have also reported an improvement in the demand outlook has spurred some Chinese domestic traders to reserve warehouse space in anticipation that prices have hit a bottom.",{"type":594,"attrs":104662,"content":104663},{"textAlign":49},[104664],{"text":104665,"type":599},"“Whilst lithium carbonate prices continue to fall, market sentiment is improving which could act as an early bellwether for the prevailing market price stabilising,” said Tony Alderson, analyst at Benchmark.",{"type":594,"attrs":104667,"content":104668},{"textAlign":49},[104669],{"text":104670,"type":599},"Alderson explained that price trends for battery grade carbonate are traditionally ahead of the battery grade hydroxide prices due to its typically larger spot market.",{"type":594,"attrs":104672,"content":104673},{"textAlign":49},[104674],{"text":104675,"type":599},"“The sentiment with Chinese traders is that domestic prices are nearing the bottom, and that some producers will begin efforts to refill their inventories in anticipation of an improvement in downstream order books,” said Alderson.",{"type":594,"attrs":104677,"content":104678},{"textAlign":49},[104679,104681,104687,104689,104695],{"text":104680,"type":599},"Just ",{"text":104682,"type":599,"marks":104683},"until a month ago",[104684],{"type":604,"attrs":104685},{"href":104686,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-lithium-prices-almost-halve-from-november-peak-as-demand-weakens",{"text":104688,"type":599},", falling prices had sent cathode makers to draw from their ",{"text":104690,"type":599,"marks":104691},"depleting inventories",[104692],{"type":604,"attrs":104693},{"href":104694,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-prices-slip-again-in-february-as-weak-ev-demand-slows-two-year-rally",{"text":104696,"type":599}," and employ a watch and wait strategy to see if spot market prices moved down further.",{"type":594,"attrs":104698,"content":104699},{"textAlign":49},[104700],{"type":1186,"attrs":104701},{"id":49,"alt":547,"src":104702,"title":49,"source":49,"copyright":49,"meta_data":104703},"https://a.storyblok.com/f/287943243085208/393f3289af/bm-chinese-lithium-chart.png",{},{"type":594,"attrs":104705,"content":104706},{"textAlign":49},[104707],{"text":104708,"type":599},"In the seaborne Asian market, the spot price decline was sharper at 17% in the week ended April 19  in a lagged response to the declining price trend in China. Chinese brine producers looked to sell their carbonate material into the wider Asian market, squeezing its premium to Chinese spot pricing further",{"type":594,"attrs":104710,"content":104711},{"textAlign":49},[104712],{"text":104713,"type":599},"On the lithium hydroxide front, the weekly decline was the biggest seen since May last year, dropping by 12.3% week-on-week, however the grade still retained a premium over battery grade carbonate in China during the period under stable overseas demand for hydroxide and ongoing high feedstock prices.",{"type":594,"attrs":104715,"content":104716},{"textAlign":49},[104717],{"text":104718,"type":599},"Improving EV Demand",{"type":594,"attrs":104720,"content":104721},{"textAlign":49},[104722,104724,104729],{"text":104723,"type":599},"Sales of ",{"text":104725,"type":599,"marks":104726},"electric vehicles in China increased",[104727],{"type":604,"attrs":104728},{"href":103899,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104730,"type":599}," 27% in the first quarter of the year to 1.59 million units on a year-on-year basis, amid an escalating price war between Tesla, BYD and other smaller rivals.",{"type":594,"attrs":104732,"content":104733},{"textAlign":49},[104734],{"text":104735,"type":599},"Declining battery costs due to falling prices of critical battery materials helped electric vehicles makers offer steep price cuts and discounts. ",{"type":594,"attrs":104737,"content":104738},{"textAlign":49},[104739],{"text":104740,"type":599},"Tesla CEO Elon Musk on Thursday told investors in a post earnings call that the electric vehicle maker is pushing for higher volumes and a larger fleet instead of a lower volume and higher margin.",{"type":594,"attrs":104742,"content":104743},{"textAlign":49},[104744],{"text":104745,"type":599},"Tesla reported a gross profit margin of 19.3% in the first quarter due to the price cuts, its lowest since the end of 2020 when the pandemic hit its operations. ",{"type":594,"attrs":104747,"content":104748},{"textAlign":49},[104749],{"text":104750,"type":599},"Tesla supplier and the world’s largest battery maker CATL on Thursday reported a six fold jump in first quarter profit and nearly doubled sales amid falling raw materials costs. ","Chinese lithium spot prices fell for the twelfth straight week in mid April as brine producers in China flooded the market with additional volume of technical-grade material. The price for battery-grade lithium carbonate fell by 7% week-on-week to RMB 197,500 a tonne ($28,625) for the period ended April 19, according to Benchmark’s Lithium Price Assessment. […]",[104753],{"slug":544,"name":543,"content":104754},{"job_title":557,"image":104755,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"22c55838-f839-4017-9abb-0d051fb8fc18\", \"id\": \"\"}-->",[104758,104759],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":104761,"copyright":547,"fieldtype":553,"meta_data":104762,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/781b97ddbd/bm-lithium-australia-scaled-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 21, 2023",{"id":104765,"uuid":104766,"name":104767,"slug":104768,"full_slug":104769,"content":104770},112471481854563,"18880e24-8e14-4c15-8cc4-8a05dcb590bf","UK strategy needs to align with battery ambitions","uk-strategy-needs-to-align-with-battery-ambitions","article/uk-strategy-needs-to-align-with-battery-ambitions",{"_uid":104771,"date":104772,"tags":104773,"editor":104775,"content":104779,"excerpt":105028,"featured":51,"reporter":105029,"_editable":105033,"component":864,"seo_title":104767,"categories":105034,"visibility":2091,"author_company":49,"featured_image":105037,"seo_description":105028,"author_full_name":49,"author_job_title":49,"formattedDate":105040},"b2ff834c-234e-46a9-b937-963a6adc4418","2023-04-20 00:00",[104774],{"slug":16791,"name":16792},[104776],{"slug":544,"name":543,"content":104777},{"job_title":557,"image":104778,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":104780},[104781,104786,104798,104817,104837,104842,104847,104860,104872,104877,104882,104887,104892,104897,104902,104907,104912,104917,104922,104927,104932,104937,104942,104947,104952,104960,104965,104983,104988,105011,105016,105021],{"type":594,"attrs":104782,"content":104783},{"textAlign":49},[104784],{"text":104785,"type":599},"The UK needs three to four supersized gigafactories to meet the 200 gigawatt-hours of batteries needed per year by 2030, according to Simon Moores, Benchmark’s chief executive ",{"type":594,"attrs":104787,"content":104788},{"textAlign":49},[104789,104791,104796],{"text":104790,"type":599},"With the ",{"text":104792,"type":599,"marks":104793},"loss of Britishvolt earlier this year",[104794],{"type":604,"attrs":104795},{"href":101389,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104797,"type":599},", the UK’s battery 2030 downstream pipeline is just 13% of this, with all of the UK’s forecast gigafactory production coming from Envision AESC.",{"type":594,"attrs":104799,"content":104800},{"textAlign":49},[104801,104803,104808,104810,104815],{"text":104802,"type":599},"In light of the US creating the ",{"text":46860,"type":599,"marks":104804},[104805],{"type":604,"attrs":104806},{"href":104807,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/investment-in-battery-gigafactories-nears-300-billion-since-2019-as-china-extends-battery-dominance",{"text":104809,"type":599}," to increase its domestic competitiveness and ",{"text":104811,"type":599,"marks":104812},"Europe’s Green Deal Industrial Plan",[104813],{"type":604,"attrs":104814},{"href":78399,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104816,"type":599},", it is vital that the UK develops a cohesive plan to incentivise and encourage the development of its own battery ecosystem.",{"type":594,"attrs":104818,"content":104819},{"textAlign":49},[104820,104822,104828,104830,104835],{"text":104821,"type":599},"“An industrial strategy to attract the £20bn investment it will take to build at least three supersized battery plants isn’t there,” Moores said. “",{"text":104823,"type":599,"marks":104824},"Joined-up thinking",[104825],{"type":604,"attrs":104826},{"href":104827,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/mining-investment-needs-to-catch-up-with-gigafactory-arms-race-benchmark-delegates-warn",{"text":104829,"type":599}," is then needed to attract the £60-80bn of investment to build the ",{"text":104831,"type":599,"marks":104832},"critical mineral supply chains",[104833],{"type":604,"attrs":104834},{"href":24585,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104836,"type":599}," that feed these gigafactories and recycle as much of the raw material at the end of life.”",{"type":657,"attrs":104838,"content":104839},{"level":15966,"textAlign":49},[104840],{"text":104841,"type":599},"Building British batteries",{"type":594,"attrs":104843,"content":104844},{"textAlign":49},[104845],{"text":104846,"type":599},"The UK’s only operating gigafactory is run by Envision AESC in Sunderland. With a capacity of 1.9 GWh, the facility produces pouch cells, primarily for Nissan.",{"type":594,"attrs":104848,"content":104849},{"textAlign":49},[104850,104852,104858],{"text":104851,"type":599},"In partnership with Nissan, Envision AESC plans to build a ",{"text":104853,"type":599,"marks":104854},"second UK gigafactory in Sunderland",[104855],{"type":604,"attrs":104856},{"href":104857,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/nissan-envision-aesc-to-spearhead-uk-lithium-ion-economy-with-25-gwh-battery-gigafactory",{"text":104859,"type":599}," with an additional 35 GWh.",{"type":594,"attrs":104861,"content":104862},{"textAlign":49},[104863,104865,104870],{"text":104864,"type":599},"“There is a kind of a race in Europe to deliver these gigafactories,” Stephen Gifford, chief economist at the Faraday Institution, told Benchmark Source. “And while there’s probably space over the next two or three years to help develop and attract gigafactories, if we ",{"text":104866,"type":599,"marks":104867},"take much longer than that",[104868],{"type":604,"attrs":104869},{"href":98941,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104871,"type":599}," then we could lose the opportunities.”",{"type":594,"attrs":104873,"content":104874},{"textAlign":49},[104875],{"text":104876,"type":599},"Britishvolt, before it collapsed, intended to construct a 38 GWh gigafactory in England’s North East. But missed milestones, a lack of customers, and uncertain supply chains led to its failure.",{"type":594,"attrs":104878,"content":104879},{"textAlign":49},[104880],{"text":104881,"type":599},"“The Britishvolt model was always a challenging model,” Gifford said. “They had never built batteries before. They didn’t have a proven chemistry. And they didn’t have defined customers.”",{"type":594,"attrs":104883,"content":104884},{"textAlign":49},[104885],{"text":104886,"type":599},"The fall of Britishvolt shouldn’t be perceived as an indication of weak desire for batteries, Gifford said, but should serve as lesson for future battery aspirants in the country.",{"type":594,"attrs":104888,"content":104889},{"textAlign":49},[104890],{"text":104891,"type":599},"“You certainly will need for any manufacturing companies locating and building gigafactories in the UK, for them to really invest in building customers,” Gifford said.",{"type":594,"attrs":104893,"content":104894},{"textAlign":49},[104895],{"text":104896,"type":599},"One such development which may be taking on these learnings is the West Midlands Gigafactory, a joint venture between Coventry Airport and the Coventry City Council. The is currently takes the form of an attractive site in an industrially active region of the UK with access to a renewable electricity grid, but as yet no one to develop the site.",{"type":594,"attrs":104898,"content":104899},{"textAlign":49},[104900],{"text":104901,"type":599},"“You’ve got to have an investor, you’ve got to have all the supply side of it correct. But you’ve also got to have the customers,” Andy Street, the mayor of the West Midlands, said in an interview with Roger Atkins, founder of Electric Vehicles Outlook.",{"type":594,"attrs":104903,"content":104904},{"textAlign":49},[104905],{"text":104906,"type":599},"The West Midlands this week gained one potential customer. Jaguar Land Rover, owned by India’s Tata, announced Solihull as the location it would make its new electric “grand tourer” with delivery from 2025. The car is priced at £100,000.",{"type":657,"attrs":104908,"content":104909},{"level":15966,"textAlign":49},[104910],{"text":104911,"type":599},"Aligning industrial strategy",{"type":594,"attrs":104913,"content":104914},{"textAlign":49},[104915],{"text":104916,"type":599},"Historically, the UK’s primary strategy for developing a battery industry has been to focus on research and development, according to Gifford.",{"type":594,"attrs":104918,"content":104919},{"textAlign":49},[104920],{"text":104921,"type":599},"The strategy can be broken down into three components: The Faraday Institution focuses on basic, scientific research; Innovate UK focuses on collaborations between public and private; and the UK Battery Industrialisation Centre is focused on scaling up technologies.",{"type":594,"attrs":104923,"content":104924},{"textAlign":49},[104925],{"text":104926,"type":599},"The latter has a base in the West Midlands and is part of the West Midlands gigafactory’s attraction.",{"type":594,"attrs":104928,"content":104929},{"textAlign":49},[104930],{"text":104931,"type":599},"“This is perhaps the really, really important ingredient of our location in terms of being so close to so much of the R&D that’s going on in this sector, because that’s what will really drive investment in time,” Street said.",{"type":594,"attrs":104933,"content":104934},{"textAlign":49},[104935],{"text":104936,"type":599},"Beyond research and development is the Automotive Transformation Fund, which brings together governmental departments to incentivise companies to build gigafactories in the UK.",{"type":657,"attrs":104938,"content":104939},{"level":15966,"textAlign":49},[104940],{"text":104941,"type":599},"Joining up supply chains",{"type":594,"attrs":104943,"content":104944},{"textAlign":49},[104945],{"text":104946,"type":599},"If the UK succeeds in building gigafactories to supply 200 GWh of domestic demand, it will need to invest in developing a supply chain to support these factories. Almost 160,000 tonnes of lithium will be needed, according to Benchmark.",{"type":594,"attrs":104948,"content":104949},{"textAlign":49},[104950],{"text":104951,"type":599},"Although the UK has some critical raw material developments, such as Cornish Lithium which is looking to mine lithium, the country is unlikely to produce much of the required minerals itself. It developed a Critical Mineral Strategy last year that aims to ensure the country has access to the materials needed for developing and future industries.",{"type":594,"attrs":104953,"content":104954},{"textAlign":49},[104955],{"type":1186,"attrs":104956},{"id":49,"alt":104957,"src":104958,"title":49,"source":49,"copyright":49,"meta_data":104959},"While the UK is developing some battery raw material capacity, this is not enough to support its 2030 domestic demands. It also has no anode or cathode capacity in the country","https://a.storyblok.com/f/287943243085208/44978f88b1/bm-disjointed-thinking-1.png",{},{"type":594,"attrs":104961,"content":104962},{"textAlign":49},[104963],{"text":104964,"type":599},"“From both the competitive cost side as well as the geopolitical angle, it is important to bring as much supply chain into the UK as possible,” Gifford said. “If they can mine it commercially in Cornwall, that’s going to be a good thing to diversify the supply chain. But really it’s not going to be the main source, or the majority of the source, for raw materials for a gigafactory in the UK.”",{"type":594,"attrs":104966,"content":104967},{"textAlign":49},[104968,104974,104976,104981],{"text":104969,"type":599,"marks":104970},"Recycling has the potential",[104971],{"type":604,"attrs":104972},{"href":104973,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/glencore-britishvolt-to-build-uk-battery-recycling-plant",{"text":104975,"type":599}," to make up a large part of the long-term material supply for gigafactories. However, end-of-life feedstock won’t be available in large quantities until at least the mid-2030s and the UK doesn’t have any substantial gigafactory capacity at present to provide the ",{"text":104977,"type":599,"marks":104978},"process scrap that could feed recyclers",[104979],{"type":604,"attrs":104980},{"href":48863,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104982,"type":599}," in the interim.",{"type":594,"attrs":104984,"content":104985},{"textAlign":49},[104986],{"text":104987,"type":599},"“[The UK] does have a [recycling] strategy, and it does have a vision,” Gifford said. “But at the moment, there aren’t really any concrete actions to develop that recycling industry.”",{"type":594,"attrs":104989,"content":104990},{"textAlign":49},[104991,104993,104998,105000,105004,105005,105009],{"text":104992,"type":599},"The country doesn’t have any ",{"text":104994,"type":599,"marks":104995},"cathode or anode production",[104996],{"type":604,"attrs":104997},{"href":24585,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":104999,"type":599},", according to Benchmark’s ",{"text":298,"type":599,"marks":105001},[105002],{"type":604,"attrs":105003},{"href":82911,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1440,"type":599},{"text":261,"type":599,"marks":105006},[105007],{"type":604,"attrs":105008},{"href":96638,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":105010,"type":599}," forecasts. Though, without a larger cell production base, there is little to incentivise cathode and anode producers to the UK.",{"type":594,"attrs":105012,"content":105013},{"textAlign":49},[105014],{"text":105015,"type":599},"What’s clear is that although the UK has elements of strategy, for the country to succeed in becoming a relevant player in the European and global battery scene these need to be aligned and backed with investment.",{"type":657,"attrs":105017,"content":105018},{"level":15966,"textAlign":49},[105019],{"text":105020,"type":599},"Subscribe to Benchmark Source",{"type":594,"attrs":105022,"content":105023},{"textAlign":49},[105024],{"text":105025,"type":599,"marks":105026},"This is a Benchmark Source article. Fill in the form below to request a free trial:",[105027],{"type":643},"The UK needs three to four supersized gigafactories to meet the 200 gigawatt-hours of batteries needed per year by 2030, according to Simon Moores, Benchmark’s chief executive With the loss of Britishvolt earlier this year, the UK’s battery 2030 downstream pipeline is just 13% of this, with all of the UK’s forecast gigafactory production coming […]",[105030],{"slug":544,"name":543,"content":105031},{"job_title":557,"image":105032,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b2ff834c-234e-46a9-b937-963a6adc4418\", \"id\": \"\"}-->",[105035,105036],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":105038,"copyright":547,"fieldtype":553,"meta_data":105039,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4aff1d49af/bm-shutterstock-1177138426-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 20, 2023",{"id":105042,"uuid":105043,"name":105044,"slug":105045,"full_slug":105046,"content":105047},112471497419372,"42941231-dd19-40da-b4b4-ab93691e2e31","Tsingshan-backed battery maker REPT plans IPO to boost three fold pipeline expansion by 2030","tsingshan-backed-battery-maker-rept-plans-ipo-to-boost-three-fold-pipeline-expansion-by-2030","article/tsingshan-backed-battery-maker-rept-plans-ipo-to-boost-three-fold-pipeline-expansion-by-2030",{"_uid":105048,"date":105049,"tags":105050,"editor":105052,"content":105056,"excerpt":105176,"featured":51,"reporter":105177,"_editable":105181,"component":864,"seo_title":105044,"categories":105182,"visibility":882,"author_company":49,"featured_image":105185,"seo_description":105176,"author_full_name":49,"author_job_title":49,"formattedDate":105188},"7bf25f73-c8cd-49f3-82fa-d13e9600fb21","2023-04-18 00:00",[105051],{"slug":913,"name":914},[105053],{"slug":544,"name":543,"content":105054},{"job_title":557,"image":105055,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":105057},[105058,105063,105074,105079,105084,105089,105094,105104,105111,105116,105121,105126,105131,105136,105141,105146,105151,105156,105161,105166,105171],{"type":594,"attrs":105059,"content":105060},{"textAlign":49},[105061],{"text":105062,"type":599},"Chinese Tier 2 electric vehicle battery maker REPT, a subsidiary of steel and nickel major Tsingshan, plans to go public this year as it looks to fund a threefold ramp up of domestic cell capacity pipeline  by the end of the decade to take on bigger rivals such as CATL, BYD and others.",{"type":594,"attrs":105064,"content":105065},{"textAlign":49},[105066,105068,105073],{"text":105067,"type":599},"REPT’s annual cell production capacity is set to exceed 70 gigawatt hours by the end of this year, according to the company. That pipeline is expected to grow to 226 GWh by 2030, according to ",{"text":41013,"type":599,"marks":105069},[105070],{"type":604,"attrs":105071},{"href":105072,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/",{"text":974,"type":599},{"type":594,"attrs":105075,"content":105076},{"textAlign":49},[105077],{"text":105078,"type":599},"Booming global demand for electric vehicles and a race for securing critical battery materials is prompting battery producers to raise their capacities and deploy strategies including vertical integration to achieve greater upstream control and a tight lid on costs to offset increasing prices of key raw materials.",{"type":594,"attrs":105080,"content":105081},{"textAlign":49},[105082],{"text":105083,"type":599},"“REPT often benefits from its relationship with parent Tsignshan, and consequent vertical integration within the supply chain, by tending to spend less per gigawatt hour of capacity than the average Chinese cell producer” said Evan Hartley, analyst at Benchmark. ",{"type":594,"attrs":105085,"content":105086},{"textAlign":49},[105087],{"text":105088,"type":599},"Currently ranked eighth in China behind Tier 1 heavyweights CATL and BYD and Tier 2 rivals such as CALB, EVE Energy, SVolt, Gotion and Sunwoda, the Tsingshan subsidiary plans to list itself in an initial public offering (IPO) later this year. ",{"type":594,"attrs":105090,"content":105091},{"textAlign":49},[105092],{"text":105093,"type":599},"“Cell producers are increasingly looking for and pursuing vertical integration as a strategy and are moving towards establishing projects across the supply chain. REPT’s parent company is already in the space and can guarantee midstream material and lower its exposure to volatile raw material markets, and therefore keep lower costs for customers,” Hartley said.",{"type":594,"attrs":105095,"content":105096},{"textAlign":49},[105097,105099,105103],{"text":105098,"type":599},"CATL and BYD together control 30% of the global installed capacity, according to ",{"text":70211,"type":599,"marks":105100},[105101],{"type":604,"attrs":105102},{"href":59899,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":105105,"content":105106},{"textAlign":49},[105107],{"type":1186,"attrs":105108},{"id":49,"alt":547,"src":105109,"title":49,"source":49,"copyright":49,"meta_data":105110},"https://a.storyblok.com/f/287943243085208/3464ccd675/bm-screenshot-2023-04-18-at-42933-pm.png",{},{"type":594,"attrs":105112,"content":105113},{"textAlign":49},[105114],{"text":105115,"type":599},"Driving costs lower with parent Tsinghsan",{"type":594,"attrs":105117,"content":105118},{"textAlign":49},[105119],{"text":105120,"type":599},"According to REPT, newcomers face a high barrier in supply chain management when compared with established peers and tend to have less bargaining power when negotiating with suppliers spurring the need to have a stable, low-cost, and high-quality raw materials supply.",{"type":594,"attrs":105122,"content":105123},{"textAlign":49},[105124],{"text":105125,"type":599},"REPT has in its IPO disclosure spelt out how its links with parent Tsinghsan would help it secure battery materials beyond nickel. Yongqing Technology, a subsidiary of Tsinghsan, would supply the cell maker with lithium compounds, ternary precursors, separators and graphite, according to a disclosure with the Hong Kong stock exchange.",{"type":594,"attrs":105127,"content":105128},{"textAlign":49},[105129],{"text":105130,"type":599},"The disclosure notes that the steel and nickel producer Tsinghsan plans to make inroads in the battery industry with plans to gain direct control or equity investment in upstream resources such as the mining and refining of nickel, lithium and cobalt as well as midstream resources such as cathode materials, cathode precursors, anode materials, separators and electrolytes.",{"type":594,"attrs":105132,"content":105133},{"textAlign":49},[105134],{"text":105135,"type":599},"The privately held Tsingshan and its founder Xiang Guangda were behind the massive nickel short squeeze in March last year. ",{"type":594,"attrs":105137,"content":105138},{"textAlign":49},[105139],{"text":105140,"type":599},"REPT counts SAIC-GM-Wuling, Hozon Auto, Leapmotor as some of its existing clients. ",{"type":594,"attrs":105142,"content":105143},{"textAlign":49},[105144],{"text":105145,"type":599},"“Whilst there is a lot of capacity scheduled to come online over the next decade in China, REPT’s position as a qualified Tier 2 producer will allow the company to maintain relationships within the EV market, and branch out into the growing needs of China’s ESS industry,” Hartley said.",{"type":594,"attrs":105147,"content":105148},{"textAlign":49},[105149],{"text":105150,"type":599},"Scaling up plans",{"type":594,"attrs":105152,"content":105153},{"textAlign":49},[105154],{"text":105155,"type":599},"REPT currently has cell making factories at Wenzhou and Jiashan in Zhejiang Province that make batteries for electric vehicles and energy storage purposes.At Jiashan, the cell maker plans to expand capacity to 32 GWh by the end of 2024 and at Wenzhou to 50 GWh by the end of next year.",{"type":594,"attrs":105157,"content":105158},{"textAlign":49},[105159],{"text":105160,"type":599},"REPT’s current capacity pipeline includes a balance of lithium iron phosphate (LFP) batteries and nickel, cobalt, manganese (NCM) battery production, though it is likely the company will focus more production on LFP cells, to suit the needs of its domestic EV and ESS customers.",{"type":594,"attrs":105162,"content":105163},{"textAlign":49},[105164],{"text":105165,"type":599},"At Foshan and Liuzhou, the company has plans to establish new factories with planned production capacity of 30 GWh and 20 GWh in the second half of this year.",{"type":594,"attrs":105167,"content":105168},{"textAlign":49},[105169],{"text":105170,"type":599},"The company also aims to set up factories in Europe, Southeast Asia and South America.",{"type":594,"attrs":105172,"content":105173},{"textAlign":49},[105174],{"text":105175,"type":599},"Benchmark estimates REPT has so far invested a total of $10.8 billion in cell making factories. ","Chinese Tier 2 electric vehicle battery maker REPT, a subsidiary of steel and nickel major Tsingshan, plans to go public this year as it looks to fund a threefold ramp up of domestic cell capacity pipeline by the end of the decade to take on bigger rivals such as CATL, BYD and others. REPT’s annual […]",[105178],{"slug":544,"name":543,"content":105179},{"job_title":557,"image":105180,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7bf25f73-c8cd-49f3-82fa-d13e9600fb21\", \"id\": \"\"}-->",[105183,105184],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":105186,"copyright":547,"fieldtype":553,"meta_data":105187,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/610fd90eb0/bm-wuling-air-ev.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 18, 2023",{"id":105190,"uuid":105191,"name":105192,"slug":105193,"full_slug":105194,"content":105195},112471511669360,"3cb4ed26-60e7-4110-b1f8-39737eb84c25","China set to dominate African lithium production this decade","china-set-to-dominate-african-lithium-production-this-decade","article/china-set-to-dominate-african-lithium-production-this-decade",{"_uid":105196,"date":105197,"tags":105198,"editor":105201,"content":105205,"excerpt":105448,"featured":51,"reporter":105449,"_editable":105453,"component":864,"seo_title":105192,"categories":105454,"visibility":882,"author_company":49,"featured_image":105458,"seo_description":105448,"author_full_name":49,"author_job_title":49,"formattedDate":105461},"8ed5f375-d179-474b-89c1-dfd354f83cca","2023-04-14 00:00",[105199,105200],{"slug":584,"name":585},{"slug":913,"name":914},[105202],{"slug":544,"name":543,"content":105203},{"job_title":557,"image":105204,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":105206},[105207,105212,105217,105222,105227,105232,105237,105248,105253,105258,105263,105270,105275,105280,105291,105296,105301,105306,105311,105316,105321,105326,105331,105336,105341,105346,105351,105356,105361,105366,105371,105376,105381,105386,105391,105396,105401,105413,105418,105423,105428,105433,105438,105443],{"type":594,"attrs":105208,"content":105209},{"textAlign":49},[105210],{"text":105211,"type":599},"China is set to dominate lithium production in Africa this decade, with over 90% of supply set to come from mining companies partly or fully owned by Chinese companies, according to Benchmark.",{"type":594,"attrs":105213,"content":105214},{"textAlign":49},[105215],{"text":105216,"type":599},"Of the 27 planned lithium mines in Africa, Chinese companies are full owners of eight and majority owners of three, Benchmark data shows.",{"type":594,"attrs":105218,"content":105219},{"textAlign":49},[105220],{"text":105221,"type":599},"Chinese companies are increasingly looking to Africa as a source of feedstock for the country’s giant lithium industry, as they face greater hostility from governments in Canada and Australia towards Chinese natural resource investment. ",{"type":594,"attrs":105223,"content":105224},{"textAlign":49},[105225],{"text":105226,"type":599},"China processes almost half of the world’s lithium needed for batteries, but lacks significant sources of domestic lithium feedstock to feed its industry, making it necessary to look overseas. ",{"type":594,"attrs":105228,"content":105229},{"textAlign":49},[105230],{"text":105231,"type":599},"African hard rock supply will play an increasingly important role in the global lithium market, growing from 1% of supply last year to 10% by 2030, according to Benchmark. ",{"type":594,"attrs":105233,"content":105234},{"textAlign":49},[105235],{"text":105236,"type":599},"The five largest mines by forecast production in 2030 all have Chinese involvement, with Chinese companies fully owning three of them.",{"type":594,"attrs":105238,"content":105239},{"textAlign":49},[105240,105242,105246],{"text":105241,"type":599},"Wang Xiaoshen, president of Chinese miner Ganfeng Lithium, ",{"text":88919,"type":599,"marks":105243},[105244],{"type":604,"attrs":105245},{"href":70122,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":105247,"type":599}," this month that Africa was the “next good opportunity for lithium”.",{"type":594,"attrs":105249,"content":105250},{"textAlign":49},[105251],{"text":105252,"type":599},"Ganfeng is currently developing the Goulamina spodumene mine in Mali, which is set to come into production in 2024. It’s also investing in early-stage ventures across the continent, according to Wang. ",{"type":594,"attrs":105254,"content":105255},{"textAlign":49},[105256],{"text":105257,"type":599},"The speed of construction in Africa has already suprised the market. Sinomine is expected to finish a large expansion at the Bikita mine in Zimbabwe this year, producing 15,000 tonnes lithium carbonate equivalent (LCE). ",{"type":594,"attrs":105259,"content":105260},{"textAlign":49},[105261],{"text":105262,"type":599},"Chengxin’s Sabi Star, Huayou Cobalt’s Arcadia and Premier African Minerals’ Zulu projects are also expected to enter production this year. ",{"type":594,"attrs":105264,"content":105265},{"textAlign":49},[105266],{"type":1186,"attrs":105267},{"id":49,"alt":547,"src":105268,"title":49,"source":49,"copyright":49,"meta_data":105269},"https://a.storyblok.com/f/287943243085208/065f153acb/bm-africa-lithium-chart.png",{},{"type":657,"attrs":105271,"content":105272},{"level":15966,"textAlign":49},[105273],{"text":105274,"type":599},"China invests in Zimbabwe",{"type":594,"attrs":105276,"content":105277},{"textAlign":49},[105278],{"text":105279,"type":599},"Almost two-thirds of all lithium projects across Africa with at least some Chinese company involvement are located in Zimbabwe.  ",{"type":594,"attrs":105281,"content":105282},{"textAlign":49},[105283,105285,105289],{"text":105284,"type":599},"Chinese companies are majority or full owners in 10 of the 14 lithium projects in ",{"text":12526,"type":599,"marks":105286},[105287],{"type":604,"attrs":105288},{"href":26533,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":105290,"type":599},", both operating and planned. ",{"type":594,"attrs":105292,"content":105293},{"textAlign":49},[105294],{"text":105295,"type":599},"The pace of development here is “unprecedented,” according to Benchmark analyst Cameron Perks.",{"type":594,"attrs":105297,"content":105298},{"textAlign":49},[105299],{"text":105300,"type":599},"Zhejiang Huayou Cobalt has started trial production at its Arcadia mine, having spent $300 million to acquire it in May 2022. Elsewhere the Zulu lithium mine has almost gone into production and it started construction in June of last year. ",{"type":657,"attrs":105302,"content":105303},{"level":15966,"textAlign":49},[105304],{"text":105305,"type":599},"China and the rest",{"type":594,"attrs":105307,"content":105308},{"textAlign":49},[105309],{"text":105310,"type":599},"The data highlights the gap between China and the rest of the world in the race to secure critical minerals supplies, despite political efforts by the US and Europe.",{"type":594,"attrs":105312,"content":105313},{"textAlign":49},[105314],{"text":105315,"type":599},"In January 2023, UK-listed Kodal Minerals sold a 51% stake in its Bougouni mine in Mali to China’s Hainan Mining for £81m ($100m). ",{"type":594,"attrs":105317,"content":105318},{"textAlign":49},[105319],{"text":105320,"type":599},"Hainan has since confirmed that Chinese authorities have greenlighted its funding and investment into Kodal.",{"type":594,"attrs":105322,"content":105323},{"textAlign":49},[105324],{"text":105325,"type":599},"These funds should allow Kodal to commence drilling, mining, and exploration, according to the company. ",{"type":657,"attrs":105327,"content":105328},{"level":15966,"textAlign":49},[105329],{"text":105330,"type":599},"US overtures to Africa",{"type":594,"attrs":105332,"content":105333},{"textAlign":49},[105334],{"text":105335,"type":599},"The US is increasingly focusing on African resources, driven by the aims of reducing import dependence on China while counteracting its influence in the developing world.",{"type":594,"attrs":105337,"content":105338},{"textAlign":49},[105339],{"text":105340,"type":599},"In late March, the US Vice President Kamala Harris visited the continent, highlighting a number of resource projects during her visit. ",{"type":594,"attrs":105342,"content":105343},{"textAlign":49},[105344],{"text":105345,"type":599},"But Piedmont Lithium is the only US company invested in lithium on the contient, via its 9.4% ownership of Atlantic Lithium, which is developing the Ewoyaa project in Ghana. ",{"type":657,"attrs":105347,"content":105348},{"level":15966,"textAlign":49},[105349],{"text":105350,"type":599},"Struggle for control of DRC mega-mine ",{"type":594,"attrs":105352,"content":105353},{"textAlign":49},[105354],{"text":105355,"type":599},"Australia is gearing up to be another major player in African lithium mining, coming second to China in terms of primary project ownership across all sites.",{"type":594,"attrs":105357,"content":105358},{"textAlign":49},[105359],{"text":105360,"type":599},"A major Chinese-Australian project, however, is the subject of an ongoing legal dispute.",{"type":594,"attrs":105362,"content":105363},{"textAlign":49},[105364],{"text":105365,"type":599},"The case revolves around Manono, a spodumene mine in the Democratic Republic of Congo that could become Africa’s biggest single lithium source by the end of the decade. Benchmark forecasts it could yield 95,000 tonnes LCE in 2030.   ",{"type":594,"attrs":105367,"content":105368},{"textAlign":49},[105369],{"text":105370,"type":599},"Australian miner AVZ claims it legally acquired a 75% interest in Manono from DRC company Dathomir Mining Resources in August 2021.",{"type":594,"attrs":105372,"content":105373},{"textAlign":49},[105374],{"text":105375,"type":599},"AVZ’s claim has been challenged on multiple fronts, however. On 14 May 2021, Dathomir released a statement saying it had terminated the sales and purchase agreement with AVZ.",{"type":594,"attrs":105377,"content":105378},{"textAlign":49},[105379],{"text":105380,"type":599},"Chinese miner Zijin says it owns 15% of AVZ’s stake, saying it had the portion transferred to it by La Congolaise D’Exploitation Miniere SA (Cominiere.)",{"type":594,"attrs":105382,"content":105383},{"textAlign":49},[105384],{"text":105385,"type":599},"In January 2023, the DRC Minister of Mines refused to convert AVZ’s exploration licence for Manono into a mining licence, citing disagreements among Dathomir shareholders.",{"type":594,"attrs":105387,"content":105388},{"textAlign":49},[105389],{"text":105390,"type":599},"The Australian Security Exchanges suspended AVZ on April 12 2023 for failing to disclose these and other difficulties in asserting its ownership over Manono.   ",{"type":657,"attrs":105392,"content":105393},{"level":15966,"textAlign":49},[105394],{"text":105395,"type":599},"Zimbabwe pushes back on unprocessed exports",{"type":594,"attrs":105397,"content":105398},{"textAlign":49},[105399],{"text":105400,"type":599},"Export controls by host nations may be another point of tension along China’s path to dominating Africa’s lithium supply.  ",{"type":594,"attrs":105402,"content":105403},{"textAlign":49},[105404,105406,105411],{"text":105405,"type":599},"It has already faced",{"text":105407,"type":599,"marks":105408}," pushback from Zimbabwe",[105409],{"type":604,"attrs":105410},{"href":26533,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":105412,"type":599},", who banned the export of unprocessed lithium ores in December 2022.",{"type":594,"attrs":105414,"content":105415},{"textAlign":49},[105416],{"text":105417,"type":599},"Yet moves like this are unlikely to dent China’s pre-eminence in upstream and midstream lithium, according to Perks.",{"type":657,"attrs":105419,"content":105420},{"level":15966,"textAlign":49},[105421],{"text":105422,"type":599},"Low lithium prices hitting processing, not mining",{"type":594,"attrs":105424,"content":105425},{"textAlign":49},[105426],{"text":105427,"type":599},"Falling lithium prices are another challenge for African projects. ",{"type":594,"attrs":105429,"content":105430},{"textAlign":49},[105431],{"text":105432,"type":599},"Chinese battery-grade lithium carbonate prices have fallen by 60% this year to RMB 213,000 ($31,014) a tonne, according to Benchmark’s latest weekly price assessment. ",{"type":594,"attrs":105434,"content":105435},{"textAlign":49},[105436],{"text":105437,"type":599},"Yet miners and processors are experiencing the depressed market in different ways.",{"type":594,"attrs":105439,"content":105440},{"textAlign":49},[105441],{"text":105442,"type":599},"For miners around the world, prices are still higher than costs, according to Perks. Spodumene prices have risen by 16% this year to $5,393 a tonne, according to Benchmark. ",{"type":594,"attrs":105444,"content":105445},{"textAlign":49},[105446],{"text":105447,"type":599},"“At current prices, almost anything is viable,” he said. “Actually, feedstock prices are still strong.”","China is set to dominate lithium production in Africa this decade, with over 90% of supply set to come from mining companies partly or fully owned by Chinese companies, according to Benchmark. Of the 27 planned lithium mines in Africa, Chinese companies are full owners of eight and majority owners of three, Benchmark data shows. […]",[105450],{"slug":544,"name":543,"content":105451},{"job_title":557,"image":105452,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8ed5f375-d179-474b-89c1-dfd354f83cca\", \"id\": \"\"}-->",[105455,105456,105457],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":105459,"copyright":547,"fieldtype":553,"meta_data":105460,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bf56be92dc/bm-china-africa.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 14, 2023",{"id":105463,"uuid":105464,"name":105465,"slug":105466,"full_slug":105467,"content":105468},112471502158446,"5e27f9ff-3083-4041-83ae-b7c7b2e1474e","US EPA emissions rules ratchet up pressure on the battery supply chain","us-epa-emissions-rules-ratchet-up-pressure-on-the-battery-supply-chain","article/us-epa-emissions-rules-ratchet-up-pressure-on-the-battery-supply-chain",{"_uid":105469,"date":105197,"tags":105470,"editor":105472,"content":105476,"excerpt":105618,"featured":51,"reporter":105619,"_editable":105623,"component":864,"seo_title":105465,"categories":105624,"visibility":882,"author_company":49,"featured_image":105629,"seo_description":105618,"author_full_name":49,"author_job_title":49,"formattedDate":105461},"bce24de0-6daa-429d-8eee-f30d0e0f3a9a",[105471],{"slug":1375,"name":1376},[105473],{"slug":544,"name":543,"content":105474},{"job_title":557,"image":105475,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":105477},[105478,105490,105495,105500,105505,105510,105515,105520,105527,105532,105537,105542,105547,105552,105559,105570,105575,105588,105593,105598,105603,105608],{"type":594,"attrs":105479,"content":105480},{"textAlign":49},[105481,105483,105489],{"text":105482,"type":599},"Proposed stricter emissions standards by the US Environmental Protection Agency this week would add even more pressure to the country’s automakers to secure supplies of ",{"text":105484,"type":599,"marks":105485},"battery raw materials",[105486],{"type":604,"attrs":105487},{"href":105488,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-north-america-build-a-battery-supply-chain",{"text":17632,"type":599},{"type":594,"attrs":105491,"content":105492},{"textAlign":49},[105493],{"text":105494,"type":599},"The proposal could increase forecast lithium ion battery demand by 78% to over 1 terawatt-hour by 2032, compared to Benchmark’s base case forecast, according to the EPA’s projections. ",{"type":594,"attrs":105496,"content":105497},{"textAlign":49},[105498],{"text":105499,"type":599},"The EPA proposed what it called “the strongest-ever pollution standards for cars and trucks,” laying out plans it said would avoid almost 10 billion tonnes of carbon dioxide emissions, more than twice what the US emitted last year. ",{"type":594,"attrs":105501,"content":105502},{"textAlign":49},[105503],{"text":105504,"type":599},"The proposed standards would apply to models produced from 2027 through to 2032.",{"type":594,"attrs":105506,"content":105507},{"textAlign":49},[105508],{"text":105509,"type":599},"While the rules do not specify that vehicles should be electric, the EPA estimated it would lead to 67% of new sedans, crossovers, SUVs, and light trucks being electric by 2032, and 50% of vocational vehicles such as buses and garbage trucks. ",{"type":594,"attrs":105511,"content":105512},{"textAlign":49},[105513],{"text":105514,"type":599},"That’s higher than President Joe Biden’s previous goal of having 50% of all new passenger cars and light truck sales be zero-emission by 2030. ",{"type":594,"attrs":105516,"content":105517},{"textAlign":49},[105518],{"text":105519,"type":599},"Last year just 6% of new cars sold in the US were electric. ",{"type":594,"attrs":105521,"content":105522},{"textAlign":49},[105523],{"type":1186,"attrs":105524},{"id":49,"alt":547,"src":105525,"title":49,"source":49,"copyright":49,"meta_data":105526},"https://a.storyblok.com/f/287943243085208/1ff8536b66/bm-image-33.png",{},{"type":657,"attrs":105528,"content":105529},{"level":15966,"textAlign":49},[105530],{"text":105531,"type":599},"Lowering EV costs",{"type":594,"attrs":105533,"content":105534},{"textAlign":49},[105535],{"text":105536,"type":599},"To meet that target, however, electric vehicle costs will need to come down, which will require more investment in the battery supply chain. ",{"type":594,"attrs":105538,"content":105539},{"textAlign":49},[105540],{"text":105541,"type":599},"US automakers are already struggling to meet eligibility requirements set out in President Joe Biden’s Inflation Reduction Act, so that they can obtain a full $7,500 vehicle tax credit, which helps lower costs for consumers. ",{"type":594,"attrs":105543,"content":105544},{"textAlign":49},[105545],{"text":105546,"type":599},"The act requires that critical minerals are sourced from free trade agreement countries and battery components are manufactured or assembled in North America. ",{"type":594,"attrs":105548,"content":105549},{"textAlign":49},[105550],{"text":105551,"type":599},"Yet even with supply from FTA countries such as Chile and Australia the lithium market could be short of supply this decade if electric vehicle sales acclerate. ",{"type":594,"attrs":105553,"content":105554},{"textAlign":49},[105555],{"type":1186,"attrs":105556},{"id":49,"alt":547,"src":105557,"title":49,"source":49,"copyright":49,"meta_data":105558},"https://a.storyblok.com/f/287943243085208/4cec3217c1/bm-image-34.png",{},{"type":594,"attrs":105560,"content":105561},{"textAlign":49},[105562,105564,105568],{"text":105563,"type":599},"In addition, it is still not clear if US automakers can purchase battery raw materials or components from ",{"text":35284,"type":599,"marks":105565},[105566],{"type":604,"attrs":105567},{"href":83300,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":105569,"type":599},", as the IRA prohibits the involvement of “foreign entities of concern.” ",{"type":594,"attrs":105571,"content":105572},{"textAlign":49},[105573],{"text":105574,"type":599},"If all global OEM targets as well as policy ambitions are met the lithium market could be in a deficit this decade, according to Benchmark. That deficit could rise to over 3 million tonnes LCE by 2035 under this scenario, which was calculated before the EPA rules. ",{"type":594,"attrs":105576,"content":105577},{"textAlign":49},[105578,105580,105586],{"text":105579,"type":599},"The EPA said that it expected ",{"text":105581,"type":599,"marks":105582},"support from the Inflation Reduction Act",[105583],{"type":604,"attrs":105584},{"href":105585,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/redwood-to-supply-us-made-cathode-to-panasonic-as-bidens-ira-boosts-supply-chain",{"text":105587,"type":599}," for the US battery supply chain as well as in the Infrastructure Act “will prove instrumental in meeting incremental needs of the supply chain under the proposed standards.”",{"type":594,"attrs":105589,"content":105590},{"textAlign":49},[105591],{"text":105592,"type":599},"“EPA recognizes that the global minerals industry is already anticipating and preparing for accelerated growth in demand for critical minerals,” it said. ",{"type":594,"attrs":105594,"content":105595},{"textAlign":49},[105596],{"text":105597,"type":599},"Join Benchmark at Battery Gigafactories USA",{"type":594,"attrs":105599,"content":105600},{"textAlign":49},[105601],{"text":105602,"type":599},"Legislation aimed at incentivising North America’s transition towards carbon neutrality will be a central theme of Benchmark’s Battery Gigafactories USA conference on 8-9 June 2023.",{"type":594,"attrs":105604,"content":105605},{"textAlign":49},[105606],{"text":105607,"type":599},"The event will explore the rise of USA’s lithium ion battery gigafactory economy and the need to build secure, sustainable supply chains for North America’s growing raw material requirements.",{"type":594,"attrs":105609,"content":105610},{"textAlign":49},[105611,105617],{"text":105612,"type":599,"marks":105613},"Learn more about Battery Gigafactories USA and join us in Washington DC",[105614],{"type":604,"attrs":105615},{"href":105616,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://events.benchmarkminerals.com/event/ce11722f-0ee0-471e-b061-5bacbe4ea036/summary",{"text":974,"type":599},"Proposed stricter emissions standards by the US Environmental Protection Agency this week would add even more pressure to the country’s automakers to secure supplies of battery raw materials. The proposal could increase forecast lithium ion battery demand by 78% to over 1 terawatt-hour by 2032, compared to Benchmark’s base case forecast, according to the EPA’s […]",[105620],{"slug":544,"name":543,"content":105621},{"job_title":557,"image":105622,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bce24de0-6daa-429d-8eee-f30d0e0f3a9a\", \"id\": \"\"}-->",[105625,105626,105627,105628],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":105630,"copyright":547,"fieldtype":553,"meta_data":105631,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5f869f4823/bm-us-epa.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":105633,"uuid":105634,"name":105635,"slug":105636,"full_slug":105637,"content":105638},112471516408434,"d3cdb56f-3b9e-4fa6-ad14-e6c337566eb2","The $340 million stockpile weighing on the global cobalt market","the-340-million-stockpile-weighing-on-the-global-cobalt-market","article/the-340-million-stockpile-weighing-on-the-global-cobalt-market",{"_uid":105639,"date":105640,"tags":105641,"editor":105643,"content":105647,"excerpt":105750,"featured":51,"reporter":105751,"_editable":105755,"component":864,"seo_title":105635,"categories":105756,"visibility":882,"author_company":49,"featured_image":105759,"seo_description":105750,"author_full_name":49,"author_job_title":49,"formattedDate":105762},"08027c17-cac8-4af9-89ef-f0bfd949c12f","2023-04-13 00:00",[105642],{"slug":572,"name":573},[105644],{"slug":544,"name":543,"content":105645},{"job_title":557,"image":105646,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":105648},[105649,105662,105667,105680,105685,105690,105695,105700,105705,105710,105715,105720,105725,105730,105735,105740,105745],{"type":594,"attrs":105650,"content":105651},{"textAlign":49},[105652,105654,105660],{"text":105653,"type":599},"The fate of a large and growing stockpile of cobalt in the Democratic Republic of Congo, estimated to be worth $340 million, is weighing on the global market for the battery metal, threatening to further ",{"text":105655,"type":599,"marks":105656},"dampen prices",[105657],{"type":604,"attrs":105658},{"href":105659,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-prices-tick-up-4-in-march-but-lack-of-battery-demand-weighs-on-market",{"text":105661,"type":599}," this year. ",{"type":594,"attrs":105663,"content":105664},{"textAlign":49},[105665],{"text":105666,"type":599},"China’s CMOC, the world’s second-largest producer of cobalt, remains unable to export from the country due to a dispute over royalty payments with the state-owned mining company, Gecamines. ",{"type":594,"attrs":105668,"content":105669},{"textAlign":49},[105670,105672,105678],{"text":105671,"type":599},"The fate of the dispute could determine ",{"text":105673,"type":599,"marks":105674},"cobalt supply this year",[105675],{"type":604,"attrs":105676},{"href":105677,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-rout-continues-into-2023-as-prices-fall-through-to-mid-february",{"text":105679,"type":599},", and whether the market is oversupplied or becomes short of material. ",{"type":594,"attrs":105681,"content":105682},{"textAlign":49},[105683],{"text":105684,"type":599},"Cobalt exports from CMOC’s Tenke Fungurume mine have been banned for ten months, preventing the metal from entering the battery supply chain. ",{"type":594,"attrs":105686,"content":105687},{"textAlign":49},[105688],{"text":105689,"type":599},"The TFM mine accounted for 13% of the DRC and 10% of global production in 2022, according to Benchmark. CMOC’s largest shareholder is China’s biggest battery producer, CATL. ",{"type":594,"attrs":105691,"content":105692},{"textAlign":49},[105693],{"text":105694,"type":599},"“The outcome of the dispute has the potential to alter the fundamentals of the global cobalt market,” Harry Fisher, an analyst at Benchmark, said.  ",{"type":594,"attrs":105696,"content":105697},{"textAlign":49},[105698],{"text":105699,"type":599},"CMOC is planning to execute a second phase expansion of its Tenke Fungurume (TFM) mine, while also commencing production at the nearby Kisanfu mine (KFM) in 2023; the combination of which will see it produce 46,000 tonnes of cobalt by 2027 – a 125% increase on its 2022 output.",{"type":594,"attrs":105701,"content":105702},{"textAlign":49},[105703],{"text":105704,"type":599},"While the Tenke mine continues to operate at normal run rates, the stockpile will continue to grow. Based on the 2022 run rate, it is producing about 400 tonnes of cobalt in hydroxide each week. ",{"type":594,"attrs":105706,"content":105707},{"textAlign":49},[105708],{"text":105709,"type":599},"“CMOC has likely added around 5,000 tonnes of cobalt inventory since December. That’s around another $100 million worth of inventory at current prices. It’s going to hurt them more and more the longer it goes on,” said Fisher.",{"type":594,"attrs":105711,"content":105712},{"textAlign":49},[105713],{"text":105714,"type":599},"The inventory value is estimated on Benchmark’s latest cobalt price assessments. Cobalt metal prices have fallen by 60% since reaching a peak in April 2022. ",{"type":594,"attrs":105716,"content":105717},{"textAlign":49},[105718],{"text":105719,"type":599},"The Tenke Fungurume mine is also facing a ban on copper exports that it produces along with cobalt at the mine. The copper production reached 254,300 tonnes in 2022, an increase of 21.6% year-on-year. ",{"type":594,"attrs":105721,"content":105722},{"textAlign":49},[105723],{"text":105724,"type":599},"Still Fisher said it will take at least a year to logistically ship the cobalt and copper out of the DRC if the ban is lifted and the two sides resolve the dispute. All of the cobalt and copper is trucked out of the DRC via roads, to Durban in South Africa, before it is sent to China to be processed into battery materials. ",{"type":594,"attrs":105726,"content":105727},{"textAlign":49},[105728],{"text":105729,"type":599},"CMOC’s Tenke Fungurume mine produced 20,286 tonnes of cobalt in 2022, an increase of 10% year-on-year, the mining company’s annual report shows. Inventory volume has alone grown 25% year-on-year to 11,318 tonnes in 2022 while sales of the critical electric vehicle battery material declined 26% year-on-year to 12,560 tonnes last year. ",{"type":657,"attrs":105731,"content":105732},{"level":15966,"textAlign":49},[105733],{"text":105734,"type":599},"DRC pushes back against Chinese investment ",{"type":594,"attrs":105736,"content":105737},{"textAlign":49},[105738],{"text":105739,"type":599},"The dispute began in August 2021 when CMOC announced plans to spend $2.51 billion to expand Tenke. Congo suspected CMOC, which owns 80% of the copper and cobalt producing mine, was understating the level of reserves at the mine to avoid royalty payments to Gecamines (who own 20% of the project.) ",{"type":594,"attrs":105741,"content":105742},{"textAlign":49},[105743],{"text":105744,"type":599},"CMOC said in its annual report that it plans to engage an international independent third party to verify the reserve increase on which it plans to negotiate the additional royalty with Gecamines.",{"type":594,"attrs":105746,"content":105747},{"textAlign":49},[105748],{"text":105749,"type":599},"CMOC said it is unable to predict or estimate the timing when a final agreement would be reached with Gecamines for additional royalty. ","The fate of a large and growing stockpile of cobalt in the Democratic Republic of Congo, estimated to be worth $340 million, is weighing on the global market for the battery metal, threatening to further dampen prices this year. China’s CMOC, the world’s second-largest producer of cobalt, remains unable to export from the country due […]",[105752],{"slug":544,"name":543,"content":105753},{"job_title":557,"image":105754,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"08027c17-cac8-4af9-89ef-f0bfd949c12f\", \"id\": \"\"}-->",[105757,105758],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":105760,"copyright":547,"fieldtype":553,"meta_data":105761,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/098f227518/bm-etoile-mine-cobalt.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 13, 2023",{"id":105764,"uuid":105765,"name":105766,"slug":105767,"full_slug":105768,"content":105769},112471535671927,"a5d4bb16-8e0a-4e17-adf6-214cda6a4b8b","Tesla’s Master Plan may underestimate scale of mining investment","teslas-master-plan-may-underestimate-scale-of-mining-investment","article/teslas-master-plan-may-underestimate-scale-of-mining-investment",{"_uid":105770,"date":105771,"tags":105772,"editor":105775,"content":105779,"excerpt":105849,"featured":50,"reporter":105850,"_editable":105854,"component":864,"seo_title":105766,"categories":105855,"visibility":2091,"author_company":49,"data_vis_image":105858,"featured_image":105861,"seo_description":105849,"author_full_name":49,"author_job_title":49,"formattedDate":105864},"594e10a0-734c-4ace-ad53-dad9deaf50a3","2023-04-06 00:00",[105773,105774],{"slug":578,"name":579},{"slug":3874,"name":3875},[105776],{"slug":544,"name":543,"content":105777},{"job_title":557,"image":105778,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":105780},[105781,105786,105791,105798,105817,105824,105837],{"type":594,"attrs":105782,"content":105783},{"textAlign":49},[105784],{"text":105785,"type":599},"Tesla today released the details behind its plan to transition the world to clean energy, estimating how much it will cost for the world to reach 240 terawatt hours of total battery deployment.",{"type":594,"attrs":105787,"content":105788},{"textAlign":49},[105789],{"text":105790,"type":599},"The total bill for mining, refining, chemicals, battery production and gigafactories came to $3.4 trillion, Tesla said. The biggest mining and refining investments required by Tesla’s plan are needed for lithium ($374 billion) and graphite ($282 billion).",{"type":594,"attrs":105792,"content":105793},{"textAlign":49},[105794],{"type":1186,"attrs":105795},{"id":49,"alt":547,"src":105796,"title":49,"source":49,"copyright":49,"meta_data":105797},"https://a.storyblok.com/f/287943243085208/2e8541f0c8/bm-image-120-1344127edee2.png",{},{"type":594,"attrs":105799,"content":105800},{"textAlign":49},[105801,105803,105808,105810,105815],{"text":105802,"type":599},"Tesla said a total of $2 trillion investment is needed for ",{"text":4811,"type":599,"marks":105804},[105805],{"type":604,"attrs":105806},{"href":105807,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/who-is-building-100-gigawatt-hour-battery-plants-not-just-tesla",{"text":105809,"type":599}," for both electric vehicles and energy storage as well as ",{"text":5744,"type":599,"marks":105811},[105812],{"type":604,"attrs":105813},{"href":105814,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/catl-to-quadruple-recycling-capacity-with-3-5-billion-investment",{"text":105816,"type":599},". This is in line with Benchmark’s estimate of $1.5 to $2 trillion.",{"type":594,"attrs":105818,"content":105819},{"textAlign":49},[105820],{"type":1186,"attrs":105821},{"id":49,"alt":547,"src":105822,"title":49,"source":49,"copyright":49,"meta_data":105823},"https://a.storyblok.com/f/287943243085208/aa0a0e185c/bm-image-121-134412857397.png",{},{"type":594,"attrs":105825,"content":105826},{"textAlign":49},[105827,105829,105835],{"text":105828,"type":599},"But their estimate that investment in mining, refining and chemicals will be $1.4 trillion, is ",{"text":105830,"type":599,"marks":105831},"below Benchmark’s lower bound estimate",[105832],{"type":604,"attrs":105833},{"href":105834,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/analysis-lithium-industry-needs-42-billion-to-meet-2030-demand",{"text":105836,"type":599}," of $2.5 trillion and under half of Benchmark’s upper bound estimate of $3 trillion.",{"type":594,"attrs":105838,"content":105839},{"textAlign":49},[105840,105842,105847],{"text":105841,"type":599},"“Let’s not make the same error we made with gigafactories, with all the ",{"text":105843,"type":599,"marks":105844},"money for them and none for mining",[105845],{"type":604,"attrs":105846},{"href":104827,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":105848,"type":599},",” Simon Moores, Benchmark’s chief executive, said. “The industry needs joined up thinking.”","Tesla today released the details behind its plan to transition the world to clean energy, estimating how much it will cost for the world to reach 240 terawatt hours of total battery deployment. The total bill for mining, refining, chemicals, battery production and gigafactories came to $3.4 trillion, Tesla said. The biggest mining and refining […]",[105851],{"slug":544,"name":543,"content":105852},{"job_title":557,"image":105853,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"594e10a0-734c-4ace-ad53-dad9deaf50a3\", \"id\": \"\"}-->",[105856,105857],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":105859,"copyright":547,"fieldtype":553,"meta_data":105860,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692359966/www-production/tesla_1304529d943d/tesla_1304529d943d.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":105862,"copyright":547,"fieldtype":553,"meta_data":105863,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9009693aa1/bm-tesla-vs-benchmark-capex-featured-v3-1297691ff525.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 06, 2023",{"id":105866,"uuid":105867,"name":105868,"slug":105869,"full_slug":105870,"content":105871},112471559588476,"ad39780f-878a-479b-b5cf-9d5785e6c602","Cobalt price slump hits first new US cobalt mine in decades","cobalt-price-slump-hits-first-new-us-cobalt-mine-in-decades","article/cobalt-price-slump-hits-first-new-us-cobalt-mine-in-decades",{"_uid":105872,"date":105873,"tags":105874,"editor":105876,"content":105880,"excerpt":105950,"featured":50,"reporter":105951,"_editable":105955,"component":864,"seo_title":105868,"categories":105956,"visibility":882,"author_company":49,"featured_image":105958,"seo_description":105950,"author_full_name":49,"author_job_title":49,"formattedDate":105960},"f7eff260-7b59-4c86-b4bb-e50eaca4a021","2023-03-31 00:00",[105875],{"slug":1375,"name":1376},[105877],{"slug":544,"name":543,"content":105878},{"job_title":557,"image":105879,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":105881},[105882,105893,105898,105903,105908,105913,105918,105923,105928,105933,105945],{"type":594,"attrs":105883,"content":105884},{"textAlign":49},[105885,105886,105891],{"text":94343,"type":599},{"text":105887,"type":599,"marks":105888},"cobalt prices",[105889],{"type":604,"attrs":105890},{"href":105659,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":105892,"type":599}," have taken their first casualty as the owner of the first US cobalt mine in decades decided to stop construction, highlighting the challenge of bringing on new mining projects to support localised supply chains. ",{"type":594,"attrs":105894,"content":105895},{"textAlign":49},[105896],{"text":105897,"type":599},"Australian cobalt miner Jervois Global said it would halt final construction at its Idaho mine “due to continuing low cobalt prices and United States inflationary impacts on construction costs.” ",{"type":594,"attrs":105899,"content":105900},{"textAlign":49},[105901],{"text":105902,"type":599},"The announcement comes as cobalt metal prices have more than halved since peaking in April 2022, according to Benchmark’s Cobalt Price Assessment. They were last assessed at $16.75 a pound, according to Benchmark. ",{"type":594,"attrs":105904,"content":105905},{"textAlign":49},[105906],{"text":105907,"type":599},"The decision is a blow to efforts by President Joe Biden’s administration to boost production of minerals needed for electric vehicle batteries in the US. The Inflation Reduction Act includes tax credits for domestic mineral production. ",{"type":594,"attrs":105909,"content":105910},{"textAlign":49},[105911],{"text":105912,"type":599},"“Despite supportive local policies, at the end of the day it is price that will determine local production,” Cameron Hughes, an analyst at Benchmark, said. ",{"type":594,"attrs":105914,"content":105915},{"textAlign":49},[105916],{"text":105917,"type":599},"Jervois said the action would “prudently preserve the value” of the mine’s ore body and it still believed that not mining at current low prices was “consistent with US Government critical mineral policy objectives.”",{"type":594,"attrs":105919,"content":105920},{"textAlign":49},[105921],{"text":105922,"type":599},"“Jervois has determined that not mining ICO [Idaho Cobalt Operations] cobalt at cyclically low prices, will preserve the optionality and inherent strategic value of ICO for shareholders and key stakeholders including local communities and the State of Idaho,” it said. ",{"type":594,"attrs":105924,"content":105925},{"textAlign":49},[105926],{"text":105927,"type":599},"The global cobalt market is expected to be in supply surplus until the end of 2027 due to new supply from Chinese processing projects in Indonesia as well as expansion by China’s CMOC in the Democratic Republic of the Congo. ",{"type":594,"attrs":105929,"content":105930},{"textAlign":49},[105931],{"text":105932,"type":599},"The miner said it expects cobalt prices to recover over the medium term due to demand from electric vehicles and would complete construction and commission ICO when prices have bounced back. It added that it believed “Western cobalt purchasers will increasingly prefer cobalt from sources with Western ESG credentials.”",{"type":594,"attrs":105934,"content":105935},{"textAlign":49},[105936,105938,105943],{"text":105937,"type":599},"Currently, the ",{"text":42579,"type":599,"marks":105939},[105940],{"type":604,"attrs":105941},{"href":105942,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-benchmarks-findings-from-drc-artisanal-cobalt-mining-site-visits",{"text":105944,"type":599}," mines over 70% of the world’s cobalt feedstock, according to Benchmark Cobalt Assessment.",{"type":594,"attrs":105946,"content":105947},{"textAlign":49},[105948],{"text":105949,"type":599},"Jervois, which has spent $130 million developing the mine, had hoped to start processing ore into cobalt and copper concentrates in the second quarter. It will now reduce its workforce, including contractors, from 280 to under 30, it said.","Falling cobalt prices have taken their first casualty as the owner of the first US cobalt mine in decades decided to stop construction, highlighting the challenge of bringing on new mining projects to support localised supply chains. Australian cobalt miner Jervois Global said it would halt final construction at its Idaho mine “due to continuing […]",[105952],{"slug":544,"name":543,"content":105953},{"job_title":557,"image":105954,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f7eff260-7b59-4c86-b4bb-e50eaca4a021\", \"id\": \"\"}-->",[105957],{"slug":867,"name":115},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":7982,"copyright":547,"fieldtype":553,"meta_data":105959,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 31, 2023",{"id":105962,"uuid":105963,"name":105964,"slug":105965,"full_slug":105966,"content":105967},112471564327549,"ab8b77a5-8b5c-45a8-97a4-e8d90f1ab97d","Investment in Indonesian nickel diversifies from China as Ford joins $4.5 billion project","investment-in-indonesian-nickel-diversifies-from-china-as-ford-joins-4-5-billion-project","article/investment-in-indonesian-nickel-diversifies-from-china-as-ford-joins-4-5-billion-project",{"_uid":105968,"date":105969,"tags":105970,"editor":105972,"content":105976,"excerpt":106102,"featured":50,"reporter":106103,"_editable":106107,"component":864,"seo_title":105964,"categories":106108,"visibility":882,"author_company":49,"featured_image":106111,"seo_description":106102,"author_full_name":49,"author_job_title":49,"formattedDate":106114},"0b3a5e98-3ef7-43e4-bc6c-e4cc46074eaf","2023-03-30 00:00",[105971],{"slug":7997,"name":7998},[105973],{"slug":544,"name":543,"content":105974},{"job_title":557,"image":105975,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":105977},[105978,105983,105988,105993,105998,106003,106008,106013,106018,106023,106028,106033,106038,106043,106048,106060,106065,106077,106082,106087,106092,106097],{"type":594,"attrs":105979,"content":105980},{"textAlign":49},[105981],{"text":105982,"type":599},"Investment in Indonesia’s nickel sector is beginning to diversify away from China, as Western automakers and other non-Chinese players look to secure supplies of the battery metal.  ",{"type":594,"attrs":105984,"content":105985},{"textAlign":49},[105986],{"text":105987,"type":599},"Indonesian nickel production for the battery industry is set to grow by over 600% this decade, thanks to billions of dollars of Chinese investment in processing plants. ",{"type":594,"attrs":105989,"content":105990},{"textAlign":49},[105991],{"text":105992,"type":599},"But a number of non-Chinese companies have started to move into the country’s nickel sector, in a bid to secure supplies for Western electric vehicle markets. ",{"type":594,"attrs":105994,"content":105995},{"textAlign":49},[105996],{"text":105997,"type":599},"This week Ford said it will invest in a $4.5 billion nickel processing project in Indonesia being built by Brazil’s Vale and China’s Huayou Cobalt. It will own 17% of the project, according to Huayou. ",{"type":594,"attrs":105999,"content":106000},{"textAlign":49},[106001],{"text":106002,"type":599},"The amount of nickel coming from projects with some proportion of non-Chinese involvement is set to account for almost a third of total supply by 2030, according to Benchmark’s Nickel Forecast. Projects with no Chinese investment will account for less than 7% of supply. ",{"type":594,"attrs":106004,"content":106005},{"textAlign":49},[106006],{"text":106007,"type":599},"Indonesia is likely to be included as an eligible country in the US Inflation Reduction Act, which could spur even more Western investment, according to Greg Miller, an analyst at Benchmark.  ",{"type":594,"attrs":106009,"content":106010},{"textAlign":49},[106011],{"text":106012,"type":599},"“There is now growing confidence that Indonesian nickel will qualify for subsidies under the Inflation Reduction Act, if it is processed in the US or Free Trade Agreement (FTA) economy, which if proven correct will most likely spark a stream of ex-China investments in the region,” said Miller.",{"type":594,"attrs":106014,"content":106015},{"textAlign":49},[106016],{"text":106017,"type":599},"“We’ll see more western investment but it is not going to challenge the Chinese dominance in the region. The Chinese have invested so much and they have such a grip over the pipeline of new supply that their cost of production will be significantly lower than Western projects.”",{"type":594,"attrs":106019,"content":106020},{"textAlign":49},[106021],{"text":106022,"type":599},"This month South Korea’s Posco finalized an agreement with China’s Lygend Resources to invest in a high pressure acid leach (HPAL) facility in Indonesia, with the aim of producing 60,000 tonnes of Mixed Hydroxide Preciptate (MHP) by 2025, enough for 1.2 million electric vehicles. ",{"type":594,"attrs":106024,"content":106025},{"textAlign":49},[106026],{"text":106027,"type":599},"Mixed Hydroxide Precipitate (MHP) is an intermediate material that is used to make nickel sulphate, which is then mixed with other materials to make the battery cathode. ",{"type":594,"attrs":106029,"content":106030},{"textAlign":49},[106031],{"text":106032,"type":599},"BASF and Eramet have also said they are close to finalising a $2.6 billion investment on a joint venture plant in the region in the first half of 2023, which would produce 60,000 tonnes of nickel and 6,000 tonnes of cobalt a year beginning in 2026.",{"type":594,"attrs":106034,"content":106035},{"textAlign":49},[106036],{"text":106037,"type":599},"And earlier this year, Tsingshan’s Australian partner Nickel Industries also revealed plans to build a $2.3 billion HPAL facility in the Morowali Industrial Park.",{"type":657,"attrs":106039,"content":106040},{"level":15966,"textAlign":49},[106041],{"text":106042,"type":599},"Controlling supply chains",{"type":594,"attrs":106044,"content":106045},{"textAlign":49},[106046],{"text":106047,"type":599},"Indonesia is set to dominate nickel production this decade, with nickel for the battery industry set to increase from around 200,000 tonnes last year to over 1.6 million tonnes by 2030, according to Benchmark.",{"type":594,"attrs":106049,"content":106050},{"textAlign":49},[106051,106053,106058],{"text":106052,"type":599},"That’s led to concerns in the global automotive industry that the supply could be prioritised by Chinese companies. In addition, there are a number of ",{"text":106054,"type":599,"marks":106055},"environmental and social concerns",[106056],{"type":604,"attrs":106057},{"href":92160,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":106059,"type":599}," around nickel processing in Indonesia, including workers’ rights and the disposal of waste.  ",{"type":594,"attrs":106061,"content":106062},{"textAlign":49},[106063],{"text":106064,"type":599},"Ford said that investing in the Indonesian project with Vale and Huayou would allow it to ensure the nickel is mined and processed more sustainably. ",{"type":594,"attrs":106066,"content":106067},{"textAlign":49},[106068,106070,106075],{"text":106069,"type":599},"“This framework gives Ford direct control to source the nickel we need – in one of the industry’s lowest-cost ways – and allows us to ensure the nickel is mined in line with our company’s ",{"text":16964,"type":599,"marks":106071},[106072],{"type":604,"attrs":106073},{"href":106074,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-where-does-sustainability-fit-in-the-nickel-supply-chain",{"text":106076,"type":599}," targets, setting the right ESG standards as we scale,” said Lisa Drake, vice president at Ford. ",{"type":594,"attrs":106078,"content":106079},{"textAlign":49},[106080],{"text":106081,"type":599},"Ford said it would hold equity in the nickel processing project in Pomalaa, in Sulawesi, alongside Huayou and Vale, as part of a deal finalised in a ceremony attended by Indonesia President Joko Widodo. ",{"type":594,"attrs":106083,"content":106084},{"textAlign":49},[106085],{"text":106086,"type":599},"The project will process ore provided by Vale from its Pomalaa Block mine to produce MHP for use in batteries. It could produce up to 120,000 tonnes a year of MHP, it said. ",{"type":594,"attrs":106088,"content":106089},{"textAlign":49},[106090],{"text":106091,"type":599},"Construction is set to start this year, with production slated for 2026, it said. ",{"type":594,"attrs":106093,"content":106094},{"textAlign":49},[106095],{"text":106096,"type":599},"George Fang, senior vice president of Huayou Cobalt, said the MHP would be processed into nickel sulphate, cobalt sulphate and precursor materials. ",{"type":594,"attrs":106098,"content":106099},{"textAlign":49},[106100],{"text":106101,"type":599},"Separately, Ford also signed an agreement with Huayou for the supply of precursor cathode active material, it said. ","Investment in Indonesia’s nickel sector is beginning to diversify away from China, as Western automakers and other non-Chinese players look to secure supplies of the battery metal. Indonesian nickel production for the battery industry is set to grow by over 600% this decade, thanks to billions of dollars of Chinese investment in processing plants. But […]",[106104],{"slug":544,"name":543,"content":106105},{"job_title":557,"image":106106,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0b3a5e98-3ef7-43e4-bc6c-e4cc46074eaf\", \"id\": \"\"}-->",[106109,106110],{"slug":2499,"name":2500},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":106112,"copyright":547,"fieldtype":553,"meta_data":106113,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/38812da87c/bm-pt-vale-indonesia.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 30, 2023",{"id":106116,"uuid":106117,"name":106118,"slug":106119,"full_slug":106120,"content":106121},112471597017732,"78066e42-377a-46ea-b971-444bf8528a9c","Europe needs to “step up” its game to compete in global battery industry Šefčovič says","europe-needs-to-step-up-its-game-to-compete-in-global-battery-industry-sefcovic-says","article/europe-needs-to-step-up-its-game-to-compete-in-global-battery-industry-sefcovic-says",{"_uid":106122,"date":106123,"tags":106124,"editor":106130,"content":106134,"excerpt":106257,"featured":51,"reporter":106258,"_editable":106262,"component":864,"seo_title":106118,"categories":106263,"visibility":882,"author_company":49,"featured_image":106267,"seo_description":106257,"author_full_name":49,"author_job_title":49,"formattedDate":106270},"9a854fdc-1e77-40d2-a85f-3cdb93f79888","2023-03-28 00:00",[106125,106128,106129],{"slug":106126,"name":106127},"battery-gigafactories-europe-2023","Battery Gigafactories Europe 2023",{"slug":2790,"name":2791},{"slug":4610,"name":662},[106131],{"slug":544,"name":543,"content":106132},{"job_title":557,"image":106133,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":106135},[106136,106141,106152,106157,106162,106167,106172,106177,106184,106189,106194,106199,106204,106209,106214,106219,106230,106235,106240,106247,106252],{"type":594,"attrs":106137,"content":106138},{"textAlign":49},[106139],{"text":106140,"type":599},"Europe needs to “step up” its game at both EU and national level to remain competitive in the face of high energy prices and the threat from US climate subsidies, Maroš Šefčovič, the Vice President of the European Commission, warned. ",{"type":594,"attrs":106142,"content":106143},{"textAlign":49},[106144,106146,106150],{"text":106145,"type":599},"The region needs to be able to compete on a level playing field and also to secure supplies of ",{"text":22712,"type":599,"marks":106147},[106148],{"type":604,"attrs":106149},{"href":74030,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":106151,"type":599},", he told the Benchmark Gigafactories Europe conference in Budapest. ",{"type":594,"attrs":106153,"content":106154},{"textAlign":49},[106155],{"text":106156,"type":599},"“The only way to ensure that the EU remains a global battery front runner is to step up our game at both EU and national level,” Šefčovič said. ",{"type":594,"attrs":106158,"content":106159},{"textAlign":49},[106160],{"text":106161,"type":599},"The warning comes as high energy prices have crippled Europe’s heavy industry, leading to the closure of aluminium plants across the continent, and threatening to increase the costs of investment in new battery plants, which are energy-intensive. ",{"type":594,"attrs":106163,"content":106164},{"textAlign":49},[106165],{"text":106166,"type":599},"At the same time, the US Inflation Reduction Act is attracting investment away from Europe, by offering generous incentives to produce batteries in the US. as well as mine and process critical minerals. ",{"type":594,"attrs":106168,"content":106169},{"textAlign":49},[106170],{"text":106171,"type":599},"“Russia’s aggression against Ukraine has led to rising electricity prices and inflation, posing serious problems for the competitiveness of Europe’s energy intensive battery industry,” he said. “This has been aggravated by increasingly assertive economic policies around the world.”",{"type":594,"attrs":106173,"content":106174},{"textAlign":49},[106175],{"text":106176,"type":599},"“We need to create a level playing field that builds technological bridges, not barriers across the Atlantic,” Šefčovič added, noting that Europe is working closely with the US to minimise the negative impacts of the IRA on European competitiveness.",{"type":594,"attrs":106178,"content":106179},{"textAlign":49},[106180],{"type":1186,"attrs":106181},{"id":49,"alt":547,"src":106182,"title":49,"source":49,"copyright":49,"meta_data":106183},"https://a.storyblok.com/f/287943243085208/7e05e1839a/bm-eu-production-percent.jpg",{},{"type":657,"attrs":106185,"content":106186},{"level":15966,"textAlign":49},[106187],{"text":106188,"type":599},"Urgency on critical raw materials",{"type":594,"attrs":106190,"content":106191},{"textAlign":49},[106192],{"text":106193,"type":599},"Europe also faces high land and permitting costs that are also hindering its ability to produce key battery raw materials, Šefčovič said.",{"type":594,"attrs":106195,"content":106196},{"textAlign":49},[106197],{"text":106198,"type":599},"The EU currently produces only 1% of key battery raw materials, he said. ",{"type":594,"attrs":106200,"content":106201},{"textAlign":49},[106202],{"text":106203,"type":599},"“Together, these factors are amplifying Europe’s existing structural challenges,” Šefčovič said.",{"type":594,"attrs":106205,"content":106206},{"textAlign":49},[106207],{"text":106208,"type":599},"“If we do nothing on the critical minerals front, we will find ourselves in a similar dependency scenario vis a vis single suppliers to the one we have inherited on fossil fuels. ",{"type":657,"attrs":106210,"content":106211},{"level":15966,"textAlign":49},[106212],{"text":106213,"type":599},"Europe fights back ",{"type":594,"attrs":106215,"content":106216},{"textAlign":49},[106217],{"text":106218,"type":599},"Šefčovič remarks come just over a week after the European Commission laid out plans to bolster the bloc’s battery supply chain and production of critical minerals, in an effort to reduce reliance on China. ",{"type":594,"attrs":106220,"content":106221},{"textAlign":49},[106222,106224,106229],{"text":106223,"type":599},"The plans call for Europe to produce 40% of the clean energy technologies it needs by 2030 and to ",{"text":106225,"type":599,"marks":106226},"mine 10% of the critical minerals",[106227],{"type":604,"attrs":106228},{"href":74030,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":106231,"content":106232},{"textAlign":49},[106233],{"text":106234,"type":599},"Last year, Europe produced 5% of the world’s lithium ion batteries, and this is forecast by Benchmark to increase to 14% by 2030 as capacity in the region accelerates.",{"type":594,"attrs":106236,"content":106237},{"textAlign":49},[106238],{"text":106239,"type":599},"But although the region’s battery production is growing, Benchmark forecasts that demand for batteries in Europe will continue to outstrip supply, leading to an ever increasing deficit.",{"type":594,"attrs":106241,"content":106242},{"textAlign":49},[106243],{"type":1186,"attrs":106244},{"id":49,"alt":547,"src":106245,"title":49,"source":49,"copyright":49,"meta_data":106246},"https://a.storyblok.com/f/287943243085208/606f9f0a77/bm-europe-supply-demand.jpg",{},{"type":594,"attrs":106248,"content":106249},{"textAlign":49},[106250],{"text":106251,"type":599},"Last the total investment in Europe’s battery supply chain surpassed 180 billion euros ($195 billion) in 2022, Šefčovič said. ",{"type":594,"attrs":106253,"content":106254},{"textAlign":49},[106255],{"text":106256,"type":599},"“This shines a light on the battery sector as being strategic not only for Europe’s economic resilience, but also for our efforts to achieve climate neutrality by 2050,” he said.","Europe needs to “step up” its game at both EU and national level to remain competitive in the face of high energy prices and the threat from US climate subsidies, Maroš Šefčovič, the Vice President of the European Commission, warned. The region needs to be able to compete on a level playing field and also […]",[106259],{"slug":544,"name":543,"content":106260},{"job_title":557,"image":106261,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9a854fdc-1e77-40d2-a85f-3cdb93f79888\", \"id\": \"\"}-->",[106264,106265,106266],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":106268,"copyright":547,"fieldtype":553,"meta_data":106269,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2887159327/bm-maros-sefcovic-gigafactories-europe-2023.png",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 28, 2023",{"id":106272,"uuid":106273,"name":106274,"slug":106275,"full_slug":106276,"content":106277},112471592278659,"af83e94c-4da8-4977-841b-5e9354ec176f","Hungary to invest up to 10 billion euros in clean energy as it becomes key European battery producer","hungary-to-invest-up-to-10-billion-euros-in-clean-energy-as-it-becomes-key-european-battery-producer","article/hungary-to-invest-up-to-10-billion-euros-in-clean-energy-as-it-becomes-key-european-battery-producer",{"_uid":106278,"date":106123,"tags":106279,"editor":106282,"content":106286,"excerpt":106382,"featured":51,"reporter":106383,"_editable":106387,"component":864,"seo_title":106274,"categories":106388,"visibility":882,"author_company":49,"featured_image":106392,"seo_description":106382,"author_full_name":49,"author_job_title":49,"formattedDate":106270},"7f306685-0e3b-4074-b322-97d4847f5a3d",[106280,106281],{"slug":106126,"name":106127},{"slug":7718,"name":5872},[106283],{"slug":544,"name":543,"content":106284},{"job_title":557,"image":106285,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":106287},[106288,106301,106306,106318,106323,106328,106333,106338,106343,106350,106357,106362,106367,106372,106377],{"type":594,"attrs":106289,"content":106290},{"textAlign":49},[106291,106293,106299],{"text":106292,"type":599},"Hungary will invest up to ten billion euros this decade in clean energy as looks to transistion away from fossil fuels and become ",{"text":106294,"type":599,"marks":106295},"a centre for electric vehicle battery production",[106296],{"type":604,"attrs":106297},{"href":106298,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/hungary-set-to-be-europes-leading-tier-1-battery-producer-this-decade",{"text":106300,"type":599},", an energy official told Benchmark’s Gigafactories Europe conference in Budapest. ",{"type":594,"attrs":106302,"content":106303},{"textAlign":49},[106304],{"text":106305,"type":599},"Hungary has set a target to have net zero emissions by 2050 and wants 90% of its electricity generation to come from low-carbon sources by 2030. ",{"type":594,"attrs":106307,"content":106308},{"textAlign":49},[106309,106311,106316],{"text":106310,"type":599},"It is also set to ",{"text":106312,"type":599,"marks":106313},"become the second largest producer",[106314],{"type":604,"attrs":106315},{"href":106298,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":106317,"type":599}," of electric vehicle batteries after Germany this decade, according to Benchmark. ",{"type":594,"attrs":106319,"content":106320},{"textAlign":49},[106321],{"text":106322,"type":599},"“We will launch huge investments worth around nine to ten billion euros up to 2030 in the energy sector,” Viktor Horvath, the Deputy State Secretary for Hungary’s Ministry of Energy, told Benchmark Gigafactories Europe in Budapest. “This will be the biggest investment in Hungary in the last 50 years.”",{"type":594,"attrs":106324,"content":106325},{"textAlign":49},[106326],{"text":106327,"type":599},"Hungary is expected to produce over a third of Europe’s lithium ion batteries this year through gigafactories operated by Samsung SDI and SK Innovation.",{"type":594,"attrs":106329,"content":106330},{"textAlign":49},[106331],{"text":106332,"type":599},"This is set to increase further following a decision last year by China’s CATL to invest 7.34 billion euros ($7.9 billion) to build a gigafactory in Debrecen, in the North Great Plains region of Hungary.",{"type":594,"attrs":106334,"content":106335},{"textAlign":49},[106336],{"text":106337,"type":599},"This gigafactory will make up 48% of Hungary’s production capacity in 2030, according to Benchmark.",{"type":594,"attrs":106339,"content":106340},{"textAlign":49},[106341],{"text":106342,"type":599},"“It is now beyond dispute that Hungary has become one of the global leaders of this new automotive Europe,” István Joó, chief executive of the Hungarian Investment Promotion Agency, said at Benchmark’s Gigafactories Europe event today.",{"type":594,"attrs":106344,"content":106345},{"textAlign":49},[106346],{"type":1186,"attrs":106347},{"id":49,"alt":547,"src":106348,"title":49,"source":49,"copyright":49,"meta_data":106349},"https://a.storyblok.com/f/287943243085208/d93743ecc6/bm-hungary-battery-capacity.jpg",{},{"type":657,"attrs":106351,"content":106352},{"level":15966,"textAlign":49},[106353,106355],{"text":106354,"type":599},"A",{"text":106356,"type":599},"ttracting investment ",{"type":594,"attrs":106358,"content":106359},{"textAlign":49},[106360],{"text":106361,"type":599},"The country sits in a strong geopolitical position whereby it can both attract investment from China and the rest of Asia, whilst supplying European markets. ",{"type":594,"attrs":106363,"content":106364},{"textAlign":49},[106365],{"text":106366,"type":599},"“Many of our [clients] are in Europe. So it is clear that we needed to come here and be close to them the main European car producers,” Balázs Szilágyi, senior public affairs manager at CATL, told the conference. ",{"type":594,"attrs":106368,"content":106369},{"textAlign":49},[106370],{"text":106371,"type":599},"The country’s prime minister Viktor Orban has courted Chinese investment, even as the rest of the European Union remains more wary. ",{"type":594,"attrs":106373,"content":106374},{"textAlign":49},[106375],{"text":106376,"type":599},"This comes in part from Hungary having the lowest corporate tax rate in the bloc and a fast permitting process, according to Joó.",{"type":594,"attrs":106378,"content":106379},{"textAlign":49},[106380],{"text":106381,"type":599},"“The international markets are already talking about Hungary as a meeting point between the West and the East,” Joó said. “The ecosystem has attracted more than 14 billion euros of foreign direct investment, and these investments created 30,000 new jobs for the economy.”","Hungary will invest up to ten billion euros this decade in clean energy as looks to transistion away from fossil fuels and become a centre for electric vehicle battery production, an energy official told Benchmark’s Gigafactories Europe conference in Budapest. Hungary has set a target to have net zero emissions by 2050 and wants 90% […]",[106384],{"slug":544,"name":543,"content":106385},{"job_title":557,"image":106386,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7f306685-0e3b-4074-b322-97d4847f5a3d\", \"id\": \"\"}-->",[106389,106390,106391],{"slug":2499,"name":2500},{"slug":880,"name":881},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":106393,"copyright":547,"fieldtype":553,"meta_data":106394,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d023572658/bm-img-6199.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":106396,"uuid":106397,"name":106398,"slug":106399,"full_slug":106400,"content":106401},112471606602374,"a231f391-2189-4e03-b2d0-9337173876e0","OPINION: How Europe’s electricity market design could be a game changer for energy storage","opinion-how-europes-electricity-market-design-could-be-a-game-changer-for-energy-storage","article/opinion-how-europes-electricity-market-design-could-be-a-game-changer-for-energy-storage",{"_uid":106402,"date":106403,"tags":106404,"editor":106408,"content":106412,"excerpt":106613,"featured":50,"reporter":106614,"_editable":106618,"component":864,"seo_title":106398,"categories":106619,"visibility":882,"author_company":106622,"featured_image":106623,"seo_description":106613,"author_full_name":106626,"author_job_title":49,"formattedDate":106627},"013e4276-b30f-4985-9cf4-4028b2d60578","2023-03-27 00:00",[106405,106406,106407],{"slug":2790,"name":2791},{"slug":41666,"name":41667},{"slug":4610,"name":662},[106409],{"slug":544,"name":543,"content":106410},{"job_title":557,"image":106411,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":106413},[106414,106425,106430,106443,106448,106453,106458,106463,106468,106473,106478,106483,106488,106493,106499,106504,106509,106514,106519,106524,106529,106534,106539,106544,106549,106554,106559,106564,106569,106574,106581,106586,106591,106596,106601,106606],{"type":594,"attrs":106415,"content":106416},{"textAlign":49},[106417,106419,106424],{"text":106418,"type":599},"The European Union aims to achieve a sustainable and independent energy supply by phasing out fossil fuels and focusing on renewables with ",{"text":12716,"type":599,"marks":106420},[106421],{"type":604,"attrs":106422},{"href":106423,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-do-europes-energy-storage-incentives-compare-to-the-usas-ira",{"text":974,"type":599},{"type":594,"attrs":106426,"content":106427},{"textAlign":49},[106428],{"text":106429,"type":599},"The European Commission on 14 March 2023 announced its proposal to reform the Electricity Market Design (EMD), to boost renewables, protect consumers, and enhance industrial competitiveness. ",{"type":594,"attrs":106431,"content":106432},{"textAlign":49},[106433,106435,106441],{"text":106434,"type":599},"This proposal for a new EMD is the European Union’s strongest recognition of ",{"text":106436,"type":599,"marks":106437},"energy storage’s",[106438],{"type":604,"attrs":106439},{"href":106440,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/should-europe-follow-uks-lead-to-enable-successful-grid-energy-storage-deployment",{"text":106442,"type":599}," role in the energy transition to date. ",{"type":594,"attrs":106444,"content":106445},{"textAlign":49},[106446],{"text":106447,"type":599},"The Energy Commissioner, Kadri Simson, said at the EMD’s press conference that the Commission will “incentivise storage because this helps us to replace the dependence on fossil-fuel power generation, gas and oil”.",{"type":594,"attrs":106449,"content":106450},{"textAlign":49},[106451],{"text":106452,"type":599},"This should not surprise: the new market design proposal comes in the aftermath of the Russian invasion of Ukraine and the consequent energy crisis. Relying on expensive fossil fuel imports to compensate for renewable variability (i.e. relying on “gas peakers”, such as gas turbines, when the sun doesn’t shine or the wind doesn’t blow) has been a mistake. ",{"type":594,"attrs":106454,"content":106455},{"textAlign":49},[106456],{"text":106457,"type":599},"It has led to huge energy supply challenges and high and volatile energy prices. For policymakers, energy storage is the solution to achieve a stable and reliable decarbonised grid, while keeping prices low and reducing energy dependency.",{"type":594,"attrs":106459,"content":106460},{"textAlign":49},[106461],{"text":106462,"type":599},"Besides, the European Union aims to be climate neutral by 2050, with an intermediate target of a 55% net reduction of greenhouse-gas emissions compared to 1990 levels by 2030. ",{"type":594,"attrs":106464,"content":106465},{"textAlign":49},[106466],{"text":106467,"type":599},"To make this happen, renewables and energy storage deployment needs to accelerate even more, and curtailment – renewable energy being wasted during periods of overproduction – needs to be reduced.",{"type":594,"attrs":106469,"content":106470},{"textAlign":49},[106471],{"text":106472,"type":599},"The European Commission has decided to put forward a proposal, which will be discussed and amended by the European Parliament and Council already in the next few months: the final text may be complete by the end of this year as it is a priority for the European Union.",{"type":594,"attrs":106474,"content":106475},{"textAlign":49},[106476],{"text":106477,"type":599},"But how can this electricity market reform impact the energy storage sector?",{"type":657,"attrs":106479,"content":106480},{"level":15966,"textAlign":49},[106481],{"text":106482,"type":599},"First, it can strengthen the energy storage business case by introducing new market products.",{"type":594,"attrs":106484,"content":106485},{"textAlign":49},[106486],{"text":106487,"type":599},"The Commission is allowing the introduction of a peak-shaving product so that Transmission System Operators can call for demand reduction during peak hours. Demand reduction includes either reducing electricity consumption or using stored energy. ",{"type":594,"attrs":106489,"content":106490},{"textAlign":49},[106491],{"text":106492,"type":599},"While this proposal is positive, it is not clear whether only behind-the-meter or also front-of-the-meter can participate.",{"type":657,"attrs":106494,"content":106495},{"level":15966,"textAlign":49},[106496,106498],{"text":106497,"type":599},"Second, it can accelerate the deployment of storage facilities by introducing subsidies",{"text":17632,"type":599},{"type":594,"attrs":106500,"content":106501},{"textAlign":49},[106502],{"text":106503,"type":599},"The Commission proposal allows member states to set up specific support schemes for energy storage. ",{"type":594,"attrs":106505,"content":106506},{"textAlign":49},[106507],{"text":106508,"type":599},"These schemes are limited to new investments that bid in open and transparent competitive auctions, and it seeks to preserve exposure to price signals by setting a minimum level of participation in markets and applying penalties for capacity providers not respecting the rules. ",{"type":594,"attrs":106510,"content":106511},{"textAlign":49},[106512],{"text":106513,"type":599},"This design strikes a good balance between providing much-needed public support and also ensuring exposure to the market.",{"type":657,"attrs":106515,"content":106516},{"level":15966,"textAlign":49},[106517],{"text":106518,"type":599},"Third, it can improve revenue predictability. ",{"type":594,"attrs":106520,"content":106521},{"textAlign":49},[106522],{"text":106523,"type":599},"The Commission incentivises the use of Power Purchase Agreements to shield more consumers from market volatility with long-term contracts that lock-in stable prices. Energy storage can participate in PPAs by guaranteeing 24/7 access to renewable energy but the current proposal lacks consideration of time-matching generation and consumption to ensure the PPA is fully renewable. ",{"type":594,"attrs":106525,"content":106526},{"textAlign":49},[106527],{"text":106528,"type":599},"Additionally, in the context of Capacity Markets, the new Commission electricity market design encourages Member States to promote non-fossil flexibility in capacity markets – excluding polluting fossil fuel plants from the auction. ",{"type":594,"attrs":106530,"content":106531},{"textAlign":49},[106532],{"text":106533,"type":599},"Gas “peakers” win the overwhelming majority of capacity auctions across Europe, so such change would open many new opportunities for energy storage.",{"type":594,"attrs":106535,"content":106536},{"textAlign":49},[106537],{"text":106538,"type":599},"Yet, member states are not legally obliged to reform Capacity Markets – it is up to them whether and how to reform.",{"type":657,"attrs":106540,"content":106541},{"level":15966,"textAlign":49},[106542],{"text":106543,"type":599},"Fourth, it can provide long-term investment signals. ",{"type":594,"attrs":106545,"content":106546},{"textAlign":49},[106547],{"text":106548,"type":599},"For example, the EMD proposal requires member states to set an indicative national objective for demand response and energy storage – member states must assess the flexibility needs (for different timeframes, e.g. shorter-and longer duration) in the electricity system with a 5-year horizon every two years. ",{"type":594,"attrs":106550,"content":106551},{"textAlign":49},[106552],{"text":106553,"type":599},"This will clearly show investors the needs and opportunities for energy storage in a specific country. This proposal will also open the door to longer duration technologies. ",{"type":594,"attrs":106555,"content":106556},{"textAlign":49},[106557],{"text":106558,"type":599},"Unfortunately, this national flexibility objective is only partially described – more details are needed to understand its actual impact.",{"type":657,"attrs":106560,"content":106561},{"level":15966,"textAlign":49},[106562],{"text":106563,"type":599},"Fifth, it can reform system planning and operation. ",{"type":594,"attrs":106565,"content":106566},{"textAlign":49},[106567],{"text":106568,"type":599},"The EMD proposal indicates that the tariff methodologies of transmission system operators (TSOs) and distribution system operators (DSOs) shall consider balancing between both capital expenditure and operational expenditure to better support the use of flexibility services. ",{"type":594,"attrs":106570,"content":106571},{"textAlign":49},[106572],{"text":106573,"type":599},"TSOs and DSO often do not take into consideration the value of flexibility in the logic of the tariffs they charge to energy storage firms. When it comes to system planning, energy storage is often ignored due to its high initial capital requirements but then its lower operating costs is not taken into account. ",{"type":594,"attrs":106575,"content":106576},{"textAlign":49},[106577,106579],{"text":106578,"type":599},"This proposal, by de facto analysing system needs with a total expenditure methodology is key to promoting non-fossil flexibility.",{"text":106580,"type":599},"However, a clear requirement on a total expenditure approach for tariff methodology is not discussed.",{"type":594,"attrs":106582,"content":106583},{"textAlign":49},[106584],{"text":106585,"type":599},"Summing up, the electricity markets reforms proposal can make European markets more storage-friendly. It is encouraging that the EU electricity market design is recognising the crucial role of energy storage in the energy transition. ",{"type":594,"attrs":106587,"content":106588},{"textAlign":49},[106589],{"text":106590,"type":599},"The United States or Australia have already been proactively unlocking the role of storage in their energy systems and it is important that now the European Union is starting to wake up to its potential.",{"type":594,"attrs":106592,"content":106593},{"textAlign":49},[106594],{"text":106595,"type":599},"However, European member states are given significant leeway in implementing the European Union regulatory framework. On the one hand, this makes sense – it accounts for the different member states’ characteristics. ",{"type":594,"attrs":106597,"content":106598},{"textAlign":49},[106599],{"text":106600,"type":599},"On the other hand, it means European electricity markets may become more different from one another and therefore less integrated: this may turn investors away. ",{"type":594,"attrs":106602,"content":106603},{"textAlign":49},[106604],{"text":106605,"type":599},"But the Commission’s electricity market reform proposal is a great foundation for boosting energy storage’s role in the energy system; with specific improvements it can fully unlock its potential.",{"type":594,"attrs":106607,"content":106608},{"textAlign":49},[106609],{"text":106610,"type":599,"marks":106611},"Jacopo is Head of Policy at EASE, Thomas is a Policy Officer, and Benjamin is a Policy Assistant",[106612],{"type":643},"The European Union aims to achieve a sustainable and independent energy supply by phasing out fossil fuels and focusing on renewables with energy storage. The European Commission on 14 March 2023 announced its proposal to reform the Electricity Market Design (EMD), to boost renewables, protect consumers, and enhance industrial competitiveness. This proposal for a new […]",[106615],{"slug":544,"name":543,"content":106616},{"job_title":557,"image":106617,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"013e4276-b30f-4985-9cf4-4028b2d60578\", \"id\": \"\"}-->",[106620,106621],{"slug":2499,"name":2500},{"slug":16964,"name":16965},"European Association for Storage of Energy",{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":106624,"copyright":547,"fieldtype":553,"meta_data":106625,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a2759e7dc8/bm-europe-energy-storage.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jacopo Tosoni, Benjamin Piatt and Thomas Lewis ","Mar 27, 2023",{"id":106629,"uuid":106630,"name":106631,"slug":106632,"full_slug":106633,"content":106634},112471601793669,"6b53538f-8c54-4358-89c6-dc01abb954b6","China’s GEM aims for US IRA compliance with SK, EcoPro South Korea precursor plant","chinas-gem-aims-for-us-ira-compliance-with-sk-ecopro-south-korea-precursor-plant","article/chinas-gem-aims-for-us-ira-compliance-with-sk-ecopro-south-korea-precursor-plant",{"_uid":106635,"date":106403,"tags":106636,"editor":106638,"content":106642,"excerpt":106732,"featured":51,"reporter":106733,"_editable":106737,"component":864,"seo_title":106631,"categories":106738,"visibility":882,"author_company":49,"featured_image":106740,"seo_description":106732,"author_full_name":49,"author_job_title":49,"formattedDate":106627},"925b6351-510c-4372-854c-a26bc3b3e69f",[106637],{"slug":8694,"name":8695},[106639],{"slug":544,"name":543,"content":106640},{"job_title":557,"image":106641,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":106643},[106644,106649,106654,106659,106664,106669,106674,106679,106692,106697,106702,106707,106712,106717,106722,106727],{"type":594,"attrs":106645,"content":106646},{"textAlign":49},[106647],{"text":106648,"type":599},"China’s largest battery recycling company GEM agreed to build an electric vehicle battery precursor plant in South Korea with SK On and EcoPro, in a move that will test the eligibility requirements of the US Inflation Reduction Act. ",{"type":594,"attrs":106650,"content":106651},{"textAlign":49},[106652],{"text":106653,"type":599},"Shenzhen-listed GEM said the parties had agreed to adjust their equity ownership of the project to satisfy the requirements to obtain tax credits under the US IRA, especially the provision against “foreign entities of concern” being involved in the battery supply chain. ",{"type":594,"attrs":106655,"content":106656},{"textAlign":49},[106657],{"text":106658,"type":599},"GEM plans to have a 49% stake in the project, with SK On and EcoPro each owning a 25.5% stake. ",{"type":594,"attrs":106660,"content":106661},{"textAlign":49},[106662],{"text":106663,"type":599},"“GEM agrees to dilute its stake … to meet IRA requirements in order to receive the maximum amount of tax credit allowed,” it said. ",{"type":594,"attrs":106665,"content":106666},{"textAlign":49},[106667],{"text":106668,"type":599},"The deal comes as the US Treasury is set to finalise the rules on the IRA’s tax credits and how they will be implemented. A key area of focus will be how strictly they uphold provisions in the IRA that rule out the involvement of “foreign entities of concern” in the processing of critical minerals and manufacturing of battery components. ",{"type":594,"attrs":106670,"content":106671},{"textAlign":49},[106672],{"text":106673,"type":599},"The IRA requires electric vehicle makers to extract or process a certain percentage of the value of the critical battery minerals from countries with which the US has a free trade agreement to obtain $3,750 in EV tax credits. To obtain the other $3,750 a certain percentage of the battery components have to be manufactured in North America. ",{"type":594,"attrs":106675,"content":106676},{"textAlign":49},[106677],{"text":106678,"type":599},"The US has a free trade agreement (FTA) with South Korea, which makes it eligible otherwise. ",{"type":594,"attrs":106680,"content":106681},{"textAlign":49},[106682,106684,106690],{"text":106683,"type":599},"But South Korea imports the bulk of its precursor materials (PCAM) from China where 69% of the world’s nickel sulphate and 65% of the world’s cobalt is refined, according to Benchmark estimates. Further, Korea is also heavily reliant on the ",{"text":106685,"type":599,"marks":106686},"Chinese supply chain",[106687],{"type":604,"attrs":106688},{"href":106689,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-yahua-deepens-presence-in-south-koreas-battery-supply-chain",{"text":106691,"type":599}," for raw materials.",{"type":657,"attrs":106693,"content":106694},{"level":15966,"textAlign":49},[106695],{"text":106696,"type":599},"Targeting 100,000 tonnes capacity  ",{"type":594,"attrs":106698,"content":106699},{"textAlign":49},[106700],{"text":106701,"type":599},"The three companies said they would invest a total of 1.21 trillion South Korean won (about $931 million) in the Saemangeum plant, a site located in the southwestern part of Korean Peninsula. ",{"type":594,"attrs":106703,"content":106704},{"textAlign":49},[106705],{"text":106706,"type":599},"The construction for the joint venture plant is expected to be completed by the end of 2024 and will have an annual capacity of 50,000 tonnes of high nickel precursor material. ",{"type":594,"attrs":106708,"content":106709},{"textAlign":49},[106710],{"text":106711,"type":599},"GEM said it would start out with a capacity to produce 43,000 tonnes a year of high nickel materials, and could be expanded to 100,000 tonnes depending on market demand. ",{"type":594,"attrs":106713,"content":106714},{"textAlign":49},[106715],{"text":106716,"type":599},"Precursors are a compound mixed with critical battery materials such as nickel, cobalt, and manganese and account for up to 70% of the cost of cathode materials. ",{"type":594,"attrs":106718,"content":106719},{"textAlign":49},[106720],{"text":106721,"type":599},"SK On said 50,000 tonnes of precursors can produce the cathode materials that is enough to power about 300,000 units of electric vehicles with large 105 kilowatt hour batteries.",{"type":594,"attrs":106723,"content":106724},{"textAlign":49},[106725],{"text":106726,"type":599},"The plant will use nickel mixed hydroxide precipitate (MHP) sourced from Indonesia where the three companies had in November announced plans to build a nickel MHP plant. The Indonesian plant is expected to produce 30,000 tonnes of pure nickel a year starting the third quarter of 2024. ",{"type":594,"attrs":106728,"content":106729},{"textAlign":49},[106730],{"text":106731,"type":599},"The production amount is equivalent to 43 gigawatt hours (GWh) of electric vehicle batteries, which is enough to power 600,000 electric vehicles. ","China’s largest battery recycling company GEM agreed to build an electric vehicle battery precursor plant in South Korea with SK On and EcoPro, in a move that will test the eligibility requirements of the US Inflation Reduction Act. Shenzhen-listed GEM said the parties had agreed to adjust their equity ownership of the project to satisfy […]",[106734],{"slug":544,"name":543,"content":106735},{"job_title":557,"image":106736,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"925b6351-510c-4372-854c-a26bc3b3e69f\", \"id\": \"\"}-->",[106739],{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":106741,"copyright":547,"fieldtype":553,"meta_data":106742,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8492e890c6/bm-gem-co-e1649846422573.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":106744,"uuid":106745,"name":106746,"slug":106747,"full_slug":106748,"content":106749},112471611173511,"7713a3a9-caba-4e40-89e4-885e5a8251be","The looming US and Europe cathode shortage","the-looming-us-and-europe-cathode-shortage","article/the-looming-us-and-europe-cathode-shortage",{"_uid":106750,"date":106751,"tags":106752,"editor":106754,"content":106758,"excerpt":106794,"featured":50,"reporter":106795,"_editable":106799,"component":864,"seo_title":106746,"categories":106800,"visibility":882,"author_company":49,"data_vis_image":106802,"featured_image":106805,"seo_description":106794,"author_full_name":49,"author_job_title":49,"formattedDate":106808},"11f4a844-77e0-432d-9183-07b227dad35f","2023-03-24 00:00",[106753],{"slug":578,"name":579},[106755],{"slug":544,"name":543,"content":106756},{"job_title":557,"image":106757,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":106759},[106760,106765,106777,106782,106787],{"type":594,"attrs":106761,"content":106762},{"textAlign":49},[106763],{"text":106764,"type":599},"The US and Europe face a looming shortage of cathodes that could leave automakers reliant on Chinese supply for production of electric vehicles, according to Benchmark. ",{"type":594,"attrs":106766,"content":106767},{"textAlign":49},[106768,106770,106776],{"text":106769,"type":599},"Investments in planned battery production capacity in Europe and the US grew rapidly in 2022, but the midstream has yet to catch up, ",{"text":106771,"type":599,"marks":106772},"according to James Mills, an analyst at Benchmark",[106773],{"type":604,"attrs":106774},{"href":106775,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/lithium-filling-the-supply-gap",{"text":974,"type":599},{"type":594,"attrs":106778,"content":106779},{"textAlign":49},[106780],{"text":106781,"type":599},"This could leave automakers in both regions reliant on Chinese cathode materials, which could become ineligible for government subsidies. This is especially the case in the US, where the Inflation Reduction Act rules out sourcing supplies from “Foreign Entities of Concern.” ",{"type":594,"attrs":106783,"content":106784},{"textAlign":49},[106785],{"text":106786,"type":599},"“The real focus in the downstream to developing regional capacity that really needs to happen in the midstream as well,” he said. “Otherwise there’s a very strong risk of failure of developing and meeting the particular objectives of these regions.”  ",{"type":594,"attrs":106788,"content":106789},{"textAlign":49},[106790],{"type":1186,"attrs":106791},{"id":49,"alt":547,"src":106792,"title":49,"source":49,"copyright":49,"meta_data":106793},"https://a.storyblok.com/f/287943243085208/c730e97b71/bm-cathode-bottlenecks-1.jpg",{},"The US and Europe face a looming shortage of cathodes that could leave automakers reliant on Chinese supply for production of electric vehicles, according to Benchmark. Investments in planned battery production capacity in Europe and the US grew rapidly in 2022, but the midstream has yet to catch up, according to James Mills, an analyst […]",[106796],{"slug":544,"name":543,"content":106797},{"job_title":557,"image":106798,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"11f4a844-77e0-432d-9183-07b227dad35f\", \"id\": \"\"}-->",[106801],{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":106803,"copyright":547,"fieldtype":553,"meta_data":106804,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1692313296/www-production/looming/looming.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":106806,"copyright":547,"fieldtype":553,"meta_data":106807,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5a559ab8e2/bm-regional-cathode-capacity-featured.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 24, 2023",{"id":106810,"uuid":106811,"name":106812,"slug":106813,"full_slug":106814,"content":106815},112471620799114,"e44f8314-48f6-4398-84e5-066fede55a8f","Chinese lithium prices almost halve from November peak as demand weakens","chinese-lithium-prices-almost-halve-from-november-peak-as-demand-weakens","article/chinese-lithium-prices-almost-halve-from-november-peak-as-demand-weakens",{"_uid":106816,"date":106817,"tags":106818,"editor":106820,"content":106824,"excerpt":106964,"featured":50,"reporter":106965,"_editable":106969,"component":864,"seo_title":106812,"categories":106970,"visibility":882,"author_company":49,"featured_image":106972,"seo_description":106964,"author_full_name":49,"author_job_title":49,"formattedDate":106975},"fd4b8242-fc21-4206-817e-de15b6bf5870","2023-03-23 00:00",[106819],{"slug":910,"name":911},[106821],{"slug":544,"name":543,"content":106822},{"job_title":557,"image":106823,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":106825},[106826,106838,106843,106848,106853,106860,106865,106870,106875,106880,106885,106890,106895,106900,106905,106910,106915,106920,106925,106937,106942,106949,106954,106959],{"type":594,"attrs":106827,"content":106828},{"textAlign":49},[106829,106830,106836],{"text":81062,"type":599},{"text":106831,"type":599,"marks":106832},"lithium spot prices",[106833],{"type":604,"attrs":106834},{"href":106835,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/lithium-lithium-pricing",{"text":106837,"type":599}," have almost halved since November and fell for the fifteenth straight week in late March as consumers held off buying material in the face of uncertainty over electric vehicle demand. ",{"type":594,"attrs":106839,"content":106840},{"textAlign":49},[106841],{"text":106842,"type":599},"Chinese battery-grade lithium carbonate prices have fallen 43% since hitting an all time high of RMB 569,000 ($81,965) a tonne in November, according to Benchmark Lithium Price Assessment. They fell by 8% over the past week, while lithium hydroxide prices dropped by 3.6%.  ",{"type":594,"attrs":106844,"content":106845},{"textAlign":49},[106846],{"text":106847,"type":599},"The falling prices have caused consumers to draw from depleting inventories instead of placing new orders on a spot basis. Traders are also holding back from engaging in market activity, as they wait to see if prices move lower – adding to weak demand in the spot market. ",{"type":594,"attrs":106849,"content":106850},{"textAlign":49},[106851],{"text":106852,"type":599},"“Producers across the supply chain continue to destock inventories, weighing on demand and pressuring prices,” Daisy Jennings-Gray, an analyst at Benchmark, said. ",{"type":594,"attrs":106854,"content":106855},{"textAlign":49},[106856],{"type":1186,"attrs":106857},{"id":49,"alt":547,"src":106858,"title":49,"source":49,"copyright":49,"meta_data":106859},"https://a.storyblok.com/f/287943243085208/7f3fc24b13/bm-lithium-prices-graph-1.png",{},{"type":657,"attrs":106861,"content":106862},{"level":15966,"textAlign":49},[106863],{"text":106864,"type":599},"China warns against EV price war ",{"type":594,"attrs":106866,"content":106867},{"textAlign":49},[106868],{"text":106869,"type":599},"Chinese electric vehicle producers have cut prices this year, sparking an escalating price war, in a bid to boost demand in the country. ",{"type":594,"attrs":106871,"content":106872},{"textAlign":49},[106873],{"text":106874,"type":599},"In addition, China’s largest battery producer CATL has also offered select customers cheaper battery prices in return for guaranteed orders, in a bid to secure sales. ",{"type":594,"attrs":106876,"content":106877},{"textAlign":49},[106878],{"text":106879,"type":599},"The China Association of Automobile Manufacturers warned the industry against cutting prices further this week. ",{"type":594,"attrs":106881,"content":106882},{"textAlign":49},[106883],{"text":106884,"type":599},"“Cutting inventories and recovering costs are acceptable business practices, but attention should be paid to prevent such acts from devolving into price wars,” it said.",{"type":594,"attrs":106886,"content":106887},{"textAlign":49},[106888],{"text":106889,"type":599},"EV producers also face growing competition from internal combustion engines after a few traditional automakers in China have offered as much as 50% discounts in a bid to move excess inventory ahead of new emissions norms expected to come into effect in July.",{"type":594,"attrs":106891,"content":106892},{"textAlign":49},[106893],{"text":106894,"type":599},"BYD, China’s largest electric vehicle producer, has reduced shifts at two of its assembly plants in China, Reuters reported this week.",{"type":594,"attrs":106896,"content":106897},{"textAlign":49},[106898],{"text":106899,"type":599},"Chinese electric vehicle maker Nio recently said it believes there is room for more price declines for lithium.",{"type":594,"attrs":106901,"content":106902},{"textAlign":49},[106903],{"text":106904,"type":599},"“And starting from this year, we are going to see more output from the upstream capacities,” William Li, CEO, Nio, told analysts in an earnings call earlier this month.",{"type":594,"attrs":106906,"content":106907},{"textAlign":49},[106908],{"text":106909,"type":599},"“At the same time, considering the market demand, we believe the demand probably is not going to be strong compared with the past. But if we balance the supply and the demand regarding the lithium carbonate, probably in the fourth quarter of this year it is quite likely the lithium carbonate will go down to around 200,000 RMB a tonne or even lower,” Li said.",{"type":657,"attrs":106911,"content":106912},{"level":15966,"textAlign":49},[106913],{"text":106914,"type":599},"China’s lithium weakness spreads to Asia",{"type":594,"attrs":106916,"content":106917},{"textAlign":49},[106918],{"text":106919,"type":599},"The impact of price decline in China is also being felt in ex-China spot prices which have begun to fall but are still at a premium. CIF Asia spot lithium carbonate prices fell by 9% over the past week, according to Benchmark, to $57,500 a tonne.",{"type":594,"attrs":106921,"content":106922},{"textAlign":49},[106923],{"text":106924,"type":599},"Excess lithium carbonate material has been offered at lower prices into Japan and South Korea from both Chinese producers and traders, as well as South American incumbents looking to shift spot volumes amid weak demand from customers in China.",{"type":594,"attrs":106926,"content":106927},{"textAlign":49},[106928,106930,106935],{"text":106929,"type":599},"The market is also set to see ",{"text":106931,"type":599,"marks":106932},"more supply",[106933],{"type":604,"attrs":106934},{"href":106775,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":106936,"type":599}," from China’s brines in Qinghai as well as domestic lepidolite resources this year. ",{"type":594,"attrs":106938,"content":106939},{"textAlign":49},[106940],{"text":106941,"type":599},"Still, any uptick in demand in China will see already low-level inventories deplete further, possibly stabilising prices in the second quarter, which is typically a stronger quarter for demand, according to Jennings-Gray.  ",{"type":657,"attrs":106943,"content":106944},{"level":15966,"textAlign":49},[106945,106947],{"text":106946,"type":599},"Lithium hydroxide premium",{"text":106948,"type":599}," endures",{"type":594,"attrs":106950,"content":106951},{"textAlign":49},[106952],{"text":106953,"type":599},"Lithium carbonate prices have endured the brunt of the downturn this year, however, with lithium hydroxide prices remaining more stable. ",{"type":594,"attrs":106955,"content":106956},{"textAlign":49},[106957],{"text":106958,"type":599},"The domestic lithium hydroxide price premium over lithium carbonate widened further to RMB 74,000/tonne ($10,725) this month, with contacts reporting that more stable spodumene prices were squeezing hydroxide converter margins.",{"type":594,"attrs":106960,"content":106961},{"textAlign":49},[106962],{"text":106963,"type":599},"Spodumene concentrate pricing fell only 6% between 8 March and 22 March to $5,050/tonne (FOB Australia), with transactions recorded between $4,600-5,500/tonne.","Chinese lithium spot prices have almost halved since November and fell for the fifteenth straight week in late March as consumers held off buying material in the face of uncertainty over electric vehicle demand. Chinese battery-grade lithium carbonate prices have fallen 43% since hitting an all time high of RMB 569,000 ($81,965) a tonne in […]",[106966],{"slug":544,"name":543,"content":106967},{"job_title":557,"image":106968,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fd4b8242-fc21-4206-817e-de15b6bf5870\", \"id\": \"\"}-->",[106971],{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":106973,"copyright":547,"fieldtype":553,"meta_data":106974,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/385f074804/bm-lithium-nevada.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 23, 2023",{"id":106977,"uuid":106978,"name":106979,"slug":106980,"full_slug":106981,"content":106982},112471640009358,"fa4868bb-7068-4bfc-b70c-0262a180cc96","Infographic: How EV choice affects lithium, nickel, and cobalt demand","infographic-how-ev-choice-affects-lithium-nickel-and-cobalt-demand","article/infographic-how-ev-choice-affects-lithium-nickel-and-cobalt-demand",{"_uid":106983,"date":106984,"tags":106985,"editor":106987,"content":106991,"excerpt":107020,"featured":51,"reporter":107021,"_editable":107025,"component":864,"seo_title":106979,"categories":107026,"visibility":882,"author_company":49,"featured_image":107032,"seo_description":107020,"author_full_name":49,"author_job_title":49,"formattedDate":107035},"8485605c-7728-4152-919a-ee54607858c3","2023-03-22 00:00",[106986],{"slug":578,"name":579},[106988],{"slug":544,"name":543,"content":106989},{"job_title":557,"image":106990,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":106992},[106993,106998,107003,107008,107013],{"type":594,"attrs":106994,"content":106995},{"textAlign":49},[106996],{"text":106997,"type":599},"The decision to buy any electric vehicle (EV) based on its range, type, battery pack and end use has a direct impact on critical battery material demand.",{"type":594,"attrs":106999,"content":107000},{"textAlign":49},[107001],{"text":107002,"type":599},"The amount of lithium, nickel and cobalt that goes into making a battery pack varies greatly across different electric vehicle models, depending on the battery pack’s size and cathode chemistry. ",{"type":594,"attrs":107004,"content":107005},{"textAlign":49},[107006],{"text":107007,"type":599},"In fact, based on the upper range of Benchmark’s analysis, if you replaced all 1.5 billion vehicles on the road with a Wuling Mini you would use 8.25 million tonnes of lithium. If you replaced them with a Tesla Model 3 you would use eight times as much.",{"type":594,"attrs":107009,"content":107010},{"textAlign":49},[107011],{"text":107012,"type":599},"In the infographic below we have assessed what different battery pack sizes and cathode chemistries means for lithium, cobalt, and nickel use in each electric vehicle.",{"type":594,"attrs":107014,"content":107015},{"textAlign":49},[107016],{"type":1186,"attrs":107017},{"id":49,"alt":547,"src":107018,"title":49,"source":49,"copyright":49,"meta_data":107019},"https://a.storyblok.com/f/287943243085208/ae322d8df0/bm-how-car-size-impacts-mineral-demand-bmi-logo.jpg",{},"The decision to buy any electric vehicle (EV) based on its range, type, battery pack and end use has a direct impact on critical battery material demand. The amount of lithium, nickel and cobalt that goes into making a battery pack varies greatly across different electric vehicle models, depending on the battery pack’s size and […]",[107022],{"slug":544,"name":543,"content":107023},{"job_title":557,"image":107024,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8485605c-7728-4152-919a-ee54607858c3\", \"id\": \"\"}-->",[107027,107028,107029,107030,107031],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":107033,"copyright":547,"fieldtype":553,"meta_data":107034,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ef94dc4d56/bm-how-car-size-impacts-mineral-demand-cover-image-1920x1080-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 22, 2023",{"id":107037,"uuid":107038,"name":107039,"slug":107040,"full_slug":107041,"content":107042},112471630342796,"c6a822b4-5f65-48fb-b1b9-24055aad6260","Nickel refiners in Indonesia lag global peers on water pollution monitoring","nickel-refiners-in-indonesia-lag-global-peers-on-water-pollution-monitoring","article/nickel-refiners-in-indonesia-lag-global-peers-on-water-pollution-monitoring",{"_uid":107043,"date":106984,"tags":107044,"editor":107054,"content":107058,"excerpt":107252,"featured":51,"reporter":107253,"_editable":107257,"component":864,"seo_title":107039,"categories":107258,"visibility":2091,"author_company":49,"featured_image":107262,"seo_description":107252,"author_full_name":49,"author_job_title":49,"formattedDate":107035},"ad41dfd8-c985-4f6c-aef6-55dd13a4ad5a",[107045,107046,107047,107050,107053],{"slug":7997,"name":7998},{"slug":71065,"name":71066},{"slug":107048,"name":107049},"water-pollution","Water pollution",{"slug":107051,"name":107052},"world-water-day","World Water Day",{"slug":23760,"name":23761},[107055],{"slug":544,"name":543,"content":107056},{"job_title":557,"image":107057,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":107059},[107060,107071,107076,107088,107107,107112,107117,107124,107129,107134,107139,107151,107170,107180,107185,107190,107195,107206,107211,107216,107221,107226,107231,107238,107245],{"type":594,"attrs":107061,"content":107062},{"textAlign":49},[107063,107065,107070],{"text":107064,"type":599},"Indonesia is set to be the largest supplier of nickel to the battery industry this decade, yet only a quarter of refiners operating in the country have water pollution monitoring systems in place, according to ",{"text":107066,"type":599,"marks":107067},"Benchmark’s Nickel ESG report",[107068],{"type":604,"attrs":107069},{"href":106074,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":107072,"content":107073},{"textAlign":49},[107074],{"text":107075,"type":599},"Indonesian nickel refiners are lagging far behind the global rate of 48% of operating nickel refiners having monitoring systems in place, according to Benchmark. ",{"type":594,"attrs":107077,"content":107078},{"textAlign":49},[107079,107081,107086],{"text":107080,"type":599},"The data comes amid increasing concerns about the potential ",{"text":107082,"type":599,"marks":107083},"environmental impact of nickel production in Indonesia",[107084],{"type":604,"attrs":107085},{"href":91928,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107087,"type":599},", with reports of the pollution of local water supplies from the nickel industry. The country is rich in biodiversity, and home to a number of unique species, coral reefs and marine life. ",{"type":594,"attrs":107089,"content":107090},{"textAlign":49},[107091,107093,107099,107101,107106],{"text":107092,"type":599},"The country is set to account for 60% of the ",{"text":107094,"type":599,"marks":107095},"nickel market by 2030",[107096],{"type":604,"attrs":107097},{"href":107098,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indonesia-set-for-five-fold-increase-in-battery-nickel-supply",{"text":107100,"type":599},", according to Benchmark, making sustainability issues a key concern for the ",{"text":107102,"type":599,"marks":107103},"world’s largest automakers",[107104],{"type":604,"attrs":107105},{"href":101003,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":107108,"content":107109},{"textAlign":49},[107110],{"text":107111,"type":599},"Elizaveta Kremer-Nidzelskaya, an ESG analyst at Benchmark, argues that regulatory compliance by companies should be considered a bare minimum.",{"type":594,"attrs":107113,"content":107114},{"textAlign":49},[107115],{"text":107116,"type":599},"Companies “could go further by undertaking and funding water toxicity studies, as well as studies on biodiversity and how it is impacted by mining activities in the area, as it remains heavily understudied,” she said.",{"type":594,"attrs":107118,"content":107119},{"textAlign":49},[107120],{"type":1186,"attrs":107121},{"id":49,"alt":547,"src":107122,"title":49,"source":49,"copyright":49,"meta_data":107123},"https://a.storyblok.com/f/287943243085208/c8b91d76e0/bm-image-118-134412196808.png",{},{"type":657,"attrs":107125,"content":107126},{"level":15966,"textAlign":49},[107127],{"text":107128,"type":599},"Indonesia’s ESG Risk",{"type":594,"attrs":107130,"content":107131},{"textAlign":49},[107132],{"text":107133,"type":599},"Although Indonesia has the largest share of refined nickel production globally of any individual country, and is expected to grow this share over the next decade, local communities and environmental campaigners have been pushing back against the industry’s rapid development.",{"type":594,"attrs":107135,"content":107136},{"textAlign":49},[107137],{"text":107138,"type":599},"“Exhaust from coal plants within nickel smelter facilities reaches water bodies and causes water temperatures to rise, and so drives away the fish local people rely on for their livelihoods,” Kremer-Nidzelskaya gave as an example of the nickel industry’s impact on the local environment and communities.",{"type":594,"attrs":107140,"content":107141},{"textAlign":49},[107142,107144,107149],{"text":107143,"type":599},"The Indonesian Forum for Living Environment, Friends of the Earth and a collective of other environmental groups, last year wrote a letter urging ",{"text":3875,"type":599,"marks":107145},[107146],{"type":604,"attrs":107147},{"href":107148,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-supplier-sumitomo-to-exit-indonesia-as-huayou-targets-500-nickel-increase",{"text":107150,"type":599}," to reconsider sourcing its nickel from the region due to “potentially devastating impacts on the environment and the lives of Indonesian people”.",{"type":594,"attrs":107152,"content":107153},{"textAlign":49},[107154,107156,107161,107163,107168],{"text":107155,"type":599},"Last month, Wired–a US-based technology magazine–reported on the Indonesia Morowali Industrial Park, which is home to several nickel refiners. The piece highlighted poor waste management, water pollution, and untenable working conditions, amongst other ",{"text":17611,"type":599,"marks":107157},[107158],{"type":604,"attrs":107159},{"href":107160,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rich-nations-pledge-could-help-nickel-producer-indonesia-go-green",{"text":107162,"type":599},"j",{"text":107164,"type":599,"marks":107165},"or environmental, social, and governance (ESG)",[107166],{"type":604,"attrs":107167},{"href":107160,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107169,"type":599}," issues including “polluted water flowing directly into the sea”.",{"type":594,"attrs":107171,"content":107172},{"textAlign":49},[107173,107178],{"text":107174,"type":599,"marks":107175},"High-pressure acid leaching",[107176],{"type":604,"attrs":107177},{"href":96737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107179,"type":599}," is an increasingly popular route to produce refined nickel in Indonesia, generating tailings. Although the tailings are not disposed of in the ocean, the effluent generated, after tailings are dried or stacked, sometimes is.",{"type":594,"attrs":107181,"content":107182},{"textAlign":49},[107183],{"text":107184,"type":599},"“The effects are not well known as there aren’t many toxicity studies undertaken to determine the effect this practice is having, specifically whether or not tailings effluent being released is affecting water toxicity,” Kremer-Nidzelskaya said.",{"type":594,"attrs":107186,"content":107187},{"textAlign":49},[107188],{"text":107189,"type":599},"“Ideally [the effluent] is neutralised but without proper monitoring, there are no guarantees,” Bruna Grossl, an LCA practitioner at Benchmark, added.",{"type":657,"attrs":107191,"content":107192},{"level":15966,"textAlign":49},[107193],{"text":107194,"type":599},"Strategies for improvement",{"type":594,"attrs":107196,"content":107197},{"textAlign":49},[107198,107200,107205],{"text":107199,"type":599},"A combination of stronger policy and regulation from the Indonesian government and action from the companies operating in ",{"text":107201,"type":599,"marks":107202},"Indonesia is required to mitigate the environmental risks",[107203],{"type":604,"attrs":107204},{"href":107160,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":107207,"content":107208},{"textAlign":49},[107209],{"text":107210,"type":599},"“Although the Indonesian government imposes regulatory limits on the acceptable levels of toxic chemicals present in water, enforcement remains weak,” Kremer-Nidzelskaya said.",{"type":594,"attrs":107212,"content":107213},{"textAlign":49},[107214],{"text":107215,"type":599},"Tom Drabble, an ESG analyst at Benchmark, added that “It is important that water is reported on an asset-by-asset basis to allow for true transparency and to allow for a greater understanding of a company’s environmental impact in terms of water.”",{"type":594,"attrs":107217,"content":107218},{"textAlign":49},[107219],{"text":107220,"type":599},"Rio Tinto, a London-headquartered mining company, today announced it would be the first major miner to report water usage on an asset-by-asset basis, potentially leading the way for other global mining companies to follow suit.",{"type":594,"attrs":107222,"content":107223},{"textAlign":49},[107224],{"text":107225,"type":599},"A tool which companies can employ to increase their transparency is a Life Cycle Assessment, which can be done at an individual asset level as well as at the whole company level.",{"type":594,"attrs":107227,"content":107228},{"textAlign":49},[107229],{"text":107230,"type":599},"“LCAs can help because they assess and quantify a range of impacts on the environment, including water consumption potential and marine eutrophication,” Kremer-Nidzelskaya said. “This can help companies identify impact hotspots and so better address them, as well as weigh up trade-offs between different processing routes in terms of environmental impacts, including those on water.”",{"type":594,"attrs":107232,"content":107233},{"textAlign":49},[107234],{"text":107235,"type":599,"marks":107236},"This analysis draws from Benchmark’s Nickel ESG Report – a recent addition to Benchmark’s sustainability division.",[107237],{"type":643},{"type":594,"attrs":107239,"content":107240},{"textAlign":49},[107241],{"text":107242,"type":599,"marks":107243},"This service provides an independent, expert assessment of the ESG performance of more than 160 nickel producers worldwide, in-depth analysis of ESG trends emerging in the industry and insights from Benchmark’s Nickel Life-Cycle Assessment (LCA).",[107244],{"type":643},{"type":594,"attrs":107246,"content":107247},{"textAlign":49},[107248],{"text":107249,"type":599,"marks":107250},"To learn more about this service, get in touch with our expert team using the form below:",[107251],{"type":643},"Indonesia is set to be the largest supplier of nickel to the battery industry this decade, yet only a quarter of refiners operating in the country have water pollution monitoring systems in place, according to Benchmark’s Nickel ESG report. Indonesian nickel refiners are lagging far behind the global rate of 48% of operating nickel refiners […]",[107254],{"slug":544,"name":543,"content":107255},{"job_title":557,"image":107256,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ad41dfd8-c985-4f6c-aef6-55dd13a4ad5a\", \"id\": \"\"}-->",[107259,107260,107261],{"slug":872,"name":873},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":92241,"copyright":547,"fieldtype":553,"meta_data":107263,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":107265,"uuid":107266,"name":107267,"slug":107268,"full_slug":107269,"content":107270},112471645076111,"d2b76540-a535-4503-8b6a-70da89ab988d","Indonesia expands presence in EV supply chain with Chinese cathode and anode plants","indonesia-expands-presence-in-ev-supply-chain-with-chinese-cathode-and-anode-plants","article/indonesia-expands-presence-in-ev-supply-chain-with-chinese-cathode-and-anode-plants",{"_uid":107271,"date":107272,"tags":107273,"editor":107276,"content":107280,"excerpt":107418,"featured":50,"reporter":107419,"_editable":107423,"component":864,"seo_title":107267,"categories":107424,"visibility":882,"author_company":49,"featured_image":107427,"seo_description":107418,"author_full_name":49,"author_job_title":49,"formattedDate":107430},"f8b1b4ea-be79-4e5c-805d-e4dbf7617c2b","2023-03-20 00:00",[107274,107275],{"slug":913,"name":914},{"slug":7997,"name":7998},[107277],{"slug":544,"name":543,"content":107278},{"job_title":557,"image":107279,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":107281},[107282,107287,107292,107297,107310,107323,107328,107333,107338,107343,107348,107353,107358,107363,107368,107373,107378,107383,107388,107393,107398,107403,107408,107413],{"type":594,"attrs":107283,"content":107284},{"textAlign":49},[107285],{"text":107286,"type":599},"Indonesia, the world’s biggest nickel producer, is moving further downstream in the electric vehicle supply chain, with its first cathode and anode plants due to be built this year. ",{"type":594,"attrs":107288,"content":107289},{"textAlign":49},[107290],{"text":107291,"type":599},"Jiangsu Lopal Tech, one of China’s largest producers of LFP cathode, said last month that it would invest $290 million to build a lithium iron phosphate (LFP) cathode plant in Indonesia, with production slated to start this year. ",{"type":594,"attrs":107293,"content":107294},{"textAlign":49},[107295],{"text":107296,"type":599},"China’s largest anode producer BTR also said this month its anode project in the country had also started construction. ",{"type":594,"attrs":107298,"content":107299},{"textAlign":49},[107300,107302,107308],{"text":107301,"type":599},"The two plants mark the ",{"text":107303,"type":599,"marks":107304},"first moves overseas",[107305],{"type":604,"attrs":107306},{"href":107307,"uuid":49,"anchor":49,"target":49,"linktype":607},"about:blankhttps://source.benchmarkminerals.com/article/lopal-first-chinese-company-to-build-lfp-battery-cathode-plant-outside-of-china",{"text":107309,"type":599}," by Chinese mid-stream companies, who dominate global production of cathodes and anodes used in lithium ion batteries. ",{"type":594,"attrs":107311,"content":107312},{"textAlign":49},[107313,107315,107321],{"text":107314,"type":599},"The investments will help to reduce a forecast ",{"text":107316,"type":599,"marks":107317},"deficit of critical battery materials",[107318],{"type":604,"attrs":107319},{"href":107320,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europe-faces-cathode-and-anode-shortage-in-drive-to-evs",{"text":107322,"type":599}," outside of China, as the electric vehicle supply chain begins to take shape in the US, Europe and Southeast Asia. ",{"type":594,"attrs":107324,"content":107325},{"textAlign":49},[107326],{"text":107327,"type":599},"As a result of increased investment in LFP cathodes globally China’s share of planned LFP cathode capacity has fallen from 98.1% in March 2022, to 93.1% as of March 2023, according to Benchmark.",{"type":594,"attrs":107329,"content":107330},{"textAlign":49},[107331],{"text":107332,"type":599},"The investments also fulfil the aims of Indonesian president Joko Widodo, who wants to build a full electric vehicle supply chain in the country. ",{"type":594,"attrs":107334,"content":107335},{"textAlign":49},[107336],{"text":107337,"type":599},"Chinese companies have invested billions of dollars over the last few years in nickel processing facilities across Indonesia, making the country the biggest producer of nickel for the electric vehicle supply chain. ",{"type":594,"attrs":107339,"content":107340},{"textAlign":49},[107341],{"text":107342,"type":599},"Jokowi, as he is known, has also been trying to attract Tesla to build a battery plant in Indonesia, saying he would offer the automaker a nickel concession in return. ",{"type":594,"attrs":107344,"content":107345},{"textAlign":49},[107346],{"text":107347,"type":599},"“Indonesia is one of the best locations for China to step into the global lithium ion battery market,” Albert Li, an analyst at Benchmark, said. “Indonesia has nickel and cobalt resources, lithium is close by in Australia… plus the population and labour to support this whole supply chain from mining all the way to EV just like China.”",{"type":657,"attrs":107349,"content":107350},{"level":15966,"textAlign":49},[107351],{"text":107352,"type":599},"Cathode comes to Indonesia ",{"type":594,"attrs":107354,"content":107355},{"textAlign":49},[107356],{"text":107357,"type":599},"Lopal said the plant in Semarang, Central Java, would begin production by the end of 2023, and would be brought online in stages. ",{"type":594,"attrs":107359,"content":107360},{"textAlign":49},[107361],{"text":107362,"type":599},"The first phase of the project will target 30,000 tpa of capacity, Lopal said. A second phase of 90,000 tonnes of annucal capacity will depend on the “market situation,” it said. ",{"type":594,"attrs":107364,"content":107365},{"textAlign":49},[107366],{"text":107367,"type":599},"The facility will produce LFP cathode material for use within cells destined for local EV and ESS markets.",{"type":594,"attrs":107369,"content":107370},{"textAlign":49},[107371],{"text":107372,"type":599},"Indonesia currently has a pipeline cell capacity of 10 GWh, with South Korean Tier 1 cell producer, LG Energy Solution, is planning a JV project with South Korean automaker, Hyundai, in Karawang, West Java.",{"type":594,"attrs":107374,"content":107375},{"textAlign":49},[107376],{"text":107377,"type":599},"The site will constitute Lopal’s first production outside of China, as the company currently has 168,000 tpa of operational capacity across plants in Suining, Tianjin, and Changzhou.",{"type":594,"attrs":107379,"content":107380},{"textAlign":49},[107381],{"text":107382,"type":599},"Lopal, which is a supplier to China’s largest battery producer CATL, said this month that around 40 to 50% of its LFP cathode was used in energy storage products, and the rest in transport batteries. ",{"type":594,"attrs":107384,"content":107385},{"textAlign":49},[107386],{"text":107387,"type":599},"Its other clients include REPT Battery, a lithium ion battery company owned by China’s largest nickel producer Tsingshan. Tsingshan is the largest processor of nickel in Indonesia. ",{"type":594,"attrs":107389,"content":107390},{"textAlign":49},[107391],{"text":107392,"type":599},"Lopal has a global pipeline capacity to 663,000 tpa, according to the Benchmark Cathode Assessment.",{"type":594,"attrs":107394,"content":107395},{"textAlign":49},[107396],{"text":107397,"type":599},"Lopal said the project would have a capacity to produce 120,000 tonnes of LFP cathode materials, with 30,000 tonnes in the first phase starting production by the end of 2023. The remaining capacity would “depend on the market situation,” it said. ",{"type":657,"attrs":107399,"content":107400},{"level":15966,"textAlign":49},[107401],{"text":107402,"type":599},"BTR goes global ",{"type":594,"attrs":107404,"content":107405},{"textAlign":49},[107406],{"text":107407,"type":599},"Last summer BTR said it would invest $478 million to build an 80,000 anode plant in the Morowali industrial park with Stellar Investment PTE.  ",{"type":594,"attrs":107409,"content":107410},{"textAlign":49},[107411],{"text":107412,"type":599},"The company said this month the plant had started construction, without giving more details.",{"type":594,"attrs":107414,"content":107415},{"textAlign":49},[107416],{"text":107417,"type":599},"Beijing-listed BTR is the world’s largest anode producer with around 400,000 tonnes a year of production capacity, according to Benchmark. ","Indonesia, the world’s biggest nickel producer, is moving further downstream in the electric vehicle supply chain, with its first cathode and anode plants due to be built this year. Jiangsu Lopal Tech, one of China’s largest producers of LFP cathode, said last month that it would invest $290 million to build a lithium iron phosphate […]",[107420],{"slug":544,"name":543,"content":107421},{"job_title":557,"image":107422,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f8b1b4ea-be79-4e5c-805d-e4dbf7617c2b\", \"id\": \"\"}-->",[107425,107426],{"slug":2497,"name":261},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":107428,"copyright":547,"fieldtype":553,"meta_data":107429,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2dadbfe914/bm-credit-imo-e1571740886342-711253b6c0c.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 20, 2023",{"id":107432,"uuid":107433,"name":107434,"slug":107435,"full_slug":107436,"content":107437},112471665171091,"77d5e9f6-3ed5-4917-9964-66558f3a84fc","Cobalt prices tick up 4% in March but lack of battery demand weighs on market","cobalt-prices-tick-up-4-in-march-but-lack-of-battery-demand-weighs-on-market","article/cobalt-prices-tick-up-4-in-march-but-lack-of-battery-demand-weighs-on-market",{"_uid":107438,"date":107439,"tags":107440,"editor":107441,"content":107445,"excerpt":107594,"featured":51,"reporter":107595,"_editable":107599,"component":864,"seo_title":107434,"categories":107600,"visibility":882,"author_company":49,"featured_image":107603,"seo_description":107594,"author_full_name":49,"author_job_title":49,"formattedDate":107606},"f3c1998e-989f-4e31-9c13-7568c3dd6b5e","2023-03-17 00:00",[],[107442],{"slug":544,"name":543,"content":107443},{"job_title":557,"image":107444,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":107446},[107447,107458,107470,107475,107480,107485,107492,107497,107502,107507,107512,107517,107524,107529,107534,107539,107544,107549,107554,107559,107564,107569,107574,107579,107584,107589],{"type":594,"attrs":107448,"content":107449},{"textAlign":49},[107450,107452,107457],{"text":107451,"type":599},"Cobalt prices rose in early March following a year-long decline, but demand from the battery market still remains weak, limiting potential upside, according to ",{"text":9653,"type":599,"marks":107453},[107454],{"type":604,"attrs":107455},{"href":107456,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cobalt/",{"text":17632,"type":599},{"type":594,"attrs":107459,"content":107460},{"textAlign":49},[107461,107463,107468],{"text":107462,"type":599},"Cobalt metal prices ",{"text":107464,"type":599,"marks":107465},"traded as low",[107466],{"type":604,"attrs":107467},{"href":105677,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107469,"type":599}," as $15.6 at the end of February, the lowest since January 2021. They rose by 4% in March from late February to an average of $16.75 a pound, according to Benchmark’s Cobalt Price Assessment. ",{"type":594,"attrs":107471,"content":107472},{"textAlign":49},[107473],{"text":107474,"type":599},"Whilst the outlook for cobalt prices remains weak, the price movements suggest a floor may have been reached of around $15 to $16 a pound in the market. Cobalt metal prices have fallen by 60% since April 2022. ",{"type":594,"attrs":107476,"content":107477},{"textAlign":49},[107478],{"text":107479,"type":599},"The outlook will, however, depend on China’s battery demand recovering, as well as the result of a dispute between a Chinese-owned mine in the DRC and the country’s government. ",{"type":594,"attrs":107481,"content":107482},{"textAlign":49},[107483],{"text":107484,"type":599},"“Cobalt prices have hit a floor but it’s not really market fundamentals. It’s more sentiment driven,” said Cameron Hughes, analyst at Benchmark.",{"type":594,"attrs":107486,"content":107487},{"textAlign":49},[107488],{"type":1186,"attrs":107489},{"id":49,"alt":547,"src":107490,"title":49,"source":49,"copyright":49,"meta_data":107491},"https://a.storyblok.com/f/287943243085208/f51bd68169/bm-cobalt-metal-price-27-month-low.png",{},{"type":657,"attrs":107493,"content":107494},{"level":15966,"textAlign":49},[107495],{"text":107496,"type":599},"Metal demand drives price rebound",{"type":594,"attrs":107498,"content":107499},{"textAlign":49},[107500],{"text":107501,"type":599},"Cobalt sulphate and hydroxide prices recorded gains of 5% and 19% respectively during early-March, but this was primarily driven by the rising metal price as well as speculative sulphate purchasing in China, according to Benchmark. ",{"type":594,"attrs":107503,"content":107504},{"textAlign":49},[107505],{"text":107506,"type":599},"Metal demand is increasing due to demand from the aerospace sector, following a post-COVID-19 recovery, as well from the medical and military sectors. ",{"type":594,"attrs":107508,"content":107509},{"textAlign":49},[107510],{"text":107511,"type":599},"Any limited demand that did exist from the EV sector was absorbed by large raw material and sulphate inventories, whilst the market for smartphone and electronic LCO batteries also shows no signs of improvements. ",{"type":594,"attrs":107513,"content":107514},{"textAlign":49},[107515],{"text":107516,"type":599},"“Lukewarm buying demand continues to plague the supply chain, with an abundance of hydroxide feedstock in China and DRC, a recovery is unlikely in the near term,” Caspar Rawles, chief data officer at Benchmark, said. ",{"type":657,"attrs":107518,"content":107519},{"level":15966,"textAlign":49},[107520,107522],{"text":107521,"type":599},"Fate of ",{"text":107523,"type":599},"China’s Tenke looms over market ",{"type":594,"attrs":107525,"content":107526},{"textAlign":49},[107527],{"text":107528,"type":599},"The market continues to wait for the possible conclusion of a dispute between the owner of world’s second-largest cobalt mine, China’s CMOC Group and the DRC’s state-owned mining company Gécamines. ",{"type":594,"attrs":107530,"content":107531},{"textAlign":49},[107532],{"text":107533,"type":599},"The DRC alleges that CMOC has not paid enough royalties on additional reserves at the company’s Tenke Fungurume mine. As a result the mine has not been able to export cobalt from the DRC since July. ",{"type":594,"attrs":107535,"content":107536},{"textAlign":49},[107537],{"text":107538,"type":599},"“The outcome of the dispute has the potential to determine the direction of cobalt pricing for much for 2023,” according to Hughes, though it will take time for this material to reach the market.  ",{"type":594,"attrs":107540,"content":107541},{"textAlign":49},[107542],{"text":107543,"type":599},"“There won’t be a big rush of material when the mines open as the DRC has got a history of problems with logistics. There’s already issues with trucking capacity with copper taking up most of the capacity. It would take more than a year to actually get this material to trickle out of the mine,” said Hughes.",{"type":594,"attrs":107545,"content":107546},{"textAlign":49},[107547],{"text":107548,"type":599},"According to CMOC, TFM and an additional undeveloped project it owns, Kisanfu, will produce 21,000-24,000 tonnes and 24,000-30,000 tonnes respectively in 2023, a particularly ambitious target for Kisanfu given the project is currently under construction.",{"type":594,"attrs":107550,"content":107551},{"textAlign":49},[107552],{"text":107553,"type":599},"Supply of cobalt is also increasing from Indonesia, where cobalt is produced alongside nickel. ",{"type":657,"attrs":107555,"content":107556},{"level":15966,"textAlign":49},[107557],{"text":107558,"type":599},"Still riding the EV story ",{"type":594,"attrs":107560,"content":107561},{"textAlign":49},[107562],{"text":107563,"type":599},"Despite the headwinds, cobalt has a strong long-term demand outlook and Benchmark forecasts demand from the electric vehicle sector to grow by over 230% from 2022 through to 2030.",{"type":594,"attrs":107565,"content":107566},{"textAlign":49},[107567],{"text":107568,"type":599},"Further, the Benchmark Cobalt Forecast estimates that by 2030, the cobalt market will have entered a 20,000 tonne deficit accounting for all projects in the current market pipeline, although new supply is likely to be announced over this period to fill this gap. ",{"type":657,"attrs":107570,"content":107571},{"level":15966,"textAlign":49},[107572],{"text":107573,"type":599},"Expanding Benchmark’s cobalt pricing",{"type":594,"attrs":107575,"content":107576},{"textAlign":49},[107577],{"text":107578,"type":599},"As part of the continual evolution and improvement of the Benchmark Cobalt Price Assessment, Benchmark will now publish two new price data sets:",{"type":594,"attrs":107580,"content":107581},{"textAlign":49},[107582],{"text":107583,"type":599},"The new cobalt sulphate premium and hydroxide payable will be calculated using the Benchmark Cobalt Sulphate, EXW China, ≥20.5% price (with 13% VAT removed and on a 100% Co contained basis) and the Benchmark Cobalt Hydroxide, CIF Asia price (100% Co contained basis)",{"type":594,"attrs":107585,"content":107586},{"textAlign":49},[107587],{"text":107588,"type":599},"Given hydroxide is the primary feedstock for cobalt sulphate production and the dominant route for cobalt in the battery supply chain, these new prices give deeper context to the relationship between the two products. ",{"type":594,"attrs":107590,"content":107591},{"textAlign":49},[107592],{"text":107593,"type":599},"Moreover, these prices provide an alternative to the cobalt metal pricing reference, which represents a diminishing minority share of the global cobalt market, and smaller share of the cobalt to lithium ion battery supply chain.","Cobalt prices rose in early March following a year-long decline, but demand from the battery market still remains weak, limiting potential upside, according to Benchmark. Cobalt metal prices traded as low as $15.6 at the end of February, the lowest since January 2021. They rose by 4% in March from late February to an average […]",[107596],{"slug":544,"name":543,"content":107597},{"job_title":557,"image":107598,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f3c1998e-989f-4e31-9c13-7568c3dd6b5e\", \"id\": \"\"}-->",[107601,107602],{"slug":2499,"name":2500},{"slug":867,"name":115},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":107604,"copyright":547,"fieldtype":553,"meta_data":107605,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6743d1355b/bm-glencore-katanga-copper-operation-drc.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 17, 2023",{"id":107608,"uuid":107609,"name":107610,"slug":107611,"full_slug":107612,"content":107613},112471660448402,"ae276311-24a3-41e5-9c73-3e0d33a8bb93","How achievable are the EU critical raw materials targets?","how-achievable-are-the-eu-critical-raw-materials-targets","article/how-achievable-are-the-eu-critical-raw-materials-targets",{"_uid":107614,"date":107439,"tags":107615,"editor":107618,"content":107622,"excerpt":107819,"featured":51,"reporter":107820,"_editable":107824,"component":864,"seo_title":107610,"categories":107825,"visibility":882,"author_company":49,"featured_image":107829,"seo_description":107819,"author_full_name":49,"author_job_title":49,"formattedDate":107606},"55526f2c-7432-47cf-8071-9791f91c30c3",[107616,107617],{"slug":2790,"name":2791},{"slug":10093,"name":10094},[107619],{"slug":544,"name":543,"content":107620},{"job_title":557,"image":107621,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":107623},[107624,107635,107647,107652,107657,107662,107673,107678,107683,107688,107696,107701,107706,107718,107726,107736,107741,107746,107751,107763,107768,107773,107778,107783,107788,107799,107804,107809,107814],{"type":594,"attrs":107625,"content":107626},{"textAlign":49},[107627,107629,107634],{"text":107628,"type":599},"The European Union pledged to substantially increase mining and mineral processing of critical raw materials this decade, as part of plans to build a European clean energy economy and ",{"text":107630,"type":599,"marks":107631},"reduce reliance on China",[107632],{"type":604,"attrs":107633},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":107636,"content":107637},{"textAlign":49},[107638,107640,107645],{"text":107639,"type":599},"The proposed Critical Raw Materials Act aims for at least 10% of the EU’s annual consumption of critical minerals to be met by European mining, and at least 40% of its processed minerals demand. At least 15% of the mineral consumption should come from ",{"text":107641,"type":599,"marks":107642},"European recycling",[107643],{"type":604,"attrs":107644},{"href":57071,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107646,"type":599},", it said. ",{"type":594,"attrs":107648,"content":107649},{"textAlign":49},[107650],{"text":107651,"type":599},"“We want to extract more ores and minerals in Europe,” European Commission President Ursula von der Leyen said. “We want to boost our processing capacity to at least 40% of annual consumption. And of course, we need to recycle more.”",{"type":594,"attrs":107653,"content":107654},{"textAlign":49},[107655],{"text":107656,"type":599},"The legislation is designed to help Europe become less reliant on Chinese supply chains, especially for processed minerals needed for electric vehicles and clean energy technologies. China produces almost all of the world’s graphite needed for batteries, and processes 60% of the world’s lithium. ",{"type":594,"attrs":107658,"content":107659},{"textAlign":49},[107660],{"text":107661,"type":599},"The EU said it hopes that by 2030 no more than 65% of Europe’s consumption of a mineral should come from any one third country, at “any relevant stage of processing.”",{"type":594,"attrs":107663,"content":107664},{"textAlign":49},[107665,107667,107671],{"text":107666,"type":599},"The legislation is also a bid to catch up to the US ",{"text":46860,"type":599,"marks":107668},[107669],{"type":604,"attrs":107670},{"href":106423,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107672,"type":599},", by setting firm targets for the sourcing and recycling of critical raw materials. However, while the EU act calls for the use of state aid for raw materials projects it doesn’t include any direct subsidies for critical mineral mining or processing, unlike the IRA.",{"type":594,"attrs":107674,"content":107675},{"textAlign":49},[107676],{"text":107677,"type":599},"Belgian battery materials company Umicore said it “regrets that the EU Commission’s proposal does not include concrete elements linking incentives to sustainable production.”",{"type":657,"attrs":107679,"content":107680},{"level":15966,"textAlign":49},[107681],{"text":107682,"type":599},"Can Europe meet the targets? ",{"type":594,"attrs":107684,"content":107685},{"textAlign":49},[107686],{"text":107687,"type":599},"Europe is already forecast to have enough mined lithium supply to meet the 10% target by 2030, though it will need more investment in cobalt mines, according to Benchmark.",{"type":594,"attrs":107689,"content":107690},{"textAlign":49},[107691],{"type":1186,"attrs":107692},{"id":49,"alt":107693,"src":107694,"title":49,"source":49,"copyright":49,"meta_data":107695},"Europe's Critical Raw Materials Act requires 10% of its critical raw materials to be mined in the EU","https://a.storyblok.com/f/287943243085208/85267e79d4/bm-europe-mining.jpg",{},{"type":594,"attrs":107697,"content":107698},{"textAlign":49},[107699],{"text":107700,"type":599},"The EU includes battery-grade lithium, cobalt, nickel, natural graphite, and manganese among its list of “strategic raw materials.” ",{"type":594,"attrs":107702,"content":107703},{"textAlign":49},[107704],{"text":107705,"type":599},"For processing, additional capacity will have to be built in every mineral apart from nickel and manganese, in order to meet the targets. This is especially the case for production of spherical graphite needed for batteries. ",{"type":594,"attrs":107707,"content":107708},{"textAlign":49},[107709,107711,107716],{"text":107710,"type":599},"In 2022, ",{"text":107712,"type":599,"marks":107713},"China produced 100% of the world’s supply of spherical graphite",[107714],{"type":604,"attrs":107715},{"href":84187,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107717,"type":599},", according to Benchmark. By 2030 China is set to produce 84% and the EU just 2% of global supply. ",{"type":594,"attrs":107719,"content":107720},{"textAlign":49},[107721],{"type":1186,"attrs":107722},{"id":49,"alt":107723,"src":107724,"title":49,"source":49,"copyright":49,"meta_data":107725},"Spherical graphite will be a sticking point for the EU","https://a.storyblok.com/f/287943243085208/2a957c41b5/bm-europe-refining.jpg",{},{"type":594,"attrs":107727,"content":107728},{"textAlign":49},[107729,107734],{"text":5741,"type":599,"marks":107730},[107731],{"type":604,"attrs":107732},{"href":107733,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-europe-need-to-meet-eu-battery-recycling-targets",{"text":107735,"type":599}," of nickel and lithium will also need to increase to meet the targets, according to Benchmark.",{"type":594,"attrs":107737,"content":107738},{"textAlign":49},[107739],{"text":107740,"type":599},"“The CRMA’s target of meeting 15% of the member state’s annual CRM consumption via recycling is ambitious,” Sarah Colbourn, an analyst at Benchmark said. “In order to reach these targets for lithium, it is key that the build-out of domestic recycling capacity focuses on technologies with promising lithium recovery e.g. hydrometallurgical processes”",{"type":657,"attrs":107742,"content":107743},{"level":15966,"textAlign":49},[107744],{"text":107745,"type":599},"Getting shovels in the ground",{"type":594,"attrs":107747,"content":107748},{"textAlign":49},[107749],{"text":107750,"type":599},"The EU said it would rapidly reduce permitting times for projects to around 24 months for mining and 12 months for processing and recycling, something not included in the US IRA.  ",{"type":594,"attrs":107752,"content":107753},{"textAlign":49},[107754,107756,107761],{"text":107755,"type":599},"Current mine ",{"text":107757,"type":599,"marks":107758},"permitting in Europe",[107759],{"type":604,"attrs":107760},{"href":78399,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107762,"type":599}," can take as long as 15 to 17 years, according to EIT Raw Materials. ",{"type":594,"attrs":107764,"content":107765},{"textAlign":49},[107766],{"text":107767,"type":599},"“The targets of significantly shortening permitting times for mining and processing projects are very ambitious,” Roland Gauß, head of innovation and business intelligence at the EU-funded EIT RawMaterials, told Benchmark. “If successful, this will be a disruptive (social) innovation.” ",{"type":594,"attrs":107769,"content":107770},{"textAlign":49},[107771],{"text":107772,"type":599},"However, the CRM Act does not explain in detail how this is meant to be achieved, he added. ",{"type":594,"attrs":107774,"content":107775},{"textAlign":49},[107776],{"text":107777,"type":599},"“The challenge will be to deal with national as well as regional / local governmental and administrative units across the member states. In addition, the CRM Act explicitly mentions that ESG standards will be closely monitored,” he said.  ",{"type":657,"attrs":107779,"content":107780},{"level":15966,"textAlign":49},[107781],{"text":107782,"type":599},"Overseas partners needed",{"type":594,"attrs":107784,"content":107785},{"textAlign":49},[107786],{"text":107787,"type":599},"Von der Leyen said the EU would strengthen cooperation with “reliable trading partners globally to reduce the EU’s current dependencies on just one or a few countries.”",{"type":594,"attrs":107789,"content":107790},{"textAlign":49},[107791,107793,107797],{"text":107792,"type":599},"“Our recently concluded trade agreements with ",{"text":13351,"type":599,"marks":107794},[107795],{"type":604,"attrs":107796},{"href":88436,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107798,"type":599},", and the future agreements with Australia or Indonesia will help support sustainable and resilient supply chains,” Valdis Dombrovskis, executive vice-president and commissioner for trade, said. ",{"type":594,"attrs":107800,"content":107801},{"textAlign":49},[107802],{"text":107803,"type":599},"The EU would also establish a Critical Raw Materials Club for all like-minded countries willing to strengthen global supply chains, it said.",{"type":594,"attrs":107805,"content":107806},{"textAlign":49},[107807],{"text":107808,"type":599},"“The EU will never be self-sufficient in supplying such raw materials and will continue to rely on imports for a majority of its consumption,” it acknowledged. ",{"type":594,"attrs":107810,"content":107811},{"textAlign":49},[107812],{"text":107813,"type":599},"James Mills, an analyst at Benchmark, said Europe needs to increase its strategy of sourcing from Africa, South America to meet demand for lithium. ",{"type":594,"attrs":107815,"content":107816},{"textAlign":49},[107817],{"text":107818,"type":599},"“Only once these sources are also integrated does the EU stand a realistic chance to meet regional demand objectives,” he said.  ","The European Union pledged to substantially increase mining and mineral processing of critical raw materials this decade, as part of plans to build a European clean energy economy and reduce reliance on China. The proposed Critical Raw Materials Act aims for at least 10% of the EU’s annual consumption of critical minerals to be met […]",[107821],{"slug":544,"name":543,"content":107822},{"job_title":557,"image":107823,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"55526f2c-7432-47cf-8071-9791f91c30c3\", \"id\": \"\"}-->",[107826,107827,107828],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":107830,"copyright":547,"fieldtype":553,"meta_data":107831,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/419de8fed0/bm-highlight-20230316.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":107833,"uuid":107834,"name":107835,"slug":107836,"full_slug":107837,"content":107838},112471655139985,"f1e3535c-3c91-47ad-b5e2-9bafc302ed91","Sweden is only EU member set to produce spherical graphite by 2030","sweden-is-only-eu-member-set-to-produce-spherical-graphite-by-2030","article/sweden-is-only-eu-member-set-to-produce-spherical-graphite-by-2030",{"_uid":107839,"date":107439,"tags":107840,"editor":107849,"content":107853,"excerpt":107894,"featured":50,"reporter":107895,"_editable":107899,"component":864,"seo_title":107835,"categories":107900,"visibility":882,"author_company":49,"data_vis_image":107903,"featured_image":107905,"seo_description":107894,"author_full_name":49,"author_job_title":49,"formattedDate":107606},"1eadf080-f5bd-4e72-ba50-8df36a0cfb2a",[107841,107842,107843,107844,107845,107848],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":107846,"name":107847},"spherical-graphite","Spherical graphite",{"slug":56847,"name":56848},[107850],{"slug":544,"name":543,"content":107851},{"job_title":557,"image":107852,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":107854},[107855,107867,107877,107882,107887],{"type":594,"attrs":107856,"content":107857},{"textAlign":49},[107858,107860,107865],{"text":107859,"type":599},"The European Union is looking to have 40% of processed critical raw materials come from within the bloc. But for ",{"text":107861,"type":599,"marks":107862},"spherical graphite",[107863],{"type":604,"attrs":107864},{"href":84187,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107866,"type":599},", Sweden is the only member state forecast to produce any of the material through to 2040, according to Benchmark’s Flake Graphite Forecast.",{"type":594,"attrs":107868,"content":107869},{"textAlign":49},[107870,107875],{"text":107871,"type":599,"marks":107872},"China absolutely dominates the production of spherical graphite",[107873],{"type":604,"attrs":107874},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107876,"type":599},", with 100% of the material coming from the country last year. Just nine companies across six countries are forecast to produce the material outside of China by 2030.",{"type":594,"attrs":107878,"content":107879},{"textAlign":49},[107880],{"text":107881,"type":599},"“100% of commercial scale supply is currently in China. It doesn’t get more difficult than that,” George Miller, an analyst at Benchmark, said.",{"type":594,"attrs":107883,"content":107884},{"textAlign":49},[107885],{"text":107886,"type":599},"The Talga Group, a battery anode and materials producer listed on the Australian stock exchange, is developing a spherical graphite production facility in Sweden. The company aims to be a vertically integrated anode producer. It is developing a flake graphite mine in Vittangi, Sweden. Both the mine and SPG production facility are due to begin operations in 2024.",{"type":594,"attrs":107888,"content":107889},{"textAlign":49},[107890],{"type":1186,"attrs":107891},{"id":49,"alt":107835,"src":107892,"title":49,"source":49,"copyright":49,"meta_data":107893},"https://a.storyblok.com/f/287943243085208/a779666956/bm-spg-eu-vs-china.jpg",{},"The European Union is looking to have 40% of processed critical raw materials come from within the bloc. But for spherical graphite, Sweden is the only member state forecast to produce any of the material through to 2040, according to Benchmark’s Flake Graphite Forecast. China absolutely dominates the production of spherical graphite, with 100% of […]",[107896],{"slug":544,"name":543,"content":107897},{"job_title":557,"image":107898,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1eadf080-f5bd-4e72-ba50-8df36a0cfb2a\", \"id\": \"\"}-->",[107901,107902],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":107835,"name":547,"focus":547,"title":107835,"source":547,"filename":107892,"copyright":547,"fieldtype":553,"meta_data":107904,"is_external_url":51},{"alt":107835,"title":107835,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":107906,"copyright":547,"fieldtype":553,"meta_data":107907,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/08d89b7bd7/bm-spg-eu-vs-china-feature-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":107909,"uuid":107910,"name":107911,"slug":107912,"full_slug":107913,"content":107914},112471709342464,"8fb77dab-813f-4c95-8d83-bedec4068068","Who is building 100 gigawatt hour battery plants? Not just Tesla","who-is-building-100-gigawatt-hour-battery-plants-not-just-tesla","article/who-is-building-100-gigawatt-hour-battery-plants-not-just-tesla",{"_uid":107915,"date":107916,"tags":107917,"editor":107919,"content":107923,"excerpt":108022,"featured":50,"reporter":108023,"_editable":108027,"component":864,"seo_title":107911,"categories":108028,"visibility":882,"author_company":49,"featured_image":108031,"seo_description":108022,"author_full_name":49,"author_job_title":49,"formattedDate":108033},"de83c83a-7f52-48ec-9def-47cd8e5927e1","2023-03-10 00:00",[107918],{"slug":3874,"name":3875},[107920],{"slug":544,"name":543,"content":107921},{"job_title":557,"image":107922,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":107924},[107925,107937,107942,107947,107952,107959,107964,107969,107982,107987,107992,107997,108002,108007,108012,108017],{"type":594,"attrs":107926,"content":107927},{"textAlign":49},[107928,107930,107935],{"text":107929,"type":599},"Tesla’s ",{"text":107931,"type":599,"marks":107932},"proposed expansion",[107933],{"type":604,"attrs":107934},{"href":97759,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":107936,"type":599}," of its Nevada gigafactory to 140 gigawatt hours will bring the company’s total number of plants with planned capacities exceeding 100 GWh to three. ",{"type":594,"attrs":107938,"content":107939},{"textAlign":49},[107940],{"text":107941,"type":599},"However, Tesla is not the only battery maker with ambitions of this scale. According to Benchmark analysis, there are now 12 battery plants with capacity pipelines greater than 100 GWh.",{"type":594,"attrs":107943,"content":107944},{"textAlign":49},[107945],{"text":107946,"type":599},"Across these 12 plants there is 1.65 terawatt hours of battery capacity in the pipeline for 2035 – 19% of total capacity – from seven companies. These include the largest battery maker in the world, CATL, South Korea’s LG Energy Solution, and Ruipu Energy, which is backed by the world’s largest nickel producer Tsingshan. ",{"type":594,"attrs":107948,"content":107949},{"textAlign":49},[107950],{"text":107951,"type":599},"In addition, Tier 3 suppliers WeLion, Baofeng, and Chuneng are all developing their own plants.",{"type":594,"attrs":107953,"content":107954},{"textAlign":49},[107955],{"type":1186,"attrs":107956},{"id":49,"alt":547,"src":107957,"title":49,"source":49,"copyright":49,"meta_data":107958},"https://a.storyblok.com/f/287943243085208/e3c4d7626b/bm-100-gwh-club-12961649c24a.jpg",{},{"type":657,"attrs":107960,"content":107961},{"level":15966,"textAlign":49},[107962],{"text":107963,"type":599},"Economies of scale ",{"type":594,"attrs":107965,"content":107966},{"textAlign":49},[107967],{"text":107968,"type":599},"Battery manufacturers face increasing pressure to produce cheaper electric vehicle (EV) batteries, since the battery makes up a substantial part of an electric vehicle’s cost. ",{"type":594,"attrs":107970,"content":107971},{"textAlign":49},[107972,107974,107980],{"text":107973,"type":599},"With subsidies being phased out in mature markets such as China, ",{"text":107975,"type":599,"marks":107976},"battery makers are engaged in a price war",[107977],{"type":604,"attrs":107978},{"href":107979,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/catl-starts-battery-price-war-with-low-cost-lithium-offer",{"text":107981,"type":599}," to secure market share. ",{"type":594,"attrs":107983,"content":107984},{"textAlign":49},[107985],{"text":107986,"type":599},"According to Aran Waid, an analyst at Benchmark, achieving economies of scale to help manufacturers meet ambitious cost targets will be a key driver for this. ",{"type":594,"attrs":107988,"content":107989},{"textAlign":49},[107990],{"text":107991,"type":599},"“Large-scale projects would help reduce that capex per gigawatt hour figure and economies of scale should also be achieved to help reduce battery cost,” Waid said. “There would be benefits like inbound logistics efficiencies of battery components and materials going to one location rather than across multiple locations to smaller plants.”",{"type":594,"attrs":107993,"content":107994},{"textAlign":49},[107995],{"text":107996,"type":599},"Tier 1 companies are most likely to have success developing gigafactories at this scale as they have established relationships with suppliers across the supply chain to feed these gigafactories. ",{"type":594,"attrs":107998,"content":107999},{"textAlign":49},[108000],{"text":108001,"type":599},"“Location is key in regards to the need for good transport links and local supply chains to move materials in and out of the plant, as well as strong local and regional demand for finished products,” Waid added.",{"type":594,"attrs":108003,"content":108004},{"textAlign":49},[108005],{"text":108006,"type":599},"However, as demand continues to soar and pressures to continually ramp up production increase smaller players may run into trouble.",{"type":594,"attrs":108008,"content":108009},{"textAlign":49},[108010],{"text":108011,"type":599},"Waid warns that ambitious tier 2 and 3 manufacturers attempting to build projects at such scale may struggle as they would also need to compete with established manufacturers for scarce battery materials supply. ",{"type":594,"attrs":108013,"content":108014},{"textAlign":49},[108015],{"text":108016,"type":599},"He added that Tesla, which is currently a tier 2 developer “would be an exception to this rule as they tend to be first movers in the space and have established themselves in the supply chain.”",{"type":594,"attrs":108018,"content":108019},{"textAlign":49},[108020],{"text":108021,"type":599},"“The main limiting factor will be raw materials so I think manufacturers will need to be careful on the scale of projects as there is potential for manufacturers to pour money into these large-scale projects but not have the necessary material to feed the plant and reach the targeted capacity,” Waid said.","Tesla’s proposed expansion of its Nevada gigafactory to 140 gigawatt hours will bring the company’s total number of plants with planned capacities exceeding 100 GWh to three. However, Tesla is not the only battery maker with ambitions of this scale. According to Benchmark analysis, there are now 12 battery plants with capacity pipelines greater than […]",[108024],{"slug":544,"name":543,"content":108025},{"job_title":557,"image":108026,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"de83c83a-7f52-48ec-9def-47cd8e5927e1\", \"id\": \"\"}-->",[108029,108030],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":70867,"copyright":547,"fieldtype":553,"meta_data":108032,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 10, 2023",{"id":108035,"uuid":108036,"name":108037,"slug":108038,"full_slug":108039,"content":108040},112471703702271,"ecc65380-860c-47c4-ad64-b99664ff2c9f","OPINION: Innovation is critical for India’s evolving EV ecosystem","opinion-innovation-is-critical-for-indias-evolving-ev-ecosystem","article/opinion-innovation-is-critical-for-indias-evolving-ev-ecosystem",{"_uid":108041,"date":107916,"tags":108042,"editor":108045,"content":108049,"excerpt":108203,"featured":50,"reporter":108204,"_editable":108208,"component":864,"seo_title":108037,"categories":108209,"visibility":882,"author_company":108212,"featured_image":108213,"seo_description":108203,"author_full_name":108216,"author_job_title":108217,"formattedDate":108033},"05a69a9d-91f8-4c4e-8bc5-53e1565477d1",[108043,108044],{"slug":22444,"name":22445},{"slug":41666,"name":41667},[108046],{"slug":544,"name":543,"content":108047},{"job_title":557,"image":108048,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":108050},[108051,108056,108068,108080,108085,108090,108095,108100,108105,108116,108121,108126,108131,108136,108141,108146,108151,108156,108161,108166,108171,108176,108181,108193,108198],{"type":594,"attrs":108052,"content":108053},{"textAlign":49},[108054],{"text":108055,"type":599},"Amidst the decisive push towards green energy and sustainable industrial practices, India is forging ahead on the path of clean, cutting-edge mobility – and electrification remains at the forefront of this pursuit. ",{"type":594,"attrs":108057,"content":108058},{"textAlign":49},[108059,108061,108066],{"text":108060,"type":599},"India’s recently released Economic Survey has re-emphasised the pivotal function of the automotive sector in ushering in the green revolution, positing an astounding growth rate of 49% for the domestic ",{"text":108062,"type":599,"marks":108063},"electric vehicles market",[108064],{"type":604,"attrs":108065},{"href":59388,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":108067,"type":599}," between 2022-2030. ",{"type":594,"attrs":108069,"content":108070},{"textAlign":49},[108071,108073,108079],{"text":108072,"type":599},"With the 1 crore (10 million) unit production estimate for EVs in India in 2030, it seems like a more apt time than ever to evaluate key levers of evolution and expansion within the ",{"text":108074,"type":599,"marks":108075},"industry",[108076],{"type":604,"attrs":108077},{"href":108078,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/indias-ev-prices-need-to-drop-to-6000-to-hit-tipping-point-godi-says",{"text":17632,"type":599},{"type":594,"attrs":108081,"content":108082},{"textAlign":49},[108083],{"text":108084,"type":599},"Customer enthusiasm is on a veritable rise, propelled by eco-consciousness, awareness of the myriad advantages of EVs such as better operating costs and ease of fuelling, and significant advancements with respect to pain points such as range anxiety and limited charging infrastructure. ",{"type":594,"attrs":108086,"content":108087},{"textAlign":49},[108088],{"text":108089,"type":599},"Against this backdrop, auto players must push the pedal on diversifying their offerings, embracing innovation on a fundamental level, and delivering competitive, future-first products.",{"type":657,"attrs":108091,"content":108092},{"level":15966,"textAlign":49},[108093],{"text":108094,"type":599},"Innovation needs to happen from the beginning",{"type":594,"attrs":108096,"content":108097},{"textAlign":49},[108098],{"text":108099,"type":599},"The ethos of innovation must be inculcated from the very basics to the finishing processes. EV battery technology, at the core level, offers important innovations. ",{"type":594,"attrs":108101,"content":108102},{"textAlign":49},[108103],{"text":108104,"type":599},"The government’s production-linked incentives (PLIs) for batteries with advanced chemistries will further spur the drive within automakers to innovate. This means incremental improvements at a chemical level can help build batteries that are inexpensive, light, and energy dense.",{"type":594,"attrs":108106,"content":108107},{"textAlign":49},[108108,108110,108114],{"text":108109,"type":599},"Similarly, in addition to our core technology, our production, distribution, and consumption mechanisms can also be streamlined. A resilient ",{"text":28276,"type":599,"marks":108111},[108112],{"type":604,"attrs":108113},{"href":93192,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":108115,"type":599}," will go a long way in supporting the EV ecosystem. ",{"type":594,"attrs":108117,"content":108118},{"textAlign":49},[108119],{"text":108120,"type":599},"Meticulous research on composite materials, innovations on the assembly line, and thoughtful technological and design alternatives to overcome raw material shortage would all be significantly helpful. Cultivating indigenous capacity for components such as semiconductors or batteries will help gradually overcome import dependence. ",{"type":594,"attrs":108122,"content":108123},{"textAlign":49},[108124],{"text":108125,"type":599},"A supply chain and ecosystem for electric mobility must, additionally, also be in line with progressive goals of digitization and sustainability. ",{"type":594,"attrs":108127,"content":108128},{"textAlign":49},[108129],{"text":108130,"type":599},"This means we can deliver enhanced customer experiences and boost product efficiency by relying on advanced technologies like artificial intelligence (AI) and the Internet of Things (IoT). ",{"type":594,"attrs":108132,"content":108133},{"textAlign":49},[108134],{"text":108135,"type":599},"The use of a robust virtual framework can help visualise internal processes across the supply chain seamlessly, while circular manufacturing and recycling can help protect the environment and save costs. ",{"type":657,"attrs":108137,"content":108138},{"level":15966,"textAlign":49},[108139],{"text":108140,"type":599},"Digital-first, innovation-focused",{"type":594,"attrs":108142,"content":108143},{"textAlign":49},[108144],{"text":108145,"type":599},"Digitization is as fundamental a feature of future-first mobility as electrification. ",{"type":594,"attrs":108147,"content":108148},{"textAlign":49},[108149],{"text":108150,"type":599},"Connected EVs can significantly elevate safety, allowing customers to track its productivity, keep track of vehicle vitals, and help navigate roads in real time. Further, data gathered from the connected database on driving patterns can also help optimize battery life and vehicle efficiency. ",{"type":594,"attrs":108152,"content":108153},{"textAlign":49},[108154],{"text":108155,"type":599},"Another exciting development on the virtual front pertains to digital automotive twins, or virtual reproductions of real cars that have all of a genuine car’s components, including its physical body, software, and mechanics. ",{"type":594,"attrs":108157,"content":108158},{"textAlign":49},[108159],{"text":108160,"type":599},"Digital twins open up a wide range of opportunities for manufacturers, enabling them to evaluate manufacturing capabilities, train staff, and analyse real-time failure modes based on client usage patterns.  ",{"type":594,"attrs":108162,"content":108163},{"textAlign":49},[108164],{"text":108165,"type":599},"Smart charging, which involves the EV and the charging device being connected to each other with a data link and to the cloud, can have a game-changing impact on EV charging at large. ",{"type":594,"attrs":108167,"content":108168},{"textAlign":49},[108169],{"text":108170,"type":599},"It can help adapt the charging cycles of EVs to the requirements of customers and the power grid, providing a valuable way to optimize the charging process. This can ultimately help reduce the pressure on the power grid and help car users save money. ",{"type":594,"attrs":108172,"content":108173},{"textAlign":49},[108174],{"text":108175,"type":599},"The possibilities of digitization for the EV ecosystem are endless. However, it is also essential for original equipment manufacturers in the auto industry to reduce potential risks to customer security and privacy through a robust cybersecurity framework.",{"type":657,"attrs":108177,"content":108178},{"level":15966,"textAlign":49},[108179],{"text":108180,"type":599},"Accelerating the EV revolution",{"type":594,"attrs":108182,"content":108183},{"textAlign":49},[108184,108186,108191],{"text":108185,"type":599},"Tata Motors’ EV ",{"text":108187,"type":599,"marks":108188},"roadmap",[108189],{"type":604,"attrs":108190},{"href":77419,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":108192,"type":599}," began with reorganising models at the component level, which paved the way for the addition of first-generation Tata EVs to our portfolio. This marked the debut of the Nexon, Tigor, and Tiago EVs.",{"type":594,"attrs":108194,"content":108195},{"textAlign":49},[108196],{"text":108197,"type":599},"Tata’s current aim is to use the second-and third-generation cars to demonstrate our capacity for innovative production and product offerings.",{"type":594,"attrs":108199,"content":108200},{"textAlign":49},[108201],{"text":108202,"type":599},"Tata Motors, in this regard, will launch 10 new EVs in the next 5 years. A similar enthusiasm toward innovation and technology can be expected in the sector at large, from a micro to a macro level.","Amidst the decisive push towards green energy and sustainable industrial practices, India is forging ahead on the path of clean, cutting-edge mobility – and electrification remains at the forefront of this pursuit. India’s recently released Economic Survey has re-emphasised the pivotal function of the automotive sector in ushering in the green revolution, positing an astounding […]",[108205],{"slug":544,"name":543,"content":108206},{"job_title":557,"image":108207,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"05a69a9d-91f8-4c4e-8bc5-53e1565477d1\", \"id\": \"\"}-->",[108210,108211],{"slug":2499,"name":2500},{"slug":3088,"name":3089},"Tata Motors ",{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":108214,"copyright":547,"fieldtype":553,"meta_data":108215,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6007aa26b9/bm-mr-anand-kulkarni-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Anand Kulkarni","Vice President, Tata Passenger Electric Mobility",{"id":108219,"uuid":108220,"name":108221,"slug":108222,"full_slug":108223,"content":108224},112471725214467,"bab8135f-ff8e-4fec-88de-f94770ad6dd1","Chinese LFP battery prices fall to 12 month low as lithium prices slump","chinese-lfp-battery-prices-fall-to-12-month-low-as-lithium-prices-slump","article/chinese-lfp-battery-prices-fall-to-12-month-low-as-lithium-prices-slump",{"_uid":108225,"date":108226,"tags":108227,"editor":108229,"content":108233,"excerpt":108328,"featured":50,"reporter":108329,"_editable":108333,"component":864,"seo_title":108221,"categories":108334,"visibility":882,"author_company":49,"featured_image":108338,"seo_description":108328,"author_full_name":49,"author_job_title":49,"formattedDate":108340},"942cc088-2995-4162-81d7-f81e5033dc44","2023-03-09 00:00",[108228],{"slug":913,"name":914},[108230],{"slug":544,"name":543,"content":108231},{"job_title":557,"image":108232,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":108234},[108235,108246,108251,108256,108261,108268,108279,108284,108289,108296,108301,108313,108318,108323],{"type":594,"attrs":108236,"content":108237},{"textAlign":49},[108238,108240,108244],{"text":108239,"type":599},"The price of lithium iron phosphate batteries in China fell to a 12 month low last month due to a rapid decline in domestic ",{"text":12746,"type":599,"marks":108241},[108242],{"type":604,"attrs":108243},{"href":104694,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":108245,"type":599},", helping to reduce costs for automakers. ",{"type":594,"attrs":108247,"content":108248},{"textAlign":49},[108249],{"text":108250,"type":599},"The price of an average lithium iron phosphate prismatic cell in China has fallen 8% over the past year and now stands at $93.6 a kilowatt hour, as assessed by Benchmark’s Lithium Ion Battery Cell Price Assessment. ",{"type":594,"attrs":108252,"content":108253},{"textAlign":49},[108254],{"text":108255,"type":599},"That compares to a rise of 7.1% over the past year for the global weighted average cell price to $117/kWh, according to Benchmark.  ",{"type":594,"attrs":108257,"content":108258},{"textAlign":49},[108259],{"text":108260,"type":599},"The falling LFP battery cell prices are helping to make the chemistry more cost competitive against nickel cobalt manganese chemistries (NCM), and especially against batteries produced outside of China – which are being pushed up by higher ex-China lithium prices. ",{"type":594,"attrs":108262,"content":108263},{"textAlign":49},[108264],{"type":1186,"attrs":108265},{"id":49,"alt":547,"src":108266,"title":49,"source":49,"copyright":49,"meta_data":108267},"https://a.storyblok.com/f/287943243085208/f98c737ccb/bm-image-26.png",{},{"type":594,"attrs":108269,"content":108270},{"textAlign":49},[108271,108273,108277],{"text":108272,"type":599},"Chinese battery-grade ",{"text":12746,"type":599,"marks":108274},[108275],{"type":604,"attrs":108276},{"href":102227,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":108278,"type":599}," have fallen to their lowest level since January 2022 due to a weakening of demand and build up of inventories in China. They are down 27% year-to-date to RMB 381,500 ($54,789) a tonne, according to Benchmark’s Lithium Price Assessment. ",{"type":594,"attrs":108280,"content":108281},{"textAlign":49},[108282],{"text":108283,"type":599},"Prices for lithium hydroxide CIF Asia outside of China, however, trades at a roughly $10,000 a tonne premium to that in China, according to Benchmark’s Lithium Price Assessment. For lithium carbonate, it’s around $8,000 a tonne higher. ",{"type":594,"attrs":108285,"content":108286},{"textAlign":49},[108287],{"text":108288,"type":599},"The increased ex-China lithium contract prices have pushed the cost of lithium to around 35% of the input cost for all cells produced in Asia (ex-China), Europe and North America, according to Benchmark. ",{"type":594,"attrs":108290,"content":108291},{"textAlign":49},[108292],{"type":1186,"attrs":108293},{"id":49,"alt":547,"src":108294,"title":49,"source":49,"copyright":49,"meta_data":108295},"https://a.storyblok.com/f/287943243085208/1681dd6bc6/bm-image-27.png",{},{"type":657,"attrs":108297,"content":108298},{"level":15966,"textAlign":49},[108299],{"text":108300,"type":599},"The Unstoppable Rise of LFP",{"type":594,"attrs":108302,"content":108303},{"textAlign":49},[108304,108306,108311],{"text":108305,"type":599},"LFP is becoming an increasingly popular choice for western automakers, due to its lower cost, with Ford announcing plans to invest $3.5 billion ",{"text":108307,"type":599,"marks":108308},"to build a LFP plant",[108309],{"type":604,"attrs":108310},{"href":82474,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":108312,"type":599}," in Michigan last month, using technology licensed by CATL. ",{"type":594,"attrs":108314,"content":108315},{"textAlign":49},[108316],{"text":108317,"type":599},"Elon Musk, chief executive of Tesla, said this month that “the vast majority of heavy lifting for electrification” could be done by LFP batteries, with nickel-based chemistries only needed for “aircrafts or boats or long range cars.” ",{"type":594,"attrs":108319,"content":108320},{"textAlign":49},[108321],{"text":108322,"type":599},"LFP cells are around 30% cheaper than high nickel 811 cells, including those outside of China, which are priced at $135.2/kWh, according to Benchmark. Prices for mid-nickel NCM523 cells were last assessed at $139.4/kWh. ",{"type":594,"attrs":108324,"content":108325},{"textAlign":49},[108326],{"text":108327,"type":599},"Still, despite the fall in lithium prices, prices for LFP batteries are still up by 51% over the past two years, according to Benchmark.","The price of lithium iron phosphate batteries in China fell to a 12 month low last month due to a rapid decline in domestic lithium prices, helping to reduce costs for automakers. The price of an average lithium iron phosphate prismatic cell in China has fallen 8% over the past year and now stands at […]",[108330],{"slug":544,"name":543,"content":108331},{"job_title":557,"image":108332,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"942cc088-2995-4162-81d7-f81e5033dc44\", \"id\": \"\"}-->",[108335,108336,108337],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":85914,"copyright":547,"fieldtype":553,"meta_data":108339,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 09, 2023",{"id":108342,"uuid":108343,"name":108344,"slug":108345,"full_slug":108346,"content":108347},112471735597829,"b03960c0-8847-4e5c-b193-29b44e44cb46","China’s Nio to enter battery business with plan for first gigafactory","chinas-nio-to-enter-battery-business-with-plan-for-first-gigafactory","article/chinas-nio-to-enter-battery-business-with-plan-for-first-gigafactory",{"_uid":108348,"date":108349,"tags":108350,"editor":108353,"content":108357,"excerpt":108524,"featured":50,"reporter":108525,"_editable":108529,"component":864,"seo_title":108344,"categories":108530,"visibility":882,"author_company":49,"featured_image":108534,"seo_description":108524,"author_full_name":49,"author_job_title":49,"formattedDate":108537},"9cc00e04-f0f6-4389-b868-54c898fd2110","2023-03-07 00:00",[108351,108352],{"slug":10948,"name":8774},{"slug":37620,"name":37621},[108354],{"slug":544,"name":543,"content":108355},{"job_title":557,"image":108356,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":108358},[108359,108364,108369,108374,108386,108391,108396,108401,108409,108414,108419,108440,108450,108455,108460,108472,108485,108490,108509,108514,108519],{"type":594,"attrs":108360,"content":108361},{"textAlign":49},[108362],{"text":108363,"type":599},"Chinese electric vehicle startup Nio plans to build its first battery gigafactory this year, according to Reuters, in the latest move by an automaker to enter the battery business. ",{"type":594,"attrs":108365,"content":108366},{"textAlign":49},[108367],{"text":108368,"type":599},"The 40 gigawatt-hour battery plant in Hefei will produce cylindrical cells and help reduce the company’s reliance on CATL for battery cells, it reported. ",{"type":594,"attrs":108370,"content":108371},{"textAlign":49},[108372],{"text":108373,"type":599},"If the factory comes to fruition, Nio will join a club of 20 other automakers which Benchmark forecasts to be associated with cell production facilities in 2030.",{"type":594,"attrs":108375,"content":108376},{"textAlign":49},[108377,108379,108384],{"text":108378,"type":599},"Automakers are increasingly looking to control their supply chains in an effort to reduce the costs of producing electric vehicles. Currently, ",{"text":108380,"type":599,"marks":108381},"China’s BYD is the only ",[108382],{"type":604,"attrs":108383},{"href":97759,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":108385,"type":599},"automaker that produces almost all of its own battery cells, but Tesla and Volkswagen are also increasing investments in their own capacity.  ",{"type":594,"attrs":108387,"content":108388},{"textAlign":49},[108389],{"text":108390,"type":599},"That could eventually pose a threat to large battery producers such as CATL, who signed a five-year strategic cooperation agreement with Nio in January. ",{"type":594,"attrs":108392,"content":108393},{"textAlign":49},[108394],{"text":108395,"type":599},"It comes as CATL has reportedly offered automakers, including Nio, cheaper batteries in return for them placing 80% of their battery orders with the company over the next three years.",{"type":594,"attrs":108397,"content":108398},{"textAlign":49},[108399],{"text":108400,"type":599},"“More and more automakers are realising the value of the cell in EVs and are willing to invest more upstream and learn how to produce their own cells,” Aran Waid, an analyst at Benchmark, said. “It’s a clear indication of automakers wanting to diversify supply of cells away from just one supplier.”",{"type":594,"attrs":108402,"content":108403},{"textAlign":49},[108404],{"type":1186,"attrs":108405},{"id":49,"alt":108406,"src":108407,"title":49,"source":49,"copyright":49,"meta_data":108408},"BYD and Tesla lead the pack","https://a.storyblok.com/f/287943243085208/6b463dcf19/bm-screenshot-2023-03-06-190252.png",{},{"type":657,"attrs":108410,"content":108411},{"level":15966,"textAlign":49},[108412],{"text":108413,"type":599},"Focusing on cylindrical cells",{"type":594,"attrs":108415,"content":108416},{"textAlign":49},[108417],{"text":108418,"type":599},"Reporting from Reuters suggests Nio’s gigafactory will produce cylindrical cells.",{"type":594,"attrs":108420,"content":108421},{"textAlign":49},[108422,108424,108430,108432,108438],{"text":108423,"type":599},"This format was ",{"text":108425,"type":599,"marks":108426},"pioneered for electric vehicles by Panasonic",[108427],{"type":604,"attrs":108428},{"href":108429,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/eve-and-catl-in-10-billion-euro-cylindrical-cell-push-with-bmw",{"text":108431,"type":599}," through its relationship with Tesla which uses the ",{"text":108433,"type":599,"marks":108434},"4680 format",[108435],{"type":604,"attrs":108436},{"href":108437,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-supplier-lges-to-build-4680-battery-production-capacity",{"text":108439,"type":599},", so called for being 46 mm wide and 80 mm long.",{"type":594,"attrs":108441,"content":108442},{"textAlign":49},[108443,108448],{"text":108444,"type":599,"marks":108445},"Cylindrical cells",[108446],{"type":604,"attrs":108447},{"href":90008,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":108449,"type":599}," offer enhanced strength and thermal management over pouch cells. Prismatic cells, which are more rectangular in shape, are easier to pack efficiently but are generally more expensive at the cell level.",{"type":594,"attrs":108451,"content":108452},{"textAlign":49},[108453],{"text":108454,"type":599},"“Nio’s choice to go with cylindrical could point to a trend emerging with BMW, Tesla, Lucid and Rivian all going with cylindrical cells,” Waid said.",{"type":657,"attrs":108456,"content":108457},{"level":15966,"textAlign":49},[108458],{"text":108459,"type":599},"Nio backs LMFP",{"type":594,"attrs":108461,"content":108462},{"textAlign":49},[108463,108465,108470],{"text":108464,"type":599},"Although it is currently unknown what cell chemistry Nio’s gigafactory will be producing, the automaker has expressed interest in ",{"text":108466,"type":599,"marks":108467},"lithium manganese iron phosphate",[108468],{"type":604,"attrs":108469},{"href":83368,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":108471,"type":599}," (LMFP) based cells.",{"type":594,"attrs":108473,"content":108474},{"textAlign":49},[108475,108477,108483],{"text":108476,"type":599},"This is notable following ",{"text":108478,"type":599,"marks":108479},"Tesla’s reveal last week",[108480],{"type":604,"attrs":108481},{"href":108482,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-charts-a-battery-powered-future-key-takeaways-from-2023-investor-day",{"text":108484,"type":599}," that it would focus on iron-based battery chemistries saying that nickel- and cobalt-based chemistries would only be needed for long range cars and other applications.",{"type":594,"attrs":108486,"content":108487},{"textAlign":49},[108488],{"text":108489,"type":599},"Nio has previously used lithium iron phosphate (LFP) and lithium, nickel, cobalt, and manganese (NCM) battery chemistries. In 2021 it released a hybrid battery pack system that used both LFP and NCM cells which combined the benefits of the higher capacity of NCM and the lower cost of LFP.",{"type":594,"attrs":108491,"content":108492},{"textAlign":49},[108493,108499,108501,108507],{"text":108494,"type":599,"marks":108495},"LMFP has a similar cost to LFP",[108496],{"type":604,"attrs":108497},{"href":108498,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/manganese-demand-rising-as-alternative-cathode-chemistries-gain-popularity",{"text":108500,"type":599}," but has a 15% to 20% ",{"text":108502,"type":599,"marks":108503},"improvement in energy density",[108504],{"type":604,"attrs":108505},{"href":108506,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-to-expect-for-the-cathode-and-anode-markets-this-year",{"text":108508,"type":599}," allowing for longer-range vehicles.",{"type":594,"attrs":108510,"content":108511},{"textAlign":49},[108512],{"text":108513,"type":599},"Gotion and BYD are also working on developing LMFP cells, according to Waid.",{"type":594,"attrs":108515,"content":108516},{"textAlign":49},[108517],{"text":108518,"type":599},"“Nio are seeing these developments from cell manufacturers in doping LFP with other metals to improve energy density and so are focusing their efforts on LMFP rather than straight LFP,” he said. ",{"type":594,"attrs":108520,"content":108521},{"textAlign":49},[108522],{"text":108523,"type":599},"“LMFP may be the next step from LFP as adding manganese will help improve energy densities.” ","Chinese electric vehicle startup Nio plans to build its first battery gigafactory this year, according to Reuters, in the latest move by an automaker to enter the battery business. The 40 gigawatt-hour battery plant in Hefei will produce cylindrical cells and help reduce the company’s reliance on CATL for battery cells, it reported. If the […]",[108526],{"slug":544,"name":543,"content":108527},{"job_title":557,"image":108528,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9cc00e04-f0f6-4389-b868-54c898fd2110\", \"id\": \"\"}-->",[108531,108532,108533],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":108535,"copyright":547,"fieldtype":553,"meta_data":108536,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4ea9051136/bm-shutterstock-1523107283-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 07, 2023",{"id":108539,"uuid":108540,"name":108541,"slug":108542,"full_slug":108543,"content":108544},112471750241032,"79bcc827-6fd7-4853-8f52-a29d54c2d2fa","OPINION: Tesla cutting rare earths brings new competitive dynamic to EV motors","opinion-tesla-cutting-rare-earths-brings-new-competitive-dynamic-to-ev-motors","article/opinion-tesla-cutting-rare-earths-brings-new-competitive-dynamic-to-ev-motors",{"_uid":108545,"date":108546,"tags":108547,"editor":108549,"content":108553,"excerpt":108660,"featured":50,"reporter":108661,"_editable":108665,"component":864,"seo_title":108541,"categories":108666,"visibility":882,"author_company":11314,"featured_image":108669,"seo_description":108660,"author_full_name":108672,"author_job_title":108673,"formattedDate":108674},"b71eed1b-a498-4dd5-a78f-604910dc2c1c","2023-03-02 00:00",[108548],{"slug":41666,"name":41667},[108550],{"slug":544,"name":543,"content":108551},{"job_title":557,"image":108552,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":108554},[108555,108565,108570,108575,108580,108585,108590,108595,108600,108605,108610,108615,108620,108625,108630,108635,108640,108645,108650,108655],{"type":594,"attrs":108556,"content":108557},{"textAlign":49},[108558,108559,108563],{"text":107929,"type":599},{"text":9655,"type":599,"marks":108560},[108561],{"type":604,"attrs":108562},{"href":108482,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":108564,"type":599}," to reduce consumption of rare earths in their electric vehicles should come as no surprise, and although the potential market impacts are unclear, this does not immediately signal market displacement. ",{"type":594,"attrs":108566,"content":108567},{"textAlign":49},[108568],{"text":108569,"type":599},"Not only has reducing concentrations of rare earths within rare earth permanent motors (REPM) been a focal point of industry research ever since tensions between Japan and China escalated in 2010 following a collision between a Chinese trawler and a Japanese vessel in disputed waters in the East China Sea. But Tesla has been actively conducting research on motor improvements for years. ",{"type":594,"attrs":108571,"content":108572},{"textAlign":49},[108573],{"text":108574,"type":599},"The market implications remain to be seen, and will depend principally on the ability of Tesla’s new fleet of EVs to compete with major competitors on vehicle efficiency and cost.",{"type":594,"attrs":108576,"content":108577},{"textAlign":49},[108578],{"text":108579,"type":599},"A slight reduction in market tightness for Neodymium, Praseodymium (NdPr), Dysprosium (Dy), and Terbium (Tb) may be expected if Chinese EV makers do not fill a Tesla-sized gap for REPM demand. ",{"type":594,"attrs":108581,"content":108582},{"textAlign":49},[108583],{"text":108584,"type":599},"However, provided that Chinese EVs have become increasingly competitive in the international scene, and have steady access to REPM, Tesla’s announcement may more readily signal a bifurcation in Permanent Magnet Motor (PMM) systems between China and the rest of the world than a reduction in global rare earths demand.",{"type":657,"attrs":108586,"content":108587},{"level":15966,"textAlign":49},[108588],{"text":108589,"type":599},"The quest to reduce rare earths",{"type":594,"attrs":108591,"content":108592},{"textAlign":49},[108593],{"text":108594,"type":599},"Reducing the amount of rare earths contained in REPM has been the cumulative result of continuous research by the modern NdFeB permanent magnet inventor Masato Sagawa and major Japanese magnet producers over the last decade. ",{"type":594,"attrs":108596,"content":108597},{"textAlign":49},[108598],{"text":108599,"type":599},"Where heavy-rare earths such as Dy and Tb requirements in REPM used in high temperature applications used to range from 8% to 11%, modern REPM requirements range from near 0% to 4%. ",{"type":594,"attrs":108601,"content":108602},{"textAlign":49},[108603],{"text":108604,"type":599},"Depending on the success of continued research on grain-boundary diffusion as a REPM production method, this may reduce to a smaller range.",{"type":594,"attrs":108606,"content":108607},{"textAlign":49},[108608],{"text":108609,"type":599},"At the same time, light rare earths such as NdPr have seen less effective thrifting attempts, and still account for 32% – 28% of most NdFeB magnet grades. Some advances have been made in reducing around 70% of NdPr with a highly abundant rare earth element: Cerium.",{"type":594,"attrs":108611,"content":108612},{"textAlign":49},[108613],{"text":108614,"type":599},"Given Cerium’s huge (and consistent) market surplus, this chemistry alone could alleviate Neodymium’s sustained market tightness and part of its supply security concerns. The problem, however, has been in the practical efficiency of these magnets. ",{"type":594,"attrs":108616,"content":108617},{"textAlign":49},[108618],{"text":108619,"type":599},"Historically, REPM-based motors have exhibited greater efficiency than its non-REE contained PM motor competitors, and the removal of REPM has been a point of research and concern principally for non-China EV producers.",{"type":594,"attrs":108621,"content":108622},{"textAlign":49},[108623],{"text":108624,"type":599},"Note that the combined raw material requirements of REPM account for upwards of 95% of magnet production costs.",{"type":657,"attrs":108626,"content":108627},{"level":15966,"textAlign":49},[108628],{"text":108629,"type":599},"Spurring competition",{"type":594,"attrs":108631,"content":108632},{"textAlign":49},[108633],{"text":108634,"type":599},"Although the relative efficiency of Tesla’s new EV motors remains to be seen, their research on improving drivetrain efficiency may act as a positive signal. ",{"type":594,"attrs":108636,"content":108637},{"textAlign":49},[108638],{"text":108639,"type":599},"One such example has been carbon wrapping, which although difficult to achieve, results in a highly efficient motor able to accelerate a Model 3 to 60 mph in two seconds – notwithstanding its function in a larger drivetrain and EV system. ",{"type":594,"attrs":108641,"content":108642},{"textAlign":49},[108643],{"text":108644,"type":599},"Provided that Tesla’s system will be able to compete on equal footing with REPM-containing permanent magnet systems, we might find greater competition on cost. ",{"type":594,"attrs":108646,"content":108647},{"textAlign":49},[108648],{"text":108649,"type":599},"At present, higher costs associated with REPMs have been justified by the substantial efficiency improvements above other permanent magnet motor systems. As the cost of supply insecurity – including contingency for potential production-line shutdowns – has risen, Tesla’s new system may prove to provide strong competition.",{"type":594,"attrs":108651,"content":108652},{"textAlign":49},[108653],{"text":108654,"type":599},"The ultimate competitiveness of this system as measured against others remains to be seen, and depends on the required size of the permanent magnet motor, element consumption, and total system efficiency. ",{"type":594,"attrs":108656,"content":108657},{"textAlign":49},[108658],{"text":108659,"type":599},"Existing rare earth permanent motor systems have a proven track record of efficiency, and will not easily be out performed.","Tesla’s announcement to reduce consumption of rare earths in their electric vehicles should come as no surprise, and although the potential market impacts are unclear, this does not immediately signal market displacement. Not only has reducing concentrations of rare earths within rare earth permanent motors (REPM) been a focal point of industry research ever since […]",[108662],{"slug":544,"name":543,"content":108663},{"job_title":557,"image":108664,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b71eed1b-a498-4dd5-a78f-604910dc2c1c\", \"id\": \"\"}-->",[108667,108668],{"slug":3088,"name":3089},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":108670,"copyright":547,"fieldtype":553,"meta_data":108671,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4680df680c/bm-electric-motor-1295284cc0b0.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Daan de Jonge","Project Manager","Mar 02, 2023",{"id":108676,"uuid":108677,"name":108678,"slug":108679,"full_slug":108680,"content":108681},112471760075530,"77932c37-96ed-4f75-9240-cc42632a9ddc","CATL starts battery price war with low-cost lithium offer","catl-starts-battery-price-war-with-low-cost-lithium-offer","article/catl-starts-battery-price-war-with-low-cost-lithium-offer",{"_uid":108682,"date":108683,"tags":108684,"editor":108687,"content":108691,"excerpt":108826,"featured":50,"reporter":108827,"_editable":108831,"component":864,"seo_title":108678,"categories":108832,"visibility":882,"author_company":49,"featured_image":108837,"seo_description":108826,"author_full_name":49,"author_job_title":49,"formattedDate":108839},"f22dc2ee-c077-484c-ab47-60c5417092a6","2023-03-01 00:00",[108685,108686],{"slug":903,"name":904},{"slug":913,"name":914},[108688],{"slug":544,"name":543,"content":108689},{"job_title":557,"image":108690,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":108692},[108693,108698,108703,108708,108720,108725,108730,108737,108742,108747,108752,108757,108762,108767,108772,108777,108782,108787,108792,108797,108802,108807,108812,108817],{"type":594,"attrs":108694,"content":108695},{"textAlign":49},[108696],{"text":108697,"type":599},"CATL’s decision to offer select electric vehicle makers in China discounts on batteries linked to lower lithium prices has fired the starting gun on a battle for market share that could hit its smaller rivals. ",{"type":594,"attrs":108699,"content":108700},{"textAlign":49},[108701],{"text":108702,"type":599},"The world’s largest battery producer has reportedly offered automakers including Nio, Li Auto, Huawei and Zeekr batteries containing lithium priced as low as RMB 200,000 ($29,146) in turn for them placing at least 80% of their future orders with the company in the next three years.",{"type":594,"attrs":108704,"content":108705},{"textAlign":49},[108706],{"text":108707,"type":599},"Applying that discount on lithium prices could lower battery cell prices by around 20%, according to Benchmark. That would push the cost of lithium iron phosphate (LFP) cells in China down to $74 a kilowatt hour, from current prices of $91.5 a kWh. ",{"type":594,"attrs":108709,"content":108710},{"textAlign":49},[108711,108713,108718],{"text":108712,"type":599},"The deal guarantees CATL demand for its batteries, enabling it to increase utilisation rates at its factories and push out smaller rivals who are increasingly targeting top-tier automakers. CATL is the country’s largest producer, ",{"text":108714,"type":599,"marks":108715},"with output set to quadruple this decade",[108716],{"type":604,"attrs":108717},{"href":87288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":108719,"type":599},", according to Benchmark. ",{"type":594,"attrs":108721,"content":108722},{"textAlign":49},[108723],{"text":108724,"type":599},"It could also provide it with money upfront in the form of an advance payments for batteries, allowing it to invest in mining. ",{"type":594,"attrs":108726,"content":108727},{"textAlign":49},[108728],{"text":108729,"type":599},"“It is aimed at grabbing more market share and aimed at decimating rivals, basically everybody else except BYD or the OEMs who build their own battery factories,” said Albert Li, analyst with Benchmark.",{"type":594,"attrs":108731,"content":108732},{"textAlign":49},[108733],{"type":1186,"attrs":108734},{"id":49,"alt":547,"src":108735,"title":49,"source":49,"copyright":49,"meta_data":108736},"https://a.storyblok.com/f/287943243085208/144bd532a0/bm-top-10-cell-producers-2022-v4.jpg",{},{"type":657,"attrs":108738,"content":108739},{"level":15966,"textAlign":49},[108740],{"text":108741,"type":599},"Putting the squeeze on rivals ",{"type":594,"attrs":108743,"content":108744},{"textAlign":49},[108745],{"text":108746,"type":599},"CATL’s efforts may have already sparked a pricing war amongst its competitors, many of whom are yet to make a profit.",{"type":594,"attrs":108748,"content":108749},{"textAlign":49},[108750],{"text":108751,"type":599},"SVOLT, a battery maker spun out of Great Wall Motors, has also started a 10% battery price reduction plan, according to reports in Chinese media.  ",{"type":594,"attrs":108753,"content":108754},{"textAlign":49},[108755],{"text":108756,"type":599},"CATL’s move comes after SVOLT filed for a $2.2 billion initial public offering on the Shanghai Stock Exchange in November. Another rival battery producer Ruipu, backed by the world’s largest nickel producer Tsingshan, also plans to raise $1 billion this year via a Hong Kong public listing.",{"type":594,"attrs":108758,"content":108759},{"textAlign":49},[108760],{"text":108761,"type":599},"Yet CATL is the most profitable battery producer by a large margin, with net profits set to range between 29.1 billion RMB ($42 billion) and 31.5 billion RMB in 2022, according to the company. ",{"type":657,"attrs":108763,"content":108764},{"level":15966,"textAlign":49},[108765],{"text":108766,"type":599},"Benefits of vertical integration ",{"type":594,"attrs":108768,"content":108769},{"textAlign":49},[108770],{"text":108771,"type":599},"CATL’s deal also highlights the power of having access to domestic Chinese lithium resources and guaranteed supplies of the metal. ",{"type":594,"attrs":108773,"content":108774},{"textAlign":49},[108775],{"text":108776,"type":599},"Chinese battery-grade lithium carbonate prices have fallen by 19% this year to RMB 434,000 a tonne, according to Benchmark’s Lithium Price Assessment, a slump which is seasonally typical for the first quarter but one that has been compounded by the removal of government subsidies for electric vehicles and a subdued economic recovery from the country’s Covid-19 restrictions. ",{"type":594,"attrs":108778,"content":108779},{"textAlign":49},[108780],{"text":108781,"type":599},"Lithium can account for around 40% of the cost of a lithium iron phosphate (LFP) cell, according to Benchmark’s Lithium Ion Battery Cell Price Assessment.  ",{"type":594,"attrs":108783,"content":108784},{"textAlign":49},[108785],{"text":108786,"type":599},"CATL has moved aggressively over the past year to invest in domestic Chinese lithium resources. It has a stake in Zhicun Lithium, which is developing a project in Xinjiang, and also has invested in lithium mining in Yichun, in Jiangxi province.",{"type":594,"attrs":108788,"content":108789},{"textAlign":49},[108790],{"text":108791,"type":599},"Last year CATL signed a joint venture agreement with Lopal and Tangshan Xinfeng Lithium to construct a 30,000 tpa nameplate capacity lithium carbonate facility in Yichun.",{"type":594,"attrs":108793,"content":108794},{"textAlign":49},[108795],{"text":108796,"type":599},"The production cost of lithium from Jiangxi could be as low as RMB 150,000 a tonne, according to Li. ",{"type":594,"attrs":108798,"content":108799},{"textAlign":49},[108800],{"text":108801,"type":599},"In addition, CATL could get around 10,000 tonnes LCE or more from recycling of old batteries, he said. ",{"type":594,"attrs":108803,"content":108804},{"textAlign":49},[108805],{"text":108806,"type":599},"“CATL is confident to drag down lithium price now because they are making progress upstream,” Li said. ",{"type":594,"attrs":108808,"content":108809},{"textAlign":49},[108810],{"text":108811,"type":599},"Only 50% of the batteries supplied to automakers will be priced using lithium at RMB 200,000 a tonne, according to Benchmark’s understanding and the rest will be based on the market price, although these proportions will be dynamically adjusted.",{"type":594,"attrs":108813,"content":108814},{"textAlign":49},[108815],{"text":108816,"type":599},"Still, CATL does not control enough lithium resources to influence prices, according to Cameron Perks, an analyst at Benchmark. That means it will still have to purchase the majority of its lithium on the open market. ",{"type":594,"attrs":108818,"content":108819},{"textAlign":49},[108820,108822,108824],{"text":108821,"type":599},"“It seems like they may have",{"text":108823,"type":599},"just",{"text":108825,"type":599},"enough lithium from their domestic projects to supply their requirements,” he said. “But if anything goes wrong they’re going to be taking a loss buying lithium.”","CATL’s decision to offer select electric vehicle makers in China discounts on batteries linked to lower lithium prices has fired the starting gun on a battle for market share that could hit its smaller rivals. The world’s largest battery producer has reportedly offered automakers including Nio, Li Auto, Huawei and Zeekr batteries containing lithium priced […]",[108828],{"slug":544,"name":543,"content":108829},{"job_title":557,"image":108830,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f22dc2ee-c077-484c-ab47-60c5417092a6\", \"id\": \"\"}-->",[108833,108834,108835,108836],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":3088,"name":3089},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1359,"copyright":547,"fieldtype":553,"meta_data":108838,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 01, 2023",{"id":108841,"uuid":108842,"name":108843,"slug":108844,"full_slug":108845,"content":108846},112471769983756,"b8397f3c-8cc7-4a37-8e77-00bce269b193","OPINION: Will Chinese EVs break into Western markets?","opinion-will-chinese-evs-break-into-western-markets","article/opinion-will-chinese-evs-break-into-western-markets",{"_uid":108847,"date":108848,"tags":108849,"editor":108852,"content":108856,"excerpt":109079,"featured":50,"reporter":109080,"_editable":109084,"component":864,"seo_title":108843,"categories":109085,"visibility":882,"author_company":109088,"featured_image":109089,"seo_description":109079,"author_full_name":109092,"author_job_title":49,"formattedDate":109093},"01e1da56-6186-43f6-99e8-92e0ef160bb6","2023-02-27 00:00",[108850,108851],{"slug":913,"name":914},{"slug":41666,"name":41667},[108853],{"slug":544,"name":543,"content":108854},{"job_title":557,"image":108855,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":108857},[108858,108863,108868,108879,108884,108897,108902,108907,108912,108917,108922,108927,108932,108937,108942,108947,108952,108957,108962,108967,108972,108977,108982,108993,109016,109021,109026,109038,109049,109054,109059,109064,109069,109074],{"type":594,"attrs":108859,"content":108860},{"textAlign":49},[108861],{"text":108862,"type":599},"As the EV race gathers pace we are confronted by a key question: can anyone now rival the Chinese, or have they already ‘won’?",{"type":594,"attrs":108864,"content":108865},{"textAlign":49},[108866],{"text":108867,"type":599},"Many have declared the ‘race’ already finished, with the Chinese victorious. But the global ‘EV race’ (if that is the most appropriate analogy in the first place) is going to be more of a long-distance cross-terrain run, not a sprint, with many obstacles along the way. ",{"type":594,"attrs":108869,"content":108870},{"textAlign":49},[108871,108873,108877],{"text":108872,"type":599},"Indeed, from that perspective a competitor sprinting too soon could easily be overtaken at a later stage; and it’s not even guaranteed that ",{"text":108874,"type":599,"marks":108875},"anyone",[108876],{"type":643},{"text":108878,"type":599}," will reach the ‘finish line.’",{"type":594,"attrs":108880,"content":108881},{"textAlign":49},[108882],{"text":108883,"type":599},"This long, winding and unpredictable road poses a particular challenge for Chinese EVs, which are seemingly out front of the pack (with the notable exception of Tesla).  ",{"type":594,"attrs":108885,"content":108886},{"textAlign":49},[108887,108889,108895],{"text":108888,"type":599},"Specifically, one key hurdle they face in any conceivable route to global domination of the emerging EV sector is breaking into established ",{"text":108890,"type":599,"marks":108891},"‘rich world’ markets",[108892],{"type":604,"attrs":108893},{"href":108894,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-battery-makers-bet-on-europes-ev-market",{"text":108896,"type":599}," and then achieving acceptable mass market status there.",{"type":594,"attrs":108898,"content":108899},{"textAlign":49},[108900],{"text":108901,"type":599},"Not because sales overseas are limited anymore to these markets. But because they still overwhelmingly dominate growing global markets for EVs. And because they are the home markets of the most potent competitors to China’s EV sector, from established auto majors in particular, who are not about to give up and are really only just beginning to give the EV serious attention.",{"type":657,"attrs":108903,"content":108904},{"level":15966,"textAlign":49},[108905],{"text":108906,"type":599},"The Chinese EV wave will be different",{"type":594,"attrs":108908,"content":108909},{"textAlign":49},[108910],{"text":108911,"type":599},"Some frame this question in terms of the comparison with the Koreans (in the 90s) and the Japanese (in the 70s/80s) breaking into Western car markets with undeniable success. But there are some key differences:",{"type":594,"attrs":108913,"content":108914},{"textAlign":49},[108915],{"text":108916,"type":599},"(1)   Japan and Korea’s successful breakthroughs were at a moment of ascendant globalisation and retreating (technological) nationalism, whereas today we are in precisely the opposite situation: retreating globalisation and insurgent (techno-)nationalism and geopolitical tension",{"type":594,"attrs":108918,"content":108919},{"textAlign":49},[108920],{"text":108921,"type":599},"(2)   Japan and Korea were also both demonstrably and foundationally within the same geopolitical camp as Western markets; whereas China is just as obviously not, and increasingly so with each crescendo of ‘new Cold War’ rhetoric",{"type":594,"attrs":108923,"content":108924},{"textAlign":49},[108925],{"text":108926,"type":599},"(3)   The technological, infrastructural and social aspects of the two are also entirely different. The ICE car being introduced by the Koreans/Japanese was an already-established part of post-war Western life, with the infrastructures already largely in place. ",{"type":594,"attrs":108928,"content":108929},{"textAlign":49},[108930],{"text":108931,"type":599},"It was also in itself a largely settled technological assemblage, with the nature and meaning of the ‘car’ in place and with the Koreans/Japanese just changing details (e.g. the size of the vehicles and their fuel efficiency vs. American cars of the 1950s/60s). By contrast, none of this holds for the EV. ",{"type":657,"attrs":108933,"content":108934},{"level":15966,"textAlign":49},[108935],{"text":108936,"type":599},"From a car to a computer on wheels",{"type":594,"attrs":108938,"content":108939},{"textAlign":49},[108940],{"text":108941,"type":599},"For EVs the infrastructure is still embryonic. How EVs fit into and change established patterns and demands of mobility is still unclear as the EV itself remains an evolving technology.  ",{"type":594,"attrs":108943,"content":108944},{"textAlign":49},[108945],{"text":108946,"type":599},"In particular, it is increasingly not primarily a ‘car’ with an electric drivetrain, but a ‘computer’ that can physically move people and stuff. And we have only just begun to reckon with what a profound transformation that means. ",{"type":594,"attrs":108948,"content":108949},{"textAlign":49},[108950],{"text":108951,"type":599},"Digital technology is also the frontline of the most intense geopolitical rivalry between West and China, which is likely to last at least for the medium-term.",{"type":594,"attrs":108953,"content":108954},{"textAlign":49},[108955],{"text":108956,"type":599},"So what happens if we include these profound shifts in context into our analysis of Chinese EVs entering Western markets? ",{"type":657,"attrs":108958,"content":108959},{"level":15966,"textAlign":49},[108960],{"text":108961,"type":599},"Shifting perceptions of Chinese EVs",{"type":594,"attrs":108963,"content":108964},{"textAlign":49},[108965],{"text":108966,"type":599},"A Master’s project conducted by a Taiwanese student, Chen Hung-Chi, under my supervision sheds some light.  ",{"type":594,"attrs":108968,"content":108969},{"textAlign":49},[108970],{"text":108971,"type":599},"In the summer of 2022, she surveyed European/UK, US, Chinese and Taiwanese publics on attitudes to EV purchasing decisions, and how they are changed once issues of techno-nationalism have been noted, including the perhaps surprising domicile of corporate ownership of certain brands (e.g. MG or Volvo who are now Chinese-owned brands).",{"type":594,"attrs":108973,"content":108974},{"textAlign":49},[108975],{"text":108976,"type":599},"Interestingly Chen’s research found the Western car-buying public largely unbothered at present about in which country the corporate ownership of an EV brand is based. ",{"type":594,"attrs":108978,"content":108979},{"textAlign":49},[108980],{"text":108981,"type":599},"By contrast, though, amongst Chinese respondents, there was a marked techno-nationalism in response. In particular, once such issues of geopolitical contestation and the ownership of brands were raised, Chinese responses showed a significant change in relative or ranked preferences, not observable amongst Western respondents.",{"type":594,"attrs":108983,"content":108984},{"textAlign":49},[108985,108987,108991],{"text":108986,"type":599},"The Chinese respondents also shifted away from non-Chinese (e.g. Korean, US or European) brands ",{"text":108988,"type":599,"marks":108989},"not",[108990],{"type":643},{"text":108992,"type":599}," towards familiar and obviously Chinese brands, like BYD – which they continued to rank relatively low – but specifically towards foreign (largely European) brands owned by Chinese companies.",{"type":594,"attrs":108994,"content":108995},{"textAlign":49},[108996,108998,109002,109004,109008,109010,109014],{"text":108997,"type":599},"This suggests a clear ",{"text":108999,"type":599,"marks":109000},"expressed ",[109001],{"type":643},{"text":109003,"type":599},"preference amongst Chinese would-be EV buyers for Chinese-",{"text":109005,"type":599,"marks":109006},"owned",[109007],{"type":643},{"text":109009,"type":599}," but European-",{"text":109011,"type":599,"marks":109012},"branded",[109013],{"type":643},{"text":109015,"type":599}," products; resonating with longstanding preferences revealed in actual Chinese vehicle market sales. ",{"type":594,"attrs":109017,"content":109018},{"textAlign":49},[109019],{"text":109020,"type":599},"A sense here then of Chinese consumers seeking to ‘have their cake and eat it’ – supporting Chinese techno-nationalist ambitions while still availing themselves of (what they still presume is) superior quality from ‘foreign’ technology.",{"type":657,"attrs":109022,"content":109023},{"level":15966,"textAlign":49},[109024],{"text":109025,"type":599},"Geopolitical rivalry",{"type":594,"attrs":109027,"content":109028},{"textAlign":49},[109029,109031,109036],{"text":109030,"type":599},"We see clear evidence that the EV is beginning to become pulled into ",{"text":109032,"type":599,"marks":109033},"geopolitical rivalry",[109034],{"type":604,"attrs":109035},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":109037,"type":599},", and even in the minds of (highly pragmatic, cost-conscious) would-be consumers/buyers in both China and the West. ",{"type":594,"attrs":109039,"content":109040},{"textAlign":49},[109041,109043,109047],{"text":109042,"type":599},"And while this currently seems more marked in the former, this may well just reflect the different conditions: for instance, on the one hand, the heightened and ubiquitous exposure to a drumbeat of techno-nationalism in China, given its much more centrally-controlled public messaging and media; and, on the other, the comparative ",{"text":109044,"type":599,"marks":109045},"lack",[109046],{"type":643},{"text":109048,"type":599}," of geopolitical sensitivity of Western consumers, presuming they will always have access to the ‘best’ goods and technologies after a generation of globalization centred on their markets. ",{"type":594,"attrs":109050,"content":109051},{"textAlign":49},[109052],{"text":109053,"type":599},"However, there is no reason in principle to believe a major and sudden shift in the same direction is not also possible in Western opinion given appropriate circumstances arising from the very same geopolitical context: for instance, if Beijing were actually to attack Taiwan. ",{"type":594,"attrs":109055,"content":109056},{"textAlign":49},[109057],{"text":109058,"type":599},"The Chinese ownership of MG and Volvo, for instance, would surely then be thrust into the public eye. We have already seen protests outside the Manchester consulate, leading to a high-profile clash, so why not pickets outside MG dealerships in such a scenario? ",{"type":594,"attrs":109060,"content":109061},{"textAlign":49},[109062],{"text":109063,"type":599},"So far, though, this shift in preferences is not yet an ascendant mainstream perspective; and even where it does happen, it may well not simply take the form of a revitalised nationalist chauvinism typical up to the ‘70s and ‘80s regarding vehicle purchases (i.e. with the French buying French cars.)",{"type":594,"attrs":109065,"content":109066},{"textAlign":49},[109067],{"text":109068,"type":599},"It is something new, reflecting the complex cross-country, globalised nature of the EV auto sector that has taken shape over the past 40 years. ",{"type":594,"attrs":109070,"content":109071},{"textAlign":49},[109072],{"text":109073,"type":599},"Indeed, it is surely clear that the very difficulty of seamlessly decoupling into purely ‘Chinese’ and ‘Western’ auto/EV markets would feed significantly back into how any such tensions actually then play out.",{"type":594,"attrs":109075,"content":109076},{"textAlign":49},[109077],{"text":109078,"type":599},"In short, rather than just tracking the numbers of Chinese-owned EVs selling in Europe, then, we need some triangulation to sense how the wind is blowing over the medium-term, as this complex and unprecedented scenario plays out.","As the EV race gathers pace we are confronted by a key question: can anyone now rival the Chinese, or have they already ‘won’? Many have declared the ‘race’ already finished, with the Chinese victorious. But the global ‘EV race’ (if that is the most appropriate analogy in the first place) is going to be more […]",[109081],{"slug":544,"name":543,"content":109082},{"job_title":557,"image":109083,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"01e1da56-6186-43f6-99e8-92e0ef160bb6\", \"id\": \"\"}-->",[109086,109087],{"slug":3088,"name":3089},{"slug":880,"name":881},"Lancaster University",{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":109090,"copyright":547,"fieldtype":553,"meta_data":109091,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/458626a429/bm-xpeng-in-europe.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"David Tyfield","Feb 27, 2023",{"id":109095,"uuid":109096,"name":109097,"slug":109098,"full_slug":109099,"content":109100},112471774935821,"d537de08-1762-48a7-9d75-74aa71856d60","Lithium prices slip again in February as weak EV demand slows two-year rally","lithium-prices-slip-again-in-february-as-weak-ev-demand-slows-two-year-rally","article/lithium-prices-slip-again-in-february-as-weak-ev-demand-slows-two-year-rally",{"_uid":109101,"date":109102,"tags":109103,"editor":109105,"content":109109,"excerpt":109188,"featured":51,"reporter":109189,"_editable":109193,"component":864,"seo_title":109097,"categories":109194,"visibility":882,"author_company":49,"featured_image":109197,"seo_description":109188,"author_full_name":49,"author_job_title":49,"formattedDate":109200},"1f3b06aa-aac3-492a-a611-1791392d857f","2023-02-24 00:00",[109104],{"slug":910,"name":911},[109106],{"slug":544,"name":543,"content":109107},{"job_title":557,"image":109108,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":109110},[109111,109116,109121,109126,109131,109136,109141,109146,109151,109156,109168,109173,109178,109183],{"type":594,"attrs":109112,"content":109113},{"textAlign":49},[109114],{"text":109115,"type":599},"Chinese lithium spot prices continued to fall for the eleventh straight week in mid February amid continued weakness in downstream battery demand for lithium, as large cathode makers destock raw material inventories, slowing down the two-year rally for the critical battery material.",{"type":594,"attrs":109117,"content":109118},{"textAlign":49},[109119],{"text":109120,"type":599},"The price for battery-grade lithium carbonate fell by 7.6% between the 8th and 22nd of February, while lithium hydroxide dropped by 4.6%, according to Benchmark’s Lithium Price Assessment. ",{"type":594,"attrs":109122,"content":109123},{"textAlign":49},[109124],{"text":109125,"type":599},"The declines come at a time when Chinese EV sales typically fall due to the Lunar New Year festival. This seasonal fall in sales was compounded by Beijing ending electric vehicle subsidies at the beginning of the year spurring purchases in December, dampening demand.",{"type":594,"attrs":109127,"content":109128},{"textAlign":49},[109129],{"text":109130,"type":599},"“It is important to note that the first quarter is always weak for lithium prices. This is not unexpected but perhaps the movements were a little bit stronger downwards than some people had anticipated,” said Daisy Jennings-Gray, an analyst at Benchmark.",{"type":594,"attrs":109132,"content":109133},{"textAlign":49},[109134],{"text":109135,"type":599},"“There’s not much activity going on in the spot market. Half of the manufacturers have fair inventory levels and they’re essentially working through that. We hear that there are a lot of cell and cathode facilities that are operating at low utilisation rates at the moment and as a result not buying any more material,” added Jennings-Gray.",{"type":594,"attrs":109137,"content":109138},{"textAlign":49},[109139],{"text":109140,"type":599},"The declines also come as China’s largest battery maker CATL is reportedly offering some of its key electric vehicle clients steep discounts to grab more market share, a move interpreted by the industry as likelihood of further drop in lithium chemical prices in the midterm.",{"type":594,"attrs":109142,"content":109143},{"textAlign":49},[109144],{"text":109145,"type":599},"Battery-grade lithium carbonate was last assessed at RMB 434,000 ($62,925), compared to RMB 407,500 ($59,075) for technical-grade, according to Benchmark’s Lithium Price Assessment. Lithium hydroxide was assessed at RMB 460,000 ($66,700).",{"type":594,"attrs":109147,"content":109148},{"textAlign":49},[109149],{"text":109150,"type":599},"This year battery-grade lithium carbonate prices have declined 19% but have risen more than seven fold since January 2021, according to Benchmark’s Lithium Price Assessment.  ",{"type":594,"attrs":109152,"content":109153},{"textAlign":49},[109154],{"text":109155,"type":599},"More price declines?",{"type":594,"attrs":109157,"content":109158},{"textAlign":49},[109159,109161,109166],{"text":109160,"type":599},"Sales of new energy vehicles in China ",{"text":109162,"type":599,"marks":109163},"fell by 48%",[109164],{"type":604,"attrs":109165},{"href":87493,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":109167,"type":599}," in January compared to December. New energy sales in China include plug-in hybrids and fuel cell vehicles. Despite the slow start, China electric vehicle sales at the end of 2023 are expected to be higher than a year ago.",{"type":594,"attrs":109169,"content":109170},{"textAlign":49},[109171],{"text":109172,"type":599},"Electric passenger car and electric light duty vehicle sales in China are forecast to reach 9 million units by the end of 2023, compared to 6.2 million units last year, according to EV market analysis firm Rho Motion.",{"type":594,"attrs":109174,"content":109175},{"textAlign":49},[109176],{"text":109177,"type":599},"“There is a lot of uncertainty over what will happen with the EV market recovery and there is an expectation that some restocking may begin to happen by mid to end of March and we may ultimately see some demand pick up. We expect the demand throughout the year to be stronger than the previous year,” said Jennings-Gray.",{"type":594,"attrs":109179,"content":109180},{"textAlign":49},[109181],{"text":109182,"type":599},"Lithium demand is forecast to reach 900,000 tonnes by the end of this year, a jump of 28% year-on-year, according to Benchmark Lithium Forecast.",{"type":594,"attrs":109184,"content":109185},{"textAlign":49},[109186],{"text":109187,"type":599},"“I think this year, and especially the first half of this year, will be very volatile on the lithium spot market in China. Buyers and sellers are becoming increasingly sentiment driven and naturally that feeds into volatility. And then seasonality is becoming more prevalent as well as the market matures,” said Jennings-Gray.","Chinese lithium spot prices continued to fall for the eleventh straight week in mid February amid continued weakness in downstream battery demand for lithium, as large cathode makers destock raw material inventories, slowing down the two-year rally for the critical battery material. The price for battery-grade lithium carbonate fell by 7.6% between the 8th and […]",[109190],{"slug":544,"name":543,"content":109191},{"job_title":557,"image":109192,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1f3b06aa-aac3-492a-a611-1791392d857f\", \"id\": \"\"}-->",[109195,109196],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":109198,"copyright":547,"fieldtype":553,"meta_data":109199,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fa113bb889/bm-xi-jinping-china-1271363d899b.png",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 24, 2023",{"id":109202,"uuid":109203,"name":109204,"slug":109205,"full_slug":109206,"content":109207},112471784663823,"0a3c4c9b-b4da-4c3a-ac95-0c7294fde72e","Cathode prices continue to slide on the back of weak battery demand and falling raw material costs","cathode-prices-continue-to-slide-on-the-back-of-weak-battery-demand-and-falling-raw-material-costs","article/cathode-prices-continue-to-slide-on-the-back-of-weak-battery-demand-and-falling-raw-material-costs",{"_uid":109208,"date":109209,"tags":109210,"editor":109212,"content":109216,"excerpt":109260,"featured":50,"reporter":109261,"_editable":109265,"component":864,"seo_title":109204,"categories":109266,"visibility":882,"author_company":49,"featured_image":109269,"seo_description":109260,"author_full_name":49,"author_job_title":49,"formattedDate":109272},"d59cabdc-e5f8-4797-aec0-b84b37c6650c","2023-02-23 00:00",[109211],{"slug":64098,"name":64099},[109213],{"slug":544,"name":543,"content":109214},{"job_title":557,"image":109215,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":109217},[109218,109223,109228,109233,109238,109245,109250,109255],{"type":594,"attrs":109219,"content":109220},{"textAlign":49},[109221],{"text":109222,"type":599},"Cathode prices continued their downward slide in the first half of February due to lower prices for cobalt, nickel, and lithium as well as weakening battery cell demand. ",{"type":594,"attrs":109224,"content":109225},{"textAlign":49},[109226],{"text":109227,"type":599},"Benchmark’s Cathode Price Index, which tracks an average of cathode prices relative to demand, fell 6% from mid-January to mid-February. The index has fallen 19% from mid-November, reaching its lowest point since January 2022. ",{"type":594,"attrs":109229,"content":109230},{"textAlign":49},[109231],{"text":109232,"type":599},"“The fall in cathode prices can be seen across the grades, with every assessed cathode type decreasing in price in both January and February. The story is the same across the whole Chinese cathode market, with low demand from cell producers coupled with falling feedstock prices, first in the lead up to, and then in the wake of, Spring Festival.” said Evan Hartley, an analyst at Benchmark. ",{"type":594,"attrs":109234,"content":109235},{"textAlign":49},[109236],{"text":109237,"type":599},"Hartley added that “Chinese gigafactory output reduced by 46% month-on-month in January, with many EV production facilities using existing battery inventories to maintain production, and uncertainty regarding the short term recovery of the EV industry.”",{"type":594,"attrs":109239,"content":109240},{"textAlign":49},[109241],{"type":1186,"attrs":109242},{"id":49,"alt":547,"src":109243,"title":49,"source":49,"copyright":49,"meta_data":109244},"https://a.storyblok.com/f/287943243085208/59f788b388/bm-image-116-13441144eacc.png",{},{"type":594,"attrs":109246,"content":109247},{"textAlign":49},[109248],{"text":109249,"type":599},"With gigafactory output falling, demand for cathode material from battery makers has slowed and some large cathode producers continue to sit on inventories. ",{"type":594,"attrs":109251,"content":109252},{"textAlign":49},[109253],{"text":109254,"type":599},"On the supply side, a significant contributor to declining cathode prices has been falling raw materials prices which can be seen across major feedstocks.",{"type":594,"attrs":109256,"content":109257},{"textAlign":49},[109258],{"text":109259,"type":599},"Chinese cobalt sulphate prices fell 10.1% between mid-January and mid-February, while nickel sulphate prices fell 10.8%. Chinese lithium carbonate and hydroxide prices fell 6.5% and 5.4% in the four weeks up to 15 February. ","Cathode prices continued their downward slide in the first half of February due to lower prices for cobalt, nickel, and lithium as well as weakening battery cell demand. Benchmark’s Cathode Price Index, which tracks an average of cathode prices relative to demand, fell 6% from mid-January to mid-February. The index has fallen 19% from mid-November, […]",[109262],{"slug":544,"name":543,"content":109263},{"job_title":557,"image":109264,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d59cabdc-e5f8-4797-aec0-b84b37c6650c\", \"id\": \"\"}-->",[109267,109268],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":109270,"copyright":547,"fieldtype":553,"meta_data":109271,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d463160d4a/bm-battery-production-jiangxi.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 23, 2023",{"id":109274,"uuid":109275,"name":109276,"slug":109277,"full_slug":109278,"content":109279},112471779830542,"bcc59e59-bce9-472e-a701-321c53963017","Should Europe follow UK’s lead to enable successful grid energy storage deployment?","should-europe-follow-uks-lead-to-enable-successful-grid-energy-storage-deployment","article/should-europe-follow-uks-lead-to-enable-successful-grid-energy-storage-deployment",{"_uid":109280,"date":109209,"tags":109281,"editor":109284,"content":109288,"excerpt":109377,"featured":51,"reporter":109378,"_editable":109382,"component":864,"seo_title":109276,"categories":109383,"visibility":882,"author_company":49,"featured_image":109387,"seo_description":109377,"author_full_name":49,"author_job_title":49,"formattedDate":109272},"7ef34d33-af10-430a-ae68-f340e60d84fc",[109282,109283],{"slug":2790,"name":2791},{"slug":16791,"name":16792},[109285],{"slug":544,"name":543,"content":109286},{"job_title":557,"image":109287,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":109289},[109290,109295,109300,109305,109310,109315,109320,109327,109332,109337,109342,109347,109352,109357,109362,109367,109372],{"type":594,"attrs":109291,"content":109292},{"textAlign":49},[109293],{"text":109294,"type":599},"Lithium ion demand from Europe’s battery energy storage sector is set to increase 500% between 2022 and 2030 but differences in policy across the continent could limit deployment of the technology at grid level. ",{"type":594,"attrs":109296,"content":109297},{"textAlign":49},[109298],{"text":109299,"type":599},"To reach its net zero goals, Europe is deploying renewables across the region, but this brings intermittency to the grid at a time when stability and resilience are most pressing. Energy storage systems can help smooth out the uneven generation of renewables and help to stabilise grids. ",{"type":594,"attrs":109301,"content":109302},{"textAlign":49},[109303],{"text":109304,"type":599},"By 2030 the continent’s battery energy storage will require 36 GWh of lithium ion cells according to forecast data from Benchmark’s Lithium ion Battery Database. But apart from the UK and Ireland, much of Europe is lagging in terms of energy storage deployment and supporting regulations, especially regarding how energy storage is treated by network operators.",{"type":594,"attrs":109306,"content":109307},{"textAlign":49},[109308],{"text":109309,"type":599},"Key to making Europe attractive for battery energy storage projects is to develop a regulatory environment which allows batteries to be utilised in their most efficient way. ",{"type":594,"attrs":109311,"content":109312},{"textAlign":49},[109313],{"text":109314,"type":599},"“Clearly, the regulations are the most important part,” Massimo Resta, a partner at Zouk Capital–an infrastructure investment firm, told Solar Media’s Energy Storage Summit this week. “If the regulators don’t handle it well, it will be very disruptive for the market. You need to recognise the unique capabilities of batteries.”",{"type":594,"attrs":109316,"content":109317},{"textAlign":49},[109318],{"text":109319,"type":599},"“Those making the regulations [in Europe] need to look at the UK,” Resta said.",{"type":594,"attrs":109321,"content":109322},{"textAlign":49},[109323],{"type":1186,"attrs":109324},{"id":49,"alt":547,"src":109325,"title":49,"source":49,"copyright":49,"meta_data":109326},"https://a.storyblok.com/f/287943243085208/4dc3ab54a0/bm-europe-ess-lithium-ion-demand.png",{},{"type":657,"attrs":109328,"content":109329},{"level":15966,"textAlign":49},[109330],{"text":109331,"type":599},"Lack of unified market ",{"type":594,"attrs":109333,"content":109334},{"textAlign":49},[109335],{"text":109336,"type":599},"Despite much of Europe being linked by the European Union, the region is by no means a homogeneous market.",{"type":594,"attrs":109338,"content":109339},{"textAlign":49},[109340],{"text":109341,"type":599},"Due to their island natures, it is harder for the UK and Ireland to connect to the continental grid which has in part spurred them to develop the most mature energy storage market in Europe.",{"type":594,"attrs":109343,"content":109344},{"textAlign":49},[109345],{"text":109346,"type":599},"“They are at the forefront,” Gerard Reid, co-founder of energy infrastructure finance advisory firm Alexa Capital, told attendees of the summit. “And batteries are really critical for the system.”",{"type":594,"attrs":109348,"content":109349},{"textAlign":49},[109350],{"text":109351,"type":599},"Reid said that Germany and the UK have similar amounts of energy storage, but deployed them in very different ways. “The UK is all about keeping the grid on,” he said. By contrast, most of Germany’s battery storage is deployed behind-the-metre, rather than at grid level, where it is connected to residential solar, he said.",{"type":594,"attrs":109353,"content":109354},{"textAlign":49},[109355],{"text":109356,"type":599},"“They are completely different markets, but both are going to grow massively,” Reid said.",{"type":594,"attrs":109358,"content":109359},{"textAlign":49},[109360],{"text":109361,"type":599},"Similarly, Italy is expected to see a lot of behind-the-metre deployment of battery energy storage systems, according to Resta.",{"type":594,"attrs":109363,"content":109364},{"textAlign":49},[109365],{"text":109366,"type":599},"Resta went on to say behind-the-metre energy storage can be deployed without market reforms, whereas grid-level storage requires far more changes. Rho Motion forecasts that behind-the-metre applications will account for 60% of energy storage demand in Europe this year.",{"type":594,"attrs":109368,"content":109369},{"textAlign":49},[109370],{"text":109371,"type":599},"Where Germany and the UK are similar, is that energy storage is treated as its own asset class by network operators. But not all of Europe treats energy storage in this way. As a result, batteries are sometimes treated as generators, making it difficult to use batteries and energy storage as smart devices that can offer many varied services.",{"type":594,"attrs":109373,"content":109374},{"textAlign":49},[109375],{"text":109376,"type":599},"“More and more countries are really on the way to having energy storage as its own asset class,” Julian Gerstner, head of storage for the EMEA region for BayWa r.e.—a renewable energy project developer, said at the summit.","Lithium ion demand from Europe’s battery energy storage sector is set to increase 500% between 2022 and 2030 but differences in policy across the continent could limit deployment of the technology at grid level. To reach its net zero goals, Europe is deploying renewables across the region, but this brings intermittency to the grid at […]",[109379],{"slug":544,"name":543,"content":109380},{"job_title":557,"image":109381,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7ef34d33-af10-430a-ae68-f340e60d84fc\", \"id\": \"\"}-->",[109384,109385,109386],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":109388,"copyright":547,"fieldtype":553,"meta_data":109389,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5a06b5e2e0/bm-harmony-energy-bess.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":109391,"uuid":109392,"name":109393,"slug":109394,"full_slug":109395,"content":109396},112471789460240,"560dd4a3-f538-491e-a297-b5254d4f462b","South Korea’s LG Chem expands North America footprint with lithium investment and offtake","south-koreas-lg-chem-expands-north-america-footprint-with-lithium-investment-and-offtake","article/south-koreas-lg-chem-expands-north-america-footprint-with-lithium-investment-and-offtake",{"_uid":109397,"date":109398,"tags":109399,"editor":109403,"content":109407,"excerpt":109503,"featured":50,"reporter":109504,"_editable":109508,"component":864,"seo_title":109393,"categories":109509,"visibility":882,"author_company":49,"featured_image":109513,"seo_description":109503,"author_full_name":49,"author_job_title":49,"formattedDate":109516},"717a3211-4789-412a-800a-815b2b372df6","2023-02-22 00:00",[109400,109401,109402],{"slug":46859,"name":46860},{"slug":8694,"name":8695},{"slug":1375,"name":1376},[109404],{"slug":544,"name":543,"content":109405},{"job_title":557,"image":109406,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":109408},[109409,109414,109419,109424,109431,109436,109441,109446,109451,109456,109461,109466,109471,109476,109481,109488,109493,109498],{"type":594,"attrs":109410,"content":109411},{"textAlign":49},[109412],{"text":109413,"type":599},"South Korea’s LG Chem has invested $75 million in Piedmont Lithium and signed an offtake agreement with the US-based lithium developer, a move aimed at strengthening the battery manufacturer’s cost competitiveness and presence in the North American battery supply chain.",{"type":594,"attrs":109415,"content":109416},{"textAlign":49},[109417],{"text":109418,"type":599},"The deal will see LG Chem take a 5.7% stake in Piedmont Lithium and source 200,000 tonnes of spodumene concentrate over four years starting in the third quarter of 2023. LG Chem says it will  extract 30,000 tonnes of lithium hydroxide in total. The spodumene will be sourced from North American Lithium, a joint venture between Piedmont Lithium and Sayona Mining. ",{"type":594,"attrs":109420,"content":109421},{"textAlign":49},[109422],{"text":109423,"type":599},"The deal comes as South Korea’s battery makers look to reduce their reliance on China in order to meet requirements set out in the USA’s Inflation Reduction Act (IRA). South Korean producers are forecast to account for 54% of the USA’s lithium ion battery production in 2030 according to Benchmark’s Lithium ion Battery Database.",{"type":594,"attrs":109425,"content":109426},{"textAlign":49},[109427],{"type":1186,"attrs":109428},{"id":49,"alt":547,"src":109429,"title":49,"source":49,"copyright":49,"meta_data":109430},"https://a.storyblok.com/f/287943243085208/9ea184d711/bm-image-114-134411006322.png",{},{"type":594,"attrs":109432,"content":109433},{"textAlign":49},[109434],{"text":109435,"type":599},"“This agreement allows LG Chem to provide differentiated values to North American customers with products that satisfy IRA standards by preemptively securing raw materials in the US, our key market,” said LG Chem’s chief executive Hak Cheol Shin.",{"type":594,"attrs":109437,"content":109438},{"textAlign":49},[109439],{"text":109440,"type":599},"The IRA requires that at least 40% of the critical battery material’s value must be extracted or processed in the USA or a country it has a free trade agreement with. That requirement increases by 10% each year to 80% by 2027.",{"type":594,"attrs":109442,"content":109443},{"textAlign":49},[109444],{"text":109445,"type":599},"“LG has secured offtake for spodumene concentrate and is taking advantage of the Inflation Reduction Act. But most importantly this is an actual investment in a company and not just an offtake,” said Cameron Perks, analyst with Benchmark.",{"type":594,"attrs":109447,"content":109448},{"textAlign":49},[109449],{"text":109450,"type":599},"“In consideration of LG Chem’s substantial investment, the price is subject to a discount based on the prevailing market price at a given time. So, the deal is actually unique in this way perhaps due to LG Chem’s status as a well known battery producer,” said Perks. ",{"type":594,"attrs":109452,"content":109453},{"textAlign":49},[109454],{"text":109455,"type":599},"As part of the deal, LG Chem has also obtained priority negotiation rights for 10,000 tonnes of Piedmont’s annual lithium hydroxide production. ",{"type":594,"attrs":109457,"content":109458},{"textAlign":49},[109459],{"text":109460,"type":599},"“Other South Korean companies would definitely be interested in similar deals and would be looking at an entrance strategy, many have been for some years now, but not pulled the trigger,” Perks said.",{"type":657,"attrs":109462,"content":109463},{"level":15966,"textAlign":49},[109464],{"text":109465,"type":599},"A growing North American footprint",{"type":594,"attrs":109467,"content":109468},{"textAlign":49},[109469],{"text":109470,"type":599},"North America hosts 43% of LG Energy Solution’s (LGES), LG Chem’s battery subsidiary, capacity pipeline according to data from Benchmark’s Gigafactory Assessment. ",{"type":594,"attrs":109472,"content":109473},{"textAlign":49},[109474],{"text":109475,"type":599},"The company has seven gigafactories in Canada and the USA with 265 gigawatt hours (GWh) of production capacity in the pipeline for 2030. ",{"type":594,"attrs":109477,"content":109478},{"textAlign":49},[109479],{"text":109480,"type":599},"By 2025, Benchmark forecasts that these expansions will see LGES become the region’s largest battery producer. ",{"type":594,"attrs":109482,"content":109483},{"textAlign":49},[109484],{"type":1186,"attrs":109485},{"id":49,"alt":547,"src":109486,"title":49,"source":49,"copyright":49,"meta_data":109487},"https://a.storyblok.com/f/287943243085208/fb21d12a6f/bm-image-115-1344111c1826.png",{},{"type":594,"attrs":109489,"content":109490},{"textAlign":49},[109491],{"text":109492,"type":599},"To meet the company’s growing battery production goals and to both meet the requirements of the IRA and take advantage of its incentives, it has begun to localise capacity in the upstream stages of its supply chain. ",{"type":594,"attrs":109494,"content":109495},{"textAlign":49},[109496],{"text":109497,"type":599},"In November Last year, LG Chem announced plans to build a $3 billion cathode plant in Clarksville, Tennessee, which will supply battery materials for electric vehicles and where it aims to produce 120,000 tonnes of cathode materials annually by 2027. Piedmont Lithium is also developing a lithium hydroxide plant in Tennessee, and is targeting its first production from the site in 2025. ",{"type":594,"attrs":109499,"content":109500},{"textAlign":49},[109501],{"text":109502,"type":599},"“Moving forward, LG Chem plans to continue its investment to secure key battery materials that satisfy criteria laid out in the US IRA and RMA (Critical Raw Materials Act) in Europe, ” an LG Chem statement said. ","South Korea’s LG Chem has invested $75 million in Piedmont Lithium and signed an offtake agreement with the US-based lithium developer, a move aimed at strengthening the battery manufacturer’s cost competitiveness and presence in the North American battery supply chain. The deal will see LG Chem take a 5.7% stake in Piedmont Lithium and source […]",[109505],{"slug":544,"name":543,"content":109506},{"job_title":557,"image":109507,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"717a3211-4789-412a-800a-815b2b372df6\", \"id\": \"\"}-->",[109510,109511,109512],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":109514,"copyright":547,"fieldtype":553,"meta_data":109515,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cd692e7363/bm-lg-towers-2-2-e1579274709383.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 22, 2023",{"id":109518,"uuid":109519,"name":109520,"slug":109521,"full_slug":109522,"content":109523},112471799143186,"b220d6c4-0ec4-49c2-9598-9cce22be7ea1","Can Japan hit its 2030 target of 20% battery market share?","can-japan-hit-its-2030-target-of-20-battery-market-share","article/can-japan-hit-its-2030-target-of-20-battery-market-share",{"_uid":109524,"date":109525,"tags":109526,"editor":109529,"content":109533,"excerpt":109620,"featured":51,"reporter":109621,"_editable":109625,"component":864,"seo_title":109520,"categories":109626,"visibility":882,"author_company":49,"featured_image":109630,"seo_description":109620,"author_full_name":49,"author_job_title":49,"formattedDate":109633},"cc2b8f09-1adf-4b1c-9922-9fd5e440a0be","2023-02-20 00:00",[109527,109528],{"slug":578,"name":579},{"slug":6290,"name":2052},[109530],{"slug":544,"name":543,"content":109531},{"job_title":557,"image":109532,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":109534},[109535,109540,109545,109550,109557,109562,109567,109576,109581,109586,109593,109598,109603,109608,109613],{"type":594,"attrs":109536,"content":109537},{"textAlign":49},[109538],{"text":109539,"type":599},"Japan will struggle to meet its target of its battery makers owning a 20% share of the global market by 2030, according to an analysis by Benchmark.",{"type":594,"attrs":109541,"content":109542},{"textAlign":49},[109543],{"text":109544,"type":599},"Japan’s trade and industry ministry, METI, last year set a target for Japanese producers to achieve 600 gigawatt hours (GWh) of production or a 20% market share by the end of the decade.",{"type":594,"attrs":109546,"content":109547},{"textAlign":49},[109548],{"text":109549,"type":599},"Benchmark forecasts, however, that Japanese companies will produce just 3.5% of the world’s lithium ion battery output by 2030.",{"type":594,"attrs":109551,"content":109552},{"textAlign":49},[109553],{"type":1186,"attrs":109554},{"id":49,"alt":547,"src":109555,"title":49,"source":49,"copyright":49,"meta_data":109556},"https://a.storyblok.com/f/287943243085208/7e32cb4a59/bm-image-112-1344106ffad8.png",{},{"type":657,"attrs":109558,"content":109559},{"level":15966,"textAlign":49},[109560],{"text":109561,"type":599},"Overshadowed by its battery neighbours",{"type":594,"attrs":109563,"content":109564},{"textAlign":49},[109565],{"text":109566,"type":599},"Over the past five years Japanese battery manufacturers have lost market share as Chinese and South Korean players such as CATL, LGES, and SK On have expanded operations. ",{"type":594,"attrs":109568,"content":109569},{"textAlign":49},[109570,109574],{"text":13872,"type":599,"marks":109571},[109572],{"type":604,"attrs":109573},{"href":87288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":109575,"type":599}," is the only Japanese company listed among the top 10 producers worldwide.",{"type":594,"attrs":109577,"content":109578},{"textAlign":49},[109579],{"text":109580,"type":599},"In 2018, Japanese companies produced 25% of the world’s batteries. This year Benchmark forecasts their share of production to fall to 6%. During that time South Korean companies have maintained a ~25% market share. ",{"type":594,"attrs":109582,"content":109583},{"textAlign":49},[109584],{"text":109585,"type":599},"In contrast, Chinese producers have increased their share of production from 49% of global supply in 2018 to 67% last year.",{"type":594,"attrs":109587,"content":109588},{"textAlign":49},[109589],{"type":1186,"attrs":109590},{"id":49,"alt":547,"src":109591,"title":49,"source":49,"copyright":49,"meta_data":109592},"https://a.storyblok.com/f/287943243085208/a56b722d5d/bm-image-113-13441076da92.png",{},{"type":594,"attrs":109594,"content":109595},{"textAlign":49},[109596],{"text":109597,"type":599},"Domestic developments ",{"type":594,"attrs":109599,"content":109600},{"textAlign":49},[109601],{"text":109602,"type":599},"As part of Japan’s 2030 battery targets the country is also looking to develop 150 GWh of domestic battery cell production. This year, Benchmark forecasts the country will produce 30 GWh of battery cells.",{"type":594,"attrs":109604,"content":109605},{"textAlign":49},[109606],{"text":109607,"type":599},"The country has several gigafactory expansions underway such as Chinese producer Envision’s 18 GWh capacity Ibaraki plant, or Panasonic and Toyota joint venture PPES’s 20 GWh capacity Himeji gigafactory, but the country is home to few large scale developments.  ",{"type":594,"attrs":109609,"content":109610},{"textAlign":49},[109611],{"text":109612,"type":599},"While Benchmark forecasts that Japan is set to increase its battery output by 128% between 2023 and 2030 to 68 GWh it is set to fall short of its domestic production targets. ",{"type":594,"attrs":109614,"content":109615},{"textAlign":49},[109616],{"type":1186,"attrs":109617},{"id":49,"alt":547,"src":109618,"title":49,"source":49,"copyright":49,"meta_data":109619},"https://a.storyblok.com/f/287943243085208/444c27467f/bm-japan-battery-production-1.png",{},"Japan will struggle to meet its target of its battery makers owning a 20% share of the global market by 2030, according to an analysis by Benchmark. Japan’s trade and industry ministry, METI, last year set a target for Japanese producers to achieve 600 gigawatt hours (GWh) of production or a 20% market share by […]",[109622],{"slug":544,"name":543,"content":109623},{"job_title":557,"image":109624,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cc2b8f09-1adf-4b1c-9922-9fd5e440a0be\", \"id\": \"\"}-->",[109627,109628,109629],{"slug":2499,"name":2500},{"slug":880,"name":881},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":109631,"copyright":547,"fieldtype":553,"meta_data":109632,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/70b90781ad/bm-tokyo-night-time.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 20, 2023",{"id":109635,"uuid":109636,"name":109637,"slug":109638,"full_slug":109639,"content":109640},112471803874067,"2fbcd454-0d09-44e9-accf-bd6a9c740614","Cobalt rout continues into 2023 as prices fall  through to mid-February","cobalt-rout-continues-into-2023-as-prices-fall-through-to-mid-february","article/cobalt-rout-continues-into-2023-as-prices-fall-through-to-mid-february",{"_uid":109641,"date":109642,"tags":109643,"editor":109645,"content":109649,"excerpt":109789,"featured":51,"reporter":109790,"_editable":109794,"component":864,"seo_title":109637,"categories":109795,"visibility":882,"author_company":49,"featured_image":109798,"seo_description":109789,"author_full_name":49,"author_job_title":49,"formattedDate":109801},"66ccfcda-0293-473d-9116-b6a6d6c5f88b","2023-02-17 00:00",[109644],{"slug":581,"name":582},[109646],{"slug":544,"name":543,"content":109647},{"job_title":557,"image":109648,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":109650},[109651,109656,109661,109666,109671,109678,109683,109688,109693,109698,109705,109709,109714,109719,109724,109729,109734,109739,109744,109749,109754,109759,109764,109769,109774,109779,109784],{"type":594,"attrs":109652,"content":109653},{"textAlign":49},[109654],{"text":109655,"type":599},"Cobalt metal prices have continued their bear run in the new year, falling more than 17% through to mid-February due to limited demand from consumer electronics, a surplus of supply from mines, and high inventory levels. ",{"type":594,"attrs":109657,"content":109658},{"textAlign":49},[109659],{"text":109660,"type":599},"Cobalt metal prices have declined 57% since peaking in April 2022 to $16.95 a pound as of 15 February according to Benchmark’s Cobalt Price Assessment. ",{"type":594,"attrs":109662,"content":109663},{"textAlign":49},[109664],{"text":109665,"type":599},"Demand for cobalt from the lithium ion battery sector remained muted due to the early Spring Festival celebration that kept the Chinese market quiet for most of January. Demand has been particularly weak for the lithium cobalt oxide cathode chemistries (LCO), typically used in consumer electronics. ",{"type":594,"attrs":109667,"content":109668},{"textAlign":49},[109669],{"text":109670,"type":599},"“There hasn’t been any fundamental improvement [in demand] in the last few months. It’s also that time of year where things slow down even further in China,” said Greg Miller, an analyst at Benchmark.",{"type":594,"attrs":109672,"content":109673},{"textAlign":49},[109674,109676],{"text":109675,"type":599},"Price declines are even sharper for cobalt sulphate and cobalt hydroxide which are",{"text":109677,"type":599},"down 66% and 74% since April, according to Benchmark’s Cobalt Price Assessment.",{"type":657,"attrs":109679,"content":109680},{"level":15966,"textAlign":49},[109681],{"text":109682,"type":599},"Weak smartphone sales, slow EV demand in December",{"type":594,"attrs":109684,"content":109685},{"textAlign":49},[109686],{"text":109687,"type":599},"A report from IDC, a market intelligence firm for consumer electronics, showed that global smartphone sales recorded a steep decline of 11.3% in 2022, the lowest since 2013. Smartphone batteries contain more cobalt per kilogram than those used in electric vehicles.",{"type":594,"attrs":109689,"content":109690},{"textAlign":49},[109691],{"text":109692,"type":599},"LCO is expected to slip to 5.8% of total lithium ion battery market by the end of this year, from 8.1% in 2022, according to the Benchmark Cobalt Forecast. ",{"type":594,"attrs":109694,"content":109695},{"textAlign":49},[109696],{"text":109697,"type":599},"Further, demand from the electric vehicle battery sector slowed in December and production for Chinese batteries using NCM (nickel, cobalt and manganese) and NCA (nickel, cobalt and aluminium) chemistries fell 23.6% month-on-month to 18.5 gigawatt hours (GWh) compared to a 13.3% fall to 33.9 GWh for lithium iron phosphate LFP.",{"type":594,"attrs":109699,"content":109700},{"textAlign":49},[109701],{"type":1186,"attrs":109702},{"id":49,"alt":547,"src":109703,"title":49,"source":49,"copyright":49,"meta_data":109704},"https://a.storyblok.com/f/287943243085208/696c10cbe3/bm-cobalt-prices-feb-2023.png",{},{"type":594,"attrs":109706,"content":109707},{"textAlign":49},[109708],{"text":107563,"type":599},{"type":594,"attrs":109710,"content":109711},{"textAlign":49},[109712],{"text":109713,"type":599},"“Demand will pick up again over the coming months. There is probably an expectation that the prices are close to reaching the floor, particularly on the metal side. As they reach close to the bottom, a lot of traders will start buying more material again,” Miller said.",{"type":594,"attrs":109715,"content":109716},{"textAlign":49},[109717],{"text":109718,"type":599},"Glencore, the world’s largest cobalt miner, said this week that “strong cobalt demand remains underpinned by the rate of EV sales growth. ",{"type":594,"attrs":109720,"content":109721},{"textAlign":49},[109722],{"text":109723,"type":599},"“While it may take some time, given current excess inventory levels, cobalt fundamentals are expected to improve, also once China begins its recovery phase, which should see a turnaround in consumer goods battery demand,” it said. ",{"type":594,"attrs":109725,"content":109726},{"textAlign":49},[109727],{"text":109728,"type":599},"There is also speculation that the Chinese State Reserve Bureau (SRB), the largest importer of the battery material, will begin purchasing cobalt following the Spring Festival. “From my understanding the SRB are going to buy volumes intermittently throughout the year,” Miller said.",{"type":657,"attrs":109730,"content":109731},{"level":15966,"textAlign":49},[109732],{"text":109733,"type":599},"Supply surplus and prices",{"type":594,"attrs":109735,"content":109736},{"textAlign":49},[109737],{"text":109738,"type":599},"The weakening in smartphones and a slowdown in electric vehicle demand comes amid an increase in cobalt supply. ",{"type":594,"attrs":109740,"content":109741},{"textAlign":49},[109742],{"text":109743,"type":599},"Global cobalt supply is expected to reach 192,149 tonnes by the end of this year, a jump of 10.6% over 2022, according to Benchmark’s Cobalt Price Assessment. ",{"type":594,"attrs":109745,"content":109746},{"textAlign":49},[109747],{"text":109748,"type":599},"London-listed Glencore said it produced 43,800 tonnes of cobalt in 2022, a jump of 40% over 2021, due to the restart of its Mutanda mine in the Democratic Republic of Congo.",{"type":594,"attrs":109750,"content":109751},{"textAlign":49},[109752],{"text":109753,"type":599},"China’s CMOC, the world’s second largest cobalt producer, increased production as well, despite a ban on exports due to an ongoing dispute with the DRC’s state-owned mining company Gecamines over royalty payments.",{"type":594,"attrs":109755,"content":109756},{"textAlign":49},[109757],{"text":109758,"type":599},"In Indonesia, the first delivery of mixed nickel-cobalt hydroxide precipitate (MHP), an alternative source of cobalt to DRC hydroxide for battery makers, was sent from from PT QMB’s high-pressure acid leach (HPAL) project after completion of a two year construction. ",{"type":594,"attrs":109760,"content":109761},{"textAlign":49},[109762],{"text":109763,"type":599},"The joint venture between Chinese precursor producer, GEM, South Korean cathode producer, EcoPro, and others, is expected to produce 2,000 tonnes of cobalt this year according to the Benchmark Cobalt Forecast. ",{"type":594,"attrs":109765,"content":109766},{"textAlign":49},[109767],{"text":109768,"type":599},"Indonesian cobalt production is growing to meet EV market demand, with companies like GEM building out new capacity to increase their market share. The Benchmark Cobalt Forecast expects the Chinese precursor giant to produce over 7,500 tonnes a year by 2025 given the scale of its Indonesian HPAL projects.",{"type":594,"attrs":109770,"content":109771},{"textAlign":49},[109772],{"text":109773,"type":599},"Indonesia is set to become a crucial low-cost supplier to the lithium ion value chain as more HPAL projects, such as QMB’s, come online.",{"type":594,"attrs":109775,"content":109776},{"textAlign":49},[109777],{"text":109778,"type":599},"Benchmark forecasts that additional supply from Indonesia and the DRC will see cobalt’s surplus exceed 10,000 tonnes this year. ",{"type":594,"attrs":109780,"content":109781},{"textAlign":49},[109782],{"text":109783,"type":599},"However, an ongoing legal dispute between the DRC government and CMOC over the latter’s royalty payments from Tenke Fungurume adds an element of uncertainty. The mine continues to operate but has had a ban on exports since July. A forced stoppage to production at the world’s second largest mine could lift prices in the short term.",{"type":594,"attrs":109785,"content":109786},{"textAlign":49},[109787],{"text":109788,"type":599},"“On the supply side, there’s quite a lot of concern at the moment about the DRC…any further development with Tenke in the next few months is likely to have more of an impact on pricing than any demand factor,” said Harry Fisher, analyst at Benchmark.","Cobalt metal prices have continued their bear run in the new year, falling more than 17% through to mid-February due to limited demand from consumer electronics, a surplus of supply from mines, and high inventory levels. Cobalt metal prices have declined 57% since peaking in April 2022 to $16.95 a pound as of 15 February […]",[109791],{"slug":544,"name":543,"content":109792},{"job_title":557,"image":109793,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"66ccfcda-0293-473d-9116-b6a6d6c5f88b\", \"id\": \"\"}-->",[109796,109797],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":109799,"copyright":547,"fieldtype":553,"meta_data":109800,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/741323b2d9/bm-glencore-ktanaga-copper-mine-drc.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 17, 2023",{"id":109803,"uuid":109804,"name":109805,"slug":109806,"full_slug":109807,"content":109808},112471808822036,"cdd60a18-46d7-416e-b829-e3e2b78ddc14","“To me what matters is American dominance in these sectors of the future.” Q&A with the DOE’s Jigar Shah","to-me-what-matters-is-american-dominance-in-these-sectors-of-the-future-qa-with-the-does-jigar-shah","article/to-me-what-matters-is-american-dominance-in-these-sectors-of-the-future-qa-with-the-does-jigar-shah",{"_uid":109809,"date":109810,"tags":109811,"editor":109814,"content":109818,"excerpt":110110,"featured":51,"reporter":110111,"_editable":110115,"component":864,"seo_title":109805,"categories":110116,"visibility":2091,"author_company":49,"featured_image":110121,"seo_description":110110,"author_full_name":49,"author_job_title":49,"formattedDate":110124},"3037916a-cff1-41ca-90ff-564f67182e73","2023-02-16 00:00",[109812,109813],{"slug":18915,"name":18916},{"slug":4610,"name":662},[109815],{"slug":544,"name":543,"content":109816},{"job_title":557,"image":109817,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":109819},[109820,109831,109836,109841,109846,109866,109871,109876,109881,109886,109891,109896,109901,109906,109911,109916,109921,109926,109938,109943,109948,109953,109958,109963,109975,109980,109985,109990,109995,110000,110005,110010,110015,110020,110025,110030,110035,110040,110045,110050,110055,110060,110065,110070,110075,110080,110085,110090,110095,110100],{"type":594,"attrs":109821,"content":109822},{"textAlign":49},[109823,109825,109829],{"text":109824,"type":599},"In President Joe Biden’s mission to build a US battery supply chain to compete with ",{"text":914,"type":599,"marks":109826},[109827],{"type":604,"attrs":109828},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":109830,"type":599},", the Department of Energy plays a central role. ",{"type":594,"attrs":109832,"content":109833},{"textAlign":49},[109834],{"text":109835,"type":599},"The department’s Loan Programs Office has the authority to disburse billions of dollars in loans at US Treasury rates to help mature companies reach full commercialisation – helping to fill a key funding gap that will then hopefully unlock additional capital. ",{"type":594,"attrs":109837,"content":109838},{"textAlign":49},[109839],{"text":109840,"type":599},"Biden’s Inflation Reduction Act increased the amount of money the LPO can lend under the Advanced Technology Vehicles Manufacturing Loan Program, which was set up in 2007, by an additional $40 billion. ",{"type":594,"attrs":109842,"content":109843},{"textAlign":49},[109844],{"text":109845,"type":599},"As a result Jigar Shah, the head of the Loan Programs Office, has become one of the most well known people in the US battery supply chain. “He’s literally the most popular guy in town,” one US battery manufacturer told Benchmark. “Everybody knows his name.” ",{"type":594,"attrs":109847,"content":109848},{"textAlign":49},[109849,109851,109856,109858,109864],{"text":109850,"type":599},"He has made the first loans to the critical minerals sector under the program. In July last year the DOE lent $102.1 million loan to ",{"text":109852,"type":599,"marks":109853},"Syrah Technologies",[109854],{"type":604,"attrs":109855},{"href":76068,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":109857,"type":599}," for its graphite anode facility in Louisiana. And last month it signed a $700 million ",{"text":109859,"type":599,"marks":109860},"conditional loan commitment",[109861],{"type":604,"attrs":109862},{"href":109863,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-doe-backs-domestic-lithium-with-700-million-ioneer-loan",{"text":109865,"type":599}," to Ioneer for its lithium-born project in Nevada. ",{"type":594,"attrs":109867,"content":109868},{"textAlign":49},[109869],{"text":109870,"type":599},"Benchmark Source sat down with him to learn more. ",{"type":594,"attrs":109872,"content":109873},{"textAlign":49},[109874],{"text":109875,"type":599},"Could you tell us how many applications you have for how much money in the battery supply chain? ",{"type":594,"attrs":109877,"content":109878},{"textAlign":49},[109879],{"text":109880,"type":599},"We don’t have the ability to answer the questions specifically but I’d say we have several applications for critical minerals in the Loan Programs Office, which include processing facilities as well as recycling facilities. I think it exceeds $7 billion. So it’s been an exciting time in the critical mineral space.",{"type":594,"attrs":109882,"content":109883},{"textAlign":49},[109884],{"text":109885,"type":599},"What is the distribution of loans across mining, processing and batteries? ",{"type":594,"attrs":109887,"content":109888},{"textAlign":49},[109889],{"text":109890,"type":599},"I would say that today the requests are probably half for recycling and half for processing in general. The Loan Programs Office focuses on the very end of the process – projects have probably been in development for, you know, upwards of six to 10 years before they come to the Loan Programs Office. So I do think that because of our success, and because people now believe that the Loan Programs Office will be there for them we’re seeing a lot more confident capital formation in earlier stages – because they believe that over time there will be more debt available from the Loan Programs Office. ",{"type":594,"attrs":109892,"content":109893},{"textAlign":49},[109894],{"text":109895,"type":599},"A lot of the funding you’ve committed is more for the mineral processing side rather than actual  mineral extraction, why is this? Is it true you won’t lend to actual mines? ",{"type":594,"attrs":109897,"content":109898},{"textAlign":49},[109899],{"text":109900,"type":599},"In general, I’d say that we try to narrow our scope to areas where the DOE [Department of Energy] has expertise. So we have expertise in mining processing technology, as well as mining equipment like the big trucks if they want to electrify them or some of that work. But in general, we don’t really have a lot of expertise in the digging up of the ground and, you know, some of the environmental issues there. So, I think we try to stick to the scope of work where we bring expertise.",{"type":594,"attrs":109902,"content":109903},{"textAlign":49},[109904],{"text":109905,"type":599},"Permitting has sometimes caused delays for new mines in the US, and some are calling for permitting rules to be reformed – is there anything DOE can do to streamline that process? ",{"type":594,"attrs":109907,"content":109908},{"textAlign":49},[109909],{"text":109910,"type":599},"Well, the Loan Programs Office has its own environmental team, which works on projects. Of course, if the projects are on BLM [Bureau of Land Management] land, federal land, then BLM would take the lead, but we would partner with BLM on the NEPA [National Environmental Policy Act] process. And I think in terms of permitting reform, I mean, certainly there’s been a bipartisan desire to do it. So I think we’re hopeful that a lot of these projects can be successfully taken through the environmental review process and, you know, brought to a commercial status.",{"type":594,"attrs":109912,"content":109913},{"textAlign":49},[109914],{"text":109915,"type":599},"How important is it for the DOE to step forward to fund mining projects – given record high lithium prices why isn’t capital going into these projects? ",{"type":594,"attrs":109917,"content":109918},{"textAlign":49},[109919],{"text":109920,"type":599},"I certainly think that the mining industry has a lot of scar tissue from the commodity supercycle. And the subsequent, you know, sort of crashing of prices during the financial crisis. And so as a result, high priced commodities doesn’t necessarily mean enthusiasm for long term investments. And so I think having the Department of Energy come in early in the process, and demonstrate that we are putting our stamp of approval on a project, I think has gone a long way to helping companies raise the equity necessary to complete projects.",{"type":594,"attrs":109922,"content":109923},{"textAlign":49},[109924],{"text":109925,"type":599},"There’s lots of innovation in minerals processing with Direct Lithium Extraction and other methods. How much do you look to support new technologies, or should the US just go with what’s proven?",{"type":594,"attrs":109927,"content":109928},{"textAlign":49},[109929,109931,109936],{"text":109930,"type":599},"I don’t think we have a point of view on that. The advanced technology vehicle manufacturing programme does not require innovation to use the programme. That being said, I think many of our applicants are using innovative approaches, like if you look at ",{"text":109932,"type":599,"marks":109933},"Redwood Materials",[109934],{"type":604,"attrs":109935},{"href":99290,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":109937,"type":599}," or Ioneer. ",{"type":594,"attrs":109939,"content":109940},{"textAlign":49},[109941],{"text":109942,"type":599},"We do have experts who have an ability to opine on whether the project and the technology will work. Clearly, we’re taking execution risk. I don’t think that we are taking resource risk in the case of Ioneer. I think everyone believes that the lithium content in the clay is there. I think what we’re taking is the risk that it can be extracted, you know, profitably and be turned into a commercial product. ",{"type":594,"attrs":109944,"content":109945},{"textAlign":49},[109946],{"text":109947,"type":599},"So, you know, those are risks that we are prepared to take. ",{"type":594,"attrs":109949,"content":109950},{"textAlign":49},[109951],{"text":109952,"type":599},"When you look back at the period after the financial crisis, China scaled up not necessarily the best clean energy technologies but the ones that worked. What lessons do you draw from that past experience about what clean energy technologies need to scale up?",{"type":594,"attrs":109954,"content":109955},{"textAlign":49},[109956],{"text":109957,"type":599},"I think the lessons are that there needs to be a comprehensive approach to building an industry. And I think when you look at what we’re doing in the critical minerals space, I think the Department of Defence is doing great work on earlier stage efforts with the Defence Production Act. I think when you look at the $2.8 billion worth of grant funding that we put out the door for next generation technologies and demonstrating them; when you look at what the Loan Programs Office is doing … and you also see a the $35 a kilowatt hour production tax credit [in the IRA] I do think that the US has been quite comprehensive about what it takes to succeed. ",{"type":594,"attrs":109959,"content":109960},{"textAlign":49},[109961],{"text":109962,"type":599},"I would also say that in general, I don’t think that we subscribe to the notion that there is this difference in the cost structure from the United States, to China, in general. We believe that the next generation of battery technologies – all of which really have been invented here in the United States – that they themselves, when scaled up, will provide a cost and leadership position versus the last generation of technologies. ",{"type":594,"attrs":109964,"content":109965},{"textAlign":49},[109966,109968,109973],{"text":109967,"type":599},"Given the ",{"text":109969,"type":599,"marks":109970},"Ford-CATL",[109971],{"type":604,"attrs":109972},{"href":82474,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":109974,"type":599}," news this week – do you look at the level of Chinese ownership in projects? ",{"type":594,"attrs":109976,"content":109977},{"textAlign":49},[109978],{"text":109979,"type":599},"The Loan Programs Office has allowed foreign ownership of the projects that we fund for our entire lifetime, right. So, we have been evaluating foreign ownership in projects since day one and have asked projects to withdraw from our queue based on evaluation that we’ve done. So whether it’s Russian oligarchs that have been in some of the deals or whether it’s state sponsored companies that have been part of the deals, the goal here is to make sure that we are not having our loan be susceptible to national security issues.",{"type":594,"attrs":109981,"content":109982},{"textAlign":49},[109983],{"text":109984,"type":599},"But there are some areas where foreign ownership can be mitigated. For instance, having control positions on boards, or being able to limit the total amount of ownership that they can have such that they don’t have the ability to make decisions on behalf of the company in terms of the disposition of their IP. I think that we have a thoughtful approach to foreign ownership and you know, and that doesn’t just include China, but it includes any foreign owner.",{"type":594,"attrs":109986,"content":109987},{"textAlign":49},[109988],{"text":109989,"type":599},"We don’t want to cut out any foreign company that wants to create jobs here in the country and onshore and restore manufacturing capacity, but we do want to make sure that we are being protective of our national security concerns. ",{"type":594,"attrs":109991,"content":109992},{"textAlign":49},[109993],{"text":109994,"type":599},"Do you think the US should be aiming to cut China out completely or just diversify its reliance on the country? ",{"type":594,"attrs":109996,"content":109997},{"textAlign":49},[109998],{"text":109999,"type":599},"I think that whether it was oil and gas in the past or whether it’s critical minerals today, you don’t want all of your primary energy sources to be flowing through one country. You want to make sure that it’s balanced through many countries … ",{"type":594,"attrs":110001,"content":110002},{"textAlign":49},[110003],{"text":110004,"type":599},"I think that Covid has taught people that we should have a diversity of supply chains and more importantly, we should have localization of supply chains to the extent possible – we should try to make a lot of these supply chains shorter. And so I think you have seen a tremendous amount of partnership between the United States and Canada and Mexico and many of our trading allies and partners to make sure that that diversification is occurring across many countries.",{"type":594,"attrs":110006,"content":110007},{"textAlign":49},[110008],{"text":110009,"type":599},"The US is blessed with a lot of lithium. But we certainly have very little naturally occurring graphite for instance. And so, there’s a requirement to do more there. And so I do agree that we need to partner with allies and trading partners around the world to meet our needs.",{"type":594,"attrs":110011,"content":110012},{"textAlign":49},[110013],{"text":110014,"type":599},"Can you give us a sense of the timeline to get a loan? ",{"type":594,"attrs":110016,"content":110017},{"textAlign":49},[110018],{"text":110019,"type":599},"I would suggest to you it’s exactly the same process as commercial debt…So I don’t think it’s any less rigorous than what you would experience at a commercial bank. ",{"type":594,"attrs":110021,"content":110022},{"textAlign":49},[110023],{"text":110024,"type":599},"We want to get the balance right. I need to meet the reasonable prospect of repayment, which is why I don’t think Solyndra [solar company that went bankrupt in 2011] would make it through the office today. That being said, we are going to have a lot of failures in our portfolio. Otherwise we wouldn’t be meeting our mission. I think that the Loan Programs Office takes its time to be able to process these loans properly. ",{"type":594,"attrs":110026,"content":110027},{"textAlign":49},[110028],{"text":110029,"type":599},"For those applicants that are fully prepared for our office, we’ve been able to get projects through in six months. And then there are other deals where applicants need a tremendous amount of mentoring because it’s their first ever commercial loan process and those projects can often take 15-18 months to get through the office.",{"type":594,"attrs":110031,"content":110032},{"textAlign":49},[110033],{"text":110034,"type":599},"You’ve said elsewhere we need to have a World War II mobilisation mindset to tackle climate change, what did you mean by that? ",{"type":594,"attrs":110036,"content":110037},{"textAlign":49},[110038],{"text":110039,"type":599},"Well, I think that when you think about what success looks like, the mobilisation post Pearl Harbour was truly impressive. And it shows you what’s possible when everyone is deployment forward. I think that the same thing is true, frankly, out of the Ukraine crisis. When you look at the just the heroic efforts that our friends in Europe have made to compensate for the missing gas from Russia. ",{"type":594,"attrs":110041,"content":110042},{"textAlign":49},[110043],{"text":110044,"type":599},"It really has been an extraordinary effort not only on the part of the United States to get more liquefied natural gas to our European allies, but also by our European allies to build LNG import terminals quickly, or to install record amounts and heat pumps. ",{"type":594,"attrs":110046,"content":110047},{"textAlign":49},[110048],{"text":110049,"type":599},"And so I do think that whether it’s in critical minerals, or within all of these other sectors, we can rise to the occasion – but there has to be a shift in thinking from business-as-usual to real mobilisation. ",{"type":594,"attrs":110051,"content":110052},{"textAlign":49},[110053],{"text":110054,"type":599},"It’s kind of shocking to me that when we have conversations around peak oil there’s an underlying confidence that we can do that. ",{"type":594,"attrs":110056,"content":110057},{"textAlign":49},[110058],{"text":110059,"type":599},"But when there’s a conversation around the same exact topic for critical minerals, there’s a feeling like they don’t exist – that the Earth’s crust is somehow lacking and the expertise to find them and to bring them to markets is lacking.",{"type":594,"attrs":110061,"content":110062},{"textAlign":49},[110063],{"text":110064,"type":599},"I find it laughable that there is this confidence that we can find ever harder to find oil and gas resources but that we haven’t even scratched the surface of critical minerals resources and those are impossible to find.",{"type":594,"attrs":110066,"content":110067},{"textAlign":49},[110068],{"text":110069,"type":599},"What can we learn about industrial policy from China? ",{"type":594,"attrs":110071,"content":110072},{"textAlign":49},[110073],{"text":110074,"type":599},"Well, I think that there is a level of intentionality that China has shown and I think that the US is showing the same level of intentionality through the Bipartisan Infrastructure Law, the Chips and Science Act, and the Inflation Reduction Act. I think our European colleagues are mobilising to provide the same level of intentionality, which is great to see. ",{"type":594,"attrs":110076,"content":110077},{"textAlign":49},[110078],{"text":110079,"type":599},"But I also do want to caution that I do think that when you look at the profitability of many of the Chinese sectors, they really are quite lacking compared to the profitability that we expect out of our sector. ",{"type":594,"attrs":110081,"content":110082},{"textAlign":49},[110083],{"text":110084,"type":599},"And so to me, what matters is American dominance in these sectors of the future, and our ability to provide these solutions to allies around the world. And I think that we have succeeded in solar and wind technologies, in lithium ion battery technologies, in auto EV manufacturing. [But] I don’t believe that the US should leave its principles behind around capital allocation. ",{"type":594,"attrs":110086,"content":110087},{"textAlign":49},[110088],{"text":110089,"type":599},"I do think that if we lean in on the entrepreneurs and innovators of our country, that anything is possible.",{"type":657,"attrs":110091,"content":110092},{"level":15966,"textAlign":49},[110093],{"text":110094,"type":599},"Request a Benchmark Source trial",{"type":594,"attrs":110096,"content":110097},{"textAlign":49},[110098],{"text":110099,"type":599},"This is a Benchmark Source article.",{"type":594,"attrs":110101,"content":110102},{"textAlign":49},[110103,110105,110109],{"text":110104,"type":599},"To access more insights, data visualisations, analysis, and opinion on the lithium ion battery supply request a Benchmark Source trial ",{"text":6515,"type":599,"marks":110106},[110107],{"type":604,"attrs":110108},{"href":100623,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},"In President Joe Biden’s mission to build a US battery supply chain to compete with China, the Department of Energy plays a central role. The department’s Loan Programs Office has the authority to disburse billions of dollars in loans at US Treasury rates to help mature companies reach full commercialisation – helping to fill a […]",[110112],{"slug":544,"name":543,"content":110113},{"job_title":557,"image":110114,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3037916a-cff1-41ca-90ff-564f67182e73\", \"id\": \"\"}-->",[110117,110118,110119,110120],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":110122,"copyright":547,"fieldtype":553,"meta_data":110123,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4fe15a9ba7/bm-doe-lpo-jigar-shah.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 16, 2023",{"id":110126,"uuid":110127,"name":110128,"slug":110129,"full_slug":110130,"content":110131},112471828343577,"7ab76ba2-3adb-4ddd-a91b-81c029e546ed","Ford to build $3.5 billion US LFP battery plant using CATL technology","ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology","article/ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology",{"_uid":110132,"date":110133,"tags":110134,"editor":110136,"content":110140,"excerpt":110314,"featured":50,"reporter":110315,"_editable":110319,"component":864,"seo_title":110128,"categories":110320,"visibility":2091,"author_company":49,"featured_image":110324,"seo_description":110314,"author_full_name":49,"author_job_title":49,"formattedDate":110327},"965e5a97-b320-4092-9968-fb6073470bfc","2023-02-13 00:00",[110135],{"slug":1375,"name":1376},[110137],{"slug":544,"name":543,"content":110138},{"job_title":557,"image":110139,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":110141},[110142,110155,110160,110165,110170,110175,110180,110185,110190,110195,110207,110212,110217,110222,110227,110232,110237,110244,110249,110254,110259,110264,110269,110274,110279,110284,110300],{"type":594,"attrs":110143,"content":110144},{"textAlign":49},[110145,110147,110153],{"text":110146,"type":599},"Ford will invest $3.5 billion in a US battery plant to produce ",{"text":110148,"type":599,"marks":110149},"lithium iron phosphate cells (LFP)",[110150],{"type":604,"attrs":110151},{"href":110152,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/west-needs-to-build-lfp-battery-capacity-for-technology-to-go-global",{"text":110154,"type":599}," with the help of China’s CATL, the largest investment by a US automaker into the cheaper battery cell chemistry. ",{"type":594,"attrs":110156,"content":110157},{"textAlign":49},[110158],{"text":110159,"type":599},"The automaker said the plant in Michigan would be built by a “wholly owned subsidiary,” but that it would use “knowledge and services provided by CATL,” in a move designed to alleviate any political concerns over the deal. Ford engineers would also integrate the cells into vehicles, it added. ",{"type":594,"attrs":110161,"content":110162},{"textAlign":49},[110163],{"text":110164,"type":599},"The deal advances US production of LFP batteries, which could help Ford lower EV prices since they use no nickel or cobalt. At 35 gigawatt-hours of annual capacity it is the largest such planned plant in the country, with enough capacity for 400,000 vehicles a year according to Ford. ",{"type":594,"attrs":110166,"content":110167},{"textAlign":49},[110168],{"text":110169,"type":599},"Yet it also opens up Ford to political concerns about working with a large Chinese company.  Democratic Senator Joe Manchin has said that the Ford-CATL plant should not be eligible for incentives under President Joe Biden’s Inflation Reduction Act, which was passed last August. ",{"type":594,"attrs":110171,"content":110172},{"textAlign":49},[110173],{"text":110174,"type":599},"The IRA offers generous production tax credits for battery cells made in the US but it also rules out involvement by “foreign entities of concern,” which could include Chinese companies.  ",{"type":594,"attrs":110176,"content":110177},{"textAlign":49},[110178],{"text":110179,"type":599},"Ford said, however, that the plant will benefit from the subsidies in the IRA, “creating one of the lowest-cost US-produced batteries” when it starts in 2026. ",{"type":594,"attrs":110181,"content":110182},{"textAlign":49},[110183],{"text":110184,"type":599},"Consumers will also be eligible for at least $3,750 worth of electric vehicle tax credits under the IRA, since the battery is made in the US. ",{"type":657,"attrs":110186,"content":110187},{"level":15966,"textAlign":49},[110188],{"text":110189,"type":599},"China’s dominance of LFP batteries",{"type":594,"attrs":110191,"content":110192},{"textAlign":49},[110193],{"text":110194,"type":599},"China dominates production of LFP battery cells and is set to produce 99.5% of global supply this year, according to Benchmark. It also accounts for over 97% of planned capacity in the pipeline out to 2030, highlighting the lack of investment in LFP battery cells outside of the country. ",{"type":594,"attrs":110196,"content":110197},{"textAlign":49},[110198,110200,110205],{"text":110199,"type":599},"CATL is a leader in LFP battery cells and the ",{"text":110201,"type":599,"marks":110202},"world’s largest producer of lithium ion batteries",[110203],{"type":604,"attrs":110204},{"href":87288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":110206,"type":599},", with ~180 GWh of production last year, according to Benchmark’s Lithium Ion Battery Forecast. ",{"type":594,"attrs":110208,"content":110209},{"textAlign":49},[110210],{"text":110211,"type":599},"Ford has said it can easily incorporate CATL’s “prismatic LFP cell-to-pack technology” in its vehicles. ",{"type":657,"attrs":110213,"content":110214},{"level":15966,"textAlign":49},[110215],{"text":110216,"type":599},"US catching up",{"type":594,"attrs":110218,"content":110219},{"textAlign":49},[110220],{"text":110221,"type":599},"The plant is part of wave of new investments into battery manufacturing, spurred by the passsage of the IRA.  ",{"type":594,"attrs":110223,"content":110224},{"textAlign":49},[110225],{"text":110226,"type":599},"Norwegian battery maker FREYR Battery plans to build a $1.7 billion battery plant in Georgia, with a capacity of 34 GWh, while American Battery Factory plans to build a plant in Tuscon, Arizona with 9 GWh of planned annual production capacity. ",{"type":594,"attrs":110228,"content":110229},{"textAlign":49},[110230],{"text":110231,"type":599},"North American LFP battery cell capacity is set to reach 8 GWh by 2025, according to Benchmark’s Gigafactory Assessment, and 49 GWh by 2030. ",{"type":594,"attrs":110233,"content":110234},{"textAlign":49},[110235],{"text":110236,"type":599},"Yet that is only a fraction of China’s planned production capacity out to 2030. ",{"type":594,"attrs":110238,"content":110239},{"textAlign":49},[110240],{"type":1186,"attrs":110241},{"id":49,"alt":547,"src":110242,"title":49,"source":49,"copyright":49,"meta_data":110243},"https://a.storyblok.com/f/287943243085208/59c3e8369e/bm-china-dominates-lfp-production.png",{},{"type":657,"attrs":110245,"content":110246},{"level":15966,"textAlign":49},[110247],{"text":110248,"type":599},"Cutting costs",{"type":594,"attrs":110250,"content":110251},{"textAlign":49},[110252],{"text":110253,"type":599},"Ford said using LFP batteries would help Ford “contain or even further reduce EV prices for customers” and they would power a number of vehicles and trucks under development.  ",{"type":594,"attrs":110255,"content":110256},{"textAlign":49},[110257],{"text":110258,"type":599},"Building a plant in the US would also reduce shipping and import costs, it said. ",{"type":594,"attrs":110260,"content":110261},{"textAlign":49},[110262],{"text":110263,"type":599},"Last month the automaker cut prices on its Mustang Mach-E vehicles, following similar price cuts by Tesla. ",{"type":594,"attrs":110265,"content":110266},{"textAlign":49},[110267],{"text":110268,"type":599},"It will start using LFP cells in its Mustang Mach-E vehicles this spring, Ford said, and its F-150 pickup truck next year. ",{"type":594,"attrs":110270,"content":110271},{"textAlign":49},[110272],{"text":110273,"type":599},"“Ford’s electric vehicle lineup has generated huge demand. To get as many Ford EVs to customers as possible, we’re the first automaker to commit to build both NCM and LFP batteries in the United States,” Jim Farley, Ford’s chief executive, said. ",{"type":594,"attrs":110275,"content":110276},{"textAlign":49},[110277],{"text":110278,"type":599},"Ford has a goal of producing over 6 million electric vehicles globally by the end of 2026.  ",{"type":657,"attrs":110280,"content":110281},{"level":15966,"textAlign":49},[110282],{"text":110283,"type":599},"Join us in Washington",{"type":594,"attrs":110285,"content":110286},{"textAlign":49},[110287,110291,110296],{"text":110288,"type":599,"marks":110289},"Policy developments and what’s required to develop all stages of a sustainable, secure supply chain for the lithium ion batteries will be a core focus at our ",[110290],{"type":643},{"text":100074,"type":599,"marks":110292},[110293,110295],{"type":604,"attrs":110294},{"href":105616,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":110297,"type":599,"marks":110298}," event in June.",[110299],{"type":643},{"type":594,"attrs":110301,"content":110302},{"textAlign":49},[110303,110307,110313],{"text":110304,"type":599,"marks":110305},"Join us in Washington on 8-9 June – ",[110306],{"type":643},{"text":110308,"type":599,"marks":110309},"more information on our website here",[110310,110312],{"type":604,"attrs":110311},{"href":105616,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599},"Ford will invest $3.5 billion in a US battery plant to produce lithium iron phosphate cells (LFP) with the help of China’s CATL, the largest investment by a US automaker into the cheaper battery cell chemistry. The automaker said the plant in Michigan would be built by a “wholly owned subsidiary,” but that it would […]",[110316],{"slug":544,"name":543,"content":110317},{"job_title":557,"image":110318,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"965e5a97-b320-4092-9968-fb6073470bfc\", \"id\": \"\"}-->",[110321,110322,110323],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":110325,"copyright":547,"fieldtype":553,"meta_data":110326,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e838d1db1f/bm-ford-electric-vehicle-owners-benefit-from-further-charge-network-expansion1-e1658499558376.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 13, 2023",{"id":110329,"uuid":110330,"name":110331,"slug":110332,"full_slug":110333,"content":110334},112471857457954,"719cad18-b1e4-46e0-842d-a71755ea2187","Electric scooters to dominate India’s roads by 2025, Ola says","electric-scooters-to-dominate-indias-roads-by-2025-ola-says","article/electric-scooters-to-dominate-indias-roads-by-2025-ola-says",{"_uid":110335,"date":110336,"tags":110337,"editor":110339,"content":110343,"excerpt":110477,"featured":50,"reporter":110478,"_editable":110482,"component":864,"seo_title":110331,"categories":110483,"visibility":882,"author_company":49,"featured_image":110486,"seo_description":110477,"author_full_name":49,"author_job_title":49,"formattedDate":110489},"69443279-81be-4432-863a-e1beafaf328b","2023-02-07 00:00",[110338],{"slug":22444,"name":22445},[110340],{"slug":544,"name":543,"content":110341},{"job_title":557,"image":110342,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":110344},[110345,110356,110361,110366,110378,110383,110395,110400,110407,110412,110417,110422,110427,110432,110437,110442,110447,110452,110457,110462,110467,110472],{"type":594,"attrs":110346,"content":110347},{"textAlign":49},[110348,110350,110355],{"text":110349,"type":599},"India’s motorbikes and scooters are likely to all be electric as soon as 2025, according to Ola Electric’s chief executive, as the country said it was targeting a reduction ",{"text":110351,"type":599,"marks":110352},"in lithium ion battery costs",[110353],{"type":604,"attrs":110354},{"href":108078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":110357,"content":110358},{"textAlign":49},[110359],{"text":110360,"type":599},"Ola, which is backed by Softbank, said it expects sales of electric two-wheelers to rise to around 40 million to 50 million vehicles a year in a decade, Bhavish Aggarwal told a conference in Delhi. ",{"type":594,"attrs":110362,"content":110363},{"textAlign":49},[110364],{"text":110365,"type":599},"“Electricifcation will make the product usage much cheaper,” he told the ETAuto EV Concalve in Delhi. ",{"type":594,"attrs":110367,"content":110368},{"textAlign":49},[110369,110371,110376],{"text":110370,"type":599},"India’s ",{"text":110372,"type":599,"marks":110373},"electric vehicle market",[110374],{"type":604,"attrs":110375},{"href":77419,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":110377,"type":599}," is gathering pace as companies such as Ola plan to build their own batteries and support a homegrown battery supply chain. The Softbank-backed company sold over 25,000 electric scooters in December, taking its market share to 30%, according to the company. ",{"type":594,"attrs":110379,"content":110380},{"textAlign":49},[110381],{"text":110382,"type":599},"The Indian government wants 30% of passenger vehicle sales to be electric by 2030, and 80% of its two and three-wheelers. ",{"type":594,"attrs":110384,"content":110385},{"textAlign":49},[110386,110388,110393],{"text":110387,"type":599},"The country’s minister of road transport, Nitin Gadkari, said at the event that India aims to ",{"text":110389,"type":599,"marks":110390},"reduce battery costs",[110391],{"type":604,"attrs":110392},{"href":108078,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":110394,"type":599}," from around $150 a kWh to $110 a kWh.",{"type":594,"attrs":110396,"content":110397},{"textAlign":49},[110398],{"text":110399,"type":599},"“When it reaches $100, it will be competitive with petrol prices,” he said. ",{"type":594,"attrs":110401,"content":110402},{"textAlign":49},[110403],{"type":1186,"attrs":110404},{"id":49,"alt":547,"src":110405,"title":49,"source":49,"copyright":49,"meta_data":110406},"https://a.storyblok.com/f/287943243085208/40cd296c8a/bm-image-106-1344092286aa.png",{},{"type":657,"attrs":110408,"content":110409},{"level":15966,"textAlign":49},[110410],{"text":110411,"type":599},"EV optimism",{"type":594,"attrs":110413,"content":110414},{"textAlign":49},[110415],{"text":110416,"type":599},"Naveen Munjal, managing director of Hero Electric, echoed Agarwal’s confidence at the conference. ",{"type":594,"attrs":110418,"content":110419},{"textAlign":49},[110420],{"text":110421,"type":599},"“This year is going to be an extremely exciting year. We are already hitting that hockey stick growth even though the base is very small,” he said. “We are just moving from 2% of the total two-wheeler industry to over 5% a year. That’s a huge amount of growth.”",{"type":594,"attrs":110423,"content":110424},{"textAlign":49},[110425],{"text":110426,"type":599},"“We will be surprised with the kind of growth that we are going to see in terms of electric two wheeler adoption and it will be much larger than anticipated.” ",{"type":657,"attrs":110428,"content":110429},{"level":15966,"textAlign":49},[110430],{"text":110431,"type":599},"India’s battery cell plans ",{"type":594,"attrs":110433,"content":110434},{"textAlign":49},[110435],{"text":110436,"type":599},"India has 16 GWh of potential lithium ion battery capacity in the pipeline out to the end of the decade, according to Benchmark’s Gigafactory Assessment. India currently has no lithium refineries, however. ",{"type":594,"attrs":110438,"content":110439},{"textAlign":49},[110440],{"text":110441,"type":599},"Ola aims to build a 5 gigawatt-hour battery cell factory in India, after winning government support for 20 GWh of battery capacity under India’s Production Linked Incentive (PLI) government scheme, which provides subsidies for battery production. ",{"type":594,"attrs":110443,"content":110444},{"textAlign":49},[110445],{"text":110446,"type":599},"The company’s journey has been marred with electric scooters catching fire and delayed deliveries of its S1 scooters.",{"type":594,"attrs":110448,"content":110449},{"textAlign":49},[110450],{"text":110451,"type":599},"India can build its own electric vehicle supply chain by securing raw materials from countries such as Australia, Aggarwal said, and building up processing facilities. ",{"type":594,"attrs":110453,"content":110454},{"textAlign":49},[110455],{"text":110456,"type":599},"“[The] Indian ecosystem is coming together to accelerate the transition to clean mobility,” he said. “There is no one country that controls the supply chain. If you look at the mining of core minerals required for electric vehicles, they are all largely outside of China. In terms of midstream processing, China has a dominance there.”",{"type":594,"attrs":110458,"content":110459},{"textAlign":49},[110460],{"text":110461,"type":599},"India should engage with Australia as well as North and South America to secure raw materials, he said. A free trade agreement between India and Australia became effective in December. ",{"type":594,"attrs":110463,"content":110464},{"textAlign":49},[110465],{"text":110466,"type":599},"“It is important for India to have a strategic view of the technology with our own engagement with the supply chain partners,” he said. ",{"type":594,"attrs":110468,"content":110469},{"textAlign":49},[110470],{"text":110471,"type":599},"The Indian government’s PLI scheme would help onshore mineral processing for lithium and graphite as well as cathode production, he said. ",{"type":594,"attrs":110473,"content":110474},{"textAlign":49},[110475],{"text":110476,"type":599},"“Prices of cells and batteries as well as electric vehicles will come down as we localise the supply chain and become more efficient in engineering and manufacturing electric vehicles,” he said.","India’s motorbikes and scooters are likely to all be electric as soon as 2025, according to Ola Electric’s chief executive, as the country said it was targeting a reduction in lithium ion battery costs. Ola, which is backed by Softbank, said it expects sales of electric two-wheelers to rise to around 40 million to 50 […]",[110479],{"slug":544,"name":543,"content":110480},{"job_title":557,"image":110481,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"69443279-81be-4432-863a-e1beafaf328b\", \"id\": \"\"}-->",[110484,110485],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":110487,"copyright":547,"fieldtype":553,"meta_data":110488,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c39ddccf59/bm-india-ev-scooter-129454384556.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 07, 2023",{"id":110491,"uuid":110492,"name":110493,"slug":110494,"full_slug":110495,"content":110496},112471876856614,"10e71f54-865c-461c-b515-3cbefce7cfa2","Battery production set to pass 1 TWh in 2023","battery-production-set-to-pass-1-twh-in-2023","article/battery-production-set-to-pass-1-twh-in-2023",{"_uid":110497,"date":110498,"tags":110499,"editor":110500,"content":110504,"excerpt":110634,"featured":51,"reporter":110635,"_editable":110639,"component":864,"seo_title":110493,"categories":110640,"visibility":882,"author_company":49,"featured_image":110645,"seo_description":110634,"author_full_name":49,"author_job_title":49,"formattedDate":110648},"1f8c6c7e-a0f1-4d00-a9f2-cfd76b401ddc","2023-02-03 00:00",[],[110501],{"slug":544,"name":543,"content":110502},{"job_title":557,"image":110503,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":110505},[110506,110518,110523,110528,110533,110538,110543,110550,110555,110560,110565,110572,110577,110590,110595,110606,110611,110616,110621,110626,110631],{"type":594,"attrs":110507,"content":110508},{"textAlign":49},[110509,110510,110516],{"text":81813,"type":599},{"text":110511,"type":599,"marks":110512},"battery production",[110513],{"type":604,"attrs":110514},{"href":110515,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-to-expect-for-the-lithium-ion-battey-market-in-2023",{"text":110517,"type":599}," is set to surpass one terawatt-hour for the first time in 2023, representing an increase of over 500% since 2018, according to Benchmark analysis.",{"type":594,"attrs":110519,"content":110520},{"textAlign":49},[110521],{"text":110522,"type":599},"Lithium ion battery demand from electric vehicles is expected to reach 740 GWh this year, up from 100 GWh five years ago, a more than six-fold increase.",{"type":594,"attrs":110524,"content":110525},{"textAlign":49},[110526],{"text":110527,"type":599},"The data reflects the rapid growth in sales of electric vehicles as well as the growing demand for large batteries for energy storage projects, which are being supported by government policy in the US, China and Europe. ",{"type":594,"attrs":110529,"content":110530},{"textAlign":49},[110531],{"text":110532,"type":599},"Sales of electric vehicles are set to rise to over 14 million units this year, according to Rho Motion, from 10.2 million units in 2022.",{"type":594,"attrs":110534,"content":110535},{"textAlign":49},[110536],{"text":110537,"type":599},"This is the first year Benchmark forecasts demand from energy storage systems (ESS) to exceed portables demand, as growth rates for handheld devices continue to slow.",{"type":594,"attrs":110539,"content":110540},{"textAlign":49},[110541],{"text":110542,"type":599},"Battery supply was 181 GWh in 2018. By 2030, it is expected to reach almost four TWh.",{"type":594,"attrs":110544,"content":110545},{"textAlign":49},[110546],{"type":1186,"attrs":110547},{"id":49,"alt":547,"src":110548,"title":49,"source":49,"copyright":49,"meta_data":110549},"https://a.storyblok.com/f/287943243085208/d451db0990/bm-image-104.png",{},{"type":657,"attrs":110551,"content":110552},{"level":15966,"textAlign":49},[110553],{"text":110554,"type":599},"China’s battery prowess",{"type":594,"attrs":110556,"content":110557},{"textAlign":49},[110558],{"text":110559,"type":599},"Benchmark forecasts that this year, 78% of production will come from China, 11%  from the rest of Asia, 6% from Europe, and 5% from North America. ",{"type":594,"attrs":110561,"content":110562},{"textAlign":49},[110563],{"text":110564,"type":599},"By 2030, Europe and North America are set to have increased their market share to 14% and 13%, driven by supportive government policies such as the Inflation Reduction Act. ",{"type":594,"attrs":110566,"content":110567},{"textAlign":49},[110568],{"type":1186,"attrs":110569},{"id":49,"alt":547,"src":110570,"title":49,"source":49,"copyright":49,"meta_data":110571},"https://a.storyblok.com/f/287943243085208/6ac2cf8a02/bm-image-105.png",{},{"type":657,"attrs":110573,"content":110574},{"level":15966,"textAlign":49},[110575],{"text":110576,"type":599},"How many batteries are needed?",{"type":594,"attrs":110578,"content":110579},{"textAlign":49},[110580,110582,110588],{"text":110581,"type":599},"In a TED interview last year Tesla’s chief executive Elon Musk ",{"text":110583,"type":599,"marks":110584},"said the world would need 300 TWh",[110585],{"type":604,"attrs":110586},{"href":110587,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/how-can-the-world-meet-elon-musks-300-twh-battery-capacity-target",{"text":110589,"type":599}," of battery capacity to be fully sustainable.",{"type":594,"attrs":110591,"content":110592},{"textAlign":49},[110593],{"text":110594,"type":599},"That would require annual battery production rising to 6.7 TWh by 2030 and 11.8 TWh in 2040. The world would need to increase battery production thirty-fold from today’s levels by mid-century.",{"type":594,"attrs":110596,"content":110597},{"textAlign":49},[110598,110599,110604],{"text":63984,"type":599},{"text":110600,"type":599,"marks":110601},"a battery deficit",[110602],{"type":604,"attrs":110603},{"href":93849,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":110605,"type":599}," of over 250 GWh is expected by the mid 2030s. Benchmark analysis expects this deficit to remain throughout the next decade.",{"type":657,"attrs":110607,"content":110608},{"level":15966,"textAlign":49},[110609],{"text":110610,"type":599},"EVs dominate ",{"type":594,"attrs":110612,"content":110613},{"textAlign":49},[110614],{"text":110615,"type":599},"Supply of lithium ion batteries is increasingly going to new markets such as energy storage but remains primarily driven by the electric vehicle (EV) market.",{"type":594,"attrs":110617,"content":110618},{"textAlign":49},[110619],{"text":110620,"type":599},"This year, EVs represent 81% of total battery demand. ",{"type":594,"attrs":110622,"content":110623},{"textAlign":49},[110624],{"text":110625,"type":599},"Energy storage systems (ESS) will be responsible for the bulk of the rest of demand, with demand from the sector set to exceed 100 GWh for the first time this year. ",{"type":594,"attrs":110627,"content":110628},{"textAlign":49},[110629],{"text":110630,"type":599},"Benchmark expects the ESS market to be boosted by favourable provincial policies in China, the tax credits promised by the Inflation Reduction Act in the US, and a shift in European Union strategy to reduce its dependency on Russian energy.",{"type":594,"attrs":110632,"content":110633},{"textAlign":49},[],"Global battery production is set to surpass one terawatt-hour for the first time in 2023, representing an increase of over 500% since 2018, according to Benchmark analysis. Lithium ion battery demand from electric vehicles is expected to reach 740 GWh this year, up from 100 GWh five years ago, a more than six-fold increase. The […]",[110636],{"slug":544,"name":543,"content":110637},{"job_title":557,"image":110638,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1f8c6c7e-a0f1-4d00-a9f2-cfd76b401ddc\", \"id\": \"\"}-->",[110641,110642,110643,110644],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":3088,"name":3089},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":110646,"copyright":547,"fieldtype":553,"meta_data":110647,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6c7e3896f6/bm-0x0-megapack-01.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 03, 2023",{"id":110650,"uuid":110651,"name":110652,"slug":110653,"full_slug":110654,"content":110655},112471872101157,"38d0b4e6-15d2-480f-9b2f-22038eb5e25d","Key points from the EU’s Green Deal Industrial Plan","key-points-from-the-eus-green-deal-industrial-plan","article/key-points-from-the-eus-green-deal-industrial-plan",{"_uid":110656,"date":110498,"tags":110657,"editor":110661,"content":110665,"excerpt":110710,"featured":51,"reporter":110711,"_editable":110715,"component":864,"seo_title":110652,"categories":110716,"visibility":882,"author_company":49,"featured_image":110722,"seo_description":110710,"author_full_name":49,"author_job_title":49,"formattedDate":110648},"e1e9e48c-22b8-46f6-9149-ba7879644620",[110658,110659,110660],{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":4610,"name":662},[110662],{"slug":544,"name":543,"content":110663},{"job_title":557,"image":110664,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":110666},[110667,110672,110677,110689,110700,110705],{"type":594,"attrs":110668,"content":110669},{"textAlign":49},[110670],{"text":110671,"type":599},"This week the European Union launched its Green Deal Industrial Plan intended to stimulate investment in the clean energy sector and respond to the US Inflation Reduction Act. ",{"type":594,"attrs":110673,"content":110674},{"textAlign":49},[110675],{"text":110676,"type":599},"It is based on four pillars: “a predictable and simplified regulatory environment, speeding up access to finance, enhancing skills, and open trade for resilient supply chains.”",{"type":594,"attrs":110678,"content":110679},{"textAlign":49},[110680,110682,110687],{"text":110681,"type":599},"“With the Net Zero Industry Act, we will make our procedures simpler, faster and more flexible to support mega-factory projects for the production of ",{"text":2499,"type":599,"marks":110683},[110684],{"type":604,"attrs":110685},{"href":110686,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europe-set-for-battery-supply-shortage-this-decade-as-us-asia-expand-production",{"text":110688,"type":599},", solar cells, hydrogen, wind turbines, as well as for all other projects needed in the related value chains,” Thierry Breton, EU industry chief, said. ",{"type":594,"attrs":110690,"content":110691},{"textAlign":49},[110692,110694,110698],{"text":110693,"type":599},"The EU will set manufacturing capacity targets, facilitate permitting, and use public procurement strategically, Breton said. The act will also work with the EU’s planned ",{"text":10098,"type":599,"marks":110695},[110696],{"type":604,"attrs":110697},{"href":98887,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":110699,"type":599},", “because there will be no clean technology industry without secure and sustainable access to raw materials,” he said. ",{"type":594,"attrs":110701,"content":110702},{"textAlign":49},[110703],{"text":110704,"type":599},"There could be between €350-400 billion investments in clean technologies in Europe, he said. ",{"type":594,"attrs":110706,"content":110707},{"textAlign":49},[110708],{"text":110709,"type":599},"Here are five key points for the battery supply chain: ","This week the European Union launched its Green Deal Industrial Plan intended to stimulate investment in the clean energy sector and respond to the US Inflation Reduction Act. It is based on four pillars: “a predictable and simplified regulatory environment, speeding up access to finance, enhancing skills, and open trade for resilient supply chains.” “With […]",[110712],{"slug":544,"name":543,"content":110713},{"job_title":557,"image":110714,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e1e9e48c-22b8-46f6-9149-ba7879644620\", \"id\": \"\"}-->",[110717,110718,110719,110720,110721],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":12983,"name":12984},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":110723,"copyright":547,"fieldtype":553,"meta_data":110724,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bf619b8374/bm-europe.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":110726,"uuid":110727,"name":110728,"slug":110729,"full_slug":110730,"content":110731},112471891495721,"a2663c8f-c8f7-46a5-bf27-0e6673608c48","Cathode prices fall for first time since May on weaker demand","cathode-prices-fall-for-first-time-since-may-on-weaker-demand","article/cathode-prices-fall-for-first-time-since-may-on-weaker-demand",{"_uid":110732,"date":110733,"tags":110734,"editor":110738,"content":110742,"excerpt":110927,"featured":51,"reporter":110928,"_editable":110932,"component":864,"seo_title":110728,"categories":110933,"visibility":2091,"author_company":49,"featured_image":110936,"seo_description":110927,"author_full_name":49,"author_job_title":49,"formattedDate":110940},"c600c15b-49d5-45e4-85c8-5b5249d5c368","2023-02-01 00:00",[110735,110736,110737],{"slug":64098,"name":64099},{"slug":581,"name":582},{"slug":910,"name":911},[110739],{"slug":544,"name":543,"content":110740},{"job_title":557,"image":110741,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":110743},[110744,110755,110760,110765,110773,110778,110791,110804,110816,110821,110834,110839,110851,110871,110876,110883,110888,110893,110898,110911],{"type":594,"attrs":110745,"content":110746},{"textAlign":49},[110747,110749,110754],{"text":110748,"type":599},"The price of all types of battery cathodes fell this month for the first time since May due to lower prices for lithium and cobalt as well as weaker demand in China, according to ",{"text":97539,"type":599,"marks":110750},[110751],{"type":604,"attrs":110752},{"href":110753,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-launches-cathode-and-anode-price-assessments",{"text":17632,"type":599},{"type":594,"attrs":110756,"content":110757},{"textAlign":49},[110758],{"text":110759,"type":599},"Falling prices for battery raw materials as well as the rising popularity of cheaper lithium iron phosphate (LFP) cathodes led the Benchmark Cathode Price Index, an average of all cathode prices proportional to demand, to drop by a record 13.9%.",{"type":594,"attrs":110761,"content":110762},{"textAlign":49},[110763],{"text":110764,"type":599},"This is the largest drop since the start of the index in January 2021.",{"type":594,"attrs":110766,"content":110767},{"textAlign":49},[110768],{"type":1186,"attrs":110769},{"id":49,"alt":110770,"src":110771,"title":49,"source":49,"copyright":49,"meta_data":110772},"Cathode price index drops 13.9%","https://a.storyblok.com/f/287943243085208/75cedd6d5c/bm-cathode-price-index-1294477910db.jpg",{},{"type":594,"attrs":110774,"content":110775},{"textAlign":49},[110776],{"text":110777,"type":599},"The fall in cathode prices will ease cost pressures for battery producers, since cathodes make up around 40% of the cost of battery cells. ",{"type":594,"attrs":110779,"content":110780},{"textAlign":49},[110781,110783,110789],{"text":110782,"type":599},"But it also reflects recent economic uncertainty in China, where the Lunar New Year festival last month and the loosening of ",{"text":110784,"type":599,"marks":110785},"Covid-19",[110786],{"type":604,"attrs":110787},{"href":110788,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-zero-covid-policies-weigh-on-lithium-and-cobalt-prices",{"text":110790,"type":599}," restrictions caused battery producers to wind down production and sales of electric vehicles to fall. ",{"type":594,"attrs":110792,"content":110793},{"textAlign":49},[110794,110796,110802],{"text":110795,"type":599},"China’s BYD, ",{"text":110797,"type":599,"marks":110798},"the country’s largest electric vehicle manufacturer",[110799],{"type":604,"attrs":110800},{"href":110801,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-rival-byd-leads-chinas-electric-vehicle-sales-rebound",{"text":110803,"type":599},", said sales of new energy vehicles fell by 36% in January from December. ",{"type":594,"attrs":110805,"content":110806},{"textAlign":49},[110807,110809,110814],{"text":110808,"type":599},"With ",{"text":110810,"type":599,"marks":110811},"uncertain or declining demand",[110812],{"type":604,"attrs":110813},{"href":97256,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":110815,"type":599},", cell producers and thus cathode producers have adopted a heavy wait-and-see mentality and won’t bring production back up to previous volumes until demand improves, Evan Hartley, an analyst at Benchmark said.",{"type":594,"attrs":110817,"content":110818},{"textAlign":49},[110819],{"text":110820,"type":599},"“Not only was the cathode market characterised by falling prices in late December and early January, but there was also a slowdown in new capacity announced in both China and the rest of the world,” he said.",{"type":594,"attrs":110822,"content":110823},{"textAlign":49},[110824,110826,110832],{"text":110825,"type":599},"Falling demand is especially acute for lithium cobalt oxide (LCO) cathodes, which are used in portable electronics, due to falling sales. Sales of ",{"text":110827,"type":599,"marks":110828},"smartphones in China fell to their lowest level in a decade last year",[110829],{"type":604,"attrs":110830},{"href":110831,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-prices-fall-40-as-weak-global-economy-hits-smartphone-sales",{"text":110833,"type":599},", according to Reuters.",{"type":657,"attrs":110835,"content":110836},{"level":15966,"textAlign":49},[110837],{"text":110838,"type":599},"Falling raw material prices",{"type":594,"attrs":110840,"content":110841},{"textAlign":49},[110842,110844,110849],{"text":110843,"type":599},"A significant reason for the universal drop in prices across cathode chemistries is the falling lithium price. Chinese ",{"text":110845,"type":599,"marks":110846},"battery-grade lithium carbonate and lithium hydroxide prices have fallen ",[110847],{"type":604,"attrs":110848},{"href":102227,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":110850,"type":599},"10.4% and 10.2% so far this year, according to Benchmark’s Lithium Price Assessment.",{"type":594,"attrs":110852,"content":110853},{"textAlign":49},[110854,110855,110861,110863,110869],{"text":81062,"type":599},{"text":110856,"type":599,"marks":110857},"cobalt hydroxide prices also fell a similar amount",[110858],{"type":604,"attrs":110859},{"href":110860,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-prices-down-despite-bullish-start-to-the-year-2022-in-review",{"text":110862,"type":599},", dropping 14.4% ",{"text":110864,"type":599,"marks":110865},"year-to-date",[110866],{"type":604,"attrs":110867},{"href":110868,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/whats-in-store-for-cobalt-and-nickel-in-2023",{"text":110870,"type":599},", according to Benchmark’s Cobalt Price Assessment. This drop comes as the mineral is expected to enter a market surplus this year.",{"type":594,"attrs":110872,"content":110873},{"textAlign":49},[110874],{"text":110875,"type":599},"The largest percentage price drop was for the lithium nickel cobalt manganese cathode chemistry NCM 622 which fell 8.3% this month.  LFP, the most popular cathode chemistry, fell by 4.5%.",{"type":594,"attrs":110877,"content":110878},{"textAlign":49},[110879],{"type":1186,"attrs":110880},{"id":49,"alt":547,"src":110881,"title":49,"source":49,"copyright":49,"meta_data":110882},"https://a.storyblok.com/f/287943243085208/9daf388be6/bm-cathode-prices.jpg",{},{"type":594,"attrs":110884,"content":110885},{"textAlign":49},[110886],{"text":110887,"type":599},"Of note for LFP producers, a surplus of iron phosphate and generally weak demand for the chemical has led to falling prices of this key input material. This adds to the decreasing lithium price to bring down the LFP cathode price.",{"type":657,"attrs":110889,"content":110890},{"level":15966,"textAlign":49},[110891],{"text":110892,"type":599},"The growth of LFP ",{"type":594,"attrs":110894,"content":110895},{"textAlign":49},[110896],{"text":110897,"type":599},"LFP is the cheapest cathode chemistry at around RMB 160,000 ($23,840) per tonne of material, compared to between around RMB 335,000 ($49,915) and RMB 385,000 ($57,365) per tonne for NCM chemistries and RMB 405,000 ($60,050) per tonne for LCO, according to Benchmark.",{"type":594,"attrs":110899,"content":110900},{"textAlign":49},[110901,110903,110909],{"text":110902,"type":599},"LFP cathodes are expected to make up around 48% of all ",{"text":110904,"type":599,"marks":110905},"cathode demand (in tonnes) this year",[110906],{"type":604,"attrs":110907},{"href":110908,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lfp-cooldown-huayou-exits-lfp-cathodes-as-competition-mounts",{"text":110910,"type":599},", according to Benchmark’s cathode forecast, up from 41% in 2022 due to rising use of the chemistry in China.",{"type":594,"attrs":110912,"content":110913},{"textAlign":49},[110914,110918,110924],{"text":110915,"type":599,"marks":110916},"To learn more about Benchmark’s cathode and anode price assessments fill in this ",[110917],{"type":643},{"text":110919,"type":599,"marks":110920},"form",[110921,110923],{"type":604,"attrs":110922},{"href":86382,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":110925},[110926],{"type":643},"The price of all types of battery cathodes fell this month for the first time since May due to lower prices for lithium and cobalt as well as weaker demand in China, according to Benchmark’s Cathode Price Assessment. Falling prices for battery raw materials as well as the rising popularity of cheaper lithium iron phosphate […]",[110929],{"slug":544,"name":543,"content":110930},{"job_title":557,"image":110931,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c600c15b-49d5-45e4-85c8-5b5249d5c368\", \"id\": \"\"}-->",[110934,110935],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":110937,"name":547,"focus":547,"title":110937,"source":547,"filename":110938,"copyright":547,"fieldtype":553,"meta_data":110939,"is_external_url":51},"Electric BYD Taxis","https://a.storyblok.com/f/287943243085208/0a68d5ea98/bm-shutterstock-1663088053-1.jpg",{"alt":110937,"title":110937,"source":547,"copyright":547},"Feb 01, 2023",{"id":110942,"uuid":110943,"name":110944,"slug":110945,"full_slug":110946,"content":110947},112471886662440,"68f9b4bb-d13c-4055-8892-3fd40b42ac0c","Samsung SDI secures ten years of cathode supply with $33 billion Posco deal","samsung-sdi-secures-ten-years-of-cathode-supply-with-33-billion-posco-deal","article/samsung-sdi-secures-ten-years-of-cathode-supply-with-33-billion-posco-deal",{"_uid":110948,"date":110733,"tags":110949,"editor":110950,"content":110954,"excerpt":111056,"featured":51,"reporter":111057,"_editable":111061,"component":864,"seo_title":110944,"categories":111062,"visibility":882,"author_company":49,"featured_image":111065,"seo_description":111056,"author_full_name":49,"author_job_title":49,"formattedDate":110940},"338c0775-27ec-45f7-a6a0-36275a90f1ec",[],[110951],{"slug":544,"name":543,"content":110952},{"job_title":557,"image":110953,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":110955},[110956,110969,110974,110979,110989,110994,111001,111006,111011,111016,111028,111041,111046,111051],{"type":594,"attrs":110957,"content":110958},{"textAlign":49},[110959,110961,110967],{"text":110960,"type":599},"South Korea’s Posco signed a $33 billion, ten-year contract with Samsung SDI for high-nickel ",{"text":110962,"type":599,"marks":110963},"cathodes",[110964],{"type":604,"attrs":110965},{"href":110966,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cathode-prices-fall-for-first-time-since-may-on-weaker-demand",{"text":110968,"type":599},", a move that helps the battery maker secure supplies to compete with bigger rivals LG Energy Solution and SK Innovation.",{"type":594,"attrs":110970,"content":110971},{"textAlign":49},[110972],{"text":110973,"type":599},"The 40 trillion won contract, also the largest for Posco, would see the company begin supplying high-nickel cathode material to Samsung starting this year until 2032. ",{"type":594,"attrs":110975,"content":110976},{"textAlign":49},[110977],{"text":110978,"type":599},"The deal will accelerate Samsung SDI’s ambition to “become a global top-tier company in the rapidly growing electric vehicle battery market,” the company’s president Choi Yoon-ho said. ",{"type":594,"attrs":110980,"content":110981},{"textAlign":49},[110982,110984,110988],{"text":110983,"type":599},"The company is building a battery factory in Indiana in the US with Stellantis with a targeted initial production capacity of 23 gigawatt-hours a year. It’s also spending nearly a billion dollars to expand battery production to 30 GWh by 2026 at its plant in Göd, ",{"text":5872,"type":599,"marks":110985},[110986],{"type":604,"attrs":110987},{"href":106298,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":110990,"content":110991},{"textAlign":49},[110992],{"text":110993,"type":599},"Samsung SDI is already the second-largest cathode producer in South Korea with 30,000 tonnes of capacity, according to Benchmark’s Cathode Forecast. ",{"type":594,"attrs":110995,"content":110996},{"textAlign":49},[110997],{"type":1186,"attrs":110998},{"id":49,"alt":547,"src":110999,"title":49,"source":49,"copyright":49,"meta_data":111000},"https://a.storyblok.com/f/287943243085208/0848bf7266/bm-south-korea-cathode.png",{},{"type":657,"attrs":111002,"content":111003},{"level":15966,"textAlign":49},[111004],{"text":111005,"type":599},"Posco expands cathode capacity ",{"type":594,"attrs":111007,"content":111008},{"textAlign":49},[111009],{"text":111010,"type":599},"In November Posco completed construction of its largest cathode materials production facility in Gwangyang with an annual capacity of 90,000 tonnes a year when fully ramped. ",{"type":594,"attrs":111012,"content":111013},{"textAlign":49},[111014],{"text":111015,"type":599},"The plant is part of the company’s strategy to increase total production capacity to 340,000 tonnes of cathode materials globally by 2025, from 105,000 tonnes currently, and 610,000 tonnes by 2030. ",{"type":594,"attrs":111017,"content":111018},{"textAlign":49},[111019,111021,111026],{"text":111020,"type":599},"It is also set to build a ",{"text":111022,"type":599,"marks":111023},"plant in Quebec",[111024],{"type":604,"attrs":111025},{"href":100897,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111027,"type":599}," as part of a joint venture with General Motors. ",{"type":594,"attrs":111029,"content":111030},{"textAlign":49},[111031,111033,111039],{"text":111032,"type":599},"Last year Posco also ",{"text":111034,"type":599,"marks":111035},"signed two supply contracts to supply high-nickel cathode material",[111036],{"type":604,"attrs":111037},{"href":111038,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/gm-steps-up-us-battery-supply-chain-plans-with-posco-cathode-agreement",{"text":111040,"type":599}," to GM’s battery joint venture Ultium cells from 2023 until 2033.",{"type":594,"attrs":111042,"content":111043},{"textAlign":49},[111044],{"text":111045,"type":599},"The company has been making efforts to become vertically integrated from the mining of raw materials such as lithium and nickel to production of cathodes and anodes.",{"type":594,"attrs":111047,"content":111048},{"textAlign":49},[111049],{"text":111050,"type":599},"The Gwangyang site will also include a lithium hydroxide refinery, a battery recycling plant as well as a precursor plant. ",{"type":594,"attrs":111052,"content":111053},{"textAlign":49},[111054],{"text":111055,"type":599},"Posco said the contract would also help it expand its product offering beyond NCMA (nickel, cobalt, manganese and aluminium) and NCM (nickel, cobalt, manganese) cathodes to NCA (nickel, cobalt, aluminium) cathode.","South Korea’s Posco signed a $33 billion, ten-year contract with Samsung SDI for high-nickel cathodes, a move that helps the battery maker secure supplies to compete with bigger rivals LG Energy Solution and SK Innovation. The 40 trillion won contract, also the largest for Posco, would see the company begin supplying high-nickel cathode material to […]",[111058],{"slug":544,"name":543,"content":111059},{"job_title":557,"image":111060,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"338c0775-27ec-45f7-a6a0-36275a90f1ec\", \"id\": \"\"}-->",[111063,111064],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":55878,"copyright":547,"fieldtype":553,"meta_data":111066,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":111068,"uuid":111069,"name":111070,"slug":111071,"full_slug":111072,"content":111073},112471901289359,"a73943ec-17a9-4788-9df8-8cf6b530c0ac","CATL to quadruple recycling capacity with $3.5 billion investment","catl-to-quadruple-recycling-capacity-with-3-5-billion-investment","article/catl-to-quadruple-recycling-capacity-with-3-5-billion-investment",{"_uid":111074,"date":111075,"tags":111076,"editor":111077,"content":111081,"excerpt":111203,"featured":51,"reporter":111204,"_editable":111208,"component":864,"seo_title":111070,"categories":111209,"visibility":882,"author_company":49,"featured_image":111214,"seo_description":111203,"author_full_name":49,"author_job_title":49,"formattedDate":111217},"6952855c-934d-4ee2-b2bc-839ece523e6e","2023-01-30 00:00",[],[111078],{"slug":544,"name":543,"content":111079},{"job_title":557,"image":111080,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":111082},[111083,111088,111093,111105,111117,111122,111127,111132,111137,111149,111156,111161,111166,111178,111188,111193,111198],{"type":594,"attrs":111084,"content":111085},{"textAlign":49},[111086],{"text":111087,"type":599},"Chinese battery producer CATL has made one of its largest investments into battery recycling, with plans to build a 23.8 billion RMB ($3.5 billion) facility in southern China that could more than quadruple its current lithium ion battery recycling capacity. ",{"type":594,"attrs":111089,"content":111090},{"textAlign":49},[111091],{"text":111092,"type":599},"At a capacity to process 500,000 tonnes of battery recycled materials, the facility in Guangdong would almost double China’s current lithium ion recycling capacity, according to Benchmark. ",{"type":594,"attrs":111094,"content":111095},{"textAlign":49},[111096,111098,111103],{"text":111097,"type":599},"The integrated project, which will also produce battery cathode and anode materials, will help reduce CATL’s reliance on mined battery raw materials as it aims to ",{"text":111099,"type":599,"marks":111100},"quadruple its battery production",[111101],{"type":604,"attrs":111102},{"href":87288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111104,"type":599}," this decade to keep up with rising sales of electric vehicles. ",{"type":594,"attrs":111106,"content":111107},{"textAlign":49},[111108,111110,111115],{"text":111109,"type":599},"The Ningde-based company is the world’s largest battery manufacturer and ",{"text":111111,"type":599,"marks":111112},"is set to maintain that position this decade",[111113],{"type":604,"attrs":111114},{"href":87288,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111116,"type":599},", according to Benchmark’s Lithium ion Battery Database. ",{"type":594,"attrs":111118,"content":111119},{"textAlign":49},[111120],{"text":111121,"type":599},"The company has capacity to recycle around 120,000 tonnes a year of lithium ion batteries via its subsidiary Brunp, which it acquired in 2015. It says it can recover over 99.3% of nickel, cobalt and manganese from used cells and over 90% of the lithium. ",{"type":594,"attrs":111123,"content":111124},{"textAlign":49},[111125],{"text":111126,"type":599},"CATL’s largest rival, the Korean company SungEel HiTech, has a current capacity to recycle around 100,000 tonnes of waste batteries. ",{"type":594,"attrs":111128,"content":111129},{"textAlign":49},[111130],{"text":111131,"type":599},"Last year, Brunp invested 32 billion RMB ($4.7 billion) to build an industrial park in Yichang, Hubei province, that will recycle lithium iron phosphate battery materials and produce battery cathodes. It will have a capacity to recycle 300,000 tonnes of lithium ion batteries. ",{"type":594,"attrs":111133,"content":111134},{"textAlign":49},[111135],{"text":111136,"type":599},"Along with the Guangdong plant CATL could reach 920,000 tonnes of total recycling capacity this decade.",{"type":594,"attrs":111138,"content":111139},{"textAlign":49},[111140,111142,111147],{"text":111141,"type":599},"CATL has also made a number of investments into battery raw materials over the past year to secure future supplies. It bought a majority stake in China’s largest cobalt miner CMOC, acquired a lithium mine in Sichuan province, and entered ",{"text":111143,"type":599,"marks":111144},"into an agreement with Bolivia",[111145],{"type":604,"attrs":111146},{"href":28597,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111148,"type":599}," to develop lithium extraction in the country.",{"type":594,"attrs":111150,"content":111151},{"textAlign":49},[111152],{"type":1186,"attrs":111153},{"id":49,"alt":547,"src":111154,"title":49,"source":49,"copyright":49,"meta_data":111155},"https://a.storyblok.com/f/287943243085208/be84e62edb/bm-global-recycling-capacity.png",{},{"type":657,"attrs":111157,"content":111158},{"level":15966,"textAlign":49},[111159],{"text":111160,"type":599},"China’s recycling dominance ",{"type":594,"attrs":111162,"content":111163},{"textAlign":49},[111164],{"text":111165,"type":599},"China dominates the global battery recycling market, with just under 70% of global operational capacity, according to Benchmark. ",{"type":594,"attrs":111167,"content":111168},{"textAlign":49},[111169,111171,111176],{"text":111170,"type":599},"It’s also the country with the largest available pool of recyclable material due to ",{"text":111172,"type":599,"marks":111173},"process scrap from the large number of battery gigafactories",[111174],{"type":604,"attrs":111175},{"href":48863,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111177,"type":599}," as well as end-of-life batteries. ",{"type":594,"attrs":111179,"content":111180},{"textAlign":49},[111181,111183,111187],{"text":111182,"type":599},"By 2025, 70% of the world’s battery scrap pool is set to be in China, according to ",{"text":36126,"type":599,"marks":111184},[111185],{"type":604,"attrs":111186},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":111189,"content":111190},{"textAlign":49},[111191],{"text":111192,"type":599},"CATL said the project in Foshan would also produce lithium iron phosphate and ternary battery materials, as well as anode materials from recycled graphite. ",{"type":594,"attrs":111194,"content":111195},{"textAlign":49},[111196],{"text":111197,"type":599},"It will take four years to build, it said. ",{"type":594,"attrs":111199,"content":111200},{"textAlign":49},[111201],{"text":111202,"type":599},"CATL, via its Brunp subsidiary, accounts for greater than 15% of China’s operational capacity today. Ningde-based CATL holds 65% of the shares of Brunp.","Chinese battery producer CATL has made one of its largest investments into battery recycling, with plans to build a 23.8 billion RMB ($3.5 billion) facility in southern China that could more than quadruple its current lithium ion battery recycling capacity. At a capacity to process 500,000 tonnes of battery recycled materials, the facility in Guangdong […]",[111205],{"slug":544,"name":543,"content":111206},{"job_title":557,"image":111207,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6952855c-934d-4ee2-b2bc-839ece523e6e\", \"id\": \"\"}-->",[111210,111211,111212,111213],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":111215,"copyright":547,"fieldtype":553,"meta_data":111216,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/77a812b14d/bm-catl.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 30, 2023",{"id":111219,"uuid":111220,"name":111221,"slug":111222,"full_slug":111223,"content":111224},112471910767505,"a01e33bf-88f9-4004-b25f-befbaf862274","The big get bigger in batteries: top ten producers set to grow output 400%","the-big-get-bigger-in-batteries-top-ten-producers-set-to-grow-output-400","article/the-big-get-bigger-in-batteries-top-ten-producers-set-to-grow-output-400",{"_uid":111225,"date":111226,"tags":111227,"editor":111240,"content":111244,"excerpt":111432,"featured":51,"reporter":111433,"_editable":111437,"component":864,"seo_title":111221,"categories":111438,"visibility":882,"author_company":49,"featured_image":111442,"seo_description":111432,"author_full_name":49,"author_job_title":49,"formattedDate":111445},"80c7bf55-099f-464e-a762-8bee859a63bd","2023-01-27 00:00",[111228,111231,111232,111233,111234,111235,111236,111237,111238,111239],{"slug":111229,"name":111230},"atl","ATL",{"slug":5945,"name":2983},{"slug":5960,"name":5961},{"slug":903,"name":904},{"slug":578,"name":579},{"slug":36705,"name":36706},{"slug":5957,"name":5958},{"slug":3117,"name":3118},{"slug":13871,"name":13872},{"slug":46862,"name":46863},[111241],{"slug":544,"name":543,"content":111242},{"job_title":557,"image":111243,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":111245},[111246,111251,111273,111278,111288,111295,111319,111324,111336,111347,111353,111358,111363,111368,111373,111378,111383,111395,111400,111405,111417,111422,111427],{"type":594,"attrs":111247,"content":111248},{"textAlign":49},[111249],{"text":111250,"type":599},"The world’s ten largest battery companies accounted for 71% of all lithium ion battery cells produced last year. ",{"type":594,"attrs":111252,"content":111253},{"textAlign":49},[111254,111256,111260,111261,111265,111266,111271],{"text":111255,"type":599},"Just three producers – ",{"text":904,"type":599,"marks":111257},[111258],{"type":604,"attrs":111259},{"href":28597,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3400,"type":599},{"text":8803,"type":599,"marks":111262},[111263],{"type":604,"attrs":111264},{"href":90008,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":3411,"type":599},{"text":2983,"type":599,"marks":111267},[111268],{"type":604,"attrs":111269},{"href":111270,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-lays-down-2-twh-battery-challenge-to-panasonic",{"text":111272,"type":599},", accounted for 44% of all production. ",{"type":594,"attrs":111274,"content":111275},{"textAlign":49},[111276],{"text":111277,"type":599},"The top ten battery producers, who supply most of the global electric vehicle industry, are set to increase production by 400% by 2030 as they plan to invest billions of dollars in expansion plans to keep up with rising sales of electric vehicles. ",{"type":594,"attrs":111279,"content":111280},{"textAlign":49},[111281,111286],{"text":111282,"type":599,"marks":111283},"Last year a total of $131 billion of investment was committed to battery gigafactories",[111284],{"type":604,"attrs":111285},{"href":104807,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111287,"type":599},", according to Benchmark’s Gigafactory Assessment, a 24% increase on the year before. China accounted for 74% of the total investment.",{"type":594,"attrs":111289,"content":111290},{"textAlign":49},[111291],{"type":1186,"attrs":111292},{"id":49,"alt":547,"src":111293,"title":49,"source":49,"copyright":49,"meta_data":111294},"https://a.storyblok.com/f/287943243085208/fb7ec948b9/bm-top-10-2022.png",{},{"type":594,"attrs":111296,"content":111297},{"textAlign":49},[111298,111300,111305,111307,111312,111317],{"text":111299,"type":599},"The world’s largest ",{"text":111301,"type":599,"marks":111302},"battery producer CATL",[111303],{"type":604,"attrs":111304},{"href":108429,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111306,"type":599}," is set to see the largest absolute growth in battery production this decade, according to Benchmark, ",{"text":111308,"type":599,"marks":111309},"growing output by",[111310],{"type":604,"attrs":111311},{"href":87295,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111313,"type":599,"marks":111314},"over half a terawatt-hour",[111315],{"type":604,"attrs":111316},{"href":87295,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111318,"type":599}," between now and 2030.",{"type":657,"attrs":111320,"content":111321},{"level":15966,"textAlign":49},[111322],{"text":111323,"type":599},"Asia’s strength",{"type":594,"attrs":111325,"content":111326},{"textAlign":49},[111327,111329,111334],{"text":111328,"type":599},"Chinese companies accounted for 57% of the top ten’s ",{"text":111330,"type":599,"marks":111331},"production output",[111332],{"type":604,"attrs":111333},{"href":62252,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111335,"type":599}," in 2022, whereas South Korean companies accounted for about a third. Panasonic, the only Japanese company on the list, contributed 9% to the group’s total.",{"type":594,"attrs":111337,"content":111338},{"textAlign":49},[111339,111341,111346],{"text":111340,"type":599},"“China’s dominance in vertical integration across the rest of the EV supply chain, supported by rapid growth in the domestic EV market, puts the country way ahead of other battery manufacturing nations,” Waid said. “China continues to lead the way in capacity expansion plans, with Chinese manufacturers SVolt and Sunwoda soon expected to enter the top ten, increasing ",{"text":111342,"type":599,"marks":111343},"China’s top ten share to 70% by 2030",[111344],{"type":604,"attrs":111345},{"href":93486,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":46013,"type":599},{"type":594,"attrs":111348,"content":111349},{"textAlign":49},[111350],{"type":1186,"attrs":111351},{"id":49,"alt":547,"src":108735,"title":49,"source":49,"copyright":49,"meta_data":111352},{},{"type":594,"attrs":111354,"content":111355},{"textAlign":49},[111356],{"text":111357,"type":599},"South Korean and Japanese battery companies including LG Energy Solution, SK On, Samsung SDI and Panasonic are all investing heavily in the North American market, as a result of subsidies unveiled in the Inflation Reduction Act. ",{"type":594,"attrs":111359,"content":111360},{"textAlign":49},[111361],{"text":111362,"type":599},"LG Energy Solution said this week it would increase capital expenditure by 50 percent this year from 6.3 trillion won ($5 billion) in 2022 as it targets annual production capacity of 300 gigawatt-hours by the end of this year. ",{"type":594,"attrs":111364,"content":111365},{"textAlign":49},[111366],{"text":111367,"type":599},"But they are still losing ground globally to Chinese manufacturers, Waid said. ",{"type":657,"attrs":111369,"content":111370},{"level":15966,"textAlign":49},[111371],{"text":111372,"type":599},"Biggest growers",{"type":594,"attrs":111374,"content":111375},{"textAlign":49},[111376],{"text":111377,"type":599},"In proportional terms, China Aviation Lithium Battery (CALB), which listed on the Hong Kong stock market last year, is expected to grow the most with a potential 15-fold increase in its output by 2030 if its announced plans come to fruition. ",{"type":594,"attrs":111379,"content":111380},{"textAlign":49},[111381],{"text":111382,"type":599},"Benchmark’s forecast shows it has the potential to have about three-quarters of the battery production of BYD in that year.",{"type":594,"attrs":111384,"content":111385},{"textAlign":49},[111386,111388,111393],{"text":111387,"type":599},"“CALB raised $1.26 billion in Hong Kong’s ",{"text":111389,"type":599,"marks":111390},"third-largest IPO last year",[111391],{"type":604,"attrs":111392},{"href":93563,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111394,"type":599}," and is expected to use this to fund its ambitious expansion plans, domestically and overseas,” Waid said. ",{"type":594,"attrs":111396,"content":111397},{"textAlign":49},[111398],{"text":111399,"type":599},"In November, the company confirmed plans to build its first European production site in Portugal and is expected to become the fourth largest battery producer by 2030, based on current forecasts.",{"type":657,"attrs":111401,"content":111402},{"level":15966,"textAlign":49},[111403],{"text":111404,"type":599},"The declining role of portables",{"type":594,"attrs":111406,"content":111407},{"textAlign":49},[111408,111410,111415],{"text":111409,"type":599},"Amperex Technology Limited (ATL) is the only company on the list that produces lithium ion batteries for the ",{"text":111411,"type":599,"marks":111412},"portables market",[111413],{"type":604,"attrs":111414},{"href":110831,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111416,"type":599},". As a result its growth plans are significantly less than those companies targeting the EV industry. ",{"type":594,"attrs":111418,"content":111419},{"textAlign":49},[111420],{"text":111421,"type":599},"ATL is currently the seventh largest battery maker in the world, according to Benchmark’s Lithium ion Battery Database. However, it is forecast to grow just 22% between 2022 and 2030, whereas CATL will grow almost 320% in the same time period, thanks to the ever-growing demand for electric vehicle batteries.",{"type":594,"attrs":111423,"content":111424},{"textAlign":49},[111425],{"text":111426,"type":599},"This year the top ten are likely to be entirely those who produce batteries for electric vehicles, Waid said.",{"type":594,"attrs":111428,"content":111429},{"textAlign":49},[111430],{"text":111431,"type":599},"“With the portables market being a mature market and with greater focus on sustainability, we expect governments to push portable manufacturers to increase device lifespans, which could impact long-term demand for new devices,” Waid said. “On the other hand, EVs will play a key role in lowering emissions and meeting global goals on climate change, as EV demand is set to grow around 460% by 2030.”","The world’s ten largest battery companies accounted for 71% of all lithium ion battery cells produced last year. Just three producers – CATL, LG Energy Solution, and BYD, accounted for 44% of all production. The top ten battery producers, who supply most of the global electric vehicle industry, are set to increase production by 400% […]",[111434],{"slug":544,"name":543,"content":111435},{"job_title":557,"image":111436,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"80c7bf55-099f-464e-a762-8bee859a63bd\", \"id\": \"\"}-->",[111439,111440,111441],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":111443,"copyright":547,"fieldtype":553,"meta_data":111444,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/463af1c2cf/bm-top-10-cell-producers-2022-cover-image.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 27, 2023",{"id":111447,"uuid":111448,"name":111449,"slug":111450,"full_slug":111451,"content":111452},112471906081680,"ca8e2732-6984-41a1-85b1-4c53aa316fd4","Europe faces cathode and anode shortage in drive to EVs","europe-faces-cathode-and-anode-shortage-in-drive-to-evs","article/europe-faces-cathode-and-anode-shortage-in-drive-to-evs",{"_uid":111453,"date":111226,"tags":111454,"editor":111459,"content":111463,"excerpt":111639,"featured":51,"reporter":111640,"_editable":111644,"component":864,"seo_title":111449,"categories":111645,"visibility":882,"author_company":49,"featured_image":111649,"seo_description":111639,"author_full_name":49,"author_job_title":49,"formattedDate":111445},"c7949aae-4885-44cc-9eaa-857262e2b035",[111455,111456,111457,111458],{"slug":2790,"name":2791},{"slug":10093,"name":10094},{"slug":56847,"name":56848},{"slug":27626,"name":27627},[111460],{"slug":544,"name":543,"content":111461},{"job_title":557,"image":111462,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":111464},[111465,111470,111475,111488,111493,111505,111510,111515,111520,111531,111536,111541,111548,111553,111558,111570,111575,111580,111591,111596,111609,111614,111619,111624,111629,111634],{"type":594,"attrs":111466,"content":111467},{"textAlign":49},[111468],{"text":111469,"type":599},"Europe is set for a significant shortfall of homegrown anode and cathode supply this decade, as investment in new plants fails to keep pace with the region’s electric vehicle growth. ",{"type":594,"attrs":111471,"content":111472},{"textAlign":49},[111473],{"text":111474,"type":599},"The region is forecast to produce just 143 gigawatt-hours of cathodes and 42 GWh of anodes in 2031, compared to over one terawatt-hour of demand. This makes Europe’s deficit the worst of any major region tracked by Benchmark.",{"type":594,"attrs":111476,"content":111477},{"textAlign":49},[111478,111480,111486],{"text":111479,"type":599},"The shortfall could leave Europe reliant on ",{"text":111481,"type":599,"marks":111482},"Chinese supplies of key battery",[111483],{"type":604,"attrs":111484},{"href":111485,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-stronghold-grip-on-cathodes-set-to-near-90-by-2030",{"text":111487,"type":599}," materials by the end of the decade, frustrating the ambitions of the European Union to build up a regional battery supply chain. ",{"type":594,"attrs":111489,"content":111490},{"textAlign":49},[111491],{"text":111492,"type":599},"This month, European Commission president Ursula von der Leyen said that the EU would soon launch a Net Zero Industry Act to boost the manufacturing of clean energy technologies, focusing on “strategic projects along the entire supply chain.” ",{"type":594,"attrs":111494,"content":111495},{"textAlign":49},[111496,111498,111503],{"text":111497,"type":599},"Yet the EU is struggling with how best to stimulate the industry and compete with the ",{"text":76162,"type":599,"marks":111499},[111500],{"type":604,"attrs":111501},{"href":111502,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-the-us-inflation-reduction-act-mean-for-the-ev-battery-supply-chain",{"text":111504,"type":599},", which offers generous subsidies to battery materials producers. ",{"type":594,"attrs":111506,"content":111507},{"textAlign":49},[111508],{"text":111509,"type":599},"“For one of the biggest EV markets, Europe is just so far behind the mark when it comes to producing these materials at scale,” Robert Burrell, an analyst at Benchmark, said. “Europe’s cathode and anode deficit is the largest of all regions we track.”",{"type":657,"attrs":111511,"content":111512},{"level":15966,"textAlign":49},[111513],{"text":111514,"type":599},"Runaway demand",{"type":594,"attrs":111516,"content":111517},{"textAlign":49},[111518],{"text":111519,"type":599},"While Europe’s battery manufacturing capacity is developing quickly, many European cathode and anode projects are not expected to come online until the latter half of this decade, according to Benchmark. ",{"type":594,"attrs":111521,"content":111522},{"textAlign":49},[111523,111525,111529],{"text":111524,"type":599},"An extra 74 GWh of ",{"text":71797,"type":599,"marks":111526},[111527],{"type":604,"attrs":111528},{"href":108506,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111530,"type":599}," is expected to come online between 2022 and 2026, from a base of just under two GWh. And 13 GWh of anode production is expected to come online in the same timeframe, from zero production in 2022.",{"type":594,"attrs":111532,"content":111533},{"textAlign":49},[111534],{"text":111535,"type":599},"However, demand is expected to grow to almost 450 GWh by 2026.",{"type":594,"attrs":111537,"content":111538},{"textAlign":49},[111539],{"text":111540,"type":599},"European battery demand set to outstrip homegrown cathode and anode supply",{"type":594,"attrs":111542,"content":111543},{"textAlign":49},[111544],{"type":1186,"attrs":111545},{"id":49,"alt":547,"src":111546,"title":49,"source":49,"copyright":49,"meta_data":111547},"https://a.storyblok.com/f/287943243085208/eccf597b7a/bm-european-battery-demand-set-to-outstrip-homegrown-cathode-and-anode-supply-13426344ecc4.png",{},{"type":594,"attrs":111549,"content":111550},{"textAlign":49},[111551],{"text":111552,"type":599},"For cathodes, the largest project in Europe’s pipeline is Umicore’s Nysa project in Poland. The first 10,000 tonnes of capacity began operations in 2022. The next 50,000 tonnes is under construction and due to begin operations this year. An extra 240,000 tonnes of capacity is in planning to come online in two stages in 2028 and 2029.",{"type":594,"attrs":111554,"content":111555},{"textAlign":49},[111556],{"text":111557,"type":599},"Umicore could produce 92 GWh worth of cathodes in 2031, according to Benchmark’s Cathode Forecast, however, this is dependent on their projects in the planning stages coming to full fruition.",{"type":594,"attrs":111559,"content":111560},{"textAlign":49},[111561,111562,111568],{"text":2372,"type":599},{"text":111563,"type":599,"marks":111564},"company formed a three billion euro joint venture",[111565],{"type":604,"attrs":111566},{"href":111567,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-the-powerco-umicore-jv-mean-for-europes-cathode-outlook",{"text":111569,"type":599}," with Volkswagen’s PowerCo in September, pledging to develop 160 GWh of production capacity by 2030.",{"type":657,"attrs":111571,"content":111572},{"level":15966,"textAlign":49},[111573],{"text":111574,"type":599},"Policy problems",{"type":594,"attrs":111576,"content":111577},{"textAlign":49},[111578],{"text":111579,"type":599},"Europe remains at risk, however, of losing out on new investment to the US, where the Inflation Reduction Act heavily incentivises domestic and regional production, according to Burrell.",{"type":594,"attrs":111581,"content":111582},{"textAlign":49},[111583,111585,111590],{"text":111584,"type":599},"Redwood Materials, which is building a new battery materials campus in South Carolina, ",{"text":111586,"type":599,"marks":111587},"has cited the IRA as a key benefit for building domestic cathode production",[111588],{"type":604,"attrs":111589},{"href":105585,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":111592,"content":111593},{"textAlign":49},[111594],{"text":111595,"type":599},"“With recent attention and investment shifting from Europe to North America as a result of the IRA, this situation is only getting worse,” Burrell said. “Intervention at some level will be needed to boost mid-stream production from Europe.”",{"type":594,"attrs":111597,"content":111598},{"textAlign":49},[111599,111601,111607],{"text":111600,"type":599},"Less than half of Europe’s planned 2031 cathode production is owned by European cathode producers. About a third is owned by ",{"text":111602,"type":599,"marks":111603},"South Korean",[111604],{"type":604,"attrs":111605},{"href":111606,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-huayou-expands-to-south-korea-with-lg-cathode-stake",{"text":111608,"type":599}," producers and almost 20% is from Chinese producers.",{"type":594,"attrs":111610,"content":111611},{"textAlign":49},[111612],{"text":111613,"type":599},"“One solution could be more Chinese investment, but that brings its own risks that the region will potentially want to move away from,” Burrell said.",{"type":657,"attrs":111615,"content":111616},{"level":15966,"textAlign":49},[111617],{"text":111618,"type":599},"Lack of Tier One",{"type":594,"attrs":111620,"content":111621},{"textAlign":49},[111622],{"text":111623,"type":599},"Although most of the region’s cathode pipeline is from Tier One producers such as Umicore, the picture for the anode pipeline is less positive.",{"type":594,"attrs":111625,"content":111626},{"textAlign":49},[111627],{"text":111628,"type":599},"All of the forecast 2031 anode supply is from producers currently ranked as Tier Three, meaning none of the anode produced in the region is yet qualified for use in electric vehicles. ",{"type":594,"attrs":111630,"content":111631},{"textAlign":49},[111632],{"text":111633,"type":599},"The largest of these is the Talga Group’s 100,000 tonne per year natural graphite anode facility in Sweden, expected to come online in 2026. They have a non-binding offtake agreement with the Automotive Cells Company to supply anode material from its Vittangi facility in Sweden.",{"type":594,"attrs":111635,"content":111636},{"textAlign":49},[111637],{"text":111638,"type":599},"“The key will be established Tier One producers investing in large-scale projects in Europe, as new market entrants will not provide high-quality supply to meet demand,” Burrell said.","Europe is set for a significant shortfall of homegrown anode and cathode supply this decade, as investment in new plants fails to keep pace with the region’s electric vehicle growth. The region is forecast to produce just 143 gigawatt-hours of cathodes and 42 GWh of anodes in 2031, compared to over one terawatt-hour of demand. […]",[111641],{"slug":544,"name":543,"content":111642},{"job_title":557,"image":111643,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c7949aae-4885-44cc-9eaa-857262e2b035\", \"id\": \"\"}-->",[111646,111647,111648],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":111650,"copyright":547,"fieldtype":553,"meta_data":111651,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/773dbd8f03/bm-16973-operators-working-at-umicore-in-nysa-poland-highres-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":111653,"uuid":111654,"name":111655,"slug":111656,"full_slug":111657,"content":111658},112471925283733,"f72601b0-8e46-4872-8d6a-1c212e64efc0","The lithium lag: why battery costs won’t fall immediately","the-lithium-lag-why-battery-costs-wont-fall-immediately","article/the-lithium-lag-why-battery-costs-wont-fall-immediately",{"_uid":111659,"date":111660,"tags":111661,"editor":111663,"content":111667,"excerpt":111803,"featured":51,"reporter":111804,"_editable":111808,"component":864,"seo_title":111655,"categories":111809,"visibility":882,"author_company":49,"featured_image":111812,"seo_description":111803,"author_full_name":49,"author_job_title":49,"formattedDate":111815},"8b3e4912-b364-4f9e-aa81-66799df20eb4","2023-01-25 00:00",[111662],{"slug":910,"name":911},[111664],{"slug":544,"name":543,"content":111665},{"job_title":557,"image":111666,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":111668},[111669,111680,111692,111697,111702,111714,111719,111726,111731,111736,111741,111746,111751,111756,111761,111766,111771,111776,111781,111786,111793,111798],{"type":594,"attrs":111670,"content":111671},{"textAlign":49},[111672,111673,111678],{"text":34139,"type":599},{"text":73181,"type":599,"marks":111674},[111675],{"type":604,"attrs":111676},{"href":111677,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-is-happening-in-the-lithium-market",{"text":111679,"type":599}," in the Chinese market have fallen this year following a record-breaking 700% increase over the past two years – yet this doesn’t mean battery prices will immediately start to see the benefit. ",{"type":594,"attrs":111681,"content":111682},{"textAlign":49},[111683,111685,111690],{"text":111684,"type":599},"Only a fraction of the global supply of lithium is sold on China’s ",{"text":111686,"type":599,"marks":111687},"spot market",[111688],{"type":604,"attrs":111689},{"href":102227,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111691,"type":599},", where buyers agree to pay a price for immediate delivery of material. ",{"type":594,"attrs":111693,"content":111694},{"textAlign":49},[111695],{"text":111696,"type":599},"The majority is sold as part of multi-year contracts between lithium producers and buyers such as cathode producers, battery producers, or automotive companies. These contracts have pricing mechanisms that lag behind the Chinese spot market – sometimes by months. ",{"type":594,"attrs":111698,"content":111699},{"textAlign":49},[111700],{"text":111701,"type":599},"As a result, that means that the prices consumers in the electric vehicle supply chain are actually paying today may still increase at the beginning of this year, maintaining the pressure on battery costs. ",{"type":594,"attrs":111703,"content":111704},{"textAlign":49},[111705,111707,111712],{"text":111706,"type":599},"“There’s still a lot of climbing for ",{"text":111708,"type":599,"marks":111709},"those prices",[111710],{"type":604,"attrs":111711},{"href":102227,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111713,"type":599}," to catch-up with or work towards what we’ve seen in the Chinese market,” Daisy Jennings-Gray, an analyst at Benchmark, said. “We haven’t reached the peak for the average tonne of lithium.”",{"type":594,"attrs":111715,"content":111716},{"textAlign":49},[111717],{"text":111718,"type":599},"Prices for lithium hydroxide sold through contracts to consumers in Asia outside of China are currently around $72,000 a tonne, compared to $81,500 a tonne for spot market material in the region, according to Benchmark.",{"type":594,"attrs":111720,"content":111721},{"textAlign":49},[111722],{"type":1186,"attrs":111723},{"id":49,"alt":547,"src":111724,"title":49,"source":49,"copyright":49,"meta_data":111725},"https://a.storyblok.com/f/287943243085208/52abbf0b6a/bm-lithium-hydroxide-contract-prices-still-lag-spot-prices-in-asia.png",{},{"type":657,"attrs":111727,"content":111728},{"level":15966,"textAlign":49},[111729],{"text":111730,"type":599},"Albemarle aims to cut fixed-price deals",{"type":594,"attrs":111732,"content":111733},{"textAlign":49},[111734],{"text":111735,"type":599},"The world’s largest lithium producer, Albemarle, said this week that around 20% of its lithium was sold on the spot market last year. The majority, around 60%, is sold as part of long-term contracts referenced to index prices on a three month lag. ",{"type":594,"attrs":111737,"content":111738},{"textAlign":49},[111739],{"text":111740,"type":599},"It aims to increase that proportion sold on lagged market prices to between 75% to 80% this year, as it renegotiates fixed-price contracts to follow market pricing. ",{"type":594,"attrs":111742,"content":111743},{"textAlign":49},[111744],{"text":111745,"type":599},"In addition, Albemarle said it would move all of its fixed-price contracts to variable-price ones this year, meaning those consumers, whether battery producers or cathode producers, would face higher prices. ",{"type":594,"attrs":111747,"content":111748},{"textAlign":49},[111749],{"text":111750,"type":599},"Overall, the company said it expects the prices it receives for its lithium to rise by 40% this year compared to 2022. ",{"type":657,"attrs":111752,"content":111753},{"level":15966,"textAlign":49},[111754],{"text":111755,"type":599},"The spodumene lag ",{"type":594,"attrs":111757,"content":111758},{"textAlign":49},[111759],{"text":111760,"type":599},"In addition, the same lag applies to the prices for spodumene feedstock from Australia, which is processed in China into lithium chemicals. ",{"type":594,"attrs":111762,"content":111763},{"textAlign":49},[111764],{"text":111765,"type":599},"Prices for spodumene have still remained high this year, despite falling Chinese lithium chemical prices. ",{"type":594,"attrs":111767,"content":111768},{"textAlign":49},[111769],{"text":111770,"type":599},"The latest price assessment by Benchmark puts spodumene at $6,000 per tonne. This is almost four times the price from this time last year, and over fifteen times the price from two years ago.",{"type":594,"attrs":111772,"content":111773},{"textAlign":49},[111774],{"text":111775,"type":599},"The peak year-on-year increase came at the end of June last year, where an increase of nearly 730% compared to the same time in 2021 was seen. Chinese battery grade lithium carbonate and lithium hydroxide prices had peak year-on-year changes approximately three months prior to this.",{"type":594,"attrs":111777,"content":111778},{"textAlign":49},[111779],{"text":111780,"type":599},"With the exception of auctions held by Pilbara Minerals on their own online platform there is very little spodumene available on a spot market basis. ",{"type":594,"attrs":111782,"content":111783},{"textAlign":49},[111784],{"text":111785,"type":599},"Pilbara’s auction price is also consistently higher than spodumene contract prices as assessed by Benchmark. ",{"type":594,"attrs":111787,"content":111788},{"textAlign":49},[111789],{"type":1186,"attrs":111790},{"id":49,"alt":547,"src":111791,"title":49,"source":49,"copyright":49,"meta_data":111792},"https://a.storyblok.com/f/287943243085208/b1b79e53bb/bm-spodunene-vs-spot-prices.png",{},{"type":594,"attrs":111794,"content":111795},{"textAlign":49},[111796],{"text":111797,"type":599},"While spodumene prices are still increasing in response to price rises in the lithium chemicals market in the second half of last year, the delay squeezes margins for Chinese converters, who may sell some material on the Chinese spot market, according to Jennings-Gray. ",{"type":594,"attrs":111799,"content":111800},{"textAlign":49},[111801],{"text":111802,"type":599},"“Because spot chemical prices are falling and feedstock contract prices are still going up the margins of converters are going to start being squeezed for a few months until spodumene contract prices start to come back down, or if chemical prices rise again,” she said.","Prices for lithium chemicals in the Chinese market have fallen this year following a record-breaking 700% increase over the past two years – yet this doesn’t mean battery prices will immediately start to see the benefit. Only a fraction of the global supply of lithium is sold on China’s spot market, where buyers agree to […]",[111805],{"slug":544,"name":543,"content":111806},{"job_title":557,"image":111807,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8b3e4912-b364-4f9e-aa81-66799df20eb4\", \"id\": \"\"}-->",[111810,111811],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":111813,"copyright":547,"fieldtype":553,"meta_data":111814,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fdb9f4e116/bm-battery-pack-image.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 25, 2023",{"id":111817,"uuid":111818,"name":111819,"slug":111820,"full_slug":111821,"content":111822},112471920450452,"b166667d-dafc-415e-adcc-3836f58f59a1","Tesla takes on BYD’s crown with 100 GWh Nevada expansion","tesla-takes-on-byds-crown-with-100-gwh-nevada-expansion","article/tesla-takes-on-byds-crown-with-100-gwh-nevada-expansion",{"_uid":111823,"date":111660,"tags":111824,"editor":111826,"content":111830,"excerpt":111945,"featured":51,"reporter":111946,"_editable":111950,"component":864,"seo_title":111819,"categories":111951,"visibility":882,"author_company":49,"featured_image":111954,"seo_description":111945,"author_full_name":49,"author_job_title":49,"formattedDate":111815},"f4f503a2-0839-4ee4-9a4e-204805ec924b",[111825],{"slug":3874,"name":3875},[111827],{"slug":544,"name":543,"content":111828},{"job_title":557,"image":111829,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":111831},[111832,111843,111855,111860,111865,111870,111875,111880,111885,111890,111897,111904,111909,111914,111925,111930,111935,111940],{"type":594,"attrs":111833,"content":111834},{"textAlign":49},[111835,111837,111841],{"text":111836,"type":599},"Tesla has extended its lead in ",{"text":110511,"type":599,"marks":111838},[111839],{"type":604,"attrs":111840},{"href":111270,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111842,"type":599}," with the announcement of a 100 gigawatt hour battery cell expansion in Nevada, which could make it the largest producer of batteries among western automakers behind China’s BYD. ",{"type":594,"attrs":111844,"content":111845},{"textAlign":49},[111846,111848,111853],{"text":111847,"type":599},"The automaker said it would invest $3.6 billion to expand its Nevada gigafactory, building a 100 GWh factory to produce its ",{"text":111849,"type":599,"marks":111850},"larger format 4680",[111851],{"type":604,"attrs":111852},{"href":108437,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111854,"type":599}," cells as well as a separate factory to produce its Semi electric truck. ",{"type":594,"attrs":111856,"content":111857},{"textAlign":49},[111858],{"text":111859,"type":599},"That would take Tesla’s total planned battery capacity out to the end of the decade to 439 GWh, according to Benchmark’s Gigafactory Assessment – close to BYD’s 546 GWh of forecast annual capacity in China. ",{"type":594,"attrs":111861,"content":111862},{"textAlign":49},[111863],{"text":111864,"type":599},"The move signifies Tesla’s determination to ramp up its own cell making capacity to drive down the cost of battery cells to as low as $70 per kilowatt-hour. The company has been increasing production of its own 4680 cells in California and at its gigafactory in Texas, tripling production in the third quarter of last year from the previous quarter. ",{"type":594,"attrs":111866,"content":111867},{"textAlign":49},[111868],{"text":111869,"type":599},"Elon Musk, Tesla’s chief executive, said the plant’s production could rise to 500 GWh a year, and Tesla eventually wanted to produce over 1,000 GWh of its own cells annually. ",{"type":594,"attrs":111871,"content":111872},{"textAlign":49},[111873],{"text":111874,"type":599},"“Tesla has prioritised the ramp up of US based cell capacity over the past year, having previously made the decision to move battery manufacturing equipment from Giga Berlin to its facility in Austin, Texas,” Evan Hartley, an analyst at Benchmark, said. “This new expansion plan in Nevada signifies a continued focus on domestic cell production.”",{"type":594,"attrs":111876,"content":111877},{"textAlign":49},[111878],{"text":111879,"type":599},"Panasonic currently makes battery cells at Tesla’s Nevada gigafactory, but it is unclear whether the Japanese company will be involved in the 100 GWh expansion. ",{"type":594,"attrs":111881,"content":111882},{"textAlign":49},[111883],{"text":111884,"type":599},"The expansion of an existing facility will allow Tesla to “more easily accelerate capacity ramp up, and reduce cost,” using existing energy and labour infrastructure, as well as an established supply chain, Hartley said. ",{"type":594,"attrs":111886,"content":111887},{"textAlign":49},[111888],{"text":111889,"type":599},"The US Inflation Reduction Act also provides tax credits of up to $35 a kWh for battery cell production in the US. ",{"type":594,"attrs":111891,"content":111892},{"textAlign":49},[111893],{"type":1186,"attrs":111894},{"id":49,"alt":547,"src":111895,"title":49,"source":49,"copyright":49,"meta_data":111896},"https://a.storyblok.com/f/287943243085208/ee5d66370e/bm-tesla-gigafactory-nevada.png",{},{"type":657,"attrs":111898,"content":111899},{"level":15966,"textAlign":49},[111900,111902],{"text":111901,"type":599},"Automakers ",{"text":111903,"type":599},"move into batteries ",{"type":594,"attrs":111905,"content":111906},{"textAlign":49},[111907],{"text":111908,"type":599},"The world’s largest automakers are targeting their own battery production capacity, to ensure they can secure the supplies they need to meet their electric vehicle targets. ",{"type":594,"attrs":111910,"content":111911},{"textAlign":49},[111912],{"text":111913,"type":599},"General Motors has a joint venture with LG Energy Solution to build at least three plants in the US, while Ford and SK On aim for three plants. Stellantis is also building a battery factory in Indiana with Samsung SDI. ",{"type":594,"attrs":111915,"content":111916},{"textAlign":49},[111917,111919,111923],{"text":111918,"type":599},"Tesla currently relies on Panasonic as well as ",{"text":8803,"type":599,"marks":111920},[111921],{"type":604,"attrs":111922},{"href":108437,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":111924,"type":599}," and China’s CATL for supplies of lithium ion batteries but has been ramping up its own production of its larger format 4680 cells at its factories in Fremont and in Austin, Texas. ",{"type":594,"attrs":111926,"content":111927},{"textAlign":49},[111928],{"text":111929,"type":599},"Tesla first revealed its 4680-type cell at its 2020 Battery Day event claiming that the larger cell can help reduce costs and increase energy density. ",{"type":594,"attrs":111931,"content":111932},{"textAlign":49},[111933],{"text":111934,"type":599},"The latest investment in Giga Nevada takes the total funding at the site to almost $10 billion since 2014 when Tesla first invested $6.2 billion to build a 5.4 million square foot gigafactory capable of producing 37 GWh of battery cells annually—enough to manufacture about 500,000 vehicles per year.",{"type":594,"attrs":111936,"content":111937},{"textAlign":49},[111938],{"text":111939,"type":599},"Musk said the $3.6 billion investment for the new factory was a “conservative” estimate and the cost was likely to be over $4 billion.",{"type":594,"attrs":111941,"content":111942},{"textAlign":49},[111943],{"text":111944,"type":599},"Tesla delivered 1.3 million vehicles in 2022, up 40% from a year ago. ","Tesla has extended its lead in battery production with the announcement of a 100 gigawatt hour battery cell expansion in Nevada, which could make it the largest producer of batteries among western automakers behind China’s BYD. The automaker said it would invest $3.6 billion to expand its Nevada gigafactory, building a 100 GWh factory to […]",[111947],{"slug":544,"name":543,"content":111948},{"job_title":557,"image":111949,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f4f503a2-0839-4ee4-9a4e-204805ec924b\", \"id\": \"\"}-->",[111952,111953],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":111955,"copyright":547,"fieldtype":553,"meta_data":111956,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b60068c23d/bm-tesla-semi.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":111958,"uuid":111959,"name":111960,"slug":111961,"full_slug":111962,"content":111963},112471935482777,"d5f07109-17c2-4894-8a1c-94efdd13e53f","Dawn of the gigafactories: five rules to scaling gigafactory production","dawn-of-the-gigafactories-five-rules-to-scaling-gigafactory-production","article/dawn-of-the-gigafactories-five-rules-to-scaling-gigafactory-production",{"_uid":111964,"date":111965,"tags":111966,"editor":111967,"content":111971,"excerpt":112135,"featured":51,"reporter":112136,"_editable":112140,"component":864,"seo_title":111960,"categories":112141,"visibility":2091,"author_company":49,"featured_image":112145,"seo_description":112135,"author_full_name":49,"author_job_title":49,"formattedDate":112148},"f7bf3fa2-d657-4f21-857e-bae3d3584798","2023-01-24 00:00",[],[111968],{"slug":544,"name":543,"content":111969},{"job_title":557,"image":111970,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":111972},[111973,111978,111983,111988,111993,112005,112010,112015,112020,112025,112030,112035,112040,112045,112050,112055,112060,112065,112070,112075,112080,112085,112090,112095,112100,112105,112110,112115,112120,112125,112130],{"type":594,"attrs":111974,"content":111975},{"textAlign":49},[111976],{"text":111977,"type":599},"The world is experiencing the dawn of the gigafactories – supersized lithium ion battery plants that are fuelling the rise of electric vehicles and renewable energy storage. ",{"type":594,"attrs":111979,"content":111980},{"textAlign":49},[111981],{"text":111982,"type":599},"There are currently 369 gigafactories in the pipeline to 2030, three years ago this was 115. ",{"type":594,"attrs":111984,"content":111985},{"textAlign":49},[111986],{"text":111987,"type":599},"At the end of last year there were a total of 237 active battery plants with a total output of 786 gigawatt-hours. ",{"type":594,"attrs":111989,"content":111990},{"textAlign":49},[111991],{"text":111992,"type":599},"While lithium ion batteries have been a mainstay of modern day lives for a generation now, mass scale production of electric vehicle quality battery cells is nascent practice. ",{"type":594,"attrs":111994,"content":111995},{"textAlign":49},[111996,111998,112003],{"text":111997,"type":599},"Here are five Benchmark rules that should be the bedrock of ",{"text":111999,"type":599,"marks":112000},"any plans to build",[112001],{"type":604,"attrs":112002},{"href":101389,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":112004,"type":599}," and expand gigafactories. ",{"type":657,"attrs":112006,"content":112007},{"level":15966,"textAlign":49},[112008],{"text":112009,"type":599},"Work with automakers and key end users from the start",{"type":594,"attrs":112011,"content":112012},{"textAlign":49},[112013],{"text":112014,"type":599},"It is crucial that upcoming battery cell makers develop their product alongside their target primary end consumer. ",{"type":594,"attrs":112016,"content":112017},{"textAlign":49},[112018],{"text":112019,"type":599},"Lithium ion batteries are specialist end products that are engineered with a specific end use in mind: from form factor to chemistry. ",{"type":594,"attrs":112021,"content":112022},{"textAlign":49},[112023],{"text":112024,"type":599},"It is a reason why many major gigafactories are joint-ventures: from Gigafactory 1 in Nevada between Tesla and Panasonic to Ultium Cells, a joint venture between General Motors and LG Energy Solution in the US. ",{"type":594,"attrs":112026,"content":112027},{"textAlign":49},[112028],{"text":112029,"type":599},"Soon after China’s CATL was established in 2011 it worked with BMW’s China joint venture, BMW Brilliance, on the development of batteries. Having an early automaker customer is key for new battery startups. ",{"type":594,"attrs":112031,"content":112032},{"textAlign":49},[112033],{"text":112034,"type":599},"Sweden’s Northvolt received investments from Volkswagen and BMW in 2019, two years before it started battery production. ",{"type":657,"attrs":112036,"content":112037},{"level":15966,"textAlign":49},[112038],{"text":112039,"type":599},"Know your chemistries ",{"type":594,"attrs":112041,"content":112042},{"textAlign":49},[112043],{"text":112044,"type":599},"Knowing what chemistry you want to master is the centre point of your entire operation. ",{"type":594,"attrs":112046,"content":112047},{"textAlign":49},[112048],{"text":112049,"type":599},"It defines your end market customer base and your supply chain strategy on security critical minerals and battery chemicals for your gigafactory. ",{"type":594,"attrs":112051,"content":112052},{"textAlign":49},[112053],{"text":112054,"type":599},"But developing cell chemistry remains a moving target, as the industry continues to evolve the technological advancements of the lithium ion battery. ",{"type":594,"attrs":112056,"content":112057},{"textAlign":49},[112058],{"text":112059,"type":599},"Back in 2019 when Northvolt signed its deals with VW and BMW, high-nickel NCM 811 was the holy grail of nickel based advancements, representing just 1% of deployed capacity in EVs. Today it’s more than 20% of deployed capacity and the industry looks towards the next iteration of nine-series NCM.  ",{"type":594,"attrs":112061,"content":112062},{"textAlign":49},[112063],{"text":112064,"type":599},"Trying to develop the latest cell chemistry, while growing a brand new company and brand is a tall order, particularly on a start-up budget and competing with tier one cell manufacturers including the industry giants from China and South Korea. ",{"type":657,"attrs":112066,"content":112067},{"level":15966,"textAlign":49},[112068],{"text":112069,"type":599},"Secure your raw material supply chains ",{"type":594,"attrs":112071,"content":112072},{"textAlign":49},[112073],{"text":112074,"type":599},"“A gigafactory without secure raw material supply is as useful as a grain silo to the EV industry,” said Simon Moores, chief executive of Benchmark.  ",{"type":594,"attrs":112076,"content":112077},{"textAlign":49},[112078],{"text":112079,"type":599},"Access to raw material, and partnerships which facilitate raw material purchases at discounted or preferential terms to spot market fluctuations will be critical in producing battery cells at a competitive cost. ",{"type":594,"attrs":112081,"content":112082},{"textAlign":49},[112083],{"text":112084,"type":599},"The bill of materials made up up to 70% of the cost of some battery cells in 2022. There is the risk that this becomes even higher with further production efficiencies and makes raw material supply chain bottlenecks more important to avoid. ",{"type":594,"attrs":112086,"content":112087},{"textAlign":49},[112088],{"text":112089,"type":599},"Ensuring access to raw material out is is the first challenge. Then you need to factor in the additional hurdles or localisation, sustainability and product quality. All of this makes consumers increasingly exposed to supply chain risks. ",{"type":594,"attrs":112091,"content":112092},{"textAlign":49},[112093],{"text":112094,"type":599},"Securing raw materials before production ensures that battery producers are not forced to compete for supplies globally at potentially higher cost.  ",{"type":657,"attrs":112096,"content":112097},{"level":15966,"textAlign":49},[112098],{"text":112099,"type":599},"Securing government backing ",{"type":594,"attrs":112101,"content":112102},{"textAlign":49},[112103],{"text":112104,"type":599},"Gigafactories are geopolitical hot potatoes. They are core to a country’s industrial ambition and creating a new future looking industry in electric vehicles and reducing reliance on fossil fuel energy with energy storage. ",{"type":594,"attrs":112106,"content":112107},{"textAlign":49},[112108],{"text":112109,"type":599},"Britishvolt’s end came as a result of it being unable to access £100 million in UK government funding, because it had not reached certain milestones laid out in the lending agreement. ",{"type":594,"attrs":112111,"content":112112},{"textAlign":49},[112113],{"text":112114,"type":599},"Government backing is key to competing with the cost of Chinese companies, even for bigger players. The US Department of Energy has agreed to lend $2.5 billion to a joint venture between GM and LG Energy Solution to build a battery plant in the US.",{"type":594,"attrs":112116,"content":112117},{"textAlign":49},[112118],{"text":112119,"type":599},"Northvolt also secured funding from government-backed institutions including the European Investment Bank, which lent €52 million for its demonstration line in 2018 and then agreed to lend €350 million two years later.",{"type":657,"attrs":112121,"content":112122},{"level":15966,"textAlign":49},[112123],{"text":112124,"type":599},"Have a credible and experinced management team to lead development",{"type":594,"attrs":112126,"content":112127},{"textAlign":49},[112128],{"text":112129,"type":599},"Successful battery startups often have been spawn out of credible battery  experience, especially at the top. ",{"type":594,"attrs":112131,"content":112132},{"textAlign":49},[112133],{"text":112134,"type":599},"Before co-founding Northvolt, Peter Carlsson and Paolo Cerruti had both worked at Tesla on its supply chain. Yasuo Anno, who had decades of experience in the Japanese battery industry, also joined the company early on. ","The world is experiencing the dawn of the gigafactories – supersized lithium ion battery plants that are fuelling the rise of electric vehicles and renewable energy storage. There are currently 369 gigafactories in the pipeline to 2030, three years ago this was 115. At the end of last year there were a total of 237 […]",[112137],{"slug":544,"name":543,"content":112138},{"job_title":557,"image":112139,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f7bf3fa2-d657-4f21-857e-bae3d3584798\", \"id\": \"\"}-->",[112142,112143,112144],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":112146,"copyright":547,"fieldtype":553,"meta_data":112147,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ac43490281/bm-northvolt-giga.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 24, 2023",{"id":112150,"uuid":112151,"name":112152,"slug":112153,"full_slug":112154,"content":112155},112471951448988,"b541b435-584e-4880-aecf-1978cce3053d","South Korea’s SK agrees US anode deal in move to reduce China dominance","south-koreas-sk-agrees-us-anode-deal-in-move-to-reduce-china-dominance","article/south-koreas-sk-agrees-us-anode-deal-in-move-to-reduce-china-dominance",{"_uid":112156,"date":112157,"tags":112158,"editor":112159,"content":112163,"excerpt":112270,"featured":51,"reporter":112271,"_editable":112275,"component":864,"seo_title":112152,"categories":112276,"visibility":882,"author_company":49,"featured_image":112282,"seo_description":112270,"author_full_name":49,"author_job_title":49,"formattedDate":112285},"22676708-3fa8-43d2-9293-61346400cbd4","2023-01-20 00:00",[],[112160],{"slug":544,"name":543,"content":112161},{"job_title":557,"image":112162,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":112164},[112165,112170,112175,112180,112185,112196,112201,112206,112211,112215,112220,112225,112230,112235,112240,112245,112250,112255,112260,112265],{"type":594,"attrs":112166,"content":112167},{"textAlign":49},[112168],{"text":112169,"type":599},"South Korean battery maker SK On has made a further move to diversify its supply chain away from China, agreeing to support US-based startup Urbix to develop production of anode materials in the country. ",{"type":594,"attrs":112171,"content":112172},{"textAlign":49},[112173],{"text":112174,"type":599},"The Arizona-based company said the agreement would help it move forward with plans to build an anode production facility in the US with an initial capacity of 1,000 tonnes a year, increasing to 28,500 tonnes a year by 2025.",{"type":594,"attrs":112176,"content":112177},{"textAlign":49},[112178],{"text":112179,"type":599},"That would be enough for between 300,000 to 400,000 electric vehicles by 2025, according to Benchmark estimates. ",{"type":594,"attrs":112181,"content":112182},{"textAlign":49},[112183],{"text":112184,"type":599},"The deal is the latest effort by Korean battery companies to source battery raw materials from the US or countries that are compatible with the provisions of the US Inflation Reduction Act, which requires battery minerals to come from the US of free trade agreement countries.  ",{"type":594,"attrs":112186,"content":112187},{"textAlign":49},[112188,112190,112194],{"text":112189,"type":599},"Last year LG Energy Solution signed an agreement with ",{"text":3878,"type":599,"marks":112191},[112192],{"type":604,"attrs":112193},{"href":76068,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":112195,"type":599}," to evaluate graphite anode material from Syrah’s Vidalia production facility in Louisiana, which is under construction. ",{"type":594,"attrs":112197,"content":112198},{"textAlign":49},[112199],{"text":112200,"type":599},"Production of anode material in North America is set to exceed 110,000 tonnes a year by 2030, according to Benchmark. Yet the region is still set to be short around 500,000 tonnes a year by that date without further investment in local production, leaving it reliant on imports. ",{"type":594,"attrs":112202,"content":112203},{"textAlign":49},[112204],{"text":112205,"type":599},"SK counts Ford, Hyundai and Volkswagen as customers and is building a gigafactory in Georgia set to be operational in 2023 and another three with Ford set to be operational in 2025. ",{"type":594,"attrs":112207,"content":112208},{"textAlign":49},[112209],{"text":112210,"type":599},"“As such, it is essential for the company to secure localised battery components for these plants, and in doing so from a US-based operational plant, SK will also receive manufacturing benefits under the provisions of the IRA,” said Tony Alderson, analyst with Benchmark.",{"type":657,"attrs":112212,"content":112213},{"level":15966,"textAlign":49},[112214],{"text":82352,"type":599},{"type":594,"attrs":112216,"content":112217},{"textAlign":49},[112218],{"text":112219,"type":599},"Still, catching up to China will be a challenge and will require significant investment. ",{"type":594,"attrs":112221,"content":112222},{"textAlign":49},[112223],{"text":112224,"type":599},"Last year China produced nearly all of the world’s spherical graphite supply for battery anode materials and is set to maintain that dominance through the end of decade without further investment outside of the country. ",{"type":594,"attrs":112226,"content":112227},{"textAlign":49},[112228],{"text":112229,"type":599},"North America is only set to account for 6% of global anode production by 2025, according to the Benchmark Anode Forecast.",{"type":594,"attrs":112231,"content":112232},{"textAlign":49},[112233],{"text":112234,"type":599},"“In regard to the anode market as a whole, 28,500 tonnes [from Urbix] is a drop in the ocean, making up less than 1% of the forecasted total anode market production by 2025,” Alderson said.",{"type":594,"attrs":112236,"content":112237},{"textAlign":49},[112238],{"text":112239,"type":599},"“That being said, in regard to the ex-China markets, it makes up just under 15% of supply.” ",{"type":657,"attrs":112241,"content":112242},{"level":15966,"textAlign":49},[112243],{"text":112244,"type":599},"Counting the carbon cost of anode production",{"type":594,"attrs":112246,"content":112247},{"textAlign":49},[112248],{"text":112249,"type":599},"Normally battery anodes contain a blend of natural and synthetic graphite. ",{"type":594,"attrs":112251,"content":112252},{"textAlign":49},[112253],{"text":112254,"type":599},"But natural graphite is cheaper and has a lower carbon footprint than synthetic graphite, making it more attractive to automakers, Alderson said. ",{"type":594,"attrs":112256,"content":112257},{"textAlign":49},[112258],{"text":112259,"type":599},"In addition, Urbix claims its processes are more environmentally friendly than natural graphite processing in China. ",{"type":594,"attrs":112261,"content":112262},{"textAlign":49},[112263],{"text":112264,"type":599},"Urbix claims that its processes use 90% less energy than standard purification processes in and avoides the use of hydrofluoric acid. ",{"type":594,"attrs":112266,"content":112267},{"textAlign":49},[112268],{"text":112269,"type":599},"“This agreement is meaningful in increasing the possibility of securing eco-friendly and high-performance anode active materials for use in SK On’s U.S. plants,” said Sun Heeyoung, a vice president at SK.","South Korean battery maker SK On has made a further move to diversify its supply chain away from China, agreeing to support US-based startup Urbix to develop production of anode materials in the country. The Arizona-based company said the agreement would help it move forward with plans to build an anode production facility in the […]",[112272],{"slug":544,"name":543,"content":112273},{"job_title":557,"image":112274,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"22676708-3fa8-43d2-9293-61346400cbd4\", \"id\": \"\"}-->",[112277,112278,112279,112280,112281],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":112283,"copyright":547,"fieldtype":553,"meta_data":112284,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8c1464a62c/bm-urbix-graphite.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 20, 2023",{"id":112287,"uuid":112288,"name":112289,"slug":112290,"full_slug":112291,"content":112292},112471970732962,"8dceb328-5e8b-40a3-9950-562694dbed65","Benchmark to increase frequency of all monthly cobalt prices","benchmark-to-increase-frequency-of-all-monthly-cobalt-prices","article/benchmark-to-increase-frequency-of-all-monthly-cobalt-prices",{"_uid":112293,"date":112294,"tags":112295,"editor":112298,"content":112302,"excerpt":112434,"featured":50,"reporter":112435,"_editable":112439,"component":864,"seo_title":112289,"categories":112440,"visibility":2091,"author_company":49,"featured_image":112443,"seo_description":112434,"author_full_name":49,"author_job_title":49,"formattedDate":112445},"96cc0d12-61ff-4e00-bf29-46f9be602b38","2023-01-17 00:00",[112296,112297],{"slug":9655,"name":9656},{"slug":581,"name":582},[112299],{"slug":544,"name":543,"content":112300},{"job_title":557,"image":112301,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":112303},[112304,112309,112314,112319,112324,112329,112334,112343,112348,112353,112358,112370,112375,112380,112385,112390,112395,112400,112405,112409,112414,112419,112424],{"type":594,"attrs":112305,"content":112306},{"textAlign":49},[112307],{"text":112308,"type":599},"Benchmark Mineral Intelligence (Benchmark) will now assess all cobalt prices twice a month, evolving our process from once-a-month cycles.",{"type":594,"attrs":112310,"content":112311},{"textAlign":49},[112312],{"text":112313,"type":599},"This is following a market consultation period in November and December 2022.",{"type":594,"attrs":112315,"content":112316},{"textAlign":49},[112317],{"text":112318,"type":599},"Benchmark will make these changes to the following cobalt prices with first publication by 4pm (London) on 16th January 2023: ",{"type":594,"attrs":112320,"content":112321},{"textAlign":49},[112322],{"text":112323,"type":599},"·       Cobalt sulphate, EXW China, >20.5% Co",{"type":594,"attrs":112325,"content":112326},{"textAlign":49},[112327],{"text":112328,"type":599},"·       Cobalt battery metal, EXW Europe, min. 99.8% Co",{"type":594,"attrs":112330,"content":112331},{"textAlign":49},[112332],{"text":112333,"type":599},"·       Cobalt hydroxide, CIF Asia (100% Co contained basis)",{"type":594,"attrs":112335,"content":112336},{"textAlign":49},[112337,112339,112340,112341,112342],{"text":112338,"type":599},"These three price grades will be published for access by subscribers to Benchmark’s website on the 15",{"text":6795,"type":599},{"text":86313,"type":599},{"text":6795,"type":599},{"text":86316,"type":599},{"type":594,"attrs":112344,"content":112345},{"textAlign":49},[112346],{"text":112347,"type":599},"As the lithium ion battery industry continues to grow, the frequency and traded volume of battery grade cobalt material is increasing. ",{"type":594,"attrs":112349,"content":112350},{"textAlign":49},[112351],{"text":112352,"type":599},"Benchmark has the world’s most comprehensive methodology specifically tailored for cobalt price assessments, which is independently audited to meet the IOSCO principles.  ",{"type":594,"attrs":112354,"content":112355},{"textAlign":49},[112356],{"text":112357,"type":599},"As one of the most critical EV battery raw materials, Benchmark assesses cobalt prices alongside nickel, lithium, natural graphite, and synthetic graphite. ",{"type":594,"attrs":112359,"content":112360},{"textAlign":49},[112361,112363,112368],{"text":112362,"type":599},"Benchmark also assesses ",{"text":112364,"type":599,"marks":112365},"price movements of cathodes and anodes",[112366],{"type":604,"attrs":112367},{"href":110753,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":112369,"type":599},", and tracks developments within the lithium battery cell market. ",{"type":657,"attrs":112371,"content":112372},{"level":15966,"textAlign":49},[112373],{"text":112374,"type":599},"CASPAR RAWLES, CHIEF DATA OFFICER AT BENCHMARK SAID:",{"type":594,"attrs":112376,"content":112377},{"textAlign":49},[112378],{"text":112379,"type":599},"“I’m excited to announce the changes to Benchmark’s Cobalt Price Assessment methodology, increasing publication frequency and providing more detailed insight to the market that relies on our price data to settle contracts and make the biggest investment decisions of the energy transition. ",{"type":594,"attrs":112381,"content":112382},{"textAlign":49},[112383],{"text":112384,"type":599},"“The cobalt industry continues to mature as the outlook for battery demand changes across different cathode technologies",{"type":594,"attrs":112386,"content":112387},{"textAlign":49},[112388],{"text":112389,"type":599},"“Benchmark’s cobalt prices are ingrained in the lithium ion battery and EV value chain and, as changes in the cobalt market happen, the team works hard to ensure its data remains the most accurate and reliable actionable intelligence for subscribers. ",{"type":594,"attrs":112391,"content":112392},{"textAlign":49},[112393],{"text":112394,"type":599},"“Benchmark remains committed to its market-first and non-journalistic approach to its price assessments. ",{"type":594,"attrs":112396,"content":112397},{"textAlign":49},[112398],{"text":112399,"type":599},"“We understand and listen to the cobalt and battery market which guides our decision making.“ ",{"type":657,"attrs":112401,"content":112402},{"level":15966,"textAlign":49},[112403],{"text":112404,"type":599},"Benchmark Price Assessments – contact us: ",{"type":594,"attrs":112406,"content":112407},{"textAlign":49},[112408],{"text":43689,"type":599},{"type":594,"attrs":112410,"content":112411},{"textAlign":49},[112412],{"text":112413,"type":599},"We publish weekly and monthly Price Assessments – Lithium, Cobalt, Natural Graphite, Synthetic Graphite, Nickel, Cathodes, Anodes – to the highest IOSCO standards. ",{"type":594,"attrs":112415,"content":112416},{"textAlign":49},[112417],{"text":112418,"type":599},"Our market-first price assessments are created by senior management and price analysts that truly understand the market they are assessing. ",{"type":594,"attrs":112420,"content":112421},{"textAlign":49},[112422],{"text":112423,"type":599},"They are the world’s most trusted cobalt price assessments and used to settle contracts and guide major investment decisions. ",{"type":594,"attrs":112425,"content":112426},{"textAlign":49},[112427,112429,112433],{"text":112428,"type":599},"To learn more about or subscribe to Benchmark’s industry-leading cobalt price assessments, including the new mid-month prices for all cobalt grades, fill in the ",{"text":86378,"type":599,"marks":112430},[112431],{"type":604,"attrs":112432},{"href":86382,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Benchmark Mineral Intelligence (Benchmark) will now assess all cobalt prices twice a month, evolving our process from once-a-month cycles. This is following a market consultation period in November and December 2022. Benchmark will make these changes to the following cobalt prices with first publication by 4pm (London) on 16th January 2023: · […]",[112436],{"slug":544,"name":543,"content":112437},{"job_title":557,"image":112438,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"96cc0d12-61ff-4e00-bf29-46f9be602b38\", \"id\": \"\"}-->",[112441,112442],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":105760,"copyright":547,"fieldtype":553,"meta_data":112444,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jan 17, 2023",{"id":112447,"uuid":112448,"name":112449,"slug":112450,"full_slug":112451,"content":112452},112471961050014,"d4c9da72-1c98-43d3-bde1-47a5b188c604","UK battery pipeline shrinks after Britishvolt collapse","uk-battery-pipeline-shrinks-after-britishvolt-collapse","article/uk-battery-pipeline-shrinks-after-britishvolt-collapse",{"_uid":112453,"date":112294,"tags":112454,"editor":112459,"content":112463,"excerpt":112641,"featured":51,"reporter":112642,"_editable":112646,"component":864,"seo_title":112449,"categories":112647,"visibility":2091,"author_company":49,"featured_image":112651,"seo_description":112641,"author_full_name":49,"author_job_title":49,"formattedDate":112445},"e71340df-9885-472f-ba43-d80161542245",[112455,112458],{"slug":112456,"name":112457},"britishvolt","Britishvolt",{"slug":16791,"name":16792},[112460],{"slug":544,"name":543,"content":112461},{"job_title":557,"image":112462,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":112464},[112465,112478,112483,112488,112493,112498,112503,112510,112515,112520,112525,112530,112542,112554,112559,112564,112569,112586,112606,112611,112616,112621,112626,112631],{"type":594,"attrs":112466,"content":112467},{"textAlign":49},[112468,112470,112476],{"text":112469,"type":599},"The collapse of battery startup Britishvolt will halve the UK’s future ",{"text":112471,"type":599,"marks":112472},"battery production capacity",[112473],{"type":604,"attrs":112474},{"href":112475,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/uk-warns-on-gigafactories-as-britishvolt-signs-posco-deal",{"text":112477,"type":599},", dealing a blow to the country’s hopes to build a homegrown industry to supply its carmakers. ",{"type":594,"attrs":112479,"content":112480},{"textAlign":49},[112481],{"text":112482,"type":599},"The UK-based company had planned to build a battery factory in the North East of England with a total capacity of 38 gigawatt-hours a year. The entirety of the UK’s cell capacity pipeline is now set to come from China’s Envision, which plans to build a 35 GWh plant in Sunderland. ",{"type":594,"attrs":112484,"content":112485},{"textAlign":49},[112486],{"text":112487,"type":599},"The UK was already set to be a bit-player in Europe, but without Britishvolt the country is now forecast to account for just 2.3% of Europe’s 2031 battery production capacity. ",{"type":594,"attrs":112489,"content":112490},{"textAlign":49},[112491],{"text":112492,"type":599},"“Britishvolt’s demise only now leaves China-based Envision as the saviour of the UK’s ambition to be a leader in electric vehicles,” Simon Moores, Benchmark’s chief executive, said. “The UK is in desperate need of more.”",{"type":657,"attrs":112494,"content":112495},{"level":15966,"textAlign":49},[112496],{"text":112497,"type":599},"UK’s diminishing battery scene",{"type":594,"attrs":112499,"content":112500},{"textAlign":49},[112501],{"text":112502,"type":599},"Prior to the collapse of Britishvolt, the UK accounted for 0.6% of the global battery pipeline capacity set to come into production by 2031. It is now even lower at around 0.3%.",{"type":594,"attrs":112504,"content":112505},{"textAlign":49},[112506],{"type":1186,"attrs":112507},{"id":49,"alt":547,"src":112508,"title":49,"source":49,"copyright":49,"meta_data":112509},"https://a.storyblok.com/f/287943243085208/08e26eff62/bm-uk-britishvolt.jpg",{},{"type":594,"attrs":112511,"content":112512},{"textAlign":49},[112513],{"text":112514,"type":599},"At the end of 2022, Envision began construction on its second British gigafactory. The company, which is led by Zhang Lei, acquired Nissan’s battery business in 2018. ",{"type":594,"attrs":112516,"content":112517},{"textAlign":49},[112518],{"text":112519,"type":599},"The company, AESC, already operated a 1.9 gigawatt-hour capacity gigafactory in Sunderland, supplying Japanese automaker Nissan with batteries for its Leaf electric vehicles.",{"type":594,"attrs":112521,"content":112522},{"textAlign":49},[112523],{"text":112524,"type":599},"Britishvolt was to be the UK’s first homegrown battery maker and planned to build its gigafactory in Blyth, Northumberland. Initially planned to begin production in 2023, a series of setbacks led to a revised production start date of 2025.",{"type":594,"attrs":112526,"content":112527},{"textAlign":49},[112528],{"text":112529,"type":599},"“Sadly for the UK, the euphoria in political spheres got the better of the on-the-ground reality,” Moores said. “Making lithium ion batteries isn’t easy, especially at scale.”",{"type":594,"attrs":112531,"content":112532},{"textAlign":49},[112533,112535,112540],{"text":112534,"type":599},"Although Britishvolt’s collapse is a blow to ",{"text":112536,"type":599,"marks":112537},"British batteries",[112538],{"type":604,"attrs":112539},{"href":98941,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":112541,"type":599},", the site on which it was to build its gigafactory could be an attractive proposition for other battery hopefuls. With an abundance of renewable energy, access to rail infrastructure, and a deep port, the site is well-placed for developing a green gigafactory.",{"type":594,"attrs":112543,"content":112544},{"textAlign":49},[112545,112547,112552],{"text":112546,"type":599},"Beyond batteries, the ",{"text":112548,"type":599,"marks":112549},"UK also has a nascent presence in the supply chain",[112550],{"type":604,"attrs":112551},{"href":24585,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":112553,"type":599},". Cornwall has lithium resources that several companies are looking to exploit and Green Lithium, a lithium developer, announced Teesside, UK as the location of its upcoming lithium hydroxide refinery.",{"type":594,"attrs":112555,"content":112556},{"textAlign":49},[112557],{"text":112558,"type":599},"Oil and gas company Phillips 66 produces coke, a precursor to synthetic graphite, in the Humber region of the UK and Vale operates a nickel refinery in Wales.",{"type":657,"attrs":112560,"content":112561},{"level":15966,"textAlign":49},[112562],{"text":112563,"type":599},"Britishvolt’s rise",{"type":594,"attrs":112565,"content":112566},{"textAlign":49},[112567],{"text":112568,"type":599},"Britishvolt was founded at the end of 2019 by Orral Nadjari, a former investment banker. The aim was to become a world leader in the sustainable production of lithium ion batteries.",{"type":594,"attrs":112570,"content":112571},{"textAlign":49},[112572,112574,112579,112580,112585],{"text":112573,"type":599},"Initially, the company planned to build its gigafactory in the Vale of Glamorgan, Wales but changed to Blyth, England in late 2020. Construction began in the summer of 2021. Around the same time, commodity giant ",{"text":112575,"type":599,"marks":112576},"Glencore invested",[112577],{"type":604,"attrs":112578},{"href":104973,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":2142,"type":599},{"text":112581,"type":599,"marks":112582},"the company",[112583],{"type":604,"attrs":112584},{"href":104973,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":112587,"content":112588},{"textAlign":49},[112589,112591,112596,112598,112604],{"text":112590,"type":599},"In early 2022, the ",{"text":112592,"type":599,"marks":112593},"UK government announced",[112594],{"type":604,"attrs":112595},{"href":104973,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":112597,"type":599}," it would support Britishvolt with a ",{"text":112599,"type":599,"marks":112600},"£100 million grant",[112601],{"type":604,"attrs":112602},{"href":112603,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/britishvolt-secures-government-funding-for-uk-gigafactory",{"text":112605,"type":599},", with the money becoming available as the company hit certain milestones.",{"type":657,"attrs":112607,"content":112608},{"level":15966,"textAlign":49},[112609],{"text":112610,"type":599},"Britishvolt’s fall",{"type":594,"attrs":112612,"content":112613},{"textAlign":49},[112614],{"text":112615,"type":599},"The startup failed to hit the milestones set out by the UK government, however, and was therefore denied access to any of the funds to help keep it afloat. ",{"type":594,"attrs":112617,"content":112618},{"textAlign":49},[112619],{"text":112620,"type":599},"Other than a handful of arrangements to design and manufacture batteries for automakers such as Lotus and Aston Martin, there were no firm customers.",{"type":594,"attrs":112622,"content":112623},{"textAlign":49},[112624],{"text":112625,"type":599},"“It’s a lesson in putting the money into the ground and building a product, supply chain and end customer base first,” Moores said. ",{"type":594,"attrs":112627,"content":112628},{"textAlign":49},[112629],{"text":112630,"type":599},"With a skyrocketing payroll, few potential customers, and increasing losses, the company struggled to find new investors. Glencore threw the company a less than £5 million lifeline at the end of last year.",{"type":594,"attrs":112632,"content":112633},{"textAlign":49},[112634,112636,112640],{"text":112635,"type":599},"To learn more about Benchmark’s monthly Gigafactory Assessment and quarterly Lithium ion Battery Database subscriptions fill in this ",{"text":110919,"type":599,"marks":112637},[112638],{"type":604,"attrs":112639},{"href":86382,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"The collapse of battery startup Britishvolt will halve the UK’s future battery production capacity, dealing a blow to the country’s hopes to build a homegrown industry to supply its carmakers. The UK-based company had planned to build a battery factory in the North East of England with a total capacity of 38 gigawatt-hours a year. […]",[112643],{"slug":544,"name":543,"content":112644},{"job_title":557,"image":112645,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e71340df-9885-472f-ba43-d80161542245\", \"id\": \"\"}-->",[112648,112649,112650],{"slug":2499,"name":2500},{"slug":880,"name":881},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":112652,"copyright":547,"fieldtype":553,"meta_data":112653,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/63d44e2d59/bm-britishvolt-factory-renders-v1-1-e1642700726804.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":112655,"uuid":112656,"name":112657,"slug":112658,"full_slug":112659,"content":112660},112471985281957,"7677d328-51f9-4650-8a84-cd6b278bf988","Trafigura targets lithium: Q&A with trader Claire Blanchelande","trafigura-targets-lithium-qa-with-trader-claire-blanchelande","article/trafigura-targets-lithium-qa-with-trader-claire-blanchelande",{"_uid":112661,"date":112662,"tags":112663,"editor":112668,"content":112672,"excerpt":112781,"featured":51,"reporter":112782,"_editable":112786,"component":864,"seo_title":112657,"categories":112787,"visibility":882,"author_company":49,"featured_image":112790,"seo_description":112781,"author_full_name":49,"author_job_title":49,"formattedDate":112793},"e7cdd544-a563-47d9-ab38-33a1782176ba","2023-01-16 00:00",[112664,112665],{"slug":18915,"name":18916},{"slug":112666,"name":112667},"trafigura","Trafigura",[112669],{"slug":544,"name":543,"content":112670},{"job_title":557,"image":112671,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":112673},[112674,112685,112690,112695,112700,112705,112710,112721,112726,112731,112736,112741,112746,112751,112756,112761,112766,112771,112776],{"type":594,"attrs":112675,"content":112676},{"textAlign":49},[112677,112679,112683],{"text":112678,"type":599},"Soaring ",{"text":12746,"type":599,"marks":112680},[112681],{"type":604,"attrs":112682},{"href":102227,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":112684,"type":599}," have caught the attention of the world’s largest commodity traders, who have for decades dominated the global trade in physical commodities such as oil and industrial metals. Geneva-based Trafigura is one of the largest traders, reporting profits of $7 billion in its last financial year. ",{"type":594,"attrs":112686,"content":112687},{"textAlign":49},[112688],{"text":112689,"type":599},"Benchmark Source spoke with Claire Blanchelande, a lithium trader at Trafigura in Geneva. She started her career in China, where she worked for seven years in various industrial metals. She moved to Geneva in 2017 to join the copper concentrates trading team before taking up her current post.",{"type":657,"attrs":112691,"content":112692},{"level":15966,"textAlign":49},[112693],{"text":112694,"type":599},"Because lithium is quite new to Trafigura it would be great to understand a bit more about how you became involved in this market? ",{"type":594,"attrs":112696,"content":112697},{"textAlign":49},[112698],{"text":112699,"type":599},"Within the metals and mining division, we have traditionally traded copper, zinc, lead and aluminium. Then 10 to 15 years ago the company started trading nickel and cobalt, which is today, a very well-established business. When we started cobalt demand was predominantly for portable electronic batteries and this is when we got involved in the Democratic Republic of Congo. We built a strong presence in the Chinese battery market and accompanied our customers to transition into the EV battery supply chain which also required nickel. We then started expanding into other regions globally and further downstream into the OEM auto sector who realised that in order to reach their production targets they needed to pay more attention to their whole supply chain. It wasn’t enough to just order batteries from their suppliers, they actually needed to make sure that the whole chain had what was required to make those batteries in terms of critical raw materials, but also to control the various ESG metrics of the metal units contained in these batteries. ",{"type":594,"attrs":112701,"content":112702},{"textAlign":49},[112703],{"text":112704,"type":599},"Today we are providing our customers with the global platform that Trafigura has built over time, which includes market, mining and technical knowledge as well as logistics, financing and risk management capabilities, to really help them figure out where best to source their units from and to design tailor-made strategies for the sourcing of critical raw materials. Lithium came as a natural demand from our customers to complement the services we were already offering on other critical battery metals.",{"type":657,"attrs":112706,"content":112707},{"level":15966,"textAlign":49},[112708],{"text":112709,"type":599},"So are you looking to physically secure offtakes of lithium for OEMs? ",{"type":594,"attrs":112711,"content":112712},{"textAlign":49},[112713,112715,112719],{"text":112714,"type":599},"Yes. If you look at the lithium supply chain, anything that comes after the refining stage is common to our nickel and cobalt activities. So our primary focus is to build upstream supply but also to look at diversification of refining capacity, which is how we became involved with ",{"text":86779,"type":599,"marks":112716},[112717],{"type":604,"attrs":112718},{"href":24585,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":112720,"type":599}," [in the UK]. In the lithium market, the bottleneck is really at the upstream level. That’s number one. In fact this bottleneck is equally relevant for the whole EV supply chain, as one lithium unit missing from the system is roughly equivalent to one unit of nickel demand destroyed. So if the lithium market is short and cannot meet demand requirements, it just means that the equivalent nickel units will either be stored or not produced at all. ",{"type":657,"attrs":112722,"content":112723},{"level":15966,"textAlign":49},[112724],{"text":112725,"type":599},"In terms of the upstream would you help finance new mines then?",{"type":594,"attrs":112727,"content":112728},{"textAlign":49},[112729],{"text":112730,"type":599},"Traditionally speaking from a company perspective, we are very active in terms of prepayment deals and project financing facilities in order to secure supply. We have relationships with over 140 banks and the total size of our credit lines is above $73 billion. So that really allows us to be flexible in terms of providing debt facilities of different sorts as we can find ways of de-risking our loans that are not available to banks.",{"type":594,"attrs":112732,"content":112733},{"textAlign":49},[112734],{"text":112735,"type":599},"The number one goal is to secure a supply of minerals . There’s always a physical objective attached to what we do. Owning and running mining assets is not our primary goal.",{"type":594,"attrs":112737,"content":112738},{"textAlign":49},[112739],{"text":112740,"type":599},"However, in each of the commodities that we trade, there is in general, at least one strategic investment to create a base volume for the book. Our investments are likely to be minority stakes, but large enough to really show that we are there for the long run and that we have skin in the game. The investment needs to fit with the long term strategy of the company which is to gear ourselves towards the green transition.",{"type":657,"attrs":112742,"content":112743},{"level":15966,"textAlign":49},[112744],{"text":112745,"type":599},"Given the competitive nature of the market, how difficult is it to be a new player? ",{"type":594,"attrs":112747,"content":112748},{"textAlign":49},[112749],{"text":112750,"type":599},"The answer is it’s hard. It’s very hard. But we’ve got some tools we can use. We have a huge logistics network, a large financing capacity, and the possibility to invest equity when it’s appropriate. We also have a lot of different services that are attractive to miners and the end-users, including ways to mitigate price, performance, and manage ESG risks.",{"type":657,"attrs":112752,"content":112753},{"level":15966,"textAlign":49},[112754],{"text":112755,"type":599},"I wanted to ask you about geopolitics. Given the Inflation Reduction Act and the geopolitical situation, many miners may not be so keen to receive financing from Chinese companies. Is that something that is happening? Or are they agnostic?",{"type":594,"attrs":112757,"content":112758},{"textAlign":49},[112759],{"text":112760,"type":599},"China dominated the last wave of lithium investment but also has the most advanced EV market in the world. Now EV demand from the rest of the world is starting to catch up so it is natural that investment will come from a wider range of sources. And as governments realise how strategic these metals are, they are introducing incentives to ensure industries in their jurisdictions are able to access the required resources. So yes, there is a geopolitical competition element to it, but it is also the natural development of a market that was once dominated by one region and is now become more of a global industry.",{"type":657,"attrs":112762,"content":112763},{"level":15966,"textAlign":49},[112764],{"text":112765,"type":599},"We’ve seen lithium prices tick down recently. I wondered how you’re looking at things. Is this the beginning of a downturn in prices, or is this just a temporary blip?",{"type":594,"attrs":112767,"content":112768},{"textAlign":49},[112769],{"text":112770,"type":599},"Over 2023 we do not believe that demand will be slowing down. On the contrary. I think that people will be surprised at how difficult it will be to actually bring onstream all the new supply that people say is coming.",{"type":657,"attrs":112772,"content":112773},{"level":15966,"textAlign":49},[112774],{"text":112775,"type":599},"What do you think about the potential for Chinese lithium supply?",{"type":594,"attrs":112777,"content":112778},{"textAlign":49},[112779],{"text":112780,"type":599},"I think Chinese supply will definitely be a large piece of the puzzle but there are several things to take into consideration. Firstly, the production cost of those units is much higher [than carbonate from brine or spodumene]. All these mines are low grade and also more expensive to recover. We estimate that the Chinese lepidolite production requires lithium hydroxide prices above $30,000 a tonne, whereas any Australian mine would be doing okay at $20,000. We do believe that the market can eventually reach a balance, but that balance is very fragile, because the day that the prices go below $30,000 it is likely that many operations will become uneconomic and if those mines shut down you’re worse off than you are today in terms of supply.","Soaring lithium prices have caught the attention of the world’s largest commodity traders, who have for decades dominated the global trade in physical commodities such as oil and industrial metals. Geneva-based Trafigura is one of the largest traders, reporting profits of $7 billion in its last financial year. Benchmark Source spoke with Claire Blanchelande, a […]",[112783],{"slug":544,"name":543,"content":112784},{"job_title":557,"image":112785,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e7cdd544-a563-47d9-ab38-33a1782176ba\", \"id\": \"\"}-->",[112788,112789],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":112791,"copyright":547,"fieldtype":553,"meta_data":112792,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/46fc5b38c1/bm-claire-blanchelande-lithium-trader-for-trafigura.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 16, 2023",{"id":112795,"uuid":112796,"name":112797,"slug":112798,"full_slug":112799,"content":112800},112471980366756,"1c44a285-e4ec-44e7-b897-ed5ca4f86766","India’s EV prices need to drop to $6,000 to hit tipping point, Godi says","indias-ev-prices-need-to-drop-to-6000-to-hit-tipping-point-godi-says","article/indias-ev-prices-need-to-drop-to-6000-to-hit-tipping-point-godi-says",{"_uid":112801,"date":112662,"tags":112802,"editor":112804,"content":112808,"excerpt":112963,"featured":51,"reporter":112964,"_editable":112968,"component":864,"seo_title":112797,"categories":112969,"visibility":882,"author_company":49,"featured_image":112973,"seo_description":112963,"author_full_name":49,"author_job_title":49,"formattedDate":112793},"b0eaac6d-36a3-4ea4-a6f1-c7f10d857c5a",[112803],{"slug":22444,"name":22445},[112805],{"slug":544,"name":543,"content":112806},{"job_title":557,"image":112807,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":112809},[112810,112815,112820,112832,112837,112842,112847,112852,112857,112870,112875,112880,112885,112890,112895,112900,112905,112918,112923,112928,112933,112938,112943,112948,112953,112958],{"type":594,"attrs":112811,"content":112812},{"textAlign":49},[112813],{"text":112814,"type":599},"India needs to develop its own battery supply chain to help bring down the cost of electric cars, which need to be as low as $6,000 for sales to reach a tipping point, the founder of Godi Energy told Benchmark Source. ",{"type":594,"attrs":112816,"content":112817},{"textAlign":49},[112818],{"text":112819,"type":599},"Current electric vehicle costs in India are too high, Mahesh Godi, who hopes to start construction of a lithium ion battery factory in the country this year, said. ",{"type":594,"attrs":112821,"content":112822},{"textAlign":49},[112823,112825,112830],{"text":112824,"type":599},"He cited the example of Tata Motors’ ",{"text":112826,"type":599,"marks":112827},"Tiago EV hatchback",[112828],{"type":604,"attrs":112829},{"href":77419,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":112831,"type":599}," which began delivery this month and is being offered at an introductory price range of $10,500 to $14,600 before registration and taxes, with a choice between a 19.2 kWh or 24 kWh battery pack.",{"type":594,"attrs":112833,"content":112834},{"textAlign":49},[112835],{"text":112836,"type":599},"“Tata Motors’ Tiago is still expensive. The right price of an EV for a decent penetration to market is about Rs 5 to Rs 6 lakhs ($6,000 to $7,300). That’s the price point when EV four wheeler penetration will take place. That’s because of the supply chain and local manufacturing,” he said. ",{"type":594,"attrs":112838,"content":112839},{"textAlign":49},[112840],{"text":112841,"type":599},"India’s electric vehicle sales have lagged other major markets, with sales reaching 1 million last year, of which two and three-wheelers accounted for the bulk of the share while cars represented only 3% of the total pie. The largest electric vehicle producer Tata Motors sold 42,496 electric cars, a jump of 255% year-on-year. ",{"type":594,"attrs":112843,"content":112844},{"textAlign":49},[112845],{"text":112846,"type":599},"Yet the country currently produces no lithium ion batteries or battery materials, with automakers reliant on imports to meet their demand. ",{"type":594,"attrs":112848,"content":112849},{"textAlign":49},[112850],{"text":112851,"type":599},"Godi said it would take another five years for the industry to reach costs of $6,000 per vehicle, as the supply chain in the country is built out.",{"type":657,"attrs":112853,"content":112854},{"level":15966,"textAlign":49},[112855],{"text":112856,"type":599},"India gets serious about gigafactories ",{"type":594,"attrs":112858,"content":112859},{"textAlign":49},[112860,112862,112868],{"text":112861,"type":599},"Godi’s remarks come as at least half a dozen Indian companies are on track to set up gigafactories in the country to meet the nation’s ambitious goal of converting ",{"text":112863,"type":599,"marks":112864},"30% of its passenger car sales electric by 2030",[112865],{"type":604,"attrs":112866},{"href":112867,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/search?items_per_page=20&page_offset=0&query=Vikram",{"text":112869,"type":599},", from less than 1% last year. ",{"type":594,"attrs":112871,"content":112872},{"textAlign":49},[112873],{"text":112874,"type":599},"Benchmark’s Gigafactory Assessment forecasts that India will have 28 GWh of battery capacity in the pipeline by 2031 led by lead acid battery producer Amara Raja and Exide Industries.",{"type":594,"attrs":112876,"content":112877},{"textAlign":49},[112878],{"text":112879,"type":599},"These include plans from Ola Electric, Reliance Industries and Rajesh Exports, who earlier this year were allocated subsidies under the government’s $2.5 billion Production Linked Incentive (PLI) scheme for battery manufacturing. ",{"type":594,"attrs":112881,"content":112882},{"textAlign":49},[112883],{"text":112884,"type":599},"Ola, a startup backed by Softbank, plans to commission a cell manufacturing facility with a 5 gigawatt hours (GWh) capacity by the end of this year and install 100 GWh over the course of this decade. ",{"type":594,"attrs":112886,"content":112887},{"textAlign":49},[112888],{"text":112889,"type":599},"Gold refiner Rajesh Exports is planning a 5 GWh lithium ion cell manufacturing plant while the oil-to-telecom conglomerate Reliance Industries aims to start production of battery packs by 2023 and scale up to a 5 GWh annual capacity by 2024 and to 50 GWh annual capacity by 2027.",{"type":594,"attrs":112891,"content":112892},{"textAlign":49},[112893],{"text":112894,"type":599},"NITI Aayog, India’s policy think tank, has estimated the country could have 80 million electric vehicles on the road by the end of the decade. ",{"type":594,"attrs":112896,"content":112897},{"textAlign":49},[112898],{"text":112899,"type":599},"The federal think tank also estimates India would need nearly 26 gigafactories with an average battery production capacity of 10 GWh per year to meet its annual demand for advanced chemistry cell batteries. The demand is currently at 3 GWh and expected to rise to between 104 GWh and 260 GWh by 2030 across multiple sectors.",{"type":594,"attrs":112901,"content":112902},{"textAlign":49},[112903],{"text":112904,"type":599},"“All OEMs are currently importing cells and there is zero manufacturing. A critical part of the PLI scheme is about localization. If these OEMs get the critical component locally available, with a local manufacturer, they get a lot of good subsidies,” Godi said, adding that India needs to introduce a similar PLI for critical battery materials as well. ",{"type":594,"attrs":112906,"content":112907},{"textAlign":49},[112908,112910,112916],{"text":112909,"type":599},"India currently largely ",{"text":112911,"type":599,"marks":112912},"relies",[112913],{"type":604,"attrs":112914},{"href":112915,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://pib.gov.in/Pressreleaseshare.aspx?PRID=1807681",{"text":112917,"type":599}," on China, Hong Kong and Vietnam for lithium ion batteries. In the first six months of the fiscal year 2022-23, India imported $1.53 billion worth of lithium ion batteries, compared with $1.83 billion worth of imports for the full twelve months in 2021-2022, according to data from the Department of Commerce.",{"type":657,"attrs":112919,"content":112920},{"level":15966,"textAlign":49},[112921],{"text":112922,"type":599},"Godi’s gigafactory plans ",{"type":594,"attrs":112924,"content":112925},{"textAlign":49},[112926],{"text":112927,"type":599},"Headquartered in Hyderabad, the capital city of India’s southern state of Telangana, Godi aims to build a lithium ion gigafactory by 2024 with plans to commission an initial 200 megawatt hours (MWh) of annual production, reaching 25 gigawatt-hours towards the end of the decade.",{"type":594,"attrs":112929,"content":112930},{"textAlign":49},[112931],{"text":112932,"type":599},"Godi said it will cost $3 billion to reach its target production of 25 GWh by 2027-2028. The company has secured capital commitments from investors coming in at different stages of the project, he said.",{"type":594,"attrs":112934,"content":112935},{"textAlign":49},[112936],{"text":112937,"type":599},"Godi Energy announced in December that it has successfully manufactured a cylindrical lithium ion cell with silicon anode, a move that would help an electric vehicle achieve up to 20% more range compared to a graphite anode. ",{"type":594,"attrs":112939,"content":112940},{"textAlign":49},[112941],{"text":112942,"type":599},"Godi claims the silicon content is around 10% to 15% of the anode material in its battery cells and that the company plans to increase the mix of the silicon to achieve more energy density.",{"type":594,"attrs":112944,"content":112945},{"textAlign":49},[112946],{"text":112947,"type":599},"The startup said that besides NCM batteries that use nickel, manganese and cobalt, it is also focusing on lithium iron phosphate battery chemistry. A number of automakers have been switching to using LFP batteries, a chemistry more popular in China, and is more affordable than the NCM mix that is more popular in North America and Europe.",{"type":594,"attrs":112949,"content":112950},{"textAlign":49},[112951],{"text":112952,"type":599},"Godi said half of the 200 MWh of initial production will be dedicated to LFP and the other half to NCM. ",{"type":594,"attrs":112954,"content":112955},{"textAlign":49},[112956],{"text":112957,"type":599},"The startup said it is in talks with the Telangana government as well as the neighbouring states of Karnataka and Tamil Nadu for finalising the gigafactory locations. ",{"type":594,"attrs":112959,"content":112960},{"textAlign":49},[112961],{"text":112962,"type":599},"“We are (going to) finalising those things in a month or two. We still have not made a hard commitment,” Godi said.","India needs to develop its own battery supply chain to help bring down the cost of electric cars, which need to be as low as $6,000 for sales to reach a tipping point, the founder of Godi Energy told Benchmark Source. Current electric vehicle costs in India are too high, Mahesh Godi, who hopes to […]",[112965],{"slug":544,"name":543,"content":112966},{"job_title":557,"image":112967,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b0eaac6d-36a3-4ea4-a6f1-c7f10d857c5a\", \"id\": \"\"}-->",[112970,112971,112972],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":112974,"copyright":547,"fieldtype":553,"meta_data":112975,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/58ffab9bc2/bm-india-ev-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":112977,"uuid":112978,"name":112979,"slug":112980,"full_slug":112981,"content":112982},112471990102950,"ff01f6e0-523a-404e-87ae-fc5a1cf44701","US DOE backs domestic lithium with $700 million Ioneer loan","us-doe-backs-domestic-lithium-with-700-million-ioneer-loan","article/us-doe-backs-domestic-lithium-with-700-million-ioneer-loan",{"_uid":112983,"date":112984,"tags":112985,"editor":112987,"content":112991,"excerpt":113065,"featured":51,"reporter":113066,"_editable":113070,"component":864,"seo_title":112979,"categories":113071,"visibility":882,"author_company":49,"featured_image":113075,"seo_description":113065,"author_full_name":49,"author_job_title":49,"formattedDate":113078},"0efe1488-dcb8-44be-b870-9814f8554e5e","2023-01-13 00:00",[112986],{"slug":1375,"name":1376},[112988],{"slug":544,"name":543,"content":112989},{"job_title":557,"image":112990,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":112992},[112993,112998,113003,113008,113013,113018,113025,113030,113035,113040,113045,113050,113055,113060],{"type":594,"attrs":112994,"content":112995},{"textAlign":49},[112996],{"text":112997,"type":599},"The US Department of Energy has signalled its support of domestic lithium mining with a $700 million loan for processing facilities at Ioneer’s undeveloped Rhyolite Ridge mine in Nevada. ",{"type":594,"attrs":112999,"content":113000},{"textAlign":49},[113001],{"text":113002,"type":599},"The DOE said the loan, its largest so far to the lithium sector, would finance on-site processing of 20,000 tonnes a year of lithium carbonate at the mine site, enough for around 370,000 electric vehicles. ",{"type":594,"attrs":113004,"content":113005},{"textAlign":49},[113006],{"text":113007,"type":599},"The loan marks a significant effort by the US government to stimulate its domestic lithium industry to reduce the country’s reliance on processed lithium from China. Last year the DOE awarded an almost $150 million loan to Albemarle to build a concentrator in North Carolina, and $142 million to Piedmont Lithium for a refinery in Tennessee. ",{"type":594,"attrs":113009,"content":113010},{"textAlign":49},[113011],{"text":113012,"type":599},"The DOE has focused on funding processing facilities rather than actual mines.",{"type":594,"attrs":113014,"content":113015},{"textAlign":49},[113016],{"text":113017,"type":599},"“Rhyolite Ridge is a major step towards bolstering domestic lithium production for clean energy technologies, and LPO (Loan Programs Office) is excited to further develop an environmentally responsible U.S. supply chain for critical materials,” Jigar Shah, director of the Loans Programs Office, said. ",{"type":594,"attrs":113019,"content":113020},{"textAlign":49},[113021],{"type":1186,"attrs":113022},{"id":49,"alt":547,"src":113023,"title":49,"source":49,"copyright":49,"meta_data":113024},"https://a.storyblok.com/f/287943243085208/a77962f4ae/bm-image-21.png",{},{"type":594,"attrs":113026,"content":113027},{"textAlign":49},[113028],{"text":113029,"type":599},"The US hosts around 24% of global lithium resources but is forecast to represent just 3% of global supply requirements in 2030 due to its numerous large clay deposits which are yet to be economically demonstrated at scale. ",{"type":594,"attrs":113031,"content":113032},{"textAlign":49},[113033],{"text":113034,"type":599},"Still, if all these projects were to progress as planned the US could represent up to 12% of global lithium supply in 2030.",{"type":657,"attrs":113036,"content":113037},{"level":15966,"textAlign":49},[113038],{"text":113039,"type":599},"Moving into construction",{"type":594,"attrs":113041,"content":113042},{"textAlign":49},[113043],{"text":113044,"type":599},"Ioneer said the loan, along with the commitment by South African miner Sibanye-Stillwater to contribute $450 million to the project, would cover “a substantial part of the preliminary capital expenditure estimate” for the project.",{"type":594,"attrs":113046,"content":113047},{"textAlign":49},[113048],{"text":113049,"type":599},"The company is set to make a final investment decision on the project in the second half of this year.",{"type":594,"attrs":113051,"content":113052},{"textAlign":49},[113053],{"text":113054,"type":599},"The DOE loan is contingent on the company meeting certain environmental and technical conditions and allows for the LPO to monitor the site.",{"type":594,"attrs":113056,"content":113057},{"textAlign":49},[113058],{"text":113059,"type":599},"James Calaway, chairman of Ioneer, said that the lithium will be processed into high-purity lithium carbonate at site, then final processing into battery-grade lithium will likely be done by the cathode producer. ",{"type":594,"attrs":113061,"content":113062},{"textAlign":49},[113063],{"text":113064,"type":599},"Ioneer has signed binding offtake agreements with Ford, Prime Planet Energy & Solutions (a joint venture between Toyota and Panasonic), and South Korea’s EcoPro. ","The US Department of Energy has signalled its support of domestic lithium mining with a $700 million loan for processing facilities at Ioneer’s undeveloped Rhyolite Ridge mine in Nevada. The DOE said the loan, its largest so far to the lithium sector, would finance on-site processing of 20,000 tonnes a year of lithium carbonate at […]",[113067],{"slug":544,"name":543,"content":113068},{"job_title":557,"image":113069,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0efe1488-dcb8-44be-b870-9814f8554e5e\", \"id\": \"\"}-->",[113072,113073,113074],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":113076,"copyright":547,"fieldtype":553,"meta_data":113077,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7dfba61968/bm-av20220096-003-detail-1.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 13, 2023",{"id":113080,"uuid":113081,"name":113082,"slug":113083,"full_slug":113084,"content":113085},112472013843372,"fc20cb8d-f108-4436-9236-2ec1a2dc0605","Stellantis secures battery-grade manganese chemicals in first-of-its-kind offtake deal","stellantis-secures-battery-grade-manganese-chemicals-in-first-of-its-kind-offtake-deal-1","article/stellantis-secures-battery-grade-manganese-chemicals-in-first-of-its-kind-offtake-deal-1",{"_uid":113086,"date":113087,"tags":113088,"editor":113093,"content":113097,"excerpt":113236,"featured":51,"reporter":113237,"_editable":113241,"component":864,"seo_title":113082,"categories":113242,"visibility":882,"author_company":49,"featured_image":113245,"seo_description":113236,"author_full_name":49,"author_job_title":49,"formattedDate":113248},"ef0ace24-a495-4f39-8643-e3f70417ccb2","2023-01-10 00:00",[113089,113092],{"slug":113090,"name":113091},"element-25","Element 25",{"slug":4833,"name":2969},[113094],{"slug":544,"name":543,"content":113095},{"job_title":557,"image":113096,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":113098},[113099,113104,113109,113122,113127,113132,113151,113170,113175,113182,113187,113192,113197,113202,113214,113219,113231],{"type":594,"attrs":113100,"content":113101},{"textAlign":49},[113102],{"text":113103,"type":599},"Stellantis’s five-year agreement with Element 25 for supply of high-purity manganese sulphate monohydrate, the form of manganese needed to produce battery cathodes, marks the first public move by the western auto industry into the battery mineral. ",{"type":594,"attrs":113105,"content":113106},{"textAlign":49},[113107],{"text":113108,"type":599},"The Australian manganese developer plans to build a production facility in the US, which Stellantis has agreed to support with a total of $30 million in investment and pre-payment commitments. Element 25 will supply the facility with manganese mined at its Butcherbird mine in Western Australia.",{"type":594,"attrs":113110,"content":113111},{"textAlign":49},[113112,113114,113120],{"text":113113,"type":599},"This deal is the first time an automaker has publicly invested in a manganese company and follows ",{"text":113115,"type":599,"marks":113116},"Stellantis’ deal with Samsung SDI",[113117],{"type":604,"attrs":113118},{"href":113119,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/samsung-confirms-us-battery-race-entry-with-2-5-billion-stellantis-joint-venture",{"text":113121,"type":599}," last year to build a lithium ion gigafactory in the US.",{"type":594,"attrs":113123,"content":113124},{"textAlign":49},[113125],{"text":113126,"type":599},"“Given the flurry of purchase agreements inked in recent years for lithium, nickel and cobalt, it was only a matter of time before OEMs looked to secure committed manganese volumes,” Anna Fleming, a consultant at Benchmark, said.",{"type":657,"attrs":113128,"content":113129},{"level":15966,"textAlign":49},[113130],{"text":113131,"type":599},"Inflation Reduction Act heightens demand",{"type":594,"attrs":113133,"content":113134},{"textAlign":49},[113135,113137,113143,113145,113150],{"text":113136,"type":599},"As demand for electric vehicles in",{"text":113138,"type":599,"marks":113139}," North America continues to grow",[113140],{"type":604,"attrs":113141},{"href":113142,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/15-billion-us-gigafactory-push-accelerates-north-american-capacity-growth",{"text":113144,"type":599},", so too will its demand for ",{"text":113146,"type":599,"marks":113147},"high-purity manganese chemicals",[113148],{"type":604,"attrs":113149},{"href":108498,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":113152,"content":113153},{"textAlign":49},[113154,113156,113161,113163,113168],{"text":113155,"type":599},"Due to the ",{"text":46860,"type":599,"marks":113157},[113158],{"type":604,"attrs":113159},{"href":113160,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-inflation-reduction-act-puts-oem-raw-material-supply-deals-in-focus",{"text":113162,"type":599},", passed in the US last year, much of this demand will need to be met using US-friendly supply chains. To obtain the ",{"text":113164,"type":599,"marks":113165},"electric vehicle tax credits",[113166],{"type":604,"attrs":113167},{"href":111502,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":113169,"type":599},", automakers have to source a certain proportion of the critical minerals in their batteries from the US or Free Trade Agreement countries, which is spurring the development of more local supply chains.",{"type":594,"attrs":113171,"content":113172},{"textAlign":49},[113173],{"text":113174,"type":599},"Benchmark forecasts North American battery demand in 2026 will be around 284 gigawatt-hours in 2026. This will require around 25,000 tonnes (Mn contained) of battery-grade manganese, rising to approximately 60,000 tonnes in 2030.",{"type":594,"attrs":113176,"content":113177},{"textAlign":49},[113178],{"type":1186,"attrs":113179},{"id":49,"alt":547,"src":113180,"title":49,"source":49,"copyright":49,"meta_data":113181},"https://a.storyblok.com/f/287943243085208/f8855e43f2/bm-image-5.png",{},{"type":594,"attrs":113183,"content":113184},{"textAlign":49},[113185],{"text":113186,"type":599},"The agreement is for Element 25 to deliver 5,000 tonnes of high-purity manganese sulphate monohydrate (HPMSM), containing around 1,600 tonnes contained manganese, to Stellantis starting in 2026. This increases to 10,000 tonnes for the remaining four years of the agreement.",{"type":594,"attrs":113188,"content":113189},{"textAlign":49},[113190],{"text":113191,"type":599},"The plant will have a capacity of 65,000 tonnes of HPMSM per annum with the potential to expand to 130,000 tonnes.",{"type":594,"attrs":113193,"content":113194},{"textAlign":49},[113195],{"text":113196,"type":599},"Stellantis will invest $15 million in equity in Element 25 and lend a further $15 million as part of a prepayment agreement to be repaid by supplies of HPMSM.",{"type":594,"attrs":113198,"content":113199},{"textAlign":49},[113200],{"text":113201,"type":599},"“We expect this to be the first of several offtake agreements to be announced this year,” Fleming said. “Particularly for US-based car manufacturers, the IRA Clean Vehicle Credit has increased the importance of sourcing high purity manganese from outside of China.”",{"type":594,"attrs":113203,"content":113204},{"textAlign":49},[113205,113207,113213],{"text":113206,"type":599},"Currently, ",{"text":113208,"type":599,"marks":113209},"China accounts for over 95% of global HPMSM production capacity",[113210],{"type":604,"attrs":113211},{"href":113212,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/why-manganese-could-be-the-next-battery-supply-chain-headache",{"text":974,"type":599},{"type":594,"attrs":113215,"content":113216},{"textAlign":49},[113217],{"text":113218,"type":599},"“Given the stronghold China currently has on the production of high purity manganese, locking-in supply from projects in development is the leading option for end-users,” Fleming said.",{"type":594,"attrs":113220,"content":113221},{"textAlign":49},[113222,113224,113229],{"text":113223,"type":599},"Element 25 had planned to build its HPMSM production facility in Malaysia. Its managing director, Chris Brown, ",{"text":113225,"type":599,"marks":113226},"previously told Benchmark",[113227],{"type":604,"attrs":113228},{"href":113212,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":113230,"type":599}," that as the manganese was initially mined in Australia (which has an FTA with the US), processing in Malaysia would not exclude it from the IRA tax credits.",{"type":594,"attrs":113232,"content":113233},{"textAlign":49},[113234],{"text":113235,"type":599},"However, in December last year, the company changed tack and began scoping locations in the US to build the facility. It cited, “demand-pressure for a USA production location to satisfy potential customer’s requirements under the IRA” as a key reason for changing its strategy. Element 25 is still considering Malaysia as the location of a second HPMSM production facility.","Stellantis’s five-year agreement with Element 25 for supply of high-purity manganese sulphate monohydrate, the form of manganese needed to produce battery cathodes, marks the first public move by the western auto industry into the battery mineral. The Australian manganese developer plans to build a production facility in the US, which Stellantis has agreed to support […]",[113238],{"slug":544,"name":543,"content":113239},{"job_title":557,"image":113240,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ef0ace24-a495-4f39-8643-e3f70417ccb2\", \"id\": \"\"}-->",[113243,113244],{"slug":872,"name":873},{"slug":2761,"name":2762},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":113246,"copyright":547,"fieldtype":553,"meta_data":113247,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/933d74c0ac/bm-cl-19030007-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 10, 2023",{"id":113250,"uuid":113251,"name":113252,"slug":113253,"full_slug":113254,"content":113255},112472018561965,"8cdb61ff-37d6-41be-9198-d447765485c2","Manganese demand rising as alternative cathode chemistries gain popularity","manganese-demand-rising-as-alternative-cathode-chemistries-gain-popularity","article/manganese-demand-rising-as-alternative-cathode-chemistries-gain-popularity",{"_uid":113256,"date":113257,"tags":113258,"editor":113261,"content":113265,"excerpt":113408,"featured":51,"reporter":113409,"_editable":113413,"component":864,"seo_title":113252,"categories":113414,"visibility":882,"author_company":49,"featured_image":113419,"seo_description":113408,"author_full_name":49,"author_job_title":49,"formattedDate":113421},"234bf4fa-bf9e-461e-aba5-87a442da48e9","2023-01-06 00:00",[113259,113260],{"slug":578,"name":579},{"slug":10948,"name":8774},[113262],{"slug":544,"name":543,"content":113263},{"job_title":557,"image":113264,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":113266},[113267,113272,113277,113282,113287,113299,113304,113309,113314,113319,113324,113331,113336,113341,113348,113353,113358,113370,113375,113394,113403],{"type":594,"attrs":113268,"content":113269},{"textAlign":49},[113270],{"text":113271,"type":599},"Manganese demand from batteries is set to increase almost five-fold over the next ten years, as forecast by Benchmark.",{"type":594,"attrs":113273,"content":113274},{"textAlign":49},[113275],{"text":113276,"type":599},"Lithium nickel cobalt manganese (NCM) cathode chemistries have dominated the demand for manganese over the past few years, but this is expected to change moving into the next decade.",{"type":594,"attrs":113278,"content":113279},{"textAlign":49},[113280],{"text":113281,"type":599},"Alternative cathode chemistries, such as lithium manganese nickel oxide (LMNO), lithium iron manganese phosphate (LMFP), or nickel manganese-based cathodes (NMX) with similar structures to NCM are increasing in popularity as end-users look to cut cobalt out of their supply chains.",{"type":594,"attrs":113283,"content":113284},{"textAlign":49},[113285],{"text":113286,"type":599},"“The key driver for battery innovation has always been a combination of performance improvement counterbalanced with the reduction of reliance on scarce and costly minerals,” Evan Hartley, an analyst at Benchmark, said. “Many cathode and cell producers are now investing in the development of manganese-rich cathode.”",{"type":594,"attrs":113288,"content":113289},{"textAlign":49},[113290,113292,113297],{"text":113291,"type":599},"To meet the rising demand for manganese for battery applications requires high-purity manganese sulphate or metal. Most of this is produced in China, but there are an ",{"text":113293,"type":599,"marks":113294},"increasing number of projects in development around the world",[113295],{"type":604,"attrs":113296},{"href":113212,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":113298,"type":599},", especially in Europe and North America.",{"type":657,"attrs":113300,"content":113301},{"level":15966,"textAlign":49},[113302],{"text":113303,"type":599},"Changing cathode chemistries",{"type":594,"attrs":113305,"content":113306},{"textAlign":49},[113307],{"text":113308,"type":599},"NCM cathodes are a popular choice for high-end electric vehicles. They have a higher energy density than lithium iron phosphate (LFP) cathodes, enabling the longer ranges demanded by their end users.",{"type":594,"attrs":113310,"content":113311},{"textAlign":49},[113312],{"text":113313,"type":599},"“NCM is mostly driving the [manganese] market at the moment,” Anna Fleming, a consultant at Benchmark said.",{"type":594,"attrs":113315,"content":113316},{"textAlign":49},[113317],{"text":113318,"type":599},"In 2022, NCM cathodes accounted for a third of cathode demand, but 90% of manganese demand. The bulk of NCM cathodes were NCM523 and NCM622, where the numbers correspond to the approximate proportions of the constituent minerals in the cathode.",{"type":594,"attrs":113320,"content":113321},{"textAlign":49},[113322],{"text":113323,"type":599},"In 2032, the proportion of cathode demand assigned to NCM cathodes is forecast by Benchmark to be relatively unchanged at 35%. However, the vast majority of it will be for the high-nickel NCM811 form, which has a third less manganese than NCM523.",{"type":594,"attrs":113325,"content":113326},{"textAlign":49},[113327],{"type":1186,"attrs":113328},{"id":49,"alt":547,"src":113329,"title":49,"source":49,"copyright":49,"meta_data":113330},"https://a.storyblok.com/f/287943243085208/9e5a802d42/bm-ncm811-on-the-rise.png",{},{"type":594,"attrs":113332,"content":113333},{"textAlign":49},[113334],{"text":113335,"type":599},"This leads to NCM cathodes dropping to 60% of manganese demand that year.",{"type":594,"attrs":113337,"content":113338},{"textAlign":49},[113339],{"text":113340,"type":599},"Despite accounting for only 3% of 2032 overall cathode demand, LMNO will make up most of the remaining demand for manganese in 2032. This cathode material has up to ten times the manganese content of NCM811, but is still yet to be proven at a large scale.",{"type":594,"attrs":113342,"content":113343},{"textAlign":49},[113344],{"type":1186,"attrs":113345},{"id":49,"alt":547,"src":113346,"title":49,"source":49,"copyright":49,"meta_data":113347},"https://a.storyblok.com/f/287943243085208/5284c2de88/bm-manganese-demand-on-the-rise.png",{},{"type":657,"attrs":113349,"content":113350},{"level":15966,"textAlign":49},[113351],{"text":113352,"type":599},"New developments",{"type":594,"attrs":113354,"content":113355},{"textAlign":49},[113356],{"text":113357,"type":599},"Beyond NCM and LMNO, new cathode developments are also focusing on manganese.",{"type":594,"attrs":113359,"content":113360},{"textAlign":49},[113361,113363,113368],{"text":113362,"type":599},"Chinese cathode majors Dynanonic and Ronbay are both producing, or ",{"text":113364,"type":599,"marks":113365},"building capacity to produce, LMFP",[113366],{"type":604,"attrs":113367},{"href":83368,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":113369,"type":599},"–a new form of LFP with manganese added to improve its capacity. In September 2022, Dynanonic said it believed LMFP would replace LFP in automotive applications.",{"type":594,"attrs":113371,"content":113372},{"textAlign":49},[113373],{"text":113374,"type":599},"CATL, the world’s largest battery maker and Tesla supplier, announced a new battery chemistry called M3P in July 2022. This material is based on LFP with added manganese alongside other metals.",{"type":594,"attrs":113376,"content":113377},{"textAlign":49},[113378,113380,113385,113387,113393],{"text":113379,"type":599},"Beyond LFP-based materials, BASF, a ",{"text":113381,"type":599,"marks":113382},"German chemicals and cathode producer",[113383],{"type":604,"attrs":113384},{"href":100897,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":113386,"type":599},", is licensed to produce a manganese-rich, cobalt-free form of NCM developed by the ",{"text":113388,"type":599,"marks":113389},"US’s Argonne National Laboratory",[113390],{"type":604,"attrs":113391},{"href":113392,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/basf-umicore-patent-agreement-shows-importance-of-ip-in-cathode-industry",{"text":974,"type":599},{"type":594,"attrs":113395,"content":113396},{"textAlign":49},[113397,113401],{"text":91159,"type":599,"marks":113398},[113399],{"type":604,"attrs":113400},{"href":59353,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":113402,"type":599},", a Chinese battery maker, has also pursued high-manganese battery cathodes for the last few years. In 2021, the company partnered with BASF for cathode material development.",{"type":594,"attrs":113404,"content":113405},{"textAlign":49},[113406],{"text":113407,"type":599},"“The increasing number of LMFP cathode production lines in China, and the global push towards research for manganese-rich, cobalt-free NCM cells, are indicators of manganese’s rising importance in the supply chain,” Hartley said.","Manganese demand from batteries is set to increase almost five-fold over the next ten years, as forecast by Benchmark. Lithium nickel cobalt manganese (NCM) cathode chemistries have dominated the demand for manganese over the past few years, but this is expected to change moving into the next decade. Alternative cathode chemistries, such as lithium manganese […]",[113410],{"slug":544,"name":543,"content":113411},{"job_title":557,"image":113412,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"234bf4fa-bf9e-461e-aba5-87a442da48e9\", \"id\": \"\"}-->",[113415,113416,113417,113418],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":2761,"name":2762},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":97685,"copyright":547,"fieldtype":553,"meta_data":113420,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jan 06, 2023",{"id":113423,"uuid":113424,"name":113425,"slug":113426,"full_slug":113427,"content":113428},112472033557424,"80e01b1f-2522-4f7c-98f4-bc2e475fc593","Investment in battery gigafactories nears $300 billion since 2019 as China extends battery dominance","investment-in-battery-gigafactories-nears-300-billion-since-2019-as-china-extends-battery-dominance","article/investment-in-battery-gigafactories-nears-300-billion-since-2019-as-china-extends-battery-dominance",{"_uid":113429,"date":113430,"tags":113431,"editor":113432,"content":113436,"excerpt":113581,"featured":51,"reporter":113582,"_editable":113586,"component":864,"seo_title":113425,"categories":113587,"visibility":2091,"author_company":49,"featured_image":113591,"seo_description":113581,"author_full_name":49,"author_job_title":49,"formattedDate":113593},"54e37121-33e3-4181-b5e5-1a1bcb5c9d3f","2023-01-04 00:00",[],[113433],{"slug":544,"name":543,"content":113434},{"job_title":557,"image":113435,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":113437},[113438,113451,113456,113469,113474,113479,113484,113489,113494,113499,113504,113509,113516,113521,113526,113531,113536,113541,113546,113551,113556,113561,113566,113571,113576],{"type":594,"attrs":113439,"content":113440},{"textAlign":49},[113441,113443,113449],{"text":113442,"type":599},"Almost $300 billion of investment in new ",{"text":113444,"type":599,"marks":113445},"lithium ion battery gigafactories",[113446],{"type":604,"attrs":113447},{"href":113448,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/gigafactories/",{"text":113450,"type":599}," has been announced over the last four years, driven by the rapid rise of the industry in China, which is home to the world’s largest producer. ",{"type":594,"attrs":113452,"content":113453},{"textAlign":49},[113454],{"text":113455,"type":599},"A total of $131 billion of investment was committed last year, according to Benchmark’s Gigafactory Assessment, a 24% increase on the year before. China accounted for 74% of the total investment. ",{"type":594,"attrs":113457,"content":113458},{"textAlign":49},[113459,113461,113467],{"text":113460,"type":599},"The global production of lithium ion batteries is set to increase five-fold by the end of the decade as a result of these ",{"text":113462,"type":599,"marks":113463},"investments",[113464],{"type":604,"attrs":113465},{"href":113466,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/200-billion-needed-to-meet-battery-cell-demand-by-2030",{"text":113468,"type":599},", according to Benchmark. Last year the world added 102 gigafactories to the ten year pipeline with 3.1 terawatt-hours of potential new capacity.",{"type":594,"attrs":113470,"content":113471},{"textAlign":49},[113472],{"text":113473,"type":599},"China is set to remain the largest producer by the end of the decade due to the scale of its investment in new capacity. Benchmark forecasts China will produce 69% of the world’s lithium ion batteries in 2030. ",{"type":594,"attrs":113475,"content":113476},{"textAlign":49},[113477],{"text":113478,"type":599},"The world’s largest battery producer, CATL, announced $12.6 billion of investments in new battery capacity last year, according to Benchmark. It is on track to have battery production capacity of 1042.6 GWh a year by 2031.  ",{"type":594,"attrs":113480,"content":113481},{"textAlign":49},[113482],{"text":113483,"type":599},"The company raised $6.7 billion in a private placement of shares in June. Its rival CALB raised about $1.3 billion by listing on the Hong Kong stock exchange in October. ",{"type":594,"attrs":113485,"content":113486},{"textAlign":49},[113487],{"text":113488,"type":599},"“China still dominates the majority of the new investments,” Evan Hartley, an analyst at Benchmark, said. “Many of China’s top Tier One and Tier Two players raised significant financing during the year.” ",{"type":657,"attrs":113490,"content":113491},{"level":15966,"textAlign":49},[113492],{"text":113493,"type":599},"US gets serious",{"type":594,"attrs":113495,"content":113496},{"textAlign":49},[113497],{"text":113498,"type":599},"Battery investment accelerated in the US last year, however, due to the passage of the Inflation Reduction Act in August, with $20.8 billion committed during the year. ",{"type":594,"attrs":113500,"content":113501},{"textAlign":49},[113502],{"text":113503,"type":599},"As a result, North America is catching up in terms of the rate of new investments. China’s pipeline capacity grew by 65% year-over-year in 2022 to 5462 GWh, while North America’s increased by 49.0% to 1046.6 GWh. ",{"type":594,"attrs":113505,"content":113506},{"textAlign":49},[113507],{"text":113508,"type":599},"Europe, meanwhile, increased its pipeline capacity 39.5% from 855.2 to 1,193.2 GWh.",{"type":594,"attrs":113510,"content":113511},{"textAlign":49},[113512],{"type":1186,"attrs":113513},{"id":49,"alt":547,"src":113514,"title":49,"source":49,"copyright":49,"meta_data":113515},"https://a.storyblok.com/f/287943243085208/86168b465c/bm-gigafactory-investments.png",{},{"type":657,"attrs":113517,"content":113518},{"level":15966,"textAlign":49},[113519],{"text":113520,"type":599},"Cost inflation ",{"type":594,"attrs":113522,"content":113523},{"textAlign":49},[113524],{"text":113525,"type":599},"Still, the US will need to spend more for the same amount of additional battery capacity as China, especially in an environment of higher inflation and interest rates. ",{"type":594,"attrs":113527,"content":113528},{"textAlign":49},[113529],{"text":113530,"type":599},"North American gigafactories are, on average, 46% more expensive to build per gigawatt-hour than Chinese gigafactories, at an average cost of over $100 million for a GWh. ",{"type":594,"attrs":113532,"content":113533},{"textAlign":49},[113534],{"text":113535,"type":599},"LG Energy Solution’s planned $1.3 billion plant in Arizona, for example, would cost around $127 million for a GWh of production. LG said in the summer it was reviewing the plant due to rising construction costs.  ",{"type":594,"attrs":113537,"content":113538},{"textAlign":49},[113539],{"text":113540,"type":599},"China’s average is around $72 million for a GWh of new battery production capacity, although some plants are below $55 million per GWh.",{"type":594,"attrs":113542,"content":113543},{"textAlign":49},[113544],{"text":113545,"type":599},"The cost of expanding existing capacity, however, is considerably cheaper, especially on existing automotive production sites. Ultium Cells, the battery cell manufacturing JV of LG Energy Solution and General Motors, said it would invest only $275 million to expand the capacity of its Spring Hill plant from 35 GWh to 50 GWh. ",{"type":594,"attrs":113547,"content":113548},{"textAlign":49},[113549],{"text":113550,"type":599},"The US government is also helping to finance construction of battery factories. Last month the Department of Energy announced it would provide a $2.5 billion loan to Ultium cells, GM’s joint venture with LG Energy Solution, for the construction of three battery factories. ",{"type":594,"attrs":113552,"content":113553},{"textAlign":49},[113554],{"text":113555,"type":599},"BlueOval SK, a joint venture between SK On and Ford, has also applied for a government loan. ",{"type":657,"attrs":113557,"content":113558},{"level":15966,"textAlign":49},[113559],{"text":113560,"type":599},"Tier One battery supply ",{"type":594,"attrs":113562,"content":113563},{"textAlign":49},[113564],{"text":113565,"type":599},"Tier One battery suppliers currently dominate global investment in battery capacity, highlighting their ability to raise the necessary financing.",{"type":594,"attrs":113567,"content":113568},{"textAlign":49},[113569],{"text":113570,"type":599},"Benchmark includes CATL, Envision AESC, LG Energy Solution, Panasonic, Samsung SDI, SK On, BYD, Northvolt, Sunwoda as Tier One suppliers. ",{"type":594,"attrs":113572,"content":113573},{"textAlign":49},[113574],{"text":113575,"type":599},"In the fourth quarter of 2022 a number of Tier 1 producers announced significant investments in China. Sunwoda said it would invest RMB 33.3 billion RMB ($4.7 billion) in two cell facilities in Hefei and Zhejiang, while CATL said it would invest RMB 14bn ($1.9bn) in a facility in Henan, with an expected nameplate capacity of 26 GWh. ",{"type":594,"attrs":113577,"content":113578},{"textAlign":49},[113579],{"text":113580,"type":599},"Despite the scale of investment by Tier 1 suppliers, however, the demand for Tier 1 cells will outstrip supply over the next few years, with a growing deficit of cells expected from 2028, as EV and energy storage demand is expected to continue to rise as countries progress towards net zero targets.","Almost $300 billion of investment in new lithium ion battery gigafactories has been announced over the last four years, driven by the rapid rise of the industry in China, which is home to the world’s largest producer. A total of $131 billion of investment was committed last year, according to Benchmark’s Gigafactory Assessment, a 24% […]",[113583],{"slug":544,"name":543,"content":113584},{"job_title":557,"image":113585,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"54e37121-33e3-4181-b5e5-1a1bcb5c9d3f\", \"id\": \"\"}-->",[113588,113589,113590],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":112146,"copyright":547,"fieldtype":553,"meta_data":113592,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jan 04, 2023",{"id":113595,"uuid":113596,"name":113597,"slug":113598,"full_slug":113599,"content":113600},112472043314099,"7e6dddf1-66bf-4710-9733-4fe171084990","Battery gigafactory plans accelerate in 2022 as planned capacity tops 8 TWh","battery-gigafactory-plans-accelerate-in-2022-as-planned-capacity-tops-8-twh","article/battery-gigafactory-plans-accelerate-in-2022-as-planned-capacity-tops-8-twh",{"_uid":113601,"date":113602,"tags":113603,"editor":113604,"content":113608,"excerpt":113720,"featured":51,"reporter":113721,"_editable":113725,"component":864,"seo_title":113597,"categories":113726,"visibility":882,"author_company":49,"featured_image":113729,"seo_description":113720,"author_full_name":49,"author_job_title":49,"formattedDate":113732},"24d7e458-e188-42cd-95f9-aa42f9cb1d71","2022-12-28 00:00",[],[113605],{"slug":544,"name":543,"content":113606},{"job_title":557,"image":113607,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":113609},[113610,113623,113628,113633,113638,113643,113648,113655,113660,113665,113670,113675,113680,113685,113690,113695,113700,113705,113710,113715],{"type":594,"attrs":113611,"content":113612},{"textAlign":49},[113613,113615,113621],{"text":113614,"type":599},"Investment in ",{"text":113616,"type":599,"marks":113617},"battery gigafactories",[113618],{"type":604,"attrs":113619},{"href":113620,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/nine-companies-control-half-of-gigafactory-capacity-as-pipeline-exceeds-7-twh",{"text":113622,"type":599}," accelerated in 2022, with the amount of global lithium ion production capacity due to come online by 2031 rising by 60% to over eight terawatt-hours, as the US caught up to Europe in terms of plants under construction.",{"type":594,"attrs":113624,"content":113625},{"textAlign":49},[113626],{"text":113627,"type":599},"Lithium ion battery production in the pipeline increased by 3,016 gigawatt-hours this year from a year earlier to 8,024 GWh, according to Benchmark’s Gigafactory Assessment, with a total of 363 battery plants in operation or under construction. ",{"type":594,"attrs":113629,"content":113630},{"textAlign":49},[113631],{"text":113632,"type":599},"China continues to be the largest producer of lithium ion batteries by a large margin, with planned capacity rising by over 65% in 2022 compared to a year earlier to over five TWh. The country accounted for around 60% of global electric vehicle sales this year.  ",{"type":594,"attrs":113634,"content":113635},{"textAlign":49},[113636],{"text":113637,"type":599},"But North America caught up in terms of the pace of new investments. Total pipeline capacity in the region increased by 49% in 2022 from a year earlier to 1,047 GWh, according to Benchmark. ",{"type":594,"attrs":113639,"content":113640},{"textAlign":49},[113641],{"text":113642,"type":599},"That took planned capacity in the region closer to Europe, where pipeline capacity rose by 40% to 1,193 GWh in 2022. ",{"type":594,"attrs":113644,"content":113645},{"textAlign":49},[113646],{"text":113647,"type":599},"“One of the key reasons for global capacity growth in 2022 has been the growth of ex-China plants,” Evan Hartley, an analyst at Benchmark, said. “Driven both by Chinese players looking to expand their global presence, and western markets seeking to establish local supply chains.” ",{"type":594,"attrs":113649,"content":113650},{"textAlign":49},[113651],{"type":1186,"attrs":113652},{"id":49,"alt":547,"src":113653,"title":49,"source":49,"copyright":49,"meta_data":113654},"https://a.storyblok.com/f/287943243085208/0d719b0331/bm-gigafactory-battery-capacity-pipeline-speeds-to-8-twh-from-1-twh-in-four-years.png",{},{"type":657,"attrs":113656,"content":113657},{"level":15966,"textAlign":49},[113658],{"text":113659,"type":599},"The US battery belt ",{"type":594,"attrs":113661,"content":113662},{"textAlign":49},[113663],{"text":113664,"type":599},"South Korean battery producers inked multiple deals to build production capacity in the US following the passing of the Inflation Reduction Act in August. ",{"type":594,"attrs":113666,"content":113667},{"textAlign":49},[113668],{"text":113669,"type":599},"The legislation offers tax credits of up to $45 a kWh for the production of battery cells and modules in the US. ",{"type":594,"attrs":113671,"content":113672},{"textAlign":49},[113673],{"text":113674,"type":599},"LG Energy Solution cemented its position as the leading cell producer in North America during the year, confirming its intention to increase target capacity to 50 GWh at its joint venture plant with General Motors in Spring Hill, Tennessee.",{"type":594,"attrs":113676,"content":113677},{"textAlign":49},[113678],{"text":113679,"type":599},"LGES is set to have 295 GWh of battery production capacity in North America by 2031, out of a total of 620 GWh globally. ",{"type":594,"attrs":113681,"content":113682},{"textAlign":49},[113683],{"text":113684,"type":599},"Last month fellow South Korean producer SK Innovation signed an agreement with Hyundai to invest $4 billion in battery production in Georgia, with a targeted capacity of 40 GWh. The company is set to have 200 GWh of battery capacity in North America by 2031, according to Benchmark. ",{"type":594,"attrs":113686,"content":113687},{"textAlign":49},[113688],{"text":113689,"type":599},"New entrants also announced plans for US capacity during the year. In early December, US battery startup American Battery Factory said it would invest $1.2 billion to build a lithium iron phosphate plant in Tuscon, Arizona. ",{"type":657,"attrs":113691,"content":113692},{"level":15966,"textAlign":49},[113693],{"text":113694,"type":599},"Chinese go global ",{"type":594,"attrs":113696,"content":113697},{"textAlign":49},[113698],{"text":113699,"type":599},"Chinese battery producers continued to invest in new capacity at home during 2022, led by the largest producers CATL and BYD. ",{"type":594,"attrs":113701,"content":113702},{"textAlign":49},[113703],{"text":113704,"type":599},"Yet smaller competitors Sunwoda and SVOLT also plan to add 257 GWh and 283 GWh of battery capacity respectively by 2035, which would move them both into the top five manufacturers by capacity in China.",{"type":594,"attrs":113706,"content":113707},{"textAlign":49},[113708],{"text":113709,"type":599},"Chinese battery companies are also increasingly invested in overseas markets. ",{"type":594,"attrs":113711,"content":113712},{"textAlign":49},[113713],{"text":113714,"type":599},"Producer EVE Energy said it would invest RMB 2.9 billion ($416 million) to build a nickel cobalt manganese (NCM) plant in Malaysia, while Gotion said it had entered a joint venture with Vietnam’s VinFast to build five GWh of lithium iron phosphate capacity in Vietnam.",{"type":594,"attrs":113716,"content":113717},{"textAlign":49},[113718],{"text":113719,"type":599},"In Europe, CATL started production at its plant in Germany in December, its first plant outside of China. CATL plans to expand the plant to a capacity of 14 GWh a year. ","Investment in battery gigafactories accelerated in 2022, with the amount of global lithium ion production capacity due to come online by 2031 rising by 60% to over eight terawatt-hours, as the US caught up to Europe in terms of plants under construction. Lithium ion battery production in the pipeline increased by 3,016 gigawatt-hours this year […]",[113722],{"slug":544,"name":543,"content":113723},{"job_title":557,"image":113724,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"24d7e458-e188-42cd-95f9-aa42f9cb1d71\", \"id\": \"\"}-->",[113727,113728],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":113730,"copyright":547,"fieldtype":553,"meta_data":113731,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/19ea41dd9e/bm-ultium-cells-lansing-rendering-129376623b79.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 28, 2022",{"id":113734,"uuid":113735,"name":113736,"slug":113737,"full_slug":113738,"content":113739},112472052915127,"f20e5630-b568-4308-9754-d44a4fb23963","Hungary set to be Europe’s leading tier 1 battery producer this decade","hungary-set-to-be-europes-leading-tier-1-battery-producer-this-decade","article/hungary-set-to-be-europes-leading-tier-1-battery-producer-this-decade",{"_uid":113740,"date":113741,"tags":113742,"editor":113744,"content":113748,"excerpt":113841,"featured":51,"reporter":113842,"component":864,"seo_title":113736,"categories":113846,"visibility":2091,"author_company":49,"featured_image":113850,"seo_description":113841,"author_full_name":49,"author_job_title":49,"formattedDate":113853},"e9d2f926-8eaf-49da-a3ee-e2d8c318f7f8","2022-12-22 00:00",[113743],{"slug":2790,"name":2791},[113745],{"slug":544,"name":543,"content":113746},{"job_title":557,"image":113747,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":113749},[113750,113755,113760,113771,113776,113787,113798,113805,113810,113815,113820,113831,113836],{"type":594,"attrs":113751,"content":113752},{"textAlign":49},[113753],{"text":113754,"type":599},"Hungary is set to emerge as the leading tier 1 battery producer in Europe this decade as the world’s top battery makers invest $13 billion to set up gigafactories, drawn by the nation’s more affordable costs and to be closer home to key customers.",{"type":594,"attrs":113756,"content":113757},{"textAlign":49},[113758],{"text":113759,"type":599},"Tier 1 battery producers, including CATL and SK Innovation (SKI), are ramping up battery expansion plans in the country to meet demand from Europe’s automakers.",{"type":594,"attrs":113761,"content":113762},{"textAlign":49},[113763,113765,113769],{"text":113764,"type":599},"The country’s battery capacity pipeline is set to grow sevenfold to reach 207 gigawatt hours (GWh) by the end of 2031, from 27.5 GWh in 2021, according to Benchmark ",{"text":47750,"type":599,"marks":113766},[113767],{"type":604,"attrs":113768},{"href":11600,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":113770,"type":599}," Assessment. Over 175 GWh, or 86%, of this capacity is set to come from tier 1 battery producers, more than any other country in Europe. ",{"type":594,"attrs":113772,"content":113773},{"textAlign":49},[113774],{"text":113775,"type":599},"“Hungary offers a source of cheaper labour and land cost when compared with Western Europe. Moreover, the country is well positioned to serve both automaker and EV consumer bases, said Evan Hartley, an analyst with Benchmark. ",{"type":594,"attrs":113777,"content":113778},{"textAlign":49},[113779,113781,113785],{"text":113780,"type":599},"Tier 1 Chinese producer CATL, the world’s largest battery maker, is alone spending $7.5 billion to build a 100 GWh battery plant in the country to supply its European customers including Mercedes-Benz and BMW. Benchmark assesses tier 1 producers as battery makers that are qualified to supply more than one multinational ",{"text":65531,"type":599,"marks":113782},[113783],{"type":604,"attrs":113784},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":113786,"type":599}," producer outside of China and have more than 10 GWh of annual production capacity. ",{"type":594,"attrs":113788,"content":113789},{"textAlign":49},[113790,113792,113796],{"text":113791,"type":599},"Hartley said he believes Eastern European cell capacity is likely to get a further boost as cost is one of the key reasons for many Asian suppliers when deciding where to base operations. Despite aggressive investment plans in Germany, there is still focus on Hungary and Eastern Europe with upstream ",{"text":4805,"type":599,"marks":113793},[113794],{"type":604,"attrs":113795},{"href":16216,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":113797,"type":599}," producers, and downstream EV automakers investing in the country.",{"type":594,"attrs":113799,"content":113800},{"textAlign":49},[113801],{"type":1186,"attrs":113802},{"id":49,"alt":547,"src":113803,"title":49,"source":49,"copyright":49,"meta_data":113804},"https://a.storyblok.com/f/287943243085208/93752b1fb1/bm-hungary-tier-1-new.png",{},{"type":594,"attrs":113806,"content":113807},{"textAlign":49},[113808],{"text":113809,"type":599},"In addition to CATL, South Korea’s SK Innovation is spending $3 billion to build a 30 GWh battery plant and Samsung SDI is spending nearly a billion dollars to expand battery production to 30 GWh by 2026 at Göd, Hungary, near Budapest. ",{"type":594,"attrs":113811,"content":113812},{"textAlign":49},[113813],{"text":113814,"type":599},"“The Hungarian government has also historically provided subsidies to cell producers, with SKI receiving around EUR 209 million for its 30 GWh plant in Iváncsa, Fejér,” Hartley said.",{"type":594,"attrs":113816,"content":113817},{"textAlign":49},[113818],{"text":113819,"type":599},"Further upstream, South Korean cathode maker EcoPro BM last year revealed plans to invest $810 million to set up a factory in Debrecen, Hungary, which Benchmark assesses would account for a quarter of Europe’s production capacity in 2026. The plant is expected to begin production in the second half of 2024.",{"type":594,"attrs":113821,"content":113822},{"textAlign":49},[113823,113825,113829],{"text":113824,"type":599},"A Tier 1 supplier establishing cathode and precursor facilities within Hungary will boost cell companies’ ability to produce batteries of the right quality for the European EV market, besides improving the integrity of the ",{"text":28276,"type":599,"marks":113826},[113827],{"type":604,"attrs":113828},{"href":16131,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":113830,"type":599},", according to Hartley. ",{"type":594,"attrs":113832,"content":113833},{"textAlign":49},[113834],{"text":113835,"type":599},"Among automakers, BMW in November said it is doubling investment and will spend over $2 billion to build a battery pack assembly plant in Hungary. Mercedes had in August said CATL’s Debrecen plant in Hungary would supply it the largest initial order volume of battery cells for its European production sites in Germany and Hungary. ",{"type":594,"attrs":113837,"content":113838},{"textAlign":49},[113839],{"text":113840,"type":599},"“As all the capacity being established in Hungary is being done by Tier 1 and 2 manufacturers, the produced cells will be suitable for use by most European automakers. Even as automakers such as Stellantis, VW, and Renault among others look to bring their own cell capacity online, it is likely that they will continue to supplement their cell supply with material produced across Europe’s cell market,” Hartley said.","Hungary is set to emerge as the leading tier 1 battery producer in Europe this decade as the world’s top battery makers invest $13 billion to set up gigafactories, drawn by the nation’s more affordable costs and to be closer home to key customers. Tier 1 battery producers, including CATL and SK Innovation (SKI), are […]",[113843],{"slug":544,"name":543,"content":113844},{"job_title":557,"image":113845,"bio":548,"linkedin":555},{"filename":552},[113847,113848,113849],{"slug":2499,"name":2500},{"slug":880,"name":881},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":113851,"copyright":547,"fieldtype":553,"meta_data":113852,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0548bfed5f/bm-hungary-budapest-bridge-scaled-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 22, 2022",{"id":113855,"uuid":113856,"name":113857,"slug":113858,"full_slug":113859,"content":113860},112472062602171,"57673e07-ebb8-4cf6-850d-feaba363b9de","Cobalt prices down despite bullish start to the year – 2022 in review ","cobalt-prices-down-despite-bullish-start-to-the-year-2022-in-review","article/cobalt-prices-down-despite-bullish-start-to-the-year-2022-in-review",{"_uid":113861,"date":113862,"tags":113863,"editor":113865,"content":113869,"excerpt":113990,"featured":51,"reporter":113991,"_editable":113995,"component":864,"seo_title":113857,"categories":113996,"visibility":882,"author_company":49,"featured_image":113999,"seo_description":113990,"author_full_name":49,"author_job_title":49,"formattedDate":114001},"6a38fa90-797d-4712-83c3-ad5119fd7e11","2022-12-21 00:00",[113864],{"slug":581,"name":582},[113866],{"slug":544,"name":543,"content":113867},{"job_title":557,"image":113868,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":113870},[113871,113876,113881,113886,113891,113896,113901,113906,113911,113918,113923,113928,113933,113938,113943,113948,113953,113958,113963,113968,113973,113978,113983],{"type":594,"attrs":113872,"content":113873},{"textAlign":49},[113874],{"text":113875,"type":599},"Despite a bullish start to the year cobalt prices fell in 2022 as negative sentiment and increased supply weighed on the market.",{"type":594,"attrs":113877,"content":113878},{"textAlign":49},[113879],{"text":113880,"type":599},"Prices across all cobalt grades assessed by Benchmark reached four-year highs in the first quarter on a robust demand-side outlook from the lithium ion battery sector and rebounding demand from industrial end use sectors. In conjunction with strong demand side fundamentals, limited raw material supply was a further contributing factor in driving prices to their highest level since the 2018 price rally.",{"type":594,"attrs":113882,"content":113883},{"textAlign":49},[113884],{"text":113885,"type":599},"Restricted supply stemmed from logistical constraints between the Democratic Republic of the Congo (DRC) and China, where limited trucking capacity, delayed sea freight, and high pricing for transportation resulted in delays of up to three months for cobalt hydroxide to reach refiners in China. Moreover, strengthening demand from the superalloy sector further helped push cobalt metal prices upwards. ",{"type":594,"attrs":113887,"content":113888},{"textAlign":49},[113889],{"text":113890,"type":599},"The bull run was not to last however, as Chinese Covid-19 lockdowns loomed large heading into April. The second quarter saw a shift in market sentiment, with metal prices topping out as they approached the $40/lb mark. ",{"type":594,"attrs":113892,"content":113893},{"textAlign":49},[113894],{"text":113895,"type":599},"As Chinese precursor and cathode production was slashed amid factory closures, demand for cobalt sulphate from the lithium ion battery sector quickly diminished as consumers worked through existing inventories at limited pace, pushing prices to retreat for the first time in 2022.",{"type":594,"attrs":113897,"content":113898},{"textAlign":49},[113899],{"text":113900,"type":599},"While cobalt sulphate prices were falling on poor battery demand within China, hydroxide and metal prices continued to rally in April, as severe flooding in the KwaZulu Natal Province, South Africa put the port of Durban out of action for a month. ",{"type":657,"attrs":113902,"content":113903},{"level":15966,"textAlign":49},[113904],{"text":113905,"type":599},"Consistent price falls",{"type":594,"attrs":113907,"content":113908},{"textAlign":49},[113909],{"text":113910,"type":599},"Although lockdowns in China were lifted in early-June and mid-stream production resumed, spot demand for cobalt remained tepid, with prices falling consistently month-on-month between April and August, across all grades assessed by Benchmark.",{"type":594,"attrs":113912,"content":113913},{"textAlign":49},[113914],{"type":1186,"attrs":113915},{"id":49,"alt":547,"src":113916,"title":49,"source":49,"copyright":49,"meta_data":113917},"https://a.storyblok.com/f/287943243085208/066c1d7227/bm-image-12937418354e.png",{},{"type":594,"attrs":113919,"content":113920},{"textAlign":49},[113921],{"text":113922,"type":599},"There were three main contributing factors to these price falls.",{"type":594,"attrs":113924,"content":113925},{"textAlign":49},[113926],{"text":113927,"type":599},"Firstly, throughout the first half of 2022 sizable inventories were built up while ongoing lockdowns stunted utilisation rates downstream. Consumers opted to work through existing inventories, rather than purchasing additional material while prices were still falling.",{"type":594,"attrs":113929,"content":113930},{"textAlign":49},[113931],{"text":113932,"type":599},"Secondly, alternative sources of raw material further limited demand for hydroxide, with significant volumes of cobalt contained in MHP (mixed hydroxide precipitate) entering the market from burgeoning Indonesian HPAL projects, alongside a rising supply of cobalt via recycling of black mass. ",{"type":594,"attrs":113934,"content":113935},{"textAlign":49},[113936],{"text":113937,"type":599},"MHP is emerging as a more desirable intermediate than hydroxide for battery production, given it contains cobalt and nickel at a ratio similar to the nickel-cobalt ratio in battery cathodes. This reduces separation costs, while Indonesia’s proximity to China also reduces shipping costs.",{"type":594,"attrs":113939,"content":113940},{"textAlign":49},[113941],{"text":113942,"type":599},"Finally, demand for cobalt from the consumer electronics industry fell by approximately 10% in 2022. Demand had returned to pre-Covid-19 levels and was further limited by macroeconomic headwinds and increasing electronics life cycles. The limited demand created downward pressure prices as, historically, this market has been the largest demand sector for cobalt.  ",{"type":657,"attrs":113944,"content":113945},{"level":15966,"textAlign":49},[113946],{"text":113947,"type":599},"Brief positivity ",{"type":594,"attrs":113949,"content":113950},{"textAlign":49},[113951],{"text":113952,"type":599},"In the third quarter of 2022, the cobalt market briefly saw some positive sentiment, as robust demand from aerospace and military sectors was compounded by perceived alloy grade tightness in the US due to industrial strikes at Glencore’s Nikkelverk refinery.",{"type":594,"attrs":113954,"content":113955},{"textAlign":49},[113956],{"text":113957,"type":599},"In general, limited cobalt metal is available in the US, due to the 25% tax on Chinese material and the trade ban with Cuba preventing Sherritt’s material entering the country. As such, when production at Nikkelverk was halted, fears over market tightness arose and metal prices soon increased. ",{"type":594,"attrs":113959,"content":113960},{"textAlign":49},[113961],{"text":113962,"type":599},"However, once the strikes ended and market tightness subsided, prices resumed their downward trajectory given the limited demand from the EV and consumer electronics industries.",{"type":594,"attrs":113964,"content":113965},{"textAlign":49},[113966],{"text":113967,"type":599},"Spot demand from the EV industry has remained limited, partially driven by cobalt-free and high-nickel, low-cobalt cathodes accounting for a greater share of the market, as cell manufacturers and automakers aim to circumvent the high costs and ESG risks associated with cobalt. ",{"type":594,"attrs":113969,"content":113970},{"textAlign":49},[113971],{"text":113972,"type":599},"Consequently, heading into the final quarter, prices continued to retreat on limited spot demand and negative sentiment. In November, cobalt metal and sulphate prices reached their lowest point to date in 2022, falling 42.4% and 51.0% respectively from highs in April and March. ",{"type":594,"attrs":113974,"content":113975},{"textAlign":49},[113976],{"text":113977,"type":599},"With few signs of improvement on the demand side and increasing raw material supply from the DRC and Indonesia, the market surplus is anticipated to grow. Although the metal market is anticipated to remain relatively tight given limited planned growth in metal refining, hydroxide and MHP supply is projected to be plentiful. ",{"type":594,"attrs":113979,"content":113980},{"textAlign":49},[113981],{"text":113982,"type":599},"Consequently, further downwards price movement in expected heading into the new year.",{"type":594,"attrs":113984,"content":113985},{"textAlign":49},[113986],{"text":113987,"type":599,"marks":113988},"Cameron Hughes is an analyst at Benchmark.",[113989],{"type":643},"Despite a bullish start to the year cobalt prices fell in 2022 as negative sentiment and increased supply weighed on the market. Prices across all cobalt grades assessed by Benchmark reached four-year highs in the first quarter on a robust demand-side outlook from the lithium ion battery sector and rebounding demand from industrial end use […]",[113992],{"slug":544,"name":543,"content":113993},{"job_title":557,"image":113994,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6a38fa90-797d-4712-83c3-ad5119fd7e11\", \"id\": \"\"}-->",[113997,113998],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":105760,"copyright":547,"fieldtype":553,"meta_data":114000,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Dec 21, 2022",{"id":114003,"uuid":114004,"name":114005,"slug":114006,"full_slug":114007,"content":114008},112472067345340,"dfa71abb-5c2a-4ab9-9287-f05eaa2a1ad7","Can hydrogen trucks find their niche as battery electric truck sales increase?","can-hydrogen-trucks-find-their-niche-as-battery-electric-truck-sales-increase","article/can-hydrogen-trucks-find-their-niche-as-battery-electric-truck-sales-increase",{"_uid":114009,"date":114010,"tags":114011,"editor":114032,"content":114036,"excerpt":114225,"featured":51,"reporter":114226,"_editable":114230,"component":864,"seo_title":114005,"categories":114231,"visibility":882,"author_company":49,"featured_image":114235,"seo_description":114225,"author_full_name":49,"author_job_title":49,"formattedDate":114238},"d0f31e79-416a-40b3-8577-d59f6345bf0e","2022-12-20 00:00",[114012,114015,114016,114019,114022,114023,114026,114029],{"slug":114013,"name":114014},"ballard","Ballard",{"slug":92703,"name":92704},{"slug":114017,"name":114018},"fuel-cells","fuel cells",{"slug":114020,"name":114021},"hydrogen","Hydrogen",{"slug":92707,"name":92707},{"slug":114024,"name":114025},"volvo","Volvo",{"slug":114027,"name":114028},"xos","Xos",{"slug":114030,"name":114031},"hydrogen-fuel-cell","Hydrogen Fuel Cell",[114033],{"slug":544,"name":543,"content":114034},{"job_title":557,"image":114035,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":114037},[114038,114043,114055,114060,114065,114070,114075,114080,114085,114090,114095,114100,114105,114110,114115,114127,114132,114137,114142,114147,114152,114157,114162,114173,114178,114183,114190,114195,114200,114205,114210,114215,114220],{"type":594,"attrs":114039,"content":114040},{"textAlign":49},[114041],{"text":114042,"type":599},"Carbon emissions from heavy-duty vehicles need to fall 16% this decade to meet net-zero emission targets, according to the International Energy Agency. ",{"type":594,"attrs":114044,"content":114045},{"textAlign":49},[114046,114047,114053],{"text":90492,"type":599},{"text":114048,"type":599,"marks":114049},"battery trucks",[114050],{"type":604,"attrs":114051},{"href":114052,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-ira-is-icing-on-the-cake-for-electric-truck-deployment-xos-ceo-says",{"text":114054,"type":599}," are likely to make up the bulk of the electrified truck fleet, the demands of longer-distance trucking can’t always be met by batteries and instead may use hydrogen fuel cells.  ",{"type":594,"attrs":114056,"content":114057},{"textAlign":49},[114058],{"text":114059,"type":599},"Rho Motion forecasts that battery trucks will make up the bulk of the electrified fleet with 9% of heavy-duty trucks sold in 2030 expected to be battery-electric compared to under 1% for fuel cell vehicles. In Asia (excluding China), however, fuel cell-powered heavy-duty trucks are set to make up 2% of sales. ",{"type":594,"attrs":114061,"content":114062},{"textAlign":49},[114063],{"text":114064,"type":599},"Daimler Trucks and Volvo are both testing fuel cell vehicles along with battery electric versions, while this month Nikola said it would sell up to 75 hydrogen trucks to hydrogen producer Plug Power over three years starting next year. ",{"type":594,"attrs":114066,"content":114067},{"textAlign":49},[114068],{"text":114069,"type":599},"There are several use cases in which hydrogen fuel cells may be the better option versus batteries. Amazon is looking to hydrogen fuel cells for its trucks moving goods between ports and fulfilment centres, it said at Benchmark Week in Los Angeles in November. ",{"type":594,"attrs":114071,"content":114072},{"textAlign":49},[114073],{"text":114074,"type":599},"“The ‘middle mile’ is where [Amazon] are making bets on hydrogen technologies,” Prachi Vakharia, a transport and innovation specialist at Amazon, told the conference. “They really meet the demand of the long-range that lithium ion batteries today do not offer.”",{"type":594,"attrs":114076,"content":114077},{"textAlign":49},[114078],{"text":114079,"type":599},"This summer, Amazon signed a deal with Plug Power for 10,950 tonnes a year of green hydrogen to use in its building operations and for use in forklifts and heavy-duty trucks. The company said it was enough per year for 30,000 forklifts or 800 heavy-duty trucks used in long-haul transportation.",{"type":657,"attrs":114081,"content":114082},{"level":15966,"textAlign":49},[114083],{"text":114084,"type":599},"Hydrogen goes the distance",{"type":594,"attrs":114086,"content":114087},{"textAlign":49},[114088],{"text":114089,"type":599},"Ballard, a Canadian company that manufactures hydrogen fuel cell systems, said hydrogen is the best way of packing the large amount of energy onboard a vehicle without compromising its weight or its payload.",{"type":594,"attrs":114091,"content":114092},{"textAlign":49},[114093],{"text":114094,"type":599},"“For us, it’s bus, trucks, rail, and marine,” Nicolas Pocard, Ballard’s vice president of marketing and strategic partnerships, told Benchmark. “Those are really where we believe hydrogen as a fuel delivers the most attractive value proposition for operators.”",{"type":594,"attrs":114096,"content":114097},{"textAlign":49},[114098],{"text":114099,"type":599},"Pocard explained that there are specific use cases in which powering a vehicle via a fuel cell is the preferred option. ",{"type":594,"attrs":114101,"content":114102},{"textAlign":49},[114103],{"text":114104,"type":599},"“The change over when hydrogen makes more sense than batteries is all about the amount of energy you need to move the vehicle,” Pocard said. “It’s either because the vehicle has a very large tonnage, as in a big load to carry, or because the vehicle needs to operate very long hours.”",{"type":657,"attrs":114106,"content":114107},{"level":15966,"textAlign":49},[114108],{"text":114109,"type":599},"Last-mile batteries and fuel cells",{"type":594,"attrs":114111,"content":114112},{"textAlign":49},[114113],{"text":114114,"type":599},"For less heavy-duty applications, with lighter loads and lower range requirements, battery electric vehicles are already becoming cost competitive.",{"type":594,"attrs":114116,"content":114117},{"textAlign":49},[114118,114120,114125],{"text":114119,"type":599},"Xos, a ",{"text":114121,"type":599,"marks":114122},"US-based electric trucking company",[114123],{"type":604,"attrs":114124},{"href":114052,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":114126,"type":599},", said the Inflation Reduction Act in the US had made electric trucks competitive with their diesel counterparts based on a total cost of ownership (TCO) calculation, which includes operating costs.",{"type":594,"attrs":114128,"content":114129},{"textAlign":49},[114130],{"text":114131,"type":599},"Rho Motion data shows that in South Korea fuel cell and battery electric vehicles are already cheaper to run than internal combustion vehicles. In the US, the IRA has made fuel cell vehicles the cheapest to run according to Rho Motion.",{"type":594,"attrs":114133,"content":114134},{"textAlign":49},[114135],{"text":114136,"type":599},"“Xos is focused on the 70% of commercial vehicles that travel under 200 miles a day and return to the same spot every day,” the company’s founder, Dakota Semler, told Benchmark during Benchmark Week 2022.",{"type":594,"attrs":114138,"content":114139},{"textAlign":49},[114140],{"text":114141,"type":599},"A fleet operator can install charging stations at their depot. And because the vehicles won’t be driven beyond the range of their battery, the drivers don’t need to worry about finding a charging station en route.",{"type":594,"attrs":114143,"content":114144},{"textAlign":49},[114145],{"text":114146,"type":599},"“The production constraints really aren’t on the manufacturing side but on the charging infrastructure side,” Semler said. ",{"type":594,"attrs":114148,"content":114149},{"textAlign":49},[114150],{"text":114151,"type":599},"Pocard, from Ballard, said that while the majority of last-mile applications will be electric, a small percentage could also be hydrogen.",{"type":594,"attrs":114153,"content":114154},{"textAlign":49},[114155],{"text":114156,"type":599},"The company has worked with Swedish flat-pack furniture retailer Ikea on fuel cell trucks for last-mile delivery, due to the lack of time for charging. ",{"type":594,"attrs":114158,"content":114159},{"textAlign":49},[114160],{"text":114161,"type":599},"Pocard explained that Ikea went to Ballard and said, “while we have electric trucks, there are some cases where there’s a change in schedule, an expedited delivery, and sometimes they could come back late and need to go back out again with a new driver. We don’t have the time to recharge it.”",{"type":594,"attrs":114163,"content":114164},{"textAlign":49},[114165,114167,114171],{"text":114166,"type":599},"“It is not battery vs hydrogen,” Pocard said. “It is battery ",{"text":114168,"type":599,"marks":114169},"and ",[114170],{"type":643},{"text":114172,"type":599},"fuel cell. We have to introduce both technologies if you want to decarbonise the entire mobility sector.”",{"type":657,"attrs":114174,"content":114175},{"level":15966,"textAlign":49},[114176],{"text":114177,"type":599},"Chicken and egg",{"type":594,"attrs":114179,"content":114180},{"textAlign":49},[114181],{"text":114182,"type":599},"For hydrogen to meet the demands of fleet operators, infrastructure needs to be developed. Rho Motion forecasts over 1.5 million tonnes of hydrogen will be needed for heavy- and medium-duty fuel cell trucks in 2030. In 2021, the IEA reports that 94 million tonnes of hydrogen were produced, but only 0.7% of this was low carbon. There were just 35,000 tonnes of green hydrogen produced.",{"type":594,"attrs":114184,"content":114185},{"textAlign":49},[114186],{"type":1186,"attrs":114187},{"id":49,"alt":547,"src":114188,"title":49,"source":49,"copyright":49,"meta_data":114189},"https://a.storyblok.com/f/287943243085208/640b11b0b3/bm-hydrogen-demand-for-trucks-set-to-skyrocket.png",{},{"type":594,"attrs":114191,"content":114192},{"textAlign":49},[114193],{"text":114194,"type":599},"“Today, the hydrogen infrastructure is probably the biggest barrier to the adoption of fuel cell technology by the freight sector,” Pocard said. “To address the chicken and egg dilemma, we are starting out to work with fleet operators on return-to-base.”",{"type":594,"attrs":114196,"content":114197},{"textAlign":49},[114198],{"text":114199,"type":599},"Ballard envisions large fleet operators may find it more cost-effective to build private refuelling bases at their depots.",{"type":594,"attrs":114201,"content":114202},{"textAlign":49},[114203],{"text":114204,"type":599},"This is also the strategy Volvo is looking towards. It plans to test fuel cell trucks on the road in 2025. But it doesn’t think there will be sufficient refuelling infrastructure by that time.",{"type":594,"attrs":114206,"content":114207},{"textAlign":49},[114208],{"text":114209,"type":599},"“To overcome the lack of available hydrogen when running the pilots, the filling of green hydrogen from renewable sources will be done at the home-depot,” the company said.",{"type":594,"attrs":114211,"content":114212},{"textAlign":49},[114213],{"text":114214,"type":599},"After working on return-to-base setups, Pocard suggests looking at trucking routes. This is one focus of Daimler Truck.",{"type":594,"attrs":114216,"content":114217},{"textAlign":49},[114218],{"text":114219,"type":599},"Daimler fuel cell trucks use liquid hydrogen, which the company demonstrated a refuelling station prototype for earlier this year. It is also working with Shell, BP and TotalEnergies to develop hydrogen refuelling infrastructure along important transport routes in Europe.",{"type":594,"attrs":114221,"content":114222},{"textAlign":49},[114223],{"text":114224,"type":599},"“By just focusing on the freight corridors and having a couple of stations strategically located, you can enable [hydrogen trucking],” Pocard said.","Carbon emissions from heavy-duty vehicles need to fall 16% this decade to meet net-zero emission targets, according to the International Energy Agency. While battery trucks are likely to make up the bulk of the electrified truck fleet, the demands of longer-distance trucking can’t always be met by batteries and instead may use hydrogen fuel cells. […]",[114227],{"slug":544,"name":543,"content":114228},{"job_title":557,"image":114229,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d0f31e79-416a-40b3-8577-d59f6345bf0e\", \"id\": \"\"}-->",[114232,114233,114234],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":114236,"copyright":547,"fieldtype":553,"meta_data":114237,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f9e355b746/bm-22dt088-030-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 20, 2022",{"id":114240,"uuid":114241,"name":114242,"slug":114243,"full_slug":114244,"content":114245},112472077294526,"7ad55b91-39ac-4736-aeac-a7fb4d6ae75d","Tesla’s interest in second Asia gigafactory brings home South Korea’s battery dominance","teslas-interest-in-second-asia-gigafactory-brings-home-south-koreas-battery-dominance","article/teslas-interest-in-second-asia-gigafactory-brings-home-south-koreas-battery-dominance",{"_uid":114246,"date":114247,"tags":114248,"editor":114250,"content":114254,"excerpt":114436,"featured":51,"reporter":114437,"_editable":114441,"component":864,"seo_title":114242,"categories":114442,"visibility":882,"author_company":49,"featured_image":114449,"seo_description":114436,"author_full_name":49,"author_job_title":49,"formattedDate":114452},"e2c2cce6-9394-42fc-9801-d9552580f7da","2022-12-16 00:00",[114249],{"slug":8694,"name":8695},[114251],{"slug":544,"name":543,"content":114252},{"job_title":557,"image":114253,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":114255},[114256,114261,114274,114279,114284,114289,114294,114299,114304,114309,114314,114319,114324,114329,114336,114341,114346,114351,114356,114361,114366,114371,114376,114381,114386,114391,114396,114401,114406,114411,114416,114421,114426,114431],{"type":594,"attrs":114257,"content":114258},{"textAlign":49},[114259],{"text":114260,"type":599},"Tesla’s chief executive Elon Musk recently named South Korea as a strong candidate for the carmaker’s next electric vehicle factory, highlighting the country’s growing presence in the battery supply chain.",{"type":594,"attrs":114262,"content":114263},{"textAlign":49},[114264,114266,114272],{"text":114265,"type":599},"In a video call with President Yoon Suk Yeol last month Musk said that South Korea was among Tesla’s top choices for a gigafactory in Asia,",{"text":114267,"type":599,"marks":114268}," according to",[114269],{"type":604,"attrs":114270},{"href":114271,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.president.go.kr/newsroom/briefing/hHMkJdZn",{"text":114273,"type":599}," the president’s office. Tesla, he said, was also willing to expand its supply chain cooperation with South Korean companies and would buy components worth $10 billion in 2023.",{"type":594,"attrs":114275,"content":114276},{"textAlign":49},[114277],{"text":114278,"type":599},"Musk is looking to expand Tesla’s footprint outside of its plant in Shanghai, Tesla’s first gigafactory in Asia and also its first outside the US, as he looks to increase the electric vehicle maker’s annual production from 2 million vehicles last year to 20 million by the end of the decade.",{"type":594,"attrs":114280,"content":114281},{"textAlign":49},[114282],{"text":114283,"type":599},"Tesla’s Shanghai factory started production in late 2019 and quickly helped Tesla scale up significantly, accounting for over half of its deliveries last year. ",{"type":594,"attrs":114285,"content":114286},{"textAlign":49},[114287],{"text":114288,"type":599},"Tesla’s is also being courted by the government of Indonesia to build a gigafactory in the country, the largest nickel producer. ",{"type":594,"attrs":114290,"content":114291},{"textAlign":49},[114292],{"text":114293,"type":599},"Musk said the decision will be made after comprehensively reviewing the investment conditions of the Asian candidate countries, including their manpower, technology level, and production environment.",{"type":657,"attrs":114295,"content":114296},{"level":15966,"textAlign":49},[114297],{"text":114298,"type":599},"South Korea’s advantages",{"type":594,"attrs":114300,"content":114301},{"textAlign":49},[114302],{"text":114303,"type":599},"South Korea is not only home to LG Energy Solution, the world’s second largest battery maker and a key supplier for Tesla, but it is set to be the second largest producer of battery cathodes this year after China, according to Benchmark. ",{"type":594,"attrs":114305,"content":114306},{"textAlign":49},[114307],{"text":114308,"type":599},"It’s also a free trade agreement country, which makes minerals processed in the country eligible for US electric vehicle tax credits under the Inflation Reduction Act.  ",{"type":594,"attrs":114310,"content":114311},{"textAlign":49},[114312],{"text":114313,"type":599},"Still Tesla may face competition securing battery materials in the local market from South Korea’s largest battery producers, according to Evan Hartley, an analyst at Benchmark.",{"type":594,"attrs":114315,"content":114316},{"textAlign":49},[114317],{"text":114318,"type":599},"South Korea is home to three large battery companies, LG Energy Solution, SK On, and Samsung SDI, all of whom have expanded rapidly expanded production over the past decade.",{"type":594,"attrs":114320,"content":114321},{"textAlign":49},[114322],{"text":114323,"type":599},"They now account for a little over 12% of the global lithium ion battery capacity being built while Chinese companies currently have a 69.6% share, according to Benchmark’s Gigafactory Assessment.",{"type":594,"attrs":114325,"content":114326},{"textAlign":49},[114327],{"text":114328,"type":599},"“I think if you are a foreign company investing in South Korea, you are going to struggle against their battery industry,” he said. “The government there is going to prioritise SK, LG and Samsung there. If Tesla does decide to set up shop in Korea then the supply chain there is entirely locked up and it will be difficult to break into.”",{"type":594,"attrs":114330,"content":114331},{"textAlign":49},[114332],{"type":1186,"attrs":114333},{"id":49,"alt":547,"src":114334,"title":49,"source":49,"copyright":49,"meta_data":114335},"https://a.storyblok.com/f/287943243085208/c5feae24e0/bm-southkorea-batteries.png",{},{"type":657,"attrs":114337,"content":114338},{"level":15966,"textAlign":49},[114339],{"text":114340,"type":599},"South Korea’s growing cathode production ",{"type":594,"attrs":114342,"content":114343},{"textAlign":49},[114344],{"text":114345,"type":599},"South Korea currently produces 20% of the world’s high nickel NCM 811 cathode materials and almost half of the supply of NCA cathodes, which are used by Tesla. ",{"type":594,"attrs":114347,"content":114348},{"textAlign":49},[114349],{"text":114350,"type":599},"Growth in cathode supply from South Korea is expected to increase by 87% by 2030 compared to 69% from the next largest producer Japan, according to Benchmark’s Cathode Forecast, helping the country maintain its position as the second-largest producer after China. ",{"type":594,"attrs":114352,"content":114353},{"textAlign":49},[114354],{"text":114355,"type":599},"The bulk of that jump in cathode supply will come from EcoPro and Posco at 107 GWh, or 143,000 tonnes a year and 54 GWh, or 74,000 tonnes a year, by the end of the decade.",{"type":594,"attrs":114357,"content":114358},{"textAlign":49},[114359],{"text":114360,"type":599},"In October EcoPro said it has completed the construction of the world’s largest cathode material production line in Pohang. ",{"type":594,"attrs":114362,"content":114363},{"textAlign":49},[114364],{"text":114365,"type":599},"The critical material produced at the facility, however, would be supplied to Samsung SDI once it begins commercial production in the first quarter of 2023. The cathode producer’s capacity from the 60:40 joint venture is expected to reach 43 GWh, or 57,000 tonnes a year, by the end of the decade, according to Benchmark Cathode Forecast.",{"type":594,"attrs":114367,"content":114368},{"textAlign":49},[114369],{"text":114370,"type":599},"A month later Posco said it had finished construction of a large facility for high-nickel battery cathodes in Gwangyang city. The facility will increase production from 30,000 tonnes to 90,000 tonnes.",{"type":594,"attrs":114372,"content":114373},{"textAlign":49},[114374],{"text":114375,"type":599},"Last month, Chinese Tesla supplier CNGR also signed an agreement with the local government in Pohang to build a cathode precursor and nickel sulphate factory in the city. ",{"type":657,"attrs":114377,"content":114378},{"level":15966,"textAlign":49},[114379],{"text":114380,"type":599},"IRA Boost",{"type":594,"attrs":114382,"content":114383},{"textAlign":49},[114384],{"text":114385,"type":599},"South Korea’s domestic suppliers could also get a boost from the IRA, which was signed into a law by the President Joe Biden in August. ",{"type":594,"attrs":114387,"content":114388},{"textAlign":49},[114389],{"text":114390,"type":599},"It requires electric vehicle makers to extract or process a certain percentage of the value of the battery minerals from countries with which the US has a free trade agreement (FTA) to obtain half of the $7,500 electric vehicle tax credits. ",{"type":594,"attrs":114392,"content":114393},{"textAlign":49},[114394],{"text":114395,"type":599},"“We do expect to fully meet the IRA’s requirements,” Musk told analysts in October.",{"type":594,"attrs":114397,"content":114398},{"textAlign":49},[114399],{"text":114400,"type":599},"By 2024 a total of 40% of the value of the critical minerals in the battery needs to come from the US or a free trade agreement country. That contribution rises to 80% by 2027.",{"type":594,"attrs":114402,"content":114403},{"textAlign":49},[114404],{"text":114405,"type":599},"Since South Korea is an FTA country, materials processed in the country should be eligible. ",{"type":594,"attrs":114407,"content":114408},{"textAlign":49},[114409],{"text":114410,"type":599},"Posco is building a nickel refinery in the country and a lithium hydroxide refinery with Australian lithium miner Pilbara Minerals. ",{"type":594,"attrs":114412,"content":114413},{"textAlign":49},[114414],{"text":114415,"type":599},"The steelmaker is aiming to finish construction of a high-purity nickel refining plant in Gwangyang by the first half of 2023 with an annual capacity of 20,000 tonnes, enough for 500,000 electric vehicles. ",{"type":594,"attrs":114417,"content":114418},{"textAlign":49},[114419],{"text":114420,"type":599},"Still, Korean companies heavily rely on the Chinese supply chain for raw materials and the IRA effectively bans the involvement of Chinese companies as “foreign entities of concern.” ",{"type":594,"attrs":114422,"content":114423},{"textAlign":49},[114424],{"text":114425,"type":599},"China’s GEM Co, which is a supplier to EcoPro, has said that production of precursor materials in South Korea will make it eligible for the US market, though that is not confirmed yet by US authorities. ",{"type":594,"attrs":114427,"content":114428},{"textAlign":49},[114429],{"text":114430,"type":599},"On the back of this understanding last month GEM signed an initial agreement with with EcoPro and Korean battery producer SK On for a 30,000 tonnes a year nickel processing plant in Indonesia.",{"type":594,"attrs":114432,"content":114433},{"textAlign":49},[114434],{"text":114435,"type":599},"Posco also recently signed a RMB 5.9 billion deal with Guangdong Dowstone Technology for supplies of NCM precursor materials.","Tesla’s chief executive Elon Musk recently named South Korea as a strong candidate for the carmaker’s next electric vehicle factory, highlighting the country’s growing presence in the battery supply chain. In a video call with President Yoon Suk Yeol last month Musk said that South Korea was among Tesla’s top choices for a gigafactory in […]",[114438],{"slug":544,"name":543,"content":114439},{"job_title":557,"image":114440,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e2c2cce6-9394-42fc-9801-d9552580f7da\", \"id\": \"\"}-->",[114443,114444,114445,114446,114447,114448],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":3088,"name":3089},{"slug":880,"name":881},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":114450,"copyright":547,"fieldtype":553,"meta_data":114451,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1013b02d42/bm-tesla.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 16, 2022",{"id":114454,"uuid":114455,"name":114456,"slug":114457,"full_slug":114458,"content":114459},112472087112641,"432cc5de-cbda-421a-a9be-d1e95f598548","Lithium prices soften for first time in seven months amid demand uncertainty","lithium-prices-soften-for-first-time-in-seven-months-amid-demand-uncertainty","article/lithium-prices-soften-for-first-time-in-seven-months-amid-demand-uncertainty",{"_uid":114460,"date":114461,"tags":114462,"editor":114464,"content":114468,"excerpt":114604,"featured":51,"reporter":114605,"_editable":114609,"component":864,"seo_title":114456,"categories":114610,"visibility":882,"author_company":49,"featured_image":114613,"seo_description":114604,"author_full_name":49,"author_job_title":49,"formattedDate":114616},"24d7b897-4a2a-4ee6-9c50-65a97d872b3a","2022-12-14 00:00",[114463],{"slug":910,"name":911},[114465],{"slug":544,"name":543,"content":114466},{"job_title":557,"image":114467,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":114469},[114470,114475,114480,114485,114490,114495,114500,114505,114512,114517,114530,114535,114542,114547,114552,114557,114562,114567,114572,114577,114584,114589,114594,114599],{"type":594,"attrs":114471,"content":114472},{"textAlign":49},[114473],{"text":114474,"type":599},"Chinese lithium prices fell for the first time since May as uncertainty grows about demand in the world’s second-largest economy following the easing of Covid-19 restrictions and the looming end of electric vehicle subsidies. ",{"type":594,"attrs":114476,"content":114477},{"textAlign":49},[114478],{"text":114479,"type":599},"The price for battery-grade lithium carbonate fell by 0.8% between the 7th and 14th of December, while lithium hydroxide dropped by 0.4%, according to Benchmark’s Lithium Price Assessment. Technical-grade carbonate fell the most, with a 1.0% drop in prices.",{"type":594,"attrs":114481,"content":114482},{"textAlign":49},[114483],{"text":114484,"type":599},"The softening comes as China accelerates the dismantling of its zero-Covid policy by ending mandatory quarantines and testing, which could see the virus spread throughout the country. At the same time, Beijing is set to end electric vehicle subsidies at the beginning of next year, which could dampen demand for EVs. ",{"type":594,"attrs":114486,"content":114487},{"textAlign":49},[114488],{"text":114489,"type":599},"Cathode manufacturers are adopting a watch-and-wait strategy towards purchasing material and are instead working through raw material inventories built up throughout November, Daisy Jennings-Gray, an analyst at Benchmark, said. ",{"type":594,"attrs":114491,"content":114492},{"textAlign":49},[114493],{"text":114494,"type":599},"“This push-and-pull environment has led to a bit of a pause in market activity, and prices have softened slightly in response,” Daisy Jennings-Gray, an analyst at Benchmark, said.",{"type":594,"attrs":114496,"content":114497},{"textAlign":49},[114498],{"text":114499,"type":599},"Australian lithium miner Pilbara Minerals reported this week that the highest bid for spodumene on its auction platform fell 3.8% to $7,505 a tonne (FOB) compared to its last auction.",{"type":594,"attrs":114501,"content":114502},{"textAlign":49},[114503],{"text":114504,"type":599},"Battery-grade lithium carbonate was last assessed at RMB 564,500 ($81,300), compared to RMB 537,500 ($77,400) for technical-grade. Lithium hydroxide was assessed at RMB 562,500 ($81,000).",{"type":594,"attrs":114506,"content":114507},{"textAlign":49},[114508],{"type":1186,"attrs":114509},{"id":49,"alt":547,"src":114510,"title":49,"source":49,"copyright":49,"meta_data":114511},"https://a.storyblok.com/f/287943243085208/dff75d3351/bm-chinese-lithium-prices-soften.png",{},{"type":657,"attrs":114513,"content":114514},{"level":15966,"textAlign":49},[114515],{"text":114516,"type":599},"Ticking down ",{"type":594,"attrs":114518,"content":114519},{"textAlign":49},[114520,114522,114528],{"text":114521,"type":599},"Lithium prices have ",{"text":114523,"type":599,"marks":114524},"more than doubled",[114525],{"type":604,"attrs":114526},{"href":114527,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-prices-touch-record-high-in-china-as-ev-sales-momentum-remains/",{"text":114529,"type":599}," this year to record high levels, putting pressure on the cost of batteries used in electric vehicles. Since the start of the year battery-grade lithium carbonate prices have increased by 125.8% and lithium hydroxide by 170.4%. ",{"type":594,"attrs":114531,"content":114532},{"textAlign":49},[114533],{"text":114534,"type":599},"Traders in the technical-grade market have been more sensitive to recent bearish market sentiment developments. The majority of technical-grade carbonate in China is sold to converters who upgrade it to battery-grade material. Once the market showed signs of slowing amid demand uncertainty, these traders quickly began to sell off material, which drove the price down faster than for the battery-grade chemicals, Jennings-Gray said.",{"type":657,"attrs":114536,"content":114537},{"level":15966,"textAlign":49},[114538,114540],{"text":114539,"type":599},"Automakers eye end t",{"text":114541,"type":599},"o EV subsidy",{"type":594,"attrs":114543,"content":114544},{"textAlign":49},[114545],{"text":114546,"type":599},"Retail sales of new-energy vehicles in China have doubled this year to reach 5 million units, despite lockdowns and Covid restrictions. At the same time, lithium supply has struggled to meet this demand, with prices for spodumene feedstock rising by over 280% year-over-year. ",{"type":594,"attrs":114548,"content":114549},{"textAlign":49},[114550],{"text":114551,"type":599},"Chinese automakers are offering discounts and promotions to try and sell vehicles before the expiry of EV subsidies in January.  ",{"type":594,"attrs":114553,"content":114554},{"textAlign":49},[114555],{"text":114556,"type":599},"Sales of NEVs (which includes plug-in hybrids and fuel cell vehicles) could reach 6.5 million units this year, according to the China Passenger Car Association (CPCA).",{"type":594,"attrs":114558,"content":114559},{"textAlign":49},[114560],{"text":114561,"type":599},"Currently, those purchasing an EV can get RMB 12,600 ($1,836) towards the cost of the vehicle. First introduced in 2009, this subsidy has been ramping down since 2020. The intention for the scheme to end on the first of January 2023.",{"type":594,"attrs":114563,"content":114564},{"textAlign":49},[114565],{"text":114566,"type":599},"Whether the subsidies will actually end this year is uncertain, with rumours suggesting they might be extended into 2023 at half the value they were this year.",{"type":594,"attrs":114568,"content":114569},{"textAlign":49},[114570],{"text":114571,"type":599},"For now, however, it is expected that EV sales will decline at the start of 2023, putting downward pressure on lithium prices.",{"type":594,"attrs":114573,"content":114574},{"textAlign":49},[114575],{"text":114576,"type":599},"A number of Chinese electric vehicle producers, including BYD, have already announced price hikes on their vehicles for next year. ",{"type":657,"attrs":114578,"content":114579},{"level":15966,"textAlign":49},[114580,114582],{"text":114581,"type":599},"Covid ",{"text":114583,"type":599},"reopening",{"type":594,"attrs":114585,"content":114586},{"textAlign":49},[114587],{"text":114588,"type":599},"There is also growing uncertainty over the country’s response to rising Covid infections over the winter, which is impacting market sentiment. ",{"type":594,"attrs":114590,"content":114591},{"textAlign":49},[114592],{"text":114593,"type":599},"Beijing has said they have stopped reporting asymptomatic cases as the virus spreads, although concerns remain that if virus cases spiral out of control, further lockdowns could be put into place, similar to those in Shanghai in April which limited EV production rates in the region. ",{"type":594,"attrs":114595,"content":114596},{"textAlign":49},[114597],{"text":114598,"type":599},"China’s Spring Festival also falls early in 2023 on January 22nd, which is another reason for the lithium industry to wind down, as cathode and cell manufacturers look to pause or limit operations during the holiday. ",{"type":594,"attrs":114600,"content":114601},{"textAlign":49},[114602],{"text":114603,"type":599},"However, the early Spring Festival has shown some signs of driving demand thus far, with many cathode producers continuing to stock up on material ahead of logistical disruptions that often arise during the festivities as train and truck drivers break for the holiday.","Chinese lithium prices fell for the first time since May as uncertainty grows about demand in the world’s second-largest economy following the easing of Covid-19 restrictions and the looming end of electric vehicle subsidies. The price for battery-grade lithium carbonate fell by 0.8% between the 7th and 14th of December, while lithium hydroxide dropped by […]",[114606],{"slug":544,"name":543,"content":114607},{"job_title":557,"image":114608,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"24d7b897-4a2a-4ee6-9c50-65a97d872b3a\", \"id\": \"\"}-->",[114611,114612],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":114614,"copyright":547,"fieldtype":553,"meta_data":114615,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/China-covid-reopening-scaled.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 14, 2022",{"id":114618,"uuid":114619,"name":114620,"slug":114621,"full_slug":114622,"content":114623},112472096803780,"c2494d95-d23f-4f01-959f-0431fd5c80ad","The hidden gigafactories powering emerging markets","the-hidden-gigafactories-powering-emerging-markets","article/the-hidden-gigafactories-powering-emerging-markets",{"_uid":114624,"date":114625,"tags":114626,"editor":114628,"content":114632,"excerpt":114822,"featured":51,"reporter":114823,"_editable":114827,"component":864,"seo_title":114620,"categories":114828,"visibility":2091,"author_company":49,"featured_image":114831,"seo_description":114822,"author_full_name":49,"author_job_title":49,"formattedDate":114834},"97309fcc-6916-436f-a2cc-557414d96dfe","2022-12-13 00:00",[114627],{"slug":22444,"name":22445},[114629],{"slug":544,"name":543,"content":114630},{"job_title":557,"image":114631,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":114633},[114634,114639,114650,114655,114674,114679,114684,114689,114696,114703,114708,114713,114718,114723,114728,114741,114746,114751,114756,114761,114766,114771,114776,114781,114786,114799,114804,114809,114819],{"type":594,"attrs":114635,"content":114636},{"textAlign":49},[114637],{"text":114638,"type":599},"Investment into battery gigafactories in emerging markets is growing, as electric vehicle sales start to accelerate in Southeast Asia and India, highlighting the growth potential beyond the major developed markets.  ",{"type":594,"attrs":114640,"content":114641},{"textAlign":49},[114642,114644,114648],{"text":114643,"type":599},"Thirteen gigafactories are being built in seven countries, including Malaysia, Indonesia, and ",{"text":22445,"type":599,"marks":114645},[114646],{"type":604,"attrs":114647},{"href":93192,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":114649,"type":599},", that are set to add about 104 gigawatt hours (GWh) of battery capacity by the end of the decade, enough for almost 2 million electric vehicles, according to Benchmark’s Gigafactory Assessment. ",{"type":594,"attrs":114651,"content":114652},{"textAlign":49},[114653],{"text":114654,"type":599},"Battery production is expanding outside of the major markets of China, Europe and the US as leading Asian electric vehicle producers start to enter new markets in the region. In September, China’s largest electric vehicle producer BYD said it would build a production hub in Thailand, while Hyundai is building a battery factory in Indonesia along with LG Energy Solution.  ",{"type":594,"attrs":114656,"content":114657},{"textAlign":49},[114658,114660,114665,114667,114672],{"text":114659,"type":599},"India’s electric vehicle market is also ",{"text":114661,"type":599,"marks":114662},"starting to take off",[114663],{"type":604,"attrs":114664},{"href":93192,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":114666,"type":599},". The country’s largest producer ",{"text":114668,"type":599,"marks":114669},"Tata Motors sold",[114670],{"type":604,"attrs":114671},{"href":77419,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":114673,"type":599}," 38,628 electric vehicles this year as of November, a four-fold jump on the same period last year. ",{"type":594,"attrs":114675,"content":114676},{"textAlign":49},[114677],{"text":114678,"type":599},"The 13 gigafactories are expected to come online by as early as 2026 and add about 78 GWh capacity initially which would be scaled to 104 GWh by 2030 end, according to Benchmark Gigafactory data, led by Malaysia. ",{"type":594,"attrs":114680,"content":114681},{"textAlign":49},[114682],{"text":114683,"type":599},"The list also includes Turkey where South Korean battery company SK Innovation plans to build a battery plant with Ford and local player Koc Holding. The plant in Ankara is expected to begin production of high-nickel NCM (nickel, cobalt, manganese) batteries in 2025.",{"type":594,"attrs":114685,"content":114686},{"textAlign":49},[114687],{"text":114688,"type":599},"Benchmark’s analysis shows these gigafactories would together contribute about 37.6% of Asian (excluding China) capacity of 205 GWh by the end of 2026 and about 40.5% by the end of 2030.",{"type":594,"attrs":114690,"content":114691},{"textAlign":49},[114692],{"type":1186,"attrs":114693},{"id":49,"alt":547,"src":114694,"title":49,"source":49,"copyright":49,"meta_data":114695},"https://a.storyblok.com/f/287943243085208/d58b052ea2/bm-image-14.png",{},{"type":657,"attrs":114697,"content":114698},{"level":15966,"textAlign":49},[114699,114701],{"text":114700,"type":599},"Southeast Asia’s growth ",{"text":114702,"type":599},"potential",{"type":594,"attrs":114704,"content":114705},{"textAlign":49},[114706],{"text":114707,"type":599},"Malaysia is set to grow its battery capacity from 6 GWh last year to 37.4 GWh by the end of 2030.",{"type":594,"attrs":114709,"content":114710},{"textAlign":49},[114711],{"text":114712,"type":599},"Samsung SDI, a battery making unit of South Korean conglomerate Samsung Electronics, in July began construction of a $1.4 billion factory in Seremban, Malaysia, its second, to meet the growing demand for cylindrical cells. ",{"type":594,"attrs":114714,"content":114715},{"textAlign":49},[114716],{"text":114717,"type":599},"The company said the factory would come online in 2025 and begin mass producing cylindrical batteries which would be used in various electrical tools, micro-mobility and electric vehicles.",{"type":657,"attrs":114719,"content":114720},{"level":15966,"textAlign":49},[114721],{"text":114722,"type":599},"Indonesia’s nickel attraction",{"type":594,"attrs":114724,"content":114725},{"textAlign":49},[114726],{"text":114727,"type":599},"Elsewhere in Southeast Asia, Indonesia’s cobalt and nickel reserves are attracting battery producers to the country. ",{"type":594,"attrs":114729,"content":114730},{"textAlign":49},[114731,114733,114739],{"text":114732,"type":599},"LG Energy Solution and Hyundai’s $1.1 billion gigafactory in the Karawang region of West Java, Indonesia, is ",{"text":114734,"type":599,"marks":114735},"expected",[114736],{"type":604,"attrs":114737},{"href":114738,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.hyundai.com/worldwide/en/company/newsroom/hyundai-motor-group-and-lg-energy-solution-begin-construction-of-ev-battery-cell-plant-in-indonesia-0000016723",{"text":114740,"type":599}," to begin mass production of nickel cobalt manganese aluminium (NCMA) lithium-ion battery cells in the first half of 2024. ",{"type":594,"attrs":114742,"content":114743},{"textAlign":49},[114744],{"text":114745,"type":599},"The 10 GWh gigafactory is expected to make over 150,000 EV batteries initially, with the potential to scale up capacity to 30 GWh in the future.",{"type":594,"attrs":114747,"content":114748},{"textAlign":49},[114749],{"text":114750,"type":599},"“We want to build a large ecosystem for EV batteries and this will provide added value to Indonesia. That’s what we are after,” Joko Widodo, president of Indonesia, told The Economist last month. ",{"type":594,"attrs":114752,"content":114753},{"textAlign":49},[114754],{"text":114755,"type":599},"Taiwan is set to add four gigafactories by as early as 2026, being built by Foxconn, Molicel and Prologium. ",{"type":594,"attrs":114757,"content":114758},{"textAlign":49},[114759],{"text":114760,"type":599},"In Thailand, where the government has set a target for 50% of all new vehicles to be electric by 2030 and 100% by 2035, local battery maker Energy Absolute built a $178 million lithium-ion battery factory in Chachoengsao, a region that is home to many automotive companies. The plant has an annual capacity of 1 GWh, and the company says it wants to expand this to 4 GWh by 2023.",{"type":657,"attrs":114762,"content":114763},{"level":15966,"textAlign":49},[114764],{"text":114765,"type":599},"India’s Gigafactory Ramp Up",{"type":594,"attrs":114767,"content":114768},{"textAlign":49},[114769],{"text":114770,"type":599},"India has been the slowest of the big markets in terms of building battery gigafactories, but the industry is starting to grow with the help of government support. ",{"type":594,"attrs":114772,"content":114773},{"textAlign":49},[114774],{"text":114775,"type":599},"Earlier this year, India allocated subsidies to three players under the government’s $2.5 billion Production Linked Incentive (PLI) scheme for battery manufacturing. These include Rajesh Exports, Ola Electric and Reliance New Solar.",{"type":594,"attrs":114777,"content":114778},{"textAlign":49},[114779],{"text":114780,"type":599},"Elswehere, Exide, India’s leading battery maker, has tied up with China’s SVOLT to make lithium-ion cells at a plant in the state of Karnataka.",{"type":594,"attrs":114782,"content":114783},{"textAlign":49},[114784],{"text":114785,"type":599},"The planned gigafactory will have an initial production of six gigawatt-hours, which will increase to 12 GWh this decade with a total of $770 million of investment. Exide had in May estimated that India’s annual lithium ion battery demand will rise to around 28 GWh by 2025 and 90 GWh by 2030, split mostly between two-wheelers and four-wheelers.",{"type":594,"attrs":114787,"content":114788},{"textAlign":49},[114789,114791,114797],{"text":114790,"type":599},"Rival cell maker ",{"text":114792,"type":599,"marks":114793},"Amara Raja Batteries",[114794],{"type":604,"attrs":114795},{"href":114796,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.bseindia.com/xml-data/corpfiling/AttachHis/0119e314-6f06-42f3-b7b5-b832989960e3.pdf",{"text":114798,"type":599}," last week signed a Memorandum of Understanding with Telangana, a Southern state in the subcontinent, to set up a lithium-ion battery gigafactory. ",{"type":594,"attrs":114800,"content":114801},{"textAlign":49},[114802],{"text":114803,"type":599},"The battery maker said it would spend $1.16 billion over the next ten years, after necessary approvals, to build a gigafactory with a capacity of up to 16 GWh and a battery pack assembly unit of up to 5 GWh.",{"type":657,"attrs":114805,"content":114806},{"level":15966,"textAlign":49},[114807],{"text":114808,"type":599},"Request a free trial of Benchmark Source",{"type":594,"attrs":114810,"content":114811},{"textAlign":49},[114812,114814,114818],{"text":114813,"type":599},"This is a free Benchmark Source article. Learn more about Benchmark Source or request a free trial ",{"text":6515,"type":599,"marks":114815},[114816],{"type":604,"attrs":114817},{"href":100623,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":114820,"content":114821},{"textAlign":49},[],"Investment into battery gigafactories in emerging markets is growing, as electric vehicle sales start to accelerate in Southeast Asia and India, highlighting the growth potential beyond the major developed markets. Thirteen gigafactories are being built in seven countries, including Malaysia, Indonesia, and India, that are set to add about 104 gigawatt hours (GWh) of battery […]",[114824],{"slug":544,"name":543,"content":114825},{"job_title":557,"image":114826,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"97309fcc-6916-436f-a2cc-557414d96dfe\", \"id\": \"\"}-->",[114829,114830],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":114832,"copyright":547,"fieldtype":553,"meta_data":114833,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/19d07bb4be/bm-hidden-gigafactory-vietnam.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 13, 2022",{"id":114836,"uuid":114837,"name":114838,"slug":114839,"full_slug":114840,"content":114841},112472101739462,"ec708c4d-9e5f-4275-bfc9-27b41b7416f7","Polysilicon prices ease as solar power set for rapid global expansion","polysilicon-prices-ease-as-solar-power-set-for-rapid-global-expansion","article/polysilicon-prices-ease-as-solar-power-set-for-rapid-global-expansion",{"_uid":114842,"date":114843,"tags":114844,"editor":114846,"content":114850,"excerpt":114961,"featured":51,"reporter":114962,"_editable":114966,"component":864,"seo_title":114838,"categories":114967,"visibility":882,"author_company":49,"featured_image":114969,"seo_description":114961,"author_full_name":49,"author_job_title":49,"formattedDate":114972},"391e44b5-c411-4d49-83be-7faa49af639e","2022-12-12 00:00",[114845],{"slug":42359,"name":42360},[114847],{"slug":544,"name":543,"content":114848},{"job_title":557,"image":114849,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":114851},[114852,114857,114862,114867,114872,114877,114882,114886,114891,114896,114901,114906,114911,114916,114921,114926,114931,114936,114941,114946,114951,114956],{"type":594,"attrs":114853,"content":114854},{"textAlign":49},[114855],{"text":114856,"type":599},"Prices for polysilicon, the raw material for solar cells, have started to fall following an almost four-fold increase since the start of 2021, in a move that is set to ease cost pressures on the solar supply chain. ",{"type":594,"attrs":114858,"content":114859},{"textAlign":49},[114860],{"text":114861,"type":599},"Polysilicon prices rose to a decade high of 300 RMB ( $43) per kg in July from RMB 85/kg ($12) at the beginning of 2021. They’ve now eased to RMB 288/kg ($41), according to PV InfoLink. ",{"type":594,"attrs":114863,"content":114864},{"textAlign":49},[114865],{"text":114866,"type":599},"The price decline will help reduce the cost of installing solar power, following over a year of rising commodity prices as a result of the global Covid-19 pandemic. Auction prices for solar power rose worldwide this year, reversing a decade-long decline, according to the International Energy Agency. ",{"type":594,"attrs":114868,"content":114869},{"textAlign":49},[114870],{"text":114871,"type":599},"“Demand exceeded supply excessively in the last three years,” said polysilicon market expert Johannes Bernreuter. “Now, more capacity is coming online, easing the imbalance between supply and demand … If prices come down, demand might expand very rapidly.”",{"type":594,"attrs":114873,"content":114874},{"textAlign":49},[114875],{"text":114876,"type":599},"The IEA said this month that electricity supply from wind and solar is set to more than double in the next five years, led by solar, to around 20% of global power generation in 2027. ",{"type":594,"attrs":114878,"content":114879},{"textAlign":49},[114880],{"text":114881,"type":599},"Utility-scale solar “is the least costly option for new electricity generation in a significant majority of countries worldwide” and is cheaper than coal electricity in most Chinese provinces, it said.",{"type":657,"attrs":114883,"content":114884},{"level":15966,"textAlign":49},[114885],{"text":82352,"type":599},{"type":594,"attrs":114887,"content":114888},{"textAlign":49},[114889],{"text":114890,"type":599},"Polysilicon prices surged last year after China and other countries boosted clean energy installations to meet climate goals.",{"type":594,"attrs":114892,"content":114893},{"textAlign":49},[114894],{"text":114895,"type":599},"Demand for polysilicon rose faster than companies could produce it or build new plants. Over the summer, prices were driven even higher after a fire reduced output at a factory run by Chinese manufacturer East Hope, while others were closed for maintenance.",{"type":594,"attrs":114897,"content":114898},{"textAlign":49},[114899],{"text":114900,"type":599},"China is the largest producer of polysilicon for the solar industry, producing over 80% of the world’s supply. Production of polysilicon in the country is set to expand rapidly next year. ",{"type":594,"attrs":114902,"content":114903},{"textAlign":49},[114904],{"text":114905,"type":599},"Chinese production capacity will reach 1.2 million tonnes at the end of this year from 530,000 tons in 2021, according to the Asia Europe Clean Energy (Solar) Advisory. It will reach 2.5 million tons in 2023 and 4 million tons by the end of 2024, according to the Asia Europe Clean Energy (Solar) Advisory.",{"type":594,"attrs":114907,"content":114908},{"textAlign":49},[114909],{"text":114910,"type":599},"This month Daqo New Energy, one of the largest producers of polysilicon, said that an expansion in Inner Mongolia would boost its production by an additional 100,000 tonnes, taking total production to 305,000 tonnes by the end of 2023.",{"type":657,"attrs":114912,"content":114913},{"level":15966,"textAlign":49},[114914],{"text":114915,"type":599},"Seasonal drop",{"type":594,"attrs":114917,"content":114918},{"textAlign":49},[114919],{"text":114920,"type":599},"However, analysts have warned that some of the current reduction in demand for polysilicon is a seasonal end of year drop. High demand in the first half of 2023 could keep the spot price high for the next six months.",{"type":594,"attrs":114922,"content":114923},{"textAlign":49},[114924],{"text":114925,"type":599},"“As the lion’s share of new polysilicon production capacity is slated for the second half of 2023, strong demand could keep the spot price at a relatively high level in the first half,” Bernreuter said.  ",{"type":657,"attrs":114927,"content":114928},{"level":15966,"textAlign":49},[114929],{"text":114930,"type":599},"Challenging China’s dominance  ",{"type":594,"attrs":114932,"content":114933},{"textAlign":49},[114934],{"text":114935,"type":599},"To challenge China’s dominance in the solar supply chain the US and India have launched generous incentives to build a homegrown industry. CSIRO, Australia’s national science agency, also said this week that the country should develop a silicon and solar cell supply chain.",{"type":594,"attrs":114937,"content":114938},{"textAlign":49},[114939],{"text":114940,"type":599},"The US Inflation Reduction Act offers production tax credits to the tune of $3 a kilogram for polysilicon producers in the US. ",{"type":594,"attrs":114942,"content":114943},{"textAlign":49},[114944],{"text":114945,"type":599},"Investment in solar manufacturing in the US and India is set to reach almost $25 billion over 2022-2027, a sevenfold increase on the last five years, according to the IEA. ",{"type":594,"attrs":114947,"content":114948},{"textAlign":49},[114949],{"text":114950,"type":599},"Norway’s REC Silicon plans to restart its Moses Lake polysilicon plant in the state of Washington next year. ",{"type":594,"attrs":114952,"content":114953},{"textAlign":49},[114954],{"text":114955,"type":599},"However, it will take US polysilicon companies several years to increase production, Bernreuter said. ",{"type":594,"attrs":114957,"content":114958},{"textAlign":49},[114959],{"text":114960,"type":599},"“It still remains to be seen how effective these incentives will be and the Chinese manufacturers have a huge advantage in economies of scale, and that’s difficult to compete with,” he said.","Prices for polysilicon, the raw material for solar cells, have started to fall following an almost four-fold increase since the start of 2021, in a move that is set to ease cost pressures on the solar supply chain. Polysilicon prices rose to a decade high of 300 RMB ( $43) per kg in July from […]",[114963],{"slug":544,"name":543,"content":114964},{"job_title":557,"image":114965,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"391e44b5-c411-4d49-83be-7faa49af639e\", \"id\": \"\"}-->",[114968],{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":114970,"copyright":547,"fieldtype":553,"meta_data":114971,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7f489babf5/bm-china-solar.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 12, 2022",{"id":114974,"uuid":114975,"name":114976,"slug":114977,"full_slug":114978,"content":114979},112472121072686,"03310895-e1cf-43f7-b601-885e72b9232f","Brazil set to double share of global lithium mining this decade as Sigma accelerates plans","brazil-set-to-double-share-of-lithium-mining-this-decade-as-sigma-accelerates-plans","article/brazil-set-to-double-share-of-lithium-mining-this-decade-as-sigma-accelerates-plans",{"_uid":114980,"date":114981,"tags":114982,"editor":114988,"content":114992,"excerpt":115100,"featured":51,"reporter":115101,"_editable":115105,"component":864,"seo_title":114976,"categories":115106,"visibility":882,"author_company":49,"featured_image":115109,"seo_description":115100,"author_full_name":49,"author_job_title":49,"formattedDate":115112},"10a32d99-2786-4ddf-8683-622513cca298","2022-12-08 00:00",[114983,114984,114985],{"slug":7055,"name":7056},{"slug":578,"name":579},{"slug":114986,"name":114987},"sigma-lithium-resources","Sigma Lithium Resources",[114989],{"slug":544,"name":543,"content":114990},{"job_title":557,"image":114991,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":114993},[114994,114999,115004,115014,115019,115024,115031,115036,115043,115048,115053,115058,115063,115068,115073,115078,115090,115095],{"type":594,"attrs":114995,"content":114996},{"textAlign":49},[114997],{"text":114998,"type":599},"Brazil is forecast to more than double its share of the global mined lithium market over the next few years, becoming a significant new producer in South America. ",{"type":594,"attrs":115000,"content":115001},{"textAlign":49},[115002],{"text":115003,"type":599},"Benchmark forecasts the country is set to account for 4.4% of global production by 2024, half of the forecast global market share of Argentina. ",{"type":594,"attrs":115005,"content":115006},{"textAlign":49},[115007,115012],{"text":115008,"type":599,"marks":115009},"Brazil is often overshadowed by Chile and Argentina",[115010],{"type":604,"attrs":115011},{"href":88436,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":115013,"type":599}," when it comes to lithium production, yet the country is forecast to more than triple its output in the next two years. ",{"type":594,"attrs":115015,"content":115016},{"textAlign":49},[115017],{"text":115018,"type":599},"Luiz Inácio Lula da Silva, who was voted in as Brazil’s next president in October, has also pledged to work towards a sustainable energy transition, with a role for “greener” mining.",{"type":594,"attrs":115020,"content":115021},{"textAlign":49},[115022],{"text":115023,"type":599},"A further boost to Brazil’s position in the battery supply chain could come from BYD. The Chinese electric vehicle maker has plans to build electric vehicle production facilities and lithium processing plants in the state of Bahia in the northeast of the country. ",{"type":594,"attrs":115025,"content":115026},{"textAlign":49},[115027],{"type":1186,"attrs":115028},{"id":49,"alt":547,"src":115029,"title":49,"source":49,"copyright":49,"meta_data":115030},"https://a.storyblok.com/f/287943243085208/defe02f7a9/bm-top-five-lithium-mining-countries-in-2024.png",{},{"type":594,"attrs":115032,"content":115033},{"textAlign":49},[115034],{"text":115035,"type":599},"By 2030, the country’s output will be five times this year’s production, a faster growth rate than that of South America as a whole, which is forecast to grow just under three times in the same period.",{"type":594,"attrs":115037,"content":115038},{"textAlign":49},[115039],{"type":1186,"attrs":115040},{"id":49,"alt":547,"src":115041,"title":49,"source":49,"copyright":49,"meta_data":115042},"https://a.storyblok.com/f/287943243085208/9544ab80bb/bm-brazils-share-of-lithium-production-to-double-by-2024.png",{},{"type":594,"attrs":115044,"content":115045},{"textAlign":49},[115046],{"text":115047,"type":599},"“The country has always flown under the radar,” Cameron Perks, an analyst at Benchmark, said. “When we talk about South American lithium, we almost always speak of Chile and Argentina but not pegmatites in Brazil.”",{"type":657,"attrs":115049,"content":115050},{"level":15966,"textAlign":49},[115051],{"text":115052,"type":599},"Sigma Lithium’s dominance",{"type":594,"attrs":115054,"content":115055},{"textAlign":49},[115056],{"text":115057,"type":599},"The majority of the country’s mined lithium production is from Sigma Lithium Resources, a Canadian company operating in Brazil, which this month announced it would ship products from its Grota de Cirilo project by the end of April 2023.",{"type":594,"attrs":115059,"content":115060},{"textAlign":49},[115061],{"text":115062,"type":599},"Benchmark tracks three lithium mining companies with 2024 operations in Brazil. Of these, Sigma Lithium is forecast to account for over 60% of the country’s production and is could grow its share to nearly 80% by 2026.",{"type":594,"attrs":115064,"content":115065},{"textAlign":49},[115066],{"text":115067,"type":599},"The company mines spodumene from the state of Minas Gerais in Brazil. It currently operates a pilot-scale facility producing spodumene concentrate.",{"type":594,"attrs":115069,"content":115070},{"textAlign":49},[115071],{"text":115072,"type":599},"Sigma announced earlier this month that this facility is currently undergoing commissioning and will be sending lithium concentrate to customers from April next year. The company tripled its production target from 36,700 tonnes per year of LCE to 104,200 tonnes per year of LCE.",{"type":594,"attrs":115074,"content":115075},{"textAlign":49},[115076],{"text":115077,"type":599},"There are two other companies operating in Brazil in 2024.",{"type":594,"attrs":115079,"content":115080},{"textAlign":49},[115081,115083,115088],{"text":115082,"type":599},"AMG, a German company, has extracted spodumene from tantalum tailings since 2018 and is due to expand this operation in 2023. The spodumene is currently ",{"text":115084,"type":599,"marks":115085},"sent to China for processing",[115086],{"type":604,"attrs":115087},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":115089,"type":599},", but AMG is building a processing facility in Germany to produce lithium hydroxide, due to begin operation next year.",{"type":594,"attrs":115091,"content":115092},{"textAlign":49},[115093],{"text":115094,"type":599},"Companhia Brasileira de Lítio operates the Cachoeira project, with around 2,000 tonnes LCE of spodumene production a year.",{"type":594,"attrs":115096,"content":115097},{"textAlign":49},[115098],{"text":115099,"type":599},"Brazil’s output could be further bolstered by up-and-coming juniors developing the country’s significant pegmatite resources. Benchmark tracks at least four companies with projects in the early stages of exploration in the country.","Brazil is forecast to more than double its share of the global mined lithium market over the next few years, becoming a significant new producer in South America. Benchmark forecasts the country is set to account for 4.4% of global production by 2024, half of the forecast global market share of Argentina. Brazil is often […]",[115102],{"slug":544,"name":543,"content":115103},{"job_title":557,"image":115104,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"10a32d99-2786-4ddf-8683-622513cca298\", \"id\": \"\"}-->",[115107,115108],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":115110,"copyright":547,"fieldtype":553,"meta_data":115111,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/de79b3d483/bm-sigma-16-12-22-30.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 08, 2022",{"id":115114,"uuid":115115,"name":115116,"slug":115117,"full_slug":115118,"content":115119},112472116202541,"b161a6ac-4001-4fad-8519-33d432d5504e","The Chinese province producing more batteries than the rest of the world ","the-chinese-province-producing-more-batteries-than-the-rest-of-the-world","article/the-chinese-province-producing-more-batteries-than-the-rest-of-the-world",{"_uid":115120,"date":114981,"tags":115121,"editor":115124,"content":115128,"excerpt":115236,"featured":51,"reporter":115237,"_editable":115241,"component":864,"seo_title":115116,"categories":115242,"visibility":882,"author_company":49,"featured_image":115245,"seo_description":115236,"author_full_name":49,"author_job_title":49,"formattedDate":115112},"4cc6968f-c066-4c0a-8112-bf5e2d63b22d",[115122,115123],{"slug":913,"name":914},{"slug":578,"name":579},[115125],{"slug":544,"name":543,"content":115126},{"job_title":557,"image":115127,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":115129},[115130,115135,115140,115145,115150,115157,115162,115167,115172,115177,115182,115187,115192,115197,115202,115209,115214,115219,115226,115231],{"type":594,"attrs":115131,"content":115132},{"textAlign":49},[115133],{"text":115134,"type":599},"China’s Jiangsu province will produce more batteries than the rest of the world this year and is set to extend its lead in 2023, according to a Benchmark analysis.",{"type":594,"attrs":115136,"content":115137},{"textAlign":49},[115138],{"text":115139,"type":599},"Jiangsu is forecast to produce almost 250 gigawatt-hours (GWh) of battery cells next year, 10 GWh more than all other non-Chinese countries, data from Benchmark’s Lithium ion Battery Database shows. ",{"type":594,"attrs":115141,"content":115142},{"textAlign":49},[115143],{"text":115144,"type":599},"“In the EV supply chain, Changzhou is the main area in Jiangsu. Government support and planning on the EV supply chain was a gamble. The government saw the opportunity first and decided to invest more at an early stage to develop the industry faster,” Albert Li, an analyst from Benchmark, said. ",{"type":594,"attrs":115146,"content":115147},{"textAlign":49},[115148],{"text":115149,"type":599},"The rapid development of battery production in the region highlights the disparity between Chinese provinces and other countries looking to scale up battery production.",{"type":594,"attrs":115151,"content":115152},{"textAlign":49},[115153],{"type":1186,"attrs":115154},{"id":49,"alt":547,"src":115155,"title":49,"source":49,"copyright":49,"meta_data":115156},"https://a.storyblok.com/f/287943243085208/dc3cbb2a28/bm-rise-of-jiangsu.png",{},{"type":594,"attrs":115158,"content":115159},{"textAlign":49},[115160],{"text":115161,"type":599},"In 2015, there were only two battery factories in Jiangsu producing at gigawatt-hour scale. Following major investments from Chinese and South Korean battery manufacturers there are now 28 plants producing at gigawatt-hour scale. ",{"type":594,"attrs":115163,"content":115164},{"textAlign":49},[115165],{"text":115166,"type":599},"In comparison, Benchmark forecasts that only 31 gigafactories outside of China will produce more than one gigawatt-hour of cells in 2022. ",{"type":594,"attrs":115168,"content":115169},{"textAlign":49},[115170],{"text":115171,"type":599},"Changzhou introduced CALB to establish cell factories in 2015, CATL in 2016, and SVOLT in 2018, Li said. ",{"type":594,"attrs":115173,"content":115174},{"textAlign":49},[115175],{"text":115176,"type":599},"“These projects drew more downstream and upstream projects to actively work with cell producers,” he said.",{"type":594,"attrs":115178,"content":115179},{"textAlign":49},[115180],{"text":115181,"type":599},"Expansions from tier 1 battery producers have been key to Jiangsu’s battery production growth and will account for 64% of output next year. The province is home to seven of nine tier 1 battery manufacturers including CATL, BYD, LG Energy Solution (LGES), and SK On. ",{"type":657,"attrs":115183,"content":115184},{"level":15966,"textAlign":49},[115185],{"text":115186,"type":599},"Competing with continents ",{"type":594,"attrs":115188,"content":115189},{"textAlign":49},[115190],{"text":115191,"type":599},"The growth of Jiangsu’s battery industry has seen it quickly overtake other parts of the world. In 2018, North America’s cell production output was 40% more than Jiangsu province at 27 GWh. ",{"type":594,"attrs":115193,"content":115194},{"textAlign":49},[115195],{"text":115196,"type":599},"Since then, Jiangsu’s battery production has increased by 850%, while North America’s has almost doubled. ",{"type":594,"attrs":115198,"content":115199},{"textAlign":49},[115200],{"text":115201,"type":599},"This year, Jiangsu province is on track to produce almost four times more than North America and three times Europe. Benchmark forecasts that it will take until 2029 for the two continents to match Jiangsu’s lithium ion output.",{"type":594,"attrs":115203,"content":115204},{"textAlign":49},[115205],{"type":1186,"attrs":115206},{"id":49,"alt":547,"src":115207,"title":49,"source":49,"copyright":49,"meta_data":115208},"https://a.storyblok.com/f/287943243085208/96bdb68968/bm-jiangsu-v-europe-v-north-america-1.png",{},{"type":594,"attrs":115210,"content":115211},{"textAlign":49},[115212],{"text":115213,"type":599},"A Chinese battery and economic hub",{"type":594,"attrs":115215,"content":115216},{"textAlign":49},[115217],{"text":115218,"type":599},"Jiangsu has been central to the growth of China’s battery industry and is forecast to produce almost a third of the country’s battery output this year, according to Benchmark’s Lithium ion Battery Database.",{"type":594,"attrs":115220,"content":115221},{"textAlign":49},[115222],{"type":1186,"attrs":115223},{"id":49,"alt":547,"src":115224,"title":49,"source":49,"copyright":49,"meta_data":115225},"https://a.storyblok.com/f/287943243085208/af70e0e06f/bm-china-battery-provinces.png",{},{"type":594,"attrs":115227,"content":115228},{"textAlign":49},[115229],{"text":115230,"type":599},"“Jiangsu province’s GDP has ranked second in China for three decades. The region has a strong business environment, an experienced local government, and is located between Beijing and Shanghai ports for sea and river transportation,” Li said. ",{"type":594,"attrs":115232,"content":115233},{"textAlign":49},[115234],{"text":115235,"type":599},"“Government support with real promises is very important – not just in finance but also in policy and real execution,” he added. ","China’s Jiangsu province will produce more batteries than the rest of the world this year and is set to extend its lead in 2023, according to a Benchmark analysis. Jiangsu is forecast to produce almost 250 gigawatt-hours (GWh) of battery cells next year, 10 GWh more than all other non-Chinese countries, data from Benchmark’s Lithium […]",[115238],{"slug":544,"name":543,"content":115239},{"job_title":557,"image":115240,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4cc6968f-c066-4c0a-8112-bf5e2d63b22d\", \"id\": \"\"}-->",[115243,115244],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":115246,"copyright":547,"fieldtype":553,"meta_data":115247,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/989cfc8c16/bm-changzhou-jiangsu-province.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":115249,"uuid":115250,"name":115251,"slug":115252,"full_slug":115253,"content":115254},112472125873199,"4131c35b-3898-41b6-b9b5-c0d4c45087fe","OPINION: Could smaller electric vehicle batteries help alleviate the lithium deficit?","opinion-could-smaller-electric-vehicle-batteries-help-alleviate-the-lithium-deficit","article/opinion-could-smaller-electric-vehicle-batteries-help-alleviate-the-lithium-deficit",{"_uid":115255,"date":115256,"tags":115257,"editor":115262,"content":115266,"excerpt":115379,"featured":51,"reporter":115380,"_editable":115384,"component":864,"seo_title":115251,"categories":115385,"visibility":882,"author_company":49,"featured_image":115389,"seo_description":115379,"author_full_name":49,"author_job_title":49,"formattedDate":115392},"ef385430-d1dd-4a94-bb5e-c7db45c8e69c","2022-12-07 00:00",[115258,115261],{"slug":115259,"name":115260},"comment","Comment",{"slug":41666,"name":41667},[115263],{"slug":544,"name":543,"content":115264},{"job_title":557,"image":115265,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":115267},[115268,115273,115278,115283,115290,115295,115300,115305,115310,115315,115322,115327,115332,115337,115342,115347,115352,115357,115362,115367,115372],{"type":594,"attrs":115269,"content":115270},{"textAlign":49},[115271],{"text":115272,"type":599},"The lithium deficit forecast by Benchmark for 2030 could be alleviated by decreasing the average pack size in electric vehicles (EVs).",{"type":594,"attrs":115274,"content":115275},{"textAlign":49},[115276],{"text":115277,"type":599},"With almost 40 million EVs expected to be sold in 2030, the expected average pack size of 67 kilowatt-hours (kWh) will see global demand for lithium exceed supply by seven percent, according to Benchmark’s Lithium Forecast.",{"type":594,"attrs":115279,"content":115280},{"textAlign":49},[115281],{"text":115282,"type":599},"To bring lithium demand below the forecast supply, the average battery pack size could be reduced. With technological improvements in the efficiency of EV batteries, this can be achieved without inducing additional range anxiety.",{"type":594,"attrs":115284,"content":115285},{"textAlign":49},[115286],{"type":1186,"attrs":115287},{"id":49,"alt":547,"src":115288,"title":49,"source":49,"copyright":49,"meta_data":115289},"https://a.storyblok.com/f/287943243085208/66b196d4fc/bm-pack-size-lithium-deficit.png",{},{"type":657,"attrs":115291,"content":115292},{"level":15966,"textAlign":49},[115293],{"text":115294,"type":599},"Technological improvements ",{"type":594,"attrs":115296,"content":115297},{"textAlign":49},[115298],{"text":115299,"type":599},"Bigger battery packs increase EV range. This statement is true, but it overlooks the essential role that technological advances have played in optimising pack efficiency. ",{"type":594,"attrs":115301,"content":115302},{"textAlign":49},[115303],{"text":115304,"type":599},"To date, the majority of performance enhancements have come through either materials chemistry development or innovative cell, module, and pack design. The former targeted at improving the efficiency and longevity of the active material and the latter concerned with stripping back the weight contribution of inactive materials. Combined, these advances have enabled the incorporation of higher capacity battery packs into vehicles with the same physical restrictions.",{"type":594,"attrs":115306,"content":115307},{"textAlign":49},[115308],{"text":115309,"type":599},"The 2011 Nissan Leaf could drive 73 miles powered by a 24 kWh pack. Today’s Mercedes-Benz EQA and Hyundai Kona Electric have 69.7 and 64 kWh battery packs and boast a maximum range of 272 and 248 miles, respectively. ",{"type":594,"attrs":115311,"content":115312},{"textAlign":49},[115313],{"text":115314,"type":599},"Although there is a clear relationship between pack capacity and vehicle range, the improvements in pack efficiency should not be overlooked. Whereas in 2011 pack efficiency was approximately 3.04 miles/kWh, today the average is around 3.89 miles /kWh – a 28% improvement  in drive range per kWh.",{"type":594,"attrs":115316,"content":115317},{"textAlign":49},[115318],{"type":1186,"attrs":115319},{"id":49,"alt":547,"src":115320,"title":49,"source":49,"copyright":49,"meta_data":115321},"https://a.storyblok.com/f/287943243085208/a207f432ea/bm-61-kwh-hour-lithium-deficit.png",{},{"type":657,"attrs":115323,"content":115324},{"level":15966,"textAlign":49},[115325],{"text":115326,"type":599},"The end of range anxiety ",{"type":594,"attrs":115328,"content":115329},{"textAlign":49},[115330],{"text":115331,"type":599},"The required range for an EV is largely determined by the geography of its use. Taking the US as an example, the average American drives 45 miles per day, which is well within the range of current EVs. ",{"type":594,"attrs":115333,"content":115334},{"textAlign":49},[115335],{"text":115336,"type":599},"This opinion is commonly touted as defence against range anxiety, but is largely ineffective when you consider that the everyday use case of a passenger vehicle does not accurately reflect its overall requirements, with medium to long distance journeys being a critical deficiency of this argument. ",{"type":594,"attrs":115338,"content":115339},{"textAlign":49},[115340],{"text":115341,"type":599},"But with the average range of EVs fast approaching 300 miles, where does this leave range anxiety?",{"type":594,"attrs":115343,"content":115344},{"textAlign":49},[115345],{"text":115346,"type":599},"We are fast approaching a critical point in which supplementary range will be but one of many considerations in the manufacture and purchase of an EV.",{"type":657,"attrs":115348,"content":115349},{"level":15966,"textAlign":49},[115350],{"text":115351,"type":599},"Cheaper EVs",{"type":594,"attrs":115353,"content":115354},{"textAlign":49},[115355],{"text":115356,"type":599},"The supply of raw materials will ultimately determine the maximum production capacity, and therefore supply, of global EVs. However, this does not mean that we must choose between range or mass production – rather that technological advances could permit the freedom to achieve desirable range with reduced raw material requirements.",{"type":594,"attrs":115358,"content":115359},{"textAlign":49},[115360],{"text":115361,"type":599},"If battery pack optimisation continues at the rate achieved over the past 10 years, in 2030 a 61 kWh battery pack could provide a range of 300 miles. ",{"type":594,"attrs":115363,"content":115364},{"textAlign":49},[115365],{"text":115366,"type":599},"It is important to note that this discussion does not consider the impact that next-generation technologies could have on enhancing projections further. The freedom enabled by technological advances would allow consumers the choice of paying a premium for an additional 100 miles of range, or conversely accepting a reduced range to bring an EV to a more affordable price. ",{"type":594,"attrs":115368,"content":115369},{"textAlign":49},[115370],{"text":115371,"type":599},"If the rate of improvement in battery efficiencies continue as they have been, it is possible for the average EV range to be 300 miles without pushing the lithium market into a deficit.",{"type":594,"attrs":115373,"content":115374},{"textAlign":49},[115375],{"text":115376,"type":599,"marks":115377},"Rory McNulty is an analyst at Benchmark Mineral Intelligence.",[115378],{"type":643},"The lithium deficit forecast by Benchmark for 2030 could be alleviated by decreasing the average pack size in electric vehicles (EVs). With almost 40 million EVs expected to be sold in 2030, the expected average pack size of 67 kilowatt-hours (kWh) will see global demand for lithium exceed supply by seven percent, according to Benchmark’s […]",[115381],{"slug":544,"name":543,"content":115382},{"job_title":557,"image":115383,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ef385430-d1dd-4a94-bb5e-c7db45c8e69c\", \"id\": \"\"}-->",[115386,115387,115388],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":115390,"copyright":547,"fieldtype":553,"meta_data":115391,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/472e7065d7/bm-leaf10-sv-001.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 07, 2022",{"id":115394,"uuid":115395,"name":115396,"slug":115397,"full_slug":115398,"content":115399},112472130698288,"9eaa6392-7f83-4751-97ad-0a7cd761f3d9","Chile’s lithium growth challenged by political uncertainty","chiles-lithium-growth-challenged-by-political-uncertainty","article/chiles-lithium-growth-challenged-by-political-uncertainty",{"_uid":115400,"date":115401,"tags":115402,"editor":115404,"content":115408,"excerpt":115609,"featured":51,"reporter":115610,"_editable":115614,"component":864,"seo_title":115396,"categories":115615,"visibility":882,"author_company":49,"featured_image":115618,"seo_description":115609,"author_full_name":49,"author_job_title":49,"formattedDate":115620},"9f69a4e9-c0c2-462e-a73a-1d842b9ee273","2022-12-06 00:00",[115403],{"slug":17168,"name":13351},[115405],{"slug":544,"name":543,"content":115406},{"job_title":557,"image":115407,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":115409},[115410,115415,115420,115425,115430,115435,115440,115447,115452,115457,115462,115467,115472,115477,115482,115487,115492,115497,115502,115507,115512,115517,115522,115527,115534,115539,115544,115549,115554,115559,115564,115569,115574,115579,115584,115589,115594,115599,115604],{"type":594,"attrs":115411,"content":115412},{"textAlign":49},[115413],{"text":115414,"type":599},"Nine months into office, Chile’s 36-year old president Gabriel Boric has yet to announce a formal strategy for the country’s lithium sector, confusing some investors and leaving neighbouring Argentina set to catch-up as the region’s largest producer. ",{"type":594,"attrs":115416,"content":115417},{"textAlign":49},[115418],{"text":115419,"type":599},"Boric, a former student leader, who campaigned on pledges to create a state-owned lithium company, will accomplish that goal in three years, Chilean officials told Benchmark in October. ",{"type":594,"attrs":115421,"content":115422},{"textAlign":49},[115423],{"text":115424,"type":599},"Yet those plans have yet to materialise and growth in the lithium industry in Chile is still hampered by the lack of new expansions outside of the two largest companies, SQM and Albemarle. Plans to allow state-owned copper miner Codelco to produce lithium have yet to bear fruit and have raised concerns about private companies being pushed out of the industry. ",{"type":594,"attrs":115426,"content":115427},{"textAlign":49},[115428],{"text":115429,"type":599},"Benchmark forecasts if all planned capacity comes to market, then Argentina could overtake Chile by 2028 in terms of lithium production. Argentina is set to see a more than fourteen-fold increase in supply, to 534,000 tonnes LCE by 2030, due to a number of new projects from Chinese investors as well as mining giant Rio Tinto.",{"type":594,"attrs":115431,"content":115432},{"textAlign":49},[115433],{"text":115434,"type":599},"Chile, however, is unlikely to see significant new players in the industry.  ",{"type":594,"attrs":115436,"content":115437},{"textAlign":49},[115438],{"text":115439,"type":599},"“The main growth [in Chile] is going to be from SQM and Albemarle,” Cameron Perks, an analyst at Benchmark, said. ",{"type":594,"attrs":115441,"content":115442},{"textAlign":49},[115443],{"type":1186,"attrs":115444},{"id":49,"alt":547,"src":115445,"title":49,"source":49,"copyright":49,"meta_data":115446},"https://a.storyblok.com/f/287943243085208/e6403f5bec/bm-fraser-chile-institute.png",{},{"type":657,"attrs":115448,"content":115449},{"level":15966,"textAlign":49},[115450],{"text":115451,"type":599},"Pinochet’s legacy ",{"type":594,"attrs":115453,"content":115454},{"textAlign":49},[115455],{"text":115456,"type":599},"Lithium was declared a “strategic” mineral in Chile in 1979 under the government of former dictator Augusto Pinochet, due to its use in the nuclear industry. Its production was reserved for the state. ",{"type":594,"attrs":115458,"content":115459},{"textAlign":49},[115460],{"text":115461,"type":599},"SQM and Albemarle extract lithium from the country’s Salar de Atacama salt flat under leases with the government, which specify production quotas as well as other conditions such as support for local communities. SQM’s lease in the Salar de Atacama runs out in 2030, whereas Albemarle’s lease lasts until 2043. ",{"type":594,"attrs":115463,"content":115464},{"textAlign":49},[115465],{"text":115466,"type":599},"New projects have to obtain a special lithium operation contract (CEOL) from the mining ministry to produce lithium, as well as approval from the nuclear commission. Yet an October 2021 auction of these rights was suspended by a Chilean court just days after the rights were awarded. ",{"type":594,"attrs":115468,"content":115469},{"textAlign":49},[115470],{"text":115471,"type":599},"“The constitutional mandate that keeps lithium a strategic product – I don’t see that changing in the near future,” Patricia Vasquez, a global fellow at the Wilson Center, said. “This president has been talking about creating a lithium governmental company – so they are going in the opposite direction.”",{"type":594,"attrs":115473,"content":115474},{"textAlign":49},[115475],{"text":115476,"type":599},"Chile’s government is grappling with how to promote sustainable lithium mining in the country, since Boric came to power in March. He has said he will demand “higher environmental standards” for mining companies, but that he will stick to the law and create certainty for investors. ",{"type":594,"attrs":115478,"content":115479},{"textAlign":49},[115480],{"text":115481,"type":599},"“The problem is Boric needs to deliver for the people who voted for him,” Vasquez said. ",{"type":594,"attrs":115483,"content":115484},{"textAlign":49},[115485],{"text":115486,"type":599},"Officials say Boric will seek to create a public-private partnership company to look at how to add value to the country’s lithium production, for example by producing battery materials in the country. The country could take a minority stake, they say. ",{"type":594,"attrs":115488,"content":115489},{"textAlign":49},[115490],{"text":115491,"type":599},"Yet so far, few details have emerged. Marcela Hernando, Chile’s mining minister, told a Benchmark event in October that the government would partner with companies that will produce lithium “in an open way,” with transparency. It would also create a lithium institute for research on the salt flats. ",{"type":594,"attrs":115493,"content":115494},{"textAlign":49},[115495],{"text":115496,"type":599},"“Our economic vision is that Chile needs to be a world leader in sustainable responsible mining production,” she said. ",{"type":657,"attrs":115498,"content":115499},{"level":15966,"textAlign":49},[115500],{"text":115501,"type":599},"The state advances",{"type":594,"attrs":115503,"content":115504},{"textAlign":49},[115505],{"text":115506,"type":599},"Meanwhile, concerns are growing about the state’s role in lithium. Last month news reports said that state-owned copper miner Codelco would be the only company eligible to produce lithium from the country’s Salar de Maricunga salt flat, where private company Lithium Power International has been developing a project. ",{"type":594,"attrs":115508,"content":115509},{"textAlign":49},[115510],{"text":115511,"type":599},"In 2018 Codelco was awarded a CEOL and approval from the Chilean Nuclear Commission to produce lithium in Maricunga. Yet the El Mercurio newspaper reported that Codelco had applied for its CEOL permit to expand to cover the entire Maricunga deposit in Chile’s Atacama region.  ",{"type":594,"attrs":115513,"content":115514},{"textAlign":49},[115515],{"text":115516,"type":599},"Lithium Power International said in a statement that its concessions and permitting according to Chilean law is “solid.” ",{"type":594,"attrs":115518,"content":115519},{"textAlign":49},[115520],{"text":115521,"type":599},"“LPI [Lithium Power International] has absolute confidence in the Chilean legal system and in its strict compliance by its authorities,” it said. ",{"type":594,"attrs":115523,"content":115524},{"textAlign":49},[115525],{"text":115526,"type":599},"The company says half of its mining concessions were obtained before the country’s 1979 designation of lithium as strategic, meaning they only need nuclear commission approval and do not need a CEOL application. ",{"type":594,"attrs":115528,"content":115529},{"textAlign":49},[115530],{"type":1186,"attrs":115531},{"id":49,"alt":547,"src":115532,"title":49,"source":49,"copyright":49,"meta_data":115533},"https://a.storyblok.com/f/287943243085208/1e056e2cbc/bm-if-all-planned-capacity-comes-to-market-then-argentina-could-overtake-chile-by-2028.png",{},{"type":657,"attrs":115535,"content":115536},{"level":15966,"textAlign":49},[115537],{"text":115538,"type":599},"New private players  ",{"type":594,"attrs":115540,"content":115541},{"textAlign":49},[115542],{"text":115543,"type":599},"Another new player, CleanTech Lithium, listed in London in March, just after Boric was sworn in and as Chile’s Pinochet-era constitution was being re-written. It warned in its listing document that politics could result “in the Company having its projects nationalised.” ",{"type":594,"attrs":115545,"content":115546},{"textAlign":49},[115547],{"text":115548,"type":599},"Since then, however, those concerns have eased following a rejection by voters of a proposed left-leaning constitution in September. ",{"type":594,"attrs":115550,"content":115551},{"textAlign":49},[115552],{"text":115553,"type":599},"Aldo Boitano, the company’s chief executive, said the Chilean government wanted the involvement of private companies in the lithium sector and was keen to stimulate private investment given the current global environment. ",{"type":594,"attrs":115555,"content":115556},{"textAlign":49},[115557],{"text":115558,"type":599},"“They want to be more involved but they know the private sector is the one that has the knowledge and the capital,” he said. “Politics are one thing for the people who voted and another thing for really running the country. They need money to do all the social things.” ",{"type":594,"attrs":115560,"content":115561},{"textAlign":49},[115562],{"text":115563,"type":599},"In January the company submitted a CEOL application to the mining ministry for both of its projects in Chile, but these have not yet been approved. It plans to use direct lithium extraction (DLE) rather than large evaporation ponds, using technology from China’s SunResin. ",{"type":657,"attrs":115565,"content":115566},{"level":15966,"textAlign":49},[115567],{"text":115568,"type":599},"SQM’s looming 2030 deadline ",{"type":594,"attrs":115570,"content":115571},{"textAlign":49},[115572],{"text":115573,"type":599},"While Boric has promised legal certainty for existing mining contracts, SQM still faces the expiration of its lithium lease in the Salar de Atacama at the end of the decade. ",{"type":594,"attrs":115575,"content":115576},{"textAlign":49},[115577],{"text":115578,"type":599},"Previous negotiations with the government body Corfo in 2018 resulted in a number of financial and other conditions for SQM, including royalty rates as high as 40% of the price of lithium, as well as committed funding to local communities and on research and development. ",{"type":594,"attrs":115580,"content":115581},{"textAlign":49},[115582],{"text":115583,"type":599},"In the first nine months of this year SQM contributed more than $3.6 billion to the government, due to high lithium prices. It has told Chilean media that this is more than Codelco, the copper producer. ",{"type":594,"attrs":115585,"content":115586},{"textAlign":49},[115587],{"text":115588,"type":599},"Yet the uncertainty of the 2030 deadline makes it hard to make large investments without clarity. ",{"type":594,"attrs":115590,"content":115591},{"textAlign":49},[115592],{"text":115593,"type":599},"In September, SQM announced a $1.5 billion investment proposal to increase the sustainability of its lithium production by using direct lithium extraction technologies and reinjecting water to the Salar. The company would also build a seawater desalination plant to replace water evaporated from the Salar as well as a solar power plant to provide the energy for the DLE process, it said. ",{"type":594,"attrs":115595,"content":115596},{"textAlign":49},[115597],{"text":115598,"type":599},"The plan would reduce the amount of brine SQM extracts from the Salar and eventually create “water-usage neutral” production, the company said. ",{"type":594,"attrs":115600,"content":115601},{"textAlign":49},[115602],{"text":115603,"type":599},"But the company made clear its plan would be dependent on negotiations with Corfo and noted that “the current terms of the contract between SQM and Corfo impose certain limitations on medium and long-term investments.” ",{"type":594,"attrs":115605,"content":115606},{"textAlign":49},[115607],{"text":115608,"type":599},"“We have no doubt that in a dialogue aimed at seeking the benefits of all parties, it is feasible to find a meeting point that adds value to all those involved,” it said.","Nine months into office, Chile’s 36-year old president Gabriel Boric has yet to announce a formal strategy for the country’s lithium sector, confusing some investors and leaving neighbouring Argentina set to catch-up as the region’s largest producer. Boric, a former student leader, who campaigned on pledges to create a state-owned lithium company, will accomplish that […]",[115611],{"slug":544,"name":543,"content":115612},{"job_title":557,"image":115613,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9f69a4e9-c0c2-462e-a73a-1d842b9ee273\", \"id\": \"\"}-->",[115616,115617],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":67358,"copyright":547,"fieldtype":553,"meta_data":115619,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Dec 06, 2022",{"id":115622,"uuid":115623,"name":115624,"slug":115625,"full_slug":115626,"content":115627},112472140422194,"67c4d2e1-e4a1-4974-adb4-dee03474ea24","Rich nations’ pledge could help nickel producer Indonesia go green","rich-nations-pledge-could-help-nickel-producer-indonesia-go-green","article/rich-nations-pledge-could-help-nickel-producer-indonesia-go-green",{"_uid":115628,"date":115629,"tags":115630,"editor":115634,"content":115638,"excerpt":115772,"featured":51,"reporter":115773,"_editable":115777,"component":864,"seo_title":115778,"categories":115779,"visibility":2091,"author_company":49,"data_vis_image":115783,"featured_image":115785,"seo_description":115788,"author_full_name":49,"author_job_title":49,"formattedDate":115789},"0175ee31-9e24-4c6d-8fb2-7f2d1c84f1ec","2022-12-05 00:00",[115631,115632,115633],{"slug":23760,"name":23761},{"slug":7997,"name":7998},{"slug":4610,"name":662},[115635],{"slug":544,"name":543,"content":115636},{"job_title":557,"image":115637,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":115639},[115640,115645,115650,115662,115667,115678,115683,115695,115700,115705,115710,115715,115722,115727,115732,115737,115742,115747,115752,115757,115762,115767],{"type":594,"attrs":115641,"content":115642},{"textAlign":49},[115643],{"text":115644,"type":599},"On the sidelines of this year’s G20 summit in Bali a coalition of rich nations and financial institutions- among them US, Canada, the European Union and Japan- agreed to provide $20 billion to Indonesia to accelerate its shift to renewable energy.",{"type":594,"attrs":115646,"content":115647},{"textAlign":49},[115648],{"text":115649,"type":599},"The Just Energy Transition Partnership (JETP), the second of its kind after a similar deal with South Africa last year, promises the funding over three to five years, to help Indonesia retire its coal-fired power plants early, and accelerate the deployment of renewable energy. ",{"type":594,"attrs":115651,"content":115652},{"textAlign":49},[115653,115655,115660],{"text":115654,"type":599},"The deal could help the world’s ",{"text":115656,"type":599,"marks":115657},"largest nickel producer",[115658],{"type":604,"attrs":115659},{"href":91928,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":115661,"type":599}," clean up its electricity mix, which would in turn help improve the carbon footprint of nickel processing for batteries. The agreement calls for renewables to account for 34% of Indonesia’s energy mix by 2030 and to peak power sector emissions by 2030.",{"type":594,"attrs":115663,"content":115664},{"textAlign":49},[115665],{"text":115666,"type":599},"Although this sum is only a small fraction of what Indonesia needs to successfully complete its transition, these investment commitments are also likely to attract further funding, some experts saying up to ten times more than what is already on the table.",{"type":594,"attrs":115668,"content":115669},{"textAlign":49},[115670,115672,115676],{"text":115671,"type":599},"Indonesia is becoming a key player in the global battery supply chain. In a recent interview with ",{"text":115673,"type":599,"marks":115674},"The Economist, ",[115675],{"type":643},{"text":115677,"type":599},"President Joko Widodo reiterated that he is in talks with Tesla’s chief executive Elon Musk to build a battery factory in the country.",{"type":594,"attrs":115679,"content":115680},{"textAlign":49},[115681],{"text":115682,"type":599},"Also at the sidelines of this year’s G20, a deal was struck between China’s battery maker Contemporary Amperex Technology (CATL), Chinese investment company CMB International (CMBI) and Indonesia’s sovereign wealth fund to finance a $2 billion “green fund”. It will provide financing for building and strengthening an end-to-end value chain for EV production in Indonesia. ",{"type":594,"attrs":115684,"content":115685},{"textAlign":49},[115686,115688,115693],{"text":115687,"type":599},"Indonesia is the world’s largest producer of nickel and is on track to become ",{"text":115689,"type":599,"marks":115690},"the world’s second largest cobalt producer by 2030",[115691],{"type":604,"attrs":115692},{"href":96737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":115694,"type":599},", with a projected thirty-fold increase in production this decade.",{"type":594,"attrs":115696,"content":115697},{"textAlign":49},[115698],{"text":115699,"type":599},"Yet coal powers 60% of Indonesia’s electricity, compared to 12% for renewables. The country is the world’s fourth-largest producer of coal and Southeast Asia’s biggest gas supplier.",{"type":594,"attrs":115701,"content":115702},{"textAlign":49},[115703],{"text":115704,"type":599},"The JETP is one step forward to helping clean that up – though much more progress will be needed. ",{"type":594,"attrs":115706,"content":115707},{"textAlign":49},[115708],{"text":115709,"type":599},"Nickel producers are still buildling their own coal-fired power plants to provide power to processing plants. A Chinese producer, Ningbo Lygend, said this month that it intends to build a 60 megawatt coal-fired power plant for the expansion of its high-pressure acid leaching (HPAL) plant in Obi Island, which makes nickel for electric vehicle batteries. ",{"type":594,"attrs":115711,"content":115712},{"textAlign":49},[115713],{"text":115714,"type":599},"The company only said it “may also consider” construction of solar photovoltaic facilities in the future to “supplement” the power from coal-fired power plants. ",{"type":657,"attrs":115716,"content":115717},{"level":15966,"textAlign":49},[115718,115720],{"text":115719,"type":599},"Carbon cost of",{"text":115721,"type":599}," nickel production ",{"type":594,"attrs":115723,"content":115724},{"textAlign":49},[115725],{"text":115726,"type":599},"A large proportion of the nickel products currently produced in Indonesia are nickel pig iron (NPI) and ferronickel, more suited to the stainless steel industry than for battery cathode production. NPI can be upgraded into nickel matte for the battery industry.",{"type":594,"attrs":115728,"content":115729},{"textAlign":49},[115730],{"text":115731,"type":599},"Life cycle analyses by Benchmark show that nickel sulphate produced from nickel matte, via laterite ores, in Indonesia and processed in China has CO2 equivalent emissions of 97 tonnes per tonne of nickel contained in the sulphate.",{"type":594,"attrs":115733,"content":115734},{"textAlign":49},[115735],{"text":115736,"type":599},"This is 1.6 times more carbon intensive than the equivalent process in Brazil (such as by Vale) with processing in Canada, with most of the emissions occurring in the country where the mineral is first mined and initially processed into intermediates.",{"type":594,"attrs":115738,"content":115739},{"textAlign":49},[115740],{"text":115741,"type":599},"Of the carbon emissions associated with the Indonesian/China nickel product, 94% comes from the mining and use of the rotary kiln-electric furnace (RKEF) used to produce the intermediate material in Indonesia. Only 6% is associated with the transport to and processing in China.",{"type":594,"attrs":115743,"content":115744},{"textAlign":49},[115745],{"text":115746,"type":599},"The other route to process nickel, high-pressure acide leaching (HPAL), is not without its downsides either. Although HPAL in Indonesia is up to five times less carbon intensive than the RKEF process, the toxicity to ecosystems  can be as much as three times worse owing to the high quantities of sulphuric acid needed, as assessed in Benchmark’s upcoming Nickel ESG report.",{"type":594,"attrs":115748,"content":115749},{"textAlign":49},[115750],{"text":115751,"type":599},"A reduction in the proportion of coal in Indonesia’s energy mix, supported by the JETP, will, however, lower the global warming potential of the process. ",{"type":594,"attrs":115753,"content":115754},{"textAlign":49},[115755],{"text":115756,"type":599},"If 100% renewable energy is used for the ferronickel route it will result in a 37.8% reduction in global warming potential, if 34% renewable energy is used (which is the JETP goal) it will lead to a 8.7% reduction. ",{"type":594,"attrs":115758,"content":115759},{"textAlign":49},[115760],{"text":115761,"type":599},"If 100% renewable energy is used for HPAL processing it will result in a 13.6% reduction in global warming potential, if 34% (which is the JETP goal) it will lead to a 3.2% reduction.",{"type":594,"attrs":115763,"content":115764},{"textAlign":49},[115765],{"text":115766,"type":599},"Although this is a notable improvement that will help to decarbonise the sector, direct emissions from the processes and their reagents (coal for ferronickel and limestone for HPAL) still account for more of the global warming potential than electricity. ",{"type":594,"attrs":115768,"content":115769},{"textAlign":49},[115770],{"text":115771,"type":599},"Therefore, while cleaning up the electricity mix in Indonesia will reduce scope 2 emissions, the direct emissions from the processes themselves, or the scope 1 emissions, remain high.","On the sidelines of this year’s G20 summit in Bali a coalition of rich nations and financial institutions- among them US, Canada, the European Union and Japan- agreed to provide $20 billion to Indonesia to accelerate its shift to renewable energy. The Just Energy Transition Partnership (JETP), the second of its kind after a similar […]",[115774],{"slug":544,"name":543,"content":115775},{"job_title":557,"image":115776,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0175ee31-9e24-4c6d-8fb2-7f2d1c84f1ec\", \"id\": \"\"}-->","Rich nations’ pledge could help nickel producer",[115780,115781,115782],{"slug":872,"name":873},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":115784},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":115786,"copyright":547,"fieldtype":553,"meta_data":115787,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/33dad547c1/bm-nickel-indonesia.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"On the sidelines of this year’s G20 summit in Bali a coalition of rich nations and financial institutions- among them US, Canada, the European Union and Japan- agreed to provide $20 ...","Dec 05, 2022",{"id":115791,"uuid":115792,"name":115793,"slug":115794,"full_slug":115795,"content":115796},112472135576625,"c4736888-4dcb-4514-bd68-cb461b73f479","River pollution in Chinese lithium hub could threaten domestic production","river-pollution-in-chinese-lithium-hub-could-threaten-domestic-production","article/river-pollution-in-chinese-lithium-hub-could-threaten-domestic-production",{"_uid":115797,"date":115629,"tags":115798,"editor":115800,"content":115804,"excerpt":115909,"featured":51,"reporter":115910,"_editable":115914,"component":864,"seo_title":115793,"categories":115915,"visibility":882,"author_company":49,"featured_image":115918,"seo_description":115909,"author_full_name":49,"author_job_title":49,"formattedDate":115789},"d3a54fee-b4eb-4c92-b6df-78cc00c507c7",[115799],{"slug":913,"name":914},[115801],{"slug":544,"name":543,"content":115802},{"job_title":557,"image":115803,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":115805},[115806,115811,115816,115821,115834,115839,115844,115849,115854,115859,115864,115869,115874,115879,115884,115889,115894,115899,115904],{"type":594,"attrs":115807,"content":115808},{"textAlign":49},[115809],{"text":115810,"type":599},"The temporary shutdown of a lithium carbonate production line in central China due to polluted river water could impact domestic production and further add to the shortage of lithium supplies in the market.  ",{"type":594,"attrs":115812,"content":115813},{"textAlign":49},[115814],{"text":115815,"type":599},"Last month Yongxing Special Materials said it would temporarily suspend its lithium production line in Yichun, Jiangxi province, following government testing that found local river water was “abnormal.” Three more lithium companies with around 26,000 tonnes LCE of total capacity have also stopped production in Yichun due to maintenance. ",{"type":594,"attrs":115817,"content":115818},{"textAlign":49},[115819],{"text":115820,"type":599},"The pollution in the Jinjiang River, which flows from Sichuan province, is “visible to the naked eye,” according to Chinese news reports. Abnormal levels of thallium were found in the water, Yongxing said this week. ",{"type":594,"attrs":115822,"content":115823},{"textAlign":49},[115824,115826,115832],{"text":115825,"type":599},"The problems come amid a surge of ",{"text":115827,"type":599,"marks":115828},"investment",[115829],{"type":604,"attrs":115830},{"href":115831,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-ceramic-producers-move-into-lithium-industry-as-prices-hit-new-highs/",{"text":115833,"type":599}," this year into domestic Chinese lithium mining assets, as Chinese battery-grade lithium prices have more than doubled this year. ",{"type":594,"attrs":115835,"content":115836},{"textAlign":49},[115837],{"text":115838,"type":599},"Jiangxi province is home to the majority of the world’s lepidolite mining capacity, with over 90% of global lepidolite mining occurring in the province last year. That has attracted investment from battery cell producers such as BYD and CATL as well as cathode producers. ",{"type":594,"attrs":115840,"content":115841},{"textAlign":49},[115842],{"text":115843,"type":599},"Shenzhen-listed Yongxing has a refinery that processes lepidolite concentrates to produce battery grade lithium carbonate. The company said on Friday it had restarted production after checking environmental protection equipment and improving its environmental management systems. ",{"type":594,"attrs":115845,"content":115846},{"textAlign":49},[115847],{"text":115848,"type":599},"The push into domestic mining helps Beijing reduce its dependence on overseas supplies and imports from Australia of lithium feedstock. Chinese battery-grade lithium prices were last trading at RMB 569,000 ($81,729) a tonne, according to Benchmark’s Lithium Price Assessment.",{"type":594,"attrs":115850,"content":115851},{"textAlign":49},[115852],{"text":115853,"type":599},"“If they are required to stop all production in the whole city that will be a big blow to the industry,” Albert Li, an analyst from Benchmark, said.",{"type":657,"attrs":115855,"content":115856},{"level":15966,"textAlign":49},[115857],{"text":115858,"type":599}," Pollution concerns",{"type":594,"attrs":115860,"content":115861},{"textAlign":49},[115862],{"text":115863,"type":599},"China’s domestic lepidolite resources are lower grade than Australian spodumene and result in more carbon emissions and waste production. That could cause concern for China’s environmental regulators. ",{"type":594,"attrs":115865,"content":115866},{"textAlign":49},[115867],{"text":115868,"type":599},"Last month Yongxing said that its lithium carbonate plant would be temporarily shut to “comply with an environmental inspection”, it said. A test of the water in the Jinjiang River by Gao’an city authorities had found “abnormalities,” it said. ",{"type":594,"attrs":115870,"content":115871},{"textAlign":49},[115872],{"text":115873,"type":599},"China’s Ministry of Ecology and the Environment is currently carrying out inspections, it said. ",{"type":594,"attrs":115875,"content":115876},{"textAlign":49},[115877],{"text":115878,"type":599},"This year Yongxing has produced over 13,770 tonnes of lithium carbonate, compared to 11,235 tonnes last year. ",{"type":594,"attrs":115880,"content":115881},{"textAlign":49},[115882],{"text":115883,"type":599},"This year ceramic producers in Gao’an city, which is under Yichun, have started to process lithium, attracted by the record high prices. Around 15% of the production lines in the city have been switched from ceramics production to lithium slag processing, according to Benchmark.",{"type":594,"attrs":115885,"content":115886},{"textAlign":49},[115887],{"text":115888,"type":599},"Yet the local authorities have stopped all approval of new production, according to Benchmark, due to environmental concerns. ",{"type":657,"attrs":115890,"content":115891},{"level":15966,"textAlign":49},[115892],{"text":115893,"type":599},"CATL bows out ",{"type":594,"attrs":115895,"content":115896},{"textAlign":49},[115897],{"text":115898,"type":599},"The pollution problems come three months after battery producer CATL terminated a cooperation agreement it had with Yongxing to build lithium processing and mining in Yichun. ",{"type":594,"attrs":115900,"content":115901},{"textAlign":49},[115902],{"text":115903,"type":599},"In January the two companies had agreed to form a joint venture with a capacity to produce 50,000 tonnes of lithium carbonate per year.",{"type":594,"attrs":115905,"content":115906},{"textAlign":49},[115907],{"text":115908,"type":599},"In August its rival BYD also signed an agreement with the Yichun municipal government to invest RMB 28.5 billion to build a 100,000 tonnes a year lithium carbonate project, lepidolite processing facility and a 30 GWh battery cell plant. ","The temporary shutdown of a lithium carbonate production line in central China due to polluted river water could impact domestic production and further add to the shortage of lithium supplies in the market. Last month Yongxing Special Materials said it would temporarily suspend its lithium production line in Yichun, Jiangxi province, following government testing that […]",[115911],{"slug":544,"name":543,"content":115912},{"job_title":557,"image":115913,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d3a54fee-b4eb-4c92-b6df-78cc00c507c7\", \"id\": \"\"}-->",[115916,115917],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":115919,"copyright":547,"fieldtype":553,"meta_data":115920,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3b35945643/bm-china-yichun.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":115922,"uuid":115923,"name":115924,"slug":115925,"full_slug":115926,"content":115927},112472150416436,"381a37f8-203b-46a8-b5bd-f8cdc7169ec4","Automakers eye solid-state batteries for 1,000 km EVs as WeLion produces first battery","automakers-eye-solid-state-batteries-for-1000-km-evs-as-welion-produces-first-battery","article/automakers-eye-solid-state-batteries-for-1000-km-evs-as-welion-produces-first-battery",{"_uid":115928,"date":115929,"tags":115930,"editor":115939,"content":115943,"excerpt":116118,"featured":51,"reporter":116119,"_editable":116123,"component":864,"seo_title":115924,"categories":116124,"visibility":882,"author_company":49,"featured_image":116127,"seo_description":116118,"author_full_name":49,"author_job_title":49,"formattedDate":116130},"657344c0-08f7-4c71-b8f1-09032be2791a","2022-12-02 00:00",[115931,115932,115935,115936,115937,115938],{"slug":103557,"name":103558},{"slug":115933,"name":115934},"mercedes-benz","Mercedes Benz",{"slug":37620,"name":37621},{"slug":103561,"name":103562},{"slug":21502,"name":21503},{"slug":60286,"name":60287},[115940],{"slug":544,"name":543,"content":115941},{"job_title":557,"image":115942,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":115944},[115945,115950,115955,115960,115965,115978,115983,115988,115993,115998,116003,116008,116013,116018,116023,116028,116033,116038,116043,116048,116055,116060,116065,116078,116083,116088,116093,116098,116103,116108,116113],{"type":594,"attrs":115946,"content":115947},{"textAlign":49},[115948],{"text":115949,"type":599},"Automakers are eyeing solid-state batteries to reach the sought-after target of a 1,000 kilometre (621 mile) range electric vehicle.",{"type":594,"attrs":115951,"content":115952},{"textAlign":49},[115953],{"text":115954,"type":599},"Beijing-based WeLion, a battery supplier to Chinese electric vehicle producer Nio, said last month that its first semi-solid-state batteries had rolled off the line at its production facility in Huzhou, Zhejiang province. Nio says its ET7 vehicle can drive for 1,000 kilometres on a single charge.",{"type":594,"attrs":115956,"content":115957},{"textAlign":49},[115958],{"text":115959,"type":599},"Solid-state batteries promise to make electric cars more competitive with internal combustion engines, especially in the premium segment, by boosting the range and charging speed of a vehicle. The world’s largest automakers including Mercedes and Stellantis have invested in the technology. ",{"type":594,"attrs":115961,"content":115962},{"textAlign":49},[115963],{"text":115964,"type":599},"Solid-state batteries promise to double the energy density of conventional lithium ion batteries, by replacing the liquid electrolyte with a polymer or ceramic material and using new anode materials instead of graphite.",{"type":594,"attrs":115966,"content":115967},{"textAlign":49},[115968,115970,115976],{"text":115969,"type":599},"Global production of solid-state batteries will be just ",{"text":115971,"type":599,"marks":115972},"1.1 gigawatt-hours this year",[115973],{"type":604,"attrs":115974},{"href":115975,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/solid-state-enters-gigawatt-hour-era-as-new-capacity-comes-online-in-2022/",{"text":115977,"type":599},", significantly lower than traditional lithium ion batteries. However, Benchmark forecasts production will increase over 130-fold to 146 GWh in 2030.",{"type":594,"attrs":115979,"content":115980},{"textAlign":49},[115981],{"text":115982,"type":599},"“I think with any next-generation battery technology whatever path you take there is going to be intrinsic risk,” Rory McNulty, an analyst at Benchmark, said. “Manufacturing, and more importantly, manufacturing-at-scale is one of the key challenges that face semi- and all-solid-state batteries.”",{"type":657,"attrs":115984,"content":115985},{"level":15966,"textAlign":49},[115986],{"text":115987,"type":599},"Solid-state’s advantages",{"type":594,"attrs":115989,"content":115990},{"textAlign":49},[115991],{"text":115992,"type":599},"Whether or not a semi-solid-state or all-solid-state battery is used, the advantages over traditional lithium ion batteries are clear, especially for safety. Lithium-ion batteries can become overheated and catch fire, a process called thermal runaway. ",{"type":594,"attrs":115994,"content":115995},{"textAlign":49},[115996],{"text":115997,"type":599},"“Intrinsically, both of these cell designs improve the safety of the battery compared to traditional lithium ion,” McNulty said. “This is primarily because of the removal of the organic liquid electrolyte that can undergo thermal runaway.”",{"type":594,"attrs":115999,"content":116000},{"textAlign":49},[116001],{"text":116002,"type":599},"In addition, the higher amount of energy per kilogram of battery enables larger battery packs to be made without sacrificing on the overall weight of the vehicle. ",{"type":657,"attrs":116004,"content":116005},{"level":15966,"textAlign":49},[116006],{"text":116007,"type":599},"Semi-solid-state as an interim ",{"type":594,"attrs":116009,"content":116010},{"textAlign":49},[116011],{"text":116012,"type":599},"In semi-solid-state batteries, some liquid is present to improve the interface between the electrodes and the solid-state separator–considered by some to be an interim step towards full solid-state cells.",{"type":594,"attrs":116014,"content":116015},{"textAlign":49},[116016],{"text":116017,"type":599},"“Right now, despite some of the bullish claims by our rivals, all-solid-state batteries are still at least 10 years away,” the chief executive of the Israeli-based battery company StoreDot, Doron Myersdorf, said last month.",{"type":594,"attrs":116019,"content":116020},{"textAlign":49},[116021],{"text":116022,"type":599},"McNulty explained that “the incorporation of an additional liquid component is to decrease resistance and increase ionic conductivity.”",{"type":594,"attrs":116024,"content":116025},{"textAlign":49},[116026],{"text":116027,"type":599},"WeLion’s semi-solid-state battery will be used by Nio in a 150-kilowatt-hour battery pack, which it claims can power an EV for 1,000 km, using the Chinese Light-Duty Vehicle Test Cycle. This is significantly higher than the average battery pack today which has a capacity of 56 kWh. ",{"type":594,"attrs":116029,"content":116030},{"textAlign":49},[116031],{"text":116032,"type":599},"WeLion has not announced the exact composition of its battery. WeLion’s founder Li Hong has claimed the battery would have an energy density of 360 watt-hours-per-kilogram.",{"type":594,"attrs":116034,"content":116035},{"textAlign":49},[116036],{"text":116037,"type":599},"However, McNulty said, “the fact that it could achieve 1,000 km suggests that they have successfully introduced and optimised a next-generation anode chemistry.”",{"type":594,"attrs":116039,"content":116040},{"textAlign":49},[116041],{"text":116042,"type":599},"The first of these semi-solid-state cells were produced in WeLion’s Huzhou facility earlier in November with samples due to be sent to automakers at the start of next year. The plant itself was completed in record time, taking just under a year to build.",{"type":594,"attrs":116044,"content":116045},{"textAlign":49},[116046],{"text":116047,"type":599},"Tianqi Lithium, a lithium metal producer in China, formed a joint venture with WeLion in May this year to work on the development of solid-state batteries. WeLion also has an agreement with Ronbay Materials, a Chinese cathode producer, for 30,000 tonnes of high nickel cathode material between 2022 and 2025.",{"type":657,"attrs":116049,"content":116050},{"level":15966,"textAlign":49},[116051,116053],{"text":116052,"type":599},"Eyeing the prize:",{"text":116054,"type":599}," all-solid-state players",{"type":594,"attrs":116056,"content":116057},{"textAlign":49},[116058],{"text":116059,"type":599},"Some companies have opted to focus on producing an all-solid-state battery, even though the manufacturing and technical hurdles are greater.",{"type":594,"attrs":116061,"content":116062},{"textAlign":49},[116063],{"text":116064,"type":599},"“The overall aim is to produce an all-solid-state battery which would result in the lowest weight of inactive materials,” McNulty said.",{"type":594,"attrs":116066,"content":116067},{"textAlign":49},[116068,116070,116076],{"text":116069,"type":599},"Blue Solutions, a subsidiary of the Bolloré Group, is a French solid-state battery maker that has already successfully commercialised an ",{"text":116071,"type":599,"marks":116072},"all-solid-state battery with a lithium metal anode",[116073],{"type":604,"attrs":116074},{"href":116075,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/solid-state-needs-lithium-metal-production-to-gear-up-to-meet-future-demand/",{"text":116077,"type":599}," for use in electric buses produced by Daimler and its own Bluebus.",{"type":594,"attrs":116079,"content":116080},{"textAlign":49},[116081],{"text":116082,"type":599},"In 2021, the company ramped up their solid-state battery production to over 600 MWh per year–approximately half of the global production of solid-state batteries, according to Benchmark.",{"type":594,"attrs":116084,"content":116085},{"textAlign":49},[116086],{"text":116087,"type":599},"However, the polymer electrolyte Blue Solutions uses in their all-solid-state battery requires preheating to be sufficiently conductive. This limits the technology to buses as they can be kept at temperature overnight unlike passenger vehicles.",{"type":594,"attrs":116089,"content":116090},{"textAlign":49},[116091],{"text":116092,"type":599},"The company aims to implement the next generation of its technology for the consumer EV market by 2026.",{"type":594,"attrs":116094,"content":116095},{"textAlign":49},[116096],{"text":116097,"type":599},"ProLogium, a Taiwanese solid-state battery developer, recently announced it would have prototype samples using 100% silicon oxide in the anode ready to send to automakers in the first quarter of 2023.",{"type":594,"attrs":116099,"content":116100},{"textAlign":49},[116101],{"text":116102,"type":599},"Rather than pursuing pure silicon anodes, ProLogium is commercialising silicon oxide anodes, due to their lower volumetric expansion during charging, which is around 160% compared to around 400% for pure silicon.",{"type":594,"attrs":116104,"content":116105},{"textAlign":49},[116106],{"text":116107,"type":599},"The company has been working with Mercedes since 2016 on the development of the technology for automotive applications. In April this year, Mercedes demonstrated its EQXX concept EV could drive over 1,000 km on a single charge, highlighting its commitment to the target.",{"type":594,"attrs":116109,"content":116110},{"textAlign":49},[116111],{"text":116112,"type":599},"There isn’t necessarily a right or better technology to focus on. Several automakers, including Mercedes, have shown interest in multiple solid-state technologies.",{"type":594,"attrs":116114,"content":116115},{"textAlign":49},[116116],{"text":116117,"type":599},"“Automakers are exploring multiple potential technologies, either in-house or through joint ventures and partnerships, which in a way acts to de-risk realisation of next-gen battery packs,” McNulty said.","Automakers are eyeing solid-state batteries to reach the sought-after target of a 1,000 kilometre (621 mile) range electric vehicle. Beijing-based WeLion, a battery supplier to Chinese electric vehicle producer Nio, said last month that its first semi-solid-state batteries had rolled off the line at its production facility in Huzhou, Zhejiang province. Nio says its ET7 […]",[116120],{"slug":544,"name":543,"content":116121},{"job_title":557,"image":116122,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"657344c0-08f7-4c71-b8f1-09032be2791a\", \"id\": \"\"}-->",[116125,116126],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":116128,"copyright":547,"fieldtype":553,"meta_data":116129,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ea3cc08f32/bm-image-16.png",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 02, 2022",{"id":116132,"uuid":116133,"name":116134,"slug":116135,"full_slug":116136,"content":116137},112472176733242,"c7775c6c-b797-4518-9166-42be080b843b","Trafigura secures $600 million syndicated loan to boost DRC cobalt supply","trafigura-secures-600-million-syndicated-loan-to-boost-drc-cobalt-supply","article/trafigura-secures-600-million-syndicated-loan-to-boost-drc-cobalt-supply",{"_uid":116138,"date":116139,"tags":116140,"editor":116146,"content":116150,"excerpt":116275,"featured":51,"reporter":116276,"_editable":116280,"component":864,"seo_title":116134,"categories":116281,"visibility":882,"author_company":49,"featured_image":116284,"seo_description":116275,"author_full_name":49,"author_job_title":49,"formattedDate":116287},"aed65dfd-f7ba-4ec2-8611-0fee585960d7","2022-11-25 00:00",[116141,116144,116145],{"slug":116142,"name":116143},"chemaf","Chemaf",{"slug":572,"name":573},{"slug":112666,"name":112667},[116147],{"slug":544,"name":543,"content":116148},{"job_title":557,"image":116149,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":116151},[116152,116157,116162,116167,116172,116177,116182,116187,116192,116197,116202,116207,116212,116217,116222,116227,116232,116239,116249,116254,116259,116270],{"type":594,"attrs":116153,"content":116154},{"textAlign":49},[116155],{"text":116156,"type":599},"Commodity trader Trafigura secured a $600 million syndicated loan to fund two copper and cobalt mines in the Democratic Republic of the Congo, as it looks to become a key supplier of metals needed for clean energy technologies.  ",{"type":594,"attrs":116158,"content":116159},{"textAlign":49},[116160],{"text":116161,"type":599},"The loan arranged by the Eastern and Southern African Trade and Development Bank (TDB) will fund the completion of the Mutoshi mine by next year and expand production at the existing Etoile mine in Lubumbashi, increasing Trafigura’s access to supplies of cobalt. ",{"type":594,"attrs":116163,"content":116164},{"textAlign":49},[116165],{"text":116166,"type":599},"The deal would “contribute to an increase in supply of metals which are essential to the energy transition,” Michael Awori, the chief executive of TBD, said.",{"type":594,"attrs":116168,"content":116169},{"textAlign":49},[116170],{"text":116171,"type":599},"Trafigura, a large trader of cobalt and copper, has an agreement to sell all of the cobalt and copper produced by the two projects in the DRC, which are being developed by Chemaf, a subsidiary of Shalina Resources. ",{"type":594,"attrs":116173,"content":116174},{"textAlign":49},[116175],{"text":116176,"type":599},"Chemaf paused construction at the Mutoshi mine during the Covid-19 outbreak in April 2020. But in January Trafigura agreed to a $600 million financing with Shalina, which has now been refinanced with a number of banks led by TBD.",{"type":594,"attrs":116178,"content":116179},{"textAlign":49},[116180],{"text":116181,"type":599},"The DRC is the world’s leading producer of cobalt, set to account for roughly 71% of total mine supply in 2022. Output from the country is expected to increase to more than 198,000 tonnes by 2025, according to Benchmark’s Cobalt Forecast. ",{"type":594,"attrs":116183,"content":116184},{"textAlign":49},[116185],{"text":116186,"type":599},"The growth in new supply is set to be driven by new projects such as Mutoshi as well as expansions of existing mines, most notably China Molybdenum’s Tenke Fungurume mine.",{"type":657,"attrs":116188,"content":116189},{"level":15966,"textAlign":49},[116190],{"text":116191,"type":599},"Cobalt in the DRC",{"type":594,"attrs":116193,"content":116194},{"textAlign":49},[116195],{"text":116196,"type":599},"Once completed the Mutoshi mine and its associated processing plant in Kolwezi will have a production capacity of 16,000 tonnes of cobalt hydroxide per year. It will also produce 48,000 tonnes of copper cathode per year, Trafigura said.",{"type":594,"attrs":116198,"content":116199},{"textAlign":49},[116200],{"text":116201,"type":599},"The Etoile mine and associated processing plant in Lubumbashi currently produces 6,000 tonnes of cobalt hydroxide a year, according to Benchmark. The new funding will be used to expand the Etoile mine and processing facility. ",{"type":594,"attrs":116203,"content":116204},{"textAlign":49},[116205],{"text":116206,"type":599},"Both Mutoshi and Etoile mines are operated by Chemaf Resources, a subsidiary of Shalina.",{"type":594,"attrs":116208,"content":116209},{"textAlign":49},[116210],{"text":116211,"type":599},"Combined, the two mines are forecast to produce around eight percent of all DRC cobalt hydroxide production in 2030. This would make them the fourth largest operator in the country. ",{"type":594,"attrs":116213,"content":116214},{"textAlign":49},[116215],{"text":116216,"type":599},"China Molybdenum and Glencore are the largest cobalt mine operators in the DRC with 25%, and 20% of the country’s forecast 2030 production, respectively.",{"type":657,"attrs":116218,"content":116219},{"level":15966,"textAlign":49},[116220],{"text":116221,"type":599},"Cobalt in the rest of the world",{"type":594,"attrs":116223,"content":116224},{"textAlign":49},[116225],{"text":116226,"type":599},"While the DRC dominates the cobalt mining industry, it is set to lose market share this decade as production from Indonesia increases. ",{"type":594,"attrs":116228,"content":116229},{"textAlign":49},[116230],{"text":116231,"type":599},"By 2030, Benchmark forecasts DRC’s share of the cobalt market will drop to 61% of the global supply and then to 52% by 2040.",{"type":594,"attrs":116233,"content":116234},{"textAlign":49},[116235],{"type":1186,"attrs":116236},{"id":49,"alt":547,"src":116237,"title":49,"source":49,"copyright":49,"meta_data":116238},"https://a.storyblok.com/f/287943243085208/26846d74f7/bm-drcs-cobalt-dominance-has-peaked.png",{},{"type":594,"attrs":116240,"content":116241},{"textAlign":49},[116242,116247],{"text":116243,"type":599,"marks":116244},"Mined cobalt production in Indonesia is expected to increase almost ten-fold between 2022 and 2030",[116245],{"type":604,"attrs":116246},{"href":96737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":116248,"type":599},", when it will account for over 18% of global supply.",{"type":594,"attrs":116250,"content":116251},{"textAlign":49},[116252],{"text":116253,"type":599},"Australia is the next biggest cobalt-producing country in 2030, though it will have less than a quarter of the production of Indonesia.",{"type":657,"attrs":116255,"content":116256},{"level":15966,"textAlign":49},[116257],{"text":116258,"type":599},"Cobalt’s ESG concerns",{"type":594,"attrs":116260,"content":116261},{"textAlign":49},[116262,116264,116269],{"text":116263,"type":599},"Cobalt is mined in the DRC both by industrial operations but also by hand by ",{"text":116265,"type":599,"marks":116266},"individual miners, including children",[116267],{"type":604,"attrs":116268},{"href":83747,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":116271,"content":116272},{"textAlign":49},[116273],{"text":116274,"type":599},"As part of the financing arrangement Trafigura said there will be an “enhancement of ESG compliance and responsible sourcing awareness and implementation” in line with IFC Performance Standards and OECD Guidelines.","Commodity trader Trafigura secured a $600 million syndicated loan to fund two copper and cobalt mines in the Democratic Republic of the Congo, as it looks to become a key supplier of metals needed for clean energy technologies. The loan arranged by the Eastern and Southern African Trade and Development Bank (TDB) will fund the […]",[116277],{"slug":544,"name":543,"content":116278},{"job_title":557,"image":116279,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"aed65dfd-f7ba-4ec2-8611-0fee585960d7\", \"id\": \"\"}-->",[116282,116283],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":116285,"copyright":547,"fieldtype":553,"meta_data":116286,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b79c17c8ea/bm-2022-trafigura-etoile-processing-plant.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 25, 2022",{"id":116289,"uuid":116290,"name":116291,"slug":116292,"full_slug":116293,"content":116294},112472196394047,"d2d5c00f-01ad-4a05-8e6f-a3d235e3c134","SVOLT files $2.1 billion IPO as it looks to fund battery capacity expansions","svolt-files-2-1-billion-ipo-as-it-looks-to-fund-battery-capacity-expansions","article/svolt-files-2-1-billion-ipo-as-it-looks-to-fund-battery-capacity-expansions",{"_uid":116295,"date":116296,"tags":116297,"editor":116300,"content":116304,"excerpt":116441,"featured":51,"reporter":116442,"_editable":116446,"component":864,"seo_title":116291,"categories":116447,"visibility":882,"author_company":49,"featured_image":116449,"seo_description":116441,"author_full_name":49,"author_job_title":49,"formattedDate":116452},"d5959a7e-da55-4bcc-82ce-6a34b9922cc6","2022-11-24 00:00",[116298,116299],{"slug":913,"name":914},{"slug":65506,"name":65507},[116301],{"slug":544,"name":543,"content":116302},{"job_title":557,"image":116303,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":116305},[116306,116311,116316,116321,116326,116331,116336,116341,116346,116351,116356,116361,116366,116371,116376,116381,116388,116393,116398,116410,116423,116436],{"type":594,"attrs":116307,"content":116308},{"textAlign":49},[116309],{"text":116310,"type":599},"Chinese battery company SVOLT filed for a $2.1 billion initial public offering on the Shanghai Stock Exchange this week, becoming the last of China’s six largest battery manufacturers to list.",{"type":594,"attrs":116312,"content":116313},{"textAlign":49},[116314],{"text":116315,"type":599},"The company said it intends to sell 25% of its shares and raise 15 billion RMB ($2.1 billion) for the expansion of new plants in China. ",{"type":594,"attrs":116317,"content":116318},{"textAlign":49},[116319],{"text":116320,"type":599},"The proceeds will be used to build new plants in Changzhou, Huzhou and Suining, construct a research and development centre in Wuxi, and continue to explore the manufacture of cobalt-free cathode materials and batteries, according to its prospectus. ",{"type":594,"attrs":116322,"content":116323},{"textAlign":49},[116324],{"text":116325,"type":599},"At a targeted market capitalisation of 60 billion RMB ($8.4 billion) SVOLT would be a similar size to rival Gotion High tech, which is listed on the Shenzhen stock exchange.",{"type":594,"attrs":116327,"content":116328},{"textAlign":49},[116329],{"text":116330,"type":599},"“SVOLT ranks in the top ten cell producers in China and in the world but it’s the only company on the list that hasn’t listed,” said Benchmark analyst Albert Li.",{"type":594,"attrs":116332,"content":116333},{"textAlign":49},[116334],{"text":116335,"type":599},"“The growing EV market and demand means cell producers need to quickly make multiple capacity expansions which need a lot of financial support.”",{"type":594,"attrs":116337,"content":116338},{"textAlign":49},[116339],{"text":116340,"type":599},"A spin-off of Chinese automaker Great Wall Motors established in 2018, SVOLT’s lithium ion battery production capacity will be over 300 GWh by 2030, according to Benchmark analysis. ",{"type":594,"attrs":116342,"content":116343},{"textAlign":49},[116344],{"text":116345,"type":599},"The company’s largest and controlling shareholder is Wei Jianjun, the chairman of Great Wall Motors, who owns 40% of the company. The company previously raised 14 billion RMB last year in private investment rounds. ",{"type":594,"attrs":116347,"content":116348},{"textAlign":49},[116349],{"text":116350,"type":599},"Last year the company made a loss of 1.15 billion RMB ($161 million) on revenue of 4.5 billion RMB. ",{"type":657,"attrs":116352,"content":116353},{"level":15966,"textAlign":49},[116354],{"text":116355,"type":599},"A growing share of the Chinese market",{"type":594,"attrs":116357,"content":116358},{"textAlign":49},[116359],{"text":116360,"type":599},"SVOLT currently accounts for 3.8% of the production of major Chinese producers that have gone public or have announced IPOs, according to Benchmark analysis. That will rise to 10.7% in 2025 and 12.1% in 2030, according to Benchmark’s Battery Database.",{"type":594,"attrs":116362,"content":116363},{"textAlign":49},[116364],{"text":116365,"type":599},"Its current customers include its parent company Great Wall Motors, Geely, Leapmotor, Dongfeng, as well as Hozon Auto, Li Auto and  Xpeng. Outside China it has a partnership with Stellantis. ",{"type":594,"attrs":116367,"content":116368},{"textAlign":49},[116369],{"text":116370,"type":599},"Its largest planned factories are in Chengdu, where it will have 60GWh of production capacity by 2030, and Changzhou, where it is targeting 40 GWh by then – in addition to the one it already has in the city which has a current capacity of 12 GWh which is expected to rise 30 GWh by the end of the decade.",{"type":594,"attrs":116372,"content":116373},{"textAlign":49},[116374],{"text":116375,"type":599},"SVOLT is not qualified to supply multinational EV manufacturers. It can only supply to domestic Chinese EV makers or energy storage applications. As a result, it is categorised as tier 2 producer, according to Benchmark’s Lithium ion Battery Gigafactory Assessment. ",{"type":594,"attrs":116377,"content":116378},{"textAlign":49},[116379],{"text":116380,"type":599},"However, the gigafactories it is building outside of China demonstrate its aspirations to become a tier 1 producer and challenge Ningde-based CATL’s dominant share of the battery market.",{"type":594,"attrs":116382,"content":116383},{"textAlign":49},[116384],{"type":1186,"attrs":116385},{"id":49,"alt":547,"src":116386,"title":49,"source":49,"copyright":49,"meta_data":116387},"https://a.storyblok.com/f/287943243085208/f45e3bab91/bm-chinas-battery-producers-go-public.png",{},{"type":657,"attrs":116389,"content":116390},{"level":15966,"textAlign":49},[116391],{"text":116392,"type":599},"European aspirations",{"type":594,"attrs":116394,"content":116395},{"textAlign":49},[116396],{"text":116397,"type":599},"It plans to open two gigafactories in Germany this decade. A plant in a former wind turbine blade factory in Lauchhammer will have a 16 GWh capacity by 2025, while a second in Überherrn will have a 24 GWh capacity by 2030. Together, they are forecast to account for 12% of SVOLT’s production capacity by the end of the decade.",{"type":594,"attrs":116399,"content":116400},{"textAlign":49},[116401,116403,116408],{"text":116402,"type":599},"It is also investing $770 million in a plant in the Indian state of Karnataka with ",{"text":116404,"type":599,"marks":116405},"Exide Industries",[116406],{"type":604,"attrs":116407},{"href":59353,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":116409,"type":599}," that will have an initial production capacity of 6GWh, increasing to 12GWh this decade. It has  a “multi-year technical collaboration agreement” with the Indian battery manufacturer.",{"type":594,"attrs":116411,"content":116412},{"textAlign":49},[116413,116415,116421],{"text":116414,"type":599},"In April this year, Lisset Urrutia, SVOLT’s Head of Research and Development in Europe told the ",{"text":116416,"type":599,"marks":116417},"Battery Megafactories Europe conference",[116418],{"type":604,"attrs":116419},{"href":116420,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/video/watch/svolt-and-its-view-on-the-development-of-ev-battery-technology",{"text":116422,"type":599}," that SVOLT was investigating the possibility of manufacturing in Detroit in the US.",{"type":594,"attrs":116424,"content":116425},{"textAlign":49},[116426,116428,116434],{"text":116427,"type":599},"In 2020, SVOLT unveiled a new ",{"text":116429,"type":599,"marks":116430},"cobalt-free lithium ion battery.",[116431],{"type":604,"attrs":116432},{"href":116433,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/svolt-unveils-new-cobalt-free-battery-what-does-this-mean-for-trajectory-of-cathode-technology-and-the-future-of-cobalt-in-batteries",{"text":116435,"type":599}," Cobalt plays a crucial role in increasing lithium ion battery cells’ life cycle and helps to maintain thermal stability, but two-thirds of its production comes from the Democratic Republic of the Congo, where some of it is mined by hand in poor conditions. ",{"type":594,"attrs":116437,"content":116438},{"textAlign":49},[116439],{"text":116440,"type":599},"The cobalt-free nickel-manganese (NMX) cathode, which the company says is energy dense, long-lasting and stable at high temperatures, is being tested on the road in the ORA iQ, an electric vehicle sub-brand of Great Wall Motors, according to Urrutia.","Chinese battery company SVOLT filed for a $2.1 billion initial public offering on the Shanghai Stock Exchange this week, becoming the last of China’s six largest battery manufacturers to list. The company said it intends to sell 25% of its shares and raise 15 billion RMB ($2.1 billion) for the expansion of new plants in […]",[116443],{"slug":544,"name":543,"content":116444},{"job_title":557,"image":116445,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d5959a7e-da55-4bcc-82ce-6a34b9922cc6\", \"id\": \"\"}-->",[116448],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":116450,"copyright":547,"fieldtype":553,"meta_data":116451,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f2587cdb67/bm-svolt.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 24, 2022",{"id":116454,"uuid":116455,"name":116456,"slug":116457,"full_slug":116458,"content":116459},112472191564862,"a4bdaf8e-aa72-4fa6-a582-2677268441b7","ESG of graphite: how do synthetic graphite and natural graphite compare?","esg-of-graphite-how-do-synthetic-graphite-and-natural-graphite-compare","article/esg-of-graphite-how-do-synthetic-graphite-and-natural-graphite-compare",{"_uid":116460,"date":116296,"tags":116461,"editor":116467,"content":116471,"excerpt":116645,"featured":51,"reporter":116646,"_editable":116650,"component":864,"seo_title":116456,"categories":116651,"visibility":2091,"author_company":49,"featured_image":116657,"seo_description":116645,"author_full_name":49,"author_job_title":49,"formattedDate":116452},"b172019f-5fd6-4200-ba5e-04ce662764ed",[116462,116463,116464,116465,116466],{"slug":913,"name":914},{"slug":23760,"name":23761},{"slug":2504,"name":2504},{"slug":104488,"name":104489},{"slug":29421,"name":29422},[116468],{"slug":544,"name":543,"content":116469},{"job_title":557,"image":116470,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":116472},[116473,116478,116483,116488,116493,116498,116503,116508,116513,116525,116530,116535,116540,116547,116552,116564,116569,116574,116593,116605,116610,116615,116620,116625,116630,116635],{"type":594,"attrs":116474,"content":116475},{"textAlign":49},[116476],{"text":116477,"type":599},"Automakers are looking to reduce the carbon intensity of the battery materials they use for their electric vehicles, yet graphite presents a key problem for the industry. ",{"type":594,"attrs":116479,"content":116480},{"textAlign":49},[116481],{"text":116482,"type":599},"Synthetic graphite anode production can be over four times more carbon intensive than natural graphite anode production, due to its use of energy and fossil fuels as a feedstock. ",{"type":594,"attrs":116484,"content":116485},{"textAlign":49},[116486],{"text":116487,"type":599},"Currently, most of the world’s lithium ion batteries use synthetic graphite, which is especially popular in China. ",{"type":594,"attrs":116489,"content":116490},{"textAlign":49},[116491],{"text":116492,"type":599},"But both supply chains have multiple environmental, social and governance (ESG) concerns, with natural graphite subject to the risks of an ongoing conflict in northern Mozambique that started in 2017.",{"type":594,"attrs":116494,"content":116495},{"textAlign":49},[116496],{"text":116497,"type":599},"“Overall there is more fragility in the natural graphite supply chain at current than the synthetic supply chain,” George Miller, an analyst at Benchmark, said. “In the long term, however, the phase-out of fossil fuels poses a threat to the continued large-scale supply of coke to the synthetic graphite supply chain.”",{"type":594,"attrs":116499,"content":116500},{"textAlign":49},[116501],{"text":116502,"type":599},"Below we set out how the two graphite materials compare. ",{"type":657,"attrs":116504,"content":116505},{"level":15966,"textAlign":49},[116506],{"text":116507,"type":599},"Synthetic graphite’s Inner Mongolia problem",{"type":594,"attrs":116509,"content":116510},{"textAlign":49},[116511],{"text":116512,"type":599},"The graphitisation of coke products into synthetic graphite requires the largest energy input. If fossil-based electricity is used for this process, then the carbon emissions increase substantially.",{"type":594,"attrs":116514,"content":116515},{"textAlign":49},[116516,116518,116523],{"text":116517,"type":599},"Notably, synthetic graphite production can be even more carbon-intensive if graphitisation takes place in ",{"text":116519,"type":599,"marks":116520},"Inner Mongolia due to the use of coal-based electricity",[116521],{"type":604,"attrs":116522},{"href":101156,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":116524,"type":599}," in the province.",{"type":594,"attrs":116526,"content":116527},{"textAlign":49},[116528],{"text":116529,"type":599},"Synthetic graphite is also dependent on the fossil fuel industry. The preferred feedstock is petroleum coke which comes from the heavy fractions left over from crude oil production. A cheaper, alternative feedstock is pitch coke, which comes from coal tar.",{"type":657,"attrs":116531,"content":116532},{"level":15966,"textAlign":49},[116533],{"text":116534,"type":599},"Natural graphite’s carbon footprint",{"type":594,"attrs":116536,"content":116537},{"textAlign":49},[116538],{"text":116539,"type":599},"The production of natural graphite anodes is around 55% less carbon intensive than the average synthetic graphite anode produced in China, as assessed by Benchmark’s synthetic graphite and natural graphite Life Cycle Assessments (LCA). ",{"type":594,"attrs":116541,"content":116542},{"textAlign":49},[116543],{"type":1186,"attrs":116544},{"id":49,"alt":547,"src":116545,"title":49,"source":49,"copyright":49,"meta_data":116546},"https://a.storyblok.com/f/287943243085208/34677f2417/bm-synthetic-vs-natural-graphite-anode-esg.jpg",{},{"type":594,"attrs":116548,"content":116549},{"textAlign":49},[116550],{"text":116551,"type":599},"For natural graphite, two-thirds of the carbon emissions come from the spheroidisation process, for which China currently has a monopoly. Spheroidisation is the process in which flake graphite particles are mechanically rounded. This leads to the loss of some material, but yields improvements in the performance of the anode.",{"type":594,"attrs":116553,"content":116554},{"textAlign":49},[116555,116557,116562],{"text":116556,"type":599},"There are only 11 companies tracked by Benchmark looking to develop ",{"text":116558,"type":599,"marks":116559},"spherical graphite (SPG) production capacity outside of China",[116560],{"type":604,"attrs":116561},{"href":75746,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":116563,"type":599},". The largest of these in the near term is Syrah Resources, which is developing 11,250 tonnes of SPG production capacity in the US, with the possibility of expanding this to 45,000 tonnes. ",{"type":657,"attrs":116565,"content":116566},{"level":15966,"textAlign":49},[116567],{"text":116568,"type":599},"Natural graphite’s fragile supply chain",{"type":594,"attrs":116570,"content":116571},{"textAlign":49},[116572],{"text":116573,"type":599},"Although natural graphite is associated with fewer carbon emissions, it is not without its own ESG concerns.",{"type":594,"attrs":116575,"content":116576},{"textAlign":49},[116577,116583,116585,116591],{"text":116578,"type":599,"marks":116579},"China produced 68% of natural graphite last year",[116580],{"type":604,"attrs":116581},{"href":116582,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/graphite-industry-sounds-alarm-over-lack-of-supply-outside-china-for-batteries",{"text":116584,"type":599},", with most of this concentrated in Heilongjiang province, ",{"text":116586,"type":599,"marks":116587},"which shuts down for winter every year",[116588],{"type":604,"attrs":116589},{"href":116590,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/graphite-inventories-in-china-shrink-ahead-of-winter-shutdowns",{"text":116592,"type":599}," as temperatures drop too low for machinery and personnel to operate.",{"type":594,"attrs":116594,"content":116595},{"textAlign":49},[116596,116598,116603],{"text":116597,"type":599},"A ",{"text":116599,"type":599,"marks":116600},"major source of natural graphite outside of China",[116601],{"type":604,"attrs":116602},{"href":98276,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":116604,"type":599}," in the short term is Mozambique, which currently accounts for 10% of mined graphite, rising to 14% in 2030 according to Benchmark’s Graphite Forecast.",{"type":594,"attrs":116606,"content":116607},{"textAlign":49},[116608],{"text":116609,"type":599},"Benchmark forecasts 96% of Mozambican graphite in 2025 will be mined in northern Cabo Delgado province which, since 2017, has been the site of attacks from an Islamist State-linked insurgency group.",{"type":594,"attrs":116611,"content":116612},{"textAlign":49},[116613],{"text":116614,"type":599},"In June this year Triton Resources, an Australian-owned graphite miner, said that two of its staff were killed after an attack by insurgents. Syrah Resources also suspended personnel and logistics movements on a primary transport route in the province following the attack. ",{"type":594,"attrs":116616,"content":116617},{"textAlign":49},[116618],{"text":116619,"type":599},"Nearly 70% of graphite mining in Europe took place in Russia and Ukraine. Although Volt Resources resumed their Ukrainian operations earlier this year, the war could impact the stability of Europe’s graphite production.",{"type":594,"attrs":116621,"content":116622},{"textAlign":49},[116623],{"text":116624,"type":599},"Madagascar is another alternative graphite supply to China, accounting for nearly 10% of supply today. However, the region suffers from cyclones, one of which halted operations at Tirupati Graphite’s mine in the country earlier this year.",{"type":594,"attrs":116626,"content":116627},{"textAlign":49},[116628],{"text":116629,"type":599},"Climate change has made these cyclones more severe and it is expected they will get more destructive in the future.",{"type":657,"attrs":116631,"content":116632},{"level":15966,"textAlign":49},[116633],{"text":116634,"type":599},"Learn more about Benchmark’s ESG services",{"type":594,"attrs":116636,"content":116637},{"textAlign":49},[116638,116640,116644],{"text":116639,"type":599},"To learn more about Benchmark’s ESG analysis services for cobalt, lithium, nickel and graphite, please fill out the following ",{"text":110919,"type":599,"marks":116641},[116642],{"type":604,"attrs":116643},{"href":86382,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Automakers are looking to reduce the carbon intensity of the battery materials they use for their electric vehicles, yet graphite presents a key problem for the industry. Synthetic graphite anode production can be over four times more carbon intensive than natural graphite anode production, due to its use of energy and fossil fuels as a […]",[116647],{"slug":544,"name":543,"content":116648},{"job_title":557,"image":116649,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b172019f-5fd6-4200-ba5e-04ce662764ed\", \"id\": \"\"}-->",[116652,116653,116654,116655,116656],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":16964,"name":16965},{"id":49,"alt":82109,"name":547,"focus":547,"title":82109,"source":547,"filename":82110,"copyright":547,"fieldtype":553,"meta_data":116658,"is_external_url":51},{"alt":82109,"title":82109,"source":547,"copyright":547},{"id":116660,"uuid":116661,"name":116662,"slug":116663,"full_slug":116664,"content":116665},112472225729606,"8df3a77d-106f-4af3-a9fc-767e216bc4ee","GM targets $70 kWh batteries as it signs nickel deal with Vale","gm-targets-70-kwh-batteries-as-it-signs-nickel-deal-with-vale","article/gm-targets-70-kwh-batteries-as-it-signs-nickel-deal-with-vale",{"_uid":116666,"date":116667,"tags":116668,"editor":116672,"content":116676,"excerpt":116753,"featured":51,"reporter":116754,"_editable":116758,"component":864,"seo_title":116662,"categories":116759,"visibility":882,"author_company":49,"featured_image":116761,"seo_description":116753,"author_full_name":49,"author_job_title":49,"formattedDate":116764},"8883ea5a-0b34-4f49-b59d-9f23a5ced8b2","2022-11-18 00:00",[116669],{"slug":116670,"name":116671},"benchmark-week-2022","Benchmark Week 2022",[116673],{"slug":544,"name":543,"content":116674},{"job_title":557,"image":116675,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":116677},[116678,116683,116688,116693,116698,116703,116708,116713,116718,116723,116728,116733,116738,116743,116748],{"type":594,"attrs":116679,"content":116680},{"textAlign":49},[116681],{"text":116682,"type":599},"GM said it would focus on reducing its battery cells costs to below $70 a kilowatt-hour by “mid-to late-decade,” helped by a buildout of the North American battery supply chain and support from the Inflation Reduction Act.  ",{"type":594,"attrs":116684,"content":116685},{"textAlign":49},[116686],{"text":116687,"type":599},"The automaker said it would reach $87/kWh as soon as 2025, as it started battery production in the US. Benchmark currently assesses the cost of pouch nickel cobalt manganese (NCM 811) cells in North America as $149.20/kWh, including a margin. ",{"type":594,"attrs":116689,"content":116690},{"textAlign":49},[116691],{"text":116692,"type":599},"“We really see that magic number of $70/kWh as the cost parity between ICE [internal combustion vehicles] and electric vehicles,” Jasper Jung, head of global strategic initiatives at GM told the Benchmark Week conference in Los Angeles. “It’s a challenge to get there, but this will be significant and the IRA will help us to get there.” ",{"type":594,"attrs":116694,"content":116695},{"textAlign":49},[116696],{"text":116697,"type":599},"The statement came as GM said its electric vehicles would be “solidly profitable” in North America by 2025, thanks to lower battery costs from its Ultium battery joint venture with LG Energy Solution and the up to $7,500 in tax credits for new electric vehicles provided in the IRA. ",{"type":594,"attrs":116699,"content":116700},{"textAlign":49},[116701],{"text":116702,"type":599},"Mary Barra, GM’s chief executive, said the company’s Ultium battery platform and “vertical integration will allow us to continuously improve battery performance and costs.”",{"type":594,"attrs":116704,"content":116705},{"textAlign":49},[116706],{"text":116707,"type":599},"GM said it had secured all of the battery materials it needed to produce 1 million EVs in North America by 2025. Beyond then it said it would continue to secure battery raw materials beyond then through “strategic supply agreements and direct investments in natural resource recovery, processing and recycling.” ",{"type":594,"attrs":116709,"content":116710},{"textAlign":49},[116711],{"text":116712,"type":599},"On Thursday GM signed a deal to secure nickel sulphate from Vale’s proposed processing plant in Quebec. The IRA says that automakers must secure a certain percentage of battery materials from North America or free trade agreement countries, in order for consumers to receive half of the $7,500 in tax credits.",{"type":594,"attrs":116714,"content":116715},{"textAlign":49},[116716],{"text":116717,"type":599},"GM has also signed an agreement with lithium producer Livent for supply from Argentina and North America starting in 2025. ",{"type":594,"attrs":116719,"content":116720},{"textAlign":49},[116721],{"text":116722,"type":599},"GM’s battery production has also received direct support from the government. In July the US Department of Energy said it would loan $2.6 billion to GM and its joint venture partner LG Energy Solution for its battery manufacturing facilities in Ohio, Tennessee, and Michigan. A fourth battery plant in the US is also planned, GM said. ",{"type":594,"attrs":116724,"content":116725},{"textAlign":49},[116726],{"text":116727,"type":599},"The plants are also eligible for the up to $45 a kilowatt-hour of production tax credits provided in the Inflation Reduction Act. ",{"type":657,"attrs":116729,"content":116730},{"level":659,"textAlign":49},[116731],{"text":116732,"type":599},"Canadian nickel",{"type":594,"attrs":116734,"content":116735},{"textAlign":49},[116736],{"text":116737,"type":599},"Vale said it will supply nickel sulphate equivalent to 25,000 tonnes per year of contained nickel for use in GM’s Ultium battery cathodes from the proposed plant. That’s enough for around 350,000 EVs a year, it said. ",{"type":594,"attrs":116739,"content":116740},{"textAlign":49},[116741],{"text":116742,"type":599},"The nickel for the plant in Bécancour, Québec, would come from Vale’s Canadian refineries, it said.  ",{"type":594,"attrs":116744,"content":116745},{"textAlign":49},[116746],{"text":116747,"type":599},"“Canada continues to play an important role in GM’s all-electric future and the material sourced from Vale will help support EV eligibility for consumer incentives under the new clean energy tax credits in the US,” Doug Parks, executive vice president of global product development at GM, said. ",{"type":594,"attrs":116749,"content":116750},{"textAlign":49},[116751],{"text":116752,"type":599},"South Korea’s Posco Chemical is building a cathode production facility in Bécancour along with GM, which is set to begin production in 2024. ","GM said it would focus on reducing its battery cells costs to below $70 a kilowatt-hour by “mid-to late-decade,” helped by a buildout of the North American battery supply chain and support from the Inflation Reduction Act. The automaker said it would reach $87/kWh as soon as 2025, as it started battery production in the […]",[116755],{"slug":544,"name":543,"content":116756},{"job_title":557,"image":116757,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8883ea5a-0b34-4f49-b59d-9f23a5ced8b2\", \"id\": \"\"}-->",[116760],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":116762,"copyright":547,"fieldtype":553,"meta_data":116763,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1b64e31fcb/bm-gmevday041.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 18, 2022",{"id":116766,"uuid":116767,"name":116768,"slug":116769,"full_slug":116770,"content":116771},112472230530119,"e3fb9604-bfac-4505-bd9d-238bdc7809ec","Can North America build a battery supply chain?","can-north-america-build-a-battery-supply-chain","article/can-north-america-build-a-battery-supply-chain",{"_uid":116772,"date":116773,"tags":116774,"editor":116777,"content":116781,"excerpt":116905,"featured":51,"reporter":116906,"_editable":116910,"component":864,"seo_title":116768,"categories":116911,"visibility":882,"author_company":49,"featured_image":116914,"seo_description":116905,"author_full_name":49,"author_job_title":49,"formattedDate":116917},"5fa3bafa-a3ee-4475-9b27-ace300c9d331","2022-11-17 00:00",[116775,116776],{"slug":578,"name":579},{"slug":2787,"name":2788},[116778],{"slug":544,"name":543,"content":116779},{"job_title":557,"image":116780,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":116782},[116783,116788,116793,116798,116803,116808,116813,116818,116825,116830,116835,116840,116845,116850,116855,116860,116865,116870,116875,116880,116885,116890,116895,116900],{"type":594,"attrs":116784,"content":116785},{"textAlign":49},[116786],{"text":116787,"type":599},"Increased penetration of electric vehicles and large-scale deployment of energy storage systems is driving the rising demand for batteries in North America.",{"type":594,"attrs":116789,"content":116790},{"textAlign":49},[116791],{"text":116792,"type":599},"Benchmark forecasts regional demand will increase nearly six-fold between 2022 and 2030.",{"type":594,"attrs":116794,"content":116795},{"textAlign":49},[116796],{"text":116797,"type":599},"But while battery cell production is expected to meet the region’s demand this decade, there is a lack of forecast capacity in the mid and upstream to supply new gigafactories with battery materials. ",{"type":594,"attrs":116799,"content":116800},{"textAlign":49},[116801],{"text":116802,"type":599},"That means North America will still be reliant on imports to fulfil its demands. ",{"type":594,"attrs":116804,"content":116805},{"textAlign":49},[116806],{"text":116807,"type":599},"Only 3% of the demand for anodes and cathodes is expected to be met with domestic supply by the end of the decade, according to Benchmark.",{"type":594,"attrs":116809,"content":116810},{"textAlign":49},[116811],{"text":116812,"type":599},"“All of this raw material supply is great,” George Miller, an analyst at Benchmark, said. “But ultimately if you don’t have the midstream production steps, those materials will have to be exported elsewhere to be then reimported into the region as cathode and anode.”",{"type":594,"attrs":116814,"content":116815},{"textAlign":49},[116816],{"text":116817,"type":599},"“Every step of the supply chain needs to be present to make sense as a localised supply chain.”",{"type":594,"attrs":116819,"content":116820},{"textAlign":49},[116821],{"type":1186,"attrs":116822},{"id":49,"alt":547,"src":116823,"title":49,"source":49,"copyright":49,"meta_data":116824},"https://a.storyblok.com/f/287943243085208/50740c838a/bm-na-supply-demand.jpg",{},{"type":657,"attrs":116826,"content":116827},{"level":15966,"textAlign":49},[116828],{"text":116829,"type":599},"Lack of cathode and anode ",{"type":594,"attrs":116831,"content":116832},{"textAlign":49},[116833],{"text":116834,"type":599},"In 2030, Benchmark forecasts North America will only be able to fulfil 3.5% and 3.4% of its domestic cathode and anode demands domestically.",{"type":594,"attrs":116836,"content":116837},{"textAlign":49},[116838],{"text":116839,"type":599},"“It’s very underdeveloped in the midstream,” Miller said.",{"type":594,"attrs":116841,"content":116842},{"textAlign":49},[116843],{"text":116844,"type":599},"China currently has over 90% of the world’s anode production capacity, which doubled over the past year, according to Benchmark. Benchmark’s Anode forecast shows there are only two operating anode facilities in North America, one of which is a small-scale silicon anode production plant operated by Group14.",{"type":594,"attrs":116846,"content":116847},{"textAlign":49},[116848],{"text":116849,"type":599},"There are currently four cathode facilities in operation in the US and one in Canada, though most of these are not at commercial scale yet. Panasonic recently signed a deal with Redwood Materials, a Nevada-based cathode producer, to supply its new gigafactory in Kansas.",{"type":594,"attrs":116851,"content":116852},{"textAlign":49},[116853],{"text":116854,"type":599},"Although there are more facilities set to come online over the next few years, North America’s cathode production deficit is still set to increase 3.5 times between now and 2030.",{"type":657,"attrs":116856,"content":116857},{"level":15966,"textAlign":49},[116858],{"text":116859,"type":599},"Raw materials ",{"type":594,"attrs":116861,"content":116862},{"textAlign":49},[116863],{"text":116864,"type":599},"Although North America can’t meet all of its downstream raw material needs domestically, the forecast looks promising for lithium, with over 60% of its domestic battery needs possible to be met with domestic supply, according to Benchmark.",{"type":594,"attrs":116866,"content":116867},{"textAlign":49},[116868],{"text":116869,"type":599},"Companies including Albemarle and Livent are expanding their lithium processing capacity in the US market. ",{"type":594,"attrs":116871,"content":116872},{"textAlign":49},[116873],{"text":116874,"type":599},"Similarly, refined nickel production in the region could meet nearly 60% of 2030 battery demand. However, much of this will enter the steel supply chain rather than be used for batteries.",{"type":594,"attrs":116876,"content":116877},{"textAlign":49},[116878],{"text":116879,"type":599},"“The region, especially the US, will be reliant on other free trade agreement countries and probably China to meet the unfulfilled domestic demand,” Miller said.",{"type":657,"attrs":116881,"content":116882},{"level":15966,"textAlign":49},[116883],{"text":116884,"type":599},"Brief cell surplus",{"type":594,"attrs":116886,"content":116887},{"textAlign":49},[116888],{"text":116889,"type":599},"For battery cells, North America is forecast by Benchmark to have a slight surplus of cell production by the end of the decade.",{"type":594,"attrs":116891,"content":116892},{"textAlign":49},[116893],{"text":116894,"type":599},"“There has been a real focus in the US to invest in the downstream of the supply chain,” Miller said. “The need for cells was much more apparent to the automakers.”",{"type":594,"attrs":116896,"content":116897},{"textAlign":49},[116898],{"text":116899,"type":599},"Aran Waid, an analyst at Benchmark, explained the surplus is due to several gigafactories coming online around 2025 and ramping up. But demand is rising rapidly, so a deficit is expected beyond 2030.",{"type":594,"attrs":116901,"content":116902},{"textAlign":49},[116903],{"text":116904,"type":599},"“There need to be further expansions,” Waid said. “If North America EV penetration rates increase more than expected then that could push demand up even further in future years.”","Increased penetration of electric vehicles and large-scale deployment of energy storage systems is driving the rising demand for batteries in North America. Benchmark forecasts regional demand will increase nearly six-fold between 2022 and 2030. But while battery cell production is expected to meet the region’s demand this decade, there is a lack of forecast capacity […]",[116907],{"slug":544,"name":543,"content":116908},{"job_title":557,"image":116909,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5fa3bafa-a3ee-4475-9b27-ace300c9d331\", \"id\": \"\"}-->",[116912,116913],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":116915,"copyright":547,"fieldtype":553,"meta_data":116916,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5acab65434/bm-na-supply-header-image-copy.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 17, 2022",{"id":116919,"uuid":116920,"name":116921,"slug":116922,"full_slug":116923,"content":116924},112472255183948,"da5c05f0-6749-4f84-9916-d5ccfcb46a66","US IRA is “icing on the cake” for electric truck deployment, Xos CEO says","us-ira-is-icing-on-the-cake-for-electric-truck-deployment-xos-ceo-says","article/us-ira-is-icing-on-the-cake-for-electric-truck-deployment-xos-ceo-says",{"_uid":116925,"date":116926,"tags":116927,"editor":116931,"content":116935,"excerpt":117042,"featured":51,"reporter":117043,"_editable":117047,"component":864,"seo_title":116921,"categories":117048,"visibility":882,"author_company":49,"featured_image":117051,"seo_description":117042,"author_full_name":49,"author_job_title":49,"formattedDate":117054},"c8ef85ea-d566-4d99-be0f-872793c8da8a","2022-11-16 00:00",[116928,116929,116930],{"slug":116670,"name":116671},{"slug":46859,"name":46860},{"slug":1375,"name":1376},[116932],{"slug":544,"name":543,"content":116933},{"job_title":557,"image":116934,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":116936},[116937,116942,116947,116952,116957,116962,116967,116972,116977,116982,116987,116992,116997,117002,117007,117012,117017,117022,117027,117032,117037],{"type":594,"attrs":116938,"content":116939},{"textAlign":49},[116940],{"text":116941,"type":599},"The Inflation Reduction Act is the “icing on the cake” that makes owning an electric truck cheaper than a diesel across the US, according to the chief executive of startup Xos. ",{"type":594,"attrs":116943,"content":116944},{"textAlign":49},[116945],{"text":116946,"type":599},"The up to $40,000 tax credits available in the IRA legislation for business owners makes the total cost of ownership for electric trucks cheaper than diesel from the point of purchase – even in areas where gas is cheap such as Arkansas, Dakota Semler told Benchmark. ",{"type":594,"attrs":116948,"content":116949},{"textAlign":49},[116950],{"text":116951,"type":599},"“It’s the icing on the cake,” Semler said. “It’s a really valuable tool.”",{"type":594,"attrs":116953,"content":116954},{"textAlign":49},[116955],{"text":116956,"type":599},"Electric trucks are critical for reducing US emissions since they account for around 25% of greenhouse gas emissions from transportation in the country. Thanks to the IRA by the end of the decade over 60% of new truck sales could be electric, according to the non profit RMI. ",{"type":594,"attrs":116958,"content":116959},{"textAlign":49},[116960],{"text":116961,"type":599},"The IRA tax credits for electric trucks are five times what are provided for passenger vehicles and are set to make it cheaper to own an electric truck than diesel “in most use cases,” according to RMI.  ",{"type":594,"attrs":116963,"content":116964},{"textAlign":49},[116965],{"text":116966,"type":599},"The act gives tax credits up to $40,000 or 30% of the vehicle cost for vehicles greater than 14,000 pounds. ",{"type":594,"attrs":116968,"content":116969},{"textAlign":49},[116970],{"text":116971,"type":599},"That brings forward the point at which the total cost of ownership of Xos electric trucks is cheaper than diesel from five years to the point of purchase, Semler said.  ",{"type":594,"attrs":116973,"content":116974},{"textAlign":49},[116975],{"text":116976,"type":599},"“It’s a really compelling economic reason to go electric not just a sustainability reason,” he said. ",{"type":657,"attrs":116978,"content":116979},{"level":15966,"textAlign":49},[116980],{"text":116981,"type":599},"Better than hydrogen",{"type":594,"attrs":116983,"content":116984},{"textAlign":49},[116985],{"text":116986,"type":599},"Los Angeles-based Xos, which provides commercial delivery vehicles to FedEx, UPS and Amazon, focuses on vehicles that drive less than 200 miles a day and return to the same location every night. ",{"type":594,"attrs":116988,"content":116989},{"textAlign":49},[116990],{"text":116991,"type":599},"Semler said that electric trucks will “fulfil 70% of the market that is short and regional haul”, and new battery technologies such as solid-state will improve their viability even more once they are commercialised. ",{"type":594,"attrs":116993,"content":116994},{"textAlign":49},[116995],{"text":116996,"type":599},"“Fuel cells can’t make as compelling an economic case as electric on trucks,” he said. ",{"type":657,"attrs":116998,"content":116999},{"level":15966,"textAlign":49},[117000],{"text":117001,"type":599},"Charging needed",{"type":594,"attrs":117003,"content":117004},{"textAlign":49},[117005],{"text":117006,"type":599},"The main limiting factor for commercial fleets was charging infrastructure, however, Semler said. ",{"type":594,"attrs":117008,"content":117009},{"textAlign":49},[117010],{"text":117011,"type":599},"“Our primary factor that is influencing our ability to get product delivered is the readiness of charging infrastructure for fleets,” he said. “In the case of a fleet you’re not just plugging a single vehicle like you would with a passenger car at home. You are deploying as many 100 or 200 vehicles. There’s a lot more engineering, planning and construction work that goes into getting that infrastructure deployed.” ",{"type":657,"attrs":117013,"content":117014},{"level":15966,"textAlign":49},[117015],{"text":117016,"type":599},"Last mile delivery ",{"type":594,"attrs":117018,"content":117019},{"textAlign":49},[117020],{"text":117021,"type":599},"The last mile delivery segment “is the fastest growing segment when it comes to electrification,” Semler said. ",{"type":594,"attrs":117023,"content":117024},{"textAlign":49},[117025],{"text":117026,"type":599},"“Last mile delivery vehicles have grown immensely since the pandemic and continue to replace vehicles and adhere to some of the new emission regulations that are coming down the pipe.” ",{"type":594,"attrs":117028,"content":117029},{"textAlign":49},[117030],{"text":117031,"type":599},"Xos builds battery packs tailored for commercial vehicles and uses both nickel cobalt manganese (NCM) but also lithium iron phosphate (LFP) cells.  ",{"type":594,"attrs":117033,"content":117034},{"textAlign":49},[117035],{"text":117036,"type":599},"Xos can produce 2,000 trucks a year from its Tennessee factory and could increase that to 5,000 Semler said.",{"type":594,"attrs":117038,"content":117039},{"textAlign":49},[117040],{"text":117041,"type":599},"“We can’t keep up with demand,” Semler said.","The Inflation Reduction Act is the “icing on the cake” that makes owning an electric truck cheaper than a diesel across the US, according to the chief executive of startup Xos. The up to $40,000 tax credits available in the IRA legislation for business owners makes the total cost of ownership for electric trucks cheaper […]",[117044],{"slug":544,"name":543,"content":117045},{"job_title":557,"image":117046,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c8ef85ea-d566-4d99-be0f-872793c8da8a\", \"id\": \"\"}-->",[117049,117050],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":117052,"copyright":547,"fieldtype":553,"meta_data":117053,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9943fb90f7/bm-bx2a5406.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 16, 2022",{"id":117056,"uuid":117057,"name":117058,"slug":117059,"full_slug":117060,"content":117061},112472245357642,"5d911d16-5834-4b05-8d99-18990d96ac21","Benchmark begins public consultation on increasing cobalt pricing to semi-monthly frequency","benchmark-begins-public-consultation-on-increasing-cobalt-pricing-to-semi-monthly-frequency","article/benchmark-begins-public-consultation-on-increasing-cobalt-pricing-to-semi-monthly-frequency",{"_uid":117062,"date":116926,"tags":117063,"editor":117065,"content":117069,"excerpt":117142,"featured":50,"reporter":117143,"_editable":117147,"component":864,"seo_title":117058,"categories":117148,"visibility":2091,"author_company":49,"featured_image":117151,"seo_description":117142,"author_full_name":49,"author_job_title":49,"formattedDate":117054},"c8a05063-4075-4ce4-ba43-20a226022922",[117064],{"slug":9655,"name":9656},[117066],{"slug":544,"name":543,"content":117067},{"job_title":557,"image":117068,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":117070},[117071,117081,117094,117102,117107,117116,117123,117129],{"type":594,"attrs":117072,"content":117073},{"textAlign":49},[117074,117076,117078,117079],{"text":117075,"type":599},"London, UK (16 November 2022) – Benchmark Mineral Intelligence",{"text":117077,"type":599}," (“",{"text":9653,"type":599},{"text":117080,"type":599},"”), the world’s leading independent provider of actionable price assessments, data, and analysis for the lithium ion battery to electric vehicle supply chain, announced today that it has started a formal public consultation on changes to its Cobalt Price Assessment Methodology.",{"type":594,"attrs":117082,"content":117083},{"textAlign":49},[117084,117086,117087,117089,117090,117091,117092],{"text":117085,"type":599},"Following feedback and discussion with a number of market participants, ",{"text":9653,"type":599},{"text":117088,"type":599}," proposes to increase the regularity of its cobalt sulphate, metal, and hydroxide pricing to semi-monthly, to be published on the 15",{"text":6795,"type":599},{"text":86313,"type":599},{"text":6795,"type":599},{"text":117093,"type":599},") and the final working day of the month, by 4pm (London).",{"type":594,"attrs":117095,"content":117096},{"textAlign":49},[117097,117099,117100],{"text":117098,"type":599},"As the lithium ion battery industry continues to develop, the frequency and volume of battery material trading is increasing. To give an accurate and comprehensive assessment of price movements, the frequency with which ",{"text":9653,"type":599},{"text":117101,"type":599}," publishes prices must also increase.",{"type":594,"attrs":117103,"content":117104},{"textAlign":49},[117105],{"text":117106,"type":599},"The EV battery industry now represents the largest demand sector for cobalt materials. As such, it is necessary to increase the regularity of cobalt sulphate and hydroxide pricing as the trading frequency and volume of these materials continues to increase. This will better demonstrate price movements throughout each month, giving a more comprehensive view of these markets.",{"type":594,"attrs":117108,"content":117109},{"textAlign":49},[117110,117112,117114],{"text":117111,"type":599},"Cobalt metal pricing will become semi-monthly as this market is closely linked to cobalt hydroxide and sulphate, despite more limited use as a feedstock in the lithium-ion battery industry. Increasing the frequency of price reporting will also give consistency across all cobalt grades assessed by ",{"text":117113,"type":599},"Benchmark, ",{"text":117115,"type":599},"providing a more complete view of the cobalt market and how prices move throughout the month.",{"type":594,"attrs":117117,"content":117118},{"textAlign":49},[117119,117121,117122],{"text":117120,"type":599},"The proposed changes would impact three grades currently collected by ",{"text":9653,"type":599},{"text":21888,"type":599},{"type":594,"attrs":117124,"content":117125},{"textAlign":49},[117126,117127],{"text":9653,"type":599},{"text":117128,"type":599}," invites feedback from active market participants by latest 16 December 2022.",{"type":594,"attrs":117130,"content":117131},{"textAlign":49},[117132,117134,117135,117137,117141],{"text":117133,"type":599},"Please contact any ",{"text":9653,"type":599},{"text":117136,"type":599}," team member with feedback or email ",{"text":19898,"type":599,"marks":117138},[117139],{"type":604,"attrs":117140},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"London, UK (16 November 2022) – Benchmark Mineral Intelligence (“Benchmark”), the world’s leading independent provider of actionable price assessments, data, and analysis for the lithium ion battery to electric vehicle supply chain, announced today that it has started a formal public consultation on changes to its Cobalt Price Assessment Methodology. Growing demand for cobalt from […]",[117144],{"slug":544,"name":543,"content":117145},{"job_title":557,"image":117146,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c8a05063-4075-4ce4-ba43-20a226022922\", \"id\": \"\"}-->",[117149,117150],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":105760,"copyright":547,"fieldtype":553,"meta_data":117152,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":117154,"uuid":117155,"name":117156,"slug":117157,"full_slug":117158,"content":117159},112472240458825,"a1d90178-1f42-4457-8f9e-ef0012dbf8c7","How can the world meet Elon Musk’s 300 TWh battery capacity target?","how-can-the-world-meet-elon-musks-300-twh-battery-capacity-target","article/how-can-the-world-meet-elon-musks-300-twh-battery-capacity-target",{"_uid":117160,"date":116926,"tags":117161,"editor":117163,"content":117167,"excerpt":117247,"featured":51,"reporter":117248,"_editable":117252,"component":864,"seo_title":117156,"categories":117253,"visibility":2091,"author_company":49,"featured_image":117255,"seo_description":117247,"author_full_name":49,"author_job_title":49,"formattedDate":117054},"73356bf3-b588-4eaa-9a83-754460645d7f",[117162],{"slug":116670,"name":116671},[117164],{"slug":544,"name":543,"content":117165},{"job_title":557,"image":117166,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":117168},[117169,117174,117179,117184,117189,117194,117201,117214,117219,117224,117229,117234,117238],{"type":594,"attrs":117170,"content":117171},{"textAlign":49},[117172],{"text":117173,"type":599},"The world will need to increase battery production thirty-fold from today’s levels by midcentury to reach Elon Musk’s forecast of 300 terawatt-hours of needed global battery capacity, according to Benchmark’s chief executive Simon Moores.  ",{"type":594,"attrs":117175,"content":117176},{"textAlign":49},[117177],{"text":117178,"type":599},"Production of lithium ion batteries will need to increase from 0.6 TWh a year to 20 TWh by 2050 to transition the global transportation and energy systems away from fossil fuels, Moores told the Benchmark Week conference in Los Angeles. ",{"type":594,"attrs":117180,"content":117181},{"textAlign":49},[117182],{"text":117183,"type":599},"“We need to double the pace of everything – investment, capacity,” Moores said. ",{"type":594,"attrs":117185,"content":117186},{"textAlign":49},[117187],{"text":117188,"type":599},"The cost of building the world’s battery capacity would only be 5% of the almost $100 trillion estimated by the International Energy Agency and others needed to reach net zero emissions by 2050, Moores said, at a cost of $3 to $5 trillion.",{"type":594,"attrs":117190,"content":117191},{"textAlign":49},[117192],{"text":117193,"type":599},"“For something that is so critical … it’s an incredible value for investors,” he said. ",{"type":594,"attrs":117195,"content":117196},{"textAlign":49},[117197],{"type":1186,"attrs":117198},{"id":49,"alt":547,"src":117199,"title":49,"source":49,"copyright":49,"meta_data":117200},"https://a.storyblok.com/f/287943243085208/62407e6dd6/bm-simon-net-zero-2.png",{},{"type":594,"attrs":117202,"content":117203},{"textAlign":49},[117204,117206,117212],{"text":117205,"type":599},"In a ",{"text":117207,"type":599,"marks":117208},"TED interview",[117209],{"type":604,"attrs":117210},{"href":117211,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.youtube.com/watch?v=cdZZpaB2kDM",{"text":117213,"type":599}," last year Tesla’s chief executive Musk said the world would need 300 TWh of battery capacity to be fully sustainable.",{"type":594,"attrs":117215,"content":117216},{"textAlign":49},[117217],{"text":117218,"type":599},"That would require annual battery production rising to 6.7 TWh by 2030 and 11.8 Twh in 2040, Moores said. ",{"type":594,"attrs":117220,"content":117221},{"textAlign":49},[117222],{"text":117223,"type":599},"“That’s twice the pace of where we are today,” he said. ",{"type":594,"attrs":117225,"content":117226},{"textAlign":49},[117227],{"text":117228,"type":599},"At 20 TWh of annual production would require around 50 million to 60 million tonnes a year of raw materials, Moores said. Recycling could make up 40% of that amount and mining 50%, he said. ",{"type":594,"attrs":117230,"content":117231},{"textAlign":49},[117232],{"text":117233,"type":599},"That would require a twenty-fold increase in lithium supply to 12 million tonnes of lithium LCE and a similar increase in nickel sulphate to 8 million tonnes. Cobalt supply would have to increase by five times to 1 million tonnes of cobalt sulphate, and manganese by over twenty-fold to 2.5 million tonnes of manganese sulphate, according to Moores. ",{"type":657,"attrs":117235,"content":117236},{"level":659,"textAlign":49},[117237],{"text":114808,"type":599},{"type":594,"attrs":117239,"content":117240},{"textAlign":49},[117241,117242,117246],{"text":114813,"type":599},{"text":6515,"type":599,"marks":117243},[117244],{"type":604,"attrs":117245},{"href":100623,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"The world will need to increase battery production thirty-fold from today’s levels by midcentury to reach Elon Musk’s forecast of 300 terawatt-hours of needed global battery capacity, according to Benchmark’s chief executive Simon Moores. Production of lithium ion batteries will need to increase from 0.6 TWh a year to 20 TWh by 2050 to transition […]",[117249],{"slug":544,"name":543,"content":117250},{"job_title":557,"image":117251,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"73356bf3-b588-4eaa-9a83-754460645d7f\", \"id\": \"\"}-->",[117254],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":117256,"copyright":547,"fieldtype":553,"meta_data":117257,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/68281dbe52/bm-elon-musk-credit-daniel-oberhause-2018-e1650537704816.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":117259,"uuid":117260,"name":117261,"slug":117262,"full_slug":117263,"content":117264},112472259972173,"8a0211ea-e747-4586-a323-177f30079ac0","Redwood to supply US-made cathode to Panasonic as Biden’s IRA boosts supply chain","redwood-to-supply-us-made-cathode-to-panasonic-as-bidens-ira-boosts-supply-chain","article/redwood-to-supply-us-made-cathode-to-panasonic-as-bidens-ira-boosts-supply-chain",{"_uid":117265,"date":117266,"tags":117267,"editor":117273,"content":117277,"excerpt":117420,"featured":51,"reporter":117421,"component":864,"seo_title":117261,"categories":117425,"visibility":2091,"author_company":49,"featured_image":117430,"seo_description":117420,"author_full_name":49,"author_job_title":49,"formattedDate":117433},"4a513429-36d5-4458-bdb2-0fa3038848ea","2022-11-15 00:00",[117268,117269,117270,117272],{"slug":46859,"name":46860},{"slug":13871,"name":13872},{"slug":117271,"name":109932},"redwood-materials",{"slug":1375,"name":1376},[117274],{"slug":544,"name":543,"content":117275},{"job_title":557,"image":117276,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":117278},[117279,117290,117301,117306,117311,117316,117327,117332,117343,117348,117353,117358,117363,117373,117384,117389,117400,117405,117410,117415],{"type":594,"attrs":117280,"content":117281},{"textAlign":49},[117282,117284,117288],{"text":117283,"type":599},"Panasonic said it would source cathode material for its upcoming Kansas battery plant from Redwood Materials, a US ",{"text":5529,"type":599,"marks":117285},[117286],{"type":604,"attrs":117287},{"href":12314,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":117289,"type":599},", in a significant step forward for the country’s battery supply chain.",{"type":594,"attrs":117291,"content":117292},{"textAlign":49},[117293,117295,117299],{"text":117294,"type":599},"The plant would be the first US-based gigafactory to use ",{"text":41514,"type":599,"marks":117296},[117297],{"type":604,"attrs":117298},{"href":16216,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":117300,"type":599}," produced in the country rather than in Asia, Redwood said.",{"type":594,"attrs":117302,"content":117303},{"textAlign":49},[117304],{"text":117305,"type":599},"The announcement comes three months after the passing of President Joe Biden’s Inflation Reduction Act, which includes significant incentives for US-based cathode production.  ",{"type":594,"attrs":117307,"content":117308},{"textAlign":49},[117309],{"text":117310,"type":599},"“The deal indicates further commitment to the closing of the loop, keeping battery materials within regional value chains in North America,” Sarah Colbourn, an analyst at Benchmark, said. ",{"type":594,"attrs":117312,"content":117313},{"textAlign":49},[117314],{"text":117315,"type":599},"It’s the second deal by Panasonic following the passing of the legislation to source battery materials locally. Last month the battery producer signed an agreement with Canada’s Nouveau Monde Graphite for supply of anodes. ",{"type":594,"attrs":117317,"content":117318},{"textAlign":49},[117319,117321,117325],{"text":117320,"type":599},"Panasonic will begin construction this month on its Kansas ",{"text":70685,"type":599,"marks":117322},[117323],{"type":604,"attrs":117324},{"href":11600,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":117326,"type":599},", which will produce 30 gigawatt-hours starting in 2025. ",{"type":657,"attrs":117328,"content":117329},{"level":15966,"textAlign":49},[117330],{"text":117331,"type":599},"Lack of North American supply",{"type":594,"attrs":117333,"content":117334},{"textAlign":49},[117335,117337,117341],{"text":117336,"type":599},"The Inflation Reduction Act requires that 50% of the value of the components (cathodes, anodes, and separators) of a battery be derived from North American sources in order for ",{"text":3467,"type":599,"marks":117338},[117339],{"type":604,"attrs":117340},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":117342,"type":599}," to be eligible for a $3,750 tax credit in 2024. This increases to 100% by 2029.",{"type":594,"attrs":117344,"content":117345},{"textAlign":49},[117346],{"text":117347,"type":599},"Yet North America does not have sufficient cathode production capacity to fulfil its own domestic needs. ",{"type":594,"attrs":117349,"content":117350},{"textAlign":49},[117351],{"text":117352,"type":599},"At its current state by 2025, North America will only have enough domestic production to fulfil 1.8% of its domestic demand, according to Benchmark’s Cathode Forecast. By 2030 that only rises to 3%, according to Benchmark.",{"type":594,"attrs":117354,"content":117355},{"textAlign":49},[117356],{"text":117357,"type":599},"“There is no cathode production at scale in North America today,” Redwood said. ",{"type":594,"attrs":117359,"content":117360},{"textAlign":49},[117361],{"text":117362,"type":599},"Redwood, which is led by former Tesla executive JB Straubel, aims to expand cathode production to 100 GWh by 2025, enough for 1 million electric vehicles, and 500 GWh a year by the end of the decade. ",{"type":594,"attrs":117364,"content":117365},{"textAlign":49},[117366,117368,117372],{"text":117367,"type":599},"Straubel told Bloomberg that the cathode for Panasonic will use 100% recycled cobalt, and between 25% to 30% recycled nickel and ",{"text":878,"type":599,"marks":117369},[117370],{"type":604,"attrs":117371},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":117374,"content":117375},{"textAlign":49},[117376,117378,117382],{"text":117377,"type":599},"“Quickly ramping up a domestic battery materials ",{"text":28276,"type":599,"marks":117379},[117380],{"type":604,"attrs":117381},{"href":16131,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":117383,"type":599}," and using the highest possible percent of local, recycled raw materials is the best way we can meet the United States’ 2030 goals of 50% EV sales,” Redwood said.",{"type":657,"attrs":117385,"content":117386},{"level":15966,"textAlign":49},[117387],{"text":117388,"type":599},"Recycled goods",{"type":594,"attrs":117390,"content":117391},{"textAlign":49},[117392,117394,117398],{"text":117393,"type":599},"Redwood recently said it would spend $3.5 billion on its Nevada plant, which is due to begin operation in 2024. In addition to producing cathode from recycled materials, it will also produce the ",{"text":869,"type":599,"marks":117395},[117396],{"type":604,"attrs":117397},{"href":16334,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":117399,"type":599}," foil upon which anode material is deposited. ",{"type":594,"attrs":117401,"content":117402},{"textAlign":49},[117403],{"text":117404,"type":599},"Panasonic will use the copper foil in its Nevada gigafactory.",{"type":594,"attrs":117406,"content":117407},{"textAlign":49},[117408],{"text":117409,"type":599},"Redwood first partnered with Panasonic in 2019 to recycle production scrap generated at its Nevada gigafactory. Benchmark’s Recycling Forecast expects production scrap generally will account for around 80% of recyclable battery material in 2025.",{"type":594,"attrs":117411,"content":117412},{"textAlign":49},[117413],{"text":117414,"type":599},"End-of-life batteries will become the dominant source of material from the middle of the next decade. Earlier this year Redwood began working with automakers Ford and Volvo to collect end-of-life electric vehicles in California to recycle the batteries.",{"type":594,"attrs":117416,"content":117417},{"textAlign":49},[117418],{"text":117419,"type":599},"“Recycling and a localising supply chain are both essential to make the best use of limited natural resources,” Kazuou Tabanobu, president and chief executive of Panasonic Energy, said.","Panasonic said it would source cathode material for its upcoming Kansas battery plant from Redwood Materials, a US battery recycler, in a significant step forward for the country’s battery supply chain. The plant would be the first US-based gigafactory to use cathode material produced in the country rather than in Asia, Redwood said. The announcement […]",[117422],{"slug":544,"name":543,"content":117423},{"job_title":557,"image":117424,"bio":548,"linkedin":555},{"filename":552},[117426,117427,117428,117429],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":117431,"copyright":547,"fieldtype":553,"meta_data":117432,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5d3e08c35b/bm-rwm-beakers.png",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 15, 2022",{"id":117435,"uuid":117436,"name":117437,"slug":117438,"full_slug":117439,"content":117440},112472294411348,"babab27f-4410-474e-abaa-0897777fa7c6","Canada puts brakes on China’s $4 billion lithium acquisition spree","canada-puts-breaks-on-chinas-4-billion-lithium-acquisition-spree","article/canada-puts-breaks-on-chinas-4-billion-lithium-acquisition-spree",{"_uid":117441,"date":117442,"tags":117443,"editor":117447,"content":117451,"excerpt":117565,"featured":51,"reporter":117566,"_editable":117570,"component":864,"seo_title":117437,"categories":117571,"visibility":882,"author_company":49,"featured_image":117575,"seo_description":117565,"author_full_name":49,"author_job_title":49,"formattedDate":117578},"154d88a9-590a-4fde-a63f-61c331811444","2022-11-04 00:00",[117444,117445,117446],{"slug":39425,"name":39426},{"slug":913,"name":914},{"slug":2787,"name":2788},[117448],{"slug":544,"name":543,"content":117449},{"job_title":557,"image":117450,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":117452},[117453,117458,117463,117468,117473,117478,117483,117488,117493,117500,117505,117510,117515,117520,117525,117530,117535,117540,117545,117550,117555,117560],{"type":594,"attrs":117454,"content":117455},{"textAlign":49},[117456],{"text":117457,"type":599},"Canada’s decision to force three Chinese companies to divest from lithium companies could slow down China’s $4 billion of recent overseas investments in the sector, which has made Chinese companies the largest investors in the battery mineral globally.",{"type":594,"attrs":117459,"content":117460},{"textAlign":49},[117461],{"text":117462,"type":599},"Canada said the decision came after a “multi-step national security review process” that involved “rigorous scrutiny” by its national security and intelligence community. It ordered China’s Sinomine to divest from Power Metals, Chengze Lithium from Lithium Chile, and Zangge Mining from Ultra Lithium, within 90 days.",{"type":594,"attrs":117464,"content":117465},{"textAlign":49},[117466],{"text":117467,"type":599},"The decision marks a significant change in policy by Canada towards Chinese investment and comes following the passing of the Inflation Reduction Act in the US this summer, which seeks to build a North American battery supply chain excluding Chinese companies.",{"type":594,"attrs":117469,"content":117470},{"textAlign":49},[117471],{"text":117472,"type":599},"Ottawa, which is finalising a critical minerals strategy, said this month that transactions by state-owned companies in critical minerals could also be considered “injurious to Canada’s national security, regardless of the value of the transaction.”",{"type":594,"attrs":117474,"content":117475},{"textAlign":49},[117476],{"text":117477,"type":599},"“This would make Chinese investors more cautious in future overseas lithium investment but it won’t make them stop,” Albert Li, an analyst at Benchmark, said.",{"type":657,"attrs":117479,"content":117480},{"level":15966,"textAlign":49},[117481],{"text":117482,"type":599},"China’s global lithium investment spree",{"type":594,"attrs":117484,"content":117485},{"textAlign":49},[117486],{"text":117487,"type":599},"Chinese companies have invested over $4 billion in lithium projects outside of China since the beginning of 2021, according to Benchmark. Over the last five years, over $1 billion of lithium investments have been made in Canadian companies.",{"type":594,"attrs":117489,"content":117490},{"textAlign":49},[117491],{"text":117492,"type":599},"Ottawa’s decision comes just nine months after Canada approved a deal by Chinese miner Zijin to acquire Canadian-listed lithium miner Neo Lithium, which has the 3Q lithium brine project in Argentina, for $737 million.",{"type":594,"attrs":117494,"content":117495},{"textAlign":49},[117496],{"type":1186,"attrs":117497},{"id":49,"alt":547,"src":117498,"title":49,"source":49,"copyright":49,"meta_data":117499},"https://a.storyblok.com/f/287943243085208/fe2a893b4b/bm-chinese-biggest-acquisitions.png",{},{"type":657,"attrs":117501,"content":117502},{"level":15966,"textAlign":49},[117503],{"text":117504,"type":599},"China’s Canadian shopping list",{"type":594,"attrs":117506,"content":117507},{"textAlign":49},[117508],{"text":117509,"type":599},"That followed a number of earlier deals for Canadian companies. In 2018, Tibet Summit Resources acquired the Canadian-listed Lithium X project for $206 million. The following year Beijing-based Sinomine Resource Group also acquired the Tanco lithium mine in Manitoba. Tanco started shipping spodumene concentrate to China earlier this year.",{"type":594,"attrs":117511,"content":117512},{"textAlign":49},[117513],{"text":117514,"type":599},"China’s Ganfeng Lithium is also the majority partner in the Cauchari-Olaroz lithium project in Argentina with Lithium Americas, which is listed in Canada. Ganfeng also owns 11% of the shares of Lithium Americas.",{"type":594,"attrs":117516,"content":117517},{"textAlign":49},[117518],{"text":117519,"type":599},"Lithium Americas said this week it would split its North American and Argentinian assets into two separate companies. Lithium International will own its Argentine lithium assets, including its 44.8% interest in the Caucharí-Olaroz lithium brine project in Jujuy.",{"type":594,"attrs":117521,"content":117522},{"textAlign":49},[117523],{"text":117524,"type":599},"It was unclear what would happen with Ganfeng’s shareholding in Lithium Americas.",{"type":594,"attrs":117526,"content":117527},{"textAlign":49},[117528],{"text":117529,"type":599},"Canadian mining companies will now need alternative sources of capital for their projects.",{"type":594,"attrs":117531,"content":117532},{"textAlign":49},[117533],{"text":117534,"type":599},"Ultra Lithium said it “encourages the federal government to actively follow through on its commitment to Canadian businesses to identify and find alternative sources of capital and to retain Canada’s status as a stable and top tier mining destination.”",{"type":657,"attrs":117536,"content":117537},{"level":15966,"textAlign":49},[117538],{"text":117539,"type":599},"China reacts",{"type":594,"attrs":117541,"content":117542},{"textAlign":49},[117543],{"text":117544,"type":599},"Canada’s action might see more Chinese investments directly into countries that don’t have free trade agreements with the US, such as Argentina and Africa, Li said.",{"type":594,"attrs":117546,"content":117547},{"textAlign":49},[117548],{"text":117549,"type":599},"It will also push the Chinese government to support more domestic lithium resource development, including investment in salt lakes, lepidolite resources and recycling to ease the dependency on imports, he said. ",{"type":594,"attrs":117551,"content":117552},{"textAlign":49},[117553],{"text":117554,"type":599},"Sinomine, Chengze Lithium and Zangge Mining had together invested around $82 million into the three Canadian lithium companies. They all said in statements the projects were in the exploration phase and the decision would not impact their business performance this year or in the future.",{"type":594,"attrs":117556,"content":117557},{"textAlign":49},[117558],{"text":117559,"type":599},"“The Canadian side has overstretched the concept of national security and placed arbitrary curbs on normal trade and investment cooperation between China and Canadian companies,” China’s foreign ministry spokesman Zhao Lijian, said.",{"type":594,"attrs":117561,"content":117562},{"textAlign":49},[117563],{"text":117564,"type":599},"In July Ultra Lithium and Zangge pledged to invest $290 million in the Laguna Verde brine lithium project in Argentina, following Zangge’s acquisition of a 65% stake in Ultra’s subsidiary a month earlier.","Canada’s decision to force three Chinese companies to divest from lithium companies could slow down China’s $4 billion of recent overseas investments in the sector, which has made Chinese companies the largest investors in the battery mineral globally. Canada said the decision came after a “multi-step national security review process” that involved “rigorous scrutiny” by […]",[117567],{"slug":544,"name":543,"content":117568},{"job_title":557,"image":117569,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"154d88a9-590a-4fde-a63f-61c331811444\", \"id\": \"\"}-->",[117572,117573,117574],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":117576,"copyright":547,"fieldtype":553,"meta_data":117577,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/383e648ada/bm-china-canada1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 04, 2022",{"id":117580,"uuid":117581,"name":117582,"slug":117583,"full_slug":117584,"content":117585},112472319138906,"50752910-02b9-44b8-bfc9-116000b03054","Indonesia cobalt supply to push market into surplus this decade","indonesia-cobalt-supply-to-push-market-into-surplus-this-decade","article/indonesia-cobalt-supply-to-push-market-into-surplus-this-decade",{"_uid":117586,"date":117587,"tags":117588,"editor":117591,"content":117595,"excerpt":117711,"featured":51,"reporter":117712,"_editable":117716,"component":864,"seo_title":117582,"categories":117717,"visibility":882,"author_company":49,"featured_image":117720,"seo_description":117711,"author_full_name":49,"author_job_title":49,"formattedDate":117722},"6f75369f-4786-4c55-857a-63ab6ec874c5","2022-10-26 00:00",[117589,117590],{"slug":578,"name":579},{"slug":7997,"name":7998},[117592],{"slug":544,"name":543,"content":117593},{"job_title":557,"image":117594,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":117596},[117597,117602,117607,117612,117617,117622,117627,117634,117639,117644,117649,117654,117659,117664,117669,117674,117679,117686,117691,117696,117701,117706],{"type":594,"attrs":117598,"content":117599},{"textAlign":49},[117600],{"text":117601,"type":599},"Indonesia’s cobalt production could increase more than thirty-fold this decade, making it the second-largest producer after the Democratic Republic of the Congo and helping to ease concerns about a shortfall of the battery metal.",{"type":594,"attrs":117603,"content":117604},{"textAlign":49},[117605],{"text":117606,"type":599},"Supply from the South-East Asian country is expected to reach 76,345 tonnes a year by the end of 2030, from just 2,367 tonnes last year, according to Benchmark’s latest Cobalt Forecast.",{"type":594,"attrs":117608,"content":117609},{"textAlign":49},[117610],{"text":117611,"type":599},"That will help push the global cobalt market into a surplus this decade, just as sales of electric vehicles are set to acclerate. It will also help diversify supply away from the DRC, which currently dominates global production with 71% of supply.",{"type":594,"attrs":117613,"content":117614},{"textAlign":49},[117615],{"text":117616,"type":599},"“The sheer number and scale of the projects that have been announced in Indonesia this year has led us to revise our market outlook, as we now project the cobalt market to remain in oversupply until the end of the decade,” according to Benchmark’s Cobalt Forecast.",{"type":594,"attrs":117618,"content":117619},{"textAlign":49},[117620],{"text":117621,"type":599},"Indonesia’s share of global cobalt supply will increase from 1% last year to 19% by the end of 2030, according to Benchmark. DRC’s share, in contrast, will fall to 61% by the end of the decade even as the overall market grows.",{"type":594,"attrs":117623,"content":117624},{"textAlign":49},[117625],{"text":117626,"type":599},"“We are still forecasting a long term deficit, but the medium term view is quite different,” Harry Fisher, an analyst at Benchmark said.",{"type":594,"attrs":117628,"content":117629},{"textAlign":49},[117630],{"type":1186,"attrs":117631},{"id":49,"alt":547,"src":117632,"title":49,"source":49,"copyright":49,"meta_data":117633},"https://a.storyblok.com/f/287943243085208/75056ea5f2/bm-indonesia-cobalt.png",{},{"type":657,"attrs":117635,"content":117636},{"level":15966,"textAlign":49},[117637],{"text":117638,"type":599},"HPAL Projects Drive Growth",{"type":594,"attrs":117640,"content":117641},{"textAlign":49},[117642],{"text":117643,"type":599},"The growth in Indonesia’s cobalt is being driven by high-pressure acid leach (HPAL) projects that convert laterite ore into a mixed nickel-cobalt hydroxide precipitate (MHP) intermediate.",{"type":594,"attrs":117645,"content":117646},{"textAlign":49},[117647],{"text":117648,"type":599},"Benchmark is now tracking 38 cobalt-producing operations and projects in Indonesia, up from 10 in 2021.",{"type":594,"attrs":117650,"content":117651},{"textAlign":49},[117652],{"text":117653,"type":599},"“Indonesia has been interesting because up until recently, they basically didn’t produce any cobalt and the country has been a major nickel producer for many years,” said Harry Fisher, a Benchmark analyst.",{"type":594,"attrs":117655,"content":117656},{"textAlign":49},[117657],{"text":117658,"type":599},"“But the start of these HPAL facilities has enabled them to quickly build out large capacities for nickel and cobalt from the laterite deposits.”",{"type":594,"attrs":117660,"content":117661},{"textAlign":49},[117662],{"text":117663,"type":599},"These include Halmahera Persada Lygend, a joint venture between Indonesia’s Harita Group and China’s Ningbo Lygend. The JV’s HPAL plant is located at Kawasi village in North Maluku province, Indonesia.",{"type":594,"attrs":117665,"content":117666},{"textAlign":49},[117667],{"text":117668,"type":599},"There’s also PT Huayue, a joint venture between Tsingshan Holding Group and China Molybdenum Co, which started production last year.",{"type":594,"attrs":117670,"content":117671},{"textAlign":49},[117672],{"text":117673,"type":599},"PT QMB New Energy Material, a JV between GEM, CATL and EcoPro BM, started production of the first phase of its HPAL project in Central Sulawesi last month.",{"type":594,"attrs":117675,"content":117676},{"textAlign":49},[117677],{"text":117678,"type":599},"Further, Chinese mining major, Zhejiang Huayou Cobalt and mining giant, Vale Indonesia, announced in April and September plans to build two collaborative HPAL projects in South Sulawesi and Southeast Sulawesi, Indonesia respectively.",{"type":594,"attrs":117680,"content":117681},{"textAlign":49},[117682,117684],{"text":117683,"type":599},"In addition, last month Nanjing Hanrui Cobalt (Hanrui), announced plans",{"text":117685,"type":599},"to build an HPAL project in Morowali county, with a nameplate capacity of 7,500 tpa of cobalt contained in MHP.",{"type":594,"attrs":117687,"content":117688},{"textAlign":49},[117689],{"text":117690,"type":599},"Before China’s investments HPAL, as a technology, had a fairly rocky history as there were a number of facilities that missed their deadlines and went significantly over budget, Fisher said.",{"type":594,"attrs":117692,"content":117693},{"textAlign":49},[117694],{"text":117695,"type":599},"“There was a lot of scepticism from across the industry when these new HPAL facilities were announced in Indonesia. But that’s been proven wrong, really, by the success so far of the two existing producers that started last year,” said Fisher.",{"type":657,"attrs":117697,"content":117698},{"level":15966,"textAlign":49},[117699],{"text":117700,"type":599},"Chinese money in Indonesia",{"type":594,"attrs":117702,"content":117703},{"textAlign":49},[117704],{"text":117705,"type":599},"Of the 38 projects in Indonesia that Benchmark currently tracks, at least 26 are those that have some or the other kind of Chinese ownership.",{"type":594,"attrs":117707,"content":117708},{"textAlign":49},[117709],{"text":117710,"type":599},"“A lot of the money’s coming from China and that is what led to the success. There is a very strong supply chain between Indonesia and China. And that’s enabled them to quite successfully start this from scratch,” said Fisher.","Indonesia’s cobalt production could increase more than thirty-fold this decade, making it the second-largest producer after the Democratic Republic of the Congo and helping to ease concerns about a shortfall of the battery metal. Supply from the South-East Asian country is expected to reach 76,345 tonnes a year by the end of 2030, from just […]",[117713],{"slug":544,"name":543,"content":117714},{"job_title":557,"image":117715,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6f75369f-4786-4c55-857a-63ab6ec874c5\", \"id\": \"\"}-->",[117718,117719],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":92241,"copyright":547,"fieldtype":553,"meta_data":117721,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Oct 26, 2022",{"id":117724,"uuid":117725,"name":117726,"slug":117727,"full_slug":117728,"content":117729},112472328895680,"1d14e585-b77d-40a9-955f-d8c2f735b1f9","US targets lithium, graphite and nickel with $2.8 billion DOE grants to take on China","us-targets-lithium-graphite-and-nickel-with-2-8-billion-doe-grants-to-take-on-china","article/us-targets-lithium-graphite-and-nickel-with-2-8-billion-doe-grants-to-take-on-china",{"_uid":117730,"date":117731,"tags":117732,"editor":117735,"content":117739,"excerpt":117855,"featured":51,"reporter":117856,"_editable":117860,"component":864,"seo_title":117726,"categories":117861,"visibility":882,"author_company":49,"featured_image":117867,"seo_description":117855,"author_full_name":49,"author_job_title":49,"formattedDate":117870},"9893c220-f920-407a-ba32-a2531560b823","2022-10-21 00:00",[117733,117734],{"slug":54074,"name":54075},{"slug":1375,"name":1376},[117736],{"slug":544,"name":543,"content":117737},{"job_title":557,"image":117738,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":117740},[117741,117746,117751,117756,117761,117766,117771,117778,117783,117795,117800,117805,117810,117815,117820,117825,117830,117835,117840,117845,117850],{"type":594,"attrs":117742,"content":117743},{"textAlign":49},[117744],{"text":117745,"type":599},"US President Joe Biden’s administration unveiled $2.8 billion in grants from the Department of Energy that will increase domestic processing and production of battery materials to reduce the country’s reliance on China.",{"type":594,"attrs":117747,"content":117748},{"textAlign":49},[117749],{"text":117750,"type":599},"The grants will help develop enough battery-grade lithium to supply approximately 2 million electric vehicles annually, battery-grade graphite to supply about 1.2 million EVs annually, and battery-grade nickel for about 400,000 EVs annually, the DOE said.",{"type":594,"attrs":117752,"content":117753},{"textAlign":49},[117754],{"text":117755,"type":599},"The grants to 20 companies across 12 states come from a total of $7 billion allocated to batteries in the Bipartisan Infrastructure Law. Jigar Shah, head of the loan programs office of the DOE, said that the department had another $10 billion of battery manufacturing loan applications that will provide enough capacity for 8 million vehicles per year, and another $6 billion for critical minerals that “will get us a good deal of the way to being self-sufficient.”",{"type":594,"attrs":117757,"content":117758},{"textAlign":49},[117759],{"text":117760,"type":599},"“[The] DOE anticipates moving quickly on additional funding opportunities to continue to fill gaps in and strengthen the domestic battery supply chain,” it said.",{"type":594,"attrs":117762,"content":117763},{"textAlign":49},[117764],{"text":117765,"type":599},"Caspar Rawles, chief data officer at Benchmark, said the targets were achievable but it would probably take five to seven years to meet them. Meeting them would probably require around 80,000 to 100,000 tonnes of lithium, a similar amont of graphite, and less than 20,000 tonnes of nickel.",{"type":594,"attrs":117767,"content":117768},{"textAlign":49},[117769],{"text":117770,"type":599},"Sales of battery electric passenger vehicles in the US and Canada are expected to rise from around 800,000 this year to over 2 million vehicles by 2025, and 5 million by 2030, according to Rho Motion.",{"type":594,"attrs":117772,"content":117773},{"textAlign":49},[117774],{"type":1186,"attrs":117775},{"id":49,"alt":547,"src":117776,"title":49,"source":49,"copyright":49,"meta_data":117777},"https://a.storyblok.com/f/287943243085208/8cb23d807a/bm-doe-awards.png",{},{"type":657,"attrs":117779,"content":117780},{"level":15966,"textAlign":49},[117781],{"text":117782,"type":599},"China dominance",{"type":594,"attrs":117784,"content":117785},{"textAlign":49},[117786,117788,117793],{"text":117787,"type":599},"China ",{"text":117789,"type":599,"marks":117790},"currently refines",[117791],{"type":604,"attrs":117792},{"href":23378,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":117794,"type":599}," 44% of the world’s lithium, 69% of the nickel sulphate and 75% of the world’s cobalt, according to Benchmark. It also produces 100% of the world’s spherical graphite and 69% of synthetic graphite.",{"type":594,"attrs":117796,"content":117797},{"textAlign":49},[117798],{"text":117799,"type":599},"China is also set to  maintain the largest battery production surplus of any region until 2033, according to Benchmark.",{"type":594,"attrs":117801,"content":117802},{"textAlign":49},[117803],{"text":117804,"type":599},"“Unfortunately, the US is almost a non-player in the lithium game. Less than 1% of all lithium products made globally are made within the US and part of that is because we don’t have large amounts of those conventional types of resources,” said Ryan Melsert, chief executive of American Battery Technology, one of the recipients of the DOE’s grants.",{"type":594,"attrs":117806,"content":117807},{"textAlign":49},[117808],{"text":117809,"type":599},"Albemarle, the US’s largest lithium producer, received a $150 million federal grant from the DOE, which will help it construct a lithium concentrator plant in Kings Mountain, North Carolina. The plant will supply up to 350,000 tonnes a year of spodumene concentrate to a planned lithium chemical conversion facility to be located in the Southeastern US.",{"type":594,"attrs":117811,"content":117812},{"textAlign":49},[117813],{"text":117814,"type":599},"Albemarle said that facility will “eventually produce” up to 100,000 tonnes of battery-grade lithium a year, enough for 1.6 million EVs a year.",{"type":594,"attrs":117816,"content":117817},{"textAlign":49},[117818],{"text":117819,"type":599},"“It is going to be that full supply chain. It’s not the only facility like this that we’ll need in the US to be self-sufficient but it’s a good start,” Albemarle’s chief executive Kent Masters said.",{"type":657,"attrs":117821,"content":117822},{"level":15966,"textAlign":49},[117823],{"text":117824,"type":599},"Graphite production",{"type":594,"attrs":117826,"content":117827},{"textAlign":49},[117828],{"text":117829,"type":599},"Graphite projects also received a number of grants in the package. Australian graphite miner Syrah Resources secured a $219.8 million grant for the expansion of its Vidalia facility in Louisiana to a 45,000 tonne a year active anode material production, using natural graphite from its Balama Graphite operation in Mozambique.",{"type":594,"attrs":117831,"content":117832},{"textAlign":49},[117833],{"text":117834,"type":599},"According to Benchmark’s Flake Graphite Forecast, just 6% of the global supply of natural flake graphite is expected to originate from North America by 2025.",{"type":594,"attrs":117836,"content":117837},{"textAlign":49},[117838],{"text":117839,"type":599},"Synthetic graphite producer Novonix also said it was in line to receive $150 million in grant funding to expand its domestic production of synthetic graphite anode materials. The money would go towards building a 30,000 tonnes per year manufacturing facility, it said.",{"type":657,"attrs":117841,"content":117842},{"level":15966,"textAlign":49},[117843],{"text":117844,"type":599},"Nickel supply",{"type":594,"attrs":117846,"content":117847},{"textAlign":49},[117848],{"text":117849,"type":599},"In nickel, Talon Metals said it won a $115 million grant to build a battery minerals processing facility in Mercer County, North Dakota, to support a new cathode supply chain in the US.",{"type":594,"attrs":117851,"content":117852},{"textAlign":49},[117853],{"text":117854,"type":599},"Talon will process nickel ore from economically viable sources, it said. The company has a supply chain agreement with Tesla for 75,000 tonnes of nickel concentrate.","US President Joe Biden’s administration unveiled $2.8 billion in grants from the Department of Energy that will increase domestic processing and production of battery materials to reduce the country’s reliance on China. The grants will help develop enough battery-grade lithium to supply approximately 2 million electric vehicles annually, battery-grade graphite to supply about 1.2 million […]",[117857],{"slug":544,"name":543,"content":117858},{"job_title":557,"image":117859,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9893c220-f920-407a-ba32-a2531560b823\", \"id\": \"\"}-->",[117862,117863,117864,117865,117866],{"slug":872,"name":873},{"slug":880,"name":881},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":117868,"copyright":547,"fieldtype":553,"meta_data":117869,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a558cf2be2/bm-battery-award-screenshot.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 21, 2022",{"id":117872,"uuid":117873,"name":117874,"slug":117875,"full_slug":117876,"content":117877},112472358091975,"4c3183e9-8609-4463-bf4b-bc804b47ff02","China’s LFP dominance could constrain US energy storage deployment","chinas-lfp-dominance-could-constrain-us-energy-storage-deployment","article/chinas-lfp-dominance-could-constrain-us-energy-storage-deployment",{"_uid":117878,"date":117879,"tags":117880,"editor":117885,"content":117889,"excerpt":118079,"featured":51,"reporter":118080,"_editable":118084,"component":864,"seo_title":117874,"categories":118085,"visibility":882,"author_company":49,"featured_image":118090,"seo_description":118079,"author_full_name":49,"author_job_title":49,"formattedDate":118093},"90bb110e-6345-49f0-abbc-a3aad41005d3","2022-10-12 00:00",[117881,117882,117883,117884],{"slug":913,"name":914},{"slug":578,"name":579},{"slug":2787,"name":2788},{"slug":1375,"name":1376},[117886],{"slug":544,"name":543,"content":117887},{"job_title":557,"image":117888,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":117890},[117891,117896,117909,117914,117919,117924,117929,117934,117939,117946,117958,117970,117982,117987,117992,117997,118002,118007,118014,118034,118039,118044,118057,118069,118074],{"type":594,"attrs":117892,"content":117893},{"textAlign":49},[117894],{"text":117895,"type":599},"Lithium iron phosphate (LFP) has become the cathode chemistry of choice for energy storage applications around the world.",{"type":594,"attrs":117897,"content":117898},{"textAlign":49},[117899,117901,117907],{"text":117900,"type":599},"But China’s ",{"text":117902,"type":599,"marks":117903},"near monopoly",[117904],{"type":604,"attrs":117905},{"href":117906,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-stronghold-grip-on-cathodes-set-to-near-90-by-2030/",{"text":117908,"type":599}," in its production could hamper efforts to deploy such systems in North America.",{"type":594,"attrs":117910,"content":117911},{"textAlign":49},[117912],{"text":117913,"type":599},"Installations of energy storage are set to accelerate in the US, following the passing of the Inflation Reduction Act this summer, which provides tax credits for the deployment of large batteries that help integrate renewable energy into electricity grids. ",{"type":594,"attrs":117915,"content":117916},{"textAlign":49},[117917],{"text":117918,"type":599},"North America will see its battery demand for ESS (energy storage system) applications grow over four-fold between 2022 and 2030, according to Benchmark’s Lithium ion Battery Database. However, LFP cell production in the region is set to be just 19% of the ESS demand in 2030.",{"type":594,"attrs":117920,"content":117921},{"textAlign":49},[117922],{"text":117923,"type":599},"“North America is focused on the grid, but they are constrained by LFP supply,” Waid said.",{"type":657,"attrs":117925,"content":117926},{"level":15966,"textAlign":49},[117927],{"text":117928,"type":599},"Tax credits push US storage",{"type":594,"attrs":117930,"content":117931},{"textAlign":49},[117932],{"text":117933,"type":599},"Previously, investment tax credits (ITC) in the US were only available for storage systems connected to solar projects, Waid said. The inflation reduction act (IRA) has removed this constraint.",{"type":594,"attrs":117935,"content":117936},{"textAlign":49},[117937],{"text":117938,"type":599},"“This will allow for storage to be located in the best possible locations for optimising the grid, rather than in locations where it can also install solar,” Waid said. “These also need less land than paired projects so it opens up opportunities for cheaper developments.”",{"type":594,"attrs":117940,"content":117941},{"textAlign":49},[117942],{"type":1186,"attrs":117943},{"id":49,"alt":547,"src":117944,"title":49,"source":49,"copyright":49,"meta_data":117945},"https://a.storyblok.com/f/287943243085208/c7b13c19c2/bm-ess-regional.jpg",{},{"type":594,"attrs":117947,"content":117948},{"textAlign":49},[117949,117951,117957],{"text":117950,"type":599},"In addition the Advanced Manufacturing Production credits in the IRA will give a 10% production credit for domestically produced cathodes. Further credits of up to $45 per kWh for battery production could spur the ",{"text":117952,"type":599,"marks":117953},"investment needed to build up the local LFP supply required",[117954],{"type":604,"attrs":117955},{"href":117956,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/4-billion-potential-boost-to-us-lfp-capacity-as-ira-improves-economics/",{"text":974,"type":599},{"type":594,"attrs":117959,"content":117960},{"textAlign":49},[117961,117963,117968],{"text":117962,"type":599},"This month battery startup Our Next Energy ",{"text":117964,"type":599,"marks":117965},"said",[117966],{"type":604,"attrs":117967},{"href":117956,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":117969,"type":599}," it would invest $1.6 billion to build a 20 gigawatt-hour LFP battery cell factory in Michigan.",{"type":594,"attrs":117971,"content":117972},{"textAlign":49},[117973,117974,117980],{"text":25085,"type":599},{"text":117975,"type":599,"marks":117976},"automakers could also help build up the LFP production base",[117977],{"type":604,"attrs":117978},{"href":117979,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/bmw-to-trial-dual-chemistry-lfp-lmo-battery-from-our-next-energy/",{"text":117981,"type":599}," to support ESS deployments. Ford said in July it would start using LFP battery chemistries in some of its vehicles.",{"type":594,"attrs":117983,"content":117984},{"textAlign":49},[117985],{"text":117986,"type":599},"“Commitments from automakers towards LFP for entry-level EVs will also further strengthen LFP in the US,” Waid said.",{"type":594,"attrs":117988,"content":117989},{"textAlign":49},[117990],{"text":117991,"type":599},"This week General Motors also said it will start offering stationary storage applications to customers under a new business unit, GM Energy. It would work with SunPower to develop  home energy system that includes solar and storage, it said.",{"type":657,"attrs":117993,"content":117994},{"level":15966,"textAlign":49},[117995],{"text":117996,"type":599},"Chemistry choice",{"type":594,"attrs":117998,"content":117999},{"textAlign":49},[118000],{"text":118001,"type":599},"The underlying chemistry of LFP cathodes makes them the preferred choice for grid-scale energy storage applications such as those used for load levelling or coupled to renewable energy installations.",{"type":594,"attrs":118003,"content":118004},{"textAlign":49},[118005],{"text":118006,"type":599},"“LFP systems are generally cheaper, safer and have a longer cycle life than other chemistries,” Waid said.",{"type":594,"attrs":118008,"content":118009},{"textAlign":49},[118010],{"type":1186,"attrs":118011},{"id":49,"alt":547,"src":118012,"title":49,"source":49,"copyright":49,"meta_data":118013},"https://a.storyblok.com/f/287943243085208/d008c00526/bm-ess-chemistry.jpg",{},{"type":594,"attrs":118015,"content":118016},{"textAlign":49},[118017,118018,118024,118026,118032],{"text":2372,"type":599},{"text":118019,"type":599,"marks":118020},"intrinsically safer nature of LFP",[118021],{"type":604,"attrs":118022},{"href":118023,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lmfp-cathodes-advance-as-chinese-producers-test-material-with-automakers/",{"text":118025,"type":599}," over lithium nickel cobalt manganese (NCM) battery chemistries led the Chinese government to suggest banning NCM and ",{"text":118027,"type":599,"marks":118028},"sodium sulphur batteries",[118029],{"type":604,"attrs":118030},{"href":118031,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-catls-sodium-ion-cell-mean-for-the-battery-supply-chain/",{"text":118033,"type":599}," from being used in ESS applications.",{"type":594,"attrs":118035,"content":118036},{"textAlign":49},[118037],{"text":118038,"type":599},"When NCM batteries are used, it is mostly for behind-the-metre applications such as residential or commercial storage systems combined with rooftop solar. But even for these applications LFP is increasingly the preferred choice.",{"type":657,"attrs":118040,"content":118041},{"level":15966,"textAlign":49},[118042],{"text":118043,"type":599},"Turning to China ",{"type":594,"attrs":118045,"content":118046},{"textAlign":49},[118047,118049,118055],{"text":118048,"type":599},"However, despite the IRA encouraging the deployment of grid-scale storage systems, sourcing the ",{"text":118050,"type":599,"marks":118051},"LFP required for these projects will likely rely on China",[118052],{"type":604,"attrs":118053},{"href":118054,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/west-needs-to-build-lfp-battery-capacity-for-technology-to-go-global/",{"text":118056,"type":599},". China will produce 99% of LFP cathodes this year and Benchmark forecasts this will only drop fractionally to 98% by 2030.",{"type":594,"attrs":118058,"content":118059},{"textAlign":49},[118060,118062,118068],{"text":118061,"type":599},"As a result US energy storage companies are already looking to Chinese companies for battery supply, despite this meaning they could potentially miss out on some of the IRA’s incentives, which ",{"text":118063,"type":599,"marks":118064},"ban the involvement of companies from China",[118065],{"type":604,"attrs":118066},{"href":118067,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-the-us-meet-the-critical-mineral-requirements-of-the-climate-bill/",{"text":17632,"type":599},{"type":594,"attrs":118070,"content":118071},{"textAlign":49},[118072],{"text":118073,"type":599},"Last month US energy storage company FlexGen signed a deal with China’s CATL for 10 GWh batteries in the form of its EnerC battery energy storage system which uses LFP cells.",{"type":594,"attrs":118075,"content":118076},{"textAlign":49},[118077],{"text":118078,"type":599},"“China has the strength in LFP,” Waid said. “China is able to get those projects up and running in the shorter term quicker than other regions.”","Lithium iron phosphate (LFP) has become the cathode chemistry of choice for energy storage applications around the world. But China’s near monopoly in its production could hamper efforts to deploy such systems in North America. Installations of energy storage are set to accelerate in the US, following the passing of the Inflation Reduction Act this […]",[118081],{"slug":544,"name":543,"content":118082},{"job_title":557,"image":118083,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"90bb110e-6345-49f0-abbc-a3aad41005d3\", \"id\": \"\"}-->",[118086,118087,118088,118089],{"slug":2499,"name":2500},{"slug":3343,"name":3344},{"slug":880,"name":881},{"slug":12983,"name":12984},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":118091,"copyright":547,"fieldtype":553,"meta_data":118092,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/efd99b890e/bm-catl-booth-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 12, 2022",{"id":118095,"uuid":118096,"name":118097,"slug":118098,"full_slug":118099,"content":118100},112472368323785,"3ce8d5dd-991d-45f6-8316-d69f2c998fae","$4 billion potential boost to US LFP capacity as IRA improves economics","4-billion-potential-boost-to-us-lfp-capacity-as-ira-improves-economics","article/4-billion-potential-boost-to-us-lfp-capacity-as-ira-improves-economics",{"_uid":118101,"date":118102,"tags":118103,"editor":118106,"content":118110,"excerpt":118225,"featured":51,"reporter":118226,"_editable":118230,"component":864,"seo_title":118097,"categories":118231,"visibility":882,"author_company":49,"featured_image":118235,"seo_description":118225,"author_full_name":49,"author_job_title":49,"formattedDate":118238},"f4eb41d1-ab51-4e11-adff-053ecb6eafe4","2022-10-07 00:00",[118104,118105],{"slug":46859,"name":46860},{"slug":1375,"name":1376},[118107],{"slug":544,"name":543,"content":118108},{"job_title":557,"image":118109,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":118111},[118112,118117,118128,118133,118138,118143,118148,118153,118158,118165,118170,118175,118180,118185,118190,118195,118200,118205,118210,118215,118220],{"type":594,"attrs":118113,"content":118114},{"textAlign":49},[118115],{"text":118116,"type":599},"A total of $4 billion of possible investments into new lithium iron phosphate batteries and battery materials in the state of Michigan would mark a considerable increase in US production of the cheaper battery material.",{"type":594,"attrs":118118,"content":118119},{"textAlign":49},[118120,118122,118126],{"text":118121,"type":599},"Start-up Our Next Energy said it would invest $1.6 billion in a LFP battery cell and pack plant in the state, while Chinese producer ",{"text":5958,"type":599,"marks":118123},[118124],{"type":604,"attrs":118125},{"href":91956,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":118127,"type":599}," said it would build battery cathodes and anodes in the state.",{"type":594,"attrs":118129,"content":118130},{"textAlign":49},[118131],{"text":118132,"type":599},"The deals come as the Inflation Reduction Act is set to significantly improve the economics of producing battery cells in the US. The legislation provides production tax credits of up to $45 a kilowatt-hour to battery producers. It also includes tax credits equal to 10% of the cost of producing electrode materials such as cathodes.",{"type":594,"attrs":118134,"content":118135},{"textAlign":49},[118136],{"text":118137,"type":599},"Since LFP cells are cheaper to produce per kWh the legislation makes the chemistry even more attractive. In addition, the IRA sets requirements to source battery materials from North America or free trade agreement countries, which will be difficult in the case of cobalt and nickel since neither the Democratic Repulbic of the Congo or Indonesia have an FTA with the US.",{"type":594,"attrs":118139,"content":118140},{"textAlign":49},[118141],{"text":118142,"type":599},"Currently almost all the world’s LFP battery cells are made in China, with CATL supplying US automakers such as Tesla. China also produces around 99% of the world’s LFP cathode materials, according to Benchmark’s Cathode Forecast.",{"type":594,"attrs":118144,"content":118145},{"textAlign":49},[118146],{"text":118147,"type":599},"Before this week’s announcements LFP cell production capacity was forecast to be 0.7% of the total US cell capacity in 2030, according to Benchmark.",{"type":594,"attrs":118149,"content":118150},{"textAlign":49},[118151],{"text":118152,"type":599},"Kore Power is set to start construction this year on a 12 GWh lithium ion battery cell factory in Arizona, while LG Energy Solution’s plant in Michigan may produce LFP battery cells starting in 2023.",{"type":594,"attrs":118154,"content":118155},{"textAlign":49},[118156],{"text":118157,"type":599},"Overall North American battery cell demand is set to grow more than six-fold by 2030 to 507 GWh, according to Benchmark.",{"type":594,"attrs":118159,"content":118160},{"textAlign":49},[118161],{"type":1186,"attrs":118162},{"id":49,"alt":547,"src":118163,"title":49,"source":49,"copyright":49,"meta_data":118164},"https://a.storyblok.com/f/287943243085208/9ac7b153ea/bm-north-american-cell-demand.png",{},{"type":657,"attrs":118166,"content":118167},{"level":985,"textAlign":49},[118168],{"text":118169,"type":599},"Made in the US",{"type":594,"attrs":118171,"content":118172},{"textAlign":49},[118173],{"text":118174,"type":599},"Our Next Energy said its plant in Van Buren Township would have a capacity of 20 gigawatt-hours by the end of 2027, enough for 200,000 electric vehicle packs a year. It will start production in 2024.",{"type":594,"attrs":118176,"content":118177},{"textAlign":49},[118178],{"text":118179,"type":599},"The factory marks the “birth of an emerging trend away from NCM based cell factories,” the company said.",{"type":594,"attrs":118181,"content":118182},{"textAlign":49},[118183],{"text":118184,"type":599},"The company said it will build LFP as well as its anode-free cells at the site, supported by a $215 million state grant. The company’s anode-free cells deposit lithium metal on the anode during the first charge of the battery.",{"type":594,"attrs":118186,"content":118187},{"textAlign":49},[118188],{"text":118189,"type":599},"Using cell-to-pack technology, Our Next Energy says it can get an energy density of 144 watt hours per kilogram for its LFP battery packs. It also pairs LFP cells with high-energy anode-free cells in one pack to increase the range of an electric vehicle.",{"type":657,"attrs":118191,"content":118192},{"level":985,"textAlign":49},[118193],{"text":118194,"type":599},"From China to Michigan",{"type":594,"attrs":118196,"content":118197},{"textAlign":49},[118198],{"text":118199,"type":599},"Michigan’s governor Gretchen Whitmer said the state had approved $715 million in incentives that would enable Gotion to invest $2.36 billion building a battery components manufacturing facility in Big Rapids.",{"type":594,"attrs":118201,"content":118202},{"textAlign":49},[118203],{"text":118204,"type":599},"The site will produce 150,000 tonnes of cathode material a year and 50,000 of anode materials a year, the state said. That would be enough for around 67 GWh of battery cells a year, according to Benchmark.",{"type":594,"attrs":118206,"content":118207},{"textAlign":49},[118208],{"text":118209,"type":599},"The statement did not reveal whether Gotion would also build a cell manufacturing facility. Gotion has made no official comment on the facility.",{"type":594,"attrs":118211,"content":118212},{"textAlign":49},[118213],{"text":118214,"type":599},"While not specifying the chemistry, Gotion is a large producer of LFP cathode in China, with over 100,000 tonnes a year of production capacity, according to Benchmark’s Cathode Market Assessment.",{"type":594,"attrs":118216,"content":118217},{"textAlign":49},[118218],{"text":118219,"type":599},"Gotion is also building a 400,000 tonnes a year battery anode project in Inner Mongolia, with the first phase set to produce 100,000 tonnes a year.",{"type":594,"attrs":118221,"content":118222},{"textAlign":49},[118223],{"text":118224,"type":599},"In December 2021, Gotion said it had signed a deal to supply a “large” American automaker with 200 GWh of LFP batteries between 2023 and 2028, without specifying who the automaker was. The two companies were also studying the possibility of producing LFP in the US, it said at the time.","A total of $4 billion of possible investments into new lithium iron phosphate batteries and battery materials in the state of Michigan would mark a considerable increase in US production of the cheaper battery material. Start-up Our Next Energy said it would invest $1.6 billion in a LFP battery cell and pack plant in the […]",[118227],{"slug":544,"name":543,"content":118228},{"job_title":557,"image":118229,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f4eb41d1-ab51-4e11-adff-053ecb6eafe4\", \"id\": \"\"}-->",[118232,118233,118234],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":118236,"copyright":547,"fieldtype":553,"meta_data":118237,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c3263704b9/bm-one-circle-property-128947121c78.png",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 07, 2022",{"id":118240,"uuid":118241,"name":118242,"slug":118243,"full_slug":118244,"content":118245},112472362908872,"2ac30b43-5405-4fc1-8d70-a895c29d9455","Tata’s $10,000 EV set to boost India EV market, but domestic battery supply lags","tatas-10000-ev-set-to-boost-india-ev-market-but-domestic-battery-supply-lags","article/tatas-10000-ev-set-to-boost-india-ev-market-but-domestic-battery-supply-lags",{"_uid":118246,"date":118102,"tags":118247,"editor":118249,"content":118253,"excerpt":118432,"featured":51,"reporter":118433,"_editable":118437,"component":864,"seo_title":118242,"categories":118438,"visibility":882,"author_company":49,"featured_image":118442,"seo_description":118432,"author_full_name":49,"author_job_title":49,"formattedDate":118238},"9155c025-e1d7-4070-bf5b-6a3f57e8a72f",[118248],{"slug":22444,"name":22445},[118250],{"slug":544,"name":543,"content":118251},{"job_title":557,"image":118252,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":118254},[118255,118260,118265,118275,118280,118285,118292,118297,118302,118307,118312,118317,118322,118327,118332,118337,118342,118347,118352,118357,118362,118367,118372,118377,118382,118387,118392,118397,118402,118407,118412,118417,118422,118427],{"type":594,"attrs":118256,"content":118257},{"textAlign":49},[118258],{"text":118259,"type":599},"The launch of a $10,000 electric vehicle by Tata Motors next year will bring affordable electric vehicles to the Indian market, the world’s fourth largest automotive market.",{"type":594,"attrs":118261,"content":118262},{"textAlign":49},[118263],{"text":118264,"type":599},"But India’s battery supply chain will need to catch up to meet the country’s target of having electric cars make up 30% of private car sales by 2030, from less than 1% last year.",{"type":594,"attrs":118266,"content":118267},{"textAlign":49},[118268,118273],{"text":22445,"type":599,"marks":118269},[118270],{"type":604,"attrs":118271},{"href":118272,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/electric-india/",{"text":118274,"type":599}," is looking to spur development of battery technology as it looks to support the country’s climate and clean energy goals. But Benchmark currently forecasts India will account for less than half a percent of global battery capacity in 2030, based on current plans.",{"type":594,"attrs":118276,"content":118277},{"textAlign":49},[118278],{"text":118279,"type":599},"That’s less than Narendra Modi’s government’s target of 50 GWh of lithium ion battery production capacity in the country, which it has pledged to back with $2.5 billion in subsidies.",{"type":594,"attrs":118281,"content":118282},{"textAlign":49},[118283],{"text":118284,"type":599},"“India is largely importing batteries from China, Taiwan and South Korea. The situation is likely to remain the same unless there is a big upstream investment push. Even then the infrastructure will take a while to develop,” said Manish Dua, senior analyst with Benchmark.",{"type":594,"attrs":118286,"content":118287},{"textAlign":49},[118288],{"type":1186,"attrs":118289},{"id":49,"alt":547,"src":118290,"title":49,"source":49,"copyright":49,"meta_data":118291},"https://a.storyblok.com/f/287943243085208/50f2aee28e/bm-india-ev-demand.png",{},{"type":657,"attrs":118293,"content":118294},{"level":15966,"textAlign":49},[118295],{"text":118296,"type":599},"Where will India’s batteries come from?",{"type":594,"attrs":118298,"content":118299},{"textAlign":49},[118300],{"text":118301,"type":599},"The Tiago EV will go on sale from January and are being offered at an introductory price range of $10,500 to $14,600 before registration and taxes, with a choice between a 19.2 kWh or 24 kWh battery pack.",{"type":594,"attrs":118303,"content":118304},{"textAlign":49},[118305],{"text":118306,"type":599},"Tata Motors sources the lithium-ion batteries for its electric vehicles from its subsidiary Tata AutoComp Systems, which in turn has a joint venture with China’s Gotion Hi-Tech to produce them locally.",{"type":594,"attrs":118308,"content":118309},{"textAlign":49},[118310],{"text":118311,"type":599},"The majority of India’s battery cell production expansion will be led by Tier 3 suppliers including Tata Chemicals, which is a technical partner for Tata Motors and is involved in cell development and local manufacturing for the automaker.",{"type":594,"attrs":118313,"content":118314},{"textAlign":49},[118315],{"text":118316,"type":599},"Tata Chemicals is expected to add 7 GWh lithium iron phosphate (LFP) battery capacity by the end of 2030, according to Benchmark.",{"type":594,"attrs":118318,"content":118319},{"textAlign":49},[118320],{"text":118321,"type":599},"Another 4.8 GWh capacity will come from India’s largest automotive battery maker Exide Industries which last month began construction of lithium ion cell manufacturing plant in the southern state of Karnataka in collaboration with China’s SVOLT.",{"type":594,"attrs":118323,"content":118324},{"textAlign":49},[118325],{"text":118326,"type":599},"“Exide has better chances to come online given its experience in the battery ecosystem overall,” Dua said.",{"type":594,"attrs":118328,"content":118329},{"textAlign":49},[118330],{"text":118331,"type":599},"Exide said in March its plant will have initial production capacity of six gigawatt-hours which would be ramped up to 12 GWh of capacity this decade with a total of $770 million of investment.",{"type":594,"attrs":118333,"content":118334},{"textAlign":49},[118335],{"text":118336,"type":599},"Exide plans to manufacture cells across two popular chemistries to meet the needs of a diverse set of automakers. These include nickel manganese cobalt (NCM) and LFP (lithium iron phosphate) chemistries for the cylindrical, pouch and prismatic cell formats.",{"type":657,"attrs":118338,"content":118339},{"level":15966,"textAlign":49},[118340],{"text":118341,"type":599},"Government stimulus",{"type":594,"attrs":118343,"content":118344},{"textAlign":49},[118345],{"text":118346,"type":599},"In March, three players were awarded capacity under the government’s $2.5 billion Production Linked Incentive (PLI) scheme for battery manufacturing. These include Rajesh Exports, Ola Electric and Reliance New Solar.",{"type":594,"attrs":118348,"content":118349},{"textAlign":49},[118350],{"text":118351,"type":599},"“While Rajesh Exports hasn’t given hints on downstream application focus, Ola’s focus would be on LFP and NCM variants whereas Reliance’s focus would be on LFP and sodium-ion chemistries,” Dua said.",{"type":594,"attrs":118353,"content":118354},{"textAlign":49},[118355],{"text":118356,"type":599},"Last year Indian conglomerate Reliance acquired UK-based sodium-ion battery developer Faradion for £100 million ($111 million.)",{"type":594,"attrs":118358,"content":118359},{"textAlign":49},[118360],{"text":118361,"type":599},"The selected firms are expected to set up the manufacturing facility within two years. Subsidies will be spent over a period of five years and the companies have to commit to a minimum capacity of 5GWh.",{"type":657,"attrs":118363,"content":118364},{"level":15966,"textAlign":49},[118365],{"text":118366,"type":599},"Battery materials ",{"type":594,"attrs":118368,"content":118369},{"textAlign":49},[118370],{"text":118371,"type":599},"Still, India will need to ensure it can access supplies of battery materials and look to develop local capabilities to process this material into necessary cathode and anodes, Aran Waid, an analyst at Benchmark said.",{"type":594,"attrs":118373,"content":118374},{"textAlign":49},[118375],{"text":118376,"type":599},"India has large producers of coal tar pitch and carbon black who have plans to expand into anode active materials. Epsilon Advanced Materials is building a plant in India with capacity to produce 50,000 tonnes of synthetic graphite.",{"type":594,"attrs":118378,"content":118379},{"textAlign":49},[118380],{"text":118381,"type":599},"Last year Indian miner Vedanta, which is led by billionaire Anil Argawal, also acquired Goa-based Nicomet, which produces nickel and cobalt.",{"type":657,"attrs":118383,"content":118384},{"level":15966,"textAlign":49},[118385],{"text":118386,"type":599},"Smaller batteries ",{"type":594,"attrs":118388,"content":118389},{"textAlign":49},[118390],{"text":118391,"type":599},"India offers a wide variety of battery pack options that cater to mass, middle and the luxury segment that is spread across two-, three- and four-wheelers.",{"type":594,"attrs":118393,"content":118394},{"textAlign":49},[118395],{"text":118396,"type":599},"The mass market battery packs are usually between 20 kWh to 45 kWh, while the middle market packs are between 45 kWh to 70 kWh. The high end market stretches to over 70 kWh to 90 kWh.",{"type":594,"attrs":118398,"content":118399},{"textAlign":49},[118400],{"text":118401,"type":599},"“On the demand side, LFP has the lion share of the market in India,” Dua said. “Going into 2Ws, 3Ws, 4Ws, storage and other applications followed by lower NCM variants.”",{"type":657,"attrs":118403,"content":118404},{"level":15966,"textAlign":49},[118405],{"text":118406,"type":599},"Two and three wheelers",{"type":594,"attrs":118408,"content":118409},{"textAlign":49},[118410],{"text":118411,"type":599},"In India electric two-wheelers have found a better adoption rate and scale so far than larger electric vehicles.",{"type":594,"attrs":118413,"content":118414},{"textAlign":49},[118415],{"text":118416,"type":599},"India’s second largest two-wheeler manufacturer Hero MotoCorp said last week it is investing $60 million in the US-based Zero Motorcycles to jointly develop electric motorcycles.",{"type":594,"attrs":118418,"content":118419},{"textAlign":49},[118420],{"text":118421,"type":599},"Hero also has an over 35% stake in electric two-wheeler company Ather Energy, another startup that competes with Ola. The company has also signed a Memorandum of Understanding (MoU) with the Rajasthan government to set up an EV manufacturing hub with an annual production capacity of two million units.",{"type":594,"attrs":118423,"content":118424},{"textAlign":49},[118425],{"text":118426,"type":599},"Ola Electric has invested $500 million to set up a Battery Innovation Centre for battery pack design, fabrication and testing in India’s startup city Bengaluru. Earlier this year, the company unveiled its first lithium ion cell, an NCM 2170 cell, which it plans to mass-produce at a gigafactory in Chennai by 2023.",{"type":594,"attrs":118428,"content":118429},{"textAlign":49},[118430],{"text":118431,"type":599},"The company was also allocated 20GWh capacity under the PLI-linked incentives scheme for advanced chemistry cells.","The launch of a $10,000 electric vehicle by Tata Motors next year will bring affordable electric vehicles to the Indian market, the world’s fourth largest automotive market. But India’s battery supply chain will need to catch up to meet the country’s target of having electric cars make up 30% of private car sales by 2030, […]",[118434],{"slug":544,"name":543,"content":118435},{"job_title":557,"image":118436,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9155c025-e1d7-4070-bf5b-6a3f57e8a72f\", \"id\": \"\"}-->",[118439,118440,118441],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":118443,"copyright":547,"fieldtype":553,"meta_data":118444,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/527d2baea3/bm-india-evs-pic.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":118446,"uuid":118447,"name":118448,"slug":118449,"full_slug":118450,"content":118451},112472373206218,"def3dec9-497b-450e-9f7a-2ed9222749f7","Infographic: China’s lithium ion battery supply chain dominance","infographic-chinas-lithium-ion-battery-supply-chain-dominance","article/infographic-chinas-lithium-ion-battery-supply-chain-dominance",{"_uid":118452,"date":118453,"tags":118454,"editor":118457,"content":118461,"excerpt":118597,"featured":51,"reporter":118598,"_editable":118602,"component":864,"seo_title":118448,"categories":118603,"visibility":882,"author_company":49,"featured_image":118614,"seo_description":118597,"author_full_name":49,"author_job_title":49,"formattedDate":118616},"fd431218-90b8-435e-885a-ba79d53792ff","2022-10-03 00:00",[118455,118456],{"slug":913,"name":914},{"slug":578,"name":579},[118458],{"slug":544,"name":543,"content":118459},{"job_title":557,"image":118460,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":118462},[118463,118468,118473,118478,118483,118490,118495,118500,118519,118524,118537,118549,118554,118565,118570,118575,118580,118585],{"type":594,"attrs":118464,"content":118465},{"textAlign":49},[118466],{"text":118467,"type":599},"North America and Europe want to develop local battery supply chains, but removing China from the equation will be difficult given how embedded the country is in the processing of battery minerals. ",{"type":594,"attrs":118469,"content":118470},{"textAlign":49},[118471],{"text":118472,"type":599},"While most of the world’s lithium, nickel, cobalt, and manganese for batteries is mined outside of China, the majority of all critical minerals for the battery supply chain are further refined and processed in China.",{"type":594,"attrs":118474,"content":118475},{"textAlign":49},[118476],{"text":118477,"type":599},"With the exception of mining, China controls at least half of the supply from every step needed to make a lithium ion battery.",{"type":594,"attrs":118479,"content":118480},{"textAlign":49},[118481],{"text":118482,"type":599},"“Continuous R&D and technology innovation, fast construction speed of infrastructure and factories, as well as labour advantages, have helped to form a complete chain from mining and chemical all the way to EV-making,” Albert Li, an analyst at Benchmark, said.",{"type":594,"attrs":118484,"content":118485},{"textAlign":49},[118486],{"type":1186,"attrs":118487},{"id":49,"alt":547,"src":118488,"title":49,"source":49,"copyright":49,"meta_data":118489},"https://a.storyblok.com/f/287943243085208/2f27390e89/bm-china-dominance-w-mang-scaled-1.png",{},{"type":657,"attrs":118491,"content":118492},{"level":985,"textAlign":49},[118493],{"text":118494,"type":599},"Strength in refining",{"type":594,"attrs":118496,"content":118497},{"textAlign":49},[118498],{"text":118499,"type":599},"Lithium, mostly mined as spodumene in Australia or extracted from brine pools in Chile and Argentina, is typically shipped to China for conversion to lithium carbonate or lithium hydroxide. Almost 60% of lithium refining occurred in China, despite just 13% of lithium being mined there.",{"type":594,"attrs":118501,"content":118502},{"textAlign":49},[118503,118505,118510,118512,118518],{"text":118504,"type":599},"Of all the critical minerals, cobalt is the one China has the least amount of mining for, with less than 1% coming from the country. The vast majority is mined in the ",{"text":42579,"type":599,"marks":118506},[118507],{"type":604,"attrs":118508},{"href":118509,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/drc-to-push-ahead-with-government-control-of-small-scale-mining-presidential-advisor-says/",{"text":118511,"type":599}," (DRC). But three-quarters of this is then processed by China. Much of this is also sourced from ",{"text":118513,"type":599,"marks":118514},"Chinese-owned mines in the DRC",[118515],{"type":604,"attrs":118516},{"href":118517,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/congo-court-ejects-china-moly-from-tenke-cobalt-mine/",{"text":974,"type":599},{"type":594,"attrs":118520,"content":118521},{"textAlign":49},[118522],{"text":118523,"type":599},"Of the metals, China has the largest share of refining for manganese. Despite mining less than 10% of the global supply, it refines 95% of it.",{"type":594,"attrs":118525,"content":118526},{"textAlign":49},[118527,118529,118535],{"text":118528,"type":599},"The material China has the biggest overall dominance over is graphite. Not only does it mine 64% of natural flake graphite, it has a monopoly on converting into the spherical graphite needed for anodes. From the mining side, China is forecast by Benchmark to ",{"text":118530,"type":599,"marks":118531},"fall second to Africa",[118532],{"type":604,"attrs":118533},{"href":118534,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/flake-graphite-production-in-africa-set-to-overtake-china-this-decade/",{"text":118536,"type":599}," over the next decade.",{"type":594,"attrs":118538,"content":118539},{"textAlign":49},[118540,118542,118548],{"text":118541,"type":599},"Over two-thirds of synthetic graphite, which is produced from petroleum coke, is produced in China. The majority of this comes either from Inner Mongolia where electricity is cheap, or Sichuan province where there is abundant hydroelectric power. However, recent changes in Inner Mongolia electricity policies, and drought in Sichuan ",{"text":118543,"type":599,"marks":118544},"put these sources under stress",[118545],{"type":604,"attrs":118546},{"href":118547,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/twin-power-crises-hit-chinas-synthetic-graphite-producers/",{"text":974,"type":599},{"type":657,"attrs":118550,"content":118551},{"level":985,"textAlign":49},[118552],{"text":118553,"type":599},"And strong all the way downstream",{"type":594,"attrs":118555,"content":118556},{"textAlign":49},[118557,118559,118564],{"text":118558,"type":599},"In 2022, Benchmark forecasts 70% of all batteries will be made in China. This is supported by strong control of the midstream, with a near monopoly over anode production and ",{"text":118560,"type":599,"marks":118561},"over three-quarters of cathode production",[118562],{"type":604,"attrs":118563},{"href":117906,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":118566,"content":118567},{"textAlign":49},[118568],{"text":118569,"type":599},"China’s battery dominance began with a policy decision in 2015 to effectively ban foreign battery producers from the market, by making them ineligible for subsidies. ",{"type":594,"attrs":118571,"content":118572},{"textAlign":49},[118573],{"text":118574,"type":599},"The so-called “White List” only contained domestic cell producers, forcing South Korean and Japanese companies like LG and Panasonic with factories in China out of the game. Although this list was cancelled in 2019, its influence can still be felt today.",{"type":594,"attrs":118576,"content":118577},{"textAlign":49},[118578],{"text":118579,"type":599},"“China took advantage of the prime and important years from 2015 to 2019 with the help of the White List,” Li said. “China started to nurture its own battery supply chain, and later formed a strong fleet of domestic cell producers, and all the other battery-related industries which were all growing strong together.”",{"type":657,"attrs":118581,"content":118582},{"level":985,"textAlign":49},[118583],{"text":118584,"type":599},"Learn more about Benchmark’s services",{"type":594,"attrs":118586,"content":118587},{"textAlign":49},[118588,118590,118595],{"text":118589,"type":599},"To learn more about Benchmark’s Lithium, Nickel, Cobalt, Graphite, Anode and Cathode Forecasts, Manganese Services, and Lithium ion battery Database fill in this ",{"text":110919,"type":599,"marks":118591},[118592],{"type":604,"attrs":118593},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},"/contact",{"text":118596,"type":599}," and we’ll be in touch.","North America and Europe want to develop local battery supply chains, but removing China from the equation will be difficult given how embedded the country is in the processing of battery minerals. While most of the world’s lithium, nickel, cobalt, and manganese for batteries is mined outside of China, the majority of all critical minerals […]",[118599],{"slug":544,"name":543,"content":118600},{"job_title":557,"image":118601,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fd431218-90b8-435e-885a-ba79d53792ff\", \"id\": \"\"}-->",[118604,118605,118606,118607,118608,118609,118610,118611,118612,118613],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":880,"name":881},{"slug":4811,"name":4812},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":2761,"name":2762},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":57778,"copyright":547,"fieldtype":553,"meta_data":118615,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Oct 03, 2022",{"id":118618,"uuid":118619,"name":118620,"slug":118621,"full_slug":118622,"content":118623},112472378252491,"7119e81a-1872-4be3-881f-0051058f45b0","Rio Tinto and SK On outline lithium plans as shortage fears weigh across supply chain","rio-tinto-and-sk-on-outline-lithium-plans-as-shortage-fears-weigh-across-supply-chain","article/rio-tinto-and-sk-on-outline-lithium-plans-as-shortage-fears-weigh-across-supply-chain",{"_uid":118624,"date":118625,"tags":118626,"editor":118628,"content":118632,"excerpt":118734,"featured":51,"reporter":118735,"_editable":118739,"component":864,"seo_title":118620,"categories":118740,"visibility":882,"author_company":49,"featured_image":118743,"seo_description":118734,"author_full_name":49,"author_job_title":49,"formattedDate":118746},"c70d4caa-0b1c-4c4d-9817-8be93648d4e5","2022-09-30 00:00",[118627],{"slug":4366,"name":4367},[118629],{"slug":544,"name":543,"content":118630},{"job_title":557,"image":118631,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":118633},[118634,118639,118652,118657,118662,118667,118672,118677,118682,118687,118694,118699,118704,118709,118714,118719,118724,118729],{"type":594,"attrs":118635,"content":118636},{"textAlign":49},[118637],{"text":118638,"type":599},"Rio Tinto and Korean battery maker SK On told Benchmark’s Gigafactories Asia Pacific conference this week that rising electric vehicle sales were accelerating the search for new lithium resources.",{"type":594,"attrs":118640,"content":118641},{"textAlign":49},[118642,118644,118650],{"text":118643,"type":599},"Rio Tinto said it is looking to build a “much larger” portfolio of ",{"text":118645,"type":599,"marks":118646},"battery minerals assets",[118647],{"type":604,"attrs":118648},{"href":118649,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rio-tinto-commits-2-4bn-to-arrive-at-lithiums-main-stage/",{"text":118651,"type":599}," while SK On said it was looking to find “reliable, long-term critical mineral” supplies.",{"type":594,"attrs":118653,"content":118654},{"textAlign":49},[118655],{"text":118656,"type":599},"The comments come as lithium prices in the Chinese domestic market continue to climb with average battery grade lithium carbonate prices now increasing to above the RMB 500,000/tonne threshold, according to Benchmark’s latest Lithium Price Assessment.",{"type":594,"attrs":118658,"content":118659},{"textAlign":49},[118660],{"text":118661,"type":599},"“Lithium consumption needs to surge way above anything that is currently being planned to be mined,” Sinead Kaufman, head of minerals at Rio, told the conference. “Even with every project in the world that’s project to come on we’ll still be short 50% of the amount of lithium that’s required to build the electric vehicles.”",{"type":594,"attrs":118663,"content":118664},{"textAlign":49},[118665],{"text":118666,"type":599},"SK On said it had signed an agreement this week with Australia’s Global Lithium Resources to explore future lithium supplies. The company’s lithium demand will increase by seven times to 300,000 tonnes of lithium a year by 2030.",{"type":594,"attrs":118668,"content":118669},{"textAlign":49},[118670],{"text":118671,"type":599},"“We will invest .. we need significant amounts of critical minerals to support our growth,” Donghoe Gu, team leader of corporate strategy at SK On, said. “If we cannot control the critical minerals properly we cannot achieve [our] long-term cost roadmap.”",{"type":594,"attrs":118673,"content":118674},{"textAlign":49},[118675],{"text":118676,"type":599},"Traditionally, SK On would sign long-term agreements with “major” raw material suppliers, but to meet its growing demand the company would now need to “consider a variety of sourcing options including investment,” as well as supply from junior miners, Gu said.",{"type":594,"attrs":118678,"content":118679},{"textAlign":49},[118680],{"text":118681,"type":599},"“The market is not easy right now so we are open to talk to junior mining players to source and support our future growth,” he said.",{"type":594,"attrs":118683,"content":118684},{"textAlign":49},[118685],{"text":118686,"type":599},"However Gu said the company was a cell producer and not a miner so would focus its capital allocation on investing in manufacturing plants globally.",{"type":594,"attrs":118688,"content":118689},{"textAlign":49},[118690],{"type":1186,"attrs":118691},{"id":49,"alt":547,"src":118692,"title":49,"source":49,"copyright":49,"meta_data":118693},"https://a.storyblok.com/f/287943243085208/252e5c6f1d/bm-lithium-market-balance-2-1.png",{},{"type":657,"attrs":118695,"content":118696},{"level":985,"textAlign":49},[118697],{"text":118698,"type":599},"Rio’s battery minerals ambition",{"type":594,"attrs":118700,"content":118701},{"textAlign":49},[118702],{"text":118703,"type":599},"Rio Tinto finalised its $825 million acquisition of the Rincon lithium project in Argentina in March, which was the biggest move by a major western mining company into the lithium sector.",{"type":594,"attrs":118705,"content":118706},{"textAlign":49},[118707],{"text":118708,"type":599},"The project in Salta province will start producing lithium carbonate in 2024 using direct lithium extraction technology, Kaufman said.",{"type":594,"attrs":118710,"content":118711},{"textAlign":49},[118712],{"text":118713,"type":599},"Kaufman said that the “linear mining model” that was applicable to bulk commodities such as iron ore was not applicable to lithium.",{"type":594,"attrs":118715,"content":118716},{"textAlign":49},[118717],{"text":118718,"type":599},"“It’s actually a chemical process not a bulk mining process and that complexity that’s added to it as well is something we really see has to drive the strength of diversity of the supply chain,” she said.",{"type":594,"attrs":118720,"content":118721},{"textAlign":49},[118722],{"text":118723,"type":599},"Rio Tinto was looking at building diversity across hard rock mining, lithium brines, and also mining old mine tailings for the mineral, she said.",{"type":594,"attrs":118725,"content":118726},{"textAlign":49},[118727],{"text":118728,"type":599},"In addition Rio is looking to “diversify beyond lithium, to other battery materials and ways in which we can leverage existing operations,” she said.",{"type":594,"attrs":118730,"content":118731},{"textAlign":49},[118732],{"text":118733,"type":599},"“We don’t intend to mine the entire periodic table but we will for example, do what it takes to explore opportunities for waste to be processed to create by-products that are important in the energy transition,” she said.","Rio Tinto and Korean battery maker SK On told Benchmark’s Gigafactories Asia Pacific conference this week that rising electric vehicle sales were accelerating the search for new lithium resources. Rio Tinto said it is looking to build a “much larger” portfolio of battery minerals assets while SK On said it was looking to find “reliable, […]",[118736],{"slug":544,"name":543,"content":118737},{"job_title":557,"image":118738,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c70d4caa-0b1c-4c4d-9817-8be93648d4e5\", \"id\": \"\"}-->",[118741,118742],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":118744,"copyright":547,"fieldtype":553,"meta_data":118745,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/163a329ed0/bm-bolivia-lithium-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 30, 2022",{"id":118748,"uuid":118749,"name":118750,"slug":118751,"full_slug":118752,"content":118753},112472402648276,"ba283ecc-b62a-43ba-8494-8c4be488f078","Flake graphite set to enter first deficit of gigafactory era","flake-graphite-set-to-enter-first-deficit-of-gigafactory-era","article/flake-graphite-set-to-enter-first-deficit-of-gigafactory-era",{"_uid":118754,"date":118755,"tags":118756,"editor":118757,"content":118761,"excerpt":118968,"featured":51,"reporter":118969,"_editable":118973,"component":864,"seo_title":118750,"categories":118974,"visibility":882,"author_company":49,"featured_image":118978,"seo_description":118968,"author_full_name":49,"author_job_title":49,"formattedDate":118982},"e7df4df3-3c3e-4626-981b-54ee92bba0cc","2022-09-23 00:00",[],[118758],{"slug":544,"name":543,"content":118759},{"job_title":557,"image":118760,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":118762},[118763,118768,118773,118778,118783,118788,118793,118798,118803,118808,118814,118826,118831,118838,118843,118848,118853,118858,118863,118868,118873,118878,118883,118888,118891,118896,118901,118908,118913,118918,118930,118938,118943,118948,118953,118958,118963],{"type":594,"attrs":118764,"content":118765},{"textAlign":49},[118766],{"text":118767,"type":599},"Global electric vehicle makers may not find enough flake graphite for lithium ion batteries beginning this year, as growing demand for the critical material is expected to outrun its supply, with the gap set to only increase, as per the latest Benchmark Flake Graphite Forecast.",{"type":594,"attrs":118769,"content":118770},{"textAlign":49},[118771],{"text":118772,"type":599},"Natural flake graphite is often overshadowed by other electric vehicle battery raw materials such as lithium, nickel and even cobalt, but still remains a key proven anode material.",{"type":594,"attrs":118774,"content":118775},{"textAlign":49},[118776],{"text":118777,"type":599},"While flake graphite supply is expected to increase in the coming years as more companies such as China’s Shanshan, BTR Energy, Australia’s Syrah Resources and many others ramp up capacity or bring online their new projects, there will still be a shortfall amid booming demand for electric vehicles globally.",{"type":594,"attrs":118779,"content":118780},{"textAlign":49},[118781],{"text":118782,"type":599},"“The central demand driver for the graphite market is now the electric vehicle. It’s become the largest end market for flake graphite,” said George Miller, a Benchmark analyst.",{"type":594,"attrs":118784,"content":118785},{"textAlign":49},[118786],{"text":118787,"type":599},"“This is the first year that battery anode demand will overtake demand from the refractory and foundry industries. It is also the first year we expect a structural deficit for the graphite industry in the gigafactory era, with new supply now needed to meet rapidly rising near-term demand” Miller said.",{"type":594,"attrs":118789,"content":118790},{"textAlign":49},[118791],{"text":118792,"type":599},"The global flake graphite deficit volume is expected to be just over 20,000 tonnes by the end of this year, and is set to reach almost 1.7 million tonnes by the end of 2030 given all projects currently in the pipeline, according to the Benchmark Flake Graphite Forecast.",{"type":594,"attrs":118794,"content":118795},{"textAlign":49},[118796],{"text":118797,"type":599},"Accumulated stocks from previous years means the shortage is unlikely to feed through to price increases in the near-term, however. ",{"type":594,"attrs":118799,"content":118800},{"textAlign":49},[118801],{"text":118802,"type":599},"According to Benchmark analysis, the graphite market deficit is centred around -100 mesh flake material, which is preferred as an anode feedstock. Other larger flake grades can be used or processed to a finer flake size, but this would only be undertaken in relation to price premiums in non-lithium ion markets. ",{"type":594,"attrs":118804,"content":118805},{"textAlign":49},[118806],{"text":118807,"type":599},"Benchmark’s Flake Graphite Forecast assesses that total flake graphite demand will exceed 1.1 million tonnes by the end of this year and supply to be 1.1 million tonnes. By the end of 2030 flake graphite demand is expected to be about 4.3 million tonnes and supply to be about 2.64 million tonnes.",{"type":657,"attrs":118809,"content":118810},{"level":15966,"textAlign":49},[118811,118812],{"text":881,"type":599},{"text":118813,"type":599},"at play",{"type":594,"attrs":118815,"content":118816},{"textAlign":49},[118817,118819,118824],{"text":118818,"type":599},"This shortfall comes at a time when the ",{"text":118820,"type":599,"marks":118821},"US has just put into force a law",[118822],{"type":604,"attrs":118823},{"href":113160,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":118825,"type":599}," that aims to significantly lower the battery material reliance on China. The climate change legislation aims that at least 40% of the value of the battery minerals must have been extracted or processed in the US or free trade partner countries by 2024 for automakers to obtain half of the tax incentives.",{"type":594,"attrs":118827,"content":118828},{"textAlign":49},[118829],{"text":118830,"type":599},"“China has really set the foundations to maintain its stronghold over the anode industry. I don’t think the West has the opportunity to catch-up but instead can strive to begin developing a localised supply chain; there is an opportunity there. The time is really now to develop those supply streams,” Miller said.",{"type":594,"attrs":118832,"content":118833},{"textAlign":49},[118834,118836],{"text":118835,"type":599},"While new deals are expected to follow suit, already some movement is taking shape. Late last year, Syrah Resources, one of the key graphite mining companies, secured a deal with electric vehicle leader Tesla to supply anode material from its planned Vidalia ",{"text":118837,"type":599},"facility in the US. The move is likely aimed at lowering Tesla’s reliance on Chinese supply of battery anode materials.",{"type":594,"attrs":118839,"content":118840},{"textAlign":49},[118841],{"text":118842,"type":599},"The electric vehicle maker is set to buy 8,000 tonnes of graphite anode material from the company’s Vidalia processing facility in Louisiana for four years at a fixed price once it starts commercial production.",{"type":594,"attrs":118844,"content":118845},{"textAlign":49},[118846],{"text":118847,"type":599},"Syrah eventually wants to expand production at the site to 40,000 tonnes a year by 2040.",{"type":657,"attrs":118849,"content":118850},{"level":15966,"textAlign":49},[118851],{"text":118852,"type":599},"Flake Vs synthetic graphite ",{"type":594,"attrs":118854,"content":118855},{"textAlign":49},[118856],{"text":118857,"type":599},"The electric vehicle battery supply chain uses both flake graphite and its synthetic rival, commonly made using petroleum feedstock and coal-fired electricity, which has higher consistency and is more expensive than the natural version. ",{"type":594,"attrs":118859,"content":118860},{"textAlign":49},[118861],{"text":118862,"type":599},"Natural graphite is often mixed with synthetic graphite in lithium ion battery anodes to achieve a good balance of performance and cost.",{"type":594,"attrs":118864,"content":118865},{"textAlign":49},[118866],{"text":118867,"type":599},"While lithium ion demand for synthetic graphite currently exceeds flake, that mix is set to change in the coming years.  ",{"type":594,"attrs":118869,"content":118870},{"textAlign":49},[118871],{"text":118872,"type":599},"“Primarily, natural graphite is cheaper, but is also less energy intensive to process, and can provide enhanced energy density and power output in certain applications,” Miller said.",{"type":594,"attrs":118874,"content":118875},{"textAlign":49},[118876],{"text":118877,"type":599},"Demand for flake graphite used in electric vehicle anodes is forecast to overtake that of synthetic graphite by 2027, according to the Benchmark Flake Graphite Forecast, as improved purification capabilities, comparatively better conductivity and lower pricing factors come into play.",{"type":594,"attrs":118879,"content":118880},{"textAlign":49},[118881],{"text":118882,"type":599},"The share of flake graphite demand from the battery industry is set to increase from 35% this year to 47% by the end of 2027, overtaking synthetic graphite for the first time, which currently enjoys the bulk of anode demand, according to Benchmark. ",{"type":594,"attrs":118884,"content":118885},{"textAlign":49},[118886],{"text":118887,"type":599},"Further, by 2031 the share of flake graphite anode is forecast to grow further to 50% and that of synthetic graphite is estimated to slip to 41%",{"type":594,"attrs":118889,"content":118890},{"textAlign":49},[],{"type":657,"attrs":118892,"content":118893},{"level":15966,"textAlign":49},[118894],{"text":118895,"type":599},"Purity, Mesh, China And Africa",{"type":594,"attrs":118897,"content":118898},{"textAlign":49},[118899],{"text":118900,"type":599},"Besides purity, the mesh size too plays a key role in graphite use and pricing. ",{"type":594,"attrs":118902,"content":118903},{"textAlign":49},[118904,118906],{"text":118905,"type":599},"Fine -100 mesh is  best suited for battery anodes. When ",{"text":118907,"type":599},"discussing graphite categorisation, -100 mesh, with 94% to 95% purity is often referred to as -194,195 and is the most common category that most producers prefer and use. ",{"type":594,"attrs":118909,"content":118910},{"textAlign":49},[118911],{"text":118912,"type":599},"“The deficit is focused on the -100 mesh size material, to the extent that it could structurally affect other mesh sizes, yet any supply deficit will originate and be centred around the anode focused material.”",{"type":594,"attrs":118914,"content":118915},{"textAlign":49},[118916],{"text":118917,"type":599},"China mines the bulk of the graphite globally and the majority of -100 mesh graphite supply is currently derived from Heilongjiang Province, the country’s largest graphite producing region, with Africa as the second biggest supplier.",{"type":594,"attrs":118919,"content":118920},{"textAlign":49},[118921,118923,118928],{"text":118922,"type":599},"Benchmark’s forecast also shows that ",{"text":118924,"type":599,"marks":118925},"Africa will overtake China",[118926],{"type":604,"attrs":118927},{"href":98276,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":118929,"type":599}," as the largest, low-cost producer of flake graphite by the end of the decade as numerous projects in Mozambique, Madagascar, and Tanzania are expected to play a major role in global supply by the mid-2020s. ",{"type":594,"attrs":118931,"content":118932},{"textAlign":49},[118933,118935,118937],{"text":118934,"type":599},"Heilongjiang mined 615,000 tonnes of flake graphite in 2021, or about 58% of the global supply. That volume is set to grow to 740,000 tonnes at the end of 2031, even as its share in the global supply chain is set to slip to 20%, according to ",{"text":118936,"type":599},"Benchmark’s Flake Graphite Forecast",{"text":974,"type":599},{"type":657,"attrs":118939,"content":118940},{"level":15966,"textAlign":49},[118941],{"text":118942,"type":599},"Anode wars: graphite vs silicon ",{"type":594,"attrs":118944,"content":118945},{"textAlign":49},[118946],{"text":118947,"type":599},"While graphite continues to dominate the anode market, electric vehicle makers are also increasingly looking towards next-generation, silicon-based anode technologies as they look to improve performance and range.",{"type":594,"attrs":118949,"content":118950},{"textAlign":49},[118951],{"text":118952,"type":599},"Some of the recent developments include the $400 million investment by Porsche in silicon-anode producer Group14 Technologies in May. This was followed by Mercedes-Benz’s partnership with battery material company Sila for deploying silicon anode technology in upcoming EV models. ",{"type":594,"attrs":118954,"content":118955},{"textAlign":49},[118956],{"text":118957,"type":599},"In China, companies such as BTR, Guangdong Dowstone Tech, Tianmu Lake, Hebei Kuntian and Shida Shenghua all announced major plans for silicon- dominant anode capacity. ",{"type":594,"attrs":118959,"content":118960},{"textAlign":49},[118961],{"text":118962,"type":599},"“There is plenty of scope for development of silicon anodes but currently graphite is so low cost that it is set to sustain as the mainstream electric vehicle anode material,” Miller said.",{"type":594,"attrs":118964,"content":118965},{"textAlign":49},[118966],{"text":118967,"type":599},"Still, silicon anode production currently occupies a 1% share of the global anode market by tonne (3% by MWh). Benchmark forecasts this to increase by around 300% by 2030 even though graphite is on course to maintain more than 90% market share until the mid-2030s, as per the Benchmark Flake Graphite Forecast.","Global electric vehicle makers may not find enough flake graphite for lithium ion batteries beginning this year, as growing demand for the critical material is expected to outrun its supply, with the gap set to only increase, as per the latest Benchmark Flake Graphite Forecast. Natural flake graphite is often overshadowed by other electric vehicle […]",[118970],{"slug":544,"name":543,"content":118971},{"job_title":557,"image":118972,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e7df4df3-3c3e-4626-981b-54ee92bba0cc\", \"id\": \"\"}-->",[118975,118976,118977],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4811,"name":4812},{"id":49,"alt":118979,"name":547,"focus":547,"title":118979,"source":547,"filename":118980,"copyright":547,"fieldtype":553,"meta_data":118981,"is_external_url":51},"Open pit graphite quarry","https://a.storyblok.com/f/287943243085208/c1745558f8/bm-shutterstock-1628580370-1.jpg",{"alt":118979,"title":118979,"source":547,"copyright":547},"Sep 23, 2022",{"id":118984,"uuid":118985,"name":118986,"slug":118987,"full_slug":118988,"content":118989},112472397655250,"b718a60d-c242-44b9-8714-b89ca8762add","China’s stronghold grip on cathodes set to near 90% by 2030","chinas-stronghold-grip-on-cathodes-set-to-near-90-by-2030","article/chinas-stronghold-grip-on-cathodes-set-to-near-90-by-2030",{"_uid":118990,"date":118755,"tags":118991,"editor":118993,"content":118997,"excerpt":119100,"featured":51,"reporter":119101,"_editable":119105,"component":864,"seo_title":118986,"categories":119106,"visibility":882,"author_company":49,"featured_image":119109,"seo_description":119100,"author_full_name":49,"author_job_title":49,"formattedDate":118982},"078f979e-3c62-46cc-9580-de0ca25e0baa",[118992],{"slug":913,"name":914},[118994],{"slug":544,"name":543,"content":118995},{"job_title":557,"image":118996,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":118998},[118999,119004,119009,119021,119026,119031,119034,119039,119044,119057,119062,119067,119072,119077,119082,119095],{"type":594,"attrs":119000,"content":119001},{"textAlign":49},[119002],{"text":119003,"type":599},"Data from Benchmark’s Cathode Forecast shows that China is set to extend its dominance of cathode production by 2030, increasing its share of production from 78% in 2022 to 87% in 2030. ",{"type":594,"attrs":119005,"content":119006},{"textAlign":49},[119007],{"text":119008,"type":599},"Benchmark’s Cathode Forecast explains that “China continues to rapidly expand its production of cathode active material” with the country’s output climbing over four times between 2018 and 2022. ",{"type":594,"attrs":119010,"content":119011},{"textAlign":49},[119012,119014,119019],{"text":119013,"type":599},"The data highlight how China’s total output is set to increase by a further 5.3 times from now until 2030, despite efforts to develop cathode capacity in the ",{"text":119015,"type":599,"marks":119016},"rest of the world which is only forecast to increase 2.8 times",[119017],{"type":604,"attrs":119018},{"href":110152,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":119020,"type":599}," in the same period.",{"type":594,"attrs":119022,"content":119023},{"textAlign":49},[119024],{"text":119025,"type":599},"“China has a stronghold grip on the market,” Robert Burrell, an analyst at Benchmark, said. “China will produce far more [cathode active material] than it needs domestically.”",{"type":594,"attrs":119027,"content":119028},{"textAlign":49},[119029],{"text":119030,"type":599},"The country is set to extend its lead due in part to a surge in large scale cathode projects. The top four Chinese cathode producers in 2022 combined have over 1.4 million tonnes of cathode capacity in planning or under construction.",{"type":594,"attrs":119032,"content":119033},{"textAlign":49},[],{"type":657,"attrs":119035,"content":119036},{"level":15966,"textAlign":49},[119037],{"text":119038,"type":599},"Tier three top in China",{"type":594,"attrs":119040,"content":119041},{"textAlign":49},[119042],{"text":119043,"type":599},"Many of the cathode facilities in planning or under construction are from Tier three producers, who currently do not supply the EV market. This tier currently makes up just under a quarter of China’s cathode production in 2022, but will grow to nearly half by 2030.",{"type":594,"attrs":119045,"content":119046},{"textAlign":49},[119047,119049,119055],{"text":119048,"type":599},"Tier One producers, those which can supply ex-China automotive markets, ",{"text":119050,"type":599,"marks":119051},"will see the lowest growth in the country of all the tiers",[119052],{"type":604,"attrs":119053},{"href":119054,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/do-automakers-face-a-tier-one-battery-supply-problem",{"text":119056,"type":599},", and will shrink from 66% of production in 2022 to just 43% in 2030.",{"type":594,"attrs":119058,"content":119059},{"textAlign":49},[119060],{"text":119061,"type":599},"Which cathode chemistry a facility makes strongly influences what tier it is likely to be in. In 2030, 56% of LFP production in China is forecast to be from Tier three producers. This contrasts to NCM 811 which only has 16% from Tier three, as there is a high demand outside of China for the material.",{"type":657,"attrs":119063,"content":119064},{"level":15966,"textAlign":49},[119065],{"text":119066,"type":599},"LFP sees further growth",{"type":594,"attrs":119068,"content":119069},{"textAlign":49},[119070],{"text":119071,"type":599},"Central to China’s growth is its LFP cathode industry, which Benchmark forecasts will account for 69% of the country’s cathode output in 2030, up from 44% in 2022. Despite some planned LFP facilities outside of China, Benchmark forecasts that in 2030 China will produce 98% of the world’s LFP.",{"type":594,"attrs":119073,"content":119074},{"textAlign":49},[119075],{"text":119076,"type":599},"LFP’s safety means it is attractive for energy storage applications. Burrell said that much of the Tier Three LFP produced in the country will go to telecommunication companies who are ramping up grid storage in China.",{"type":594,"attrs":119078,"content":119079},{"textAlign":49},[119080],{"text":119081,"type":599},"Between 2022 and 2030, China’s share of NCM production will drop from 39% to 22%. China’s EV demand is less driven by range anxiety as in North America and Europe, leading to a lower demand for high energy cathodes such as NCM.",{"type":594,"attrs":119083,"content":119084},{"textAlign":49},[119085,119087,119093],{"text":119086,"type":599},"The surging LFP demand in China has recently caught the eye of the",{"text":119088,"type":599,"marks":119089}," titanium dioxide (TiO2) industry",[119090],{"type":604,"attrs":119091},{"href":119092,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-booming-lfp-market-draws-tio2-attentions",{"text":119094,"type":599}," which generates waste sulphuric acid and iron sulphate which can be used in the production of LFP.",{"type":594,"attrs":119096,"content":119097},{"textAlign":49},[119098],{"text":119099,"type":599},"This trend has seen five titanium dioxide (TiO2) producers announce plans to develop LFP capacity at a huge scale. The latest of these is GPRO Titanium Industry. In May this year it invested RMB 10bn ($1.5bn) for a 200,000 tpa LFP cathode and precursor project due to be operational next year.","Data from Benchmark’s Cathode Forecast shows that China is set to extend its dominance of cathode production by 2030, increasing its share of production from 78% in 2022 to 87% in 2030. Benchmark’s Cathode Forecast explains that “China continues to rapidly expand its production of cathode active material” with the country’s output climbing over four […]",[119102],{"slug":544,"name":543,"content":119103},{"job_title":557,"image":119104,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"078f979e-3c62-46cc-9580-de0ca25e0baa\", \"id\": \"\"}-->",[119107,119108],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":119110,"name":547,"focus":547,"title":119110,"source":547,"filename":119111,"copyright":547,"fieldtype":553,"meta_data":119112,"is_external_url":51},"Cars being charged up at a Chinese EV charging station","https://a.storyblok.com/f/287943243085208/13ead93def/bm-shutterstock-1724526994-1.jpg",{"alt":119110,"title":119110,"source":547,"copyright":547},{"id":119114,"uuid":119115,"name":119116,"slug":119117,"full_slug":119118,"content":119119},112472417230039,"1f50dd93-5915-41a9-b7a6-0dfe6931ca34","EVE and CATL in 10 billion euro cylindrical cell push with BMW","eve-and-catl-in-10-billion-euro-cylindrical-cell-push-with-bmw","article/eve-and-catl-in-10-billion-euro-cylindrical-cell-push-with-bmw",{"_uid":119120,"date":119121,"tags":119122,"editor":119124,"content":119128,"excerpt":119272,"featured":51,"reporter":119273,"_editable":119277,"component":864,"seo_title":119116,"categories":119278,"visibility":882,"author_company":49,"featured_image":119281,"seo_description":119272,"author_full_name":49,"author_job_title":49,"formattedDate":119284},"162a36e6-0bff-4840-8897-e4d12f9e36cb","2022-09-14 00:00",[119123],{"slug":903,"name":904},[119125],{"slug":544,"name":543,"content":119126},{"job_title":557,"image":119127,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":119129},[119130,119135,119140,119145,119150,119155,119160,119165,119170,119175,119186,119191,119196,119201,119212,119217,119222,119227,119232,119237,119242,119247,119252,119257,119262,119267],{"type":594,"attrs":119131,"content":119132},{"textAlign":49},[119133],{"text":119134,"type":599},"Chinese battery producers CATL and EVE Energy are expanding into cylindrical cell production with the backing of a 10 billion euro ($10 billion) deal with BMW for up to 80 gigawatt-hours of capacity in China and Europe.",{"type":594,"attrs":119136,"content":119137},{"textAlign":49},[119138],{"text":119139,"type":599},"The German automaker said it had awarded CATL and EVE Energy with contracts to each build two 20 GWh plants in China and Europe producing large format cylindrical cells, in a sign of the growing popularity of the cell format.",{"type":594,"attrs":119141,"content":119142},{"textAlign":49},[119143],{"text":119144,"type":599},"Panasonic pioneered the development of cylindrical cells, via its decade-long supply relationship with Tesla. Yet other battery producers in China and Korea are starting to follow the company’s lead, with announcements of new plants dedicated to large format cylindrical cells.",{"type":594,"attrs":119146,"content":119147},{"textAlign":49},[119148],{"text":119149,"type":599},"In March LG Energy Solution said it would invest 1.7 trillion won ($1.3 billion) to build a cylindrical battery factory in Queen Creek, Arizona. And in June China’s Sunwoda also announced it will start producing cylindrical cells at a RMB 2.3bn ($344m) 3 GWh facility in Lanxi, Zhejiang province.",{"type":594,"attrs":119151,"content":119152},{"textAlign":49},[119153],{"text":119154,"type":599},"In September 2020 Tesla also announced a new larger cylindrical format called the 4680, which Panasonic will produce at its Wakayama gigafactory in Japan.",{"type":594,"attrs":119156,"content":119157},{"textAlign":49},[119158],{"text":119159,"type":599},"“Whilst pouch and prismatic format production has historically been most prominent, it could be that we are about to see a global growth in cylindrical commitments, as demand from automakers rises,” said Evan Hartley, a Benchmark analyst.",{"type":657,"attrs":119161,"content":119162},{"level":15966,"textAlign":49},[119163],{"text":119164,"type":599},"Format wars",{"type":594,"attrs":119166,"content":119167},{"textAlign":49},[119168],{"text":119169,"type":599},"The three main battery formats available are pouch, prismatic and cylindrical.",{"type":594,"attrs":119171,"content":119172},{"textAlign":49},[119173],{"text":119174,"type":599},"The cylindrical format historically has struggled to match the capacity of the prismatic format due to packing constraints. However, the format is becoming more cost competitive at the pack level, according to Benchmark.",{"type":594,"attrs":119176,"content":119177},{"textAlign":49},[119178,119180,119185],{"text":119179,"type":599},"Cylindrical cells benefit from ease of manufacturing and structural stability. That allows for new engineering innovations in terms of how they are fitted into the vehicle, such as cell-to-pack designs, according to Allan Paterson, ",{"text":119181,"type":599,"marks":119182},"chief technical officer at Britishvolt",[119183],{"type":604,"attrs":119184},{"href":112603,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":119187,"content":119188},{"textAlign":49},[119189],{"text":119190,"type":599},"“The world has also started to look at more holistic engineering of the vehicle, so bigger cells that allow you to do things like cell-to-pack that you can’t do with prismatic cells but you can do with cylindrical cells,” he said. “We see the large diameter cells as a way to access power and energy in the same space.”",{"type":594,"attrs":119192,"content":119193},{"textAlign":49},[119194],{"text":119195,"type":599},"BMW said the use of the cells would allow it to remove the battery module and integrate the battery pack into the body of the vehicle, saving on materials.",{"type":657,"attrs":119197,"content":119198},{"level":15966,"textAlign":49},[119199],{"text":119200,"type":599},"China’s cylindrical push",{"type":594,"attrs":119202,"content":119203},{"textAlign":49},[119204,119206,119211],{"text":119205,"type":599},"Asia, excluding China, leads the way in cylindrical cell production with 52% of the region’s operating or planned forecast cell production capacity targeting cylindrical cells on their own or alongside other formats. Around a third of this comes from ",{"text":119207,"type":599,"marks":119208},"Tesla supplier Panasonic including its Wakayama gigafactory",[119209],{"type":604,"attrs":119210},{"href":111270,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":119213,"content":119214},{"textAlign":49},[119215],{"text":119216,"type":599},"China historically has opted for other formats, with only 17% of its planned production capacity targeting cylindrical cells on their own or alongside other formats.",{"type":594,"attrs":119218,"content":119219},{"textAlign":49},[119220],{"text":119221,"type":599},"However, this could be starting to change. CATL, the world’s largest battery maker, predominantly makes prismatic cells in its Chinese factories. However, driven by demand for cylindrical cells by Western automakers CATL’s European plants in Germany and Hungary will produce cylindrical cells.",{"type":594,"attrs":119223,"content":119224},{"textAlign":49},[119225],{"text":119226,"type":599},"The company has confirmed it will supply BMW with cylindrical cells from its Erfurt, Germany plant from 2025.",{"type":594,"attrs":119228,"content":119229},{"textAlign":49},[119230],{"text":119231,"type":599},"Benchmark forecasts China will see an eight-fold increase in the supply of batteries from factories with a primary output of cylindrical cells.",{"type":594,"attrs":119233,"content":119234},{"textAlign":49},[119235],{"text":119236,"type":599},"North America is set to see the biggest boost in its cylindrical cell supply, however. Between now and 2035, Benchmark forecasts cylindrical battery supply from North American battery-makers to increase by over 300 times.",{"type":657,"attrs":119238,"content":119239},{"level":15966,"textAlign":49},[119240],{"text":119241,"type":599},"Cell design",{"type":594,"attrs":119243,"content":119244},{"textAlign":49},[119245],{"text":119246,"type":599},"For all cell formats layers of anode, separator and cathode are assembled and then the liquid electrolyte added and allowed to impregnate the porous structures.",{"type":594,"attrs":119248,"content":119249},{"textAlign":49},[119250],{"text":119251,"type":599},"For pouch cells, these layers are stacked into flexible packaging to produce a pouch cell. These can have very high energy densities, but need to be more protected owing to the soft outer shell. This format has the greatest design flexibility. Ford uses pouch cells in some of its models such as the Mustang Mach-E.",{"type":594,"attrs":119253,"content":119254},{"textAlign":49},[119255],{"text":119256,"type":599},"In cylindrical cells the layers are continuous and wound into a “jelly-roll” and inserted into a metal can.",{"type":594,"attrs":119258,"content":119259},{"textAlign":49},[119260],{"text":119261,"type":599},"Both cylindrical and prismatic are structurally stronger than pouch cells owing to the more robust casing, but this makes them heavier.",{"type":594,"attrs":119263,"content":119264},{"textAlign":49},[119265],{"text":119266,"type":599},"Common cylindrical cell formats include the 18650 (18mm wide, 65mm long), 2170 (21mm wide, 70mm wide), and the newer 4680 (46mm wide, 80mm long) recently developed by Tesla.",{"type":594,"attrs":119268,"content":119269},{"textAlign":49},[119270],{"text":119271,"type":599},"BMW said its cylindrical cells will be 46 millimetres wide and made in two different heights. The energy density of the cell will increase by over 20% compared to its prismatic cells, due to the greater use of nickel in the cathode and silicon in the anode.","Chinese battery producers CATL and EVE Energy are expanding into cylindrical cell production with the backing of a 10 billion euro ($10 billion) deal with BMW for up to 80 gigawatt-hours of capacity in China and Europe. The German automaker said it had awarded CATL and EVE Energy with contracts to each build two 20 […]",[119274],{"slug":544,"name":543,"content":119275},{"job_title":557,"image":119276,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"162a36e6-0bff-4840-8897-e4d12f9e36cb\", \"id\": \"\"}-->",[119279,119280],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":119282,"copyright":547,"fieldtype":553,"meta_data":119283,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/06ffb06c8f/bm-bmw-cylindrical.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 14, 2022",{"id":119286,"uuid":119287,"name":119288,"slug":119289,"full_slug":119290,"content":119291},112472431803610,"62fdc39a-c6d0-4cb8-beb8-b209365c27ad","Twin power crises hit China’s synthetic graphite producers","twin-power-crises-hit-chinas-synthetic-graphite-producers","article/twin-power-crises-hit-chinas-synthetic-graphite-producers",{"_uid":119292,"date":119293,"tags":119294,"editor":119296,"content":119300,"excerpt":119446,"featured":51,"reporter":119447,"_editable":119451,"component":864,"seo_title":119288,"categories":119452,"visibility":882,"author_company":49,"featured_image":119455,"seo_description":119446,"author_full_name":49,"author_job_title":49,"formattedDate":119458},"488f2119-86ed-4f36-af1e-9efe569db38c","2022-09-07 00:00",[119295],{"slug":913,"name":914},[119297],{"slug":544,"name":543,"content":119298},{"job_title":557,"image":119299,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":119301},[119302,119307,119312,119323,119328,119333,119338,119343,119348,119353,119358,119363,119368,119371,119376,119381,119386,119391,119396,119401,119411,119416,119421,119426,119431,119436,119441],{"type":594,"attrs":119303,"content":119304},{"textAlign":49},[119305],{"text":119306,"type":599},"China’s synthetic graphite production could become more expensive following a summer power crunch in Sichuan province as well as higher electricity prices in Inner Mongolia, highlighting the battery supply chain’s vulnerability to energy costs.",{"type":594,"attrs":119308,"content":119309},{"textAlign":49},[119310],{"text":119311,"type":599},"This month Inner Mongolia cancelled the preferential power tariff previously enjoyed by graphitisation facilities, a vital step in the production of synthetic graphite anodes. And last month producers in southwest Sichuan province were ordered to shut down production facilities due to a heat-wave and drought.",{"type":594,"attrs":119313,"content":119314},{"textAlign":49},[119315,119317,119322],{"text":119316,"type":599},"The twin crises combined have impacted 65% of graphitisation capacity in China, a highly energy-intensive step in the production of lithium ion battery anodes. China produces over ",{"text":119318,"type":599,"marks":119319},"97% of the world’s synthetic graphite anode material",[119320],{"type":604,"attrs":119321},{"href":101125,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":119324,"content":119325},{"textAlign":49},[119326],{"text":119327,"type":599},"Higher electricity prices could push up the cost of battery anodes, at a time when battery producers are already struggling with near-record high lithium prices.",{"type":594,"attrs":119329,"content":119330},{"textAlign":49},[119331],{"text":119332,"type":599},"“Graphitization is a high energy consuming step, which needs to be carried out where electricity is cheap,” Frank Li, an analyst at Benchmark, said.",{"type":657,"attrs":119334,"content":119335},{"level":15966,"textAlign":49},[119336],{"text":119337,"type":599},"Coal-powered graphite",{"type":594,"attrs":119339,"content":119340},{"textAlign":49},[119341],{"text":119342,"type":599},"The preferential power tariff was introduced in Mongolia in 2017 to encourage “strategic emerging industries” to base their operations in the region.",{"type":594,"attrs":119344,"content":119345},{"textAlign":49},[119346],{"text":119347,"type":599},"Synthetic graphite production requires between 10,000 and 15,000 kilowatt hours of electricity per tonne of material produced. This is around the annual electricity usage of the average single-family home in the US.",{"type":594,"attrs":119349,"content":119350},{"textAlign":49},[119351],{"text":119352,"type":599},"Synthetic graphite is produced from both pet and pitch needle coke, after which it is graphitised at temperatures of over 2,000 degrees centigrade.",{"type":594,"attrs":119354,"content":119355},{"textAlign":49},[119356],{"text":119357,"type":599},"In the past, the combination of coal-fired energy and the preferential price tariffs made Inner Mongolia an extremely attractive location for graphitisation facilities.",{"type":594,"attrs":119359,"content":119360},{"textAlign":49},[119361],{"text":119362,"type":599},"Inner Mongolia accounted for between 40% and 45% of graphitisation from coke products to synthetic graphite.",{"type":594,"attrs":119364,"content":119365},{"textAlign":49},[119366],{"text":119367,"type":599},"However, the National Audit Office found in 2021 that the energy conservation and emission reductions were not up to the required standard. Synthetic graphite production using graphitisation in Inner Mongolia is on average 1.7 times more carbon intensive than the average for China.",{"type":594,"attrs":119369,"content":119370},{"textAlign":49},[],{"type":594,"attrs":119372,"content":119373},{"textAlign":49},[119374],{"text":119375,"type":599},"The National Development and Reform Commission of Inner Mongolia announced on September 1 that it would cancel the preferential power price policies stating it needed to “comprehensively clean up and cancel preferential tariff and other unreasonable price preferential policies for high energy consuming industries.”",{"type":594,"attrs":119377,"content":119378},{"textAlign":49},[119379],{"text":119380,"type":599},"Benchmark contacts said the cancellation of the tariff would increase electricity costs by $10 to $20 per MWh, as reported in the latest Benchmark Synthetic Graphite Price Assessment.",{"type":594,"attrs":119382,"content":119383},{"textAlign":49},[119384],{"text":119385,"type":599},"This could increase the graphitisation costs of anode materials by $15 to $43 per tonne, according to Benchmark. That in turn would increase the proportion of the cost of a battery associated with the anode, which is currently less than 5% of the bill of materials for some battery chemistries.",{"type":657,"attrs":119387,"content":119388},{"level":15966,"textAlign":49},[119389],{"text":119390,"type":599},"Sichuan droughts",{"type":594,"attrs":119392,"content":119393},{"textAlign":49},[119394],{"text":119395,"type":599},"In recent years many Chinese companies moved to Sichuan province to take advantage of the province’s hydropower, which supplies 80% of its electricity. But this summer’s heatwave and drought showed the vulnerability of hydropower to changes in the climate.  ",{"type":594,"attrs":119397,"content":119398},{"textAlign":49},[119399],{"text":119400,"type":599},"Around 20% of graphitisation capacity in China is based in Sichuan province. ",{"type":594,"attrs":119402,"content":119403},{"textAlign":49},[119404,119409],{"text":119405,"type":599,"marks":119406},"Sichuan experienced a severe heatwave in August",[119407],{"type":604,"attrs":119408},{"href":93529,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":119410,"type":599},", knocking out much of its hydropower electricity supply. To ensure residential buildings still had power, the local government ordered many industrial facilities to shut down including eight anode plants.",{"type":594,"attrs":119412,"content":119413},{"textAlign":49},[119414],{"text":119415,"type":599},"The shutdown led to the loss of 6,300 tonnes of anode production, according to Benchmark. ",{"type":657,"attrs":119417,"content":119418},{"level":15966,"textAlign":49},[119419],{"text":119420,"type":599},"Opportunities for Western producers",{"type":594,"attrs":119422,"content":119423},{"textAlign":49},[119424],{"text":119425,"type":599},"Outside of China, very few companies produce synthetic graphite anode materials. The largest is Vianode in Norway, though supply outside of China accounts for just 3% of the global supply of synthetic graphite anode material, as reported in Benchmark’s Synthetic Graphite Forecast.",{"type":594,"attrs":119427,"content":119428},{"textAlign":49},[119429],{"text":119430,"type":599},"Although Inner Mongolia’s coal-powered grid remains one of the cheapest in China, the increase in electricity cost could see other countries better able to compete in the synthetic graphite market, Li said.",{"type":594,"attrs":119432,"content":119433},{"textAlign":49},[119434],{"text":119435,"type":599},"China could also be encouraged to move away from synthetic graphite anode production. “The rising cost will strengthen the consideration of natural graphite,” Li said.",{"type":594,"attrs":119437,"content":119438},{"textAlign":49},[119439],{"text":119440,"type":599},"In China, 75% of 2022 anode production is for synthetic graphite, compared to 23% for natural. This is in stark contrast to the rest of the world, for which 70% of supply was natural graphite anodes, according to Benchmark’s Anode Forecast.",{"type":594,"attrs":119442,"content":119443},{"textAlign":49},[119444],{"text":119445,"type":599},"However, despite the issues facing the major graphitisation centres of China, “Coal power generation in Inner Mongolia and hydropower in Sichuan are still the cheapest areas in China,” Li said.","China’s synthetic graphite production could become more expensive following a summer power crunch in Sichuan province as well as higher electricity prices in Inner Mongolia, highlighting the battery supply chain’s vulnerability to energy costs. This month Inner Mongolia cancelled the preferential power tariff previously enjoyed by graphitisation facilities, a vital step in the production of […]",[119448],{"slug":544,"name":543,"content":119449},{"job_title":557,"image":119450,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"488f2119-86ed-4f36-af1e-9efe569db38c\", \"id\": \"\"}-->",[119453,119454],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":119456,"copyright":547,"fieldtype":553,"meta_data":119457,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/50f5a38a6d/bm-img-3351.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 07, 2022",{"id":119460,"uuid":119461,"name":119462,"slug":119463,"full_slug":119464,"content":119465},112472436686043,"e5f23ecb-ed6b-481f-bed1-ff6af554036b","More than 300 new mines required to meet battery demand by 2035","more-than-300-new-mines-required-to-meet-battery-demand-by-2035","article/more-than-300-new-mines-required-to-meet-battery-demand-by-2035",{"_uid":119466,"date":119467,"tags":119468,"editor":119470,"content":119474,"excerpt":119599,"featured":51,"reporter":119600,"_editable":119604,"component":864,"seo_title":119462,"categories":119605,"visibility":882,"author_company":49,"featured_image":119611,"seo_description":119599,"author_full_name":49,"author_job_title":49,"formattedDate":119614},"6937bc62-5c5b-4793-8b0a-4efa2233493d","2022-09-06 00:00",[119469],{"slug":578,"name":579},[119471],{"slug":544,"name":543,"content":119472},{"job_title":557,"image":119473,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":119475},[119476,119481,119486,119491,119496,119501,119506,119509,119514,119519,119524,119529,119534,119539,119544,119549,119554,119559,119564,119569,119574,119579,119584,119589],{"type":594,"attrs":119477,"content":119478},{"textAlign":49},[119479],{"text":119480,"type":599},"More than 300 new mines could need to be built over the next decade to meet the demand for electric vehicle and energy storage batteries, according to a Benchmark forecast.",{"type":594,"attrs":119482,"content":119483},{"textAlign":49},[119484],{"text":119485,"type":599},"At least 384 new mines for graphite, lithium, nickel and cobalt are required to meet demand by 2035, based on average mine sizes in each industry, according to Benchmark. Taking into account recycling of raw materials, the number is around 336 mines.",{"type":594,"attrs":119487,"content":119488},{"textAlign":49},[119489],{"text":119490,"type":599},"The data highlights the height of the raw material challenge facing global automakers as they look to scale up production of electric vehicles this decade. Demand for lithium ion batteries is set to grow six-fold by 2032, according to Benchmark.",{"type":594,"attrs":119492,"content":119493},{"textAlign":49},[119494],{"text":119495,"type":599},"Yet supplies of lithium, graphite, nickel and cobalt will need to keep pace with demand, especially post 2030.",{"type":594,"attrs":119497,"content":119498},{"textAlign":49},[119499],{"text":119500,"type":599},"While recycling of raw materials will have the most impact on future cobalt supply, it’s not yet set to have much impact on materials such as graphite, according to Benchmark.",{"type":594,"attrs":119502,"content":119503},{"textAlign":49},[119504],{"text":119505,"type":599},"Though given the shorter lead time to build recycling facilities, new recycling technologies could displace some of the new mine requirements.",{"type":594,"attrs":119507,"content":119508},{"textAlign":49},[],{"type":657,"attrs":119510,"content":119511},{"level":15966,"textAlign":49},[119512],{"text":119513,"type":599},"Graphite Requirements",{"type":594,"attrs":119515,"content":119516},{"textAlign":49},[119517],{"text":119518,"type":599},"To meet demand for anode materials, an estimated 97 natural flake graphite mines will need to be built, assuming an average size of 56,000 tonnes a year and no contribution from recycling.",{"type":594,"attrs":119520,"content":119521},{"textAlign":49},[119522],{"text":119523,"type":599},"Natural graphite is normally mixed with synthetic graphite in lithium ion battery anodes.",{"type":594,"attrs":119525,"content":119526},{"textAlign":49},[119527],{"text":119528,"type":599},"There are currently 28 mines operating globally with the majority located in China and Africa.",{"type":594,"attrs":119530,"content":119531},{"textAlign":49},[119532],{"text":119533,"type":599},"Current lithium ion battery recycling has focused on recovering the battery cathode materials rather than the anode, but recycling projects are starting to discuss recovery of anode materials too. Recycling and recovery of graphite is needed to reduce the dependence on mined materials.",{"type":594,"attrs":119535,"content":119536},{"textAlign":49},[119537],{"text":119538,"type":599},"For synthetic graphite, which is produced using pet needle coke or coal tar pitch a total of 54 plants with an average size of 57,000 tonnes will need to be built by 2035, according to Benchmark.",{"type":594,"attrs":119540,"content":119541},{"textAlign":49},[119542],{"text":119543,"type":599},"If the amount of silicon added to the battery anode increases more than Benchmark expects, however, then the number of new graphite mines needed would be lower.",{"type":657,"attrs":119545,"content":119546},{"level":15966,"textAlign":49},[119547],{"text":119548,"type":599},"Lithium Rush",{"type":594,"attrs":119550,"content":119551},{"textAlign":49},[119552],{"text":119553,"type":599},"To meet the world’s lithium requirements would require 74 new lithium mines with an average size of 45,000 tonnes by 2035, according to Benchmark. Including forecast volumes from recycled lithium, however, it’s around 59 mines.",{"type":594,"attrs":119555,"content":119556},{"textAlign":49},[119557],{"text":119558,"type":599},"Since mines take at least five years to build these mines will need to be in operation by 2033, according to Cameron Perks, an analyst at Benchmark.",{"type":594,"attrs":119560,"content":119561},{"textAlign":49},[119562],{"text":119563,"type":599},"“That’s around 59 lithium mines up and running in just over 10 years,” he said.",{"type":594,"attrs":119565,"content":119566},{"textAlign":49},[119567],{"text":119568,"type":599},"Australia is set to remain the dominant producer of lithium this decade, according to Benchmark. There are currently over 13 lithium mines producing lithium-containing spodumene rock, over 75% of which is refined in China.",{"type":657,"attrs":119570,"content":119571},{"level":15966,"textAlign":49},[119572],{"text":119573,"type":599},"Nickel and Cobalt",{"type":594,"attrs":119575,"content":119576},{"textAlign":49},[119577],{"text":119578,"type":599},"Yet another 72 mining projects with an average size of 42,500 tonnes will be required to meet battery demand for refined nickel, according to Benchmark.",{"type":594,"attrs":119580,"content":119581},{"textAlign":49},[119582],{"text":119583,"type":599},"Recycling, however, is set to have the biggest impact on cobalt mining. Without recycling, the world would need to build 62 new cobalt mining projects of 5,000 tonnes each by the end of 2035.",{"type":594,"attrs":119585,"content":119586},{"textAlign":49},[119587],{"text":119588,"type":599},"With forecast recycled volumes, however, that number falls by almost half to 38.",{"type":657,"attrs":119590,"content":119591},{"level":15966,"textAlign":49},[119592,119594,119598],{"text":119593,"type":599},"To learn more about Benchmark’s Lithium, Nickel, Cobalt and Graphite Forecasts fill in the ",{"text":86378,"type":599,"marks":119595},[119596],{"type":604,"attrs":119597},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":118596,"type":599},"More than 300 new mines could need to be built over the next decade to meet the demand for electric vehicle and energy storage batteries, according to a Benchmark forecast. At least 384 new mines for graphite, lithium, nickel and cobalt are required to meet demand by 2035, based on average mine sizes in each […]",[119601],{"slug":544,"name":543,"content":119602},{"job_title":557,"image":119603,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6937bc62-5c5b-4793-8b0a-4efa2233493d\", \"id\": \"\"}-->",[119606,119607,119608,119609,119610],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":119612,"copyright":547,"fieldtype":553,"meta_data":119613,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6356be513e/bm-mine-requirements-copy.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 06, 2022",{"id":119616,"uuid":119617,"name":119618,"slug":119619,"full_slug":119620,"content":119621},112472441355484,"6fbdff41-bc3e-4d98-a3ac-25d11a9916f7","Battery production scrap to be main source of recyclable material this decade","battery-production-scrap-to-be-main-source-of-recyclable-material-this-decade","article/battery-production-scrap-to-be-main-source-of-recyclable-material-this-decade",{"_uid":119622,"date":119623,"tags":119624,"editor":119626,"content":119630,"excerpt":119817,"featured":51,"reporter":119818,"_editable":119822,"component":864,"seo_title":119618,"categories":119823,"visibility":882,"author_company":49,"featured_image":119828,"seo_description":119817,"author_full_name":49,"author_job_title":49,"formattedDate":119831},"eb38011b-38e3-4a84-941b-a498ae829fa0","2022-09-05 00:00",[119625],{"slug":578,"name":579},[119627],{"slug":544,"name":543,"content":119628},{"job_title":557,"image":119629,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":119631},[119632,119637,119642,119647,119652,119657,119660,119665,119670,119675,119680,119685,119690,119695,119700,119705,119710,119715,119720,119725,119730,119735,119740,119745,119750,119755,119760,119765,119777,119782,119787,119792,119797,119802,119807],{"type":594,"attrs":119633,"content":119634},{"textAlign":49},[119635],{"text":119636,"type":599},"Scrap from gigafactories will be the primary source of recyclable battery material for the next decade, according to Benchmark’s Recycling Report.",{"type":594,"attrs":119638,"content":119639},{"textAlign":49},[119640],{"text":119641,"type":599},"End-of-life batteries are not expected to become a major source of material until the 2030s as electric vehicles sold now won’t be scrapped for another ten years or so, according to Benchmark.",{"type":594,"attrs":119643,"content":119644},{"textAlign":49},[119645],{"text":119646,"type":599},"“Process scrap is huge both as a waste management opportunity and as a cost opportunity,” Sarah Colbourn, an analyst at Benchmark, said.",{"type":594,"attrs":119648,"content":119649},{"textAlign":49},[119650],{"text":119651,"type":599},"Recycling of raw materials will be vital to meet the growing demand for batteries as sales of electric vehicles accelerate this decade. Demand for lithium ion batteries is set to grow six-fold by 2032, according to Benchmark.",{"type":594,"attrs":119653,"content":119654},{"textAlign":49},[119655],{"text":119656,"type":599},"However, in the near-term recyclers are likely to use scrap material from the ever increasing number of gigafactories coming online rather than used electric vehicle batteries. Benchmark forecasts this scrap will account for 78% of the pool of recyclable materials in 2025.",{"type":594,"attrs":119658,"content":119659},{"textAlign":49},[],{"type":657,"attrs":119661,"content":119662},{"level":15966,"textAlign":49},[119663],{"text":119664,"type":599},"One factory’s trash is another factory’s treasure",{"type":594,"attrs":119666,"content":119667},{"textAlign":49},[119668],{"text":119669,"type":599},"In the first few years of operation, a battery gigafactory will be focused on ramping up and qualifying its production processes.",{"type":594,"attrs":119671,"content":119672},{"textAlign":49},[119673],{"text":119674,"type":599},"Loss rates vary by region, technology and stage of ramp up of a factory. The losses tend to be higher as a battery factory ramps up to full production, Colbourn said.",{"type":594,"attrs":119676,"content":119677},{"textAlign":49},[119678],{"text":119679,"type":599},"Whilst most losses occur in the preliminary stages of cell production, losses do also occur at final stages in the form of fully-completed cells.",{"type":594,"attrs":119681,"content":119682},{"textAlign":49},[119683],{"text":119684,"type":599},"Waste that occurs at the electrode manufacture stage can often be directly recycled by the cell producer and fed back into the production process.",{"type":594,"attrs":119686,"content":119687},{"textAlign":49},[119688],{"text":119689,"type":599},"Losses in the form of partially- or fully-completed cells which failed to meet the quality control standards are unable to be directly circulated back into the production process and must be collected for recycling.",{"type":594,"attrs":119691,"content":119692},{"textAlign":49},[119693],{"text":119694,"type":599},"This year Benchmark expects over 30 gigawatt hours of process scrap to be available for recycling, growing ten-fold across the next decade.",{"type":594,"attrs":119696,"content":119697},{"textAlign":49},[119698],{"text":119699,"type":599},"“In the long term, the loss rates will steady out but there will always be losses,” Colbourn said.",{"type":594,"attrs":119701,"content":119702},{"textAlign":49},[119703],{"text":119704,"type":599},"Although the rate of increase of the process scrap pool will slow down beyond 2030 there will still be a significant volume of scrap, she said.",{"type":657,"attrs":119706,"content":119707},{"level":15966,"textAlign":49},[119708],{"text":119709,"type":599},"End of life batteries arrive ",{"type":594,"attrs":119711,"content":119712},{"textAlign":49},[119713],{"text":119714,"type":599},"The available waste pool will see a shift around the mid-2030s when end-of-life batteries will overtake process scrap as the primary source of recyclable material, according to Benchmark.",{"type":594,"attrs":119716,"content":119717},{"textAlign":49},[119718],{"text":119719,"type":599},"Collecting process scrap is far simpler than collecting end-of-life batteries, however.",{"type":594,"attrs":119721,"content":119722},{"textAlign":49},[119723],{"text":119724,"type":599},"Rather than being concentrated in predictable gigafactories, these batteries will be geographically dispersed and require an extensive collection infrastructure.",{"type":594,"attrs":119726,"content":119727},{"textAlign":49},[119728],{"text":119729,"type":599},"The collected scrap is disassembled, discharged, and shredded to produce black mass, a valuable resource that can be processed via a variety of methods to extract the constituent lithium, cobalt, nickel, and other metals.",{"type":657,"attrs":119731,"content":119732},{"level":15966,"textAlign":49},[119733],{"text":119734,"type":599},"China dominates recycling capacity",{"type":594,"attrs":119736,"content":119737},{"textAlign":49},[119738],{"text":119739,"type":599},"China currently dominates the recycling scene. The top eight recyclers operating this year are all based in the country. As China hosts the majority of battery cell producers, they also generate the largest quantity of process scrap.",{"type":594,"attrs":119741,"content":119742},{"textAlign":49},[119743],{"text":119744,"type":599},"Benchmark forecasts over three-quarters of process scrap to come from China this year, though this proportion is expected to consistently drop over the coming decade as other regions’ gigafactories come online.",{"type":594,"attrs":119746,"content":119747},{"textAlign":49},[119748],{"text":119749,"type":599},"However, for end-of-life scrap, Benchmark forecasts this will be more evenly distributed between regions across the mid-to-late 2030s.",{"type":594,"attrs":119751,"content":119752},{"textAlign":49},[119753],{"text":119754,"type":599},"Although China has the most process scrap, other regions can still maximise on the opportunity presented by recycling.",{"type":594,"attrs":119756,"content":119757},{"textAlign":49},[119758],{"text":119759,"type":599},"“In the US and Europe, there’s increasing discussion about the critical role recycling plays in enabling a more circular economy,” Colbourn said, “From a geopolitical standpoint there is an opportunity for North America and Europe to establish their own value chains with recycling, reducing reliance on China and other regions.”",{"type":594,"attrs":119761,"content":119762},{"textAlign":49},[119763],{"text":119764,"type":599},"The recently passed US Inflation Reduction Act calls for more domestically sourced components and materials in EV batteries in an effort to regain some of the value China controls in the EV supply chain. Batteries using materials recycled in North America are eglible under the bill.",{"type":594,"attrs":119766,"content":119767},{"textAlign":49},[119768,119770,119775],{"text":119769,"type":599},"The EU is ",{"text":119771,"type":599,"marks":119772},"considering legislation that more specifically focuses on recycling",[119773],{"type":604,"attrs":119774},{"href":107733,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":119776,"type":599},". It requires batteries sold in and to the EU to contain a minimum percentage of recycled critical minerals by 2030. It also sets out targets for how efficient recycling processes should be within the bloc.",{"type":657,"attrs":119778,"content":119779},{"level":15966,"textAlign":49},[119780],{"text":119781,"type":599},"Competition for scrap",{"type":594,"attrs":119783,"content":119784},{"textAlign":49},[119785],{"text":119786,"type":599},"There will be intense competition for the currently constrained supply of recyclable materials. A recycling facility with a large capacity will only be useful if it has secured supply either of processing scrap or black mass.",{"type":594,"attrs":119788,"content":119789},{"textAlign":49},[119790],{"text":119791,"type":599},"“Outside of China partnerships are forming,” Colbourn explained. “For instance, in the UK Glencore and Britishvolt are building an ecosystem for manufacturing scrap.”",{"type":594,"attrs":119793,"content":119794},{"textAlign":49},[119795],{"text":119796,"type":599},"“We can expect more partnerships,” Colbourn said. “But there is going to be a struggle to get deals to get process scrap.”",{"type":594,"attrs":119798,"content":119799},{"textAlign":49},[119800],{"text":119801,"type":599},"Even with the most efficient collection of end-of-life scrap and good utilisation of process scrap, the quantity of critical materials that can be obtained through recycling is not enough to meet demand for these materials in the short- to mid-term.",{"type":594,"attrs":119803,"content":119804},{"textAlign":49},[119805],{"text":119806,"type":599},"“Recycling is not going to negate the need for virgin materials,” Colbourn explained. “But recycling materials can help towards plugging the supply deficit gap.”",{"type":657,"attrs":119808,"content":119809},{"level":15966,"textAlign":49},[119810,119812,119816],{"text":119811,"type":599},"To learn more about Benchmark’s Recycling Forecast please fill in the ",{"text":86378,"type":599,"marks":119813},[119814],{"type":604,"attrs":119815},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":118596,"type":599},"Scrap from gigafactories will be the primary source of recyclable battery material for the next decade, according to Benchmark’s Recycling Report. End-of-life batteries are not expected to become a major source of material until the 2030s as electric vehicles sold now won’t be scrapped for another ten years or so, according to Benchmark. “Process scrap […]",[119819],{"slug":544,"name":543,"content":119820},{"job_title":557,"image":119821,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"eb38011b-38e3-4a84-941b-a498ae829fa0\", \"id\": \"\"}-->",[119824,119825,119826,119827],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":119829,"copyright":547,"fieldtype":553,"meta_data":119830,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bc6bfb8df0/bm-vw-battery-recycling.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 05, 2022",{"id":119833,"uuid":119834,"name":119835,"slug":119836,"full_slug":119837,"content":119838},112472446086365,"70863157-a7a1-429e-adb9-ef3167447781","Ambition versus reality: why battery production capacity does not equal supply","ambition-versus-reality-why-battery-production-capacity-does-not-equal-supply","article/ambition-versus-reality-why-battery-production-capacity-does-not-equal-supply",{"_uid":119839,"date":119840,"tags":119841,"editor":119843,"content":119847,"excerpt":119980,"featured":51,"reporter":119981,"_editable":119985,"component":864,"seo_title":119835,"categories":119986,"visibility":882,"author_company":49,"featured_image":119989,"seo_description":119980,"author_full_name":49,"author_job_title":49,"formattedDate":119992},"20529d3c-cced-4e64-b078-714373bca2cf","2022-09-02 00:00",[119842],{"slug":578,"name":579},[119844],{"slug":544,"name":543,"content":119845},{"job_title":557,"image":119846,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":119848},[119849,119859,119864,119869,119874,119879,119882,119887,119892,119897,119902,119907,119912,119917,119922,119927,119932,119937,119942,119945,119950,119955,119960,119965,119970,119975],{"type":594,"attrs":119850,"content":119851},{"textAlign":49},[119852,119854,119858],{"text":119853,"type":599},"Battery companies are pledging to invest billions of dollars in new production capacity to meet rising demand for electric vehicles, yet the actual supply of batteries is likely to be considerably lower than ",{"text":86464,"type":599,"marks":119855},[119856],{"type":604,"attrs":119857},{"href":113142,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":119860,"content":119861},{"textAlign":49},[119862],{"text":119863,"type":599},"New battery gigafactories take time to ramp up to full production and even then will rarely operate above 80% utilisation rates. In the first few years as much as a third of cell production may also be wasted and create scrap material for recycling.",{"type":594,"attrs":119865,"content":119866},{"textAlign":49},[119867],{"text":119868,"type":599},"Last year there was 1,036 GWh of global battery production capacity, but only around 450 GWh of actual production, according to Benchmark’s Gigafactory Assessment and Lithium ion Battery Database. That means on average the gigafactories were operating at around 50% capacity.",{"type":594,"attrs":119870,"content":119871},{"textAlign":49},[119872],{"text":119873,"type":599},"Benchmark forecasts total global supply of lithium ion batteries to reach 4.5 TWh by 2031 with factories operating at around a 64% utilisation rate. By contrast there’s around 7 TWh of forecast battery capacity planned by that date.",{"type":594,"attrs":119875,"content":119876},{"textAlign":49},[119877],{"text":119878,"type":599},"“Capacity gives a reflection of what the plant can potentially produce,” Aran Waid, an analyst at Benchmark, said. “Capacity reflects ambition.”",{"type":594,"attrs":119880,"content":119881},{"textAlign":49},[],{"type":657,"attrs":119883,"content":119884},{"level":15966,"textAlign":49},[119885],{"text":119886,"type":599},"Why capacity does not equal supply",{"type":594,"attrs":119888,"content":119889},{"textAlign":49},[119890],{"text":119891,"type":599},"The geographic differences in utilisation rates are most notable between China and the rest of the world.",{"type":594,"attrs":119893,"content":119894},{"textAlign":49},[119895],{"text":119896,"type":599},"Gigafactories outside of China generally have higher utilisation rates, according to Benchmark, with the most efficient plants based in South Korea and Japan.",{"type":594,"attrs":119898,"content":119899},{"textAlign":49},[119900],{"text":119901,"type":599},"Asian battery factories outside China will operate at a 77% utilisation rate this year, according to Benchmark, which may rise to 82% by 2035. China, by contrast, is expected to see utilisation rates of around 45% this year and 72% in 2035.",{"type":594,"attrs":119903,"content":119904},{"textAlign":49},[119905],{"text":119906,"type":599},"Even some of the largest Chinese battery companies use less of their production capacity than their peers outside the country.",{"type":594,"attrs":119908,"content":119909},{"textAlign":49},[119910],{"text":119911,"type":599},"Benchmark expects Tier One Chinese producers to reach about 70% of their installed capacity, compared to 75% to 80% for Tier One producers in the rest of the world. Tier One producers are defined as being qualified to supply more than one multinational OEM/EV producer outside of China.",{"type":594,"attrs":119913,"content":119914},{"textAlign":49},[119915],{"text":119916,"type":599},"“In China, supportive legislation and subsidised capital makes it easier for manufacturers to add capacity, rather than improve production efficiency, which can be a difficult multi-year process to achieve,” Waid said. “The West has a different capital allocation model than China, with greater importance on capital returns and utilisation rates.”",{"type":594,"attrs":119918,"content":119919},{"textAlign":49},[119920],{"text":119921,"type":599},"A total of 70% of forecast battery capacity by 2031 is set to be in China, according to Benchmark’s Gigafactory Assesment.",{"type":657,"attrs":119923,"content":119924},{"level":15966,"textAlign":49},[119925],{"text":119926,"type":599},"Starting from scratch",{"type":594,"attrs":119928,"content":119929},{"textAlign":49},[119930],{"text":119931,"type":599},"In the short term, production figures will have a bigger disparity to plant capacity as battery producers build up their utilisation rates. There are also qualification processes involved in phasing up production that may take time.",{"type":594,"attrs":119933,"content":119934},{"textAlign":49},[119935],{"text":119936,"type":599},"China, however, has more experience building gigafactories and so ramps up production quicker, Waid said.",{"type":594,"attrs":119938,"content":119939},{"textAlign":49},[119940],{"text":119941,"type":599},"“Everything is starting from scratch [outside of China] so it will take time for manufacturers to work out the most efficient processes,” Waid said. “There will be more scrap as they try to improve their processes, so managing that scrap and being able to recycle it will be key.”",{"type":594,"attrs":119943,"content":119944},{"textAlign":49},[],{"type":594,"attrs":119946,"content":119947},{"textAlign":49},[119948],{"text":119949,"type":599},"The only factories which come close to fully utilising their capacity are ones making batteries for portables. The maturity of the technology and processes to manufacture them at the required scale leads to very efficient factories. But even these processes will have an element of yield loss, Waid said.",{"type":657,"attrs":119951,"content":119952},{"level":15966,"textAlign":49},[119953],{"text":119954,"type":599},"Raw material limits ",{"type":594,"attrs":119956,"content":119957},{"textAlign":49},[119958],{"text":119959,"type":599},"If battery companies have not secured the necessary battery raw materials that may also limit the ability to meet planned production capacity.",{"type":594,"attrs":119961,"content":119962},{"textAlign":49},[119963],{"text":119964,"type":599},"“The raw materials just aren’t there for everyone to run at 100% capacity,” Waid said. “But if a plant has a high capacity, it implies the company has strong connections further up the supply chain with cathode and anode supply.”",{"type":594,"attrs":119966,"content":119967},{"textAlign":49},[119968],{"text":119969,"type":599},"Tesla, for instance, has very ambitious gigafactory plans. The 200 GWh factories in Berlin and Austin are, in part, a show of strength and confidence by Tesla, he said.",{"type":594,"attrs":119971,"content":119972},{"textAlign":49},[119973],{"text":119974,"type":599},"“Tesla has worked on its battery strategy for a long time and has inked deals with numerous battery suppliers and battery materials companies,” Waid said. “By securing upstream supply, this will help ensure their gigafactories are fed and production can ramp up to meet rising demand.”",{"type":594,"attrs":119976,"content":119977},{"textAlign":49},[119978],{"text":119979,"type":599},"However, just because a company claims a capacity does not mean it’s a done deal. “Tesla’s future capacity plans are ambitious and will be difficult to achieve without further investment and supply upstream but securing offtake agreements will be key to help shield production from future supply bottlenecks,” Waid said.","Battery companies are pledging to invest billions of dollars in new production capacity to meet rising demand for electric vehicles, yet the actual supply of batteries is likely to be considerably lower than announced. New battery gigafactories take time to ramp up to full production and even then will rarely operate above 80% utilisation rates. […]",[119982],{"slug":544,"name":543,"content":119983},{"job_title":557,"image":119984,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"20529d3c-cced-4e64-b078-714373bca2cf\", \"id\": \"\"}-->",[119987,119988],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":119990,"copyright":547,"fieldtype":553,"meta_data":119991,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cd69e24462/bm-giga-texas.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 02, 2022",{"id":119994,"uuid":119995,"name":119996,"slug":119997,"full_slug":119998,"content":119999},112472451046622,"e62b1d12-5de9-408e-a4ba-0c7170d0ea34","$15 billion US gigafactory push accelerates North American capacity growth","15-billion-us-gigafactory-push-accelerates-north-american-capacity-growth","article/15-billion-us-gigafactory-push-accelerates-north-american-capacity-growth",{"_uid":120000,"date":120001,"tags":120002,"editor":120006,"content":120010,"excerpt":120117,"featured":51,"reporter":120118,"_editable":120122,"component":864,"seo_title":119996,"categories":120123,"visibility":882,"author_company":49,"featured_image":120126,"seo_description":120117,"author_full_name":49,"author_job_title":49,"formattedDate":120129},"dcaf4cd5-fc01-4691-81c9-cc9d1a62705a","2022-08-31 00:00",[120003,120004,120005],{"slug":578,"name":579},{"slug":46859,"name":46860},{"slug":1375,"name":1376},[120007],{"slug":544,"name":543,"content":120008},{"job_title":557,"image":120009,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":120011},[120012,120017,120022,120034,120039,120044,120049,120054,120059,120064,120067,120072,120077,120082,120087,120092,120097,120102,120107,120112],{"type":594,"attrs":120013,"content":120014},{"textAlign":49},[120015],{"text":120016,"type":599},"A total of $15 billion could be invested into US gigafactories from announcements in the last two months, enough to build more than the entire current production capacity in the country, according to Benchmark.",{"type":594,"attrs":120018,"content":120019},{"textAlign":49},[120020],{"text":120021,"type":599},"The announcements from Tesla supplier Panasonic, Honda and LG Energy Solution, as well as Toyota, could result in an additional 157 gigawatt-hours of annual production capacity by mid-decade, including a reported second Panasonic plant in the US, according to Benchmark.",{"type":594,"attrs":120023,"content":120024},{"textAlign":49},[120025,120027,120032],{"text":120026,"type":599},"That would increase total forecast US battery production capacity by 60% by 2025 compared to Benchmark’s previous forecast. It comes following the passing of the Inflation Reduction Act ",{"text":120028,"type":599,"marks":120029},"this month",[120030],{"type":604,"attrs":120031},{"href":101725,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":120033,"type":599},", which includes production tax credits for battery manufacturing in the US.",{"type":594,"attrs":120035,"content":120036},{"textAlign":49},[120037],{"text":120038,"type":599},"“The recent surge in capacity commitments across the US is set to secure a much needed supply of cells for the many legacy and emergent automakers active in the North American market,” Evan Hartley, an analyst at Benchmark, said. “It’s a key step towards the region matching and exceeding European cell production capacity.”",{"type":594,"attrs":120040,"content":120041},{"textAlign":49},[120042],{"text":120043,"type":599},"The announcements include a planned $4.4 billion plant from Honda and LG Energy Solution; Toyota’s $5.6 billion battery investment plan of which $2.5 billion investment would be dedicated for the US and the rest for Japan, as well as Panasonic’s plans for a plant in Kansas as well as an additional $4 billion for a battery plant in Oklahoma.",{"type":594,"attrs":120045,"content":120046},{"textAlign":49},[120047],{"text":120048,"type":599},"Panasonic’s Oklahoma plant was reported by the Wall Street Journal last week.",{"type":657,"attrs":120050,"content":120051},{"level":15966,"textAlign":49},[120052],{"text":120053,"type":599},"Boosting capacity ",{"type":594,"attrs":120055,"content":120056},{"textAlign":49},[120057],{"text":120058,"type":599},"US gigafactory capacity is now expected to reach 108.8 GWh this year and rise to 536.5 GWh in 2025 when a bulk of the projects will come online, according to Benchmark’s Gigafactory Assessment. The forecast estimates this will rise to 940.6 GWh by 2031 following which the expansion pace is expected to ramp up at a slower pace over the next few years.",{"type":594,"attrs":120060,"content":120061},{"textAlign":49},[120062],{"text":120063,"type":599},"Before the announcements a total of 345.5 Gwh capacity was expected in north America by 2025.",{"type":594,"attrs":120065,"content":120066},{"textAlign":49},[],{"type":657,"attrs":120068,"content":120069},{"level":15966,"textAlign":49},[120070],{"text":120071,"type":599},"The Big Deals",{"type":594,"attrs":120073,"content":120074},{"textAlign":49},[120075],{"text":120076,"type":599},"Honda and LG Energy’s $4.4 billion battery plant for electric vehicles is expected to begin mass production of lithium-ion battery cells by the end of 2025. The two companies will establish a joint venture this year to build and run the battery plant.",{"type":594,"attrs":120078,"content":120079},{"textAlign":49},[120080],{"text":120081,"type":599},"“Our joint venture with Honda, which has a significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market,” said Youngsoo Kwon, chief executive of LG Energy Solution.",{"type":594,"attrs":120083,"content":120084},{"textAlign":49},[120085],{"text":120086,"type":599},"Honda and LG Energy are yet to disclose the location for the plant. Honda currently makes cars at manufacturing facilities in Ohio, Alabama and Indiana.",{"type":594,"attrs":120088,"content":120089},{"textAlign":49},[120090],{"text":120091,"type":599},"Toyota said it would invest an additional $2.5 billion in its battery plant in North Carolina, which is set to start production in 2025 and produce battery cells for hybrid and pure electric vehicles.",{"type":594,"attrs":120093,"content":120094},{"textAlign":49},[120095],{"text":120096,"type":599},"Toyota said it aims to increase its combined annual battery production capacity in Japan and the United States by as much as 40 GWh.",{"type":594,"attrs":120098,"content":120099},{"textAlign":49},[120100],{"text":120101,"type":599},"Panasonic is reportedly planning to build another battery plant in the US that would take its total gigafactory investment to an estimated $8 billion. Panasonic said in July that it would build a gigafactory in Kansas to target growth in the US auto market.",{"type":594,"attrs":120103,"content":120104},{"textAlign":49},[120105],{"text":120106,"type":599},"The Osaka-based battery producer is Tesla’s largest supplier due to its Nevada gigafactory, a joint venture with Tesla that has a capacity of 44 GWh, as assessed by Benchmark.",{"type":594,"attrs":120108,"content":120109},{"textAlign":49},[120110],{"text":120111,"type":599},"Tesla has said it wants to produce 20 million electric vehicles by the end of the decade, as it aims to become a mass market auto producer.",{"type":594,"attrs":120113,"content":120114},{"textAlign":49},[120115],{"text":120116,"type":599},"Panasonic said in June it wants to triple or quadruple its capacity in North America by 2029 as it looks to capture some of the growth in the US auto market outside of Tesla.","A total of $15 billion could be invested into US gigafactories from announcements in the last two months, enough to build more than the entire current production capacity in the country, according to Benchmark. The announcements from Tesla supplier Panasonic, Honda and LG Energy Solution, as well as Toyota, could result in an additional 157 […]",[120119],{"slug":544,"name":543,"content":120120},{"job_title":557,"image":120121,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dcaf4cd5-fc01-4691-81c9-cc9d1a62705a\", \"id\": \"\"}-->",[120124,120125],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":120127,"copyright":547,"fieldtype":553,"meta_data":120128,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4783b05917/bm-giga-nevada-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 31, 2022",{"id":120131,"uuid":120132,"name":120133,"slug":120134,"full_slug":120135,"content":120136},112472465276129,"ee73995e-8ce8-4e39-9d28-c08cbfc9d32c","What impact will the Sichuan power cuts have on China’s battery supply chain?","what-impact-will-the-sichuan-power-cuts-have-on-chinas-battery-supply-chain","article/what-impact-will-the-sichuan-power-cuts-have-on-chinas-battery-supply-chain",{"_uid":120137,"date":120138,"tags":120139,"editor":120141,"content":120145,"excerpt":120259,"featured":50,"reporter":120260,"_editable":120264,"component":864,"seo_title":120133,"categories":120265,"visibility":882,"author_company":49,"featured_image":120268,"seo_description":120259,"author_full_name":49,"author_job_title":49,"formattedDate":120270},"8279d2da-941b-4325-b1ac-da1bbb20e146","2022-08-18 00:00",[120140],{"slug":913,"name":914},[120142],{"slug":544,"name":543,"content":120143},{"job_title":557,"image":120144,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":120146},[120147,120152,120157,120162,120167,120179,120184,120189,120194,120199,120204,120209,120214,120219,120224,120229,120234,120239,120244,120249,120254],{"type":594,"attrs":120148,"content":120149},{"textAlign":49},[120150],{"text":120151,"type":599},"Factory shutdowns due to a severe heatwave and drought in China’s Sichuan province could impact around a quarter of China’s lithium production capacity, helping to support lithium carbonate prices, according to Benchmark.",{"type":594,"attrs":120153,"content":120154},{"textAlign":49},[120155],{"text":120156,"type":599},"Lithium plants have shut down capacity following an order by authorities to factories in 19 cities in the province to shut until August 20 due to the worst drought and heatwave in 60 years, which has impacted hydropower production.",{"type":594,"attrs":120158,"content":120159},{"textAlign":49},[120160],{"text":120161,"type":599},"The orders and limited supply of electricity has led to shutdowns of production at cathode, synthetic anode producers and lithium processing plants in the province. That’s led to concerns that factories may need to stay closed longer than the proscribed six-day window.",{"type":594,"attrs":120163,"content":120164},{"textAlign":49},[120165],{"text":120166,"type":599},"“Concerns have been expressed that there could be further shutdowns in the future, which may mean production rates are affected sporadically over the next month or so,” Daisy Jennings-Gray, an analyst at Benchmark, said.",{"type":594,"attrs":120168,"content":120169},{"textAlign":49},[120170,120172,120177],{"text":120171,"type":599},"The heatwave comes after an almost 400% increase in Chinese lithium carbonate prices in China over the past year, according to ",{"text":2210,"type":599,"marks":120173},[120174],{"type":604,"attrs":120175},{"href":120176,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium-prices/",{"text":120178,"type":599},". Battery-grade lithium carbonate prices in China rose by 0.6% over the past week, the largest week-on-week increase since Benchmark began reporting weekly EXW China lithium prices on 4 May 2022, due in part to concerns over the power shortages.",{"type":594,"attrs":120180,"content":120181},{"textAlign":49},[120182],{"text":120183,"type":599},"Battery grade lithium carbonate was last assessed at RMB 475,500/tonne ($70,375), according to Benchmark’s Lithium Price Assessment.",{"type":594,"attrs":120185,"content":120186},{"textAlign":49},[120187],{"text":120188,"type":599},"Up to 2,500 tonnes of LCE could be lost by the shutdowns, according to Jennings-Gray.",{"type":657,"attrs":120190,"content":120191},{"level":15966,"textAlign":49},[120192],{"text":120193,"type":599},"Green batteries",{"type":594,"attrs":120195,"content":120196},{"textAlign":49},[120197],{"text":120198,"type":599},"Sichuan province relies on hydropower for 80% of its electricity production, and also exports one-third of its power to other provinces.",{"type":594,"attrs":120200,"content":120201},{"textAlign":49},[120202],{"text":120203,"type":599},"Many companies in the battery supply chain have moved to Sichuan in recent years in order to reduce their carbon footprint, including battery producers and synthetic anode producers.",{"type":594,"attrs":120205,"content":120206},{"textAlign":49},[120207],{"text":120208,"type":599},"China’s largest battery company CATL is also building a 15 GWh battery plant in Yibin city, which it says is “zero-carbon.”",{"type":594,"attrs":120210,"content":120211},{"textAlign":49},[120212],{"text":120213,"type":599},"There is a total of 9 gigawatt-hours of operational cell capacity in Sichuan, for production of nickel cobalt manganese (NCM) cells, according to Benchmark’s Lithium Ion Battery Gigafactory Assessment.",{"type":594,"attrs":120215,"content":120216},{"textAlign":49},[120217],{"text":120218,"type":599},"CATL’s battery plant in Yibin city has also shut down production until August 20, a report in Jiemian News said, though there was no official confirmation from CATL.",{"type":594,"attrs":120220,"content":120221},{"textAlign":49},[120222],{"text":120223,"type":599},"Construction could also be impacted at ongoing battery projects across the province that are scheduled to install another 38 GWh in 2023, according to Benchmark. There is a total of 401 GWh of battery pipeline capacity in the province out to 2031, according to Benchmark’s Lithium ion Battery Assessment.",{"type":657,"attrs":120225,"content":120226},{"level":15966,"textAlign":49},[120227],{"text":120228,"type":599},"Anode supply",{"type":594,"attrs":120230,"content":120231},{"textAlign":49},[120232],{"text":120233,"type":599},"The power cuts have also caused more than 80% of the companies producing synthetic anode materials in Sichuan to shut down, mostly those doing graphitisation of graphite materials.",{"type":594,"attrs":120235,"content":120236},{"textAlign":49},[120237],{"text":120238,"type":599},"The output of synthetic graphite anodes in Sichuan this year is expected to be around 200,000 tonnes, around 15% to 20% of China’s anode capacity, according to Benchmark.",{"type":657,"attrs":120240,"content":120241},{"level":15966,"textAlign":49},[120242],{"text":120243,"type":599},"Cathode production hit",{"type":594,"attrs":120245,"content":120246},{"textAlign":49},[120247],{"text":120248,"type":599},"For cathodes, there is over 389,000 tonnes a year of operational cathode production capacity in Sichuan, with 170,000 tonnes belonging to an LFP plant operated by Hunan Yuneng New Energy Battery Materials (Yuneng New Energy). Including nearby Chongqing, which has also ordered a shutdown to save energy, that rises to 458,000 tonnes.",{"type":594,"attrs":120250,"content":120251},{"textAlign":49},[120252],{"text":120253,"type":599},"Some cathode producers are prioritising production of NCM cathodes over cathodes for digital electronics, according to Benchmark. That may push up prices for lithium cobalt oxide (LCO) cathodes.",{"type":594,"attrs":120255,"content":120256},{"textAlign":49},[120257],{"text":120258,"type":599},"For cathode producers, once a furnace is shut down it could take a week or more to heat it to normal temperatures to restart production, according to Albert Li, an analyst at Benchmark.","Factory shutdowns due to a severe heatwave and drought in China’s Sichuan province could impact around a quarter of China’s lithium production capacity, helping to support lithium carbonate prices, according to Benchmark. Lithium plants have shut down capacity following an order by authorities to factories in 19 cities in the province to shut until August […]",[120261],{"slug":544,"name":543,"content":120262},{"job_title":557,"image":120263,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8279d2da-941b-4325-b1ac-da1bbb20e146\", \"id\": \"\"}-->",[120266,120267],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":43883,"copyright":547,"fieldtype":553,"meta_data":120269,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Aug 18, 2022",{"id":120272,"uuid":120273,"name":120274,"slug":120275,"full_slug":120276,"content":120277},112472470084834,"ae6540cc-aa13-4fe4-a3f2-1c49faf1f63b","Inflation Reduction Act puts OEM raw material supply deals in focus","us-inflation-reduction-act-puts-oem-raw-material-supply-deals-in-focus","article/us-inflation-reduction-act-puts-oem-raw-material-supply-deals-in-focus",{"_uid":120278,"date":120279,"tags":120280,"editor":120283,"content":120287,"excerpt":120461,"featured":51,"reporter":120462,"_editable":120466,"component":864,"seo_title":120274,"categories":120467,"visibility":882,"author_company":49,"featured_image":120470,"seo_description":120461,"author_full_name":49,"author_job_title":49,"formattedDate":120473},"68b10394-c8ff-4bfa-a3cb-f30946e4790c","2022-08-17 00:00",[120281,120282],{"slug":46859,"name":46860},{"slug":1375,"name":1376},[120284],{"slug":544,"name":543,"content":120285},{"job_title":557,"image":120286,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":120288},[120289,120294,120299,120304,120309,120314,120319,120322,120328,120333,120346,120351,120356,120361,120373,120378,120383,120388,120393,120398,120403,120416,120421,120426,120431,120436,120441,120446,120451,120456],{"type":594,"attrs":120290,"content":120291},{"textAlign":49},[120292],{"text":120293,"type":599},"The passing of the US Inflation Reduction Act puts automakers under increasing pressure to localise battery raw material supply in North America or secure supply from countries such as Chile, Canada and Australia.",{"type":594,"attrs":120295,"content":120296},{"textAlign":49},[120297],{"text":120298,"type":599},"The landmark climate legislation requires that at least 40% of the value of the battery minerals in qualifying vehicles must have been extracted or processed in the US or free trade partner countries by 2024 for automakers to obtain half of the $7,500 tax credit for purchases of new electric vehicles. In addition the legislation prohibits “Foreign Entities of Concern,” which includes companies from China, from extracting processing or recycling the minerals.",{"type":594,"attrs":120300,"content":120301},{"textAlign":49},[120302],{"text":120303,"type":599},"Yet a number of recent supply agreements between automakers and mining companies will struggle to meet that goal within the timeline without further investment. From lithium to nickel and cobalt, automakers may have to accelerate a buildout of processing in North America to qualify, according to Benchmark.",{"type":594,"attrs":120305,"content":120306},{"textAlign":49},[120307],{"text":120308,"type":599},"Over the past year automakers including Tesla, GM and Ford have signed over a dozen deals for raw material and cathode supplies. Yet only some of these will be eligible for the critical mineral part of electric vehicle tax credit under the Inflation Reduction Act, according to Benchmark.",{"type":594,"attrs":120310,"content":120311},{"textAlign":49},[120312],{"text":120313,"type":599},"“It’s nice ambition on paper but the reality is that automotive investment into the raw material space should have happened five years ago,” James Mills, an analyst at Benchmark, said.",{"type":594,"attrs":120315,"content":120316},{"textAlign":49},[120317],{"text":120318,"type":599},"The Inflation Reduction Act lifts the previous 200,000 vehicle cap on the electric vehicle tax credits, which GM and Tesla have already reached, according to the Department of Energy. To receive the full purchase credit from next year the automakers will have to meet the critical minerals requirements.",{"type":594,"attrs":120320,"content":120321},{"textAlign":49},[],{"type":657,"attrs":120323,"content":120324},{"level":15966,"textAlign":49},[120325,120326],{"text":3875,"type":599},{"text":120327,"type":599}," furthest ahead",{"type":594,"attrs":120329,"content":120330},{"textAlign":49},[120331],{"text":120332,"type":599},"So far Tesla is leading in terms of its supply chain deals with free trade agreement countries, having signed nickel agreements with BHP in Australia, Glencore in Australia, Vale in Canada, Prony Resources in New Caledonia, as well as Talon Metals in Minnesota.",{"type":594,"attrs":120334,"content":120335},{"textAlign":49},[120336,120338,120344],{"text":120337,"type":599},"Tesla has also recently ",{"text":120339,"type":599,"marks":120340},"signed lithium supply agreements",[120341],{"type":604,"attrs":120342},{"href":120343,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-taps-australia-for-future-lithium-supply-as-prices-hit-record-highs",{"text":120345,"type":599}," with Australian junior miners Core Lithium and Liontown Resources.",{"type":594,"attrs":120347,"content":120348},{"textAlign":49},[120349],{"text":120350,"type":599},"Still, some of Tesla’s lithium from Albemarle and Livent is refined in China, while the cobalt it directly sources from the Democratic Republic of Congo is also refined in China, according to its 2021 Impact Report. In addition the DRC does not have a free trade agreement with the US.",{"type":594,"attrs":120352,"content":120353},{"textAlign":49},[120354],{"text":120355,"type":599},"“To date the auto industry has largely relied upon industrial DRC producers to meet its needs,” Caspar Rawles, chief data officer at Benchmark, said. “Outside of that any suitable forms from FTA countries are limited. The challenge will be getting cobalt refined to a chemical and then PCAM (precursor) within the US.”",{"type":657,"attrs":120357,"content":120358},{"level":15966,"textAlign":49},[120359],{"text":120360,"type":599},"GM’s lithium supply",{"type":594,"attrs":120362,"content":120363},{"textAlign":49},[120364,120366,120371],{"text":120365,"type":599},"In July General Motors said it had ",{"text":120367,"type":599,"marks":120368},"secured enough lithium, nickel, cobalt and cathode active material",[120369],{"type":604,"attrs":120370},{"href":76142,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":120372,"type":599}," to reach its target of selling 1 million electric vehicles in North America by 2025.",{"type":594,"attrs":120374,"content":120375},{"textAlign":49},[120376],{"text":120377,"type":599},"Yet it faces the same issue as Tesla in terms of lithium refining. GM signed a six-year deal with Livent to secure battery-grade lithium hydroxide “primarily” from its brine-based operations in Argentina starting in 2025.",{"type":594,"attrs":120379,"content":120380},{"textAlign":49},[120381],{"text":120382,"type":599},"While Argentina does not have a free trade agreement with the US, GM said that all of Livent’s lithium hydroxide processing for GM will happen in North America over the course of the agreement.",{"type":594,"attrs":120384,"content":120385},{"textAlign":49},[120386],{"text":120387,"type":599},"But in the near-term most of Livent’s lithium hydroxide processing capacity will be in China. Livent only has around 10,000 tonnes of lithium hydroxide processing capacity in the US. Meeting GM’s target will likely depend on the development of the Nemaska Lithium mine and hydroxide plant in Quebec, in which Livent owns a 50% stake. That project is not set to start production until 2025.",{"type":594,"attrs":120389,"content":120390},{"textAlign":49},[120391],{"text":120392,"type":599},"“They (GM) don’t need the raw material to come from North America but they want that final production, that processing step into lithium hydroxide to be in the same region,” Paul Graves, chief executive of Livent, said this month.",{"type":594,"attrs":120394,"content":120395},{"textAlign":49},[120396],{"text":120397,"type":599},"GM said it welcomed the passing of the Inflation Reduction Act and it would “help drive further investments in American manufacturing, clean energy and sustainable, scalable, and secure supply chains.”",{"type":657,"attrs":120399,"content":120400},{"level":15966,"textAlign":49},[120401],{"text":120402,"type":599},"Ford’s nickel supply",{"type":594,"attrs":120404,"content":120405},{"textAlign":49},[120406,120408,120414],{"text":120407,"type":599},"In July Ford said it ",{"text":120409,"type":599,"marks":120410},"had secured",[120411],{"type":604,"attrs":120412},{"href":120413,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/ford-could-require-fifth-of-2026-tier-1-battery-supply-to-meet-2-million-ev-goal",{"text":120415,"type":599}," “most of the nickel needed through 2026 and beyond,” via “non-binding MOUs” with Vale Canada, PT Vale Indonesia and Huayou Cobalt and BHP. This included a non-binding off-take agreement with China’s Huayou Cobalt for 84,000 tonnes a year of nickel.",{"type":594,"attrs":120417,"content":120418},{"textAlign":49},[120419],{"text":120420,"type":599},"But Indonesia does not have a free trade agreement with the US, and in addition the legislation prohibits “Foreign Entities of Concern,” which includes companies from China.",{"type":594,"attrs":120422,"content":120423},{"textAlign":49},[120424],{"text":120425,"type":599},"Ford said that “while its consumer tax credit targets for electric vehicles are not all achievable overnight, the bill is an important step forward to meet our shared national climate goals and help strengthen American manufacturing jobs.”",{"type":657,"attrs":120427,"content":120428},{"level":15966,"textAlign":49},[120429],{"text":120430,"type":599},"Battery Components ",{"type":594,"attrs":120432,"content":120433},{"textAlign":49},[120434],{"text":120435,"type":599},"To receive the other half of the $7,500 tax credit automakers must ensure that a certain value of the battery components (cathodes and anodes) made or assembled in North America. Up to 2024, this value needs to be 50%, reaching 80% by 2028 and 100% by 2029.",{"type":594,"attrs":120437,"content":120438},{"textAlign":49},[120439],{"text":120440,"type":599},"The battery component requirement may be more achievable since it is quicker to build cathode plants than mines.",{"type":594,"attrs":120442,"content":120443},{"textAlign":49},[120444],{"text":120445,"type":599},"GM is building a cathode plant in Quebec with Korea’s Posco Chemical, which will process cathode active material to be used in the automakers’ Ultium battery cells. The two companies say the plant will be completed in the second half of 2024 with capacity to produce 30,000 tonnes of material a year.",{"type":594,"attrs":120447,"content":120448},{"textAlign":49},[120449],{"text":120450,"type":599},"In July GM also signed an agreement with LG Chem for the supply of more than 950,000 tonnes of cathode active material beginning in the second half of this year, enough for around 5 million electric vehicles.",{"type":594,"attrs":120452,"content":120453},{"textAlign":49},[120454],{"text":120455,"type":599},"The two companies also agreed to “explore the localization of a CAM production facility in North America by the end of 2025.”",{"type":594,"attrs":120457,"content":120458},{"textAlign":49},[120459],{"text":120460,"type":599},"Tesla also assembles its batteries at its Nevada gigafactory, a joint venture with Panasonic, and is producing its own battery cells at its Kato Road plant in California as well as at its Texas gigafactory.","The passing of the US Inflation Reduction Act puts automakers under increasing pressure to localise battery raw material supply in North America or secure supply from countries such as Chile, Canada and Australia. The landmark climate legislation requires that at least 40% of the value of the battery minerals in qualifying vehicles must have been […]",[120463],{"slug":544,"name":543,"content":120464},{"job_title":557,"image":120465,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"68b10394-c8ff-4bfa-a3cb-f30946e4790c\", \"id\": \"\"}-->",[120468,120469],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":120471,"copyright":547,"fieldtype":553,"meta_data":120472,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/91b5946a7c/bm-gm-ultium-platform-e1660747859940.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 17, 2022",{"id":120475,"uuid":120476,"name":120477,"slug":120478,"full_slug":120479,"content":120480},112472484654311,"5341ab97-3330-4b73-9926-8d2f62569143","The Benchmark AGM 2022: CEO Comment","the-benchmark-agm-2022-ceo-comment","article/the-benchmark-agm-2022-ceo-comment",{"_uid":120481,"date":120482,"tags":120483,"editor":120485,"content":120489,"excerpt":120600,"featured":50,"reporter":120601,"_editable":120605,"component":864,"seo_title":120477,"categories":120606,"visibility":882,"author_company":49,"featured_image":120609,"seo_description":120600,"author_full_name":49,"author_job_title":49,"formattedDate":120612},"5499a294-245f-4d9f-8979-ac32eb2095d5","2022-08-10 00:00",[120484],{"slug":9655,"name":9656},[120486],{"slug":544,"name":543,"content":120487},{"job_title":557,"image":120488,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":120490},[120491,120496,120507,120512,120517,120522,120527,120532,120542,120547,120552,120557,120562,120567,120572,120575,120580,120585,120590,120597],{"type":594,"attrs":120492,"content":120493},{"textAlign":49},[120494],{"text":120495,"type":599},"It is the Benchmark AGM Week, which means all roads lead to Oxford. I wanted to share a glimpse into the people joining a world class business, Benchmark Mineral Intelligence.",{"type":594,"attrs":120497,"content":120498},{"textAlign":49},[120499,120501,120505],{"text":120500,"type":599},"Last year at the Benchmark AGM 2021 we launched ",{"text":98740,"type":599,"marks":120502},[120503],{"type":604,"attrs":120504},{"href":98744,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":120506,"type":599}," – a complete evolution blueprint for the company and our biggest overhaul since our inception.",{"type":594,"attrs":120508,"content":120509},{"textAlign":49},[120510],{"text":120511,"type":599},"This year, the Benchmark AGM 2022 is a three day internal conference, at the centre of which is the Benchmark Casino Royale (a redacted agenda is below).",{"type":594,"attrs":120513,"content":120514},{"textAlign":49},[120515],{"text":120516,"type":599},"Our business is still in hyper growth mode and Project Skyfall is now well and truly initiated.",{"type":594,"attrs":120518,"content":120519},{"textAlign":49},[120520],{"text":120521,"type":599},"Last year was our most rapid growth period – in every sense – and we have expanded our team by around 70% in 10 months with more to come.",{"type":594,"attrs":120523,"content":120524},{"textAlign":49},[120525],{"text":120526,"type":599},"We are hiring at every level, from senior team members to graduates as we grow Benchmark both vertically and laterally.",{"type":594,"attrs":120528,"content":120529},{"textAlign":49},[120530],{"text":120531,"type":599},"All of this growth is organic, to fulfil the demand for our suite of Price Reporting Subscriptions, Forecasts, ESG Services, Supply Chain Advisory, Industry Community Events and Private Summits.",{"type":594,"attrs":120533,"content":120534},{"textAlign":49},[120535,120537,120541],{"text":120536,"type":599},"Join Team Benchmark, apply ",{"text":6515,"type":599,"marks":120538},[120539],{"type":604,"attrs":120540},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":21888,"type":599},{"type":657,"attrs":120543,"content":120544},{"level":15966,"textAlign":49},[120545],{"text":120546,"type":599},"Where do new Benchmarkers come from?",{"type":594,"attrs":120548,"content":120549},{"textAlign":49},[120550],{"text":120551,"type":599},"A question we often get asked is: where are new Benchmarkers joining us from?",{"type":594,"attrs":120553,"content":120554},{"textAlign":49},[120555],{"text":120556,"type":599},"Around 30% is from higher education, a core focus for us and something I am most proud of.",{"type":594,"attrs":120558,"content":120559},{"textAlign":49},[120560],{"text":120561,"type":599},"Around 30% is from commodity publishing houses – all of them.",{"type":594,"attrs":120563,"content":120564},{"textAlign":49},[120565],{"text":120566,"type":599},"23% are from industry: auto / EV makers, oil, gas, and mining.",{"type":594,"attrs":120568,"content":120569},{"textAlign":49},[120570],{"text":120571,"type":599},"And 17% come from external corporate entities.",{"type":594,"attrs":120573,"content":120574},{"textAlign":49},[],{"type":594,"attrs":120576,"content":120577},{"textAlign":49},[120578],{"text":120579,"type":599},"The flow of people is from these four communities into our growing business. It great to see there is such demand to join Team Benchmark.",{"type":594,"attrs":120581,"content":120582},{"textAlign":49},[120583],{"text":120584,"type":599},"We hire on personality first, experience second. Not the other way around.",{"type":594,"attrs":120586,"content":120587},{"textAlign":49},[120588],{"text":120589,"type":599},"While the roads this week lead to Oxford, ultimately our world class team has ensured that all roads lead to Benchmark.",{"type":594,"attrs":120591,"content":120592},{"textAlign":49},[120593],{"text":120594,"type":599,"marks":120595},"Simon Moores, CEO of Benchmark Mineral Intelligence. ",[120596],{"type":643},{"type":594,"attrs":120598,"content":120599},{"textAlign":49},[],"It is the Benchmark AGM Week, which means all roads lead to Oxford. I wanted to share a glimpse into the people joining a world class business, Benchmark Mineral Intelligence. Last year at the Benchmark AGM 2021 we launched Project Skyfall – a complete evolution blueprint for the company and our biggest overhaul since our […]",[120602],{"slug":544,"name":543,"content":120603},{"job_title":557,"image":120604,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5499a294-245f-4d9f-8979-ac32eb2095d5\", \"id\": \"\"}-->",[120607,120608],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":120610,"copyright":547,"fieldtype":553,"meta_data":120611,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0622d18c00/bm-wordpress-article-image-agm-2022.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 10, 2022",{"id":120614,"uuid":120615,"name":120616,"slug":120617,"full_slug":120618,"content":120619},112472489413864,"c6bcfb70-0d5f-454a-94d8-e19bebf03bde","Automakers’ ESG woes grow over Indonesian nickel","automakers-esg-woes-grow-over-indonesian-nickel","article/automakers-esg-woes-grow-over-indonesian-nickel",{"_uid":120620,"date":120621,"tags":120622,"editor":120625,"content":120629,"excerpt":120793,"featured":50,"reporter":120794,"_editable":120798,"component":864,"seo_title":120616,"categories":120799,"visibility":882,"author_company":49,"featured_image":120803,"seo_description":120793,"author_full_name":49,"author_job_title":49,"formattedDate":120806},"8f39287b-4bd0-43fe-8d34-f989e17c4e96","2022-08-09 00:00",[120623,120624],{"slug":578,"name":579},{"slug":23760,"name":23761},[120626],{"slug":544,"name":543,"content":120627},{"job_title":557,"image":120628,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":120630},[120631,120636,120641,120646,120651,120656,120661,120666,120671,120674,120679,120684,120689,120694,120699,120710,120715,120720,120725,120730,120734,120738,120743,120748,120753,120758,120763,120768,120773,120778,120783,120788],{"type":594,"attrs":120632,"content":120633},{"textAlign":49},[120634],{"text":120635,"type":599},"Automakers are facing growing scrutiny over their use of Indonesian nickel as Tesla received an open letter from environmental groups outlining their concerns with nickel production in the country.",{"type":594,"attrs":120637,"content":120638},{"textAlign":49},[120639],{"text":120640,"type":599},"Electric vehicle manufacturers are increasingly looking to Indonesia to meet their growing nickel requirements, with Ford and Volkswagen announcing nickel supply deals in recent months. This week, Indonesian officials told CNBC that Tesla had signed contracts worth $5 billion to buy Indonesian nickel products.",{"type":594,"attrs":120642,"content":120643},{"textAlign":49},[120644],{"text":120645,"type":599},"Indonesia is one of the only countries seeing growth in nickel production, said Greg Miller, an analyst at Benchmark. Data from Benchmark’s Nickel Forecast shows that Indonesia is set to increase its share of the refined nickel market from 32% in 2021 to 54% in 2025.",{"type":594,"attrs":120647,"content":120648},{"textAlign":49},[120649],{"text":120650,"type":599},"“There is no nickel without Indonesia,” Miller said.",{"type":657,"attrs":120652,"content":120653},{"level":15966,"textAlign":49},[120654],{"text":120655,"type":599},"Indonesia’s nickel ambitions",{"type":594,"attrs":120657,"content":120658},{"textAlign":49},[120659],{"text":120660,"type":599},"“Indonesia has a proven track record of using policy instruments to stimulate downstream investment,” Miller said. “Since banning the export of nickel ore in 2014 and again in 2020, the country has rapidly emerged as a world leader in nickel processing and stainless steel production.”",{"type":594,"attrs":120662,"content":120663},{"textAlign":49},[120664],{"text":120665,"type":599},"The second largest producer of refined nickel is China, with just 18% of the market forecast for 2022, dropping to 10% in 2025. The nickel ore export bans have seen displacement of nickel refining capacity from China to Indonesia, Miller said.",{"type":594,"attrs":120667,"content":120668},{"textAlign":49},[120669],{"text":120670,"type":599},"“There will be insufficient supply to meet battery demand growth without Indonesia,” Miller said.",{"type":594,"attrs":120672,"content":120673},{"textAlign":49},[],{"type":594,"attrs":120675,"content":120676},{"textAlign":49},[120677],{"text":120678,"type":599},"However a large proportion of the nickel products currently produced in Indonesia are nickel pig iron (NPI) and ferronickel, more suited to the stainless steel industry than for battery cathode production. NPI can be upgraded into nickel matte for the battery industry, but generally nickel mixed hydroxide precipitate (MHP) is preferred.",{"type":594,"attrs":120680,"content":120681},{"textAlign":49},[120682],{"text":120683,"type":599},"Last week, the government announced it will increase tax on exports of low-nickel products. The tax aims to increase revenues from nickel exports whilst encouraging greater domestic production of the nickel products more suited for the battery supply chain.",{"type":594,"attrs":120685,"content":120686},{"textAlign":49},[120687],{"text":120688,"type":599},"“Indonesia has made no secret of its ambitions to leverage its significant nickel resources to build a domestic end-to-end EV supply chain,” Miller said. “We expect similar policies to extend the battery industry in the future.”",{"type":657,"attrs":120690,"content":120691},{"level":15966,"textAlign":49},[120692],{"text":120693,"type":599},"A dirty shade of green",{"type":594,"attrs":120695,"content":120696},{"textAlign":49},[120697],{"text":120698,"type":599},"The growing prominence of Indonesia in the nickel industry is not good news to everyone. In their letter to Tesla, environmental groups cited “systemic, large-scale environmental damage” as a major reason that Tesla should avoid investing in Indonesian nickel. The groups go on to discuss additional consequences such as the criminalisation of indigenous communities and environmental defenders protecting their lands.",{"type":594,"attrs":120700,"content":120701},{"textAlign":49},[120702,120704,120709],{"text":120703,"type":599},"Tesla is currently sourcing nickel from operations globally including in ",{"text":120705,"type":599,"marks":120706},"Australia, New Caledonia, and Canada",[120707],{"type":604,"attrs":120708},{"href":101839,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":120711,"content":120712},{"textAlign":49},[120713],{"text":120714,"type":599},"“Tesla has already locked in a lot of the existing ex-Indonesia supply,” Miller said. “There aren’t many other places they can go.”",{"type":594,"attrs":120716,"content":120717},{"textAlign":49},[120718],{"text":120719,"type":599},"Indonesian nickel occurs in laterite ores which require scraping vast swathes of land to access. “Environmentally it is really challenging,”  Charlotte Selvey-Miller, Head of ESG at Benchmark, said. “Nickel processes are very carbon intensive and use a lot of the land’s surface.”",{"type":594,"attrs":120721,"content":120722},{"textAlign":49},[120723],{"text":120724,"type":599},"“There is a lot of biodiversity in Indonesia,” she said. “Biodiversity loss can be irreversible, even with offsetting, especially with species endemic to the area.”",{"type":594,"attrs":120726,"content":120727},{"textAlign":49},[120728],{"text":120729,"type":599},"Life cycle analyses by Benchmark show that nickel sulphate produced from ferronickel mined in Indonesia and processed in China has CO2 equivalent emissions of 97 tonnes per tonne of nickel contained in the sulphate.",{"type":594,"attrs":120731,"content":120732},{"textAlign":49},[120733],{"text":115736,"type":599},{"type":594,"attrs":120735,"content":120736},{"textAlign":49},[120737],{"text":115741,"type":599},{"type":657,"attrs":120739,"content":120740},{"level":15966,"textAlign":49},[120741],{"text":120742,"type":599},"Cleaning up Indonesia’s nickel",{"type":594,"attrs":120744,"content":120745},{"textAlign":49},[120746],{"text":120747,"type":599},"Indonesia has a carbon intensive electricity grid using primarily coal and other fossil sources, worsening the environmental impact of the electric furnaces. Coal is also used as a reagent in the process, so renewable energy sources wouldn’t entirely clean up the RKEF process.",{"type":594,"attrs":120749,"content":120750},{"textAlign":49},[120751],{"text":120752,"type":599},"An alternative to the RKEF process is to use high pressure acid leaching (HPAL). This method produces nickel mixed hydroxide precipitate",{"type":594,"attrs":120754,"content":120755},{"textAlign":49},[120756],{"text":120757,"type":599},"Ford’s recent agreement with Vale and Huayou in Indonesia is for an HPAL project to provide the automaker with up to 84,000 tpa of nickel metal. Benchmark forecasts supply of nickel from Indonesian HPAL projects will increase over 2000% between 2021 and 2025.",{"type":594,"attrs":120759,"content":120760},{"textAlign":49},[120761],{"text":120762,"type":599},"HPAL is not without its downsides, however. Selvey-Miller explained that although HPAL in Indonesia is up to five times less carbon intensive than the RKEF process, the toxicity to ecosystems  can be as much as three times worse owing to the high quantities of sulphuric acid needed, as assessed in Benchmark’s upcoming Nickel ESG report.",{"type":594,"attrs":120764,"content":120765},{"textAlign":49},[120766],{"text":120767,"type":599},"“Indonesian nickel has quite a few ESG aspects of concern, many on the governance side,” Selvey-Miller said. “Lots of mines are coming on the market very quickly. Are they going through the right environmental regulations  and keeping the stakeholders engaged?”",{"type":594,"attrs":120769,"content":120770},{"textAlign":49},[120771],{"text":120772,"type":599},"To ensure that the nickel being sourced meets ESG requirements, “automakers need to ensure they are auditing at the mine site or using a very trusted third party auditor.”",{"type":594,"attrs":120774,"content":120775},{"textAlign":49},[120776],{"text":120777,"type":599},"Tesla is already a member of the Initiative for Responsible Mining Assurance (IRMA), which offers globally recognised third-party verification and certification for mines.",{"type":594,"attrs":120779,"content":120780},{"textAlign":49},[120781],{"text":120782,"type":599},"“Even if you do everything right legally, if you don’t have informed consent from the communities there will be push back,” Selvey-Miller said. The automakers and mining companies need to actively and transparently engage with the communities and go beyond just legal obligations to source materials morally, she said.",{"type":594,"attrs":120784,"content":120785},{"textAlign":49},[120786],{"text":120787,"type":599},"Serbia’s cancellation of Rio Tinto’s Jadar lithium project in January following weeks of protests highlights the risks of failing to engage with local communities.",{"type":594,"attrs":120789,"content":120790},{"textAlign":49},[120791],{"text":120792,"type":599},"Transparency from the automakers and mining companies is the key, Selvey-Miller explained. “When it’s in the open, they are held accountable for mitigating the risks.”","Automakers are facing growing scrutiny over their use of Indonesian nickel as Tesla received an open letter from environmental groups outlining their concerns with nickel production in the country. Electric vehicle manufacturers are increasingly looking to Indonesia to meet their growing nickel requirements, with Ford and Volkswagen announcing nickel supply deals in recent months. This […]",[120795],{"slug":544,"name":543,"content":120796},{"job_title":557,"image":120797,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8f39287b-4bd0-43fe-8d34-f989e17c4e96\", \"id\": \"\"}-->",[120800,120801,120802],{"slug":872,"name":873},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":120804,"copyright":547,"fieldtype":553,"meta_data":120805,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5881d8f327/bm-backhoe-load-warm-and-smokey-slag-material-into-mining-dump-truck-in-nickel-mining-in-south-sulaw.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 09, 2022",{"id":120808,"uuid":120809,"name":120810,"slug":120811,"full_slug":120812,"content":120813},112472494193897,"b5fba6fc-fa8a-42e4-906f-55b1da168039","Benchmark ranks lithium producers in new ESG report","benchmark-ranks-lithium-producers-in-new-esg-report","article/benchmark-ranks-lithium-producers-in-new-esg-report",{"_uid":120814,"date":120815,"tags":120816,"editor":120818,"content":120822,"excerpt":120964,"featured":51,"reporter":120965,"_editable":120969,"component":864,"seo_title":120810,"categories":120970,"visibility":882,"author_company":49,"featured_image":120972,"seo_description":120964,"author_full_name":49,"author_job_title":49,"formattedDate":120975},"80633321-1f45-4f5c-8e4e-388f00e53170","2022-08-05 00:00",[120817],{"slug":23760,"name":23761},[120819],{"slug":544,"name":543,"content":120820},{"job_title":557,"image":120821,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":120823},[120824,120832,120837,120846,120851,120856,120861,120866,120871,120876,120881,120886,120899,120904,120909,120914,120919,120924,120929,120934,120939,120944,120949,120954,120959],{"type":594,"attrs":120825,"content":120826},{"textAlign":49},[120827,120828,120830],{"text":9653,"type":599},{"text":120829,"type":599},"Mineral",{"text":120831,"type":599},"Intelligence has launched its first report that ranks global lithium producers based on Environmental, Social and Governance (ESG) criteria within the lithium supply chain.",{"type":594,"attrs":120833,"content":120834},{"textAlign":49},[120835],{"text":120836,"type":599},"The report aims to set new standards in the lithium industry through an ESG lens and provide clarity to the complicated ESG landscape. To this effect, the Benchmark ESG team created an independent methodology and researched an in-depth list of 61 metrics and indicators to narrow them to seven flagship indicators in order to assess companies on their sustainability challenges and accomplishments.",{"type":594,"attrs":120838,"content":120839},{"textAlign":49},[120840,120841,120843,120845],{"text":47476,"type":599},{"text":120842,"type":599},"ESG is already overly complicated which pushes people away or allows them to hide behind these barriers,” ",{"text":120844,"type":599},"Charlotte Selvey-Miller, Head of ESG at Benchmark, said",{"text":17632,"type":599},{"type":594,"attrs":120847,"content":120848},{"textAlign":49},[120849],{"text":120850,"type":599},"“At the core ESG should be about increasing transparency and accountability in this industry, yet many company changes (from structure to ambition and ethics) need to be assessed in order to understand this, which all feed into our 7 flagship indicators.” ",{"type":594,"attrs":120852,"content":120853},{"textAlign":49},[120854],{"text":120855,"type":599},"Investors are routinely analysing the ESG performance of global companies connected to the lithium extraction and refining ecosystem alongside other financial and strategic information in order to understand a company’s long-term response to climate change. ",{"type":594,"attrs":120857,"content":120858},{"textAlign":49},[120859],{"text":120860,"type":599},"Here we set out Benchmark’s methodology for ranking lithium producers based on ESG factors.",{"type":657,"attrs":120862,"content":120863},{"level":15966,"textAlign":49},[120864],{"text":120865,"type":599},"Setting the new ESG Benchmark",{"type":594,"attrs":120867,"content":120868},{"textAlign":49},[120869],{"text":120870,"type":599},"Benchmark’s seven flagship indicators are as follows:  ",{"type":594,"attrs":120872,"content":120873},{"textAlign":49},[120874],{"text":120875,"type":599},"A company must have a current ESG or sustainability report as a top criteria to make it to Benchmark’s ranking list. The report must also be publicly available and the company must have a designated ESG team or committee.",{"type":594,"attrs":120877,"content":120878},{"textAlign":49},[120879],{"text":120880,"type":599},"The company must use biodiversity indicators to assess its impacts on the ecosystem and have a timeline or plan to reach net zero or carbon neutrality. The company should also have a third-party verified life cycle assessment and have a board with at least one female member. ",{"type":657,"attrs":120882,"content":120883},{"level":15966,"textAlign":49},[120884],{"text":120885,"type":599},"The Benchmark Lithium ESG tier methodology",{"type":594,"attrs":120887,"content":120888},{"textAlign":49},[120889,120891,120893,120895,120897],{"text":120890,"type":599},"Benchmark’s methodology aims to reward",{"text":120892,"type":599}," engagement ",{"text":120894,"type":599},"and",{"text":120896,"type":599}," transparency",{"text":120898,"type":599}," in ESG. The flagship indicators attempt to establish if the ESG is at the heart of the company and not just focused on a particular unit.  ",{"type":594,"attrs":120900,"content":120901},{"textAlign":49},[120902],{"text":120903,"type":599},"Indicators such as gender equality should be represented at the board level, not just within the company, and net zero targets should be taken seriously.",{"type":594,"attrs":120905,"content":120906},{"textAlign":49},[120907],{"text":120908,"type":599},"The five rankings are classified as:",{"type":594,"attrs":120910,"content":120911},{"textAlign":49},[120912],{"text":120913,"type":599},"A company will need to meet all the seven flagship indicators to meet the Benchmark Approved status, and 6 out of 7 to achieve Tier 1. ",{"type":594,"attrs":120915,"content":120916},{"textAlign":49},[120917],{"text":120918,"type":599},"Companies in the top rated category include Albemarle, Galaxy Resources, Livent, Mineral Resources, Orocobre, Pilbara Minerals, as assessed by Benchmark. ",{"type":594,"attrs":120920,"content":120921},{"textAlign":49},[120922],{"text":120923,"type":599},"Other leading lithium producers Ganfeng and SQM have been given Tier 1 status. Ganfeng does not have a timeplan to reach net zero while SQM did not have a diverse board at the date of publishing the Benchmark Lithium ESG report. Since Benchmark’s Lithium ESG update was released, SQM have since appointed two female board members so we are pleased to announce they will move into the top tier in the next issue. ",{"type":594,"attrs":120925,"content":120926},{"textAlign":49},[120927],{"text":120928,"type":599},"To reach Tier 2* status, companies must go beyond just producing an ESG Report. At least one other flagship indicator must be proven to be addressed by the company.",{"type":594,"attrs":120930,"content":120931},{"textAlign":49},[120932],{"text":120933,"type":599},"For Tier 2- ranking, a company must have an ESG Report or have completed the Benchmark ESG survey if it does not have an ESG report. This is mainly applicable to developing companies who have not yet completed a report but have plans in place to do so and are engaged with ESG activities.",{"type":594,"attrs":120935,"content":120936},{"textAlign":49},[120937],{"text":120938,"type":599},"Tier 3 ranking is allotted to companies that do not have any ESG engagement.",{"type":657,"attrs":120940,"content":120941},{"level":15966,"textAlign":49},[120942],{"text":120943,"type":599},"Lack of disclosure ",{"type":594,"attrs":120945,"content":120946},{"textAlign":49},[120947],{"text":120948,"type":599},"Benchmark found that 45% of operating lithium mining companies and 42% of operating lithium converting companies publish ESG reports. In comparison, just 9% of developing lithium mining companies and 22% of developing lithium converting companies publish an ESG report.",{"type":594,"attrs":120950,"content":120951},{"textAlign":49},[120952],{"text":120953,"type":599},"While China is set to maintain its refinery dominance through the decade and beyond, Benchmark’s ESG report says it has fallen behind South America and North America in public representation of ESG. ",{"type":594,"attrs":120955,"content":120956},{"textAlign":49},[120957],{"text":120958,"type":599},"China’s first ESG disclosure standard applicable for all industries became effective on 1st June, 2022, however, which should improve disclosure in the industry.",{"type":657,"attrs":120960,"content":120961},{"level":15966,"textAlign":49},[120962],{"text":120963,"type":599},"Learn more about Benchmark’s Lithium ESG Report","Benchmark Mineral Intelligence has launched its first report that ranks global lithium producers based on Environmental, Social and Governance (ESG) criteria within the lithium supply chain. The report aims to set new standards in the lithium industry through an ESG lens and provide clarity to the complicated ESG landscape. To this effect, the Benchmark ESG […]",[120966],{"slug":544,"name":543,"content":120967},{"job_title":557,"image":120968,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"80633321-1f45-4f5c-8e4e-388f00e53170\", \"id\": \"\"}-->",[120971],{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":120973,"copyright":547,"fieldtype":553,"meta_data":120974,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/731173ecd3/bm-img-20180503-125529-effects.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 05, 2022",{"id":120977,"uuid":120978,"name":120979,"slug":120980,"full_slug":120981,"content":120982},112472503848171,"70f2fe6a-2327-4983-adde-7514df3e9d34","Flake graphite production in Africa set to overtake China this decade","flake-graphite-production-in-africa-set-to-overtake-china-this-decade","article/flake-graphite-production-in-africa-set-to-overtake-china-this-decade",{"_uid":120983,"date":120984,"tags":120985,"editor":120988,"content":120992,"excerpt":121132,"featured":50,"reporter":121133,"_editable":121137,"component":864,"seo_title":120979,"categories":121138,"visibility":882,"author_company":49,"featured_image":121141,"seo_description":121132,"author_full_name":49,"author_job_title":49,"formattedDate":121144},"4ef28865-db28-47a0-984e-743e85eace2d","2022-08-02 00:00",[120986,120987],{"slug":584,"name":585},{"slug":578,"name":579},[120989],{"slug":544,"name":543,"content":120990},{"job_title":557,"image":120991,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":120993},[120994,120999,121004,121016,121021,121026,121029,121034,121039,121044,121049,121054,121059,121064,121069,121074,121077,121082,121087,121092,121097,121102,121107,121112,121117,121122,121127],{"type":594,"attrs":120995,"content":120996},{"textAlign":49},[120997],{"text":120998,"type":599},"Africa could overtake China as the world’s largest producer of natural graphite for lithium ion batteries as soon as 2026, according to Benchmark, in a sign of the continent’s growing importance to the electric vehicle supply chain.",{"type":594,"attrs":121000,"content":121001},{"textAlign":49},[121002],{"text":121003,"type":599},"Benchmark forecasts Africa to increase its share of global graphite production from 15% in 2021 to 40% in 2026. In contrast, China is set to fall from 68% to 35%, according to Benchmark’s Flake Graphite Forecast.",{"type":594,"attrs":121005,"content":121006},{"textAlign":49},[121007,121009,121014],{"text":121008,"type":599},"The increased supply from Africa could help diversify global battery supply chains, if processing capacity is built outside of China. At the end of July, the ",{"text":121010,"type":599,"marks":121011},"US Department of Energy awarded a $102 million loan to Syrah Resources",[121012],{"type":604,"attrs":121013},{"href":76093,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":121015,"type":599}," to build a processing plant in Louisiana to supply automakers such as Tesla that will be supplied with graphite from Mozambique. ",{"type":657,"attrs":121017,"content":121018},{"level":15966,"textAlign":49},[121019],{"text":121020,"type":599},"Africa’s advantage",{"type":594,"attrs":121022,"content":121023},{"textAlign":49},[121024],{"text":121025,"type":599},"“It is relatively cost effective to mine there,” Daisy Jennings-Gray, a senior Benchmark analyst, said. “Capital costs and labour are much more competitive with China. Canada also has a history of graphite mining, but it is far more expensive to develop a project there.”",{"type":594,"attrs":121027,"content":121028},{"textAlign":49},[],{"type":594,"attrs":121030,"content":121031},{"textAlign":49},[121032],{"text":121033,"type":599},"Currently, flake graphite mining in the region takes place in Mozambique, Madagascar, and Tanzania, with new projects being developed in Guinea, Namibia and Uganda.",{"type":594,"attrs":121035,"content":121036},{"textAlign":49},[121037],{"text":121038,"type":599},"The companies that operate these mines come from a wide variety of countries. Syrah Resources, an Australian mining company, operates Africa’s largest mine in the Cabo Delgado region of Mozambique. Triton Minerals is another Australian miner developing graphite facilities in Mozambique.",{"type":594,"attrs":121040,"content":121041},{"textAlign":49},[121042],{"text":121043,"type":599},"Jennings-Gray said there are also a handful of Chinese companies developing projects or operating in Africa as well as some based in the US, Canada and India.",{"type":594,"attrs":121045,"content":121046},{"textAlign":49},[121047],{"text":121048,"type":599},"However, the region isn’t without its issues. “There are notable ESG concerns over mining in Africa generally, as well as other challenges recently,” Jennings-Gray said. “We have seen cylones affect Madgascar this year and there has been terrorist insurgent attacks in Mozambique too.”",{"type":657,"attrs":121050,"content":121051},{"level":15966,"textAlign":49},[121052],{"text":121053,"type":599},"Mesh matters",{"type":594,"attrs":121055,"content":121056},{"textAlign":49},[121057],{"text":121058,"type":599},"Africa’s growth in graphite mining is not all suitable for battery anode production, however, Jennings-Gray noted. Flake graphite comes in various sizes, with the fine -100 mesh being the best suited for battery anodes. The larger mesh sizes can often sell for a higher price owing to the more niche applications, but there is less concern about the increase in demand for these sizes.",{"type":594,"attrs":121060,"content":121061},{"textAlign":49},[121062],{"text":121063,"type":599},"Until 2020, Benchmark’s Flake Graphite Forecast showed -100 flake graphite had the highest surplus of all sizes of flake graphite, given it is the most common flake product produced by Chinese graphite miners.",{"type":594,"attrs":121065,"content":121066},{"textAlign":49},[121067],{"text":121068,"type":599},"However, in recent years this has changed. In 2021 demand for -100 mesh graphite was greater than supply for the first time, though there was sufficient inventory of the material to cover this deficit. Given development plans at current, global supply of -100 flake graphite is set to fulfil less than half of market demand by 2031, highlighting the need to bring new projects to market.",{"type":594,"attrs":121070,"content":121071},{"textAlign":49},[121072],{"text":121073,"type":599},"Between now and 2031, Africa’s graphite production is forecast to be primarily in the larger mesh sizes, with only 40% of forecasted flake production falling within the -100 mesh size. In contrast, over 50% of Chinese domestic flake graphite production is forecast to be -100 mesh, the preferred size for processing into battery anode material.",{"type":594,"attrs":121075,"content":121076},{"textAlign":49},[],{"type":594,"attrs":121078,"content":121079},{"textAlign":49},[121080],{"text":121081,"type":599},"Although African graphite production is forecasted to rise beyond China’s by 2026 in absolute terms, Africa’s more even distribution of mesh sizes means China’s -100 mesh production is likely to dominate through to the end of the decade.",{"type":594,"attrs":121083,"content":121084},{"textAlign":49},[121085],{"text":121086,"type":599},"Not all mines in Africa face this issue, however. Syrah Resources’ Balama mine in Mozambique produces mostly -100 flake graphite. Tirupati Graphite’s Montepuez mine, also in Mozambique, is due to begin operating 2023, is the only other graphite mine in Africa Benchmark tracks that has over 50% of its output as -100 size graphite.",{"type":657,"attrs":121088,"content":121089},{"level":15966,"textAlign":49},[121090],{"text":121091,"type":599},"China conversion",{"type":594,"attrs":121093,"content":121094},{"textAlign":49},[121095],{"text":121096,"type":599},"Although China is losing its global share of flake graphite production, Benchmark forecasts the country to continue to dominate in processing graphite into spherical graphite.",{"type":594,"attrs":121098,"content":121099},{"textAlign":49},[121100],{"text":121101,"type":599},"It currently produces 100% of spherical graphite globally, and is forecast to produce 86% in 2031. Africa, by contrast, currently has no processing capacity and Benchmark does not forecast that the region will have any even by 2040.",{"type":594,"attrs":121103,"content":121104},{"textAlign":49},[121105],{"text":121106,"type":599},"Other regions could build capacity to process African graphite, however. ",{"type":594,"attrs":121108,"content":121109},{"textAlign":49},[121110],{"text":121111,"type":599},"In the US, Benchmark forecasts Syrah’s processing capacity in Louisiana using graphite sourced from its mining operations in Mozambique will be operational next year.",{"type":594,"attrs":121113,"content":121114},{"textAlign":49},[121115],{"text":121116,"type":599},"Westwater Resources, which is also based in the US, and Nouveau Monde in Canada will also begin processing graphite into spherical graphite next year.",{"type":594,"attrs":121118,"content":121119},{"textAlign":49},[121120],{"text":121121,"type":599},"Still, Africa is unlikely to be a centre for graphite processing, leaving most countries dependent on exports to China. “Africa has always struggled to take the next step downstream in the mining industry and graphite is no exception to that,” said Jennings-Gray.",{"type":594,"attrs":121123,"content":121124},{"textAlign":49},[121125],{"text":121126,"type":599},"“Nothing that happens in Africa really goes beyond mining and the production of graphite concentrate,” Jennings-Gray said.",{"type":594,"attrs":121128,"content":121129},{"textAlign":49},[121130],{"text":121131,"type":599},"There are some plans for more integrated producers to begin operating in the region, Jennings-Gray said. “But it’s not infrastructure that Africa has had previously,” she said. “Developing new downstream processing is challenging.”","Africa could overtake China as the world’s largest producer of natural graphite for lithium ion batteries as soon as 2026, according to Benchmark, in a sign of the continent’s growing importance to the electric vehicle supply chain. Benchmark forecasts Africa to increase its share of global graphite production from 15% in 2021 to 40% in […]",[121134],{"slug":544,"name":543,"content":121135},{"job_title":557,"image":121136,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4ef28865-db28-47a0-984e-743e85eace2d\", \"id\": \"\"}-->",[121139,121140],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":121142,"copyright":547,"fieldtype":553,"meta_data":121143,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2a8e419510/bm-madagasgar-graphite-mine-e1663151995485.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 02, 2022",{"id":121146,"uuid":121147,"name":121148,"slug":121149,"full_slug":121150,"content":121151},112472508529901,"412124c0-a728-4de8-b839-c388fae939dd","Benchmark opens annual public consultation season for comment on its market leading price assessment methodologies","benchmark-opens-annual-public-consultation-season-for-comment-on-its-market-leading-price-assessment-methodologies","article/benchmark-opens-annual-public-consultation-season-for-comment-on-its-market-leading-price-assessment-methodologies",{"_uid":121152,"date":121153,"tags":121154,"editor":121158,"content":121162,"excerpt":121218,"featured":50,"reporter":121219,"_editable":121223,"component":864,"seo_title":121148,"categories":121224,"visibility":882,"author_company":49,"featured_image":121227,"seo_description":121218,"author_full_name":49,"author_job_title":49,"formattedDate":121230},"91108207-ebdd-4780-9861-1b289483a1b5","2022-08-01 00:00",[121155],{"slug":121156,"name":121157},"methodology","Methodology",[121159],{"slug":544,"name":543,"content":121160},{"job_title":557,"image":121161,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":121163},[121164,121169,121173,121182,121186,121190,121198,121202,121206,121210,121214],{"type":594,"attrs":121165,"content":121166},{"textAlign":49},[121167],{"text":121168,"type":599},"Following the continued evolution of the lithium ion battery supply chain, and as part of its rolling methodology review process, Benchmark Mineral Intelligence announces the opening of the 2022 annual public consultation period, for comment on Benchmark’s market-leading Price Assessment Methodologies for lithium, nickel, cobalt, and graphite.",{"type":594,"attrs":121170,"content":121171},{"textAlign":49},[121172],{"text":60524,"type":599},{"type":594,"attrs":121174,"content":121175},{"textAlign":49},[121176,121177,121181],{"text":30410,"type":599},{"text":6515,"type":599,"marks":121178},[121179],{"type":604,"attrs":121180},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":121183,"content":121184},{"textAlign":49},[121185],{"text":30421,"type":599},{"type":594,"attrs":121187,"content":121188},{"textAlign":49},[121189],{"text":30467,"type":599},{"type":594,"attrs":121191,"content":121192},{"textAlign":49},[121193,121194],{"text":21758,"type":599},{"text":19898,"type":599,"marks":121195},[121196],{"type":604,"attrs":121197},{"href":19902,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":121199,"content":121200},{"level":15966,"textAlign":49},[121201],{"text":30480,"type":599},{"type":594,"attrs":121203,"content":121204},{"textAlign":49},[121205],{"text":30485,"type":599},{"type":594,"attrs":121207,"content":121208},{"textAlign":49},[121209],{"text":30490,"type":599},{"type":594,"attrs":121211,"content":121212},{"textAlign":49},[121213],{"text":30495,"type":599},{"type":594,"attrs":121215,"content":121216},{"textAlign":49},[121217],{"text":30500,"type":599},"Following the continued evolution of the lithium ion battery supply chain, and as part of its rolling methodology review process, Benchmark Mineral Intelligence announces the opening of the 2022 annual public consultation period, for comment on Benchmark’s market-leading Price Assessment Methodologies for lithium, nickel, cobalt, and graphite. This annual consultation period allows stakeholders in the […]",[121220],{"slug":544,"name":543,"content":121221},{"job_title":557,"image":121222,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"91108207-ebdd-4780-9861-1b289483a1b5\", \"id\": \"\"}-->",[121225,121226],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":121228,"copyright":547,"fieldtype":553,"meta_data":121229,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6fc61b8dc9/bm-lithium-ion-cells.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 01, 2022",{"id":121232,"uuid":121233,"name":121234,"slug":121235,"full_slug":121236,"content":121237},112472518135024,"ab4829bc-27f0-4025-873d-0e5895ca53b3","GM locks up lithium and cathode supply with Livent and LG deals","gm-locks-up-lithium-and-cathode-supply-with-livent-and-gm-deals","article/gm-locks-up-lithium-and-cathode-supply-with-livent-and-gm-deals",{"_uid":121238,"date":121239,"tags":121240,"editor":121243,"content":121247,"excerpt":121364,"featured":50,"reporter":121365,"_editable":121369,"component":864,"seo_title":121234,"categories":121370,"visibility":882,"author_company":49,"featured_image":121375,"seo_description":121364,"author_full_name":49,"author_job_title":49,"formattedDate":121378},"942a0af4-d8ec-455e-aa13-baf1a95a6165","2022-07-27 00:00",[121241,121242],{"slug":3114,"name":3115},{"slug":100261,"name":76257},[121244],{"slug":544,"name":543,"content":121245},{"job_title":557,"image":121246,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":121248},[121249,121254,121259,121264,121269,121274,121279,121284,121289,121294,121299,121304,121309,121314,121319,121324,121329,121334,121339,121344,121349,121354,121359],{"type":594,"attrs":121250,"content":121251},{"textAlign":49},[121252],{"text":121253,"type":599},"General Motors said it had secured enough battery raw materials to produce 1 million electric vehicles in North America by 2025, as it signed supply agreements with LG Chem and lithium producer Livent.",{"type":594,"attrs":121255,"content":121256},{"textAlign":49},[121257],{"text":121258,"type":599},"GM’s target would require 50,000 tonnes to 60,000 tonnes of LCE for 1 million EVs, assuming a battery pack size of between 60-70 gigawatt-hours, according to Benchmark. That would be around 10% of the lithium hydroxide market by 2025, according to Benchmark’s Lithium Forecast.",{"type":594,"attrs":121260,"content":121261},{"textAlign":49},[121262],{"text":121263,"type":599},"The deals are the second move in a week by a legacy automaker to secure supplies of battery raw materials following Ford’s announcement of multiple agreements with suppliers last week. GM, which aims to build four battery factories in North America, is targeting delivery of 400,000 electric vehicles by the end of 2023, ramping up to 1 million in 2025.",{"type":594,"attrs":121265,"content":121266},{"textAlign":49},[121267],{"text":121268,"type":599},"GM said that it now had “binding agreements” for enough lithium, nickel, cobalt and cathode active material to reach the 1 million target. Mary Barra, chief executive of GM, said the agreement with Livent was for “significant quantities of lithium,” without giving details.",{"type":594,"attrs":121270,"content":121271},{"textAlign":49},[121272],{"text":121273,"type":599},"“GM is focused on ensuring security of supply for our EV demand with a focus on a localized supply chain,” the automaker told Benchmark. ",{"type":657,"attrs":121275,"content":121276},{"level":15966,"textAlign":49},[121277],{"text":121278,"type":599},"Where will the lithium come from?  ",{"type":594,"attrs":121280,"content":121281},{"textAlign":49},[121282],{"text":121283,"type":599},"GM said it had signed a six-year supply agreement with Livent to secure battery-grade lithium hydroxide “primarily” from its brine-based operations in Argentina starting in 2025.",{"type":594,"attrs":121285,"content":121286},{"textAlign":49},[121287],{"text":121288,"type":599},"“Lithium hydroxide is crucial to GM’s plans to make higher performance, higher mileage EVs. The lithium hydroxide from Livent will be used in GM’s Ultium battery cathodes,” GM said.",{"type":594,"attrs":121290,"content":121291},{"textAlign":49},[121292],{"text":121293,"type":599},"Benchmark forecasts lithium hydroxide will account for around 46% of the lithium market by 2026 compared to lithium carbonate, rising to 51% by 2030.",{"type":594,"attrs":121295,"content":121296},{"textAlign":49},[121297],{"text":121298,"type":599},"To meet GM’s needs would require a large share of Livent’s projected lithium supply, however.",{"type":594,"attrs":121300,"content":121301},{"textAlign":49},[121302],{"text":121303,"type":599},"Livent says its lithium hydroxide production capacity is expected to nearly triple to 89,000 tonnes by 2025, including its 50% share of Nemaska Lithium, an integrated lithium mine and hydroxide plant in Canada, as well as its planned 15,000 tonne hydroxide plant in China.",{"type":594,"attrs":121305,"content":121306},{"textAlign":49},[121307],{"text":121308,"type":599},"Nemaska Lithium is expected to come into production in late 2025 with “meaningful production” in 2026, according to Livent.",{"type":657,"attrs":121310,"content":121311},{"level":15966,"textAlign":49},[121312],{"text":121313,"type":599},"Local supply chains",{"type":594,"attrs":121315,"content":121316},{"textAlign":49},[121317],{"text":121318,"type":599},"GM said that all of Livent’s lithium hydroxide processing for GM will happen in North America over the course of the agreement, as part of its strategy to localise its supply chain.",{"type":594,"attrs":121320,"content":121321},{"textAlign":49},[121322],{"text":121323,"type":599},"But currently only around 40% of Livent’s forecast lithium hydroxide production capacity by mid-decade is expected to come from Nemaska Lithium, with the majority of the rest in China.",{"type":594,"attrs":121325,"content":121326},{"textAlign":49},[121327],{"text":121328,"type":599},"Livent is also adding 5,000 tonnes of lithium hydroxide processing capacity in Bessemer City, North Carolina, which is expected to come online by the fourth quarter of 2022.",{"type":594,"attrs":121330,"content":121331},{"textAlign":49},[121332],{"text":121333,"type":599},"GM has also invested in Controlled Thermal Resources’ Hell’s Kitchen geothermal brine project in California, which is expected to begin producing lithium in 2024. It will have 25,000 tonnes per annum capacity in the first phase, according to the company.",{"type":594,"attrs":121335,"content":121336},{"textAlign":49},[121337],{"text":121338,"type":599},"In June Controlled Thermal Resources also agreed to supply Stellantis with up to 25,000 tonnes a year of lithium hydroxide for ten years, however.",{"type":594,"attrs":121340,"content":121341},{"textAlign":49},[121342],{"text":121343,"type":599},"“Even if Controlled Thermal Resources comes to production on time, much of its initial production capacity is already committed to Stellantis, in a deal announced in June 2022, whilst an unspecified volume is now also committed to GM. This means Livent may need to supply a very significant amount of its future supply to GM,” according to Daisy Jennings-Gray, an analyst at Benchmark.",{"type":594,"attrs":121345,"content":121346},{"textAlign":49},[121347],{"text":121348,"type":599},"GM separately announced a long-term agreement with South Korea’s LG Chem to secure more than 950,000 tonnes of cathode active material (CAM) over eight years starting in the second half of this year. That’s enough material for around 5 million electric vehicles, GM said.",{"type":594,"attrs":121350,"content":121351},{"textAlign":49},[121352],{"text":121353,"type":599},"Barra said that GM and LG Chem “will explore the localization of a CAM production facility in North America by the end of 2025.”",{"type":594,"attrs":121355,"content":121356},{"textAlign":49},[121357],{"text":121358,"type":599},"It’s unclear if GM’s agreement with LG Chem also includes battery raw materials, however.",{"type":594,"attrs":121360,"content":121361},{"textAlign":49},[121362],{"text":121363,"type":599},"GM said it has also secured cathode material from Posco’s South Korean operations from 2023 to 2025. The two companies are also building a cathode plant in Quebec.","General Motors said it had secured enough battery raw materials to produce 1 million electric vehicles in North America by 2025, as it signed supply agreements with LG Chem and lithium producer Livent. GM’s target would require 50,000 tonnes to 60,000 tonnes of LCE for 1 million EVs, assuming a battery pack size of between […]",[121366],{"slug":544,"name":543,"content":121367},{"job_title":557,"image":121368,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"942a0af4-d8ec-455e-aa13-baf1a95a6165\", \"id\": \"\"}-->",[121371,121372,121373,121374],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":121376,"copyright":547,"fieldtype":553,"meta_data":121377,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d08dc6c37c/bm-cadillac-lyriq-0261.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 27, 2022",{"id":121380,"uuid":121381,"name":121382,"slug":121383,"full_slug":121384,"content":121385},112472537816311,"26744716-68e2-4aa2-be57-6baeb30fc2b5","Panasonic to double US battery production capacity with Kansas plant","panasonic-to-double-us-battery-production-capacity-with-kansas-plant","article/panasonic-to-double-us-battery-production-capacity-with-kansas-plant",{"_uid":121386,"date":121387,"tags":121388,"editor":121391,"content":121395,"excerpt":121508,"featured":50,"reporter":121509,"_editable":121513,"component":864,"seo_title":121382,"categories":121514,"visibility":882,"author_company":49,"featured_image":121517,"seo_description":121508,"author_full_name":49,"author_job_title":49,"formattedDate":121520},"a1889ba7-336a-4624-bbe6-05b1d61ac9e7","2022-07-15 00:00",[121389,121390],{"slug":13871,"name":13872},{"slug":1375,"name":1376},[121392],{"slug":544,"name":543,"content":121393},{"job_title":557,"image":121394,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":121396},[121397,121402,121407,121412,121417,121422,121427,121432,121437,121442,121447,121460,121465,121470,121475,121478,121483,121488,121493,121498,121503],{"type":594,"attrs":121398,"content":121399},{"textAlign":49},[121400],{"text":121401,"type":599},"Japan’s Panasonic will more than double its US battery capacity with a $4 billion plan to build a second battery gigafactory in Kansas, as it looks to supply other automakers beyond its key customer Tesla.",{"type":594,"attrs":121403,"content":121404},{"textAlign":49},[121405],{"text":121406,"type":599},"Osaka-based Panasonic Energy, a subsidiary of the Panasonic Group, said it has identified De Soto as the location for the site with the potential to create 4,000 jobs when the project comes online in a few years.",{"type":594,"attrs":121408,"content":121409},{"textAlign":49},[121410],{"text":121411,"type":599},"The battery supplier, without naming any customers, said the new facility is aimed to lift  “Panasonic’s long-term commitment to advancing the EV industry in the US.”",{"type":594,"attrs":121413,"content":121414},{"textAlign":49},[121415],{"text":121416,"type":599},"Panasonic is currently the largest battery producer in North America, due to its Nevada gigafactory, which is a joint venture with Tesla. The Gigafactory 1 has 44 GWh of current capacity, as assessed by Benchmark, while the Kansas plant could be around 50 GWh.",{"type":594,"attrs":121418,"content":121419},{"textAlign":49},[121420],{"text":121421,"type":599},"But the company faces growing competition in the North American market from South Korean companies LG Energy Solution, SK Innovation and Samsung SDI, all of whom have announced new plants in the US.",{"type":594,"attrs":121423,"content":121424},{"textAlign":49},[121425],{"text":121426,"type":599},"The battery supplier said in June it wants to triple or quadruple its capacity in North America by 2029 as it looks to capture some of the growth in the US auto market outside of Tesla.",{"type":594,"attrs":121428,"content":121429},{"textAlign":49},[121430],{"text":121431,"type":599},"“The new gigafactory will boost Panasonic’s 10-year GWh pipeline which is currently about 90GWh.   But it won’t be enough, the USA needs to triple its Giga speed from 725Gwh by 2032 to at least 3,000GWh / 3TWh,” said Simon Moores, chief executive of Benchmark Mineral Intelligence.",{"type":657,"attrs":121433,"content":121434},{"level":15966,"textAlign":49},[121435],{"text":121436,"type":599},"Location, Location",{"type":594,"attrs":121438,"content":121439},{"textAlign":49},[121440],{"text":121441,"type":599},"The new plant is a little over 700 miles away from Tesla’s recently opened gigafactory in Austin, Texas on the south and about 1,200 miles from Detroit, Michigan up north. It is likely to produce NCA battery chemistry, Benchmark understands.",{"type":594,"attrs":121443,"content":121444},{"textAlign":49},[121445],{"text":121446,"type":599},"Ford, which recently announced a $11 billion partnership with South Korea’s SK Innovation to build battery factories in Kentucky and Tennessee, has a major plant in Kansas about 500 miles away.",{"type":594,"attrs":121448,"content":121449},{"textAlign":49},[121450,121452,121458],{"text":121451,"type":599},"In the last 12 months, the US added 9 gigafactories and 316 GWh of capacity to its pipeline, as assessed by",{"text":121453,"type":599,"marks":121454}," Benchmark’s Lithium ion Gigafactory Assessment",[121455],{"type":604,"attrs":121456},{"href":121457,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://twitter.com/sdmoores/status/1547396931944841217?s=20&t=MwJqevkw8DTk7w86ysV-qw",{"text":121459,"type":599},". China, which is outpacing the US, added 2,024 GWh and 76 gigafactories in the same time period.",{"type":657,"attrs":121461,"content":121462},{"level":15966,"textAlign":49},[121463],{"text":121464,"type":599},"Raw Material Impact",{"type":594,"attrs":121466,"content":121467},{"textAlign":49},[121468],{"text":121469,"type":599},"Assuming a 50 GWh battery plant in Kansas and the production of NCA battery chemistry, the gigafactory would consume 42,500 tonnes of lithium, 42,500 tonnes of nickel, and 3,500 tonnes of cobalt, and 60,000 tonnes of graphite anode according to Benchmark calculations.",{"type":594,"attrs":121471,"content":121472},{"textAlign":49},[121473],{"text":121474,"type":599},"Tesla has asked Panasonic to secure 2 TWh of batteries and raw materials by the mid 2030s, Shoichiro Watanabe, chief technology officer of Panasonic Energy, told the Sydney Energy Forum this week.",{"type":594,"attrs":121476,"content":121477},{"textAlign":49},[],{"type":657,"attrs":121479,"content":121480},{"level":15966,"textAlign":49},[121481],{"text":121482,"type":599},"Tesla Supplier",{"type":594,"attrs":121484,"content":121485},{"textAlign":49},[121486],{"text":121487,"type":599},"The announcement comes five years after Panasonic started production of lithium ion batteries at its first factory in Spark, Nevada which currently supplies batteries to Tesla.",{"type":594,"attrs":121489,"content":121490},{"textAlign":49},[121491],{"text":121492,"type":599},"Panasonic currently produces 2170-type cells in Nevada, but plans to begin commercial production of Tesla’s larger-format 4680-type cells starting next year in Japan. The 4680-type cells are expected to boost vehicle range by 16%.",{"type":594,"attrs":121494,"content":121495},{"textAlign":49},[121496],{"text":121497,"type":599},"Panasonic, an early investor in Tesla, shed all of its shares that it held in the electric vehicle company in September 2021. It continues to count Tesla among key clients, however, even as it inks new deals with Arkansas-based Canoo and other electric vehicle makers.",{"type":594,"attrs":121499,"content":121500},{"textAlign":49},[121501],{"text":121502,"type":599},"Panasonic is currently the third largest global battery maker behind China’s CATL and South Korea’s LG Energy.",{"type":594,"attrs":121504,"content":121505},{"textAlign":49},[121506],{"text":121507,"type":599},"In Japan, as per Benchmark data, Panasonic is still the largest producer with 33 GWh of domestic capacity including its JV with Toyota – Prime Planet Energy Solutions – which was announced in 2020. It plans to add an additional 21 GWh of capacity over the next decade.","Japan’s Panasonic will more than double its US battery capacity with a $4 billion plan to build a second battery gigafactory in Kansas, as it looks to supply other automakers beyond its key customer Tesla. Osaka-based Panasonic Energy, a subsidiary of the Panasonic Group, said it has identified De Soto as the location for the […]",[121510],{"slug":544,"name":543,"content":121511},{"job_title":557,"image":121512,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a1889ba7-336a-4624-bbe6-05b1d61ac9e7\", \"id\": \"\"}-->",[121515,121516],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":121518,"copyright":547,"fieldtype":553,"meta_data":121519,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a44ae1b62d/bm-panasonic.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 15, 2022",{"id":121522,"uuid":121523,"name":121524,"slug":121525,"full_slug":121526,"content":121527},112472566766949,"ca8d21c3-b6a3-450c-bed7-fd5ce4a5f61a","Posco expands lithium ion empire with silicon anode acquisition","posco-expands-lithium-ion-empire-with-silicon-anode-acquisition","article/posco-expands-lithium-ion-empire-with-silicon-anode-acquisition",{"_uid":121528,"date":121529,"tags":121530,"editor":121531,"content":121535,"excerpt":121696,"featured":51,"reporter":121697,"_editable":121701,"component":864,"seo_title":121524,"categories":121702,"visibility":882,"author_company":49,"featured_image":121707,"seo_description":121696,"author_full_name":49,"author_job_title":49,"formattedDate":121710},"473fda78-68fe-44c1-820d-24a44f09ecd8","2022-07-08 00:00",[],[121532],{"slug":544,"name":543,"content":121533},{"job_title":557,"image":121534,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":121536},[121537,121542,121547,121552,121557,121562,121567,121572,121584,121597,121602,121607,121612,121617,121622,121627,121646,121651,121656,121668,121680,121685],{"type":594,"attrs":121538,"content":121539},{"textAlign":49},[121540],{"text":121541,"type":599},"South Korea’s Posco acquired a silicon anode startup for 47.8 billion won ($36.8 million), as it looks to invest along the battery supply chain.",{"type":594,"attrs":121543,"content":121544},{"textAlign":49},[121545],{"text":121546,"type":599},"The Korean steelmaker purchased 100% of Daejeon-based Tera Technos from its parent company Tera Science on July 1.",{"type":594,"attrs":121548,"content":121549},{"textAlign":49},[121550],{"text":121551,"type":599},"Posco intends to invest $20 billion into the lithium ion supply chain between now and 2030, as it looks to reduce South Korea’s dependence on China for key battery materials such as cathodes and anodes.",{"type":594,"attrs":121553,"content":121554},{"textAlign":49},[121555],{"text":121556,"type":599},"“China is sweeping the lithium and other battery materials market. It’s literally war,” Lee Kyung-sub, senior vice president of Posco Chem, told Korea Economy Daily in May.",{"type":657,"attrs":121558,"content":121559},{"level":15966,"textAlign":49},[121560],{"text":121561,"type":599},"Competing with China",{"type":594,"attrs":121563,"content":121564},{"textAlign":49},[121565],{"text":121566,"type":599},"On the anode side, Posco already has production capabilities across natural graphite, synthetic graphite, and its own proprietary ‘low expansion anode’ technologies.",{"type":594,"attrs":121568,"content":121569},{"textAlign":49},[121570],{"text":121571,"type":599},"It completed construction of a synthetic graphite anode plant in Pohang, South Korea in December 2021. Benchmark forecasts production at the facility will start in 2023. Earlier this year, Posco announced it would change the natural graphite anode facility it was constructing in Sejong to produce “low-expansion anode” material at a cost of $87.5 million.",{"type":594,"attrs":121573,"content":121574},{"textAlign":49},[121575,121577,121582],{"text":121576,"type":599},"It plans to use some of its $20 billion to invest in a ",{"text":121578,"type":599,"marks":121579},"synthetic graphite plant in the US",[121580],{"type":604,"attrs":121581},{"href":101125,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":121583,"type":599}," to further enhance its global reach. Synthetic graphite anode production is forecast in Benchmark’s Anode Market Assessment to account for 72% of global anode capacity, growing slightly to 75% by 2030.",{"type":594,"attrs":121585,"content":121586},{"textAlign":49},[121587,121589,121595],{"text":121588,"type":599},"Many anodes used in electric vehicle batteries have a ",{"text":121590,"type":599,"marks":121591},"small quantity of silicon or silicon oxide doped in with the graphite",[121592],{"type":604,"attrs":121593},{"href":121594,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-silicon-anode-scene-gathers-pace-with-porsche-backed-400-million-investment-in-group14",{"text":121596,"type":599}," to yield a performance boost. Currently it is added at 4% to 7%, though this will increase as the technology improves, said Rory McNulty, an analyst at Benchmark.",{"type":594,"attrs":121598,"content":121599},{"textAlign":49},[121600],{"text":121601,"type":599},"Through its acquisition of Tera Technos, Posco has got a foot in the silicon-based anode market, for which it had no capacity until now.",{"type":594,"attrs":121603,"content":121604},{"textAlign":49},[121605],{"text":121606,"type":599},"Tera Technos produces a variety of silicon oxide-based materials. Their TERA and TSG products mix an unspecified amount of their nano-scale silicon oxide with graphite to produce an anode material. They also produce nanoscale silicon oxide products that other companies can dope into their own anode materials.",{"type":594,"attrs":121608,"content":121609},{"textAlign":49},[121610],{"text":121611,"type":599},"Posco intends to expand Tera’s current production facilities with a view to sell silicon anode materials from 2024.",{"type":657,"attrs":121613,"content":121614},{"level":15966,"textAlign":49},[121615],{"text":121616,"type":599},"Next-generation investments",{"type":594,"attrs":121618,"content":121619},{"textAlign":49},[121620],{"text":121621,"type":599},"Posco’s latest silicon acquisition follows its recent moves into other next generation battery technologies.",{"type":594,"attrs":121623,"content":121624},{"textAlign":49},[121625],{"text":121626,"type":599},"In March this year, the company began construction of a solid electrolyte manufacturing facility in Yangsan city, South Korea. This facility is part of a joint venture company formed between Posco and JK, a solid electrolyte manufacturer in South Korea. Posco JK Solid Solution says the plant will initially produce up to 24 tons of solid electrolyte a year, enough for 1000 EVs.",{"type":594,"attrs":121628,"content":121629},{"textAlign":49},[121630,121632,121637,121639,121644],{"text":121631,"type":599},"Also in the ",{"text":121633,"type":599,"marks":121634},"solid-state space",[121635],{"type":604,"attrs":121636},{"href":103610,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":121638,"type":599},", Posco announced in May that it would invest “double-digit millions” into the Taiwanese solid-state battery maker ",{"text":121640,"type":599,"marks":121641},"Prologium",[121642],{"type":604,"attrs":121643},{"href":103708,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":121645,"type":599},". Posco will develop the technology with Prologium and then supply the company with the input materials needed to assemble solid-state batteries.",{"type":594,"attrs":121647,"content":121648},{"textAlign":49},[121649],{"text":121650,"type":599},"Posco will also work with Prologium to develop high-capacity silicon anodes. However, it is Posco’s acquisition of Tera Technos that will bring actual silicon-based anode production capacity to the company.",{"type":657,"attrs":121652,"content":121653},{"level":15966,"textAlign":49},[121654],{"text":121655,"type":599},"Moving up the chain",{"type":594,"attrs":121657,"content":121658},{"textAlign":49},[121659,121661,121666],{"text":121660,"type":599},"Posco has a high degree of vertical integration along much of the supply chain from the ",{"text":121662,"type":599,"marks":121663},"midstream cathode",[121664],{"type":604,"attrs":121665},{"href":100897,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":121667,"type":599}," and anode production, into the upstream raw material production.",{"type":594,"attrs":121669,"content":121670},{"textAlign":49},[121671,121673,121678],{"text":121672,"type":599},"Posco started construction on an Argentinian lithium brine to hydroxide plant earlier this year and it also has a  30% stake in the ",{"text":121674,"type":599,"marks":121675},"Australian Ravensthorpe nickel operation",[121676],{"type":604,"attrs":121677},{"href":78188,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":121679,"type":599}," which will provide Posco with nearly 7,000 tonnes a year of nickel mixed hydroxide precipitate. ",{"type":594,"attrs":121681,"content":121682},{"textAlign":49},[121683],{"text":121684,"type":599},"To further secure lithium, Posco plans to use some of the $20 billion on developing five to six lithium mines in Australia. Last year, the company joined forces with Australian lithium miner Pilbara Minerals to develop a lithium hydroxide conversion plant in Gwangyan on South Korea’s south coast.",{"type":594,"attrs":121686,"content":121687},{"textAlign":49},[121688,121690,121695],{"text":121689,"type":599},"A vertically integrated business model is important to the success of next-generation technologies, McNulty said: “The companies that will succeed in this are those with the upstream connections and also with the ",{"text":121691,"type":599,"marks":121692},"downstream customers",[121693],{"type":604,"attrs":121694},{"href":112475,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":46013,"type":599},"South Korea’s Posco acquired a silicon anode startup for 47.8 billion won ($36.8 million), as it looks to invest along the battery supply chain. The Korean steelmaker purchased 100% of Daejeon-based Tera Technos from its parent company Tera Science on July 1. Posco intends to invest $20 billion into the lithium ion supply chain between […]",[121698],{"slug":544,"name":543,"content":121699},{"job_title":557,"image":121700,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"473fda78-68fe-44c1-820d-24a44f09ecd8\", \"id\": \"\"}-->",[121703,121704,121705,121706],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":21579,"name":21580},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":121708,"copyright":547,"fieldtype":553,"meta_data":121709,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8aeccabeb4/bm-poscochemical39sanodematerialsejongplant.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 08, 2022",{"id":121712,"uuid":121713,"name":121714,"slug":121715,"full_slug":121716,"content":121717},112472561999204,"cb7758de-22dd-4184-806a-c84b93a0b450","China’s Tianqi Lithium raises $1.71 billion in Hong Kong listing amid rising EV sales","chinas-tianqi-lithium-raises-1-71-billion-in-hong-kong-listing-amid-rising-ev-sales","article/chinas-tianqi-lithium-raises-1-71-billion-in-hong-kong-listing-amid-rising-ev-sales",{"_uid":121718,"date":121529,"tags":121719,"editor":121721,"content":121725,"excerpt":121809,"featured":51,"reporter":121810,"_editable":121814,"component":864,"seo_title":121714,"categories":121815,"visibility":882,"author_company":49,"featured_image":121818,"seo_description":121809,"author_full_name":49,"author_job_title":49,"formattedDate":121710},"af11b40e-eccf-4bf6-8372-d499c8ecf22a",[121720],{"slug":913,"name":914},[121722],{"slug":544,"name":543,"content":121723},{"job_title":557,"image":121724,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":121726},[121727,121732,121737,121742,121747,121752,121757,121762,121767,121772,121777,121782,121787,121799,121804],{"type":594,"attrs":121728,"content":121729},{"textAlign":49},[121730],{"text":121731,"type":599},"Chinese lithium producer Tianqi Lithium on Thursday raised HK$13.45 billion ($1.71 billion) in a secondary Hong Kong listing as lithium prices remain at record high levels amid strong Chinese electric vehicle sales in June.",{"type":594,"attrs":121733,"content":121734},{"textAlign":49},[121735],{"text":121736,"type":599},"The Chengdu-based company sold 164.1 million shares at HK$82 a share, according to an exchange filing on Thursday, at the top end of its proposed price range.",{"type":594,"attrs":121738,"content":121739},{"textAlign":49},[121740],{"text":121741,"type":599},"Tianqi said it will use the bulk of the proceeds to repay the remaining debt used to fund its $4 billion purchase of a 23% stake in SQM in 2018, according to the listing prospectus. The company had total bank loans and other borrowings of $3.22 billion as of 2021.",{"type":594,"attrs":121743,"content":121744},{"textAlign":49},[121745],{"text":121746,"type":599},"The remaining funds will be used to build a lithium carbonate plant in Suining in Sichuan province and towards working capital and general purposes.",{"type":594,"attrs":121748,"content":121749},{"textAlign":49},[121750],{"text":121751,"type":599},"​​The listing was backed by seven cornerstone investors, including battery producer LG Chem, state-backed Chinese battery producer CALB, and Zijin Mining. This year Tianqi has struck supply agreements with both LG Chem and CALB.",{"type":594,"attrs":121753,"content":121754},{"textAlign":49},[121755],{"text":121756,"type":599},"The deal is the second listing for Tianqi, after it listed on the Shenzhen stock exchange in 2010. Trading is set to start on Wednesday, July 13.",{"type":657,"attrs":121758,"content":121759},{"level":15966,"textAlign":49},[121760],{"text":121761,"type":599},"Lithium Rally",{"type":594,"attrs":121763,"content":121764},{"textAlign":49},[121765],{"text":121766,"type":599},"Chinese battery-grade lithium carbonate prices have risen by more than 400% over the past year, according to Benchmark’s Lithium Price Assessment, as sales of electric vehicles in China maintained their momentum despite lockdowns in Shanghai.",{"type":594,"attrs":121768,"content":121769},{"textAlign":49},[121770],{"text":121771,"type":599},"China’s new energy vehicle (NEV) sales rebounded for the second straight month in June, according to data released by China Passenger Car Association. Wholesale NEV sales rose 141.4% year-on-year to 571,000 units in June and 35.3% over May.",{"type":594,"attrs":121773,"content":121774},{"textAlign":49},[121775],{"text":121776,"type":599},"Sales of new energy vehicles in China (which includes plug-in hybrids) rose 123% year-on-year in the first six months to 2.466 million vehicles, it said.",{"type":594,"attrs":121778,"content":121779},{"textAlign":49},[121780],{"text":121781,"type":599},"Demand for lithium for use in electric vehicle rechargeable batteries, a key end market for Tianqi, is estimated to grow at a compound annual growth rate of 21.2% from 2022 to 2026, reaching a total of 675,000 tonnes of LCE in 2026, the company wrote in its prospectus.",{"type":594,"attrs":121783,"content":121784},{"textAlign":49},[121785],{"text":121786,"type":599},"Chinese lithium prices were largely flat in the week to 6 July, as assessed by Benchmark, as the market waited to see the extent of demand recovery in China after Covid-19 lockdowns in April and May.",{"type":594,"attrs":121788,"content":121789},{"textAlign":49},[121790,121792,121797],{"text":121791,"type":599},"Tianqi ",{"text":75508,"type":599,"marks":121793},[121794],{"type":604,"attrs":121795},{"href":121796,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0630/10322528/2022063000151.pdf",{"text":121798,"type":599}," a net profit of 4.56 billion RMB ($682 million) in the first quarter this year, swinging from a loss of 180.6 million RMB (27 million) year-on-year. Revenue soared 480% year-on-year during the period to 5.2 billion RMB ($780 million).",{"type":594,"attrs":121800,"content":121801},{"textAlign":49},[121802],{"text":121803,"type":599},"The IPO will allow Tianqi to progress on its lithium carbonate plant in Anju district in Suining after years of delay. The plant is expected to have a capacity of 20,000 tonnes a year of lithium carbonate. In May the mayor of Suining visited the site of the project to inspect progress.",{"type":594,"attrs":121805,"content":121806},{"textAlign":49},[121807],{"text":121808,"type":599},"Along with expansion at its Tongliang plant in Chongqing, Tianqi aims to be able to produce over 110,000 tonnes a year of lithium compounds, it said.","Chinese lithium producer Tianqi Lithium on Thursday raised HK$13.45 billion ($1.71 billion) in a secondary Hong Kong listing as lithium prices remain at record high levels amid strong Chinese electric vehicle sales in June. The Chengdu-based company sold 164.1 million shares at HK$82 a share, according to an exchange filing on Thursday, at the top […]",[121811],{"slug":544,"name":543,"content":121812},{"job_title":557,"image":121813,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"af11b40e-eccf-4bf6-8372-d499c8ecf22a\", \"id\": \"\"}-->",[121816,121817],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":121819,"copyright":547,"fieldtype":553,"meta_data":121820,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/07610605fc/bm-greenbushes.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":121822,"uuid":121823,"name":121824,"slug":121825,"full_slug":121826,"content":121827},112472593050986,"cbadf385-9740-4c30-a1d7-4864c431951b","Tesla rival BYD leads China’s electric vehicle sales rebound","tesla-rival-byd-leads-chinas-electric-vehicle-sales-rebound","article/tesla-rival-byd-leads-chinas-electric-vehicle-sales-rebound",{"_uid":121828,"date":121829,"tags":121830,"editor":121831,"content":121835,"excerpt":121930,"featured":51,"reporter":121931,"_editable":121935,"component":864,"seo_title":121824,"categories":121936,"visibility":882,"author_company":49,"featured_image":121940,"seo_description":121930,"author_full_name":49,"author_job_title":49,"formattedDate":121943},"bb607b96-116b-4422-afd9-6b5338d2313d","2022-07-05 00:00",[],[121832],{"slug":544,"name":543,"content":121833},{"job_title":557,"image":121834,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":121836},[121837,121842,121847,121860,121865,121870,121875,121880,121885,121890,121895,121900,121905,121910,121915,121920,121925],{"type":594,"attrs":121838,"content":121839},{"textAlign":49},[121840],{"text":121841,"type":599},"BYD’s electric vehicle sales rebounded in June as the world’s second-largest economy recovered from a two-month Covid-19 lockdown in Shanghai.",{"type":594,"attrs":121843,"content":121844},{"textAlign":49},[121845],{"text":121846,"type":599},"Shenzhen-based BYD, China’s largest electric car maker, said on Sunday sales of its battery electric vehicles rose 247.4% year-on-year to 69,544 units. They increased by 30% compared to May, it said.",{"type":594,"attrs":121848,"content":121849},{"textAlign":49},[121850,121852,121858],{"text":121851,"type":599},"BYD, which started off as a ",{"text":121853,"type":599,"marks":121854},"battery maker",[121855],{"type":604,"attrs":121856},{"href":121857,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/byd-becomes-benchmarks-7th-tier-one-ev-battery-manufacturer-2nd-china-cell-maker-2",{"text":121859,"type":599},", said in March it would stop selling gas-powered vehicles and completely switched to making new energy vehicles (NEV) to profit from the rapid adoption of greener vehicles in the world’s largest automobile market.",{"type":594,"attrs":121861,"content":121862},{"textAlign":49},[121863],{"text":121864,"type":599},"The company, which has the backing of veteran investor Warren Buffett, sold 323,519 battery electric vehicles in the first half of 2021, a three fold jump year-on-year, it said.",{"type":594,"attrs":121866,"content":121867},{"textAlign":49},[121868],{"text":121869,"type":599},"BYD’s NEV sales, which include plug-in hybrids, rose to 134,036 units in June, a jump of 224.3% year-on-year. For the first six months of this year the company sold 641,350 NEVs, a jump of 314.9%.",{"type":594,"attrs":121871,"content":121872},{"textAlign":49},[121873],{"text":121874,"type":599},"BYD currently sells almost all its vehicles in China, but it is expanding its presence in Europe. On Tuesday it said it would open several physical stores in the Netherlands, starting in Amsterdam, in cooperation with the Louwman Group, an automobile distributor.",{"type":594,"attrs":121876,"content":121877},{"textAlign":49},[121878],{"text":121879,"type":599},"“June’s EV sales should break the historical record,” Albert Li, China analyst at Benchmark Mineral Intelligence, said. “They could be close to half a million or 0.55 million. 2022 total sales will pass 6 million.”",{"type":594,"attrs":121881,"content":121882},{"textAlign":49},[121883],{"text":121884,"type":599},"In comparison, Elon Musk-led Tesla delivered 564,743 electric vehicles globally so far this year, a jump of 46.3% year-on-year. Austin, Texas-based Tesla’s China delivery numbers for June are expected to be out later this week.",{"type":594,"attrs":121886,"content":121887},{"textAlign":49},[121888],{"text":121889,"type":599},"China counts plug-in electric and hybrid vehicles, fuel cell electric vehicles and battery electric vehicles as new energy vehicles.",{"type":657,"attrs":121891,"content":121892},{"level":15966,"textAlign":49},[121893],{"text":121894,"type":599},"BYD Outshines Local Rivals",{"type":594,"attrs":121896,"content":121897},{"textAlign":49},[121898],{"text":121899,"type":599},"BYD’s June sales were ahead of delivery numbers for rival Chinese players such as Nio, Xpeng, and Li Auto that staged a strong comeback as well.",{"type":594,"attrs":121901,"content":121902},{"textAlign":49},[121903],{"text":121904,"type":599},"The three rivals, however, had seen a bigger drop in deliveries in April due to Shanghai’s lockdown.",{"type":594,"attrs":121906,"content":121907},{"textAlign":49},[121908],{"text":121909,"type":599},"Shanghai headquartered-Nio delivered 12,961 electric vehicles in June, a jump of 60% year-on-year and 30% over May.",{"type":594,"attrs":121911,"content":121912},{"textAlign":49},[121913],{"text":121914,"type":599},"Guangzhou-based Xpeng’s deliveries soared 133% year-on-year to 15,295 units and 51% over May.",{"type":594,"attrs":121916,"content":121917},{"textAlign":49},[121918],{"text":121919,"type":599},"Beijing-headquartered Li Auto, which currently sells only one electric vehicle, sold 13,024 units of Li One in June, a jump of 69% year-on-year and 13% over May.",{"type":594,"attrs":121921,"content":121922},{"textAlign":49},[121923],{"text":121924,"type":599},"“Demand was there all the time, just got delayed due to Covid situation in April and May,” Li said.",{"type":594,"attrs":121926,"content":121927},{"textAlign":49},[121928],{"text":121929,"type":599},"BYD’s sales in June were more than the consolidated delivery numbers of Nio, Xpeng and Li Auto.","BYD’s electric vehicle sales rebounded in June as the world’s second-largest economy recovered from a two-month Covid-19 lockdown in Shanghai. Shenzhen-based BYD, China’s largest electric car maker, said on Sunday sales of its battery electric vehicles rose 247.4% year-on-year to 69,544 units. They increased by 30% compared to May, it said. BYD, which started off […]",[121932],{"slug":544,"name":543,"content":121933},{"job_title":557,"image":121934,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bb607b96-116b-4422-afd9-6b5338d2313d\", \"id\": \"\"}-->",[121937,121938,121939],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":121941,"copyright":547,"fieldtype":553,"meta_data":121942,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c4bed4f685/bm-byd-pic.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 05, 2022",{"id":121945,"uuid":121946,"name":121947,"slug":121948,"full_slug":121949,"content":121950},112472598457707,"675cb60e-059a-433b-8836-15acb2f5a6e4","Tesla lithium supplier Ganfeng faces regulatory probe in China over insider trading","tesla-lithium-supplier-ganfeng-faces-regulatory-probe-in-china-over-insider-trading","article/tesla-lithium-supplier-ganfeng-faces-regulatory-probe-in-china-over-insider-trading",{"_uid":121951,"date":121952,"tags":121953,"editor":121954,"content":121958,"excerpt":122029,"featured":51,"reporter":122030,"_editable":122034,"component":864,"seo_title":121947,"categories":122035,"visibility":882,"author_company":49,"featured_image":122038,"seo_description":122029,"author_full_name":49,"author_job_title":49,"formattedDate":122041},"f452486f-c24c-416d-a99c-e33d79d45506","2022-07-04 00:00",[],[121955],{"slug":544,"name":543,"content":121956},{"job_title":557,"image":121957,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":121959},[121960,121965,121970,121975,121980,121985,121990,121995,122000,122005,122010,122019,122024],{"type":594,"attrs":121961,"content":121962},{"textAlign":49},[121963],{"text":121964,"type":599},"China’s Ganfeng Lithium said on Sunday it is facing an investigation by the country’s market regulator over suspected insider trading.",{"type":594,"attrs":121966,"content":121967},{"textAlign":49},[121968],{"text":121969,"type":599},"China’s largest producer of lithium said it received the notice from the China Securities Regulatory Commission (CSRC) on Friday for a probe that began on January 24.",{"type":594,"attrs":121971,"content":121972},{"textAlign":49},[121973],{"text":121974,"type":599},"Ganfeng said the investigation was linked to “suspicion of ” insider trading of a mainland-listed A-share and that it would not affect the “normal production and business activities” of the company.",{"type":594,"attrs":121976,"content":121977},{"textAlign":49},[121978],{"text":121979,"type":599},"Xinyu, Jianxi-headquartered Ganfeng said it would “actively cooperate” with the relevant work of the regulator including furnishing required disclosures. ",{"type":594,"attrs":121981,"content":121982},{"textAlign":49},[121983],{"text":121984,"type":599},"Ganfeng counts U.S. electric vehicle maker and current global market leader Tesla as a key customer. ",{"type":594,"attrs":121986,"content":121987},{"textAlign":49},[121988],{"text":121989,"type":599},"Shenzhen and Hong Kong listed Ganfeng secured a new, three-year contract with Elon Musk-led Tesla in November to supply battery-grade lithium products starting earlier this year. ",{"type":594,"attrs":121991,"content":121992},{"textAlign":49},[121993],{"text":121994,"type":599},"Ganfeng stock was down 2.7% in Hong Kong traded shares in the post noon trading session and those in Shenzhen were trading 1.8% lower. Shares in HK are down 6.4% year-to-date and 18.4% in Shenzhen.",{"type":657,"attrs":121996,"content":121997},{"level":15966,"textAlign":49},[121998],{"text":121999,"type":599},"Lithium Prices",{"type":594,"attrs":122001,"content":122002},{"textAlign":49},[122003],{"text":122004,"type":599},"The probe comes as high lithium prices are driving record profits for Ganfeng. ",{"type":594,"attrs":122006,"content":122007},{"textAlign":49},[122008],{"text":122009,"type":599},"Chinese battery-grade spot market lithium prices have risen by over 400% over the past year, according to Benchmark’s Lithium Price Assessment. Benchmark Mineral Intelligence forecasts the lithium sector is set to be short of supply for the next few years. ",{"type":594,"attrs":122011,"content":122012},{"textAlign":49},[122013,122015,122017],{"text":122014,"type":599},"Ganfeng has benefited from those price hikes and in the ",{"text":122016,"type":599},"first quarter of 2022",{"text":122018,"type":599}," its revenue increased three-fold year-on-year to RMB 5.365 billion ($800.34 million), while its net profit attributable to shareholders rose seven-fold year-on-year to RMB 3.52 billion ($525.1 million). ",{"type":594,"attrs":122020,"content":122021},{"textAlign":49},[122022],{"text":122023,"type":599},"The company is involved in end-to-end lithium-extraction including brine, ores, clay, and recycled battery lithium-extraction technology. ",{"type":594,"attrs":122025,"content":122026},{"textAlign":49},[122027],{"text":122028,"type":599},"The company had in April estimated it is aiming a long-term capacity target of 600,000 tons of lithium chemical compound, representing a global market share of 20%.","China’s Ganfeng Lithium said on Sunday it is facing an investigation by the country’s market regulator over suspected insider trading. China’s largest producer of lithium said it received the notice from the China Securities Regulatory Commission (CSRC) on Friday for a probe that began on January 24. Ganfeng said the investigation was linked to “suspicion […]",[122031],{"slug":544,"name":543,"content":122032},{"job_title":557,"image":122033,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f452486f-c24c-416d-a99c-e33d79d45506\", \"id\": \"\"}-->",[122036,122037],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":122039,"copyright":547,"fieldtype":553,"meta_data":122040,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/75eedd6545/bm-ganfeng.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 04, 2022",{"id":122043,"uuid":122044,"name":122045,"slug":122046,"full_slug":122047,"content":122048},112472603544940,"1f07ca1b-0362-4db4-abc7-b359b3c90148","Sibanye seeks control of Keliber in boost to Europe’s lithium supply","sibanye-seeks-control-of-keliber-in-boost-to-europes-lithium-supply","article/sibanye-seeks-control-of-keliber-in-boost-to-europes-lithium-supply",{"_uid":122049,"date":122050,"tags":122051,"editor":122053,"content":122057,"excerpt":122149,"featured":51,"reporter":122150,"_editable":122154,"component":864,"seo_title":122045,"categories":122155,"visibility":882,"author_company":49,"featured_image":122158,"seo_description":122149,"author_full_name":49,"author_job_title":49,"formattedDate":122161},"4bc0d1dd-f9b5-462c-88eb-d2594ac76ebf","2022-06-30 00:00",[122052],{"slug":2790,"name":2791},[122054],{"slug":544,"name":543,"content":122055},{"job_title":557,"image":122056,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":122058},[122059,122064,122069,122074,122079,122084,122089,122094,122099,122119,122124,122129,122134,122139,122144],{"type":594,"attrs":122060,"content":122061},{"textAlign":49},[122062],{"text":122063,"type":599},"South African precious metals producer Sibanye-Stillwater moved to take control of the Keliber lithium hydroxide project in Finland, as part of a planned €446 million financing that aims to accelerate its development.",{"type":594,"attrs":122065,"content":122066},{"textAlign":49},[122067],{"text":122068,"type":599},"Sibanye said it would increase its ownership of the project from 30% to just over 50% for €146 million and then offer existing shareholders €196 million to raise it further to 80%. It would also support a further €104 million capital raise by the company.",{"type":594,"attrs":122070,"content":122071},{"textAlign":49},[122072],{"text":122073,"type":599},"The deal could help move the project into construction, providing Europe with a homegrown source of lithium for its automotive industry by 2024. Keliber is aiming to be a fully integrated company, producing 15,000 tonnes of lithium hydroxide chemicals a year.",{"type":594,"attrs":122075,"content":122076},{"textAlign":49},[122077],{"text":122078,"type":599},"“The negotiated financial arrangement makes it possible to start the construction phase and place orders for the large process technology packages once Keliber has obtained the needed environmental permits,” Keliber said.",{"type":594,"attrs":122080,"content":122081},{"textAlign":49},[122082],{"text":122083,"type":599},"European lithium supply is expected to rise to over 100,000 tonnes LCE in 2030, according to Benchmark’s Lithium Forecast. But battery demand from electric vehicles is forecast to reach over 500 gigawatt-hours by the end of the decade, equivalent to more than 350,000 tonnes of lithium a year.",{"type":657,"attrs":122085,"content":122086},{"level":15966,"textAlign":49},[122087],{"text":122088,"type":599},"From platinum to lithium",{"type":594,"attrs":122090,"content":122091},{"textAlign":49},[122092],{"text":122093,"type":599},"Sibanye, which mines platinum and gold, has pledged to build a “green metals” business to diversify away from precious metals. Listed on the Johannesburg Stock Exchange, Sibanye has a market capitalisation of $7.2 billion.",{"type":594,"attrs":122095,"content":122096},{"textAlign":49},[122097],{"text":122098,"type":599},"“This is a further significant step in our strategy to build a unique global portfolio of green metals in a value accretive manner,” Neal Froneman, chief executive of Sibanye, said.",{"type":594,"attrs":122100,"content":122101},{"textAlign":49},[122102,122104,122106,122108,122110,122111,122113,122115,122117],{"text":122103,"type":599},"Sibanye agreed to buy 30% of Keliber in February 2021, which came with an ",{"text":122105,"type":599},"option",{"text":122107,"type":599},"to become a majority shareholder ",{"text":122109,"type":599},"following",{"text":64266,"type":599},{"text":122112,"type":599},"completion of",{"text":122114,"type":599},"an",{"text":122116,"type":599},"updated",{"text":122118,"type":599},"feasibility study.",{"type":594,"attrs":122120,"content":122121},{"textAlign":49},[122122],{"text":122123,"type":599},"Sibanye said the total cost to the company would be €446 million, including €250 million from equity, and the rest from debt currently being negotiated with third party lenders, it said.",{"type":594,"attrs":122125,"content":122126},{"textAlign":49},[122127],{"text":122128,"type":599},"The equity funding “makes it possible to get loans on competitive terms,” Keliber said.",{"type":594,"attrs":122130,"content":122131},{"textAlign":49},[122132],{"text":122133,"type":599},"Sibanye said it hopes the transactions to close by February of next year.",{"type":594,"attrs":122135,"content":122136},{"textAlign":49},[122137],{"text":122138,"type":599},"The state-owned Finnish Minerals Group, which currently owns 20% of Keliber, said it would retain a shareholding of 13.9% after the financings.",{"type":594,"attrs":122140,"content":122141},{"textAlign":49},[122142],{"text":122143,"type":599},"“Finnish Minerals Group supports the proposed financing arrangement. We are evaluating and preparing our own financial contribution as a minority owner of Keliber,” it said.",{"type":594,"attrs":122145,"content":122146},{"textAlign":49},[122147],{"text":122148,"type":599},"Benchmark’s lithium hydroxide European price in its latest assessment was $52,000 a tonne.","South African precious metals producer Sibanye-Stillwater moved to take control of the Keliber lithium hydroxide project in Finland, as part of a planned €446 million financing that aims to accelerate its development. Sibanye said it would increase its ownership of the project from 30% to just over 50% for €146 million and then offer existing […]",[122151],{"slug":544,"name":543,"content":122152},{"job_title":557,"image":122153,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4bc0d1dd-f9b5-462c-88eb-d2594ac76ebf\", \"id\": \"\"}-->",[122156,122157],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":122159,"copyright":547,"fieldtype":553,"meta_data":122160,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f6ec1a2911/bm-keliber1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 30, 2022",{"id":122163,"uuid":122164,"name":122165,"slug":122166,"full_slug":122167,"content":122168},112472618827120,"28c5afde-5d3d-4b4a-a802-d276f08aff77","Gotion targets 100 GWh overseas cell expansion as it launches German battery pack plant","gotion-targets-100-gwh-overseas-expansion-as-it-launches-german-battery-pack-plant","article/gotion-targets-100-gwh-overseas-expansion-as-it-launches-german-battery-pack-plant",{"_uid":122169,"date":122170,"tags":122171,"editor":122174,"content":122178,"excerpt":122273,"featured":50,"reporter":122274,"_editable":122278,"component":864,"seo_title":122165,"categories":122279,"visibility":882,"author_company":49,"featured_image":122282,"seo_description":122273,"author_full_name":49,"author_job_title":49,"formattedDate":122285},"671d1867-4e64-4d2e-b69f-14474c976e9b","2022-06-28 00:00",[122172,122173],{"slug":2790,"name":2791},{"slug":5957,"name":5958},[122175],{"slug":544,"name":543,"content":122176},{"job_title":557,"image":122177,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":122179},[122180,122185,122190,122195,122208,122213,122218,122223,122228,122233,122238,122243,122248,122253,122258,122263,122268],{"type":594,"attrs":122181,"content":122182},{"textAlign":49},[122183],{"text":122184,"type":599},"Chinese battery maker Gotion High-Tech said it wants to have a third of its production capacity outside China by 2025, as it launched a battery pack plant in Germany.",{"type":594,"attrs":122186,"content":122187},{"textAlign":49},[122188],{"text":122189,"type":599},"The Volkswagen-backed producer said it aimed to have 100 gigawatt-hours of cell production outside of China by 2025, out of a total of 300 GWh.",{"type":594,"attrs":122191,"content":122192},{"textAlign":49},[122193],{"text":122194,"type":599},"The announcement came as Gotion opened a battery plant in Germany this week that will assemble lithium iron phosphate battery packs, for use in home energy storage as well as vehicles. With a planned pack production capacity of 18 GWh, Gotion will initially ship cells from China, it said.",{"type":594,"attrs":122196,"content":122197},{"textAlign":49},[122198,122200,122206],{"text":122199,"type":599},"Gotion is a leading producer of LFP cells in China, and counts VW as its largest ",{"text":122201,"type":599,"marks":122202},"shareholder",[122203],{"type":604,"attrs":122204},{"href":122205,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/volkswagen-take-stake-in-tier-2-lithium-ion-battery-cell-manufacturer-guoxuan",{"text":122207,"type":599},". It’s also set to help VW with the construction of its own battery cell production at its Salzgitter plant.",{"type":594,"attrs":122209,"content":122210},{"textAlign":49},[122211],{"text":122212,"type":599},"Chinese battery makers, who are the largest in the world, are increasingly looking to expand from their competitive home market to Europe and the US. This year CATL opened its battery plant in Germany, which is set to have a total capacity of 80 GWh when at full production, according to Benchmark’s Lithium ion Gigafactory Assessment.",{"type":594,"attrs":122214,"content":122215},{"textAlign":49},[122216],{"text":122217,"type":599},"Gotion has also signed agreements with Argentina’s state-owned mining company and Vietnam’s VinFast to produce battery cells in each country.",{"type":657,"attrs":122219,"content":122220},{"level":15966,"textAlign":49},[122221],{"text":122222,"type":599},"Home energy storage",{"type":594,"attrs":122224,"content":122225},{"textAlign":49},[122226],{"text":122227,"type":599},"Gotion said its plant in Gottingen will produce mobile batteries for home energy storage, helping to allow households to better integrate clean energy from solar panels and other sources.",{"type":594,"attrs":122229,"content":122230},{"textAlign":49},[122231],{"text":122232,"type":599},"The German market is the largest in Europe for home energy storage systems, with some 300,000 installed, according to the German Energy Storage Association.",{"type":594,"attrs":122234,"content":122235},{"textAlign":49},[122236],{"text":122237,"type":599},"This week European leaders agreed to increase the share of energy provided by renewable energy to 40% by 2030, up from an earlier target of 32%. That will require energy storage, including lithium ion batteries, to help smooth the intermittency of renewable generation.",{"type":657,"attrs":122239,"content":122240},{"level":15966,"textAlign":49},[122241],{"text":122242,"type":599},"From ICE to EV",{"type":594,"attrs":122244,"content":122245},{"textAlign":49},[122246],{"text":122247,"type":599},"Gotion has seven battery gigafactories in China, with a target to expand to 11, according to Benchmark’s Gigafactory Assessment.",{"type":594,"attrs":122249,"content":122250},{"textAlign":49},[122251],{"text":122252,"type":599},"Gotion’s chairman Li Zhen said the German plant, which it bought from Bosch last year, will transition from making auto parts to producing batteries.",{"type":594,"attrs":122254,"content":122255},{"textAlign":49},[122256],{"text":122257,"type":599},"“This is a difficult process but one full of hope,” he said.",{"type":594,"attrs":122259,"content":122260},{"textAlign":49},[122261],{"text":122262,"type":599},"The venture combines “China’s advanced battery technology with Germany’s advanced technical engineering,” he added.",{"type":594,"attrs":122264,"content":122265},{"textAlign":49},[122266],{"text":122267,"type":599},"Ahmet Toptas, general manager at Gotion in Germany, said that the company’s clients will be in energy storage as well as commercial and passenger vehicles, “to satisfy the demands of Europe’s new energy market.”",{"type":594,"attrs":122269,"content":122270},{"textAlign":49},[122271],{"text":122272,"type":599},"The German plant will be built in two stages, Gotion said, with 6GWh in battery pack assembly capacity targeted first, and then 12 GWh. The first line of 3.5 GWh capacity is set to be complete by September 2023, it said.","Chinese battery maker Gotion High-Tech said it wants to have a third of its production capacity outside China by 2025, as it launched a battery pack plant in Germany. The Volkswagen-backed producer said it aimed to have 100 gigawatt-hours of cell production outside of China by 2025, out of a total of 300 GWh. The […]",[122275],{"slug":544,"name":543,"content":122276},{"job_title":557,"image":122277,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"671d1867-4e64-4d2e-b69f-14474c976e9b\", \"id\": \"\"}-->",[122280,122281],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":122283,"copyright":547,"fieldtype":553,"meta_data":122284,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c98d78e209/bm-mg-9311-11.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 28, 2022",{"id":122287,"uuid":122288,"name":122289,"slug":122290,"full_slug":122291,"content":122292},112472667561340,"e9708da3-c168-43dd-af21-cd19ca2b5c8d","BMW to trial dual-chemistry LFP-LMO battery from Our Next Energy","bmw-to-trial-dual-chemistry-lfp-lmo-battery-from-our-next-energy","article/bmw-to-trial-dual-chemistry-lfp-lmo-battery-from-our-next-energy",{"_uid":122293,"date":122294,"tags":122295,"editor":122296,"content":122300,"excerpt":122367,"featured":51,"reporter":122368,"_editable":122372,"component":864,"seo_title":122289,"categories":122373,"visibility":882,"author_company":49,"featured_image":122377,"seo_description":122367,"author_full_name":49,"author_job_title":49,"formattedDate":122380},"129c439b-e3ed-4f3d-beb2-047038b65d99","2022-06-15 00:00",[],[122297],{"slug":544,"name":543,"content":122298},{"job_title":557,"image":122299,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":122301},[122302,122307,122312,122317,122322,122327,122332,122337,122342,122347,122352,122357,122362],{"type":594,"attrs":122303,"content":122304},{"textAlign":49},[122305],{"text":122306,"type":599},"BMW has agreed to trial a dual-chemistry battery pack produced by Michigan startup Our Next Energy, as automakers such as Nio adopt mixed pack technology to boost vehicle range.",{"type":594,"attrs":122308,"content":122309},{"textAlign":49},[122310],{"text":122311,"type":599},"BMW said it would use the company’s hybrid battery pack in a prototype BMW iX all-electric SUV, claiming the vehicle could reach a range of 600 miles on a single charge.",{"type":594,"attrs":122313,"content":122314},{"textAlign":49},[122315],{"text":122316,"type":599},"“We are confident that given economic viability, this can lead to commercial opportunities and strategies to integrate ONE’s [Our Next Energy] battery technologies into models of our future BEV product line-up,” Jürgen Hildinger, head of group new technologies and high voltage storage at BMW, said.",{"type":594,"attrs":122318,"content":122319},{"textAlign":49},[122320],{"text":122321,"type":599},"The news comes after Chinese electric vehicle maker Nio said in September it had launched a hybrid battery pack that used both nickel cobalt manganese (NCM) and lithium iron phosphate (LFP) cells to boost vehicle performance.",{"type":594,"attrs":122323,"content":122324},{"textAlign":49},[122325],{"text":122326,"type":599},"Our Next Energy, however, uses a LFP battery chemistry for daily driving requirements and lithium manganese oxide (LMO) anode-less cells for energy storage to enable longer range.",{"type":594,"attrs":122328,"content":122329},{"textAlign":49},[122330],{"text":122331,"type":599},"The company likely gets more energy from the LMO chemistry by using a lithium metal anode that is plated on a copper current collector from the lithium stored in the cathode when it first charges, according to Rory McNulty, an analyst at Benchmark.",{"type":594,"attrs":122333,"content":122334},{"textAlign":49},[122335],{"text":122336,"type":599},"“This means that effectively this is a lithium metal battery and explains the claim of high energy,” he said.",{"type":594,"attrs":122338,"content":122339},{"textAlign":49},[122340],{"text":122341,"type":599},"The key to hybrid battery packs is to have a battery management system (BMS) to control the state of health and state of charge of these different cell chemistries to make sure that they can perform over the entire lifetime of the battery pack, McNulty said.",{"type":657,"attrs":122343,"content":122344},{"level":15966,"textAlign":49},[122345],{"text":122346,"type":599},"Reducing graphite usage",{"type":594,"attrs":122348,"content":122349},{"textAlign":49},[122350],{"text":122351,"type":599},"Our Next Energy says the use of an anode-less cell reduces graphite use by 60% compared to electric vehicles currently on the market. It also reduces the need for nickel and cobalt due to the use of LFP cells.",{"type":594,"attrs":122353,"content":122354},{"textAlign":49},[122355],{"text":122356,"type":599},"The company aims to produce a battery that will enable electric vehicles to drive long distances “in real-world conditions.” It says its dual-chemistry battery has an energy density of 450 watt-hours a litre at a system level.",{"type":594,"attrs":122358,"content":122359},{"textAlign":49},[122360],{"text":122361,"type":599},"Still, lithium manganese chemistries including lithium manganese nickel oxide (LMNO) cells are only set to make up less than 1.5% of the electric vehicle battery market this year and around 3% in 2025 due to their lower energy densities, according to Benchmark’s Lithium ion Battery Database.",{"type":594,"attrs":122363,"content":122364},{"textAlign":49},[122365],{"text":122366,"type":599},"BMW is an investor in the company via BMW i Ventures, which last October led a $65 million funding round in Our Next Energy.","BMW has agreed to trial a dual-chemistry battery pack produced by Michigan startup Our Next Energy, as automakers such as Nio adopt mixed pack technology to boost vehicle range. BMW said it would use the company’s hybrid battery pack in a prototype BMW iX all-electric SUV, claiming the vehicle could reach a range of 600 […]",[122369],{"slug":544,"name":543,"content":122370},{"job_title":557,"image":122371,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"129c439b-e3ed-4f3d-beb2-047038b65d99\", \"id\": \"\"}-->",[122374,122375,122376],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":122378,"copyright":547,"fieldtype":553,"meta_data":122379,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5342775d9b/bm-p90464058-highres-bmw-ix-m60-05-20221.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 15, 2022",{"id":122382,"uuid":122383,"name":122384,"slug":122385,"full_slug":122386,"content":122387},112472677289342,"7a19ff5a-3d46-4b22-9b70-dbe8b6d0afc9","China’s anode players announce $3.9 billion for synthetic graphite projects","chinas-anode-players-announce-3-9-billion-for-synthetic-graphite-projects","article/chinas-anode-players-announce-3-9-billion-for-synthetic-graphite-projects",{"_uid":122388,"date":122389,"tags":122390,"editor":122391,"content":122395,"excerpt":122519,"featured":51,"reporter":122520,"_editable":122524,"component":864,"seo_title":122384,"categories":122525,"visibility":882,"author_company":49,"featured_image":122528,"seo_description":122519,"author_full_name":49,"author_job_title":49,"formattedDate":122531},"b33a1b96-bbf2-4f2c-93e3-d979bf3dff34","2022-06-09 00:00",[],[122392],{"slug":544,"name":543,"content":122393},{"job_title":557,"image":122394,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":122396},[122397,122402,122407,122412,122417,122429,122434,122439,122444,122449,122454,122459,122464,122469,122474,122479,122484,122489,122494,122499,122504,122509,122514],{"type":594,"attrs":122398,"content":122399},{"textAlign":49},[122400],{"text":122401,"type":599},"Chinese battery anode companies announced plans for over $3.9 billion of investment in synthetic graphite projects in May, as they look to integrate their supply chains and reduce costs.",{"type":594,"attrs":122403,"content":122404},{"textAlign":49},[122405],{"text":122406,"type":599},"The announcements include a new project in Sichuan province, south-west China, where operations can be powered by renewable energy, helping to reduce the carbon intensity of synthetic graphite, which accounts for a high proportion of a battery’s footprint. ",{"type":594,"attrs":122408,"content":122409},{"textAlign":49},[122410],{"text":122411,"type":599},"The graphitisation process can account for up to half the cost of producing synthetic graphite anodes for electric vehicle batteries, but so far much of the process has been concentrated in Inner Mongolia, where most of the electricity comes from coal. ",{"type":594,"attrs":122413,"content":122414},{"textAlign":49},[122415],{"text":122416,"type":599},"By moving the graphitisation in-house, anode producers can have greater control and can situate themselves in places with cleaner energy, according to Maynie Yang, an analyst at Benchmark. ",{"type":594,"attrs":122418,"content":122419},{"textAlign":49},[122420,122422,122428],{"text":122421,"type":599},"Last month Shinzoom’s investment of 2.5 billion RMB ($368 million) on a 100,000 tonne integrated synthetic graphite anode project in ",{"text":122423,"type":599,"marks":122424},"Sichuan Province, where there are abundant sources of hydropower",[122425],{"type":604,"attrs":122426},{"href":122427,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-anode-majors-shift-to-sichuan-in-clean-energy-push",{"text":974,"type":599},{"type":594,"attrs":122430,"content":122431},{"textAlign":49},[122432],{"text":122433,"type":599},"Recently tier 1 anode producer BTR completed construction of an integrated synthetic graphite anode production facility in the region in under a year. Over the past 18 months several tier 1 anode producers have also announced plans to develop operations in Sichuan.",{"type":594,"attrs":122435,"content":122436},{"textAlign":49},[122437],{"text":122438,"type":599},"“The major anode producers are trying to build up in-house graphitisation capacity to reduce costs,” Yang said. ",{"type":657,"attrs":122440,"content":122441},{"level":15966,"textAlign":49},[122442],{"text":122443,"type":599},"New entrants",{"type":594,"attrs":122445,"content":122446},{"textAlign":49},[122447],{"text":122448,"type":599},"The announcements come as producers anticipate growing downstream demand for synthetic graphite anodes as lockdown restrictions in China ease. China is also looking to further cement its dominance in the area.",{"type":594,"attrs":122450,"content":122451},{"textAlign":49},[122452],{"text":122453,"type":599},"“Local government support is really encouraging new entrants,” Yang said, “they want to attract new anode projects.”",{"type":594,"attrs":122455,"content":122456},{"textAlign":49},[122457],{"text":122458,"type":599},"The biggest announcement from a new entrant was 12 billion RMB ($1.8 billion) by Haichuang Shangwei New Energy for a project with a first phase capacity of 40,000 tonnes of anode per year. Haichuang Shangwei New Energy is a joint venture company formed by Sunway, a cable company, in partnership with Chinese cement producer Conch Venture.",{"type":594,"attrs":122460,"content":122461},{"textAlign":49},[122462],{"text":122463,"type":599},"It can be relatively expensive for new players to enter the market. “Typically we are seeing lower capex from existing producers who are expanding compared to new market entrants who are wanting to build a new production base from scratch,” Yang said.",{"type":594,"attrs":122465,"content":122466},{"textAlign":49},[122467],{"text":122468,"type":599},"However, some of the new entrants are leveraging their existing business connections. Sunstone and Baowu previously made synthetic graphite electrodes for the steel industry, so they can “transfer existing knowledge into producing anode.”",{"type":594,"attrs":122470,"content":122471},{"textAlign":49},[122472],{"text":122473,"type":599},"With the cost of pet needle coke, a key raw material in synthetic graphite production, rising owing to uncertainties caused by fluctuating petroleum prices, the companies may be able to maximise on their “existing relationships with coke suppliers to help them with their feedstock prices,” Yang said.",{"type":657,"attrs":122475,"content":122476},{"level":15966,"textAlign":49},[122477],{"text":122478,"type":599},"In-house graphitisation",{"type":594,"attrs":122480,"content":122481},{"textAlign":49},[122482],{"text":122483,"type":599},"Yang notes that there has yet to be a successful case of a company transitioning from producing synthetic graphite electrodes for the steel industry into producing anodes, however. But some companies have brought graphitisation, the process of creating synthetic graphite from feedstock, capacity online which typically begins before anode production capacity is brought online.",{"type":594,"attrs":122485,"content":122486},{"textAlign":49},[122487],{"text":122488,"type":599},"“Graphitisation has been one of the major production bottlenecks for anode producers,” Yang said.",{"type":657,"attrs":122490,"content":122491},{"level":15966,"textAlign":49},[122492],{"text":122493,"type":599},"Progress slow outside of China",{"type":594,"attrs":122495,"content":122496},{"textAlign":49},[122497],{"text":122498,"type":599},"In total, 97% of existing synthetic graphite anode production is located in China, as assessed by Benchmark’s Anode Assessment. This is unlikely to change in the short term as 99% of synthetic anode capacity under construction and 92% being planned is also located in China.",{"type":594,"attrs":122500,"content":122501},{"textAlign":49},[122502],{"text":122503,"type":599},"“We are seeing very few overseas synthetic graphite anode projects,” Yang said.",{"type":594,"attrs":122505,"content":122506},{"textAlign":49},[122507],{"text":122508,"type":599},"One of the few non-Chinese companies with plans to enter the synthetic graphite anode market is the Korean steel-giant POSCO. They recently announced a $242-323 million plan to develop a synthetic graphite facility in the USA, hoping to take advantage of the underdeveloped anode value chain in the region.",{"type":594,"attrs":122510,"content":122511},{"textAlign":49},[122512],{"text":122513,"type":599},"The company has previously been focussed on natural graphite anodes. “The latest announcement is to help diversify,” Yang said.",{"type":594,"attrs":122515,"content":122516},{"textAlign":49},[122517],{"text":122518,"type":599},"Over 70% of anode capacity outside of China is for natural graphite, as assessed by Benchmark’s Anode Assessment. “If more anode capacity is brought on outside of China we may see a slightly higher proportion of natural graphite anodes,” Yang said.","Chinese battery anode companies announced plans for over $3.9 billion of investment in synthetic graphite projects in May, as they look to integrate their supply chains and reduce costs. The announcements include a new project in Sichuan province, south-west China, where operations can be powered by renewable energy, helping to reduce the carbon intensity of […]",[122521],{"slug":544,"name":543,"content":122522},{"job_title":557,"image":122523,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b33a1b96-bbf2-4f2c-93e3-d979bf3dff34\", \"id\": \"\"}-->",[122526,122527],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":122529,"copyright":547,"fieldtype":553,"meta_data":122530,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fa49e50fd7/bm-shutterstock-1462093823.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 09, 2022",{"id":122533,"uuid":122534,"name":122535,"slug":122536,"full_slug":122537,"content":122538},112472672521597,"d2783dc8-53e0-4f7c-9ec9-85f4b94ffac2","Rio Tinto takes stake in Nano One to build North America battery midstream","rio-tinto-takes-stake-in-nano-one-to-build-north-america-battery-midstream","article/rio-tinto-takes-stake-in-nano-one-to-build-north-america-battery-midstream",{"_uid":122539,"date":122389,"tags":122540,"editor":122542,"content":122546,"excerpt":122637,"featured":51,"reporter":122638,"_editable":122642,"component":864,"seo_title":122535,"categories":122643,"visibility":882,"author_company":49,"featured_image":122647,"seo_description":122637,"author_full_name":49,"author_job_title":49,"formattedDate":122531},"a69393ef-1e4e-414f-8ba9-a6f1d4749df3",[122541],{"slug":4366,"name":4367},[122543],{"slug":544,"name":543,"content":122544},{"job_title":557,"image":122545,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":122547},[122548,122553,122558,122563,122568,122573,122578,122583,122588,122593,122598,122603,122615,122620,122625,122630],{"type":594,"attrs":122549,"content":122550},{"textAlign":49},[122551],{"text":122552,"type":599},"Rio Tinto has agreed to buy a 4.9% stake in Canadian startup Nano One for $10 million, in a deal that gives the global miner exposure to the burgeoning battery cathode supply chain in North America.",{"type":594,"attrs":122554,"content":122555},{"textAlign":49},[122556],{"text":122557,"type":599},"The two companies said they will study the use of iron powders from Rio Tinto’s existing titanium plant in Quebec as feedstock for production of Nano One’s lithium iron phosphate (LFP) battery cathode materials.",{"type":594,"attrs":122559,"content":122560},{"textAlign":49},[122561],{"text":122562,"type":599},"The deal advances Nano One’s goal to become a North American cathode producer, following its acquisition last month of a LFP cathode plant in Quebec from British chemicals company Johnson Matthey.",{"type":594,"attrs":122564,"content":122565},{"textAlign":49},[122566],{"text":122567,"type":599},"Nano One said the money would go towards the acquisition of the facility from Johnson Matthey as well as its conversion to producing the company’s lithium iron phosphate cathode as well as other cathode chemistries.",{"type":594,"attrs":122569,"content":122570},{"textAlign":49},[122571],{"text":122572,"type":599},"“Rio Tinto brings deep experience in high volume production and technology commercialization, as well as a growing battery metals business,” Dan Blondal, chief executive of Nano One, said.",{"type":594,"attrs":122574,"content":122575},{"textAlign":49},[122576],{"text":122577,"type":599},"Currently almost all the world’s production of LFP cathode is done in China, but automakers outside of the country are starting to use LFP cells because of their lower cost and greater safety.",{"type":594,"attrs":122579,"content":122580},{"textAlign":49},[122581],{"text":122582,"type":599},"The deal with Nano One also gives Rio Tinto’s iron powder from its Fer et Titane plant in Quebec a new outlet in the North American market.",{"type":657,"attrs":122584,"content":122585},{"level":15966,"textAlign":49},[122586],{"text":122587,"type":599},"Rio Tinto’s battery metal push",{"type":594,"attrs":122589,"content":122590},{"textAlign":49},[122591],{"text":122592,"type":599},"Rio Tinto’s chief executive Jakob Stausholm has pledged to invest more capital in commodities that will benefit from the global shift away from fossil fuels, in an effort to diversify away from iron ore, its biggest product. In March Rio completed the acquisition of the Rincon lithium project in Argentina for $825 million.",{"type":594,"attrs":122594,"content":122595},{"textAlign":49},[122596],{"text":122597,"type":599},"Rio wants to become a “become an important stakeholder in battery materials,” Didier Arseguel, vice president of technology at Rio Tinto Iron and Titanium, said.",{"type":594,"attrs":122599,"content":122600},{"textAlign":49},[122601],{"text":122602,"type":599},"A healthy iron powder future is critical for Rio Tinto’s Quebec plant, which produces titanium dioxide (TiO2.) Most of Rio’s titanium production is used in the automotive industry, mainly for parts for internal combustion engine vehicles.",{"type":594,"attrs":122604,"content":122605},{"textAlign":49},[122606,122608,122613],{"text":122607,"type":599},"Titanium dioxide producers in China have ",{"text":122609,"type":599,"marks":122610},"increasingly been moving",[122611],{"type":604,"attrs":122612},{"href":119092,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":122614,"type":599}," into the battery cathode space, as they look for a new market for their iron.",{"type":594,"attrs":122616,"content":122617},{"textAlign":49},[122618],{"text":122619,"type":599},"Nano One will issue 4.6 million shares to Rio Tinto in a private placement at C$2.70 per Share, representing around 4.9% of its current shares in issue. Rio Tinto will also have the right to maintain its stake in any future equity financings for five years.",{"type":594,"attrs":122621,"content":122622},{"textAlign":49},[122623],{"text":122624,"type":599},"In addition, Rio Tinto will receive 1 million warrants giving them the right to buy a share in Nano One at C$4.00 a share for 12 months.",{"type":594,"attrs":122626,"content":122627},{"textAlign":49},[122628],{"text":122629,"type":599},"Shares in Nano One have fallen by 38% over the past year to trade at C$2.97 a share.",{"type":594,"attrs":122631,"content":122632},{"textAlign":49},[122633],{"text":122634,"type":599,"marks":122635},"(This story has been updated to correct the size of Rio’s stake.) ",[122636],{"type":643},"Rio Tinto has agreed to buy a 4.9% stake in Canadian startup Nano One for $10 million, in a deal that gives the global miner exposure to the burgeoning battery cathode supply chain in North America. The two companies said they will study the use of iron powders from Rio Tinto’s existing titanium plant in […]",[122639],{"slug":544,"name":543,"content":122640},{"job_title":557,"image":122641,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a69393ef-1e4e-414f-8ba9-a6f1d4749df3\", \"id\": \"\"}-->",[122644,122645,122646],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":122648,"copyright":547,"fieldtype":553,"meta_data":122649,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cb894b6df7/bm-rt-rtft-port1-e1654788073852.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":122651,"uuid":122652,"name":122653,"slug":122654,"full_slug":122655,"content":122656},112472696479106,"0a30b31a-d041-4e26-a146-995800971911","BYD eyes African lithium as Chinese companies invest in continent","byd-eyes-african-lithium-as-chinese-companies-invest-in-continent","article/byd-eyes-african-lithium-as-chinese-companies-invest-in-continent",{"_uid":122657,"date":122658,"tags":122659,"editor":122660,"content":122664,"excerpt":122792,"featured":51,"reporter":122793,"_editable":122797,"component":864,"seo_title":122653,"categories":122798,"visibility":882,"author_company":49,"featured_image":122801,"seo_description":122792,"author_full_name":49,"author_job_title":49,"formattedDate":122804},"f77c8787-21f8-4929-af32-66767a699a5b","2022-06-07 00:00",[],[122661],{"slug":544,"name":543,"content":122662},{"job_title":557,"image":122663,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":122665},[122666,122671,122676,122681,122686,122691,122696,122709,122714,122719,122724,122729,122734,122739,122744,122749,122762,122767,122772,122777,122782,122787],{"type":594,"attrs":122667,"content":122668},{"textAlign":49},[122669],{"text":122670,"type":599},"A reported move by Chinese electric carmaker BYD to buy African lithium assets could help cement China’s control over future supply from the continent and help the company secure supplies of the battery raw material in the face of rising prices.",{"type":594,"attrs":122672,"content":122673},{"textAlign":49},[122674],{"text":122675,"type":599},"BYD has agreed to acquire six lithium mines with enough production for up to 1 million tonnes of lithium carbonate, a report in The Paper, a Chinese publication, said last week. A person close to BYD confirmed to Benchmark that the company was looking at African deposits.",{"type":594,"attrs":122677,"content":122678},{"textAlign":49},[122679],{"text":122680,"type":599},"Chinese companies have been the most active investors in African lithium mining projects over the past year, investing in mines from Zimbabwe to Ethiopia. Lithium supply from Africa could increase nearly six-fold by 2025 compared to 2022, to around 40,000 tpa LCE, according to Benchmark’s Lithium Forecast, enough to meet around 14% of forecast global demand.",{"type":594,"attrs":122682,"content":122683},{"textAlign":49},[122684],{"text":122685,"type":599},"The report said the African mines BYD was considering had 25 million tonnes of ore with a 2.5 percent lithium oxide grade, translating into around 1 million tonnes of lithium carbonate, enough for around 28 million vehicles.",{"type":594,"attrs":122687,"content":122688},{"textAlign":49},[122689],{"text":122690,"type":599},"Cameron Perks, an analyst at Benchmark, said that indicated the six mines were likely to be small deposits, producing around 15,000 tonnes a year of LCE.",{"type":657,"attrs":122692,"content":122693},{"level":15966,"textAlign":49},[122694],{"text":122695,"type":599},"Securing lithium supplies",{"type":594,"attrs":122697,"content":122698},{"textAlign":49},[122699,122701,122707],{"text":122700,"type":599},"The effort to secure lithium in Africa comes following efforts by BYD to buy deposits in Chile and develop China’s own domestic resources. In January BYD ",{"text":122702,"type":599,"marks":122703},"won a tender",[122704],{"type":604,"attrs":122705},{"href":122706,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-byd-wins-chile-lithium-tender-incoming-president-pushes-nationalisation",{"text":122708,"type":599}," for lithium mining rights from the Chilean Ministry of Energy and Mining, but this was later suspended by a Chilean court.",{"type":594,"attrs":122710,"content":122711},{"textAlign":49},[122712],{"text":122713,"type":599},"The company has also spent over a decade trying to develop a lithium project in China’s Qinghai province. BYD’s joint venture with Qinghai Salt Lake is set to construct a 30,000 tpa battery-grade lithium carbonate production facility this year, following two years of delays, in part due to the bankruptcy and restructuring of JV partner, Qinghai Salt Lake, in 2019.",{"type":594,"attrs":122715,"content":122716},{"textAlign":49},[122717],{"text":122718,"type":599},"Its efforts in Africa could bear more fruit, however. Chinese lithium companies have stepped up investments in hard rock lithium pegmatite projects across the continent, which could easily provide lithium-bearing ore that can be shipped back to China to be processed.",{"type":594,"attrs":122720,"content":122721},{"textAlign":49},[122722],{"text":122723,"type":599},"Currently Australia is the largest supplier of lithium ore to China, but political relations between the two countries have frayed, increasing the case for diversification.",{"type":594,"attrs":122725,"content":122726},{"textAlign":49},[122727],{"text":122728,"type":599},"“There’s been lots of investments by Chinese companies in Africa, in a bid to diversify supply,” Daisy Jennings-Gray, an analyst at Benchmark, said. “They can stick to hard rock mining but reduce their reliance on Australia.”",{"type":657,"attrs":122730,"content":122731},{"level":15966,"textAlign":49},[122732],{"text":122733,"type":599},"Rush of deals",{"type":594,"attrs":122735,"content":122736},{"textAlign":49},[122737],{"text":122738,"type":599},"Chinese companies have invested in the majority of existing lithium deposits in Africa in recent years. BYD’s partner and supplier Chengxin Lithium has recently been one of the most active.",{"type":594,"attrs":122740,"content":122741},{"textAlign":49},[122742],{"text":122743,"type":599},"In Zimbabwe, Chengxin Lithium recently agreed to set up a 50-50 joint venture with Sinomine Resource Group to explore and develop lithium resources in the country.",{"type":594,"attrs":122745,"content":122746},{"textAlign":49},[122747],{"text":122748,"type":599},"In April Chengxin also announced that it had invested AUD 2.8m ($2.1m) to acquire a 3.4% stake in Abyssinian Metals, which owns a 51% share of the Kenticha lithium mine in Ethiopia.",{"type":594,"attrs":122750,"content":122751},{"textAlign":49},[122752,122754,122760],{"text":122753,"type":599},"BYD ",{"text":122755,"type":599,"marks":122756},"agreed to buy",[122757],{"type":604,"attrs":122758},{"href":122759,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/byd-secures-lithium-discount-after-buying-stake-in-chinese-lithium-miner",{"text":122761,"type":599}," a 5% stake in Chengxin in March, as part of a strategic agreement between the two companies.",{"type":594,"attrs":122763,"content":122764},{"textAlign":49},[122765],{"text":122766,"type":599},"Sinomine, which is listed on the Shenzhen stock exchange, previously spent $180 million to acquire 74% of the Bikita Minerals project in Zimbabwe.  Last month it said it would spend RMBD 1.27 billion at the project to produce 300,000 tonnes of spodumene concentrates with a lithium oxide grade of 5.5% and 90,000 lepidolite concentrates with a grade of 2.5%.",{"type":657,"attrs":122768,"content":122769},{"level":15966,"textAlign":49},[122770],{"text":122771,"type":599},"Rising sales",{"type":594,"attrs":122773,"content":122774},{"textAlign":49},[122775],{"text":122776,"type":599},"BYD is one of the few automakers who produce their own batteries, exposing the company directly to rising lithium prices.",{"type":594,"attrs":122778,"content":122779},{"textAlign":49},[122780],{"text":122781,"type":599},"Prices for Chinese battery grade lithium carbonate have risen by more than 400% over the past year. Battery-grade lithium carbonate in China last traded at RMB 463,000 a tonne ($69,450), according to Benchmark’s Lithium Price Assessment.",{"type":594,"attrs":122783,"content":122784},{"textAlign":49},[122785],{"text":122786,"type":599},"BYD has managed to substantially increase sales this year in China, despite lockdowns in Shanghai and elsewhere.",{"type":594,"attrs":122788,"content":122789},{"textAlign":49},[122790],{"text":122791,"type":599},"BYD sold 114,183 pure electric and plug-in electric vehicles in May, a 143% increase from the same period a year earlier. The carmaker is targeting sales of 1.5 million new energy vehicles for 2022.","A reported move by Chinese electric carmaker BYD to buy African lithium assets could help cement China’s control over future supply from the continent and help the company secure supplies of the battery raw material in the face of rising prices. BYD has agreed to acquire six lithium mines with enough production for up to […]",[122794],{"slug":544,"name":543,"content":122795},{"job_title":557,"image":122796,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f77c8787-21f8-4929-af32-66767a699a5b\", \"id\": \"\"}-->",[122799,122800],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":122802,"copyright":547,"fieldtype":553,"meta_data":122803,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/899e43a3ff/bm-byd-car.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 07, 2022",{"id":122806,"uuid":122807,"name":122808,"slug":122809,"full_slug":122810,"content":122811},112472701259140,"fdf69fa1-b756-4de2-981e-a3acce9bbce0","Pressure piles on LME as it faces $456 million Elliott lawsuit","pressure-piles-on-lme-as-it-faces-456-million-elliot-lawsuit","article/pressure-piles-on-lme-as-it-faces-456-million-elliot-lawsuit",{"_uid":122812,"date":122813,"tags":122814,"editor":122815,"content":122819,"excerpt":122942,"featured":51,"reporter":122943,"_editable":122947,"component":864,"seo_title":122808,"categories":122948,"visibility":882,"author_company":49,"featured_image":122951,"seo_description":122942,"author_full_name":49,"author_job_title":49,"formattedDate":122954},"1b357ad0-9a5a-4b5f-a7e0-589cf7b9afdc","2022-06-06 00:00",[],[122816],{"slug":544,"name":543,"content":122817},{"job_title":557,"image":122818,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":122820},[122821,122826,122831,122836,122841,122846,122851,122856,122869,122882,122887,122892,122897,122902,122907,122912,122932,122937],{"type":594,"attrs":122822,"content":122823},{"textAlign":49},[122824],{"text":122825,"type":599},"Hedge fund Elliott Associates is suing the London Metal Exchange for almost half a billion dollars over its cancellation of nickel trades in March, in a case that could raise further questions about the exchange’s conduct.",{"type":594,"attrs":122827,"content":122828},{"textAlign":49},[122829],{"text":122830,"type":599},"The activist investment firm alleges that the LME’s decision was “unlawful on public law grounds and/or constituted a violation of the Claimants’ human rights,” and is claiming $456 million in damages. ",{"type":594,"attrs":122832,"content":122833},{"textAlign":49},[122834],{"text":122835,"type":599},"The legal action will challenge the LME’s decision to cancel trades in early March, which came after it was reported that China’s Tsingshan, a large stainless steel maker, had amassed a large short position on the exchange, betting that prices would fall. ",{"type":594,"attrs":122837,"content":122838},{"textAlign":49},[122839],{"text":122840,"type":599},"The LME suspended trading of nickel contracts on the 8th of March following what it deemed disorderly market behaviour as prices surged to a record high above $100,000 a tonne during early morning trading. It retroactively cancelled all trades already made between midnight and 08:15 am that day. ",{"type":594,"attrs":122842,"content":122843},{"textAlign":49},[122844],{"text":122845,"type":599},"The surge in nickel prices was particularly damaging to Tsingshan as the company was forced to pay ever more money in margin calls, or close its positions at a loss. ",{"type":594,"attrs":122847,"content":122848},{"textAlign":49},[122849],{"text":122850,"type":599},"“The LME Management is of the view that the claim is without merit and the LME will contest it vigorously,” Hong Kong Exchanges and Clearing, the parent company of LME and LME Clear, said in a statement.",{"type":657,"attrs":122852,"content":122853},{"level":15966,"textAlign":49},[122854],{"text":122855,"type":599},"Disorderly markets",{"type":594,"attrs":122857,"content":122858},{"textAlign":49},[122859,122861,122867],{"text":122860,"type":599},"After Russia invaded Ukraine at the end of February this year, ",{"text":122862,"type":599,"marks":122863},"nickel prices began to surge",[122864],{"type":604,"attrs":122865},{"href":122866,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/nickel-price-surges-by-60-as-russias-invasion-deals-further-blow-to-battery-costs",{"text":122868,"type":599}," as traders feared sanctions on Russia would impact its supplies of the metal, which are used in electric vehicle batteries.",{"type":594,"attrs":122870,"content":122871},{"textAlign":49},[122872,122874,122880],{"text":122873,"type":599},"During early morning trading on the 8th of March, the LME’s nickel contract was trading at a record high of over $100,000 a tonne. The LME made the decision to suspend all ",{"text":122875,"type":599,"marks":122876},"trading on its nickel contract",[122877],{"type":604,"attrs":122878},{"href":122879,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/historic-nickel-rally-shuts-down-lme-and-places-tsingshan-in-the-spotlight",{"text":122881,"type":599}," from 08:15 am that day and to retroactively cancel any trades that had been made after midnight.",{"type":594,"attrs":122883,"content":122884},{"textAlign":49},[122885],{"text":122886,"type":599},"The LME said that midnight was “the last point in time at which the LME could be confident the market was operating in an orderly manner.”",{"type":594,"attrs":122888,"content":122889},{"textAlign":49},[122890],{"text":122891,"type":599},"Such a closure was near unprecedented for the LME, which hadn’t suspended trades since it halted its tin market in 1985. Unlike the tin market which was suspended for several years, trading on the nickel market resumed on the 16th of March 2022.",{"type":594,"attrs":122893,"content":122894},{"textAlign":49},[122895],{"text":122896,"type":599},"Ken Griffin, founder and head of the investment firm Citadel, has called the LME’s decision “incomprehensibly wrong”.",{"type":594,"attrs":122898,"content":122899},{"textAlign":49},[122900],{"text":122901,"type":599},"Through the English High Court, Elliott is challenging the decisions that led to the cancellation of these trades. It claims that by retrospectively cancelling nickel trades the LME was acting unlawfully and/or violating its rights.",{"type":594,"attrs":122903,"content":122904},{"textAlign":49},[122905],{"text":122906,"type":599},"The LME denies this, with HKEX stating: “It should be stressed that the LME always acted in the interest of the market as a whole,” and that the “claim is without merit”.",{"type":657,"attrs":122908,"content":122909},{"level":15966,"textAlign":49},[122910],{"text":122911,"type":599},"New pricing mechanisms",{"type":594,"attrs":122913,"content":122914},{"textAlign":49},[122915,122917,122923,122925,122930],{"text":122916,"type":599},"Regardless of the outcome of the lawsuit, it is clear that the suspension and cancellation of trades has led to ",{"text":122918,"type":599,"marks":122919},"faltering trust in the LME",[122920],{"type":604,"attrs":122921},{"href":122922,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/faltering-trust-in-the-lme-leads-to-new-mhp-nickel-pricing-methods",{"text":122924,"type":599}," and is pushing market participants to consider alternative pricing mechanisms. Benchmark has noted ",{"text":122926,"type":599,"marks":122927},"two alternative mechanisms",[122928],{"type":604,"attrs":122929},{"href":122922,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":122931,"type":599}," being deployed to price nickel MHP, which is used for batteries.",{"type":594,"attrs":122933,"content":122934},{"textAlign":49},[122935],{"text":122936,"type":599},"The first is to use a payable level versus the Shanghai Futures Exchange nickel metal cash settled price. The second is to maintain payables at 90% but to require purchasers to bid on the nickel metal price in an auction process.",{"type":594,"attrs":122938,"content":122939},{"textAlign":49},[122940],{"text":122941,"type":599},"The LME nickel prices have fallen significantly since the short-squeeze and are currently at around $29,375 a tonne, about 68% below the price it was trading at the day before the LME suspended trading.","Hedge fund Elliott Associates is suing the London Metal Exchange for almost half a billion dollars over its cancellation of nickel trades in March, in a case that could raise further questions about the exchange’s conduct. The activist investment firm alleges that the LME’s decision was “unlawful on public law grounds and/or constituted a violation […]",[122944],{"slug":544,"name":543,"content":122945},{"job_title":557,"image":122946,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1b357ad0-9a5a-4b5f-a7e0-589cf7b9afdc\", \"id\": \"\"}-->",[122949,122950],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":122952,"copyright":547,"fieldtype":553,"meta_data":122953,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5e9ee06535/bm-15099264329-4bed747792-5k-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 06, 2022",{"id":122956,"uuid":122957,"name":122958,"slug":122959,"full_slug":122960,"content":122961},112472706133381,"08daedec-b464-4d47-97bc-8abd73e9fb42","Mitsubishi Chemical targets Europe and America in graphite push","mitsubishi-chemical-targets-europe-and-america-in-graphite-push","article/mitsubishi-chemical-targets-europe-and-america-in-graphite-push",{"_uid":122962,"date":122963,"tags":122964,"editor":122965,"content":122969,"excerpt":123074,"featured":51,"reporter":123075,"_editable":123079,"component":864,"seo_title":122958,"categories":123080,"visibility":882,"author_company":49,"featured_image":123083,"seo_description":123074,"author_full_name":49,"author_job_title":49,"formattedDate":123086},"0ee72abb-f7df-495c-96ed-c335ea1a7536","2022-06-01 00:00",[],[122966],{"slug":544,"name":543,"content":122967},{"job_title":557,"image":122968,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":122970},[122971,122976,122981,122986,122991,122996,123001,123004,123009,123014,123019,123024,123029,123034,123039,123044,123049,123054,123059,123064,123069],{"type":594,"attrs":122972,"content":122973},{"textAlign":49},[122974],{"text":122975,"type":599},"Mitsubishi Chemical Holdings said it is considering a move into Europe and North America as it looks to tap into rising demand for graphite anode materials from regional battery producers. ",{"type":594,"attrs":122977,"content":122978},{"textAlign":49},[122979],{"text":122980,"type":599},"The company said it had begun to consider the production and sale of anode materials in European countries and the United States.",{"type":594,"attrs":122982,"content":122983},{"textAlign":49},[122984],{"text":122985,"type":599},"“Demand for lithium-ion batteries for automobile applications, mainly for electric vehicles (EVs), is surging due to the global increase in environmental consciousness,” the company said on Monday. “Along with this trend, demand is increasing for high-quality and eco-friendly anode materials, a key component of the batteries, available for automotive applications.”",{"type":594,"attrs":122987,"content":122988},{"textAlign":49},[122989],{"text":122990,"type":599},"The vast majority of anode material is produced in China. In 2022, Benchmark expects 78% of all natural graphite anode materials to be produced in the country. Europe and North America combined represent just 0.2% of the market.",{"type":594,"attrs":122992,"content":122993},{"textAlign":49},[122994],{"text":122995,"type":599},"In early May, Mitsubishi signed agreements with Syrah Resources and Mineral Commodities, two graphite companies headquartered in Australia but with planned facilities in the regions Mitsubishi is looking to move into.",{"type":594,"attrs":122997,"content":122998},{"textAlign":49},[122999],{"text":123000,"type":599},"“Mitsubishi are following in the footsteps of cathode and battery producers looking to capitalise on the underdevelopment of the North American and European markets,” George Miller, a senior analyst at Benchmark, said. “It represents quite an early strategic move from Mitsubishi to be getting into the North American and European anode markets.”",{"type":594,"attrs":123002,"content":123003},{"textAlign":49},[],{"type":657,"attrs":123005,"content":123006},{"level":15966,"textAlign":49},[123007],{"text":123008,"type":599},"Moving out of China",{"type":594,"attrs":123010,"content":123011},{"textAlign":49},[123012],{"text":123013,"type":599},"China mines over 63% of flake graphite followed by Mozambique with 11%. This is expected to change, however, by 2030, when China is expected to represent just over a quarter of the mined graphite market as other countries build out their production capacity.",{"type":594,"attrs":123015,"content":123016},{"textAlign":49},[123017],{"text":123018,"type":599},"Europe is forecast to remain under 5%, however, though North America will increase its market share to almost 10%, mostly concentrated in Canada, according to Benchmark’s Anode Market Assessment.",{"type":594,"attrs":123020,"content":123021},{"textAlign":49},[123022],{"text":123023,"type":599},"“This is a hugely untapped market,” according to Miller.",{"type":594,"attrs":123025,"content":123026},{"textAlign":49},[123027],{"text":123028,"type":599},"Syrah Resources operates a graphite mine in Mozambique and is currently planning an anode material production facility in Louisiana. Mineral Commodities operates a graphite mine in Norway and is planning an Australian mine which Benchmark forecasts will be operational in 2024.",{"type":594,"attrs":123030,"content":123031},{"textAlign":49},[123032],{"text":123033,"type":599},"As such, Syrah and Mineral Commodities both have experience in North American and European markets.",{"type":594,"attrs":123035,"content":123036},{"textAlign":49},[123037],{"text":123038,"type":599},"“Mitsubishi might need local partners for where it is trying to expand,” Miller said. “There are frequently a lot of obstacles facing foreign companies entering a new market, so it could be beneficial for them to collaborate with local integrated anode aspirants.”",{"type":594,"attrs":123040,"content":123041},{"textAlign":49},[123042],{"text":123043,"type":599},"With Mineral Commodities (via its Norwegian subsidiary Ascent Graphite), Mitsubishi plans to construct an anode plant. If trials are successful, and Mineral Commodities graphite materials are compatible with Mitsubishi’s technology, then the collaboration will explore developing a supply chain in Europe.",{"type":594,"attrs":123045,"content":123046},{"textAlign":49},[123047],{"text":123048,"type":599},"This week Mitsubishi said it also plans to also assess Syrah’s graphite materials for optimisation with its anode material production technology. ",{"type":594,"attrs":123050,"content":123051},{"textAlign":49},[123052],{"text":123053,"type":599},"“The announcement indicates a wider sphere of collaboration between the three beyond flake graphite production,” Benchmark’s Miller said. ",{"type":657,"attrs":123055,"content":123056},{"level":15966,"textAlign":49},[123057],{"text":123058,"type":599},"Chinese expansion",{"type":594,"attrs":123060,"content":123061},{"textAlign":49},[123062],{"text":123063,"type":599},"Mitsubishi, a tier 1 anode materials producer, operates a Chinese natural graphite anode material production facility through the 100%-owned subsidiary Qingdao Anode Kasei Co. and the affiliated 49%-owned Qingdao Lingda Kasei Co..",{"type":594,"attrs":123065,"content":123066},{"textAlign":49},[123067],{"text":123068,"type":599},"The facility produces anode material from natural graphite which it says has a higher performance than synthetic graphite-based anode materials. The key features of the material are that it swells less than traditional anode materials and that fewer greenhouse gases are emitted during the production process.",{"type":594,"attrs":123070,"content":123071},{"textAlign":49},[123072],{"text":123073,"type":599},"The production capacity of this facility will be increased six-fold to over 10,000 tonnes of anode material a year, Mitsubishi also said on Monday. Mitsubishi expects the expansion will be operational early 2023.","Mitsubishi Chemical Holdings said it is considering a move into Europe and North America as it looks to tap into rising demand for graphite anode materials from regional battery producers. The company said it had begun to consider the production and sale of anode materials in European countries and the United States. “Demand for lithium-ion […]",[123076],{"slug":544,"name":543,"content":123077},{"job_title":557,"image":123078,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0ee72abb-f7df-495c-96ed-c335ea1a7536\", \"id\": \"\"}-->",[123081,123082],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":123084,"copyright":547,"fieldtype":553,"meta_data":123085,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/dd4ad3adf4/bm-1654761242378-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 01, 2022",{"id":123088,"uuid":123089,"name":123090,"slug":123091,"full_slug":123092,"content":123093},112472715689351,"e3ee3a6c-899e-418a-ab13-47eea36e93a1","China looks to boost flagging EV sales as Shanghai lockdown eases","china-looks-to-boost-flagging-ev-sales-as-shanghai-lockdown-eases","article/china-looks-to-boost-flagging-ev-sales-as-shanghai-lockdown-eases",{"_uid":123094,"date":123095,"tags":123096,"editor":123098,"content":123102,"excerpt":123205,"featured":51,"reporter":123206,"_editable":123210,"component":864,"seo_title":123090,"categories":123211,"visibility":882,"author_company":49,"featured_image":123214,"seo_description":123205,"author_full_name":49,"author_job_title":49,"formattedDate":123217},"bcba4873-917c-483a-8999-bfac436ff983","2022-05-31 00:00",[123097],{"slug":913,"name":914},[123099],{"slug":544,"name":543,"content":123100},{"job_title":557,"image":123101,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":123103},[123104,123109,123114,123119,123124,123129,123134,123139,123150,123155,123160,123165,123170,123175,123180,123185,123190,123195,123200],{"type":594,"attrs":123105,"content":123106},{"textAlign":49},[123107],{"text":123108,"type":599},"Shanghai has pledged to boost sales of electric vehicles as the city prepares to open up following two months in lockdown, as authorities across the country try to resuscitate demand in the world’s largest car market.",{"type":594,"attrs":123110,"content":123111},{"textAlign":49},[123112],{"text":123113,"type":599},"The city said it would offer 10,000 RMB（$1,500) in subsidies for people who exchange their car for a pure electric version, as part of a 50-point action plan to stimulate economic growth as the city comes out of lockdown on Wednesday.",{"type":594,"attrs":123115,"content":123116},{"textAlign":49},[123117],{"text":123118,"type":599},"The news comes as the Chinese government unveiled multiple policies to stimulate economic growth following a sharp contraction in industrial production and automotive sales this year due to the country’s zero-covid policies.",{"type":594,"attrs":123120,"content":123121},{"textAlign":49},[123122],{"text":123123,"type":599},"The cities of Shenzhen and Guangzhou have also said they would offer 10,000 RMB in subsidies to buyers of electric vehicles.",{"type":594,"attrs":123125,"content":123126},{"textAlign":49},[123127],{"text":123128,"type":599},"Sales of new energy vehicles (including plug-in hybrid) vehicles in China fell by 38% in April from a month earlier to 299,000 vehicles. Not a single vehicle was sold in Shanghai, as residents remained confined to their apartments.",{"type":657,"attrs":123130,"content":123131},{"level":15966,"textAlign":49},[123132],{"text":123133,"type":599},"EV startups report rising sales",{"type":594,"attrs":123135,"content":123136},{"textAlign":49},[123137],{"text":123138,"type":599},"Despite the covid restrictions Chinese electric vehicle startups Xpeng, Nio and Li Auto all reported an increase in sales in May. Xpeng said it delivered 10,125 vehicles in the month, an increase of 12.5% from April, while Li Auto said it delivered 11,496 vehicles, an increase of 176% from the previous month.",{"type":594,"attrs":123140,"content":123141},{"textAlign":49},[123142,123144,123146,123148],{"text":123143,"type":599},"Xpeng said it had resumed “",{"text":123145,"type":599},"double-shift production” at its  plant in Zhaoqing in mid-May while Nio said it “",{"text":123147,"type":599},"plans to further ramp up the production ",{"text":123149,"type":599},"capacity to a higher level” as Covid restrictions ease. ",{"type":594,"attrs":123151,"content":123152},{"textAlign":49},[123153],{"text":123154,"type":599},"Li Auto said, however, that it “continued to encounter challenges” due to shortages of parts from suppliers in the Yangtze delta.",{"type":657,"attrs":123156,"content":123157},{"level":15966,"textAlign":49},[123158],{"text":123159,"type":599},"Battery metal prices",{"type":594,"attrs":123161,"content":123162},{"textAlign":49},[123163],{"text":123164,"type":599},"Shanghai’s policy, as well as those of other cities, could provide a boost to lithium and other battery material prices, if authorities can convince consumers to spend on new electric vehicles despite the economic uncertainty.",{"type":594,"attrs":123166,"content":123167},{"textAlign":49},[123168],{"text":123169,"type":599},"A spokesman for Chinese electric vehicle producer Nio told the National Business Daily that he was confident that more and more consumers would choose electric vehicles “with the overall improvement of the product capability of electric vehicles.”",{"type":594,"attrs":123171,"content":123172},{"textAlign":49},[123173],{"text":123174,"type":599},"Shares of Chinese lithium producers have rallied in recent weeks on hopes that government stimulus will refresh demand. Shares in Ganfeng Lithium are up by 10 % this month, while Tianqi Lithium has risen by 26%.",{"type":594,"attrs":123176,"content":123177},{"textAlign":49},[123178],{"text":123179,"type":599},"Pricing for lithium chemicals in China only marginally softened at the end of May as Shanghai and other cities remained under lockdown, according to Benchmark’s Lithium Price Assessment.",{"type":594,"attrs":123181,"content":123182},{"textAlign":49},[123183],{"text":123184,"type":599},"Buyers in Europe and North America are employing “a watch-and-wait strategy for spot market purchasing” in response to the situation in China, according to the Lithium Price Assessment. That has pushed international prices for both carbonate and hydroxide into the $65,000-75,000/tonne range, according to the assessment.",{"type":657,"attrs":123186,"content":123187},{"level":15966,"textAlign":49},[123188],{"text":123189,"type":599},"Subsidies",{"type":594,"attrs":123191,"content":123192},{"textAlign":49},[123193],{"text":123194,"type":599},"Still, China is set to end subsidies for electric vehicles at the end of this year. The Ministry of Finance said this week it would also “reasonably control” the easing off of national subsidies for electric vehicles, but confirmed they would still finish at the end of 2022.",{"type":594,"attrs":123196,"content":123197},{"textAlign":49},[123198],{"text":123199,"type":599},"“The Ministry of Finance and relevant departments will continuously improve the new energy vehicle subsidy policy, and increase the technical threshold for subsidies, and reasonably control the intensity and pace of easing off, to promote the high quality development of the industry,” it said.",{"type":594,"attrs":123201,"content":123202},{"textAlign":49},[123203],{"text":123204,"type":599},"The government is also looking to stimulate sales of petrol cars to revive the broader auto industry, which could provide more competition for electric vehicle sales. On Thursday the government cut the purchase tax on passenger vehicles in half, for vehicles not more than 300,000 RMB.","Shanghai has pledged to boost sales of electric vehicles as the city prepares to open up following two months in lockdown, as authorities across the country try to resuscitate demand in the world’s largest car market. The city said it would offer 10,000 RMB（$1,500) in subsidies for people who exchange their car for a pure […]",[123207],{"slug":544,"name":543,"content":123208},{"job_title":557,"image":123209,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bcba4873-917c-483a-8999-bfac436ff983\", \"id\": \"\"}-->",[123212,123213],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":123215,"copyright":547,"fieldtype":553,"meta_data":123216,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c5d0bf565c/bm-shanghai-lockdown-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 31, 2022",{"id":123219,"uuid":123220,"name":123221,"slug":123222,"full_slug":123223,"content":123224},112472710901126,"2c4a76ad-7c17-4e32-9114-e86fd396216d","China’s Huayou expands to South Korea with LG cathode stake","chinas-huayou-expands-to-south-korea-with-lg-cathode-stake","article/chinas-huayou-expands-to-south-korea-with-lg-cathode-stake",{"_uid":123225,"date":123095,"tags":123226,"editor":123228,"content":123232,"excerpt":123306,"featured":51,"reporter":123307,"_editable":123311,"component":864,"seo_title":123221,"categories":123312,"visibility":882,"author_company":49,"featured_image":123315,"seo_description":123306,"author_full_name":49,"author_job_title":49,"formattedDate":123217},"bb686d0a-5990-41b9-a853-a662238a172a",[123227],{"slug":913,"name":914},[123229],{"slug":544,"name":543,"content":123230},{"job_title":557,"image":123231,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":123233},[123234,123239,123244,123257,123269,123274,123279,123284,123289,123301],{"type":594,"attrs":123235,"content":123236},{"textAlign":49},[123237],{"text":123238,"type":599},"China’s Huayou Cobalt said it would acquire a 49% stake in LG Chem’s cathode plant in South Korea, in a deal that expands its global footprint in the battery industry.",{"type":594,"attrs":123240,"content":123241},{"textAlign":49},[123242],{"text":123243,"type":599},"Huayou and LG said the two companies would invest 437.1 billion won ($352 million) in its plant in Gumi to expand production to 60,000 tonnes a year by 2026, enough for around 500,000 electric vehicles.",{"type":594,"attrs":123245,"content":123246},{"textAlign":49},[123247,123249,123255],{"text":123248,"type":599},"The deal deepens Huayou’s ",{"text":123250,"type":599,"marks":123251},"collaboration with LG",[123252],{"type":604,"attrs":123253},{"href":123254,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lg-chem-huayou-cobalt-deal-reshapes-cathode-landscape-for-electric-vehicle-batteries",{"text":123256,"type":599},", and expands its presence in the higher-value cathode supply chain. For LG, it ensures the cathode plant has enough supplies of battery raw materials such as cobalt and nickel.",{"type":594,"attrs":123258,"content":123259},{"textAlign":49},[123260,123262,123267],{"text":123261,"type":599},"LG Chem is a key supplier of high-nickel battery materials to Tesla, via its subsidiary",{"text":123263,"type":599,"marks":123264}," LG Energy Solution",[123265],{"type":604,"attrs":123266},{"href":93518,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":123268,"type":599},", which listed on the South Korean stock market in January.",{"type":594,"attrs":123270,"content":123271},{"textAlign":49},[123272],{"text":123273,"type":599},"“The establishment of the joint venture further cements our vertical integration system with key raw materials to produce affordable, high quality cathode materials,” LG Chem’s chief executive Shin Hak-cheol, said. “We will continue to strengthen our efforts to supply best-in-class battery materials to our customers.”",{"type":594,"attrs":123275,"content":123276},{"textAlign":49},[123277],{"text":123278,"type":599},"Huayou said the joint venture would produce nickel, cobalt manganese aluminium (NCMA) cathode material, starting in the second half of 2024 with 30,000 tonnes of production, and ramping up to 60,000 tonnes by 2026.",{"type":594,"attrs":123280,"content":123281},{"textAlign":49},[123282],{"text":123283,"type":599},"Last year Huayou produced 54,767 tonnes of cathode materials, an increase of 96% from a year earlier.",{"type":594,"attrs":123285,"content":123286},{"textAlign":49},[123287],{"text":123288,"type":599},"Huayou is China’s largest cobalt refiner but is also investing heavily in nickel processing plants in Indonesia, with a goal to produce between 80,000 to 90,000 tonnes of nickel this year.",{"type":594,"attrs":123290,"content":123291},{"textAlign":49},[123292,123294,123299],{"text":123293,"type":599},"LG has a precursor plant in China, next to Huayou’s refinery in Quzhou. Huayou and LG also have ",{"text":123295,"type":599,"marks":123296},"two joint venture companies",[123297],{"type":604,"attrs":123298},{"href":123254,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":123300,"type":599}," in China for precursor and cathode materials.",{"type":594,"attrs":123302,"content":123303},{"textAlign":49},[123304],{"text":123305,"type":599},"“This partnership is another critical step in the expansion of B&M’s cathode business in the global market, a key component of our metal supply strategy,” Chen Xuehua, chairman of Huayou Cobalt, said. “The combination of LG Chem’s competitive technological edge and dominant market share with the strong value chain capability of Huayou Cobalt will contribute greatly to advancing the global lithium battery sector.”","China’s Huayou Cobalt said it would acquire a 49% stake in LG Chem’s cathode plant in South Korea, in a deal that expands its global footprint in the battery industry. Huayou and LG said the two companies would invest 437.1 billion won ($352 million) in its plant in Gumi to expand production to 60,000 tonnes […]",[123308],{"slug":544,"name":543,"content":123309},{"job_title":557,"image":123310,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bb686d0a-5990-41b9-a853-a662238a172a\", \"id\": \"\"}-->",[123313,123314],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":123316,"copyright":547,"fieldtype":553,"meta_data":123317,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b97a42af7c/bm-lg-towers-8-e1654016054587.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":123319,"uuid":123320,"name":123321,"slug":123322,"full_slug":123323,"content":123324},112472720354696,"96508d00-cedf-41aa-8dc7-4c5a2becaa58","India’s Exide moves ahead with SVOLT-backed gigafactory plan","indias-exide-moves-ahead-with-svolt-backed-gigafactory-plan","article/indias-exide-moves-ahead-with-svolt-backed-gigafactory-plan",{"_uid":123325,"date":123326,"tags":123327,"editor":123329,"content":123333,"excerpt":123390,"featured":51,"reporter":123391,"_editable":123395,"component":864,"seo_title":123321,"categories":123396,"visibility":882,"author_company":49,"featured_image":123399,"seo_description":123390,"author_full_name":49,"author_job_title":49,"formattedDate":123402},"c67035bc-2197-49db-ac1d-7c2f39d0d78b","2022-05-27 00:00",[123328],{"slug":22444,"name":22445},[123330],{"slug":544,"name":543,"content":123331},{"job_title":557,"image":123332,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":123334},[123335,123340,123345,123350,123355,123360,123365,123370,123375,123380,123385],{"type":594,"attrs":123336,"content":123337},{"textAlign":49},[123338],{"text":123339,"type":599},"India’s Exide Industries is in “advanced stages” of securing land for its first lithium ion gigafactory in the country, and said production at the plant will start within the next three years.",{"type":594,"attrs":123341,"content":123342},{"textAlign":49},[123343],{"text":123344,"type":599},"The battery manufacturer said this week the plant in the state of Karnataka will have initial production of six gigawatt-hours, and will be built with China’s SVOLT. That will increase to 12 GWh this decade with a total of $770 million of investment.",{"type":594,"attrs":123346,"content":123347},{"textAlign":49},[123348],{"text":123349,"type":599},"“Spread out across two popular cell chemistries and three cell formats, this unit shall be uniquely placed to cater to the diverse requirements of customers in India,” Exide’s chief executive Subir Chakraborty said earlier this month.",{"type":594,"attrs":123351,"content":123352},{"textAlign":49},[123353],{"text":123354,"type":599},"India is looking to spur development of battery technology as it looks to support the country’s climate and clean energy goals. Narendra Modi’s government is targeting 50 GWh of lithium ion battery production in the country, which it has pledged to back with $2.5 billion in subsidies.",{"type":594,"attrs":123356,"content":123357},{"textAlign":49},[123358],{"text":123359,"type":599},"Exide said India’s annual lithium ion battery demand will rise to around 28 GWh by 2025 and 90 GWh by 2030, split mostly between two-wheelers and four-wheelers.",{"type":594,"attrs":123361,"content":123362},{"textAlign":49},[123363],{"text":123364,"type":599},"The company is continuing with its battery plant despite not winning a bid to be part of the government’s “production-linked” incentive scheme for batteries this year.",{"type":594,"attrs":123366,"content":123367},{"textAlign":49},[123368],{"text":123369,"type":599},"The companies selected in March include the conglomerate Reliance, Ola Electric, Hyundai and Rajesh Exports. Subsidies will be spent over a period of five years and the companies have to commit to a minimum capacity of 5GWh.",{"type":594,"attrs":123371,"content":123372},{"textAlign":49},[123373],{"text":123374,"type":599},"Sales of electric vehicles doubled last year in India, according to the International Energy Agency, but still account for less than 0.5% of sales. Tata’s Nexon SUV, which uses a 40.5 kWh battery from China’s Gotion, was the best-selling vehicle.",{"type":594,"attrs":123376,"content":123377},{"textAlign":49},[123378],{"text":123379,"type":599},"India’s government wants electric cars to make up 30% of private car sales by 2030.",{"type":594,"attrs":123381,"content":123382},{"textAlign":49},[123383],{"text":123384,"type":599},"Exide already produces lead-acid batteries but is expanding into lithium ion via a new subsidiary that will build the plant as well as a joint venture with Swiss-based Leclanché SA in which it holds a 85% stake.",{"type":594,"attrs":123386,"content":123387},{"textAlign":49},[123388],{"text":123389,"type":599},"The company has a “multi-year technical collaboration agreement” with SVOLT, a spin off from Great Wall Motors, and the Chinese company will support setting up the battery plant “on a turnkey basis,” Exide said.","India’s Exide Industries is in “advanced stages” of securing land for its first lithium ion gigafactory in the country, and said production at the plant will start within the next three years. The battery manufacturer said this week the plant in the state of Karnataka will have initial production of six gigawatt-hours, and will be […]",[123392],{"slug":544,"name":543,"content":123393},{"job_title":557,"image":123394,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c67035bc-2197-49db-ac1d-7c2f39d0d78b\", \"id\": \"\"}-->",[123397,123398],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":123400,"copyright":547,"fieldtype":553,"meta_data":123401,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/94c6ce4319/bm-india-ev.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 27, 2022",{"id":123404,"uuid":123405,"name":123406,"slug":123407,"full_slug":123408,"content":123409},112472729996682,"a3dddea5-385c-40ad-b7ab-ee4e395343a3","EV Metals buys bulk of Johnson Matthey’s battery business as chemical giant bows out of lithium ion","ev-metals-buys-bulk-of-johnson-mattheys-battery-business-as-chemical-giant-bows-out-of-lithium-ion","article/ev-metals-buys-bulk-of-johnson-mattheys-battery-business-as-chemical-giant-bows-out-of-lithium-ion",{"_uid":123410,"date":123411,"tags":123412,"editor":123416,"content":123420,"excerpt":123493,"featured":51,"reporter":123494,"_editable":123498,"component":864,"seo_title":123406,"categories":123499,"visibility":882,"author_company":49,"featured_image":123502,"seo_description":123493,"author_full_name":49,"author_job_title":49,"formattedDate":123505},"7044bc7e-f540-42d2-8918-88fecf58727c","2022-05-26 00:00",[123413],{"slug":123414,"name":123415},"johnson-matthey","Johnson Matthey",[123417],{"slug":544,"name":543,"content":123418},{"job_title":557,"image":123419,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":123421},[123422,123427,123432,123445,123450,123463,123468,123473,123478,123483,123488],{"type":594,"attrs":123423,"content":123424},{"textAlign":49},[123425],{"text":123426,"type":599},"EV Metals Group has acquired most of Johnson Matthey’s battery materials unit for £50 million (US$62.8 million), as the company looks to build an integrated battery chemicals business targeting European automakers.  ",{"type":594,"attrs":123428,"content":123429},{"textAlign":49},[123430],{"text":123431,"type":599},"The sale includes several R&D facilities in Europe and a production facility under construction in Poland, as well as the patents for Johnson Matthey’s various cathode active materials and precursors. As part of the deal, Johnson Matthey will become a minor stakeholder in EV Metals and join its board.",{"type":594,"attrs":123433,"content":123434},{"textAlign":49},[123435,123437,123443],{"text":123436,"type":599},"This announcement follows the sale of ",{"text":123438,"type":599,"marks":123439},"Johnson Matthey’s Canadian lithium iron phosphate (LFP) cathode business to Nano One",[123440],{"type":604,"attrs":123441},{"href":123442,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/johnson-matthey-offloads-canadian-lfp-cathode-business-to-nano-one",{"text":123444,"type":599}," this week, almost completing Johnson Matthey’s exit from the sector. EV Metals said it plans to use the acquisition to enhance its position in the European battery market, especially in the UK.",{"type":594,"attrs":123446,"content":123447},{"textAlign":49},[123448],{"text":123449,"type":599},"“EV Metals is committed to protecting all high-value, specialist jobs within JM’s battery materials business and to driving further job creation by building out a UK EV supply chain,” said EV Metal’s chief executive, Micheal Naylor.",{"type":594,"attrs":123451,"content":123452},{"textAlign":49},[123453,123455,123461],{"text":123454,"type":599},"In November last year, ",{"text":123456,"type":599,"marks":123457},"Johnson Matthey announced its intent to exit the battery business",[123458],{"type":604,"attrs":123459},{"href":123460,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/johnson-matthey-exits-battery-materials-business-in-blow-to-europe",{"text":123462,"type":599},", citing “insufficient returns” and the “increased commoditisation of battery materials.” Since then Johnson Matthey has focused more on investing in hydrogen. ",{"type":594,"attrs":123464,"content":123465},{"textAlign":49},[123466],{"text":123467,"type":599},"EV Metals, which is headquartered in Perth, wants to build an integrated battery materials business all the way from the mine to the battery cathode. Upstream, it owns a nickel-cobalt deposit in western Australia and in the midstream it is planning lithium and nickel chemical plants in Saudi Arabia scheduled to begin construction in 2023 and 2026, respectively. The acquisition of Johnson Matthey’s Battery Materials Business will enable it to enhance its cathode production capabilities.",{"type":594,"attrs":123469,"content":123470},{"textAlign":49},[123471],{"text":123472,"type":599},"“EV Metals is well positioned to drive the successful commercialisation of JM’s [cathode active material] technology, taking full advantage of the Group’s ‘mine to OEM’ integrated supply chain, which addresses the long-term market challenge of both surety of raw materials and the supply of processed materials,” Naylor said.",{"type":594,"attrs":123474,"content":123475},{"textAlign":49},[123476],{"text":123477,"type":599},"EV Metals will be able to commercialise the technology as the deal includes all the patents for the various active cathode formulations that Johnson Matthey had developed, including its LFP and high-nickel eLNO materials. In addition, EV Metals will retain up to 100 staff who worked on the technologies.",{"type":594,"attrs":123479,"content":123480},{"textAlign":49},[123481],{"text":123482,"type":599},"EV Metals will continue to develop Johnson Matthey’s eLNO cathode material, the company said, “building on the successful customer testing programme that Johnson Matthey had undertaken.” ",{"type":594,"attrs":123484,"content":123485},{"textAlign":49},[123486],{"text":123487,"type":599},"Alongside the intellectual property and personnel, the purchase includes UK technology centres in Oxford and Bilingham, a research centre in Germany, and a pilot plant in the UK. The company’s cathode active material plant currently under construction in Konin, Poland is also part of the deal. Benchmark had forecast that this plant would begin production later this year and reach its nameplate capacity of 10,000 tonnes in 2024.",{"type":594,"attrs":123489,"content":123490},{"textAlign":49},[123491],{"text":123492,"type":599},"EV Metals said it intends to supply Europe with cathode active material using Johnson Matthey’s technology. The company said it was “ideally placed to engage with electric vehicle and battery cell manufacturers in a European market facing a significant deficit in key battery materials.”","EV Metals Group has acquired most of Johnson Matthey’s battery materials unit for £50 million (US$62.8 million), as the company looks to build an integrated battery chemicals business targeting European automakers. The sale includes several R&D facilities in Europe and a production facility under construction in Poland, as well as the patents for Johnson Matthey’s […]",[123495],{"slug":544,"name":543,"content":123496},{"job_title":557,"image":123497,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7044bc7e-f540-42d2-8918-88fecf58727c\", \"id\": \"\"}-->",[123500,123501],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":123503,"copyright":547,"fieldtype":553,"meta_data":123504,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3024ad0689/bm-konin-slideshow.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 26, 2022",{"id":123507,"uuid":123508,"name":123509,"slug":123510,"full_slug":123511,"content":123512},112472725249417,"571b53c5-9c99-41ad-8748-21ba7edd57e5","BMW teams up with Huayou to recycle batteries","bmw-teams-up-with-huayou-to-recycle-batteries","article/bmw-teams-up-with-huayou-to-recycle-batteries",{"_uid":123513,"date":123411,"tags":123514,"editor":123515,"content":123519,"excerpt":123576,"featured":51,"reporter":123577,"_editable":123581,"component":864,"seo_title":123509,"categories":123582,"visibility":882,"author_company":49,"featured_image":123587,"seo_description":123576,"author_full_name":49,"author_job_title":49,"formattedDate":123505},"8694160a-b10d-41c9-9694-8c3c66b6735f",[],[123516],{"slug":544,"name":543,"content":123517},{"job_title":557,"image":123518,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":123520},[123521,123526,123531,123536,123541,123546,123551,123556,123561,123566,123571],{"type":594,"attrs":123522,"content":123523},{"textAlign":49},[123524],{"text":123525,"type":599},"BMW has struck a deal with China’s Huayou Cobalt to recycle its used electric vehicle batteries and return the raw materials for reuse to build new cells.",{"type":594,"attrs":123527,"content":123528},{"textAlign":49},[123529],{"text":123530,"type":599},"BMW’s China joint venture said Huayou would help create a “closed-loop” system that would help reduce CO2 emissions by 70% compared to using mined raw materials.",{"type":594,"attrs":123532,"content":123533},{"textAlign":49},[123534],{"text":123535,"type":599},"The deal comes amid rapidly rising prices for lithium and cobalt in China, which is increasing battery costs for automakers. That’s pushed them to sign deals with raw material producers such as Huayou, in a bid to lower their production costs.",{"type":594,"attrs":123537,"content":123538},{"textAlign":49},[123539],{"text":123540,"type":599},"In March Volkswagen said it had agreed to work with Huayou to secure nickel and cobalt in Indonesia and produce battery cathode materials in China.",{"type":594,"attrs":123542,"content":123543},{"textAlign":49},[123544],{"text":123545,"type":599},"BMW said that its batteries would be traced using a coding system. Returned batteries would first be evaluated for re-use in forklift and pallet lifting trucks as well as stationary energy storage. Those without enough residual capacity would be sent to Huayou for recycling of lithium, cobalt and nickel.",{"type":594,"attrs":123547,"content":123548},{"textAlign":49},[123549],{"text":123550,"type":599},"Initially the batteries would come from development vehicles, “test systems and production rejects,” BMW said.",{"type":594,"attrs":123552,"content":123553},{"textAlign":49},[123554],{"text":123555,"type":599},"“In light of the growing scarcity of finite resources and rising commodity prices, it is especially important to push forward with the circular economy, increase the percentage of reusable materials and reduce our dependence on raw materials,” Jochen Goller, head of China for BMW Group, said.",{"type":594,"attrs":123557,"content":123558},{"textAlign":49},[123559],{"text":123560,"type":599},"BMW’s China’s joint venture facility in Shenyang is the company’s largest, producing more than 700,000 premium vehicles last year. In February BMW paid 3.7 billion euros to increase its share of the JV to 75% from 50%.",{"type":594,"attrs":123562,"content":123563},{"textAlign":49},[123564],{"text":123565,"type":599},"On average around 30% of the materials in a BMW car are recycled, but the automaker has a target to get that to 50%. Almost half of the nickel it uses for the battery in the BMW iX is from recycled nickel, it says.",{"type":594,"attrs":123567,"content":123568},{"textAlign":49},[123569],{"text":123570,"type":599},"BMW also has a target to reduce the carbon emissions produced across the entire life cycle of its vehicles by 40% by 2030 from 2019 levels.",{"type":594,"attrs":123572,"content":123573},{"textAlign":49},[123574],{"text":123575,"type":599},"Sales of BMW electric vehicles in China tripled in the first quarter of this year but still lag far behind local brands. Tesla is the only foreign carmaker in the top ten in China in terms of electric vehicle sales.","BMW has struck a deal with China’s Huayou Cobalt to recycle its used electric vehicle batteries and return the raw materials for reuse to build new cells. BMW’s China joint venture said Huayou would help create a “closed-loop” system that would help reduce CO2 emissions by 70% compared to using mined raw materials. The deal […]",[123578],{"slug":544,"name":543,"content":123579},{"job_title":557,"image":123580,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8694160a-b10d-41c9-9694-8c3c66b6735f\", \"id\": \"\"}-->",[123583,123584,123585,123586],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":123588,"copyright":547,"fieldtype":553,"meta_data":123589,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2c5bc39d62/bm-p90465503-highres-automatisierte-und-p1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":123591,"uuid":123592,"name":123593,"slug":123594,"full_slug":123595,"content":123596},112472739499404,"394e7c56-99ef-4914-8708-2dac4843d1fb","Johnson Matthey offloads Canadian LFP cathode business to Nano One","johnson-matthey-offloads-canadian-lfp-cathode-business-to-nano-one","article/johnson-matthey-offloads-canadian-lfp-cathode-business-to-nano-one",{"_uid":123597,"date":123598,"tags":123599,"editor":123601,"content":123605,"excerpt":123672,"featured":51,"reporter":123673,"_editable":123677,"component":864,"seo_title":123593,"categories":123678,"visibility":882,"author_company":49,"featured_image":123681,"seo_description":123672,"author_full_name":49,"author_job_title":49,"formattedDate":123684},"e546fe54-2e8f-4550-a8da-3b27846c0ea1","2022-05-25 00:00",[123600],{"slug":123414,"name":123415},[123602],{"slug":544,"name":543,"content":123603},{"job_title":557,"image":123604,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":123606},[123607,123618,123623,123628,123635,123640,123645,123650,123655,123662,123667],{"type":594,"attrs":123608,"content":123609},{"textAlign":49},[123610,123612,123617],{"text":123611,"type":599},"Canadian startup Nano One has acquired Johnson Matthey’s lithium-iron phosphate (LFP) battery materials plant in Quebec for C$10.25 million ($8 million), securing one of the largest facilities for the cheaper battery material ",{"text":123613,"type":599,"marks":123614},"outside of China",[123615],{"type":604,"attrs":123616},{"href":110152,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":123619,"content":123620},{"textAlign":49},[123621],{"text":123622,"type":599},"Nano One said the deal includes a 2,400 tonne per annum capacity LFP production facility located in Candiac, Québec, with easy access to the US automotive market. That would be enough for around one gigawatt-hours of batteries.",{"type":594,"attrs":123624,"content":123625},{"textAlign":49},[123626],{"text":123627,"type":599},"The sale comes after Johnson Matthey said last year it would exit its battery materials business as it looks to re-focus on fuel cells and hydrogen. The UK company bought the Canadian LFP business in 2015 from Clariant for $75 million.",{"type":594,"attrs":123629,"content":123630},{"textAlign":49},[123631,123633],{"text":123632,"type":599},"Nano One beat an offer by Lithium Australia, who offered to buy the business for around ",{"text":123634,"type":599},"£10 million ($13 million) in cash.",{"type":594,"attrs":123636,"content":123637},{"textAlign":49},[123638],{"text":123639,"type":599},"Western automakers are increasingly using LFP batteries due to their lower cost and the fact they don’t contain any nickel and cobalt. Tesla said that almost half of the vehicles it produced in the first quarter contained LFP batteries.",{"type":594,"attrs":123641,"content":123642},{"textAlign":49},[123643],{"text":123644,"type":599},"China currently produces almost all the world’s supply of LFP battery materials but a host of companies in Europe and the US are looking to challenge this dominance.",{"type":594,"attrs":123646,"content":123647},{"textAlign":49},[123648],{"text":123649,"type":599},"This month Taiwanese LFP producer Aleees said it had signed an agreement with “a subsidiary of one US (New York Stock Exchange) listed company” to licence its LFP technology for the building of a plant in the US.",{"type":594,"attrs":123651,"content":123652},{"textAlign":49},[123653],{"text":123654,"type":599},"Nano One has developed what it says is a more environmentally-friendly way of producing battery cathode materials, using a “one-pot” process that eliminates the need for the use of an iron phosphate intermediate as in China.",{"type":594,"attrs":123656,"content":123657},{"textAlign":49},[123658,123660],{"text":123659,"type":599},"Nano One said Johnson Matthey’s plant currently supplies LFP cathode material for automotive and non-automotive applications “for a select group of customers.” The plant occupies around ",{"text":123661,"type":599},"one tenth of the 400,000 square foot property it sits in, it said. ",{"type":594,"attrs":123663,"content":123664},{"textAlign":49},[123665],{"text":123666,"type":599},"In 2020 Johnson Matthey recorded a £57 million impairment charge on its LFP business due to a transition away from “low value” to “high value” customers.",{"type":594,"attrs":123668,"content":123669},{"textAlign":49},[123670],{"text":123671,"type":599},"Dan Blondal, chief executive of Nano One, said that the acquisition would include Johnson Matthey’s team of experienced employees who would “help fast-track Nano One’s learning curve.”","Canadian startup Nano One has acquired Johnson Matthey’s lithium-iron phosphate (LFP) battery materials plant in Quebec for C$10.25 million ($8 million), securing one of the largest facilities for the cheaper battery material outside of China. Nano One said the deal includes a 2,400 tonne per annum capacity LFP production facility located in Candiac, Québec, with […]",[123674],{"slug":544,"name":543,"content":123675},{"job_title":557,"image":123676,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e546fe54-2e8f-4550-a8da-3b27846c0ea1\", \"id\": \"\"}-->",[123679,123680],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":123682,"copyright":547,"fieldtype":553,"meta_data":123683,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/907b586e4f/bm-chilton-battery-materials-pilot-plant-opening-21.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 25, 2022",{"id":123686,"uuid":123687,"name":123688,"slug":123689,"full_slug":123690,"content":123691},112472734764427,"a7997e47-ba75-4dab-ab15-7b6346c0492f","Samsung confirms US battery race entry with $2.5 billion Stellantis joint venture","samsung-confirms-us-battery-race-entry-with-2-5-billion-stellantis-joint-venture","article/samsung-confirms-us-battery-race-entry-with-2-5-billion-stellantis-joint-venture",{"_uid":123692,"date":123598,"tags":123693,"editor":123694,"content":123698,"excerpt":123779,"featured":51,"reporter":123780,"_editable":123784,"component":864,"seo_title":123688,"categories":123785,"visibility":882,"author_company":49,"featured_image":123788,"seo_description":123779,"author_full_name":49,"author_job_title":49,"formattedDate":123684},"f7a7e891-66df-45f2-948d-69a796054fa6",[],[123695],{"slug":544,"name":543,"content":123696},{"job_title":557,"image":123697,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":123699},[123700,123705,123710,123715,123720,123725,123730,123741,123746,123751,123756,123761,123766],{"type":594,"attrs":123701,"content":123702},{"textAlign":49},[123703],{"text":123704,"type":599},"Stellantis and Samsung SDI said they would invest $2.5 billion to build a battery factory in the US, marking the first foray into the North American market for the South Korean battery maker. ",{"type":594,"attrs":123706,"content":123707},{"textAlign":49},[123708],{"text":123709,"type":599},"The joint venture facility will be located in Kokomo, Indiana and will supply Stellantis with the battery cells and modules needed for its North American operations.",{"type":594,"attrs":123711,"content":123712},{"textAlign":49},[123713],{"text":123714,"type":599},"The companies said the plant will be operational by 2025 with a production capacity of 23 gigawatt hours. This could grow to 33 GWh by 2028, taking total investment to $3.1 billion, they said.",{"type":594,"attrs":123716,"content":123717},{"textAlign":49},[123718],{"text":123719,"type":599},"The joint venture plant will be Samsung’s first battery production facility in North America. Its other facilities are mostly in China and Korea with one facility also in Hungary. The Indiana facility will also be the first that Samsung operates as part of a joint venture with an automaker.",{"type":657,"attrs":123721,"content":123722},{"level":15966,"textAlign":49},[123723],{"text":123724,"type":599},"Expanding Indiana Base",{"type":594,"attrs":123726,"content":123727},{"textAlign":49},[123728],{"text":123729,"type":599},"Construction on the battery plant is due to begin by the end of 2022. It is near to the transmission, engine and casting plants Stellantis already operates in Kokomo. The automaker last year announced investment plans to upgrade its transmission plants to produce electrified transmissions.",{"type":594,"attrs":123731,"content":123732},{"textAlign":49},[123733,123735,123740],{"text":123734,"type":599},"Stellantis has set a target of producing 5 million battery electric vehicles a year by 2030. It is looking to develop 400 GWh of battery capacity in North America and Europe, mostly from five new gigafactories. In March this year, it announced the first of these would be in ",{"text":123736,"type":599,"marks":123737},"Ontario, Canada as part of a joint venture with LG Energy Solution",[123738],{"type":604,"attrs":123739},{"href":90008,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":123742,"content":123743},{"textAlign":49},[123744],{"text":123745,"type":599},"“Just under one year ago, we committed to an aggressive electrification strategy anchored by five gigafactories between Europe and North America,” Carlos Tavares, chief executive of Stellantis, said. “Today’s announcement further solidifies our global battery production footprint.”",{"type":594,"attrs":123747,"content":123748},{"textAlign":49},[123749],{"text":123750,"type":599},"Benchmark’s Gigafactory Assessment expects the plant will produce batteries using mid-nickel NCM and NCA cathode chemistries, with a small amount of low-nickel NCM battery production.",{"type":657,"attrs":123752,"content":123753},{"level":15966,"textAlign":49},[123754],{"text":123755,"type":599},"North American batteries gaining pace",{"type":594,"attrs":123757,"content":123758},{"textAlign":49},[123759],{"text":123760,"type":599},"In 2021, Benchmark tracked 38.7 GWh of battery production capacity in North America. In 2022, this is expected to grow to 54.4 GWh as existing facilities ramp up and new ones come online.",{"type":594,"attrs":123762,"content":123763},{"textAlign":49},[123764],{"text":123765,"type":599},"The rapid growth of battery and EV production capacity is straining raw material supply. Speaking to the media, according to CNBC, Tavares expects to see raw material shortages in 2027-2028. He said, “The speed at which we are trying to move all together for the right reason, which is fixing the global warming issue, is so high that the supply chain and the production capacities have no time to adjust.”",{"type":594,"attrs":123767,"content":123768},{"textAlign":49},[123769,123771,123777],{"text":123770,"type":599},"North American battery production capacity is growing rapidly, in part due to joint ventures such as that between Stellantis and Samsung. A total of 81% of North America’s gigafactory pipeline is ",{"text":123772,"type":599,"marks":123773},"connected to an automaker either directly or through a joint venture",[123774],{"type":604,"attrs":123775},{"href":123776,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/global-gigafactory-pipeline-hits-300-china-maintains-lead-but-west-gathers-pace",{"text":123778,"type":599},". The region’s battery production capacity is expected to well over double by 2025 to 164 GWh according to Benchmark’s latest lithium ion battery database.","Stellantis and Samsung SDI said they would invest $2.5 billion to build a battery factory in the US, marking the first foray into the North American market for the South Korean battery maker. The joint venture facility will be located in Kokomo, Indiana and will supply Stellantis with the battery cells and modules needed for […]",[123781],{"slug":544,"name":543,"content":123782},{"job_title":557,"image":123783,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f7a7e891-66df-45f2-948d-69a796054fa6\", \"id\": \"\"}-->",[123786,123787],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":123789,"copyright":547,"fieldtype":553,"meta_data":123790,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/90b9bc6c0c/bm-01-hp-1-all-new-2022-jeep-grand-cherokee-4xe-plug-in-hybrid.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":123792,"uuid":123793,"name":123794,"slug":123795,"full_slug":123796,"content":123797},112472744271245,"0408ecb1-14f4-4523-b5f5-66b5f53d6566","Global gigafactory pipeline hits 300; China dominates but the West gathers pace","global-gigafactory-pipeline-hits-300-china-maintains-lead-but-west-gathers-pace","article/global-gigafactory-pipeline-hits-300-china-maintains-lead-but-west-gathers-pace",{"_uid":123798,"date":123799,"tags":123800,"editor":123802,"content":123806,"excerpt":123973,"featured":51,"reporter":123974,"_editable":123978,"component":864,"seo_title":123794,"categories":123979,"visibility":882,"author_company":49,"featured_image":123982,"seo_description":123973,"author_full_name":49,"author_job_title":49,"formattedDate":123985},"ed2f77b6-2c2a-427f-9c95-674172b4a733","2022-05-19 00:00",[123801],{"slug":913,"name":914},[123803],{"slug":544,"name":543,"content":123804},{"job_title":557,"image":123805,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":123807},[123808,123813,123818,123823,123828,123833,123838,123843,123856,123861,123866,123871,123876,123881,123886,123889,123894,123899,123904,123926,123931,123936,123943,123950,123957],{"type":594,"attrs":123809,"content":123810},{"textAlign":49},[123811],{"text":123812,"type":599},"The number of gigafactories in the pipeline has surpassed 300 as the global rush to develop lithium ion battery production capacity continues.",{"type":594,"attrs":123814,"content":123815},{"textAlign":49},[123816],{"text":123817,"type":599},"There is now 6,387.6 gigawatt hours (GWh) of lithium ion battery capacity in the pipeline as assessed in Benchmark’s May 2022 Gigafactory Assessment, a 68% year-on-year increase.",{"type":594,"attrs":123819,"content":123820},{"textAlign":49},[123821],{"text":123822,"type":599},"China continues to dominate gigafactory announcements, but North America and Europe have seen significant growth over the past two years thanks in part to automaker and battery manufacturer joint ventures. ",{"type":594,"attrs":123824,"content":123825},{"textAlign":49},[123826],{"text":123827,"type":599},"“Within the last year, with a push to achieve net zero goals and major OEMs and automakers looking to accelerate the electrification of their businesses, announcements for new gigafactories have picked up pace with Benchmark adding over a 100 new cell plants to its assessment since April 2021,” says Benchmark analyst Hanisha Tirumalasetty.",{"type":657,"attrs":123829,"content":123830},{"level":15966,"textAlign":49},[123831],{"text":123832,"type":599},"Automaker-battery joint ventures drive Western growth",{"type":594,"attrs":123834,"content":123835},{"textAlign":49},[123836],{"text":123837,"type":599},"Outside of China, North America has seen the fastest growth of any region, adding 11 gigafactories to its pipeline since this time last year. Europe has increased its pipeline by eight gigafactories over the same period.",{"type":594,"attrs":123839,"content":123840},{"textAlign":49},[123841],{"text":123842,"type":599},"Joint ventures between automakers and battery companies have been central to this growth. In September 2019, just one of the five North American gigafactories tracked by Benchmark directly involved an automaker – Tesla’s Gigafactory 1 in Nevada. Now, 14 of the 23 North American gigafactories in the pipeline are wholly or jointly owned by automakers, representing 81% of the region’s capacity pipeline for 2031.",{"type":594,"attrs":123844,"content":123845},{"textAlign":49},[123846,123848,123854],{"text":123847,"type":599},"Tesla has two solo factories in the region and one in partnership with Panasonic, representing about a third of the North American pipeline capacity. General Motors recently announced ",{"text":123849,"type":599,"marks":123850},"further partnerships with LGES",[123851],{"type":604,"attrs":123852},{"href":123853,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/gm-targets-2-6-billion-third-battery-factory-with-lges",{"text":123855,"type":599},", taking it up to four gigafactories in the region. Ford is partnered with SKI on three gigafactories.",{"type":594,"attrs":123857,"content":123858},{"textAlign":49},[123859],{"text":123860,"type":599},"In March, Stellantis partnered with LGES to develop a gigafactory in Canada, the first added to Benchmark’s Gigafactory Assessment for the country. It also partnered with Samsung SDI in the US. Through ACC, Stellantis will also operate three European gigafactories by 2031.",{"type":594,"attrs":123862,"content":123863},{"textAlign":49},[123864],{"text":123865,"type":599},"A third of the 30 European gigafactories assessed in May 2022 involved an automaker, representing 40% of the continent’s pipeline capacity, compared to just one of the 13 gigafactories in the September 2019 assessment. ",{"type":657,"attrs":123867,"content":123868},{"level":15966,"textAlign":49},[123869],{"text":123870,"type":599},"China’s lead continues",{"type":594,"attrs":123872,"content":123873},{"textAlign":49},[123874],{"text":123875,"type":599},"China remains the dominant builder of gigafactories, with 226 due to be operational by the end of the decade, making up over 75% of all facilities tracked in Benchmark’s Gigafactory Assessment. ",{"type":594,"attrs":123877,"content":123878},{"textAlign":49},[123879],{"text":123880,"type":599},"The 300th gigafactory added to Benchmark’s Gigafactory Assessment is being developed by Chinese cell manufacturer EVE Energy in Chengdu, Sichuan. The $3 billion plant will have a capacity of 50 GWh. Benchmark expects the first 20 GWh phase to be operational in 2026 and the full capacity to be online in 2029.",{"type":594,"attrs":123882,"content":123883},{"textAlign":49},[123884],{"text":123885,"type":599},"In 2031, China is set to have almost 4,500 GWh of gigafactory capacity, representing 70% of global capacity.",{"type":594,"attrs":123887,"content":123888},{"textAlign":49},[],{"type":657,"attrs":123890,"content":123891},{"level":15966,"textAlign":49},[123892],{"text":123893,"type":599},"Automakers look upstream",{"type":594,"attrs":123895,"content":123896},{"textAlign":49},[123897],{"text":123898,"type":599},"While many gigafactory announcements have been driven by automakers teaming up with battery makers, these collaborations need to go further into raw materials according to Tirumalasetty. “You have to go further upstream to figure out where you’re getting your raw material from,” Tirumalasetty says. “That’s the only way to control the supply chain.”",{"type":594,"attrs":123900,"content":123901},{"textAlign":49},[123902],{"text":123903,"type":599},"Tirumalasetty notes that there is “very little upstream capacity in North America or Europe.”",{"type":594,"attrs":123905,"content":123906},{"textAlign":49},[123907,123909,123915,123917,123919,123924],{"text":123908,"type":599},"This is beginning to change. The Biden government recently used the ",{"text":123910,"type":599,"marks":123911},"Defense Production Act",[123912],{"type":604,"attrs":123913},{"href":123914,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/biden-uses-defense-production-act-in-bid-to-transform-us-battery-supply-chain",{"text":123916,"type":599}," to help secure key battery materials. ",{"text":123918,"type":599},"Automakers are beginning to venture upstream too. ",{"text":123920,"type":599,"marks":123921},"GM recently partnered with Posco in Quebec",[123922],{"type":604,"attrs":123923},{"href":100897,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":123925,"type":599}," to build cathode materials. ",{"type":594,"attrs":123927,"content":123928},{"textAlign":49},[123929],{"text":123930,"type":599},"This disconnect between battery production capacity and critical materials could hit the automakers hardest as price volatility is passed downstream. “Large automakers are realising they need to vertically integrate their businesses into battery materials as well,” Tirumalasetty says.",{"type":657,"attrs":123932,"content":123933},{"level":15966,"textAlign":49},[123934],{"text":123935,"type":599},"Subscribe to Benchmark’s lithium ion supply chain market assessments",{"type":594,"attrs":123937,"content":123938},{"textAlign":49},[123939],{"text":123940,"type":599,"marks":123941},"Benchmark has been tracking the build out of large scale (>1GWh) battery production facilities since 2015. We were initially tracking 8 plants in the pipeline, but this rapidly grew as electrification plans expanded. ",[123942],{"type":643},{"type":594,"attrs":123944,"content":123945},{"textAlign":49},[123946],{"text":123947,"type":599,"marks":123948},"We were the first in the industry to track these developments and we maintain the most detailed dataset of actionable intelligence for the energy storage revolution.",[123949],{"type":643},{"type":594,"attrs":123951,"content":123952},{"textAlign":49},[123953],{"text":123954,"type":599,"marks":123955},"Benchmark maintains similar datasets for anode and cathode production, as well as forecasting services for the full lithium ion supply chain.",[123956],{"type":643},{"type":594,"attrs":123958,"content":123959},{"textAlign":49},[123960,123964,123969],{"text":123961,"type":599,"marks":123962},"Fill in the ",[123963],{"type":643},{"text":86378,"type":599,"marks":123965},[123966,123968],{"type":604,"attrs":123967},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":123970,"type":599,"marks":123971}," to learn more about Benchmark’s lithium ion battery supply chain market assessments and forecasts, including:",[123972],{"type":643},"The number of gigafactories in the pipeline has surpassed 300 as the global rush to develop lithium ion battery production capacity continues. There is now 6,387.6 gigawatt hours (GWh) of lithium ion battery capacity in the pipeline as assessed in Benchmark’s May 2022 Gigafactory Assessment, a 68% year-on-year increase. China continues to dominate gigafactory announcements, […]",[123975],{"slug":544,"name":543,"content":123976},{"job_title":557,"image":123977,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ed2f77b6-2c2a-427f-9c95-674172b4a733\", \"id\": \"\"}-->",[123980,123981],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":123983,"copyright":547,"fieldtype":553,"meta_data":123984,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/dd798df0c9/bm-300th-gigafactory-bm-story-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 19, 2022",{"id":123987,"uuid":123988,"name":123989,"slug":123990,"full_slug":123991,"content":123992},112472763215349,"9c8001d7-d412-4026-b48a-bd750451a38e","Vale and Tesla nickel deal highlights automakers’ carbon conundrum","vale-and-tesla-nickel-deal-highlights-automakers-carbon-conundrum","article/vale-and-tesla-nickel-deal-highlights-automakers-carbon-conundrum",{"_uid":123993,"date":123994,"tags":123995,"editor":123997,"content":124001,"excerpt":124084,"featured":51,"reporter":124085,"_editable":124089,"component":864,"seo_title":123989,"categories":124090,"visibility":882,"author_company":49,"featured_image":124094,"seo_description":124084,"author_full_name":49,"author_job_title":49,"formattedDate":124097},"278cea36-2521-42bf-b988-401b90244f33","2022-05-12 00:00",[123996],{"slug":23760,"name":23761},[123998],{"slug":544,"name":543,"content":123999},{"job_title":557,"image":124000,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":124002},[124003,124008,124020,124025,124030,124035,124047,124052,124057,124062,124067,124074,124079],{"type":594,"attrs":124004,"content":124005},{"textAlign":49},[124006],{"text":124007,"type":599},"Brazilian miner Vale has confirmed it has a long-term deal to supply Tesla with nickel from its Canadian operations as automakers chase lower carbon footprints.  ",{"type":594,"attrs":124009,"content":124010},{"textAlign":49},[124011,124013,124019],{"text":124012,"type":599},"The deal provides Tesla with class 1 nickel from Vale’s mining and refining facilities in Sudbury, Canada. This comes as Vale looks to increase the proportion of its class 1 nickel sales going into the electric vehicle market to between 30 and 40%. In March this year it ",{"text":124014,"type":599,"marks":124015},"signed a supply agreement with European battery startup Northvolt",[124016],{"type":604,"attrs":124017},{"href":124018,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/vale-strikes-northvolt-deal-as-uncertainty-surrounds-russian-nickel",{"text":974,"type":599},{"type":594,"attrs":124021,"content":124022},{"textAlign":49},[124023],{"text":124024,"type":599},"By 2030, there will be a deficit of 230,000 tonnes of refined nickel, as assessed by Benchmark’s Nickel Forecast. Like other automakers, Tesla is looking to secure sufficient nickel to meet its battery demands while trying to limit its carbon footprint. ",{"type":594,"attrs":124026,"content":124027},{"textAlign":49},[124028],{"text":124029,"type":599},"“This deal is part of a bigger trend that OEMs are looking to secure more local and sustainable supplies of nickel,” says Cameron Hughes, a Benchmark analyst.",{"type":657,"attrs":124031,"content":124032},{"level":15966,"textAlign":49},[124033],{"text":124034,"type":599},"Nickel’s carbon footprint",{"type":594,"attrs":124036,"content":124037},{"textAlign":49},[124038,124040,124045],{"text":124039,"type":599},"In 2021, 33% of global refined nickel supply came from Indonesia. This is forecast to increase to 50% by 2025 as most new supply will come from the country. However, the ",{"text":124041,"type":599,"marks":124042},"carbon footprint of Indonesian nickel can be much higher",[124043],{"type":604,"attrs":124044},{"href":124018,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":124046,"type":599}," than other supply chain routes according to Bruna Grossl, a life Cycle assessment (LCA) practitioner at Benchmark. ",{"type":594,"attrs":124048,"content":124049},{"textAlign":49},[124050],{"text":124051,"type":599},"“According to Benchmark’s nickel life cycle assessment, the type of nickel production route, processing type and location can drastically alter the amount of CO2 equivalent emissions,” said Grossl. ",{"type":594,"attrs":124053,"content":124054},{"textAlign":49},[124055],{"text":124056,"type":599},"Benchmark analysis shows that producing nickel sulphate from Indonesian nickel processed in China can have a CO2 equivalent footprint over 8 times that of other production routes. Data from Benchmark’s life cycle assessment also shows that of all battery raw materials nickel is the greatest contributor to greenhouse gas emissions.",{"type":594,"attrs":124058,"content":124059},{"textAlign":49},[124060],{"text":124061,"type":599},"Vale’s nickel rounds produced at its refinery in Newfoundland, Canada, has a carbon footprint of just 4.4 tonnes of CO2 equivalents per tonne of nickel according to the company, compared to the industry average of 13 tonnes.",{"type":594,"attrs":124063,"content":124064},{"textAlign":49},[124065],{"text":124066,"type":599},"Vale operates nickel mines in Indonesia, Brazil, and Canada. Tesla will be supplied from the Sudbury mine in Canada which utilises technology to reduce the quantity of sulphur dioxide, metal particulates, and other greenhouse gas emissions from both the mine and the smelter.",{"type":594,"attrs":124068,"content":124069},{"textAlign":49},[124070,124072],{"text":124071,"type":599},"“If you look at Tesla’s other nickel deals, you can see a tren",{"text":124073,"type":599},"d toward more sustainable sources,” Hughes says.",{"type":594,"attrs":124075,"content":124076},{"textAlign":49},[124077],{"text":124078,"type":599},"In its impact report, Tesla also disclosed its other sources of mined nickel as Glencore’s Murrin Murrin in Western Australia, BHP’s Nickel West also in Western Australia, and Prony Resources’ Goro Mine in New Caledonia which was previously owned by Vale.",{"type":594,"attrs":124080,"content":124081},{"textAlign":49},[124082],{"text":124083,"type":599},"Hughes expects to see similar deals similar to that between Vale and Tesla to be announced with increasing frequency. “Car companies are finally catching on to the great raw materials disconnect,” he says, adding, “sustainability is a big issue for all the western carmakers now.”","Brazilian miner Vale has confirmed it has a long-term deal to supply Tesla with nickel from its Canadian operations as automakers chase lower carbon footprints. The deal provides Tesla with class 1 nickel from Vale’s mining and refining facilities in Sudbury, Canada. This comes as Vale looks to increase the proportion of its class 1 […]",[124086],{"slug":544,"name":543,"content":124087},{"job_title":557,"image":124088,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"278cea36-2521-42bf-b988-401b90244f33\", \"id\": \"\"}-->",[124091,124092,124093],{"slug":872,"name":873},{"slug":4330,"name":150},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":124095,"copyright":547,"fieldtype":553,"meta_data":124096,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3fd31cce1b/bm-2296-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 12, 2022",{"id":124099,"uuid":124100,"name":124101,"slug":124102,"full_slug":124103,"content":124104},112472758373776,"dde6f414-ab46-4486-b88c-7bfbeb8aeb32","Benchmark moves to weekly Chinese lithium prices","benchmark-moves-to-weekly-chinese-lithium-prices","article/benchmark-moves-to-weekly-chinese-lithium-prices",{"_uid":124105,"date":123994,"tags":124106,"editor":124107,"content":124111,"excerpt":124214,"featured":51,"reporter":124215,"_editable":124219,"component":864,"seo_title":124101,"categories":124220,"visibility":882,"author_company":49,"featured_image":124223,"seo_description":124214,"author_full_name":49,"author_job_title":49,"formattedDate":124097},"de37ec43-b1c4-4bb6-bbc6-256533950b08",[],[124108],{"slug":544,"name":543,"content":124109},{"job_title":557,"image":124110,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":124112},[124113,124118,124123,124128,124140,124145,124150,124155,124160,124165,124170,124175,124180,124185,124190,124195,124200,124204],{"type":594,"attrs":124114,"content":124115},{"textAlign":49},[124116],{"text":124117,"type":599},"Benchmark has moved to weekly publishing of its price assessments for Chinese lithium grades.",{"type":594,"attrs":124119,"content":124120},{"textAlign":49},[124121],{"text":124122,"type":599},"China’s domestic lithium market has become more liquid in recent months, with more frequent transactions and higher traded volumes on the spot market, relative to other global regions, prompting greater price volatility in shorter time spans.",{"type":594,"attrs":124124,"content":124125},{"textAlign":49},[124126],{"text":124127,"type":599},"As such, Benchmark will now move from bi-monthly to weekly publication of its Chinese lithium prices. This increased frequency will allow subscribers more frequent updates to the latest transactional price data as a result of greater market liquidity.",{"type":594,"attrs":124129,"content":124130},{"textAlign":49},[124131,124133,124139],{"text":124132,"type":599},"The shift allows for the facilitation of more frequent lithium price assessments within the parameters of Benchmark’s",{"text":124134,"type":599,"marks":124135},"IOSCO compliant price methodology",[124136],{"type":604,"attrs":124137},{"href":124138,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-pra-completes-iosco-world-first-tailored-audit-for-lithium-prices-ev-battery-raw-materials",{"text":974,"type":599},{"type":657,"attrs":124141,"content":124142},{"level":15966,"textAlign":49},[124143],{"text":124144,"type":599},"Benchmark’s weekly prices",{"type":594,"attrs":124146,"content":124147},{"textAlign":49},[124148],{"text":124149,"type":599},"Benchmark now publishes weekly prices for:",{"type":594,"attrs":124151,"content":124152},{"textAlign":49},[124153],{"text":124154,"type":599},"These three prices will now be published every Wednesday by 4pm (London), with short-form market analysis sent out to subscribers soon after.",{"type":594,"attrs":124156,"content":124157},{"textAlign":49},[124158],{"text":124159,"type":599},"The shift to a weekly format for Chinese domestic lithium prices comes after discussions with and feedback from numerous market participants regarding increased market liquidity over recent months, which Benchmark anticipates to persist for the future Chinese market.",{"type":594,"attrs":124161,"content":124162},{"textAlign":49},[124163],{"text":124164,"type":599},"The Chinese spot market is the most sensitive market to fluctuations in lithium supply and demand, widely seen as a leading indicator of global price trends. As such, increasing the regularity of lithium price assessments will provide industry players with a crucial new reference point.",{"type":657,"attrs":124166,"content":124167},{"level":15966,"textAlign":49},[124168],{"text":124169,"type":599},"Caspar Rawles, Benchmark’s Chief Data Officer said:",{"type":594,"attrs":124171,"content":124172},{"textAlign":49},[124173],{"text":124174,"type":599},"“Benchmark has evolved its battery focussed raw material price assessment methodologies further through the implementation of weekly lithium pricing, a development in line with the rate of growth in the battery supply chain .",{"type":594,"attrs":124176,"content":124177},{"textAlign":49},[124178],{"text":124179,"type":599},"“Increased liquidity in the Chinese domestic lithium supply chain, on the back of unprecedented downstream demand from the EV industry, now allows Team Benchmark to provide the world’s most trusted and used lithium price on a more frequent basis.",{"type":594,"attrs":124181,"content":124182},{"textAlign":49},[124183],{"text":124184,"type":599},"“The significant price rally for both carbonate and hydroxide seen in the Chinese market across 2021 and 2022 has brought the lithium market to the main stage, with these high prices acting as a bellwether for sentiment globally.",{"type":594,"attrs":124186,"content":124187},{"textAlign":49},[124188],{"text":124189,"type":599},"“As such, a more regular pricing frequency allows Benchmark to provide greater granularity to our assessments and track changes to pricing in the market more closely, giving greater insight into the most liquid part of the lithium chemical market.",{"type":594,"attrs":124191,"content":124192},{"textAlign":49},[124193],{"text":124194,"type":599},"“As demand for lithium and other battery raw materials grows, updates to Benchmark’s market specific price assessment methodologies will continue to ensure our subscribers have access to the most accurate prices and data in the market.” ",{"type":657,"attrs":124196,"content":124197},{"level":15966,"textAlign":49},[124198],{"text":124199,"type":599},"Mid-point prices on 11 May 2022",{"type":657,"attrs":124201,"content":124202},{"level":15966,"textAlign":49},[124203],{"text":51288,"type":599},{"type":594,"attrs":124205,"content":124206},{"textAlign":49},[124207,124209,124213],{"text":124208,"type":599},"To learn more about or subscribe to Benchmark’s industry-leading lithium price assessments, including the new weekly prices for Chinese lithium grades fill in the ",{"text":86378,"type":599,"marks":124210},[124211],{"type":604,"attrs":124212},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Benchmark has moved to weekly publishing of its price assessments for Chinese lithium grades. China’s domestic lithium market has become more liquid in recent months, with more frequent transactions and higher traded volumes on the spot market, relative to other global regions, prompting greater price volatility in shorter time spans. As such, Benchmark will now […]",[124216],{"slug":544,"name":543,"content":124217},{"job_title":557,"image":124218,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"de37ec43-b1c4-4bb6-bbc6-256533950b08\", \"id\": \"\"}-->",[124221,124222],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":124224,"copyright":547,"fieldtype":553,"meta_data":124225,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d2ca32d88d/bm-xi-jinping-china.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":124227,"uuid":124228,"name":124229,"slug":124230,"full_slug":124231,"content":124232},112472773160439,"0038445c-4c69-41e3-a725-c96e9e788512","US silicon anode scene gathers pace with Porsche-backed $400 million investment in Group14","us-silicon-anode-scene-gathers-pace-with-porsche-backed-400-million-investment-in-group14","article/us-silicon-anode-scene-gathers-pace-with-porsche-backed-400-million-investment-in-group14",{"_uid":124233,"date":124234,"tags":124235,"editor":124236,"content":124240,"excerpt":124351,"featured":51,"reporter":124352,"_editable":124356,"component":864,"seo_title":124229,"categories":124357,"visibility":882,"author_company":49,"featured_image":124362,"seo_description":124351,"author_full_name":49,"author_job_title":49,"formattedDate":124365},"754f2019-b373-4365-a0b0-d3b03f3f9b72","2022-05-06 00:00",[],[124237],{"slug":544,"name":543,"content":124238},{"job_title":557,"image":124239,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":124241},[124242,124247,124252,124257,124262,124267,124272,124277,124282,124287,124292,124305,124310,124315,124322,124327,124332,124336,124341,124346],{"type":594,"attrs":124243,"content":124244},{"textAlign":49},[124245],{"text":124246,"type":599},"Silicon anode material producer Group14 this week announced a $400 million raise, led by a $100 million investment from Porsche.",{"type":594,"attrs":124248,"content":124249},{"textAlign":49},[124250],{"text":124251,"type":599},"The investment will support Group14 to set up its third production facility. It currently has a small plant in Washington state, USA, with 120 tonnes capacity and a joint venture facility with SK Materials in South Korea due to be operational later this year. ",{"type":594,"attrs":124253,"content":124254},{"textAlign":49},[124255],{"text":124256,"type":599},"Group14 is one of several US startups developing silicon anode technology, which promises to improve lithium ion battery cell capacity. The US has less than 0.5% of global anode production capacity, however, compared with China’s 90% share, as assessed by Benchmark’s April Anode Market Assessment.",{"type":594,"attrs":124258,"content":124259},{"textAlign":49},[124260],{"text":124261,"type":599},"“As automakers pledge to electrify fleets, OEMs are turning to lithium-silicon technologies,” Group14 said. Lutz Meschke, deputy chairman of Porsche said of the investment, “we are investing in the development of new high-performance cells.” ",{"type":594,"attrs":124263,"content":124264},{"textAlign":49},[124265],{"text":124266,"type":599},"The company’s silicon anodes have also been backed by established battery supply chain players including China’s ATL as well as battery materials producers BASF and Showa Denko. ",{"type":594,"attrs":124268,"content":124269},{"textAlign":49},[124270],{"text":124271,"type":599},"“Theoretically, a pure silicon anode could easily give 5 times more capacity than the same weight graphite anode,” Rory McNulty, a Benchmark analyst says.",{"type":594,"attrs":124273,"content":124274},{"textAlign":49},[124275],{"text":124276,"type":599},"However, silicon particles can swell to 300 times their original size when charged, which leads to cracking of the anode. As such, only small amounts of silicon are added to some graphite anodes. Electric vehicle cells that use the technology typically add between 3% and 9% silicon to get some of the performance benefits.",{"type":594,"attrs":124278,"content":124279},{"textAlign":49},[124280],{"text":124281,"type":599},"“Pure silicon isn’t necessarily the end game,” McNulty says. “Even 10% silicon mixed into traditional graphite anodes could give more than double the anode capacity.”",{"type":594,"attrs":124283,"content":124284},{"textAlign":49},[124285],{"text":124286,"type":599},"Silicon anodes still lag behind synthetic and natural graphite materials which dominate the market. In 2022, Benchmark forecasts that silicon will make up only 1% of the anode market, but this is set to increase to 5% by 2030.",{"type":657,"attrs":124288,"content":124289},{"level":15966,"textAlign":49},[124290],{"text":124291,"type":599},"The US silicon scene",{"type":594,"attrs":124293,"content":124294},{"textAlign":49},[124295,124297,124303],{"text":124296,"type":599},"The US is positioning itself as a centre of innovation in the silicon anode space. The US Department of Energy (DOE) this week opened a ",{"text":124298,"type":599,"marks":124299},"$100 million funding opportunity for commercial silicon anode projects",[124300],{"type":604,"attrs":124301},{"href":124302,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/us-battery-supply-chain-momentum-continues-with-department-of-energys-3-16-billion-funding",{"text":124304,"type":599}," as part of its wider battery supply chain investments.",{"type":594,"attrs":124306,"content":124307},{"textAlign":49},[124308],{"text":124309,"type":599},"Several silicon anode producers are establishing operations in Washington state, attracted by its proximity to R&D centres and a relatively clean electricity grid, according to Robert Burrell, a Benchmark analyst. Over 60% of the state’s electricity comes from hydropower.",{"type":594,"attrs":124311,"content":124312},{"textAlign":49},[124313],{"text":124314,"type":599},"Group14 uses a porous structure to overcome some of the swelling issues, which allows it to load more silicon onto the carbon anode material. It already has a small plant in Washington and the funding from Porsche will help it establish a second in the region in Moses Lake. The company’s factory will coexist with a facility operated by REC Silicon who produces silane gas – a vital precursor for silicon-based anodes.",{"type":594,"attrs":124316,"content":124317},{"textAlign":49},[124318,124320],{"text":124319,"type":599},"This week Sila Nanotechnologies announced it would site its first battery anode material factory in Moses Lake, Washington state. It",{"text":124321,"type":599}," currently operates from its headquarters in California where it produces silicon-based anodes for use in wearables. The company, backed by Daimler, BMW, and Mercedes-Benz, says the facility will be operational in 2024 and will provide battery anode material for EVs.",{"type":594,"attrs":124323,"content":124324},{"textAlign":49},[124325],{"text":124326,"type":599},"OneD, a silicon startup whose technology allows up to 35% silicon in an anode, also has a production facility in Moses Lake, Washington.",{"type":594,"attrs":124328,"content":124329},{"textAlign":49},[124330],{"text":124331,"type":599},"In 2020, the DOE provided California’s Enovix a grant to develop its 100% silicon anode technology for electric vehicles. Currently, it produces cells using its anode technology for the wearables and portables market. Like Sila, its development strategy is to work up from wearables and portables to EVs.",{"type":657,"attrs":124333,"content":124334},{"level":15966,"textAlign":49},[124335],{"text":121561,"type":599},{"type":594,"attrs":124337,"content":124338},{"textAlign":49},[124339],{"text":124340,"type":599},"While US-based silicon anode startups have promising technology, the nameplate capacities of their facilities are dwarfed by Chinese operations. Benchmark’s Anode Forecast showed at the start of the year the US only had three silicon-anode production facilities operating with a total capacity of just over 1,000 tonnes per annum (tpa). China, however, had 26 facilities with a total capacity of over 260,000 tpa.",{"type":594,"attrs":124342,"content":124343},{"textAlign":49},[124344],{"text":124345,"type":599},"Burrell notes that many of the Chinese players are “very well established anode companies,” and so have the knowledge to “more easily open a production line for silicon.” The US on the other hand does not have many established anode producers which would be able to make this shift.",{"type":594,"attrs":124347,"content":124348},{"textAlign":49},[124349],{"text":124350,"type":599},"Put simply, if the US wants to compete with China in the silicon anode space, it needs to invest in more capacity, Burrell says. ","Silicon anode material producer Group14 this week announced a $400 million raise, led by a $100 million investment from Porsche. The investment will support Group14 to set up its third production facility. It currently has a small plant in Washington state, USA, with 120 tonnes capacity and a joint venture facility with SK Materials in […]",[124353],{"slug":544,"name":543,"content":124354},{"job_title":557,"image":124355,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"754f2019-b373-4365-a0b0-d3b03f3f9b72\", \"id\": \"\"}-->",[124358,124359,124360,124361],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"slug":21579,"name":21580},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":124363,"copyright":547,"fieldtype":553,"meta_data":124364,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1eea4f624e/bm-istock-1200577714-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 06, 2022",{"id":124367,"uuid":124368,"name":124369,"slug":124370,"full_slug":124371,"content":124372},112472768273910,"cd7a2e6c-25d6-4642-b2c9-42b7c613c297","Glencore expands battery recycling reach with $200 million Li-Cycle investment and supply agreements","glencore-expands-battery-recycling-reach-with-200-million-li-cycle-investment-and-supply-agreements","article/glencore-expands-battery-recycling-reach-with-200-million-li-cycle-investment-and-supply-agreements",{"_uid":124373,"date":124234,"tags":124374,"editor":124379,"content":124383,"excerpt":124485,"featured":51,"reporter":124486,"_editable":124490,"component":864,"seo_title":124369,"categories":124491,"visibility":882,"author_company":49,"featured_image":124500,"seo_description":124485,"author_full_name":49,"author_job_title":49,"formattedDate":124365},"d3aae439-d87b-4e1f-8282-356b744ea0e0",[124375,124376],{"slug":11317,"name":11318},{"slug":124377,"name":124378},"li-cycle","Li-Cycle",[124380],{"slug":544,"name":543,"content":124381},{"job_title":557,"image":124382,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":124384},[124385,124390,124395,124400,124405,124410,124415,124426,124431,124449,124454,124465,124470,124475,124480],{"type":594,"attrs":124386,"content":124387},{"textAlign":49},[124388],{"text":124389,"type":599},"Glencore has established supply and offtake agreements with Li-Cycle and is set to invest $200 million in the battery recycler as it continues to make inroads into lithium ion recycling. ",{"type":594,"attrs":124391,"content":124392},{"textAlign":49},[124393],{"text":124394,"type":599},"The deal will see Glencore supply Li-Cycle with battery recycling feedstock as well as establish offtake agreements for battery materials. As part of the deal, Glencore will purchase $200 million in Li-Cycle’s convertible debt which could see the FTSE 100 miner take a 10% stake in the company. ",{"type":594,"attrs":124396,"content":124397},{"textAlign":49},[124398],{"text":124399,"type":599},"Glencore has been expanding its battery recycling business as part of its strategy to achieve net-zero emissions by 2050. Glencore is already the leading recycler of electronic waste in North America where it recycles battery materials at its Sudbury smelter in Canada. ",{"type":594,"attrs":124401,"content":124402},{"textAlign":49},[124403],{"text":124404,"type":599},"“This is a key step in establishing a strong long-term foundation for the vertical integration of the battery materials supply chain,” said Kunal Sinha, Glencore’s head of recycling. “Together, we will be expanding the spectrum of battery material supply solutions to a broader global customer base, particularly in Europe and North America,” he added.",{"type":594,"attrs":124406,"content":124407},{"textAlign":49},[124408],{"text":124409,"type":599},"Glencore agreed an offtake agreement with Electra Battery Materials last month for recycling nickel and cobalt from its Battery Material Park, Toronto, from 2023 onwards.",{"type":657,"attrs":124411,"content":124412},{"level":15966,"textAlign":49},[124413],{"text":124414,"type":599},"Expanding its European footprint",{"type":594,"attrs":124416,"content":124417},{"textAlign":49},[124418,124419,124424],{"text":82468,"type":599},{"text":124420,"type":599,"marks":124421},"the company announced plans to develop a 10,000 tonnes a year battery recycling facility in the UK",[124422],{"type":604,"attrs":124423},{"href":104973,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":124425,"type":599}," with battery developer Britishvolt.",{"type":594,"attrs":124427,"content":124428},{"textAlign":49},[124429],{"text":124430,"type":599},"Glencore already has lithium ion recycling capacity on the continent at its Nikkelverk refinery in Norway. ",{"type":594,"attrs":124432,"content":124433},{"textAlign":49},[124434,124436,124442,124447],{"text":124435,"type":599},"Europe is beginning to attract more investment in its lithium ion recycling infrastructure. ",{"text":124437,"type":599,"marks":124438},"Last",[124439],{"type":604,"attrs":124440},{"href":124441,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-gem-co-eyes-move-into-europes-battery-recycling-market",{"text":124443,"type":599,"marks":124444}," month, GEM Co, China’s leading battery recycler, told Benchmark",[124445],{"type":604,"attrs":124446},{"href":124441,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":124448,"type":599}," that it intends to invest in Europe to support the growing need for recycled battery raw materials.",{"type":594,"attrs":124450,"content":124451},{"textAlign":49},[124452],{"text":124453,"type":599},"New EU battery regulations and the growing demand for supply chain localisation on the continent are expected to incentivise European battery recycling capacity growth.",{"type":594,"attrs":124455,"content":124456},{"textAlign":49},[124457,124458,124463],{"text":2372,"type":599},{"text":124459,"type":599,"marks":124460},"European Union’s proposed battery directive",[124461],{"type":604,"attrs":124462},{"href":107733,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":124464,"type":599}," has said that at least 12% of the cobalt used in battery production should be from recycled sources, and 4% of the nickel and lithium by 2030. This is set to increase to 20%, 12%, and 10% in 2035.",{"type":657,"attrs":124466,"content":124467},{"level":15966,"textAlign":49},[124468],{"text":124469,"type":599},"Meeting the raw material shortfall",{"type":594,"attrs":124471,"content":124472},{"textAlign":49},[124473],{"text":124474,"type":599},"By the end of the decade, most battery raw materials face structural shortfalls due to rising battery demand and an inadequate supply response. Benchmark forecasts that in 2030, the lithium market faces a shortfall of 150,000 tonnes, with nickel’s deficit over 200,000 tonnes and cobalt’s almost 40,000 tonnes. ",{"type":594,"attrs":124476,"content":124477},{"textAlign":49},[124478],{"text":124479,"type":599},"“With mined supply unable to keep up with battery demand there is a long term opportunity for recyclers to help plug the gap,” said Benchmark analyst Sarah Colbourn.",{"type":594,"attrs":124481,"content":124482},{"textAlign":49},[124483],{"text":124484,"type":599},"In the short term battery recyclers will be relying on process scrap to scale up production, explained Colbourn. “As the supply of end-of-life batteries ramps up in the 2030s, recycling will start to become an increasingly significant source of supply,” said Colbourn. ","Glencore has established supply and offtake agreements with Li-Cycle and is set to invest $200 million in the battery recycler as it continues to make inroads into lithium ion recycling. The deal will see Glencore supply Li-Cycle with battery recycling feedstock as well as establish offtake agreements for battery materials. As part of the deal, […]",[124487],{"slug":544,"name":543,"content":124488},{"job_title":557,"image":124489,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d3aae439-d87b-4e1f-8282-356b744ea0e0\", \"id\": \"\"}-->",[124492,124493,124494,124495,124496,124497,124498,124499],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":878,"name":8},{"slug":4330,"name":150},{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":124501,"copyright":547,"fieldtype":553,"meta_data":124502,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/adc068d260/bm-glencore-offices-e1568042098678.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":124504,"uuid":13742,"name":124505,"slug":124506,"full_slug":124507,"content":124508},112472777932281,"Faltering trust in the LME leads to new MHP nickel pricing methods","faltering-trust-in-the-lme-leads-to-new-mhp-nickel-pricing-methods","article/faltering-trust-in-the-lme-leads-to-new-mhp-nickel-pricing-methods",{"_uid":124509,"date":124510,"tags":124511,"editor":124515,"content":124519,"excerpt":124719,"featured":51,"reporter":124720,"_editable":124724,"component":864,"seo_title":124505,"categories":124725,"visibility":882,"author_company":49,"featured_image":124728,"seo_description":124719,"author_full_name":49,"author_job_title":49,"formattedDate":124731},"e74fe933-ab5d-451f-b912-408ea628285a","2022-05-05 00:00",[124512,124513,124514],{"slug":578,"name":579},{"slug":16317,"name":16318},{"slug":7994,"name":7995},[124516],{"slug":544,"name":543,"content":124517},{"job_title":557,"image":124518,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":124520},[124521,124526,124531,124536,124548,124553,124558,124563,124568,124573,124578,124581,124586,124591,124594,124599,124604,124607,124612,124617,124622,124627,124632,124637,124642,124647,124654,124659,124664,124669,124674,124679,124684,124689,124693],{"type":594,"attrs":124522,"content":124523},{"textAlign":49},[124524],{"text":124525,"type":599},"So far during 2022, nickel prices have experienced significant volatility, with price increases and subsequent rising costs observed throughout the nickel and lithium ion battery and cathode supply chains, compounded by unprecedented levels of uncertainty in the market. ",{"type":594,"attrs":124527,"content":124528},{"textAlign":49},[124529],{"text":124530,"type":599},"A rally in the London Metal Exchange (LME) nickel price, driven by a short squeeze in March, and the subsequent cancelling of trades, has played a significant role in driving certain participants in the battery value chain towards implementing new methods of pricing. ",{"type":594,"attrs":124532,"content":124533},{"textAlign":49},[124534],{"text":124535,"type":599},"Questions over the reliability of the LME nickel contract, due to cancelled trades and repeated trading halts, as well as sustained high LME cash settlement prices, has begun to push market participants to consider using other mechanisms to price nickel transactions. ",{"type":594,"attrs":124537,"content":124538},{"textAlign":49},[124539,124541,124546],{"text":124540,"type":599},"For the battery supply chain, this has been most prominent in the ",{"text":124542,"type":599,"marks":124543},"mixed hydroxide precipitate (MHP)",[124544],{"type":604,"attrs":124545},{"href":96750,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":124547,"type":599}," market where a payable to LME cash settled nickel prices has been the typical structure, with buyers and sellers in some cases instead opting for prices they believe better represent the current state of play in the nickel market. ",{"type":594,"attrs":124549,"content":124550},{"textAlign":49},[124551],{"text":124552,"type":599},"Moreover, recent legislation changes in China, allowing the import of black mass as an alternative feed, and the uptick in Covid-19 cases in China, including ensuing lockdowns, has accelerated this market shift due to weakened demand for battery grade nickel and expectation of improved feedstock availability in the Chinese market.",{"type":657,"attrs":124554,"content":124555},{"level":15966,"textAlign":49},[124556],{"text":124557,"type":599},"LME RALLY, COVID AND BLACK MASS",{"type":594,"attrs":124559,"content":124560},{"textAlign":49},[124561],{"text":124562,"type":599},"The LME nickel short squeeze in March saw prices reach record highs, surpassing $100,000/tonne briefly, before the LME cancelled all trades on the 8 March and backdated prices to $48,000/tonne. ",{"type":594,"attrs":124564,"content":124565},{"textAlign":49},[124566],{"text":124567,"type":599},"As a result, market participants have raised questions over the reliability of the LME as a pricing mechanism following the nickel price rally action, during which a reported $3.9bn of trades were cancelled by the exchange.",{"type":594,"attrs":124569,"content":124570},{"textAlign":49},[124571],{"text":124572,"type":599},"This sparked claims that the LME acted intentionally to protect large industry players who were affected by the rally, with some suggesting this was at the behest of the exchange’s owners, Hong Kong Exchanges and Clearing Limited (HKEX). ",{"type":594,"attrs":124574,"content":124575},{"textAlign":49},[124576],{"text":124577,"type":599},"Regardless of whether these accusations can be verified, these claims have done significant damage to the trust market participants have previously placed in the LME, by suggesting the exchange is not an independent and impartial entity. Following the incident, liquidity on the exchange has dropped significantly, with average daily transaction levels in April down by 49% from February volumes.",{"type":594,"attrs":124579,"content":124580},{"textAlign":49},[],{"type":594,"attrs":124582,"content":124583},{"textAlign":49},[124584],{"text":124585,"type":599},"For a number of Chinese players, the traditional method of pricing MHP transactions, which uses a payable level to LME cash settled nickel prices, has been abandoned, according to Benchmark’s market sources. So far, Benchmark has noted two alternative methods currently being used to price MHP. ",{"type":594,"attrs":124587,"content":124588},{"textAlign":49},[124589],{"text":124590,"type":599},"The first has seen a shift to use a payable level versus the Shanghai Futures Exchange (SHFE) nickel metal cash settled price, the initial trading level of which was significantly lower than payables to the LME, primarily due to the 13% VAT included in the SHFE price, however payables to the LME fell to a similar level by months end.",{"type":594,"attrs":124592,"content":124593},{"textAlign":49},[],{"type":594,"attrs":124595,"content":124596},{"textAlign":49},[124597],{"text":124598,"type":599},"Whilst certain elements of the supply chain are resorting to this method, it has created concerns amongst some producers that they will receive weaker pricing due to the lower payable levels being cited versus SHFE prices and could have a negative impact on pricing moving forward. ",{"type":594,"attrs":124600,"content":124601},{"textAlign":49},[124602],{"text":124603,"type":599},"The alternative method some market participants are currently offering is to maintain payables at 90%, similar to the levels being traded for MHP versus the LME price before the March short squeeze (Benchmark MHP payable, CIF Asia, 68.5% on 29 April 2022), with purchasers required to bid on the nickel metal price for the volumes in an auction process.",{"type":594,"attrs":124605,"content":124606},{"textAlign":49},[],{"type":594,"attrs":124608,"content":124609},{"textAlign":49},[124610],{"text":124611,"type":599},"Although LME nickel prices have fallen since the short-squeeze in mid-March, they remain at their highest level since 2007, currently at $32,430/tonne according to the LME cash price, significantly impacting battery grade nickel prices. ",{"type":594,"attrs":124613,"content":124614},{"textAlign":49},[124615],{"text":124616,"type":599},"This has caused disparity between LME and domestic Chinese prices, which have recently experienced downward momentum, with the price for MHP down by 32% m-o-m in April.",{"type":594,"attrs":124618,"content":124619},{"textAlign":49},[124620],{"text":124621,"type":599},"Prices have been impacted by a number of factors, primarily Covid-19 lockdowns in China negatively affecting production and utilisation rates across the lithium ion battery supply chain, including precursor facilities in several provinces, such as Fujian, Guangdong, Hunan, and Jiangsu, reducing demand for MHP. ",{"type":594,"attrs":124623,"content":124624},{"textAlign":49},[124625],{"text":124626,"type":599},"Availability of battery suitable feedstock in China is also expected to increase as, in April, 2022, the Chinese government allowed the import of black mass from recycled batteries, improving supply-side fundamentals.",{"type":594,"attrs":124628,"content":124629},{"textAlign":49},[124630],{"text":124631,"type":599},"Alongside growing supply from Indonesian battery focused nickel mining operations, expected later in 2022, black mass is perceived as a relatively cheap alternative source of feed for nickel refineries, expanding feedstock choice, deterring buyers further from paying higher prices for MHP priced against high LME exchange prices, exacerbated by fears of a another short squeeze further elevating prices.   ",{"type":594,"attrs":124633,"content":124634},{"textAlign":49},[124635],{"text":124636,"type":599},"The nickel market has been in a state of paralysis in recent weeks, as some buyers have been unwilling to accept payable levels referencing LME cash settled prices. As more black mass becomes available, some consumers may seek to source black mass as an alternative to MHP for additional spot volumes, again making the LME’s role in the battery supply chain less significant.",{"type":657,"attrs":124638,"content":124639},{"level":15966,"textAlign":49},[124640],{"text":124641,"type":599},"OUTLOOK",{"type":594,"attrs":124643,"content":124644},{"textAlign":49},[124645],{"text":124646,"type":599},"Although Benchmark has highlighted there was no real correlation between the LME price increase and underlying market fundamentals, the phenomenon has substantially affected the market’s confidence in the LME. ",{"type":594,"attrs":124648,"content":124649},{"textAlign":49},[124650,124652],{"text":124651,"type":599},"Consequently, if the LME is unable to restore market confidence in the exchange, it runs the risk of becoming redundant to the battery supply chain, particularly ",{"text":124653,"type":599},"in China, the global hub for battery nickel, as more market participants opt to use alternative pricing methods.",{"type":594,"attrs":124655,"content":124656},{"textAlign":49},[124657],{"text":124658,"type":599},"Most contacts have reported a willingness to use LME prices again if they return to a level more reflective of the current market, however, if prices fail to do so over the coming months, these participants indicated to Benchmark they will continue to use the new methods going forwards.",{"type":594,"attrs":124660,"content":124661},{"textAlign":49},[124662],{"text":124663,"type":599},"Furthermore, it raises broader questions about the suitability of futures exchanges as a terminal marketplace for more volatile growth markets, particularly battery metals. ",{"type":594,"attrs":124665,"content":124666},{"textAlign":49},[124667],{"text":124668,"type":599},"Whilst these exchanges have worked well in relatively stable industrial markets, the rally observed on 8 March 2022 could be a shot across the bows for the battery supply chain and how it should consider the future of pricing.",{"type":594,"attrs":124670,"content":124671},{"textAlign":49},[124672],{"text":124673,"type":599},"Benchmark forecasts that demand for lithium ion batteries will experience a 28% CAGR to the end of the decade, and as such the raw material markets needed to support this growth will undergo similar trajectories. ",{"type":594,"attrs":124675,"content":124676},{"textAlign":49},[124677],{"text":124678,"type":599},"Heavily structured futures exchanges, which require exact contract terms and product specifications may not have the flexibility to deal with such rapid growth rates and ensuing volatility in prices. ",{"type":594,"attrs":124680,"content":124681},{"textAlign":49},[124682],{"text":124683,"type":599},"Furthermore, these exchanges are heavily influenced and used by the financial sector, as opposed to producers and consumers active in the supply chain.",{"type":594,"attrs":124685,"content":124686},{"textAlign":49},[124687],{"text":124688,"type":599},"This highlights the need for independent references which assess the real transactions for physical material happening within the lithium ion battery supply chain between producers and consumers, as formally assessed by Benchmark.",{"type":657,"attrs":124690,"content":124691},{"level":15966,"textAlign":49},[124692],{"text":81070,"type":599},{"type":594,"attrs":124694,"content":124695},{"textAlign":49},[124696,124700,124705,124709,124716],{"text":124697,"type":599,"marks":124698},"For more information about Benchmark’s Nickel Price Assessment fill in the ",[124699],{"type":643},{"text":86378,"type":599,"marks":124701},[124702,124704],{"type":604,"attrs":124703},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":124706,"type":599,"marks":124707}," or email ",[124708],{"type":643},{"text":124710,"type":599,"marks":124711},"info@benchmarkminerals.com",[124712,124715],{"type":604,"attrs":124713},{"href":124714,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:info@benchmarkminerals.com",{"type":643},{"text":17632,"type":599,"marks":124717},[124718],{"type":643},"So far during 2022, nickel prices have experienced significant volatility, with price increases and subsequent rising costs observed throughout the nickel and lithium ion battery and cathode supply chains, compounded by unprecedented levels of uncertainty in the market. A rally in the London Metal Exchange (LME) nickel price, driven by a short squeeze in March, […]",[124721],{"slug":544,"name":543,"content":124722},{"job_title":557,"image":124723,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e74fe933-ab5d-451f-b912-408ea628285a\", \"id\": \"\"}-->",[124726,124727],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":124729,"copyright":547,"fieldtype":553,"meta_data":124730,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f7421a16d2/bm-15099264329-8e6e384623-c.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 05, 2022",{"id":124733,"uuid":124734,"name":124735,"slug":124736,"full_slug":124737,"content":124738},112472782654970,"6b672ac4-2378-47fb-b676-3f437392b04b","US battery supply chain momentum continues with Department of Energy’s $3.16 billion funding","us-battery-supply-chain-momentum-continues-with-department-of-energys-3-16-billion-funding","article/us-battery-supply-chain-momentum-continues-with-department-of-energys-3-16-billion-funding",{"_uid":124739,"date":124740,"tags":124741,"editor":124745,"content":124749,"excerpt":124869,"featured":51,"reporter":124870,"_editable":124874,"component":864,"seo_title":124735,"categories":124875,"visibility":882,"author_company":49,"featured_image":124879,"seo_description":124869,"author_full_name":49,"author_job_title":49,"formattedDate":124881},"de3c67f8-84fe-4d8f-ae7e-af7c261c8b96","2022-05-04 00:00",[124742,124743,124744],{"slug":54074,"name":54075},{"slug":1375,"name":1376},{"slug":4610,"name":662},[124746],{"slug":544,"name":543,"content":124747},{"job_title":557,"image":124748,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":124750},[124751,124756,124763,124768,124773,124778,124783,124790,124795,124798,124803,124808,124820,124832,124837,124842,124847,124854,124859,124864],{"type":594,"attrs":124752,"content":124753},{"textAlign":49},[124754],{"text":124755,"type":599},"The US Department of Energy (DOE) has this week opened $3.16 billion of funding as part of the Bipartisan Infrastructure Law to develop the country’s battery supply chain.",{"type":594,"attrs":124757,"content":124758},{"textAlign":49},[124759,124761],{"text":124760,"type":599},"The money will be allocated across the supply chain, with the bulk of the funding being made available to",{"text":124762,"type":599}," mid-stream processing to cathode, anode and battery cell production. ",{"type":594,"attrs":124764,"content":124765},{"textAlign":49},[124766],{"text":124767,"type":599},"The Biden administration hopes the package will encourage US-based companies to build domestic production capacity. In 2022, the US is forecast to account for just 7% of global battery production according to Benchmark’s Lithium ion Battery Database. The country hosts less than 3% of global lithium chemical and 0% of spherical graphite production according to Benchmark.",{"type":594,"attrs":124769,"content":124770},{"textAlign":49},[124771],{"text":124772,"type":599},"“For too long, other countries have been outpacing the United States in funding new technologies,” said Michigan Senator Debbie Stabenow about the new funding, “We are at a critical moment in our competition to build the next generation of electric vehicles and batteries here in America.”",{"type":657,"attrs":124774,"content":124775},{"level":15966,"textAlign":49},[124776],{"text":124777,"type":599},"Where is the money going?",{"type":594,"attrs":124779,"content":124780},{"textAlign":49},[124781],{"text":124782,"type":599},"Of the $3.16 billion, $1.5 billion is allocated to material processing, which includes cathode precursors and graphite anode materials. For the production of cathode precursors, the funding requires the deployment of “sustainable extracted feedstocks as a supply source”.",{"type":594,"attrs":124784,"content":124785},{"textAlign":49},[124786,124788],{"text":124787,"type":599},"$1.45 billion will g",{"text":124789,"type":599},"o towards manufacturing lithium ion cells and their components. $600 million of this is allocated to commercial scale cell production and the rest is split between cathode, silicon anode, and other battery cell components. ",{"type":594,"attrs":124791,"content":124792},{"textAlign":49},[124793],{"text":124794,"type":599},"$150 million will be given to developing commercial-scale battery recycling and end-of-life infrastructure. A separate $60 million funding pot is available for research and development-scale recycling projects.",{"type":594,"attrs":124796,"content":124797},{"textAlign":49},[],{"type":657,"attrs":124799,"content":124800},{"level":15966,"textAlign":49},[124801],{"text":124802,"type":599},"Plugging supply chain gaps",{"type":594,"attrs":124804,"content":124805},{"textAlign":49},[124806],{"text":124807,"type":599},"The DOE funding represents the USA’s latest efforts to develop its lithium ion supply chain in the face of Chinese dominance. ",{"type":594,"attrs":124809,"content":124810},{"textAlign":49},[124811,124813,124818],{"text":124812,"type":599},"At the start of April, ",{"text":124814,"type":599,"marks":124815},"President Biden invoked the Defense Production Act",[124816],{"type":604,"attrs":124817},{"href":123914,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":124819,"type":599}," to boost upstream production of battery raw materials. ",{"type":594,"attrs":124821,"content":124822},{"textAlign":49},[124823,124825,124830],{"text":124824,"type":599},"In mid-April, ",{"text":124826,"type":599,"marks":124827},"the DOE announced its first battery supply chain loan ",[124828],{"type":604,"attrs":124829},{"href":76093,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":124831,"type":599},"to support the development of Syrah Resources’ battery anode materials plant in Louisiana. ",{"type":594,"attrs":124833,"content":124834},{"textAlign":49},[124835],{"text":124836,"type":599},"Benchmark forecasts that China will produce 100% of the world’s spherical graphite anode materials in 2022, but US-based operations of companies such as Syrah Resources and Westwater Resources are due to come online in 2023.",{"type":594,"attrs":124838,"content":124839},{"textAlign":49},[124840],{"text":124841,"type":599},"While natural flake graphite and synthetic graphite sources dominate the anode materials space, silicon anode’s market share is set to increase from 1% in 2022 to 5% in 2030 according to Benchmark. ",{"type":594,"attrs":124843,"content":124844},{"textAlign":49},[124845],{"text":124846,"type":599},"$100 million of the DOE funding will go towards supporting silicon anode developers. ",{"type":594,"attrs":124848,"content":124849},{"textAlign":49},[124850,124852],{"text":124851,"type":599},"Silicon anode materials are already used in some electric vehicle applications as an additive, typically in the range of 3 and 9%. ",{"text":124853,"type":599},"Several leading automakers have plans to increase the use of silicon in batteries. ",{"type":594,"attrs":124855,"content":124856},{"textAlign":49},[124857],{"text":124858,"type":599},"The US is home to several US startups developing silicon anode technology. In 2021, Tesla acquired SilLion to access their high-loaded silicon anodes. ",{"type":594,"attrs":124860,"content":124861},{"textAlign":49},[124862],{"text":124863,"type":599},"The USA’s supply chain vulnerabilities extend to cathodes where it has less than 1% of global production capacity compared with China’s 80% share. ",{"type":594,"attrs":124865,"content":124866},{"textAlign":49},[124867],{"text":124868,"type":599},"Gary Peters, a senator in Michigan who backed the Bipartisan Infrastructure Law, said the DOE funding would “lessen our dependence on foreign producers like the Chinese government for these critical technologies.”","The US Department of Energy (DOE) has this week opened $3.16 billion of funding as part of the Bipartisan Infrastructure Law to develop the country’s battery supply chain. The money will be allocated across the supply chain, with the bulk of the funding being made available to mid-stream processing to cathode, anode and battery cell […]",[124871],{"slug":544,"name":543,"content":124872},{"job_title":557,"image":124873,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"de3c67f8-84fe-4d8f-ae7e-af7c261c8b96\", \"id\": \"\"}-->",[124876,124877,124878],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":14882,"copyright":547,"fieldtype":553,"meta_data":124880,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"May 04, 2022",{"id":124883,"uuid":124884,"name":124885,"slug":124886,"full_slug":124887,"content":124888},112472787439099,"e1c5881c-48c8-4367-b520-c1c391215406","China’s zero-Covid policies weigh on lithium and cobalt prices","chinas-zero-covid-policies-weigh-on-lithium-and-cobalt-prices","article/chinas-zero-covid-policies-weigh-on-lithium-and-cobalt-prices",{"_uid":124889,"date":124890,"tags":124891,"editor":124896,"content":124900,"excerpt":124990,"featured":51,"reporter":124991,"_editable":124995,"component":864,"seo_title":124885,"categories":124996,"visibility":882,"author_company":49,"featured_image":125000,"seo_description":124990,"author_full_name":49,"author_job_title":49,"formattedDate":125003},"15c13426-914e-4084-9e8b-87828c5e877e","2022-04-29 00:00",[124892,124893],{"slug":913,"name":914},{"slug":124894,"name":124895},"covid","COVID",[124897],{"slug":544,"name":543,"content":124898},{"job_title":557,"image":124899,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":124901},[124902,124907,124912,124917,124922,124927,124932,124937,124942,124947,124952,124957,124970,124975,124980,124985],{"type":594,"attrs":124903,"content":124904},{"textAlign":49},[124905],{"text":124906,"type":599},"Chinese lithium and cobalt sulphate prices fell this month as strict Covid-19 lockdowns in Shanghai and elsewhere limit demand in the world’s largest electric vehicle market.",{"type":594,"attrs":124908,"content":124909},{"textAlign":49},[124910],{"text":124911,"type":599},"Chinese battery-grade lithium prices fell by 5% this month to a mid-point of RMB 478,000, according to Benchmark’s Lithium Price Assessment, the first fall since June 2021. Prices for cobalt sulphate fell by 6%, according to Benchmark’s Cobalt Price Assessment.",{"type":594,"attrs":124913,"content":124914},{"textAlign":49},[124915],{"text":124916,"type":599},"China’s “zero-Covid” policy could slow sales of electric vehicles this month as consumers in the country’s biggest city remain at home. At the same time logistical difficulties caused by the lockdowns in Shanghai and elsewhere are disrupting supply chains for automakers and battery producers.",{"type":594,"attrs":124918,"content":124919},{"textAlign":49},[124920],{"text":124921,"type":599},"Shanghai, a city of 25 million people, has been in lockdown for over a month, impacting auto factories and the transportation of parts and supplies in the city and neighbouring Zhejiang and Jiangsu provinces.",{"type":594,"attrs":124923,"content":124924},{"textAlign":49},[124925],{"text":124926,"type":599},"Automakers including Tesla, Nio and Volkswagen were forced to temporarily halt production earlier in the month. Tesla said it had resumed “limited production” at its plant in Shanghai.",{"type":594,"attrs":124928,"content":124929},{"textAlign":49},[124930],{"text":124931,"type":599},"Consultancy Rho Motion now forecasts Chinese EV sales of 5.6 million this year, down from an earlier forecast of 5.8 million.",{"type":594,"attrs":124933,"content":124934},{"textAlign":49},[124935],{"text":124936,"type":599},"“People were afraid of NEV (new energy vehicle) sales because of price increase earlier this year, they are not afraid anymore, because everyone now is afraid of the impact from Covid which will be much more devastating to demand and sales this year and no one can see the turning point yet,” an industry source said.",{"type":657,"attrs":124938,"content":124939},{"level":15966,"textAlign":49},[124940],{"text":124941,"type":599},"Cobalt prices ease",{"type":594,"attrs":124943,"content":124944},{"textAlign":49},[124945],{"text":124946,"type":599},"Chinese cathode producers are drawing down on their inventories of battery raw materials rather than making new purchases, according to George Miller, an analyst at Benchmark.",{"type":594,"attrs":124948,"content":124949},{"textAlign":49},[124950],{"text":124951,"type":599},"Prices for cobalt sulphate fell by 6% in April to RMB 112,500 a tonne as lockdowns halted downstream cathode production, weakening demand, according to Benchmark’s Cobalt Price Assessment.",{"type":657,"attrs":124953,"content":124954},{"level":15966,"textAlign":49},[124955],{"text":124956,"type":599},"Signs of optimism",{"type":594,"attrs":124958,"content":124959},{"textAlign":49},[124960,124962,124968],{"text":124961,"type":599},"Still, ",{"text":124963,"type":599,"marks":124964},"battery producers",[124965],{"type":604,"attrs":124966},{"href":124967,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-suppliers-catl-and-lg-profits-hit-by-raw-material-costs",{"text":124969,"type":599}," including CATL and LGES said this week they were confident about global sales this year. Lost EV demand due to the lockdowns could be pushed into later this year, according to Miller.",{"type":594,"attrs":124971,"content":124972},{"textAlign":49},[124973],{"text":124974,"type":599},"“Upstream raw material price increases have started to ease, and demand still remains exuberant,” CATL’s board member Jiang Li, said. “So I’m naturally positive on the industry and prospects for the company.”",{"type":594,"attrs":124976,"content":124977},{"textAlign":49},[124978],{"text":124979,"type":599},"China’s Passenger Car Association said it expected retail sales of passenger cars to fall in April by 32% but said it was still optimistic on sales of new energy vehicles, saying it expected them to maintain their 25% market share.",{"type":594,"attrs":124981,"content":124982},{"textAlign":49},[124983],{"text":124984,"type":599},"Ken Brinsden, chief executive of Australian lithium producer Pilbara Minerals, said this week that the automotive shutdowns in China had not impacted lithium demand.",{"type":594,"attrs":124986,"content":124987},{"textAlign":49},[124988],{"text":124989,"type":599},"“Demand has been consistent now with respect to our ability to sell for the best part of 12 months and we haven’t seen any change,” he said. “There has been a little bit of softness in pricing. But in part, that doesn’t surprise me, because the market had obviously run very, very hard and fast in the period prior, the fact that it’s taking and breather, it really is no surprise.”","Chinese lithium and cobalt sulphate prices fell this month as strict Covid-19 lockdowns in Shanghai and elsewhere limit demand in the world’s largest electric vehicle market. Chinese battery-grade lithium prices fell by 5% this month to a mid-point of RMB 478,000, according to Benchmark’s Lithium Price Assessment, the first fall since June 2021. Prices for […]",[124992],{"slug":544,"name":543,"content":124993},{"job_title":557,"image":124994,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"15c13426-914e-4084-9e8b-87828c5e877e\", \"id\": \"\"}-->",[124997,124998,124999],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":125001,"copyright":547,"fieldtype":553,"meta_data":125002,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/51d13a23a8/bm-shanghai-lockdown.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 29, 2022",{"id":125005,"uuid":125006,"name":125007,"slug":125008,"full_slug":125009,"content":125010},112472802962942,"639e2e8b-8012-4444-b537-41d11402fb96","Tesla supplier Sumitomo to exit Indonesia as Huayou targets 500% nickel increase ","tesla-supplier-sumitomo-to-exit-indonesia-as-huayou-targets-500-nickel-increase","article/tesla-supplier-sumitomo-to-exit-indonesia-as-huayou-targets-500-nickel-increase",{"_uid":125011,"date":125012,"tags":125013,"editor":125021,"content":125025,"excerpt":125132,"featured":51,"reporter":125133,"_editable":125137,"component":864,"seo_title":125007,"categories":125138,"visibility":882,"author_company":49,"featured_image":125141,"seo_description":125132,"author_full_name":49,"author_job_title":49,"formattedDate":125143},"1822125d-98a8-43f4-8949-9300b713a22a","2022-04-26 00:00",[125014,125016,125017,125020],{"slug":125015,"name":79183},"huayou-cobalt",{"slug":7997,"name":7998},{"slug":125018,"name":125019},"sumitomo","Sumitomo",{"slug":3874,"name":3875},[125022],{"slug":544,"name":543,"content":125023},{"job_title":557,"image":125024,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":125026},[125027,125032,125037,125042,125055,125060,125072,125077,125082,125087,125092,125097,125102,125107,125112,125117,125122,125127],{"type":594,"attrs":125028,"content":125029},{"textAlign":49},[125030],{"text":125031,"type":599},"China’s Huayou Cobalt said its nickel production will increase by as much as 500% this year as its processing project in Indonesia starts production, just as Tesla supplier Sumitomo Metal Mining (SMM) said it would exit a joint venture in the country.",{"type":594,"attrs":125033,"content":125034},{"textAlign":49},[125035],{"text":125036,"type":599},"Huayou’s chairman Chen Xuehua said the start of its PT Huayue Nickel Cobalt processing plant in Sulawesi this year will help increase the company’s nickel production to between 80,000 to 90,000 tonnes.",{"type":594,"attrs":125038,"content":125039},{"textAlign":49},[125040],{"text":125041,"type":599},"Indonesia is set to account for the majority of the supply growth in nickel for batteries over the next few years, due to large investments by Chinese companies such as Huayou in processing plants.",{"type":594,"attrs":125043,"content":125044},{"textAlign":49},[125045,125047,125053],{"text":125046,"type":599},"That will make automakers increasingly reliant on the country and Chinese companies for the nickel they need to make electric vehicles. In March Volkswagen ",{"text":125048,"type":599,"marks":125049},"agreed",[125050],{"type":604,"attrs":125051},{"href":125052,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/volkswagen-set-to-enter-high-nickel-cathode-production-as-it-agrees-nickel-cobalt-supply-deal-with-huayou-and-tsingshan",{"text":125054,"type":599}," to invest in nickel projects and cathode materials production with Huayou.",{"type":594,"attrs":125056,"content":125057},{"textAlign":49},[125058],{"text":125059,"type":599},"This month South Korea’s LG Energy Solution also said it would join a consortium including Huayou and steelmaker Posco to invest $9 billion in nickel mining and processing in Indonesia.",{"type":594,"attrs":125061,"content":125062},{"textAlign":49},[125063,125065,125070],{"text":125064,"type":599},"The nickel market is likely to enter a ",{"text":125066,"type":599,"marks":125067},"surplus",[125068],{"type":604,"attrs":125069},{"href":107098,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":125071,"type":599}," in the second half of this year, according to Benchmark’s Nickel Price Forecast, due to the new supply from Indonesian projects.",{"type":594,"attrs":125073,"content":125074},{"textAlign":49},[125075],{"text":125076,"type":599},"In addition to Huayou’s project in Sulawesi, stainless steel giant Tsingshan has also begun shipping nickel matte, an intermediate form of the metal, from Indonesia to China for use in batteries this year.",{"type":594,"attrs":125078,"content":125079},{"textAlign":49},[125080],{"text":125081,"type":599},"Huayou said its nickel production – from Indonesia as well as from its own inventories – would increase to between 80,000 to 90,000 tonnes this year, from between 13,000 to 15,000 tonnes in 2021.",{"type":594,"attrs":125083,"content":125084},{"textAlign":49},[125085],{"text":125086,"type":599},"The company also has two other nickel processing projects it is developing in Indonesia.",{"type":657,"attrs":125088,"content":125089},{"level":15966,"textAlign":49},[125090],{"text":125091,"type":599},"Bowing out",{"type":594,"attrs":125093,"content":125094},{"textAlign":49},[125095],{"text":125096,"type":599},"In contrast, Tokyo-based SMM, which supplies Tesla battery supplier Panasonic with materials, said on Monday it would discontinue the definitive feasibility study for the Pomalaa nickel processing project in Sulawesi, which it was developing along with Brazil’s Vale.",{"type":594,"attrs":125098,"content":125099},{"textAlign":49},[125100],{"text":125101,"type":599},"The project, which was due to begin production in 2026, was key to Sumitomo’s efforts to source nickel to expand its cathode production and could now leave it open to Chinese investment.",{"type":594,"attrs":125103,"content":125104},{"textAlign":49},[125105],{"text":125106,"type":599},"SMM said that its partner PT Vale Indonesia (PTVI) had “begun to seek an alternative to promoting the Pomalla project with SMM,” due “in part” to delays caused by Covid-19.",{"type":594,"attrs":125108,"content":125109},{"textAlign":49},[125110],{"text":125111,"type":599},"“SMM has been unable to continue negotiations with PTVI,” it said. “Since it is difficult to maintain its internal and external project study team with no prospect for future progress, SMM has concluded that it has no choice but to discontinue the study,” it added.",{"type":594,"attrs":125113,"content":125114},{"textAlign":49},[125115],{"text":125116,"type":599},"A spokesman for Vale said that the company remains committed to Pomalaa and will “provide an update in due course.”",{"type":594,"attrs":125118,"content":125119},{"textAlign":49},[125120],{"text":125121,"type":599},"The Pomalaa high-pressure acid leaching project was set to have the capacity to produce 40,000 tonnes of nickel per year starting in 2026, helping SMM to reach its target of producing 150,000 tonnes of nickel annually.",{"type":594,"attrs":125123,"content":125124},{"textAlign":49},[125125],{"text":125126,"type":599},"“The Pomalaa project was the centrepiece of SMM’s strategy to secure nickel resources to achieve its long-term vision of its 150,000 ton annual nickel production rate,” the company said.",{"type":594,"attrs":125128,"content":125129},{"textAlign":49},[125130],{"text":125131,"type":599},"“While we regret this outcome, we will continue our efforts to secure nickel resources in order to strengthen the value chain of SMM’s three businesses … and ensure a stable supply of SMM’s nickel products,” the company said.","China’s Huayou Cobalt said its nickel production will increase by as much as 500% this year as its processing project in Indonesia starts production, just as Tesla supplier Sumitomo Metal Mining (SMM) said it would exit a joint venture in the country. Huayou’s chairman Chen Xuehua said the start of its PT Huayue Nickel Cobalt […]",[125134],{"slug":544,"name":543,"content":125135},{"job_title":557,"image":125136,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1822125d-98a8-43f4-8949-9300b713a22a\", \"id\": \"\"}-->",[125139,125140],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":96982,"copyright":547,"fieldtype":553,"meta_data":125142,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Apr 26, 2022",{"id":125145,"uuid":125146,"name":125147,"slug":125148,"full_slug":125149,"content":125150},112472808197631,"f5639208-232b-4054-83aa-b5d6a2288f79","Lithium ion battery pipeline breaks the 6 TWh capacity barrier","lithium-ion-battery-pipeline-breaks-the-6twh-barrier","article/lithium-ion-battery-pipeline-breaks-the-6twh-barrier",{"_uid":125151,"date":125152,"tags":125153,"editor":125155,"content":125159,"excerpt":125437,"featured":51,"reporter":125438,"_editable":125442,"component":864,"seo_title":125147,"categories":125443,"visibility":882,"author_company":49,"featured_image":125446,"seo_description":125437,"author_full_name":49,"author_job_title":49,"formattedDate":125449},"5007fbf0-197e-476b-81ab-0460855f1f0d","2022-04-22 00:00",[125154],{"slug":3117,"name":3118},[125156],{"slug":544,"name":543,"content":125157},{"job_title":557,"image":125158,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":125160},[125161,125166,125171,125190,125195,125200,125205,125210,125215,125220,125225,125230,125235,125240,125245,125257,125268,125273,125278,125283,125288,125293,125298,125303,125308,125313,125318,125330,125335,125340,125345,125350,125355,125364,125369,125379,125391,125414,125419,125424],{"type":594,"attrs":125162,"content":125163},{"textAlign":49},[125164],{"text":125165,"type":599},"Global lithium ion production capacity could reach over 6,000GWh (6TWh) by the end of the decade, based on current plans, as companies accelerate gigafactory construction in Europe and the US.",{"type":594,"attrs":125167,"content":125168},{"textAlign":49},[125169],{"text":125170,"type":599},"Total lithium ion capacity existing or being built has doubled since the beginning of 2021 following announcements of new plants by Chinese and South Korean battery producers, according to Benchmark’s Gigafactory Assessment.",{"type":594,"attrs":125172,"content":125173},{"textAlign":49},[125174,125176,125181,125182,125188],{"text":125175,"type":599},"The numbers highlight the increasingly global spread of battery gigafactories, as automakers look to secure local supply chains to lower costs and reduce the risk of trade disruption. While China still dominates global battery production, announcements for ",{"text":125177,"type":599,"marks":125178},"North American",[125179],{"type":604,"attrs":125180},{"href":123853,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":1440,"type":599},{"text":125183,"type":599,"marks":125184},"European",[125185],{"type":604,"attrs":125186},{"href":125187,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europes-ev-gigafactory-capacity-pipeline-grows-6-fold-to-789-2gwh-to-2030-berlin-summit-to-dissect-battery-megatrend",{"text":125189,"type":599}," battery cell plants are accelerating.",{"type":594,"attrs":125191,"content":125192},{"textAlign":49},[125193],{"text":125194,"type":599},"LG Energy Solutions said it would invest KRW 1.7tn ($1.4bn) to build a 11 GWh cell plant in Arizona while Mercedes-Benz announced a battery partnership project with Envision AESC, with plans for a 30 GWh plant to be located in Kentucky, US.",{"type":594,"attrs":125196,"content":125197},{"textAlign":49},[125198],{"text":125199,"type":599},"In March China’s EVE Energy announced plans to set up its first European battery plant with an estimated capacity of 30 GWh in Debrecen, Hungary.",{"type":594,"attrs":125201,"content":125202},{"textAlign":49},[125203],{"text":125204,"type":599},"North America’s share of the global battery capacity is set to grow to 10% by 2026 from 6% currently, according to Benchmark, while Europe’s is set to grow to 12% from 7%.",{"type":657,"attrs":125206,"content":125207},{"level":15966,"textAlign":49},[125208],{"text":125209,"type":599},"Battery acceleration ",{"type":594,"attrs":125211,"content":125212},{"textAlign":49},[125213],{"text":125214,"type":599},"Overall, planned gigafactory capacity rose in April by 73% from a year earlier, according to Benchmark. At the current rate of growth capacity is set to exceed 10 TWh in less than a year.",{"type":594,"attrs":125216,"content":125217},{"textAlign":49},[125218],{"text":125219,"type":599},"The numbers include around 1 TWh of existing battery capacity as of the end of 2021.",{"type":594,"attrs":125221,"content":125222},{"textAlign":49},[125223],{"text":125224,"type":599},"At 6 TWh of capacity the world could produce around 109 million EVs, although this is based on all the plants coming into production and operating at full capacity.",{"type":594,"attrs":125226,"content":125227},{"textAlign":49},[125228],{"text":125229,"type":599},"In reality it’s likely that around 70% of the gigafactories in pipeline will come into production with an average global capacity utilisation of 70%, according to Simon Moores, chief executive of Benchmark.",{"type":594,"attrs":125231,"content":125232},{"textAlign":49},[125233],{"text":125234,"type":599},"Tesla’s chief executive Elon Musk said this week that a total of 300 TWh is needed to transition the world to sustainable energy via batteries for heating and transport.",{"type":657,"attrs":125236,"content":125237},{"level":15966,"textAlign":49},[125238],{"text":125239,"type":599},"Not all batteries are equal",{"type":594,"attrs":125241,"content":125242},{"textAlign":49},[125243],{"text":125244,"type":599},"Not all battery capacity equals reliable, quality battery supply needed for world class EVs, however, according to Moores.",{"type":594,"attrs":125246,"content":125247},{"textAlign":49},[125248,125250,125255],{"text":125249,"type":599},"Of the 6 TWh of planned and existing battery capacity, around 26% is from Tier 1 battery producers, according to Benchmark. Tier 1 is ",{"text":125251,"type":599,"marks":125252},"defined",[125253],{"type":604,"attrs":125254},{"href":121857,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":125256,"type":599}," as a battery manufacturer that is qualified to supply more than one multinational automaker outside of China.",{"type":594,"attrs":125258,"content":125259},{"textAlign":49},[125260,125262,125266],{"text":125261,"type":599},"It includes China’s CATL, Panasonic, BYD, Envision AESC, ",{"text":8803,"type":599,"marks":125263},[125264],{"type":604,"attrs":125265},{"href":93518,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":125267,"type":599},", SK Innovation, and Samsung SDI.",{"type":657,"attrs":125269,"content":125270},{"level":15966,"textAlign":49},[125271],{"text":125272,"type":599},"Leading the pack ",{"type":594,"attrs":125274,"content":125275},{"textAlign":49},[125276],{"text":125277,"type":599},"The Tier 1 producers led the majority of announcements of new cell capacity in March and April, according to Benchmark.",{"type":594,"attrs":125279,"content":125280},{"textAlign":49},[125281],{"text":125282,"type":599},"LG’s latest announcement, along with previously released plans, will make LGES a key supplier in North America with 201 GWh in American pipeline capacity by 2031, according to the Benchmark Gigafactory Assessment.",{"type":594,"attrs":125284,"content":125285},{"textAlign":49},[125286],{"text":125287,"type":599},"In China, electric vehicle maker BYD confirmed two new cell production bases in Taizhou, Zhejiang province, and Nanning, Guangxi province with combined capacity of 67 GWh.",{"type":657,"attrs":125289,"content":125290},{"level":15966,"textAlign":49},[125291],{"text":125292,"type":599},"Raw materials lag",{"type":594,"attrs":125294,"content":125295},{"textAlign":49},[125296],{"text":125297,"type":599},"Battery capacity is currently growing at twice the speed of lithium raw material supply, however.",{"type":594,"attrs":125299,"content":125300},{"textAlign":49},[125301],{"text":125302,"type":599},"A total of 6 TWh of annual battery production would require around 5 million tonnes of lithium, according to Benchmark. Production of lithium last year was around 480,000 tonnes of LCE.",{"type":594,"attrs":125304,"content":125305},{"textAlign":49},[125306],{"text":125307,"type":599},"Meeting the 2030 growth targets for electric vehicles will require the lithium industry to step up production, Tesla’s senior vice president for Powertrain and Energy Engineering, Drew Baglino, said this week.",{"type":594,"attrs":125309,"content":125310},{"textAlign":49},[125311],{"text":125312,"type":599},"“We need everybody to do more in the lithium space than they currently are,” he said.",{"type":657,"attrs":125314,"content":125315},{"level":15966,"textAlign":49},[125316],{"text":125317,"type":599},"Join Battery Gigafactories USA 2022, Thursday 23- Friday 24 June 2022, Grand Hyatt, Washington DC ",{"type":594,"attrs":125319,"content":125320},{"textAlign":49},[125321,125323,125329],{"text":125322,"type":599},"After the outstanding success of our inaugural European event, Benchmark is excited to announce the launch of ",{"text":125324,"type":599,"marks":125325},"Battery Gigafactories USA 2022",[125326],{"type":604,"attrs":125327},{"href":125328,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/battery-gigafactories-usa-2022/register/",{"text":3145,"type":599},{"type":594,"attrs":125331,"content":125332},{"textAlign":49},[125333],{"text":125334,"type":599},"These events are key enablers in building the EV supply chains of today and tomorrow.",{"type":594,"attrs":125336,"content":125337},{"textAlign":49},[125338],{"text":125339,"type":599},"It brings together government, industry and financiers of the electric vehicle revolution with a specific focus on the rise of the these supersized lithium ion battery plants in the USA.",{"type":594,"attrs":125341,"content":125342},{"textAlign":49},[125343],{"text":125344,"type":599},"This event replaces The Benchmark Summit – Washington DC for 2022 only.",{"type":657,"attrs":125346,"content":125347},{"level":15966,"textAlign":49},[125348],{"text":125349,"type":599},"Government Representatives attend for free",{"type":594,"attrs":125351,"content":125352},{"textAlign":49},[125353],{"text":125354,"type":599},"All US government affiliated organisations can attend for free including government departments and senatorial and congressional representatives.",{"type":594,"attrs":125356,"content":125357},{"textAlign":49},[125358,125363],{"text":125359,"type":599,"marks":125360},"Click here to apply",[125361],{"type":604,"attrs":125362},{"href":125328,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":125365,"content":125366},{"level":15966,"textAlign":49},[125367],{"text":125368,"type":599},"Buy delegate passes here: ",{"type":594,"attrs":125370,"content":125371},{"textAlign":49},[125372,125374,125378],{"text":125373,"type":599},"As a commercial event, all non governmental attendees can purchase delegate passes to the 2 day event ",{"text":6515,"type":599,"marks":125375},[125376],{"type":604,"attrs":125377},{"href":125328,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":125380,"content":125381},{"textAlign":49},[125382,125384,125389],{"text":125383,"type":599},"Our European event sold out and we had to reject attendees because of overcapacity, so please ",{"text":125385,"type":599,"marks":125386},"act early",[125387],{"type":604,"attrs":125388},{"href":125328,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":125390,"type":599}," to have a better chance of attending.",{"type":594,"attrs":125392,"content":125393},{"textAlign":49},[125394,125396,125398,125404,125406,125412],{"text":125395,"type":599},"To Speak or Sponsor ",{"text":125397,"type":599},"contact Ben Ash (",{"text":125399,"type":599,"marks":125400},"bash@benchmarkminerals.com",[125401],{"type":604,"attrs":125402},{"href":125403,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:bash@benchmarkminerals.com",{"text":125405,"type":599},") or Craig Middleton (",{"text":125407,"type":599,"marks":125408},"cmiddleton@benchmarkminerals.com",[125409],{"type":604,"attrs":125410},{"href":125411,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:cmiddleton@benchmarkminerals.com",{"text":125413,"type":599},")",{"type":657,"attrs":125415,"content":125416},{"level":15966,"textAlign":49},[125417],{"text":125418,"type":599},"No Media permitted, Chatham House Rules",{"type":594,"attrs":125420,"content":125421},{"textAlign":49},[125422],{"text":125423,"type":599},"Unfortunately we cannot allow media to attend this event.",{"type":594,"attrs":125425,"content":125426},{"textAlign":49},[125427,125429,125435],{"text":125428,"type":599},"If there is interest in having a media briefing morning with key analysis and some speakers, please email ",{"text":125430,"type":599,"marks":125431},"press@benchmarkminerals.com",[125432],{"type":604,"attrs":125433},{"href":125434,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:press@benchmarkminerals.com",{"text":125436,"type":599},". Please outline your main areas of interest.","Global lithium ion production capacity could reach over 6,000GWh (6TWh) by the end of the decade, based on current plans, as companies accelerate gigafactory construction in Europe and the US. Total lithium ion capacity existing or being built has doubled since the beginning of 2021 following announcements of new plants by Chinese and South Korean […]",[125439],{"slug":544,"name":543,"content":125440},{"job_title":557,"image":125441,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5007fbf0-197e-476b-81ab-0460855f1f0d\", \"id\": \"\"}-->",[125444,125445],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":125447,"copyright":547,"fieldtype":553,"meta_data":125448,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e6044e0949/bm-northvolt-ett-october-2021-11.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 22, 2022",{"id":125451,"uuid":125452,"name":125453,"slug":125454,"full_slug":125455,"content":125456},112472813915648,"3579143c-f009-4ec5-81d1-d327d0258f7b","Musk pleads for more lithium miners, says “margins are like software”","musk-pleads-for-more-lithium-miners-says-margins-are-like-software","article/musk-pleads-for-more-lithium-miners-says-margins-are-like-software",{"_uid":125457,"date":125458,"tags":125459,"editor":125462,"content":125466,"excerpt":125552,"featured":51,"reporter":125553,"_editable":125557,"component":864,"seo_title":125453,"categories":125558,"visibility":882,"author_company":49,"featured_image":125561,"seo_description":125552,"author_full_name":49,"author_job_title":49,"formattedDate":125564},"000130c6-f699-4ccf-b091-915ff9c6e2cc","2022-04-21 00:00",[125460,125461],{"slug":910,"name":911},{"slug":3874,"name":3875},[125463],{"slug":544,"name":543,"content":125464},{"job_title":557,"image":125465,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":125467},[125468,125473,125484,125489,125494,125499,125504,125509,125514,125519,125524,125537,125542,125547],{"type":594,"attrs":125469,"content":125470},{"textAlign":49},[125471],{"text":125472,"type":599},"Tesla’s chief executive Elon Musk pleaded for more investment in the lithium sector to help tame record high prices and reduce rising battery costs, saying margins for mining companies were now similar to the software industry.",{"type":594,"attrs":125474,"content":125475},{"textAlign":49},[125476,125478,125482],{"text":125477,"type":599},"Musk said on Wednesday that mining and refining of ",{"text":878,"type":599,"marks":125479},[125480],{"type":604,"attrs":125481},{"href":120343,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":125483,"type":599}," was the biggest “limiting factor” for electric vehicle adoption globally, saying recent price rises were responsible for “quite a bit of cost growth.”",{"type":594,"attrs":125485,"content":125486},{"textAlign":49},[125487],{"text":125488,"type":599},"Chinese battery grade lithium carbonate prices have surged by over 480% over the past year and fell only 2% in the last two weeks of April as strict Covid-19 lockdowns in Shanghai hampered logistics and demand, according to Benchmark’s Lithium Price Assessment.",{"type":594,"attrs":125490,"content":125491},{"textAlign":49},[125492],{"text":125493,"type":599},"That’s helped push up battery prices and the costs of electric vehicles.",{"type":594,"attrs":125495,"content":125496},{"textAlign":49},[125497],{"text":125498,"type":599},"“We think we’re going to need to help the industry on this front,” Musk said on the company’s earnings conference call. “I’d certainly encourage entrepreneurs out there who are looking for opportunities to get into the lithium business. Lithium margins right now are practically software margins.”",{"type":594,"attrs":125500,"content":125501},{"textAlign":49},[125502],{"text":125503,"type":599},"Despite China’s lockdown measures, which have shut down Shanghai since March, lithium supply still remains constricted and overall downstream demand continues to be robust, Daisy Jennings-Gray, an analyst at Benchmark said.",{"type":594,"attrs":125505,"content":125506},{"textAlign":49},[125507],{"text":125508,"type":599},"Benchmark assessed that the slight downtrend in carbonate pricing in April was not indicative of a wider market correction, but rather a temporary pause, hampering the market due to COVID measures, with strong fundamentals and tight supply expected to regain influence on the market in the coming months.",{"type":594,"attrs":125510,"content":125511},{"textAlign":49},[125512],{"text":125513,"type":599},"Since Benchmark’s mid-April assessment, transactions for battery grade lithium carbonate further decreased by almost 2% from an average of RMB 467,000/tonne ($73,325).",{"type":594,"attrs":125515,"content":125516},{"textAlign":49},[125517],{"text":125518,"type":599},"Transactions for hydroxide saw a decrease of nearly 1% from the mid-April average of RMB 496,500/tonne ($77,950) (EXW China).",{"type":594,"attrs":125520,"content":125521},{"textAlign":49},[125522],{"text":125523,"type":599},"Benchmark’s global weighted average lithium hydroxide prices rose by 527% year-over-year as of March.",{"type":594,"attrs":125525,"content":125526},{"textAlign":49},[125527,125529,125535],{"text":125528,"type":599},"Automakers such as Tesla have been so far protected by higher lithium prices due to long-term ",{"text":125530,"type":599,"marks":125531},"contracts",[125532],{"type":604,"attrs":125533},{"href":125534,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-signs-three-year-lithium-supply-deal-with-chinas-ganfeng-lithium",{"text":125536,"type":599}," they have signed with lithium producers. But Musk said Tesla could see “potentially significant cost increases” next year as its contracts with lithium suppliers run out.",{"type":594,"attrs":125538,"content":125539},{"textAlign":49},[125540],{"text":125541,"type":599},"Tesla has pledged to grow sales by 50% a year and Musk said the company would produce 1.5 million electric vehicles this year.",{"type":594,"attrs":125543,"content":125544},{"textAlign":49},[125545],{"text":125546,"type":599},"Earlier this month Musk said Tesla might enter the lithium mining and refining business itself if costs did not improve. But Jennings-Gray said that bringing on a new lithium mine typically takes between five to ten years without an acquisition.",{"type":594,"attrs":125548,"content":125549},{"textAlign":49},[125550],{"text":125551,"type":599},"“Can more people please get into the lithium business?” Musk said on Wednesday. “Do you like minting money? Well, the lithium business is for you.”","Tesla’s chief executive Elon Musk pleaded for more investment in the lithium sector to help tame record high prices and reduce rising battery costs, saying margins for mining companies were now similar to the software industry. Musk said on Wednesday that mining and refining of lithium was the biggest “limiting factor” for electric vehicle adoption […]",[125554],{"slug":544,"name":543,"content":125555},{"job_title":557,"image":125556,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"000130c6-f699-4ccf-b091-915ff9c6e2cc\", \"id\": \"\"}-->",[125559,125560],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":125562,"copyright":547,"fieldtype":553,"meta_data":125563,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/70c690335e/bm-tesla-photo.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 21, 2022",{"id":125566,"uuid":125567,"name":125568,"slug":125569,"full_slug":125570,"content":125571},112472819719681,"8a8fd379-fcd3-43d7-945b-f5cd51d5c4d0","Climate-risk disclosures to drive ESG reporting in lithium ion supply chain","climate-risk-disclosures-to-drive-esg-reporting-in-lithium-ion-supply-chain","article/climate-risk-disclosures-to-drive-esg-reporting-in-lithium-ion-supply-chain",{"_uid":125572,"date":125573,"tags":125574,"editor":125579,"content":125583,"excerpt":125693,"featured":51,"reporter":125694,"_editable":125698,"component":864,"seo_title":125568,"categories":125699,"visibility":882,"author_company":49,"featured_image":125701,"seo_description":125693,"author_full_name":49,"author_job_title":49,"formattedDate":125704},"c5476044-79b3-4447-902b-93d83390141d","2022-04-20 00:00",[125575,125578],{"slug":125576,"name":125577},"climate-change","Climate change",{"slug":23760,"name":23761},[125580],{"slug":544,"name":543,"content":125581},{"job_title":557,"image":125582,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":125584},[125585,125590,125595,125600,125605,125610,125615,125620,125625,125630,125635,125640,125650,125655,125660,125665,125670,125675],{"type":594,"attrs":125586,"content":125587},{"textAlign":49},[125588],{"text":125589,"type":599},"The demand for verifiable and comparable ESG data from investors and the growing impetus to end greenwashing is fueling the development of new disclosure standards.",{"type":594,"attrs":125591,"content":125592},{"textAlign":49},[125593],{"text":125594,"type":599},"Last month the International Sustainability Standards Board (ISSB), which was launched at the COP26 climate conference last November, published general sustainability-related disclosure requirements and another draft that is specific to climate-related disclosures.",{"type":594,"attrs":125596,"content":125597},{"textAlign":49},[125598],{"text":125599,"type":599},"The same month the US Securities and Exchange Commission also unveiled its Climate Disclosure proposal. If adopted, the proposal will require public companies to disclose their climate-related risks, including Scope 1,2 and 3 emissions and – importantly – will require these non-financial metrics to be included in audits.",{"type":594,"attrs":125601,"content":125602},{"textAlign":49},[125603],{"text":125604,"type":599},"Given the lack of widespread audit and assurance of ESG and sustainability data at present, they are significant moves towards more comparable ESG reporting.",{"type":594,"attrs":125606,"content":125607},{"textAlign":49},[125608],{"text":125609,"type":599},"A fair comparison of CO2 data between companies is needed, and ideally an asset to asset analysis. Benchmark’s ESG analysts found that lithium miners and converters diverge significantly when it comes to how their greenhouse gas metrics are disclosed.",{"type":657,"attrs":125611,"content":125612},{"level":15966,"textAlign":49},[125613],{"text":125614,"type":599},"Multiple standards",{"type":594,"attrs":125616,"content":125617},{"textAlign":49},[125618],{"text":125619,"type":599},"Scope 1 refers to the direct emissions from a company or process, whereas scope 2 covers the emissions associated with electricity production. Scope 3 includes all emissions from the materials bought by the company as well as the downstream supply chain’s emissions.",{"type":594,"attrs":125621,"content":125622},{"textAlign":49},[125623],{"text":125624,"type":599},"In the lithium sector, reported data ranges from aggregated CO2 emissions to Scope characterisation. The latter usually represents Scope 1 and 2 only. Not even the gases within GHG data represent the same level of detail: some companies report only carbon dioxide emissions when reporting overall GHGs and exclude all other GHGs such as methane and nitrous oxide.",{"type":594,"attrs":125626,"content":125627},{"textAlign":49},[125628],{"text":125629,"type":599},"Out of all the lithium mining and converting companies who publish ESG or sustainability reports at present, 45% follow more than one framework or standard.",{"type":594,"attrs":125631,"content":125632},{"textAlign":49},[125633],{"text":125634,"type":599},"Harmonisation of the landscape is therefore a welcome and necessary step.",{"type":594,"attrs":125636,"content":125637},{"textAlign":49},[125638],{"text":125639,"type":599},"These developments pave the way for the growth of ESG as a tool for investors, in turn forcing focus and attention to ESG and climate-related material risks for individual companies.",{"type":594,"attrs":125641,"content":125642},{"textAlign":49},[125643,125645,125649],{"text":125644,"type":599},"The proposed inclusion of Scope 3 emissions by the SEC is significant considering 50% of lithium carbonate’s global warming potential (measure in CO2 equivalents) is from Scope 3 emissions, and 35% of lithium hydroxide’s emissions are from Scope 3, according to ",{"text":67342,"type":599,"marks":125646},[125647],{"type":604,"attrs":125648},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":125651,"content":125652},{"textAlign":49},[125653],{"text":125654,"type":599},"It is important for companies to not just offset emissions but to tackle the reduction of on-site emissions first. This has been acknowledged in the SEC’s latest proposal where offsets will be required to be reported separately from total carbon emissions, i.e. not including the offsets in the total emissions reported.",{"type":594,"attrs":125656,"content":125657},{"textAlign":49},[125658],{"text":125659,"type":599},"With the introduction of mandatory climate-risk disclosures and the extension of these requirements to more companies, it’s safe to say ESG and climate-risk is set to become an increasingly unavoidable discussion for businesses and boards.",{"type":594,"attrs":125661,"content":125662},{"textAlign":49},[125663],{"text":125664,"type":599},"These developments mean more organisations across the lithium ion battery value chain will increasingly be subject to specific climate-related disclosures. It is clear that legal requirements to disclose climate-related and broader ESG information are becoming mainstream, and we’re seeing ESG turning into a must have, rather than the “nice to have” it may have been in the past.",{"type":594,"attrs":125666,"content":125667},{"textAlign":49},[125668],{"text":125669,"type":599},"Comparable ESG data and transparency is at the forefront of investment decisions, and the push from investors to boost the credibility of such disclosures is driving much of the regulatory developments.",{"type":657,"attrs":125671,"content":125672},{"level":15966,"textAlign":49},[125673],{"text":125674,"type":599},"Benchmark’s ESG services",{"type":594,"attrs":125676,"content":125677},{"textAlign":49},[125678,125680,125686,125688,125692],{"text":125679,"type":599},"For more information on Benchmark ESG strategy and consultancy in the lithium ion battery supply chain, please reach out directly via ",{"text":125681,"type":599,"marks":125682},"esg@benchmarkminerals.com",[125683],{"type":604,"attrs":125684},{"href":125685,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:esg@benchmarkminerals.com",{"text":125687,"type":599}," or fill in the ",{"text":86378,"type":599,"marks":125689},[125690],{"type":604,"attrs":125691},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"The demand for verifiable and comparable ESG data from investors and the growing impetus to end greenwashing is fueling the development of new disclosure standards. Last month the International Sustainability Standards Board (ISSB), which was launched at the COP26 climate conference last November, published general sustainability-related disclosure requirements and another draft that is specific to […]",[125695],{"slug":544,"name":543,"content":125696},{"job_title":557,"image":125697,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c5476044-79b3-4447-902b-93d83390141d\", \"id\": \"\"}-->",[125700],{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":125702,"copyright":547,"fieldtype":553,"meta_data":125703,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6ed6827695/bm-sec-e1650384434380.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 20, 2022",{"id":125706,"uuid":125707,"name":125708,"slug":125709,"full_slug":125710,"content":125711},112472825216514,"94499404-50bc-4e62-b479-3fad7e73f935","US DOE awards first battery supply chain loan to Syrah anode project","us-doe-awards-first-battery-supply-chain-loan-to-syrah-anode-project","article/us-doe-awards-first-battery-supply-chain-loan-to-syrah-anode-project",{"_uid":125712,"date":125713,"tags":125714,"editor":125718,"content":125722,"excerpt":125826,"featured":51,"reporter":125827,"_editable":125831,"component":864,"seo_title":125708,"categories":125832,"visibility":882,"author_company":49,"featured_image":125835,"seo_description":125826,"author_full_name":49,"author_job_title":49,"formattedDate":125838},"74ba393c-e028-4baa-8588-11204b1daa75","2022-04-19 00:00",[125715,125716,125717],{"slug":54074,"name":54075},{"slug":3877,"name":3878},{"slug":1375,"name":1376},[125719],{"slug":544,"name":543,"content":125720},{"job_title":557,"image":125721,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":125723},[125724,125729,125734,125739,125746,125751,125756,125761,125766,125771,125776,125781,125786,125791,125796,125801,125806,125811,125816,125821],{"type":594,"attrs":125725,"content":125726},{"textAlign":49},[125727],{"text":125728,"type":599},"The US Department of Energy will support a US graphite anode project with a $107 million loan, in its first commitment to building a domestic electric vehicle supply chain.",{"type":594,"attrs":125730,"content":125731},{"textAlign":49},[125732],{"text":125733,"type":599},"The DOE said it had made a “conditional commitment” to lend Syrah Resources the money for ten years to help it expand production capacity of battery anode materials in Louisiana.",{"type":594,"attrs":125735,"content":125736},{"textAlign":49},[125737],{"text":125738,"type":599},"The loan, which is subject to further due diligence, is the first to the battery supply chain from the department’s $17.7 billion Advanced Technology Vehicles Manufacturing Loan Program (ATVM), which was created in 2007 to support the automotive industry.",{"type":594,"attrs":125740,"content":125741},{"textAlign":49},[125742,125744],{"text":125743,"type":599},"The facility is a key plank in President Joe Biden’s efforts to boost US clean energy technology and reduce the country’s reliance on China. The DOE says it has received over ",{"text":125745,"type":599},"$3 billion of loan applications for critical mineral projects. ",{"type":594,"attrs":125747,"content":125748},{"textAlign":49},[125749],{"text":125750,"type":599},"The AVTM program lent $6 billion to Ford in 2009 and also helped fund Tesla via a $465 million loan in 2010, but has not lent any money to battery materials projects.",{"type":594,"attrs":125752,"content":125753},{"textAlign":49},[125754],{"text":125755,"type":599},"Last week Lithium Americas, which is building a lithium mine in Nevada, said it had applied to the DOE’s Loan Programs Office for funding. Lithium producers Ioneer and Piedmont Lithium have also applied for funding.",{"type":657,"attrs":125757,"content":125758},{"level":15966,"textAlign":49},[125759],{"text":125760,"type":599},"Building a supply chain",{"type":594,"attrs":125762,"content":125763},{"textAlign":49},[125764],{"text":125765,"type":599},"Jigar Shah, director of the Loan Programs Office at the DOE, said a key area of focus of the department’s loan program was to “increase the availability of the critical minerals” for clean energy technologies.",{"type":594,"attrs":125767,"content":125768},{"textAlign":49},[125769],{"text":125770,"type":599},"China currently produces almost all the world’s supplies of graphite for battery anode materials.",{"type":594,"attrs":125772,"content":125773},{"textAlign":49},[125774],{"text":125775,"type":599},"Syrah’s project could help alleviate that vulnerability, with its graphite mined in Mozambique and then shipped to Louisiana to be processed into anode materials.",{"type":594,"attrs":125777,"content":125778},{"textAlign":49},[125779],{"text":125780,"type":599},"Syrah said it had already secured enough funds to build a plant to produce 11,250 tonnes a year of anode materials at its Vidalia plant in Louisiana. It would use the DOE loan to “accelerate studies and detailed engineering of a potential larger expansion of Vidalia,” it said.",{"type":594,"attrs":125782,"content":125783},{"textAlign":49},[125784],{"text":125785,"type":599},"“Projects like Syrah Vidalia are critical to our national security, our foreign policy, building our supply chain, and our economy,” Shah said.",{"type":594,"attrs":125787,"content":125788},{"textAlign":49},[125789],{"text":125790,"type":599},"In December Syrah signed a deal with Tesla to supply graphite to the carmaker for four years at a fixed price.",{"type":657,"attrs":125792,"content":125793},{"level":15966,"textAlign":49},[125794],{"text":125795,"type":599},"One small step",{"type":594,"attrs":125797,"content":125798},{"textAlign":49},[125799],{"text":125800,"type":599},"Syrah’s initial production of 11,250 tonnes of anode material is less than 1% of the global capacity under construction, most of it in China, according to Benchmark’s Anode Capacity Index. Tier 1 Chinese anode producer Shanshan is building 190,000 tonnes of anode production capacity, according to Benchmark.",{"type":594,"attrs":125802,"content":125803},{"textAlign":49},[125804],{"text":125805,"type":599},"It’s also only around 5.5% of total US anode production planned capacity, according to Benchmark.",{"type":594,"attrs":125807,"content":125808},{"textAlign":49},[125809],{"text":125810,"type":599},"“It’s critically important to the localised US supply chain given it’s underdeveloped state, even if it’s a marginal contribution to the global pipeline,” George Miller, an analyst at Benchmark, said. “Hopefully it will improve anode producers access to funding in the US.”",{"type":594,"attrs":125812,"content":125813},{"textAlign":49},[125814],{"text":125815,"type":599},"Syrah says it eventually wants to expand production at the site to 40,000 tonnes a year by 2040.",{"type":594,"attrs":125817,"content":125818},{"textAlign":49},[125819],{"text":125820,"type":599},"Syrah said it is targeting financial close of the loan by the end of June 22 with the first advance to come in the September quarter. The loan still needs to undergo due diligence by the DOE before it becomes binding, however.",{"type":594,"attrs":125822,"content":125823},{"textAlign":49},[125824],{"text":125825,"type":599},"Interest on the loan will be fixed and based on “applicable long-dated US Treasury rates,” Syrah said.","The US Department of Energy will support a US graphite anode project with a $107 million loan, in its first commitment to building a domestic electric vehicle supply chain. The DOE said it had made a “conditional commitment” to lend Syrah Resources the money for ten years to help it expand production capacity of battery […]",[125828],{"slug":544,"name":543,"content":125829},{"job_title":557,"image":125830,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"74ba393c-e028-4baa-8588-11204b1daa75\", \"id\": \"\"}-->",[125833,125834],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":125836,"copyright":547,"fieldtype":553,"meta_data":125837,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9724e58432/bm-granholm.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 19, 2022",{"id":125840,"uuid":125841,"name":125842,"slug":125843,"full_slug":125844,"content":125845},112472839687685,"062ff7c7-9514-4f31-a4b0-61cf24611c3f","Benchmark launches Lithium ion Battery Raw Material Price Index","benchmark-launches-lithium-ion-battery-raw-material-price-index","article/benchmark-launches-lithium-ion-battery-raw-material-price-index",{"_uid":125846,"date":125847,"tags":125848,"editor":125850,"content":125854,"excerpt":126008,"featured":51,"reporter":126009,"_editable":126013,"component":864,"seo_title":125842,"categories":126014,"visibility":882,"author_company":49,"featured_image":126016,"seo_description":126008,"author_full_name":49,"author_job_title":49,"formattedDate":126018},"d7afb82e-8546-4579-99bd-f45daf4d92bc","2022-04-13 00:00",[125849],{"slug":9655,"name":9656},[125851],{"slug":544,"name":543,"content":125852},{"job_title":557,"image":125853,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":125855},[125856,125868,125873,125878,125883,125888,125893,125898,125901,125906,125911,125916,125933,125938,125943,125948,125953,125958,125963,125968,125972,125977,125982,125993],{"type":594,"attrs":125857,"content":125858},{"textAlign":49},[125859,125861,125867],{"text":125860,"type":599},"Benchmark Mineral Intelligence is delighted to announce the launch of its ",{"text":125862,"type":599,"marks":125863},"Lithium ion Battery Raw Material Price Index",[125864],{"type":604,"attrs":125865},{"href":125866,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/lithium-ion-battery-raw-material-index/",{"text":17632,"type":599},{"type":594,"attrs":125869,"content":125870},{"textAlign":49},[125871],{"text":125872,"type":599},"The new index allows users to accurately track real-world movements in lithium ion battery raw material prices relative to key cathode types within the supply chain and track the shifting cost structure of a key component of cathode and cell supply contracts.",{"type":594,"attrs":125874,"content":125875},{"textAlign":49},[125876],{"text":125877,"type":599},"As the world-leading price reporting agency for battery minerals, Benchmark assembles the index using its market-leading price assessments including the IOSCO-accredited lithium, nickel, and cobalt prices. Benchmark also collects data for manganese sulphate and iron phosphate in-house to complete the index.",{"type":594,"attrs":125879,"content":125880},{"textAlign":49},[125881],{"text":125882,"type":599},"The index is published every month for the following lithium ion battery chemistries:",{"type":657,"attrs":125884,"content":125885},{"level":15966,"textAlign":49},[125886],{"text":125887,"type":599},"Caspar Rawles, Benchmark’s chief data officer said:",{"type":594,"attrs":125889,"content":125890},{"textAlign":49},[125891],{"text":125892,"type":599},"“Benchmark launched this index as the company strives to bring transparency to opaque markets within the lithium ion battery supply chain.",{"type":594,"attrs":125894,"content":125895},{"textAlign":49},[125896],{"text":125897,"type":599},"“The new index will allow users to confidently track the relative change in the cost of critical battery raw materials, set contracts that are accurate to the real-world movements in raw material prices, and conduct research on the volatile cost environment of key lithium ion battery cathode types.”",{"type":594,"attrs":125899,"content":125900},{"textAlign":49},[],{"type":657,"attrs":125902,"content":125903},{"level":15966,"textAlign":49},[125904],{"text":125905,"type":599},"HOW IS THE INDEX USED?",{"type":594,"attrs":125907,"content":125908},{"textAlign":49},[125909],{"text":125910,"type":599},"The index is designed to be used directly by industry participants who wish to follow the relative changes of key raw material input costs of lithium ion batteries. For example, buyers and sellers of lithium ion battery containing products often set contracts based on a cost pass through structure for raw materials, but they cannot share confidential information on upstream contract prices leading to a disconnect between buyer and seller.",{"type":594,"attrs":125912,"content":125913},{"textAlign":49},[125914],{"text":125915,"type":599},"The index can be used to accurately tie contracts for cells to the raw material input in an open and transparent fashion.",{"type":594,"attrs":125917,"content":125918},{"textAlign":49},[125919,125921,125925,125927,125931],{"text":125920,"type":599},"The index is free to use and is published monthly ",{"text":125922,"type":599,"marks":125923},"via",[125924],{"type":643},{"text":125926,"type":599}," Benchmark’s ",{"text":125862,"type":599,"marks":125928},[125929],{"type":604,"attrs":125930},{"href":125866,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":125932,"type":599}," page. The underlying data is available to integrate directly into the users’ own analyses via a data feed. ",{"type":657,"attrs":125934,"content":125935},{"level":15966,"textAlign":49},[125936],{"text":125937,"type":599},"HOW IS THE INDEX CREATED?",{"type":594,"attrs":125939,"content":125940},{"textAlign":49},[125941],{"text":125942,"type":599},"For each battery chemistry, the index represents a weighted average change in the cost of the raw materials used to make the cathode indexed against a base of 100 in January 2020.",{"type":594,"attrs":125944,"content":125945},{"textAlign":49},[125946],{"text":125947,"type":599},"The index only considers the basket of raw material inputs for the cathode and does not account for anode materials or costs associated with refining and processing, or additional materials.",{"type":594,"attrs":125949,"content":125950},{"textAlign":49},[125951],{"text":125952,"type":599},"The input prices are chosen based on the technical and geographical features of each battery chemistry (for instance LFP production is almost wholly concentrated in China). ",{"type":594,"attrs":125954,"content":125955},{"textAlign":49},[125956],{"text":125957,"type":599},"The index covers the following battery chemistries:",{"type":657,"attrs":125959,"content":125960},{"level":15966,"textAlign":49},[125961],{"text":125962,"type":599},"NCM mid-nickel",{"type":657,"attrs":125964,"content":125965},{"level":15966,"textAlign":49},[125966],{"text":125967,"type":599},"NCM high-nickel",{"type":657,"attrs":125969,"content":125970},{"level":15966,"textAlign":49},[125971],{"text":451,"type":599},{"type":594,"attrs":125973,"content":125974},{"textAlign":49},[125975],{"text":125976,"type":599},"Lithium, cobalt, and nickel price data used in the index can be accessed through Benchmark’s price assessment subscriptions. ",{"type":657,"attrs":125978,"content":125979},{"level":15966,"textAlign":49},[125980],{"text":125981,"type":599},"Access Benchmark’s Lithium ion Battery Raw Material Price Index now",{"type":594,"attrs":125983,"content":125984},{"textAlign":49},[125985,125987,125992],{"text":125986,"type":599},"Benchmark’s industry-leading price data is built directly into the index, meaning it can be trusted as a reliable tool. Use it now for free on Benchmark’s ",{"text":125988,"type":599,"marks":125989},"Lithium ion Battery Raw Material Price Index page",[125990],{"type":604,"attrs":125991},{"href":125866,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":125994,"content":125995},{"textAlign":49},[125996,125997,126002,126004],{"text":35450,"type":599},{"text":125998,"type":599,"marks":125999},"Benchmark’s Lithium ion Battery Raw Material Price Index",[126000],{"type":604,"attrs":126001},{"href":125866,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":126003,"type":599}," or to subscribe to our price assessment services fill in the ",{"text":86378,"type":599,"marks":126005},[126006],{"type":604,"attrs":126007},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},"Benchmark Mineral Intelligence is delighted to announce the launch of its Lithium ion Battery Raw Material Price Index. The new index allows users to accurately track real-world movements in lithium ion battery raw material prices relative to key cathode types within the supply chain and track the shifting cost structure of a key component of […]",[126010],{"slug":544,"name":543,"content":126011},{"job_title":557,"image":126012,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d7afb82e-8546-4579-99bd-f45daf4d92bc\", \"id\": \"\"}-->",[126015],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":121228,"copyright":547,"fieldtype":553,"meta_data":126017,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Apr 13, 2022",{"id":126020,"uuid":126021,"name":126022,"slug":126023,"full_slug":126024,"content":126025},112472868261388,"99736c57-108f-48c4-b77c-035f479b13d9","Lithium miners accelerate expansions as they eye sustained high prices","lithium-miners-accelerate-expansions-as-they-eye-sustained-high-prices","article/lithium-miners-accelerate-expansions-as-they-eye-sustained-high-prices",{"_uid":126026,"date":126027,"tags":126028,"editor":126030,"content":126034,"excerpt":126149,"featured":51,"reporter":126150,"_editable":126154,"component":864,"seo_title":126022,"categories":126155,"visibility":882,"author_company":49,"featured_image":126157,"seo_description":126149,"author_full_name":49,"author_job_title":49,"formattedDate":126160},"6eb8f699-09e0-4e83-835c-51ae27299ebe","2022-04-06 00:00",[126029],{"slug":6567,"name":2038},[126031],{"slug":544,"name":543,"content":126032},{"job_title":557,"image":126033,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":126035},[126036,126047,126052,126064,126069,126074,126079,126084,126089,126094,126099,126104,126109,126114,126119,126124,126129,126134,126139,126144],{"type":594,"attrs":126037,"content":126038},{"textAlign":49},[126039,126041,126045],{"text":126040,"type":599},"Lithium miners are accelerating their expansion plans as they bet strong demand for electric vehicles will sustain high ",{"text":12746,"type":599,"marks":126042},[126043],{"type":604,"attrs":126044},{"href":120176,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":126046,"type":599}," this decade.",{"type":594,"attrs":126048,"content":126049},{"textAlign":49},[126050],{"text":126051,"type":599},"Mineral Resources said this week it would increase production at its two spodumene mines in Western Australia in “response to unprecedented global customer demand for lithium products.” China’s Ganfeng Lithium, meanwhile, said it would “accelerate” its expansion by 100,000 tonnes of LCE to produce 300,000 tonnes of LCE globally by 2025.",{"type":594,"attrs":126053,"content":126054},{"textAlign":49},[126055,126057,126062],{"text":126056,"type":599},"The supply increases come following a 500% surge in lithium chemical and feedstock prices over the past year, due to a shortage of ",{"text":18142,"type":599,"marks":126058},[126059],{"type":604,"attrs":126060},{"href":126061,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/where-will-new-lithium-supply-come-from-in-2022",{"text":126063,"type":599}," and sustained growth in sales of electric vehicles. Many automakers buy lithium on longer-term contracts that are also set to follow market prices higher this year as they are renegotiated.",{"type":594,"attrs":126065,"content":126066},{"textAlign":49},[126067],{"text":126068,"type":599},"The price increase has created growing demand for lithium-rich spodumene rock in Australia, which is set to see the biggest increase in supply this year. Whilst battery-grade lithium chemicals from South America can lag behind Chinese spot market, Australian spodumene contracts are often tied more closely to these higher prices.",{"type":594,"attrs":126070,"content":126071},{"textAlign":49},[126072],{"text":126073,"type":599},"“For some time now the world has seen extraordinary demand for lithium, driven by the strength of the electric vehicle market,” Chris Ellison, managing director of Mineral Resources, said. “This demand has resulted in a substantial increase in lithium prices, with pricing expected to remain strong for the rest of this decade.”",{"type":594,"attrs":126075,"content":126076},{"textAlign":49},[126077],{"text":126078,"type":599},"Spodumene prices have risen by 500% over the past year and 97% this year to $3,263 a tonne as of March, according to Benchmark’s Lithium Price Assessment. Lithium producer Allkem said this week it was in “advanced discussions” for spodumene pricing of around $5,000 a tonne for its Mt Cattlin mine in Australia.",{"type":594,"attrs":126080,"content":126081},{"textAlign":49},[126082],{"text":126083,"type":599},"“I suspect we have a window of another six months of good pricing or high prices predominantly because there’s going to be limited supply coming into the market,” Christian Cortez, chief sales and marketing officer at Allkem said on Tuesday.",{"type":657,"attrs":126085,"content":126086},{"level":15966,"textAlign":49},[126087],{"text":126088,"type":599},"Turning on the taps",{"type":594,"attrs":126090,"content":126091},{"textAlign":49},[126092],{"text":126093,"type":599},"Mineral Resources said it had agreed with its joint venture partners Albemarle and Ganfeng to increase spodumene production at its Wodgina and Mt Marion spodumene mines.",{"type":594,"attrs":126095,"content":126096},{"textAlign":49},[126097],{"text":126098,"type":599},"Production at Wodgina mine, which was idled in 2019, would re-start in May rather than September, the company said. The mine would have capacity to produce 500,000 tonnes of spodumene containing around 6% lithium with the addition of an additional production train in July, it said.",{"type":594,"attrs":126100,"content":126101},{"textAlign":49},[126102],{"text":126103,"type":599},"The company said all spodumene produced would be processed at conversion facilities “either built or acquired” by the JV, casting doubt on how much would be available for Chinese converters in the long-term, although these integrated facilities are yet to be announced. Any excess spodumene would be “either toll-converted or sold into the open market,” it said.",{"type":594,"attrs":126105,"content":126106},{"textAlign":49},[126107],{"text":126108,"type":599},"In addition, Mineral Resources said the Mt Marion mine would increase production “immediately” from 450,000 tonnes a year to 600,000 a year of “mixed grade product” by April 2022.",{"type":657,"attrs":126110,"content":126111},{"level":15966,"textAlign":49},[126112],{"text":126113,"type":599},"Supply additions “unlikely to reign in deficit”",{"type":594,"attrs":126115,"content":126116},{"textAlign":49},[126117],{"text":126118,"type":599},"Equivalent to 75,000 tonnes of LCE, the increases by Mineral Resources and its partners are “unlikely to reign in the deficit,” according to Cameron Perks, an analyst at Benchmark.",{"type":594,"attrs":126120,"content":126121},{"textAlign":49},[126122],{"text":126123,"type":599},"Spodumene supply this year was expected to be around 317,000 tonnes of LCE this year, he said.",{"type":594,"attrs":126125,"content":126126},{"textAlign":49},[126127],{"text":126128,"type":599},"However, by 2025 with the addition of other projects the expansions could help create a balanced market, he said, depending on demand for batteries and electric vehicles.",{"type":594,"attrs":126130,"content":126131},{"textAlign":49},[126132],{"text":126133,"type":599},"“If you use an upside demand scenario, there is still a perpetual deficit, which means there is still a very strong demand pull, lots of upside potential,” he added.",{"type":594,"attrs":126135,"content":126136},{"textAlign":49},[126137],{"text":126138,"type":599},"Recycling of lithium is also set to provide a greater share of lithium supply over the next few years, with Ganfeng saying its 300,000 tonnes of LCE will include recycled lithium supply.",{"type":594,"attrs":126140,"content":126141},{"textAlign":49},[126142],{"text":126143,"type":599},"Ganfeng said it would invest in additional lithium resources to reach an eventual capacity of 600,000 tonnes LCE per year this decade.",{"type":594,"attrs":126145,"content":126146},{"textAlign":49},[126147],{"text":126148,"type":599},"“Given the current rapid growth in demand for lithium products, the company plans to accelerate the capacity expansion of its lithium compound and lithium resource projects,” Ganfeng said. “The company is optimistic about the long-term development of the global lithium market.”","Lithium miners are accelerating their expansion plans as they bet strong demand for electric vehicles will sustain high lithium prices this decade. Mineral Resources said this week it would increase production at its two spodumene mines in Western Australia in “response to unprecedented global customer demand for lithium products.” China’s Ganfeng Lithium, meanwhile, said it […]",[126151],{"slug":544,"name":543,"content":126152},{"job_title":557,"image":126153,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6eb8f699-09e0-4e83-835c-51ae27299ebe\", \"id\": \"\"}-->",[126156],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":126158,"copyright":547,"fieldtype":553,"meta_data":126159,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e7ac21368c/bm-mt-marion-mineral-resources.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 06, 2022",{"id":126162,"uuid":126163,"name":126164,"slug":126165,"full_slug":126166,"content":126167},112472873479693,"670484a4-9bd7-4bcd-a0dc-68942a4762d8","Biden uses Defense Production Act in bid to transform US battery supply chain","biden-uses-defense-production-act-in-bid-to-transform-us-battery-supply-chain","article/biden-uses-defense-production-act-in-bid-to-transform-us-battery-supply-chain",{"_uid":126168,"date":126169,"tags":126170,"editor":126172,"content":126176,"excerpt":126288,"featured":51,"reporter":126289,"_editable":126293,"component":864,"seo_title":126164,"categories":126294,"visibility":882,"author_company":49,"featured_image":126296,"seo_description":126288,"author_full_name":49,"author_job_title":49,"formattedDate":126299},"0bd44050-2e92-4604-b061-9aa59688a9b8","2022-04-01 00:00",[126171],{"slug":1375,"name":1376},[126173],{"slug":544,"name":543,"content":126174},{"job_title":557,"image":126175,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":126177},[126178,126183,126188,126193,126198,126203,126208,126213,126218,126223,126228,126233,126238,126243,126248,126253,126258,126263,126268,126273,126278,126283],{"type":594,"attrs":126179,"content":126180},{"textAlign":49},[126181],{"text":126182,"type":599},"US president Joe Biden has invoked the Defense Production Act in a bid to boost domestic production and processing of key battery raw materials and reduce the country’s dependence on foreign supply.",{"type":594,"attrs":126184,"content":126185},{"textAlign":49},[126186],{"text":126187,"type":599},"In his presidential determination Biden said that the US government would “create, maintain, protect, expand, or restore sustainable and responsible domestic production capabilities of such strategic and critical materials by supporting feasibility studies.”",{"type":594,"attrs":126189,"content":126190},{"textAlign":49},[126191],{"text":126192,"type":599},"The determination specifically cited the need for “lithium, nickel, cobalt, graphite, and manganese for large-capacity batteries.”",{"type":594,"attrs":126194,"content":126195},{"textAlign":49},[126196],{"text":126197,"type":599},"“This will likely oil the wheels of domestic mining and refining but still needs huge capital support in the tens of billions of dollars to make this work,” Simon Moores, CEO of Benchmark, said.",{"type":594,"attrs":126199,"content":126200},{"textAlign":49},[126201],{"text":126202,"type":599},"The White House did not set out plans for direct investment or loans from the government. ",{"type":594,"attrs":126204,"content":126205},{"textAlign":49},[126206],{"text":126207,"type":599},"“The industry will hope the strong EV supply chain and domestic mining direction President Biden is setting will do the job,” Moores added. ",{"type":594,"attrs":126209,"content":126210},{"textAlign":49},[126211],{"text":126212,"type":599},"In the near-term Benchmark expects the measures to open up supply from existing infrastructure, such as byproduct from current assets. In the longer-term Benchmark expects the measures to help new projects at the bankable feasibility stage of development to unlock much needed investment.",{"type":657,"attrs":126214,"content":126215},{"level":15966,"textAlign":49},[126216],{"text":126217,"type":599},"Little-to-no domestic supply",{"type":594,"attrs":126219,"content":126220},{"textAlign":49},[126221],{"text":126222,"type":599},"In 2021 the USA produced less than 1% of global mined lithium supply and only 3% of lithium chemical supply according to Benchmark’s Lithium Forecast. ",{"type":594,"attrs":126224,"content":126225},{"textAlign":49},[126226],{"text":126227,"type":599},"The US is even more dependent on foreign sources of cobalt, refined nickel, and natural flake graphite for which it has no production capacity. ",{"type":594,"attrs":126229,"content":126230},{"textAlign":49},[126231],{"text":126232,"type":599},"While there are dozens of battery raw material projects under development in the US these will be unlikely to offer any meaningful production in the next few years. Benchmark therefore expects that the country will stay dependent on foreign supply in the near term. ",{"type":594,"attrs":126234,"content":126235},{"textAlign":49},[126236],{"text":126237,"type":599},"Midstream cathode and anode production capacity will also need to be developed for these raw materials to make their way into US-made lithium ion cells.",{"type":594,"attrs":126239,"content":126240},{"textAlign":49},[126241],{"text":126242,"type":599},"The US government has become increasingly aware of its lithium ion supply chain vulnerabilities, particularly in the face of China’s dominance over much of the value chain. ",{"type":594,"attrs":126244,"content":126245},{"textAlign":49},[126246],{"text":126247,"type":599},"In December, Tesla and South Korean battery producer SK Innovation told the US government that they were unable to source synthetic or natural graphite for battery anode materials outside of China. ",{"type":594,"attrs":126249,"content":126250},{"textAlign":49},[126251],{"text":126252,"type":599},"China mines 69% of the world’s natural flake graphite and produces 100% of global spherical graphite used in anode production, according to Benchmark’s Natural Flake Graphite Forecast. The bulk of synthetic graphite used in anode materials is also produced in China. ",{"type":594,"attrs":126254,"content":126255},{"textAlign":49},[126256],{"text":126257,"type":599},"Chinese dominance extends to other battery raw materials, with 60% of the world’s lithium chemicals and 73% refined cobalt produced in China in 2021. ",{"type":657,"attrs":126259,"content":126260},{"level":15966,"textAlign":49},[126261],{"text":126262,"type":599},"US gigafactories need feeding",{"type":594,"attrs":126264,"content":126265},{"textAlign":49},[126266],{"text":126267,"type":599},"The US has 21 gigafactories with over 700 gigawatt hours (GWh) of capacity in the pipeline for 2030 according to Benchmark’s Lithium ion Battery Gigafactory Assessment. ",{"type":594,"attrs":126269,"content":126270},{"textAlign":49},[126271],{"text":126272,"type":599},"By 2030 Benchmark forecasts lithium demand from the battery sector in North America to exceed 450,000 tonnes, almost equal to global lithium production in 2021. ",{"type":594,"attrs":126274,"content":126275},{"textAlign":49},[126276],{"text":126277,"type":599},"As a result the disconnect between raw material demand and supply has continued to grow, with most battery raw materials facing near-term supply shortages. ",{"type":594,"attrs":126279,"content":126280},{"textAlign":49},[126281],{"text":126282,"type":599},"While investment has flowed into US gigafactories there has been insufficient investment in domestic battery raw material projects. Biden’s administration will hope its use of the Defense Production Act will release more long-term investment into the upstream. ",{"type":594,"attrs":126284,"content":126285},{"textAlign":49},[126286],{"text":126287,"type":599},"“More is needed but we are now in territory not seen before in generations. Mining returns to the USA to build a lithium ion battery and EV economy,” said Moores. ","US president Joe Biden has invoked the Defense Production Act in a bid to boost domestic production and processing of key battery raw materials and reduce the country’s dependence on foreign supply. In his presidential determination Biden said that the US government would “create, maintain, protect, expand, or restore sustainable and responsible domestic production capabilities […]",[126290],{"slug":544,"name":543,"content":126291},{"job_title":557,"image":126292,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0bd44050-2e92-4604-b061-9aa59688a9b8\", \"id\": \"\"}-->",[126295],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":126297,"copyright":547,"fieldtype":553,"meta_data":126298,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/81c0241aee/bm-biden-president.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 01, 2022",{"id":126301,"uuid":126302,"name":126303,"slug":126304,"full_slug":126305,"content":126306},112472897625618,"35701328-c29b-4edc-97bf-ed90b2c9f20d","Volkswagen set to enter cathode production; agrees nickel cobalt deal with Huayou and Tsingshan","volkswagen-set-to-enter-high-nickel-cathode-production-as-it-agrees-nickel-cobalt-supply-deal-with-huayou-and-tsingshan","article/volkswagen-set-to-enter-high-nickel-cathode-production-as-it-agrees-nickel-cobalt-supply-deal-with-huayou-and-tsingshan",{"_uid":126307,"date":126308,"tags":126309,"editor":126316,"content":126320,"excerpt":126400,"featured":50,"reporter":126401,"_editable":126405,"component":864,"seo_title":126303,"categories":126406,"visibility":882,"author_company":49,"featured_image":126408,"seo_description":126400,"author_full_name":49,"author_job_title":49,"formattedDate":126411},"83660721-96ba-4a9c-adf3-8982005ac4a6","2022-03-21 00:00",[126310,126311,126312,126315],{"slug":125015,"name":79183},{"slug":7997,"name":7998},{"slug":126313,"name":126314},"tsingshan","Tsingshan",{"slug":45699,"name":20071},[126317],{"slug":544,"name":543,"content":126318},{"job_title":557,"image":126319,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":126321},[126322,126333,126338,126343,126348,126353,126358,126363,126368,126373,126378,126383,126395],{"type":594,"attrs":126323,"content":126324},{"textAlign":49},[126325,126327,126331],{"text":126326,"type":599},"Volkswagen will secure supplies of nickel and cobalt for its electric vehicles from Chinese producers Huayou Cobalt and stainless steel maker ",{"text":126314,"type":599,"marks":126328},[126329],{"type":604,"attrs":126330},{"href":122879,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":126332,"type":599},", in a deal that aims to provide enough metal for around 2 million electric vehicles.",{"type":594,"attrs":126334,"content":126335},{"textAlign":49},[126336],{"text":126337,"type":599},"The three companies said they will form a joint venture to develop annual production of 120,000 tonnes of nickel and 15,000 tonnes of cobalt in Indonesia – enough for 160 gigawatt-hours of batteries. Huayou and VW will also build a battery cathode and refining business in southern Guangxi and elsewhere, the companies said.",{"type":594,"attrs":126339,"content":126340},{"textAlign":49},[126341],{"text":126342,"type":599},"The deals mark a significant move by the world’s second-largest carmaker to secure the cathode raw materials it needs to expand production of electric vehicles for the Chinese market. VW is the first western automaker to invest in nickel production in Indonesia, which is the world’s biggest producer of the metal.",{"type":594,"attrs":126344,"content":126345},{"textAlign":49},[126346],{"text":126347,"type":599},"Currently, almost all of Indonesia’s nickel supply is set to go into the Chinese battery supply chain. Without access to that supply, VW could be at a significant disadvantage in the Chinese market.",{"type":594,"attrs":126349,"content":126350},{"textAlign":49},[126351],{"text":126352,"type":599},"China is VW’s most important market but it faces growing competition from Chinese startups Xpeng, Nio and Li Auto, as well as Tesla.",{"type":657,"attrs":126354,"content":126355},{"level":15966,"textAlign":49},[126356],{"text":126357,"type":599},"Lowering battery costs ",{"type":594,"attrs":126359,"content":126360},{"textAlign":49},[126361],{"text":126362,"type":599},"The deal with Tsingshan and Huayou will help VW reduce battery costs by 30% to 50% over the long term, VW said on Monday.",{"type":594,"attrs":126364,"content":126365},{"textAlign":49},[126366],{"text":126367,"type":599},"The three companies said they will collaborate on the development of nickel and cobalt resources in Indonesia, and build a “transparent, sustainable” supply chain for battery materials.",{"type":594,"attrs":126369,"content":126370},{"textAlign":49},[126371],{"text":126372,"type":599},"Huayou and VW will also form a company or multiple companies to establish nickel and cobalt refining, precursor manufacturing and cathode production in Guangxi and other areas.",{"type":594,"attrs":126374,"content":126375},{"textAlign":49},[126376],{"text":126377,"type":599},"Indonesia is set to account for almost all of the new nickel production this decade. Chinese companies have built a number of processing plants in the country, to turn raw nickel into higher purity forms that can be used in batteries.",{"type":594,"attrs":126379,"content":126380},{"textAlign":49},[126381],{"text":126382,"type":599},"Huayou Cobalt’s nickel and cobalt processing project in Indonesia, in which Tsingshan is a shareholder, PT Huayue, shipped its first mixed hydroxide precipitate (MHP) to China in February.",{"type":594,"attrs":126384,"content":126385},{"textAlign":49},[126386,126388,126393],{"text":126387,"type":599},"Supply of nickel intermediate MHP from Indonesia is ",{"text":126389,"type":599,"marks":126390},"set to rise",[126391],{"type":604,"attrs":126392},{"href":107098,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":126394,"type":599}," to 52,000 tonnes of nickel this year from 10,000 tonnes last year, according to Benchmark’s Nickel Forecast.",{"type":594,"attrs":126396,"content":126397},{"textAlign":49},[126398],{"text":126399,"type":599},"Nickel production in Indonesia, however, is estimated to be up to six times more carbon-intensive than in Russia or Canada, due to the use of coal-fired power plants. That’s made western automakers such as Tesla cautious about securing supply from Indonesia.","Volkswagen will secure supplies of nickel and cobalt for its electric vehicles from Chinese producers Huayou Cobalt and stainless steel maker Tsingshan, in a deal that aims to provide enough metal for around 2 million electric vehicles. The three companies said they will form a joint venture to develop annual production of 120,000 tonnes of […]",[126402],{"slug":544,"name":543,"content":126403},{"job_title":557,"image":126404,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"83660721-96ba-4a9c-adf3-8982005ac4a6\", \"id\": \"\"}-->",[126407],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":126409,"copyright":547,"fieldtype":553,"meta_data":126410,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c7f70171ce/bm-vw-china-large.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 21, 2022",{"id":126413,"uuid":126414,"name":126415,"slug":126416,"full_slug":126417,"content":126418},112472902577683,"da01a45a-0635-496b-afde-da376fe78afe","Solid-state enters gigawatt-hour era as new capacity comes online in 2022","solid-state-enters-gigawatt-hour-era-as-new-capacity-comes-online-in-2022","article/solid-state-enters-gigawatt-hour-era-as-new-capacity-comes-online-in-2022",{"_uid":126419,"date":126420,"tags":126421,"editor":126426,"content":126430,"excerpt":126535,"featured":50,"reporter":126536,"_editable":126540,"component":864,"seo_title":126415,"categories":126541,"visibility":882,"author_company":49,"featured_image":126544,"seo_description":126535,"author_full_name":49,"author_job_title":49,"formattedDate":126547},"52e290fe-eb5a-45db-aeca-580a4757a1c9","2022-03-18 00:00",[126422,126423],{"slug":103557,"name":103558},{"slug":126424,"name":126425},"taiwan","Taiwan",[126427],{"slug":544,"name":543,"content":126428},{"job_title":557,"image":126429,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":126431},[126432,126437,126442,126447,126460,126465,126470,126475,126480,126485,126488,126493,126498,126503,126510,126515,126520,126525,126528],{"type":594,"attrs":126433,"content":126434},{"textAlign":49},[126435],{"text":126436,"type":599},"Solid state battery production capacity is set to surpass 1 gigawatt-hour this year as startups such as Taiwan’s ProLogium as well as established producers begin to scale up production of cells that promise to provide a far greater range for electric vehicles.",{"type":594,"attrs":126438,"content":126439},{"textAlign":49},[126440],{"text":126441,"type":599},"Expansions by ProLogium as well as France’s Blue Solutions will push production capacity for the first time into the gigawatt-hour era, according to Benchmark’s Solid-state and Lithium Metal Batteries report. Production capacity of solid-state batteries is set to reach over 300 GWh by 2030, according to Benchmark. ",{"type":594,"attrs":126443,"content":126444},{"textAlign":49},[126445],{"text":126446,"type":599},"The technology is beginning to emerge from the laboratory into cars and test cells this year, accelerating the commercial development of solid state batteries, which promise lighter, safer and more energy dense lithium ion batteries for electric vehicles. ",{"type":594,"attrs":126448,"content":126449},{"textAlign":49},[126450,126452,126458],{"text":126451,"type":599},"Samsung SDI said this week that it had begun construction of a 6,500 square metre pilot line in South Korea to produce its ",{"text":126453,"type":599,"marks":126454},"solid state batteries",[126455],{"type":604,"attrs":126456},{"href":126457,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/can-solid-state-batteries-compete-with-traditional-lithium-ion-on-cost",{"text":126459,"type":599},". Posco, the Korean steel producer, also said it broke ground this week on a plant to produce solid state battery materials in Yangsan. ",{"type":657,"attrs":126461,"content":126462},{"level":15966,"textAlign":49},[126463],{"text":126464,"type":599},"GIGAWATT-HOUR CAPACITY",{"type":594,"attrs":126466,"content":126467},{"textAlign":49},[126468],{"text":126469,"type":599},"“We’ve hit gigawatt-hour capacity and after that we’ll be entering the gigawatt era,” Rory McNulty, an analyst at Benchmark said. “2024 will see the most number of companies scaling into the gigawatt-hour level.” ",{"type":594,"attrs":126471,"content":126472},{"textAlign":49},[126473],{"text":126474,"type":599},"“When [Samsung] do finalise the technology they’ll be ramping up pretty quickly,” he added. ",{"type":594,"attrs":126476,"content":126477},{"textAlign":49},[126478],{"text":126479,"type":599},"Solid state batteries replace the conventional flammable liquid electrolyte in a lithium ion battery with a solid conductive material. That increases safety and also allows for the use of a lithium metal anode, which increases the energy density of the battery cell. ",{"type":594,"attrs":126481,"content":126482},{"textAlign":49},[126483],{"text":126484,"type":599},"Blue Solutions manufactures a polymer-based solid electrolyte, but oxide and sulphide-based technologies are set to be the dominant ones this decade, Benchmark forecasts.",{"type":594,"attrs":126486,"content":126487},{"textAlign":49},[],{"type":594,"attrs":126489,"content":126490},{"textAlign":49},[126491],{"text":126492,"type":599},"Currently Blue Solutions, a division of the French conglomerate Bollore, is the largest producer of solid state batteries, with around 600 megawatt-hours of capacity, according to Benchmark. That’s set to reach 2 GWh next year, according to McNulty. ",{"type":594,"attrs":126494,"content":126495},{"textAlign":49},[126496],{"text":126497,"type":599},"Taiwanese solid state battery company ProLogium is also set to ramp-up production at its new plant by the end of this year, with a capacity of over 1 GWh. ",{"type":594,"attrs":126499,"content":126500},{"textAlign":49},[126501],{"text":126502,"type":599},"ProLogium uses an oxide-based ceramic electrolyte with a high-nickel NCM cathode paired with a silicon anode or lithium metal anode. NIO and VinFast are partners helping to commercialise ProLogium’s solid-state technologies.",{"type":594,"attrs":126504,"content":126505},{"textAlign":49},[126506,126508],{"text":126507,"type":599},"In China, this year ",{"text":126509,"type":599},"solid state cell developers Qing Tao and Beijing Welion New Energy Technology Co both broke ground on 10 GWh solid state and 100 GWh semi-solid state plants in Guangdong and Shandong provinces, respectively. ",{"type":594,"attrs":126511,"content":126512},{"textAlign":49},[126513],{"text":126514,"type":599},"This week, Chinese solid state startup GTC-Power also said it had received 50 million RMB ($7.9 million) in financing to expand production. ",{"type":594,"attrs":126516,"content":126517},{"textAlign":49},[126518],{"text":126519,"type":599},"In the US Colorado-based Solid Power, whose investors include Ford and BMW, is also set to deliver test cells to the automakers this year from its plant outside Denver. ",{"type":594,"attrs":126521,"content":126522},{"textAlign":49},[126523],{"text":126524,"type":599},"Suppliers to the solid state battery industry are also starting to increase capacity. Posco said its new plant in Korea would produce 24 tonnes of solid electrolyte a year starting in the second half of this year, making it the world’s biggest plant for solid electrolytes.",{"type":594,"attrs":126526,"content":126527},{"textAlign":49},[],{"type":594,"attrs":126529,"content":126530},{"textAlign":49},[126531],{"text":126532,"type":599,"marks":126533},"(Corrects earlier version to specify that by 2030 there will be 300 GWh of solid state production capacity and to correct the graphic)",[126534],{"type":643},"Solid state battery production capacity is set to surpass 1 gigawatt-hour this year as startups such as Taiwan’s ProLogium as well as established producers begin to scale up production of cells that promise to provide a far greater range for electric vehicles. Expansions by ProLogium as well as France’s Blue Solutions will push production capacity […]",[126537],{"slug":544,"name":543,"content":126538},{"job_title":557,"image":126539,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"52e290fe-eb5a-45db-aeca-580a4757a1c9\", \"id\": \"\"}-->",[126542,126543],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":126545,"copyright":547,"fieldtype":553,"meta_data":126546,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4030246d6e/bm-prologium-g2-factory-photo-e1635410908716-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 18, 2022",{"id":126549,"uuid":126550,"name":126551,"slug":126552,"full_slug":126553,"content":126554},112472936373816,"7998c2fb-5595-4719-b302-2f21d1f7fa00","Tesla taps Australia for future lithium supply as prices hit record highs","tesla-taps-australia-for-future-lithium-supply-as-prices-hit-record-highs","article/tesla-taps-australia-for-future-lithium-supply-as-prices-hit-record-highs",{"_uid":126555,"date":126556,"tags":126557,"editor":126560,"content":126564,"excerpt":126683,"featured":50,"reporter":126684,"_editable":126688,"component":864,"seo_title":126551,"categories":126689,"visibility":882,"author_company":49,"featured_image":126692,"seo_description":126683,"author_full_name":49,"author_job_title":49,"formattedDate":126695},"0c72a830-1a8b-4540-a853-09ed7377e68b","2022-03-04 00:00",[126558,126559],{"slug":6567,"name":2038},{"slug":578,"name":579},[126561],{"slug":544,"name":543,"content":126562},{"job_title":557,"image":126563,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":126565},[126566,126571,126576,126581,126586,126591,126607,126612,126617,126622,126627,126640,126645,126650,126656,126661,126664,126673,126678],{"type":594,"attrs":126567,"content":126568},{"textAlign":49},[126569],{"text":126570,"type":599},"Tesla is locking in future supplies of lithium by betting on conventional spodumene mines in Australia coming into production over the next few years. ",{"type":594,"attrs":126572,"content":126573},{"textAlign":49},[126574],{"text":126575,"type":599},"The electric carmaker has signed two deals over the last month with Australian lithium project developers Liontown Resources and Core Lithium that will provide over 20,000 tonnes of lithium carbonate equivalent (LCE) a year, according to Benchmark.",{"type":594,"attrs":126577,"content":126578},{"textAlign":49},[126579],{"text":126580,"type":599},"Tesla’s preference for traditional spodumene producers is a “relatively safe” bet according to Benchmark analyst Daisy Jennings-Gray.",{"type":594,"attrs":126582,"content":126583},{"textAlign":49},[126584],{"text":126585,"type":599},"The deals could provide the carmaker with guaranteed supplies of lithium ahead of its rivals. Tesla’s strategy is in contrast to that of General Motors and Volkswagen, who have signed agreements with lithium producers in Germany and the US that are using new direct-lithium extraction technologies rather than conventional processes. ",{"type":594,"attrs":126587,"content":126588},{"textAlign":49},[126589],{"text":126590,"type":599},"“A lot of OEMs have signed deals with prospective producers that are riding on more novel technologies,” Jennings-Gray said. ",{"type":594,"attrs":126592,"content":126593},{"textAlign":49},[126594,126596,126602,126604,126605],{"text":126595,"type":599},"These deals come as ",{"text":126597,"type":599,"marks":126598},"lithium prices continued their rise this month",[126599],{"type":604,"attrs":126600},{"href":126601,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rising-lithium-prices-push-lfp-battery-cell-costs-above-high-nickel",{"text":126603,"type":599}," with Chinese domestic carbonate recording highs of $70,675 a tonne in the latest Lithium Price Assessment by Benchmark. ",{"text":9653,"type":599},{"text":126606,"type":599}," anticipates that the shortage of mined lithium supply will nearly triple by 2023 to over 70,000 tonnes LCE. ",{"type":594,"attrs":126608,"content":126609},{"textAlign":49},[126610],{"text":126611,"type":599},"Benchmark also predicts a deficit of 300,000 tonnes of LCE in 2030, highlighting the importance of securing future lithium supplies.",{"type":657,"attrs":126613,"content":126614},{"level":15966,"textAlign":49},[126615],{"text":126616,"type":599},"TESLA BETS ON AUSSIE LITHIUM",{"type":594,"attrs":126618,"content":126619},{"textAlign":49},[126620],{"text":126621,"type":599},"Last month Liontown agreed to supply Tesla with 700,000 tonnes of spodumene concentrate from its Kathleen Valley Lithium Project in Western Australia from 2024. The agreement commits Tesla to buying 100,000 tonnes in the first year, and 150,000 tonnes a year for four years after that.",{"type":594,"attrs":126623,"content":126624},{"textAlign":49},[126625],{"text":126626,"type":599},"Tesla’s deal with Core Lithium is lower volume, with up to 110,000 tonnes of spodumene concentrate supplied over 4 years from the Finniss Lithium Project in Darwin in Australia’s Northern Territories.",{"type":594,"attrs":126628,"content":126629},{"textAlign":49},[126630,126632,126638],{"text":126631,"type":599},"Combined, these deals are roughly equivalent to 600,000 EVs, or just over one year of output at ",{"text":126633,"type":599,"marks":126634},"Tesla’s new Berlin factory",[126635],{"type":604,"attrs":126636},{"href":126637,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/tesla-begins-shift-to-new-ev-battery-as-musk-expects-supply-chain-shortages-to-flip-from-chips-to-cells",{"text":126639,"type":599},", which recently received conditional approval from Brandenburg state officials.",{"type":594,"attrs":126641,"content":126642},{"textAlign":49},[126643],{"text":126644,"type":599},"Although VW and GM have chosen to back companies that claim their lithium is more ESG-friendly, Australian spodumene provides Tesla a surer supply of lithium in the near-term. “Supply of lithium feedstock is the bottleneck in the supply chain, given how long it takes to bring a lithium mine online.” Jennings-Gray says. “Getting spodumene supply guaranteed is putting a foot in the door before the raw material deficit worsens.”",{"type":657,"attrs":126646,"content":126647},{"level":15966,"textAlign":49},[126648],{"text":126649,"type":599},"AUSTRALIA’S PROCESSING FALLS SHORT",{"type":594,"attrs":126651,"content":126652},{"textAlign":49},[126653,126654],{"text":9653,"type":599},{"text":126655,"type":599}," forecasts that spodumene supply from Australia will almost double from around 250,000 tonnes LCE in 2022 to nearly 440,000 tonnes LCE in 2030, maintaining its position as the world’s largest source of lithium feedstock supply.",{"type":594,"attrs":126657,"content":126658},{"textAlign":49},[126659],{"text":126660,"type":599},"But although Australia dominates the market for spodumene production, it has very little of its own capacity to process the feedstock into lithium hydroxide or lithium carbonate. This processing capacity is almost entirely concentrated in China. As such, Chinese firms are continuing to sign offtake agreements with Australian spodumene producers.",{"type":594,"attrs":126662,"content":126663},{"textAlign":49},[],{"type":594,"attrs":126665,"content":126666},{"textAlign":49},[126667,126671],{"text":14503,"type":599,"marks":126668},[126669],{"type":604,"attrs":126670},{"href":125534,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":126672,"type":599}," and Yahua have both signed agreements with Core Lithium totalling 80% of the Finniss Lithium Project’s output for the first 4 years of its operation. Another Australian mining company, Global Lithium operating in Western Australia this week signed a 10-year deal for Chinese firm Suzhou TA&A Ultra Clean Technology (who own 9.4% of Global Lithium) to buy at least 30% (and up to 45%) of their spodumene concentrate each year.",{"type":594,"attrs":126674,"content":126675},{"textAlign":49},[126676],{"text":126677,"type":599},"Australian firms are looking to reduce China’s dominance in spodumene processing, however. This would allow Australia to add value domestically. However, Benchmark’s Lithium Forecast expects China to maintain its dominance despite efforts to develop processing capabilities in Australia and other regions.",{"type":594,"attrs":126679,"content":126680},{"textAlign":49},[126681],{"text":126682,"type":599},"As part of its deal with Core Lithium, Tesla agreed to support the development of lithium chemical processing capacity in the Northern Territories. Although not a common feature in offtake deals, it gives advantages to both parties: Core Lithium increases their domestic production capacity and Tesla diversifies their supply chain and reduces reliance on China, according to Jennings-Gray.","Tesla is locking in future supplies of lithium by betting on conventional spodumene mines in Australia coming into production over the next few years. The electric carmaker has signed two deals over the last month with Australian lithium project developers Liontown Resources and Core Lithium that will provide over 20,000 tonnes of lithium carbonate equivalent […]",[126685],{"slug":544,"name":543,"content":126686},{"job_title":557,"image":126687,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0c72a830-1a8b-4540-a853-09ed7377e68b\", \"id\": \"\"}-->",[126690,126691],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":126693,"copyright":547,"fieldtype":553,"meta_data":126694,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/468e52b5cf/bm-truck-carrying-australian-lithium.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 04, 2022",{"id":126697,"uuid":126698,"name":126699,"slug":126700,"full_slug":126701,"content":126702},112472941162041,"9093012d-a255-437f-bbd5-3f8e2ffeb4c8","Northvolt cathode plant to boost Europe’s capacity 75% by 2025","northvolt-cathode-plant-to-boost-europes-capacity-75-by-2025","article/northvolt-cathode-plant-to-boost-europes-capacity-75-by-2025",{"_uid":126703,"date":126704,"tags":126705,"editor":126708,"content":126712,"excerpt":126791,"featured":50,"reporter":126792,"_editable":126796,"component":864,"seo_title":126699,"categories":126797,"visibility":882,"author_company":49,"featured_image":126800,"seo_description":126791,"author_full_name":49,"author_job_title":49,"formattedDate":126803},"a4f9c37c-db40-4a73-9646-980f3831970e","2022-03-02 00:00",[126706,126707],{"slug":2790,"name":2791},{"slug":48240,"name":48241},[126709],{"slug":544,"name":543,"content":126710},{"job_title":557,"image":126711,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":126713},[126714,126719,126731,126736,126741,126746,126751,126756,126768,126773,126778],{"type":594,"attrs":126715,"content":126716},{"textAlign":49},[126717],{"text":126718,"type":599},"Northvolt’s decision to build a battery cathode plant in Sweden will provide a significant boost to European supply, increasing the region’s planned production capacity by 75% according to Benchmark.",{"type":594,"attrs":126720,"content":126721},{"textAlign":49},[126722,126723,126729],{"text":2372,"type":599},{"text":126724,"type":599,"marks":126725},"battery startup",[126726],{"type":604,"attrs":126727},{"href":126728,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/northvolt-moves-upstream-with-galp-lithium-hydroxide-jv",{"text":126730,"type":599}," said this week it would build a cathode and cell production plant on the site of a closed paper mill in Borlänge, Sweden. Starting in 2024, the plant will produce up to 100 gigawatt-hours’ worth of cathode material using renewable energy, it said.",{"type":594,"attrs":126732,"content":126733},{"textAlign":49},[126734],{"text":126735,"type":599},"At a planned capacity of around 150,000 tonnes of cathode material, the plant is the largest production site in Europe, according to Benchmark’s Cathode Assessment, helping the region to reduce its reliance on Asian suppliers for the key battery material.",{"type":594,"attrs":126737,"content":126738},{"textAlign":49},[126739],{"text":126740,"type":599},"Before Northvolt’s announcement, Europe’s cathode capacity by 2025 was almost 200,000 tonnes, according to Hanisha Tirumalasetty, an analyst at Benchmark.",{"type":594,"attrs":126742,"content":126743},{"textAlign":49},[126744],{"text":126745,"type":599},"Companies globally are planning to build over 9.8 million tonnes of cathode capacity, according to Benchmark’s Cathode Assessment, almost all of it in China.",{"type":594,"attrs":126747,"content":126748},{"textAlign":49},[126749],{"text":126750,"type":599},"“There is a massive global demand for sustainable, high-quality lithium-ion battery cells and systems,” Northvolt’s CEO Peter Carlsson said.",{"type":594,"attrs":126752,"content":126753},{"textAlign":49},[126754],{"text":126755,"type":599},"This year Northvolt began production of battery cells at its first gigafactory in northern Sweden, Northvolt Ett. The company is aiming to produce batteries with a lower environmental footprint than competitors by using renewable energy and recycled materials.",{"type":594,"attrs":126757,"content":126758},{"textAlign":49},[126759,126761,126766],{"text":126760,"type":599},"As part of its move to create a European supply chain, in December ",{"text":126762,"type":599,"marks":126763},"Northvolt agreed",[126764],{"type":604,"attrs":126765},{"href":126728,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":126767,"type":599}," to build a lithium hydroxide plant in Portugal with the oil company Galp.",{"type":594,"attrs":126769,"content":126770},{"textAlign":49},[126771],{"text":126772,"type":599},"Umicore and BASF are both currently building battery cathode plants in Europe, which are expected to start production this year. Umicore has 50,000 tonnes of cathode capacity under construction, according to Benchmark.",{"type":594,"attrs":126774,"content":126775},{"textAlign":49},[126776],{"text":126777,"type":599},"Last year Taiwanese company Aleees said it would build a 10,000 tonnes lithium iron phosphate cathode material plant in the Nordic region in a joint venture with battery startup Freyr. The JV would increase production to 30,000 tonnes by 2025, it said.",{"type":594,"attrs":126779,"content":126780},{"textAlign":49},[126781,126783,126789],{"text":126782,"type":599},"Chinese cathode producer Beijing Easpring ",{"text":126784,"type":599,"marks":126785},"has also held talks",[126786],{"type":604,"attrs":126787},{"href":126788,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/beijing-easpring-secures-sk-backing-for-finland-cathode-expansion",{"text":126790,"type":599}," with Finnish Minerals Group to build a cathode plant in Kotka, Finland, with an initial capacity of 50,000 tonnes per year, which Benchmark estimates would equate to 32 GWh of lithium ion cells. The plant has the backing of Korea’s SK Conglomerate.","Northvolt’s decision to build a battery cathode plant in Sweden will provide a significant boost to European supply, increasing the region’s planned production capacity by 75% according to Benchmark. The battery startup said this week it would build a cathode and cell production plant on the site of a closed paper mill in Borlänge, Sweden. […]",[126793],{"slug":544,"name":543,"content":126794},{"job_title":557,"image":126795,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a4f9c37c-db40-4a73-9646-980f3831970e\", \"id\": \"\"}-->",[126798,126799],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":126801,"copyright":547,"fieldtype":553,"meta_data":126802,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/394a458df5/bm-image5-1.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 02, 2022",{"id":126805,"uuid":126806,"name":126807,"slug":126808,"full_slug":126809,"content":126810},112472945880634,"91daa15c-927e-4df9-98bf-aa7a83e4407d","Congo court ejects China Moly from Tenke cobalt mine","congo-court-ejects-china-moly-from-tenke-cobalt-mine","article/congo-court-ejects-china-moly-from-tenke-cobalt-mine",{"_uid":126811,"date":126812,"tags":126813,"editor":126815,"content":126819,"excerpt":126881,"featured":50,"reporter":126882,"_editable":126886,"component":864,"seo_title":126807,"categories":126887,"visibility":882,"author_company":49,"featured_image":126890,"seo_description":126881,"author_full_name":49,"author_job_title":49,"formattedDate":126893},"7980937c-a5dd-4625-866c-ae9add2b503b","2022-03-01 00:00",[126814],{"slug":572,"name":573},[126816],{"slug":544,"name":543,"content":126817},{"job_title":557,"image":126818,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":126820},[126821,126826,126831,126836,126841,126846,126851,126856,126861,126866,126871,126876],{"type":594,"attrs":126822,"content":126823},{"textAlign":49},[126824],{"text":126825,"type":599},"A court in the Democratic Republic of Congo has temporarily removed China Molybdenum as the operator of the Tenke Fungurume cobalt and copper mine, in a significant escalation of a dispute between the world’s second-largest cobalt producer and the Congolese government.",{"type":594,"attrs":126827,"content":126828},{"textAlign":49},[126829],{"text":126830,"type":599},"The Commercial Court in Lubumbashi said China Moly would be removed from running the mine for at least six months, according to a copy of the document released by the New York Times. A third-party administrator would be appointed.",{"type":594,"attrs":126832,"content":126833},{"textAlign":49},[126834],{"text":126835,"type":599},"The announcement comes just two weeks after China Molybdenum’s chief executive Sun Ruiwen spoke with the DRC’s President Felix Tshisekedi on a video conference call. The two sides discussed creating a supply chain for “new energy metals,” CMOC said.",{"type":594,"attrs":126837,"content":126838},{"textAlign":49},[126839],{"text":126840,"type":599},"The legal action comes as the cobalt supply chain is already under pressure due to high demand from the battery sector, compounded by Covid-19 related logistics issues. China Moly had planned to increased cobalt production to between 17,500 tonnes and 20,500 tonnes this year, from 18,500 tonnes in 2021.",{"type":594,"attrs":126842,"content":126843},{"textAlign":49},[126844],{"text":126845,"type":599},"“That supply chain is already stressed as demand for cobalt is pretty good,” Caspar Rawles, chief data officer at Benchmark, said. “Should the court ruling hinder smooth exports of material this will exacerbate multi-year high prices.”",{"type":594,"attrs":126847,"content":126848},{"textAlign":49},[126849],{"text":126850,"type":599},"Prices for cobalt metal are trading at a three-year high. Prices for cobalt hydroxide, the form of the metal exported from the Congo, have risen by 44.0% year-over-year, according to Benchmark’s Cobalt Price Assessment.",{"type":594,"attrs":126852,"content":126853},{"textAlign":49},[126854],{"text":126855,"type":599},"Chinese imports of cobalt from the DRC rose only 2.4% last year compared to 2020, despite a 30% increase in demand, according to Rawles, due to logisitical problems. Shipments are still being delayed by around two to three months, he said.",{"type":594,"attrs":126857,"content":126858},{"textAlign":49},[126859],{"text":126860,"type":599},"As a result inventories of cobalt feedstock at refineries in China are “thin on the ground,” he said.",{"type":594,"attrs":126862,"content":126863},{"textAlign":49},[126864],{"text":126865,"type":599},"The Congolese government alleges that China Moly has not paid enough royalties from the mine and has not accurately reported the total copper and cobalt reserves it holds. The legal action was taken by the DRC’s state-owned mining companies, Gecamines, which owns 20% of the Tenke project.",{"type":594,"attrs":126867,"content":126868},{"textAlign":49},[126869],{"text":126870,"type":599},"Last August President Tshisekedi’s government created a commission to examine the reserves and resources of cobalt and copper at the Tenke Fungurume site.",{"type":594,"attrs":126872,"content":126873},{"textAlign":49},[126874],{"text":126875,"type":599},"Tenke is the second largest cobalt producer in the DRC after Glencore and accounted for around 10% of global cobalt supply last year, according to Benchmark. Its cobalt production rose by 17% to 18,500 tonnes, according to the company.",{"type":594,"attrs":126877,"content":126878},{"textAlign":49},[126879],{"text":126880,"type":599},"Chinese mining companies have been the biggest investors in the DRC over the past decade, and now control a majority of the mining projects. Trade between the DRC and China was $14.4 billion in 2021, according to official statistics.","A court in the Democratic Republic of Congo has temporarily removed China Molybdenum as the operator of the Tenke Fungurume cobalt and copper mine, in a significant escalation of a dispute between the world’s second-largest cobalt producer and the Congolese government. The Commercial Court in Lubumbashi said China Moly would be removed from running the […]",[126883],{"slug":544,"name":543,"content":126884},{"job_title":557,"image":126885,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7980937c-a5dd-4625-866c-ae9add2b503b\", \"id\": \"\"}-->",[126888,126889],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":126891,"copyright":547,"fieldtype":553,"meta_data":126892,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/539f2b6e6b/bm-tenke.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 01, 2022",{"id":126895,"uuid":126896,"name":126897,"slug":126898,"full_slug":126899,"content":126900},112472955412028,"da2a5295-a2e9-436a-85c9-5a07ebdb2daa","Biden backs US critical minerals projects but is it enough?","biden-backs-us-critical-minerals-projects-but-is-it-enough","article/biden-backs-us-critical-minerals-projects-but-is-it-enough",{"_uid":126901,"date":126902,"tags":126903,"editor":126905,"content":126909,"excerpt":127052,"featured":50,"reporter":127053,"_editable":127057,"component":864,"seo_title":126897,"categories":127058,"visibility":882,"author_company":49,"featured_image":127060,"seo_description":127052,"author_full_name":49,"author_job_title":49,"formattedDate":127063},"bcb14b2f-7a32-41b9-90a6-2fd57a3d2d46","2022-02-24 00:00",[126904],{"slug":1375,"name":1376},[126906],{"slug":544,"name":543,"content":126907},{"job_title":557,"image":126908,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":126910},[126911,126916,126921,126926,126931,126936,126941,126946,126951,126956,126961,126966,126971,126976,126981,126986,126991,126996,127001,127006,127011,127016,127021,127042,127047],{"type":594,"attrs":126912,"content":126913},{"textAlign":49},[126914],{"text":126915,"type":599},"President Joe Biden said he supported the need to mine critical minerals domestically if it benefits local communities, as his administration unveiled its backing for half a dozen projects ranging from rare earths to lithium and nickel. ",{"type":594,"attrs":126917,"content":126918},{"textAlign":49},[126919],{"text":126920,"type":599},"The President said domestic mining and recycling projects would ensure the country’s natural resources “benefit the community” and create “good-paying, union jobs in sustainable production.” ",{"type":594,"attrs":126922,"content":126923},{"textAlign":49},[126924],{"text":126925,"type":599},"“These investments set America up to lead the world in building a clean energy economy and a clean energy future,” Biden said. ",{"type":594,"attrs":126927,"content":126928},{"textAlign":49},[126929],{"text":126930,"type":599},"The President met with company executives, community representatives, labour leaders and California governor Gavin Newsom on Tuesday, as part of his administration’s effort to reduce the US’s reliance on foreign supplies of critical minerals.",{"type":594,"attrs":126932,"content":126933},{"textAlign":49},[126934],{"text":126935,"type":599},"Biden said the administration would support projects with a “laser focus on boosting strong labor, environmental and environmental justice, community engagement, and Tribal consultation standards.”",{"type":594,"attrs":126937,"content":126938},{"textAlign":49},[126939],{"text":126940,"type":599},"“As we build the economy we’re going to build around working Americans – that means making sure labor is at the table, the tribes and the people from the community are at the table from day one,” Biden told Tuesday’s meeting. “And environmental protections are paramount. We ensure these resources actually benefit folks in the communities where they live not just the shareholders.”",{"type":657,"attrs":126942,"content":126943},{"level":15966,"textAlign":49},[126944],{"text":126945,"type":599},"CONTINUED IMPORT RELIANCE",{"type":594,"attrs":126947,"content":126948},{"textAlign":49},[126949],{"text":126950,"type":599},"Many of the projects in battery minerals are pilot plants or projects that are unlikely to bear fruit for the next few years, however. Large lithium projects like the Thacker Pass mine in Nevada were also not mentioned by Biden.  ",{"type":594,"attrs":126952,"content":126953},{"textAlign":49},[126954],{"text":126955,"type":599},"As a result Benchmark predicts that the US will continue to be reliant on imports for the majority of its lithium, nickel, cobalt, and graphite supply. ",{"type":594,"attrs":126957,"content":126958},{"textAlign":49},[126959],{"text":126960,"type":599},"In the largest grant, the White House said the Department of Defense would give rare earth miner MP Materials $35 million to separate and process heavy rare earth elements at its mine in Mountain Pass, California, the only operational rare earth mine in the US. Last year MP Materials signed a deal to supply GM with rare earth magnet materials. ",{"type":594,"attrs":126962,"content":126963},{"textAlign":49},[126964],{"text":126965,"type":599},"The company plans to invest $700 million by 2024 building a US-based rare earth supply chain, including a rare earth metal, alloy and magnet manufacturing facility in Fort Worth, Texas. The plant will be able to produce enough magnets for 500,000 electric vehicles a year, it says. ",{"type":594,"attrs":126967,"content":126968},{"textAlign":49},[126969],{"text":126970,"type":599},"China produces over 87% of the world’s permanent magnets used in electric vehicles. ",{"type":594,"attrs":126972,"content":126973},{"textAlign":49},[126974],{"text":126975,"type":599},"“MP Materials’ operations provide certainty of U.S. provenance and sustainability,” the company said. ",{"type":594,"attrs":126977,"content":126978},{"textAlign":49},[126979],{"text":126980,"type":599},"Among other projects supported, Biden said Warren Buffett’s Berkshire Hathaway Energy Renewables would break ground on a new demonstration facility in Imperial County, California, to test a process to extract lithium from geothermal brine, starting in April. It will then start construction of a commercial production plant in 2024. ",{"type":594,"attrs":126982,"content":126983},{"textAlign":49},[126984],{"text":126985,"type":599},"“If successful, this sets the company a path towards commercial scale production of battery grade lithium hydroxide and lithium carbonate by 2026,” the White House said. ",{"type":594,"attrs":126987,"content":126988},{"textAlign":49},[126989],{"text":126990,"type":599},"Once at scale, BHE Renewables facilities could produce 90,000 tonnes of lithium per year, it said. ",{"type":594,"attrs":126992,"content":126993},{"textAlign":49},[126994],{"text":126995,"type":599},"The White House said the the Department of the Interior will lead an interagency effort to reform mine permitting and oversight regulations, with a report due to Congress in November. The reforms will “promote responsible mining under strong social, environmental, and labor standards that avoids the historic injustice that too many mining operations have left behind,” it said. ",{"type":594,"attrs":126997,"content":126998},{"textAlign":49},[126999],{"text":127000,"type":599},"Many new mining projects in the US have struggled to come into production due to community or tribal opposition. In January Biden’s administration cancelled leases held by Twin Metals Minnesota, a subsidiary of Chilean miner Antofagasta, which planned to mine nickel and copper near to a protected wilderness area.   ",{"type":594,"attrs":127002,"content":127003},{"textAlign":49},[127004],{"text":127005,"type":599},"Biden’s administration would also boost its stockpiling of critical minerals, it said.  ",{"type":657,"attrs":127007,"content":127008},{"level":15966,"textAlign":49},[127009],{"text":127010,"type":599},"MORE SUPPORT NEEDED",{"type":594,"attrs":127012,"content":127013},{"textAlign":49},[127014],{"text":127015,"type":599},"This week’s announcement follows the issuing earlier this month of two notices of intent by the Department of Energy (DOE) to invest $2.91 billion into the US’s lithium ion industries. ",{"type":594,"attrs":127017,"content":127018},{"textAlign":49},[127019],{"text":127020,"type":599},"The funding, which the DOE expects to be made available in the coming months, will be allocated across the supply chain from refining and recycling through to battery cell and pack production.",{"type":594,"attrs":127022,"content":127023},{"textAlign":49},[127024,127026,127032,127034,127040],{"text":127025,"type":599},"The US has increased its ",{"text":127027,"type":599,"marks":127028},"lithium ion cell production capacity pipeline significantly since the start of 202",[127029],{"type":604,"attrs":127030},{"href":127031,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/president-biden-issues-rallying-call-for-more-ev-battery-gigafactories",{"text":127033,"type":599},"0 when it had ",{"text":127035,"type":599,"marks":127036},"7 gigafactories in the pipeline with 206 GWh of total capacity in the pipeline",[127037],{"type":604,"attrs":127038},{"href":127039,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-usa-begins-to-develop-its-lithium-ion-supply-chain-strategy",{"text":127041,"type":599},". Today, this has increased to 21 gigafactories, three of which are in production, with a planned production capacity of 703 GWh.",{"type":594,"attrs":127043,"content":127044},{"textAlign":49},[127045],{"text":127046,"type":599},"If the US wants to develop its domestic supply chain capabilities to support the requirements of its battery cell demand, and reduce its reliance on foreign battery raw materials, more investment is needed, however.",{"type":594,"attrs":127048,"content":127049},{"textAlign":49},[127050],{"text":127051,"type":599},"“Multibillion supply chains do not move overnight,” Jame Litinsky, CEO of MP Materials, told Biden.","President Joe Biden said he supported the need to mine critical minerals domestically if it benefits local communities, as his administration unveiled its backing for half a dozen projects ranging from rare earths to lithium and nickel. The President said domestic mining and recycling projects would ensure the country’s natural resources “benefit the community” and […]",[127054],{"slug":544,"name":543,"content":127055},{"job_title":557,"image":127056,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bcb14b2f-7a32-41b9-90a6-2fd57a3d2d46\", \"id\": \"\"}-->",[127059],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":127061,"copyright":547,"fieldtype":553,"meta_data":127062,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0e120af5f9/bm-the-white-house-1-e1660644407470.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 24, 2022",{"id":127065,"uuid":127066,"name":127067,"slug":127068,"full_slug":127069,"content":127070},112472960155197,"c7a7ac04-d93d-4e8f-9b58-d5cb3b260624","China’s CATL targets domestic lithium resources and recycling as prices soar","chinas-catl-targets-domestic-lithium-resources-and-recycling-as-prices-soar","article/chinas-catl-targets-domestic-lithium-resources-and-recycling-as-prices-soar",{"_uid":127071,"date":127072,"tags":127073,"editor":127076,"content":127080,"excerpt":127220,"featured":50,"reporter":127221,"_editable":127225,"component":864,"seo_title":127067,"categories":127226,"visibility":882,"author_company":49,"featured_image":127229,"seo_description":127220,"author_full_name":49,"author_job_title":49,"formattedDate":127232},"9eab3259-d368-45de-a3cc-35804c2faf18","2022-02-18 00:00",[127074,127075],{"slug":903,"name":904},{"slug":17168,"name":13351},[127077],{"slug":544,"name":543,"content":127078},{"job_title":557,"image":127079,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":127081},[127082,127087,127092,127097,127110,127115,127120,127127,127132,127137,127142,127155,127160,127165,127170,127175,127180,127185,127190,127195,127200,127205,127210,127215],{"type":594,"attrs":127083,"content":127084},{"textAlign":49},[127085],{"text":127086,"type":599},"China’s largest battery maker CATL is betting on domestic Chinese lithium resources as well as recycling to ease a deepening shortage of the battery raw material, it said this week.",{"type":594,"attrs":127088,"content":127089},{"textAlign":49},[127090],{"text":127091,"type":599},"The Tesla supplier told investors that it could recover over 90% of lithium from used lithium ion batteries, and would also develop its own mines in China.",{"type":594,"attrs":127093,"content":127094},{"textAlign":49},[127095],{"text":127096,"type":599},"“Lithium recycling is currently contributing to supply security,” CATL said.",{"type":594,"attrs":127098,"content":127099},{"textAlign":49},[127100,127102,127108],{"text":127101,"type":599},"The announcement highlights the ",{"text":127103,"type":599,"marks":127104},"increasing pressure",[127105],{"type":604,"attrs":127106},{"href":127107,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-ion-battery-prices-rise-for-first-time-in-gigafactory-era-automakers-in-negotiations",{"text":127109,"type":599}," CATL is under to secure sources of lithium and other raw materials for its batteries. It comes following a 540% increase in Chinese battery-grade lithium carbonate prices over the past year, according to Benchmark’s Lithium Price Assessment.",{"type":594,"attrs":127111,"content":127112},{"textAlign":49},[127113],{"text":127114,"type":599},"“The short-term rise in the cost of lithium carbonate and other raw materials is definitely having an impact on the company,” CATL told investors.",{"type":594,"attrs":127116,"content":127117},{"textAlign":49},[127118],{"text":127119,"type":599},"CATL is the world’s largest battery manufacturer, and has a 50% share of the Chinese market. It is a key supplier of lithium iron phosphate batteries to Tesla.",{"type":657,"attrs":127121,"content":127122},{"level":15966,"textAlign":49},[127123,127125],{"text":127124,"type":599},"Import ",{"text":127126,"type":599},"dependence",{"type":594,"attrs":127128,"content":127129},{"textAlign":49},[127130],{"text":127131,"type":599},"Yet CATL and China remain dependent on overseas supplies of lithium to meet their growth targets. China imports around 65% of its lithium supplies, mostly from Australia and Brazil, before converting it into lithium chemicals.",{"type":594,"attrs":127133,"content":127134},{"textAlign":49},[127135],{"text":127136,"type":599},"China produced around 182kt LCE of lithium carbonate and 110kt LCE of lithium hydroxide in 2021 but domestic feedstock production remained at around 71kt LCE, much of it from lepidolite rock.",{"type":594,"attrs":127138,"content":127139},{"textAlign":49},[127140],{"text":127141,"type":599},"That has made securing overseas resources critical for China’s electric vehicle market. CATL has a 7% stake in Australian spodumene miner Pilbara Mineral and an indirect stake in AVZ, which is developing a lithium mine in the Democratic Republic of Congo.",{"type":594,"attrs":127143,"content":127144},{"textAlign":49},[127145,127147,127153],{"text":127146,"type":599},"But last year CATL lost out on ",{"text":127148,"type":599,"marks":127149},"a bid for Canadian-listed lithium miner Millennial Lithium",[127150],{"type":604,"attrs":127151},{"href":127152,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/millennial-lithium-bidding-war-shows-scramble-for-argentinian-lithium",{"text":127154,"type":599},", which is developing a lithium brine project in Argentina, to Lithium Americas, which is part owned by Ganfeng Lithium. The company’s previously owned 8% of Argentina-focused Neo Lithium, which was bought by Zijin Mining last month.",{"type":594,"attrs":127156,"content":127157},{"textAlign":49},[127158],{"text":127159,"type":599},"CATL said this week that in addition to its previous overseas lithium investments it would focus on domestic lithium mining. This week the company signed a four-way joint venture agreement with local government-owned Garze Tibetan Autonomous Prefecture Investment Group, and newly established companies, Yibin Sanjiang Huida and Sichuan Tianfu Mining, to explore for lithium in the area.",{"type":594,"attrs":127161,"content":127162},{"textAlign":49},[127163],{"text":127164,"type":599},"Last year CATL also broke ground on a battery factory in Yichun, Jiangxi province, where it is also mining local lithium supplies. This week Yongxing Material said it would build a 20,000 tpa battery grade lithium carbonate project in Yichun to supply CATL, using lithium-containing lepidolite from Jiangxi Tungsten.",{"type":594,"attrs":127166,"content":127167},{"textAlign":49},[127168],{"text":127169,"type":599},"Chinese domestically mined lithium supply is set to rise from 70,900 tonnes of LCE last year to 127,900 tonnes of LCE by 2026, according to Benchmark’s Lithium Forecast.",{"type":657,"attrs":127171,"content":127172},{"level":15966,"textAlign":49},[127173],{"text":127174,"type":599},"Self-reliance",{"type":594,"attrs":127176,"content":127177},{"textAlign":49},[127178],{"text":127179,"type":599},"Beijing is encouraging domestic lithium production as a way to reduce China’s import reliance. This month an official with the Ministry of Industry and Information Technology said that the government would increase its ability to guarantee supplies of critical resources and increase communication between Qinghai, Sichuan and Jiangxi to “quicken the development of Chinese lithium resources.”",{"type":594,"attrs":127181,"content":127182},{"textAlign":49},[127183],{"text":127184,"type":599},"Tianqi Lithium, which owns the the Yajiang Cuola spodumene mine in Sichuan, said this month it is conducting a feasibility study on “recommencing the development and production” of the mine, which was shut in 2013 following a nearby environmental spill that killed local fish.",{"type":594,"attrs":127186,"content":127187},{"textAlign":49},[127188],{"text":127189,"type":599},"“This is an important reserve of lithium mine for us,” Tianqi said.",{"type":594,"attrs":127191,"content":127192},{"textAlign":49},[127193],{"text":127194,"type":599},"This week a Chinese official magazine said that geologists had found a rich deposit of spodumene in Tibet near Mount Everest. The deposit contains 1 million tonnes of lithium oxide, it reported.",{"type":594,"attrs":127196,"content":127197},{"textAlign":49},[127198],{"text":127199,"type":599},"Still, despite its rich resources the grade of lithium in China is low, and its brine projects in Qinghai have struggled to deliver for years.",{"type":657,"attrs":127201,"content":127202},{"level":15966,"textAlign":49},[127203],{"text":127204,"type":599},"Lithium long shot",{"type":594,"attrs":127206,"content":127207},{"textAlign":49},[127208],{"text":127209,"type":599},"As a result China is likely to continue to remain dependent on imported sources of lithium in the medium term, according to Maynie Yang, an analyst at Benchmark.",{"type":594,"attrs":127211,"content":127212},{"textAlign":49},[127213],{"text":127214,"type":599},"While China’s total production output is set to grow its global share of production is set to fall as other regions ramp up at a faster pace. Benchmark forecasts that China’s share of the global market is likely to fall to 12% of global lithium supply by 2026, from 15% in 2021.",{"type":594,"attrs":127216,"content":127217},{"textAlign":49},[127218],{"text":127219,"type":599},"Chinese hard rock production will have to compete with cheaper, larger scale, relatively efficient production of lithium from brine in South America and relatively higher grade spodumene in Australia and other countries like Africa and Canada, Cameron Perks, an analyst at Benchmark, said.","China’s largest battery maker CATL is betting on domestic Chinese lithium resources as well as recycling to ease a deepening shortage of the battery raw material, it said this week. The Tesla supplier told investors that it could recover over 90% of lithium from used lithium ion batteries, and would also develop its own mines […]",[127222],{"slug":544,"name":543,"content":127223},{"job_title":557,"image":127224,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9eab3259-d368-45de-a3cc-35804c2faf18\", \"id\": \"\"}-->",[127227,127228],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":127230,"copyright":547,"fieldtype":553,"meta_data":127231,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9e81149be5/bm-catl-headquarters-2-e1651235886273.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 18, 2022",{"id":127234,"uuid":127235,"name":127236,"slug":127237,"full_slug":127238,"content":127239},112472964959806,"3111d188-6f61-471b-b96c-3b68634106c2","Indonesia set for five-fold increase in battery nickel supply","indonesia-set-for-five-fold-increase-in-battery-nickel-supply","article/indonesia-set-for-five-fold-increase-in-battery-nickel-supply",{"_uid":127240,"date":127241,"tags":127242,"editor":127244,"content":127248,"excerpt":127360,"featured":50,"reporter":127361,"_editable":127365,"component":864,"seo_title":127236,"categories":127366,"visibility":882,"author_company":49,"featured_image":127369,"seo_description":127360,"author_full_name":49,"author_job_title":49,"formattedDate":127372},"3c604add-3881-4a6d-af4d-98ef5d9088a1","2022-02-16 00:00",[127243],{"slug":7997,"name":7998},[127245],{"slug":544,"name":543,"content":127246},{"job_title":557,"image":127247,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":127249},[127250,127255,127260,127272,127277,127282,127287,127292,127297,127302,127315,127320,127325,127330,127335,127340,127345,127350,127355],{"type":594,"attrs":127251,"content":127252},{"textAlign":49},[127253],{"text":127254,"type":599},"Nickel supply for batteries from Indonesia is set to increase more than fivefold this year, as ships carrying the first intermediates from new projects arrive in China.",{"type":594,"attrs":127256,"content":127257},{"textAlign":49},[127258],{"text":127259,"type":599},"This week the first shipment of more than 9,500 tonnes of nickel and cobalt hydroxide (MHP) products left Indonesia’s Morowali Port for the port of Ningbo on the HH Diamond container ship, producer Huayou Cobalt said.",{"type":594,"attrs":127261,"content":127262},{"textAlign":49},[127263,127265,127270],{"text":127264,"type":599},"The shipment from the Huayue project in Indonesia marks the start of what is expected to be a rapid increase in supply of ",{"text":127266,"type":599,"marks":127267},"nickel for batteries",[127268],{"type":604,"attrs":127269},{"href":91909,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":127271,"type":599}," from the country this year.",{"type":594,"attrs":127273,"content":127274},{"textAlign":49},[127275],{"text":127276,"type":599},"Supply of nickel intermediate MHP for batteries is set to rise to 52,000 tonnes of nickel this year from 10,000 tonnes last year, according to Benchmark’s Nickel Forecast.",{"type":594,"attrs":127278,"content":127279},{"textAlign":49},[127280],{"text":127281,"type":599},"That’s expected to alleviate the rising demand for nickel in electric vehicle batteries. Demand for more powerful nickel-containing batteries is set to grow by 42% this year, according to Benchmark, as sales of electric vehicles acclerate.",{"type":657,"attrs":127283,"content":127284},{"level":15966,"textAlign":49},[127285],{"text":127286,"type":599},"Supply fears ease",{"type":594,"attrs":127288,"content":127289},{"textAlign":49},[127290],{"text":127291,"type":599},"Huayou is a key supplier to the electric vehicle supply chain and has signed recent high-nickel precursor supply agreements with cathode makers including Beijing Easpring and Ningbo Ronbay.",{"type":594,"attrs":127293,"content":127294},{"textAlign":49},[127295],{"text":127296,"type":599},"Many Chinese nickel sulphate producers who built up large stocks of the metal last year are waiting for the Indonesian supply to arrive before repurchasing, according to Benchmark analyst Greg Miller. That led to MHP payables falling by 1.1% in January from the previous month.",{"type":594,"attrs":127298,"content":127299},{"textAlign":49},[127300],{"text":127301,"type":599},"“The prospect of new battery suitable intermediate supply from Indonesia has stifled consumers’ buying appetite to some extent, given some buyers confidence that they are holding sufficient material,” he said.",{"type":594,"attrs":127303,"content":127304},{"textAlign":49},[127305,127307,127313],{"text":127306,"type":599},"In addition to the Huayue delivery, last month Tsingshan shipped around 5,000 tonnes of ",{"text":127308,"type":599,"marks":127309},"nickel in the form of matte",[127310],{"type":604,"attrs":127311},{"href":127312,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-does-tsingshans-nickel-matte-deal-mean-for-lithium-ion-and-the-nickel-industry",{"text":127314,"type":599}," to China that it produced from its nickel-pig iron furnaces in Indonesia. The world’s largest stainless steel producer has said matte, which is around 70% nickel, can be an alternative source of supply for the battery industry.",{"type":594,"attrs":127316,"content":127317},{"textAlign":49},[127318],{"text":127319,"type":599},"A total of 60,000 tonnes of nickel matte supply will go to Huayou Cobalt and 40,000 tonnes to cathode maker CNGR Advanced Material this year. CNGR said on Wednesday that the first shipment of nickel matte materials from Indonesia had arrived at its factory in southern China. It expected 60,000 tonnes of matte to be shipped in the first half of the year, it said.",{"type":594,"attrs":127321,"content":127322},{"textAlign":49},[127323],{"text":127324,"type":599},"“On paper there’s enough nickel this year,” Jim Lennon, an analyst at Macquarie, said. He estimates the battery market will have an additional 200,000 tonnes of nickel this year.",{"type":594,"attrs":127326,"content":127327},{"textAlign":49},[127328],{"text":127329,"type":599},"A possible Indonesian government tax on exports of products with less than 70% nickel from the country would only further incentivise production of nickel matte in Indonesia, he added.",{"type":657,"attrs":127331,"content":127332},{"level":15966,"textAlign":49},[127333],{"text":127334,"type":599},"China dominates",{"type":594,"attrs":127336,"content":127337},{"textAlign":49},[127338],{"text":127339,"type":599},"China has been the largest investor in nickel smelting projects in Indonesia. In October a second line at the PT Halmahera Lygend high-pressure acid leaching project on Obi Island started production. The project will be able to produce a total of 36,000 tonnes of nickel a year once at full capacity.",{"type":594,"attrs":127341,"content":127342},{"textAlign":49},[127343],{"text":127344,"type":599},"The dominance of Chinese investors in the nickel supply chain is a concern for foreign automakers, who are looking to secure supplies. There is very limited supply of high purity Class 1 nickel outside of long-term contracts, with global inventories continuing to dwindle, Miller said.",{"type":594,"attrs":127346,"content":127347},{"textAlign":49},[127348],{"text":127349,"type":599},"“The nickel value chain is placing a high value on security of supply as well as provenance and traceability,” miner BHP said this week.",{"type":594,"attrs":127351,"content":127352},{"textAlign":49},[127353],{"text":127354,"type":599},"That’s left foreign investors in Indonesia scrambling to catch up. This week Japan’s Sumitomo Metal Mining said it wanted to make a decision on investment into its Pomalaa nickel project in Sulawesi “as soon as possible,” due to rising demand for nickel in batteries. The project is a joint venture with Brazil’s Vale, but is not set to start production until 2026.",{"type":594,"attrs":127356,"content":127357},{"textAlign":49},[127358],{"text":127359,"type":599},"Akira Nozaki, president of SMM, said the “supply demand balance” in nickel would ease temporarily due to an increase in supply.","Nickel supply for batteries from Indonesia is set to increase more than fivefold this year, as ships carrying the first intermediates from new projects arrive in China. This week the first shipment of more than 9,500 tonnes of nickel and cobalt hydroxide (MHP) products left Indonesia’s Morowali Port for the port of Ningbo on the […]",[127362],{"slug":544,"name":543,"content":127363},{"job_title":557,"image":127364,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3c604add-3881-4a6d-af4d-98ef5d9088a1\", \"id\": \"\"}-->",[127367,127368],{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":127370,"copyright":547,"fieldtype":553,"meta_data":127371,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3307c60cd5/bm-shutterstock-12568751111.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 16, 2022",{"id":127374,"uuid":127375,"name":127376,"slug":127377,"full_slug":127378,"content":127379},112472969768611,"09c23508-054c-4bc1-b710-51ea53a09ee1","IOSCO tailored battery raw materials: Why is being specific crucial?","iosco-tailored-battery-raw-materials-why-is-being-specific-crucial","article/iosco-tailored-battery-raw-materials-why-is-being-specific-crucial",{"_uid":127380,"date":127381,"tags":127382,"editor":127387,"content":127391,"excerpt":127599,"featured":50,"reporter":127600,"_editable":127604,"component":864,"seo_title":127376,"categories":127605,"visibility":882,"author_company":49,"featured_image":127607,"seo_description":127599,"author_full_name":49,"author_job_title":49,"formattedDate":127609},"9edc1899-5902-44d0-851a-b197ffb5050d","2022-02-10 00:00",[127383,127384,127385,127386],{"slug":581,"name":582},{"slug":7332,"name":7333},{"slug":910,"name":911},{"slug":7994,"name":7995},[127388],{"slug":544,"name":543,"content":127389},{"job_title":557,"image":127390,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":127392},[127393,127398,127403,127411,127416,127424,127429,127434,127439,127449,127456,127461,127469,127474,127479,127487,127492,127497,127502,127508,127513,127518,127523,127528,127533,127538,127549,127559,127563,127572,127581,127590],{"type":594,"attrs":127394,"content":127395},{"textAlign":49},[127396],{"text":127397,"type":599},"Lithium ion battery raw materials are spearheading the new commodity supercycle. ",{"type":594,"attrs":127399,"content":127400},{"textAlign":49},[127401],{"text":127402,"type":599},"Lithium, cobalt, graphite and nickel used in electric vehicles sit on an intersection between commodity and speciality chemicals, creating a new asset class of their own. ",{"type":594,"attrs":127404,"content":127405},{"textAlign":49},[127406,127408,127409],{"text":127407,"type":599},"For many years now, the lithium ion battery to electric vehicle supply chain has relied on ",{"text":11314,"type":599},{"text":127410,"type":599}," the world over for its price reporting on the energy transition’s bedrock raw materials: lithium, cobalt, graphite, and nickel. ",{"type":594,"attrs":127412,"content":127413},{"textAlign":49},[127414],{"text":127415,"type":599},"Our battery raw material price reporting is used to negotiate real world contracts, for the biggest investment decisions and to set geopolitical policy. ",{"type":594,"attrs":127417,"content":127418},{"textAlign":49},[127419,127420,127422],{"text":9653,"type":599},{"text":127421,"type":599},"‘s ",{"text":127423,"type":599},"ethos has always been to treat each battery raw material industry individually, understanding the nuances of each industry and the speciality chemicals that go into lithium ion batteries. ",{"type":594,"attrs":127425,"content":127426},{"textAlign":49},[127427],{"text":127428,"type":599},"We do not take a generalist, one size fits all approach to our price collection and assessment. ",{"type":594,"attrs":127430,"content":127431},{"textAlign":49},[127432],{"text":127433,"type":599},"Therefore, we appointed a leading independent auditor to assess our approach in our latest audit to IOSCO principles. ",{"type":657,"attrs":127435,"content":127436},{"level":15966,"textAlign":49},[127437],{"text":127438,"type":599},"Benchmark achieves an IOSCO world first",{"type":594,"attrs":127440,"content":127441},{"textAlign":49},[127442,127444,127448],{"text":127443,"type":599},"After many months of the most rigorous audit available, the auditors awarded Benchmark the highest possible accreditation based on principles set by the International Organization of Securities Commissions (IOSCO). Read more ",{"text":6515,"type":599,"marks":127445},[127446],{"type":604,"attrs":127447},{"href":124138,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":127450,"content":127451},{"textAlign":49},[127452,127454,127455],{"text":127453,"type":599},"For the first time, the key battery raw materials – lithium, cobalt, graphite and nickel – have been independently audited to market specific, individual methodologies created by ",{"text":9653,"type":599},{"text":17632,"type":599},{"type":594,"attrs":127457,"content":127458},{"textAlign":49},[127459],{"text":127460,"type":599},"This is a world first. ",{"type":594,"attrs":127462,"content":127463},{"textAlign":49},[127464,127466,127467],{"text":127465,"type":599},"These specific, detailed methodologies are what separates ",{"text":7249,"type":599},{"text":127468,"type":599},"from traditional journalistic price reporting. ",{"type":594,"attrs":127470,"content":127471},{"textAlign":49},[127472],{"text":127473,"type":599},"We do not take a generalist commodity approach to price data collection, instead focusing on each individual industry and assess them with the rigour and attention needed to publish accurate, real world prices. ",{"type":594,"attrs":127475,"content":127476},{"textAlign":49},[127477],{"text":127478,"type":599},"While this IOSCO stamp of approval does not judge the quality of our price assessments – that is for the industry to decide – it does scrutinise the way we collect, manage, assess and publish our price data.",{"type":594,"attrs":127480,"content":127481},{"textAlign":49},[127482,127484,127485],{"text":127483,"type":599},"The IOSCO accreditation means that the industry can be certain that ",{"text":9653,"type":599},{"text":127486,"type":599},"’s prices are assessed to the highest regulatory standards.",{"type":657,"attrs":127488,"content":127489},{"level":15966,"textAlign":49},[127490],{"text":127491,"type":599},"IOSCO audits process not quality",{"type":594,"attrs":127493,"content":127494},{"textAlign":49},[127495],{"text":127496,"type":599},"With the lithium ion ecosystem expanding at great speed, there is a constant flow of new market entrants that must be included in the price assessment collection process. ",{"type":594,"attrs":127498,"content":127499},{"textAlign":49},[127500],{"text":127501,"type":599},"In addition, Benchmark’s methodologies have been designed to reflect rapid developments in the EV supply chain landscape, with prices specified to reflect industry realities, and processes adopted to be responsive to market changes. ",{"type":594,"attrs":127503,"content":127504},{"textAlign":49},[127505,127506],{"text":9653,"type":599},{"text":127507,"type":599},"’s IOSCO certification therefore provides reassurance to any new market entrants looking to invest or trade in the lithium-ion raw material space that accurate and actionable price information on these opaque sectors is available. ",{"type":594,"attrs":127509,"content":127510},{"textAlign":49},[127511],{"text":127512,"type":599},"“IOSCO is a term known by commodity publishing houses and financial institutions but not familiar with the active industry we serve at Benchmark,” Simon Moores, CEO, Benchmark. ",{"type":594,"attrs":127514,"content":127515},{"textAlign":49},[127516],{"text":127517,"type":599},"“Having third party validation on the rigour of how we operate our Price Report Agency (PRA) brings even more confidence to the wide variety of customers using our prices worldwide,” Moores added. ",{"type":594,"attrs":127519,"content":127520},{"textAlign":49},[127521],{"text":127522,"type":599},"However, IOSCO only reviews and certifies that the Price Reporting Agency (PRA) is sticking to its methodology. ",{"type":594,"attrs":127524,"content":127525},{"textAlign":49},[127526],{"text":127527,"type":599},"If a less specific methodology is followed, it does not guarantee an accurate price assessment. ",{"type":594,"attrs":127529,"content":127530},{"textAlign":49},[127531],{"text":127532,"type":599},"IOSCO does not review whether the methodology is best suited to lithium, copper, oil or coal. It simply validates what the publisher has said they will do in their methodologies.   ",{"type":594,"attrs":127534,"content":127535},{"textAlign":49},[127536],{"text":127537,"type":599},"That is why Benchmark’s approach – together being the specialist and world’s largest publisher for the lithium ion battery and electric vehicle supply chain – is so crucial to the industry we serve.",{"type":594,"attrs":127539,"content":127540},{"textAlign":49},[127541,127543,127548],{"text":127542,"type":599},"Are you interested in Benchmark’s price assessments? ",{"text":127544,"type":599,"marks":127545},"Arrange a trial or subscribe today",[127546],{"type":604,"attrs":127547},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":127550,"content":127551},{"textAlign":49},[127552,127554,127558],{"text":127553,"type":599},"Read more on Benchmark’s price assessments and our methodologies ",{"text":6515,"type":599,"marks":127555},[127556],{"type":604,"attrs":127557},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":127560,"content":127561},{"level":15966,"textAlign":49},[127562],{"text":103500,"type":599},{"type":594,"attrs":127564,"content":127565},{"textAlign":49},[127566],{"text":127567,"type":599,"marks":127568},"Chinese battery-grade lithium prices surge 21% in first half of January; batter makers move to secure supplies",[127569],{"type":604,"attrs":127570},{"href":127571,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinese-battery-grade-lithium-prices-surge-21-in-first-half-of-january-battery-makers-move-to-secure-supplies",{"type":594,"attrs":127573,"content":127574},{"textAlign":49},[127575],{"text":127576,"type":599,"marks":127577},"Electric vehicles drive demand for graphite – 2021 in review",[127578],{"type":604,"attrs":127579},{"href":127580,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/anode-demand-begins-to-impact-graphite-prices-2021-in-review",{"type":594,"attrs":127582,"content":127583},{"textAlign":49},[127584],{"text":127585,"type":599,"marks":127586},"Nickel hits seven year high – 2021 in review",[127587],{"type":604,"attrs":127588},{"href":127589,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/nickel-hits-seven-year-high-2021-in-review",{"type":594,"attrs":127591,"content":127592},{"textAlign":49},[127593],{"text":127594,"type":599,"marks":127595},"Cobalt back in the spotlight – 2021 in review",[127596],{"type":604,"attrs":127597},{"href":127598,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-back-in-the-spotlight-2021-in-review","Lithium ion battery raw materials are spearheading the new commodity supercycle. Lithium, cobalt, graphite and nickel used in electric vehicles sit on an intersection between commodity and speciality chemicals, creating a new asset class of their own. For many years now, the lithium ion battery to electric vehicle supply chain has relied on Benchmark Mineral […]",[127601],{"slug":544,"name":543,"content":127602},{"job_title":557,"image":127603,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9edc1899-5902-44d0-851a-b197ffb5050d\", \"id\": \"\"}-->",[127606],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":121228,"copyright":547,"fieldtype":553,"meta_data":127608,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Feb 10, 2022",{"id":127611,"uuid":127612,"name":127613,"slug":127614,"full_slug":127615,"content":127616},112472989077159,"48057ff9-c0b6-489d-a573-d8048df9c5e7","Benchmark Week 2021: Cathodes highlights","benchmark-week-2021-cathodes-highlights","article/benchmark-week-2021-cathodes-highlights",{"_uid":127617,"date":127618,"tags":127619,"editor":127623,"content":127627,"excerpt":127730,"featured":50,"reporter":127731,"_editable":127735,"component":864,"seo_title":127613,"categories":127736,"visibility":882,"author_company":49,"featured_image":127739,"seo_description":127730,"author_full_name":49,"author_job_title":49,"formattedDate":127741},"b8778813-c3ba-4157-a520-baaf8206771f","2022-02-08 00:00",[127620],{"slug":127621,"name":127622},"benchmark-week-2021","Benchmark Week 2021",[127624],{"slug":544,"name":543,"content":127625},{"job_title":557,"image":127626,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":127628},[127629,127634,127639,127651,127654,127657,127660,127663,127666,127669,127672,127675,127678,127681,127684,127687,127690,127693,127696,127699,127704,127720],{"type":594,"attrs":127630,"content":127631},{"textAlign":49},[127632],{"text":127633,"type":599},"Watch selected highlights and download industry presentations given on Cathodes Day of Benchmark Week 2021 on demand below.",{"type":594,"attrs":127635,"content":127636},{"textAlign":49},[127637],{"text":127638,"type":599},"In Benchmark Week 2021 we brought together three of Benchmark’s world class lithium ion battery supply chain conferences in three days featuring Benchmark’s analysts and leading voices of the industry.",{"type":594,"attrs":127640,"content":127641},{"textAlign":49},[127642,127644,127650],{"text":127643,"type":599},"Watch highlights from Cathodes 2021 below. Benchmark Membership subscribers can view all sessions on demand through ",{"text":127645,"type":599,"marks":127646},"Benchmark Video Streaming",[127647],{"type":604,"attrs":127648},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/video-library/",{"text":974,"type":599},{"type":594,"attrs":127652,"content":127653},{"textAlign":49},[],{"type":594,"attrs":127655,"content":127656},{"textAlign":49},[],{"type":594,"attrs":127658,"content":127659},{"textAlign":49},[],{"type":594,"attrs":127661,"content":127662},{"textAlign":49},[],{"type":594,"attrs":127664,"content":127665},{"textAlign":49},[],{"type":594,"attrs":127667,"content":127668},{"textAlign":49},[],{"type":594,"attrs":127670,"content":127671},{"textAlign":49},[],{"type":594,"attrs":127673,"content":127674},{"textAlign":49},[],{"type":594,"attrs":127676,"content":127677},{"textAlign":49},[],{"type":594,"attrs":127679,"content":127680},{"textAlign":49},[],{"type":594,"attrs":127682,"content":127683},{"textAlign":49},[],{"type":594,"attrs":127685,"content":127686},{"textAlign":49},[],{"type":594,"attrs":127688,"content":127689},{"textAlign":49},[],{"type":594,"attrs":127691,"content":127692},{"textAlign":49},[],{"type":594,"attrs":127694,"content":127695},{"textAlign":49},[],{"type":594,"attrs":127697,"content":127698},{"textAlign":49},[],{"type":657,"attrs":127700,"content":127701},{"level":15966,"textAlign":49},[127702],{"text":127703,"type":599},"SUBSCRIBE TO BENCHMARK MEMBERSHIP FOR FULL ACCESS",{"type":594,"attrs":127705,"content":127706},{"textAlign":49},[127707,127713,127715,127719],{"text":127708,"type":599,"marks":127709},"Benchmark Membership",[127710],{"type":604,"attrs":127711},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/membership-subscription/",{"text":127714,"type":599}," subscribers have access to all sessions from Benchmark Week 2021 on demand through ",{"text":127645,"type":599,"marks":127716},[127717],{"type":604,"attrs":127718},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":127721,"content":127722},{"textAlign":49},[127723,127725,127729],{"text":127724,"type":599},"Subscribe to Benchmark Membership ",{"text":6515,"type":599,"marks":127726},[127727],{"type":604,"attrs":127728},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Watch selected highlights and download industry presentations given on Cathodes Day of Benchmark Week 2021 on demand below. In Benchmark Week 2021 we brought together three of Benchmark’s world class lithium ion battery supply chain conferences in three days featuring Benchmark’s analysts and leading voices of the industry. Watch highlights from Cathodes 2021 below. Benchmark Membership […]",[127732],{"slug":544,"name":543,"content":127733},{"job_title":557,"image":127734,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b8778813-c3ba-4157-a520-baaf8206771f\", \"id\": \"\"}-->",[127737,127738],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":547,"copyright":547,"fieldtype":553,"meta_data":127740,"is_external_url":50},{"alt":547,"title":547,"source":547,"copyright":547},"Feb 08, 2022",{"id":127743,"uuid":127744,"name":127745,"slug":127746,"full_slug":127747,"content":127748},112472984432294,"13826076-208c-403a-bcdf-09128c7d9928","Benchmark Week 2021: Graphite + Anodes Highlights","benchmark-week-2021-graphite-anodes-highlights","article/benchmark-week-2021-graphite-anodes-highlights",{"_uid":127749,"date":127618,"tags":127750,"editor":127752,"content":127756,"excerpt":127825,"featured":50,"reporter":127826,"_editable":127830,"component":864,"seo_title":127745,"categories":127831,"visibility":882,"author_company":49,"featured_image":127834,"seo_description":127825,"author_full_name":49,"author_job_title":49,"formattedDate":127741},"4269984a-471f-4a0f-ad29-a659c06a1098",[127751],{"slug":127621,"name":127622},[127753],{"slug":544,"name":543,"content":127754},{"job_title":557,"image":127755,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":127757},[127758,127763,127767,127777,127780,127783,127786,127789,127792,127795,127798,127803,127816],{"type":594,"attrs":127759,"content":127760},{"textAlign":49},[127761],{"text":127762,"type":599},"Watch selected highlights and download industry presentations given on Graphite+Anodes Day of Benchmark Week 2021 on demand below.",{"type":594,"attrs":127764,"content":127765},{"textAlign":49},[127766],{"text":127638,"type":599},{"type":594,"attrs":127768,"content":127769},{"textAlign":49},[127770,127772,127776],{"text":127771,"type":599},"Watch highlights from Graphite+Anodes 2021 here. Benchmark Membership subscribers can view all sessions on demand through ",{"text":127645,"type":599,"marks":127773},[127774],{"type":604,"attrs":127775},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":127778,"content":127779},{"textAlign":49},[],{"type":594,"attrs":127781,"content":127782},{"textAlign":49},[],{"type":594,"attrs":127784,"content":127785},{"textAlign":49},[],{"type":594,"attrs":127787,"content":127788},{"textAlign":49},[],{"type":594,"attrs":127790,"content":127791},{"textAlign":49},[],{"type":594,"attrs":127793,"content":127794},{"textAlign":49},[],{"type":594,"attrs":127796,"content":127797},{"textAlign":49},[],{"type":657,"attrs":127799,"content":127800},{"level":15966,"textAlign":49},[127801],{"text":127802,"type":599},"Subscribe to Benchmark Membership for full access",{"type":594,"attrs":127804,"content":127805},{"textAlign":49},[127806,127810,127811,127815],{"text":127708,"type":599,"marks":127807},[127808],{"type":604,"attrs":127809},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":127714,"type":599},{"text":127645,"type":599,"marks":127812},[127813],{"type":604,"attrs":127814},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":127817,"content":127818},{"textAlign":49},[127819,127820,127824],{"text":127724,"type":599},{"text":6515,"type":599,"marks":127821},[127822],{"type":604,"attrs":127823},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Watch selected highlights and download industry presentations given on Graphite+Anodes Day of Benchmark Week 2021 on demand below. In Benchmark Week 2021 we brought together three of Benchmark’s world class lithium ion battery supply chain conferences in three days featuring Benchmark’s analysts and leading voices of the industry. Watch highlights from Graphite+Anodes 2021 here. Benchmark Membership […]",[127827],{"slug":544,"name":543,"content":127828},{"job_title":557,"image":127829,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4269984a-471f-4a0f-ad29-a659c06a1098\", \"id\": \"\"}-->",[127832,127833],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":547,"copyright":547,"fieldtype":553,"meta_data":127835,"is_external_url":50},{"alt":547,"title":547,"source":547,"copyright":547},{"id":127837,"uuid":127838,"name":127839,"slug":127840,"full_slug":127841,"content":127842},112472998821545,"a326b845-5296-429d-8aa0-c6a04a0c873e","Where will new lithium supply come from in 2022?","where-will-new-lithium-supply-come-from-in-2022","article/where-will-new-lithium-supply-come-from-in-2022",{"_uid":127843,"date":127844,"tags":127845,"editor":127847,"content":127851,"excerpt":128020,"featured":50,"reporter":128021,"_editable":128025,"component":864,"seo_title":127839,"categories":128026,"visibility":882,"author_company":49,"featured_image":128028,"seo_description":128020,"author_full_name":49,"author_job_title":49,"formattedDate":128031},"3e36e1e9-9989-4119-b6ff-bebfc91678e4","2022-02-04 00:00",[127846],{"slug":578,"name":579},[127848],{"slug":544,"name":543,"content":127849},{"job_title":557,"image":127850,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":127852},[127853,127858,127863,127875,127880,127885,127890,127895,127900,127905,127910,127915,127920,127925,127930,127935,127940,127945,127950,127955,127958,127963,127968,127973,127978,127983,127988,127993,127998,128010,128015],{"type":594,"attrs":127854,"content":127855},{"textAlign":49},[127856],{"text":127857,"type":599},"The lithium market faces its biggest ever shortage in tonnage terms this year as labour shortages and border closures due to Covid-19 hinder mine expansions in a market already suffering from a lack of new supply.",{"type":594,"attrs":127859,"content":127860},{"textAlign":49},[127861],{"text":127862,"type":599},"Project ramp-ups are at the risk of delays that could result in a supply shortfall of around 26,000 tonnes of LCE this year, according to Benchmark.",{"type":594,"attrs":127864,"content":127865},{"textAlign":49},[127866,127868,127873],{"text":127867,"type":599},"That could keep lithium prices high if sales of electric vehicles continue to grow at the same rate after more than doubling last year. Chinese",{"text":127869,"type":599,"marks":127870}," battery-grade lithium carbonate prices",[127871],{"type":604,"attrs":127872},{"href":127571,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":127874,"type":599}," have risen by 479% over the past year to a record high average of RMB 348,500 a tonne ($54,725).",{"type":594,"attrs":127876,"content":127877},{"textAlign":49},[127878],{"text":127879,"type":599},"“The lithium timeline in 2022 remains fraught with the risk of delays, given how typical lithium project timelines have unfolded in the past and the general logistics backlog given Covid,” Daisy Jennings-Gray, an analyst at Benchmark, said.",{"type":594,"attrs":127881,"content":127882},{"textAlign":49},[127883],{"text":127884,"type":599},"Demand for lithium from batteries is set to rise to 468,000 tonnes of LCE in 2022, a 22% increase from last year, according to Benchmark’s Lithium Forecast.",{"type":594,"attrs":127886,"content":127887},{"textAlign":49},[127888],{"text":127889,"type":599},"“There is a growing disconnect between available supply and surging demand,” Ken Brinsden, chief executive of Australian miner Pilbara Minerals, said this week.",{"type":657,"attrs":127891,"content":127892},{"level":15966,"textAlign":49},[127893],{"text":127894,"type":599},"Where’s the supply?",{"type":594,"attrs":127896,"content":127897},{"textAlign":49},[127898],{"text":127899,"type":599},"In 2021 the lithium industry saw record levels of investment, which has improved the market’s supply outlook, but there are still likely to be short term and long term deficits.",{"type":594,"attrs":127901,"content":127902},{"textAlign":49},[127903],{"text":127904,"type":599},"Without sufficient investment Benchmark expects the lithium market’s deficit to reach almost 300,000 tonnes of LCE by 2030.",{"type":594,"attrs":127906,"content":127907},{"textAlign":49},[127908],{"text":127909,"type":599},"In the short-term the spread of Covid-19 is adding to the difficulties of bringing new supply to the market. Border closures in Western Australia due to Covid-19 and labour shortages have created “production challenges,” Pilbara Minerals said this week.",{"type":594,"attrs":127911,"content":127912},{"textAlign":49},[127913],{"text":127914,"type":599},"It warned they could hamper its ability to expand capacity at its Pilgangoora mine to 580,000 tonnes of spodumene concentrate by the middle of this year, from 330,000 tonnes.",{"type":594,"attrs":127916,"content":127917},{"textAlign":49},[127918],{"text":127919,"type":599},"“It’s highly likely that on the supply side there will be challenges. The supplier response has already been overstated,” Brinsden said.",{"type":657,"attrs":127921,"content":127922},{"level":15966,"textAlign":49},[127923],{"text":127924,"type":599},"People shortages",{"type":594,"attrs":127926,"content":127927},{"textAlign":49},[127928],{"text":127929,"type":599},"The labour shortages in Australia are likely to impact other lithium projects in the country, according to Jennings-Gray. Spodumene prices have risen by 478% over the past year due to lack of supply, according to Benchmark’s Lithium Price Assessment.",{"type":594,"attrs":127931,"content":127932},{"textAlign":49},[127933],{"text":127934,"type":599},"“It’ll all be very stop-and-start this year – roster/FIFO (fly-in-fly-out) makes it a lot worse as an industry,” Jennings-Gray said.",{"type":594,"attrs":127936,"content":127937},{"textAlign":49},[127938],{"text":127939,"type":599},"Australian miner Mineral Resources said this month that border closures in Western Australia and lockdowns “continued to impact” its operations in the quarter ending December 31.",{"type":594,"attrs":127941,"content":127942},{"textAlign":49},[127943],{"text":127944,"type":599},"“Productivity was lower than expected with the forced curtailment of staff movements adversely impacting expected production volumes,” it said.",{"type":594,"attrs":127946,"content":127947},{"textAlign":49},[127948],{"text":127949,"type":599},"Despite that, the company has said its Wodgina project, which it owns with Albemarle, will be in full production in the first half of this year. Wodgina was previously put on care and maintenance in November 2019, due to weak lithium prices.",{"type":657,"attrs":127951,"content":127952},{"level":15966,"textAlign":49},[127953],{"text":127954,"type":599},"“The short term response is definitely going to be tight.”",{"type":594,"attrs":127956,"content":127957},{"textAlign":49},[],{"type":594,"attrs":127959,"content":127960},{"textAlign":49},[127961],{"text":127962,"type":599},"Cameron Perks, an analyst at Benchmark, said none of the supply additions this year were big enough to make a dent in the deficit, however.",{"type":594,"attrs":127964,"content":127965},{"textAlign":49},[127966],{"text":127967,"type":599},"“There aren’t enough projects that have been invested in the previous years that could come online,” he said. “The short term response is definitely going to be tight. If only we had three years ago another mine fully funded when prices were low we would be in balance this year.”",{"type":594,"attrs":127969,"content":127970},{"textAlign":49},[127971],{"text":127972,"type":599},"In South America, Lithium Americas is set to start production at its Cauchari-Olaroz project, while Sigma Lithium will bring on its hardrock mine in Brazil.",{"type":594,"attrs":127974,"content":127975},{"textAlign":49},[127976],{"text":127977,"type":599},"Despite this Benchmark’s Lithium Forecast anticipates that existing projects will account for over 60% of new supply, with the largest expansions coming from SQM in Chile and Greenbushes – owned by Albemarle, Tianqi, and IGO – in Western Australia.",{"type":594,"attrs":127979,"content":127980},{"textAlign":49},[127981],{"text":127982,"type":599},"At Greenbushes, spodumene concentrate production capacity is expected to expand to 1.5 million tonnes by the end of 2022 from 1.3 million tonnes currently. IGO and Tianqi Lithium are also set to start production of battery grade lithium hydroxide at the Kwinana refinery in March, but chief executive Peter Bradford warned last month that Covid-19 in the area could impact staff turning up to work.",{"type":657,"attrs":127984,"content":127985},{"level":15966,"textAlign":49},[127986],{"text":127987,"type":599},"Something’s gotta give",{"type":594,"attrs":127989,"content":127990},{"textAlign":49},[127991],{"text":127992,"type":599},"A lack of lithium supply and higher prices could lead to demand destruction, Perks said.",{"type":594,"attrs":127994,"content":127995},{"textAlign":49},[127996],{"text":127997,"type":599},"Globally, 44.0% of EV demand is expected to come from China in 2022, according to the Benchmark Lithium Ion Battery Database. But the Chinese government has reduced subsidies to the electric vehicle sector by 30% this year and will end them completely in 2023. At the same time the spread of the omicron variant is threatening the country’s economy.",{"type":594,"attrs":127999,"content":128000},{"textAlign":49},[128001,128003,128008],{"text":128002,"type":599},"China’s largest electric car maker BYD",{"text":128004,"type":599,"marks":128005}," raised prices",[128006],{"type":604,"attrs":128007},{"href":127107,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":128009,"type":599}," for some models this month by an extra Rmb 1,000 to Rmb 7,000 due to higher raw material prices and the reduction in subsidies.",{"type":594,"attrs":128011,"content":128012},{"textAlign":49},[128013],{"text":128014,"type":599},"Mercedes-Benz chief executive Ola Kaellenius said in an interview with German paper Die Zeit this week that lack of raw materials could delay the transition away from fossil fuel vehicles.",{"type":594,"attrs":128016,"content":128017},{"textAlign":49},[128018],{"text":128019,"type":599},"“The industrialization of mines and refinery capacities may not progress as quickly as demand increases. Should that happen, it would only delay e-mobility, but not prevent it,” Kaellenius said.","The lithium market faces its biggest ever shortage in tonnage terms this year as labour shortages and border closures due to Covid-19 hinder mine expansions in a market already suffering from a lack of new supply. Project ramp-ups are at the risk of delays that could result in a supply shortfall of around 26,000 tonnes […]",[128022],{"slug":544,"name":543,"content":128023},{"job_title":557,"image":128024,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3e36e1e9-9989-4119-b6ff-bebfc91678e4\", \"id\": \"\"}-->",[128027],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":128029,"copyright":547,"fieldtype":553,"meta_data":128030,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/06e3542861/bm-benchmark-lithium-chile.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 04, 2022",{"id":128033,"uuid":128034,"name":128035,"slug":128036,"full_slug":128037,"content":128038},112472993922728,"d0c07046-31c4-4579-bbb8-a02d3a423e5b","SVOLT confirmed as a keynote for Battery Megafactories Europe 2022 Berlin","svolt-confirmed-as-a-keynote-for-battery-megafactories-europe-2022-berlin","article/svolt-confirmed-as-a-keynote-for-battery-megafactories-europe-2022-berlin",{"_uid":128039,"date":127844,"tags":128040,"editor":128042,"content":128046,"excerpt":128100,"featured":50,"reporter":128101,"_editable":128105,"component":864,"seo_title":128035,"categories":128106,"visibility":882,"author_company":49,"featured_image":128108,"seo_description":128100,"author_full_name":49,"author_job_title":49,"formattedDate":128031},"61d14473-dc06-4c3f-9e2f-b73086a2e7a5",[128041],{"slug":9655,"name":9656},[128043],{"slug":544,"name":543,"content":128044},{"job_title":557,"image":128045,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":128047},[128048,128060,128065,128070,128075,128080,128085,128090],{"type":594,"attrs":128049,"content":128050},{"textAlign":49},[128051,128053,128059],{"text":128052,"type":599},"Benchmark is excited to confirm that SVOLT, the Chinese lithium ion battery cell and cathode maker spun out of Great Wall Motor, is confirmed as a keynote for ",{"text":128054,"type":599,"marks":128055},"Battery Megafactories Europe 2022 on 22-23 March, Berlin, Germany",[128056],{"type":604,"attrs":128057},{"href":128058,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/battery-megafactories-europe-2022/",{"text":974,"type":599},{"type":594,"attrs":128061,"content":128062},{"textAlign":49},[128063],{"text":128064,"type":599},"SVOLT is developing its first cell production site outside of China, to be located in Überherrn, Saarland, Germany, which is targeting start of production in 2023, and a final nameplate capacity of 24 GWh. Including capacity plans SVOLT has announced 154.6 GWh of cell production capacity to 2025, as assessed in the Benchmark Gigafactory Assessment, by which point it has ambitions to secure 25% market share.",{"type":657,"attrs":128066,"content":128067},{"level":15966,"textAlign":49},[128068],{"text":128069,"type":599},"Ben Ash, Director – Events, Benchmark Mineral Intelligence said:",{"type":594,"attrs":128071,"content":128072},{"textAlign":49},[128073],{"text":128074,"type":599},"“We are delighted to bring back our in-person events with the launch of the first commercial conference focusing on the rise of the lithium ion battery megafactories in Europe. Although China’s battery plant build out continues to dominate, Europe is the world’s fastest growing region and second largest region for new planned lithium ion battery capacity.”",{"type":594,"attrs":128076,"content":128077},{"textAlign":49},[128078],{"text":128079,"type":599},"Battery Megafactories Europe 2022 will bring together stake holders from throughout the battery supply chain including battery cell producers, cathode and anode manufacturers, raw material miners and refiners and automotive OEMs.",{"type":594,"attrs":128081,"content":128082},{"textAlign":49},[128083],{"text":128084,"type":599},"By combining Benchmark’s world leading knowledge and years of experience alongside years of hosting specialised lithium ion battery supply chain events, Battery Megafactories Europe 2022 is on course to be one of the most influential events on the subject.",{"type":657,"attrs":128086,"content":128087},{"level":15966,"textAlign":49},[128088],{"text":128089,"type":599},"Register to attend and learn more about sponsorship opportunities",{"type":594,"attrs":128091,"content":128092},{"textAlign":49},[128093,128095,128099],{"text":128094,"type":599},"To register as a delegate or if you are interested in learning about sponsorship opportunities for the event please email: ",{"text":47672,"type":599,"marks":128096},[128097],{"type":604,"attrs":128098},{"href":47676,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Benchmark is excited to confirm that SVOLT, the Chinese lithium ion battery cell and cathode maker spun out of Great Wall Motor, is confirmed as a keynote for Battery Megafactories Europe 2022 on 22-23 March, Berlin, Germany. SVOLT is developing its first cell production site outside of China, to be located in Überherrn, Saarland, Germany, […]",[128102],{"slug":544,"name":543,"content":128103},{"job_title":557,"image":128104,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"61d14473-dc06-4c3f-9e2f-b73086a2e7a5\", \"id\": \"\"}-->",[128107],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":116450,"copyright":547,"fieldtype":553,"meta_data":128109,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":128111,"uuid":128112,"name":128113,"slug":128114,"full_slug":128115,"content":128116},112473003597482,"41a5c9fc-2c4a-4959-bb79-dc440fecb5b3","Glencore and Britishvolt to build UK battery recycling plant","glencore-britishvolt-to-build-uk-battery-recycling-plant","article/glencore-britishvolt-to-build-uk-battery-recycling-plant",{"_uid":128117,"date":128118,"tags":128119,"editor":128121,"content":128125,"excerpt":128215,"featured":50,"reporter":128216,"_editable":128220,"component":864,"seo_title":128113,"categories":128221,"visibility":882,"author_company":49,"featured_image":128224,"seo_description":128215,"author_full_name":49,"author_job_title":49,"formattedDate":128227},"afba39e7-a39d-4251-a1af-b54ac9249713","2022-02-03 00:00",[128120],{"slug":11317,"name":11318},[128122],{"slug":544,"name":543,"content":128123},{"job_title":557,"image":128124,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":128126},[128127,128138,128143,128148,128153,128158,128163,128168,128180,128185,128197,128202],{"type":594,"attrs":128128,"content":128129},{"textAlign":49},[128130,128132,128136],{"text":128131,"type":599},"Glencore and battery startup ",{"text":112457,"type":599,"marks":128133},[128134],{"type":604,"attrs":128135},{"href":112603,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":128137,"type":599}," will build a 10,000 tonnes a year battery recycling facility in the UK to recover metals from used electric vehicle batteries.",{"type":594,"attrs":128139,"content":128140},{"textAlign":49},[128141],{"text":128142,"type":599},"The FTSE 100 miner said the plant at the site of its Britannia Refined Metals operation in Northfleet, just outside London, will start operations in the middle of 2023.",{"type":594,"attrs":128144,"content":128145},{"textAlign":49},[128146],{"text":128147,"type":599},"Glencore is increasingly investing in recycling facilities, as part of its efforts to have net zero emissions by 2050. The miner said last month that there is a “increasing recognition of the need to increase the use of secondary metals,” to meet global climate goals.",{"type":594,"attrs":128149,"content":128150},{"textAlign":49},[128151],{"text":128152,"type":599},"This month Glencore signed a deal with Moroccan miner Managem to produce around 1,200 tonnes a year of recycled cobalt at their refinery near Marrakech.",{"type":594,"attrs":128154,"content":128155},{"textAlign":49},[128156],{"text":128157,"type":599},"There is likely to be around 350,000 tonnes of end of life electric vehicle batteries in the UK by 2040, according to Veolia, which is building a battery recycling plant in the West Midlands.",{"type":594,"attrs":128159,"content":128160},{"textAlign":49},[128161],{"text":128162,"type":599},"Glencore is already the largest recycler of end of life electronic waste in North America. It also recycles battery materials at its Sudbury smelter in Canada and Nikkelverk refinery in Norway.",{"type":594,"attrs":128164,"content":128165},{"textAlign":49},[128166],{"text":128167,"type":599},"Using recycled materials could help lower the carbon footprint of batteries used in electric vehicles. Recycling copper uses up to 80% to 90% less energy than mining the metal, according to Glencore.",{"type":594,"attrs":128169,"content":128170},{"textAlign":49},[128171,128173,128179],{"text":128172,"type":599},"The European Union has said that by 2030, ",{"text":128174,"type":599,"marks":128175},"at least 12% of the cobalt used in battery production should be from recycled sources, and 4% of the nickel and lithium",[128176],{"type":604,"attrs":128177},{"href":128178,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/esg-and-political-industrial-collaboration-central-to-eus-lithium-ion-battery-strategy",{"text":974,"type":599},{"type":594,"attrs":128181,"content":128182},{"textAlign":49},[128183],{"text":128184,"type":599},"But currently most of the world’s recycling capacity is in China. GEM Co., a leading Chinese recycler, said it had a target to recycle 30,000 tonnes of batteries in 2021, expanding to 250,000 tonnes of batteries by 2025.",{"type":594,"attrs":128186,"content":128187},{"textAlign":49},[128188,128190,128195],{"text":128189,"type":599},"The recycling plant in the UK will process “full EV packs” as well as batteries from electronic waste. Britishvolt, which is ",{"text":128191,"type":599,"marks":128192},"building a battery factory in the northeast of England",[128193],{"type":604,"attrs":128194},{"href":112603,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":128196,"type":599},", will also provide manufacturing scrap to the plant.",{"type":594,"attrs":128198,"content":128199},{"textAlign":49},[128200],{"text":128201,"type":599},"The two companies would also look at refining black mass, which is shredded battery material, into battery grade raw materials.",{"type":594,"attrs":128203,"content":128204},{"textAlign":49},[128205,128207,128213],{"text":128206,"type":599},"Glencore is an",{"text":128208,"type":599,"marks":128209}," investor in Britishvolt",[128210],{"type":604,"attrs":128211},{"href":128212,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/glencore-takes-stake-in-uk-battery-developer-britishvolt-agrees-long-term-cobalt-supply-deal",{"text":128214,"type":599}," and has also agreed to supply cobalt to the company.","Glencore and battery startup Britishvolt will build a 10,000 tonnes a year battery recycling facility in the UK to recover metals from used electric vehicle batteries. The FTSE 100 miner said the plant at the site of its Britannia Refined Metals operation in Northfleet, just outside London, will start operations in the middle of 2023. […]",[128217],{"slug":544,"name":543,"content":128218},{"job_title":557,"image":128219,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"afba39e7-a39d-4251-a1af-b54ac9249713\", \"id\": \"\"}-->",[128222,128223],{"slug":5744,"name":5741},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":128225,"copyright":547,"fieldtype":553,"meta_data":128226,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5909955fe5/bm-sudbury-nickel-operations1-e1643820203892.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 03, 2022",{"id":128229,"uuid":128230,"name":128231,"slug":128232,"full_slug":128233,"content":128234},112473008492204,"47cfcd55-2eef-4885-89e8-7914df0f6b29","Australia’s A$2 billion critical minerals fund backs integrated graphite anode projects","australias-a2-billion-critical-minerals-fund-backs-integrated-graphite-anode-projects","article/australias-a2-billion-critical-minerals-fund-backs-integrated-graphite-anode-projects",{"_uid":128235,"date":128236,"tags":128237,"editor":128239,"content":128243,"excerpt":128329,"featured":50,"reporter":128330,"_editable":128334,"component":864,"seo_title":128231,"categories":128335,"visibility":882,"author_company":49,"featured_image":128338,"seo_description":128329,"author_full_name":49,"author_job_title":49,"formattedDate":128341},"68d890fe-ad34-438d-a5b7-8cdc92987997","2022-02-02 00:00",[128238],{"slug":6567,"name":2038},[128240],{"slug":544,"name":543,"content":128241},{"job_title":557,"image":128242,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":128244},[128245,128257,128262,128267,128272,128277,128289,128294,128299,128304,128309,128314,128319,128324],{"type":594,"attrs":128246,"content":128247},{"textAlign":49},[128248,128250,128256],{"text":128249,"type":599},"The Australian government has backed two graphite projects with A$239 million (USD $171 million) in loans as part of its A$2 billion effort to support domestic mining and help ",{"text":128251,"type":599,"marks":128252},"reduce the battery industry’s reliance on China",[128253],{"type":604,"attrs":128254},{"href":128255,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/western-ev-makers-face-up-to-chinas-grip-on-graphite-market",{"text":974,"type":599},{"type":594,"attrs":128258,"content":128259},{"textAlign":49},[128260],{"text":128261,"type":599},"Renascor said it had conditionally received a A$185 million loan from the government to fund the development of its Siviour graphite project in South Australia, while Ecograf said it had received up to $40 million (USD) in provisional lending.",{"type":594,"attrs":128263,"content":128264},{"textAlign":49},[128265],{"text":128266,"type":599},"“At a time of booming global demand for smartphones, electric vehicles and other technologies this commitment from the Australian Government positions Australia strongly into the future in the critical minerals sector,” Dan Tehan, Australia’s minister for Trade, Tourism and Investment, said.",{"type":594,"attrs":128268,"content":128269},{"textAlign":49},[128270],{"text":128271,"type":599},"Australia wants to become a key supplier of critical minerals to companies outside of China, who are looking to reduce their dependence on Chinese supply chains for clean energy and defense technologies. In late 2019 Australia signed a formal agreement with the US to work on building up supplies of critical minerals, including battery metals and rare earth minerals.",{"type":594,"attrs":128273,"content":128274},{"textAlign":49},[128275],{"text":128276,"type":599},"Separately, Hastings Technology Metals said on Wednesday it had received a A$140 million loan from the Northern Australia Infrastructure Facility to help develop its Yangibana rare earths mine.",{"type":594,"attrs":128278,"content":128279},{"textAlign":49},[128280,128282,128287],{"text":128281,"type":599},"Electric vehicle makers",{"text":128283,"type":599,"marks":128284}," are becoming increasingly concerned",[128285],{"type":604,"attrs":128286},{"href":128255,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":128288,"type":599}," about reliance on China for graphite, which is used in battery anodes. China produces 100% of the world’s spherical graphite that is used in electric vehicle batteries, according to Benchmark.",{"type":594,"attrs":128290,"content":128291},{"textAlign":49},[128292],{"text":128293,"type":599},"The current supply of graphite is “unable to meet unprecedented downstream electric vehicle (EV) demand,” according to Benchmark’s Graphite Price Assessment.",{"type":594,"attrs":128295,"content":128296},{"textAlign":49},[128297],{"text":128298,"type":599},"In December Tesla agreed to buy graphite from Syrah Resources, which is building a refining plant in Louisiana to process graphite from Mozambique.",{"type":594,"attrs":128300,"content":128301},{"textAlign":49},[128302],{"text":128303,"type":599},"The natural flake graphite market is likely to be short of around 80,000 tonnes this year, rising to 119,000 tonnes by 2023, according to Georger Miller, Benchmark analyst, depending on output from mines in China. Environmental inspections last year on graphite producers in Heilongjiang province as well as seasonal shutdowns have limited supply growth in China.",{"type":594,"attrs":128305,"content":128306},{"textAlign":49},[128307],{"text":128308,"type":599},"“Rapidly increasing battery demand means that demand is likely to exceed existing production capabilities as early as 2022, underlining the need for further investments in spherical graphite processing capacity, particularly outside China,” according to Benchmark’s December Graphite price assessment.",{"type":594,"attrs":128310,"content":128311},{"textAlign":49},[128312],{"text":128313,"type":599},"Ecograf said the loan would help it expand production at its battery anode material facility outside Perth from an initial planned capacity of 5,000 tonnes to 20,000 tonnes per year. The plant will produce battery anode material using natural flake graphite.",{"type":594,"attrs":128315,"content":128316},{"textAlign":49},[128317],{"text":128318,"type":599},"Renascor said the loan money would help it build its mine and refining operation in South Australia, which is set to cost A$204 million. The company aims to produce purified spherical graphite in South Australia, which can then be directly used in EV batteries.",{"type":594,"attrs":128320,"content":128321},{"textAlign":49},[128322],{"text":128323,"type":599},"The loan is “subject to a number of conditions,” that are likely to be met this year in time for a final investment decision on the project, it said.",{"type":594,"attrs":128325,"content":128326},{"textAlign":49},[128327],{"text":128328,"type":599},"“The Siviour Graphite Project represents an important opportunity for Australia, and South Australia in particular, to develop a world class, globally competitive downstream processing capability in a critical mineral that is fundamental to the development of the electric vehicle revolution,” Renascor’s Managing Director David Christensen said.","The Australian government has backed two graphite projects with A$239 million (USD $171 million) in loans as part of its A$2 billion effort to support domestic mining and help reduce the battery industry’s reliance on China. Renascor said it had conditionally received a A$185 million loan from the government to fund the development of its […]",[128331],{"slug":544,"name":543,"content":128332},{"job_title":557,"image":128333,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"68d890fe-ad34-438d-a5b7-8cdc92987997\", \"id\": \"\"}-->",[128336,128337],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":128339,"copyright":547,"fieldtype":553,"meta_data":128340,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/eb6a975141/bm-istock-17907912921-e1643813853348.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 02, 2022",{"id":128343,"uuid":128344,"name":128345,"slug":128346,"full_slug":128347,"content":128348},112473019612847,"07318665-01ef-48f7-ae7b-679bfd34d0c0","Tesla begins shift to new EV battery as Musk expects supply chain shortages to flip from chips to cells","tesla-begins-shift-to-new-ev-battery-as-musk-expects-supply-chain-shortages-to-flip-from-chips-to-cells","article/tesla-begins-shift-to-new-ev-battery-as-musk-expects-supply-chain-shortages-to-flip-from-chips-to-cells",{"_uid":128349,"date":128350,"tags":128351,"editor":128356,"content":128360,"excerpt":128463,"featured":50,"reporter":128464,"_editable":128468,"component":864,"seo_title":128345,"categories":128469,"visibility":882,"author_company":49,"featured_image":128471,"seo_description":128463,"author_full_name":49,"author_job_title":49,"formattedDate":128474},"50e4c546-68b8-48cb-93dc-70486923f186","2022-01-27 00:00",[128352,128355],{"slug":128353,"name":128354},"cells","Cells",{"slug":3874,"name":3875},[128357],{"slug":544,"name":543,"content":128358},{"job_title":557,"image":128359,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":128361},[128362,128367,128386,128391,128396,128401,128404,128409,128414,128419,128432,128437,128442,128447,128452,128457,128460],{"type":594,"attrs":128363,"content":128364},{"textAlign":49},[128365],{"text":128366,"type":599},"Tesla has begun using a new homegrown battery cell in its electric vehicles as chief executive Elon Musk said global supply chain shortages will likely move from semiconductors to battery cells.",{"type":594,"attrs":128368,"content":128369},{"textAlign":49},[128370,128371,128377,128379,128384],{"text":107929,"type":599},{"text":128372,"type":599,"marks":128373},"large-format 4680 cells",[128374],{"type":604,"attrs":128375},{"href":128376,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/teslas-quest-for-battery-cell-superiority-continues",{"text":128378,"type":599}," are being installed in some Model Y midsize SUV produced ",{"text":128380,"type":599,"marks":128381},"in Texas",[128382],{"type":604,"attrs":128383},{"href":102198,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":128385,"type":599},", Musk said on Wednesday, with the hope that their production will help alleviate a looming battery cell shortage.",{"type":594,"attrs":128387,"content":128388},{"textAlign":49},[128389],{"text":128390,"type":599},"“We still expect to be part or primarily chip-limited this year,” Musk said. “So, that’s the thing that’s actually the driver. And that chip limitation should alleviate next year. And then probably, we transition into a cell limitation battery, total gigawatt-hours of cell limitation, which is when the 4680 will become very important.”",{"type":594,"attrs":128392,"content":128393},{"textAlign":49},[128394],{"text":128395,"type":599},"Tesla has begun producing the 4680 batteries at its Kato Road pilot plant, which has a capacity of 10 gigawatt-hours, or enough for close to 140,000 Model 3/Y per year, but commercial expansion to produce road ready cells has been harder than anticipated.",{"type":594,"attrs":128397,"content":128398},{"textAlign":49},[128399],{"text":128400,"type":599},"Tesla eventually wants to scale up cell production at Austin and Berlin, which could have a combined capacity of 90 GWh, making Tesla among the top 5 global battery producers by capacity, according to Benchmark’s Lithium Ion Battery Gigafactory Assessment.",{"type":594,"attrs":128402,"content":128403},{"textAlign":49},[],{"type":594,"attrs":128405,"content":128406},{"textAlign":49},[128407],{"text":128408,"type":599},"The large format cells, which are 80 millimetres long, enable a five times increase in the amount of energy that can be stored, boosting a car’s range by 16%, according to Tesla. Cell costs in terms of dollars per kilowatt-hour are also 14% lower.",{"type":594,"attrs":128410,"content":128411},{"textAlign":49},[128412],{"text":128413,"type":599},"“We are making meaningful progress of the ramp curve in Kato,” Drew Baglino, senior vice president at Tesla, said. “We’re building 4680 structural packs every day, which are being assembled into vehicles in Texas. I was driving one yesterday and the day before. And we believe our first 4680 vehicles will be delivered this quarter.”",{"type":594,"attrs":128415,"content":128416},{"textAlign":49},[128417],{"text":128418,"type":599},"Still Tesla is likely to remain reliant on external battery cell suppliers such as CATL, LG Energy Solution and Panasonic to increase EV production by 50% this year.",{"type":594,"attrs":128420,"content":128421},{"textAlign":49},[128422,128424,128430],{"text":128423,"type":599},"Tesla said on Wednesday that the first vehicles from its Berlin gigafactory would use smaller 2170 cells rather than the 4680 cells, which were unveiled ",{"text":128425,"type":599,"marks":128426},"at the company’s Battery Day",[128427],{"type":604,"attrs":128428},{"href":128429,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-silicon-anodes-terafactory-watch-benchmarks-reaction-to-teslas-battery-day-free",{"text":128431,"type":599}," event in September 2020.",{"type":594,"attrs":128433,"content":128434},{"textAlign":49},[128435],{"text":128436,"type":599},"Tesla’s Elon Musk had previously said that “high-volume production” of its own battery cells would start in 2022, but the car company is finding that producing its own lithium ion cells is harder than expected, Simon Moores, CEO of Benchmark, said.",{"type":594,"attrs":128438,"content":128439},{"textAlign":49},[128440],{"text":128441,"type":599},"“Tesla is still to be a big consumer rather than integrated producer as we stand,” Moores said. “Making lithium ion batteries ain’t rocket science but it isn’t easy.”",{"type":594,"attrs":128443,"content":128444},{"textAlign":49},[128445],{"text":128446,"type":599},"Baglino, senior vice president at Tesla, said the company had “engaged with a number of our partners or suppliers on the [battery cell] form factor and they’re all working on it.”",{"type":594,"attrs":128448,"content":128449},{"textAlign":49},[128450],{"text":128451,"type":599},"Panasonic will start producing the cells in 2023, Nikkei reported this month.",{"type":594,"attrs":128453,"content":128454},{"textAlign":49},[128455],{"text":128456,"type":599},"Caspar Rawles, head of price assessments at Benchmark, said “without in-house 4680’s it’s going to be an issue when it flips from chips to cells that are in shortage.”",{"type":594,"attrs":128458,"content":128459},{"textAlign":49},[],{"type":594,"attrs":128461,"content":128462},{"textAlign":49},[],"Tesla has begun using a new homegrown battery cell in its electric vehicles as chief executive Elon Musk said global supply chain shortages will likely move from semiconductors to battery cells. Tesla’s large-format 4680 cells are being installed in some Model Y midsize SUV produced in Texas, Musk said on Wednesday, with the hope that […]",[128465],{"slug":544,"name":543,"content":128466},{"job_title":557,"image":128467,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"50e4c546-68b8-48cb-93dc-70486923f186\", \"id\": \"\"}-->",[128470],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":128472,"copyright":547,"fieldtype":553,"meta_data":128473,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/34d7e9201c/bm-shutterstock-20429473161-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 27, 2022",{"id":128476,"uuid":128477,"name":128478,"slug":128479,"full_slug":128480,"content":128481},112473024642737,"80c73b6d-1373-4f9b-a852-6ce14af24bf1","GM targets $2.6 billion third battery factory with LGES","gm-targets-2-6-billion-third-battery-factory-with-lges","article/gm-targets-2-6-billion-third-battery-factory-with-lges",{"_uid":128482,"date":128483,"tags":128484,"editor":128488,"content":128492,"excerpt":128578,"featured":50,"reporter":128579,"_editable":128583,"component":864,"seo_title":128478,"categories":128584,"visibility":882,"author_company":49,"featured_image":128587,"seo_description":128578,"author_full_name":49,"author_job_title":49,"formattedDate":128590},"1078fb1a-000f-4e85-9200-f75ddd1f6061","2022-01-25 00:00",[128485,128486,128487],{"slug":3114,"name":3115},{"slug":3117,"name":3118},{"slug":1375,"name":1376},[128489],{"slug":544,"name":543,"content":128490},{"job_title":557,"image":128491,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":128493},[128494,128499,128504,128509,128514,128519,128524,128529,128541,128546,128551,128563,128568,128573],{"type":594,"attrs":128495,"content":128496},{"textAlign":49},[128497],{"text":128498,"type":599},"GM said it would spend $2.6 billion with LG energy Solution to build a third battery plant in the US as it looks to produce more than 1 million electric vehicles in North America by 2025.",{"type":594,"attrs":128500,"content":128501},{"textAlign":49},[128502],{"text":128503,"type":599},"The automaker said the fifty gigawatt-hour (GWh) battery plant in Michigan would make its home state an “epicentre” of EVs, with enough capacity to produce 600,000 electric trucks a year.",{"type":594,"attrs":128505,"content":128506},{"textAlign":49},[128507],{"text":128508,"type":599},"The announcement is part of GM’s goal to become a leader in EVs by mid-decade, competing with rivals Ford and Tesla. GM has pledged to spend $35 billion on electric vehicles as it plans to launch 30 new models by 2025.",{"type":594,"attrs":128510,"content":128511},{"textAlign":49},[128512],{"text":128513,"type":599},"The company said it would spend a total of $6.6 billion in Michigan on electric pickup truck plants and the new battery factory.",{"type":594,"attrs":128515,"content":128516},{"textAlign":49},[128517],{"text":128518,"type":599},"“We are committed to making Michigan the epicentre of EVs,” Mary Barra, chief executive of GM, said. “We know the demand is here.”",{"type":594,"attrs":128520,"content":128521},{"textAlign":49},[128522],{"text":128523,"type":599},"President Joe Biden said the announcement is “the latest sign that my economic strategy is helping power an historic American manufacturing comeback.”",{"type":594,"attrs":128525,"content":128526},{"textAlign":49},[128527],{"text":128528,"type":599},"“This announcement is just the latest in over $100 billion of investment this past year in American auto manufacturing to build electric vehicles and batteries,” he said.",{"type":594,"attrs":128530,"content":128531},{"textAlign":49},[128532,128534,128539],{"text":128533,"type":599},"It comes as LGES is set to",{"text":128535,"type":599,"marks":128536}," list on the South Korean stock market",[128537],{"type":604,"attrs":128538},{"href":93518,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":128540,"type":599},", which will give the company additional funds for expansion of battery facilities.",{"type":594,"attrs":128542,"content":128543},{"textAlign":49},[128544],{"text":128545,"type":599},"US battery production is set to grow from 39 GWh in 2021 to 476 GWh in 2030, according to Benchmark’s Lithium Ion Battery Database, due to the construction of plants by LGES and its South Korean rivals SK Innovation and Samsung SDI.",{"type":594,"attrs":128547,"content":128548},{"textAlign":49},[128549],{"text":128550,"type":599},"The 8 million square-foot battery planned battery plant in Lansing adds to plants already being built in Tennessee and Ohio through Ultium Cells, a joint venture with LGES. The two plants will have a capacity to produce over 70 GWh of batteries a year.",{"type":594,"attrs":128552,"content":128553},{"textAlign":49},[128554,128556,128561],{"text":128555,"type":599},"In December",{"text":128557,"type":599,"marks":128558}," GM said",[128559],{"type":604,"attrs":128560},{"href":111038,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":128562,"type":599}," it would build a battery cathode factory with South Korea’s Posco to supply its North American battery plants. GM has also signed deals to build a rare earth supply chain with MP Materials and Vacuumschmelze of Germany.",{"type":594,"attrs":128564,"content":128565},{"textAlign":49},[128566],{"text":128567,"type":599},"“Vertically integrating battery assembly and converting existing assembly plants are at the core of GM’s strategy for scaling EV production in North America,” GM said on Tuesday.",{"type":594,"attrs":128569,"content":128570},{"textAlign":49},[128571],{"text":128572,"type":599},"GM said the Lansing facility would begin production in late 2024 and supply cells to the company’s Orion Assembly plant in Michigan and other assembly plants. It will produce Ultium’s large-format pouch-style cells.",{"type":594,"attrs":128574,"content":128575},{"textAlign":49},[128576],{"text":128577,"type":599},"Dong Myung-Kim, LGES, said the deal showed what was possible when automotive manufacturers worked together with battery manufacturers.","GM said it would spend $2.6 billion with LG energy Solution to build a third battery plant in the US as it looks to produce more than 1 million electric vehicles in North America by 2025. The automaker said the fifty gigawatt-hour (GWh) battery plant in Michigan would make its home state an “epicentre” of […]",[128580],{"slug":544,"name":543,"content":128581},{"job_title":557,"image":128582,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1078fb1a-000f-4e85-9200-f75ddd1f6061\", \"id\": \"\"}-->",[128585,128586],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":128588,"copyright":547,"fieldtype":553,"meta_data":128589,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4bf8c388f3/bm-gmmichiganinvest031.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 25, 2022",{"id":128592,"uuid":128593,"name":128594,"slug":128595,"full_slug":128596,"content":128597},112473029947059,"a72e77b7-ac82-4413-bb04-e713dab78ab5","Benchmark PRA completes IOSCO, world first tailored audit for lithium prices & EV battery raw materials","benchmark-pra-completes-iosco-world-first-tailored-audit-for-lithium-prices-ev-battery-raw-materials","article/benchmark-pra-completes-iosco-world-first-tailored-audit-for-lithium-prices-ev-battery-raw-materials",{"_uid":128598,"date":128599,"tags":128600,"editor":128602,"content":128606,"excerpt":128903,"featured":50,"reporter":128904,"_editable":128908,"component":864,"seo_title":128594,"categories":128909,"visibility":882,"author_company":49,"featured_image":128911,"seo_description":128903,"author_full_name":49,"author_job_title":49,"formattedDate":128914},"a193d1ee-d859-4d49-8e9c-7001089c91ac","2022-01-24 00:00",[128601],{"slug":9655,"name":9656},[128603],{"slug":544,"name":543,"content":128604},{"job_title":557,"image":128605,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":128607},[128608,128616,128621,128629,128637,128645,128656,128661,128669,128673,128676,128679,128687,128691,128696,128701,128709,128713,128721,128725,128733,128738,128743,128748,128756,128761,128769,128774,128779,128787,128794,128799,128807,128812,128817,128820,128824,128829,128834,128839,128844,128849,128854,128859,128864,128867,128872,128877,128889,128900],{"type":594,"attrs":128609,"content":128610},{"textAlign":49},[128611,128613,128614],{"text":128612,"type":599},"LONDON, 24 January 2022 / ",{"text":11314,"type":599},{"text":128615,"type":599}," is delighted to announce the successful completion of an independent audit of its policies, processes and controls implemented to adhere to the IOSCO Principles for Price Reporting Agencies.",{"type":594,"attrs":128617,"content":128618},{"textAlign":49},[128619],{"text":128620,"type":599},"This was undertaken by PricewaterhouseCoopers LLP (PwC) to independently audit the key electric vehicle battery raw material price assessments for lithium, cobalt, nickel, and flake graphite.",{"type":594,"attrs":128622,"content":128623},{"textAlign":49},[128624,128626,128627],{"text":128625,"type":599},"It is the first audit of its kind to be tailored for each individual battery raw material market and showcases that ",{"text":9653,"type":599},{"text":128628,"type":599},", a Price Reporting Agency (PRA), adheres to IOSCO’s recognised standards.",{"type":594,"attrs":128630,"content":128631},{"textAlign":49},[128632,128634,128635],{"text":128633,"type":599},"The audit ensures ",{"text":9653,"type":599},{"text":128636,"type":599}," is internally following its own rigorous, IOSCO-compliant procedures and adhering to methodologies designed specifically for each key battery raw material.",{"type":594,"attrs":128638,"content":128639},{"textAlign":49},[128640,128642,128643],{"text":128641,"type":599},"PwC’s opinion was issued over ",{"text":9653,"type":599},{"text":128644,"type":599},"’s activities as at 31 October 2021.",{"type":594,"attrs":128646,"content":128647},{"textAlign":49},[128648,128650,128655],{"text":128649,"type":599},"A copy of the Independent Practitioner’s Assurance Report can be ",{"text":128651,"type":599,"marks":128652},"downloaded here",[128653],{"type":604,"attrs":128654},{"href":49677,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":128657,"content":128658},{"level":985,"textAlign":49},[128659],{"text":128660,"type":599},"What Benchmark battery raw material prices were audited?",{"type":594,"attrs":128662,"content":128663},{"textAlign":49},[128664,128666,128667],{"text":128665,"type":599},"The scope of the audit included the following EV battery raw materials published in ",{"text":9653,"type":599},{"text":128668,"type":599}," bi-weekly and monthly price assessment subscription services:",{"type":657,"attrs":128670,"content":128671},{"level":985,"textAlign":49},[128672],{"text":8,"type":599},{"type":594,"attrs":128674,"content":128675},{"textAlign":49},[],{"type":594,"attrs":128677,"content":128678},{"textAlign":49},[],{"type":594,"attrs":128680,"content":128681},{"textAlign":49},[128682],{"text":128683,"type":599,"marks":128684},"Subscribe to Benchmark’s Lithium Price Assessment service here. ",[128685],{"type":604,"attrs":128686},{"href":120176,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":128688,"content":128689},{"level":985,"textAlign":49},[128690],{"text":2505,"type":599},{"type":594,"attrs":128692,"content":128693},{"textAlign":49},[128694],{"text":128695,"type":599},"The lithium ion battery anode feedstock:",{"type":594,"attrs":128697,"content":128698},{"textAlign":49},[128699],{"text":128700,"type":599},"The lithium ion battery anode precursor:",{"type":594,"attrs":128702,"content":128703},{"textAlign":49},[128704],{"text":128705,"type":599,"marks":128706},"Subscribe to Benchmark’s Flake Graphite Price Assessment here",[128707],{"type":604,"attrs":128708},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":128710,"content":128711},{"level":985,"textAlign":49},[128712],{"text":115,"type":599},{"type":594,"attrs":128714,"content":128715},{"textAlign":49},[128716],{"text":128717,"type":599,"marks":128718},"Subscribe to Benchmark’s Cobalt Price Assessment here. ",[128719],{"type":604,"attrs":128720},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":128722,"content":128723},{"level":985,"textAlign":49},[128724],{"text":150,"type":599},{"type":594,"attrs":128726,"content":128727},{"textAlign":49},[128728],{"text":128729,"type":599,"marks":128730},"Subscribe to Benchmark’s Nickel Price Assessment here. ",[128731],{"type":604,"attrs":128732},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":128734,"content":128735},{"level":985,"textAlign":49},[128736],{"text":128737,"type":599},"Caspar Rawles, Chief Data Officer at Benchmark said:",{"type":594,"attrs":128739,"content":128740},{"textAlign":49},[128741],{"text":128742,"type":599},"“I am delighted that we have completed our latest IOSCO audit and achieved this world first to have each of our specific methodologies for each key EV battery raw material of lithium, cobalt, nickel and flake graphite independently verified.",{"type":594,"attrs":128744,"content":128745},{"textAlign":49},[128746],{"text":128747,"type":599},"“To once again have our internal price reporting processes independently audited to the highest, most exacting standards is testament to the quality in which our growing team operates.",{"type":594,"attrs":128749,"content":128750},{"textAlign":49},[128751,128753,128754],{"text":128752,"type":599},"“This recognises the uniqueness and quality of what we do and the commitment by the ",{"text":9653,"type":599},{"text":128755,"type":599}," team to provide the most accurate and trusted price data for the lithium ion battery and electric vehicle industry.”",{"type":657,"attrs":128757,"content":128758},{"level":985,"textAlign":49},[128759],{"text":128760,"type":599},"Simon Moores, CEO, Benchmark said:",{"type":594,"attrs":128762,"content":128763},{"textAlign":49},[128764,128766,128767],{"text":128765,"type":599},"“We established ",{"text":9653,"type":599},{"text":128768,"type":599}," to achieve things that had not been done before in the publishing world for the benefit of the industry we serve. ",{"type":594,"attrs":128770,"content":128771},{"textAlign":49},[128772],{"text":128773,"type":599},"“To accomplish this IOSCO first for battery raw materials is an independent stamp of approval for our world class company.",{"type":594,"attrs":128775,"content":128776},{"textAlign":49},[128777],{"text":128778,"type":599},"“We are the world’s leading and most trusted Price Reporting Agency (PRA) for the lithium ion battery and electric vehicle supply chain.",{"type":594,"attrs":128780,"content":128781},{"textAlign":49},[128782,128784,128785],{"text":128783,"type":599},"“The way we collect and assess ",{"text":9653,"type":599},{"text":128786,"type":599}," raw material prices is relied upon the world over.",{"type":594,"attrs":128788,"content":128789},{"textAlign":49},[128790,128791,128792],{"text":47476,"type":599},{"text":9653,"type":599},{"text":128793,"type":599},"’s prices are used within, to negotiate and to settle contracts in the active supply chain. Therefore, due to the strategic nature of prices we set for the EV industry, it was important to independently confirm the highest level of compliance for what we do.",{"type":594,"attrs":128795,"content":128796},{"textAlign":49},[128797],{"text":128798,"type":599},"“Lithium, nickel, cobalt and graphite are leading a new commodity super-cycle and have developed into an asset class of their own. ",{"type":594,"attrs":128800,"content":128801},{"textAlign":49},[128802,128804,128805],{"text":128803,"type":599},"“To have each of these key ",{"text":9653,"type":599},{"text":128806,"type":599}," raw materials prices independently verified in what is a commodity publishing first provides added confidence for those investing and actively trading to grow the electric vehicle revolution and energy transition.”",{"type":594,"attrs":128808,"content":128809},{"textAlign":49},[128810],{"text":128811,"type":599},"-End-",{"type":657,"attrs":128813,"content":128814},{"level":659,"textAlign":49},[128815],{"text":128816,"type":599},"About Benchmark Mineral Intelligence",{"type":594,"attrs":128818,"content":128819},{"textAlign":49},[],{"type":594,"attrs":128821,"content":128822},{"textAlign":49},[128823],{"text":86205,"type":599},{"type":594,"attrs":128825,"content":128826},{"textAlign":49},[128827],{"text":128828,"type":599},"Benchmark is the world’s leading provider of actionable intelligence for the lithium ion battery and electric vehicle supply chain.",{"type":594,"attrs":128830,"content":128831},{"textAlign":49},[128832],{"text":128833,"type":599},"Benchmark’s expertise together with our unique and rigorous data collection processes, add real knowledge to opaque industries that are central to the lithium ion economy.",{"type":594,"attrs":128835,"content":128836},{"textAlign":49},[128837],{"text":128838,"type":599},"Our subscription and advisory services guide the biggest investment decisions, government policy and industry collaboration around the world.",{"type":594,"attrs":128840,"content":128841},{"textAlign":49},[128842],{"text":128843,"type":599},"We are an IOSCO compliant Price Reporting Agency (PRA), providing independently assessed market prices for key EV battery raw materials of lithium, cobalt, nickel and graphite.",{"type":594,"attrs":128845,"content":128846},{"textAlign":49},[128847],{"text":128848,"type":599},"Our primary supply chain data collection process provides the foundation for our forecasting and strategic advisory divisions, guiding the most crucial decisions of the energy transition.",{"type":594,"attrs":128850,"content":128851},{"textAlign":49},[128852],{"text":128853,"type":599},"Benchmark’s expertise is reinforced by our ESG division that offers a set of subscription and consultancy services providing robust metrics and Life Cycle Assessments measuring the sustainability of the EV supply chain build out.",{"type":594,"attrs":128855,"content":128856},{"textAlign":49},[128857],{"text":128858,"type":599},"From the mine to cathodes and anodes, through to the lithium ion battery cell, Benchmark’s entire supply chain approach is unique and relied upon the world over.",{"type":594,"attrs":128860,"content":128861},{"textAlign":49},[128862],{"text":128863,"type":599},"Benchmark’s divisions are: Price & Data, Forecasting, Consultancy, ESG, Membership, and Events.",{"type":594,"attrs":128865,"content":128866},{"textAlign":49},[],{"type":657,"attrs":128868,"content":128869},{"level":659,"textAlign":49},[128870],{"text":128871,"type":599},"Benchmark Media Contacts",{"type":594,"attrs":128873,"content":128874},{"textAlign":49},[128875],{"text":128876,"type":599},"For direct interviews and quotes from one of our analysts or executive team:",{"type":594,"attrs":128878,"content":128879},{"textAlign":49},[128880,128882,128888],{"text":128881,"type":599},"Sign up for Benchmark’s free ",{"text":128883,"type":599,"marks":128884},"newsletter here",[128885],{"type":604,"attrs":128886},{"href":128887,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/newsletter-signup/",{"text":974,"type":599},{"type":594,"attrs":128890,"content":128891},{"textAlign":49},[128892,128894,128896],{"text":128893,"type":599},"Join Team Benchmark: ",{"text":128895,"type":599},"If you are interested in joining our rapidly expanding team email ",{"text":98825,"type":599,"marks":128897},[128898],{"type":604,"attrs":128899},{"href":98829,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":128901,"content":128902},{"textAlign":49},[],"LONDON, 24 January 2022 / Benchmark Mineral Intelligence is delighted to announce the successful completion of an independent audit of its policies, processes and controls implemented to adhere to the IOSCO Principles for Price Reporting Agencies. This was undertaken by PricewaterhouseCoopers LLP (PwC) to independently audit the key electric vehicle battery raw material price assessments […]",[128905],{"slug":544,"name":543,"content":128906},{"job_title":557,"image":128907,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a193d1ee-d859-4d49-8e9c-7001089c91ac\", \"id\": \"\"}-->",[128910],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":128912,"copyright":547,"fieldtype":553,"meta_data":128913,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0c7aa914a3/bm-benchmark-iosco-2.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 24, 2022",{"id":128916,"uuid":128917,"name":128918,"slug":128919,"full_slug":128920,"content":128921},112473034690228,"4f8127cf-1a3b-479e-bbbf-d9a5403c5e53","Europe’s lithium supply outlook worsens as Serbia cancels Rio Tinto’s plans","europes-lithium-supply-outlook-worsens-as-serbia-cancels-rio-tintos-plans","article/europes-lithium-supply-outlook-worsens-as-serbia-cancels-rio-tintos-plans",{"_uid":128922,"date":128923,"tags":128924,"editor":128927,"content":128931,"excerpt":129023,"featured":50,"reporter":129024,"_editable":129028,"component":864,"seo_title":128918,"categories":129029,"visibility":882,"author_company":49,"featured_image":129032,"seo_description":129023,"author_full_name":49,"author_job_title":49,"formattedDate":129035},"0f60c72d-2e84-499c-b486-1368a6281f6f","2022-01-21 00:00",[128925,128926],{"slug":2790,"name":2791},{"slug":4366,"name":4367},[128928],{"slug":544,"name":543,"content":128929},{"job_title":557,"image":128930,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":128932},[128933,128938,128943,128948,128953,128965,128970,128975,128980,128993,128998,129003,129008,129013,129018],{"type":594,"attrs":128934,"content":128935},{"textAlign":49},[128936],{"text":128937,"type":599},"Serbia has abruptly cancelled Rio Tinto’s Jadar lithium project, dealing a blow to the company’s plans to supply the European automotive industry.",{"type":594,"attrs":128939,"content":128940},{"textAlign":49},[128941],{"text":128942,"type":599},"The country’s premier Ana Brnabic said on Thursday the project was “finished” and would not go ahead, following weeks of protests against the proposed mine.",{"type":594,"attrs":128944,"content":128945},{"textAlign":49},[128946],{"text":128947,"type":599},"“We have fulfilled all the demands from the environmental protests and have put an end to Rio Tinto in the Republic of Serbia,” she said, according to media reports.",{"type":594,"attrs":128949,"content":128950},{"textAlign":49},[128951],{"text":128952,"type":599},"If finalised the move by president Aleksandar Vučić’s government would knock out one of Europe’s largest lithium projects, just as demand for the battery raw material is escalating.",{"type":594,"attrs":128954,"content":128955},{"textAlign":49},[128956,128958,128963],{"text":128957,"type":599},"It’s the second blow to Europe’s hopes for a battery supply chain in a matter of months, following ",{"text":128959,"type":599,"marks":128960},"a decision last year by the UK’s Johnson Matthey",[128961],{"type":604,"attrs":128962},{"href":123460,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":128964,"type":599}," to exit the battery materials business.",{"type":594,"attrs":128966,"content":128967},{"textAlign":49},[128968],{"text":128969,"type":599},"Jadar was the biggest planned lithium project in Europe, and was set to account for 27% of Europe’s lithium supply by 2030, assuming all possible European projects come online, according to George Miller, a Benchmark analyst.",{"type":594,"attrs":128971,"content":128972},{"textAlign":49},[128973],{"text":128974,"type":599},"Based on current European lithium project developments Benchmark forecasts the continent to have a deficit of more than 500 ktpa of mined supply by 2030. That means European OEMs will rely on lithium mined and processed outside of the region to meet their electric vehicle targets.",{"type":594,"attrs":128976,"content":128977},{"textAlign":49},[128978],{"text":128979,"type":599},"Shares in Rio Tinto fell by 3% in London trading on Friday.",{"type":594,"attrs":128981,"content":128982},{"textAlign":49},[128983,128985,128991],{"text":128984,"type":599},"Rio had ",{"text":128986,"type":599,"marks":128987},"said it would spend $2.4 billion",[128988],{"type":604,"attrs":128989},{"href":128990,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/rio-tinto-commits-2-4bn-to-arrive-at-lithiums-main-stage",{"text":128992,"type":599}," developing the underground mine and a chemical processing plant, which would produce around 58,000 tonnes of lithium carbonate a year, once ramped up to full production by the end of the decade.",{"type":594,"attrs":128994,"content":128995},{"textAlign":49},[128996],{"text":128997,"type":599},"The Anglo-Australian company said it would “minimise the impact to communities” by using dry stacking of tailings. Seventy per cent of its water would also come from recycled sources or treated mine water, it said.",{"type":594,"attrs":128999,"content":129000},{"textAlign":49},[129001],{"text":129002,"type":599},"Rio Tinto still needed to apply for an exploitation licence and approval of its environmental impact assessment (EIA) studies.",{"type":594,"attrs":129004,"content":129005},{"textAlign":49},[129006],{"text":129007,"type":599},"This week Rio warned that the mine would be delayed by a year to 2027.",{"type":594,"attrs":129009,"content":129010},{"textAlign":49},[129011],{"text":129012,"type":599},"Protesters said the mine threatened the local environment in the area and would damage people’s health.",{"type":594,"attrs":129014,"content":129015},{"textAlign":49},[129016],{"text":129017,"type":599},"The decision comes as President Vučić is expected to face elections this year. It also follows the decision by Australia to expel Serbian tennis player Novak Djokovic this month.",{"type":594,"attrs":129019,"content":129020},{"textAlign":49},[129021],{"text":129022,"type":599},"“We note the strong economic benefits of the significant investment by Rio Tinto in Serbia. Australian resources companies have an outstanding reputation around the world, particularly when it comes to their expertise,” the Australian government said, according to Reuters.","Serbia has abruptly cancelled Rio Tinto’s Jadar lithium project, dealing a blow to the company’s plans to supply the European automotive industry. The country’s premier Ana Brnabic said on Thursday the project was “finished” and would not go ahead, following weeks of protests against the proposed mine. “We have fulfilled all the demands from the […]",[129025],{"slug":544,"name":543,"content":129026},{"job_title":557,"image":129027,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0f60c72d-2e84-499c-b486-1368a6281f6f\", \"id\": \"\"}-->",[129030,129031],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":129033,"copyright":547,"fieldtype":553,"meta_data":129034,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0ba55212c5/bm-shutterstock-20161217001.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 21, 2022",{"id":129037,"uuid":129038,"name":129039,"slug":129040,"full_slug":129041,"content":129042},112473053904573,"e2e3bc2b-bf38-4e07-86ca-d5f5616c733a","Can life cycle assessments end greenwashing in the EV supply chain?","can-life-cycle-assessments-end-greenwashing-in-the-ev-supply-chain","article/can-life-cycle-assessments-end-greenwashing-in-the-ev-supply-chain",{"_uid":129043,"date":129044,"tags":129045,"editor":129048,"content":129052,"excerpt":129153,"featured":50,"reporter":129154,"_editable":129158,"component":864,"seo_title":129039,"categories":129159,"visibility":882,"author_company":49,"featured_image":129161,"seo_description":129153,"author_full_name":49,"author_job_title":49,"formattedDate":129164},"9844a70f-41ac-4042-a626-8ca64e10d957","2022-01-17 00:00",[129046,129047],{"slug":125576,"name":125577},{"slug":23760,"name":23761},[129049],{"slug":544,"name":543,"content":129050},{"job_title":557,"image":129051,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":129053},[129054,129067,129072,129077,129082,129087,129092,129097,129102,129107,129112,129117,129122,129127,129132,129137],{"type":594,"attrs":129055,"content":129056},{"textAlign":49},[129057,129059,129065],{"text":129058,"type":599},"Within the EV value chain ESG reporting is going from something that is  “nice to have” to a “",{"text":129060,"type":599,"marks":129061},"need to have",[129062],{"type":604,"attrs":129063},{"href":129064,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/the-pushes-and-pulls-of-esg",{"text":129066,"type":599},".” However, greenwashing fears are still high: 69% of Benchmark Mineral Intelligence survey respondents said they have concerns over the validity and transparency of ESG reporting in the lithium value chain.",{"type":594,"attrs":129068,"content":129069},{"textAlign":49},[129070],{"text":129071,"type":599},"Greenwashing, which is the process of describing a product as “environmentally-friendly,”  “green,” “sustainable,” or “carbon neutral,” without evidence, is rife outside of the EV supply chain. The European Commission conducted a study that found over half of green claims made by business websites in 2021 lacked evidence to prove the claims. Didier Reynders, Commissioner for Justice, said traders were trying to “pull the wool over consumers’ eyes.”",{"type":594,"attrs":129073,"content":129074},{"textAlign":49},[129075],{"text":129076,"type":599},"One way to curb greenwashing claims is through legislation and regulation.",{"type":594,"attrs":129078,"content":129079},{"textAlign":49},[129080],{"text":129081,"type":599},"The Danish Consumer Ombudsman recently released a statement that will hopefully put an end to greenwashing for anyone marketing a product in Denmark. Key to their efforts is the introduction of increased sentencing for any wrongly made environmental claims, which is one step further than already stringent regulation on marketing. The Ombudsman’s new guidelines state that any environmental claims must be based on the results from an independently assessed Life Cycle Assessment (LCA). Independent reviews are crucial as they safeguard environmental claims made.",{"type":657,"attrs":129083,"content":129084},{"level":15966,"textAlign":49},[129085],{"text":129086,"type":599},"What is a Life Cycle Assessment (LCA)?",{"type":594,"attrs":129088,"content":129089},{"textAlign":49},[129090],{"text":129091,"type":599},"An LCA is a scientific method to quantify and understand the environmental impact associated with a product and its process system over the entire lifecycle of the product. It can help to guide or provide values on ESG materiality issues whilst analysing several indicators such as climate change, water use impacts, human health impacts and land-use.",{"type":657,"attrs":129093,"content":129094},{"level":15966,"textAlign":49},[129095],{"text":129096,"type":599},"Regulatory momentum",{"type":594,"attrs":129098,"content":129099},{"textAlign":49},[129100],{"text":129101,"type":599},"Impacting the lithium-ion battery supply chain specifically, the EC’s Battery Directive proposal sets out to introduce mandatory carbon footprint declarations on batteries entering the EU market, with potential maximum lifecycle carbon footprint thresholds in the near future. With this, the need for diligent assessment of the environmental impact of a battery, across its full lifecycle, is set to become increasingly essential.",{"type":594,"attrs":129103,"content":129104},{"textAlign":49},[129105],{"text":129106,"type":599},"EV battery supply chain players around the world are urging transparency and comparability when it comes to calculating carbon emissions and LCAs, with broadly recognised and strict methodologies to follow.",{"type":594,"attrs":129108,"content":129109},{"textAlign":49},[129110],{"text":129111,"type":599},"The EU often seems to be leading the way in introducing sustainability and industry-specific standards, with Denmark making this first move to appease the findings from the EC’s study on the vast amount of greenwashing taking place. It is worth taking note of this development as a way of foreseeing what is to come in this space.",{"type":657,"attrs":129113,"content":129114},{"level":15966,"textAlign":49},[129115],{"text":129116,"type":599},"Beyond LCA",{"type":594,"attrs":129118,"content":129119},{"textAlign":49},[129120],{"text":129121,"type":599},"In the broader ESG landscape there is increased momentum to eradicate greenwashing. The development of global baseline corporate sustainability-related standards by the International Sustainability Standards Board (ISSB) is gaining attention. The Board, founded to develop IFRS Sustainability Disclosure Standards has been welcomed globally. At COP26 in November Ashley Alder, Chairman of IOSCO, cited the incoming standards as tools to “mitigate the ever-present risk of greenwashing”.",{"type":594,"attrs":129123,"content":129124},{"textAlign":49},[129125],{"text":129126,"type":599},"In an era where electric cars are being seen as the panacea for the climate crisis, more stringent regulations on preventing “unclean” companies from marketing themselves as the “green” alternative are required.",{"type":594,"attrs":129128,"content":129129},{"textAlign":49},[129130],{"text":129131,"type":599},"At Benchmark we offer bespoke company LCAs and third party verification by EV battery industry specialists. We encourage those in the supply chain to consider an LCA in order to keep ahead of the curve and ahead of upcoming regulations.",{"type":657,"attrs":129133,"content":129134},{"level":15966,"textAlign":49},[129135],{"text":129136,"type":599},"Learn more about Benchmark’s LCA services",{"type":594,"attrs":129138,"content":129139},{"textAlign":49},[129140,129142,129146,129147,129151],{"text":129141,"type":599},"Please reach out to us if you would like to hear more about our LCA services and the process of completing an LCA. Either email us at ",{"text":125681,"type":599,"marks":129143},[129144],{"type":604,"attrs":129145},{"href":125685,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":125687,"type":599},{"text":86378,"type":599,"marks":129148},[129149],{"type":604,"attrs":129150},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":129152,"type":599}," to register your interest and we will be in touch.","Within the EV value chain ESG reporting is going from something that is “nice to have” to a “need to have.” However, greenwashing fears are still high: 69% of Benchmark Mineral Intelligence survey respondents said they have concerns over the validity and transparency of ESG reporting in the lithium value chain. Greenwashing, which is the […]",[129155],{"slug":544,"name":543,"content":129156},{"job_title":557,"image":129157,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9844a70f-41ac-4042-a626-8ca64e10d957\", \"id\": \"\"}-->",[129160],{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":129162,"copyright":547,"fieldtype":553,"meta_data":129163,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e629cb39c8/bm-coal-power-station-benchmark-lca.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 17, 2022",{"id":129166,"uuid":129167,"name":129168,"slug":129169,"full_slug":129170,"content":129171},112473058660030,"d8d805d5-cc10-41d3-a5e5-97a61d039c8d","LGES aims to surpass CATL with $10.8 billion battery IPO","lges-aims-to-surpass-catl-with-10-8-billion-battery-ipo","article/lges-aims-to-surpass-catl-with-10-8-billion-battery-ipo",{"_uid":129172,"date":129173,"tags":129174,"editor":129177,"content":129181,"excerpt":129304,"featured":50,"reporter":129305,"_editable":129309,"component":864,"seo_title":129168,"categories":129310,"visibility":882,"author_company":49,"featured_image":129312,"seo_description":129304,"author_full_name":49,"author_job_title":49,"formattedDate":129316},"41d74389-cb6a-45d7-b35f-73b20595f6f4","2022-01-14 00:00",[129175,129176],{"slug":903,"name":904},{"slug":3117,"name":3118},[129178],{"slug":544,"name":543,"content":129179},{"job_title":557,"image":129180,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":129182},[129183,129196,129201,129206,129211,129216,129221,129226,129231,129236,129241,129244,129249,129254,129259,129264,129269,129274,129279,129289,129294,129299],{"type":594,"attrs":129184,"content":129185},{"textAlign":49},[129186,129188,129194],{"text":129187,"type":599},"LG Energy Solution (LGES) said its $10.8 billion ",{"text":129189,"type":599,"marks":129190},"initial public offering",[129191],{"type":604,"attrs":129192},{"href":129193,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/speed-and-scale-key-to-lg-chem-spin-off-of-ev-battery-unit",{"text":129195,"type":599}," this week in Korea will give it firepower to become the world’s biggest battery maker.",{"type":594,"attrs":129197,"content":129198},{"textAlign":49},[129199],{"text":129200,"type":599},"Yet surpassing Chinese rival CATL will depend on significant new investment as well as expanding the company’s production of lithium iron-phosphate batteries. In addition, LGES will need to develop new technologies such as solid-state batteries.",{"type":594,"attrs":129202,"content":129203},{"textAlign":49},[129204],{"text":129205,"type":599},"This week the company’s chief executive Kwon Young-soo said the company’s market share would surpass CATL “in the future” due to its international investments and intellectual property. LGES counts Tesla, Volkswagen, and General Motors as major customers.",{"type":594,"attrs":129207,"content":129208},{"textAlign":49},[129209],{"text":129210,"type":599},"The comments come after a painful year for parent LG Chem, which was forced to pay $1.9 billion to GM for a battery recall in the US. Shares in LG Chem have lagged CATL over the past year, falling by 25% compared to a rise of 53% for CATL.",{"type":594,"attrs":129212,"content":129213},{"textAlign":49},[129214],{"text":129215,"type":599},"The IPO will value the spin-off LGES at 70.2 trillion won ($59 billion), compared to a valuation of over $200 billion for CATL.",{"type":594,"attrs":129217,"content":129218},{"textAlign":49},[129219],{"text":129220,"type":599},"“I believe that the backdrop to CATL’s growth is that Chinese automakers have preferred locally produced batteries, or the policy to use them. Since we have more orders, we predict that we will be higher than CATL in terms of market share in the future,” Kwon said.",{"type":594,"attrs":129222,"content":129223},{"textAlign":49},[129224],{"text":129225,"type":599},"But Benchmark forecasts that by 2030, CATL will have capacity to produce 642.1 gigawatt-hours of batteries, compared to 412 GWh for LGES, according to Benchmark’s Lithium Ion Battery Assessment.",{"type":594,"attrs":129227,"content":129228},{"textAlign":49},[129229],{"text":129230,"type":599},"“LGES will need to announce further expansions to overtake CATL,” Aran Waid, an analyst at Benchmark said.",{"type":594,"attrs":129232,"content":129233},{"textAlign":49},[129234],{"text":129235,"type":599},"Over the last year LGES has lost market share to CATL, which benefited from the rapid growth in China’s EV market. Benchmark expects CATL to produce 100 GWh of batteries this year compared to 89 GWh for LGES. By 2025 that increases to 283 GWh for CATL compared to 176 GWh for LGES.",{"type":594,"attrs":129237,"content":129238},{"textAlign":49},[129239],{"text":129240,"type":599},"LGES said it plans to spend 8.84 trillion won ($7.4 billion) expanding its production capacity. The company said has an order backlog of 260 trillion won.",{"type":594,"attrs":129242,"content":129243},{"textAlign":49},[],{"type":594,"attrs":129245,"content":129246},{"textAlign":49},[129247],{"text":129248,"type":599},"The US is key for LGES’s growth. It has four plants under development in the US as part of a JV with American automaker, General Motors (GM), bringing its total pipeline within the US to six plants, including a JV with Stellantis, as assessed by Benchmark.",{"type":594,"attrs":129250,"content":129251},{"textAlign":49},[129252],{"text":129253,"type":599},"LGES also has battery factories in Poland, China and South Korea.",{"type":594,"attrs":129255,"content":129256},{"textAlign":49},[129257],{"text":129258,"type":599},"As a result LGES’s market share is set to be more global than CATL’s. By 2030 88% of CATL’s capacity is set to be China and 13% in Germany, where it has built a battery factory.",{"type":594,"attrs":129260,"content":129261},{"textAlign":49},[129262],{"text":129263,"type":599},"“We have a wider range of customers not only limited in China, but also in the United States as well as in Europe, while CATL’s growth has been mostly backed by Chinese automakers,” LGES’ CEO Kwon said.",{"type":594,"attrs":129265,"content":129266},{"textAlign":49},[129267],{"text":129268,"type":599},"Yet LGES has no current production of LFP batteries, which CATL produces. LFP battery chemistries in EVs are set to account for 23% of the market in 2025, Benchmark forecasts, and 24% by 2030, due to the greater number of lower-range passenger vehicles.",{"type":594,"attrs":129270,"content":129271},{"textAlign":49},[129272],{"text":129273,"type":599},"LGES said this week it planned to “actively use this material” first in energy storage systems and then to EVs.",{"type":594,"attrs":129275,"content":129276},{"textAlign":49},[129277],{"text":129278,"type":599},"That could limit its share of the Chinese market. Benchmark forecasts that in China foreign battery companies will account for 12.3% of forecasted Chinese production in 2030.",{"type":594,"attrs":129280,"content":129281},{"textAlign":49},[129282,129284,129288],{"text":129283,"type":599},"Both companies will also have to stay ahead of emerging technologies such as ",{"text":85284,"type":599,"marks":129285},[129286],{"type":604,"attrs":129287},{"href":126457,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":129290,"content":129291},{"textAlign":49},[129292],{"text":129293,"type":599},"LGES said it would spend part of its IPO proceeds on new technologies. The company said last year it had developed a solid-state battery with an all silicon anode in a joint study with the University of California San Diego. Yet it remains unclear what the timeline to commercialisation is.",{"type":594,"attrs":129295,"content":129296},{"textAlign":49},[129297],{"text":129298,"type":599},"This week CATL said it had opened a Future Energy research institute in Shanghai to work on emerging technologies.",{"type":594,"attrs":129300,"content":129301},{"textAlign":49},[129302],{"text":129303,"type":599},"The next few years will be critical for both companies. What’s clear is that CATL now faces growing competition for market share.","LG Energy Solution (LGES) said its $10.8 billion initial public offering this week in Korea will give it firepower to become the world’s biggest battery maker. Yet surpassing Chinese rival CATL will depend on significant new investment as well as expanding the company’s production of lithium iron-phosphate batteries. In addition, LGES will need to develop […]",[129306],{"slug":544,"name":543,"content":129307},{"job_title":557,"image":129308,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"41d74389-cb6a-45d7-b35f-73b20595f6f4\", \"id\": \"\"}-->",[129311],{"slug":2499,"name":2500},{"id":49,"alt":129313,"name":547,"focus":547,"title":129313,"source":547,"filename":129314,"copyright":547,"fieldtype":553,"meta_data":129315,"is_external_url":51},"battery megafactory","https://a.storyblok.com/f/287943243085208/88cb07f66f/bm-lg-towers-logo.jpeg",{"alt":129313,"title":129313,"source":547,"copyright":547},"Jan 14, 2022",{"id":129318,"uuid":129319,"name":129320,"slug":129321,"full_slug":129322,"content":129323},112473063452351,"0eb69f1f-8b4d-4ac3-aed0-52de984bad5a","China’s BYD wins Chile lithium tender; incoming president pushes nationalisation","chinas-byd-wins-chile-lithium-tender-incoming-president-pushes-nationalisation","article/chinas-byd-wins-chile-lithium-tender-incoming-president-pushes-nationalisation",{"_uid":129324,"date":129325,"live":50,"tags":129326,"editor":129329,"content":129333,"excerpt":129434,"featured":50,"reporter":129435,"_editable":129439,"component":864,"seo_title":129440,"categories":129441,"visibility":882,"author_company":547,"data_vis_image":129443,"featured_image":129445,"seo_description":129448,"author_full_name":547,"author_job_title":547,"formattedDate":129449},"24127d52-8395-451a-a686-c636763b310b","2022-01-13 00:00",[129327,129328],{"slug":5945,"name":2983},{"slug":17168,"name":13351},[129330],{"slug":544,"name":543,"content":129331},{"job_title":557,"image":129332,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":129334},[129335,129347,129352,129357,129362,129367,129372,129377,129389,129394,129399,129404,129409,129414,129419,129424,129429],{"type":594,"attrs":129336,"content":129337},{"textAlign":49},[129338,129339,129345],{"text":81062,"type":599},{"text":129340,"type":599,"marks":129341},"electric carmaker BYD",[129342],{"type":604,"attrs":129343},{"href":129344,"uuid":49,"anchor":49,"target":650,"linktype":607},"https://source.benchmarkminerals.com/article/byd-becomes-benchmarks-7th-tier-one-ev-battery-manufacturer-2nd-china-cell-maker-2/",{"text":129346,"type":599}," has won a government tender in Chile for the right to extract 80,000 tonnes of lithium (li), equivalent to 425,000 tonnes LCE , as part of a move by outgoing President Sebastián Piñera to open up the sector despite mounting political opposition.",{"type":594,"attrs":129348,"content":129349},{"textAlign":49},[129350],{"text":129351,"type":599},"The car company offered $61 million for the right to explore and produce lithium, according to the country’s Mining and Energy Ministry, one of two winning bids.",{"type":594,"attrs":129353,"content":129354},{"textAlign":49},[129355],{"text":129356,"type":599},"The deal gives BYD access to supplies of lithium in the world’s lowest-cost producer to support its production of electric vehicles. BYD sold over 300,000 thousand pure electric vehicles last year in China, making it the largest producer in the country.",{"type":594,"attrs":129358,"content":129359},{"textAlign":49},[129360],{"text":129361,"type":599},"BYD is also a leading global supplier of electric buses, and delivered over 70,000 vehicles last year, including to Chile. The country has 285 electric buses from BYD.",{"type":594,"attrs":129363,"content":129364},{"textAlign":49},[129365],{"text":129366,"type":599},"Automakers are increasingly looking to secure future supplies of lithium as prices for lithium carbonate in China hit record highs, due to a shortage of supply. BYD is a large consumer of lithium carbonate due to its use of lithium-iron phosphate batteries.",{"type":594,"attrs":129368,"content":129369},{"textAlign":49},[129370],{"text":129371,"type":599},"Currently, SQM and Albemarle are the two largest lithium producers in Chile, but the country has lost global market share due to a lack of new projects. In 2017, Chile was surpassed by Australia as the world’s largest producer of the battery raw material.",{"type":594,"attrs":129373,"content":129374},{"textAlign":49},[129375],{"text":129376,"type":599},"Chile’s lithium output is only expected to grow from 125,400 tonnes of lithium carbonate equivalent (LCE) last year to 221,338 by 2030, according to Benchmark’s Lithium Forecast.",{"type":594,"attrs":129378,"content":129379},{"textAlign":49},[129380,129382,129387],{"text":129381,"type":599},"By contrast, ",{"text":129383,"type":599,"marks":129384},"neighboring Argentina has seen a wave of investment",[129385],{"type":604,"attrs":129386},{"href":127152,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":129388,"type":599}," into the lithium industry over the past year, with over $1bn in acquisitions. As a result  Argentina’s lithium output is set to almost equal Chile’s by 2030, according to Benchmark.",{"type":594,"attrs":129390,"content":129391},{"textAlign":49},[129392],{"text":129393,"type":599},"Originally Piñera’s government had proposed five tenders for up to 400,000 tonnes of lithium.",{"type":594,"attrs":129395,"content":129396},{"textAlign":49},[129397],{"text":129398,"type":599},"But the planned faced criticism from opposition parties as well as Chile’s President-elect Gabriel Boric. Boric has said Chile should set up a state-owned lithium producer instead.",{"type":594,"attrs":129400,"content":129401},{"textAlign":49},[129402],{"text":129403,"type":599},"The mining ministry said, however, that the tenders would increase the “dynamism” of the lithium industry and allow the country to regain its position on the world stage.",{"type":594,"attrs":129405,"content":129406},{"textAlign":49},[129407],{"text":129408,"type":599},"It also said the quotas, which allow production of lithium for 20 years, would not impede the establishment of a national lithium company.",{"type":594,"attrs":129410,"content":129411},{"textAlign":49},[129412],{"text":129413,"type":599},"The other winner in the tender was Chile SpA and Servicios y Operaciones Mineras del Norte S.A., who bid $60 million for 80,000 tonne quota, the ministry said.",{"type":594,"attrs":129415,"content":129416},{"textAlign":49},[129417],{"text":129418,"type":599},"Together, the two lithium quotas represent 1.8% of the known lithium reserves of Chile, the government ministry said.",{"type":594,"attrs":129420,"content":129421},{"textAlign":49},[129422],{"text":129423,"type":599},"The mining ministry said the government would work with the companies to decide on the formula for payments they would have to make to local communities and for research and development, it said.",{"type":594,"attrs":129425,"content":129426},{"textAlign":49},[129427],{"text":129428,"type":599},"The companies would also have to ensure all environmental and other permits were secured prior to exploration and that there was space for dialogue with local communities.",{"type":594,"attrs":129430,"content":129431},{"textAlign":49},[129432],{"text":129433,"type":599},"“The winning bidders will still have to go through the exploration phase (which can be up to a 7 year period under the contracts) and all the usual process regarding permitting,” Daisy Jennings-Gray, an analyst at Benchmark said.  “This step in the process does not confirm a location for the quota, so it’s a long way off any production.”","Chinese electric carmaker BYD has won a government tender in Chile for the right to extract 80,000 tonnes of lithium (li), equivalent to 425,000 tonnes LCE , as part of a move by outgoing President Sebastián Piñera to open up the sector despite mounting political opposition. The car company offered $61 million for the right […]",[129436],{"slug":544,"name":543,"content":129437},{"job_title":557,"image":129438,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"24127d52-8395-451a-a686-c636763b310b\", \"id\": \"\"}-->","China’s BYD wins Chile lithium tender; incoming president pushes",[129442],{"slug":872,"name":873},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":129444},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":129446,"copyright":547,"fieldtype":553,"meta_data":129447,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c1b5fbdc44/bm-shutterstock-14456718201.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Chinese electric carmaker BYD has won a government tender in Chile for the right to extract 80,000 tonnes of lithium (li), equivalent to 425,000 tonnes LCE , as part of a move by outgoing President Sebastián Piñera to ...","Jan 13, 2022",{"id":129451,"uuid":129452,"name":129453,"slug":129454,"full_slug":129455,"content":129456},112473087332038,"2986c9e6-511a-44f1-829a-2bc9679ccbd8","Lithium carbonate prices break through $40/kg barrier","lithium-carbonate-prices-break-through-40-kg-barrier-2","article/lithium-carbonate-prices-break-through-40-kg-barrier-2",{"_uid":129457,"date":129458,"tags":129459,"editor":129461,"content":129465,"excerpt":129527,"featured":50,"reporter":129528,"_editable":129532,"component":864,"seo_title":129453,"categories":129533,"visibility":882,"author_company":547,"featured_image":129536,"seo_description":129539,"author_full_name":547,"author_job_title":547,"formattedDate":129540},"5f6b955d-e732-468e-9b26-57d2dedd4ada","2022-01-01 00:00",[129460],{"slug":910,"name":911},[129462],{"slug":544,"name":543,"content":129463},{"job_title":557,"image":129464,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":129466},[129467,129472,129477,129482,129487,129492,129497,129502,129507,129512,129517,129522],{"type":594,"attrs":129468,"content":129469},{"textAlign":49},[129470],{"text":129471,"type":599},"Benchmark’s Lithium Carbonate, Battery Grade, EXW China price has exceeded $40/kg or $40,000/tonne for the first time. ",{"type":594,"attrs":129473,"content":129474},{"textAlign":49},[129475],{"text":129476,"type":599},"Benchmark Mineral Intelligence’s latest Lithium Price Assessment on 31 December 2021 saw the high point of its lithium carbonate price range within China reach $41,925/tonne. ",{"type":594,"attrs":129478,"content":129479},{"textAlign":49},[129480],{"text":129481,"type":599},"The mid point of the assessment for this specific grade settled at $39,250/tonne, up by 485.8% on prices a year prior. ",{"type":594,"attrs":129483,"content":129484},{"textAlign":49},[129485],{"text":129486,"type":599},"Benchmark’s Global Weighted Average Lithium Carbonate price finished 2021 at $27,327/tonne, showing the aggressive nature of price increases within China versus the rest of the world.",{"type":594,"attrs":129488,"content":129489},{"textAlign":49},[129490],{"text":129491,"type":599},"This latest assessment represents a huge 25% m-o-m increase in Chinese carbonate prices driven primarily by strong demand from the electric vehicle battery sector throughout 2021, compounded by seasonal restocking of lithium carbonate inventories ahead of Spring Festival 2022 in China. ",{"type":594,"attrs":129493,"content":129494},{"textAlign":49},[129495],{"text":129496,"type":599},"Meanwhile lithium carbonate producer inventories have been depleted on continued high demand and remain at low to non-existent levels. Further upstream spodumene feedstock stockpiles have been reduced from an average of 6 months of material, to only 1-2 months.",{"type":594,"attrs":129498,"content":129499},{"textAlign":49},[129500],{"text":129501,"type":599},"The re-emergence of domestic Chinese LFP (lithium iron phosphate) cathode has pushed lithium carbonate prices to all time highs in 2021, a trend that is expected to continue as the market enters 2022. ",{"type":594,"attrs":129503,"content":129504},{"textAlign":49},[129505],{"text":129506,"type":599},"The new price levels saw a domestic China premium of lithium carbonate over lithium hydroxide of $6,600/tonne, as ongoing demand for carbonate continues to invert the historical price relationship between the two chemicals.",{"type":657,"attrs":129508,"content":129509},{"level":15966,"textAlign":49},[129510],{"text":129511,"type":599},"Get Access to Benchmark’s Lithium Prices today!",{"type":594,"attrs":129513,"content":129514},{"textAlign":49},[129515],{"text":129516,"type":599},"Benchmark Mineral Intelligence is the world’s leading and most trusted provider of independent lithium price assessments to the lithium ion battery and electric vehicle supply chain.",{"type":594,"attrs":129518,"content":129519},{"textAlign":49},[129520],{"text":129521,"type":599},"Used to negotiate and settle contracts the world over, Benchmark assesses domestic Chinese Lithium Carbonate and Lithium Hydroxide prices every two weeks, and spodumene prices every month.",{"type":594,"attrs":129523,"content":129524},{"textAlign":49},[129525],{"text":129526,"type":599},"We are IOSCO regulated to the highest standards by PwC.","Benchmark’s Lithium Carbonate, Battery Grade, EXW China price has exceeded $40/kg or $40,000/tonne for the first time. Benchmark Mineral Intelligence’s latest Lithium Price Assessment on 31 December 2021 saw the high point of its lithium carbonate price range within China reach $41,925/tonne. The mid point of the assessment for this specific grade settled at $39,250/tonne, […]",[129529],{"slug":544,"name":543,"content":129530},{"job_title":557,"image":129531,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5f6b955d-e732-468e-9b26-57d2dedd4ada\", \"id\": \"\"}-->",[129534,129535],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":129537,"copyright":547,"fieldtype":553,"meta_data":129538,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7d8695507a/bm-benchmark-lithium-prices.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Benchmark’s Lithium Carbonate, Battery Grade, EXW China price has exceeded $40/kg or $40,000/tonne for the first time. Benchmark Mineral Intelligence’s latest Lithium Price Assessment on 31 December 2021 saw the high point of its lithium ...","Jan 01, 2022",{"id":129542,"uuid":129543,"name":127576,"slug":129544,"full_slug":129545,"content":129546},112473097207496,"17f73055-d8a8-4941-bbcc-d1127e70ad8e","anode-demand-begins-to-impact-graphite-prices-2021-in-review","article/anode-demand-begins-to-impact-graphite-prices-2021-in-review",{"_uid":129547,"date":129548,"tags":129549,"editor":129551,"content":129555,"excerpt":129646,"featured":50,"reporter":129647,"_editable":129651,"component":864,"seo_title":127576,"categories":129652,"visibility":882,"author_company":49,"featured_image":129655,"seo_description":129646,"author_full_name":49,"author_job_title":49,"formattedDate":129658},"555ff5af-1b2e-44f9-b3e5-0ecc85ea3d91","2021-12-30 00:00",[129550],{"slug":7332,"name":7333},[129552],{"slug":544,"name":543,"content":129553},{"job_title":557,"image":129554,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":129556},[129557,129570,129575,129580,129585,129590,129595,129600,129605,129610,129621,129626,129631,129636,129641],{"type":594,"attrs":129558,"content":129559},{"textAlign":49},[129560,129562,129568],{"text":129561,"type":599},"Given the structural oversupply that has existed in the graphite market since the market’s last price cycle in 2017/2018, ",{"text":129563,"type":599,"marks":129564},"flake graphite prices",[129565],{"type":604,"attrs":129566},{"href":129567,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-minerals-launches-new-flake-graphite-price-assessments-for-domestic-china-grades",{"text":129569,"type":599}," remained relatively flat during 2021 despite mounting demand from the anode industry, writes Benchmark analyst George Miller.",{"type":594,"attrs":129571,"content":129572},{"textAlign":49},[129573],{"text":129574,"type":599},"Another driver behind stable pricing for graphite during 2021 was exceptionally high freight prices. With the majority of flake graphite supply based in China, and the relatively inexpensive nature of flake graphite compared to other critical minerals, shipping makes up a large proportion of costs for end-consumers.",{"type":594,"attrs":129576,"content":129577},{"textAlign":49},[129578],{"text":129579,"type":599},"With shipping prices of between $8,000-20,000 per container, adding between $350-900/tonne to the cost of flake graphite on a CIF-basis, consumers in end markets were unwilling to accept raw material price increases whilst they struggled to manage shipping costs, forcing stability in pricing despite rising demand.",{"type":594,"attrs":129581,"content":129582},{"textAlign":49},[129583],{"text":129584,"type":599},"This largely stable pricing persisted across all grades until October 2021, during which Benchmark began to record nascent increases in flake graphite pricing on the back of tightening supply within China, as mines and processing operations in Heilongjiang began seasonal closures under cold weather conditions. Moreover, market tightness was reinforced by persistently improving demand from the anode value chain, given record-breaking electric vehicle sales figures globally and robust cell production within China.",{"type":594,"attrs":129586,"content":129587},{"textAlign":49},[129588],{"text":129589,"type":599},"Since October 2021, demand has continued to improve, driving prices upwards by an average of 21.1% for all grades of flake concentrate assessed by Benchmark, with Chinese producers undergoing closures forced to fulfil orders from inventory.",{"type":594,"attrs":129591,"content":129592},{"textAlign":49},[129593],{"text":129594,"type":599},"Whilst Benchmark anticipates producers to be able to meet demand from stockpiles, given waning demand from Chinese traditional industry on the back of environmental restrictions ahead of the 2022 Winter Olympics, strong demand from ex-Chinese traditional industry and the anode value chain may see flake graphite prices maintain at a higher level into 2022.",{"type":594,"attrs":129596,"content":129597},{"textAlign":49},[129598],{"text":129599,"type":599},"This will make it one of the final critical minerals in the lithium-ion value chain to enter a rising price environment since 2020.",{"type":657,"attrs":129601,"content":129602},{"level":15966,"textAlign":49},[129603],{"text":129604,"type":599},"Rising synthetic graphite feedstock costs hit anode producers",{"type":594,"attrs":129606,"content":129607},{"textAlign":49},[129608],{"text":129609,"type":599},"Shifting supply-demand fundamentals have impacted synthetic graphite feedstock prices throughout 2021, writes Benchmark analyst Maynie Yang.",{"type":594,"attrs":129611,"content":129612},{"textAlign":49},[129613,129614,129619],{"text":113206,"type":599},{"text":129615,"type":599,"marks":129616},"95% of the world’s synthetic graphite battery anodes are produced in China",[129617],{"type":604,"attrs":129618},{"href":128255,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":129620,"type":599},". Chinese producers tend to use low-sulphur pet needle coke, pitch needle coke, and pet coke as feedstock, especially the cheaper pre-calcined grades, which are less frequently used for other industrial products. Therefore, low-sulphur coke prices closely follow the demand patterns for synthetic graphite anode.",{"type":594,"attrs":129622,"content":129623},{"textAlign":49},[129624],{"text":129625,"type":599},"Anode demand has been strong in 2021, with market participants reporting that Chinese anode producers have received more downstream orders than they could fulfill. DDP China prices for pre-calcined pet needle coke, the dominant anode feedstock, reached up to RMB 8,500/tonne ($1,309) in April. Overall anode coke prices climbed throughout the year, with the Benchmark LiB Anode Coke Price Index up 25.9% y-t-d in November.",{"type":594,"attrs":129627,"content":129628},{"textAlign":49},[129629],{"text":129630,"type":599},"Increasing coke production costs also contributed to the price rise. Notably, high coal tar feedstock costs led average pre-calcined pitch needle coke prices to peak at RMB 7,750/tonne ($1,201.3) in June and November respectively, up 72% y-t-d. Upper-end pre-calcined pitch needle coke prices even reached similar levels to pet needle coke prices, which are usually more highly valued due to product consistency.",{"type":594,"attrs":129632,"content":129633},{"textAlign":49},[129634],{"text":129635,"type":599},"Despite upward trending coke demand and production costs during 2021, pressure from anode producers to lower their costs moderated the 2021 coke price increase, particularly for the less commonly used pitch needle cokes, forcing many pitch producers to halt production due to low profit margins. Downstream price pressure was exacerbated by a continuous shortage of graphitisation processing capacity from July 2021 onwards.",{"type":594,"attrs":129637,"content":129638},{"textAlign":49},[129639],{"text":129640,"type":599},"Consequently, anode producers faced a 60% y-t-d rise in graphitisation processing costs. As graphitisation costs comprise more than 40% of synthetic graphite anode production costs, this pushed anode companies to negotiate for moderate coke prices upstream and higher anode prices downstream.",{"type":594,"attrs":129642,"content":129643},{"textAlign":49},[129644],{"text":129645,"type":599},"Since graphitisation capacity remains in deficit towards the end of 2021, anode companies have accumulated unprocessed feedstock inventory, constraining the demand and price outlook for low-sulphur coke in the pre-Chinese New Year purchasing season from 2021-2022.","Given the structural oversupply that has existed in the graphite market since the market’s last price cycle in 2017/2018, flake graphite prices remained relatively flat during 2021 despite mounting demand from the anode industry, writes Benchmark analyst George Miller. Another driver behind stable pricing for graphite during 2021 was exceptionally high freight prices. With the […]",[129648],{"slug":544,"name":543,"content":129649},{"job_title":557,"image":129650,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"555ff5af-1b2e-44f9-b3e5-0ecc85ea3d91\", \"id\": \"\"}-->",[129653,129654],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":129656,"copyright":547,"fieldtype":553,"meta_data":129657,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/717e0d6d43/bm-shutterstock-19889378001.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 30, 2021",{"id":129660,"uuid":129661,"name":129662,"slug":129663,"full_slug":129664,"content":129665},112473111609035,"946ce762-2360-48b4-b58f-7c451037fd24","Tesla secures US graphite supplies with Syrah deal","tesla-secures-us-graphite-supplies-with-syrah-deal","article/tesla-secures-us-graphite-supplies-with-syrah-deal",{"_uid":129666,"date":129667,"tags":129668,"editor":129670,"content":129674,"excerpt":129761,"featured":50,"reporter":129762,"_editable":129766,"component":864,"seo_title":129662,"categories":129767,"visibility":882,"author_company":49,"featured_image":129770,"seo_description":129761,"author_full_name":49,"author_job_title":49,"formattedDate":129773},"2a0a53d4-97f4-4802-ba33-79366e211baa","2021-12-23 00:00",[129669],{"slug":1375,"name":1376},[129671],{"slug":544,"name":543,"content":129672},{"job_title":557,"image":129673,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":129675},[129676,129681,129686,129691,129696,129701,129714,129719,129724,129736,129741,129746,129751,129756],{"type":594,"attrs":129677,"content":129678},{"textAlign":49},[129679],{"text":129680,"type":599},"Tesla has agreed to buy natural graphite from Syrah Resources’ plant in the US, in a deal that will reduce its reliance on Chinese supply of the battery anode material.",{"type":594,"attrs":129682,"content":129683},{"textAlign":49},[129684],{"text":129685,"type":599},"The electric vehicle maker will buy 8,000 tonnes of graphite anode material from the company’s Vidalia processing facility in Louisiana for four years at a fixed price once it starts commercial production, Syrah Resources said.",{"type":594,"attrs":129687,"content":129688},{"textAlign":49},[129689],{"text":129690,"type":599},"The deal is the first public graphite supply deal between an automaker and graphite producer. It comes as Tesla scales up production of its own battery cells, which are set to be used in its electric vehicles next year.",{"type":594,"attrs":129692,"content":129693},{"textAlign":49},[129694],{"text":129695,"type":599},"The deal “changes the narrative” for graphite, according to Simon Moores, CEO of Benchmark, since it highlights that automakers are now concentrating on the raw material and not just lithium, nickel and cobalt.",{"type":594,"attrs":129697,"content":129698},{"textAlign":49},[129699],{"text":129700,"type":599},"Automakers are becoming increasingly aware of their complete reliance on China for supplies of graphite, which is needed for the anode in lithium ion batteries.",{"type":594,"attrs":129702,"content":129703},{"textAlign":49},[129704,129706,129712],{"text":129705,"type":599},"China mines 69% of the world’s natural flake graphite and dominates the next step in the value chain where it produces 100% of global spherical graphite production, according to",{"text":129707,"type":599,"marks":129708}," Benchmark’s Natural Flake Graphite Forecast",[129709],{"type":604,"attrs":129710},{"href":129711,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/#graphite",{"text":129713,"type":599},". The bulk of synthetic anode production is also located in China, where synthetic graphite is made using large amounts of coal-fired electricity.",{"type":657,"attrs":129715,"content":129716},{"level":15966,"textAlign":49},[129717],{"text":129718,"type":599},"Tesla told US it was not possible to secure graphite outside China",{"type":594,"attrs":129720,"content":129721},{"textAlign":49},[129722],{"text":129723,"type":599},"The current trend in the electric vehicle (EV) lithium ion market is a shift towards a blend of synthetic and natural graphite anodes to take advantage of their different properties.",{"type":594,"attrs":129725,"content":129726},{"textAlign":49},[129727,129729,129734],{"text":129728,"type":599},"Tesla and Korean battery producer SK Innovation ",{"text":129730,"type":599,"marks":129731},"told the US government recently that it was not possible to source both synthetic and natural graphite for batteries outside of China",[129732],{"type":604,"attrs":129733},{"href":128255,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":129735,"type":599},". The comments were made to the US Trade Representative, in support of contined tariff waviers on imports of graphite from China.",{"type":594,"attrs":129737,"content":129738},{"textAlign":49},[129739],{"text":129740,"type":599},"Syrah mines natural graphite at its Balama mine in Mozambique, and is looking to build a 10,000 tonne a year anode processing facility in Louisiana, which will produce battery anode. The company would be the only integrated anode producer outside of China if successful.",{"type":594,"attrs":129742,"content":129743},{"textAlign":49},[129744],{"text":129745,"type":599},"Tesla will buy “the majority” of the proposed initial production at Vidalia, Syrah said, subject to final qualification. Tesla also has the option to buy more graphite if Vidalia’s production exceeds 10,000 tonnes a year, it said.",{"type":594,"attrs":129747,"content":129748},{"textAlign":49},[129749],{"text":129750,"type":599},"“The agreement provides a compelling foundation to proceed with the initial expansion of Vidalia’s production capacity and Syrah plans to make a final investment decision for construction of this expanded facility in January 2022, subject to financing commitments,” it said.",{"type":594,"attrs":129752,"content":129753},{"textAlign":49},[129754],{"text":129755,"type":599},"Syrah said it was also engaging with other target customers to secure additional supply agreements for its Vidalia plant.",{"type":594,"attrs":129757,"content":129758},{"textAlign":49},[129759],{"text":129760,"type":599},"Shares of Syrah Resources were halted on the Australian Stock Exchange on Thursday.","Tesla has agreed to buy natural graphite from Syrah Resources’ plant in the US, in a deal that will reduce its reliance on Chinese supply of the battery anode material. The electric vehicle maker will buy 8,000 tonnes of graphite anode material from the company’s Vidalia processing facility in Louisiana for four years at a […]",[129763],{"slug":544,"name":543,"content":129764},{"job_title":557,"image":129765,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2a0a53d4-97f4-4802-ba33-79366e211baa\", \"id\": \"\"}-->",[129768,129769],{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":129771,"copyright":547,"fieldtype":553,"meta_data":129772,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/44dab72c61/bm-dsc-02621.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 23, 2021",{"id":129775,"uuid":129776,"name":129777,"slug":129778,"full_slug":129779,"content":129780},112473121447630,"50a83d44-a812-4d1f-a612-5bfda2d129e0","Northvolt moves upstream with Galp lithium hydroxide JV","northvolt-moves-upstream-with-galp-lithium-hydroxide-jv","article/northvolt-moves-upstream-with-galp-lithium-hydroxide-jv",{"_uid":129781,"date":129782,"tags":129783,"editor":129785,"content":129789,"excerpt":129917,"featured":50,"reporter":129918,"_editable":129922,"component":864,"seo_title":129777,"categories":129923,"visibility":882,"author_company":49,"featured_image":129926,"seo_description":129917,"author_full_name":49,"author_job_title":49,"formattedDate":129928},"0e5278b5-ca1c-480c-9e06-bf7440566c23","2021-12-14 00:00",[129784],{"slug":2790,"name":2791},[129786],{"slug":544,"name":543,"content":129787},{"job_title":557,"image":129788,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":129790},[129791,129796,129801,129806,129825,129837,129842,129847,129852,129864,129869,129874,129879,129884,129889,129894,129899,129904,129909,129914],{"type":594,"attrs":129792,"content":129793},{"textAlign":49},[129794],{"text":129795,"type":599},"Swedish battery startup Northvolt and oil company Galp have agreed to build a €700 million lithium hydroxide plant in Portugal, in a move that would increase Europe’s processing capacity and reduce the auto industry’s reliance on China.",{"type":594,"attrs":129797,"content":129798},{"textAlign":49},[129799],{"text":129800,"type":599},"The companies said the plant would have a capacity to produce up to 35,000 tonnes of battery grade lithium hydroxide a year, which would be enough for around 700,000 electric vehicles. It would start operations in 2026.",{"type":594,"attrs":129802,"content":129803},{"textAlign":49},[129804],{"text":129805,"type":599},"The world’s largest automakers and battery producers are increasingly making investments further upstream in the battery supply chain, as they look to secure supplies of battery materials in Europe and the US.",{"type":594,"attrs":129807,"content":129808},{"textAlign":49},[129809,129811,129817,129819,129824],{"text":129810,"type":599},"This month Volkswagen",{"text":129812,"type":599,"marks":129813}," announced an agreement with European cathode maker Umicore",[129814],{"type":604,"attrs":129815},{"href":129816,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/vw-boosts-europe-battery-supply-chain-with-umicore-jv",{"text":129818,"type":599}," to build a plant in Europe, while",{"text":129820,"type":599,"marks":129821}," General Motors announced a similar deal with South Korea’s Posco for the US",[129822],{"type":604,"attrs":129823},{"href":111038,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":129826,"content":129827},{"textAlign":49},[129828,129830,129835],{"text":129829,"type":599},"Tesla has",{"text":129831,"type":599,"marks":129832}," also said it will build a lithium hydroxide refinery operation",[129833],{"type":604,"attrs":129834},{"href":102198,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":129836,"type":599}," at the site of its new gigafactory in Texas.",{"type":657,"attrs":129838,"content":129839},{"level":15966,"textAlign":49},[129840],{"text":129841,"type":599},"China processes over 50% of the world’s lithium",{"type":594,"attrs":129843,"content":129844},{"textAlign":49},[129845],{"text":129846,"type":599},"China processes over 50% of the world’s lithium and Europe currently has no operational lithium processing plants, according to Benchmark.",{"type":594,"attrs":129848,"content":129849},{"textAlign":49},[129850],{"text":129851,"type":599},"Benchmark currently forecasts Europe may need to import 500,000 tonnes a year of lithium by 2030 to meet battery demand from the continent’s carmakers due to lack of domestic supply.",{"type":594,"attrs":129853,"content":129854},{"textAlign":49},[129855,129857,129862],{"text":129856,"type":599},"Northvolt, ",{"text":129858,"type":599,"marks":129859},"which is set to be a key supplier to Volkswagen",[129860],{"type":604,"attrs":129861},{"href":129816,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":129863,"type":599},", said it would agree to buy up to 50% of the lithium plant’s capacity for use in its battery manufacturing.",{"type":594,"attrs":129865,"content":129866},{"textAlign":49},[129867],{"text":129868,"type":599},"The two companies said they would also look at sourcing lithium from Spain and Portugal for the plant, in an effort to create a European supply chain of battery materials.",{"type":594,"attrs":129870,"content":129871},{"textAlign":49},[129872],{"text":129873,"type":599},"“The partners are confident that Iberia hosts resources which can be recovered with a low greenhouse gas emission footprint, using the highest standards for environment and human rights protection, in compliance with best industry practices and environmental policies, ensuring a long-term sustainable value for all stakeholders,” they said.",{"type":594,"attrs":129875,"content":129876},{"textAlign":49},[129877],{"text":129878,"type":599},"Northvolt said the plant would use a “proven conversion process,” and would be powered by renewable energy.",{"type":594,"attrs":129880,"content":129881},{"textAlign":49},[129882],{"text":129883,"type":599},"This week Australia’s Neometals said it had also agreed to build a 25,000 tonnes a year lithium hydroxide plant in Portugal with Portuguese chemical producer Bondalti Chemicals.",{"type":657,"attrs":129885,"content":129886},{"level":15966,"textAlign":49},[129887],{"text":129888,"type":599},"“It’s very hard for new [lithium] developers to make high purity chemicals,” Chris Reed, Neometals CEO.",{"type":594,"attrs":129890,"content":129891},{"textAlign":49},[129892],{"text":129893,"type":599},"Chris Reed, Neometals’s chief executive, said the company would use a unique processing technology that could convert lithium from brine produced in South America into battery materials for European carmakers.",{"type":594,"attrs":129895,"content":129896},{"textAlign":49},[129897],{"text":129898,"type":599},"Using electrolysis, which can be powered by renewable energy, Reed said the company’s ELi processing technology doesn’t require reagents such as soda ash and lime.",{"type":594,"attrs":129900,"content":129901},{"textAlign":49},[129902],{"text":129903,"type":599},"Reed said he expected that the supply of lithium mined in Australia and processed in China would peak this decade, meaning brine deposits would be needed to meet future European demand from electric vehicles.",{"type":594,"attrs":129905,"content":129906},{"textAlign":49},[129907],{"text":129908,"type":599},"“It’s very hard for new [lithium] developers to make high purity chemicals,” he said. “None of the brine producers have made a significant production contribution, it’s all come from the hard rock guys.”",{"type":594,"attrs":129910,"content":129911},{"textAlign":49},[129912],{"text":129913,"type":599},"Other companies including AMG, European Lithium, Keliber and Livista have also said they will build lithium processing capacity in Europe. Currently only three plants in Russia process lithium, according to Benchmark’s Lithium Forecast.",{"type":594,"attrs":129915,"content":129916},{"textAlign":49},[],"Swedish battery startup Northvolt and oil company Galp have agreed to build a €700 million lithium hydroxide plant in Portugal, in a move that would increase Europe’s processing capacity and reduce the auto industry’s reliance on China. The companies said the plant would have a capacity to produce up to 35,000 tonnes of battery grade […]",[129919],{"slug":544,"name":543,"content":129920},{"job_title":557,"image":129921,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0e5278b5-ca1c-480c-9e06-bf7440566c23\", \"id\": \"\"}-->",[129924,129925],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":125447,"copyright":547,"fieldtype":553,"meta_data":129927,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Dec 14, 2021",{"id":129930,"uuid":129931,"name":129932,"slug":129933,"full_slug":129934,"content":129935},112473136172754,"011788cb-db0c-4cd9-af8b-ea6907f284b9","Cobalt prices hit three year high as EV growth boosts demand","cobalt-prices-hit-three-year-high-as-ev-growth-boosts-demand","article/cobalt-prices-hit-three-year-high-as-ev-growth-boosts-demand",{"_uid":129936,"date":129937,"tags":129938,"editor":129940,"content":129944,"excerpt":130048,"featured":50,"reporter":130049,"_editable":130053,"component":864,"seo_title":129932,"categories":130054,"visibility":882,"author_company":49,"featured_image":130057,"seo_description":130048,"author_full_name":49,"author_job_title":49,"formattedDate":130059},"f2abe65c-e43c-41f4-b21f-46420c2e0419","2021-12-06 00:00",[129939],{"slug":581,"name":582},[129941],{"slug":544,"name":543,"content":129942},{"job_title":557,"image":129943,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":129945},[129946,129951,129962,129967,129972,129977,129982,129987,129992,130005,130008,130013,130018,130023,130028,130033,130038,130043],{"type":594,"attrs":129947,"content":129948},{"textAlign":49},[129949],{"text":129950,"type":599},"Cobalt metal prices are trading at their highest levels in three years, highlighting robust demand for the metal in electric vehicles despite the rise of alternative battery chemistries.",{"type":594,"attrs":129952,"content":129953},{"textAlign":49},[129954,129956,129961],{"text":129955,"type":599},"The price of cobalt metal rose by 10% in November, breaking through $30 per pound for the first time since the end of 2018, according to Benchmark’s Cobalt Price Assessment. They have risen by 92% ",{"text":110864,"type":599,"marks":129957},[129958],{"type":604,"attrs":129959},{"href":129960,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-starts-2021-with-a-bang-but-does-this-spell-the-end-of-low-prices-2",{"text":974,"type":599},{"type":594,"attrs":129963,"content":129964},{"textAlign":49},[129965],{"text":129966,"type":599},"Demand for cobalt  is set to grow at a 13% compound annual growth rate over the next ten years, as growth in electric vehicle sales outweighs the rise of lithium iron phosphate (LFP) batteries that don’t use the metal, Benchmark forecasts.",{"type":594,"attrs":129968,"content":129969},{"textAlign":49},[129970],{"text":129971,"type":599},"LFP batteries have been adopted by a number of global carmakers such as Tesla and Volkswagen since they are cheaper and safer. But their limited range means NCM (nickel cobalt manganese) battery cathodes are set to remain the dominant cathode technology outside of China for passenger electric vehicles (EV)  for the next ten years, according to Benchmark.",{"type":594,"attrs":129973,"content":129974},{"textAlign":49},[129975],{"text":129976,"type":599},"By 2030 LFP is set to account for around 18% of EV battery demand, according to Benchmark’s Lithium Ion Battery Database.",{"type":594,"attrs":129978,"content":129979},{"textAlign":49},[129980],{"text":129981,"type":599},"In a sign of the demand last month Chinese cobalt producer Huayou Cobalt signed a strategic cooperation agreement with cathode maker Ningbo Ronbay, to supply it with high nickel precursor material until 2030.",{"type":657,"attrs":129983,"content":129984},{"level":15966,"textAlign":49},[129985],{"text":129986,"type":599},"Battery producers in Europe and Japan buy cobalt metal",{"type":594,"attrs":129988,"content":129989},{"textAlign":49},[129990],{"text":129991,"type":599},"It is real demand driving cobalt prices this year rather than sentiment, as it was the last time cobalt prices rose, according to Caspar Rawles, chief data officer at Benchmark.",{"type":594,"attrs":129993,"content":129994},{"textAlign":49},[129995,129997,130003],{"text":129996,"type":599},"The last cobalt price spike, which came to a head in April 2018 when ",{"text":129998,"type":599,"marks":129999},"Benchmark’s average prices for cobalt metal reached $43.63/lb ($96,200/tonne)",[130000],{"type":604,"attrs":130001},{"href":130002,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/#cobalt",{"text":130004,"type":599},", was primarily driven by excitement about growing demand for the mineral from the EV sector.",{"type":594,"attrs":130006,"content":130007},{"textAlign":49},[],{"type":594,"attrs":130009,"content":130010},{"textAlign":49},[130011],{"text":130012,"type":599},"Battery producers in Europe and Japan have been buying cobalt metal this year, which has helped push up metal prices, according to Benchmark.",{"type":594,"attrs":130014,"content":130015},{"textAlign":49},[130016],{"text":130017,"type":599},"At the same time, there has been limited production of cobalt metal in China, as refiners have focused on producing cobalt sulphate after Covid-19 hit industrial demand for metal last year.",{"type":594,"attrs":130019,"content":130020},{"textAlign":49},[130021],{"text":130022,"type":599},"Traders are anticipating that stronger battery demand next year should start to push up prices for cobalt sulphate, the form used in batteries, however, Rawles said.",{"type":594,"attrs":130024,"content":130025},{"textAlign":49},[130026],{"text":130027,"type":599},"Cobalt sulphate prices increased by 2.3% on average in November, as prices tracked between RMB 88,000-92,000/tonne ($13,816-14,444) over the course of the month.",{"type":594,"attrs":130029,"content":130030},{"textAlign":49},[130031],{"text":130032,"type":599},"Over 70% of the world’s cobalt is produced in the Democratic Republic of Congo, where rising prices are leading to mine expansions, according to Benchmark’s Cobalt Forecast.",{"type":594,"attrs":130034,"content":130035},{"textAlign":49},[130036],{"text":130037,"type":599},"Glencore is in the process of restarting production at its Mutanda mine in the DRC, the world’s largest cobalt mine. The company said last week it expects the mine to produce around 10,000 tonnes a year of cobalt in the next few years.",{"type":594,"attrs":130039,"content":130040},{"textAlign":49},[130041],{"text":130042,"type":599},"Glencore’s overall cobalt production is set to grow from 38,000 tonnes to 50,000 tonnes a year, it said.",{"type":594,"attrs":130044,"content":130045},{"textAlign":49},[130046],{"text":130047,"type":599},"Sherritt International also said last month it would expand its mine in Cuba by between 15 to 20% to capitalise on rising demand for nickel and cobalt from the battery industry.","Cobalt metal prices are trading at their highest levels in three years, highlighting robust demand for the metal in electric vehicles despite the rise of alternative battery chemistries. The price of cobalt metal rose by 10% in November, breaking through $30 per pound for the first time since the end of 2018, according to Benchmark’s […]",[130050],{"slug":544,"name":543,"content":130051},{"job_title":557,"image":130052,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f2abe65c-e43c-41f4-b21f-46420c2e0419\", \"id\": \"\"}-->",[130055,130056],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":15252,"copyright":547,"fieldtype":553,"meta_data":130058,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Dec 06, 2021",{"id":130061,"uuid":130062,"name":130063,"slug":130064,"full_slug":130065,"content":130066},112473141055187,"66409369-1fdf-41b9-af0e-46c307a67139","GM steps up US battery supply chain plans with Posco cathode agreement","gm-steps-up-us-battery-supply-chain-plans-with-posco-cathode-agreement","article/gm-steps-up-us-battery-supply-chain-plans-with-posco-cathode-agreement",{"_uid":130067,"date":130068,"tags":130069,"editor":130073,"content":130077,"excerpt":130164,"featured":50,"reporter":130165,"_editable":130169,"component":864,"seo_title":130063,"categories":130170,"visibility":882,"author_company":49,"featured_image":130173,"seo_description":130164,"author_full_name":49,"author_job_title":49,"formattedDate":130176},"ef8c8a59-b772-4dee-a243-ebe09aa275a5","2021-12-02 00:00",[130070,130071,130072],{"slug":3114,"name":3115},{"slug":2787,"name":2788},{"slug":4369,"name":4370},[130074],{"slug":544,"name":543,"content":130075},{"job_title":557,"image":130076,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":130078},[130079,130084,130089,130094,130099,130104,130109,130114,130127,130139,130144,130149,130154,130159],{"type":594,"attrs":130080,"content":130081},{"textAlign":49},[130082],{"text":130083,"type":599},"General Motors and South Korea’s Posco said they will build a factory in North America to produce battery cathode materials for electric vehicle (EV) batteries, in the latest effort to build a regional supply chain.",{"type":594,"attrs":130085,"content":130086},{"textAlign":49},[130087],{"text":130088,"type":599},"The facility will open in 2024 and will supply GM’s Ultium battery cell factories in Ohio and Tennessee, which the automaker is building with LG Energy Solution, GM said.",{"type":594,"attrs":130090,"content":130091},{"textAlign":49},[130092],{"text":130093,"type":599},"The deal will boost North America’s supply of materials needed for EV batteries and reduce its reliance on production from Asia. The US is set to have 15% of global battery capacity by 2030, according to Benchmark Mineral’s Gigafactory Tracker, but has little of its own battery materials production.",{"type":594,"attrs":130095,"content":130096},{"textAlign":49},[130097],{"text":130098,"type":599},"Currently only Germany’s BASF produces battery cathode materials in the US, according to Benchmark’s Cathode Assessment, representing less than 1 % of global production.",{"type":594,"attrs":130100,"content":130101},{"textAlign":49},[130102],{"text":130103,"type":599},"GM is targeting producing more than 1 million electric vehicles a year by 2025 globally based on its Ultium cells, which use a nickel cobalt manganese aluminium (NCMA) chemistry. GM plans to build another two battery plants in the US by mid-decade.",{"type":594,"attrs":130105,"content":130106},{"textAlign":49},[130107],{"text":130108,"type":599},"Cathode production is critical for the development of the battery supply chain, since it accounts for around 40% of the cost of the battery cell. Controlling that capacity can help battery producers and car makers cut their costs of production.",{"type":657,"attrs":130110,"content":130111},{"level":15966,"textAlign":49},[130112],{"text":130113,"type":599},"Posco expands its battery influence",{"type":594,"attrs":130115,"content":130116},{"textAlign":49},[130117,130119,130125],{"text":130118,"type":599},"Posco, South Korea’s biggest steelmaker, ",{"text":130120,"type":599,"marks":130121},"is emerging as a key player in the battery supply chain",[130122],{"type":604,"attrs":130123},{"href":130124,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/posco-ramps-up-cathode-capacity-ambitions-to-meet-tier-1-battery-producer-demand",{"text":130126,"type":599},", by becoming vertically integrated from the mining of raw materials such as lithium and nickel to production of cathodes and anodes.",{"type":594,"attrs":130128,"content":130129},{"textAlign":49},[130130,130132,130137],{"text":130131,"type":599},"In May Posco ",{"text":130133,"type":599,"marks":130134},"acquired a 30% stake in First Quantum’s Ravensthorpe nickel mine in Western Australia for $240 million",[130135],{"type":604,"attrs":130136},{"href":78188,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":130138,"type":599},". In October Posco also agreed to build a 43,000 tonnes a year lithium hydroxide refinery in Gwanyang province in South Korea in a joint venture with Australia’s Pilbara Minerals. The plant will cost between $700 million to $750 million, Pilbara said.",{"type":594,"attrs":130140,"content":130141},{"textAlign":49},[130142],{"text":130143,"type":599},"“Our work with Posco Chemical is a key part of our strategy to rapidly scale U.S. EV production and drive innovation in battery performance, quality and cost,” Doug Parks, executive vice president at GM, said. “We are building a sustainable and resilient North America-focused supply chain for EVs covering the entire ecosystem from raw materials to battery cell manufacturing and recycling.”",{"type":594,"attrs":130145,"content":130146},{"textAlign":49},[130147],{"text":130148,"type":599},"The deal, however, is unlikely to displace China’s dominance in the cathode market. Global cathode production is set to exceed 1.25 million tonnes this year, with over 900,000 tonnes produced in China, according to Benchmark’s Cathode Assessment.",{"type":594,"attrs":130150,"content":130151},{"textAlign":49},[130152],{"text":130153,"type":599},"Posco is set to produce around 29,700 tonnes of cathode material this year, and has plans to expand its total production capacity to over 250,000 tonnes.",{"type":594,"attrs":130155,"content":130156},{"textAlign":49},[130157],{"text":130158,"type":599},"The Posco-GM plant could beat Tesla’s plan to build its own cathode capacity in-house. Tesla has said it will build a cathode processing plant in Texas, as part of its $1.1 billion Austin Gigafactory. Redwood Materials, which was founded by Tesla co-founder JB Straubel, has also said it will build a plant to produce anode copper foil and battery cathodes in the US.",{"type":594,"attrs":130160,"content":130161},{"textAlign":49},[130162],{"text":130163,"type":599},"GM and POSCO Chemical said they signed a non-binding term sheet to create the joint venture and said they “expect to execute definitive agreements soon.” The location of the plant has yet to be announced.","General Motors and South Korea’s Posco said they will build a factory in North America to produce battery cathode materials for electric vehicle (EV) batteries, in the latest effort to build a regional supply chain. The facility will open in 2024 and will supply GM’s Ultium battery cell factories in Ohio and Tennessee, which the […]",[130166],{"slug":544,"name":543,"content":130167},{"job_title":557,"image":130168,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ef8c8a59-b772-4dee-a243-ebe09aa275a5\", \"id\": \"\"}-->",[130171,130172],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":130174,"copyright":547,"fieldtype":553,"meta_data":130175,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a290976659/bm-gmbatteries051.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 02, 2021",{"id":130178,"uuid":130179,"name":130180,"slug":130181,"full_slug":130182,"content":130183},112473145786068,"410522e2-fc83-4440-af49-f2e7002a290b","Lithium prices to push up LFP electric vehicle battery costs by 16% in 2022","lithium-prices-to-push-up-lfp-electric-vehicle-batteries-by-16-in-2022","article/lithium-prices-to-push-up-lfp-electric-vehicle-batteries-by-16-in-2022",{"_uid":130184,"date":130185,"tags":130186,"editor":130188,"content":130192,"excerpt":130264,"featured":50,"reporter":130265,"_editable":130269,"component":864,"seo_title":130180,"categories":130270,"visibility":882,"author_company":49,"featured_image":130274,"seo_description":130264,"author_full_name":49,"author_job_title":49,"formattedDate":130276},"c719390d-135f-47e9-99fa-12ca2b63df77","2021-11-30 00:00",[130187],{"slug":7219,"name":451},[130189],{"slug":544,"name":543,"content":130190},{"job_title":557,"image":130191,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":130193},[130194,130199,130204,130209,130214,130219,130224,130229,130234,130239,130244,130249,130254,130259],{"type":594,"attrs":130195,"content":130196},{"textAlign":49},[130197],{"text":130198,"type":599},"The rise in lithium carbonate prices could increase production costs of lithium-iron phosphate (LFP) battery cells by at least 16%, Benchmark Mineral Intelligence analysis shows, adding further pressure to electric vehicle (EV) makers next year. ",{"type":594,"attrs":130200,"content":130201},{"textAlign":49},[130202],{"text":130203,"type":599},"Benchmark’s Chinese battery-grade lithium carbonate prices have risen by 346% this year, as sales of EVs in China have almost doubled from a year earlier and mined supply has struggled to keep pace. ",{"type":594,"attrs":130205,"content":130206},{"textAlign":49},[130207],{"text":130208,"type":599},"Automakers globally are bracing for the price hit on LFP cells – also known as iron-based batteries. The rise in lithium prices comes amid rising costs for other battery materials such as electrolyte, copper foil as well as binder material PVDF. ",{"type":594,"attrs":130210,"content":130211},{"textAlign":49},[130212],{"text":130213,"type":599},"Battery producers have begun to increase lithium ion cell prices Benchmark first reported last month. BYD, a leading producer of LFP batteries, reportedly raised its prices by 20% in November. ",{"type":594,"attrs":130215,"content":130216},{"textAlign":49},[130217],{"text":130218,"type":599},"Automakers are already grappling with a global shortage of semiconductors and an increase in the prices of industrial metals such as aluminium and copper.  ",{"type":594,"attrs":130220,"content":130221},{"textAlign":49},[130222],{"text":130223,"type":599},"“Prices of our key materials like aluminum, copper and also chips are increasing, and there will be pressures for our cost controlling,” Stanley Qu, senior vice president for finance at electric car startup Nio said this month. ",{"type":594,"attrs":130225,"content":130226},{"textAlign":49},[130227],{"text":130228,"type":599},"LFP batteries have become a key battery technology in China due to their lower cost and higher safety compared to nickel and cobalt (NCM) batteries. A total of 53.2 GWh of LFP batteries were installed in transport applications this year, compared to 54.1 GWh for NCM batteries, according to official data. ",{"type":594,"attrs":130230,"content":130231},{"textAlign":49},[130232],{"text":130233,"type":599},"China’s best-selling electric vehicle this year is the Hongguang Mini, which costs less than $5,000 for the shorter-range version. ",{"type":594,"attrs":130235,"content":130236},{"textAlign":49},[130237],{"text":130238,"type":599},"LFP is also becoming a key chemistry for large energy storage projects in China, a market that’s set to grow rapidly as the country increases installations of wind and solar power to meet its climate goals. ",{"type":657,"attrs":130240,"content":130241},{"level":15966,"textAlign":49},[130242],{"text":130243,"type":599},"Price rises prompt battery makers to look upstream",{"type":594,"attrs":130245,"content":130246},{"textAlign":49},[130247],{"text":130248,"type":599},"The price increases in lithium could prompt battery makers to take a more active role in securing supply. The world’s largest battery maker CATL said this year it would increase its investment in the upstream raw material supply chain. ",{"type":594,"attrs":130250,"content":130251},{"textAlign":49},[130252],{"text":130253,"type":599},"Last week CATL said it would set up a mining subsidiary in Yichun, in Jiangxi province, to extract lithium from local lepidolite rock. It also held discussions with Argentina’s state energy company YPF about lithium exploration in the country. ",{"type":594,"attrs":130255,"content":130256},{"textAlign":49},[130257],{"text":130258,"type":599},"CATL said its battery prices have fallen from 1.16 Rmb a watt-hour in 2018 ($180 a kWh) to 0.78 Rmb a watt-hour ($120 a kWh) in the first half of this year, according to its data. This includes both its LFP and high nickel technologies. ",{"type":594,"attrs":130260,"content":130261},{"textAlign":49},[130262],{"text":130263,"type":599},"While most battery and EV manufacturers have signed long-term lithium supply agreements, which protect them from near-term price rises, those are up for negotiation at the end of this year. Future contracts with lithium producers could include more frequent “price breaks” to reflect price increases, according to Benchmark. Contract renegotiations are heading towards quarterly or even monthly price breaks for a lot of the deals. ","The rise in lithium carbonate prices could increase production costs of lithium-iron phosphate (LFP) battery cells by at least 16%, Benchmark Mineral Intelligence analysis shows, adding further pressure to electric vehicle (EV) makers next year. Benchmark’s Chinese battery-grade lithium carbonate prices have risen by 346% this year, as sales of EVs in China have almost […]",[130266],{"slug":544,"name":543,"content":130267},{"job_title":557,"image":130268,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c719390d-135f-47e9-99fa-12ca2b63df77\", \"id\": \"\"}-->",[130271,130272,130273],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":121228,"copyright":547,"fieldtype":553,"meta_data":130275,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Nov 30, 2021",{"id":130278,"uuid":130279,"name":130280,"slug":130281,"full_slug":130282,"content":130283},112473155587798,"c2567932-aa1c-4e8f-a7a3-92ae4bc66132","Nissan bets on in-house solid-state battery for 2028","nissan-bets-on-in-house-solid-state-battery-for-2028","article/nissan-bets-on-in-house-solid-state-battery-for-2028",{"_uid":130284,"date":130285,"tags":130286,"editor":130288,"content":130292,"excerpt":130401,"featured":50,"reporter":130402,"_editable":130406,"component":864,"seo_title":130280,"categories":130407,"visibility":882,"author_company":49,"featured_image":130410,"seo_description":130401,"author_full_name":49,"author_job_title":49,"formattedDate":130413},"341869f5-4a2d-4728-94bf-0c23323890c3","2021-11-29 00:00",[130287],{"slug":37623,"name":37624},[130289],{"slug":544,"name":543,"content":130290},{"job_title":557,"image":130291,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":130293},[130294,130299,130304,130309,130314,130319,130324,130329,130340,130345,130350,130355,130360,130365,130376,130386,130391,130396],{"type":594,"attrs":130295,"content":130296},{"textAlign":49},[130297],{"text":130298,"type":599},"Nissan says it expects to have a solid-state battery in an electric vehicle (EV)  by 2028 as it targets 2 trillion yen ($18 billion) of spending on EVs over the next five years.",{"type":594,"attrs":130300,"content":130301},{"textAlign":49},[130302],{"text":130303,"type":599},"The Japanese automaker said that it would have a pilot plant in Yokohama to produce its in-house solid state batteries by 2024 and expects costs to reach as low as $65 a kilowatt-hour at the pack level.",{"type":594,"attrs":130305,"content":130306},{"textAlign":49},[130307],{"text":130308,"type":599},"“We all know that batteries will be the key to transition to full electrification,” Makoto Uchida, Nissan’s chief executive, said.",{"type":594,"attrs":130310,"content":130311},{"textAlign":49},[130312],{"text":130313,"type":599},"Nissan is the latest automaker betting on next generation solid state batteries this decade, which promise much greater driving range for the same sized battery.",{"type":594,"attrs":130315,"content":130316},{"textAlign":49},[130317],{"text":130318,"type":599},"Volkswagen and Toyota have both announced they hope to have commercial production of solid state batteries by 2025, while Stellantis is targeting 2026 and Honda by 2027.",{"type":594,"attrs":130320,"content":130321},{"textAlign":49},[130322],{"text":130323,"type":599},"“As far as we are aware, no solid state technology has entered formal automotive qualification,” Rory McNulty, an analyst at Benchmark Mineral Intelligence, said. “This would make 2025 a very ambitious timeline. It is likely that 2028 is more realistic.”",{"type":594,"attrs":130325,"content":130326},{"textAlign":49},[130327],{"text":130328,"type":599},"Solid state batteries replace a battery’s liquid electrolyte with a solid polymer or ceramic material that can conduct ions. A solid electrolyte makes it easier to use lithium metal as the anode, which increases the energy density of the battery by up to three times.",{"type":594,"attrs":130330,"content":130331},{"textAlign":49},[130332,130334,130339],{"text":130333,"type":599},"Lithium metal battery production capacity is set to reach 260 gigawatt-hours by 2030, based on the current pipeline, according to data from",{"text":130335,"type":599,"marks":130336}," Benchmark’s Solid-state Battery & Lithium Metal Anode Report",[130337],{"type":604,"attrs":130338},{"href":126457,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":130341,"content":130342},{"textAlign":49},[130343],{"text":130344,"type":599},"Unlike other carmakers, who have partnered with startups developing solid-state technology, Uchida said Nissan would spend 140 billion yen ($1.2 billion) designing the batteries in-house.",{"type":594,"attrs":130346,"content":130347},{"textAlign":49},[130348],{"text":130349,"type":599},"They would have double the energy density of current lithium ion batteries and charge in one third the time, he said.",{"type":594,"attrs":130351,"content":130352},{"textAlign":49},[130353],{"text":130354,"type":599},"“This will be a breakthrough and safe technology,” he said.",{"type":657,"attrs":130356,"content":130357},{"level":15966,"textAlign":49},[130358],{"text":130359,"type":599},"Benchmark predicts that solid state batteries will struggle to compete on costs",{"type":594,"attrs":130361,"content":130362},{"textAlign":49},[130363],{"text":130364,"type":599},"Nissan said that it expects solid state batteries to push the cost of battery packs down to $75 per kilowatt-hour by 2028. It aims to bring the costs down further to $65 a kWh to “achieve cost parity between EV and gasoline vehicles in the future.”",{"type":594,"attrs":130366,"content":130367},{"textAlign":49},[130368,130370,130375],{"text":130369,"type":599},"Still, Benchmark predicts that solid state batteries ",{"text":130371,"type":599,"marks":130372},"will struggle to compete on costs with current lithium-ion technologies by 2030",[130373],{"type":604,"attrs":130374},{"href":126457,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":130377,"content":130378},{"textAlign":49},[130379,130381],{"text":130380,"type":599},"In addition, while the costs of lithium ion batteries have consistently fallen, largely through economies of scale, battery makers are now more exposed to raw material prices.",{"text":130382,"type":599,"marks":130383}," This year lithium ion battery prices are rising for the first time due to higher lithium prices.",[130384],{"type":604,"attrs":130385},{"href":127107,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":130387,"content":130388},{"textAlign":49},[130389],{"text":130390,"type":599},"Nissan said it wants to build a “global battery supply system to meet growing customer vehicle demand and support the growing number of EVs in use.” The automaker is also working on cobalt-free batteries, Uchida said, without specifying the particular cathode chemistry.",{"type":594,"attrs":130392,"content":130393},{"textAlign":49},[130394],{"text":130395,"type":599},"Nissan sold its own battery business AESC to China’s Envision in 2018. Envision is building a battery gigafactory in Sunderland in the UK and the two companies have agreed to build a $460 million battery plant in Japan.",{"type":594,"attrs":130397,"content":130398},{"textAlign":49},[130399],{"text":130400,"type":599},"Nissan said it intends to increase global battery production capacity to 52 GWh by fiscal year 2026, and 130 GWh by fiscal year 2030.","Nissan says it expects to have a solid-state battery in an electric vehicle (EV) by 2028 as it targets 2 trillion yen ($18 billion) of spending on EVs over the next five years. The Japanese automaker said that it would have a pilot plant in Yokohama to produce its in-house solid state batteries by 2024 […]",[130403],{"slug":544,"name":543,"content":130404},{"job_title":557,"image":130405,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"341869f5-4a2d-4728-94bf-0c23323890c3\", \"id\": \"\"}-->",[130408,130409],{"slug":2499,"name":2500},{"slug":7030,"name":7031},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":130411,"copyright":547,"fieldtype":553,"meta_data":130412,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8bb17f4df6/bm-211129-00-017-1200x675-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 29, 2021",{"id":130415,"uuid":130416,"name":130417,"slug":130418,"full_slug":130419,"content":130420},112473165237976,"b5fcf4b7-f61a-4a58-ba50-31e6ce4ffdaf","Can solid-state batteries compete with traditional lithium ion on cost?","can-solid-state-batteries-compete-with-traditional-lithium-ion-on-cost","article/can-solid-state-batteries-compete-with-traditional-lithium-ion-on-cost",{"_uid":130421,"date":130422,"tags":130423,"editor":130424,"content":130428,"excerpt":130517,"featured":50,"reporter":130518,"_editable":130522,"component":864,"seo_title":130417,"categories":130523,"visibility":882,"author_company":49,"featured_image":130527,"seo_description":130517,"author_full_name":49,"author_job_title":49,"formattedDate":130530},"3ca8eca4-af87-4955-8092-5fa7ffe225c7","2021-11-19 00:00",[],[130425],{"slug":544,"name":543,"content":130426},{"job_title":557,"image":130427,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":130429},[130430,130435,130440,130445,130450,130455,130467,130472,130477,130482,130487,130492,130497,130502,130507,130512],{"type":594,"attrs":130431,"content":130432},{"textAlign":49},[130433],{"text":130434,"type":599},"Most electric vehicles (EV) are unlikely to use more powerful solid-state and lithium metal batteries this decade as the technology will struggle to compete on cost, according to Benchmark.",{"type":594,"attrs":130436,"content":130437},{"textAlign":49},[130438],{"text":130439,"type":599},"Lithium metal battery production capacity is set to reach 260 GWh by 2030, based on the current pipeline, as startups commercialise next generation technologies, according to data from Benchmark’s Solid-state Battery & Lithium Metal Anode Report. But that won’t be enough to push costs below conventional lithium ion batteries used in EVs.",{"type":594,"attrs":130441,"content":130442},{"textAlign":49},[130443],{"text":130444,"type":599},"“Unless solid-state can achieve cost parity, the promised benefits may not be sufficient for a technology shift in the mass-market electric vehicle segment,” according to the report.",{"type":594,"attrs":130446,"content":130447},{"textAlign":49},[130448],{"text":130449,"type":599},"A range of startups are racing to commercialise production of solid-state batteries and those that use a lithium metal anode, with the promise of more energy dense batteries that will allow cars to drive further on one charge.",{"type":594,"attrs":130451,"content":130452},{"textAlign":49},[130453],{"text":130454,"type":599},"The use of lithium metal at the battery anode instead of graphite can lead to a two to three times increase in battery energy density.",{"type":594,"attrs":130456,"content":130457},{"textAlign":49},[130458,130460,130466],{"text":130459,"type":599},"This month Singapore-based startup SES ",{"text":130461,"type":599,"marks":130462},"announced its first gigafactory for lithium metal batteries will be built in Shanghai in 2023",[130463],{"type":604,"attrs":130464},{"href":130465,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sess-shanghai-gigafactory-plan-underlines-lithium-metals-battery-future",{"text":974,"type":599},{"type":594,"attrs":130468,"content":130469},{"textAlign":49},[130470],{"text":130471,"type":599},"Silicon Valley-based QuantumScape, which is backed by Volkswagen, has said it would start commercial production of its anode-free solid state battery in 2025.",{"type":594,"attrs":130473,"content":130474},{"textAlign":49},[130475],{"text":130476,"type":599},"“Lithium metal really is the holy grail of anode materials. If we can successfully realise this technology, the implications for the batteries of the future are huge,” Rory McNulty, co-author of the report, said.",{"type":594,"attrs":130478,"content":130479},{"textAlign":49},[130480],{"text":130481,"type":599},"Yet scaling up production and supply chains will make it difficult to compete with current lithium ion batteries on cost, according to the report. The price of lithium ion cells has more than halved since 2014 as battery production has scaled up. Automakers will be hoping to further push down cell costs, but with raw material price rises and potential supply bottlenecks this is not guaranteed.",{"type":594,"attrs":130483,"content":130484},{"textAlign":49},[130485],{"text":130486,"type":599},"Despite the price pressures facing lithium ion cell production, solid-state and lithium metal batteries are still likely to be only used for performance electric vehicles before 2030, analyst Kieran O’Regan said.",{"type":594,"attrs":130488,"content":130489},{"textAlign":49},[130490],{"text":130491,"type":599},"“I don’t believe we will see solid state batteries that will compete at cost with lithium ion this decade,” he said.",{"type":594,"attrs":130493,"content":130494},{"textAlign":49},[130495],{"text":130496,"type":599},"The rise of solid-state batteries will also have an impact on global supply chains, according to the report. The use of solid electrolytes often involves rare earths such as lanthanum or rare materials such as zirconium, production of which will need to be scaled up.",{"type":594,"attrs":130498,"content":130499},{"textAlign":49},[130500],{"text":130501,"type":599},"In addition, lithium metal demand is expected to rise as solid state batteries come into production. By 2030, an additional 9,600 tonnes of battery quality lithium metal will be needed to produce anode materials.",{"type":594,"attrs":130503,"content":130504},{"textAlign":49},[130505],{"text":130506,"type":599},"Currently only China’s Ganfeng Lithium, has announced its decision to expand the capacity of lithium metal production by 7,000 tonnes.",{"type":594,"attrs":130508,"content":130509},{"textAlign":49},[130510],{"text":130511,"type":599},"Solid-state batteries are likely to be more sensitive to raw material prices than conventional lithium ion batteries, O’Regan said.",{"type":594,"attrs":130513,"content":130514},{"textAlign":49},[130515],{"text":130516,"type":599},"“For several technologies the bill of materials contributes more as a percentage of cost than traditional lithium ion,” he said. “Unless supply chains are localised and scaled up then solid state batteries will never be cost competitive but performance benefits will help electrify new segments.”","Most electric vehicles (EV) are unlikely to use more powerful solid-state and lithium metal batteries this decade as the technology will struggle to compete on cost, according to Benchmark. Lithium metal battery production capacity is set to reach 260 GWh by 2030, based on the current pipeline, as startups commercialise next generation technologies, according to […]",[130519],{"slug":544,"name":543,"content":130520},{"job_title":557,"image":130521,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3ca8eca4-af87-4955-8092-5fa7ffe225c7\", \"id\": \"\"}-->",[130524,130525,130526],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":130528,"copyright":547,"fieldtype":553,"meta_data":130529,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5b141411bc/bm-quantumscape-cell.png",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 19, 2021",{"id":130532,"uuid":130533,"name":130534,"slug":130535,"full_slug":130536,"content":130537},112473170091737,"1a631337-96e8-4c1d-bae0-26bcfc9097ba","Benchmark Week 2021 Online: Registration Open","benchmark-week-2021-online-registration-open","article/benchmark-week-2021-online-registration-open",{"_uid":130538,"date":130539,"tags":130540,"editor":130542,"content":130546,"excerpt":130759,"featured":50,"reporter":130760,"_editable":130764,"component":864,"seo_title":130534,"categories":130765,"visibility":2091,"author_company":49,"featured_image":130766,"seo_description":130759,"author_full_name":49,"author_job_title":49,"formattedDate":130769},"16e3227f-c168-4ef3-9627-a4e6fc281082","2021-11-17 00:00",[130541],{"slug":9655,"name":9656},[130543],{"slug":544,"name":543,"content":130544},{"job_title":557,"image":130545,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":130547},[130548,130561,130566,130571,130583,130595,130600,130609,130614,130624,130633,130637,130645,130650,130659,130663,130671,130680,130684,130692,130701,130705,130713,130718,130727,130731,130739,130747,130751],{"type":594,"attrs":130549,"content":130550},{"textAlign":49},[130551,130553,130559],{"text":130552,"type":599},"Registration for ",{"text":130554,"type":599,"marks":130555},"Benchmark Week 2021 Online",[130556],{"type":604,"attrs":130557},{"href":130558,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/benchmark-week-online-2021/",{"text":130560,"type":599}," is now open and all events are free to attend.",{"type":594,"attrs":130562,"content":130563},{"textAlign":49},[130564],{"text":130565,"type":599},"Experience three days of Benchmark’s world class lithium ion battery supply chain conferences, featuring the leading voices of the industry.",{"type":594,"attrs":130567,"content":130568},{"textAlign":49},[130569],{"text":130570,"type":599},"Running from 6-8 December, Benchmark Week 2021 has three back-to-back events: Graphite+Anodes 2021, Cathodes, 2021, and Battery Sustainability Summit 2021.",{"type":594,"attrs":130572,"content":130573},{"textAlign":49},[130574,130576,130581],{"text":130575,"type":599},"All sessions will be available for ",{"text":130577,"type":599,"marks":130578},"Benchmark Members",[130579],{"type":604,"attrs":130580},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":130582,"type":599}," to stream on demand through Benchmark Video.",{"type":594,"attrs":130584,"content":130585},{"textAlign":49},[130586,130588,130593],{"text":130587,"type":599},"Visit the ",{"text":130589,"type":599,"marks":130590},"Benchmark Week 2021 Online page",[130591],{"type":604,"attrs":130592},{"href":130558,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":130594,"type":599}," for the latest event information or sign up for each session below.",{"type":657,"attrs":130596,"content":130597},{"level":15966,"textAlign":49},[130598],{"text":130599,"type":599},"Graphite+Anodes 2021: Monday 6 December 2021",{"type":594,"attrs":130601,"content":130602},{"textAlign":49},[130603],{"text":130604,"type":599,"marks":130605},"8am (London) – Natural & Synthetic Graphite Outlook for 2022",[130606],{"type":604,"attrs":130607},{"href":130608,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://us02web.zoom.us/webinar/register/WN_BXnFDyCkQeKUZ9gLwQuzkQ",{"type":594,"attrs":130610,"content":130611},{"textAlign":49},[130612],{"text":130613,"type":599},"Featuring:",{"type":594,"attrs":130615,"content":130616},{"textAlign":49},[130617,130619,130623],{"text":130618,"type":599},"Register to attend ",{"text":6515,"type":599,"marks":130620},[130621],{"type":604,"attrs":130622},{"href":130608,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":130625,"content":130626},{"textAlign":49},[130627],{"text":130628,"type":599,"marks":130629},"3pm (London) – LifeCycle of a Graphite Anode – from mine to anode",[130630],{"type":604,"attrs":130631},{"href":130632,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://us02web.zoom.us/webinar/register/WN_ZdmjyBhtRMylfdDCSdu7kw",{"type":594,"attrs":130634,"content":130635},{"textAlign":49},[130636],{"text":130613,"type":599},{"type":594,"attrs":130638,"content":130639},{"textAlign":49},[130640,130641],{"text":130618,"type":599},{"text":6515,"type":599,"marks":130642},[130643],{"type":604,"attrs":130644},{"href":130632,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":130646,"content":130647},{"level":15966,"textAlign":49},[130648],{"text":130649,"type":599},"Cathodes 2021: Tuesday 7 December 2021",{"type":594,"attrs":130651,"content":130652},{"textAlign":49},[130653],{"text":130654,"type":599,"marks":130655},"8am (London) Building a cathode ecosystem (Australia / Asia / Europe)",[130656],{"type":604,"attrs":130657},{"href":130658,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://us02web.zoom.us/webinar/register/WN_c7IctW_wRkqCgnK-IGl_tg",{"type":594,"attrs":130660,"content":130661},{"textAlign":49},[130662],{"text":130613,"type":599},{"type":594,"attrs":130664,"content":130665},{"textAlign":49},[130666,130667],{"text":130618,"type":599},{"text":6515,"type":599,"marks":130668},[130669],{"type":604,"attrs":130670},{"href":130658,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":130672,"content":130673},{"textAlign":49},[130674],{"text":130675,"type":599,"marks":130676},"3pm (London) Building a cathode ecosystem (North America)",[130677],{"type":604,"attrs":130678},{"href":130679,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://us02web.zoom.us/webinar/register/WN_aq0iUwI4QIG1ASRhm6FYHg",{"type":594,"attrs":130681,"content":130682},{"textAlign":49},[130683],{"text":130613,"type":599},{"type":594,"attrs":130685,"content":130686},{"textAlign":49},[130687,130688],{"text":130618,"type":599},{"text":6515,"type":599,"marks":130689},[130690],{"type":604,"attrs":130691},{"href":130679,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":130693,"content":130694},{"textAlign":49},[130695],{"text":130696,"type":599,"marks":130697},"6pm (London) Battery raw materials boom: 21st century technologies and extraction for cathode raw material production",[130698],{"type":604,"attrs":130699},{"href":130700,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://us02web.zoom.us/webinar/register/WN_eauF_MmSRZmC8z6NudyHUw",{"type":594,"attrs":130702,"content":130703},{"textAlign":49},[130704],{"text":130613,"type":599},{"type":594,"attrs":130706,"content":130707},{"textAlign":49},[130708,130709],{"text":130618,"type":599},{"text":6515,"type":599,"marks":130710},[130711],{"type":604,"attrs":130712},{"href":130700,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":130714,"content":130715},{"level":15966,"textAlign":49},[130716],{"text":130717,"type":599},"Battery Sustainability Summit 2021: Wednesday 8 December 2021",{"type":594,"attrs":130719,"content":130720},{"textAlign":49},[130721],{"text":130722,"type":599,"marks":130723},"3pm (London) – Battery Recycling",[130724],{"type":604,"attrs":130725},{"href":130726,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://us02web.zoom.us/webinar/register/WN_rc29XDlFQNa_ZLaFpx6KbA",{"type":594,"attrs":130728,"content":130729},{"textAlign":49},[130730],{"text":130613,"type":599},{"type":594,"attrs":130732,"content":130733},{"textAlign":49},[130734,130735],{"text":130618,"type":599},{"text":6515,"type":599,"marks":130736},[130737],{"type":604,"attrs":130738},{"href":130726,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":130740,"content":130741},{"textAlign":49},[130742],{"text":130743,"type":599,"marks":130744},"Developing ESG for the lithium ion battery to EV supply chain",[130745],{"type":604,"attrs":130746},{"href":130726,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":130748,"content":130749},{"textAlign":49},[130750],{"text":130613,"type":599},{"type":594,"attrs":130752,"content":130753},{"textAlign":49},[130754,130755],{"text":130618,"type":599},{"text":6515,"type":599,"marks":130756},[130757],{"type":604,"attrs":130758},{"href":130726,"uuid":49,"anchor":49,"target":49,"linktype":607},"Registration for Benchmark Week 2021 Online is now open and all events are free to attend. Experience three days of Benchmark’s world class lithium ion battery supply chain conferences, featuring the leading voices of the industry. Running from 6-8 December, Benchmark Week 2021 has three back-to-back events: Graphite+Anodes 2021, Cathodes, 2021, and Battery Sustainability Summit […]",[130761],{"slug":544,"name":543,"content":130762},{"job_title":557,"image":130763,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"16e3227f-c168-4ef3-9627-a4e6fc281082\", \"id\": \"\"}-->",[],{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":130767,"copyright":547,"fieldtype":553,"meta_data":130768,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7dcfdbb5f5/bm-week-2021-online.png",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 17, 2021",{"id":130771,"uuid":130772,"name":130773,"slug":130774,"full_slug":130775,"content":130776},112473175191258,"d67bfdc9-5290-40f6-ba4d-384587754557","Beijing Easpring secures SK backing for Finland cathode expansion","beijing-easpring-secures-sk-backing-for-finland-cathode-expansion","article/beijing-easpring-secures-sk-backing-for-finland-cathode-expansion",{"_uid":130777,"date":130778,"tags":130779,"editor":130781,"content":130785,"excerpt":130887,"featured":50,"reporter":130888,"_editable":130892,"component":864,"seo_title":130773,"categories":130893,"visibility":882,"author_company":49,"featured_image":130896,"seo_description":130887,"author_full_name":49,"author_job_title":49,"formattedDate":130899},"1e509b37-eef5-4a4d-a8d2-dc923162a7a8","2021-11-15 00:00",[130780],{"slug":2790,"name":2791},[130782],{"slug":544,"name":543,"content":130783},{"job_title":557,"image":130784,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":130786},[130787,130792,130797,130809,130822,130827,130832,130837,130842,130847,130852,130857,130862,130867,130880],{"type":594,"attrs":130788,"content":130789},{"textAlign":49},[130790],{"text":130791,"type":599},"Chinese cathode maker Beijing Easpring Material Technology has secured the backing of South Korean conglomerate SK for its planned plant in Finland, as it looks to enter the European battery market.",{"type":594,"attrs":130793,"content":130794},{"textAlign":49},[130795],{"text":130796,"type":599},"Easpring, a supplier to other battery producers such as BYD, said SK would take an up to 30% stake in its Finland operations, as part of a strategic cooperation agreement.",{"type":594,"attrs":130798,"content":130799},{"textAlign":49},[130800,130802,130807],{"text":130801,"type":599},"The deal comes following the news ",{"text":130803,"type":599,"marks":130804},"that Johnson Matthey would exit the battery materials business in Europe",[130805],{"type":604,"attrs":130806},{"href":123460,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":130808,"type":599},", citing high competition and low margins.",{"type":594,"attrs":130810,"content":130811},{"textAlign":49},[130812,130814,130820],{"text":130813,"type":599},"An expansion into Europe by Easpring would put the Chinese company in direct competition with ",{"text":130815,"type":599,"marks":130816},"established players Umicore",[130817],{"type":604,"attrs":130818},{"href":130819,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/umicore-double-down-on-european-battery-supply-chain-kokkola-purchase-confirmed/",{"text":130821,"type":599}," and BASF, both of which have cathode facilities under construction in the region.",{"type":594,"attrs":130823,"content":130824},{"textAlign":49},[130825],{"text":130826,"type":599},"“Overseas markets will become the new growth engine of the global new energy vehicle industry in the future,” Easpring said.",{"type":594,"attrs":130828,"content":130829},{"textAlign":49},[130830],{"text":130831,"type":599},"Chinese companies such as Easpring have the capital as well as the access to raw materials such as nickel and cobalt to make cathodes cost competitively, Greg Miller, an analyst at Benchmark, said.",{"type":594,"attrs":130833,"content":130834},{"textAlign":49},[130835],{"text":130836,"type":599},"“It is signalling the fact the Chinese will be probably be the more competitive cathode producers even in Europe,” he said.",{"type":594,"attrs":130838,"content":130839},{"textAlign":49},[130840],{"text":130841,"type":599},"This month Easpring said it had held talks with state-owned Finnish Minerals Group to build a cathode plant in Kotka, Finland, with an initial capacity of 50,000 tonnes per year, which Benchmark estimates would equate to 32 GWh of lithium ion cells.",{"type":594,"attrs":130843,"content":130844},{"textAlign":49},[130845],{"text":130846,"type":599},"Easpring has 44,500 tonnes of annual cathode material production capacity, around 4% of total global capacity, according to Benchmark’s Cathode Assessment. But the company has plans to expand this by an additional 150,000 tonnes per year.",{"type":594,"attrs":130848,"content":130849},{"textAlign":49},[130850],{"text":130851,"type":599},"Easpring said SK would take a stake of no more than 30% in the Finnish operations, with the details to be confirmed by both parties later.",{"type":594,"attrs":130853,"content":130854},{"textAlign":49},[130855],{"text":130856,"type":599},"Easpring said the two companies would also target the South Korean and US markets. Easpring would hold 49% of a planned South Korean JV, with SK holding the remainder.",{"type":594,"attrs":130858,"content":130859},{"textAlign":49},[130860],{"text":130861,"type":599},"They would also also expand into the US market in the future either through the Korean JV or indirectly, Easpring said.",{"type":594,"attrs":130863,"content":130864},{"textAlign":49},[130865],{"text":130866,"type":599},"Battery producer SK Innovation, which is a subsidiary of SK, has 11 cell plants either in production or in development, according to data from Benchmark’s Lithium ion Battery Megafactory Assessment.",{"type":594,"attrs":130868,"content":130869},{"textAlign":49},[130870,130872,130878],{"text":130871,"type":599},"By 2025 ",{"text":130873,"type":599,"marks":130874},"SK Innovation is set to have a total lithium ion cell capacity",[130875],{"type":604,"attrs":130876},{"href":130877,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sk-innovation-confirms-second-us-megafactory-as-it-continues-its-expansions-outside-of-asia",{"text":130879,"type":599}," of 131.5 GWh. With 64% of this capacity located in Europe and North America, its deal with Easpring will go some way to meet its future cathode requirements.",{"type":594,"attrs":130881,"content":130882},{"textAlign":49},[130883],{"text":130884,"type":599,"marks":130885},"By Henry Sanderson",[130886],{"type":643},"Chinese cathode maker Beijing Easpring Material Technology has secured the backing of South Korean conglomerate SK for its planned plant in Finland, as it looks to enter the European battery market. Easpring, a supplier to other battery producers such as BYD, said SK would take an up to 30% stake in its Finland operations, as […]",[130889],{"slug":544,"name":543,"content":130890},{"job_title":557,"image":130891,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1e509b37-eef5-4a4d-a8d2-dc923162a7a8\", \"id\": \"\"}-->",[130894,130895],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":130897,"copyright":547,"fieldtype":553,"meta_data":130898,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b2bf4a06e2/bm-sk-innovation-megafactory.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 15, 2021",{"id":130901,"uuid":130902,"name":130903,"slug":130904,"full_slug":130905,"content":130906},112473179918143,"237b89f6-3b9f-4022-8d3a-01385b937246","Johnson Matthey exits battery materials business in blow to Europe","johnson-matthey-exits-battery-materials-business-in-blow-to-europe","article/johnson-matthey-exits-battery-materials-business-in-blow-to-europe",{"_uid":130907,"date":130908,"tags":130909,"editor":130912,"content":130916,"excerpt":131000,"featured":50,"reporter":131001,"_editable":131005,"component":864,"seo_title":130903,"categories":131006,"visibility":882,"author_company":49,"featured_image":131009,"seo_description":131000,"author_full_name":49,"author_job_title":49,"formattedDate":131012},"683ea55b-d4ed-406e-a695-fd0412bf6c03","2021-11-11 00:00",[130910,130911],{"slug":2790,"name":2791},{"slug":123414,"name":123415},[130913],{"slug":544,"name":543,"content":130914},{"job_title":557,"image":130915,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":130917},[130918,130923,130928,130933,130946,130951,130956,130969,130974,130979,130984,130989,130994],{"type":594,"attrs":130919,"content":130920},{"textAlign":49},[130921],{"text":130922,"type":599},"Johnson Matthey has decided to exit the battery materials business in a blow to Europe’s ambitions to build a homegrown supply chain for electric cars.",{"type":594,"attrs":130924,"content":130925},{"textAlign":49},[130926],{"text":130927,"type":599},"The UK company said that it had concluded the potential returns from the business would “not be adequate to justify further investment” due to intense competition.",{"type":594,"attrs":130929,"content":130930},{"textAlign":49},[130931],{"text":130932,"type":599},"The decision marks a setback to Europe’s attempt to build a homegrown battery supply chain to meet the demand of its largest carmakers such as Volkswagen and Mercedes-Benz who are spending billions to build electric cars.",{"type":594,"attrs":130934,"content":130935},{"textAlign":49},[130936,130938,130944],{"text":130937,"type":599},"Johnson Matthey had planned to build a factory in Poland to produce 10,000 tonnes a year of its proprietary ",{"text":130939,"type":599,"marks":130940},"high nickel low cobalt battery cathode",[130941],{"type":604,"attrs":130942},{"href":130943,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/johnson-matthey-secures-nickel-cobalt-and-lithium-for-growing-european-cathode-pipeline",{"text":130945,"type":599},". In April, Johnson Matthey had announced plans to build a second cathode in Vaasa, Finland, with a nameplate capacity of 30,000 tonnes.",{"type":657,"attrs":130947,"content":130948},{"level":15966,"textAlign":49},[130949],{"text":130950,"type":599},"A Low Margin Business",{"type":594,"attrs":130952,"content":130953},{"textAlign":49},[130954],{"text":130955,"type":599},"Johnson Matthey said last month that its “eLNO” battery material could store 20% more energy than rival nickel-manganese-cobalt (NCM) technologies while also operating safely.",{"type":594,"attrs":130957,"content":130958},{"textAlign":49},[130959,130961,130967],{"text":130960,"type":599},"But increased ",{"text":130962,"type":599,"marks":130963},"competition from larger rivals",[130964],{"type":604,"attrs":130965},{"href":130966,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-cathode-expansions-surge-as-producers-target-1-million-tpa-capacity",{"text":130968,"type":599}," had made cathode production a “high volume, commoditised market,” Johnson Matthey said.",{"type":594,"attrs":130970,"content":130971},{"textAlign":49},[130972],{"text":130973,"type":599},"“It’s a factor of the squeeze we see on cathode margins,” Caspar Rawles, chief data officer at Benchmark Mineral Intelligence, said. “It’s all about scale – it’s a very competitive business and margins are under constant pressure, to be in the game you need to develop huge scale really quickly.”",{"type":594,"attrs":130975,"content":130976},{"textAlign":49},[130977],{"text":130978,"type":599},"At 40,000 tonnes a year Johnson Matthey’s forecast European capacity in 2024 would equate to 15% of the continent’s Europe’s electric vehicle battery demand, according to data from Benchmark’s Cathode Market Assessment.",{"type":594,"attrs":130980,"content":130981},{"textAlign":49},[130982],{"text":130983,"type":599},"Johnson Matthey’s rivals in Europe include BASF and Belgium’s Umicore. This week Finnish Minerals Group said it was in talks with Beijing Easpring Material Technology to build a plant in Kotka, Finland with the initial capacity of 50,000 tonnes a year.",{"type":594,"attrs":130985,"content":130986},{"textAlign":49},[130987],{"text":130988,"type":599},"Johnson Matthey said on Thursday it would now seek to sell “all or parts” of the business, which has net assets of around £340 million and 430 employees.",{"type":594,"attrs":130990,"content":130991},{"textAlign":49},[130992],{"text":130993,"type":599},"“While the testing of our eLNO battery materials with customers is going well, the marketplace is rapidly evolving with increasing commoditisation and lower returns,” chief executive Robert MacLeod said. “We have concluded that we will not achieve the returns necessary to justify further investment.”",{"type":594,"attrs":130995,"content":130996},{"textAlign":49},[130997],{"text":130884,"type":599,"marks":130998},[130999],{"type":643},"Johnson Matthey has decided to exit the battery materials business in a blow to Europe’s ambitions to build a homegrown supply chain for electric cars. The UK company said that it had concluded the potential returns from the business would “not be adequate to justify further investment” due to intense competition. The decision marks a […]",[131002],{"slug":544,"name":543,"content":131003},{"job_title":557,"image":131004,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"683ea55b-d4ed-406e-a695-fd0412bf6c03\", \"id\": \"\"}-->",[131007,131008],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":131010,"copyright":547,"fieldtype":553,"meta_data":131011,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/62712a1782/bm-daimler-farasis-benchmark.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 11, 2021",{"id":131014,"uuid":131015,"name":131016,"slug":131017,"full_slug":131018,"content":131019},112473184866112,"6e78d963-4f5e-4985-afa5-754eb1abd67c","Can the auto industry meet ambitious COP26 pledges?","can-the-auto-industry-meet-ambitious-cop26-pledges","article/can-the-auto-industry-meet-ambitious-cop26-pledges",{"_uid":131020,"date":131021,"tags":131022,"editor":131028,"content":131032,"excerpt":131198,"featured":50,"reporter":131199,"_editable":131203,"component":864,"seo_title":131016,"categories":131204,"visibility":2091,"author_company":49,"featured_image":131206,"seo_description":131198,"author_full_name":49,"author_job_title":49,"formattedDate":131209},"20caef95-0e7b-4fe5-9035-2915d22cdc6c","2021-11-10 00:00",[131023,131024,131027],{"slug":125576,"name":125577},{"slug":131025,"name":131026},"cop","COP",{"slug":23760,"name":23761},[131029],{"slug":544,"name":543,"content":131030},{"job_title":557,"image":131031,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":131033},[131034,131039,131051,131056,131061,131074,131079,131084,131089,131094,131099,131112,131117,131122,131148,131153,131158,131163,131170,131175,131187],{"type":594,"attrs":131035,"content":131036},{"textAlign":49},[131037],{"text":131038,"type":599},"A declaration at the Glasgow climate conference that seeks to phase out sales of petrol and diesel vehicles by 2040 would mean more than a thirty-fold increase in annual electric vehicle battery demand and a substantial increase in raw material requirements, according to analysis by Benchmark Mineral Intelligence.",{"type":594,"attrs":131040,"content":131041},{"textAlign":49},[131042,131044,131049],{"text":131043,"type":599},"The signatories to the Glasgow declaration, which included General Motors, ",{"text":114025,"type":599,"marks":131045},[131046],{"type":604,"attrs":131047},{"href":131048,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/northvolt-volvo-battery-plant-increases-europes-pipeline-to-23-gigafactories",{"text":131050,"type":599},", Ford and Mercedes-Benz, said they would “work towards” all sales of new cars and vans being zero emission globally by 2040, and no later than 2035 in “leading markets.”",{"type":594,"attrs":131052,"content":131053},{"textAlign":49},[131054],{"text":131055,"type":599},"If the target is achieved globally it would mean a substantial increase in demand for battery raw materials such as lithium and nickel, according to Benchmark Mineral Intelligence.",{"type":594,"attrs":131057,"content":131058},{"textAlign":49},[131059],{"text":131060,"type":599},"Benchmark estimates that if all cars and vans sold in 2040 were electric it would represent almost 8,400 GWh of lithium ion battery demand. In reality, this target will be difficult to meet, with Benchmark already forecasting 6,200 GWh of battery demand from the entire electric vehicle market in 2040.",{"type":594,"attrs":131062,"content":131063},{"textAlign":49},[131064,131066,131072],{"text":131065,"type":599},"To meet the goals set out in the",{"text":131067,"type":599,"marks":131068}," COP26 Glasgow declaration",[131069],{"type":604,"attrs":131070},{"href":131071,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/what-is-on-the-agenda-for-cop26-and-what-does-it-mean-lithium-ion-batteries",{"text":131073,"type":599}," by 2040 would require over 7 million tonnes of lithium (LCE) annually, which is 17 times more than lithium chemical production in 2021, according to Benchmark’s Lithium Forecast.",{"type":594,"attrs":131075,"content":131076},{"textAlign":49},[131077],{"text":131078,"type":599},"It would also require over 5 million tonnes of nickel sulphate, which Benchmark’s Nickel Forecast shows is 19 times more than nickel sulphate production in 2021.",{"type":594,"attrs":131080,"content":131081},{"textAlign":49},[131082],{"text":131083,"type":599},"At the moment there is insufficient investment into raw material supply to meet battery demand in 2030 let alone 2040, Simon Moores, CEO of Benchmark Mineral Intelligence, said.",{"type":594,"attrs":131085,"content":131086},{"textAlign":49},[131087],{"text":131088,"type":599},"“Right now lithium demand is growing at three times the speed of lithium supply,” he said. “That’s a big problem that needs to be solved.”",{"type":594,"attrs":131090,"content":131091},{"textAlign":49},[131092],{"text":131093,"type":599},"While building a battery cell production facility can take two years, it takes a minimum of five years to bring on a new lithium mine.",{"type":594,"attrs":131095,"content":131096},{"textAlign":49},[131097],{"text":131098,"type":599},"In the declaration released on Wednesday the signatories to the Glasgow pledge, which included several car companies and 33 countries, said they would work to “overcome strategic, political, and technical barriers,” to accelerate the production of zero emission vehicles.",{"type":594,"attrs":131100,"content":131101},{"textAlign":49},[131102,131104,131110],{"text":131103,"type":599},"The other automakers to sign the pledge included ",{"text":131105,"type":599,"marks":131106},"China’s BYD",[131107],{"type":604,"attrs":131108},{"href":131109,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/byd-becomes-benchmarks-7th-tier-one-ev-battery-manufacturer-2nd-china-cell-maker",{"text":131111,"type":599}," and Jaguar Land Rover.",{"type":594,"attrs":131113,"content":131114},{"textAlign":49},[131115],{"text":131116,"type":599},"Cities including New York and states including California also pledged to convert their owned or leased car and van fleets to zero emission vehicles by 2035 “at the latest.”",{"type":594,"attrs":131118,"content":131119},{"textAlign":49},[131120],{"text":131121,"type":599},"However while large countries such as India signed the declaration, China, Japan and the US abstained.",{"type":594,"attrs":131123,"content":131124},{"textAlign":49},[131125,131127,131132,131134,131138,131140,131146],{"text":131126,"type":599},"Some of the world’s largest carmakers including ",{"text":20071,"type":599,"marks":131128},[131129],{"type":604,"attrs":131130},{"href":131131,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/vw-power-day-unwrapped-6-battery-plants-unified-cell-format-cathode-chemistry-roadmap-anode-materials-and-supply-chain-strategy",{"text":131133,"type":599},", Toyota and the ",{"text":37624,"type":599,"marks":131135},[131136],{"type":604,"attrs":131137},{"href":104857,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":131139,"type":599},"–",{"text":131141,"type":599,"marks":131142},"Renault",[131143],{"type":604,"attrs":131144},{"href":131145,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/renault-backs-ncm-cathodes-as-it-establishes-french-battery-cell-pipeline",{"text":131147,"type":599}," alliance, also did not sign the agreement.",{"type":594,"attrs":131149,"content":131150},{"textAlign":49},[131151],{"text":131152,"type":599},"This summer Volkswagen pledged that 50 per cent of its cars will be battery-electric by 2030 and 100% in “major markets” by 2040.",{"type":594,"attrs":131154,"content":131155},{"textAlign":49},[131156],{"text":131157,"type":599},"The Glasgow declaration “needs to be backed up with actual targets set down in law,” green group Transport & Environment (T&E) said in a statement.",{"type":594,"attrs":131159,"content":131160},{"textAlign":49},[131161],{"text":131162,"type":599},"“With China, the US, Germany and France absent, it will take more than a non-binding declaration to clean up the largest source of transport pollution,” T&E said.",{"type":594,"attrs":131164,"content":131165},{"textAlign":49},[131166],{"text":131167,"type":599,"marks":131168},"By Henry Sanderson and Robert Colbourn",[131169],{"type":643},{"type":657,"attrs":131171,"content":131172},{"level":15966,"textAlign":49},[131173],{"text":131174,"type":599},"Subscribe to Benchmark Membership today",{"type":594,"attrs":131176,"content":131177},{"textAlign":49},[131178,131180,131185],{"text":131179,"type":599},"This is a free ",{"text":127708,"type":599,"marks":131181},[131182],{"type":604,"attrs":131183},{"href":131184,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/membership-subscription",{"text":131186,"type":599}," article.",{"type":594,"attrs":131188,"content":131189},{"textAlign":49},[131190,131192,131196],{"text":131191,"type":599},"Not a subscriber? Fill in the ",{"text":86378,"type":599,"marks":131193},[131194],{"type":604,"attrs":131195},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":131197,"type":599}," to register your interest.","A declaration at the Glasgow climate conference that seeks to phase out sales of petrol and diesel vehicles by 2040 would mean more than a thirty-fold increase in annual electric vehicle battery demand and a substantial increase in raw material requirements, according to analysis by Benchmark Mineral Intelligence. The signatories to the Glasgow declaration, which […]",[131200],{"slug":544,"name":543,"content":131201},{"job_title":557,"image":131202,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"20caef95-0e7b-4fe5-9035-2915d22cdc6c\", \"id\": \"\"}-->",[131205],{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":131207,"copyright":547,"fieldtype":553,"meta_data":131208,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1d59911edc/bm-cop26-un.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 10, 2021",{"id":131211,"uuid":9275,"name":131212,"slug":131213,"full_slug":131214,"content":131215},112473189760833,"Lopal first Chinese company to build LFP battery cathode plant outside of China","lopal-first-chinese-company-to-build-lfp-battery-cathode-plant-outside-of-china","article/lopal-first-chinese-company-to-build-lfp-battery-cathode-plant-outside-of-china",{"_uid":131216,"date":131217,"tags":131218,"editor":131223,"content":131227,"excerpt":131311,"featured":50,"reporter":131312,"_editable":131316,"component":864,"seo_title":131212,"categories":131317,"visibility":882,"author_company":49,"featured_image":131320,"seo_description":131311,"author_full_name":49,"author_job_title":49,"formattedDate":131323},"61db34fb-ed37-4ba9-ac77-d98fc67e4757","2021-11-09 00:00",[131219,131220,131221,131222],{"slug":913,"name":914},{"slug":7997,"name":7998},{"slug":7219,"name":451},{"slug":41467,"name":33049},[131224],{"slug":544,"name":543,"content":131225},{"job_title":557,"image":131226,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":131228},[131229,131234,131239,131244,131257,131262,131267,131272,131277,131290,131295,131300,131305],{"type":594,"attrs":131230,"content":131231},{"textAlign":49},[131232],{"text":131233,"type":599},"China’s Lopal has become the first Chinese company to announce plans to produce iron-based cathode materials for lithium ion batteries outside of China, with a deal to construct a plant in Indonesia.",{"type":594,"attrs":131235,"content":131236},{"textAlign":49},[131237],{"text":131238,"type":599},"The investment is the first sign of China’s move to expand its dominance in cheaper lithium-iron phosphate (LFP) technologies outside of its borders as carmakers such as Tesla ramp up use of the batteries.",{"type":594,"attrs":131240,"content":131241},{"textAlign":49},[131242],{"text":131243,"type":599},"Nanjing-based Lopal said it would spend $235 million to build a 100,000 tonnes per year cathode plant in Indonesia’s Morowali Industrial Park in Sulawesi, which is emerging as a key battery materials cluster in South-East Asia.",{"type":594,"attrs":131245,"content":131246},{"textAlign":49},[131247,131249,131255],{"text":131248,"type":599},"The use of LFP batteries has surged in China this year, ",{"text":131250,"type":599,"marks":131251},"following their adoption by carmakers such as Tesla ",[131252],{"type":604,"attrs":131253},{"href":131254,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lfp-prismatic-cells-at-core-of-teslas-china-strategy",{"text":131256,"type":599},"and BYD. Tesla’s chief executive Elon Musk said this week that LFP will be used in all its medium range vehicles and for stationary storage while nickel cathodes will be reserved for long range vehicles.",{"type":594,"attrs":131258,"content":131259},{"textAlign":49},[131260],{"text":131261,"type":599},"LFP chemistries are set to account for 21.3% of global battery cell demand this year according to Benchmark’s Lithium ion Battery Database, encouraging further investment in LFP cathode capacity.",{"type":594,"attrs":131263,"content":131264},{"textAlign":49},[131265],{"text":131266,"type":599},"China accounts for almost all the world’s production of LFP batteries. But it could now expand this production expertise globally as the key global patents protecting the technology are set to expire this year and next.",{"type":594,"attrs":131268,"content":131269},{"textAlign":49},[131270],{"text":131271,"type":599},"The main LFP patents are owned by a consortium made up of Johnson Matthey, Hydro-Québec, Université de Montréal and the National Centre for Scientific Research (CNRS). Companies have to pay a license fee to the consortium to produce LFP batteries using the patented methods.",{"type":594,"attrs":131273,"content":131274},{"textAlign":49},[131275],{"text":131276,"type":599},"LFP-based batteries are cheaper than alternatives since they contain no cobalt or nickel. But the batteries store less energy per unit of weight, meaning cars using them generally have less range.",{"type":594,"attrs":131278,"content":131279},{"textAlign":49},[131280,131282,131288],{"text":131281,"type":599},"LFP’s renaissance has not been limited to its growing use in electric vehicles and it has benefited from the build out of energy storage systems (ESS) in China in the past year, particularly for ",{"text":131283,"type":599,"marks":131284},"5G base stations",[131285],{"type":604,"attrs":131286},{"href":131287,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/5g-technology-to-expand-lithium-ions-battery-empire",{"text":131289,"type":599},", which primarily use LFP batteries as backup power sources.",{"type":594,"attrs":131291,"content":131292},{"textAlign":49},[131293],{"text":131294,"type":599},"However, despite the overall momentum towards LFP, Benchmark still anticipates that the majority of passenger EVs deployed outside China will remain focused on nickel-based cathode technologies, due to the continued emphasis on energy density improvements.",{"type":594,"attrs":131296,"content":131297},{"textAlign":49},[131298],{"text":131299,"type":599},"Lopal, whose main products include lubricating oil, said its subsidiary will hold 70% of the joint venture, called PT. Lithium New Energy Technology Asia-Pacific. The remainder will be owned by a Singapore-based company Stellar Investment PTE, an investment company whose chairman is Li Ruiling.",{"type":594,"attrs":131301,"content":131302},{"textAlign":49},[131303],{"text":131304,"type":599},"Lopal bought some LFP cathode assets from Chinese battery materials producer BTR in April. Shenzhen-based BTR is still a producer of high nickel cathodes.",{"type":594,"attrs":131306,"content":131307},{"textAlign":49},[131308],{"text":130884,"type":599,"marks":131309},[131310],{"type":643},"China’s Lopal has become the first Chinese company to announce plans to produce iron-based cathode materials for lithium ion batteries outside of China, with a deal to construct a plant in Indonesia. The investment is the first sign of China’s move to expand its dominance in cheaper lithium-iron phosphate (LFP) technologies outside of its borders […]",[131313],{"slug":544,"name":543,"content":131314},{"job_title":557,"image":131315,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"61db34fb-ed37-4ba9-ac77-d98fc67e4757\", \"id\": \"\"}-->",[131318,131319],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":131321,"copyright":547,"fieldtype":553,"meta_data":131322,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cefc68f5b4/bm-morowali.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 09, 2021",{"id":131325,"uuid":131326,"name":131327,"slug":131328,"full_slug":131329,"content":131330},112473194458946,"e60d7a79-42c6-4fd3-8314-72edc5e34e16","China’s Tsingshan expands battery footprint with Eramet lithium deal","chinas-tsingshan-expands-battery-footprint-with-eramet-lithium-deal","article/chinas-tsingshan-expands-battery-footprint-with-eramet-lithium-deal",{"_uid":131331,"date":131332,"tags":131333,"editor":131336,"content":131340,"excerpt":131440,"featured":50,"reporter":131441,"_editable":131445,"component":864,"seo_title":131327,"categories":131446,"visibility":882,"author_company":49,"featured_image":131449,"seo_description":131440,"author_full_name":49,"author_job_title":49,"formattedDate":131452},"67313df7-db99-4094-a252-88706d54bfb5","2021-11-08 00:00",[131334,131335],{"slug":4357,"name":4358},{"slug":126313,"name":126314},[131337],{"slug":544,"name":543,"content":131338},{"job_title":557,"image":131339,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":131341},[131342,131347,131352,131359,131364,131384,131389,131394,131399,131411,131416,131425,131430,131435],{"type":594,"attrs":131343,"content":131344},{"textAlign":49},[131345],{"text":131346,"type":599},"China’s stainless steel giant Tsingshan has invested $375 million to build a lithium plant in Argentina with France’s Eramet, as it expands its presence in the battery supply chain.  ",{"type":594,"attrs":131348,"content":131349},{"textAlign":49},[131350],{"text":131351,"type":599},"The Wenzhou-based company, which is the world’s largest producer of stainless steel, will contribute the bulk of the funding to build the plant, which will supply 24,000 tonnes a year of lithium for batteries. ",{"type":594,"attrs":131353,"content":131354},{"textAlign":49},[131355,131357],{"text":131356,"type":599},"“We see it as an opportunity for Europe to secure tomorrow’s critical metals for the energy transition,” ",{"text":131358,"type":599},"Christel Bories, chief executive of Eramet, said. ",{"type":594,"attrs":131360,"content":131361},{"textAlign":49},[131362],{"text":131363,"type":599},"The deal is the latest expansion by Tsingshan in the battery supply chain as it looks to benefit from the growth in electric vehicles and clean energy. The company has said it wants to be completely vertically integrated all the way from the mine, through to battery materials, to final batteries and installation. ",{"type":594,"attrs":131365,"content":131366},{"textAlign":49},[131367,131369,131374,131376,131382],{"text":131368,"type":599},"Tsingshan dominates production of ",{"text":131370,"type":599,"marks":131371},"nickel and stainless steel in Indonesia",[131372],{"type":604,"attrs":131373},{"href":127312,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":131375,"type":599},", where it has built large operations on the island of Sulawesi. Through joint ventures with other Chinese companies, it is also investing in projects to ",{"text":131377,"type":599,"marks":131378},"produce nickel for batteries",[131379],{"type":604,"attrs":131380},{"href":131381,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-gem-looks-to-take-strategic-control-of-indonesian-nickel-cobalt-project",{"text":131383,"type":599}," as well as one plant to produce lithium carbonate and lithium hydroxide. ",{"type":594,"attrs":131385,"content":131386},{"textAlign":49},[131387],{"text":131388,"type":599},"Tsingshan also owns battery company Ruipu Energy and battery installer Fox Ess. According to Benchmark’s Lithium ion Battery Megafactory Assessment Ruipu Energy has 131 gigawatt-hours of battery cell production capacity across three production facilities in the pipeline for 2030, one of which is in production",{"type":594,"attrs":131390,"content":131391},{"textAlign":49},[131392],{"text":131393,"type":599},"Including its joint venture operations, Tsingshan is set to account for 1.2 million tonnes of nickel production by 2030, around one-fifth of the total market, according to Benchmark’s Nickel Forecast. A total of 250,000 tonnes of this is set to be nickel that will be used in the battery industry. ",{"type":594,"attrs":131395,"content":131396},{"textAlign":49},[131397],{"text":131398,"type":599},"Eramet said construction of the lithium plant in Argentina would start early next year with full production of 24,000 tonnes of battery grade lithium in the second half of 2025. It would generate earnings before interest, taxes, depreciation, and amortisation of $165 million a year, it said. ",{"type":594,"attrs":131400,"content":131401},{"textAlign":49},[131402,131404,131409],{"text":131403,"type":599},"Companies have invested over $1 billion in Argentinian lithium projects this year, which is set to ",{"text":131405,"type":599,"marks":131406},"significantly expand the country’s production",[131407],{"type":604,"attrs":131408},{"href":127152,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":131410,"type":599},". Argentina’s lithium output is set to rival Chile’s by the end of the decade, according to Benchmark’s Lithium Forecast. ",{"type":594,"attrs":131412,"content":131413},{"textAlign":49},[131414],{"text":131415,"type":599},"Eramet had previously mothballed the project in April 2020 due to the spread of Covid-19 around the world. It had already spent $185 million on the project up until then, it said. ",{"type":594,"attrs":131417,"content":131418},{"textAlign":49},[131419,131421,131423],{"text":131420,"type":599},"The plant will process brine from the ",{"text":131422,"type":599},"Centenario-Ratones ",{"text":131424,"type":599},"lithium concession in Salta province, which Eramet has rights over, into lithium carbonate. The company expects to expand the plant “quite soon after” 2025 into a second and third phase, Eramet said. ",{"type":594,"attrs":131426,"content":131427},{"textAlign":49},[131428],{"text":131429,"type":599},"The lithium market is set to remain in a deficit until 2030, Eramet said. Without sufficient investment Benchmark expects the lithium market’s deficit to continue through the 2020s and past 2030 when it forecasts a shortfall of almost 1 million tonnes lithium carbonate equivalent.",{"type":594,"attrs":131431,"content":131432},{"textAlign":49},[131433],{"text":131434,"type":599},"Eramet will control the project with a 50.1% stake, with Tsingshan owning the remainder. Lithium will be allocated to each company based on their respective shareholdings, it said. ",{"type":594,"attrs":131436,"content":131437},{"textAlign":49},[131438],{"text":131439,"type":599},"The plant will use a Direct Lithium Extraction process (DLE) developed in-house that could deliver yields of over 90%, Eramet said. The mine has an estimated life of 40 years, it said. DLE is a way to extract lithium from brine without the need for conventional evaporation ponds. ","China’s stainless steel giant Tsingshan has invested $375 million to build a lithium plant in Argentina with France’s Eramet, as it expands its presence in the battery supply chain. The Wenzhou-based company, which is the world’s largest producer of stainless steel, will contribute the bulk of the funding to build the plant, which will supply […]",[131442],{"slug":544,"name":543,"content":131443},{"job_title":557,"image":131444,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"67313df7-db99-4094-a252-88706d54bfb5\", \"id\": \"\"}-->",[131447,131448],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":131450,"copyright":547,"fieldtype":553,"meta_data":131451,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2093232fb4/bm-eramet-lithium-argentina-tsingshan.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 08, 2021",{"id":131454,"uuid":131455,"name":131456,"slug":131457,"full_slug":131458,"content":131459},112473199255363,"bb212559-a0e4-4206-8c0a-f7244f2a5f8c","Millennial Lithium bidding war shows scramble for Argentinian lithium","millennial-lithium-bidding-war-shows-scramble-for-argentinian-lithium","article/millennial-lithium-bidding-war-shows-scramble-for-argentinian-lithium",{"_uid":131460,"date":131461,"tags":131462,"editor":131465,"content":131469,"excerpt":131567,"featured":50,"reporter":131568,"_editable":131572,"component":864,"seo_title":131456,"categories":131573,"visibility":882,"author_company":49,"featured_image":131576,"seo_description":131567,"author_full_name":49,"author_job_title":49,"formattedDate":131579},"6a7e16c6-6cc0-46b7-8f7f-3a240af2592c","2021-11-05 00:00",[131463,131464],{"slug":4357,"name":4358},{"slug":578,"name":579},[131466],{"slug":544,"name":543,"content":131467},{"job_title":557,"image":131468,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":131470},[131471,131476,131481,131486,131491,131496,131501,131506,131511,131516,131521,131526,131531,131536,131541,131546,131551,131556,131561],{"type":594,"attrs":131472,"content":131473},{"textAlign":49},[131474],{"text":131475,"type":599},"A bidding war for the lithium producer Millennial Lithium is highlighting Argentina’s emergence as a key future supplier to the electric vehicle industry. ",{"type":594,"attrs":131477,"content":131478},{"textAlign":49},[131479],{"text":131480,"type":599},"Canadian miner Lithium Americas offered $400m this week in shares and cash for Vancouver-listed Millennial Lithium, the third offer for the company this year following one by China’s largest battery maker CATL and lithium producer Ganfeng Lithium. ",{"type":594,"attrs":131482,"content":131483},{"textAlign":49},[131484],{"text":131485,"type":599},"The deal comes amid a wave of investment in lithium assets in Argentina as the country looks set to produce almost as much lithium as its neighbor Chile by the end of the decade, according to Benchmark Mineral Intelligence’s Cameron Perks. ",{"type":594,"attrs":131487,"content":131488},{"textAlign":49},[131489],{"text":131490,"type":599},"Last month Chinese gold and copper miner Zijin Mining made a C$960 million all-cash offer to acquire Neo Lithium and its Tres Quebradas lithium project in Argentina, which is set to produce around 20,000 tonnes of lithium carbonate equivalent per year. ",{"type":594,"attrs":131492,"content":131493},{"textAlign":49},[131494],{"text":131495,"type":599},"Argentina could account for 14% of the global lithium market by 2031 from 8% today, almost equal to Chile’s share at 15%, according to Benchmark Mineral Intelligence’s Lithium Forecast.",{"type":594,"attrs":131497,"content":131498},{"textAlign":49},[131499],{"text":131500,"type":599},"The investment in Argentina comes despite an economic crisis in the country as the government grapples with annual inflation that is over 50%. ",{"type":594,"attrs":131502,"content":131503},{"textAlign":49},[131504],{"text":131505,"type":599},"Jon Evans, chief executive of Lithium Americas, said despite the macro economic uncertainties royalties for lithium exports in Argentina were still lower than in neighbouring Chile. In addition, Argentina’s provincial governments were supportive of the lithium industry as they are keen to get hold of foreign currency. ",{"type":594,"attrs":131507,"content":131508},{"textAlign":49},[131509],{"text":131510,"type":599},"“My belief is Argentina will be where the bulk of the investment goes because Chile is kind of a mess,” he said. “Argentina is open for business.” ",{"type":594,"attrs":131512,"content":131513},{"textAlign":49},[131514],{"text":131515,"type":599},"Renewed protests against the government in Chile this year have raised fears about politics in the country. Chile is in the process of rewriting its Pinochet-era constitution and will have an election on November 21. ",{"type":594,"attrs":131517,"content":131518},{"textAlign":49},[131519],{"text":131520,"type":599},"“There’s a lot happening in Chile,” Albemarle’s chief executive Jerry Masters said this week. “So there’s definitely political risk in Chile.”",{"type":594,"attrs":131522,"content":131523},{"textAlign":49},[131524],{"text":131525,"type":599},"Chile and Argentina produce lithium from brines that are extracted and evaporated using sunlight, a process that emits less carbon dioxide than lithium mined in Australia. ",{"type":594,"attrs":131527,"content":131528},{"textAlign":49},[131529],{"text":131530,"type":599},"Production of lithium in Chile accounts for 1.9 kilograms of CO2 equivalent per kilogram of lithium carbonate, compared to 13.3 kilograms of CO2 equivalent per kilogram of lithium hydroxide produced from Australian spodumene that is refined in China, according to Benchmark’s Lithium ESG report. ",{"type":594,"attrs":131532,"content":131533},{"textAlign":49},[131534],{"text":131535,"type":599},"Millennial Lithium’s Pastos Grandes project in Salta province is 100 kilometres from Lithium Americas’ Cauchari-Olaroz project, which the company is developing with Ganfeng Lithium. The chemistry of the two brine projects is similar, Evans said. ",{"type":594,"attrs":131537,"content":131538},{"textAlign":49},[131539],{"text":131540,"type":599},"Ganfeng, which also owns 12.5% of Lithium Americas, said this week it did not participate in board discussions regarding Lithium America’s bid for Millennial Lithium. Ganfeng has majority control of the Cauchari project with a 51% stake. ",{"type":594,"attrs":131542,"content":131543},{"textAlign":49},[131544],{"text":131545,"type":599},"Cauchari is set to come into production in the second half of next year. ",{"type":594,"attrs":131547,"content":131548},{"textAlign":49},[131549],{"text":131550,"type":599},"Lithium Americas said it would pay the $400m to Millennial shareholders mostly in shares of the company and the remainder in cash. Shares in Lithium Americas have risen by 158% this year, valuing the company at $3.53 billion. ",{"type":594,"attrs":131552,"content":131553},{"textAlign":49},[131554],{"text":131555,"type":599},"Based on the company’s closing price on October 29, 2021, Millennial shareholders would own around 9.9% of Lithium Americas.",{"type":594,"attrs":131557,"content":131558},{"textAlign":49},[131559],{"text":131560,"type":599},"Millennial Lithium has said CATL has until November 16 to make a higher offer for the company. The battery company has made a number of investments into the lithium space this year, investing a total of $250 million buying equity in lithium companies, according to Benchmark calculations. CATL was also a 8% shareholder in Neo Lithium prior to its takeover by Zijin.",{"type":594,"attrs":131562,"content":131563},{"textAlign":49},[131564],{"text":130884,"type":599,"marks":131565},[131566],{"type":643},"A bidding war for the lithium producer Millennial Lithium is highlighting Argentina’s emergence as a key future supplier to the electric vehicle industry. Canadian miner Lithium Americas offered $400m this week in shares and cash for Vancouver-listed Millennial Lithium, the third offer for the company this year following one by China’s largest battery maker CATL […]",[131569],{"slug":544,"name":543,"content":131570},{"job_title":557,"image":131571,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6a7e16c6-6cc0-46b7-8f7f-3a240af2592c\", \"id\": \"\"}-->",[131574,131575],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":131577,"copyright":547,"fieldtype":553,"meta_data":131578,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7da1373c25/bm-millenial-lithium.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 05, 2021",{"id":131581,"uuid":131582,"name":131583,"slug":131584,"full_slug":131585,"content":131586},112473214197574,"3c11518c-0cf7-4092-a617-aaf70d51914c","Henry Sanderson joins Benchmark from Financial Times","henry-sanderson-joins-benchmark-from-financial-times","article/henry-sanderson-joins-benchmark-from-financial-times",{"_uid":131587,"date":131588,"tags":131589,"editor":131591,"content":131595,"excerpt":131758,"featured":50,"reporter":131759,"_editable":131763,"component":864,"seo_title":131583,"categories":131764,"visibility":2091,"author_company":49,"featured_image":131765,"seo_description":131758,"author_full_name":49,"author_job_title":49,"formattedDate":131767},"aff408d2-3388-43a8-84fb-fdffb2c92ab3","2021-11-01 00:00",[131590],{"slug":9655,"name":9656},[131592],{"slug":544,"name":543,"content":131593},{"job_title":557,"image":131594,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":131596},[131597,131605,131610,131615,131622,131627,131632,131637,131642,131647,131652,131657,131662,131667,131672,131677,131682,131687,131692,131701,131708,131711,131716,131721,131726,131731,131736,131741,131746,131753],{"type":594,"attrs":131598,"content":131599},{"textAlign":49},[131600,131602,131603],{"text":131601,"type":599},"Benchmark Mineral Intelligence (",{"text":9653,"type":599},{"text":131604,"type":599},") is excited to confirm that Henry Sanderson has joined as Executive Editor of our Benchmark Membership division.",{"type":594,"attrs":131606,"content":131607},{"textAlign":49},[131608],{"text":131609,"type":599},"After serving for over seven years as Commodities Correspondent at the Financial Times, Henry will lead the expansion of our editorial team and creation of new compelling content that doubles down on our number one position in the lithium ion battery and electric vehicle supply chain. ",{"type":594,"attrs":131611,"content":131612},{"textAlign":49},[131613],{"text":131614,"type":599},"He will work with Robert Colbourn, Publisher of Benchmark Membership, on developing an entirely new product for 2022 which will, for the first time, expand our coverage into new supply chains that are critical to the energy transition. ",{"type":594,"attrs":131616,"content":131617},{"textAlign":49},[131618],{"type":1186,"attrs":131619},{"id":49,"alt":547,"src":131620,"title":49,"source":49,"copyright":49,"meta_data":131621},"https://a.storyblok.com/f/287943243085208/47313192d2/bm-henry-sanderson.jpg",{},{"type":594,"attrs":131623,"content":131624},{"textAlign":49},[131625],{"text":131626,"type":599},"Henry Sanderson, Benchmark Membership’s new Executive Editor",{"type":657,"attrs":131628,"content":131629},{"level":985,"textAlign":49},[131630],{"text":131631,"type":599},"Simon Moores, Benchmark’s CEO said: ",{"type":594,"attrs":131633,"content":131634},{"textAlign":49},[131635],{"text":131636,"type":599},"“Having Henry join our rapidly growing team is a real delight. ",{"type":594,"attrs":131638,"content":131639},{"textAlign":49},[131640],{"text":131641,"type":599},"“Henry is a world class operator who is respected industry-wide for the quality of his work, work ethic and independent approach to creating content that influences the biggest decisions.",{"type":594,"attrs":131643,"content":131644},{"textAlign":49},[131645],{"text":131646,"type":599},"“He has led the Financial Times on the lithium ion battery and electric vehicle thematic since the start and guided its global readership on what it really means for the raw materials fuelling this energy storage revolution. ",{"type":594,"attrs":131648,"content":131649},{"textAlign":49},[131650],{"text":131651,"type":599},"“Most of all, I am excited to see Henry expand our editorial team and take Benchmark into new supply chains, and do so with the class and calmness of character that is so revered by industry colleagues. ",{"type":594,"attrs":131653,"content":131654},{"textAlign":49},[131655],{"text":131656,"type":599},"“On a professional and a personal level, it is a joy to see Henry join Team Benchmark.” ",{"type":657,"attrs":131658,"content":131659},{"level":985,"textAlign":49},[131660],{"text":131661,"type":599},"Henry Sanderson, Executive Editor at Benchmark Membership said: ",{"type":594,"attrs":131663,"content":131664},{"textAlign":49},[131665],{"text":131666,"type":599},"“The urgent need to reduce carbon emissions and limit the impact of climate change will require a large-scale shift away from fossil fuels. ",{"type":594,"attrs":131668,"content":131669},{"textAlign":49},[131670],{"text":131671,"type":599},"“This means a rapid scale-up of key technologies such as batteries, solar and wind. ",{"type":594,"attrs":131673,"content":131674},{"textAlign":49},[131675],{"text":131676,"type":599},"“This will in turn require growth of their supply chains needing new mines, new companies and new approaches, and new leaders. ",{"type":594,"attrs":131678,"content":131679},{"textAlign":49},[131680],{"text":131681,"type":599},"“Benchmark has led the way in pricing and analysing these key supply chains and the raw materials needed, uncovering data and insights that did not exist anywhere in the world. ",{"type":594,"attrs":131683,"content":131684},{"textAlign":49},[131685],{"text":131686,"type":599},"“Benchmark is the gold standard for actionable intelligence on clean energy supply chains. I’m delighted to be joining the team.”",{"type":594,"attrs":131688,"content":131689},{"textAlign":49},[131690],{"text":131691,"type":599},"Follow Henry on Twitter ",{"type":594,"attrs":131693,"content":131694},{"textAlign":49},[131695],{"text":131696,"type":599,"marks":131697},"Tweets by hjesanderson",[131698],{"type":604,"attrs":131699},{"href":131700,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://twitter.com/hjesanderson?ref_src=twsrc%5Etfw",{"type":594,"attrs":131702,"content":131703},{"textAlign":49},[131704,131706],{"text":131705,"type":599},"Contact Henry by email:",{"text":131707,"type":599}," hsanderson@benchmarkminerals.com ",{"type":594,"attrs":131709,"content":131710},{"textAlign":49},[],{"type":657,"attrs":131712,"content":131713},{"level":985,"textAlign":49},[131714],{"text":131715,"type":599},"Robert Colbourn, Publisher of Benchmark Membership explained: ",{"type":594,"attrs":131717,"content":131718},{"textAlign":49},[131719],{"text":131720,"type":599},"“Henry adds a new anchor to our Benchmark Membership division as we create new, compelling and unique content on the lithium ion and electric vehicle supply chain. ",{"type":594,"attrs":131722,"content":131723},{"textAlign":49},[131724],{"text":131725,"type":599},"“In his role as Executive Editor, Henry will oversee the growth of Benchmark’s editorial team, which will continue to produce industry-leading news analysis, commentary, and the biggest interviews.",{"type":594,"attrs":131727,"content":131728},{"textAlign":49},[131729],{"text":131730,"type":599},"“In 2022, Henry will be pivotal to the launch of a new Benchmark Membership product which will see us expand into new supply chains that are driving the energy transition. ",{"type":594,"attrs":131732,"content":131733},{"textAlign":49},[131734],{"text":131735,"type":599},"“The way we present information will also evolve. ",{"type":594,"attrs":131737,"content":131738},{"textAlign":49},[131739],{"text":131740,"type":599},"“Subscribers can look forward to data visualisations, on site video interviews, and much more creative content all focused on delivering the most crucial information in the most effective ways for the biggest business and policy decisions.”",{"type":594,"attrs":131742,"content":131743},{"textAlign":49},[131744],{"text":131745,"type":599},"———-",{"type":594,"attrs":131747,"content":131748},{"textAlign":49},[131749],{"text":131750,"type":599,"marks":131751},"Benchmark Membership is recruiting for Assistant Editors to support the growth in our Benchmark Membership division. If you are interested, email your CV to Robert Colbourn at rcolbourn@benchmarkminerals.com  ",[131752],{"type":643},{"type":657,"attrs":131754,"content":131755},{"level":985,"textAlign":49},[131756],{"text":131757,"type":599},"More developments at Benchmark","Benchmark Mineral Intelligence (Benchmark) is excited to confirm that Henry Sanderson has joined as Executive Editor of our Benchmark Membership division. After serving for over seven years as Commodities Correspondent at the Financial Times, Henry will lead the expansion of our editorial team and creation of new compelling content that doubles down on our number […]",[131760],{"slug":544,"name":543,"content":131761},{"job_title":557,"image":131762,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"aff408d2-3388-43a8-84fb-fdffb2c92ab3\", \"id\": \"\"}-->",[],{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":131620,"copyright":547,"fieldtype":553,"meta_data":131766,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Nov 01, 2021",{"id":131769,"uuid":131770,"name":131771,"slug":131772,"full_slug":131773,"content":131774},112473209032517,"a4381322-434b-45f8-9241-95471e229972","Tesla signs three year lithium supply deal with China’s Ganfeng Lithium","tesla-signs-three-year-lithium-supply-deal-with-chinas-ganfeng-lithium","article/tesla-signs-three-year-lithium-supply-deal-with-chinas-ganfeng-lithium",{"_uid":131775,"date":131588,"tags":131776,"editor":131778,"content":131782,"excerpt":131857,"featured":50,"reporter":131858,"_editable":131862,"component":864,"seo_title":131771,"categories":131863,"visibility":882,"author_company":49,"featured_image":131866,"seo_description":131857,"author_full_name":49,"author_job_title":49,"formattedDate":131767},"45ab8bb8-ffdb-4465-a69f-37aaf5da858d",[131777],{"slug":913,"name":914},[131779],{"slug":544,"name":543,"content":131780},{"job_title":557,"image":131781,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":131783},[131784,131789,131794,131799,131804,131811,131816,131821,131826,131831,131836,131841,131846,131851],{"type":594,"attrs":131785,"content":131786},{"textAlign":49},[131787],{"text":131788,"type":599},"Tesla has signed a three-year deal to buy lithium from Ganfeng Lithium, as it secures supplies of the battery raw material following a rapid rise in prices this year. ",{"type":594,"attrs":131790,"content":131791},{"textAlign":49},[131792],{"text":131793,"type":599},"The agreement for battery grade lithium hydroxide will start at the beginning of next year, Ganfeng said, without giving further details. ",{"type":594,"attrs":131795,"content":131796},{"textAlign":49},[131797],{"text":131798,"type":599},"“The actual purchasing quantity and sales amount will depend on the purchasing orders placed by Tesla,” Ganfeng said. ",{"type":594,"attrs":131800,"content":131801},{"textAlign":49},[131802],{"text":131803,"type":599},"The deal comes following a 91 per cent increase in lithium hydroxide CIF Asia prices this year to $19,250 a tonne, according to Benchmark’s Lithium Price Assessment. Rising lithium prices are adding additional costs to carmakers, who are already dealing with higher shipping, logistics and steel prices. ",{"type":594,"attrs":131805,"content":131806},{"textAlign":49},[131807],{"type":1186,"attrs":131808},{"id":49,"alt":547,"src":131809,"title":49,"source":49,"copyright":49,"meta_data":131810},"https://a.storyblok.com/f/287943243085208/ee35d3d1da/bm-benchmark-visit-tesla-gigafactory-1.jpg",{},{"type":594,"attrs":131812,"content":131813},{"textAlign":49},[131814],{"text":131815,"type":599},"Tesla’s Gigafactory 1 in Sparks, Nevada",{"type":594,"attrs":131817,"content":131818},{"textAlign":49},[131819],{"text":131820,"type":599},"Tesla is preparing to roll out use of its homegrown 4680 battery cell next year, with a target to produce up to 100 gigawatt-hours of its own batteries by 2022. Benchmark forecasts  Tesla will have nearly 400 GWh of in-house cell capacity by 2030.  ",{"type":594,"attrs":131822,"content":131823},{"textAlign":49},[131824],{"text":131825,"type":599},"Caspar Rawles, chief data officer at Benchmark, said the deal with Ganfeng highlights Tesla’s commitment to more powerful high battery cells, which use lithium hydroxide, for its cars in North America and Europe. ",{"type":594,"attrs":131827,"content":131828},{"textAlign":49},[131829],{"text":131830,"type":599},"“It underscores Tesla’s long-term commitment to high nickel cathodes,” Rawles said.",{"type":594,"attrs":131832,"content":131833},{"textAlign":49},[131834],{"text":131835,"type":599},"Tesla said last month it will switch to using Chinese-made LFP (lithium-iron phosphate) cathodes for all its standard-range Model 3 and Model Y cars globally, which use no cobalt or nickel and use lithium carbonate instead. ",{"type":594,"attrs":131837,"content":131838},{"textAlign":49},[131839],{"text":131840,"type":599},"Shares in Ganfeng have risen by 65 per cent year-to-date on the Shenzhen stock exchange, giving the company a valuation of $35bn, making it the largest listed lithium company. ",{"type":594,"attrs":131842,"content":131843},{"textAlign":49},[131844],{"text":131845,"type":599},"The company reported a more than five-fold increase in net income in the third quarter to 1.1bn Rmb. Ganfeng said in June it was investing in a plant in central Jiangxi province to produce up to 50,000 tonnes of lithium carbonate equivalent a year. ",{"type":594,"attrs":131847,"content":131848},{"textAlign":49},[131849],{"text":131850,"type":599},"“This signing of this contract helps strengthen the long-term and stable relationship between Ganfeng and Tesla,” Ganfeng said in a Shenzhen stock exchange announcement.",{"type":594,"attrs":131852,"content":131853},{"textAlign":49},[131854],{"text":130884,"type":599,"marks":131855},[131856],{"type":643},"Tesla has signed a three-year deal to buy lithium from Ganfeng Lithium, as it secures supplies of the battery raw material following a rapid rise in prices this year. The agreement for battery grade lithium hydroxide will start at the beginning of next year, Ganfeng said, without giving further details. “The actual purchasing quantity and […]",[131859],{"slug":544,"name":543,"content":131860},{"job_title":557,"image":131861,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"45ab8bb8-ffdb-4465-a69f-37aaf5da858d\", \"id\": \"\"}-->",[131864,131865],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":21141,"copyright":547,"fieldtype":553,"meta_data":131867,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":131869,"uuid":131870,"name":131871,"slug":131872,"full_slug":131873,"content":131874},112473219686215,"9c984407-9874-4599-a220-fad4f25c720a","Project Skyfall ushers in new era for Benchmark: Restructure, Expand, Evolve","project-skyfall-ushers-in-new-era-for-benchmark-restructure-expand-evolve","article/project-skyfall-ushers-in-new-era-for-benchmark-restructure-expand-evolve",{"_uid":131875,"date":131876,"tags":131877,"editor":131879,"content":131883,"excerpt":132247,"featured":50,"reporter":132248,"_editable":132252,"component":864,"seo_title":131871,"categories":132253,"visibility":2091,"author_company":49,"featured_image":132254,"seo_description":132247,"author_full_name":49,"author_job_title":49,"formattedDate":132257},"56edf7f2-a7ea-44c0-9e94-805112ad75de","2021-10-31 00:00",[131878],{"slug":9655,"name":9656},[131880],{"slug":544,"name":543,"content":131881},{"job_title":557,"image":131882,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":131884},[131885,131891,131899,131904,131909,131914,131919,131928,131933,131938,131943,131955,131960,131965,131970,131973,131978,131986,131994,132002,132019,132026,132029,132034,132046,132051,132056,132069,132076,132081,132090,132095,132102,132107,132112,132115,132120,132126,132132,132137,132142,132147,132152,132158,132165,132170,132177,132184,132189,132195,132202,132207,132213,132219,132224,132233,132238],{"type":657,"attrs":131886,"content":131887},{"level":985,"textAlign":49},[131888,131889],{"text":9653,"type":599},{"text":131890,"type":599}," is entering a new era. Simon Moores, our CEO, outlines the next chapter in the Benchmark story…  ",{"type":594,"attrs":131892,"content":131893},{"textAlign":49},[131894,131896,131897],{"text":131895,"type":599},"Project Skyfall has been initiated and it is our most significant evolutionary step since we established ",{"text":7249,"type":599},{"text":131898,"type":599},"in 2014.",{"type":594,"attrs":131900,"content":131901},{"textAlign":49},[131902],{"text":131903,"type":599},"We have built the world’s leading independent Price Reporting Agency (PRA), data and intelligence provider for the lithium ion battery and electric vehicle supply chain.",{"type":594,"attrs":131905,"content":131906},{"textAlign":49},[131907],{"text":131908,"type":599},"Seven years in, we are just getting started.",{"type":594,"attrs":131910,"content":131911},{"textAlign":49},[131912],{"text":131913,"type":599},"For our achievements to date, I am forever grateful to all of our customers, team members and the global community both in person and online.",{"type":594,"attrs":131915,"content":131916},{"textAlign":49},[131917],{"text":131918,"type":599},"But what worked for the past doesn’t necessarily suit the future. Therefore, we have chosen to evolve with the needs of our industry and business and face the future with fresh eyes.",{"type":594,"attrs":131920,"content":131921},{"textAlign":49},[131922,131924,131926],{"text":131923,"type":599},"As a result,",{"text":131925,"type":599}," Benchmark",{"text":131927,"type":599}," has now restructured with new layers of management and new team members bolstering our five divisions of:",{"type":594,"attrs":131929,"content":131930},{"textAlign":49},[131931],{"text":131932,"type":599},"We are expanding into new services, entering new supply chains, and will establish anchor offices in London and New York. ",{"type":594,"attrs":131934,"content":131935},{"textAlign":49},[131936],{"text":131937,"type":599},"This will complement our global hub offices in many cities around the world for a team that is presently over 50-strong, located across 4 continents and growing quicker than ever.",{"type":594,"attrs":131939,"content":131940},{"textAlign":49},[131941],{"text":131942,"type":599},"This restructuring follows a year that has seen our most significant growth since our inception.",{"type":594,"attrs":131944,"content":131945},{"textAlign":49},[131946,131948,131953],{"text":131947,"type":599},"In just the past 12 months, Team Benchmark has excelled in improving existing services such as: taking our Lithium Price Assessments to twice monthly, launching new products like our ",{"text":131949,"type":599,"marks":131950},"Lithium ESG service",[131951],{"type":604,"attrs":131952},{"href":129064,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":131954,"type":599},", and welcoming new team members on a regular basis. ",{"type":594,"attrs":131956,"content":131957},{"textAlign":49},[131958],{"text":131959,"type":599},"However, our greatest challenges are not external but from within.",{"type":594,"attrs":131961,"content":131962},{"textAlign":49},[131963],{"text":131964,"type":599},"How do we scale while keeping the essence of what makes us Benchmark?",{"type":594,"attrs":131966,"content":131967},{"textAlign":49},[131968],{"text":131969,"type":599},"As a response, we initiated Project Skyfall. ",{"type":594,"attrs":131971,"content":131972},{"textAlign":49},[],{"type":657,"attrs":131974,"content":131975},{"level":985,"textAlign":49},[131976],{"text":131977,"type":599},"What is Project Skyfall?",{"type":594,"attrs":131979,"content":131980},{"textAlign":49},[131981,131983,131984],{"text":131982,"type":599},"Project Skyfall is the next phase in ",{"text":9653,"type":599},{"text":131985,"type":599},"’s hyper-growth story. ",{"type":594,"attrs":131987,"content":131988},{"textAlign":49},[131989,131991,131992],{"text":131990,"type":599},"Between 2014 and 2021, ",{"text":9653,"type":599},{"text":131993,"type":599}," expanded horizontally by adding new divisions which allowed us to launch new products, and expand sales and marketing and internal company functions. ",{"type":594,"attrs":131995,"content":131996},{"textAlign":49},[131997,131999,132000],{"text":131998,"type":599},"Project Skyfall creates a new company structure by expanding vertically for the first time, adding new layers of governance, experience and resources to ensure the ",{"text":9653,"type":599},{"text":132001,"type":599}," story continues to grow and evolve with the pace of the low carbon energy revolution. ",{"type":594,"attrs":132003,"content":132004},{"textAlign":49},[132005,132007,132009,132011,132013,132015,132017],{"text":132006,"type":599},"Creating new tiers of management allows us to grow each division through the three avenues: ",{"text":132008,"type":599},"expanding ",{"text":132010,"type":599},"sales and marketing capacity, ",{"text":132012,"type":599},"launching ",{"text":132014,"type":599},"new services, and ",{"text":132016,"type":599},"innovating",{"text":132018,"type":599}," existing products.",{"type":594,"attrs":132020,"content":132021},{"textAlign":49},[132022],{"text":132023,"type":599,"marks":132024},"Do you want to join Team Benchmark? Email us at careers@benchmarkminerals.com ",[132025],{"type":643},{"type":594,"attrs":132027,"content":132028},{"textAlign":49},[],{"type":657,"attrs":132030,"content":132031},{"level":985,"textAlign":49},[132032],{"text":132033,"type":599},"DIVISIONAL EVOLUTION ",{"type":594,"attrs":132035,"content":132036},{"textAlign":49},[132037,132038,132040,132042,132044],{"text":9653,"type":599},{"text":132039,"type":599},"’s",{"text":132041,"type":599}," PRA & Data ",{"text":132043,"type":599},"Division",{"text":132045,"type":599}," will be buoyed by the introduction of an experienced management role of Head of PRA to double down on our number one industry position in pricing the lithium ion battery supply chain and key raw materials of lithium, nickel, cobalt and graphite. ",{"type":594,"attrs":132047,"content":132048},{"textAlign":49},[132049],{"text":132050,"type":599},"The role will not only manage the day to day operations of our PRA and data collection process, but seek ways to innovate our existing reference and benchmark pricing for our rapidly growing base of customers as well as significantly expanding the team.",{"type":594,"attrs":132052,"content":132053},{"textAlign":49},[132054],{"text":132055,"type":599},"We will also be increasing our offering of new prices for existing services and launching new products in line with industry demand. ",{"type":594,"attrs":132057,"content":132058},{"textAlign":49},[132059,132061,132067],{"text":132060,"type":599},"We will be working with strategic partners to increase the accessibility and application of our industry prices and data, such as our ",{"text":132062,"type":599,"marks":132063},"recent collaboration with The Wall Street Journal",[132064],{"type":604,"attrs":132065},{"href":132066,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-introduces-battery-ev-metals-prices-to-the-wall-street-journal",{"text":132068,"type":599}," (Dow Jones). ",{"type":594,"attrs":132070,"content":132071},{"textAlign":49},[132072,132074],{"text":132073,"type":599},"Membership",{"text":132075,"type":599},", our entry level product that introduces a wide variety of clients to the lithium ion battery supply chain, will expand and evolve to cover more supply chains and industries in innovative ways. ",{"type":594,"attrs":132077,"content":132078},{"textAlign":49},[132079],{"text":132080,"type":599},"This includes the introduction of an Executive Editor and a number of new Assistant Editors to create original content for our subscribers. ",{"type":594,"attrs":132082,"content":132083},{"textAlign":49},[132084,132086,132088],{"text":132085,"type":599},"Our",{"text":132087,"type":599}," Forecasts and Consultancy Division ",{"text":132089,"type":599},"will now be overseen by three new management team members – Director of Forecasts & Consultancy, Head of Forecasts and Head of Consultancy – allowing us to scale with quality and develop multiple aspects of our regular and bespoke offerings. ",{"type":594,"attrs":132091,"content":132092},{"textAlign":49},[132093],{"text":132094,"type":599},"This division guides a wide variety of electric vehicle supply chain participants from OEMs to battery makers, governments to miners and chemical producers, in making multi-million and multi-billion dollar investment decisions.",{"type":594,"attrs":132096,"content":132097},{"textAlign":49},[132098],{"text":132099,"type":599,"marks":132100},"If you are interested in joining our Forecasting & Consultancy division: email forecasts@benchmarkminerals.com   ",[132101],{"type":643},{"type":657,"attrs":132103,"content":132104},{"level":985,"textAlign":49},[132105],{"text":132106,"type":599},"12 new subscriptions in 2022  ",{"type":594,"attrs":132108,"content":132109},{"textAlign":49},[132110],{"text":132111,"type":599},"We will continue to launch new Price Assessments, Market Data Assessments, new services such as our ESG subscription offerings (which has begun with Benchmark’s ESG Lithium report), and 12 new subscription offerings arriving in 2022. ",{"type":657,"attrs":132113,"content":132114},{"level":985,"textAlign":49},[],{"type":657,"attrs":132116,"content":132117},{"level":985,"textAlign":49},[132118],{"text":132119,"type":599},"New Events Division",{"type":594,"attrs":132121,"content":132122},{"textAlign":49},[132123,132124],{"text":9653,"type":599},{"text":132125,"type":599},"’s new chapter will also include the creation of an Events Division. ",{"type":594,"attrs":132127,"content":132128},{"textAlign":49},[132129,132130],{"text":9653,"type":599},{"text":132131,"type":599},"’s events have been a global centre-point for industry education, networking and deal-making since our inception. ",{"type":594,"attrs":132133,"content":132134},{"textAlign":49},[132135],{"text":132136,"type":599},"From the Benchmark World Tour through to Benchmark Week and our latest series of Battery Megafactories conferences, this new division will provide a base of global, regional and online events for all stakeholders, building on our traditions of connecting everyone. ",{"type":657,"attrs":132138,"content":132139},{"level":985,"textAlign":49},[132140],{"text":132141,"type":599},"What active subscription services does Benchmark have?",{"type":594,"attrs":132143,"content":132144},{"textAlign":49},[132145],{"text":132146,"type":599},"With our rapid growth, it is understandable that keeping track of everything we do is difficult. Below is a list of all active subscriptions. ",{"type":657,"attrs":132148,"content":132149},{"level":15966,"textAlign":49},[132150],{"text":132151,"type":599},"Price Assessments ",{"type":594,"attrs":132153,"content":132154},{"textAlign":49},[132155,132156],{"text":132043,"type":599},{"text":132157,"type":599},": PRA & Data",{"type":594,"attrs":132159,"content":132160},{"textAlign":49},[132161,132163],{"text":132162,"type":599},"Synopsis",{"text":132164,"type":599},": Monthly and twice monthly detailed assessments of sensitive market prices used in and to negotiate supply chain contracts; coupled with world class, independent analysis of global supply and demand",{"type":657,"attrs":132166,"content":132167},{"level":15966,"textAlign":49},[132168],{"text":132169,"type":599},"Market Data Assessments ",{"type":594,"attrs":132171,"content":132172},{"textAlign":49},[132173,132175],{"text":132174,"type":599},"Division:",{"text":132176,"type":599}," PRA & Data",{"type":594,"attrs":132178,"content":132179},{"textAlign":49},[132180,132182],{"text":132181,"type":599},"Synopsis:",{"text":132183,"type":599}," Monthly and twice monthly detailed assessments of sensitive market data such as supply and demand, and plant production and capacities.",{"type":657,"attrs":132185,"content":132186},{"level":15966,"textAlign":49},[132187],{"text":132188,"type":599},"Forecasts ",{"type":594,"attrs":132190,"content":132191},{"textAlign":49},[132192,132193],{"text":132043,"type":599},{"text":132194,"type":599},": Forecasts",{"type":594,"attrs":132196,"content":132197},{"textAlign":49},[132198,132200],{"text":132199,"type":599},"Synopsis: ",{"text":132201,"type":599},"The most detailed supply, demand and capacity databases together with quarterly analysis of the global market place",{"type":657,"attrs":132203,"content":132204},{"level":15966,"textAlign":49},[132205],{"text":132206,"type":599},"Independent Verifications / Benchmark ESG ",{"type":594,"attrs":132208,"content":132209},{"textAlign":49},[132210,132211],{"text":132043,"type":599},{"text":132212,"type":599},": Benchmark ESG",{"type":594,"attrs":132214,"content":132215},{"textAlign":49},[132216,132217],{"text":132199,"type":599},{"text":132218,"type":599},"Environmental, Social and Governance ratings and analysis for each raw material industry",{"type":657,"attrs":132220,"content":132221},{"level":985,"textAlign":49},[132222],{"text":132223,"type":599},"Subscribe or trial today",{"type":594,"attrs":132225,"content":132226},{"textAlign":49},[132227,132229],{"text":132228,"type":599},"Fill out this ",{"text":110919,"type":599,"marks":132230},[132231],{"type":604,"attrs":132232},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":132234,"content":132235},{"level":985,"textAlign":49},[132236],{"text":132237,"type":599},"Would you like to join Team Benchmark?",{"type":594,"attrs":132239,"content":132240},{"textAlign":49},[132241,132243],{"text":132242,"type":599},"Feel free to contact our management team at ",{"text":98825,"type":599,"marks":132244},[132245],{"type":604,"attrs":132246},{"href":98829,"uuid":49,"anchor":49,"target":49,"linktype":607},"Benchmark is entering a new era. Simon Moores, our CEO, outlines the next chapter in the Benchmark story… Project Skyfall has been initiated and it is our most significant evolutionary step since we established Benchmark in 2014. We have built the world’s leading independent Price Reporting Agency (PRA), data and intelligence provider for the lithium […]",[132249],{"slug":544,"name":543,"content":132250},{"job_title":557,"image":132251,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"56edf7f2-a7ea-44c0-9e94-805112ad75de\", \"id\": \"\"}-->",[],{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":132255,"copyright":547,"fieldtype":553,"meta_data":132256,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6df872c616/bm-benchmark-20-project-skyfall.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 31, 2021",{"id":132259,"uuid":132260,"name":132261,"slug":132262,"full_slug":132263,"content":132264},112473230843721,"9c45dca4-06b9-4f5f-b14f-1b3acc7df7c4","What is on the agenda for this year’s COP and what does it mean for the lithium ion battery supply chain?","what-is-on-the-agenda-for-cop26-and-what-does-it-mean-lithium-ion-batteries","article/what-is-on-the-agenda-for-cop26-and-what-does-it-mean-lithium-ion-batteries",{"_uid":132265,"date":132266,"tags":132267,"editor":132269,"content":132273,"excerpt":132383,"featured":50,"reporter":132384,"_editable":132388,"component":864,"seo_title":132261,"categories":132389,"visibility":2091,"author_company":49,"featured_image":132391,"seo_description":132383,"author_full_name":49,"author_job_title":49,"formattedDate":132394},"59249a6d-a6bd-4376-b963-43429bb9e900","2021-10-29 00:00",[132268],{"slug":125576,"name":125577},[132270],{"slug":544,"name":543,"content":132271},{"job_title":557,"image":132272,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":132274},[132275,132280,132285,132290,132295,132300,132305,132310,132322,132327,132338,132343,132348,132358,132363,132368,132373,132378],{"type":594,"attrs":132276,"content":132277},{"textAlign":49},[132278],{"text":132279,"type":599},"The countdown is almost over for the much-awaited COP26 which is being held in Glasgow over the first two weeks of November. The international event, which attracts over 190 world leaders, was postponed like so many other events last year due to Covid.",{"type":594,"attrs":132281,"content":132282},{"textAlign":49},[132283],{"text":132284,"type":599},"With climate change and the reversal of biodiversity loss at the heart of the multilateral agenda, does this COP have more urgency than most?",{"type":594,"attrs":132286,"content":132287},{"textAlign":49},[132288],{"text":132289,"type":599},"It has been 6 years since the breakthrough COP21 in Paris where countries signed up to establishing their individual pledges in the form of nationally determined contributions (NDCs) for reducing GHG emissions. It is now, at COP26, where countries will return with their national plans in place. The sum of these NDCs should add up to the level of decarbonisation needed globally. Looking at the published NDCs so far, there is a gap in ambition which must be bridged in Glasgow. As stated by COP26 President, Alok Sharma, in UNESCO speech, “Paris promised. Glasgow must deliver”.",{"type":594,"attrs":132291,"content":132292},{"textAlign":49},[132293],{"text":132294,"type":599},"At COP25 in Madrid 2019, world leaders failed to reach consensus, and its results have been cited as being “disappoint[ing]” by UN secretary general António Guterres, who said the “international community lost an important opportunity to show increased ambition on mitigation, adaptation & finance to tackle the climate crisis”. In the same way that Paris (COP21) redeemed some of the mistakes of Copenhagen (COP15), Glasgow needs to do the same.",{"type":594,"attrs":132296,"content":132297},{"textAlign":49},[132298],{"text":132299,"type":599},"Given that transportation accounts for 23% of global emissions, it hardly comes as a surprise that the first of COP26’s four goals is to secure global net zero by 2050 and keep 1.5 degrees within reach.",{"type":594,"attrs":132301,"content":132302},{"textAlign":49},[132303],{"text":132304,"type":599},"Essential to reaching these targets is an acceleration in the widespread adoption of electric vehicles (EVs), with Benchmark forecasting battery demand from the auto sector to increase 40x between 2020 and the 2040s.",{"type":594,"attrs":132306,"content":132307},{"textAlign":49},[132308],{"text":132309,"type":599},"With this demand for batteries, and the raw materials needed, there is increasing attention being paid to the supply chain which COP26 is only intensifying.",{"type":594,"attrs":132311,"content":132312},{"textAlign":49},[132313,132315,132320],{"text":132314,"type":599},"Critically, the industry must demonstrate that it can manage and navigate this scale up and demonstrate that environmental and social responsibility is at the heart of what it does – hence the necessity of ESG (Environmental, Social, and Governance). As ",{"text":67342,"type":599,"marks":132316},[132317],{"type":604,"attrs":132318},{"href":132319,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-launches-lithium-esg-report",{"text":132321,"type":599}," demonstrates, current levels of active engagement with ESG in the upstream lithium supply chain is relatively low: 37% of active lithium miners, and 20% of active lithium converters published ESG reports in 2021. For this supply chain to step up and be transparent this must change.",{"type":594,"attrs":132323,"content":132324},{"textAlign":49},[132325],{"text":132326,"type":599},"New bodies and organisations have been founded to address this, including the Zero Emission Vehicle Transition Council, composed of ministers and representatives from some the world’s largest and most progressive car markets. The Council aims to ensure the production of these zero emission vehicles is “sustainable and inclusive” across their life cycle.",{"type":594,"attrs":132328,"content":132329},{"textAlign":49},[132330,132332,132336],{"text":132331,"type":599},"Alongside the formation of this Council, we have seen regulatory developments that will mandate companies into declaring carbon footprints: the EC’s 2020 proposal will enforce the declaration of carbon footprints (and soon specific thresholds) for all batteries placed on the EU market. Further data from ",{"text":67342,"type":599,"marks":132333},[132334],{"type":604,"attrs":132335},{"href":132319,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":132337,"type":599}," shows that 50% of operating lithium mining companies, and just 9% of lithium mining companies in development, have completed a carbon footprint assessment to date. We can expect these figures to grow soon out of necessity.",{"type":594,"attrs":132339,"content":132340},{"textAlign":49},[132341],{"text":132342,"type":599},"Beyond encouraging carbon footprint assessments, and considering the ESG space, a key goal of this COP is to mobilise sustainable financing in the pursuit of contributing to the delivery of the sustainable development goals. The continued growth of the green bond market is key to this, and therefore climate-related disclosures are tipped to be a key discussion point around the COP table next week.",{"type":594,"attrs":132344,"content":132345},{"textAlign":49},[132346],{"text":132347,"type":599},"Looking at the current lithium ion supply chain, China is one of the regions dominating the industry from raw material processing, cathode and anode production and cell manufacturing. As the world’s largest battery manufacturer, and fastest growing renewable power producer, it sees a business opportunity at the same time as it sees a route to clean-up its environment and tackle health impacts of its rapid industrialisation.",{"type":594,"attrs":132349,"content":132350},{"textAlign":49},[132351,132353,132356],{"text":132352,"type":599},"China’s control of not only many of the resources needed for this green transition, but also the processing and manufacturing, means it is well placed to benefit economically from action on net zero. At present, President Xi Jinping’s attendance at COP26 hangs in the balance, and as previous COPs have shown us: as the world’s largest carbon emitter ",{"text":120894,"type":599,"marks":132354},[132355],{"type":643},{"text":132357,"type":599}," a country setting ambitious targets to reach carbon neutrality, China’s presence – or absence – could be influential at COP26.",{"type":594,"attrs":132359,"content":132360},{"textAlign":49},[132361],{"text":132362,"type":599},"Australia has an opportunity to become the linchpin provider of critical minerals which underpin this energy transition, as shown in 2020 when Australia represented 48% of global lithium supply according to Benchmark’s Lithium Forecast. However, as things stand, the country finds itself caught in the past and as a major coal producer continues to have significant economic interests in the fossil fuel industry.",{"type":594,"attrs":132364,"content":132365},{"textAlign":49},[132366],{"text":132367,"type":599},"Of course, a successful COP26 will cement this transition from coal to clean. This shift from an old-style high carbon economy based to a low carbon one underpinned by renewable electricity, hydrogen, electric vehicles, and responsibly sourced critical minerals like lithium.",{"type":594,"attrs":132369,"content":132370},{"textAlign":49},[132371],{"text":132372,"type":599},"If COP26 does not deliver as hoped, there will be a sense of disappointment which will potentially undermine efforts in governments and large corporates. However, in the US, Europe and increasingly across Southeast Asia, commitment to climate action should remain strong. Meaning that without a successful COP, we will see continued momentum in many countries, which will drive growth in battery technologies and the demand for mineral resources. However, such growth will be patchy and certainly bumpier for the foreseeable future, leaving great disparities between countries taking decisive action versus those potentially neglecting the net zero goal.",{"type":594,"attrs":132374,"content":132375},{"textAlign":49},[132376],{"text":132377,"type":599},"There is a growing consensus in the market that low carbon options are better value, better performing, and lower cost. The growth of renewables like solar and wind is driven by their low cost as much as their carbon credentials. The investors and corporates with an eye on the future, and governments looking to “build back better” will likely choose local carbon technologies over traditional outdated variants whatever the outcome of COP.",{"type":594,"attrs":132379,"content":132380},{"textAlign":49},[132381],{"text":132382,"type":599},"The best example of this can be seen how electric vehicles are rapidly transforming the auto market. While government incentives and duties have played a role, a bigger driver behind mass adoption is better consumer experience, and irrespective of COP, this technology and consumer shift cannot easily be stifled.","The countdown is almost over for the much-awaited COP26 which is being held in Glasgow over the first two weeks of November. The international event, which attracts over 190 world leaders, was postponed like so many other events last year due to Covid. With climate change and the reversal of biodiversity loss at the heart […]",[132385],{"slug":544,"name":543,"content":132386},{"job_title":557,"image":132387,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"59249a6d-a6bd-4376-b963-43429bb9e900\", \"id\": \"\"}-->",[132390],{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":132392,"copyright":547,"fieldtype":553,"meta_data":132393,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b41b902a1b/bm-cop26.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 29, 2021",{"id":132396,"uuid":132397,"name":132398,"slug":132399,"full_slug":132400,"content":132401},112473245749069,"70b74931-39ad-4574-bd8d-cb0090bfef9f","Benchmark launches Lithium ESG Report","benchmark-launches-lithium-esg-report","article/benchmark-launches-lithium-esg-report",{"_uid":132402,"date":132403,"tags":132404,"editor":132407,"content":132411,"excerpt":132488,"featured":50,"reporter":132489,"_editable":132493,"component":864,"seo_title":132398,"categories":132494,"visibility":2091,"author_company":49,"featured_image":132496,"seo_description":132488,"author_full_name":49,"author_job_title":49,"formattedDate":132499},"20f50047-9dcc-4fc7-a056-88f8ca18f325","2021-10-22 00:00",[132405,132406],{"slug":9655,"name":9656},{"slug":23760,"name":23761},[132408],{"slug":544,"name":543,"content":132409},{"job_title":557,"image":132410,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":132412},[132413,132418,132430,132435,132440,132445,132450,132455,132460,132465,132470,132473,132478],{"type":594,"attrs":132414,"content":132415},{"textAlign":49},[132416],{"text":132417,"type":599},"Benchmark Mineral Intelligence is excited to announce the launch of its Lithium ESG report, the first in our series of ESG reports covering the lithium ion battery supply chain.",{"type":594,"attrs":132419,"content":132420},{"textAlign":49},[132421,132423,132428],{"text":132422,"type":599},"Both the growing importance of lithium ion batteries in the energy transition and ",{"text":132424,"type":599,"marks":132425},"the drive for companies to engage with ESG",[132426],{"type":604,"attrs":132427},{"href":129064,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":132429,"type":599}," have pushed this supply chain into the spotlight and its environmental and social sustainability is coming under scrutiny.",{"type":594,"attrs":132431,"content":132432},{"textAlign":49},[132433],{"text":132434,"type":599},"As the world’s leading voice on the lithium ion battery supply chain, Benchmark is proud to provide the market with independent, reliable, and expert intelligence on the ESG landscape of the supply chain.",{"type":594,"attrs":132436,"content":132437},{"textAlign":49},[132438],{"text":132439,"type":599},"Benchmark’s new report provides ESG intelligence via several components, including expert industry analysis, interactive databases, and company-by-company evaluations. The core report is structured around the discussion and analysis of material topics that emerged from Benchmark’s lithium materiality assessment as critically important.",{"type":594,"attrs":132441,"content":132442},{"textAlign":49},[132443],{"text":132444,"type":599},"The Lithium ESG Report comes in the form of an annual subscription service with quarterly updates on ESG and lithium news, as well as our industry ESG reporting statistics which look at trends connected to operating status, position in the supply chain, and regional locations.",{"type":594,"attrs":132446,"content":132447},{"textAlign":49},[132448],{"text":132449,"type":599},"Benchmark’s Global Life Cycle Assessment of lithium processes is another feature: showing the environmental impact of producing lithium carbonate (from brine) and lithium hydroxide (from spodumene) through typical processing routes. These baselines facilitate comparisons where companies can measure their impacts against this current industry average. Both baseline LCAs will be updated to reflect market changes or moves away from typical processing techniques. Get in touch with our Benchmark ESG team if you are interested in completing a LCA to compare against our baseline.",{"type":594,"attrs":132451,"content":132452},{"textAlign":49},[132453],{"text":132454,"type":599},"We have introduced an ESG lens to key trends highlighted in Benchmark’s Lithium Forecast, assessing how market trends and developments might impact – or be impacted by – ESG themes.",{"type":594,"attrs":132456,"content":132457},{"textAlign":49},[132458],{"text":132459,"type":599},"As part of the report, subscribers will have access to further ESG data via company profiles and an ESG matrices database. These components present ESG credentials and operational data on all lithium miners and converters, demonstrating a holistic picture of industry-wide engagement with ESG, as well as company-by-company assessments.",{"type":594,"attrs":132461,"content":132462},{"textAlign":49},[132463],{"text":132464,"type":599},"Benchmark’s ESG series will include reports on all key materials in the lithium ion battery supply chain. The reports for nickel and cobalt will be launched in the coming months, and flake and synthetic graphite will follow shortly after, including the same components as the Lithium ESG report. Please contact any member of the Benchmark team to participate in our upcoming industry surveys for lithium, nickel, cobalt, flake, and synthetic graphite.",{"type":657,"attrs":132466,"content":132467},{"level":15966,"textAlign":49},[132468],{"text":132469,"type":599},"Watch Benchmark’s Lithium ESG Report Launch Webinar",{"type":594,"attrs":132471,"content":132472},{"textAlign":49},[],{"type":657,"attrs":132474,"content":132475},{"level":15966,"textAlign":49},[132476],{"text":132477,"type":599},"Subscribe today",{"type":594,"attrs":132479,"content":132480},{"textAlign":49},[132481,132482,132486],{"text":123961,"type":599},{"text":86378,"type":599,"marks":132483},[132484],{"type":604,"attrs":132485},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":132487,"type":599}," to learn more or subscribe to Benchmark’s Lithium ESG Report","Benchmark Mineral Intelligence is excited to announce the launch of its Lithium ESG report, the first in our series of ESG reports covering the lithium ion battery supply chain. Both the growing importance of lithium ion batteries in the energy transition and the drive for companies to engage with ESG have pushed this supply chain […]",[132490],{"slug":544,"name":543,"content":132491},{"job_title":557,"image":132492,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"20f50047-9dcc-4fc7-a056-88f8ca18f325\", \"id\": \"\"}-->",[132495],{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":132497,"copyright":547,"fieldtype":553,"meta_data":132498,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/74cb7a1db9/bm-benchmark-esg-4.png",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 22, 2021",{"id":132501,"uuid":132502,"name":132503,"slug":132504,"full_slug":132505,"content":132506},112473270644564,"87fce700-3fba-4513-b1df-d6ba48de4f79","Lithium’s price rally accelerates in September; Chinese carbonate up over 200% in 2021","lithiums-price-rally-accelerates-in-september-chinese-carbonate-up-over-200-in-2021","article/lithiums-price-rally-accelerates-in-september-chinese-carbonate-up-over-200-in-2021",{"_uid":132507,"date":132508,"tags":132509,"editor":132511,"content":132515,"excerpt":132562,"featured":50,"reporter":132563,"_editable":132567,"component":864,"seo_title":132503,"categories":132568,"visibility":882,"author_company":49,"featured_image":132571,"seo_description":132562,"author_full_name":49,"author_job_title":49,"formattedDate":132573},"316aa337-945c-4994-9723-2c224f6243ec","2021-09-17 00:00",[132510],{"slug":910,"name":911},[132512],{"slug":544,"name":543,"content":132513},{"job_title":557,"image":132514,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":132516},[132517,132522,132527,132532,132537,132542,132547,132552,132557],{"type":594,"attrs":132518,"content":132519},{"textAlign":49},[132520],{"text":132521,"type":599},"Lithium price rises accelerated in the first two weeks of September as surging demand and raw material supply concerns combined to push Chinese domestic prices up to their highest levels since mid-2018 according to data from Benchmark’s Lithium Price Assessment.",{"type":594,"attrs":132523,"content":132524},{"textAlign":49},[132525],{"text":132526,"type":599},"Technical and battery grade lithium carbonate prices increased by over 20% in the first half of September and are now up 188.9% and 215% respectively in the Chinese domestic market this year.",{"type":594,"attrs":132528,"content":132529},{"textAlign":49},[132530],{"text":132531,"type":599},"Carbonate price increases are once again outpacing lithium hydroxide, last seen in Q1 2021, and could soon race ahead. China EXW lithium hydroxide prices rose 14.2% in the first half of September, up 162.7% year-to-date.",{"type":594,"attrs":132533,"content":132534},{"textAlign":49},[132535],{"text":132536,"type":599},"“Throughout August and early September, the price rally for lithium chemicals and feedstock has been re-ignited on incredibly strong downstream demand, especially within the Chinese domestic market, which acts as a bellwether for the rest of the world’s lithium market,” said Benchmark analyst George Miller.",{"type":594,"attrs":132538,"content":132539},{"textAlign":49},[132540],{"text":132541,"type":599},"Lithium’s price rally began in China at the end of last year when lithium carbonate first trended upwards. Since then, prices have risen in all regions with lithium carbonate prices up 79.6% in South America and lithium hydroxide prices 64.5% in Europe and 69.5% in North America as at the end of August.  Prices for the rest of the world typically trend behind China and respond more slowly to changes in the market due to longer-term contracts, which explains the lower rate of increases in these markets.",{"type":594,"attrs":132543,"content":132544},{"textAlign":49},[132545],{"text":132546,"type":599},"Miller explained that sharp price rises are “symptomatic of the lack of new supply coming online in the near-term, in the face of surging demand for electric vehicles and lithium ion batteries — this tightness in the market is expected to persist, with very little additional tonnage coming online in the near-term, as a result of underinvestment and low lithium prices over the past three years.”",{"type":594,"attrs":132548,"content":132549},{"textAlign":49},[132550],{"text":132551,"type":599},"This week a second Battery Material Exchange auction for spodumene from Pilbara Mineral’s settled at a record high $2,240 per tonne for 8,000 dry metric tonnes (SC5.5), which Benchmark expects to reinforce the chemical and feedstock price rally.",{"type":594,"attrs":132553,"content":132554},{"textAlign":49},[132555],{"text":132556,"type":599},"“Rising spodumene prices will begin to squeeze spodumene converter margins as higher pricing becomes more widespread, but also some of the rising chemical prices resulting from this will be passed further downstream,” said Miller.",{"type":594,"attrs":132558,"content":132559},{"textAlign":49},[132560],{"text":132561,"type":599},"“This additional cost will likely fall on automakers, and on some component manufacturers, and some may even go all the way to consumers, but ultimately the amount that can be passed on to consumers is limited by the impetus to shift electric vehicles closer to price parity with internal combustion engine vehicles,” he added.","Lithium price rises accelerated in the first two weeks of September as surging demand and raw material supply concerns combined to push Chinese domestic prices up to their highest levels since mid-2018 according to data from Benchmark’s Lithium Price Assessment. Technical and battery grade lithium carbonate prices increased by over 20% in the first half […]",[132564],{"slug":544,"name":543,"content":132565},{"job_title":557,"image":132566,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"316aa337-945c-4994-9723-2c224f6243ec\", \"id\": \"\"}-->",[132569,132570],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":124224,"copyright":547,"fieldtype":553,"meta_data":132572,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Sep 17, 2021",{"id":132575,"uuid":132576,"name":132577,"slug":132578,"full_slug":132579,"content":132580},112473275625301,"aad06ebb-b328-4428-a895-16f8ec622d0c","China’s anode majors shift to Sichuan in clean energy push","chinas-anode-majors-shift-to-sichuan-in-clean-energy-push","article/chinas-anode-majors-shift-to-sichuan-in-clean-energy-push",{"_uid":132581,"date":132582,"tags":132583,"editor":132585,"content":132589,"excerpt":132706,"featured":50,"reporter":132707,"_editable":132711,"component":864,"seo_title":132577,"categories":132712,"visibility":882,"author_company":49,"featured_image":132715,"seo_description":132706,"author_full_name":49,"author_job_title":49,"formattedDate":132718},"9487396d-8a55-496a-99bd-615ced5ee2a5","2021-09-07 00:00",[132584],{"slug":913,"name":914},[132586],{"slug":544,"name":543,"content":132587},{"job_title":557,"image":132588,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":132590},[132591,132596,132601,132606,132611,132616,132621,132626,132631,132636,132641,132646,132651,132656,132661,132666,132671,132676,132681,132686,132691,132696,132701],{"type":594,"attrs":132592,"content":132593},{"textAlign":49},[132594],{"text":132595,"type":599},"In 2021, China’s leading anode manufacturers have announced a wave of expansion plans in Sichuan at an unprecedented scale, with the province set to emerge as a new centre for anode capacity in the country.",{"type":594,"attrs":132597,"content":132598},{"textAlign":49},[132599],{"text":132600,"type":599},"The industry’s tier 1 producers — including BTR, Shanshan, Kaijin and Putailai — have announced significant expansions in the province this year, totalling more than 800,000 tpa of additional capacity according to the latest data from Benchmark’s Anode Market Assessment.",{"type":594,"attrs":132602,"content":132603},{"textAlign":49},[132604],{"text":132605,"type":599},"The main factor drawing producers to Sichuan is its abundant hydroelectric power, which meets synthetic anode producers’ high energy requirements at a low cost but with a cleaner emissions profile compared with other anode-producing Chinese regions reliant on coal, such as Inner Mongolia.",{"type":594,"attrs":132607,"content":132608},{"textAlign":49},[132609],{"text":132610,"type":599},"Low life cycle emissions are of particular importance for Chinese anode producers exporting to North America and the European Union, where the footprint of the lithium ion battery supply chain is increasingly on the agenda legislators, automakers, and consumers.",{"type":657,"attrs":132612,"content":132613},{"level":15966,"textAlign":49},[132614],{"text":132615,"type":599},"China’s new battery anode hub",{"type":594,"attrs":132617,"content":132618},{"textAlign":49},[132619],{"text":132620,"type":599},"Since the end of 2020 China’s anode incumbents have rushed to establish production bases in Sichuan, drawn by the province’s green credentials but also its emergence as a wider lithium ion hub, which is home to leading cathode and cell producers.",{"type":594,"attrs":132622,"content":132623},{"textAlign":49},[132624],{"text":132625,"type":599},"This began to develop at the start of the year when BTR purchased Sichuan Jinbei New Material (Sichuan Jinbei). Sichuan Jinbei was a new entrant to the anode market, having only been founded in 2020, and had zero revenues and a single 30,000 tpa anode facility under construction in Yibin. Despite these apparent drawbacks, BTR saw the purchase as an economical means to enter the region and promised a RMB 1.65bn (US$260m) to construct a 50,000 tpa synthetic graphite anode facility.",{"type":594,"attrs":132627,"content":132628},{"textAlign":49},[132629],{"text":132630,"type":599},"Following BTR’s announcement, fellow tier 1 producer Putailai announced plans in March to enter the region with a massive 200,000 tpa synthetic graphite anode facility in Chengdu, to be set up through subsidiary Sichuan Zichen.",{"type":594,"attrs":132632,"content":132633},{"textAlign":49},[132634],{"text":132635,"type":599},"In April Kaijin New Energy announced plans to build an integrated anode production line in Leshan, Sichuan, and although it did not publicly specify the capacity size Benchmark anticipates this to be another large scale development.",{"type":594,"attrs":132637,"content":132638},{"textAlign":49},[132639],{"text":132640,"type":599},"In early August, Shanshan also entered the fray, committing to build a 200,000 tpa battery anode production facility in Meishan, Sichuan. The RMB 8bn ($1.2 bn) project is expected to be constructed in two 100,000 tpa phases and will include an integrated anode production line from raw material processing to final product processing.",{"type":594,"attrs":132642,"content":132643},{"textAlign":49},[132644],{"text":132645,"type":599},"The most recent development came from BTR this September, when the company continued its expansions in the region and announced a joint venture – Sichuan Ruifu New Material — with Fuan Holding Limited to build a 100,000 tpa anode precursor facility in Ya’an, Sichuan.",{"type":657,"attrs":132647,"content":132648},{"level":15966,"textAlign":49},[132649],{"text":132650,"type":599},"Inner Mongolia loses its shine",{"type":594,"attrs":132652,"content":132653},{"textAlign":49},[132654],{"text":132655,"type":599},"Prior to Sichuan’s emergence as a new anode hub this year, Inner Mongolia had been at the centre of China’s recent upstream anode capacity expansions. Attracted to the province by favourable tax policies and subsidised power, several synthetic graphite producers and natural flake graphite miners and processors set up base in the region.",{"type":594,"attrs":132657,"content":132658},{"textAlign":49},[132659],{"text":132660,"type":599},"But Inner Mongolia’s cheap power is fuelled by coal and with the central Chinese government now attempting to implement its 30/60 policy — to reach peak carbon by 2030 and carbon neutrality by 2060 — it has begun cracking down on industrial activities in the region, which includes graphitisation used in the anode production process.",{"type":594,"attrs":132662,"content":132663},{"textAlign":49},[132664],{"text":132665,"type":599},"Synthetic graphite battery anode production is an energy intensive process. In China, the typical production process for synthetic graphite uses an Acheson furnace, which requires significant amounts of energy. Analysis from Benchmark’s ESG team shows that electricity use accounts for approximately 97% of the global warming potential (GWP) in synthetic graphite production for battery anode materials in Inner Mongolia.",{"type":594,"attrs":132667,"content":132668},{"textAlign":49},[132669],{"text":132670,"type":599},"With pressure mounting from China’s central government and with Western electric vehicle producers aiming to cut the emissions profile of their batteries, Inner Mongolia’s competitive edge has diminished.",{"type":594,"attrs":132672,"content":132673},{"textAlign":49},[132674],{"text":132675,"type":599},"Under these pressures Inner Mongolia has already begun efforts to improve its emissions problem. In August, Inner Mongolia’s Energy Administration agreed to develop solar and wind energy to produce green hydrogen in the region as it attempts to reposition itself for decarbonised energy production.",{"type":657,"attrs":132677,"content":132678},{"level":15966,"textAlign":49},[132679],{"text":132680,"type":599},"A new anode era",{"type":594,"attrs":132682,"content":132683},{"textAlign":49},[132684],{"text":132685,"type":599},"The recent anode expansions in Sichuan signify a new era for anode industry.",{"type":594,"attrs":132687,"content":132688},{"textAlign":49},[132689],{"text":132690,"type":599},"Firstly, the scale and speed of these expansions in the region, which are almost equal to the total existing capacity globally, show that the anode industry is now scaling up to meet gigawatt hour levels of battery production.",{"type":594,"attrs":132692,"content":132693},{"textAlign":49},[132694],{"text":132695,"type":599},"Secondly, with the shift to Sichuan being driven by the pursuit of decarbonised sources of energy, concerns surrounding carbon emissions are now having a material impact on the shape of the supply chain.",{"type":594,"attrs":132697,"content":132698},{"textAlign":49},[132699],{"text":132700,"type":599},"While improving emissions profiles of anode materials will be critical for Chinese producers looking to supply Western markets, the growing push for supply chain localisation could lead to some anode production shifting to these regions.",{"type":594,"attrs":132702,"content":132703},{"textAlign":49},[132704],{"text":132705,"type":599},"In Europe, this trend has been seen in other segments of the supply chain with the development of megafactories and cathode production facilities. Today, anode production is centred in China, but the next stage of this evolution could see hubs developing closer to end markets.","In 2021, China’s leading anode manufacturers have announced a wave of expansion plans in Sichuan at an unprecedented scale, with the province set to emerge as a new centre for anode capacity in the country. The industry’s tier 1 producers — including BTR, Shanshan, Kaijin and Putailai — have announced significant expansions in the province […]",[132708],{"slug":544,"name":543,"content":132709},{"job_title":557,"image":132710,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9487396d-8a55-496a-99bd-615ced5ee2a5\", \"id\": \"\"}-->",[132713,132714],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":132716,"copyright":547,"fieldtype":553,"meta_data":132717,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4b8dec1c7b/bm-chengdu-nate-hovee.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 07, 2021",{"id":132720,"uuid":132721,"name":132722,"slug":132723,"full_slug":132724,"content":132725},112473280474966,"35099564-b47d-4d9a-b812-926b8d574a00","Can the West fix its growing disconnect between battery ambitions and raw material supply?","can-the-west-fix-its-growing-disconnect-between-battery-ambitions-and-raw-material-supply","article/can-the-west-fix-its-growing-disconnect-between-battery-ambitions-and-raw-material-supply",{"_uid":132726,"date":132727,"tags":132728,"editor":132730,"content":132734,"excerpt":132796,"featured":50,"reporter":132797,"_editable":132801,"component":864,"seo_title":132722,"categories":132802,"visibility":882,"author_company":49,"featured_image":132805,"seo_description":132796,"author_full_name":49,"author_job_title":49,"formattedDate":132808},"7a0c0218-8e97-4859-8fa8-26fb50c9c18f","2021-09-02 00:00",[132729],{"slug":578,"name":579},[132731],{"slug":544,"name":543,"content":132732},{"job_title":557,"image":132733,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":132735},[132736,132741,132746,132751,132756,132761,132766,132771,132776,132781,132786,132791],{"type":594,"attrs":132737,"content":132738},{"textAlign":49},[132739],{"text":132740,"type":599},"Outside of China, Europe and North America are the key regions developing significant lithium ion cell production capacity. Europe now has 778 GWh of capacity in the pipeline for 2030 — cell plants in production, under development, or planned — with North America’s pipeline currently sitting at 499 GWh.",{"type":594,"attrs":132742,"content":132743},{"textAlign":49},[132744],{"text":132745,"type":599},"There has been a notable uptick in investment into battery cell facilities in Europe and the USA since 2018 but this has not been matched by an increase in battery raw material mining and processing investment, leading to a growing disconnect between raw material demand and supply. Data from Benchmark’s Lithium Forecast shows how this growing disconnect could lead to an annual lithium supply shortfall of up to 225,000 tonnes in North America and 500,000 tonnes in Europe by 2030.",{"type":594,"attrs":132747,"content":132748},{"textAlign":49},[132749],{"text":132750,"type":599},"Benchmark’s Cameron Perks, Senior Analyst, explained that “in general, there is a lack of understanding of just how much lithium is required to fuel electric vehicle demand going forward. Some investors may have been scared away by the previous low-price environment. But it’s important to reiterate that we are in a completely different world now in terms of demand.”",{"type":594,"attrs":132752,"content":132753},{"textAlign":49},[132754],{"text":132755,"type":599},"Lithium prices fell consistently between early 2018 and late 2020, with Benchmark’s Global Weighted Lithium Carbonate and Hydroxide prices falling 67% and 56%, respectively, from their peaks. However, in late 2020, Chinese domestic lithium carbonate prices began to rise which spread through to the wider market. These price rises have continued and in 2021 Benchmark’s Lithium Carbonate Index has risen 135.0% and Benchmark’s Hydroxide Index is up 87.3% as at the end of August.",{"type":594,"attrs":132757,"content":132758},{"textAlign":49},[132759],{"text":132760,"type":599},"Perks said that to incentivise investment into the sector “there is going to have to be a sustained period of higher prices than we have seen over the past few years.” He added that while investment is important “there also has to be some level of education for decision makers on the severity of the shortfall and how much money and time it realistically takes to get a mine into operation and ramped up.”",{"type":594,"attrs":132762,"content":132763},{"textAlign":49},[132764],{"text":132765,"type":599},"While battery plants can be brought online and ramped up in under five years, Perks explained that “in mining and processing, where it can take up to 10 or more years to go from discovery to production, companies and investors often underestimate the time it takes to bring projects online.”",{"type":594,"attrs":132767,"content":132768},{"textAlign":49},[132769],{"text":132770,"type":599},"Developing midstream cathode production in these regions will also be key to incentivising the buildout of upstream extraction and processing. While there are several cathode projects being built in Europe, Perks explained that in the USA “there is a serious gap opening up between cathode supply and cell demand. But we expect announcements on cathode capacity to pick up speed following the increase in cell production announcements there.” Without sufficient local cathode capacity there would be little point in producing lithium or other raw materials in the USA to then ship it to Asia for cathode production.",{"type":657,"attrs":132772,"content":132773},{"level":15966,"textAlign":49},[132774],{"text":132775,"type":599},"Supply chain localisation critical ",{"type":594,"attrs":132777,"content":132778},{"textAlign":49},[132779],{"text":132780,"type":599},"Perks also noted how supply chain localisation and security are of growing importance for governments, saying that “countries want to be in control of their own destiny. They want to have an integrated system where higher profits stay within the country, they want to apply their own standards and specifications, they want to gain knowledge and intellectual property, and they want to remove the risk that shipping channels could once again get disrupted as we are seeing with COVID.”",{"type":594,"attrs":132782,"content":132783},{"textAlign":49},[132784],{"text":132785,"type":599},"While there is growing discussion in Western governments of the need for supply chain localisation, there has been little in terms of implementation to date. The EU is aiming for 80% of its lithium requirements to be sourced locally by 2025, but Benchmark’s Lithium Forecast estimates that by then only 3% of global lithium feedstock will be produced in Europe, falling considerably short of the EU’s target.",{"type":594,"attrs":132787,"content":132788},{"textAlign":49},[132789],{"text":132790,"type":599},"The USA’s National Lithium Battery Blueprint acknowledges that where domestic supply is insufficient it expects the USA to source raw materials from international allies. But there is a risk that lithium — such as Australian spodumene, much of which is being processed in China — and other raw materials are locked into long term supply contracts and unavailable to the wider market.",{"type":594,"attrs":132792,"content":132793},{"textAlign":49},[132794],{"text":132795,"type":599},"Whether sourcing internationally or domestically, Western countries will be facing a growing disconnect between demand and supply for lithium through the 2020s. Benchmark is forecasting a supply deficit emerging in 2022, which will continue to grow unless sufficient supply is brought online. While this supply shortfall will affect the global market, regions such as Europe and North America will be among the most exposed to these supply risks.","Outside of China, Europe and North America are the key regions developing significant lithium ion cell production capacity. Europe now has 778 GWh of capacity in the pipeline for 2030 — cell plants in production, under development, or planned — with North America’s pipeline currently sitting at 499 GWh. There has been a notable uptick […]",[132798],{"slug":544,"name":543,"content":132799},{"job_title":557,"image":132800,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7a0c0218-8e97-4859-8fa8-26fb50c9c18f\", \"id\": \"\"}-->",[132803,132804],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":132806,"copyright":547,"fieldtype":553,"meta_data":132807,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/da0a2232f7/bm-usa-eu-flag-surkovdimitri.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 02, 2021",{"id":132810,"uuid":132811,"name":132812,"slug":132813,"full_slug":132814,"content":132815},112473290170200,"ec00ce70-2b3d-47dd-90b5-21782f044155","Glencore takes stake in UK battery developer Britishvolt; agrees long-term cobalt supply deal","glencore-takes-stake-in-uk-battery-developer-britishvolt-agrees-long-term-cobalt-supply-deal","article/glencore-takes-stake-in-uk-battery-developer-britishvolt-agrees-long-term-cobalt-supply-deal",{"_uid":132816,"date":132817,"tags":132818,"editor":132821,"content":132825,"excerpt":132912,"featured":50,"reporter":132913,"_editable":132917,"component":864,"seo_title":132812,"categories":132918,"visibility":2091,"author_company":49,"featured_image":132923,"seo_description":132912,"author_full_name":49,"author_job_title":49,"formattedDate":132925},"05f54353-dcee-4dd5-9cb1-9bb2c6ae1112","2021-08-20 00:00",[132819,132820],{"slug":2790,"name":2791},{"slug":11317,"name":11318},[132822],{"slug":544,"name":543,"content":132823},{"job_title":557,"image":132824,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":132826},[132827,132832,132837,132842,132847,132852,132857,132862,132867,132872,132877,132882,132887,132892,132897,132902],{"type":594,"attrs":132828,"content":132829},{"textAlign":49},[132830],{"text":132831,"type":599},"Glencore announced this week that it has entered into a long-term strategic partnership with UK-based lithium ion cell project developer, Britishvolt, for the supply of cobalt to its planned 30 GWh battery facility, currently under development in Blyth, UK.",{"type":594,"attrs":132833,"content":132834},{"textAlign":49},[132835],{"text":132836,"type":599},"As part of the deal, leading cobalt producer Glencore made an undisclosed investment to secure a stake in Britishvolt — its second strategic investment in a European cell developer.",{"type":594,"attrs":132838,"content":132839},{"textAlign":49},[132840],{"text":132841,"type":599},"The company announced a similar equity and supply deal in February this year with Norwegian battery start-up Freyr and will supply cobalt to its planned battery operations in Mo i Rana, Norway.",{"type":594,"attrs":132843,"content":132844},{"textAlign":49},[132845],{"text":132846,"type":599},"Unusually for the battery supply chain it was revealed that the cobalt supply agreement with Freyr would be for cut cathode from its Nikkelverk operation in Norway. Cut cathode is a form of cobalt metal not usually associated with use in batteries, as it has an extended dissolution time compared with other forms of metal such a briquettes or broken cathode, and is typically destined for the superalloy or industrial sectors.",{"type":594,"attrs":132848,"content":132849},{"textAlign":49},[132850],{"text":132851,"type":599},"While specific details of the agreement with Britishvolt remain largely limited, the announcement notably mentioned Glencore’s support for the battery producer’s recycling ambitions.",{"type":594,"attrs":132853,"content":132854},{"textAlign":49},[132855],{"text":132856,"type":599},"The focus on recycling may indicate that the deal with Britishvolt could also include some volumes of metal from Nikkelverk, as a substantial portion of the cobalt units are sourced from recycled lithium ion batteries via Glencore’s Canadian nickel operations",{"type":594,"attrs":132858,"content":132859},{"textAlign":49},[132860],{"text":132861,"type":599},"But why take a position in the two battery start-ups at all?",{"type":594,"attrs":132863,"content":132864},{"textAlign":49},[132865],{"text":132866,"type":599},"Glencore is an upstream producer and could simply offer a standard supply agreement without taking equity. Perhaps it is speculating on one of the many investment opportunities the energy transition offers while improving the ESG credentials of Glencore’s investment portfolio, or perhaps there are also other synergies that helped to trigger the investments.",{"type":594,"attrs":132868,"content":132869},{"textAlign":49},[132870],{"text":132871,"type":599},"The investment in Britishvolt and the focus on recycling within its press release could indicate a move by Glencore to expand its battery recycling operations outside of North America and into Europe.",{"type":594,"attrs":132873,"content":132874},{"textAlign":49},[132875],{"text":132876,"type":599},"While a wave of spent batteries, which contain much needed volumes of cobalt, nickel, and other battery minerals, is on its way to recyclers, it remains some time away, with expectations that lithium ion batteries will spend 10 years or more in use before being recycled.",{"type":594,"attrs":132878,"content":132879},{"textAlign":49},[132880],{"text":132881,"type":599},"Prior to large volumes of spent cells returning from retired EVs, the main feed for early recycling operations is expected to be battery scrap — offcuts and off-spec waste material produced in large quantities — particularly in the early years of new lithium ion battery cell production facilities.",{"type":594,"attrs":132883,"content":132884},{"textAlign":49},[132885],{"text":132886,"type":599},"While this is speculation, if offtake rights to battery scrap were included in the investment agreement, and should Britishvolt be successful in building out its cell plant ambitions, this would give Glencore access to a source of cobalt and nickel local to European automakers, free of sourcing concerns, and provide them with an early feedstock with which to build out further recycling operations.",{"type":594,"attrs":132888,"content":132889},{"textAlign":49},[132890],{"text":132891,"type":599},"With significant deficits forecasted in both the cobalt and nickel markets over the coming decade, the future supply chain is dependent on the recycling of end-of-life batteries to make up some of the supply deficit.",{"type":594,"attrs":132893,"content":132894},{"textAlign":49},[132895],{"text":132896,"type":599},"With early success in its recycling operations in North America, Glencore may be looking to capitalise on its progress and to expand into Europe, locking up feed supply through investments and offtake deals.",{"type":657,"attrs":132898,"content":132899},{"level":15966,"textAlign":49},[132900],{"text":132901,"type":599},"Benchmark’s Cobalt Price Assessments and Cobalt Forecasts: Get access now",{"type":594,"attrs":132903,"content":132904},{"textAlign":49},[132905,132906,132910],{"text":123961,"type":599},{"text":86378,"type":599,"marks":132907},[132908],{"type":604,"attrs":132909},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":132911,"type":599}," to subscribe to Benchmark’s Cobalt Price Assessment and Cobalt Forecast today","Glencore announced this week that it has entered into a long-term strategic partnership with UK-based lithium ion cell project developer, Britishvolt, for the supply of cobalt to its planned 30 GWh battery facility, currently under development in Blyth, UK. As part of the deal, leading cobalt producer Glencore made an undisclosed investment to secure a […]",[132914],{"slug":544,"name":543,"content":132915},{"job_title":557,"image":132916,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"05f54353-dcee-4dd5-9cb1-9bb2c6ae1112\", \"id\": \"\"}-->",[132919,132920,132921,132922],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":124501,"copyright":547,"fieldtype":553,"meta_data":132924,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Aug 20, 2021",{"id":132927,"uuid":132928,"name":132929,"slug":132930,"full_slug":132931,"content":132932},114849979728828,"3668803c-9eae-4970-8f34-b6fb9afa8f18","Benchmark introduces Battery & EV metals prices to The Wall Street Journal","benchmark-introduces-battery-ev-metals-prices-to-the-wall-street-journal","article/benchmark-introduces-battery-ev-metals-prices-to-the-wall-street-journal",{"_uid":132933,"date":132934,"tags":132935,"editor":132937,"content":132941,"excerpt":133027,"featured":50,"reporter":133028,"_editable":133032,"component":864,"seo_title":132929,"categories":133033,"visibility":2091,"author_company":49,"featured_image":133035,"seo_description":133027,"author_full_name":49,"author_job_title":49,"formattedDate":133038},"87f55821-d845-413f-b375-84cd49abd07e","2021-07-31 00:00",[132936],{"slug":9655,"name":9656},[132938],{"slug":544,"name":543,"content":132939},{"job_title":557,"image":132940,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":132942},[132943,132950,132956,132962,132970,132976,132981,132984,132989,132994,132999,133004,133009,133014,133024],{"type":594,"attrs":132944,"content":132945},{"textAlign":49},[132946],{"text":132947,"type":599,"marks":132948},"The Wall Street Journal / Dow Jones now publish Benchmark lithium, nickel, cobalt and graphite base prices prices every day",[132949],{"type":643},{"type":594,"attrs":132951,"content":132952},{"textAlign":49},[132953,132954],{"text":11314,"type":599},{"text":132955,"type":599}," and Dow Jones have reached an agreement to publish key electric vehicle (EV) and battery raw material prices.",{"type":594,"attrs":132957,"content":132958},{"textAlign":49},[132959,132960],{"text":9653,"type":599},{"text":132961,"type":599}," prices of lithium, nickel, cobalt, and graphite used in the production of lithium ion batteries now appear in The Wall Street Journal each day under the Cash Prices section of its Commodities page.",{"type":594,"attrs":132963,"content":132964},{"textAlign":49},[132965,132967,132968],{"text":132966,"type":599},"The following mid-point prices from ",{"text":9653,"type":599},{"text":132969,"type":599}," will be available to The Wall Street Journal’s mainstream audience and under the following reference:",{"type":594,"attrs":132971,"content":132972},{"textAlign":49},[132973,132974],{"text":9653,"type":599},{"text":132975,"type":599},"’s subscribers will continue to get full access to detailed price assessments for all key battery raw materials which includes our world class analysis and price data that is used to negotiate and settle battery and EV supply chain contracts.",{"type":594,"attrs":132977,"content":132978},{"textAlign":49},[132979],{"text":132980,"type":599},"These services will continually improve and expand in both regularity of prices and ever more detail.",{"type":594,"attrs":132982,"content":132983},{"textAlign":49},[],{"type":657,"attrs":132985,"content":132986},{"level":985,"textAlign":49},[132987],{"text":132988,"type":599},"Simon Moores, Benchmark’s Managing Director, said:",{"type":594,"attrs":132990,"content":132991},{"textAlign":49},[132992],{"text":132993,"type":599},"“The Wall Street Journal was first published in 1889 yet we are delighted at Team Benchmark to be able to introduce its first ever battery and EV metals section to its world famous Commodities price and data pages both in print and online.",{"type":594,"attrs":132995,"content":132996},{"textAlign":49},[132997],{"text":132998,"type":599},"“Unlike anyone else, Benchmark’s prices for lithium, nickel, cobalt and graphite are truly embedded in the work-flow of our industry.",{"type":594,"attrs":133000,"content":133001},{"textAlign":49},[133002],{"text":133003,"type":599},"“Offering these five base prices to The Wall Street Journal’s mainstream audience continues our commitment to supply chain transparency and growing awareness of the lithium ion battery industry as this energy storage revolution gathers pace.",{"type":594,"attrs":133005,"content":133006},{"textAlign":49},[133007],{"text":133008,"type":599},"“Well before lithium ion batteries were mainstream, we have worked tirelessly to grow our world class subscription and advisory business whilst at the same time opening up our knowledge to those outside of the active EV supply chain.",{"type":594,"attrs":133010,"content":133011},{"textAlign":49},[133012],{"text":133013,"type":599},"“The Wall Street Journal’s coverage of lithium ion batteries has been a central component of mainstream education and our Benchmark prices will bring new interest and participants to our rapidly growing industry.",{"type":657,"attrs":133015,"content":133016},{"level":985,"textAlign":49},[133017,133019],{"text":133018,"type":599},"To subscribe to or learn more about Benchmark’s battery raw price assessments, ",{"text":133020,"type":599,"marks":133021},"click here. ",[133022],{"type":604,"attrs":133023},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":133025,"content":133026},{"textAlign":49},[],"The Wall Street Journal / Dow Jones now publish Benchmark lithium, nickel, cobalt and graphite base prices prices every day Benchmark Mineral Intelligence and Dow Jones have reached an agreement to publish key electric vehicle (EV) and battery raw material prices. Benchmark prices of lithium, nickel, cobalt, and graphite used in the production of lithium […]",[133029],{"slug":544,"name":543,"content":133030},{"job_title":557,"image":133031,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"87f55821-d845-413f-b375-84cd49abd07e\", \"id\": \"\"}-->",[133034],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":133036,"copyright":547,"fieldtype":553,"meta_data":133037,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a9c506e578/bm-wsj.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 31, 2021",{"id":133040,"uuid":133041,"name":133042,"slug":133043,"full_slug":133044,"content":133045},114849987879870,"9e27a07a-0169-4313-8f18-ffb352a671a1","Rio Tinto commits $2.4bn to arrive at lithium’s main stage","rio-tinto-commits-2-4bn-to-arrive-at-lithiums-main-stage","article/rio-tinto-commits-2-4bn-to-arrive-at-lithiums-main-stage",{"_uid":133046,"date":133047,"tags":133048,"editor":133051,"content":133055,"excerpt":133179,"featured":50,"reporter":133180,"_editable":133184,"component":864,"seo_title":133042,"categories":133185,"visibility":882,"author_company":49,"featured_image":133188,"seo_description":133179,"author_full_name":49,"author_job_title":49,"formattedDate":133191},"49b2c90d-e868-4d5c-bfe4-eaac0d19f7ce","2021-07-27 00:00",[133049,133050],{"slug":2790,"name":2791},{"slug":4366,"name":4367},[133052],{"slug":544,"name":543,"content":133053},{"job_title":557,"image":133054,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":133056},[133057,133062,133067,133072,133077,133082,133087,133092,133097,133102,133107,133115,133120,133125,133130,133136,133141,133146,133151,133156,133161,133166,133176],{"type":594,"attrs":133058,"content":133059},{"textAlign":49},[133060],{"text":133061,"type":599},"Rio Tinto has committed $2.4bn to take its Jadar lithium project in Serbia to full production of 58,000 tonnes of lithium carbonate by 2029, as it targets entry into the lithium market and the energy storage revolution.",{"type":594,"attrs":133063,"content":133064},{"textAlign":49},[133065],{"text":133066,"type":599},"One of the world’s biggest miners and commodity players will evolve into a chemical producer to make battery grade lithium carbonate from an entirely new mineral source, jadarite, for which it will build an underground mine.",{"type":594,"attrs":133068,"content":133069},{"textAlign":49},[133070],{"text":133071,"type":599},"It will also produce nearly three times as much boron and five times as much sodium as part of the process.",{"type":594,"attrs":133073,"content":133074},{"textAlign":49},[133075],{"text":133076,"type":599},"Rio Tinto expects the first saleable production of lithium carbonate to be in 2026 with a ramp up to full production by 2029.",{"type":594,"attrs":133078,"content":133079},{"textAlign":49},[133080],{"text":133081,"type":599},"It has targeted an initial mine life of 2.3m tonnes of lithium carbonate over 40 years and the company explained it was still awaiting all the “necessary permits”.",{"type":594,"attrs":133083,"content":133084},{"textAlign":49},[133085],{"text":133086,"type":599},"“This is a significant moment for the lithium industry,” said Benchmark’s Managing Director, Simon Moores.",{"type":594,"attrs":133088,"content":133089},{"textAlign":49},[133090],{"text":133091,"type":599},"“It marks the first time big outside money from a single miner or chemical maker has entered lithium and invested in an entirely new source.”",{"type":594,"attrs":133093,"content":133094},{"textAlign":49},[133095],{"text":133096,"type":599},"“While expectation is that Rio Tinto will produce lithium carbonate at a run rate of 58,000 tonnes at full production, the strategy is usually more aggressive once proof of production is achieved and the product is accepted by battery and EV makers,” he added.",{"type":594,"attrs":133098,"content":133099},{"textAlign":49},[133100],{"text":133101,"type":599},"Benchmark’s Product Director, Andrew Miller added:",{"type":657,"attrs":133103,"content":133104},{"level":985,"textAlign":49},[133105],{"text":133106,"type":599},"Rio to have 5% of lithium market, expect more to come",{"type":594,"attrs":133108,"content":133109},{"textAlign":49},[133110,133112,133113],{"text":133111,"type":599},"Rio Tinto has been particularly cautious with its lithium strategy to date and whilst investing in a new mine, chemical plant, and process is a significant moment, it only means as things stand the company will produce little under 5% of the world’s lithium chemicals in 2029 (",{"text":9653,"type":599},{"text":133114,"type":599}," data).",{"type":594,"attrs":133116,"content":133117},{"textAlign":49},[133118],{"text":133119,"type":599},"In lithium carbonate terms, however, Benchmark anticipates that if Rio Tinto hits its production run rate in 2029 that it will account for 9% of the world’s lithium carbonate output.",{"type":594,"attrs":133121,"content":133122},{"textAlign":49},[133123],{"text":133124,"type":599},"Rio Tinto can expand Jadar to 120,000 tonnes/year of lithium carbonate but the decision will likely take place in 2027.",{"type":594,"attrs":133126,"content":133127},{"textAlign":49},[133128],{"text":133129,"type":599},"There is little doubt that any new supply of lithium carbonate that can be used in a battery cell will be in high demand as the great raw material disconnect continues to widen.",{"type":594,"attrs":133131,"content":133132},{"textAlign":49},[133133,133134],{"text":9653,"type":599},{"text":133135,"type":599}," is forecasting a significant lithium supply deficit of 915,000 tonnes LCE in 2029 even with Rio Tinto’s new supply coming into the market.",{"type":594,"attrs":133137,"content":133138},{"textAlign":49},[133139],{"text":133140,"type":599},"This is a supply-demand gap that is more than twice as large as the lithium market will be this year.",{"type":594,"attrs":133142,"content":133143},{"textAlign":49},[133144],{"text":133145,"type":599},"One expects, however, for Rio Tinto’s plans in Jadar to aggressively ramp up once its commercial production is confirmed and end users qualify the material.",{"type":594,"attrs":133147,"content":133148},{"textAlign":49},[133149],{"text":133150,"type":599},"It also sees Rio Tinto enter the lithium market in a serious way for the first time, opening the door to future acquisitions of both hard rock miners, brine extractors, and chemical makers as the world’s third biggest commodity giant positions itself for the electric vehicle ramp up.",{"type":594,"attrs":133152,"content":133153},{"textAlign":49},[133154],{"text":133155,"type":599},"Considering Rio Tinto’s potential future profits from other commodities especially iron ore, lithium M&A is likely a formality in the coming years.",{"type":657,"attrs":133157,"content":133158},{"level":15966,"textAlign":49},[133159],{"text":133160,"type":599},"Subscribe to Benchmark’s Lithium Forecast",{"type":594,"attrs":133162,"content":133163},{"textAlign":49},[133164],{"text":133165,"type":599},"Subscribe to Benchmark’s Lithium Forecast for full access to Benchmark’s supply, demand, and price models for the lithium market.",{"type":594,"attrs":133167,"content":133168},{"textAlign":49},[133169,133170,133174],{"text":123961,"type":599},{"text":86378,"type":599,"marks":133171},[133172],{"type":604,"attrs":133173},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":133175,"type":599}," to subscribe or to learn more.",{"type":594,"attrs":133177,"content":133178},{"textAlign":49},[],"Rio Tinto has committed $2.4bn to take its Jadar lithium project in Serbia to full production of 58,000 tonnes of lithium carbonate by 2029, as it targets entry into the lithium market and the energy storage revolution. One of the world’s biggest miners and commodity players will evolve into a chemical producer to make battery […]",[133181],{"slug":544,"name":543,"content":133182},{"job_title":557,"image":133183,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"49b2c90d-e868-4d5c-bfe4-eaac0d19f7ce\", \"id\": \"\"}-->",[133186,133187],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":133189,"copyright":547,"fieldtype":553,"meta_data":133190,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ef04771979/bm-rio-tinto-logo.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 27, 2021",{"id":133193,"uuid":133194,"name":133195,"slug":133196,"full_slug":133197,"content":133198},112473333083997,"514088dc-096e-4599-b2e7-6034a0a2e512","Tesla & BHP strike major deal in race for ‘sustainable nickel’","tesla-bhp-strike-major-deal-in-race-for-sustainable-nickel","article/tesla-bhp-strike-major-deal-in-race-for-sustainable-nickel",{"_uid":133199,"date":133200,"tags":133201,"editor":133202,"content":133206,"excerpt":133567,"featured":50,"reporter":133568,"_editable":133572,"component":864,"seo_title":133195,"categories":133573,"visibility":882,"author_company":49,"featured_image":133575,"seo_description":133567,"author_full_name":49,"author_job_title":49,"formattedDate":133578},"e00cc7a2-d69d-4b11-bca8-7a2f657fd424","2021-07-22 00:00",[],[133203],{"slug":544,"name":543,"content":133204},{"job_title":557,"image":133205,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":133207},[133208,133213,133218,133223,133228,133233,133238,133243,133248,133251,133260,133265,133270,133275,133286,133291,133294,133303,133306,133311,133316,133321,133326,133331,133336,133341,133346,133351,133356,133361,133374,133382,133387,133392,133397,133402,133407,133412,133417,133422,133427,133432,133437,133442,133447,133452,133457,133462,133467,133472,133477,133482,133487,133492,133497,133502,133507,133512,133517,133522,133527,133532,133537,133542,133547,133552,133557,133562],{"type":594,"attrs":133209,"content":133210},{"textAlign":49},[133211],{"text":133212,"type":599},"BHP Billiton has agreed a long-term supply contract for class 1 nickel with one of the world’s leading electric vehicle (EV) and energy storage producers, Tesla.",{"type":594,"attrs":133214,"content":133215},{"textAlign":49},[133216],{"text":133217,"type":599},"Benchmark estimates that the contract is worth up to 18,000 tonnes of nickel per year starting in 2022.",{"type":594,"attrs":133219,"content":133220},{"textAlign":49},[133221],{"text":133222,"type":599},"It adds to two more nickel supply deals that Tesla has likely secured to lock up its expected demand from 2022 onwards with Prony Resources and Vale.",{"type":594,"attrs":133224,"content":133225},{"textAlign":49},[133226],{"text":133227,"type":599},"Tesla has acted early to secure significant volumes of nickel to fuel its lithium ion demand with cell partner LG Energy solution (LGES) for vehicles produced in China in the near term and its own upcoming lithium ion battery cell production in Austin, Texas and Berlin, Germany.",{"type":594,"attrs":133229,"content":133230},{"textAlign":49},[133231],{"text":133232,"type":599},"Benchmark estimates that as of 2022 onwards 50% of Tesla’s lithium ion battery chemistry will be high nickel cathode (NCM and NCA). The other half will be LFP based chemistry, primarily focused around cell and vehicle production in China with cell partner Contemporary Amperex Technology Ltd (CATL).",{"type":594,"attrs":133234,"content":133235},{"textAlign":49},[133236],{"text":133237,"type":599},"The disconnect between supply of suitable key battery raw materials and demand is growing ever greater Benchmark forecasts.",{"type":594,"attrs":133239,"content":133240},{"textAlign":49},[133241],{"text":133242,"type":599},"To date the battery demand on the nickel supply chain has been limited compared to the total market size, with demand set to reach 184,000 tonnes in 2021 versus a total market demand of 2.4m tonnes.",{"type":594,"attrs":133244,"content":133245},{"textAlign":49},[133246],{"text":133247,"type":599},"But this relationship is set to change with Benchmark forecasting that nickel demand from the battery sector will surge to 1.7m tonnes by the end of the decade, with the battery supply chain representing 35% of total demand, up from a little over 5% today.",{"type":594,"attrs":133249,"content":133250},{"textAlign":49},[],{"type":657,"attrs":133252,"content":133253},{"level":985,"textAlign":49},[133254],{"text":133255,"type":599,"marks":133256},"Subscribe to Benchmark’s Nickel Forecast",[133257,133259],{"type":604,"attrs":133258},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"type":594,"attrs":133261,"content":133262},{"textAlign":49},[133263],{"text":133264,"type":599},"Whilst the nickel market appears to remain balanced through to the mid-2020s, only a limited amount of this supply can be accepted by the battery industry, based on the form it is mined and produced, but also environmental, social and governance (ESG) concerns associated with its production.",{"type":594,"attrs":133266,"content":133267},{"textAlign":49},[133268],{"text":133269,"type":599},"These concerns have seen fears grow about long-term security of nickel supply increase amongst automakers, initiating a scramble to lock up suitable supply.",{"type":594,"attrs":133271,"content":133272},{"textAlign":49},[133273],{"text":133274,"type":599},"These sourcing concerns are only heightened as the battery industry’s demand for nickel ramps with Benchmark nickel sulphate prices having spent the best part of 2021 increasing.",{"type":594,"attrs":133276,"content":133277},{"textAlign":49},[133278,133280,133284],{"text":133279,"type":599},"Prices have risen from RMB 29,250/tonne ($4,450) as of the December 2020 issue of the ",{"text":39354,"type":599,"marks":133281},[133282],{"type":604,"attrs":133283},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":133285,"type":599}," to RMB 34,000/tonne ($5,270) on an EXW China basis in the latest June Assessment, an increase of 16.2%.",{"type":594,"attrs":133287,"content":133288},{"textAlign":49},[133289],{"text":133290,"type":599},"Not only have nickel sulphate prices increased, but payables for nickel contained in mixed hydroxide precipitate (MHP), the preferred feedstock of the battery industry, have also risen to an average of 91% in Benchmark’s June 2021 Assessment up from 84% in December 2020.",{"type":594,"attrs":133292,"content":133293},{"textAlign":49},[],{"type":657,"attrs":133295,"content":133296},{"level":985,"textAlign":49},[133297],{"text":133298,"type":599,"marks":133299},"Subscribe to Benchmark’s Nickel Price Assessment",[133300,133302],{"type":604,"attrs":133301},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"type":594,"attrs":133304,"content":133305},{"textAlign":49},[],{"type":657,"attrs":133307,"content":133308},{"level":15966,"textAlign":49},[133309],{"text":133310,"type":599},"Enough nickel for 1.25m Tesla Model 3s annually ",{"type":594,"attrs":133312,"content":133313},{"textAlign":49},[133314],{"text":133315,"type":599},"The BHP deal, which is the first public deal of its kind for a major western automaker, will see volumes of coarse metal powder and/or sulphate delivered to Tesla’s supply chain partners from BHP’s Nickel West operations in Australia, although the announcement did not reveal specific volumes.",{"type":594,"attrs":133317,"content":133318},{"textAlign":49},[133319],{"text":133320,"type":599},"Whilst the announcement marks a significant milestone for the nickel market, Benchmark believes that the supply contract with BHP makes up the last of three rapid succession deals made by the automaker in 2021, potentially securing enough nickel to produce cells for up to 1.25 million standard range Model 3s annually.",{"type":594,"attrs":133322,"content":133323},{"textAlign":49},[133324],{"text":133325,"type":599},"The Nickel West operation, which BHP had previously intended to offload, has become the leading asset of its energy transition assault as the company has looked to ride the wave of growing demand from the battery sector.",{"type":594,"attrs":133327,"content":133328},{"textAlign":49},[133329],{"text":133330,"type":599},"Nickel West, which produces 90,000 tonnes of nickel annually, has long been a focal point of future battery ready nickel supply for the industry after BHP began work on converting its Kwinana refinery away from nickel briquette and powder to battery-focused nickel sulphate in 2018.",{"type":594,"attrs":133332,"content":133333},{"textAlign":49},[133334],{"text":133335,"type":599},"Since then, BHP has acquired several nickel sulphide deposits in close proximity to the Nickel West plant in Western Australia to enhance its access to suitable feed for the operation.",{"type":594,"attrs":133337,"content":133338},{"textAlign":49},[133339],{"text":133340,"type":599},"However, with commercial production initially pencilled in for 2019, development work at the Kwinana refinery has been slow to proceed, as the operation has suffered numerous delays after being plagued with rumours of technical and quality issues.",{"type":594,"attrs":133342,"content":133343},{"textAlign":49},[133344],{"text":133345,"type":599},"BHP’s most recent announcements suggest that commercial production of nickel sulphate is due to begin in the second half of 2021. Previously the company had outlined a planned capacity of 100,00tpa of sulphate, equivalent to 22,000 tonnes of nickel content or about 25% of Nickel West’s total capacity.",{"type":594,"attrs":133347,"content":133348},{"textAlign":49},[133349],{"text":133350,"type":599},"This suggests that Tesla may receive roughly 75% of the material as nickel metal powder with the balance as sulphate, although the operation could provide 100% metal should this have been agreed by both counterparties.",{"type":657,"attrs":133352,"content":133353},{"level":15966,"textAlign":49},[133354],{"text":133355,"type":599},"Tesla secures sustainable nickel in suitable form ",{"type":594,"attrs":133357,"content":133358},{"textAlign":49},[133359],{"text":133360,"type":599},"For Tesla, the deal makes a lot of sense, as it provides the company with a secure supply of sustainable nickel, primarily in a form that is well suited to dissolution and conversion to nickel sulphate, whilst largely avoiding the additional transport costs associated with sulphate, which contains about one fifth the nickel content of the metal.",{"type":594,"attrs":133362,"content":133363},{"textAlign":49},[133364,133366,133372],{"text":133365,"type":599},"Tesla’s nickel ",{"text":133367,"type":599,"marks":133368},"concerns have been well documented as far back as July 2020",[133369],{"type":604,"attrs":133370},{"href":133371,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/elon-musks-green-nickel-crusade",{"text":133373,"type":599},", when CEO Elon Musk famously stated “Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way” during an earnings call.",{"type":594,"attrs":133375,"content":133376},{"textAlign":49},[133377,133379,133380],{"text":133378,"type":599},"Concerns over the availability of nickel for the battery industry are well founded, with ",{"text":7249,"type":599},{"text":133381,"type":599},"forecasting demand for the mineral to increase from 184,000 tonnes in 2021 to in excess of 1.7m tonnes by 2030.",{"type":594,"attrs":133383,"content":133384},{"textAlign":49},[133385],{"text":133386,"type":599},"To put this into context, the entire global market for nickel in 2020 reached 2.4m tonnes, so the challenge of scaling suitable battery ready supply is evident, particularly once you factor in competing demand from the growing stainless-steel industry.",{"type":594,"attrs":133388,"content":133389},{"textAlign":49},[133390],{"text":133391,"type":599},"Concerns over tight nickel supply were seemingly eased in March 2021, when Tsingshan, the worlds’ largest nickel producer, announced it would supply nickel matte derived from nickel pig iron (NPI) produced in Indonesia to Huayou and CNGR.",{"type":594,"attrs":133393,"content":133394},{"textAlign":49},[133395],{"text":133396,"type":599},"Whilst NPI is not new to the global nickel supply chain, converting it to high grade matte marked a new route to the production of battery grade nickel sulphate, and with easily scalable volumes of NPI available – Tsingshan alone outlined plans to increase production capacity from 600,000 tonnes in 2021 to 1.1m by 2023 largely from NPI – supply concerns temporarily abated.",{"type":594,"attrs":133398,"content":133399},{"textAlign":49},[133400],{"text":133401,"type":599},"However, many have since questioned whether this as a plausible supply source due to the energy intensive nature of the NPI to sulphate conversion route, with consensus so far that the material will not meet ESG and LCA emissions requirements.",{"type":594,"attrs":133403,"content":133404},{"textAlign":49},[133405],{"text":133406,"type":599},"The other emerging supply option for Musk was mixed hydroxide precipitate (MHP) from high pressure acid leach (HPAL) operations, with a number of new projects expected to enter production in the coming years, largely located in Indonesia.",{"type":594,"attrs":133408,"content":133409},{"textAlign":49},[133410],{"text":133411,"type":599},"MHP is an intermediate product of nickel laterite ore processed via a hydrometallurgical route, typically containing >35% nickel, and has grown to be the nickel feedstock of choice for the battery industry.",{"type":594,"attrs":133413,"content":133414},{"textAlign":49},[133415],{"text":133416,"type":599},"Indonesian MHP, whilst being more favourable on an emission standpoint than nickel matte, is not without its controversy.",{"type":594,"attrs":133418,"content":133419},{"textAlign":49},[133420],{"text":133421,"type":599},"Originally the slew of Indonesian HPAL nickel operations in the pipeline had planned to utilise deep-sea tailings, the process of disposing of mine spoil in the ocean, but this is thought to be harmful for the environment, compiled with little understanding of the long-term impacts of such a practice on the deep sea environment. Following widespread concern, the Indonesian Government announced they would not issue the permits needed for deep-sea tailings.",{"type":594,"attrs":133423,"content":133424},{"textAlign":49},[133425],{"text":133426,"type":599},"As such, new operations would need to use either a tailings dam, which poses substantial, although better understood risks in a region susceptible to seismic activity, or a process known as dry-stack tailings, a way of backfilling the mine, albeit at higher cost which can also require the clearing of primary rainforest.",{"type":594,"attrs":133428,"content":133429},{"textAlign":49},[133430],{"text":133431,"type":599},"Whilst the intention may be to move these operations to dry stack tailings, it remains unclear whether this will be a reality for those operations already in construction and fundamentally hard for the auto supply chain to commit to a long-term supply agreement without proof tailings management would align with the ESG requirements of the downstream.",{"type":594,"attrs":133433,"content":133434},{"textAlign":49},[133435],{"text":133436,"type":599},"To further complicate the issue, dry stack tailings can add significant cost to operations, with estimates running into hundreds of millions if not billions of dollars depending on size. Whilst this is a necessary step, it will further push up the incentive price (the price required to incentivise the investment in new supply) for these Indonesian HPAL projects which risks delaying new supply coming to market.",{"type":594,"attrs":133438,"content":133439},{"textAlign":49},[133440],{"text":133441,"type":599},"Further to mine level management, ESG concerns have also stemmed from the fact that Indonesia’s energy mix is set to remain reliant on thermal coal and that the construction of new mines or renewable power in the region often involves clearing of primary rainforest.",{"type":594,"attrs":133443,"content":133444},{"textAlign":49},[133445],{"text":133446,"type":599},"Due to the issues outlined above, downstream consumers and the auto supply chain have had long running concerns over where to source sustainable nickel, in a suitable form for conversion to nickel chemicals needed for lithium ion batteries.",{"type":657,"attrs":133448,"content":133449},{"level":15966,"textAlign":49},[133450],{"text":133451,"type":599},"Tesla’s nickel assault",{"type":594,"attrs":133453,"content":133454},{"textAlign":49},[133455],{"text":133456,"type":599},"Until this latest public deal with BHP, by joining the dots it appears Tesla has worked quietly behind the scenes to mitigate these issues through a number of unannounced deals.",{"type":594,"attrs":133458,"content":133459},{"textAlign":49},[133460],{"text":133461,"type":599},"The first deal was quietly revealed as part of a wider announcement of the Prony Resources consortium takeover of Vale’s New Caledonian operation, Goro in March 2021, in which Tesla joined the group in a technical advisory role, prioritising sustainable development.",{"type":594,"attrs":133463,"content":133464},{"textAlign":49},[133465],{"text":133466,"type":599},"Whilst not widely picked up on by mainstream media, local reports confirm that as part of the advisory role played by Tesla a long-term supply agreement was reached.",{"type":594,"attrs":133468,"content":133469},{"textAlign":49},[133470],{"text":133471,"type":599},"The mine produces MHP via a HPAL process and utilises dry stack tailings, and whilst the operation was placed on care and maintenance during the process of the sale, it has now been restarted and first production is expected to be exported in July 2021.",{"type":594,"attrs":133473,"content":133474},{"textAlign":49},[133475],{"text":133476,"type":599},"The second of Tesla’s potential nickel deals is harder to spot, and has not been publicly confirmed, and so has been drawn from indications by the two companies.",{"type":594,"attrs":133478,"content":133479},{"textAlign":49},[133480],{"text":133481,"type":599},"The first indication was nestled within the Vale Q1 2021 earnings call held in April of that year where Mark Travers, Executive Vice President of Base Metals stated the company “recently signed a significant multi-year contract with an OEM… it represents about 5% of our class 1 nickel”.",{"type":594,"attrs":133483,"content":133484},{"textAlign":49},[133485],{"text":133486,"type":599},"Vale’s class 1 nickel products include metal rounds, pellets and ultra-fine powder, with the powder being the most suitable form for use in the battery supply chain due to the slower dissolution rates of pellets and rounds.",{"type":594,"attrs":133488,"content":133489},{"textAlign":49},[133490],{"text":133491,"type":599},"Whilst the ultra-fine powder can be used by the battery supply chain it usually attracts a significant premium meaning it can be too costly to use for the industry.",{"type":594,"attrs":133493,"content":133494},{"textAlign":49},[133495],{"text":133496,"type":599},"To link this to Tesla, it is necessary to go back to its Battery Day in September 2020 where one of the key milestones the company looked to achieve was a direct metal to cathode process, where in one processing step metal powder could be converted directly to cathode material, cutting out much of the current industry standard multi-step process to reduce costs.",{"type":594,"attrs":133498,"content":133499},{"textAlign":49},[133500],{"text":133501,"type":599},"Vale is the only company to produce ultra-fine nickel metal powder at its Clydach Nickel Refinery in the UK and Copper Cliff Refinery in Ontario, Canada, which is the best suited product for the metal to cathode process outlined by Tesla.",{"type":594,"attrs":133503,"content":133504},{"textAlign":49},[133505],{"text":133506,"type":599},"With Tesla being one of the few Western automakers directly sourcing battery raw materials, it is the most likely candidate for the supply deal mentioned by Travers.",{"type":657,"attrs":133508,"content":133509},{"level":15966,"textAlign":49},[133510],{"text":133511,"type":599},"Sustainability focus",{"type":594,"attrs":133513,"content":133514},{"textAlign":49},[133515],{"text":133516,"type":599},"As part of the most recent supply deal, BHP announced it will work with Tesla on sustainability “with a focus on end-to-end raw material traceability using blockchain; technical exchange for battery raw materials production; and promotion of the importance of sustainability in the resources sector, including identifying partners who are most aligned with BHP and Tesla Inc.’s principles and battery value chains”.",{"type":594,"attrs":133518,"content":133519},{"textAlign":49},[133520],{"text":133521,"type":599},"Whilst the above criteria are quite far ranging, it highlights the continued significance of sustainability across the supply chain as EV manufacturers look to reduce total life cycle emissions associated with production of EVs, with BHP stating as part of the announcement that Nickel West is “one of the most sustainable and lowest carbon emission nickel producers in the world”.",{"type":657,"attrs":133523,"content":133524},{"level":15966,"textAlign":49},[133525],{"text":133526,"type":599},"Supply chain security",{"type":594,"attrs":133528,"content":133529},{"textAlign":49},[133530],{"text":133531,"type":599},"Between the three nickel deals outlined in this article Benchmark estimates that Tesla could have secured up to 55,000 tonnes of nickel, enough to produce up to 1.25m standard range Model 3 vehicles annually, using high nickel NCM cathode technology, equivalent to 2.5 times the company’s entire production in 2020.",{"type":594,"attrs":133533,"content":133534},{"textAlign":49},[133535],{"text":133536,"type":599},"Should all of the deals be confirmed they would likely cover a significant proportion of Tesla’s forecasted nickel requirements through to the mid-2020s and beyond.",{"type":594,"attrs":133538,"content":133539},{"textAlign":49},[133540],{"text":133541,"type":599},"The agreements mark another proactive step from the company in securing battery raw materials directly at the mine level, which is viewed by Benchmark as the most robust supply chain strategy for automakers. Prior to the BHP deal Tesla had entered into a number of direct sourcing deals for other minerals including lithium hydroxide supply from China’s Ganfeng Lithium and Livent, and a widely rumoured, but unconfirmed, cobalt supply deal with Glencore.",{"type":594,"attrs":133543,"content":133544},{"textAlign":49},[133545],{"text":133546,"type":599},"Alongside guaranteeing security of supply, the company has targeted credible suppliers with a focus on ESG and sustainability credentials, something which some alternative supply sources may not be able to achieve.",{"type":594,"attrs":133548,"content":133549},{"textAlign":49},[133550],{"text":133551,"type":599},"Furthermore, with political tensions rising between the US and China, the choice of non-Chinese suppliers is probably not a coincidence either, with much of the new Indonesian HPAL operations under Chinese ownership.",{"type":594,"attrs":133553,"content":133554},{"textAlign":49},[133555],{"text":133556,"type":599},"As the amount of suitable nickel supply available to the battery industry dwindles there is a decreasing window of opportunity for other automakers to secure long-term agreements of the nature that Tesla has managed.",{"type":594,"attrs":133558,"content":133559},{"textAlign":49},[133560],{"text":133561,"type":599},"Not only will this leave those slow to act with a smaller volume of material to bid for, but the nickel that is left will likely come from less credible and potentially less sustainable sources, under less favourable contract terms.",{"type":594,"attrs":133563,"content":133564},{"textAlign":49},[133565],{"text":133566,"type":599},"This is nothing new for the battery supply chain, with this already playing out across the cobalt and lithium markets as consumers scramble to secure the remaining units available for long term supply.","BHP Billiton has agreed a long-term supply contract for class 1 nickel with one of the world’s leading electric vehicle (EV) and energy storage producers, Tesla. Benchmark estimates that the contract is worth up to 18,000 tonnes of nickel per year starting in 2022. It adds to two more nickel supply deals that Tesla has […]",[133569],{"slug":544,"name":543,"content":133570},{"job_title":557,"image":133571,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e00cc7a2-d69d-4b11-bca8-7a2f657fd424\", \"id\": \"\"}-->",[133574],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":133576,"copyright":547,"fieldtype":553,"meta_data":133577,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ebed457193/bm-tesla-shanghai-e1662110109893.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 22, 2021",{"id":133580,"uuid":133581,"name":133582,"slug":133583,"full_slug":133584,"content":133585},112473337794399,"89c6cdae-fec5-4559-841a-c086478bc32d","Renault backs NCM cathodes as it establishes French battery cell pipeline","renault-backs-ncm-cathodes-as-it-establishes-french-battery-cell-pipeline","article/renault-backs-ncm-cathodes-as-it-establishes-french-battery-cell-pipeline",{"_uid":133586,"date":133587,"tags":133588,"editor":133591,"content":133595,"excerpt":133673,"featured":50,"reporter":133674,"_editable":133678,"component":864,"seo_title":133582,"categories":133679,"visibility":882,"author_company":49,"featured_image":133682,"seo_description":133673,"author_full_name":49,"author_job_title":49,"formattedDate":133685},"0962f4cc-2530-4b91-a693-b957237aa1e1","2021-07-09 00:00",[133589,133590],{"slug":2790,"name":2791},{"slug":44486,"name":44487},[133592],{"slug":544,"name":543,"content":133593},{"job_title":557,"image":133594,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":133596},[133597,133602,133607,133618,133623,133628,133633,133638,133643,133648,133653,133658,133663,133668],{"type":594,"attrs":133598,"content":133599},{"textAlign":49},[133600],{"text":133601,"type":599},"Renault is planning to develop a megafactory with a starting capacity of 9 GWh capacity in Douai, France, in partnership with China’s Envision AESC.",{"type":594,"attrs":133603,"content":133604},{"textAlign":49},[133605],{"text":133606,"type":599},"The megafactory is due to come online in 2024 with 9 GWh of capacity, with the goal of ramping up to 24 GWh capacity by 2030.",{"type":594,"attrs":133608,"content":133609},{"textAlign":49},[133610,133612,133617],{"text":133611,"type":599},"Envision AESC will invest up to €2 billion in its first French megafactory, increasing the company’s European pipeline to three megafactories, which includes a new",{"text":133613,"type":599,"marks":133614}," UK megafactory announced by Renault’s partner Nissan last week",[133615],{"type":604,"attrs":133616},{"href":104857,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":133619,"content":133620},{"textAlign":49},[133621],{"text":133622,"type":599},"Prior Envision AESC’s latest additions, it had 67.5 GWh of capacity in the pipeline to 2030 – the lowest of all tier 1 manufacturers – according to June 2021 data from Benchmark’s Lithium ion Battery Megafactory Assessment.",{"type":594,"attrs":133624,"content":133625},{"textAlign":49},[133626],{"text":133627,"type":599},"While Envision AESC offers tier 1 production quality, Renault has also signed a memorandum of understanding with French battery development company Verkor and is expected to take a 20% stake in the company.",{"type":594,"attrs":133629,"content":133630},{"textAlign":49},[133631],{"text":133632,"type":599},"Through Verkor’s partnership with Renault it has announced plans to begin construction of a megafactory in 2023 with an initial 16 GWh of capacity, 10 GWh of which is for Renault. By 2030 Verkor is aiming to ramp up to 50 GWh of capacity with 20 GWh of this dedicated to Renault.",{"type":594,"attrs":133634,"content":133635},{"textAlign":49},[133636],{"text":133637,"type":599},"These partnerships are in addition to Renault’s main cell supplier LG Chem which will continue to provide a major source of its battery cells.",{"type":657,"attrs":133639,"content":133640},{"level":15966,"textAlign":49},[133641],{"text":133642,"type":599},"Renault’s NCM commitment ",{"type":594,"attrs":133644,"content":133645},{"textAlign":49},[133646],{"text":133647,"type":599},"Renault also hosted its answer to Tesla’s Battery Day and Volkswagen’s Power Day with its ElectroPop event last week, during which it provided more details on its battery cell plans.",{"type":594,"attrs":133649,"content":133650},{"textAlign":49},[133651],{"text":133652,"type":599},"Notably, Renault fully committed itself to NCM (nickel, cobalt, manganese) cathode chemistries for its battery cells.",{"type":594,"attrs":133654,"content":133655},{"textAlign":49},[133656],{"text":133657,"type":599},"NCM cathode chemistries have grown to dominate the battery cell market and will account for a forecast 53% of global battery demand in 2021 according to Benchmark’s Lithium ion Battery Database. NCM’s market share is set to increase throughout the decade and by 2030 Benchmark forecasts that it will account for 74% of the market.",{"type":594,"attrs":133659,"content":133660},{"textAlign":49},[133661],{"text":133662,"type":599},"However, despite NCM’s growing role in the supply chain, LFP (lithium iron phosphate) cathodes have seen a resurgence over the past two years as a lower cost — and cobalt and nickel free — alternative.",{"type":594,"attrs":133664,"content":133665},{"textAlign":49},[133666],{"text":133667,"type":599},"The use of LFP in passenger vehicles has been driven by the Chinese market, where Tesla is using LFP cathodes in its standard range Model 3s. While to date LFP demand has been concentrated in China, there is potential for its use to expand into Western markets as EV makers diversify their cathode chemistries. Earlier this year Volkswagen indicated it will use LFP cathodes in its low-cost European models and Tesla’s Elon Musk has regularly professed the benefits of LFP cathodes.",{"type":594,"attrs":133669,"content":133670},{"textAlign":49},[133671],{"text":133672,"type":599},"But Renault’s full support for NCM technology shows that for Western automakers this will be the predominant cathode technology of the 2020s. Renault cited several reasons for sticking with NCM, such as the cost-to-performance ratios and its suitability in colder climates. It also explained that NCM cells are relatively easy and economical to recycle, which will be of growing importance by the end of the decade with European Commission directives on battery recycling likely to become more stringent.","Renault is planning to develop a megafactory with a starting capacity of 9 GWh capacity in Douai, France, in partnership with China’s Envision AESC. The megafactory is due to come online in 2024 with 9 GWh of capacity, with the goal of ramping up to 24 GWh capacity by 2030. Envision AESC will invest up […]",[133675],{"slug":544,"name":543,"content":133676},{"job_title":557,"image":133677,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0962f4cc-2530-4b91-a693-b957237aa1e1\", \"id\": \"\"}-->",[133680,133681],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":133683,"copyright":547,"fieldtype":553,"meta_data":133684,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b2649dc675/bm-renault-electropop.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 09, 2021",{"id":133687,"uuid":133688,"name":133689,"slug":133690,"full_slug":133691,"content":133692},112473357062087,"99c30a5d-61e6-4fba-9b7c-fdcb132dc085","The USA begins to develop its lithium ion supply chain strategy","the-usa-begins-to-develop-its-lithium-ion-supply-chain-strategy","article/the-usa-begins-to-develop-its-lithium-ion-supply-chain-strategy",{"_uid":133693,"date":133694,"tags":133695,"editor":133697,"content":133701,"excerpt":133836,"featured":50,"reporter":133837,"_editable":133841,"component":864,"seo_title":133689,"categories":133842,"visibility":882,"author_company":49,"featured_image":133845,"seo_description":133836,"author_full_name":49,"author_job_title":49,"formattedDate":133847},"385fd474-f367-44c1-ac0a-9ff19567ef05","2021-06-22 00:00",[133696],{"slug":1375,"name":1376},[133698],{"slug":544,"name":543,"content":133699},{"job_title":557,"image":133700,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":133702},[133703,133708,133716,133721,133726,133731,133736,133741,133746,133751,133756,133761,133769,133774,133779,133784,133789,133794,133799,133811,133816,133821,133826,133831],{"type":594,"attrs":133704,"content":133705},{"textAlign":49},[133706],{"text":133707,"type":599},"The US government has begun to develop a strategy for building its lithium ion economy this month with the delivery of the White House’s 100-day supply chain review and the publication of a national battery blueprint by the Federal Consortium for Advanced Batteries (FCAB).",{"type":594,"attrs":133709,"content":133710},{"textAlign":49},[133711,133713,133714],{"text":133712,"type":599},"Both documents, which utilise ",{"text":7249,"type":599},{"text":133715,"type":599},"data, set out the US government’s vision, recommendations, and action points for its domestic lithium ion battery supply chain – from the raw material through to component and final application.",{"type":594,"attrs":133717,"content":133718},{"textAlign":49},[133719],{"text":133720,"type":599},"The White House’s 100-day supply chain review recommends sourcing raw materials domestically where possible – noting the number of lithium deposits being developed in the USA – but also explains that “for battery materials where the United States does not have strong deposits suited for economic extraction, the best pathway to getting a stable material supply in the near-term is through allies and trading partners.”",{"type":594,"attrs":133722,"content":133723},{"textAlign":49},[133724],{"text":133725,"type":599},"The review also calls for investment to support the build out of downstream refining capacity for lithium, cobalt, and nickel explaining how for lithium “China’s domestic investment in this field has made them the world’s leader despite limited domestic lithium supply.”",{"type":594,"attrs":133727,"content":133728},{"textAlign":49},[133729],{"text":133730,"type":599},"For cobalt and nickel supply chains the main recommendations in the report were to build supply from secondary and unconventional sources – with particular emphasis on securing cobalt supply from recycled sources. The report also calls for the need for a national recycling policy.",{"type":594,"attrs":133732,"content":133733},{"textAlign":49},[133734],{"text":133735,"type":599},"The National Lithium Battery Blueprint – published by the FCAB, a consortium which includes the Department of Energy and other federal departments – echoes many of the recommendations outlined in the 100-day review and sets five goals with near-term and long-term objectives.",{"type":594,"attrs":133737,"content":133738},{"textAlign":49},[133739],{"text":133740,"type":599},"These objectives include securing raw material supply, supporting the growth of US processing capacity, stimulating electrode and cell sectors, building out recycling capacity and investing in R&D and workforce development.",{"type":657,"attrs":133742,"content":133743},{"level":15966,"textAlign":49},[133744],{"text":133745,"type":599},"Cobalt and nickel conundrum",{"type":594,"attrs":133747,"content":133748},{"textAlign":49},[133749],{"text":133750,"type":599},"A notable long-term objective in the blueprint, which appeared under several action points, was the focus on supporting the development of cobalt- and nickel-free cathode materials.",{"type":594,"attrs":133752,"content":133753},{"textAlign":49},[133754],{"text":133755,"type":599},"Neither document neglects the need to establish a supply of nickel or cobalt – both suggest efforts to improve the USA’s supply chain through building out refining and recycling capacity. But clearly the US government its fearful of its long-term nickel and cobalt supply chain prospects.",{"type":594,"attrs":133757,"content":133758},{"textAlign":49},[133759],{"text":133760,"type":599},"While the US government is attempting to position itself for a future less reliant on nickel and cobalt, the coming decade will see the country’s requirements for these materials soar as NCM cathode demand ramps up.",{"type":594,"attrs":133762,"content":133763},{"textAlign":49},[133764,133766,133767],{"text":133765,"type":599},"The prevailing trend in the battery supply chain today is the move towards high nickel, low cobalt, cathode materials. At a cell level, this translates to higher nickel requirements at the expense of cobalt. However, ",{"text":40483,"type":599},{"text":133768,"type":599}," shows that global cobalt demand from the battery sector is set to triple between 2021 and 2030.",{"type":594,"attrs":133770,"content":133771},{"textAlign":49},[133772],{"text":133773,"type":599},"NCM (nickel cobalt manganese) and NCA (nickel cobalt aluminium) materials dominate the cathode market today – accounting for 55% of battery demand in 2020 according to Benchmark’s Lithium ion Battery Database. This dominance is set to grow further and by 2030 Benchmark is currently forecasting NCM and NCA materials to account for 76% of cathode demand.",{"type":657,"attrs":133775,"content":133776},{"level":15966,"textAlign":49},[133777],{"text":133778,"type":599},"Behind in the race",{"type":594,"attrs":133780,"content":133781},{"textAlign":49},[133782],{"text":133783,"type":599},"The USA’s greatest success to date has been the buildout of its lithium ion cell capacity pipeline. According to May 2021 data from Benchmark’s Lithium ion Battery Megafactory Assessment, the country now has 12 megafactories with 410 GWh of capacity in the pipeline for 2030.",{"type":594,"attrs":133785,"content":133786},{"textAlign":49},[133787],{"text":133788,"type":599},"It is worth noting that no megafactory will operate at 100% utilisation rates and as such these figures should not be treated as a forecast of production, but rather an indication of how capacity will be built out.",{"type":594,"attrs":133790,"content":133791},{"textAlign":49},[133792],{"text":133793,"type":599},"The 410 GWh figure is also distorted by Tesla’s capacity in the pipeline for 2030, which accounts for almost two thirds of total US capacity in the pipeline.",{"type":594,"attrs":133795,"content":133796},{"textAlign":49},[133797],{"text":133798,"type":599},"Tesla, supported by Panasonic, has been at the forefront of building out the USA’s supply chain pipeline. This has been further supported by LG Energy Solution (LG Chem’s battery spinout) and SK Innovation have begun to add considerably to this.",{"type":594,"attrs":133800,"content":133801},{"textAlign":49},[133802,133804,133810],{"text":133803,"type":599},"As a consequence of this investment, led by the private sector, a number of ",{"text":133805,"type":599,"marks":133806},"electric vehicle and lithium ion hubs are emerging in the country",[133807],{"type":604,"attrs":133808},{"href":133809,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/global-battery-arms-race-the-usas-three-ev-to-battery-hubs-to-watch",{"text":974,"type":599},{"type":594,"attrs":133812,"content":133813},{"textAlign":49},[133814],{"text":133815,"type":599},"However, to date the USA’s supply chain success largely ends there.",{"type":594,"attrs":133817,"content":133818},{"textAlign":49},[133819],{"text":133820,"type":599},"The USA has minimal upstream capacity. From raw material extraction, refining and cathode and anode production the USA has cannot support its own lithium ion cell production ramp up or meet its growing domestic electric vehicle demand.",{"type":594,"attrs":133822,"content":133823},{"textAlign":49},[133824],{"text":133825,"type":599},"Speaking at Ford’s Dearborn plant in May, President Biden said: “Increasingly, the global market is shifting to electric vehicles  – tapping into EVs’ potential to save families thousands of dollars, lower carbon pollution, and make the air we breathe cleaner….Yet, despite pioneering the technology, the United States is behind in the race to manufacture these vehicles and the batteries that go in them.”",{"type":594,"attrs":133827,"content":133828},{"textAlign":49},[133829],{"text":133830,"type":599},"Electric vehicles and batteries are at the core of Biden’s American Jobs Plan and climate change targets – and as the quote above shows, his administration is aware of how far behind the US lags in the electric vehicle race.",{"type":594,"attrs":133832,"content":133833},{"textAlign":49},[133834],{"text":133835,"type":599},"Both the 100-day review and national blueprint show the USA is willing to take a more interventionist role in building out its lithium ion supply chain. If these efforts spur action, the USA’s battery and electric vehicle supply chain will look very different by the end of this decade.","The US government has begun to develop a strategy for building its lithium ion economy this month with the delivery of the White House’s 100-day supply chain review and the publication of a national battery blueprint by the Federal Consortium for Advanced Batteries (FCAB). Both documents, which utilise Benchmark data, set out the US government’s […]",[133838],{"slug":544,"name":543,"content":133839},{"job_title":557,"image":133840,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"385fd474-f367-44c1-ac0a-9ff19567ef05\", \"id\": \"\"}-->",[133843,133844],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":4820,"copyright":547,"fieldtype":553,"meta_data":133846,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jun 22, 2021",{"id":133849,"uuid":133850,"name":133851,"slug":133852,"full_slug":133853,"content":133854},112473389076746,"4a927036-5373-4cfa-9fcd-040deeaf7b43","BASF-Umicore patent agreement shows importance of IP in cathode industry","basf-umicore-patent-agreement-shows-importance-of-ip-in-cathode-industry","article/basf-umicore-patent-agreement-shows-importance-of-ip-in-cathode-industry",{"_uid":133855,"date":133856,"tags":133857,"editor":133860,"content":133864,"excerpt":133961,"featured":50,"reporter":133962,"_editable":133966,"component":864,"seo_title":133851,"categories":133967,"visibility":882,"author_company":49,"featured_image":133970,"seo_description":133961,"author_full_name":49,"author_job_title":49,"formattedDate":133973},"b8870521-630c-4dce-aca8-bf8927dac0cd","2021-05-27 00:00",[133858,133859],{"slug":27620,"name":27621},{"slug":27626,"name":27627},[133861],{"slug":544,"name":543,"content":133862},{"job_title":557,"image":133863,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":133865},[133866,133871,133876,133881,133886,133891,133896,133901,133906,133911,133916,133921,133926,133931,133936,133941,133946,133951,133956],{"type":594,"attrs":133867,"content":133868},{"textAlign":49},[133869],{"text":133870,"type":599},"This May, European cathode producers BASF and Umicore entered into a non-exclusive patent cross-license agreement for a range of cathode and precursor materials.",{"type":594,"attrs":133872,"content":133873},{"textAlign":49},[133874],{"text":133875,"type":599},"The agreement covers over 100 patent families filed globally and covers NCM, NCA and high manganese cathode materials and provides both companies with access to a wider range of cathode technologies.",{"type":594,"attrs":133877,"content":133878},{"textAlign":49},[133879],{"text":133880,"type":599},"The deal highlights the important role intellectual property plays in the cathode industry and the risks it poses to both cathode producers and their customers.",{"type":594,"attrs":133882,"content":133883},{"textAlign":49},[133884],{"text":133885,"type":599},"Another significant patent development on the horizon is for LFP cathodes.",{"type":594,"attrs":133887,"content":133888},{"textAlign":49},[133889],{"text":133890,"type":599},"Key patents for LFP cathode technology outside of China will expire towards the end of the year and will potentially lead to LFP production in new regions as producers scramble for market share. This could open up LFP offerings to western automakers should they develop plans to utilise the cathode in lower cost electric vehicles.",{"type":594,"attrs":133892,"content":133893},{"textAlign":49},[133894],{"text":133895,"type":599},"Looking at Europe, the LFP market for EVs remains very small and the vast majority of megafactories in production or in the pipeline are planning for high nickel cathode chemistries.",{"type":594,"attrs":133897,"content":133898},{"textAlign":49},[133899],{"text":133900,"type":599},"However, while capacity buildout in Europe has been focused on high nickel cathode materials, western automakers have been signalling their intention to use LFP cathodes in future models.",{"type":594,"attrs":133902,"content":133903},{"textAlign":49},[133904],{"text":133905,"type":599},"At Volkswagen’s Power Day in March, the company outlined its intention to use LFP technology in its mass-market, low-cost, unified cells. Meanwhile Tesla has already begun to use LFP cathodes in its standard range Model 3s, albeit in China, and Elon Musk has regularly professed the benefits of LFP cathodes.",{"type":594,"attrs":133907,"content":133908},{"textAlign":49},[133909],{"text":133910,"type":599},"Currently LFP production and capacity growth is centred in China, but from 2022 onwards, with the expiry of key patents and Western automakers showing a willingness to commit a proportion of their vehicles to LFP technology, this status quo could be disrupted.",{"type":657,"attrs":133912,"content":133913},{"level":15966,"textAlign":49},[133914],{"text":133915,"type":599},"A changing cathode landscape",{"type":594,"attrs":133917,"content":133918},{"textAlign":49},[133919],{"text":133920,"type":599},"Prior to this month’s agreement between BASF and Umicore there was a 2015-16 patent dispute between the two companies which saw the US International Trade Commission (ITC) determine that Umicore had infringed on BASF and Argonne National Laboratory (Argonne) patents in the USA.",{"type":594,"attrs":133922,"content":133923},{"textAlign":49},[133924],{"text":133925,"type":599},"In response to the infringement, the ITC imposed an exclusion order which banned the importation of Umicore’s NCM materials to the US market. However, by April 2017, BASF and Argonne agreed to resolve the dispute which allowed Umicore to produce, sell and distribute NCM materials in the USA under BASF and Argonne’s patents.",{"type":594,"attrs":133927,"content":133928},{"textAlign":49},[133929],{"text":133930,"type":599},"Since the BASF-Umicore US patent dispute began playing out in 2015 the cathode demand picture has changed dramatically. During that time global battery production has increased 6x and the number of megafactories in the pipeline or production has grown from single figures to 211 according to Benchmark’s Lithium ion Battery Database.",{"type":594,"attrs":133932,"content":133933},{"textAlign":49},[133934],{"text":133935,"type":599},"As the cathode industry has expanded to meet this new demand landscape, China’s share of cathode production has increasingly dominated the supply chain.",{"type":594,"attrs":133937,"content":133938},{"textAlign":49},[133939],{"text":133940,"type":599},"In 2015, 57 % of global cathode production was in China and this will have increased to 64% by the end of 2021. Data from Benchmark’s Cathode Market Assessment shows that this trend will continue as 82% of global cathode capacity under construction and 88% of planned global capacity is located on the Chinese mainland.",{"type":594,"attrs":133942,"content":133943},{"textAlign":49},[133944],{"text":133945,"type":599},"While some of this capacity is owned by non-Chinese companies — such as Umicore’s existing NCM operations in Jiangmen, Guangdong Province — the bulk of expansions have been driven by Chinese-owned entities.",{"type":594,"attrs":133947,"content":133948},{"textAlign":49},[133949],{"text":133950,"type":599},"With an increasingly competitive cathode market —driven by low-cost and low-price Chinese production— the resources required to deal with patent disputes, along with their associated risks, could be a drag on profitability.",{"type":594,"attrs":133952,"content":133953},{"textAlign":49},[133954],{"text":133955,"type":599},"In this environment, this month’s patent agreement between BASF and Umicore could be viewed as an acknowledgement that the main challenge to both companies is from Chinese cathode producers.",{"type":594,"attrs":133957,"content":133958},{"textAlign":49},[133959],{"text":133960,"type":599},"Intellectual property will be critical for cathode manufacturers looking to develop and protect their own operations in Europe.","This May, European cathode producers BASF and Umicore entered into a non-exclusive patent cross-license agreement for a range of cathode and precursor materials. The agreement covers over 100 patent families filed globally and covers NCM, NCA and high manganese cathode materials and provides both companies with access to a wider range of cathode technologies. The […]",[133963],{"slug":544,"name":543,"content":133964},{"job_title":557,"image":133965,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b8870521-630c-4dce-aca8-bf8927dac0cd\", \"id\": \"\"}-->",[133968,133969],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":133971,"copyright":547,"fieldtype":553,"meta_data":133972,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d8bbb45a28/bm-umicore-basf-patent-agreement.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 27, 2021",{"id":133975,"uuid":133976,"name":133977,"slug":133978,"full_slug":133979,"content":133980},112473406775664,"24b0e6e2-a762-44f2-b6d7-d88d6a9af11c","BYD becomes Benchmark’s 7th Tier One EV Battery Manufacturer; 2nd China cell maker","byd-becomes-benchmarks-7th-tier-one-ev-battery-manufacturer-2nd-china-cell-maker","article/byd-becomes-benchmarks-7th-tier-one-ev-battery-manufacturer-2nd-china-cell-maker",{"_uid":133981,"date":133982,"tags":133983,"editor":133985,"content":133989,"excerpt":134086,"featured":50,"reporter":134087,"_editable":134091,"component":864,"seo_title":133977,"categories":134092,"visibility":882,"author_company":49,"featured_image":134094,"seo_description":134086,"author_full_name":49,"author_job_title":49,"formattedDate":134097},"5634c2f3-3f40-4fef-bf36-6cf5a449dcf9","2021-05-19 00:00",[133984],{"slug":5945,"name":2983},[133986],{"slug":544,"name":543,"content":133987},{"job_title":557,"image":133988,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":133990},[133991,133996,134001,134006,134011,134016,134021,134026,134031,134036,134041,134046,134051,134056,134061,134064,134069],{"type":594,"attrs":133992,"content":133993},{"textAlign":49},[133994],{"text":133995,"type":599},"Chinese lithium ion battery cell and automaker BYD has reached Benchmark’s top tier EV battery cell manufacturer status joining CATL, Envision AESC, LG Energy Solution, Panasonic, Samsung, and SK Innovation as a tier one cell manufacturer.",{"type":594,"attrs":133997,"content":133998},{"textAlign":49},[133999],{"text":134000,"type":599},"BYD is only the second Chinese lithium ion cell producer to reach the top tier after CATL, marking the first battery producer to be promoted since March 2020.",{"type":594,"attrs":134002,"content":134003},{"textAlign":49},[134004],{"text":134005,"type":599},"The company’s promotion to the top tier comes as it officially begins to distribute its cells to other OEMs through its commercial battery arm Fudi Battery (Fudi).",{"type":594,"attrs":134007,"content":134008},{"textAlign":49},[134009],{"text":134010,"type":599},"Prior to Fudi’s formation in 2020 BYD reserved its in-house EV cell production exclusively for use in its own vehicles.",{"type":594,"attrs":134012,"content":134013},{"textAlign":49},[134014],{"text":134015,"type":599},"Benchmark understands that Fudi cells have been qualified by several automakers, which in combination with BYD’s existing global EV and eBus manufacturer status meets Benchmark’s requirements to promote the company to Tier One status.",{"type":594,"attrs":134017,"content":134018},{"textAlign":49},[134019],{"text":134020,"type":599},"Benchmark understands that BYD will offer nickel based and LFP chemistries to its customer base through Fudi while continuing to focus on LFP cathode chemistries for its own electric vehicles.",{"type":594,"attrs":134022,"content":134023},{"textAlign":49},[134024],{"text":134025,"type":599},"To support its own requirements and that of its new and growing customer base BYD is ramping capacity. Its most recent development was announced in April 2021, when the company announced that it had started phase 2 expansion of its cell plant in the Bishan district of Chongqing, Sichuan, which is set to reach 35 GWh – a significant increase on its initial 20 GWh plan.",{"type":594,"attrs":134027,"content":134028},{"textAlign":49},[134029],{"text":134030,"type":599},"Data from Benchmark’s latest Lithium ion Battery Megafactory Assessment shows that BYD will have 170 GWh of capacity in the pipeline 2025, all of which will be concentrated within China.",{"type":657,"attrs":134032,"content":134033},{"level":15966,"textAlign":49},[134034],{"text":134035,"type":599},"Ranking the world’s leading producers of battery cells for electric vehicles ",{"type":594,"attrs":134037,"content":134038},{"textAlign":49},[134039],{"text":134040,"type":599},"Not all lithium ion batteries can be used in all electric vehicles. For industry, there is a fine balance of what Benchmark calls the ‘Three Qs’ of quality, quantity and qualification.",{"type":594,"attrs":134042,"content":134043},{"textAlign":49},[134044],{"text":134045,"type":599},"Every three months, Benchmark assesses each lithium ion battery cell producer into the following three tiers:",{"type":594,"attrs":134047,"content":134048},{"textAlign":49},[134049],{"text":134050,"type":599},"Tier 1:",{"type":594,"attrs":134052,"content":134053},{"textAlign":49},[134054],{"text":134055,"type":599},"Tier 2:",{"type":594,"attrs":134057,"content":134058},{"textAlign":49},[134059],{"text":134060,"type":599},"Tier 3:",{"type":594,"attrs":134062,"content":134063},{"textAlign":49},[],{"type":657,"attrs":134065,"content":134066},{"level":15966,"textAlign":49},[134067],{"text":134068,"type":599},"HOW CAN I GET ACCESS TO BENCHMARK’S BATTERY CELL DATABASE AND ANALYSIS?",{"type":594,"attrs":134070,"content":134071},{"textAlign":49},[134072,134076,134082],{"text":134073,"type":599,"marks":134074},"To subscribe to Benchmark’s Lithium ion Battery Megafactory Assessment  ",[134075],{"type":643},{"text":134077,"type":599,"marks":134078},"fill in this form",[134079,134081],{"type":604,"attrs":134080},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":134083,"type":599,"marks":134084}," and we will be in touch.",[134085],{"type":643},"Chinese lithium ion battery cell and automaker BYD has reached Benchmark’s top tier EV battery cell manufacturer status joining CATL, Envision AESC, LG Energy Solution, Panasonic, Samsung, and SK Innovation as a tier one cell manufacturer. BYD is only the second Chinese lithium ion cell producer to reach the top tier after CATL, marking the […]",[134088],{"slug":544,"name":543,"content":134089},{"job_title":557,"image":134090,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5634c2f3-3f40-4fef-bf36-6cf5a449dcf9\", \"id\": \"\"}-->",[134093],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":134095,"copyright":547,"fieldtype":553,"meta_data":134096,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cfe34ee2b5/bm-byd-electric-car.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 19, 2021",{"id":134099,"uuid":134100,"name":134101,"slug":134102,"full_slug":134103,"content":134104},112473393873163,"264cd299-8155-490f-97b4-5b1f20a0738d","Glencore confirm details of Mutanda restart at Benchmark webinar as cobalt industry gears for surging demand","glencore-confirm-details-of-mutanda-restart-at-benchmark-webinar-as-cobalt-industry-gears-up-for-surging-demand","article/glencore-confirm-details-of-mutanda-restart-at-benchmark-webinar-as-cobalt-industry-gears-up-for-surging-demand",{"_uid":134105,"date":133982,"tags":134106,"editor":134109,"content":134113,"excerpt":134193,"featured":50,"reporter":134194,"_editable":134198,"component":864,"seo_title":134101,"categories":134199,"visibility":2091,"author_company":49,"featured_image":134202,"seo_description":134193,"author_full_name":49,"author_job_title":49,"formattedDate":134097},"0cf82f22-0b57-456b-ad93-a018e846c176",[134107,134108],{"slug":572,"name":573},{"slug":11317,"name":11318},[134110],{"slug":544,"name":543,"content":134111},{"job_title":557,"image":134112,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":134114},[134115,134120,134125,134130,134135,134140,134145,134150,134155,134160,134165,134170,134175,134180,134184],{"type":594,"attrs":134116,"content":134117},{"textAlign":49},[134118],{"text":134119,"type":599},"During Benchmark’s most recent cobalt webinar, Glencore made the first public confirmation outlining more detailed plans for the restart of its DRC based Mutanda Mining copper-cobalt operation following a period of care and maintenance, with the webinar being held as part of the Cobalt Institute Conference on 19 May 2021.",{"type":594,"attrs":134121,"content":134122},{"textAlign":49},[134123],{"text":134124,"type":599},"The plan to shutter the operation was taken in August 2019 following an extended period of low prices. At the time cobalt hydroxide – the product produced by the Mutanda operation – was trading at an average of $20,000/tonne (CIF Asia) as assessed by Benchmark.",{"type":594,"attrs":134126,"content":134127},{"textAlign":49},[134128],{"text":134129,"type":599},"Following the August 2019 announcement, production at the mine ceased in December 2019 with the operation producing 25,100 tonnes of cobalt in that year.",{"type":594,"attrs":134131,"content":134132},{"textAlign":49},[134133],{"text":134134,"type":599},"Since then, following favourable EV policies put in place by governments globally as part of the COVID-19 pandemic recovery, the industry has seen rapidly increasing demand for the battery mineral under a backdrop of surging EV sales. Cobalt prices began their recovery in late 2020 with cobalt hydroxide (CIF Asia) currently up by 125.1% versus August 2019 in the most recent April Cobalt Price Assessment, averaging $44,025/tonne for the month.",{"type":594,"attrs":134136,"content":134137},{"textAlign":49},[134138],{"text":134139,"type":599},"This combination of rising prices and tightening supply due to strong demand will likely have been the key factors in Glencore’s decision to bring Mutanda out of care and maintenance.",{"type":594,"attrs":134141,"content":134142},{"textAlign":49},[134143],{"text":134144,"type":599},"Ash Lazenby, Cobalt Trader at Glencore officially confirmed the company expected the operation to begin production in 2022 and as things stand the current production plan will see volumes rising to approximately 20,000 tonnes of cobalt by 2025, highlighting a gradual but steady ramp as market demand increases.",{"type":594,"attrs":134146,"content":134147},{"textAlign":49},[134148],{"text":134149,"type":599},"Whilst the confirmation is a significant announcement for the market, the production plan is in line with Benchmark’s most recent cobalt forecast which anticipated production to reach 19,000 tonnes by 2025 following restart in 2022.",{"type":594,"attrs":134151,"content":134152},{"textAlign":49},[134153],{"text":134154,"type":599},"The restart of the operation is fundamental to the cobalt market being able to supply the volumes needed by the battery industry to the mid-2020s, and even with the Mutanda operation back online, the market is expected to experience stock drawdowns and marginal deficits from 2023 onwards.",{"type":594,"attrs":134156,"content":134157},{"textAlign":49},[134158],{"text":134159,"type":599},"Whilst it is yet to be seen how the market will react to the announcement, in Benchmark’s opinion the outlined production plan is unlikely to see oversupply in the market, with much of the material likely destined to be locked up in long term contracts with key consumers looking to secure supply.",{"type":594,"attrs":134161,"content":134162},{"textAlign":49},[134163],{"text":134164,"type":599},"The lithium ion battery supply chain is undergoing a fundamental shift as previously theoretical forecasted EV consumption translates to real demand and as global automakers start to sell larger proportions of their fleets as electric vehicles.",{"type":594,"attrs":134166,"content":134167},{"textAlign":49},[134168],{"text":134169,"type":599},"As such, the battery supply chain continues to evolve via changing cathode technology and increasing commitments from producers to help the supply chain meet the increasing demand from consumers.",{"type":594,"attrs":134171,"content":134172},{"textAlign":49},[134173],{"text":134174,"type":599},"In reality, the entire value chain will need to work together to do what it can reduce the risk of raw materials being the limiting factor of the energy transition.",{"type":594,"attrs":134176,"content":134177},{"textAlign":49},[134178],{"text":134179,"type":599},"This commitment from Glencore will likely be one of many that will be needed to ensure supply growth can match the trajectory of increasing demand.",{"type":657,"attrs":134181,"content":134182},{"level":15966,"textAlign":49},[134183],{"text":132901,"type":599},{"type":594,"attrs":134185,"content":134186},{"textAlign":49},[134187,134188,134192],{"text":123961,"type":599},{"text":86378,"type":599,"marks":134189},[134190],{"type":604,"attrs":134191},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":132911,"type":599},"During Benchmark’s most recent cobalt webinar, Glencore made the first public confirmation outlining more detailed plans for the restart of its DRC based Mutanda Mining copper-cobalt operation following a period of care and maintenance, with the webinar being held as part of the Cobalt Institute Conference on 19 May 2021. The plan to shutter the […]",[134195],{"slug":544,"name":543,"content":134196},{"job_title":557,"image":134197,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0cf82f22-0b57-456b-ad93-a018e846c176\", \"id\": \"\"}-->",[134200,134201],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":134203,"copyright":547,"fieldtype":553,"meta_data":134204,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/21119a9594/bm-glencore-logo.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":134206,"uuid":134207,"name":134208,"slug":134209,"full_slug":134210,"content":134211},112473415586161,"964da7c3-e330-40a7-8154-1c8552ccb916","Benchmark to host Cobalt Institute conference session on 19 May","benchmark-to-host-cobalt-institute-conference-session-on-19-may","article/benchmark-to-host-cobalt-institute-conference-session-on-19-may",{"_uid":134212,"date":134213,"tags":134214,"editor":134216,"content":134220,"excerpt":134270,"featured":50,"reporter":134271,"_editable":134275,"component":864,"seo_title":134208,"categories":134276,"visibility":2091,"author_company":49,"featured_image":134279,"seo_description":134270,"author_full_name":49,"author_job_title":49,"formattedDate":134282},"e8ad17db-66d7-4743-9e32-d8884f01b47b","2021-05-11 00:00",[134215],{"slug":9655,"name":9656},[134217],{"slug":544,"name":543,"content":134218},{"job_title":557,"image":134219,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":134221},[134222,134227,134232,134245,134250,134260],{"type":594,"attrs":134223,"content":134224},{"textAlign":49},[134225],{"text":134226,"type":599},"Despite a shifting cathode picture in the lithium ion battery supply chain, cobalt remains an important part of the cell today and will continue to do so in the long term.",{"type":594,"attrs":134228,"content":134229},{"textAlign":49},[134230],{"text":134231,"type":599},"How does this shifting picture impact the challenges facing the cobalt supply chain? From raw material mining, chemical processing, cell production and end of life recycling to second use.",{"type":594,"attrs":134233,"content":134234},{"textAlign":49},[134235,134237,134243],{"text":134236,"type":599},"These concerns will be addressed in ",{"text":134238,"type":599,"marks":134239},"Benchmark’s Cobalt Special",[134240],{"type":604,"attrs":134241},{"href":134242,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://us02web.zoom.us/webinar/register/WN_zBHZkb31SNCWXBezGwCBHQ",{"text":134244,"type":599}," on Wednesday 19 May, 1.45pm London (2.45 pm CET), in partnership with the Cobalt Institute conference.",{"type":594,"attrs":134246,"content":134247},{"textAlign":49},[134248],{"text":134249,"type":599},"The 2021 Cobalt Institute conference runs from 18-19 May and will discuss cobalt’s role in a sustainable future, the state of the market over the last 12 months, with special focus on cobalt’s critical role in the electric vehicle supply chain.",{"type":594,"attrs":134251,"content":134252},{"textAlign":49},[134253,134258],{"text":134254,"type":599,"marks":134255},"Benchmark’s session",[134256],{"type":604,"attrs":134257},{"href":134242,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":134259,"type":599}," will be hosted by Caspar Rawles, Head of Price & Data Assessments, Benchmark, with presentations from Greg Miller, Analyst, Benchmark; Glencore Cobalt and Trent Mell, President, CEO & Director, First Cobalt Corp.",{"type":657,"attrs":134261,"content":134262},{"level":15966,"textAlign":49},[134263,134265,134269],{"text":134264,"type":599},"Register to attend Benchmark’s session ",{"text":6515,"type":599,"marks":134266},[134267],{"type":604,"attrs":134268},{"href":134242,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Despite a shifting cathode picture in the lithium ion battery supply chain, cobalt remains an important part of the cell today and will continue to do so in the long term. How does this shifting picture impact the challenges facing the cobalt supply chain? From raw material mining, chemical processing, cell production and end of […]",[134272],{"slug":544,"name":543,"content":134273},{"job_title":557,"image":134274,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e8ad17db-66d7-4743-9e32-d8884f01b47b\", \"id\": \"\"}-->",[134277,134278],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":134280,"copyright":547,"fieldtype":553,"meta_data":134281,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cb99cd1a54/bm-ci-bm.png",{"alt":547,"title":547,"source":547,"copyright":547},"May 11, 2021",{"id":134284,"uuid":134285,"name":134286,"slug":134287,"full_slug":134288,"content":134289},112473431765364,"a74ab4ad-6ecd-4d14-accf-198770b81f1b","Lithium’s 2021 price rises revive expansion plans","lithiums-2021-price-rises-revive-expansion-plans","article/lithiums-2021-price-rises-revive-expansion-plans",{"_uid":134290,"date":134291,"tags":134292,"editor":134294,"content":134298,"excerpt":134382,"featured":50,"reporter":134383,"_editable":134387,"component":864,"seo_title":134286,"categories":134388,"visibility":882,"author_company":49,"featured_image":134391,"seo_description":134382,"author_full_name":49,"author_job_title":49,"formattedDate":134394},"0717df90-dc6f-4474-857d-75a7e5e269c9","2021-04-30 00:00",[134293],{"slug":910,"name":911},[134295],{"slug":544,"name":543,"content":134296},{"job_title":557,"image":134297,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":134299},[134300,134305,134313,134318,134323,134328,134333,134338,134347,134352,134357,134362,134367,134372,134377],{"type":594,"attrs":134301,"content":134302},{"textAlign":49},[134303],{"text":134304,"type":599},"Higher lithium prices in 2021 have started to revive expansion plans with both AMG Lithium and POSCO committing to bring new supply online this April.",{"type":594,"attrs":134306,"content":134307},{"textAlign":49},[134308,134310,134312],{"text":134309,"type":599},"Lithium prices have risen across the board year-to-date, led by Chinese lithium carbonate prices which Benchmark’s mid-April Lithium Price Assessment showed were up 103.4% ",{"text":134311,"type":599},"(Benchmark’s Lithium Carbonate, Battery Grade, EXW China)",{"text":974,"type":599},{"type":594,"attrs":134314,"content":134315},{"textAlign":49},[134316],{"text":134317,"type":599},"This follows a period of falling prices which began in early 2018 and ended in late 2020 as lithium prices began to rise. During lithium’s bear market of 2018-2020, low prices had failed to incentivise the development of new supply and expansion plans were delayed across the industry. But with lithium prices having continued to rise since Q4 2020 the industry is beginning to see the revival of previously delayed expansion plans.",{"type":594,"attrs":134319,"content":134320},{"textAlign":49},[134321],{"text":134322,"type":599},"AMG Lithium this month finalised its decision to build a facility on land it has purchased at Chemiepark Bitterfeld-Wolfen in Germany, having initially outlined plans to develop a lithium hydroxide plant in the country in 2019. The company is planning to bring the 20,000 tpa LCE (lithium carbonate equivalent) plant online in 2023, with the potential to increase this to 100,000 tpa. Spodumene feedstock for the plant will be sourced from its Mibra mine in Brazil.",{"type":594,"attrs":134324,"content":134325},{"textAlign":49},[134326],{"text":134327,"type":599},"AMG has considerable experience as a specialty mineral company and are therefore well positioned to start capturing more value from lithium hydroxide production. The new plant is also strategically located to benefit from growing lithium chemical demand in Europe, with several cathode plants and battery megafactories under construction in the region.",{"type":594,"attrs":134329,"content":134330},{"textAlign":49},[134331],{"text":134332,"type":599},"Further lithium chemical capacity was confirmed this April as the board of South Korea’s POSCO approved the development of a lithium hydroxide processing facility in Gwangyang, South Korea. The project, which is set to begin construction in H1 2021, will have a nameplate capacity of 43,000 tpa LCE is due to enter production in 2023 and is set to use spodumene feedstock from Pilbara Minerals’ operations.",{"type":594,"attrs":134334,"content":134335},{"textAlign":49},[134336],{"text":134337,"type":599},"POSCO is also due to begin construction of its brine development in H1 2021, near the Salar del Hombre Muerto in Argentina, which has a nameplate 25,000 tpa of lithium carbonate production capacity.",{"type":594,"attrs":134339,"content":134340},{"textAlign":49},[134341,134343,134345],{"text":134342,"type":599},"With the company’s cathode production capacity anticipated to double over the next 10 years, according to ",{"text":134344,"type":599},"Benchmark’s Cathode Assessment",{"text":134346,"type":599},", if successful these projects would provide it with cost effective feedstock to support its cathode manufacturing expansions.",{"type":594,"attrs":134348,"content":134349},{"textAlign":49},[134350],{"text":134351,"type":599},"The marked improvement in the broader lithium industry originated in the Chinese market, which has seen the greatest price rises to date. In response to China’s improved demand picture and price rises, Yahua Lithium announced plans this week to increase the stage two capacity of its lithium hydroxide facility, which is under construction in Ya’an, Sichuan, from 20,000 to 50,000 tpa LCE.",{"type":594,"attrs":134353,"content":134354},{"textAlign":49},[134355],{"text":134356,"type":599},"Yongshan Lithium, a subsidiary of leading anode and cathode producer Shanshan, accelerated and completed the development of its refinery ahead of schedule this month, having only begun construction in Q2 2020. According to the company’s president, Feng Yang, the timeline to production of the 15,000 tpa hydroxide and 10,000 tpa lithium carbonate project was accelerated due to raw material price increases and downstream NEV demand.",{"type":594,"attrs":134358,"content":134359},{"textAlign":49},[134360],{"text":134361,"type":599},"Q1 reporting from Chinese lithium producers has also reflected the turnaround in lithium’s fortunes as Chengxin Lithium, Yongxing Material, and Jiangte all reported profit increases over 100% year on year, with other producers such as Ganfeng Lithium and Yahua Lithium, projecting strong improvements for their Q1 reports.",{"type":657,"attrs":134363,"content":134364},{"level":15966,"textAlign":49},[134365],{"text":134366,"type":599},"Lithium deficit is here already",{"type":594,"attrs":134368,"content":134369},{"textAlign":49},[134370],{"text":134371,"type":599},"While revived expansion announcements in April illustrate the growing confidence in the lithium market, many of these expansions have already been factored into the future supply picture.",{"type":594,"attrs":134373,"content":134374},{"textAlign":49},[134375],{"text":134376,"type":599},"Lithium’s price rises have given confidence to producers and prospective producers alike to execute on plans that were consistently delayed during lithium’s downturn. But these price rises have yet to incentivise sufficient additional supply and lithium’s pipeline is still ill prepared to meet increasing demand from the battery industry.",{"type":594,"attrs":134378,"content":134379},{"textAlign":49},[134380],{"text":134381,"type":599},"Benchmark’s Lithium Forecast is now expecting the lithium market to be in a deficit in 2021 due to higher-than-expected demand from the battery sector combined with the lack of new supply. That said, with lithium prices continuing to increase considerably from their 2020 lows there is a growing incentive to bring additional supply online to ease this growing deficit.","Higher lithium prices in 2021 have started to revive expansion plans with both AMG Lithium and POSCO committing to bring new supply online this April. Lithium prices have risen across the board year-to-date, led by Chinese lithium carbonate prices which Benchmark’s mid-April Lithium Price Assessment showed were up 103.4% (Benchmark’s Lithium Carbonate, Battery Grade, EXW […]",[134384],{"slug":544,"name":543,"content":134385},{"job_title":557,"image":134386,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0717df90-dc6f-4474-857d-75a7e5e269c9\", \"id\": \"\"}-->",[134389,134390],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":134392,"copyright":547,"fieldtype":553,"meta_data":134393,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3e6ddfd379/bm-amg.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 30, 2021",{"id":134396,"uuid":134397,"name":134398,"slug":134399,"full_slug":134400,"content":134401},112473437106649,"0a886683-c6d9-4dd1-9b1d-3a43068bcd36","Johnson Matthey secures nickel, cobalt and lithium for growing European cathode pipeline","johnson-matthey-secures-nickel-cobalt-and-lithium-for-growing-european-cathode-pipeline","article/johnson-matthey-secures-nickel-cobalt-and-lithium-for-growing-european-cathode-pipeline",{"_uid":134402,"date":134403,"tags":134404,"editor":134405,"content":134409,"excerpt":134551,"featured":50,"reporter":134552,"_editable":134556,"component":864,"seo_title":134398,"categories":134557,"visibility":882,"author_company":49,"featured_image":134560,"seo_description":134551,"author_full_name":49,"author_job_title":49,"formattedDate":134563},"c1f69f21-78b0-4d4d-87ac-0f99cab6211e","2021-04-22 00:00",[],[134406],{"slug":544,"name":543,"content":134407},{"job_title":557,"image":134408,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":134410},[134411,134416,134421,134426,134431,134436,134441,134449,134454,134459,134464,134472,134477,134482,134487,134492,134497,134502,134507,134510,134515,134520,134525,134533,134538,134543,134548],{"type":594,"attrs":134412,"content":134413},{"textAlign":49},[134414],{"text":134415,"type":599},"Johnson Matthey (JM) announced the latest steps towards the commercialisation of its eLNO cathode technology in April, detailing plans for a strategic partnership with Finland’s state mining company, Finnish Materials Group (FMG), to support the development of its second eLNO plant in Vaasa, Finland.",{"type":594,"attrs":134417,"content":134418},{"textAlign":49},[134419],{"text":134420,"type":599},"Construction at the 30,000tpa plant is set to begin later this year, adding to JM’s first commercial 10,000tpa eLNO plant located in Konin, Poland, set to commence operations from 2022.",{"type":594,"attrs":134422,"content":134423},{"textAlign":49},[134424],{"text":134425,"type":599},"According to the public filing, FMG’s investment will extend into two key areas: the safe and sustainable treatment sodium sulphate by-product and the pre-treatment technology of nickel and cobalt sulphates.",{"type":594,"attrs":134427,"content":134428},{"textAlign":49},[134429],{"text":134430,"type":599},"Both of JM’s plants intend to run solely off locally sourced renewable energy, placing the cathode material producer at the forefront of efforts to foster a sustainable European battery supply chain.",{"type":594,"attrs":134432,"content":134433},{"textAlign":49},[134434],{"text":134435,"type":599},"The eLNO technology, a nickel-rich cathode blend designed for high-end automotive battery applications that utilises little to no cobalt, aims to maximise the energy density and life cycle of the battery cell at a lower cost per unit than rival cathode chemistries.",{"type":594,"attrs":134437,"content":134438},{"textAlign":49},[134439],{"text":134440,"type":599},"Whilst the utilisation of ‘cobalt free’ cathode technology should theoretically provide benefits, including reduced cost and downstream exposure to potential supply chain risks including human rights violations associated with artisanal mining in the DRC, as well as lower security of supply risk associated with future deficits, eLNO technology will be subject to quality tests by automakers before it can be utilised in large scale EV production –a multi-year undertaking for leading Western OEMs.",{"type":594,"attrs":134442,"content":134443},{"textAlign":49},[134444,134446,134447],{"text":134445,"type":599},"As a result, ",{"text":9653,"type":599},{"text":134448,"type":599}," anticipates it will be some time before eLNO technology is deployed at commercial scale as development work continues.",{"type":657,"attrs":134450,"content":134451},{"level":15966,"textAlign":49},[134452],{"text":134453,"type":599},"Supply security key as European cathode producers approach production",{"type":594,"attrs":134455,"content":134456},{"textAlign":49},[134457],{"text":134458,"type":599},"Alongside details of its second plant in Finland, JM confirmed preliminary agreements with Russia’s Norilsk Nickel (Norilsk) and Chile’s SQM to secure a supply of critical raw materials to support its operations in Europe.",{"type":594,"attrs":134460,"content":134461},{"textAlign":49},[134462],{"text":134463,"type":599},"Norilsk will supply nickel and cobalt from its refineries in Harjavalta, Finland and the Kola region of Russia, whilst SQM will supply an estimated 3,000 tpa of lithium hydroxide from its Salar del Carmen operation in Antofagasta, Chile.",{"type":594,"attrs":134465,"content":134466},{"textAlign":49},[134467,134469,134471],{"text":134468,"type":599},"A stable and secure of battery raw materials will be critical to JM as it approaches commercialisation of its eLNO cathode material, scheduled for late 2022; ahead of plans to scale its eLNO production capacity to 130,000 tpa by the end of the decade – as assessed by the ",{"text":134470,"type":599},"Benchmark Cathode Market Assessment",{"text":974,"type":599},{"type":594,"attrs":134473,"content":134474},{"textAlign":49},[134475],{"text":134476,"type":599},"JM has followed the lead of fellow European cathode producers in locking up raw material supply from Finland, after BASF announced a similar agreement with Norilsk in early 2019 to supply its precursor plant located adjacent to Norilsk’s refinery in Harjavalta, Finland.",{"type":657,"attrs":134478,"content":134479},{"level":15966,"textAlign":49},[134480],{"text":134481,"type":599},"Finland takes centre stage in Europe’s supply chain",{"type":594,"attrs":134483,"content":134484},{"textAlign":49},[134485],{"text":134486,"type":599},"JM’s announcement is the latest in a series of supply chain developments in Finland, a country which looks set to be a key beneficiary in the buildout of Europe’s battery industry.",{"type":594,"attrs":134488,"content":134489},{"textAlign":49},[134490],{"text":134491,"type":599},"News of JM’s second eLNO plant in Vaasa followed quickly on the heels of confirmation in February that FMG would collaborate with one of China’s leading precursor producers, CNGR, to undertake a definitive feasibility study (DFS) to examine the potential for a precursor production plant in Hamina, Finland.",{"type":594,"attrs":134493,"content":134494},{"textAlign":49},[134495],{"text":134496,"type":599},"Should the two companies opt to engage in the development of a JV precursor facility in the region, construction on the plant is expected to commence in 2022.",{"type":594,"attrs":134498,"content":134499},{"textAlign":49},[134500],{"text":134501,"type":599},"Moreover, Norilsk announced plans in April to ramp up nickel production at its Harjavalta refinery in Finland from its current 65,000 tpa capacity to over 100,000 tpa by 2026, whilst Terrafame is set to begin commercial production of nickel sulphate at its new 135,000 tpa refinery in Sotokamo in Q2 2021 – making it one of the largest nickel sulphate refineries in the world by capacity.",{"type":594,"attrs":134503,"content":134504},{"textAlign":49},[134505],{"text":134506,"type":599},"Finland is working to position itself at the heart of Europe’s raw material to mid-stream supply chain, attracting investment from key players looking to capitalise on the region’s raw material reserves and renewable power accessibility.",{"type":657,"attrs":134508,"content":134509},{"level":15966,"textAlign":49},[],{"type":657,"attrs":134511,"content":134512},{"level":15966,"textAlign":49},[134513],{"text":134514,"type":599},"Europe faces a myriad of supply risks without further upstream investment",{"type":594,"attrs":134516,"content":134517},{"textAlign":49},[134518],{"text":134519,"type":599},"Despite these positive developments, investment in Europe’s raw material to mid-stream supply chain is failing to keep pace with the build out of the continent’s lithium-ion battery cell manufacturing capacity.",{"type":594,"attrs":134521,"content":134522},{"textAlign":49},[134523],{"text":134524,"type":599},"Without significant investment to hasten the buildout of a localised raw material supply chain, Europe’s battery industry is facing looming deficits of locally sourced raw materials as demand scales over the coming decade.",{"type":594,"attrs":134526,"content":134527},{"textAlign":49},[134528,134530,134531],{"text":134529,"type":599},"This deficit is perhaps most pronounced in the lithium market, where ",{"text":9653,"type":599},{"text":134532,"type":599}," forecasts Europe to account for just 2% of global lithium chemical supply by 2025.",{"type":594,"attrs":134534,"content":134535},{"textAlign":49},[134536],{"text":134537,"type":599},"Indeed, as major automakers such as VW, Ford, and Tesla start to ramp up EV production across Europe, and even begin their own in-house cell production, they are facing increased competition to secure the limited supply of locally sourced raw materials ahead of tighter EU regulations on raw material procurement and environmental, social and governance (ESG) standards.",{"type":594,"attrs":134539,"content":134540},{"textAlign":49},[134541],{"text":134542,"type":599},"Whilst the development of recycling capacity in Europe will go some way in helping bridge these emerging supply gaps, recycled feed is not expected to be brought to market in significant volume until post-2030.",{"type":594,"attrs":134544,"content":134545},{"textAlign":49},[134546],{"text":134547,"type":599},"Europe’s battery supply chain is thus expected to remain heavily reliant on battery chemical imports from Asia in the medium term, a reliance that poses challenges from both a security of supply and ESG standpoint.",{"type":594,"attrs":134549,"content":134550},{"textAlign":49},[],"Johnson Matthey (JM) announced the latest steps towards the commercialisation of its eLNO cathode technology in April, detailing plans for a strategic partnership with Finland’s state mining company, Finnish Materials Group (FMG), to support the development of its second eLNO plant in Vaasa, Finland. Construction at the 30,000tpa plant is set to begin later this year, […]",[134553],{"slug":544,"name":543,"content":134554},{"job_title":557,"image":134555,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c1f69f21-78b0-4d4d-87ac-0f99cab6211e\", \"id\": \"\"}-->",[134558,134559],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":134561,"copyright":547,"fieldtype":553,"meta_data":134562,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7b4e5ddd48/bm-istock-961759958-e1548706413503.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 22, 2021",{"id":134565,"uuid":134566,"name":134567,"slug":134568,"full_slug":134569,"content":134570},112473442243035,"7ee8ea86-228e-459e-9dfc-dc062cb33dac","What does the $3.1bn Orocobre and Galaxy merger mean for the lithium industry?","what-does-the-3-1bn-orocobre-and-galaxy-merger-mean-for-the-lithium-industry","article/what-does-the-3-1bn-orocobre-and-galaxy-merger-mean-for-the-lithium-industry",{"_uid":134571,"date":134572,"tags":134573,"editor":134574,"content":134578,"excerpt":134665,"featured":50,"reporter":134666,"_editable":134670,"component":864,"seo_title":134567,"categories":134671,"visibility":882,"author_company":49,"featured_image":134674,"seo_description":134665,"author_full_name":49,"author_job_title":49,"formattedDate":134677},"5d18970e-cb4a-49a2-88e3-cce34a0e8ca3","2021-04-21 00:00",[],[134575],{"slug":544,"name":543,"content":134576},{"job_title":557,"image":134577,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":134579},[134580,134585,134590,134595,134600,134605,134610,134615,134620,134625,134630,134635,134640,134645,134650,134655,134660],{"type":594,"attrs":134581,"content":134582},{"textAlign":49},[134583],{"text":134584,"type":599},"Australian-owned lithium producers Orocobre and Galaxy Resources announced the merger of the two companies on 19 April 2021, with the newly established entity set to become the fifth most valuable producer of the critical battery mineral by market capitalisation.",{"type":594,"attrs":134586,"content":134587},{"textAlign":49},[134588],{"text":134589,"type":599},"Orocobre will acquire 100% of the shares in Galaxy, forming a merged company with a $3.1 billion (AUD 4 billion) market capitalisation.",{"type":594,"attrs":134591,"content":134592},{"textAlign":49},[134593],{"text":134594,"type":599},"News of the merger arrives as lithium prices continue to rally, with Benchmark’s battery grade lithium carbonate price (EXW China) up 103.4% y-t-d, incentivising producers to search for expansion opportunities to capitalise on demand from the booming electric vehicle battery supply chain.",{"type":594,"attrs":134596,"content":134597},{"textAlign":49},[134598],{"text":134599,"type":599},"Hard rock, brine and chemical assets in varying stages of development across Australia, Argentina, Canada, and Japan will be consolidated by the merger, bringing together a portfolio of upstream and downstream projects.",{"type":594,"attrs":134601,"content":134602},{"textAlign":49},[134603],{"text":134604,"type":599},"The combined entity will overtake Pilbara and jump to the world’s fifth largest lithium company by production, according to Benchmark’s Lithium forecast, with Orocobre and Galaxy’s active assets delivering a combined capacity of around 35,000 tpa LCE.",{"type":657,"attrs":134606,"content":134607},{"level":15966,"textAlign":49},[134608],{"text":134609,"type":599},"Opportunity to diversify upstream and downstream asset portfolio",{"type":594,"attrs":134611,"content":134612},{"textAlign":49},[134613],{"text":134614,"type":599},"Currently, Orocobre operates its Argentinian brine asset, Olaroz, in which it has a 66.5% share. A further 25% of the project is owned by Toyota Tsusho, who act as a selling agent for the material in Asia, and the final 8.5% is owned by Jujuy Energia y Mineria Sociedad del Estado (JEMSE), intended to provide the provincial Argentinian government in Jujuy state with an interest in the project.",{"type":594,"attrs":134616,"content":134617},{"textAlign":49},[134618],{"text":134619,"type":599},"Galaxy operates its spodumene mine Mt Cattlin in Western Australia, which it wholly owns.",{"type":594,"attrs":134621,"content":134622},{"textAlign":49},[134623],{"text":134624,"type":599},"Additionally, Galaxy will move into detailed engineering for the process plant and continue early construction activities at their Sal de Vida brine project, located in Salta Province, Argentina, neighbouring Orocobre’s operating Argentine asset. Furthermore, James Bay, a Galaxy spodumene asset located in Quebec, Canada, is in earlier stages of development, having recently undergone a preliminary economic assessment.",{"type":594,"attrs":134626,"content":134627},{"textAlign":49},[134628],{"text":134629,"type":599},"Expertise from Orocobre’s Olaroz could provide the means to accelerate the construction of brine developments at Sal de Vida, with Olaroz itself in the midst of Stage II expansion construction. In addition, Orocobre has a stake in Advantage Lithium, including a joint venture agreement at the neighbouring Cauchari site just south of Olaroz, which could see the 3 assets form a new axis for brine production in the Jujuy and Salta provinces.",{"type":594,"attrs":134631,"content":134632},{"textAlign":49},[134633],{"text":134634,"type":599},"As well as the strategic advantages presented by the consolidation of several mine operations, both companies bring a track record of chemical conversion to the table.",{"type":594,"attrs":134636,"content":134637},{"textAlign":49},[134638],{"text":134639,"type":599},"Galaxy first started a lithium carbonate facility in Zhangjiagang, Jiangsu province, China in 2012, which was subsequently purchased by Tianqi Lithium. In contrast, Orocobre has spent the past six years refining its brine production process at Olaroz and developed a strategy to move into the lithium hydroxide market alongside partner Toyota Tsusho with the construction of a 10,000 tpa facility in Naraha, due to begin commissioning during Q1 2022.",{"type":657,"attrs":134641,"content":134642},{"level":15966,"textAlign":49},[134643],{"text":134644,"type":599},"Can consolidating capital and expertise provide some strength against the tightening market?",{"type":594,"attrs":134646,"content":134647},{"textAlign":49},[134648],{"text":134649,"type":599},"The merging of these two lithium producers could provide some competition for the old guard in the industry, as the bullish price environment may begin to see smaller, previously capital-starved players compete in an increasingly tight market amid the ramping up of the global battery arms race.",{"type":594,"attrs":134651,"content":134652},{"textAlign":49},[134653],{"text":134654,"type":599},"The merger follows in the footsteps of Pilbara’s acquisition of neighbouring spodumene producer Altura in Q1 2021, another move that will challenge the incumbent axis of lithium leaders.",{"type":594,"attrs":134656,"content":134657},{"textAlign":49},[134658],{"text":134659,"type":599},"Additionally, the joint expertise these companies hold, in both brine and hard-rock production, may allow for the acceleration and improvement of some of the key projects in the entities’ holding, with both companies managing multiple plans throughout the development spectrum, from greenfield opportunities to brownfield expansions.",{"type":594,"attrs":134661,"content":134662},{"textAlign":49},[134663],{"text":134664,"type":599},"The success and synergies achieved by these future developments will be crucial to the joint entities’ success, and the efficiency at which these assets are brought to market and utilised will determine whether the merged major is set to play a key role in the lithium ion supply chain.","Australian-owned lithium producers Orocobre and Galaxy Resources announced the merger of the two companies on 19 April 2021, with the newly established entity set to become the fifth most valuable producer of the critical battery mineral by market capitalisation. Orocobre will acquire 100% of the shares in Galaxy, forming a merged company with a $3.1 […]",[134667],{"slug":544,"name":543,"content":134668},{"job_title":557,"image":134669,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5d18970e-cb4a-49a2-88e3-cce34a0e8ca3\", \"id\": \"\"}-->",[134672,134673],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":134675,"copyright":547,"fieldtype":553,"meta_data":134676,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0a53ca59d4/bm-orocobre.png",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 21, 2021",{"id":134679,"uuid":134680,"name":134681,"slug":134682,"full_slug":134683,"content":134684},112473452094064,"71d2b6fd-c93e-4e01-8d01-53e4a9bc911e","Stream presentations from Benchmark’s Lithium Unconventional Resources special","stream-presentations-from-benchmarks-lithium-unconventional-resources-special","article/stream-presentations-from-benchmarks-lithium-unconventional-resources-special",{"_uid":134685,"date":134686,"tags":134687,"editor":134688,"content":134692,"excerpt":134767,"featured":50,"reporter":134768,"_editable":134772,"component":864,"seo_title":134681,"categories":134773,"visibility":2091,"author_company":49,"featured_image":134775,"seo_description":134767,"author_full_name":49,"author_job_title":49,"formattedDate":134777},"e4a3f114-6cef-4de5-a680-30624b2280ab","2021-04-14 00:00",[],[134689],{"slug":544,"name":543,"content":134690},{"job_title":557,"image":134691,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":134693},[134694,134699,134713,134723,134726,134729,134732,134735,134738],{"type":594,"attrs":134695,"content":134696},{"textAlign":49},[134697],{"text":134698,"type":599},"Watch selected presentations from Benchmark’s Lithium Unconventional Resources special below.",{"type":594,"attrs":134700,"content":134701},{"textAlign":49},[134702,134706,134708,134712],{"text":127708,"type":599,"marks":134703},[134704],{"type":604,"attrs":134705},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":134707,"type":599}," subscribers have full access to videos from Benchmark’s Africa Day and our other events through ",{"text":127645,"type":599,"marks":134709},[134710],{"type":604,"attrs":134711},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":134714,"content":134715},{"textAlign":49},[134716,134718,134722],{"text":134717,"type":599},"Learn more or subscribe ",{"text":6515,"type":599,"marks":134719},[134720],{"type":604,"attrs":134721},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":134724,"content":134725},{"textAlign":49},[],{"type":594,"attrs":134727,"content":134728},{"textAlign":49},[],{"type":594,"attrs":134730,"content":134731},{"textAlign":49},[],{"type":594,"attrs":134733,"content":134734},{"textAlign":49},[],{"type":594,"attrs":134736,"content":134737},{"textAlign":49},[],{"type":594,"attrs":134739,"content":134740},{"textAlign":49},[134741,134746,134750,134755,134759,134764],{"text":127708,"type":599,"marks":134742},[134743,134745],{"type":604,"attrs":134744},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":134747,"type":599,"marks":134748}," subscribers have full access to Benchmark’s Lithium Unconventional Resources Webinar on demand through ",[134749],{"type":643},{"text":127645,"type":599,"marks":134751},[134752,134754],{"type":604,"attrs":134753},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":134756,"type":599,"marks":134757},". Learn more or subscribe ",[134758],{"type":643},{"text":6515,"type":599,"marks":134760},[134761,134763],{"type":604,"attrs":134762},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":134765},[134766],{"type":643},"Watch selected presentations from Benchmark’s Lithium Unconventional Resources special below. Benchmark Membership subscribers have full access to videos from Benchmark’s Africa Day and our other events through Benchmark Video Streaming. Learn more or subscribe here. Benchmark Membership subscribers have full access to Benchmark’s Lithium Unconventional Resources Webinar on demand through Benchmark Video Streaming. Learn more […]",[134769],{"slug":544,"name":543,"content":134770},{"job_title":557,"image":134771,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e4a3f114-6cef-4de5-a680-30624b2280ab\", \"id\": \"\"}-->",[134774],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":547,"copyright":547,"fieldtype":553,"meta_data":134776,"is_external_url":50},{"alt":547,"title":547,"source":547,"copyright":547},"Apr 14, 2021",{"id":134779,"uuid":134780,"name":134781,"slug":134782,"full_slug":134783,"content":134784},112473467175993,"1c20b083-9ac1-4cd3-886e-e0f65d2ee9f0","Chinese majors start 2021 on anode offensive","chinese-majors-start-2021-on-anode-offensive","article/chinese-majors-start-2021-on-anode-offensive",{"_uid":134785,"date":134786,"tags":134787,"editor":134789,"content":134793,"excerpt":134893,"featured":50,"reporter":134894,"_editable":134898,"component":864,"seo_title":134781,"categories":134899,"visibility":882,"author_company":49,"featured_image":134902,"seo_description":134893,"author_full_name":49,"author_job_title":49,"formattedDate":134905},"cf72d07e-fe77-44f9-a371-2588dee43096","2021-04-01 00:00",[134788],{"slug":913,"name":914},[134790],{"slug":544,"name":543,"content":134791},{"job_title":557,"image":134792,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":134794},[134795,134800,134805,134810,134822,134827,134832,134837,134848,134853,134858,134863,134868,134873,134878,134883,134888],{"type":594,"attrs":134796,"content":134797},{"textAlign":49},[134798],{"text":134799,"type":599},"China’s anode majors dramatically stepped up expansion plans in Q1 with billions of dollars of investment cementing Chinese dominance of the anode supply chain.",{"type":594,"attrs":134801,"content":134802},{"textAlign":49},[134803],{"text":134804,"type":599},"BTR New Energy (BTR) and Putailai led the expansions, announcing plans to build 80,000 tpa and 200,000 tpa, respectively, of additional synthetic anode capacity.",{"type":594,"attrs":134806,"content":134807},{"textAlign":49},[134808],{"text":134809,"type":599},"Putailai’s massive 200,000 tpa anode project will be established in Chengdu, Sichuan, through its wholly owned subsidiary Sichuan Zichen Technology. The first stage of the project is set to finish construction in 2023, with 100,000 tpa of capacity, ultimately reaching nameplate in 2025. Total investment into the project is reportedly RMB 8 billion ($1.2 billion).",{"type":594,"attrs":134811,"content":134812},{"textAlign":49},[134813,134815,134820],{"text":134814,"type":599},"The 200,000 tpa operation represents 14% of planned global anode capacity placing the company at the top of ",{"text":134816,"type":599,"marks":134817},"Benchmark’s Anode Market Assessment",[134818],{"type":604,"attrs":134819},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":134821,"type":599}," based on its capacity in the pipeline. It is currently the world’s third largest producer behind fellow Chinese majors BTR New Energy and Shanshan.",{"type":594,"attrs":134823,"content":134824},{"textAlign":49},[134825],{"text":134826,"type":599},"BTR New Energy (BTR), the leading producer by output in 2020, announced an 80,000 tpa expansion in early March which takes its anode capacity pipeline to 175,000 tpa, adding to the 93,000 tpa of primarily natural anode capacity the company currently operates",{"type":594,"attrs":134828,"content":134829},{"textAlign":49},[134830],{"text":134831,"type":599},"BTR’s expansion was established through a joint venture with needle coke producer Shandong Jingyang Technology. The JV, in which BTR will hold a 55% share, is set to be located in Binzhou, Shandong province, will be vertically integrated with 120,000 tpa of needle coke capacity to feed the production 80,000 tpa of synthetic anode material. The project will ramp up in two stages, the first stage targeting production in Q1 2022, and will reportedly require RMB 3.68 billion ($550 million) of investment.",{"type":594,"attrs":134833,"content":134834},{"textAlign":49},[134835],{"text":134836,"type":599},"This will be the first commercial-scale production line in the industry to integrate the value chain from needle coke to the finished anode product.",{"type":594,"attrs":134838,"content":134839},{"textAlign":49},[134840,134842,134846],{"text":134841,"type":599},"BTR has no needle coke production itself, but Jingyang Techology’s expertise as a leading needle coke producer within China, with a capacity of 80,000 tpa, according to ",{"text":16004,"type":599,"marks":134843},[134844],{"type":604,"attrs":134845},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":134847,"type":599},", will provide significant cost-advantages for production from the site.",{"type":594,"attrs":134849,"content":134850},{"textAlign":49},[134851],{"text":134852,"type":599},"In January BTR also announced plans to purchase Sichuan Junbei Material, a wholly-owned subsidiary of Yibin Jinshi New Material, and construct a 50,000 tpa high-end synthetic graphite anode facility for RMB 1.65bn ($250 million). Yibin Jinshi is a new entrant to the anode market but already has a 30,000 tpa anode facility under construction in Yibin, Sichuan.",{"type":594,"attrs":134854,"content":134855},{"textAlign":49},[134856],{"text":134857,"type":599},"Sichuan province is becoming an integral domestic cluster in China’s lithium ion battery supply chain. The availability of natural resources, particularly relatively clean and cost-competitive sources of energy, a supportive labour market, strong infrastructure and rail links and supportive government policies have helped boost the province’s lithium ion credentials. Downstream capacity is also being developed in the province, with many of Putailai’s main customers, including CATL, establishing production in south west China.",{"type":657,"attrs":134859,"content":134860},{"level":15966,"textAlign":49},[134861],{"text":134862,"type":599},"Surging demand driving expansions",{"type":594,"attrs":134864,"content":134865},{"textAlign":49},[134866],{"text":134867,"type":599},"Surging electric vehicle (EV) demand for anode materials in China and Europe has supported anode majors’ recent domestic expansions. In 2020, total Chinese cell production increased by 27.1% y-o-y as a result of growing demand from a host of applications.",{"type":594,"attrs":134869,"content":134870},{"textAlign":49},[134871],{"text":134872,"type":599},"While growing EV demand has given China’s anode majors confidence to further increase their capacity, these expansions also reflect an ongoing trend of these companies expanding to secure market share.",{"type":594,"attrs":134874,"content":134875},{"textAlign":49},[134876],{"text":134877,"type":599},"On the back of low energy costs and abundant low-cost natural flake graphite, China’s anode producers have steadily gained market share, while South Korean and Japanese incumbents have failed to compete in terms of cost.",{"type":594,"attrs":134879,"content":134880},{"textAlign":49},[134881],{"text":134882,"type":599},"These cost advantages have also led to a rapid expansion of more competitive synthetic graphite capacity in China, which has challenged established majors in Japan and Korea and swung the balance further in favour of synthetic graphite inputs.",{"type":594,"attrs":134884,"content":134885},{"textAlign":49},[134886],{"text":134887,"type":599},"Although ex-China producers still typically maintain quality advantages over Chinese competitors, both in anode and graphite feedstock production, China’s supply chain dominance has put domestic producers in a dominant position.",{"type":594,"attrs":134889,"content":134890},{"textAlign":49},[134891],{"text":134892,"type":599},"Today the bulk of anode production capacity – and the buildout of future capacity – is located in China. The move by Chinese anode majors to expand capacity and integrate production is an attempt to secure greater market share both domestically and in emerging EV markets. However, unlike their cathode counterparts, efforts by anode majors to collocate this capacity near to battery cell production facilities has been limited to date.","China’s anode majors dramatically stepped up expansion plans in Q1 with billions of dollars of investment cementing Chinese dominance of the anode supply chain. BTR New Energy (BTR) and Putailai led the expansions, announcing plans to build 80,000 tpa and 200,000 tpa, respectively, of additional synthetic anode capacity. Putailai’s massive 200,000 tpa anode project will […]",[134895],{"slug":544,"name":543,"content":134896},{"job_title":557,"image":134897,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cf72d07e-fe77-44f9-a371-2588dee43096\", \"id\": \"\"}-->",[134900,134901],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":134903,"copyright":547,"fieldtype":553,"meta_data":134904,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/58e84e3397/bm-20200907095116-6333.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 01, 2021",{"id":134907,"uuid":134908,"name":134909,"slug":134910,"full_slug":134911,"content":134912},112473472066818,"df23be51-a07b-4b52-b248-900250220b1f","Global battery arms race: 200 gigafactories; China leads","global-battery-arms-race-200-gigafactories-china-leads","article/global-battery-arms-race-200-gigafactories-china-leads",{"_uid":134913,"date":134914,"tags":134915,"editor":134917,"content":134921,"excerpt":135007,"featured":50,"reporter":135008,"_editable":135012,"component":864,"seo_title":134909,"categories":135013,"visibility":882,"author_company":49,"featured_image":135016,"seo_description":135007,"author_full_name":49,"author_job_title":49,"formattedDate":135019},"a1a8ff66-d697-4d99-9046-5bf9ac2fdf39","2021-03-31 00:00",[134916],{"slug":913,"name":914},[134918],{"slug":544,"name":543,"content":134919},{"job_title":557,"image":134920,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":134922},[134923,134928,134933,134938,134950,134955,134960,134965,134970,134974,134980,134986,134993],{"type":594,"attrs":134924,"content":134925},{"textAlign":49},[134926],{"text":134927,"type":599},"The global battery arms race has stepped up a gear in 2021 with Benchmark Mineral Intelligence now tracking 200 super-sized lithium ion battery cell plants in the pipeline to 2030.",{"type":594,"attrs":134929,"content":134930},{"textAlign":49},[134931],{"text":134932,"type":599},"Chinese automaker Geely announced plans in March for a new 42 GWh cell base in Ganzhou, Jiangxi Province in China and is officially listed as Benchmark’s 200th entry into our Lithium Ion Battery Megafactory Assessment – a monthly subscription service.",{"type":594,"attrs":134934,"content":134935},{"textAlign":49},[134936],{"text":134937,"type":599},"This also brings the total capacity in the pipeline for 2030 to 3.4TWh, which is set to increase from 755 GWh of global capacity in 2020.",{"type":594,"attrs":134939,"content":134940},{"textAlign":49},[134941,134943,134948],{"text":134942,"type":599},"The global battery arms race continued to heat up elsewhere this month as ",{"text":134944,"type":599,"marks":134945},"VW committed to a vertical integration strategy with a total six 40 GWh cell plants in Europe",[134946],{"type":604,"attrs":134947},{"href":131131,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":134949,"type":599}," alone and announced sweeping cell format changes.",{"type":594,"attrs":134951,"content":134952},{"textAlign":49},[134953],{"text":134954,"type":599},"While European and North American pipelines have begun to increase substantially over the past 12 months, China remains by far the most aggressive country in building lithium ion cell production capacity to support its electric vehicle and energy storage industries.",{"type":594,"attrs":134956,"content":134957},{"textAlign":49},[134958],{"text":134959,"type":599},"In 2021, 148 of the world’s 200 lithium ion battery megafactories in the pipeline are located in China, whereas Europe and North America have only 21 and 11 megafactories in the pipeline.",{"type":594,"attrs":134961,"content":134962},{"textAlign":49},[134963],{"text":134964,"type":599},"It is important to note that this is not just a battery-powered, speculative gold rush as over half this pipeline – 122 plants – are already operational, with many of these ramping up production.",{"type":594,"attrs":134966,"content":134967},{"textAlign":49},[134968],{"text":134969,"type":599},"Benchmark forecasts that 77% of global lithium ion production capacity will be located in China by the end of 2021. Based on current plans in the pipeline, China will still hold 67% of global lithium ion cell capacity in 2030.",{"type":657,"attrs":134971,"content":134972},{"level":15966,"textAlign":49},[134973],{"text":123935,"type":599},{"type":594,"attrs":134975,"content":134976},{"textAlign":49},[134977],{"text":123940,"type":599,"marks":134978},[134979],{"type":643},{"type":594,"attrs":134981,"content":134982},{"textAlign":49},[134983],{"text":123947,"type":599,"marks":134984},[134985],{"type":643},{"type":594,"attrs":134987,"content":134988},{"textAlign":49},[134989],{"text":134990,"type":599,"marks":134991},"Benchmark maintains similar datasets for anode and cathode production, as well as forecasting services for this full supply chain.",[134992],{"type":643},{"type":594,"attrs":134994,"content":134995},{"textAlign":49},[134996,134999,135004],{"text":123961,"type":599,"marks":134997},[134998],{"type":643},{"text":86378,"type":599,"marks":135000},[135001,135003],{"type":604,"attrs":135002},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":123970,"type":599,"marks":135005},[135006],{"type":643},"The global battery arms race has stepped up a gear in 2021 with Benchmark Mineral Intelligence now tracking 200 super-sized lithium ion battery cell plants in the pipeline to 2030. Chinese automaker Geely announced plans in March for a new 42 GWh cell base in Ganzhou, Jiangxi Province in China and is officially listed as […]",[135009],{"slug":544,"name":543,"content":135010},{"job_title":557,"image":135011,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a1a8ff66-d697-4d99-9046-5bf9ac2fdf39\", \"id\": \"\"}-->",[135014,135015],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":135017,"copyright":547,"fieldtype":553,"meta_data":135018,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/665f96f1e7/bm-geely.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 31, 2021",{"id":135021,"uuid":135022,"name":135023,"slug":135024,"full_slug":135025,"content":135026},112473491728372,"15a0e5cd-6ed6-4c07-a60d-dbba737a358c","Captive battery capacity king as VW plans 240GWh in Europe; 12% more than world consumed in 2020","captive-battery-capacity-king-as-vw-plans-240gwh-in-europe-12-more-than-world-consumed-in-2020","article/captive-battery-capacity-king-as-vw-plans-240gwh-in-europe-12-more-than-world-consumed-in-2020",{"_uid":135027,"date":135028,"tags":135029,"editor":135032,"content":135036,"excerpt":135148,"featured":50,"reporter":135149,"_editable":135153,"component":864,"seo_title":135023,"categories":135154,"visibility":2091,"author_company":49,"featured_image":135157,"seo_description":135148,"author_full_name":49,"author_job_title":49,"formattedDate":135160},"3cda1b36-d02b-43a6-a205-2937a6717cad","2021-03-15 00:00",[135030,135031],{"slug":2790,"name":2791},{"slug":45699,"name":20071},[135033],{"slug":544,"name":543,"content":135034},{"job_title":557,"image":135035,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":135037},[135038,135043,135050,135059,135064,135069,135074,135079,135084,135089,135095,135100,135108,135115,135118],{"type":594,"attrs":135039,"content":135040},{"textAlign":49},[135041],{"text":135042,"type":599},"Volkswagen Group (VW) has today committed to building 240GWh of lithium ion battery capacity for its electric vehicles (EVs) by 2030 from at least 6 battery megafactories or gigafactories across Europe.",{"type":594,"attrs":135044,"content":135045},{"textAlign":49},[135046,135048,135049],{"text":135047,"type":599},"If VW meets its target and achieves 100% capacity utilisation, this 240GWh target is 12% more than the 215 GWh of global lithium ion demand in 2020 according to data from ",{"text":70211,"type":599},{"text":974,"type":599},{"type":594,"attrs":135051,"content":135052},{"textAlign":49},[135053,135055,135057],{"text":135054,"type":599},"The move was described by",{"text":135056,"type":599}," Benchmark Mineral Intelligence’s",{"text":135058,"type":599}," Managing Director, Simon Moores, as the start of an automotive OEM shift to bring EV battery capacity in-house as competition for new supply heats up.",{"type":594,"attrs":135060,"content":135061},{"textAlign":49},[135062],{"text":135063,"type":599},"“Captive battery capacity is now king in the world of electric vehicles,” Moores said.",{"type":594,"attrs":135065,"content":135066},{"textAlign":49},[135067],{"text":135068,"type":599},"The move will see VW aim to build six 40GWh battery cell plants or Gigafactories within Europe of which two have already been established with its partner, Northvolt, in Sweden and Germany.",{"type":594,"attrs":135070,"content":135071},{"textAlign":49},[135072],{"text":135073,"type":599},"It will give the world’s second largest car maker, behind Japan’s Toyota in 2020 output, captive European capacity of 4m to 4.5m EVs, Benchmark estimates.",{"type":594,"attrs":135075,"content":135076},{"textAlign":49},[135077],{"text":135078,"type":599},"These numbers vary depending on the average pack size VW is planning to use, which can vary quite significantly over the coming years.",{"type":594,"attrs":135080,"content":135081},{"textAlign":49},[135082],{"text":135083,"type":599},"VW is the second automaker to announce significant captive battery capacity plans following Tesla’s Battery Day which saw it announce an astonishing 3,000GWh or 3TWh of battery cell capacity by 2030, a plan which meets in stark contracts with supply chain reality at present.",{"type":657,"attrs":135085,"content":135086},{"level":15966,"textAlign":49},[135087],{"text":135088,"type":599},"‘The Hoover Dam through a garden hosepipe’ ",{"type":594,"attrs":135090,"content":135091},{"textAlign":49},[135092,135093],{"text":7249,"type":599},{"text":135094,"type":599},"has consistently warned that building the battery supply chain from mine to battery cell will always be the limiting factor for EV production and adoption.",{"type":594,"attrs":135096,"content":135097},{"textAlign":49},[135098],{"text":135099,"type":599},"With sustained and growing EV demand, the focus is turning to how quickly the world can scale the raw materials and chemicals that feed these battery plants.",{"type":594,"attrs":135101,"content":135102},{"textAlign":49},[135103,135105,135106],{"text":135104,"type":599},"For example, VW’s 240GWh announced capacity in Europe by 2030 would require 100% of global lithium production in 2016 and over 60% of lithium produced in 2020. Mining pioneer Robert Friedland told ",{"text":7249,"type":599},{"text":135107,"type":599},"that building the supply chain for key raw materials such as lithium, nickel and cobalt was the equivalent of “putting the entire contents of the Hoover Dam through a garden hose”.",{"type":657,"attrs":135109,"content":135110},{"level":15966,"textAlign":49},[135111],{"text":135112,"type":599,"marks":135113},"Benchmark’s Reactions to Volkswagen Power Day",[135114],{"type":643},{"type":594,"attrs":135116,"content":135117},{"textAlign":49},[],{"type":594,"attrs":135119,"content":135120},{"textAlign":49},[135121,135126,135130,135135,135139,135144],{"text":127708,"type":599,"marks":135122},[135123,135125],{"type":604,"attrs":135124},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":135127,"type":599,"marks":135128}," subscribers have full access to ",[135129],{"type":643},{"text":127645,"type":599,"marks":135131},[135132,135134],{"type":604,"attrs":135133},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":135136,"type":599,"marks":135137},". Fill in the ",[135138],{"type":643},{"text":86378,"type":599,"marks":135140},[135141,135143],{"type":604,"attrs":135142},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":135145,"type":599,"marks":135146}," to arrange a demonstration.",[135147],{"type":643},"Volkswagen Group (VW) has today committed to building 240GWh of lithium ion battery capacity for its electric vehicles (EVs) by 2030 from at least 6 battery megafactories or gigafactories across Europe. If VW meets its target and achieves 100% capacity utilisation, this 240GWh target is 12% more than the 215 GWh of global lithium ion […]",[135150],{"slug":544,"name":543,"content":135151},{"job_title":557,"image":135152,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3cda1b36-d02b-43a6-a205-2937a6717cad\", \"id\": \"\"}-->",[135155,135156],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":135158,"copyright":547,"fieldtype":553,"meta_data":135159,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ebfdcf13af/bm-vw-power-day.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 15, 2021",{"id":135162,"uuid":135163,"name":135164,"slug":135165,"full_slug":135166,"content":135167},112473501854000,"6236a6ba-d17e-4483-9974-732f1ace9dde","Cobalt prices stage dramatic rally as battery demand and supply chain issues push cobalt hydroxide up 65.5% year-to-date","cobalt-prices-stage-dramatic-rally-as-battery-demand-and-supply-chain-issues-push-cobalt-hydroxide-up-65-5-year-to-date","article/cobalt-prices-stage-dramatic-rally-as-battery-demand-and-supply-chain-issues-push-cobalt-hydroxide-up-65-5-year-to-date",{"_uid":135168,"date":135169,"tags":135170,"editor":135172,"content":135176,"excerpt":135248,"featured":50,"reporter":135249,"_editable":135253,"component":864,"seo_title":135164,"categories":135254,"visibility":882,"author_company":49,"featured_image":135257,"seo_description":135248,"author_full_name":49,"author_job_title":49,"formattedDate":135260},"0388c8ec-5b2e-41c6-8ba8-d7e6455a3ba1","2021-03-05 00:00",[135171],{"slug":581,"name":582},[135173],{"slug":544,"name":543,"content":135174},{"job_title":557,"image":135175,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":135177},[135178,135183,135188,135193,135198,135203,135208,135213,135218,135223,135228,135233,135238,135243],{"type":594,"attrs":135179,"content":135180},{"textAlign":49},[135181],{"text":135182,"type":599},"The cobalt market has kicked off 2021 in spectacular fashion, with substantial price increases observed across the supply chain, particularly for battery-focused chemicals and feedstocks.",{"type":594,"attrs":135184,"content":135185},{"textAlign":49},[135186],{"text":135187,"type":599},"According to the February 2021 issue of Benchmark’s Cobalt Price Assessment, cobalt hydroxide prices have surged by 65.5% YTD, whilst cobalt sulphate and metal prices have increased 56.1% and 42.4% YTD respectively.",{"type":594,"attrs":135189,"content":135190},{"textAlign":49},[135191],{"text":135192,"type":599},"Cobalt prices are now at their highest point since Q3 2018 with sulphate and metal recording their greatest average monthly increase in Benchmark’s February Cobalt Price Assessment.",{"type":657,"attrs":135194,"content":135195},{"level":15966,"textAlign":49},[135196],{"text":135197,"type":599},"What is behind cobalt’s price rises?",{"type":594,"attrs":135199,"content":135200},{"textAlign":49},[135201],{"text":135202,"type":599},"Amid a backdrop of rapidly rising battery demand throughout H2 2020, and limited supply growth due to the prevailing low price environment, the scene for cobalt’s dramatic price rally was set in late 2020, as China’s State Reserve Bureau (SRB) quietly initiated a second round of cobalt metal stockpiling beginning in 2021.",{"type":594,"attrs":135204,"content":135205},{"textAlign":49},[135206],{"text":135207,"type":599},"Whilst the deal has not yet been officially confirmed and may never be publicly disclosed, Benchmark estimates the purchase could amount to up to 3,000 tonnes of metal delivered over the first half of 2021 on a fixed price basis – with the potential for more later in the year",{"type":594,"attrs":135209,"content":135210},{"textAlign":49},[135211],{"text":135212,"type":599},"This fresh round of purchasing added to an initial stockpile reported by Benchmark in September 2020, where an estimated volume of 2,200 tonnes was procured by the state agency, delivered over the remainder of the year.",{"type":594,"attrs":135214,"content":135215},{"textAlign":49},[135216],{"text":135217,"type":599},"Since the start of 2021, prices have gone from strength to strength, with the market experiencing both an acceleration in battery demand, tied to the surge in global EV sales since late 2020, and persistent logistics issues across cobalt’s complex, and often fragile, supply chain.",{"type":594,"attrs":135219,"content":135220},{"textAlign":49},[135221],{"text":135222,"type":599},"Logistics delays have stemmed from a myriad of issues related to the ongoing COVID-19 pandemic, including: a lack of domestic truck availability in China, a lack of available vessels to ship material and high shipping costs, limited capacity at Chinese ports to receive material, and residual delays across transportation networks in Africa.",{"type":594,"attrs":135224,"content":135225},{"textAlign":49},[135226],{"text":135227,"type":599},"In particular, the availability of cobalt hydroxide —the main cobalt feedstock for chemical conversion— has been affected by logistics delays across the cobalt supply chain. This has driven cobalt hydroxide payables —the percentage paid of the underlying metal price— to an equivalent of close to 100% of the prevailing metal price in late February as assessed by Benchmark’s Cobalt Price Assessment.",{"type":594,"attrs":135229,"content":135230},{"textAlign":49},[135231],{"text":135232,"type":599},"Subsequently, due to only an extremely limited volume of cobalt hydroxide from the Democratic Republic of the Congo available on a spot basis, Chinese refiners have moved to secure suitable metal units from Europe and global markets for dissolution into cobalt chemicals, fuelling tightness in cobalt metal availability and driving prices ever higher.",{"type":594,"attrs":135234,"content":135235},{"textAlign":49},[135236],{"text":135237,"type":599},"But can the trend continue? Early indications in March suggest the rally has cooled as some elements of the supply chain have become jittery, with the potential for some correction in pricing.",{"type":594,"attrs":135239,"content":135240},{"textAlign":49},[135241],{"text":135242,"type":599},"Regardless of short-term volatility, Benchmark forecasts the cobalt market will fall into deficit later this year, with that deficit rising through the 2020s.",{"type":594,"attrs":135244,"content":135245},{"textAlign":49},[135246],{"text":135247,"type":599},"With such strong fundamentals, it is likely any price decreases will be short lived as tight supply and high demand are expected to be the dominant factor in the coming months.","The cobalt market has kicked off 2021 in spectacular fashion, with substantial price increases observed across the supply chain, particularly for battery-focused chemicals and feedstocks. According to the February 2021 issue of Benchmark’s Cobalt Price Assessment, cobalt hydroxide prices have surged by 65.5% YTD, whilst cobalt sulphate and metal prices have increased 56.1% and 42.4% […]",[135250],{"slug":544,"name":543,"content":135251},{"job_title":557,"image":135252,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0388c8ec-5b2e-41c6-8ba8-d7e6455a3ba1\", \"id\": \"\"}-->",[135255,135256],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":135258,"copyright":547,"fieldtype":553,"meta_data":135259,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/063b75224a/bm-sustainable-transport-in-china.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 05, 2021",{"id":135262,"uuid":135263,"name":135264,"slug":135265,"full_slug":135266,"content":135267},112473532517189,"3c19e0c8-3c60-4f17-82c2-58149c84c392","Benchmark invited to appear before Canada’s House of Commons","benchmark-invited-to-appear-before-canadas-house-of-commons","article/benchmark-invited-to-appear-before-canadas-house-of-commons",{"_uid":135268,"date":135269,"tags":135270,"editor":135273,"content":135277,"excerpt":135425,"featured":50,"reporter":135426,"_editable":135430,"component":864,"seo_title":135264,"categories":135431,"visibility":2091,"author_company":49,"featured_image":135433,"seo_description":135425,"author_full_name":49,"author_job_title":49,"formattedDate":135436},"12c4846b-ad1b-4843-ad65-1a2dff50a058","2021-02-18 00:00",[135271,135272],{"slug":9655,"name":9656},{"slug":4610,"name":662},[135274],{"slug":544,"name":543,"content":135275},{"job_title":557,"image":135276,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":135278},[135279,135285,135290,135295,135300,135305,135310,135315,135320,135325,135350,135355,135365,135372,135379,135386,135418],{"type":594,"attrs":135280,"content":135281},{"textAlign":49},[135282,135283],{"text":11314,"type":599},{"text":135284,"type":599}," has been invited to appear before the House of Commons of Canada on Monday, February 22 from 11am to 1pm (ET).",{"type":594,"attrs":135286,"content":135287},{"textAlign":49},[135288],{"text":135289,"type":599},"Simon Moores, Benchmark’s Managing Director, will be giving a 5 minute opening statement and will then join a discussion panel on Canada’s role in building a domestic and global lithium ion battery ecosystem as the world renews its push towards low carbon technologies.",{"type":657,"attrs":135291,"content":135292},{"level":15966,"textAlign":49},[135293],{"text":135294,"type":599},"A statement from the House of Commons of Canada said: ",{"type":594,"attrs":135296,"content":135297},{"textAlign":49},[135298],{"text":135299,"type":599},"“That, pursuant to Standing Order 108(2), the committee undertake a study of no less than six meetings on positioning Canada as a responsible source in critical minerals and battery value chains in support of renewable energy and clean technology in the post-COVID-19 economy; that the committee hear from witnesses not limited to but including Natural Resource Canada, mining sector firms and electric-vehicle battery producers and; that the committee report its findings to the House.”",{"type":657,"attrs":135301,"content":135302},{"level":15966,"textAlign":49},[135303],{"text":135304,"type":599},"Benchmark’s Managing Director, Simon Moores, said: ",{"type":594,"attrs":135306,"content":135307},{"textAlign":49},[135308],{"text":135309,"type":599},"“Canada has sizable potential to be one of the global leaders of upstream of the lithium ion battery ecosystem that the world is beginning to build out.",{"type":594,"attrs":135311,"content":135312},{"textAlign":49},[135313],{"text":135314,"type":599},"“Of course we are familiar with Canada’s huge base of key battery raw materials such as nickel, lithium, cobalt, graphite, copper and manganese.",{"type":594,"attrs":135316,"content":135317},{"textAlign":49},[135318],{"text":135319,"type":599},"“But the potential to add these into high value chemicals, cathodes anodes and even engage in the production of lithium ion batteries offers the country a major slice of this growing lithium ion and electric vehicle economic pie.",{"type":594,"attrs":135321,"content":135322},{"textAlign":49},[135323],{"text":135324,"type":599},"“It is my honour to bring Team Benchmark’s message to the Canadian House of Commons.”",{"type":594,"attrs":135326,"content":135327},{"textAlign":49},[135328,135330,135336,135337,135343,135344,135349],{"text":135329,"type":599},"Benchmark’s appearance in front of the Canadian House of Commons follows testimonies given to the US Senate in ",{"text":135331,"type":599,"marks":135332},"2017",[135333],{"type":604,"attrs":135334},{"href":135335,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/benchmark-testifies-to-us-senate-on-lithium-ion-battery-supply-chains",{"text":3400,"type":599},{"text":135338,"type":599,"marks":135339},"2019",[135340],{"type":604,"attrs":135341},{"href":135342,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/benchmark-minerals-summoned-to-us-senate-again-for-energy-storage-hearing-webcast/",{"text":3411,"type":599},{"text":135345,"type":599,"marks":135346},"2020",[135347],{"type":604,"attrs":135348},{"href":103526,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":135351,"content":135352},{"level":15966,"textAlign":49},[135353],{"text":135354,"type":599},"About Benchmark",{"type":594,"attrs":135356,"content":135357},{"textAlign":49},[135358,135361],{"text":11314,"type":599,"marks":135359},[135360],{"type":643},{"text":135362,"type":599,"marks":135363}," (Benchmark) is the world’s leading voice and most trusted provider of actionable prices, data and advisory services in the lithium ion battery and electric vehicle (EV) supply chain.",[135364],{"type":643},{"type":594,"attrs":135366,"content":135367},{"textAlign":49},[135368],{"text":135369,"type":599,"marks":135370},"Benchmark is an independent Price Reporting Agency (PRA) and is globally known for setting the lithium industry’s reference price which is relied upon to negotiate contracts between actors in the industry, including lithium extraction operators, cathode manufacturers, battery cell producers and automotive OEMs. ",[135371],{"type":643},{"type":594,"attrs":135373,"content":135374},{"textAlign":49},[135375],{"text":135376,"type":599,"marks":135377},"The company also produces regular price assessments on cobalt chemicals and graphite, nickel and also the industry’s most detailed supply chain data for: cathodes, anodes, and lithium ion batteries.",[135378],{"type":643},{"type":594,"attrs":135380,"content":135381},{"textAlign":49},[135382],{"text":135383,"type":599,"marks":135384},"Benchmark also provides Forecasting & Consultancy services that are relied upon by a wide range of customers, from governments, electronics manufacturers, EV makers, battery cell producers, and mining companies.",[135385],{"type":643},{"type":594,"attrs":135387,"content":135388},{"textAlign":49},[135389,135393,135398,135401,135406,135409,135414],{"text":135390,"type":599,"marks":135391},"Benchmark’s data, insight, and understanding of the subject is unrivalled, and has been invited to testify to the US Senate in ",[135392],{"type":643},{"text":135331,"type":599,"marks":135394},[135395,135397],{"type":604,"attrs":135396},{"href":135335,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":3400,"type":599,"marks":135399},[135400],{"type":643},{"text":135338,"type":599,"marks":135402},[135403,135405],{"type":604,"attrs":135404},{"href":135342,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":1440,"type":599,"marks":135407},[135408],{"type":643},{"text":135345,"type":599,"marks":135410},[135411,135413],{"type":604,"attrs":135412},{"href":103526,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":135415,"type":599,"marks":135416}," and give guest lectures at the University of Oxford, Stanford University, the Royal Institution,",[135417],{"type":643},{"type":594,"attrs":135419,"content":135420},{"textAlign":49},[135421],{"text":135422,"type":599,"marks":135423},"The EV and battery supply chain is Benchmark’s sole focus and specialty.",[135424],{"type":643},"Benchmark Mineral Intelligence has been invited to appear before the House of Commons of Canada on Monday, February 22 from 11am to 1pm (ET). Simon Moores, Benchmark’s Managing Director, will be giving a 5 minute opening statement and will then join a discussion panel on Canada’s role in building a domestic and global lithium ion […]",[135427],{"slug":544,"name":543,"content":135428},{"job_title":557,"image":135429,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"12c4846b-ad1b-4843-ad65-1a2dff50a058\", \"id\": \"\"}-->",[135432],{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":135434,"copyright":547,"fieldtype":553,"meta_data":135435,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/eb20bbdc99/bm-benchmark-canada-house-of-commons-government-e1613640408889.png",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 18, 2021",{"id":135438,"uuid":135439,"name":135440,"slug":135441,"full_slug":135442,"content":135443},112473542863915,"d1ee7768-8ab9-45e7-9881-4e338d6b0ac9","Benchmark begins public consultation on moving China domestic lithium price assessments to twice monthly","benchmark-begins-public-consultation-on-moving-china-domestic-lithium-price-assessments-to-twice-monthly","article/benchmark-begins-public-consultation-on-moving-china-domestic-lithium-price-assessments-to-twice-monthly",{"_uid":135444,"date":135445,"tags":135446,"editor":135448,"content":135452,"excerpt":135596,"featured":50,"reporter":135597,"_editable":135601,"component":864,"seo_title":135440,"categories":135602,"visibility":2091,"author_company":49,"featured_image":135604,"seo_description":135596,"author_full_name":49,"author_job_title":49,"formattedDate":135608},"5c21adc4-382d-408c-a499-1edd324a5a3f","2021-02-02 00:00",[135447],{"slug":9655,"name":9656},[135449],{"slug":544,"name":543,"content":135450},{"job_title":557,"image":135451,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":135453},[135454,135462,135469,135474,135479,135485,135490,135501,135506,135514,135521,135526,135534,135542,135550,135555,135561,135567,135573,135578,135587],{"type":594,"attrs":135455,"content":135456},{"textAlign":49},[135457,135459,135460],{"text":135458,"type":599},"London, UK (2 February 2021) – ",{"text":11314,"type":599},{"text":135461,"type":599}," (“Benchmark”), the world’s leading independent provider of actionable price assessments, data and analysis for the lithium ion battery to electric vehicle supply chain, announced today that it has started a formal public consultation on changes to its Lithium Price Assessment Methodology.",{"type":594,"attrs":135463,"content":135464},{"textAlign":49},[135465,135466,135467],{"text":117085,"type":599},{"text":9653,"type":599},{"text":135468,"type":599}," proposes to increase the regularity of its Chinese domestic lithium prices to twice monthly.",{"type":594,"attrs":135470,"content":135471},{"textAlign":49},[135472],{"text":135473,"type":599},"This comes after a sustained period of increased liquidity and transaction volumes over recent months, which Benchmark believes will be a permanent feature in the Chinese market moving forward.",{"type":594,"attrs":135475,"content":135476},{"textAlign":49},[135477],{"text":135478,"type":599},"China is the most reactive market to changing supply and demand dynamics in lithium, and increasing the frequency of our price reporting within the framework of the Benchmark Lithium Price Assessment Methodology will provide a valuable new reference for industry participants.",{"type":594,"attrs":135480,"content":135481},{"textAlign":49},[135482,135483,135484],{"text":117120,"type":599},{"text":9653,"type":599},{"text":21888,"type":599},{"type":594,"attrs":135486,"content":135487},{"textAlign":49},[135488],{"text":135489,"type":599},"Benchmark invites feedback from active market participants by latest Tuesday 2 March at 1700 GMT.",{"type":594,"attrs":135491,"content":135492},{"textAlign":49},[135493,135495],{"text":135494,"type":599},"Please contact any Benchmark team member with feedback or email ",{"text":135496,"type":599,"marks":135497},"subscriptions@benchmarkminerals.com",[135498],{"type":604,"attrs":135499},{"href":135500,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:subscriptions@benchmarkminerals.com",{"type":657,"attrs":135502,"content":135503},{"level":15966,"textAlign":49},[135504],{"text":135505,"type":599},"Caspar Rawles, Head of Prices and Data Assessments at Benchmark said:",{"type":594,"attrs":135507,"content":135508},{"textAlign":49},[135509,135511,135512],{"text":135510,"type":599},"“As the lithium industry evolves in response to the energy storage revolution, ",{"text":9653,"type":599},{"text":135513,"type":599}," expands and evolves in step with the market as the world’s most trusted and used lithium price.",{"type":594,"attrs":135515,"content":135516},{"textAlign":49},[135517,135518,135519],{"text":47476,"type":599},{"text":9653,"type":599},{"text":135520,"type":599}," always managed the frequency of its price reporting in line with market conditions, which dictate how our expert analysts collect, assess and verify data points in accordance with our lithium specific, IOSCO compliant methodology.",{"type":594,"attrs":135522,"content":135523},{"textAlign":49},[135524],{"text":135525,"type":599},"“With growing liquidity in the Chinese domestic market for both lithium carbonate and lithium hydroxide, we believe transaction volume has increased significantly enough to allow for more frequent price reporting of Benchmark’s EXW China lithium grades.",{"type":594,"attrs":135527,"content":135528},{"textAlign":49},[135529,135531,135532],{"text":135530,"type":599},"“With a backdrop of rising demand from the lithium ion battery supply chain, ",{"text":9653,"type":599},{"text":135533,"type":599}," expects increasing price volatility in the coming years, with China the most susceptible to these fluctuations due to the shorter-term nature of its contract structures.",{"type":594,"attrs":135535,"content":135536},{"textAlign":49},[135537,135539,135540],{"text":135538,"type":599},"“This change will give ",{"text":51284,"type":599},{"text":135541,"type":599}," subscribers a more regular feed of data to assist the industry in ensuring they have the most accurate and reflective lithium pricing at hand for negotiations.",{"type":594,"attrs":135543,"content":135544},{"textAlign":49},[135545,135547,135548],{"text":135546,"type":599},"“We welcome feedback as ",{"text":9653,"type":599},{"text":135549,"type":599}," continues to add additional depth and detail to its price assessment process in response to the lithium industry’s evolution.”",{"type":657,"attrs":135551,"content":135552},{"level":15966,"textAlign":49},[135553],{"text":135554,"type":599},"Note for Editors and Customers ",{"type":594,"attrs":135556,"content":135557},{"textAlign":49},[135558,135559],{"text":11314,"type":599},{"text":135560,"type":599}," is the world’s leading Price Reporting Agency for the lithium ion battery to electric vehicle supply chain.",{"type":594,"attrs":135562,"content":135563},{"textAlign":49},[135564,135565],{"text":51284,"type":599},{"text":135566,"type":599}," specialist focus allows its experts to create the most reflective battery raw material and chemical prices that are used to negotiate supply chain contracts.",{"type":594,"attrs":135568,"content":135569},{"textAlign":49},[135570,135571],{"text":9653,"type":599},{"text":135572,"type":599}," also assesses other forms of market data to strict methodologies including supply and demand of key components in the EV and energy storage supply chain.",{"type":594,"attrs":135574,"content":135575},{"textAlign":49},[135576],{"text":135577,"type":599},"These Price and Data Assessments include:",{"type":594,"attrs":135579,"content":135580},{"textAlign":49},[135581,135583],{"text":135582,"type":599},"You can contact us at ",{"text":124710,"type":599,"marks":135584},[135585],{"type":604,"attrs":135586},{"href":124714,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":135588,"content":135589},{"textAlign":49},[135590,135592],{"text":135591,"type":599},"You can request access by filling in this ",{"text":110919,"type":599,"marks":135593},[135594],{"type":604,"attrs":135595},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},"Liquidity in the Chinese domestic lithium market has increased in recent months, seeing more frequent transactions and greater volumes compared to other global regions Benchmark proposes to move three of its price assessments to bi-monthly frequency; increased liquidity has produced more data points and facilitated more regular assessments within the parameters of our IOSCO compliant […]",[135598],{"slug":544,"name":543,"content":135599},{"job_title":557,"image":135600,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5c21adc4-382d-408c-a499-1edd324a5a3f\", \"id\": \"\"}-->",[135603],{"slug":872,"name":873},{"id":49,"alt":135605,"name":547,"focus":547,"title":135605,"source":547,"filename":135606,"copyright":547,"fieldtype":553,"meta_data":135607,"is_external_url":51},"lithium price assessments","https://a.storyblok.com/f/287943243085208/3d39007569/bm-lithium-price-assessments.jpg",{"alt":135605,"title":135605,"source":547,"copyright":547},"Feb 02, 2021",{"id":135610,"uuid":135611,"name":135612,"slug":135613,"full_slug":135614,"content":135615},112473563565758,"fd4a21c3-9d05-474e-99aa-7ed2918f3139","Benchmark lithium prices rise over 40% in January 2021 as LFP electric vehicle demand goes back to the future","benchmark-lithium-prices-rise-over-40-in-january-2021-as-lfp-electric-vehicle-demand-goes-back-to-the-future","article/benchmark-lithium-prices-rise-over-40-in-january-2021-as-lfp-electric-vehicle-demand-goes-back-to-the-future",{"_uid":135616,"date":135617,"tags":135618,"editor":135619,"content":135623,"excerpt":135727,"featured":50,"reporter":135728,"_editable":135732,"component":864,"seo_title":135612,"categories":135733,"visibility":2091,"author_company":49,"featured_image":135736,"seo_description":135727,"author_full_name":49,"author_job_title":49,"formattedDate":135738},"1885d1ed-a798-45f3-8ba3-ef0ab85348ee","2021-02-01 00:00",[],[135620],{"slug":544,"name":543,"content":135621},{"job_title":557,"image":135622,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":135624},[135625,135630,135639,135648,135653,135680,135685,135690,135695,135700,135705,135710,135715,135724],{"type":594,"attrs":135626,"content":135627},{"textAlign":49},[135628],{"text":135629,"type":599},"Lithium carbonate prices have increased by over 40% within China in January 2021 on the back of continued surging lithium iron phosphate (LFP) battery demand, the newest assessment from Benchmark Mineral Intelligence (Benchmark) shows.",{"type":594,"attrs":135631,"content":135632},{"textAlign":49},[135633,135635,135637],{"text":135634,"type":599},"The midpoint, prevailing transacted price of the ",{"text":135636,"type":599},"Benchmark Lithium Carbonate, Technical Grade, EXW China, ≥99.0% Li2CO3",{"text":135638,"type":599},", increased by 41.35% to $8,375/tonne (RMB54,000/tonne).",{"type":594,"attrs":135640,"content":135641},{"textAlign":49},[135642,135644,135646],{"text":135643,"type":599},"Meanwhile, the midpoint, prevailing transacted price of the ",{"text":135645,"type":599},"Benchmark Lithium Carbonate, Battery Grade, EXW China, ≥99.5% Li2CO3",{"text":135647,"type":599},", rose by 41.04% to $9,450/tonne (RMB61,000/tonne).",{"type":657,"attrs":135649,"content":135650},{"level":15966,"textAlign":49},[135651],{"text":135652,"type":599},"George Miller, Lithium Analyst at Benchmark Mineral Intelligence said: ",{"type":594,"attrs":135654,"content":135655},{"textAlign":49},[135656,135658,135664,135666,135671,135673,135679],{"text":135657,"type":599},"“Lithium ion battery related",{"text":135659,"type":599,"marks":135660}," policy incentives in China",[135661],{"type":604,"attrs":135662},{"href":135663,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-doubles-down-on-electric-vehicle-ambitions",{"text":135665,"type":599}," are geared towards subsidising shorter-range vehicles, public transport fleet electrification, ",{"text":135667,"type":599,"marks":135668},"5G power stations",[135669],{"type":604,"attrs":135670},{"href":131287,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":135672,"type":599},", all of which ",{"text":135674,"type":599,"marks":135675},"encourage LFP consumption",[135676],{"type":604,"attrs":135677},{"href":135678,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lfps-resurgence-illustrates-the-nuances-of-the-electric-vehicle-supply-chain",{"text":974,"type":599},{"type":594,"attrs":135681,"content":135682},{"textAlign":49},[135683],{"text":135684,"type":599},"“It’s back to the future for lithium in China.",{"type":594,"attrs":135686,"content":135687},{"textAlign":49},[135688],{"text":135689,"type":599},"“Demand for durable, improved, and low cost LFP cathode material has become rejuvenated in China – a very similar story to what we saw in lithium’s last price run of 2016 but with a much improved product for the 2020s.",{"type":594,"attrs":135691,"content":135692},{"textAlign":49},[135693],{"text":135694,"type":599},"“Although this surging price trend has largely been confined to lithium carbonate within China, this has had a knock-on effect elsewhere, drawing up lithium carbonate prices out of South America by 10%, and 6% for spodumene feedstock in Australia.”",{"type":657,"attrs":135696,"content":135697},{"level":15966,"textAlign":49},[135698],{"text":135699,"type":599},"Benchmark’s Lithium Price Assessments: Get access now. ",{"type":594,"attrs":135701,"content":135702},{"textAlign":49},[135703],{"text":135704,"type":599},"Benchmark produces the lithium industry’s reference price each monthly to strict, lithium-specific methodologies.",{"type":594,"attrs":135706,"content":135707},{"textAlign":49},[135708],{"text":135709,"type":599},"As a result of our specialist and trusted price data and analysis, we enable the industry to transact lithium contracts, negotiations and fund raising activities as the electric vehicle and energy storage supply chains scale.",{"type":594,"attrs":135711,"content":135712},{"textAlign":49},[135713],{"text":135714,"type":599},"Benchmark assesses data and sets lithium prices each month for 6 lithium carbonate, 4 lithium hydroxide and 1 spodumene feedstock grade.",{"type":657,"attrs":135716,"content":135717},{"level":15966,"textAlign":49},[135718,135720],{"text":135719,"type":599},"To subscribe fill in this ",{"text":110919,"type":599,"marks":135721},[135722],{"type":604,"attrs":135723},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":135725,"content":135726},{"textAlign":49},[],"Lithium carbonate prices have increased by over 40% within China in January 2021 on the back of continued surging lithium iron phosphate (LFP) battery demand, the newest assessment from Benchmark Mineral Intelligence (Benchmark) shows. The midpoint, prevailing transacted price of the Benchmark Lithium Carbonate, Technical Grade, EXW China, ≥99.0% Li2CO3, increased by 41.35% to $8,375/tonne […]",[135729],{"slug":544,"name":543,"content":135730},{"job_title":557,"image":135731,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1885d1ed-a798-45f3-8ba3-ef0ab85348ee\", \"id\": \"\"}-->",[135734,135735],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":124224,"copyright":547,"fieldtype":553,"meta_data":135737,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Feb 01, 2021",{"id":135740,"uuid":135741,"name":135742,"slug":135743,"full_slug":135744,"content":135745},112473578647592,"40a49390-5bc0-4e69-9ee4-33ba1391b7e0","The barrel and the battery: oil, lithium and the energy transition","the-barrel-and-the-battery-oil-lithium-and-the-energy-transition","article/the-barrel-and-the-battery-oil-lithium-and-the-energy-transition",{"_uid":135746,"date":135747,"tags":135748,"editor":135749,"content":135753,"excerpt":136004,"featured":50,"reporter":136005,"_editable":136009,"component":864,"seo_title":135742,"categories":136010,"visibility":882,"author_company":49,"featured_image":136012,"seo_description":136004,"author_full_name":49,"author_job_title":49,"formattedDate":136015},"7e3ff56d-647a-4bb9-97e7-676e140290a2","2021-01-22 00:00",[],[135750],{"slug":544,"name":543,"content":135751},{"job_title":557,"image":135752,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":135754},[135755,135760,135768,135773,135778,135781,135784,135789,135794,135799,135804,135809,135814,135819,135824,135829,135834,135839,135844,135849,135854,135859,135864,135869,135874,135879,135884,135889,135894,135899,135904,135909,135914,135919,135924,135929,135934,135939,135944,135949,135954,135959,135964,135969,135974,135979,135984,135987,135992,135997],{"type":594,"attrs":135756,"content":135757},{"textAlign":49},[135758],{"text":135759,"type":599},"A look at today’s energy mix provides a sobering reminder that oil, gas and coal continue to dominate the global energy system (see Figure 1).",{"type":594,"attrs":135761,"content":135762},{"textAlign":49},[135763,135765,135766],{"text":135764,"type":599},"Oil reigned supreme throughout the 20",{"text":6795,"type":599},{"text":135767,"type":599}," century (reaching its peak in the mid-1970s) and while its share in the energy mix has fallen by 20% over the past 50 years, on an absolute level, oil consumption has grown year-on-year (see Figure 2).",{"type":594,"attrs":135769,"content":135770},{"textAlign":49},[135771],{"text":135772,"type":599},"This is an important consideration when discussing the ‘energy transition’ – a byword for achieving a net-zero energy system by 2050.",{"type":594,"attrs":135774,"content":135775},{"textAlign":49},[135776],{"text":135777,"type":599},"‘Energy transitions’ are not new. The world has already been through multiple transitions: the shift from coal to oil being the most noteworthy over the past 100 years.",{"type":594,"attrs":135779,"content":135780},{"textAlign":49},[],{"type":594,"attrs":135782,"content":135783},{"textAlign":49},[],{"type":594,"attrs":135785,"content":135786},{"textAlign":49},[135787],{"text":135788,"type":599},"So, what makes the current ‘energy transition’ so different? We highlight three key areas:",{"type":594,"attrs":135790,"content":135791},{"textAlign":49},[135792],{"text":135793,"type":599},"It is in this context that we must understand why li-ion batteries are being deployed to tackle carbon emissions from transport (see Figure 3) – which account for approximately 23% of total energy-related CO2 emissions.",{"type":594,"attrs":135795,"content":135796},{"textAlign":49},[135797],{"text":135798,"type":599},"Unlike industries such as steel or cement, cost-competitive technologies exist for transport.",{"type":594,"attrs":135800,"content":135801},{"textAlign":49},[135802],{"text":135803,"type":599},"Li-ion batteries sit on the lower end of the CO2 abatement cost curve, a dynamic supported by the decline in li-ion cell prices over the past five years (from $230/kWh in 2015 to $110/kWh in 2020).",{"type":594,"attrs":135805,"content":135806},{"textAlign":49},[135807],{"text":135808,"type":599},"Strategies to tackle transport emissions have not gone unnoticed in the oil industry, either.",{"type":594,"attrs":135810,"content":135811},{"textAlign":49},[135812],{"text":135813,"type":599},"Saudi Aramco, for example, is taking a different approach: investing R&D funds to improve the fuel efficiency and well-to-wheel CO2 emissions of ICE vehicles – a signal that despite technological improvements in li-ion battery cell design and cathode chemistry, there remains competition from the incumbent players.",{"type":594,"attrs":135815,"content":135816},{"textAlign":49},[135817],{"text":135818,"type":599},"Regardless, the growing electrification of the energy system – supported by growing EV deployment – will also require a decarbonised power sector (driven by solar and wind) which in turn further feeds battery demand (as the need for power balancing to address renewable intermittency grows).",{"type":657,"attrs":135820,"content":135821},{"level":15966,"textAlign":49},[135822],{"text":135823,"type":599},"Peak oil demand: not the right question ",{"type":594,"attrs":135825,"content":135826},{"textAlign":49},[135827],{"text":135828,"type":599},"What does this mean for oil demand?",{"type":594,"attrs":135830,"content":135831},{"textAlign":49},[135832],{"text":135833,"type":599},"Let’s start with the facts. Transport accounts for almost 60% of oil demand, with gasoline accounting for around 25% of the total. As can be seen in Fig 4, Light Duty Vehicles (LDVs) took up 27% of 2019 oil demand, with Heavy-Duty Vehicles (HDV) not far behind.",{"type":594,"attrs":135835,"content":135836},{"textAlign":49},[135837],{"text":135838,"type":599},"Gasoline displacement by EVs is not a one-to-one measure: emerging market growth (and secondary ICE vehicle markets), rising incomes and population growth all remain key drivers of oil demand growth.",{"type":594,"attrs":135840,"content":135841},{"textAlign":49},[135842],{"text":135843,"type":599},"Likewise, petrochemicals remain a bright spot as a result of rising demand for plastics.",{"type":594,"attrs":135845,"content":135846},{"textAlign":49},[135847],{"text":135848,"type":599},"However, both advancements in li-ion technology and hydrogen fuel cells are set to pressure gasoline and diesel demand out to 2030 and beyond.",{"type":594,"attrs":135850,"content":135851},{"textAlign":49},[135852],{"text":135853,"type":599},"In many ways, attempts to pinpoint when oil demand might peak (2020, 2025 or 2040) are moot. The confidence bands around oil demand projections are wide and vary across fuels and geographies.",{"type":594,"attrs":135855,"content":135856},{"textAlign":49},[135857],{"text":135858,"type":599},"What matters and is happening today is investor perceptions.",{"type":594,"attrs":135860,"content":135861},{"textAlign":49},[135862],{"text":135863,"type":599},"Big Oil majors, especially in Europe, recognise that devising a carbon emission strategy broadly aligned with the goals of the Paris Climate Agreement (PCA) is a non-negotiable.",{"type":594,"attrs":135865,"content":135866},{"textAlign":49},[135867],{"text":135868,"type":599},"These efforts are not being driven by peak oil demand anxieties but rather investor demands. BP, for example, has announced an ambitious target to cut its oil and gas production by 40% (1.1m b/d) over the next decade; likewise, BP will aim to ramp-up its renewable portfolio, with the aim of reaching 50 GW of capacity by 2030 (from 2.5 GW today).",{"type":594,"attrs":135870,"content":135871},{"textAlign":49},[135872],{"text":135873,"type":599},"Likewise, Total – a major player in batteries – outlined its long-term goals during Benchmark Week 2020, outlining a ramp-up in installed renewable capacity from 7GW today to 35GW by 2025. Long-term stable returns brought by renewables (and zero short-run marginal costs) are playing a role in this capital allocation shift.",{"type":594,"attrs":135875,"content":135876},{"textAlign":49},[135877],{"text":135878,"type":599},"According to Benchmark estimates, the levelized cost of solar PV has fallen by over 80% in the past decade. Furthermore, auction prices in certain locations – particularly the Middle East – reached record levels this year. Wind costs have fallen too. Unlike the previous financial crisis of 2008, these costs are now below the total costs of new gas plants.",{"type":594,"attrs":135880,"content":135881},{"textAlign":49},[135882],{"text":135883,"type":599},"Declines in renewable energy costs play an important role in the cost sensitivity analysis of li-ion cell costs – further incentivising IOCs to invest in the downstream segment of the battery supply chain.",{"type":594,"attrs":135885,"content":135886},{"textAlign":49},[135887],{"text":135888,"type":599},"Indeed, all European energy majors have now set out plans to increase their renewable energy footprint (some with a dedicated focus on battery investments).",{"type":594,"attrs":135890,"content":135891},{"textAlign":49},[135892],{"text":135893,"type":599},"In the US, however, oil majors have largely shunned the strategies deployed by their European peers – preferring instead to make big bets on rising oil and gas demand and using their proprietary technologies to reduce the carbon intensity of their upstream operations (via Carbon Capture and Storage technology, for example).",{"type":594,"attrs":135895,"content":135896},{"textAlign":49},[135897],{"text":135898,"type":599},"In the Middle East, the rising cost of capital for Big Oil (see Fig 5) and the cuts to upstream capex (both due to covid-19 and Big Oil’s strategy shift to Big Energy) bring different opportunities as low-cost producers with spare capacity (primarily Saudi Arabia and the UAE) can increase market share in a more competitive market as oil’s share in the energy mix gradually declines.",{"type":594,"attrs":135900,"content":135901},{"textAlign":49},[135902],{"text":135903,"type":599},"So, clearly, the energy transition has different implications for different players.",{"type":657,"attrs":135905,"content":135906},{"level":15966,"textAlign":49},[135907],{"text":135908,"type":599},"2020 has been a tale of two industries ",{"type":594,"attrs":135910,"content":135911},{"textAlign":49},[135912],{"text":135913,"type":599},"As the IEA made clear during their presentation at Benchmark’s Lithium Day, 2020 saw energy demand drop by 5%, with only renewables (solar and wind) registering an increase this year.",{"type":594,"attrs":135915,"content":135916},{"textAlign":49},[135917],{"text":135918,"type":599},"For the oil sector, demand is expected to fall by 8.8m b/d this year, wiping out six years of demand growth with expectations that demand will not return to pre-covid levels until at least 2023-24.",{"type":594,"attrs":135920,"content":135921},{"textAlign":49},[135922],{"text":135923,"type":599},"2020 has also been brutal for downstream oil refinery margins: the year witnessed negative margins for gasoline and jet fuel. While gasoline demand has largely recovered to pre-covid levels, jet demand is set to remain weak throughout 2021, with its future prospects pinned on the future health of the aviation industry.",{"type":594,"attrs":135925,"content":135926},{"textAlign":49},[135927],{"text":135928,"type":599},"Refining has always been a tough business with razor-thin margins and Europe was already expecting a wave of consolidations and closures.",{"type":594,"attrs":135930,"content":135931},{"textAlign":49},[135932],{"text":135933,"type":599},"Covid-19 has accelerated this process as new capacity additions outpace demand growth. Likewise, the onslaught of new mega-refineries in the Middle East and Asia has exacerbated the problem, forcing refiners to either adjust product yields, close down or convert their operations to bio-fuels, for example.",{"type":594,"attrs":135935,"content":135936},{"textAlign":49},[135937],{"text":135938,"type":599},"On the other end of the spectrum, 2020 also witnessed the roll-out of EV-friendly policy announcements and ambitious EV sales targets by OEMs. In November, the UK brought forward by a decade its timetable for a ban on the sale of new petrol and diesel-only cars to 2030. Europe has pushed forward with its Green New Deal ambitions; China has pledged carbon neutrality by 2060; and President-elect Biden has outlined plans for a net-zero economy by 2050.",{"type":594,"attrs":135940,"content":135941},{"textAlign":49},[135942],{"text":135943,"type":599},"2020 also signalled the growing appetite of energy majors to make big battery bets.",{"type":594,"attrs":135945,"content":135946},{"textAlign":49},[135947],{"text":135948,"type":599},"Giants such as Equinor signed a JV with Panasonic and Norsk Hydro to develop a li-ion battery business in Europe – driven not only by Europe’s growing EV demand but also Equinor’s growing renewable energy portfolio.",{"type":594,"attrs":135950,"content":135951},{"textAlign":49},[135952],{"text":135953,"type":599},"Increasingly, we are likely to see further JVs or direct debt-financed investments by the energy majors as interest rates remain low and energy majors tackle the question of how to balance the intermittency of renewables in the power system.",{"type":657,"attrs":135955,"content":135956},{"level":15966,"textAlign":49},[135957],{"text":135958,"type":599},"Where bottlenecks bring opportunity for the oil majors",{"type":594,"attrs":135960,"content":135961},{"textAlign":49},[135962],{"text":135963,"type":599},"Clearly then, Europe’s shift from Big Oil to Big Energy has begun and the investment case for li-ion batteries is not only being spurred by EV demand but also the rise of renewables.",{"type":594,"attrs":135965,"content":135966},{"textAlign":49},[135967],{"text":135968,"type":599},"However, these investments have so far focused on the downstream: cell capacity, EV charging and storage. As Benchmark have previously highlighted, upstream mine financing challenges remain a key bottleneck going forward. In short, investment dollars are being allocated to finance the demand of key metals – lithium, nickel, and cobalt – but not their supply.",{"type":594,"attrs":135970,"content":135971},{"textAlign":49},[135972],{"text":135973,"type":599},"Ever-declining li-ion battery cell prices have been treated as a canonical axiom. However, further declines in cell costs cannot be taken for granted – particularly as some forecasts suggest li-ion cell prices dropping to $55-60/kWh by 2030.",{"type":594,"attrs":135975,"content":135976},{"textAlign":49},[135977],{"text":135978,"type":599},"With the cathode as the most expensive part of any Li-ion battery configuration, cell costs are highly sensitive to raw material prices – particularly nickel, lithium and cobalt. While battery manufacturers are working to new cathode chemistries and aiming to source cheaper cathode active materials, the surge of downstream investments is not being matched in the upstream.",{"type":594,"attrs":135980,"content":135981},{"textAlign":49},[135982],{"text":135983,"type":599},"To take one example, lithium, from the chart below, which shows the scale of the gap in supply-demand balances required to meet surging demand.",{"type":594,"attrs":135985,"content":135986},{"textAlign":49},[],{"type":594,"attrs":135988,"content":135989},{"textAlign":49},[135990],{"text":135991,"type":599},"The prospect of major bottlenecks in the li-ion supply chain not only risks derailing the cost-competitiveness of li-ion batteries but also its investment case for integrated majors as they seek to build new renewable and power businesses.",{"type":594,"attrs":135993,"content":135994},{"textAlign":49},[135995],{"text":135996,"type":599},"One solution going forward could be that the integrated energy majors take the initiative to invest directly in the upstream. This could make sense for a number of reasons:",{"type":594,"attrs":135998,"content":135999},{"textAlign":49},[136000],{"text":136001,"type":599,"marks":136002},"Ahmed Mehdi, Principal Consultant, Benchmark Mineral Intelligence ",[136003],{"type":643},"A look at today’s energy mix provides a sobering reminder that oil, gas and coal continue to dominate the global energy system (see Figure 1). Oil reigned supreme throughout the 20th century (reaching its peak in the mid-1970s) and while its share in the energy mix has fallen by 20% over the past 50 years, […]",[136006],{"slug":544,"name":543,"content":136007},{"job_title":557,"image":136008,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7e3ff56d-647a-4bb9-97e7-676e140290a2\", \"id\": \"\"}-->",[136011],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":136013,"copyright":547,"fieldtype":553,"meta_data":136014,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/53384189ad/bm-battery-barrel.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 22, 2021",{"id":136017,"uuid":136018,"name":136019,"slug":136020,"full_slug":136021,"content":136022},112473588322656,"525a6b6a-318c-4406-a094-3d8e6dbf9dde","Benchmark Week 2020 Highlights: Battery Sustainability Summit","benchmark-week-2020-highlights-battery-sustainability-summit","article/benchmark-week-2020-highlights-battery-sustainability-summit",{"_uid":136023,"date":136024,"tags":136025,"editor":136026,"content":136030,"excerpt":136183,"featured":50,"reporter":136184,"_editable":136188,"component":864,"seo_title":136019,"categories":136189,"visibility":2091,"author_company":49,"featured_image":136191,"seo_description":136183,"author_full_name":49,"author_job_title":49,"formattedDate":136194},"9ec0f4b8-d1ed-4092-922a-60b74a498301","2021-01-20 00:00",[],[136027],{"slug":544,"name":543,"content":136028},{"job_title":557,"image":136029,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":136031},[136032,136037,136056,136059,136068,136071,136080,136083,136092,136095,136104,136107,136110,136119,136122,136131,136134,136143,136146,136155],{"type":594,"attrs":136033,"content":136034},{"textAlign":49},[136035],{"text":136036,"type":599},"Watch selected highlights and download industry presentations given at the Battery Sustainability Summit during Benchmark Week 2020 below.",{"type":594,"attrs":136038,"content":136039},{"textAlign":49},[136040,136044,136046,136050,136051,136055],{"text":127708,"type":599,"marks":136041},[136042],{"type":604,"attrs":136043},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136045,"type":599}," subscribers have full access to videos from our Battery Sustainability Summit and all five days of Benchmark Week 2020 on demand through ",{"text":127645,"type":599,"marks":136047},[136048],{"type":604,"attrs":136049},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":134756,"type":599},{"text":6515,"type":599,"marks":136052},[136053],{"type":604,"attrs":136054},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":136057,"content":136058},{"textAlign":49},[],{"type":594,"attrs":136060,"content":136061},{"textAlign":49},[136062],{"text":136063,"type":599,"marks":136064},"Download Commerce Resources’ presentation",[136065],{"type":604,"attrs":136066},{"href":136067,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1270145/",{"type":594,"attrs":136069,"content":136070},{"textAlign":49},[],{"type":594,"attrs":136072,"content":136073},{"textAlign":49},[136074],{"text":136075,"type":599,"marks":136076},"Download American Manganese’s presentation",[136077],{"type":604,"attrs":136078},{"href":136079,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1270095/",{"type":594,"attrs":136081,"content":136082},{"textAlign":49},[],{"type":594,"attrs":136084,"content":136085},{"textAlign":49},[136086],{"text":136087,"type":599,"marks":136088},"Download American Battery Technology Company’s presentation",[136089],{"type":604,"attrs":136090},{"href":136091,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1270099/",{"type":594,"attrs":136093,"content":136094},{"textAlign":49},[],{"type":594,"attrs":136096,"content":136097},{"textAlign":49},[136098],{"text":136099,"type":599,"marks":136100},"Download Li-Cycle’s 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presentation",[136128],{"type":604,"attrs":136129},{"href":136130,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1270193/",{"type":594,"attrs":136132,"content":136133},{"textAlign":49},[],{"type":594,"attrs":136135,"content":136136},{"textAlign":49},[136137],{"text":136138,"type":599,"marks":136139},"Download Neometals’ presentation",[136140],{"type":604,"attrs":136141},{"href":136142,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1270066/",{"type":594,"attrs":136144,"content":136145},{"textAlign":49},[],{"type":594,"attrs":136147,"content":136148},{"textAlign":49},[136149],{"text":136150,"type":599,"marks":136151},"Download EcoGraf’s presentation",[136152],{"type":604,"attrs":136153},{"href":136154,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1270188/",{"type":594,"attrs":136156,"content":136157},{"textAlign":49},[136158,136163,136167,136172,136175,136180],{"text":127708,"type":599,"marks":136159},[136160,136162],{"type":604,"attrs":136161},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":136164,"type":599,"marks":136165}," subscribers have full access to videos from our Battery Sustainability Summit and all of Benchmark Week 2020 on demand through ",[136166],{"type":643},{"text":127645,"type":599,"marks":136168},[136169,136171],{"type":604,"attrs":136170},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":134756,"type":599,"marks":136173},[136174],{"type":643},{"text":6515,"type":599,"marks":136176},[136177,136179],{"type":604,"attrs":136178},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":136181},[136182],{"type":643},"Watch selected highlights and download industry presentations given at the Battery Sustainability Summit during Benchmark Week 2020 below. Benchmark Membership subscribers have full access to videos from our Battery Sustainability Summit and all five days of Benchmark Week 2020 on demand through Benchmark Video Streaming. Learn more or subscribe here. Download Commerce Resources’ presentation Download […]",[136185],{"slug":544,"name":543,"content":136186},{"job_title":557,"image":136187,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9ec0f4b8-d1ed-4092-922a-60b74a498301\", \"id\": \"\"}-->",[136190],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":136192,"copyright":547,"fieldtype":553,"meta_data":136193,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/88a5d005ca/bm-battery-sustainability-summit.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 20, 2021",{"id":136196,"uuid":136197,"name":136198,"slug":136199,"full_slug":136200,"content":136201},112473583542413,"9b2ed3cd-fbcc-4991-9d2b-5a7a06946880","Stream Benchmark Week 2020 highlights on demand now","stream-benchmark-week-2020-highlights-on-demand-now","article/stream-benchmark-week-2020-highlights-on-demand-now",{"_uid":136202,"date":136024,"tags":136203,"editor":136204,"content":136208,"excerpt":136257,"featured":50,"reporter":136258,"_editable":136262,"component":864,"seo_title":136198,"categories":136263,"visibility":2091,"author_company":49,"featured_image":136265,"seo_description":136257,"author_full_name":49,"author_job_title":49,"formattedDate":136194},"11d3c975-0f0d-488c-b599-80780f17d993",[],[136205],{"slug":544,"name":543,"content":136206},{"job_title":557,"image":136207,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":136209},[136210,136215,136220,136225,136228],{"type":594,"attrs":136211,"content":136212},{"textAlign":49},[136213],{"text":136214,"type":599},"Highlights from Benchmark Week 2020 are now available to stream on demand.",{"type":594,"attrs":136216,"content":136217},{"textAlign":49},[136218],{"text":136219,"type":599},"In Benchmark Week 2020 we brought together five of Benchmark’s world class lithium ion battery supply chain conferences in 5 days featuring Benchmark’s analysts and leading voices of the industry.",{"type":594,"attrs":136221,"content":136222},{"textAlign":49},[136223],{"text":136224,"type":599},"Follow the links below to watch highlights from each day of Benchmark Week 2020.",{"type":594,"attrs":136226,"content":136227},{"textAlign":49},[],{"type":594,"attrs":136229,"content":136230},{"textAlign":49},[136231,136236,136240,136245,136249,136254],{"text":127708,"type":599,"marks":136232},[136233,136235],{"type":604,"attrs":136234},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":136237,"type":599,"marks":136238}," subscribers have access to 35+ hours of videos from all five days of Benchmark Week 2020 on demand through ",[136239],{"type":643},{"text":127645,"type":599,"marks":136241},[136242,136244],{"type":604,"attrs":136243},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":136246,"type":599,"marks":136247},". Learn more or subscribe to Benchmark Membership ",[136248],{"type":643},{"text":6515,"type":599,"marks":136250},[136251,136253],{"type":604,"attrs":136252},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":136255},[136256],{"type":643},"Highlights from Benchmark Week 2020 are now available to stream on demand. In Benchmark Week 2020 we brought together five of Benchmark’s world class lithium ion battery supply chain conferences in 5 days featuring Benchmark’s analysts and leading voices of the industry. Follow the links below to watch highlights from each day of Benchmark Week 2020. […]",[136259],{"slug":544,"name":543,"content":136260},{"job_title":557,"image":136261,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"11d3c975-0f0d-488c-b599-80780f17d993\", \"id\": \"\"}-->",[136264],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":136266,"copyright":547,"fieldtype":553,"meta_data":136267,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/81ec83f38f/bm-week-2020-update.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":136269,"uuid":136270,"name":136271,"slug":136272,"full_slug":136273,"content":136274},112473627214768,"e0d243c3-4f27-4e32-b40f-a38efb0ad164","Lithium prices see first sustained rise in 3 years","lithium-prices-see-first-sustained-rise-in-3-years","article/lithium-prices-see-first-sustained-rise-in-3-years",{"_uid":136275,"date":136276,"tags":136277,"editor":136279,"content":136283,"excerpt":136435,"featured":50,"reporter":136436,"_editable":136440,"component":864,"seo_title":136271,"categories":136441,"visibility":882,"author_company":49,"featured_image":136444,"seo_description":136435,"author_full_name":49,"author_job_title":49,"formattedDate":136447},"6f9cf4ba-b50d-4d47-9fb4-478eb12a978d","2021-01-06 00:00",[136278],{"slug":578,"name":579},[136280],{"slug":544,"name":543,"content":136281},{"job_title":557,"image":136282,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":136284},[136285,136290,136295,136300,136305,136310,136321,136326,136331,136336,136341,136352,136355,136360,136365,136370,136375,136380,136385,136390,136401,136413,136424],{"type":594,"attrs":136286,"content":136287},{"textAlign":49},[136288],{"text":136289,"type":599},"Lithium prices within China, as assessed by Benchmark Mineral Intelligence, are beginning to rise for the first time in three years marked by rises in Chinese domestic chemical prices throughout Q4 2020, bringing an end to lithium’s two-and-a-half year bear market.",{"type":594,"attrs":136291,"content":136292},{"textAlign":49},[136293],{"text":136294,"type":599},"Benchmark’s Lithium Carbonate, EXW China Battery Grade, prices have increased by 11.7% from an average of $6,000/tonne in Benchmark’s October 2020 Assessment to an average of $6,700/tonne at the end of December.",{"type":594,"attrs":136296,"content":136297},{"textAlign":49},[136298],{"text":136299,"type":599},"Likewise, prices of Benchmark’s Lithium Hydroxide EXW China Battery Grade, have increased during the same period, albeit at a lower rate of 2.6%. Increasing from an average of $7,750/tonne in Benchmark’s October Assessment to $7,950/tonne and by the end of 2020.",{"type":594,"attrs":136301,"content":136302},{"textAlign":49},[136303],{"text":136304,"type":599},"While prices remain low, and flat, around the rest of the world, improving sentiment across the spodumene and chemical sectors is creating positive momentum for contract negotiations from Q1 2021 onwards.",{"type":657,"attrs":136306,"content":136307},{"level":15966,"textAlign":49},[136308],{"text":136309,"type":599},"Lithium enters a rising price environment",{"type":594,"attrs":136311,"content":136312},{"textAlign":49},[136313,136314,136319],{"text":33080,"type":599},{"text":136315,"type":599,"marks":136316},"Benchmark’s Lithium Price Assessments",[136317],{"type":604,"attrs":136318},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136320,"type":599},", it is crucial to not only gain the granular detail (data and contextual evidence) that makes us the lithium industry’s reference price, but to also be able to call any rising price data points as a prevailing trend.",{"type":594,"attrs":136322,"content":136323},{"textAlign":49},[136324],{"text":136325,"type":599},"Since prices began to fall in 2018 there have been periods where both lithium carbonate and hydroxide prices have shown short-term rises. But these increases were isolated and not sustained.",{"type":594,"attrs":136327,"content":136328},{"textAlign":49},[136329],{"text":136330,"type":599},"However, this time is proving to be different.",{"type":594,"attrs":136332,"content":136333},{"textAlign":49},[136334],{"text":136335,"type":599},"For the last 6 months of 2020, all major lithium chemical prices that Benchmark collects were essentially flat lining together in unison for the first time since lithium prices peaked in Q1 2018.",{"type":594,"attrs":136337,"content":136338},{"textAlign":49},[136339],{"text":136340,"type":599},"In essence, lithium prices have bottomed out after nearly two years of declining prices.",{"type":594,"attrs":136342,"content":136343},{"textAlign":49},[136344,136346,136350],{"text":136345,"type":599},"While prices have bottomed out in the rest of the world, China, as ",{"text":2210,"type":599,"marks":136347},[136348],{"type":604,"attrs":136349},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136351,"type":599}," shows, has seen consistent price rises in both lithium carbonate and hydroxide during the same period.",{"type":594,"attrs":136353,"content":136354},{"textAlign":49},[],{"type":657,"attrs":136356,"content":136357},{"level":15966,"textAlign":49},[136358],{"text":136359,"type":599},"Why are lithium prices rising?",{"type":594,"attrs":136361,"content":136362},{"textAlign":49},[136363],{"text":136364,"type":599},"The main driver behind the upward movement of lithium carbonate prices in China is the strong growth in lithium iron phosphate (LFP) cathode which is finding renewed interest in passenger EVs in addition to electric buses.",{"type":594,"attrs":136366,"content":136367},{"textAlign":49},[136368],{"text":136369,"type":599},"Although China’s EV subsidies have been maintained, there is less incentive – particularly at current raw material pricing – to push towards the higher-nickel chemistries that fuelled the focus on NCM 811 around 2018.",{"type":594,"attrs":136371,"content":136372},{"textAlign":49},[136373],{"text":136374,"type":599},"In addition, the improvements that have been made in LFP cell-to-pack design mean that LFP can now compete on energy density terms with mid-nickel NCM variations. This within the context of improved battery demand sentiment moving into the new year saw a run on lithium carbonate volumes towards the end of Q4.",{"type":594,"attrs":136376,"content":136377},{"textAlign":49},[136378],{"text":136379,"type":599},"As was demonstrated in the industry’s previous price spike, which began in late-2015, demand growth at a rate that exceeds industry expectations can have profound implications for the future growth trajectory, and China has often proven a bellwether for the direction of global prices, with greater liquidity in the domestic market making pricing more responsive to market imbalances.",{"type":594,"attrs":136381,"content":136382},{"textAlign":49},[136383],{"text":136384,"type":599},"While it is too early to say whether this could be replicated in 2021, a reversal in the relationship between carbonate and hydroxide in China’s domestic market has often marked the peaks and troughs of lithium’s price cycle. The turnaround in pricing in late-Q4 could be an indicator of more turbulence in 2021.",{"type":657,"attrs":136386,"content":136387},{"level":15966,"textAlign":49},[136388],{"text":136389,"type":599},"The lithium industry’s reference price",{"type":594,"attrs":136391,"content":136392},{"textAlign":49},[136393,136395,136399],{"text":136394,"type":599},"Benchmark sets the lithium industry’s reference price in its monthly ",{"text":21700,"type":599,"marks":136396},[136397],{"type":604,"attrs":136398},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136400,"type":599}," service.",{"type":594,"attrs":136402,"content":136403},{"textAlign":49},[136404,136406,136411],{"text":136405,"type":599},"Benchmark collects and assesses data on ",{"text":136407,"type":599,"marks":136408},"6 lithium carbonate, 4 lithium hydroxide and 1 spodumene concentrate price",[136409],{"type":604,"attrs":136410},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136412,"type":599}," from various lithium hubs around the world.",{"type":594,"attrs":136414,"content":136415},{"textAlign":49},[136416,136418,136422],{"text":136417,"type":599},"These ",{"text":12746,"type":599,"marks":136419},[136420],{"type":604,"attrs":136421},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136423,"type":599}," are used by major actors in the supply chain to discuss and negotiate lithium contracts.",{"type":594,"attrs":136425,"content":136426},{"textAlign":49},[136427,136429,136434],{"text":136428,"type":599},"To subscribe or register your interest",{"text":136430,"type":599,"marks":136431}," fill in this form",[136432],{"type":604,"attrs":136433},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Lithium prices within China, as assessed by Benchmark Mineral Intelligence, are beginning to rise for the first time in three years marked by rises in Chinese domestic chemical prices throughout Q4 2020, bringing an end to lithium’s two-and-a-half year bear market. Benchmark’s Lithium Carbonate, EXW China Battery Grade, prices have increased by 11.7% from an […]",[136437],{"slug":544,"name":543,"content":136438},{"job_title":557,"image":136439,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6f9cf4ba-b50d-4d47-9fb4-478eb12a978d\", \"id\": \"\"}-->",[136442,136443],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":136445,"copyright":547,"fieldtype":553,"meta_data":136446,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4d3f10333f/bm-benchmark-lithium-prices-black-and-white.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 06, 2021",{"id":136449,"uuid":136450,"name":136451,"slug":136452,"full_slug":136453,"content":136454},112473636852758,"e11c92c1-4df5-4ffd-b422-a0e399584806","China’s GEM looks to take strategic control of Indonesian nickel & cobalt project","chinas-gem-looks-to-take-strategic-control-of-indonesian-nickel-cobalt-project","article/chinas-gem-looks-to-take-strategic-control-of-indonesian-nickel-cobalt-project",{"_uid":136455,"date":136456,"tags":136457,"editor":136460,"content":136464,"excerpt":136551,"featured":50,"reporter":136552,"_editable":136556,"component":864,"seo_title":136451,"categories":136557,"visibility":882,"author_company":49,"featured_image":136561,"seo_description":136551,"author_full_name":49,"author_job_title":49,"formattedDate":136563},"43f2b4b9-6860-43f0-994d-13144bead46c","2021-01-05 00:00",[136458,136459],{"slug":913,"name":914},{"slug":7997,"name":7998},[136461],{"slug":544,"name":543,"content":136462},{"job_title":557,"image":136463,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":136465},[136466,136471,136476,136487,136492,136497,136502,136507,136512,136517,136526,136531,136536,136541,136546],{"type":594,"attrs":136467,"content":136468},{"textAlign":49},[136469],{"text":136470,"type":599},"Leading Chinese battery cathode material producer, GEM, has signed a memorandum of understanding (MoU) to double its equity from 36% to 72% in the PT QMB New Energy Materials nickel and cobalt project in Indonesia, to take a controlling stake in the operation, which it has been developing ion partnership with China’s CATL and Tsingshan, among others.",{"type":594,"attrs":136472,"content":136473},{"textAlign":49},[136474],{"text":136475,"type":599},"The project, located at the Morowali Industrial park in Indonesia, has a design capacity of 50,000 tpa of nickel and 4,000 tpa of cobalt, and had originally been due to begin commercial production in 2022.",{"type":594,"attrs":136477,"content":136478},{"textAlign":49},[136479,136481,136485],{"text":136480,"type":599},"However, since its announcement in 2018, the project’s development has been hit by numerous setbacks, including delays related to the ongoing COVID-19 pandemic. According to the ",{"text":37427,"type":599,"marks":136482},[136483],{"type":604,"attrs":136484},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136486,"type":599},", the project is set to begin operating in 2022, with an initial production capacity of 10,000 tpa of nickel before ramping close to nameplate capacity later in the decade.",{"type":594,"attrs":136488,"content":136489},{"textAlign":49},[136490],{"text":136491,"type":599},"GEM cited a desire to expand its ‘strategic control’ over nickel resources as the rationale behind the decision. It hopes to minimise the company’s exposure to risk associated with both price volatility and supply security as it ramps up its high-nickel precursor and cathode production capabilities, amid expectations of a shortage of battery suitable nickel supply later in the decade.",{"type":594,"attrs":136493,"content":136494},{"textAlign":49},[136495],{"text":136496,"type":599},"Despite the coronavirus-driven slowdown in nickel demand from the battery industry in 2020, GEM has moved to secure its long-term nickel supply in anticipation of robust demand growth from the battery industry and expected supply shortages of battery suitable nickel.",{"type":594,"attrs":136498,"content":136499},{"textAlign":49},[136500],{"text":136501,"type":599},"In September last year, GEM signed a long-term supply agreement with PT Halmahera Persada Lygend, a joint venture (JV) between China’s Ningbo Lygend and Indonesia’s Harita Group, nickel and cobalt sulphate produced at the JV’s currently under development HPAL plant on Obi Island, Indonesia.",{"type":594,"attrs":136503,"content":136504},{"textAlign":49},[136505],{"text":136506,"type":599},"Starting from 2021, GEM will purchase between 74,400 and 178,560 tonnes of nickel contained in sulphate over an eight-year period – equivalent to between 9,300 and 22,320 tonnes per annum.",{"type":657,"attrs":136508,"content":136509},{"level":15966,"textAlign":49},[136510],{"text":136511,"type":599},"Cathode demand trends to support nickel growth",{"type":594,"attrs":136513,"content":136514},{"textAlign":49},[136515],{"text":136516,"type":599},"While nickel and cobalt free LFP (lithium iron phosphate) cathode technology has undergone a renaissance in 2020, driven in large part by cost imperatives and technological improvements, GEM’s announcement is a further vote of confidence for NCM’s (nickel, cobalt, manganese) future as the pre-dominant cathode technology for automakers.",{"type":594,"attrs":136518,"content":136519},{"textAlign":49},[136520,136524],{"text":32075,"type":599,"marks":136521},[136522],{"type":604,"attrs":136523},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136525,"type":599}," shows that the share of demand for NCM cathodes will increase from 46% of the cathode market in 2020 to 78% in 2030, during this time nickel demand from the lithium ion battery industry is set to increase almost 20x.",{"type":594,"attrs":136527,"content":136528},{"textAlign":49},[136529],{"text":136530,"type":599},"For cathode and battery cell producers alike, as the battery industry increasingly transitions towards nickel-rich cathode chemistries, direct upstream investment is proving critical to both ensuring a secure and reliable supply of nickel and reducing raw material costs.",{"type":594,"attrs":136532,"content":136533},{"textAlign":49},[136534],{"text":136535,"type":599},"While, to date, investments in Indonesia have largely been the sphere of Chinese companies, BASF and Eramet signed an agreement to jointly assess the development of a hydrometallurgical nickel-cobalt refining complex in Indonesia in December. The complex would include an HPAL plant located in Weda Bay, to produce 42,000 tpa of nickel contained in an intermediate, and a separate Base Metals Refinery (BMR) targeting precursor and cathode material production.",{"type":594,"attrs":136537,"content":136538},{"textAlign":49},[136539],{"text":136540,"type":599},"Following the completion of the feasibility study, if a decision is taken to proceed with the project, the two companies are targeting a start-up of both the HPAL and BMR by the mid-2020s, providing BASF with stable access to nickel and cobalt raw materials as it ramps up high-nickel cathode production over the coming decade.",{"type":594,"attrs":136542,"content":136543},{"textAlign":49},[136544],{"text":136545,"type":599},"Furthermore, Indonesia has recently attracted investment from South Korea’s LG Energy Solutions, LG Chem’s spin-of battery business, as key stakeholders in the supply chain look to capitalise on the region’s significant mineral resources. Tesla are also said to be weighing up an investment in Indonesia.",{"type":594,"attrs":136547,"content":136548},{"textAlign":49},[136549],{"text":136550,"type":599},"However, questions remain over environmental risks associated with nickel mining in Indonesia. In particular there are concerns relating to coal fired power plants used to power nickel operations, which is unlikely to change in the medium term, deforestation impacts, and the ongoing questions surrounding tailings at HPAL plants.","Leading Chinese battery cathode material producer, GEM, has signed a memorandum of understanding (MoU) to double its equity from 36% to 72% in the PT QMB New Energy Materials nickel and cobalt project in Indonesia, to take a controlling stake in the operation, which it has been developing ion partnership with China’s CATL and Tsingshan, […]",[136553],{"slug":544,"name":543,"content":136554},{"job_title":557,"image":136555,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"43f2b4b9-6860-43f0-994d-13144bead46c\", \"id\": \"\"}-->",[136558,136559,136560],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":131321,"copyright":547,"fieldtype":553,"meta_data":136562,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jan 05, 2021",{"id":136565,"uuid":136566,"name":136567,"slug":136568,"full_slug":136569,"content":136570},112473646543934,"bf643215-db6c-48de-92a7-788a7c1449ee","Long term contracts prevail for lithium and cobalt as EV supply chain prepares for growth spurt","long-term-contracts-prevail-for-lithium-and-cobalt-as-ev-supply-chain-prepares-for-growth-spurt","article/long-term-contracts-prevail-for-lithium-and-cobalt-as-ev-supply-chain-prepares-for-growth-spurt",{"_uid":136571,"date":136572,"tags":136573,"editor":136574,"content":136578,"excerpt":136745,"featured":50,"reporter":136746,"_editable":136750,"component":864,"seo_title":136567,"categories":136751,"visibility":882,"author_company":49,"featured_image":136755,"seo_description":136745,"author_full_name":49,"author_job_title":49,"formattedDate":136758},"03759632-6f0d-4e15-b62a-625890d0a1b5","2020-12-22 00:00",[],[136575],{"slug":544,"name":543,"content":136576},{"job_title":557,"image":136577,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":136579},[136580,136587,136592,136597,136602,136607,136612,136617,136622,136627,136632,136637,136642,136647,136652,136657,136669,136674,136679,136684,136689,136694,136699,136704,136716,136728,136733],{"type":594,"attrs":136581,"content":136582},{"textAlign":49},[136583],{"text":136584,"type":599,"marks":136585},"By Simon Moores, Managing Director, Benchmark Mineral Intelligence",[136586],{"type":643},{"type":594,"attrs":136588,"content":136589},{"textAlign":49},[136590],{"text":136591,"type":599},"SQM’s lithium contract with LG Chem is the latest in a string of long-term battery supply chain deals to be made public in 2020, a clear signal of the growing urgency among automakers to lock in critical inputs to fuel their push to electrification ahead of a growth spurt in 2021.",{"type":594,"attrs":136593,"content":136594},{"textAlign":49},[136595],{"text":136596,"type":599},"Today, SQM announced a 55,000 tonne LCE (lithium carbonate equivalent) deal with LG Energy Solutions, the newly formed auto battery spin-off from LG Chem, for a contract to begin in 2021 and end in 2029.",{"type":594,"attrs":136598,"content":136599},{"textAlign":49},[136600],{"text":136601,"type":599},"The SQM deal adds to other deals confirmed recently, such as Livent’s extended deal with Tesla, and Tesla’s long-term spodumene offtake with Piedmont Lithium.",{"type":594,"attrs":136603,"content":136604},{"textAlign":49},[136605],{"text":136606,"type":599},"In cobalt, Glencore has made public deals with Umicore (cathode), and battery cell makers, Samsung SDI, SK Innovation and GEM.",{"type":594,"attrs":136608,"content":136609},{"textAlign":49},[136610],{"text":136611,"type":599},"Long-term supply contracts with pricing breaks tied to public references and independent market data, such as that provided by Benchmark Mineral Intelligence, are now the clear trend in an industry that has always favoured private contracts between buyer and seller.",{"type":594,"attrs":136613,"content":136614},{"textAlign":49},[136615],{"text":136616,"type":599},"It also marks a change in the approach of OEMs as they begin to appreciate the more nuanced nature of the battery raw materials, compared to existing ICE supply chains.",{"type":594,"attrs":136618,"content":136619},{"textAlign":49},[136620],{"text":136621,"type":599},"Falling prices across many battery raw materials over the past three years initially saw end-users seek to leverage lower input pricing to meet battery cost reduction goals. However, the past 18 months has made clear that this continued period of low-pricing was not going to incentivise the scale of supply expansion required to meet the increasing EV ambitions of OEMs.",{"type":594,"attrs":136623,"content":136624},{"textAlign":49},[136625],{"text":136626,"type":599},"As a result, there has been a growing acceptance that to meet the supply security goals of end-users, there would have to be more firm commitments to long-term order volumes for raw material suppliers.",{"type":594,"attrs":136628,"content":136629},{"textAlign":49},[136630],{"text":136631,"type":599},"Pricing – the key component in making this trade-off achievable – has been a central focus of the negotiations that have brought these multi-year deals to fruition over the past 12 months.",{"type":594,"attrs":136633,"content":136634},{"textAlign":49},[136635],{"text":136636,"type":599},"While long-term contracts have been the standard across many of these niche mineral markets for some time, pricing flexibility is a new component that has required more specialist and independent references than those historically applied, such as trade statistics.",{"type":657,"attrs":136638,"content":136639},{"level":15966,"textAlign":49},[136640],{"text":136641,"type":599},"Market evolution forcing price innovation",{"type":594,"attrs":136643,"content":136644},{"textAlign":49},[136645],{"text":136646,"type":599},"Today, supply agreements with major consumers are becoming larger in volume and longer-term, allowing more secure visibility of how the electric vehicle supply chain will build out.",{"type":594,"attrs":136648,"content":136649},{"textAlign":49},[136650],{"text":136651,"type":599},"Benchmark’s latest Q4 2020 forecast outlines that lithium’s supply base will need to grow from 320,000 tonnes LCE in 2020 and attempt to bridge an ever-growing chasm between supply and demand which is now at 2.3m tonnes (1.8m tonnes from lithium ion batteries) in 2030.",{"type":594,"attrs":136653,"content":136654},{"textAlign":49},[136655],{"text":136656,"type":599},"Cobalt has a similar growth story: from 121,000 tonnes in 2020 to 438,000 tonnes in 2030.",{"type":594,"attrs":136658,"content":136659},{"textAlign":49},[136660,136662,136667],{"text":136661,"type":599},"At Benchmark Week 2020 – ",{"text":136663,"type":599,"marks":136664},"which is available to view online for all Benchmark Members",[136665],{"type":604,"attrs":136666},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136668,"type":599}," – Glencore’s Head Cobalt Trader, David Brocas said the following:",{"type":594,"attrs":136670,"content":136671},{"textAlign":49},[136672],{"text":136673,"type":599},"“The longest contract we had in the book two years ago was one year.”",{"type":594,"attrs":136675,"content":136676},{"textAlign":49},[136677],{"text":136678,"type":599},"“[That] provides very little visibility to the miner that needs to invest in new supply and very little safety of supply to the consumers.",{"type":594,"attrs":136680,"content":136681},{"textAlign":49},[136682],{"text":136683,"type":599},"“Our goal was to modify the mindset [of the industry which was] very short term minded.",{"type":594,"attrs":136685,"content":136686},{"textAlign":49},[136687],{"text":136688,"type":599},"“With these long-term agreements our hope is our customers can focus on their core business and not be worried about safety of supply.”",{"type":594,"attrs":136690,"content":136691},{"textAlign":49},[136692],{"text":136693,"type":599},"It is this long-term clarity, supported by independent references and private negotiations, that is at odds with what other mechanisms offer.",{"type":594,"attrs":136695,"content":136696},{"textAlign":49},[136697],{"text":136698,"type":599},"The aim of introducing financial derivatives to markets facing serious structural issues will not address the underlying problems for consumers in the short-term. An efficient landscape for supply chain negotiations must emerge ahead of derivative and exchange-traded mechanisms, otherwise they threaten to impede the growth of the supply chain rather than support it.",{"type":657,"attrs":136700,"content":136701},{"level":15966,"textAlign":49},[136702],{"text":136703,"type":599},"Benchmark’s Lithium & Cobalt Prices ",{"type":594,"attrs":136705,"content":136706},{"textAlign":49},[136707,136709,136714],{"text":136708,"type":599},"Benchmark was established in 2014 with the specific goal of providing ",{"text":136710,"type":599,"marks":136711},"independent and accurate price data",[136712],{"type":604,"attrs":136713},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136715,"type":599}," for the lithium ion battery supply chain, assessed using industry-specific methodologies based around the nuances of specialist markets.",{"type":594,"attrs":136717,"content":136718},{"textAlign":49},[136719,136721,136726],{"text":136720,"type":599},"Designed to encompass the variations in pricing across different specifications of material and different parts of the world, our ",{"text":136722,"type":599,"marks":136723},"11 lithium price assessments and 3 cobalt price assessments",[136724],{"type":604,"attrs":136725},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136727,"type":599}," have become essential references for stakeholders across the battery supply chain.",{"type":594,"attrs":136729,"content":136730},{"textAlign":49},[136731],{"text":136732,"type":599},"With data collected directly from active market participants, by a team of expert analysts, Benchmark ensures the lithium ion battery supply chain has a set of respected and accurate references to base its raw material negotiations and aid the build out of the supply chain.",{"type":594,"attrs":136734,"content":136735},{"textAlign":49},[136736,136738,136743],{"text":136737,"type":599},"Our ",{"text":136739,"type":599,"marks":136740},"price data series and indices",[136741],{"type":604,"attrs":136742},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":136744,"type":599}," are trusted by the active players in the industry the world over, as well as by governments, institutional investors, and lenders seeking to enter the space.","By Simon Moores, Managing Director, Benchmark Mineral Intelligence SQM’s lithium contract with LG Chem is the latest in a string of long-term battery supply chain deals to be made public in 2020, a clear signal of the growing urgency among automakers to lock in critical inputs to fuel their push to electrification ahead of a growth […]",[136747],{"slug":544,"name":543,"content":136748},{"job_title":557,"image":136749,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"03759632-6f0d-4e15-b62a-625890d0a1b5\", \"id\": \"\"}-->",[136752,136753,136754],{"slug":867,"name":115},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":136756,"copyright":547,"fieldtype":553,"meta_data":136757,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b9eb59d3a8/bm-argentina-brine-1-e1642525912906.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 22, 2020",{"id":136760,"uuid":136761,"name":136762,"slug":136763,"full_slug":136764,"content":136765},112473656190102,"c77e2069-a166-4a6b-bb09-8b5c1ba0e03b","Benchmark Week 2021 in-person announced for Los Angeles, 8-12 November 2021","benchmark-week-2021-in-person-announced-for-los-angeles-8-12-november-2021","article/benchmark-week-2021-in-person-announced-for-los-angeles-8-12-november-2021",{"_uid":136766,"date":136767,"tags":136768,"editor":136770,"content":136774,"excerpt":136825,"featured":50,"reporter":136826,"_editable":136830,"component":864,"seo_title":136762,"categories":136831,"visibility":2091,"author_company":49,"featured_image":136833,"seo_description":136825,"author_full_name":49,"author_job_title":49,"formattedDate":136836},"e3c7657b-acce-46fa-bd9b-5783a40d2646","2020-12-07 00:00",[136769],{"slug":9655,"name":9656},[136771],{"slug":544,"name":543,"content":136772},{"job_title":557,"image":136773,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":136775},[136776,136782,136787,136792,136803,136813,136822],{"type":594,"attrs":136777,"content":136778},{"textAlign":49},[136779,136780],{"text":11314,"type":599},{"text":136781,"type":599}," is delighted to announce that Benchmark Week 2021 will take place, live and in-person on 8 to 12 November 2021 at The Sheraton Universal Hotel, Los Angeles, USA. ",{"type":594,"attrs":136783,"content":136784},{"textAlign":49},[136785],{"text":136786,"type":599},"Our centre-piece event, where the world’s lithium ion battery supply chain meets, will feature three conferences in the space of five days: ",{"type":594,"attrs":136788,"content":136789},{"textAlign":49},[136790],{"text":136791,"type":599},"We will be hosting Benchmark Week 2021 event under strict COVID-19 protocols by Benchmark in addition to US Government and California State Government Laws and Guidance. ",{"type":657,"attrs":136793,"content":136794},{"level":985,"textAlign":49},[136795,136797],{"text":136796,"type":599},"Delegate Tickets are significantly discounted until 1 May 2021. ",{"text":136798,"type":599,"marks":136799},"You can purchase here. ",[136800],{"type":604,"attrs":136801},{"href":136802,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/benchmark-week-2021/",{"type":657,"attrs":136804,"content":136805},{"level":985,"textAlign":49},[136806,136808],{"text":136807,"type":599},"For Multiple Tickets for one company, ",{"text":12964,"type":599,"marks":136809},[136810],{"type":604,"attrs":136811},{"href":136812,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/benchmark-week-2021/contact/",{"type":657,"attrs":136814,"content":136815},{"level":985,"textAlign":49},[136816,136818],{"text":136817,"type":599},"To Speak & Sponsor email ",{"text":124710,"type":599,"marks":136819},[136820],{"type":604,"attrs":136821},{"href":124714,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":136823,"content":136824},{"textAlign":49},[],"Benchmark Mineral Intelligence is delighted to announce that Benchmark Week 2021 will take place, live and in-person on 8 to 12 November 2021 at The Sheraton Universal Hotel, Los Angeles, USA. Our centre-piece event, where the world’s lithium ion battery supply chain meets, will feature three conferences in the space of five days: Graphite + […]",[136827],{"slug":544,"name":543,"content":136828},{"job_title":557,"image":136829,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e3c7657b-acce-46fa-bd9b-5783a40d2646\", \"id\": \"\"}-->",[136832],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":136834,"copyright":547,"fieldtype":553,"meta_data":136835,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bbaa43a481/bm-benchmark-week-2021-hero-2.png",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 07, 2020",{"id":136838,"uuid":136839,"name":136840,"slug":136841,"full_slug":136842,"content":136843},112473665889501,"33fffd70-1171-45ea-811e-ad5414d81909","Benchmark Analysis: Lithium ion battery cell prices close in on $100/kWh & come of EV age, but is this the end for double digit declines?","benchmark-analysis-lithium-ion-battery-cell-prices-close-in-on-100-kwh-come-of-ev-age-but-is-this-the-end-for-double-digit-declines","article/benchmark-analysis-lithium-ion-battery-cell-prices-close-in-on-100-kwh-come-of-ev-age-but-is-this-the-end-for-double-digit-declines",{"_uid":136844,"date":136845,"tags":136846,"editor":136848,"content":136852,"excerpt":137020,"featured":50,"reporter":137021,"_editable":137025,"component":864,"seo_title":136840,"categories":137026,"visibility":882,"author_company":49,"featured_image":137028,"seo_description":137020,"author_full_name":49,"author_job_title":49,"formattedDate":137031},"f1d07a52-445f-4ddb-a90d-c220568b3d7d","2020-12-03 00:00",[136847],{"slug":578,"name":579},[136849],{"slug":544,"name":543,"content":136850},{"job_title":557,"image":136851,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":136853},[136854,136861,136868,136876,136881,136886,136891,136896,136901,136906,136911,136914,136919,136924,136929,136932,136937,136942,136947,136952,136961,136966,136971,136976,136981,136987,136992,137000,137005,137010,137015],{"type":594,"attrs":136855,"content":136856},{"textAlign":49},[136857],{"text":136858,"type":599,"marks":136859},"By Simon Moores, Managing Director, Benchmark Mineral Intelligence ",[136860],{"type":643},{"type":594,"attrs":136862,"content":136863},{"textAlign":49},[136864,136866,136867],{"text":136865,"type":599},"The prevailing market price for lithium ion battery cells has fallen to $110/kWh from 2019’s average of $120/kWh as assessed by ",{"text":11314,"type":599},{"text":974,"type":599},{"type":594,"attrs":136869,"content":136870},{"textAlign":49},[136871,136873,136874],{"text":136872,"type":599},"The average mid-point price of a lithium ion battery at a cell level per kWh, used in large automotive or electric vehicle (EV) contracts over 5 GWh/year, now stands at $110/kWh yet 6 years ago it was at $290/kWh, ",{"text":9653,"type":599},{"text":136875,"type":599}," data shows.",{"type":594,"attrs":136877,"content":136878},{"textAlign":49},[136879],{"text":136880,"type":599},"A long-term comparison of prices shows an impressive decline that is a good guide on how lithium ion battery production has come of EV age.",{"type":594,"attrs":136882,"content":136883},{"textAlign":49},[136884],{"text":136885,"type":599},"Lithium ion battery cell prices have fallen 62% since 2014 at an average of 14.9% each year.",{"type":594,"attrs":136887,"content":136888},{"textAlign":49},[136889],{"text":136890,"type":599},"Take that trend back to 2005 when the same average price – albeit not for automotive but large contract portable technology, the driving market at the time – was $1,300/kWh, over ten-fold today’s $110/kWh, and representing a 15.2% compound average annual fall.",{"type":594,"attrs":136892,"content":136893},{"textAlign":49},[136894],{"text":136895,"type":599},"However, this does not tell the full story.",{"type":594,"attrs":136897,"content":136898},{"textAlign":49},[136899],{"text":136900,"type":599},"If you look a little closer you will see that the landscape for lithium ion battery cell price declines has changed significantly over the last three years.",{"type":594,"attrs":136902,"content":136903},{"textAlign":49},[136904],{"text":136905,"type":599},"From 2014 and 2017, the price of lithium ion batteries fell an average of 21.6% a year.",{"type":594,"attrs":136907,"content":136908},{"textAlign":49},[136909],{"text":136910,"type":599},"Yet, between 2017 and 2020 the price of lithium ion batteries fell a fraction of that pace, at 7.7% a year.",{"type":594,"attrs":136912,"content":136913},{"textAlign":49},[],{"type":657,"attrs":136915,"content":136916},{"level":15966,"textAlign":49},[136917],{"text":136918,"type":599},"The problem with drawing a straight line ",{"type":594,"attrs":136920,"content":136921},{"textAlign":49},[136922],{"text":136923,"type":599},"The issue with analysing the price decline trend of lithium ion batteries over a longer period of time is that it does not give a nuanced or knowledgeable enough picture.",{"type":594,"attrs":136925,"content":136926},{"textAlign":49},[136927],{"text":136928,"type":599},"If we analysed this price trend between 2014 and 2020, the last 6 years, it would show a significant double digit compound annual decline of 14.9%, leaving the reader to suggest that:",{"type":594,"attrs":136930,"content":136931},{"textAlign":49},[],{"type":594,"attrs":136933,"content":136934},{"textAlign":49},[136935],{"text":136936,"type":599},"It is the same problem with experience curves: an over simplistic, non-industry approach to forecasting lithium ion batteries may have worked for a generalist but it is not fit for purpose for an industry participant going into the 2020s.",{"type":594,"attrs":136938,"content":136939},{"textAlign":49},[136940],{"text":136941,"type":599},"As large contract average lithium ion battery cell prices fall ever closer to the $100/kWh mark, the proportionate cost of the Bill of Materials increases.",{"type":594,"attrs":136943,"content":136944},{"textAlign":49},[136945],{"text":136946,"type":599},"And what is the largest input into the Bill of Materials? Minerals, metals and chemicals such as lithium, cobalt, nickel, graphite, manganese and copper.",{"type":594,"attrs":136948,"content":136949},{"textAlign":49},[136950],{"text":136951,"type":599},"Therefore to properly forecast lithium ion battery cell prices you need to understand raw materials.",{"type":594,"attrs":136953,"content":136954},{"textAlign":49},[136955],{"text":136956,"type":599,"marks":136957},"This Benchmark analysis from Andrew Leyland, our Head of Strategic Advisory, details how and why.",[136958],{"type":604,"attrs":136959},{"href":136960,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/lithium-ion-battery-cell-prices-fall-to-110-kwh-but-raw-material-risk-looms-large",{"type":657,"attrs":136962,"content":136963},{"level":15966,"textAlign":49},[136964],{"text":136965,"type":599},"Can lithium ion battery cell prices continue to fall?",{"type":594,"attrs":136967,"content":136968},{"textAlign":49},[136969],{"text":136970,"type":599},"The answer is yes, lithium ion battery cell prices can continue to fall well below the perceived holy grail of $100/kWh, but:",{"type":594,"attrs":136972,"content":136973},{"textAlign":49},[136974],{"text":136975,"type":599},"Two of the largest input raw materials into a lithium ion battery, lithium hydroxide and nickel hydroxide, have experienced 10-year lows in price whilst at the same time the lithium ion battery industry was scaling.",{"type":594,"attrs":136977,"content":136978},{"textAlign":49},[136979],{"text":136980,"type":599},"The low raw material price environment won’t last forever.",{"type":594,"attrs":136982,"content":136983},{"textAlign":49},[136984,136985],{"text":51284,"type":599},{"text":136986,"type":599}," Lithium Price Assessment Team are reporting signs of a change in sentiment in the market with some grades of lithium hydroxide and carbonate showing price increases in November 2020.",{"type":594,"attrs":136988,"content":136989},{"textAlign":49},[136990],{"text":136991,"type":599},"While it is too early to say whether this is a trend, Q1 2021 will bring a more solid picture as to whether prices will recover.",{"type":594,"attrs":136993,"content":136994},{"textAlign":49},[136995,136997,136998],{"text":136996,"type":599},"As the average large contract automotive price for lithium ion battery cells moves below ",{"text":51284,"type":599},{"text":136999,"type":599}," 2020 price of $110/kWh, it becomes a supply chain game for the end users.",{"type":594,"attrs":137001,"content":137002},{"textAlign":49},[137003],{"text":137004,"type":599},"The ability to keep that cell cost below $110/kWh, and crucially to ensure they continue to fall and remain low, will depend not on Big Auto’s negotiations with Big Battery but on the EV makers ability to lock in stable, lower cost raw material prices, especially for lithium and nickel, over the long term.",{"type":594,"attrs":137006,"content":137007},{"textAlign":49},[137008],{"text":137009,"type":599},"In the next decade, the primary goal should not be an obsession for consistent annual decreases, but on long term stability of raw material prices to ensure that the automaker can scale while keeping lithium ion cell prices between $80/kWh and $100/kWh.",{"type":594,"attrs":137011,"content":137012},{"textAlign":49},[137013],{"text":137014,"type":599},"The consistent annual decreases that the auto industry is used to will come as a result of this strategy.",{"type":594,"attrs":137016,"content":137017},{"textAlign":49},[137018],{"text":137019,"type":599},"In many ways, the position of battery supply chain manager in any large scale EV maker will be the most crucial of all as we truly enter this EV revolution.","By Simon Moores, Managing Director, Benchmark Mineral Intelligence The prevailing market price for lithium ion battery cells has fallen to $110/kWh from 2019’s average of $120/kWh as assessed by Benchmark Mineral Intelligence. The average mid-point price of a lithium ion battery at a cell level per kWh, used in large automotive or electric vehicle (EV) […]",[137022],{"slug":544,"name":543,"content":137023},{"job_title":557,"image":137024,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f1d07a52-445f-4ddb-a90d-c220568b3d7d\", \"id\": \"\"}-->",[137027],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":137029,"copyright":547,"fieldtype":553,"meta_data":137030,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c22458c4ad/bm-dollar-kwh-numbers-2-1-e1607016336962.png",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 03, 2020",{"id":137033,"uuid":137034,"name":137035,"slug":137036,"full_slug":137037,"content":137038},112473675588941,"480b3990-c037-4761-b26f-5e5eaf197af7","Lithium ion battery cell prices fall to $110/kWh, but raw material risk looms large","lithium-ion-battery-cell-prices-fall-to-110-kwh-but-raw-material-risk-looms-large","article/lithium-ion-battery-cell-prices-fall-to-110-kwh-but-raw-material-risk-looms-large",{"_uid":137039,"date":137040,"tags":137041,"editor":137043,"content":137047,"excerpt":137250,"featured":50,"reporter":137251,"component":864,"seo_title":137035,"categories":137255,"visibility":2091,"author_company":49,"featured_image":137257,"seo_description":137250,"author_full_name":49,"author_job_title":49,"formattedDate":137260},"e5f276d3-bc0b-45c7-a325-13177d74b3e4","2020-12-01 00:00",[137042],{"slug":578,"name":579},[137044],{"slug":544,"name":543,"content":137045},{"job_title":557,"image":137046,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":137048},[137049,137056,137066,137077,137082,137087,137090,137095,137106,137111,137114,137119,137130,137135,137146,137151,137162,137167,137172,137175,137186,137191,137202,137207,137210,137215,137220,137225,137230,137235,137240,137245],{"type":594,"attrs":137050,"content":137051},{"textAlign":49},[137052],{"text":137053,"type":599,"marks":137054},"By Andrew Leyland, Head of Strategic Advisory",[137055],{"type":643},{"type":594,"attrs":137057,"content":137058},{"textAlign":49},[137059,137064],{"text":137060,"type":599,"marks":137061},"Lithium ion battery",[137062],{"type":604,"attrs":137063},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":137065,"type":599}," cell prices have decreased from $290/kWh in 2014 to $110/kWh in 2020 (large contract automotive), according to Benchmark’s latest data, yet there is a view in the lithium ion industry that this trend will continue indefinitely.",{"type":594,"attrs":137067,"content":137068},{"textAlign":49},[137069,137071,137075],{"text":137070,"type":599},"This in turn will lower the price of ",{"text":3467,"type":599,"marks":137072},[137073],{"type":604,"attrs":137074},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":137076,"type":599}," and bring cost parity between internal combustion engine (ICE) and electric vehicles (EV) in the all-important $20,000-$30,000 mass market vehicle segment.",{"type":594,"attrs":137078,"content":137079},{"textAlign":49},[137080],{"text":137081,"type":599},"Given the strong track record of the industry over the years you could be forgiven for thinking this is a done deal.",{"type":594,"attrs":137083,"content":137084},{"textAlign":49},[137085],{"text":137086,"type":599},"It is not.",{"type":594,"attrs":137088,"content":137089},{"textAlign":49},[],{"type":594,"attrs":137091,"content":137092},{"textAlign":49},[137093],{"text":137094,"type":599},"What battery cost analysis often ignores is that declines have primarily been driven by two things, economies of scale and technological improvement, ignoring a third critical input to cell costs, the cost of raw materials.",{"type":594,"attrs":137096,"content":137097},{"textAlign":49},[137098,137100,137104],{"text":137099,"type":599},"Worryingly enough many automotive board members still expect battery costs to continue to decline at pace without understanding the ",{"text":28276,"type":599,"marks":137101},[137102],{"type":604,"attrs":137103},{"href":16131,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":137105,"type":599}," they are at the end of. Price volatility is introduced to the automotive battery supply chain at the mineral extraction phase. Here prices are determined by the market fundamentals of supply, demand, cost and inventory level.",{"type":594,"attrs":137107,"content":137108},{"textAlign":49},[137109],{"text":137110,"type":599},"This is something Benchmark Mineral Intelligence has built a global data and advisory business on.",{"type":594,"attrs":137112,"content":137113},{"textAlign":49},[],{"type":594,"attrs":137115,"content":137116},{"textAlign":49},[137117],{"text":137118,"type":599},"There is little argument that demand for critical raw materials and chemicals will continue to increase.",{"type":594,"attrs":137120,"content":137121},{"textAlign":49},[137122,137124,137128],{"text":137123,"type":599},"Even in this year with its unprecedented demand shock the market has been broadly favourable for EVs, with more and more announcements on EV sales targets, cell and ",{"text":4805,"type":599,"marks":137125},[137126],{"type":604,"attrs":137127},{"href":16216,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":137129,"type":599}," investments.",{"type":594,"attrs":137131,"content":137132},{"textAlign":49},[137133],{"text":137134,"type":599},"However, the mine finance side of the market has been more akin to the slow-moving train wreck for which 2020 will be mostly remembered. In short, we are financing demand for commodities and chemicals, but not their supply.",{"type":594,"attrs":137136,"content":137137},{"textAlign":49},[137138,137140,137144],{"text":137139,"type":599},"Mines and refineries require high sunk capital, often in challenging social and political environments. They take years to find, define, licence and construct. Geology does not recognise boarders and EU and other “Green Subsides” will not, for example, finance ",{"text":4330,"type":599,"marks":137141},[137142],{"type":604,"attrs":137143},{"href":32079,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":137145,"type":599}," and cobalt mining in Indonesia.",{"type":594,"attrs":137147,"content":137148},{"textAlign":49},[137149],{"text":137150,"type":599},"All of this leads us to the ever increasing need to build more extraction capacity. There is no geological shortage of these materials, there is a planning and financing shortage.",{"type":594,"attrs":137152,"content":137153},{"textAlign":49},[137154,137156,137160],{"text":137155,"type":599},"Capital requires a return, and in some industry ",{"text":19750,"type":599,"marks":137157},[137158],{"type":604,"attrs":137159},{"href":19755,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":137161,"type":599}," of cell costs falling to $60-70/KWh there is little room to pay for, let alone incentivise, all the greenfield mining projects required.",{"type":594,"attrs":137163,"content":137164},{"textAlign":49},[137165],{"text":137166,"type":599},"As shown in the chart below for lithium, the industry needs to double in size every 4-5 years, as do other battery raw materials.",{"type":594,"attrs":137168,"content":137169},{"textAlign":49},[137170],{"text":137171,"type":599},"Any industry would struggle to do this in a falling price environment, especially if it cannot service its debt. This will put a floor on how low raw material and battery costs can fall.",{"type":594,"attrs":137173,"content":137174},{"textAlign":49},[],{"type":594,"attrs":137176,"content":137177},{"textAlign":49},[137178,137180,137184],{"text":137179,"type":599},"It is worth noting the role of recycled supply (in red), which has an approximate 12-year lag on when material was first consumed. In lithium and other raw materials ",{"text":5744,"type":599,"marks":137181},[137182],{"type":604,"attrs":137183},{"href":12314,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":137185,"type":599}," will play an important role, but it will not solve supply questions alone until the late 2040s or 2050s at the earliest.",{"type":657,"attrs":137187,"content":137188},{"level":15966,"textAlign":49},[137189],{"text":137190,"type":599},"To understand lithium ion cell costs, you need to know raw materials ",{"type":594,"attrs":137192,"content":137193},{"textAlign":49},[137194,137196,137200],{"text":137195,"type":599},"In the below chart we look at what would happen to next generation NCM 811 cell costs if each of lithium, ",{"text":867,"type":599,"marks":137197},[137198],{"type":604,"attrs":137199},{"href":6354,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":137201,"type":599}," and nickel hit their highest price levels seen in the past 10 years. The result is an increase in cell costs from $87.2/kwh to $119.0/kwh. The same amount of lithium, cobalt, and nickel running along the same production line, but with a 36.5% cost increase.",{"type":594,"attrs":137203,"content":137204},{"textAlign":49},[137205],{"text":137206,"type":599},"These raw material price levels have happened before, and the market fundamentals show they could happen again.",{"type":594,"attrs":137208,"content":137209},{"textAlign":49},[],{"type":594,"attrs":137211,"content":137212},{"textAlign":49},[137213],{"text":137214,"type":599},"When a 10% cell producer margin is included, moving from a production cost to a price, in a 70KWh battery pack this adds almost $2,500 to every vehicle.",{"type":594,"attrs":137216,"content":137217},{"textAlign":49},[137218],{"text":137219,"type":599},"Given raw material markets are widely forecast to see supply deficits in the coming years it would seem to be optimistic to base investment plans on historical performance.",{"type":594,"attrs":137221,"content":137222},{"textAlign":49},[137223],{"text":137224,"type":599},"Battery costs and prices will not continue to decline because they have declined in the past.",{"type":594,"attrs":137226,"content":137227},{"textAlign":49},[137228],{"text":137229,"type":599},"Larger factories, higher nickel content, increased energy density from the anode and a thousand incremental improvements will all help drive cell costs lower, but, without investment in mining and refining capacity this could be quickly reversed.",{"type":657,"attrs":137231,"content":137232},{"level":15966,"textAlign":49},[137233],{"text":137234,"type":599},"Responsibility falls to the carmakers",{"type":594,"attrs":137236,"content":137237},{"textAlign":49},[137238],{"text":137239,"type":599},"Price risk falls at the feet of the consumer, in this case the carmaker or original equipment manufacturer (OEM). Raw material prices are cost pass-through for cathode and cell producers. They may negotiate and purchase the raw materials, but it is the OEM who ultimately pays for them.",{"type":594,"attrs":137241,"content":137242},{"textAlign":49},[137243],{"text":137244,"type":599},"Their ability to pass on these costs to their customers is also limited given EVs are in essence a substitute product for ICE vehicles.",{"type":594,"attrs":137246,"content":137247},{"textAlign":49},[137248],{"text":137249,"type":599},"The answer for OEMs is more active management of supply chains. It is unsurprising that Tesla as the Western World’s “Thought Leader” in all things EVs addressed this (albeit in a somewhat woolly fashion) during its Battery Day. Other OEMs should take heed and take a more active role in raw material sourcing and purchasing, or battery costs will soon reverse course.","By Andrew Leyland, Head of Strategic Advisory Lithium ion battery cell prices have decreased from $290/kWh in 2014 to $110/kWh in 2020 (large contract automotive), according to Benchmark’s latest data, yet there is a view in the lithium ion industry that this trend will continue indefinitely. This in turn will lower the price of electric […]",[137252],{"slug":544,"name":543,"content":137253},{"job_title":557,"image":137254,"bio":548,"linkedin":555},{"filename":552},[137256],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":137258,"copyright":547,"fieldtype":553,"meta_data":137259,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7cebea2041/bm-battery-cell-being-handled-e1563796545672.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Dec 01, 2020",{"id":137262,"uuid":137263,"name":137264,"slug":137265,"full_slug":137266,"content":137267},112473685456316,"becab1fb-af6d-43f6-9f49-2c3369a3c62e","Trafigura and DRC agree deal in push to formalise artisanal cobalt mining","trafigura-and-drc-agree-deal-in-push-to-formalise-artisanal-cobalt-mining","article/trafigura-and-drc-agree-deal-in-push-to-formalise-artisanal-cobalt-mining",{"_uid":137268,"date":137269,"tags":137270,"editor":137271,"content":137275,"excerpt":137397,"featured":50,"reporter":137398,"_editable":137402,"component":864,"seo_title":137264,"categories":137403,"visibility":882,"author_company":49,"featured_image":137406,"seo_description":137397,"author_full_name":49,"author_job_title":49,"formattedDate":137410},"47d19aba-ca81-4c47-b815-2222509c558c","2020-11-26 00:00",[],[137272],{"slug":544,"name":543,"content":137273},{"job_title":557,"image":137274,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":137276},[137277,137282,137287,137292,137297,137302,137307,137312,137317,137322,137327,137332,137337,137342,137347,137352,137357,137362,137367,137372,137377,137382,137387,137392],{"type":594,"attrs":137278,"content":137279},{"textAlign":49},[137280],{"text":137281,"type":599},"Trafigura has signed a cobalt supply deal with the Democratic Republic of Congo (DRC) state agency Entreprise Générale du Cobalt (EGC) to work towards reforming working conditions in the artisanal sector. Although full details of the arrangement are yet to be revealed, the move is a positive step towards formalisation of the artisanal sector.",{"type":594,"attrs":137283,"content":137284},{"textAlign":49},[137285],{"text":137286,"type":599},"Under the terms of the agreement, Trafigura will finance the establishment of six controlled artisanal mining zones and fund the installation of ore purchasing stations, covering costs related to the delivery of traceable cobalt hydroxide.",{"type":594,"attrs":137288,"content":137289},{"textAlign":49},[137290],{"text":137291,"type":599},"Production from these artisanal sites is expected to be traced using QR code technology and EGC will ensure that cobalt marketed by Trafigura complies with OECD due diligence guidelines, providing greater transparency for downstream customers.",{"type":594,"attrs":137293,"content":137294},{"textAlign":49},[137295],{"text":137296,"type":599},"Trafigura first piloted a controlled artisanal mining site in 2018 at the Mutoshi concession, in partnership with Chemaf. However, production has been halted since March due to the COVID-19 pandemic.",{"type":594,"attrs":137298,"content":137299},{"textAlign":49},[137300],{"text":137301,"type":599},"While the precise format and mechanics of the new operations are yet to be confirmed, Trafigura’s enhanced involvement in the sector will help bring confidence to downstream consumers that artisanal cobalt has been mined in a sustainable manner, free from potential human rights abuses.",{"type":594,"attrs":137303,"content":137304},{"textAlign":49},[137305],{"text":137306,"type":599},"This also marks another effort from the DRC government to formalise the sector,but this time with the backing of an established cobalt market player.",{"type":594,"attrs":137308,"content":137309},{"textAlign":49},[137310],{"text":137311,"type":599},"In February this year the DRC government announced plans to grant the EGC monopoly powers to purchase of cobalt mined from artisanal sources in efforts to support formalisation but also to exert greater control over prices, something which caused concern in some parts of the supply chain.",{"type":594,"attrs":137313,"content":137314},{"textAlign":49},[137315],{"text":137316,"type":599},"However, few details were released as to how the material would be traced and whether independent companies could audit the process. The DRC would also be unlikely to be able to fund purchase the purchase of artisanal cobalt independently, hence the need to rely on external capital to support any structural changes to the sector.",{"type":657,"attrs":137318,"content":137319},{"level":15966,"textAlign":49},[137320],{"text":137321,"type":599},"Downstream consumers’ DRC caution easing",{"type":594,"attrs":137323,"content":137324},{"textAlign":49},[137325],{"text":137326,"type":599},"As Benchmark has previously outlined, the changes required to rectify the issues in the DRC cobalt supply chain will not happen overnight, and that it requires not only a change in process but also attitude.",{"type":594,"attrs":137328,"content":137329},{"textAlign":49},[137330],{"text":137331,"type":599},"There would be no electric vehicle industry without DRC cobalt – which Benchmark’s Cobalt Forecast shows produced 74% of global supply in 2019. Auto OEMs may be able to source some of their cobalt from outside of the DRC, but DRC-sourced cobalt will continue to be pivotal for the electric vehicle industry as it ramps up production through the 2020s.",{"type":594,"attrs":137333,"content":137334},{"textAlign":49},[137335],{"text":137336,"type":599},"As such, there is a growing acceptance in the electric vehicle industry of the need to actively engage with artisanal mining sites in the DRC to help ensure the traceability of the cobalt coming from the region and improve both the working and economic conditions of local people.",{"type":594,"attrs":137338,"content":137339},{"textAlign":49},[137340],{"text":137341,"type":599},"Several key stakeholders, including Tesla and Glencore, have pledged to improve working conditions at artisanal sties by joining the recently formed Fair Cobalt Alliance (FCA), a pact which aims to develop and implement a set of responsible mining practices at artisanal and small-scale mining sites in the DRC.",{"type":594,"attrs":137343,"content":137344},{"textAlign":49},[137345],{"text":137346,"type":599},"However, some automakers remain reluctant to source cobalt from artisanal mines. VW outlined that it does not currently accept cobalt from artisanal mines, while BMW has signed agreements to procure cobalt from non-DRC sources.",{"type":594,"attrs":137348,"content":137349},{"textAlign":49},[137350],{"text":137351,"type":599},"But formalisation of the sector could benefit both the artisanal miners and the auto OEMs with electric vehicle ambitions.",{"type":594,"attrs":137353,"content":137354},{"textAlign":49},[137355],{"text":137356,"type":599},"Through formalisation of the sector, the active involvement of multinational corporations would reduce the influence of unaccountable independent cooperatives in the market, who have largely been able to exploit artisanal miners for their own gain unchecked. As such, artisanal and small-scale workers would be more likely to receive a better price for the cobalt they mine; ultimately improving the economic conditions of workers on the ground.",{"type":594,"attrs":137358,"content":137359},{"textAlign":49},[137360],{"text":137361,"type":599},"From the perspective of the EV and battery industries, as they transition ever closer towards nickel-rich (NCM 811/NCA) cathode chemistries, enhanced scrutiny and accountability over the artisanal sector would help to mitigate some of the ESG risks associated with DRC sourcing for downstream consumers, thus dampening the desire to engineer cobalt out of the battery cathode.",{"type":657,"attrs":137363,"content":137364},{"level":15966,"textAlign":49},[137365],{"text":137366,"type":599},"Artisanal cobalt’s role in the market",{"type":594,"attrs":137368,"content":137369},{"textAlign":49},[137370],{"text":137371,"type":599},"While significant attention is paid to the ethical implications of DRC cobalt and its artisanal mining sector, the majority of cobalt is procured from non-artisanal sources.",{"type":594,"attrs":137373,"content":137374},{"textAlign":49},[137375],{"text":137376,"type":599},"Benchmark estimates that over 90% of the DRC’s 2020 cobalt production will come from non-artisanal sources, and that artisanal cobalt from the DRC will represent less than 5% of the world’s supply.",{"type":594,"attrs":137378,"content":137379},{"textAlign":49},[137380],{"text":137381,"type":599},"This figure, however, fluctuates depending on the prevailing cobalt price. With Benchmark’s cobalt hydroxide prices (Benchmark’s Cobalt Hydroxide (100% Co contained basis), CIF Asia, USD/tonne) down 66% from their April 2018 peak, the share of production from artisanal sources has diminished in cobalt’s low-price environment, with the sector further impacted this year by the COVID-19 pandemic. But as the cobalt market tightens and prices rise, the share of production from artisanal sources would typically increase, acting as a ‘swing supply’ in the market.",{"type":594,"attrs":137383,"content":137384},{"textAlign":49},[137385],{"text":137386,"type":599},"However, increased scrutiny and tighter regulations of mining practices at artisanal sites is likely to limit the ability of artisanal cobalt to act as quickly to provide this ‘swing supply’ in times of market tightness – as traditionally has been the case – and may even fuel higher price levels as the market moves into structural deficit over the coming decade.",{"type":594,"attrs":137388,"content":137389},{"textAlign":49},[137390],{"text":137391,"type":599},"For now, there are questions as to how quickly the EGC and Trafigura will be able to expand and ramp up the programme ahead of cobalt price rises.",{"type":594,"attrs":137393,"content":137394},{"textAlign":49},[137395],{"text":137396,"type":599},"Further details on the structure of the Trafigura-EGC operations will provide greater clarity on how the future shape of the artisanal sector in the DRC will affect the structure of the market.","Trafigura has signed a cobalt supply deal with the Democratic Republic of Congo (DRC) state agency Entreprise Générale du Cobalt (EGC) to work towards reforming working conditions in the artisanal sector. Although full details of the arrangement are yet to be revealed, the move is a positive step towards formalisation of the artisanal sector. Under […]",[137399],{"slug":544,"name":543,"content":137400},{"job_title":557,"image":137401,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"47d19aba-ca81-4c47-b815-2222509c558c\", \"id\": \"\"}-->",[137404,137405],{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":137407,"name":547,"focus":547,"title":137407,"source":547,"filename":137408,"copyright":547,"fieldtype":553,"meta_data":137409,"is_external_url":51},"Conflict Minerals","https://a.storyblok.com/f/287943243085208/4f17f6246f/bm-congo1-e1606384303753.png",{"alt":137407,"title":137407,"source":547,"copyright":547},"Nov 26, 2020",{"id":137412,"uuid":137413,"name":137414,"slug":137415,"full_slug":137416,"content":137417},112473705141741,"84ecf20a-9ce2-4a31-a136-750c3966ddc1","Cobalt’s price rises highlight shift to battery-driven pricing dynamics","cobalts-price-rises-highlight-shift-battery-driven-pricing-dynamics","article/cobalts-price-rises-highlight-shift-battery-driven-pricing-dynamics",{"_uid":137418,"date":137419,"tags":137420,"editor":137422,"content":137426,"excerpt":137575,"featured":50,"reporter":137576,"_editable":137580,"component":864,"seo_title":137414,"categories":137581,"visibility":882,"author_company":49,"featured_image":137583,"seo_description":137575,"author_full_name":49,"author_job_title":49,"formattedDate":137586},"7aa4386b-b7f7-4c3d-ba0b-1076be902587","2020-11-19 00:00",[137421],{"slug":578,"name":579},[137423],{"slug":544,"name":543,"content":137424},{"job_title":557,"image":137425,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":137427},[137428,137433,137444,137457,137462,137467,137479,137484,137489,137494,137499,137511,137523,137528,137538,137543,137548,137560,137565,137570],{"type":594,"attrs":137429,"content":137430},{"textAlign":49},[137431],{"text":137432,"type":599},"While cobalt prices have shown positive signs of late, there are nuances within the market which highlight the key fundamentals that will likely decide cobalt’s future price trend – which is taking its cues less and less from the industrial metal supply chain.",{"type":594,"attrs":137434,"content":137435},{"textAlign":49},[137436,137438,137442],{"text":137437,"type":599},"Cobalt metal prices (cobalt battery metal, min 99.8%, EXW Europe, USD/lb) have risen 15% from the July 2020 issue of ",{"text":33174,"type":599,"marks":137439},[137440],{"type":604,"attrs":137441},{"href":130002,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":137443,"type":599}," to the most recent data published at the end of October 2020. While these price rises seem promising, the cobalt metal market’s outlook in the medium term, at least, has mixed prospects ahead.",{"type":594,"attrs":137445,"content":137446},{"textAlign":49},[137447,137449,137455],{"text":137448,"type":599},"News that ",{"text":137450,"type":599,"marks":137451},"China’s SRB is stockpiling cobalt metal",[137452],{"type":604,"attrs":137453},{"href":137454,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chinas-srb-reignites-cobalt-stockpiling",{"text":137456,"type":599}," alongside the recovery in some industrial markets has supported these price rises of late. In addition, metal purchasing by the battery supply chain for conversion to cobalt chemicals in summer, linked to hydroxide tightness, supported prices and drew down inventories of those holding stock of the correct physical form of metal suited to conversion.",{"type":594,"attrs":137458,"content":137459},{"textAlign":49},[137460],{"text":137461,"type":599},"However, the prospect of a second wave of coronavirus has now become a reality in many regions, with this uncertainty we are likely to continue to undergo reduced activity in the aviation industry, which is the key consumer of the metal.",{"type":594,"attrs":137463,"content":137464},{"textAlign":49},[137465],{"text":137466,"type":599},"Despite these uncertainties, cobalt metal has enjoyed relatively good price performance during H2 2020 to date, but what is really driving this? Such an uncertain demand outlook is usually detrimental for metal pricing – but positive sentiment around battery demand for cobalt chemicals is now the key indicator for future price trends in the market, outweighing the bearish sentiment around metal demand from traditional markets in the near term.",{"type":594,"attrs":137468,"content":137469},{"textAlign":49},[137470,137472,137477],{"text":137471,"type":599},"The (electric vehicle) EV market’s H2 2020 recovery has been strong, with ",{"text":137473,"type":599,"marks":137474},"China having its best quarter in over 12 months",[137475],{"type":604,"attrs":137476},{"href":135663,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":137478,"type":599}," and Europe posting surging EV sales numbers, up over 101% Jan-Feb 2020 over the same period a year earlier.",{"type":594,"attrs":137480,"content":137481},{"textAlign":49},[137482],{"text":137483,"type":599},"This coupled with better than expected demand for portable electronics applications, linked to home working, and mobility products such as eBikes, has seen the sentiment for the outlook for cobalt demand from the battery supply chain improve considerably from where it stood at the start of the pandemic in early 2020.",{"type":594,"attrs":137485,"content":137486},{"textAlign":49},[137487],{"text":137488,"type":599},"As demand from the battery sector grows, it is natural that it becomes the driving force behind prices and sentiment, as the industry is increasingly focussed on the ‘new world’ of cobalt hydroxide, the battery feedstock to chemical supply chain and the forecasted market balance rather than the ‘old world’ – cobalt metal and the industrial supply chain.",{"type":594,"attrs":137490,"content":137491},{"textAlign":49},[137492],{"text":137493,"type":599},"Whilst activity in the metal supply chain will always remain important to the cobalt market, and especially cobalt pricing, shifting sands are starting to see greater and greater emphasis on cobalt hydroxide, and the availability of this feedstock to the battery market.",{"type":594,"attrs":137495,"content":137496},{"textAlign":49},[137497],{"text":137498,"type":599},"The transition to a hydroxide dominated prevailing price becomes more evident when you look at the global supply outlook. With only 25% of refined products annually produced in metal form, the balance has been in favour of chemicals for some years, largely focussed on the battery market.",{"type":594,"attrs":137500,"content":137501},{"textAlign":49},[137502,137504,137509],{"text":137503,"type":599},"This is even more evident when looking at the supply of intermediate products, with cobalt hydroxide accounting for 70% of unrefined supply in 2020 according to ",{"text":40483,"type":599,"marks":137505},[137506],{"type":604,"attrs":137507},{"href":137508,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/#cobalt",{"text":137510,"type":599},", with the proportion set to grow in the coming years.",{"type":594,"attrs":137512,"content":137513},{"textAlign":49},[137514,137516,137521],{"text":137515,"type":599},"But this growth in market dominance is needed as demand for cobalt from the battery sector takes up an increasing portion of supply. ",{"text":137517,"type":599,"marks":137518},"Benchmark’s Cobalt Forecast ",[137519],{"type":604,"attrs":137520},{"href":137508,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":137522,"type":599},"shows that 57% of cobalt demand will come from the battery sector by the end of 2020, with this is expected to rise to 72% by 2025.",{"type":594,"attrs":137524,"content":137525},{"textAlign":49},[137526],{"text":137527,"type":599},"With the cobalt world continuing to evolve to meet this new battery gold rush it is demand for feedstock, cobalt hydroxide, and any perceived tightness as we move in to 2021, alongside positive demand sentiment, that have helped support cobalt prices in 2020.",{"type":594,"attrs":137529,"content":137530},{"textAlign":49},[137531,137536],{"text":137532,"type":599,"marks":137533},"Benchmark’s cobalt hydroxide prices",[137534],{"type":604,"attrs":137535},{"href":130002,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":137537,"type":599}," (100% Co contained basis, CIF Asia) have risen from a low of $21,600/tonne in April 2020, at the peak of concern of falling demand linked to the pandemic, to $27,150/tonne as assessed at the end of October 2020, an increase of 25.7%.",{"type":594,"attrs":137539,"content":137540},{"textAlign":49},[137541],{"text":137542,"type":599},"Implied payables over the period have increased from 63.0% to 79.3% in October, as concerns have mounted over hydroxide availability. Initially, the price increase was due to short term supply tightness linked to logistics disruptions from South Africa’s lockdown. But these high prices have remained as the demand outlook for 2021 strengthens, and fears begin to crystalise over long term availability, particularly from industrial Democratic Republic of the Congo (DRC) producers.",{"type":594,"attrs":137544,"content":137545},{"textAlign":49},[137546],{"text":137547,"type":599},"But is the outlook for cobalt as rosy as it seems? Not quite.",{"type":594,"attrs":137549,"content":137550},{"textAlign":49},[137551,137553,137558],{"text":137552,"type":599},"As automakers grapple with trying to reduce the cost of EVs to appeal to a wider market, alongside improvements in the technology, cheaper ",{"text":137554,"type":599,"marks":137555},"lithium iron phosphate (LFP) batteries have seen a resurgence",[137556],{"type":604,"attrs":137557},{"href":135678,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":137559,"type":599}," in 2020.",{"type":594,"attrs":137561,"content":137562},{"textAlign":49},[137563],{"text":137564,"type":599},"Whilst this LFP growth is primarily linked to EVs in the Chinese domestic market, this is now starting to bleed into the international market with Tesla recently starting to export Chinese made Model 3 vehicles to Europe which contain LFP cells supplied by CATL.",{"type":594,"attrs":137566,"content":137567},{"textAlign":49},[137568],{"text":137569,"type":599},"Not only is cobalt facing challenges from LFP but also reducing concentrations in cathode technology as the industry continues its march towards high nickel cathodes, primarily NCM 811. Whilst the timeline for this is far from certain, as automakers still face difficulties with deploying the technology, it is looking to be an inevitability at this stage, and will see cobalt use on a per kWh basis continue to fall.",{"type":594,"attrs":137571,"content":137572},{"textAlign":49},[137573],{"text":137574,"type":599},"Nonetheless, these challenges do not spell the end for rising cobalt demand, as the expected growth in sales of batteries in the coming years will outweigh falling cobalt intensities in individual cells. Benchmark forecasts the battery industry will require a further 100,000 tonnes of the mineral by 2025, a 150% increase over the 5 years.","While cobalt prices have shown positive signs of late, there are nuances within the market which highlight the key fundamentals that will likely decide cobalt’s future price trend – which is taking its cues less and less from the industrial metal supply chain. Cobalt metal prices (cobalt battery metal, min 99.8%, EXW Europe, USD/lb) have […]",[137577],{"slug":544,"name":543,"content":137578},{"job_title":557,"image":137579,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7aa4386b-b7f7-4c3d-ba0b-1076be902587\", \"id\": \"\"}-->",[137582],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":137584,"copyright":547,"fieldtype":553,"meta_data":137585,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6eb6aa979e/bm-nickel-cobalt-pic.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 19, 2020",{"id":137588,"uuid":137589,"name":137590,"slug":137591,"full_slug":137592,"content":137593},112473719858672,"c6c5a869-4c8f-49b2-ae26-b996f74cfc60","Electric vehicle recalls: what do they mean for the lithium ion supply chain?","electric-vehicle-recalls-what-do-they-mean-for-the-lithium-ion-supply-chain","article/electric-vehicle-recalls-what-do-they-mean-for-the-lithium-ion-supply-chain",{"_uid":137594,"date":137595,"tags":137596,"editor":137597,"content":137601,"excerpt":137733,"featured":50,"reporter":137734,"_editable":137738,"component":864,"seo_title":137590,"categories":137739,"visibility":882,"author_company":49,"featured_image":137742,"seo_description":137733,"author_full_name":49,"author_job_title":49,"formattedDate":137745},"9bb61cb5-6bcb-4949-a43a-6788a9654e41","2020-11-06 00:00",[],[137598],{"slug":544,"name":543,"content":137599},{"job_title":557,"image":137600,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":137602},[137603,137608,137613,137618,137623,137628,137633,137638,137643,137648,137653,137658,137663,137668,137673,137678,137683,137688,137693,137698,137703,137708,137713,137718,137723,137728],{"type":594,"attrs":137604,"content":137605},{"textAlign":49},[137606],{"text":137607,"type":599},"In October BMW and Hyundai Motors were the latest auto OEMs to recall electric vehicles (EV) due to battery safety issues.",{"type":594,"attrs":137609,"content":137610},{"textAlign":49},[137611],{"text":137612,"type":599},"26,700 plug-in hybrid electric vehicles were affected in BMW’s recall. A BMW spokesperson explained that the issue was not country specific and that it had arisen due to “impurities in the production process of the battery cells.” BMW’s cells are supplied by China’s CATL and South Korea’s Samsung SDI.",{"type":594,"attrs":137614,"content":137615},{"textAlign":49},[137616],{"text":137617,"type":599},"As part of Hyundai’s October announcement, it plans to recall 51,000 vehicles in total across Europe, China, and North America. LG Chem, Hyundai’s supplier, stated that faulty cells were not the cause of the fire, but the precise cause has not yet been established.",{"type":594,"attrs":137619,"content":137620},{"textAlign":49},[137621],{"text":137622,"type":599},"No auto OEMs are immune to these problems; already this year Ford, Mercedes-Benz, and GM have all had incidents that have led to investigation or recalls. Recalls are also not new to the auto industry, and as EV demand scales up the number of recalls will likely follow.",{"type":594,"attrs":137624,"content":137625},{"textAlign":49},[137626],{"text":137627,"type":599},"Nonetheless, OEMs will want to avoid EV recalls and there will be repercussions for the supply chain’s trajectory. EV manufacturers will be aware of the hefty financial and reputational damages they may face for a large-scale recall.",{"type":594,"attrs":137629,"content":137630},{"textAlign":49},[137631],{"text":137632,"type":599},"What is notable about these recent recalls are these are in EVs using tier 1 battery cells, which are the highest quality available and in demand from leading OEMs. This illustrates how difficult it is to produce lithium ion cells at scale without quality issues, even for the industry’s leaders.",{"type":657,"attrs":137634,"content":137635},{"level":15966,"textAlign":49},[137636],{"text":137637,"type":599},"Batteries under the microscope",{"type":594,"attrs":137639,"content":137640},{"textAlign":49},[137641],{"text":137642,"type":599},"These recalls all relate to the battery. However, the battery umbrella is a broad term, with issues arising from cell contaminants, faulty battery management systems (BMS), battery modules and wiring issues.",{"type":594,"attrs":137644,"content":137645},{"textAlign":49},[137646],{"text":137647,"type":599},"As such there is no one size fits all approach to fix these issues. But some of these problems are easier to fix than others for auto OEMs, depending on the underlying issues. A BMS system issue, for instance, would be more easily identified and rectified than problems relating to a battery cell.",{"type":594,"attrs":137649,"content":137650},{"textAlign":49},[137651],{"text":137652,"type":599},"Any issues at a cell level will be of great concern to battery manufacturers and auto OEMs, due to both the costs associated with battery cells and the complexity of supply chains feeding into them. These concerns can have an impact on the uptake in technology – with OEM qualification and warranty requirements potentially affecting the future trajectory of battery cell chemistry.",{"type":594,"attrs":137654,"content":137655},{"textAlign":49},[137656],{"text":137657,"type":599},"Cathode chemistry is a determining factor in this, with certain chemistries more prone to thermal runaway than others, with LFP (lithium iron phosphate) cells offering the greater stability and higher nickel NCM (nickel, cathode, manganese) cathodes holding greater risk.",{"type":657,"attrs":137659,"content":137660},{"level":15966,"textAlign":49},[137661],{"text":137662,"type":599},"Implications for battery technology",{"type":594,"attrs":137664,"content":137665},{"textAlign":49},[137666],{"text":137667,"type":599},"The uptake of high nickel NCM cathodes is the major expected trend for electric vehicles over the next decade, with Benchmark’s Lithium forecast showing NCM’s share of the cathode market increasing from 43% in 2020 to 68% in 2025.",{"type":594,"attrs":137669,"content":137670},{"textAlign":49},[137671],{"text":137672,"type":599},"In particular, NCM 811 (eight parts nickel, 1 part cobalt, 1 part manganese) cathodes are expected to be the cathode of choice for Western OEMs chasing more energy dense batteries with greater range.",{"type":594,"attrs":137674,"content":137675},{"textAlign":49},[137676],{"text":137677,"type":599},"NCM 811 batteries use lower proportions of cobalt than other NCM variants, which offers greater energy density and also reduces the price and supply chain risks associated with cobalt. But as cobalt content is decreased there are implications for cell safety – lower cobalt NCM and NCA variants are more susceptible to life cycle difficulties and other safety issues.",{"type":594,"attrs":137679,"content":137680},{"textAlign":49},[137681],{"text":137682,"type":599},"Technological improvements at the cathode and electrolyte level, and effective battery cooling and BMS systems can mitigate some of the additional risks associated with NCM cathodes.",{"type":594,"attrs":137684,"content":137685},{"textAlign":49},[137686],{"text":137687,"type":599},"However, safety concerns from auto OEMs and battery manufacturers still linger. In May and August of this year, there were a series of incidents where GAC New Energy Vehicles’ EVs caught fire in China. All three of these vehicles were using CATL’s NCM 811 battery cells in their packs. While GAC New Energy Vehicles and CATL have disputed rumours that this was caused by the NCM 811 cells, it is yet to be established what the root cause was.",{"type":594,"attrs":137689,"content":137690},{"textAlign":49},[137691],{"text":137692,"type":599},"With these fairly high-profile incidents associated with NCM 811 cells, there is the risk of delay in adoption of the technology as cautious OEMs limit their uptake, in turn seeing battery manufacturers, fearful of being unable to meet Western OEMs’ warranty requirements, push back their high nickel plans.",{"type":594,"attrs":137694,"content":137695},{"textAlign":49},[137696],{"text":137697,"type":599},"For OEMs, the potential consequences of battery faults are seismic. The fallout from Samsung’s Galaxy Note 7 battery problems is the most obvious warning to the electric vehicle industry. Faulty battery cells led to several instances of thermal runaway and phones catching fire, which ultimately cost Samsung in excess of $5 billion – without even taking into account the reputational damages brought about by the episode.",{"type":594,"attrs":137699,"content":137700},{"textAlign":49},[137701],{"text":137702,"type":599},"With batteries accounting for such a high proportion of EVs costs, a large scale product recall by an OEM could easily exceed the costs which Samsung experienced.",{"type":657,"attrs":137704,"content":137705},{"level":15966,"textAlign":49},[137706],{"text":137707,"type":599},"Lithium ion’s three tiers",{"type":594,"attrs":137709,"content":137710},{"textAlign":49},[137711],{"text":137712,"type":599},"High quality materials are required to produce high quality cells, and leading Western OEMs will need battery cells from tier 1 battery suppliers to meet their qualification requirements.",{"type":594,"attrs":137714,"content":137715},{"textAlign":49},[137716],{"text":137717,"type":599},"While there is currently no shortage in battery production, not all battery tiers are suitable for all OEMs and Benchmark’s Lithium ion Battery Database shows that in 2020, tier 1 production is forecast to be only 54% of global supply.",{"type":594,"attrs":137719,"content":137720},{"textAlign":49},[137721],{"text":137722,"type":599},"Earlier this year there were already reports of European OEMs facing battery cell supply shortages. This trend could be further exacerbated by raw material supply shortages, which are likely to develop from 2022/23 onwards.",{"type":594,"attrs":137724,"content":137725},{"textAlign":49},[137726],{"text":137727,"type":599},"These bottlenecks will potentially affect Tier 1 battery cell production and ultimately European OEMs’ abilities to meet their electrification targets. In turn, these could be further complicated by any cell safety issues related to NCM 811 cathodes.",{"type":594,"attrs":137729,"content":137730},{"textAlign":49},[137731],{"text":137732,"type":599},"While the uptake of NCM 811 continues, any issues with safety – and the wrangling over warranty between automaker and battery manufacturer – could delay moves to NCM 811 cathodes or even lead to changes in cathode chemistry altogether.","In October BMW and Hyundai Motors were the latest auto OEMs to recall electric vehicles (EV) due to battery safety issues. 26,700 plug-in hybrid electric vehicles were affected in BMW’s recall. A BMW spokesperson explained that the issue was not country specific and that it had arisen due to “impurities in the production process of […]",[137735],{"slug":544,"name":543,"content":137736},{"job_title":557,"image":137737,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9bb61cb5-6bcb-4949-a43a-6788a9654e41\", \"id\": \"\"}-->",[137740,137741],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":137743,"copyright":547,"fieldtype":553,"meta_data":137744,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/abafc19b9b/bm-hyundai-kona-electric-july2018-24-exterior-2.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 06, 2020",{"id":137747,"uuid":137748,"name":137749,"slug":137750,"full_slug":137751,"content":137752},112473730176498,"21c7a4df-e7de-4cfc-ab22-5411ab78ae9e","Watch highlights from Benchmark Summit 2020 – Washington D.C","watch-highlights-from-benchmark-summit-2020-washington-dc","article/watch-highlights-from-benchmark-summit-2020-washington-dc",{"_uid":137753,"date":137754,"tags":137755,"editor":137757,"content":137761,"excerpt":137944,"featured":50,"reporter":137945,"_editable":137949,"component":864,"seo_title":137749,"categories":137950,"visibility":2091,"author_company":49,"featured_image":137954,"seo_description":137944,"author_full_name":49,"author_job_title":49,"formattedDate":137957},"11cf8ce6-3a1e-4a68-84b9-80846ac98845","2020-11-03 00:00",[137756],{"slug":1375,"name":1376},[137758],{"slug":544,"name":543,"content":137759},{"job_title":557,"image":137760,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":137762},[137763,137768,137773,137784,137798,137803,137806,137811,137814,137834,137839,137842,137852,137857,137860,137869,137874,137877,137886,137891,137894,137903,137908,137911,137919],{"type":594,"attrs":137764,"content":137765},{"textAlign":49},[137766],{"text":137767,"type":599},"Highlights from the Benchmark Summit 2020 – Washington D.C are now available to stream below.",{"type":594,"attrs":137769,"content":137770},{"textAlign":49},[137771],{"text":137772,"type":599},"This year’s Benchmark Summit was opened with keynote speeches from Senator Lisa Murkowski (R-Alaska), Chairman of the US Senate and Natural Resources Committee, and Senator Joe Manchin (D-West Virginia), Ranking Member of the same committee, and Simon Moores, Managing Director of Benchmark.",{"type":594,"attrs":137774,"content":137775},{"textAlign":49},[137776,137778,137782],{"text":137777,"type":599},"In the second session of the day ",{"text":137779,"type":599,"marks":137780},"Building an EV Supply Chain in the USA ",[137781],{"type":643},{"text":137783,"type":599},"we heard from industry representatives from across the USA, which included presentations from Urbix Resources, ioneer, Standard Lithium, American Lithium Corp and Battery Metals Corp.",{"type":594,"attrs":137785,"content":137786},{"textAlign":49},[137787,137791,137793,137797],{"text":130577,"type":599,"marks":137788},[137789],{"type":604,"attrs":137790},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":137792,"type":599}," have full access to the Benchmark Summit 2020 online, with full access to all video streaming and presentation downloads. Subscribe or learn more ",{"text":6515,"type":599,"marks":137794},[137795],{"type":604,"attrs":137796},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":137799,"content":137800},{"level":15966,"textAlign":49},[137801],{"text":137802,"type":599},"Senator Lisa Murkowski’s opening speech",{"type":594,"attrs":137804,"content":137805},{"textAlign":49},[],{"type":657,"attrs":137807,"content":137808},{"level":15966,"textAlign":49},[137809],{"text":137810,"type":599},"Senator Joe Manchin’s opening speech",{"type":594,"attrs":137812,"content":137813},{"textAlign":49},[],{"type":594,"attrs":137815,"content":137816},{"textAlign":49},[137817,137822,137826,137831],{"text":130577,"type":599,"marks":137818},[137819,137821],{"type":604,"attrs":137820},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":137823,"type":599,"marks":137824}," have full access to videos and presentations from the Benchmark Summit 2020. Interested in Benchmark Membership? Subscribe or register your interest ",[137825],{"type":643},{"text":6515,"type":599,"marks":137827},[137828,137830],{"type":604,"attrs":137829},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":974,"type":599,"marks":137832},[137833],{"type":643},{"type":657,"attrs":137835,"content":137836},{"level":15966,"textAlign":49},[137837],{"text":137838,"type":599},"Nico Cuevas Gomez, Urbix Resources",{"type":594,"attrs":137840,"content":137841},{"textAlign":49},[],{"type":657,"attrs":137843,"content":137845},{"level":137844,"textAlign":49},5,[137846],{"text":137847,"type":599,"marks":137848},"Download Urbix Resources’ presentation",[137849],{"type":604,"attrs":137850},{"href":137851,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1253955/",{"type":657,"attrs":137853,"content":137854},{"level":15966,"textAlign":49},[137855],{"text":137856,"type":599},"Bernard Rowe, ioneer",{"type":594,"attrs":137858,"content":137859},{"textAlign":49},[],{"type":657,"attrs":137861,"content":137862},{"level":137844,"textAlign":49},[137863],{"text":137864,"type":599,"marks":137865},"Download ioneer’s presentation",[137866],{"type":604,"attrs":137867},{"href":137868,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1253914/",{"type":657,"attrs":137870,"content":137871},{"level":15966,"textAlign":49},[137872],{"text":137873,"type":599},"Robert Mintak, Standard Lithium",{"type":594,"attrs":137875,"content":137876},{"textAlign":49},[],{"type":657,"attrs":137878,"content":137879},{"level":137844,"textAlign":49},[137880],{"text":137881,"type":599,"marks":137882},"Download Standard Lithium’s presentation",[137883],{"type":604,"attrs":137884},{"href":137885,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1268512/",{"type":657,"attrs":137887,"content":137888},{"level":15966,"textAlign":49},[137889],{"text":137890,"type":599},"Michael Kobler, American Lithium Corp",{"type":594,"attrs":137892,"content":137893},{"textAlign":49},[],{"type":657,"attrs":137895,"content":137896},{"level":137844,"textAlign":49},[137897],{"text":137898,"type":599,"marks":137899},"Download American Lithium’s presentation",[137900],{"type":604,"attrs":137901},{"href":137902,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1253936/",{"type":657,"attrs":137904,"content":137905},{"level":137844,"textAlign":49},[137906],{"text":137907,"type":599},"David Batstone, American Battery Technology Company",{"type":594,"attrs":137909,"content":137910},{"textAlign":49},[],{"type":657,"attrs":137912,"content":137913},{"level":137844,"textAlign":49},[137914],{"text":136087,"type":599,"marks":137915},[137916],{"type":604,"attrs":137917},{"href":137918,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1253897/",{"type":594,"attrs":137920,"content":137921},{"textAlign":49},[137922,137926,137931,137935,137940],{"text":137923,"type":599,"marks":137924},"Subscribe to ",[137925],{"type":643},{"text":127708,"type":599,"marks":137927},[137928,137930],{"type":604,"attrs":137929},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":137932,"type":599,"marks":137933}," for full access to Benchmark Video Streaming and Presentation Downloads from the Benchmark Summit 2020. Or fill in the ",[137934],{"type":643},{"text":86378,"type":599,"marks":137936},[137937,137939],{"type":604,"attrs":137938},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":137941,"type":599,"marks":137942}," to register your interest",[137943],{"type":643},"Highlights from the Benchmark Summit 2020 – Washington D.C are now available to stream below. This year’s Benchmark Summit was opened with keynote speeches from Senator Lisa Murkowski (R-Alaska), Chairman of the US Senate and Natural Resources Committee, and Senator Joe Manchin (D-West Virginia), Ranking Member of the same committee, and Simon Moores, Managing Director […]",[137946],{"slug":544,"name":543,"content":137947},{"job_title":557,"image":137948,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"11cf8ce6-3a1e-4a68-84b9-80846ac98845\", \"id\": \"\"}-->",[137951,137952,137953],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":137955,"copyright":547,"fieldtype":553,"meta_data":137956,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1137905f19/bm-dc-background.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 03, 2020",{"id":137959,"uuid":137960,"name":137961,"slug":137962,"full_slug":137963,"content":137964},112473736259059,"0ede7835-09e6-462f-93e3-fe6b83039a2f","Australia’s lithium market begins consolidation","australias-lithium-market-begins-consolidation","article/australias-lithium-market-begins-consolidation",{"_uid":137965,"date":137966,"tags":137967,"editor":137969,"content":137973,"excerpt":138061,"featured":50,"reporter":138062,"_editable":138066,"component":864,"seo_title":137961,"categories":138067,"visibility":882,"author_company":49,"featured_image":138070,"seo_description":138061,"author_full_name":49,"author_job_title":49,"formattedDate":138073},"9a2db50d-f6de-474d-8b7a-9596667c6dff","2020-10-29 00:00",[137968],{"slug":6567,"name":2038},[137970],{"slug":544,"name":543,"content":137971},{"job_title":557,"image":137972,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":137974},[137975,137980,137993,137998,138003,138015,138020,138025,138041,138051,138056],{"type":594,"attrs":137976,"content":137977},{"textAlign":49},[137978],{"text":137979,"type":599},"Pilbara Minerals has announced that it has established a conditional agreement to acquire Altura Lithium’s operation, which puts it on the path to taking control of Altura’s Pilgangoora project.",{"type":594,"attrs":137981,"content":137982},{"textAlign":49},[137983,137985,137991],{"text":137984,"type":599},"Prior to Pilbara’s announcement it was reported that ",{"text":137986,"type":599,"marks":137987},"Altura had entered receivership",[137988],{"type":604,"attrs":137989},{"href":137990,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/casualties-mount-in-lithiums-spodumene-bear-market",{"text":137992,"type":599},", having become overburdened by its debt obligations.",{"type":594,"attrs":137994,"content":137995},{"textAlign":49},[137996],{"text":137997,"type":599},"The total purchase price announced by Pilbara is AUS $175 million — AUS $155 million upfront, with AUS$20 million delayed, the cash for which Pilbara will source from a future equity capital raise.",{"type":594,"attrs":137999,"content":138000},{"textAlign":49},[138001],{"text":138002,"type":599},"While Pilbara’s acquisition still needs to go through a number of steps, assuming it does complete, this could mark the start of expected consolidation in the lithium industry as larger producers are able to take advantage of difficult market conditions that see struggling producers become victims of lithium’s falling prices.",{"type":594,"attrs":138004,"content":138005},{"textAlign":49},[138006,138008,138013],{"text":138007,"type":599},"Both Pilbara’s and Altura’s projects are located in adjoining land tenements in Pilgangoora, Western Australia. Pilbara’s nameplate Stage 1 capacity is 330,000 tpa, while ",{"text":138009,"type":599,"marks":138010},"Altura’s Stage 1 capacity is 220,000 tpa of spodumene concentrate",[138011],{"type":604,"attrs":138012},{"href":137990,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":138014,"type":599},", enabling Pilbara to significantly expand its capacity at the bottom of the lithium market.",{"type":594,"attrs":138016,"content":138017},{"textAlign":49},[138018],{"text":138019,"type":599},"The move to take control of a project on its doorstep will likely see a number of synergies between the operations and enable Pilbara to push down production costs on a USD per tonne basis.",{"type":657,"attrs":138021,"content":138022},{"level":15966,"textAlign":49},[138023],{"text":138024,"type":599},"Spodumene’s price falls take their toll",{"type":594,"attrs":138026,"content":138027},{"textAlign":49},[138028,138034,138036,138040],{"text":138029,"type":599,"marks":138030},"Spodumene prices (6% Li2O, FOB Australia) peaked at USD $915/tonne",[138031],{"type":604,"attrs":138032},{"href":138033,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/price-assessments/#lithium",{"text":138035,"type":599}," in July 2018 and were published at $375/tonne in Benchmark’s most recent September ",{"text":21700,"type":599,"marks":138037},[138038],{"type":604,"attrs":138039},{"href":138033,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":138042,"content":138043},{"textAlign":49},[138044,138049],{"text":138045,"type":599,"marks":138046},"Altura is the latest casualty in spodumene’s bear market",[138047],{"type":604,"attrs":138048},{"href":137990,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":138050,"type":599},", following Alita Lithium which appointed administrators in August 2019. Benchmark’s Lithium Forecast estimates Altura’s total costs were in excess of $400/tonne, much higher than today’s spodumene price, meaning Altura was fighting an uphill battle to continue operating.",{"type":594,"attrs":138052,"content":138053},{"textAlign":49},[138054],{"text":138055,"type":599},"Consolidation of Australia’s spodumene operations such as this will set the blueprint for the supply outlook for the next decade and beyond.",{"type":594,"attrs":138057,"content":138058},{"textAlign":49},[138059],{"text":138060,"type":599},"While much of the investment community has been hesitant to invest in the lithium space in recent years, primarily due to the low price environment, those that act now will like see themselves the dominant force for the next growth cycle, capitalising on the rapidly growing industry and move to higher pricing.","Pilbara Minerals has announced that it has established a conditional agreement to acquire Altura Lithium’s operation, which puts it on the path to taking control of Altura’s Pilgangoora project. Prior to Pilbara’s announcement it was reported that Altura had entered receivership, having become overburdened by its debt obligations. The total purchase price announced by Pilbara […]",[138063],{"slug":544,"name":543,"content":138064},{"job_title":557,"image":138065,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9a2db50d-f6de-474d-8b7a-9596667c6dff\", \"id\": \"\"}-->",[138068,138069],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":138071,"copyright":547,"fieldtype":553,"meta_data":138072,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3b332fd9e8/bm-western-australia-credit-stefan-jrgensen-e1571742171288.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 29, 2020",{"id":138075,"uuid":138076,"name":138077,"slug":138078,"full_slug":138079,"content":138080},112473741133317,"b9968421-3df9-4061-a341-f11d4283ad85","Casualties mount in lithium’s spodumene bear market","casualties-mount-in-lithiums-spodumene-bear-market","article/casualties-mount-in-lithiums-spodumene-bear-market",{"_uid":138081,"date":138082,"tags":138083,"editor":138084,"content":138088,"excerpt":138213,"featured":50,"reporter":138214,"_editable":138218,"component":864,"seo_title":138077,"categories":138219,"visibility":882,"author_company":49,"featured_image":138221,"seo_description":138213,"author_full_name":49,"author_job_title":49,"formattedDate":138223},"43d99edb-01c1-4950-add8-1ebca2a50778","2020-10-27 00:00",[],[138085],{"slug":544,"name":543,"content":138086},{"job_title":557,"image":138087,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":138089},[138090,138095,138105,138110,138115,138120,138125,138130,138135,138140,138152,138157,138168,138173,138178,138183,138188,138193,138198,138208],{"type":594,"attrs":138091,"content":138092},{"textAlign":49},[138093],{"text":138094,"type":599},"The Australian Financial Review has reported that Western Australia’s Altura Mining has entered receivership having struggled to service debts in excess of AUS $200 million.",{"type":594,"attrs":138096,"content":138097},{"textAlign":49},[138098,138100,138104],{"text":138099,"type":599},"Altura and its fellow spodumene producers have been under pressure from falling spodumene prices, which have dropped to $375/tonne (6% Li2O, FOB Australia) in September 2020, down from a peak of $915/tonne in June 2018 as assessed by ",{"text":2210,"type":599,"marks":138101},[138102],{"type":604,"attrs":138103},{"href":138033,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":138106,"content":138107},{"textAlign":49},[138108],{"text":138109,"type":599},"Benchmark’s Lithium Forecast shows that Altura’s Pilgangoora mine supported 8,800 tonnes LCE (lithium carbonate equivalent) in 2019 and that, if ramped to full capacity, it would produce up to 30,000 tpa LCE. Prior to its difficulties the company had explored further expansion to 60,000 tpa LCE capacity.",{"type":594,"attrs":138111,"content":138112},{"textAlign":49},[138113],{"text":138114,"type":599},"In spite of weakening market conditions, the company had continued to announce updated offtake agreements this year, extending its partnership with Ningbo Shanshan – one of China’s leading anode and cathode material producers – with a five-year offtake with to supply its lithium chemical plant in Hunan, China.",{"type":594,"attrs":138116,"content":138117},{"textAlign":49},[138118],{"text":138119,"type":599},"As well as threatening lithium availability in the company’s push upstream, Shanshan will also feel the financial impact of Altura’s difficulties as it is currently Altura’s leading shareholder, with a 15% stake as at 30 September 2020.",{"type":657,"attrs":138121,"content":138122},{"level":15966,"textAlign":49},[138123],{"text":138124,"type":599},"Australia’s spodumene rollercoaster: 2015 to 2020",{"type":594,"attrs":138126,"content":138127},{"textAlign":49},[138128],{"text":138129,"type":599},"While today there are five spodumene operations in Western Australia, including Altura Mining’s Pilgangoora operation, back in 2015 only Albemarle’s Greenbushes mine was in operation.",{"type":594,"attrs":138131,"content":138132},{"textAlign":49},[138133],{"text":138134,"type":599},"This was before the lithium price rises of 2016/17, which incentivised a wave of new producers to come into production. By 2018 there were six hard rock lithium mines in operation in Australia.",{"type":594,"attrs":138136,"content":138137},{"textAlign":49},[138138],{"text":138139,"type":599},"But rapid expansion of feedstock production eventually led to a surplus in supply and a persistent period of falling prices. The continuing price falls since 2018 have caused issues for all producers, but this has particularly been the case for new projects which are still operating above target production costs on their route to nameplate capacity.",{"type":594,"attrs":138141,"content":138142},{"textAlign":49},[138143,138145,138150],{"text":138144,"type":599},"The first casualty was Alita Resources, which appointed administrators in August 2019. Alita’s Bald Hill Mine was the first of 2018’s new generation of spodumene mines to enter production and ",{"text":24541,"type":599,"marks":138146},[138147],{"type":604,"attrs":138148},{"href":138149,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/forecasts/#lithium",{"text":138151,"type":599}," shows it produced 3,000 tonnes LCE in the first year, ramping up slightly to 3,500 tonnes in 2019.",{"type":594,"attrs":138153,"content":138154},{"textAlign":49},[138155],{"text":138156,"type":599},"Issues arising from spodumene’s slump have not been confined to new entrants and established producers have been forced to cut back on expansions. In the same month that Alita appointed administrators, lithium major Albemarle, which operates the Greenbushes mine as part of a joint venture with China’s Tianqi, downgraded its expansion plans and slashed its capex budget.",{"type":594,"attrs":138158,"content":138159},{"textAlign":49},[138160,138162,138166],{"text":138161,"type":599},"The pressures on Australia’s spodumene producers continued as ",{"text":24541,"type":599,"marks":138163},[138164],{"type":604,"attrs":138165},{"href":138149,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":138167,"type":599}," shows that a backlog of material at the end of 2019 saw 25,000-50,000 tonnes LCE of excess material carried over into 2020.",{"type":594,"attrs":138169,"content":138170},{"textAlign":49},[138171],{"text":138172,"type":599},"Tianqi, the majority holder of the Greenbushes operation joint venture, is now also feeling the effects of lithium’s bear market, as over expansions through the 2010s are coming home to roost. The Chinese company took a $4.1bn (24% stake) in SQM at the lithium market’s peak in 2018 and since then its debt burden, compounded by lithium’s falling prices, have seen the company reportedly consider asset and equity sales.",{"type":594,"attrs":138174,"content":138175},{"textAlign":49},[138176],{"text":138177,"type":599},"With the supply glut extending from last year the downward pressure on prices have continued – with spodumene prices (6% Li2O, FOB Australia) down -22% year to date as at the end of September 2020.",{"type":657,"attrs":138179,"content":138180},{"level":15966,"textAlign":49},[138181],{"text":138182,"type":599},"What next?",{"type":594,"attrs":138184,"content":138185},{"textAlign":49},[138186],{"text":138187,"type":599},"With Altura entering receivership there is an opportunity for existing producers in the industry to acquire the company and its operations at its Pilgangoora mine. While there has been nothing confirmed, the Australian Financial Review speculated as to whether nearby Pilbara Minerals would look to take advantage of its neighbour’s difficulties. There are of course majors – such as Albemarle – or even those from outside the industry that may be interested in securing the asset.",{"type":594,"attrs":138189,"content":138190},{"textAlign":49},[138191],{"text":138192,"type":599},"Altura has offtake agreements in place with a number of Chinese companies including Ganfeng Lithium, Ruifu Lithium, Lionergy and Weihua, in addition to the offtake agreement announced with Shanshan earlier this year. For established majors such as Ganfeng it will not be affected by Altura’s receivership. However, smaller converters such as Ruifu Lithium and Weihua, which have access to fewer sources of feedstock, could find material availability limited by these developments.",{"type":594,"attrs":138194,"content":138195},{"textAlign":49},[138196],{"text":138197,"type":599},"There are also much wider implications for lithium’s downstream, for which Altura’s troubles represent broader issues at play.",{"type":594,"attrs":138199,"content":138200},{"textAlign":49},[138201,138203,138207],{"text":138202,"type":599},"With lithium’s low-price environment having now persisted for over two years, expansions have been delayed and cutbacks have become a reality. While the market has been in surplus and will remain so into 2021, there are strong demand fundamentals from the electric vehicle industry that will see demand grow by 3.5x between 2019 and 2025 according to ",{"text":24541,"type":599,"marks":138204},[138205],{"type":604,"attrs":138206},{"href":138149,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":138209,"content":138210},{"textAlign":49},[138211],{"text":138212,"type":599},"As such, the current lack of an incentive price to foster new supply and sustain existing operations will mean that as demand ramps up at the end of next year there will be insufficient supply to meet demand from 2022 onwards. The implications will be more price volatility in the medium term and bottlenecks for the battery supply chain.","The Australian Financial Review has reported that Western Australia’s Altura Mining has entered receivership having struggled to service debts in excess of AUS $200 million. Altura and its fellow spodumene producers have been under pressure from falling spodumene prices, which have dropped to $375/tonne (6% Li2O, FOB Australia) in September 2020, down from a peak […]",[138215],{"slug":544,"name":543,"content":138216},{"job_title":557,"image":138217,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"43d99edb-01c1-4950-add8-1ebca2a50778\", \"id\": \"\"}-->",[138220],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":8679,"copyright":547,"fieldtype":553,"meta_data":138222,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Oct 27, 2020",{"id":138225,"uuid":138226,"name":138227,"slug":138228,"full_slug":138229,"content":138230},112473746085482,"f244a093-df2c-4623-9a7b-fd0f5385261f","China doubles down on electric vehicle ambitions","china-doubles-down-on-electric-vehicle-ambitions","article/china-doubles-down-on-electric-vehicle-ambitions",{"_uid":138231,"date":138232,"tags":138233,"editor":138235,"content":138239,"excerpt":138346,"featured":50,"reporter":138347,"_editable":138351,"component":864,"seo_title":138227,"categories":138352,"visibility":882,"author_company":49,"featured_image":138355,"seo_description":138346,"author_full_name":49,"author_job_title":49,"formattedDate":138358},"088db45c-fd5f-4405-a046-7646cd0714c9","2020-10-26 00:00",[138234],{"slug":913,"name":914},[138236],{"slug":544,"name":543,"content":138237},{"job_title":557,"image":138238,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":138240},[138241,138246,138251,138256,138261,138266,138279,138284,138289,138294,138299,138304,138309,138314,138319,138331,138336,138341],{"type":594,"attrs":138242,"content":138243},{"textAlign":49},[138244],{"text":138245,"type":599},"China has outlined new policies to bolster its NEV (new energy vehicle) industry at both a regional and national level as electric vehicle sales in the country showed year-on-year (YoY) positive growth in each month of Q3.",{"type":594,"attrs":138247,"content":138248},{"textAlign":49},[138249],{"text":138250,"type":599},"In July China had NEV sales of 98,000, up 19% compared with last year, and this recovery continued in August with sales of 109,000, up 26%, and sales of 138,000 in September, up 68%. The Q3 numbers represent the first positive year-on-year numbers coming from China’s NEV industry for over 12 months.",{"type":594,"attrs":138252,"content":138253},{"textAlign":49},[138254],{"text":138255,"type":599},"These efforts have supported the Q3 NEV sales recovery in China, which is expected to continue through the rest of the year and will contribute to global battery demand increasing to 196GWh in 2020 according to data from Benchmark’s Lithium ion Battery database.",{"type":657,"attrs":138257,"content":138258},{"level":15966,"textAlign":49},[138259],{"text":138260,"type":599},"Regional and rural market push",{"type":594,"attrs":138262,"content":138263},{"textAlign":49},[138264],{"text":138265,"type":599},"To date, central government support has been key to much of the growth of China’s electric vehicle and battery industries. But it is now expecting regional governments to take a more active role in efforts to support electric vehicle demand growth.",{"type":594,"attrs":138267,"content":138268},{"textAlign":49},[138269,138271,138277],{"text":138270,"type":599},"China’s regional focus was outlined at the start of Q3 as China’s Ministry of Industry and Information Technology (MIIT) began a",{"text":138272,"type":599,"marks":138273}," push for local governments to establish their own policies",[138274],{"type":604,"attrs":138275},{"href":138276,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-to-promote-electric-vehicled-to-rural-markets-as-it-looks-for-further-to-boost-electric-vehicle-industry",{"text":138278,"type":599},", as it looked to boost EV uptake in rural areas and reduce the reliance on the central government’s subsidies.",{"type":594,"attrs":138280,"content":138281},{"textAlign":49},[138282],{"text":138283,"type":599},"Since then local governments across the country have established new policies and subsidy programmes, with Chongqing and Sichuan outlining new efforts in October.",{"type":594,"attrs":138285,"content":138286},{"textAlign":49},[138287],{"text":138288,"type":599},"The Chongqing government is asking OEMs to discount new models, for which it will reimburse 25% of the discounted selling price to the OEM. It is also encouraging the uptake of electric vehicles (EV) in public buses, and in its logistics sectors, airport and port vehicles and government vehicles.",{"type":594,"attrs":138290,"content":138291},{"textAlign":49},[138292],{"text":138293,"type":599},"Nearby, the Sichuan Province government is targeting all new or upgraded buses in the region to be NEVs by 2022. It is also promoting the use of NEVs across public transport and government vehicles servicing the region’s infrastructure in a similar vein to Chongqing.",{"type":657,"attrs":138295,"content":138296},{"level":15966,"textAlign":49},[138297],{"text":138298,"type":599},"Preparation for post-subsidy China",{"type":594,"attrs":138300,"content":138301},{"textAlign":49},[138302],{"text":138303,"type":599},"While its regional push has been important to China’s NEV sales recovery in H2 2020, the central government continues to outline new policies as it prepares the industry for a future without subsidies. As part of these efforts, China’s State Council has this month approved its New Energy Vehicle Industry Development plan, to guide the next steps of the industry’s development.",{"type":594,"attrs":138305,"content":138306},{"textAlign":49},[138307],{"text":138308,"type":599},"The plan looks to establish a national framework for the NEV market and increase the market’s competitiveness. It will also focus on technological improvements and looks to establish further NEV policies for public services. As part of the plan the state council also set a new target for NEVs to account for 20% of total vehicle sales by 2025.",{"type":594,"attrs":138310,"content":138311},{"textAlign":49},[138312],{"text":138313,"type":599},"To date, the Chinese government has undertaken massive support of the NEV industry’s value chain, having spent in excess of 2 trillion CNY (US$300 billion) to date according to its latest announcement.",{"type":594,"attrs":138315,"content":138316},{"textAlign":49},[138317],{"text":138318,"type":599},"Elsewhere in government, China’s MIIT announced further policies on promoting electrification for public-use vehicles, with particular emphasis on vehicles used in industry, such as city construction and for the mining industry. It has also broadened its scope to support electrification in other niche areas such as electric forklifts, and machines and vehicles used in ports.",{"type":594,"attrs":138320,"content":138321},{"textAlign":49},[138322,138324,138329],{"text":138323,"type":599},"Battery demand is not isolated to electric vehicles in China and this month the MIIT also approved a policy to support the use of LFP (lithium iron phosphate) batteries at scale for cellular base stations and develop industry standards as part of the country’s efforts to build out its 5G infrastructure. ",{"text":138325,"type":599,"marks":138326},"China’s 5G buildout",[138327],{"type":604,"attrs":138328},{"href":131287,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":138330,"type":599}," has already been a major boost to LFP demand in 2020, as it is the preferred cathode technology of choice in energy storage systems (ESS) used in base stations.",{"type":594,"attrs":138332,"content":138333},{"textAlign":49},[138334],{"text":138335,"type":599},"China’s battery production capabilities have expanded rapidly, with data from Benchmark’s Lithium ion Battery Database showing output climbing from 42.7GWh in 2015 to 170GWh in 2020, which will represent over 60% of the world’s supply.",{"type":594,"attrs":138337,"content":138338},{"textAlign":49},[138339],{"text":138340,"type":599},"Its NEV subsidy programme has been integral to the growth of its battery and electric vehicle industries, but as national-level subsidies are removed it will hope that its policy efforts and regional focus, along with surging global demand, will help to sustain future growth.",{"type":594,"attrs":138342,"content":138343},{"textAlign":49},[138344],{"text":138345,"type":599},"With so much of the lithium ion value chain located on the Chinese mainland, the efforts to support Chinese domestic demand growth will be key for its industry its upward trajectory.","China has outlined new policies to bolster its NEV (new energy vehicle) industry at both a regional and national level as electric vehicle sales in the country showed year-on-year (YoY) positive growth in each month of Q3. In July China had NEV sales of 98,000, up 19% compared with last year, and this recovery continued […]",[138348],{"slug":544,"name":543,"content":138349},{"job_title":557,"image":138350,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"088db45c-fd5f-4405-a046-7646cd0714c9\", \"id\": \"\"}-->",[138353,138354],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":138356,"copyright":547,"fieldtype":553,"meta_data":138357,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0c19c5e351/bm-china-nev-bus.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 26, 2020",{"id":138360,"uuid":138361,"name":138362,"slug":138363,"full_slug":138364,"content":138365},112473760663508,"213de0ef-9479-4501-8180-4b9ad377a65d","How the lithium industry sets its prices","how-the-lithium-industry-sets-its-prices","article/how-the-lithium-industry-sets-its-prices",{"_uid":138366,"date":138367,"tags":138368,"editor":138369,"content":138373,"excerpt":138415,"featured":50,"reporter":138416,"_editable":138420,"component":864,"seo_title":138362,"categories":138421,"visibility":2091,"author_company":49,"featured_image":138424,"seo_description":138415,"author_full_name":49,"author_job_title":49,"formattedDate":138426},"37eaaae5-4978-49d3-88c0-89821e7461db","2020-10-22 00:00",[],[138370],{"slug":544,"name":543,"content":138371},{"job_title":557,"image":138372,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":138374},[138375,138380,138385,138390,138395,138400,138403],{"type":594,"attrs":138376,"content":138377},{"textAlign":49},[138378],{"text":138379,"type":599},"Benchmark Mineral Intelligence sets the lithium industry’s reference price in its monthly subscription service, Lithium Price Assessments.",{"type":594,"attrs":138381,"content":138382},{"textAlign":49},[138383],{"text":138384,"type":599},"This service provides independent prices assessed to a lithium specific methodology – an industry first – and is done so by analysts that understand the lithium market.",{"type":594,"attrs":138386,"content":138387},{"textAlign":49},[138388],{"text":138389,"type":599},"These lithium prices are used by major actors in the supply chain to discuss and negotiate lithium contracts.",{"type":594,"attrs":138391,"content":138392},{"textAlign":49},[138393],{"text":138394,"type":599},"But how are lithium prices set?",{"type":594,"attrs":138396,"content":138397},{"textAlign":49},[138398],{"text":138399,"type":599},"Watch the video below as we explain how Benchmark sets the lithium industry’s pricing and how this is applied.",{"type":594,"attrs":138401,"content":138402},{"textAlign":49},[],{"type":594,"attrs":138404,"content":138405},{"textAlign":49},[138406,138410],{"text":138407,"type":599,"marks":138408},"To learn more about Benchmark’s Lithium Price Assessment or to subscribe fill in the ",[138409],{"type":643},{"text":86378,"type":599,"marks":138411},[138412,138414],{"type":604,"attrs":138413},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},"Benchmark Mineral Intelligence sets the lithium industry’s reference price in its monthly subscription service, Lithium Price Assessments. This service provides independent prices assessed to a lithium specific methodology – an industry first – and is done so by analysts that understand the lithium market. These lithium prices are used by major actors in the supply […]",[138417],{"slug":544,"name":543,"content":138418},{"job_title":557,"image":138419,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"37eaaae5-4978-49d3-88c0-89821e7461db\", \"id\": \"\"}-->",[138422,138423],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":120973,"copyright":547,"fieldtype":553,"meta_data":138425,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Oct 22, 2020",{"id":138428,"uuid":138429,"name":138430,"slug":138431,"full_slug":138432,"content":138433},112473775773682,"a8fc9a78-b362-4229-8ea4-c5479d373afd","Benchmark expands price assessment team, launches new ESG division with lithium","benchmark-expands-price-assessment-team-launches-new-esg-division-with-lithium","article/benchmark-expands-price-assessment-team-launches-new-esg-division-with-lithium",{"_uid":138434,"date":138435,"tags":138436,"editor":138438,"content":138442,"excerpt":138659,"featured":50,"reporter":138660,"_editable":138664,"component":864,"seo_title":138430,"categories":138665,"visibility":2091,"author_company":49,"featured_image":138667,"seo_description":138659,"author_full_name":49,"author_job_title":49,"formattedDate":138670},"7384033d-8a70-4eff-a903-3d30f6139a8d","2020-10-15 00:00",[138437],{"slug":9655,"name":9656},[138439],{"slug":544,"name":543,"content":138440},{"job_title":557,"image":138441,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":138443},[138444,138452,138457,138463,138468,138471,138480,138486,138494,138497,138502,138510,138517,138525,138530,138557,138562,138567,138572,138577,138582,138587,138595,138603,138608,138613,138618,138626,138631,138636,138648],{"type":594,"attrs":138445,"content":138446},{"textAlign":49},[138447,138448,138450],{"text":11314,"type":599},{"text":138449,"type":599}," is excited to confirm two major developments that continue to expand our world class organisation in line with our growth and standing in the lithium ion battery and electric vehicle (EV) supply chain. ",{"text":138451,"type":599},"These are: ",{"type":594,"attrs":138453,"content":138454},{"textAlign":49},[138455],{"text":138456,"type":599},"1) Expansion of our Price Assessment Division",{"type":594,"attrs":138458,"content":138459},{"textAlign":49},[138460,138461],{"text":9653,"type":599},{"text":138462,"type":599}," provides the premier price benchmarks for the lithium ion battery supply chain that are used in contracts and negotiations for lithium, cobalt, nickel, and graphite. We are excited to welcome the following new team members allowing us to increase our reach in China and our depth of price data collection:",{"type":594,"attrs":138464,"content":138465},{"textAlign":49},[138466],{"text":138467,"type":599},"2) Establishing Benchmark ESG",{"type":594,"attrs":138469,"content":138470},{"textAlign":49},[],{"type":594,"attrs":138472,"content":138473},{"textAlign":49},[138474,138476,138478],{"text":138475,"type":599},"Benchmark ESG",{"text":138477,"type":599},", our new Environment, Social and Governance division, is creating unique and specific methodologies for the electric vehicle supply chain that will ",{"text":138479,"type":599},"provide independent analysis and benchmarks for social and environmental standards in our industry. ",{"type":594,"attrs":138481,"content":138482},{"textAlign":49},[138483,138484],{"text":138475,"type":599},{"text":138485,"type":599}," will provide a standardised approach to the ESG challenge, allowing clients to access key data and rankings from raw material mine through to lithium ion battery cells and end markets – for every step of the lithium ion battery value chain. ",{"type":594,"attrs":138487,"content":138488},{"textAlign":49},[138489,138491,138492],{"text":138490,"type":599},"We are pleased to welcome our new ",{"text":138475,"type":599},{"text":138493,"type":599}," team members: ",{"type":594,"attrs":138495,"content":138496},{"textAlign":49},[],{"type":657,"attrs":138498,"content":138499},{"level":985,"textAlign":49},[138500],{"text":138501,"type":599},"Simon Moores, Managing Director at Benchmark said: ",{"type":594,"attrs":138503,"content":138504},{"textAlign":49},[138505,138507,138508],{"text":138506,"type":599},"“We are, once again, organically expanding ",{"text":9653,"type":599},{"text":138509,"type":599}," in line with demand for our existing price assessment and market intelligence services for the battery, EV, energy storage and investment industries. ",{"type":594,"attrs":138511,"content":138512},{"textAlign":49},[138513,138514,138515],{"text":47476,"type":599},{"text":9653,"type":599},{"text":138516,"type":599},"’s lead as the world’s most trusted, independent source of battery supply chain intelligence has been increasing during this pandemic year. ",{"type":594,"attrs":138518,"content":138519},{"textAlign":49},[138520,138522,138523],{"text":138521,"type":599},"“While our business has evolved due to the restrictions on hosting in-person events, ",{"text":9653,"type":599},{"text":138524,"type":599}," has seen unparalleled demand for our prices, data, forecasting, and consultancy services. ",{"type":594,"attrs":138526,"content":138527},{"textAlign":49},[138528],{"text":138529,"type":599},"“This is allowing us to surge forward, in what is a tough environment for most, and continue to expand our business that we have built by turning relentless commitment, hard work, and expertise into the world’s highest quality data and intelligence services. ",{"type":594,"attrs":138531,"content":138532},{"textAlign":49},[138533,138534,138535,138537,138539,138540,138542,138544,138546,138547,138549,138550,138552,138554,138555],{"text":47476,"type":599},{"text":98458,"type":599},{"text":138536,"type":599}," is excited to see ",{"text":138538,"type":599},"Maynie Yang",{"text":1440,"type":599},{"text":138541,"type":599},"Yehong Peng",{"text":138543,"type":599}," join Caspar Rawles’ Price Assessment & Data team, and welcoming ",{"text":138545,"type":599},"Charlotte Selvey-Miller",{"text":3400,"type":599},{"text":138548,"type":599},"Catherine Smith ",{"text":114168,"type":599},{"text":138551,"type":599},"Sarah Colbourn ",{"text":138553,"type":599},"to the heart of ",{"text":138475,"type":599},{"text":138556,"type":599}," headed up by Andrew Miller.",{"type":594,"attrs":138558,"content":138559},{"textAlign":49},[138560],{"text":138561,"type":599},"“With these developments, we are doubling down on our team’s achievements to date and we all look forward to meeting our customers and supporters in person once it is safe to do so.”",{"type":657,"attrs":138563,"content":138564},{"level":659,"textAlign":49},[138565],{"text":138566,"type":599},"On our Price Assessment Expansion ",{"type":657,"attrs":138568,"content":138569},{"level":985,"textAlign":49},[138570],{"text":138571,"type":599},"Caspar Rawles, Head of Price Assessments & Data at Benchmark said: ",{"type":594,"attrs":138573,"content":138574},{"textAlign":49},[138575],{"text":138576,"type":599},"“We are delighted to welcome Maynie and Yehong to our growing team that collects crucial price benchmarks for supply chain contracts. ",{"type":594,"attrs":138578,"content":138579},{"textAlign":49},[138580],{"text":138581,"type":599},"“In a short space of time, we have grown our price offering to 32 benchmarks for lithium, cobalt, nickel and graphite – the four key raw materials that go into a lithium ion battery. ",{"type":594,"attrs":138583,"content":138584},{"textAlign":49},[138585],{"text":138586,"type":599},"“This price data coupled with our world class analysis is relied upon by every major market participant in the electric vehicle supply chain. ",{"type":594,"attrs":138588,"content":138589},{"textAlign":49},[138590,138592,138593],{"text":138591,"type":599},"“Our continuous investment into this data engine for ",{"text":7249,"type":599},{"text":138594,"type":599},"is both a sign of the demand we are seeing and our commitment to rigorous, IOSCO compliant price collection and assessments. ",{"type":594,"attrs":138596,"content":138597},{"textAlign":49},[138598,138600,138601],{"text":138599,"type":599},"“Maynie and Yehong will be valuable additions and we are thrilled to have them join ",{"text":98458,"type":599},{"text":138602,"type":599},".” ",{"type":657,"attrs":138604,"content":138605},{"level":15966,"textAlign":49},[138606],{"text":138607,"type":599},"Contact Benchmark’s Price Assessment & Data Division on prices@benchmarkminerals.com",{"type":657,"attrs":138609,"content":138610},{"level":659,"textAlign":49},[138611],{"text":138612,"type":599},"On establishing Benchmark ESG ",{"type":657,"attrs":138614,"content":138615},{"level":985,"textAlign":49},[138616],{"text":138617,"type":599},"Andrew Miller, Product Director, at Benchmark said: ",{"type":594,"attrs":138619,"content":138620},{"textAlign":49},[138621,138623,138624],{"text":138622,"type":599},"“At a time when questions are mounting on not just the availability, but also the sustainability of EV supply chains, we are excited to launch a new team that will add to the industry leading market intelligence ",{"text":7249,"type":599},{"text":138625,"type":599},"provides. ",{"type":594,"attrs":138627,"content":138628},{"textAlign":49},[138629],{"text":138630,"type":599},"“The new division will offer independent assessments of ESG variables across the battery market, starting with lithium. ",{"type":594,"attrs":138632,"content":138633},{"textAlign":49},[138634],{"text":138635,"type":599},"“Our comprehensive and granular understanding of the lithium ion battery supply chain is unparalleled and allows us to conduct more accurate and relevant analysis, providing greater ESG transparency and giving confidence to downstream users that important thresholds have been met.”",{"type":594,"attrs":138637,"content":138638},{"textAlign":49},[138639,138641,138642,138644,138646],{"text":138640,"type":599},"“It is with great pride we establish ",{"text":138475,"type":599},{"text":138643,"type":599}," and welcome Charlotte, Catherine and Sarah to ",{"text":138645,"type":599},"Team Benchmark.",{"text":138647,"type":599},"”",{"type":657,"attrs":138649,"content":138650},{"level":15966,"textAlign":49},[138651,138653],{"text":138652,"type":599},"Contact Benchmark ESG today with your questions: ",{"text":138654,"type":599,"marks":138655},"ESG@benchmarkminerals.com",[138656],{"type":604,"attrs":138657},{"href":138658,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:ESG@benchmarkminerals.com","Benchmark Mineral Intelligence is excited to confirm two major developments that continue to expand our world class organisation in line with our growth and standing in the lithium ion battery and electric vehicle (EV) supply chain. These are: 1) Expansion of our Price Assessment Division Benchmark provides the premier price benchmarks for the lithium ion […]",[138661],{"slug":544,"name":543,"content":138662},{"job_title":557,"image":138663,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7384033d-8a70-4eff-a903-3d30f6139a8d\", \"id\": \"\"}-->",[138666],{"slug":16964,"name":16965},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":138668,"copyright":547,"fieldtype":553,"meta_data":138669,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8c8fcead73/bm-benchmark-around-the-world-circles.png",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 15, 2020",{"id":138672,"uuid":138673,"name":138674,"slug":138675,"full_slug":138676,"content":138677},112473780537331,"6d111100-2bee-425e-9fe2-332d643cacf8","Tesla’s cathode supply chain integration plans in context","teslas-cathode-supply-chain-integration-plans-in-context","article/teslas-cathode-supply-chain-integration-plans-in-context",{"_uid":138678,"date":138679,"tags":138680,"editor":138681,"content":138685,"excerpt":138764,"featured":50,"reporter":138765,"_editable":138769,"component":864,"seo_title":138674,"categories":138770,"visibility":882,"author_company":49,"featured_image":138773,"seo_description":138764,"author_full_name":49,"author_job_title":49,"formattedDate":138776},"8eb33f7e-3dcd-44e3-9e55-6a7ac100b86d","2020-10-09 00:00",[],[138682],{"slug":544,"name":543,"content":138683},{"job_title":557,"image":138684,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":138686},[138687,138692,138697,138702,138707,138719,138724,138729,138734,138739,138744,138749,138754,138759],{"type":594,"attrs":138688,"content":138689},{"textAlign":49},[138690],{"text":138691,"type":599},"Tesla’s cathode supply chain statements stood out during its 2020 Battery Day as the company announced its intention to move into the upstream segments of the lithium ion supply chain.",{"type":594,"attrs":138693,"content":138694},{"textAlign":49},[138695],{"text":138696,"type":599},"Drew Baglino, SVP, Powertrain and Energy Engineering at Tesla, said: “we’re going to go and start building our own cathode facility in North America and leveraging all of the North American resources that exist for nickel and lithium. And just doing that, just localising our cathode supply chain and production, we can reduce miles travelled by all the materials that end up in the cathode by 80%, which is huge for cost.”",{"type":594,"attrs":138698,"content":138699},{"textAlign":49},[138700],{"text":138701,"type":599},"While Tesla was specific on the cost reduction of its cathode plans – suggesting it could achieve an overall 37% reduction in $/kWh – it did not provide extensive details of these plans.",{"type":594,"attrs":138703,"content":138704},{"textAlign":49},[138705],{"text":138706,"type":599},"For now, we know that Tesla intends to build its own cathode production facility, which is to be located alongside cell production. It also intends to maximise high nickel cathode production but also transform the nickel-to-cathode supply chain by establishing its own sulphate production, further integrating with the upstream.",{"type":594,"attrs":138708,"content":138709},{"textAlign":49},[138710,138712,138717],{"text":138711,"type":599},"Another key aspect of the company’s upstream strategy is the ",{"text":138713,"type":599,"marks":138714},"development of a lithium hydroxide refinery in Texas to feed production",[138715],{"type":604,"attrs":138716},{"href":102198,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":138718,"type":599},". The company intends to use unorthodox techniques in its lithium production – Tesla will use a hydrometallurgical process to turn its spodumene concentrate into lithium hydroxide, eliminating the use of sulphuric acid.",{"type":594,"attrs":138720,"content":138721},{"textAlign":49},[138722],{"text":138723,"type":599},"The buildout of its own raw material processing and cathode production capability would provide a step towards localising the lithium ion supply chain in North America. However, while Tesla suggested that it would be able to source lithium and nickel supply within North America, to reach its full 3TWh battery plans it will inevitably have to look further afield to source its raw materials.",{"type":594,"attrs":138725,"content":138726},{"textAlign":49},[138727],{"text":138728,"type":599},"This approach somewhat reflects the developments of the supply chain in China, which dominates the processing battery materials and cathode production, whereas it is not a competitive raw material producer of lithium, nickel and cobalt.",{"type":594,"attrs":138730,"content":138731},{"textAlign":49},[138732],{"text":138733,"type":599},"Tesla’s cathode production and supply chain integration plans remain in their infancy and also lack much detail. For now, Benchmark expects it will remain reliant on cathode production from existing suppliers while it develops and ramps up its capacity.",{"type":657,"attrs":138735,"content":138736},{"level":15966,"textAlign":49},[138737],{"text":138738,"type":599},"Cobalt-free cathodes?",{"type":594,"attrs":138740,"content":138741},{"textAlign":49},[138742],{"text":138743,"type":599},"Tesla’s stance on Battery Day suggested an existential threat to cobalt in the battery supply chain — with the company stating that it was moving towards ‘cobalt-free’ nickel-manganese cathodes.",{"type":594,"attrs":138745,"content":138746},{"textAlign":49},[138747],{"text":138748,"type":599},"However, this is somewhat disingenuous as Tesla is increasing its orders for cobalt-containing high nickel cathodes from its current suppliers and it also recently joined the Fair Trade Cobalt Alliance, actions which suggest cobalt will remain critical to Tesla’s lithium ion supply chain for some time. We expect Tesla to continue to use cobalt in its high nickel cathodes for now, and that further developments are needed to see cobalt removed from its cells altogether.",{"type":594,"attrs":138750,"content":138751},{"textAlign":49},[138752],{"text":138753,"type":599},"Furthermore, from a cost perspective, as Tesla and other automakers move to higher nickel cathode variants there is less incentive to remove cobalt from batteries as its contribution towards the total bill of materials (BoM) falls. Data from Benchmark’s Lithium ion Battery Database shows that while on average cobalt represented 24% of the BoM costs for NCM 622 (nickel, cobalt, manganese), this drops to 12% in NCM 811 cathodes.",{"type":594,"attrs":138755,"content":138756},{"textAlign":49},[138757],{"text":138758,"type":599},"Tesla does of course use cobalt-free cathodes in its LFP (lithium iron phosphate) cells, which it utilises in its standard range Model 3s, produced in China for the Chinese domestic market.",{"type":594,"attrs":138760,"content":138761},{"textAlign":49},[138762],{"text":138763,"type":599},"Musk made reference to LFP on Battery Day and suggested it will have a place to play in its Powerpack stationary storage application and other lower-range vehicles – the $25,000 electric vehicle touted by Musk would be a possible candidate for further LFP cells  if it were to utilise LFP cathodes in EVs outside of China. But the bulk of its EVs will utilise high nickel cathodes, which for the foreseeable future will contain cobalt.","Tesla’s cathode supply chain statements stood out during its 2020 Battery Day as the company announced its intention to move into the upstream segments of the lithium ion supply chain. Drew Baglino, SVP, Powertrain and Energy Engineering at Tesla, said: “we’re going to go and start building our own cathode facility in North America and […]",[138766],{"slug":544,"name":543,"content":138767},{"job_title":557,"image":138768,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8eb33f7e-3dcd-44e3-9e55-6a7ac100b86d\", \"id\": \"\"}-->",[138771,138772],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":138774,"copyright":547,"fieldtype":553,"meta_data":138775,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6f14066e3d/bm-tesla-coming-soon-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 09, 2020",{"id":138778,"uuid":138779,"name":138780,"slug":138781,"full_slug":138782,"content":138783},112473790605435,"769135dd-7d80-4834-a1db-1cb59acb1049","Stream Benchmark’s Hard Rock Lithium Special Now","stream-benchmarks-hard-rock-lithium-special","article/stream-benchmarks-hard-rock-lithium-special",{"_uid":138784,"date":138785,"tags":138786,"editor":138787,"content":138791,"excerpt":138879,"featured":50,"reporter":138880,"_editable":138884,"component":864,"seo_title":138780,"categories":138885,"visibility":2091,"author_company":49,"featured_image":138888,"seo_description":138879,"author_full_name":49,"author_job_title":49,"formattedDate":138891},"1b1a6668-0edf-4d09-846a-28ed1f5ad8e0","2020-10-06 00:00",[],[138788],{"slug":544,"name":543,"content":138789},{"job_title":557,"image":138790,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":138792},[138793,138798,138817,138822,138827,138834,138843,138846,138851,138860,138863],{"type":594,"attrs":138794,"content":138795},{"textAlign":49},[138796],{"text":138797,"type":599},"Highlights from Benchmark’s World Tour East – Hard Rock Lithium Special are now available to watch on demand.",{"type":594,"attrs":138799,"content":138800},{"textAlign":49},[138801,138805,138807,138811,138813],{"text":130577,"type":599,"marks":138802},[138803],{"type":604,"attrs":138804},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":138806,"type":599}," have access to all presentations and can watch the full session on ",{"text":127645,"type":599,"marks":138808},[138809],{"type":604,"attrs":138810},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":138812,"type":599},", which includes Benchmark’s presentation ",{"text":138814,"type":599,"marks":138815},"Hard Rock Lithium: A Strategic View.",[138816],{"type":643},{"type":594,"attrs":138818,"content":138819},{"textAlign":49},[138820],{"text":138821,"type":599},"In this session we cover lithium’s demand outlook, future lithium supply, brine vs. spodumene feedstock, Australia vs. China, Benchmark’s spodumene price outlook and more.",{"type":594,"attrs":138823,"content":138824},{"textAlign":49},[138825],{"text":138826,"type":599},"Presentations from Plateau Energy Metals and Core Lithium from this Hard Rock Lithium Special are free to watch below:",{"type":657,"attrs":138828,"content":138829},{"level":15966,"textAlign":49},[138830,138832],{"text":138831,"type":599},"Alex Holmes, CEO, ",{"text":138833,"type":599},"Plateau Energy Metals",{"type":657,"attrs":138835,"content":138836},{"level":137844,"textAlign":49},[138837],{"text":138838,"type":599,"marks":138839},"Download Plateau Energy Metals’ Presentation",[138840],{"type":604,"attrs":138841},{"href":138842,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1199530/",{"type":594,"attrs":138844,"content":138845},{"textAlign":49},[],{"type":657,"attrs":138847,"content":138848},{"level":15966,"textAlign":49},[138849],{"text":138850,"type":599},"Stephen Biggins, Managing Director, Core Lithium",{"type":657,"attrs":138852,"content":138853},{"level":137844,"textAlign":49},[138854],{"text":138855,"type":599,"marks":138856},"Download Core Lithium’s Presentation",[138857],{"type":604,"attrs":138858},{"href":138859,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/download/1199139/",{"type":594,"attrs":138861,"content":138862},{"textAlign":49},[],{"type":594,"attrs":138864,"content":138865},{"textAlign":49},[138866,138870,138875],{"text":138867,"type":599,"marks":138868},"Subscribe to Benchmark Membership for full access to Benchmark Video Streaming and Presentation Downloads or fill in the ",[138869],{"type":643},{"text":86378,"type":599,"marks":138871},[138872,138874],{"type":604,"attrs":138873},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":138876,"type":599,"marks":138877}," to register your interest. ",[138878],{"type":643},"Highlights from Benchmark’s World Tour East – Hard Rock Lithium Special are now available to watch on demand. Benchmark Members have access to all presentations and can watch the full session on Benchmark Video Streaming, which includes Benchmark’s presentation Hard Rock Lithium: A Strategic View. In this session we cover lithium’s demand outlook, future lithium supply, brine […]",[138881],{"slug":544,"name":543,"content":138882},{"job_title":557,"image":138883,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1b1a6668-0edf-4d09-846a-28ed1f5ad8e0\", \"id\": \"\"}-->",[138886,138887],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":138889,"copyright":547,"fieldtype":553,"meta_data":138890,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d3d279feb6/bm-hard-rock-lithium.png",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 06, 2020",{"id":138893,"uuid":138894,"name":138895,"slug":138896,"full_slug":138897,"content":138898},112473800718758,"95d0fa47-5be9-4378-9d59-8f8129b1f197","WATCH: Lithium, Silicon Anodes, Terafactory; Benchmark’s Reaction to Tesla’s Battery Day (free)","lithium-silicon-anodes-terafactory-watch-benchmarks-reaction-to-teslas-battery-day-free","article/lithium-silicon-anodes-terafactory-watch-benchmarks-reaction-to-teslas-battery-day-free",{"_uid":138899,"date":138900,"tags":138901,"editor":138902,"content":138906,"excerpt":138957,"featured":50,"reporter":138958,"_editable":138962,"component":864,"seo_title":138895,"categories":138963,"visibility":2091,"author_company":49,"featured_image":138966,"seo_description":138957,"author_full_name":49,"author_job_title":49,"formattedDate":138969},"8a4b5683-1363-471a-8c00-09891c24a77d","2020-09-29 00:00",[],[138903],{"slug":544,"name":543,"content":138904},{"job_title":557,"image":138905,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":138907},[138908,138913,138918,138923,138926,138931,138946],{"type":594,"attrs":138909,"content":138910},{"textAlign":49},[138911],{"text":138912,"type":599},"At the Tesla Battery Day, Elon Musk and Drew Baglino revealed nine major innovations that the electric vehicle producer was working on in the lithium ion battery supply chain.",{"type":594,"attrs":138914,"content":138915},{"textAlign":49},[138916],{"text":138917,"type":599},"From its ambitions to get into the lithium supply chain to silicon anodes and revealing a new 4680 battery cell format, there was a lot to discuss for Benchmark’s supply chain analysts.",{"type":594,"attrs":138919,"content":138920},{"textAlign":49},[138921],{"text":138922,"type":599},"Watch Benchmark’s reactions to Tesla Battery Day below.",{"type":594,"attrs":138924,"content":138925},{"textAlign":49},[],{"type":657,"attrs":138927,"content":138928},{"level":15966,"textAlign":49},[138929],{"text":138930,"type":599},"Receive Benchmark’s Tesla Battery Day Slide Deck",{"type":594,"attrs":138932,"content":138933},{"textAlign":49},[138934,138937,138942],{"text":123961,"type":599,"marks":138935},[138936],{"type":643},{"text":86378,"type":599,"marks":138938},[138939,138941],{"type":604,"attrs":138940},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":138943,"type":599,"marks":138944}," to receive a copy of Benchmark’s presentation on Tesla’s Battery Day.",[138945],{"type":643},{"type":594,"attrs":138947,"content":138948},{"textAlign":49},[138949,138953],{"text":138950,"type":599,"marks":138951}," Benchmark Mineral Intelligence ",[138952],{"type":643},{"text":138954,"type":599,"marks":138955},"is the world’s leading IOSCO-regulated price reporting agency (PRA), proprietary data provider, and market intelligence provider for the lithium ion battery to electric vehicle supply chain.",[138956],{"type":643},"At the Tesla Battery Day, Elon Musk and Drew Baglino revealed nine major innovations that the electric vehicle producer was working on in the lithium ion battery supply chain. From its ambitions to get into the lithium supply chain to silicon anodes and revealing a new 4680 battery cell format, there was a lot to […]",[138959],{"slug":544,"name":543,"content":138960},{"job_title":557,"image":138961,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8a4b5683-1363-471a-8c00-09891c24a77d\", \"id\": \"\"}-->",[138964,138965],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":138967,"copyright":547,"fieldtype":553,"meta_data":138968,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8a2c0878aa/bm-benchmark-yt-logo.png",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 29, 2020",{"id":138971,"uuid":138972,"name":138973,"slug":138974,"full_slug":138975,"content":138976},112473819880264,"c37245bb-fe3d-4c4b-b2c2-7d38fd007b01","Tesla to build lithium hydroxide refinery in Texas to feed Terafactory; first automaker to enter lithium (Exclusive)","exclusive-tesla-becomes-first-automaker-to-enter-lithium-supply-chain-reshapes-foundations-of-china-dominated-spodumene-2","article/exclusive-tesla-becomes-first-automaker-to-enter-lithium-supply-chain-reshapes-foundations-of-china-dominated-spodumene-2",{"_uid":138977,"date":138978,"tags":138979,"editor":138981,"content":138985,"excerpt":139425,"featured":50,"reporter":139426,"_editable":139430,"component":864,"seo_title":139431,"categories":139432,"visibility":882,"author_company":547,"featured_image":139435,"seo_description":139439,"author_full_name":547,"author_job_title":547,"formattedDate":139440},"79d5c0fb-7bdb-4868-96c9-104094d60b3f","2020-09-28 00:00",[138980],{"slug":1375,"name":1376},[138982],{"slug":544,"name":543,"content":138983},{"job_title":557,"image":138984,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":138986},[138987,138995,139000,139005,139010,139015,139021,139026,139031,139036,139041,139046,139052,139057,139063,139068,139076,139081,139086,139091,139096,139101,139106,139111,139116,139121,139126,139131,139136,139141,139146,139151,139156,139161,139166,139171,139183,139188,139193,139198,139201,139206,139211,139216,139221,139226,139231,139236,139241,139246,139251,139256,139261,139264,139273,139278,139286,139291,139296,139301,139306,139311,139316,139323,139328,139333,139336,139341,139346,139351,139356,139361,139370,139377,139382,139389,139401],{"type":594,"attrs":138988,"content":138989},{"textAlign":49},[138990,138992,138993],{"text":138991,"type":599},"Tesla will build a lithium hydroxide chemical plant in Texas in what is the first move by an automotive company into lithium chemical production, ",{"text":11314,"type":599},{"text":138994,"type":599}," can confirm. ",{"type":594,"attrs":138996,"content":138997},{"textAlign":49},[138998],{"text":138999,"type":599},"The EV maker will build a spodumene conversion facility adjacent to the Terafactory / Gigafactory 5 in Austin, Texas in what has a typically aggressive start up target of Q4 2022.",{"type":594,"attrs":139001,"content":139002},{"textAlign":49},[139003],{"text":139004,"type":599},"This adds to Tesla’s plans to build a cathode facility in Texas in what Elon Musk describes as “part of our cell production plan”.",{"type":594,"attrs":139006,"content":139007},{"textAlign":49},[139008],{"text":139009,"type":599},"It also adds to news from the CEO’s Twitter yesterday that: “We are only doing high energy nickel ourselves”, pointing to an additional nickel chemical production facility onsite in what is emerging as a battery materials hub for the USA and increasing control of the mid-stream of the battery to EV supply chain.",{"type":594,"attrs":139011,"content":139012},{"textAlign":49},[139013],{"text":139014,"type":599},"The new conversion / refining plant will turn hard rock spodumene concentrate into lithium hydroxide for direct use in its battery cells – a process that traditionally occurs in China using Australia-sourced spodumene.",{"type":594,"attrs":139016,"content":139017},{"textAlign":49},[139018,139019],{"text":9653,"type":599},{"text":139020,"type":599}," understands that Tesla will use a hydrometallurgical process to turn its spodumene concentrate into lithium hydroxide, eliminating the use of sulphuric acid. However, this process has not yet been built at commercial scale so will provide an additional hurdle for Tesla.",{"type":594,"attrs":139022,"content":139023},{"textAlign":49},[139024],{"text":139025,"type":599},"The announcement, however, got confused with the lithium clay project rather than the spodumene conversion facility he was referring to.",{"type":594,"attrs":139027,"content":139028},{"textAlign":49},[139029],{"text":139030,"type":599},"Tesla’s VP Drew Baglino, senior vice president of powertrain and energy engineering, revealed at Tesla’s Battery Day that this would be a “sulphate free process… 33% reduction in lithium costs.”",{"type":657,"attrs":139032,"content":139033},{"level":15966,"textAlign":49},[139034],{"text":139035,"type":599},"Lithium clay confusion, spodumene direction",{"type":594,"attrs":139037,"content":139038},{"textAlign":49},[139039],{"text":139040,"type":599},"As part of this lithium hydroxide plan, Piedmont Lithium – a lithium developer aiming to produce spodumene from North Carolina – today, announced an off-take with Tesla for “approximately a third” of its 160,000 tpa spodumene output each year for a five year period.",{"type":594,"attrs":139042,"content":139043},{"textAlign":49},[139044],{"text":139045,"type":599},"The deal equates to 8,000 tonnes lithium hydroxide a year with deliveries aiming to start between July 2022 and June 2023.",{"type":594,"attrs":139047,"content":139048},{"textAlign":49},[139049,139050],{"text":9653,"type":599},{"text":139051,"type":599}," expects this to be just over half of Tesla’s needs for the Terafactory in 2023, the first expected full year of its 4680 format lithium ion battery production.",{"type":594,"attrs":139053,"content":139054},{"textAlign":49},[139055],{"text":139056,"type":599},"The delivery dates will give a clearer indication for when Tesla begins to both start producing lithium hydroxide in Texas and the start-up of the Terafactory.",{"type":594,"attrs":139058,"content":139059},{"textAlign":49},[139060,139061],{"text":9653,"type":599},{"text":139062,"type":599}," anticipates the Terafactory will be at 15GWh capacity for the full year of 2023 as it ramps to an expected 150GWh by 2029, three times the size of Tesla’s battery cell operations in Nevada (the original Gigafactory), Berlin, and Shanghai.",{"type":594,"attrs":139064,"content":139065},{"textAlign":49},[139066],{"text":139067,"type":599},"Elon Musk revealed his ambition to have 1TWh or 1,000GWh of Tesla battery cell capacity by 2030, however. For context, the lithium ion battery market in 2020 is expected to be 210-220GWh yet in 2014 when Tesla announced the Gigafactory it was 60GWh in size.",{"type":594,"attrs":139069,"content":139070},{"textAlign":49},[139071,139073,139074],{"text":139072,"type":599},"Despite a flurry of Tesla Battery Day announcements, confusion reigned over Tesla’s lithium direction in particular the EV makers plans’ to extract lithium from Nevada-clay, which ",{"text":9653,"type":599},{"text":139075,"type":599}," understands is more of an early stage idea than a supply solution.",{"type":594,"attrs":139077,"content":139078},{"textAlign":49},[139079],{"text":139080,"type":599},"Tesla’s foray into lithium chemical production is a clear indication that the EV and battery cell maker favours the spodumene route for near term lithium supply. It is also a strategy to get a tighter grip on what is a China dominated supply chain and control the sway of industrial power towards the US.",{"type":594,"attrs":139082,"content":139083},{"textAlign":49},[139084],{"text":139085,"type":599},"The EV maker will need to enact a number of spodumene supply deals not only to secure short term supply from active producers in addition to Piedmont Lithium but also long term volume in an increasingly competitive market place.",{"type":657,"attrs":139087,"content":139088},{"level":15966,"textAlign":49},[139089],{"text":139090,"type":599},"Simon Moores, Managing Director, Benchmark Mineral Intelligence said: ",{"type":594,"attrs":139092,"content":139093},{"textAlign":49},[139094],{"text":139095,"type":599},"“Lithium’s foundations for the 21st century are beginning to shift in what is a China dominated part of the lithium ion battery and electric vehicle supply chain. ",{"type":594,"attrs":139097,"content":139098},{"textAlign":49},[139099],{"text":139100,"type":599},"“Tesla is the first automotive OEM to enter lithium production – a watershed moment. And it does so without having to mine lithium from the ground.”",{"type":594,"attrs":139102,"content":139103},{"textAlign":49},[139104],{"text":139105,"type":599},"“Not only will it allow Tesla to control costs at this supply chain step, it will once again see the spodumene trade flows point towards the USA instead of China, a market that has dominated spodumene conversion for a generation through majors such as Tianqi and Ganfeng Lithium.",{"type":594,"attrs":139107,"content":139108},{"textAlign":49},[139109],{"text":139110,"type":599},"“It will also significantly bolster its negotiating power on its future lithium hydroxide contracts once it harnesses the ability to produce a consistent battery ready lithium hydroxide and scales capacity.",{"type":594,"attrs":139112,"content":139113},{"textAlign":49},[139114],{"text":139115,"type":599},"“Tesla has clearly come to the realisation that it cannot rely on the upstream of the supply chain or investors to expand quickly enough for its needs. ",{"type":594,"attrs":139117,"content":139118},{"textAlign":49},[139119],{"text":139120,"type":599},"“It has now taken some of that responsibility away from the miners and chemical producers and once Tesla gets to grips with the lithium refining process, scale will be introduced and we expect that post-2022 ramp to be rapid. ",{"type":594,"attrs":139122,"content":139123},{"textAlign":49},[139124],{"text":139125,"type":599},"“Due to inactivity in developing new raw material supply and the lack of a long term strategy, we are starting to see this sway of industrial power move downstream towards the auto OEMs. ",{"type":594,"attrs":139127,"content":139128},{"textAlign":49},[139129],{"text":139130,"type":599},"“This will also send warning shots to nickel.”",{"type":657,"attrs":139132,"content":139133},{"level":15966,"textAlign":49},[139134],{"text":139135,"type":599},"Andrew Miller, Product Director at Benchmark Mineral Intelligence said: ",{"type":594,"attrs":139137,"content":139138},{"textAlign":49},[139139],{"text":139140,"type":599},"“With Tesla entering the upstream of the lithium ion battery supply chain at the conversion stage the company does not have to become a lithium miner, a skill-set and company culture that is entirely different to creating chemically refined materials.",{"type":594,"attrs":139142,"content":139143},{"textAlign":49},[139144],{"text":139145,"type":599},"“Controlling the lithium conversion from the raw material – spodumene concentrate – means they can not only reduce the cost but also control the quality of the lithium hydroxide output more closely.",{"type":594,"attrs":139147,"content":139148},{"textAlign":49},[139149],{"text":139150,"type":599},"“This is additional evidence that lithium will remain a speciality chemical that is tied to and tailored for the needs of the end users, rather than a commodity.",{"type":594,"attrs":139152,"content":139153},{"textAlign":49},[139154],{"text":139155,"type":599},"“In addition, Tesla’s efforts to move upstream will likely be replicated by other auto manufacturers, and in other areas of the supply chain. Having control of advanced material costs into the EV supply chain is an increasingly important factor in lowering battery prices.”",{"type":657,"attrs":139157,"content":139158},{"level":15966,"textAlign":49},[139159],{"text":139160,"type":599},"Tesla and spodumene: the charts you need to know",{"type":594,"attrs":139162,"content":139163},{"textAlign":49},[139164],{"text":139165,"type":599},"It was in 2012 when JB Straubel and Elon Musk understood that Panasonic, their supplier of 18650 lithium ion battery cells, would not be willing to scale in line with Tesla’s ambitions.",{"type":594,"attrs":139167,"content":139168},{"textAlign":49},[139169],{"text":139170,"type":599},"At that point, the Tesla team devised the Gigafactory in Nevada, a lithium ion battery megafactory that would house 35GWh of cell capacity, more than the entire world produced in 2010.",{"type":594,"attrs":139172,"content":139173},{"textAlign":49},[139174,139176,139181],{"text":139175,"type":599},"This sparked a global battery arms race where the world has witnessed the rise of these battery megafactories from 3 in 2015 to 167, as assessed by Benchmark in August (",{"text":139177,"type":599,"marks":139178},"Subscribe or Learn More, select Lithium ion Battery Cells from this form",[139179],{"type":604,"attrs":139180},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":139182,"type":599},").",{"type":594,"attrs":139184,"content":139185},{"textAlign":49},[139186],{"text":139187,"type":599},"This was Tesla’s first step upstream from electric vehicles into lithium ion battery cell production.",{"type":594,"attrs":139189,"content":139190},{"textAlign":49},[139191],{"text":139192,"type":599},"Today, in September 2020, Tesla has taken the next step in condensing the EV supply chain into lithium chemicals, officially classified as the upstream portion of the supply chain.",{"type":594,"attrs":139194,"content":139195},{"textAlign":49},[139196],{"text":139197,"type":599},"It allows Tesla to take closer control over the quality and, most importantly, the cost of its lithium hydroxide.",{"type":594,"attrs":139199,"content":139200},{"textAlign":49},[],{"type":657,"attrs":139202,"content":139203},{"level":15966,"textAlign":49},[139204],{"text":139205,"type":599},"2. Lithium refining is leaving China and going global",{"type":594,"attrs":139207,"content":139208},{"textAlign":49},[139209],{"text":139210,"type":599},"The production of lithium chemicals, predominately lithium carbonate and lithium hydroxide, through the refining or conversion of spodumene concentrate has been dominated by China for a generation, despite having historical roots in the US.",{"type":594,"attrs":139212,"content":139213},{"textAlign":49},[139214],{"text":139215,"type":599},"While traditionally seen as a higher cost option to lithium brine mining in Chile and Argentina, the evolution of the supply chain into a lithium ion focused one has benefited spodumene’s predictable nature, especially for investors and automotive OEMs looking for certainty.",{"type":594,"attrs":139217,"content":139218},{"textAlign":49},[139219],{"text":139220,"type":599},"In 2016, when we witnessed the first lithium price spike since 2009, new spodumene operations were the first to benefit from an influx of investor cash.",{"type":594,"attrs":139222,"content":139223},{"textAlign":49},[139224],{"text":139225,"type":599},"The world saw spodumene mining operations rise from only 1 – Talison Lithium operating the Greenbushes Mine in Australia – to 7 mines.",{"type":594,"attrs":139227,"content":139228},{"textAlign":49},[139229],{"text":139230,"type":599},"Mt Marion (Mineral Resources/Ganfeng) and Mt Cattlin (Galaxy Resources) were the first to enter production in 2017. 2018 saw another four mines reach the market, namely Pilbara Minerals, Altura Mining, Alliance Mineral Assets and AMG Lithium (Brazil).",{"type":594,"attrs":139232,"content":139233},{"textAlign":49},[139234],{"text":139235,"type":599},"Of the total 7 spodumene producers by the end of 2018, 6 were located in Australia. Low prices have already forced one of those operations (Alliance Mineral Assets) to suspend production, while four of the remaining five have a large proportion of their production already tied up, either via offtake or ownership structure.",{"type":594,"attrs":139237,"content":139238},{"textAlign":49},[139239],{"text":139240,"type":599},"Of course, building a spodumene mine is no guarantee that the lithium locked in the rock will enter a lithium ion battery.",{"type":594,"attrs":139242,"content":139243},{"textAlign":49},[139244],{"text":139245,"type":599},"For this, a high specification chemical refining process or conversion needs to happen and nearly 100% of this capacity is located in China, in addition to a small tolling plant in Russia.",{"type":594,"attrs":139247,"content":139248},{"textAlign":49},[139249],{"text":139250,"type":599},"By 2023, however, this lithium chemical refining capacity – which is where Tesla has chosen to play – will have expanded significantly outside of China including Tesla in Texas, USA; Toyotsu Lithium in Japan, POSCO in South Korea, and AMG in Germany.",{"type":594,"attrs":139252,"content":139253},{"textAlign":49},[139254],{"text":139255,"type":599},"Australia is also building significant lithium chemical capacity via Tianqi Lithium, Albemarle, and SQM/Wesfarmers, among others.",{"type":594,"attrs":139257,"content":139258},{"textAlign":49},[139259],{"text":139260,"type":599},"The below infographic shows the spodumene mining and refining landscape in 2020.",{"type":594,"attrs":139262,"content":139263},{"textAlign":49},[],{"type":594,"attrs":139265,"content":139266},{"textAlign":49},[139267],{"text":139268,"type":599,"marks":139269},"The spodumene lithium landscape – download ",[139270],{"type":604,"attrs":139271},{"href":139272,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/wp-content/uploads/The-spodumene-lithium-market.pdf",{"type":657,"attrs":139274,"content":139275},{"level":15966,"textAlign":49},[139276],{"text":139277,"type":599},"3. Spodumene prices rose to above $900/tonne, now less than half",{"type":594,"attrs":139279,"content":139280},{"textAlign":49},[139281],{"type":1186,"attrs":139282},{"id":49,"alt":139283,"src":139284,"title":49,"source":49,"copyright":49,"meta_data":139285},"spodumene price chart","https://a.storyblok.com/f/287943243085208/a870a3892a/bm-spodumene-lithium-prices-benchmark-3.png",{},{"type":594,"attrs":139287,"content":139288},{"textAlign":49},[139289],{"text":139290,"type":599},"Benchmark assesses spodumene prices each month together with analysis of why they have moved. Subscribe or learn more: info@benchmarkminerals.com",{"type":594,"attrs":139292,"content":139293},{"textAlign":49},[139294],{"text":139295,"type":599},"The prices that incentivised an influx of new spodumene operations into the market in 2017, have more than halved from their peak at over $900/tonne.",{"type":594,"attrs":139297,"content":139298},{"textAlign":49},[139299],{"text":139300,"type":599},"Lower prices accompanied by significant backlogs in spodumene inventories mean most producers are operating at far below capacity in 2020. This does not, however, mean new availability will necessarily be abundant when the market turns.",{"type":594,"attrs":139302,"content":139303},{"textAlign":49},[139304],{"text":139305,"type":599},"Much of the idle capacity from these operations is already committed to established converters and although Tesla has their own agreements in place for raw material inputs, price levels at the sub-$400/tonne mark we see today will not incentivise the addition of new supply to meet the future needs of all battery producers.",{"type":594,"attrs":139307,"content":139308},{"textAlign":49},[139309],{"text":139310,"type":599},"With the need to sustain these new operations ahead of the expected surge in demand, higher pricing will be required in the medium-term, and more active involvement upstream in the supply chain from auto OEMs could play a role in turning the excess supply narrative which is weighing heavily on producers today.",{"type":657,"attrs":139312,"content":139313},{"level":15966,"textAlign":49},[139314],{"text":139315,"type":599},"4. Auto OEMs need to follow China’s midstream dominance of the EV supply chain ",{"type":594,"attrs":139317,"content":139318},{"textAlign":49},[139319,139320,139321],{"text":2372,"type":599},{"text":9653,"type":599},{"text":139322,"type":599}," chart below shows that despite general understanding, the majority of raw materials to make lithium ion batteries are not located in China.",{"type":594,"attrs":139324,"content":139325},{"textAlign":49},[139326],{"text":139327,"type":599},"Of all key battery raw materials produced in 2019 – lithium, cobalt, nickel, graphite and manganese – only 23% were from China.",{"type":594,"attrs":139329,"content":139330},{"textAlign":49},[139331],{"text":139332,"type":599},"Yet, of the key chemical refining stage where Tesla has chosen to enter, 80% of battery grade chemicals were made in China. This capturing of the upstream supply chain without the need to actually own the extraction step ensures China’s dominance of the downstream: cathodes, anodes and battery cells.",{"type":594,"attrs":139334,"content":139335},{"textAlign":49},[],{"type":657,"attrs":139337,"content":139338},{"level":15966,"textAlign":49},[139339],{"text":139340,"type":599},"5. Tesla supply chain aggression needed to stay ahead",{"type":594,"attrs":139342,"content":139343},{"textAlign":49},[139344],{"text":139345,"type":599},"In 2016, when the Gigafactory was officially opened, the scramble to supply the raw material contracts was intense.",{"type":594,"attrs":139347,"content":139348},{"textAlign":49},[139349],{"text":139350,"type":599},"Major lithium producers and developers of future mines, were all keen to win the contract to supply lithium hydroxide for the Gigafactory as much for the kudos as it was the biggest lithium contract from a single supplier of all time.",{"type":594,"attrs":139352,"content":139353},{"textAlign":49},[139354],{"text":139355,"type":599},"This was at a time when we had 3 lithium ion battery megafactories in the pipeline. Tesla could call the shots back then and the upstream would react favourably.",{"type":594,"attrs":139357,"content":139358},{"textAlign":49},[139359],{"text":139360,"type":599},"Today, we have witnessed a global battery arms race where 167 lithium ion battery megafactories or gigafactories in now the pipeline to 2029.",{"type":594,"attrs":139362,"content":139363},{"textAlign":49},[139364,139366,139368],{"text":139365,"type":599},"Of this 167,",{"text":139367,"type":599}," 85 are",{"text":139369,"type":599}," now operational and they are all competing for the same raw material, especially Tesla’s major battery partners of LG Chem and CATL.",{"type":594,"attrs":139371,"content":139372},{"textAlign":49},[139373,139374,139375],{"text":23946,"type":599},{"text":9653,"type":599},{"text":139376,"type":599},"‘s independent analysis has continually said for many years, hope is not a strategy for raw material supply security and with Tesla’s step into the lithium chemical space, it has taken a significant grip on the future trade flows of these raw materials.",{"type":657,"attrs":139378,"content":139379},{"level":15966,"textAlign":49},[139380],{"text":139381,"type":599},"Access Benchmark’s Lithium and Spodumene Price Database Now",{"type":594,"attrs":139383,"content":139384},{"textAlign":49},[139385],{"text":139386,"type":599,"marks":139387},"Benchmark Mineral Intelligence is the world’s leading price reporting agency and data provider for the lithium ion battery and electric vehicle supply chain. ",[139388],{"type":643},{"type":594,"attrs":139390,"content":139391},{"textAlign":49},[139392,139396],{"text":139393,"type":599,"marks":139394},"Benchmark sets the lithium and spodumene industry’s reference price that is used in contracts and to negotiate lithium supply deals. For more information, to trial our lithium prices or subscribe fill in the contact form below or email",[139395],{"type":643},{"text":124710,"type":599,"marks":139397},[139398,139400],{"type":604,"attrs":139399},{"href":124714,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"type":594,"attrs":139402,"content":139403},{"textAlign":49},[139404,139407,139412,139416,139421],{"text":123961,"type":599,"marks":139405},[139406],{"type":643},{"text":86378,"type":599,"marks":139408},[139409,139411],{"type":604,"attrs":139410},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":139413,"type":599,"marks":139414}," or email",[139415],{"type":643},{"text":124710,"type":599,"marks":139417},[139418,139420],{"type":604,"attrs":139419},{"href":124714,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":139422,"type":599,"marks":139423}," to subscribe or learn more.",[139424],{"type":643},"Tesla will build a lithium hydroxide chemical plant in Texas in what is the first move by an automotive company into lithium chemical production, Benchmark Mineral Intelligence can confirm. The EV maker will build a spodumene conversion facility adjacent to the Terafactory / Gigafactory 5 in Austin, Texas in what has a typically aggressive start […]",[139427],{"slug":544,"name":543,"content":139428},{"job_title":557,"image":139429,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"79d5c0fb-7bdb-4868-96c9-104094d60b3f\", \"id\": \"\"}-->","Tesla to build lithium hydroxide refinery in Texas to feed ...",[139433,139434],{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":139436,"name":547,"focus":547,"title":139436,"source":547,"filename":139437,"copyright":547,"fieldtype":553,"meta_data":139438,"is_external_url":51},"Elon Musk Lithium","https://a.storyblok.com/f/287943243085208/90ea5a434e/bm-elon-musk-benchmark.png",{"alt":139436,"title":139436,"source":547,"copyright":547},"Tesla will build a lithium hydroxide chemical plant in Texas in what is the first move by an automotive company into lithium chemical production, Benchmark Mineral Intelligence can confirm. The EV maker will build a spodumene ...","Sep 28, 2020",{"id":139442,"uuid":139443,"name":139444,"slug":139445,"full_slug":139446,"content":139447},112473829518198,"871e3d2e-e012-49b4-9eff-033d43b1ea24","Speed & Scale key to LG Chem spin-off of EV battery unit; 262 GWh planned for 2029","speed-and-scale-key-to-lg-chem-spin-off-of-ev-battery-unit","article/speed-and-scale-key-to-lg-chem-spin-off-of-ev-battery-unit",{"_uid":139448,"date":139449,"tags":139450,"editor":139451,"content":139455,"excerpt":139569,"featured":50,"reporter":139570,"_editable":139574,"component":864,"seo_title":139444,"categories":139575,"visibility":2091,"author_company":49,"featured_image":139578,"seo_description":139569,"author_full_name":49,"author_job_title":49,"formattedDate":139581},"ad31c30c-87f8-4b5c-82da-831b6405510e","2020-09-17 00:00",[],[139452],{"slug":544,"name":543,"content":139453},{"job_title":557,"image":139454,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":139456},[139457,139462,139467,139472,139477,139482,139488,139496,139501,139506,139518,139523,139528,139533,139540,139547],{"type":594,"attrs":139458,"content":139459},{"textAlign":49},[139460],{"text":139461,"type":599},"It is reported in South Korea that lithium ion battery and chemicals producer, LG Chem, is considering a spin-off of its battery unit as it reshapes its business for the electric vehicle (EV) growth.",{"type":594,"attrs":139463,"content":139464},{"textAlign":49},[139465],{"text":139466,"type":599},"The battery cell producer this year started to see profit growth owing to increased overall demand and its increased quality and sales at its Poland battery megafactory.",{"type":594,"attrs":139468,"content":139469},{"textAlign":49},[139470],{"text":139471,"type":599},"In the period from April to June 2020, LG Chem posted profits of $352m up from $70m for the same period in 2019.",{"type":594,"attrs":139473,"content":139474},{"textAlign":49},[139475],{"text":139476,"type":599},"LG Chem were one of the first movers in both aggressively scaling capacity and planning multiple battery megafactories or gigafactory(ies) across the world.",{"type":594,"attrs":139478,"content":139479},{"textAlign":49},[139480],{"text":139481,"type":599},"The company has relied on speed, scale and geographical diversity in its global assault on dominating the EV market.",{"type":594,"attrs":139483,"content":139484},{"textAlign":49},[139485,139486],{"text":11314,"type":599},{"text":139487,"type":599}," August 2020 data shows a total of 262GWh of cell capacity by 2029 from its seven battery plants.",{"type":594,"attrs":139489,"content":139490},{"textAlign":49},[139491,139493,139494],{"text":139492,"type":599},"The largest of the battery megafactories is anticipated to be Nanjing 1 – its original battery cell facility in China. ",{"text":7249,"type":599},{"text":139495,"type":599},"expects this capacity to reach 85GWh in this 10 year period.",{"type":594,"attrs":139497,"content":139498},{"textAlign":49},[139499],{"text":139500,"type":599},"Meanwhile, we expect LG Chem’s battery cell plant in  Wrocław, Poland to be its second biggest with a 67GWh capacity by 2029.",{"type":594,"attrs":139502,"content":139503},{"textAlign":49},[139504],{"text":139505,"type":599},"LG Chem is also expanding its global capacity footprint via a second megafactory in Nanjing, China, its plant in Holland, Michigan, USA and and joint venture in China with automaker Geely.",{"type":594,"attrs":139507,"content":139508},{"textAlign":49},[139509,139511,139517],{"text":139510,"type":599},"Its newest battery megafactory of note is the joint-venture with General Motors in Lordstown, Michigan, USA. Benchmark anticipates this to be at a capacity of 30GWh by 2029 producing ",{"text":139512,"type":599,"marks":139513},"GM’s Ultium battery cell range",[139514],{"type":604,"attrs":139515},{"href":139516,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://media.gm.com/media/us/en/gm/home.detail.html/content/Pages/news/us/en/2020/mar/0304-ev.html",{"text":974,"type":599},{"type":594,"attrs":139519,"content":139520},{"textAlign":49},[139521],{"text":139522,"type":599},"GM said at in March: “Ultium energy options range from 50 to 200 kWh, which could enable a GM-estimated range up to 400 miles or more on a full charge with 0 to 60 mph acceleration as low as 3 seconds. Motors designed in-house will support front-wheel drive, rear-wheel drive, all-wheel drive and performance all-wheel drive applications.”",{"type":594,"attrs":139524,"content":139525},{"textAlign":49},[139526],{"text":139527,"type":599},"At an expected average pack size of 75kWh, the Lordstown battery megafactory is expected to produce enough lithium ion batteries for 400,000 electric vehicles.",{"type":594,"attrs":139529,"content":139530},{"textAlign":49},[139531],{"text":139532,"type":599},"This adds to its original facility in Ochang, South Korea which is still operational.",{"type":594,"attrs":139534,"content":139535},{"textAlign":49},[139536],{"text":139537,"type":599,"marks":139538},"Subscribe to Benchmark’s Lithium ion Battery Megafactory Database and track all 167 battery plants in production or under construction around the world. ",[139539],{"type":643},{"type":594,"attrs":139541,"content":139542},{"textAlign":49},[139543],{"text":139544,"type":599,"marks":139545},"Benchmark collects this data first hand – you cannot get it anywhere else!",[139546],{"type":643},{"type":594,"attrs":139548,"content":139549},{"textAlign":49},[139550,139553,139558,139561,139566],{"text":123961,"type":599,"marks":139551},[139552],{"type":643},{"text":86378,"type":599,"marks":139554},[139555,139557],{"type":604,"attrs":139556},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":139413,"type":599,"marks":139559},[139560],{"type":643},{"text":124710,"type":599,"marks":139562},[139563,139565],{"type":604,"attrs":139564},{"href":124714,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":139422,"type":599,"marks":139567},[139568],{"type":643},"It is reported in South Korea that lithium ion battery and chemicals producer, LG Chem, is considering a spin-off of its battery unit as it reshapes its business for the electric vehicle (EV) growth. The battery cell producer this year started to see profit growth owing to increased overall demand and its increased quality and sales at […]",[139571],{"slug":544,"name":543,"content":139572},{"job_title":557,"image":139573,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ad31c30c-87f8-4b5c-82da-831b6405510e\", \"id\": \"\"}-->",[139576,139577],{"slug":2499,"name":2500},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":139579,"copyright":547,"fieldtype":553,"meta_data":139580,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a2ae970fc3/bm-lg-chem-benchmark-megafactories-1.png",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 17, 2020",{"id":139583,"uuid":139584,"name":139585,"slug":139586,"full_slug":139587,"content":139588},112473858698242,"9ea9faad-abe6-47dc-a589-9531da679f78","The person who made Tesla & Gigafactory is starting again with EV battery recycling (WSJ)","the-person-who-made-tesla-gigafactory-is-starting-again-with-ev-battery-recycling-wsj","article/the-person-who-made-tesla-gigafactory-is-starting-again-with-ev-battery-recycling-wsj",{"_uid":139589,"date":139590,"tags":139591,"editor":139592,"content":139596,"excerpt":139719,"featured":50,"reporter":139720,"_editable":139724,"component":864,"seo_title":139585,"categories":139725,"visibility":2091,"author_company":49,"featured_image":139727,"seo_description":139719,"author_full_name":49,"author_job_title":49,"formattedDate":139730},"c334a089-b64c-4002-ab04-ca6f7012ea22","2020-08-30 00:00",[],[139593],{"slug":544,"name":543,"content":139594},{"job_title":557,"image":139595,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":139597},[139598,139603,139608,139613,139618,139627,139634,139639,139644,139649,139654,139659,139664,139669,139674,139679,139684,139689,139694,139697,139710],{"type":594,"attrs":139599,"content":139600},{"textAlign":49},[139601],{"text":139602,"type":599},"The Wall Street Journal (WSJ) has published the first ever interview with a JB Straubel, the founder of Tesla and architect of the first ever in-depth Gigafactory in Nevada, on a new venture to recycle lithium ion batteries at scale.",{"type":594,"attrs":139604,"content":139605},{"textAlign":49},[139606],{"text":139607,"type":599},"JB is now CEO of Redwood Materials, based in Carson City, Nevada, USA, and is seeking to build the biggest lithium ion battery recycling facility in the USA, shift the dynamics of raw material supply and demand, and offer a solution to the future increasing volumes of scrap and spent electric vehicle (EV) batteries.",{"type":594,"attrs":139609,"content":139610},{"textAlign":49},[139611],{"text":139612,"type":599},"The WSJ interview features input comment from Simon Moores, Managing Director at Benchmark Mineral Intelligence, and potential size of this market and the challenge facing a new wave of battery recycling players.",{"type":594,"attrs":139614,"content":139615},{"textAlign":49},[139616],{"text":139617,"type":599},"“I’m looking into the future and seeing this freight train coming at us.” JB Straubel of Redwood Materials said in the interview.",{"type":594,"attrs":139619,"content":139620},{"textAlign":49},[139621],{"text":139622,"type":599,"marks":139623},"You can read the WSJ interview here.",[139624],{"type":604,"attrs":139625},{"href":139626,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.wsj.com/articles/one-of-the-brains-behind-tesla-found-a-new-way-to-make-electric-cars-cheaper-11598673630",{"type":594,"attrs":139628,"content":139629},{"textAlign":49},[139630],{"type":1186,"attrs":139631},{"id":49,"alt":547,"src":139632,"title":49,"source":49,"copyright":49,"meta_data":139633},"https://a.storyblok.com/f/287943243085208/5585c1be35/bm-img-9311.jpg",{},{"type":594,"attrs":139635,"content":139636},{"textAlign":49},[139637],{"text":139638,"type":599},"JB Straubel and a small team at Tesla were the architects of the world’s first super-sized lithium ion battery plant, the Tesla Gigafactory 1, sparking a global battery arms race, a term coined by Benchmark.",{"type":657,"attrs":139640,"content":139641},{"level":15966,"textAlign":49},[139642],{"text":139643,"type":599},"Simon Moores, MD, Benchmark explained further:",{"type":594,"attrs":139645,"content":139646},{"textAlign":49},[139647],{"text":139648,"type":599},"“Taking an average lithium ion battery scrap rate of 10% means we could have as much as 80GWh of scrap lithium ion batteries to recycle by 2025. This is the same size as the world’s entire lithium ion battery market in 2017.",{"type":594,"attrs":139650,"content":139651},{"textAlign":49},[139652],{"text":139653,"type":599},"That equates to:",{"type":594,"attrs":139655,"content":139656},{"textAlign":49},[139657],{"text":139658,"type":599},"The reality is that these numbers are conservative as the scrap rate at these new battery gigafactories / megafactories vary wildly up to 40% right now as the industry gets to grips with manufacturing lithium ion cells at a scale that has never been done before.",{"type":594,"attrs":139660,"content":139661},{"textAlign":49},[139662],{"text":139663,"type":599},"All of the 158 lithium ion battery megafactories in the pipeline, according to latest Benchmark data, are new, huge facilities that will suffer the same teething problems as the ones build in 2015.",{"type":594,"attrs":139665,"content":139666},{"textAlign":49},[139667],{"text":139668,"type":599},"Its important to understand that 5 years ago, in 2015, the lithium ion battery cell market was 55GWh. This year we are expecting a market exceeding 210GWh in size. Five years from now we are looking at least another four-x jump to the 800GWh region.",{"type":594,"attrs":139670,"content":139671},{"textAlign":49},[139672],{"text":139673,"type":599},"These huge potential volumes of scrap cells and offcuts from these battery megafactories is the first major problem to solve for battery recyclers.",{"type":594,"attrs":139675,"content":139676},{"textAlign":49},[139677],{"text":139678,"type":599},"This does not even take into account the EVs that are coming to the end of the useful life. That’s a separate challenge.",{"type":594,"attrs":139680,"content":139681},{"textAlign":49},[139682],{"text":139683,"type":599},"The challenge for lithium ion battery recyclers is clear:",{"type":594,"attrs":139685,"content":139686},{"textAlign":49},[139687],{"text":139688,"type":599},"Business models will likely revolve around these three pillars and we are going to need an army of battery recyclers to face this challenge.”",{"type":657,"attrs":139690,"content":139691},{"level":15966,"textAlign":49},[139692],{"text":139693,"type":599},"SIGN UP FOR BENCHMARK BATTERY 2020 DAY HERE.",{"type":594,"attrs":139695,"content":139696},{"textAlign":49},[],{"type":594,"attrs":139698,"content":139699},{"textAlign":49},[139700,139702,139703,139704,139705,139706,139707,139708,139709],{"text":139701,"type":599},"Following Tesla’s Battery Day, Benchmark will be hosting its own Battery Day 2020 on Wednesday 23 September to dissect Tesla’s revelations and discuss ",{"text":69535,"type":599},{"text":3400,"type":599},{"text":878,"type":599},{"text":3400,"type":599},{"text":4330,"type":599},{"text":3411,"type":599},{"text":23761,"type":599},{"text":974,"type":599},{"type":594,"attrs":139711,"content":139712},{"textAlign":49},[139713],{"text":139714,"type":599,"marks":139715},"Join us here.",[139716],{"type":604,"attrs":139717},{"href":139718,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/battery-day-2020/","The Wall Street Journal (WSJ) has published the first ever interview with a JB Straubel, the founder of Tesla and architect of the first ever in-depth Gigafactory in Nevada, on a new venture to recycle lithium ion batteries at scale. JB is now CEO of Redwood Materials, based in Carson City, Nevada, USA, and is […]",[139721],{"slug":544,"name":543,"content":139722},{"job_title":557,"image":139723,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c334a089-b64c-4002-ab04-ca6f7012ea22\", \"id\": \"\"}-->",[139726],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":139728,"copyright":547,"fieldtype":553,"meta_data":139729,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5d653f476a/bm-26521281934-7bb6f5ca7e-o.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 30, 2020",{"id":139732,"uuid":139733,"name":139734,"slug":139735,"full_slug":139736,"content":139737},112473887906965,"5d3182d1-aff1-48f1-accd-48c666783775","Events Update: Global battery megafactories initiative revealed; Benchmark Minerals Week 2020 cancelled; World Tour continues online","global-battery-megafactories-initiative-revealed-benchmark-week-2020-cancelled-benchmark-battery-day-on-23-sept","article/global-battery-megafactories-initiative-revealed-benchmark-week-2020-cancelled-benchmark-battery-day-on-23-sept",{"_uid":139738,"date":139739,"tags":139740,"editor":139742,"content":139746,"excerpt":139973,"featured":50,"reporter":139974,"_editable":139978,"component":864,"seo_title":139734,"categories":139979,"visibility":2091,"author_company":49,"featured_image":139981,"seo_description":139973,"author_full_name":49,"author_job_title":49,"formattedDate":139984},"792a0f81-f99c-44a8-9de0-2f999ee9036c","2020-08-14 00:00",[139741],{"slug":9655,"name":9656},[139743],{"slug":544,"name":543,"content":139744},{"job_title":557,"image":139745,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":139747},[139748,139753,139758,139763,139768,139773,139778,139783,139790,139795,139810,139818,139824,139835,139840,139860,139865,139868,139883,139888,139898,139907,139912,139915,139920,139925,139932,139941,139946,139949,139954,139959,139964],{"type":594,"attrs":139749,"content":139750},{"textAlign":49},[139751],{"text":139752,"type":599},"Simon Moores, Managing Director, explained: ",{"type":594,"attrs":139754,"content":139755},{"textAlign":49},[139756],{"text":139757,"type":599},"“The emergence of a global lithium ion economy and the subsequent global battery arms race that we are witnessing is as much a regional challenge as it a global one.",{"type":594,"attrs":139759,"content":139760},{"textAlign":49},[139761],{"text":139762,"type":599},"We are now at 158 global battery megafactories or gigafactories that Benchmark is tracking out to 2030. In 2015, this number was at 3.",{"type":594,"attrs":139764,"content":139765},{"textAlign":49},[139766],{"text":139767,"type":599},"It is clear that every continent will have to own significant lithium ion battery capacity to play a role and economically benefit from this 21st century energy storage revolution.",{"type":594,"attrs":139769,"content":139770},{"textAlign":49},[139771],{"text":139772,"type":599},"As a result, the outstanding Benchmark Team will be rolling out a series of Battery Megafactories events across the world in 2021. This is an initiative to bring together government, industry and financiers that are seeking to scale the lithium ion supply chain in line with each region’s demand.",{"type":594,"attrs":139774,"content":139775},{"textAlign":49},[139776],{"text":139777,"type":599},"Each individual event will be tailored to the region and set the tone for policy, financing, supply chain deal-making .”",{"type":657,"attrs":139779,"content":139780},{"level":137844,"textAlign":49},[139781],{"text":139782,"type":599},"Battery Megafactories – a global initiative, a regional focus ",{"type":594,"attrs":139784,"content":139785},{"textAlign":49},[139786],{"text":139787,"type":599,"marks":139788},"Enquire about Global Delegate Passes or Sponsoring the entire suite of events: info@benchmarkminerals.com ",[139789],{"type":643},{"type":657,"attrs":139791,"content":139792},{"level":15966,"textAlign":49},[139793],{"text":139794,"type":599},"Benchmark Minerals Week 2020 (Cathodes + Anodes Conferences) cancelled; 2021 to take place in Los Angeles in-person ",{"type":594,"attrs":139796,"content":139797},{"textAlign":49},[139798,139800,139802,139804,139805,139806,139808],{"text":139799,"type":599},"Scheduled to take place on 16-20 November 2020 in Los Angeles, ",{"text":139801,"type":599},"Benchmark Minerals Week",{"text":139803,"type":599}," is the centre-piece event for deal-making in the lithium ion battery to electric vehicle (EV) supply chain consisting of our ",{"text":33255,"type":599},{"text":1440,"type":599},{"text":139807,"type":599},"Graphite + Anodes",{"text":139809,"type":599}," conferences.",{"type":594,"attrs":139811,"content":139812},{"textAlign":49},[139813,139815,139816],{"text":139814,"type":599},"Unfortunately due to the continuing erratic nature and severity of the coronavirus pandemic and uncertainty in Los Angeles, we have decided to cancel this event and focus our efforts on making the newly named ",{"text":127622,"type":599},{"text":139817,"type":599}," the industry’s comeback event of the year.",{"type":594,"attrs":139819,"content":139820},{"textAlign":49},[139821,139822],{"text":127622,"type":599},{"text":139823,"type":599}," will take place in mid-November in Los Angeles, California, USA at the Sheraton Universal and feature Cathodes Conference 2021 and Anodes Conference 2021 in the same week.",{"type":594,"attrs":139825,"content":139826},{"textAlign":49},[139827,139829,139834],{"text":139828,"type":599},"Receive events alerts via our free Benchmark Newsletter ",{"text":6515,"type":599,"marks":139830},[139831],{"type":604,"attrs":139832},{"href":139833,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://com.us9.list-manage.com/subscribe/post?u=4bff972445c3d36015be2ef8e&id=f9d4e750cf",{"text":974,"type":599},{"type":657,"attrs":139836,"content":139837},{"level":15966,"textAlign":49},[139838],{"text":139839,"type":599},"Benchmark Summit 2020 – Washington DC now online, 20 October 2020 ",{"type":594,"attrs":139841,"content":139842},{"textAlign":49},[139843,139849,139851,139853,139855,139859],{"text":139844,"type":599,"marks":139845},"Join the webinar her",[139846],{"type":604,"attrs":139847},{"href":139848,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://us02web.zoom.us/webinar/register/WN_xr2xRCYyQtCISXmDnmzw6w",{"text":139850,"type":599},"e // Benchmark’s annual summit in Washington DC will this year take place online on ",{"text":139852,"type":599},"Tuesday 20 October 2020 at 6pm UK",{"text":139854,"type":599},". Bringing together stakeholders in the lithium ion battery to electric vehicle and energy storage supply chains and US government representatives. To enquire as a speaker email ",{"text":124710,"type":599,"marks":139856},[139857],{"type":604,"attrs":139858},{"href":124714,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":139861,"content":139862},{"level":15966,"textAlign":49},[139863],{"text":139864,"type":599},"Battery Megafactories UK 2021 launch webinar for 13 October 2020 (online) ",{"type":594,"attrs":139866,"content":139867},{"textAlign":49},[],{"type":594,"attrs":139869,"content":139870},{"textAlign":49},[139871,139877,139879,139881],{"text":139872,"type":599,"marks":139873},"Join the webinar here",[139874],{"type":604,"attrs":139875},{"href":139876,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://us02web.zoom.us/webinar/register/WN_98yed-M9TCm-fOSSrxAP8w",{"text":139878,"type":599}," // To celebrate our new ",{"text":139880,"type":599},"Battery Megafactories UK",{"text":139882,"type":599}," initiative, we will host a webinar to on Tuesday 13 October introduce the subject and stimulate discussion on this 21st century challenge that will set the tone for our in-person event, Battery Megafactories UK in 2021",{"type":594,"attrs":139884,"content":139885},{"textAlign":49},[139886],{"text":139887,"type":599},"Battery Megafactories UK, taking place in London on 2 March 2021, will outline the challenges and bring solutions to: securing raw materials, giga-sized cathode and anode plants, the construction of battery megafactories /gigafactories and battery recycling.",{"type":594,"attrs":139889,"content":139890},{"textAlign":49},[139891,139893],{"text":139892,"type":599},"This conference will set the agenda for a domestic UK lithium ion supply chain to secure the future automotive and energy storage industries. ",{"text":139894,"type":599,"marks":139895},"Join the webinar. ",[139896],{"type":604,"attrs":139897},{"href":139876,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":139899,"content":139900},{"textAlign":49},[139901,139902,139906],{"text":139828,"type":599},{"text":6515,"type":599,"marks":139903},[139904],{"type":604,"attrs":139905},{"href":139833,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":139908,"content":139909},{"level":15966,"textAlign":49},[139910],{"text":139911,"type":599},"Battery Megafactories Europe in-person green light for December in Berlin",{"type":657,"attrs":139913,"content":139914},{"level":15966,"textAlign":49},[],{"type":594,"attrs":139916,"content":139917},{"textAlign":49},[139918],{"text":139919,"type":599},"While we continue to monitor the ever changing coronavirus risks, we can confirm that Battery Megafactories Europe 2020 will go ahead in Berlin on 8-9 December 2020.",{"type":594,"attrs":139921,"content":139922},{"textAlign":49},[139923],{"text":139924,"type":599},"Implementing Benchmark’s social distancing policy and together with German Government and event venue guidelines, we are excited to host this world class inaugural event.",{"type":594,"attrs":139926,"content":139927},{"textAlign":49},[139928],{"text":139929,"type":599,"marks":139930},"As for all our in-person events, we are closely monitoring the coronavirus risk to our clients and team members and will always be on the side of extreme caution. If we feel that the event is unsafe to host we will alert all delegates at least 60 days before the event is due to take place. ",[139931],{"type":643},{"type":594,"attrs":139933,"content":139934},{"textAlign":49},[139935,139936,139940],{"text":139828,"type":599},{"text":6515,"type":599,"marks":139937},[139938],{"type":604,"attrs":139939},{"href":139833,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":139942,"content":139943},{"level":15966,"textAlign":49},[139944],{"text":139945,"type":599},"Benchmark World Tour continues online",{"type":657,"attrs":139947,"content":139948},{"level":15966,"textAlign":49},[],{"type":594,"attrs":139950,"content":139951},{"textAlign":49},[139952],{"text":139953,"type":599},"The great success of our online series of seminars, the Benchmark World Tour East & West, continues to gather pace.",{"type":594,"attrs":139955,"content":139956},{"textAlign":49},[139957],{"text":139958,"type":599},"The Benchmark Team will continue to provide these seminars live for our audiences around the world and with unlimited streaming for Benchmark Members.",{"type":594,"attrs":139960,"content":139961},{"textAlign":49},[139962],{"text":139963,"type":599},"Our next set of World Tour seminars are:",{"type":594,"attrs":139965,"content":139966},{"textAlign":49},[139967,139968,139972],{"text":139828,"type":599},{"text":6515,"type":599,"marks":139969},[139970],{"type":604,"attrs":139971},{"href":139833,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Benchmark is pleased to provide the following latest update for its events for 2020 and 2021. View our 2020/2021 event schedule here. Global Battery Megafactories initiative for 2021 We are delighted to announce the launch of a global series of Battery Megafactory events for 2021. Simon Moores, Managing Director, explained: “The emergence of a global […]",[139975],{"slug":544,"name":543,"content":139976},{"job_title":557,"image":139977,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"792a0f81-f99c-44a8-9de0-2f999ee9036c\", \"id\": \"\"}-->",[139980],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":139982,"copyright":547,"fieldtype":553,"meta_data":139983,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2a276b6b6b/bm-cathodes-2019.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 14, 2020",{"id":139986,"uuid":139987,"name":139988,"slug":139989,"full_slug":139990,"content":139991},112473893022981,"cd40da91-8d7a-4489-9f24-07fb452d7b42","Elon Musk’s green nickel crusade","elon-musks-green-nickel-crusade","article/elon-musks-green-nickel-crusade",{"_uid":139992,"date":139993,"tags":139994,"editor":139995,"content":139999,"excerpt":140059,"featured":50,"reporter":140060,"_editable":140064,"component":864,"seo_title":139988,"categories":140065,"visibility":882,"author_company":49,"featured_image":140067,"seo_description":140059,"author_full_name":49,"author_job_title":49,"formattedDate":140069},"93c86b5f-7130-42fe-8a89-7aaf07ecd623","2020-08-06 00:00",[],[139996],{"slug":544,"name":543,"content":139997},{"job_title":557,"image":139998,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":140000},[140001,140006,140011,140016,140021,140026,140031,140044,140049,140054],{"type":594,"attrs":140002,"content":140003},{"textAlign":49},[140004],{"text":140005,"type":599},"In Tesla’s Q2 2020 earnings call, Elon Musk pleaded for the mining industry to deliver more nickel as he responded to questions on the biggest supply chain constraints currently facing Tesla.",{"type":594,"attrs":140007,"content":140008},{"textAlign":49},[140009],{"text":140010,"type":599},"Discussing Tesla’s nickel needs, Musk said “I’d just like to reemphasise, any mining companies out there, please mine more nickel. Okay. Wherever you are in the world, please mine more nickel and don’t wait for nickel to go back to some long — some high point that you experienced some five years ago or whatever, go for efficiency. As environmentally friendly, nickel mining at high volume. Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally-sensitive way. So, hopefully, this message goes out to all mining companies. Please get nickel.”",{"type":594,"attrs":140012,"content":140013},{"textAlign":49},[140014],{"text":140015,"type":599},"The world’s leading automakers have placed high nickel cathode technology at the core of their battery offerings, but the share of nickel demand coming from the battery industry remains a small proportion of the total nickel market.",{"type":594,"attrs":140017,"content":140018},{"textAlign":49},[140019],{"text":140020,"type":599},"Benchmark’s Nickel Forecast model shows that lithium ion batteries will account for 2.3% of total nickel demand in 2020, compared with stainless steel which will be responsible for 70% of total nickel demand. But by 2025, Benchmark’s Nickel Forecast shows that nickel demand from lithium ion will have increased to 13% of the market, and by the end of the decade this will increase to 30%.",{"type":594,"attrs":140022,"content":140023},{"textAlign":49},[140024],{"text":140025,"type":599},"There are a number of nickel projects in the pipeline ready to meet this demand and the majority of new supply is set to come from laterite ore sources, many of which are based in Indonesia and use HPAL (high pressure acid leach) processing. As such, the role of Indonesia and laterite ores is going to be critical to coming expansions in the nickel market.",{"type":594,"attrs":140027,"content":140028},{"textAlign":49},[140029],{"text":140030,"type":599},"But a critical issue facing Indonesia’s HPAL projects, which Musk touched on in his earnings call, is the environmental issues surrounding these operations. In particular, where deep-water tailings disposal is to be used, especially after last year’s spill at the Ramu nickel processing plant in Papua New Guinea, which drew the attention of many end-users in the supply chain to the environmental risks of deep-sea tailings from HPAL nickel.",{"type":594,"attrs":140032,"content":140033},{"textAlign":49},[140034,140036,140042],{"text":140035,"type":599},"There is therefore a hesitancy from OEMs to commit to sourcing nickel from HPAL projects that intend to use deep sea tailings, hence Musk’s request for “environmentally-sensitive” nickel. With battery and automakers increasingly focused on the carbon footprint of their batteries —",{"text":140037,"type":599,"marks":140038}," illustrated by BMW and Northvolt’s recent announcements",[140039],{"type":604,"attrs":140040},{"href":140041,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/bmw-builds-out-sustainable-battery-strategy-with-non-drc-cobalt-deal-and-lithium-ion-cells-from-northvolt",{"text":140043,"type":599}," — nickel producers and developers are in turn under pressure to improve their overall environmental footprint.",{"type":594,"attrs":140045,"content":140046},{"textAlign":49},[140047],{"text":140048,"type":599},"While nickel availability as a whole is not going to be a problem in the next few years, the availability of nickel that meets the environmental requirements of auto OEMs is a much bigger question.",{"type":594,"attrs":140050,"content":140051},{"textAlign":49},[140052],{"text":140053,"type":599},"HPAL projects are also facing further scrutiny due to the additional costs and technical challenges associated with HPAL, which has seen many in the industry question the timelines and estimated costs for these projects due to come online. Historically HPAL projects have seen mixed success and there have already been delays for several new projects due to come online in 2020.",{"type":594,"attrs":140055,"content":140056},{"textAlign":49},[140057],{"text":140058,"type":599},"Greg Miller, Analyst, said: “With Indonesia set to account for most of the supply growth in the coming decade, the issue of waste disposal at HPAL projects provides a major headache for automakers looking to accentuate the sustainability of their EV supply chains. Environmental issues associated with HPAL projects may see Indonesian nickel labelled as unstainable, suffering a similar fate to DRC cobalt.”","In Tesla’s Q2 2020 earnings call, Elon Musk pleaded for the mining industry to deliver more nickel as he responded to questions on the biggest supply chain constraints currently facing Tesla. Discussing Tesla’s nickel needs, Musk said “I’d just like to reemphasise, any mining companies out there, please mine more nickel. Okay. Wherever you are […]",[140061],{"slug":544,"name":543,"content":140062},{"job_title":557,"image":140063,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"93c86b5f-7130-42fe-8a89-7aaf07ecd623\", \"id\": \"\"}-->",[140066],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":117256,"copyright":547,"fieldtype":553,"meta_data":140068,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Aug 06, 2020",{"id":140071,"uuid":140072,"name":140073,"slug":140074,"full_slug":140075,"content":140076},112473898249478,"bff2b05b-b1d3-4cda-ade5-2554e7cb2390","BTR leads the way as Chinese battery supply chain goes public","btr-leads-the-way-as-chinese-battery-supply-chain-goes-public","article/btr-leads-the-way-as-chinese-battery-supply-chain-goes-public",{"_uid":140077,"date":140078,"tags":140079,"editor":140081,"content":140085,"excerpt":140137,"featured":50,"reporter":140138,"_editable":140142,"component":864,"seo_title":140073,"categories":140143,"visibility":882,"author_company":49,"featured_image":140145,"seo_description":140137,"author_full_name":49,"author_job_title":49,"formattedDate":140148},"8a2364c4-f3a8-4a4c-ac29-e852acd88125","2020-07-29 00:00",[140080],{"slug":913,"name":914},[140082],{"slug":544,"name":543,"content":140083},{"job_title":557,"image":140084,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":140086},[140087,140092,140097,140102,140107,140112,140117,140122,140127,140132],{"type":594,"attrs":140088,"content":140089},{"textAlign":49},[140090],{"text":140091,"type":599},"Chinese cathode and anode producer, BTR, this week listed on the National Equities Exchange as the company looked to raise capital to fund its latest expansions plans. In June, the company had announced its intentions to pursue an IPO to raise $204 million (RMB 1.4 billion) to fund the construction of a 15,000 tpa high nickel cathode project and a 40,000 tpa anode project, both to be situated in Huizhou, Guangdong province.",{"type":594,"attrs":140093,"content":140094},{"textAlign":49},[140095],{"text":140096,"type":599},"The plans are the latest in a series of expansions that has seen BTR establish itself as one of China’s leading advanced battery material producers, having aggressively expanded both its anode and cathode capacity in recent years. The company is the country’s leading producer of natural anode materials and benefits from its own vertically integrated natural flake graphite mining operations. Natural feedstock from these operations provide the company with a cost advantage over its domestic competitors, which favour higher cost synthetic graphite inputs.",{"type":594,"attrs":140098,"content":140099},{"textAlign":49},[140100],{"text":140101,"type":599},"While BTR produces both LFP (lithium iron phosphate) and NCM 811 (nickel, cobalt, manganese) cathode chemistries, its latest expansion is geared towards a shift into higher nickel materials being targeted by western auto OEMs.",{"type":594,"attrs":140103,"content":140104},{"textAlign":49},[140105],{"text":140106,"type":599},"The wider move towards new cathode technology, and the cost of installing this new production capacity, is also reflected in the plans of other Chinese cathode producers looking at IPOs to fund expansions, such as Xiamen Tungsten New Energy, which has 20,000 tpa of high nickel capacity under construction according to Benchmark’s Cathode Market Assessment.",{"type":594,"attrs":140108,"content":140109},{"textAlign":49},[140110],{"text":140111,"type":599},"It is notable that all of the Chinese cathode companies looking to raise funds through IPOs are promoting their NCM/NCA expansions, despite the renewed attention LFP cathodes have received this year. This is a useful reminder that while LFP will play a critical role in many downstream applications going forward, the industry is still lining itself up for major growth in NCM and NCA in line with Western automotive companies’ electric vehicle strategies.",{"type":594,"attrs":140113,"content":140114},{"textAlign":49},[140115],{"text":140116,"type":599},"With ever-growing expansion plans, there is now a growing list (see below) of Chinese cathode and anode producers looking to IPO. Amongst them these companies represent 13% of global cathode capacity and 20% of total anode capacity according to the latest data from Benchmark’s Cathode and Anode Market Assessments.",{"type":594,"attrs":140118,"content":140119},{"textAlign":49},[140120],{"text":140121,"type":599},"Benchmark’s Cathode Market Assessment shows these companies alone as having 116,000 tonnes of cathode capacity under construction, with a further 92,000 tonnes in the planning phase.",{"type":594,"attrs":140123,"content":140124},{"textAlign":49},[140125],{"text":140126,"type":599},"Anode pipeline capacity from companies targeting IPOs is also significant – with 52,000 tonnes under construction and 40,000 tonnes being planned according to Benchmark’s Anode Market Assessment.",{"type":594,"attrs":140128,"content":140129},{"textAlign":49},[140130],{"text":140131,"type":599},"While China’s anode and cathode expansion plans are significant, the series of IPOs this year indicate there is still major fundraising to be done to meet these ambitions.",{"type":657,"attrs":140133,"content":140134},{"level":15966,"textAlign":49},[140135],{"text":140136,"type":599},"IPO Season: Chinese producers looking to go public","Chinese cathode and anode producer, BTR, this week listed on the National Equities Exchange as the company looked to raise capital to fund its latest expansions plans. In June, the company had announced its intentions to pursue an IPO to raise $204 million (RMB 1.4 billion) to fund the construction of a 15,000 tpa high […]",[140139],{"slug":544,"name":543,"content":140140},{"job_title":557,"image":140141,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8a2364c4-f3a8-4a4c-ac29-e852acd88125\", \"id\": \"\"}-->",[140144],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":140146,"copyright":547,"fieldtype":553,"meta_data":140147,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2908e4cd9b/bm-huizhou-china.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 29, 2020",{"id":140150,"uuid":140151,"name":140152,"slug":140153,"full_slug":140154,"content":140155},112473908182297,"570763af-6e14-4de2-a59e-7027fdebbc96","BMW builds out sustainable battery strategy with non-DRC cobalt deal and lithium ion cells from Northvolt","bmw-builds-out-sustainable-battery-strategy-with-non-drc-cobalt-deal-and-lithium-ion-cells-from-northvolt","article/bmw-builds-out-sustainable-battery-strategy-with-non-drc-cobalt-deal-and-lithium-ion-cells-from-northvolt",{"_uid":140156,"date":140157,"tags":140158,"editor":140159,"content":140163,"excerpt":140245,"featured":50,"reporter":140246,"_editable":140250,"component":864,"seo_title":140152,"categories":140251,"visibility":882,"author_company":49,"featured_image":140253,"seo_description":140245,"author_full_name":49,"author_job_title":49,"formattedDate":140256},"995c9dc8-22aa-4ef0-b2c5-86d1ee716431","2020-07-21 00:00",[],[140160],{"slug":544,"name":543,"content":140161},{"job_title":557,"image":140162,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":140164},[140165,140170,140175,140180,140185,140190,140195,140200,140205,140210,140215,140220,140225,140230,140235,140240],{"type":594,"attrs":140166,"content":140167},{"textAlign":49},[140168],{"text":140169,"type":599},"This July, BMW has provided more colour to its battery cell sourcing strategy with the announcement of a €100 million, 5-year cobalt supply deal with Morocco’s Managem Group, and a €2 billion supply contract for battery cells from the Swedish battery manufacturer Northvolt.",{"type":594,"attrs":140171,"content":140172},{"textAlign":49},[140173],{"text":140174,"type":599},"The company has placed emphasis on the responsible and sustainable sourcing aspect of both of these deals, as the automaker positions itself for increased scrutiny of its suppliers and the growing importance that life cycle assessments will play in the battery supply chain.",{"type":657,"attrs":140176,"content":140177},{"level":15966,"textAlign":49},[140178],{"text":140179,"type":599},"How sustainable is BMW’s non-DRC cobalt strategy?",{"type":594,"attrs":140181,"content":140182},{"textAlign":49},[140183],{"text":140184,"type":599},"The deal with Managem Group builds on a memorandum of understanding which was signed back in Q1 2019. The deal will reportedly provide BMW with approximately 20% of its cobalt needs with the other 80% coming from Australia, via Glencore’s Murrin Murrin operation from 2020 onwards.",{"type":594,"attrs":140186,"content":140187},{"textAlign":49},[140188],{"text":140189,"type":599},"In its statement announcing the deal, BMW placed on emphasis on its efforts to source cobalt sustainably. For now, the company is sourcing its cobalt from ex-DRC (Democratic Republic of the Congo) countries, but as it scales up production the limitations of cobalt supply from outside of the DRC will create bottlenecks and potential price premiums for ex-DRC supply.",{"type":594,"attrs":140191,"content":140192},{"textAlign":49},[140193],{"text":140194,"type":599},"As BMW acknowledged, by the time this supply deal ends in 2025 the company expects its demand for cobalt to triple as it scales up its electric vehicle (EV) offerings. At that point the limited amount of non-DRC supply could be locked up in long-term supply deals by cell and auto makers.",{"type":594,"attrs":140196,"content":140197},{"textAlign":49},[140198],{"text":140199,"type":599},"But how limited is supply outside of the DRC?",{"type":594,"attrs":140201,"content":140202},{"textAlign":49},[140203],{"text":140204,"type":599},"In 2019, Benchmark estimates the total mined supply of cobalt was just shy of 137,000 tonnes — only 26% of this was from non-DRC supply. By the end of BMW’s cobalt supply deal with Managem, Benchmark’s Cobalt Forecast is showing that while cobalt mined supply will have increased to approximately 246,000 tonnes, the share coming from non-DRC sources will have barely shifted – increasing to 27%.",{"type":594,"attrs":140206,"content":140207},{"textAlign":49},[140208],{"text":140209,"type":599},"Breaking it down further based on where BMW will be sourcing from, we can see that in 2019, Australia and Morocco provided 3% of global supply combined and Benchmark’s Cobalt Forecast shows this increasing to 5% by 2025. However, despite these increases, with BMW’s cobalt demands set to triple in this time, and other automakers seeing similar increases in demand, sources of cobalt from outside of the DRC will be squeezed.",{"type":594,"attrs":140211,"content":140212},{"textAlign":49},[140213],{"text":140214,"type":599},"While BMW’s strategy of non-DRC cobalt works for now it will be difficult to sustain in the long-term if other automakers look outside the DRC. To compound matters, much of the supply outside of the DRC is directed towards the metal industry, which is far less price sensitive in many industries and will be able to pay premiums above the reach of the EV supply chain. The DRC will continue to be the main source of the EV and battery industry’s cobalt and this will continue to be the case going forward.",{"type":657,"attrs":140216,"content":140217},{"level":15966,"textAlign":49},[140218],{"text":140219,"type":599},"€2 billion of battery cells from Northvolt",{"type":594,"attrs":140221,"content":140222},{"textAlign":49},[140223],{"text":140224,"type":599},"Northvolt has been making increased inroads into the electrification plans of Europe’s automakers looking to secure future battery cell supply on the continent. The latest being BMW’s long-term supply contract which will come into play from 2024 with an order volume of €2 billion euros of lithium ion cells.",{"type":594,"attrs":140226,"content":140227},{"textAlign":49},[140228],{"text":140229,"type":599},"The battery cells will come from Northvolt’s Skellefteå plant in Sweden, which we assess will have 16 GWh of capacity in 2024, ramping up to 40 GWh by 2029 according to the latest data from Benchmark’s Lithium ion Megafactory Assessment.",{"type":594,"attrs":140231,"content":140232},{"textAlign":49},[140233],{"text":140234,"type":599},"Production at the Skellefteå facility will be powered by wind and hydroelectric power, thus reducing the overall carbon footprint of the cells. The significance of carbon footprints and life cycle assessments on OEM decision making, particularly in Europe, will increase in the coming years as the role of the entire lithium ion supply chain comes under increased scrutiny for emissions related to the entire production and retirement of the vehicle, not just at the exhaust pipe.",{"type":594,"attrs":140236,"content":140237},{"textAlign":49},[140238],{"text":140239,"type":599},"Looking forward to end of use, BMW and Northvolt are also working closely with Umicore on the development of a “closed life cycle loop” for battery cells. Northvolt’s cells will be manufactured using a recyclable design to be used in electric vehicles, then possibly for stationary storage before finally being recycled and reused.",{"type":594,"attrs":140241,"content":140242},{"textAlign":49},[140243],{"text":140244,"type":599},"While this deal is significant for BMW, it already has supply deals in place with Tier 1 producers CATL and Samsung SDI as securing quality cells through established partnerships will be critical to meeting its target of having 25 models on the road by 2023, which is a year before the Northvolt supply deal begins.","This July, BMW has provided more colour to its battery cell sourcing strategy with the announcement of a €100 million, 5-year cobalt supply deal with Morocco’s Managem Group, and a €2 billion supply contract for battery cells from the Swedish battery manufacturer Northvolt. The company has placed emphasis on the responsible and sustainable sourcing aspect […]",[140247],{"slug":544,"name":543,"content":140248},{"job_title":557,"image":140249,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"995c9dc8-22aa-4ef0-b2c5-86d1ee716431\", \"id\": \"\"}-->",[140252],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":140254,"copyright":547,"fieldtype":553,"meta_data":140255,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9ab0f0c908/bm-p90390873-highres-preparations-for-bmw.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 21, 2020",{"id":140258,"uuid":140259,"name":140260,"slug":140261,"full_slug":140262,"content":140263},112473912982927,"0ab3b1f2-7e16-4e2e-9a67-df950b1841b9","Honda take stake in CATL as auto-battery tie ups continue to define electric vehicle supply chain","honda-take-stake-in-catl-as-auto-battery-tie-ups-continue-to-define-electric-vehicle-supply-chain","article/honda-take-stake-in-catl-as-auto-battery-tie-ups-continue-to-define-electric-vehicle-supply-chain",{"_uid":140264,"date":140265,"tags":140266,"editor":140267,"content":140271,"excerpt":140328,"featured":50,"reporter":140329,"_editable":140333,"component":864,"seo_title":140260,"categories":140334,"visibility":882,"author_company":49,"featured_image":140336,"seo_description":140328,"author_full_name":49,"author_job_title":49,"formattedDate":140339},"2953ad38-9c41-4faf-9470-7414987b898b","2020-07-16 00:00",[],[140268],{"slug":544,"name":543,"content":140269},{"job_title":557,"image":140270,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":140272},[140273,140278,140283,140288,140293,140298,140303,140308,140313,140318,140323],{"type":594,"attrs":140274,"content":140275},{"textAlign":49},[140276],{"text":140277,"type":599},"Another week, another auto-battery alliance. This time Honda has taken a 1% share in Chinese battery producer CATL as the relationship between the two companies continues to develop.",{"type":594,"attrs":140279,"content":140280},{"textAlign":49},[140281],{"text":140282,"type":599},"The companies already had a strategic partnership and supply agreement in place — in Q1 2019, the companies had struck a deal for CATL to supply Honda with 56 GWh of battery cells by 2027 — but this deal will see their  partnership further strengthened. Honda’s press release announcing the deal broadly discussed strengthening their partnership in the long term, touching on joint development, stable supply and also future battery recycling and reuse.",{"type":594,"attrs":140284,"content":140285},{"textAlign":49},[140286],{"text":140287,"type":599},"The deepening of ties between the companies reflects the ongoing trend in the electric vehicle space for automakers to establish much closer relationships with battery producers and the upstream supply chain than would ever be required for internal combustion engine vehicles (ICE).",{"type":594,"attrs":140289,"content":140290},{"textAlign":49},[140291],{"text":140292,"type":599},"Since Tesla and Panasonic’s era-defining partnership, the overarching theme of the battery-auto section of the lithium ion supply chain has been the forming of closer relationships between the battery maker and electric vehicle producer.",{"type":594,"attrs":140294,"content":140295},{"textAlign":49},[140296],{"text":140297,"type":599},"The past twelve months in particular have seen a flurry of activity in this space. Some of the key developments have been:",{"type":657,"attrs":140299,"content":140300},{"level":15966,"textAlign":49},[140301],{"text":140302,"type":599},"The auto-battery marriage",{"type":594,"attrs":140304,"content":140305},{"textAlign":49},[140306],{"text":140307,"type":599},"For automakers to deliver on their electrification plans a secure supply of lithium ion battery cells are critical. This year we’ve already seen reports of a supply shortage for Tier 1 lithium ion cells. Security of supply is therefore a major concern for automakers, and this is part of the reason for the strategic alliances that are emerging.",{"type":594,"attrs":140309,"content":140310},{"textAlign":49},[140311],{"text":140312,"type":599},"But the nature of the strict qualification process and requirements means that an automaker will only ever have a limited number of qualified cell suppliers. With the battery pack accounting for approximately a quarter of the cost in an electric vehicle, the success or failure of transitioning from ICE vehicles to EVs rests on the battery. It has therefore been in the best interest of both the automakers and battery manufacturer to further align their interests.",{"type":594,"attrs":140314,"content":140315},{"textAlign":49},[140316],{"text":140317,"type":599},"Benchmark’s Head of Price Assessments, Caspar Rawles explained: “Long term strategic partnerships between automaker and cell manufacturer are the blueprint for the next evolution of the EV industry. As the next era of lithium ion cells become more technologically advanced, the need for a cell designed from the ground up to meet automakers exact requirements means these relations are critical from a technology standpoint, but also for security of tier 1 supply.",{"type":594,"attrs":140319,"content":140320},{"textAlign":49},[140321],{"text":140322,"type":599},"“The Benchmark Megafactory Assessment is tracking 80 GWh of cell capacity held as joint ventures between cell and automakers as of the end of 2020, this is expected to rise to 266 GWh by 2025.",{"type":594,"attrs":140324,"content":140325},{"textAlign":49},[140326],{"text":140327,"type":599},"“We expect to see similar further relationships announced in the coming months and years as automakers double down on efforts of electrification, and we start to move into more significant EV penetration levels across the global fleet.”","Another week, another auto-battery alliance. This time Honda has taken a 1% share in Chinese battery producer CATL as the relationship between the two companies continues to develop. The companies already had a strategic partnership and supply agreement in place — in Q1 2019, the companies had struck a deal for CATL to supply Honda with […]",[140330],{"slug":544,"name":543,"content":140331},{"job_title":557,"image":140332,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2953ad38-9c41-4faf-9470-7414987b898b\", \"id\": \"\"}-->",[140335],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":140337,"copyright":547,"fieldtype":553,"meta_data":140338,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8f55dcbb1b/bm-37247704685-7828dd5332-c.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 16, 2020",{"id":140341,"uuid":140342,"name":140343,"slug":140344,"full_slug":140345,"content":140346},112473918201232,"51f49891-e84c-47f4-bdef-d0eb4f12520a","Bolivia presidential candidate Luis Arce outlines Lithium First Industrial Strategy; Benchmark advising on commercial strategy","bolivia-presidential-candidate-luis-arce-outlines-lithium-first-industrial-strategy-benchmark-advising-on-commercial-strategy","article/bolivia-presidential-candidate-luis-arce-outlines-lithium-first-industrial-strategy-benchmark-advising-on-commercial-strategy",{"_uid":140347,"date":140348,"tags":140349,"editor":140351,"content":140355,"excerpt":140464,"featured":50,"reporter":140465,"_editable":140469,"component":864,"seo_title":140343,"categories":140470,"visibility":2091,"author_company":49,"featured_image":140472,"seo_description":140464,"author_full_name":49,"author_job_title":49,"formattedDate":140474},"b22f27e1-499e-43da-b074-a0c88bcdbe52","2020-07-13 00:00",[140350],{"slug":9655,"name":9656},[140352],{"slug":544,"name":543,"content":140353},{"job_title":557,"image":140354,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":140356},[140357,140363,140369,140374,140379,140384,140389,140394,140399,140404,140409,140414,140419,140424,140429,140434,140439,140444,140450,140461],{"type":594,"attrs":140358,"content":140359},{"textAlign":49},[140360,140361],{"text":11314,"type":599},{"text":140362,"type":599}," is pleased to be the independent advisor for Luis Arce, a candidate to become the next president of Bolivia, to develop a Lithium First Industrial Strategy. ",{"type":594,"attrs":140364,"content":140365},{"textAlign":49},[140366,140367],{"text":9653,"type":599},{"text":140368,"type":599}," is the world’s leading independent advisory firm for the lithium ion battery to electric vehicle supply chain, and as part of our suite of services, government advisory has been one of our fastest growing divisions. ",{"type":657,"attrs":140370,"content":140371},{"level":15966,"textAlign":49},[140372],{"text":140373,"type":599},"Simon Moores, Managing Director of Benchmark said: ",{"type":594,"attrs":140375,"content":140376},{"textAlign":49},[140377],{"text":140378,"type":599},"“A major evolution in Benchmark’s business in the last two years has been independently advising governments around the world on their supply chain strategies for what is one of the most important mega-trends of the 21st century – the energy storage revolution.",{"type":594,"attrs":140380,"content":140381},{"textAlign":49},[140382],{"text":140383,"type":599},"“Lithium is of course a central speciality chemical to this mega-trend and we are pleased to be able to advise Mr Arce and his team.”",{"type":657,"attrs":140385,"content":140386},{"level":15966,"textAlign":49},[140387],{"text":140388,"type":599},"Andy Leyland, Head of Strategic Advisory at Benchmark said: ",{"type":594,"attrs":140390,"content":140391},{"textAlign":49},[140392],{"text":140393,"type":599},"“It is well known that Bolivia boasts globally significant lithium resources, but has been unable to enter the market commercially in the past due to both technical and policy issues. A lithium-first strategy has the potential to unlock supplies that could be crucial to meeting the impending deficit in the lithium market.",{"type":594,"attrs":140395,"content":140396},{"textAlign":49},[140397],{"text":140398,"type":599},"“The lithium industry is forecast to grow close to 20% per annum over the coming decade due to dramatic increases in the use of lithium-ion batteries for electric vehicles and energy storage applications. ",{"type":594,"attrs":140400,"content":140401},{"textAlign":49},[140402],{"text":140403,"type":599},"“While many different metals and materials are used to manufacture lithium-ion batteries, lithium is the single most important element that is common to all different types and formulations of lithium-ion batteries. ",{"type":594,"attrs":140405,"content":140406},{"textAlign":49},[140407],{"text":140408,"type":599},"“However, the growth of lithium supply sources lags behind the upcoming global demand, so much so that the industry is expected to be in supply deficit by 2025 presenting a unique commercial opportunity for Bolivia that we are pleased to be able to advise.”",{"type":657,"attrs":140410,"content":140411},{"level":15966,"textAlign":49},[140412],{"text":140413,"type":599},"Mr Arce and his team on this Lithium First Industrial Strategy for Bolivia said: ",{"type":594,"attrs":140415,"content":140416},{"textAlign":49},[140417],{"text":140418,"type":599},"“Bolivia is blessed with the world’s largest and most prominent lithium resources at Salar de Uyuni. ",{"type":594,"attrs":140420,"content":140421},{"textAlign":49},[140422],{"text":140423,"type":599},"“Under a Luis Arce Presidency, Bolivia will partner with world-leading companies to harness the value of our abundant lithium resources to create jobs and improve the economic welfare for all Bolivians.",{"type":594,"attrs":140425,"content":140426},{"textAlign":49},[140427],{"text":140428,"type":599},"“We are committed to developing Bolivia’s lithium resources through these steps:",{"type":594,"attrs":140430,"content":140431},{"textAlign":49},[140432],{"text":140433,"type":599},"“Our teams efforts to commercialise Bolivia’s lithium industry will focus on the following goals for benefiting the Bolivia: ",{"type":594,"attrs":140435,"content":140436},{"textAlign":49},[140437],{"text":140438,"type":599},"“Our team’s tailored strategy to take advantage of the unprecedented growth in the lithium industry is a once-in-a-generation event that creates wealth for the Bolivian people for many decades to come.”",{"type":594,"attrs":140440,"content":140441},{"textAlign":49},[140442],{"text":140443,"type":599},"——",{"type":594,"attrs":140445,"content":140446},{"textAlign":49},[140447,140448],{"text":11314,"type":599},{"text":140449,"type":599}," is the leading independent advisory, data and Price Reporting Agency focused on the Lithium-ion Battery to Electric Vehicle Supply Chain. Our clients include leading producers, consumers and government organisations focused on developing value from the lithium and lithium-ion battery sector.",{"type":594,"attrs":140451,"content":140452},{"textAlign":49},[140453,140455],{"text":140454,"type":599},"If you are a government organisation and have any questions on our services, please email Andy Leyland at ",{"text":140456,"type":599,"marks":140457},"aleyland@benchmarkminerals.com",[140458],{"type":604,"attrs":140459},{"href":140460,"uuid":49,"anchor":49,"target":49,"linktype":607},"mailto:aleyland@benchmarkminerals.com",{"type":594,"attrs":140462,"content":140463},{"textAlign":49},[],"Benchmark Mineral Intelligence is pleased to be the independent advisor for Luis Arce, a candidate to become the next president of Bolivia, to develop a Lithium First Industrial Strategy. Benchmark is the world’s leading independent advisory firm for the lithium ion battery to electric vehicle supply chain, and as part of our suite of services, […]",[140466],{"slug":544,"name":543,"content":140467},{"job_title":557,"image":140468,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b22f27e1-499e-43da-b074-a0c88bcdbe52\", \"id\": \"\"}-->",[140471],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":28697,"copyright":547,"fieldtype":553,"meta_data":140473,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jul 13, 2020",{"id":140476,"uuid":140477,"name":140478,"slug":140479,"full_slug":140480,"content":140481},112473937321498,"05c2f052-9194-4a37-92f9-eaf7e7352299","UK earmarks £1bn to attract EV battery gigafactory and kick start lithium ion economy","uk-earmarks-1bn-to-attract-ev-battery-gigafactory-and-kick-start-lithium-ion-economy","article/uk-earmarks-1bn-to-attract-ev-battery-gigafactory-and-kick-start-lithium-ion-economy",{"_uid":140482,"date":140483,"tags":140484,"editor":140485,"content":140489,"excerpt":140632,"featured":50,"reporter":140633,"_editable":140637,"component":864,"seo_title":140478,"categories":140638,"visibility":882,"author_company":49,"featured_image":140640,"seo_description":140632,"author_full_name":49,"author_job_title":49,"formattedDate":140643},"5d3c0790-0ff5-48bd-97be-cfa41daeb377","2020-06-30 00:00",[],[140486],{"slug":544,"name":543,"content":140487},{"job_title":557,"image":140488,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":140490},[140491,140496,140501,140506,140511,140516,140521,140524,140529,140542,140547,140552,140557,140562,140567,140572,140577,140582,140587,140592,140597,140602,140607,140610,140618,140627],{"type":594,"attrs":140492,"content":140493},{"textAlign":49},[140494],{"text":140495,"type":599},"The UK Government has ramped up its efforts to attract a lithium ion battery megafactory / gigafactory in a bid to build a new domestic lithium ion economy with £1bn of funding to kick start the initiative.",{"type":594,"attrs":140497,"content":140498},{"textAlign":49},[140499],{"text":140500,"type":599},"Prime Minister Boris Johnson today outlined a UK economic recovery plan, in an FDR New Deal-inspired speech, which put lithium ion batteries and the supply chains that feed them at the centre of its coronavirus / Covid recovery plan.",{"type":657,"attrs":140502,"content":140503},{"level":15966,"textAlign":49},[140504],{"text":140505,"type":599},"The UK Government stated:",{"type":594,"attrs":140507,"content":140508},{"textAlign":49},[140509],{"text":140510,"type":599},"“We are making additional funding available this year to attract investment in ‘gigafactories’, which mass-produce batteries and other electric vehicle components, enabling the UK to lead on the next generation of automotive technologies”.",{"type":657,"attrs":140512,"content":140513},{"level":15966,"textAlign":49},[140514],{"text":140515,"type":599},"Alok Sharma, Secretary of State for Business, Energy and Industrial Strategy said:",{"type":594,"attrs":140517,"content":140518},{"textAlign":49},[140519],{"text":140520,"type":599},"“Building on our historic strength in the automotive sector, we are moving towards building the UK’s first Gigafactory. This is alongside our existing £1bn investment in world-leading research for batteries and electric vehicles,”",{"type":594,"attrs":140522,"content":140523},{"textAlign":49},[],{"type":657,"attrs":140525,"content":140526},{"level":15966,"textAlign":49},[140527],{"text":140528,"type":599},"UK’s New Deal echoes Benchmark Senate Testimony",{"type":594,"attrs":140530,"content":140531},{"textAlign":49},[140532,140534,140540],{"text":140533,"type":599},"Prime Minister Johnson’s continued reference to FDR’s New Deal echoed the testimony of Benchmark’s MD, Simon Moores, to the US Senate last week, as outlined in this ",{"text":140535,"type":599,"marks":140536},"excerpt",[140537],{"type":604,"attrs":140538},{"href":140539,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.metaltechnews.com/story/2020/06/24/tech-metals/new-battery-deal-idea-floated-to-congress/266.html",{"text":140541,"type":599}," from Metal Tech News:",{"type":594,"attrs":140543,"content":140544},{"textAlign":49},[140545],{"text":140546,"type":599},"“Reminiscent of President Franklin D. Roosevelt’s New Deal to pull the U.S. out of the Great Depression, the global lithium-ion battery expert’s idea is to build the infrastructure America needs as it continues into the 21st century.",{"type":594,"attrs":140548,"content":140549},{"textAlign":49},[140550],{"text":140551,"type":599},"‘Instead of dams, you need to build battery megafactories in their multiples. Instead of highways, bridges and tunnels, you need to build the supply chains to enable these megafactories to operate securely and consistently,” he said. “These include the cathode and anode plants, and the lithium, cobalt, graphite, nickel and manganese sources to feed them.’",{"type":594,"attrs":140553,"content":140554},{"textAlign":49},[140555],{"text":140556,"type":599},"Moores is not suggesting minor incentives to gradually build out domestic battery infrastructure, telling the senators that this investment in the lithium-ion supply chain “has to be done at a speed, scale, and quality that will make most of U.S. corporations uncomfortable.”",{"type":657,"attrs":140558,"content":140559},{"level":15966,"textAlign":49},[140560],{"text":140561,"type":599},"Benchmark sees need for at least four gigfactories in next 7 years",{"type":594,"attrs":140563,"content":140564},{"textAlign":49},[140565],{"text":140566,"type":599},"Benchmark has always stated the need for UK lithium ion battery cell capacity to expand on the 1.9GWh it has in Sunderland for the Nissan LEAF – the world’s first purpose-built EV battery megafactory outside of China.",{"type":594,"attrs":140568,"content":140569},{"textAlign":49},[140570],{"text":140571,"type":599},"The country needs to replicate this strategy on a scale that is an order of magnitude bigger than this and believes a target of 200GWh by 2027, in two 100GWh phases is the right approach.",{"type":594,"attrs":140573,"content":140574},{"textAlign":49},[140575],{"text":140576,"type":599},"Tesla and Panasonic’s Gigafactory in Nevada, USA, is the world’s largest lithium ion battery cell plant with a 37GWh capacity.",{"type":594,"attrs":140578,"content":140579},{"textAlign":49},[140580],{"text":140581,"type":599},"The next wave of battery megafactories are expected to be designed for a 70GWh capacity.",{"type":594,"attrs":140583,"content":140584},{"textAlign":49},[140585],{"text":140586,"type":599},"The world is building 142 of these battery megafactories worldwide, with an average capacity of 18 GWh per facility. Today, 109 of these facilities are in China.",{"type":594,"attrs":140588,"content":140589},{"textAlign":49},[140590],{"text":140591,"type":599},"Yet, Benchmark expects any UK Gigafactory to be larger than this average and designed for an initial 30GWh capacity with the ability to scale to 70GWh. On this basis, the country would need 3 or 4 of these super sized battery cell plants in the next 7 years.",{"type":594,"attrs":140593,"content":140594},{"textAlign":49},[140595],{"text":140596,"type":599},"The UK would also need to attract tier one battery producers that have a track record of producing at scale and quality. Benchmark’s tier one battery cell producers are presently assessed as: LG Chem, Panasonic, Tesla, CATL, SK Innovation and Envision AESC.",{"type":594,"attrs":140598,"content":140599},{"textAlign":49},[140600],{"text":140601,"type":599},"Lithium ion batteries were described in Moores’ Senate speech as a “core platform technology” for the next 100 years allowing the basis for three valuable industries to thrive: electric vehicles, energy storage and consumer electronics.",{"type":594,"attrs":140603,"content":140604},{"textAlign":49},[140605],{"text":140606,"type":599},"The need for tier one lithium ion battery cell suppliers has been outlined by Benchmark’s analysts time and again, followed by super-sized cathode and anode plants and secure raw material supply chains to feed them.",{"type":594,"attrs":140608,"content":140609},{"textAlign":49},[],{"type":594,"attrs":140611,"content":140612},{"textAlign":49},[140613],{"text":140614,"type":599,"marks":140615},"Read and Listen to Benchmark’s Simon Moores US Senate Testimony here",[140616],{"type":604,"attrs":140617},{"href":103526,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":140619,"content":140620},{"textAlign":49},[140621],{"text":140622,"type":599,"marks":140623},"Listen to Senator Lisa Murkowski interview Benchmark’s Simon Moores here ",[140624],{"type":604,"attrs":140625},{"href":140626,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://podcasts.apple.com/us/podcast/murkowskis-message-podcast/id1519302002?i=1000479632258",{"type":594,"attrs":140628,"content":140629},{"textAlign":49},[140630],{"text":140631,"type":599},"If you are interested in connecting, you can contact Team Benchmark at info@benchmarkminerals.com ","The UK Government has ramped up its efforts to attract a lithium ion battery megafactory / gigafactory in a bid to build a new domestic lithium ion economy with £1bn of funding to kick start the initiative. Prime Minister Boris Johnson today outlined a UK economic recovery plan, in an FDR New Deal-inspired speech, which […]",[140634],{"slug":544,"name":543,"content":140635},{"job_title":557,"image":140636,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5d3c0790-0ff5-48bd-97be-cfa41daeb377\", \"id\": \"\"}-->",[140639],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":140641,"copyright":547,"fieldtype":553,"meta_data":140642,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/256d7ec201/bm-uk-giga.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 30, 2020",{"id":140645,"uuid":140646,"name":140647,"slug":140648,"full_slug":140649,"content":140650},112473946869294,"a4b04e15-7e45-47fd-b985-c9eeed37e88a","“A new global lithium ion economy is being created” – Benchmark’s Simon Moores US Senate testimony transcript","a-new-global-lithium-ion-economy-is-being-created-benchmarks-simon-moores-us-senate-testimony-transcript","article/a-new-global-lithium-ion-economy-is-being-created-benchmarks-simon-moores-us-senate-testimony-transcript",{"_uid":140651,"date":140652,"tags":140653,"editor":140656,"content":140660,"excerpt":140891,"featured":50,"reporter":140892,"_editable":140896,"component":864,"seo_title":140647,"categories":140897,"visibility":2091,"author_company":49,"featured_image":140899,"seo_description":140891,"author_full_name":49,"author_job_title":49,"formattedDate":140902},"9339b5e0-8dcd-41e5-ad5b-54a5ac137b8f","2020-06-25 00:00",[140654,140655],{"slug":1375,"name":1376},{"slug":4610,"name":662},[140657],{"slug":544,"name":543,"content":140658},{"job_title":557,"image":140659,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":140661},[140662,140667,140672,140677,140682,140687,140692,140697,140702,140710,140715,140720,140725,140730,140735,140740,140745,140750,140755,140760,140765,140770,140775,140780,140785,140790,140795,140800,140805,140813,140818,140823,140828,140833,140838,140843,140848,140853,140858,140863,140868,140885,140888],{"type":657,"attrs":140663,"content":140664},{"level":137844,"textAlign":49},[140665],{"text":140666,"type":599},"On Wednesday 24 June 2020, Benchmark’s Managing Director, Simon Moores, was invited as an expert witness to testify to the US Senate Energy and Natural Resources Committee led by Senator Lisa Murkowski (R-Alaska) and Senator Joe Manchin (D-West Virginia).",{"type":657,"attrs":140668,"content":140669},{"level":137844,"textAlign":49},[140670],{"text":140671,"type":599},"Here is the full transcript of the opening spoken statement.",{"type":594,"attrs":140673,"content":140674},{"textAlign":49},[140675],{"text":140676,"type":599},"Senator Murkowski, Senator Manchin and members of the committee I thank you for inviting me to this hearing today.",{"type":594,"attrs":140678,"content":140679},{"textAlign":49},[140680],{"text":140681,"type":599},"China is building the equivalent of one battery megafactory a week, the United States one every four months.",{"type":594,"attrs":140683,"content":140684},{"textAlign":49},[140685],{"text":140686,"type":599},"This is my third time presenting to the Senate on behalf of Benchmark Mineral Intelligence in two and a half years.",{"type":594,"attrs":140688,"content":140689},{"textAlign":49},[140690],{"text":140691,"type":599},"In that time, we have witnessed a global battery arms race and watched the world’s number of supersized battery plants – known as battery megafactories or gigafactories – go from 17 to 142.",{"type":594,"attrs":140693,"content":140694},{"textAlign":49},[140695],{"text":140696,"type":599},"Since 2017: China’s battery megafactory pipeline has increased from 9 to 107, of which 53 are now active and in production",{"type":594,"attrs":140698,"content":140699},{"textAlign":49},[140700],{"text":140701,"type":599},"Meanwhile, the United States has gone from 3 to 9 plants of which still only 3 are active, the same number as just under three years ago.",{"type":594,"attrs":140703,"content":140704},{"textAlign":49},[140705,140707,140708],{"text":140706,"type":599},"Lithium ion batteries are a core platform technology for the 21",{"text":4852,"type":599},{"text":140709,"type":599}," century.",{"type":594,"attrs":140711,"content":140712},{"textAlign":49},[140713],{"text":140714,"type":599},"They allow our energy to be stored on a widespread basis in electric vehicles and energy storage systems, and they spark the demand for the critical raw materials and chemicals.",{"type":594,"attrs":140716,"content":140717},{"textAlign":49},[140718],{"text":140719,"type":599},"A new global lithium ion economy is being created.",{"type":594,"attrs":140721,"content":140722},{"textAlign":49},[140723],{"text":140724,"type":599},"Yet, any ambitions for the United States to be a leader in this lithium ion economy continue to only creep forward and be outstripped by China and Europe.",{"type":594,"attrs":140726,"content":140727},{"textAlign":49},[140728],{"text":140729,"type":599},"So I repeat this fact: China is building the equivalent of one battery megafactory a week, the USA one every four months.",{"type":594,"attrs":140731,"content":140732},{"textAlign":49},[140733],{"text":140734,"type":599},"This rise of the battery megafactories will require demand for raw materials to increase significantly.",{"type":594,"attrs":140736,"content":140737},{"textAlign":49},[140738],{"text":140739,"type":599},"By 2029, demand for nickel will double, cobalt to grow by 3 times, flake graphite and manganese by four times, and lithium by more than six times.",{"type":594,"attrs":140741,"content":140742},{"textAlign":49},[140743],{"text":140744,"type":599},"The tectonic plates of the industry have shifted.",{"type":594,"attrs":140746,"content":140747},{"textAlign":49},[140748],{"text":140749,"type":599},"Layered on top of this are new, emerging demands of supply chain security, transparency and accountability.",{"type":594,"attrs":140751,"content":140752},{"textAlign":49},[140753],{"text":140754,"type":599},"Not only has the COVID-19 crisis exposed the weakness of truly global supply chains and the need to build domestically, it has continued to shine a spotlight on how these raw materials are extracted around the world.",{"type":594,"attrs":140756,"content":140757},{"textAlign":49},[140758],{"text":140759,"type":599},"In the United States, progress is far too slow on building out a domestic lithium ion economy, but the opportunities that remain are vast and pioneers have emerged.",{"type":594,"attrs":140761,"content":140762},{"textAlign":49},[140763],{"text":140764,"type":599},"Tesla has continued to lead the industry and build on its Nevada Gigafactory by announcing super-sized battery plants in Germany and China and is expected to announce a fourth in Texas – which would give the United States first ever 100% owned and made lithium ion batteries.",{"type":594,"attrs":140766,"content":140767},{"textAlign":49},[140768],{"text":140769,"type":599},"Ohio has recognised the scale of this opportunity and attracted $2.3B from the General Motors / LG Chem joint venture.",{"type":594,"attrs":140771,"content":140772},{"textAlign":49},[140773],{"text":140774,"type":599},"You can also turn to Alabama, Georgia and Tennessee for electric vehicle and battery cell investment success.",{"type":594,"attrs":140776,"content":140777},{"textAlign":49},[140778],{"text":140779,"type":599},"Yet most of these developments are more stand-alone achievements than a coherent US plan, and all rely on imported raw materials and chemicals for the two main components that make a lithium ion battery: the cathodes and anodes.",{"type":594,"attrs":140781,"content":140782},{"textAlign":49},[140783],{"text":140784,"type":599},"America has some of the best cathode know-how in the business, yet only three cathode plants producing under 1% of global output.",{"type":594,"attrs":140786,"content":140787},{"textAlign":49},[140788],{"text":140789,"type":599},"While China produces over two third of global supply from over 100 cathode facilities.",{"type":594,"attrs":140791,"content":140792},{"textAlign":49},[140793],{"text":140794,"type":599},"It’s reassuring to see Umicore here today and actually have one of the true leaders in the industry step forward to talk about these issues.",{"type":594,"attrs":140796,"content":140797},{"textAlign":49},[140798],{"text":140799,"type":599},"For graphite anode, the United States has zero manufacturing plants while China has 48 plants and controls 84% of total global anode supply.",{"type":594,"attrs":140801,"content":140802},{"textAlign":49},[140803],{"text":140804,"type":599},"Developing this mid-stream of the supply chain will create a domestic ecosystem, an engine for more battery plants to be built, more electric vehicles to be made, more energy storage systems to be installed, and will spark the development of domestic mining and chemical processing.",{"type":594,"attrs":140806,"content":140807},{"textAlign":49},[140808,140810,140811],{"text":140809,"type":599},"However, be under no illusions that the United States needs to build this 21",{"text":4852,"type":599},{"text":140812,"type":599}," century heavy industry from scratch.",{"type":594,"attrs":140814,"content":140815},{"textAlign":49},[140816],{"text":140817,"type":599},"FDR’s New Deal, for example, built core infrastructure that the United States still relies on today.",{"type":594,"attrs":140819,"content":140820},{"textAlign":49},[140821],{"text":140822,"type":599},"Nearly 100 years on similar economic and industrial circumstances, your country has to do this all over again.",{"type":594,"attrs":140824,"content":140825},{"textAlign":49},[140826],{"text":140827,"type":599},"Yet instead of dams, you need to build battery megafactories in their multiples.",{"type":594,"attrs":140829,"content":140830},{"textAlign":49},[140831],{"text":140832,"type":599},"Instead of highways, bridges and tunnels, you need to build the supply chains to enable these megafactories to operate securely and consistently. These include the cathode and anode plants AND the lithium, cobalt, graphite, nickel and manganese sources to feed them.",{"type":594,"attrs":140834,"content":140835},{"textAlign":49},[140836],{"text":140837,"type":599},"And this has to be done at a speed, scale and quality that will make most of US corporations uncomfortable.",{"type":594,"attrs":140839,"content":140840},{"textAlign":49},[140841],{"text":140842,"type":599},"Even more, these supply chains need to be underpinned by Giga sized battery recycling facilities to match the scale of these new operations and close the loop.",{"type":594,"attrs":140844,"content":140845},{"textAlign":49},[140846],{"text":140847,"type":599},"One can also look to the creation of a widespread US semiconductor industry starting in the 1980s.",{"type":594,"attrs":140849,"content":140850},{"textAlign":49},[140851],{"text":140852,"type":599},"The lead that the United States built in semiconductors and computing power has sustained your country’s dominance in this space for over five decades.",{"type":594,"attrs":140854,"content":140855},{"textAlign":49},[140856],{"text":140857,"type":599},"Those who invest in battery capacity and supply chains today will hold the sway of industrial power for generations to come.",{"type":594,"attrs":140859,"content":140860},{"textAlign":49},[140861],{"text":140862,"type":599},"I would like to thank Senator Murkowski who’s leadership on this subject over the years has been crucial and relentless. The industry is listening.”",{"type":594,"attrs":140864,"content":140865},{"textAlign":49},[140866],{"text":140867,"type":599},"—-End—-",{"type":594,"attrs":140869,"content":140870},{"textAlign":49},[140871,140876,140878,140883],{"text":140872,"type":599,"marks":140873},"Subscribe to Benchmark Membership",[140874],{"type":604,"attrs":140875},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":140877,"type":599}," for the latest insights, analysis, and market intelligence on the lithium ion and electric vehicle supply chain. ",{"text":140879,"type":599,"marks":140880},"Click here",[140881],{"type":604,"attrs":140882},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":140884,"type":599}," to learn more or to sign up today.",{"type":594,"attrs":140886,"content":140887},{"textAlign":49},[],{"type":594,"attrs":140889,"content":140890},{"textAlign":49},[],"On Wednesday 24 June 2020, Benchmark’s Managing Director, Simon Moores, was invited as an expert witness to testify to the US Senate Energy and Natural Resources Committee led by Senator Lisa Murkowski (R-Alaska) and Senator Joe Manchin (D-West Virginia). Here is the full transcript of the opening spoken statement. Senator Murkowski, Senator Manchin and members […]",[140893],{"slug":544,"name":543,"content":140894},{"job_title":557,"image":140895,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9339b5e0-8dcd-41e5-ad5b-54a5ac137b8f\", \"id\": \"\"}-->",[140898],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":140900,"copyright":547,"fieldtype":553,"meta_data":140901,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/96289bfeac/bm-moores-2020-senate-1.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 25, 2020",{"id":140904,"uuid":140905,"name":140906,"slug":140907,"full_slug":140908,"content":140909},112473951628864,"6a751ca4-1f62-43ce-9ee8-47ac666ba96d","Cathode capacity expansions continue in Asia & Europe to meet 2022 & 2023 demand","cathode-capacity-expansions-continue-in-asia-europe-to-meet-2022-2023-demand","article/cathode-capacity-expansions-continue-in-asia-europe-to-meet-2022-2023-demand",{"_uid":140910,"date":140911,"tags":140912,"editor":140913,"content":140917,"excerpt":140979,"featured":50,"reporter":140980,"_editable":140984,"component":864,"seo_title":140906,"categories":140985,"visibility":882,"author_company":49,"featured_image":140987,"seo_description":140979,"author_full_name":49,"author_job_title":49,"formattedDate":140990},"f4b094f6-87bd-47ae-b9ac-b49103a02fef","2020-06-19 00:00",[],[140914],{"slug":544,"name":543,"content":140915},{"job_title":557,"image":140916,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":140918},[140919,140924,140929,140934,140939,140944,140949,140954,140959,140964,140969,140974],{"type":594,"attrs":140920,"content":140921},{"textAlign":49},[140922],{"text":140923,"type":599},"This week we have seen leading cathode producers Umicore, POSCO and BASF reaffirm plans as part of their wider cathode capacity buildouts. These leading cathode producers continue to make progress in ramping up capacity to meet future lithium ion cell demand despite short-term fears surrounding the economic fallout from Covid-19.",{"type":594,"attrs":140925,"content":140926},{"textAlign":49},[140927],{"text":140928,"type":599},"Umicore this week confirmed its €125 million loan from the European Investment Bank (EIB), which forms part of the European Commission’s wider push supply chain push.",{"type":594,"attrs":140930,"content":140931},{"textAlign":49},[140932],{"text":140933,"type":599},"The EIB loan is being used by Umicore to finance the construction of its cathode manufacturing plant in Nysa, Poland, and will see the Belgian producer expand its cathode footprint in Europe.",{"type":594,"attrs":140935,"content":140936},{"textAlign":49},[140937],{"text":140938,"type":599},"Data from Benchmark’s Cathode Market Assessment shows that the Nysa plant has two NCM (nickel cobalt manganese) lines under construction. The first line is due to begin production in 2022 will have a capacity of 10,000 tpa and is due to be followed by a second high-nickel line by 2023, taking total capacity to 25,000 tpa.",{"type":594,"attrs":140940,"content":140941},{"textAlign":49},[140942],{"text":140943,"type":599},"While Umicore is focused on building out its European capacity, Benchmark’s assessment shows that the group also has a further 8,000 tpa of NCM 811 capacity due to come online in China in 2022.",{"type":594,"attrs":140945,"content":140946},{"textAlign":49},[140947],{"text":140948,"type":599},"Umicore is not the only manufacturer building out its European capacity as Germany’s BASF confirmed it remains on schedule to bring its Schwarzheide, Germany, cathode plant online by 2022. The Schwarzheide facility, which is currently under construction, will have 10,000 tpa of high-nickel capacity according to Benchmark’s Cathode Assessment.",{"type":594,"attrs":140950,"content":140951},{"textAlign":49},[140952],{"text":140953,"type":599},"BASF has also started construction of its precursor active material plant in Harjavalta, Finland, which will feed into the Schwarzheide cathode site. Last year BASF and Norilsk Nickel established a strategic cooperation for the supply of nickel and cobalt. This cooperation was further developed in March this year as BASF, Norilsk Nickel and Fortum signed an agreement to build an agreement to build a battery recycling centre in Finland, which will feed into the Harjavalta factory and ultimately cathode production in Germany.",{"type":594,"attrs":140955,"content":140956},{"textAlign":49},[140957],{"text":140958,"type":599},"BASF’s cathode manufacturing capacity is centred in its Japanese production facility in Onoda. When the company’s Schwarzheide facility comes online total capacity will increase by over 30%.",{"type":594,"attrs":140960,"content":140961},{"textAlign":49},[140962],{"text":140963,"type":599},"While expansions from BASF and Umicore have been focused on increasing their high nickel NCM and NCA cathode capacity, POSCO announced this week that it will soon begin commercial production of NCMA cathodes (nickel cobalt manganese aluminium).",{"type":594,"attrs":140965,"content":140966},{"textAlign":49},[140967],{"text":140968,"type":599},"POSCO’s current capacity expansions are currently geared towards NCM 622/811 cathode chemistries but the company has planning a move into NCMA for the past 12 months.",{"type":594,"attrs":140970,"content":140971},{"textAlign":49},[140972],{"text":140973,"type":599},"POSCO already has bold ambitions and aims to have a 20% share of the cathode market by 2030. The company has already made significant steps in improving its market share, having increased output from less than 3,000 tonnes in 2018 to over 15,000 tonnes in 2019. Its current plans and construction efforts will see the company expand its total cathode capacity to over 85,000 tonnes according to Benchmark’s Cathode Market Assessment.",{"type":594,"attrs":140975,"content":140976},{"textAlign":49},[140977],{"text":140978,"type":599},"Benchmark’s Product Director, Andrew Miller, said of the latest cathode developments: “The ongoing commitments from tier 1 cathode producers underlines the long-term growth trajectory of the battery market. Short-term demand will be impacted by Covid-related cutbacks but the rebound – particularly in Europe given recent stimulus measures – will be aggressive. Investments from the likes of Umicore, BASF and POSCO are needed now to meet the demand of 2022/23.”","This week we have seen leading cathode producers Umicore, POSCO and BASF reaffirm plans as part of their wider cathode capacity buildouts. These leading cathode producers continue to make progress in ramping up capacity to meet future lithium ion cell demand despite short-term fears surrounding the economic fallout from Covid-19. Umicore this week confirmed its […]",[140981],{"slug":544,"name":543,"content":140982},{"job_title":557,"image":140983,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f4b094f6-87bd-47ae-b9ac-b49103a02fef\", \"id\": \"\"}-->",[140986],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":140988,"copyright":547,"fieldtype":553,"meta_data":140989,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/825fae2e5f/bm-umicore-578086ee675.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 19, 2020",{"id":140992,"uuid":140993,"name":140994,"slug":140995,"full_slug":140996,"content":140997},112473961545382,"ad5e705c-7409-4600-b196-0a263b5a48ff","LFP 2.0 is not about the price of lithium, here’s what’s driving demand","lfp-2-0-is-not-about-the-price-of-lithium-heres-whats-driving-demand","article/lfp-2-0-is-not-about-the-price-of-lithium-heres-whats-driving-demand",{"_uid":140998,"date":140999,"tags":141000,"editor":141002,"content":141006,"excerpt":141201,"featured":51,"reporter":141202,"_editable":141206,"component":864,"seo_title":140994,"categories":141207,"visibility":2091,"author_company":49,"featured_image":141209,"seo_description":141201,"author_full_name":49,"author_job_title":49,"formattedDate":141211},"cb23f4ea-6652-48f0-b422-a7cc1459dff6","2020-06-18 00:00",[141001],{"slug":7219,"name":451},[141003],{"slug":544,"name":543,"content":141004},{"job_title":557,"image":141005,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":141007},[141008,141019,141024,141029,141034,141039,141044,141051,141059,141066,141071,141076,141083,141088,141093,141098,141103,141108,141113,141118,141126,141131,141136,141141,141151,141158,141163,141168,141174,141179,141184,141189,141194],{"type":594,"attrs":141009,"content":141010},{"textAlign":49},[141011,141013,141014,141016,141017],{"text":141012,"type":599},"After a number of questions from our clients on the lithium iron phosphate (LFP) resurgence – or LFP 2.0 – in the electric vehicle (EV) space, ",{"text":72203,"type":599},{"text":141015,"type":599},", Head of Price Assessments at ",{"text":11314,"type":599},{"text":141018,"type":599}," outlines why this is not about the price of lithium and how the reasons are more nuanced. ",{"type":594,"attrs":141020,"content":141021},{"textAlign":49},[141022],{"text":141023,"type":599},"——–",{"type":657,"attrs":141025,"content":141026},{"level":15966,"textAlign":49},[141027],{"text":141028,"type":599},"LFP not driven by the lower market price of lithium carbonate ",{"type":594,"attrs":141030,"content":141031},{"textAlign":49},[141032],{"text":141033,"type":599},"The resurgence of LFP is not about the price of lithium. ",{"type":594,"attrs":141035,"content":141036},{"textAlign":49},[141037],{"text":141038,"type":599},"Although the cost of lithium carbonate vs hydroxide has had a bearing on the trend of cathode technology, this is not specific to LFP.",{"type":594,"attrs":141040,"content":141041},{"textAlign":49},[141042],{"text":141043,"type":599},"The price of lithium has been volatile over recent years, riding a new wave of lithium ion battery demand prices rose to record highs, instigating an influx of new supply, in general, which ultimately led to an abrupt correction. ",{"type":594,"attrs":141045,"content":141046},{"textAlign":49},[141047,141048,141049],{"text":2372,"type":599},{"text":9653,"type":599},{"text":141050,"type":599}," global weighted average lithium carbonate price was $5,211/tonne in March 2015, a year later it had increased to $9,844/tonne, by March 2017 this was $11,938/tonne eventually peaking at $17,513/tonne in March 2018.",{"type":594,"attrs":141052,"content":141053},{"textAlign":49},[141054,141056,141057],{"text":141055,"type":599},"Following this lithium carbonate has seen a consistent slide in prices with the ",{"text":9653,"type":599},{"text":141058,"type":599}," global weighted average lithium carbonate price falling to $6,582/tonne as of May 2020. ",{"type":594,"attrs":141060,"content":141061},{"textAlign":49},[141062,141063,141064],{"text":40844,"type":599},{"text":9653,"type":599},{"text":141065,"type":599}," global weighted average lithium hydroxide price has seen premiums in excess of 40% over carbonate at points during this cycle, it is not the lithium alone that has been prohibitive to adoption of NCM cathode chemistries. ",{"type":594,"attrs":141067,"content":141068},{"textAlign":49},[141069],{"text":141070,"type":599},"At a time when EV producers are increasingly cost-conscious, the use of higher value cobalt and nickel inputs have had a much bigger bearing over cost considerations than the lithium component which varies in its chemical form across cathode chemistries, but remains relatively consistant in its volume intensity.",{"type":594,"attrs":141072,"content":141073},{"textAlign":49},[141074],{"text":141075,"type":599},"LFP contains close to the same amount of lithium as competing chemistry, nickel-cobalt-manganese (NCM), so if the price of lithium was the fundamental driver of the adoption, carbonate-containing NCM variations would have benefited in the same way.",{"type":594,"attrs":141077,"content":141078},{"textAlign":49},[141079],{"type":1186,"attrs":141080},{"id":49,"alt":547,"src":141081,"title":49,"source":49,"copyright":49,"meta_data":141082},"https://a.storyblok.com/f/287943243085208/51a8b1217a/bm-li.png",{},{"type":594,"attrs":141084,"content":141085},{"textAlign":49},[141086],{"text":141087,"type":599},"Benchmark sets the lithium industry’s reference price. Subscribe or learn more: info@benchmarkminerals.com",{"type":657,"attrs":141089,"content":141090},{"level":15966,"textAlign":49},[141091],{"text":141092,"type":599},"Iron & phosphate are key LFP differentiators",{"type":594,"attrs":141094,"content":141095},{"textAlign":49},[141096],{"text":141097,"type":599},"The lower cost of LFP is fundamentally tied to iron and phosphate replacing nickel and cobalt – a major differentiating factor for this cathode chemistry. ",{"type":594,"attrs":141099,"content":141100},{"textAlign":49},[141101],{"text":141102,"type":599},"Quite simply, NCM users need to manage three critical raw material inputs of nickel, cobalt and lithium versus LFP’s one (lithium).",{"type":594,"attrs":141104,"content":141105},{"textAlign":49},[141106],{"text":141107,"type":599},"The introduction of iron and phosphate makes LFP cathode half the price of commonly used NCM cathode of today and a very attractive option for new EVs within China (see below). ",{"type":594,"attrs":141109,"content":141110},{"textAlign":49},[141111],{"text":141112,"type":599},"Therefore, its important to understand that this is a key driver of adoption rather than the at present lower price for lithium, an input that will remain price volatile for the long term.",{"type":594,"attrs":141114,"content":141115},{"textAlign":49},[141116],{"text":141117,"type":599},"The cost difference between carbonate and hydroxide has, however, played a role in the evolution of NCM cathode technology, specifically NCM 811 as the higher nickel cathode technology requires lithium hydroxide in its production.",{"type":594,"attrs":141119,"content":141120},{"textAlign":49},[141121,141123,141124],{"text":141122,"type":599},"As the price of cobalt has fallen since the highs of April 2018 when the ",{"text":9653,"type":599},{"text":141125,"type":599}," cobalt battery metal price reached $43.63/lb ($96,200/tonne) to current levels $14.68/lb ($32,400/tonne) as of May 2020, as well as the premium of lithium hydroxide over carbonate persisting, this has seen pressure to move to NCM 811 reduce – with the move being driven primarily by the need for greater energy density rather than cost-saving.",{"type":657,"attrs":141127,"content":141128},{"level":15966,"textAlign":49},[141129],{"text":141130,"type":599},"LFP is getting better, takes advantage of established technology, reliable supply chains",{"type":594,"attrs":141132,"content":141133},{"textAlign":49},[141134],{"text":141135,"type":599},"LFP is a well-established technology that has improved since 2015, is known for its safety and reliability, and has been primarily used in electric buses.",{"type":594,"attrs":141137,"content":141138},{"textAlign":49},[141139],{"text":141140,"type":599},"LFP battery production capacity and expertise already sits within China, and especially the efforts of CATL and BYD to improve energy density levels over the last five years. ",{"type":594,"attrs":141142,"content":141143},{"textAlign":49},[141144,141146,141150],{"text":141145,"type":599},"This has allowed Tesla to leverage the timing of its Shanghai Gigafactory to partner with CATL for its standard range Model 3, the first time the US auto maker utilised LFP cathode and prismatic cells, a Benchmark exclusive you can view ",{"text":6515,"type":599,"marks":141147},[141148],{"type":604,"attrs":141149},{"href":131254,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":17632,"type":599},{"type":594,"attrs":141152,"content":141153},{"textAlign":49},[141154,141156],{"text":141155,"type":599},"LFP cathode also has a good cycle life but surrenders energy density for these benefits. ",{"text":141157,"type":599},"Recent improvements in cathode and cell pack design, known as cell-to-pack (CTP) have also increased pack level energy density.",{"type":594,"attrs":141159,"content":141160},{"textAlign":49},[141161],{"text":141162,"type":599},"This is ideal for markets where consumers prioritise cost savings over range. ",{"type":657,"attrs":141164,"content":141165},{"level":15966,"textAlign":49},[141166],{"text":141167,"type":599},"LFP is China centric, best fit EV for the market ",{"type":594,"attrs":141169,"content":141170},{"textAlign":49},[141171,141172],{"text":9653,"type":599},{"text":141173,"type":599}," is only seeing increased LFP uptake in the Chinese passenger EV market for lower priced and lower range models, in what is the fastest growing and most diverse electric vehicle market in the world. ",{"type":594,"attrs":141175,"content":141176},{"textAlign":49},[141177],{"text":141178,"type":599},"This market has the need for lower cost EV options more so than in western markets. ",{"type":594,"attrs":141180,"content":141181},{"textAlign":49},[141182],{"text":141183,"type":599},"LFP does not feature on major automakers technology plans for passenger EVs outside of China currently, as the industry pushes for greater range. ",{"type":594,"attrs":141185,"content":141186},{"textAlign":49},[141187],{"text":141188,"type":599},"Technology pathways are currently focussed on deploying NCM 811 into passenger EVs in the coming 12-18 months ",{"type":594,"attrs":141190,"content":141191},{"textAlign":49},[141192],{"text":141193,"type":599},"Outside of China LFP will continue to play a role, but more prominently in heavy duty vehicles and other applications where range or weight are not as critical.",{"type":594,"attrs":141195,"content":141196},{"textAlign":49},[141197],{"text":141198,"type":599,"marks":141199},"For the electric vehicle supply chain’s leading market data and intelligence, subscriber to Benchmark’s services. Below have been chosen for the relevance to this article. ",[141200],{"type":643},"After a number of questions from our clients on the lithium iron phosphate (LFP) resurgence – or LFP 2.0 – in the electric vehicle (EV) space, Caspar Rawles, Head of Price Assessments at Benchmark Mineral Intelligence outlines why this is not about the price of lithium and how the reasons are more nuanced. ——– LFP […]",[141203],{"slug":544,"name":543,"content":141204},{"job_title":557,"image":141205,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cb23f4ea-6652-48f0-b422-a7cc1459dff6\", \"id\": \"\"}-->",[141208],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":141081,"copyright":547,"fieldtype":553,"meta_data":141210,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jun 18, 2020",{"id":141213,"uuid":141214,"name":141215,"slug":141216,"full_slug":141217,"content":141218},112473956474433,"2351e036-fbb3-45d2-8efa-514c4f5e1232","Benchmark invited to US Senate for third time; Simon Moores to speak on rebuilding America’s supply chains for electric vehicle revolution","benchmark-invited-to-us-senate-for-third-time-simon-moores-to-speak-on-rebuilding-americas-supply-chains-for-electric-vehicle-revolution","article/benchmark-invited-to-us-senate-for-third-time-simon-moores-to-speak-on-rebuilding-americas-supply-chains-for-electric-vehicle-revolution",{"_uid":141219,"date":140999,"tags":141220,"editor":141224,"content":141228,"excerpt":141341,"featured":50,"reporter":141342,"_editable":141346,"component":864,"seo_title":141215,"categories":141347,"visibility":2091,"author_company":49,"featured_image":141349,"seo_description":141341,"author_full_name":49,"author_job_title":49,"formattedDate":141211},"0a0c6002-dc4d-472a-8b13-976ab05adaef",[141221,141222,141223],{"slug":9655,"name":9656},{"slug":1375,"name":1376},{"slug":4610,"name":662},[141225],{"slug":544,"name":543,"content":141226},{"job_title":557,"image":141227,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":141229},[141230,141237,141243,141248,141253,141258,141271,141276,141281,141286,141290,141298,141303,141308,141313,141320,141325,141333,141338],{"type":594,"attrs":141231,"content":141232},{"textAlign":49},[141233,141234,141235],{"text":2372,"type":599},{"text":9653,"type":599},{"text":141236,"type":599}," Team is delighted to confirm that we have been invited to testify to the US Senate for the third time in under three years. ",{"type":594,"attrs":141238,"content":141239},{"textAlign":49},[141240,141241],{"text":9653,"type":599},{"text":141242,"type":599},"’s Managing Director, Simon Moores, has been invited to speak on the criticality of building and rapidly scaling domestic electric vehicle (EV) supply chains in the USA. ",{"type":594,"attrs":141244,"content":141245},{"textAlign":49},[141246],{"text":141247,"type":599},"The hearing is being held by the US Senate Committee on Energy & Natural Resources led by Chairman Senator Lisa Murkowski (R, Alaska) and Ranking Member Joe Manchin (D, West Virginia). ",{"type":594,"attrs":141249,"content":141250},{"textAlign":49},[141251],{"text":141252,"type":599},"Moores will feature in the Full Committee Hearing on the impact of COVID-19 on Mineral Supply Chains, Wednesday 24 June 2020 at 9.30am Washington DC (EDT). ",{"type":594,"attrs":141254,"content":141255},{"textAlign":49},[141256],{"text":141257,"type":599},"“The purpose of the hearing is to examine the impact of COVID-19 on mineral supply chains, the role of those supply chains in economic and national security, and challenges and opportunities to rebuild America’s supply chains,” the committee explained. ",{"type":657,"attrs":141259,"content":141260},{"level":137844,"textAlign":49},[141261,141267],{"text":141262,"type":599,"marks":141263},"A live web cast of the hearing can be viewed ",[141264],{"type":604,"attrs":141265},{"href":141266,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.energy.senate.gov/public/index.cfm/live-webcast",{"text":6515,"type":599,"marks":141268},[141269],{"type":604,"attrs":141270},{"href":141266,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":141272,"content":141273},{"level":137844,"textAlign":49},[141274],{"text":141275,"type":599},"SENATOR LISA MURKOWSKI, R-ALASKA, CHAIRMAN OF THE SENATE ENERGY AND NATURAL RESOURCES SAID:",{"type":594,"attrs":141277,"content":141278},{"textAlign":49},[141279],{"text":141280,"type":599},"“Minerals are the building blocks of modern society, and it is more timely than ever to recognize how their domestic production can strengthen our supply chains.",{"type":594,"attrs":141282,"content":141283},{"textAlign":49},[141284],{"text":141285,"type":599},"“Last year, Mr. Moores emphasized to our committee that those who control global minerals supply chains will hold the balance of industrial power for the 21st century. I look forward to his insights on how we have seen that play out in a global pandemic, and especially as we seek to recover from it.”",{"type":657,"attrs":141287,"content":141288},{"level":137844,"textAlign":49},[141289],{"text":140373,"type":599},{"type":594,"attrs":141291,"content":141292},{"textAlign":49},[141293,141295,141296],{"text":141294,"type":599},"“Team ",{"text":9653,"type":599},{"text":141297,"type":599}," is delighted to, once again, have the opportunity to give our independent state of play on the global electric vehicle supply chain to the highest tier of the US government. ",{"type":594,"attrs":141299,"content":141300},{"textAlign":49},[141301],{"text":141302,"type":599},"“The industry – from lithium, cobalt, graphite and nickel miners through to battery cell makers and EV manufacturers – rely on our proprietary market data and analysis to make the highest level of decisions on scaling this supply chain for the energy storage revolution. ",{"type":594,"attrs":141304,"content":141305},{"textAlign":49},[141306],{"text":141307,"type":599},"“It is our honour to present to the US Senate for the third time in what is now a crucial juncture for the USA in building a new heavy industry from scratch: the EV supply chain. ",{"type":594,"attrs":141309,"content":141310},{"textAlign":49},[141311],{"text":141312,"type":599},"“Senator Murkowski is the most important voice in the USA on what is a pervasive and persistent shift to electrification and energy storage. ",{"type":594,"attrs":141314,"content":141315},{"textAlign":49},[141316,141318],{"text":141317,"type":599},"“The Senator’s relentless leadership on securing these supply chains is a crucial rallying call for a domestic supply chain that is some way",{"text":141319,"type":599}," behind its Chinese and European counterparts. ",{"type":594,"attrs":141321,"content":141322},{"textAlign":49},[141323],{"text":141324,"type":599},"“This subject will define the future of the US auto industry and have a wholesale impact on domestic mining, refining, chemical making and recycling in the USA.",{"type":594,"attrs":141326,"content":141327},{"textAlign":49},[141328,141330,141331],{"text":141329,"type":599},"“I am looking forward to getting Team ",{"text":9653,"type":599},{"text":141332,"type":599},"‘s message across.”",{"type":594,"attrs":141334,"content":141335},{"textAlign":49},[141336],{"text":141337,"type":599},"End.",{"type":594,"attrs":141339,"content":141340},{"textAlign":49},[],"The Benchmark Team is delighted to confirm that we have been invited to testify to the US Senate for the third time in under three years. Benchmark’s Managing Director, Simon Moores, has been invited to speak on the criticality of building and rapidly scaling domestic electric vehicle (EV) supply chains in the USA. The hearing […]",[141343],{"slug":544,"name":543,"content":141344},{"job_title":557,"image":141345,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0a0c6002-dc4d-472a-8b13-976ab05adaef\", \"id\": \"\"}-->",[141348],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":141350,"copyright":547,"fieldtype":553,"meta_data":141351,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0627065a3c/bm-senate.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":141353,"uuid":141354,"name":141355,"slug":141356,"full_slug":141357,"content":141358},112473976897212,"78e5e974-f254-471d-94c6-296ddc236d47","Stream highlights from Benchmark’s EV Supply Chain Festival for free","stream-highlights-from-benchmarks-ev-supply-chain-festival-for-free","article/stream-highlights-from-benchmarks-ev-supply-chain-festival-for-free",{"_uid":141359,"date":141360,"tags":141361,"editor":141362,"content":141366,"excerpt":141512,"featured":50,"reporter":141513,"_editable":141517,"component":864,"seo_title":141355,"categories":141518,"visibility":2091,"author_company":49,"featured_image":141520,"seo_description":141512,"author_full_name":49,"author_job_title":49,"formattedDate":141523},"f113f65d-320c-4c8f-ae05-200fc1ce908c","2020-06-11 00:00",[],[141363],{"slug":544,"name":543,"content":141364},{"job_title":557,"image":141365,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":141367},[141368,141373,141378,141388,141400,141405,141411,141414,141422,141427,141430,141437,141442,141445,141452,141457,141460,141467,141472,141475,141482,141487,141490,141497,141502,141505],{"type":594,"attrs":141369,"content":141370},{"textAlign":49},[141371],{"text":141372,"type":599},"Benchmark’s EV Supply Chain Festival (EV Fest) was the world’s first online electric vehicle festival, catering for every one of the world’s time zones.",{"type":594,"attrs":141374,"content":141375},{"textAlign":49},[141376],{"text":141377,"type":599},"During the course of EV Fest we live-streamed over 30 hours of seminars, presentations and conversations from Benchmark’s analysts and industry experts from across the supply chain.",{"type":594,"attrs":141379,"content":141380},{"textAlign":49},[141381,141383,141387],{"text":141382,"type":599},"We’ve taken highlights from EV Fest and made them free to watch below. Benchmark Members have full access to stream EV Fest videos on demand. To become a Benchmark Member or learn more ",{"text":29386,"type":599,"marks":141384},[141385],{"type":604,"attrs":141386},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":657,"attrs":141389,"content":141390},{"level":15966,"textAlign":49},[141391,141395,141396],{"text":141392,"type":599,"marks":141393},"World Tour East & West",[141394],{"type":643},{"text":1440,"type":599},{"text":141397,"type":599,"marks":141398},"India In Focus",[141399],{"type":643},{"type":594,"attrs":141401,"content":141402},{"textAlign":49},[141403],{"text":141404,"type":599},"Watch highlights from Benchmark’s World Tour East & West and India In Focus from EVFest below.",{"type":657,"attrs":141406,"content":141408},{"level":141407,"textAlign":49},6,[141409],{"text":141410,"type":599},"Chris Reed, MD & CEO, Neometals",{"type":594,"attrs":141412,"content":141413},{"textAlign":49},[],{"type":657,"attrs":141415,"content":141416},{"level":137844,"textAlign":49},[141417],{"text":141418,"type":599,"marks":141419},"Click here for full access to Benchmark’s Video Streaming Service",[141420],{"type":604,"attrs":141421},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":141423,"content":141424},{"level":141407,"textAlign":49},[141425],{"text":141426,"type":599},"Robert Mintak, CEO, Standard Lithium",{"type":594,"attrs":141428,"content":141429},{"textAlign":49},[],{"type":657,"attrs":141431,"content":141432},{"level":137844,"textAlign":49},[141433],{"text":141418,"type":599,"marks":141434},[141435],{"type":604,"attrs":141436},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":141438,"content":141439},{"level":141407,"textAlign":49},[141440],{"text":141441,"type":599},"Marco Romero, CEO, Euro Manganese",{"type":594,"attrs":141443,"content":141444},{"textAlign":49},[],{"type":657,"attrs":141446,"content":141447},{"level":137844,"textAlign":49},[141448],{"text":141418,"type":599,"marks":141449},[141450],{"type":604,"attrs":141451},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":141453,"content":141454},{"level":141407,"textAlign":49},[141455],{"text":141456,"type":599},"Keith Phillips, President & CEO, Piedmont Lithium",{"type":594,"attrs":141458,"content":141459},{"textAlign":49},[],{"type":657,"attrs":141461,"content":141462},{"level":137844,"textAlign":49},[141463],{"text":141418,"type":599,"marks":141464},[141465],{"type":604,"attrs":141466},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":141468,"content":141469},{"level":141407,"textAlign":49},[141470],{"text":141471,"type":599},"Carlos Vicens, CFO, Neo Lithium",{"type":594,"attrs":141473,"content":141474},{"textAlign":49},[],{"type":657,"attrs":141476,"content":141477},{"level":137844,"textAlign":49},[141478],{"text":141418,"type":599,"marks":141479},[141480],{"type":604,"attrs":141481},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":141483,"content":141484},{"level":141407,"textAlign":49},[141485],{"text":141486,"type":599},"Andrew Penkethman, MD & CEO, Ardea Resources",{"type":594,"attrs":141488,"content":141489},{"textAlign":49},[],{"type":657,"attrs":141491,"content":141492},{"level":137844,"textAlign":49},[141493],{"text":141418,"type":599,"marks":141494},[141495],{"type":604,"attrs":141496},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":141498,"content":141499},{"level":141407,"textAlign":49},[141500],{"text":141501,"type":599},"Stephen Biggins, MD, Core Lithium",{"type":594,"attrs":141503,"content":141504},{"textAlign":49},[],{"type":657,"attrs":141506,"content":141507},{"level":137844,"textAlign":49},[141508],{"text":141418,"type":599,"marks":141509},[141510],{"type":604,"attrs":141511},{"href":127712,"uuid":49,"anchor":49,"target":49,"linktype":607},"Benchmark’s EV Supply Chain Festival (EV Fest) was the world’s first online electric vehicle festival, catering for every one of the world’s time zones. During the course of EV Fest we live-streamed over 30 hours of seminars, presentations and conversations from Benchmark’s analysts and industry experts from across the supply chain. We’ve taken highlights from […]",[141514],{"slug":544,"name":543,"content":141515},{"job_title":557,"image":141516,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f113f65d-320c-4c8f-ae05-200fc1ce908c\", \"id\": \"\"}-->",[141519],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":141521,"copyright":547,"fieldtype":553,"meta_data":141522,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5beee8a8cb/bm-zoom-header.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 11, 2020",{"id":141525,"uuid":141526,"name":141527,"slug":141528,"full_slug":141529,"content":141530},112473991712573,"ad7e6e36-aeef-4602-b061-23f71fb39de5","Volkswagen enters battery production with stake in Tier 2 lithium ion battery cell manufacturer Guoxuan","volkswagen-take-stake-in-tier-2-lithium-ion-battery-cell-manufacturer-guoxuan","article/volkswagen-take-stake-in-tier-2-lithium-ion-battery-cell-manufacturer-guoxuan",{"_uid":141531,"date":141532,"tags":141533,"editor":141535,"content":141539,"excerpt":141621,"featured":50,"reporter":141622,"_editable":141626,"component":864,"seo_title":141527,"categories":141627,"visibility":882,"author_company":49,"featured_image":141629,"seo_description":141621,"author_full_name":49,"author_job_title":49,"formattedDate":141632},"bd3694e5-cd06-440b-8932-4f890f5656e0","2020-06-01 00:00",[141534],{"slug":913,"name":914},[141536],{"slug":544,"name":543,"content":141537},{"job_title":557,"image":141538,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":141540},[141541,141546,141551,141556,141561,141566,141571,141576,141581,141586,141591,141596,141601,141606,141611,141616],{"type":594,"attrs":141542,"content":141543},{"textAlign":49},[141544],{"text":141545,"type":599},"Volkswagen (VW) has confirmed it will become the largest shareholder in Chinese lithium ion battery cell manufacturer Guoxuan High-tech Co Limted (also known as Gotion). The deal — reports of which first surfaced in January this year — will see VW take a 26% share for €1.1 billion and is expected to be finalised by the end of 2020.",{"type":594,"attrs":141547,"content":141548},{"textAlign":49},[141549],{"text":141550,"type":599},"The deal is a significant step as it marks greater involvement from companies at the battery cell stage of the supply chain. Having already made plans to develop its own European megafactory in 2019, the latest deal also shows VW’s intent to have its own localised supply of cells in China.",{"type":657,"attrs":141552,"content":141553},{"level":15966,"textAlign":49},[141554],{"text":141555,"type":599},"Who are Guoxuan?",{"type":594,"attrs":141557,"content":141558},{"textAlign":49},[141559],{"text":141560,"type":599},"Headquartered in Hefei, Anhui province, Guoxuan’s flagship lithium ion battery plant has 8GWh of production in capacity according to Benchmark’s Lithium ion Battery Megafactory Assessment.",{"type":594,"attrs":141562,"content":141563},{"textAlign":49},[141564],{"text":141565,"type":599},"In addition, the Tier 2 manufacturer has two other active battery cell plants within China taking its total production capacity in 2019 to 13 GWh, enough to make over 236,000 EVs with a 55kWh battery pack average. The company has two further megafactories in the pipeline which aim to add an additional 46GWh of capacity by 2029.",{"type":594,"attrs":141567,"content":141568},{"textAlign":49},[141569],{"text":141570,"type":599},"Benchmark understands that on the back of the announcement Guoxuan will be announcing a further 16GWh megafactory, located in Hefei, Anhui, China. The plant is set to use high nickel NCM cells, and will be supported by Guoxuan’s additional 30,000 tonnes per annum of high nickel (NCM 811) cathode capacity.",{"type":594,"attrs":141572,"content":141573},{"textAlign":49},[141574],{"text":141575,"type":599},"Interestingly, Guoxuan is semi-integrated with its own lithium iron phosphate (LFP) cathode production capacity and its activity in making LFP cells for China’s e-bus market has given it an estimated 5-7% market share in 2019.",{"type":594,"attrs":141577,"content":141578},{"textAlign":49},[141579],{"text":141580,"type":599},"The producer has plans to expand this further, along with with NCM 622 cathode production facilities under construction. The company’s total cathode capacity could climb to 110,000 tpa (tonnes per annum) over the coming year, from a base of 20,000 tpa according to the Benchmark Minerals Cathode Market Assessment.",{"type":657,"attrs":141582,"content":141583},{"level":15966,"textAlign":49},[141584],{"text":141585,"type":599},"What does this mean for VW?",{"type":594,"attrs":141587,"content":141588},{"textAlign":49},[141589],{"text":141590,"type":599},"The Guoxuan deal highlights VW’s strategic shift towards electric vehicles and its desire to build out its capabilities to deliver on its bold electrification targets.",{"type":594,"attrs":141592,"content":141593},{"textAlign":49},[141594],{"text":141595,"type":599},"Under its latest plans, the company is targeting production of 1.5 million electric vehicles per annum from 2025 but is ramping up production throughout the 2020s. As part of these plans it has created its own electric vehicle platform — the modular electric drive matrix (MEB) — which Guoxuan is in the process of becoming a certified supplier for.",{"type":594,"attrs":141597,"content":141598},{"textAlign":49},[141599],{"text":141600,"type":599},"To meet these its EV targets, VW has shown increased awareness of its supply chain inadequacies and has attempted to build a foothold in various stages sectors of the value chain.",{"type":594,"attrs":141602,"content":141603},{"textAlign":49},[141604],{"text":141605,"type":599},"VW has invested or has supply deals across various stages of the lithium ion supply chain. Looking upstream it has a long-term lithium supply deal with Ganfeng and it is building out megafactory capacity through its joint-venture megafactory in Salzgitter, Germany, with Northvolt.",{"type":594,"attrs":141607,"content":141608},{"textAlign":49},[141609],{"text":141610,"type":599},"The deal with Guoxuan will give VW further access to battery technology with both high nickel and LFP (lithium iron phosphate) cathodes available. Guoxuan’s expansion into high nickel cathode cells certainly suggests that high nickel NCM is a major factor in VW’s decision to invest.",{"type":594,"attrs":141612,"content":141613},{"textAlign":49},[141614],{"text":141615,"type":599},"However, with Guoxuan’s existing expertise and capacity in LFP there remains scope for VW to use this in its Chinese electric vehicles. With Tesla having announced plans to use LFP cells in its Chinese standard-range Model 3s, LFP cathode technology represents an avenue for OEMs to use in the Chinese market.",{"type":594,"attrs":141617,"content":141618},{"textAlign":49},[141619],{"text":141620,"type":599},"VW is a major player in China’s auto market, and with the threats from both domestic electric vehicle (EV) producers and Tesla’s Chinese ambitions, the Guoxuan deal will be a critical role in its Chinese EV strategy.","Volkswagen (VW) has confirmed it will become the largest shareholder in Chinese lithium ion battery cell manufacturer Guoxuan High-tech Co Limted (also known as Gotion). The deal — reports of which first surfaced in January this year — will see VW take a 26% share for €1.1 billion and is expected to be finalised by […]",[141623],{"slug":544,"name":543,"content":141624},{"job_title":557,"image":141625,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bd3694e5-cd06-440b-8932-4f890f5656e0\", \"id\": \"\"}-->",[141628],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":141630,"copyright":547,"fieldtype":553,"meta_data":141631,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6ab030b3c9/bm-db2020nr00271-small.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 01, 2020",{"id":141634,"uuid":141635,"name":141636,"slug":141637,"full_slug":141638,"content":141639},112473997066055,"1d3756a1-3d34-41d1-ac94-13c38d15e8b0","A statement from Benchmark Mineral Intelligence","a-statement-from-benchmark-mineral-intelligence","article/a-statement-from-benchmark-mineral-intelligence",{"_uid":141640,"date":141641,"tags":141642,"editor":141644,"content":141648,"excerpt":141751,"featured":50,"reporter":141752,"_editable":141756,"component":864,"seo_title":141636,"categories":141757,"visibility":2091,"author_company":49,"featured_image":141758,"seo_description":141751,"author_full_name":49,"author_job_title":49,"formattedDate":141761},"37e88553-22b7-4d05-9c48-b6dc0e9a6217","2020-05-31 00:00",[141643],{"slug":9655,"name":9656},[141645],{"slug":544,"name":543,"content":141646},{"job_title":557,"image":141647,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":141649},[141650,141655,141660,141665,141672,141677,141682,141687,141692,141697,141702,141707,141712,141717,141733,141738,141743],{"type":594,"attrs":141651,"content":141652},{"textAlign":49},[141653],{"text":141654,"type":599},"Sunday, 31 May 2020",{"type":594,"attrs":141656,"content":141657},{"textAlign":49},[141658],{"text":141659,"type":599},"A statement from Simon Moores, Managing Director, Benchmark Mineral Intelligence ",{"type":594,"attrs":141661,"content":141662},{"textAlign":49},[141663],{"text":141664,"type":599},"While it is easier to speak on COVID-19 – an indiscriminate, killer that none of us have immunity – it is nowhere near as easy for myself, first and foremost, and us as a collective to speak on discrimination.",{"type":594,"attrs":141666,"content":141667},{"textAlign":49},[141668,141670,141671],{"text":141669,"type":599},"Yet, the countrywide protests we are seeing in the US have again shown us that racism is alive and ingrained in the 21",{"text":4852,"type":599},{"text":140709,"type":599},{"type":594,"attrs":141673,"content":141674},{"textAlign":49},[141675],{"text":141676,"type":599},"Racism is a disease that we also have here in the UK and it is clear every country has their own (literally) life or death problems with racism.  As a result, protests are spreading worldwide.",{"type":594,"attrs":141678,"content":141679},{"textAlign":49},[141680],{"text":141681,"type":599},"Racism is alive.",{"type":594,"attrs":141683,"content":141684},{"textAlign":49},[141685],{"text":141686,"type":599},"It is ingrained in our society and the systems we live within.",{"type":594,"attrs":141688,"content":141689},{"textAlign":49},[141690],{"text":141691,"type":599},"There are no varying degrees of racism that are OK to tolerate. ",{"type":594,"attrs":141693,"content":141694},{"textAlign":49},[141695],{"text":141696,"type":599},"Staying silent is no longer an option.",{"type":594,"attrs":141698,"content":141699},{"textAlign":49},[141700],{"text":141701,"type":599},"Our industry, the lithium ion battery to electric vehicle (EV) supply chain, is one of the most exciting, modern and forward looking communities to work within. ",{"type":594,"attrs":141703,"content":141704},{"textAlign":49},[141705],{"text":141706,"type":599},"However, you only have to look at the demographic of industry events including our own to recognise that more work is needed to create a community that is truly reflective of our industry’s diverse nature.",{"type":594,"attrs":141708,"content":141709},{"textAlign":49},[141710],{"text":141711,"type":599},"More needs to be done and talking about it is the first step. ",{"type":594,"attrs":141713,"content":141714},{"textAlign":49},[141715],{"text":141716,"type":599},"As a result, we will be hosting an online discussion on Thursdaym11 June 2020:",{"type":594,"attrs":141718,"content":141719},{"textAlign":49},[141720,141724,141730],{"text":141721,"type":599,"marks":141722},"Diversity: Creating a true 21st century that is reflective of the world we live in (You can join us ",[141723],{"type":643},{"text":6515,"type":599,"marks":141725},[141726,141727],{"type":643},{"type":604,"attrs":141728},{"href":141729,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://us02web.zoom.us/webinar/register/WN_jmZbhf0YSeiE_6epTMIHFQ",{"text":125413,"type":599,"marks":141731},[141732],{"type":643},{"type":594,"attrs":141734,"content":141735},{"textAlign":49},[141736],{"text":141737,"type":599},"Collectively, we need to become active in promoting change. This is no one-off issue, this needs a seismic shift in the way we live our lives.",{"type":594,"attrs":141739,"content":141740},{"textAlign":49},[141741],{"text":141742,"type":599},"I welcome all ideas from our community to become active, to promote change and create the industry and world we want to live in and not one penned in by the prejudices of the past and present. ",{"type":594,"attrs":141744,"content":141745},{"textAlign":49},[141746,141747],{"text":135582,"type":599},{"text":124710,"type":599,"marks":141748},[141749],{"type":604,"attrs":141750},{"href":124714,"uuid":49,"anchor":49,"target":49,"linktype":607},"Sunday, 31 May 2020 A statement from Simon Moores, Managing Director, Benchmark Mineral Intelligence While it is easier to speak on COVID-19 – an indiscriminate, killer that none of us have immunity – it is nowhere near as easy for myself, first and foremost, and us as a collective to speak on discrimination. Yet, the […]",[141753],{"slug":544,"name":543,"content":141754},{"job_title":557,"image":141755,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"37e88553-22b7-4d05-9c48-b6dc0e9a6217\", \"id\": \"\"}-->",[],{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":141759,"copyright":547,"fieldtype":553,"meta_data":141760,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f310c5ab90/bm-benchmark-minerals-logo.png",{"alt":547,"title":547,"source":547,"copyright":547},"May 31, 2020",{"id":141763,"uuid":141764,"name":141765,"slug":141766,"full_slug":141767,"content":141768},112474001862473,"ed518423-7245-40da-8a14-6c6f9494f0f7","SVOLT unveils cobalt-free battery. What does this mean for the trajectory of cathode technology and future of cobalt in batteries?","svolt-unveils-new-cobalt-free-battery-what-does-this-mean-for-trajectory-of-cathode-technology-and-the-future-of-cobalt-in-batteries","article/svolt-unveils-new-cobalt-free-battery-what-does-this-mean-for-trajectory-of-cathode-technology-and-the-future-of-cobalt-in-batteries",{"_uid":141769,"date":141770,"tags":141771,"editor":141772,"content":141776,"excerpt":141868,"featured":50,"reporter":141869,"_editable":141873,"component":864,"seo_title":141765,"categories":141874,"visibility":882,"author_company":49,"featured_image":141876,"seo_description":141868,"author_full_name":49,"author_job_title":49,"formattedDate":141878},"c0ffd728-a2cf-47d9-a0e4-e765c08aa47e","2020-05-22 00:00",[],[141773],{"slug":544,"name":543,"content":141774},{"job_title":557,"image":141775,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":141777},[141778,141783,141788,141793,141798,141803,141808,141813,141818,141823,141828,141833,141838,141843,141848,141853,141858,141863],{"type":594,"attrs":141779,"content":141780},{"textAlign":49},[141781],{"text":141782,"type":599},"This week Chinese battery producer SVOLT unveiled a new cobalt-free lithium ion battery. The Great Wall Motors spin-out has received plenty of attention for its nickel manganese oxide (NMx) cathode, which the company promises to be energy dense, long-lasting and stable at high temperatures — all cobalt-free. However, there are a number of technical challenges that the Tier 2 battery manufacturer will face on the path to commercialisation.",{"type":594,"attrs":141784,"content":141785},{"textAlign":49},[141786],{"text":141787,"type":599},"With so much interest surrounding SVOLT’s announcement, what does it actually mean for cobalt and cathode technology?",{"type":657,"attrs":141789,"content":141790},{"level":15966,"textAlign":49},[141791],{"text":141792,"type":599},"Cobalt under the microscope",{"type":594,"attrs":141794,"content":141795},{"textAlign":49},[141796],{"text":141797,"type":599},"Firstly, it’s important to understand cobalt plays two critical roles in a lithium ion battery cell: to increase the battery’s life cycle and help to maintain thermal stability. There are already cathode technologies which work well without cobalt —namely lithium iron phosphate (LFP) — but this is at the expense of lower energy density.",{"type":594,"attrs":141799,"content":141800},{"textAlign":49},[141801],{"text":141802,"type":599},"While cobalt plays a critical role in the battery, since around 2007 it has been under scrutiny from electric vehicle (EV) producers and battery makers for sustainability and cost concerns — particularly as its price rose during 2016-2018.",{"type":594,"attrs":141804,"content":141805},{"textAlign":49},[141806],{"text":141807,"type":599},"The focus of many automakers has been to reduce the use of cobalt at a cell level through increasing the nickel content in NCM and NCA cathodes (at the expense of cobalt). Alongside reducing cobalt exposure, increasing the nickel content brings another benefit of increased energy density, which leads to a longer driving range in an EV.",{"type":657,"attrs":141809,"content":141810},{"level":15966,"textAlign":49},[141811],{"text":141812,"type":599},"The challenges facing SVOLT",{"type":594,"attrs":141814,"content":141815},{"textAlign":49},[141816],{"text":141817,"type":599},"While SVOLT’s latest technology offers a new cobalt-free alternative, Benchmark expects LFP to remain the predominant cobalt-free cathode of choice for passenger vehicles in the near-term, predominantly for shorter range, lower cost vehicles in China. This is largely due to lower input costs and existing production infrastructure. Having said that, SVOLT’s new NMx cell is promising and if it performs close to the claims of the company it will likely gather further attention, but the technological challenge of launching by July 2021 shouldn’t be understated and recent history demonstrates this.",{"type":594,"attrs":141819,"content":141820},{"textAlign":49},[141821],{"text":141822,"type":599},"As the market looked to reduce cobalt in EV cathode technology and move to NCM 811 the path has been anything but smooth. Both LG Chem and SK Innovation claimed in 2017 that they would be launching a commercial NCM 811 cell for the EV market in 2018. We are now in 2020 and NCM 811 is only going into EVs in a limited amount of cases now.",{"type":594,"attrs":141824,"content":141825},{"textAlign":49},[141826],{"text":141827,"type":599},"The route to commercialisation follows a lengthy qualification process with each automaker. This can be a multiyear process, even for a different blend of existing technology as is the case with NCM 811. For SVOLT a lengthier qualification process can be expected as the technology remains commercially unproven. As a new supplier, with an entirely new product, the Tier 2 cell producer will also face a longer qualification process, although this process would likely be shorter for the domestic Chinese market.",{"type":594,"attrs":141829,"content":141830},{"textAlign":49},[141831],{"text":141832,"type":599},"It is also important to consider the path automakers are following — western automakers’ attention and capital has largely been, and continues to be, focused on NCM technology.",{"type":594,"attrs":141834,"content":141835},{"textAlign":49},[141836],{"text":141837,"type":599},"To date we have yet to see cobalt-free cathode technology on automakers technology pathways —except for LFP, which Tesla will be using in its standard range Chinese Model 3.",{"type":594,"attrs":141839,"content":141840},{"textAlign":49},[141841],{"text":141842,"type":599},"While lowering cobalt has been a concern for electric vehicle makers, OEMs’ sensitivity to cobalt is now much lower than it was during 2016-2018 — with Benchmark Minerals Cobalt Sulphate Price (EXW China) down 72.6% since April 2018 to April 2020. However, if cobalt prices begin to increase automakers will likely accelerate their plans to look at new cathode technology.",{"type":657,"attrs":141844,"content":141845},{"level":15966,"textAlign":49},[141846],{"text":141847,"type":599},"Benchmark Minerals’ view",{"type":594,"attrs":141849,"content":141850},{"textAlign":49},[141851],{"text":141852,"type":599},"Cobalt-free cathode technology will continue to play a role in the market and take some share from NCM technologies, but that cobalt-free technology will be focused on LFP in short-range and heavy-duty vehicles in the near-to-medium-term.",{"type":594,"attrs":141854,"content":141855},{"textAlign":49},[141856],{"text":141857,"type":599},"SVOLT’s cathode is promising but there are a number of challenges on the road to commercialisation, and although it will likely receive attention from automakers, the technical challenges, the qualification process, and automakers’ cathode technology trajectory make for a challenging route to widespread adoption.",{"type":594,"attrs":141859,"content":141860},{"textAlign":49},[141861],{"text":141862,"type":599},"We are yet to see if these new higher energy density cathodes like NMx can meet the standards demanded by the global auto industry, but even if the rollout is successful it will not spell the end for cobalt in batteries.",{"type":594,"attrs":141864,"content":141865},{"textAlign":49},[141866],{"text":141867,"type":599},"For many automakers, their pathways have already been set.  The turning of a multinational OEM is too wide to see any deviation from this course — in the medium term at least.","This week Chinese battery producer SVOLT unveiled a new cobalt-free lithium ion battery. The Great Wall Motors spin-out has received plenty of attention for its nickel manganese oxide (NMx) cathode, which the company promises to be energy dense, long-lasting and stable at high temperatures — all cobalt-free. However, there are a number of technical challenges […]",[141870],{"slug":544,"name":543,"content":141871},{"job_title":557,"image":141872,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c0ffd728-a2cf-47d9-a0e4-e765c08aa47e\", \"id\": \"\"}-->",[141875],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":116450,"copyright":547,"fieldtype":553,"meta_data":141877,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"May 22, 2020",{"id":141880,"uuid":141881,"name":141882,"slug":141883,"full_slug":141884,"content":141885},112474011353024,"668bbff8-1fe5-42d9-adfa-f0aa5b763bb3","‘China is building one battery gigafactory a week; the US one every four months’: Simon Moores","china-is-building-one-battery-gigafactory-a-week-the-us-one-every-four-months-simon-moores","article/china-is-building-one-battery-gigafactory-a-week-the-us-one-every-four-months-simon-moores",{"_uid":141886,"date":141887,"tags":141888,"editor":141889,"content":141893,"excerpt":142077,"featured":50,"reporter":142078,"_editable":142082,"component":864,"seo_title":141882,"categories":142083,"visibility":2091,"author_company":49,"featured_image":142085,"seo_description":142077,"author_full_name":49,"author_job_title":49,"formattedDate":142088},"9167a4bf-8e11-454d-9394-207ea247ae5f","2020-05-21 00:00",[],[141890],{"slug":544,"name":543,"content":141891},{"job_title":557,"image":141892,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":141894},[141895,141905,141910,141915,141920,141925,141930,141935,141940,141945,141950,141955,141960,141965,141970,141975,141982,141987,141992,141997,142002,142007,142012,142017,142022,142027,142032,142035,142040,142057,142062,142069,142074],{"type":594,"attrs":141896,"content":141897},{"textAlign":49},[141898,141900,141904],{"text":141899,"type":599},"On May 11, US Senator Lisa Murkowski (Alaska – R) published on OurEnergyPolicy.org : ",{"text":141901,"type":599,"marks":141902},"Coronavirus Pandemic Highlights Need to Address Mineral Security",[141903],{"type":643},{"text":974,"type":599},{"type":594,"attrs":141906,"content":141907},{"textAlign":49},[141908],{"text":141909,"type":599},"The comment article once again calls for the need to reduce reliance of foreign imports of key raw materials for 21st century technology.",{"type":657,"attrs":141911,"content":141912},{"level":15966,"textAlign":49},[141913],{"text":141914,"type":599},"Senator Murkowski said:",{"type":594,"attrs":141916,"content":141917},{"textAlign":49},[141918],{"text":141919,"type":599},"Simon Moores, of Benchmark Mineral Intelligence, succinctly drove the point home when he testified before our committee last year that, ‘We are in the midst of a global battery arms race, in which so far the U.S. is a bystander.’",{"type":594,"attrs":141921,"content":141922},{"textAlign":49},[141923],{"text":141924,"type":599},"“To produce more of these technologies, we will need a massive increase in supplies of lithium, cobalt, nickel, and graphite, to name just a few. Yet China has consolidated its power over their production and processing while America lags far behind.”",{"type":657,"attrs":141926,"content":141927},{"level":137844,"textAlign":49},[141928],{"text":141929,"type":599},"Benchmark’s Managing Director, Simon Moores, was invited by OurEnergyPolicy.org to give the following comment.",{"type":594,"attrs":141931,"content":141932},{"textAlign":49},[141933],{"text":141934,"type":599},"“This is a really important comment from Senator Murkowski. I welcome Ourenergypolicy.org’s invite to add some of my own thoughts to this.",{"type":594,"attrs":141936,"content":141937},{"textAlign":49},[141938],{"text":141939,"type":599},"Since my second Senate testimony in February 2019, the US has fallen further behind in this global battery arms race.",{"type":594,"attrs":141941,"content":141942},{"textAlign":49},[141943],{"text":141944,"type":599},"Then, there were 70 battery megafactories in the pipeline of which 46 were in China and 5 in the USA.",{"type":594,"attrs":141946,"content":141947},{"textAlign":49},[141948],{"text":141949,"type":599},"Today, there are 136 of these super-sized electric vehicle battery plants in operation or being planned: 101 in China and 8 in the USA.",{"type":594,"attrs":141951,"content":141952},{"textAlign":49},[141953],{"text":141954,"type":599},"China is building a battery gigafactory (megafactory) at the rate of one every week; the USA at one every four months.",{"type":594,"attrs":141956,"content":141957},{"textAlign":49},[141958],{"text":141959,"type":599},"In 2019, China produced 72% of the world’s lithium-ion batteries whereas the USA only 9%.",{"type":594,"attrs":141961,"content":141962},{"textAlign":49},[141963],{"text":141964,"type":599},"What’s really important to understand is China’s forward-thinking in building out this electric vehicle supply chain which started well over a decade ago. It has not just built an entire suite of super-sized battery megafactories for its auto industry, but the supply chain to feed them.",{"type":594,"attrs":141966,"content":141967},{"textAlign":49},[141968],{"text":141969,"type":599},"Despite common thought, China produces only 23% of key battery raw materials combined. Yet it produced 80% of the next step in the chain – battery chemicals – and 66% of cathodes, 82% of anodes, and 72% of battery cells.",{"type":594,"attrs":141971,"content":141972},{"textAlign":49},[141973],{"text":141974,"type":599},"The further downstream of the supply chain you go towards an electric vehicle, the more dominant China’s position is.",{"type":594,"attrs":141976,"content":141977},{"textAlign":49},[141978],{"type":1186,"attrs":141979},{"id":49,"alt":547,"src":141980,"title":49,"source":49,"copyright":49,"meta_data":141981},"https://a.storyblok.com/f/287943243085208/d22a279978/bm-rate-of-gigafactory-growth-china-and-usa-april-2019-to-april-2020.png",{},{"type":594,"attrs":141983,"content":141984},{"textAlign":49},[141985],{"text":141986,"type":599},"China is build gigafactories at the rate of one every week; the USA at one every four months.",{"type":594,"attrs":141988,"content":141989},{"textAlign":49},[141990],{"text":141991,"type":599},"The world’s supply chain arrows point toward’s China for production of lithium-ion batteries as China understands that this is the enabling technology for the 21st century auto industry and critical to our future energy needs via storage.",{"type":594,"attrs":141993,"content":141994},{"textAlign":49},[141995],{"text":141996,"type":599},"This isn’t just making batteries for a niche auto, this is industrial infrastructure the 21st century and China holds the sway of power.",{"type":594,"attrs":141998,"content":141999},{"textAlign":49},[142000],{"text":142001,"type":599},"The USA needs to ask itself when the last time it built a heavy industry from scratch?",{"type":594,"attrs":142003,"content":142004},{"textAlign":49},[142005],{"text":142006,"type":599},"It’s likely to be before its leaders were born in 1933 and FDR’s New Deal.",{"type":594,"attrs":142008,"content":142009},{"textAlign":49},[142010],{"text":142011,"type":599},"This is the scale of the challenge facing the world’s biggest economy: Building secure, local, hi-tech supply chains for a lithium-ion economy.",{"type":594,"attrs":142013,"content":142014},{"textAlign":49},[142015],{"text":142016,"type":599},"In turn, this will create millions of jobs and put the USA at the forefront of this energy storage revolution.",{"type":594,"attrs":142018,"content":142019},{"textAlign":49},[142020],{"text":142021,"type":599},"In 2015, Benchmark declared the battery megafactories are coming. In 2020, the battery megafactories are here.",{"type":594,"attrs":142023,"content":142024},{"textAlign":49},[142025],{"text":142026,"type":599},"Now the focus must turn to building them within the USA and securing the inputs (raw materials) and outputs (recycling) to make this happen.",{"type":594,"attrs":142028,"content":142029},{"textAlign":49},[142030],{"text":142031,"type":599},"The USA will need leadership from the top to make this happen at the speed necessary.”",{"type":594,"attrs":142033,"content":142034},{"textAlign":49},[],{"type":657,"attrs":142036,"content":142037},{"level":15966,"textAlign":49},[142038],{"text":142039,"type":599},"READ MORE:",{"type":594,"attrs":142041,"content":142042},{"textAlign":49},[142043,142047,142054],{"text":142044,"type":599,"marks":142045},"The full comment from Senator Murkowski can be read ",[142046],{"type":643},{"text":142048,"type":599,"marks":142049},"here at OurEnergyPolicy.org",[142050,142053],{"type":604,"attrs":142051},{"href":142052,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.ourenergypolicy.org/coronavirus-pandemic-highlights-need-to-address-supply-chain-vulnerability/",{"type":643},{"text":974,"type":599,"marks":142055},[142056],{"type":643},{"type":657,"attrs":142058,"content":142059},{"level":15966,"textAlign":49},[142060],{"text":142061,"type":599},"JOIN OUR ONLINE CONVERSATION WITH US DEPT OF STATE",{"type":594,"attrs":142063,"content":142064},{"textAlign":49},[142065,142067],{"text":142066,"type":599},"#EVFest –",{"text":142068,"type":599},"Join In Conversation with Francis Fannon, Assistant Secretary, Bureau of Energy, US Department of State. Thursday 28 May @ 2.30pm London Time | 9.30pm Washington DC. ",{"type":594,"attrs":142070,"content":142071},{"textAlign":49},[142072],{"text":142073,"type":599},"[maxbutton id=”1″]",{"type":594,"attrs":142075,"content":142076},{"textAlign":49},[],"On May 11, US Senator Lisa Murkowski (Alaska – R) published on OurEnergyPolicy.org : Coronavirus Pandemic Highlights Need to Address Mineral Security. The comment article once again calls for the need to reduce reliance of foreign imports of key raw materials for 21st century technology. Senator Murkowski said: Simon Moores, of Benchmark Mineral Intelligence, succinctly […]",[142079],{"slug":544,"name":543,"content":142080},{"job_title":557,"image":142081,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9167a4bf-8e11-454d-9394-207ea247ae5f\", \"id\": \"\"}-->",[142084],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":142086,"copyright":547,"fieldtype":553,"meta_data":142087,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a9aabc0957/bm-senate-971575c6134.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 21, 2020",{"id":142090,"uuid":142091,"name":142092,"slug":142093,"full_slug":142094,"content":142095},112474006638527,"593b8ce5-5d9e-49dc-a3c1-8cdeaba10e5f","POSCO ramps up cathode capacity ambitions to meet Tier 1 battery demand","posco-ramps-up-cathode-capacity-ambitions-to-meet-tier-1-battery-producer-demand","article/posco-ramps-up-cathode-capacity-ambitions-to-meet-tier-1-battery-producer-demand",{"_uid":142096,"date":141887,"tags":142097,"editor":142098,"content":142102,"excerpt":142148,"featured":50,"reporter":142149,"_editable":142153,"component":864,"seo_title":142092,"categories":142154,"visibility":882,"author_company":49,"featured_image":142156,"seo_description":142148,"author_full_name":49,"author_job_title":49,"formattedDate":142088},"3a71e11a-eabc-4170-acd1-47fdb5b0fef7",[],[142099],{"slug":544,"name":543,"content":142100},{"job_title":557,"image":142101,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":142103},[142104,142109,142118,142123,142128,142136,142141],{"type":594,"attrs":142105,"content":142106},{"textAlign":49},[142107],{"text":142108,"type":599},"Korea’s POSCO Chemical has completed construction of the final stage of a new 20,000 tpa high nickel NCM (nickel, cobalt, manganese) cathode production plant in Gwangyang, South Korea.",{"type":594,"attrs":142110,"content":142111},{"textAlign":49},[142112,142114,142116],{"text":142113,"type":599},"The plant began initial operations in 2019, becoming the company’s second NCM production line. According to the ",{"text":142115,"type":599},"Benchmark Cathode Assessment",{"text":142117,"type":599}," the company now has total installed capacity of 35,000 tpa, with an additional 20,000 tpa facility – which POSCO is developing in partnership with Huayou –  due to begin commercial production in China by the end of 2020.",{"type":594,"attrs":142119,"content":142120},{"textAlign":49},[142121],{"text":142122,"type":599},"Production from the Gwangyang facility will supply into Tier 1 battery producers for electric vehicle applications, particularly LG Chem, which is one of POSCO’s leading customers.",{"type":594,"attrs":142124,"content":142125},{"textAlign":49},[142126],{"text":142127,"type":599},"In Q1 2020, POSCO further extended its relationship with LG Chem by signing a deal worth $1.54 billion to supply Korea’s biggest battery maker with high nickel cathodes. The deal runs through to 2023 and is supporting POSCO’s cathode capacity build out. Under the terms of the agreement, POSCO will supply the tier 1 battery maker with 125,000 tonnes of NCM materials over a three-year period.",{"type":594,"attrs":142129,"content":142130},{"textAlign":49},[142131,142133,142135],{"text":142132,"type":599},"POSCO is aiming to add another 35,000 tpa capacity taking its total to 90,000 tpa across four production lines in South Korea and one in China. Expansions are geared towards high nickel cathodes (NCM 622/811), which accounted for 96% of its 15,800 tonnes of production in 2019 according to the latest data from the B",{"text":142134,"type":599},"enchmark Cathode Market Assessment",{"text":974,"type":599},{"type":594,"attrs":142137,"content":142138},{"textAlign":49},[142139],{"text":142140,"type":599},"POSCO has bold ambitions and aims to have a 20% share of the cathode market by 2030. The company has already made significant steps, having increased output from 2,600 tonnes in 2018 to over 15,800 in 2019. Its current plans and construction efforts will see the company expand its total cathode capacity from 55,000 to 90,000 tonnes as it scales up to meet Tier 1 demand growth.",{"type":594,"attrs":142142,"content":142143},{"textAlign":49},[142144,142146,142147],{"text":142145,"type":599},"The company also has ambitions to increase its market share of the anode market and has plans to increase its anode production capacity from 44,000 tonnes to 116,000 tonnes as it ramps up production according to the latest from ",{"text":134816,"type":599},{"text":974,"type":599},"Korea’s POSCO Chemical has completed construction of the final stage of a new 20,000 tpa high nickel NCM (nickel, cobalt, manganese) cathode production plant in Gwangyang, South Korea. The plant began initial operations in 2019, becoming the company’s second NCM production line. According to the Benchmark Cathode Assessment the company now has total installed capacity […]",[142150],{"slug":544,"name":543,"content":142151},{"job_title":557,"image":142152,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3a71e11a-eabc-4170-acd1-47fdb5b0fef7\", \"id\": \"\"}-->",[142155],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":55878,"copyright":547,"fieldtype":553,"meta_data":142157,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":142159,"uuid":142160,"name":142161,"slug":142162,"full_slug":142163,"content":142164},112474040590596,"ddcda6ae-56ed-4da5-bca0-7b476ea91b24","SK Innovation confirms second US battery megafactory as it continues expansions outside of Asia","sk-innovation-confirms-second-us-megafactory-as-it-continues-its-expansions-outside-of-asia","article/sk-innovation-confirms-second-us-megafactory-as-it-continues-its-expansions-outside-of-asia",{"_uid":142165,"date":142166,"tags":142167,"editor":142169,"content":142173,"excerpt":142237,"featured":50,"reporter":142238,"_editable":142242,"component":864,"seo_title":142161,"categories":142243,"visibility":882,"author_company":49,"featured_image":142245,"seo_description":142237,"author_full_name":49,"author_job_title":49,"formattedDate":142247},"b0b86573-59bf-41cd-8bb2-7ca4015a39b9","2020-05-05 00:00",[142168],{"slug":1375,"name":1376},[142170],{"slug":544,"name":543,"content":142171},{"job_title":557,"image":142172,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":142174},[142175,142180,142185,142194,142199,142204,142209,142214,142219,142227,142232],{"type":594,"attrs":142176,"content":142177},{"textAlign":49},[142178],{"text":142179,"type":599},"Having announced its intentions to build a second plant at the start of the year, SK Innovation have now confirmed it will fund the construction of its second lithium ion battery megafactory in the USA.",{"type":594,"attrs":142181,"content":142182},{"textAlign":49},[142183],{"text":142184,"type":599},"Construction of the second plant is expected to begin in July and will be targeting production in 2023, and once online will have a final target capacity of 11.7GWh. The latest plant is expected to be located close to its first US megafactory, in Commerce, Georgia, which the company began construction on in Q1 2019. SK Innovation is investing $2.5 billion to build the two plants.",{"type":594,"attrs":142186,"content":142187},{"textAlign":49},[142188,142190,142192],{"text":142189,"type":599},"As assessed in the April 2020 issue of ",{"text":142191,"type":599},"Benchmark Minerals Lithium ion Battery Megafactory Assessment",{"text":142193,"type":599},", the company’s first plant will have a capacity of 9.8 GWh in 2024, which combined with the new plant will see the company have over 20 GWh of capacity in North America by the mid 2020s.",{"type":594,"attrs":142195,"content":142196},{"textAlign":49},[142197],{"text":142198,"type":599},"SK Innovation has expanded its production capacity outside of Asia through megafactory developments in both the USA and Europe. By the end of Q1 2020, the Tier 1 manufacturer had just over 70 GWh of current and pipeline capacity out to 2029 across six megafactories. The company’s latest US megafactory — its seventh globally — will push its capacity in the pipeline to over 80GWh in Benchmark’s April Lithium ion Megafactory assessment.",{"type":594,"attrs":142200,"content":142201},{"textAlign":49},[142202],{"text":142203,"type":599},"The announcement of SK Innovation’s latest US megafactory follows LG Chem’s December 2019 news that it would be forming a $2.3 billion joint venture with General Motors (GM) to build LG Chem’s second US-based megafactory in Lordstown, Ohio, with a capacity of 30GWh.",{"type":594,"attrs":142205,"content":142206},{"textAlign":49},[142207],{"text":142208,"type":599},"The new SK Innovation plant now brings North America up to eight megafactories in the pipeline, all of which are located in the USA. In April 2020, the USA had just over 200 GWh of capacity forcasted for 2029 as assessed by Benchmark Minerals.",{"type":594,"attrs":142210,"content":142211},{"textAlign":49},[142212],{"text":142213,"type":599},"Although the new megafactories from LG Chem and SK Innovation suggest increased momentum in building out lithium ion cell capacity, North America is set to fall behind in the globally battery arms race. In 2019, North America had 10% of global lithium ion battery capacity — propped up by Tesla’s Gigafactory 1— compared with Europe’s 6% share. But based on future plans this picture is set to reverse through the 2020s as Europe’s 16 megafactories in the pipeline will see the continent’s share of global capacity rise to 17.3% by 2029, compared with the North America’s 8.6% share at the same point.",{"type":594,"attrs":142215,"content":142216},{"textAlign":49},[142217],{"text":142218,"type":599},"However, while Europe —and the US to a lesser extent— are building out their megafactory capacities, both regions significantly lack upstream capabilities at various stages of the supply chain. From raw material extraction and processing to cathode and anode production, the USA and Europe have limited plans which are not significant enough to meet the growing wave of regional demand expecting over the next decade, which is now an area of increasing focus from legislators and OEMs alike.",{"type":594,"attrs":142220,"content":142221},{"textAlign":49},[142222,142224,142226],{"text":142223,"type":599},"Europe does have cathode production set to come online in the early 2020s —through projects such as Umicore’s Nysa plant in Poland and BASF’s Schwarzheide operation — with 44,000 tonnes of cathode production capacity in construction according to the ",{"text":142225,"type":599},"Benchmark Minerals Cathode Market Assessment",{"text":974,"type":599},{"type":594,"attrs":142228,"content":142229},{"textAlign":49},[142230],{"text":142231,"type":599},"While these new projects are key first steps to building out regional supply chains, they are nowhere near large enough to meet the demand forecasts for the regions.",{"type":594,"attrs":142233,"content":142234},{"textAlign":49},[142235],{"text":142236,"type":599},"Investments will need to continue at an unprecedented rate in order to match those of cell production capacity, something that is growing increasingly challenging in the current economic environment.","Having announced its intentions to build a second plant at the start of the year, SK Innovation have now confirmed it will fund the construction of its second lithium ion battery megafactory in the USA. Construction of the second plant is expected to begin in July and will be targeting production in 2023, and once […]",[142239],{"slug":544,"name":543,"content":142240},{"job_title":557,"image":142241,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b0b86573-59bf-41cd-8bb2-7ca4015a39b9\", \"id\": \"\"}-->",[142244],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":130897,"copyright":547,"fieldtype":553,"meta_data":142246,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"May 05, 2020",{"id":142249,"uuid":142250,"name":142251,"slug":142252,"full_slug":142253,"content":142254},112474035884219,"08a8b148-9ebf-4870-8996-06f52e36a593","Join Benchmark’s Lithium Forecasting service today!","join-benchmarks-lithium-forecasting-service-today","article/join-benchmarks-lithium-forecasting-service-today",{"_uid":142255,"date":142166,"tags":142256,"editor":142258,"content":142262,"excerpt":142325,"featured":50,"reporter":142326,"_editable":142330,"component":864,"seo_title":142251,"categories":142331,"visibility":2091,"author_company":49,"featured_image":142332,"seo_description":142325,"author_full_name":49,"author_job_title":49,"formattedDate":142247},"6cdb5b1c-652b-44a8-a845-e062e7c43dbf",[142257],{"slug":9655,"name":9656},[142259],{"slug":544,"name":543,"content":142260},{"job_title":557,"image":142261,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":142263},[142264,142269,142278,142289,142299,142310,142315],{"type":657,"attrs":142265,"content":142266},{"level":15966,"textAlign":49},[142267],{"text":142268,"type":599},"Do you need reliable and accurate lithium forecast data from a brand you and financiers can trust?",{"type":657,"attrs":142270,"content":142271},{"level":141407,"textAlign":49},[142272],{"text":142273,"type":599,"marks":142274},"Download your Lithium Forecasts Fact Sheet here ",[142275],{"type":604,"attrs":142276},{"href":142277,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/downloadform/lithium-forecasts/",{"type":594,"attrs":142279,"content":142280},{"textAlign":49},[142281,142283,142287],{"text":142282,"type":599},"Benchmark Mineral Intelligence (Benchmark), the world’s most trusted specialists in the lithium-ion battery supply chain, is pleased to offer ",{"text":142284,"type":599,"marks":142285},"Lithium Forecasts",[142286],{"type":643},{"text":142288,"type":599},", our quarterly subscription service that gives you answers to your most crucial business questions. ",{"type":594,"attrs":142290,"content":142291},{"textAlign":49},[142292,142294,142297],{"text":142293,"type":599},"For existing and new customers alike, Benchmark’s  ",{"text":142284,"type":599,"marks":142295},[142296],{"type":643},{"text":142298,"type":599}," has become indispensable.  ",{"type":594,"attrs":142300,"content":142301},{"textAlign":49},[142302,142304,142308],{"text":142303,"type":599},"Presented in an easy to read format together with complete data sets for lithium supply, demand cost, and pricing out to 2040, Benchmark’s",{"text":142305,"type":599,"marks":142306}," Lithium Forecasts",[142307],{"type":643},{"text":142309,"type":599}," is the industry’s go-to-database on the future of lithium. ",{"type":594,"attrs":142311,"content":142312},{"textAlign":49},[142313],{"text":142314,"type":599},"Your annual subscription is delivered in easy to digest PDF & Excel Formats and includes: ",{"type":594,"attrs":142316,"content":142317},{"textAlign":49},[142318,142320,142324],{"text":142319,"type":599},"Sign up today, download our Lithium Forecasts Fact Sheet ",{"text":6515,"type":599,"marks":142321},[142322],{"type":604,"attrs":142323},{"href":142277,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Do you need reliable and accurate lithium forecast data from a brand you and financiers can trust? Lithium supply, demand, price and cost forecasts out to 2040 Two-tiered supply model highlighting bottlenecks at a mine and chemical converter level Granular downstream data and analysis at a battery and cathode chemistry level Independent global price forecasts […]",[142327],{"slug":544,"name":543,"content":142328},{"job_title":557,"image":142329,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6cdb5b1c-652b-44a8-a845-e062e7c43dbf\", \"id\": \"\"}-->",[],{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":142333,"copyright":547,"fieldtype":553,"meta_data":142334,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/998480f809/bm-screenshot-2020-05-05-at-111302-e1589801190546.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":142336,"uuid":142337,"name":142338,"slug":142339,"full_slug":142340,"content":142341},112474050122023,"d3fa8002-66ad-4169-8808-4d1d5514f166","Cobalt’s African bottlenecks magnified by coronavirus","cobalts-african-bottlenecks-magnified-by-coronavirus","article/cobalts-african-bottlenecks-magnified-by-coronavirus",{"_uid":142342,"date":142343,"tags":142344,"editor":142345,"content":142349,"excerpt":142406,"featured":50,"reporter":142407,"_editable":142411,"component":864,"seo_title":142338,"categories":142412,"visibility":882,"author_company":49,"featured_image":142414,"seo_description":142406,"author_full_name":49,"author_job_title":49,"formattedDate":142417},"8fbb7ded-b2af-41bd-a6a9-e4661b89f41c","2020-04-28 00:00",[],[142346],{"slug":544,"name":543,"content":142347},{"job_title":557,"image":142348,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":142350},[142351,142356,142361,142366,142371,142376,142381,142386,142391,142396,142401],{"type":594,"attrs":142352,"content":142353},{"textAlign":49},[142354],{"text":142355,"type":599},"Logistical concerns in the cobalt supply chain escalated through late Q1 2020 and into Q2 as growing delays at the main border crossing between Zambia and the Democratic Republic of the Congo (DRC) compounded on disruption at ports in South Africa.",{"type":594,"attrs":142357,"content":142358},{"textAlign":49},[142359],{"text":142360,"type":599},"Africa had been largely unaffected by the coronavirus until March with operations continuing as normal across the cobalt supply chain. However, the past month has seen logistical issues develop which have seen bottlenecks in the next stages of the supply chain.",{"type":594,"attrs":142362,"content":142363},{"textAlign":49},[142364],{"text":142365,"type":599},"Caspar Rawles, Head of Price Assessments at Benchmark Minerals explained, “Whilst initially we saw a delayed impact from COVID-19 in Africa, the situation swiftly turned and we have seen significant impact to the supply chain. Primarily this was driven by the lockdown imposed in South Africa from 26 March. This has meant that exporting DRC cobalt to Asia has been largely at a standstill throughout April as producers scramble to find alternative route for export.",{"type":594,"attrs":142367,"content":142368},{"textAlign":49},[142369],{"text":142370,"type":599},"“Under normal circumstances this would have caused a major price spike but as demand continues to flounder, domestically in China as well as in international markets, prices are yet to react.",{"type":594,"attrs":142372,"content":142373},{"textAlign":49},[142374],{"text":142375,"type":599},"“We are starting to see some interest in delivery of DRC cobalt hydroxide to China for late May-June. With the lockdown in South Africa extended into May, there are risks that delays at South African ports could extend further into Q2 and we could see temporary tightness and potential rising prices.",{"type":594,"attrs":142377,"content":142378},{"textAlign":49},[142379],{"text":142380,"type":599},"“Further to the delay of shipments we have also seen the Usoke and Mutoshi operations placed on care and maintenance by Chemaf, whilst the impact of this won’t be felt immediately this is likely to be felt in late 2020 or moving in 2021.”",{"type":594,"attrs":142382,"content":142383},{"textAlign":49},[142384],{"text":142385,"type":599},"As Rawles notes, the impact of the virus saw Chemaf announce the temporary suspension of activities at Usoke, production at the Mutoshi artisanal mine site and construction at the Mutoshi refinery. Benchmark Minerals estimates these closures alone could see 2,000-2,500 tonnes of cobalt production wiped out in 2020.",{"type":594,"attrs":142387,"content":142388},{"textAlign":49},[142389],{"text":142390,"type":599},"With the virus not yet under control across Africa and within the DRC, the risk of an extended lockdown due to the spread of the virus persists, which would be extremely detrimental to the region and production as a whole. In addition, some miners have chosen to close off operations to workers not already on the mine site due to the virus risk.",{"type":594,"attrs":142392,"content":142393},{"textAlign":49},[142394],{"text":142395,"type":599},"The risk to production has seen Benchmark Minerals reduce its 2020 cobalt production forecast for the DRC from 107,000 tonnes at the end of Q4 2019 to 101,400 tonnes in our Q1 2020 publication, which marks a 4% reduction in global production for the year.",{"type":594,"attrs":142397,"content":142398},{"textAlign":49},[142399],{"text":142400,"type":599},"Regardless of decisions on mine closures in the DRC, if South Africa is closed as a point of export for DRC cobalt this is likely to have major disruption to the supply chain as it represents the main point of departure of material destined for China.",{"type":594,"attrs":142402,"content":142403},{"textAlign":49},[142404],{"text":142405,"type":599},"So far the ports remain inaccessible as a point of export for DRC miners, and with the South African lockdown extended, a number of miners are looking at alternative ports in Africa, including Dar es Salaam in Tanzania or via rail through Angola. Any changes to the pre-existing supply chain will result in delays of cargo being shipped, but could also see delays due to limited capacity at other ports, alongside the growing risk of lockdowns in other nations central to the new supply chain.","Logistical concerns in the cobalt supply chain escalated through late Q1 2020 and into Q2 as growing delays at the main border crossing between Zambia and the Democratic Republic of the Congo (DRC) compounded on disruption at ports in South Africa. Africa had been largely unaffected by the coronavirus until March with operations continuing as […]",[142408],{"slug":544,"name":543,"content":142409},{"job_title":557,"image":142410,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8fbb7ded-b2af-41bd-a6a9-e4661b89f41c\", \"id\": \"\"}-->",[142413],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":142415,"copyright":547,"fieldtype":553,"meta_data":142416,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6ddb01c4f7/bm-49812500761-9b1a54739c-c.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 28, 2020",{"id":142419,"uuid":142420,"name":142421,"slug":142422,"full_slug":142423,"content":142424},112474060058966,"214fbd48-c47e-4f36-80d0-51991fb6f68c","Benchmark launches Video Streaming service: Watch on demand now","benchmark-launches-video-streaming-service-watch-on-demand","article/benchmark-launches-video-streaming-service-watch-on-demand",{"_uid":142425,"date":142426,"tags":142427,"editor":142429,"content":142433,"excerpt":142496,"featured":50,"reporter":142497,"_editable":142501,"component":864,"seo_title":142421,"categories":142502,"visibility":2091,"author_company":49,"featured_image":142503,"seo_description":142496,"author_full_name":49,"author_job_title":49,"formattedDate":142506},"469d81c9-6666-47d9-830d-a18daf968266","2020-04-22 00:00",[142428],{"slug":9655,"name":9656},[142430],{"slug":544,"name":543,"content":142431},{"job_title":557,"image":142432,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":142434},[142435,142446,142455,142466,142471,142476,142481,142486],{"type":594,"attrs":142436,"content":142437},{"textAlign":49},[142438,142440,142444],{"text":142439,"type":599},"Benchmark Minerals, the lithium ion battery to electric vehicle supply chain’s leading provider of data and market intelligence, is pleased to announce that it has launched the ",{"text":127645,"type":599,"marks":142441},[142442],{"type":604,"attrs":142443},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":142445,"type":599}," service to its Benchmark Membership subscription.",{"type":594,"attrs":142447,"content":142448},{"textAlign":49},[142449,142453],{"text":127645,"type":599,"marks":142450},[142451],{"type":604,"attrs":142452},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":142454,"type":599}," provides subscribers with a wide variety of exclusive content on the electric vehicle supply chain, available to stream on demand, when you need it.",{"type":594,"attrs":142456,"content":142457},{"textAlign":49},[142458,142460,142464],{"text":142459,"type":599},"The first online Benchmark Briefing is now available for Membership Subscribers to watch ",{"text":6515,"type":599,"marks":142461},[142462],{"type":604,"attrs":142463},{"href":127649,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":142465,"type":599},". In this video Simon Moores, Managing Director, and Caspar Rawles, Head of Price Assessments, present on how the coronavirus has impacted the lithium ion supply chain during Q1, their outlook for Q2, and respond to questions from the industry.",{"type":657,"attrs":142467,"content":142468},{"level":15966,"textAlign":49},[142469],{"text":142470,"type":599},"BENCHMARK MEMBERSHIP IS YOUR MUST-HAVE MULTI-MEDIA SUBSCRIPTION TO THE EV AND LITHIUM ION BATTERY SUPPLY CHAIN. ",{"type":657,"attrs":142472,"content":142473},{"level":141407,"textAlign":49},[142474],{"text":142475,"type":599},"Online. Print. Video Streaming. Presentation Downloads.",{"type":594,"attrs":142477,"content":142478},{"textAlign":49},[142479],{"text":142480,"type":599},"Drawing on Benchmark’s teams of expert analysts, your Benchmark Membership is the indispensable service covering the entire supply chain, from raw materials, to cathode and anode production, all the way through to battery cell manufacturing, electric vehicles and energy storage.",{"type":594,"attrs":142482,"content":142483},{"textAlign":49},[142484],{"text":142485,"type":599},"What do I receive as a Member?",{"type":594,"attrs":142487,"content":142488},{"textAlign":49},[142489,142490,142494],{"text":123961,"type":599},{"text":86378,"type":599,"marks":142491},[142492],{"type":604,"attrs":142493},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":142495,"type":599}," to subscribe to arrange your subscription today.","Benchmark Minerals, the lithium ion battery to electric vehicle supply chain’s leading provider of data and market intelligence, is pleased to announce that it has launched the Benchmark Video Streaming service to its Benchmark Membership subscription. Benchmark Video Streaming provides subscribers with a wide variety of exclusive content on the electric vehicle supply chain, available […]",[142498],{"slug":544,"name":543,"content":142499},{"job_title":557,"image":142500,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"469d81c9-6666-47d9-830d-a18daf968266\", \"id\": \"\"}-->",[],{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":142504,"copyright":547,"fieldtype":553,"meta_data":142505,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6673e8ffac/bm-video-benchmark.png",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 22, 2020",{"id":142508,"uuid":142509,"name":142510,"slug":142511,"full_slug":142512,"content":142513},112474075218387,"67a92b39-e1d8-4aeb-94fe-43149fb711bd","Lithium’s hard rock hypothesis: Tianqi reportedly considering Greenbushes sale","lithiums-hard-rock-hypothesis-tianqi-reportedly-considering-greenbushes-sale","article/lithiums-hard-rock-hypothesis-tianqi-reportedly-considering-greenbushes-sale",{"_uid":142514,"date":142515,"tags":142516,"editor":142519,"content":142523,"excerpt":142608,"featured":50,"reporter":142609,"_editable":142613,"component":864,"seo_title":142510,"categories":142614,"visibility":882,"author_company":49,"featured_image":142616,"seo_description":142608,"author_full_name":49,"author_job_title":49,"formattedDate":142619},"49b85880-c0f0-4a7c-b9ac-3b0b4bb361ed","2020-04-20 00:00",[142517,142518],{"slug":6567,"name":2038},{"slug":913,"name":914},[142520],{"slug":544,"name":543,"content":142521},{"job_title":557,"image":142522,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":142524},[142525,142530,142535,142540,142545,142550,142555,142560,142565,142570,142575,142582,142589,142596,142603],{"type":594,"attrs":142526,"content":142527},{"textAlign":49},[142528],{"text":142529,"type":599},"Expansions through the 2010s have seen Tianqi emerge as one of the world’s leading lithium producers, sitting alongside lithium’s top producers such Albemarle, SQM and Ganfeng Lithium. However, the company is now under significant financial pressure, which have forced the company to consider asset and equity sales.",{"type":594,"attrs":142531,"content":142532},{"textAlign":49},[142533],{"text":142534,"type":599},"The Australian Financial Review reported that China’s Tianqi Lithium is looking to sell part of its majority 51% holding in the Greenbushes hard rock lithium mine, Western Australia. Following these reports Tianqi then confirmed that it was considering selling equity and assets but that no agreements had yet been signed.",{"type":594,"attrs":142536,"content":142537},{"textAlign":49},[142538],{"text":142539,"type":599},"The Greenbushes operation is the world’s largest lithium mine, having produced over 90,000 tonnes of lithium carbonate equivalent in 2019 according to data from Benchmark Minerals Lithium Forecast which represented 25% of global supply. The remaining 49% of the project —held through the joint venture Talison Lithium— is held by Albemarle. The fact that Tianqi is considering the sale of at least a share in this leading lithium asset illustrates the pressures the company is under.",{"type":594,"attrs":142541,"content":142542},{"textAlign":49},[142543],{"text":142544,"type":599},"Tianqi has been flying too close to the sun with its expansions of recent years in attempts to gain market share, such as the purchase of a 23.8% stake in Chilean lithium producer SQM for $4.1 billion in 2018. These expansions have placed the company under considerable financial strain.",{"type":594,"attrs":142546,"content":142547},{"textAlign":49},[142548],{"text":142549,"type":599},"As part of its expansions, Tianqi had also been developing the Kwinana lithium hydroxide facility with a 24,000 tonne per annum capacity in Australia. Using feedstock from the Greenbushes mine, Kwinana was due to begin production in H1 and ramp up to capacity within 12 months. However, in March 2020 Tianqi announced that it had postponed commissioning the first stage of the plant, citing issues as a consequence of the coronavirus outbreak.",{"type":594,"attrs":142551,"content":142552},{"textAlign":49},[142553],{"text":142554,"type":599},"Fast forward a month and Tianqi’s financial difficulties —which had of course been building regardless of the coronavirus — have forced the company into considering asset and equity sales. It has also been reported that Tianqi is now looking to sell the Kwinana plant.",{"type":594,"attrs":142556,"content":142557},{"textAlign":49},[142558],{"text":142559,"type":599},"The market conditions for lithium produces have been difficult and Tianqi is not the only struggling producer. Benchmark Minerals’ Lithium Forecast shows that a backlog of material at the end of 2019 saw 25,000-50,000 tonnes LCE of excess material carried over into 2020. Under these backlog pressures we have seen a host of expansion delays and output cuts from hard rock producers as spodumene prices have continued to fall. While Tianqi is not alone in its struggles, the attempts to expand its Australian interests and Chilean interests, the company’s financial difficulties are now taking their toll",{"type":594,"attrs":142561,"content":142562},{"textAlign":49},[142563],{"text":142564,"type":599},"George Miller, Analyst, said of the latest developments: “Tianqi has faced financial difficulty following its purchase of a $4.1bn, 24% share in Chilean miner SQM, completed near the last peak in the market in 2018. Since then, Tianqi has endured a high debt burden and faced increased exposure to the market during a decline in lithium pricing. Despite technical issues at their Kwinana hydroxide plant, likely to be included within a deal, Tianqi will have multiple interested parties in their stake in Talison, as Greenbushes remains one of the largest and lowest cost lithium assets globally.”",{"type":657,"attrs":142566,"content":142567},{"level":15966,"textAlign":49},[142568],{"text":142569,"type":599},"Tianqi’s potential suitors",{"type":594,"attrs":142571,"content":142572},{"textAlign":49},[142573],{"text":142574,"type":599},"As the world’s largest producing lithium asset there are likely to be a number of interested parties interested in Greenbushes. A number of potential suitors have been suggested. Who could we expect to purchase Tianqi’s share of the Greenbushes?",{"type":594,"attrs":142576,"content":142577},{"textAlign":49},[142578,142580],{"text":142579,"type":599},"Albemarle ",{"text":142581,"type":599},"is the leading contender to purchase part of Tianqi’s share in Greenbushes. Not only does the company already hold a 49% share in the mine, it is one of the world’s leading producers of lithium brine. Benchmark Minerals’ Q1 2020 Lithium Forecast shows that Albemarle produced 35,200 tonnes LCE in its Chilean brine operation and a further 3,000 tonnes LCE from its Silver Peak – which is currently the only lithium producing asset in the USA. The company also holds a 60% share in Australia’s hard rock Wodgina mine alongside Mineral Resources.",{"type":594,"attrs":142583,"content":142584},{"textAlign":49},[142585,142587],{"text":142586,"type":599},"Wesfarmers ",{"text":142588,"type":599},"is a relative newcomer to the lithium scene, having completed a AUS$1.5billion deal to acquire hard rock Australian lithium developer Kidman Resources in September 2019. The deal saw Wesfarmers take on Kidman’s 50:50 stake in the Mt Holland, which is jointly held by SQM. Data from Benchmark Minerals’ Q1 2020 Lithium Forecast shows that the Mt Holland project is expected to begin production in 2022 and ramping up to 40,000 tonnes of production in 2025. Tianqi’s sale would offer Wesfarmers the opportunity to take on an asset already in production.",{"type":594,"attrs":142590,"content":142591},{"textAlign":49},[142592,142594],{"text":142593,"type":599},"Mineral Resources ",{"text":142595,"type":599},"is one of the other incumbent Australian hard rock lithium producers that might be interested in Greenbushes. The company holds a minority share, alongside majority shareholder Ganfeng Lithium, in the Mt Marion mine, which produced 36,800 tonnes LCE in 2019 according to data from Benchmark Minerals Lithium Forecast. As mentioned above, Mineral Resources also has a 40% share in Wodgina alongside Albemarle.",{"type":594,"attrs":142597,"content":142598},{"textAlign":49},[142599,142601],{"text":142600,"type":599},"Rio Tinto ",{"text":142602,"type":599},"already has two development stage lithium assets: its Boron mine in the USA and Jadar project in Serbia. However, these projects represent small operations with future potential. With Tianqi’s share of the world’s biggest lithium mine up for grabs, this may represent an opportunity for Rio Tinto to fully commit to its lithium foray, or possibly for another major commodity group move into lithium",{"type":594,"attrs":142604,"content":142605},{"textAlign":49},[142606],{"text":142607,"type":599},"While the above companies represent industry participants, the sale of Tianqi’s share of Greenbushes could provide industry outsiders with the opportunity to take a share in one of the world’s leading lithium producing assets.","Expansions through the 2010s have seen Tianqi emerge as one of the world’s leading lithium producers, sitting alongside lithium’s top producers such Albemarle, SQM and Ganfeng Lithium. However, the company is now under significant financial pressure, which have forced the company to consider asset and equity sales. The Australian Financial Review reported that China’s Tianqi […]",[142610],{"slug":544,"name":543,"content":142611},{"job_title":557,"image":142612,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"49b85880-c0f0-4a7c-b9ac-3b0b4bb361ed\", \"id\": \"\"}-->",[142615],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":142617,"copyright":547,"fieldtype":553,"meta_data":142618,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0adcd12239/bm-greenbushes-e1655831404108.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 20, 2020",{"id":142621,"uuid":142622,"name":142623,"slug":142624,"full_slug":142625,"content":142626},112474080215541,"8539641c-a319-48b9-b9f9-30a6950374d4","Chinese rebound? NEV Subsidies extended as supply chain shows tentative signs of recovery","chinese-rebound-nev-subsidies-extended-as-supply-chain-shows-tentative-signs-of-recovery","article/chinese-rebound-nev-subsidies-extended-as-supply-chain-shows-tentative-signs-of-recovery",{"_uid":142627,"date":142628,"tags":142629,"editor":142630,"content":142634,"excerpt":142692,"featured":50,"reporter":142693,"_editable":142697,"component":864,"seo_title":142623,"categories":142698,"visibility":882,"author_company":49,"featured_image":142701,"seo_description":142692,"author_full_name":49,"author_job_title":49,"formattedDate":142704},"9012646d-1bc5-487e-9f22-d7845205393a","2020-04-17 00:00",[],[142631],{"slug":544,"name":543,"content":142632},{"job_title":557,"image":142633,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":142635},[142636,142647,142652,142657,142662,142667,142672,142677,142682,142687],{"type":594,"attrs":142637,"content":142638},{"textAlign":49},[142639,142645],{"text":142640,"type":599,"marks":142641},"Having signalled at the start of the year that it would not make further reductions to New Energy Vehicle (NEV) subsidies",[142642],{"type":604,"attrs":142643},{"href":142644,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/china-suggests-no-significant-nev-subsidy-cut-in-2020-but-the-industry-must-prepare-regardless",{"text":142646,"type":599},", it was confirmed by Chinese Premier Li Keqiang that China would extend NEV subsidies and certain tax exemptions for an additional 2 years as the country further adjusts to the fallout from the coronavirus pandemic.",{"type":594,"attrs":142648,"content":142649},{"textAlign":49},[142650],{"text":142651,"type":599},"The initial fears of a supply shock to the Chinese-centred lithium ion supply chain have now been compounded by concerns of a global fall in auto and electric vehicle demand. It is in this environment, which follows 2019’s lower than expected NEV demand, in which China has decided to continue to support the world’s largest electric vehicle market.",{"type":594,"attrs":142653,"content":142654},{"textAlign":49},[142655],{"text":142656,"type":599},"After a disappointing year for NEVs in 2019, the slowdown in China’s economy following the coronavirus lockdown saw NEV production fall 83% and sales 76% in February, although Benchmark expects these numbers to rebound from Q2 onwards. While we expect an improvement after Q2, it’s important to note that total 2020 production will still be lower than what we expected at the start of the year.",{"type":594,"attrs":142658,"content":142659},{"textAlign":49},[142660],{"text":142661,"type":599},"However, as the infection rate in China has fallen, the country’s NEV stimulus programmes have continued to boost the domestic EV outlook. While the government have not yet specified the level of subsidy and tax breaks which will now extend into 2022, it is expected that any changes to the current scheme will be minimal.",{"type":594,"attrs":142663,"content":142664},{"textAlign":49},[142665],{"text":142666,"type":599},"Regional governments will likely play an integral role in support of China’s industry as the central government has urged local governments to introduce new policies to promote electric vehicle demand. A number of provinces — including Guangdong, Shandong, Jilin, Hainan; and cities including Shenzhen and Hangzhou — have already introduced new subsidies and it is expected for this to be followed by other regions.",{"type":594,"attrs":142668,"content":142669},{"textAlign":49},[142670],{"text":142671,"type":599},"As part of its stimulus efforts to recover following Q1, the Chinese government has announced plans to invest heavily in infrastructure targeting its 5G network, data centres, high speed train network, and NEV charging stations.",{"type":594,"attrs":142673,"content":142674},{"textAlign":49},[142675],{"text":142676,"type":599},"We expect this directive to bolster energy storage (ESS) demand to power 5G base stations, where lead-acid batteries are expected to be replaced by lithium iron phosphate (LFP) battery technology. For instance, China Mobile and China Tower have subsequently announced bids to purchase LFP batteries, totalling over 4 GWh capacity.",{"type":594,"attrs":142678,"content":142679},{"textAlign":49},[142680],{"text":142681,"type":599},"Albert Li, Senior Analyst – China, said of the latest developments: “Subsidies started in 2010 and kept increasing until beginning to decrease in 2017. China’s plan was to withdraw subsidies in 2020, but in 2019, NEV sales had a year-on-year drop, which was the first time in the last decade. Therefore, entering 2020, the Automobile Association and other stakeholders proposed extending the subsidy period. These pressures ultimately worked and the subsidy policy was extended for two years. At its core, this policy is to push environmental protection, and will bolster NEV sales and the NEV industry’s sustainable development.”",{"type":594,"attrs":142683,"content":142684},{"textAlign":49},[142685],{"text":142686,"type":599},"“More detailed subsidy policies will soon be announced. It’s been rumoured that the 2020 subsidy policy from the central government might be reduced by 10%, but local governments will announce their own subsidies to ensure the support of its NEV industry and consumers.”",{"type":594,"attrs":142688,"content":142689},{"textAlign":49},[142690],{"text":142691,"type":599},"With regards to China’s supply chain rebound following the country-wide lockdowns, Li said: “China’s entire NEV industry supply chain has showed some signs of recovery after the lockdowns. Suppliers have resumed production with help from local governments, for example, Jixi government have pushed for over seven new graphite projects to start construction in April. Even in Jingmen, Hubei, close to the epicentre of the coronavirus outbreak, its local government pushed to restart EVE Energy’s megafactory project at the end of March. Additionally, suppliers continued to receive new orders during and after the lockdowns, with Huayou Cobalt and Posco signing an N65 precursor agreement at the end of March, and Shanshan Energy agreeing to purchase battery material from Fujian Evergreen New Energy.”","Having signalled at the start of the year that it would not make further reductions to New Energy Vehicle (NEV) subsidies, it was confirmed by Chinese Premier Li Keqiang that China would extend NEV subsidies and certain tax exemptions for an additional 2 years as the country further adjusts to the fallout from the coronavirus […]",[142694],{"slug":544,"name":543,"content":142695},{"job_title":557,"image":142696,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9012646d-1bc5-487e-9f22-d7845205393a\", \"id\": \"\"}-->",[142699,142700],{"slug":2499,"name":2500},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":142702,"copyright":547,"fieldtype":553,"meta_data":142703,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ab0d46fc6c/bm-china-traffic-credit-arend-kuester.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 17, 2020",{"id":142706,"uuid":142707,"name":142708,"slug":142709,"full_slug":142710,"content":142711},112474094645940,"6d106e50-f117-4673-ab0b-31918f358475","Pilbara Minerals agrees new offtake agreement but challenging environment persists for spodumene producers","pilbara-minerals-agrees-new-offtake-agreement-but-challenging-environment-persists-for-spodumene-producers","article/pilbara-minerals-agrees-new-offtake-agreement-but-challenging-environment-persists-for-spodumene-producers",{"_uid":142712,"date":142713,"tags":142714,"editor":142716,"content":142720,"excerpt":142774,"featured":50,"reporter":142775,"_editable":142779,"component":864,"seo_title":142708,"categories":142780,"visibility":882,"author_company":49,"featured_image":142782,"seo_description":142774,"author_full_name":49,"author_job_title":49,"formattedDate":142785},"c2a30c26-b8cf-442d-9f0f-6db07314c54f","2020-04-03 00:00",[142715],{"slug":6567,"name":2038},[142717],{"slug":544,"name":543,"content":142718},{"job_title":557,"image":142719,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":142721},[142722,142727,142732,142737,142742,142747,142752,142759,142764,142769],{"type":594,"attrs":142723,"content":142724},{"textAlign":49},[142725],{"text":142726,"type":599},"Amidst the ongoing global fallout from the coronavirus, Australia’s Pilbara Minerals have announced a five-year 75,000 tonnes per annum offtake agreement with Chinese Yibin Tianyi, a joint venture company backed by Contemporary Amperex Technology (CATL).",{"type":594,"attrs":142728,"content":142729},{"textAlign":49},[142730],{"text":142731,"type":599},"The deal reflects Pilbara’s ongoing relationship with CATL, China’s only Tier One lithium ion battery manufacturer, which took an 8.5% stake in the spodumene producer in September 2019. The move further cements Pilbara’s position in CATL’s expanding supply chain roadmap.",{"type":594,"attrs":142733,"content":142734},{"textAlign":49},[142735],{"text":142736,"type":599},"Pilbara announced that the first shipment of 20,000 tonnes of spodumene concentrate was completed this March and expects the second shipment in April or early May.",{"type":594,"attrs":142738,"content":142739},{"textAlign":49},[142740],{"text":142741,"type":599},"The deal adds Pilbara’s strong portfolio of offtakers – which includes Ganfeng Lithium, POSCO, General Lithium, and Great Wall Motor Company – and will help sustain their ongoing rampup through the current challenging price environment.",{"type":594,"attrs":142743,"content":142744},{"textAlign":49},[142745],{"text":142746,"type":599},"Earlier in March, Australian-based spodumene producer, Altura Mining, secured a new financing package totalling $202 million with an extended loan facility until August 2023, enabling the company to continue its own ramp up.",{"type":594,"attrs":142748,"content":142749},{"textAlign":49},[142750],{"text":142751,"type":599},"Despite the positive news coming out of the sector, spodumene producers have seen increased downward pressure on their margins, particularly as new producers face the inherent struggle of bringing down costs at a time when they are having to pull back on production targets.",{"type":594,"attrs":142753,"content":142754},{"textAlign":49},[142755,142757],{"text":142756,"type":599},"Benchmark Minerals’ ",{"text":142758,"type":599},"Lithium Forecast shows that a backlog of material at the end of 2019 saw 25,000-50,000 tonnes LCE of excess material carried over into 2020. This oversupply has contributed to a downward trend in prices which has seen Benchmark Minerals Spodumene prices fall from $675/tonne in February 2019 to $463/tonne in February 2020, with further falls in March 2020.",{"type":594,"attrs":142760,"content":142761},{"textAlign":49},[142762],{"text":142763,"type":599},"In this testing environment producers have responded by cutting output and stalling expansions. Despite these measures some operators have struggled to survive as prices move closer to cost, with Alita Resources already having falling victim in August 2019 as it suspended operations at the Bald Hill project.",{"type":594,"attrs":142765,"content":142766},{"textAlign":49},[142767],{"text":142768,"type":599},"The consequences of coronavirus will see battery demand fall short of previous expectations for 2020, delaying the reduction in this backlog.",{"type":594,"attrs":142770,"content":142771},{"textAlign":49},[142772],{"text":142773,"type":599},"Although China’s initial rebound should bolster these efforts to some extent, we expect spodumene prices to remain below 2019 levels for much of the year.","Amidst the ongoing global fallout from the coronavirus, Australia’s Pilbara Minerals have announced a five-year 75,000 tonnes per annum offtake agreement with Chinese Yibin Tianyi, a joint venture company backed by Contemporary Amperex Technology (CATL). The deal reflects Pilbara’s ongoing relationship with CATL, China’s only Tier One lithium ion battery manufacturer, which took an 8.5% […]",[142776],{"slug":544,"name":543,"content":142777},{"job_title":557,"image":142778,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c2a30c26-b8cf-442d-9f0f-6db07314c54f\", \"id\": \"\"}-->",[142781],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":142783,"copyright":547,"fieldtype":553,"meta_data":142784,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/912e8e2b07/bm-et6g7dmu0aa9rh.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 03, 2020",{"id":142787,"uuid":142788,"name":142789,"slug":142790,"full_slug":142791,"content":142792},112474099450549,"2cd6af10-857e-47d3-9ce8-40d13bb230df","Toyota turbo charges EV plan with 60GWh of lithium ion battery capacity by 2025","toyota-turbo-charges-ev-plan-with-60gwh-of-lithium-ion-battery-capacity-by-2025","article/toyota-turbo-charges-ev-plan-with-60gwh-of-lithium-ion-battery-capacity-by-2025",{"_uid":142793,"date":142794,"tags":142795,"editor":142796,"content":142800,"excerpt":142881,"featured":50,"reporter":142882,"_editable":142886,"component":864,"seo_title":142789,"categories":142887,"visibility":882,"author_company":49,"featured_image":142889,"seo_description":142881,"author_full_name":49,"author_job_title":49,"formattedDate":142892},"12efba2a-b599-450f-9ad3-7899b5ce2f19","2020-03-31 00:00",[],[142797],{"slug":544,"name":543,"content":142798},{"job_title":557,"image":142799,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":142801},[142802,142808,142813,142826,142832,142837,142842,142847,142852,142857,142862,142868,142873],{"type":594,"attrs":142803,"content":142804},{"textAlign":49},[142805,142806],{"text":11314,"type":599},{"text":142807,"type":599}," can confirm Toyota is planning to have 60GWh of lithium ion battery capacity by end-2025. This is enough battery cells to make just over 1 million electric vehicles (EV) with an average pack size of 55kWh.",{"type":594,"attrs":142809,"content":142810},{"textAlign":49},[142811],{"text":142812,"type":599},"Although the plan is in its early stages, it is a step change for Toyota which has been criticised in the past for not taking lithium ion EVs seriously enough, and instead favouring fuel cell technology.",{"type":594,"attrs":142814,"content":142815},{"textAlign":49},[142816,142818,142824],{"text":142817,"type":599},"While this does not necessarily mark departure from fuel cells, it is a major boost for its ",{"text":142819,"type":599,"marks":142820},"EV plans and finally puts some data behind its Panasonic Corp joint venture, confirmed in February 2020",[142821],{"type":604,"attrs":142822},{"href":142823,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/chasing-the-pack-panasonic-toyota-confirm-battery-joint-venture",{"text":142825,"type":599},", and its BYD partnership that was revealed in November 2019.",{"type":594,"attrs":142827,"content":142828},{"textAlign":49},[142829,142830],{"text":9653,"type":599},{"text":142831,"type":599}," anticipates that the majority of the 60GWh battery cells are to come from both of these partnerships.",{"type":594,"attrs":142833,"content":142834},{"textAlign":49},[142835],{"text":142836,"type":599},"Toyota’s relationship with Panasonic will be especially play a key role taking capacity to 60GWh for the world’s largest automaker.",{"type":594,"attrs":142838,"content":142839},{"textAlign":49},[142840],{"text":142841,"type":599},"Two plants in Japan – Kasai and Himeji – together with the newer Dalian cell plant in China are all central to Toyota’s new pure EV direction.",{"type":657,"attrs":142843,"content":142844},{"level":15966,"textAlign":49},[142845],{"text":142846,"type":599},"Toyota’s battery numbers in context",{"type":594,"attrs":142848,"content":142849},{"textAlign":49},[142850],{"text":142851,"type":599},"Today, at 60GWh Toyota would sit behind only LG Chem and CATL in terms of global capacity. In fact, 60GWh represented just under 50% of the world’s total EV demand in 2019.",{"type":594,"attrs":142853,"content":142854},{"textAlign":49},[142855],{"text":142856,"type":599},"However, looking out to 2025 Toyota’s plans are modest compared with the battery industry’s leaders — current plans in the pipeline would give LG Chem 209 GWh of capacity and CATL 280 GWh according to data from Benchmark’s Lithium ion Battery Database.",{"type":594,"attrs":142858,"content":142859},{"textAlign":49},[142860],{"text":142861,"type":599},"But this capacity target would put it ahead of both Volkswagen and PSA’s battery megafactory plans, which both have 16GWh of capacity in the pipeline for 2025.",{"type":594,"attrs":142863,"content":142864},{"textAlign":49},[142865,142866],{"text":7249,"type":599},{"text":142867,"type":599},"estimates the raw material requirements for Toyota’s 60GWh capacity to equate to approximately 14,000 tonnes of cobalt, 52,200 of lithium, 40,200 tonnes of nickel and 72,000 tonnes of graphite.",{"type":657,"attrs":142869,"content":142870},{"level":15966,"textAlign":49},[142871],{"text":142872,"type":599},"Get access to Benchmark’s Lithium ion Battery Database: Plant by plant analysis out to 2030",{"type":594,"attrs":142874,"content":142875},{"textAlign":49},[142876,142877],{"text":132228,"type":599},{"text":110919,"type":599,"marks":142878},[142879],{"type":604,"attrs":142880},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},"Benchmark Mineral Intelligence can confirm Toyota is planning to have 60GWh of lithium ion battery capacity by end-2025. This is enough battery cells to make just over 1 million electric vehicles (EV) with an average pack size of 55kWh. Although the plan is in its early stages, it is a step change for Toyota which […]",[142883],{"slug":544,"name":543,"content":142884},{"job_title":557,"image":142885,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"12efba2a-b599-450f-9ad3-7899b5ce2f19\", \"id\": \"\"}-->",[142888],{"slug":2499,"name":2500},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":142890,"copyright":547,"fieldtype":553,"meta_data":142891,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/97d721c784/bm-toyota.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 31, 2020",{"id":142894,"uuid":142895,"name":142896,"slug":142897,"full_slug":142898,"content":142899},112474104128299,"a8ad8a2f-a36a-4007-8a5d-2cf520b232d2","Coronavirus update: what is happening to South America’s lithium industry?","coronavirus-update-what-is-happening-to-south-americas-lithium-industry","article/coronavirus-update-what-is-happening-to-south-americas-lithium-industry",{"_uid":142900,"date":142901,"tags":142902,"editor":142903,"content":142907,"excerpt":142974,"featured":50,"reporter":142975,"_editable":142979,"component":864,"seo_title":142896,"categories":142980,"visibility":882,"author_company":49,"featured_image":142982,"seo_description":142974,"author_full_name":49,"author_job_title":49,"formattedDate":142985},"c6c12428-40eb-4fca-9cdd-70956e623cc4","2020-03-27 00:00",[],[142904],{"slug":544,"name":543,"content":142905},{"job_title":557,"image":142906,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":142908},[142909,142914,142919,142924,142929,142934,142939,142944,142949,142954,142959,142964,142969],{"type":594,"attrs":142910,"content":142911},{"textAlign":49},[142912],{"text":142913,"type":599},"The coronavirus pandemic is developing rapidly, with the fallout of the virus now affecting all aspects of the lithium ion supply chain to varying extents. The past week has seen a surge in cases in South America and both key lithium producers Chile and Argentina — responsible for 26% and 10%, respectively, of global supply in 2019 according to data from the Benchmark Minerals Lithium Forecast — have started to feel the effects.",{"type":657,"attrs":142915,"content":142916},{"level":15966,"textAlign":49},[142917],{"text":142918,"type":599},"Argentina on lockdown, lithium production temporarily suspended",{"type":594,"attrs":142920,"content":142921},{"textAlign":49},[142922],{"text":142923,"type":599},"In Argentina, the actions taken by the government of Alberto Fernandez from March 20 through March 31 has seen the country effectively locked down. During this time, all Argentines must stay in their homes and may only leave when necessary for necessities.",{"type":594,"attrs":142925,"content":142926},{"textAlign":49},[142927],{"text":142928,"type":599},"Lithium production within Argentina has therefore been stopped until at least March 31, with both Livent’s Salar del Hombre Muerto and Orocobre’s Olaroz operations suspended. With the pressures from coronavirus, Benchmark Minerals’ Lithium Forecast is now expecting Livent’s revised output to be 19,500 tonnes and Orocobre’s 11,000 tonnes of lithium carbonate equivalent, both falling short of 2019 production figures.",{"type":594,"attrs":142930,"content":142931},{"textAlign":49},[142932],{"text":142933,"type":599},"The coronavirus has also prompted expansion cutbacks, and in response to the pandemic Livent has decided to suspend all capital expansions globally. In the same line, Orocobre suspended all development operations related to its Stage 2 Expansion.",{"type":594,"attrs":142935,"content":142936},{"textAlign":49},[142937],{"text":142938,"type":599},"An additional problem facing Argentian producers is the logistical issue arising from its border with Chile, which remains closed. This is particularly important to the supply chain as Argentinian lithium chemicals are shipped through Chile.",{"type":594,"attrs":142940,"content":142941},{"textAlign":49},[142942],{"text":142943,"type":599},"Development stage companies are also facing pressures in Argentina. Lithium Americas announced that that construction activities at the Cauchari-Olaroz lithium project were temporarily suspended. According to the company, the suspension of construction may impact the company’s previous estimate for completion of construction by early 2021.",{"type":594,"attrs":142945,"content":142946},{"textAlign":49},[142947],{"text":142948,"type":599},"The lockdown and the wider economic fallout from the virus could also affect a number of developments across Argentina. There are over 15 development stage projects that will have to temporarily slow down development of their projects as part of Argentina’s efforts to stop the virus. These projects will  be affected in the near-term but in the longer-term, any economic slowdown could make it more difficult to secure financing.",{"type":657,"attrs":142950,"content":142951},{"level":15966,"textAlign":49},[142952],{"text":142953,"type":599},"Lithium production continues in Chile ",{"type":594,"attrs":142955,"content":142956},{"textAlign":49},[142957],{"text":142958,"type":599},"Regarding Chile’s lithium industry, neither Albemarle or SQM have so far halted operations. Ports are operating as normal and so far only a small proportion of the cases are located in the Antofagasta Region. For SQM, around 25% of their exports are headed to China; another 25% to Korea and 23% to Japan. So, the importance of those destinations having a safe and functional supply chains is significant. In the case of Albemarle, around 36% of their exports go to Korea.",{"type":594,"attrs":142960,"content":142961},{"textAlign":49},[142962],{"text":142963,"type":599},"As of Wednesday March 25th, the number of positive tested cases in Chile was approximately 1,140 people, which is almost five times the numbers only a week ago. The Chilean government took 12 days after the first confirmed case to close educational centers and 13 days to close international airports. In that sense, the government has acted fast compared with some European countries and the US.",{"type":594,"attrs":142965,"content":142966},{"textAlign":49},[142967],{"text":142968,"type":599},"At a regional level, due to the rapid propagation of the virus, some municipalities have started with anticipated lockdowns (there have been seven so far). This is a preventive measure but eventually a total lockdown of the metropolitan region is expected to take place.",{"type":594,"attrs":142970,"content":142971},{"textAlign":49},[142972],{"text":142973,"type":599},"Even without a wider lockdown, Chilean operations will likely face logistical challenges as shipping could be affected and also the availability of reagents for processing could also become an issue as supply chains slowdown.","The coronavirus pandemic is developing rapidly, with the fallout of the virus now affecting all aspects of the lithium ion supply chain to varying extents. The past week has seen a surge in cases in South America and both key lithium producers Chile and Argentina — responsible for 26% and 10%, respectively, of global supply […]",[142976],{"slug":544,"name":543,"content":142977},{"job_title":557,"image":142978,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c6c12428-40eb-4fca-9cdd-70956e623cc4\", \"id\": \"\"}-->",[142981],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":142983,"copyright":547,"fieldtype":553,"meta_data":142984,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7ccf211e3b/bm-sqm-benchmark.png",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 27, 2020",{"id":142987,"uuid":142988,"name":142989,"slug":142990,"full_slug":142991,"content":142992},112474109227829,"8b36acca-a79e-4fc7-ac57-d5a491ca7b68","Coronavirus update: global battery supply chain prepares for challenging months ahead","coronavirus-update-global-battery-supply-chain-prepares-for-challenging-months-ahead","article/coronavirus-update-global-battery-supply-chain-prepares-for-challenging-months-ahead",{"_uid":142993,"date":142994,"tags":142995,"editor":142997,"content":143001,"excerpt":143145,"featured":50,"reporter":143146,"_editable":143150,"component":864,"seo_title":142989,"categories":143151,"visibility":882,"author_company":49,"featured_image":143153,"seo_description":143145,"author_full_name":49,"author_job_title":49,"formattedDate":143156},"47097a8d-ac38-40db-8a4c-d8ccc12d5090","2020-03-25 00:00",[142996],{"slug":124894,"name":124895},[142998],{"slug":544,"name":543,"content":142999},{"job_title":557,"image":143000,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":143002},[143003,143008,143013,143018,143030,143035,143040,143045,143050,143055,143060,143065,143070,143075,143080,143085,143090,143095,143100,143110,143115,143120,143125,143130,143135,143140],{"type":594,"attrs":143004,"content":143005},{"textAlign":49},[143006],{"text":143007,"type":599},"As the coronavirus — COVID-19 —is now a global pandemic and China is no longer the epicentre of the outbreak, supply chains worldwide are under threat from developments of this disease. What started as a supply shock in China is now becoming a global demand-side issue affecting the entire lithium ion battery supply chain. However, some regions are more affected than others and China is already showing early signs of bouncing back.",{"type":657,"attrs":143009,"content":143010},{"level":15966,"textAlign":49},[143011],{"text":143012,"type":599},"Upstream constraints",{"type":594,"attrs":143014,"content":143015},{"textAlign":49},[143016],{"text":143017,"type":599},"From an upstream supply perspective, the main issue has been a logistics slowdown. Within China there have been continued bans and delays on transporting goods resulting in difficulties in both receiving raw materials and delivering finished products to customers.",{"type":594,"attrs":143019,"content":143020},{"textAlign":49},[143021,143023,143029],{"text":143022,"type":599},"However, to date there has been no significant battery raw material or anode and cathode material supply shortages. This is partly due to existing oversupply from 2019, ",{"text":143024,"type":599,"marks":143025},"for instance Benchmark’s Lithium Forecast indicates up to 50,000 tonnes LCE of spodumene stocks were carried over from 2019 into 2020",[143026],{"type":604,"attrs":143027},{"href":143028,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/australias-spodumene-backlog-sparks-2020-cutbacks",{"text":974,"type":599},{"type":594,"attrs":143031,"content":143032},{"textAlign":49},[143033],{"text":143034,"type":599},"This oversupply from last year, along with operations ramping up output (although not at full capacity utilisation rates in most cases), means that supply should be able to meet demand in the near-term, but concerns are now escalating over possible limitations to ex-China production in the coming weeks.",{"type":594,"attrs":143036,"content":143037},{"textAlign":49},[143038],{"text":143039,"type":599},"The global crisis will now affect all stages of the battery supply chain. Discussing developments in cobalt and the Democratic Republic of the Congo Caspar Rawles, Head of Price Assessments, said: “Whilst we are starting to see larger numbers of confirmed cases of coronavirus across Africa, the impact to the cobalt supply chain so far has been, limited as logistics have continued to function in the region. Key areas to watch for potential disruption will be further border or port closures in South Africa alongside the impact of the recently announced lockdown, or a more extended lockdown than the recently imposed one in Haut-Katanga (the cobalt producing region of the DRC).”",{"type":594,"attrs":143041,"content":143042},{"textAlign":49},[143043],{"text":143044,"type":599},"He continued, “Although a complete ban on the movement and export of minerals for an extended period is unlikely, closures could see delays to shipments from either the DRC or South Africa to consumers in China, where domestic stocks are already running at low levels. This won’t create a problem whilst activity levels in the Chinese battery supply chain are still recovering but could see some short-term tightness if things ramp up quickly”",{"type":594,"attrs":143046,"content":143047},{"textAlign":49},[143048],{"text":143049,"type":599},"In the lithium supply chain, we’ve now seen the first signs of the coronavirus fallout affecting Chile and Argentina, although the countries remain less affected than European and North American hotspots but cases are growing. A national mandatory quarantine in Argentina has seen both Livent and Orocobre suspend lithium brine operations until at least 31 March.",{"type":657,"attrs":143051,"content":143052},{"level":15966,"textAlign":49},[143053],{"text":143054,"type":599},"Downstream concerns",{"type":594,"attrs":143056,"content":143057},{"textAlign":49},[143058],{"text":143059,"type":599},"While restrictions on supply chains are set to worsen in most regions, the expected rebound in China in Q2 will have an important role in propping up 2020 demand.",{"type":594,"attrs":143061,"content":143062},{"textAlign":49},[143063],{"text":143064,"type":599},"As seen after other external shocks to China’s economic output, there is typically a fast correction in the market following a slowdown and this will likely prevail in the battery sector throughout Q3 and especially into H2 2020.",{"type":594,"attrs":143066,"content":143067},{"textAlign":49},[143068],{"text":143069,"type":599},"In addition, there are already rumours of stimulus programmes being put in place to bolster electric vehicle (EV) demand through extended subsidies (which have already been announced in Guangzhou) and a major revamp of public transportation systems country-wide.",{"type":594,"attrs":143071,"content":143072},{"textAlign":49},[143073],{"text":143074,"type":599},"What was meant to be the year battery demand diversified outside China may now see China play a more important role than ever before.",{"type":594,"attrs":143076,"content":143077},{"textAlign":49},[143078],{"text":143079,"type":599},"Although anode, cathode and battery cell production continues in other major markets such as Japan and Korea, producers are already preparing for slower than expected demand from EVs and portables. And with the peak of the outbreak still ahead for many western economies, concern over the length of the slowdown increase by the day.",{"type":594,"attrs":143081,"content":143082},{"textAlign":49},[143083],{"text":143084,"type":599},"While we are yet to see downstream users reduce their orders, there is very limited spot activity across the supply chain, with global uncertainties making Chinese growth increasingly critical.",{"type":594,"attrs":143086,"content":143087},{"textAlign":49},[143088],{"text":143089,"type":599},"A consequence of this could be an accelerated consolidation of anode and cathode suppliers. With lower than expected demand from outside of China, Tier 2 and 3 producers are likely to face increasing competition from Tier 1 Chinese suppliers.",{"type":657,"attrs":143091,"content":143092},{"level":15966,"textAlign":49},[143093],{"text":143094,"type":599},"Global response",{"type":594,"attrs":143096,"content":143097},{"textAlign":49},[143098],{"text":143099,"type":599},"Q1 2020 will have seen a substantial EV demand globally. In China alone, EV sales were down -54% in January and -76% in February year-on-year, although it is worth noting that output was still relatively stable compared with 2018 levels.",{"type":594,"attrs":143101,"content":143102},{"textAlign":49},[143103,143108],{"text":143104,"type":599,"marks":143105},"China’s government had already indicated at the start of the year that there would be no significant subsidy cut in 2020",[143106],{"type":604,"attrs":143107},{"href":142644,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":143109,"type":599},", and considering the fallout from coronavirus we expect this to remain the case. Subsidies could in fact be extended in certain regions as part of a stimulus effort expected over the coming months.",{"type":594,"attrs":143111,"content":143112},{"textAlign":49},[143113],{"text":143114,"type":599},"It is now very unlikely that the Chinese government’s target of 2 million new energy vehicle (NEV) sales will now be met this year, but the fall in demand may not be as drastic as many feared at the height of the coronavirus in the country.",{"type":594,"attrs":143116,"content":143117},{"textAlign":49},[143118],{"text":143119,"type":599},"This is important because China is the biggest electric vehicle consumer globally, with over 1 million BEV and PHEV sales in 2019, compared with Europe’s 400,000 over the same period according to data from Rho Motion.",{"type":594,"attrs":143121,"content":143122},{"textAlign":49},[143123],{"text":143124,"type":599},"Europe of course is lining up to be the next EV hub, and the growth to 16 battery megafactories in the pipeline is testament to this. However, sudden coronavirus developments across the continent have seen auto production shutting down, with shutdowns announced from companies including PSA, Volkswagen BMW and Toyota.",{"type":594,"attrs":143126,"content":143127},{"textAlign":49},[143128],{"text":143129,"type":599},"Europe’s EV demand for the year will therefore significantly underperform previous expectations, but if the peak of the outbreak were to be reached by summer, it’s feasible that we could expect economic growth in H2 and there are also hopes that EVs will take a central focus in the inevitable economic stimulus efforts that will follow. However, with the ongoing uncertainty and rapidly changing situation this will only become clear as the crisis unfolds in the coming weeks.",{"type":594,"attrs":143131,"content":143132},{"textAlign":49},[143133],{"text":143134,"type":599},"Despite the bleak outlook, global EV demand should be bolstered by what is likely to be a smaller than expected fall off in Chinese market. While European demand will take a significant hit, currently it represents a smaller proportion of total EV sales albeit with greater growth prospects.",{"type":594,"attrs":143136,"content":143137},{"textAlign":49},[143138],{"text":143139,"type":599},"As countries globally announce stimulus packages to bolster battered economies, there are calls from industry and politicians to use the current crisis as an opportunity to advance new energy industries. As this crisis plays out over the coming months and weeks we will see whether a ‘green new deal’ emerges.",{"type":594,"attrs":143141,"content":143142},{"textAlign":49},[143143],{"text":143144,"type":599},"For now, however, it seems that while the supply chain continues to function, the year of EV diversification out of China will be put on hold as the global economy adjusts to a new reality.","As the coronavirus — COVID-19 —is now a global pandemic and China is no longer the epicentre of the outbreak, supply chains worldwide are under threat from developments of this disease. What started as a supply shock in China is now becoming a global demand-side issue affecting the entire lithium ion battery supply chain. However, […]",[143147],{"slug":544,"name":543,"content":143148},{"job_title":557,"image":143149,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"47097a8d-ac38-40db-8a4c-d8ccc12d5090\", \"id\": \"\"}-->",[143152],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":143154,"copyright":547,"fieldtype":553,"meta_data":143155,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/08525874d8/bm-coronavirus-map.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 25, 2020",{"id":143158,"uuid":143159,"name":143160,"slug":143161,"full_slug":143162,"content":143163},112474118702051,"afc20b3d-20da-4902-87cc-5e632ec66717","Nickel sulphate prices: update amid coronavirus pandemic","nickel-sulphate-prices-update-amid-coronavirus-pandemic","article/nickel-sulphate-prices-update-amid-coronavirus-pandemic",{"_uid":143164,"date":143165,"tags":143166,"editor":143167,"content":143171,"excerpt":143244,"featured":50,"reporter":143245,"_editable":143249,"component":864,"seo_title":143160,"categories":143250,"visibility":2091,"author_company":49,"featured_image":143252,"seo_description":143244,"author_full_name":49,"author_job_title":49,"formattedDate":143255},"1d044c3e-384f-4b23-b437-073afd03b7cf","2020-03-17 00:00",[],[143168],{"slug":544,"name":543,"content":143169},{"job_title":557,"image":143170,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":143172},[143173,143178,143185,143190,143195,143200,143208,143213,143218,143223,143228,143233],{"type":594,"attrs":143174,"content":143175},{"textAlign":49},[143176],{"text":143177,"type":599},"The extended shutdown of China following the spring festival and the outbreak of the Coronavirus / COVID-19 affected both nickel sulphate prices assessed by the Benchmark Mineral Intelligence Nickel Sulphate Price Assessment.",{"type":594,"attrs":143179,"content":143180},{"textAlign":49},[143181,143183],{"text":143182,"type":599},"Benchmark’s Nickel Sulphate, >22% Ni, EXW China, RMB/t ",{"text":143184,"type":599},"price, recorded stable pricing across February as a result of the extended shutdown, with prices up 1% on the previous month.",{"type":594,"attrs":143186,"content":143187},{"textAlign":49},[143188],{"text":143189,"type":599},"Restrictions implemented on logistics, as a measure to contain the Coronavirus, saw diminished market activity across the month; evidenced through the narrow range in which material traded.",{"type":594,"attrs":143191,"content":143192},{"textAlign":49},[143193],{"text":143194,"type":599},"Prices receded towards the lower end of the recorded range during the final week of the month as restrictions started to lift.",{"type":594,"attrs":143196,"content":143197},{"textAlign":49},[143198],{"text":143199,"type":599},"Nickel sulphate premiums recovered in February, owing primarily to falling nickel metal prices globally. The premium over the SHFE nickel metal price averaged RMB7,700/tonne ($1,100) of nickel, while the comparative premium to the LME nickel metal price stood at $3,200/tonne of nickel.",{"type":594,"attrs":143201,"content":143202},{"textAlign":49},[143203,143204,143206],{"text":2372,"type":599},{"text":143205,"type":599},"Benchmark Nickel Sulphate, >22% Ni, CIF Asia, USD/t",{"text":143207,"type":599}," price saw a 6.1% decrease in February, driven primarily by falling LME nickel metal prices and a decrease in premiums over the metal price.",{"type":594,"attrs":143209,"content":143210},{"textAlign":49},[143211],{"text":143212,"type":599},"The declining premium was a product of weak market fundamentals, with soft demand from the battery industry and high stock inventories forcing downward pressure on the market.",{"type":594,"attrs":143214,"content":143215},{"textAlign":49},[143216],{"text":143217,"type":599},"Market participants noted that premiums were edging towards the cost of production for some producers.",{"type":657,"attrs":143219,"content":143220},{"level":15966,"textAlign":49},[143221],{"text":143222,"type":599},"Subscribe to Benchmark’s Nickel Sulphate Price Assessment Service",{"type":594,"attrs":143224,"content":143225},{"textAlign":49},[143226],{"text":143227,"type":599},"Benchmark’s Nickel Sulphate Price Assessment is the only service to specialise in nickel sulphate prices for the lithium ion battery supply chain.",{"type":594,"attrs":143229,"content":143230},{"textAlign":49},[143231],{"text":143232,"type":599},"The monthly service and online database provides comprehensive commentary and market leading analysis of supply, demand and pricing for the nickel sulphate market.",{"type":594,"attrs":143234,"content":143235},{"textAlign":49},[143236,143238,143243],{"text":143237,"type":599},"To subscribe or for a free trial: ",{"text":143239,"type":599,"marks":143240},"fill out this form here",[143241],{"type":604,"attrs":143242},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"The extended shutdown of China following the spring festival and the outbreak of the Coronavirus / COVID-19 affected both nickel sulphate prices assessed by the Benchmark Mineral Intelligence Nickel Sulphate Price Assessment. Benchmark’s Nickel Sulphate, >22% Ni, EXW China, RMB/t price, recorded stable pricing across February as a result of the extended shutdown, with prices […]",[143246],{"slug":544,"name":543,"content":143247},{"job_title":557,"image":143248,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1d044c3e-384f-4b23-b437-073afd03b7cf\", \"id\": \"\"}-->",[143251],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":143253,"copyright":547,"fieldtype":553,"meta_data":143254,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/73c22397d7/bm-benchmark-minerals-nickel-sulphate-price.png",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 17, 2020",{"id":143257,"uuid":143258,"name":143259,"slug":143260,"full_slug":143261,"content":143262},112474123461604,"e77c0221-9dd1-46a9-ab29-9852676a9126","Benchmark postpones all events, in person gatherings in response to coronavirus pandemic","benchmark-postpones-all-events-in-person-gatherings-in-response-to-coronavirus-pandemic","article/benchmark-postpones-all-events-in-person-gatherings-in-response-to-coronavirus-pandemic",{"_uid":143263,"date":143264,"tags":143265,"editor":143267,"content":143271,"excerpt":143369,"featured":50,"reporter":143370,"component":864,"seo_title":143259,"categories":143374,"visibility":2091,"author_company":49,"featured_image":143375,"seo_description":143369,"author_full_name":49,"author_job_title":49,"formattedDate":143377},"4bc145c0-2020-42a4-9327-1f1e5cd93a61","2020-03-12 00:00",[143266],{"slug":9655,"name":9656},[143268],{"slug":544,"name":543,"content":143269},{"job_title":557,"image":143270,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":143272},[143273,143278,143290,143295,143300,143305,143316,143321,143325,143330,143335,143340,143345,143350,143355,143362],{"type":594,"attrs":143274,"content":143275},{"textAlign":49},[143276],{"text":143277,"type":599},"12 March 2019 / London /",{"type":594,"attrs":143279,"content":143280},{"textAlign":49},[143281,143283,143288],{"text":143282,"type":599},"In response to the global coronavirus (COVID-19) pandemic that is unfolding, Benchmark Mineral Intelligence is officially postponing all of its events, ",{"text":143284,"type":599,"marks":143285},"seminars",[143286],{"type":604,"attrs":143287},{"href":89109,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":143289,"type":599}," and any form of in person gatherings until after 1 September 2020.",{"type":594,"attrs":143291,"content":143292},{"textAlign":49},[143293],{"text":143294,"type":599},"Our team is presently working hard to reschedule each of these events for between 1 September 2020 and 31 December 2020.",{"type":594,"attrs":143296,"content":143297},{"textAlign":49},[143298],{"text":143299,"type":599},"This following changes have taken place:",{"type":594,"attrs":143301,"content":143302},{"textAlign":49},[143303],{"text":143304,"type":599},"Benchmark World Tour 2020",{"type":594,"attrs":143306,"content":143307},{"textAlign":49},[143308,143314],{"text":143309,"type":599,"marks":143310},"Battery Megafactories Europe 2020",[143311],{"type":604,"attrs":143312},{"href":143313,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/kurt-kelty-announced-as-guest-of-honour-at-battery-megafactories-europe-2020",{"text":143315,"type":599},", Berlin, Germany",{"type":594,"attrs":143317,"content":143318},{"textAlign":49},[143319],{"text":143320,"type":599},"Washington DC Summit 2020 ",{"type":594,"attrs":143322,"content":143323},{"textAlign":49},[143324],{"text":139090,"type":599},{"type":594,"attrs":143326,"content":143327},{"textAlign":49},[143328],{"text":143329,"type":599},"“We have decided to make this decision for all our events and any form of in-person meetings we host that are scheduled for first half of the calendar year.",{"type":594,"attrs":143331,"content":143332},{"textAlign":49},[143333],{"text":143334,"type":599},"The unprecedented scale of the coronavirus, now confirmed as a pandemic, is becoming clear and our responsibilities as a company mean that we cannot facilitate or encourage any form of gatherings, whether this is for five or 500 people, in this time of uncertainty.",{"type":594,"attrs":143336,"content":143337},{"textAlign":49},[143338],{"text":143339,"type":599},"This is a global pandemic that no one alive has seen the likes of and we have not taken this decision lightly.",{"type":594,"attrs":143341,"content":143342},{"textAlign":49},[143343],{"text":143344,"type":599},"We thank all of our customers for their understanding in these truly unique times and trust they understand that the safety of everyone is our paramount priority.",{"type":594,"attrs":143346,"content":143347},{"textAlign":49},[143348],{"text":143349,"type":599},"This decision was made on expert advice, especially from the World Health Organization and the UK Government, trusted data sources and our own on-the-ground sources in each country where we host events.",{"type":594,"attrs":143351,"content":143352},{"textAlign":49},[143353],{"text":143354,"type":599},"We wish everyone safety and good health for the coming weeks and months.”",{"type":594,"attrs":143356,"content":143357},{"textAlign":49},[143358],{"text":143359,"type":599,"marks":143360},"If you have any questions or concerns please contact us on info@benchmarkminerals.com ",[143361],{"type":643},{"type":594,"attrs":143363,"content":143364},{"textAlign":49},[143365],{"text":143366,"type":599,"marks":143367},"Follow us on Twitter for regular updates: @benchmarkmin ",[143368],{"type":643},"12 March 2019 / London / In response to the global coronavirus (COVID-19) pandemic that is unfolding, Benchmark Mineral Intelligence is officially postponing all of its events, seminars and any form of in person gatherings until after 1 September 2020. Our team is presently working hard to reschedule each of these events for between 1 […]",[143371],{"slug":544,"name":543,"content":143372},{"job_title":557,"image":143373,"bio":548,"linkedin":555},{"filename":552},[],{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":141759,"copyright":547,"fieldtype":553,"meta_data":143376,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Mar 12, 2020",{"id":143379,"uuid":143380,"name":143381,"slug":143382,"full_slug":143383,"content":143384},112474133570565,"045883b5-6f9a-4065-b969-3cbc4a08ea8e","CATL receive Benchmark’s top tier lithium ion battery producer status","chinese-battery-megafactory-giant-catl-reaches-tier-1-status","article/chinese-battery-megafactory-giant-catl-reaches-tier-1-status",{"_uid":143385,"date":143386,"tags":143387,"editor":143389,"content":143393,"excerpt":143666,"featured":50,"reporter":143667,"_editable":143671,"component":864,"seo_title":143381,"categories":143672,"visibility":882,"author_company":49,"featured_image":143675,"seo_description":143666,"author_full_name":49,"author_job_title":49,"formattedDate":143678},"8ab5cdf7-b301-45b4-9cae-4939b5510dbd","2020-03-05 00:00",[143388],{"slug":913,"name":914},[143390],{"slug":544,"name":543,"content":143391},{"job_title":557,"image":143392,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":143394},[143395,143400,143417,143422,143427,143432,143439,143444,143449,143454,143462,143470,143475,143483,143488,143493,143498,143503,143509,143514,143519,143524,143529,143541,143546,143551,143556,143563,143568,143573,143590,143599,143604,143608,143614,143617,143635,143640,143646,143651,143656,143661],{"type":594,"attrs":143396,"content":143397},{"textAlign":49},[143398],{"text":143399,"type":599},"Contemporary Amerpex Technology Co Ltd (CATL) reach Tier 1 lithium ion battery manufacturer status, as assessed by Benchmark Mineral Intelligence.",{"type":594,"attrs":143401,"content":143402},{"textAlign":49},[143403,143404,143406,143410,143412,143416],{"text":9653,"type":599},{"text":143405,"type":599},"‘s Tier 1 status, analysed via our ",{"text":143407,"type":599,"marks":143408},"Lithium ion Battery Megafactory Assessment",[143409],{"type":643},{"text":143411,"type":599}," service, is the highest ranked tier of three categories of the world’s lithium ion battery makers (",{"text":143413,"type":599,"marks":143414},"scroll for more",[143415],{"type":643},{"text":139182,"type":599},{"type":594,"attrs":143418,"content":143419},{"textAlign":49},[143420],{"text":143421,"type":599},"It is assigned to cell manufacturers who can produce the highest quality lithium ion batteries, at scale, for western automotive uses and that are qualified to supply major electric vehicles markets outside of China.",{"type":594,"attrs":143423,"content":143424},{"textAlign":49},[143425],{"text":143426,"type":599},"CATL joins LG Chem, Samsung SDI, Panasonic-Tesla, SK  Innovation, and Envision-AESC (AESC) as tier one lithium ion battery producers from an assessed total of 70 battery-makers worldwide, operating from 64 active lithium ion battery plants (February 2020 Assessment).",{"type":594,"attrs":143428,"content":143429},{"textAlign":49},[143430],{"text":143431,"type":599},"CATL’s rise to Tier 1 producer has been widely anticipated.",{"type":594,"attrs":143433,"content":143434},{"textAlign":49},[143435],{"type":1186,"attrs":143436},{"id":49,"alt":547,"src":143437,"title":49,"source":49,"copyright":49,"meta_data":143438},"https://a.storyblok.com/f/287943243085208/90ce19c1b3/bm-benchmarks-tiers-of-automoitve-battery-producers-q1-2020-png.png",{},{"type":594,"attrs":143440,"content":143441},{"textAlign":49},[143442],{"text":143443,"type":599},"Benchmark’s Tiers of Automotive Lithium ion Battery Producers. Click to scroll to our methodology.",{"type":657,"attrs":143445,"content":143446},{"level":15966,"textAlign":49},[143447],{"text":143448,"type":599},"CATL & LG Chem lead global battery arms race",{"type":594,"attrs":143450,"content":143451},{"textAlign":49},[143452],{"text":143453,"type":599},"With a number of battery factory expansions in the pipeline, CATL is now also the world’s leading battery manufacturer by capacity (including joint venture battery factories).",{"type":594,"attrs":143455,"content":143456},{"textAlign":49},[143457,143459,143460],{"text":143458,"type":599},"Last year, CATL had 77GWh of lithium ion battery capacity in 2019, compared to the world’s second largest battery cell maker, LG Chem, which expanded to 66GWh of capacity. Both battery producers have been especially aggressive in expanding cell capacity in the wake of what ",{"text":9653,"type":599},{"text":143461,"type":599}," described back in 2015 as a ‘global battery arms race’.",{"type":594,"attrs":143463,"content":143464},{"textAlign":49},[143465,143467,143468],{"text":143466,"type":599},"In the last 5 years, the number of battery megafactories in the pipeline out to 2029 – a ten year horizon assessed by ",{"text":9653,"type":599},{"text":143469,"type":599},"‘s service – have risen from 3 to 123.",{"type":594,"attrs":143471,"content":143472},{"textAlign":49},[143473],{"text":143474,"type":599},"Having only been founded in 2011, CATL, has been China’s battery champion, and has led domestic growth in battery cell capacity from its HQ in Nindge, and become industry’s most powerful entities.",{"type":594,"attrs":143476,"content":143477},{"textAlign":49},[143478],{"text":143479,"type":599,"marks":143480},"February saw unexpected news as it was reported that CATL would supply Tesla with prismatic lithium iron phosphate (LFP) battery cells for Tesla’s standard-range Model 3 in China as revealed by Benchmark. ",[143481],{"type":604,"attrs":143482},{"href":131254,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":143484,"content":143485},{"textAlign":49},[143486],{"text":143487,"type":599},"Much of CATL’s current and future capacity is located in China, where eight out of nine of its battery factories are located. Its sole international venture to date being in Erfurt, Germany which is expected to begin production in 2022.",{"type":594,"attrs":143489,"content":143490},{"textAlign":49},[143491],{"text":143492,"type":599},"CATL’s Germany plant is, however, destined to be one of its biggest with a 70GWh capacity in 2029, which makes it the producer’s second biggest plant, and Europe’s largest megafactory in the pipeline.",{"type":657,"attrs":143494,"content":143495},{"level":15966,"textAlign":49},[143496],{"text":143497,"type":599},"Over half of the battery pipeline not qualified",{"type":594,"attrs":143499,"content":143500},{"textAlign":49},[143501],{"text":143502,"type":599},"The promotion of CATL to Tier 1 has changed the battery tier landscape.",{"type":594,"attrs":143504,"content":143505},{"textAlign":49},[143506,143507],{"text":9653,"type":599},{"text":143508,"type":599},"‘s data now shows that 45% of installed capacity by 2024 and 46% by 2029 is now forecasted to come from Tier 1 producer batteries that are qualified for use by automotive OEMs outside of China.",{"type":594,"attrs":143510,"content":143511},{"textAlign":49},[143512],{"text":143513,"type":599},"As a result, 54% of lithium ion battery capacity or 1,234GWh or enough batteries to make 22m EVs is set to be from Tier 2 and Tier 3 producers that are not yet qualified for use in EVs outside of China.",{"type":594,"attrs":143515,"content":143516},{"textAlign":49},[143517],{"text":143518,"type":599},"Quality will remain a critical issue for Europe and US automakers seeking to a wholesale shift to EVs.",{"type":657,"attrs":143520,"content":143521},{"level":137844,"textAlign":49},[143522],{"text":143523,"type":599},"Caspar Rawles, Head of Price Assessments at Benchmark said:",{"type":594,"attrs":143525,"content":143526},{"textAlign":49},[143527],{"text":143528,"type":599},"“With CATL achieving Benchmark’s Tier 1 lithium ion battery producer status, this will give European and North American automakers another much need option for their cell sourcing strategy.",{"type":594,"attrs":143530,"content":143531},{"textAlign":49},[143532,143533,143539],{"text":47476,"type":599},{"text":143534,"type":599,"marks":143535},"Recently we have seen a number of automakers complain of being ‘cell constrained,’",[143536],{"type":604,"attrs":143537},{"href":143538,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europes-automotive-battery-shortage-is-all-about-quality-not-quantity",{"text":143540,"type":599}," limiting their ability to produce even small numbers of EVs.",{"type":594,"attrs":143542,"content":143543},{"textAlign":49},[143544],{"text":143545,"type":599},"“As auto production targets grow, this problem is only set to get worse.",{"type":594,"attrs":143547,"content":143548},{"textAlign":49},[143549],{"text":143550,"type":599},"“The challenge for CATL will come when they look to ramp production to double digit gigawatt-hour levels at their new battery megafactories, which has typically stifled even the most experienced of battery cell manufacturers.",{"type":594,"attrs":143552,"content":143553},{"textAlign":49},[143554],{"text":143555,"type":599},"“The task of producing extremely high-quality cells at the volumes needed to fulfil automotive grade contracts is not easy and may take longer than CATL expects.”",{"type":594,"attrs":143557,"content":143558},{"textAlign":49},[143559],{"type":1186,"attrs":143560},{"id":49,"alt":547,"src":143561,"title":49,"source":49,"copyright":49,"meta_data":143562},"https://a.storyblok.com/f/287943243085208/10f19f7954/bm-megafactories-event-wordpress.jpg",{},{"type":594,"attrs":143564,"content":143565},{"textAlign":49},[143566],{"text":143567,"type":599},"Join our specialist conference on the building on battery megafactories in Europe.",{"type":657,"attrs":143569,"content":143570},{"level":15966,"textAlign":49},[143571],{"text":143572,"type":599},"Methodology: what is Benchmark’s criteria to become a tier one lithium ion battery producer?",{"type":594,"attrs":143574,"content":143575},{"textAlign":49},[143576,143578,143579,143581,143583,143584,143586,143587,143589],{"text":143577,"type":599},"Not all lithium ion batteries can be used in all electric vehicles. For industry, there is a fine balance of what ",{"text":9653,"type":599},{"text":143580,"type":599}," calls the ‘Three Qs’ of ",{"text":143582,"type":599},"quality",{"text":3400,"type":599},{"text":143585,"type":599},"quantity",{"text":1440,"type":599},{"text":143588,"type":599},"qualification",{"text":974,"type":599},{"type":594,"attrs":143591,"content":143592},{"textAlign":49},[143593,143595,143597],{"text":143594,"type":599},"The definition of each tier used in Benchmark Minerals’ ",{"text":143596,"type":599},"Lithium ion Battery Megafactory Assessment ",{"text":143598,"type":599},"is as follows and shown in the diagram below:",{"type":657,"attrs":143600,"content":143601},{"level":137844,"textAlign":49},[143602],{"text":143603,"type":599},"Tier 1: ",{"type":657,"attrs":143605,"content":143606},{"level":137844,"textAlign":49},[143607],{"text":134055,"type":599},{"type":657,"attrs":143609,"content":143610},{"level":137844,"textAlign":49},[143611,143613],{"text":143612,"type":599},"Tier 3",{"text":21888,"type":599},{"type":594,"attrs":143615,"content":143616},{"textAlign":49},[],{"type":594,"attrs":143618,"content":143619},{"textAlign":49},[143620,143624,143630],{"text":143621,"type":599,"marks":143622},"Download High Resolution PDF ",[143623],{"type":643},{"text":143625,"type":599,"marks":143626},"\n\tDownload “Benchmarks Tiers of Lithium-ion Battery Producers Q1 2020”\t",[143627],{"type":604,"attrs":143628},{"href":143629,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://wp-admin.benchmarkminerals.com/download/874215/?tmstv=1763659301",{"text":143631,"type":599,"marks":143632},"Benchmarks-Tiers-of-Lithium-ion-Battery-Producers-Q1-2020.pdf\t\t– Downloaded 218 times\t\t– 128.69 KB",[143633],{"type":604,"attrs":143634},{"href":143629,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":143636,"content":143637},{"level":15966,"textAlign":49},[143638],{"text":143639,"type":599},"How often does Benchmark assess these tiers?",{"type":594,"attrs":143641,"content":143642},{"textAlign":49},[143643,143644],{"text":9653,"type":599},{"text":143645,"type":599}," assesses these tiers of quality every three calendar month in its Lithium ion Battery Megafactory Assessment – a subscription service analysing all of the world’s lithium ion battery plants.",{"type":657,"attrs":143647,"content":143648},{"level":15966,"textAlign":49},[143649],{"text":143650,"type":599},"How can I get access to Benchmark’s Battery cell database and analysis?",{"type":594,"attrs":143652,"content":143653},{"textAlign":49},[143654],{"text":143655,"type":599},"Or call Gary Bernard, Business Group Manager on +44 203 960 9980",{"type":657,"attrs":143657,"content":143658},{"level":137844,"textAlign":49},[143659],{"text":143660,"type":599},"I am a lithium ion battery producer. How do I submit data for your analysis?",{"type":594,"attrs":143662,"content":143663},{"textAlign":49},[143664],{"text":143665,"type":599},"To submit data to our Lithium ion Battery Megafactory Assessment, contact Caspar Rawles, Head of Price Assessments, on crawles@benchmarkminerals.com","Contemporary Amerpex Technology Co Ltd (CATL) reach Tier 1 lithium ion battery manufacturer status, as assessed by Benchmark Mineral Intelligence. Benchmark‘s Tier 1 status, analysed via our Lithium ion Battery Megafactory Assessment service, is the highest ranked tier of three categories of the world’s lithium ion battery makers (scroll for more). It is assigned to cell […]",[143668],{"slug":544,"name":543,"content":143669},{"job_title":557,"image":143670,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8ab5cdf7-b301-45b4-9cae-4939b5510dbd\", \"id\": \"\"}-->",[143673,143674],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":143676,"copyright":547,"fieldtype":553,"meta_data":143677,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d8fad82ae1/bm-feature-header.png",{"alt":547,"title":547,"source":547,"copyright":547},"Mar 05, 2020",{"id":143680,"uuid":143681,"name":143682,"slug":143683,"full_slug":143684,"content":143685},112474138285118,"0513d86e-6645-4bf7-80df-0ab76ce468d9","Coronavirus context: how reliant is the lithium ion battery supply chain on China?","coronavirus-context-chinas-role-in-the-lithium-ion-battery-supply-chain","article/coronavirus-context-chinas-role-in-the-lithium-ion-battery-supply-chain",{"_uid":143686,"date":143687,"tags":143688,"editor":143690,"content":143694,"excerpt":143830,"featured":50,"reporter":143831,"_editable":143835,"component":864,"seo_title":143682,"categories":143836,"visibility":882,"author_company":49,"featured_image":143839,"seo_description":143830,"author_full_name":49,"author_job_title":49,"formattedDate":143842},"b1afe0c7-f1d2-4aa5-8a4d-4c79b66730d7","2020-02-27 00:00",[143689],{"slug":913,"name":914},[143691],{"slug":544,"name":543,"content":143692},{"job_title":557,"image":143693,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":143695},[143696,143701,143706,143711,143716,143721,143726,143731,143736,143741,143746,143749,143754,143759,143764,143769,143772,143777,143782,143787,143792,143797,143802,143807,143812,143815,143820,143825],{"type":594,"attrs":143697,"content":143698},{"textAlign":49},[143699],{"text":143700,"type":599},"The coronavirus – or COVID-19 – has brought regions of China to a standstill. The pivotal role which China plays in the lithium ion battery supply chain is now being tested under the pressures of this virus, from raw material supply all the way through to battery cell production, with consequences for the entire electric vehicle value chain.",{"type":594,"attrs":143702,"content":143703},{"textAlign":49},[143704],{"text":143705,"type":599},"Despite reports of infection rates within China slowing, many workers continue to remain in self quarantine and transportation restricted across the country.  There have been reports of a significant reduction in activity across the supply chain.",{"type":594,"attrs":143707,"content":143708},{"textAlign":49},[143709],{"text":143710,"type":599},"From a demand perspective, the consequences are already emerging. Official figures reveal that NEV output and sales fell 55.4% and 54.4% y-o-y respectively in January. February’s figures are projected to see even greater y-o-y decreases. During the first two weeks of February, China car sales fell 92% according to the China Passenger Car Association. Subsequently, there have been further rumours that the Chinese government will not continue new energy vehicle (NEV) subsidy cuts this year.",{"type":594,"attrs":143712,"content":143713},{"textAlign":49},[143714],{"text":143715,"type":599},"As the data below indicates, China’s role in the lithium ion supply chain is critical and as such the consequences will not only be felt domestically but in other countries with any interest in the supply chain.",{"type":657,"attrs":143717,"content":143718},{"level":141407,"textAlign":49},[143719],{"text":143720,"type":599},"China’s battery raw material role ",{"type":594,"attrs":143722,"content":143723},{"textAlign":49},[143724],{"text":143725,"type":599},"China’s role in the supply chain begins with raw material production, particularly for natural flake graphite supply, with the country responsible for 65% of supply —620,000 tonnes according to the Benchmark Minerals Graphite Forecast — in 2019.",{"type":594,"attrs":143727,"content":143728},{"textAlign":49},[143729],{"text":143730,"type":599},"However, in the other key battery raw materials China plays a lesser role. The country produces some lithium from brine sources, which accounted for 9% of global supply in 2019. For nickel and cobalt, the country produces a much smaller proportion of global supply, with 4% and 1% respectively in 2019 [Source: Benchmark Mineral Intelligence Graphite, Lithium, Nickel and Cobalt Forecast Database].",{"type":594,"attrs":143732,"content":143733},{"textAlign":49},[143734],{"text":143735,"type":599},"But it’s the processing and refining stage of the supply chain where China begins to play a significant role across battery raw materials",{"type":594,"attrs":143737,"content":143738},{"textAlign":49},[143739],{"text":143740,"type":599},"In 2019, 55% of global lithium chemical supply was produced in China, processing domestic feedstock but mostly Australian-sourced spodumene. Another key cathode material which China is integral to is cobalt: 67% of the world’s refined cobalt production came from China in 2019. 30% of refined nickel production in 2019 was located in China and while nickel as an industry is very much defined by stainless steel consumption it’s use in lithium ion batteries continues to grow with higher-nickel cathodes.",{"type":594,"attrs":143742,"content":143743},{"textAlign":49},[143744],{"text":143745,"type":599},"China is also of critical importance to the anode supply chain, with 100% of spherical graphite battery anode feedstock produced in China in 2019. The tables below outline China’s role in the first stages of the supply chain.",{"type":657,"attrs":143747,"content":143748},{"level":141407,"textAlign":49},[],{"type":657,"attrs":143750,"content":143751},{"level":141407,"textAlign":49},[143752],{"text":143753,"type":599},"Rest of the world dependence on China",{"type":594,"attrs":143755,"content":143756},{"textAlign":49},[143757],{"text":143758,"type":599},"The lithium ion supply chain is of course global, and as such the countries next in line to be affected by a slowdown in the supply chain would be Korea and Japan. Outside of China, Japan is responsible for 18% of cathode production and 14% of anode production, with Korea responsible for 16% of cathode production and 4% of anode production according to Benchmark Mineral Intelligence Anode and Cathode Market Assessments.",{"type":594,"attrs":143760,"content":143761},{"textAlign":49},[143762],{"text":143763,"type":599},"However, to maintain this share of production, producers in Korea and Japan rely heavily on Chinese materials.",{"type":594,"attrs":143765,"content":143766},{"textAlign":49},[143767],{"text":143768,"type":599},"For much of their cathode production, both Korea and Japan rely on Chinese imports of lithium hydroxide, and as such any slowdown in China’s hydroxide supply chain will hamper efforts of Korean and Japanese manufacturers. While reliant on China for hydroxide imports, both countries import the majority of their lithium carbonate product from North and South American sources, but this is insufficient to sustain their cathode industries without Chinese supply.",{"type":594,"attrs":143770,"content":143771},{"textAlign":49},[],{"type":594,"attrs":143773,"content":143774},{"textAlign":49},[143775],{"text":143776,"type":599},"To put these in terms of lithium ion battery cell and electric vehicle production, Japan imported 31,000 tonnes of lithium carbonate and hydroxide from China in 2019. According to Benchmark estimates, this figure equates to approximately 27 GWh of lithium ion battery cells — or 500,000 pure electric vehicles using a 55kWh battery pack. Similarly, Korea’s lithium imports of 26,000 tonnes from China equates to approximately 22GWh of battery cells and 400,000 electric vehicles.",{"type":594,"attrs":143778,"content":143779},{"textAlign":49},[143780],{"text":143781,"type":599},"While heavily reliant on Chinese sources for their cathode industries, both Korea and Japan’s anode production would cease to function without China’s spherical graphite production which provides both countries with all of their imports.",{"type":594,"attrs":143783,"content":143784},{"textAlign":49},[143785],{"text":143786,"type":599},"Needless to say, the downstream lithium ion supply chain outside of China would be affected significantly by any slowdown in Chinese supply.",{"type":657,"attrs":143788,"content":143789},{"level":141407,"textAlign":49},[143790],{"text":143791,"type":599},"China’s burgeoning downstream role",{"type":594,"attrs":143793,"content":143794},{"textAlign":49},[143795],{"text":143796,"type":599},"China has also expanded its downstream capabilities to such an extent that much of the world’s downstream supply chain is now located on the Chinese mainland. Through the 2010s China took a more prominent role in the downstream sections of the lithium ion supply chain.",{"type":594,"attrs":143798,"content":143799},{"textAlign":49},[143800],{"text":143801,"type":599},"In 2013, China was responsible for 61% of anode production, by 2015 this had increased to 72% and last year it produced 82% of the world’s supply. Similarly, China’s cathode production has boomed, from 46% in 2013 to 65% in 2019 according to the latest data from our Anode & Cathode Market Assessments.",{"type":594,"attrs":143803,"content":143804},{"textAlign":49},[143805],{"text":143806,"type":599},"China has also increased its scale of production, with its cathode production volumes increasing 7x and its anode production volumes increasing 11x between 2013 and 2019.",{"type":594,"attrs":143808,"content":143809},{"textAlign":49},[143810],{"text":143811,"type":599},"China’s role is only going to increase through the 2020s as it has massive capacity expansions in the pipeline; of global anode and cathode capacity under construction China’s share is 92% and 85% respectively.",{"type":594,"attrs":143813,"content":143814},{"textAlign":49},[],{"type":594,"attrs":143816,"content":143817},{"textAlign":49},[143818],{"text":143819,"type":599},"It’s beyond doubt that China is integral to the lithium ion to electric vehicle supply chain. The US-China trade war brought this to the attention of US politicians, and the past 12 months have seen new efforts from legislators in the USA and Europe to develop localised supply chains. However, these are long-term efforts and will not protect OEMs from the potential consequences of the coronavirus in the short-term.",{"type":594,"attrs":143821,"content":143822},{"textAlign":49},[143823],{"text":143824,"type":599},"A slowdown within China caused by the coronavirus could have far-reaching consequences outside of China and is likely to affect western OEMs’ EV ambitions in the near-term. A delay in Chinese expansions will limit the ability of companies looking to supply volume into these supply chains, and could even prevent those trying to qualify new material from doing so —ultimately threatening western OEM’s longer-term electrification plans.",{"type":594,"attrs":143826,"content":143827},{"textAlign":49},[143828],{"text":143829,"type":599},"China is critical to all stages of the lithium ion battery supply chain and if the slowdown in China continues the impact will be felt globally. Western OEMs across the board will be taking note.","The coronavirus – or COVID-19 – has brought regions of China to a standstill. The pivotal role which China plays in the lithium ion battery supply chain is now being tested under the pressures of this virus, from raw material supply all the way through to battery cell production, with consequences for the entire electric […]",[143832],{"slug":544,"name":543,"content":143833},{"job_title":557,"image":143834,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b1afe0c7-f1d2-4aa5-8a4d-4c79b66730d7\", \"id\": \"\"}-->",[143837,143838],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":143840,"copyright":547,"fieldtype":553,"meta_data":143841,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fce360c24e/bm-beijing-e1582884037968.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 27, 2020",{"id":143844,"uuid":143845,"name":143846,"slug":143847,"full_slug":143848,"content":143849},112474147939592,"31953cd7-f5e8-4f28-a9b2-d5ca72513ada","Europe’s automotive ‘battery shortage’ is all about quality not quantity","europes-automotive-battery-shortage-is-all-about-quality-not-quantity","article/europes-automotive-battery-shortage-is-all-about-quality-not-quantity",{"_uid":143850,"date":143851,"tags":143852,"editor":143854,"content":143858,"excerpt":143968,"featured":50,"reporter":143969,"_editable":143973,"component":864,"seo_title":143846,"categories":143974,"visibility":882,"author_company":49,"featured_image":143977,"seo_description":143968,"author_full_name":49,"author_job_title":49,"formattedDate":143980},"37cfb869-cb9c-40cd-b898-0f41d3eef303","2020-02-19 00:00",[143853],{"slug":2790,"name":2791},[143855],{"slug":544,"name":543,"content":143856},{"job_title":557,"image":143857,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":143859},[143860,143865,143870,143875,143880,143885,143890,143895,143900,143905,143910,143915,143920,143925,143930,143933,143938,143950,143958,143963],{"type":594,"attrs":143861,"content":143862},{"textAlign":49},[143863],{"text":143864,"type":599},"In recent weeks, the industry has seen reports of major auto companies facing lithium ion battery shortages which is having a direct impact on production schedules for their electric vehicles (EVs).",{"type":594,"attrs":143866,"content":143867},{"textAlign":49},[143868],{"text":143869,"type":599},"Firstly, Daimler AG was reported to have halved its production targets to 30,000 in 2020 for its Mercedes-Benz EQC electric vehicle (EV), having allegedly only produced 7,000 in 2019 far below the target of 25,000.",{"type":594,"attrs":143871,"content":143872},{"textAlign":49},[143873],{"text":143874,"type":599},"These reports were swiftly followed by similar statements related to Audi, and that production of its E-Tron was being hampered by a shortfall of “battery parts” – namely battery cells – in its Brussels manufacturing plant.",{"type":594,"attrs":143876,"content":143877},{"textAlign":49},[143878],{"text":143879,"type":599},"Jaguar Land Rover was the third company reported to be suffering from a battery cell shortage, with news that it would halt the production of its I-Pace EV in Graz, Austria, for a week due to insufficient battery cell supply.",{"type":657,"attrs":143881,"content":143882},{"level":141407,"textAlign":49},[143883],{"text":143884,"type":599},"‘Only 31% of lithium ion battery output is Tier 1 in 2024’",{"type":594,"attrs":143886,"content":143887},{"textAlign":49},[143888],{"text":143889,"type":599},"Although there is not a systemic battery cell shortage in the supply chain, for some incumbent producers ramping production at newly commissioned battery cell plants – colloquially known as battery megafactories or gigafactories – can be challenging.",{"type":594,"attrs":143891,"content":143892},{"textAlign":49},[143893],{"text":143894,"type":599},"These batteryplants and the speed at which they ramp is key for the supply chain to meet predetermined volumes in supply contracts with OEMs. For inexperienced electric vehicle (EV) battery producers, the issues are magnified especially when ramping up from relatively low volumes to double-digit gigawatt (GWh) production capacity.",{"type":594,"attrs":143896,"content":143897},{"textAlign":49},[143898],{"text":143899,"type":599},"As a result, sourcing lithium ion cells has become more challenging for automakers due to the limited number of Tier 1 producers, as assessed by Benchmark Minerals, who can meet their strict quality standards, while producing the volume needed to fulfil their demand.",{"type":594,"attrs":143901,"content":143902},{"textAlign":49},[143903],{"text":143904,"type":599},"Of the 1,525.4 GWh of capacity expected to be online by end-2024, only 31% or 468 GWh is qualified as Tier 1 standard (Data: Benchmark’s Lithium ion Battery Megafactory Assessment, January 2020).",{"type":594,"attrs":143906,"content":143907},{"textAlign":49},[143908],{"text":143909,"type":599},"This equates to approximately 9 million (m) EVs, however, this also assumes a theoretical 100% utilisation rate, which is not attainable in practice, bringing the likely real-world number down to 5.5m to 6.5m EVs.",{"type":594,"attrs":143911,"content":143912},{"textAlign":49},[143913],{"text":143914,"type":599},"Volkswagen Group (VW), for example, has publicly stated that wants to produce 1m EVs by 2023 and 1.5m vehicles in 2025. To produce 1.5m electric vehicles with 55 kWh battery packs, would need over 80 GWh of battery capacity annually.",{"type":594,"attrs":143916,"content":143917},{"textAlign":49},[143918],{"text":143919,"type":599},"Last year, only 172.2GWh of capacity was of Tier 1 scale. Needless to say, the supply chain needs to ramp up considerably in the 2020s to meet EV manufacturer targets.",{"type":594,"attrs":143921,"content":143922},{"textAlign":49},[143923],{"text":143924,"type":599},"As things stand, by 2030, still only 31% of total lithium ion battery capacity is expected to be qualified as Benchmark’s Tier 1 battery cell category.",{"type":594,"attrs":143926,"content":143927},{"textAlign":49},[143928],{"text":143929,"type":599},"And this is assuming that the supply chain will be in place to support such huge increases from last year’s total battery cell capacity of 455.1GWh for which investment is severely lacking at present.",{"type":594,"attrs":143931,"content":143932},{"textAlign":49},[],{"type":594,"attrs":143934,"content":143935},{"textAlign":49},[143936],{"text":143937,"type":599},"For Europe’s auto OEMs, the prospect of a battery cell shortage is particularly concerning and the need to ramp up cell capacity on the continent is more pressing in light of new emissions targets.",{"type":594,"attrs":143939,"content":143940},{"textAlign":49},[143941,143943,143945,143947,143948],{"text":143942,"type":599},"This year European CO",{"text":143944,"type":599},"2 ",{"text":143946,"type":599},"emission targets are being phased in, which will be fully implemented in 2021. The target is for an OEM’s passenger car fleet average to target 95 grams of CO",{"text":143944,"type":599},{"text":143949,"type":599},"emissions per kilometre.",{"type":594,"attrs":143951,"content":143952},{"textAlign":49},[143953,143955,143956],{"text":143954,"type":599},"The potential fine is €95 per gram of CO",{"text":143944,"type":599},{"text":143957,"type":599},"over this limit, multiplied by an OEM’s European vehicle sales in that year.",{"type":594,"attrs":143959,"content":143960},{"textAlign":49},[143961],{"text":143962,"type":599},"Many of Europe’s OEMs are therefore facing the prospect of multi-billion euro fines, further incentivising the buildout of Europe’s tier 1 supply chain.",{"type":594,"attrs":143964,"content":143965},{"textAlign":49},[143966],{"text":143967,"type":599},"Battery megafactory capacity in Europe – which now has 14 megafactories in the pipeline with 359 GWh of capacity for 2029 – is growing in pace to meet the expected demand of OEMs looking to lower their emissions. OEMs will need to see an increase in the quantity of quality battery cell production to successfully meet their targets.","In recent weeks, the industry has seen reports of major auto companies facing lithium ion battery shortages which is having a direct impact on production schedules for their electric vehicles (EVs). Firstly, Daimler AG was reported to have halved its production targets to 30,000 in 2020 for its Mercedes-Benz EQC electric vehicle (EV), having allegedly […]",[143970],{"slug":544,"name":543,"content":143971},{"job_title":557,"image":143972,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"37cfb869-cb9c-40cd-b898-0f41d3eef303\", \"id\": \"\"}-->",[143975,143976],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":143978,"copyright":547,"fieldtype":553,"meta_data":143979,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1dd9003775/bm-istock-813733522.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 19, 2020",{"id":143982,"uuid":143983,"name":143984,"slug":143985,"full_slug":143986,"content":143987},112474162210459,"56d345d1-507e-4455-84b7-19a3726c1d52","Nickel’s fortunes reverse as undersupply concerns ease","nickels-fortunes-reverse-as-undersupply-concerns-ease","article/nickels-fortunes-reverse-as-undersupply-concerns-ease",{"_uid":143988,"date":143989,"tags":143990,"editor":143991,"content":143995,"excerpt":144126,"featured":50,"reporter":144127,"_editable":144131,"component":864,"seo_title":143984,"categories":144132,"visibility":882,"author_company":49,"featured_image":144135,"seo_description":144126,"author_full_name":49,"author_job_title":49,"formattedDate":144138},"8d76653c-3042-472f-870f-4af67a0143b1","2020-02-14 00:00",[],[143992],{"slug":544,"name":543,"content":143993},{"job_title":557,"image":143994,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":143996},[143997,144009,144014,144027,144030,144035,144040,144045,144050,144055,144060,144065,144070,144075,144084,144093,144101,144106,144123],{"type":594,"attrs":143998,"content":143999},{"textAlign":49},[144000,144002,144008],{"text":144001,"type":599},"Compared with other battery raw materials, nickel prices surged in the second half of 2019 on the back of supply shortage fears with low LME stocks and an ",{"text":144003,"type":599,"marks":144004},"Indonesian ore ban being brought forward two years to 2020",[144005],{"type":604,"attrs":144006},{"href":144007,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/nickel-supply-shock",{"text":974,"type":599},{"type":594,"attrs":144010,"content":144011},{"textAlign":49},[144012],{"text":144013,"type":599},"LME stocks are now back at March 2019 levels suggesting that a supply shortfall prompted by the Indonesian ore ban may have been overstated.",{"type":594,"attrs":144015,"content":144016},{"textAlign":49},[144017,144019,144021,144023,144025],{"text":144018,"type":599},"Only two months down the line and supply shortfall fears have dissipated, with prices following a downward trajectory this year. In January both the ",{"text":144020,"type":599},"Benchmark Minerals Nickel Sulphate, >22% Ni, EXW China, RMB/t Price ",{"text":144022,"type":599},"and the ",{"text":144024,"type":599},"Benchmark Minerals Nickel Sulphate, >22% Ni, CIF Asia, USD/t ",{"text":144026,"type":599},"price were down -5.77% and -2.8% respectively.",{"type":594,"attrs":144028,"content":144029},{"textAlign":49},[],{"type":594,"attrs":144031,"content":144032},{"textAlign":49},[144033],{"text":144034,"type":599},"Greg Miller, Analyst, Benchmark Minerals, said: “The influx of nickel back into LME registered warehouses has seen a dramatic shift in the market outlook from late last year.”",{"type":594,"attrs":144036,"content":144037},{"textAlign":49},[144038],{"text":144039,"type":599},"“While it is important to note that LME stock movements provide far from a definitive perspective, surging stocks and the corresponding softening in prices indicate that last year’s supply shortage fears were overstated.”",{"type":594,"attrs":144041,"content":144042},{"textAlign":49},[144043],{"text":144044,"type":599},"“Shifting market dynamics have been compounded by the recent outbreak of coronavirus in China; and while the medium-term impact of the virus remains an unknown, prolonged market disruption will hit nickel demand from the stainless steel and battery industries further weakening prices.”",{"type":594,"attrs":144046,"content":144047},{"textAlign":49},[144048],{"text":144049,"type":599},"The short-term consequence of the coronavirus could also see increased interest in non-Chinese sources of nickel from international companies as they look to reduce their reliance on Chinese nickel supply.",{"type":657,"attrs":144051,"content":144052},{"level":141407,"textAlign":49},[144053],{"text":144054,"type":599},"Stainless steel dominates, HPAL future potential",{"type":594,"attrs":144056,"content":144057},{"textAlign":49},[144058],{"text":144059,"type":599},"The nickel market is very much dominated by stainless steel consumption, with lithium ion battery demand accounting for only approximately 1% of the nickel market in 2019.",{"type":594,"attrs":144061,"content":144062},{"textAlign":49},[144063],{"text":144064,"type":599},"While stainless steel production disappointed in the second half of 2019, Benchmark Minerals’ data demand from EV batteries was up approximately 30% y-o-y at the end of last year.",{"type":594,"attrs":144066,"content":144067},{"textAlign":49},[144068],{"text":144069,"type":599},"The demand for nickel sulphate from the battery industry is set to continue through the 2020s on the back of higher nickel cathode requirements from OEMs. Despite an oversupply of nickel sulphate in the short term, looking at the long-term supply dynamics, future capacity increases hinge on the Indonesian HPAL projects in the pipeline.",{"type":657,"attrs":144071,"content":144072},{"level":141407,"textAlign":49},[144073],{"text":144074,"type":599},"Further reading on nickel",{"type":594,"attrs":144076,"content":144077},{"textAlign":49},[144078],{"text":144079,"type":599,"marks":144080},"ESG AND NICKEL – WADING THROUGH THE ISSUES",[144081],{"type":604,"attrs":144082},{"href":144083,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/esg-and-nickel-wading-through-the-issues",{"type":594,"attrs":144085,"content":144086},{"textAlign":49},[144087],{"text":144088,"type":599,"marks":144089},"CAN NICKEL SULPHATE RESPOND TO THE LITHIUM ION BATTERY STRUCTURAL SHIFT?",[144090],{"type":604,"attrs":144091},{"href":144092,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/can-nickel-sulphate-response-to-the-lithium-ion-battery-structural-shift/",{"type":594,"attrs":144094,"content":144095},{"textAlign":49},[144096],{"text":144097,"type":599,"marks":144098},"NICKEL SUPPLY SHOCK",[144099],{"type":604,"attrs":144100},{"href":144007,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":657,"attrs":144102,"content":144103},{"level":141407,"textAlign":49},[144104],{"text":144105,"type":599},"Benchmark Minerals’ nickel sulphate prices",{"type":594,"attrs":144107,"content":144108},{"textAlign":49},[144109,144111,144116,144118,144122],{"text":144110,"type":599},"Benchmark Mineral Intelligence offers a monthly assessment of nickel sulphate prices. For more information and to arrange a trial fill in ",{"text":144112,"type":599,"marks":144113},"this form",[144114],{"type":604,"attrs":144115},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":144117,"type":599}," or email us at ",{"text":124710,"type":599,"marks":144119},[144120],{"type":604,"attrs":144121},{"href":124714,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":144124,"content":144125},{"textAlign":49},[],"Compared with other battery raw materials, nickel prices surged in the second half of 2019 on the back of supply shortage fears with low LME stocks and an Indonesian ore ban being brought forward two years to 2020. LME stocks are now back at March 2019 levels suggesting that a supply shortfall prompted by the […]",[144128],{"slug":544,"name":543,"content":144129},{"job_title":557,"image":144130,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8d76653c-3042-472f-870f-4af67a0143b1\", \"id\": \"\"}-->",[144133,144134],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":144136,"copyright":547,"fieldtype":553,"meta_data":144137,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f660e92507/bm-benchmark-minerals-nickel-february-2020-e1581690064566.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 14, 2020",{"id":144140,"uuid":144141,"name":144142,"slug":144143,"full_slug":144144,"content":144145},112474167019264,"ebc6f41e-071a-43d2-963b-2298278133c1","Total-Saft & PSA: Europe’s fourth largest EV battery producer if €5bn mega-project executes","total-saft-psa-europes-fourth-largest-ev-battery-producer-if-e5bn-mega-project-executes","article/total-saft-psa-europes-fourth-largest-ev-battery-producer-if-e5bn-mega-project-executes",{"_uid":144146,"date":144147,"tags":144148,"editor":144150,"content":144154,"excerpt":144293,"featured":50,"reporter":144294,"_editable":144298,"component":864,"seo_title":144142,"categories":144299,"visibility":882,"author_company":49,"featured_image":144302,"seo_description":144293,"author_full_name":49,"author_job_title":49,"formattedDate":144305},"cdbbd017-c836-48f5-82ae-05d8c1b8625d","2020-02-11 00:00",[144149],{"slug":2790,"name":2791},[144151],{"slug":544,"name":543,"content":144152},{"job_title":557,"image":144153,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":144155},[144156,144161,144166,144171,144176,144190,144198,144203,144208,144213,144218,144223,144228,144237,144242,144247,144252,144259,144264,144269,144277,144283,144288],{"type":594,"attrs":144157,"content":144158},{"textAlign":49},[144159],{"text":144160,"type":599},"The battle for Europe’s 21st century automotive market is underway.",{"type":594,"attrs":144162,"content":144163},{"textAlign":49},[144164],{"text":144165,"type":599},"France’s leading oil producer, Total SA, is set to become Europe’s fourth largest lithium ion battery producer for electric vehicles (EV) after agreeing a multi-billion euro deal to make 48GWh of cells by 2030.",{"type":594,"attrs":144167,"content":144168},{"textAlign":49},[144169],{"text":144170,"type":599},"The €5bn mega-project, involves the construction of two 24GWh lithium ion battery megafactories, and is confirmation that Total doubling down in its 2015 acquisition of specialist battery maker, Saft, in this joint-venture with PSA Group creating the new company, Automotive Cell Company (ACC).",{"type":594,"attrs":144172,"content":144173},{"textAlign":49},[144174],{"text":144175,"type":599},"PSA is the world’s tenth largest car producer and is presently undergoing a merger with Fiat Chrysler Automobiles (FCA) to make the world’s fourth largest auto group. Last year, both producers combined made 8.7m vehicles.",{"type":594,"attrs":144177,"content":144178},{"textAlign":49},[144179,144181,144188],{"text":144180,"type":599},"The move is France’s EV supply chain response to Germany’s VW Group teaming up with Northvolt for Northvolt Zwei*, a battery megafactory in Saltzgitter, Germany (*",{"text":144182,"type":599,"marks":144183},"Keynote at Battery Megafactories Europe 2020",[144184,144185],{"type":643},{"type":604,"attrs":144186},{"href":144187,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/events/battery-megafactories-2020/",{"text":144189,"type":599},"), and even bigger European plans from China’s battery champion, Contemporary Amperex Technology Co. Limited (CATL), and South Korean heavyweight, LG Chem.",{"type":594,"attrs":144191,"content":144192},{"textAlign":49},[144193,144195,144196],{"text":144194,"type":599},"“The blueprint is now being laid for future of Europe’s auto market and the battle for EV market share is crystallising between Germany, France, China and South Korea,” Simon Moores, Managing Director, ",{"text":68927,"type":599},{"text":144197,"type":599},"explained.",{"type":594,"attrs":144199,"content":144200},{"textAlign":49},[144201],{"text":144202,"type":599},"“France’s response brings together three of its biggest and most important companies from the oil, lithium ion batteries and automotive worlds. This unique collision of industries and disciplines is just the start of the energy storage revolution that we have discussed for so long”, he added.",{"type":657,"attrs":144204,"content":144205},{"level":141407,"textAlign":49},[144206],{"text":144207,"type":599},"Europe’s fourth largest battery maker",{"type":594,"attrs":144209,"content":144210},{"textAlign":49},[144211],{"text":144212,"type":599},"If Total’s battery project executes to plan, it will make the oil producer Europe’s fourth largest lithium ion battery maker by 2030 behind CATL, LG Chem and Sweden’s Northvolt.",{"type":594,"attrs":144214,"content":144215},{"textAlign":49},[144216],{"text":144217,"type":599},"Total is building out its battery capacity in three phases.",{"type":594,"attrs":144219,"content":144220},{"textAlign":49},[144221],{"text":144222,"type":599},"Phase 1 will see the construction of a €200m R&D pilot plant at Saft’s Nersac location near Bordeaux, France.",{"type":594,"attrs":144224,"content":144225},{"textAlign":49},[144226],{"text":144227,"type":599},"The second phase will see this grow to a functional 8GWh EV battery megafactory in Hauts-de-France region of the country close to the border with Belgium.",{"type":594,"attrs":144229,"content":144230},{"textAlign":49},[144231,144233,144235],{"text":144232,"type":599},"This megafactory will be operational by 2023, Total say, and then be expected to expand to 24GWh by end-2027, ",{"text":144234,"type":599},"Benchmark Minerals ",{"text":144236,"type":599},"anticipates.",{"type":594,"attrs":144238,"content":144239},{"textAlign":49},[144240],{"text":144241,"type":599},"Once Total and Saft are confident their new battery megafactory works at scale and that demand is continuing for pure EVs within Europe, the alliance will then start construction on a second, replica battery megafactory in Germany at the full operating capacity of 24GWh by end-2030 bringing the group’s total capacity to 48GWh.",{"type":594,"attrs":144243,"content":144244},{"textAlign":49},[144245],{"text":144246,"type":599},"While the plan sounds ambitious, much more battery capacity is likely to be needed.",{"type":657,"attrs":144248,"content":144249},{"level":141407,"textAlign":49},[144250],{"text":144251,"type":599},"More battery capacity needed for PSA-FCA Group",{"type":594,"attrs":144253,"content":144254},{"textAlign":49},[144255,144257,144258],{"text":144256,"type":599},"“The commitment is a big positive for Europe’s EV space. However, while €5bn and 48GWh of battery capacity sounds like a lot, it will likely only scratch the surface of PSA-FCA’s future needs,” explained Caspar Rawles, Head of Price Assessments at ",{"text":64386,"type":599},{"text":974,"type":599},{"type":594,"attrs":144260,"content":144261},{"textAlign":49},[144262],{"text":144263,"type":599},"“48GWh can only produce 870,000 pure EVs with a battery pack size of 55GWh or 10% of the vehicles that PSA-FCA produced last year.”",{"type":594,"attrs":144265,"content":144266},{"textAlign":49},[144267],{"text":144268,"type":599},"“If this was a plan for 2025 it would be in- line with our own expectations, but as this is a plan for a post-2030 world, we anticipate this to be too conservative and more capacity will be needed.”",{"type":594,"attrs":144270,"content":144271},{"textAlign":49},[144272,144274,144275],{"text":144273,"type":599},"In comparison, ",{"text":144234,"type":599},{"text":144276,"type":599},"expects China’s CATL to have a European battery capacity of 80GWh by 2030 from its Erfurt megafactory in Germany – the largest on the continent – while South Korea’s LG Chem will be close behind at 70GWh from its Wroclaw, Poland plant and Northvolt is forecast to have 52GWh total capacity.",{"type":594,"attrs":144278,"content":144279},{"textAlign":49},[144280,144281],{"text":64386,"type":599},{"text":144282,"type":599},"’ Lithium ion Battery Megafactory Assessment – a database of the world’s lithium ion battery plants analysed on monthly cycles – expects Europe to have 16 megfactories by 2030 and a total capacity of 372.5GWh (January 2020 Assessment).",{"type":594,"attrs":144284,"content":144285},{"textAlign":49},[144286],{"text":144287,"type":599},"The new capacity from Total-Saft and PSA project will take this total to 420.5GWh.",{"type":594,"attrs":144289,"content":144290},{"textAlign":49},[144291],{"text":144292,"type":599},"“With this new potential capacity, Total, Saft and PSA are on track to have 11.4% of Europe’s total EV lithium ion battery capacity by 2030 as of today. However, the trend is up and we expect Europe’s pipeline battery capacity to significantly increase – most likely double – in the next 18 months,” Rawles added.","The battle for Europe’s 21st century automotive market is underway. France’s leading oil producer, Total SA, is set to become Europe’s fourth largest lithium ion battery producer for electric vehicles (EV) after agreeing a multi-billion euro deal to make 48GWh of cells by 2030. The €5bn mega-project, involves the construction of two 24GWh lithium ion […]",[144295],{"slug":544,"name":543,"content":144296},{"job_title":557,"image":144297,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cdbbd017-c836-48f5-82ae-05d8c1b8625d\", \"id\": \"\"}-->",[144300,144301],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":144303,"copyright":547,"fieldtype":553,"meta_data":144304,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/be502eaee5/bm-26968269829-d3399da17c-b-e1581339568923.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 11, 2020",{"id":144307,"uuid":144308,"name":144309,"slug":144310,"full_slug":144311,"content":144312},112474171717564,"864803d4-5410-4925-b224-1c589a8c5644","Chile, Argentina and Bolivia: The Lithium Triangle Heats up","chile-argentina-and-bolivia-the-lithium-triangle-heats-up","article/chile-argentina-and-bolivia-the-lithium-triangle-heats-up",{"_uid":144313,"date":144314,"tags":144315,"editor":144316,"content":144320,"excerpt":144465,"featured":50,"reporter":144466,"_editable":144470,"component":864,"seo_title":144309,"categories":144471,"visibility":882,"author_company":49,"featured_image":144474,"seo_description":144465,"author_full_name":49,"author_job_title":49,"formattedDate":144477},"1a65602c-f042-44d4-a4ca-674b9f64ac65","2020-02-07 00:00",[],[144317],{"slug":544,"name":543,"content":144318},{"job_title":557,"image":144319,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":144321},[144322,144327,144332,144344,144349,144354,144359,144364,144369,144376,144381,144386,144391,144396,144401,144406,144411,144416,144421,144426,144431,144436,144441,144448,144453],{"type":594,"attrs":144323,"content":144324},{"textAlign":49},[144325],{"text":144326,"type":599},"The end of 2019 was dominated by politics in the lithium triangle which saw civil unrest in Chile, a new president elected in Argentina, and a popular uprising and the replacement of Morales in Bolivia.",{"type":594,"attrs":144328,"content":144329},{"textAlign":49},[144330],{"text":144331,"type":599},"In Chile, what began as a call to evade paying for public transportation by high school students due to a rise in subway fare ended up triggering a wave of protest unseen since the return to democracy in terms of social demands: modifying the pension system, increasing minimum wage, strengthening consumer laws, freezing basic services tariffs, among many others.",{"type":594,"attrs":144333,"content":144334},{"textAlign":49},[144335,144337,144342],{"text":144336,"type":599},"The question for its lithium market, which was responsible for nearly a third of global production in 2019 according to the ",{"text":144338,"type":599,"marks":144339},"Benchmark Minerals’ Lithium Forecast",[144340],{"type":604,"attrs":144341},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":144343,"type":599},", is how it will be affected by these social demands. In the short run, the effects will not be noticeable: a couple of isolated events in Atacama, specifically in Peine and mainly associated with logistics.",{"type":594,"attrs":144345,"content":144346},{"textAlign":49},[144347],{"text":144348,"type":599},"However, in the long run there is an important discussion regarding natural resources and property rights. Water use is currently a big issue, and when related to the extraction of lithium then public opinion is even more negative.",{"type":657,"attrs":144350,"content":144351},{"level":141407,"textAlign":49},[144352],{"text":144353,"type":599},"Chile’s environmental question ",{"type":594,"attrs":144355,"content":144356},{"textAlign":49},[144357],{"text":144358,"type":599},"The end of December 2019 saw the negative public sentiment surrounding lithium extraction act out in Chile’s courts. An environmental court in Antofagasta upheld a complaint made by local communities in the Atacama about the use of water by SQM from local communities. The court cited the “special condition of fragility” in the Atacama’s ecosystem.",{"type":594,"attrs":144360,"content":144361},{"textAlign":49},[144362],{"text":144363,"type":599},"The decision focuses on SQM’s water use through lithium brine extraction. The understanding of the specifics of water usage in the Salar, however, is often lacking.",{"type":594,"attrs":144365,"content":144366},{"textAlign":49},[144367],{"text":144368,"type":599},"Additionally, in mid-January 2020 the Chilean environmental regulator defended its approval of plans by SQM to remediate damage to the Salar. Chile´s Environmental Superintendent (SMA) guarded the compliance plan, calling the lower court’s arguments that the plan failed to safeguard the environment “unfounded.” The SMA’s appeal must now be considered by Chile’s Supreme Court.",{"type":594,"attrs":144370,"content":144371},{"textAlign":49},[144372,144374],{"text":144373,"type":599},"Jose Hofer, Senior Analyst – Forecasting at Benchmark Minerals",{"text":144375,"type":599},", said: “From a technical point of view, production of lithium is not a fresh-water intensive process. That is, the only resource being evaporated is brine, without affecting fresh-water use in the area. Additionally, the monitoring system in the Atacama is by far the best from a hydrogeological point of view.”",{"type":594,"attrs":144377,"content":144378},{"textAlign":49},[144379],{"text":144380,"type":599},"“Even though there are several voices asking for a higher degree of involvement by the government (some even demanding nationalisation), environmental requirements and enforcement by the Chilean Environmental Authority are quite robust.",{"type":594,"attrs":144382,"content":144383},{"textAlign":49},[144384],{"text":144385,"type":599},"“The ruling does not have a short-term effect. SQM is in fact one of the companies with the most significant percentage increases in production during 2019 which is a very powerful signal in a low-price environment. SQM is operating in an advantageous geological lithium reservoir and has amongst the best hydrogeological model in the brine sector.",{"type":594,"attrs":144387,"content":144388},{"textAlign":49},[144389],{"text":144390,"type":599},"He added, “in the coming months, SQM and the Environmental Authority will have to restart the process regarding Environmental Compliance Plan. So far, no adjustments have been made to SQM’s production or sales plans due to the ruling.”",{"type":594,"attrs":144392,"content":144393},{"textAlign":49},[144394],{"text":144395,"type":599},"For SQM and Albemarle, being two responsible and capable lithium producers in the Atacama Salar, the new social scenario in Chile will drive several challenges with respect to lithium production.",{"type":594,"attrs":144397,"content":144398},{"textAlign":49},[144399],{"text":144400,"type":599},"Nevertheless, today the commitment of the mining industry with communities and royalties paid in Chile are significant. In fact, the level of royalties paid is higher than in other industries in Chile.",{"type":657,"attrs":144402,"content":144403},{"level":141407,"textAlign":49},[144404],{"text":144405,"type":599},"A new direction in Argentina?",{"type":594,"attrs":144407,"content":144408},{"textAlign":49},[144409],{"text":144410,"type":599},"In October 2019, the centre-left candidate Alberto Fernández was elected president of Argentina in an election dominated by the economy in the shadow of ongoing economic crisis.",{"type":594,"attrs":144412,"content":144413},{"textAlign":49},[144414],{"text":144415,"type":599},"Argentina has a track record that deters potential investors, especially mining investors. The lack of political and economic stability has been an issue for decades.",{"type":594,"attrs":144417,"content":144418},{"textAlign":49},[144419],{"text":144420,"type":599},"Nevertheless, Argentina has held a very firm strategy in terms of lithium despite of the changes in administration. This strategy allows different provinces to increase the attractiveness for foreign investment and ultimately the production of lithium chemicals.",{"type":594,"attrs":144422,"content":144423},{"textAlign":49},[144424],{"text":144425,"type":599},"For instance, the provinces of Jujuy, Salta and Catamarca have presented themselves as strategic partners for lithium projects. These provinces have established government companies to support private investment in lithium projects, and have launched mandates to reduce timing to approve environmental impact reports.",{"type":594,"attrs":144427,"content":144428},{"textAlign":49},[144429],{"text":144430,"type":599},"From a technical point of view Argentinian brines are world class. As of 2019, 23 projects were being developed in the Argentinian Salars: two of those projects with expansions, three of those projects in construction, 15 projects at feasibility stage and advanced exploration, and more than 20 projects at early exploration stage. In fact, budget for exploration in Argentina has increased more than 10-fold in three years up to 2018 according to government sources: from USD 7 million in 2015 to almost USD 70 million in 2018.",{"type":657,"attrs":144432,"content":144433},{"level":141407,"textAlign":49},[144434],{"text":144435,"type":599},"Bolivia’s “coup against lithium” ",{"type":594,"attrs":144437,"content":144438},{"textAlign":49},[144439],{"text":144440,"type":599},"Finally, Bolivia had its very own crisis at the end of 2019 as protests ultimately led to the country’s president, Evo Morales, fleeing the country. Speaking to AFP in Argentina he was quoted saying “It was a national and international coup d’etat.” In fact, Morales attributed his removal from power to lithium demand, saying, “I’m absolutely convinced it’s a coup against lithium,” adding “we as a state had begun industrialising lithium … As a small country of 10 million inhabitants, we were soon going to set the price of lithium.”",{"type":594,"attrs":144442,"content":144443},{"textAlign":49},[144444,144446],{"text":144445,"type":599},"Benchmark Minerals’",{"text":144447,"type":599}," Hofer gave his thoughts on Bolivia: “Regarding the production of lithium in Bolivia we take a very conservative view. On the one hand, there was a long-term agreement signed for the exploitation of Salar de Uyuni between ACI systems – a German company which had the contract – and the Bolivian government through a joint venture. This joint venture involved YLB (Yacimientos de Litio Bolivianos) but didn’t establish clear short-term targets. On the other hand, in production this company only reached potassium chloride and some nitrates. Ultimately, the company decided not to proceed with the JV.",{"type":594,"attrs":144449,"content":144450},{"textAlign":49},[144451],{"text":144452,"type":599},"“In Bolivia, an important aspect to consider is the technical quality of the Salar. Uyuni accounts for a large share of global resources. Nevertheless, Uyuni has an extremely large ratio of Mg/Li (magnesium to lithium), which makes the project less attractive in terms of OPEX and CAPEX.”",{"type":594,"attrs":144454,"content":144455},{"textAlign":49},[144456,144458,144463],{"text":144457,"type":599},"Of the multitude of projects which ",{"text":144459,"type":599,"marks":144460},"Benchmark Minerals’ Forecasting",[144461],{"type":604,"attrs":144462},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":144464,"type":599},"team tracks in the Lithium Triangle, Bolivia currently has no production nor any forecast production looking forward.","The end of 2019 was dominated by politics in the lithium triangle which saw civil unrest in Chile, a new president elected in Argentina, and a popular uprising and the replacement of Morales in Bolivia. In Chile, what began as a call to evade paying for public transportation by high school students due to a […]",[144467],{"slug":544,"name":543,"content":144468},{"job_title":557,"image":144469,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1a65602c-f042-44d4-a4ca-674b9f64ac65\", \"id\": \"\"}-->",[144472,144473],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":144475,"copyright":547,"fieldtype":553,"meta_data":144476,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5cfa1bac74/bm-chile-flags-1-e1581088482197.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 07, 2020",{"id":144479,"uuid":144480,"name":144481,"slug":144482,"full_slug":144483,"content":144484},112474186156412,"36fe0257-17af-431e-9ac2-08902a17216a","ESG and Nickel – Wading Through the Issues","esg-and-nickel-wading-through-the-issues","article/esg-and-nickel-wading-through-the-issues",{"_uid":144485,"date":144486,"tags":144487,"editor":144488,"content":144492,"excerpt":144696,"featured":50,"reporter":144697,"_editable":144701,"component":864,"seo_title":144481,"categories":144702,"visibility":2091,"author_company":49,"featured_image":144705,"seo_description":144696,"author_full_name":49,"author_job_title":49,"formattedDate":144708},"454021c1-101b-497d-a872-e430d7fd2381","2020-01-31 00:00",[],[144489],{"slug":544,"name":543,"content":144490},{"job_title":557,"image":144491,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":144493},[144494,144499,144504,144509,144514,144519,144524,144529,144534,144541,144546,144551,144556,144563,144568,144573,144578,144583,144590,144595,144600,144605,144610,144617,144622,144636,144639,144644,144653,144661,144670,144678,144687],{"type":594,"attrs":144495,"content":144496},{"textAlign":49},[144497],{"text":144498,"type":599},"As nickel has come into focus as a critical element in electric vehicle batteries and battery storage systems, analysts, reporters, and industry experts have reported and published extensively on nickel.",{"type":594,"attrs":144500,"content":144501},{"textAlign":49},[144502],{"text":144503,"type":599},"Much of this attention has been centred around the historical cost overruns of large HPAL (high pressure acid leaching) projects and the impact that this will have going forward on financing new projects and the technology risk the market will accept for these projects. Another area of attention is the mass adoption of technology to convert NPI (nickel pig iron) to class one nickel at an economic price point.",{"type":594,"attrs":144505,"content":144506},{"textAlign":49},[144507],{"text":144508,"type":599},"To date, as we will explore in this article, almost no attention has been paid to what impact ESG will have on currently producing nickel mines and the development and exploration of future projects. This article seeks to highlight issues for consideration that companies will need to consider and address as they seek ESG certifications.",{"type":657,"attrs":144510,"content":144511},{"level":141407,"textAlign":49},[144512],{"text":144513,"type":599},"The Growing Relevance of ESG",{"type":594,"attrs":144515,"content":144516},{"textAlign":49},[144517],{"text":144518,"type":599},"ESG, short for environmental, social and corporate governance, has become a hot button issue in mining where projects have both environmental and social implications for communities that are affected by the presence of a mine from an industry with a dubious history. ESG’s importance will only grow as traditional sources of mining funding are diminishing and with the meteoric rise of funds investing in ESG rated projects. Recently, CEOs of large mining companies such as Rio Tinto have gone out of their way to make public statements about their policies and plans as it pertains to ESG. Other companies that have had historic ESG related issues, such as Glencore, have extensive information available regarding their ESG polices on their website and included in disclosure.",{"type":594,"attrs":144520,"content":144521},{"textAlign":49},[144522],{"text":144523,"type":599},"Yet ESG itself is in flux and with no accepted governing body or generally accepted compliance standards, companies are left to figure out for themselves what ESG compliance means as they work towards a rating or public disclosure. There are countless consultants and agencies that are prepared to advise companies, rate them for a fee or in some cases only rate if requested to do so by an investor. Recently large rating agencies such as S&P have acquired ESG rating agencies in an attempt to add the service to their platforms. Ultimately, funds and other allocators of capital to the mining industry will dictate what it means to be “ESG compliant” or to have a rating that is sufficiently high enough for investors to invest. In the meantime, nickel companies will have to navigate a less than clear path to find development dollars.",{"type":594,"attrs":144525,"content":144526},{"textAlign":49},[144527],{"text":144528,"type":599},"For investors and consumers thinking about how ESG principles may pertain to nickel production and development of future projects it is important to understand the primary nickel ore bodies, production methods and locations of the world’s nickel endowment. There is no perfect solution, but it is worth noting that the cleaner you want your nickel (sustainability, carbon footprint, tailings, processing etc), the more it is going to cost to produce it.",{"type":657,"attrs":144530,"content":144531},{"level":141407,"textAlign":49},[144532],{"text":144533,"type":599},"Sulphide vs Laterite Processing Routes",{"type":594,"attrs":144535,"content":144536},{"textAlign":49},[144537,144539],{"text":144538,"type":599},"Nickel is produced from two primary resource types, sulphide ores and oxide ores more commonly referred to as laterites. Sulphide",{"text":144540,"type":599},"deposits tend to be located outside of the tropics (although there are a smattering of deposits in South America, South Africa and Australia). Sulphide deposits are predominantly exploited in Russia, Canada, Scandinavian countries, China and Australia. Laterites are distributed in the tropics with Indonesia, Australia, New Caledonia, Philippines, Papua New Guinea, Cuba, Brazil and other countries hosting the majority of the laterite resources.",{"type":594,"attrs":144542,"content":144543},{"textAlign":49},[144544],{"text":144545,"type":599},"Approximately 70% of the world’s nickel resources are in the form of laterites with the remainder in sulphides. However, until the late 1990s 70% of global nickel production was from the exploitation of sulphides. It is only with the “HPAL wave” of 1990 (Anaconda Nickel, Cawse, Bulong, and later Coral Bay) that laterites were viewed as serious contenders to sulphide operations or the production of primary (class 1) nickel. I would also note that 100% of FeNi production (which is considered class II) comes from laterite deposits and this also led to the explosion of NPI production in the 2000s which pushed laterites into the dominant source of refined nickel that we now have (combined class I and II).",{"type":594,"attrs":144547,"content":144548},{"textAlign":49},[144549],{"text":144550,"type":599},"Production of class 1 nickel from sulphides is much more energy efficient than laterites. As a general rule, it takes approximately three times the amount of energy to produce one tonne of nickel from a laterite operation as it does to produce the same tonne from a sulphide operation. This is because sulphide resources contain sulphur which is a free fuel source when processing the ore into an upgraded product.",{"type":594,"attrs":144552,"content":144553},{"textAlign":49},[144554],{"text":144555,"type":599},"Sulphide ores can be easily refined into class I metal through traditional low carbon footprint technologies. Mining and concentrating where you utilise the run of mine ore and put it through a flotation circuit, in turn upgrading the ore from a low-grade concentrate (say 3 % Ni) to a much higher grade (up to 25% in some cases). This allows the miner to reject the majority of the material mined before complex processing takes place, reducing costs. In addition, chemicals used are not typically harsh (organics) and rejected material can easily be impounded back into the depleted mine or a facility at the mine site. The resulting concentrate can then be smelted to remove the sulphur and generate a valuable by-product (H2SO4) and refined into metal where virtually 99% of the feed material can be recovered as product or by-product generating non-or-little waste. A classic example of this is Sherritt’s Fort Saskatchewan refinery that currently emits zero solid or liquid waste.",{"type":594,"attrs":144557,"content":144558},{"textAlign":49},[144559,144561],{"text":144560,"type":599},"Laterites that are processed pyrometallurgically require significant energy as you are melting the entire amount of ore to produce a nickel rich iron product. The energy comes from either burning fossil fuels (diesel, coal, etc.) or in some instances hydroelectric power. This generates an incredible amount of CO2 if you don’t have access to hydroelectric power. In the case of NPI production, where nickel recovery and concentration is even less, the energy footprint is significantly higher per unit of nickel recovered. Laterite ores must also be dried before pyrometallurgical treatment to remove the 30-40% moisture most have. This usually involves combusting a fuel and using",{"text":144562,"type":599},"direct gas to heat the ore and evaporate the ore. This results in huge dust pollution in and around pyrometallurgical facilities.",{"type":594,"attrs":144564,"content":144565},{"textAlign":49},[144566],{"text":144567,"type":599},"The benefit of treating a laterite ore pyrometallurgically is that you utilise a greater percentage of the resource as the iron and nickel become a product, by way of example for 1,000,000 tonnes of ore mined, you might make 300,000 tonnes of product with a nickel grade of 6-10%. The remaining residue is usually a dry glass type material that is inert and can be used for earthworks or just stockpiled. It is not susceptible to leaching with rain and is relatively stable. Of all of the ways to process laterite into nickel, making NPI or FeNi results in the generation of the least hazardous solid residue which has to be dealt with.",{"type":657,"attrs":144569,"content":144570},{"level":141407,"textAlign":49},[144571],{"text":144572,"type":599},"HPAL Processing",{"type":594,"attrs":144574,"content":144575},{"textAlign":49},[144576],{"text":144577,"type":599},"Laterites that are processed via hydrometallurgy (such as HPAL or the limited Caron process – Cuba, Philippines, Brazil and Australia) generate inordinate amounts of waste residue that can be highly toxic if not properly treated. Treatment of laterite via HPAL generates an acidic slurry which must be neutralised and impounded properly. In addition, the liquid effluent from an HPAL operation far exceeds the facility’s ability to recycle, and great quantities of solution must be disposed of. To date there have been attempts to deal with these vast quantities of residue which include on-land tailings ponds and ocean discharge of liquids. Some facilities operate much more strict guidelines than others with the depending factor being the local government regulations, as well as access to deep sea disposal sites (an example of a well run deep sea site would be Ramu Nickel where the tailings are discharged at the same PH as the ocean, thus effectively inert).",{"type":594,"attrs":144579,"content":144580},{"textAlign":49},[144581],{"text":144582,"type":599},"Projects which are not located close to deep water suitable for marine tailings face a significant issue in dealing with liquid residues as a result of HPAL. Australia has an advantage as the dry conditions allow for net evaporation of the solution and safe stockpiling of the dry residue. Countries with significant rainfall such as Indonesia and no deep water access will have to build complex and significant on-land storage facilities and ensure that liquid effluent is properly treated before return to any natural waterways. In a post tailings disaster world (Brazil and Canada have both had major incidents in the past few years), this is a major consideration. Many laterite resources occur in countries with less developed environmental protections and protocols and some facilities are allowed to emit effluents which would not be considered acceptable in OECD countries.",{"type":594,"attrs":144584,"content":144585},{"textAlign":49},[144586,144588],{"text":144587,"type":599},"Given the location of many laterite deposits in remote developing countries, access to skilled and trained workers may be more limited.",{"text":144589,"type":599},"In many cases companies operating in these jurisdictions are required to hire locals which may lack skills and qualifications to safely and effectively operate the facilities. In part, it is due to this lack of training and experience that the many of the environmental issues and safety records in these operations are higher than mature operations in Canada, Japan or Europe. Countries that now have decades of history operating nickel process plants (Indonesia, Philippines, Cuba) have better safety and environmental records than countries just entering this domain (Madagascar and New Caledonia).",{"type":594,"attrs":144591,"content":144592},{"textAlign":49},[144593],{"text":144594,"type":599},"For currently producing projects, time and money can be spent on tailings and other processes to attempt to make projects more environmentally sustainable and mitigate environmental impact. It is worth noting, that in many cases this is unlikely as the financial burden to make these changes would make production uneconomic at the current nickel price. Treatment of HPAL tailings at a facility producing between 40,000 to 50,000 tonnes per year of Ni can add US$500 million to the capital cost and US$ 0.50-1.00/lb to the operating cost, both significant numbers in an industry with market consensus average cash costs in 2019 ranging from US$2.98/lb to US$3.63/lb. Moreover, social issues with local stakeholders can be addressed and updated to reflect a change in generally accepted mining practices.",{"type":594,"attrs":144596,"content":144597},{"textAlign":49},[144598],{"text":144599,"type":599},"Many of the observations noted in this article on the differences between sulphide and laterite production or between jurisdictions will impact projects not yet in production due to a change in the capital required to put a given project in to production. As US and European allocators of capital are increasingly demanding that mining projects adhere to ESG principles (in some cases they either have internal principles they can share or a go to firm they recommend), it will be those few projects that are able to achieve a sufficiently high rating and make money that will be funded.",{"type":594,"attrs":144601,"content":144602},{"textAlign":49},[144603],{"text":144604,"type":599},"A project such as Giga’s Turnagain that is seeking to be carbon neutral, powered by hydroelectric and producing in Canada, may be more attractive than an Indonesian project with a tailings dam and rainfall that exceeds evaporation.",{"type":594,"attrs":144606,"content":144607},{"textAlign":49},[144608],{"text":144609,"type":599},"Yet the ultimate impact and consequences, however well intended, of ESG remain unclear. There could be unintended outcomes if US and European funds demand a level of ESG compliance that is not attainable due to additional cost burden of said compliance and projects in Canada and Australia go unfunded, but non ESG compliant projects in jurisdictions such as Indonesia move forward backed by money that may not have the same environmental focus.",{"type":594,"attrs":144611,"content":144612},{"textAlign":49},[144613],{"text":144614,"type":599,"marks":144615},"By Anthony Milewski, Chairman, Conic Metals",[144616],{"type":643},{"type":657,"attrs":144618,"content":144619},{"level":141407,"textAlign":49},[144620],{"text":144621,"type":599},"Nickel sulphate prices",{"type":594,"attrs":144623,"content":144624},{"textAlign":49},[144625,144626,144630,144631,144635],{"text":144110,"type":599},{"text":144112,"type":599,"marks":144627},[144628],{"type":604,"attrs":144629},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":144117,"type":599},{"text":124710,"type":599,"marks":144632},[144633],{"type":604,"attrs":144634},{"href":124714,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":144637,"content":144638},{"textAlign":49},[],{"type":657,"attrs":144640,"content":144641},{"level":141407,"textAlign":49},[144642],{"text":144643,"type":599},"More Reading From Benchmark Membership",{"type":594,"attrs":144645,"content":144646},{"textAlign":49},[144647],{"text":144648,"type":599,"marks":144649},"Europe Builds on Megafactory Momentum",[144650],{"type":604,"attrs":144651},{"href":144652,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/europe-builds-on-megafactory-momentum",{"type":594,"attrs":144654,"content":144655},{"textAlign":49},[144656],{"text":144657,"type":599,"marks":144658},"China Suggests No Significant NEV Subsidy Cut in 2020, but the Industry Must Prepare Regardless",[144659],{"type":604,"attrs":144660},{"href":142644,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":144662,"content":144663},{"textAlign":49},[144664],{"text":144665,"type":599,"marks":144666},"Korean Battery Rivals Look to Expand Global Influence",[144667],{"type":604,"attrs":144668},{"href":144669,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/korean-battery-rivals-look-to-expand-global-influence",{"type":594,"attrs":144671,"content":144672},{"textAlign":49},[144673],{"text":144674,"type":599,"marks":144675},"Australia’s Spodumene Backlog Sparks 2020 Cutbacks",[144676],{"type":604,"attrs":144677},{"href":143028,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":594,"attrs":144679,"content":144680},{"textAlign":49},[144681],{"text":144682,"type":599,"marks":144683},"Electric India",[144684],{"type":604,"attrs":144685},{"href":144686,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/electric-india",{"type":594,"attrs":144688,"content":144689},{"textAlign":49},[144690],{"text":144691,"type":599,"marks":144692},"Cobalt From the Congo: an Ongoing Crisis? ",[144693],{"type":604,"attrs":144694},{"href":144695,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/cobalt-from-the-congo-an-ongoing-crisis","As nickel has come into focus as a critical element in electric vehicle batteries and battery storage systems, analysts, reporters, and industry experts have reported and published extensively on nickel. Much of this attention has been centred around the historical cost overruns of large HPAL (high pressure acid leaching) projects and the impact that this […]",[144698],{"slug":544,"name":543,"content":144699},{"job_title":557,"image":144700,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"454021c1-101b-497d-a872-e430d7fd2381\", \"id\": \"\"}-->",[144703,144704],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":144706,"copyright":547,"fieldtype":553,"meta_data":144707,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0d0f3dbcc2/bm-nickel-and-esg-wading.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 31, 2020",{"id":144710,"uuid":144711,"name":144712,"slug":144713,"full_slug":144714,"content":144715},112474191292998,"db85885f-57c7-4192-beea-c00c782f6022","Cobalt from the Congo: an Ongoing Crisis?","cobalt-from-the-congo-an-ongoing-crisis","article/cobalt-from-the-congo-an-ongoing-crisis",{"_uid":144716,"date":144717,"tags":144718,"editor":144719,"content":144723,"excerpt":144869,"featured":50,"reporter":144870,"_editable":144874,"component":864,"seo_title":144712,"categories":144875,"visibility":882,"author_company":49,"featured_image":144878,"seo_description":144869,"author_full_name":49,"author_job_title":49,"formattedDate":144881},"a447fd2f-6986-4f4d-a3c8-455fae5279ae","2020-01-30 00:00",[],[144720],{"slug":544,"name":543,"content":144721},{"job_title":557,"image":144722,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":144724},[144725,144730,144735,144745,144756,144761,144766,144774,144779,144784,144789,144794,144802,144807,144812,144817,144822,144827,144832,144844,144852,144864],{"type":594,"attrs":144726,"content":144727},{"textAlign":49},[144728],{"text":144729,"type":599},"At a time when major cobalt projects in the Democratic Republic of the Congo (DRC) are being put on hold, commercial production commenced this month at the Deziwa operation.",{"type":594,"attrs":144731,"content":144732},{"textAlign":49},[144733],{"text":144734,"type":599},"The project, which is a joint venture between DRC-state owned Gécamines and China Nonferrous Metal Mining Company (CNMC), is targeting production of 80,000 tonnes of copper and 8,000 tonnes of cobalt per annum.",{"type":594,"attrs":144736,"content":144737},{"textAlign":49},[144738,144743],{"text":144739,"type":599,"marks":144740},"Benchmark Minerals’ Cobalt Forecast ",[144741],{"type":604,"attrs":144742},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":144744,"type":599},"expects the project to produce 4,000 tonnes of cobalt hydroxide in 2020 and will be a key contributor to managing the market balance in coming years.",{"type":594,"attrs":144746,"content":144747},{"textAlign":49},[144748,144749,144754],{"text":2372,"type":599},{"text":144750,"type":599,"marks":144751},"Benchmark Minerals Cobalt Hydroxide CIF Asia Price",[144752],{"type":604,"attrs":144753},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":144755,"type":599},"ended 2019 down -47% for the year, sitting at $20,800 per tonne as at December 2019. With the current market oversupply, existing operations such as Glencore’s Mutanda project have been put on care and maintenance.",{"type":594,"attrs":144757,"content":144758},{"textAlign":49},[144759],{"text":144760,"type":599},"While the Deziwa project offers an expansion in mined supply, at the refining stage of the supply chain, Eurasian Resources Group (ERG) confirmed that it will suspend operations at its Chambishi metal refining operation, in Zambia due to a shortage of copper and cobalt concentrates.",{"type":594,"attrs":144762,"content":144763},{"textAlign":49},[144764],{"text":144765,"type":599},"Caspar Rawles, Head of Price Assessments, said of the latest developments: “The DRC continues to grow in dominance as the world’s largest cobalt producer with new supply commissioned in January from the Deziwa project.",{"type":594,"attrs":144767,"content":144768},{"textAlign":49},[144769,144771,144772],{"text":144770,"type":599},"“Alongside this, ",{"text":144234,"type":599},{"text":144773,"type":599},"expects ERG to begin to commission phase 2 of its RTR project in the near term, potentially within H1 2020. This will see capacity rise by 50% from 14,000 tpa to 21,000 tpa of cobalt contained in hydroxide.",{"type":594,"attrs":144775,"content":144776},{"textAlign":49},[144777],{"text":144778,"type":599},"“The success of ramping projects such as these will be essential to maintaining the supply demand balance in 2020 and 2021 as the market has also seen the loss of some key supply since the start of the year, most notably from Glencore’s Mutanda operation.",{"type":594,"attrs":144780,"content":144781},{"textAlign":49},[144782],{"text":144783,"type":599},"“Further to this we have seen the suspension of activities at ERG’s Chambishi metal refinery in Zambia, which whilst not a producing mine could see increased cobalt metal supply tightness, particularly for broken cathode which is a preferred metal form for the battery supply chain. This could have a knock-on effect on prices through the supply chain.”",{"type":594,"attrs":144785,"content":144786},{"textAlign":49},[144787],{"text":144788,"type":599},"It has also been reported that the DRC government is planning to create a state monopoly and buy all cobalt output extracted by artisanal miners. Under these plans the purchase of artisanal mined cobalt by the government would be made through state miner Gécamines. In 2019, less than 10% of cobalt supply came from artisanal mining, however, this figure fluctuates depending on the cobalt’s price environment.",{"type":594,"attrs":144790,"content":144791},{"textAlign":49},[144792],{"text":144793,"type":599},"Discussing this announcement Rawles said, “DRC artisanal cobalt production has historically acted as swing supply in times of market tightness, typically as a reaction to rising or higher prices.",{"type":594,"attrs":144795,"content":144796},{"textAlign":49},[144797,144799,144800],{"text":144798,"type":599},"“In previous years, we had seen migratory workers swarm to the Katanga region in times of high prices. ",{"text":144234,"type":599},{"text":144801,"type":599},"tracked record volumes of artisanal production in 2017 and 2018, following cobalt’s price rally. Subsequently, volumes fell off by more than 30% in 2019 compared with the year previous as the market cooled.",{"type":594,"attrs":144803,"content":144804},{"textAlign":49},[144805],{"text":144806,"type":599},"“The government intervention in this supply chain may inhibit the ability of DRC supply to respond as quickly to market tightness, and may see higher prices sustained for longer in such times.",{"type":594,"attrs":144808,"content":144809},{"textAlign":49},[144810],{"text":144811,"type":599},"“Whilst it is yet to be seen exactly how the mechanics of the monopoly will work, wording in the document signed by the DRC government suggest it wishes to exhibit greater control over prices, which will likely lead to rises.”",{"type":657,"attrs":144813,"content":144814},{"level":141407,"textAlign":49},[144815],{"text":144816,"type":599},"Cobalt supply under scrutiny",{"type":594,"attrs":144818,"content":144819},{"textAlign":49},[144820],{"text":144821,"type":599},"While market developments continue, elsewhere the sustainable and ethical supply of cobalt remains topical. In December, downstream companies such as Apple, Alphabet (Google), Microsoft, Dell and Tesla were targeted as part of a class action lawsuit in the US by the human rights group International Rights Advocates.",{"type":594,"attrs":144823,"content":144824},{"textAlign":49},[144825],{"text":144826,"type":599},"The sustainable supply of batteries was also on the agenda last week at the World Economic Forum (WEF) as it met in Davos. The WEF announced that 42 organisations have agreed on a shared set of principles for developing sustainable batteries. Groups from across the supply chain such as cobalt producer ERG, downstream companies such as Umicore, and major OEMs, signed the declaration.",{"type":594,"attrs":144828,"content":144829},{"textAlign":49},[144830],{"text":144831,"type":599},"The principles outline a number of focus areas, including battery recycling and job creation but also pay attention to the human right aspect of the supply chain, with reference to child labour and human rights which is clearly focused on the ethical issues in the cobalt supply chain.",{"type":594,"attrs":144833,"content":144834},{"textAlign":49},[144835,144837,144842],{"text":144836,"type":599},"With the DRC responsible for 75% of global production of cobalt in 2019, according to ",{"text":144838,"type":599,"marks":144839},"Benchmark Minerals Cobalt Forecast ",[144840],{"type":604,"attrs":144841},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":144843,"type":599},"data, the battery industry is reliant on the DRC’s supply.",{"type":594,"attrs":144845,"content":144846},{"textAlign":49},[144847,144849,144850],{"text":144848,"type":599},"Looking out to 2025, ",{"text":144234,"type":599},{"text":144851,"type":599},"is forecasting cobalt battery demand to increase by 140% from 2019 to 2025. With total demand increasing, and the DRC set to remain the main source of cobalt going forward, the scrutiny which the cobalt supply chain faces from the media and human rights groups will intensify.",{"type":594,"attrs":144853,"content":144854},{"textAlign":49},[144855,144857,144863],{"text":144856,"type":599},"However, despite this scrutiny we estimate that the proportion of cobalt from artisanal mines is less than 10% of supply. Further, artisanal does not necessarily mean illegal: a fraction of artisanal cobalt is illegally extracted or linked to human rights abuses (",{"text":144858,"type":599,"marks":144859},"read more here",[144860],{"type":604,"attrs":144861},{"href":144862,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/cobalt-drc-a-reminder-of-the-salient-points/",{"text":139182,"type":599},{"type":594,"attrs":144865,"content":144866},{"textAlign":49},[144867],{"text":144868,"type":599},"Nevertheless, the latest legal action and the WEF’s principles both serve as a reminder that unless major structural issues on the supply side take place, and new significant supply outside of the DRC is developed, brand association with illegal mining of cobalt will persist for those making lithium ion batteries and electric vehicles using DRC cobalt.","At a time when major cobalt projects in the Democratic Republic of the Congo (DRC) are being put on hold, commercial production commenced this month at the Deziwa operation. The project, which is a joint venture between DRC-state owned Gécamines and China Nonferrous Metal Mining Company (CNMC), is targeting production of 80,000 tonnes of copper […]",[144871],{"slug":544,"name":543,"content":144872},{"job_title":557,"image":144873,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a447fd2f-6986-4f4d-a3c8-455fae5279ae\", \"id\": \"\"}-->",[144876,144877],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":144879,"copyright":547,"fieldtype":553,"meta_data":144880,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/09199dfbc3/bm-hill-fields-credit-teseum.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 30, 2020",{"id":144883,"uuid":144884,"name":144682,"slug":144885,"full_slug":144886,"content":144887},112474196032171,"cd09296f-2fe6-4399-ad3a-af5bebe8f96b","electric-india","article/electric-india",{"_uid":144888,"date":144889,"tags":144890,"editor":144892,"content":144896,"excerpt":145257,"featured":50,"reporter":145258,"_editable":145262,"component":864,"seo_title":144682,"categories":145263,"visibility":882,"author_company":49,"featured_image":145266,"seo_description":145257,"author_full_name":49,"author_job_title":49,"formattedDate":145269},"fc168060-63c3-413f-bc41-eb97871d8bd6","2020-01-27 00:00",[144891],{"slug":22444,"name":22445},[144893],{"slug":544,"name":543,"content":144894},{"job_title":557,"image":144895,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":144897},[144898,144906,144911,144919,144926,144931,144936,144941,144946,144953,144958,144963,144968,144975,144980,144987,144992,144997,145002,145007,145014,145022,145031,145038,145043,145048,145053,145058,145066,145071,145078,145083,145088,145093,145100,145105,145110,145117,145122,145127,145132,145137,145142,145147,145152,145157,145164,145169,145175,145180,145188,145195,145200,145205,145212,145217,145227,145232,145240,145247,145252],{"type":594,"attrs":144899,"content":144900},{"textAlign":49},[144901,144903,144904],{"text":144902,"type":599},"Most mornings in New Delhi, a haze gathers across the cityscape, as pollution from the city’s endless vehicles and factories. This pollution is something that the government is now calling an ‘economic’ threat to India as much as an environmental health one. ",{"text":144234,"type":599},{"text":144905,"type":599},"can vouch for this; on a recent visit to Delhi our flight’s landing was delayed due to high pollution levels preventing the pilot from landing safely.",{"type":594,"attrs":144907,"content":144908},{"textAlign":49},[144909],{"text":144910,"type":599},"“We have 12 of the most 15 polluted cities in the world,” explained Pawan Munjal CEO of Hero, India’s leading scooter manufacturer, which is the country’s most popular mode of transportation.",{"type":594,"attrs":144912,"content":144913},{"textAlign":49},[144914,144916,144917],{"text":144915,"type":599},"“[Since the Olympics], Beijing is no longer in the top 10,” he said at WION’s E-Mobility Conference in New Delhi where both India’s Nitin Gadkari, Minister for Ministry of Road Transport and Highways and ",{"text":142756,"type":599},{"text":144918,"type":599},"Managing Director, Simon Moores shared the stage.",{"type":594,"attrs":144920,"content":144921},{"textAlign":49},[144922,144924],{"text":144923,"type":599},"India’s pollution problem is difficult to ignore. In 2018 New Delhi topped the list of",{"text":144925,"type":599},"the most polluted capital cities in Air Visual’s pollution report based on PM 2.5 data, which represents the number of airborne particulate matter smaller than 2.5 microns per cubic metre of air. In that same report, India came third in the list of the world’s most polluted countries, with only its neighbours Pakistan and Bangladesh coming ahead of it.",{"type":657,"attrs":144927,"content":144928},{"level":141407,"textAlign":49},[144929],{"text":144930,"type":599},"Support from the top",{"type":594,"attrs":144932,"content":144933},{"textAlign":49},[144934],{"text":144935,"type":599},"The Indian government is seeking to evolve the country’s transport and energy system to be more sustainable and environmentally friendly using both electric vehicles (EVs) and biodiesel.",{"type":594,"attrs":144937,"content":144938},{"textAlign":49},[144939],{"text":144940,"type":599},"The goal is to crack down on the pollution which many at the top believe is hampering India’s economic prosperity.",{"type":594,"attrs":144942,"content":144943},{"textAlign":49},[144944],{"text":144945,"type":599},"In H2 2019, the Indian government released its strongest emissions reduction plan to date which saw it leapfrog restrictions from BSIV to BSVI (Bharat stage emission standards).",{"type":594,"attrs":144947,"content":144948},{"textAlign":49},[144949,144951],{"text":144950,"type":599},"Bharat stage emission standards (BSES for short) are India’s emission standards based on European regulations, which were first introduced in 2000. Each stage has",{"text":144952,"type":599},"increasingly stringent pollution requirements, with the fifth stage skipped in order to more aggressively address the country’s pollution problem.",{"type":594,"attrs":144954,"content":144955},{"textAlign":49},[144956],{"text":144957,"type":599},"“We jumped from BSIV to BSVI because of pollution and we have successfully implemented that. We are not against any car industry [internal combustion engine] but electric is the future. The problem is the cost of electric vehicles … and the cost of lithium ion batteries right now. Yet it’s not for government to choose who is good, its survival of the fittest,” said Transport Minister Gadkari.",{"type":594,"attrs":144959,"content":144960},{"textAlign":49},[144961],{"text":144962,"type":599},"The rhetoric fits nicely with India’s bold target of only selling electric vehicles by 2030, which was announced by Gadkari in 2017.",{"type":594,"attrs":144964,"content":144965},{"textAlign":49},[144966],{"text":144967,"type":599},"National level policy has emerged in an attempt to address the pressures on the government to tackle pollution, and with reports from groups such as the World Bank on negative impact of climate change on the economic and living standards of the country.",{"type":594,"attrs":144969,"content":144970},{"textAlign":49},[144971,144973],{"text":144972,"type":599},"At a central government level strategic initiatives such as the FAME India (Faster Adoption of Hybrid and Electric Vehicles) scheme, are in place to incentivise sales of",{"text":144974,"type":599},"electric vehicles. It is split into two phases – FAME I and FAME II – the first phase saw the government pay out USD 134 million in subsidies from April 2015 to March 2019.",{"type":594,"attrs":144976,"content":144977},{"textAlign":49},[144978],{"text":144979,"type":599},"The four areas in which FAME I focused were, 1) demand creation, 2) technology platforms, 3) pilot projects and 4) charging infrastructure. The demand incentives were aimed at all vehicle segments, from two-wheelers to light commercial vehicles and buses.",{"type":594,"attrs":144981,"content":144982},{"textAlign":49},[144983,144985],{"text":144984,"type":599},"FAME II, which began in April 2019 and will last three years, sees total incentive payments increased to USD 1.5 billion. The subsidies are targeting all advanced battery electric vehicles – while avoiding the lead acid 2-wheel market – but there is a particular focus on public transport. The subsidy will provide subsidies of up to 20,000 rupees (approximately USD 280) per kWh for electric buses which is capped at 40% of production costs. For all other electric vehicles, which includes PHEV and strong hybrid vehicles,",{"text":144986,"type":599},"subsidies are capped at 10,000 rupees (approximately 140 USD) per kWh and 20% of production costs.",{"type":594,"attrs":144988,"content":144989},{"textAlign":49},[144990],{"text":144991,"type":599},"The government is also offering income tax rebates up to 1.5 Lakh (USD $2,150) available to purchasers of electric vehicles on interest paid loans.",{"type":594,"attrs":144993,"content":144994},{"textAlign":49},[144995],{"text":144996,"type":599},"While these subsidies come into effect there have also been changes in the tax structure for electric vehicles, as 2019 saw a goods and service tax reduction from 12% to 5% for EVs and from 18% to 5% for EV chargers.",{"type":594,"attrs":144998,"content":144999},{"textAlign":49},[145000],{"text":145001,"type":599},"“It helps but it’s the cherry on top of a cake that hasn’t been made yet,” Simon Moores, Managing Director said in an interview on India’s electric vehicle support with WION, India’s international facing news service.",{"type":594,"attrs":145003,"content":145004},{"textAlign":49},[145005],{"text":145006,"type":599},"There are many of India’s automotive industry that believe the government could do more.",{"type":594,"attrs":145008,"content":145009},{"textAlign":49},[145010,145012],{"text":145011,"type":599},"“The government needs to give this new industry a push but doesn’t need to decide",{"text":145013,"type":599},"the specification of each vehicle,” said Munjal. He also called for a broader consensus across all government departments on the direction of EVs. “Between various ministries there is confusion over the long term-path and as a result there is a lot of fence sitting,” he added.",{"type":594,"attrs":145015,"content":145016},{"textAlign":49},[145017,145019,145020],{"text":145018,"type":599},"This is something ",{"text":144234,"type":599},{"text":145021,"type":599},"had seen within the US government until recent improvements this year with Department of Commerce, Department of State, and the Energy & Natural Resources Committee released legislation and plans all in a shared, strategic direction.",{"type":594,"attrs":145023,"content":145024},{"textAlign":49},[145025,145027,145029],{"text":145026,"type":599},"This was aided by the ",{"text":145028,"type":599},"Benchmark Minerals Summit 2019 ",{"text":145030,"type":599},"in Washington DC that saw Senator Lisa Murkowski announce the revamped American Mineral Security Act which refines the focus to EV supply chain raw materials of lithium, graphite, cobalt and nickel.",{"type":594,"attrs":145032,"content":145033},{"textAlign":49},[145034,145036],{"text":145035,"type":599},"Kamal Bali, President and Managing Director of Volvo India, also flagged up previous inconsistency from government has",{"text":145037,"type":599},"been a major hindrance to further investment in the country.",{"type":594,"attrs":145039,"content":145040},{"textAlign":49},[145041],{"text":145042,"type":599},"“When you look externally at India… you see a wavering in policy. My colleagues are worried that the policy will change [quickly] and this takes away the credibility of [any investment] business case”.",{"type":657,"attrs":145044,"content":145045},{"level":141407,"textAlign":49},[145046],{"text":145047,"type":599},"More EVs, smaller batteries",{"type":594,"attrs":145049,"content":145050},{"textAlign":49},[145051],{"text":145052,"type":599},"In India, electrifying all modes of transport will become the challenge of this century, and it begins its journey with its 2-wheel and 3-wheel vehicles.",{"type":594,"attrs":145054,"content":145055},{"textAlign":49},[145056],{"text":145057,"type":599},"India had an estimated 120m to 130m 2-wheel and 3-wheel vehicles on its roads in 2019 of which some 30m are renewed each year.",{"type":594,"attrs":145059,"content":145060},{"textAlign":49},[145061,145063,145064],{"text":145062,"type":599},"“We are making India’s first electric superbike that runs on indigenous technology developed in-house,” said Ankit Khatry, co-founder and COO at Emflux Motors speaking to ",{"text":64386,"type":599},{"text":145065,"type":599},". “Now we are in the pre-production phase and testing the robustness of the vehicle,” he added.",{"type":594,"attrs":145067,"content":145068},{"textAlign":49},[145069],{"text":145070,"type":599},"The company’s Emflux One electric bike is scheduled for launch in 2021and will have",{"type":594,"attrs":145072,"content":145073},{"textAlign":49},[145074,145076,145077],{"text":145075,"type":599},"a capacity of 9.7 kWh, in which it will use LG Chem and Samsung lithium ion cells, which Khatry confirmed when speaking to ",{"text":9653,"type":599},{"text":974,"type":599},{"type":594,"attrs":145079,"content":145080},{"textAlign":49},[145081],{"text":145082,"type":599},"However, battery packs of this size are in the luxury range and the typical size of two-wheel battery packs are lower. For instance, Okinawa Scooters’ battery packs range from 1.25 kWh to 3.3 kWh in size, which is more representative of the requirements of India’s scooters.",{"type":594,"attrs":145084,"content":145085},{"textAlign":49},[145086],{"text":145087,"type":599},"India’s 3-wheel rickshaws come in two categories: low speed of which 1.5m are sold each year and high speed of which 5m are sold annually.",{"type":594,"attrs":145089,"content":145090},{"textAlign":49},[145091],{"text":145092,"type":599},"For the low speed vehicles, a battery pack of 4kWh is needed to go the target 100km on a single charge. For the high speed category, the battery pack can range from 10-15kWh for the same range.",{"type":594,"attrs":145094,"content":145095},{"textAlign":49},[145096,145098],{"text":145097,"type":599},"India’s electric vehicle startup scene is dominated by companies which are almost exclusively focused on 2-wheel and 3-wheel vehicles production to cater for India’s domestic market. However, right now the battery cells used in India’s electric vehicles",{"text":145099,"type":599},"are sourced from outside the country.",{"type":594,"attrs":145101,"content":145102},{"textAlign":49},[145103],{"text":145104,"type":599},"In fact, there is no domestic production and this is a part of the value chain that India is missing out on as Raja Gayam, CEO of Gayam Motor Works, which manufactures electric three-wheelers explained, “battery cells add 25% value to an electric vehicle. It would be important to develop capabilities to reduce dependency for cells.”",{"type":594,"attrs":145106,"content":145107},{"textAlign":49},[145108],{"text":145109,"type":599},"Jeetender Sharma, Founder and Managing Director of electric scooter startup Okinawa Autotech Pvt is optimistic: “with support from the government players will soon start manufacturing batteries in India. It is true that currently OEMs have to import the battery cells which is adding to the overall cost of the product. Once manufacturing begins in India, there will be a significant reduction in price, and affordability will increase.”",{"type":594,"attrs":145111,"content":145112},{"textAlign":49},[145113,145115],{"text":145114,"type":599},"Discussing Gayam Motor Works’ plans, Gayam said “we have order book of 5000 units from e-commerce/last mile delivery companies like Amazon, Flipkart, Bigbasket, Grofers, Ninjakart, Delhivery for the next year. We are currently having operations in Hyderabad and Bengaluru. We will be",{"text":145116,"type":599},"expanding to Chennai, Pune and Mumbai in the next year.”",{"type":594,"attrs":145118,"content":145119},{"textAlign":49},[145120],{"text":145121,"type":599},"As larger companies become stakeholders in India’s electric vehicle market and the market grows, the lack of a secure lithium ion battery supply chain will only be magnified.",{"type":657,"attrs":145123,"content":145124},{"level":141407,"textAlign":49},[145125],{"text":145126,"type":599},"Supply chain plans",{"type":594,"attrs":145128,"content":145129},{"textAlign":49},[145130],{"text":145131,"type":599},"The lack of battery cell and raw material production is certainly a concern for a country looking to electrify its fleet in such a short time.",{"type":594,"attrs":145133,"content":145134},{"textAlign":49},[145135],{"text":145136,"type":599},"Despite the promising green shoots from start up EV companies, Lithion Power CEO, Piyush Gupta, believes the country needs to do much more.",{"type":594,"attrs":145138,"content":145139},{"textAlign":49},[145140],{"text":145141,"type":599},"“We are too dependent on external technology in India,” Gupta said, “we are completely dominated by imports and the whole culture of innovation does not exist”. Gupta pointed to the fact that despite having world-class educational hubs, India has struggled move away from the intellectual pursuit and towards commercial progress.",{"type":594,"attrs":145143,"content":145144},{"textAlign":49},[145145],{"text":145146,"type":599},"As a result, the commercial scale activity and imports have come from China, with India reportedly importing 90% of its e-scooters from China. Hero’s CEO put it simply: “we haven’t got lithium and we haven’t got batteries.” This is a genuine and growing concern for India’s leading scooter manufacturer that has evolved from using lead acid batteries in its vehicles to now being “100% on lithium ion”.",{"type":594,"attrs":145148,"content":145149},{"textAlign":49},[145150],{"text":145151,"type":599},"However, there are some positive signs elsewhere for the supply chain.",{"type":594,"attrs":145153,"content":145154},{"textAlign":49},[145155],{"text":145156,"type":599},"Rajat Verma, Founder and CEO of battery pack and battery recycling startup Lohum Cleantech said, “India, at the moment does not produce its own cells. That does create supply chain issues on the first life battery packs. However, at least 10 companies in India have announced their intention to create cell manufacturing capacity. We are working with some of these companies to provide them with raw material that we produce using recycling. We expect the first major cell production facility to be commissioned in India by 2022. The government of India is also expected to come out with incentives for cell manufacturing by February of 2020.”",{"type":594,"attrs":145158,"content":145159},{"textAlign":49},[145160,145162],{"text":145161,"type":599},"As Verma explains, cell production and raw material demand supply is firmly on the government’s radar. But the government is increasingly aware of the hurdles it has to",{"text":145163,"type":599},"face. For instance, the National Institution for Transforming India (NITI Aayog) – an Indian government think tank published its report ‘Zero Emission Vehicles: Towards a policy Framework’ in 2018. In this report NITI Aayog stated that India needs “10GWh of battery cells by 2022, which would need to be expanded to about 50 GWh by 2025.” The think tank acknowledged India’s lack of lithium ion cell production expertise and suggested that for domestic production to be successful it would need international OEMs to work independently or through joint ventures.",{"type":594,"attrs":145165,"content":145166},{"textAlign":49},[145167],{"text":145168,"type":599},"The report also acknowledged the raw material requirements needed for electrification. NITI Aayog propose looking for resources within and outside of India, and have suggested applying incentives to promote strategic investments in international mines. To further support the raw material demands, developing a reliable lithium ion recycling industry is another critical goal proposed by NITI Aayog.",{"type":594,"attrs":145170,"content":145171},{"textAlign":49},[145172,145173],{"text":144234,"type":599},{"text":145174,"type":599},"understands the group has been actively working with a select group of industry participants to craft a subsidy program in order to promote lithium ion cell production. The subsidy program is yet to be finalised but we understand that a subsidy has been considered which would reward the use of more Indian produced intermediate chemicals in cell production. The goal here is to promote the growth of the full domestic supply chain. However, considering that this supply chain effectively does not exist in India at the moment, we are sceptical of its effectiveness without the support of larger investments in the supply chain.",{"type":657,"attrs":145176,"content":145177},{"level":141407,"textAlign":49},[145178],{"text":145179,"type":599},"Where are the megafactories?",{"type":594,"attrs":145181,"content":145182},{"textAlign":49},[145183,145185,145187],{"text":145184,"type":599},"But with all these plans, currently India is not represented in the ",{"text":145186,"type":599},"Benchmark Minerals’ Lithium Ion Megafactory Assessment",{"text":974,"type":599},{"type":594,"attrs":145189,"content":145190},{"textAlign":49},[145191,145193],{"text":145192,"type":599},"This reflects the infant stage in which India’s lithium ion supply chain currently sits. But it is not to say that there haven’t been",{"text":145194,"type":599},"developments, in fact, we have seen growing momentum in the past few years.",{"type":594,"attrs":145196,"content":145197},{"textAlign":49},[145198],{"text":145199,"type":599},"For instance, in April 2017 Suzuki, Toshiba and Denso established a basic agreement to establish lithium ion battery production facility in India. The joint venture would reportedly see a production facility being established in Gujarat and would be led by Suzuki, with 50% of the share, with Toshiba and Denso controlling 40% and 10% respectively.",{"type":594,"attrs":145201,"content":145202},{"textAlign":49},[145203],{"text":145204,"type":599},"Elsewhere, Tata Chemicals, part of the larger Tata Group, announced in July 2019 that it would be investing rupees 4,000 crore to build a 10 GWh lithium ion battery factory in the Dholera Special Investment Region (DSIR), Gujarat. The company is reported to have acquired a 126 acre of land to base its operations.",{"type":594,"attrs":145206,"content":145207},{"textAlign":49},[145208,145210],{"text":145209,"type":599},"In March 2019, it was also reported that Tata Chemicals had signed a memorandum of understanding (MoU) with the Indian Space Research Organisation (ISRO) to transfer its lithium ion cell production technology to Tata",{"text":145211,"type":599},"so that it can begin cell production in India.",{"type":594,"attrs":145213,"content":145214},{"textAlign":49},[145215],{"text":145216,"type":599},"State-owned Bharat Heavy Electricals Limited and Licoin – a consortium which includes Magnis Energy (which has plans for cell plants in the US and Australia) – are also looking to bring cell production capacity to India.",{"type":594,"attrs":145218,"content":145219},{"textAlign":49},[145220,145222,145223,145225],{"text":145221,"type":599},"One of the most exciting recent developments was the announcement by electric scooter manufacturer Ather Energy in December 2019 of its plans to establish a lithium ion battery production facility in Hosur, Tamil Nadu, having signed a memorandum of understanding with Tamil Nadu state. The facility plans to combine electric vehicle and lithium ion production, however, there are few details of cell production available, but for the operation to be successfully ",{"text":7249,"type":599},{"text":145224,"type":599},"expects the operation to require the support of an",{"text":145226,"type":599},"established lithium ion cell manufacturer as with other OEM and battery joint operations.",{"type":657,"attrs":145228,"content":145229},{"level":141407,"textAlign":49},[145230],{"text":145231,"type":599},"Capital allocation is important",{"type":594,"attrs":145233,"content":145234},{"textAlign":49},[145235,145237,145238],{"text":145236,"type":599},"Through 2019, whether speaking at industry events, governmental committees or in our analysis, ",{"text":7249,"type":599},{"text":145239,"type":599},"has warned that the lack of investment and capital allocation is limiting the extent to which lithium ion battery supply chains can develop globally. India is no exception, as there has been insufficient investment to support the growth of these value chains.",{"type":594,"attrs":145241,"content":145242},{"textAlign":49},[145243,145245],{"text":145244,"type":599},"There is no shortage of capital available to large Indian conglomerates – such as Reliance, Adni or Birli – Tata Group for instance has made tentative moves into the supply chain. However, as with many other major companies globally, India’s largest companies are taking a ‘wait and see’",{"text":145246,"type":599},"approach.",{"type":594,"attrs":145248,"content":145249},{"textAlign":49},[145250],{"text":145251,"type":599},"On the flipside, the issue here is that many of the international players – Panasonic, LG Chem, international automotives, for example – are waiting for a domestic player to step up and move into the supply chain.",{"type":594,"attrs":145253,"content":145254},{"textAlign":49},[145255],{"text":145256,"type":599},"Where India is lacking in supply chain and infrastructure, it makes it up in enthusiasm. In the private sphere, there are a host of entrepreneurs across the country looking to bring electric vehicles, cell production and battery recycling to the country. Public support has increased with favourable tax changes and subsidy programmes through which the government is trying to get industry buy-in. But enthusiasm will only take this industry so far, for the success of the lithium ion supply chain in India will need a cohesive end-to-end supply chain strategy driven from the top.","Most mornings in New Delhi, a haze gathers across the cityscape, as pollution from the city’s endless vehicles and factories. This pollution is something that the government is now calling an ‘economic’ threat to India as much as an environmental health one. Benchmark Minerals can vouch for this; on a recent visit to Delhi our […]",[145259],{"slug":544,"name":543,"content":145260},{"job_title":557,"image":145261,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fc168060-63c3-413f-bc41-eb97871d8bd6\", \"id\": \"\"}-->",[145264,145265],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":145267,"copyright":547,"fieldtype":553,"meta_data":145268,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/81adfe4d53/bm-electric-india-8027611ca0e.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 27, 2020",{"id":145271,"uuid":145272,"name":145273,"slug":145274,"full_slug":145275,"content":145276},112474200869748,"a935ca00-c0bb-4071-9cd4-8bfb3f41eb52","Australia’s spodumene backlog sparks 2020 cutbacks","australias-spodumene-backlog-sparks-2020-cutbacks","article/australias-spodumene-backlog-sparks-2020-cutbacks",{"_uid":145277,"date":145278,"tags":145279,"editor":145280,"content":145284,"excerpt":145374,"featured":50,"reporter":145375,"_editable":145379,"component":864,"seo_title":145273,"categories":145380,"visibility":882,"author_company":49,"featured_image":145383,"seo_description":145374,"author_full_name":49,"author_job_title":49,"formattedDate":145386},"97a77c6f-a0ac-4cbe-ba2e-a8c07bee00cf","2020-01-24 00:00",[],[145281],{"slug":544,"name":543,"content":145282},{"job_title":557,"image":145283,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":145285},[145286,145291,145296,145308,145321,145326,145331,145336,145341,145352,145357,145369],{"type":594,"attrs":145287,"content":145288},{"textAlign":49},[145289],{"text":145290,"type":599},"Galaxy Resources have announced plans to scale back operations by approximately 60% at its Western Australian Mt Cattlin mine in 2020, as market conditions continue to take their toll on Australia’s spodumene producers.",{"type":594,"attrs":145292,"content":145293},{"textAlign":49},[145294],{"text":145295,"type":599},"Further illustrating the problems facing Australian spodumene production, SQM and its investment partner Wesfarmers Limited have said they will defer the final investment decision for the Mt Holland project until the final quarter of 2021.",{"type":594,"attrs":145297,"content":145298},{"textAlign":49},[145299,145301,145306],{"text":145300,"type":599},"Through 2019 the ",{"text":145302,"type":599,"marks":145303},"Benchmark Minerals Spodumene (6% Li2O) FOB Australia",[145304],{"type":604,"attrs":145305},{"href":30415,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":145307,"type":599}," fell 45% to a mid-price of $480 per tonne. Further pressures are expected in Q1 2020, challenging the economics of new producers and future projects being explored in the region.",{"type":594,"attrs":145309,"content":145310},{"textAlign":49},[145311,145313,145319],{"text":145312,"type":599},"These pressures saw ",{"text":145314,"type":599,"marks":145315},"Alita Resources appoint administrators in August 2019",[145316],{"type":604,"attrs":145317},{"href":145318,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/hard-rock-headache",{"text":145320,"type":599},", with operations at the Bald Hill mine suspended.",{"type":594,"attrs":145322,"content":145323},{"textAlign":49},[145324],{"text":145325,"type":599},"Throughout the second half of 2019 a number of producers delayed planned expansions in light of market conditions. Albemarle downgraded its Kemerton Project expansion, which would use feedstock from the Wodgina Lithium Project, and Tianqi put its stage two expansion plans for its Kwinana project on hold.",{"type":594,"attrs":145327,"content":145328},{"textAlign":49},[145329],{"text":145330,"type":599},"“The pull back in expansion plans from established producers is a worrying sign for the long-term market outlook”, Andrew Miller, Product Director at Benchmark Minerals commented.",{"type":594,"attrs":145332,"content":145333},{"textAlign":49},[145334],{"text":145335,"type":599},"“New project development and capital investments are being delayed at a time when the market needs to lay the foundations for demand growth expected from 2022 onwards. The chances of further market volatility are increasing by the week” he added.",{"type":657,"attrs":145337,"content":145338},{"level":141407,"textAlign":49},[145339],{"text":145340,"type":599},"Fighting the backlog",{"type":594,"attrs":145342,"content":145343},{"textAlign":49},[145344,145346,145351],{"text":145345,"type":599},"Despite the ramp up delays and production cuts from the likes of Galaxy Resources there remains an abundance of material in the market. Excess material in the market totalled approximately 25,000 tpa LCE in 2019 according the ",{"text":145347,"type":599,"marks":145348},"Benchmark Mineral Lithium Forecast",[145349],{"type":604,"attrs":145350},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":145353,"content":145354},{"textAlign":49},[145355],{"text":145356,"type":599},"This oversupply, compounded by limited lithium chemical demand growth prospects in the near future, means that the spodumene backlog is likely to carry on through at least the first quarter of 2020 before a more balanced supply environment is established.",{"type":594,"attrs":145358,"content":145359},{"textAlign":49},[145360,145362,145367],{"text":145361,"type":599},"Australian production has emerged as a major contributor to global lithium supply over the past few years, increasing from one producer in 2016 to six by mid-2019. Australia’s share of lithium raw material supply increased from 35% in 2016 to 50% in 2019 according to ",{"text":145363,"type":599,"marks":145364},"Benchmark Minerals Lithium Forecast",[145365],{"type":604,"attrs":145366},{"href":62737,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":145368,"type":599}," data.",{"type":594,"attrs":145370,"content":145371},{"textAlign":49},[145372],{"text":145373,"type":599},"However, many of these new producers are now under pressure in this falling price environment. Not only are existing producers under pressure, but low prices also make further investment in the sector unlikely in the near future.","Galaxy Resources have announced plans to scale back operations by approximately 60% at its Western Australian Mt Cattlin mine in 2020, as market conditions continue to take their toll on Australia’s spodumene producers. Further illustrating the problems facing Australian spodumene production, SQM and its investment partner Wesfarmers Limited have said they will defer the final […]",[145376],{"slug":544,"name":543,"content":145377},{"job_title":557,"image":145378,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"97a77c6f-a0ac-4cbe-ba2e-a8c07bee00cf\", \"id\": \"\"}-->",[145381,145382],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":145384,"copyright":547,"fieldtype":553,"meta_data":145385,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8df5219467/bm-3144199355-d478f8c316-b.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 24, 2020",{"id":145388,"uuid":145389,"name":145390,"slug":145391,"full_slug":145392,"content":145393},112474205539391,"69427358-d3f0-452c-a543-4a0f309c5f66","VW & Guoxuan: What do we know about Chinese lithium ion battery maker, Guoxuan Hi-Tech?","vw-is-interested-what-do-we-know-about-chinese-lithium-ion-battery-maker-guoxuan-hi-tech","article/vw-is-interested-what-do-we-know-about-chinese-lithium-ion-battery-maker-guoxuan-hi-tech",{"_uid":145394,"date":145395,"tags":145396,"editor":145397,"content":145401,"excerpt":145576,"featured":50,"reporter":145577,"_editable":145581,"component":864,"seo_title":145390,"categories":145582,"visibility":2091,"author_company":49,"featured_image":145585,"seo_description":145576,"author_full_name":49,"author_job_title":49,"formattedDate":145588},"4417a316-b8e6-4ade-ae4c-e606228b09bd","2020-01-22 00:00",[],[145398],{"slug":544,"name":543,"content":145399},{"job_title":557,"image":145400,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":145402},[145403,145419,145431,145436,145443,145448,145459,145464,145469,145474,145479,145484,145489,145494,145499,145504,145509,145514,145519,145530,145535,145540,145545,145565],{"type":594,"attrs":145404,"content":145405},{"textAlign":49},[145406,145408,145412,145413,145417],{"text":145407,"type":599},"It has been reported by both ",{"text":145409,"type":599,"marks":145410},"Reuters ",[145411],{"type":643},{"text":144022,"type":599},{"text":145414,"type":599,"marks":145415},"Financial Times ",[145416],{"type":643},{"text":145418,"type":599},"that Volkswagen Group (VW) is considering taking a 20% stake in Chinese lithium ion battery cell producer Guoxuan Hi-Tech Company as part of its growing electric vehicle (EV) plans.",{"type":594,"attrs":145420,"content":145421},{"textAlign":49},[145422,145424,145430],{"text":145423,"type":599},"With its wholesale shift towards EVs, VW, 2019’s second-largest auto maker globally, has been taking a more public and leading role across the breadth of the supply chain. In 2019, for example, VW announced deals at both the up and downstream stages of the supply chain, including its joint venture battery megafactory with Northvolt in Germany and a ",{"text":145425,"type":599,"marks":145426},"long-term lithium supply deal with Ganfeng Lithium",[145427],{"type":604,"attrs":145428},{"href":145429,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/volkswagen-leads-auto-majors-charge-into-lithium-market/",{"text":974,"type":599},{"type":594,"attrs":145432,"content":145433},{"textAlign":49},[145434],{"text":145435,"type":599},"But for many, these news stories are the first time they have heard about Guoxuan Hi-Tech. So what do we know about them?",{"type":657,"attrs":145437,"content":145438},{"level":141407,"textAlign":49},[145439,145441],{"text":145440,"type":599},"Guoxuan Hi-Tech",{"text":145442,"type":599},": A Battery Cells & Cathode Strategy ",{"type":594,"attrs":145444,"content":145445},{"textAlign":49},[145446],{"text":145447,"type":599},"Guoxuan Hi-Tech, does not grab as many headlines as China’s larger domestic battery producers such as BYD and CATL, however, it has a sizeable lithium ion battery cell manufacturing footprint.",{"type":594,"attrs":145449,"content":145450},{"textAlign":49},[145451,145453,145458],{"text":145452,"type":599},"Headquartered in Hefei, Anhui province, Guoxuan Hi Tech’s flagship lithium ion battery plant has 8GWh of annual production in capacity as of Benchmark’s December 2019 ",{"text":143407,"type":599,"marks":145454},[145455],{"type":604,"attrs":145456},{"href":145457,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/megafactories/",{"text":974,"type":599},{"type":594,"attrs":145460,"content":145461},{"textAlign":49},[145462],{"text":145463,"type":599},"In addition, it has two further active battery cell plants within China and another under construction bringing its total production capacity in 2019 to 13 GWh, enough to make over 236,000 EVs with a 55kWh battery pack average.",{"type":594,"attrs":145465,"content":145466},{"textAlign":49},[145467],{"text":145468,"type":599},"Interestingly, Guoxuan Hi-Tech is semi integrated with its own lithium iron phosphate (LFP) cathode production capacity and its activity in making LFP cells for China’s e-bus market has given it an estimated 5-7% market share in 2019.",{"type":594,"attrs":145470,"content":145471},{"textAlign":49},[145472],{"text":145473,"type":599},"The producer has plans to expand this further, with NCM 622 cathode production facilities under construction.",{"type":594,"attrs":145475,"content":145476},{"textAlign":49},[145477],{"text":145478,"type":599},"Reviewing the company’s total cathode pipeline, capacity could climb to 80,000 tonnes over the coming year, according to the Benchmark Minerals Cathode Market Assessment.",{"type":657,"attrs":145480,"content":145481},{"level":141407,"textAlign":49},[145482],{"text":145483,"type":599},"Will there be enough Tier 1 battery cells?",{"type":594,"attrs":145485,"content":145486},{"textAlign":49},[145487],{"text":145488,"type":599},"At a broader, national scale, there are many lithium ion battery producers with megafactories in the pipeline or in production in China.",{"type":594,"attrs":145490,"content":145491},{"textAlign":49},[145492],{"text":145493,"type":599},"The country is by far the leader in terms of both installed lithium ion battery cell capacity and pipeline capacity out to 2029.",{"type":594,"attrs":145495,"content":145496},{"textAlign":49},[145497],{"text":145498,"type":599},"China’s pipeline capacity has been increasing at an aggressive rate which sees China accounting for 69% of global capacity in the pipeline with 83 battery megafactories, totalling 1,526GWh of capacity by 2029, as of December 2019 data from Benchmark’s Lithium Ion Battery Megafactory Assessment. Of China’s 83 battery plants in the pipeline, 47 had active capacity in 2019.",{"type":594,"attrs":145500,"content":145501},{"textAlign":49},[145502],{"text":145503,"type":599},"Although Chinese companies dominate the megafactory landscape today, the majority of this present and future capacity is coming from Tier 2 or Tier 3 suppliers, and not the Tier 1 quality and consistency needed by western automakers like VW.",{"type":594,"attrs":145505,"content":145506},{"textAlign":49},[145507],{"text":145508,"type":599},"It is a challenge all western automotive producers face: will there be enough Tier 1 battery cell producers to supply enough battery cells for their EV plans?",{"type":594,"attrs":145510,"content":145511},{"textAlign":49},[145512],{"text":145513,"type":599},"In 2019, only 38% of global capacity came from Tier 1 suppliers. Looking out to 2029 32% of global capacity in the pipeline is set to come from Tier 1 battery manufacturers, whereas only 19% of Chinese battery cell capacity in 2029 is set to be of Tier 1 quality.",{"type":594,"attrs":145515,"content":145516},{"textAlign":49},[145517],{"text":145518,"type":599},"Today, the situation for Chinese manufacturers is even more severe: only 11% of China’s lithium ion cell capacity in 2019 was from Tier 1 suppliers.",{"type":594,"attrs":145520,"content":145521},{"textAlign":49},[145522,145524,145529],{"text":145523,"type":599},"Many domestic Chinese battery producers are therefore presently locked out of lucrative EV markets in Europe and North America, while at the same time also struggling with stalling demand growth at home following last year’s ",{"text":145525,"type":599,"marks":145526},"NEV subsidy cuts",[145527],{"type":604,"attrs":145528},{"href":142644,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":145531,"content":145532},{"textAlign":49},[145533],{"text":145534,"type":599},"These factors, coupled with capacity over-expansions and tightening margins for domestic battery producers in China are likely to lead to consolidation, as many of these producers will struggle to remain profitable in the coming months and years.",{"type":594,"attrs":145536,"content":145537},{"textAlign":49},[145538],{"text":145539,"type":599},"With the pressures facing Chinese battery manufacturers, auto OEMs and larger battery manufacturers may be able to find acquisition opportunities going forward.",{"type":594,"attrs":145541,"content":145542},{"textAlign":49},[145543],{"text":145544,"type":599},"It also makes sense for leading automotive producers to now partner with Tier 2 producers in order to increase their quality  to a Tier 1 standard, especially considering the increasing dominance of today’s Tier 1 battery producers such as LG Chem, Panasonic, and Samsung SDI.",{"type":594,"attrs":145546,"content":145547},{"textAlign":49},[145548,145552,145557,145561],{"text":145549,"type":599,"marks":145550},"This is a free article from ",[145551],{"type":643},{"text":127708,"type":599,"marks":145553},[145554],{"type":604,"attrs":145555},{"href":145556,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://www.benchmarkminerals.com/membership",{"text":145558,"type":599,"marks":145559},", the leading source of lithium ion supply chain analysis, features, and presentations, drawing from ",[145560],{"type":643},{"text":145562,"type":599,"marks":145563},"Benchmark Mineral Intelligence’s analysts expert insight and extensive data sets.",[145564],{"type":643},{"type":594,"attrs":145566,"content":145567},{"textAlign":49},[145568,145570,145574],{"text":145569,"type":599},"Fill in this ",{"text":110919,"type":599,"marks":145571},[145572],{"type":604,"attrs":145573},{"href":118594,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":145575,"type":599}," to find out more.","It has been reported by both Reuters and the Financial Times that Volkswagen Group (VW) is considering taking a 20% stake in Chinese lithium ion battery cell producer Guoxuan Hi-Tech Company as part of its growing electric vehicle (EV) plans. With its wholesale shift towards EVs, VW, 2019’s second-largest auto maker globally, has been taking a more […]",[145578],{"slug":544,"name":543,"content":145579},{"job_title":557,"image":145580,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4417a316-b8e6-4ade-ae4c-e606228b09bd\", \"id\": \"\"}-->",[145583,145584],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":145586,"copyright":547,"fieldtype":553,"meta_data":145587,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8e66ff6891/bm-volkswagen-china-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 22, 2020",{"id":145590,"uuid":145591,"name":145592,"slug":145593,"full_slug":145594,"content":145595},112474210323622,"b3530ca5-e680-4108-b26b-d6b830f1ae2f","Korean battery rivals look to expand global influence","korean-battery-rivals-look-to-expand-global-influence","article/korean-battery-rivals-look-to-expand-global-influence",{"_uid":145596,"date":145597,"tags":145598,"editor":145599,"content":145603,"excerpt":145720,"featured":50,"reporter":145721,"_editable":145725,"component":864,"seo_title":145592,"categories":145726,"visibility":882,"author_company":49,"featured_image":145729,"seo_description":145720,"author_full_name":49,"author_job_title":49,"formattedDate":145731},"e181093d-7b3d-413b-9e27-143390a5d9c6","2020-01-17 00:00",[],[145600],{"slug":544,"name":543,"content":145601},{"job_title":557,"image":145602,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":145604},[145605,145610,145615,145620,145625,145630,145635,145640,145645,145650,145655,145660,145665,145670,145675,145680,145685,145690,145695,145700,145710],{"type":594,"attrs":145606,"content":145607},{"textAlign":49},[145608],{"text":145609,"type":599},"Korean battery producers LG Chem and SK Innovation are locked in an ongoing legal dispute in the USA, but away from the courtroom drama both company’s battery expansion plans continue.",{"type":594,"attrs":145611,"content":145612},{"textAlign":49},[145613],{"text":145614,"type":599},"Kim Jun, SK Innovation’s CEO, has announced that the company is looking to build a second battery production facility in the USA and expand existing facilities in Hungary.",{"type":594,"attrs":145616,"content":145617},{"textAlign":49},[145618],{"text":145619,"type":599},"As it stands, SK Innovation has 6 battery megafactories in the pipeline globally and Benchmark Minerals’ Lithium Ion Battery Megafactory Assessment had a little over 70GWh of capacity in the pipeline for 2029 as at the end of December.",{"type":594,"attrs":145621,"content":145622},{"textAlign":49},[145623],{"text":145624,"type":599},"Caspar Rawles, Head of Price Assessments, at Benchmark Minerals said of reports of SK Innovation’s expansion plans: “The industry is seeing momentum continue in the build out of lithium ion battery production capacity globally. SK Innovation is still playing catch up in capacity terms to its Korean rivals LG Chem, but is accelerating plans rapidly. These comments from SK Innovation show how rapidly the demands of the downstream industry are expanding with the company planning expansions prior to the original facility being commissioned.",{"type":594,"attrs":145626,"content":145627},{"textAlign":49},[145628],{"text":145629,"type":599},"The new plant in the USA, if confirmed, will add to the growing capacities in Europe and North America as the industry heats up for more widespread EV adoption.”",{"type":594,"attrs":145631,"content":145632},{"textAlign":49},[145633],{"text":145634,"type":599},"As of the end of 2019 Benchmark Minerals is tracking 367 GWh of planned capacity in Europe by 2029 and 206 GWh in North America.”",{"type":594,"attrs":145636,"content":145637},{"textAlign":49},[145638],{"text":145639,"type":599},"As Rawles noted, battery upstart SK Innovation is still catching up to its Korean rival LG Chem, which had 285 GWh in the pipeline for 2029.",{"type":594,"attrs":145641,"content":145642},{"textAlign":49},[145643],{"text":145644,"type":599},"LG Chem has been the most aggressive tier 1 battery producer in terms of expanding both cumulative capacity and the location of that capacity. It now has seven sites under development for either expansion or a new battery cell production facility, having announced a joint venture US megfactory with GM in December.",{"type":594,"attrs":145646,"content":145647},{"textAlign":49},[145648],{"text":145649,"type":599},"The cell producer’s global approach to battery making is creating a new, more localised direction for the electric vehicle industry.",{"type":657,"attrs":145651,"content":145652},{"level":141407,"textAlign":49},[145653],{"text":145654,"type":599},"New battery markets",{"type":594,"attrs":145656,"content":145657},{"textAlign":49},[145658],{"text":145659,"type":599},"There have been reports that LG Chem are looking at business opportunities in Indonesia and other Southeast Asian countries on the back of growing demand for electric bikes.",{"type":594,"attrs":145661,"content":145662},{"textAlign":49},[145663],{"text":145664,"type":599},"Pollution is a major factor driving countries such as Indonesia, the Philippines, and India towards electrifying their fleet of mainly 2-wheel vehicles. However, the region has little upstream supply chain infrastructure and the only megafactory in the pipeline is located in Thailand according to our latest assessment.",{"type":594,"attrs":145666,"content":145667},{"textAlign":49},[145668],{"text":145669,"type":599},"Indonesia is hoping to invite key producers in the supply chain who supply value-added materials, devices, and automobiles rather than simply resource extraction, which has dominated its industry in the past. This initiative has shown early signs of success as last year Toyota announced it would invest $2 billion in the development of EVs in Indonesia in the period up to 2023. The country also brought in legislation last year with aims to stimulate EV growth through incentives, environmental protections and domestic protection requirements.",{"type":657,"attrs":145671,"content":145672},{"level":141407,"textAlign":49},[145673],{"text":145674,"type":599},"Upstream developments in Indonesia",{"type":594,"attrs":145676,"content":145677},{"textAlign":49},[145678],{"text":145679,"type":599},"Indonesia recently brought in a nickel ore export ban, and is attempting to develop its downstream nickel processing facilities, with Chinese investment in projects such as the Morowali HPAL (high-pressure acid leaching) facility, backed by Tsingshan, GEM and CATL.",{"type":594,"attrs":145681,"content":145682},{"textAlign":49},[145683],{"text":145684,"type":599},"Greg Miller, Analyst in Benchmark Minerals’ Price Assessment Division said: “As the industry’s spotlight shifts towards nickel, and concerns grow around long-term supply dynamics, Indonesia is attempting to position itself at the heart of the supply chain.”",{"type":594,"attrs":145686,"content":145687},{"textAlign":49},[145688],{"text":145689,"type":599},"“However, the success of these new operations is far from a given, and you only have to look at the turbulent history of high-pressure acid leach plants in the region to reasonably assume that a considerable proportion of this pipeline capacity will fail to reach the market.”",{"type":594,"attrs":145691,"content":145692},{"textAlign":49},[145693],{"text":145694,"type":599},"“Ultimately the widespread adoption of high nickel cathode chemistries will rest upon the success or failure of these Indonesian nickel HPAL operations.”",{"type":657,"attrs":145696,"content":145697},{"level":141407,"textAlign":49},[145698],{"text":145699,"type":599},"Find out more",{"type":594,"attrs":145701,"content":145702},{"textAlign":49},[145703,145705,145709],{"text":145704,"type":599},"Benchmark Minerals has launched its Nickel Price Assessment – for more information ",{"text":29386,"type":599,"marks":145706},[145707],{"type":604,"attrs":145708},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":145711,"content":145712},{"textAlign":49},[145713,145715,145719],{"text":145714,"type":599},"Data on SK Innovation and LG Chem is taken from Benchmark Minerals’ Lithium Ion Battery Megafactory Assessment – find out more ",{"text":6515,"type":599,"marks":145716},[145717],{"type":604,"attrs":145718},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"text":974,"type":599},"Korean battery producers LG Chem and SK Innovation are locked in an ongoing legal dispute in the USA, but away from the courtroom drama both company’s battery expansion plans continue. Kim Jun, SK Innovation’s CEO, has announced that the company is looking to build a second battery production facility in the USA and expand existing […]",[145722],{"slug":544,"name":543,"content":145723},{"job_title":557,"image":145724,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e181093d-7b3d-413b-9e27-143390a5d9c6\", \"id\": \"\"}-->",[145727,145728],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":123316,"copyright":547,"fieldtype":553,"meta_data":145730,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jan 17, 2020",{"id":145733,"uuid":145734,"name":145735,"slug":145736,"full_slug":145737,"content":145738},112474220236344,"1b3c473a-954b-4774-85ca-ce6303bb1e9d","Europe builds on battery megafactory momentum","europe-builds-on-megafactory-momentum","article/europe-builds-on-megafactory-momentum",{"_uid":145739,"date":145740,"tags":145741,"editor":145743,"content":145747,"excerpt":145951,"featured":50,"reporter":145952,"_editable":145956,"component":864,"seo_title":145735,"categories":145957,"visibility":882,"author_company":49,"featured_image":145960,"seo_description":145951,"author_full_name":49,"author_job_title":49,"formattedDate":145963},"6b53af58-1130-4bc5-b347-38aab2b22ae1","2020-01-10 00:00",[145742],{"slug":2790,"name":2791},[145744],{"slug":544,"name":543,"content":145745},{"job_title":557,"image":145746,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":145748},[145749,145754,145759,145764,145769,145776,145781,145786,145794,145799,145804,145809,145817,145822,145827,145832,145837,145842,145847,145852,145859,145866,145873,145880,145885,145890,145895,145900,145907,145915,145920,145928,145940],{"type":594,"attrs":145750,"content":145751},{"textAlign":49},[145752],{"text":145753,"type":599},"Europe’s megafactory momentum continued in Q4 as Tesla announced the Gigafactory 4 and combined European political efforts saw more consensus on building out battery production on the continent.",{"type":594,"attrs":145755,"content":145756},{"textAlign":49},[145757],{"text":145758,"type":599},"Tesla announced plans to expand battery production into Europe in Q4 2019 as Elon Musk made the surprise announcement that the company would base its European Gigafactory 4 in Germany, widely expected to be in Grünheide in Brandenburg.",{"type":594,"attrs":145760,"content":145761},{"textAlign":49},[145762],{"text":145763,"type":599},"Following the announcement Musk also confirmed that the site will produce batteries, powertrains and vehicles, starting with the Model Y SUV at the new site.",{"type":594,"attrs":145765,"content":145766},{"textAlign":49},[145767],{"text":145768,"type":599},"Benchmark Minerals expects early vehicle production is likely to come from outside cell suppliers. Both LG Chem and CATL will have megafactories in production in Europe by the time Gigafactory 4 is commissioned and it is possible that these companies could supply Tesla in Europe, although there is no confirmation of this.",{"type":594,"attrs":145770,"content":145771},{"textAlign":49},[145772,145774],{"text":145773,"type":599},"Benchmark Minerals forecasts that initial cell production at Gigafactory 4 could begin as soon as 2024 and ramp to 20 GWh capacity by 2029, according to the ",{"text":145775,"type":599},"Benchmark Minerals Lithium Ion Battery Megafactory Assessment. ",{"type":594,"attrs":145777,"content":145778},{"textAlign":49},[145779],{"text":145780,"type":599},"Tesla’s Gigafactory 1 set a new precedent which has seen automakers globally remodelling their businesses to build electric cars and adapt to completely different supply chains. Germany’s auto companies, although initially hesitant, are now electric vehicle converts with Volkswagen, for instance, having already announced plans for its own battery megafactory.",{"type":594,"attrs":145782,"content":145783},{"textAlign":49},[145784],{"text":145785,"type":599},"Musk paid homage to Germany, saying, “everyone knows that German engineering is outstanding and that’s part of the reason we’re locating our Gigafactory Europe in Germany,” while laying down the gauntlet with further competition in the European auto space.",{"type":594,"attrs":145787,"content":145788},{"textAlign":49},[145789,145791,145793],{"text":145790,"type":599},"Currently Tesla Gigafactory 1 produces 21700 format cells operated by Panasonic as part of the North American joint venture. The plant had a capacity of 37 GWh at the end of 2019 – the largest capacity of any megafactory assessed by Benchmark Mineralsfor the year. Tesla’s combined capacity is set to be 80 GWh by 2024 and 155GWh by 2029 with the addition of Gigafactory 4 according to ",{"text":145792,"type":599},"Benchmark Minerals Lithium Ion Battery Megafactory Assessment",{"text":974,"type":599},{"type":594,"attrs":145795,"content":145796},{"textAlign":49},[145797],{"text":145798,"type":599},"Gigafactory 4 will be Tesla’s third vehicle production facility – the Gigafactory 2 produces photovoltaic cells for solar panels – and sees the company join a burgeoning lithium ion megafactory scene in Europe.",{"type":594,"attrs":145800,"content":145801},{"textAlign":49},[145802],{"text":145803,"type":599},"While the company has made no specific announcement about lithium ion cell production at the Gigafactory 4, Benchmark Minerals believes this may be the first site that Tesla launches in-house cell production, which would be a major step forward for the automaker.",{"type":657,"attrs":145805,"content":145806},{"level":141407,"textAlign":49},[145807],{"text":145808,"type":599},"Europe cementing its place",{"type":594,"attrs":145810,"content":145811},{"textAlign":49},[145812,145814,145815],{"text":145813,"type":599},"The Gigafactory 4 announcement was no anomaly as Europe establishes itself as a megafactory hub, second only to China with 367 GWh of production capacity in the pipeline for 2029. During 2019, Benchmark Minerals added 6 European megafactories to the ",{"text":145792,"type":599},{"text":145816,"type":599},", taking the total to 14 battery megafactories in the pipeline.",{"type":594,"attrs":145818,"content":145819},{"textAlign":49},[145820],{"text":145821,"type":599},"There are particularly positive signs coming from Europe as a political consensus is emerging, embodied by the European Battery Alliance, which has spearheaded a funding programme to support the supply chain.",{"type":594,"attrs":145823,"content":145824},{"textAlign":49},[145825],{"text":145826,"type":599},"In December, the European Commission approved €3.2bn of funding to assist European based companies to develop the battery supply chain in the bloc, which it is hoping will help to spur private sector investment. The funding is supported by seven European Union Member states: Belgium, Finland, France, Germany, Italy, Poland and Sweden.",{"type":594,"attrs":145828,"content":145829},{"textAlign":49},[145830],{"text":145831,"type":599},"The majority of the funding is coming from Germany, France and Italy, who are contributing over 87% of funds between them, while the other countries are providing smaller amounts.",{"type":594,"attrs":145833,"content":145834},{"textAlign":49},[145835],{"text":145836,"type":599},"Caspar Rawles, Head of Price Assessments at Benchmark Mineral Intelligence said of the latest developments: “the funding approved by the European Commission is a major step forward for the European battery supply chain which, despite rapid growth in plans in the past 12 months, continues to lag China in terms of scale of investment and capacity plans. The funding will unlock more than €5 billion in private investments allowing for a major acceleration in the supply chain build out.”",{"type":594,"attrs":145838,"content":145839},{"textAlign":49},[145840],{"text":145841,"type":599},"The approval of the funding is expected to see the proposed battery production joint venture between PSA and Saft at an Opel factory in Kaiserslautern, Germany, get the final go ahead which should add 32 GWh capacity, with construction expected to commence in 2023. The funding will also trigger the development of an identical 32 GWh battery in France although details of this are sparse at this moment.",{"type":594,"attrs":145843,"content":145844},{"textAlign":49},[145845],{"text":145846,"type":599},"The pan-European research and innovation project will have 17 direct participants, although the European Commission expects 70 different external partners to be involved.",{"type":594,"attrs":145848,"content":145849},{"textAlign":49},[145850],{"text":145851,"type":599},"The project will focus on four areas, detailed below from the European Commission’s press release:",{"type":594,"attrs":145853,"content":145854},{"textAlign":49},[145855,145857],{"text":145856,"type":599},"(1)  Raw and advanced materials:",{"text":145858,"type":599}," The project aims to develop sustainable innovative processes allowing extraction, concentration, refining and purification of ores to generate high-purity raw materials. With respect to advanced materials (such as cathodes, anodes and electrolytes), the project aims to enhance existing materials or create new ones, to be used in innovative battery cells.",{"type":594,"attrs":145860,"content":145861},{"textAlign":49},[145862,145864],{"text":145863,"type":599},"(2)  Cells and modules:",{"text":145865,"type":599}," The project aims to develop innovative cells and modules designed to meet the safety, and performance required for both automotive and non-automotive applications (e.g. stationary energy storage, power tools, etc.).",{"type":594,"attrs":145867,"content":145868},{"textAlign":49},[145869,145871],{"text":145870,"type":599},"(3)  Battery systems:",{"text":145872,"type":599}," The project aims to develop innovative battery systems including battery management software and algorithms as well as innovative test methods.",{"type":594,"attrs":145874,"content":145875},{"textAlign":49},[145876,145878],{"text":145877,"type":599},"(4)  Repurposing, recycling and refining:",{"text":145879,"type":599}," The project aims to design safe and innovative processes for collection, dismantling, repurposing, recycling and refining of recycled materials.",{"type":657,"attrs":145881,"content":145882},{"level":141407,"textAlign":49},[145883],{"text":145884,"type":599},"How is Europe’s supply chain shaping up?",{"type":594,"attrs":145886,"content":145887},{"textAlign":49},[145888],{"text":145889,"type":599},"The developments in 2019 have largely been at the very downstream section of the supply chain, with a focus on lithium ion production capacity. However, there remain significant gaps in Europe’s downstream supply chain, which the European Battery Alliance and its latest project are tasked with building out.",{"type":594,"attrs":145891,"content":145892},{"textAlign":49},[145893],{"text":145894,"type":599},"The EU is hoping these developments can reduce its reliance on Asian battery production.  But Europe’s upstream supply chain is still underdeveloped in battery raw material, anode and cathode production.",{"type":594,"attrs":145896,"content":145897},{"textAlign":49},[145898],{"text":145899,"type":599},"Although there are a number of exploration and development stage projects in Europe for key battery raw materials, the continent’s actual production numbers remain tiny-to-non-existent across the key battery minerals of cobalt, nickel, lithium and graphite.",{"type":594,"attrs":145901,"content":145902},{"textAlign":49},[145903,145905,145906],{"text":145904,"type":599},"Europe also has effectively zero cathode production, although Umicore and Johnson Matthey both have cathode production facilities in the construction and planning phases. Benchmark Mineralsexpects Umicore’s Nysa cathode production plant, based in Poland, to be producing NCM 622 cathodes in 2021 and NCM 811 in 2023 according to the ",{"text":142225,"type":599},{"text":974,"type":599},{"type":594,"attrs":145908,"content":145909},{"textAlign":49},[145910,145912,145914],{"text":145911,"type":599},"Anode production remains China-centric, with some capacity also in Japan and Korea. Europe has zero production capacity, capacity in construction or capacity planned according to the latest data from the ",{"text":145913,"type":599},"Benchmark Minerals Anode Market Assessment",{"text":974,"type":599},{"type":657,"attrs":145916,"content":145917},{"level":141407,"textAlign":49},[145918],{"text":145919,"type":599},"Sources:",{"type":594,"attrs":145921,"content":145922},{"textAlign":49},[145923],{"text":145792,"type":599,"marks":145924},[145925,145927],{"type":604,"attrs":145926},{"href":145457,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"type":594,"attrs":145929,"content":145930},{"textAlign":49},[145931,145936],{"text":142225,"type":599,"marks":145932},[145933,145935],{"type":604,"attrs":145934},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":145937,"type":599,"marks":145938}," (contact form)",[145939],{"type":643},{"type":594,"attrs":145941,"content":145942},{"textAlign":49},[145943,145948],{"text":145913,"type":599,"marks":145944},[145945,145947],{"type":604,"attrs":145946},{"href":50462,"uuid":49,"anchor":49,"target":49,"linktype":607},{"type":643},{"text":145937,"type":599,"marks":145949},[145950],{"type":643},"Europe’s megafactory momentum continued in Q4 as Tesla announced the Gigafactory 4 and combined European political efforts saw more consensus on building out battery production on the continent. Tesla announced plans to expand battery production into Europe in Q4 2019 as Elon Musk made the surprise announcement that the company would base its European Gigafactory […]",[145953],{"slug":544,"name":543,"content":145954},{"job_title":557,"image":145955,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6b53af58-1130-4bc5-b347-38aab2b22ae1\", \"id\": \"\"}-->",[145958,145959],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":145961,"copyright":547,"fieldtype":553,"meta_data":145962,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0e3904a495/bm-tesla-coming-soon-e1578676910483.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 10, 2020",{"id":145965,"uuid":145966,"name":145967,"slug":145968,"full_slug":145969,"content":145970},112474287642334,"3acac501-3013-485c-b217-b6671bd75a07","Lithium ion’s pioneers scoop Nobel Prize","lithium-ions-pioneers-scoop-nobel","article/lithium-ions-pioneers-scoop-nobel",{"_uid":145971,"date":145972,"tags":145973,"editor":145974,"content":145978,"excerpt":146050,"featured":50,"reporter":146051,"_editable":146055,"component":864,"seo_title":145967,"categories":146056,"visibility":882,"author_company":49,"featured_image":146060,"seo_description":146050,"author_full_name":49,"author_job_title":49,"formattedDate":146063},"9f673616-c521-4fee-9660-4fd67f655115","2019-10-25 00:00",[],[145975],{"slug":544,"name":543,"content":145976},{"job_title":557,"image":145977,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":145979},[145980,145985,145993,145998,146006,146011,146018,146023,146028,146033,146040,146045],{"type":657,"attrs":145981,"content":145982},{"level":15966,"textAlign":49},[145983],{"text":145984,"type":599},"The lithium ion batteries’ developers are recognised for the development of a critical 21st century technology",{"type":594,"attrs":145986,"content":145987},{"textAlign":49},[145988,145989,145991],{"text":68376,"type":599},{"text":145990,"type":599},"Benchmark Quarterly Review ",{"text":145992,"type":599},"was going to press it was announced that the Nobel Prize in chemistry for 2019 was to be awarded “for the development of lithium-ion batteries.”",{"type":594,"attrs":145994,"content":145995},{"textAlign":49},[145996],{"text":145997,"type":599},"This year’s award went to Stanley Whittingham, professor at Binghamton University; John Goodenough, Cockrell Chair in Engineering at the University of Texas; and Akira Yoshino, professor at Meijo University.",{"type":594,"attrs":145999,"content":146000},{"textAlign":49},[146001,146003,146004],{"text":146002,"type":599},"Stanley Whittingham first developed the lithium ion battery in the 1970s. Speaking as the guest of honour at ",{"text":64386,"type":599},{"text":146005,"type":599},"’ Cathodes 2017 event he said: “This field started not with an electronics company but with a little company called that was then called Esso [Exxon]. We came up with some ideas on electrical storage based on lithium. I spent 15 minutes in New York city with a committee of their board of directors. The next day they said they were going to invest in it and build an R&D project. Those days research was just like drilling oil wells – ‘we put the money in, hopefully 10% make some money’.”",{"type":594,"attrs":146007,"content":146008},{"textAlign":49},[146009],{"text":146010,"type":599},"Whittingham added, “all is not bad with resource companies, they pushed it hard and in fact went commercial for a short period.” The oil crisis of the 1970s gave oil companies the impetus to invest in research and development projects outside of traditional fossil fuels.",{"type":594,"attrs":146012,"content":146013},{"textAlign":49},[146014,146016],{"text":146015,"type":599},"Following on from Whittingham’s work in the 1970s, John B. Goodenough demonstrated in 1980 that a metal oxide would provide the lithium ion’s",{"text":146017,"type":599},"cathode greater potential than metal sulphide, using a cobalt oxide. Using this new cathode material, his battery was capable of producing twice the power of Whittingham’s at four volts.",{"type":594,"attrs":146019,"content":146020},{"textAlign":49},[146021],{"text":146022,"type":599},"Goodenough continued the work of Whittingham, producing the rechargeable lithium ion battery, having established that the batteries could be charged after manufacturer.",{"type":594,"attrs":146024,"content":146025},{"textAlign":49},[146026],{"text":146027,"type":599},"As the interest in lithium ion batteries waned, Japanese electronic companies were looking for ways to produce commercially viable, lightweight, rechargeable batteries: in steps Akira Yoshino.",{"type":594,"attrs":146029,"content":146030},{"textAlign":49},[146031],{"text":146032,"type":599},"Yoshino successfully used Goodenough’s cobalt oxide cathode along with a petroleum coke anode material – instead of a lithium material used previously in the anode.",{"type":594,"attrs":146034,"content":146035},{"textAlign":49},[146036,146038],{"text":146037,"type":599},"Finally, in 1991, 174 years after lithium was first",{"text":146039,"type":599},"discovered, the rechargeable lithium ion battery became truly commercially available.",{"type":594,"attrs":146041,"content":146042},{"textAlign":49},[146043],{"text":146044,"type":599},"Japan’s Prime Minister, Shinzo Abe, reportedly telephoned Yoshino on receipt of the award, saying: “As a Japanese, I’m proud of you for developing something that has changed people’s lives,” Abe continued, “it is a very good message to the world that a Nobel laureate has been selected from Japan.”",{"type":594,"attrs":146046,"content":146047},{"textAlign":49},[146048],{"text":146049,"type":599},"The achievements of these three pioneers have had and will continue to have a profound impact on the trajectory of human development. The Nobel Prize Committee summed up the importance of this achievement, saying “lithium-ion batteries have revolutionised our lives since they first entered the market in 1991. They have laid the foundation of a wireless, fossil fuel-free society, and are of the greatest benefit to humankind.”","The lithium ion batteries’ developers are recognised for the development of a critical 21st century technology As the Benchmark Quarterly Review was going to press it was announced that the Nobel Prize in chemistry for 2019 was to be awarded “for the development of lithium-ion batteries.” This year’s award went to Stanley Whittingham, professor at […]",[146052],{"slug":544,"name":543,"content":146053},{"job_title":557,"image":146054,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9f673616-c521-4fee-9660-4fd67f655115\", \"id\": \"\"}-->",[146057,146058,146059],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":146061,"copyright":547,"fieldtype":553,"meta_data":146062,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/28341bce85/bm-5d9dada95abb461000d2844f-orignal-goodenough-whittingham-yoshino-3-2-press-e1571738763257.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 25, 2019",{"id":146065,"uuid":146066,"name":146067,"slug":146068,"full_slug":146069,"content":146070},112474282833428,"5ad5d247-21e7-4fde-b445-ba228b563b34","WESFARMERS COMPLETES KIDMAN ACQUISITION","wesfarmers-completes-kidman-acquisition","article/wesfarmers-completes-kidman-acquisition",{"_uid":146071,"date":145972,"tags":146072,"editor":146073,"content":146077,"excerpt":146161,"featured":50,"reporter":146162,"component":864,"seo_title":146067,"categories":146166,"visibility":2091,"author_company":49,"featured_image":146169,"seo_description":146161,"author_full_name":49,"author_job_title":49,"formattedDate":146063},"98abcedb-e40f-4b00-aecd-050b9608b669",[],[146074],{"slug":544,"name":543,"content":146075},{"job_title":557,"image":146076,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":146078},[146079,146090,146095,146100,146107,146112,146117,146128,146135,146140,146145,146150],{"type":657,"attrs":146080,"content":146081},{"level":15966,"textAlign":49},[146082,146084,146088],{"text":146083,"type":599},"Australia’s largest company by revenue, Wesfarmers, completed its AUS$1.5 billion deal to acquire ",{"text":878,"type":599,"marks":146085},[146086],{"type":604,"attrs":146087},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":146089,"type":599}," developer Kidman Resources in September.",{"type":594,"attrs":146091,"content":146092},{"textAlign":49},[146093],{"text":146094,"type":599},"The purchase by the multibillion-dollar conglomerate, which has major interests in chemicals, coal and fertilisers, could have wide repercussions for the global lithium market and the wider Australian resources sector.",{"type":594,"attrs":146096,"content":146097},{"textAlign":49},[146098],{"text":146099,"type":599},"On completion of the deal, Wesfarmers’ Managing Director Rob Scott said, “this acquisition and our planned future investment is an attractive opportunity to participate in the development of a large-scale, long-life and high-grade lithium hydroxide project in Western Australia in partnership with a global leader in the lithium industry”.",{"type":594,"attrs":146101,"content":146102},{"textAlign":49},[146103,146105],{"text":146104,"type":599},"He continued, “it leverages and builds on the existing strengths and chemical processing capabilities within our chemicals, energy and fertilisers business, while supporting Western Australia’s ambition to",{"text":146106,"type":599},"become a global hub for downstream lithium processing.”",{"type":594,"attrs":146108,"content":146109},{"textAlign":49},[146110],{"text":146111,"type":599},"As the largest Australian company by revenue, Wesfarmers adds a major stamp of approval to Kidman Resources and the lithium growth tailwind. In a period where the lithium prices are under pressure and the lithium industry is struggling to attract investment from outside of the sector this is a vote of confidence in lithium’s long-term prospects.",{"type":594,"attrs":146113,"content":146114},{"textAlign":49},[146115],{"text":146116,"type":599},"By choosing to pursue opportunities in lithium via M&A instead of bolstering its large specialty chemicals or coal portfolio, Wesfarmers could be the first in a wave of large diversified conglomerates that contemplate serious plays in the battery metals space.",{"type":594,"attrs":146118,"content":146119},{"textAlign":49},[146120,146122,146126],{"text":146121,"type":599},"It also represents the migration of capital towards the energy storage ",{"text":28276,"type":599,"marks":146123},[146124],{"type":604,"attrs":146125},{"href":16131,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":146127,"type":599},", from companies that typically operate in larger, established commodity markets.",{"type":594,"attrs":146129,"content":146130},{"textAlign":49},[146131,146133],{"text":146132,"type":599},"Wesfarmers has likely had the opportunity to study Kidman’s supply agreements with Tesla,",{"text":146134,"type":599},"Mitsui, and LG Chem. The deal would indicate that the offtake contracts are serious and bankable enough for a solid investment justification to shareholders.",{"type":594,"attrs":146136,"content":146137},{"textAlign":49},[146138],{"text":146139,"type":599},"This lends further credibility to the involvement of automotive OEMs and major battery producers’ in the development of new projects.",{"type":594,"attrs":146141,"content":146142},{"textAlign":49},[146143],{"text":146144,"type":599},"With a strong asset portfolio and balance sheet, Wesfarmers is likely in a better position to execute the construction and ramp up of a battery-grade lithium chemicals facility.",{"type":594,"attrs":146146,"content":146147},{"textAlign":49},[146148],{"text":146149,"type":599},"Furthermore, based on the structure of the Mt Holland 50:50 joint venture with SQM, we believe SQM would have been party to discussions with Wesfarmers about their ability to complete this project together.",{"type":594,"attrs":146151,"content":146152},{"textAlign":49},[146153,146155,146159],{"text":146154,"type":599},"The acquisition moving ahead indicates that SQM has likely given a stamp of approval for Wesfarmers as a credible JV partner. As such, this ",{"text":89105,"type":599,"marks":146156},[146157],{"type":604,"attrs":146158},{"href":89109,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":146160,"type":599}," could foreshadow a wave of similar partnerships forming across industry players in the future.","Australia’s largest company by revenue, Wesfarmers, completed its AUS$1.5 billion deal to acquire lithium developer Kidman Resources in September. The purchase by the multibillion-dollar conglomerate, which has major interests in chemicals, coal and fertilisers, could have wide repercussions for the global lithium market and the wider Australian resources sector. On completion of the deal, Wesfarmers’ […]",[146163],{"slug":544,"name":543,"content":146164},{"job_title":557,"image":146165,"bio":548,"linkedin":555},{"filename":552},[146167,146168],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":146170,"copyright":547,"fieldtype":553,"meta_data":146171,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/68bcd9abd8/bm-rob-scott-ls.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":146173,"uuid":146174,"name":146175,"slug":146176,"full_slug":146177,"content":146178},112474278069679,"418a0512-5b7b-42dc-950d-68da9096886e","SYRAH SCALES BACK PRODUCTION","syrah-scales-back-production","article/syrah-scales-back-production",{"_uid":146179,"date":145972,"tags":146180,"editor":146181,"content":146185,"excerpt":146268,"featured":50,"reporter":146269,"_editable":146273,"component":864,"seo_title":146175,"categories":146274,"visibility":882,"author_company":49,"featured_image":146277,"seo_description":146268,"author_full_name":49,"author_job_title":49,"formattedDate":146063},"7941aca9-7646-4cbd-a5da-d588e776bfa4",[],[146182],{"slug":544,"name":543,"content":146183},{"job_title":557,"image":146184,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":146186},[146187,146192,146197,146202,146207,146212,146219,146224,146229,146238,146243,146248,146253,146258,146263],{"type":657,"attrs":146188,"content":146189},{"level":15966,"textAlign":49},[146190],{"text":146191,"type":599},"The outlook for flake graphite supply was curtailed in September with news that Syrah Resources would reduce output from its Balama project moving into Q4.",{"type":594,"attrs":146193,"content":146194},{"textAlign":49},[146195],{"text":146196,"type":599},"Syrah Resources announced in early-September that it would conduct an orderly reduction in its flake graphite output for the remainder of the year, with total 2019 supply from Balama now expected to be around 150,000 tonnes.",{"type":594,"attrs":146198,"content":146199},{"textAlign":49},[146200],{"text":146201,"type":599},"Syrah produced 49,000 tonnes of natural flake graphite in Q1 2019, 44,000 tonnes in Q2 2019 and recently announced production volumes of approximately 45,000 in Q3.",{"type":594,"attrs":146203,"content":146204},{"textAlign":49},[146205],{"text":146206,"type":599},"In its 10 September market update the company announced it would be conducting a reduction in production volume through the end of Q3 and to significantly reduce production volumes in Q4. The company had initially been targeting production volumes of 250,000 tonnes for the year but oversupply fears have forced the company’s hand.",{"type":594,"attrs":146208,"content":146209},{"textAlign":49},[146210],{"text":146211,"type":599},"Syrah’s Managing Director Shaun Verner said of Syrah’s decision, “in response to the sudden and material decrease in spot graphite prices impacting price negotiations and contract renewals, we have taken immediate action to reduce our production volumes in Q4 2019 to levels sufficient to maintain operations and continue our production optimisation activities. During this period, we will focus on further increases to product grade and consistency to drive our product differentiation. Although a difficult decision, we believe that this action is in the best interests of shareholders to preserve long term value.”",{"type":594,"attrs":146213,"content":146214},{"textAlign":49},[146215,146217],{"text":146216,"type":599},"He added, “Balama hosts the world’s most",{"text":146218,"type":599},"significant graphite ore body with a mine life of over 50 years. Our available liquidity and cost reduction initiatives allow for flexibility to manage our near-term production volumes in line with demand growth, and to ensure that price premiums reflect Syrah’s long-term supply of high quality graphite.”",{"type":594,"attrs":146220,"content":146221},{"textAlign":49},[146222],{"text":146223,"type":599},"The downgrade comes following reports of a material decrease in pricing from the company’s sales into China, with further pressures expected moving into Q4. Syrah has come under significant pricing pressures through the year. It reported its Q3 2019 weighted average price to have unexpectedly reduced to approximately US$400 per tonne, down from US$457 in Q2 2019 and $469 per tonne in Q1.",{"type":594,"attrs":146225,"content":146226},{"textAlign":49},[146227],{"text":146228,"type":599},"There is no doubt that high inventories within the flake graphite industries, aided by slower Chinese battery and EV space than in 2018, has led to the price declines seen both with Syrah and the industry in general.",{"type":594,"attrs":146230,"content":146231},{"textAlign":49},[146232,146234,146236],{"text":146233,"type":599},"In September, the ",{"text":146235,"type":599},"Benchmark Flake Graphite Price Index ",{"text":146237,"type":599},"fell to 125.0 – falling -5.8% for the month and -12.6% for the year, led by pressures across finer flake grades – as excess supplies mounted amid slow industrial demand.",{"type":594,"attrs":146239,"content":146240},{"textAlign":49},[146241],{"text":146242,"type":599},"Slow demand growth from traditional end-markets along with oversupply mean further decreases are expected before the end of the year, however, the cost structure of the majority of producers in the market should prevent prices slumping too far.",{"type":594,"attrs":146244,"content":146245},{"textAlign":49},[146246],{"text":146247,"type":599},"China’s evolving flake graphite trade balance is being advanced by structural changes in the country’s domestic market, which were demonstrated in September as state-owned Minmetals Group stepped up its flake graphite planning following the allocation of Luobei’s Yunshun mine in August.",{"type":594,"attrs":146249,"content":146250},{"textAlign":49},[146251],{"text":146252,"type":599},"While it is unclear how Minmetals will adjust production or allocation from the mine, it is expected to target increased value-added output in line with China’s wider graphite approach.",{"type":594,"attrs":146254,"content":146255},{"textAlign":49},[146256],{"text":146257,"type":599},"While this change in control could have significant implications for Heilongjiang’s longer-term flake graphite production potential (particularly for spherical graphite feedstock), the market will remain oversupplied given ongoing expansions of new operations in Africa and continued output from China’s established mines to support greater value-added output.",{"type":594,"attrs":146259,"content":146260},{"textAlign":49},[146261],{"text":146262,"type":599},"Despite some relief in price reductions, industry sources in China remain wary of a growing supply surplus, intensified by the ramp up of projects in Africa which had exported a total of 125,178 tonnes into China by the end of July, almost double what China had exported to other regions.",{"type":594,"attrs":146264,"content":146265},{"textAlign":49},[146266],{"text":146267,"type":599},"This stark transformation in the country’s trade balance is creating an increasingly competitive environment in China’s flake graphite mining sector and we could see domestic prices reach new lows by the end of the year.","The outlook for flake graphite supply was curtailed in September with news that Syrah Resources would reduce output from its Balama project moving into Q4. Syrah Resources announced in early-September that it would conduct an orderly reduction in its flake graphite output for the remainder of the year, with total 2019 supply from Balama now […]",[146270],{"slug":544,"name":543,"content":146271},{"job_title":557,"image":146272,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7941aca9-7646-4cbd-a5da-d588e776bfa4\", \"id\": \"\"}-->",[146275,146276],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":146278,"copyright":547,"fieldtype":553,"meta_data":146279,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/99e4316b5f/bm-img-2021-e1539459465264-1-e1571999462933.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":146281,"uuid":146282,"name":146283,"slug":146284,"full_slug":146285,"content":146286},112474268640385,"4786f851-5620-4623-9800-86cfc256675c","Demystifying IOSCO","demystifying-iosco","article/demystifying-iosco",{"_uid":146287,"date":145972,"tags":146288,"editor":146292,"content":146296,"excerpt":146481,"featured":50,"reporter":146482,"_editable":146486,"component":864,"seo_title":146283,"categories":146487,"visibility":882,"author_company":49,"featured_image":146490,"seo_description":146481,"author_full_name":49,"author_job_title":49,"formattedDate":146063},"f536c119-1bd3-4794-8789-97581b319005",[146289],{"slug":146290,"name":146291},"iosco","IOSCO",[146293],{"slug":544,"name":543,"content":146294},{"job_title":557,"image":146295,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":146297},[146298,146303,146308,146313,146321,146326,146331,146336,146344,146349,146354,146359,146364,146369,146374,146379,146386,146394,146399,146407,146414,146419,146424,146429,146434,146439,146444,146449,146454,146459,146464,146469,146474],{"type":594,"attrs":146299,"content":146300},{"textAlign":49},[146301],{"text":146302,"type":599},"IOSCO was a term most in the lithium industry had not heard of until 18 months ago.",{"type":594,"attrs":146304,"content":146305},{"textAlign":49},[146306],{"text":146307,"type":599},"It is something, however, that publishing companies now use as a marketing tool to make people believe they have superior prices and to add credence to their role as a Price Reporting Agency (PRA).",{"type":594,"attrs":146309,"content":146310},{"textAlign":49},[146311],{"text":146312,"type":599},"Becoming a PRA is the next step in the evolution of industry publications that, most likely, have their origins as monthly magazines.",{"type":594,"attrs":146314,"content":146315},{"textAlign":49},[146316,146318,146319],{"text":146317,"type":599},"Since the lithium price spike of 2017, there has been a rush in publishing to join ",{"text":68927,"type":599},{"text":146320,"type":599},"in the lithium space.",{"type":594,"attrs":146322,"content":146323},{"textAlign":49},[146324],{"text":146325,"type":599},"Larger publishing companies – some from oil and gas, others from commodities as far reaching as grain and iron ore – did not want to miss out on what Goldman Sachs then called the New Oil.",{"type":594,"attrs":146327,"content":146328},{"textAlign":49},[146329],{"text":146330,"type":599},"And there is nothing more effective than big headlines to make big publishing houses react.",{"type":594,"attrs":146332,"content":146333},{"textAlign":49},[146334],{"text":146335,"type":599},"Yet, the lithium industry – a specialist industry in flux – was wise to the lack of specialism with new entrants.",{"type":594,"attrs":146337,"content":146338},{"textAlign":49},[146339,146341,146342],{"text":146340,"type":599},"This gap in the market and a need for a trustworthy, knowledgeable pricing source was identified and acted upon by our team at ",{"text":144234,"type":599},{"text":146343,"type":599},"over three years prior to this 2017 price surge.",{"type":594,"attrs":146345,"content":146346},{"textAlign":49},[146347],{"text":146348,"type":599},"It’s why, as a company, we grew so quickly and organically with no outside investment.",{"type":594,"attrs":146350,"content":146351},{"textAlign":49},[146352],{"text":146353,"type":599},"Then along came IOSCO, a term that created confusion in a lithium industry that did not feel it was yet ready for financial regulations more akin to commodities.",{"type":594,"attrs":146355,"content":146356},{"textAlign":49},[146357],{"text":146358,"type":599},"It was borne, however, from past sins of larger publishers or “PRAs” rather than any demand from the lithium space.",{"type":594,"attrs":146360,"content":146361},{"textAlign":49},[146362],{"text":146363,"type":599},"The International Organisation of Securities Commissions (very Wolf of Wall Street, not very lithium) has established a set of principles, the Ten Commandments if you will, for PRAs to operate by.",{"type":594,"attrs":146365,"content":146366},{"textAlign":49},[146367],{"text":146368,"type":599},"They were designed for oil price reporting agencies to follow after a series of market manipulation allegations that saw the offices of Platts raided.",{"type":594,"attrs":146370,"content":146371},{"textAlign":49},[146372],{"text":146373,"type":599},"As a result, with big publishers keen to show regulatory adherence, it has become a marketing battle ground: big PRAs trying to outdo other big PRAs to demonstrate compliance with a set of principles designed for industries they (in many cases) don’t even cover.",{"type":594,"attrs":146375,"content":146376},{"textAlign":49},[146377],{"text":146378,"type":599},"While PRAs tried to use their compliance as a proxy for expertise, the fundamental way in which these companies operated was unchanged: large expansive companies covering a vast array of commodities.",{"type":594,"attrs":146380,"content":146381},{"textAlign":49},[146382,146383,146384],{"text":102719,"type":599},{"text":144234,"type":599},{"text":146385,"type":599},"grew by hiring targeted team members from publishers like Fastmarkets, Wood Mackenzie and Argus Media and from the industry: Tesla, Albemarle, and SQM.",{"type":594,"attrs":146387,"content":146388},{"textAlign":49},[146389,146391,146392],{"text":146390,"type":599},"This was a driven by our founding principle at ",{"text":144234,"type":599},{"text":146393,"type":599},"that industry experience is central to professionally assessing lithium prices in an accurate and precise way.",{"type":594,"attrs":146395,"content":146396},{"textAlign":49},[146397],{"text":146398,"type":599},"It is crucial to first understand the industry you are reporting on, and the industry needs to trust the people and the price collection process.",{"type":594,"attrs":146400,"content":146401},{"textAlign":49},[146402,146404,146405],{"text":146403,"type":599},"It is why ",{"text":144234,"type":599},{"text":146406,"type":599},"has excelled from startup company to number one in our field.",{"type":594,"attrs":146408,"content":146409},{"textAlign":49},[146410,146412],{"text":146411,"type":599},"Benchmark Minerals Lithium Price Assessments ",{"text":146413,"type":599},"are IOSCO-regulated to the highest standard, Type 1 Reasonable Assurance.",{"type":594,"attrs":146415,"content":146416},{"textAlign":49},[146417],{"text":146418,"type":599},"This was something we achieved in a short space of time in Q2 2019. Having EY conduct the process added a more robust nature to the way we handle sensitive price data internally.",{"type":594,"attrs":146420,"content":146421},{"textAlign":49},[146422],{"text":146423,"type":599},"But what does this actually mean for lithium?",{"type":594,"attrs":146425,"content":146426},{"textAlign":49},[146427],{"text":146428,"type":599},"In short, not much.",{"type":594,"attrs":146430,"content":146431},{"textAlign":49},[146432],{"text":146433,"type":599},"IOSCO regulates the way the PRAs handle data internally. It does not assess the quality, accuracy or even the number of data points a publisher collects to assess a price.",{"type":594,"attrs":146435,"content":146436},{"textAlign":49},[146437],{"text":146438,"type":599},"It is in place to ensure the PRA is doing what it promises in its methodology, not that the methodology is the best fit for a specific industry.",{"type":594,"attrs":146440,"content":146441},{"textAlign":49},[146442],{"text":146443,"type":599},"For us this has always sat uncomfortably.",{"type":594,"attrs":146445,"content":146446},{"textAlign":49},[146447],{"text":146448,"type":599},"The only way to ensure quality lithium prices that are accurate and precise is to hire trustworthy people from both lithium and publishing worlds.",{"type":594,"attrs":146450,"content":146451},{"textAlign":49},[146452],{"text":146453,"type":599},"This creates a brand that is known and trusted by the entire EV supply chain.",{"type":594,"attrs":146455,"content":146456},{"textAlign":49},[146457],{"text":146458,"type":599},"It has been at the core of what we have done since the company was founded in 2014: it is a blueprint that is imbedded today and is how we became the lithium industry’s reference and benchmark price.",{"type":594,"attrs":146460,"content":146461},{"textAlign":49},[146462],{"text":146463,"type":599},"We could not have achieved our success if it was not for the superb support from all customers that now sit within the EV supply chain (resource developers, miners, chemical producers, battery makers and automotive OEMs) and outside of the active industry (government departments, financial institutions, institutional investors, and oil and gas majors).",{"type":594,"attrs":146465,"content":146466},{"textAlign":49},[146467],{"text":146468,"type":599},"We are proud to be in this position today and will continue to invest to expand and strength what we do.",{"type":594,"attrs":146470,"content":146471},{"textAlign":49},[146472],{"text":146473,"type":599},"Thank you all for your support.",{"type":594,"attrs":146475,"content":146476},{"textAlign":49},[146477],{"text":146478,"type":599,"marks":146479},"Simon Moores, Managing Director, Benchmark Mineral Intelligence",[146480],{"type":643},"IOSCO was a term most in the lithium industry had not heard of until 18 months ago. It is something, however, that publishing companies now use as a marketing tool to make people believe they have superior prices and to add credence to their role as a Price Reporting Agency (PRA). Becoming a PRA is […]",[146483],{"slug":544,"name":543,"content":146484},{"job_title":557,"image":146485,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f536c119-1bd3-4794-8789-97581b319005\", \"id\": \"\"}-->",[146488,146489],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":146491,"copyright":547,"fieldtype":553,"meta_data":146492,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f2808c906b/bm-credit-several-seconds.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":146494,"uuid":146495,"name":146496,"slug":146497,"full_slug":146498,"content":146499},112474262819768,"f3269886-bd05-42bb-a2ff-e8a89edf0369","HARD ROCK HEADACHE","hard-rock-headache","article/hard-rock-headache",{"_uid":146500,"date":145972,"tags":146501,"editor":146502,"content":146506,"excerpt":146668,"featured":50,"reporter":146669,"_editable":146673,"component":864,"seo_title":146496,"categories":146674,"visibility":882,"author_company":49,"featured_image":146677,"seo_description":146668,"author_full_name":49,"author_job_title":49,"formattedDate":146063},"d865f7ab-fe23-4314-bfcc-312c89f61bcc",[],[146503],{"slug":544,"name":543,"content":146504},{"job_title":557,"image":146505,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":146507},[146508,146513,146518,146526,146531,146536,146544,146551,146556,146563,146568,146573,146578,146585,146590,146595,146600,146605,146610,146615,146620,146625,146633,146638,146643,146648,146653,146658,146663],{"type":594,"attrs":146509,"content":146510},{"textAlign":49},[146511],{"text":146512,"type":599},"Spodumene ramp ups through the third quarter of 2019 see ramp ups stall. Here we analyse the latest developments.",{"type":594,"attrs":146514,"content":146515},{"textAlign":49},[146516],{"text":146517,"type":599},"Further spodumene price decreases through Q3 2019 led to a number of new suppliers revising their ramp up schedules, with Alita Resources forced to appoint administrators after the company’s offtakers pushed for reduced pricing.",{"type":594,"attrs":146519,"content":146520},{"textAlign":49},[146521,146523,146524],{"text":146522,"type":599},"Prices across the industry came under considerable pressures during the quarter, with ",{"text":64386,"type":599},{"text":146525,"type":599},"’ Spodumene 6% (FOB Australia) price falling to new lows of between $560-$525/tonne with the slow consumption of new material and a slump in downstream lithium chemical prices.",{"type":594,"attrs":146527,"content":146528},{"textAlign":49},[146529],{"text":146530,"type":599},"These low costs could put pressures on new projects that are still operating above target production costs. Lower than anticipated chemical capacities also contributed to shipment delays during the quarter, with Galaxy Resources and Pilbara Minerals delaying shipments in early-Q3 to ease mounting stockpiles.",{"type":594,"attrs":146532,"content":146533},{"textAlign":49},[146534],{"text":146535,"type":599},"Pressures on new producers saw Alita Resources, which owns the Bald Hill lithium mine in Western Australia, appoint administrators at the end of August having halted trading in the middle of the month, the latest sign of the strain being felt by hard rock producers – particularly non-integrated operations.",{"type":594,"attrs":146537,"content":146538},{"textAlign":49},[146539,146541,146542],{"text":146540,"type":599},"Alita’s Bald Hill mine – the first of 2018’s new generation of spodumene mines to enter production – accounted for 3,000 tonnes of lithium carbonate equivalent supply (LCE) last year, according to the ",{"text":64386,"type":599},{"text":146543,"type":599},"’ Lithium Forecast model.",{"type":594,"attrs":146545,"content":146546},{"textAlign":49},[146547,146549],{"text":146548,"type":599},"News of the company’s financial difficulties means production is expected to cease until there",{"text":146550,"type":599},"is a notable uptick in pricing.",{"type":594,"attrs":146552,"content":146553},{"textAlign":49},[146554],{"text":146555,"type":599},"In August, Galaxy Resources announced that it had acquired the senior secured loan facility provided to Alita Resources, in which it holds equity. Galaxy’s Chief Executive Officer, Simon Hay, said of the deal, “acquisition of the facility provides Galaxy with the flexibility of being the secured lender to Alita as well as being the largest equity holder. As the senior, secured creditor Galaxy can work directly with all stakeholders to examine the best possible reorganization options.”",{"type":594,"attrs":146557,"content":146558},{"textAlign":49},[146559,146561],{"text":146560,"type":599},"With fears of oversupply shared across Australia’s hard rock producers, Galaxy had announced in June 2019 that it would delay one of its shipments of 15,000 dmt to July. Galaxy reported 98,334 dmt production for H1 of its financial year, up 7% yoy, with sales volumes of only 44,630 dmt. As a result, revenue from operations were US$28 million for H1 2019, down from $88.4 million for the same period in 2018,",{"text":146562,"type":599},"with their average selling prices down 36% from H2 2018.",{"type":657,"attrs":146564,"content":146565},{"level":15966,"textAlign":49},[146566],{"text":146567,"type":599},"DOWNSTREAM INTEREST",{"type":594,"attrs":146569,"content":146570},{"textAlign":49},[146571],{"text":146572,"type":599},"Despite the negative sentiment surrounding the market, the longer-term demand picture for spodumene showed positive signs during the quarter. For instance, Altura Mining – having begun production in H2 2018 – announced two new offtake agreements during the quarter, reflecting the continued long-term demand from downstream consumers.",{"type":594,"attrs":146574,"content":146575},{"textAlign":49},[146576],{"text":146577,"type":599},"The first of these was the binding offtake agreement with lithium producer Shandong Ruifi. The 5-year deal will see Altura supply 35,000 tpa of spodumene concentrate. At the same time Altura announced that it had agreed to terminate an existing 50,000tpa offtake agreement with Shaanxi J&R Optimum Energy (JRO).",{"type":594,"attrs":146579,"content":146580},{"textAlign":49},[146581,146583],{"text":146582,"type":599},"Following this, at the start of August Altura announced a 50,000 tpa offtake agreement with",{"text":146584,"type":599},"Guangdong Weihua Corporation. Altura agreed a minimum price of US$585 dmt and a maximum price of US $695 (both CIF basis) for the first contract period with Weihua. The second and subsequent years are structured as a minimum price of $550 (FOB) and maximum of $950 based on 6% Li20.",{"type":594,"attrs":146586,"content":146587},{"textAlign":49},[146588],{"text":146589,"type":599},"Altura also announced that another offtake partner Lionergy, would reduce the tonnage agreed in its offtake agreement from 100,000 to 65,000 dmt.",{"type":594,"attrs":146591,"content":146592},{"textAlign":49},[146593],{"text":146594,"type":599},"Altura now has four offtake agreements in place totaling 220,000 dmt per annum, equaling its production capacity. See table 1 for a list of Altura’s current offtake agreements.",{"type":594,"attrs":146596,"content":146597},{"textAlign":49},[146598],{"text":146599,"type":599},"Evidently, downstream interest in terms of securing supply through long-term offtake agreements continues. The quarter also saw notable downstream investments in the Australian hard-rock scene.",{"type":594,"attrs":146601,"content":146602},{"textAlign":49},[146603],{"text":146604,"type":599},"Ningbo Shanshan increased its equity interest in Altura to 19.4% with a AUS $22million placement as a further vote of confidence from downstream consumers.",{"type":594,"attrs":146606,"content":146607},{"textAlign":49},[146608],{"text":146609,"type":599},"Battery giant CATL’s investment in Pilbara Minerals was amongst the biggest moves of the quarter. CATL took an 8.5% position in Pilbara, raising AUS$ 55 million for the Australian miner, as the Chinese lithium ion producer looks to make more inroads into the supply chain as it attempts to move into the battery industry’s top tier.",{"type":657,"attrs":146611,"content":146612},{"level":15966,"textAlign":49},[146613],{"text":146614,"type":599},"ALBEMARLE DOWNGRADES ITS EXPANSIONS",{"type":594,"attrs":146616,"content":146617},{"textAlign":49},[146618],{"text":146619,"type":599},"In August, Albemarle downgraded its expansion plans for the coming 5 years, confirming it would reduce its planned capital expenditure by $1.5bn over the next five years and downgrade its capacity expansion by 125,000 tpa to 225,000 tpa.",{"type":594,"attrs":146621,"content":146622},{"textAlign":49},[146623],{"text":146624,"type":599},"Albemarle’s Kemerton project – which will use spodumene ore from the Talison Greenbushes mine – was targeting 40-50,000 tpa LCE for its wave one and two capacity plans in previously disclosed plans, however, with their latest amendments it is now targeting 30,000 tpa LCE.",{"type":594,"attrs":146626,"content":146627},{"textAlign":49},[146628,146630,146631],{"text":146629,"type":599},"The hard-rock Greenbushes Mine operated by Talison through a joint venture between Albemarle (49%) and China’s Tianqi (51%) is estimated by ",{"text":144234,"type":599},{"text":146632,"type":599},"to have produced 85,000 tonnes of LCE in 2018, which equates to approximately a quarter of global lithium supply.",{"type":594,"attrs":146634,"content":146635},{"textAlign":49},[146636],{"text":146637,"type":599},"Albemarle has also decided not to follow through with its Kemerton wave three to five plans which would have extended capacity by a further 75,000 tonnes LCE.",{"type":594,"attrs":146639,"content":146640},{"textAlign":49},[146641],{"text":146642,"type":599},"These announcements follow the adjustment of the company’s joint venture with Mineral Resources, which increases Albemarle’s interest in the Wodgina Lithium Project to 60% and will see the companies form a 60:40 joint venture to operate the mine and associated lithium hydroxide facilities.",{"type":594,"attrs":146644,"content":146645},{"textAlign":49},[146646],{"text":146647,"type":599},"Albemarle’s continued interest in the Wodgina project may suggest the company is not confident that the Talison mine expansion will be enough in the long-term.",{"type":594,"attrs":146649,"content":146650},{"textAlign":49},[146651],{"text":146652,"type":599},"Elsewhere, Tianqi made progress developing its processing facilities for its Australian feedstock over the quarter as it began production at its Kwinana project. The lithium hydroxide facility is targeting 24,000 tpa in stage one, gradually ramping up as we move in to 2020.",{"type":594,"attrs":146654,"content":146655},{"textAlign":49},[146656],{"text":146657,"type":599},"However, Tianqi’s stage two expansion plans were put on hold. Stage two plans would have increased output to 48,000 tonnes per year at a cost of AUS $300 million. The Chinese producer is feeling the impact of falling lithium prices as it reported its H1 2019 net profit was down 85.2% compared with the same period last year.",{"type":594,"attrs":146659,"content":146660},{"textAlign":49},[146661],{"text":146662,"type":599},"Despite these challenges Tianqi secured two new long-term supply deals during the quarter having agreed supply deals with LG Chem and Northvolt.",{"type":594,"attrs":146664,"content":146665},{"textAlign":49},[146666],{"text":146667,"type":599},"Australia’s hard rock lithium scene is clearly facing a number of headwinds, but there are positive signs as supply deals continue to be sought and companies to continue to invest. It’s been notable that investment from outside the sector has been lacking, however, Wesfarmers’ acquisition of Kidman Resources has now been confirmed, which could be a sign this is changing.","Spodumene ramp ups through the third quarter of 2019 see ramp ups stall. Here we analyse the latest developments. Further spodumene price decreases through Q3 2019 led to a number of new suppliers revising their ramp up schedules, with Alita Resources forced to appoint administrators after the company’s offtakers pushed for reduced pricing. Prices across […]",[146670],{"slug":544,"name":543,"content":146671},{"job_title":557,"image":146672,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d865f7ab-fe23-4314-bfcc-312c89f61bcc\", \"id\": \"\"}-->",[146675,146676],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":138071,"copyright":547,"fieldtype":553,"meta_data":146678,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":146680,"uuid":146681,"name":146682,"slug":146683,"full_slug":146684,"content":146685},112474253423241,"596f105e-3301-4fe0-8cea-c73b048d374a","THAILAND ENTERS MEGAFACTORY SCENE","thailand-enters-megafactory-scene","article/thailand-enters-megafactory-scene",{"_uid":146686,"date":145972,"tags":146687,"editor":146688,"content":146692,"excerpt":146832,"featured":50,"reporter":146833,"_editable":146837,"component":864,"seo_title":146682,"categories":146838,"visibility":882,"author_company":49,"featured_image":146841,"seo_description":146832,"author_full_name":49,"author_job_title":49,"formattedDate":146063},"ccc03b55-16f7-4f2c-a222-da94a712ab78",[],[146689],{"slug":544,"name":543,"content":146690},{"job_title":557,"image":146691,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":146693},[146694,146699,146705,146710,146715,146725,146730,146735,146740,146745,146750,146755,146758,146763,146770,146775,146780,146785,146790,146797,146802,146807,146812,146817,146822,146827],{"type":594,"attrs":146695,"content":146696},{"textAlign":49},[146697],{"text":146698,"type":599},"Thailand entered Benchmark’s Lithium Ion Battery Megafactory Tracker in Q3 2018 as megafactory in the pipeline exceeds 100 for the first time.",{"type":594,"attrs":146700,"content":146701},{"textAlign":49},[146702,146703],{"text":64386,"type":599},{"text":146704,"type":599},"’ Lithium Ion Battery Megafactory tracker added its first Thailand-based battery factory in Q3 as Thai energy company Energy Absolute (EA) reaffirmed plans to enter the scene with a $3 billion investment in domestic battery production.",{"type":594,"attrs":146706,"content":146707},{"textAlign":49},[146708],{"text":146709,"type":599},"EA plans to build a 50 GWh megafactory in Chachoengsao, Thailand, approximately 50 miles east of the capital Bangkok.",{"type":594,"attrs":146711,"content":146712},{"textAlign":49},[146713],{"text":146714,"type":599},"EA will begin with a phase one capacity of 1GWh, which it expects to come online in 2020. However, the company has already delayed in beginning its commercial operations as it had initially targeted phase one production in H1 2019 and phase two to begin in 2021.",{"type":594,"attrs":146716,"content":146717},{"textAlign":49},[146718,146720,146721,146723],{"text":146719,"type":599},"It is targeting to ramp up to 50GWh of capacity in 2022. This is an optimistic timeline for a company with limited cell production experience and ",{"text":7249,"type":599},{"text":146722,"type":599},"would expect further delays or for the project to fall short of its capacity targets in",{"text":146724,"type":599},"the proposed time frame.",{"type":594,"attrs":146726,"content":146727},{"textAlign":49},[146728],{"text":146729,"type":599},"To achieve its ambitions EA is drawing on the knowledge of Amita Technologies, in which it took a 77% stake in 2018. Amita was founded in 2000 and has an estimated production capacity of 500MWh in cell production. It produces nickel-cobalt-manganese (NCM) cells and it is therefore likely that this technology will be used in EA’s Thailand-based megafactory.",{"type":594,"attrs":146731,"content":146732},{"textAlign":49},[146733],{"text":146734,"type":599},"Battery production is EA’s latest pursuit in a decade focusing on energy supply. In 2009 the company entered the biodiesel market and expanded in solar power and wind power in 2011 and 2015 respectively.",{"type":594,"attrs":146736,"content":146737},{"textAlign":49},[146738],{"text":146739,"type":599},"The company’s latest move does not end with battery cell production. It also has plans to move into the energy storage, the electric vehicle (EV) market and provide charging networks. It has already launched its first EV for the Thai market: the SPA1.",{"type":594,"attrs":146741,"content":146742},{"textAlign":49},[146743],{"text":146744,"type":599},"The vehicle has a limited range of 124 miles (200 km) but is designed for use in urban centres and has already won an order of 3,500 vehicles by one of the city’s main taxi operators.",{"type":594,"attrs":146746,"content":146747},{"textAlign":49},[146748],{"text":146749,"type":599},"Making use of subsidies offered by the Thai government and low tax placed on domestically produced vehicles, Mine Mobility’s first EV offering is priced at THB 1.2m ($39,000).",{"type":594,"attrs":146751,"content":146752},{"textAlign":49},[146753],{"text":146754,"type":599},"Mine Mobility has a big economic advantage over foreign imports which can accrue import taxes of between 20-80%, compared to 0% on Mine Mobility EVs and a reduced excise tax of just 2% compared with 8% for foreign imports.",{"type":594,"attrs":146756,"content":146757},{"textAlign":49},[],{"type":657,"attrs":146759,"content":146760},{"level":15966,"textAlign":49},[146761],{"text":146762,"type":599},"NEW JURISDICTIONS",{"type":594,"attrs":146764,"content":146765},{"textAlign":49},[146766,146768],{"text":146767,"type":599},"As the number of battery megafactories in the pipeline has now broken the 100-mark we can expect to see new countries announce realistic plans to build megafactory production, which offers battery cell manufacturers new jurisdictions",{"text":146769,"type":599},"and markets to operate in.",{"type":594,"attrs":146771,"content":146772},{"textAlign":49},[146773],{"text":146774,"type":599},"Right now, we have megafactories in the pipeline or in production in the following continents and countries:",{"type":594,"attrs":146776,"content":146777},{"textAlign":49},[146778],{"text":146779,"type":599},"The current pipeline mirrors current and prospective electric vehicle (EV) markets – thus",{"type":594,"attrs":146781,"content":146782},{"textAlign":49},[146783],{"text":146784,"type":599},"China’s domination. But as electric vehicle adoption becomes more widespread we can expect to see representation from new markets as battery manufacturers look to produce locally to service different markets.",{"type":594,"attrs":146786,"content":146787},{"textAlign":49},[146788],{"text":146789,"type":599},"So, where can we expect to see emerging market megafactory developments going forward? There have also been promising signs coming out of India and Indonesia of late.",{"type":594,"attrs":146791,"content":146792},{"textAlign":49},[146793,146795],{"text":146794,"type":599},"In July, India’s Finance Minister Nirmala Sitharaman announced two new policies, which",{"text":146796,"type":599},"target increased electric vehicle adoption. The first will provide an income-tax deduction of INR150,000 on interest paid on loans to purchase EVs. The second will lower the goods and service tax on EVs and chargers from 12% to 5%. The government is also accelerating the tightening of emission regulations, using the country’s emissions standards.",{"type":594,"attrs":146798,"content":146799},{"textAlign":49},[146800],{"text":146801,"type":599},"India’s electric vehicles will differ greatly from those in the West and will be led by 2-wheelers and 3-wheelers, which account for 85% of the domestic auto market and 99% of electric vehicles produced in the last 12 months. In the world’s fourth largest auto market there is undoubtedly pent up demand for electric vehicles.",{"type":594,"attrs":146803,"content":146804},{"textAlign":49},[146805],{"text":146806,"type":599},"State-owned Bharat Heavy Electricals Limited and Libcoin – a consortium which includes Magnis Energy (which has plans for cell plants in the US and Australia) – are also looking to bring cell production capacity to India.",{"type":594,"attrs":146808,"content":146809},{"textAlign":49},[146810],{"text":146811,"type":599},"Efforts in India are not limited to government, there are already plans afoot from the country’s private sector to gain footholds in the supply chain as Tata Group is finalising plans to build a lithium ion battery facility in the Dholera Special Investment Region in Gujarat. Meanwhile,",{"type":594,"attrs":146813,"content":146814},{"textAlign":49},[146815],{"text":146816,"type":599},"While we do not track any battery megafactories in our assessment, it seems only a matter of time until India makes formal steps to announce viable battery megafactory production.",{"type":594,"attrs":146818,"content":146819},{"textAlign":49},[146820],{"text":146821,"type":599},"Indonesia is Southeast Asia’s biggest economy and one of the most populous countries on earth. It also has a big pollution problem in its major cities and the government wants to change this.",{"type":594,"attrs":146823,"content":146824},{"textAlign":49},[146825],{"text":146826,"type":599},"August saw Indonesian President Joko Widodo push and enact a new piece of regulation focusing on the acceleration of a domestic battery electric vehicle program. The regulation will use a mixture of incentives, environmental protections and requirements for domestic production to increase EV adoption and attempt to establish itself within the lithium ion value chain. See page 30 for a look at the Indonesian government’s latest steps to establish its own nickel processing capabilities as part of its wider plans for its role in the supply chain.",{"type":594,"attrs":146828,"content":146829},{"textAlign":49},[146830],{"text":146831,"type":599},"Away from government regulation, Indonesia’s domestic EV market received a vote of confidence from Toyota earlier this year as it announced it would invest $2 billion in the development of EVs from now until 2023. Toyota’s president, Akio Toyoda, said of the move: “because the Indonesian government already has an electric vehicle development map, Toyota considers Indonesia a prime EV investment destination.”","Thailand entered Benchmark’s Lithium Ion Battery Megafactory Tracker in Q3 2018 as megafactory in the pipeline exceeds 100 for the first time. Benchmark Minerals’ Lithium Ion Battery Megafactory tracker added its first Thailand-based battery factory in Q3 as Thai energy company Energy Absolute (EA) reaffirmed plans to enter the scene with a $3 billion investment […]",[146834],{"slug":544,"name":543,"content":146835},{"job_title":557,"image":146836,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ccc03b55-16f7-4f2c-a222-da94a712ab78\", \"id\": \"\"}-->",[146839,146840],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":146842,"copyright":547,"fieldtype":553,"meta_data":146843,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2c58d5e139/bm-credit-s-ken-e1571740305981.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":146845,"uuid":146846,"name":146847,"slug":146848,"full_slug":146849,"content":146850},112474243936606,"4ab1989c-51be-43d6-af6c-6de89ba47518","TESLA EYES LG CHEM’S 811 FOR CHINESE MADE EVS","tesla-eyes-lg-chems-811-for-chinese-made-evs","article/tesla-eyes-lg-chems-811-for-chinese-made-evs",{"_uid":146851,"date":145972,"tags":146852,"editor":146854,"content":146858,"excerpt":147012,"featured":50,"reporter":147013,"_editable":147017,"component":864,"seo_title":146847,"categories":147018,"visibility":882,"author_company":49,"featured_image":147021,"seo_description":147012,"author_full_name":49,"author_job_title":49,"formattedDate":146063},"888fbf01-c53c-4938-9d0f-b360e921cbf4",[146853],{"slug":3874,"name":3875},[146855],{"slug":544,"name":543,"content":146856},{"job_title":557,"image":146857,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":146859},[146860,146865,146873,146881,146889,146894,146902,146907,146914,146919,146924,146929,146934,146939,146946,146951,146956,146961,146967,146975,146980,146985,146990,146995,147002,147007],{"type":594,"attrs":146861,"content":146862},{"textAlign":49},[146863],{"text":146864,"type":599},"Benchmark understands Tesla is considering using LG Chem’s NCM 811 cells in its Shanghai Gigafactory suggesting a future diversification in suppliers and cells",{"type":594,"attrs":146866,"content":146867},{"textAlign":49},[146868,146870,146871],{"text":146869,"type":599},"In an evolution in the long-standing partnership between Tesla and Panasonic, ",{"text":68927,"type":599},{"text":146872,"type":599},"understands that LG Chem will be the 2170 lithium ion battery cell supplier for Model 3 and Model Y vehicles made at the Gigafactory 3 in Shanghai, China.",{"type":594,"attrs":146874,"content":146875},{"textAlign":49},[146876,146878,146879],{"text":146877,"type":599},"Although not officially confirmed by either company, ",{"text":68927,"type":599},{"text":146880,"type":599},"believes that the widespread reports in Q3 2019 are accurate and that LG Chem will be supplying Tesla from its battery megafactory in Nanjing, China, which is expected to have a capacity of 28GWh of cells in 2019, a 40% increase on 2018.",{"type":594,"attrs":146882,"content":146883},{"textAlign":49},[146884,146886,146887],{"text":146885,"type":599},"Most critically, for the upstream of the supply chain, Tesla vehicles will now be powered by Nickel-Cobalt-Manganese (NCM) chemistry which ",{"text":144234,"type":599},{"text":146888,"type":599},"believes will be the high capacity 811 ratio. However, LG Chem also produces 523 and 622 cells which could also make its way into the Tesla supply chain.",{"type":594,"attrs":146890,"content":146891},{"textAlign":49},[146892],{"text":146893,"type":599},"This agreement marks a major development in Tesla’s supply chain as the company had previously only sourced cells from Japan’s Panasonic. Panasonic’s cells are produced both in Suminoe in Japan for the original 18650s used in Model S and Model X and Gigafactory 1 in the Nevada, US, which developed the new 2170/21700 format.",{"type":594,"attrs":146895,"content":146896},{"textAlign":49},[146897,146899,146900],{"text":146898,"type":599},"South Korea’s LG Chem is one of the few tier 1 suppliers that ",{"text":144234,"type":599},{"text":146901,"type":599},"estimates has sufficient active capacity in China to fulfil Tesla’s needs at Gigafactory 3.",{"type":594,"attrs":146903,"content":146904},{"textAlign":49},[146905],{"text":146906,"type":599},"The choice to including LG Chem as a supplier to its electric vehicle (EV) business may also highlight a diversification away from the exclusive use of NCA cathode by Tesla for two main reasons:",{"type":594,"attrs":146908,"content":146909},{"textAlign":49},[146910,146912],{"text":146911,"type":599},"LG Chem has limited experience with NCA but has significant experience in the use of NCM cathode, including higher nickel variants with the company already producing 622 for passenger EVs in large",{"text":146913,"type":599},"format pouch cells and 811 for use in e-buses and portable applications in cylindrical format.",{"type":594,"attrs":146915,"content":146916},{"textAlign":49},[146917],{"text":146918,"type":599},"US-based e-bus pioneer, Proterra, has also been using LG Chem’s 811 cells in its California-made vehicles.",{"type":594,"attrs":146920,"content":146921},{"textAlign":49},[146922],{"text":146923,"type":599},"“NCM 811 is not as elusive a unicorn as it is often been portrayed,” Dustin Grace, Proterra’s Vice President of Technology explained.",{"type":594,"attrs":146925,"content":146926},{"textAlign":49},[146927],{"text":146928,"type":599},"“Proterra has been collaborating with LG Chem on this awesome chemistry since early 2016. Series production began in April 2017, and we have produced over 200MWh of NCM 811 HV battery packs since,” he added.",{"type":594,"attrs":146930,"content":146931},{"textAlign":49},[146932],{"text":146933,"type":599},"Grace also explained that Proterra’s first generation of battery packs are over 150Wh/kg and the module us over 200Wh/kg.",{"type":594,"attrs":146935,"content":146936},{"textAlign":49},[146937],{"text":146938,"type":599},"Tesla had previously sourced much of its cathode material from Sumitomo Metal Mining (SMM) in Japan via Panasonic.",{"type":594,"attrs":146940,"content":146941},{"textAlign":49},[146942,146944],{"text":146943,"type":599},"In 2018, SMM outlined plans to focus its",{"text":146945,"type":599},"cathode production on two main clients: Panasonic and Toyota. With LG Chem supplying cells for Gigafactory 3 the cathode material used will be sourced from a new supplier.",{"type":594,"attrs":146947,"content":146948},{"textAlign":49},[146949],{"text":146950,"type":599},"The production of NCA cathode in China is very limited and experience lies within NCM production, therefore a move to NCM 811 may be the natural choice for Tesla, which is one of the few EV producers that has deployed cylindrical format cells, for which NCM 811 is suited, in its pack design.",{"type":594,"attrs":146952,"content":146953},{"textAlign":49},[146954],{"text":146955,"type":599},"NCM 811 and NCA provide similar performance characteristics and the transition should allow Tesla to continue to offer comparable driving ranges between the two cathode types.",{"type":594,"attrs":146957,"content":146958},{"textAlign":49},[146959],{"text":146960,"type":599},"It is expected that vehicle production at Gigafactory 3 will commence in late 2019 following a rapid build of the plant that only began in January 2019.",{"type":594,"attrs":146962,"content":146963},{"textAlign":49},[146964,146965],{"text":144234,"type":599},{"text":146966,"type":599},"believes initially, during early production, that some of the cells will be supplied by both LG Chem and from Gigafactory 1 in the US before entirely transitioning to cells produced in China.",{"type":594,"attrs":146968,"content":146969},{"textAlign":49},[146970,146972,146973],{"text":146971,"type":599},"Despite this new supply partnership ",{"text":144234,"type":599},{"text":146974,"type":599},"still expects cells to be produced at Gigafactory 3 in the longer-term. This will follow the successful production of vehicles at the plant, although domestic cell production is not expected on-site until 2022.",{"type":594,"attrs":146976,"content":146977},{"textAlign":49},[146978],{"text":146979,"type":599},"It still remains unclear if Tesla intends to produce the cells itself, or if the company will choose a technology partnership as it has with Panasonic at Gigafactory 1.",{"type":594,"attrs":146981,"content":146982},{"textAlign":49},[146983],{"text":146984,"type":599},"For those that do produce their own cells, navigating the volatile waters of raw material prices will be a core challenge.",{"type":594,"attrs":146986,"content":146987},{"textAlign":49},[146988],{"text":146989,"type":599},"As the automotive industry pushes towards lower cost electric vehicles to break into the mass market, producers are increasingly reliant on driving the average cost of automotive grade lithium ion battery cells down below $100/kWh.",{"type":594,"attrs":146991,"content":146992},{"textAlign":49},[146993],{"text":146994,"type":599},"However, as this manufacturing cost of cells decreases, the proportionate value of the raw materials that make up the battery increases.",{"type":594,"attrs":146996,"content":146997},{"textAlign":49},[146998,147000],{"text":146999,"type":599},"For example, all the mineral, metal and chemical components of the BOM (Bill of Materials) back in 2015 would have been on",{"text":147001,"type":599},"average 60% of the manufacturing cost.",{"type":594,"attrs":147003,"content":147004},{"textAlign":49},[147005],{"text":147006,"type":599},"Today, this average is closer to 80% for the Tesla 2170 NCA chemistry that is used in its US-made vehicles. So, as the cost of the battery cell and battery pack is the decisive factor in the success or failure of EVs, the cost price of the raw materials will become the decisive factor in the success or failure of lithium ion batteries.",{"type":594,"attrs":147008,"content":147009},{"textAlign":49},[147010],{"text":147011,"type":599},"The availability and price of raw materials is also rarely a factor that is discussed when considering emerging battery chemistries, yet it is the defining factor of whether a battery becomes commercially viable for the mass market or a niche technology.","Benchmark understands Tesla is considering using LG Chem’s NCM 811 cells in its Shanghai Gigafactory suggesting a future diversification in suppliers and cells In an evolution in the long-standing partnership between Tesla and Panasonic, Benchmark Mineral Intelligence understands that LG Chem will be the 2170 lithium ion battery cell supplier for Model 3 and Model […]",[147014],{"slug":544,"name":543,"content":147015},{"job_title":557,"image":147016,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"888fbf01-c53c-4938-9d0f-b360e921cbf4\", \"id\": \"\"}-->",[147019,147020],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":147022,"copyright":547,"fieldtype":553,"meta_data":147023,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1ee8d661c4/bm-tesla-gigafactory-e1572001087107.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":147025,"uuid":147026,"name":147027,"slug":147028,"full_slug":147029,"content":147030},112474239234297,"04e90620-4d5b-4976-a950-1599f2201c4e","DYSON OPTS FOR BATTERY TECHNOLOGY","dyson-opts-for-battery-technology","article/dyson-opts-for-battery-technology",{"_uid":147031,"date":145972,"tags":147032,"editor":147033,"content":147037,"excerpt":147225,"featured":50,"reporter":147226,"_editable":147230,"component":864,"seo_title":147027,"categories":147231,"visibility":882,"author_company":49,"featured_image":147234,"seo_description":147225,"author_full_name":49,"author_job_title":49,"formattedDate":146063},"a204fbc6-4e24-4af1-b518-22a055fd86b1",[],[147034],{"slug":544,"name":543,"content":147035},{"job_title":557,"image":147036,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":147038},[147039,147044,147049,147054,147059,147064,147071,147076,147081,147086,147091,147096,147103,147108,147113,147118,147123,147128,147133,147140,147143,147148,147153,147158,147163,147170,147175,147180,147188,147195,147200,147205,147210,147215,147220],{"type":594,"attrs":147040,"content":147041},{"textAlign":49},[147042],{"text":147043,"type":599},"Dyson announced that it would be exiting the electric vehicle race. But with this news there are signs it is pivoting to focus on solid state batteries.",{"type":594,"attrs":147045,"content":147046},{"textAlign":49},[147047],{"text":147048,"type":599},"Dyson’s high profile exit from its electric vehicle (EV) development in early-October was met with a good amount of press coverage as a harbinger of things to come for those seeking to brave 21st century automotive production.",{"type":594,"attrs":147050,"content":147051},{"textAlign":49},[147052],{"text":147053,"type":599},"For many years now, the automotive space has warned new entrants that it is a high volume, low margin business and that anyone making new vehicles would be crazy to attempt such a feat. The essence of an automotive OEM is to drive the cost of each and every component of a car down each year, buying each of their items for under market price and therefore dominating the supply chain.",{"type":594,"attrs":147055,"content":147056},{"textAlign":49},[147057],{"text":147058,"type":599},"There is a culture within the automotive industry which views supply chains as there to serve the OEM. The school of thought from new developers is that successful EV production is about developing intellectual property (IP) first – through chemistry, electrical engineering and software – and supply chain second.",{"type":594,"attrs":147060,"content":147061},{"textAlign":49},[147062],{"text":147063,"type":599},"Of course, the answer is that this nascent stage for EVs lies somewhere in the middle.",{"type":594,"attrs":147065,"content":147066},{"textAlign":49},[147067,147069],{"text":147068,"type":599},"And this is where Dyson, the UK’s most high-profile technology-focus company famous for reinventing the vacuum cleaner and expanding",{"text":147070,"type":599},"into a vast array of electrical appliances including air purifiers and hand dryers, has found itself.",{"type":594,"attrs":147072,"content":147073},{"textAlign":49},[147074],{"text":147075,"type":599},"After spending three years developing a prototype that many believed was going to be the revival of the UK car sector, the reality set in that Dyson’s developers could not yet make good enough margins.",{"type":594,"attrs":147077,"content":147078},{"textAlign":49},[147079],{"text":147080,"type":599},"“Though we have tried very hard throughout the development process, we simply cannot make it commercially viable,” Founder James Dyson explained.",{"type":594,"attrs":147082,"content":147083},{"textAlign":49},[147084],{"text":147085,"type":599},"“We have been through a serious process to find a buyer for the project which has, unfortunately, been unsuccessful so far,” he added.",{"type":594,"attrs":147087,"content":147088},{"textAlign":49},[147089],{"text":147090,"type":599},"The reality is that Dyson would have been a niche producer of high end vehicles with the market expecting a full production run of 10,000 vehicles per year.",{"type":594,"attrs":147092,"content":147093},{"textAlign":49},[147094],{"text":147095,"type":599},"Following the announcement Matthew Oliver, Engineering Lead (Automotive) at Dyson, who had worked on the project, gave his take on the decision: “a vehicle is rightfully influenced by the external rules and regulations that protect the consumers from harm…and thus, the solution tends toward the same answer – as it does in the Aerospace industry. Not to forget a business needs to make money from the products it sells.”",{"type":594,"attrs":147097,"content":147098},{"textAlign":49},[147099,147101],{"text":147100,"type":599},"He continued “it’s a shame, but quite probably,",{"text":147102,"type":599},"when the dust settles, it will be seen as the right decision.”",{"type":594,"attrs":147104,"content":147105},{"textAlign":49},[147106],{"text":147107,"type":599},"In summary, after three years of development Dyson truly worked out where the margins were in the complex EV supply chain – and that wasn’t in the vehicle itself, certainly for a low volume producer.",{"type":594,"attrs":147109,"content":147110},{"textAlign":49},[147111],{"text":147112,"type":599},"And this is where the most telling part of Dyson’s announcement lay:",{"type":594,"attrs":147114,"content":147115},{"textAlign":49},[147116],{"text":147117,"type":599},"“We will also concentrate on the formidable task of manufacturing solid state batteries and other fundamental technologies which we have identified: sensing technologies, vision systems, robotics, machine learning, and AI offer us significant opportunities which we must grab with both hands,” Dyson said.",{"type":594,"attrs":147119,"content":147120},{"textAlign":49},[147121],{"text":147122,"type":599},"“Our battery will benefit Dyson in a profound way and take us in exciting new directions. In summary, our investment appetite is undiminished and we will continue to deepen our roots in both the UK and Singapore,” he added.",{"type":594,"attrs":147124,"content":147125},{"textAlign":49},[147126],{"text":147127,"type":599},"Dyson’s failure to speed up the industry’s commercialisation of solid state batteries lay at the core of its EV backtrack.",{"type":594,"attrs":147129,"content":147130},{"textAlign":49},[147131],{"text":147132,"type":599},"To enter the EV space you either need to be first – and that ship has sailed – or you need to be special, something Dyson was targeting.",{"type":594,"attrs":147134,"content":147135},{"textAlign":49},[147136,147138],{"text":147137,"type":599},"Solid state batteries – a lithium ion battery that",{"text":147139,"type":599},"is great in energy density that present NCM and NCA technology and offers a number of benefits including fast charging – was Dyson’s pathway to becoming a unique EV producer.",{"type":594,"attrs":147141,"content":147142},{"textAlign":49},[],{"type":594,"attrs":147144,"content":147145},{"textAlign":49},[147146],{"text":147147,"type":599},"However, Dyson’s foray into the solid state space started badly with its controversial purchase of US-solid state battery developer Satki3 for $90 million in 2015. Dyson, one of the world’s most innovative and technology savvy companies, said it was going to build a multi-billion-dollar battery plant on the back of Sakti3’s patents as the centre piece to its manufacturing of EVs.",{"type":594,"attrs":147149,"content":147150},{"textAlign":49},[147151],{"text":147152,"type":599},"Many in the battery industry believed that the Dyson-Sakti3 deal was underpinned by over-promotion from founder, Ann Marie Sastry, leaving the company with more work than expected on the new battery technology.",{"type":594,"attrs":147154,"content":147155},{"textAlign":49},[147156],{"text":147157,"type":599},"Within two years of the acquisition Dyson had written off £46 million against Satki3. The mistakes in this project ultimately filtered through to its EV business.",{"type":594,"attrs":147159,"content":147160},{"textAlign":49},[147161],{"text":147162,"type":599},"“When you look at Dyon’s acquisition [of Satki3] it didn’t demonstrate a good understanding of the solid state space,” said Emily Hersh Managing Partner of DCDB group and fellow at the Payne Institute at the Colorado School of Mines.",{"type":594,"attrs":147164,"content":147165},{"textAlign":49},[147166,147168],{"text":147167,"type":599},"Despite the failures of the Satki3, solid state is the great hope of many in the battery space but huge obstacles remain. Dyson’s continued investment into solid state research while",{"text":147169,"type":599},"abandoning its EV pursuit shows it clearly has faith that these obstacles can be overcome.",{"type":594,"attrs":147171,"content":147172},{"textAlign":49},[147173],{"text":147174,"type":599},"The industry is yet to see any major developments in the solid state space at a commercial level and where these developments will come from remains unclear. Hersh explained that “there are a number of areas solid state developments could come from: start-ups, technology companies, and in-house from large manufacturers.”",{"type":594,"attrs":147176,"content":147177},{"textAlign":49},[147178],{"text":147179,"type":599},"“I expect to see more advances in solid state coming from large and experienced manufacturers with considerable resources, capable of funding a big in-house team. The experience and knowledge of these companies will be critical as the manufacturing challenges in developing solid state batteries are considerable,” she added.",{"type":594,"attrs":147181,"content":147182},{"textAlign":49},[147183,147185,147186],{"text":147184,"type":599},"The manufacturing challenges are multi-layered as Andy Leyland, Head of Supply Chain Strategy at ",{"text":68927,"type":599},{"text":147187,"type":599},"explained: “for solid state, what’s needed is an economic way to manufacture, transport and attach a 20-micron thickness lithium metal film for the anode – without it cracking.”",{"type":594,"attrs":147189,"content":147190},{"textAlign":49},[147191,147193],{"text":147192,"type":599},"Questions also remain surrounding the raw material costs facing solid state manufacturers. “At the core of the economics is lithium metal – this has to be significantly cheaper, which isn’t just about economies of scale, it means reducing the amount of energy used to produce the metal,",{"text":147194,"type":599},"and new manufacturing techniques to achieve this besides today’s electrolysis method. You also have the problem that putting a fragile and volatile lithium metal anode in one of the harshest and unpredictable environments possible for a sustained period of time,” he said.",{"type":594,"attrs":147196,"content":147197},{"textAlign":49},[147198],{"text":147199,"type":599},"“These are big hurdles to overcome before you see a solid state powered car that is less than $100,000,” said Leyland.",{"type":594,"attrs":147201,"content":147202},{"textAlign":49},[147203],{"text":147204,"type":599},"However, Hersh does not expect to see electric vehicles to be the first solid state applications, “the first places we would see solid state technology deployed would be in military, drone or small-scale aviation applications. The necessity for energy density in these applications would justify the high cost,” she explained.",{"type":594,"attrs":147206,"content":147207},{"textAlign":49},[147208],{"text":147209,"type":599},"“Once we see solid state used in these areas then we are more likely to see meaningful developments in the electric vehicle space,” she added.",{"type":594,"attrs":147211,"content":147212},{"textAlign":49},[147213],{"text":147214,"type":599},"After a number of years exploring both the solid state and electric vehicle spaces Dyson has learned the cold hard realities of the supply chain.",{"type":594,"attrs":147216,"content":147217},{"textAlign":49},[147218],{"text":147219,"type":599},"“What they’ve realised, and to be honest, what they should have realised ages ago, is that the automotive business is about vehicle assembly efficiency, scale and low margins,” Leyland said.",{"type":594,"attrs":147221,"content":147222},{"textAlign":49},[147223],{"text":147224,"type":599},"“It’s actually not an attractive sector to get into compared to some of the other technologies Dyson are developing,” Leyland concluded.","Dyson announced that it would be exiting the electric vehicle race. But with this news there are signs it is pivoting to focus on solid state batteries. Dyson’s high profile exit from its electric vehicle (EV) development in early-October was met with a good amount of press coverage as a harbinger of things to come […]",[147227],{"slug":544,"name":543,"content":147228},{"job_title":557,"image":147229,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a204fbc6-4e24-4af1-b518-22a055fd86b1\", \"id\": \"\"}-->",[147232,147233],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":147235,"copyright":547,"fieldtype":553,"meta_data":147236,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6eb9b3610c/bm-sir-james-dyson-credit-eva-rinaldi-e1571741707883.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":147238,"uuid":147239,"name":147240,"slug":147241,"full_slug":147242,"content":147243},112474302220401,"aa42ac5f-f7ca-4eb0-ae05-ed9cad10594c","Mapping out India’s electric vehicle supply chain","mapping-out-indias-electric-vehicle-supply-chain","article/mapping-out-indias-electric-vehicle-supply-chain",{"_uid":147244,"date":147245,"tags":147246,"editor":147247,"content":147251,"excerpt":147337,"featured":50,"reporter":147338,"_editable":147342,"component":864,"seo_title":147240,"categories":147343,"visibility":882,"author_company":49,"featured_image":147346,"seo_description":147337,"author_full_name":49,"author_job_title":49,"formattedDate":147349},"90dbf12d-f842-44e9-a772-2ba0cb1d2b5c","2019-09-09 00:00",[],[147248],{"slug":544,"name":543,"content":147249},{"job_title":557,"image":147250,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":147252},[147253,147258,147263,147268,147276,147281,147286,147291,147300,147305,147310,147315,147320,147325,147330],{"type":657,"attrs":147254,"content":147255},{"level":15966,"textAlign":49},[147256],{"text":147257,"type":599},"Here Benchmark Minerals explores the critical areas of discussion for India’s electric vehicle supply chain",{"type":594,"attrs":147259,"content":147260},{"textAlign":49},[147261],{"text":147262,"type":599},"By the mid-2020s, India will overtake China to become the most populous country in the world and will retain its position as one of the world’s 5 largest economies. These optimistic economic tailwinds, however, contrast with a grim reality today: based on a study by the World Health Organisation 15 out of the 20 most polluted cities in the world in 2019 are in India. In an effort to clean the country’s air and significantly improve citizens’ quality of life, India has set ambitious electric vehicle (EV) targets and is looking to unlock the power of battery energy storage.",{"type":594,"attrs":147264,"content":147265},{"textAlign":49},[147266],{"text":147267,"type":599},"In a move widely welcomed by the Indian automotive industry, Finance Minister Nirmala Sitharaman announced two major pieces of policy in July 2019 aimed at fostering EV uptake: providing an income-tax deduction of INR150,000 on interest paid on loans to purchase EVs, and lowering the goods and services tax on EVs and chargers from 12% to 5%. However, more bold policy actions will be needed to meet the Government’s ambitious goal of meeting their publicised target of 30% EV penetration by 2030.",{"type":594,"attrs":147269,"content":147270},{"textAlign":49},[147271,147273,147274],{"text":147272,"type":599},"In late July 2019, ",{"text":144234,"type":599},{"text":147275,"type":599},"hosted a series of high-level meetings with industry and government leaders across 5 major Indian cities to exchange ideas on building the 21st century automotive supply chain. Some key learnings from those meetings include:",{"type":657,"attrs":147277,"content":147278},{"level":15966,"textAlign":49},[147279],{"text":147280,"type":599},"1. The Indian EV story is driven by 2-wheelers and 3-wheelers.",{"type":594,"attrs":147282,"content":147283},{"textAlign":49},[147284],{"text":147285,"type":599},"India is currently the world’s 4th largest automotive market, having seen domestic auto sales increase nearly 7% per year over the last 5 years. 2-wheelers and 3-wheelers account for nearly 85% of the domestic vehicle market, and account for almost 99% of the EVs sold in the last 12 months. Even as the luxury vehicle market in India has experienced decline in the last year and growth in the general car market has softened, 2-wheelers saw >12% year-over-year growth in 2018. As a result, Indian automotive companies such as Bajaj, TVS, Hero, and Mahindra are announcing plans to introduce multiple new electric two-wheeler models in the next 18 months.",{"type":657,"attrs":147287,"content":147288},{"level":15966,"textAlign":49},[147289],{"text":147290,"type":599},"2. India is focusing domestic supply chain development towards battery cells for the next 3-5 years.",{"type":594,"attrs":147292,"content":147293},{"textAlign":49},[147294,147296,147298],{"text":147295,"type":599},"Professor Ashok Jhunjhunwala of the Indian Institute of Technology in Madras, widely seen as a pioneering voice in the Indian EV industry, recently stated to The Hindu that “Four or five years back, (India) were nowhere in battery manufacturing… But in the last four to five years, we have started making battery packs as good as those made” by international industry leaders. Now, as automakers continue to shift investment capital towards EV programs, the attention has shifted to cell manufacturing. The right approach for India could be partnerships between with Indian technology companies who bring local manufacturing knowledge and expertise, and international cell players who bring state-of-the-art battery technology. India does not yet have an operational battery cell factory tracked on ",{"text":147297,"type":599},"Benchmark’s Megafactories Assessment",{"text":147299,"type":599},", but we expect this paradigm will change quickly.",{"type":657,"attrs":147301,"content":147302},{"level":15966,"textAlign":49},[147303],{"text":147304,"type":599},"3. Indian industry will need custom-built solutions, and can’t rely on the same technology used in the Chinese and European EV markets. ",{"type":594,"attrs":147306,"content":147307},{"textAlign":49},[147308],{"text":147309,"type":599},"A key consideration pointed out multiple times by various product development executives was that cells widely used in Western and Chinese automotive applications fail under the rigorous operating conditions of the Indian environment. For example, Indian automotive consumers, especially those for two-wheelers and three-wheelers, demand battery cells that can withstand a higher temperature operating range without the help of conventional battery pack cooling technology.",{"type":657,"attrs":147311,"content":147312},{"level":15966,"textAlign":49},[147313],{"text":147314,"type":599},"4. Recycling features prominently in the future cell materials supply chain.",{"type":594,"attrs":147316,"content":147317},{"textAlign":49},[147318],{"text":147319,"type":599},"For decades, India has maintained a highly unfavourable trade balance for oil and petroleum products. While Indian industry is motivated to shift away from overreliance on imports for the battery materials supply chain, scant domestic resources of lithium, nickel, and cobalt pose a challenge. As a result, recycling domestic phones and retired batteries is seen as a core strategy to insource as much of the materials supply chain as possible.",{"type":657,"attrs":147321,"content":147322},{"level":15966,"textAlign":49},[147323],{"text":147324,"type":599},"5. Battery swapping to complement charging.",{"type":594,"attrs":147326,"content":147327},{"textAlign":49},[147328],{"text":147329,"type":599},"While as of Q2 2019 India only had 150 charging stations in the entire country, the government has set an ambitious goal of one charging station every 3km in cities and 25km on highways. However, multiple new businesses are experimenting with battery swapping service models wherein battery packs are effectively “rented” from a service provider who bears the responsibility for pack maintenance and depreciation. As a result, two-wheeler and three-wheeler manufacturers are designing their battery architecture around easy replaceability, and are pushing towards standardisation across their platforms.",{"type":594,"attrs":147331,"content":147332},{"textAlign":49},[147333],{"text":147334,"type":599,"marks":147335},"By Vivas Kumar, Principal Consultant, Benchmark Mineral Intelligence",[147336],{"type":643},"Here Benchmark Minerals explores the critical areas of discussion for India’s electric vehicle supply chain By the mid-2020s, India will overtake China to become the most populous country in the world and will retain its position as one of the world’s 5 largest economies. These optimistic economic tailwinds, however, contrast with a grim reality today: […]",[147339],{"slug":544,"name":543,"content":147340},{"job_title":557,"image":147341,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"90dbf12d-f842-44e9-a772-2ba0cb1d2b5c\", \"id\": \"\"}-->",[147344,147345],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":147347,"copyright":547,"fieldtype":553,"meta_data":147348,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cc15044a35/bm-electric-vehicles-india-1.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 09, 2019",{"id":147351,"uuid":147352,"name":147353,"slug":147354,"full_slug":147355,"content":147356},112474345929626,"5915b738-d389-4f14-ac98-e492e9d18d89","RESPONSIBLE SOURCING’S REACH GROWS","responsible-sourcings-reach-grows","article/responsible-sourcings-reach-grows",{"_uid":147357,"date":147358,"tags":147359,"editor":147360,"content":147364,"excerpt":147540,"featured":50,"reporter":147541,"_editable":147545,"component":864,"seo_title":147353,"categories":147546,"visibility":882,"author_company":49,"featured_image":147549,"seo_description":147540,"author_full_name":49,"author_job_title":49,"formattedDate":147552},"b7b004ca-46cd-44cb-a8c6-cff3c8f48166","2019-07-22 00:00",[],[147361],{"slug":544,"name":543,"content":147362},{"job_title":557,"image":147363,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":147365},[147366,147371,147376,147381,147386,147391,147396,147401,147406,147411,147416,147421,147426,147433,147438,147443,147448,147453,147458,147463,147468,147473,147478,147483,147488,147495,147500,147505,147510,147515,147520,147525,147530,147535],{"type":594,"attrs":147367,"content":147368},{"textAlign":49},[147369],{"text":147370,"type":599},"Responsible sourcing practices are now reaching beyond conflict minerals and cobalt to other materials including copper, as the International Copper Association have taken a more proactive stance on responsible sourcing",{"type":594,"attrs":147372,"content":147373},{"textAlign":49},[147374],{"text":147375,"type":599},"By RCS Group",{"type":594,"attrs":147377,"content":147378},{"textAlign":49},[147379],{"text":147380,"type":599},"These past months have been particularly eventful in responsible sourcing news, not least due to the 13th OECD Forum on Responsible Mineral Supply Chains and related announcements. From copper to cobalt, but also increasingly lithium, downstream companies are demonstrating their increasing awareness of responsible sourcing risks beyond cobalt and conflict minerals (3TG).",{"type":594,"attrs":147382,"content":147383},{"textAlign":49},[147384],{"text":147385,"type":599},"They are slowly increasing their efforts to take a more proactive approach to manage their supply chains, now increasingly also in the upstream. In this context, Volvo Cars has agreed to back RCS Global Group’s Better Cobalt data subscription program that focuses on digitally monitoring copper, cobalt and 3T ASM mine sites for risks, impacts and the implementation of corrective actions to support continuous improvement.",{"type":594,"attrs":147387,"content":147388},{"textAlign":49},[147389],{"text":147390,"type":599},"RESEARCH",{"type":594,"attrs":147392,"content":147393},{"textAlign":49},[147394],{"text":147395,"type":599},"A report published by the University of Technology Sydney (UTS) on behalf of Earthworks is another in-depth analysis of the risks of increasing demand for 14 minerals, including battery minerals, and of potential mitigation measures.",{"type":594,"attrs":147397,"content":147398},{"textAlign":49},[147399],{"text":147400,"type":599},"The research body complements existing research published by Drive Sustainability.",{"type":594,"attrs":147402,"content":147403},{"textAlign":49},[147404],{"text":147405,"type":599},"With a widening material focus, deposits outside of conflict-affected and high-risk areas (CAHRAs) are gaining in attraction.",{"type":594,"attrs":147407,"content":147408},{"textAlign":49},[147409],{"text":147410,"type":599},"First Cobalt’s efforts to relaunch its Canadian refinery receiving input from the company’s Idaho and Ontario operations and the development of new lithium deposits, including in the United States and Serbia are cases in point. Nevertheless, CAHRAs remain the core focus of responsible battery raw material sourcing.",{"type":594,"attrs":147412,"content":147413},{"textAlign":49},[147414],{"text":147415,"type":599},"RULES OF THE GAME",{"type":594,"attrs":147417,"content":147418},{"textAlign":49},[147419],{"text":147420,"type":599},"The London Metal Exchange (LME)’s new sourcing rules got a lot of attention and the LME’s public consultation will no doubt unearth divergent views on the rules. The new rules require all brands, including cobalt, listed on the LME to undertake a red flag assessment in line with the OECD Due Diligence Guidance by the end of 2020 and perform audits by the end of 2022 if red flags are raised. Addressing non-profits and consumer concerns, the LME will also require this risk assessment to be publicly accessible two years later, by 2024.",{"type":594,"attrs":147422,"content":147423},{"textAlign":49},[147424],{"text":147425,"type":599},"Copper has long been outside of the core focus of due diligence and responsible sourcing requirements, but this changed last month. Adopting a proactive stance, the International Copper Association (ICA) announced the launch of its new responsible copper initiative, the Copper Mark.",{"type":594,"attrs":147427,"content":147428},{"textAlign":49},[147429,147431],{"text":147430,"type":599},"As an assurance system and voluntary",{"text":147432,"type":599},"program, the initiative will be open to all industry members and cover mine sites, smelters and refiners. Just as the Cobalt Industry Responsible Assessment Framework (CIRAF), the Copper Mark does not create a new standard but bases its requirements on existing tools, including the Responsible Minerals Initiative (RMI)’s Risk Readiness Assessment (RRA) and the Sustainable Development Goals (SDGs), combined with third party assurance.",{"type":594,"attrs":147434,"content":147435},{"textAlign":49},[147436],{"text":147437,"type":599},"This new development will strengthen the ability of downstream users to assess upstream producers and better understand midstream and upstream risks in copper. Copper is also increasingly at the forefront of stakeholder attention with the publication of a report by Swedwatch focused on tackling environmental concerns and community relationship issues in the Zambian copper industry.",{"type":594,"attrs":147439,"content":147440},{"textAlign":49},[147441],{"text":147442,"type":599},"The industry is facing growing pressure from governments as well, with Lusaka currently involved in an arm wrestle with Konkola Copper Mines (KCM), a subsidiary of Vedanta Resources, over the liquidation process.",{"type":594,"attrs":147444,"content":147445},{"textAlign":49},[147446],{"text":147447,"type":599},"TECHNOLOGY",{"type":594,"attrs":147449,"content":147450},{"textAlign":49},[147451],{"text":147452,"type":599},"Companies also continue to focus on technology, with the RCS Global Group co-founded Responsible Sourcing Blockchain Network (RSBN) welcoming Volkswagen Group as a new member, joining Ford Motor Co, IBM, LG Chem and Huayou Cobalt on a responsible cobalt sourcing blockchain platform.",{"type":594,"attrs":147454,"content":147455},{"textAlign":49},[147456],{"text":147457,"type":599},"In a year of pilots and in an effort to determine what role blockchain technology can play in bringing efficiencies to responsible sourcing efforts and supplier management Volkswagen Group also joined start-up Minespider’s platform.",{"type":594,"attrs":147459,"content":147460},{"textAlign":49},[147461],{"text":147462,"type":599},"MINING AND UPSTREAM",{"type":594,"attrs":147464,"content":147465},{"textAlign":49},[147466],{"text":147467,"type":599},"Mining and midstream players are also making moves in an effort to remain in step with downstream expectations for responsible sourcing. With rumoured uncertainty over future depth of presence in the DRC, the Eurasian Resource Group (ERG) is progressing the Metalkol RTR project, the most important new cobalt project, and the company has now also joined the United Nations (UN) Global Compact.",{"type":594,"attrs":147469,"content":147470},{"textAlign":49},[147471],{"text":147472,"type":599},"Umicore’s acquisition of the joint venture between Freeport McMoRan and Lundin Mining, Freeport Oy Cobalt, shows the increasing integration of the cobalt supply chain, with companies controlling both the upstream and downstream aspects of production.",{"type":594,"attrs":147474,"content":147475},{"textAlign":49},[147476],{"text":147477,"type":599},"Interestingly, the Belgian giant announced a few days later the reorganisation of Europe’s largest cobalt refinery’s sourcing practices, which until now received materials mostly from Tenke Fungurume Mining International (TFM). Due to internal responsible sourcing requirements, Umicore signed a major long-term agreement with Glencore to source from Mutanda and Kamoto Copper Company (KCC).",{"type":594,"attrs":147479,"content":147480},{"textAlign":49},[147481],{"text":147482,"type":599},"This move should also be read in the context of CIRAF promulgation, which requires companies to proactively adopt good practice due diligence management systems for cobalt based on existing international standards including the OECD Due Diligence Guidance.",{"type":594,"attrs":147484,"content":147485},{"textAlign":49},[147486],{"text":147487,"type":599},"Of course, challenges also remain. In a report published during the OECD Forum, the Brussels-based non-profit, Resource Matters, emphasised the need for greater awareness of corruption risks in cobalt (and by association copper) sourcing and underscored the need for downstream companies to focus on this issue in their supplier management efforts. The Resource Matters report is complemented by research reports by the Sentry and the Enough Project, both focusing on the DRC.",{"type":594,"attrs":147489,"content":147490},{"textAlign":49},[147491,147493],{"text":147492,"type":599},"In addition, the loss of life associated with the collapse of two illegal artisanal galleries at the KOV mine of KCC highlights that the interface between ASM and LSM activities remains challenging to",{"text":147494,"type":599},"manage. In an effort to seek protection, TFM called on the Congolese national army to help clear artisanal mining activities. This controversial move, which was days later also applied by Glencore, raised concerns over a potential standoff with the miners and the Army’s adherence to the Voluntary Principles on Security and Human Rights.",{"type":594,"attrs":147496,"content":147497},{"textAlign":49},[147498],{"text":147499,"type":599},"The drop in cobalt prices has spurred demonstrations at mine sites, while also effecting a transition of ASM activities from cobalt to copper. A new focus on lithium resources in the Manono Territory of the DRC will be followed with interest.",{"type":594,"attrs":147501,"content":147502},{"textAlign":49},[147503],{"text":147504,"type":599},"DOWNSTREAM INVESTMENT",{"type":594,"attrs":147506,"content":147507},{"textAlign":49},[147508],{"text":147509,"type":599},"From a downstream perspective, responsible sourcing is also impacting corporate behaviour as Tesla’s CEO, Elon Musk, predicted that the company could enter the mining business to secure supplies of battery materials, first of which cobalt.",{"type":594,"attrs":147511,"content":147512},{"textAlign":49},[147513],{"text":147514,"type":599},"Volkswagen signed a long-term memorandum of understanding with Ganfeng Lithium for the supply of lithium materials and highlighted its medium-term strategy to source from European deposits, decreasing its exposure to supply chain risks.",{"type":594,"attrs":147516,"content":147517},{"textAlign":49},[147518],{"text":147519,"type":599},"In this context controlling material flows within the supply chain will be key, as major risks from South American lithium sources are already being highlighted by German media and will be more so by non-profits in the near future.",{"type":594,"attrs":147521,"content":147522},{"textAlign":49},[147523],{"text":147524,"type":599},"3TG",{"type":594,"attrs":147526,"content":147527},{"textAlign":49},[147528],{"text":147529,"type":599},"In the 3TG space, it is important to note that the International Tin Association (ITA) International Tin Supply Chain Initiative (ITSCI) is facing blowbacks in Central Africa, including legal action by the only Ugandan tungsten producer. The decrease in raw materials demand from China, which is linked to a slowdown in manufacturing that is linked to the US-China trade war is having a profound impact, reducing 3T export volumes and putting pressure on producers.",{"type":594,"attrs":147531,"content":147532},{"textAlign":49},[147533],{"text":147534,"type":599},"Export volume priced certification schemes are losing operating capital as a consequence, putting strain on the implementation of due diligence in the upstream.",{"type":594,"attrs":147536,"content":147537},{"textAlign":49},[147538],{"text":147539,"type":599},"A new focus on Tanzania and in particular the North Mara gold mine operated by Acacia Mining is forcing brand companies to reconsider their sourcing practices and might impact the future of the RMI smelter certification process. While widespread human rights abuses and environmental issues at the mine have been described by two major news outlets, the Indian refiner receiving the raw material has successfully passed the RMI certification, questioning the good faith approach of its due diligence processes.","Responsible sourcing practices are now reaching beyond conflict minerals and cobalt to other materials including copper, as the International Copper Association have taken a more proactive stance on responsible sourcing By RCS Group These past months have been particularly eventful in responsible sourcing news, not least due to the 13th OECD Forum on Responsible Mineral […]",[147542],{"slug":544,"name":543,"content":147543},{"job_title":557,"image":147544,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b7b004ca-46cd-44cb-a8c6-cff3c8f48166\", \"id\": \"\"}-->",[147547,147548],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":147550,"copyright":547,"fieldtype":553,"meta_data":147551,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ae6d4ba071/bm-222104-drc-artisanal-cobalt-mining-1-1.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 22, 2019",{"id":147554,"uuid":147555,"name":147556,"slug":147557,"full_slug":147558,"content":147559},112474341051289,"92987377-d9c3-4700-974c-fa82ecdebf3f","BOLIVIA BETS ON BATTERY METALS","bolivia-bets-on-battery-metals","article/bolivia-bets-on-battery-metals",{"_uid":147560,"date":147358,"tags":147561,"editor":147562,"content":147566,"excerpt":147694,"featured":50,"reporter":147695,"_editable":147699,"component":864,"seo_title":147556,"categories":147700,"visibility":882,"author_company":49,"featured_image":147703,"seo_description":147694,"author_full_name":49,"author_job_title":49,"formattedDate":147552},"0abe1b74-f9c9-488b-a419-0a7866b14100",[],[147563],{"slug":544,"name":543,"content":147564},{"job_title":557,"image":147565,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":147567},[147568,147573,147578,147583,147588,147595,147602,147607,147614,147619,147626,147633,147638,147645,147650,147655,147664,147669,147674,147679,147684,147689],{"type":594,"attrs":147569,"content":147570},{"textAlign":49},[147571],{"text":147572,"type":599},"Bolivia sits in the shadow of Chile and Argentina, but it has plans of its own to develop its lithium production capabilities. ",{"type":594,"attrs":147574,"content":147575},{"textAlign":49},[147576],{"text":147577,"type":599},"Paul Harris reports from La Paz",{"type":594,"attrs":147579,"content":147580},{"textAlign":49},[147581],{"text":147582,"type":599},"Bolivia aims to benefit from battery raw materials demand as it pursues reforms to attract foreign investment with some US$4 billion of investment expected in lithium projects and up to $4 billion more in base metals projects.",{"type":594,"attrs":147584,"content":147585},{"textAlign":49},[147586],{"text":147587,"type":599},"The land-locked South American country hosts one of the largest lithium brine reserves in the world in the shape of the Salar de Uyuni in Potosi department. Bolivia’s state lithium company Yacimientos de Litio Bolivianos (YLB) estimates the Uyuni Salar hosts some 21 million tonnes of lithium carbonate equivalent in a resource prepared with SRK and based on drilling wells to depths of 50m across 64% of the salar.",{"type":594,"attrs":147589,"content":147590},{"textAlign":49},[147591,147593,147594],{"text":147592,"type":599},"“One of our most important strategic bets as a country is on lithium and we have made important advances. Bolivia developed control of its natural resources in the Salar de Uyuni and is now entering the industrialisation phase with the incorporation of private capital as part of an overall $4 billion investment programme,” Mariana Prado, minister of planning and development told ",{"text":64386,"type":599},{"text":974,"type":599},{"type":594,"attrs":147596,"content":147597},{"textAlign":49},[147598,147600],{"text":147599,"type":599},"Bolivia expropriated 11 Uyuni mineral claims held by Chile’s Quiborax in 2004 after inspections uncovered irregularities in customs and tax affairs. In June 2018, it agreed to pay more than US$42.6",{"text":147601,"type":599},"million in compensation.",{"type":594,"attrs":147603,"content":147604},{"textAlign":49},[147605],{"text":147606,"type":599},"With lithium at the centre of the expanding lithium-ion battery market, Bolivia has successfully attracted foreign help to develop its resources.",{"type":594,"attrs":147608,"content":147609},{"textAlign":49},[147610,147612,147613],{"text":147611,"type":599},"In December 2018, it signed a $900 million agreement with Germany’s ACI Systems for the exploitation of lithium from Uyuni for battery production for electric cars and an industrial cathode plant. YLB followed this by selecting China’s Xinjiang Tbea Group in association with America Baocheng Development and Salar Technology as its partner to help develop $2.3 billion of lithium production projects. “The Japanese and South Koreans really wanted to win this contract, but the Chinese won,” former Comibol president and former deputy mining and metallurgy minister Hector Cordoba told ",{"text":64386,"type":599},{"text":974,"type":599},{"type":594,"attrs":147615,"content":147616},{"textAlign":49},[147617],{"text":147618,"type":599},"DOWNSTREAM PLANS",{"type":594,"attrs":147620,"content":147621},{"textAlign":49},[147622,147624],{"text":147623,"type":599},"Under the agreement, Xinjiang TBEA Group owns 49% of a joint venture (JV) with YLB which will produce lithium from the Coipasa salt flats in Oruro and in the Pastos Grandes salt flats in Potosi. Studies by Tbea-Baocheng estimate that the Salar de Coipasa potassium sulphate plant could produce 450,000 tonnes a year, the lithium hydroxide plant 60,000tpy, a boric acid plant 60,000tpy, a bromine plant 10,000tpy and sodium",{"text":147625,"type":599},"bromide plant 10,000tpy. At Pastos Grandes, a lithium chloride plant could produce 60,000tpy, a lithium carbonate plant 40,000tpy and a metallic lithium plant 5,600tpy.",{"type":594,"attrs":147627,"content":147628},{"textAlign":49},[147629,147631,147632],{"text":147630,"type":599},"The country’s first industrial-scale lithium carbonate plant is expected to cost just under US$100 million and will have capacity to produce 15,000tpy of battery-grade lithium carbonate from 2020, Juan Carlos Montenegro, executive manager of YLB previously told ",{"text":64386,"type":599},{"text":974,"type":599},{"type":594,"attrs":147634,"content":147635},{"textAlign":49},[147636],{"text":147637,"type":599},"The agreements with German and Chinese countries align with Bolivia’s strategy to not just produce battery raw materials but see their industrialisation to create value-added products. Raw materials industrialisation has been a tenet of the governments of president Evo Morales who came to power in 2007 and has twice been relected.",{"type":594,"attrs":147639,"content":147640},{"textAlign":49},[147641,147643],{"text":147642,"type":599},"Industrialisation is also one of the 13 pillars for a “sovereign and dignified Bolivia” that Morales unveiled in March as part of the bicentennial agenda 2025 initiative, which is a similar concept to the World Bank’s millennium development goals. These pillars aim for the eradication of extreme poverty, access to basic services such as potable water, sewerage, electrification, health and education, increasing hydrocarbon and mineral production, and their industrialisation. “The industrialisation and transformation of",{"text":147644,"type":599},"our strategic natural resources are the base to advance in the eradication of extreme poverty and contribute to the integrated development of the Bolivian people,” said Morales during the launch.",{"type":594,"attrs":147646,"content":147647},{"textAlign":49},[147648],{"text":147649,"type":599},"To this end, Bolivia will seek international investors to help develop deposits of other metals that are critical to lithium-ion battery production, as well as other elements used in battery production. “We are working towards the development of a complex of linked industries. The government is looking at developing 41 plants linked to lithium from wire and other inputs to the bags used to transport lithium products,” said Prado.",{"type":594,"attrs":147651,"content":147652},{"textAlign":49},[147653],{"text":147654,"type":599},"State mining company Comibol will be a key actor in the search for battery metals and potentially has deposits ready for development. The extensive mining history of Bolivia means Comibol has one of the largest archives of geological information in the world containing decades of information.",{"type":594,"attrs":147656,"content":147657},{"textAlign":49},[147658,147660,147662,147663],{"text":147659,"type":599},"“There were projects advanced under previous administrations that were not developed because the metal prices were too low. We are looking through this and recalculating the economics",{"text":147661,"type":599},"using today’s prices to see if they are profitable,” president Zelmar Andia told ",{"text":64386,"type":599},{"text":974,"type":599},{"type":594,"attrs":147665,"content":147666},{"textAlign":49},[147667],{"text":147668,"type":599},"FOREIGN INVESTMENT",{"type":594,"attrs":147670,"content":147671},{"textAlign":49},[147672],{"text":147673,"type":599},"Comibol is currently completing the legal transfer of the Rincon del Tigre aluminium-cobalt deposit in Santa Cruz, and a couple of nickel-cobalt properties in Potosi called San Luis and Walter, which it will seek international companies to develop and exploit to provide materials to be used in the battery plant YLB is looking to develop with German investment.",{"type":594,"attrs":147675,"content":147676},{"textAlign":49},[147677],{"text":147678,"type":599},"For David Ramos, member of parliament for Potosi, the production of battery metals is an opportunity he is keen to see realised. “Potosi has all the battery elements such as zinc, lead, copper, nickel, manganese, lithium and cobalt,” he told Benchmark Minerals.",{"type":594,"attrs":147680,"content":147681},{"textAlign":49},[147682],{"text":147683,"type":599},"To encourage foreign investment, the government has developed a mining production contract (MPC) that private companies will sign with Comibol, which replaces the requirement under law 535 of 2014 for companies to enter a JV under which the state entity receives 55% of profits. Under the MPC — valid for up to 45 years — Comibol will receive a 4% net smelter royalty. These contracts must be ratified by parliament which will effectively make them law, providing additional investor protection.",{"type":594,"attrs":147685,"content":147686},{"textAlign":49},[147687],{"text":147688,"type":599},"“The production contract with Comibol companies can negotiate is a strong signal of the government opening up to private foreign capital in mining. The government is much more open to foreign investment than four years ago and it is a strong message that the country is not going to follow the path of Venezuela. It advanced this very quietly through the mining and metallurgy minister because it knows conservative groups like the unions will not like it, but no one in government is opposing it,” said Cordoba.",{"type":594,"attrs":147690,"content":147691},{"textAlign":49},[147692],{"text":147693,"type":599},"A mining incentive law is also under consideration following the success of a similar law recently developed for the hydrocarbons sector. Legislators are studying what technical and legal modifications need to be made to law 535 with the aim of presenting a draft bill in late June 25. “We are going to launch a mining incentives law as we see the region capturing a lot of mining investment but not in Bolivia. We expect to present this bill within the next month or two,” said Prado.","Bolivia sits in the shadow of Chile and Argentina, but it has plans of its own to develop its lithium production capabilities. Paul Harris reports from La Paz Bolivia aims to benefit from battery raw materials demand as it pursues reforms to attract foreign investment with some US$4 billion of investment expected in lithium projects […]",[147696],{"slug":544,"name":543,"content":147697},{"job_title":557,"image":147698,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0abe1b74-f9c9-488b-a419-0a7866b14100\", \"id\": \"\"}-->",[147701,147702],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":147704,"copyright":547,"fieldtype":553,"meta_data":147705,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1dfb725d13/bm-la-paz-credit-christian-keller-e1563464399615.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":147707,"uuid":147708,"name":147709,"slug":147710,"full_slug":147711,"content":147712},112474331527987,"08af2f56-bf83-4b91-8eec-4938256b29b9","RARE EARTHS BACK ON RADAR","rare-earths-back-on-radar","article/rare-earths-back-on-radar",{"_uid":147713,"date":147358,"tags":147714,"editor":147715,"content":147719,"excerpt":147790,"featured":50,"reporter":147791,"_editable":147795,"component":864,"seo_title":147709,"categories":147796,"visibility":882,"author_company":49,"featured_image":147800,"seo_description":147790,"author_full_name":49,"author_job_title":49,"formattedDate":147552},"1f483da4-8f7e-473e-88a2-1ebceb7d522f",[],[147716],{"slug":544,"name":543,"content":147717},{"job_title":557,"image":147718,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":147720},[147721,147726,147731,147736,147741,147746,147753,147758,147763,147768,147775,147780,147785],{"type":657,"attrs":147722,"content":147723},{"level":15966,"textAlign":49},[147724],{"text":147725,"type":599},"As China hinted it might draw rare earths into the US-China trade war, Benchmark spoke to Ryan Castilloux, Managing Director, Adamas Intelligence, about recent developments",{"type":594,"attrs":147727,"content":147728},{"textAlign":49},[147729],{"text":147730,"type":599},"China’s dominance of the rare earths industry is impressive even when compared with other battery materials.",{"type":594,"attrs":147732,"content":147733},{"textAlign":49},[147734],{"text":147735,"type":599},"The US-China trade war has not gone away and this quarter saw rare earths brought back to the attention of the mainstream press. Following Xi Jinping’s visit to a magnet factory in May, which was viewed as a hint that it might use its control of rare earths as a pawn in the trade war, there has been widespread speculation that China will cut off its supplies of rare earths to the USA.",{"type":594,"attrs":147737,"content":147738},{"textAlign":49},[147739],{"text":147740,"type":599},"This is not the first time rare earths have received widespread coverage. In 2010 China weaponised its rare earths supply by cutting off exports to Japan for nearly two months. Western governments and corporations are therefore unlikely to dismiss these threats without considering the implications.",{"type":594,"attrs":147742,"content":147743},{"textAlign":49},[147744],{"text":147745,"type":599},"Rare earth elements (REEs) are vital to the USA’s defence industry and are used in most electric vehicles. For instance, Tesla makes use of neodymium-iron-boron (Nd-Fe-B) in its permanent magnet motor as part of its electric vehicle drivetrain. Any trade disputes could therefore have a significant impact on US industry.",{"type":594,"attrs":147747,"content":147748},{"textAlign":49},[147749,147751,147752],{"text":147750,"type":599},"“The fuel cracking catalyst industry, wind power industry, electric vehicle sector and defence industry would all bear the brunt of a slowdown or stoppage of rare earth exports from China,” said Ryan Castilloux, Managing Director of rare earths information publisher, Adamas Intelligence, speaking to ",{"text":9653,"type":599},{"text":974,"type":599},{"type":594,"attrs":147754,"content":147755},{"textAlign":49},[147756],{"text":147757,"type":599},"He continued, “for the former three, it may be possible for exposed US manufacturers to shift some US production to their international manufacturing facilities to circumnavigate the issue. But it’s likely China would be wise to such a move and could implement broader restrictions that halt exports to US companies abroad as well.”",{"type":657,"attrs":147759,"content":147760},{"level":15966,"textAlign":49},[147761],{"text":147762,"type":599},"CHINA’S SUPPLY CONTROL",{"type":594,"attrs":147764,"content":147765},{"textAlign":49},[147766],{"text":147767,"type":599},"Castilloux explained the extent to which China controls rare earths supply, “the global supply chain is highly reliant on China. In 2018, China was responsible for about 70% of global mine production but dominates 85-90% of all value-adding steps downstream of the mine, including oxide separation, metal making, alloying and, most importantly, magnet making.",{"type":594,"attrs":147769,"content":147770},{"textAlign":49},[147771,147773],{"text":147772,"type":599},"“Looking ahead, we believe China’s share of global mine production will continue to fall further as new mines outside China come on-stream. But its share of downstream value-adding steps that convert rare earth mine outputs",{"text":147774,"type":599},"into market-desired products will continue to expand, speaking to the nation’s growing focus on dominating the downstream where profit margins are greater and activities are cleaner, environmentally speaking,” he said.",{"type":594,"attrs":147776,"content":147777},{"textAlign":49},[147778],{"text":147779,"type":599},"Rare earths have a history of price spikes and Castilloux described recent pricing developments, “prices of heavy rare earths have been rallying since March following a slowdown of feedstock imports into China from neighbouring Myanmar, which was a major supplier of concentrate to processing companies in China’s south last year.”",{"type":594,"attrs":147781,"content":147782},{"textAlign":49},[147783],{"text":147784,"type":599},"Emphasising the sensitivity of rare earths prices, he said, “however, following Chinese president Xi Jinping’s visit to a magnet factory on May 20, a frenzy of speculation ensued that China was considering halting exports to the US, launching a more broad-based rally of prices that lifted everything from cerium to yttrium.”",{"type":594,"attrs":147786,"content":147787},{"textAlign":49},[147788],{"text":147789,"type":599},"Despite the heated rhetoric between the US and China, asked whether he expected China to follow through and limit exports Castilloux said, “in our view it is unlikely. While such a move may offer China some leverage at the negotiating table today, it risks destroying a lot of demand over the medium- to long-term term as insecure end-users will look for alternative sources of supply or to substitute rare earths in their products for something else.”","As China hinted it might draw rare earths into the US-China trade war, Benchmark spoke to Ryan Castilloux, Managing Director, Adamas Intelligence, about recent developments China’s dominance of the rare earths industry is impressive even when compared with other battery materials. The US-China trade war has not gone away and this quarter saw rare earths […]",[147792],{"slug":544,"name":543,"content":147793},{"job_title":557,"image":147794,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1f483da4-8f7e-473e-88a2-1ebceb7d522f\", \"id\": \"\"}-->",[147797,147798,147799],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":147801,"copyright":547,"fieldtype":553,"meta_data":147802,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5ba8a7f1c4/bm-chinese-flag-credit-harald-groven.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":147804,"uuid":147805,"name":147806,"slug":147807,"full_slug":147808,"content":147809},112474316597764,"5c1c08e9-30ea-4b62-a3f8-fa0b8715a8f3","LITHIUM CHEMICAL PRODUCTION AT NEW HIGH","lithium-chemical-production-at-new-high","article/lithium-chemical-production-at-new-high",{"_uid":147810,"date":147358,"tags":147811,"editor":147812,"content":147816,"excerpt":147987,"featured":50,"reporter":147988,"component":864,"seo_title":147806,"categories":147992,"visibility":2091,"author_company":49,"featured_image":147996,"seo_description":147987,"author_full_name":49,"author_job_title":49,"formattedDate":147552},"7d059ff9-01b9-4b87-8f0f-152241b574a9",[],[147813],{"slug":544,"name":543,"content":147814},{"job_title":557,"image":147815,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":147817},[147818,147823,147835,147847,147855,147862,147873,147880,147885,147890,147895,147902,147907,147912,147917,147927,147932,147937,147942,147949,147954,147967,147972,147977,147982],{"type":657,"attrs":147819,"content":147820},{"level":15966,"textAlign":49},[147821],{"text":147822,"type":599},"In June 2019 global lithium chemical production reached record levels as Chinese producers continue to increase capacity",{"type":594,"attrs":147824,"content":147825},{"textAlign":49},[147826,147828,147833],{"text":147827,"type":599},"June 2019 saw China responsible for an estimated 69% of ",{"text":147829,"type":599,"marks":147830},"lithium carbonate equivalent",[147831],{"type":604,"attrs":147832},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":147834,"type":599}," (LCE) supply as Chinese producers made further plans to increase conversion capacity.",{"type":594,"attrs":147836,"content":147837},{"textAlign":49},[147838,147840,147845],{"text":147839,"type":599},"The start of the quarter saw reports emerge that General Lithium planned to begin construction on a new spodumene conversion facility with a capacity of 60,000 tonnes per year LCE in Yichang, in Hubei province, China. This would mark a significant increase on General Lithium’s ",{"text":102401,"type":599,"marks":147841},[147842],{"type":604,"attrs":147843},{"href":147844,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://source.benchmarkminerals.com/article/infographic-regional-trends-in-cathode-production-capacity",{"text":147846,"type":599},", which currently sits at 22,000 tpa.",{"type":594,"attrs":147848,"content":147849},{"textAlign":49},[147850,147852,147853],{"text":147851,"type":599},"It was reported that the company is targeting initial production in late-2020, however, ",{"text":144234,"type":599},{"text":147854,"type":599},"does not expect production before 2021. This announcement could also indicate a move away from its new Hubei facility which has been reported to have issues with licenses.",{"type":594,"attrs":147856,"content":147857},{"textAlign":49},[147858,147860],{"text":147859,"type":599},"Ganfeng Lithium also announced capacity",{"text":147861,"type":599},"expansion plans in May, with the company approving a resolution to double the capacity of its Mahong battery grade lithium hydroxide facility, commissioned in September 2018, from 25,000 tpa to 50,000 tpa LCE. The company referred to “domestic and overseas market demands for high-end lithium salt products as well as the long-term orders of the company” as the rationale behind the expansion.",{"type":594,"attrs":147863,"content":147864},{"textAlign":49},[147865,147867,147871],{"text":147866,"type":599},"Ganfeng has agreed a number of supply deals with ",{"text":4805,"type":599,"marks":147868},[147869],{"type":604,"attrs":147870},{"href":16216,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":147872,"type":599}," manufacturers and western auto manufacturers in recent months – April saw Ganfeng agree a ten-year memorandum of understanding with Volkswagen.",{"type":594,"attrs":147874,"content":147875},{"textAlign":49},[147876,147878],{"text":147877,"type":599},"Beyond these announcements another Chinese major making steps towards expanding its conversion capacity is Tianqi whose 24,000 tpa Kwinana hydroxide plant – based in Western Australia – is moving towards initial production, although major volumes are unlikely to be seen before Q4 2019. Stage two of this project should see capacity double, however, the speed at which this is undertaken will be dependent on",{"text":147879,"type":599},"consumer uptake.",{"type":594,"attrs":147881,"content":147882},{"textAlign":49},[147883],{"text":147884,"type":599},"Outside of the majors, limited new chemical production volumes have reached the market from smaller converters in much of H1 2019. In fact, there are signs from the Chinese market that any expansions from the smaller tier 2 and 3 suppliers could be delayed into next year. For example, Yahua Lithium’s new 20,000 plant is still not near commercial production despite its initial Q1 2019 target.",{"type":594,"attrs":147886,"content":147887},{"textAlign":49},[147888],{"text":147889,"type":599},"Despite this there is evidence that some of the new spodumene feedstock has begun to be sold on to smaller-scale converters, as the handful of Chinese majors who have controlled spodumene production look to utilise excess feedstock. This trend could continue in H2 2019 as Ganfeng and General Lithium are both operating at close to capacity and have a strong supply of feedstock from offtake agreements, meaning suppliers may offer unallocated material to other producers.",{"type":657,"attrs":147891,"content":147892},{"level":15966,"textAlign":49},[147893],{"text":147894,"type":599},"MARKET IN OVERSUPPLY?",{"type":594,"attrs":147896,"content":147897},{"textAlign":49},[147898,147900],{"text":147899,"type":599},"Towards the end of the quarter there were signs",{"text":147901,"type":599},"of excess spodumene feedstock, as growing Australian exports and insufficient conversion capacity led to major quantities being stockpiled. This oversupply culminated in Galaxy Resources announcing in a press release on 26 June that having completed two shipments totalling 30,000 dry metric tonnes (dmt), its third shipment of 15,000 dmt would be delayed from the end of Q2 to part of its July shipment schedule.",{"type":594,"attrs":147903,"content":147904},{"textAlign":49},[147905],{"text":147906,"type":599},"Only a week earlier Pilbara Minerals also took action to avert spodumene oversupply as they announced that having had discussions with Ganfeng Lithium and General Lithium the company would moderate production from the Pilgangoora mine until the end of July to allow processors time to ramp-up conversion capacity.",{"type":594,"attrs":147908,"content":147909},{"textAlign":49},[147910],{"text":147911,"type":599},"There are concerns of lithium oversupply in the short-term. But looking to the medium and long-term a deficit is more of a concern to the industry’s stakeholders as producers continue to secure supply.",{"type":594,"attrs":147913,"content":147914},{"textAlign":49},[147915],{"text":147916,"type":599},"A busy quarter for Ganfeng saw them take a stake in and agree an offtake with AIM-listed Bacanora Lithium. The deal, pencilled in May and completed at the end of June, saw Ganfeng take a 30% share in Bacanora.",{"type":594,"attrs":147918,"content":147919},{"textAlign":49},[147920,147922,147923,147925],{"text":147921,"type":599},"The offtake agreement will see 50% of stage one production and 75% of stage two production going to Ganfeng from the company’s Sonora Lithium Project in Mexico. ",{"text":7249,"type":599},{"text":147924,"type":599},"doesn’t expect the project to bring significant volumes online until 2022 but this fits into Ganfeng’s",{"text":147926,"type":599},"forward-looking strategy to secure long-term supply.",{"type":594,"attrs":147928,"content":147929},{"textAlign":49},[147930],{"text":147931,"type":599},"Looking south, Ganfeng made a further investment into Lithium Americas and increased its investment by US$160 million, forming a 50/50 venture between the two companies. The Caucharí-Olaroz project in Argentina initially has plans for 25,000 tpa of carbonate production, but the recent announcement saw the two parties increase this to 40,000 tpa.",{"type":594,"attrs":147933,"content":147934},{"textAlign":49},[147935],{"text":147936,"type":599},"Long-term supply concerns for downstream consumers were also were evident in the Chinese-based cathode producer Ningbo Shanshan’s move to take an 11.8% in Australia’s Altura Mining, which is looking to produce 220,000 tpa of spodumene concentrate.",{"type":594,"attrs":147938,"content":147939},{"textAlign":49},[147940],{"text":147941,"type":599},"More spodumene investment came from Japanese trading house Mitsui, with US$30 million of funding for the capital expenditures and construction of Sigma’s commercial production plant at its Grota do Cirilo lithium project in Brazil. The deal sees Mitsui take 55,000 tpa of spodumene concentrate for six years, with further offtake rights allowing Mitsui to purchase another 25,000 tpa from Sigma over the same period.",{"type":594,"attrs":147943,"content":147944},{"textAlign":49},[147945,147947],{"text":147946,"type":599},"It’s notable that the developments in the quarter have largely come from non-brine sources as production from the lithium triangle has been surpassed by hard rock resources. Within the lithium triangle Argentina is showing signs that new producers and resources are making progress. But lead times and regulatory issues related to",{"text":147948,"type":599},"South American production means spodumene production now leads what has been for a generation the lowest-cost source of production.",{"type":657,"attrs":147950,"content":147951},{"level":15966,"textAlign":49},[147952],{"text":147953,"type":599},"WHAT IS HAPPENING TO PRICES?",{"type":594,"attrs":147955,"content":147956},{"textAlign":49},[147957,147959,147961,147963,147965],{"text":147958,"type":599},"Lithium prices followed a downward trajectory in Q2 2019. Lithium carbonate and hydroxide prices have fallen throughout the quarter, with ",{"text":147960,"type":599},"Benchmark’s Lithium Carbonate Index ",{"text":147962,"type":599},"down -7.7% year-to-date and ",{"text":147964,"type":599},"Benchmark’s Lithium Hydroxide Index ",{"text":147966,"type":599},"down -11.9% year-to-date.",{"type":594,"attrs":147968,"content":147969},{"textAlign":49},[147970],{"text":147971,"type":599},"The premium that lithium hydroxide was enjoying over lithium carbonate continued to tighten throughout the quarter as pricing converged on Chinese levels. As price contracts are renegotiated we expect this premium to continue narrowing as consumer push for reductions in their H2 contracts.",{"type":594,"attrs":147973,"content":147974},{"textAlign":49},[147975],{"text":147976,"type":599},"Despite strong lithium chemical production numbers, the lack of lithium hydroxide supply qualified for battery grade has limited the price response to excess supply over the quarter.",{"type":594,"attrs":147978,"content":147979},{"textAlign":49},[147980],{"text":147981,"type":599},"At a feedstock level spodumene prices are down -29.71% this year. However, price falls steadied in Q2 2019 as the availability of high-quality feedstock outside of existing offtake agreements has been limited.",{"type":594,"attrs":147983,"content":147984},{"textAlign":49},[147985],{"text":147986,"type":599},"As with hydroxide, lithium carbonate prices are moving towards Chinese levels as consistent low-pricing in China, which has significantly increased its carbonate exports, has pulled South American prices down.","In June 2019 global lithium chemical production reached record levels as Chinese producers continue to increase capacity June 2019 saw China responsible for an estimated 69% of lithium carbonate equivalent (LCE) supply as Chinese producers made further plans to increase conversion capacity. The start of the quarter saw reports emerge that General Lithium planned to […]",[147989],{"slug":544,"name":543,"content":147990},{"job_title":557,"image":147991,"bio":548,"linkedin":555},{"filename":552},[147993,147994,147995],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":147997,"copyright":547,"fieldtype":553,"meta_data":147998,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b49215b9b7/bm-qinhai-china-e1563466826664.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":148000,"uuid":148001,"name":148002,"slug":148003,"full_slug":148004,"content":148005},112474307008826,"eb3c4f23-d941-4648-80b5-22353d367583","What has driven battery cell costs below $100 per kWh?","what-has-driven-battery-cell-costs-below-100-per-kwh","article/what-has-driven-battery-cell-costs-below-100-per-kwh",{"_uid":148006,"date":147358,"tags":148007,"editor":148008,"content":148012,"excerpt":148359,"featured":50,"reporter":148360,"_editable":148364,"component":864,"seo_title":148002,"categories":148365,"visibility":882,"author_company":49,"featured_image":148368,"seo_description":148359,"author_full_name":49,"author_job_title":49,"formattedDate":147552},"215fe291-54b2-4a9d-8182-31a51e34da66",[],[148009],{"slug":544,"name":543,"content":148010},{"job_title":557,"image":148011,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":148013},[148014,148019,148024,148032,148037,148042,148047,148052,148057,148062,148067,148072,148079,148084,148089,148094,148101,148109,148114,148119,148124,148131,148136,148141,148146,148153,148158,148163,148168,148175,148180,148185,148190,148195,148202,148207,148212,148220,148225,148230,148235,148240,148245,148250,148257,148262,148267,148272,148277,148282,148287,148292,148297,148302,148307,148315,148320,148325,148330,148337,148342,148347,148354],{"type":657,"attrs":148015,"content":148016},{"level":15966,"textAlign":49},[148017],{"text":148018,"type":599},"Since 2014 the cost of producing a battery cell has more than halved despite raw material price rises. Here, Simon Moores looks at how the lithium ion battery industry can continue to drive costs down and add even further economic impetus to the energy storage revolution",{"type":594,"attrs":148020,"content":148021},{"textAlign":49},[148022],{"text":148023,"type":599},"Breaking the $100/kWh lithium ion battery production cost barrier was once seen as the watershed moment for electric vehicles (EVs).",{"type":594,"attrs":148025,"content":148026},{"textAlign":49},[148027,148029,148030],{"text":148028,"type":599},"Despite the goalposts now shifting to a $100/kWh battery pack, Tesla and Panasonic’s achievement of producing a cell for under $100/kWh at Gigafactory 1, according to new ",{"text":68927,"type":599},{"text":148031,"type":599},"data, cannot be underestimated.",{"type":594,"attrs":148033,"content":148034},{"textAlign":49},[148035],{"text":148036,"type":599},"LG Chem, CATL, Samsung SDI, and SK Innovation are all behemoths in the global battery landscape that are expanding capacity and number of plant locations, yet it’s Panasonic’s partnership with Tesla that is some distance ahead.",{"type":594,"attrs":148038,"content":148039},{"textAlign":49},[148040],{"text":148041,"type":599},"The ability for the duo to produce its 2170 Nickel-Cobalt-Aluminium (NCA) cell at below $100/kWh, when the 2019 industry average for automotive grade cells ranges from $115-130/kWh, is the blueprint that the world’s battery majors are now seeking to replicate.",{"type":657,"attrs":148043,"content":148044},{"level":15966,"textAlign":49},[148045],{"text":148046,"type":599},"Raw Material Costs",{"type":594,"attrs":148048,"content":148049},{"textAlign":49},[148050],{"text":148051,"type":599},"The battery industry only really began forensically dissecting the cost of its raw materials during the times of surging demand.",{"type":594,"attrs":148053,"content":148054},{"textAlign":49},[148055],{"text":148056,"type":599},"Between 2016 and 2017 battery demand from China, bolstered by a ramping-up Tesla, surged with a lack of a supply response. This forced the prices of lithium and cobalt up in almost identical fashion – by four times.",{"type":594,"attrs":148058,"content":148059},{"textAlign":49},[148060],{"text":148061,"type":599},"In 2019, while prices have subsided to around half of the peak levels of May 2018, they are still, in lithium’s case, much higher than historical pre-battery era levels.",{"type":594,"attrs":148063,"content":148064},{"textAlign":49},[148065],{"text":148066,"type":599},"While the cobalt component is actively being reduced in Nickel-Cobalt-Manganese (NCM) cathode chemistries such as 523, 622 and 811, it is still the most volatile in price component of all battery raw materials.",{"type":594,"attrs":148068,"content":148069},{"textAlign":49},[148070],{"text":148071,"type":599},"The only real way to truly manage cobalt’s price is through long-term, fixed contracts or by reducing cobalt’s use by accelerating the advent of 811 and NCA, which averages lower cobalt than 811.",{"type":594,"attrs":148073,"content":148074},{"textAlign":49},[148075,148077],{"text":148076,"type":599},"It won’t be news to many with interests in the supply change to read that auto majors and battery producers are not fans of cobalt. Whether it be Tesla, BYD, Volkswagen or BMW, numerous companies have publicly spoken of their dislike of the cobalt and are actively",{"text":148078,"type":599},"reducing its use at a cell level.",{"type":594,"attrs":148080,"content":148081},{"textAlign":49},[148082],{"text":148083,"type":599},"Tesla reduced its consumption of cobalt in a vehicle by 60%, with an average of 11kg per vehicle during the Roadster and Model S (2009-12), to 7kg in the Model S II and Model X era (2016-2018), to approximately 4.5kg following the launch of the Model 3.",{"type":594,"attrs":148085,"content":148086},{"textAlign":49},[148087],{"text":148088,"type":599},"However, despite these decreases, growing production numbers will lead to aggregate cobalt consumption increasing.",{"type":594,"attrs":148090,"content":148091},{"textAlign":49},[148092],{"text":148093,"type":599},"As such, for the foreseeable future even at lower cobalt, higher nickel chemistries, auto manufacturers will be exposed to cobalt’s price volatility.",{"type":594,"attrs":148095,"content":148096},{"textAlign":49},[148097,148099],{"text":148098,"type":599},"This reduction in cobalt will see nickel’s role in the supply chain – and share of cost within the battery cell – increase dramatically",{"text":148100,"type":599},"as higher-nickel cathode chemistries, such as NCM 811, are adopted.",{"type":594,"attrs":148102,"content":148103},{"textAlign":49},[148104,148106,148107],{"text":148105,"type":599},"As things currently stand, the volume of nickel sulphate – battery grade nickel – consumed in lithium ion cells (we exclude NiMH here) is a relatively small percentage of the approximately 2.3 million tonne nickel market, which is dominated by stainless steel. Of the battery raw materials ",{"text":7249,"type":599},{"text":148108,"type":599},"focuses on, nickel is coming from the lowest base and will see the greatest percentage increases in demand as higher-nickel battery cell production comes online.",{"type":594,"attrs":148110,"content":148111},{"textAlign":49},[148112],{"text":148113,"type":599},"Lithium, the immutable raw material in a lithium ion battery, has done relatively well at managing its longer-term industry price with long term contracts and partnerships between miners and chemical makers coming to the fore.",{"type":594,"attrs":148115,"content":148116},{"textAlign":49},[148117],{"text":148118,"type":599},"A long-term lithium price target for automotive manufacturers has to be between the $10-14/kg range, as price spikes to $20/kg and beyond undermine confidence in the supply chain, especially as their EV sales increase from hundreds of thousands to the millions.",{"type":594,"attrs":148120,"content":148121},{"textAlign":49},[148122],{"text":148123,"type":599},"As with each battery raw material, there are nuances within the lithium story and debate remains over the direction and competitiveness of lithium carbonate’s and lithium hydroxide’s value chains as battery chemistry continues to develop.",{"type":594,"attrs":148125,"content":148126},{"textAlign":49},[148127,148129],{"text":148128,"type":599},"The structure of the lithium market is changing and will continue to change, as",{"text":148130,"type":599},"there is a potential for a shift away from lithium carbonate as the primary chemical of choice in cathodes.",{"type":594,"attrs":148132,"content":148133},{"textAlign":49},[148134],{"text":148135,"type":599},"Away from cathode materials, which account for 50% of per kWh cell costs, the industry also has to be wary of the quality and availability of graphite anode.",{"type":594,"attrs":148137,"content":148138},{"textAlign":49},[148139],{"text":148140,"type":599},"Compared to that of other battery raw materials, the graphite industry has flown under the radar but is still a major part of the bill of materials for cell equating to anywhere between 10-20% of costs.",{"type":594,"attrs":148142,"content":148143},{"textAlign":49},[148144],{"text":148145,"type":599},"Electric vehicle manufacturers have long desired anode material at between $4-6/kg but the industry average has sat much higher in the $8-12 range for natural coated spherical graphite and $12-20 (and sometimes even higher) for tailored synthetic graphite anode.",{"type":594,"attrs":148147,"content":148148},{"textAlign":49},[148149,148151],{"text":148150,"type":599},"This is the next great challenge for the battery megafactories. While much focus, exploration and investment has flowed into",{"text":148152,"type":599},"the cathode side of the business, the anode and graphite supply chain has relied on Chinese expansions.",{"type":594,"attrs":148154,"content":148155},{"textAlign":49},[148156],{"text":148157,"type":599},"As a result, China produces 100% of natural spherical graphite anode material. Production of natural flake graphite – the feedstock used to ultimately produce spherical graphite destined for battery anodes – is predominantly produced in China, although there have been signs of increased production in East Africa.",{"type":594,"attrs":148159,"content":148160},{"textAlign":49},[148161],{"text":148162,"type":599},"Silicon is also beginning to play its part.",{"type":594,"attrs":148164,"content":148165},{"textAlign":49},[148166],{"text":148167,"type":599},"Additions of 4-6% of silicon into a graphite anode has yielded some capacity benefits but also additional cost. In theory silicon anodes would provide much greater energy density than their natural graphite and synthetic graphite cousins.",{"type":594,"attrs":148169,"content":148170},{"textAlign":49},[148171,148173],{"text":148172,"type":599},"However, there are many barriers to achieving this and we will likely see these developments first play out in smaller battery",{"text":148174,"type":599},"applications. The only real way for battery makers to feel the benefits of silicon is to make anode above 80% silicon – and this is many years away.",{"type":657,"attrs":148176,"content":148177},{"level":15966,"textAlign":49},[148178],{"text":148179,"type":599},"Market prices v deal-making",{"type":594,"attrs":148181,"content":148182},{"textAlign":49},[148183],{"text":148184,"type":599},"In only a handful of years, battery producers have gone from minnows of the supply chain with little purchasing power to the biggest buyers of these speciality minerals and chemicals.",{"type":594,"attrs":148186,"content":148187},{"textAlign":49},[148188],{"text":148189,"type":599},"For example, a battery producer in 2014 may have been negotiating for 1,000 to 3,000 tonnes of lithium hydroxide. Now the deals are well into the double-digit-thousands each year.",{"type":594,"attrs":148191,"content":148192},{"textAlign":49},[148193],{"text":148194,"type":599},"All major battery producers are now pushing for that special deal below market price, particularly if they have an auto OEM on their side.",{"type":594,"attrs":148196,"content":148197},{"textAlign":49},[148198,148200],{"text":148199,"type":599},"This situation is only going to intensify, together with contracts becoming longer",{"text":148201,"type":599},"thus giving the battery producer more protection from volatility, more predictability of future costs and confidence in future expansions – a virtuous circle.",{"type":657,"attrs":148203,"content":148204},{"level":15966,"textAlign":49},[148205],{"text":148206,"type":599},"Scale and Expertise",{"type":594,"attrs":148208,"content":148209},{"textAlign":49},[148210],{"text":148211,"type":599},"Scale has been another crucial factor in driving down cell costs.",{"type":594,"attrs":148213,"content":148214},{"textAlign":49},[148215,148217,148218],{"text":148216,"type":599},"The rise of the lithium ion battery megafactories – as ",{"text":144234,"type":599},{"text":148219,"type":599},"has consistently outlined in its Global Battery Arms Race thesis and when we spoke at the US Senate – has allowed economies of scale to play its part.",{"type":594,"attrs":148221,"content":148222},{"textAlign":49},[148223],{"text":148224,"type":599},"While this is not as important as the price of raw materials, it is indirectly responsible for helping drive down these raw material costs as outlined in the previous section.",{"type":594,"attrs":148226,"content":148227},{"textAlign":49},[148228],{"text":148229,"type":599},"Before 2014, lithium ion battery plants were an order of magnitude smaller, geared to supplying smart phones rather than batteries the size of the chassis of your car.",{"type":594,"attrs":148231,"content":148232},{"textAlign":49},[148233],{"text":148234,"type":599},"These plants were measured by megawatt-hours (MWh) rather than gigawatt-hours (GWh).",{"type":594,"attrs":148236,"content":148237},{"textAlign":49},[148238],{"text":148239,"type":599},"Yet since Tesla’s Elon Musk announced the Nevada Gigafactory 1, a global battery arms race ensued to build enough capacity for the pending wall of demand from electric vehicles.",{"type":594,"attrs":148241,"content":148242},{"textAlign":49},[148243],{"text":148244,"type":599},"It has shifted the entire landscape of the lithium ion battery industry – the cornerstone of the energy storage revolution.",{"type":594,"attrs":148246,"content":148247},{"textAlign":49},[148248],{"text":148249,"type":599},"It’s widely believe that 15GWh is the sweet spot for battery plant economies of scale, however this has not stopped the world’s biggest battery makers pushing well beyond 30GWh for a single plant and, in CATL’s case, up to 100GWh at its site in Ningde, China which it later downgraded to 50GWh for its IPO.",{"type":594,"attrs":148251,"content":148252},{"textAlign":49},[148253,148255],{"text":148254,"type":599},"Security of battery cell supply and the added benefits of having this all in one location will ensure that lithium ion battery",{"text":148256,"type":599},"capacities continue to increase.",{"type":594,"attrs":148258,"content":148259},{"textAlign":49},[148260],{"text":148261,"type":599},"The sheer supply chain influence that these megafactories will continue to have is defining the global trade flows of battery raw materials, cathode and anode products.",{"type":594,"attrs":148263,"content":148264},{"textAlign":49},[148265],{"text":148266,"type":599},"The battery megafactories will create localised ecosystems attracting cathode, anode, separator and other suppliers to the area, helping further reduce logistical cost for the entire supply chain.",{"type":594,"attrs":148268,"content":148269},{"textAlign":49},[148270],{"text":148271,"type":599},"For example, a 50GWh NCM battery megafactory will require annually (approximately):",{"type":594,"attrs":148273,"content":148274},{"textAlign":49},[148275],{"text":148276,"type":599},"Super-battery plants will force their suppliers to rethink their entire strategy and a more efficient upstream of the supply chain will result.",{"type":594,"attrs":148278,"content":148279},{"textAlign":49},[148280],{"text":148281,"type":599},"The battery industry can be roughly split into three tiers in a pyramid structure, with the top tier of producers occupied by the behemoths of the industry such as Tesla, Panasonic, Samsung and LG Chem.",{"type":594,"attrs":148283,"content":148284},{"textAlign":49},[148285],{"text":148286,"type":599},"The second has major battery companies such as BYD, SK Innovation and CATL. Finally, the third tier has a number of companies such as GEELY and Farasis, with many of the new Chinese producers sitting within tier 3.",{"type":594,"attrs":148288,"content":148289},{"textAlign":49},[148290],{"text":148291,"type":599},"Typically, the higher the tier of manufacturers the more stringent qualification is for raw materials, with higher quality and specification requirements, large sample sizes, and longer qualification times.",{"type":657,"attrs":148293,"content":148294},{"level":15966,"textAlign":49},[148295],{"text":148296,"type":599},"Movement of battery plants to low cost jurisdictions",{"type":594,"attrs":148298,"content":148299},{"textAlign":49},[148300],{"text":148301,"type":599},"Before the rise of the battery megafactories, most plants making tier one and tier two cells were based in Japan or Korea.",{"type":594,"attrs":148303,"content":148304},{"textAlign":49},[148305],{"text":148306,"type":599},"These batteries were made on a small scale and with higher labour and energy costs than China – the new location of this mass capacity.",{"type":594,"attrs":148308,"content":148309},{"textAlign":49},[148310,148311,148313],{"text":68927,"type":599},{"text":148312,"type":599},"now has 1,956.6GWh of lithium ion battery capacity in",{"text":148314,"type":599},"the pipeline by 2028. Last year there were 46 operational battery megafactories globally, but by 2023 almost double this figure – 90 – will be operational. By this point the megafactories that were operational in 2018 will have ramped up their operations even further, again adding pressures to demand.",{"type":594,"attrs":148316,"content":148317},{"textAlign":49},[148318],{"text":148319,"type":599},"China dominates now and is set to for the next decade. For instance, 70% of the 1,956.6GWh battery megafactory capacity in the pipeline is in China. Last year alone, 68% of the world’s 292GWh capacity was based in China.",{"type":594,"attrs":148321,"content":148322},{"textAlign":49},[148323],{"text":148324,"type":599},"Those plants outside of China will have to seek vertical integration and/or longer term fixed contracts with EV producers. It is unlikely that for safety and logistical reasons it would be efficient to ship gigawatt hours of battery cells from Asia into North America, for example, therefore localisation of battery production will continue.",{"type":657,"attrs":148326,"content":148327},{"level":15966,"textAlign":49},[148328],{"text":148329,"type":599},"How low can lithium ion battery cell costs go?",{"type":594,"attrs":148331,"content":148332},{"textAlign":49},[148333,148335],{"text":148334,"type":599},"Keeping the cost of lithium ion batteries",{"text":148336,"type":599},"consistently low will demand expert supply chain management. This will take time to manifest itself in for auto space for an industry used to dealing with commoditised products.",{"type":594,"attrs":148338,"content":148339},{"textAlign":49},[148340],{"text":148341,"type":599},"The speciality nature of most battery raw materials means that the nuances needs to be fully understood and that the quality of the lithium, graphite, cobalt and nickel runs right through the supply chain into the battery, the EV and the auto OEM brand.",{"type":594,"attrs":148343,"content":148344},{"textAlign":49},[148345],{"text":148346,"type":599},"Consistent awareness of these high-risk specialities of lithium, cobalt, graphite, and nickel is the only way OEMs will be able to effectively manage their battery costs.",{"type":594,"attrs":148348,"content":148349},{"textAlign":49},[148350,148351,148352],{"text":14670,"type":599},{"text":11314,"type":599},{"text":148353,"type":599},", we often get asked: how low can lithium ion battery cell costs really go?",{"type":594,"attrs":148355,"content":148356},{"textAlign":49},[148357],{"text":148358,"type":599},"This will almost entirely depend on management of the raw material costs. The price of lithium, graphite, cobalt and nickel will have to be high enough to incentivise new supply yet low enough to keep driving cell costs down.","Since 2014 the cost of producing a battery cell has more than halved despite raw material price rises. Here, Simon Moores looks at how the lithium ion battery industry can continue to drive costs down and add even further economic impetus to the energy storage revolution Breaking the $100/kWh lithium ion battery production cost barrier […]",[148361],{"slug":544,"name":543,"content":148362},{"job_title":557,"image":148363,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"215fe291-54b2-4a9d-8182-31a51e34da66\", \"id\": \"\"}-->",[148366,148367],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":148369,"copyright":547,"fieldtype":553,"meta_data":148370,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2dcf038bae/bm-battery-cell-being-handled-e1563796545672-581080a8e75.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":148372,"uuid":148373,"name":148374,"slug":148375,"full_slug":148376,"content":148377},112474379320225,"3587731c-e45b-43f3-853a-b59f7c68efe2","SCRAMBLE FOR LITHIUM","scramble-for-lithium","article/scramble-for-lithium",{"_uid":148378,"date":148379,"tags":148380,"editor":148381,"content":148385,"excerpt":148535,"featured":50,"reporter":148536,"_editable":148540,"component":864,"seo_title":148374,"categories":148541,"visibility":882,"author_company":49,"featured_image":148545,"seo_description":148535,"author_full_name":49,"author_job_title":49,"formattedDate":148548},"324c4675-a737-43d6-afa2-7c51f6795d10","2019-05-12 00:00",[],[148382],{"slug":544,"name":543,"content":148383},{"job_title":557,"image":148384,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":148386},[148387,148392,148397,148402,148407,148412,148417,148422,148429,148434,148439,148444,148452,148457,148462,148467,148472,148477,148483,148490,148495,148500,148505,148510,148515,148520,148525,148530],{"type":594,"attrs":148388,"content":148389},{"textAlign":49},[148390],{"text":148391,"type":599},"At the start of April 2019 Volkswagen and Ganfeng Lithium announced a landmark lithium supply, which is key to the auto giant’s electrification plans.",{"type":594,"attrs":148393,"content":148394},{"textAlign":49},[148395],{"text":148396,"type":599},"Volkswagen (VW) has taken a major step in securing the future of its bold electric vehicle (EV) production targets by locking in a long-term lithium supply deal with China’s Ganfeng Lithium.",{"type":594,"attrs":148398,"content":148399},{"textAlign":49},[148400],{"text":148401,"type":599},"While the details of the joint memorandum of understanding (MoU) have not been disclosed, the company said it would provide the foundation for the introduction of 70 electrified models over the coming 10 years.",{"type":594,"attrs":148403,"content":148404},{"textAlign":49},[148405],{"text":148406,"type":599},"VW Group Board Member for Components and Procurement, Dr. Stefan Sommer, said that the deal represented “crucial strategic significance for implementing Volkswagen’s electric offensive”.",{"type":594,"attrs":148408,"content":148409},{"textAlign":49},[148410],{"text":148411,"type":599},"This move brings the auto giant into closer alignment with the lithium ion supply chain, having hinted at developing its own megafactory production in March, which will require a secure supply base to achieve.",{"type":594,"attrs":148413,"content":148414},{"textAlign":49},[148415],{"text":148416,"type":599},"To date, Tesla and BMW are the only other auto OEMs outside of China to have directly secured lithium supply agreements.",{"type":594,"attrs":148418,"content":148419},{"textAlign":49},[148420],{"text":148421,"type":599},"A number of other battery and cathode producers have announced supply agreements over the past 18 months. However, with the margins at the battery and cathode section of the supply chain tightening, and with public markets failing to deliver financing of projects at the scale or speed required, end-user intervention in the supply chain has become inevitable.",{"type":594,"attrs":148423,"content":148424},{"textAlign":49},[148425,148427],{"text":148426,"type":599},"Ganfeng already has supply agreements in place with BMW and LG Chem, amongst other stakeholders. To meet their supply agreements Ganfeng will need to continue its aggressive",{"text":148428,"type":599},"lithium expansions, with the company aiming to take its production capacity to 75,000 tonnes in 2019 from an output of 30,000 last year.",{"type":594,"attrs":148430,"content":148431},{"textAlign":49},[148432],{"text":148433,"type":599},"The company has a solid foundation of feedstock material through a number of partnerships, such as the Mt Marion project in Australia, Lithium Americas Cauchari-Olaroz development, and with agreements with Pilbara and Altura. However, despite their strong resource base it’s unlikely that the company will be able to fully meet their production target for the year.",{"type":594,"attrs":148435,"content":148436},{"textAlign":49},[148437],{"text":148438,"type":599},"Ganfeng was one of a number of the lithium industry’s majors to have listed last year, along with Tianqi and Livent (formerly FMC Lithium). But in the past year Ganfeng has outshone its peers, having been one of the only majors to commit to significant deals with key downstream consumers publicly. The other players are still unwilling to accept the big discounts which are being pushed by many OEMs.",{"type":594,"attrs":148440,"content":148441},{"textAlign":49},[148442],{"text":148443,"type":599},"Not only has Ganfeng unveiled a flurry of deals but it is also one of the few majors to successfully introduce new capacity on time and close to capacity. This is in a period where brine companies have struggled to meet expansion plans, such as Albemarle’s freeze on its La Negra expansion.",{"type":594,"attrs":148445,"content":148446},{"textAlign":49},[148447,148449,148450],{"text":148448,"type":599},"From VW’s perspective the move was necessary to support its EV rollout, which ",{"text":7249,"type":599},{"text":148451,"type":599},"estimates will require 1,500GWh of cell production over the next 10 years. VW have for some time shown considerable interest in securing lithium and cobalt – including hosting two supply-side summits in late-2017 for the two minerals. The Ganfeng deal marks the first major success of VW’s raw material strategy, which is core to their electrification plans.",{"type":594,"attrs":148453,"content":148454},{"textAlign":49},[148455],{"text":148456,"type":599},"Going into detail on the group’s plans, Sommer said “over the next ten years the Volkswagen Group will be launching 70-plus new pure electric vehicles. That means approximately a quarter of the vehicles we deliver in 2025 will be powered by electricity.",{"type":594,"attrs":148458,"content":148459},{"textAlign":49},[148460],{"text":148461,"type":599},"“Consequently, there will be a rapid increase in our raw material demand for cell production in the coming years. We must make sure we cover this demand at an early stage. Long-term agreements like the one for lithium, a key raw material, that we have just concluded with Ganfeng are therefore of crucial strategic significance for implementing our electric offensive.”",{"type":594,"attrs":148463,"content":148464},{"textAlign":49},[148465],{"text":148466,"type":599},"NOT JUST LITHIUM",{"type":594,"attrs":148468,"content":148469},{"textAlign":49},[148470],{"text":148471,"type":599},"VW’s deal with Ganfeng could well be followed up on with deals for other key battery raw materials. Following the Ganfeng announcement VW outlined their view on the supply chain in more detail.",{"type":594,"attrs":148473,"content":148474},{"textAlign":49},[148475],{"text":148476,"type":599},"The group paid attention to cobalt’s role in cathode materials, stating that “the percentage of this raw material is to be reduced from its present 12 to 14 percent (weight proportion in the cathode) to five percent within the next three to five years. Volkswagen is working on further development of cobalt-free batteries.”",{"type":594,"attrs":148478,"content":148479},{"textAlign":49},[148480,148481],{"text":9653,"type":599},{"text":148482,"type":599},"’s analysis shows that cobalt’s use in battery cathodes at a cell level is set to decline, with trends moving towards NCM (nickel, cobalt, manganese) chemistries of 811, driven by demands from OEMs for increased energy density and fears for security of supply.",{"type":594,"attrs":148484,"content":148485},{"textAlign":49},[148486,148488],{"text":148487,"type":599},"However, while at a cell level cobalt’s use will decrease, cobalt demand is still set to soar",{"text":148489,"type":599},"as battery production increases, in turn OEM’s exposure to cobalt will significantly increase as they undertake electrification projects. Consequently, similar deals to the VW-Ganfeng deal are likely in the cobalt space.",{"type":594,"attrs":148491,"content":148492},{"textAlign":49},[148493],{"text":148494,"type":599},"ARE JUNIORS SET TO BENEFIT?",{"type":594,"attrs":148496,"content":148497},{"textAlign":49},[148498],{"text":148499,"type":599},"Volkswagen added that it “has set itself the goal of promoting lithium production in Europe in the medium term – there are relevant deposits in Central and Southern Europe, for example. Several production steps are required before the lithium enters the cell: First, the raw material is extracted from the rock, then processed in chemical processes to produce concentrate and hydroxide, then processed with cobalt, manganese and nickel to form a mixed oxide, applied to an aluminium foil, inserted as a wound foil into the cell housing and mixed with electrolytes. As many of these steps as possible are to be implemented in Europe in the future.”",{"type":594,"attrs":148501,"content":148502},{"textAlign":49},[148503],{"text":148504,"type":599},"VW’s suggested involvement is significant to European lithium junior miners. There is a strong European lithium pipeline developing with notable developments in Serbia, Portugal, Spain, and Hungary, which VW is referring to.",{"type":594,"attrs":148506,"content":148507},{"textAlign":49},[148508],{"text":148509,"type":599},"This is also significant to the wider supply chain, as VW suggests it wants to centre more of the supply chain’s key components in Europe, whether it be the mining operations, chemical processing or cathode production.",{"type":594,"attrs":148511,"content":148512},{"textAlign":49},[148513],{"text":148514,"type":599},"For a continent with bold megafactory plans but little raw material or processing capacity these developments would be a milestone in moves towards Europe playing a role in the earlier stages of the supply chain, which today it does not.",{"type":594,"attrs":148516,"content":148517},{"textAlign":49},[148518],{"text":148519,"type":599},"However, the VW-Ganfeng announcement does not necessarily suggest that the next stage will be a flurry of OEMs investing directly in the supply chain.",{"type":594,"attrs":148521,"content":148522},{"textAlign":49},[148523],{"text":148524,"type":599},"These decisions are still dependent on the cathode and cell producers who ultimately hold the keys to the next step of the supply chain. This is particularly important with developments in cathode chemistry, which affect the type and specification of lithium required to meet these demands.",{"type":594,"attrs":148526,"content":148527},{"textAlign":49},[148528],{"text":148529,"type":599},"Long-term contracts and offtake agreements remain the route for OEMs to secure raw material supplies, but as these companies become more desperate for raw materials and the space becomes more competitive then we may see OEMs take a more direct role.",{"type":594,"attrs":148531,"content":148532},{"textAlign":49},[148533],{"text":148534,"type":599},"VW is not an isolated case and auto makers are becoming increasingly aware of the needs to secure lithium supply to meet EV targets. The VW-Ganfeng announcement looks like the beginning of a phase in which the auto industry’s incumbents become involved in a scramble for lithium and other raw materials. Whether this will played out through offtakes, long-term contracts or even closer alignment from OEMs is yet to be seen.","At the start of April 2019 Volkswagen and Ganfeng Lithium announced a landmark lithium supply, which is key to the auto giant’s electrification plans. Volkswagen (VW) has taken a major step in securing the future of its bold electric vehicle (EV) production targets by locking in a long-term lithium supply deal with China’s Ganfeng Lithium. […]",[148537],{"slug":544,"name":543,"content":148538},{"job_title":557,"image":148539,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"324c4675-a737-43d6-afa2-7c51f6795d10\", \"id\": \"\"}-->",[148542,148543,148544],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":148546,"copyright":547,"fieldtype":553,"meta_data":148547,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6c23e97624/bm-istock-1057516818.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 12, 2019",{"id":148550,"uuid":148551,"name":148552,"slug":148553,"full_slug":148554,"content":148555},112474369858463,"5dd1255e-3c38-4a8f-90e7-ae864da051c2","THE EU H2020 FAME PROJECT: MINERAL PROCESSING SOLUTIONS FOR THE 21ST CENTURY","the-eu-h2020-fame-project-mineral-processing-solutions-for-the-21st-century","article/the-eu-h2020-fame-project-mineral-processing-solutions-for-the-21st-century",{"_uid":148556,"date":148379,"tags":148557,"editor":148558,"content":148562,"excerpt":148766,"featured":50,"reporter":148767,"_editable":148771,"component":864,"seo_title":148552,"categories":148772,"visibility":882,"author_company":49,"featured_image":148775,"seo_description":148766,"author_full_name":49,"author_job_title":49,"formattedDate":148548},"95d877fa-72a3-47d0-92e0-73fb7d23134c",[],[148559],{"slug":544,"name":543,"content":148560},{"job_title":557,"image":148561,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":148563},[148564,148569,148574,148579,148584,148589,148594,148601,148606,148611,148616,148621,148626,148633,148640,148643,148648,148655,148660,148663,148668,148673,148680,148687,148690,148695,148702,148709,148716,148723,148732,148739,148744,148749,148754,148759],{"type":594,"attrs":148565,"content":148566},{"textAlign":49},[148567],{"text":148568,"type":599},"This feature explores a European Union (EU) collaboration looking to develop the EU’s mineral processing facilities to bring them in line with the demands of modern industrial developments. By C P Broadbent and K Oliver of Wardell Armstrong International Ltd",{"type":594,"attrs":148570,"content":148571},{"textAlign":49},[148572],{"text":148573,"type":599},"FAME was a first-generation Horizon 2020 EU funded research and innovation project looking at Flexible And Mobile Economic Mineral Processing (FAME) designed to facilitate the commercial exploitation of European skarn, greisen and pegmatite deposits.",{"type":594,"attrs":148575,"content":148576},{"textAlign":49},[148577],{"text":148578,"type":599},"The FAME Consortium comprised 17 beneficiaries from 7 different EU28 states. It commenced on 1 January 2015 and ended on 31 December 2018.",{"type":594,"attrs":148580,"content":148581},{"textAlign":49},[148582],{"text":148583,"type":599},"FAME test work was carried out on six reference ores, we have listed two examples of each of the ore types:",{"type":594,"attrs":148585,"content":148586},{"textAlign":49},[148587],{"text":148588,"type":599},"Scouting and bench scale mineral processing test work led to pilot plant testing of two, innovative process flow sheets:",{"type":594,"attrs":148590,"content":148591},{"textAlign":49},[148592],{"text":148593,"type":599},"Both pilot plant campaigns were undertaken at TRL 6/7.",{"type":594,"attrs":148595,"content":148596},{"textAlign":49},[148597,148599],{"text":148598,"type":599},"The Gonçalo pilot plant test work successfully demonstrated that production",{"text":148600,"type":599},"of Li-mica concentrates suitable for the conversion to lithium compounds for use in lithium ion batteries.",{"type":594,"attrs":148602,"content":148603},{"textAlign":49},[148604],{"text":148605,"type":599},"The Tellerhäuser pilot plant test work successfully produced tin concentrates appropriate for primary smelting. Indeed, interest of a local tin smelter operating currently, exclusively on secondary tin production, could return primary smelting to Europe after a gap of more than two decades.",{"type":594,"attrs":148607,"content":148608},{"textAlign":49},[148609],{"text":148610,"type":599},"Background",{"type":594,"attrs":148612,"content":148613},{"textAlign":49},[148614],{"text":148615,"type":599},"In 2008 the EU launched a “Raw Materials Initiative” with the aim to secure sustainable supplies of non-energy, non-agricultural raw materials. An integrated strategy was established to boost resources efficiency and recycling, ensure a level playing field in access to resources in third countries and foster sustainable supply from European sources.",{"type":594,"attrs":148617,"content":148618},{"textAlign":49},[148619],{"text":148620,"type":599},"The EU recognised also that many of the raw materials vital to European industry were reliant upon importation from outside the EU28 with China dominating the production of many of these commodities. In 2010 the EU published a list of 14 Critical Raw Materials (CRMs) which was updated to 20 CRMs in 2017 and extended to 27 CRMs in 2017. The current CRM list is shown in Table 1 below.",{"type":594,"attrs":148622,"content":148623},{"textAlign":49},[148624],{"text":148625,"type":599},"It is notable that lithium does not satisfy the ‘criticality’ test and is currently not one of the 27 CRMs. This is due principally to its relative abundance; however, it is regarded by the EU as a key strategic metal.",{"type":594,"attrs":148627,"content":148628},{"textAlign":49},[148629,148631],{"text":148630,"type":599},"One of the EU28 responses to the global financial crisis of 2007-2008 was a recommitment towards industry within Europe and in 2011 the EU heads of state and government called on the European Commission to bring together all the",{"text":148632,"type":599},"previous EU Research and Innovation (R&I) funding into a single common strategic framework. Horizon 2020 became the biggest EU R&I funding programme ever, with nearly 80 billion Euros of funding available over seven years (2014-2020) and is the financial instrument implementing the Innovation Union, a Europe 2020 flagship initiative aimed at securing Europe’s global competitiveness.",{"type":594,"attrs":148634,"content":148635},{"textAlign":49},[148636,148638],{"text":148637,"type":599},"FAME (Flexible and Mobile Economic Mineral Processing) was one of the initial cohort of Horizon 2020 projects with funding commencing on 1 January 2015 (7.4 million Euros) and was one of the first projects that was part of the H2020 Societal Challenge, ‘climate action, environment,",{"text":148639,"type":599},"resource efficiency and raw materials’ (Societal Challenge 5). FAME was a mineral processing R&I project which was industry driven and the FAME consortium comprised European mineral developers, technical and research orientated small and medium sized enterprises, research institutes, academia and raw materials networking companies. The Consortium Partners are show in Table 2.",{"type":594,"attrs":148641,"content":148642},{"textAlign":49},[],{"type":594,"attrs":148644,"content":148645},{"textAlign":49},[148646],{"text":148647,"type":599},"FAME’S scope",{"type":594,"attrs":148649,"content":148650},{"textAlign":49},[148651,148653],{"text":148652,"type":599},"FAME was established to increase the competitiveness of European enterprises developing mining and mineral processing operations based on skarn, pegmatite or greisen ore bodies within the EU28. The",{"text":148654,"type":599},"project focussed on ore type rather than a specific commodity as these three ore types are relatively common through Europe and contain many of the CRMs and lithium. The aim was to stimulate private investment in the European mining sector and help maintain key mineral processing skills and expertise within the EU28. This latter point was regarded as crucial as many metallurgical and mineral processing skills were in danger of being lost to Europe. The contraction of the European mining industry since WW2 had led to the closure of not only metallurgical plants in Europe but also many of the schools and universities where disciplines such as mineral processing were taught.",{"type":594,"attrs":148656,"content":148657},{"textAlign":49},[148658],{"text":148659,"type":599},"One of the principal reasons why skarns, pegmatites and greisens were chosen as ore types to work on in the FAME programme was that they were relatively abundant in Europe and often relatively small scale but mineralogically complex and, hence, most approriate to flexible and mobile mineral processing strategies. Furthermore, the European examples of these ore types were known to contain a number of CRMs, giving FAME a CRM focus, thereby supporting directly other EU initiatives.",{"type":594,"attrs":148661,"content":148662},{"textAlign":49},[],{"type":594,"attrs":148664,"content":148665},{"textAlign":49},[148666],{"text":148667,"type":599},"FAME was a 4-year project commencing 1 January 2015 and the grant ended on 31 December 2018. An overview of the Project is presented in Figure 2. FAME delivered mineral processing flowsheets that can enable the exploitation of European ore deposits in an environmentally acceptable manner.",{"type":594,"attrs":148669,"content":148670},{"textAlign":49},[148671],{"text":148672,"type":599},"Test work was carried out on six reference ores (see Figure 3). These comprised two examples of each of the three principal ore types. Although bespoke flow sheets were developed to unlock the mineral potential of the actual ores, it was always envisaged that the mineral processing strategies that were developed should be sufficiently flexible so that generic solutions could be applied to other, similar ore deposits.",{"type":594,"attrs":148674,"content":148675},{"textAlign":49},[148676,148678],{"text":148677,"type":599},"A number of tentative mineral processing",{"text":148679,"type":599},"flow sheets were developed but the culmination of the FAME project has been to undertake pilot plant test work at TLR6/7(4) on two different ores:",{"type":594,"attrs":148681,"content":148682},{"textAlign":49},[148683,148685],{"text":148684,"type":599},"The FAME Work Package (WP) 2 consisted of detailed mineralogical characterisation",{"text":148686,"type":599},"and chemical analysis of the ores and was a precursor to all subsequent process test work. WP3 dealt with bench scale processing of skarn and pegmatite ores whereas WP4 dealt with bench scale test work on greisen ores. WP5 essentially extended this work to larger scale, demonstration activities (the pilot plant test work) bringing the work closer to commercialisation.",{"type":594,"attrs":148688,"content":148689},{"textAlign":49},[],{"type":594,"attrs":148691,"content":148692},{"textAlign":49},[148693],{"text":148694,"type":599},"FAME results",{"type":594,"attrs":148696,"content":148697},{"textAlign":49},[148698,148700],{"text":148699,"type":599},"The significance of lithium as a battery metal vital to the implementation of the electrification of vehicles grew dramatically",{"text":148701,"type":599},"since the submission of the FAME proposal in 2014. As FAME was the only H2020 Raw Materials project dealing with the upstream production of lithium the FAME Steering Committee concluded that one of the principal demonstration projects within FAME should revolve around the production of lithium mineral concentrates. Three of the six FAME reference ores can be regarded as potential lithium resources. Indeed, FAME partner Keliber hopes to produce a lithium spodumene mineral concentrate from their own mine in 2021(5).",{"type":594,"attrs":148703,"content":148704},{"textAlign":49},[148705,148707],{"text":148706,"type":599},"Pilot scale production of lithium mica (lepidolite) concentrates containing up to 5.0% (m/m) lithium oxide (Li2O) has been undertaken successfully by LNEG(6) using",{"text":148708,"type":599},"a development of the generic mineral processing concept for processing lithium bearing hard rock minerals developed by the FAME programme (see Figure 4).",{"type":594,"attrs":148710,"content":148711},{"textAlign":49},[148712,148714],{"text":148713,"type":599},"FAME Partner GBM derived preliminary OPEX and CAPEX figures for a 1Mtpa and a 350,000 tpa mineral processing plant. CAPEX was estimated at approximately 75M USD and 40M USD respectively with OPEX between 150-350 USD/t (towards the upper estimate for the smaller plant). The MOTA Group (owner of the Gonçalo licence) is evaluating currently whether to expand their business portfolio to include Li-mica production. Whether this happens is likely to be dependent largely upon the availability of conversion plants to convert the mineral",{"text":148715,"type":599},"concentrate into lithium carbonate or lithium hydroxide within an economically viable distance. Currently there are no such facilities within EU28 and such facilities will be required in future should the electrification of vehicles proceed as anticipated and European automobile manufacturers wish to retain some security of supply by having a proportion of battery materials (and/or the batteries produced in Europe rather than relying on 100% importation from China.",{"type":594,"attrs":148717,"content":148718},{"textAlign":49},[148719,148721],{"text":148720,"type":599},"The Tellerhäuser deposit is a polymetallic skarn hosted deposit in the Western Erzgebirge in Saxony, Germany. It hosts tin, zinc, indium, copper, iron, silver and gallium. The deposit was explored extensively in the late 1960s to late 1980s by SDAG Wismut a",{"text":148722,"type":599},"Soviet-East German joint venture focussed on uranium mining. This exploration concluded with the statement that due to the complex mineralogy the ores were difficult, if not impossible to process viably. Saxore Bergbau GmbH (SBG) is a German registered company set up to hold Anglo Saxony Mining’s (ASM’s) project in Germany.",{"type":594,"attrs":148724,"content":148725},{"textAlign":49},[148726,148728,148730],{"text":148727,"type":599},"The main focus of SBG is the Tellerhäuser",{"text":148729,"type":599},"Project. SBG is a partner in FAME as well as a German nationally funded project (AFK). In 2018 FAME, AFK and SBG formed a unique research alliance to bundle ideas, results, work force, finances and know-how to create additional benefit for all parties. The results of this collaboration were to create an industrial scale pilot plant at UVR-FIA in Freiberg, Saxony, with UVR-FIA",{"text":148731,"type":599},"joining the FAME Consortium formally in mid 2018. The pilot plant campaign lasted until early December 2018 and the analysis and interpretation of all the data generated in the test work is still under way.",{"type":594,"attrs":148733,"content":148734},{"textAlign":49},[148735,148737],{"text":148736,"type":599},"However, M Roscher, MD of SBG concluded at the FAME Closure Conference in London in December 2018 that the FAME-AFK collaboration had resulted in the successful",{"text":148738,"type":599},"production of marketable tin concentrate with the co-recovery of sulphides (zinc and copper) and magnetite. Indeed, the statement that the Tellerhäuser ore was “too difficult” to process had, with the application of modern, flexible mineral processing technologies, been shown to be incorrect.",{"type":594,"attrs":148740,"content":148741},{"textAlign":49},[148742],{"text":148743,"type":599},"Impact and conclusions",{"type":594,"attrs":148745,"content":148746},{"textAlign":49},[148747],{"text":148748,"type":599},"FAME has delivered significant impact to the European mining and minerals sectors. This was recognised in July 2018 when the FAME consortium was awarded the IOM3 Medal for Excellence for “significant contributions to the art and science of mineral processing over a number of years”.",{"type":594,"attrs":148750,"content":148751},{"textAlign":49},[148752],{"text":148753,"type":599},"The output for FAME has been considerable with over 20 published papers (with more in the pipeline) and presentations at over 20 International Conferences (in Europe, Asia and the Americas). Furthermore, FAME has helped maintain key mining and metallurgical skills within Europe.",{"type":594,"attrs":148755,"content":148756},{"textAlign":49},[148757],{"text":148758,"type":599},"FAME has had a strong impact on SMEs within and associated with the FAME Consortium, having:",{"type":594,"attrs":148760,"content":148761},{"textAlign":49},[148762],{"text":148763,"type":599,"marks":148764},"The authors would like to thank all members of the FAME Consortium for their efforts over the last four years, and the EU for the provision of a Grant (No. 641650) under the EU’s Horizon 2020 Research and innovation Programme.",[148765],{"type":643},"This feature explores a European Union (EU) collaboration looking to develop the EU’s mineral processing facilities to bring them in line with the demands of modern industrial developments. By C P Broadbent and K Oliver of Wardell Armstrong International Ltd FAME was a first-generation Horizon 2020 EU funded research and innovation project looking at Flexible […]",[148768],{"slug":544,"name":543,"content":148769},{"job_title":557,"image":148770,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"95d877fa-72a3-47d0-92e0-73fb7d23134c\", \"id\": \"\"}-->",[148773,148774],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":148776,"copyright":547,"fieldtype":553,"meta_data":148777,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bc216f778e/bm-screen-shot-2019-05-12-at-063440-e1557639353220.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":148779,"uuid":148780,"name":148781,"slug":148782,"full_slug":148783,"content":148784},112474365045662,"a72b34cd-1b28-4687-9412-5f43a6f001a0","MANGANESE: THE BLACK ART","manganese-the-black-art","article/manganese-the-black-art",{"_uid":148785,"date":148379,"tags":148786,"editor":148787,"content":148791,"excerpt":149123,"featured":50,"reporter":149124,"_editable":149128,"component":864,"seo_title":148781,"categories":149129,"visibility":882,"author_company":49,"featured_image":149133,"seo_description":149123,"author_full_name":49,"author_job_title":49,"formattedDate":148548},"5dd8bb40-553f-45db-b1a0-cd1a01fdfe35",[],[148788],{"slug":544,"name":543,"content":148789},{"job_title":557,"image":148790,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":148792},[148793,148798,148803,148808,148813,148818,148823,148830,148837,148842,148847,148852,148857,148862,148871,148876,148881,148886,148893,148898,148903,148910,148919,148924,148931,148936,148941,148948,148955,148960,148965,148970,148975,148980,148985,148990,148995,149000,149007,149012,149017,149024,149029,149036,149041,149046,149051,149056,149063,149070,149075,149078,149083,149090,149095,149102,149109,149116],{"type":594,"attrs":148794,"content":148795},{"textAlign":49},[148796],{"text":148797,"type":599},"Manganese has typically been used in steel production but is a key ingredient in lithium ion battery cathode materials. Here, Dr Richard Flook explores the manganese market.",{"type":594,"attrs":148799,"content":148800},{"textAlign":49},[148801],{"text":148802,"type":599},"Manganese received its name from the Latin word “magnes” meaning “magnet”, or “magnesia nigri” meaning “black magnesia” which referred to pyrolusite (MnO2). With common oxidation states ranging from +7 to +2, manganese is a versatile element with fascinating chemistry.",{"type":594,"attrs":148804,"content":148805},{"textAlign":49},[148806],{"text":148807,"type":599},"Although mostly used and essential in steel production, manganese has become an important element in both alkaline and more recently in lithium ion batteries (LIBs). The majority of processed manganese products needed for LIBs are currently produced in China.",{"type":594,"attrs":148809,"content":148810},{"textAlign":49},[148811],{"text":148812,"type":599},"Reduced manganese ore production in China is changing the overall supply and demand balance and is now creating opportunities for production of LIB grade manganese products outside China.",{"type":594,"attrs":148814,"content":148815},{"textAlign":49},[148816],{"text":148817,"type":599},"Global resources",{"type":594,"attrs":148819,"content":148820},{"textAlign":49},[148821],{"text":148822,"type":599},"Manganese is the 12th most abundant element in the Earth’s crust and it is considered to be a relatively abundant metal. Global manganese resources (expressed as manganese) are estimated to be over 17 billion tonnes not including large but largely unquantified seabed resources.",{"type":594,"attrs":148824,"content":148825},{"textAlign":49},[148826,148828],{"text":148827,"type":599},"World economically recoverable reserves of manganese are estimated by the USGS to be about 680 million tonnes, and annual global production is about 16 million tonnes. However, despite the very large resources and",{"text":148829,"type":599},"reserves, the industry is very concentrated with four countries (South Africa, China Brazil and Australia) accounting for about 70% of both production and reserves (Table 1). In addition, South Africa accounts for 78% and Ukraine accounts for about 10% of manganese resources.",{"type":594,"attrs":148831,"content":148832},{"textAlign":49},[148833,148835],{"text":148834,"type":599},"The International Manganese Institute (IMnI) estimated manganese production in 2017 to be significantly higher at about 18.6 million tonnes (Table 2, Figures 1 & 2). This was an increase of 23% from 2016 (or",{"text":148836,"type":599},"3.4 million tonnes), driven by lower output in China combined with rising demand especially from China. China’s manganese ore imports were 21.3 million wet tonnes in 2017, an increase of 25%. This trend is expected to continue due to declining ore grades and increased environmental regulations which are increasing extraction costs in China.",{"type":594,"attrs":148838,"content":148839},{"textAlign":49},[148840],{"text":148841,"type":599},"Manganese ores can contain up to 50% manganese but most commercially viable deposits contain about 35% manganese and sometimes as low as 15% manganese.",{"type":594,"attrs":148843,"content":148844},{"textAlign":49},[148845],{"text":148846,"type":599},"Gabon, Australia and Brazil generally mine the highest grade ore (>43% manganese) and China and Ghana generally mine the lowest grades (15-20% manganese). The IMnI have estimated that global production is approximately equally split between high-grade ore (>44% manganese), mid-grade ore (30 – 44% manganese) and low-grade ore (\u003C30% manganese).",{"type":594,"attrs":148848,"content":148849},{"textAlign":49},[148850],{"text":148851,"type":599},"The most common manganese ore minerals are oxides such as pyrolusite and carbonates such as rhodochrosite. Manganese silicates such as braunite are the major ore in the Kalahari district in South Africa; in Groote Eylandt, Australia; and in several districts in India (USGS).",{"type":594,"attrs":148853,"content":148854},{"textAlign":49},[148855],{"text":148856,"type":599},"The world’s largest producer of manganese ore – with mines in both Australia and South Africa – and operator of the world’s largest manganese mine at Groote Eylandt in Australia, is South32, formerly part of BHP Billiton. The company reported increased sales and prices and an EBITDA margin of 58% in 2018. Anglo American has 40% equity in the manganese operations.",{"type":594,"attrs":148858,"content":148859},{"textAlign":49},[148860],{"text":148861,"type":599},"The world’s second largest manganese producer, Eramet operates the Moanda mine in Gabon. Eramet are also aspiring to develop a lithium deposit in Argentina and become a supplier of a range of battery raw materials including lithium carbonate, nickel salts, cobalt and manganese as well as evaluating opportunities in battery recycling. Eramet had previously sold Erachem, its manganese chemicals business, to the parent company of Prince International Corporation in December 2016.",{"type":594,"attrs":148863,"content":148864},{"textAlign":49},[148865,148867,148869],{"text":148866,"type":599},"Citic Dameng has manganese mining and ore processing operations in China and Gabon and downstream processing operations in China comprising hydrometallurgical",{"text":148868,"type":599},"processing and pyrometallurgical processing to produce electrolytic manganese metal (EMM), manganese briquette, electrolytic manganese dioxide (EMD), manganese sulphate monohydrate",{"text":148870,"type":599},"(MSM), silicomanganese alloys and lithium manganese oxide (LMO).",{"type":594,"attrs":148872,"content":148873},{"textAlign":49},[148874],{"text":148875,"type":599},"Other major manganese ore producers are Assmang (South Africa), African Rainbow Minerals (South Africa), Consmin (Australia and Ghana), Jupiter Mines (South Africa), MOIL (India) and Vale (Brazil).",{"type":594,"attrs":148877,"content":148878},{"textAlign":49},[148879],{"text":148880,"type":599},"IMnI estimate that new projects and mine expansions would add about another 6.7 million wet tonnes pa capacity of manganese ore by 2020.",{"type":594,"attrs":148882,"content":148883},{"textAlign":49},[148884],{"text":148885,"type":599},"Manganese markets",{"type":594,"attrs":148887,"content":148888},{"textAlign":49},[148889,148891],{"text":148890,"type":599},"About 88% of manganese ore is used to produce alloys (ferromanganese and silicomanganese) for integrated or mini-mill steel production (79%) or in foundry and welding (9%). About 9% of ore is used to produce EMM. The remaining 3% of manganese ore (about 0.5 million tonnes manganese) is mainly used to produce EMD",{"text":148892,"type":599},"and chemicals, particularly manganese sulphate monohydrate (MSM) which in turn is commonly used as a fertiliser and as a precursor for manganese in lithium ion batteries. The distinction is that fertiliser grades of MSM have specifications based on limiting toxicity whereas battery grades of MSM have specifications based on limiting battery active impurities.",{"type":594,"attrs":148894,"content":148895},{"textAlign":49},[148896],{"text":148897,"type":599},"IMnI estimated that about 1.75 million tonnes of EMM was produced in 2017, predominantly (97%) in China. The world’s largest producer is Ningxia Tianyuan Manganese Industry with capacity to produce 0.8 million tonnes of EMM.",{"type":594,"attrs":148899,"content":148900},{"textAlign":49},[148901],{"text":148902,"type":599},"IMnI also estimated that about 0.4 million tonnes of EMD was produced in 2017 of which about 40,000 tonnes was LMO battery grade and 268,000 tonnes was alkaline and other battery grade EMD (Table 3). China was again the major producer with 68% of global EMD production.",{"type":594,"attrs":148904,"content":148905},{"textAlign":49},[148906,148908],{"text":148907,"type":599},"Tosoh produces EMD in Hyuga, Japan (Tosoh Hyuga Corporation) and Thessaloniki, Greece (Tosoh Hellas A.I.C.). Tosoh LMO grades of EMD specify 60.5% manganese which is equivalent to 95.7% MnO2 and three fine particle sizes (Table 4). Tosoh’s EMD for alkaline dry batteries has lower purity (min 91% MnO2) and coarser",{"text":148909,"type":599},"particle sizing (80% less than 74 microns or 80% below 44 microns).",{"type":594,"attrs":148911,"content":148912},{"textAlign":49},[148913,148915,148917],{"text":148914,"type":599},"As well as operating the largest manganese mine in China, Citic Dameng is a globally significant producer of downstream products. In 2017, the company sold 141 kt pa of EMM, 27ktpa of EMD and 27kt pa of MSM as well as 92kt pa of other manganese based",{"text":148916,"type":599},"products. Citic Dameng recently issued a profit forecast upgrade partly due to the increasing significance of battery materials. In the first half of 2018, the proportion of downstream processing revenue from battery materials had increased from 10% to 17% and the proportion of gross profit from battery materials had increased from 10% of total",{"text":148918,"type":599},"downstream processing gross profit in 2017 to 24% in 2018. Citic Dameng’s MSM grade properties are given in Table 5 together with battery grade MSM from ISKY.",{"type":594,"attrs":148920,"content":148921},{"textAlign":49},[148922],{"text":148923,"type":599},"Business developments",{"type":594,"attrs":148925,"content":148926},{"textAlign":49},[148927,148929],{"text":148928,"type":599},"In the past decade there have been a number of attempts to enter the downstream manganese processing market. In 2010 for example, Galaxy Ventures conducted a pre-feasibility study into establishing a plant with capacity of producing 40,000 tonnes pa of battery grade EMD using up to 70,000 tonnes pa of manganese ore from Consmin. The",{"text":148930,"type":599},"capital cost was estimated to be A$97M and despite an impressive IRR of 58% the project did not proceed.",{"type":594,"attrs":148932,"content":148933},{"textAlign":49},[148934],{"text":148935,"type":599},"Also in the past decade there have been significant changes in existing manganese processing facilities.",{"type":594,"attrs":148937,"content":148938},{"textAlign":49},[148939],{"text":148940,"type":599},"In 2014, Delta EMD, a specialist EMD producer, with plants in South Africa closed and sold its assets due to overcapacity and low prices in the EMD market, particularly for product from China. The company had closed its Australian EMD plant in 2007.",{"type":594,"attrs":148942,"content":148943},{"textAlign":49},[148944,148946],{"text":148945,"type":599},"In 2016, Eramet sold Erachem the world’s leading manganese chemicals business",{"text":148947,"type":599},"which had sales of US187M in 2015 and bases in USA, Mexico, China and Belgium for approximately US193 million. This sale was part of a business rationalisation following low manganese prices and Eramet have indicated that they may re-enter the market possibly through battery recycling.",{"type":594,"attrs":148949,"content":148950},{"textAlign":49},[148951,148953],{"text":148952,"type":599},"In 2018, Tronox sold its Electrolytic Division which produces EMD, LMO and boron chemicals in Nevada, USA to EMD Acquisition LLC for $6 million in and recorded a pre-tax loss on the sale of $31 million. Again, this sale was part of a business rationalisation following merger initiation with its titanium",{"text":148954,"type":599},"dioxide competitor Cristal.",{"type":594,"attrs":148956,"content":148957},{"textAlign":49},[148958],{"text":148959,"type":599},"However, more recently there has been renewed interest in downstream manganese processing based on the anticipated growth of manganese in lithium ion batteries.",{"type":594,"attrs":148961,"content":148962},{"textAlign":49},[148963],{"text":148964,"type":599},"Element 25 is proceeding to a pre-feasibility Study (PFS), due for completion in 2019, evaluating production of high purity manganese sulphate (HPMS) for lithium ion batteries and high purity electrolytic manganese metal (HPEMM).",{"type":594,"attrs":148966,"content":148967},{"textAlign":49},[148968],{"text":148969,"type":599},"The company claims that their hydrometallurgical leach processing and purification process which was developed with the CSIRO is the key factor in utilising manganese ore from their Butcherbird manganese ore deposit in Western Australia. Recent laboratory tests have produced 99.95% EMM (Table 6).",{"type":594,"attrs":148971,"content":148972},{"textAlign":49},[148973],{"text":148974,"type":599},"Justin Brown, Executive Director of Element 25, outlined the following project comparisons:",{"type":594,"attrs":148976,"content":148977},{"textAlign":49},[148978],{"text":148979,"type":599},"“We have a very large resource, currently over 180Mt and with the current base case of 100kt pa EMM we would have a mine life in excess of 100 years. The geology is simple and unique. The orebody outcrops, with a life of mine strip ratio of 0.2:1 meaning our manganese units are very low cost.",{"type":594,"attrs":148981,"content":148982},{"textAlign":49},[148983],{"text":148984,"type":599},"“We have excellent infrastructure, with a bitumen highway and gas pipeline going straight through the project. The availability of gas coupled with cheap renewable energy will provide a very competitive cost of power.",{"type":594,"attrs":148986,"content":148987},{"textAlign":49},[148988],{"text":148989,"type":599},"“We use a wet scrubbing process to upgrade the ore from around 12% to around 28% manganese which is the feed for the leach circuit. Our process extracts 95% of the manganese in around 30 minutes at ambient temperature and at atmospheric pressure.",{"type":594,"attrs":148991,"content":148992},{"textAlign":49},[148993],{"text":148994,"type":599},"“The reaction happens efficiently from 75micron right up to around 4-6mm particle size. Most of our competitors have to fine grind and either roast the ore or use a sulphuric acid leach with leach times of between 6 and 24 hours.",{"type":594,"attrs":148996,"content":148997},{"textAlign":49},[148998],{"text":148999,"type":599},"“The compound effect of these competitive advantages means that we expect to have a very long life project with a sustainable production cost at the lower end of the bottom quartile and likely the lowest globally.”",{"type":594,"attrs":149001,"content":149002},{"textAlign":49},[149003,149005],{"text":149004,"type":599},"Euro Manganese’s Chvaletice project in the Czech Republic aims to recycle 27 million tonnes of tailings material over 25 years to",{"text":149006,"type":599},"produce 1.19 million tonnes of HPEMM, which is anticipated to be sold as 404,100 tonnes of HPEMM and 2.35 million tonnes of high purity manganese sulphate (HPMSM).",{"type":594,"attrs":149008,"content":149009},{"textAlign":49},[149010],{"text":149011,"type":599},"Project economics are based on projected average HPEMM (>99.9% Mn) price of $4,617/tonne and HPMSM (>32% Mn) price of $2,666/tonne over the 25 year project life. Capital requirements were estimated to be $404M initial capital, $25M annual sustaining capital and $31M working capital.",{"type":594,"attrs":149013,"content":149014},{"textAlign":49},[149015],{"text":149016,"type":599},"The company’s next step is to build a demonstration plant in 2019 and produce products for commercial evaluation.",{"type":594,"attrs":149018,"content":149019},{"textAlign":49},[149020,149022],{"text":149021,"type":599},"QMB New Energy Materials is a joint venture of battery recycling company GEM, Tsingshan Industries, Brunp Recycling (part of CATL) and Hanwa will invest $700 million to build a hydrometallurgical base in Indonesia. Capacity will be not less than 50,000 tonnes of nickel metal and 4,000 tonnes of cobalt metal, with an output of 50,000 tonnes of nickel hydroxide intermediate, 150,000 tonnes of battery-grade nickel sulphate, 20,000 tonnes of battery-grade cobalt sulphate and 30,000 tonnes of battery-grade manganese sulphate.",{"text":149023,"type":599},"Pilbara Metals Group are aiming to establish a processing plant in Perth in Western Australia to produce up to 20,000 tonnes pa of HPMSM from manganese ore sourced from third parties in Western Australia. An additional 20,000 tonnes pa of lower grade MSM is also planned for agricultural applications to replace current imports (about 30,000 tonne pa).",{"type":594,"attrs":149025,"content":149026},{"textAlign":49},[149027],{"text":149028,"type":599},"Bryah Resources is exploring for manganese in the highly prospective Bryah Basin in Western Australia where mining of high grade ore (>40%Mn) has previously occurred. Tenements cover 720 km2 over the western half of the basin.",{"type":594,"attrs":149030,"content":149031},{"textAlign":49},[149032,149034],{"text":149033,"type":599},"American Manganese have adapted their",{"text":149035,"type":599},"hydrometallurgical technology originally developed to extract manganese from low quality (2-3% Mn) ores to recycle cathode materials in lithium ion batteries. The company initially intends to build a 1,100 tonnes pa capacity commercial plant.",{"type":594,"attrs":149037,"content":149038},{"textAlign":49},[149039],{"text":149040,"type":599},"Manganese in batteries",{"type":594,"attrs":149042,"content":149043},{"textAlign":49},[149044],{"text":149045,"type":599},"It is estimated that about 250,000 tonnes of manganese was used in all types of batteries in 2017 and about 22% was used in lithium ion batteries (Figure 3).",{"type":594,"attrs":149047,"content":149048},{"textAlign":49},[149049],{"text":149050,"type":599},"The amount of manganese in individual lithium ion batteries can vary significantly depending on the cathode chemistry (Figure 4).",{"type":594,"attrs":149052,"content":149053},{"textAlign":49},[149054],{"text":149055,"type":599},"LMO batteries which use γ-EMD and which currently contain the highest level of manganese are losing market share. NCM batteries which require HPMSM (or HPEMM to produce HPMSM) are gaining market share and are expected to increase their market share from about 50% in 2018 to about 75% in 2028. Unfortunately, the trend to lower cobalt levels in cathode formulations is favouring a move to NCM batteries also with lower manganese levels.",{"type":594,"attrs":149057,"content":149058},{"textAlign":49},[149059,149061],{"text":149060,"type":599},"However the long term picture may be more promising for manganese. The uptake of NCM 811 may not be as rapid as initially thought. In addition, BASF are reported to be developing a cathode chemistry with 70%",{"text":149062,"type":599},"manganese, 20% nickel and less than 5% cobalt, possibly for production in 2021.",{"type":594,"attrs":149064,"content":149065},{"textAlign":49},[149066,149068],{"text":149067,"type":599},"At the same time research on manganese in batteries is continuing. For example, studies of lithium–sulphur batteries with manganese dioxide nano-sheets in a 25wt% manganese/sulphur cathode have shown that the batteries should be capable of energy storage several times greater than conventional lithium-ion batteries and with a reduced cost.",{"text":149069,"type":599},"In their 2018 scoping study, Element 25 considered three high value manganese products, HPEMM, HPEMD and HPMSM and forecast a combined global market growth from 2.1 million tonnes in 2018 to over 2.7 million tonnes (manganese equivalent) in 2027. Highest growth was expected to come from the HPMSM market with a forecast CAGR of 6.4% (Table 7).",{"type":594,"attrs":149071,"content":149072},{"textAlign":49},[149073],{"text":149074,"type":599},"Euro Manganese have indicated that the market for manganese in lithium ion batteries could reach 200,000 tonnes in 2025, 500,000 tonnes in 2030 and 1 million tonnes in 2040 (Euro Manganese Corporate Presentation January 30, 2019).",{"type":594,"attrs":149076,"content":149077},{"textAlign":49},[],{"type":594,"attrs":149079,"content":149080},{"textAlign":49},[149081],{"text":149082,"type":599},"On the other hand, Eramet recently estimated that less than 10,000 tonnes of manganese was used in EV and storage battery markets in 2018 but that this market will grow at a CAGR of greater than 39% to about 100,000 tonnes by 2025 (Table 8).",{"type":594,"attrs":149084,"content":149085},{"textAlign":49},[149086,149088],{"text":149087,"type":599},"While all these projections are for a rising market for manganese in batteries,",{"text":149089,"type":599},"without access to detailed background and assumptions it is difficult to compare the apparently disparate projections.",{"type":594,"attrs":149091,"content":149092},{"textAlign":49},[149093],{"text":149094,"type":599},"This may be simply an example of “it is difficult to predict, especially the future” (to quote Niels Bohr and others), but it is also a consequence of the dynamic state of the growing and evolving global battery industry.",{"type":594,"attrs":149096,"content":149097},{"textAlign":49},[149098],{"text":149099,"type":599,"marks":149100},"Dr Richard Flook has worked for both suppliers and consumers of minerals with global companies including, Steetley plc, Anglo American, Commercial Minerals (now Sibelco), Normandy Mining Ltd, Omya AG and Shinagawa Refractories.",[149101],{"type":643},{"type":594,"attrs":149103,"content":149104},{"textAlign":49},[149105],{"text":149106,"type":599,"marks":149107},"Richard has been CEO, Managing Director & Director of Asian and Australasian companies. He has specialised in new business opportunities including strategic planning, trading, market development and acquisitions in the industrial minerals industry and has been involved in managing and developing mineral operations and businesses in Asia and Australasia.",[149108],{"type":643},{"type":594,"attrs":149110,"content":149111},{"textAlign":49},[149112],{"text":149113,"type":599,"marks":149114},"Richard is a Fellow of the Australasian Institute of Mining & Metallurgy (FAusIMM (CP)) and the Australian Institute of Company Directors (FAICD). Richard is a graduate of Sydney University (BSc First Class Honours, PhD) and the University of NSW (Master of Commerce).",[149115],{"type":643},{"type":594,"attrs":149117,"content":149118},{"textAlign":49},[149119],{"text":149120,"type":599,"marks":149121},"Since 2014, Richard has been the Managing Director of Mosman Resources, a private consulting business, specialising in the production and marketing of industrial minerals and chemicals.",[149122],{"type":643},"Manganese has typically been used in steel production but is a key ingredient in lithium ion battery cathode materials. Here, Dr Richard Flook explores the manganese market. Manganese received its name from the Latin word “magnes” meaning “magnet”, or “magnesia nigri” meaning “black magnesia” which referred to pyrolusite (MnO2). With common oxidation states ranging from […]",[149125],{"slug":544,"name":543,"content":149126},{"job_title":557,"image":149127,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5dd8bb40-553f-45db-b1a0-cd1a01fdfe35\", \"id\": \"\"}-->",[149130,149131,149132],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2761,"name":2762},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":149134,"copyright":547,"fieldtype":553,"meta_data":149135,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f66dbfa6fc/bm-090417-mn-outcrop-e1557640496232.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":149137,"uuid":149138,"name":149139,"slug":149140,"full_slug":149141,"content":149142},112474360355741,"c25a760c-3897-441f-9959-6db8f2817667","AFRICA’S CHALLENGE","africas-challenge","article/africas-challenge",{"_uid":149143,"date":148379,"tags":149144,"editor":149146,"content":149150,"excerpt":149285,"featured":50,"reporter":149286,"_editable":149290,"component":864,"seo_title":149139,"categories":149291,"visibility":882,"author_company":49,"featured_image":149294,"seo_description":149285,"author_full_name":49,"author_job_title":49,"formattedDate":148548},"6034a602-ed56-4697-9417-e69dee240a04",[149145],{"slug":584,"name":585},[149147],{"slug":544,"name":543,"content":149148},{"job_title":557,"image":149149,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":149151},[149152,149157,149162,149167,149172,149177,149182,149189,149194,149201,149206,149213,149218,149223,149228,149233,149238,149243,149248,149253,149260,149265,149272,149277],{"type":594,"attrs":149153,"content":149154},{"textAlign":49},[149155],{"text":149156,"type":599},"An industry dominated by China sees Africa play an increasing role supplying natural flake graphite. How quickly can Africa displace China’s graphite lead?",{"type":594,"attrs":149158,"content":149159},{"textAlign":49},[149160],{"text":149161,"type":599},"After a successful Q1, Syrah Resources continues to lead the African graphite charge.",{"type":594,"attrs":149163,"content":149164},{"textAlign":49},[149165],{"text":149166,"type":599},"Syrah beat its Q1 2019 guidance target of 45,000 tonnes of natural flake graphite for its Balama project in Madagascar, having produced 49,000 tonnes over the quarter. This was achieved despite ultimately misplaced fears that the operation would be affected by the devastating Cyclone Idai.",{"type":594,"attrs":149168,"content":149169},{"textAlign":49},[149170],{"text":149171,"type":599},"Over the quarter, production volumes ramped up – with Syrah producing 19,000 tonnes of natural flake in March. This bodes well for the company, which is committed to targeting up to 250,000 tonnes of production in 2019. If this target is reached the mine will account for a significant proportion of the natural flake market, which produced approximately 700,000 tonnes in 2018.",{"type":594,"attrs":149173,"content":149174},{"textAlign":49},[149175],{"text":149176,"type":599},"The company is also reporting that cash costs at the Balama project are trending downwards from $550 per tonne to $400 per tonne. This combination of a significant ramp up in production and lower costs is beginning to affect the fundamentals of the market, particularly Chinese producers.",{"type":594,"attrs":149178,"content":149179},{"textAlign":49},[149180],{"text":149181,"type":599},"However, although Syrah is achieving low costs it is having to sell its product at notably low prices to compete with Chinese domestic supply.",{"type":594,"attrs":149183,"content":149184},{"textAlign":49},[149185,149187],{"text":149186,"type":599},"For example, it announced in April that the weighted average price it achieved in Q1 was $469 per tonne. Whereas at the start of the quarter the company was targeting a weighted average CIF price of US$500-600 per tonne for H1",{"text":149188,"type":599},"2019, ultimately targeting above $600 over the medium term.",{"type":594,"attrs":149190,"content":149191},{"textAlign":49},[149192],{"text":149193,"type":599},"Having made a net loss before income tax of $10.3 million in 2018, questions remain as to how long Syrah can operate at its current price levels.",{"type":594,"attrs":149195,"content":149196},{"textAlign":49},[149197,149199],{"text":149198,"type":599},"Another, albeit smaller, Madagascan project had positive news in March, with Tirupati Graphite announcing it has begun production at its Sahamamy mine in Madagascar, producing 3,000 tpa. The Indian miner expects to extend this production capacity to 9,000 tpa by the end",{"text":149200,"type":599},"of the year and for the mine to ramp up to 21,000 tpa in 2020.",{"type":594,"attrs":149202,"content":149203},{"textAlign":49},[149204],{"text":149205,"type":599},"Other development stage African outfits also made promising developments over the quarter.",{"type":594,"attrs":149207,"content":149208},{"textAlign":49},[149209,149211],{"text":149210,"type":599},"In February, Black Rock Mining’s 100% owned Tanzanian subsidiary Mahenge Resources announced it had been granted mining licenses for the development of its Mahenge Graphite Mine. Black Rock now has 205,000 tonnes of offtake agreements in place, and expects the Mahenge mine to produce 250,000 tonnes per",{"text":149212,"type":599},"annum once the project is complete and ramped up.",{"type":594,"attrs":149214,"content":149215},{"textAlign":49},[149216],{"text":149217,"type":599},"The company now has three supply agreements in place, signing the latest at the start of the quarter with Taihe Soar, from Dalian, China. The three-year offtake agreement is structured as 37,500 tpa, in year one, 80,000 tpa for year two, and rises to 100,000 to tpa in year three. This adds to the company’s existing offtake agreements with Heilongjiang Bohao and Qingdao Fujin, bringing the total supply deals to 82,500 tpa in year one, 145,000 tpa in year two and the 205,000 tpa in year three.",{"type":594,"attrs":149219,"content":149220},{"textAlign":49},[149221],{"text":149222,"type":599},"Also in February, another development stage African miner, Next Source Materials, received mining licenses for its Madagascan Molo Graphite Project. The company is targeting production in 2020, with 17,000 tpa in phase 1 of the project.",{"type":594,"attrs":149224,"content":149225},{"textAlign":49},[149226],{"text":149227,"type":599},"It’s not just African development stage companies to have met milestones during the quarter, in February the Canadian based Nouveau Monde signed a 25,000 tpa five-year offtake agreement with Traxys after an initial two-year period where Traxys will market 200 tonnes of Nouveau Monde’s product for customer prequalification.",{"type":594,"attrs":149229,"content":149230},{"textAlign":49},[149231],{"text":149232,"type":599},"SHIFTING FOUNDATIONS",{"type":594,"attrs":149234,"content":149235},{"textAlign":49},[149236],{"text":149237,"type":599},"These developments are likely to have an impact on Chinese natural flake producers as a low-cost production feedstock base is being established in Africa. Throughout the quarter these new natural flake graphite supplies from Africa have accelerated the changes developing in the supply structure of the market.",{"type":594,"attrs":149239,"content":149240},{"textAlign":49},[149241],{"text":149242,"type":599},"Chinese suppliers have begun to acknowledge that new supplies from Mozambique and Madagascar are beginning to compete with Chinese suppliers with low cost and often higher quality feedstock.",{"type":594,"attrs":149244,"content":149245},{"textAlign":49},[149246],{"text":149247,"type":599},"These changes are showing in China’s import statistics. In 2018, the consequences of growing African supply led to China becoming a major flake graphite importer for the first time in a generation, with flake volumes over 60,000 for the year over a period which also saw a fall of 12% in Chinese exports.",{"type":594,"attrs":149249,"content":149250},{"textAlign":49},[149251],{"text":149252,"type":599},"This has continued into 2019. For example, import data shows that in February 2019 China imported approximately 13,500 tonnes of flake graphite from Mozambique – namely from Syrah’s Balama project. This is a sizeable increase as it is only a few tonnes less than the amount imported from Mozambique for the entire final quarter of 2018.",{"type":594,"attrs":149254,"content":149255},{"textAlign":49},[149256,149258],{"text":149257,"type":599},"Over the course of the year as this story",{"text":149259,"type":599},"unfolds we expect a number of smaller Chinese operations to be displaced by African suppliers and we are potentially on course for China to become a net importer of flake graphite for the first time. The pressure being exerted by low-cost African producers on Chinese companies could lead to much Chinese supply going to international industrial markets.",{"type":594,"attrs":149261,"content":149262},{"textAlign":49},[149263],{"text":149264,"type":599},"China’s natural flake graphite production may be at risk of competition but there is little prospect of its spherical graphite production being affected by international developments.",{"type":594,"attrs":149266,"content":149267},{"textAlign":49},[149268,149270],{"text":149269,"type":599},"China’s spherical graphite production has",{"text":149271,"type":599},"continued to increase, and with demand growth continuing, China will continue its dominance as the value-added graphite supplier throughout H1 and for the foreseeable future.",{"type":594,"attrs":149273,"content":149274},{"textAlign":49},[149275],{"text":149276,"type":599},"In January and February spherical graphite exports from China were reported to be 10,000 tonnes, with exports up 18% compared with the first two months of 2019.",{"type":594,"attrs":149278,"content":149279},{"textAlign":49},[149280,149282,149283],{"text":149281,"type":599},"Figures coming out of China should be treated scepticism, but ",{"text":7249,"type":599},{"text":149284,"type":599},"has spoken to industry sources who are expecting to see spherical graphite exports increase throughout the year.","An industry dominated by China sees Africa play an increasing role supplying natural flake graphite. How quickly can Africa displace China’s graphite lead? After a successful Q1, Syrah Resources continues to lead the African graphite charge. Syrah beat its Q1 2019 guidance target of 45,000 tonnes of natural flake graphite for its Balama project in […]",[149287],{"slug":544,"name":543,"content":149288},{"job_title":557,"image":149289,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6034a602-ed56-4697-9417-e69dee240a04\", \"id\": \"\"}-->",[149292,149293],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":149295,"copyright":547,"fieldtype":553,"meta_data":149296,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/164ce448b5/bm-dsc-0234.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":149298,"uuid":149299,"name":149300,"slug":149301,"full_slug":149302,"content":149303},112474398772133,"ea65b55c-32ac-47f8-8d53-f82959103d2c","TIPPING POINT","tipping-point","article/tipping-point",{"_uid":149304,"date":149305,"tags":149306,"editor":149307,"content":149311,"excerpt":149478,"featured":50,"reporter":149479,"_editable":149483,"component":864,"seo_title":149300,"categories":149484,"visibility":882,"author_company":49,"featured_image":149487,"seo_description":149478,"author_full_name":49,"author_job_title":49,"formattedDate":149490},"759d47c2-6dd4-4198-8243-94daaa356e79","2019-05-09 00:00",[],[149308],{"slug":544,"name":543,"content":149309},{"job_title":557,"image":149310,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":149312},[149313,149318,149323,149334,149342,149347,149354,149359,149364,149376,149381,149386,149397,149405,149412,149417,149428,149433,149438,149443,149448,149453,149460,149465,149470],{"type":594,"attrs":149314,"content":149315},{"textAlign":49},[149316],{"text":149317,"type":599},"In March, Benchmark’s Simon Moores spoke at the Prospectors and Developers Association Conference (PDAC) in Toronto. Here, Paul Harris covers the key talking points of a panel discussion on the electrification revolution.",{"type":594,"attrs":149319,"content":149320},{"textAlign":49},[149321],{"text":149322,"type":599},"BY PAUL HARRIS",{"type":594,"attrs":149324,"content":149325},{"textAlign":49},[149326,149328,149332],{"text":149327,"type":599},"The price mechanism will find a way to combat mineral commodity scarcity and ensure materials are available for the growth in electric vehicle (EV) batteries despite the apparent scarcity of some metal commodities, according to participants on the ",{"text":149329,"type":599,"marks":149330},"Electrification Revolution: EVs, Energy Storage and Commodity Inputs ",[149331],{"type":643},{"text":149333,"type":599},"panel at the Prospectors and Developers Association Conference (PDAC) in Toronto, Canada in March.",{"type":594,"attrs":149335,"content":149336},{"textAlign":49},[149337,149339,149340],{"text":149338,"type":599},"Panellists Guy Bourassa, President and CEO of Nemaska Lithium; Ted Graham, Head of Open Innovation at General Motors; Anthony Milewski, Chairman and CEO of Cobalt27; MacMurray Whale, Alternative Energy & Industrial Technology Analyst at Cormark Securities; and Simon Moores, Managing Director of ",{"text":68927,"type":599},{"text":149341,"type":599},"agreed the 2020-2025 period looks set to be the tipping point in the uptake of EVs.",{"type":594,"attrs":149343,"content":149344},{"textAlign":49},[149345],{"text":149346,"type":599},"“Price parity is within hundreds of dollars. Recharge time has dropped to 20 minutes. Range can cover 99% of North American journeys now,” said Cobalt27’s Milewski. “We are getting closer to cost parity with internal combustion engine vehicles. We have reduced customer anxiety around demand for longer range vehicles and quick charge times,” said GM’s Graham.",{"type":594,"attrs":149348,"content":149349},{"textAlign":49},[149350,149352],{"text":149351,"type":599},"Moores said that a wave of battery megafactories is pushing down the cost of batteries and bringing cost parity ever closer. “Over the last three-and-a-half years since Elon Musk and Tesla pioneered the rise of the battery megafactory, there are today 71 in the pipeline with over half of those in China and 45 in production last year. This is driving the confidence of the automakers that batteries",{"text":149353,"type":599},"will be available for their production lines,” said Moores, adding, “Tesla produces batteries for less than US$100 per kilowatt hour, a massive decrease from two or three years ago. When other automakers can produce at the same price level the whole industry will change dramatically. We are probably only two years away from that,” he said.",{"type":594,"attrs":149355,"content":149356},{"textAlign":49},[149357],{"text":149358,"type":599},"But while there was agreement that EVs are reaching a sustainable scale there were mixed opinions on how the mining industry can rise to the challenge of scarcity of key battery materials.",{"type":594,"attrs":149360,"content":149361},{"textAlign":49},[149362],{"text":149363,"type":599},"Cobalt27’s Mileswki and Nemaska’s Bourassa shared a moment of harmony that would not last, agreeing that existing lithium producers are finding it hard to expand. “In their annual results lithium producers say they expect 20% growth in the market, but they also say that they will have 0% production growth,” commented Milewski. “Existing mines are not able to expand and there are qualification issues for new producers,” added Bourassa.",{"type":594,"attrs":149365,"content":149366},{"textAlign":49},[149367,149369,149371,149372,149374],{"text":149368,"type":599},"Asked which commodities are of most concern from a supply viewpoint, the aspiring lithium producer naturally said lithium while",{"text":149370,"type":599},"the cobalt company naturally said cobalt. ",{"text":9653,"type":599},{"text":149373,"type":599},"’s Moores countered that the minerals sector tends to view the situation from its perspective while what really matters is what the car makers think. “From an industry investor supply side [comprising mining and chemical companies, and investors], lithium is seen as most challenging followed by nickel, cobalt and graphite. But, he added, “from a battery and",{"text":149375,"type":599},"automaker perspective their worries are nickel, graphite anodes, lithium and cobalt.”",{"type":594,"attrs":149377,"content":149378},{"textAlign":49},[149379],{"text":149380,"type":599},"Milewski suggested this nuance allows stock promoters to sell a false story, namely that they are aiming to be suppliers of battery materials when in reality most of them that enter into production will supply precursor raw materials that can subsequently be converted into battery materials by another intermediate company. “There is a dislocation in the capital market as it takes a while for the education process to work through and for investors to understand this,” he said.",{"type":594,"attrs":149382,"content":149383},{"textAlign":49},[149384],{"text":149385,"type":599},"This aspect highlights that many investors and market-watchers from the minerals and metals part of the value chain do not really understand what they are looking at and the resulting confabulation of products with similar names (mineral raw materials versus specialty chemicals) makes working through the economics of up-and-coming mineral projects difficult.",{"type":594,"attrs":149387,"content":149388},{"textAlign":49},[149389,149391,149395],{"text":149390,"type":599},"“Cobalt sulphate, nickel sulphate, lithium hydroxide and lithium carbonate, and graphite anode are the critical supply focus rather than cobalt, nickel, graphite and lithium ",{"text":149392,"type":599,"marks":149393},"per se",[149394],{"type":643},{"text":149396,"type":599},",” said Milewski.",{"type":594,"attrs":149398,"content":149399},{"textAlign":49},[149400,149402,149403],{"text":149401,"type":599},"“Materials are specialty chemicals. The middle step to turn raw materials into battery grade chemicals is the biggest step and the biggest bottleneck. For growth, the supply channels aren’t in place for what the battery makers need,” said ",{"text":9653,"type":599},{"text":149404,"type":599},"’s Moores.",{"type":594,"attrs":149406,"content":149407},{"textAlign":49},[149408,149410],{"text":149409,"type":599},"For Nemaska’s Bourassa, evidence of the lack of understanding of the market and the different",{"text":149411,"type":599},"products can be seen in the fall in the lithium spot price over the past 12 months. “The lithium price has shown a strong decrease in the last 12 months, but I think it is artificial because it is dictated by analysts focusing on low-grade material out of China and not the high-grade material whose pricing hasn’t changed. The market will [eventually] realise there is a shortage of high-grade product,” he said. “The China spot price doesn’t translate into the price that the major producers get,” added Cormark’s Whale.",{"type":594,"attrs":149413,"content":149414},{"textAlign":49},[149415],{"text":149416,"type":599},"MATERIALS SUPPLY",{"type":594,"attrs":149418,"content":149419},{"textAlign":49},[149420,149422,149426],{"text":149421,"type":599},"A subsequent PDAC panel titled C",{"text":149423,"type":599,"marks":149424},"hile, Leader in Key Metals for E-Mobility ",[149425],{"type":643},{"text":149427,"type":599},"shed light on some of the potential material shortfalls coming. Figures shown by Chile’s state copper commission Cochilco, estimated that the amount of copper, lithium and cobalt going into EV production in 2018 was equivalent to 1%, 14% and 16% of their world production respectively. In 2030 that is forecast to change to 17-19% of copper production, 38-45% of lithium and 94-188% of cobalt.",{"type":594,"attrs":149429,"content":149430},{"textAlign":49},[149431],{"text":149432,"type":599},"Such supply constraints are well recognised by industry participants but the debate on how the minerals exploration sector will resolve them produced a tense debate and profound disagreement, much to the delight of the packed auditorium.",{"type":594,"attrs":149434,"content":149435},{"textAlign":49},[149436],{"text":149437,"type":599},"EV battery capacity is ramping up, but Moores questioned whether there is sufficient supply of battery materials for the megafactories to use. “Do the battery makers have the confidence that the raw materials are going to be there?” he asked.",{"type":594,"attrs":149439,"content":149440},{"textAlign":49},[149441],{"text":149442,"type":599},"“Chronically illiquid capital markets are a big impediment for junior stocks in the broader EV/battery commodities market outside nickel,” said Cobalt27’s Milewski.",{"type":594,"attrs":149444,"content":149445},{"textAlign":49},[149446],{"text":149447,"type":599},"“Stock values are discounting the price below what you need to have mines come on line. Something has to give because current commodity prices won’t see those projects being financed and built,” said Cormark’s Whale.",{"type":594,"attrs":149449,"content":149450},{"textAlign":49},[149451],{"text":149452,"type":599},"Two separate viewpoints emerged as the debate advanced that refused to reconcile.",{"type":594,"attrs":149454,"content":149455},{"textAlign":49},[149456,149458],{"text":149457,"type":599},"“There is no way the supply chain can fulfil the expected demand. Car manufacturers will face a big wall very shortly as there won’t be the batteries to put in their cars. The difficulty to find and permit a mine, of being able to put in new production and qualify a product is not talked about,” commented Nemaska’s Bourassa, perhaps drawing on Nemaska’s recent experience of having to declare a massive C$350",{"text":149459,"type":599},"million cost overrun as it builds its Whabouchi lithium mine in Quebec and Shawinigan processing plant in Ontario.",{"type":594,"attrs":149461,"content":149462},{"textAlign":49},[149463],{"text":149464,"type":599},"Cobalt27’s Milewski disagreed, placing his faith in the market price mechanism to produce a solution. “All commodities have a price to clear the trade. A wave of response will happen at a price and that may be substantially higher,” he countered, while observing, “China is going around the world securing the supply chain and the material is going straight back to China, which has a lower cost of capital, and they will do it,” he said.",{"type":594,"attrs":149466,"content":149467},{"textAlign":49},[149468],{"text":149469,"type":599},"As is often the case, timing is everything and with different parts of the EV value chain moving at very different velocities, market conditions are evolving in such a way that could result in more dramatic intervention down the line.",{"type":594,"attrs":149471,"content":149472},{"textAlign":49},[149473,149475,149476],{"text":149474,"type":599},"GM’s Graham commented that, “it takes 4.5 years to design and build a new EV from scratch,” while ",{"text":9653,"type":599},{"text":149477,"type":599},"’s Moores observed that, “it takes 18-24 months to build a new battery plant but 7-10 years to build a new mine. Can the industry supply chain rely on public markets to finance building out the supply chain? The answer is no. So, do the automakers get involved? Car companies can no longer rely in miners to get it done because they are not getting it done,” he posited before offering one possible outcome: “Big oil is watching these supply chains very closely. At some point they will get involved.”","In March, Benchmark’s Simon Moores spoke at the Prospectors and Developers Association Conference (PDAC) in Toronto. Here, Paul Harris covers the key talking points of a panel discussion on the electrification revolution. BY PAUL HARRIS The price mechanism will find a way to combat mineral commodity scarcity and ensure materials are available for the growth […]",[149480],{"slug":544,"name":543,"content":149481},{"job_title":557,"image":149482,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"759d47c2-6dd4-4198-8243-94daaa356e79\", \"id\": \"\"}-->",[149485,149486],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":149488,"copyright":547,"fieldtype":553,"meta_data":149489,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9e372d4eab/bm-11442896445-d06aafb4ea-o.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 09, 2019",{"id":149492,"uuid":149493,"name":149494,"slug":149495,"full_slug":149496,"content":149497},112474384194466,"6f8cf2dc-0576-4c65-8b66-8c3cd9111199","Palladium: A foreshadowing of the automotive industry’s approach to battery metals?","palladium-a-foreshadowing-of-the-automotive-industrys-approach-to-battery-metals","article/palladium-a-foreshadowing-of-the-automotive-industrys-approach-to-battery-metals",{"_uid":149498,"date":149305,"tags":149499,"editor":149500,"content":149504,"excerpt":149657,"featured":50,"reporter":149658,"component":864,"seo_title":149494,"categories":149662,"visibility":2091,"author_company":49,"featured_image":149665,"seo_description":149657,"author_full_name":49,"author_job_title":49,"formattedDate":149490},"76bacdb8-cb10-4df1-98cc-bf6cffce8ecf",[],[149501],{"slug":544,"name":543,"content":149502},{"job_title":557,"image":149503,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":149505},[149506,149518,149523,149546,149551,149570,149583,149588,149593,149598,149603,149608,149613,149618,149623,149628,149633,149638,149643,149650],{"type":594,"attrs":149507,"content":149508},{"textAlign":49},[149509,149511,149516],{"text":149510,"type":599},"BY ANTHONY MILEWSKI, CHAIRMAN & CEO, ",{"text":149512,"type":599,"marks":149513},"COBALT",[149514],{"type":604,"attrs":149515},{"href":6354,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149517,"type":599}," 27 CAPITAL CORP.",{"type":594,"attrs":149519,"content":149520},{"textAlign":49},[149521],{"text":149522,"type":599},"For years automakers and investors alike have known that at some point the palladium stockpile in Russia, the world’s largest supplier of mined production, would sell down and the market would immediately move into deficit. As the stockpile in Russia dwindled in recent years, analysts and mining companies tried to raise money to expand and build new palladium production with limited success. And then, as projected, it happened – Russia signaled the last of the stockpile was being sold and the price of palladium skyrocketed. Fears of shortage gripped our inboxes and the call to platinum for substitution went out.",{"type":594,"attrs":149524,"content":149525},{"textAlign":49},[149526,149528,149532,149534,149538,149540,149544],{"text":149527,"type":599},"Palladium’s importance in automotive catalytic converters makes for an interesting case study in how the automotive industry and its ",{"text":28276,"type":599,"marks":149529},[149530],{"type":604,"attrs":149531},{"href":16131,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149533,"type":599}," might respond in the case of battery metals. In particular, specialty metals such as ",{"text":878,"type":599,"marks":149535},[149536],{"type":604,"attrs":149537},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149539,"type":599},", cobalt, graphite and class 1 nickel. ",{"text":870,"type":599,"marks":149541},[149542],{"type":604,"attrs":149543},{"href":16334,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149545,"type":599},", while it may go in to deficit at some point in the next few years, is a different case due to the size and complexity of the market – at least in terms of how automotive manufacturers can react.",{"type":594,"attrs":149547,"content":149548},{"textAlign":49},[149549],{"text":149550,"type":599},"Why hasn’t the Western automotive supply chain invested in battery metals?",{"type":594,"attrs":149552,"content":149553},{"textAlign":49},[149554,149556,149560,149562,149564,149568],{"text":149555,"type":599},"Mining is not in the business plan, at least not yet: Ask any mining CEO how difficult it is to discover, build, and operate a mine. Whether you focus on the billions of dollars destroyed in the ",{"text":4330,"type":599,"marks":149557},[149558],{"type":604,"attrs":149559},{"href":32079,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149561,"type":599}," industry by pursing HPAL projects or the political challenges copper miners have faced in places like the DRC, Indonesia and Mongolia – mining isn’t easy. If a project happens to be one in a thousand that gets built, it now takes on average upwards of 15 years from discovery to production. Automotive manufacturers are faced with dramatically shifting business",{"text":149563,"type":599},"models on multiple fronts. In addition to the ",{"text":65531,"type":599,"marks":149565},[149566],{"type":604,"attrs":149567},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149569,"type":599},", the very ownership model of auto ownership is set to change. As autonomous vehicles become ubiquitous in the coming decade, many automakers believe that automobile ownership will decline and ride hailing services like Lyft and Uber will ultimately reinvent how people use and own cars. The next generation of EVs may operate with minimal maintenance for a million miles and be able to work around the clock without a driver. This is basically a long winded way of saying, automobiles and their supply chains already have a lot going on and vertical integration with the mining industry is a big leap.",{"type":594,"attrs":149571,"content":149572},{"textAlign":49},[149573,149575,149579,149581],{"text":149574,"type":599},"Commodity purchasers don’t get paid to take risks: A purchasing agent at BMW does not have the same DNA as his counterpart at Glencore. Traders at the world’s largest commodity trading houses such as Glencore, Traxys and Trafigura, are paid to take risk. Traders can be long or short, heck, they can start the day long and end the day short. A large portion of a commodity trader’s annual income is derived from the money she makes taking risks, i.e. trading. This is in stark contrast to a buyer inside the automotive and ",{"text":4805,"type":599,"marks":149576},[149577],{"type":604,"attrs":149578},{"href":16216,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149580,"type":599}," maker supply chain. If you work at say GM, and you buy cobalt at US$15 per pound, and it goes to US$40, you don’t get a yearend bonus for the mark-to-market money you made GM. However, if you convince your boss at GM to buy a large stockpile of cobalt at US$40 and it goes to US$15, you might get fired. The incentive inside the automotive supply chain is for buyers not to take risks. Supply chain managers tend to buy specialty commodities on market and then tell their manager that there was nothing they could do as X price is the market. This approach is particularly true around niche metals such as lithium, cobalt, and graphite. Price is less of a concern for copper and nickel as hedging tools are available. Notwithstanding the availability of hedging tools, no amount of paper",{"text":149582,"type":599},"risk-shuffling can save a buyer if a commodity, such as class 1 nickel, moves into shortage.",{"type":594,"attrs":149584,"content":149585},{"textAlign":49},[149586],{"text":149587,"type":599},"Large public companies manage their balance sheet to quarterly calls and yearend financials: Almost weekly we read about new EV model launches and the rollout plans of automotive manufacturers globally. These plans have huge implications for the basic materials that are critical components of the vehicles. In fact, and ironically, the price of some of the basic material inputs to the EV supply chain may drive profitability at a future date. While this point is not lost on senior executives who recognise the importance of the basic material inputs, the analysts and public market investors that cover these companies are focused on next quarter’s earnings and not investing in supply chains required to meet demand five years from now. The short-term nature of even the world’s largest public equity markets may punish an automotive manufacturer that starts to stockpile cobalt or invests in a lithium or nickel mine. The fear exists that the money will be seen as not allocated “efficiently”.",{"type":594,"attrs":149589,"content":149590},{"textAlign":49},[149591],{"text":149592,"type":599},"Ford’s $1 billion write down is still fresh almost 20 years on: For some automotive manufacturers, the call of commodity shortages associated with the EV revolution may not truly be believed and Ford’s experience with palladium nearly 20 years ago may still impact board rooms today that are considering how to prepare for the new basic material realities in the EV supply chain. Nearly twenty years ago Ford, anticipating a palladium shortage, began stockpiling palladium and entering into long-term contracts. As the market ran, the company increased its position, ultimately buying a large physical stockpile. The price rally, which was ultimately started by Russia signalling it would hold back shipments, subsided with a stockpile sell down and Ford was left to “mark-to-market” its palladium position. Writing down nearly USD 1 billion and later being sued by shareholders. This cautionary tale really harkens back to our earlier point about how automotive manufacturers manage and think about risk and their balance sheets.",{"type":594,"attrs":149594,"content":149595},{"textAlign":49},[149596],{"text":149597,"type":599},"Have no fear, China is here – to build and sell you an EV",{"type":594,"attrs":149599,"content":149600},{"textAlign":49},[149601],{"text":149602,"type":599},"The electric vehicle story is really a tale of two economic systems. Up to this point, my observations have almost exclusively been directed at Western automotive manufacturers and their supply chains, who, as public companies are constrained by quarterly and annual performance reporting requirements dictated by capital markets. These markets are short term in both their thinking and ability to allocate capital, and this makes it challenging for long term structural bets by Western automotive manufacturers. This is the exact opposite of China.",{"type":594,"attrs":149604,"content":149605},{"textAlign":49},[149606],{"text":149607,"type":599},"As a matter of national policy, the Chinese government has made it a priority to achieve global leadership in environmental policy by accelerating the transition from ICE to electric vehicles at a rapid pace. I repeat, China is the global leader on environmental policy as it pertains to electric vehicles with the Government of China publicly announcing their intention to lead the world in the production and use of EVs with up to 2 million EVs to be in use by 2020. This has wide spanning implications for the future of the automotive industry. On the one hand, the adoption of the EV in larger Chinese cities is making its citizens happy as the air quality is enhanced, on the other China is seizing the opportunity to be the world leader in manufacturing the electric vehicle.",{"type":594,"attrs":149609,"content":149610},{"textAlign":49},[149611],{"text":149612,"type":599},"The Chinese strategy is completely different from the Western strategy as it pertains to EVs. China is creating a vertically integrated supply chain around all of the battery metals with large-scale outbound investments made in copper, nickel, cobalt and lithium production globally.",{"type":594,"attrs":149614,"content":149615},{"textAlign":49},[149616],{"text":149617,"type":599},"China does not want to sell you a battery; they want to sell you a car. The commitment on behalf of Chinese industry to the EV story has given the region a massive advantage over Western automakers. Many of the best lithium assets already have Chinese investors and offtake agreements in place.",{"type":594,"attrs":149619,"content":149620},{"textAlign":49},[149621],{"text":149622,"type":599},"The same can be said for Chinese companies who have secured world class copper-cobalt assets in the DRC, such as China Molybdenum, a partly state-owned enterprise which paid US$2.65 billion in 2016, for the Tenke Fungurume Mine in the DRC, one of the world’s largest known reserves of copper and cobalt.",{"type":594,"attrs":149624,"content":149625},{"textAlign":49},[149626],{"text":149627,"type":599},"To date, Chinese automotive manufacturers have clearly demonstrated that, as important as the technology is going to be to the EV, having access to basic materials will also be a critical requirement that cannot be overstated or overlooked. In fact, the difference between the automakers that don’t survive and those that thrive, may well be locked-up ownership of, and long-term access to, basic materials required to manufacturer EVs. China’s downstream consumers including battery and automotive manufacturers recognise that this means investment in upstream production of mined supply of critical battery metals.",{"type":594,"attrs":149629,"content":149630},{"textAlign":49},[149631],{"text":149632,"type":599},"Will this time be different? Can the West lead?",{"type":594,"attrs":149634,"content":149635},{"textAlign":49},[149636],{"text":149637,"type":599},"It is hard to say if this time will be different. To date Western automotive companies have kicked the tires in multiple processes over the past year and not made a move. We are aware of ongoing searches and HR departments trying to build teams around some of the specialty metals. Building these teams is the first step down the path towards making a direct investment in battery metals mining projects. The interesting moment will be when the newly formed teams present development stage projects that may be years away from production, albeit with positive economics to support mined production of critical battery metals, to their boards for approval.",{"type":594,"attrs":149639,"content":149640},{"textAlign":49},[149641],{"text":149642,"type":599},"At the current rate, the most likely outcome is that the Chinese supply chain secures enough basic materials to become the silicon valley of EVs. If nothing changes, you will drive a Chinese built EV someday. While Western automotive manufacturers are starting to make noises around vertical integration, they are still years away from the pace and dollars invested by China. This is ultimately wildly bullish for commodities related to EVs and electrification. If history is a guide, automotive manufacturers will wait too long, and then pile in to the market as it runs.",{"type":594,"attrs":149644,"content":149645},{"textAlign":49},[149646],{"text":149647,"type":599,"marks":149648},"ABOUT THE AUTHOR",[149649],{"type":643},{"type":594,"attrs":149651,"content":149652},{"textAlign":49},[149653],{"text":149654,"type":599,"marks":149655},"Anthony Milewski is Chairman and CEO of Cobalt 27 Capital Corp. (TSXv: KBLT)(OTCQX: CBLLF)(FRA: 270) a leading battery metals streaming company offering exposure to cobalt and nickel, metals integral to key technologies of the electric vehicle and energy storage markets. The Company owns physical cobalt and a 32.6% Cobalt Stream on Vale’s world-class Voisey’s Bay mine, beginning in 2021. Cobalt 27 is undertaking a friendly acquisition of Highlands Pacific which is expected to add increased attributable nickel and cobalt production from the long-life, world-class Ramu Mine. The Company also manages a portfolio of 11 royalties and intends to continue to invest in a cobalt and nickel focused portfolio of streams, royalties and direct interests in mineral properties containing battery metals. For further information please visit the Company website at www.cobalt27.com or email directly at info@cobalt27.com.",[149656],{"type":643},"BY ANTHONY MILEWSKI, CHAIRMAN & CEO, COBALT 27 CAPITAL CORP. For years automakers and investors alike have known that at some point the palladium stockpile in Russia, the world’s largest supplier of mined production, would sell down and the market would immediately move into deficit. As the stockpile in Russia dwindled in recent years, analysts […]",[149659],{"slug":544,"name":543,"content":149660},{"job_title":557,"image":149661,"bio":548,"linkedin":555},{"filename":552},[149663,149664],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":149666,"copyright":547,"fieldtype":553,"meta_data":149667,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/11dba54299/bm-palladium-falling.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":149669,"uuid":149670,"name":149671,"slug":149672,"full_slug":149673,"content":149674},112474441993137,"4434714f-faa5-475b-a911-5f50e002d667","Nickel – the often forgotten battery metal","nickel-the-often-forgotten-battery-metal","article/nickel-the-often-forgotten-battery-metal",{"_uid":149675,"date":149676,"tags":149677,"editor":149678,"content":149682,"excerpt":149901,"featured":50,"reporter":149902,"component":864,"seo_title":149671,"categories":149906,"visibility":2091,"author_company":49,"featured_image":149910,"seo_description":149901,"author_full_name":49,"author_job_title":49,"formattedDate":149912},"e98df848-066b-4e31-be05-8c9ac24c9284","2019-01-28 00:00",[],[149679],{"slug":544,"name":543,"content":149680},{"job_title":557,"image":149681,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":149683},[149684,149695,149713,149730,149747,149754,149759,149764,149769,149774,149779,149784,149789,149794,149800,149805,149812,149817,149822,149827,149832,149839,149844,149849,149854,149859,149864,149869,149876,149881,149886,149891,149896],{"type":594,"attrs":149685,"content":149686},{"textAlign":49},[149687,149689,149693],{"text":149688,"type":599},"By Anthony Milewski, Chairman, ",{"text":115,"type":599,"marks":149690},[149691],{"type":604,"attrs":149692},{"href":6354,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149694,"type":599}," 27",{"type":594,"attrs":149696,"content":149697},{"textAlign":49},[149698,149700,149705,149707,149711],{"text":149699,"type":599},"The mass adoption of the electric vehicle and the roll out of ",{"text":149701,"type":599,"marks":149702},"energy storage systems",[149703],{"type":604,"attrs":149704},{"href":3734,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149706,"type":599}," is underway. Look no further than acceleration of recent electric vehicle (EV) sales and headlines around energy storage systems being sold globally. Over the past five years approximately 5 million ",{"text":20007,"type":599,"marks":149708},[149709],{"type":604,"attrs":149710},{"href":5224,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149712,"type":599}," have been sold. In the past twelve months 1 million EVs have been sold and over the next twelve months we are on pace to sell another 1.5 million EVs. Battery storage facilities are being connected to wind farms and solar at an exponential rate.",{"type":594,"attrs":149714,"content":149715},{"textAlign":49},[149716,149718,149722,149724,149728],{"text":149717,"type":599},"Equity research, media, conferences and commentators alike have primarily focused on the need for ",{"text":878,"type":599,"marks":149719},[149720],{"type":604,"attrs":149721},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149723,"type":599},", cobalt, graphite and copper in the new energy paradigm. While it is true that each of those commodities stands to materially benefit from the electrification of the automobile and energy storage market, ",{"text":4330,"type":599,"marks":149725},[149726],{"type":604,"attrs":149727},{"href":32079,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":149729,"type":599}," is often overlooked as a key battery metal with interesting supply-demand dynamics in the coming years.",{"type":594,"attrs":149731,"content":149732},{"textAlign":49},[149733,149735,149740,149742,149746],{"text":149734,"type":599},"Two chemistries of lithium ion batteries dominate electric vehicle batteries – Nickel-",{"text":2762,"type":599,"marks":149736},[149737],{"type":604,"attrs":149738},{"href":149739,"uuid":49,"anchor":49,"target":622,"linktype":607},"https://www.benchmarkminerals.com/manganese",{"text":149741,"type":599},"-Cobalt “NMC” and Nickel-Cobalt-Aluminum “NCA”. As between the two chemistries, NMC is used by nearly every automobile maker in the world save it for Tesla. For at least the next decade, the evolution of the lithium ion battery and its NMC chemistry is towards a more nickel rich ",{"text":4805,"type":599,"marks":149743},[149744],{"type":604,"attrs":149745},{"href":16216,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":149748,"content":149749},{"textAlign":49},[149750,149752],{"text":149751,"type":599},"The original NMC chemistry started off at a 1-1-1 ratio between nickel-manganese-cobalt, moving on to 5-3-2, and in the",{"text":149753,"type":599},"future it is anticipated that as technology advances we will see a nickel rich NMC chemistry that evolves in to a 6-2-2 and then on to an 8-1-1 and beyond, with the first number (6 or 8) representing nickel percentage of the cathode. Unlike other battery metals, nickel stands to benefit twice as much from the adoption of the EV and the roll out of energy storage systems: 1) nickel will benefit from an increased nickel rich battery chemistry; and 2) it will benefit from increased EV and energy storage systems sales.",{"type":594,"attrs":149755,"content":149756},{"textAlign":49},[149757],{"text":149758,"type":599},"Each battery metal has its own unique dynamic that regulates timing and quantity of new supply to enter the market – for lithium much of the debate centres around brine versus hard rock, for cobalt the focus tends to be around the fact that it is a byproduct metal with much of world production coming from the Democratic Republic of the Congo (DRC) and so on. As pointed out above, on the demand side nickel is leveraged to EV adoption through both battery chemistry advancements and battery sales, on the other hand, nickel is further differentiated from other battery metals in its inability to respond quickly on the supply side due to the fact that bringing on a new large scale nickel mine can often run in to the billions of dollars.",{"type":594,"attrs":149760,"content":149761},{"textAlign":49},[149762],{"text":149763,"type":599},"Combine that with the fact that nickel projects had massive cost overruns in the last cycle (in fact one can argue that nickel projects destroyed more value than any other commodity in the last cycle), many of those very projects struggle even today, and you have the real prospect that investors will not provide the capital to build new nickel mines any time soon thus ensuring a tight nickel market in years to come.",{"type":594,"attrs":149765,"content":149766},{"textAlign":49},[149767],{"text":149768,"type":599},"Today nearly 70% of nickel is used as an alloying input in to steel production. This will change dramatically over the next decade. According to CRU the current global primary nickel demand is approximately 2.2 million tonnes per annum for 2018 and expected to grow to 2.8 million tonnes by 2023. Nickel usage in batteries is expected to grow from 70,000 tonnes in 2017 to 240,000 tonnes by 2023 growing at a CAGR of 20% over that time frame. In a recent Bank of America note, the bank projected that 13.6 m EVs sold in 2025 would result in the need for 690,000 tonnes of new nickel supply by 2025.",{"type":594,"attrs":149770,"content":149771},{"textAlign":49},[149772],{"text":149773,"type":599},"Distilling new nickel demand in the coming years is challenging, however, demand models are driven by two primary inputs, namely 1) EV adoption rates; and 2) your view on chemistry shifts towards a more nickel intensive battery chemistry.",{"type":594,"attrs":149775,"content":149776},{"textAlign":49},[149777],{"text":149778,"type":599},"Nickel is one of the most ubiquitous elements in the earth’s crust after iron ore, however, it is found in tiny concentrations usually around 1-2% which means that significant amount of material must be mined in order to produce any significant quantities of nickel product. Nickel is produced in two main forms. The first is nickel pig iron “NPI” – sometimes referred to as ferronickel “FeNi” – which is primarily iron with nickel content ranging from 2% to 25% depending on the producer. Ferronickel is only suitable for use in stainless steel production.",{"type":594,"attrs":149780,"content":149781},{"textAlign":49},[149782],{"text":149783,"type":599},"The other primary form of nickel is pure metallic nickel in varying forms such as cathode, briquettes, powder and oxide. Typically this form of nickel is greater than 98% purity and suitable for all applications of nickel usage. Nickel chemicals such as NiSO4 can be manufactured by utilising pure nickel product and dissolving it in acid then crystallising the nickel salt or it can also be manufactured by refining nickel ores and crystallising pure nickel sulphate. The majority of all nickel supplied globally is in the form of NPI or FeNi. This concentration is anticipated to further increase through 2025.",{"type":594,"attrs":149785,"content":149786},{"textAlign":49},[149787],{"text":149788,"type":599},"Lithium ion batteries utilising nickel rich cathodes require high purity nickel as a building block, typically in the form of nickel sulphate. Nickel sulphate can be produced by a variety of processes, however, depending on the source of nickel the cost and economics of producing nickel sulphate can vary significantly. The problem with the majority of today’s nickel production is it is NPI or FeNi and that most of it is not suited for production of nickel sulphate powder to be used in the batteries that power EVs and energy storage systems.",{"type":594,"attrs":149790,"content":149791},{"textAlign":49},[149792],{"text":149793,"type":599},"About two thirds of the world’s nickel resources are in the form of laterites which result in NPI or FeNi and one third are in the form of sulphides. Until the late 1990s approximately 70% of the world’s refined nickel came from sulphide deposits with the balance from laterite deposits. However, as known sulphide deposits depleted and/or became more costly to access (many are underground) nickel production turned to laterite deposits which are more abundant and easier to mine.",{"type":594,"attrs":149795,"content":149796},{"textAlign":49},[149797],{"type":1186,"attrs":149798},{"id":49,"alt":547,"src":52988,"title":49,"source":49,"copyright":49,"meta_data":149799},{},{"type":594,"attrs":149801,"content":149802},{"textAlign":49},[149803],{"text":149804,"type":599},"Nickel mining and smelting operations in New Caledonia.",{"type":594,"attrs":149806,"content":149807},{"textAlign":49},[149808,149810],{"text":149809,"type":599},"In 2005 with the world facing an impending shortage of nickel required to feed Chinese industrialisation the Chinese adapted old decommissioned technology (pig iron blast furnaces) to treat nickel bearing iron ore (laterite) and produce very low grade FeNi (2% Ni). The adaption of these decommissioned furnaces and subsequent construction of bigger and more efficient furnaces led to a massive increase in output of low grade FeNi",{"text":149811,"type":599},"that became known as NPI (nickel pig iron). This raw material was adopted in China for utilisation in the manufacture of stainless steel and reduced the strain on pure nickel demand in 2007/08 resulting in a price crash of nickel from a high of $54,000/MT in early 2007 to well below $10,000/MT in 2016.",{"type":594,"attrs":149813,"content":149814},{"textAlign":49},[149815],{"text":149816,"type":599},"In essence, the Chinese introduced massive ferronickel production (up to 500,000 tonnes/year in contained Ni production which represents 25% of the global market) in a short time using what the West would consider uneconomical and inefficient production. Early NPI production was energy intensive and highly polluting. Over the past decade this technology has been constantly refined to the point where 8-10% Ni content NPI is now the standard and costs and efficiencies are on par with more sophisticated FeNi production facilities utilised by Western organisations.",{"type":594,"attrs":149818,"content":149819},{"textAlign":49},[149820],{"text":149821,"type":599},"The emergence and widespread adoption of NPI by China resulted in a crash in nickel prices and economic failure of many nickel projects that were launched in the early 2000’s. Traditional nickel producers could not compete with cheap and abundant supply of NPI and the market became significantly oversupplied as a result of new projects (Goro, Ambatovy, Ravensthorpe, Ramu, Coral Bay and Taganito to name a few). The result was a buildup of nickel inventory (reaching close to 900,000 MT in late 2016 according to CRU) which continued to remain as a market overhang depressing prices and curtailing much required investment in new capacity outside of NPI.",{"type":594,"attrs":149823,"content":149824},{"textAlign":49},[149825],{"text":149826,"type":599},"Chinese companies (most notably Tsingshan) have recently announced that they intend to invest in new non-NPI production based on laterite sources to address the expected demand from lithium ion batteries required for EVs. Most of these announcements have been focused on the production of high purity NiSO4 and CoSO4 and touted what industry participants believe to be wildly unrealistic capital numbers for build out.",{"type":594,"attrs":149828,"content":149829},{"textAlign":49},[149830],{"text":149831,"type":599},"Western companies have invested over $20 Billion in the last 15 years in non-NPI production at an average cost of $70,000 per tonne of annualised nickel produced with varying results. Ramu commissioned in 2012 at a construction cost of $2.1 billion is the only high pressure acid leach (HPAL) operation constructed in the last 25 years to exceed nameplate capacity.",{"type":594,"attrs":149833,"content":149834},{"textAlign":49},[149835,149837],{"text":149836,"type":599},"Goro, Ambatovy, Murrin Murrin and Ravensthorpe all were built over budget and have all failed to produce at above 80% of design capacity over a sustained basis. Other projects such as Taganito, and Coral Bay have fared",{"text":149838,"type":599},"better but the cost and schedule to construct has been significant.",{"type":594,"attrs":149840,"content":149841},{"textAlign":49},[149842],{"text":149843,"type":599},"Production of NiSO4 from laterite ores is not significantly different than production of class I metal as HPAL operations dictate that the metals present in the orebody (Ni, Co, Zn, etc.) form sulphate solutions under the presence of high temperature, high pressure and free acid. A high pressure acid leach process is where the acid is typically sulphuric acid resulting in nickel sulphate (NiSO4) being present. Recovering the nickel in the form of metal, sulphate crystal, mixed hydroxide or mixed sulphide is not challenging or difficult once it has been placed into the solution and purified and concentrated. The technology to achieve this is not the issue with HPAL operations.",{"type":594,"attrs":149845,"content":149846},{"textAlign":49},[149847],{"text":149848,"type":599},"If you consider that at a minimum four Ambatovy/Goro sized operations will be required by 2023 to meet the increased demand for primary nickel for lithium ion batteries, and each of these operations required approximately 10 years from announcement of commencement to commissioning, then you have to believe that there will be a significant period of nickel shortage that awaits.",{"type":594,"attrs":149850,"content":149851},{"textAlign":49},[149852],{"text":149853,"type":599},"The NPI explosion of 2005 was based on proven decommissioned technology that was heavily subsidised (environmentally and energy wise). Applying the same logic to HPAL for the next 5-year horizon is not practical. The complexity of the equipment and chemistry is significant in HPAL and the design and construction phase for a new plant alone will be 5-7 years.",{"type":594,"attrs":149855,"content":149856},{"textAlign":49},[149857],{"text":149858,"type":599},"Tsingshan’s statement that their operation will be producing by 2021 (in just 3 years) lacks sufficient details to support this claim. MCC (China Metallurgical) the EPC that built and operates Ramu is being referenced for the expansion of Ramu from 35,000 t/y Ni to 70,000 t/y which is estimated to cost $1.5B and no time frame given.",{"type":594,"attrs":149860,"content":149861},{"textAlign":49},[149862],{"text":149863,"type":599},"SMM is looking at building their third HPAL operation in Indonesia and publicly suggested it could cost in the range of $2B. CleanTeq has announced a $1.5B price for constructing a greenfields 30,000 t/y HPAL plant in Australia utilising MCC (Metallurgical Corporation of China).",{"type":594,"attrs":149865,"content":149866},{"textAlign":49},[149867],{"text":149868,"type":599},"It is therefore difficult to understand how Tsingshan can announce a 50,000 t/y greenfields HPAL operation in Indonesia for $700 million using the same company – MCC – which is quoting much higher capital cost for two other technologically similar projects. Information is lacking to support Tsingshan’s estimate and schedule.",{"type":594,"attrs":149870,"content":149871},{"textAlign":49},[149872,149874],{"text":149873,"type":599},"The equity markets seem to believe that China can recreate the success of NPI and apply it to cheap and fast construction and successful operation",{"text":149875,"type":599},"of HPAL. If this is true, then yes China will be able to secure all the nickel it requires to fuel its EV revolution. However, unlike NPI, cheap and fast HPAL has never operated in any form.",{"type":594,"attrs":149877,"content":149878},{"textAlign":49},[149879],{"text":149880,"type":599},"New nickel production to fuel the EV revolution will come from a handful of sulphide deposits (such as Turnagain or Dumont) or from the abundance of laterites in Indonesia, Philippines, Australia and New Caledonia. However, this production will not be introduced at capital intensity of $15,000/MT of annualised nickel (i.e. $750 million capex for 50,000 tpa Ni production versus $5 billion (plus) spent by Goro/Ambatovy for identical capacity). The economic facts do not support these claims even with subsidised construction labour and materials.",{"type":594,"attrs":149882,"content":149883},{"textAlign":49},[149884],{"text":149885,"type":599},"In order to produce 1 kg of Ni from a laterite ore, you typically have to treat 100 kg of ore. If you treat that 100 kg with acid (whether it is HPAL, atmospheric, heap leach) you produce 99 kg of acid containing iron waste. This must be dealt with as it cannot be used as another by-product. FeNi and NPI do not have this issue, neither do most NiS operations. But laterite operations making class I nickel (efficiently) do.",{"type":594,"attrs":149887,"content":149888},{"textAlign":49},[149889],{"text":149890,"type":599},"Vale has announced $500 M required to address tailings management at their Goro facility. Ambatovy employs one of the most sophisticated tailings management systems in Madagascar that meets current OECD standards. It is unlikely that Indonesia or the Philippines will allow massive HPAL operations to dispose of acidic tailings in an irresponsible manner where the environment is permanently impacted.",{"type":594,"attrs":149892,"content":149893},{"textAlign":49},[149894],{"text":149895,"type":599},"Indonesia, the Philippines and New Caledonia will all require environmental responsibility in order to approve the size of projects contemplated to feed the EV beast. Environmental responsibility requires significant investment, you cannot just discharge untreated acidic waste into the ocean or dump it on land and expect global acceptance. Congo has shown us how that works when applied to labour standards.",{"type":594,"attrs":149897,"content":149898},{"textAlign":49},[149899],{"text":149900,"type":599},"In order for the 200-400 kt, let alone 600 kt, of new nickel production required in the next 10 years to be realised, nickel prices will have to support the investment (even Chinese investment). Current nickel prices are not enough to incentivise new production and Western companies have all suffered the consequence of investing billions in new nickel capacity only to watch the collapse of commodity prices destroy the economics of these projects. Investors following battery metals should study closely the nickel market dynamics which, while complex, yield a unique and potentially profitable way to play the adoption of the electric vehicle and roll out of energy storage systems.","By Anthony Milewski, Chairman, Cobalt 27 The mass adoption of the electric vehicle and the roll out of energy storage systems is underway. Look no further than acceleration of recent electric vehicle (EV) sales and headlines around energy storage systems being sold globally. Over the past five years approximately 5 million EVs have been sold. […]",[149903],{"slug":544,"name":543,"content":149904},{"job_title":557,"image":149905,"bio":548,"linkedin":555},{"filename":552},[149907,149908,149909],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":95399,"copyright":547,"fieldtype":553,"meta_data":149911,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Jan 28, 2019",{"id":149914,"uuid":149915,"name":149916,"slug":149917,"full_slug":149918,"content":149919},112474436885424,"e581115a-63d2-42fa-9fc2-84d3878428f6","Breaking the barrier","breaking-the-barrier","article/breaking-the-barrier",{"_uid":149920,"date":149676,"tags":149921,"editor":149922,"content":149926,"excerpt":150173,"featured":50,"reporter":150174,"_editable":150178,"component":864,"seo_title":149916,"categories":150179,"visibility":882,"author_company":49,"featured_image":150182,"seo_description":150173,"author_full_name":49,"author_job_title":49,"formattedDate":149912},"da038432-7bcd-439a-a4f0-203984005f7e",[],[149923],{"slug":544,"name":543,"content":149924},{"job_title":557,"image":149925,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":149927},[149928,149933,149941,149946,149954,149959,149964,149972,149977,149982,149987,149992,149997,150002,150007,150012,150020,150025,150030,150035,150043,150051,150056,150063,150068,150074,150082,150090,150098,150108,150113,150118,150123,150130,150135,150143,150148,150153,150158,150163,150168],{"type":594,"attrs":149929,"content":149930},{"textAlign":49},[149931],{"text":149932,"type":599},"2019 has broken and a defining year awaits.",{"type":594,"attrs":149934,"content":149935},{"textAlign":49},[149936,149938,149939],{"text":149937,"type":599},"This is the year where the team at ",{"text":7249,"type":599},{"text":149940,"type":599},"expects lithium ion battery cell production costs, at least from one producer, to finally drop below $100/kWh.",{"type":594,"attrs":149942,"content":149943},{"textAlign":49},[149944],{"text":149945,"type":599},"If Elon Musk’s 2016 prediction that this could be achieved by 2020 was deemed ambitious, it is now potentially one year ahead of schedule.",{"type":594,"attrs":149947,"content":149948},{"textAlign":49},[149949,149951,149952],{"text":149950,"type":599},"Lower prevailing lithium hydroxide prices together with lower cobalt prices will meet the scaling up of the world’s multi-gigawatt battery plants – or what ",{"text":144234,"type":599},{"text":149953,"type":599},"calls megafactories.",{"type":594,"attrs":149955,"content":149956},{"textAlign":49},[149957],{"text":149958,"type":599},"The relentless rise of the battery megafactories will help drive down manufacturing costs to reach the holy grail of $100 per kWh, the number widely deemed to be the tipping point for mass adoption of EVs.",{"type":594,"attrs":149960,"content":149961},{"textAlign":49},[149962],{"text":149963,"type":599},"And there appears to be enough battery capacity in the pipeline to satisfy demand.",{"type":594,"attrs":149965,"content":149966},{"textAlign":49},[149967,149969,149970],{"text":149968,"type":599},"For the first time, last October, ",{"text":64386,"type":599},{"text":149971,"type":599},"’ Lithium ion Battery Megafactory Assessment ticked over 1TWh by 2028 – another barrier broken.",{"type":594,"attrs":149973,"content":149974},{"textAlign":49},[149975],{"text":149976,"type":599},"Today, our battery megafactory capacity tracker stands at 1.45 terawatt hours, which equates to 24 million pure electric mid-US-sized vehicles with a 60kWh battery pack.",{"type":594,"attrs":149978,"content":149979},{"textAlign":49},[149980],{"text":149981,"type":599},"That’s a lot of batteries, but we’re going to need more.",{"type":594,"attrs":149983,"content":149984},{"textAlign":49},[149985],{"text":149986,"type":599},"We’re not suggesting each plant will become active and meet full capacity, it’s possible only 70% of this capacity will be in production in 2028, but the statement of intent is clear and the bigger boys’ ambitions continue to grow.",{"type":594,"attrs":149988,"content":149989},{"textAlign":49},[149990],{"text":149991,"type":599},"In 2018, LG Chem led the way with an aggressive strategy to expand its cell capacity worldwide in four different locations. Their tier one peers, Samsung SDI and Panasonic, also announced intentions to expand beyond their current setup in a year of shortages for high quality cells.",{"type":594,"attrs":149993,"content":149994},{"textAlign":49},[149995],{"text":149996,"type":599},"Meanwhile in Nevada, Tesla and Panasonic proved that quality lithium ion batteries can indeed be made at a speed and scale that has not been",{"type":594,"attrs":149998,"content":149999},{"textAlign":49},[150000],{"text":150001,"type":599},"seen before, as their partnership broke the 20GWh capacity barrier at the Gigafactory.",{"type":594,"attrs":150003,"content":150004},{"textAlign":49},[150005],{"text":150006,"type":599},"There were also a whole host of other battery manufacturers dreaming big.",{"type":594,"attrs":150008,"content":150009},{"textAlign":49},[150010],{"text":150011,"type":599},"CATL, SK Innovation, BYD and AESC were not about to let the leading pack surge into an electric vehicle future without a fight: expansions and new plants in China, Europe and the US followed.",{"type":594,"attrs":150013,"content":150014},{"textAlign":49},[150015,150017,150018],{"text":150016,"type":599},"In total in 2018 we reached a new peak in battery-plants-in-the-pipeline of 68, which leaves us with a sense that this is just the start, not the end. When ",{"text":7249,"type":599},{"text":150019,"type":599},"started tracking these plants in 2014, the total was at 3.",{"type":594,"attrs":150021,"content":150022},{"textAlign":49},[150023],{"text":150024,"type":599},"It is likely that by 2040 the transport world, to be fully electrified, will need 10TWh of lithium ion batteries to be produced each year. And that is not taking into account the energy storage industry which could easily match this number should aggressive trends in energy storage and renewable energy continue.",{"type":594,"attrs":150026,"content":150027},{"textAlign":49},[150028],{"text":150029,"type":599},"We are entering a brave new world where breaking barriers is becoming the norm.",{"type":594,"attrs":150031,"content":150032},{"textAlign":49},[150033],{"text":150034,"type":599},"The game-changing nature of the ability to truly store and recall energy could one day sit in the same history books as the discovery of fire, the invention of the steam engine, and the widespread use of the combustion engine.",{"type":594,"attrs":150036,"content":150037},{"textAlign":49},[150038,150040,150041],{"text":150039,"type":599},"On that note, it is with pride that I reflect on the leading position that ",{"text":68927,"type":599},{"text":150042,"type":599},"finds itself.",{"type":594,"attrs":150044,"content":150045},{"textAlign":49},[150046,150048,150049],{"text":150047,"type":599},"The variety of roles that ",{"text":144234,"type":599},{"text":150050,"type":599},"has developed represents each link in the lithium-ion-battery-to-EV supply chain. This has been a testament to our team members, the hard work they put in and the values they operate by.",{"type":594,"attrs":150052,"content":150053},{"textAlign":49},[150054],{"text":150055,"type":599},"Whether customers see us for our primary function as the world’s leading price reporting agency in the EV supply chain space, or as a data publisher and forecaster, or an analysis and advisory firm, the consistency, quality, and expertise with which we operate has no equal.",{"type":594,"attrs":150057,"content":150058},{"textAlign":49},[150059,150060,150061],{"text":134445,"type":599},{"text":144234,"type":599},{"text":150062,"type":599},"grew by over three times in 2018 and continues to hire and launch new services in 2019.",{"type":594,"attrs":150064,"content":150065},{"textAlign":49},[150066],{"text":150067,"type":599},"Our number one position in the market was underlined when the London Metal Exchange (LME) put a tender out for a lithium price provider for a cash settled lithium contract.",{"type":594,"attrs":150069,"content":150070},{"textAlign":49},[150071,150072],{"text":144234,"type":599},{"text":150073,"type":599},"has been shortlisted in the final three from over ten price providers around the world.",{"type":594,"attrs":150075,"content":150076},{"textAlign":49},[150077,150079,150080],{"text":150078,"type":599},"Only subscribers had access to ",{"text":64386,"type":599},{"text":150081,"type":599},"’ lithium industry reference prices.",{"type":594,"attrs":150083,"content":150084},{"textAlign":49},[150085,150087,150088],{"text":150086,"type":599},"A final LME decision will be made in Q1 2019, but regardless of their decision, ",{"text":7249,"type":599},{"text":150089,"type":599},"holds the unique position of providing the industry’s reference price and will continue with our primary objective of helping the industry to use our prices in physical contracts.",{"type":594,"attrs":150091,"content":150092},{"textAlign":49},[150093,150095,150096],{"text":150094,"type":599},"Advising the world’s most important players on the many ways to use our lithium, cobalt, graphite and nickel prices in contracts is what ",{"text":144234,"type":599},{"text":150097,"type":599},"has always been about.",{"type":594,"attrs":150099,"content":150100},{"textAlign":49},[150101,150103,150104,150106,150107],{"text":150102,"type":599},"While we produce the lithium reference price – used in supply chain negotiations – we want to produce the lithium benchmark price, and for it to be consistently used and referenced in written contracts. It is why ",{"text":7249,"type":599},{"text":150105,"type":599},"was named ",{"text":7249,"type":599},{"text":131898,"type":599},{"type":594,"attrs":150109,"content":150110},{"textAlign":49},[150111],{"text":150112,"type":599},"This has never been done before and we are very close to breaking this barrier.",{"type":594,"attrs":150114,"content":150115},{"textAlign":49},[150116],{"text":150117,"type":599},"Back in 2006 when I started in the lithium publishing space, I could not have envisaged this landscape.",{"type":594,"attrs":150119,"content":150120},{"textAlign":49},[150121],{"text":150122,"type":599},"We have tried so hard to create a global community that actually helps one another for the greater good of the supply chain and that is why it is such a pleasure to see our World Tour grow significantly, through new cities such as Chicago, US or Sydney, Australia.",{"type":594,"attrs":150124,"content":150125},{"textAlign":49},[150126,150128],{"text":150127,"type":599},"Benchmark Minerals Week ",{"text":150129,"type":599},"has become our annual centrepiece conference, with over 350 attendees last year.",{"type":594,"attrs":150131,"content":150132},{"textAlign":49},[150133],{"text":150134,"type":599},"The combination of our Graphite + Anodes Conference and Cathodes Conference together in one week along with a field trip to the upcoming EV producer, Thor Trucks (cover image) made this week a must attend for decision makers in the lithium ion to EV supply chain.",{"type":594,"attrs":150136,"content":150137},{"textAlign":49},[150138,150140,150141],{"text":150139,"type":599},"For the first time, 2018 was the year that the ",{"text":64386,"type":599},{"text":150142,"type":599},"’ blueprint, which we had envisaged four years ago, was complete.",{"type":594,"attrs":150144,"content":150145},{"textAlign":49},[150146],{"text":150147,"type":599},"We had established three clear and functioning divisions – Price Assessments, Forecasts and Consultancy, and Events – from scratch and with zero outside investment.",{"type":594,"attrs":150149,"content":150150},{"textAlign":49},[150151],{"text":150152,"type":599},"It is a pleasure to sit here today and say that these divisions can offer the world’s best:",{"type":594,"attrs":150154,"content":150155},{"textAlign":49},[150156],{"text":150157,"type":599},"And just like every previous year, the Benchmark team will be there in person to celebrate another barrier breaking year.",{"type":594,"attrs":150159,"content":150160},{"textAlign":49},[150161],{"text":150162,"type":599},"Travel safe",{"type":594,"attrs":150164,"content":150165},{"textAlign":49},[150166],{"text":150167,"type":599},"Simon Moores,",{"type":594,"attrs":150169,"content":150170},{"textAlign":49},[150171],{"text":150172,"type":599},"Managing Director, Benchmark Mineral Intelligence","2019 has broken and a defining year awaits. This is the year where the team at Benchmark expects lithium ion battery cell production costs, at least from one producer, to finally drop below $100/kWh. If Elon Musk’s 2016 prediction that this could be achieved by 2020 was deemed ambitious, it is now potentially one year […]",[150175],{"slug":544,"name":543,"content":150176},{"job_title":557,"image":150177,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"da038432-7bcd-439a-a4f0-203984005f7e\", \"id\": \"\"}-->",[150180,150181],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":150183,"copyright":547,"fieldtype":553,"meta_data":150184,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a72615b1fe/bm-istock-943374898.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":150186,"uuid":150187,"name":150188,"slug":150189,"full_slug":150190,"content":150191},112474432224175,"c3107509-6cdc-4452-a7f4-7fd9a8dbef91","Lights, batteries, action!","lights-batteries-action","article/lights-batteries-action",{"_uid":150192,"date":149676,"tags":150193,"editor":150194,"content":150198,"excerpt":150550,"featured":50,"reporter":150551,"_editable":150555,"component":864,"seo_title":150188,"categories":150556,"visibility":882,"author_company":49,"featured_image":150559,"seo_description":150550,"author_full_name":49,"author_job_title":49,"formattedDate":149912},"c8ea0edb-9342-4676-a2c2-32b2c43dfd40",[],[150195],{"slug":544,"name":543,"content":150196},{"job_title":557,"image":150197,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":150199},[150200,150205,150210,150215,150220,150225,150230,150235,150240,150245,150250,150255,150260,150267,150272,150277,150282,150294,150297,150302,150307,150312,150317,150322,150333,150338,150343,150348,150353,150358,150363,150372,150377,150382,150387,150392,150397,150402,150407,150412,150419,150424,150429,150434,150439,150446,150451,150456,150461,150466,150471,150476,150481,150486,150491,150496,150501,150506,150511,150516,150521,150525,150531,150538,150544],{"type":594,"attrs":150201,"content":150202},{"textAlign":49},[150203],{"text":150204,"type":599},"High purity alumina (HPA) is critical to LED production. Demand for LEDs has surged since 2010 and this demand now accounts for over half of the world’s HPA consumption. But HPA is also being used as coating material for separators in lithium ion batteries.",{"type":594,"attrs":150206,"content":150207},{"textAlign":49},[150208],{"text":150209,"type":599},"Dr Richard Flook explores the high purity alumina market and the Australian production projects looking to feed the growing demand.",{"type":594,"attrs":150211,"content":150212},{"textAlign":49},[150213],{"text":150214,"type":599},"High purity alumina (HPA) which is usually accepted to be aluminium oxide (Al2O3) of greater than or equal to 99.99% purity (4N or 100ppm impurities) has been forecast to have a high growth future as the raw material which is used to produce synthetic (artificial) sapphire used as the substrate for the manufacture of light emitting diode (LED) lighting.",{"type":594,"attrs":150216,"content":150217},{"textAlign":49},[150218],{"text":150219,"type":599},"More recently there have been forecasts for an equally or, even, a more impressive growth market for HPA in the manufacture of lithium-ion batteries (LIBs). This forecast surge in HPA demand has stimulated evaluation of alternative and lower cost production routes for HPA, particularly in Australia where there are now at least six projects in the pipe-line.",{"type":594,"attrs":150221,"content":150222},{"textAlign":49},[150223],{"text":150224,"type":599},"HPA Markets: led by LED",{"type":594,"attrs":150226,"content":150227},{"textAlign":49},[150228],{"text":150229,"type":599},"It is estimated that HPA consumption in 2018 will be about 38,000 tonnes of which the production of light emitting diodes (LEDs) will account for about 53% of HPA consumption.",{"type":594,"attrs":150231,"content":150232},{"textAlign":49},[150233],{"text":150234,"type":599},"Overall LED production is forecast to grow at a compound annual growth rate (CAGR) of 12% from 2018 to 2025. Mini-chip (150-50μm) and micro-chip (50-5μm) LEDs are considered the next growth area for the LED market. The main driving force for LED growth is the reduced energy consumption which the U.S. Department of Energy (DOE) estimated to be at least 75% less than regular incandescent lighting.",{"type":594,"attrs":150236,"content":150237},{"textAlign":49},[150238],{"text":150239,"type":599},"DOE projections for LED lighting are to rise from less than 1% market share (64 million units) in 2010 and 8% market share (701 million units) in 2015 to 84% market share in 2030. Other countries, notably China, Japan, South Korea and the EU have also had programs actively promoting LED lighting.",{"type":594,"attrs":150241,"content":150242},{"textAlign":49},[150243],{"text":150244,"type":599},"About 90% of LEDs currently use a sapphire substrate produced from HPA and this dominance is expected to continue but by 2020, some forecasters predict that approximately 10% of all LEDs will be using silicon substrates and about 18% will be using silicon carbide.",{"type":594,"attrs":150246,"content":150247},{"textAlign":49},[150248],{"text":150249,"type":599},"If these predictions are correct, the LED sapphire substrate market share could drop from about 90% to about 70-75% although of a much larger market and at a still impressive 8% CAGR between 2018 and 2025. Under this scenario, the market for HPA in LEDs would be expected to be about 35,000 tonnes by 2025.",{"type":594,"attrs":150251,"content":150252},{"textAlign":49},[150253],{"text":150254,"type":599},"HPA in batteries: growth but how much?",{"type":594,"attrs":150256,"content":150257},{"textAlign":49},[150258],{"text":150259,"type":599},"A rapidly evolving and potentially significant market for HPA is as a coating on separators in lithium-ion batteries where the insulating properties and safety of the separator, which sits between the battery electrodes, is enhanced by the application of HPA.",{"type":594,"attrs":150261,"content":150262},{"textAlign":49},[150263,150265],{"text":150264,"type":599},"FYI Resources (PFS September 2018) estimated that in 2018 about 36% of battery separators were coated and nearly 60% of coated separators used HPA. By 2025 they forecast that about 80% of separators will be coated and nearly 75% of coated separators",{"text":150266,"type":599},"will utilise HPA. During the same time period the use of HPA in separators is forecast to grow from 5,000 tonnes per annum (tpa) in 2018 to 76,000 tpa by 2025.",{"type":594,"attrs":150268,"content":150269},{"textAlign":49},[150270],{"text":150271,"type":599},"However, there have also been significantly lower forecasts for HPA demand in the separator market, with the lowest estimate being 15,000 tonnes pa in 2025 – forecast by Altech Chemicals Limited (June 2016) which has recently (June 2018) provided a revised forecast of about 43,000 tpa in 2025.",{"type":594,"attrs":150273,"content":150274},{"textAlign":49},[150275],{"text":150276,"type":599},"Further complicating the difficulty of forecasting is the recent report from Altech (October 2018) that HPA is now being looked at by LIB manufacturers for use as an outer coating directly applied onto anodes and cathodes to improve battery cycling behaviour; reduce dendrite growth (a major cause of battery failure), enhance thermal conductivity and reduce anode/cathode shrinkage and expansion.",{"type":594,"attrs":150278,"content":150279},{"textAlign":49},[150280],{"text":150281,"type":599},"Australian HPA Projects",{"type":594,"attrs":150283,"content":150284},{"textAlign":49},[150285,150287,150289,150293],{"text":150286,"type":599},"There are currently six Australian companies with HPA production projects at various stages of development. Five of the six companies are looking at using kaolin as the feedstock for the production of HPA and all",{"text":150288,"type":599},"but one of these companies are planning to utilise hydrochloric acid leaching. The four most advanced projects are compared in Table 1 ",{"text":150290,"type":599,"marks":150291},"(see below)",[150292],{"type":643},{"text":974,"type":599},{"type":594,"attrs":150295,"content":150296},{"textAlign":49},[],{"type":594,"attrs":150298,"content":150299},{"textAlign":49},[150300],{"text":150301,"type":599},"Altech Chemicals Limited (Altech)",{"type":594,"attrs":150303,"content":150304},{"textAlign":49},[150305],{"text":150306,"type":599},"Altech is by far the most advanced of the ASX-listed HPA projects.",{"type":594,"attrs":150308,"content":150309},{"textAlign":49},[150310],{"text":150311,"type":599},"Managing Director, Iggy Tan recently summarised progress during the last four years, “the company has completed a definitive feasibility study(DFS) and a final investment decision study (FIDS) for its HPA project; developed and finalised a kaolin to HPA process design; concluded laboratory pilot plant test-work; finalised JORC compliant kaolin resource and reserve estimations; secured and acquired the site for its HPA plant and kaolin mining operation; concluded environmental and development approvals in both Australia and Malaysia; executed a 10 year HPA off-take arrangement; negotiated a US$280m fixed-price lump-sum turn-key EPC contract for a 4,500tpa HPA plant; secured senior project finance of US$190m from German Government owned KfW IPEX-Bank and is in lender due diligence for US$150m of additional project finance initiatives”.",{"type":594,"attrs":150313,"content":150314},{"textAlign":49},[150315],{"text":150316,"type":599},"Construction is due to commence on Altech’s HPA plant in Johor, Malaysia, which will use kaolin from its 100% owned Meckering deposit located approximately 130km east of Perth in Western Australia. The proposed mining schedule at Meckering is based on processing about 43,500 tpa of kaolin ore for the targeted 4,500 tpa HPA production rate.",{"type":594,"attrs":150318,"content":150319},{"textAlign":49},[150320],{"text":150321,"type":599},"A mining contractor will stockpile kaolin ore from three-yearly mining campaigns. Run of mine (ROM) ore will be loaded into standard sea containers and trucked from Meckering to Fremantle port, before being shipped to Tanjung Pelepas port, Johor, Malaysia. Upon arrival at Tanjung Pelepas the containers will be either stored at the port, or directly trucked about 90km to Altech’s HPA plant site in the Tanjung Langsat Industrial Complex.",{"type":594,"attrs":150323,"content":150324},{"textAlign":49},[150325,150327,150329,150332],{"text":150326,"type":599},"The HPA plant design incorporates a flexible finished product line capable of producing HPA for both the synthetic sapphire industry (up to 4,500 tpa of high density pellets) and HPA for the lithium-ion",{"text":150328,"type":599},"battery industry (up to 1,500 tpa of powder at sub-micron particle size). The company has lodged a number of patent applications for its HPA production process in Australia and Malaysia. Altech’s product specifications and the estimated operating cost breakdown are shown separately ",{"text":150290,"type":599,"marks":150330},[150331],{"type":643},{"text":974,"type":599},{"type":594,"attrs":150334,"content":150335},{"textAlign":49},[150336],{"text":150337,"type":599},"Processing of kaolin in Malaysia involves removal of coarse silica, calcination at 700C, hydrochloric acid leaching, three stages of aluminium chloride crystallisation, calcination at 700C, roasting at 1200C to produce alpha alumina followed by pelletisation or jet milling.",{"type":594,"attrs":150339,"content":150340},{"textAlign":49},[150341],{"text":150342,"type":599},"Altech has executed a 10-year off-take sales arrangement with Mitsubishi Australia Ltd (Mitsubishi) in which Mitsubishi is appointed the exclusive buyer of all the HPA plant’s production capacity.",{"type":594,"attrs":150344,"content":150345},{"textAlign":49},[150346],{"text":150347,"type":599},"Under the agreement both parties have set specific off-take sales target quantities, with pricing set quarterly at the prevailing market price. Altech intends to supply the higher priced premium end of the HPA market particularly in Japan, South Korea and Taiwan.",{"type":594,"attrs":150349,"content":150350},{"textAlign":49},[150351],{"text":150352,"type":599},"Pure Alumina Limited (Pure Alumina)",{"type":594,"attrs":150354,"content":150355},{"textAlign":49},[150356],{"text":150357,"type":599},"In May 2017, Hill End Gold Limited signed “A Heads of Agreement” to acquire 100% of a High Purity Alumina (HPA) Project from Pure Alumina Limited, a private company controlled by Syrah Resources founders Tolga Kumova and Tom Eadie. On 1 November 2018, Hill End Gold Limited changed its name to Pure Alumina Limited.",{"type":594,"attrs":150359,"content":150360},{"textAlign":49},[150361],{"text":150362,"type":599},"Pure Alumina completed its preliminary feasibility study (PFS) in June 2018 and is aiming to complete a Definitive Feasibility Study (DFS) by the end of 2019. The company is planning to produce 8,000 tonnes pa of HPA from kaolin and as part of the DFS they are assessing building a commercial demonstration-scale plant of up to 1,000 tpa capacity to provide the larger quantities of HPA for customer testing. The plant site is currently nominated as Altona, a suburb of Melbourne, although the DFS will include a site optimisation study including overseas locations.",{"type":594,"attrs":150364,"content":150365},{"textAlign":49},[150366,150368,150370],{"text":150367,"type":599},"The process described in the PFS consists of physical separation of the fine kaolin from",{"text":150369,"type":599},"coarser material, calcination of the kaolin, dissolution in concentrated hydrochloric acid and crystallisation of aluminium chloride hexahydrate (ACH). The ACH would then go through cycles of dissolution‐crystallisation until the purity was sufficiently high to",{"text":150371,"type":599},"proceed to calcination of the ACH to HPA.",{"type":594,"attrs":150373,"content":150374},{"textAlign":49},[150375],{"text":150376,"type":599},"The project’s kaolin assets are located at Yendon near Ballarat, Victoria only 80 kilometres from Melbourne and in areas where kaolin mining and processing has continued for decades.",{"type":594,"attrs":150378,"content":150379},{"textAlign":49},[150380],{"text":150381,"type":599},"Metallurgical test work is said to have “defined a robust chemical process to convert Yendon kaolin to HPA. This process is based on the industry‐standard process derived from the US Bureau of Mines published and public data customised by Hill End specifically for the Yendon orebody.”",{"type":594,"attrs":150383,"content":150384},{"textAlign":49},[150385],{"text":150386,"type":599},"FYI Resources Limited (FYI)",{"type":594,"attrs":150388,"content":150389},{"textAlign":49},[150390],{"text":150391,"type":599},"FYI Resources (FYI) has recently completed a preliminary feasibility study (PFS) for the production of HPA from its Cadoux kaolin deposit in Western Australia. The company has now committed to, and commenced, a bankable feasibility studies (BFS) for an 8,000 tonnes pa capacity HPA plant based at Kwinana near Perth in Western Australia. The BFS which will include a pilot plant scoping study, is scheduled for completion in the first half of 2019.",{"type":594,"attrs":150393,"content":150394},{"textAlign":49},[150395],{"text":150396,"type":599},"Mining and initial beneficiation will take place at the Cadoux kaolin deposit which is located 220 kilometres northeast of Perth and is estimated to contain a total resource of 9.6 million tonnes of kaolin at an average 23% alumina content. Leach extractions of up to 97.2% alumina from the kaolin have been reported in metallurgical tests.",{"type":594,"attrs":150398,"content":150399},{"textAlign":49},[150400],{"text":150401,"type":599},"FYI’s HPA flowsheet development is said to be specifically engineered towards Cadoux’s unique geology, mineralogy and physical characteristics and substantially different to a “standard” HCl leach and precipitation process.",{"type":594,"attrs":150403,"content":150404},{"textAlign":49},[150405],{"text":150406,"type":599},"In November 2017, FYI had announced that it had entered into a memorandum of understanding (MOU) with Aco Korea for the exclusive marketing in South Korea and China of high purity alumina produced by FYI. Market investigations in the key markets of East Asia and Europe are said to be ongoing.",{"type":594,"attrs":150408,"content":150409},{"textAlign":49},[150410],{"text":150411,"type":599},"Alpha HPA Limited (Alpha HPA)",{"type":594,"attrs":150413,"content":150414},{"textAlign":49},[150415,150417],{"text":150416,"type":599},"Alpha HPA (formerly Collerina Cobalt Limited) is developing the only Australian HPA project that is not based on hydrochloric acid leaching of kaolin. The Alpha HPA",{"text":150418,"type":599},"process uses established hydro-metallurgical processes, and operates at atmospheric pressures and temperatures with the exception of the final calcination step which is common to all HPA flow sheets.",{"type":594,"attrs":150420,"content":150421},{"textAlign":49},[150422],{"text":150423,"type":599},"The company released their PFS in November 2018 for a solvent extraction process to produce 10,200 tonnes pa of HPA from about 66,000 tonnes pa of an unnamed source described as “bulk industrial chemicals” or “industrial chemical feedstock”. The process also produces about 116,000 tpa of two unspecified fertiliser by-products.",{"type":594,"attrs":150425,"content":150426},{"textAlign":49},[150427],{"text":150428,"type":599},"The plant location is also unspecified but the company is investigating sites within the industrial port area at Newcastle in New South Wales.",{"type":594,"attrs":150430,"content":150431},{"textAlign":49},[150432],{"text":150433,"type":599},"The company has now committed to the establishment of a pilot plant in Brisbane as part of a DFS in 2019 which should enable the company to proceed to a FID study and then potentially to a full scale plant in 2022.",{"type":594,"attrs":150435,"content":150436},{"textAlign":49},[150437],{"text":150438,"type":599},"Other Australian HPA Projects",{"type":594,"attrs":150440,"content":150441},{"textAlign":49},[150442,150444],{"text":150443,"type":599},"Andromeda Metals Limited is planning to develop a halloysite/kaolin resource",{"text":150445,"type":599},"at Poochera in South Australia. As well as planning halloysite exports mainly to China’s ceramic industry, the company has reported positive test work for the production of 4N HPA. The company is now targeting test work to produce 5N HPA.",{"type":594,"attrs":150447,"content":150448},{"textAlign":49},[150449],{"text":150450,"type":599},"Halycon Resources Pty Ltd is a private company with a kaolin resource at Tambellup, 320 km south-east of Perth in Western Australia. The company is promoting a process which utilises digestion of kaolin by ammonium sulphate and sulfuric acid to produce 4N HPA and equal tonnages of minus 10 micron amorphous silica.",{"type":594,"attrs":150452,"content":150453},{"textAlign":49},[150454],{"text":150455,"type":599},"Alchemy Resources Limited and Platina Resources Limited have both announced that they are testing their nickel-cobalt resources for HPA production.",{"type":594,"attrs":150457,"content":150458},{"textAlign":49},[150459],{"text":150460,"type":599},"LIB Separator Market- major capacity expansions",{"type":594,"attrs":150462,"content":150463},{"textAlign":49},[150464],{"text":150465,"type":599},"Separators are a critical component of lithium-ion batteries since they isolate the electrodes to prevent electrical short-circuits whilst allowing lithium ions to pass freely through them.",{"type":594,"attrs":150467,"content":150468},{"textAlign":49},[150469],{"text":150470,"type":599},"Plastic (usually polyolefin) separators are widely used and are generally made by one of two processes, a wet or dry process. In the dry process the plastic is annealed then rapidly stretched to produce elongated pores and about 35-45% porosity. In the wet process a plasticizer/polymer mixture is extruded, stretched and the plasticizer is extracted to produce more spherical pores and higher porosity (40-50%). Pore size is less than one micron.",{"type":594,"attrs":150472,"content":150473},{"textAlign":49},[150474],{"text":150475,"type":599},"Monolayer and multilayer as well as non-polyolefin plastics and non-plastic separators are some of the options.",{"type":594,"attrs":150477,"content":150478},{"textAlign":49},[150479],{"text":150480,"type":599},"Inorganic particles such as HPA can be added to one or both of the separator surfaces utilising hydrophilic polymer binders to produce ceramic coated separators (CCS).",{"type":594,"attrs":150482,"content":150483},{"textAlign":49},[150484],{"text":150485,"type":599},"Asahi Kasei is a major producer of battery separators with dry-process manufacturing plants located in the USA (North Carolina) while wet-process manufacturing plants are located in Japan (Moriyama, Shiga, and Hyuga, Miyazaki) and Korea (Chungbuk). The company’s LIB separator capacity is planned to almost double between 2016 (600 million (M) m2) and 2020 (1,100 M m2) to match an anticipated market CAGR of about 19% .",{"type":594,"attrs":150487,"content":150488},{"textAlign":49},[150489],{"text":150490,"type":599},"Toray Industries is planning to grow even larger than its rival Asahi Kasei by tripling its 2017 separator production capacity to 1.95 billion (B) m2 by 2020 and is investigating plants in Europe and the USA.",{"type":594,"attrs":150492,"content":150493},{"textAlign":49},[150494],{"text":150495,"type":599},"SEMCORP (Shanghai Energy New Materials Technology Co Ltd) is planning to install an additional 1B m2 in China.",{"type":594,"attrs":150497,"content":150498},{"textAlign":49},[150499],{"text":150500,"type":599},"Smaller producers are also expanding. Ube Maxwell doubled separator sales between 2015 and 2018 entirely from increased sales of coated separators which increased from 16% of total sales to 64% of total sales in the same period. The company is anticipating doubling its separator capacity to 400 million m2 by 2021.",{"type":594,"attrs":150502,"content":150503},{"textAlign":49},[150504],{"text":150505,"type":599},"SK Innovations (SKI) with 360 M m2 separator capacity in South Korea in 2018 is expanding in both South Korea and China to raise it capacity to 850 M m2 by 2020.",{"type":594,"attrs":150507,"content":150508},{"textAlign":49},[150509],{"text":150510,"type":599},"Sumitomo Chemical are forecasting a global separator market over 7 B m2 by 2025. Other forecasters are predicting that this market demand will be reached by 2020 which is feasible given that China alone produced 1.08 B m2 in 2016 and is predicted to produce 3.5 B m2 in 2020.",{"type":594,"attrs":150512,"content":150513},{"textAlign":49},[150514],{"text":150515,"type":599},"The difficulty of forecasting separator market growth, more specifically CCS market growth or even more specifically HPA-CCS market growth in a rapidly growing and technologically developing market is not surprising. Nor is it surprising that the majority of separator producers have low profitability in a highly competitive market which also requires consistent new investment capital.",{"type":594,"attrs":150517,"content":150518},{"textAlign":49},[150519],{"text":150520,"type":599},"In the longer term it would be expected that the specifications for consumables such as HPA will become more stringent and there would also be pressure to reduce HPA prices particularly if or when the threat of solid state batteries becomes a reality.",{"type":594,"attrs":150522,"content":150523},{"textAlign":49},[150524],{"text":149647,"type":599},{"type":594,"attrs":150526,"content":150527},{"textAlign":49},[150528],{"text":149099,"type":599,"marks":150529},[150530],{"type":643},{"type":594,"attrs":150532,"content":150533},{"textAlign":49},[150534],{"text":150535,"type":599,"marks":150536},"Richard has been CEO, Managing Director & Director of Asian and Australasian companies. He has specialized in new business opportunities including strategic planning, trading, market development and acquisitions in the industrial minerals industry and has been involved in managing and developing mineral operations and businesses in Asia and Australasia.",[150537],{"type":643},{"type":594,"attrs":150539,"content":150540},{"textAlign":49},[150541],{"text":149113,"type":599,"marks":150542},[150543],{"type":643},{"type":594,"attrs":150545,"content":150546},{"textAlign":49},[150547],{"text":149120,"type":599,"marks":150548},[150549],{"type":643},"High purity alumina (HPA) is critical to LED production. Demand for LEDs has surged since 2010 and this demand now accounts for over half of the world’s HPA consumption. But HPA is also being used as coating material for separators in lithium ion batteries. Dr Richard Flook explores the high purity alumina market and the […]",[150552],{"slug":544,"name":543,"content":150553},{"job_title":557,"image":150554,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c8ea0edb-9342-4676-a2c2-32b2c43dfd40\", \"id\": \"\"}-->",[150557,150558],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":150560,"copyright":547,"fieldtype":553,"meta_data":150561,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/26630a00c3/bm-istock-502189176-e1548682506166.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":150563,"uuid":150564,"name":150565,"slug":150566,"full_slug":150567,"content":150568},112474427399086,"a90b409c-b684-487c-a263-86c2f41817ea","Batteries scale up","batteries-scale-up","article/batteries-scale-up",{"_uid":150569,"date":149676,"tags":150570,"editor":150571,"content":150575,"excerpt":150763,"featured":50,"reporter":150764,"_editable":150768,"component":864,"seo_title":150565,"categories":150769,"visibility":882,"author_company":49,"featured_image":150772,"seo_description":150763,"author_full_name":49,"author_job_title":49,"formattedDate":149912},"3bb81a48-123b-45fc-bad9-ac216e50a1bf",[],[150572],{"slug":544,"name":543,"content":150573},{"job_title":557,"image":150574,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":150576},[150577,150582,150587,150594,150599,150604,150611,150616,150623,150628,150633,150638,150644,150651,150656,150661,150667,150672,150677,150682,150688,150693,150699,150707,150712,150718,150723,150729,150734,150739,150747,150752,150758],{"type":594,"attrs":150578,"content":150579},{"textAlign":49},[150580],{"text":150581,"type":599},"Following Benchmark Minerals Week, Benchmark Mineral Intelligence visited Thor Trucks’ offices and factory in North Hollywood, California. We had the chance to speak to Dakota Semler, CEO and Co-Founder, about the company’s plans, how electric vehicles can infiltrate the truck market and their views on the supply of raw materials for electric vehicles.",{"type":594,"attrs":150583,"content":150584},{"textAlign":49},[150585],{"text":150586,"type":599},"Benchmark: When can we expect to see one of Thor Trucks models on the road? Could you provide a timeline and the main challenges to this?",{"type":594,"attrs":150588,"content":150589},{"textAlign":49},[150590,150592],{"text":150591,"type":599},"Dakota Semler: ",{"text":150593,"type":599},"We’ll have our first vehicles in customer hands and on the road in early 2019 as some of our partnerships come to fruition. Notably, UPS plans to deploy one of our Class 6 delivery vehicles in the Los Angeles metro area for 6 months with a real driver behind the wheel operating an actual delivery route.",{"type":594,"attrs":150595,"content":150596},{"textAlign":49},[150597],{"text":150598,"type":599},"Our heavy-duty Class 8 platform will enter into production later in 2019.",{"type":594,"attrs":150600,"content":150601},{"textAlign":49},[150602],{"text":150603,"type":599},"Benchmark: What potential do EVs have to penetrate or even disrupt the truck market in the US within the next 5 – 10 years?",{"type":594,"attrs":150605,"content":150606},{"textAlign":49},[150607,150609],{"text":150608,"type":599},"We see a lot of potential to electrify off-highway heavy-duty applications, too, like cranes and forklifts. These applications make up a significant portion of the heavy-duty",{"text":150610,"type":599},"market, and with our recent partnership with Wiggins Lift, we show our technology is application agnostic and not localised to on-road trucking. The technology and expertise that we’ve developed in electric powertrain development can be really useful in a variety of on and off-highway applications and we look forward to exploring all potential partnerships.",{"type":594,"attrs":150612,"content":150613},{"textAlign":49},[150614],{"text":150615,"type":599},"Benchmark: You’re based in California. Are other areas of the US showing promising signs for truck fleet EV adoption?",{"type":594,"attrs":150617,"content":150618},{"textAlign":49},[150619,150621],{"text":150620,"type":599},"DS: ",{"text":150622,"type":599},"From the policy perspective, Illinois and New York took some inspiration from California a few years back, initiating their own voucher style rebate system to eliminate the difference in cost between a diesel and electric vehicle. Although the appropriation of funding was a one-time measure, sustained funding has been made available through the federal VW settlement. The VW settlement has expanded the interest in electric vehicles nationwide with most states now offering subsidies for commercial electric vehicles.",{"type":594,"attrs":150624,"content":150625},{"textAlign":49},[150626],{"text":150627,"type":599},"In general, though, there is a strong appetite for electrification across the nation, especially for short haul and last mile applications where fleets are seeing price parity within a few years of operations.",{"type":594,"attrs":150629,"content":150630},{"textAlign":49},[150631],{"text":150632,"type":599},"One of the major forces driving this nationwide interest in electrification is to achieve a lower total cost of ownership (TCO) through significantly reduced fuel and maintenance costs. With ever-expanding emissions regulations and chronically volatile diesel prices, more and more fleets regardless of their location are seeing electrification as a necessity, not an option.",{"type":594,"attrs":150634,"content":150635},{"textAlign":49},[150636],{"text":150637,"type":599},"Benchmark: How does regional and national government policy affect this? Can you give some examples?",{"type":594,"attrs":150639,"content":150640},{"textAlign":49},[150641,150642],{"text":150620,"type":599},{"text":150643,"type":599},"Policy plays strongly in our favour. With climate change policy expanding from a statewide priority to a worldwide priority, the door is left wide-open for electric vehicle manufacturers to bring product to market.",{"type":594,"attrs":150645,"content":150646},{"textAlign":49},[150647,150649],{"text":150648,"type":599},"In California specifically, policy for electric vehicles trickles down from two large climate change bills, AB32 and SB32, aiming to reduce greenhouse gas emission 30% by 2020 and 40% by 2030 respectively. The primary goal of most existing government grant and incentive programs is to help offset the typically higher",{"text":150650,"type":599},"initial purchase price of electric vehicles to speed up adoption.",{"type":594,"attrs":150652,"content":150653},{"textAlign":49},[150654],{"text":150655,"type":599},"Thanks to some of these opportunities, we’re seeing early adopters acquire electric vehicles for well below even the price of a comparable diesel vehicle. While our vehicles are designed and engineered to be viable in the marketplace without subsidies, this is undeniably a great time for fleets to explore electrification while these grant and incentive opportunities are still available.",{"type":594,"attrs":150657,"content":150658},{"textAlign":49},[150659],{"text":150660,"type":599},"Benchmark: For commercial trucks, is a widespread charging infrastructure as important as with other EVs?",{"type":594,"attrs":150662,"content":150663},{"textAlign":49},[150664,150665],{"text":150620,"type":599},{"text":150666,"type":599},"Widespread charging infrastructure buildout will be essential for electrifying long-haul routes, but this doesn’t pose a roadblock for the local and regional applications that",{"type":594,"attrs":150668,"content":150669},{"textAlign":49},[150670],{"text":150671,"type":599},"Thor is laser-focused on electrifying. For these applications, we work hand-in-hand with our customers to develop custom plans for in-yard charging. Each customer’s yard is different, requiring a unique solution but we’ve built out the right team and partners to provide these plans as turn-key solutions.",{"type":594,"attrs":150673,"content":150674},{"textAlign":49},[150675],{"text":150676,"type":599},"We help fleets from charger selection, planning all the way through installation, helping them determine the most cost-effective solution that will meet their charging needs. Building out charging infrastructure onsite, especially if it requires a utility upgrade, can be a daunting task which is why we assist the fleets we work with from start to finish, minimising any barriers to adoption.",{"type":594,"attrs":150678,"content":150679},{"textAlign":49},[150680],{"text":150681,"type":599},"Benchmark: Can you describe your approach to battery pack size and how this will differ for different models you intend to make?",{"type":594,"attrs":150683,"content":150684},{"textAlign":49},[150685,150686],{"text":150620,"type":599},{"text":150687,"type":599},"Thor’s battery design focuses on industry leading safety, cost, and modularity. The modules and packs are designed in a way that allows us to combine them for various applications and use cases in commercial trucking, other vehicle types, and even energy storage.",{"type":594,"attrs":150689,"content":150690},{"textAlign":49},[150691],{"text":150692,"type":599},"Benchmark: You make your own battery packs. Can you let us know how you approach this?",{"type":594,"attrs":150694,"content":150695},{"textAlign":49},[150696,150697],{"text":150620,"type":599},{"text":150698,"type":599},"We want to present an economically and environmentally sustainable solution with our technology so that our product can be easily adopted and serviced by today’s fleets. We focused our battery design on three key areas: modularity, commercial-grade batteries and reliability.",{"type":594,"attrs":150700,"content":150701},{"textAlign":49},[150702,150704,150705],{"text":150703,"type":599},"Firstly, with regards to modularity, we see",{"text":1440,"type":599},{"text":150706,"type":599},"benefit from millions of miles of learning. Using standard parts also ensures that our customers can easily get their vehicles serviced locally, without having to track down specialty suppliers.",{"type":594,"attrs":150708,"content":150709},{"textAlign":49},[150710],{"text":150711,"type":599},"Benchmark: On our recent visit, it was quite interesting to see the work you had done on battery chemistry. How important is chemistry to the design and desired performance of your trucks?",{"type":594,"attrs":150713,"content":150714},{"textAlign":49},[150715,150716],{"text":150620,"type":599},{"text":150717,"type":599},"Choosing the right chemistry for a given application is very important to us. For on road vehicles, energy density is paramount (as compared to stationary storage). There are undoubtedly trade-offs between safety, cost, life cycle, availability, and energy density – and you certainly can’t have it all, but some of those trade-offs (like safety and lifecycle) can be managed at the module and pack level more easily than others such as cost and availability.",{"type":594,"attrs":150719,"content":150720},{"textAlign":49},[150721],{"text":150722,"type":599},"Benchmark: As an ultimate end user that sits right at the end of the supply chain: Do any battery raw materials cause concern to your business? Can you delve into why?",{"type":594,"attrs":150724,"content":150725},{"textAlign":49},[150726,150727],{"text":150620,"type":599},{"text":150728,"type":599},"Of course! The sustainability, ethics of sourcing, and cost of raw materials are a concern for us personally, and even something our fleet customers often ask about. We consider ourselves a triple bottom line business that needs to not only generate profits, but also have a social and environmental impact, and that goes for sourcing as well.",{"type":594,"attrs":150730,"content":150731},{"textAlign":49},[150732],{"text":150733,"type":599},"While we aren’t sourcing raw material ourselves, we are certainly letting our concerns and preference be known to cell manufacturers.",{"type":594,"attrs":150735,"content":150736},{"textAlign":49},[150737],{"text":150738,"type":599},"Cobalt is getting a lot of attention now both for its cost and the conditions under which some of it is sourced.",{"type":594,"attrs":150740,"content":150741},{"textAlign":49},[150742,150744,150745],{"text":150743,"type":599},"If you take a longer view, you’ll notice that",{"text":78036,"type":599},{"text":150746,"type":599},"cobalt content of lithium ion cells has dropped dramatically over the last decade from double digits of a cells energy content, to five percent or less.",{"type":594,"attrs":150748,"content":150749},{"textAlign":49},[150750],{"text":150751,"type":599},"Benchmark: To alleviate any concerns, would you ever conceive as an EV producer becoming involved in the raw materials side of the business? Whether that is by securing long term supply or investing in operations to guarantee supply.",{"type":594,"attrs":150753,"content":150754},{"textAlign":49},[150755,150756],{"text":150620,"type":599},{"text":150757,"type":599},"Anything is possible. As our volumes increase it may become necessary to invest heavily to guarantee supply of raw materials. However, as a new entrant one of our advantages is our ability to remain flexible and open to new technologies while innovation in the space is moving faster than ever.",{"type":594,"attrs":150759,"content":150760},{"textAlign":49},[150761],{"text":150762,"type":599},"It’s not the right time for us to lock ourselves into a massive supply of a particular material.","Following Benchmark Minerals Week, Benchmark Mineral Intelligence visited Thor Trucks’ offices and factory in North Hollywood, California. We had the chance to speak to Dakota Semler, CEO and Co-Founder, about the company’s plans, how electric vehicles can infiltrate the truck market and their views on the supply of raw materials for electric vehicles. Benchmark: When […]",[150765],{"slug":544,"name":543,"content":150766},{"job_title":557,"image":150767,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3bb81a48-123b-45fc-bad9-ac216e50a1bf\", \"id\": \"\"}-->",[150770,150771],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":150773,"copyright":547,"fieldtype":553,"meta_data":150774,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/53f7f36af4/bm-etone20at20thor20parking20light20exterior203.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":150776,"uuid":150777,"name":150778,"slug":150779,"full_slug":150780,"content":150781},112474422709163,"5149357b-2252-4221-b17d-7075a36a6f0c","Is Indonesia altering the nickel market?","is-indonesia-altering-the-nickel-market","article/is-indonesia-altering-the-nickel-market",{"_uid":150782,"date":149676,"tags":150783,"editor":150785,"content":150789,"excerpt":150938,"featured":50,"reporter":150939,"_editable":150943,"component":864,"seo_title":150778,"categories":150944,"visibility":882,"author_company":49,"featured_image":150948,"seo_description":150938,"author_full_name":49,"author_job_title":49,"formattedDate":149912},"3b93eee0-29bf-4de9-ae25-edecd4cf8024",[150784],{"slug":7997,"name":7998},[150786],{"slug":544,"name":543,"content":150787},{"job_title":557,"image":150788,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":150790},[150791,150796,150801,150806,150811,150816,150821,150826,150831,150836,150841,150846,150851,150856,150861,150866,150871,150876,150881,150891,150896,150901,150906,150911,150918,150923,150928,150933],{"type":594,"attrs":150792,"content":150793},{"textAlign":49},[150794],{"text":150795,"type":599},"At the end of Q3 2018 a consortium announced plans to build a $700 million nickel processing plant in Indonesia aiming to produce battery-grade nickel chemicals. The joint venture sees major stainless-steel manufacturer Tsingshan, and leading battery materials producer GEM, pair up with a 36% share each.",{"type":594,"attrs":150797,"content":150798},{"textAlign":49},[150799],{"text":150800,"type":599},"The Chinese-led investment will also see the battery producer CATL taking a 25% share and Japan’s Hanwa receive an 8% interest in the joint venture.",{"type":594,"attrs":150802,"content":150803},{"textAlign":49},[150804],{"text":150805,"type":599},"The project, based in Morowali, Indonesia, is expected to produce 50,000 tonnes per annum (tpa) of high purity nickel and 4,000 tpa of cobalt for use in lithium ion batteries, with production beginning in 2021 and ramping up to capacity in 2022.",{"type":594,"attrs":150807,"content":150808},{"textAlign":49},[150809],{"text":150810,"type":599},"The material is set for the Chinese market where battery-hungry OEMs are looking to secure supplies of critical materials to meet demand for China’s EV industry.",{"type":594,"attrs":150812,"content":150813},{"textAlign":49},[150814],{"text":150815,"type":599},"A number of Indonesian projects are set to come into production in the next few years as the country is attracting investments which is set to see the country’s share of nickel production surge.",{"type":594,"attrs":150817,"content":150818},{"textAlign":49},[150819],{"text":150820,"type":599},"The country is currently well-placed to increase its nickel output as a number of global metal producers have shown recent interest in Indonesia’s nickel reserves. In September 2018, for example, Vale and Sumitomo announced that they were conducting a feasibility study to build a nickel processing project in Southeast Sulawesi, from which the companies are looking to produce nickel sulphate for use in batteries.",{"type":594,"attrs":150822,"content":150823},{"textAlign":49},[150824],{"text":150825,"type":599},"Indonesian nickel to soar",{"type":594,"attrs":150827,"content":150828},{"textAlign":49},[150829],{"text":150830,"type":599},"In 2015 Indonesia was responsible for only 7% of global nickel supply. But we expect Indonesia’s share of global nickel supply to increase dramatically and in 2019 it could account for 27% of global supply, it should sustain this out to 2040 when we expect it to have up to 30% global production.",{"type":594,"attrs":150832,"content":150833},{"textAlign":49},[150834],{"text":150835,"type":599},"The rapid growth in Indonesia’s nickel production will likely help the nickel market to stave off any global nickel shortage out to the mid-2020s with EVs adding to demand-side pressures.",{"type":594,"attrs":150837,"content":150838},{"textAlign":49},[150839],{"text":150840,"type":599},"The headline figures belie the difficulties producers face when bringing Indonesian nickel to the EV supply chain.",{"type":594,"attrs":150842,"content":150843},{"textAlign":49},[150844],{"text":150845,"type":599},"Nickel principally comes from two types of ore: nickel sulphide and nickel laterite. The ore in Indonesia is nickel laterite (either limonite or saprolite). Nickel laterite can be used to produce class 1 nickel for use in batteries but this has been associated with cost over-runs, capex blow-outs and ramp up delays.",{"type":594,"attrs":150847,"content":150848},{"textAlign":49},[150849],{"text":150850,"type":599},"During last decade’s boom, Indonesian laterite ore was used to produce NPI – which is used for stainless steel production. At the time, laterite NPI production helped to solve nickel’s supply shortfall, whereas now producers are hoping to use laterite to meet the growing demand coming from the EV industry.",{"type":594,"attrs":150852,"content":150853},{"textAlign":49},[150854],{"text":150855,"type":599},"Now there are moves from the likes of Tsingshan to start using Indonesia’s laterite ore to produce nickel sulpate by following a different processing route. This would effectively see a move away from NPI to produce a mixed nickel-cobalt precipitate and ultimately nickel and cobalt sulphates for the battery industry.",{"type":594,"attrs":150857,"content":150858},{"textAlign":49},[150859],{"text":150860,"type":599},"To produce nickel sulphate from nickel laterite requires significantly more energy and chemical-heavy processing, commonly through high pressure acid leaching (HPAL). Constructing HPAL operations are known to be time-intensive and the process has increased environmental and capital costs associated with it. This is why to date nickel sulphate producers have typically overlooked countries like Indonesia and the Philippines for nickel sulphate production.",{"type":594,"attrs":150862,"content":150863},{"textAlign":49},[150864],{"text":150865,"type":599},"Despite the associated costs a number of projects are looking to use HPAL to process nickel laterite into battery grade nickel sulphate, as with Tsingshan’s Morowali nickel project, to meet increased demand for high-purity nickel from OEMs.",{"type":594,"attrs":150867,"content":150868},{"textAlign":49},[150869],{"text":150870,"type":599},"With bold plans to produce battery-grade nickel from Indonesia’s laterite deposits there is an ongoing debate about whether this can be achieved economically.",{"type":594,"attrs":150872,"content":150873},{"textAlign":49},[150874],{"text":150875,"type":599},"Industry scepticism",{"type":594,"attrs":150877,"content":150878},{"textAlign":49},[150879],{"text":150880,"type":599},"Much of the nickel industry’s established players are sceptical of Tsingshan’s – and other producers – plans to use laterite sources for non-NPI production (this is expanded on in the ‘Nickel – the Often Forgotten Battery Metal’ comment piece on page 11). In particular the $700 million costs, which is half that of similar – or even smaller – projects elsewhere, and the 3-year timeframe, has been refuted by many in the industry as impracticable.",{"type":594,"attrs":150882,"content":150883},{"textAlign":49},[150884,150885,150887,150889],{"text":14670,"type":599},{"text":150886,"type":599},"Benchmark Mineral Week ",{"text":150888,"type":599},"in October 2018 Anton Berlin,",{"text":150890,"type":599},"Marketing Director, Nornickel, paid particular attention to laterite nickel supply.",{"type":594,"attrs":150892,"content":150893},{"textAlign":49},[150894],{"text":150895,"type":599},"Mr Berlin said: “in Indonesia and the Philippines it’s laterites. Laterites have three available components: nickel, cobalt and iron. And for technology reasons, you can extract the two you like but you cannot get all three. So you can go the NPI route which most people do and you end up with low grade nickel, and effectively you lose the cobalt units because they end up in stainless steel…The other route you could go is leaching and you could extract the nickel and cobalt but you would probably lose out on iron.”",{"type":594,"attrs":150897,"content":150898},{"textAlign":49},[150899],{"text":150900,"type":599},"Mr Berlin was particularly sceptical of the choice by some companies to process laterites into battery-grade nickel, he continued: “if you make an investment you have two options; you can do the NPI, which has lesser capex, you can build it in a couple of years and there’s a nice margin installed, especially if you integrate it with steel-making. Or you can go with a process that’s complicated, which companies have been struggling for 30 years to make more efficient, and it’s high capex, high cost and in effect you get a smaller margin and the question would be why? Why would you spend 10 billion instead of 2 billion and make a smaller margin. I mean you can, but would you do that?”",{"type":594,"attrs":150902,"content":150903},{"textAlign":49},[150904],{"text":150905,"type":599},"Indonesian politics",{"type":594,"attrs":150907,"content":150908},{"textAlign":49},[150909],{"text":150910,"type":599},"Another issue facing Indonesian nickel mining expansions could be the country’s domestic politics which has a chequered past when it comes to mining. In 2009 Indonesia passed the Mining Law, which paved the way for a 2014 ore export ban mandating that companies must process raw materials before exporting them, despite Indonesia having next to no processing facilities for nickel at the time.",{"type":594,"attrs":150912,"content":150913},{"textAlign":49},[150914,150916],{"text":150915,"type":599},"The premise behind the ban was to restructure the economy and presumably develop the surrounding industries associated with mining and processing. The policy seemed to be working, as processed nickel exports were on the rise, however, to the surprise of many the ban was",{"text":150917,"type":599},"short-lived and by Q1 2017 it had been overturned.",{"type":594,"attrs":150919,"content":150920},{"textAlign":49},[150921],{"text":150922,"type":599},"NPI or sulphate growth regardless",{"type":594,"attrs":150924,"content":150925},{"textAlign":49},[150926],{"text":150927,"type":599},"As Indonesian nickel production ramps up to account for a quarter of global supply, it will become apparent whether operations such as the Morowali project can successfully produce nickel sulphate.",{"type":594,"attrs":150929,"content":150930},{"textAlign":49},[150931],{"text":150932,"type":599},"Future nickel demand growth will come from batteries and ultimately the growing EV industry – albeit starting from a low base. This is partly because of EV production volumes increasing but also because changes in cathode chemistries will lead to thrifting away from cobalt, which will likely see a growing dependence on nickel.",{"type":594,"attrs":150934,"content":150935},{"textAlign":49},[150936],{"text":150937,"type":599},"We expect Indonesian nickel to play a key role in shaping EV nickel supply. If these processing projects were to prove too costly to produce sulphate, Indonesia’s abundant laterite supply would still produce NPI, freeing up supply elsewhere to meet battery-grade demand.","At the end of Q3 2018 a consortium announced plans to build a $700 million nickel processing plant in Indonesia aiming to produce battery-grade nickel chemicals. The joint venture sees major stainless-steel manufacturer Tsingshan, and leading battery materials producer GEM, pair up with a 36% share each. The Chinese-led investment will also see the battery […]",[150940],{"slug":544,"name":543,"content":150941},{"job_title":557,"image":150942,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3b93eee0-29bf-4de9-ae25-edecd4cf8024\", \"id\": \"\"}-->",[150945,150946,150947],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":134561,"copyright":547,"fieldtype":553,"meta_data":150949,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":150951,"uuid":150952,"name":150953,"slug":150954,"full_slug":150955,"content":150956},112474408442792,"5a3ed645-e915-4ace-8ed1-56b1a6975ad9","Lithium in 2019","lithium-in-2019","article/lithium-in-2019",{"_uid":150957,"date":149676,"tags":150958,"editor":150959,"content":150963,"excerpt":151287,"featured":50,"reporter":151288,"_editable":151292,"component":864,"seo_title":150953,"categories":151293,"visibility":882,"author_company":49,"featured_image":151297,"seo_description":151287,"author_full_name":49,"author_job_title":49,"formattedDate":149912},"3fbf8299-f27a-4ab4-85e9-7ffb2be648e8",[],[150960],{"slug":544,"name":543,"content":150961},{"job_title":557,"image":150962,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":150964},[150965,150970,150975,150980,150985,150992,150997,151003,151008,151013,151021,151026,151031,151036,151041,151046,151051,151056,151063,151068,151073,151078,151083,151088,151093,151098,151105,151113,151118,151123,151128,151133,151138,151143,151148,151153,151158,151163,151168,151176,151181,151190,151195,151205,151213,151222,151227,151232,151237,151242,151247,151252,151256,151263,151272,151277,151282],{"type":594,"attrs":150966,"content":150967},{"textAlign":49},[150968],{"text":150969,"type":599},"2018 WAS A TURBULENT YEAR FOR THE LITHIUM INDUSTRY, WHICH WAS DEFINED BY FALLING CHINESE LITHIUM CARBONATE PRICES AND A SUBSEQUENT SOFTENING FROM THE Q1 HIGHS FOR REST OF THE WORLD (ROW) PRICES.",{"type":594,"attrs":150971,"content":150972},{"textAlign":49},[150973],{"text":150974,"type":599},"IT WAS A YEAR WHERE LITHIUM HYDROXIDE WAS PUT FIRMLY ON THE AGENDA OF LITHIUM MAJORS, AND CATHODE CONSUMERS BEGAN TO RECEIVE FIRM SIGNALS FROM BATTERY MAKERS FOR THEIR CHOICE OF CATHODE MATERIALS FOR THE EV REVOLUTION.",{"type":594,"attrs":150976,"content":150977},{"textAlign":49},[150978],{"text":150979,"type":599},"AS THE INDUSTRY CONTINUES ON THE PATH TOWARDS A SURGE IN BATTERY DEMAND, HERE BENCHMARK SUMMARISES THE LITHIUM TRENDS TO LOOK OUT FOR IN 2019.",{"type":657,"attrs":150981,"content":150982},{"level":985,"textAlign":49},[150983],{"text":150984,"type":599},"1. Spodumene price declines",{"type":594,"attrs":150986,"content":150987},{"textAlign":49},[150988,150990],{"text":150989,"type":599},"The feedstock contraints which prompted the lithium price spike back in 2015 have been addressed primarily by new spodumene operations. The Mt Marion project in Kalgoorlie, Western Australia, which Ganfeng has a life-of-mine offtake agreement in place with Neometals, and Galaxy Resources’ Mt Cattlin mine, which has a full offtake agreement in place, led the way for a new generation of producers in 2017. These projects have now been followed into production by another four operations in 2018 which promise to bring significant new volumes into the market throughout 2019.",{"text":150991,"type":599},"An important question for the industry is how this will impact spodumene prices, which have remained at high levels over the past 12 months due to limited availability outside offtake agreements.",{"type":594,"attrs":150993,"content":150994},{"textAlign":49},[150995],{"text":150996,"type":599},"New spodumene concentrate coming on stream in Australia will increase stocks at the first step in the lithium-to-electric-vehicle supply chain. With Altura Mining, AMG NV and Pilbara Minerals adding to the new supply from Allied Mineral Assets, which began production in Q2 2018, Chinese converters have been pushing for lower priced concentrate.",{"type":594,"attrs":150998,"content":150999},{"textAlign":49},[151000,151001],{"text":11314,"type":599},{"text":151002,"type":599},"’s expectation is that the price will settle between $700-750/tonne in H2 2019, having fluctuated between $870-915/tonne during 2018.",{"type":594,"attrs":151004,"content":151005},{"textAlign":49},[151006],{"text":151007,"type":599},"This new material will be controlled by a small group of Chinese converters. However, the question remains whether they have the capacity to convert. The offtake agreements for new suppliers (Pilbara, Altura, AMG) are largely tied to the function of the chemical price – as these chemical prices soften, so too will the spodumene price.",{"type":657,"attrs":151009,"content":151010},{"level":985,"textAlign":49},[151011],{"text":151012,"type":599},"2. Conversion bottleneck",{"type":594,"attrs":151014,"content":151015},{"textAlign":49},[151016,151018,151019],{"text":151017,"type":599},"While it is likely that spodumene stocks will increase, this does not necessarily translate to an oversupply of lithium chemicals, especially battery grade material.",{"text":7249,"type":599},{"text":151020,"type":599},"does not expect there to be enough conversion capacity for all of the spodumene supply coming into the market from Australia (Allied Mineral Assets, Altura, Pilbara) and Brazil (AMG).",{"type":594,"attrs":151022,"content":151023},{"textAlign":49},[151024],{"text":151025,"type":599},"Therefore, while lithium chemical prices are expected to continue to soften from their Q1 2018 highs (particularly for lithium hydroxide), the fall off will be less extreme than seen in the Chinese domestic lithium carbonate market in 2018.",{"type":594,"attrs":151027,"content":151028},{"textAlign":49},[151029],{"text":151030,"type":599},"Cheaper spodumene feedstock may allow for some more reductions in carbonate pricing and an adjustment in hydroxide prices is inevitable in the medium-term, however, prices will still remain far above 2015 levels.",{"type":594,"attrs":151032,"content":151033},{"textAlign":49},[151034],{"text":151035,"type":599},"A limited number of offtakers control all of the new spodumene supplies and these converters are unlikely to have sufficient conversion capacity to ensure full spodumene utilisation in 2019.",{"type":594,"attrs":151037,"content":151038},{"textAlign":49},[151039],{"text":151040,"type":599},"Ganfeng Lithium were the only tier 1 producer to add capacity in 2018 and Tianqi is not expecting a new Western Australian plant until late-2019. Tier 2 producers are still vague on their timelines for new plants in 2019, with the exception of Yahua which is targeting H1 commissioning.",{"type":594,"attrs":151042,"content":151043},{"textAlign":49},[151044],{"text":151045,"type":599},"Emphasis has come out of lithium expansions in China due to the 2018 price which has seen narrowing margins. There were fewer new capacity announcements in 2018 and many previous commitments look likely to never materialise.",{"type":594,"attrs":151047,"content":151048},{"textAlign":49},[151049],{"text":151050,"type":599},"Battery-grade production remains an obstacle for all converters – although battery-grade specification can be reached, it often involves increased cost or only makes a proportion of total output.",{"type":657,"attrs":151052,"content":151053},{"level":985,"textAlign":49},[151054],{"text":151055,"type":599},"3. The industry will begin to remember lithium carbonate",{"type":594,"attrs":151057,"content":151058},{"textAlign":49},[151059,151061],{"text":151060,"type":599},"The shift towards high-nickel, lithium hydroxide containing cathode chemistries which gathered pace in 2018, showed signs of slowing towards the end of the year, raising questions about the future balance between carbonate and hydroxide demand.",{"text":151062,"type":599},"With the dramatic decreases in prices of lithium carbonate and cobalt, the emphasis of moving towards NCM 811 or NCA cathode chemistries has softened which will bring lithium carbonate back in the spotlight in 2019.",{"type":594,"attrs":151064,"content":151065},{"textAlign":49},[151066],{"text":151067,"type":599},"In addition, the adjustment of China’s automobile industry investment regulations in December 2018 signalled a relaxation in the country’s push towards higher energy-density and if reflected in 2019 EV subsidies it could have big implications for the direction of demand in the year ahead.",{"type":594,"attrs":151069,"content":151070},{"textAlign":49},[151071],{"text":151072,"type":599},"Carbonate price declines vs stable hydroxide prices mean many Chinese producers are questioning whether the 811 push is necessary.",{"type":594,"attrs":151074,"content":151075},{"textAlign":49},[151076],{"text":151077,"type":599},"Technical challenges with 811 mean 622 provides a simple transition. It’s also worth noting that Japanese and Korean majors remain the only companies able to use 811 for EVs. As this is where the growth is centred, cathode producers may need to target 622 improvements to remain competitive.",{"type":594,"attrs":151079,"content":151080},{"textAlign":49},[151081],{"text":151082,"type":599},"Hydroxide prices are likely to decrease towards carbonate levels but tighter market conditions mean battery-grade supply availability will be limited in the medium-term.",{"type":657,"attrs":151084,"content":151085},{"level":985,"textAlign":49},[151086],{"text":151087,"type":599},"4. Battery raw material contracts – just the start",{"type":594,"attrs":151089,"content":151090},{"textAlign":49},[151091],{"text":151092,"type":599},"With the impending surge in battery megafactory production fast approaching, downstream players are showing increased appetite for offtakes and JVs that will provide the foundation for their future production.",{"type":594,"attrs":151094,"content":151095},{"textAlign":49},[151096],{"text":151097,"type":599},"Lithium converters through to EV producers all showed increased intent when it came to locking in supply chain relationships in 2018 and this is a trend we expect to continue and accelerate in 2019 as the battery market prepares for a 2021 tipping point in production levels",{"type":594,"attrs":151099,"content":151100},{"textAlign":49},[151101,151103],{"text":151102,"type":599},"In 2018 we saw Tesla, BMW and LG Chem tie themselves to Ganfeng and other junior offtakes. In 2019 the industry can expect more agreements, which are likely needed to meet",{"text":151104,"type":599},"the battery production spike.",{"type":594,"attrs":151106,"content":151107},{"textAlign":49},[151108,151110,151111],{"text":151109,"type":599},"Negative investor sentiment has made attracting capital difficult – there is recognition from downstream that help is needed to progress new projects to production. Speaking at ",{"text":150127,"type":599},{"text":151112,"type":599},"in October 2018, Anthony Tse, Galaxy Resources’ Managing Director and Chief Executive Officer, spelled out the capital raising issues facing the lithium industry today:",{"type":594,"attrs":151114,"content":151115},{"textAlign":49},[151116],{"text":151117,"type":599},"“One of the most important things people don’t talk about enough is the availability of capital. In order to bring online somewhere between 600-800,000 tonnes of LCE supply at an average capital intensity of, say, $15k per tonne for a greenfield project – and this is a brine project which has a much lower capital intensity than a hard rock and a converter combined – you’re looking somewhere in the region of $9-12 billion of capital required.”",{"type":594,"attrs":151119,"content":151120},{"textAlign":49},[151121],{"text":151122,"type":599},"He continued, “the main challenge that we see is that within the industry over the past couple of years – if we include all the greenfield and all the brownfield capital raisings that have been done in the industry sector for shovel ready projects we max out at slightly over $3billion of capital that’s actually been raised. So, the sector’s only been raising money at the rate of about $1.5billion a year. And yet it still needs to pull in probably, if we take off the $3 billion from the $9-12 billion, we still need to raise another $6-9 billion between now and 2025.”",{"type":594,"attrs":151124,"content":151125},{"textAlign":49},[151126],{"text":151127,"type":599},"The gatekeepers to lithium resources will make downstream companies uneasy about access to raw materials. Currently only a few companies dominate the lithium feedstock supply chain and downstream players are seeking to address supply risks.",{"type":594,"attrs":151129,"content":151130},{"textAlign":49},[151131],{"text":151132,"type":599},"2019 is set to be a year of transition and one where the downstream players lay foundations without massive demand growth. An increase in new resources will help the supply chain to evolve in order to be more responsive to downstream needs.",{"type":594,"attrs":151134,"content":151135},{"textAlign":49},[151136],{"text":151137,"type":599},"In the coming year, we expect downstream companies to source material from more sources so they can have greater diversity of supply and it is likely that JVs and partnerships will ease this process.",{"type":657,"attrs":151139,"content":151140},{"level":985,"textAlign":49},[151141],{"text":151142,"type":599},"5. Majors to continue entry into lithium assets",{"type":594,"attrs":151144,"content":151145},{"textAlign":49},[151146],{"text":151147,"type":599},"While the downturn in lithium equity markets has slowed the progress",{"type":594,"attrs":151149,"content":151150},{"textAlign":49},[151151],{"text":151152,"type":599},"of many developers, there is an acceptance from the industry’s established producers that there is still a long road ahead to meeting the demand projections for 2021, let alone 2025.",{"type":594,"attrs":151154,"content":151155},{"textAlign":49},[151156],{"text":151157,"type":599},"Difficulty meeting even preliminary expansions targets for many, means industry majors will continue to commit to new resources and conversion facilities to ensure their place as market leaders.",{"type":594,"attrs":151159,"content":151160},{"textAlign":49},[151161],{"text":151162,"type":599},"This is likely to see more partnerships between development stage companies and industry majors as they look to lock in leading assets, particularly if equity market pressures allow for more favourable valuations.",{"type":594,"attrs":151164,"content":151165},{"textAlign":49},[151166],{"text":151167,"type":599},"Ganfeng Lithium and Albemarle both made significant investments in new resources in 2018. These moves are not isolated and during 2019 other major players in the lithium industry are likely to follow.",{"type":594,"attrs":151169,"content":151170},{"textAlign":49},[151171,151173,151174],{"text":151172,"type":599},"In his presentation at ",{"text":150127,"type":599},{"text":151175,"type":599},"Eric Norris, President of Albemarle’s Lithium business unit, gave his thoughts on securing lithium supply: “given the growth curve that the EV supply chain is expecting, what we’re tending to see is partnerships being developed. We’re now striking long-term contracts for that reason. When you think through the risk factors they [OEMs] have, they have to really think about where they get their supply from and it’s not just the proven supplier who has the resources to invest…it’s the one who can make the product consistently that’s not going to cause failure.”",{"type":594,"attrs":151177,"content":151178},{"textAlign":49},[151179],{"text":151180,"type":599},"Industry majors are likely to look at new agreements to secure post-2021 expansions. Geopolitical risks could mean that we see an ongoing push from majors for new resources outside of China and Chile. Pressure from equity markets on valuations may also create opportunities for majors to make investments in development stage assets.",{"type":657,"attrs":151182,"content":151183},{"level":985,"textAlign":49},[151184,151186,151188],{"text":151185,"type":599},"6. Are big oil, auto & energy ",{"text":151187,"type":599},"the next major investors for ",{"text":151189,"type":599},"lithium?",{"type":594,"attrs":151191,"content":151192},{"textAlign":49},[151193],{"text":151194,"type":599},"Lithium is entering its fourth year in what is widely expected to be a ten-year investment cycle to create an electric vehicle (EV) blueprint for the 21st century.",{"type":594,"attrs":151196,"content":151197},{"textAlign":49},[151198,151200,151202,151203],{"text":151199,"type":599},"Major investment to date has come from inside the lithium industry and professional investors, but we are now at a point where new players from the oil, energy and auto industries will begin to take action. In 2018 we started",{"text":151201,"type":599},"to see interest from these companies, for instance BP acknowledged the relevance of raw materials in electric cars in its statistical review, quoting ",{"text":9653,"type":599},{"text":151204,"type":599},"’s lithium prices.",{"type":594,"attrs":151206,"content":151207},{"textAlign":49},[151208,151210,151211],{"text":151209,"type":599},"In November 2014 and December 2015, ",{"text":68927,"type":599},{"text":151212,"type":599},"published these simple charts, right, to highlight the beginning of a mega-trend.",{"type":594,"attrs":151214,"content":151215},{"textAlign":49},[151216,151218,151220],{"text":151217,"type":599},"Presented in private meetings and on the ",{"text":151219,"type":599},"Benchmark World Tour",{"text":151221,"type":599},", it was the first time lithium and lithium ion batteries were discussed as the lynchpin that holds together the futures for three multi-trillion dollar industries: oil, energy/utilities and auto.",{"type":594,"attrs":151223,"content":151224},{"textAlign":49},[151225],{"text":151226,"type":599},"It has taken four years to reach a point where EV demand is not only getting stronger but energy storage potential has also become a reality.",{"type":594,"attrs":151228,"content":151229},{"textAlign":49},[151230],{"text":151231,"type":599},"With concrete demand numbers and enough confidence in battery producers’ and auto makers’ timelines, the lithium story has gathered pace and reached a new phase in its development to become a mainstream speciality chemical.",{"type":594,"attrs":151233,"content":151234},{"textAlign":49},[151235],{"text":151236,"type":599},"The lithium story is now accepted by all sectors, investors and commentators alike with the discussion focusing on the rate of growth rather and how big the industry could become by 2030.",{"type":594,"attrs":151238,"content":151239},{"textAlign":49},[151240],{"text":151241,"type":599},"While 2030 may seem like long-term, if you are an oil producer, auto maker or in the utilities business, this falls within the short-to-medium term category. And while major actors in these industries have been circling for some time, 2019 could well be the year where big decisions are made.",{"type":594,"attrs":151243,"content":151244},{"textAlign":49},[151245],{"text":151246,"type":599},"Internal lithium M&A to continue, lower asset valuations to drive deal-making",{"type":594,"attrs":151248,"content":151249},{"textAlign":49},[151250],{"text":151251,"type":599},"You can also still expect M&A activity from within the lithium space and with it high profile successes and failures that come with the territory and risk of building the lithium supply chain at a pace that has never been experienced before.",{"type":594,"attrs":151253,"content":151254},{"textAlign":49},[151255],{"text":151157,"type":599},{"type":594,"attrs":151257,"content":151258},{"textAlign":49},[151259,151261],{"text":151260,"type":599},"This is likely to see more partnerships between development stage lithium companies and major lithium producers as they look to",{"text":151262,"type":599},"lock in leading assets, particularly if even bigger outsiders from the oil, auto or energy industries are circling and with equity market pressures allowing for more favourable valuations.",{"type":594,"attrs":151264,"content":151265},{"textAlign":49},[151266,151268,151270],{"text":151267,"type":599},"It is ",{"text":151269,"type":599},"Benchmark Mineral Intelligence’s ",{"text":151271,"type":599},"belief that 2015-2018 was phase one in building a lithium-to-EV supply chain for the 21st century.",{"type":594,"attrs":151273,"content":151274},{"textAlign":49},[151275],{"text":151276,"type":599},"This was a period where junior or development stage lithium companies and Tesla had believed big and convinced the bigger chemical producers and auto makers that the EV story was real and happening faster than expected.",{"type":594,"attrs":151278,"content":151279},{"textAlign":49},[151280],{"text":151281,"type":599},"The dream became a bigger reality than foreseen and the lithium industry has since proven its ability to react in the short term. It has also proven that it could handle a jump in the compound annual growth trajectory from 6-8% a year in a pre-2014 world to 22-26% a year in a post-2016 world.",{"type":594,"attrs":151283,"content":151284},{"textAlign":49},[151285],{"text":151286,"type":599},"We are now in phase two of lithium’s journey from niche to mainstream where the big fish are no longer SQM, Ganfeng Lithium, Albemarle and Tianqi, but Shell, BP, Saudi Aramco, VW, Toyota and General Motors.","2018 WAS A TURBULENT YEAR FOR THE LITHIUM INDUSTRY, WHICH WAS DEFINED BY FALLING CHINESE LITHIUM CARBONATE PRICES AND A SUBSEQUENT SOFTENING FROM THE Q1 HIGHS FOR REST OF THE WORLD (ROW) PRICES. IT WAS A YEAR WHERE LITHIUM HYDROXIDE WAS PUT FIRMLY ON THE AGENDA OF LITHIUM MAJORS, AND CATHODE CONSUMERS BEGAN TO RECEIVE […]",[151289],{"slug":544,"name":543,"content":151290},{"job_title":557,"image":151291,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3fbf8299-f27a-4ab4-85e9-7ffb2be648e8\", \"id\": \"\"}-->",[151294,151295,151296],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":151298,"copyright":547,"fieldtype":553,"meta_data":151299,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/93f8799805/bm-sqm-personnel.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":151301,"uuid":151302,"name":151303,"slug":151304,"full_slug":151305,"content":151306},114851890071789,"3d9ec526-cce7-4ea5-8b53-d60f1f8b451e","Korea’s heavyweights cannot make 811 stick","koreas-heavyweights-cannot-make-811-stick","article/koreas-heavyweights-cannot-make-811-stick",{"_uid":151307,"date":151308,"tags":151309,"editor":151311,"content":151315,"excerpt":151425,"featured":50,"reporter":151426,"_editable":151430,"component":864,"seo_title":151303,"categories":151431,"visibility":882,"author_company":49,"featured_image":151434,"seo_description":151425,"author_full_name":49,"author_job_title":49,"formattedDate":151437},"07f868f8-d6a5-49e9-b5c1-819b92e3a3ac","2018-10-17 00:00",[151310],{"slug":8694,"name":8695},[151312],{"slug":544,"name":543,"content":151313},{"job_title":557,"image":151314,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":151316},[151317,151322,151327,151332,151338,151343,151348,151353,151358,151365,151370,151375,151380,151385,151390,151395,151400,151405,151410,151415,151420],{"type":594,"attrs":151318,"content":151319},{"textAlign":49},[151320],{"text":151321,"type":599},"By Caspar Rawles",{"type":594,"attrs":151323,"content":151324},{"textAlign":49},[151325],{"text":151326,"type":599},"Back in 2017 two South Korean battery heavyweights, LG Chem and SK Innovation, made bold claims they would be able to introduce NCM 811 cathode far sooner than many in the industry expected, both outlining plans for commercial production in H2 2018.",{"type":594,"attrs":151328,"content":151329},{"textAlign":49},[151330],{"text":151331,"type":599},"In Q3 2018, both companies changed the timescales for these plans, pushing their anticipated introduction of the technology into 2019. LG Chem intend to release NCM 811 technology in cylindrical cells but only for use in energy storage systems (ESS) such as home storage and electric buses.",{"type":594,"attrs":151333,"content":151334},{"textAlign":49},[151335,151336],{"text":7249,"type":599},{"text":151337,"type":599},"sees this as a small-scale introduction to test the technology. Even with this early-stage commercial testing, NCM 811 will require further development in pouch and prismatic cells to meet the EV industry’s preferred format. For those of us who have been following the electric vehicle (EV) revolution closely you will know that the rising cost of cobalt has been one of the key areas of focus for the industry.",{"type":594,"attrs":151339,"content":151340},{"textAlign":49},[151341],{"text":151342,"type":599},"This, coupled with serious fears over security of supply, from a supply chain dominated by the Democratic Republic of Congo, has led the industry to look at reducing its cobalt dependency in lithium ion cells. With the EV industry honed in on nickel-cobalt-manganese (NCM) cathode technology this is the battleground for lowering cobalt use, and in turn relying more heavily on nickel.",{"type":594,"attrs":151344,"content":151345},{"textAlign":49},[151346],{"text":151347,"type":599},"When NCM technology was first introduced to the industry the constituent parts were in even ratios; NCM 111 (1 part nickel, 1 cobalt and 1 manganese). As the industry has moved towards advanced lithium ion batteries, this ratio has changed primarily to NCM 523 (5 nickel, 2 cobalt, 3 manganese) and now NCM 622 is in commercial use.",{"type":594,"attrs":151349,"content":151350},{"textAlign":49},[151351],{"text":151352,"type":599},"This reduction in cobalt (and increase in nickel) is commonly termed substitution by the industry. Alongside the raw material savings – nickel is cheaper than cobalt – the move towards 622 has also brought with it increases in energy density. This crudely translates to battery packs with an increased range, or battery packs shrinking but maintaining their range – both favourable traits to the EV industry.",{"type":594,"attrs":151354,"content":151355},{"textAlign":49},[151356],{"text":151357,"type":599},"With the introduction of 622 and a persistently rising cobalt price, the industry has been focused on developing the holy grail of NCM cathode EV technology: NCM 811. The lowest cobalt, highest energy density variant we are likely see in an EV. We are still some time away from seeing a material impact on the cobalt supply chain from the introduction of 811.",{"type":594,"attrs":151359,"content":151360},{"textAlign":49},[151361,151363,151364],{"text":151362,"type":599},"We anticipate seeing the first impact from developments in China from 2020 onwards and then widespread international adoption from 2021. NCM 811 technology is in use today in other applications, but we have not seen a global impact on cobalt demand. The delay of the introduction of NCM 811 technology, as shown by LG Chem and SK Innovation, is no surprise to ",{"text":9653,"type":599},{"text":974,"type":599},{"type":594,"attrs":151366,"content":151367},{"textAlign":49},[151368],{"text":151369,"type":599},"For some time now we have been saying that these challenges are significant and will take longer than expected to overcome.",{"type":657,"attrs":151371,"content":151372},{"level":985,"textAlign":49},[151373],{"text":151374,"type":599},"The challenges of moving to NCM 811",{"type":594,"attrs":151376,"content":151377},{"textAlign":49},[151378],{"text":151379,"type":599},"But why the delay? 523 and 622 variants were introduced quite swiftly. There are a number of engineering and economic challenges associated with producing NCM 811.",{"type":657,"attrs":151381,"content":151382},{"level":141407,"textAlign":49},[151383],{"text":151384,"type":599},"Life cycle",{"type":594,"attrs":151386,"content":151387},{"textAlign":49},[151388],{"text":151389,"type":599},"EV manufacturers will offer a warranty on new vehicles sold. While warranties will vary from manufacturer to manufacturer the ballpark industry standard for the battery pack will be an 8-year warranty to maintain 80% of original capacity. By reducing the amount of cobalt in the cell the wear and tear on the active cathode materials increases, meaning that the cells might not last long enough to fulfil the warranty requirements.",{"type":594,"attrs":151391,"content":151392},{"textAlign":49},[151393],{"text":151394,"type":599},"Of course, there would be significant costs to manufacturers if they had to replace cells or packs for customers under warranty on a large scale. Some of this increased wear and tear can be managed by chemical doping, but this increases production costs and still doesn’t mitigate all of the issues. Only when the lifecycle question is truly overcome will manufacturers be happy to place these cells in their battery packs.",{"type":657,"attrs":151396,"content":151397},{"level":141407,"textAlign":49},[151398],{"text":151399,"type":599},"Cost",{"type":594,"attrs":151401,"content":151402},{"textAlign":49},[151403],{"text":151404,"type":599},"On the face of it, there are some significant cost savings by replacing nickel for cobalt in the cells (the Benchmark Minerals Cobalt Battery Metal Price in August averaged $74,400/tonne, whereas the LME cash settled nickel for August averaged $13,429/tonne). In some of the stages of NCM 811 production there is a requirement for an inert environment, this is more challenging and costly than earlier formulations, and requires a specific production line for 811.",{"type":594,"attrs":151406,"content":151407},{"textAlign":49},[151408],{"text":151409,"type":599},"Additionally, cell manufacturers are unlikely to take capacity away from 523 or 622 lines by retooling. It is likely they would need to either expand current facilities or build a new factory in order to produce 811 cells, which increases capital expenditure requirements.",{"type":657,"attrs":151411,"content":151412},{"level":141407,"textAlign":49},[151413],{"text":151414,"type":599},"Safety and legal framework",{"type":594,"attrs":151416,"content":151417},{"textAlign":49},[151418],{"text":151419,"type":599},"As the amount of cobalt in the cell reduces so does thermal stability. Thermal runaway will affect the cell at lower temperatures, which is when the cell can no longer cool itself and potentially combust.  Despite lithium ion being a very stable technology there are obvious safety concerns (think Samsung and the Galaxy Note 7) around this.",{"type":594,"attrs":151421,"content":151422},{"textAlign":49},[151423],{"text":151424,"type":599},"Only when OEMs (original equipment manufacturers) are satisfied this has been overcome will these cells be used in EVs. Safety issues will also increase costs as there will the need for more advanced thermal management technology at the pack level. Finally, with OEMs pushing cell manufactures to reduce costs (and therefore cobalt) a legal framework needs to be developed to establish responsibility. Is it the OEM who has sold the EV to market, or is it the cell manufacturer, if pack fails at the cell level? These discussions are ongoing and will take time to be resolved.","By Caspar Rawles Back in 2017 two South Korean battery heavyweights, LG Chem and SK Innovation, made bold claims they would be able to introduce NCM 811 cathode far sooner than many in the industry expected, both outlining plans for commercial production in H2 2018. In Q3 2018, both companies changed the timescales for these […]",[151427],{"slug":544,"name":543,"content":151428},{"job_title":557,"image":151429,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"07f868f8-d6a5-49e9-b5c1-819b92e3a3ac\", \"id\": \"\"}-->",[151432,151433],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":151435,"copyright":547,"fieldtype":553,"meta_data":151436,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9fa0db88eb/bm-screen-shot-2018-06-15-at-114404.png",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 17, 2018",{"id":151439,"uuid":151440,"name":151441,"slug":151442,"full_slug":151443,"content":151444},114851881736227,"75cfee09-2184-4992-8d84-a3e7fbc8ab21","Europe’s EV fleet surpasses the one million mark","europes-ev-fleet-surpasses-the-one-million-mark","article/europes-ev-fleet-surpasses-the-one-million-mark",{"_uid":151445,"date":151308,"tags":151446,"editor":151448,"content":151452,"excerpt":151614,"featured":50,"reporter":151615,"_editable":151619,"component":864,"seo_title":151441,"categories":151620,"visibility":882,"author_company":49,"featured_image":151623,"seo_description":151614,"author_full_name":49,"author_job_title":49,"formattedDate":151437},"f101e132-af12-4801-9c62-f7c88a66f969",[151447],{"slug":2790,"name":2791},[151449],{"slug":544,"name":543,"content":151450},{"job_title":557,"image":151451,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":151453},[151454,151459,151464,151469,151474,151479,151484,151489,151494,151499,151504,151509,151514,151519,151524,151529,151534,151539,151544,151549,151554,151559,151564,151569,151574,151579,151584,151589,151594,151599,151604,151609],{"type":594,"attrs":151455,"content":151456},{"textAlign":49},[151457],{"text":151458,"type":599},"By Chris Goodfellow",{"type":594,"attrs":151460,"content":151461},{"textAlign":49},[151462],{"text":151463,"type":599},"Europe sped past the million electric vehicle milestone in mid-2018. The growth has been impressive, but work needs to be done to improve incentives and develop the charging network.",{"type":594,"attrs":151465,"content":151466},{"textAlign":49},[151467],{"text":151468,"type":599},"Electric vehicles have achieved impressive sales growth in Europe, but the fleet is largely limited to wealthy nations. The European Automobile Manufacturers Association (ACEA) found a strong correlation between per capita GDP and customer incentives, and uptake of electric vehicles.",{"type":594,"attrs":151470,"content":151471},{"textAlign":49},[151472],{"text":151473,"type":599},"Market share of EVs is only above 1% in Western European countries with a GDP per capita of more than €30,000, according to the 2017 research. In countries with a GDP below €17,000 the market share remains close to zero.",{"type":594,"attrs":151475,"content":151476},{"textAlign":49},[151477],{"text":151478,"type":599},"“Many people take the Norwegian market as a benchmark. But just like its €64,000 [per capita] GDP, more than twice the European Union average, Norway’s ECV share of 29% is an exception in Europe. Nobody looks at Greece for instance, where only 32 electrically-chargeable cars were sold last year,” said ACEA Secretary General Erik Jonnaert.",{"type":594,"attrs":151480,"content":151481},{"textAlign":49},[151482],{"text":151483,"type":599},"Jonnaert added that he believes the vehicles available in the market today are not sufficient to create demand, calling for “harmonised and coherent” consumer incentives and increased investments in recharging infrastructure.",{"type":594,"attrs":151485,"content":151486},{"textAlign":49},[151487],{"text":151488,"type":599},"The historic precedent for European emissions regulations is a positive one. The EU’s Euro vehicle standards, for example, have been world-leading and are often imitated by other countries like the US. The EU has traditionally remained technological neutrality, setting emissions targets but leaving it up to original equipment manufacturers (OEMs) to decide how to meet them.",{"type":594,"attrs":151490,"content":151491},{"textAlign":49},[151492],{"text":151493,"type":599},"While not setting out specific solutions emissions legislation has led to industry-wide implementation of new technology. For example, the Euro standards for HGVs led to the adoption of Selective Catalytic Reduction (SCR), which sprays a urea solution into exhaust gas to breakdown dangerous NOx chemicals into harmless nitrogen and water.",{"type":594,"attrs":151495,"content":151496},{"textAlign":49},[151497],{"text":151498,"type":599},"The European Union (EU) also introduced legislation in an attempt to bring consistency to the development of the charging network. The 2014 Directive on Alternative Fuel Infrastructure (DAFI) required EU member countries to define electric charging point targets for 2020 by November 2016 as part of its Roadmap to a Single European Transport Area.",{"type":594,"attrs":151500,"content":151501},{"textAlign":49},[151502],{"text":151503,"type":599},"However, it’s not been without setbacks. The ACEA spokesperson added the implementation of DAFI has been “poor”, and Malta and Romania were referred to the Court of Justice for failing to notify their national policy frameworks.",{"type":594,"attrs":151505,"content":151506},{"textAlign":49},[151507],{"text":151508,"type":599},"Individual member states are preparing legislation or have made commitments preventing the sale of diesel and petrol cards. The policies help reassure manufacturers that the transition to EVs will be supported by governments, including the potential investments in filling networks and incentives needed to increase consumer uptake.",{"type":594,"attrs":151510,"content":151511},{"textAlign":49},[151512],{"text":151513,"type":599},"The UK government announced it would ban new diesel and petrol vehicle sales from 2040 last year. Ministers announced a £255m fund to help councils tackle emissions, including changing road layouts, implementing new technology and introducing congestion zones. The funding will help support the necessary development of the charging point network.",{"type":594,"attrs":151515,"content":151516},{"textAlign":49},[151517],{"text":151518,"type":599},"Several other countries have tabled similar bills. France announced plans to ban new sales of diesel and petrol cars by 2040 in July 2017. Unlike the UK it will offer a scrappage scheme. Dutch politicians voted through a motion in 2016 to ban sales of new petrol and diesel cars starting in 2025. Germany passed a resolution calling for a ban on combustion engine cars by 2030.",{"type":594,"attrs":151520,"content":151521},{"textAlign":49},[151522],{"text":151523,"type":599},"Implementation of incentive schemes can be difficult.",{"type":594,"attrs":151525,"content":151526},{"textAlign":49},[151527],{"text":151528,"type":599},"“In some cases they have proven to be unsustainable, as the Dutch market has demonstrated,” said an ACEA spokesperson. “Moreover, there is no harmonisation across the EU with respect to incentives, with the amount of incentives and especially their monetary value differing significantly across Europe.”",{"type":594,"attrs":151530,"content":151531},{"textAlign":49},[151532],{"text":151533,"type":599},"The picture isn’t entirely negative. Norway is unique in Europe in – and indeed the world – in EV sales. It’s large hydropower resource and forward thinking public policies have created world-leading EV adoption. EV sales increased 39% year-on-year in 2017 reaching 62,313 and accounting for 39% of all passenger car registrations.",{"type":594,"attrs":151535,"content":151536},{"textAlign":49},[151537],{"text":151538,"type":599},"What led to Norway’s success? Its government offers drivers a full suite of incentives. Import tax and its 25% VAT rate are not charged on plug-in cars making the sales price competitive (import taxes might be introduced for more expensive models). Running costs are lower too, with zero road tax, free toll use, no emissions charges and cheap electricity.",{"type":594,"attrs":151540,"content":151541},{"textAlign":49},[151542],{"text":151543,"type":599},"How big is Europe’s EV fleet?",{"type":594,"attrs":151545,"content":151546},{"textAlign":49},[151547],{"text":151548,"type":599},"In-spite of the investment needed to develop the charging network and teething problems with incentives, Europe’s EV fleet has experienced remarkable growth in the last decade.",{"type":594,"attrs":151550,"content":151551},{"textAlign":49},[151552],{"text":151553,"type":599},"The European Alternative Fuels Observatory started tracking EV vehicles sales in 2011 when 9,857 vehicles were sold. By July 2018, the European fleet reached one million electric vehicles (we have assumed that none of the cars purchased since 2011 have yet been scrapped) with 212,322 sold so far this year. With sales in the year-to-date 41% higher than the same period last year, this number could reach 411,035 by the end of the year.",{"type":594,"attrs":151555,"content":151556},{"textAlign":49},[151557],{"text":151558,"type":599},"To put this in perspective, the overall passenger car market grew by 3.4% with more than 15 million new passenger cars registered in 2017, according to ACEA’s data. This marked the fourth consecutive year of growth.",{"type":594,"attrs":151560,"content":151561},{"textAlign":49},[151562],{"text":151563,"type":599},"In short, the EV segment is showing really strong growth in a product category where sales are largely flat. They do still, however, make up only a small proportion. There remains the question of how long will it take to replace the current fleet – estimates put the total European passenger car fleet at 260 million vehicles – as consumers take time to replace old vehicles and the cost of EVs is prohibitive.",{"type":594,"attrs":151565,"content":151566},{"textAlign":49},[151567],{"text":151568,"type":599},"A number of large passenger car manufacturers introduced EV models in 2013, a key year for the fleet’s expansion. Renault sold 8,833 Zoe models, Mitsubishi Outlander’s plug-in hybrid sold 8,193 and Tesla’s Model S hit the European shores selling 3,975 units in its first year. Together, these models accounted for 36% of 2013’s sales and changed the development of the EV market.",{"type":594,"attrs":151570,"content":151571},{"textAlign":49},[151572],{"text":151573,"type":599},"Each of the large OEMs have launched models since. Volkswagen’s sales began in 2014, with its e-Golf and Golf GTE selling 3,699 units. Mercedes and Hyundai in 2016 and Volvo’s last year when it launched its XC60 PHEV plug-in hybrid.",{"type":594,"attrs":151575,"content":151576},{"textAlign":49},[151577],{"text":151578,"type":599},"Volkswagen has the largest EV fleet in Europe, with 130,584 passenger cars on the road in August 2018. It’s done this with a three-model strategy; the Passat GTE and Golf GTE plug-in hybrids, and the e-Golf EV. The e-Golf is currently the most popular, accounting for 42% or 11,175 sales so far this year.",{"type":594,"attrs":151580,"content":151581},{"textAlign":49},[151582],{"text":151583,"type":599},"Plug-in hybrids key to fleet expansion",{"type":594,"attrs":151585,"content":151586},{"textAlign":49},[151587],{"text":151588,"type":599},"Plug-in hybrid’s (PHEV) have become increasingly important to EV sales. The share of PHEV sales has been increasing rapidly – these vehicles made up 4% of EV sales in 2011, by 2017 this had climbed to 54% or 155,763 vehicles.",{"type":594,"attrs":151590,"content":151591},{"textAlign":49},[151592],{"text":151593,"type":599},"Manufacturers have clearly stated the importance of PHEV to their medium-term strategies.",{"type":594,"attrs":151595,"content":151596},{"textAlign":49},[151597],{"text":151598,"type":599},"Shinzuo Abe, general manager of Toyota’s powertrain division, said the manufacturer expects to sell several hundred thousand plug-in hybrids and several hundred thousand EVs per year by 2030.",{"type":594,"attrs":151600,"content":151601},{"textAlign":49},[151602],{"text":151603,"type":599},"“Japan and Europe will continue to grow their hybrid ratios faster than other markets. We also believe that North America, in the context of meeting [the 2025] CO2 regulations, is promising.",{"type":594,"attrs":151605,"content":151606},{"textAlign":49},[151607],{"text":151608,"type":599},"“We believe that hybrids will come ahead of full electrics. We also realize that some European OEMs are jumping into pure EVs from diesels and bypassing hybrids,” he said in a recent interview with WardsAuto.",{"type":594,"attrs":151610,"content":151611},{"textAlign":49},[151612],{"text":151613,"type":599},"The rapid growth in European EV vehicle sales is something to be celebrated. However, market share is still low and lots needs to be done on a policy level to improve incentives and ensure access to charging points. Norway shows us what’s possible. With a significant package of incentives EV vehicle market share is fast approaching 50%, albeit it has the advantages of abundant renewable electricity and a high per capita GDP.","By Chris Goodfellow Europe sped past the million electric vehicle milestone in mid-2018. The growth has been impressive, but work needs to be done to improve incentives and develop the charging network. Electric vehicles have achieved impressive sales growth in Europe, but the fleet is largely limited to wealthy nations. The European Automobile Manufacturers Association […]",[151616],{"slug":544,"name":543,"content":151617},{"job_title":557,"image":151618,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f101e132-af12-4801-9c62-f7c88a66f969\", \"id\": \"\"}-->",[151621,151622],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":151624,"copyright":547,"fieldtype":553,"meta_data":151625,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a938c04b48/bm-2017-e-golf-large-6757-e1539742281729.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":151627,"uuid":151628,"name":151629,"slug":151630,"full_slug":151631,"content":151632},112474476022713,"f79e6b6a-0f54-4a2e-b314-bf90fb8e7b0d","China eyes private sector to meet rising demand for charging stations","china-eyes-private-sector-to-meet-rising-demand-for-charging-stations","article/china-eyes-private-sector-to-meet-rising-demand-for-charging-stations",{"_uid":151633,"date":151308,"tags":151634,"editor":151636,"content":151640,"excerpt":151804,"featured":50,"reporter":151805,"_editable":151809,"component":864,"seo_title":151629,"categories":151810,"visibility":882,"author_company":49,"featured_image":151813,"seo_description":151804,"author_full_name":49,"author_job_title":49,"formattedDate":151437},"dd1eb168-8e5f-4fd2-81fd-85fb250cfd4e",[151635],{"slug":913,"name":914},[151637],{"slug":544,"name":543,"content":151638},{"job_title":557,"image":151639,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":151641},[151642,151646,151651,151656,151661,151666,151671,151676,151681,151686,151691,151696,151701,151706,151711,151716,151721,151726,151731,151736,151741,151746,151751,151756,151761,151766,151771,151776,151781,151786,151791,151796,151801],{"type":594,"attrs":151643,"content":151644},{"textAlign":49},[151645],{"text":151458,"type":599},{"type":594,"attrs":151647,"content":151648},{"textAlign":49},[151649],{"text":151650,"type":599},"The rapid growth of China’s electric vehicle (EV) fleet has left the charging network struggling to catch up. The country is the world’s largest market for electric cars. Yet the number of private stations, low hybrid sales and poor economic returns have caused the number of EVs per charging point to increase dramatically.",{"type":594,"attrs":151652,"content":151653},{"textAlign":49},[151654],{"text":151655,"type":599},"China’s EV sales are behind the Western European nations of Norway, the Netherlands and Sweden in terms of market share, but these countries are exceptional. Instead, the country sits in what might be called the second tier of adoption with France and the UK, where the EV market shares is close to 1.5%.",{"type":594,"attrs":151657,"content":151658},{"textAlign":49},[151659],{"text":151660,"type":599},"However, the sheer size of the market and relatively high level of EV penetration means China is by far the largest electric car market, accounting for more than 40% of global demand with 336,000 new electric cars registered in 2016.",{"type":594,"attrs":151662,"content":151663},{"textAlign":49},[151664],{"text":151665,"type":599},"The government has made impressive announcements about investing in the charging network to meet the demand this creates. China’s National Energy Administration (NEA) announced plans to build 800,000 charging points, including 100,000 public sites last year. It added 100,000 public charging points in 2016, bringing the total to 150,000.",{"type":594,"attrs":151667,"content":151668},{"textAlign":49},[151669],{"text":151670,"type":599},"The International Energy Agency’s (IEA) statistics show the number of publicly accessible slow chargers (AC Level 2 chargers between 3.7 kW and 22 kW) reached 52,778 and fast charging points (AC 43 kW) number 88,476 at the end of 2016. China is notable for its high share of fast charging stations, this is in part caused by the number installed for public fleets.",{"type":594,"attrs":151672,"content":151673},{"textAlign":49},[151674],{"text":151675,"type":599},"Point of order",{"type":594,"attrs":151677,"content":151678},{"textAlign":49},[151679],{"text":151680,"type":599},"It’s an impressive level of investment, but there are several factors that will put increased pressure on the charging point network.",{"type":594,"attrs":151682,"content":151683},{"textAlign":49},[151684],{"text":151685,"type":599},"The market share of plug-in hybrids stabilised at around 25% by 2014, as opposed to Europe where current sales are about 50:50. This increases the necessity of an effective charging network.",{"type":594,"attrs":151687,"content":151688},{"textAlign":49},[151689],{"text":151690,"type":599},"Much of the current and planned charging sites aren’t available to the general public because they have been developed around target users like freight transport, engineering, emergency service and sanitation. Public transport is important too. China’s electric bus fleet, for example, is world leading and had an estimated 343,500 vehicles on the road in 2016.",{"type":594,"attrs":151692,"content":151693},{"textAlign":49},[151694],{"text":151695,"type":599},"This meant that in 2015 there were 136,000 charging outlets available to public users, accounting for 42% of the network, with 31% for the kind of specific users described above and 27% private users.",{"type":594,"attrs":151697,"content":151698},{"textAlign":49},[151699],{"text":151700,"type":599},"The combination of these factors means that the ratio of vehicles to charging points increased rapidly in 2015 and 2016 at 11.78 and 7.27 respectively, according to the Oak Ridge National Laboratory.",{"type":594,"attrs":151702,"content":151703},{"textAlign":49},[151704],{"text":151705,"type":599},"It’s a matter of concern. However, it is unclear what ratio of charging points to electric vehicles is required to ensure customers are comfortable purchasing EVs and have sufficient access to charging points.",{"type":594,"attrs":151707,"content":151708},{"textAlign":49},[151709],{"text":151710,"type":599},"The IEA’s assessment of electric vehicles and plug-in hybrids suggests that electric car charging does not match refuelling habits for internal combustion engines even when electrified powertrains substitute for cars of a similar category. Instead, electric car owners most frequently charge their vehicles at home or at work, relying on slow chargers.",{"type":594,"attrs":151712,"content":151713},{"textAlign":49},[151714],{"text":151715,"type":599},"Public-private investment",{"type":594,"attrs":151717,"content":151718},{"textAlign":49},[151719],{"text":151720,"type":599},"China’s impressive national co-ordination around investment in infrastructure is being applied to the EV charging network. The revenue from end-users cannot cover the construction and operating costs for charging infrastructure. Combining public and private funding might provide a solution.",{"type":594,"attrs":151722,"content":151723},{"textAlign":49},[151724],{"text":151725,"type":599},"Interest in Public-Private Partnerships (PPP) has surged since 2013 as the country caught",{"type":594,"attrs":151727,"content":151728},{"textAlign":49},[151729],{"text":151730,"type":599},"PPP “fever,” according to Ningbo University infrastructure experts. However, charging infrastructure projects are in their infancy, with few fully scoped out.",{"type":594,"attrs":151732,"content":151733},{"textAlign":49},[151734],{"text":151735,"type":599},"“PPP in charging infrastructure is at its initial stage in which the governments are enthusiastic and the participation degree of the private sector is increasing,” Kun Wang and Yongjian Ke said in the 2018 paper.",{"type":594,"attrs":151737,"content":151738},{"textAlign":49},[151739],{"text":151740,"type":599},"The team found just 14 of 14,424 PPPs projects operated by the Ministry of Finance relate to charging infrastructure, with six approved.",{"type":594,"attrs":151742,"content":151743},{"textAlign":49},[151744],{"text":151745,"type":599},"That doesn’t mean there’s not potential. The Anqing project is the largest PPP that’s been approved so far, with plans to build 20,000 public charging stations by 2020. A consortium led by Qingdao TGOOD Electric Co holds 90% of shares, with the government holding the remaining stake.",{"type":594,"attrs":151747,"content":151748},{"textAlign":49},[151749],{"text":151750,"type":599},"“The payment mechanism is the method of viability gap funding, meaning that the project revenues are from user charges and the government will dedicate its budget to fund the gap between the expected project revenues and costs,” Wang and Ke explained, adding charging service and the electricity fees are set by the government.",{"type":594,"attrs":151752,"content":151753},{"textAlign":49},[151754],{"text":151755,"type":599},"The “viability gap” funding consists of two elements; availability, and operation and maintenance subsidies. The Chinese government’s operation and maintenance subsidy score developments based on utilisation. If the income is greater than cost, the government will provide no subsidy and may share the excess profit. If the utilisation rate is lower than 85% of the expected level and the project income is not enough to cover costs, the government will compensate the gap.",{"type":594,"attrs":151757,"content":151758},{"textAlign":49},[151759],{"text":151760,"type":599},"The range of companies working in the electric charging point infrastructure is relatively diverse when compared to other energy-related infrastructure projects.",{"type":594,"attrs":151762,"content":151763},{"textAlign":49},[151764],{"text":151765,"type":599},"Suppliers include SGCC, Potevio New Energy, Teld, Star Charge, Huashang Sanyou, Wanma, Tellus Power and Tesla, the latter of which is the only vehicle manufacturer to provide both electric cars and charging outlets.",{"type":594,"attrs":151767,"content":151768},{"textAlign":49},[151769],{"text":151770,"type":599},"DiDi is building stations as part of its wider plans for the transport network. The ride-sharing, AI and autonomous technology company is the world’s largest online transportation platform. It has more than 450 million users and 21 million drivers and acquired Uber China in August 2016. Over 260,000 EVs are running on DiDi’s network, making it the world’s largest EV fleet operator, according to founder and CEO Cheng Wei.",{"type":594,"attrs":151772,"content":151773},{"textAlign":49},[151774],{"text":151775,"type":599},"“With the advance of new energy and new transmission technology, humanity has the chance to build a global ‘internet’ of energy,” Wei added.",{"type":594,"attrs":151777,"content":151778},{"textAlign":49},[151779],{"text":151780,"type":599},"Beijing looks ahead",{"type":594,"attrs":151782,"content":151783},{"textAlign":49},[151784],{"text":151785,"type":599},"China’s five-year plans set out objectives for economic and social development. The 13th five-year plan runs from 2016 to 2020. The section on strategic emerging industries deals with electric cars, alongside technology like biotech and 5G mobile. Key measures included:",{"type":594,"attrs":151787,"content":151788},{"textAlign":49},[151789],{"text":151790,"type":599},"The country aims to deploy 4.3 million private charging stations, 500,000 public charging outlets for cars and 850 intercity quick-charge stations, among other targets for buses and taxis by 2020.",{"type":594,"attrs":151792,"content":151793},{"textAlign":49},[151794],{"text":151795,"type":599},"China’s charging point problem is enviable. The rapid adoption of EVs, particularly in public fleets, has helped to create the world’s largest market.",{"type":594,"attrs":151797,"content":151798},{"textAlign":49},[151799],{"text":151800,"type":599},"The country’s manufacturers have made massive investments in vehicle and battery technology. The next step is to ensure the government’s strategies to subsidise the development of its charging network are successful enough to keep up with demand.",{"type":594,"attrs":151802,"content":151803},{"textAlign":49},[],"By Chris Goodfellow The rapid growth of China’s electric vehicle (EV) fleet has left the charging network struggling to catch up. The country is the world’s largest market for electric cars. Yet the number of private stations, low hybrid sales and poor economic returns have caused the number of EVs per charging point to increase […]",[151806],{"slug":544,"name":543,"content":151807},{"job_title":557,"image":151808,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dd1eb168-8e5f-4fd2-81fd-85fb250cfd4e\", \"id\": \"\"}-->",[151811,151812],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":151814,"copyright":547,"fieldtype":553,"meta_data":151815,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/03bc48edd4/bm-screen-shot-2018-10-17-at-032215.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":151817,"uuid":151818,"name":151819,"slug":151820,"full_slug":151821,"content":151822},112474461850550,"d03d021f-beb4-4857-84f4-7e94ebd9b5fc","The Megafactories are here","the-megafactories-are-here","article/the-megafactories-are-here",{"_uid":151823,"date":151308,"tags":151824,"editor":151825,"content":151829,"excerpt":152335,"featured":50,"reporter":152336,"_editable":152340,"component":864,"seo_title":151819,"categories":152341,"visibility":882,"author_company":49,"featured_image":152345,"seo_description":152335,"author_full_name":49,"author_job_title":49,"formattedDate":151437},"0063e1e8-2cdb-4523-960f-2648ab752312",[],[151826],{"slug":544,"name":543,"content":151827},{"job_title":557,"image":151828,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":151830},[151831,151836,151841,151846,151851,151856,151861,151866,151871,151876,151881,151888,151893,151898,151903,151908,151913,151918,151923,151936,151941,151948,151956,151961,151966,151972,151978,151982,151986,151992,151997,152002,152015,152025,152030,152037,152042,152047,152052,152057,152062,152067,152072,152077,152082,152087,152092,152097,152102,152107,152117,152122,152130,152135,152140,152145,152151,152156,152161,152166,152171,152176,152181,152186,152192,152200,152206,152211,152216,152221,152226,152231,152236,152243,152248,152253,152261,152266,152271,152276,152281,152289,152294,152301,152309,152314,152322,152327,152332],{"type":657,"attrs":151832,"content":151833},{"level":985,"textAlign":49},[151834],{"text":151835,"type":599},"Elon Musk’s dream of building a battery plant big enough to power hundreds of thousands of electric vehicles is now a reality.",{"type":657,"attrs":151837,"content":151838},{"level":985,"textAlign":49},[151839],{"text":151840,"type":599},"The Gigafactory 1 produces as many lithium ion cells as the rest of the world did when Tesla was planning the super-battery plant. Inadvertently, this has sparked a battery arms race seeing 50 megafactories enter the pipeline and 30 become operational in only three-and-a-half years.",{"type":657,"attrs":151842,"content":151843},{"level":985,"textAlign":49},[151844],{"text":151845,"type":599},"Benchmark Mineral Intelligence declares: The lithium ion battery megafactories are here.",{"type":657,"attrs":151847,"content":151848},{"level":141407,"textAlign":49},[151849],{"text":151850,"type":599},"By Simon Moores",{"type":594,"attrs":151852,"content":151853},{"textAlign":49},[151854],{"text":151855,"type":599},"It’s not just going to be the biggest lithium ion battery factory in the world, but it will actually be bigger than the sum of all lithium ion factories in the world.”",{"type":594,"attrs":151857,"content":151858},{"textAlign":49},[151859],{"text":151860,"type":599},"This was how Elon Musk announced Tesla’s Gigafactory back in 2014, sparking a worldwide lithium ion battery arms race.",{"type":594,"attrs":151862,"content":151863},{"textAlign":49},[151864],{"text":151865,"type":599},"Four years ago, the concept of a battery megafactory was alien in an industry that was global but niche and geared for the smartphone, laptop and powertool markets.",{"type":594,"attrs":151867,"content":151868},{"textAlign":49},[151869],{"text":151870,"type":599},"At the time, the world’s lithium ion battery output was 40GWh yet the Gigafactory alone was promising to produce way beyond this by 2020.",{"type":594,"attrs":151872,"content":151873},{"textAlign":49},[151874],{"text":151875,"type":599},"It was a vision that not only required unheard of growth for Tesla but a complete shift in the way the world viewed electric vehicles (EVs) and an about-turn for the internal combustion engine (ICE) auto industry.",{"type":594,"attrs":151877,"content":151878},{"textAlign":49},[151879],{"text":151880,"type":599},"This seismic shift has taken place.",{"type":594,"attrs":151882,"content":151883},{"textAlign":49},[151884,151886],{"text":151885,"type":599},"The world’s biggest car makers have",{"text":151887,"type":599},"committed tens of billions of dollars to enter the EV market and secure lithium ion battery supply.",{"type":594,"attrs":151889,"content":151890},{"textAlign":49},[151891],{"text":151892,"type":599},"Volkswagen has promised $80bn of investments between now and 2025, BMW is at $25bn in the same timeframe, including $1.2bn contract for batteries with CATL, and Ford Motor Co has a $30bn pot for a similar strategy.",{"type":594,"attrs":151894,"content":151895},{"textAlign":49},[151896],{"text":151897,"type":599},"But if you think this is significant, think again. China dwarfs this.",{"type":594,"attrs":151899,"content":151900},{"textAlign":49},[151901],{"text":151902,"type":599},"The rise of the Chinese EV unicorns – start-ups valued at over $1bn and profiled in Benchmark Quarterly Review Q2 – is driving the country’s EV investments through the roof.",{"type":594,"attrs":151904,"content":151905},{"textAlign":49},[151906],{"text":151907,"type":599},"New producers such as WM Motor Technology, BAIC BJEV, Bayton, NIO, Xiapeng, CHJ Automotive, Youxia Motors, and Singulato Motors are all ensuring that China remains firmly on the front foot of the EV path to mass adoption.",{"type":594,"attrs":151909,"content":151910},{"textAlign":49},[151911],{"text":151912,"type":599},"These EV unicorn investments doubles down on sums already committed by existing manufacturers such as Geely ($44bn),",{"type":594,"attrs":151914,"content":151915},{"textAlign":49},[151916],{"text":151917,"type":599},"Chang’an Automobile Co ($30bn), and SAIC Motor ($30bn) to confirm that EV demand is not a figment of Elon Musk’s imagination but a firm 21st century reality.",{"type":594,"attrs":151919,"content":151920},{"textAlign":49},[151921],{"text":151922,"type":599},"The cycle of multi-billion-dollar EV investment followed by the lithium ion megafactory announcement has been a marvel to behold. It has shocked, surprised and intrigued in equal measure and whether industry veterans or newcomers, all agree that this era we are in is unprecedented.",{"type":594,"attrs":151924,"content":151925},{"textAlign":49},[151926,151928,151929,151931,151934],{"text":151927,"type":599},"New data from ",{"text":68927,"type":599},{"text":151930,"type":599},"shows pipeline lithium ion battery capacity out to 2028 is now at 1.1TWh, as published in our ",{"text":143596,"type":599,"marks":151932},[151933],{"type":643},{"text":151935,"type":599},"subscription service.",{"type":594,"attrs":151937,"content":151938},{"textAlign":49},[151939],{"text":151940,"type":599},"This capacity is being constructed in 50 battery megafactories across nine countries. From the Asian stronghold of China, Korea and Japan, to Europe, which is emerging as a major producer of cells in Poland, Hungary and Sweden, and the Gigafactory-dominated North America.",{"type":594,"attrs":151942,"content":151943},{"textAlign":49},[151944,151946],{"text":151945,"type":599},"30 of these super battery plants are already",{"text":151947,"type":599},"operational albeit at smaller capacities than planned as they ramp up to a common timeframe of 2022-2023, when many battery producers believe the first wave of EVs from most auto makers will enter mass production.",{"type":594,"attrs":151949,"content":151950},{"textAlign":49},[151951,151953,151954],{"text":151952,"type":599},"Tesla’s Gigafactory 1 will be the largest lithium ion battery megafactory in the world in 2018 with a capacity of 20GWh and it has already fed deliveries of 83,500 Model 3s in Q3 2018 – more than a doubling from Q2. This will become clear by some way at the end-2019 when ",{"text":7249,"type":599},{"text":151955,"type":599},"expects the plant to ramp to its designed cell capacity of 35GWh and 50GWh of packs.",{"type":594,"attrs":151957,"content":151958},{"textAlign":49},[151959],{"text":151960,"type":599},"The Gigafactory 1 has been and continues to be the touchstone for these megafactories.",{"type":594,"attrs":151962,"content":151963},{"textAlign":49},[151964],{"text":151965,"type":599},"Within a three-year period, Tesla has built the world’s first and largest integrated lithium ion battery plant – this is a competitive edge that Wall Street analysts fail to recognise time and again.",{"type":594,"attrs":151967,"content":151968},{"textAlign":49},[151969,151971],{"text":151970,"type":599},"To have a plant which completes the entire process from baking anodes and mixing cathode to producing cells and then making",{"text":151947,"type":599},{"type":594,"attrs":151973,"content":151974},{"textAlign":49},[151975,151976,151977],{"text":151952,"type":599},{"text":7249,"type":599},{"text":151955,"type":599},{"type":594,"attrs":151979,"content":151980},{"textAlign":49},[151981],{"text":151960,"type":599},{"type":594,"attrs":151983,"content":151984},{"textAlign":49},[151985],{"text":151965,"type":599},{"type":594,"attrs":151987,"content":151988},{"textAlign":49},[151989,151990],{"text":151970,"type":599},{"text":151991,"type":599},"the void for 2019 but it is most likely that the company will need to begin using LG Chem and Samsung SDI cells in its vehicles should Panasonic not be able to meet the demand.",{"type":594,"attrs":151993,"content":151994},{"textAlign":49},[151995],{"text":151996,"type":599},"The ramp up of Tesla, however, is quite unique.",{"type":594,"attrs":151998,"content":151999},{"textAlign":49},[152000],{"text":152001,"type":599},"It is an insight into what the industry can expect in 2023 when the launch of the majority of new EV models converge.",{"type":594,"attrs":152003,"content":152004},{"textAlign":49},[152005,152007,152008,152010,152013],{"text":152006,"type":599},"This is another reason why ",{"text":9653,"type":599},{"text":152009,"type":599},"’s ",{"text":143596,"type":599,"marks":152011},[152012],{"type":643},{"text":152014,"type":599},"focuses on two timeframes of 2023 and 2028.",{"type":594,"attrs":152016,"content":152017},{"textAlign":49},[152018,152020,152021,152023],{"text":152019,"type":599},"Plans for 2023 – which you can think of as phase one for these new megafactories – are firm and committed. ",{"text":7249,"type":599},{"text":152022,"type":599},"has high",{"text":152024,"type":599},"confidence that the majority of plants being planned for capacity in this timeframe will be built to service EV producers.",{"type":594,"attrs":152026,"content":152027},{"textAlign":49},[152028],{"text":152029,"type":599},"Plans for 2028, however, are less firm and more open to change.",{"type":594,"attrs":152031,"content":152032},{"textAlign":49},[152033,152035],{"text":152034,"type":599},"Considering it takes between 18 and 24 months to build a battery plant this is understandable.",{"text":152036,"type":599},"Battery-makers will not have to make a call on capacity expansions for 2028 until the early 2020s.",{"type":594,"attrs":152038,"content":152039},{"textAlign":49},[152040],{"text":152041,"type":599},"Compared to the raw material miners (it takes 7-10 years to fund and build a lithium mine) or the EV makers (it takes 8-12 years to design and build a new car from scratch), they have an easier planning task.",{"type":594,"attrs":152043,"content":152044},{"textAlign":49},[152045],{"text":152046,"type":599},"In simple terms, the middle of the lithium ion supply chain moves four times as quickly as each end of the supply chain: the lithium miner and the EV maker.",{"type":594,"attrs":152048,"content":152049},{"textAlign":49},[152050],{"text":152051,"type":599},"Race to the bottom?",{"type":594,"attrs":152053,"content":152054},{"textAlign":49},[152055],{"text":152056,"type":599},"For lithium ion battery producers, the rise of the megafactories has translated to the race for scale and significant cost reductions.",{"type":594,"attrs":152058,"content":152059},{"textAlign":49},[152060],{"text":152061,"type":599},"This is not a race to the bottom – the first to make the cheapest cell possible – as there is a major quality element to each auto makers decision on which battery to use.",{"type":594,"attrs":152063,"content":152064},{"textAlign":49},[152065],{"text":152066,"type":599},"Firstly, lithium ion cells have to be safe: a proven safety record is vitally important to EV manufacturers as they ramp up new EV models.",{"type":594,"attrs":152068,"content":152069},{"textAlign":49},[152070],{"text":152071,"type":599},"For these cells to be safe, the production methods have to be strict and stringent and most critically, consistent.",{"type":594,"attrs":152073,"content":152074},{"textAlign":49},[152075],{"text":152076,"type":599},"The two most critical aspects to making a consistent lithium ion battery are production methods and quality raw materials. This is why the increase of lithium, cobalt, nickel and graphite anode raw material supply and, crucially, cathode capacity with it is so vital to the entire EV supply chain.",{"type":594,"attrs":152078,"content":152079},{"textAlign":49},[152080],{"text":152081,"type":599},"Cell cost is, however, an unavoidable issue as the industry pushes towards the $100/kWh production cost target.",{"type":594,"attrs":152083,"content":152084},{"textAlign":49},[152085],{"text":152086,"type":599},"It is unclear why the industry originally focused on $100/kWh as the target – maybe it was a nice round headline-grabbing number. But the underlying goal was to significantly reduce lithium ion battery costs from the high $260-280/kWh production cost range in 2014.",{"type":594,"attrs":152088,"content":152089},{"textAlign":49},[152090],{"text":152091,"type":599},"That goal has now been achieved.",{"type":594,"attrs":152093,"content":152094},{"textAlign":49},[152095],{"text":152096,"type":599},"The lithium ion battery production cost for the large scale automotive contracts is under $120/kWh in 2018 with some producers able to reach under $110/kWh with a selling price of between $120-130/kWh.",{"type":594,"attrs":152098,"content":152099},{"textAlign":49},[152100],{"text":152101,"type":599},"This marks a 60% decrease in just a four-year period or a compounded average decrease of 16% a year between 2014-2018.",{"type":594,"attrs":152103,"content":152104},{"textAlign":49},[152105],{"text":152106,"type":599},"What makes this achievement more remarkable is that the decreases have been reached at a time of surging prices of key raw materials, namely lithium and cobalt.",{"type":594,"attrs":152108,"content":152109},{"textAlign":49},[152110,152111,152113,152116],{"text":9653,"type":599},{"text":152112,"type":599},"’s CIF Asia Lithium Carbonate, 99.0%, price has risen from $5,800/tonne in January 2014 to a peak of $21,500/tonne in October 2017 – a 270% increase. It has since fallen to $14,500/tonne in our latest September 2018 ",{"text":21700,"type":599,"marks":152114},[152115],{"type":643},{"text":974,"type":599},{"type":594,"attrs":152118,"content":152119},{"textAlign":49},[152120],{"text":152121,"type":599},"The price fall of some specific Asian grades have cast a shadow of doubt over the lithium industry in 2018. While there is no debate over lithium’s long-term prospects, the supply chain has been awaiting oversupply for some time.",{"type":594,"attrs":152123,"content":152124},{"textAlign":49},[152125,152127,152128],{"text":152126,"type":599},"Ironically the source of this fear – hard rock lithium conversion capacity within China – was not what has sparked the ",{"text":144234,"type":599},{"text":152129,"type":599},"EXW China and CIF Asia lithium carbonate price fall since May.",{"type":594,"attrs":152131,"content":152132},{"textAlign":49},[152133],{"text":152134,"type":599},"This was due to new lower quality brine supply from Qinghai province, the vast majority of which cannot be used in a lithium ion battery and requires significant upgrading or converting into hydroxide.",{"type":594,"attrs":152136,"content":152137},{"textAlign":49},[152138],{"text":152139,"type":599},"Sentiment and feeling within China has driven this price down further than anyone expected, yet the financial industry has been misguided in using the China EXW lithium carbonate price as the proxy for the industry’s state of play.",{"type":594,"attrs":152141,"content":152142},{"textAlign":49},[152143],{"text":152144,"type":599},"The reality is that a specific grade of Chinese lithium carbonate has been hit hard for a variety of reasons, but the rest of the world prices and Chinese lithium hydroxide remain robust.",{"type":594,"attrs":152146,"content":152147},{"textAlign":49},[152148,152149],{"text":68927,"type":599},{"text":152150,"type":599},"sets the lithium industry’s reference price each month to a lithium-specific methodology and it’s the world’s leading independent specialist in the lithium ion battery supply chain.",{"type":594,"attrs":152152,"content":152153},{"textAlign":49},[152154],{"text":152155,"type":599},"In China, lithium carbonate expansions in Qinghai from 15,000 tpa to an expected 25,000 to 30,000 tpa LCE in 2018 have proven a major factor in domestic price declines for lower quality – and not battery grade – material.",{"type":594,"attrs":152157,"content":152158},{"textAlign":49},[152159],{"text":152160,"type":599},"This has caused what Lachlan Shaw, UBS’s Head of Commodities Strategy described as a “lithium air pocket” that is not representative of lithium’s longer-term trajectory.",{"type":594,"attrs":152162,"content":152163},{"textAlign":49},[152164],{"text":152165,"type":599},"This dip in lithium’s fortunes is a sober reminder that minerals and metals move in cycles and that the industry is heading into the great unknown, which will result in many investor casualties.",{"type":594,"attrs":152167,"content":152168},{"textAlign":49},[152169],{"text":152170,"type":599},"We are at the end of the lithium hype and at the beginning of the real story.",{"type":594,"attrs":152172,"content":152173},{"textAlign":49},[152174],{"text":152175,"type":599},"Yet this softness in price has been an ideal time for raw material contracts to be agreed.",{"type":594,"attrs":152177,"content":152178},{"textAlign":49},[152179],{"text":152180,"type":599},"Ganfeng Lithium has agreed the largest lithium contract of recent memory with LG Chem for 92,600 tonnes LCE over a 7-year period. This was followed up with significant supply deals with Tesla and BMW.",{"type":594,"attrs":152182,"content":152183},{"textAlign":49},[152184],{"text":152185,"type":599},"Cobalt, once the most feared raw material by battery producers, has had a tougher 2018 compared to lithium with price decreases being the main industry theme of 2018.",{"type":594,"attrs":152187,"content":152188},{"textAlign":49},[152189,152190],{"text":9653,"type":599},{"text":152191,"type":599},"’s cobalt sulphate price, 25% CoSO4, EXW China, has doubled from $9,087/tonne January 2017 to a peak of $22,515/tonne in April 2018 yet it now stands at $13,870/tonne Cobalt Price Assessment.",{"type":594,"attrs":152193,"content":152194},{"textAlign":49},[152195,152197,152198],{"text":152196,"type":599},"Experiencing a similar trajectory, ",{"text":64386,"type":599},{"text":152199,"type":599},"’ Cobalt Battery Metal, 99.8%, EXW Europe price assessment peaked at $96,177/tonne in April 2018 and has fallen to $74,405/tonne in August 2018.",{"type":594,"attrs":152201,"content":152202},{"textAlign":49},[152203,152204],{"text":7249,"type":599},{"text":152205,"type":599},"believes the issue with cobalt began at the end of last year when payables for cobalt hydroxide increased sharply under new supply contract negotiations that were eating into refiners’ margins.",{"type":594,"attrs":152207,"content":152208},{"textAlign":49},[152209],{"text":152210,"type":599},"With a backdrop of rising prices, some parts of the supply chain changed payment terms to upfront before delivery where previously they invoiced after delivery.",{"type":594,"attrs":152212,"content":152213},{"textAlign":49},[152214],{"text":152215,"type":599},"Cashflow has become an ever-increasing problem in cobalt and has impacted buying patterns which has resulted in hand to mouth purchasing.",{"type":594,"attrs":152217,"content":152218},{"textAlign":49},[152219],{"text":152220,"type":599},"At the same time Chinese deleveraging has impacted what little credit is available. Sentiment began to shift in China in April and remains in a similar position today.",{"type":594,"attrs":152222,"content":152223},{"textAlign":49},[152224],{"text":152225,"type":599},"Other demand-side factors that have affected cobalt’s price fortunes include China’s introduction of a new subsidy policy that has further impacted raw material purchases as lithium ion battery cell and auto manufacturers adjusted to the new policy.",{"type":594,"attrs":152227,"content":152228},{"textAlign":49},[152229],{"text":152230,"type":599},"When these raw material prices settle at a lower long-term price as more supply enters the market and longer-term contracts are agreed, the cost of lithium ion cells will fall below the $100/kWh target.",{"type":594,"attrs":152232,"content":152233},{"textAlign":49},[152234],{"text":152235,"type":599},"Should the lithium ion battery producer be fully integrated with a battery pack or EV manufacturer, then it is expected that an internal transfer price of under $110/kWh is achievable today.",{"type":594,"attrs":152237,"content":152238},{"textAlign":49},[152239,152241],{"text":152240,"type":599},"The reality, however, for the majority of",{"text":152242,"type":599},"battery producers is that in 2018 they are operating at a higher level for both production cost and selling price.",{"type":594,"attrs":152244,"content":152245},{"textAlign":49},[152246],{"text":152247,"type":599},"For example, the Chinese producer CATL produces lithium ion battery cells for $137/kWh in H1 2018 and has an average selling price of $217/kWh.",{"type":594,"attrs":152249,"content":152250},{"textAlign":49},[152251],{"text":152252,"type":599},"More plants, bigger plants",{"type":594,"attrs":152254,"content":152255},{"textAlign":49},[152256,152258,152259],{"text":152257,"type":599},"When ",{"text":68927,"type":599},{"text":152260,"type":599},"declared that the Megafactories are Coming in 2015, we were tracking 3 in the pipeline: Tesla’s Gigafactory, LG Chem’s Nanjing plant, and Foxconn, the Apple iPhone maker, and its ambitions to enter the battery industry.",{"type":594,"attrs":152262,"content":152263},{"textAlign":49},[152264],{"text":152265,"type":599},"Taiwan’s Foxconn pulled out of its plans to build a megafactory 18 months later and instead invested $1.4bn for a 1.19% stake in CATL.",{"type":594,"attrs":152267,"content":152268},{"textAlign":49},[152269],{"text":152270,"type":599},"LG Chem, however, pushed on with Nanjing and launched the plant in 2016 with a capacity of 2GWh. It now can produce up to 20GWh at the site in eastern China’s Jiangsu province and is planning a second plant with a target capacity of 28GWh by 2023.",{"type":594,"attrs":152272,"content":152273},{"textAlign":49},[152274],{"text":152275,"type":599},"The trend in 2018 has been quite clear: battery plants are becoming more numerous and bigger. In 2017, 17 battery megafactories were announced with a cumulative pipeline capacity of 153GWh, an average of 6.65GWh per plant. In 2018 to 31 September 2018, 24 battery megafactories have been announced with a cumulative pipeline capacity of 286GWh, nearly double 2017’s average at 11.9GWh per plant.",{"type":594,"attrs":152277,"content":152278},{"textAlign":49},[152279],{"text":152280,"type":599},"It is clear that the once conservative lithium ion battery industry has gained the confidence to not only announce these super-battery plants but put their construction into action.",{"type":594,"attrs":152282,"content":152283},{"textAlign":49},[152284,152286,152287],{"text":152285,"type":599},"Back in ",{"text":9653,"type":599},{"text":152288,"type":599},"’s original ‘Battery Megafactories are here’ feature in 2015, we predicted that the lithium ion supply chain would need “billions of dollars of investment” to build new lithium ion capacity and new lithium mines to supply this growth.",{"type":594,"attrs":152290,"content":152291},{"textAlign":49},[152292],{"text":152293,"type":599},"Three and a half years later you can reread this as tens of billions of dollars of investment.",{"type":594,"attrs":152295,"content":152296},{"textAlign":49},[152297,152299],{"text":152298,"type":599},"More precisely, upwards of $60bn for new",{"text":152300,"type":599},"lithium ion capacity to 2025 and $12bn dollars into new lithium mines and expansions.",{"type":594,"attrs":152302,"content":152303},{"textAlign":49},[152304,152306,152307],{"text":152305,"type":599},"At present, ",{"text":7249,"type":599},{"text":152308,"type":599},"is expecting lithium ion megafactory capacity to be at 600GWh by 2025, of which 200GWh is already in place. This will take between $48bn and $60bn worth of total investments to achieve, of which it is fair to assume 40% of this – or $24bn – is already committed capital.",{"type":594,"attrs":152310,"content":152311},{"textAlign":49},[152312],{"text":152313,"type":599},"For lithium, we expect that $12bn will be needed to create the new 480,000 tonnes lithium carbonate equivalent (LCE) of supply to feed these megafactories of which $8bn has been raised before the IPO of Ganfeng Lithium, Tianqi Lithium and Livent (see Lead News).",{"type":594,"attrs":152315,"content":152316},{"textAlign":49},[152317,152319,152320],{"text":152318,"type":599},"Then if we look at investments into new EV production, the chart will likely need to be redrawn with a new taller axis. At present in Q3 2018, ",{"text":7249,"type":599},{"text":152321,"type":599},"is tracking $296bn of direct investment into EVs and battery pack production.",{"type":594,"attrs":152323,"content":152324},{"textAlign":49},[152325],{"text":152326,"type":599},"In total, if you take nickel, graphite anode, cobalt, and the cathode materials used to make the lithium ion cells, the total supply chain investments needed by 2025 will exceed $410bn, of which an average of 30% has been committed.",{"type":594,"attrs":152328,"content":152329},{"textAlign":49},[152330],{"text":152331,"type":599},"The megafactories are here but the rest of the supply chain is still playing catch up.",{"type":594,"attrs":152333,"content":152334},{"textAlign":49},[],"Elon Musk’s dream of building a battery plant big enough to power hundreds of thousands of electric vehicles is now a reality. The Gigafactory 1 produces as many lithium ion cells as the rest of the world did when Tesla was planning the super-battery plant. Inadvertently, this has sparked a battery arms race seeing 50 […]",[152337],{"slug":544,"name":543,"content":152338},{"job_title":557,"image":152339,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0063e1e8-2cdb-4523-960f-2648ab752312\", \"id\": \"\"}-->",[152342,152343,152344],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":152346,"copyright":547,"fieldtype":553,"meta_data":152347,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1e6d3b4804/bm-screen-shot-2018-10-17-at-064147.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":152349,"uuid":152350,"name":152351,"slug":152352,"full_slug":152353,"content":152354},112474496011195,"2967afc9-4482-4bd6-bac2-0b55226522da","Ganfeng leads lithium into new era as IPO season tests investor appetite","ganfeng-leads-lithium-into-new-era-as-ipo-season-tests-investor-appetite","article/ganfeng-leads-lithium-into-new-era-as-ipo-season-tests-investor-appetite",{"_uid":152355,"date":152356,"tags":152357,"editor":152359,"content":152363,"excerpt":152550,"featured":50,"reporter":152551,"_editable":152555,"component":864,"seo_title":152351,"categories":152556,"visibility":882,"author_company":49,"featured_image":152560,"seo_description":152550,"author_full_name":49,"author_job_title":49,"formattedDate":152563},"2239049a-bbe0-4362-be39-102be66f4c78","2018-10-16 00:00",[152358],{"slug":4360,"name":4361},[152360],{"slug":544,"name":543,"content":152361},{"job_title":557,"image":152362,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":152364},[152365,152370,152375,152380,152385,152390,152395,152400,152405,152410,152415,152420,152426,152434,152442,152447,152452,152457,152469,152474,152479,152484,152489,152494,152499,152507,152512,152517,152522,152527,152535,152540,152545],{"type":594,"attrs":152366,"content":152367},{"textAlign":49},[152368],{"text":152369,"type":599},"Investment sentiment surrounding the lithium industry entering into Q4 has started to turn negative at a time when the industry enters what Benchmark Mineral Intelligence has termed the Era of the IPO.",{"type":594,"attrs":152371,"content":152372},{"textAlign":49},[152373],{"text":152374,"type":599},"The lithium industry’s leading producers – Ganfeng Lithium, Tianqi Lithium, and FMC Lithium (soon to be rebranded Livent) – are on the verge of initiating initial public offerings (IPO) to become the first lithium producers since Orocobre to be pure-play lithium companies floated on an exchange.",{"type":594,"attrs":152376,"content":152377},{"textAlign":49},[152378],{"text":152379,"type":599},"China’s Ganfeng Lithium is expected to beat its competition to its IPO with a listing on the Hong Kong Stock Exchange, seeking $676m from a first-time share sale. Its fellow lithium chemicals competitor, Tianqi Lithium Corp, is also seeking a Hong Kong launch at a reported $1bn valuation.",{"type":594,"attrs":152381,"content":152382},{"textAlign":49},[152383],{"text":152384,"type":599},"Meanwhile, the IPO receiving most attention – certainly from New York and London based institutional investors – is that of FMC Corp’s lithium spin off IPO under the name Livent. The valuation of Livent will be a real barometer of investment appetite for lithium stocks which have suffered in 2018.",{"type":594,"attrs":152386,"content":152387},{"textAlign":49},[152388],{"text":152389,"type":599},"There have been investor fears of oversupply for the last 12 months and the performance of China’s domestic lithium carbonate prices, despite not being matched by the rest of the world prices, have sparked concern.",{"type":594,"attrs":152391,"content":152392},{"textAlign":49},[152393],{"text":152394,"type":599},"Yet, for medium-to-longer term lithium investors it has provided a buying opportunity that three major producers set to go public are seeking to take advantage of.",{"type":594,"attrs":152396,"content":152397},{"textAlign":49},[152398],{"text":152399,"type":599},"Ganfeng has been the most active deal maker of the three suppliers. It is a specialist converter of a wide variety of lithium chemicals including the in-demand battery grade lithium hydroxide and lithium metal. It has also been the most aggressive in its expansion plans and striking supply-side deals for feedstock spodumene material with Pilbara Minerals, Mineral Resources and Neometals.",{"type":594,"attrs":152401,"content":152402},{"textAlign":49},[152403],{"text":152404,"type":599},"Ganfeng’s latest and most significant supply side investment to date was securing 37.5% of Lithium Americas and its Cauchari brine project from rival SQM.However, it is the producer’s consumer-side activity in the build-up to its IPO that has surprised many participants and ensured lithium’s medium-to-long-term demand outlook continues to strengthen.",{"type":594,"attrs":152406,"content":152407},{"textAlign":49},[152408],{"text":152409,"type":599},"Lithium hydroxide and lithium carbonate supply deals with LG Chem, Tesla, and BMW have set the tone for a new era of major long-term supply deals that are in the tens of thousands of tonnes a year. Ganfeng’s deal with LG Chem was the most significant in terms of volumes. Having firstly agreed a 47,600-tonne lithium hydroxide deal covering a four-year period between 2019 and 2022. The producer then extended this deal by 45,000 tonnes of lithium hydroxide and carbonate between 2019 and 2025 to a total contracted size of 92,600 tonnes.",{"type":594,"attrs":152411,"content":152412},{"textAlign":49},[152413],{"text":152414,"type":599},"A deal of this significance cannot be underestimated.",{"type":594,"attrs":152416,"content":152417},{"textAlign":49},[152418],{"text":152419,"type":599},"Only a few years ago in 2015, the lithium hydroxide market was 40,000 tonnes and has grown to a forecasted 75,000 tonnes in size this year. The LG Chem deal, with one customer alone, exceeds this.",{"type":594,"attrs":152421,"content":152422},{"textAlign":49},[152423,152424],{"text":64386,"type":599},{"text":152425,"type":599}," expects this supply to provide at least 40% of LG Chem’s lithium hydroxide needs between 2019 and 2022 as it ramps up from 29.5GWh in 2018 to an estimated 80GWh in 2022. Should LG Chem be operating at 80GWh by 2022, it will require 61,600 tonnes of lithium hydroxide for that year. LG Chem have emerged in 2018 as being the most aggressive battery maker, overtaking the much talked about Chinese producer, CATL which also underwent its own IPO in June 2018.",{"type":594,"attrs":152427,"content":152428},{"textAlign":49},[152429,152431,152432],{"text":152430,"type":599},"While CATL grabbed headlines in 2017 with plans to produce 100GWh of NCM cells by 2025, it later scaled this back to 50GWh capacity. LG Chem on the other hand have ramped up their plans in the last 12 months and subtly increased their capacity expansions, plant by plant, to a cumulative 100GWh of capacity by 2023, according to ",{"text":11314,"type":599},{"text":152433,"type":599}," data from its Battery Megafactories subscription service.",{"type":594,"attrs":152435,"content":152436},{"textAlign":49},[152437,152439,152440],{"text":152438,"type":599},"Soon after this development, Ganfeng made public a new deal with Tesla for “20% of its supply” in a deal that ",{"text":9653,"type":599},{"text":152441,"type":599}," estimates will equate to 14,000 tonnes to 18,000 tonnes a year between January 2018 and December 2020.",{"type":657,"attrs":152443,"content":152444},{"level":141407,"textAlign":49},[152445],{"text":152446,"type":599},"Tesla’s shift in strategy",{"type":594,"attrs":152448,"content":152449},{"textAlign":49},[152450],{"text":152451,"type":599},"For Tesla, it marks a shift in raw material supply chain strategy as it now appears willing to strike large, long term lithium supply deals when in the past it was reliant on smaller volume contracts to top up what partner, Panasonic, had locked up in contracts.",{"type":594,"attrs":152453,"content":152454},{"textAlign":49},[152455],{"text":152456,"type":599},"The only previous public deals for Tesla were with lithium development stage companies, Kidman Resources, Pure Energy Minerals and Bacanora Minerals each of which would have not yielded any near-term lithium supply.",{"type":594,"attrs":152458,"content":152459},{"textAlign":49},[152460,152462,152468],{"text":152461,"type":599},"Concerns will have been raised with Kidman’s deal after fresh doubt was cast on the developer that is hoping the build Western Australia’s next spodumene mine (see ",{"text":152463,"type":599,"marks":152464},"SQM hits more obstacles on path to lithium expansions",[152465],{"type":604,"attrs":152466},{"href":152467,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://source.benchmarkminerals.com/article/sqm-hits-more-obstacles-on-path-to-lithium-expansions",{"text":125413,"type":599},{"type":594,"attrs":152470,"content":152471},{"textAlign":49},[152472],{"text":152473,"type":599},"The Mount Holland project is part of an alliance with Chile’s SQM which has already agreed to invest $110m to develop the mine.",{"type":594,"attrs":152475,"content":152476},{"textAlign":49},[152477],{"text":152478,"type":599},"For Tesla, the deal making is set to continue as the Gigafactory ramps up to 35GWh next year and its lithium hydroxide needs will rise to 25,000 tpa. The Gigafactory success will make Tesla the owner of the world’s biggest battery producer come the end of 2019 and the third largest producer behind LG Chem and Panasonic. It will also become the world’s biggest consumer of lithium ion batteries in 2019 relying on 11.5GWh from Panasonic’s Suminoe plant in Japan producing 18650 NCA cells for the Model X and Model S and at least 30GWh of 2170 NCA cells with are all destined for Model 3.",{"type":594,"attrs":152480,"content":152481},{"textAlign":49},[152482],{"text":152483,"type":599},"It has to be noted that the Gigafactory’s resounding success in ramping up battery cell production capacity is in large thanks to Panasonic, which is not only a part owner of the battery megafactory but also operates the cell manufacturing portion of the plant.",{"type":594,"attrs":152485,"content":152486},{"textAlign":49},[152487],{"text":152488,"type":599},"As the Benchmark Quarterly Review was going to press, yet another major deal was announced: Ganfeng’s five-year supply deal with BMW. While few public details emerged, Henry Sanderson from the Financial Times reported that Ganfeng Lithium can supply “as much lithium as Munich-based BMW needs”.",{"type":594,"attrs":152490,"content":152491},{"textAlign":49},[152492],{"text":152493,"type":599},"Considering BMW signed a major partnership with Chinese battery producer CATL earlier in the year, it is a fair assumption that this lithium deal ties Ganfeng in to CATL’s supply chain and with it the world’s top three lithium ion battery producers for the next 3 to 5 years.",{"type":657,"attrs":152495,"content":152496},{"level":141407,"textAlign":49},[152497],{"text":152498,"type":599},"Disconnection",{"type":594,"attrs":152500,"content":152501},{"textAlign":49},[152502,152504,152505],{"text":152503,"type":599},"Despite the flurry of major news in the past few months, the lithium industry has been suffering from negative sentiment both within China and the investment spaces. Speaking with market participants and institutional investors around the world, it has been quite interesting for ",{"text":7249,"type":599},{"text":152506,"type":599},"to see the disconnection between the actual lithium market and the investment space.",{"type":594,"attrs":152508,"content":152509},{"textAlign":49},[152510],{"text":152511,"type":599},"Short term investor sentiment has been hovering over lithium in 2018, which Lachlan Shaw, Head of Commodities Strategy at UBS, described on the Benchmark World Tour as a “lithium air pocket”. It was an apt phrase used to describe the 51% fall in price of Benchmark Minerals China EXW Lithium Carbonate, Technical Grade since May which is at odds with the price performance of other rest of the world grades and lithium’s medium-term prospects.",{"type":594,"attrs":152513,"content":152514},{"textAlign":49},[152515],{"text":152516,"type":599},"This air pocket and price fall was sparked by new lithium carbonate supplies from Qinghai in H1 2018 while Chinese EV and battery demand lagged. Qinghai, China’s only lithium brine producing area, has increased its output by almost double from 15,000 tpa in 2017 to an expected 25-30,000 tpa by the end of 2018. While quality remains a major issue for the region, the lithium carbonate – much of which is lower quality than technical grade – is being purchased and upgraded for other lithium markets outside of batteries. Some of this new supply is also being converted into lithium hydroxide within China.",{"type":594,"attrs":152518,"content":152519},{"textAlign":49},[152520],{"text":152521,"type":599},"All in all, these factors have conspired to push down the technical grade lithium price which has spilled over to the battery grade lithium price, despite the majority of Qinghai’s material not being used in battery production. Sentiment within China has been negative for lithium for some time.",{"type":594,"attrs":152523,"content":152524},{"textAlign":49},[152525],{"text":152526,"type":599},"Many consumers of lithium chemicals have felt that the producers – which are primarily converters of spodumene from Australia – have been making significant profits at the expense of the downstream. Lithium hydroxide prices within China have been north of $20/kg since January 2017 – something which has left a bitter taste with end users. What has left the world’s lithium industry perplexed is the outside view that this unique situation in China is symptomatic of the whole industry. This is not the case. Benchmark Minerals prices are presently at $14,500/tonne for lithium carbonate (FOB S. America) and $17,000/tonne for lithium hydroxide (FOB N. America)",{"type":594,"attrs":152528,"content":152529},{"textAlign":49},[152530,152532,152533],{"text":152531,"type":599},"Another factor that has added to the air of lithium negativity is the fear of oversupply. For at least a year and a half now, the investment community has feared a “flood of lithium” entering the market through new spodumene mines opening in Australia feeding into ever increasing conversion capacity in China. ",{"text":144234,"type":599},{"text":152534,"type":599},"outlined its views towards this in its Lithium Research Notes in January and June (These are available through Benchmark’s Lithium Price Assessments Subscription).",{"type":594,"attrs":152536,"content":152537},{"textAlign":49},[152538],{"text":152539,"type":599},"Yet fear has not left the investment space, despite lithium’s medium- and long-term demand prospects increasing during this time and with lithium demand growing over 20% a year. In the middle of last year, lithium began to garner interest from short-term speculators. “SQM’s share price is down roughly 30% year to date. This is a company that is one of the largest lithium producers in the world, with demand increasing at 20% per year,” lithium investment expert, Chris Berry of House Mountain Partners told Benchmark Quarterly Review. “SQM has unique pricing power due to its production history and is also expanding production capacity at by far the lowest capital intensity in the world. It seems that the share price performance and the company’s ability to execute are disconnected.”",{"type":594,"attrs":152541,"content":152542},{"textAlign":49},[152543],{"text":152544,"type":599},"In another example of this disconnection, Berry explained the stock performance of Australia’s Pilbara Minerals. “This is a company in the early stages of ramping lithium concentrate production, fully funded, with world class off take partners in place and aggressive expansion plans. The company has executed its plans really well thus far and yet the share price tells a different story. Perhaps the shares are finding a new base and, to paraphrase Winston Churchill, ‘we are at the end of the beginning’ of lithium’s run,” Berry added.",{"type":594,"attrs":152546,"content":152547},{"textAlign":49},[152548],{"text":152549,"type":599},"Poorly researched, ill-conceived and irresponsible reports have not helped the cause of investors in the lithium space. This is why share prices are a far cry from the real lithium industry state of play. Yet it is this environment that welcome’s lithium’s Era of the IPO.","Investment sentiment surrounding the lithium industry entering into Q4 has started to turn negative at a time when the industry enters what Benchmark Mineral Intelligence has termed the Era of the IPO. The lithium industry’s leading producers – Ganfeng Lithium, Tianqi Lithium, and FMC Lithium (soon to be rebranded Livent) – are on the verge […]",[152552],{"slug":544,"name":543,"content":152553},{"job_title":557,"image":152554,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2239049a-bbe0-4362-be39-102be66f4c78\", \"id\": \"\"}-->",[152557,152558,152559],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":152561,"copyright":547,"fieldtype":553,"meta_data":152562,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/700def4e85/bm-dsc-0211.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Oct 16, 2018",{"id":152565,"uuid":152566,"name":152463,"slug":152567,"full_slug":152568,"content":152569},112474500848572,"c0709da3-d9d8-4958-9db1-0d0a9ea69969","sqm-hits-more-obstacles-on-path-to-lithium-expansions","article/sqm-hits-more-obstacles-on-path-to-lithium-expansions",{"_uid":152570,"date":152571,"tags":152572,"editor":152573,"content":152577,"excerpt":152668,"featured":50,"reporter":152669,"_editable":152673,"component":864,"seo_title":152463,"categories":152674,"visibility":882,"author_company":49,"featured_image":152678,"seo_description":152668,"author_full_name":49,"author_job_title":49,"formattedDate":152681},"93d13713-7404-4108-995a-92c0c202193b","2018-09-26 00:00",[],[152574],{"slug":544,"name":543,"content":152575},{"job_title":557,"image":152576,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":152578},[152579,152584,152589,152594,152599,152604,152609,152614,152619,152624,152629,152634,152639,152644,152649,152654,152659,152662,152665],{"type":594,"attrs":152580,"content":152581},{"textAlign":49},[152582],{"text":152583,"type":599},"Q3 has proved to be another milestone quarter in SQM’s attempts to expand its lithium production.",{"type":594,"attrs":152585,"content":152586},{"textAlign":49},[152587],{"text":152588,"type":599},"Firstly, the Chilean water authority challenged the water extraction rights of mining companies in the Atacama. This is not expected to have a direct impact on lithium producers but may create a potential longer-term hurdle to future expansion in what is already a difficult licensing environment.",{"type":594,"attrs":152590,"content":152591},{"textAlign":49},[152592],{"text":152593,"type":599},"Secondly, and potentially more worryingly, the Western Australian (WA) government ruled against bypassing certain requirements, which may see Kidman Resources struggle to obtain the permits needed for their new spodumene operation. This is a decision that sent shockwaves through the Australian lithium space. It was unexpected to say the least.",{"type":594,"attrs":152595,"content":152596},{"textAlign":49},[152597],{"text":152598,"type":599},"This in the same week that SQM also challenged the ruling of Chilean antitrust regulator Fiscalía Nacional Económica (FNE) to allow the acquisition of Potash Corp’s stake in SQM by Tianqi. In a press release issued last week SQM voiced its opposition to the agreement, which centred around SQM’s fears that it would hamper free competition.",{"type":594,"attrs":152600,"content":152601},{"textAlign":49},[152602],{"text":152603,"type":599},"At the start of the year the outlook for SQM looked much more positive.",{"type":594,"attrs":152605,"content":152606},{"textAlign":49},[152607],{"text":152608,"type":599},"After 2018 began with an end to the CORFO dispute – which had blocked their Atacama expansions since 2014 – the company seemed well positioned to expand production and grow market share.",{"type":594,"attrs":152610,"content":152611},{"textAlign":49},[152612],{"text":152613,"type":599},"In addition to a new agreement for expansions in the Atacama, the company had partnered with two leading development stage companies in Argentinian brine developer Lithium Americas Corp (LAC), and Kidman Resources which is developing a spodumene operation in Australia.",{"type":594,"attrs":152615,"content":152616},{"textAlign":49},[152617],{"text":152618,"type":599},"The company seemed so comfortable with their position and future plans that they even agreed to sell their stake in the LAC asset in August, a move which may come back to haunt them in light of recent revelations.",{"type":594,"attrs":152620,"content":152621},{"textAlign":49},[152622],{"text":152623,"type":599},"The announcement of Tianqi’s intention to buy an almost 25% stake in the company then promised collaboration (if only in ownership terms) between two of the lithium industry’s superpowers.",{"type":594,"attrs":152625,"content":152626},{"textAlign":49},[152627],{"text":152628,"type":599},"What are the implications of the latest developments for SQM?",{"type":594,"attrs":152630,"content":152631},{"textAlign":49},[152632],{"text":152633,"type":599},"Their initial plans for expansion in Chile seem secure but questions remain over the longer-term political obstacles, ongoing ownership disputes and potential licensing hurdles. Outside of Chile it would be difficult for SQM to expand its brine output, having sold its LAC stake to Ganfeng in August and with most other producers at an early stage.",{"type":594,"attrs":152635,"content":152636},{"textAlign":49},[152637],{"text":152638,"type":599},"Looking to their Australian interests, the WA government’s decision not to exempt Kidman Resources from minimum spending requirements is a significant hurdle to the Kidman-SQM joint venture. Although the decision is not final it could open up the Mount Holland development to other parties, forfeiting Kidman’s and SQM’s interest. The decision-making process could delay the spodumene project’s development regardless of the outcome.",{"type":594,"attrs":152640,"content":152641},{"textAlign":49},[152642],{"text":152643,"type":599},"In hindsight, it has made SQM’s decision to sell its Lithium Americas stake to competitor, Ganfeng Lithium, all the more significant. Even though long term it looks like a sensible decision for all parties, short term the pressure is now on.",{"type":594,"attrs":152645,"content":152646},{"textAlign":49},[152647],{"text":152648,"type":599},"Kidman are important to SQM’s post-2023 lithium hydroxide expansion plans as there is a shift towards hydroxide-based cathode chemistries. Kidman had agreed a take-or-pay deal with Tesla in May 2018 to buy 5,000 tonnes of lithium hydroxide.",{"type":594,"attrs":152650,"content":152651},{"textAlign":49},[152652],{"text":152653,"type":599},"It seems inevitable that ownership uncertainty will continue until it’s established who will purchase Potash Corp’s stake in SQM. If the Tianqi deal falls through who could step in? Considering SQM’s protestations over the Tianqi deal, questions about ownership may remain even if the purchase is completed.",{"type":594,"attrs":152655,"content":152656},{"textAlign":49},[152657],{"text":152658,"type":599},"Timeline of events",{"type":594,"attrs":152660,"content":152661},{"textAlign":49},[],{"type":594,"attrs":152663,"content":152664},{"textAlign":49},[],{"type":594,"attrs":152666,"content":152667},{"textAlign":49},[],"Q3 has proved to be another milestone quarter in SQM’s attempts to expand its lithium production. Firstly, the Chilean water authority challenged the water extraction rights of mining companies in the Atacama. This is not expected to have a direct impact on lithium producers but may create a potential longer-term hurdle to future expansion in […]",[152670],{"slug":544,"name":543,"content":152671},{"job_title":557,"image":152672,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"93d13713-7404-4108-995a-92c0c202193b\", \"id\": \"\"}-->",[152675,152676,152677],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":152679,"copyright":547,"fieldtype":553,"meta_data":152680,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/067680daa5/bm-dsc-0202.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Sep 26, 2018",{"id":152683,"uuid":152684,"name":152685,"slug":152686,"full_slug":152687,"content":152688},112474520669118,"56ef6cf0-a773-4d37-bbce-ed0664f2eb79","Nickel v cobalt: the secret EV battle for the lithium ion battery","nickel-v-cobalt-the-secret-ev-battle-for-the-lithium-ion-battery","article/nickel-v-cobalt-the-secret-ev-battle-for-the-lithium-ion-battery",{"_uid":152689,"date":152690,"tags":152691,"editor":152692,"content":152696,"excerpt":152834,"featured":50,"reporter":152835,"_editable":152839,"component":864,"seo_title":152685,"categories":152840,"visibility":882,"author_company":49,"featured_image":152846,"seo_description":152834,"author_full_name":49,"author_job_title":49,"formattedDate":152849},"f6e46529-1f1a-4a7a-b3a0-90666a96db4f","2018-08-07 00:00",[],[152693],{"slug":544,"name":543,"content":152694},{"job_title":557,"image":152695,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":152697},[152698,152712,152717,152722,152727,152732,152737,152742,152747,152752,152757,152762,152767,152772,152777,152782,152787,152792,152797,152802,152811,152814,152819,152824,152829],{"type":594,"attrs":152699,"content":152700},{"textAlign":49},[152701,152705,152708],{"text":152702,"type":599,"marks":152703},"There is a low-profile battle occurring between raw material miners and chemicals manufacturers for the future of the lithium ion battery. The battery tug of war between nickel and cobalt that is being driven by electric vehicle (EV) manufacturers’ desire to cut battery cell costs and increase energy density. But the push towards high nickel 811 cathode chemistry is dogged by bad analysis and guesswork that spells the end for cobalt and suggests it is the era of nickel. The truth is a little more complicated as ",[152704],{"type":643},{"text":11314,"type":599,"marks":152706},[152707],{"type":643},{"text":152709,"type":599,"marks":152710}," explains.",[152711],{"type":643},{"type":594,"attrs":152713,"content":152714},{"textAlign":49},[152715],{"text":152716,"type":599},"One of the biggest talking points in the electric vehicle (EV) and lithium ion battery space right now is the emergence of an 811 NCM (Nickel Cobalt Manganese) cathode chemistry that many believe will result in the hammer blow for cobalt and the anointing of nickel.",{"type":594,"attrs":152718,"content":152719},{"textAlign":49},[152720],{"text":152721,"type":599},"For those newer to the battery industry, 811 quite simply stands for 8 parts nickel, 1 part cobalt, 1 part manganese. It is the natural evolution from the traditional 111 chemistry (equal parts of each), 523 (5 parts nickel, 2 parts cobalt and 3 parts manganese) and 622.",{"type":594,"attrs":152723,"content":152724},{"textAlign":49},[152725],{"text":152726,"type":599},"A word of warning: a common error is to use the non-Chinese initials of NMC, which would incorrectly point to 30% cobalt content in 523. While there is much excitement over the high nickel chemistry, which brings with it higher energy density and a much bigger demand profile for nickel suppliers; the reality is that NCM 811 has not yet fully arrived and is some years away from having a major impact.",{"type":594,"attrs":152728,"content":152729},{"textAlign":49},[152730],{"text":152731,"type":599},"Some analysts point to the Chinese “black box” when explaining where 811 is being widely rolled out.",{"type":594,"attrs":152733,"content":152734},{"textAlign":49},[152735],{"text":152736,"type":599},"However, China is not a black box if you are willing to travel to cathode and lithium ion battery plants within the country and put the miles in.",{"type":594,"attrs":152738,"content":152739},{"textAlign":49},[152740],{"text":152741,"type":599},"The reality is such that Chinese cathode manufacturers are developing 811 chemistry and small scale commercial lines but these are not yet being rolled out in any major way. The chemistry is, however, in production, that much is true, and that it is being driven by the consumers.",{"type":594,"attrs":152743,"content":152744},{"textAlign":49},[152745],{"text":152746,"type":599},"The impact of 811 on the cathode market, however, is going to be minimal in the short-term and Benchmark Mineral Intelligence forecasts this will not exceed 5% of total NCM cathode production until after 2020.",{"type":594,"attrs":152748,"content":152749},{"textAlign":49},[152750],{"text":152751,"type":599},"In fact, it is Benchmark’s expectations that 811 cathode material will reach 25% of NCM’s market share by 2026 – enough to cause disruption in the raw material supply chain, but far from takeover. Much like their Chinese counterparts, Korean and Japanese manufacturers are also developing 811 formulations at the moment and their arm has been forced for two main reasons.",{"type":657,"attrs":152753,"content":152754},{"level":985,"textAlign":49},[152755],{"text":152756,"type":599},"The first is cobalt prices",{"type":594,"attrs":152758,"content":152759},{"textAlign":49},[152760],{"text":152761,"type":599},"In a 111 cathode, which is widely quoted to show the huge impact of cobalt prices on lithium ion batteries, cobalt understandably moves the cell manufacturing cost needle. In a 111 cell, Benchmark’s new Lithium ion Battery Cost service reports that cathode material equates to 40% of the cell cost – significantly higher than any other NCM or NCA material due to cobalt being a third of the input by volume.",{"type":594,"attrs":152763,"content":152764},{"textAlign":49},[152765],{"text":152766,"type":599},"This has resulted in a surge in 523 production, and to a lesser extent 622 output globally —especially in China which reduced cobalt’s input into a cathode to 20% while significantly increasing nickel’s role to 50% and 60% (from 30%), respectively.",{"type":657,"attrs":152768,"content":152769},{"level":985,"textAlign":49},[152770],{"text":152771,"type":599},"The second is auto pressure",{"type":594,"attrs":152773,"content":152774},{"textAlign":49},[152775],{"text":152776,"type":599},"Understandably, EV manufacturers want to do all they can to reduce their price risk exposure to cobalt which continues to rise. Therefore, the push towards 523 and 622 is more than welcomed, especially as it brings with it increased energy density thanks to the nickel.",{"type":594,"attrs":152778,"content":152779},{"textAlign":49},[152780],{"text":152781,"type":599},"Therefore, it is unsurprising that in the same conversations, cathode manufacturers are pressured by auto companies to speed up the evolution to 811 and even 7:1.5:1.5 chemistry. To reduce cobalt to such a minor role — the major element involved in stabilising the battery — brings with it huge risk, especially in the first wave of pure EV models to hit the road when safety scrutiny is at its highest.",{"type":657,"attrs":152783,"content":152784},{"level":985,"textAlign":49},[152785],{"text":152786,"type":599},"Lower cobalt cathodes, not lower costs",{"type":594,"attrs":152788,"content":152789},{"textAlign":49},[152790],{"text":152791,"type":599},"The third factor to consider is that despite the expensive cobalt being dramatically reduced in these higher-nickel cathodes, it does not necessarily mean it will be available to the market at a significantly lower cost.",{"type":594,"attrs":152793,"content":152794},{"textAlign":49},[152795],{"text":152796,"type":599},"Current technology dictates that 811 cathodes need to be produced in an inert environment as to prevent any reaction with the atmosphere. Therefore, any new cathode plant producing this material will need to build a new, dedicated, inert atmosphere, production line specific to 811.",{"type":657,"attrs":152798,"content":152799},{"level":985,"textAlign":49},[152800],{"text":152801,"type":599},"Cobalt conundrum remains regardless",{"type":594,"attrs":152803,"content":152804},{"textAlign":49},[152805,152807,152809],{"text":152806,"type":599},"Even if despite all these challenges,the NCM 811 adoption is quicker than B",{"text":152808,"type":599},"enchmark Mineral Intelligence ",{"text":152810,"type":599},"expects, the cobalt industry will still face a supply problem.",{"type":594,"attrs":152812,"content":152813},{"textAlign":49},[],{"type":594,"attrs":152815,"content":152816},{"textAlign":49},[152817],{"text":152818,"type":599},"The bar chart above outlines three possible scenarios in 2026 where 811 is adopted to serve a lithium ion battery industry that has grown to just under 1TWh. The first example assumes that 811 is 10% of the future NCM cathode market total. Under this scenario, battery grade cobalt output – which stood at nearly 50,000 tpa in 2017 – will have to increase to 205,000 tpa to meet the cobalt demands of the entire battery industry. If 811 equates to 25% of the cathode market, 193,000 tonnes of battery grade cobalt will be needed.",{"type":594,"attrs":152820,"content":152821},{"textAlign":49},[152822],{"text":152823,"type":599},"Under our most bullish scenario where 811 is equal to a huge 40% of the NCM cathode market in 2026, the lithium ion battery industry will still require 180,000 tpa of battery grade cobalt.",{"type":594,"attrs":152825,"content":152826},{"textAlign":49},[152827],{"text":152828,"type":599},"That is over a tripling of battery grade cobalt production from last year and just under a doubling of the industry’s total annual production. There is little doubt that nickel’s future in lithium ion batteries is bright, however, the cobalt conundrum is far from over.",{"type":594,"attrs":152830,"content":152831},{"textAlign":49},[152832],{"text":152833,"type":599},"And considering it will be near impossible to commercially engineer cobalt out of a lithium ion battery within the next decade, it is fair to say that the cobalt conundrum is just beginning and the industry’s challenges will shift from supply to demand.","There is a low-profile battle occurring between raw material miners and chemicals manufacturers for the future of the lithium ion battery. The battery tug of war between nickel and cobalt that is being driven by electric vehicle (EV) manufacturers’ desire to cut battery cell costs and increase energy density. But the push towards high nickel 811 cathode chemistry […]",[152836],{"slug":544,"name":543,"content":152837},{"job_title":557,"image":152838,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f6e46529-1f1a-4a7a-b3a0-90666a96db4f\", \"id\": \"\"}-->",[152841,152842,152843,152844,152845],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":878,"name":8},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":152847,"copyright":547,"fieldtype":553,"meta_data":152848,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/24c7e66305/bm-screen-shot-2018-06-18-at-151834.png",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 07, 2018",{"id":152851,"uuid":152852,"name":152853,"slug":152854,"full_slug":152855,"content":152856},112474515991485,"25613bb8-01b4-454d-9bc0-bf9411131236","Destination Vanadium","destination-vanadium","article/destination-vanadium",{"_uid":152857,"date":152690,"tags":152858,"editor":152859,"content":152863,"excerpt":153006,"featured":50,"reporter":153007,"_editable":153011,"component":864,"seo_title":152853,"categories":153012,"visibility":882,"author_company":49,"featured_image":153015,"seo_description":153006,"author_full_name":49,"author_job_title":49,"formattedDate":152849},"fb038eba-0b22-47c1-aaf6-7dc04adfa6ec",[],[152860],{"slug":544,"name":543,"content":152861},{"job_title":557,"image":152862,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":152864},[152865,152872,152877,152884,152889,152896,152903,152908,152914,152919,152925,152930,152935,152941,152946,152952,152957,152963,152968,152974,152980,152986,152991,152996,153001],{"type":657,"attrs":152866,"content":152867},{"level":141407,"textAlign":49},[152868],{"text":152869,"type":599,"marks":152870},"Benchmark Mineral Intelligence recently spoke with Vincent Algar, Australian Vanadium’s Managing Director, about changes in the vanadium market, price spikes and energy storage.",[152871],{"type":643},{"type":594,"attrs":152873,"content":152874},{"textAlign":49},[152875],{"text":152876,"type":599},"Benchmark Mineral Intelligence: How has the vanadium market changed in the last 18 months? (evolution of steel versus batteries).",{"type":594,"attrs":152878,"content":152879},{"textAlign":49},[152880,152882],{"text":152881,"type":599},"Vincent Algar:",{"text":152883,"type":599}," The supply and demand balance globally has shifted significantly in the past 18 months. Changes that began with the closure of Highveld Steel created a series of knock on effects that were added to by changes to a slag import ban and stricter environmental regulation of slag production in China. New demand has emerged with enforced changes to Chinese rebar standards.",{"type":594,"attrs":152885,"content":152886},{"textAlign":49},[152887],{"text":152888,"type":599},"The rise of VRFB (vanadium flow battery) demand, particularly in China, as a means of capturing increased renewables there, is driving further demand.",{"type":594,"attrs":152890,"content":152891},{"textAlign":49},[152892,152894],{"text":152893,"type":599},"Benchmark:",{"text":152895,"type":599},"Vanadium has hit the headlines due to price spikes. What impact has this had on end users — particularly those building energy storage units?",{"type":594,"attrs":152897,"content":152898},{"textAlign":49},[152899,152901],{"text":152900,"type":599},"VA:",{"text":152902,"type":599}," Higher vanadium prices are not favourable to energy storage manufacturers. End users in steel can tolerate higher prices to a point. Eventually, both VRFB makers and vanadium end users will seek to cement stronger ties with primary vanadium producers to ensure supply contracts, or to have full integration.",{"type":594,"attrs":152904,"content":152905},{"textAlign":49},[152906],{"text":152907,"type":599},"Benchmark: The world’s energy storage market has received a lot of attention of late, primarily due to the Aliso Canyon disaster and Tesla’s activities in the space. This has mainly been for lithium ion installations. Has this had a positive or negative effect on vanadium?",{"type":594,"attrs":152909,"content":152910},{"textAlign":49},[152911,152912],{"text":152900,"type":599},{"text":152913,"type":599}," All stationary energy storage stories are positive for VRFB as they relate to the capture of renewable energy that would otherwise be lost. The differentiators between Li-ion and Vanadium are significant, particularly as longlife grid assets which will suit business owners and utilities. While Li-Ion installations will continue to dominate, VRFB installations will find a percentage of the market through the different ways it is able to address particular storage problems.",{"type":594,"attrs":152915,"content":152916},{"textAlign":49},[152917],{"text":152918,"type":599},"Benchmark: With respect to vanadium flow, how is the world’s energy storage market affecting the type of installations being built?",{"type":594,"attrs":152920,"content":152921},{"textAlign":49},[152922,152923],{"text":152900,"type":599},{"text":152924,"type":599}," The development of the VRFB market is increasing pace, but will be limited to VRFB companies that have strong balance sheets, as significant up-front capital and working capital will be required. This will likely mean a number of failures in the years ahead. This could change with the involvement of larger companies and other battery makers who choose VRFB to diversify their lithium interests.",{"type":594,"attrs":152926,"content":152927},{"textAlign":49},[152928],{"text":152929,"type":599},"Larger players will allow the construction of larger systems at the utility scale. This will directly affect the amount of vanadium required to power these systems. Until then the effect will remain limited, as the system sizes remain relatively small (1-10 MWh rather than 10-200MWh).",{"type":594,"attrs":152931,"content":152932},{"textAlign":49},[152933],{"text":152934,"type":599},"Benchmark: What do end customers require when considering vanadium flow batteries as a utility storage option.",{"type":594,"attrs":152936,"content":152937},{"textAlign":49},[152938,152939],{"text":152900,"type":599},{"text":152940,"type":599}," Space is important, as the batteries can have a larger footprint than Li-Ion. A requirement for over four hours of baseload power. Preferably multiple uses for energy, such as voltage and frequency management on their micro-grid. A long-life project. A renewable energy source such as wind or solar.",{"type":594,"attrs":152942,"content":152943},{"textAlign":49},[152944],{"text":152945,"type":599},"Benchmark: How can vanadium compete with other non-flow technologies such as lithium ion?",{"type":594,"attrs":152947,"content":152948},{"textAlign":49},[152949,152950],{"text":152900,"type":599},{"text":152951,"type":599}," VRFB has a longer asset life with no charge level degradation. It is more economic for storage requirements over 4 hours. It also has the ability to charge and discharge at the same time and with a 100% depth of discharge. Being non-flammable is another key differentiator.",{"type":594,"attrs":152953,"content":152954},{"textAlign":49},[152955],{"text":152956,"type":599},"Benchmark: How can vanadium compete with other flow technologies such as iron potassium?",{"type":594,"attrs":152958,"content":152959},{"textAlign":49},[152960,152961],{"text":152900,"type":599},{"text":152962,"type":599}," To date, all other flow batteries use two metals. The all-vanadium battery has the unique characteristic of using only one metal always in solution. This means no plating issues that require cleaning cycles or degradation of anodes and cathodes. This makes them unique in flow batteries and hence the dominant form commercially.",{"type":594,"attrs":152964,"content":152965},{"textAlign":49},[152966],{"text":152967,"type":599},"Benchmark: One concern about vanadium flow batteries is the dependence on one single raw material: vanadium pentoxide. What are your thoughts on this?",{"type":594,"attrs":152969,"content":152970},{"textAlign":49},[152971,152972],{"text":152900,"type":599},{"text":152973,"type":599}," Yes, this is a concern. Price is also a major problem as VRFB have a very high proportion of cost in vanadium electrolyte. This can make the battery uneconomic for the battery producer. This is where the leasing of electrolyte could be a big factor in the uptake of the technology.",{"type":594,"attrs":152975,"content":152976},{"textAlign":49},[152977,152978],{"text":152893,"type":599},{"text":152979,"type":599},"The vast majority of vanadium is produced as a by-product. How much of a concern is this?",{"type":594,"attrs":152981,"content":152982},{"textAlign":49},[152983,152984],{"text":152900,"type":599},{"text":152985,"type":599}," By-product vanadium from steel slag must be considered separately from other vanadium by-products. Dirty steel by-products are the object of scrutiny around the world and can be shut down. Such a shutdown will affect global demand significantly, but is also unlikely.",{"type":594,"attrs":152987,"content":152988},{"textAlign":49},[152989],{"text":152990,"type":599},"Minor by-products from chemical or mining processes (not primary vanadium ores) is an opportunity. New mine production from primary highgrade ores is a significant opportunity to stabilise production.",{"type":594,"attrs":152992,"content":152993},{"textAlign":49},[152994],{"text":152995,"type":599},"Benchmark: How important is the China factor on the vanadium industry? Both from a supply and demand perspective.",{"type":594,"attrs":152997,"content":152998},{"textAlign":49},[152999],{"text":153000,"type":599},"VA: China is cleaning up its environment and as such is shutting down the dirty production of metals and import of other countries’ waste products. Chinese rebar standard changes have an implication for the demand for vanadium from inside and outside China.",{"type":594,"attrs":153002,"content":153003},{"textAlign":49},[153004],{"text":153005,"type":599},"China is moving to large scale renewables and grid level storage using VRFB. Both of these factors mean China is the most important market for future vanadium demand and supply.","Benchmark Mineral Intelligence recently spoke with Vincent Algar, Australian Vanadium’s Managing Director, about changes in the vanadium market, price spikes and energy storage. Benchmark Mineral Intelligence: How has the vanadium market changed in the last 18 months? (evolution of steel versus batteries). Vincent Algar: The supply and demand balance globally has shifted significantly in the past 18 months. Changes that began with the closure of Highveld Steel created a series […]",[153008],{"slug":544,"name":543,"content":153009},{"job_title":557,"image":153010,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fb038eba-0b22-47c1-aaf6-7dc04adfa6ec\", \"id\": \"\"}-->",[153013,153014],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":153016,"copyright":547,"fieldtype":553,"meta_data":153017,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/711ae90b43/bm-015-avl-180307-jwyld.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":153019,"uuid":153020,"name":153021,"slug":153022,"full_slug":153023,"content":153024},112474551118888,"4d8a74ba-4c89-4b4f-a5b1-7497facccaa0","Toyota launches a fuel cell truck, and who’s noticing?","toyota-launches-a-fuel-cell-truck-and-whos-noticing","article/toyota-launches-a-fuel-cell-truck-and-whos-noticing",{"_uid":153025,"date":153026,"tags":153027,"editor":153028,"content":153032,"excerpt":153088,"featured":50,"reporter":153089,"_editable":153093,"component":864,"seo_title":153021,"categories":153094,"visibility":882,"author_company":49,"featured_image":153097,"seo_description":153088,"author_full_name":49,"author_job_title":49,"formattedDate":153100},"4f0509d3-6295-447b-8479-676fc6614a1e","2018-08-06 00:00",[],[153029],{"slug":544,"name":543,"content":153030},{"job_title":557,"image":153031,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":153033},[153034,153041,153046,153051,153056,153061,153066,153071,153076,153083],{"type":594,"attrs":153035,"content":153036},{"textAlign":49},[153037,153039],{"text":153038,"type":599},"by Bertel Schmitt",{"text":153040,"type":599},"\nIt’s tough to be one of the world’s largest automakers. When one of the world’s smallest announced a battery-electric delivery truck, the world went gaga, never mind that the truck so far is no more than a figment of Elon Musk’s fertile imagination. Guess what happened when Toyota announced a fuel cell powered truck, along with a comprehensive CO2 reduction strategy, and a ready customer for the trucks? Crickets. Alright, I’ll do it.",{"type":594,"attrs":153042,"content":153043},{"textAlign":49},[153044],{"text":153045,"type":599},"At the start of June in Tokyo, Toyota showed a fuel-cell powered mid-sized delivery truck which will bring refrigerated groceries to 7-11 convenience stores in Japan as part of a pilot program. By 2020, 20% of 7-11’s vast truck fleet is targeted to be eco-friendly, said Seven-Eleven Japan President Kazuki Furuya.",{"type":594,"attrs":153047,"content":153048},{"textAlign":49},[153049],{"text":153050,"type":599},"It’s part of a plan to make the sprawling chain with the orange-red-green fascia all green, with solar panels on the roof and even in the blacktop of the parking lots, with energy stored in banks of refurbished Prius batteries, and with hydrogen-powered standby generators.",{"type":594,"attrs":153052,"content":153053},{"textAlign":49},[153054],{"text":153055,"type":599},"The whole project is one of many in Japan, part of an all-out effort to turn the island nation into a society running on hydrogen.",{"type":594,"attrs":153057,"content":153058},{"textAlign":49},[153059],{"text":153060,"type":599},"The Japanese-held 7-11 conglomerate was born when its former Japanese licensee bought out and overextended 7-11 U.S. in 1990. Under its Japanese owners, 7-11 grew to more than 20,000 stores all over the world. In Japan, one can hardly make a step without walking by, or into a 7-11.",{"type":594,"attrs":153062,"content":153063},{"textAlign":49},[153064],{"text":153065,"type":599},"They have turned into multipurpose community centres, where you can pay your taxes and utility bills, make copies, send faxes, withdraw money from the ATM, pay for what you have bought over the Internet, send and receive packages, buy concert tickets, and, while you’re at it, buy groceries. 7-11 turned “convenience store” into a Japanese loan word, shortened to “conbini.” No Slurpees here, but Japanese oden, and onigiri rice balls wrapped in sea weed. Would 7-11 eventually dispense hydrogen for cars and trucks, Furuya was asked. Sure, why not, was the answer.",{"type":594,"attrs":153067,"content":153068},{"textAlign":49},[153069],{"text":153070,"type":599},"Grocery shelves and oden pans are replenished by a fleet of 6,000 7-11 trucks in Japan, and like at the stores themselves, there is no more 7 to 11 when it comes to hours. The stores are open around the clock, and the trucks run around the clock, doing just-in-time deliveries many times a day.",{"type":594,"attrs":153072,"content":153073},{"textAlign":49},[153074],{"text":153075,"type":599},"There would be no time for them to recharge batteries for hours, and the refrigerated ones draw a big wattage. Hydrogen can “re-charge” the truck in minutes, and the fuel cell stacks can produce ample power to keep the ice cream from melting.",{"type":594,"attrs":153077,"content":153078},{"textAlign":49},[153079,153081],{"text":153080,"type":599},"The trucks themselves are made by Toyota’s commercial vehicle operation. Satoshi Ogiso, the chief engineer of the Prius and later the Mirai fuel cell car, recently was made boss of the commercial vehicle unit, now you know why. The trucks use fuel cell stacks and tanks from the Mirai, for extra industrial strength, the tanks received an extra layer of carbon fibre",{"text":153082,"type":599},"\narmour.",{"type":594,"attrs":153084,"content":153085},{"textAlign":49},[153086],{"text":153087,"type":599},"P.S. Also at the start of June, Daimler announced an electric truck. That received a little more press than the convenience store hauler, but again with headlines suggesting that Daimler did it to fight the non-existing Tesla trucks. A legacy automaker simply can’t get no respect.","by Bertel Schmitt It’s tough to be one of the world’s largest automakers. When one of the world’s smallest announced a battery-electric delivery truck, the world went gaga, never mind that the truck so far is no more than a figment of Elon Musk’s fertile imagination. Guess what happened when Toyota announced a fuel cell powered truck, along with […]",[153090],{"slug":544,"name":543,"content":153091},{"job_title":557,"image":153092,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4f0509d3-6295-447b-8479-676fc6614a1e\", \"id\": \"\"}-->",[153095,153096],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":153098,"copyright":547,"fieldtype":553,"meta_data":153099,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7b0f58122b/bm-20180606-01-07.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Aug 06, 2018",{"id":153102,"uuid":153103,"name":153104,"slug":153105,"full_slug":153106,"content":153107},112474539023338,"45b929e5-23cc-4b72-aa70-23536a6a05c4","Graphite & nickel uncertainty clouds auto plans","graphite-nickel-uncertainty-clouds-auto-plans","article/graphite-nickel-uncertainty-clouds-auto-plans",{"_uid":153108,"date":153026,"tags":153109,"editor":153110,"content":153114,"excerpt":153285,"featured":50,"reporter":153286,"_editable":153290,"component":864,"seo_title":153104,"categories":153291,"visibility":882,"author_company":49,"featured_image":153296,"seo_description":153285,"author_full_name":49,"author_job_title":49,"formattedDate":153100},"1a2cce80-3ca7-4f1c-bec6-0e2084fb5515",[],[153111],{"slug":544,"name":543,"content":153112},{"job_title":557,"image":153113,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":153115},[153116,153121,153126,153131,153136,153141,153146,153151,153156,153164,153169,153174,153179,153184,153189,153194,153199,153204,153210,153215,153220,153225,153230,153235,153240,153245,153250,153255,153260,153265,153270,153275,153280],{"type":594,"attrs":153117,"content":153118},{"textAlign":49},[153119],{"text":153120,"type":599},"Fears over medium-term supply security of graphite and nickel for electric vehicles (EVs) is rising as auto makers begin to put their production plans into action.",{"type":594,"attrs":153122,"content":153123},{"textAlign":49},[153124],{"text":153125,"type":599},"Major EV manufacturers are beginning to ramp up their supply chain efforts in preparation for EV production between 2019 and 2021. Many new all-electric models are anticipated to enter the global market within this time frame, yet new mineral supply challenges are beginning to raise their head.",{"type":594,"attrs":153127,"content":153128},{"textAlign":49},[153129],{"text":153130,"type":599},"The supply and demand imbalances in lithium and cobalt,  which have sent prices surging over the last three years are now well know and understood by the auto industry. Many producers now feel comfortable that the supply of the right grade of material in the right volumes will be available to the supply chain within the medium term.",{"type":594,"attrs":153132,"content":153133},{"textAlign":49},[153134],{"text":153135,"type":599},"The supply over graphite and nickel sulphate, key components in the anode and cathode, respectively, has come under scrutiny in H1 2018 and are now starting to be contested.",{"type":594,"attrs":153137,"content":153138},{"textAlign":49},[153139],{"text":153140,"type":599},"Pressure on graphite anode supply has increased owing to China’s environmental crackdown on flake feedstock mines within the country. Not every type of flake graphite feedstock is suitable for the anode material that is used in EV battery cells and the closures of these suitable mines can cause an unexpected supply shock to an EV producer.",{"type":594,"attrs":153142,"content":153143},{"textAlign":49},[153144],{"text":153145,"type":599},"Flake mines in Heilongjiang and Shandong – China’s two most important producing graphite provinces – have been subject to inspections, delays and closures as they fall foul of new strict air quality laws.",{"type":594,"attrs":153147,"content":153148},{"textAlign":49},[153149],{"text":153150,"type":599},"This has closed some capacity  in both regions and, in a bid to fall within the new laws, has increased production costs as miners and processors install new equipment.",{"type":594,"attrs":153152,"content":153153},{"textAlign":49},[153154],{"text":153155,"type":599},"The legislation is a deliberate move by China to push the country away from flake graphite mining and beneficiation and towards value added production such as expandable and anode material. This has been reflected in anode expansions at Zichen and Shinzoom which began in May.",{"type":594,"attrs":153157,"content":153158},{"textAlign":49},[153159,153161,153162],{"text":153160,"type":599},"The prices of anode material assessed by ",{"text":11314,"type":599},{"text":153163,"type":599}," also tells a similar story.",{"type":594,"attrs":153165,"content":153166},{"textAlign":49},[153167],{"text":153168,"type":599},"In 2018, the mid-point price 15-micron, uncoated spherical graphite, 99.95% C has increased from $3,000/tonne in January to $3,400 in June with a high point of $3,500/tonne.",{"type":594,"attrs":153170,"content":153171},{"textAlign":49},[153172],{"text":153173,"type":599},"It is quite an intriguing situation considering EV battery demand within China has been softer in H1 2018 yet graphite anode prices have been moving upwards – the opposite direction to lithium and cobalt.",{"type":594,"attrs":153175,"content":153176},{"textAlign":49},[153177],{"text":153178,"type":599},"The majority of market participants expecting a significant increase in demand in the second half of the year and with it stronger anode prices.",{"type":657,"attrs":153180,"content":153181},{"level":985,"textAlign":49},[153182],{"text":153183,"type":599},"SMM in battery nickel push",{"type":594,"attrs":153185,"content":153186},{"textAlign":49},[153187],{"text":153188,"type":599},"Nickel is another challenge that auto makers are also now focusing on.",{"type":594,"attrs":153190,"content":153191},{"textAlign":49},[153192],{"text":153193,"type":599},"The shift to higher nickel containing NCM cathodes, especially 523 and 622, has seen battery grade nickel chemical demand spike in the last 18 months.",{"type":594,"attrs":153195,"content":153196},{"textAlign":49},[153197],{"text":153198,"type":599},"In H1 2018, there has been a clear shift both in demand and sentiment from nickel producers that the lithium ion battery era has now arrived in the industry.",{"type":594,"attrs":153200,"content":153201},{"textAlign":49},[153202],{"text":153203,"type":599},"The issue is not with nickel metal – the mass produced commodity of which 2.1m tonnes which is produced predominately in Canada, Australia, Indonesia, Russia and the Philippines – but with nickel sulphate, a more niche chemical that is produced in China and Indonesia.",{"type":594,"attrs":153205,"content":153206},{"textAlign":49},[153207,153208],{"text":11314,"type":599},{"text":153209,"type":599}," expects nickel demand from batteries to increase by 23% – from 65,000 tpa in 2017 to 85,000 tpa – without the structure of the supply side changing in any major way.",{"type":594,"attrs":153211,"content":153212},{"textAlign":49},[153213],{"text":153214,"type":599},"For non-Chinese processed material, EV producers have been limited to suppliers such as Sumitomo Metal Mining (SMM) which mines nickel for batteries at its Rio Tuba and Taganito mines in the Philippines. It then processes it into nickel sulphate, nickel hydroxide and other battery chemicals at specialist plants in Isoura, located in Japan’s south-east close to Kochi, in the country’s north near Sapporo.",{"type":594,"attrs":153216,"content":153217},{"textAlign":49},[153218],{"text":153219,"type":599},"SMM has been one of the world’s leading suppliers of battery grade nickel products for many years and is presently expanding production to meet new aggressive EV targets. The company is planning to expand its nickel sulphate output from 55,000 tpa in 2016 to 80,000 tpa by the end of this year.",{"type":594,"attrs":153221,"content":153222},{"textAlign":49},[153223],{"text":153224,"type":599},"Other commodity majors have been attempting to pivot their nickel business towards lithium ion batteries including BHP Billiton, Vale, and Russia’s Nornickel.",{"type":594,"attrs":153226,"content":153227},{"textAlign":49},[153228],{"text":153229,"type":599},"China, despite being a processor and producer of nickel sulphate, is also preparing the landscape for a significant increase in imports.",{"type":594,"attrs":153231,"content":153232},{"textAlign":49},[153233],{"text":153234,"type":599},"At the start of this year, China’s Ministry of Finance cut import duties on nickel sulphate from 5.5% to 2% while duty on melting grade nickel cathode material for the steel market, was doubled from 1% to 2%.",{"type":594,"attrs":153236,"content":153237},{"textAlign":49},[153238],{"text":153239,"type":599},"The question that remains to be answered is: how much new nickel sulphate capacity will make its way into China or to rest of the world? It is just one battlefield of many that the world’s auto producers are contesting in the race for EV dominance.",{"type":657,"attrs":153241,"content":153242},{"level":985,"textAlign":49},[153243],{"text":153244,"type":599},"Nickel hungry batterymegafactories rise",{"type":594,"attrs":153246,"content":153247},{"textAlign":49},[153248],{"text":153249,"type":599},"The rise of the lithium ion battery megafactories – as tracked by Benchmark in its new subscription service – is adding significant pressure on both graphite and nickel this year and to the end-2021.",{"type":594,"attrs":153251,"content":153252},{"textAlign":49},[153253],{"text":153254,"type":599},"Benchmark’s pipeline lithium ion battery capacity out to 2028 stood at 998.5GWh in July 2018. This translates to 475,000 tonnes of nickel sulphate, dwarfing today’s market size by over 5-times and, 1.06m tonnes of graphite anode, a  9-fold increase on 2017.",{"type":594,"attrs":153256,"content":153257},{"textAlign":49},[153258],{"text":153259,"type":599},"This data is based on the assumption that every planned battery megafactory comes onstream on time and operates at 100% capacity – all of which is not going to happen.",{"type":594,"attrs":153261,"content":153262},{"textAlign":49},[153263],{"text":153264,"type":599},"But the trend is compelling.",{"type":594,"attrs":153266,"content":153267},{"textAlign":49},[153268],{"text":153269,"type":599},"Not only are the number of megafactories in the pipeline increasing together with planned cell capacity, but all new plants are zeroing in on 522, 623 and 811 cathode chemistries. In simple terms, nickel is increasing from 33% content of the NCM cathode material in a lithium ion battery to at least 50% and as high as 80%.",{"type":594,"attrs":153271,"content":153272},{"textAlign":49},[153273],{"text":153274,"type":599},"In an NCA battery chemistry, the nickel content can now be as high as 85% of the cathode. This is an incredible rise for nickel which is inadvertently becoming a star battery of the lithium ion show which has previously favoured lithium and cobalt.",{"type":594,"attrs":153276,"content":153277},{"textAlign":49},[153278],{"text":153279,"type":599},"And the way the lithium ion battery landscape is developing, China’s position is strengthening for both nickel and anode material. Benchmark estimates that 54% of lithium ion cell production capacity by 2028 will be in China. At present, the country produces 100% of natural graphite anode which is 65% of today’s market and the lowest cost anode material.",{"type":594,"attrs":153281,"content":153282},{"textAlign":49},[153283],{"text":153284,"type":599},"This together with China’s movements to reduce import barriers on nickel sulphate and ramp up its own domestic production means that for the two lesser known inputs into a lithium ion battery. China is putting itself in a dominant position.","Fears over medium-term supply security of graphite and nickel for electric vehicles (EVs) is rising as auto makers begin to put their production plans into action. Major EV manufacturers are beginning to ramp up their supply chain efforts in preparation for EV production between 2019 and 2021. Many new all-electric models are anticipated to enter the global market within this time frame, yet new mineral supply […]",[153287],{"slug":544,"name":543,"content":153288},{"job_title":557,"image":153289,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1a2cce80-3ca7-4f1c-bec6-0e2084fb5515\", \"id\": \"\"}-->",[153292,153293,153294,153295],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":153297,"copyright":547,"fieldtype":553,"meta_data":153298,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/eb0c63c59e/bm-screen-shot-2018-08-06-at-150539.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":153300,"uuid":153301,"name":153302,"slug":153303,"full_slug":153304,"content":153305},112474534231017,"df27dad0-65b2-49bb-8dc9-d07784c9d424","China prepares for H2 spodumene offensive","china-prepares-for-h2-spodumene-offensive","article/china-prepares-for-h2-spodumene-offensive",{"_uid":153306,"date":153026,"tags":153307,"editor":153308,"content":153312,"excerpt":153406,"featured":50,"reporter":153407,"_editable":153411,"component":864,"seo_title":153302,"categories":153412,"visibility":882,"author_company":49,"featured_image":153415,"seo_description":153406,"author_full_name":49,"author_job_title":49,"formattedDate":153100},"8da10077-534d-40b2-b6f7-9931f315c1ce",[],[153309],{"slug":544,"name":543,"content":153310},{"job_title":557,"image":153311,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":153313},[153314,153319,153324,153331,153336,153341,153346,153351,153356,153361,153366,153371,153376,153381,153391,153396,153401],{"type":594,"attrs":153315,"content":153316},{"textAlign":49},[153317],{"text":153318,"type":599},"Three new spodumene operations were commissioned in Western Australia in Q2, with lithium converters in China eagerly anticipating the introduction of new feedstock supplies.",{"type":594,"attrs":153320,"content":153321},{"textAlign":49},[153322],{"text":153323,"type":599},"In addition to Australia’s three new producers —Tawana Resources, Altura Mining and Pilbara Resources — specialty mineral company, AMG NV also began spodumene production from tantalum tailings at its Mibra mine in Brazil.",{"type":594,"attrs":153325,"content":153326},{"textAlign":49},[153327],{"type":1186,"attrs":153328},{"id":49,"alt":547,"src":153329,"title":49,"source":49,"copyright":49,"meta_data":153330},"https://a.storyblok.com/f/287943243085208/a740b6d1f6/bm-spodumene-australia.png",{},{"type":594,"attrs":153332,"content":153333},{"textAlign":49},[153334],{"text":153335,"type":599},"Spodumene ore in Western Australia – on one of Benchmark’s regular lithium site visits",{"type":594,"attrs":153337,"content":153338},{"textAlign":49},[153339],{"text":153340,"type":599},"With all of this material destined for the Chinese conversion market, and all of the initial production tied into offtake agreements, China is expected to see a flood of new feedstock material as the projects ramp-up approaching 2019.",{"type":594,"attrs":153342,"content":153343},{"textAlign":49},[153344],{"text":153345,"type":599},"Questions do, however, remain about the speed of the ramp-up of each operation and how much will make its way through to chemical production in the near-term. Tawana Resources was the first of the three Australian newcomers to enter production this year, making  the first shipment of spodumene concentrate from its Bald Hill mine in early-May.",{"type":594,"attrs":153347,"content":153348},{"textAlign":49},[153349],{"text":153350,"type":599},"The company has stated that it expects to reach a total output of 60,000-75,000 tonnes of spodumene in H2, adding to production of 18,800 tonnes in Q2. This could equate to as much as 12,000 tonnes of chemical production but the delay in construction of their offtake partner, Jiangte Motors’, new conversion facility in Yichun cast doubts over how much of this will",{"type":594,"attrs":153352,"content":153353},{"textAlign":49},[153354],{"text":153355,"type":599},"find its way into the supply chain this year. Altura Mining and Pilbara Resources are following quickly in Tawana’s footsteps with Altura planning its first concentrate shipment by August and Pilbara sending its first DSO shipment in mid-June and its first concentrate shipment also expected by August.",{"type":594,"attrs":153357,"content":153358},{"textAlign":49},[153359],{"text":153360,"type":599},"While the combined capacity from the 1st stage of both operations is over 500,000 tpa, it will likely take some time for both companies to reach their respective capacity rates, particularly at the 6% Li purity required by many converters.",{"type":594,"attrs":153362,"content":153363},{"textAlign":49},[153364],{"text":153365,"type":599},"Issues with the ramp-up and specifications produced at the two new operations to enter production last year — Mt Marion and Mt Cattlin — meant not all feedstock was converted into chemical and some stockpiles of this material still exist.",{"type":594,"attrs":153367,"content":153368},{"textAlign":49},[153369],{"text":153370,"type":599},"These mining ramp-up challenges were compounded by slower than anticipated expansions in conversion capacity within China — another issue facing the market over the coming 12-18 months.",{"type":657,"attrs":153372,"content":153373},{"level":985,"textAlign":49},[153374],{"text":153375,"type":599}," China’s conversion conundrum",{"type":594,"attrs":153377,"content":153378},{"textAlign":49},[153379],{"text":153380,"type":599},"With massive spodumene expansions aiming to fill the supply gap for lithium feedstocks in the near-term, Chinese converters are still struggling to install the necessary processing capacity to utilise this feedstock.",{"type":594,"attrs":153382,"content":153383},{"textAlign":49},[153384,153386,153387,153389],{"text":153385,"type":599},"A recent research note from ",{"text":9653,"type":599},{"text":153388,"type":599}," sho",{"text":153390,"type":599},"wed that although there are in excess of 40 companies targeting lithium production in China by 2019, with a combined target capacity of over 600,000 tpa, the maximum usable capacity in China will be little over 200,000 tpa by next year.",{"type":594,"attrs":153392,"content":153393},{"textAlign":49},[153394],{"text":153395,"type":599},"With an even smaller portion of this potential capacity meeting the specifications of battery consumers, China’s converters face a considerable challenge to integrate this new material and refine it to the specifications of the industry’s major growth market.",{"type":594,"attrs":153397,"content":153398},{"textAlign":49},[153399],{"text":153400,"type":599},"In addition, 100% of the new spodumene supplies destined for China are already tied into offtake agreements meaning the market could remain tight for many of the small-medium sized converters that are looking to install major new expansions.",{"type":594,"attrs":153402,"content":153403},{"textAlign":49},[153404],{"text":153405,"type":599},"As a result, Benchmark expects a maximum production of 160,000 tonnes lithium from China in 2018 and major challenges face the market as it seeks to maximize the potential of its access to new spodumene production in 2019.","Three new spodumene operations were commissioned in Western Australia in Q2, with lithium converters in China eagerly anticipating the introduction of new feedstock supplies. In addition to Australia’s three new producers —Tawana Resources, Altura Mining and Pilbara Resources — specialty mineral company, AMG NV also began spodumene production from tantalum tailings at its Mibra mine in Brazil. With all of this material destined for the Chinese conversion […]",[153408],{"slug":544,"name":543,"content":153409},{"job_title":557,"image":153410,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8da10077-534d-40b2-b6f7-9931f315c1ce\", \"id\": \"\"}-->",[153413,153414],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":153329,"copyright":547,"fieldtype":553,"meta_data":153416,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":153418,"uuid":153419,"name":153420,"slug":153421,"full_slug":153422,"content":153423},112474588281904,"28d466f8-6905-4541-aac6-f5174c0ea6ec","Cobalt prices close in on historic highs under battery demand","cobalt-prices-close-in-on-historic-highs-under-battery-demand","article/cobalt-prices-close-in-on-historic-highs-under-battery-demand",{"_uid":153424,"date":153425,"tags":153426,"editor":153427,"content":153431,"excerpt":153567,"featured":50,"reporter":153568,"_editable":153572,"component":864,"seo_title":153420,"categories":153573,"visibility":882,"author_company":49,"featured_image":153577,"seo_description":153567,"author_full_name":49,"author_job_title":49,"formattedDate":153580},"d127deba-93f0-49da-82c8-68a9b34668dc","2018-06-18 00:00",[],[153428],{"slug":544,"name":543,"content":153429},{"job_title":557,"image":153430,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":153432},[153433,153438,153447,153452,153457,153465,153470,153475,153483,153488,153493,153498,153503,153508,153513,153518,153523,153528,153533,153538,153546,153551,153556],{"type":657,"attrs":153434,"content":153435},{"level":985,"textAlign":49},[153436],{"text":153437,"type":599},"Growing demand and changes to legislation are pushing volatile cobalt prices even higher",{"type":594,"attrs":153439,"content":153440},{"textAlign":49},[153441,153443,153445],{"text":153442,"type":599},"The price of cobalt metal and chemicals have continued to rally in Q1 2018 following on from significant gains in 2017, with metal prices rising to $44/lb ($97,000/tonne) and the ",{"text":153444,"type":599},"Benchmark cobalt sulphate price",{"text":153446,"type":599}," up 27% since the start of the year. Whilst comparisons are being made to the price surges of 2008, which reached over $50/lb ($110,000/tonne), prices aren’t quite there yet, but if demand and market interest around the battery mineral set to continue it may not be long before they are.",{"type":594,"attrs":153448,"content":153449},{"textAlign":49},[153450],{"text":153451,"type":599},"Back in 2007, around the time of the first iPhone launch the total cobalt market was below 55,000 tpa, since then and the mass adoption of smartphones, tablets and laptop computers the market has grown to 100,000tpa. Looking forward, demand strains on the cobalt supply chain show no sign of slowing as the lithium ion battery industry ramps up for mass adoption of electric vehicles and stationary storage.",{"type":594,"attrs":153453,"content":153454},{"textAlign":49},[153455],{"text":153456,"type":599},"Converse to logical thought, such high and volatile prices are not something favoured by many of the industry’s producers, with many believing price rises are helping accelerate the move to high nickel/low cobalt technologies. But without doubt demand is going to increase dramatically in the coming years and by the early 2020’s it is very doubtful that supply will be able to keep pace with demand the perfect environment for further price increases.",{"type":594,"attrs":153458,"content":153459},{"textAlign":49},[153460,153462,153463],{"text":153461,"type":599},"Here ",{"text":11314,"type":599},{"text":153464,"type":599}," looks at a number of key factors that will influence how far prices go.",{"type":657,"attrs":153466,"content":153467},{"level":985,"textAlign":49},[153468],{"text":153469,"type":599},"Push factors",{"type":657,"attrs":153471,"content":153472},{"level":141407,"textAlign":49},[153473],{"text":153474,"type":599},"DEMAND",{"type":594,"attrs":153476,"content":153477},{"textAlign":49},[153478,153480,153481],{"text":153479,"type":599},"The primary driver for everything happening to cobalt pricing. ",{"text":9653,"type":599},{"text":153482,"type":599}," expects battery demand to grow 5x from 2017 levels by 2025 to well in excess of 500GWh, with nickel cobalt manganese (NCM) and nickel cobalt aluminium (NCA) cathodes at the heart of this growth.",{"type":657,"attrs":153484,"content":153485},{"level":141407,"textAlign":49},[153486],{"text":153487,"type":599},"DRC MINING CODE",{"type":594,"attrs":153489,"content":153490},{"textAlign":49},[153491],{"text":153492,"type":599},"The Democratic Republic of the Congo (DRC) government has moved to change legislation which will increase royalties on copper and cobalt from 2% to 3.5%, increased the state owned unpaid share from 5% to 10%, introduce a new profit windfall tax (50% taxation when commodity prices increase 25% above those stated in a project’s bankable feasibility study) and decreased the period under which contracts can be reviewed from 10 years to 5 years. It would also allow the government to further increase the royalties on cobalt to 10% if the country chose to deem it a “strategic substance”. Previous legislation guaranteed the countries miners a 10-year grace period of protection from any future changes but lawmakers voted in favour of enforcing the new measures immediately for all projects, something which has faced strong opposition from miners such as Glencore and China Molybdenum. If the new measures go ahead as planned, miners are facing significantly higher costs, which will undoubtedly be passed onto the market. The higher taxes and lack of guaranteed legislative stability in the DRC market may also deter future investments in the country, slowing the growth of new supply or expansions on existing projects further straining the supply chain.",{"type":657,"attrs":153494,"content":153495},{"level":141407,"textAlign":49},[153496],{"text":153497,"type":599},"AUTOMAKERS/OEMS IN THE MARKET",{"type":594,"attrs":153499,"content":153500},{"textAlign":49},[153501],{"text":153502,"type":599},"Over the past several months there have been numerous reports of automakers, OEMs and cell manufacturers looking to climb the supply chain and source cobalt raw materials at the mine level, gathering pace in the media particularly following VW’s announcement in H2 2017 of their $80b procurement program. Since then a string of companies have been linked with miners including Apple, BMW and more recently SK Innovation. With automakers looking to secure long term (5-10 year) deals in the market, far longer than the normal 12-month supply contracts that the market has been based on historically, this only helps fuel the fires of a supply shortage as large volumes of material get locked up in single deals.",{"type":657,"attrs":153504,"content":153505},{"level":985,"textAlign":49},[153506],{"text":153507,"type":599},"Pull factors",{"type":657,"attrs":153509,"content":153510},{"level":141407,"textAlign":49},[153511],{"text":153512,"type":599},"INDUSTRY RESPONSE",{"type":594,"attrs":153514,"content":153515},{"textAlign":49},[153516],{"text":153517,"type":599},"In December 2017 Glencore announced their production forecast for Katanga Mining in the DRC, the project had been on care and maintenance for 2 years whilst undergoing a processing plant upgrade. The forecast was much higher than anticipated, previous statements from the company had suggest a production of 20,000tpa but the announcement stated the project would produce 34,000tpa in the first full year of mining and a long-term average of 30,000tpa.",{"type":594,"attrs":153519,"content":153520},{"textAlign":49},[153521],{"text":153522,"type":599},"Whilst many in the industry questioned whether these numbers were possible it showed a clear statement of intent from the world’s largest cobalt producer. If Glencore can achieve production numbers close to this forecast, alongside the anticipated production from ERG and the RTR project (also based in the DRC, with a nameplate capacity of 14,000tpa in the first phase on mining), the two combined could help alleviate fears over shortage of supply and slow and increase in cobalt pricing in the future.",{"type":657,"attrs":153524,"content":153525},{"level":141407,"textAlign":49},[153526],{"text":153527,"type":599},"SUBSIDY POLICY",{"type":594,"attrs":153529,"content":153530},{"textAlign":49},[153531],{"text":153532,"type":599},"Recent revisions to Chinese subsidy policy favoured long vehicle range, extending the minimum requirement for range to 150km (up from 100km) and giving the biggest subsidies to vehicles with +400km range. In order to achieve this we may see the Chinese market push for the more energy dense, nickel rich NCM cathode types, ultimately accelerating the move towards NCM 811 (8 parts nickel, 1 part cobalt and 1 part manganese) representing a lower utilisation rate of cobalt in each cell, although some of this will be outweighed by larger pack sizes for greater range.",{"type":657,"attrs":153534,"content":153535},{"level":141407,"textAlign":49},[153536],{"text":153537,"type":599},"SUBSTITUTION",{"type":594,"attrs":153539,"content":153540},{"textAlign":49},[153541,153543,153544],{"text":153542,"type":599},"With higher cobalt prices and changes to the subsidy policy in China comes a push to accelerate the move to high nickel/low cobalt cathode technology, with the greatest impact coming from the move to NCM811. Whilst this is something that is regularly discussed in the industry, ",{"text":9653,"type":599},{"text":153545,"type":599}," believes the challenges of bringing such technology to market on a mass scale still remain and therefore expect the transition to the technology to be gradual.",{"type":657,"attrs":153547,"content":153548},{"level":985,"textAlign":49},[153549],{"text":153550,"type":599},"More push than pull?",{"type":594,"attrs":153552,"content":153553},{"textAlign":49},[153554],{"text":153555,"type":599},"The fact of the matter is that push factors outweigh pull on two fronts, they are more immediate and ultimately they are more powerful. The impacts of demand, the DRC mining royalty revisions and purchasing by OEMs at the mine level will impact the market more quickly than those factors that have the ability to slow price increases.",{"type":594,"attrs":153557,"content":153558},{"textAlign":49},[153559,153561,153562,153564,153565],{"text":153560,"type":599},"The biggest story here is demand, ",{"text":9653,"type":599},{"text":153563,"type":599}," estimates that a mine roughly the size of ERG’s RTR project needs to be brought online every year between now and 2025 in order to keep up with demand. This challenge is even more significant when you consider the by-product nature of cobalt production. Fundamentally, market pressure is continually upward, and under a backdrop of strong demand, rising EV penetration forecasts and legislation to the detriment of the internal combustion engine at ",{"text":9653,"type":599},{"text":153566,"type":599}," we see little chance of prices decreasing significantly for the remainder of 2018.","Growing demand and changes to legislation are pushing volatile cobalt prices even higher The price of cobalt metal and chemicals have continued to rally in Q1 2018 following on from significant gains in 2017, with metal prices rising to $44/lb ($97,000/tonne) and the Benchmark cobalt sulphate price up 27% since the start of the year. […]",[153569],{"slug":544,"name":543,"content":153570},{"job_title":557,"image":153571,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d127deba-93f0-49da-82c8-68a9b34668dc\", \"id\": \"\"}-->",[153574,153575,153576],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":153578,"copyright":547,"fieldtype":553,"meta_data":153579,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/066ca9132e/bm-222104-drc-artisanal-cobalt-mining-e1640797277414.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 18, 2018",{"id":153582,"uuid":153583,"name":153584,"slug":153585,"full_slug":153586,"content":153587},112474578730030,"c7336120-9cfc-4cdc-81f8-22d747cbf5c0","Raw material price spikes threaten battery cost reduction targets","raw-material-price-spikes-threaten-battery-cost-reduction-targets","article/raw-material-price-spikes-threaten-battery-cost-reduction-targets",{"_uid":153588,"date":153425,"tags":153589,"editor":153590,"content":153594,"excerpt":153683,"featured":50,"reporter":153684,"_editable":153688,"component":864,"seo_title":153584,"categories":153689,"visibility":882,"author_company":49,"featured_image":153692,"seo_description":153683,"author_full_name":49,"author_job_title":49,"formattedDate":153580},"88845c82-6a95-4b76-9068-878c4adbabd5",[],[153591],{"slug":544,"name":543,"content":153592},{"job_title":557,"image":153593,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":153595},[153596,153601,153606,153614,153619,153624,153629,153634,153639,153643,153648,153653,153658,153663,153668,153673,153678],{"type":657,"attrs":153597,"content":153598},{"level":985,"textAlign":49},[153599],{"text":153600,"type":599},"With EV producers pushing for aggressive cost decreases, battery manufacturers and cathode suppliers alike are putting raw materials front and centre of their future technology choices",{"type":594,"attrs":153602,"content":153603},{"textAlign":49},[153604],{"text":153605,"type":599},"A hectic Q1 for battery conferences culminated with the International Battery Seminar in FL, USA in late-March, as leading producers gathered to discuss emerging technologies and market trends. A stand out topic at the conference was the ongoing spike in a number of critical raw material input prices; a subject which was echoed at industry events throughout the quarter.",{"type":594,"attrs":153607,"content":153608},{"textAlign":49},[153609,153611,153612],{"text":153610,"type":599},"With battery producers under pressures to continue driving down costs to below the $100/kwh threshold, rising input prices have seen previously marginal parts of the value-chain become increasingly critical in achieving end-user cost targets. Of paramount concern to cathode consumers and battery end-users were the ongoing price rises in the cobalt market which gathered new momentum in March 2018, with the ",{"text":11314,"type":599},{"text":153613,"type":599}," cobalt sulphate price rising to an average of RMB 136,500, up over 13% since the start of the year alone.",{"type":594,"attrs":153615,"content":153616},{"textAlign":49},[153617],{"text":153618,"type":599},"Dr Yuan Gao, President & CEO of Pulead Technology Industry Co Ltd, highlighted the growing pressures on the cathode industry as end-users’ increasing demand for range and higher-energy density was being met with higher price input from raw materials for the nickel-cobalt manganese (NCM) and nickel-cobalt-aluminium (NCA) cathode chemistries most commonly being explored for passenger EV applications. Dr Gao went as far as saying that he expected these cost pressures to delay the switch from lithium-iron-phoshphate (LFP) to NCM in China, with lower-cost high-nickel chemistries still facing obstacles to commercialisation.",{"type":594,"attrs":153620,"content":153621},{"textAlign":49},[153622],{"text":153623,"type":599},"These concerns over raw material pricing were echoed by Michael Fetcenko, Managing Director of BASF Battery Materials North America, who noted a “very challenging environment” for cathode producers to meet cost targets. These challenges, both from a price and availability perspective, have seen previously neglected input materials receive unprecedented attention from downstream users as they try to lay the foundations for the cathode developments that will drive the market over the next decade.",{"type":594,"attrs":153625,"content":153626},{"textAlign":49},[153627],{"text":153628,"type":599},"The ongoing shift away from the current leading chemistry for transportation, LFP, and towards higher energy density cathode chemistries for passenger vehicles such as NCM and NCA is causing disruption in critical mineral markets. NCM, in particular, is seen as the chemistry of choice for the next generation of passenger electric vehicles (EVs) — particularly since the latest amendments in China’s new energy vehicle (NEV) subsidy policy pushing for longer-range targets.",{"type":594,"attrs":153630,"content":153631},{"textAlign":49},[153632],{"text":153633,"type":599},"However, traditionally this chemistry has required a large proportion of cobalt feedstock – a crucial stabiliser for the more volatile elements in the cathode mix. Although high pricing and sustainability concerns have seen many push towards lower-cobalt intensity in these chemistries, leading producers remain sceptical about wide-scale adoption of the coveted NCM 811 chemistry in the near-term due to issues with cycle life.",{"type":594,"attrs":153635,"content":153636},{"textAlign":49},[153637],{"text":153638,"type":599},"As a result, there is a growing acceptance that cobalt will be a critical component of next generation cathode technologies for the foreseeable future, meaning the supply and price challenges facing consumers are here to stay.",{"type":657,"attrs":153640,"content":153641},{"level":985,"textAlign":49},[153642],{"text":143054,"type":599},{"type":594,"attrs":153644,"content":153645},{"textAlign":49},[153646],{"text":153647,"type":599},"With critical raw material price concerns increasingly taking front and centre stage of EV discussion, downstream users have continued their attempts to secure supply chains into Q1 2018. While public statements, news releases and even (in the case of Volkswagen) requests for tender have shown that availability and sustainability concerns are on the radar of major downstream users, they have done little to address the underlying issues in either of the hot commodities of the past two years — lithium and cobalt.",{"type":594,"attrs":153649,"content":153650},{"textAlign":49},[153651],{"text":153652,"type":599},"As the Apples, Samsungs, BMWs and VWs of the world make loud noises about being proactive in their efforts to secure battery feedstocks, it has once again been Chinese firms that have proven proactive in securing future supplies. In late-March China’s leading lithium ion battery producer, CATL, followed in the footsteps of Great Wall Motor by investing directly in lithium resources, namely North American Lithium a Canadian company with assets in Quebec.",{"type":594,"attrs":153654,"content":153655},{"textAlign":49},[153656],{"text":153657,"type":599},"While western companies have been responsive in their approach to cobalt supplies following the sustainability issues surrounding artisanal sourced cobalt from the DRC, leading Chinese consumers have locked in more of the key raw material for all future portable energy storage — lithium. And they have not stopped there. China’s GEM also confirmed in March a deal with the world’s largest producer, Glencore, for a massive 52,800 tonnes of cobalt contained in hydroxide over a three-year period. This followed news that China’s largest refiner, Huayou Cobalt was expanding its foray into the cathode precursor market, investing to increase its production by over seven times.",{"type":594,"attrs":153659,"content":153660},{"textAlign":49},[153661],{"text":153662,"type":599},"As has often proved the case in recent years, where China goes, the rest of the world will likely follow. However, in raw material markets which are in need of several billion dollars’ worth of investment over the next seven to eight years, time is of the essence if downstream users want to meet targets on both an energy-density and cost basis.",{"type":657,"attrs":153664,"content":153665},{"level":985,"textAlign":49},[153666],{"text":153667,"type":599},"Will technology overcome costs?",{"type":594,"attrs":153669,"content":153670},{"textAlign":49},[153671],{"text":153672,"type":599},"The often-touted narrative that the more expensive components of lithium ion batteries will be quickly phased out and that these price concerns will be resigned to nothing but a footnote in the lithium ion archives is attractive, however, very few downstream companies see short-term technology transformations as an immediate solution. There is a widespread acceptance — even among leading companies like BASF who are working to develop alternative chemistries such as high manganese formulations — that NMC and NCA (or potentially some hybrid of the two) are where the industry will be for at least the next five years.",{"type":594,"attrs":153674,"content":153675},{"textAlign":49},[153676],{"text":153677,"type":599},"The lead times for auto majors introducing new technologies alone dictate this. From there onwards the question becomes: how quickly will cathode chemistries with cheaper input raw material become commonplace? There was a consensus from speakers across the industry at the 35th annual International Battery Seminar that we are still some way off the holy grail of NMC 811 and even though it will almost certainly play a bigger role in the market in the longer-term, in the near-term it will be in conjunction with 523 or 622 chemistries that dominates.",{"type":594,"attrs":153679,"content":153680},{"textAlign":49},[153681],{"text":153682,"type":599},"What’s more, the cost and time of qualifying new cathode material are going to make any quick shift away from existing formulations particularly challenging given the life cycle and, most importantly, safety concerns of all major OEMs. So with lithium, cobalt and other niche mineral feedstocks here to stay in the era of next-generation lithium-ion batteries, volatile pricing will remain a key concern for consumers. While the path to mass-scale electrification was never going to be smooth, raw material constraints are proving an increasingly troublesome bump in the road.","With EV producers pushing for aggressive cost decreases, battery manufacturers and cathode suppliers alike are putting raw materials front and centre of their future technology choices A hectic Q1 for battery conferences culminated with the International Battery Seminar in FL, USA in late-March, as leading producers gathered to discuss emerging technologies and market trends. A […]",[153685],{"slug":544,"name":543,"content":153686},{"job_title":557,"image":153687,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"88845c82-6a95-4b76-9068-878c4adbabd5\", \"id\": \"\"}-->",[153690,153691],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":153693,"copyright":547,"fieldtype":553,"meta_data":153694,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/df62720a42/bm-cobalt-27-warehouse-e1527863094748.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":153696,"uuid":153697,"name":153698,"slug":153699,"full_slug":153700,"content":153701},112474597899414,"00d6b11f-ba7e-4fc9-ad9c-14b830e906c2","LG Chem/Huayou Cobalt deal reshapes cathode landscape for electric vehicle batteries","lg-chem-huayou-cobalt-deal-reshapes-cathode-landscape-for-electric-vehicle-batteries","article/lg-chem-huayou-cobalt-deal-reshapes-cathode-landscape-for-electric-vehicle-batteries",{"_uid":153702,"date":153703,"tags":153704,"editor":153705,"content":153709,"excerpt":153803,"featured":50,"reporter":153804,"_editable":153808,"component":864,"seo_title":153698,"categories":153809,"visibility":882,"author_company":49,"featured_image":153815,"seo_description":153803,"author_full_name":49,"author_job_title":49,"formattedDate":153818},"38dbaf9b-3cb8-44ab-8c90-dd9cca90ac93","2018-06-15 00:00",[],[153706],{"slug":544,"name":543,"content":153707},{"job_title":557,"image":153708,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":153710},[153711,153716,153721,153726,153731,153739,153744,153752,153757,153760,153765,153770,153778,153783,153788,153793,153798],{"type":657,"attrs":153712,"content":153713},{"level":985,"textAlign":49},[153714],{"text":153715,"type":599},"Over $440 million will be invested in two joint ventures, sending shockwaves across the industry",{"type":594,"attrs":153717,"content":153718},{"textAlign":49},[153719],{"text":153720,"type":599},"Korean battery major LG Chem and China’s Huayou Cobalt have announced a huge deal to launch two plants that will have a significant bearing on the lithium ion battery industry’s cathode direction.",{"type":594,"attrs":153722,"content":153723},{"textAlign":49},[153724],{"text":153725,"type":599},"The partnership will see a 40,000 tpa lithium ion battery precursor plant and a 40,000 tpa cathode plant being constructed within China over the next 18 months. Both are being installed with a capacity expansion to 100,000 tpa each in mind. It is the world’s most significant deal between a raw material miner and a lithium ion battery manufacturer to date. It is also a major move by a battery manufacturer to control such a large cathode manufacturing capacity, confirming fears that present cathode producers are not — or cannot — expand quickly enough.",{"type":594,"attrs":153727,"content":153728},{"textAlign":49},[153729],{"text":153730,"type":599},"The total investment is in excess of $440m and lays out the formation of two separate joint-venture companies: Huajin New Energy Material (Quzhou) Co.,Ltd and Leyou New Energy Material (Wuxi) Co,Ltd. For the purpose of the JV Huayou incorporated a new subsidiary Huayou New Energy Technology Co. Ltd. which deals with LG Chem directly. Huajin is majority owned by Huayou (51%, remainder LG Chem) and will have the capacity to initially produce 40,000tpa of lithium ion battery precursor. Leyou is majority owned by LG Chem (51%, remainder Huayou) and will have an equal capacity to produce 40,000tpa of lithium ion battery cathode.",{"type":594,"attrs":153732,"content":153733},{"textAlign":49},[153734,153736,153737],{"text":153735,"type":599},"The announcement states that the plants will be largely equipped to produce both nickel cobalt manganese (NCM) and nickel cobalt aluminium (NCA) technologies. A decision on the direction or the final NCM to NCA split is yet to be made, but LG Chem is a major producer of NCM batteries for electric vehicles. To put the size of the deal into perspective, ",{"text":11314,"type":599},{"text":153738,"type":599}," estimates that in 2017 Umicore was the world’s largest cathode maker producing 24,000 tonnes of material.",{"type":594,"attrs":153740,"content":153741},{"textAlign":49},[153742],{"text":153743,"type":599},"The JV arrangement enables the two companies to control the entire value chain from raw material production, owned by Huayou in the DRC, through to finished cells with LG Chem battery operations located in South Korea, China, Poland and the US. LG Chem is a major producer of batteries for General Motors’ / Chevrolet’s Bolt and Volt EVs through the lithium ion battery plant in Holland, Michigan which has a 3GWh capacity and will be expanding to double this number over the next 2 years.",{"type":594,"attrs":153745,"content":153746},{"textAlign":49},[153747,153749,153750],{"text":153748,"type":599},"The plant is also one of 30 lithium ion battery megafactories that ",{"text":11314,"type":599},{"text":153751,"type":599}," is tracking. The cobalt deal confirms that downstream companies such as LG Chem are increasingly concerned with securing a reliable source of raw materials, and in order to meet their expected future demand they are prepared to invest and become vertically integrated in the value chain. With such significant expansions needed throughout the supply chain in order to meet forecasted demand of lithium ion battery raw materials, question marks have hovered over how the industry will fund the capacity expansions.",{"type":594,"attrs":153753,"content":153754},{"textAlign":49},[153755],{"text":153756,"type":599},"This JV structure outlined above is just one of a number of ways the industry is tackling the issue, with shared risk among the two parties and an agreement to provide each other with “competitive pricing” for processed products.",{"type":594,"attrs":153758,"content":153759},{"textAlign":49},[],{"type":657,"attrs":153761,"content":153762},{"level":985,"textAlign":49},[153763],{"text":153764,"type":599},"Clean cobalt",{"type":594,"attrs":153766,"content":153767},{"textAlign":49},[153768],{"text":153769,"type":599},"The deal also enables LG Chem to ensure that their cobalt sourcing is free of the human rights issue associated with some DRC cobalt. Huayou are recognised within the supply chain as one of the companies that has done considerable work on improving their sustainable sourcing efforts from within the DRC. Last month a program involving Huayou was announced which is designed to enable consumers to track legal artisanal material. The ‘Better Cobalt’ project will track the material produced from 5 artisanal mines in the Katanga region of the DRC who produce to OECD standards.",{"type":594,"attrs":153771,"content":153772},{"textAlign":49},[153773,153775,153776],{"text":153774,"type":599},"The project is being coordinated by the Better Sourcing Program but involves a number of companies in the supply chain. Only Huayou has yet been named as one of the partners. The project is significant as it is one of the first major steps taken to evolve the DRC artisanal supply chain to a reliable, legal source of material — and may help to reduce some of the stranglehold that industrial miners in the country have on supplying the EV industry. ",{"text":9653,"type":599},{"text":153777,"type":599}," estimates that 9,000 tonnes of artisanal material will be produced in the DRC this year of which only a small portion is illegally produced.",{"type":657,"attrs":153779,"content":153780},{"level":985,"textAlign":49},[153781],{"text":153782,"type":599},"Shock to the system",{"type":594,"attrs":153784,"content":153785},{"textAlign":49},[153786],{"text":153787,"type":599},"But the deal might be a cause for concern for the rest of the industry — it comes shortly after the large supply deal announced in March between the world’s largest cobalt producer, Glencore, and Chinese based refiner and recycler GEM. Volumes are based on the weight of cobalt contained in hydroxide:",{"type":594,"attrs":153789,"content":153790},{"textAlign":49},[153791],{"text":153792,"type":599},"The numbers represent around a third of Glencore’s forecasted production, fuelling the fear of security of supply for the industry. This was only heightened following comments from Glencore’s CEO Ivan Glasenberg at the FT Commodities Global Summit in Switzerland regarding Chinese players being more aggressive in securing cobalt deals, leaving little material available for long term deals for other regions.",{"type":594,"attrs":153794,"content":153795},{"textAlign":49},[153796],{"text":153797,"type":599},"Glasenberg even went one step further, stating that as a company Glencore would have no qualms about selling their copper-cobalt assets to Chinese buyers at the right price. Chinese dominance continues to grow in the supply chain, in 2017 Benchmark estimated that 56% of the world’s cobalt was refined within China, a significant percentage. Even more alarming is the fact that China refined over 80% of the world’s cobalt chemicals in the same year, the form used for lithium ion batteries.",{"type":594,"attrs":153799,"content":153800},{"textAlign":49},[153801],{"text":153802,"type":599},"The JV between LG Chem and Huayou only serves to highlight that for a company to survive in this increasingly competitive market vertical integration is one of the key components to (what is likely to be) the successful business model that can monopolise on this once in a lifetime bull market.","Over $440 million will be invested in two joint ventures, sending shockwaves across the industry Korean battery major LG Chem and China’s Huayou Cobalt have announced a huge deal to launch two plants that will have a significant bearing on the lithium ion battery industry’s cathode direction. The partnership will see a 40,000 tpa lithium […]",[153805],{"slug":544,"name":543,"content":153806},{"job_title":557,"image":153807,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"38dbaf9b-3cb8-44ab-8c90-dd9cca90ac93\", \"id\": \"\"}-->",[153810,153811,153812,153813,153814],{"slug":2499,"name":2500},{"slug":4805,"name":298},{"slug":867,"name":115},{"slug":872,"name":873},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":153816,"copyright":547,"fieldtype":553,"meta_data":153817,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2548a24556/bm-img-2274-4.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 15, 2018",{"id":153820,"uuid":153821,"name":153822,"slug":153823,"full_slug":153824,"content":153825},112474624810738,"d10f1767-13aa-422b-ab8d-12c6a28aff35","WHAT NOW FOR ETHICAL BATTERY SUPPLY CHAINS?","what-now-for-ethical-battery-supply-chains","article/what-now-for-ethical-battery-supply-chains",{"_uid":153826,"date":153827,"tags":153828,"editor":153829,"content":153833,"excerpt":153982,"featured":50,"reporter":153983,"_editable":153987,"component":864,"seo_title":153822,"categories":153988,"visibility":882,"author_company":49,"featured_image":153991,"seo_description":153982,"author_full_name":49,"author_job_title":49,"formattedDate":153994},"a0161345-ddbe-4ca1-b060-6c443406c4c7","2018-02-25 00:00",[],[153830],{"slug":544,"name":543,"content":153831},{"job_title":557,"image":153832,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":153834},[153835,153840,153845,153850,153855,153860,153863,153868,153873,153878,153883,153888,153893,153898,153901,153906,153911,153914,153919,153924,153927,153932,153937,153942,153947,153952,153955,153960,153965,153970,153975],{"type":594,"attrs":153836,"content":153837},{"textAlign":49},[153838],{"text":153839,"type":599},"COBALT SUPPLY CHAIN DUE DILIGENCE IS NOW MAINSTREAM AFTER LATEST AMNESTY INTERNATIONAL REPORT, SAYS SAM HARDY",{"type":594,"attrs":153841,"content":153842},{"textAlign":49},[153843],{"text":153844,"type":599},"2017 was the year electric vehicles (EV) hit the mainstream. That a possible end to the internal combustion engine is potentially on the horizon is clearly a major story in its own right but what has been equally fascinating over the last year is the emerging debate over how the EV market can retain its virtuous brand image while ethical issues in the li-ion battery supply chain stubbornly remain.",{"type":594,"attrs":153846,"content":153847},{"textAlign":49},[153848],{"text":153849,"type":599},"It is a debate that is being played out on the pages of the mainstream media but also within key global bodies including the World Bank, in its report Growing Role of Minerals and Metals in a Low-Carbon Future, and the Organisation for Economic Co-operation and Development (OECD).",{"type":594,"attrs":153851,"content":153852},{"textAlign":49},[153853],{"text":153854,"type":599},"This debate reached another milestone last month with the publication of Amnesty International’s ongoing ethical cobalt research. Amnesty’s original 2016 report lifted the lid on child labour in the cobalt supply chain from the Democratic Republic of Congo (DRC), and the NGO’s partnership with the Washington Post made the cobalt sustainability implications for consumer tech a public issue.",{"type":594,"attrs":153856,"content":153857},{"textAlign":49},[153858],{"text":153859,"type":599},"This year’s report, Time to Recharge: Corporate Action and Inaction to tackle abuses in the cobalt supply chain, expanded the focus beyond tablets and smartphones and put the EV market firmly on notice that they too were now under scrutiny for human rights abuses in their minerals supply chains.",{"type":594,"attrs":153861,"content":153862},{"textAlign":49},[],{"type":594,"attrs":153864,"content":153865},{"textAlign":49},[153866],{"text":153867,"type":599},"All of the major auto brands were scored for their action on ensuring sustainable cobalt supply chains. None scored well. Overall, all of the companies scrutinised in the report failed to meet the expectations set by Amnesty, namely that a company should adequately investigate its cobalt supply chain for potential human rights abuses.",{"type":594,"attrs":153869,"content":153870},{"textAlign":49},[153871],{"text":153872,"type":599},"Almost half were not meeting basic levels of good practice. The report recommended that companies address the issue through the following actions:",{"type":657,"attrs":153874,"content":153875},{"level":985,"textAlign":49},[153876],{"text":153877,"type":599},"Cobalt still main challenge",{"type":594,"attrs":153879,"content":153880},{"textAlign":49},[153881],{"text":153882,"type":599},"Cobalt will remain the main challenge for sustainable battery supply chains in 2018. The dominance of the DRC, where two thirds of global supply emanates from, coupled with the endemic political and human rights issues in the country mean there is no easy fix.",{"type":594,"attrs":153884,"content":153885},{"textAlign":49},[153886],{"text":153887,"type":599},"It will also remain the lightning rod for NGO, media, and industry scrutiny. Amnesty International plan to further expand their cobalt research beyond an annual report and in to more in-depth targeted investigations while also expanding to look at more of the key players in the cobalt refining and smelting sector in China.",{"type":594,"attrs":153889,"content":153890},{"textAlign":49},[153891],{"text":153892,"type":599},"Media including the Financial Times, Reuters, and the mining press will also continue to follow the story closely. But cobalt is not the only battery metal with sustainable supply chain risks.",{"type":594,"attrs":153894,"content":153895},{"textAlign":49},[153896],{"text":153897,"type":599},"Industry attention and some sporadic media interest is now also being seen in lithium, nickel, manganese, and graphite, all of which also have varying degrees of ethical sourcing challenges. The OECD will expand their investigation into responsible sourcing risks in battery metal supply chains early next year and increased debate on legislation often follows the OECD’s ‘soft law’ approach towards norms and standards.",{"type":594,"attrs":153899,"content":153900},{"textAlign":49},[],{"type":594,"attrs":153902,"content":153903},{"textAlign":49},[153904],{"text":153905,"type":599},"Across all battery metals the ethical sourcing risks can be broadly split in to six areas covering human rights abuses, child labour, conflict and political insecurity, environmental damage, poor community relations, and poor health and safety.",{"type":594,"attrs":153907,"content":153908},{"textAlign":49},[153909],{"text":153910,"type":599},"It is, perhaps rightly, child labour that has grabbed the headlines over the last 18 months but actually the risk profile of the key battery metals are diverse and the reality is that, with the possible exception of cobalt, industry does not yet have adequate insight in to all the risks present in the midstream and upstream of most battery metal supply chains.",{"type":594,"attrs":153912,"content":153913},{"textAlign":49},[],{"type":594,"attrs":153915,"content":153916},{"textAlign":49},[153917],{"text":153918,"type":599},"The more we look, the more we find out – as has clearly been the case with cobalt. This trend will continue over the coming year. The bottom-line is that market and industry expectations for the downstream will likely increase over the coming year.",{"type":594,"attrs":153920,"content":153921},{"textAlign":49},[153922],{"text":153923,"type":599},"Brands sourcing li-ion batteries and their key inputs for their end products from cars to hedge trimmers will now be expected to demonstrate action on responsible sourcing at the company level.",{"type":594,"attrs":153925,"content":153926},{"textAlign":49},[],{"type":594,"attrs":153928,"content":153929},{"textAlign":49},[153930],{"text":153931,"type":599},"This is not purely a demand being pushed by campaigners such as Amnesty. The OECD is also actively encouraging action – and public reporting on that action by individual companies. The transition from industry acknowledgement of battery sourcing risks to company level action is underway.",{"type":657,"attrs":153933,"content":153934},{"level":985,"textAlign":49},[153935],{"text":153936,"type":599},"Progress",{"type":594,"attrs":153938,"content":153939},{"textAlign":49},[153940],{"text":153941,"type":599},"However, Amnesty did acknowledge that since its 2016 report, progress had been made, with one clear sign being the proliferation of industry level initiatives and the number of companies joining such schemes.",{"type":594,"attrs":153943,"content":153944},{"textAlign":49},[153945],{"text":153946,"type":599},"And indeed, industry approaches to dealing with ethical supply chain risks and consensus over what is good practice at the company level are growing.",{"type":594,"attrs":153948,"content":153949},{"textAlign":49},[153950],{"text":153951,"type":599},"The Cobalt Institute is developing a cobalt industry-wide risk assessment framework, the Drive Sustainability group of automotive companies is developing common due diligence tools, the Responsible Minerals Initiative (RMI) is finding consensus over downstream expectations of responsible mining practices, the World Economic Forum formed a Global Battery Alliance, and the Responsible Cobalt Initiative (RCI) created a forum for exchange between the Chinese minerals processing companies and international downstream players.",{"type":594,"attrs":153953,"content":153954},{"textAlign":49},[],{"type":594,"attrs":153956,"content":153957},{"textAlign":49},[153958],{"text":153959,"type":599},"There are also encouraging signs that the downstream and the upstream are beginning to work closer together on responsible sourcing solutions with positive action likely to benefit producers and battery metal customers alike.",{"type":594,"attrs":153961,"content":153962},{"textAlign":49},[153963],{"text":153964,"type":599},"This will make it easier for companies to act, and to be sure they are acting in the right way. But even here the report sounded a note of caution. The report claimed that while membership of such schemes is encouraging, companies need to undertake direct action, not simply sign up to groups who themselves may have a responsible sourcing policy or approach.",{"type":594,"attrs":153966,"content":153967},{"textAlign":49},[153968],{"text":153969,"type":599},"Fortunately, tested tools exist for improving downstream knowledge of supply chains, for instance supply chain mapping audits from the downstream to the smelter level (and, potentially, beyond) and mine site risk monitoring and assurance programs. Furthermore, blockchain-based traceability systems are being explored.",{"type":594,"attrs":153971,"content":153972},{"textAlign":49},[153973],{"text":153974,"type":599},"Disengagement or basic box-ticking is no longer an option for companies in battery metals supply chains. Cobalt supply chain due diligence has now reached the mainstream and public expectations around the issue will continue to grow. Ultimately, this is an important step towards improving the lives of those affected by the growing consumption of EVs and electronic devices, however removed from that consumption they may be.",{"type":594,"attrs":153976,"content":153977},{"textAlign":49},[153978,153980],{"text":153979,"type":599},"Author ",{"text":153981,"type":599},"Sam Hardy is from RCS Global, one of the world’s leading advisory, audit and training in responsible sourcing of natural resources. RCS specialise in the battery supply chain. More at www.rcsglobal.com","COBALT SUPPLY CHAIN DUE DILIGENCE IS NOW MAINSTREAM AFTER LATEST AMNESTY INTERNATIONAL REPORT, SAYS SAM HARDY 2017 was the year electric vehicles (EV) hit the mainstream. That a possible end to the internal combustion engine is potentially on the horizon is clearly a major story in its own right but what has been equally fascinating […]",[153984],{"slug":544,"name":543,"content":153985},{"job_title":557,"image":153986,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a0161345-ddbe-4ca1-b060-6c443406c4c7\", \"id\": \"\"}-->",[153989,153990],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":153992,"copyright":547,"fieldtype":553,"meta_data":153993,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/69757a3a2a/bm-222104-drc-artisanal-cobalt-mining.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 25, 2018",{"id":153996,"uuid":153997,"name":153998,"slug":153999,"full_slug":154000,"content":154001},112474616843817,"7ab903eb-3952-4110-bfed-376665427128","The land of lithium","the-land-of-lithium","article/the-land-of-lithium",{"_uid":154002,"date":153827,"tags":154003,"editor":154004,"content":154008,"excerpt":154307,"featured":50,"reporter":154308,"_editable":154312,"component":864,"seo_title":153998,"categories":154313,"visibility":882,"author_company":49,"featured_image":154317,"seo_description":154307,"author_full_name":49,"author_job_title":49,"formattedDate":153994},"6227d59d-a567-4af2-8c70-0d5b9456da30",[],[154005],{"slug":544,"name":543,"content":154006},{"job_title":557,"image":154007,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":154009},[154010,154019,154024,154029,154038,154043,154048,154051,154056,154061,154066,154071,154076,154081,154086,154091,154096,154101,154106,154111,154116,154121,154126,154131,154136,154141,154144,154149,154154,154159,154164,154169,154174,154179,154184,154189,154194,154199,154204,154209,154214,154219,154224,154229,154234,154237,154242,154247,154252,154257,154262,154267,154272,154277,154282,154287,154292,154297,154302],{"type":594,"attrs":154011,"content":154012},{"textAlign":49},[154013,154015,154017],{"text":154014,"type":599},"Western Australia has been the global epicentre for the lithium gold rush over the past 3 years. But what is today’s state of play? ",{"text":154016,"type":599},"Paul Harris ",{"text":154018,"type":599},"explores",{"type":594,"attrs":154020,"content":154021},{"textAlign":49},[154022],{"text":154023,"type":599},"Western Australia has become a Shangri-la for lithium investors from the combination of significant, untapped mineral resources, a low-risk, stable and mining-friendly jurisdiction and a battery supply chain clamouring for raw material.",{"type":594,"attrs":154025,"content":154026},{"textAlign":49},[154027],{"text":154028,"type":599},"Perhaps more importantly, the battery supply chain sees Australia’s hard rock companies as being able to deliver new supply in a much shorter time window than South America’s brine companies. Deutsche Bank says that incremental supply from new Western Australian projects such as Mt Marion and Mt Cattlin will lift global production by 30% in 2017.",{"type":594,"attrs":154030,"content":154031},{"textAlign":49},[154032,154034,154036],{"text":154033,"type":599},"Those factors will see Australia comfortably move into top spot as the world’s leading lithium producer over the next decade. It was the second largest producer in 2016 accounting for 36% of the 180,000t LCE (lithium carbonate equivalent) world supply, behind Chile at 41% and well ahead of third-placed Argentina at 15%, according to ",{"text":154035,"type":599},"Benchmark Minerals. ",{"text":154037,"type":599},"Looking ahead to 2025, Deutsche Bank forecasts Australia providing 39% of world production, Argentina moving up to second at 29% and Chile sliding to third at 21%.",{"type":594,"attrs":154039,"content":154040},{"textAlign":49},[154041],{"text":154042,"type":599},"As well as a geographical shift, hard rock lithium sources—such as the 6% spodumene concentrate produced in Australia—will become a more important contributor towards lithium supply despite brine sources being at the lower end of the cost curve.",{"type":594,"attrs":154044,"content":154045},{"textAlign":49},[154046],{"text":154047,"type":599},"Australia’s lithium resources are in Western Australia—its main mining state—yet curiously they are spread throughout that vast geography, from Greenbushes near the southwest coast, Mt Cattlin near the southern coast, Mt Marion in-land to the north of Mt Cattlin and Pilgangoora near the north coast.",{"type":594,"attrs":154049,"content":154050},{"textAlign":49},[],{"type":594,"attrs":154052,"content":154053},{"textAlign":49},[154054],{"text":154055,"type":599},"Australia’s spodumene mines produce an intermediate product—typically a 6% spodumene concentrate—which is exported to Asian convertors/processors to turn into the lithium carbonate or lithium hydroxide that is sold to battery manufacturers. Australia’s mines enjoy a robust competitive position because they are long-life deposits that offer supply consistency and more agile response to changes in demand than traditional brine producers.",{"type":594,"attrs":154057,"content":154058},{"textAlign":49},[154059],{"text":154060,"type":599},"For Ken Brinsden, MD and CEO of Pilbara Minerals, behind the investment wave into Australia is the reality that, “the lithium supply chain is growing very quickly and there is a lot of pressure for it to expand significantly. Australian projects have natural competitive advantages as they are located near ports, have scale and good grade with spodumene mines that recover well.”",{"type":594,"attrs":154062,"content":154063},{"textAlign":49},[154064],{"text":154065,"type":599},"For Chris Allen of NeoMetals, “hard rock is easier to do than brine as we mine a mineral bed and then concentrate it. There is a time lag to get brine projects to steady state production and you have to plough money in for a considerable amount of time to do so, which is why the operators are typically diversified multi-billion dollar chemical companies.”",{"type":594,"attrs":154067,"content":154068},{"textAlign":49},[154069],{"text":154070,"type":599},"The flow of investment is noteworthy as it is from the wider lithium industry rather than financial institutions. Even the Australian government is investing as it embraces clean energy. Importantly, the miners think investment will continue, as they believe future lithium demand is underestimated.",{"type":594,"attrs":154072,"content":154073},{"textAlign":49},[154074],{"text":154075,"type":599},"“The confidence in the lithium sector is not driven by sentiment but from demand pull driven by hard-nosed economics. There is a revolution building regarding battery power that means you have to have lithium. To fill the battery plants the lithium industry has to produce three or four times what it does now and so the battery industry is much more comfortable investing upstream.”",{"type":594,"attrs":154077,"content":154078},{"textAlign":49},[154079],{"text":154080,"type":599},"Brinsden agrees. “Investment into Western Australia will continue as we see significant demand from China and almost all sectors of the lithium ion supply chain. There is room in the market for more projects or expansions.”",{"type":594,"attrs":154082,"content":154083},{"textAlign":49},[154084],{"text":154085,"type":599},"Asian companies in the battery supply chain have made significant investments in Australia’s lithium sector, but they are not having things all their own way. Sociedad Química y Minera de Chile (SQM) has invested in geographical expansion via Minera Exar, a JV with Lithium Americas that is developing Cauchari-Olaroz, Argentina’s next lithium brine producer.",{"type":594,"attrs":154087,"content":154088},{"textAlign":49},[154089],{"text":154090,"type":599},"It is also making the leap over the Pacific Ocean into Australia’s spodumene by investing US$110m in Kidman Resources to diversify into hardrock. If the deal, announced in July, completes, the companies will establish a 50-50 JV to build a spodumene operation at Kidman’s Earl Grey lithium deposit, part of its Mt Holland gold project, near Southern Cross, between Mt Marion and Mt Cattlin.",{"type":594,"attrs":154092,"content":154093},{"textAlign":49},[154094],{"text":154095,"type":599},"What is notable here is the speed at which SQM moved on Mt Holland, with an agreement coming days after Kidman won a judgment that awarded it clear title to the lithium discovery following legal action with Marindi Metals. SQM sees long life, scale and exploration potential at Earl Grey, which has a resource of 128Mt at 1.44% Li2O for 4.54Mt LCE.",{"type":594,"attrs":154097,"content":154098},{"textAlign":49},[154099],{"text":154100,"type":599},"Drilling continues to upgrade the resource as Kidman works towards completing a feasibility study in the third quarter with a view to develop a 1.5-2Mtpa operation to produce 220,000-300,000tpa of 6% spodumene, that would go to a refinery that SQM would build in WA to produce 44,000tpa of lithium hydroxide.",{"type":594,"attrs":154102,"content":154103},{"textAlign":49},[154104],{"text":154105,"type":599},"A project that already has a prefeasibility study is Bald Hill (Tawana Resources/Alliance Mineral Assets), whose July 2017 report confirmed the technical and financial viability of a 1.2Mtpa lithium dense media separation circuit at the existing tantalum processing facility. With a capex of A$42 million the DMS circuit would produce 155,000tpa of spodumene concentrate and 260,000Ib per annum of tantalum pentoxide for four-years from the first quarter of 2018 from a starter pit reserve of 4.3Mt at 1.18% Li2O and 0.0208% Ta2O5. Exploration upside could see this extend towards the ten-year mark.",{"type":594,"attrs":154107,"content":154108},{"textAlign":49},[154109],{"text":154110,"type":599},"Finally, a quick mention for Mineral Resources’ Wodgina direct shipping operation in the Pilbara region that is due to start exporting spodumene in 2018 containing 1.64% lithium dioxide at up to 200,000 tpm. Ore mining began in February 2017 with its first shipment in April.",{"type":657,"attrs":154112,"content":154113},{"level":985,"textAlign":49},[154114],{"text":154115,"type":599},"Added value",{"type":594,"attrs":154117,"content":154118},{"textAlign":49},[154119],{"text":154120,"type":599},"Investment from downstream companies and strong lithium demand fundamentals is also prompting some companies of creating value-added products in Australia and converting spodumene concentrates into intermediary products such as lithium carbonate and lithium hydroxide onshore.",{"type":657,"attrs":154122,"content":154123},{"level":985,"textAlign":49},[154124],{"text":154125,"type":599},"Kwinana ",{"type":594,"attrs":154127,"content":154128},{"textAlign":49},[154129],{"text":154130,"type":599},"China’s Tianqi Lithium is at the forefront of this and is building a 24,000tpa lithium hydroxide processing facility in Kwinana due for completion in the fourth quarter of 2018. Kwinana will be supplied by about 161,000t of spodumene concentrate from Greenbushes, about 45% of current production.",{"type":594,"attrs":154132,"content":154133},{"textAlign":49},[154134],{"text":154135,"type":599},"With the A$400 million development underway, in June the company approved the pre-feasibility study and pre-investment for the A$317 million Kwinana second phase (LHPP2) that will double output to 48,000tpa. A feasibility study is expected in October with a final investment decision to follow.",{"type":594,"attrs":154137,"content":154138},{"textAlign":49},[154139],{"text":154140,"type":599},"Neometals also sees its future in value-added products and it is also looking at developing a lithium refinery in Australia to produce 14,000tpa of lithium hydroxide. Neometals owns 70% of the Eli Process (30% Mineral Resources) that it believes will provide a competitive alternative for Australia’s spodumene producers to shipping concentrate to offshore.",{"type":594,"attrs":154142,"content":154143},{"textAlign":49},[],{"type":594,"attrs":154145,"content":154146},{"textAlign":49},[154147],{"text":154148,"type":599},"Kidman too is looking at developing refining capacity at its Mt Holland project. As part of the investment agreement announced with SQM, the Chilean company will fund the design and studies for a conversion plant, that if built, will process Earl Grey concentrates with the final products to be marketed by SQM.",{"type":594,"attrs":154150,"content":154151},{"textAlign":49},[154152],{"text":154153,"type":599},"Altura Mining is also thinking of building a conversion plant. However, Brinsden thinks the development of domestic converting is not a slam-dunk. “It is not the easiest thing for a mining company to become a chemical company so having partners with technical expertise is important.",{"type":594,"attrs":154155,"content":154156},{"textAlign":49},[154157],{"text":154158,"type":599},"But even then, chemical converting has more characteristics that drive a decision than the location of the reserves. What materially drives the cost of LCE is the cost of energy, process water and reagents. Only certain locations attract low costs for these which is why chemical convertor facilities are aligned with other chemical facilities.”",{"type":657,"attrs":154160,"content":154161},{"level":985,"textAlign":49},[154162],{"text":154163,"type":599},"Current producers",{"type":594,"attrs":154165,"content":154166},{"textAlign":49},[154167],{"text":154168,"type":599},"Whilst Western Australia has significant spodumene production, it is concentrated in relatively few hands.",{"type":657,"attrs":154170,"content":154171},{"level":985,"textAlign":49},[154172],{"text":154173,"type":599},"Greenbushes ",{"type":594,"attrs":154175,"content":154176},{"textAlign":49},[154177],{"text":154178,"type":599},"Greenbushes 250km south of Perth is owned by Talison Lithium, a JV between China’s Tianqi Lithium (51%) and US chemical company Albemarle (49%). Tianqi acquired former owner Talison in 2013 and then sold 49% to Rockwood Holdings, which was subsequently acquired by Albemarle, which has a 50% interest in the offtake.",{"type":594,"attrs":154180,"content":154181},{"textAlign":49},[154182],{"text":154183,"type":599},"Greenbushes has been in operation for over 25 years and is the world’s largest lithium mine and largest known hard rock lithium reserve. In March, the company announced an expansion to more than double LCE capacity from 80,000tpa to more than 160,000tpa from the second quarter of 2019. This equates to about 1.34mtpa of spodumene concentrate, which provides feedstock for the Kwinana converter plant as well as two Tianqi convertor plants in China.",{"type":657,"attrs":154185,"content":154186},{"level":985,"textAlign":49},[154187],{"text":154188,"type":599},"Mt Cattlin ",{"type":594,"attrs":154190,"content":154191},{"textAlign":49},[154192],{"text":154193,"type":599},"Galaxy Resources successfully restarted operations at Mt Cattlin near Ravensthorpe after its mine went on care and maintenance in 2012 due to poor recoveries and a subdued lithium market. Plant commissioning was completed April 2017 and the operation is shipping product. It is expected to produce 160,000tpa Li2O spodumene concentrate, equivalent to13,000tpa LCE.",{"type":594,"attrs":154195,"content":154196},{"textAlign":49},[154197],{"text":154198,"type":599},"It produced 32,998t of 5.77% spodumene concentrate in the second quarter. Galaxy forward-sold 60,000t of lithium concentrate to two China-based buyers in 2016, which has now been fulfilled, and agreed to sell them an additional 120,000t of lithium concentrate in 2017.",{"type":594,"attrs":154200,"content":154201},{"textAlign":49},[154202],{"text":154203,"type":599},"With Mt Cattlin cash-flowing again, Galaxy announced a 32,100m drilling programme in May to improve confidence in the mine resource and grade, and increase the recoverable resource from 12Mt to 15Mt.",{"type":657,"attrs":154205,"content":154206},{"level":985,"textAlign":49},[154207],{"text":154208,"type":599},"Mt Marion ",{"type":594,"attrs":154210,"content":154211},{"textAlign":49},[154212],{"text":154213,"type":599},"Mt Marion, 40km southwest of Kalgoorlie, is a JV between Ganfeng (43%), Mineral Resources (43%) and Neometals (13.8%). It will produce 200,000tpa of 6% Li2O spodumene concentrate, equivalent to 27,000tpa LCE from a 2016 indicated resource of 28.9Mt at 1.35% Li2O and an inferred resource of 48.9Mt at 1.38% Li2O.",{"type":594,"attrs":154215,"content":154216},{"textAlign":49},[154217],{"text":154218,"type":599},"Ganfeng has a take-or-pay agreement to purchase 100% of spodumene production for the life of the mine at market prices on a CIF basis, subject to an agreed pricing floor. In 2020, after the first three years of production, Mineral Resources and Neometals can exercise options to collectively purchase up to 51% of the spodumene concentrate, with Ganfeng retaining offtake rights for the remaining 49%.",{"type":594,"attrs":154220,"content":154221},{"textAlign":49},[154222],{"text":154223,"type":599},"Neometals has changed the paradigm about how spodumene concentrate is priced. “We took the opportunity to change our pricing from that of a mineral product to a chemical product and so our pricing is now linked to the lithium carbonate import price into China,” he said.",{"type":594,"attrs":154225,"content":154226},{"textAlign":49},[154227],{"text":154228,"type":599},"The company also has the ability to produce 80,000tpa of 4% lithium concentrate (10,000tpa LCE) but is looking at ways to upgrade that to access better pricing. “We would like to improve the quality as it would have a significant impact on our bottom line.”",{"type":594,"attrs":154230,"content":154231},{"textAlign":49},[154232],{"text":154233,"type":599},"The evolution of the lithium market over the last year has also seen Neometals rethink its desire to sell its stake in Mt Marion. “We wanted to sell our participation in the mine and we priced it aggressively. But whilst we were trying to sell it we were able to finance the mine development and achieve an excellent offtake agreement and so we are now looking at keeping,” he said.",{"type":594,"attrs":154235,"content":154236},{"textAlign":49},[],{"type":657,"attrs":154238,"content":154239},{"level":985,"textAlign":49},[154240],{"text":154241,"type":599},"Pilgangoora",{"type":594,"attrs":154243,"content":154244},{"textAlign":49},[154245],{"text":154246,"type":599},"Pilbara Minerals’ Pilgangoora project 120km south of Port Hedland has attracted government financing. In June, the government’s Clean Energy Finance Corporation placed the lead US$15 million order in a US$100 million bond issue by Pilbara to finance Pilgangoora to support the development of a clean energy supply chain to enable Australia’s transition to a low carbon economy, according to CEFC CEO Ian Learmonth.",{"type":594,"attrs":154248,"content":154249},{"textAlign":49},[154250],{"text":154251,"type":599},"“The lithium concentrate supplies to be produced by this project will help build Australia’s capacity to supply much needed resources for the clean energy technologies that are set to play a vital role in increasing the use of renewables in our future energy mix,” he said.",{"type":594,"attrs":154253,"content":154254},{"textAlign":49},[154255],{"text":154256,"type":599},"Pilbara acquired its Pilgangoora property from Global Advanced Metals in July 2014 and subsequent drilling grew the resource base from 8.6Mt at 1.01% Li2O to 80Mt at 1.26% Li2O. A maiden reserve of 29.5Mt at 1.31% Li2O was reported along with a pre-feasibility study in March 2016 that was subsequently updated to 69.8Mt at 1.26% Li2O with a resource of 156Mt at 1.25% Li2O.",{"type":594,"attrs":154258,"content":154259},{"textAlign":49},[154260],{"text":154261,"type":599},"Mine construction commenced in December 2016 with concentrate production due from the first quarter of 2018 at a rate of 314,000tpa of 6% spodumene concentrate (44,000tpa LCE).",{"type":594,"attrs":154263,"content":154264},{"textAlign":49},[154265],{"text":154266,"type":599},"“We are well into construction and will start shipping from the second quarter 2018. We have 35 weeks of construction which is an aggressive schedule. This will start in March and we expect to be at full capacity by the end of 2018,” said Brinsden. Completion of this initial mine development will see Pilbara produce 2Mtpa of ore and 350,000t of spodumene concentrate for 36 years.",{"type":594,"attrs":154268,"content":154269},{"textAlign":49},[154270],{"text":154271,"type":599},"Pilbara has a ten-year offtake with Ganfeng for 160,000tpa of concentrate and a six-year agreement with General Lithium for 140,000tpa of concentrate. It will also produce some higher-grade material that will go elsewhere. “We are hoping to sell some higher grade 7% concentrate with ultra-low iron into the glass and ceramics market, where we should get a 20% price premium.",{"type":594,"attrs":154273,"content":154274},{"textAlign":49},[154275],{"text":154276,"type":599},"Few resources globally can achieve these specifications,” he said. Once the initial mine is in production the company will consider a 3Mtpy expansion to bring the total up to 5mtpy, well over 100,000t LCE. Ganfeng has already expressed interest in additional offtake for 75,000tpa to 150,000tpa of the stage two production for a A$65 million cash pre-payment or debt finance facility to fund 50% of the expansion costs.",{"type":594,"attrs":154278,"content":154279},{"textAlign":49},[154280],{"text":154281,"type":599},"“We are looking to build that out in 2019 and deliver the off take into the market in 2020. We think demand is being underestimated so this expansion would make sense due to the combination of demand from the market to participate in the off take and the sheer scale of the Pilgangora resource,” he said.",{"type":594,"attrs":154283,"content":154284},{"textAlign":49},[154285],{"text":154286,"type":599},"The expansion would also decrease cash costs 10% from about US$207/t to $187/t. The stage I mine development was designed with an eye on a future expansion and Pilbara hopes that by the time it is commissioning stage in March 2018, the feasibility study for phase II will be complete and allow the board to make a decision on it.",{"type":657,"attrs":154288,"content":154289},{"level":985,"textAlign":49},[154290],{"text":154291,"type":599},"Pilgangoora 2",{"type":594,"attrs":154293,"content":154294},{"textAlign":49},[154295],{"text":154296,"type":599},"Altura Mining is developing Pilgangoora 120km south of Port Hedland that will have a mine life of 13 years at a mining rate of 1.4Mtpa. The average output is estimated at 220,000tpa of 6% Li2O spodumene concentrate (32,000tpa LCE) with initial capex estimated at A$139.7 million and a cash cost of A$316/t FOB. Pilgangoora has a 2017 resource of 40.3Mt at 1.00% Li2O for 403,000t of contained Li2O and reserves of 30.1Mt @ 1.04% Li2O for 313,000t of contained Li2O.",{"type":594,"attrs":154298,"content":154299},{"textAlign":49},[154300],{"text":154301,"type":599},"Following completion of a feasibility study in September 2016, bulk earthworks for construction commenced in March 2017 with production due to commence by year end and first spodumene concentrate sales planned for the first quarter 2018.",{"type":594,"attrs":154303,"content":154304},{"textAlign":49},[154305],{"text":154306,"type":599},"Altura has an initial five-year offtake agreement with Chinese processor Lionergy for a minimum of 100,000tpa of concentrate. The company’s largest shareholder is Chinese battery producer Shaanxi J&R Optimum Energy.","Western Australia has been the global epicentre for the lithium gold rush over the past 3 years. But what is today’s state of play? Paul Harris explores Western Australia has become a Shangri-la for lithium investors from the combination of significant, untapped mineral resources, a low-risk, stable and mining-friendly jurisdiction and a battery supply chain […]",[154309],{"slug":544,"name":543,"content":154310},{"job_title":557,"image":154311,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"6227d59d-a567-4af2-8c70-0d5b9456da30\", \"id\": \"\"}-->",[154314,154315,154316],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":154318,"name":547,"focus":547,"title":154318,"source":547,"filename":154319,"copyright":547,"fieldtype":553,"meta_data":154320,"is_external_url":51},"Benchmark Minerals visiting a spodumene (lithium feedstock miner) in Western Australia","https://a.storyblok.com/f/287943243085208/a21ff52f06/bm-img-8708.jpg",{"alt":154318,"title":154318,"source":547,"copyright":547},{"id":154322,"uuid":154323,"name":154324,"slug":154325,"full_slug":154326,"content":154327},112474612088260,"e31f4e81-1f8e-4bbf-98a7-c4ef48e556b1","The Seven Year Niche","the-seven-year-niche","article/the-seven-year-niche",{"_uid":154328,"date":153827,"tags":154329,"editor":154330,"content":154334,"excerpt":154850,"featured":50,"reporter":154851,"_editable":154855,"component":864,"seo_title":154324,"categories":154856,"visibility":882,"author_company":49,"featured_image":154859,"seo_description":154850,"author_full_name":49,"author_job_title":49,"formattedDate":153994},"53718a1f-1924-4d46-9fe4-ad9c8c33bbe1",[],[154331],{"slug":544,"name":543,"content":154332},{"job_title":557,"image":154333,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":154335},[154336,154341,154346,154351,154356,154361,154364,154369,154374,154379,154384,154389,154394,154399,154404,154407,154412,154417,154422,154427,154432,154437,154442,154449,154454,154457,154462,154467,154472,154477,154482,154487,154492,154497,154502,154507,154510,154518,154523,154528,154533,154538,154543,154548,154553,154558,154566,154571,154576,154579,154584,154589,154594,154599,154604,154617,154622,154627,154632,154637,154640,154645,154652,154657,154662,154667,154672,154677,154682,154687,154692,154700,154705,154710,154715,154720,154725,154730,154735,154740,154745,154750,154755,154758,154763,154768,154773,154778,154783,154788,154791,154796,154801,154806,154811,154819,154824,154829,154834,154839],{"type":594,"attrs":154337,"content":154338},{"textAlign":49},[154339],{"text":154340,"type":599},"Until 2010, minerals such rare earths, lithium, cobalt and graphite were flying well below the radar of the mainstream mining industry. These speciality products, tailored for each customer, were being locked into long term supply contracts between buyer and seller and prices were stable.",{"type":594,"attrs":154342,"content":154343},{"textAlign":49},[154344],{"text":154345,"type":599},"The evolution of China and emergence of new technologies saw an unpredicted phase of price volatility for these minerals between 2010 and 2012. Price spikes and surges began, a global exploration rush ensued, and billions of dollars of investment followed.",{"type":594,"attrs":154347,"content":154348},{"textAlign":49},[154349],{"text":154350,"type":599},"As prices subsided and the excitement calmed, very little in these niche industries changed and much money was lost.",{"type":594,"attrs":154352,"content":154353},{"textAlign":49},[154354],{"text":154355,"type":599},"In 2017, for the first time in seven years, prices of these speciality minerals are once again rising in unison prompting the question: is it different this time?",{"type":594,"attrs":154357,"content":154358},{"textAlign":49},[154359],{"text":154360,"type":599},"Simon Moores explores the similarities and differences between 2010 and 2017.",{"type":594,"attrs":154362,"content":154363},{"textAlign":49},[],{"type":594,"attrs":154365,"content":154366},{"textAlign":49},[154367],{"text":154368,"type":599},"They say everything occurs in cycles but it has been a long seven years for many suppliers of niche minerals and metals.",{"type":594,"attrs":154370,"content":154371},{"textAlign":49},[154372],{"text":154373,"type":599},"Prices of rare earth elements, graphite, nickel and vanadium joined lithium and cobalt in exhibiting firm, strong price rises in 2017 that can now be called a rising trend for this basket of speciality minerals and metals.",{"type":594,"attrs":154375,"content":154376},{"textAlign":49},[154377],{"text":154378,"type":599},"Not since 2010 has the niche sector of the mining industry seen across-the-board price rises.",{"type":594,"attrs":154380,"content":154381},{"textAlign":49},[154382],{"text":154383,"type":599},"Seven years ago, price increases for specialities occurred for various reasons that were fundamentally tied to supply-side pressures. For most minerals, it was predominately a China-centric story which was the major contributor to a commodity super cycle.",{"type":594,"attrs":154385,"content":154386},{"textAlign":49},[154387],{"text":154388,"type":599},"Whether this was China’s decision to ban rare earth exports to Japan in retaliation to a fishing vessel incident – a move which sparked a rare earths price surge from between 1,000% and 4,000% in a 12-month period – or the country’s surging steel industry, a rising tide saw nearly all mineral fortunes head skywards.",{"type":594,"attrs":154390,"content":154391},{"textAlign":49},[154392],{"text":154393,"type":599},"These price rises were not, however, as a result of a singular demand-side event that could alter the course of the industry’s future.",{"type":594,"attrs":154395,"content":154396},{"textAlign":49},[154397],{"text":154398,"type":599},"For a selection of niche minerals today, the outlook is different.",{"type":594,"attrs":154400,"content":154401},{"textAlign":49},[154402],{"text":154403,"type":599},"The rise of a global energy storage revolution in electric vehicles (EVs) and utility storage is changing the supply and demand dynamics industries such as lithium, cobalt, and rare earths.",{"type":594,"attrs":154405,"content":154406},{"textAlign":49},[],{"type":594,"attrs":154408,"content":154409},{"textAlign":49},[154410],{"text":154411,"type":599},"And this is resulting in significant upward price pressures.",{"type":594,"attrs":154413,"content":154414},{"textAlign":49},[154415],{"text":154416,"type":599},"The rare earths of neodymium (Nd) and praseodymium (Pd) saw price increases of 81% in 2017 due to the elements being the critical components in high strength permanent magnets used in the vast majority of EVs including Tesla’s new long-range Model 3.",{"type":594,"attrs":154418,"content":154419},{"textAlign":49},[154420],{"text":154421,"type":599},"While in 2010 rare earths’ prices were forced upwards in a very short space owing to political events and lack of investment in supply globally, this time around nothing significant has changed on the supply-side yet it is the emergence of EVs that is impacting the status quo.",{"type":594,"attrs":154423,"content":154424},{"textAlign":49},[154425],{"text":154426,"type":599},"And rare earths prices are reacting.",{"type":594,"attrs":154428,"content":154429},{"textAlign":49},[154430],{"text":154431,"type":599},"Tesla’s decision to use rare earth-based magnets is a significant short-to-medium term demand event for the industry. As the EV producer ramps up its production capacity, it will become a single new customer commanding 500,000 vehicles worth of Nd and Pr elements.",{"type":594,"attrs":154433,"content":154434},{"textAlign":49},[154435],{"text":154436,"type":599},"This is a new move for Tesla which previously relied on an induction motor to keep the metal in the motor magnetised.",{"type":594,"attrs":154438,"content":154439},{"textAlign":49},[154440],{"text":154441,"type":599},"Demand for high strength neodymium-iron-boron (Nd-Fe-B) magnets in EVs is rising and particularly for praseodymium which can substitute neodymium in these magnets.",{"type":594,"attrs":154443,"content":154444},{"textAlign":49},[154445,154447,154448],{"text":154446,"type":599},"“Strong NdFeB demand and moderated supply is primarily what’s driving up NdPr oxide prices,” explained Ryan Castilloux, director of rare earths information publisher, Adamas Intelligence to ",{"text":11314,"type":599},{"text":974,"type":599},{"type":594,"attrs":154450,"content":154451},{"textAlign":49},[154452],{"text":154453,"type":599},"“The prices of nearly all major rare earth oxide products in China have increased sharply year-to-date in 2017. In particular, the price of NdPr oxide – the bread-and-butter of China’s rare earth industry – has increased by more than 80% year-to-date and we expect will remain strong in the near-term on account of thinning spot supplies and an increasingly tight supply-demand balance,” Castilloux explained.",{"type":594,"attrs":154455,"content":154456},{"textAlign":49},[],{"type":594,"attrs":154458,"content":154459},{"textAlign":49},[154460],{"text":154461,"type":599},"Rare earths are an example of how, despite experiencing the most aggressive price spikes of all speciality minerals, the resulting profile and fund raising did not do much to change the industry’s structure – China still produces over 85% of the world’s supply.",{"type":594,"attrs":154463,"content":154464},{"textAlign":49},[154465],{"text":154466,"type":599},"“For the rare earth element suite as a whole, prices are up as a result of increased industry oversight and consolidation, which has left excess inventories and production capacity in the more disciplined hands of the China’s 6 large government-controlled groups,” he said.",{"type":594,"attrs":154468,"content":154469},{"textAlign":49},[154470],{"text":154471,"type":599},"In quite an interesting development, Castilloux explained, the fundamentals driving the rare earths prices increases this time is different from 2010.",{"type":594,"attrs":154473,"content":154474},{"textAlign":49},[154475],{"text":154476,"type":599},"“Unlike the previous rare earth price spike of 2010-2011, which was induced by Sino-Japanese tensions, panic buying, and artificial shortages, the current upturn in prices is being driven by strong supply-demand fundamentals in China, coupled with increased industry oversight and a coordinated effort to moderate output,” he added.",{"type":594,"attrs":154478,"content":154479},{"textAlign":49},[154480],{"text":154481,"type":599},"In 2010, the EV industry was just a seed. Within China, policies were being discussed but not enforced, the Nissan LEAF was just being launched, and Tesla has not even rolled out its Model S let alone the X and 3.",{"type":594,"attrs":154483,"content":154484},{"textAlign":49},[154485],{"text":154486,"type":599},"Today, nearly every major car manufacturer has committed tens of billions of dollars to building out its EV production – of which nearly all are lithium ion powered and use permanent rare earth magnets. Nissan and Ford have been the latest in 2018 to commit $9bn and $11bn to developing EVs, respectively.",{"type":594,"attrs":154488,"content":154489},{"textAlign":49},[154490],{"text":154491,"type":599},"A multi-billion dollar groundswell of EV and battery activity is underway with China at the centre. China’s EV sales are also surging in both electric buses and passenger vehicles. The biggest seller in 2017 was the BAIC EC-Series with 125 miles of range and a selling price of $22,000. It averaged 10,000 units each month since its launch and over 13,000 registrations in December alone. The battery is a 20kWh lithium ion chemistry with a 31kW motor.",{"type":657,"attrs":154493,"content":154494},{"level":985,"textAlign":49},[154495],{"text":154496,"type":599},"Battery driver ",{"type":594,"attrs":154498,"content":154499},{"textAlign":49},[154500],{"text":154501,"type":599},"Critical elements used in the manufacturing of lithium ion battery cathodes and anodes have experienced some of the strongest price rises in the last 12 months as new demand from EVs takes its toll on these traditional, inflexible industries.",{"type":594,"attrs":154503,"content":154504},{"textAlign":49},[154505],{"text":154506,"type":599},"On the cathode side, lithium has been the star.",{"type":594,"attrs":154508,"content":154509},{"textAlign":49},[],{"type":594,"attrs":154511,"content":154512},{"textAlign":49},[154513,154515,154516],{"text":154514,"type":599},"It has continued its stellar rise and is up 31% year-on-year in January 2018 according to ",{"text":11314,"type":599},{"text":154517,"type":599},"’s Lithium Price Index that weights both carbonate and hydroxide trades. Over the last two years, both lithium grades central to lithium ion batteries have more than tripled in price as the market continues to be dominated by battery demand – now accounting for over 50% of the market.",{"type":594,"attrs":154519,"content":154520},{"textAlign":49},[154521],{"text":154522,"type":599},"Lithium’s initial price spike was driven by lithium cobalt oxide (LCO) and lithium iron phosphate (LFP) cathode demand, the latter from electric bus (e-bus) production in China. This was exacerbated by slow building out of new lithium supply from the major producers.",{"type":594,"attrs":154524,"content":154525},{"textAlign":49},[154526],{"text":154527,"type":599},"Cobalt has had similar fortunes.",{"type":594,"attrs":154529,"content":154530},{"textAlign":49},[154531],{"text":154532,"type":599},"A price surge has returned to cobalt in 2017 with London Metal Exchange (LME) metal prices up 143% since Q1 2017 to a new high of $80,250 in on 5 February 2018. The last time cobalt experienced significant episodes of price volatility was in 2007.",{"type":594,"attrs":154534,"content":154535},{"textAlign":49},[154536],{"text":154537,"type":599},"Meanwhile, nickel – the largest component into a lithium ion battery cathode – has finally gained profile due to its rising price trend and growing awareness of its importance in cells.",{"type":594,"attrs":154539,"content":154540},{"textAlign":49},[154541],{"text":154542,"type":599},"It has taken nickel some-time to gain profile as the industry waited for a Nickel-Cobalt-Manganese (NCM) cathode evolution from a 1:1:1 chemistry to higher nickel chemistries of 5:2:3 (5 parts nickel), and ultimately a holy grail for nickel demand of 6:2:2 and 8:1:1.",{"type":594,"attrs":154544,"content":154545},{"textAlign":49},[154546],{"text":154547,"type":599},"While the latter chemistries are yet to hit the mainstream battery market, the path is set and nickel’s importance in batteries is only now becoming widely understood.",{"type":594,"attrs":154549,"content":154550},{"textAlign":49},[154551],{"text":154552,"type":599},"This rising profile has been helped by a major announcement from BHP Billiton to build the world’s largest nickel sulphate plan in Australia and pivot from a struggling nickel metal miner to a battery grade chemical producer.",{"type":594,"attrs":154554,"content":154555},{"textAlign":49},[154556],{"text":154557,"type":599},"It is also key to note that the lithium ion battery megafactory build out continues.",{"type":594,"attrs":154559,"content":154560},{"textAlign":49},[154561,154563,154564],{"text":154562,"type":599},"Today, the ",{"text":68927,"type":599},{"text":154565,"type":599},"megafactory tracker includes 25 battery cell plants that are either in production and due to expand capacity or new operations due to be in production by 2023.",{"type":594,"attrs":154567,"content":154568},{"textAlign":49},[154569],{"text":154570,"type":599},"The combined planned capacity of these plants is 338GWh. To put that into perspective total lithium ion cell demand in 2017 is estimated at 110GWh.",{"type":594,"attrs":154572,"content":154573},{"textAlign":49},[154574],{"text":154575,"type":599},"In the past 3 years China has been leading the way in investment for these megafactories, but more recently the rest of the world – most notably Europe – has woken up to the energy storage revolution and the need for regionally produced cells.",{"type":594,"attrs":154577,"content":154578},{"textAlign":49},[],{"type":594,"attrs":154580,"content":154581},{"textAlign":49},[154582],{"text":154583,"type":599},"China is still by far the dominant force in the industry with 49% of planned capacity totalling 148 GWh, the most recently added Chinese megafactory to the tracker was number 24, Great Power’s planned 10GWh plant in Guangzhou.",{"type":594,"attrs":154585,"content":154586},{"textAlign":49},[154587],{"text":154588,"type":599},"Following China is the EU, totalling 23% of planned capacity or 78.5GWh. Prior to 2017, the EU was falling far behind the rest of the world, with just one plant planned by LG Chem in Poland with 5GWh capacity.",{"type":594,"attrs":154590,"content":154591},{"textAlign":49},[154592],{"text":154593,"type":599},"The acceleration of activity in the European market was driven by two facilities – TerraE’s 34GWh facility in Germany and Northvolt’s 32GWh offering in Sweden. Europe is also the home for megafactory number 25, SK Innovations plant in Hungary with a capacity of 7.5 GWh.",{"type":594,"attrs":154595,"content":154596},{"textAlign":49},[154597],{"text":154598,"type":599},"Whilst the US is third on the list, with 53GWh and 15% of capacity it is worth noting that Tesla has further expansions planned for the Gigafactory beyond 2021 and have stated publicly that they expect to be able to achieve 150GWh out of the plant, no small feat as they get to grips with the scaling of Model 3 production.",{"type":657,"attrs":154600,"content":154601},{"level":985,"textAlign":49},[154602],{"text":154603,"type":599},"Pivot of the commodity giants ",{"type":594,"attrs":154605,"content":154606},{"textAlign":49},[154607,154608,154612,154614,154615],{"text":2372,"type":599},{"text":154609,"type":599,"marks":154610},"battery pivot of the commodity giants ",[154611],{"type":643},{"text":154613,"type":599},"is a term that we have used at ",{"text":7249,"type":599},{"text":154616,"type":599},"to describe the changing thought process of the big commodity houses.",{"type":594,"attrs":154618,"content":154619},{"textAlign":49},[154620],{"text":154621,"type":599},"In 2017, the industry saw commodity majors such as BHP Billiton, Glencore and Rio Tinto either be heavily linked with battery raw material acquisitions or ramping up interest to developing their own sources.",{"type":594,"attrs":154623,"content":154624},{"textAlign":49},[154625],{"text":154626,"type":599},"Such was the surge in demand and interest in EVs, the world’s biggest miners and traders were forced to take the basket of EV specialities seriously.",{"type":594,"attrs":154628,"content":154629},{"textAlign":49},[154630],{"text":154631,"type":599},"Glencore, for example, used EVs as the primary focus of its marketing efforts to promote its nickel and cobalt businesses.",{"type":594,"attrs":154633,"content":154634},{"textAlign":49},[154635],{"text":154636,"type":599},"“We are well-positioned to capitalise on the EV Initiative’s target of 30m EVs by 2030, underpinning our position as one of the leading producers of copper, nickel and cobalt”, Glencore stated on Twitter in January 2018.",{"type":594,"attrs":154638,"content":154639},{"textAlign":49},[],{"type":594,"attrs":154641,"content":154642},{"textAlign":49},[154643],{"text":154644,"type":599},"Yet, with nearly all mining stocks up and strong market prices across the board for commodities, it has led the industry and investors to question ask: is it really about battery demand or are we the start of another commodity super cycle?",{"type":594,"attrs":154646,"content":154647},{"textAlign":49},[154648,154650,154651],{"text":154649,"type":599},"“In the world market, we have yet to see physical fundamentals develop that are support of these rapid price rises for most commodities with only some exceptions,” explained commodity expert and managing director of FerroMetrics, Phil Price to ",{"text":9653,"type":599},{"text":974,"type":599},{"type":594,"attrs":154653,"content":154654},{"textAlign":49},[154655],{"text":154656,"type":599},"“Steel scrap supply, for example, remains extremely tight.”",{"type":594,"attrs":154658,"content":154659},{"textAlign":49},[154660],{"text":154661,"type":599},"“But on the whole, we remain unconvinced the recent rally markets the beginning of a wider and more sustained rally for commodity prices and view short term speculative buying with scepticism,” he added.",{"type":594,"attrs":154663,"content":154664},{"textAlign":49},[154665],{"text":154666,"type":599},"Despite fears in the commodity space, niche appears a strong place to be positioned for both industry and investors that are in it for the long term.",{"type":594,"attrs":154668,"content":154669},{"textAlign":49},[154670],{"text":154671,"type":599},"In December 2017, the US introduced a new strategy to reduce its reliance of critical minerals on foreign sources, especially for those used for emerging industries such as EVs and materials key to defence technologies.",{"type":594,"attrs":154673,"content":154674},{"textAlign":49},[154675],{"text":154676,"type":599},"“The United States must not remain reliant on foreign competitors like Russia and China for the critical minerals needed to keep our economy strong and our country safe,” President Trump said.",{"type":594,"attrs":154678,"content":154679},{"textAlign":49},[154680],{"text":154681,"type":599},"The initiative is being driven by Interior Secretary Ryan Zinke who stated that the US was “vulnerable as a country” to being cut off from critical mineral supplies and the rhetoric has echoes of the rare earths crisis of 2009.",{"type":594,"attrs":154683,"content":154684},{"textAlign":49},[154685],{"text":154686,"type":599},"It is an issue that is constantly discussed in Washington DC but rarely acted upon.",{"type":594,"attrs":154688,"content":154689},{"textAlign":49},[154690],{"text":154691,"type":599},"Yet with the emergence of energy storage as a major theme in the US capital, there is increasing hope that this time could be different.",{"type":594,"attrs":154693,"content":154694},{"textAlign":49},[154695,154697,154698],{"text":154696,"type":599},"It was a central point of discussion in October 2017 when ",{"text":7249,"type":599},{"text":154699,"type":599},"testified to the US Senate on the subject. While the focus of that hearing was about creating flexible grid power to aid countries such as Puerto Rico that had just been destroyed by a hurricane, the argument was the same: the need for secure, and scalable supply chains to grow key industries for the 21st Century.",{"type":594,"attrs":154701,"content":154702},{"textAlign":49},[154703],{"text":154704,"type":599},"“It is time for the U.S. to take a leading position,” Zinke said.",{"type":594,"attrs":154706,"content":154707},{"textAlign":49},[154708],{"text":154709,"type":599},"“And it’s not that we don’t have the minerals in the U.S. It’s likely we do.”",{"type":657,"attrs":154711,"content":154712},{"level":985,"textAlign":49},[154713],{"text":154714,"type":599},"The vanadium proxy ",{"type":594,"attrs":154716,"content":154717},{"textAlign":49},[154718],{"text":154719,"type":599},"Vanadium is another speciality mineral that has seen a surge in fortunes over the last 18 months which has led to the question of whether this can be a new proxy for grid-level energy storage demand.",{"type":594,"attrs":154721,"content":154722},{"textAlign":49},[154723],{"text":154724,"type":599},"The less-well-known cousin to lithium, vanadium chemical derivatives are critical components to vanadium flow battery technologies, widely tipped to be the biggest competitor to lithium ion in the utility storage market.",{"type":594,"attrs":154726,"content":154727},{"textAlign":49},[154728],{"text":154729,"type":599},"The price of vanadium pentoxide, the key cathode chemical used in batteries, has increased over 130% in the last 12 months and it reached an 8-year high in mid-January 2018 at just under $13/lb for 98% material traded in China.",{"type":594,"attrs":154731,"content":154732},{"textAlign":49},[154733],{"text":154734,"type":599},"The price surge has been driven by China’s ban on vanadium based raw materials into the country significant reducing the supply of the material into the steel industry which accounts for 95% of all demand.",{"type":594,"attrs":154736,"content":154737},{"textAlign":49},[154738],{"text":154739,"type":599},"This is a supply-side disruptive event that is different to lithium, cobalt, and rare earths discussed earlier.",{"type":594,"attrs":154741,"content":154742},{"textAlign":49},[154743],{"text":154744,"type":599},"However, it is the emerging battery industry that has also been impacted by these price rises and this has caused concern to those developing vanadium flow technology.",{"type":594,"attrs":154746,"content":154747},{"textAlign":49},[154748],{"text":154749,"type":599},"Vanadium accounts for up to 35% of the final installed cost of a vanadium flow battery. This is a significant exposure to one raw material compared to the four-critical lithium ion raw materials of lithium, cobalt, nickel and graphite.",{"type":594,"attrs":154751,"content":154752},{"textAlign":49},[154753],{"text":154754,"type":599},"As a result, vanadium battery producers are seeking to become vertically integrated by owning the vanadium source and producing the battery, one near certain way of lessening the impact of price volatility.",{"type":594,"attrs":154756,"content":154757},{"textAlign":49},[],{"type":594,"attrs":154759,"content":154760},{"textAlign":49},[154761],{"text":154762,"type":599},"There was even a suggestion by some vanadium battery producers of leasing the vanadium in battery to help reduce the sunken investment costs in the system. This is especially interesting when considering that nearly all vanadium can be recycled from the battery.",{"type":594,"attrs":154764,"content":154765},{"textAlign":49},[154766],{"text":154767,"type":599},"Vanadium is yet to have its lithium ion moment with the utility industry traditionally slower to make decisions and do so based on a 20 or 30-year time horizons.",{"type":594,"attrs":154769,"content":154770},{"textAlign":49},[154771],{"text":154772,"type":599},"Yet its future is bright.",{"type":594,"attrs":154774,"content":154775},{"textAlign":49},[154776],{"text":154777,"type":599},"The energy storage industry was truly born in 2017 through the advent of two major projects: Aliso Canyon in California and Hornsdale in South Australia.",{"type":594,"attrs":154779,"content":154780},{"textAlign":49},[154781],{"text":154782,"type":599},"Aliso Canyon has been described as a movie-quality crisis that resulted in a tender for 343MWh worth of energy storage to address a power shortage following a major gas leak. The response was rapid and significant in scale.",{"type":594,"attrs":154784,"content":154785},{"textAlign":49},[154786],{"text":154787,"type":599},"326MWh worth of lithium ion batteries were installed and operating in 8 months. Most telling was the size of some of the batteries: AltaGas-Greensmith Pomona and Tesla each installed 80MWh systems while AES Escondido built a 120MWh facility using Samsung SDI cells.",{"type":594,"attrs":154789,"content":154790},{"textAlign":49},[],{"type":594,"attrs":154792,"content":154793},{"textAlign":49},[154794],{"text":154795,"type":599},"The second major project was Tesla’s 129MWh Hornsdale lithium ion installation in South Australia which was installed in well under the 100 days promised by Elon Musk.",{"type":594,"attrs":154797,"content":154798},{"textAlign":49},[154799],{"text":154800,"type":599},"Within two weeks of coming online, the system was put to the test when the Loy Yang coal power plant dropped output. The Tesla system kicked in 0.14 seconds later.",{"type":594,"attrs":154802,"content":154803},{"textAlign":49},[154804],{"text":154805,"type":599},"The most important takeaways from these two projects are that utility storage batteries are getting bigger and being installed quicker.",{"type":594,"attrs":154807,"content":154808},{"textAlign":49},[154809],{"text":154810,"type":599},"The growth of this market, which in 2017 was little over 1GWh globally but is heading to at least 50GWh by 2025, will create huge opportunities for all battery technologies of which vanadium flow leads the pack in terms of theoretical performance. Commercially, however, there is still some work to do.",{"type":594,"attrs":154812,"content":154813},{"textAlign":49},[154814,154816,154817],{"text":154815,"type":599},"Vanadium-based battery producers still need to convince the market on the upfront costs and long-term merits of the technology. ",{"text":7249,"type":599},{"text":154818,"type":599},"believes this is more to do with convincing customers on utility scale energy storage rather than the vanadium technology alone. And this market is naturally evolving.",{"type":594,"attrs":154820,"content":154821},{"textAlign":49},[154822],{"text":154823,"type":599},"Vanadium flow is ideally suited to commercial scale storage.",{"type":594,"attrs":154825,"content":154826},{"textAlign":49},[154827],{"text":154828,"type":599},"While it is heavy, it is an excellent store of energy and very resilient with the cathode outlasting many other parts of the battery.",{"type":594,"attrs":154830,"content":154831},{"textAlign":49},[154832],{"text":154833,"type":599},"Yet, the industry needs its lithium ion moment.",{"type":594,"attrs":154835,"content":154836},{"textAlign":49},[154837],{"text":154838,"type":599},"It appears that unlike in lithium ion’s situation which was sparked by a Tesla’s Gigafactory project that created prospect of demand before the market was there, vanadium will already have a ready-made utility storage market to sell into.",{"type":594,"attrs":154840,"content":154841},{"textAlign":49},[154842,154844,154848],{"text":154843,"type":599},"It is these fundamental demand drivers that are the ones to watch and why the ",{"text":154845,"type":599,"marks":154846},"seven year niche ",[154847],{"type":643},{"text":154849,"type":599},"and the return of niche minerals could be here for longer than many expect.","Until 2010, minerals such rare earths, lithium, cobalt and graphite were flying well below the radar of the mainstream mining industry. These speciality products, tailored for each customer, were being locked into long term supply contracts between buyer and seller and prices were stable. The evolution of China and emergence of new technologies saw an […]",[154852],{"slug":544,"name":543,"content":154853},{"job_title":557,"image":154854,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"53718a1f-1924-4d46-9fe4-ad9c8c33bbe1\", \"id\": \"\"}-->",[154857,154858],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":154860,"copyright":547,"fieldtype":553,"meta_data":154861,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f81f5f9747/bm-screen-shot-2018-02-25-at-112125.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":154863,"uuid":154864,"name":154865,"slug":154866,"full_slug":154867,"content":154868},112474648580231,"c01ef6a8-d4c1-45a3-8799-9fb8b4c319d2","Next level, begin","next-level-begin","article/next-level-begin",{"_uid":154869,"date":154870,"tags":154871,"editor":154872,"content":154876,"excerpt":155048,"featured":50,"reporter":155049,"_editable":155053,"component":864,"seo_title":154865,"categories":155054,"visibility":882,"author_company":49,"featured_image":155057,"seo_description":155048,"author_full_name":49,"author_job_title":49,"formattedDate":155060},"bb7ad159-87c8-49e2-908c-c580b2d89d4e","2018-02-23 00:00",[],[154873],{"slug":544,"name":543,"content":154874},{"job_title":557,"image":154875,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":154877},[154878,154883,154888,154893,154898,154903,154906,154911,154916,154921,154926,154931,154936,154941,154946,154951,154956,154959,154964,154969,154974,154979,154984,154989,154994,154999,155004,155009,155014,155019,155024,155029,155034,155039,155045],{"type":594,"attrs":154879,"content":154880},{"textAlign":49},[154881],{"text":154882,"type":599},"Those that played arcade or computer games growing up will be very familiar with the phrase, “Next level, begin” and the linear fashion as to which Benchmark Mineral Intelligence has grown in 2017 feels much like this.",{"type":594,"attrs":154884,"content":154885},{"textAlign":49},[154886],{"text":154887,"type":599},"There is no doubt Benchmark’s profile has risen to a new level over the last 12 months and that is in large due to the quality, data driven, subscription services that we have released to the market. But if best laid plans are a basis for change, then at Benchmark we are yet to experience this in its entirety.",{"type":594,"attrs":154889,"content":154890},{"textAlign":49},[154891],{"text":154892,"type":599},"Our goal for phase one (or level one) of the company was to create a base of information services, most crucially price assessments, that are the highest quality in the market. Our team of analysts focused on the hard work of visiting mines, processing plants and end users around the world to collect and assess prices for the key battery raw materials of lithium, graphite and cobalt.",{"type":594,"attrs":154894,"content":154895},{"textAlign":49},[154896],{"text":154897,"type":599},"The second part of this target was to get the industry referencing these prices on a regular basis. And we have achieved this with great efficiency. Benchmark’s deal with Bloomberg and Thomson Reuters to cite our lithium carbonate and hydroxide prices was validation of price assessments that were being accepted and used by active players in the lithium ion battery supply chain.",{"type":594,"attrs":154899,"content":154900},{"textAlign":49},[154901],{"text":154902,"type":599},"The wider financial and professional services industry can now type in a ticker code and pull up Benchmark Minerals’ prices for lithium hydroxide, lithium carbonate, flake graphite and uncoated spherical graphite.",{"type":594,"attrs":154904,"content":154905},{"textAlign":49},[],{"type":594,"attrs":154907,"content":154908},{"textAlign":49},[154909],{"text":154910,"type":599},"For the first time, an accurate price chart that reflects the global prevailing trade of lithium chemicals is available to a much wider audience outside of lithium’s core. This is a game changer for those not privy to the opaque and somewhat private lithium supply chain. It will play a critical role in allowing the financiers to continuously track lithium’s price and the wider due diligence process for contracts and mergers and acquisitions.",{"type":594,"attrs":154912,"content":154913},{"textAlign":49},[154914],{"text":154915,"type":599},"For Benchmark’s subscribers, those companies that don’t just want to dip in and out of the space but get more detailed data and context to the price changes, the service will continue to improve with more regular assessments, the launch of new grades in 2018 and new staff to bolster our position as number one in the market.",{"type":594,"attrs":154917,"content":154918},{"textAlign":49},[154919],{"text":154920,"type":599},"Yet as the lithium ion battery and electric vehicle story continues to gather pace and reach a new level of crazy that we never thought possible only 18 months ago, the noise too increases. More publishers and bank analysts are understandably seeking a way into this thematic, yet many have not grasped even the basic differences between lithium and commodities like coal and iron ore they are so familiar discussing.",{"type":594,"attrs":154922,"content":154923},{"textAlign":49},[154924],{"text":154925,"type":599},"There is no doubt this is why Benchmark’s World Tour 2017 had a record attendance of 1,224 investors and mining professionals – up 56% on last year. It’s an incredible rise for those seeking accurate information on the battery supply chain.",{"type":594,"attrs":154927,"content":154928},{"textAlign":49},[154929],{"text":154930,"type":599},"It was a pleasure to team up with BMO Capital Markets in Vancouver, Toronto and Beijing; UBS in London, Zurich, Sydney and Melbourne; CLSA in Hong Kong; and, Pattersons in Perth.",{"type":594,"attrs":154932,"content":154933},{"textAlign":49},[154934],{"text":154935,"type":599},"Benchmark will continue to seek new and innovative partners for more world tour cities in the future as our global drive to disseminate accurate data and information continues. It’s always been a goal of ours to develop our business with as much focus on the active supply chain – those that produce and buy lithium, graphite and cobalt – as well as on the investment community, the institutional level funds that will make the industry’s biggest investment decisions.",{"type":594,"attrs":154937,"content":154938},{"textAlign":49},[154939],{"text":154940,"type":599},"This is going to be crucial for the lithium industry in particular as the market seeks to take investment from $1.2bn to the $9bn needed in the next 7 years.",{"type":594,"attrs":154942,"content":154943},{"textAlign":49},[154944],{"text":154945,"type":599},"And while the Benchmark World Tour satisfied the investment community, our inaugural Cathodes 2017 event was an outstanding success for the active supply chain and the final brick into the Benchmark blueprint we set out three and a half years ago.",{"type":594,"attrs":154947,"content":154948},{"textAlign":49},[154949],{"text":154950,"type":599},"It was incredible to see so many major producers attend in as much of a deal making capacity as an information gathering one. Cathodes 2017 was the first expert event to bring together lithium, cobalt and nickel players in an agenda built around the buyers of these raw materials, the lithium ion cathode makers.",{"type":594,"attrs":154952,"content":154953},{"textAlign":49},[154954],{"text":154955,"type":599},"The cathode manufacturing step on the supply chain is not widely known and often overlooked when organising events. This is why Cathodes 2017 was so successful: the two and a half days was engineered around the cathode makers while bringing together the biggest hitters in the raw materials space.",{"type":594,"attrs":154957,"content":154958},{"textAlign":49},[],{"type":594,"attrs":154960,"content":154961},{"textAlign":49},[154962],{"text":154963,"type":599},"From the cathode sector, we heard from US major, BASF, and Chinese pioneer, Pulead Technology. This was underpinned by a welcome address from the founding father of the lithium ion battery cathode, Dr Stan Whittingham. From the mining space, Cathodes 2017 brought together one of the world’s biggest mining groups and nickel producers, Vale, with cobalt major, Freeport McMoRan, lithium spodumene producer, Galaxy Resources and hydroxide developer, Nemaska Lithium.",{"type":594,"attrs":154965,"content":154966},{"textAlign":49},[154967],{"text":154968,"type":599},"The event rapidly developed into a true platform for the lithium ion battery supply chain to exchange ideas and conduct business. As a result, details on Cathodes 2018 will be announced very soon. Our graphite anode coverages continued to gather strength on our achievements in 2016.",{"type":594,"attrs":154970,"content":154971},{"textAlign":49},[154972],{"text":154973,"type":599},"This was underpinned by another successful Graphite Supply Chain 2017 conference in November. Our push to become more focused on anode material was validated by some excellent speakers including battery pack manufacturer, Romeo Power, and electric motorbike producer, Alta Motors. And in 2018 we will be announcing new initiatives in this space.",{"type":657,"attrs":154975,"content":154976},{"level":985,"textAlign":49},[154977],{"text":154978,"type":599},"Senate & Oxford",{"type":594,"attrs":154980,"content":154981},{"textAlign":49},[154982],{"text":154983,"type":599},"Being asked to speak at the US Senate as an expert witness on energy storage technologies was an incredible accolade for all of us at Benchmark to receive. On Tuesday 3 October, I was invited to give a written and verbal testimony to the Committee on Energy & Natural Resources.",{"type":594,"attrs":154985,"content":154986},{"textAlign":49},[154987],{"text":154988,"type":599},"The committee which is led by Alaska’s Senator Lisa Murkowski heard for over two hours on energy storage solutions to many problems facing a US that was fresh from three back to back hurricanes that ravaged its Gulf Coast and the Caribbean.",{"type":594,"attrs":154990,"content":154991},{"textAlign":49},[154992],{"text":154993,"type":599},"The hearing took place just days after Puerto Rico was destroyed by Hurricane Irma – the third to make landfall in the Caribbean and Gulf in the same season – a record year for extreme weather.",{"type":594,"attrs":154995,"content":154996},{"textAlign":49},[154997],{"text":154998,"type":599},"One of the biggest questions posed by the Senators was how to give energy security together with a more flexible and responsive grid. The answer is an abundance of low cost, abundant lithium ion batteries.",{"type":594,"attrs":155000,"content":155001},{"textAlign":49},[155002],{"text":155003,"type":599},"The challenge is how to scale the supply chains and ensure security of material supply into the US battery industry as the future of its energy and auto industry depends on it. It was the first time the US Senate had heard about the supply of lithium, graphite, cobalt and nickel for the battery market and the rise of the battery megafactories. And Benchmark Mineral Intelligence was honoured to be able to present our data and opinion.",{"type":594,"attrs":155005,"content":155006},{"textAlign":49},[155007],{"text":155008,"type":599},"A second honour bestowed on Benchmark was being invited to give a guest lecture at the University of Oxford in May. The university is where the rechargeable lithium ion battery cathode was invented and to give a presentation on how this invention had come from a lab in Oxford to being one of the most critical enabling technologies to the fourth industrial revolution, was a great privilege.",{"type":594,"attrs":155010,"content":155011},{"textAlign":49},[155012],{"text":155013,"type":599},"With Oxford also being my hometown – and with no previous connection to the university – there was added personal satisfaction for myself. A final achievement of note in 2017 was being invited to be on the keynote panel for the London Metal Exchange (LME) Week in November.",{"type":594,"attrs":155015,"content":155016},{"textAlign":49},[155017],{"text":155018,"type":599},"The LME Week is the year’s biggest gathering of the world’s industrial metals industry and while it has always been on our radar, it has never been that relevant… until now. The LME, led by new CEO Matthew Chamberlain, has put lithium front and centre of its new approach to exchanged traded minerals and metals.",{"type":594,"attrs":155020,"content":155021},{"textAlign":49},[155022],{"text":155023,"type":599},"The group, which is one of the world’s oldest exchanges, is now evolving its focus to include a suite of electric vehicle raw materials, in particular lithium, cobalt and nickel.",{"type":594,"attrs":155025,"content":155026},{"textAlign":49},[155027],{"text":155028,"type":599},"Therefore as part of this shift, the LME invited Benchmark to be a part of the keynote panel in front of 650 of the world’s industry. It was an apt way to round off a defining year for Benchmark and for electric vehicles and sets the tone for an even busier 12 months. In 2018, we will launch a number of new services while doubling down on our existing, popular subscriptions. Our suite of offerings is listed below.",{"type":594,"attrs":155030,"content":155031},{"textAlign":49},[155032],{"text":155033,"type":599},"Until then, I would like to thank everyone for their support as we push forward cutting a new path.",{"type":594,"attrs":155035,"content":155036},{"textAlign":49},[155037],{"text":155038,"type":599},"The EV road continues to open up.",{"type":594,"attrs":155040,"content":155041},{"textAlign":49},[155042,155044],{"text":155043,"type":599},"Simon Moores ",{"text":150172,"type":599},{"type":594,"attrs":155046,"content":155047},{"textAlign":49},[],"Those that played arcade or computer games growing up will be very familiar with the phrase, “Next level, begin” and the linear fashion as to which Benchmark Mineral Intelligence has grown in 2017 feels much like this. There is no doubt Benchmark’s profile has risen to a new level over the last 12 months and […]",[155050],{"slug":544,"name":543,"content":155051},{"job_title":557,"image":155052,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bb7ad159-87c8-49e2-908c-c580b2d89d4e\", \"id\": \"\"}-->",[155055,155056],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":155058,"copyright":547,"fieldtype":553,"meta_data":155059,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5ad0cad298/bm-screen-shot-2018-02-23-at-114555.png",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 23, 2018",{"id":155062,"uuid":155063,"name":155064,"slug":155065,"full_slug":155066,"content":155067},112474643619874,"9c3a2024-3004-4e3f-bf03-15aded27542f","Lithium oversupply fears grip investors as industry still awaits Auto, Grid era","lithium-oversupply-fears-grip-investors-as-industry-still-awaits-auto-grid-era","article/lithium-oversupply-fears-grip-investors-as-industry-still-awaits-auto-grid-era",{"_uid":155068,"date":154870,"tags":155069,"editor":155070,"content":155074,"excerpt":155352,"featured":50,"reporter":155353,"_editable":155357,"component":864,"seo_title":155064,"categories":155358,"visibility":882,"author_company":49,"featured_image":155362,"seo_description":155352,"author_full_name":49,"author_job_title":49,"formattedDate":155060},"77f5a9ca-cffa-4468-834d-5c5d76cb32fb",[],[155071],{"slug":544,"name":543,"content":155072},{"job_title":557,"image":155073,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":155075},[155076,155081,155090,155098,155103,155108,155113,155118,155123,155128,155133,155139,155142,155147,155152,155157,155162,155168,155173,155178,155183,155190,155194,155199,155204,155209,155214,155219,155224,155229,155234,155239,155244,155249,155254,155259,155264,155267,155272,155277,155284,155289,155294,155299,155304,155309,155314,155319,155324,155329,155334,155339,155346],{"type":594,"attrs":155077,"content":155078},{"textAlign":49},[155079],{"text":155080,"type":599},"by Simon Moores, Andy Miller ",{"type":594,"attrs":155082,"content":155083},{"textAlign":49},[155084,155086,155088],{"text":155085,"type":599},"Fresh off Bank of America Merrill Lynch (BAML) and ",{"text":155087,"type":599},"Benchmark Mineral Intelligence’s",{"text":155089,"type":599}," recent energy storage seminar in New York, it became clear that top level investors were gripped by a fear of lithium oversupply and a subsequent price crash. Lithium stocks have taken significant hits over the last week and the seminar sought clarification from Benchmark and guest speakers.",{"type":594,"attrs":155091,"content":155092},{"textAlign":49},[155093,155095,155096],{"text":155094,"type":599},"Here, ",{"text":9653,"type":599},{"text":155097,"type":599}," outlines the main points of contention and its independent thoughts on the matter.",{"type":657,"attrs":155099,"content":155100},{"level":985,"textAlign":49},[155101],{"text":155102,"type":599},"CHINA OVERSUPPLY?",{"type":594,"attrs":155104,"content":155105},{"textAlign":49},[155106],{"text":155107,"type":599},"Spodumene conversion capacity in China will have the greatest bearing on lithium supply and price in 2018. Calculating an accurate figure for spodumene conversion capacity in China has been somewhat of a challenge for many analysts new to the space as well as those that take a hands-on approach when choosing whether or not to visit operations around the world.",{"type":594,"attrs":155109,"content":155110},{"textAlign":49},[155111],{"text":155112,"type":599},"Last year, the bulk of new lithium carbonate equivalent (LCE) units were from China securing more spodumene feedback from Western Australia (thanks to Mt Cattlin, Mt Marion and Greenbushes).",{"type":594,"attrs":155114,"content":155115},{"textAlign":49},[155116],{"text":155117,"type":599},"Although the country’s converters boast a combined nameplate capacity of over 200,000 tpa, in reality the usable capacity is in the region of 140,000 tpa – much of which is unable to produce to battery-grade specifications.",{"type":594,"attrs":155119,"content":155120},{"textAlign":49},[155121],{"text":155122,"type":599},"Chinese converters worked at close to this capacity last year, producing 120,000 tonnes in 2017. This is a significant increase on 2016 when China produced 85,000 tonnes of LCE from a similar capacity. The key question is over expansions of these facilities.",{"type":594,"attrs":155124,"content":155125},{"textAlign":49},[155126],{"text":155127,"type":599},"Of course the premier convertors are Ganfeng Lithium and Sichuan Tianqi and both are planning significant expansions domestically and abroad.",{"type":594,"attrs":155129,"content":155130},{"textAlign":49},[155131],{"text":155132,"type":599},"At the conference, many data points were being thrown with regards to China’s planned expansion in 2018. The biggest number was 180,000 tpa of additional LCE capacity coming online in the next 12 months, the bulk of which from many new and fringe players in the space.",{"type":594,"attrs":155134,"content":155135},{"textAlign":49},[155136,155137],{"text":11314,"type":599},{"text":155138,"type":599}," discounts a large proportion of this new capacity as hearsay and conjecture. Historically the installed nameplate capacity of many Chinese facilities has been much higher than their actual output levels. The data points that Benchmark works from is 100,000 tpa of new conversion capacity in China by the end of 2019 at the earliest.",{"type":594,"attrs":155140,"content":155141},{"textAlign":49},[],{"type":594,"attrs":155143,"content":155144},{"textAlign":49},[155145],{"text":155146,"type":599},"To impact the price of lithium carbonate and lithium hydroxide that Benchmark assesses, you will have to look to the established names that have a history of creating high quality battery grade chemicals – and they are few and far between. Certainly, Ganfeng Lithium, Sichuan Tianqi and Albemarle’s GRM stand out. But as we track the supply chain from spodumene to battery grade chemicals the bottlenecks become apparent.",{"type":594,"attrs":155148,"content":155149},{"textAlign":49},[155150],{"text":155151,"type":599},"As spodumene players tie in conversion partnerships, its critically important to ask who is converting this material and if they can reach specification for battery makers. Just selling to China is not the end of the story, its just the beginning.",{"type":657,"attrs":155153,"content":155154},{"level":985,"textAlign":49},[155155],{"text":155156,"type":599},"DSO entering the supply chain",{"type":594,"attrs":155158,"content":155159},{"textAlign":49},[155160],{"text":155161,"type":599},"With DSO (Direct Shipped Ore) becoming a topic of discussion in 2017, the question of whether this spodumene ore is being purchased by China-based customers has arisen a number of times.",{"type":594,"attrs":155163,"content":155164},{"textAlign":49},[155165,155166],{"text":9653,"type":599},{"text":155167,"type":599}," does not include DSO in its spodumene or lithium chemical supply numbers until firm evidence of this being first processed into spodumene and then into LCE units presents itself.",{"type":594,"attrs":155169,"content":155170},{"textAlign":49},[155171],{"text":155172,"type":599},"In 2017 the volumes that made their way from DSO to market were marginal but with large stockpiles now in China this material is expected to have a much more significant impact on supply in 2018. Benchmark’s analysts will be on the ground in China to monitor this situation throughout 2018.",{"type":657,"attrs":155174,"content":155175},{"level":985,"textAlign":49},[155176],{"text":155177,"type":599},"LONG TERM SUPPLY SQM",{"type":594,"attrs":155179,"content":155180},{"textAlign":49},[155181],{"text":155182,"type":599},"Atacama deal ",{"type":594,"attrs":155184,"content":155185},{"textAlign":49},[155186,155187,155188],{"text":23946,"type":599},{"text":9653,"type":599},{"text":155189,"type":599}," keynoted the Bank of America Merrill Lynch event, one of the three lithium developments to watch was the SQM-Corfo peace talks that we described as “imminent”. Little over two hours later and the deal was announced to increase SQM’s extraction licence to 216,000 tpa LCE to 2025. This is good news for a lithium industry post-2021. Until then the status quo remains. SQM will continue to work on its JV with Lithium Americas in Argentina to bring new supply into the industry by the 2020 mark. After this is successful, SQM will then review the many raw material it has created itself including:",{"type":657,"attrs":155191,"content":155192},{"level":985,"textAlign":49},[155193],{"text":153474,"type":599},{"type":594,"attrs":155195,"content":155196},{"textAlign":49},[155197],{"text":155198,"type":599},"Auto era is yet to arrive for lithium ",{"type":594,"attrs":155200,"content":155201},{"textAlign":49},[155202],{"text":155203,"type":599},"Is Toyota auto really in the lithium game? This was one of the most immediate demand questions to answer at BAML’s energy storage seminar. Toyota Tsusho announced its deal with Orocobre to take a 15% stake in the Argentina-based brine producer to fund a 25,000 tpa expansion to 42,000 tpa nameplate capacity.",{"type":594,"attrs":155205,"content":155206},{"textAlign":49},[155207],{"text":155208,"type":599},"This led to many headlines around the world such as Orocobre surprises market with new Toyota partnership (Sky News Australia) or Toyota buys key stake in lithium miner (The Australian). Those familiar with the lithium industry in 2010 will remember Toyota Tsusho was Orocobre’s key partner investing cash to help get the new project up and running.",{"type":594,"attrs":155210,"content":155211},{"textAlign":49},[155212],{"text":155213,"type":599},"In return, Toyota Tsusho – the Japanese trading company and not the car producer – earned the rights to sell Orocobre’s lithium into Japan. The investment should not come as any surprise to the market.",{"type":594,"attrs":155215,"content":155216},{"textAlign":49},[155217],{"text":155218,"type":599},"The new deal is a great boost for Orocobre and a vote of confidence for the Olaroz project that has had its share of criticism. This is simply the next stage of a producer and trader relationship, rather than a decision from the top of Toyota’s electric vehicle (EV) planning tree. Toyota’s EV ambitions will crystallise towards the end of 2018 and into 2019.",{"type":594,"attrs":155220,"content":155221},{"textAlign":49},[155222],{"text":155223,"type":599},"No lithium deals yet for VW, Ford, GM et al",{"type":594,"attrs":155225,"content":155226},{"textAlign":49},[155227],{"text":155228,"type":599},"This then brings us onto the other auto majors that are ramping up their pure and hybrid EV plans. VW’s high-profile pursuit of lithium and cobalt – including hosting two unfruitful supply side summits in late 2017 for each mineral – was just the start.",{"type":594,"attrs":155230,"content":155231},{"textAlign":49},[155232],{"text":155233,"type":599},"All auto makers are now fully aware of the need for secure, long term lithium supply but none have yet locked in long term contractual agreements. Their negotiating stance is weakening by the day as more auto makers commit tens of billions of dollars to build out their EV production capacity – Ford being the latest, committing $11bn to build 40 hybrid and pure EVs by 2022.",{"type":594,"attrs":155235,"content":155236},{"textAlign":49},[155237],{"text":155238,"type":599},"Therefore, while this auto speculation aids the upward trajectory of lithium’s price curve, it is not yet the defining factor. Real lithium supply and demand – producers selling to cathode manufacturers – is what is driving this price.",{"type":594,"attrs":155240,"content":155241},{"textAlign":49},[155242],{"text":155243,"type":599},"The auto majors are yet to enter this “real” market. 2018 is decision time and you can expect a number of lithium auto deals to be struck within the next 24 months as the need for long term supply intensifies.",{"type":594,"attrs":155245,"content":155246},{"textAlign":49},[155247],{"text":155248,"type":599},"Grid Storage sneaks up on lithium ",{"type":594,"attrs":155250,"content":155251},{"textAlign":49},[155252],{"text":155253,"type":599},"Grid storage (also referred to as utility or stationary storage) was the main downstream focus of the BAML conference – the first event to really dig deeper into the impact of grid storage in relation to the entire battery supply chain.",{"type":594,"attrs":155255,"content":155256},{"textAlign":49},[155257],{"text":155258,"type":599},"The reality of the situation is that lithium ion based grid storage snuck up on the lithium industry in 2017 and manifested itself in two landmark projects: Aliso Canyon and Hornsdale. Aliso Canyon has been described as a movie quality crisis that resulted in a tender for 343MWh worth of energy storage to address a power shortage following a major gas leak.",{"type":594,"attrs":155260,"content":155261},{"textAlign":49},[155262],{"text":155263,"type":599},"The response was rapid and significant in scale. 326MWh worth of lithium ion batteries were installed and operating in 8 months. Most telling were the size of some of the batteries: AltaGas-Greensmith Pomona and Tesla each installed 80MWh systems while AES Escondido built a 120MWh facility using Samsung SDI cells.",{"type":594,"attrs":155265,"content":155266},{"textAlign":49},[],{"type":594,"attrs":155268,"content":155269},{"textAlign":49},[155270],{"text":155271,"type":599},"The second major project was Tesla’s 129MWh Hornsdale lithium ion installation in South Australia which was installed in well under the 100 days promised by Elon Musk. Within two weeks of coming online, the system was put to the test when the Loy Yang coal power plant dropped output. The Tesla system kicked in 0.14 seconds later.",{"type":594,"attrs":155273,"content":155274},{"textAlign":49},[155275],{"text":155276,"type":599},"The two major takeaways here are:",{"type":594,"attrs":155278,"content":155279},{"textAlign":49},[155280,155282],{"text":155281,"type":599},"a) the size of the batteries ",{"text":155283,"type":599},"b) the speed in which they can be deployed. ",{"type":594,"attrs":155285,"content":155286},{"textAlign":49},[155287],{"text":155288,"type":599},"The batteries installed at Aliso Canyon, for example, equates to over 6,000 Tesla Model 3s. As confidence in energy storage using lithium ion batteries gathers pace, these systems will get bigger and will be installed quicker. And it is a trend that has snuck up on a lithium industry that is laser focused on electric vehicles.",{"type":657,"attrs":155290,"content":155291},{"level":985,"textAlign":49},[155292],{"text":155293,"type":599},"PRICES",{"type":594,"attrs":155295,"content":155296},{"textAlign":49},[155297],{"text":155298,"type":599},"No lithium price crash ",{"type":594,"attrs":155300,"content":155301},{"textAlign":49},[155302],{"text":155303,"type":599},"As a result of these most critical supply and demand dynamics, it is important to remember the fundamentals of the lithium industry have not changed. It continues to operate as a niche, speciality industry that is serving a high spec end market in lithium ion batteries.",{"type":594,"attrs":155305,"content":155306},{"textAlign":49},[155307],{"text":155308,"type":599},"This analysis has not even discussed the other 50% of supply that serves a wide variety of growing markets and how this will impact demand.",{"type":594,"attrs":155310,"content":155311},{"textAlign":49},[155312],{"text":155313,"type":599},"Quite simply, to impact the battery grade lithium carbonate and lithium hydroxide prices that Benchmark Mineral Intelligence assesses on a monthly basis, battery grade product has to be produced and sold to cathode and battery makers.",{"type":594,"attrs":155315,"content":155316},{"textAlign":49},[155317],{"text":155318,"type":599},"Producing DSO or even spodumene concentrate and adding it to stockpiles is not creating new LCE supply. Then understanding the conversion capacity in China – what is real versus what is conjecture, what is technical grade versus what is battery grade – is key to understanding how much of these feedstock makes its way into batteries.",{"type":594,"attrs":155320,"content":155321},{"textAlign":49},[155322],{"text":155323,"type":599},"Only then will you see a price correction on the global price averages. Under the most likely scenario, we can see the prices of Chinese lithium chemicals and rest of the world prices converging.",{"type":594,"attrs":155325,"content":155326},{"textAlign":49},[155327],{"text":155328,"type":599},"Chinese lithium carbonate and hydroxide prices have been high for some time and the rest of the world has been playing catch up. The grades for Benchmark Minerals’ lithium hydroxide per tonne, as an example, are as follows:",{"type":594,"attrs":155330,"content":155331},{"textAlign":49},[155332],{"text":155333,"type":599},"The difference between the highest priced grade (converted material within China) and the lowest price grade (brine sourced European hydroxide) is $6,600 – there is certainly room for these prices to converge but the overall global weighted average to carry on rising.",{"type":594,"attrs":155335,"content":155336},{"textAlign":49},[155337],{"text":155338,"type":599},"That is why its vitally important to also understand that there is not just one price for lithium but a wide range of grades and specifications that command their own prices on their own merits.",{"type":594,"attrs":155340,"content":155341},{"textAlign":49},[155342,155343,155344],{"text":146403,"type":599},{"text":11314,"type":599},{"text":155345,"type":599}," was established, to bring an independent price assessment system that was designed for the lithium space by analysts that understand the industry.",{"type":594,"attrs":155347,"content":155348},{"textAlign":49},[155349,155350],{"text":64386,"type":599},{"text":155351,"type":599},"’ lithium prices have become the industry reference in a short period of time and are also published by Bloomberg and Thomson Reuters","by Simon Moores, Andy Miller Fresh off Bank of America Merrill Lynch (BAML) and Benchmark Mineral Intelligence’s recent energy storage seminar in New York, it became clear that top level investors were gripped by a fear of lithium oversupply and a subsequent price crash. Lithium stocks have taken significant hits over the last week and […]",[155354],{"slug":544,"name":543,"content":155355},{"job_title":557,"image":155356,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"77f5a9ca-cffa-4468-834d-5c5d76cb32fb\", \"id\": \"\"}-->",[155359,155360,155361],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":155363,"copyright":547,"fieldtype":553,"meta_data":155364,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fa087db3a1/bm-6564073483-ec36ba55d6-o.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":155366,"uuid":155367,"name":155368,"slug":155369,"full_slug":155370,"content":155371},112474653950188,"08d420de-f63f-4fbd-a4f9-190d76786bc8","RISK/REWARD","risk-reward","article/risk-reward",{"_uid":155372,"date":155373,"tags":155374,"editor":155375,"content":155379,"excerpt":155952,"featured":50,"reporter":155953,"_editable":155957,"component":864,"seo_title":155368,"categories":155958,"visibility":882,"author_company":49,"featured_image":155961,"seo_description":155952,"author_full_name":49,"author_job_title":49,"formattedDate":155964},"47b2bb37-e046-466c-8c3e-6b2829c61ea9","2017-11-27 00:00",[],[155376],{"slug":544,"name":543,"content":155377},{"job_title":557,"image":155378,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":155380},[155381,155386,155391,155396,155401,155406,155410,155414,155417,155422,155427,155432,155437,155442,155447,155450,155455,155460,155465,155470,155475,155480,155485,155490,155495,155500,155505,155508,155513,155518,155523,155528,155531,155536,155541,155544,155549,155554,155559,155564,155569,155572,155577,155582,155587,155592,155597,155602,155607,155612,155617,155622,155625,155630,155635,155640,155645,155650,155655,155660,155665,155670,155675,155680,155683,155688,155693,155698,155703,155708,155713,155718,155723,155728,155733,155738,155743,155748,155753,155758,155763,155768,155771,155776,155781,155786,155791,155796,155801,155806,155811,155816,155821,155826,155831,155836,155841,155846,155851,155854,155859,155864,155869,155874,155879,155882,155887,155892,155897,155902,155907,155912,155917,155922,155927,155932,155937,155942,155949],{"type":594,"attrs":155382,"content":155383},{"textAlign":49},[155384],{"text":155385,"type":599},"As new battery technology transforms consumer markets, there is a growing realisation that the transition to electric is not without social and environmental risks in the countries where battery materials – specifically cobalt, lithium, nickel, graphite and manganese – are mined and chemically processed into battery grade materials.",{"type":594,"attrs":155387,"content":155388},{"textAlign":49},[155389],{"text":155390,"type":599},"These risks present significant reputational, legal, compliance and commercial concerns for major industries harnessing the battery revolution including automotive, electronics and utilities infrastructure.",{"type":594,"attrs":155392,"content":155393},{"textAlign":49},[155394],{"text":155395,"type":599},"Companies within these sectors are faced with the twin challenge of mitigating the major sourcing risks across these battery metals while simultaneously responding to the rising external pressure factors compounding their impact.",{"type":594,"attrs":155397,"content":155398},{"textAlign":49},[155399],{"text":155400,"type":599},"RCS Global explores this twin challenge and, for the first time, provides a coherent picture of the responsible sourcing challenge the battery industry faces over the next decade.",{"type":594,"attrs":155402,"content":155403},{"textAlign":49},[155404],{"text":155405,"type":599},"The lithium-ion (Li-ion) battery is set to fuel a revolution in electric vehicles (EV), home energy storage and even the powering of entire cities. Yet, increasing demand for the li-ion battery is revealing and amplifying a wide spectrum of risks associated with the materials that make up the battery itself.",{"type":594,"attrs":155407,"content":155408},{"textAlign":49},[155409],{"text":155385,"type":599},{"type":594,"attrs":155411,"content":155412},{"textAlign":49},[155413],{"text":155390,"type":599},{"type":594,"attrs":155415,"content":155416},{"textAlign":49},[],{"type":594,"attrs":155418,"content":155419},{"textAlign":49},[155420],{"text":155421,"type":599},"Companies within these sectors are faced with the twin challenge of mitigating the major sourcing risks across these battery minerals while simultaneously responding to the rising external pressure factors compounding their impact.",{"type":594,"attrs":155423,"content":155424},{"textAlign":49},[155425],{"text":155426,"type":599},"This paper explores this twin challenge and, for the first time, provides a coherent picture of the responsible sourcing challenge the battery industry faces over the next decade.",{"type":657,"attrs":155428,"content":155429},{"level":985,"textAlign":49},[155430],{"text":155431,"type":599},"The battery story",{"type":594,"attrs":155433,"content":155434},{"textAlign":49},[155435],{"text":155436,"type":599},"While some analysts question the Li-ion battery’s long-term market position, its dominance over the next decade is assured due to significant recent progress on price and performance.",{"type":594,"attrs":155438,"content":155439},{"textAlign":49},[155440],{"text":155441,"type":599},"The cost of a lithium-ion battery cell has plummeted from $1300/kWh in 2011 to between $250/kWh and a low of $139/kWh today while mass market producers are securing lithium-ion batteries at an even lower rate.",{"type":594,"attrs":155443,"content":155444},{"textAlign":49},[155445],{"text":155446,"type":599},"This price drop has been matched by a major technological breakthrough with the new range of lithium-ion batteries finally allowing electric cars to reach the symbolic mark of 200 miles (320km) per charge.",{"type":594,"attrs":155448,"content":155449},{"textAlign":49},[],{"type":594,"attrs":155451,"content":155452},{"textAlign":49},[155453],{"text":155454,"type":599},"Major producers such as Volvo have announced that by 2019 all new vehicles will be at least part electrified.",{"type":594,"attrs":155456,"content":155457},{"textAlign":49},[155458],{"text":155459,"type":599},"Overall, growth in the electric car market is projected to increase to 140 million units by 2030 with the wider li-ion battery market expected to more than double by 2025 due to EV demand complemented by the growth of the residential and utility scale battery storage market.",{"type":594,"attrs":155461,"content":155462},{"textAlign":49},[155463],{"text":155464,"type":599},"The development this year of the world’s largest lithium-ion battery in South Australia marks the first of several utility and residential storage projects currently in progress globally.",{"type":657,"attrs":155466,"content":155467},{"level":985,"textAlign":49},[155468],{"text":155469,"type":599},"Deconstructing lithium ion",{"type":594,"attrs":155471,"content":155472},{"textAlign":49},[155473],{"text":155474,"type":599},"What materials are in play when discussing the lithium-ion battery? The anode in most lithium-ion batteries is predominantly made up of graphite which acts as host for the lithium ions.",{"type":594,"attrs":155476,"content":155477},{"textAlign":49},[155478],{"text":155479,"type":599},"For example, there are 54 kg of graphite in the battery anode of each Tesla Model S. In contrast, the make-up of the cathode varies widely with mineral compositions changing as researchers look to improve energy efficiency and safety.",{"type":594,"attrs":155481,"content":155482},{"textAlign":49},[155483],{"text":155484,"type":599},"But while multiple variations exist, there are currently three typical lithium-ion batteries used commercially, see table above. In the three types of battery outlined above, and in the varying other versions on the market, five prevalent materials emerge, which we refer to as the core “battery minerals and metals” :",{"type":594,"attrs":155486,"content":155487},{"textAlign":49},[155488],{"text":155489,"type":599},"Using these five ‘battery metals’ as the core focus, this paper unpicks the risks in these supply chains and outlines how they can be identified, managed and mitigated.",{"type":657,"attrs":155491,"content":155492},{"level":985,"textAlign":49},[155493],{"text":155494,"type":599},"Due diligence risk and impact, upstream to midstream",{"type":594,"attrs":155496,"content":155497},{"textAlign":49},[155498],{"text":155499,"type":599},"Responsible sourcing is becoming a focal point for battery buyers, investors, regulators, and the advocacy community as demand for the product increases. Yet the complexity and multiplicity of Li-ion battery supply chains makes the process hugely challenging.",{"type":594,"attrs":155501,"content":155502},{"textAlign":49},[155503],{"text":155504,"type":599},"The graphic below shows the supply chain of just one of these battery metals – cobalt – from source to battery and illustrates this complexity. The presence of ‘due diligence risk’ occurs at ALL levels of the supply chain and is compounded by market forces and public scrutiny.",{"type":594,"attrs":155506,"content":155507},{"textAlign":49},[],{"type":594,"attrs":155509,"content":155510},{"textAlign":49},[155511],{"text":155512,"type":599},"What is more, there is no easy, one size fits all solution. We define ‘due diligence risk’ as any combination of negative reputational, commercial, legal, and operational consequences associated with the issues described below.",{"type":657,"attrs":155514,"content":155515},{"level":985,"textAlign":49},[155516],{"text":155517,"type":599},"Potential non-compliance risks",{"type":594,"attrs":155519,"content":155520},{"textAlign":49},[155521],{"text":155522,"type":599},"Stringent sourcing and upstream production standards and market expectations have emerged in recent years driven by the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict- Affected and High-Risk Areas. The Guidance emphasizes :",{"type":594,"attrs":155524,"content":155525},{"textAlign":49},[155526],{"text":155527,"type":599},"Most sustainable mining standards, including the International Council on Mining and Metals (ICMM) 10 Principles, also focus on miners’:",{"type":594,"attrs":155529,"content":155530},{"textAlign":49},[],{"type":594,"attrs":155532,"content":155533},{"textAlign":49},[155534],{"text":155535,"type":599},"Based on information reported in the public domain , RCS Global primary research and expert insight, and information obtained as part of engagements in mineral supply chain due diligence, we have mapped and codified the risks related to the six areas outlined above and ranked the potential likelihood of them being present in each battery material supply chain.",{"type":594,"attrs":155537,"content":155538},{"textAlign":49},[155539],{"text":155540,"type":599},"Clearly product, brand, or supplier-specific investigations may reveal different risk levels. Furthermore, none of the supply chains highlighted below – with the exception of cobalt – have been fully investigated by any research organisation or advisory firm; the more investigation happens, the more risks will likely emerge.",{"type":594,"attrs":155542,"content":155543},{"textAlign":49},[],{"type":594,"attrs":155545,"content":155546},{"textAlign":49},[155547],{"text":155548,"type":599},"Yet this grid represents the first attempt to map the full spectrum or due diligence risks associated with the main inputs in a lithium ion battery. Many of the risks emphasized by internationally recognized standards are present in li-ion battery metal supply chains.",{"type":594,"attrs":155550,"content":155551},{"textAlign":49},[155552],{"text":155553,"type":599},"The most prevalent are environmental risks, followed by poor community relations, poor OHS conditions, and provenance from highrisk countries. Child labour and human rights abuses exist in cobalt supply chains, while there is the possibility that they may also surface in nickel and manganese.",{"type":594,"attrs":155555,"content":155556},{"textAlign":49},[155557],{"text":155558,"type":599},"These issues have received overwhelming media attention in recent months. Thus, while they may not be present in all battery supply chains, stakeholders will likely demand relatively greater due diligence on these perceived risks.",{"type":594,"attrs":155560,"content":155561},{"textAlign":49},[155562],{"text":155563,"type":599},"Given that cobalt is the ‘riskiest’ battery metal, while at the same time being the only one with a well investigated supply chain, it is likely that the risk levels associated to the other battery metals will change in the future – including a potential increase in publicly perceived risk.",{"type":594,"attrs":155565,"content":155566},{"textAlign":49},[155567],{"text":155568,"type":599},"In terms of the metals, cobalt remains the primary risk within the lithium-ion battery supply chain as highlighted in the RCS Global 2016 paper on “The Emerging Cobalt Challenge”. Across most metrics, it scores poorly.",{"type":594,"attrs":155570,"content":155571},{"textAlign":49},[],{"type":594,"attrs":155573,"content":155574},{"textAlign":49},[155575],{"text":155576,"type":599},"This may simply be due to the fact that cobalt has a more investigated supply chain as a result of the growing awareness around upstream risks associated with that metal. Yet risks loom across all five metals.",{"type":657,"attrs":155578,"content":155579},{"level":985,"textAlign":49},[155580],{"text":155581,"type":599},"Risks in context",{"type":594,"attrs":155583,"content":155584},{"textAlign":49},[155585],{"text":155586,"type":599},"Artisanal and Small-scale Mining (ASM) refers to mining by individuals, groups, families or cooperatives with minimal or no mechanization, often in the informal sector of the market.",{"type":594,"attrs":155588,"content":155589},{"textAlign":49},[155590],{"text":155591,"type":599},"It is estimated that there are around 100 million artisanal miners globally. This informal and largely ungoverned and unregulated nature of ASM poses myriad social risks, including forced labour, sexual violence, and ease of capture by corrupt elite interests or non-state groups.",{"type":594,"attrs":155593,"content":155594},{"textAlign":49},[155595],{"text":155596,"type":599},"ASM is particularly prevalent in cobalt and cobalt occurs as a by-product of nickel. Thus, ASM production of cobalt and nickel is likely to reach market, while there are also reports of manganese deposits in the Democratic Republic of Congo (DRC) that are artisanally mined.",{"type":594,"attrs":155598,"content":155599},{"textAlign":49},[155600],{"text":155601,"type":599},"Child labour risks exposed in the DRC’s cobalt sector over the past year have inflicted reputational damage on brands and have led companies to terminate business relationships with potentially affected suppliers.",{"type":594,"attrs":155603,"content":155604},{"textAlign":49},[155605],{"text":155606,"type":599},"It has also focussed attention on an uncomfortable truth: that child labour is still prevalent in minerals mining, especially in Africa and India. Reports about child labour in nickel-rich areas have started emerging as well and manganese’s exposure to ASM could also lead to child labour.",{"type":594,"attrs":155608,"content":155609},{"textAlign":49},[155610],{"text":155611,"type":599},"For downstream companies, the issue of provenance from high-risk countries is fundamentally an issue of assurance against minimum standards of production and trade and reputation.",{"type":594,"attrs":155613,"content":155614},{"textAlign":49},[155615],{"text":155616,"type":599},"Companies are linked and responsible (either legally or via reputation/ their own commitments) to the issues at source in a high-risk country even if they source from regions within those countries that may not be affected by instability.",{"type":594,"attrs":155618,"content":155619},{"textAlign":49},[155620],{"text":155621,"type":599},"This may expose other risks listed here as well as perceived links to disreputable governments such as Zimbabwe (lithium), Afghanistan (lithium), Madagascar (cobalt), the DRC (cobalt), or Mozambique (graphite). For example, the resurgence of violent conflict in Mozambique’s graphite mining region may raise concerns. Links to ‘conflict minerals’ have not yet been found.",{"type":594,"attrs":155623,"content":155624},{"textAlign":49},[],{"type":594,"attrs":155626,"content":155627},{"textAlign":49},[155628],{"text":155629,"type":599},"The challenge of environmental damage spans across all battery metals supply chains and all geographies. It can incorporate water, air and soil pollution, waste management and longer-term issues such as reclamation.",{"type":594,"attrs":155631,"content":155632},{"textAlign":49},[155633],{"text":155634,"type":599},"Examples include air pollution in India and China water contamination in the South American ‘lithium triangle’ and in Guatemala and Indonesia due to nickel mining. Illegal deforestation also often occurs to make room for nickel mines as happening in the Philippines.",{"type":594,"attrs":155636,"content":155637},{"textAlign":49},[155638],{"text":155639,"type":599},"Environmental damage often serves as a flashpoint for community grievances and if unaddressed can lead to other serious impacts based on conflict including human rights abuses.",{"type":594,"attrs":155641,"content":155642},{"textAlign":49},[155643],{"text":155644,"type":599},"Another issue that has been flagged is the high carbon footprint of lithium mining and processing. Environmental issues can be particularly damaging to li-ion battery supply chains due to the perceived ‘green credentials’ of EVs.",{"type":594,"attrs":155646,"content":155647},{"textAlign":49},[155648],{"text":155649,"type":599},"The World Bank’s recent report ‘The Growing Role of Minerals and Metals for a Low-Carbon Future’ underlines this point, calling for a debate on how to balance the potential low-carbon gains from lithium ion with the potential socio-environmental impact of rising battery metal demands.",{"type":594,"attrs":155651,"content":155652},{"textAlign":49},[155653],{"text":155654,"type":599},"Mining operations can violate indigenous peoples’ rights and/or traditions, as occurring in the lithium-rich areas of Argentina, for instance.",{"type":594,"attrs":155656,"content":155657},{"textAlign":49},[155658],{"text":155659,"type":599},"Forced evictions around cobalt mines in the DRC or local community protests over manganese mining in Burkina Faso are further examples. Poor community relationships can contribute to a loss of mining companies’ social license to operate, making it more costly or impossible for companies to guarantee the security of operations.",{"type":594,"attrs":155661,"content":155662},{"textAlign":49},[155663],{"text":155664,"type":599},"OHS problems feature prominently in many companies’ battery supply chains. Inadequate protective equipment or exposure to pollution can cause workers’ health problems and deadly accidents.",{"type":594,"attrs":155666,"content":155667},{"textAlign":49},[155668],{"text":155669,"type":599},"Poor OHS conditions have been highlighted in graphite mining and processing in China, nickel transportation in the Philippines, and manganese mining in Namibia . Additionally, strikes due to poor working conditions can have negative impacts on large miners’ bottom lines and supply commitments.",{"type":594,"attrs":155671,"content":155672},{"textAlign":49},[155673],{"text":155674,"type":599},"Should those impacts be reported on, as they have in graphite, manganese and cobalt, they can cause substantial harm to the companies purchasing from those entities.",{"type":657,"attrs":155676,"content":155677},{"level":985,"textAlign":49},[155678],{"text":155679,"type":599},"Battery materials snapshot",{"type":594,"attrs":155681,"content":155682},{"textAlign":49},[],{"type":594,"attrs":155684,"content":155685},{"textAlign":49},[155686],{"text":155687,"type":599},"The above non-exhaustive map offers a global snapshot of incidents related to the abovementioned risks covered by mainstream media outlets over the last two years.",{"type":594,"attrs":155689,"content":155690},{"textAlign":49},[155691],{"text":155692,"type":599},"Purely showing some of the kinds of incidents which have reached public attention over this period – the map illustrates the multiplicity in geography and risk type that companies are facing.",{"type":594,"attrs":155694,"content":155695},{"textAlign":49},[155696],{"text":155697,"type":599},"What this means for companies in the battery supply chain: Incidents are occurring in battery supply chains that are in noncompliance with recognized industry standards on responsible sourcing. We project that as lithium-ion demand grows, so will the volume of incidents and issues within the core battery metal supply chains.",{"type":657,"attrs":155699,"content":155700},{"level":985,"textAlign":49},[155701],{"text":155702,"type":599},"The ‘China processing risk’",{"type":594,"attrs":155704,"content":155705},{"textAlign":49},[155706],{"text":155707,"type":599},"But risk is not only present in the upstream. The pivotal role China plays as the fulcrum for virtually all lithium-ion battery production has significant implications for downstream industry compliance.",{"type":594,"attrs":155709,"content":155710},{"textAlign":49},[155711],{"text":155712,"type":599},"There are a group of responsible sourcing risks associated with the minerals processing and industrial sector in China:",{"type":594,"attrs":155714,"content":155715},{"textAlign":49},[155716],{"text":155717,"type":599},"Some Chinese mines have even been shut down due to growing scrutiny around environmental and labour practices.",{"type":594,"attrs":155719,"content":155720},{"textAlign":49},[155721],{"text":155722,"type":599},"For example, in 2013, up to 55 graphite processors and miners in the province of Shandong – making up 20% of China’s graphite supply – were ordered by the local government to halt production on environmental grounds.",{"type":657,"attrs":155724,"content":155725},{"level":985,"textAlign":49},[155726],{"text":155727,"type":599},"An improving risk environment",{"type":594,"attrs":155729,"content":155730},{"textAlign":49},[155731],{"text":155732,"type":599},"However, the China story is nuanced. Far from being completely regressive, China has also seen advances in responsible sourcing and production across several areas.",{"type":594,"attrs":155734,"content":155735},{"textAlign":49},[155736],{"text":155737,"type":599},"For instance, the China Chamber of Commerce of Metals Minerals & Chemicals Importers & Exporters (CCCMC) launched the Chinese Due Diligence Guidelines for Responsible Mineral Supply Chains in 2015 and was instrumental in launching the Responsible Cobalt Initiative (RCI) in 2016.",{"type":594,"attrs":155739,"content":155740},{"textAlign":49},[155741],{"text":155742,"type":599},"From an RCS Global perspective, we have also seen a significant increase in engagement from Chinese producers and processors aiming to bring company practices in to line with global good practice standards.",{"type":594,"attrs":155744,"content":155745},{"textAlign":49},[155746],{"text":155747,"type":599},"RCS Global is currently advising the CCCMC and the RCI on the development of responsible sourcing audit protocols. What this means for companies in the battery supply chain: Given that it is extremely difficult to avoid China due to its dominance in the processing and manufacturing market, it is difficult to avoid the ‘China processing risk’. This means ongoing and significant engagement with Chinese manufacturers and the government is needed to achieve responsible sourcing objectives.",{"type":657,"attrs":155749,"content":155750},{"level":985,"textAlign":49},[155751],{"text":155752,"type":599},"The dangerous unknowns of battery metal supply chains",{"type":594,"attrs":155754,"content":155755},{"textAlign":49},[155756],{"text":155757,"type":599},"As demand for battery metals increases, it is likely that there will be a growing number of new companies entering the market in the upstream and mid-stream. Already in lithium, most new supply is coming from smaller companies and non-mining companies.",{"type":594,"attrs":155759,"content":155760},{"textAlign":49},[155761],{"text":155762,"type":599},"Analysts fear that these comparatively smaller producers or traders either do not have the budgets to properly manage responsible sourcing challenges and compliance or simply do not have the will to respect regulation and good practice. This issue may be further exacerbated in areas where environmental codes and social conditions are not protective or inclusive.",{"type":594,"attrs":155764,"content":155765},{"textAlign":49},[155766],{"text":155767,"type":599},"Another important factor is the ‘quality’ of mining companies dominating each of these metals. Internationally-listed and reputable mining companies may at first glance decrease risk. However, there are no widely agreed upon responsible sourcing standards or reporting frameworks for battery materials (RCS Global is currently developing the first responsible sourcing framework for the cobalt industry with the Cobalt Development Institute). Thus, producers must be assessed against supply chain-specific criteria that may reveal due diligence challenges even in larger mining companies.",{"type":594,"attrs":155769,"content":155770},{"textAlign":49},[],{"type":594,"attrs":155772,"content":155773},{"textAlign":49},[155774],{"text":155775,"type":599},"At present – with the exception of cobalt – none of the above-mentioned battery metal supply chains have been fully investigated and some lack any tangible investigation at all.",{"type":594,"attrs":155777,"content":155778},{"textAlign":49},[155779],{"text":155780,"type":599},"The last year has seen significant progress in cobalt with RCS Global among organizations who have effectively completed investigated the cobalt supply chain. However, nickel and manganese, for instance, have virtually no comprehensive traceability.",{"type":594,"attrs":155782,"content":155783},{"textAlign":49},[155784],{"text":155785,"type":599},"As explained in the section on upstream risks related to conflict-affected countries, sourcing countries for battery metals include several developing countries with governance deficits and conflict potential.",{"type":594,"attrs":155787,"content":155788},{"textAlign":49},[155789],{"text":155790,"type":599},"Conflicts or hostile governments affecting mineral supply and natural resource governance can occur unsuspectedly in countries like Afghanistan (lithium), Zimbabwe (lithium), Madagascar (cobalt), Tanzania (graphite), or Mozambique (graphite).",{"type":594,"attrs":155792,"content":155793},{"textAlign":49},[155794],{"text":155795,"type":599},"Several producers of end products and battery components have started to examine ways to reduce their reliance on mining by increasingly sourcing from recycled material. However, working conditions and environmental issues relating to battery recycling are largely unknown to the public.",{"type":594,"attrs":155797,"content":155798},{"textAlign":49},[155799],{"text":155800,"type":599},"The lead acid battery recycling market is already under scrutiny for labour and environmental concerns and several analysts and campaigning organisation have begun to now look to the li-ion battery as well.",{"type":594,"attrs":155802,"content":155803},{"textAlign":49},[155804],{"text":155805,"type":599},"Further potential risks for recycling are the potential reliance on a small number of suppliers in the largely undeveloped recycling market and the absence of common industry standards and regulation.",{"type":594,"attrs":155807,"content":155808},{"textAlign":49},[155809],{"text":155810,"type":599},"Leading companies have started their own research for purposes of identifying the benefits of so-called ‘closed loop supply chains’. What this means for companies in the battery supply chain: The more you look into risks, the more issues you may find.",{"type":594,"attrs":155812,"content":155813},{"textAlign":49},[155814],{"text":155815,"type":599},"A company may not know what risks are hidden in its supply chain. There may be substantial risks beyond the ones identified earlier, including suppliers that refuse to be transparent on potential risks.",{"type":594,"attrs":155817,"content":155818},{"textAlign":49},[155819],{"text":155820,"type":599},"It is also premature to consider heavily relying on recycling for battery inputs in the short term. A gradual shift may be more recommendable.",{"type":657,"attrs":155822,"content":155823},{"level":985,"textAlign":49},[155824],{"text":155825,"type":599},"Risk multipliers",{"type":594,"attrs":155827,"content":155828},{"textAlign":49},[155829],{"text":155830,"type":599},"In addition to the risks identified above, there are rising external pressures that act as risk multipliers and are further bringing the issue of responsible sourcing into sharp focus and driving the need for action.",{"type":657,"attrs":155832,"content":155833},{"level":985,"textAlign":49},[155834],{"text":155835,"type":599},"Supply shortages & concentrated production",{"type":594,"attrs":155837,"content":155838},{"textAlign":49},[155839],{"text":155840,"type":599},"First, the growing demand and competition for battery metals, not least in cobalt and lithium, will further constrict downstream actors’ ability to be selective when establishing supply chains. Analysts project the cobalt supply deficit to increase by 83% to 5,340 tonnes between 2018 and 2020.",{"type":594,"attrs":155842,"content":155843},{"textAlign":49},[155844],{"text":155845,"type":599},"A compounding factor for supply bottlenecks is the long lead time in developing new mines (development can take up to 10 years ). Automotive industry representatives have also stated that supplies of lithium are of the greatest concern to carmakers, as production struggles to keep up with demand.",{"type":594,"attrs":155847,"content":155848},{"textAlign":49},[155849],{"text":155850,"type":599},"Annual lithium production would need to grow by 94% over the next 20 years to satisfy the projected demand from the EV market. What is more, lithium production is dominated by only four companies.",{"type":594,"attrs":155852,"content":155853},{"textAlign":49},[],{"type":594,"attrs":155855,"content":155856},{"textAlign":49},[155857],{"text":155858,"type":599},"Some experts see a potential risk of cartels developing in lithium and cobalt. Mismatches between supply and demand in the short- and medium-term could increase producer leverage while weakening the downstream’s ability to re-direct supply chains away from high-risk producers.",{"type":594,"attrs":155860,"content":155861},{"textAlign":49},[155862],{"text":155863,"type":599},"What is more, the production and reserves of battery metals are either concentrated in a small number of countries, come from countries that have been identified as sources of responsible sourcing risks in earlier (see map above), or both:",{"type":657,"attrs":155865,"content":155866},{"level":985,"textAlign":49},[155867],{"text":155868,"type":599},"Increasing public scrutiny",{"type":594,"attrs":155870,"content":155871},{"textAlign":49},[155872],{"text":155873,"type":599},"The lithium-ion battery market is also facing rising pressure directed at their responsible sourcing practices by the media, campaigning NGOs, a growing number of trade, regulatory and legislative bodies, and consumers themselves. And public scrutiny – and with-it stakeholder awareness – around the responsible sourcing risks associated with battery metals will continue to increase:",{"type":594,"attrs":155875,"content":155876},{"textAlign":49},[155877],{"text":155878,"type":599},"The first three steps are already happening in battery metals. It is thus likely that more standards and initiatives specific to battery metals will appear, followed by increased debate on legislation. What this means for companies: If sufficient due diligence is not conducted, a company may risk not complying with increasingly strict industry standards (which may result in loss of business relationships and reputational damage) or, worse, international and domestic laws (which may result in loss of business licenses or lawsuits).",{"type":594,"attrs":155880,"content":155881},{"textAlign":49},[],{"type":657,"attrs":155883,"content":155884},{"level":985,"textAlign":49},[155885],{"text":155886,"type":599},"Recap: A complex, self compounding risk environment",{"type":594,"attrs":155888,"content":155889},{"textAlign":49},[155890],{"text":155891,"type":599},"In summary, having assessed each of the five main battery metals, three risk levels emerge, all of which are amplified by growing external scrutiny and pressure: Many of the risks identified above are of a humanitarian nature and companies have a social responsibility to address them, but responsible sourcing is not only a corporate social responsibility (CSR) issue.",{"type":594,"attrs":155893,"content":155894},{"textAlign":49},[155895],{"text":155896,"type":599},"Not responding to these risks can have potential reputational, commercial, legal, and operational consequences for businesses in the battery supply chain which can affect the bottom line:",{"type":594,"attrs":155898,"content":155899},{"textAlign":49},[155900],{"text":155901,"type":599},"Risk management options",{"type":594,"attrs":155903,"content":155904},{"textAlign":49},[155905],{"text":155906,"type":599},"As we have established, disengagement from specific battery metal supply chains is not an option given heightened demand and competition plus the comparatively concentrated supply. A company simply cannot redirect its supply chain away from high risk producers or regions in the upstream. Equally in the midstream, disengagement with China is also impossible given its dominance within battery metal processing. Companies have to act.",{"type":594,"attrs":155908,"content":155909},{"textAlign":49},[155910],{"text":155911,"type":599},"From an external stakeholder perspective, and that of a growing number of companies in the supply chain, basic “box ticking” and “just enough” approaches to compliance are no longer sufficient.",{"type":594,"attrs":155913,"content":155914},{"textAlign":49},[155915],{"text":155916,"type":599},"There is also an increasing gap between this approach and the consensus forming around adherence to the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.",{"type":594,"attrs":155918,"content":155919},{"textAlign":49},[155920],{"text":155921,"type":599},"The completion of relevant supply chain audits and initial mapping exercises remain critical processes. Indeed, they are the tool to prove core due diligence has been undertaken and an excellent foundation for building a more comprehensive future due diligence program.",{"type":594,"attrs":155923,"content":155924},{"textAlign":49},[155925],{"text":155926,"type":599},"For companies looking to begin participating in responsible sourcing – auditing and supply chain mapping is the gateway to doing so. But market expectations are moving towards more active engagement in the supply chain as evidenced by the trend in cobalt over the last year.",{"type":594,"attrs":155928,"content":155929},{"textAlign":49},[155930],{"text":155931,"type":599},"Equally, many companies are simply becoming jaded by due diligence processes that meet base-level compliance requirements but deliver little new information or structural improvement in the supply chain itself.",{"type":594,"attrs":155933,"content":155934},{"textAlign":49},[155935],{"text":155936,"type":599},"Having established compliance through industry audit programs and supply chain mapping, more and more companies are now looking to move beyond compliance, towards active participation.",{"type":594,"attrs":155938,"content":155939},{"textAlign":49},[155940],{"text":155941,"type":599},"Given this context, three broad stages or “steps” are emerging for downstream businesses looking to establish responsible sourcing, not least in battery metals.",{"type":594,"attrs":155943,"content":155944},{"textAlign":49},[155945],{"text":155946,"type":599,"marks":155947},"Contributor: RCS Global is a world leading advisory, audit and training company specializing in the responsible sourcing of natural resources. RCS Global hosted the Sustainable Souring Roundtable at Benchmark Mineral Intelligence’s Cathodes 2017, 8-10 October 2017.",[155948],{"type":643},{"type":594,"attrs":155950,"content":155951},{"textAlign":49},[],"As new battery technology transforms consumer markets, there is a growing realisation that the transition to electric is not without social and environmental risks in the countries where battery materials – specifically cobalt, lithium, nickel, graphite and manganese – are mined and chemically processed into battery grade materials. These risks present significant reputational, legal, compliance […]",[155954],{"slug":544,"name":543,"content":155955},{"job_title":557,"image":155956,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"47b2bb37-e046-466c-8c3e-6b2829c61ea9\", \"id\": \"\"}-->",[155959,155960],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":155962,"copyright":547,"fieldtype":553,"meta_data":155963,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/559f4c6b66/bm-screen-shot-2017-11-27-at-093600.png",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 27, 2017",{"id":155966,"uuid":155967,"name":155968,"slug":155969,"full_slug":155970,"content":155971},112474688103343,"64dcef76-4ec4-4f74-b6ab-f57a81f77a9b","Cryptocurrency and minerals","cryptocurrency-and-minerals","article/cryptocurrency-and-minerals",{"_uid":155972,"date":155973,"tags":155974,"editor":155975,"content":155979,"excerpt":156134,"featured":50,"reporter":156135,"_editable":156139,"component":864,"seo_title":155968,"categories":156140,"visibility":882,"author_company":49,"featured_image":156143,"seo_description":156134,"author_full_name":49,"author_job_title":49,"formattedDate":156146},"fdedb277-0205-4857-be23-5080911bf7ce","2017-11-24 00:00",[],[155976],{"slug":544,"name":543,"content":155977},{"job_title":557,"image":155978,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":155980},[155981,155986,155991,155996,156001,156006,156011,156016,156021,156026,156031,156034,156039,156044,156052,156057,156062,156067,156072,156077,156082,156087,156092,156097,156102,156107,156112,156117,156122,156127],{"type":594,"attrs":155982,"content":155983},{"textAlign":49},[155984],{"text":155985,"type":599},"By Daniel Koffler",{"type":594,"attrs":155987,"content":155988},{"textAlign":49},[155989],{"text":155990,"type":599},"Consider it for a moment. What if mining companies were able to begin selling and trading the value of deposits in the ground before they were dug up?",{"type":594,"attrs":155992,"content":155993},{"textAlign":49},[155994],{"text":155995,"type":599},"The last 12 months have seen a lot of hype surrounding potential blockchain application in many technology and financial publications and mass media in general. The public’s fascination with blockchain based cryptocurrencies like Bitcoin and Ether has been the focal point of much of this attention.",{"type":594,"attrs":155997,"content":155998},{"textAlign":49},[155999],{"text":156000,"type":599},"Bitcoin and (to a lesser extent) Ether have become significant global value stores and are already starting to capture a significant percentage of “safe haven” value transfer that for at least of a couple of millennia has been dominated by precious materials pulled from the Earth such as gold, silver and diamonds.",{"type":594,"attrs":156002,"content":156003},{"textAlign":49},[156004],{"text":156005,"type":599},"Michelle Ash, Chief Innovation Officer at Barrick Gold recently even wondered aloud on social media as to whether Bitcoin would soon become a greater store of value than gold.",{"type":594,"attrs":156007,"content":156008},{"textAlign":49},[156009],{"text":156010,"type":599},"While this is a fascinating trend, the intent of this article is not to focus existing cryptocurrencies, but to explore some of the other significant changes blockchain technology will likely bring to the metals and mining industry in the coming years.",{"type":657,"attrs":156012,"content":156013},{"level":985,"textAlign":49},[156014],{"text":156015,"type":599},"Tokenisation of physical assets",{"type":594,"attrs":156017,"content":156018},{"textAlign":49},[156019],{"text":156020,"type":599},"One of the most fundamentally transformative capabilities blockchain brings to the metals and mining industry is its ability to tokenise physical items and allow for the distribution, sale and trading of these new representative digital assets without the costs and overhead involved in equivalent physical world manipulations of the asset.",{"type":594,"attrs":156022,"content":156023},{"textAlign":49},[156024],{"text":156025,"type":599},"A perfect exemplar of this capability is the RMG product developed by the UK’s Royal Mint. This year, the more than 1,000 year old Her Majesty’s Royal Mint will begin offering a blockchain based digital token called RMG (Royal Mint Gold). Each RMG is the tokenized equivalent of 1 gram of physical gold located in the Royal Mint vaults.",{"type":594,"attrs":156027,"content":156028},{"textAlign":49},[156029],{"text":156030,"type":599},"In issuing these tokens, the British Royal Mint is looking to transform the global gold trading market. Today, when you trade in gold on the spot market, you are subject to fees such as handling and warehousing fees for the gold you own on paper. These fees add up quickly and can significantly effect the cost and profitability of gold trades.",{"type":594,"attrs":156032,"content":156033},{"textAlign":49},[],{"type":594,"attrs":156035,"content":156036},{"textAlign":49},[156037],{"text":156038,"type":599},"The Royal Mint RMG market is designed to eliminate these extraneous fees altogether and allow much more frictionless trading and exchange of gold value. The Mint is guaranteeing that RMGs will always hold at least as much value as physical gold by promising to buy back RMGs at current gold trading prices should RMG value drop below physical gold value for more than 3 days.",{"type":594,"attrs":156040,"content":156041},{"textAlign":49},[156042],{"text":156043,"type":599},"Select Mint partners are even authorized to create, sell and trade their own derivatives based on RMGs. And to top all this off, RMGs will always be redeemable for the physical gold they represent. That’s right, you can trade in your RMGs for physical gold whenever you like.",{"type":657,"attrs":156045,"content":156046},{"level":985,"textAlign":49},[156047,156049,156050],{"text":156048,"type":599},"Reversing Cash",{"text":131139,"type":599},{"text":156051,"type":599},"Flow",{"type":594,"attrs":156053,"content":156054},{"textAlign":49},[156055],{"text":156056,"type":599},"While the staid Royal Mint is very careful in its marketing of the RMG product, the global implications could be staggering. In essence this year there will be a cryptocurrency based on the gold standard (like almost all national currencies were prior to the 1970s) and it is fully backed by the British Government.",{"type":594,"attrs":156058,"content":156059},{"textAlign":49},[156060],{"text":156061,"type":599},"The implications for the metals and mining industry are even greater. The Royal Mint has tokenized metal being held in its vaults. What if mining companies could tokenise metals and other materials that are still in the ground (the best vault in the world)? Consider it again. What if mining companies were able to begin selling and trading the value of deposits in the ground before they were dug up?",{"type":594,"attrs":156063,"content":156064},{"textAlign":49},[156065],{"text":156066,"type":599},"The company could then purchase insurance against its ability to mine and deliver the metal to market. This would change the entire cash-flow structure of the mining industry. Miners would be able to produce cash based on the estimated size of exploration deposits and then pay to produce the metal.",{"type":594,"attrs":156068,"content":156069},{"textAlign":49},[156070],{"text":156071,"type":599},"The changes this would create within the metals and mining industry are staggering.",{"type":657,"attrs":156073,"content":156074},{"level":985,"textAlign":49},[156075],{"text":156076,"type":599},"Smarter Contracts, Fewer Lawyers",{"type":594,"attrs":156078,"content":156079},{"textAlign":49},[156080],{"text":156081,"type":599},"Another capability many blockchain implementations bring to the table (particularly Etherium) is the ability to create and execute smart contracts. These are the equivalent of legal contracts, yet instead of being written in legalese and possibly open to interpretation, smart contracts are written as small snippets of computer code that get executed by a triggering event. They are testable (so the outcome should never be a surprise).",{"type":594,"attrs":156083,"content":156084},{"textAlign":49},[156085],{"text":156086,"type":599},"You can create models and simulations to test various outcomes based on any number of factors, and because they execute against a blockchain, execution and settlement tend to happen simultaneously. Think about how much time, cost and risk this eliminates from current contract structures. Lawyers aren’t required to draft contracts, they simply need to assert that the agreed terms don’t violate existing laws or regulations. There is no human intervention required to execute terms of the contract.",{"type":594,"attrs":156088,"content":156089},{"textAlign":49},[156090],{"text":156091,"type":599},"For instance when product is delivered to a customer, either the customer or even the transportation vehicle itself can assert to the blockchain that delivery has happened and the terms of payment get automatically executed and settled.",{"type":594,"attrs":156093,"content":156094},{"textAlign":49},[156095],{"text":156096,"type":599},"No letters of credit, no financial institution intermediaries, no arguments, no misunderstandings, no excuses, no waiting. As more and more transaction migrate to smart contracts it may even be possible to eliminate accounts receivable and payable functions altogether. Using blockchain to prove product provenance is another interesting use case.",{"type":594,"attrs":156098,"content":156099},{"textAlign":49},[156100],{"text":156101,"type":599},"The Kimberly Process, responsible for providing certificates of origin and serial numbers to ensure diamonds on the market are not blood diamonds, is already investigating moving to a blockchain based system and it makes sense. Anywhere a paper certificate might be forged or lost is a great place to investigate using blockchain.",{"type":594,"attrs":156103,"content":156104},{"textAlign":49},[156105],{"text":156106,"type":599},"But product provenance goes beyond this. If we get production systems in metals and mining to start reporting data directly from the production process onto a blockchain system, we can instantly calculate and prove details such as product origin, custodial chain and the end to end carbon footprint involved in producing any particular tonne of ore.",{"type":594,"attrs":156108,"content":156109},{"textAlign":49},[156110],{"text":156111,"type":599},"Furthermore, if we are generating renewable energy elsewhere or buying carbon credits to offset production emissions, we can prove to our customers and regulators that we are not double counting or otherwise fudging the system. Publishing asset maintenance records onto a blockchain system would also provide a number of benefits.",{"type":594,"attrs":156113,"content":156114},{"textAlign":49},[156115],{"text":156116,"type":599},"From a regulatory standpoint we could instantly prove maintenance has been done without having to manually create and submit compliance reports internally or to regulators. Furthermore, if we were then to sell assets either due to a divestiture or shutdown, we can provide the purchaser with cradle to grave records for the assets in question.",{"type":594,"attrs":156118,"content":156119},{"textAlign":49},[156120],{"text":156121,"type":599},"Assets themselves could even query the blockchain for maintenance and operator information and be programmed to block usage if proper maintenance has not been done or the operator is not certified to operate the asset.",{"type":594,"attrs":156123,"content":156124},{"textAlign":49},[156125],{"text":156126,"type":599},"We’ve only begun to scratch the surface of some of the more interesting blockchain use cases within the metals and mining industry. The technology holds a lot of promise in almost every industry and I am very excited to see what the future will bring.",{"type":594,"attrs":156128,"content":156129},{"textAlign":49},[156130],{"text":156131,"type":599,"marks":156132},"Contributor: Daniel Koffler is based in Montreal, Canada. He is Senior Manager, Emerging Technology at Rio Tinto, former CTO at Rio Tinto Alcan and has co-founded many technology start-up companies.",[156133],{"type":643},"By Daniel Koffler Consider it for a moment. What if mining companies were able to begin selling and trading the value of deposits in the ground before they were dug up? The last 12 months have seen a lot of hype surrounding potential blockchain application in many technology and financial publications and mass media in […]",[156136],{"slug":544,"name":543,"content":156137},{"job_title":557,"image":156138,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fdedb277-0205-4857-be23-5080911bf7ce\", \"id\": \"\"}-->",[156141,156142],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":156144,"copyright":547,"fieldtype":553,"meta_data":156145,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/23755dbf5d/bm-screen-shot-2017-11-24-at-121112.png",{"alt":547,"title":547,"source":547,"copyright":547},"Nov 24, 2017",{"id":156148,"uuid":156149,"name":156150,"slug":156151,"full_slug":156152,"content":156153},112474683355978,"e044a700-632e-4bd4-b676-b99c3d5be2e2","Global battery arms race reaches new peak","global-battery-arms-race-reaches-new-peak","article/global-battery-arms-race-reaches-new-peak",{"_uid":156154,"date":155973,"tags":156155,"editor":156156,"content":156160,"excerpt":156302,"featured":50,"reporter":156303,"_editable":156307,"component":864,"seo_title":156150,"categories":156308,"visibility":882,"author_company":49,"featured_image":156311,"seo_description":156302,"author_full_name":49,"author_job_title":49,"formattedDate":156146},"d6eff513-ea8c-46ec-b130-94ce5066b93d",[],[156157],{"slug":544,"name":543,"content":156158},{"job_title":557,"image":156159,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":156161},[156162,156167,156172,156177,156182,156185,156190,156195,156200,156205,156210,156213,156218,156223,156228,156233,156238,156241,156246,156251,156256,156261,156266,156274,156279,156282,156287,156292,156297],{"type":594,"attrs":156163,"content":156164},{"textAlign":49},[156165],{"text":156166,"type":599},"Lithium-ion battery megafactory capacity pipeline intensifies as China’s automakers lock in lithium supply, investors round on SQM, and Tesla inks new Shanghai plant",{"type":594,"attrs":156168,"content":156169},{"textAlign":49},[156170],{"text":156171,"type":599},"The lithium ion battery megafactory capacity in the pipeline for 2021 has reached a new peak this year after Benchmark Mineral Intelligence’s tracker topped 153 GWh of new capacity announced in 2017.",{"type":594,"attrs":156173,"content":156174},{"textAlign":49},[156175],{"text":156176,"type":599},"This beats last year’s new capacity figure of 149GWh as battery manufacturers scramble to build additional cell capacity in time for the revolution in the electric vehicle (EV) and energy storage demand taking the new total at 372GWh.",{"type":594,"attrs":156178,"content":156179},{"textAlign":49},[156180],{"text":156181,"type":599},"Considering that the global lithium ion cell output in 2014 when the tracker started was 50GWh, this is a step change for the industry. Ever since Tesla announced its Gigafactory project in February 2014, the world has been in the midst of a global battery arms race and has experienced the rise of new battery megafactories, many of which are an order of magnitude bigger than what was in place only a few years ago.",{"type":594,"attrs":156183,"content":156184},{"textAlign":49},[],{"type":594,"attrs":156186,"content":156187},{"textAlign":49},[156188],{"text":156189,"type":599},"The planning and construction of these multi-billion-dollar battery plants that can produce lithium ion cells in the gigawatt hours of capacity (GWh) – enough to supply anything from 100,000 to 500,000 EVs annually – has reached fever pitch in the last 18 months. Benchmark Mineral Intelligence’s Lithium ion Megafactory Tracker began with two super battery plants in the pipeline: Tesla’s Gigafactory in Nevada and Samsung SDI’s Xian plant in China.",{"type":594,"attrs":156191,"content":156192},{"textAlign":49},[156193],{"text":156194,"type":599},"The most recent megafactories that have been added to the Benchmark tracker include Terra E Holding’s 34GWh plant in Germany that is presently at the planning stage as 17 of the country’s industrial groups seek to finalise Europe’s second battery plant and first megafactory above 10GWh.",{"type":594,"attrs":156196,"content":156197},{"textAlign":49},[156198],{"text":156199,"type":599},"At present, LG Chem’s new cell plant in Poland remains Europe’s only cell manufacturing facility in the pipeline while Samsung SDI in Hungary and Daimler/Mercedes in Kamenz, Germany are expanding EV pack capacity. In addition to Terra E Holding’s, new megafactories in 2017 include Northvolt in Sweden and, most recently, Automotive Energy Supply Corp’s (AESC) 20GWh project in Zhenjiang, a city which sits on the Yangtze River banks, 250km northwest of Shanghai.",{"type":594,"attrs":156201,"content":156202},{"textAlign":49},[156203],{"text":156204,"type":599},"China’s Great Wall Motors Company is looking to establish itself as a battery producer with a 20GWh cell plant as it plans to roll out a variety of pure EV models. Great Wall’s EV plan sparked an investment of A$28m ($22m) into Australian hard rock lithium developer, Pilbara Minerals, for 75,000 tpa of spodumene feedstock to produce battery grade lithium carbonate.",{"type":594,"attrs":156206,"content":156207},{"textAlign":49},[156208],{"text":156209,"type":599},"The feedstock supply will be sourced from Stage 2 of Pilbara’s Pilgangoora project in Western Australia and could rise to 150,000 tpa. It is the first time an auto-maker has invested upstream into the raw materials segment of the supply chain and could set the tone for the next 5 years.",{"type":594,"attrs":156211,"content":156212},{"textAlign":49},[],{"type":594,"attrs":156214,"content":156215},{"textAlign":49},[156216],{"text":156217,"type":599},"It is especially of interest as 32% of world-leading lithium producer, SQM SA, is now up for sale as shareholder PotashCorp looks to offload its stake for regulatory reasons over its purchase of fertiliser producer, Agrium.",{"type":594,"attrs":156219,"content":156220},{"textAlign":49},[156221],{"text":156222,"type":599},"There are a number of major industrial groups vying for the $4bn stake including China’s state chemical group, Sinochem, the fund that purchased battery producer AESC, GSR Capital, and lithium chemical convertor, Sichuan Tianqi.",{"type":594,"attrs":156224,"content":156225},{"textAlign":49},[156226],{"text":156227,"type":599},"However, increasing government control over new lithium production in Chile has discouraged new investment Atacama meaning any sale may have to wait for the country’s elections in Q4. Any change in government could lead to the largest lithium rush that Chile has seen.",{"type":594,"attrs":156229,"content":156230},{"textAlign":49},[156231],{"text":156232,"type":599},"At present, investment into battery grade raw materials, lithium especially, has flowed from players in China’s supply chain, specifically lithium chemical convertors like Ganfeng Lithium and Sichuan Tianqi.",{"type":594,"attrs":156234,"content":156235},{"textAlign":49},[156236],{"text":156237,"type":599},"The move from Great Wall, one of China’s largest vehicle manufacturers, is significant not only for lithium but for the EV supply chain as it could spark non-Chinese manufacturers to invest in lithium, cobalt, nickel or graphite operations as competition for raw material intensifies.",{"type":594,"attrs":156239,"content":156240},{"textAlign":49},[],{"type":594,"attrs":156242,"content":156243},{"textAlign":49},[156244],{"text":156245,"type":599},"“It highlights the strategic importance for the global automotive sector of securing access to large scale, consistent, high quality sources of battery raw materials,” said Ken Brinsden, Managing Director of Pilbara Minerals. “While this deal reflects the remarkable progress being made in China, we are also witnessing increasing interest from battery and automobile manufacturers outside of China looking to secure their future lithium requirements, in response to an increasingly global market shift towards electric vehicles and off-grid storage,” Brinsden explained.",{"type":594,"attrs":156247,"content":156248},{"textAlign":49},[156249],{"text":156250,"type":599},"Volkswagen Group’s public pursuit of up to 100,000 tonnes of cobalt in Q3 – the equivalent of last year’s total supply and more than double that of the battery grade material output in 2017 – highlighted the scaling difficulties faced by the raw material markets.",{"type":594,"attrs":156252,"content":156253},{"textAlign":49},[156254],{"text":156255,"type":599},"It also pointed to the need for an attitude change for the large OEMs that are used to exerting ultimate power over their supply chains. The reality of today’s battery grade raw material markets is that the power lies with the producers and with prices at a 10-year high there is little desire or need to lock in long term deals.",{"type":594,"attrs":156257,"content":156258},{"textAlign":49},[156259],{"text":156260,"type":599},"This is despite cathode and battery manufacturers seeking 3 to 5 year contracts. This is especially true when demands from OEMs are so high that shared capital risk in expanding the raw material and cathode sections of the supply chain must take place.",{"type":657,"attrs":156262,"content":156263},{"level":985,"textAlign":49},[156264],{"text":156265,"type":599},"Tesla in Shanghai: NCM or NCA?",{"type":594,"attrs":156267,"content":156268},{"textAlign":49},[156269,156270,156272],{"text":68376,"type":599},{"text":156271,"type":599},"Benchmark Quarterly Review",{"text":156273,"type":599}," was going to press, Tesla reached an agreement with the Shanghai government to construct a new EV plant in China. While details were thin on the ground at the time, Benchmark anticipates this plant will lay the groundwork for a new Gigafactory-sized super battery plant of 35-50GWh of new cell capacity that is fully integrated with vehicle production.",{"type":594,"attrs":156275,"content":156276},{"textAlign":49},[156277],{"text":156278,"type":599},"The plant will be located inside Shanghai’s free trade zone and will be a 100% owned plant. While recent analysis suggests Tesla will be subject to China’s export tariff on vehicles, it is expected that the Silicon Valley producer will be making vehicles for the domestic market.",{"type":594,"attrs":156280,"content":156281},{"textAlign":49},[],{"type":594,"attrs":156283,"content":156284},{"textAlign":49},[156285],{"text":156286,"type":599},"What would be of most interest to the lithium ion battery supply chain is whether Tesla is forced down the nickel cobalt manganese (NCM) cell chemistry route like most Chinese battery producers that are forced to adhere to minimum cell capacity requirements for next generation EVs.",{"type":594,"attrs":156288,"content":156289},{"textAlign":49},[156290],{"text":156291,"type":599},"While this does not rule out Tesla and Panasonic’s classic nickel-cobaltaluminium (NCA) chemistry, it does add extra impetus towards the NCM route which has been favoured over lithium iron phosphate (LFP) batteries primarily used in electric buses (e-buses).",{"type":594,"attrs":156293,"content":156294},{"textAlign":49},[156295],{"text":156296,"type":599},"Due to a shortfall in NCA batteries on the launch of Tesla’s Powerwall, its home utility storage device in 2015, the EV pioneer approached Samsung SDI to supply its prismatic NCM cells for the product line.",{"type":594,"attrs":156298,"content":156299},{"textAlign":49},[156300],{"text":156301,"type":599},"It will be an interesting watch to see if Tesla chooses a different chemistry for its future EVs as it prepares to launch a new electric truck in Q4 2017, a vehicle-type that would be ideal for NCM batteries. One thing is for certain, the lithium ion supply chain continues to revolve around China.","Lithium-ion battery megafactory capacity pipeline intensifies as China’s automakers lock in lithium supply, investors round on SQM, and Tesla inks new Shanghai plant The lithium ion battery megafactory capacity in the pipeline for 2021 has reached a new peak this year after Benchmark Mineral Intelligence’s tracker topped 153 GWh of new capacity announced in 2017. […]",[156304],{"slug":544,"name":543,"content":156305},{"job_title":557,"image":156306,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d6eff513-ea8c-46ec-b130-94ce5066b93d\", \"id\": \"\"}-->",[156309,156310],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":156312,"copyright":547,"fieldtype":553,"meta_data":156313,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0c7015cb46/bm-screen-shot-2017-11-24-at-124228.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":156315,"uuid":156316,"name":156317,"slug":156318,"full_slug":156319,"content":156320},112474678698725,"4b274d49-1578-4671-b71a-4c691a243e80","China pollution crack down sends flake graphite prices up","china-pollution-crack-down-sends-flake-graphite-prices-up","article/china-pollution-crack-down-sends-flake-graphite-prices-up",{"_uid":156321,"date":155973,"tags":156322,"editor":156324,"content":156328,"excerpt":156524,"featured":50,"reporter":156525,"_editable":156529,"component":864,"seo_title":156317,"categories":156530,"visibility":882,"author_company":49,"featured_image":156533,"seo_description":156524,"author_full_name":49,"author_job_title":49,"formattedDate":156146},"5b1b3e8d-a9d9-491a-9880-69a8be08d55a",[156323],{"slug":913,"name":914},[156325],{"slug":544,"name":543,"content":156326},{"job_title":557,"image":156327,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":156329},[156330,156335,156340,156345,156350,156355,156358,156363,156368,156373,156380,156388,156393,156396,156401,156406,156411,156416,156421,156426,156431,156436,156441,156446,156451,156456,156461,156466,156471,156476,156481,156486,156491,156496,156499,156504,156509,156514,156519],{"type":594,"attrs":156331,"content":156332},{"textAlign":49},[156333],{"text":156334,"type":599},"The prices of lithium, graphite, vanadium and a number of other specialist minerals and metals have headed skyward after China went into pollution crackdown overdrive in a bid to clean its air for autumn and winter.",{"type":594,"attrs":156336,"content":156337},{"textAlign":49},[156338],{"text":156339,"type":599},"China, a country which is heavily reliant on low cost coal to power its extensive mineral processing industry, has enforced bans on polluting plants across the country and particularly in the northern region. As a result, the prices of flake graphite assessed by Benchmark Mineral Intelligence have risen between 10-20%, the first significant rises in 5 years.",{"type":594,"attrs":156341,"content":156342},{"textAlign":49},[156343],{"text":156344,"type":599},"This has not just been isolated to graphite either. Lithium, cobalt, nickel and vanadium have all been subject to the same upwards price pressures. Vanadium metal, for example, has risen by 70% since June forcing vanadium pentoxide, the derivative chemical used in batteries, upwards.",{"type":594,"attrs":156346,"content":156347},{"textAlign":49},[156348],{"text":156349,"type":599},"This was exacerbated by an August ban on importing steel slag into China, a valuable source of vanadium. The tough new pollution controls have been described as “harsh” by local Chinese media as it also includes a ban on local residents using coal power for heating from mid-November 2017 to mid-March 2018 onwards.",{"type":594,"attrs":156351,"content":156352},{"textAlign":49},[156353],{"text":156354,"type":599},"Over 3m households from the Beijing-Tianjin-Hebei area will now be forced to use electricity or gas to heat their homes. This number of residents is a four-fold-increase on restrictions from last year.",{"type":594,"attrs":156356,"content":156357},{"textAlign":49},[],{"type":594,"attrs":156359,"content":156360},{"textAlign":49},[156361],{"text":156362,"type":599},"“China has enacted tougher pollution controls against air … I have more confidence that we can have more good air days in the autumn and winter considering these harsh controls,” said Liu Bingjiang, head of air quality management bureau at the Ministry of Environment Protection.",{"type":594,"attrs":156364,"content":156365},{"textAlign":49},[156366],{"text":156367,"type":599},"The government has set a pollution reduction target of 20% for Beijing, Tianjin, and Shinjiazuang in Hebei province and 15% for the 25 cities in the surrounding area. The new targets will be benchmarked against testing work that is being carried out in September.",{"type":594,"attrs":156369,"content":156370},{"textAlign":49},[156371],{"text":156372,"type":599},"Liu’s environment ministry has created an inspection team to enforce the new laws and motivate local governments into action. 10 of these cities are on a blacklist of ‘severe winter polluters’. “The leading officials will be held accountable for poor performance,” said Liu Changgen, the deputy director in charge of the central inspection team.",{"type":594,"attrs":156374,"content":156375},{"textAlign":49},[156376,156378],{"text":156377,"type":599},"Impact:",{"text":156379,"type":599}," Flake graphite prices rise This renewed environmental focus has sent flake graphite prices upwards after the Shandong provincial government ordered closures of primary flake graphite processing facilities, one of China’s major graphite hubs.",{"type":594,"attrs":156381,"content":156382},{"textAlign":49},[156383,156385,156386],{"text":156384,"type":599},"After five years of decline, the ",{"text":75813,"type":599},{"text":156387,"type":599}," increased 16% in August alone following a rising trend in July. The largest gains were seen with +80 mesh, 96-97% C grades which saw upwards of 20% increase to $1,250/ tonne, FOB China.",{"type":594,"attrs":156389,"content":156390},{"textAlign":49},[156391],{"text":156392,"type":599},"Medium flake of +100 mesh and -100 mesh 94-95% C still saw price increases around the 10% mark. As early as the start of this year, leading suppliers were warning of prices slumping to their lowest point in a generation following the removal of export duties from the world’s leading supplier – China.",{"type":594,"attrs":156394,"content":156395},{"textAlign":49},[],{"type":594,"attrs":156397,"content":156398},{"textAlign":49},[156399],{"text":156400,"type":599},"But as the months have drawn on after China’s seasonal new year slowdown, it has become apparent that two long-anticipated factors are finally taking their hold on the market: Chinese consolidation and rising demand from value-added markets, particularly spherical graphite used in lithium ion battery anodes and expandable graphite that is being driven by the flame retardant market.",{"type":594,"attrs":156402,"content":156403},{"textAlign":49},[156404],{"text":156405,"type":599},"Here, Benchmark Mineral Intelligence outlines how these pressures have come about and how long they are likely to last:",{"type":657,"attrs":156407,"content":156408},{"level":985,"textAlign":49},[156409],{"text":156410,"type":599},"1. Environmental restrictions",{"type":594,"attrs":156412,"content":156413},{"textAlign":49},[156414],{"text":156415,"type":599},"The most prominent factor in price increases has been the lack of production in the world’s leading flake graphite producing regions of Shandong and Heilongjiang provinces, China.",{"type":594,"attrs":156417,"content":156418},{"textAlign":49},[156419],{"text":156420,"type":599},"Shandong, in particular, has seen mine output collapse under the pressure of environmental restrictions introduced by the government since the start of the year, which have required suppliers to install new water treatment/ tailings facilities to limit pollution.",{"type":594,"attrs":156422,"content":156423},{"textAlign":49},[156424],{"text":156425,"type":599},"This is part of an ongoing crackdown on environmental pollution in Shandong province which started in March 2014 with the closure of a number of operations in the Pingdu area. While this took some capacity offline, the majority of producers had restarted production by 2015 despite the weak market conditions.",{"type":594,"attrs":156427,"content":156428},{"textAlign":49},[156429],{"text":156430,"type":599},"The renewed push by the government at the start of 2017 has been part of a wider crackdown on the country’s mining sector and is likely to have a much more prolonged effect on output from the region – which accounts for a significant proportion of the country’s large flake production.",{"type":594,"attrs":156432,"content":156433},{"textAlign":49},[156434],{"text":156435,"type":599},"Restrictions have not been limited to Shandong and a combination of market and regulatory factors have impacted production in peripheral regions of Hubei, Inner Mongolia and Henan.",{"type":594,"attrs":156437,"content":156438},{"textAlign":49},[156439],{"text":156440,"type":599},"Importantly, China’s largest producers based in Heilongjiang province are still in production and although some closures have been reported in the Luobei area, mining in Jixi – the capital of the country’s flake graphite production – is ongoing.",{"type":594,"attrs":156442,"content":156443},{"textAlign":49},[156444],{"text":156445,"type":599},"Producers across the country are unsure how long environmental restrictions will last, but there is an acceptance that the government is taking a much firmer stance on mining pollution and this is likely to be the start of a long-anticipated period of consolidation in the market.",{"type":657,"attrs":156447,"content":156448},{"level":985,"textAlign":49},[156449],{"text":156450,"type":599},"2. China’s downstream shift",{"type":594,"attrs":156452,"content":156453},{"textAlign":49},[156454],{"text":156455,"type":599},"The other major factor impacting flake graphite prices is the introduction of new value-added capacities which are already beginning to utilise larger quantities of flake grpahtie feedstock. While demand from traditional markets has been stable at low levels for some time, producers – particularly in China – have been building out downstream processing capacities.",{"type":594,"attrs":156457,"content":156458},{"textAlign":49},[156459],{"text":156460,"type":599},"Although spherical graphite has grabbed the headlines for its long-term demand potential, it has been expandable graphite capacities which have required significant new volumes in H1 2017 – causing pressures for large-flake concentrate, particularly with supply coming offline in other areas of the world such as Madagascar.",{"type":594,"attrs":156462,"content":156463},{"textAlign":49},[156464],{"text":156465,"type":599},"These pressures at the large-flake end of the market have been at the forefront of price rises since Q2 and are likely to persist for much of the year. With strong growth projections for both the expandable graphite market and the lithium ion battery sector over the coming years, expect to see far larger volumes of flake concentrate being used internally for value-added processing.",{"type":594,"attrs":156467,"content":156468},{"textAlign":49},[156469],{"text":156470,"type":599},"This will have knock-on effects on industrial consumers who will have more competition in securing volumes for traditional applications.",{"type":657,"attrs":156472,"content":156473},{"level":985,"textAlign":49},[156474],{"text":156475,"type":599},"3. The future of flake",{"type":594,"attrs":156477,"content":156478},{"textAlign":49},[156479],{"text":156480,"type":599},"While these pressures are likely to persist in the medium-term, the prospect of large-scale new supply from Africa continues to loom over the market.",{"type":594,"attrs":156482,"content":156483},{"textAlign":49},[156484],{"text":156485,"type":599},"Imerys Graphite and Carbon and AMG have already started projects in Namibia and Mozambique respectively, this year, and with Syrah Resources’ Balama mine in Mozambique expected to be commissioned by Q4 2017, the industry could see Africa become the new source of low-cost flake graphite and a favoured source for Chinese consumers.",{"type":594,"attrs":156487,"content":156488},{"textAlign":49},[156489],{"text":156490,"type":599},"This trend has already started to take hold with Syrah agreeing a binding offtake deal with BTR New Energy for 30,000 tonnes of flake graphite that is destined to produce ~13,000 tonnes of spherical graphite anode.",{"type":594,"attrs":156492,"content":156493},{"textAlign":49},[156494],{"text":156495,"type":599},"While many market commentators have claimed this new supply will cripple the industry, Benchmark Mineral Intelligence has consistently stated that new flake graphite capacity will be needed to sustain the growth of these new end-markets, especially the Chinese lithium ion battery market.",{"type":594,"attrs":156497,"content":156498},{"textAlign":49},[],{"type":594,"attrs":156500,"content":156501},{"textAlign":49},[156502],{"text":156503,"type":599},"On the supply side, China does not want its producers to mine and sell flake graphite but rather push them towards selling spherical graphite anode, graphite foil and expandable graphite. However, a reliable supply of flake graphite feedstock will be needed to serve these aggressively growing markets.",{"type":594,"attrs":156505,"content":156506},{"textAlign":49},[156507],{"text":156508,"type":599},"Benchmark is tracking three 100,000 tpa spherical graphite and anode plants that are already in the pipeline from Hitachi, BTR New Energy and Lumao / BAIC over the next three years.",{"type":594,"attrs":156510,"content":156511},{"textAlign":49},[156512],{"text":156513,"type":599},"These plants alone will require a best case scenario of 600,000 tpa flake graphite feedstock should all producers choose the lower cost natural anode route. It is likely, particularly in the Hitachi case, that an estimated 70% of its plant will be natural spherical graphite anode while both BTR and Lumao are both expected to use 100% natural graphite.",{"type":594,"attrs":156515,"content":156516},{"textAlign":49},[156517],{"text":156518,"type":599},"Benchmark, therefore, estimates flake graphite demand from these plants, should they reach capacity, to be 530,000 to 600,000 tpa. At the low end, this equates to 80% of the size of the flake graphite market in 2017 and does not include the multiple small to medium sized spherical graphite plants within China which range from 5,000 to 15,000 tpa.",{"type":594,"attrs":156520,"content":156521},{"textAlign":49},[156522],{"text":156523,"type":599},"As a result, we could be seeing the start of a sustained period of higher prices for flake graphite.","The prices of lithium, graphite, vanadium and a number of other specialist minerals and metals have headed skyward after China went into pollution crackdown overdrive in a bid to clean its air for autumn and winter. China, a country which is heavily reliant on low cost coal to power its extensive mineral processing industry, has […]",[156526],{"slug":544,"name":543,"content":156527},{"job_title":557,"image":156528,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5b1b3e8d-a9d9-491a-9880-69a8be08d55a\", \"id\": \"\"}-->",[156531,156532],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":156534,"copyright":547,"fieldtype":553,"meta_data":156535,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0ad2573c4d/bm-screen-shot-2017-11-24-at-134028.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":156537,"uuid":156538,"name":156539,"slug":156540,"full_slug":156541,"content":156542},112474673279516,"079fd532-bf0e-40c3-af48-09b951ab485b","VW sparks raw material red alert","vw-sparks-raw-material-red-alert","article/vw-sparks-raw-material-red-alert",{"_uid":156543,"date":155973,"tags":156544,"editor":156545,"content":156549,"excerpt":156888,"featured":50,"reporter":156889,"_editable":156893,"component":864,"seo_title":156539,"categories":156894,"visibility":882,"author_company":49,"featured_image":156897,"seo_description":156888,"author_full_name":49,"author_job_title":49,"formattedDate":156146},"12e70d45-7dcc-4228-8cc8-17cd8a1c01b9",[],[156546],{"slug":544,"name":543,"content":156547},{"job_title":557,"image":156548,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":156550},[156551,156556,156561,156566,156571,156576,156581,156586,156589,156594,156599,156604,156609,156614,156619,156624,156629,156634,156639,156644,156649,156654,156659,156662,156667,156672,156677,156682,156687,156692,156697,156702,156707,156712,156717,156722,156727,156732,156739,156750,156757,156764,156771,156778,156785,156796,156803,156810,156825,156832,156839,156846,156853,156860,156867,156874,156881],{"type":594,"attrs":156552,"content":156553},{"textAlign":49},[156554],{"text":156555,"type":599},"VW Group’s cobalt pursuit sees automaker EV step change that will impact lithium, graphite and nickel",{"type":594,"attrs":156557,"content":156558},{"textAlign":49},[156559],{"text":156560,"type":599},"German automaker Volkswagen Group (VW) made an announcement in September which sent shockwaves through the lithium ion battery supply chain.",{"type":594,"attrs":156562,"content":156563},{"textAlign":49},[156564],{"text":156565,"type":599},"The company outlined the most significant capital investments seen so far from an incumbent auto manufacturer as part of VW’s drive to become the market leader in electric vehicles (EV), termed RoadmapE.",{"type":594,"attrs":156567,"content":156568},{"textAlign":49},[156569],{"text":156570,"type":599},"The announcement by CEO Matthias Müller stated the company will provide more than $24 billion (20 billion euros) for “direct investment in industrialising electromobility by 2030”. The capital will be used to develop two new EV platforms, a production plant and workforce qualification as well as building out charging infrastructure.",{"type":594,"attrs":156572,"content":156573},{"textAlign":49},[156574],{"text":156575,"type":599},"The group as a whole, which includes Audi, Skoda, Porsche and Seat, has pledged to deliver more than 80 new EV models by 2025, 50 of which will be full EVs, the remaining 30 plug-in hybrids.",{"type":594,"attrs":156577,"content":156578},{"textAlign":49},[156579],{"text":156580,"type":599},"VW also set itself the target of offering an electric version of each one of the groups 300 models by 2030.",{"type":594,"attrs":156582,"content":156583},{"textAlign":49},[156584],{"text":156585,"type":599},"These are incredible numbers and a step change for the industry. With significant deficits forecast for the critical raw materials fundamental to lithium-ion batteries VW went one step further in its announcement, outlining that they have already begun attempting to source the raw materials needed for RoadmapE.",{"type":594,"attrs":156587,"content":156588},{"textAlign":49},[],{"type":594,"attrs":156590,"content":156591},{"textAlign":49},[156592],{"text":156593,"type":599},"Müller went on to state “the company will need a battery capacity of more than 150 GWh a year by 2025 solely to fit its own e-fleet”. This was later revised upwards to 200GWh. To ensure security of supply for the demand created by the group, VW has initiated the tender process for long-term strategic partnerships in China, Europe and the United States.",{"type":594,"attrs":156595,"content":156596},{"textAlign":49},[156597],{"text":156598,"type":599},"“We’re talking here about one of the largest procurement projects in our industry’s history, one with a global order volume of more than €50 billion over its term” added Müller, with this figure relating to the group’s high volume all electric vehicles.",{"type":657,"attrs":156600,"content":156601},{"level":985,"textAlign":49},[156602],{"text":156603,"type":599},"VW’s raw material demand",{"type":594,"attrs":156605,"content":156606},{"textAlign":49},[156607],{"text":156608,"type":599},"In the announcement, Müller refers to the group requiring “three Gigafactories” to provide the 150GWh of cells to meet their forecast production demand by 2025. Reuters reported that the tender process has stipulated NCM cathode technology of 622 (6 parts nickel, 2 cobalt and 2 manganese) and 811, respectively.",{"type":594,"attrs":156610,"content":156611},{"textAlign":49},[156612],{"text":156613,"type":599},"Benchmark Mineral Intelligence estimates that 150GWh of cells equates to 30,000 tpa of cobalt when considering the likely blend of the two cathode technologies stipulated, this is approximately a third of the total refined global market in 2016, a vast sum in an already stretched market.",{"type":594,"attrs":156615,"content":156616},{"textAlign":49},[156617],{"text":156618,"type":599},"More specifically, from the information that Benchmark has collated from industry sources, we estimate that the demand from VW in Europe for a 10-year period starting from 2019 will be in excess of 95,000 tonnes of cobalt, 370,000 tonnes of lithium and 555,000 tonnes of anode graphite.",{"type":594,"attrs":156620,"content":156621},{"textAlign":49},[156622],{"text":156623,"type":599},"In relation to the total global market today, this is very significant. It represents a doubling of the global cobalt supply, an increase of 208% of the world’s lithium chemical supply (LCE) and over 5 times the global graphite anode supply.",{"type":594,"attrs":156625,"content":156626},{"textAlign":49},[156627],{"text":156628,"type":599},"The demands of VW are unquestionably huge, the cobalt market totalled just 93,000 tonnes in 2016, but VW represent just one of the multiple auto manufacturers who have outlined their plans to make EV’s a major part of their fleet. These include the likes of Toyota, Jaguar, Mercedes-Benz, Volvo and BMW.",{"type":594,"attrs":156630,"content":156631},{"textAlign":49},[156632],{"text":156633,"type":599},"The raw material challenges are stark and are starting to become clear to the auto majors that are the furthest detached from the mineral supply. If VW’s forecast comes even close to realisation, it is not difficult to imagine that by 2025 the global demand from the auto industry could be 3-5 times the 150GWh figure.",{"type":594,"attrs":156635,"content":156636},{"textAlign":49},[156637],{"text":156638,"type":599},"At a very conservative case, 450GWh of demand from the space will equate to 90,000 tonnes of cobalt. This alone highlights the problems the industry faces in sourcing raw materials and the figure does not take into account the need for e-buses, utility storage or any other lithium-ion applications.",{"type":657,"attrs":156640,"content":156641},{"level":985,"textAlign":49},[156642],{"text":156643,"type":599},"The Titanic turns",{"type":594,"attrs":156645,"content":156646},{"textAlign":49},[156647],{"text":156648,"type":599},"A top London-based investment bank analyst once commented to Benchmark that VW are the Titanic making a turning circle, but when the circle is turned it’s still the Titanic. And this statement from three years ago is becoming abundantly clear with its lithium ion battery demand requirements.",{"type":594,"attrs":156650,"content":156651},{"textAlign":49},[156652],{"text":156653,"type":599},"But VW are one of the last majors to announce serious EV plans. Mercedes-Benz owner Daimler said it will be investing $1bn in their vehicle manufacturing plant in Tuscaloosa, Alabama to produce EVs.",{"type":594,"attrs":156655,"content":156656},{"textAlign":49},[156657],{"text":156658,"type":599},"Daimler subsequently tweeted – under pressure from Tesla’s Elon Musk that it “missed a zero” – that the company plans to invest $1bn in battery production and an additional $10bn in the company’s next generation EV’s further highlighting the demands the industry faces in the future.",{"type":594,"attrs":156660,"content":156661},{"textAlign":49},[],{"type":594,"attrs":156663,"content":156664},{"textAlign":49},[156665],{"text":156666,"type":599},"Not to be outdone, General Motors (GM) followed up with their own announcement, committing to 20 new electric vehicle models by 2023 two of which are due in the next 18 months. Interestingly GM’s announcement set itself apart from others this year. GM is not committing to electrification of the company’s entire fleet but 20 new ‘all electric’ models.",{"type":594,"attrs":156668,"content":156669},{"textAlign":49},[156670],{"text":156671,"type":599},"GM’s move to focus on all electric models means it is likely that all their new EVs will require battery packs of 60kWh or greater. This will mean a lot of new cobalt supply is needed.",{"type":594,"attrs":156673,"content":156674},{"textAlign":49},[156675],{"text":156676,"type":599},"There are two main near-term supply projects that the market is looking towards to help meet rising cobalt demand – Glencore’s Katanga mining and Eurasian Resources Group (ERG) RTR project, both copper-cobalt projects located in the Democratic Republic of Congo (DRC).",{"type":594,"attrs":156678,"content":156679},{"textAlign":49},[156680],{"text":156681,"type":599},"The two projects combined are expected to bring 25,000-30,000 tpa of cobalt online in their first stages of mining, if both were to make it to production on time (a rarity in the mining world) we should see first material from both projects by H1 2019.",{"type":594,"attrs":156683,"content":156684},{"textAlign":49},[156685],{"text":156686,"type":599},"As well as these two large scale DRC mines, Jinchuan are working to produce an optimised feasibility study for their Musonoi Project in DRC, which originally had a planned capacity of 10,000tpa of cobalt contained in hydroxide.",{"type":594,"attrs":156688,"content":156689},{"textAlign":49},[156690],{"text":156691,"type":599},"Jinchuan plan to complete the optimised feasibility study by the end of 2017. Outside of the DRC there are a handful of development projects globally which can be considered near term prospects.",{"type":594,"attrs":156693,"content":156694},{"textAlign":49},[156695],{"text":156696,"type":599},"If all of them were to make it to production they would total approximately 6,000tpa cobalt capacity, however each project is more than 2 years from production. Beyond this, there is some scope for expansion at existing projects, but this is limited to copper-cobalt mines due to prevailing low prices in the nickel market.",{"type":594,"attrs":156698,"content":156699},{"textAlign":49},[156700],{"text":156701,"type":599},"This raises a number of issues; the large copper-cobalt mines are found in the DRC, which has ongoing political issues meaning investors and board members are thinking twice about pouring money into a volatile country at a particularly unstable time.",{"type":594,"attrs":156703,"content":156704},{"textAlign":49},[156705],{"text":156706,"type":599},"A lack of investment in cobalt exploration, due to a prolonged period of relatively low prices, means the majority of development projects are still at an early stage, and big question marks remain about exactly when or if they will make it to production.",{"type":594,"attrs":156708,"content":156709},{"textAlign":49},[156710],{"text":156711,"type":599},"So here lies the problem: in the unlikely event that all the outlined projects were to make it to production and meet nameplate capacity they would add a combined output of 46,000 tonnes to a market which is already stretched.",{"type":594,"attrs":156713,"content":156714},{"textAlign":49},[156715],{"text":156716,"type":599},"If one auto-manufacturer’s demands can be in the order of 30,000tpa by the mid 2020s, the growth in supply needs to rapid and investment is needed now. Investments are needed not just in new supply, but recycling processes which could be an important source to meet the rising demand and keeping the market balance somewhat in check.",{"type":594,"attrs":156718,"content":156719},{"textAlign":49},[156720],{"text":156721,"type":599},"This is an area which is yet to round on a technology to efficiently and economically extract not just cobalt but all the key minerals for spent cells. To put it simply the growth in demand from the auto industry is going to outstrip the supply response that can happen without significant investment in the sector, not only for cobalt but the other critical minerals fundamental to lithium-ion batteries.",{"type":594,"attrs":156723,"content":156724},{"textAlign":49},[156725],{"text":156726,"type":599},"The industry needs investment, and until that happens expect further price rises in these markets until a price point is found that instigates significant investment.",{"type":657,"attrs":156728,"content":156729},{"level":985,"textAlign":49},[156730],{"text":156731,"type":599},"ROADMAP-E: VW Group’s statement full",{"type":594,"attrs":156733,"content":156734},{"textAlign":49},[156735],{"text":156736,"type":599,"marks":156737},"The Volkswagen Group is launching the most comprehensive electrification initiative in the global automotive industry with its “Roadmap E” which will see the company electrify its entire model portfolio by 2030 at the latest. ",[156738],{"type":643},{"type":594,"attrs":156740,"content":156741},{"textAlign":49},[156742,156746],{"text":156743,"type":599,"marks":156744},"This means that, by then, there will be at least one electrified version of each of the 300 or so Group models across all brands and markets. This makes Volkswagen the first big mobility group to have put a date on the electrification of its entire fleet. The Group will need more than 200GWh of battery capacity annually by 2025 for its own e-fleet alone. This is equivalent to at least four",[156745],{"type":643},{"text":156747,"type":599,"marks":156748},"gigafactories for battery cells. ",[156749],{"type":643},{"type":594,"attrs":156751,"content":156752},{"textAlign":49},[156753],{"text":156754,"type":599,"marks":156755},"To meet this demand, the Company has put one of the largest procurement programmes in the industry’s history out to tender: over €50 billion. “We have got the message and we will deliver. ",[156756],{"type":643},{"type":594,"attrs":156758,"content":156759},{"textAlign":49},[156760],{"text":156761,"type":599,"marks":156762},"This is not some vague declaration of intent. It is a strong self-commitment which, from today, becomes the yardstick by which we measure our performance,” said Matthias Müller, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, at the Group Media Night ahead of the International Motor Show (IAA) in Frankfurt, Germany. ",[156763],{"type":643},{"type":594,"attrs":156765,"content":156766},{"textAlign":49},[156767],{"text":156768,"type":599,"marks":156769},"“The transformation in our industry is unstoppable. And we will lead that transformation,” said Müller. Volkswagen had already firmly established e-mobility as a key focus area in the “TOGETHER – Strategy 2025” future program presented in June 2016, and set itself the goal of becoming the global number one in e-mobility by 2025. ",[156770],{"type":643},{"type":594,"attrs":156772,"content":156773},{"textAlign":49},[156774],{"text":156775,"type":599,"marks":156776},"The Company estimates that around one in four new Group vehicles – up to three million units a year depending on how the market develops – could already be purely battery-powered in 2025. Now, at this year’s IAA, Volkswagen is launching the next stage with “Roadmap E” – giving an added boost to product planning to massively accelerate the electrification of the Group-wide vehicle portfolio. ",[156777],{"type":643},{"type":594,"attrs":156779,"content":156780},{"textAlign":49},[156781],{"text":156782,"type":599,"marks":156783},"The Group brands will bring a total of over 80 new electrified models to customers by 2025, including some 50 purely battery-powered vehicles and 30 plug-in hybrids. This figure will then increase by leaps and bounds over subsequent years until there is at least one electrified version for each of the Group’s 300 or so models across all vehicle classes worldwide by 2030 at the latest, in line with Volkswagen’s commitment.",[156784],{"type":643},{"type":594,"attrs":156786,"content":156787},{"textAlign":49},[156788,156792],{"text":156789,"type":599,"marks":156790}," “With ’Roadmap E’, we are opening up a new chapter in our Group’s history. And setting the scene for",[156791],{"type":643},{"text":156793,"type":599,"marks":156794},"e-mobility’s final breakthrough. Then it is up to customers to decide how fast it will gain widespread acceptance,” explained Müller. ",[156795],{"type":643},{"type":594,"attrs":156797,"content":156798},{"textAlign":49},[156799],{"text":156800,"type":599,"marks":156801},"Capex in e-mobility to be ramped up “Roadmap E” is also coupled with another increase in capex on e-mobility. Up until 2030, the Group will earmark over €20 billion for direct investments in the industrialization of e-mobility: in new vehicles based on two entirely new electric platforms, in upgrading plants and in training for the workforce, in charging infrastructure, in trading and sales and, last but not least, in battery technology and production. ",[156802],{"type":643},{"type":594,"attrs":156804,"content":156805},{"textAlign":49},[156806],{"text":156807,"type":599,"marks":156808},"Volkswagen is addressing the issue of battery technology with a multi-stage medium- to long-term strategy – starting with bundling Group-wide development, procurement and quality assurance activities for all battery cells and modules in a “Center of Excellence” in Salzgitter. ",[156809],{"type":643},{"type":594,"attrs":156811,"content":156812},{"textAlign":49},[156813,156817,156821],{"text":156814,"type":599,"marks":156815},"The Volkswagen brand is also setting up its first pilot line there to accumulate production know-how. By 2025, the Group will need over 150 gigawatt hours of li-ion",[156816],{"type":643},{"text":156818,"type":599,"marks":156819}," b",[156820],{"type":643},{"text":156822,"type":599,"marks":156823},"attery capacity annually for its own fleet alone. In order to meet this huge requirement, a tender process has been initiated with regard to long-term strategic partnerships for China, Europe and North America. ",[156824],{"type":643},{"type":594,"attrs":156826,"content":156827},{"textAlign":49},[156828],{"text":156829,"type":599,"marks":156830},"The procurement project is one of the largest in the history of the automotive industry, with a total order volume of over €50 billion just for the Group’s future volume vehicles based on the Modular Electrification Toolkit. That will meet the Group’s needs for the first wave of e-mobility. Looking further ahead, Volkswagen is already gearing up for the next generation: solid-state batteries. ",[156831],{"type":643},{"type":594,"attrs":156833,"content":156834},{"textAlign":49},[156835],{"text":156836,"type":599,"marks":156837},"The Group also plans to bring this forward-looking technology to market maturity together with partners. Müller emphasized: “For us, the transformation of transportation and the energy transition are inseparable. And creating a comprehensive charging infrastructure rapidly – in cities and on highways – will be critical to success. In Europe, and particularly in the automotive stronghold of Germany, much more needs to be done. ",[156838],{"type":643},{"type":594,"attrs":156840,"content":156841},{"textAlign":49},[156842],{"text":156843,"type":599,"marks":156844},"Only then will customers’ trust grow. And only then will electric cars come out of the niche – and achieve relevant market share in years to come. I’m convinced this will succeed if politicians, the energy industry and automakers work in harness.” Conventional drivetrain portfolio as a bridge to the electric age. ",[156845],{"type":643},{"type":594,"attrs":156847,"content":156848},{"textAlign":49},[156849],{"text":156850,"type":599,"marks":156851},"At the same time, the announcement of its accelerated electrification initiative underlines the Volkswagen Group’s commitment to an orderly system changeover – with today’s internal combustion engine as an indispensable bridge to an emission-free age. ",[156852],{"type":643},{"type":594,"attrs":156854,"content":156855},{"textAlign":49},[156856],{"text":156857,"type":599,"marks":156858},"“For the time being, we will be offering the entire powertrain spectrum – from conventional to fully-electric – to enable sustainable and affordable mass mobility. We are not being arbitrary. We are listening to the voice of reason,” said Müller. ",[156859],{"type":643},{"type":594,"attrs":156861,"content":156862},{"textAlign":49},[156863],{"text":156864,"type":599,"marks":156865},"Independent studies show that the Volkswagen Group’s present generation of internal combustion engines ranks among the cleanest and most efficient in the industry. The latest Euro 6 diesel engines deliver above-average performance in the new WLTP cycle under real-world conditions. ",[156866],{"type":643},{"type":594,"attrs":156868,"content":156869},{"textAlign":49},[156870],{"text":156871,"type":599,"marks":156872},"And Volkswagen will continue to invest in the ongoing improvement of its conventional drives over the coming years. For instance, an SCR catalytic converter will be a standard feature of every new diesel engine produced by the Group going forward. All new gasoline engines will be equipped with a particulate filter across the board. ",[156873],{"type":643},{"type":594,"attrs":156875,"content":156876},{"textAlign":49},[156877],{"text":156878,"type":599,"marks":156879},"The next engine generation from 2019 onward is expected to bring further significant improvements in consumption and emissions. In addition, the Group is working on synthetic fuels produced from renewable energies that could turn internal combustion engines into carbon-neutral powertrains. ",[156880],{"type":643},{"type":594,"attrs":156882,"content":156883},{"textAlign":49},[156884],{"text":156885,"type":599,"marks":156886},"The Group is also significantly expanding its range of CNG vehicles and, spearheaded by Audi, refining fuel cell technology toward market maturity.",[156887],{"type":643},"VW Group’s cobalt pursuit sees automaker EV step change that will impact lithium, graphite and nickel German automaker Volkswagen Group (VW) made an announcement in September which sent shockwaves through the lithium ion battery supply chain. The company outlined the most significant capital investments seen so far from an incumbent auto manufacturer as part of […]",[156890],{"slug":544,"name":543,"content":156891},{"job_title":557,"image":156892,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"12e70d45-7dcc-4228-8cc8-17cd8a1c01b9\", \"id\": \"\"}-->",[156895,156896],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":156898,"copyright":547,"fieldtype":553,"meta_data":156899,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fee1c25678/bm-screen-shot-2017-11-27-at-084403.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":156901,"uuid":156902,"name":156903,"slug":156904,"full_slug":156905,"content":156906},112474663522742,"64391a25-b19e-43d6-975c-3ede5a5310f0","Benchmark Testifies to US Senate on lithium ion battery supply chains","benchmark-testifies-to-us-senate-on-lithium-ion-battery-supply-chains","article/benchmark-testifies-to-us-senate-on-lithium-ion-battery-supply-chains",{"_uid":156907,"date":155973,"tags":156908,"editor":156909,"content":156913,"excerpt":157284,"featured":50,"reporter":157285,"_editable":157289,"component":864,"seo_title":156903,"categories":157290,"visibility":882,"author_company":49,"featured_image":157294,"seo_description":157284,"author_full_name":49,"author_job_title":49,"formattedDate":156146},"ea0819a3-bc98-4f33-a3d9-3b00e04eee7a",[],[156910],{"slug":544,"name":543,"content":156911},{"job_title":557,"image":156912,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":156914},[156915,156918,156923,156928,156933,156938,156943,156948,156953,156956,156961,156966,156971,156976,156981,156986,156991,156994,156999,157004,157009,157014,157019,157024,157029,157034,157039,157044,157049,157054,157059,157062,157067,157072,157077,157082,157087,157092,157097,157102,157107,157110,157115,157120,157125,157130,157135,157140,157145,157150,157155,157160,157165,157170,157175,157180,157187,157192,157197,157202,157207,157214,157219,157224,157229,157234,157239,157244,157249,157254,157259,157264,157269,157274,157279],{"type":594,"attrs":156916,"content":156917},{"textAlign":49},[],{"type":594,"attrs":156919,"content":156920},{"textAlign":49},[156921],{"text":156922,"type":599},"The lithium ion battery supply chain discussion reached the highest level in the US in October when Benchmark Mineral Intelligence was summoned to testify to the US Senate.",{"type":594,"attrs":156924,"content":156925},{"textAlign":49},[156926],{"text":156927,"type":599},"The hearing on energy storage technologies was the first of its kind to expose the challenges faced by the US at the beginning of this energy storage revolution. Benchmark was invited to give both a verbal and written testimony to the US Senate Committee on Energy and Natural Resources. Here is the written testimony in full.",{"type":594,"attrs":156929,"content":156930},{"textAlign":49},[156931],{"text":156932,"type":599},"Thank you for inviting me to this hearing on energy storage technologies to give my independent, market-focused perspective on the opportunities and risks in the supply chains. Energy storage is not a new concept.",{"type":594,"attrs":156934,"content":156935},{"textAlign":49},[156936],{"text":156937,"type":599},"We store energy in our phones, laptops and power tools every day and recall and use this energy on demand. However, the widespread adoption of energy storage – most critically in our vehicles and for our homes, offices and energy distribution networks – is only just gathering pace owing to low cost, abundant lithium ion battery cells.",{"type":594,"attrs":156939,"content":156940},{"textAlign":49},[156941],{"text":156942,"type":599},"This trend was given impetus by the rise of the lithium ion battery megafactories, a term created by Benchmark Mineral Intelligence to describe the widespread expansion of battery cell production capacity around the world.",{"type":594,"attrs":156944,"content":156945},{"textAlign":49},[156946],{"text":156947,"type":599},"Huge battery plants are now being constructed that are an order of magnitude larger than their predecessors. In 2014, Tesla announced their Gigafactory in Nevada with 35GWh of new cell production – the equivalent of 500,000 pure electric vehicles (EV).",{"type":594,"attrs":156949,"content":156950},{"textAlign":49},[156951],{"text":156952,"type":599},"At the time, this was the first ever plant to have a capacity over 10GWh. This sparked a global battery arms race that has now spread to 17 megafactories in the pipeline, 9 of which are in China and only 2 of which are based in the US.",{"type":594,"attrs":156954,"content":156955},{"textAlign":49},[],{"type":594,"attrs":156957,"content":156958},{"textAlign":49},[156959],{"text":156960,"type":599},"In terms of production capacity from these megafactories, China will have 64% and the US only 13%. The remainder of the planned plants are in Korea, Poland, and Sweden. Despite this new 289GWh of capacity adding to a global lithium ion cell production of 80GWh in 2016, according to Benchmark Mineral Intelligence data, the industry is still drastically short of capacity to meet projected demand of 550-650 GWh of battery cells by 2025.",{"type":594,"attrs":156962,"content":156963},{"textAlign":49},[156964],{"text":156965,"type":599},"These lithium ion batteries will be targeted for use in the two largest growth markets, EV and stationary/utility storage – the two uses that underpin the energy storage revolution. Both markets are in their infancy.",{"type":594,"attrs":156967,"content":156968},{"textAlign":49},[156969],{"text":156970,"type":599},"However, as these applications mature over the next 10 years, the scale of application and its disruptive effect on established auto and energy industries will be unprecedented. Pure electric vehicles – from cars to electric buses – are only entering the market place today and are all are based on the lithium ion battery technology.",{"type":594,"attrs":156972,"content":156973},{"textAlign":49},[156974],{"text":156975,"type":599},"Consumer choice of pure EVs, vehicles that are 100% battery powered and where a combustion engine plays no part, are beginning to become numerous. For example, 2017 saw the launch and/or rolling out of the pure EVs of Tesla’s Model 3, Chevrolet’s Bolt and Nissan’s new LEAF.",{"type":594,"attrs":156977,"content":156978},{"textAlign":49},[156979],{"text":156980,"type":599},"These are the first sub-$35,000 pure EV offerings for the consumer and has ushered in the era of the semi-mass market EV. As we approach 2020, we are seeing every single major auto manufacturer announcing aggressive pure EV plans all based on lithium ion.",{"type":594,"attrs":156982,"content":156983},{"textAlign":49},[156984],{"text":156985,"type":599},"Volkswagen Group, Daimler/Mercedes, Toyota, and Honda, for example, are all planning selling lithium ion powered EVs in the millions of units annually post-2020. Meanwhile, the trend in e-buses has also started to gain traction outside of China due to the efforts of California-based Proterra.",{"type":594,"attrs":156987,"content":156988},{"textAlign":49},[156989],{"text":156990,"type":599},"These e-buses have lithium ion batteries up to ten times the capacity of EVs. The second major energy storage trend is one of stationary / utility storage. At Benchmark, we see the utility storage sector where EVs were in 2009: a limited number of installations around the world with industry momentum increasing.",{"type":594,"attrs":156992,"content":156993},{"textAlign":49},[],{"type":657,"attrs":156995,"content":156996},{"level":985,"textAlign":49},[156997],{"text":156998,"type":599},"Rise of lithium ion technology",{"type":594,"attrs":157000,"content":157001},{"textAlign":49},[157002],{"text":157003,"type":599},"The lithium ion battery is not new technology; however, its widespread commercial use has until now been limited to portable personal technology (cell phones, laptops, power tools), hybrid vehicles and a handful of EVs. Lithium ion technology being used is not one battery but a selection of different lithium ion types or chemistries; the ones of note are:",{"type":594,"attrs":157005,"content":157006},{"textAlign":49},[157007],{"text":157008,"type":599},"These chemistries are all lithium based, despite the naming convention, and the critical raw material inputs are: lithium, graphite, cobalt and nickel.",{"type":594,"attrs":157010,"content":157011},{"textAlign":49},[157012],{"text":157013,"type":599},"While other metals are also used in a lithium ion cell such as copper and aluminium, the speciality nature of the afore mentioned minerals and metals increases the complexity of the supply chains.",{"type":594,"attrs":157015,"content":157016},{"textAlign":49},[157017],{"text":157018,"type":599},"It needs to be clearly understood the need to process these elements into a battery grade chemical derivative product that is tailored for each customer. In short, we are dealing with niche, speciality chemicals and minerals rather than commodities. The biggest challenge for this handful of specialities is scaling the supply chain from the mine to the battery plant in time to meet demand from the auto manufacturers.",{"type":657,"attrs":157020,"content":157021},{"level":985,"textAlign":49},[157022],{"text":157023,"type":599},"Lithium: a speciality, volume problem",{"type":594,"attrs":157025,"content":157026},{"textAlign":49},[157027],{"text":157028,"type":599},"Lithium, the highest profile input into a lithium ion battery, is sourced from Chile, Argentina (brine extraction) and Australia (traditional rock mining) and is also processed into battery grade material in the US and China.",{"type":594,"attrs":157030,"content":157031},{"textAlign":49},[157032],{"text":157033,"type":599},"Lithium carbonate and lithium hydroxide are the base chemicals that the battery industry seek, the industry’s demand profile is increasing 10-fold in a 10-year period. Demand pressures from the battery industry have already forced prices of these chemicals up four times in the last two years and it is a rising price trend that is continuing today.",{"type":594,"attrs":157035,"content":157036},{"textAlign":49},[157037],{"text":157038,"type":599},"In 2016, lithium carbonate equivalent (LCE) used in lithium ion batteries equated to 75,000 tonnes. By 2025, battery demand will be 550-600,000 tonnes. A complete evolution of the industry is required to take lithium from the niche into the mainstream.",{"type":594,"attrs":157040,"content":157041},{"textAlign":49},[157042],{"text":157043,"type":599},"Not only does lithium need to scale its extraction capacity but also its battery grade processing capacity to meet the requirements of battery customers – an additional, specialised step.",{"type":594,"attrs":157045,"content":157046},{"textAlign":49},[157047],{"text":157048,"type":599},"The US has two major players in the lithium industry: Albemarle Corp and FMC Lithium are among the world’s largest lithium producers sourcing predominately from Chile and Argentina brine operations, respectively. Both producers have processing capacity in North Carolina.",{"type":594,"attrs":157050,"content":157051},{"textAlign":49},[157052],{"text":157053,"type":599},"In terms of lithium resources, the US produces lithium chemicals from a small brine operation in Nevada.",{"type":594,"attrs":157055,"content":157056},{"textAlign":49},[157057],{"text":157058,"type":599},"Clayton Valley is one hotspot of exploration for new lithium brine together with the Arkansas Smackover oilfield brine resource. Recent hard rock exploration for spodumene in North Carolina has also occurred in a bid to secure domestic US lithium.",{"type":594,"attrs":157060,"content":157061},{"textAlign":49},[],{"type":657,"attrs":157063,"content":157064},{"level":985,"textAlign":49},[157065],{"text":157066,"type":599},"Graphite: an anode processing problem",{"type":594,"attrs":157068,"content":157069},{"textAlign":49},[157070],{"text":157071,"type":599},"Graphite anode, the largest input into a lithium ion battery in kilograms, has a similar scaling issue. Graphite in batteries comes from two sources, naturally mined flake graphite and synthetic, man-made graphite. In 2016, graphite anode used in lithium ion batteries equated to 100,000 tonnes.",{"type":594,"attrs":157073,"content":157074},{"textAlign":49},[157075],{"text":157076,"type":599},"By 2025, battery demand will be 780,000 tonnes. Natural flake graphite mining is dominated by China with 62% of global production in 2016, a position only Brazil can compete with producing 23% of the world’s 650,000 tonnes.",{"type":594,"attrs":157078,"content":157079},{"textAlign":49},[157080],{"text":157081,"type":599},"This flake graphite is then sent to spherical graphite plants – all of which are presently located in China – to be processed into anode material.",{"type":594,"attrs":157083,"content":157084},{"textAlign":49},[157085],{"text":157086,"type":599},"Just under 60% of the lithium ion battery industry’s anode is derived from natural graphite with synthetic graphite – produced from graphitizing petroleum coke and tar pitch at very high temperatures – accounts for ~40%.",{"type":594,"attrs":157088,"content":157089},{"textAlign":49},[157090],{"text":157091,"type":599},"Due to lower production cost, environment and CO2 impact issues, and ease of scaling supply, battery customers are trending towards using more natural graphite anode in their cells but are still blending with synthetic graphite.",{"type":594,"attrs":157093,"content":157094},{"textAlign":49},[157095],{"text":157096,"type":599},"The knowhow in blending different anode materials with differing raw material signatures is a skill and intellectual property that will separate out the leaders of the pack.",{"type":594,"attrs":157098,"content":157099},{"textAlign":49},[157100],{"text":157101,"type":599},"While large flake graphite mines are being developed outside of China in Mozambique, Canada and the US, processing capacity to make anode material is still lagging. The US has two graphite companies seeking to mine and process flake graphite for battery grade material in Alabama and Alaska.",{"type":594,"attrs":157103,"content":157104},{"textAlign":49},[157105],{"text":157106,"type":599},"Cobalt & Nickel Cobalt is the second highest profile battery raw material mainly because 64% was mined by the Democratic Republic of Congo (DRC) in 2016 and because China dominates the refining step in the supply chain with 57% of global capacity.",{"type":594,"attrs":157108,"content":157109},{"textAlign":49},[],{"type":594,"attrs":157111,"content":157112},{"textAlign":49},[157113],{"text":157114,"type":599},"Headlines regarding cobalt mined illegally in DRC have dominated the cobalt discussion despite the portion of illegal material in the market being relatively low and under 10% of global supply which was 93,000 tpa in 2016.",{"type":594,"attrs":157116,"content":157117},{"textAlign":49},[157118],{"text":157119,"type":599},"However, illegal cobalt in the supply chain has greatly concerned end users of batteries mainly owning to the corporate social reasonability impact on their businesses.",{"type":594,"attrs":157121,"content":157122},{"textAlign":49},[157123],{"text":157124,"type":599},"Major end users have moved to try to eliminate illegal cobalt from the supply chain and this has opened opportunities for developers of new mines based in US (Idaho), Australia and Canada that could guarantee the provenance of their raw material.",{"type":594,"attrs":157126,"content":157127},{"textAlign":49},[157128],{"text":157129,"type":599},"In addition, cobalt’s geological occurrence as a secondary mineral to nickel and copper means that its produced as a by-product of these metals. Only one small primary cobalt mine in the world is in operation in Morocco.",{"type":594,"attrs":157131,"content":157132},{"textAlign":49},[157133],{"text":157134,"type":599},"This means the fortunes of cobalt – now driven by battery demand – is still at the mercy of nickel and copper commodities which is driven by industrial demand. This is causing long term planning issues for the EV supply chain.",{"type":594,"attrs":157136,"content":157137},{"textAlign":49},[157138],{"text":157139,"type":599},"Cobalt used in lithium ion batteries equated to 48,000 tonnes in 2016 but this is set to increase to 180,000 tpa by 2025. While opportunities for producers’ external to DRC are available, the sheer volume of new supply needed by the market means there will be no EV industry without DRC cobalt.",{"type":594,"attrs":157141,"content":157142},{"textAlign":49},[157143],{"text":157144,"type":599},"Most of the refining to a battery grade cobalt chemical will occur in China. Nickel – a raw material associated with cobalt but also mined individually – is growing in importance for a lithium ion battery consumer.",{"type":594,"attrs":157146,"content":157147},{"textAlign":49},[157148],{"text":157149,"type":599},"The trend of using more nickel in a cathode and less cobalt is one that is just beginning in the commercial lithium ion space. For NMC formulations – a chemistry that will be the number one format in the EV and utility storage space – the industry has traditionally used a 1:1:1 formula – 1-part nickel, 1-part manganese and 1-part cobalt.",{"type":594,"attrs":157151,"content":157152},{"textAlign":49},[157153],{"text":157154,"type":599},"However, 5:2:3, 6:2:2 and 8:1:1 nickel-rich formulations are now being introduced into lithium ion battery production lines around the world.",{"type":594,"attrs":157156,"content":157157},{"textAlign":49},[157158],{"text":157159,"type":599},"This is a move that will see battery grade nickel demand grow from 75,000 tpa in 2016 to anywhere between 300-400,000 tpa by 2025 depending on which chemistries take hold.",{"type":594,"attrs":157161,"content":157162},{"textAlign":49},[157163],{"text":157164,"type":599},"While nickel metal is a commodity that is produced in the millions of tonnes a year, the battery grade chemical material is specialist with only a handful of major producers outside of China including Japan’s Sumitomo Metals Mining, which operates mines and processing plants, and Belgium’s Umicore.",{"type":594,"attrs":157166,"content":157167},{"textAlign":49},[157168],{"text":157169,"type":599},"However, the vast majority of battery grade nickel sulphate is produced in China. Interest in the market has seen major nickel miners such as Vale, BHP Billiton, and Rio Tinto seek to enter the battery grade space.",{"type":594,"attrs":157171,"content":157172},{"textAlign":49},[157173],{"text":157174,"type":599},"However, not all nickel deposits can produce a commercially viable battery grade material. High and lower grade class 1 nickel deposits are the most suitable yet the most capital intensive to move into production.",{"type":657,"attrs":157176,"content":157177},{"level":985,"textAlign":49},[157178],{"text":157179,"type":599},"Competing technologies to lithium ion",{"type":594,"attrs":157181,"content":157182},{"textAlign":49},[157183,157185],{"text":157184,"type":599},"Vanadium flow:",{"text":157186,"type":599}," For stationary storage applications, vanadium flow batteries have been the most talked about as best-in-class for this application due to its lifetime versus lithium ion.",{"type":594,"attrs":157188,"content":157189},{"textAlign":49},[157190],{"text":157191,"type":599},"The challenge for this market is finding a champion for the technology with only a handful of producers competing for market share.",{"type":594,"attrs":157193,"content":157194},{"textAlign":49},[157195],{"text":157196,"type":599},"The upfront cost of the technology is more expensive than lithium ion and despite offering a longer life time, this is discouraging some buyers. Vanadium flow is heavily reliant on vanadium raw material that is processed into vanadium pentoxide form.",{"type":594,"attrs":157198,"content":157199},{"textAlign":49},[157200],{"text":157201,"type":599},"Vanadium raw material output totalled 72,000 tonnes in 2016 however vanadium pentoxide used in batteries was under 3% of this demand. Manufacturers of vanadium flow batteries will likely need to control own their own raw material source to minimise the raw material supply and price fluctuation risk which can be very disruptive to the adoption of this technology.",{"type":594,"attrs":157203,"content":157204},{"textAlign":49},[157205],{"text":157206,"type":599},"A major positive of this technology is that vanadium can be recycled and some producers are looking at raw material leasing options for financing new battery installations.",{"type":594,"attrs":157208,"content":157209},{"textAlign":49},[157210,157212],{"text":157211,"type":599},"Solid state:",{"text":157213,"type":599}," Solid state batteries are the most promising successor to lithium ion but a technology that is still many years for widespread commercial adoption. Compared to a lithium ion battery, there are no liquid components to solid state and it uses a lithium metal or silicon anode.",{"type":594,"attrs":157215,"content":157216},{"textAlign":49},[157217],{"text":157218,"type":599},"The gains in changing the anode are the main theoretical benefits over a lithium ion battery and include higher energy density and faster charging. Solid state technology in the commercial world has seen some activity in mid-2017.",{"type":594,"attrs":157220,"content":157221},{"textAlign":49},[157222],{"text":157223,"type":599},"UK-based Dyson revealed it aims to enter the EV market using solid state by 2020. This was made possible because of its 2015 acquisition of Sakti 3, a US-based solid-state technology developer.",{"type":594,"attrs":157225,"content":157226},{"textAlign":49},[157227],{"text":157228,"type":599},"A second most recent boost was from Porsche’s confirmation that it will also seek to use solid state batteries in 911 and Boxster in post-2020 production models. Wide scale solid state battery adoption is far from guaranteed and it is yet to be seen whether solid state can work safely in real world scenarios. But the technology is widely tipped as the successor to lithium ion in a post 2030 world.",{"type":657,"attrs":157230,"content":157231},{"level":985,"textAlign":49},[157232],{"text":157233,"type":599},"2025 Vision: Lithium ion here to stay, supply chains need to evolve",{"type":594,"attrs":157235,"content":157236},{"textAlign":49},[157237],{"text":157238,"type":599},"While there are huge opportunities with the energy storage revolution there are also huge risks. The demands EV manufacturers are placing on raw material miners to chemical processors and cathode manufacturers are huge – they are being asked to increase their business footprint by 5-10 times in a 7-year period.",{"type":594,"attrs":157240,"content":157241},{"textAlign":49},[157242],{"text":157243,"type":599},"At present, there is little desire to share this capital and commercial risk of building new mines or expanding their business to meet this new demand.",{"type":594,"attrs":157245,"content":157246},{"textAlign":49},[157247],{"text":157248,"type":599},"Major auto manufacturers will eventually have to conclude that supply chain partnerships and capital investment is the only way to secure lithium, graphite, cobalt, nickel or lithium ion battery cells.",{"type":594,"attrs":157250,"content":157251},{"textAlign":49},[157252],{"text":157253,"type":599},"But this decision-making process is slow for players outside of China and risks derailing any form of revolution in the energy storage industry. Market momentum is now with lithium ion batteries and for this first phase of the energy storage revolution the choice has been made, certainly for EV.",{"type":594,"attrs":157255,"content":157256},{"textAlign":49},[157257],{"text":157258,"type":599},"Over $35bn has been committed to expanding lithium ion battery plants while the lithium industry has raised $1bn to build new supply. This investment is short by some way. The investment into lithium ion battery capacity needs to be four times larger to satisfy demand for the mid-2020s and it needs to be 10 times larger to create a new blueprint for a post-2030 world.",{"type":594,"attrs":157260,"content":157261},{"textAlign":49},[157262],{"text":157263,"type":599},"The lithium industry, as an example, will need raised between $7-10bn to keep pace with this new capacity and demand for EVs. The US is very active on EV innovation mainly owing to activities by Silicon Valley based companies like Tesla and Proterra.",{"type":594,"attrs":157265,"content":157266},{"textAlign":49},[157267],{"text":157268,"type":599},"US involvement in the raw material to cathodes to battery cell links in the supply chain is very limited however with the sway of industrial power lying in Asia Pacific countries most notably China, Japan and Korea.",{"type":594,"attrs":157270,"content":157271},{"textAlign":49},[157272],{"text":157273,"type":599},"This energy storage revolution is global and unstoppable. For countries and corporations, positioning themselves accordingly to take advantage of this should be of paramount importance and longer term (~10 year) decisions need to be made.",{"type":594,"attrs":157275,"content":157276},{"textAlign":49},[157277],{"text":157278,"type":599},"Where we stand today in 2017, China is not only at the centre of mass market EV development and deployment but also of cathode production, battery grade raw material refining, and the building out of new battery cell capacity.",{"type":594,"attrs":157280,"content":157281},{"textAlign":49},[157282],{"text":157283,"type":599},"Those that control raw material and chemical / cathode refining knowhow and capacity will control the lithium ion battery supply chain. And those that control the lithium ion battery supply chain will be the biggest influencers on the next generation auto and energy industries.","The lithium ion battery supply chain discussion reached the highest level in the US in October when Benchmark Mineral Intelligence was summoned to testify to the US Senate. The hearing on energy storage technologies was the first of its kind to expose the challenges faced by the US at the beginning of this energy storage […]",[157286],{"slug":544,"name":543,"content":157287},{"job_title":557,"image":157288,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ea0819a3-bc98-4f33-a3d9-3b00e04eee7a\", \"id\": \"\"}-->",[157291,157292,157293],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":157295,"copyright":547,"fieldtype":553,"meta_data":157296,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bb6709534d/bm-screen-shot-2017-11-24-at-154257.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":157298,"uuid":157299,"name":157300,"slug":157301,"full_slug":157302,"content":157303},112474740549743,"849a0717-8a29-44c2-9522-ac3f9f171527","Oxford’s generation game","oxfords-generation-game","article/oxfords-generation-game",{"_uid":157304,"date":157305,"tags":157306,"editor":157307,"content":157311,"excerpt":157423,"featured":50,"reporter":157424,"_editable":157428,"component":864,"seo_title":157300,"categories":157429,"visibility":882,"author_company":49,"featured_image":157432,"seo_description":157423,"author_full_name":49,"author_job_title":49,"formattedDate":157435},"da1c372f-4f42-4054-99bd-f31275dc0a5c","2017-07-26 00:00",[],[157308],{"slug":544,"name":543,"content":157309},{"job_title":557,"image":157310,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":157312},[157313,157318,157323,157328,157333,157338,157343,157348,157353,157358,157363,157368,157373,157378,157383,157388,157393,157398,157403,157408,157413,157418],{"type":594,"attrs":157314,"content":157315},{"textAlign":49},[157316],{"text":157317,"type":599},"It is a building in the heart of Oxford, a small city in the south east of the UK – that the Benchmark team is directed to for a private tour of the historic university grounds. The building itself, whilst being hundreds of years old, is common place for the City of Dreaming Spires, yet its significance for the mining and technology industries is far greater.",{"type":594,"attrs":157319,"content":157320},{"textAlign":49},[157321],{"text":157322,"type":599},"“Here it is, where the rechargeable lithium ion battery cathode was invented,” the University of Oxford’s Dr Ryan Bayliss declared to us.",{"type":594,"attrs":157324,"content":157325},{"textAlign":49},[157326],{"text":157327,"type":599},"The Department of Inorganic Chemistry at the University of Oxford is not perhaps the first thing the world leading educational institution is known for.",{"type":594,"attrs":157329,"content":157330},{"textAlign":49},[157331],{"text":157332,"type":599},"When thinking of Oxford one may think of authors like Oscar Wilde, TS Eliot, CS Lewis, and JRR Tolkein; former head of states such as David Cameron (UK), Tony Blair (UK), Bill Clinton (US), and Tony Abbott (Australia); or perhaps the most famous of all, Albert Einstein.",{"type":594,"attrs":157334,"content":157335},{"textAlign":49},[157336],{"text":157337,"type":599},"But the chemists at Oxford have had a profound impact on the world we live in today and non-more relevant than the creation of the cathode that made today’s lithium ion battery possible.",{"type":594,"attrs":157339,"content":157340},{"textAlign":49},[157341],{"text":157342,"type":599},"On the building we were being presented to was an unassuming blue plaque which read:",{"type":594,"attrs":157344,"content":157345},{"textAlign":49},[157346],{"text":157347,"type":599},"“Inorganic Chemistry Laboratory where in 1980 John B Goodenough with Kochi Mizushima, Philip C Jones and Philip J Wiseman identified the cathode material that enabled development of the rechargeable lithium ion battery. The breakthrough ushered in the age of portable electronics.”",{"type":594,"attrs":157349,"content":157350},{"textAlign":49},[157351],{"text":157352,"type":599},"The cathode in question is still the most common chemistry that is used in all of our portable devices today. In fact, if you are reading this article on a smartphone, tablet or laptop, it would only be possible due to Professor Goodenough and his team creating the lithium cobalt oxide or LCO cathode powder over 30 years ago.",{"type":594,"attrs":157354,"content":157355},{"textAlign":49},[157356],{"text":157357,"type":599},"Sony of Japan was the corporation that took Professor Goodenough’s LCO creation from concept to commercialisation, allowing for the Walkman to take off in the early 1990s followed by Apple’s iPhone and all other subsequent smartphones and tablets in 2007.",{"type":594,"attrs":157359,"content":157360},{"textAlign":49},[157361],{"text":157362,"type":599},"The cathode which uses a lot of lithium and even more cobalt is being phased out now after a generation of service and being replaced by more nickel rich formulations and the addition of other elements such as manganese and aluminium, better known as the NMC and the NCA chemistries, respectively.",{"type":594,"attrs":157364,"content":157365},{"textAlign":49},[157366],{"text":157367,"type":599},"That was why it was with such pleasure that Benchmark Mineral Intelligence was invited to give a guest lecture to Oxford’s next generation of leaders.",{"type":594,"attrs":157369,"content":157370},{"textAlign":49},[157371],{"text":157372,"type":599},"The lecture entitled “The lithium ion battery supply chain in an energy storage revolution” encompassed the challenges and opportunities in the supply chain, from mine to market and then opened this up for discussion.",{"type":594,"attrs":157374,"content":157375},{"textAlign":49},[157376],{"text":157377,"type":599},"As with talks of this nature to such a varied audience, the most interesting part was the Q&A and discussions that followed in Oxford’s oldest pub (dating back to 1298) and a famed student haunt, The Kings Arms. This establishment, owned by Wadham College, is where the real thinking takes place!",{"type":594,"attrs":157379,"content":157380},{"textAlign":49},[157381],{"text":157382,"type":599},"Among the general hubbub of midweek student drinks, a real insight was gained into the thinking of the university’s finest minds interested in batteries and energy storage.",{"type":594,"attrs":157384,"content":157385},{"textAlign":49},[157386],{"text":157387,"type":599},"While the Benchmark team explained what is happening commercially around the world, students from various disciplines such as chemistry and engineering to economics and even politics were keen to engage on one of the most critical subjects of the next 100 years: energy storage.",{"type":594,"attrs":157389,"content":157390},{"textAlign":49},[157391],{"text":157392,"type":599},"There were a few big takeaways from our experience.",{"type":594,"attrs":157394,"content":157395},{"textAlign":49},[157396],{"text":157397,"type":599},"The first is Oxford’s love for the sodium ion battery. The university has been developing this technology with UK-based Faradion Ltd which claims it can be up to 30% cheaper than lithium ion based primary and that salt (Na) is cheaper to source and produce than lithium.",{"type":594,"attrs":157399,"content":157400},{"textAlign":49},[157401],{"text":157402,"type":599},"While sodium occupies the upper left portion of the Periodic Table – among the world’s lightest of elements – it is still nearly four times heavier than lithium. Having said that, only helium is lighter than lithium so it is a tough one to beat for a battery maker looking for lithium independence.",{"type":594,"attrs":157404,"content":157405},{"textAlign":49},[157406],{"text":157407,"type":599},"The second notable discussion was on the interest in new recycling methods for lithium ion batteries.",{"type":594,"attrs":157409,"content":157410},{"textAlign":49},[157411],{"text":157412,"type":599},"While the industry is yet to emulate the huge successes of its lead acid counterpart, money making opportunities are on the horizon as a glut of larger format, end life lithium ion cells are expected hit the market by 2021. Benchmark explained that the focus for students should be on isolating and extracting the high value raw materials of: lithium, cobalt and nickel.",{"type":594,"attrs":157414,"content":157415},{"textAlign":49},[157416],{"text":157417,"type":599},"Finally, perhaps the most memorable point of all was the group of intelligent and engaged students that we met, the average age of which was no more than 26.",{"type":594,"attrs":157419,"content":157420},{"textAlign":49},[157421],{"text":157422,"type":599},"While Millennials get some criticism for spending their time on Instagram, Twitter or Snapchat, it is the same demographic that will be responsible for inventing or enabling your technologies of tomorrow.","It is a building in the heart of Oxford, a small city in the south east of the UK – that the Benchmark team is directed to for a private tour of the historic university grounds. The building itself, whilst being hundreds of years old, is common place for the City of Dreaming Spires, yet […]",[157425],{"slug":544,"name":543,"content":157426},{"job_title":557,"image":157427,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"da1c372f-4f42-4054-99bd-f31275dc0a5c\", \"id\": \"\"}-->",[157430,157431],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":157433,"copyright":547,"fieldtype":553,"meta_data":157434,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7c382e6e3c/bm-screen-shot-2017-07-26-at-120415.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 26, 2017",{"id":157437,"uuid":157438,"name":157439,"slug":157440,"full_slug":157441,"content":157442},112474721224311,"d48bdfb2-40c4-4994-bb8c-d5b5b5ebb1dc","Lithium’s cold war","lithiums-cold-war","article/lithiums-cold-war",{"_uid":157443,"date":157305,"tags":157444,"editor":157445,"content":157449,"excerpt":157638,"featured":50,"reporter":157639,"_editable":157643,"component":864,"seo_title":157439,"categories":157644,"visibility":882,"author_company":49,"featured_image":157648,"seo_description":157638,"author_full_name":49,"author_job_title":49,"formattedDate":157435},"8f2d46e9-ef5f-45ea-b748-3b9a85042c78",[],[157446],{"slug":544,"name":543,"content":157447},{"job_title":557,"image":157448,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":157450},[157451,157464,157469,157474,157479,157484,157489,157494,157499,157504,157509,157514,157519,157524,157529,157534,157539,157544,157549,157554,157561,157566,157571,157576,157581,157586,157591,157596,157600,157605,157610,157615,157620,157625,157630,157635],{"type":594,"attrs":157452,"content":157453},{"textAlign":49},[157454,157458,157460],{"text":157455,"type":599,"marks":157456},"Chile’s lithium revolution has been hampered by political clashes between government ",[157457],{"type":643},{"text":157459,"type":599},"organization",{"text":157461,"type":599,"marks":157462},", Corfo and Atacama producer, SQM. With Argentina and Australia enacting significant new projects in both brine and hard rock, is there a resolution in sight for the world’s leading producer?",[157463],{"type":643},{"type":594,"attrs":157465,"content":157466},{"textAlign":49},[157467],{"text":157468,"type":599},"By Paul Harris in Colombia ",{"type":594,"attrs":157470,"content":157471},{"textAlign":49},[157472],{"text":157473,"type":599},"Chile is blessed with the most abundant sources of world lithium in brine salars (salt lakes). Whilst it has been a leading producer for decades, as the lithium market takes off due to the potential for electric vehicles (EV’s) and energy storage, its expansion in recent years has stalled and finds its neighbour Argentina snapping at its heels.",{"type":594,"attrs":157475,"content":157476},{"textAlign":49},[157477],{"text":157478,"type":599},"The USGS estimates Chile’s lithium reserves at 7.5m tonnes of the world’s 13m tonnes, making it the largest source of in situ material. Existing producers in Chile, Sociedad Quimica y Minera (SQM), and Albemarle have enjoyed an oligopoly for many years, yet idiosyncratic state policies inhibit the oligarchy from crushing emergent competition in other jurisdictions, which means Chile’s lithium industry fights with one arm tied behind its back.",{"type":594,"attrs":157480,"content":157481},{"textAlign":49},[157482],{"text":157483,"type":599},"Chile’s Atacama Desert has hosted a dominant salt-based mineral industry before with the salitre (sodium nitrate) industry that saw its monopoly disintegrate when German scientists synthesized the chemical during the First World War. Whilst Chile’s lithium industry does not face extinction due to armed conflict, an internal political war is hampering its ability to take advantage of growing demand for lithium products.",{"type":594,"attrs":157485,"content":157486},{"textAlign":49},[157487],{"text":157488,"type":599},"Anachronism",{"type":594,"attrs":157490,"content":157491},{"textAlign":49},[157492],{"text":157493,"type":599},"Whilst Chile has a century-old copper mining tradition, lithium is a relatively new product for the country. There was some exploitation in the 1980s, but SQM really started things when it made its first export in 1997 under a quota established in 1993. For much of the following 25 years, lithium has been a workhorse industrial mineral for industrial and chemical processes that few people got excited about until the recent rise of the battery economy.",{"type":594,"attrs":157495,"content":157496},{"textAlign":49},[157497],{"text":157498,"type":599},"Long before Elon Musk’s Tesla inspired new interest in EV’s and putting lithium in the spotlight as a crucial mineral for power storage development, Chile declared lithium a strategic mineral in 1979.",{"type":594,"attrs":157500,"content":157501},{"textAlign":49},[157502],{"text":157503,"type":599},"There was no great foresight here.",{"type":594,"attrs":157505,"content":157506},{"textAlign":49},[157507],{"text":157508,"type":599},"Rather, with the Cold War in full swing, Chile was governed by a military dictatorship and bitter regional rival Argentina had recently (1974) become a nuclear power generator so the distinction was given because an isotope of the metal is used in nuclear fusion.",{"type":594,"attrs":157510,"content":157511},{"textAlign":49},[157512],{"text":157513,"type":599},"That 1979 decision meant that lithium production in Chile was governed by Chile’s nuclear commission and administered by state development agency Corfo through a quota system still in place today and it is that quota system that has restricted growth in Chile’s lithium production.",{"type":594,"attrs":157515,"content":157516},{"textAlign":49},[157517],{"text":157518,"type":599},"Under the current administration that distinction has remained.",{"type":594,"attrs":157520,"content":157521},{"textAlign":49},[157522],{"text":157523,"type":599},"Shortly after taking office, President Michelle Bachelet convoked a lithium commission in June 2014 that reported three conclusions in January 2016. The commission maintained the definition of lithium as a strategic resource; it said that the resource must return to state hands; and that a state lithium company (Corporacion Nacional de los Salares) should be formed for its extraction.",{"type":594,"attrs":157525,"content":157526},{"textAlign":49},[157527],{"text":157528,"type":599},"The Bachelet administration has a markedly Socialist-Communist economic outlook due to the left-wing coalition from which it is comprised and the tone of her government is to turn back the neo-liberal clock somewhat to revive past rhetoric of nationalisation, industrialisation and import substitution.",{"type":594,"attrs":157530,"content":157531},{"textAlign":49},[157532],{"text":157533,"type":599},"In effect, the commission advocated the nationalisation of lithium, but as this would be negative for Chile’s investor friendly image, the government shied away from calling it what it was and implemented a less overt means to achieve this end.",{"type":594,"attrs":157535,"content":157536},{"textAlign":49},[157537],{"text":157538,"type":599},"When current production contracts with Corfo expire, the state will then obtain 51% of the economic benefits going forward. In theory, this policy kicks in when SQM’s contract expires in 2030. It is currently developing a new regulatory framework for private sector lithium exploitation.",{"type":594,"attrs":157540,"content":157541},{"textAlign":49},[157542],{"text":157543,"type":599},"The central planning dimension of this policy sees state copper company Codelco co-opted into the lithium space to seek joint venture partners to exploit lithium on its concessions in the Maricunga and Pedernales salt basins – at a time when it has massive capital projects on its hands to ensure that its 100-year old copper mines, Chuiquicamata and El Teniente remain competitive.",{"type":594,"attrs":157545,"content":157546},{"textAlign":49},[157547],{"text":157548,"type":599},"Despite how the intent has been couched, this policy threatens to damage Chile’s reputation as a destination for foreign investment. Sensing the thin end of the wedge, this policy drew enquiries from several embassies to see if this tack would be extrapolated to the wider [copper] mining sector, which would have implications for international mining companies.",{"type":594,"attrs":157550,"content":157551},{"textAlign":49},[157552],{"text":157553,"type":599},"What’s more, market watchers feel it is myopic.",{"type":594,"attrs":157555,"content":157556},{"textAlign":49},[157557,157559,157560],{"text":157558,"type":599},"“This policy is not worth the effort because lithium represents about $500m in exports [to the country] compared to $34bn. Although lithium is important globally, it is not going to be a game changer for Chile as the country has several much more important products such as wood, cellulose, wine and molybdenum. However, three governments will hold office before 2030 and so this policy is not written in stone and could be changed,” a mining analyst told ",{"text":11314,"type":599},{"text":974,"type":599},{"type":594,"attrs":157562,"content":157563},{"textAlign":49},[157564],{"text":157565,"type":599},"And whilst lithium exploration has rocketed in Argentina, in Chile it has yet to take off while companies await the new regulatory framework. This is likely to be announced in the third quarter given that state copper company Codelco is due to announce the results of its Maricunga and Pedernales tender process in July or August and the winning bidder will be subject to the conditions of the new framework.",{"type":594,"attrs":157567,"content":157568},{"textAlign":49},[157569],{"text":157570,"type":599},"Chile has an open economy and under the constitution it cannot discriminate one sector over another and so whilst the expectation is the government take will increase, this is likely to be through the royalty rather than taxation.",{"type":594,"attrs":157572,"content":157573},{"textAlign":49},[157574],{"text":157575,"type":599},"“We don’t know what it will be yet. It doesn’t have to be the same as the royalty for copper but it cannot be very different either,” said Marcelo Awad, executive director of Wealth Minerals, a lithium developer in Chile’s Atacama.",{"type":594,"attrs":157577,"content":157578},{"textAlign":49},[157579],{"text":157580,"type":599},"As part of its expansion agreement Rockwood accepted a sliding-scale royalty regime that tops out at 40%, and SQM will likely have to agree to something similar to be able to expand.",{"type":594,"attrs":157582,"content":157583},{"textAlign":49},[157584],{"text":157585,"type":599},"“Rockwood is an existing producer that has recovered all its investment and it has never paid a royalty in its 30 years of production, so there is an element of backwards facing royalty here too,” said Awad.",{"type":594,"attrs":157587,"content":157588},{"textAlign":49},[157589],{"text":157590,"type":599},"Awad does not expect new entrants to face that royalty regime.",{"type":594,"attrs":157592,"content":157593},{"textAlign":49},[157594],{"text":157595,"type":599},"“We expect that the regulatory framework and taxation will not be very distinct than that for other mineral sectors in Chile. The difference is likely to be the royalty. We don’t know what it will be yet. It doesn’t have to be the same as the royalty for copper but it cannot be very different either,” he says.",{"type":594,"attrs":157597,"content":157598},{"textAlign":49},[157599],{"text":154115,"type":599},{"type":594,"attrs":157601,"content":157602},{"textAlign":49},[157603],{"text":157604,"type":599},"The Bachelet government also wants to attract investors to fabricate value-added lithium products in Chile. In April, Corfo launched an international tender to attract companies to develop lithium products, specifically targeting German and Asian companies. Corfo’s tender process gives until June 30th for companies to express interest with preference given to bids for value added to lithium and technological sophistication. A contract is due to be awarded in November.",{"type":594,"attrs":157606,"content":157607},{"textAlign":49},[157608],{"text":157609,"type":599},"“At the end of the year, we will have chosen the companies that are going to come to the country to produce green products with added value in the lithium chain. With this, we will give a great step to the reindustrialization of Chile,” said executive vice president Eduardo Bitran during the April launch.",{"type":594,"attrs":157611,"content":157612},{"textAlign":49},[157613],{"text":157614,"type":599},"To facilitate this, the government negotiated a 27-year lithium carbonate production agreement with US specialty chemicals company Albemarle subsidiary Rockwood Lithium in 2016 allowing the company to expand lithium production with the caveat that it make a certain amount volume available at preferential prices to upgrade into added value lithium products.",{"type":594,"attrs":157616,"content":157617},{"textAlign":49},[157618],{"text":157619,"type":599},"The government may also offer other incentives to entice battery producers to its shores. Awad thinks the government will also provide financial stimulus.",{"type":594,"attrs":157621,"content":157622},{"textAlign":49},[157623],{"text":157624,"type":599},"“The government will give some incentive to bring battery producers here but not via direct subsidies. Chile typically allows advanced depreciation, perhaps a three-year period rather than the customary 10-years,” he says.",{"type":594,"attrs":157626,"content":157627},{"textAlign":49},[157628],{"text":157629,"type":599},"However, some observers doubt whether battery companies will want to deploy their know-how and intellectual property overseas, which means that its future will be as a producer of intermediate products like lithium carbonate and lithium hydroxide, part of its current offering, rather than downstream added-value products.",{"type":594,"attrs":157631,"content":157632},{"textAlign":49},[157633],{"text":157634,"type":599},"“The battery market is very conservative and secretive, with a highly-sophisticated product. Unlike the European Union or the US, potential investors will not enjoy the same level of intellectual property protection in Chile and will run the risk of their secrets being exposed,” said the mining analyst, adding that, “it would be very expensive for a battery manufacturer to bring all the other battery material inputs to Chile.”",{"type":594,"attrs":157636,"content":157637},{"textAlign":49},[],"Chile’s lithium revolution has been hampered by political clashes between government organization, Corfo and Atacama producer, SQM. With Argentina and Australia enacting significant new projects in both brine and hard rock, is there a resolution in sight for the world’s leading producer? By Paul Harris in Colombia Chile is blessed with the most abundant sources […]",[157640],{"slug":544,"name":543,"content":157641},{"job_title":557,"image":157642,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8f2d46e9-ef5f-45ea-b748-3b9a85042c78\", \"id\": \"\"}-->",[157645,157646,157647],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":157649,"copyright":547,"fieldtype":553,"meta_data":157650,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/59019edcb8/bm-chile.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":157652,"uuid":157653,"name":157654,"slug":157655,"full_slug":157656,"content":157657},112474716546576,"ac1a1fb6-4c54-4267-8fe8-76e09d522a74","Argentina warms to lithium","argentina-warms-to-lithium","article/argentina-warms-to-lithium",{"_uid":157658,"date":157305,"tags":157659,"editor":157661,"content":157665,"excerpt":157962,"featured":50,"reporter":157963,"_editable":157967,"component":864,"seo_title":157654,"categories":157968,"visibility":882,"author_company":49,"featured_image":157972,"seo_description":157962,"author_full_name":49,"author_job_title":49,"formattedDate":157435},"868fe320-a77d-4640-916e-f9ef1ba11bdc",[157660],{"slug":4357,"name":4358},[157662],{"slug":544,"name":543,"content":157663},{"job_title":557,"image":157664,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":157666},[157667,157674,157681,157686,157691,157700,157707,157714,157727,157738,157743,157750,157759,157766,157777,157786,157791,157796,157799,157806,157811,157818,157823,157830,157835,157842,157855,157862,157869,157876,157889,157894,157899,157904,157915,157924,157929,157938,157943,157950,157957],{"type":594,"attrs":157668,"content":157669},{"textAlign":49},[157670],{"text":157671,"type":599,"marks":157672},"In a situation that could not be more polar opposite to Chile, Argentina has enjoyed a lithium exploration boom. Recent investments of $135m into its most advanced project, Cauchari-Olaroz, owned by Lithium Americas, has buoyed the space and grabbed the attention of the new President Mauricio Macri. Can the momentum last for Argentina’s new pro-business government?",[157673],{"type":643},{"type":594,"attrs":157675,"content":157676},{"textAlign":49},[157677,157679],{"text":157678,"type":599},"Argentina has been a focal point for a lithium land grab and is perhaps been the biggest",{"text":157680,"type":599},"\nwinner to date from the battery-inspired lithium rush.",{"type":594,"attrs":157682,"content":157683},{"textAlign":49},[157684],{"text":157685,"type":599},"The election of pro-business President Mauricio Macri in 2015 restored confidence in the ability to invest in Argentina as lithium became a hot commodity and Chile worsened lithium investment conditions, a serendipitous confluence of factors that has benefitted the country.",{"type":594,"attrs":157687,"content":157688},{"textAlign":49},[157689],{"text":157690,"type":599},"Argentina is one corner of the lithium triangle of salt lakes or salars in Chile, Argentina and Bolivia but whilst they stem from the same geological provenance, investment conditions in each country could not be more different. Whilst Bolivia and Chile seek to obtain a majority of the economic benefits derived from lithium production, a pro-business government in Argentina removed a 5% tax on lithium exports and is elevating the country above its regional competitors.",{"type":594,"attrs":157692,"content":157693},{"textAlign":49},[157694,157696,157698],{"text":157695,"type":599},"Even Chile’s (and the world’s) largest lithium producer Sociedad Quimica y Minera (SQM),",{"text":157697,"type":599},"\nis investing in Argentina via the Minera Exar joint venture with Lithium Americas because",{"text":157699,"type":599},"\nit cannot expand production at home. The difference in investment conditions between Argentina and Chile is such that by 2025mining secretary Daniel",{"type":594,"attrs":157701,"content":157702},{"textAlign":49},[157703,157705],{"text":157704,"type":599},"The difference in investment conditions between Argentina and Chile is such that by 2025mining secretary Daniel Meilan commented in March that if all lithium projects go ahead, Argentina’s annual output would jump to 165,000 metric tons, or about 45% of global supply. However, HSBC forecasts that Argentina will grow its participation in the",{"text":157706,"type":599},"\nlithium market to 23% in 2025 from 17% in 2016 whilst Chile falls from 35% to 18%.",{"type":594,"attrs":157708,"content":157709},{"textAlign":49},[157710,157712],{"text":157711,"type":599},"“I think Daniel was being a bit too ambitious as we are the only project of magnitude that",{"text":157713,"type":599},"\nwill be producing in 2020,” Gabriel Rabacha, Lithium Americas president of South American operations told Benchmark Minerals.",{"type":594,"attrs":157715,"content":157716},{"textAlign":49},[157717,157719,157721,157723,157725],{"text":157718,"type":599},"Whilst Argentina has advanced rapidly and strongly, Marcelo Awad, executive director",{"text":157720,"type":599},"\nof Chilean lithium explorer Wealth Minerals, suspects that many investors are waiting to",{"text":157722,"type":599},"\nsee how lithium policy develops in Chile. “I think a lot of investors are still sceptical",{"text":157724,"type":599},"\nabout Argentina and prefer to wait until the regulatory framework in Chile is clear to be",{"text":157726,"type":599},"\nable to invest there because they know that Chile can produce at a lower cost,” he said.",{"type":594,"attrs":157728,"content":157729},{"textAlign":49},[157730,157732,157734,157736],{"text":157731,"type":599},"Chile may have higher quality lithium resources and enjoy a lower point on the cost",{"text":157733,"type":599},"\ncurve, but Argentina is a close second. For example, Minera Exar is targeting a production",{"text":157735,"type":599},"\ncost of $2,495/t of LCE (lithium carbonate equivalent). The growing demand for lithium",{"text":157737,"type":599},"\nmeans that it will be a major lithium producer.",{"type":594,"attrs":157739,"content":157740},{"textAlign":49},[157741],{"text":157742,"type":599},"Consolidation",{"type":594,"attrs":157744,"content":157745},{"textAlign":49},[157746,157748],{"text":157747,"type":599},"With dozens of companies in the lithium space in Argentina, many sharing rights of",{"text":157749,"type":599},"\nindividual salars, consolidation is coming to reduce risk and development costs.",{"type":594,"attrs":157751,"content":157752},{"textAlign":49},[157753,157755,157757],{"text":157754,"type":599},"“Consolidation will be driven by diversifying risk as it will cost $500-600 million to build",{"text":157756,"type":599},"\na project and doing the studies costs $30-50 million, which is the entire market",{"text":157758,"type":599},"\ncapitalization for many juniors,” said Marcelo Awad, executive director at Wealth Minerals. “It",{"type":594,"attrs":157760,"content":157761},{"textAlign":49},[157762,157764],{"text":157763,"type":599},"“It takes a great deal of money and government approvals to build large-scale facilities and",{"text":157765,"type":599},"\nonly a small handful of producers can meet those challenges,” Advantage president and CEO David Sidoo told Benchmark Minerals.Dozens of lithium juniors have acquired",{"type":594,"attrs":157767,"content":157768},{"textAlign":49},[157769,157771,157773,157775],{"text":157770,"type":599},"Dozens of lithium juniors have acquired rights over parts of salars in Argentina and the",{"text":157772,"type":599},"\nearly stages of consolidation can already be seen. Enirgi—a company ultimately owned by",{"text":157774,"type":599},"\nthe Sentient Group through ADY Resources— took an 18.2% stake in LSC Lithium, which",{"text":157776,"type":599},"\nis hoovering up lithium concessions in Argentina. LSC has a strategic agreement with",{"type":594,"attrs":157778,"content":157779},{"textAlign":49},[157780,157782,157784],{"text":157781,"type":599},"LSC has a strategic agreement with Enirgi under which it will be able to supply its",{"text":157783,"type":599},"\nRincon plant with brines. Early movers such as Enirgi may leverage",{"text":157785,"type":599},"\ntheir processing plant investments to become regional centres and process preconcentrated brines from third parties.",{"type":594,"attrs":157787,"content":157788},{"textAlign":49},[157789],{"text":157790,"type":599},"Enirgi clearly sees that as a possibility and thinks that it would be the government’s preference too. “Investors may prefer a model whereby brine is shipped to a central or regional processing plant rather than having the capex of building a processing plant on each salar. The government is likely to prefer one operator on a salar both to limit any environmental impacts and to make it easier to determine who is responsible for them. The Rincon plant",{"type":594,"attrs":157792,"content":157793},{"textAlign":49},[157794],{"text":157795,"type":599},"The Rincon plant will be scalable and if we scaled up to 75,000 tpy we could pull 25,000 tpy from another salar without impacting the Rincon Salar life of mine. We have a strategic relationship with LSC Lithium and we would seek to source additional brine from them,” Jessica Helm, VP communications told Benchmark Minerals.",{"type":594,"attrs":157797,"content":157798},{"textAlign":49},[],{"type":594,"attrs":157800,"content":157801},{"textAlign":49},[157802],{"text":157803,"type":599,"marks":157804},"Lithium focus: President Macri and his government meet with Lithium Americas team in Buenos Aires",[157805],{"type":643},{"type":594,"attrs":157807,"content":157808},{"textAlign":49},[157809],{"text":157810,"type":599},"LSC has accumulated over 295,000 hectares of brine properties in Argentina via strategic agreements, accumulating one of the largest brine packages in the world. It has struck strategic agreements with Orocobre and Advantage Lithium to increase its land package on the Salinas Grandes Salar hectares and purchase Advantage’s option on the Stella Marys project. LSC also intends to exercise its option to acquire LitheA from BMC Global, whose principal asset is its Salar de Pozuelos tenements in Salta.",{"type":594,"attrs":157812,"content":157813},{"textAlign":49},[157814,157816],{"text":157815,"type":599},"In July 2016, Enirgi completed a feasibility study for a 50,000 tpa LCE plant at its Salar del",{"text":157817,"type":599},"\nRincon project in Salta with a capex of $720 million. Enirgi has developed a proprietary direct lithium extraction process (DXP) in cooperation with the Australian Nuclear Science and Technology Organisation to extract lithium from brine. The concept was proven at a demonstration plant in Sydney in 2014 and Enirgi then shipped the plant to Argentina and began recommissioning it in December 2016. In April, it announced the",{"type":594,"attrs":157819,"content":157820},{"textAlign":49},[157821],{"text":157822,"type":599},"In April, it announced the successful commercialization of the frontend separation unit and it anticipates the full plant being commissioned during the first half of 2017. From there, it will produce 1 tpd of lithium carbonate that will be used for customer testing. Enirgi’s next hurdle will be raising the finance to build the commercial plant that it aims to bring into production in late 2019.",{"type":594,"attrs":157824,"content":157825},{"textAlign":49},[157826,157828],{"text":157827,"type":599},"Enirgi says that direct extraction means lithium products can be made within 24",{"text":157829,"type":599},"\nhours using natural gas and lime as reagents without solar evaporation ponds that take 365-500+ days to concentrate brine. With no evaporation ponds to build, DXP has a smaller environmental footprint and capex as well as lower operating costs, and yields a recovery rate of at least 74% compared to solar evaporation rates of 40-60%. The feasibility calculated a total cash operating cost of $2,070/t of LCE FOB Antofagasta, not including any byproduct credits putting the project at the front of the cost curve. “We are the only company that is putting forward a meaningful solution for lithium extraction without defacing the salares,” she said.",{"type":594,"attrs":157831,"content":157832},{"textAlign":49},[157833],{"text":157834,"type":599},"Producers",{"type":594,"attrs":157836,"content":157837},{"textAlign":49},[157838,157840],{"text":157839,"type":599},"Lithium production in Argentina is currently in the hands of two producers: FMC and",{"text":157841,"type":599},"\nOrocobre. US specialty chemical company FMC produces lithium at its Fenix operation at the Salar del Hombre Muerto in Salta where it produces about 23,000 tpa of LiCO3 that  it sells captively to its operations around the globe. The company currently has no expansion plans.",{"type":594,"attrs":157843,"content":157844},{"textAlign":49},[157845,157847,157849,157851,157853],{"text":157846,"type":599},"The newest lithium producer anywhere in the world in the last twenty years is Orocobre, which made its first commercial shipment from its 17,500 tpa Olaroz operation in April 2015. Orocobre owns 66.5% of Olaroz through a JV with Toyota Tsusho (25%) and forecasts",{"text":157848,"type":599},"\n2017 production of 15,000 tonnes, up from 6,900 tonnes in 2016. The Olaroz startup has not gone smoothly and took the company about three years (Nov 2012–Nov 2015) to",{"text":157850,"type":599},"\ncomplete, which underscores the technical challenges for new operators entering the",{"text":157852,"type":599},"\nspace. But now that it has worked through its commissioning issues it is looking at",{"text":157854,"type":599},"\nexpansion to 35,000 tpa LCE from 2019 as it seeks to leverage the Olaroz 6.4Mt LCE resource.",{"type":594,"attrs":157856,"content":157857},{"textAlign":49},[157858,157860],{"text":157859,"type":599},"Argentina’s next producer is likely to be Minera Exar at Cauchari-Olaroz in Jujuy that",{"text":157861,"type":599},"\nwill initially produce 25,000 tonnes per annum of LCE from 2019 following a US$425 million investment using commercially-proven solar evaporation brine processing technology based the design of strategic partner Sociedad Quimica y Minera (SQM). An expansion to 50,000 tpa LCE will commence as soon as the first stage is completed. “The project is advancing very well. We hope to make the decision to start construction within the next two months. We estimate that it will be very",{"type":594,"attrs":157863,"content":157864},{"textAlign":49},[157865,157867],{"text":157866,"type":599},"We estimate that it will be very competitive and has sufficient reserves, for",{"text":157868,"type":599},"\nat least the two planned stages,” CEO Patricio de Solminihac told Benchmark Minerals.",{"type":594,"attrs":157870,"content":157871},{"textAlign":49},[157872,157874],{"text":157873,"type":599},"“Everything is ready. We have presented the feasibility to the board and with the entrance",{"text":157875,"type":599},"\nof funds from Ganfeng and Bangchak, and with board and SQM approval, we are going to start building,” said Rabacha. Construction is expected to start in the first half of 2017 with a $425 million investment. Lithium Americas announced C$106.5 million",{"type":594,"attrs":157877,"content":157878},{"textAlign":49},[157879,157881,157883,157885,157887],{"text":157880,"type":599},"Lithium Americas announced C$106.5 million (US$78.8 million) in aggregate financings in",{"text":157882,"type":599},"\nJanuary and aggregate debt arrangements for US$195 million with China’s Ganfeng and",{"text":157884,"type":599},"\nThailand’s BCP Innovation to finance its 50% share of the first stage of the development. SQM is financing the other 50%. Cauchari- Olaroz will have a mine life of more than 40 years and production costs near the front end of the cost curve at US$2,495 per tonne. “As",{"text":157886,"type":599},"\nalways, the challenge is to deliver the project on time and on budget, and we have SQM as",{"text":157888,"type":599},"\na strategic partner that has vast and proven lithium producing experience,” said Rabacha.",{"type":594,"attrs":157890,"content":157891},{"textAlign":49},[157892],{"text":157893,"type":599},"The Minera Exar investment spurred Advantage Lithium to acquire a 50% interest in concessions adjacent to Cauchari from Orocobre and to start drilling to expand its inferred resource of 470,000t of lithium carbonate. The company plans to issue a resource update and scoping study by early 2018, and a feasibility study in 2019.",{"type":594,"attrs":157895,"content":157896},{"textAlign":49},[157897],{"text":157898,"type":599},"Depending upon the ultimate size of the Cauchari resource and finance available, Advantage could ship brine directly to end users to process, use Orocobre’s Olaroz facility or build its own processing plant. “We are leveraging [Orocobre’s] expertise in the processing of lithium at Olaroz and their community and government relationships.",{"type":594,"attrs":157900,"content":157901},{"textAlign":49},[157902],{"text":157903,"type":599},"This has been exhibited by the 17 permits we have to drill in Cauchari this year alone, the first permits granted in over two years. We have an option to process our brine via Orocobre’s facility at Olaroz by piping it directly to them. Or we can build our own large-scale facility if the resource is large enough,” said Sidoo.",{"type":594,"attrs":157905,"content":157906},{"textAlign":49},[157907,157909,157911,157913],{"text":157908,"type":599},"French metals company Eramet is one of several innovators in the lithium space, leveraging its research division to create a proprietary direct brine extraction process in",{"text":157910,"type":599},"\npartnership with the French Petroleum and Renewable Energy Institute. The process has",{"text":157912,"type":599},"\nbeen optimized after two years of laboratory scale studies and continuous testing, and",{"text":157914,"type":599},"\nwas piloted at a pre-industrial scale in 2016 to finalize engineering studies and qualify the product with future clients. Eramet",{"type":594,"attrs":157916,"content":157917},{"textAlign":49},[157918,157920,157922],{"text":157919,"type":599},"Eramet aims to produce 20,000 tpa from its Centenario- Ratones deposit in Salta with the goal of starting production before the end of the decade. Australian producer Galaxy Resources also has production ideas and completed a feasibility study to develop a 25,000 tpa evaporation operation at its Sal de Vida deposit that it acquired in July 2012 through",{"text":157921,"type":599},"\na merger with Lithium One. Salar de Vida is adjacent to FMC’s Fenix lithium operation in",{"text":157923,"type":599},"\nthe Salar del Hombre Muerto. Galaxy engaged",{"type":594,"attrs":157925,"content":157926},{"textAlign":49},[157927],{"text":157928,"type":599},"Galaxy engaged Argentina engineering and construction firm Techint to review the feasibility study economics in 2016 whilst the company plans a 1,200 tpa demonstration plant to engineer a semi-industrial scale chemical plant to test the industrial process and technical assumptions, ahead of the main commercial plant build.",{"type":594,"attrs":157930,"content":157931},{"textAlign":49},[157932,157934,157936],{"text":157933,"type":599},"Lithium X is developing a ponding facility that aims to produce 2,500tpa LCE that it",{"text":157935,"type":599},"\nplans to sell as brine with option to move to 5,000tpa LCE once the project is cash flow",{"text":157937,"type":599},"\npositive for a full year. The company would not elaborate upon whether it intends to sell its brine to existing producers in Argentina or export it. Lithium X is planning to undertake a FS to potentially increase this to 20,000 tpy, VP investor relations Tim McKenna told Benchmark Minerals, but it has not put a time frame on this. POSCO announced in February 2016 that it held a groundbreaking ceremony for a lithium pilot plant at Pozuelos salt lake that will produce 2,500t of lithium (probably +99% lithium carbonate) to test its proprietary lithium extraction technology ahead of making a final investment decision on a larger operation.",{"type":594,"attrs":157939,"content":157940},{"textAlign":49},[157941],{"text":157942,"type":599},"Whilst the competition to be the next lithium producer in Argentina is hotting up, the number of exploration companies working to get into that bracket is no less intensive.",{"type":594,"attrs":157944,"content":157945},{"textAlign":49},[157946,157948],{"text":157947,"type":599},"Neo Lithium aims to produce a PEA before year end for its 3Q project in Catamarca, that hosts one of only two lithium reservoirs in the world that the company says has the lowest combined impurities of any salar anywhere and the third-highest grade due to hot springs",{"text":157949,"type":599},"\nthat charge lithium and calcium, which cleans out impurities like magnesium and sulphate.",{"type":594,"attrs":157951,"content":157952},{"textAlign":49},[157953,157955],{"text":157954,"type":599},"In May, the company published a maiden NI 43-101 compliant measured and indicated",{"text":157956,"type":599},"\nresource of 714,242t LCE with an inferred resource of 1.3Mt LCE.",{"type":594,"attrs":157958,"content":157959},{"textAlign":49},[157960],{"text":157961,"type":599},"In Salta, International Lithium filed a maiden resource estimate with strategic partner Ganfeng Lithium for the Mariana brine project, with an indicated resource of 1.2Mt LCE and an inferred resource of 618,000t LCE. The company is undertaking evaporation field tests and pond construction, with feasibility study to begin during 2017 whilst seeking permits for a pilot plant.","In a situation that could not be more polar opposite to Chile, Argentina has enjoyed a lithium exploration boom. Recent investments of $135m into its most advanced project, Cauchari-Olaroz, owned by Lithium Americas, has buoyed the space and grabbed the attention of the new President Mauricio Macri. Can the momentum last for Argentina’s new pro-business […]",[157964],{"slug":544,"name":543,"content":157965},{"job_title":557,"image":157966,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"868fe320-a77d-4640-916e-f9ef1ba11bdc\", \"id\": \"\"}-->",[157969,157970,157971],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":157973,"copyright":547,"fieldtype":553,"meta_data":157974,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c04dd5c9a8/bm-argentina.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":157976,"uuid":157977,"name":157978,"slug":157979,"full_slug":157980,"content":157981},112474702423263,"41db214d-1f49-4950-8154-da204b4a96ef","BASF puts Norilsk top of nickel’s class","basf-puts-norilsk-top-of-nickels-class","article/basf-puts-norilsk-top-of-nickels-class",{"_uid":157982,"date":157305,"tags":157983,"editor":157988,"content":157992,"excerpt":158252,"featured":50,"reporter":158253,"_editable":158257,"component":864,"seo_title":157978,"categories":158258,"visibility":882,"author_company":49,"featured_image":158262,"seo_description":158252,"author_full_name":49,"author_job_title":49,"formattedDate":157435},"44edc03d-c890-482b-907b-52661cb81df3",[157984,157985],{"slug":27620,"name":27621},{"slug":157986,"name":157987},"norilsk","Norilsk",[157989],{"slug":544,"name":543,"content":157990},{"job_title":557,"image":157991,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":157993},[157994,158002,158007,158015,158020,158025,158030,158038,158043,158051,158059,158064,158069,158074,158079,158084,158089,158094,158099,158104,158109,158114,158119,158124,158130,158135,158140,158145,158150,158155,158160,158165,158170,158181,158186,158191,158196,158201,158206,158211,158216,158221,158226,158231,158236,158241,158249],{"type":594,"attrs":157995,"content":157996},{"textAlign":49},[157997,158000],{"text":72203,"type":599,"marks":157998},[157999],{"type":643},{"text":158001,"type":599}," looks BASF’s plan to targets cathode supply security with Norilsk talks and how Glencore & Cobalt 27 are shaking up the cobalt space",{"type":594,"attrs":158003,"content":158004},{"textAlign":49},[158005],{"text":158006,"type":599},"Chemicals and cathodes leader, BASF, has revealed that it has entered exclusive negotiations with Russian nickel behemoth Norilsk Nickel for the supply of nickel and cobalt for the its next generation of battery cathode materials.",{"type":594,"attrs":158008,"content":158009},{"textAlign":49},[158010,158012,158013],{"text":158011,"type":599},"In a press release dated 27",{"text":6795,"type":599},{"text":158014,"type":599}," June 2017, the world’s leading chemical company highlighted their intention to spend up to €400m ($456m) in the “first step” to building “industry-leading” cathode production facilities in Europe.",{"type":594,"attrs":158016,"content":158017},{"textAlign":49},[158018],{"text":158019,"type":599},"Norilsk is the world’s second largest producer of nickel, second only to Vale, as well as a major producer of cobalt from its Harjavalta metal refinery in Finland.",{"type":594,"attrs":158021,"content":158022},{"textAlign":49},[158023],{"text":158024,"type":599},"Importantly, the statement also outlines that Norilsk will provide a secure supply of nickel and cobalt feedstock from the company’s Russian mines at “market prices”.",{"type":594,"attrs":158026,"content":158027},{"textAlign":49},[158028],{"text":158029,"type":599},"The move clearly highlights both company’s intentions to ensure a strong foothold in the ever-expanding energy storage market.",{"type":594,"attrs":158031,"content":158032},{"textAlign":49},[158033,158035,158036],{"text":158034,"type":599},"Of the 17 battery megafactories being tracked by ",{"text":11314,"type":599},{"text":158037,"type":599}," only LG Chem’s plant in Wroclaw, Poland is to be located in Europe, however further developments are expected in the region as leading auto companies seek to increase their EV fleets.",{"type":594,"attrs":158039,"content":158040},{"textAlign":49},[158041],{"text":158042,"type":599},"By pairing with Norilsk, BASF have shown that security of supply is a top concern as they seek to expand their cathode market share.",{"type":594,"attrs":158044,"content":158045},{"textAlign":49},[158046,158048,158049],{"text":158047,"type":599},"The reason downstream companies are making this step is the anticipated growth in lithium–ion battery demand. ",{"text":9653,"type":599},{"text":158050,"type":599}," expects lithium-ion battery demand to increase by at least 100 GWh by as early as 2020, more than a doubling in three years.",{"type":594,"attrs":158052,"content":158053},{"textAlign":49},[158054,158056,158057],{"text":158055,"type":599},"With such rapid growth, the supply chains on the speciality chemicals that go into lithium-ion cells are under immense strain. For example, in 2016 demand for cobalt from the lithium-ion battery industry was 48,000 tonnes. By 2020, ",{"text":9653,"type":599},{"text":158058,"type":599}," expects this to grow by over 50%.",{"type":594,"attrs":158060,"content":158061},{"textAlign":49},[158062],{"text":158063,"type":599},"Beyond 2020 the expansion is expected to accelerate as more moderately priced EVs hit the market and adoption rates increase.",{"type":594,"attrs":158065,"content":158066},{"textAlign":49},[158067],{"text":158068,"type":599},"Given the outlook for EVs among Europe’s leading auto manufacturers, the partnership is a strategic way of BASF positioning itself to benefit from this growth.",{"type":594,"attrs":158070,"content":158071},{"textAlign":49},[158072],{"text":158073,"type":599},"An interesting aspect of the cooperation, however, is BASF’s choice of partner.",{"type":657,"attrs":158075,"content":158076},{"level":985,"textAlign":49},[158077],{"text":158078,"type":599},"Class 1 nickel",{"type":594,"attrs":158080,"content":158081},{"textAlign":49},[158082],{"text":158083,"type":599},"In 2016, Norilsk produced 235,000 tonnes of nickel and 5,500 tonnes of cobalt.",{"type":594,"attrs":158085,"content":158086},{"textAlign":49},[158087],{"text":158088,"type":599},"Whilst the nickel market is large – approximately 2m tonnes in 2016 compared to cobalt’s 93,000 tonnes – it is important to point out that not all nickel can be used for battery chemicals.",{"type":594,"attrs":158090,"content":158091},{"textAlign":49},[158092],{"text":158093,"type":599},"The nickel industry is broken down into two classes, class 1 and class 2, with the former accounting for approximately 55% of the total market.",{"type":594,"attrs":158095,"content":158096},{"textAlign":49},[158097],{"text":158098,"type":599},"While only class 1 material can be used in the battery market, not all class 1 material can be used in batteries without additional processing.",{"type":594,"attrs":158100,"content":158101},{"textAlign":49},[158102],{"text":158103,"type":599},"Of the top 11 nickel producers globally only 6 produce class 1 nickel. Norilsk’s production consists entirely of class 1 material with around 15% being ‘straight to battery’ grade.",{"type":594,"attrs":158105,"content":158106},{"textAlign":49},[158107],{"text":158108,"type":599},"What makes the partnership between BASF and Norilsk interesting is that it is one of the first in the battery industry to lock in a secure of supply of nickel as well as cobalt. BASF has long been one of the industry leaders in working towards higher nickel, lower cobalt formulations of NCM cathode technology, known as NCM 811.",{"type":594,"attrs":158110,"content":158111},{"textAlign":49},[158112],{"text":158113,"type":599},"BASF will be well aware that not all nickel is suitable for their requirements and therefore only a portion will make it to the battery supply chain, a potential bottleneck as the market moves towards higher nickel formulations.",{"type":594,"attrs":158115,"content":158116},{"textAlign":49},[158117],{"text":158118,"type":599},"The partnership with Norilsk works not only because of geographical location but because the nickel producer has exactly the production portfolio that the lithium-ion battery industry will need.",{"type":594,"attrs":158120,"content":158121},{"textAlign":49},[158122],{"text":158123,"type":599},"Nickel-cobalt-manganese (NCM) is anticipated to be the most dominant form of cathode technology for not only EVs but also many stationary storage applications for the foreseeable future.",{"type":594,"attrs":158125,"content":158126},{"textAlign":49},[158127,158128],{"text":9653,"type":599},{"text":158129,"type":599}," forecasts that NCM cells will make up 35% of the lithium-ion battery industry by 2020.",{"type":594,"attrs":158131,"content":158132},{"textAlign":49},[158133],{"text":158134,"type":599},"Since its commercialisation over recent years, the chemistry has been at the centre of a long-running debate over its discovery. Both the University of Chicago Argonne National Laboratory and 3M own patents covering NCM technology.",{"type":594,"attrs":158136,"content":158137},{"textAlign":49},[158138],{"text":158139,"type":599},"Argonne’s patent describes NCM as a two-phase material consisting of distinct crystalline oxides, on the other hand 3M and Umicore describe their version as a single phase solid solution.",{"type":594,"attrs":158141,"content":158142},{"textAlign":49},[158143],{"text":158144,"type":599},"BASF licensed Argonne’s version of NCM and Umicore licensed 3M’s.",{"type":594,"attrs":158146,"content":158147},{"textAlign":49},[158148],{"text":158149,"type":599},"In 2015, BASF alleged that cathode material supplied by Umicore to Makita for batteries in their power tools infringed on a number of Argonne’s patents.",{"type":594,"attrs":158151,"content":158152},{"textAlign":49},[158153],{"text":158154,"type":599},"The dispute escalated with counter claims and between both parties until eventually a resolution was reached in 2016, freeing up both companies to push ahead with their future cathode plans.",{"type":594,"attrs":158156,"content":158157},{"textAlign":49},[158158],{"text":158159,"type":599},"This competition has seen Umicore announce significant expansions in recent months, while BASF’s deal with Norilsk is likely to be the first of many attempts to become the dominant cathode supplier outside of China.",{"type":657,"attrs":158161,"content":158162},{"level":985,"textAlign":49},[158163],{"text":158164,"type":599},"Cobalt connections",{"type":594,"attrs":158166,"content":158167},{"textAlign":49},[158168],{"text":158169,"type":599},"This is not the only significant milestone reported in the quarter for cobalt partnerships.",{"type":594,"attrs":158171,"content":158172},{"textAlign":49},[158173,158175,158179],{"text":158174,"type":599},"After rumours had been circulating for some time in the market, ",{"text":158176,"type":599,"marks":158177},"Reuters",[158178],{"type":643},{"text":158180,"type":599}," reported a hugely significant three-way cobalt supply deal, potentially carving a path for the future of the industry.",{"type":594,"attrs":158182,"content":158183},{"textAlign":49},[158184],{"text":158185,"type":599},"Swiss mining giant Glencore, the world’s largest cobalt producer, reportedly signed a major supply deal with one of China’s largest cell manufacturers Contemporary Amperex Technology Co Ltd (CATL) as part of a three-way deal with Volkswagen (VW).",{"type":594,"attrs":158187,"content":158188},{"textAlign":49},[158189],{"text":158190,"type":599},"The deal was said to have been a four-year agreement for up to 20,000 tonnes of cobalt hydroxide and cobalt alloys, a significant volume representing over 40% of cobalt demand from lithium-ion batteries in 2016.",{"type":594,"attrs":158192,"content":158193},{"textAlign":49},[158194],{"text":158195,"type":599},"If the reports are correct this suggests that VW have secured supply for in excess of 210,000 vehicles per year. This represents a significant portion of the supply needed for VW’s self-imposed target of 1 million electric vehicle sales by 2025, but also hints there may be other supply deals in the works to meet their goal.",{"type":594,"attrs":158197,"content":158198},{"textAlign":49},[158199],{"text":158200,"type":599},"Whilst some volumes are likely to have already been delivered under the deal it will almost certainly have locked up some of the anticipated supply from Glencore’s Katanga mining.",{"type":594,"attrs":158202,"content":158203},{"textAlign":49},[158204],{"text":158205,"type":599},"The project which is currently on care and maintenance is due to start supplying the market in Q1 2018 having undergone a processing plant upgrade, with an expected eventual capacity of 15,000 to 20,000 tonnes of cobalt feedstock.",{"type":594,"attrs":158207,"content":158208},{"textAlign":49},[158209],{"text":158210,"type":599},"As part of the deal it was reported that CATL began setting up tolling contracts with selected Chinese chemical processors, bypassing Chinese refiners.",{"type":594,"attrs":158212,"content":158213},{"textAlign":49},[158214],{"text":158215,"type":599},"The deals significance lays not only in the reported volumes but also that it is one of the first examples of a major auto-manufacturer closing a vertically integrated deal all the way upstream to a raw material producer.",{"type":594,"attrs":158217,"content":158218},{"textAlign":49},[158219],{"text":158220,"type":599},"Typically, the cobalt market has been fragmented in the past, raw material producers would sell intermediate products to refiners, who would in turn sell refined chemicals (such as cobalt sulphate) to cathode manufacturers, who then sell their cathode material to cell manufacturers to produce finished lithium-ion cells.",{"type":594,"attrs":158222,"content":158223},{"textAlign":49},[158224],{"text":158225,"type":599},"It is at this stage that OEM’s such as VW would normally enter to supply chain, directly purchasing finished cells.",{"type":594,"attrs":158227,"content":158228},{"textAlign":49},[158229],{"text":158230,"type":599},"This development streamlines the old process by contracting for pre-agreed volumes at pre-agreed prices allowing for far better cost modelling in a move towards a more mature and stabilised market.",{"type":594,"attrs":158232,"content":158233},{"textAlign":49},[158234],{"text":158235,"type":599},"The cobalt market also experienced another step in its evolution with Cobalt 27 Capital Corp launching on the Toronto exchange and giving investors, for the first time, pure play exposure into the active cobalt industry.",{"type":594,"attrs":158237,"content":158238},{"textAlign":49},[158239],{"text":158240,"type":599},"The company purchased 2,157.5 tonnes of physical cobalt store in three warehouses globally and simplifies the investment opportunity which is often buried in larger mining companies with nickel and copper assets. Other investment opportunities are seen in the junior mining sector with the development of new cobalt mines through companies such as Fortune Minerals and e-Cobalt.",{"type":594,"attrs":158242,"content":158243},{"textAlign":49},[158244,158246,158247],{"text":158245,"type":599},"Cobalt 27 was oversubscribed at C$200m at $9/share. As ",{"text":9653,"type":599},{"text":158248,"type":599}," went to press, the price had risen to C$10.67/share.",{"type":594,"attrs":158250,"content":158251},{"textAlign":49},[],"Caspar Rawles looks BASF’s plan to targets cathode supply security with Norilsk talks and how Glencore & Cobalt 27 are shaking up the cobalt space Chemicals and cathodes leader, BASF, has revealed that it has entered exclusive negotiations with Russian nickel behemoth Norilsk Nickel for the supply of nickel and cobalt for the its next […]",[158254],{"slug":544,"name":543,"content":158255},{"job_title":557,"image":158256,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"44edc03d-c890-482b-907b-52661cb81df3\", \"id\": \"\"}-->",[158259,158260,158261],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4330,"name":150},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":158263,"copyright":547,"fieldtype":553,"meta_data":158264,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e5c2e37336/bm-screen-shot-2017-07-26-at-152942.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":158266,"uuid":158267,"name":158268,"slug":158269,"full_slug":158270,"content":158271},112474697819258,"21b16237-3517-438c-9737-e1331065386a","21st Century lithium","21st-century-lithium","article/21st-century-lithium",{"_uid":158272,"date":157305,"tags":158273,"editor":158274,"content":158278,"excerpt":158890,"featured":50,"reporter":158891,"_editable":158895,"component":864,"seo_title":158268,"categories":158896,"visibility":882,"author_company":49,"featured_image":158899,"seo_description":158890,"author_full_name":49,"author_job_title":49,"formattedDate":157435},"89e64516-f5c2-4102-a8b0-35180bc6e46c",[],[158275],{"slug":544,"name":543,"content":158276},{"job_title":557,"image":158277,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":158279},[158280,158285,158290,158297,158302,158307,158312,158317,158320,158325,158330,158335,158340,158347,158352,158357,158362,158367,158372,158377,158382,158387,158392,158397,158402,158407,158412,158417,158420,158425,158431,158436,158441,158446,158451,158456,158461,158466,158471,158476,158482,158487,158492,158497,158502,158505,158510,158515,158520,158525,158530,158535,158540,158546,158551,158556,158561,158566,158571,158576,158579,158584,158590,158595,158600,158605,158610,158615,158620,158625,158630,158635,158640,158646,158651,158656,158661,158666,158671,158676,158681,158686,158691,158697,158702,158707,158712,158717,158722,158728,158733,158738,158743,158748,158753,158759,158764,158769,158774,158779,158784,158789,158794,158799,158804,158809,158814,158819,158824,158829,158834,158839,158845,158848,158853,158858,158863,158868,158873,158878,158883],{"type":594,"attrs":158281,"content":158282},{"textAlign":49},[158283],{"text":158284,"type":599},"Benchmark Mineral Intelligence’s Simon Moores sat down with Patrick Highsmith, CEO of Pure Energy Minerals, to discuss how Tesla and China have shaped his seven years in the industry, and the plans to bring US lithium production into the 21st Century.",{"type":594,"attrs":158286,"content":158287},{"textAlign":49},[158288],{"text":158289,"type":599},"Simon Moores: You have been active in the lithium industry for some time now, firstly with Lithium One and now with Pure Energy Minerals. What industry changes have you seen in this time? ",{"type":594,"attrs":158291,"content":158292},{"textAlign":49},[158293,158295],{"text":158294,"type":599},"Patrick Highsmith:",{"text":158296,"type":599}," That’s true. It definitely makes me feel old to be one of the grizzled veterans of the first lithium boom from 2009 to 2012. Prior to that I had worked in traditional metals in exploration, operations, and business development for companies of all sizes.",{"type":594,"attrs":158298,"content":158299},{"textAlign":49},[158300],{"text":158301,"type":599},"However, something immediately attracted me about lithium. Perhaps it was its unique chemical characteristics or the freshness of geology. We certainly knew at the time that we were very early movers into the space.",{"type":594,"attrs":158303,"content":158304},{"textAlign":49},[158305],{"text":158306,"type":599},"When we were putting Lithium One together and commencing work on the James Bay pegmatite project in Quebec, we were simultaneously reading and doing research on lithium brine deposits.",{"type":594,"attrs":158308,"content":158309},{"textAlign":49},[158310],{"text":158311,"type":599},"That’s because negotiations were already underway on our first acquisition at Salar del Hombre Muerto. This would become the Sal de Vida Lithium Brine Project. Paul Matysek and I are both geochemists, so there was a certain comfort on our team with the aqueous geochemistry of these liquid mineral deposits. Broadly speaking, however, there was not a lot of knowledge.",{"type":594,"attrs":158313,"content":158314},{"textAlign":49},[158315],{"text":158316,"type":599},"Today, as we market Pure Energy Minerals or speak at conferences, we generally encounter a much higher level of knowledge. There is legitimate passion for this idea of where lithium comes from.",{"type":594,"attrs":158318,"content":158319},{"textAlign":49},[],{"type":594,"attrs":158321,"content":158322},{"textAlign":49},[158323],{"text":158324,"type":599},"Of course, that makes sense when we consider how the lithium ion battery business has blossomed since that time. When we launched Lithium One, the global lithium battery business generated well under $10 billion in sales.",{"type":594,"attrs":158326,"content":158327},{"textAlign":49},[158328],{"text":158329,"type":599},"Today it has grown to more than $25 billion in sales. While the production of lithium has expanded, sales of lithium still only amounts to about $1.6 billion. It’s this multiplier effect that I love about the resource industries. The value of what we pull out of the ground is just the beginning.",{"type":594,"attrs":158331,"content":158332},{"textAlign":49},[158333],{"text":158334,"type":599},"As a fast growing lithium industry feeds a much bigger battery business, even bigger industries and movements are built on top of that – as we are seeing with electric vehicles. Exciting stuff and these are changes that we can see.",{"type":594,"attrs":158336,"content":158337},{"textAlign":49},[158338],{"text":158339,"type":599},"SM: How does running a development project in Argentina differ from Pure Energy Minerals’ project in Nevada? ",{"type":594,"attrs":158341,"content":158342},{"textAlign":49},[158343,158345],{"text":158344,"type":599},"PH:",{"text":158346,"type":599}," Again, you’ve touched on something I love about our business. What we do is truly global. We simply have to go where the minerals are, and that means that sometimes our cash and our efforts are invested in challenging jurisdictions.",{"type":594,"attrs":158348,"content":158349},{"textAlign":49},[158350],{"text":158351,"type":599},"As far as mainstream lithium brine, our choices aren’t that difficult: Chile, Argentina, or the US. Very often we just don’t get that choice if we want to develop gold, copper, or oil deposits.",{"type":594,"attrs":158353,"content":158354},{"textAlign":49},[158355],{"text":158356,"type":599},"I have worked in about 30 countries, but I’m pleased to say that working lithium in Argentina, Chile, and the US isn’t too difficult by comparison to some of my exploits.",{"type":594,"attrs":158358,"content":158359},{"textAlign":49},[158360],{"text":158361,"type":599},"There are certainly tradeoffs and complexities in each, but it is generally quite workable to develop mineral resources in these countries. However, to really answer your question requires a bit more detail.",{"type":594,"attrs":158363,"content":158364},{"textAlign":49},[158365],{"text":158366,"type":599},"Argentina is a true Republic. By that I mean, the provinces are diverse. They are diverse in climate and topography of course, but their diversity in industry and people is powerful. This is what really matters to us in the mining industry.",{"type":594,"attrs":158368,"content":158369},{"textAlign":49},[158370],{"text":158371,"type":599},"At Lithium One, our project literally straddled the boundary between Catamarca and Salta provinces. Our new Terra Cotta Project is wholly in Salta Province. This is no accident. Salta Province is one of the top jurisdictions in South America for mining investment.",{"type":594,"attrs":158373,"content":158374},{"textAlign":49},[158375],{"text":158376,"type":599},"We find that the keys to operate successfully in any jurisdiction are similar. We need empowered local management, local legal and business expertise, and, most importantly, quality local employees from the local communities.",{"type":594,"attrs":158378,"content":158379},{"textAlign":49},[158380],{"text":158381,"type":599},"Using that approach in Argentina, things work. The people of Salta, Catamarca, and Jujuy Provinces know how to work in the Puna, the high desert plateau of northern Argentina.",{"type":594,"attrs":158383,"content":158384},{"textAlign":49},[158385],{"text":158386,"type":599},"What’s more, the lawyers and contractors in Salta know how to function within their systems as well. It amazes me how smoothly supplies move up to the project. We built a major camp and a pilot plant on the Sal de Vida Project.",{"type":594,"attrs":158388,"content":158389},{"textAlign":49},[158390],{"text":158391,"type":599},"The US has one big similarity to Argentina, each of our fifty states also has an identifiable culture and its own way of doing things. That certainly shows in the mining industry. Nevada is rated globally as a favourable jurisdiction by the Fraser Institute because it is vastly different from California or New York or even Montana.",{"type":594,"attrs":158393,"content":158394},{"textAlign":49},[158395],{"text":158396,"type":599},"We certainly enjoy world-class infrastructure in Nevada, including paved highways right to our project, cheap power, and a sophisticated work force and regulatory environment. However, Clayton Valley is 3.5 hours from a commercial airport, about the same as our Terra Cotta Project, actually.",{"type":594,"attrs":158398,"content":158399},{"textAlign":49},[158400],{"text":158401,"type":599},"So, it’s remote by US standards; and yet, our drillers and other contractors make it feel as though we are close to everything we need. This is Nevada and the western US mining industry.",{"type":594,"attrs":158403,"content":158404},{"textAlign":49},[158405],{"text":158406,"type":599},"When it comes to building ties in the community, growing your team, and permitting, there are important similarities between the two jurisdictions. I have spent a lot of time in Carson City, Nevada over the past year because people care about what we are doing.",{"type":594,"attrs":158408,"content":158409},{"textAlign":49},[158410],{"text":158411,"type":599},"Water is a passionate issue in Nevada, just as it is in Argentina. Members of the Nevada state assembly and senate have taken interest in the development of lithium resources.",{"type":594,"attrs":158413,"content":158414},{"textAlign":49},[158415],{"text":158416,"type":599},"They even came together around the governor’s bill this year and passed a new law to streamline lithium exploration. Similarly, in Salta, the mining secretary of the province is a high profile position. People care.",{"type":594,"attrs":158418,"content":158419},{"textAlign":49},[],{"type":594,"attrs":158421,"content":158422},{"textAlign":49},[158423],{"text":158424,"type":599},"SM: Nevada is home to the only lithium extraction operation in the US and it is small volume compared to the salars of South America. What is the real potential for Nevada becoming a large supplier of lithium? ",{"type":594,"attrs":158426,"content":158427},{"textAlign":49},[158428,158429],{"text":158344,"type":599},{"text":158430,"type":599}," As you point out, the Silver Peak Mine is not only the only US lithium producer, but it is also the first lithium brine mine in the world. Production started around 1966. The same thing that makes Clayton Valley attractive for us was no doubt important in why Silver Peak was the first – the chemistry of the brine.",{"type":594,"attrs":158432,"content":158433},{"textAlign":49},[158434],{"text":158435,"type":599},"We consistently see our brine hosting relatively low amounts of divalent cations, calcium and magnesium, that can interfere with low cost lithium extraction.",{"type":594,"attrs":158437,"content":158438},{"textAlign":49},[158439],{"text":158440,"type":599},"In fact, we just drilled into some deeper brines with some of the lowest magnesium and calcium contents we had ever seen – while the lithium content was much higher than our average resource grade.",{"type":594,"attrs":158442,"content":158443},{"textAlign":49},[158444],{"text":158445,"type":599},"This is important stuff, particularly when developing a new lithium production technology as we are. We don’t know how widespread that favourable chemistry is in Nevada because we haven’t seen a lot of numbers from other Nevada brine projects outside Clayton Valley yet.",{"type":594,"attrs":158447,"content":158448},{"textAlign":49},[158449],{"text":158450,"type":599},"Another important ingredient in Nevada’s lithium potential is the hydrogeology of the basins. In addition to a lithium source, a favourable climate, and a reservoir, these basins need to be closed, hydrologically isolated, for the lithium brine to accumulate.",{"type":594,"attrs":158452,"content":158453},{"textAlign":49},[158454],{"text":158455,"type":599},"Nevada’s geology is dynamic and there has been a lot of recent tectonic activity. Essentially, this means the rocks are broken up and highly disrupted. Many of these basins have major faults that rip through them. Faults are sort of like highways for groundwater. This may mean that brine can drain out of a basin rather than accumulate.",{"type":594,"attrs":158457,"content":158458},{"textAlign":49},[158459],{"text":158460,"type":599},"There are also other unique aspects of the Clayton Valley geology that have served to isolate the groundwaters there.",{"type":594,"attrs":158462,"content":158463},{"textAlign":49},[158464],{"text":158465,"type":599},"A lot of the rocks surrounding Clayton Valley are metamorphic rather than sedimentary or volcanic. These metamorphic rocks are often less porous and permeable than the usual rocks in this part of the state.",{"type":594,"attrs":158467,"content":158468},{"textAlign":49},[158469],{"text":158470,"type":599},"Hence, we believe all basins in Nevada aren’t created equal. Is there potential for more brine development in Nevada? Yes. However, we are focusing on the only productive lithium brine district in the country for good reasons.",{"type":594,"attrs":158472,"content":158473},{"textAlign":49},[158474],{"text":158475,"type":599},"SM: You are pursuing new extraction technology to access Clayton Valley’s lithium. Can you explain this process? ",{"type":594,"attrs":158477,"content":158478},{"textAlign":49},[158479,158480],{"text":158344,"type":599},{"text":158481,"type":599}," We just published the first Preliminary Economic Assessment (PEA) for the Clayton Valley Project. The reader should refer to the Company’s news release dated June 26, 2017 for details and cautionary language in regards to the PEA.",{"type":594,"attrs":158483,"content":158484},{"textAlign":49},[158485],{"text":158486,"type":599},"The study certainly highlights that the Clayton Valley Project has the potential to be a very valuable project. However, it also reinforces what we have been saying: new technology for lithium brine extraction has the potential to produce battery grade lithium products at low cost compared to the conventional evaporation methods.",{"type":594,"attrs":158488,"content":158489},{"textAlign":49},[158490],{"text":158491,"type":599},"We believe the use of real-time lithium recovery technology that operates with higher recoveries and greater environmental sustainability is essential to the future of our business.",{"type":594,"attrs":158493,"content":158494},{"textAlign":49},[158495],{"text":158496,"type":599},"Our customers will likely demand it. In our case, we have chosen a solventextraction based process developed by Tenova Advanced Technologies (TAT). The chemistry of Clayton Valley brines is ideal for this because the magnesium and calcium contents are already low.",{"type":594,"attrs":158498,"content":158499},{"textAlign":49},[158500],{"text":158501,"type":599},"There is a pre-treatment step to remove these impurities because solvent extraction works best when those interfering elements are not present. The lower lithium concentration in our brine is not problematic because the process achieves a very rapid and effective concentration into the solvent phase.",{"type":594,"attrs":158503,"content":158504},{"textAlign":49},[],{"type":594,"attrs":158506,"content":158507},{"textAlign":49},[158508],{"text":158509,"type":599},"There are mining fundamentals at work here… upgrade the ore as fast and efficiently as possible such that most of the effort is invested in the most valuable component. It’s called beneficiation, and that’s what the TAT process achieves.",{"type":594,"attrs":158511,"content":158512},{"textAlign":49},[158513],{"text":158514,"type":599},"From this concentrated phase, the lithium is easily converted with known electrolysis technology directly to lithium hydroxide. This TAT process should allow us to achieve approximately double the recovery, or yield, from the brine as evaporation does.",{"type":594,"attrs":158516,"content":158517},{"textAlign":49},[158518],{"text":158519,"type":599},"The plant runs in real time, so the entire process takes a matter of hours, rather than the months required in evaporation. And, once the lithium is removed from the brine, it can be returned to the basin after a rigorous filtration step to remove any contaminants.",{"type":594,"attrs":158521,"content":158522},{"textAlign":49},[158523],{"text":158524,"type":599},"That preserves the balance in the aquifers between saline and fresh water. Nevada is an especially good spot to develop and implement this new technology.",{"type":594,"attrs":158526,"content":158527},{"textAlign":49},[158528],{"text":158529,"type":599},"The reason for that is the cost of power is very low, plus a high percentage of the power comes from renewable sources such as geothermal and solar. We also have major cities relatively nearby.",{"type":594,"attrs":158531,"content":158532},{"textAlign":49},[158533],{"text":158534,"type":599},"For these and other reasons, the whole team, including our engineering and technology providers, is keen to seize this opportunity to build a first-of-its-kind pilot plant in Silver Peak, Nevada.",{"type":594,"attrs":158536,"content":158537},{"textAlign":49},[158538],{"text":158539,"type":599},"SM: Are all lithium brines the same and can lithium be extracted via the same processing methods? For example, can the same carbonate plant in Atacama be used in Nevada or are there nuances?",{"type":594,"attrs":158541,"content":158542},{"textAlign":49},[158543,158544],{"text":158344,"type":599},{"text":158545,"type":599}," I am a geochemist by training and I’ve been working on a couple of different salars over most of the last 10 years.",{"type":594,"attrs":158547,"content":158548},{"textAlign":49},[158549],{"text":158550,"type":599},"I’m glad to say, my chemistry training has been beneficial. One thing is for sure…all brines are not the same. Clayton Valley has always been known as relatively low in lithium, but also low in magnesium and calcium.",{"type":594,"attrs":158552,"content":158553},{"textAlign":49},[158554],{"text":158555,"type":599},"That fact is beneficial for traditional operations or new technologies. In Chile and Argentina, there has been some great creativity applied and the brine operators there have learned a lot about how to get this done… even in the face of high calcium, magnesium, and other complexities.",{"type":594,"attrs":158557,"content":158558},{"textAlign":49},[158559],{"text":158560,"type":599},"At Lithium One, we all had the pleasure of working alongside one of the great minds in the design and operation of evaporation plants, Jerome Lukes. He passed away a couple of years ago now, but he taught us many of the tricks of the trade.",{"type":594,"attrs":158562,"content":158563},{"textAlign":49},[158564],{"text":158565,"type":599},"I haven’t been to all of them, but I would venture to say that every plant is quite different. Achieving the battery grade step in the lithium process is also not as easy as new entrants to the industry claim. Salars are fluid systems, the brine and its constituents move. Concentrations of elements vary within the same salar.",{"type":594,"attrs":158567,"content":158568},{"textAlign":49},[158569],{"text":158570,"type":599},"This means that rigorous test work is required, including a well-conceived piloting programme. What we are advocating at Pure Energy is that we need to do the work to evaluate and test some of these new technologies.",{"type":594,"attrs":158572,"content":158573},{"textAlign":49},[158574],{"text":158575,"type":599},"We have seen support and interest from around the world because there are rewards to be reaped if these new technologies can deliver lower cost, increased efficiency, and better environmental performance.",{"type":594,"attrs":158577,"content":158578},{"textAlign":49},[],{"type":594,"attrs":158580,"content":158581},{"textAlign":49},[158582],{"text":158583,"type":599},"SM: How do you see the brine versus spodumene argument playing out over the next decade? ",{"type":594,"attrs":158585,"content":158586},{"textAlign":49},[158587,158588],{"text":158344,"type":599},{"text":158589,"type":599}," I’ve worked on spodumene resources in the past. In fact, I note that Galaxy Resources has finally returned to drilling at the James Bay pegmatite project in Quebec that we discovered with the able management of James McCann.",{"type":594,"attrs":158591,"content":158592},{"textAlign":49},[158593],{"text":158594,"type":599},"It is tantalising to see those huge outcrops of white rock with obvious huge crystals of spodumene. Drill delineation is not difficult. Assaying is not particularly challenging. As Galaxy and Neometals have demonstrated, they can move quickly.",{"type":594,"attrs":158596,"content":158597},{"textAlign":49},[158598],{"text":158599,"type":599},"We gold guys salivate at the ease with which they open these operations up. Permitting is therefore straightforward, and there have been hungry converters in China needing spodumene feed. So the product has been selling.",{"type":594,"attrs":158601,"content":158602},{"textAlign":49},[158603],{"text":158604,"type":599},"The giant and high-grade Greenbushes operation dominated the playing field for many years. It consumed converter capacity and satisfied much of the world’s appetite.",{"type":594,"attrs":158606,"content":158607},{"textAlign":49},[158608],{"text":158609,"type":599},"The big moves in price have really opened things up though. With lithium carbonate well over $10,000/tonne, there has been ample motivation to get into the spodumene mining and conversion business. Indeed new mines are actually in production.",{"type":594,"attrs":158611,"content":158612},{"textAlign":49},[158613],{"text":158614,"type":599},"There ends the good part of the story in my opinion. This is still a business involving drilling, blasting, crushing, and grinding.",{"type":594,"attrs":158616,"content":158617},{"textAlign":49},[158618],{"text":158619,"type":599},"Some of the projects have struggled with dilution because of the deposit geometry or grade-thickness limitations; all of which is typical for open pit mining.",{"type":594,"attrs":158621,"content":158622},{"textAlign":49},[158623],{"text":158624,"type":599},"And then there’s the matter of some fairly complex hydrometallurgy when you get the concentrate to its destination. As environmental controls improve in China, these converters won’t be as easy to build or cheap to operate. As with all mining, strip goes up, grade goes down and price pressures will take their toll.",{"type":594,"attrs":158626,"content":158627},{"textAlign":49},[158628],{"text":158629,"type":599},"There will be some deposits that justify a captive processing plant. While those may be very expensive to build, they at least give the operator control over his feed-stock. It is my view that spodumene processing to battery grade lithium carbonate or hydroxide by the current technology is contingent on the price environment.",{"type":594,"attrs":158631,"content":158632},{"textAlign":49},[158633],{"text":158634,"type":599},"We won’t always see prices this high, and the best pegmatite assets are being or will be mined. There is room for new technology to change the game of course, and I believe it will. That could be very exciting. However, I always like my chances better pumping brine than traditional hard rock mining. I’ve done enough rock crushing in my career.",{"type":594,"attrs":158636,"content":158637},{"textAlign":49},[158638],{"text":158639,"type":599},"SM: What are your production plans and what capital do you need to raise? ",{"type":594,"attrs":158641,"content":158642},{"textAlign":49},[158643,158644],{"text":158344,"type":599},{"text":158645,"type":599}," We have just published our PEA* which outlines a potential new lithium brine operation. The project would produce approximately 11,000 tonnes each year of lithium hydroxide monohydrate for around 20 years starting in 2021 with a 15-month ramp up period. Some of the key economic indicators of the project include an after-tax NPV at 8% discount rate of $264M, after-tax IRR of 21% and a payback period of 4.4 years.",{"type":594,"attrs":158647,"content":158648},{"textAlign":49},[158649],{"text":158650,"type":599},"The estimated capital expenditure (capex) is $297m, and that appears to buy a very efficient and capable plant that should recover 91% of the lithium at a low unit cost.",{"type":594,"attrs":158652,"content":158653},{"textAlign":49},[158654],{"text":158655,"type":599},"The completion of a PEA is a milestone for any Canadian junior company, but for us it is even more important. I see this milestone as unleashing us to really tell the story.",{"type":594,"attrs":158657,"content":158658},{"textAlign":49},[158659],{"text":158660,"type":599},"The timing of the PEA is even more exciting because of how it synergizes with our changes to the team. We have added two key team members to management. Walter Weinig joined as our new Vice President – Projects and Permitting.",{"type":594,"attrs":158662,"content":158663},{"textAlign":49},[158664],{"text":158665,"type":599},"An important responsibility for him at Pure Energy is managing our engineering team. As a professional project manager, he has excelled in that role helping us to finally get this PEA completed.",{"type":594,"attrs":158667,"content":158668},{"textAlign":49},[158669],{"text":158670,"type":599},"He’s also an expert hydrogeologist who has been involved in permitting a number of major projects. We have also been transitioning our board of directors. In April, we added Scott Shellhaas to the board.",{"type":594,"attrs":158672,"content":158673},{"textAlign":49},[158674],{"text":158675,"type":599},"Scott is a seasoned mining and corporate lawyer, but more importantly, he is the former president of Cyprus Foote Mineral Company, who operated the Silver Peak Lithium Mine in the 1990s.",{"type":594,"attrs":158677,"content":158678},{"textAlign":49},[158679],{"text":158680,"type":599},"In May, we generated some more important news in the life of the project and the company. We agreed with our new partners, Lithium X Energy Corp, to acquire their extensive claims in Clayton Valley.",{"type":594,"attrs":158682,"content":158683},{"textAlign":49},[158684],{"text":158685,"type":599},"This addition pushed us to more than 26,000 acres of mineral rights, surrounding the Silver Peak mine from the south and north. Lithium X also chose to make a strategic investment with us to further empower us to move the new Clayton Valley Project ahead. Lithium X nominated their CFO, Bassam Moubarak, to serve on our board of directors. Not only do we now control more mineral rights than Albemarle does in Clayton Valley, but we have also added more specific expertise to our board. I believe two things characterise extraordinary success in mining…great teams and tenacity. I am proud to say that we have both at Pure Energy Minerals.",{"type":594,"attrs":158687,"content":158688},{"textAlign":49},[158689],{"text":158690,"type":599},"SM: Over the last 18 months lithium prices have spiked and remained high and at 3-4 times traditional levels for lithium carbonate and hydroxide. Why is this? ",{"type":594,"attrs":158692,"content":158693},{"textAlign":49},[158694,158695],{"text":158344,"type":599},{"text":158696,"type":599}," Well, you guys are the experts! You tell me. Seriously, there is clearly enough tension between demand and supply to account for the price increases we have seen to date. However, what pleases us most is the response in the battery and EV markets…they both continue to grow and consume lithium unabated.",{"type":594,"attrs":158698,"content":158699},{"textAlign":49},[158700],{"text":158701,"type":599},"There will certainly be some substitutions on the margins because of price, but the primary growth markets for lithium demand are clearly absorbing the price increases and moving forward. Even with the new generation of batteries, lithium itself is a small percentage of the cost of the battery.",{"type":594,"attrs":158703,"content":158704},{"textAlign":49},[158705],{"text":158706,"type":599},"We believe the demand growth is so strong because the reality is being written right before our eyes. Tesla effectively conducted a huge market study on the public’s opinion of mainstream EV’s…and the answer was an astounding 400,000 Model 3 pre-sales in a matter of days.",{"type":594,"attrs":158708,"content":158709},{"textAlign":49},[158710],{"text":158711,"type":599},"The battery makers obviously believe that foreshadowing and the automakers are responding as well. The incumbent lithium producers just weren’t ready for it. Maybe they didn’t believe it themselves, but new production has lagged.",{"type":594,"attrs":158713,"content":158714},{"textAlign":49},[158715],{"text":158716,"type":599},"Call it a perfect storm…lagging supply and surging demand, but now we are playing catch up.",{"type":594,"attrs":158718,"content":158719},{"textAlign":49},[158720],{"text":158721,"type":599},"SM: How do you see the lithium carbonate versus hydroxide argument in the battery space playing out? ",{"type":594,"attrs":158723,"content":158724},{"textAlign":49},[158725,158726],{"text":158344,"type":599},{"text":158727,"type":599}," Believe it or not, this is something that I don’t really have a strong opinion on. There is no question that the NCA (nickel-cobalt-aluminum) cathode formulation has come on strong and shown its prowess for energy density and chargedischarge characteristics.",{"type":594,"attrs":158729,"content":158730},{"textAlign":49},[158731],{"text":158732,"type":599},"We hear similar exciting things about the new NMC (nickel-manganese-cobalt) cathodes. It just so happens that both are making use of lithium hydroxide inputs instead of lithium carbonate.",{"type":594,"attrs":158734,"content":158735},{"textAlign":49},[158736],{"text":158737,"type":599},"In fact, it’s fascinating to chat with the battery guys on this subject, they seem to all have their own proprietary reasons for their preferences. Certainly, technology evolves and things change, but the momentum in this area suggests that lithium hydroxide will be a preferred and high-value product for the foreseeable future.",{"type":594,"attrs":158739,"content":158740},{"textAlign":49},[158741],{"text":158742,"type":599},"We are interested in serving our future customers, and the response so far has been very good to our plans for 100% lithium hydroxide from Clayton Valley. Of course, the technology we are considering can go to a final product of either lithium hydroxide or lithium carbonate, so as I said before, we aren’t particularly polarised in our views.",{"type":594,"attrs":158744,"content":158745},{"textAlign":49},[158746],{"text":158747,"type":599},"We’ll be taking our queues from the cathode makers, and right now, they are signalling hard for lithium hydroxide.",{"type":594,"attrs":158749,"content":158750},{"textAlign":49},[158751],{"text":158752,"type":599},"SM: Pure Energy Minerals’ has signed a deal with Tesla. This surprised many people considering Pure Energy was at an earlier stage of development than some lithium companies and is not a producer. What are your thoughts on this? ",{"type":594,"attrs":158754,"content":158755},{"textAlign":49},[158756,158757],{"text":158344,"type":599},{"text":158758,"type":599}," I can’t say a lot about the motivations of Tesla with regards to our conditional supply agreement. I wasn’t on board at Pure Energy in mid-2015. It was during this time in 2015 when the company was engaged in discussions or negotiations with Tesla that I became involved.",{"type":594,"attrs":158760,"content":158761},{"textAlign":49},[158762],{"text":158763,"type":599},"Since I had negotiated some early stage off-take agreements during my time at Lithium One, Pure Energy asked me to become an advisor to the company. We executed a non-disclosure agreement and I did my best to lend a hand.",{"type":594,"attrs":158765,"content":158766},{"textAlign":49},[158767],{"text":158768,"type":599},"There is a view that the lithium market has not been functioning very effectively in recent years. Hence, end users may look up stream to find opportunities and lower the risk in their supply chain. I tend to believe this is a good thing if it brings two parties together with complementary interests.",{"type":594,"attrs":158770,"content":158771},{"textAlign":49},[158772],{"text":158773,"type":599},"So I can certainly see why a company like Tesla may go shopping for lithium deals, and I can also see how it benefits a junior company to secure almost any sort of potential off-take arrangements…particularly with a high profile group like Tesla.",{"type":594,"attrs":158775,"content":158776},{"textAlign":49},[158777],{"text":158778,"type":599},"When I consider the merits of these early stage relationships between aspiring producers and current or aspiring consumers, I have to say that my view is that the parties should look for some shared values.",{"type":594,"attrs":158780,"content":158781},{"textAlign":49},[158782],{"text":158783,"type":599},"For instance, if a deal is only about price, then it probably doesn’t have long-term value for both parties. The costs of inputs will rise. Substitutes will enter the market, and industries will evolve their supply chains.",{"type":594,"attrs":158785,"content":158786},{"textAlign":49},[158787],{"text":158788,"type":599},"So, it is unlikely that a long term successful relationship will be struck only based on price. SM: What do battery makers look for from raw material suppliers? PH: This is a complicated question and I look forward to learning more about it at Benchmark’s upcoming Cathodes Conference in October.",{"type":594,"attrs":158790,"content":158791},{"textAlign":49},[158792],{"text":158793,"type":599},"I have met with a number of cathode manufacturers as well as companies that assemble the cells during my tenure with two different lithium companies, and I have received some mixed signals.",{"type":594,"attrs":158795,"content":158796},{"textAlign":49},[158797],{"text":158798,"type":599},"Some battery makers seem comfortable that a “just-in-time” approach to their supply chain will serve them well. Others began looking up the supply chain to strike relationships with potential suppliers years ago ostensibly because they were nervous that the market would not serve them well.",{"type":594,"attrs":158800,"content":158801},{"textAlign":49},[158802],{"text":158803,"type":599},"We have learned a few things in the several agreements with which I’ve been involved and from the many meetings we have had on the subject.",{"type":594,"attrs":158805,"content":158806},{"textAlign":49},[158807],{"text":158808,"type":599},"Some of the so-called battery makers are huge companies, and yet, some of the cathode makers fly below the radar. Some appear from the outside at least to be quite secretive.",{"type":594,"attrs":158810,"content":158811},{"textAlign":49},[158812],{"text":158813,"type":599},"We have experienced a healthy degree of skepticism from some of the larger companies, which is understandable of course. In other cases, we have seen genuine enthusiasm and excitement to be involved at the resource development stage.",{"type":594,"attrs":158815,"content":158816},{"textAlign":49},[158817],{"text":158818,"type":599},"So, I don’t think it’s fair to lump the battery makers into one group when speaking about what they look for. I have found most of the battery makers are highly technical, so our discussions tend to focus on the specifications of the product, which of course is appropriate.",{"type":594,"attrs":158820,"content":158821},{"textAlign":49},[158822],{"text":158823,"type":599},"We have seen detailed specifications, usually under confidentiality agreements, from a few different battery makers. While purity of the lithium is important, it is considered a given most of the time.",{"type":594,"attrs":158825,"content":158826},{"textAlign":49},[158827],{"text":158828,"type":599},"Much of the focus today is on the physical properties of lithium. Moisture content, particle size, and even shipping conditions are major topics of conversation. It is a far cry from shipping copper cathode or even doré bars.",{"type":594,"attrs":158830,"content":158831},{"textAlign":49},[158832],{"text":158833,"type":599},"We are reminded once again that this business is about delivering a specialty chemical product to our very specialised customers.",{"type":594,"attrs":158835,"content":158836},{"textAlign":49},[158837],{"text":158838,"type":599},"SM: While Tesla is building the Gigafactory over 65% of new battery capacity is being built in China. Is this energy storage movement just about China or is this a wider global theme? ",{"type":594,"attrs":158840,"content":158841},{"textAlign":49},[158842,158843],{"text":158344,"type":599},{"text":158844,"type":599}," Oh, that’s an easy one. This is truly a global phenomenon. You are right to point out that China has taken up the challenge thrown down by Tesla. China is stepping up with an immense amount of battery capacity on the drawing board.",{"type":594,"attrs":158846,"content":158847},{"textAlign":49},[],{"type":594,"attrs":158849,"content":158850},{"textAlign":49},[158851],{"text":158852,"type":599},"After seeing some of Benchmark’s numbers on your World Tour, I do want to say that I’m proud of some of the Chinese companies for learning the finer points of promotion. Let’s face it, some unbelievable numbers have been thrown out about the capacity of new battery plants in China.",{"type":594,"attrs":158854,"content":158855},{"textAlign":49},[158856],{"text":158857,"type":599},"That’s not to say that China is not kicking into high gear – they are. They will be a dominant force. However, let’s not forget what Tesla has done.",{"type":594,"attrs":158859,"content":158860},{"textAlign":49},[158861],{"text":158862,"type":599},"I think most people would agree that Tesla started this wave by declaring to build beautiful highperformance electric cars in the US. Then they took another huge step: declaring to do what had not been done before, mega-scale battery production including cathode manufacture in the US.",{"type":594,"attrs":158864,"content":158865},{"textAlign":49},[158866],{"text":158867,"type":599},"Let’s look at our recent European stops on the Benchmark World Tour. Europe appears to be awakening. We heard from governments and major corporations about public-private partnerships and corporate initiatives to step up to provide European lithium ion batteries, European electric vehicles, and European lithium for Europeans.",{"type":594,"attrs":158869,"content":158870},{"textAlign":49},[158871],{"text":158872,"type":599},"I think the answer to your question lies with China. Elon Musk threw down the gauntlet, and he doesn’t appear to be resting on his laurels.",{"type":594,"attrs":158874,"content":158875},{"textAlign":49},[158876],{"text":158877,"type":599},"It is not outlandish to expect more challenges to Chinese supremacy in the lithium ion battery world. In the end, we don’t believe China is a closed market. We have been welcomed there in our meetings and we have found",{"type":594,"attrs":158879,"content":158880},{"textAlign":49},[158881],{"text":158882,"type":599},"Chinese business people to be among the most knowledgeable in the world on lithium. Events are moving fast in our world, so I don’t think we will have to wait long to see more changes.",{"type":594,"attrs":158884,"content":158885},{"textAlign":49},[158886],{"text":158887,"type":599,"marks":158888},"NB: The reader is referred to the Pure Energy Minerals website (www.pureenergyminerals.com) and the news release dated June 26, 2017 for additional details and cautionary language regarding that study.",[158889],{"type":643},"Benchmark Mineral Intelligence’s Simon Moores sat down with Patrick Highsmith, CEO of Pure Energy Minerals, to discuss how Tesla and China have shaped his seven years in the industry, and the plans to bring US lithium production into the 21st Century. Simon Moores: You have been active in the lithium industry for some time now, […]",[158892],{"slug":544,"name":543,"content":158893},{"job_title":557,"image":158894,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"89e64516-f5c2-4102-a8b0-35180bc6e46c\", \"id\": \"\"}-->",[158897,158898],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":158900,"copyright":547,"fieldtype":553,"meta_data":158901,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/dfd55bdb0c/bm-screen-shot-2017-07-26-at-161121.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":158903,"uuid":158904,"name":158905,"slug":158906,"full_slug":158907,"content":158908},112474693026837,"e6b58941-bf37-40c6-b8a8-b5450c589f32","Pack Mentality","pack-mentality","article/pack-mentality",{"_uid":158909,"date":157305,"tags":158910,"editor":158911,"content":158915,"excerpt":159344,"featured":50,"reporter":159345,"_editable":159349,"component":864,"seo_title":158905,"categories":159350,"visibility":882,"author_company":49,"featured_image":159353,"seo_description":159344,"author_full_name":49,"author_job_title":49,"formattedDate":157435},"308b6d31-58c8-4482-ab1c-749ccd656dd7",[],[158912],{"slug":544,"name":543,"content":158913},{"job_title":557,"image":158914,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":158916},[158917,158922,158930,158935,158940,158945,158950,158955,158960,158965,158970,158975,158980,158985,158990,158995,159000,159005,159010,159015,159020,159025,159028,159033,159038,159043,159048,159053,159058,159062,159067,159072,159077,159082,159087,159092,159097,159102,159105,159110,159115,159120,159125,159130,159135,159140,159145,159150,159155,159160,159163,159168,159173,159178,159183,159188,159193,159198,159203,159208,159213,159218,159223,159226,159231,159236,159241,159246,159251,159256,159261,159266,159271,159276,159281,159284,159289,159294,159299,159304,159309,159314,159319,159324,159329,159334,159339],{"type":594,"attrs":158918,"content":158919},{"textAlign":49},[158920],{"text":158921,"type":599},"The scramble to build new lithium ion battery capacity is underway. In 2020, the world will have at least 265GWh of additional manufacturing capability, an increase of 230% from today.",{"type":594,"attrs":158923,"content":158924},{"textAlign":49},[158925,158927,158928],{"text":158926,"type":599},"Confusion reigns, however, between what constitutes a lithium ion cell plant and one that produces battery packs for electric vehicles and stationary storage devices. In quantifying raw material demand, understanding this difference is vital. Here, ",{"text":11314,"type":599},{"text":158929,"type":599}," outlines the production process to make lithium ion cells and battery packs as the world prepares for the rise of the battery megafactories.",{"type":594,"attrs":158931,"content":158932},{"textAlign":49},[158933],{"text":158934,"type":599},"The lithium ion battery megafactories are rising. In February 2014, Tesla announced its Gigafactory – a battery plant that could produce 35GWh of cells, and 50GWh of battery packs.",{"type":594,"attrs":158936,"content":158937},{"textAlign":49},[158938],{"text":158939,"type":599},"It was an outrageously audacious plan at the time and one that would increase lithium ion production by more than 50%. At that time, there were only two other battery megafactories in the pipeline: Panasonic’s Dalian, China plant; and Foxconn Technology Group’s idea to build a facility in Anhui, China.",{"type":594,"attrs":158941,"content":158942},{"textAlign":49},[158943],{"text":158944,"type":599},"Foxconn’s plans never left the drawing board and instead the Apple iPhone manufacturer recently invested $1.2bn into Contemporary Amperex Technology (CATL) – China’s biggest lithium ion battery producer for 1.9% of the business.",{"type":594,"attrs":158946,"content":158947},{"textAlign":49},[158948],{"text":158949,"type":599},"Panasonic on the other hand has since started production at its new 5GWh plant in Dalian at the beginning of 2017 and is part owner of Tesla’s Gigafactory which also began production earlier this year.",{"type":594,"attrs":158951,"content":158952},{"textAlign":49},[158953],{"text":158954,"type":599},"Since the early days – albeit just over three years ago – a global battery arms race has resulted in 17 battery megafactories under construction totaling 265GWh of capacity, according to Benchmark Mineral Intelligence data.",{"type":594,"attrs":158956,"content":158957},{"textAlign":49},[158958],{"text":158959,"type":599},"There is little doubt about the impact that this will have on the upstream mining industry, those companies that mine and process minerals to battery-grade, specialty chemicals. The impact on the downstream auto sector is also clear.",{"type":594,"attrs":158961,"content":158962},{"textAlign":49},[158963],{"text":158964,"type":599},"There is also no dispute that the electric vehicle (EV) has arrived and the world is now in the cusp of an energy storage revolution. The dawn of the semi mass market EV now means consumers will soon have a choice of mid-priced, pure battery powered vehicles owing to the launch of Tesla’s Model 3, Chevrolet and General Motors’ Bolt, and Nissan’s new 60kWh LEAF.",{"type":594,"attrs":158966,"content":158967},{"textAlign":49},[158968],{"text":158969,"type":599},"Confusion reigns however between the manufacturing of lithium ion battery cells and packs. In the mainstream media, there has been somewhat of a pack mentality to brand every plant that handles lithium ion cells, a new cell manufacturing facility.",{"type":594,"attrs":158971,"content":158972},{"textAlign":49},[158973],{"text":158974,"type":599},"This year has seen the addition of three new plants from SK Innovation in South Korea at 4GWh, Dynavolt in Fujian, China at 6GWh of nickel-manganese-cobalt capacity, and a new Tesla-inspired megafactory plan from Northvolt in Sweden.",{"type":594,"attrs":158976,"content":158977},{"textAlign":49},[158978],{"text":158979,"type":599},"Benchmark has also upgraded CATL from 50GWh to 100GWh as it expands to meet major contracts with some of China and Europe’s biggest auto manufacturers.",{"type":594,"attrs":158981,"content":158982},{"textAlign":49},[158983],{"text":158984,"type":599},"Momentum has been added to this build out in battery capacity with Volkswagen Group (VW) recently revealing it will need at least 200GWh worth of lithium ion batteries by 2025 each year.",{"type":594,"attrs":158986,"content":158987},{"textAlign":49},[158988],{"text":158989,"type":599},"The numbers are simply huge. In total by 2020 the industry can presently expect an additional 265GWh of new lithium ion battery cell capacity – the first step in the battery production process.",{"type":594,"attrs":158991,"content":158992},{"textAlign":49},[158993],{"text":158994,"type":599},"Considering the relative speed in which a new battery plant can be expanded – 6 to twelve months depending on equipment availability – expect this new megafactory capacity number to rise over the coming years.",{"type":594,"attrs":158996,"content":158997},{"textAlign":49},[158998],{"text":158999,"type":599},"With the rapid expansion of cell capacity, a clear distinction must be made between these plants that actually purchase the raw materials and make the cells, and those that assemble the EV packs.",{"type":657,"attrs":159001,"content":159002},{"level":985,"textAlign":49},[159003],{"text":159004,"type":599},"Preparing raw materials",{"type":594,"attrs":159006,"content":159007},{"textAlign":49},[159008],{"text":159009,"type":599},"There are three mainstream lithium ion cell designs: cylindrical, pouch and prismatic. Cylindrical designs look most like a battery that the world is familiar with: a larger version of the AA sized batteries that would go into our TV remote controls.",{"type":594,"attrs":159011,"content":159012},{"textAlign":49},[159013],{"text":159014,"type":599},"Whereas, the pouch and prismatic batteries are different shapes to the common perception and used in portable electronics and vehicles.",{"type":594,"attrs":159016,"content":159017},{"textAlign":49},[159018],{"text":159019,"type":599},"The life of all three cell designs begins in the same way: electrode fabrication. This is where the raw materials are mixed with solvents before being coated onto an aluminium sheet (cathode) or a copper sheet (anode).",{"type":594,"attrs":159021,"content":159022},{"textAlign":49},[159023],{"text":159024,"type":599},"Using the example of an NMC chemistry, nickel-cobalt-aluminium oxide powders are lithiated with lithium carbonate and mixed with solvents to create a paste. This paste is then applied in a micrometre thin layer onto the aluminium sheet.",{"type":594,"attrs":159026,"content":159027},{"textAlign":49},[],{"type":594,"attrs":159029,"content":159030},{"textAlign":49},[159031],{"text":159032,"type":599},"A 5GWh plant would require 4,000 tonnes of lithium carbonate and 8,300 tonnes of NMC cathode material. Four 1,000 gallon mixers would be needed for the cathode material and solvents.",{"type":594,"attrs":159034,"content":159035},{"textAlign":49},[159036],{"text":159037,"type":599},"For the anode, graphite – either coated natural spherical graphite, micronized synthetic graphite or a blend of both – is mixed with solvents and pasted onto a copper substrate.",{"type":594,"attrs":159039,"content":159040},{"textAlign":49},[159041],{"text":159042,"type":599},"Around 6,000 tonnes of graphite anode material would be needed for the cell, requiring two 1,000 gallon mixers. It is likely, however, that the plant would consume up to 20% more graphite than what just goes into the batteries as it is also used as lubricant throughout the manufacturing process.",{"type":594,"attrs":159044,"content":159045},{"textAlign":49},[159046],{"text":159047,"type":599},"Once the anode and cathode are mixed and pasted into their respective substrates, the calendaring process begins. This is a series of high pressure rollers that press the raw material onto the substrate and ensure uniform thickness.",{"type":594,"attrs":159049,"content":159050},{"textAlign":49},[159051],{"text":159052,"type":599},"In this process, the thinner the sheets are, the better the battery as more raw material can be fit into a lithium ion battery cell increasing its density.",{"type":594,"attrs":159054,"content":159055},{"textAlign":49},[159056],{"text":159057,"type":599},"The final step in the electrode preparation slitting – a process which cuts the electrode roll into the desired width of the cell. Once this is complete, the raw materials are ready to enter the battery formation stage which differs slightly for each cell design.",{"type":657,"attrs":159059,"content":159060},{"level":985,"textAlign":49},[159061],{"text":108444,"type":599},{"type":594,"attrs":159063,"content":159064},{"textAlign":49},[159065],{"text":159066,"type":599},"Most common today is the 18650 – a measurement of the radius and height of the cell. Major producers of 18650 are Panasonic Corp in Japan which produce the cells that are consumed by Tesla’s pack assemblers in Fremont, California.",{"type":594,"attrs":159068,"content":159069},{"textAlign":49},[159070],{"text":159071,"type":599},"Future vehicles from Tesla – starting with Model 3 this year – will use a new cylindrical design, the 2170. This is a taller and slightly wider version of its predecessor which has an increased volume of 46%.",{"type":594,"attrs":159073,"content":159074},{"textAlign":49},[159075],{"text":159076,"type":599},"There are many reasons Tesla decided to redesign the classic 18650. Speed of manufacturing and plant density are key.",{"type":594,"attrs":159078,"content":159079},{"textAlign":49},[159080],{"text":159081,"type":599},"For Tesla to produce 500,000 electric vehicles each year, the speed in which the Gigafactory can churn out lithium ion cells is a critical factor.",{"type":594,"attrs":159083,"content":159084},{"textAlign":49},[159085],{"text":159086,"type":599},"The new larger battery design means less individual cells need to be produced for each vehicle while the battery pack remains the same desired capacity.",{"type":594,"attrs":159088,"content":159089},{"textAlign":49},[159090],{"text":159091,"type":599},"“The machine that builds the machine,” was how Telsa CEO, Elon Musk described the Gigafactory at launch earlier this year. “[Its] not a hodgepodge of things where the machines are bought from a catalogue.",{"type":594,"attrs":159093,"content":159094},{"textAlign":49},[159095],{"text":159096,"type":599},"There’s almost nothing in a Model S that’s in any other car… the same approach has been taken for the [Gigafactory],” said Musk “The output is going to be volume times density times velocity. What is the density of useful to non-useful volume?",{"type":594,"attrs":159098,"content":159099},{"textAlign":49},[159100],{"text":159101,"type":599},"Its crazy low [between] two or three percent” “Then you say velocity. What is the reasonable expectation? Carmakers may make a car every 25 seconds, it sounds fast, but length of car plus buffer space is five metres– it’s taking 25 seconds to move five metres.. you’re not much faster than a tortoise at that point.”",{"type":594,"attrs":159103,"content":159104},{"textAlign":49},[],{"type":594,"attrs":159106,"content":159107},{"textAlign":49},[159108],{"text":159109,"type":599},"“The density improvement may be as much as an order of magnitude of improvement [from] two to three percent to 20 of 30 percent [volumetrically]. With significantly less engineering effort, we can make dramatic improvements to the [Gigafactory],” he added. Tesla’s first principals approach has drawn some criticism from experts in the battery who are experts in building traditional battery plants. One expert explained to Benchmark some basic errors were made when Tesla was first planning the Gigafactory including having some heavy battery equipment on second and third floors of the building, something that it could not structurally support in the designs.",{"type":594,"attrs":159111,"content":159112},{"textAlign":49},[159113],{"text":159114,"type":599},"However, the battery industry has evolved step by step for the last 25 years – adding plant capacity when needed onto the original building.",{"type":594,"attrs":159116,"content":159117},{"textAlign":49},[159118],{"text":159119,"type":599},"For the first time, the potential in battery demand has forced the rise of megafactories that now warrant rethinking the way they are produced. The first step in lithium ion battery manufacturing is winding of the cathode and anodes into ‘jelly rolls’.",{"type":594,"attrs":159121,"content":159122},{"textAlign":49},[159123],{"text":159124,"type":599},"While winding a 2170 sized roll will take more time than an 18650, it is still one of the quickest parts of the process. Significant amounts of time are saved in placing these jelly rolls in aluminium casings which must be sealed. Even more time is saved in the pack manufacturing process where each cell is riveted and secured into the modules which make the pack.",{"type":594,"attrs":159126,"content":159127},{"textAlign":49},[159128],{"text":159129,"type":599},"The second major benefit of the 2170 is the weight in the vehicle. Some of the heavier components in a battery are the aluminium casing and other related parts. Considering there at least 7,104 of the 18650 cells in a Model S 85kWh model, using the new larger cells could reduce this to under 3,850 for each car.",{"type":594,"attrs":159131,"content":159132},{"textAlign":49},[159133],{"text":159134,"type":599},"Reducing the amount of material used across the board and the number of cells in a pack saves both cost and time. Recent interest from new start-ups such as Faraday Future and Lucid Motors – new players that are seeking to follow a similar platform to Tesla – has set a path for the 2170 to become the premier battery design for EVs.",{"type":594,"attrs":159136,"content":159137},{"textAlign":49},[159138],{"text":159139,"type":599},"As a result, both of Panasonic’s long-term competitors, LG Chem and Samsung SDI, are now developing their own 2170 designs to meet new demand.",{"type":657,"attrs":159141,"content":159142},{"level":985,"textAlign":49},[159143],{"text":159144,"type":599},"Pouch and Prismatic",{"type":594,"attrs":159146,"content":159147},{"textAlign":49},[159148],{"text":159149,"type":599},"Before Tesla’s rise, pouch and prismatic were the foremost cells in the EV space used in pioneering cars such as Nissan’s LEAF. Development of a pouch design allowed for larger cells than cylinders and did not require rigid and heavier casings for individual cells.",{"type":594,"attrs":159151,"content":159152},{"textAlign":49},[159153],{"text":159154,"type":599},"The manufacturing process begins in a similar way to its cylindrical counterpart with a winding or ‘folding’ process of the cathode and anode into a desired shape. Instead of forming a cylindrical jelly roll, the manufacturing equipment produces a stack formation, much like folding a piece of paper into four.",{"type":594,"attrs":159156,"content":159157},{"textAlign":49},[159158],{"text":159159,"type":599},"This stack is then encased in a thin aluminium foil creating a pouch which can be used individually in tablets, laptops and mobile phones. The prismatic battery design is larger version of the cylindrical jelly roll process which is then placed into a hard aluminium casing.",{"type":594,"attrs":159161,"content":159162},{"textAlign":49},[],{"type":594,"attrs":159164,"content":159165},{"textAlign":49},[159166],{"text":159167,"type":599},"Samsung SDI have been the industry’s champion for this lithium ion battery design and have had a significant marketing push for this to be the favoured cell for the EV industry.",{"type":594,"attrs":159169,"content":159170},{"textAlign":49},[159171],{"text":159172,"type":599},"In 2017, the battery major launched a range of prismatic designs and capacities to target the sector with 28Ah, 40Ah, 60Ah, 64Ah options launched using an NMC cathode chemistry and blended (natural and synthetic) graphite anode.",{"type":657,"attrs":159174,"content":159175},{"level":985,"textAlign":49},[159176],{"text":159177,"type":599},"Pack assembly",{"type":594,"attrs":159179,"content":159180},{"textAlign":49},[159181],{"text":159182,"type":599},"The plants that produce these cells are fundamentally different to assembly facilities that make the EV packs. For example, Samsung SDI recently opened a new ‘battery plant’ in Hungary that caused much confusion in the market place.",{"type":594,"attrs":159184,"content":159185},{"textAlign":49},[159186],{"text":159187,"type":599},"The facility based in Goed, 30km north of Budapest has the ability to make packs for 50,000 EVs. “Batteries are one of the most important parts supplied to global car makers. I expect the plant to contribute much to the growth of the European EV market,” Samsung SDI president, Jun Young-hyun said.",{"type":594,"attrs":159189,"content":159190},{"textAlign":49},[159191],{"text":159192,"type":599},"The plant however will be using cells from Samsung’s battery plants in Korea and China. It may be producing cells and will not be procuring the raw materials that go into the cells – this process will happen in Asia.",{"type":594,"attrs":159194,"content":159195},{"textAlign":49},[159196],{"text":159197,"type":599},"In the circumstances when a pack facility does not produce cells, it may purchase an electrode roll which it would then make into cells however it will still not be procuring the raw materials. This is the case with Automotive Energy Supply Corp (AESC) which purchases its electrode roll from NEC.",{"type":594,"attrs":159199,"content":159200},{"textAlign":49},[159201],{"text":159202,"type":599},"The pack area of the lithium ion supply chain is a rapidly developing link in the supply chain. Mastering the pack or the platform is a critical component of making a high quality EV.",{"type":594,"attrs":159204,"content":159205},{"textAlign":49},[159206],{"text":159207,"type":599},"It is where the skilled engineers really earn their credit by decisions on the optimum capacity of the pack, the number of cells that should be used, the size and shape of the cells, the shape of the pack, the cooling systems that are deployed and many more.",{"type":594,"attrs":159209,"content":159210},{"textAlign":49},[159211],{"text":159212,"type":599},"In a pure EV, the pack is essentially the vehicle’s engine and is where the serious intellectual property ground can be gained or lost. Do strategies of the lithium ion battery majors differ?",{"type":594,"attrs":159214,"content":159215},{"textAlign":49},[159216],{"text":159217,"type":599},"This has been a recurring question that Benchmark is asked and it is quite interesting to observe the three different strategies that have been deployed. Samsung SDI has been one of the first to significantly invest in pack assembly outside of Asia.",{"type":594,"attrs":159219,"content":159220},{"textAlign":49},[159221],{"text":159222,"type":599},"Tesla started life as a pack manufacturing company rather than an EV producer and has since integrated upstream into making the cells at the Gigafactory in conjunction with Panasonic.",{"type":594,"attrs":159224,"content":159225},{"textAlign":49},[],{"type":594,"attrs":159227,"content":159228},{"textAlign":49},[159229],{"text":159230,"type":599},"For Tesla, significant reduction of costs through supply chain integration was a critical step in its mission to turn the world electric. For Panasonic, teaming up with Tesla meant the cell manufacturer was vested in both pack and vehicle production.",{"type":594,"attrs":159232,"content":159233},{"textAlign":49},[159234],{"text":159235,"type":599},"LG Chem, the third battery giant of the group, has focused on expanding its cell manufacturing capacity in four global hubs: South Korea, China, Poland and the US. Expanding its presence from the home of South Korea was a deliberate strategy.",{"type":594,"attrs":159237,"content":159238},{"textAlign":49},[159239],{"text":159240,"type":599},"The Korean lithium ion producer is presently building its newest EV megafactory in Wrocław, Poland, in the south west of the country close to the border with Germany and Czech Republic.",{"type":594,"attrs":159242,"content":159243},{"textAlign":49},[159244],{"text":159245,"type":599},"It will have an initial capacity of 4GWh and construction is now underway with a start-up expected by Q4 2017. “We will turn the Poland EV battery plant into a mecca of battery production for electric vehicles around the world,” UB Lee, President of LG Chem said at the ground-breaking ceremony.",{"type":657,"attrs":159247,"content":159248},{"level":985,"textAlign":49},[159249],{"text":159250,"type":599},"Raw material flows",{"type":594,"attrs":159252,"content":159253},{"textAlign":49},[159254],{"text":159255,"type":599},"To understand where lithium, graphite, cobalt and nickel will be consumed, a clear distinction needs to be made between where the cells are manufactured and where the packs are assembled. Benchmark launched its lithium ion battery megafactory tracker to focus on where the hotspots of raw material demand will be located.",{"type":594,"attrs":159257,"content":159258},{"textAlign":49},[159259],{"text":159260,"type":599},"The biggest cell producer by 2020 is expected to be CATL with a 100GWh capacity. This would translate to an annual demand for lithium carbonate of 80,000 tonnes, cobalt chemical consumption at 23,000 tonnes, and its graphite anode needs at 120,000 tonnes.",{"type":594,"attrs":159262,"content":159263},{"textAlign":49},[159264],{"text":159265,"type":599},"While these numbers are huge in comparisons to where the industry is today, more than a doubling of battery raw material demand in 2016, it is quite conservative as to where the battery industry is heading.",{"type":594,"attrs":159267,"content":159268},{"textAlign":49},[159269],{"text":159270,"type":599},"VW have been more vocal about their plans to produce EVs in recent months. The most significant news from world’s number one auto manufacturer was the revelation of its expected lithium ion battery consumption by 2025.",{"type":594,"attrs":159272,"content":159273},{"textAlign":49},[159274],{"text":159275,"type":599},"The group says it will require a minimum 200GWh of lithium ion battery cells each year from 2025 onwards.",{"type":594,"attrs":159277,"content":159278},{"textAlign":49},[159279],{"text":159280,"type":599},"Considering the lithium ion battery industry was only 70GWh in 2016, it is a significant step change for the sector and the first time a traditional auto manufacturer has been so explicit.",{"type":594,"attrs":159282,"content":159283},{"textAlign":49},[],{"type":594,"attrs":159285,"content":159286},{"textAlign":49},[159287],{"text":159288,"type":599},"Benchmark does not expect VW to be making its own battery cells anytime soon, but significant investments into cell manufacturing capacity must be on the horizon for the German group.",{"type":594,"attrs":159290,"content":159291},{"textAlign":49},[159292],{"text":159293,"type":599},"In raw material terms, 200GWh translates to 160,000 tonnes of lithium carbonate, 216,000 tonnes of graphite anode, and 63,000 tonnes of cobalt chemical. This is additional supply that the industry alone would not be able to fund without commitments from the world’s biggest end users like VW.",{"type":657,"attrs":159295,"content":159296},{"level":985,"textAlign":49},[159297],{"text":159298,"type":599},"Pack to the future",{"type":594,"attrs":159300,"content":159301},{"textAlign":49},[159302],{"text":159303,"type":599},"Battery packs are becoming bigger and denser. When the Toyota Prius hybrid was first produced in 1997 it had a 1.3kWh nickel metal-hydride battery, while Nissan LEAF began its life in 2010 with a 24kWh pack.",{"type":594,"attrs":159305,"content":159306},{"textAlign":49},[159307],{"text":159308,"type":599},"Today for a mid-range EV, this would be deemed a very small battery pack with Model S at 85kWh, Model X at 100kWh and Lucid Motors’ and Faraday Futures new designs at over 130kWh.",{"type":594,"attrs":159310,"content":159311},{"textAlign":49},[159312],{"text":159313,"type":599},"The new standard capacity for mid-range vehicles is likely to be between 60-65kWh with both Tesla’s Model 3, Nissan’s third generation LEAF, and Chevrolet’s Volt all aiming for these sizes.",{"type":594,"attrs":159315,"content":159316},{"textAlign":49},[159317],{"text":159318,"type":599},"This would give a range of over 230 miles on a single charge. When considering electric buses, the packs are even bigger. Proterra’s new designs contain packs that range from 79kWh to 660kWh.",{"type":594,"attrs":159320,"content":159321},{"textAlign":49},[159322],{"text":159323,"type":599},"The most common way to improve the pack is to make the cells denser. However, adding more cells means adding more weight.",{"type":594,"attrs":159325,"content":159326},{"textAlign":49},[159327],{"text":159328,"type":599},"The reduction of passive materials – those other than the cathode, anode and separator – in a battery pack is of paramount importance. Tesla’s new, bigger 2170 design is a good example of this trend and its one that reduces the amount of aluminium casing needed in the pack.",{"type":594,"attrs":159330,"content":159331},{"textAlign":49},[159332],{"text":159333,"type":599},"The cooling system is also another area of significant weight. Today’s EVs are liquid cooled therefore much research is going into air cooled pack designs. There is also focus on improving how the vehicle draws energy from the batteries.",{"type":594,"attrs":159335,"content":159336},{"textAlign":49},[159337],{"text":159338,"type":599},"Therefore, software – the energy management system – has a vital role in making today’s lithium ion batteries better.",{"type":594,"attrs":159340,"content":159341},{"textAlign":49},[159342],{"text":159343,"type":599},"While chemists have received the credit for the improvements we have seen in lithium ion batteries over the last 10 years, it will be the pack engineers and software programmers that will own the next decade. Maybe having a pack mentality isn’t a bad thing after all.","The scramble to build new lithium ion battery capacity is underway. In 2020, the world will have at least 265GWh of additional manufacturing capability, an increase of 230% from today. Confusion reigns, however, between what constitutes a lithium ion cell plant and one that produces battery packs for electric vehicles and stationary storage devices. In […]",[159346],{"slug":544,"name":543,"content":159347},{"job_title":557,"image":159348,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"308b6d31-58c8-4482-ab1c-749ccd656dd7\", \"id\": \"\"}-->",[159351,159352],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":159354,"copyright":547,"fieldtype":553,"meta_data":159355,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/413e750821/bm-img-4968.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":159357,"uuid":159358,"name":159359,"slug":159360,"full_slug":159361,"content":159362},112474754877856,"204ef269-ee4d-49fa-8000-9afbf0460582","Imerys acquires secretive anode tech from Japan","imerys-acquires-secretive-anode-tech-from-japan","article/imerys-acquires-secretive-anode-tech-from-japan",{"_uid":159363,"date":159364,"tags":159365,"editor":159368,"content":159372,"excerpt":159521,"featured":50,"reporter":159522,"_editable":159526,"component":864,"seo_title":159359,"categories":159527,"visibility":882,"author_company":49,"featured_image":159531,"seo_description":159521,"author_full_name":49,"author_job_title":49,"formattedDate":159534},"dc08092e-d313-4b3f-88f3-046af1928287","2017-06-14 00:00",[159366,159367],{"slug":24499,"name":24500},{"slug":6290,"name":2052},[159369],{"slug":544,"name":543,"content":159370},{"job_title":557,"image":159371,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":159373},[159374,159378,159383,159388,159393,159398,159403,159408,159411,159418,159423,159428,159433,159438,159443,159448,159453,159456,159461,159466,159471,159476,159481,159486,159491,159496,159501,159506,159511,159516],{"type":594,"attrs":159375,"content":159376},{"textAlign":49},[159377],{"text":155043,"type":599},{"type":594,"attrs":159379,"content":159380},{"textAlign":49},[159381],{"text":159382,"type":599},"A bigger future in batteries is looking increasingly likely for Imerys Graphite & Carbon following the acquisition of Japanese anode materials producer, Nippon Power Graphite.",{"type":594,"attrs":159384,"content":159385},{"textAlign":49},[159386],{"text":159387,"type":599},"The takeover, which was completed in Q1 after agreeing terms with majority owners Nippon Coke Engineering Co Ltd , gives Imerys the critical spherical graphite coating technology that allows the company to serve the lithium ion battery market directly.",{"type":594,"attrs":159389,"content":159390},{"textAlign":49},[159391],{"text":159392,"type":599},"Key to Nippon Power Graphite’s anode materials is a carbon coating technology that adds the finishing touches to either natural spherical graphite or synthetically produced material. The technology to apply this coating has been a closely guarded industry secret, predominately by Japanese producers, for some time.",{"type":594,"attrs":159394,"content":159395},{"textAlign":49},[159396],{"text":159397,"type":599},"Nippon Power Graphite uses chemical vapour deposition technology (CVD) – a common manufacturing method in today’s world, used to coat everyday items such as sunglasses to the production of hi-tech materials like graphene.",{"type":594,"attrs":159399,"content":159400},{"textAlign":49},[159401],{"text":159402,"type":599},"However, its application and, most importantly, materials used as the coating, is lesser known in the battery materials space.",{"type":594,"attrs":159404,"content":159405},{"textAlign":49},[159406],{"text":159407,"type":599},"Nippon Power Graphite produces anode material at Hibikinada Industrial Park close to Kitakyushu city, in the southern prefecture of Fukuoka. The company was established in 2010 as a joint venture between Nippon Coke Engineering and Sumitomo Corp and has become a supplier to major electric vehicle (EV) battery producers.",{"type":594,"attrs":159409,"content":159410},{"textAlign":49},[],{"type":594,"attrs":159412,"content":159413},{"textAlign":49},[159414,159416,159417],{"text":159415,"type":599},"“The value of this acquisition is strategic,” Hugues Jacquemin, Vice President and General Manager of Imerys Graphite & Carbon told ",{"text":11314,"type":599},{"text":974,"type":599},{"type":594,"attrs":159419,"content":159420},{"textAlign":49},[159421],{"text":159422,"type":599},"“It represents a step forward in our positioning as a key player in the growing Lithium-ion battery market, in particular for EVs.”",{"type":594,"attrs":159424,"content":159425},{"textAlign":49},[159426],{"text":159427,"type":599},"“This CVD technology, now fully owned by Imerys, complements the company’s wide portfolio of graphite anode materials and enhances its offering in this market,” he added.",{"type":594,"attrs":159429,"content":159430},{"textAlign":49},[159431],{"text":159432,"type":599},"This is the missing link in the supply chain for the company which producers both natural flake graphite – the precursor to spherical graphite anode material – and synthetic graphite which can be either coated or used directly in lithium ion batteries.",{"type":594,"attrs":159434,"content":159435},{"textAlign":49},[159436],{"text":159437,"type":599},"Imerys has quietly strengthened its graphite portfolio in recent months after years of searching for the right targets. It announced in October that it will be developing a new 20,000 tpa flake graphite mine in Namibia, a j-v with Gecko Namibia, a junior development company in Africa.",{"type":594,"attrs":159439,"content":159440},{"textAlign":49},[159441],{"text":159442,"type":599},"This mine, which adds to the famous Lac-des-Îles operation in Quebec, is set to begin production in Q2 2017 and will provide the company with an additional source of feedstock for their new anode acquisition.",{"type":594,"attrs":159444,"content":159445},{"textAlign":49},[159446],{"text":159447,"type":599},"Gecko’s project in Namibia was chosen because the graphite has very similar characteristics to that of Lac des Iles, the company told Benchmark. Imerys also produces synthetic graphite from Bodio in Switzerland.",{"type":594,"attrs":159449,"content":159450},{"textAlign":49},[159451],{"text":159452,"type":599},"“We have been making consistent investments in high-quality mineral resources and the new natural flake graphite mine in Namibia complements our Canadian production,” Jacquemin said.",{"type":594,"attrs":159454,"content":159455},{"textAlign":49},[],{"type":594,"attrs":159457,"content":159458},{"textAlign":49},[159459],{"text":159460,"type":599},"“Along with our own sources of natural flake graphite, we also have the processing plants that allow us to implement different types of value added processes, including shape and surface modification.”",{"type":594,"attrs":159462,"content":159463},{"textAlign":49},[159464],{"text":159465,"type":599},"“The sense behind the strategy of owning raw material sources, processes and cutting-edge technology, and having a team of experts involved in R&D and technical support, is to provide our customers with a broad portfolio of bespoke solutions designed to fit their specific needs,” he added.",{"type":594,"attrs":159467,"content":159468},{"textAlign":49},[159469],{"text":159470,"type":599},"Location was another rational behind the move. While Imerys has had a global graphite presence for some time, its coverage in Asia has been limited to sales offices in Shanghai, Tokyo and Seoul.",{"type":594,"attrs":159472,"content":159473},{"textAlign":49},[159474],{"text":159475,"type":599},"The company has relied in partnerships with agents and distributors, such as Shanghai Haiyi Scientific Trading Co Ltd in China and KB Corporation in Korea, to sell product into Asia’s key target markets.",{"type":594,"attrs":159477,"content":159478},{"textAlign":49},[159479],{"text":159480,"type":599},"“From a geographical point of view, we have increased our production capacity in Japan [allowing us] to service the Asian market with a strong local presence,” Jacquemin told Benchmark.",{"type":594,"attrs":159482,"content":159483},{"textAlign":49},[159484],{"text":159485,"type":599},"Imerys explained that it will now target “improvement” of Nippon Power Graphite’s “industrial capacity” and implement the additional “technical know-how” across the business to serve a lithium ion battery anode market that is expected to grow by at least 14% in 2017.",{"type":594,"attrs":159487,"content":159488},{"textAlign":49},[159489],{"text":159490,"type":599},"Forecasts by Benchmark expects the lithium ion sector to consume between 115,000 tonnes to 120,000 tonnes of anode material in 2017, over 65% of which is anticipated to be sourced from natural graphite.",{"type":657,"attrs":159492,"content":159493},{"level":985,"textAlign":49},[159494],{"text":159495,"type":599},"Secret sauce",{"type":594,"attrs":159497,"content":159498},{"textAlign":49},[159499],{"text":159500,"type":599},"There are a number of secretive ways that anode producers can coat their graphite material in order to sell to battery manufacturers.",{"type":594,"attrs":159502,"content":159503},{"textAlign":49},[159504],{"text":159505,"type":599},"This CVD process is one of the more common methods which vaporises a selection of chemicals together with a carbon material which coats a mist onto a desired surface. The process begins by placing uncoated graphite material into a vacuum chamber.",{"type":594,"attrs":159507,"content":159508},{"textAlign":49},[159509],{"text":159510,"type":599},"Outside of the chamber are tanks of chemicals and materials that will create a vapour – one of these chemicals is known as the initiator which starts the chemical reaction, while one or more additional tanks contain the coating materials, one of which is a form of carbon.",{"type":594,"attrs":159512,"content":159513},{"textAlign":49},[159514],{"text":159515,"type":599},"The blend of these materials together with the expertise to evenly coat the product is highly guarded intellectual property. Once the machine is turned on, the chemical reaction is initiated and the materials are vapourised.",{"type":594,"attrs":159517,"content":159518},{"textAlign":49},[159519],{"text":159520,"type":599},"They are then sucked into the vacuum chamber and the hot gas forms a coating on the colder surface of the substrate. This is new ground for Imerys and scaling up CVD capacity will be of the biggest challenges it faces.","Simon Moores A bigger future in batteries is looking increasingly likely for Imerys Graphite & Carbon following the acquisition of Japanese anode materials producer, Nippon Power Graphite. The takeover, which was completed in Q1 after agreeing terms with majority owners Nippon Coke Engineering Co Ltd , gives Imerys the critical spherical graphite coating technology that […]",[159523],{"slug":544,"name":543,"content":159524},{"job_title":557,"image":159525,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dc08092e-d313-4b3f-88f3-046af1928287\", \"id\": \"\"}-->",[159528,159529,159530],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":159532,"copyright":547,"fieldtype":553,"meta_data":159533,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8e5f9bfc03/bm-screen-shot-2017-06-14-at-135911.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jun 14, 2017",{"id":159536,"uuid":159537,"name":159538,"slug":159539,"full_slug":159540,"content":159541},112474745538773,"b79647ec-aa5e-4b9f-97da-d4447a34d3a4","Bigger than Giga","bigger-than-giga","article/bigger-than-giga",{"_uid":159542,"date":159364,"tags":159543,"editor":159544,"content":159548,"excerpt":160082,"featured":50,"reporter":160083,"_editable":160087,"component":864,"seo_title":159538,"categories":160088,"visibility":882,"author_company":49,"featured_image":160092,"seo_description":160082,"author_full_name":49,"author_job_title":49,"formattedDate":159534},"f3aa812f-c865-49bb-aec8-bea173a67651",[],[159545],{"slug":544,"name":543,"content":159546},{"job_title":557,"image":159547,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":159549},[159550,159555,159560,159565,159570,159575,159580,159583,159588,159593,159597,159602,159607,159612,159617,159622,159627,159630,159635,159640,159645,159650,159655,159660,159665,159670,159675,159680,159685,159690,159693,159698,159703,159708,159713,159718,159723,159728,159733,159738,159743,159748,159753,159756,159761,159766,159771,159776,159781,159786,159789,159794,159799,159804,159809,159814,159817,159821,159826,159831,159836,159841,159846,159851,159856,159859,159864,159869,159874,159879,159884,159889,159892,159897,159902,159907,159912,159917,159922,159927,159932,159937,159942,159947,159952,159957,159962,159967,159972,159977,159982,159985,159990,159995,160000,160005,160010,160015,160020,160025,160030,160035,160040,160044,160049,160054,160057,160062,160067,160072,160077],{"type":594,"attrs":159551,"content":159552},{"textAlign":49},[159553],{"text":159554,"type":599},"Tesla’s search for new Gigafactory battery plant locations begins",{"type":594,"attrs":159556,"content":159557},{"textAlign":49},[159558],{"text":159559,"type":599},"While the Tesla Gigafactory is not yet close to its designed capacity, Elon Musk is already planning his second, third and fourth lithium ion battery plants. Simon Moores & Caspar Rawles look at potential locations for a new generation of battery megafactories.",{"type":594,"attrs":159561,"content":159562},{"textAlign":49},[159563],{"text":159564,"type":599},"Tesla’s financial results released in Q1 not only outlined a strong 2016 for the clean energy crusader but also hinted at significant future infrastructure expansions putting further strain on already stretched raw material markets. In short, CEO, Elon Musk is not only planning one new Gigafactory – a lithium ion battery megafactory 35GWh in capacity – but three.",{"type":594,"attrs":159566,"content":159567},{"textAlign":49},[159568],{"text":159569,"type":599},"The markets should now be used to Elon Musk’s bold forecasts, but even for him this was some declaration. “Later this year, we expect to finalise locations for Gigafactories 3, 4 and possibly 5. Gigafactory 2 is the Tesla solar plant in New York,” Musk explained.",{"type":594,"attrs":159571,"content":159572},{"textAlign":49},[159573],{"text":159574,"type":599},"In January, production of Tesla’s new 2170 cell – which will be used as the basis for its new mass market Model 3 EV – started at Gigafactory 1 in Nevada and despite the plant not yet being fully completed, Tesla is already looking to secure the locations for future plants by the end of 2017.",{"type":594,"attrs":159576,"content":159577},{"textAlign":49},[159578],{"text":159579,"type":599},"A potential for three additional Gigafactories for what Benchmark Mineral Intelligence believes would be for post-2020 would have an even bigger impact for the raw materials markets that will fuel these plants.",{"type":594,"attrs":159581,"content":159582},{"textAlign":49},[],{"type":594,"attrs":159584,"content":159585},{"textAlign":49},[159586],{"text":159587,"type":599},"The Gigafactory 1 is expected to require over 5,000 tonnes of cobalt, 28,000 tonnes of lithium hydroxide and 42,000 tonnes of graphite anode material every year at a 35GWh capacity of new cell production.",{"type":594,"attrs":159589,"content":159590},{"textAlign":49},[159591],{"text":159592,"type":599},"Three new Gigafactories, alongside an additional 15 megafactories that Benchmark is tracking globally, is create a new blueprint for the global wave of auto electronification. Here, Benchmark looks at potential locations for Tesla’s future Gigafactories.",{"type":657,"attrs":159594,"content":159595},{"level":985,"textAlign":49},[159596],{"text":2788,"type":599},{"type":594,"attrs":159598,"content":159599},{"textAlign":49},[159600],{"text":159601,"type":599},"Alabama was originally touted as being in the running for the original Tesla Gigafactory, before it was reduced to a final four, and was one of the strongest states in terms of political support.",{"type":594,"attrs":159603,"content":159604},{"textAlign":49},[159605],{"text":159606,"type":599},"Here Ty Dinwoodie, Executive Vice President of Alabama Graphite explains to Benchmark Mineral Intelligence the state’s position in bidding for the next battery megafactory: “The State of Alabama represents ground-zero for the traditional energy markets and the now (completely) antiquated thinking that coal equals American energy.",{"type":594,"attrs":159608,"content":159609},{"textAlign":49},[159610],{"text":159611,"type":599},"Championed by former US Senator and now US Attorney General Jeff Sessions, Alabama was one of President Trump’s biggest supporters, but it is also one of the most economically depressed states in the nation.",{"type":594,"attrs":159613,"content":159614},{"textAlign":49},[159615],{"text":159616,"type":599},"Although the state has done a outstanding job in recent years of attracting major aerospace, automotive and advanced materials manufacturers to establish plants in the state, one could easily argue that the state represents an outstanding opportunity for Tesla Motors to demonstrate that American ‘green’ energy equates to American job growth (and a new, but major business/industry with significant long-term growth potential) — right in the heart of Trump country.",{"type":594,"attrs":159618,"content":159619},{"textAlign":49},[159620],{"text":159621,"type":599},"Alabama is already becoming a major US vehicle manufacturing hub with Mercedes- Benz, Honda, Toyota and Hyundai having assembly plants in the ‘Heart of Dixie’.",{"type":594,"attrs":159623,"content":159624},{"textAlign":49},[159625],{"text":159626,"type":599},"In 2016, for the second straight year, these Alabama automakers produced more than one million cars and light trucks, and set a record annual production tally. Toyota, Honda and Hyundai also produced nearly 1.7 million engines in 2016, another sign of the sector’s strength in the state.",{"type":594,"attrs":159628,"content":159629},{"textAlign":49},[],{"type":594,"attrs":159631,"content":159632},{"textAlign":49},[159633],{"text":159634,"type":599},"The output of Alabama’s auto industry is a powerful driver of economic growth for the state. Vehicles have become Alabama’s number-one export, with shipments to more than 85 nations around the world every year.",{"type":594,"attrs":159636,"content":159637},{"textAlign":49},[159638],{"text":159639,"type":599},"In 2016, exports of Alabama-made vehicles and parts topped a record $9 billion, led by shipments to China, Germany, and Canada.",{"type":594,"attrs":159641,"content":159642},{"textAlign":49},[159643],{"text":159644,"type":599},"If Musk and Tesla selected Alabama for the next Gigafactory, Trump and the southern conservative republicans would have to concede that the green-energy industry can indeed create meaningful, long-term American manufacturing (and mining) jobs.",{"type":594,"attrs":159646,"content":159647},{"textAlign":49},[159648],{"text":159649,"type":599},"Given Alabama’s status as a poor state, it is in a strong position to provide significant economic/tax incentives to entice Tesla.",{"type":594,"attrs":159651,"content":159652},{"textAlign":49},[159653],{"text":159654,"type":599},"The potential economic benefits to the state and its constituents are simply to important. Alabama Power, one of the more progressive, forward-thinking entities in the state and a major generator of electricity (owned by the Southern Company, one of the nation’s largest generators of electricity) has been quite vocal in its desire to create a battery-manufacturing hub within Alabama and was one of the biggest supporters behind the original Tesla Gigafactory being located in Alabama.",{"type":594,"attrs":159656,"content":159657},{"textAlign":49},[159658],{"text":159659,"type":599},"Alabama Power has already begun partnering on solar projects and other green energy initiatives. But what may of be interest to Tesla is Alabama’s proximity to domestic raw material supply chain: Alabama Graphite’s Coosa Graphite Project in central Alabama, but the southern Appalachians are also home to lithium, cobalt and other battery materials.",{"type":594,"attrs":159661,"content":159662},{"textAlign":49},[159663],{"text":159664,"type":599},"Alabama’s major international shipping port, the Port of Mobile, is one of the largest in the US, and the state has excellent rail/interstate access to the rest of the country.”",{"type":594,"attrs":159666,"content":159667},{"textAlign":49},[159668],{"text":159669,"type":599},"Arizona has long been in competition with Texas on many fronts with the battle for Gigafactory 1 being just one of the latest duels. Arizona, the state that is sandwiched between California and New Mexico, has been attempting to lure Silicon Valley’s finest companies to set up offices over the border for many years.",{"type":594,"attrs":159671,"content":159672},{"textAlign":49},[159673],{"text":159674,"type":599},"The battle to lure Gigafactory 1 was no different. “We lost Apple to Austin and got them the second time around,” said Barry Broome, president and CEO of the Greater Phoenix Economic Council, explained to USA Today at the time the state was talking to Tesla. Arizona is still a strong option for any future Gigafactories, however.",{"type":594,"attrs":159676,"content":159677},{"textAlign":49},[159678],{"text":159679,"type":599},"It is described as a “right-to-work” state which favours employers over unions. In short, “right-to-work” laws means employees in unionised workplaces may not be forced to join a union, or compelled to pay for any part of the cost of union representation.",{"type":594,"attrs":159681,"content":159682},{"textAlign":49},[159683],{"text":159684,"type":599},"Other states that follow these laws include: Alabama, Nevada, Texas, West Virgina and Kentucky. Arizona also has no corporate income tax and heavily favours incentives models for attracting business, known as among the most aggressive in the US.",{"type":594,"attrs":159686,"content":159687},{"textAlign":49},[159688],{"text":159689,"type":599},"In the past, however, Arizona has struggled to compete with its more attractive neighbours of Nevada and Texas. Any successful bid for the next Gigafactory will likely depend on Tesla’s failure to strike a deal with these states.",{"type":594,"attrs":159691,"content":159692},{"textAlign":49},[],{"type":594,"attrs":159694,"content":159695},{"textAlign":49},[159696],{"text":159697,"type":599},"California has been home to most of Elon Musk’s new business ventures.",{"type":594,"attrs":159699,"content":159700},{"textAlign":49},[159701],{"text":159702,"type":599},"Tesla is headquartered just outside of Silicon Valley city, Palo Alto, after purchasing the former HP offices in the mid-2000s. Manufacturing for the company is based about 2 hours drive around the San Francisco bay in a town called Fremont.",{"type":594,"attrs":159704,"content":159705},{"textAlign":49},[159706],{"text":159707,"type":599},"While there has been expansions at these facilities since the early days of the Roadster, Tesla has explained that the main new manufacturing capacity is in Nevada. Space X is also located in the Los Angeles suburb, Hawthorne, where they also manufacturer reusable rockets of which the first successful return flight was at the end of March 2017.",{"type":594,"attrs":159709,"content":159710},{"textAlign":49},[159711],{"text":159712,"type":599},"The Elon Musk and the California state government are well acquainted and the state is ideally suited to transport to the more affluent west coast of US and Canada and export to the Asia Pacific region. While any immediate Gigafactory in California is unlikely, it cannot be ruled out.",{"type":594,"attrs":159714,"content":159715},{"textAlign":49},[159716],{"text":159717,"type":599},"While Nevada is home to the world’s first Gigafactory that is yet to be fully complete, the chances of a second located adjacent to the present construction is still on the cards.",{"type":594,"attrs":159719,"content":159720},{"textAlign":49},[159721],{"text":159722,"type":599},"The Gigafactory today looks like a mini-city, with close to 50% of construction completed and an estimated 2,000 employees working there part or full time.",{"type":594,"attrs":159724,"content":159725},{"textAlign":49},[159726],{"text":159727,"type":599},"The state has been very supportive to Tesla’s initial megastructure project and could receive $1.3bn in state subsidy over the next 20 years. Employment in the state has suffered since the recession as major revenue streams such as tourism, gambling and mining dried up.",{"type":594,"attrs":159729,"content":159730},{"textAlign":49},[159731],{"text":159732,"type":599},"While rates have been improving since 2010, the unemployment numbers are consistently higher than the national average. Initiatives such as the Gigafactory have become a very welcome boost to Nevada’s economy and have contributed to a new ten year low in unemployment in Q1 2017.",{"type":594,"attrs":159734,"content":159735},{"textAlign":49},[159736],{"text":159737,"type":599},"In terms of energy costs, Nevada is one of the cheapest locations in the world let alone the US, sourcing power from hydro and natural gas while the prospect for stored solar power is significant – a reason why Tesla have adorned the roof of Gigafactory 1 with photovoltaic panels.",{"type":594,"attrs":159739,"content":159740},{"textAlign":49},[159741],{"text":159742,"type":599},"Contrary to popular belief, Nevada’s small scale 6,000 tpa lithium carbonate equivalent production in Silver Peak (now owned and operated by Albemarle) and its resources in the same area, a four-hour drive north-west of Las Vegas, was not a contributing factor to locating in the state.",{"type":594,"attrs":159744,"content":159745},{"textAlign":49},[159746],{"text":159747,"type":599},"A close second in the race for Gigafactory 1, Texas is now one of the front runners for a future Gigafactory.",{"type":594,"attrs":159749,"content":159750},{"textAlign":49},[159751],{"text":159752,"type":599},"The Lone Star State is a logistical hub for both east and west coasts of North America and has some of the most extensive railroad networks in the country.",{"type":594,"attrs":159754,"content":159755},{"textAlign":49},[],{"type":594,"attrs":159757,"content":159758},{"textAlign":49},[159759],{"text":159760,"type":599},"It has an infrastructure of offering intermodal rail facilities allowing cargo to easily exchange between rail, sea freight and truck mainly – an infrastructure developed by a world class chemicals industry, the number one category of goods transported by the state.",{"type":594,"attrs":159762,"content":159763},{"textAlign":49},[159764],{"text":159765,"type":599},"As a result, Texas is not short of skilled labour and has world leading universities in Houston and Austin. Logistical hubs of interest to Tesla would include El Paso, Amarillo, San Antonio and Houston. “Everyone’s gunning for them, and it will become a little bit of a beauty pageant,” said director for Bexar County, San Antonio’s home region, about the previous Gigafactory ‘competition’ in 2014.",{"type":594,"attrs":159767,"content":159768},{"textAlign":49},[159769],{"text":159770,"type":599},"“Everyone’s scrubbing their databases to check for contacts they have, (and) it’s most important that you know somebody who knows somebody.”",{"type":594,"attrs":159772,"content":159773},{"textAlign":49},[159774],{"text":159775,"type":599},"“I’ve got my staff researching to try to see what’s in the pipeline, but every other major city and economic development group in Texas is doing the same thing,” he explained to the San Antonio Express News.",{"type":594,"attrs":159777,"content":159778},{"textAlign":49},[159779],{"text":159780,"type":599},"This is all despite the state-wide ban on direct sales of vehicles from a manufacturer to end user with consumers having to go through a dealer – something Tesla has vigorously challenged over the last year.",{"type":594,"attrs":159782,"content":159783},{"textAlign":49},[159784],{"text":159785,"type":599},"If Texas has any chance of hosting the next Gigafactory, one would imagine they would need to change state regulation to allow Tesla to circumnavigate dealerships and sell direct to consumers.",{"type":594,"attrs":159787,"content":159788},{"textAlign":49},[],{"type":594,"attrs":159790,"content":159791},{"textAlign":49},[159792],{"text":159793,"type":599},"Elon Musk has specifically cited that that the Tristate area of the US could be an option for a future Gigafactory. “Something on a tristate border might work,” the CEO explained on Twitter.",{"type":594,"attrs":159795,"content":159796},{"textAlign":49},[159797],{"text":159798,"type":599},"“[A] Gigafactory plus nearby supporting supply chain needs a very large workforce,” Musk added. Tristate is the colloquial term for three adjoining states.",{"type":594,"attrs":159800,"content":159801},{"textAlign":49},[159802],{"text":159803,"type":599},"And while many immediate assumptions were that this could mean the New York- New Jersey- Connecticut apex, Musk’s response was to a question about West Virginia (WV).",{"type":594,"attrs":159805,"content":159806},{"textAlign":49},[159807],{"text":159808,"type":599},"This could mean a Gigafactory further south than first thought at the WV-Ohio- Pennsylvania borders. Either option is well positioned to serve the country’s affluent north east– a potential demand hotspot for future EVs.",{"type":594,"attrs":159810,"content":159811},{"textAlign":49},[159812],{"text":159813,"type":599},"The international sea port connections on the east coast are also good with the Port of Baltimore and New York and New Jersey relatively close by should Tesla’s desire to export from the US.",{"type":594,"attrs":159815,"content":159816},{"textAlign":49},[],{"type":657,"attrs":159818,"content":159819},{"level":985,"textAlign":49},[159820],{"text":2791,"type":599},{"type":594,"attrs":159822,"content":159823},{"textAlign":49},[159824],{"text":159825,"type":599},"The West Midlands – a region stretching in and around the UK’s second largest city of Birmingham – is the country’s largest auto manufacturing base owing to production at three sites by Jaguar Land Rover Group (JLG): Castle Bromwich, Halewood and Solihull.",{"type":594,"attrs":159827,"content":159828},{"textAlign":49},[159829],{"text":159830,"type":599},"In 2016, the company which is now owned by India’s Tata Group produced 544,401 vehicles including the F-Type, F-Pace, Range Rover and Discovery models.",{"type":594,"attrs":159832,"content":159833},{"textAlign":49},[159834],{"text":159835,"type":599},"Over the past 5 years, JLG has invested £12bn ($15bn) into new product innovation and capital expenditure and has doubled its workforce to 40,000 people.",{"type":594,"attrs":159837,"content":159838},{"textAlign":49},[159839],{"text":159840,"type":599},"The strategy includes a heavy focus on pure electric vehicles as was seen at the launch of its new I-Pace concept model in November 2016, a Tesla Model S competitor with a 100kWh lithium ion battery pack.",{"type":594,"attrs":159842,"content":159843},{"textAlign":49},[159844],{"text":159845,"type":599},"Production of the I-Pace is expected to begin in the UK in 2017 and with the company’s plans to use 100% renewable energy to make its vehicles, JLG and Tata Group’s activity in this region could be a decisive factor if any Tesla Gigafactory were to come to the UK.",{"type":594,"attrs":159847,"content":159848},{"textAlign":49},[159849],{"text":159850,"type":599},"Sunderland, a northern city that was decimated by the decline of coal mining in 20th Century, is the second largest auto manufacturing base in the country with Nissan building over 507,000 LEAF, Juke, Note and Quashai vehicles there in 2016.",{"type":594,"attrs":159852,"content":159853},{"textAlign":49},[159854],{"text":159855,"type":599},"The UK government have also shown they are not shy to do a deal. Nissan was one of the first corporations to sign a deal in a post Brexit UK to build two new models there. Most significantly, Sunderland has been constructing the battery packs for its LEAF range of vehicles being sold into Europe since 2009.",{"type":594,"attrs":159857,"content":159858},{"textAlign":49},[],{"type":594,"attrs":159860,"content":159861},{"textAlign":49},[159862],{"text":159863,"type":599},"Nissan’s LEAF manufacturing facility in Sunderland, UK",{"type":594,"attrs":159865,"content":159866},{"textAlign":49},[159867],{"text":159868,"type":599},"As a result, the Japanese manufacturer employs 7,000 people in the region – a similar size employer to a full scale Gigafactory 1 in Nevada. While Sunderland’s rejuvenation as a car manufacturing hub has been down to significant investment from Nissan, it is not the only potential location for a battery megafactory.",{"type":594,"attrs":159870,"content":159871},{"textAlign":49},[159872],{"text":159873,"type":599},"Oxford is the UK’s third largest automotive hub in terms of number of vehicles manufactured with BMW’s Mini operation producing over 210,000 units in 2016. Nearby Swindon is home to Honda’s UK operation and was historically a significant manufacturer of cars.",{"type":594,"attrs":159875,"content":159876},{"textAlign":49},[159877],{"text":159878,"type":599},"Formula 1 teams such as McLaren and Williams are also located in the region which has become a technical centre for the global auto sector –partnerships with local universities such as Oxford Brookes and Oxford University have helped.",{"type":594,"attrs":159880,"content":159881},{"textAlign":49},[159882],{"text":159883,"type":599},"The UK is now a country in post-Brexit dealmaking mode and seeking to capitalise on a long history of automotive production. In 2016, 80% of all vehicles produced in the UK were exported – an equivalent of 1.35m units with the EU, US and China the top three customers.",{"type":594,"attrs":159885,"content":159886},{"textAlign":49},[159887],{"text":159888,"type":599},"Any Gigafactory located in the country would no doubt be gifted with significant subsidy by the British Government.",{"type":594,"attrs":159890,"content":159891},{"textAlign":49},[],{"type":594,"attrs":159893,"content":159894},{"textAlign":49},[159895],{"text":159896,"type":599},"Rumours were circulating around the industry that France made itself first in the queue for a new Gigafactory location following a visit to the Tesla Fremont Factory by the its Economy Minister, Michel Sapin, in Q1 2017.",{"type":594,"attrs":159898,"content":159899},{"textAlign":49},[159900],{"text":159901,"type":599},"The majority of the country’s EV production is dominated by pure EVs – which have an 80% share compared to PHEV’s 20% in Q4 2016 – and by Renault’s Zoe, the country’s number one selling battery powered vehicle which is receiving a 41kWh upgrade in 2017 adding to the 21kWh option at present.",{"type":594,"attrs":159903,"content":159904},{"textAlign":49},[159905],{"text":159906,"type":599},"The Zoe is produced in Flins, a small town 40km from Paris. It is an area which a long automotive manufacturing history owing to Renaults’ involvement.",{"type":594,"attrs":159908,"content":159909},{"textAlign":49},[159910],{"text":159911,"type":599},"The plant is undergoing an expansion to increase manufacturing capacity of both the vehicle and the battery pack. Another relevant location for a new Gigafactory would be in the west of France in and around Bordeaux. Saft – the country’s leading battery producer for high end applications ranging from aerospace to automotive – has three manufacturing plants in Bordeaux, Nersac and Poitiers.",{"type":594,"attrs":159913,"content":159914},{"textAlign":49},[159915],{"text":159916,"type":599},"The company received a $1bn investment from oil producer, Total, in 2016 – produces batteries based on nickel, primary and secondary lithium cells, packs and fully integrated systems.",{"type":594,"attrs":159918,"content":159919},{"textAlign":49},[159920],{"text":159921,"type":599},"Lithium ion batteries receives over 70% of the group’s R&D funding with a specific focus on phosphate based lithium chemistries and nickel-cobaltmanganese (NCM) cells in a prismatic form.",{"type":594,"attrs":159923,"content":159924},{"textAlign":49},[159925],{"text":159926,"type":599},"France is not short on the knowledge pool to produce high performance lithium ion batteries, this combined with strong government support for EVs could see it as a leading favourite for any European Gigafactory.",{"type":594,"attrs":159928,"content":159929},{"textAlign":49},[159930],{"text":159931,"type":599},"Home to LG Chem’s new EV battery plant, Poland could be the ideal location in the heart of mainland Europe to produce batteries for the continent.",{"type":594,"attrs":159933,"content":159934},{"textAlign":49},[159935],{"text":159936,"type":599},"The Korean lithium ion producer is presently building its new EV megafactory in Wrocław, south west of the country close to the border with Germany and Czech Republic.",{"type":594,"attrs":159938,"content":159939},{"textAlign":49},[159940],{"text":159941,"type":599},"The new 4GWh plant will begin construction in Q2 2017 and is expected to be operation by the year’s end. LG Chem has grand plans to turn Poland in the hub for lithium ion production in Europe.",{"type":594,"attrs":159943,"content":159944},{"textAlign":49},[159945],{"text":159946,"type":599},"“We will turn the Poland EV battery plant into a mecca of battery production for electric vehicles around the world,” UB Lee, President of LG Chem declared in October 2016.",{"type":594,"attrs":159948,"content":159949},{"textAlign":49},[159950],{"text":159951,"type":599},"“As LG Chem’s Poland EV battery plant is the first large-scale automotive lithium battery production plant in Europe, it will play the role of vitalising the electric vehicle industry across the whole Europe. We will put all our efforts into making the plant into a main production hub for EV batteries,” he added.",{"type":594,"attrs":159953,"content":159954},{"textAlign":49},[159955],{"text":159956,"type":599},"Grand words indeed and a prospect that Tesla could take advantage of. The battery facility being constructed on LG Chem’s industrial complex, a 45 minute drive from the centre of Wrocław, a city which has pushed to attract hi-tech companies since the early 2000s.",{"type":594,"attrs":159958,"content":159959},{"textAlign":49},[159960],{"text":159961,"type":599},"Other majors located in the area include: IBM, Toshiba, Mitsubishi Electric and Don Yang Electronics. It is also part of the European Union’s single market but retains its own currency, the złoty, and can therefore expected more flexibility with an uncertain future for the Euro.",{"type":594,"attrs":159963,"content":159964},{"textAlign":49},[159965],{"text":159966,"type":599},"Netherlands is already home to a Tesla assembly facility in Tilberg that constructs vehicles for the European market.",{"type":594,"attrs":159968,"content":159969},{"textAlign":49},[159970],{"text":159971,"type":599},"At present, Tesla part builds the Model S in California and ships in larger components to be assembled at the 19,000 square metre facility that was opened in 2013.",{"type":594,"attrs":159973,"content":159974},{"textAlign":49},[159975],{"text":159976,"type":599},"Without importing the complete cars, the company can circumnavigate high taxes placed of vehicles of non-EU origin. The location was chosen due to its proximity to Rotterdam port, one of the major shipping hubs in Europe.",{"type":594,"attrs":159978,"content":159979},{"textAlign":49},[159980],{"text":159981,"type":599},"It is also close to the Germany cities of Dusseldorf, Dortmund, and Frankfurt as well as the Belgian border. Netherlands is a member of both the EU single market and the Euro.",{"type":594,"attrs":159983,"content":159984},{"textAlign":49},[],{"type":594,"attrs":159986,"content":159987},{"textAlign":49},[159988],{"text":159989,"type":599},"Kamenz, Germany: home to Mercedez Benz Energy’s battery pack facility and Electrovaya’s lithium ion plant",{"type":594,"attrs":159991,"content":159992},{"textAlign":49},[159993],{"text":159994,"type":599},"With the recent purchase of Grohmann Automation, the German engineering company that Tesla hopes will evolve it from a tech company to an industrial manufacturing one, the odds of Germany hosting the next Gigafactory have shortened.",{"type":594,"attrs":159996,"content":159997},{"textAlign":49},[159998],{"text":159999,"type":599},"In Europe’s heartland and with powerful chemicals and automotive industries, there are a number of locations to host the next battery megafactory.",{"type":594,"attrs":160001,"content":160002},{"textAlign":49},[160003],{"text":160004,"type":599},"In the heart of Germany’s Silicon Saxony, lies a small town called Kamenz that is already home to smaller scale lithium ion battery production and could be an ideal location for Tesla.",{"type":594,"attrs":160006,"content":160007},{"textAlign":49},[160008],{"text":160009,"type":599},"For the last 50 years, Dresden and Chemnitz has been home to Europe’s microelectronics industry, but in recent years it has attracted businesses in the energy storage and software arenas.",{"type":594,"attrs":160011,"content":160012},{"textAlign":49},[160013],{"text":160014,"type":599},"It is one of eastern Germany’s few economic success stories since the reunification and the area now employs 50,000 people. Kamenz is home to lithium ion cell production from Electrovaya and a battery pack facility operated by Mercedes Benz Energy subsidiary, Accumotive.",{"type":594,"attrs":160016,"content":160017},{"textAlign":49},[160018],{"text":160019,"type":599},"Electrovaya’s lithium ion battery facility has a capacity of 500MWh or half a gigawatt. Mercedes parent company, Daimler Group, made a significant commitment to its battery pack facility in Kamenz when it publicly announced in 2016 a €500m expansion plan that will increase its capacity by three-fold.",{"type":594,"attrs":160021,"content":160022},{"textAlign":49},[160023],{"text":160024,"type":599},"Today, the plant is producing booster battery packs for the hybrid Mercedes S Class vehicles, the full electric vehicle e-Smart, and early versions of its home storage product to compete with the Tesla Powerpack.",{"type":594,"attrs":160026,"content":160027},{"textAlign":49},[160028],{"text":160029,"type":599},"Construction of the expansion is now underway. It is located adjacent to Electrovaya’s lithium ion cell plant which Daimler previously owned and operated with Evonik.",{"type":594,"attrs":160031,"content":160032},{"textAlign":49},[160033],{"text":160034,"type":599},"The Canadian battery producer purchased the plant in 2015 and integrated its non-toxic cell process into the plant. When the facility was constructed, Daimler only expected to consumed a fraction of its designed capacity.",{"type":594,"attrs":160036,"content":160037},{"textAlign":49},[160038],{"text":160039,"type":599},"Today, the group anticipates it will need five times the one million cells produced.",{"type":657,"attrs":160041,"content":160042},{"level":985,"textAlign":49},[160043],{"text":914,"type":599},{"type":594,"attrs":160045,"content":160046},{"textAlign":49},[160047],{"text":160048,"type":599},"China has made a concerted effort to become the centre of new world lithium ion battery production for EVs. Regions such Beijing, Shanghai, and Shenzhen have become home to new megafactories operated by homegrown companies such as CATL, ATL and Lishen.",{"type":594,"attrs":160050,"content":160051},{"textAlign":49},[160052],{"text":160053,"type":599},"There has also been significant investment into new joint ventures with its neighbours, Japan and South Korea.",{"type":594,"attrs":160055,"content":160056},{"textAlign":49},[],{"type":594,"attrs":160058,"content":160059},{"textAlign":49},[160060],{"text":160061,"type":599},"Hong Kong, China: Hong Kong and Shenzhen have long been hotspots of activity for Tesla",{"type":594,"attrs":160063,"content":160064},{"textAlign":49},[160065],{"text":160066,"type":599},"Samsung SDI has invested in a Dalian plant to exclusively produce lithium ion cells for the domestic EV market while LG Chem has committed to Nanjing, a city close to Shanghai. New locations could feasibly be located in these east coast regions, most of which has tax incentivised industrial parks that are always seeking new tenants.",{"type":594,"attrs":160068,"content":160069},{"textAlign":49},[160070],{"text":160071,"type":599},"However, Shenzhen has always been a city close to Tesla. It was home to its first Supercharger in China and is ideally located next to Hong Kong, a significant market for the company while being in mainland China.",{"type":594,"attrs":160073,"content":160074},{"textAlign":49},[160075],{"text":160076,"type":599},"Shenzhen is also well known as one of the country’s leading tech hubs with companies such as operating there. At the end of March, tech investment company, Tencent, purchased a 5% stake in Tesla.",{"type":594,"attrs":160078,"content":160079},{"textAlign":49},[160080],{"text":160081,"type":599},"Tencent is best known for owning Wechat, an mobile communication app popular in China, but is also one of the world’s biggest technology and internet related companies. With Tesla’s new shareholder being based in Shenzhen, it appears a foregone conclusion that a Chinese Gigafactory is on the horizon.","Tesla’s search for new Gigafactory battery plant locations begins While the Tesla Gigafactory is not yet close to its designed capacity, Elon Musk is already planning his second, third and fourth lithium ion battery plants. Simon Moores & Caspar Rawles look at potential locations for a new generation of battery megafactories. Tesla’s financial results released […]",[160084],{"slug":544,"name":543,"content":160085},{"job_title":557,"image":160086,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f3aa812f-c865-49bb-aec8-bea173a67651\", \"id\": \"\"}-->",[160089,160090,160091],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":160093,"copyright":547,"fieldtype":553,"meta_data":160094,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ea1cf16058/bm-screen-shot-2017-06-14-at-151533.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":160096,"uuid":160097,"name":160098,"slug":160099,"full_slug":160100,"content":160101},112474783853669,"ef781b05-5dc2-4b5b-9904-3ab422a8622a","Cobalt Conflicted","cobalt-conflicted","article/cobalt-conflicted",{"_uid":160102,"date":160103,"tags":160104,"editor":160105,"content":160109,"excerpt":160498,"featured":50,"reporter":160499,"_editable":160503,"component":864,"seo_title":160098,"categories":160504,"visibility":882,"author_company":49,"featured_image":160508,"seo_description":160498,"author_full_name":49,"author_job_title":49,"formattedDate":160511},"d9257178-f485-4e77-abab-b1306838f67a","2017-04-19 00:00",[],[160106],{"slug":544,"name":543,"content":160107},{"job_title":557,"image":160108,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":160110},[160111,160116,160121,160126,160131,160134,160139,160144,160149,160154,160159,160164,160168,160173,160178,160183,160188,160193,160198,160203,160208,160211,160216,160221,160226,160231,160236,160241,160246,160251,160256,160261,160264,160268,160273,160277,160282,160287,160292,160297,160302,160307,160312,160317,160322,160325,160330,160335,160340,160345,160350,160355,160360,160365,160370,160375,160380,160385,160390,160395,160398,160403,160408,160413,160418,160423,160428,160433,160437,160442,160447,160452,160457,160462,160467,160472,160477,160482,160485],{"type":594,"attrs":160112,"content":160113},{"textAlign":49},[160114],{"text":160115,"type":599},"All eyes on cobalt: Well documented illegal mining practices and political unrest have once again thrust the DRC’s cobalt production into the spotlight. Here, Caspar Rawles outlines how the supply chain has reacted to this growing scrutiny and examines the potential for new supply from other nations",{"type":594,"attrs":160117,"content":160118},{"textAlign":49},[160119],{"text":160120,"type":599},"In 2016, cobalt proved to be one of the most controversial topics in the speciality minerals space. Reports from Amnesty International and articles in the Washington Post reminded the world of the illegal (or artisanal) mining issues that the Democratic Republic of Congo (DRC) has to deal with.",{"type":594,"attrs":160122,"content":160123},{"textAlign":49},[160124],{"text":160125,"type":599},"Whilst supply from these sources is estimated to account for up to 10% of global cobalt supply, the risk of being associated with this (and the subsequent human rights abuses that often emerge) has changed the way the consumption of minerals from the African nation is viewed.",{"type":594,"attrs":160127,"content":160128},{"textAlign":49},[160129],{"text":160130,"type":599},"The cobalt industry is now seeing intense pressure from end users of lithium ion batteries such as Google, Apple, and Tesla rather than the immediate buyers of cobalt chemicals – the cathode manufacturers. November saw the launch of the Responsible Cobalt Initiative, headed by the Chinese Chamber of Commerce for Metals, Minerals & Chemicals (CCCMC) with support from the OECD.",{"type":594,"attrs":160132,"content":160133},{"textAlign":49},[],{"type":594,"attrs":160135,"content":160136},{"textAlign":49},[160137],{"text":160138,"type":599},"The initiative, supported by the likes of Apple, Samsung SDI, Sony Corp among several other key industry players aims to implement better labour practices and supply chain transparency in the DRC.",{"type":594,"attrs":160140,"content":160141},{"textAlign":49},[160142],{"text":160143,"type":599},"While a positive statement for change in the country, the extremely fragmented nature of cobalt production in the region makes this a difficult task. With the DRC accounting for 59% of global cobalt supply there is pressure on the cobalt industry to not only help the country reduce its illegal mining problems but also develop new sources elsewhere in the world.",{"type":594,"attrs":160145,"content":160146},{"textAlign":49},[160147],{"text":160148,"type":599},"Today, no other nation outside the DRC produces more than 10% of the world’s cobalt concentrate. The DRC’s high-grade resources of cobalt bearing minerals dictate that supplies must continue to come from the country. But as pressures from market and external forces grow, some companies will inevitably look to secure supply from other regions with more transparent operating practices.",{"type":594,"attrs":160150,"content":160151},{"textAlign":49},[160152],{"text":160153,"type":599},"As a speciality mineral rather than a commodity, cobalt has a long and complex supply chain throughout which material is mined, refined and often further processed into a chemical compound for multiple applications, most notably lithium ion battery cathodes that power our consumer electronics and electric vehicles. In 2016, the supply of refined cobalt globally was around 95,000 tonnes, of which the battery sector accounted for almost 50% (up from around 25% in 2010).",{"type":594,"attrs":160155,"content":160156},{"textAlign":49},[160157],{"text":160158,"type":599},"The expected growth of the energy storage market out to 2020 is going to be vast pushing this figure ever-higher. Benchmark is following 14 megafactories (battery producing facilities greater than 1GWh) which are under construction, with the largest single facility being Tesla’s gigafactory in the US but the majority of the increased capacity coming from China.",{"type":594,"attrs":160160,"content":160161},{"textAlign":49},[160162],{"text":160163,"type":599},"This level of investment will force fundamental change in battery raw material supply chains, in particular for critical minerals like cobalt. Here, Benchmark looks at the projects aiming to challenge the DRC’s supply dominance and help to build a sustainable supply of cobalt to the growing energy storage market.",{"type":657,"attrs":160165,"content":160166},{"level":985,"textAlign":49},[160167],{"text":2038,"type":599},{"type":594,"attrs":160169,"content":160170},{"textAlign":49},[160171],{"text":160172,"type":599},"Australia currently produces cobalt from nickel laterite ore from the Glencore-owned Murrin Murrin project in Western Australia. In addition, First Quantum (former BHP Billiton) have a nickel-cobalt project, Ravensthorpe, located in south-western Western Australia. Second only to Canada in cobalt exploration outside of the DRC, the country boasts a number of projects.",{"type":657,"attrs":160174,"content":160175},{"level":985,"textAlign":49},[160176],{"text":160177,"type":599},"Broken Hill Prospecting Limited/Cobalt Blue (ASX:BPL/ASX:COB)",{"type":594,"attrs":160179,"content":160180},{"textAlign":49},[160181],{"text":160182,"type":599},"In August 2016 Broken Hill Prospecting and Cobalt Blue entered into an agreement over the Thackaringa Cobalt Project located in New South Wales, approximately 23km West of Broken Hill. Under the agreement Cobalt Blue acquired a 51% stake in the project with increased beneficial ownership gained under a standard earn in agreement, which includes the option of 100% beneficial ownership.",{"type":594,"attrs":160184,"content":160185},{"textAlign":49},[160186],{"text":160187,"type":599},"The region has historically hosted silver, lead and zinc ores dating back to small scale mining from the 1880s. Inferred resources at the project, which include estimates from historical drilling, are 16.4Mt @ 1.83lb/t (831ppm) Co at Pyrite Hill and 14.9Mt @ 1.83lb/t (831 ppm) Co at the Railway prospect with a further 4.4 Mt @ 2.00 lb/t (910 ppm) at Big Hill.",{"type":594,"attrs":160189,"content":160190},{"textAlign":49},[160191],{"text":160192,"type":599},"It must be noted that these estimates are not JORC 2012 compliant but meet JORC 2004 standards (a JORC 2012 revision of the data is due out very late December 2016) Early estimates are targeting an average annual production of 4,000 tonnes over a 20 year mine life.",{"type":657,"attrs":160194,"content":160195},{"level":985,"textAlign":49},[160196],{"text":160197,"type":599},"Cleanteq (ASX:CLQ)",{"type":594,"attrs":160199,"content":160200},{"textAlign":49},[160201],{"text":160202,"type":599},"The Syerston project is located 4km from the town of Fifield, New South Wales, Australia. The laterite system in the area contains nickelcobalt- scandium, the PFS completed by Cleanteq has been to develop the nickel and cobalt resource at Syerston, although it does contain significant quantities of scandium, the PFS base case assumes no scandium revenue as this market is considered to still be developing.",{"type":594,"attrs":160204,"content":160205},{"textAlign":49},[160206],{"text":160207,"type":599},"The PFS study that was completed to JORC 2012 standard shows measured, indicated and inferred resources totalling 700,00 tonnes nickel at 0.65% and 114,000 tonnes cobalt at 0.10%.",{"type":594,"attrs":160209,"content":160210},{"textAlign":49},[],{"type":594,"attrs":160212,"content":160213},{"textAlign":49},[160214],{"text":160215,"type":599},"A full feasibility study is now underway which will include bulk sample testing of ore from Syerston using Cleanteqs own Resin-In- Pulp (RIP) proprietary technology with a view to produce high grade nickel sulphate and cobalt sulphate to directly supply the cathode market.",{"type":594,"attrs":160217,"content":160218},{"textAlign":49},[160219],{"text":160220,"type":599},"Construction of the mine is expected to take 3 years, with the feasibility study due in Q4 2017 first production from the Syerston project would not be expected before late 2020. Funding required for the project stands at $680 million USD, with a mine life of 39 years.",{"type":594,"attrs":160222,"content":160223},{"textAlign":49},[160224],{"text":160225,"type":599},"Average annual production for the initial 20 years of the mine life of contained cobalt in cobalt sulphate is 3,200 tonnes/yr and of contained nickel in nickel sulphate is 18,700 tonnes/yr based around a throughput rate of 2.5 million tonnes/yr.",{"type":657,"attrs":160227,"content":160228},{"level":985,"textAlign":49},[160229],{"text":160230,"type":599},"Cobalt X – Private",{"type":594,"attrs":160232,"content":160233},{"textAlign":49},[160234],{"text":160235,"type":599},"Cobalt X is a cobalt-copper exploration company with projects located in Queensland, Australia. While at an early stage, they have acquired a stockpile of cobalt material, with a view to use cash generated from the stockpile to fund a drilling exploration project on their other tenements.",{"type":594,"attrs":160237,"content":160238},{"textAlign":49},[160239],{"text":160240,"type":599},"The Stockpiles are in Mt Cobalt region, left behind from previous mining activity from 1920-1934, historical data shows average ore grades from the mine \u003C3%. Historic mining was halted due to lack of water. Mt Gordon Mine area 1 and 2 north-western Queensland, copper-cobalt tenements which share the same host sediments as copper producing mines in the area.",{"type":594,"attrs":160242,"content":160243},{"textAlign":49},[160244],{"text":160245,"type":599},"Success Mine area 1 and 2 copper-cobalt mineralisation present, the success mine historically produced copper and cobalt. Mount Cobalt East tenement copper project, awaiting further work to confirm presence of cobalt.",{"type":657,"attrs":160247,"content":160248},{"level":985,"textAlign":49},[160249],{"text":160250,"type":599},"Corazon Mining Limited (ASX:CZN)",{"type":594,"attrs":160252,"content":160253},{"textAlign":49},[160254],{"text":160255,"type":599},"Corazon mining has the right to earn 80% of the Mount Gilmore Project (from Providence Gold and Minerals Pty Ltd) which is located in North-eastern NSW, Australia – 35km NW from Grafton.",{"type":594,"attrs":160257,"content":160258},{"textAlign":49},[160259],{"text":160260,"type":599},"The initial focus of Corazon will be Cobalt Ridge, a cobalt-copper-gold deposit, which has some very small scale historical shallow mines dating back to the late 1880’s. There are a number of other areas of interest within the prospect but work is still in the early stages. Assay results of recent drilling show zones within the drill holes ranging from 0.23% -1.48% cobalt and 0.02%-2.01% copper but significant work is needed to produce resource estimates.",{"type":594,"attrs":160262,"content":160263},{"textAlign":49},[],{"type":657,"attrs":160265,"content":160266},{"level":985,"textAlign":49},[160267],{"text":39426,"type":599},{"type":594,"attrs":160269,"content":160270},{"textAlign":49},[160271],{"text":160272,"type":599},"Canada already has a history of cobalt production most notably from the likes of Vale and Glencore in the Sudbury basin about 400km north of Toronto. Sudbury is well known for its nickel production but the area is also associated with copper. Canada is in the top three global cobalt producers and has the potential to expand its output with new cobalt provinces in development.",{"type":657,"attrs":160274,"content":160275},{"level":985,"textAlign":49},[160276],{"text":160250,"type":599},{"type":594,"attrs":160278,"content":160279},{"textAlign":49},[160280],{"text":160281,"type":599},"In addition to it’s Australian prospect, Corazon also have the Lynn Lake project, located in North-Western Manitoba, Canada.",{"type":594,"attrs":160283,"content":160284},{"textAlign":49},[160285],{"text":160286,"type":599},"A brownfields nickel-copper-cobalt project, this is very early stage however historically the region produced nickel and copper over a 23 year period.",{"type":657,"attrs":160288,"content":160289},{"level":985,"textAlign":49},[160290],{"text":160291,"type":599},"Cruz Captial (TSX.V:CUZ)",{"type":594,"attrs":160293,"content":160294},{"textAlign":49},[160295],{"text":160296,"type":599},"Cruz Capital has acquired a number of high grade cobalt prospects in 2016 with a view to develop its highest priority target later in 2017. Subsequently the company is managing a number of prospects all at a very early stage.",{"type":594,"attrs":160298,"content":160299},{"textAlign":49},[160300],{"text":160301,"type":599},"Coleman Cobalt Project, located in Kirkland Lake Mining District, Ontario, approximately making up 900 contiguous acres. Historically the area has assayed up to 13% cobalt and is associated with silver. Drill targets are to be defined in 2017.",{"type":594,"attrs":160303,"content":160304},{"textAlign":49},[160305],{"text":160306,"type":599},"Hector Cobalt Project, located in Larder Lake Mining district, Ontario, comprising 5500 contiguous acres. Historically includes a cobalt producing mine and is also associated with silver. The past mine data needs to be proven to modern standards which is planned for 2017.",{"type":594,"attrs":160308,"content":160309},{"textAlign":49},[160310],{"text":160311,"type":599},"Bucke Cobalt Project, located in Kirkland Lake Mining District, Ontario, approximately 1500 contiguous acres. Assays have shown 13% cobalt and 240g/t of silver (based on Province of Ontario Mineral files) but this need to be confirmed which is planned for 2017.",{"type":594,"attrs":160313,"content":160314},{"textAlign":49},[160315],{"text":160316,"type":599},"Johnson Cobalt project, Larder Lake Mining District, Ontario made up of 900 contiguous acres. Some historic assays of vein structures returned results of 10.5% cobalt, 69 g/t silver, 12% Nickel and 0.4% copper, the data needs to be proven to modern standards, which is expected to commence in 2017.",{"type":594,"attrs":160318,"content":160319},{"textAlign":49},[160320],{"text":160321,"type":599},"War Eagle Cobalt Project, a past producer – Fort Steele mining division, located in British Columbia, approximately 1750 contiguous acres. Last assays of surface material showed 6.41% cobalt, 3.59% nickel and 7.25% copper.",{"type":594,"attrs":160323,"content":160324},{"textAlign":49},[],{"type":657,"attrs":160326,"content":160327},{"level":985,"textAlign":49},[160328],{"text":160329,"type":599},"Fortune Minerals Ltd. (TSX:FT)",{"type":594,"attrs":160331,"content":160332},{"textAlign":49},[160333],{"text":160334,"type":599},"Fortune have a 100% stake hold in the NICO cobalt-gold-bismuth-copper project in Canada’s Northwest Territories, about 160km from Yellowknife. In addition to this Fortune have a hydrometallurgical refinery further south located 27km outside Saskatoon, Saskatchewan.",{"type":594,"attrs":160336,"content":160337},{"textAlign":49},[160338],{"text":160339,"type":599},"The NICO deposit contains open pit and underground Proven and Probable Mineral Reserves totalling 33 million tonnes containing 82.3 million pounds of cobalt, (37500t 0.11% Co), 1.11 million ounces of gold (1.03 g/t Au), 102.1 million pounds of bismuth, (46500t 0.14% Bi), and 27 million pounds of copper, (12000t 0.04% Cu). With a planned throughput rate of 4650 tonnes of ore per day, the reserves will sustain the project for 21 years.",{"type":594,"attrs":160341,"content":160342},{"textAlign":49},[160343],{"text":160344,"type":599},"Average annual production would equate to 1,615 tonnes of cobalt contained in cobalt sulphate heptahydrate, 41,360 ounces of gold, 1,750 tonnes of bismuth contained in ingots, needles and oxide, and 265 tonnes of copper (cement or sulphate).",{"type":594,"attrs":160346,"content":160347},{"textAlign":49},[160348],{"text":160349,"type":599},"Fortune is one of the few near term cobalt projects, with $116million CAD (~$87 million USD) invested, the feasibility study has been completed and the major mine permits are in place. To reach production $600million CAD ($450million USD) of project financing is required with a 2-2.5 year construction period.",{"type":657,"attrs":160351,"content":160352},{"level":985,"textAlign":49},[160353],{"text":160354,"type":599},"Global Energy Metals Corp. – Private",{"type":594,"attrs":160356,"content":160357},{"textAlign":49},[160358],{"text":160359,"type":599},"The Werner Lake Cobalt Project is located in the Kenora Mining District, Northwestern Ontario near the Ontario/Manitoba border.",{"type":594,"attrs":160361,"content":160362},{"textAlign":49},[160363],{"text":160364,"type":599},"The mineralisation found at the project is cobalt-copper-gold. Historical resource estimates **show proven reserves at 140,031 Tonnes at 0.47% Co, 0.26% Cu, 0.008opt Au, probable Reserves of 40,829 Tonnes at 0.25% Co, 0.43% Cu, 0.030 opt Au and Indicated Resources of 180,860 Tonnes at 0.13% Co, 0.20 Cu, 0.003 opt Au.",{"type":594,"attrs":160366,"content":160367},{"textAlign":49},[160368],{"text":160369,"type":599},"The site was used to mine cobalt between 1932 and 1944 (with an average grade of 2.2%Co) during World War 2. Whilst significant historical test work has been completed on the site, including a historical pre-feasibility study, metallurgical tests and underground development work, GEMC is in the process of finalising a NI 43-101 compliant Resource Report which is due to be released in early 2017.",{"type":657,"attrs":160371,"content":160372},{"level":985,"textAlign":49},[160373],{"text":160374,"type":599},"Green Swan Capital (TSX.V: GSW)",{"type":594,"attrs":160376,"content":160377},{"textAlign":49},[160378],{"text":160379,"type":599},"The Copper Prince project is located in Sudbury basin, Ontario. An area well known for its cobalt production (Vale and Glencore). A drill program has been undertaken by Green Swan focusing on the area known as Ed’s Watering Hole in the south of the prospect with assay results due out imminently.",{"type":594,"attrs":160381,"content":160382},{"textAlign":49},[160383],{"text":160384,"type":599},"The area has historically been associated with cobalt, nickel and gold. Green Swans early assays have peaked at 4.5% cobalt and 44g/t gold, although these are not representative samples over the whole resource.",{"type":594,"attrs":160386,"content":160387},{"textAlign":49},[160388],{"text":160389,"type":599},"The project is in its early stages but notably in its favour is significant local mining infrastructure from ongoing cobalt operations in the region (Glencore’s main smelter is located in the area). Furthermore, the project is located on patented lands (not crown lands) reducing permitting/paperwork requirements. Green swan plans to complete a second drill program in spring 2017 followed by bulk sample testing in the summer.",{"type":657,"attrs":160391,"content":160392},{"level":985,"textAlign":49},[160393],{"text":160394,"type":599},"Kings Bay (TSX.V: KBG)",{"type":594,"attrs":160396,"content":160397},{"textAlign":49},[],{"type":594,"attrs":160399,"content":160400},{"textAlign":49},[160401],{"text":160402,"type":599},"The Trans Labrador Highway adjacent to the Kings Bay’s Lynx Lake prospect in Canada",{"type":594,"attrs":160404,"content":160405},{"textAlign":49},[160406],{"text":160407,"type":599},"Kings Bay have acquired a 100% interest in the Lynx Lake Cobalt Prospect 100km southeast of Happy-Valley, Goose Bay, Newfoundland and Labrador. The area has been opened up to exploration since the construction of the Trans Labrador Highway, which runs adjacent to the property.",{"type":594,"attrs":160409,"content":160410},{"textAlign":49},[160411],{"text":160412,"type":599},"Assays (2012 and 2014) carried out by prospectors in the area found copper-cobaltnickel- silver in the area with preliminary grab samples yielding up to 1.39% copper, 0.94% cobalt, 0.21% Nickel and 6.5g/t silver. NI 43-101 compliant data is due to be released soon. Furthermore, an airborne geophysical survey is to be undertaken to identify drill targets for a program in early 2017.",{"type":657,"attrs":160414,"content":160415},{"level":985,"textAlign":49},[160416],{"text":160417,"type":599},"LiCo Energy Metals (TSX.V: LiC)",{"type":594,"attrs":160419,"content":160420},{"textAlign":49},[160421],{"text":160422,"type":599},"The Teledyne Cobalt project is located 6km from the town of Cobalt, in the district of Temiskaming, Ontario. The project was purchased under 100% option and 2% net smelter royalties from Palisade Resources.",{"type":594,"attrs":160424,"content":160425},{"textAlign":49},[160426],{"text":160427,"type":599},"The prospect has undergone a historic (1979-1980) drill program by previous owners which shows a resource of approximately 100,000 tonnes at 0.45% cobalt, 0.25% nickel and 3oz/ton of silver (not NI 43-101 comliant measurement). The area has historic cobalt and silver production dating back to 1903 with data showing 14,000 tonnes of cobalt and 18,000 tonnes of silver produced.",{"type":594,"attrs":160429,"content":160430},{"textAlign":49},[160431],{"text":160432,"type":599},"On the 7th December 2016 LiCo commenced its own exploration programme – a geophysical survey to cover previously unexplored ground on the prospect. This will be followed up with a diamond drill program planned to commence in 2017.",{"type":657,"attrs":160434,"content":160435},{"level":985,"textAlign":49},[160436],{"text":1376,"type":599},{"type":594,"attrs":160438,"content":160439},{"textAlign":49},[160440],{"text":160441,"type":599},"A nation late to the cobalt mining party – the USA at this time has no cobalt producing projects despite being a large consumer. A number of prospects have been located, largely in the north of the country, but there is still some work to be done.",{"type":657,"attrs":160443,"content":160444},{"level":985,"textAlign":49},[160445],{"text":160446,"type":599},"Cruz Capital TSX.V:CUZ",{"type":594,"attrs":160448,"content":160449},{"textAlign":49},[160450],{"text":160451,"type":599},"In addition to their Canadian prospects Cruz also have the Idaho Star Cobalt Project in the US. The tenement includes an old mine that historically produced copper, zinc, gold and silver.",{"type":594,"attrs":160453,"content":160454},{"textAlign":49},[160455],{"text":160456,"type":599},"The old mine has 6 adits to be tested and has shown elevated arsenic level (up to 0.245%) under adit 1 which may indicte the presence of arsenopyrite which can be found to contain cobalt. Work on this is to be done in 2017.",{"type":657,"attrs":160458,"content":160459},{"level":985,"textAlign":49},[160460],{"text":160461,"type":599},"eCobalt (TSX:ECS)",{"type":594,"attrs":160463,"content":160464},{"textAlign":49},[160465],{"text":160466,"type":599},"eCobalt (formally known as Formation Metals) has the Idaho Cobalt Project located in Lemhi County Idaho. Alongside hosting cobalt the geology also contains copper and gold in Precambrian metasediments.",{"type":594,"attrs":160468,"content":160469},{"textAlign":49},[160470],{"text":160471,"type":599},"The resource contains 38,583,000 lbs Cobalt (17500 MT), 51,962,000 lbs Copper (23500 MT) and 57,700 oz gold. One of the projects further down the line of development with $110 million USD already spent (and the only near term, environmentally permitted project in the US) a feasibility study is expected in the first quarter of 2017.",{"type":594,"attrs":160473,"content":160474},{"textAlign":49},[160475],{"text":160476,"type":599},"The project not only includes the mine but also a refinery (to be located in southern Idaho) to upgrade the concentrate to value added products, in the form of cobalt sulphate for the battery market. The weighted average annual production of the mine under current plans is as follows, Contained cobalt (at 20.9%) in cobalt heptahydrate: 2722493 lbs (1250t), gold: 2868oz, Magnesium sulphate 34393958 lbs (15500t) and copper concentrate 1799816 lbs (800t).",{"type":594,"attrs":160478,"content":160479},{"textAlign":49},[160480],{"text":160481,"type":599},"With all necessary approvals required for construction and a fully approved Plan of Operations the project requires funding to the tune of $147 million USD (this figure is subject to change with the release of the feasibility study in Q1 2017). Once financed the project is expected to take 21 months to full production with a 12.5 year mine life.",{"type":594,"attrs":160483,"content":160484},{"textAlign":49},[],{"type":594,"attrs":160486,"content":160487},{"textAlign":49},[160488,160492],{"text":160489,"type":599,"marks":160490},"For a full size image please download here",[160491],{"type":643},{"text":160493,"type":599,"marks":160494},"\n\tCobalt Conflicted Table\t(4 downloads\t)\n",[160495],{"type":604,"attrs":160496},{"href":160497,"uuid":49,"anchor":49,"target":49,"linktype":607},"https://wp-admin.benchmarkminerals.com/download/1905/?tmstv=1763659308","All eyes on cobalt: Well documented illegal mining practices and political unrest have once again thrust the DRC’s cobalt production into the spotlight. Here, Caspar Rawles outlines how the supply chain has reacted to this growing scrutiny and examines the potential for new supply from other nations In 2016, cobalt proved to be one of […]",[160500],{"slug":544,"name":543,"content":160501},{"job_title":557,"image":160502,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d9257178-f485-4e77-abab-b1306838f67a\", \"id\": \"\"}-->",[160505,160506,160507],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":160509,"copyright":547,"fieldtype":553,"meta_data":160510,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/07fc68d20c/bm-screen-shot-2017-02-06-at-161026.png",{"alt":547,"title":547,"source":547,"copyright":547},"Apr 19, 2017",{"id":160513,"uuid":160514,"name":160515,"slug":160516,"full_slug":160517,"content":160518},112474759670279,"a89cf946-4990-49f9-9360-ad567c8ae1a0","Full circle","full-circle","article/full-circle",{"_uid":160519,"date":160103,"tags":160520,"editor":160521,"content":160525,"excerpt":160681,"featured":50,"reporter":160682,"_editable":160686,"component":864,"seo_title":160515,"categories":160687,"visibility":882,"author_company":49,"featured_image":160690,"seo_description":160681,"author_full_name":49,"author_job_title":49,"formattedDate":160511},"655ac3ae-4f80-4592-a9fc-478ed9b24ac4",[],[160522],{"slug":544,"name":543,"content":160523},{"job_title":557,"image":160524,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":160526},[160527,160531,160536,160541,160546,160551,160556,160561,160566,160571,160576,160581,160586,160591,160596,160601,160606,160611,160616,160621,160626,160631,160636,160641,160646,160651,160656,160661,160666,160671,160676],{"type":594,"attrs":160528,"content":160529},{"textAlign":49},[160530],{"text":38267,"type":599},{"type":594,"attrs":160532,"content":160533},{"textAlign":49},[160534],{"text":160535,"type":599},"New York, 1897.",{"type":594,"attrs":160537,"content":160538},{"textAlign":49},[160539],{"text":160540,"type":599},"The first taxi cabs of New York City were put into service – pure electric vehicles that were manufactured by Pope Manufacturing Company of Boston, Massachusetts.",{"type":594,"attrs":160542,"content":160543},{"textAlign":49},[160544],{"text":160545,"type":599},"By the end of the year, 12 all electric versions of the classic horse drawn carriage, known as the electric Hanson Cab, were in operation.",{"type":594,"attrs":160547,"content":160548},{"textAlign":49},[160549],{"text":160550,"type":599},"New York was bustling with rapid economic growth and a surge in population, developing its reputation as the first port of call for the American Dream.",{"type":594,"attrs":160552,"content":160553},{"textAlign":49},[160554],{"text":160555,"type":599},"The Gilded Age was in full swing.",{"type":594,"attrs":160557,"content":160558},{"textAlign":49},[160559],{"text":160560,"type":599},"In two years, Pope’s business had grown to over 500 vehicles, each powered by 44 lead acid batteries with an average range of 30 miles.",{"type":594,"attrs":160562,"content":160563},{"textAlign":49},[160564],{"text":160565,"type":599},"They operated under a leasing system and could not be purchased outright. This allowed the company to control their maintenance that required new skills, and tackle charging infrastructure problems that we are so familiar with today.",{"type":594,"attrs":160567,"content":160568},{"textAlign":49},[160569],{"text":160570,"type":599},"Instead of installing many charging stations, drivers could pull into a designated workshop and the staff would quickly change out the spent battery for a fully charged one.",{"type":594,"attrs":160572,"content":160573},{"textAlign":49},[160574],{"text":160575,"type":599},"Pope Manufacturing became so successful that it was acquired by the Electric Vehicle Company (EVC) in 1899 which grew the business to over 1,000 vehicles in 8 years.",{"type":594,"attrs":160577,"content":160578},{"textAlign":49},[160579],{"text":160580,"type":599},"But this future was not to be.",{"type":594,"attrs":160582,"content":160583},{"textAlign":49},[160584],{"text":160585,"type":599},"A fire in 1907 destroyed a third of the fleet setting EVC on the road to bankruptcy and, arguably, changing the course of history.",{"type":594,"attrs":160587,"content":160588},{"textAlign":49},[160589],{"text":160590,"type":599},"It saw the end of the very successful all electric New York taxis and start of the wildly expensive horse drawn carriage replacement.",{"type":594,"attrs":160592,"content":160593},{"textAlign":49},[160594],{"text":160595,"type":599},"It is said that the founder of the now famed yellow cab service, the New York Taxi Company, started the business after being furious at a $5 charge (or $125 in today’s money) for a journey lasting less than a mile.",{"type":594,"attrs":160597,"content":160598},{"textAlign":49},[160599],{"text":160600,"type":599},"Money was flowing, but people were not stupid and in two years 65 internal combustion engine vehicles were imported from France and were in operation.",{"type":594,"attrs":160602,"content":160603},{"textAlign":49},[160604],{"text":160605,"type":599},"By the 1920s, General Motors and Ford began to sell mass produced gasoline powered cars, and the rest was history.",{"type":594,"attrs":160607,"content":160608},{"textAlign":49},[160609],{"text":160610,"type":599},"Therefore, Disposal and recycling of these EVC’s lead acid batteries never became a real issue until the larger format 12V batteries found their way back into cars in the mid-1960s as a source to start the engine, meaning the user did not have to manually crank the vehicle.",{"type":594,"attrs":160612,"content":160613},{"textAlign":49},[160614],{"text":160615,"type":599},"Today, the 12V lead acid automotive battery is the most recycled battery in the world according to the US Environmental Protection Agency.",{"type":594,"attrs":160617,"content":160618},{"textAlign":49},[160619],{"text":160620,"type":599},"The lead acid battery is the poster child for the industry with over 97% of cells being broken down and reused. A big part of lead acid’s recycling success is having a common chemistry, in the same format, and critically, in widespread volume.",{"type":594,"attrs":160622,"content":160623},{"textAlign":49},[160624],{"text":160625,"type":599},"Over 70m new vehicles produced each year contain a lead acid battery, which means there is still a steady flow of end-of-life batteries supplying recycling companies.",{"type":594,"attrs":160627,"content":160628},{"textAlign":49},[160629],{"text":160630,"type":599},"With recycling becoming easier and more economic than the mining of lead, over 80% of the metal the US consumes is from recycled product. And this is a global trend with recycled lead overtaking mined lead in the late 1990s as the primary source, according to the International Lead Association.",{"type":594,"attrs":160632,"content":160633},{"textAlign":49},[160634],{"text":160635,"type":599},"Lead’s success in coming full circle is something that lithium ion chemistries are seeking to replicate.",{"type":594,"attrs":160637,"content":160638},{"textAlign":49},[160639],{"text":160640,"type":599},"Those looking to recycle lithium ion batteries must make do with tiny format, single cell units from cell phones, while the best they can really hope for is a large laptop battery.",{"type":594,"attrs":160642,"content":160643},{"textAlign":49},[160644],{"text":160645,"type":599},"Each battery still only contains grams of lithium, cobalt, nickel and graphite.",{"type":594,"attrs":160647,"content":160648},{"textAlign":49},[160649],{"text":160650,"type":599},"This has been the state of play for the last decade. To make things more challenging, the rise and fall of the nickel-metalhydride battery, mainly thanks to the Toyota Prius has made recyclers more hesitant of developing a process for specific chemistries.",{"type":594,"attrs":160652,"content":160653},{"textAlign":49},[160654],{"text":160655,"type":599},"In 2017, however, the world is now a different place to 1997 when the Prius was launched.",{"type":594,"attrs":160657,"content":160658},{"textAlign":49},[160659],{"text":160660,"type":599},"Almost every new passenger electric vehicle being developed is lithium ion based and unless it is a Tesla, which uses Panasonic’s nickel cobalt aluminium (NCA) chemistry, it is most likely to be a nickel cobalt manganese (NCM) battery.",{"type":594,"attrs":160662,"content":160663},{"textAlign":49},[160664],{"text":160665,"type":599},"Recycling plans for the future are also helped by the continued surge in lithium ion megafactories that are in the pipeline.",{"type":594,"attrs":160667,"content":160668},{"textAlign":49},[160669],{"text":160670,"type":599},"In Q1, the battery megafactories tracked by Benchmark Mineral Intelligence rose to 15 after Korea’s SK Innovation announced a doubling of capacity to 4GWh, a move designed to ensure Mercedes has enough supply for its new EVs.",{"type":594,"attrs":160672,"content":160673},{"textAlign":49},[160674],{"text":160675,"type":599},"As the industry continues its capacity build out, a global expansion that is focused on two mainstream chemistries, it is only a matter of time before the recycling loop is closed and lithium ion comes full circle.",{"type":594,"attrs":160677,"content":160678},{"textAlign":49},[160679],{"text":160680,"type":599},"Incidentally, New York City is now working with Nissan to bring back electric vehicles, 110 years after they were taken off its streets, completing the revolution.","Simon Moores New York, 1897. The first taxi cabs of New York City were put into service – pure electric vehicles that were manufactured by Pope Manufacturing Company of Boston, Massachusetts. By the end of the year, 12 all electric versions of the classic horse drawn carriage, known as the electric Hanson Cab, were in […]",[160683],{"slug":544,"name":543,"content":160684},{"job_title":557,"image":160685,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"655ac3ae-4f80-4592-a9fc-478ed9b24ac4\", \"id\": \"\"}-->",[160688,160689],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":160691,"copyright":547,"fieldtype":553,"meta_data":160692,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/94ce0dd947/bm-screen-shot-2017-04-19-at-165936.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":160694,"uuid":160695,"name":160696,"slug":160697,"full_slug":160698,"content":160699},112474803080697,"81b37ae2-a7b1-4c90-a8eb-594f441b5c55","Cylindrical sells","cylindrical-sells","article/cylindrical-sells",{"_uid":160700,"date":160701,"tags":160702,"editor":160703,"content":160707,"excerpt":160830,"featured":50,"reporter":160831,"_editable":160835,"component":864,"seo_title":160696,"categories":160836,"visibility":882,"author_company":49,"featured_image":160839,"seo_description":160830,"author_full_name":49,"author_job_title":49,"formattedDate":160842},"5381f568-bf41-4a1a-90f0-2a62834e0aee","2017-02-06 00:00",[],[160704],{"slug":544,"name":543,"content":160705},{"job_title":557,"image":160706,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":160708},[160709,160714,160718,160723,160728,160733,160738,160741,160746,160751,160756,160759,160764,160769,160774,160777,160782,160787,160792,160797,160802,160805,160810,160815,160820,160825],{"type":594,"attrs":160710,"content":160711},{"textAlign":49},[160712],{"text":160713,"type":599},"Silicon Valley supply deals with LG Chem, Samsung SDI mark EV shift towards cylindrical cells ",{"type":594,"attrs":160715,"content":160716},{"textAlign":49},[160717],{"text":72203,"type":599},{"type":594,"attrs":160719,"content":160720},{"textAlign":49},[160721],{"text":160722,"type":599},"The pure electric vehicle (EV) industry has made a significant stride towards favouring cylindrical cells after LG Chem and Samsung SDI signed long term supply deals with Silicon Valley developers, Lucid Motors and Faraday Future.",{"type":594,"attrs":160724,"content":160725},{"textAlign":49},[160726],{"text":160727,"type":599},"Both supply deals specify that cylindrical cells will be used in the new pure EVs rather than the traditional prismatic cells that both battery majors are known for supplying. The vehicles will be in production Q4 2018. The deals also cite a new chemistry in development that could see either an evolution or a departure from LG Chem and Samsung SDI’s nickel-manganesecobalt (NMC) chemistry.",{"type":594,"attrs":160729,"content":160730},{"textAlign":49},[160731],{"text":160732,"type":599},"Traditionally, cylindrical cells in EVs – the 18650 lithium ion battery form factor used by Tesla Motors – have been the reserve of Japanese producer, Panasonic. But in the rapidly developing EV sphere, the deals suggest that the new Tesla competitors are pursuing an EV platform like that of Tesla’s which is now free-to-use, open source technology.",{"type":594,"attrs":160734,"content":160735},{"textAlign":49},[160736],{"text":160737,"type":599},"They will also see the NMC chemistry used in a cylindrical form in EVs for the first time. The move for Lucid Motors to sign up both LG Chem and Samsung SDI also suggests concerns that a lithium ion battery shortage from one or more supplier is something new car manufacturers may have to face between now and 2020.",{"type":594,"attrs":160739,"content":160740},{"textAlign":49},[],{"type":594,"attrs":160742,"content":160743},{"textAlign":49},[160744],{"text":160745,"type":599},"At present, Benchmark Mineral Intelligence is tracking 14 lithium ion cell megafactories under construction adding an expected 114GWh of capacity by end-2020 to 2016’s output of 75GWh. LG Chem is expected to supply these new EV cells from either its Michigan plant in the US which it is expanding three-fold to 3GWh or its new plant in Poland which will have a capacity of 5GWh. Samsung SDI has three lithium ion plants in China (Dalian and Xian) and Korea all of which are expanding to a combined 12GWh.",{"type":594,"attrs":160747,"content":160748},{"textAlign":49},[160749],{"text":160750,"type":599},"All plants however will need to be adapted to supply the new cells for the EV market which is growing rapidly. Lucid Motors is expected to need between 6-7GWh of cells at capacity. If this is evenly split between both battery suppliers, the 3.5GWh required from Samsung SDI, for example, is the size of its new Xian plant today.",{"type":594,"attrs":160752,"content":160753},{"textAlign":49},[160754],{"text":160755,"type":599},"It has been a busy quarter for the pure EV sector, not only from the big automakers – with announcements from the likes of Mercedes, VW, Porsche and Jaguar – but also from new players entering the electric arena.",{"type":594,"attrs":160757,"content":160758},{"textAlign":49},[],{"type":594,"attrs":160760,"content":160761},{"textAlign":49},[160762],{"text":160763,"type":599},"However, a few stood out from the crowd and one such company was Lucid Motors and its plans to enter the market with a 100kWh lithium ion powered sedan that, in test phase, is faster than a Tesla Model S and a Ferrari.",{"type":594,"attrs":160765,"content":160766},{"textAlign":49},[160767],{"text":160768,"type":599},"Perhaps the most revealing part of the Silicon Valley based EV developer – formerly known as Atieva – was not the huge 900-horsepower vehicle it is developing, nor the zero to sixty miles per hour acceleration in under three seconds, but what goes into the battery pack.",{"type":594,"attrs":160770,"content":160771},{"textAlign":49},[160772],{"text":160773,"type":599},"The Silicon Valley company, which started life as a battery pack manufacturer in 2007, is making a big stride down the value chain into vehicle production by announcing a new car plant in Casa Grande, Arizona.",{"type":594,"attrs":160775,"content":160776},{"textAlign":49},[],{"type":594,"attrs":160778,"content":160779},{"textAlign":49},[160780],{"text":160781,"type":599},"The $700m plant will build 50,000 to 60,000 of its luxury end vehicles and expects to begin in Q4 2018. However, with each vehicle needing either a 100kWh or 130kWh lithium ion pack, the question is what type of cell and therefore pack design has Lucid opted for?",{"type":594,"attrs":160783,"content":160784},{"textAlign":49},[160785],{"text":160786,"type":599},"The Samsung SDI deal suggest a shift away from the battery manufacturers’ well known prismatic design – rectangular blocks that are fundamentally different to Tesla – and towards cylinders. “The breakthrough battery life demonstrated by the new cell from Samsung SDI will be of tangible benefit to our customers, particularly companies with ride-sharing services operating around the clock,” Peter Rawlinson, CTO of Lucid said. The revelations did not stop there.",{"type":657,"attrs":160788,"content":160789},{"level":985,"textAlign":49},[160790],{"text":160791,"type":599},"Cells & marketing",{"type":594,"attrs":160793,"content":160794},{"textAlign":49},[160795],{"text":160796,"type":599},"In an unusual move, Lucid followed up with yet another cell supply agreement with Korea’s other battery heavyweight, LG Chem, to also supply cylindrical cells. Much like Samsung SDI, LG Chem does not yet produce cylindrical cells for the EV market.",{"type":594,"attrs":160798,"content":160799},{"textAlign":49},[160800],{"text":160801,"type":599},"The agreement with Lucid Motors echoed one with Faraday Future only months before – a clear sign that Panasonic’s biggest competitors are making a move into this form factor for EVs. “Lucid Motors enters the agreement after nearly a decade of experience with EV battery pack research, development and commercial operations,” explained the company.",{"type":594,"attrs":160803,"content":160804},{"textAlign":49},[],{"type":594,"attrs":160806,"content":160807},{"textAlign":49},[160808],{"text":160809,"type":599},"“These battery systems have logged over 20 million miles to date, and the data Lucid Motors has collected and analysed from these operations have been a critical factor in selecting the best strategic suppliers,” it added.",{"type":594,"attrs":160811,"content":160812},{"textAlign":49},[160813],{"text":160814,"type":599},"Faraday Future’s 3rd of October 2016 announcement was preceded by some teaser images of cylindrical cells via their Twitter account drawing the attention of Benchmark’s analysts as to whether this could be an error or a new shift for a leading battery company such as LG Chem.",{"type":594,"attrs":160816,"content":160817},{"textAlign":49},[160818],{"text":160819,"type":599},"While LG Chem does produce cylindrical cells, it does not yet do so for the EV market favouring its pouch to pack design that has been utilised by many hybrids such as Ford Focus, Renault ZOE, and GM’s Spark. Curiously, Faraday Future and Lucid both pointed to a new chemistry being developed for these new LG Chem cells.",{"type":594,"attrs":160821,"content":160822},{"textAlign":49},[160823],{"text":160824,"type":599},"Tom Wessner, VP of Global Supply Chain, Faraday Future said: “LG Chem worked closely with Faraday Future to develop a tailored cell chemistry to optimise the range and safety of our mass production battery hardware.” In addition, only a few months later Lucid has a very similar announcement.",{"type":594,"attrs":160826,"content":160827},{"textAlign":49},[160828],{"text":160829,"type":599},"“The cylindrical cells that LG Chem will be producing for Lucid will feature a proprietary chemistry that has been developed together in partnership,” the company explained. This is most likely to be a variation of the NMC chemistry, however with millions of R&D dollars being spent in the sector, an entry into a new chemistry cannot be ruled out.","Silicon Valley supply deals with LG Chem, Samsung SDI mark EV shift towards cylindrical cells Caspar Rawles The pure electric vehicle (EV) industry has made a significant stride towards favouring cylindrical cells after LG Chem and Samsung SDI signed long term supply deals with Silicon Valley developers, Lucid Motors and Faraday Future. Both supply deals […]",[160832],{"slug":544,"name":543,"content":160833},{"job_title":557,"image":160834,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5381f568-bf41-4a1a-90f0-2a62834e0aee\", \"id\": \"\"}-->",[160837,160838],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":160840,"copyright":547,"fieldtype":553,"meta_data":160841,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2170399c56/bm-screen-shot-2017-02-06-at-111900.png",{"alt":547,"title":547,"source":547,"copyright":547},"Feb 06, 2017",{"id":160844,"uuid":160845,"name":160846,"slug":160847,"full_slug":160848,"content":160849},112474798251412,"4e0da877-6ac8-4245-93d7-dd16336706d9","Apple and the car industry","apple-and-the-car-industry","article/apple-and-the-car-industry",{"_uid":160850,"date":160701,"tags":160851,"editor":160852,"content":160856,"excerpt":160953,"featured":50,"reporter":160954,"_editable":160958,"component":864,"seo_title":160846,"categories":160959,"visibility":882,"author_company":49,"featured_image":160962,"seo_description":160953,"author_full_name":49,"author_job_title":49,"formattedDate":160842},"7d96b836-081a-47f4-a801-6ef5cc9e413b",[],[160853],{"slug":544,"name":543,"content":160854},{"job_title":557,"image":160855,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":160857},[160858,160863,160868,160873,160878,160883,160888,160893,160898,160903,160908,160913,160918,160923,160928,160933,160938,160943,160948],{"type":594,"attrs":160859,"content":160860},{"textAlign":49},[160861],{"text":160862,"type":599},"There are a lot of unknowns in the car industry today. How much recession-recovery growth will the Chinese market have? How many of the dozens of automotive start-ups actually produce a car? Will millennials ever find a car that they want to own? The biggest question of them all, though, is this one: What is Apple planning to do in this sector?",{"type":594,"attrs":160864,"content":160865},{"textAlign":49},[160866],{"text":160867,"type":599},"The notoriously secretive company is known to have employed hundreds on a car project called Titan, but in Q3, rumours of dozens of layoffs in that project started appearing. Then in Q4 news of Apple’s interest in an outright purchase of McLaren Auto, a super-luxury carmaker, appeared, along with an interest the lesser known outfit, Lit Motors, a San Francisco start-up working on a self-balancing, enclosed motorcycle.",{"type":594,"attrs":160869,"content":160870},{"textAlign":49},[160871],{"text":160872,"type":599},"On the surface, these pieces of news (assuming that they turn in to actual acquisitions) finally give some shape to Apple’s goals in the automotive field. Here are the five hints that Cairn ERA interprets from these developments:",{"type":657,"attrs":160874,"content":160875},{"level":985,"textAlign":49},[160876],{"text":160877,"type":599},"1. Apple is definitely entering the car business as an OEM",{"type":594,"attrs":160879,"content":160880},{"textAlign":49},[160881],{"text":160882,"type":599},"The last two years of Project Titan have probably taught Apple that the pain point in going from a scribble on a napkin to a manufactured car is in the design-to-manufacture phase. The early design phase consists of a small group of very talented people who work on a design concept and define what the vehicle will and will not be.",{"type":594,"attrs":160884,"content":160885},{"textAlign":49},[160886],{"text":160887,"type":599},"The design-to-manufacture phase involves working closely with dozens of suppliers in designing a vehicle to be mass manufactured and the interest in McLaren is in their design-to-manufacture capabilities.",{"type":594,"attrs":160889,"content":160890},{"textAlign":49},[160891],{"text":160892,"type":599},"McLaren knows how to oversee the enormously complex interaction between multiple levels of suppliers and the OEM. It knows this because it is the premier consultancy that provides help with this process in the automotive industry.",{"type":594,"attrs":160894,"content":160895},{"textAlign":49},[160896],{"text":160897,"type":599},"McLaren is most famous for its super-luxury sports cars, but the vast majority of their 5,000 employees provide consulting services to existing OEM’s on the design-to-manufacture process. This is what we anticipated Apple is interested in attaining.",{"type":657,"attrs":160899,"content":160900},{"level":985,"textAlign":49},[160901],{"text":160902,"type":599},"2. The Apple Car will not be a luxury vehicle",{"type":594,"attrs":160904,"content":160905},{"textAlign":49},[160906],{"text":160907,"type":599},"This might seem counterintuitive when the company is acquiring a maker of super-luxury sports cars. However, the real hint here is in the interest in Lit Motors.",{"type":594,"attrs":160909,"content":160910},{"textAlign":49},[160911],{"text":160912,"type":599},"The Lit Motors vehicle is designed to be an urban vehicle for everybody. We are assuming that the Apple Car will eventually be bigger than a motorcycle, but it certainly will not be a sports car. It will fit more appropriately into the niche that BMW’s Cooper brand inhabits now: a personal vehicle of very small size that provides all of their transportation needs.",{"type":594,"attrs":160914,"content":160915},{"textAlign":49},[160916],{"text":160917,"type":599},"Lit Motors provides an engineering design team that understands the personal transportation needs of the masses, while McLaren provides the design-to-manufacture capabilities to turn that into a production vehicle.",{"type":657,"attrs":160919,"content":160920},{"level":985,"textAlign":49},[160921],{"text":160922,"type":599},"3. This is all about China",{"type":594,"attrs":160924,"content":160925},{"textAlign":49},[160926],{"text":160927,"type":599},"As much as we Westerners like to think Apple is designing for us, the truth is that the real growth market for automobiles is China (and by extension, all of Asia). That means a small vehicle that can be easily parked and can work its way through hectic traffic situations and is affordable to the ever-growing middle class throughout Asia. It also means localised manufacture that will be performed by contractors using the same model that Apple pioneered in the smartphone and PC business. Expect Apple manufacturing plants to pop up in China, India, Brazil and Eastern Europe, all of which will be managed and operated by contract manufacturing partners (such as FoxConn). The single biggest market for the future Apple car will be in China, so expect that whatever design ends up coming out of Cupertino to be optimised for that market.",{"type":657,"attrs":160929,"content":160930},{"level":985,"textAlign":49},[160931],{"text":160932,"type":599},"4. It will be electric",{"type":594,"attrs":160934,"content":160935},{"textAlign":49},[160936],{"text":160937,"type":599},"And yes, the car will be battery-powered and will have autonomous capabilities (most importantly to allow the car to self-park, which is a major paint point for drivers in almost every city in the world).",{"type":657,"attrs":160939,"content":160940},{"level":985,"textAlign":49},[160941],{"text":160942,"type":599},"5. And it will still be an Apple",{"type":594,"attrs":160944,"content":160945},{"textAlign":49},[160946],{"text":160947,"type":599},"And it will probably have a best-in-class user interface, something which Apple knows how to create. Expect more news to leak out in 2017 that will add more form to the emerging vision of the Apple Car.",{"type":594,"attrs":160949,"content":160950},{"textAlign":49},[160951],{"text":160952,"type":599},"Sam Jaffe, Managing Director of US-based Cairn Energy Research Associates, a global research and consultancy firm specialising in energy storage.","There are a lot of unknowns in the car industry today. How much recession-recovery growth will the Chinese market have? How many of the dozens of automotive start-ups actually produce a car? Will millennials ever find a car that they want to own? The biggest question of them all, though, is this one: What is […]",[160955],{"slug":544,"name":543,"content":160956},{"job_title":557,"image":160957,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7d96b836-081a-47f4-a801-6ef5cc9e413b\", \"id\": \"\"}-->",[160960,160961],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":160963,"copyright":547,"fieldtype":553,"meta_data":160964,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/aaf549fbef/bm-screen-shot-2017-02-06-at-141357.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":160966,"uuid":160967,"name":160968,"slug":160969,"full_slug":160970,"content":160971},112474793495855,"59199693-1dd9-442e-a151-f916b192b108","Mega Mag Merger","mega-mag-merger","article/mega-mag-merger",{"_uid":160972,"date":160701,"tags":160973,"editor":160974,"content":160978,"excerpt":161220,"featured":50,"reporter":161221,"_editable":161225,"component":864,"seo_title":160968,"categories":161226,"visibility":882,"author_company":49,"featured_image":161229,"seo_description":161220,"author_full_name":49,"author_job_title":49,"formattedDate":160842},"a79c0aba-5044-4b0e-8232-0fc25316c278",[],[160975],{"slug":544,"name":543,"content":160976},{"job_title":557,"image":160977,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":160979},[160980,160985,160990,160995,161000,161005,161008,161013,161018,161023,161028,161033,161038,161043,161048,161053,161056,161061,161066,161071,161076,161081,161086,161091,161094,161099,161104,161109,161114,161119,161124,161127,161132,161137,161142,161145,161150,161155,161160,161165,161170,161173,161178,161183,161188,161193,161198,161203,161208,161213],{"type":594,"attrs":160981,"content":160982},{"textAlign":49},[160983],{"text":160984,"type":599},"With the rapid emergence of hi-tech applications for speciality minerals, it is easy to forget that by far one of the largest end consumers for these minerals is steel, and particularly, refractories. ",{"type":594,"attrs":160986,"content":160987},{"textAlign":49},[160988],{"text":160989,"type":599},"This was underlined in Q4 2016 by a multi-billion dollar merger between refractory manufacturing and magnesia mining majors, RHI and Magnesita. Mike O’Driscoll looks at what this mega-deal means for the corporate landscape and the raw material supply portfolio of these two vertically integrated groups.",{"type":594,"attrs":160991,"content":160992},{"textAlign":49},[160993],{"text":160994,"type":599},"One could argue that last November’s announcement of the proposed merger of two of the world’s largest magnesia and refractory groups – RHI AG’s takeover of Magnesita Refratários SA to form RHI Magnesita – was only a matter of time. RHI Magnesita will fuse together the world’s second and third largest refractory groups, pooling an impressive stable of refractory producing facilities and considerable refractory raw material resources, dominated by magnesite and dolomite.",{"type":594,"attrs":160996,"content":160997},{"textAlign":49},[160998],{"text":160999,"type":599},"The potential of such a move was most recently signalled in June this year by Magnesita’s formation of Magnesita International Ltd in the UK and its intention to list on the London Stock Exchange’s AIM – the rationale was described as being “in the context of strengthening the image [of Magnesita] as a global player”.",{"type":594,"attrs":161001,"content":161002},{"textAlign":49},[161003],{"text":161004,"type":599},"Octavio Pereira Lopes resigned as CEO of Magnesita and was appointed Chairman of Magnesita International Ltd (apparently remaining leader of the Magnesita Group with regards to international operations), while former Technical & Raw Materials Director, Luis Rodolfo Bittencourt, was appointed the new CEO of Magnesita in Brazil.",{"type":594,"attrs":161006,"content":161007},{"textAlign":49},[],{"type":594,"attrs":161009,"content":161010},{"textAlign":49},[161011],{"text":161012,"type":599},"Mining talc at Magnesita’s Cabeaceiras mine very close to the magnesite operatons. This asset was sold to IMI Fabi SpA of Italy in July 2016, in advance of the Magnesita deal",{"type":594,"attrs":161014,"content":161015},{"textAlign":49},[161016],{"text":161017,"type":599},"Magnesita also announced plans to relocate its executive board to a London headquarters, although Brexit has somewhat thrown a spanner in the works here, and now the Netherlands is being eyed for the new headquarters. In July 2016, the Brazilian group then divested its talc business for US$55m, presumably deemed “non-core”.",{"type":594,"attrs":161019,"content":161020},{"textAlign":49},[161021],{"text":161022,"type":599},"This was a not an inconsiderable asset, and a rather nice addition for Italian talc leader IMI Fabi SpA’s growing portfolio, bolstering its position behind Imerys and Mondo Minerals as third leading western talc producer. Magnesita produced around 1.5m tpa crude talc from the Cabeaceiras mine, hosting 11m tonnes talc reserves (neighbouring its magnesite operations in Bahia) and producing around 44,000 tpa high grade talc for filler markets. In 2015, the talc business generated US$14m in revenue.",{"type":594,"attrs":161024,"content":161025},{"textAlign":49},[161026],{"text":161027,"type":599},"Otherwise, it has been widely regarded by industry observers that the world refractories industry was ripe for further consolidation and an RHI-Magnesita deal had been mooted some years ago.",{"type":594,"attrs":161029,"content":161030},{"textAlign":49},[161031],{"text":161032,"type":599},"Back in 2011 the prospect of such a consolidation between RHI and Magnesita became a hot topic as both groups were preying on each others’ home turf – Magnesita grabbing ThyssenKrupp steel contracts in Germany, RHI building a refractory plant in Brazil (subsequently placed on hold in the face of punitive antidumping import duties).",{"type":594,"attrs":161034,"content":161035},{"textAlign":49},[161036],{"text":161037,"type":599},"Nevertheless, the news still arrives with some impact, as the merger of these two giants of magnesia and refractory production brings under one roof a significant array of refractory raw material assets, which are examined later, as well as refractory manufacturing plants worldwide.",{"type":657,"attrs":161039,"content":161040},{"level":985,"textAlign":49},[161041],{"text":161042,"type":599},"The RHI Magnesita deal",{"type":594,"attrs":161044,"content":161045},{"textAlign":49},[161046],{"text":161047,"type":599},"Announced on 5 October 2016, RHI’s Management Board has agreed to sign a share purchase agreement with Magnesita’s controlling shareholders regarding the acquisition of a controlling stake of at least 46%, but no more than 50%, plus one share of the total share capital in Magnesita.",{"type":594,"attrs":161049,"content":161050},{"textAlign":49},[161051],{"text":161052,"type":599},"The purchase price for the 46% stake will be paid in cash amounting to €118m and 4.6m new shares to be issued by RHI Magnesita, a new RHI entity to be established in the Netherlands and listed in London. Based on RHI’s six-month volume-weighted average price of €19.52, the implied value of the 46% stake amounts to €208m. As a result of the transaction, GP Investments (a controlling shareholder of Magnesita) will become a relevant shareholder of RHI Magnesita.",{"type":594,"attrs":161054,"content":161055},{"textAlign":49},[],{"type":594,"attrs":161057,"content":161058},{"textAlign":49},[161059],{"text":161060,"type":599},"The migration of RHI is to be effected by RHI Magnesita becoming the ultimate holding company of RHI Group. Completion of the deal is subject to approvals including the relevant competition authorities, the migration of RHI to the Netherlands, and the listing of RHI Magnesita’s shares in the premium segment of the Official List on the Main Market of the London Stock Exchange. Completion is expected in H2 2017.",{"type":594,"attrs":161062,"content":161063},{"textAlign":49},[161064],{"text":161065,"type":599},"Until then, the two companies will remain completely separate and independent. Following completion, a mandatory tender offer will be launched by RHI Magnesita or one of its affiliates for the remaining shares in Magnesita. In its statement last week, RHI expected the combined company to generate fully consolidated revenues of €2.6-2.8bn with an operating EBIT margin of more than 12%.",{"type":594,"attrs":161067,"content":161068},{"textAlign":49},[161069],{"text":161070,"type":599},"Magnesita made a London share listing a precondition for its takeover by RHI, but owing to the UK vote on 23 June to leave the European Union the group now has to find a place other than London for the headquarters of RHI Magnesita. Therefore the new company is to be established in the Netherlands to remain subject to European merger rules, while its shares will be listed in London.",{"type":594,"attrs":161072,"content":161073},{"textAlign":49},[161074],{"text":161075,"type":599},"Had the Brexit vote failed, then RHI Magnesita would most likely have been based in London. RHI is to be delisted from the Vienna Stock Exchange. Just before announcement of the takeover, RHI appointed Stefan Borgas as RHI’s new CEO with effect from 1 December 2016. Dr. Wolfgang Ruttenstorfer will continue to be available as interim Chairman of the Management Board until 30 November 2016.",{"type":657,"attrs":161077,"content":161078},{"level":985,"textAlign":49},[161079],{"text":161080,"type":599},"Continuing consolidation",{"type":594,"attrs":161082,"content":161083},{"textAlign":49},[161084],{"text":161085,"type":599},"This is a process that has been ongoing for some time and which has radically reshaped the corporate landscape of the sector. But it has needed to.",{"type":594,"attrs":161087,"content":161088},{"textAlign":49},[161089],{"text":161090,"type":599},"The main end use sectors for refractories are global heavy manufacturing industries which have also consolidated in similar fashion across the world: steel, cement, ceramics, glass, lime, nonferrous metals. Drivers for the these markets are primarily regional economic performance, construction, and urban development.",{"type":594,"attrs":161092,"content":161093},{"textAlign":49},[],{"type":594,"attrs":161095,"content":161096},{"textAlign":49},[161097],{"text":161098,"type":599},"In order to conserve costs in production, sourcing, and logistics (especially in the face of low cost Chinese exports of both refractory raw materials and end products), as well as maintain an efficient global sales and distribution network, the refractory industry has shrunk considerably in the last three decades to just a few multi-national players leading the field, followed by a few medium sized companies (see chart).",{"type":594,"attrs":161100,"content":161101},{"textAlign":49},[161102],{"text":161103,"type":599},"Each of the top four refractory groups are the resultant amalgamations of massive mergers and acquisitions during the 1990s and 2000s: Vesuvius (Hepworth, Foseco); RHI (Veitsch-Radex, Didier Werke); Magnesita (LWB Refractories); Calderys (owned by Imerys: Plibrico, Lafarge Refractories). Some of the companies following them have also followed this trend: Krosaki/Harima, HarbisonWalker International (formerly ANH, the collective of AP Green, North American Refractories, and Harbison Walker Refractories).",{"type":594,"attrs":161105,"content":161106},{"textAlign":49},[161107],{"text":161108,"type":599},"RHI Magnesita will be the fusion of the world’s second and third largest refractory groups, which will see it move above the current top spot held by Vesuvius. The merger enables a far superior global reach for both companies which would have otherwise remained a challenge, especially in bringing Magnesita to Europe and RHI to the Americas.",{"type":594,"attrs":161110,"content":161111},{"textAlign":49},[161112],{"text":161113,"type":599},"Both companies complement each other on basic refractory technology, particularly in magnesia and dolomite refractories, and in operations in China. However, it is their combined refractory raw material resources which also stand out to be examined.",{"type":657,"attrs":161115,"content":161116},{"level":985,"textAlign":49},[161117],{"text":161118,"type":599},"A raw material world: vertical integration",{"type":594,"attrs":161120,"content":161121},{"textAlign":49},[161122],{"text":161123,"type":599},"Regarding raw materials, the common bond between RHI and Magnesita has been their pursuit of self-sufficiency in key refractory raw materials, each having achieved somewhere in the region of 80% self-sufficiency – mainly in dead burned magnesia (DBM) and fused magnesia (FM).",{"type":594,"attrs":161125,"content":161126},{"textAlign":49},[],{"type":594,"attrs":161128,"content":161129},{"textAlign":49},[161130],{"text":161131,"type":599},"Although the vertical integration trend kicked off in earnest in the mid-2000s, with RHI making some major magnesia acquisitions and investments, and Magnesita expanding its DBM capabilities, both companies have roots in magnesite mining, if not pioneering the development of refractory magnesia grades.",{"type":594,"attrs":161133,"content":161134},{"textAlign":49},[161135],{"text":161136,"type":599},"That is, they were already captive mineral producers from the start. Which might explain perhaps why most other leading refractory producers have not followed suit, as was anticipated to a certain degree. In other words, unless you are an existing captive refractory mineral producer, starting from scratch might be a challenge too far.",{"type":594,"attrs":161138,"content":161139},{"textAlign":49},[161140],{"text":161141,"type":599},"Key exceptions outside China (where vertical integration is widespread) are Magnezit (magnesite) and Calderys (aluminosilicate minerals from Imerys), while a few others have limited themselves to some specific captive production, eg.: Vesuvius (fused silica), Ropczyce (fused magnesia), Refratechnik (fused magnesia), POSCO (magnesia), Saint-Gobain (silicon carbide), Kerneos (bauxite).",{"type":594,"attrs":161143,"content":161144},{"textAlign":49},[],{"type":594,"attrs":161146,"content":161147},{"textAlign":49},[161148],{"text":161149,"type":599},"The accompanying map illustrates an overview of the combined refractory raw material sources under the proposed new company RHI Magnesita. Immediately apparent is the consolidation of two of the world’s leading DBM producers, which will now result in a magnesia group to rival Magnezit, Russia in size, and overtake SMZ, Slovakia and Kumas, Turkey in capacity. RHI also has two synthetic magnesia sources using seawater, in Ireland and Norway to produce DBM and FM, respectively.",{"type":594,"attrs":161151,"content":161152},{"textAlign":49},[161153],{"text":161154,"type":599},"The majority of DBM is for captive use in refractories production, but both groups also sell to the external market. In 2015, Magnesita’s Industrial Mineral sales accounted for 6.6% of Magnesita’s consolidated revenue for the year, against 5.5% in 2014.",{"type":594,"attrs":161156,"content":161157},{"textAlign":49},[161158],{"text":161159,"type":599},"Mineral sales revenue totalled US$65m up 40.8%. Magnesita explained the rise as mainly down to a 160% increase in DBM external sales, driven by higher productivity in Brumado combined with a decrease in refractory volume production.",{"type":594,"attrs":161161,"content":161162},{"textAlign":49},[161163],{"text":161164,"type":599},"Thus DBM was the single largest external mineral sale in 2015 accounting for 29%, over 12% in 2014. Another key point is the reinforcement of refractory grade dolomite resources that is brought by Magnesita, the world leader. RHI has one source in Italy, but Magnesita is active in the USA, Europe, and China.",{"type":594,"attrs":161166,"content":161167},{"textAlign":49},[161168],{"text":161169,"type":599},"Although dolomite is mostly mined for feedstock for dead burned dolomite production for refractories, dolomite is also sold for non-refractory applications, such as slag conditioning. In 2015, RHI saw its raw material external sales increase by 63.2% to 297,000 tonnes in total .",{"type":594,"attrs":161171,"content":161172},{"textAlign":49},[],{"type":594,"attrs":161174,"content":161175},{"textAlign":49},[161176],{"text":161177,"type":599},"Although RHI sources most of its magnesia from magnesite, in 2011 the group acquired Premier Periclase Ltd, producing high purity synthetic DBM from seawater at Drogheda, Ireland",{"type":594,"attrs":161179,"content":161180},{"textAlign":49},[161181],{"text":161182,"type":599},"This was primarily due to sales of raw dolomite from Italian subsidiary Dolomite Franchi SpA which made a “significant contribution to volume”. The trend appears to continue in 2016 with H1 2016 total sales up 26% to 180,000 tonnes. Both groups have limited raw material operations in China, but to have at least some presence in China is a good thing for this industry.",{"type":594,"attrs":161184,"content":161185},{"textAlign":49},[161186],{"text":161187,"type":599},"Just to complete the magnesia portfolio, both groups produce caustic calcined magnesia (CCM) for DBM and FM feedstock, but also for a range of non-refractory markets. Additionally, RHI is active in magnesium hydroxide (MDH) production in Ireland and through MAGNIFIN Magnesiaprodukte GmbH & Co KG in Austria, a 50:50 JV with Martinswerke GmbH (now part of Huber Engineered Materials). In Brazil, Magnesita also offers an interesting mineral reserve portfolio of graphite, chromite, kaolin, gibbsitic clays, kyanite, and pyrophyllite to complement its mainstream magnesia and dolomite production.",{"type":657,"attrs":161189,"content":161190},{"level":985,"textAlign":49},[161191],{"text":161192,"type":599},"Hostage to market forces",{"type":594,"attrs":161194,"content":161195},{"textAlign":49},[161196],{"text":161197,"type":599},"The drive for vertical integration, while laudable and understandable in seeking alternatives from inconsistent Chinese supply availability and pricing, is not without its pitfalls. RHI has reduced output at its new fused magnesia plant in Porsgrunn, Norway, built to negate purchasing Chinese FM.",{"type":594,"attrs":161199,"content":161200},{"textAlign":49},[161201],{"text":161202,"type":599},"The €75m plant opened in late 2012, however, a year on and production was around 35,000 tpa owing to energy costs and technical issues, which have since been addressed. With the dramatic drop in Chinese fused magnesia prices during 2015-16, this has further compounded the plant’s position. During H1 2016 19,000 tonnes FM was produced. Lower qualities of fused magnesia are now purchased from China at a lower price, while the Norwegian raw material is used for high quality grades for the steel industry.",{"type":594,"attrs":161204,"content":161205},{"textAlign":49},[161206],{"text":161207,"type":599},"In Brazil, Magnesita was keen to develop a 40,000 tpa graphite mine in Almenara, Minas Gerais, with measured and indicated resources of 12m tonnes of graphite with an average grade of 2.2% graphitic carbon. Much interest was garnered in 2012, however, the mine life was estimated at just six years, and the project was suspended in late 2014.",{"type":594,"attrs":161209,"content":161210},{"textAlign":49},[161211],{"text":161212,"type":599},"Whether any impetus will stem from RHI Magnesita remains to be seen, although with the emerging battery market consuming more graphite, a second look at this project would not be surprising. It will probably take until late 2017 or even early 2018 to allow the dust to settle and take stock of any potential structural changes to the RHI Magnesita raw material portfolio. In any event, it remains one of the greatest mergers in the refractory industry’s evolution.",{"type":594,"attrs":161214,"content":161215},{"textAlign":49},[161216,161218],{"text":161217,"type":599},"Author: Mike O’Driscoll, Director, IMFORMED ",{"text":161219,"type":599},"mike@imformed.com","With the rapid emergence of hi-tech applications for speciality minerals, it is easy to forget that by far one of the largest end consumers for these minerals is steel, and particularly, refractories. This was underlined in Q4 2016 by a multi-billion dollar merger between refractory manufacturing and magnesia mining majors, RHI and Magnesita. Mike O’Driscoll […]",[161222],{"slug":544,"name":543,"content":161223},{"job_title":557,"image":161224,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a79c0aba-5044-4b0e-8232-0fc25316c278\", \"id\": \"\"}-->",[161227,161228],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":161230,"copyright":547,"fieldtype":553,"meta_data":161231,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a42c7e1e81/bm-screen-shot-2017-02-06-at-144128.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":161233,"uuid":161234,"name":161235,"slug":161236,"full_slug":161237,"content":161238},112474836398369,"62838af7-44aa-46af-ad31-ed2c86536d9a","The lithium ion supply chain reviewed","the-lithium-ion-supply-chain-reviewed","article/the-lithium-ion-supply-chain-reviewed",{"_uid":161239,"date":161240,"tags":161241,"editor":161242,"content":161246,"excerpt":162174,"featured":50,"reporter":162175,"_editable":162179,"component":864,"seo_title":161235,"categories":162180,"visibility":882,"author_company":49,"featured_image":162184,"seo_description":162174,"author_full_name":49,"author_job_title":49,"formattedDate":162187},"7277b24b-0a25-41a4-81d4-163beb58384b","2017-01-26 00:00",[],[161243],{"slug":544,"name":543,"content":161244},{"job_title":557,"image":161245,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":161247},[161248,161253,161258,161263,161268,161273,161278,161283,161286,161291,161296,161301,161306,161309,161314,161319,161324,161329,161334,161339,161344,161349,161354,161359,161364,161369,161374,161379,161384,161389,161392,161397,161402,161407,161410,161415,161420,161425,161428,161433,161438,161443,161448,161451,161456,161459,161464,161469,161474,161479,161484,161489,161494,161499,161504,161507,161512,161517,161522,161527,161532,161537,161542,161547,161552,161557,161562,161567,161570,161575,161580,161585,161590,161595,161600,161603,161608,161613,161618,161623,161628,161633,161638,161643,161648,161653,161658,161663,161666,161671,161676,161681,161686,161691,161696,161701,161706,161711,161716,161721,161726,161731,161734,161739,161744,161749,161752,161757,161762,161767,161772,161777,161782,161787,161792,161797,161802,161807,161812,161815,161820,161825,161830,161835,161838,161843,161846,161851,161856,161861,161866,161871,161876,161881,161886,161891,161896,161899,161903,161908,161913,161918,161923,161928,161933,161938,161943,161948,161953,161958,161963,161968,161973,161978,161981,161986,161991,161994,161999,162004,162009,162014,162019,162024,162029,162034,162039,162042,162047,162052,162055,162060,162065,162070,162073,162078,162083,162088,162093,162098,162103,162108,162113,162118,162123,162126,162131,162136,162141,162146,162149,162154,162159,162164,162169],{"type":594,"attrs":161249,"content":161250},{"textAlign":49},[161251],{"text":161252,"type":599},"The path to half a terrawatt: An extensive review of the whole lithium ion supply chain, from mine to market. What raw material will be needed and by when?",{"type":594,"attrs":161254,"content":161255},{"textAlign":49},[161256],{"text":161257,"type":599},"The lithium ion battery industry is going through a renaissance period with billions of dollars being committed to expanding production capacity. Benchmark Mineral Intelligence has tracked at least 12 lithium ion battery megafactories that are being constructed today.",{"type":594,"attrs":161259,"content":161260},{"textAlign":49},[161261],{"text":161262,"type":599},"These are lithium ion cell manufacturing facilities that have multi-gigawatt hour production capabilities, a step change from the megawatt scale level the industry operates at today. The construction of the battery megafactories alone will increase the lithium ion industry capacity by over 80GWh, a figure that does not include widespread smaller expansions, especially in China, and an increasing capacity utilisation rate that could add an estimated 20GWh.",{"type":594,"attrs":161264,"content":161265},{"textAlign":49},[161266],{"text":161267,"type":599},"In 2015, the industry produced 65GWh worth of lithium ion cells, so there is no doubt that significant change for the lithium ion supply chain is here. From the accompanying chart, it is clear that while the focus is on Tesla’s Gigafactory 1 in Nevada – the biggest of all new lithium ion battery plants at 35GWh of new capacity and a 50 GWh pack capacity – nearly 70% of new cell capacity is being installed in China.",{"type":594,"attrs":161269,"content":161270},{"textAlign":49},[161271],{"text":161272,"type":599},"This surge in projects being established by both Chinese battery producers and Japanese and Korean JV partners is just the start for the industry. Significant investments by Amperex Technology Ltd (ATL) and Tianjin Lishen Battery Joint Stock Co Ltd (Lishen) are ones to watch as China’s leading battery producers are being leant upon not only by government-backed industries within the country but major consumers in the rest of the world.",{"type":594,"attrs":161274,"content":161275},{"textAlign":49},[161276],{"text":161277,"type":599},"Both companies have grand plans to expand into the tens of GWh capacity, with Benchmark estimating Lishen to reach 10GWh capacity by 2018 and ATL 25GWh capacity by 2021, a three-fold and five-fold increase on today’s levels, respectively.",{"type":594,"attrs":161279,"content":161280},{"textAlign":49},[161281],{"text":161282,"type":599},"Samsung SDI, Panasonic and LG Chem are all planning new lithium ion plant expansions, some of which are pre-existing plants that are being expanded and others being new greenfield investments. Samsung is looking to increase capacity in both its new plant in Xi’an, China and at its already established facility in Ulsan, Korea.",{"type":594,"attrs":161284,"content":161285},{"textAlign":49},[],{"type":594,"attrs":161287,"content":161288},{"textAlign":49},[161289],{"text":161290,"type":599},"Within the US, Tesla’s Gigafactory 1 opened in early 2016 as a battery pack facility but is expected to be making cells from scratch by the end of the year. Once fully operational and at capacity, the $5bn investment will be not only the world’s biggest battery plant and largest pack assembly facility, but also the world’s largest building by footprint, period.",{"type":594,"attrs":161292,"content":161293},{"textAlign":49},[161294],{"text":161295,"type":599},"North of the Gigafactory, in the traditional home of the auto industry, LG Chem is expanding its Holland, Michigan cell plant. The Holland plant, which cost $338m, including a $151m government grant, is expected to treble its capacity to 3GWh within the next four years. US-based company Boston Power is focusing on increasing capacity in China and Taiwan, taking its total capacity to an estimated 7GWh from today’s 800MWh.",{"type":657,"attrs":161297,"content":161298},{"level":985,"textAlign":49},[161299],{"text":161300,"type":599},"Battery costs are falling",{"type":594,"attrs":161302,"content":161303},{"textAlign":49},[161304],{"text":161305,"type":599},"The cost of producing a lithium ion battery cell has been steadily falling over the last decade. In 2006, the cost of producing a cell was north of $1,000/kWh but manufacturing improvements pushed this figure below $500/kWh in 2013 and between $250/kWh and $400/kWh in 2016. Between 2000 and 2015, the cost of a cell fell an average of 12% a year, but from 2016 to 2020, Benchmark expects this rate of decrease to average 15-20% a year as the industry introduces significant scale into the manufacturing process.",{"type":594,"attrs":161307,"content":161308},{"textAlign":49},[],{"type":657,"attrs":161310,"content":161311},{"level":985,"textAlign":49},[161312],{"text":161313,"type":599},"The risk of competing chemistries",{"type":594,"attrs":161315,"content":161316},{"textAlign":49},[161317],{"text":161318,"type":599},"Benchmark receives many questions on whether lithium ion will be replaced by other battery technologies in the relatively near future. Our response is always no. This is for a number of reasons, which are:",{"type":594,"attrs":161320,"content":161321},{"textAlign":49},[161322],{"text":161323,"type":599},"A known technology for mass adoption:",{"type":594,"attrs":161325,"content":161326},{"textAlign":49},[161327],{"text":161328,"type":599},"Lithium ion batteries of all chemistries have been known to the world for some time now.",{"type":594,"attrs":161330,"content":161331},{"textAlign":49},[161332],{"text":161333,"type":599},"They have been tested in all cases, its highest profile problems – including Sony laptops and Boeing planes – have been exposed, and the public is comfortable with the technology.",{"type":594,"attrs":161335,"content":161336},{"textAlign":49},[161337],{"text":161338,"type":599},"This is vitally important if the same batteries are to go mainstream and be used in our cars and to power our homes. Public acceptance has to be there and with lithium ion it already is.",{"type":594,"attrs":161340,"content":161341},{"textAlign":49},[161342],{"text":161343,"type":599},"There is the anecdote that NASA would only use older technology in the space cockpits that put man on the moon as it was known and trusted.",{"type":594,"attrs":161345,"content":161346},{"textAlign":49},[161347],{"text":161348,"type":599},"The same can be said for why large corporations will never install the latest version of Microsoft Office across their networks for fear that a new bug could derail their whole operation. The same principle applies to lithium ion batteries in EVs and utility storage.",{"type":594,"attrs":161350,"content":161351},{"textAlign":49},[161352],{"text":161353,"type":599},"The road to commercialisation is long:",{"type":594,"attrs":161355,"content":161356},{"textAlign":49},[161357],{"text":161358,"type":599},"In the past, batteries have taken decades to commercialise. For example, with the rechargeable lithium ion, it was invented in the early 1970s, commercialised by Sony for its Walkman in 1992, but only really took off in the mid-2000s and the advent of the smartphone era.",{"type":594,"attrs":161360,"content":161361},{"textAlign":49},[161362],{"text":161363,"type":599},"While new chemistries are in the pipeline – including lithium air and lithium sulphur, the two most promising at present – there is very little chance of seeing a mainstream appearance in EVs or utility storage in the next decade.",{"type":594,"attrs":161365,"content":161366},{"textAlign":49},[161367],{"text":161368,"type":599},"The Battery Technology Road Map from Panasonic (see page 48) shows when it expects the world to enter a post lithium ion era. They have it pencilled in for 2030, together with solid state batteries.",{"type":594,"attrs":161370,"content":161371},{"textAlign":49},[161372],{"text":161373,"type":599},"Lithium ion batteries are improving: Another major reason why we do not see competitors usurping lithium ion soon is because lithium ion batteries are getting better. We are just at the start of an advanced lithium ion era where investments in cathode and anode R&D are beginning to pay off.",{"type":594,"attrs":161375,"content":161376},{"textAlign":49},[161377],{"text":161378,"type":599},"In terms of anode developments, the commercialisation of spherical graphite has not only allowed the costs to come down, but holds the potential to increase the anode capacity. Many companies are now looking into adding silicon into the graphite anode – up to 15% – to further increase this performance.",{"type":594,"attrs":161380,"content":161381},{"textAlign":49},[161382],{"text":161383,"type":599},"However, there are many pitfalls with either pure silicon anodes or as an additive including its expansion ratio, lack of durability, and cost. We expect silicon to play a major role post-2020.",{"type":594,"attrs":161385,"content":161386},{"textAlign":49},[161387],{"text":161388,"type":599},"For cathode developments, a wide variety of new chemistries and tweaks within existing chemistries have vastly improved cathode performance over the last decade. Today, the mainstream lithium ion chemistries we see going forward are NMC (Nickel Manganese Cobalt) and NCA (Nickel Cobalt Aluminium). As a result, average energy density of a lithium ion battery has improved 5% a year between 1992 and 2016. There were also periods of improvement which were closer to 8%, such as when energy density increased from 360 Wh/l to 525 Wh/l between 2000 and the end of 2005.",{"type":594,"attrs":161390,"content":161391},{"textAlign":49},[],{"type":657,"attrs":161393,"content":161394},{"level":985,"textAlign":49},[161395],{"text":161396,"type":599},"Changing cathodes",{"type":594,"attrs":161398,"content":161399},{"textAlign":49},[161400],{"text":161401,"type":599},"Lithium ion has been the main beneficiary of growth in demand for rechargeable batteries, soaring to a capacity of over 60GWh in 2020 from around 10GWh in 2005, while competing technology predecessors such as NiMh have stagnated at less than 5GWh capacity. And this is before the market enters its real period of growth.",{"type":594,"attrs":161403,"content":161404},{"textAlign":49},[161405],{"text":161406,"type":599},"Benchmark forecasts expect lithium ion capacities to at least double by as early as 2020, with mass scale expansions in production facilities and strong demand growth from the electric vehicle market. Both these developments, side by side, will address the final obstacle in attaining mass-market adoption – cost. Central to the concept of wide-spread adoption of lithium ion cells in the transportation sector has been the idea of a ‘holy grail’ for battery costs – what many believed to be $250/kWh.",{"type":594,"attrs":161408,"content":161409},{"textAlign":49},[],{"type":594,"attrs":161411,"content":161412},{"textAlign":49},[161413],{"text":161414,"type":599},"Although average industry costs are still slightly above this level there is now little doubt from the battery majors that this target can not only be achieved, but surpassed substantially by as early as 2020.",{"type":594,"attrs":161416,"content":161417},{"textAlign":49},[161418],{"text":161419,"type":599},"Denise Gray, CEO and President of LG Chem Power, noted that the company has been working with major auto manufacturers to achieve cost savings through improvements in active materials and optimisation of both electrodes and other components.",{"type":594,"attrs":161421,"content":161422},{"textAlign":49},[161423],{"text":161424,"type":599},"These developments, alongside the economies of scale the company intends to achieve through facility expansions in South Korea, China and the US (which will allow them to supply over 300,000 EV batteries), have seen the company rally around the cost target of $100/kWh by 2020. And while scale is central to the plans of all battery majors over the coming years, it is widely agreed that the marginal improvements in technology are what will drive cost savings post-2025.",{"type":594,"attrs":161426,"content":161427},{"textAlign":49},[],{"type":594,"attrs":161429,"content":161430},{"textAlign":49},[161431],{"text":161432,"type":599},"Forecasts from all battery and auto majors centre around lithium ion being the technology of choice until at least 2030.",{"type":594,"attrs":161434,"content":161435},{"textAlign":49},[161436],{"text":161437,"type":599},"As Michael Fetcenko, Managing Director of BASF Battery Materials North America, outlined in his presentation on battery materials for e-mobility, “What’s next? Better and better lithium ion (batteries), we believe.” Central to these improvements will be further standardisation across cathode chemistries.",{"type":594,"attrs":161439,"content":161440},{"textAlign":49},[161441],{"text":161442,"type":599},"Today, there are several different cathode chemistries being explored across the industry. However, there are four such chemistries stealing the march on alternatives. While the lithium-cobalt-oxide (LCO) chemistry has been, and will remain, a mainstay in the industry since its adoption in portable technologies in the 1990s, speakers agreed the beneficiaries of growth in the transportation sector would be nickel-manganese-cobalt (NMC), nickelcobalt- aluminium (NCA) and lithium-ironphosphate (LFP).",{"type":594,"attrs":161444,"content":161445},{"textAlign":49},[161446],{"text":161447,"type":599},"Benchmark research suggests these cathode chemistries accounted for 56% of lithium ion capacity in 2015, with LCO still representing 33% of the market. As transportation overtakes consumer electronics as the leading application for lithium ion batteries, however, supply of these cathodes will experience exponential growth.",{"type":594,"attrs":161449,"content":161450},{"textAlign":49},[],{"type":594,"attrs":161452,"content":161453},{"textAlign":49},[161454],{"text":161455,"type":599},"By as early as 2020, NMC could be employed in over 50GWh of lithium ion technologies for transportation alone – twenty times its levels today. In addition, Tesla’s use of an NCA cathode in its vehicles at the Gigafactory in Nevada, US, and China’s continued push towards LFP for use in e-buses will see substantial growth in these markets as well. And this is before the potential emergence of an even larger application in the form of utility storage devices.",{"type":594,"attrs":161457,"content":161458},{"textAlign":49},[],{"type":657,"attrs":161460,"content":161461},{"level":985,"textAlign":49},[161462],{"text":161463,"type":599},"Raw materials: specialities versus commodities",{"type":594,"attrs":161465,"content":161466},{"textAlign":49},[161467],{"text":161468,"type":599},"Before looking into the specific raw materials that are used in batteries, it is important to understand that these are not commodities and there are some fundamental differences.",{"type":657,"attrs":161470,"content":161471},{"level":985,"textAlign":49},[161472],{"text":161473,"type":599},"A question of quality",{"type":594,"attrs":161475,"content":161476},{"textAlign":49},[161477],{"text":161478,"type":599},"Fundamental differences between niche minerals and traditional commodities are evident throughout their respective supply chains, beginning with the way in which they are mined. Where traditional commodities such as iron ore, copper and petroleum have long established supply chains, rooted in decades of exploration that has identified and developed significant resources across the world, niche minerals have been neglected for a generation.",{"type":594,"attrs":161480,"content":161481},{"textAlign":49},[161482],{"text":161483,"type":599},"Many of these sectors have not seen a major new market entrant for over a decade and while the excitement surrounding emerging end markets has caused a surge in exploration since 2009, weak capital markets have stunted the progress of even the most unique of resources.",{"type":594,"attrs":161485,"content":161486},{"textAlign":49},[161487],{"text":161488,"type":599},"At the heart of this dearth in development lies the inability of investors to sever their ties to traditional mining project analysis. Bigger is not necessarily better when it comes to niche minerals. While the majority of commodity projects depend upon extraction and distribution on a vast scale, the precise properties of a resource are as critical to a niche mineral project as its size or proximity to market.",{"type":594,"attrs":161490,"content":161491},{"textAlign":49},[161492],{"text":161493,"type":599},"As a result, existing critical mineral mines are generally smaller scale projects, supplying an established set of customers with defined requirements. This is in contrast to the majority of major commodity mines. For example, the world’s largest iron ore project, the Hamersley mine in Australia, produced 163m tonnes in 2014.",{"type":594,"attrs":161495,"content":161496},{"textAlign":49},[161497],{"text":161498,"type":599},"In comparison, the world’s largest graphite mine has a capacity of 50,000 tpa, no lithium projects exceed 65,000 tpa LCE production and the vast majority of the 90,000 tonnes of cobalt produced every year comes as a byproduct of copper and nickel plays.",{"type":594,"attrs":161500,"content":161501},{"textAlign":49},[161502],{"text":161503,"type":599},"With emerging hi-tech end markets threatening to disrupt the existing supply structure in many of these industries, a diversification of resources will be required. Whether this could be on the scale of traditional commodities remains to be seen, but existing reserves would suggest otherwise.",{"type":594,"attrs":161505,"content":161506},{"textAlign":49},[],{"type":594,"attrs":161508,"content":161509},{"textAlign":49},[161510],{"text":161511,"type":599},"Past and future: Gasoline powered bus in central Hong Kong outside of Tesla’s most popular dealerships",{"type":657,"attrs":161513,"content":161514},{"level":985,"textAlign":49},[161515],{"text":161516,"type":599},"Adding value",{"type":594,"attrs":161518,"content":161519},{"textAlign":49},[161520],{"text":161521,"type":599},"The starkest contrast between niche minerals and commodities lies in where value is added in their respective supply chains. Where commodity production is generally a volume game, niche minerals are refined, specialist products that require specific processing to ensure their efficient application.",{"type":594,"attrs":161523,"content":161524},{"textAlign":49},[161525],{"text":161526,"type":599},"This is a difference which is only becoming more apparent with the use of these previously industrial minerals in emerging hi-tech sectors. Now, more than ever before, the secret behind niche mineral production resides in the hands of the processors. Supply security no longer refers to the ability of a producer to mine and deliver a product, but their ability to provide a consistent supply of tailored material which will maximise efficiency.",{"type":594,"attrs":161528,"content":161529},{"textAlign":49},[161530],{"text":161531,"type":599},"Despite being a minor input cost into applications like lithium ion batteries, these materials are proving critical in improving performance, and in turn overcoming some of the major barriers to adoption. Few have the experience in these markets to recognise this in itself, not to mention to act upon it.",{"type":594,"attrs":161533,"content":161534},{"textAlign":49},[161535],{"text":161536,"type":599},"The emergence of new markets with more refined needs is exposing not only a lack of resources, but also a lack of expertise to provide materials in line with end-user requirements, both old and new.",{"type":657,"attrs":161538,"content":161539},{"level":985,"textAlign":49},[161540],{"text":161541,"type":599},"Market maturity",{"type":594,"attrs":161543,"content":161544},{"textAlign":49},[161545],{"text":161546,"type":599},"The immaturity of these niche mineral markets relative to traditional commodities cannot be underestimated – everything from the way they are traded to their responsiveness to wider macro-economic developments differs.",{"type":594,"attrs":161548,"content":161549},{"textAlign":49},[161550],{"text":161551,"type":599},"Where traditional commodities are largely traded on established platforms, making them subject to external instruments such as hedging and futures markets, niche minerals contracts are largely settled between producers and end users.",{"type":594,"attrs":161553,"content":161554},{"textAlign":49},[161555],{"text":161556,"type":599},"Despite a longer-term shift towards shorter-term contracting, since the financial crisis companies have attempted to avoid tying up capital in raw material stocks, meaning the bulk of niche mineral material continues to be traded less frequently, usually bi-annually or quarterly. This antiquated approach to dealing makes niche mineral markets far more rigid than traditional commodities.",{"type":594,"attrs":161558,"content":161559},{"textAlign":49},[161560],{"text":161561,"type":599},"While this sees a much slower erosion of market in down-times, it also means that recoveries are often far more laboured. It is likely that, as demand for these materials increases, and competition between traditional and emerging consumers escalates, modernisation will occur.",{"type":594,"attrs":161563,"content":161564},{"textAlign":49},[161565],{"text":161566,"type":599},"It is doubtful, however, that this will be a rapid process, with it generally working in the interests of established market players to preserve some element of opacity. Until these established structures are put under increased scrutiny, evolution in the way these materials are traded is unlikely to occur at any speed.",{"type":594,"attrs":161568,"content":161569},{"textAlign":49},[],{"type":594,"attrs":161571,"content":161572},{"textAlign":49},[161573],{"text":161574,"type":599},"Stacks of flake graphite concentrate lie in wait in Shandong province, China, as the country’s producers build up spherical graphite capacities to serve the battery market",{"type":594,"attrs":161576,"content":161577},{"textAlign":49},[161578],{"text":161579,"type":599},"For these reasons, the markets for these minerals must be viewed as a different beast to bulk commodities. They are typically not exchange traded, largely inflexible and unresponsive in the short term. End-market developments can take months to be felt upstream, while supplyside volatility can send shockwaves through the supply chain.",{"type":657,"attrs":161581,"content":161582},{"level":985,"textAlign":49},[161583],{"text":161584,"type":599},"Price Divergence",{"type":594,"attrs":161586,"content":161587},{"textAlign":49},[161588],{"text":161589,"type":599},"Traditionally, niche minerals have been tied to the fortunes of bulk industrial commodities. While not as responsive in the short term, the same end-market drivers have prevailed. In many ways, niche minerals follow in the footsteps of their bulk commodity counterparts.",{"type":594,"attrs":161591,"content":161592},{"textAlign":49},[161593],{"text":161594,"type":599},"Today, however, we stand on the verge of a new era in the relationship between these different materials and, as such, their pricing structures. With the emergence of a new set of growth markets for niche minerals, the fortunes of these material prices are becoming further separated from the industrial commodities which once guided their fate.",{"type":594,"attrs":161596,"content":161597},{"textAlign":49},[161598],{"text":161599,"type":599},"These niche minerals are not simply seeing demand growth from the emergence of new hi-tech markets, but experiencing a period of fundamental restructuring with the addition of a new layer of demand. The more crucial new markets become in the consumption of these raw materials, the further their pricing structures will deviate from commodities, forcing niche mineral markets on an increasingly disconnected trajectory.",{"type":594,"attrs":161601,"content":161602},{"textAlign":49},[],{"type":594,"attrs":161604,"content":161605},{"textAlign":49},[161606],{"text":161607,"type":599},"This has already become evident in markets such as lithium, which has bucked the trend of almost all other raw material markets and registered price increases in excess of 20% in 2015 alone.",{"type":594,"attrs":161609,"content":161610},{"textAlign":49},[161611],{"text":161612,"type":599},"While other areas like the flake graphite sector remain largely dependent on their industrial foundations, structural change is fast approaching, separating their fortunes from their industrial end markets towards a sector built on the foundations of hi-tech growth.",{"type":657,"attrs":161614,"content":161615},{"level":985,"textAlign":49},[161616],{"text":161617,"type":599},"The Question of Commoditisation",{"type":594,"attrs":161619,"content":161620},{"textAlign":49},[161621],{"text":161622,"type":599},"Arguably by the very definition of a commodity, a certain level of homogeneity between different products must exist. No such homogeneity exists in the vast majority of niche raw material markets today.",{"type":594,"attrs":161624,"content":161625},{"textAlign":49},[161626],{"text":161627,"type":599},"The unique requirements of different end users dictate that specifications can vary considerably between end users creating the same application, not to mention different end markets.",{"type":594,"attrs":161629,"content":161630},{"textAlign":49},[161631],{"text":161632,"type":599},"This is a separation that has only been amplified by the emergence of a new set of hi-tech markets which, in many cases, are still trying to define the optimum material they require. This lack of industry development in many critical mineral markets not only increases the rigidity of existing supply structures but raises barriers to entry for new suppliers seeking to spend capital on mining rather than R&D.",{"type":594,"attrs":161634,"content":161635},{"textAlign":49},[161636],{"text":161637,"type":599},"Although the attention paid to the niche minerals over the past 3-4 years has seen some level of commoditisation occur, these markets are still far from having established industry standards. The nature of these materials and the role they play in various applications makes it likely that we will never see these materials commoditised to the same extent as today’s bulk commodities.",{"type":594,"attrs":161639,"content":161640},{"textAlign":49},[161641],{"text":161642,"type":599},"These niche minerals are increasingly becoming unique, refined, and advanced raw materials that can serve a range of markets. This potential can be regarded as a major opportunity; however, misunderstanding the fundamental nature of these markets can present a new range of hazards.",{"type":657,"attrs":161644,"content":161645},{"level":985,"textAlign":49},[161646],{"text":161647,"type":599},"Battery raw materials",{"type":594,"attrs":161649,"content":161650},{"textAlign":49},[161651],{"text":161652,"type":599},"Batteries consume a wide variety of minerals and metals in their major anode, cathode, separator and electrode components. The two most raw-material-intensive products are the anode, made from graphite, and the cathode, which is a blend of a number of metals based on lithium.",{"type":594,"attrs":161654,"content":161655},{"textAlign":49},[161656],{"text":161657,"type":599},"Until now, these industries have been niche, speciality chemicals that are negotiated in private contracts between the buyer and seller. The significant growth expected in lithium ion batteries is forcing these speciality producers to significantly expand production and re-evaluate their entire supply chain, which must evolve to meet the new demand.",{"type":657,"attrs":161659,"content":161660},{"level":985,"textAlign":49},[161661],{"text":161662,"type":599},"Lithium / Cathode Supply",{"type":594,"attrs":161664,"content":161665},{"textAlign":49},[],{"type":594,"attrs":161667,"content":161668},{"textAlign":49},[161669],{"text":161670,"type":599},"Hard rock lithium in Australia: a sample of Neometals spodumene which will end up being chemically processed by Ganfeng Lithium for use in lithium ion batteries",{"type":594,"attrs":161672,"content":161673},{"textAlign":49},[161674],{"text":161675,"type":599},"Lithium supply is from two sources: liquid brine and hard rock. The industry produces a wide variety of chemicals based on lithium carbonate raw material, including lithium hydroxide, lithium bromide, lithium chloride and lithium sulphate.",{"type":594,"attrs":161677,"content":161678},{"textAlign":49},[161679],{"text":161680,"type":599},"As a result, the industry measures lithium supply in common units of lithium carbonate equivalent (LCE). Lithium carbonate and lithium hydroxide are the two mainstream raw materials and are both used in lithium ion battery cathodes.",{"type":594,"attrs":161682,"content":161683},{"textAlign":49},[161684],{"text":161685,"type":599},"Brine, primarily from South America, was the leading sources of lithium in 2016 with an estimated 50% of supply from Chile and Argentina, the major producers in the region. Chile, through SQM and Albemarle (formerly Rockwood Lithium), accounted for 37% of global output, extracting from continental brine sources in the Atacama Desert.",{"type":594,"attrs":161687,"content":161688},{"textAlign":49},[161689],{"text":161690,"type":599},"These are huge salt flats (halite) which act as a sponge, collecting the mineral-rich water that washes into a closed basin from the surrounding volcanic mountain ranges. Lithium, potash and magnesium are the primary minerals mined from these resources.",{"type":594,"attrs":161692,"content":161693},{"textAlign":49},[161694],{"text":161695,"type":599},"FMC Lithium is the major producer in Argentina, accounting for 10% of the world’s mined lithium, while new producer Orocobre is contributing volumes to the market as it ramps up production in its second year of operation.",{"type":594,"attrs":161697,"content":161698},{"textAlign":49},[161699],{"text":161700,"type":599},"With a new government in 2016, Argentina is one of the lithium industry’s great promises for new supply with a number of new potential entrants including Lithium Americas (now in partnership with Chile’s SQM), Lithium X Energy, and Galaxy Resources.",{"type":594,"attrs":161702,"content":161703},{"textAlign":49},[161704],{"text":161705,"type":599}," Hard rock lithium, spodumene mineral mined from petalite ore, is produced from one large mine in Australia. Talison Lithium operates this mine and produced 65,000 tonnes of lithium supply (LCE) in 2016.",{"type":594,"attrs":161707,"content":161708},{"textAlign":49},[161709],{"text":161710,"type":599},"The mine is a strategic source of lithium as it is owned by Chinese lithium chemical producer Sichuan Tianqi (51%) and US chemicals company Albemarle (49%). The vast majority of output is destined for the Chinese market and chemical conversion into a number of downstream lithium chemicals.",{"type":594,"attrs":161712,"content":161713},{"textAlign":49},[161714],{"text":161715,"type":599},"China does not have any significant domestic lithium resources either in brine or hard rock form. While the country has increased its domestic lithium output in recent years, it is marginal compared to the rest of the world. The Qinghai salt lakes in China’s west have long been touted as a potential significant source of lithium as it hosts 77% of its resources.",{"type":594,"attrs":161717,"content":161718},{"textAlign":49},[161719],{"text":161720,"type":599},"However, commercially it has failed to take off in any way, mainly due to the unfavourable chemistry compared to other sources in South America. The source has seen over $1bn invested in commercialisation attempts over the last decade with no significant results. Most recently, EV producer BYD were eyeing a stake in the source in an attempt at supply sufficient for the country.",{"type":594,"attrs":161722,"content":161723},{"textAlign":49},[161724],{"text":161725,"type":599},"But realistically, with the known lithium resources in the country, China will always be heavily dependent on lithium imports.",{"type":594,"attrs":161727,"content":161728},{"textAlign":49},[161729],{"text":161730,"type":599},"Bolivia has also been a high profile potential source, commonly being dubbed the Saudi Arabia of lithium in relation to its Salar de Uyuni hosting the world’s largest lithium resource.",{"type":594,"attrs":161732,"content":161733},{"textAlign":49},[],{"type":594,"attrs":161735,"content":161736},{"textAlign":49},[161737],{"text":161738,"type":599},"The reality is that, to date, it has been another high profile failure of the industry with numerous problems dogging its commercialisation, including a high lithium to magnesium ratio and government distrust over foreign investment and technical partners. We do not expect Bolivia to be a major producer of lithium in the medium term.",{"type":594,"attrs":161740,"content":161741},{"textAlign":49},[161742],{"text":161743,"type":599},"Lack of expansion from brine producers and explorers has meant the industry has turned to hard rock sources to fill the supply gap in recent years. Australia’s Talison Lithium has been the biggest beneficiary of this, but it has also pushed a number of development stage companies on the edge of new production.",{"type":594,"attrs":161745,"content":161746},{"textAlign":49},[161747],{"text":161748,"type":599},"Galaxy Resources and Neometals, both with operations based in Western Australia, are now on the verge of new production from their respective mines and both have Chinese backing through off-take deals and equity stakes. Both companies have been developing their resources since the first lithium boom of 2009-2010.",{"type":594,"attrs":161750,"content":161751},{"textAlign":49},[],{"type":594,"attrs":161753,"content":161754},{"textAlign":49},[161755],{"text":161756,"type":599},"Pilbara Minerals, a newcomer to the lithium space, has been one of the brightest performers on the stock market, primarily down to a large spodumene resource and supply agreements.",{"type":594,"attrs":161758,"content":161759},{"textAlign":49},[161760],{"text":161761,"type":599},"In Canada, another global hotspot for hard rock lithium exploration, Neometals has led the industry’s development in this region having secured $6m investment from Johnson Matthey for their spodumene mine and hydroxide plant.",{"type":594,"attrs":161763,"content":161764},{"textAlign":49},[161765],{"text":161766,"type":599},"The company also has significant backing from the Quebec government, which wants to turn the province into a North American lithium hub. Exploration in the US has been focused on Nevada and specifically Clayton Valley, which hosts lower grade brine resources to South America. The area has been a focus for Tesla due to its locality to its mega-battery plant, Gigafactory 1, and it resulted in a supply partnership being signed with Pure Energy Minerals pending financing of its project.",{"type":594,"attrs":161768,"content":161769},{"textAlign":49},[161770],{"text":161771,"type":599},"Lithium is also found in other forms such as clays and geothermal brines. Bacanora Minerals, another Tesla supply partner, is developing a significant lithium clay resource in northern Mexico and is targeting a 17,500 tpa carbonate plant.",{"type":594,"attrs":161773,"content":161774},{"textAlign":49},[161775],{"text":161776,"type":599},"Meanwhile in California, Simbol Materials – a failed acquisition target for Telsa – could be seeing a return to the lithium development sector after years of mismanagement. The private company, which is seeking to extract lithium from geothermal brine, is the subject of a new takeover bid which could see it raise the $400m need to get into production.",{"type":657,"attrs":161778,"content":161779},{"level":985,"textAlign":49},[161780],{"text":161781,"type":599},"Demand and prices",{"type":594,"attrs":161783,"content":161784},{"textAlign":49},[161785],{"text":161786,"type":599},"When lithium ion batteries overtook glass and ceramics as the industry’s primary market in 2010, it was a watershed moment for lithium. The surge in lithium ion battery production in the mid-2000s – through our growing hunger for smartphones, laptops and tablets – saw demand growth jump from 5% pa to a consistent average of 8% pa. It was a growth trajectory that was continuously underestimated by the majors, resulting in a strengthening lithium price throughout the late 2000s.",{"type":594,"attrs":161788,"content":161789},{"textAlign":49},[161790],{"text":161791,"type":599},"When the financial crash impact took hold in 2009, demand weakened and prices fell for the first time in the decade. However, in this same period, the industry saw the birth of the full electric vehicle through the Nissan LEAF, an entirely new market that used 16kWh batteries. Once consumer spending regained its feet in the years following the crash, lithium’s price reacted strongly, increasing year-onyear between 2010 and today.",{"type":594,"attrs":161793,"content":161794},{"textAlign":49},[161795],{"text":161796,"type":599},"Between 2014 and 2016, owing to lithium ion battery demand from mobile technology and now pure EVs, lithium has fallen into the most severe shortage in recent memory and prices have increased four-fold inside China and three-fold in the rest of the world contracts.",{"type":594,"attrs":161798,"content":161799},{"textAlign":49},[161800],{"text":161801,"type":599},"As of August 2016, according to Benchmark Mineral Intelligence lithium prices collected to a methodology, lithium carbonate prices were between $20-25/kg within China and $12-15/kg in the rest of the world. Meanwhile, lithium hydroxide prices were $25-30/kg inside China and $16-20/kg in the rest of the world contracts.",{"type":594,"attrs":161803,"content":161804},{"textAlign":49},[161805],{"text":161806,"type":599},"As of July 2016, the BMI Lithium Price Index stood at 191.6, up 89% year-on-year. Benchmark’s medium term forecast for both grades is upward.",{"type":657,"attrs":161808,"content":161809},{"level":985,"textAlign":49},[161810],{"text":161811,"type":599},"Cobalt / Cathode",{"type":594,"attrs":161813,"content":161814},{"textAlign":49},[],{"type":594,"attrs":161816,"content":161817},{"textAlign":49},[161818],{"text":161819,"type":599},"Much like lithium, batteries are the single largest end use for cobalt and have been the main driver of growth in the industry over the last decade.",{"type":594,"attrs":161821,"content":161822},{"textAlign":49},[161823],{"text":161824,"type":599},"Cobalt is used as an additive in the mainstream lithium ion cathodes of NCA (Nickel Cobalt Aluminium), NMC (Nickel Cobalt Manganese), and LCO (Lithium Cobalt Oxide). Cobalt is a critical component of the cathode because it acts as a binder for the lithium ions and allows ions to move from the cathode to anode during discharge.",{"type":594,"attrs":161826,"content":161827},{"textAlign":49},[161828],{"text":161829,"type":599},"Cobalt supply has come under scrutiny of late following a report by Amnesty International which exposed the fact that some cobalt found in smartphone batteries was linked to child labour in the DRC.",{"type":594,"attrs":161831,"content":161832},{"textAlign":49},[161833],{"text":161834,"type":599},"While the industry recognised that small proportions of cobalt supply does come from these controversial sources, it stressed that the vast majority of supply is still mined and traded in a responsible way. The issues with child labour conflict minerals will continue to weigh heavy on cobalt.",{"type":594,"attrs":161836,"content":161837},{"textAlign":49},[],{"type":657,"attrs":161839,"content":161840},{"level":985,"textAlign":49},[161841],{"text":161842,"type":599},"Supply",{"type":594,"attrs":161844,"content":161845},{"textAlign":49},[],{"type":594,"attrs":161847,"content":161848},{"textAlign":49},[161849],{"text":161850,"type":599},"Cobalt is produced as a by-product of copper and nickel production. The first step is mining and primary processing to reach an average concentrate of 6-10% cobalt content. The second stage is refining the cobalt concentrate to 20-30% content. In 2015, the last full year of production, 102,000 tonnes of cobalt (all forms) of which 59% was mined from the Democratic Republic of Congo (DRC) as a by-product of copper production.",{"type":594,"attrs":161852,"content":161853},{"textAlign":49},[161854],{"text":161855,"type":599},"Outside of the DRC, there are no significant production hubs with the second largest producer, Canada, accounting for 9% of total supply.",{"type":594,"attrs":161857,"content":161858},{"textAlign":49},[161859],{"text":161860,"type":599},"Other producers include Russia, Cuba, Australia and the Philippines. In total, cobalt is mined in 14 countries. But cobalt is a conundrum for the DRC. Firstly, having over half of the production from one country is a recipe for volatility and supply insecurity.",{"type":594,"attrs":161862,"content":161863},{"textAlign":49},[161864],{"text":161865,"type":599},"This was last seen in 2008 when cobalt rocketed from $11/lb to over $52/lb in an 18-month period on the back of instability in the country. China Molybdenum has made recent moves to secure long term supply for its domestic battery industry by acquiring Freeport McMoran’s Teneke mine in DRC for $2.65bn and with it 20,000 tonnes of additional cobalt capacity.",{"type":594,"attrs":161867,"content":161868},{"textAlign":49},[161869],{"text":161870,"type":599},"The move puts China to the number one spot for countries that control the most cobalt supply, leapfrogging both Canada and Switzerland. The second reason is lack of supply chain transparency. Despite having some of the world’s largest mining companies producing cobalt, the way cobalt is mined and traded in the DRC will also ask the questions of whether they are linked to the conflict in the country or illegal practices such as child labour.",{"type":594,"attrs":161872,"content":161873},{"textAlign":49},[161874],{"text":161875,"type":599},"The industry has been proactive in signing up to a code of conduct through the Cobalt Development Institute (CDI), which warned of an “unjustified stigmatisation” of producers who follow strict standards.",{"type":594,"attrs":161877,"content":161878},{"textAlign":49},[161879],{"text":161880,"type":599},"“There is a risk of unjustified stigmatisation of all cobalt producers, including those in the CDI and International Council for Mining and Metals (ICMM), who for many years have followed strict corporate policies against the use of child labour and in the respecting of human rights,” the CDI’s president David Weight explained. “Not only could this stigmatise the use of cobalt generally, to the detriment of the wider industry as a whole, but also those operations where the cobalt is mined and processed legitimately in full compliance with local regulations for health and safety and the protection of the environment,” he added.",{"type":594,"attrs":161882,"content":161883},{"textAlign":49},[161884],{"text":161885,"type":599},"The significant lack of alternative large scale, low cost supply, however, means the industry will continue to mine in the DRC, but ever increasing regulation will make it more restrictive The US has had conflict minerals legislation for a number of years; however, it does not specifically cite cobalt but rather the “3TGs” minerals of tin, tungsten, and tantalum plus gold.",{"type":594,"attrs":161887,"content":161888},{"textAlign":49},[161889],{"text":161890,"type":599},"The EU is expected to enact a much wider-reaching conflict minerals legislation in 2016, which includes more countries and more minerals than the US legislation.",{"type":594,"attrs":161892,"content":161893},{"textAlign":49},[161894],{"text":161895,"type":599},"Unlike lithium and graphite, there are only a handful of explorers of new cobalt mines, including Canada (Fortune Minerals, Global Energy Metals, Formation Metals, Belvedere Resources) and Australia (Broken Hill Prospecting, Panoramic Resources, Poseidon Nickel, Metallica Minerals, Tiger Resources). No dedicated cobalt mines yet exist with the majority of production from nickel and copper operations.",{"type":594,"attrs":161897,"content":161898},{"textAlign":49},[],{"type":657,"attrs":161900,"content":161901},{"level":985,"textAlign":49},[161902],{"text":161781,"type":599},{"type":594,"attrs":161904,"content":161905},{"textAlign":49},[161906],{"text":161907,"type":599},"The cobalt industry is a split camp. On one side you have traditional cobalt metal manufacturers producing superalloys, binders, catalysts to mature, and industrial markets that have struggled to offer any significant growth in recent years. In the other corner, you have cobalt’s chemical manufacturers supplying a fastgrowing new market, the battery sector.",{"type":594,"attrs":161909,"content":161910},{"textAlign":49},[161911],{"text":161912,"type":599},"The industry is further fragmented by believers and non-believers of the lithium ion revolution and a surge in battery applications outside of smartphones, powertools, laptops and tablets. Cobalt’s future growth as a key component in lithium ion batteries relies on electric vehicles, homes and the commercial world using energy storage in ways never seen before.",{"type":594,"attrs":161914,"content":161915},{"textAlign":49},[161916],{"text":161917,"type":599},"New markets and new demand is a challenge for the well-established cobalt industry to consider and, most importantly, invest in. Despite a compound annual growth rate in production of over 5% since the mid- 1980s, the sector’s traditional end market, metal production, has been slowing, pushing supplies into surplus.",{"type":594,"attrs":161919,"content":161920},{"textAlign":49},[161921],{"text":161922,"type":599},"The growing needs of the battery sector – which grew by over 9% in 2014 – has insulated the cobalt industry from slowdown in industrial demand. However, slower than expected uptake of large-scale battery applications, namely electric vehicles, has left many industry players sceptical over the further growth potential of batteries.",{"type":594,"attrs":161924,"content":161925},{"textAlign":49},[161926],{"text":161927,"type":599},"Scepticism is deep-rooted among producers who, despite rallying calls from major battery consumers, remain wary of depending on an evolving market with a variety of battery chemistries, some of which do not use cobalt as part of the cathode makeup.",{"type":594,"attrs":161929,"content":161930},{"textAlign":49},[161931],{"text":161932,"type":599},"While these fears may carry some weight in the longer term, consumption patterns are likely to dictate that battery uncertainties can no longer be ignored. Over the past five years alone, cobalt’s battery grade consumption has increased three-fold, and this growth looks set to continue considering the battery megafactories in the pipeline.",{"type":594,"attrs":161934,"content":161935},{"textAlign":49},[161936],{"text":161937,"type":599},"For example, the Tesla Gigafactory 1 alone will need 7,000 tonnes of battery grade cobalt each year when it is operating at capacity and that does not take into account the material the company would want to stockpile. This equates to at least a 15% increase in battery grade cobalt demand from one customer. With this growth will come further disruption to the traditional market structures that have developed in cobalt over the last 30 years. In short, a new, more secure supply chain for the modern era will need to be created, a task that includes new mines, new refineries, and a more transparent supply chain.",{"type":657,"attrs":161939,"content":161940},{"level":985,"textAlign":49},[161941],{"text":161942,"type":599},"Price volatility",{"type":594,"attrs":161944,"content":161945},{"textAlign":49},[161946],{"text":161947,"type":599},"Today, cobalt metal prices remain at a low of $10-12/lb, but with battery demand soaring and supply falling with cutbacks on copper output, it leaves many questioning when the industry will return to the higher prices of the recent past.",{"type":594,"attrs":161949,"content":161950},{"textAlign":49},[161951],{"text":161952,"type":599},"In 2008, high grade cobalt metal prices soared to over $50/lb before the effects of the global economic crisis forced prices back below the $20/lb mark in 2013. If a price cycle on this scale was to occur again, battery producers could be forced to move towards non-cobalt cathodes like lithium manganese oxide (LMO) or lithium iron phosphate (LFP).",{"type":594,"attrs":161954,"content":161955},{"textAlign":49},[161956],{"text":161957,"type":599},"However, the reality is that it would require prices to increase substantially in the short term and be coupled with severe long-term doubts for battery producers to totally abandon the technology they have developed over the last two decades – especially as they now stand on the precipice of a new era in demand.",{"type":594,"attrs":161959,"content":161960},{"textAlign":49},[161961],{"text":161962,"type":599},"Lessons can be learned from rare earths, which has experienced a more extreme yet similar situation. In 2010, prices escalated to all-time highs on the back of supply restrictions in China. While the price of some rare earth elements rose by over 700% in 12 months, large end users such as Siemens AG and Boeing were reluctant to stop using the raw materials.",{"type":594,"attrs":161964,"content":161965},{"textAlign":49},[161966],{"text":161967,"type":599},"They did, however, ramp up research in substitute materials that could have an impact in years to come. In a sense, necessity is the mother of invention and cobalt would want to avoid a rare earths situation by forcing its consumers to look at cobalt alternatives. Shifting away from a cobalt cathode, as of yet, has become neither realistic nor conducive to the development of new end markets.",{"type":594,"attrs":161969,"content":161970},{"textAlign":49},[161971],{"text":161972,"type":599},"In order to avoid this type of obstacle, the cobalt market will be required to develop new resources – a tough ask considering the state of public markets today.",{"type":657,"attrs":161974,"content":161975},{"level":985,"textAlign":49},[161976],{"text":161977,"type":599},"Graphite /Anodes",{"type":594,"attrs":161979,"content":161980},{"textAlign":49},[],{"type":594,"attrs":161982,"content":161983},{"textAlign":49},[161984],{"text":161985,"type":599},"Graphite (carbon) is the largest raw material input by volume into a lithium ion battery cell and makes up the majority of the anode. Battery-grade or anode graphite can be sourced either from naturally mined and processed graphite or man-made synthetically produced material.",{"type":594,"attrs":161987,"content":161988},{"textAlign":49},[161989],{"text":161990,"type":599},"In the graphite industry, the natural and synthetic camps are very different industries with little crossover. The way each product is created and the markets they are sold into are very different, except for lithium ion battery anodes – the only market where both sides battle it out for dominance of the new hyper growth market.",{"type":594,"attrs":161992,"content":161993},{"textAlign":49},[],{"type":657,"attrs":161995,"content":161996},{"level":985,"textAlign":49},[161997],{"text":161998,"type":599},"Natural / Spherical Graphite",{"type":594,"attrs":162000,"content":162001},{"textAlign":49},[162002],{"text":162003,"type":599},"Natural graphite is also known as flake graphite. This is a physical and chemical process that turns flake graphite into spherical graphite.",{"type":594,"attrs":162005,"content":162006},{"textAlign":49},[162007],{"text":162008,"type":599},"At present it takes a little over two tonnes of flake graphite to make one tonne of spherical graphite; however, new processing developments are expected to improve this yield closer to 70% rather than today’s 40% level.",{"type":594,"attrs":162010,"content":162011},{"textAlign":49},[162012],{"text":162013,"type":599},"These spheres are then sold to an anode manufacturer or trading company and made battery ready by coating them with a carbon film, adding stability and conductivity to the spheres. This product is then sold as anode material or coated spherical graphite at a price in excess of $7,000/tonne. China produces 100% of uncoated spherical graphite and it accounts for 65% of the anode market.",{"type":594,"attrs":162015,"content":162016},{"textAlign":49},[162017],{"text":162018,"type":599},"The main reason for this lack of diverse production in the market is a result of China being a low cost source of flake graphite feedstock. The country produces 66% of the world’s output of flake graphite and only Brazil rivals the country as a volume producer of the material with a 25% share.",{"type":594,"attrs":162020,"content":162021},{"textAlign":49},[162022],{"text":162023,"type":599},"The world’s largest graphite producers include Aoyu Graphite Group, BTR New Energy Materials, Qingdao Black Dragon and Nacional de Grafite. Europe and the US are dominated by processing and trading companies that source flake graphite from China and valueadd into a number of products that serve industrial and hi-tech markets.",{"type":594,"attrs":162025,"content":162026},{"textAlign":49},[162027],{"text":162028,"type":599},"Major players in this area include Asbury Carbons, Superior Graphite, Imerys Graphite & Carbon, Graftech, SGL Carbon, Georg H Luh, and Technografit. AMG Mining / Graphit Kropfmühl also sources from China but also owns small to medium sized mines in Africa.",{"type":594,"attrs":162030,"content":162031},{"textAlign":49},[162032],{"text":162033,"type":599},"Since the price spikes of 2011, when flake graphite doubled in cost over a 12-month period, there has been significant exploration for the world’s next generation of graphite mines. This exploration has centred on East Africa, Canada and Australia and has been led initially by Canadian (TSX-V) and Australian (ASX) developers.",{"type":594,"attrs":162035,"content":162036},{"textAlign":49},[162037],{"text":162038,"type":599},"Leading developers include Syrah Resources, which is the only fully funded new mine development, as of July 2016, located in Mozambique. The company is building the world’s biggest graphite mine (380,000 tpa capacity) with a focus on producing 30-50,000 tpa spherical graphite for the lithium ion market with a plant in Louisiana.",{"type":594,"attrs":162040,"content":162041},{"textAlign":49},[],{"type":594,"attrs":162043,"content":162044},{"textAlign":49},[162045],{"text":162046,"type":599},"Other announced spherical graphite plants include Alabama Graphite’s plan in the US to establish a 15,000 tpa operation. Other graphite mine developers who have a focus on the battery space include Magnis Resources, Black Rock Mining, Kibaran Resources, Talga Resources, Ontario Graphite, Graphite One Resources, Mason Graphite and Eagle Graphite.",{"type":594,"attrs":162048,"content":162049},{"textAlign":49},[162050],{"text":162051,"type":599},"In Canada, an alliance of four graphite development companies – Elcora Advanced Materials, Northern Graphite, Nouveau Monde Mining Enterprises, and Metals of Africa – have partnered with Coulometrics to jointly acquire a spherical graphite mill with the goal of producing coated material “end to end in North America”. The alliance is at an early stage and is seeking to have its material fully qualified by lithium ion battery producers.",{"type":594,"attrs":162053,"content":162054},{"textAlign":49},[],{"type":657,"attrs":162056,"content":162057},{"level":985,"textAlign":49},[162058],{"text":162059,"type":599},"Synthetic Graphite:",{"type":594,"attrs":162061,"content":162062},{"textAlign":49},[162063],{"text":162064,"type":599},"Synthetic graphite is produced using a feedstock of petroleum coke and coal tar pitch, both by-products of oil and coking coal production, respectively. These carbon raw materials are mixed with a binder, usually coal tar pitch, and baked at temperatures exceeding 2,500 C. For synthetic graphite’s primary product, steel electrodes – large rods to melt scrap – this graphitized raw material is extruded in rods.",{"type":594,"attrs":162066,"content":162067},{"textAlign":49},[162068],{"text":162069,"type":599},"This process is energy intensive and can take up to 3 weeks to produce with the majority of this time taken up by the cooling of the rods. However, for battery grade material the higher quality carbon raw materials are specifically chosen and are formed into blocks and baked at 700-900C. Once this is achieved the stock is then graphitized by temperatures of up to 3,200C to achieve a specific shape and density.",{"type":594,"attrs":162071,"content":162072},{"textAlign":49},[],{"type":594,"attrs":162074,"content":162075},{"textAlign":49},[162076],{"text":162077,"type":599},"This material is then micronized to a specific size required for each different battery consumer – usually between 10-25 microns. This product is sold to battery producers for between $10,000 and $16,000/ tonne.",{"type":594,"attrs":162079,"content":162080},{"textAlign":49},[162081],{"text":162082,"type":599},"The cost of production is more than double that of producing coated spherical graphite, the equivalent competing product. Japan, China and the US are the major producers of battery grade synthetic graphite and it accounts for 34% of the anode market.",{"type":657,"attrs":162084,"content":162085},{"level":985,"textAlign":49},[162086],{"text":162087,"type":599},"Multi-billion-dollar convergence underpins demand",{"type":594,"attrs":162089,"content":162090},{"textAlign":49},[162091],{"text":162092,"type":599},"A major factor in the battery megafactory race is the disruption caused by Tesla. The company is not a traditional car manufacturer. The entry into the auto industry of what was, back in 2006, a Silicon Valley start-up, has caused major disruption to a mature industry, forcing established companies such as General Motors Co. (GM) and Nissan Motor Co. Ltd to act in the EV space.",{"type":594,"attrs":162094,"content":162095},{"textAlign":49},[162096],{"text":162097,"type":599},"Tesla Motors is also not a traditional battery producer, yet the turbulence caused by its Gigafactory plan has also sparked major battery producers discussed here, to re-evaluate their plans and invest significant sums of money into expansions.",{"type":594,"attrs":162099,"content":162100},{"textAlign":49},[162101],{"text":162102,"type":599},"It is a classic case of technological disruption. Yet while the majority of the public initially saw Tesla disrupting the auto industry, its impact on the battery and energy storage industry is arguably greater.",{"type":594,"attrs":162104,"content":162105},{"textAlign":49},[162106],{"text":162107,"type":599},"The convergence of three multi-billion dollar industries of auto, technology and energy on batteries is a critical point. Not only does it provide new funds and new competition, but it takes the problems of battery supply that has restricted demand uptake and views it with fresh eyes.",{"type":594,"attrs":162109,"content":162110},{"textAlign":49},[162111],{"text":162112,"type":599},"This disruption sparks others into action. Tesla CEO, Elon Musk, explained the impact its first EV, the Roadster, back in 2008, had on the industry: “When we first announced the Roadster, Bob Lutz of GM saw it and told his engineers that if a small company in California can do it, so can GM.",{"type":594,"attrs":162114,"content":162115},{"textAlign":49},[162116],{"text":162117,"type":599},"That’s what got the [Chevrolet] Volt rolling and that in turn got Nissan to do the LEAF. “It’s what we induce others to do that will have a greater impact than the cars we make ourselves.” This impact can now be seen quite evidently on the battery industry.",{"type":657,"attrs":162119,"content":162120},{"level":985,"textAlign":49},[162121],{"text":162122,"type":599},"Rise of the Tech-Industrialists",{"type":594,"attrs":162124,"content":162125},{"textAlign":49},[],{"type":594,"attrs":162127,"content":162128},{"textAlign":49},[162129],{"text":162130,"type":599},"This convergence has given rise to what Benchmark terms the Tech-Industrialists, a new generation of multi-discipline but technology-centric companies that are evolving to become a part of our everyday lives. Google, Apple, Facebook, Tesla, and Amazon are all now household names.",{"type":594,"attrs":162132,"content":162133},{"textAlign":49},[162134],{"text":162135,"type":599},"The status of oil and gas majors, pharmaceutical companies and major conglomerates have all been put to the sword by the rise of these technology-centric companies as they have evolved from their Silicon Valley origins to shape our futures for communication, transport, energy storage and commerce.",{"type":594,"attrs":162137,"content":162138},{"textAlign":49},[162139],{"text":162140,"type":599},"In less than a decade, they have risen to become the world’s most powerful and influential companies and a generation has grown up unfamiliar with names like ExxonMobil and GE, and seeing Microsoft as a poor cousin to Apple.",{"type":594,"attrs":162142,"content":162143},{"textAlign":49},[162144],{"text":162145,"type":599},"The development has been so rapid, there has been little time to reflect. But as we stand today, Google controls our usage of the Internet, Apple has made our life interconnected and mobile, Facebook has revolutionised the way we interact with human beings, Amazon has fundamentally shifted the way we buy things and Tesla is changing the way we use energy.",{"type":594,"attrs":162147,"content":162148},{"textAlign":49},[],{"type":594,"attrs":162150,"content":162151},{"textAlign":49},[162152],{"text":162153,"type":599},"In the last five years alone, these Silicon Valley companies have grown to market capitalisations in the hundreds of billions of dollars and have come to dominate the table of the world’s most valuable companies.",{"type":594,"attrs":162155,"content":162156},{"textAlign":49},[162157],{"text":162158,"type":599},"For the first time in history, the top three most valuable companies in the world are Silicon Valley-based technology-based groups: Google, Apple and Facebook. In fact, ExxonMobil held the top position for seven consecutive years until 2012 when Apple’s iPhone-powered rise usurped the energy group.",{"type":594,"attrs":162160,"content":162161},{"textAlign":49},[162162],{"text":162163,"type":599},"In the previous periods in the late-1990s to mid-2000s the top spot was regularly shared between ExxonMobil, GE, and Microsoft. But with Apple retaining the world’s most valuable status since 2012, a title that was only recently taken – for a brief period in February 2016 – by Google (now trading under Alphabet), we have further proof that we now live in a different world, a world which is now being moulded by Silicon Valley and the rise of the Tech-Industrialists.",{"type":594,"attrs":162165,"content":162166},{"textAlign":49},[162167],{"text":162168,"type":599},"And their tentacles are spreading further. Google’s self-driving cars are now being trialled on our roads, Apple is widely tipped to be about to enter the auto industry with its Titan electric vehicle project, Facebook is aggressively perusing both artificial intelligence and virtual reality technologies, Amazon is one of our biggest providers of data storage, controlling vast swathes of farms that collect and host all of our information, and Tesla is now not only developing mass scale electric vehicles but battery systems that can power our homes.",{"type":594,"attrs":162170,"content":162171},{"textAlign":49},[162172],{"text":162173,"type":599},"We are in an industrial renaissance period that has forced a convergence of disciplines and resulted in rapid and significant innovation. The rate of change has been so rapid that we have barely had time to reflect on it and batteries and energy storage are critical components of many major plans by these companies.","The path to half a terrawatt: An extensive review of the whole lithium ion supply chain, from mine to market. What raw material will be needed and by when? The lithium ion battery industry is going through a renaissance period with billions of dollars being committed to expanding production capacity. Benchmark Mineral Intelligence has tracked […]",[162176],{"slug":544,"name":543,"content":162177},{"job_title":557,"image":162178,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7277b24b-0a25-41a4-81d4-163beb58384b\", \"id\": \"\"}-->",[162181,162182,162183],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":162185,"copyright":547,"fieldtype":553,"meta_data":162186,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4a0b563226/bm-screen-shot-2017-01-26-at-144820.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 26, 2017",{"id":162189,"uuid":162190,"name":162191,"slug":162192,"full_slug":162193,"content":162194},112474817535785,"864b98f8-3de9-4ac1-b913-9b3f3a7678bf","Hitachi plans huge anode expansion amid a graphite overhaul in China","hitachi-plans-huge-anode-expansion-amid-a-graphite-overhaul-in-china","article/hitachi-plans-huge-anode-expansion-amid-a-graphite-overhaul-in-china",{"_uid":162195,"date":161240,"tags":162196,"editor":162198,"content":162202,"excerpt":162346,"featured":50,"reporter":162347,"_editable":162351,"component":864,"seo_title":162191,"categories":162352,"visibility":882,"author_company":49,"featured_image":162356,"seo_description":162346,"author_full_name":49,"author_job_title":49,"formattedDate":162187},"5876262b-a577-4fb5-97ea-b947fd52bbe6",[162197],{"slug":913,"name":914},[162199],{"slug":544,"name":543,"content":162200},{"job_title":557,"image":162201,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":162203},[162204,162209,162214,162219,162224,162229,162234,162239,162242,162247,162252,162257,162262,162267,162272,162277,162282,162287,162292,162297,162302,162307,162310,162315,162320,162323,162328,162333,162338,162343],{"type":594,"attrs":162205,"content":162206},{"textAlign":49},[162207],{"text":162208,"type":599},"China threat sparks Hitachi’s four-fold lithium ion anode expansion for EV wave marking shift to from synthetic to natural graphite",{"type":594,"attrs":162210,"content":162211},{"textAlign":49},[162212],{"text":162213,"type":599},"Simon Moores, Andrew Miller ",{"type":594,"attrs":162215,"content":162216},{"textAlign":49},[162217],{"text":162218,"type":599},"The world’s second largest lithium ion battery anode producer, Hitachi Chemical, is to expand its graphite anode capacity by four-fold by 2020 in preparation for global wave of demand from the lithium ion battery megafactories that are under construction. Hitachi is investing up to $90m to expand its capacity in Japan to produce 100,000 tonnes of graphite anode material by 2020 – a move which could see it increase its anode market share to 40% from 20% today.",{"type":594,"attrs":162220,"content":162221},{"textAlign":49},[162222],{"text":162223,"type":599},"It is the most significant development for the lithium ion battery anode industry and flake graphite feedstock sector to date. While 70% of Hitachi’s anode production is presently made from synthetic graphite, its aggressive expansion will see it take a larger stake in natural spherical graphite – a move that could define the lithium ion battery industry’s trend of favouring natural graphite feedstock over synthetic material.",{"type":594,"attrs":162225,"content":162226},{"textAlign":49},[162227],{"text":162228,"type":599},"The company operates two lithium ion battery anode production facilities – Shimodate and Yamazaki both in Ibaraki prefecture – and is presently expanding output for 2017. Hitachi explained that the growth in its sales revenue from anode material is at 30% per year, partly due to a demand increase and strengthening prices.",{"type":594,"attrs":162230,"content":162231},{"textAlign":49},[162232],{"text":162233,"type":599},"At present, Benchmark Mineral Intelligence data shows a global anode market size of 105,000 tonnes for 2016 and forecasts that this will grow to 122,000 tonnes by end-2017. In a significant move, Hitachi outlined that it was seeking to also expand its anode production abroad – a first for the Japan-based operator.",{"type":594,"attrs":162235,"content":162236},{"textAlign":49},[162237],{"text":162238,"type":599},"While there was little detail on location, options will include setting up a facility within China and, perhaps more urgently, North America to serve the Tesla Gigafactory 1 and LG Chem’s Michigan plant that is expanding for the Chevrolet Volt ramp up. At present, the company’s largest customers are Nissan via AESC and LG Chem, which has recently struck two major supply deals with US-based Faraday Future and Lucid Motors (See Downstream News Analysis).",{"type":594,"attrs":162240,"content":162241},{"textAlign":49},[],{"type":594,"attrs":162243,"content":162244},{"textAlign":49},[162245],{"text":162246,"type":599},"One of the drivers behind Hitachi’s move is the threat of China’s expansions in spherical graphite and increasing grip on the battery anode industry over the past 12 months. Its main competitor and China’s leading anode producer, BTR New Energy Materials, has enacted its own expansion plans which will see it double capacity over the next 12 months.",{"type":594,"attrs":162248,"content":162249},{"textAlign":49},[162250],{"text":162251,"type":599},"Speaking to Nikkei, Hitachi’s President Maruyama, explained that “China is a threat” but has confidence in the consistency and performance of the company’s materials – two of the major challenges with supply of anodes to lithium ion battery producers.",{"type":594,"attrs":162253,"content":162254},{"textAlign":49},[162255],{"text":162256,"type":599},"Anode material produced from naturally sourced spherical graphite is dogged with consistency problems that are less prevalent with synthetic graphite. With the flake graphite feedstock being sourced from multiple mines in China, the final anode product (coated spherical graphite) can vary significantly in performance.",{"type":657,"attrs":162258,"content":162259},{"level":985,"textAlign":49},[162260],{"text":162261,"type":599},"Prices strengthening",{"type":594,"attrs":162263,"content":162264},{"textAlign":49},[162265],{"text":162266,"type":599},"Prices of uncoated spherical graphite – the precursor material to the coated spherical graphite used in anodes – have been strengthening throughout 2016 as a response to battery production within China. Prices have risen to a mid-point of just over $3,000/tonne for 15 micron, 99.95% C material in December 2016 with most of the increases coming in the first three quarters of the year.",{"type":594,"attrs":162268,"content":162269},{"textAlign":49},[162270],{"text":162271,"type":599},"Prices are still $200-300/tonne lower than January 2013 but are expected to continue to strengthen through the first half of this year. It is the first-time prices have risen since 2011 when the flake graphite industry, the feedstock for spherical material, reached all-time highs.",{"type":594,"attrs":162273,"content":162274},{"textAlign":49},[162275],{"text":162276,"type":599},"Since then, prices have been eroding as a result of a demand drop off in steel, initially in Europe and North America and most recently in China. Despite lithium ion batteries having the converse fortunes to steel, uncoated spherical graphite has still experienced depressed prices as a result of the low-cost flake feedstock and overcapacity in China. In 2016, however, demand caught up with the majority of this capacity – certainly from the quality end of the supply spectrum – and majors like Hitachi began enacted significant expansions for 2017 and beyond.",{"type":594,"attrs":162278,"content":162279},{"textAlign":49},[162280],{"text":162281,"type":599},"For many in the anode industry, the majority of new lithium ion battery demand is expected to begin hit the market between Q4 2017 and Q4 2018 and at present Hitachi and BTR are leading the pack in terms of expansions.",{"type":657,"attrs":162283,"content":162284},{"level":985,"textAlign":49},[162285],{"text":162286,"type":599},"China begins graphite overhaul",{"type":594,"attrs":162288,"content":162289},{"textAlign":49},[162290],{"text":162291,"type":599},"China has begun an overhaul of its graphite industry by removing an export tax on flake graphite and introducing a pollution levy that will become law. China’s Ministry of Commerce announced in late-December that it was to remove a 20% duty on natural graphite exports from 2017 onwards, in a move which is expected to have serious repercussions for graphite prices and the wider industry.",{"type":594,"attrs":162293,"content":162294},{"textAlign":49},[162295],{"text":162296,"type":599},"Rumoured for some time, changes in export duties for several niche minerals and metals were confirmed following years of disputes with the World Trade Organisation. The removal is expected to be implemented from January 2017 onwards, however clarification on this is expected in Q1.",{"type":594,"attrs":162298,"content":162299},{"textAlign":49},[162300],{"text":162301,"type":599},"When the duty is eventually removed global prices are expected to experience serious downward pressure as China – which already hosts many of the lowest cost producers in the world – will be able to export at prices up to 20% lower than current market rates.",{"type":594,"attrs":162303,"content":162304},{"textAlign":49},[162305],{"text":162306,"type":599},"This type of decrease would drag prices to unprecedented lows in an industry which has experienced almost five consecutive years of downward market pressures, and threaten not only the existence of established producers elsewhere but also several development stage projects with higher production costs.",{"type":594,"attrs":162308,"content":162309},{"textAlign":49},[],{"type":594,"attrs":162311,"content":162312},{"textAlign":49},[162313],{"text":162314,"type":599},"Despite this possibility, industry participants are now waiting to find out whether alternative taxes will be levied on other areas of production. By the end of the year plans had already been put in place to implement an environmental tax on graphite producers in an attempt to clean up some of the country’s less efficient operations and potentially ramp up consolidation in the industry.",{"type":594,"attrs":162316,"content":162317},{"textAlign":49},[162318],{"text":162319,"type":599},"This new environmental tax will come into effect on 1st January 2018, but industry sources believe this could be the first of a number of new taxes levied on the country’s producers to counteract the export duty removal.",{"type":594,"attrs":162321,"content":162322},{"textAlign":49},[],{"type":657,"attrs":162324,"content":162325},{"level":985,"textAlign":49},[162326],{"text":162327,"type":599},"Measuring the impact",{"type":594,"attrs":162329,"content":162330},{"textAlign":49},[162331],{"text":162332,"type":599},"the removal of the duty could cause a decrease in export prices of between 10-18% on average. It is, however, important to note that this duty is only applied to flake graphite concentrate, rather than its value-added derivatives such as expandable and spherical graphite.",{"type":594,"attrs":162334,"content":162335},{"textAlign":49},[162336],{"text":162337,"type":599},"These processed grades are not subject to an export duty and therefore their pricing structures are expected to be largely unaffected. This means that for many established and development stage projects targeting value-added production, the news will have little impact on their business models. But for the few outside of China which try and compete in the flake concentrate market, troubling times could be ahead. It is too early to judge the true impact of this type of announcement for the wider industry but it does signify a major shift in China’s approach to the graphite market.",{"type":594,"attrs":162339,"content":162340},{"textAlign":49},[162341],{"text":162342,"type":599},"As a strategic input for value-added markets – and in particular the battery industry – the country will seek to comply with international pressures while protecting its domestic producers and interests downstream. This will likely see consolidation, greater domestic consumption and value-added production in the longer-term. 2017 looks likely to be the start of this journey.",{"type":594,"attrs":162344,"content":162345},{"textAlign":49},[],"China threat sparks Hitachi’s four-fold lithium ion anode expansion for EV wave marking shift to from synthetic to natural graphite Simon Moores, Andrew Miller The world’s second largest lithium ion battery anode producer, Hitachi Chemical, is to expand its graphite anode capacity by four-fold by 2020 in preparation for global wave of demand from the […]",[162348],{"slug":544,"name":543,"content":162349},{"job_title":557,"image":162350,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5876262b-a577-4fb5-97ea-b947fd52bbe6\", \"id\": \"\"}-->",[162353,162354,162355],{"slug":2497,"name":261},{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":162357,"copyright":547,"fieldtype":553,"meta_data":162358,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/16cdc18f82/bm-hitachichemical.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":162360,"uuid":162361,"name":162362,"slug":162363,"full_slug":162364,"content":162365},112474812776131,"9aedeb86-14d8-4f1e-9f27-23cfeac99a60","Lithium’s Macri view","lithiums-macri-view","article/lithiums-macri-view",{"_uid":162366,"date":161240,"tags":162367,"editor":162368,"content":162372,"excerpt":162597,"featured":50,"reporter":162598,"_editable":162602,"component":864,"seo_title":162362,"categories":162603,"visibility":882,"author_company":49,"featured_image":162607,"seo_description":162597,"author_full_name":49,"author_job_title":49,"formattedDate":162187},"66bce16d-de2a-41b4-b022-0d249ea40520",[],[162369],{"slug":544,"name":543,"content":162370},{"job_title":557,"image":162371,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":162373},[162374,162379,162384,162389,162394,162397,162402,162407,162412,162417,162420,162425,162430,162435,162440,162445,162448,162453,162458,162463,162468,162473,162476,162481,162486,162491,162496,162501,162506,162511,162516,162521,162524,162529,162534,162539,162544,162549,162554,162559,162564,162569,162572,162577,162582,162587,162592],{"type":594,"attrs":162375,"content":162376},{"textAlign":49},[162377],{"text":162378,"type":599},"Argentina’s new president, Mauricio Macri, has introduced the country’s economy to the 21st Century. The impact of his revolutionary economic policies have begun to reenergise an Argentina that was on its knees.",{"type":594,"attrs":162380,"content":162381},{"textAlign":49},[162382],{"text":162383,"type":599},"The implications for its natural resource sector could be significant and there are few more promising today than lithium. Over the last decade, Argentina’s neighbour, Chile, has capitalised on the speciality mineral’s growing prominence in batteries however domestically developments have now stalled, despite the country having one of the world’s largest lithium brine operations.",{"type":594,"attrs":162385,"content":162386},{"textAlign":49},[162387],{"text":162388,"type":599},"With unresolved political problems in Chile delaying any significant expansion of the world’s number one brine resource, the door is now open for Argentina to make a serious bid to become a major player in the global energy storage revolution.",{"type":594,"attrs":162390,"content":162391},{"textAlign":49},[162392],{"text":162393,"type":599},"Central to this push is Lithium Americas’ Cauchari-Olaroz lithium brine project which has emerged as the next expected Argentina-based resource to enter the lithium industry by 2020 or sooner.",{"type":594,"attrs":162395,"content":162396},{"textAlign":49},[],{"type":594,"attrs":162398,"content":162399},{"textAlign":49},[162400],{"text":162401,"type":599},"Benchmark Mineral Intelligence spoke to Lithium Americas’ President, John Kanellitsas, about a new Argentina under President Macri, its partnership with Chile’s leading producer, SQM, and bringing new lithium units into a market in shortage.",{"type":594,"attrs":162403,"content":162404},{"textAlign":49},[162405],{"text":162406,"type":599},"The lithium development industry has been a melting pot of intense speculation. An incredible price run has seen lithium carbonate and lithium hydroxide grades reach multiples of over four-times 2015 prices as the lithium industry fell into its most significant shortage of modern times in the wake of demand from the burgeoning lithium ion battery market.",{"type":594,"attrs":162408,"content":162409},{"textAlign":49},[162410],{"text":162411,"type":599},"As is now standard fare with any mineral or metal that experiences such significant price increases, there was money to be made and the investment community stood up and took note. Soon to follow was a new wave of global exploration for hard rock and brine resources bringing with it over 100 new public lithium companies.",{"type":594,"attrs":162413,"content":162414},{"textAlign":49},[162415],{"text":162416,"type":599},"The exploration boom was lithium’s second in a 6-year period. But despite this surging demand from the lithium ion battery industry, which is expected to grow from 75 GWh to 180 GWh by end-2020 according to Benchmark Mineral Intelligence data, the search for new supplies very rarely translates to usable lithium product on the market. A significant oversupply of lithium in this period is not going to happen.",{"type":594,"attrs":162418,"content":162419},{"textAlign":49},[],{"type":594,"attrs":162421,"content":162422},{"textAlign":49},[162423],{"text":162424,"type":599},"Such is the lead time to develop new resources of both brine and hard rock and the expertise required to build new chemical plants tailored to each brine resource, lithium’s speciality nature is a far cry from the commodities onlookers are used to studying and investing in.",{"type":594,"attrs":162426,"content":162427},{"textAlign":49},[162428],{"text":162429,"type":599},"Still, there is also no doubt that the lithium industry is changing from once being dominated by three brine majors of SQM SA, Albemarle Corp, and FMC Lithium, and the hard rock leader, Talison Lithium. After seeing Orocobre Ltd begin the Olaroz brine resource in Argentina 18 months ago – lithium’s first since the late-1990s – the industry is now set to welcome more entrants over the next four years.",{"type":594,"attrs":162431,"content":162432},{"textAlign":49},[162433],{"text":162434,"type":599},"Two are expected to be hard rock producers – Neometals and Galaxy Resources – and only one additional new brine resource is anticipated to be in production by end-2020 – Lithium Americas Corp. The Vancouver-based company has been developing the Cauchari- Olaroz project in Argentina for the last six years and expects to need at least another three years to bring the asset to the beginning of a 25,000 tpa rate of lithium carbonate production.",{"type":594,"attrs":162436,"content":162437},{"textAlign":49},[162438],{"text":162439,"type":599},"Stage two will see the facility increase capacity to 50,000 tpa. Lithium Americas fast tracked its chances of achieving this goal when it teamed up with SQM SA in March 2016 to develop the resource in the country’s north-west.",{"type":594,"attrs":162441,"content":162442},{"textAlign":49},[162443],{"text":162444,"type":599},"To see such a major producer strike a partnership with an exploration stage company was an unprecedented step and a sign of the times: the majors can no longer rely on their own existing assets to supply lithium’s future. “We [the junior sector] have the responsibility to solve the very real problem that the world needs more low cost lithium supply to support the on-going revolution in the energy and transportation industries,” John Kanellitsas, President of Lithium Americas explained in an interview with Benchmark.",{"type":594,"attrs":162446,"content":162447},{"textAlign":49},[],{"type":594,"attrs":162449,"content":162450},{"textAlign":49},[162451],{"text":162452,"type":599},"“We believe entire process of developing new projects needs to be de-risked in order for us to fulfil our obligations to the lithium consumers, local communities and investors. The rapidly growing junior sector is challenged by a lack of both capital and operating experience, especially in brines,” he added.",{"type":594,"attrs":162454,"content":162455},{"textAlign":49},[162456],{"text":162457,"type":599},"Based in the Atacama, in Chile’s north, SQM became the lowest cost producer of lithium in the world and capitalised on its position in the early 2000s. The partnership with Lithium Americas was SQM’s first foray outside of Chile, helped by a continuing disagreement with the Chilean government organisation, CORFO.",{"type":594,"attrs":162459,"content":162460},{"textAlign":49},[162461],{"text":162462,"type":599},"The move took a step to solving one of the biggest challenges lithium resource developers face – the evolution from a mining company to a speciality chemicals one. Understanding the intricacies of developing a speciality chemical plant, let alone one that can produce battery-grade material to a consistent quality, is the single greatest challenge new entrants face and the hurdle where many fail.",{"type":594,"attrs":162464,"content":162465},{"textAlign":49},[162466],{"text":162467,"type":599},"“We are confident in part from our partnership with SQM and because of the significant work we have put into testing our brine to ensure a high quality product is feasible,” Kanellitsas said.",{"type":594,"attrs":162469,"content":162470},{"textAlign":49},[162471],{"text":162472,"type":599},"The company explained that significant ground work has been made on-site for a construction programme that is expected to begin in 2017. “Our permits are secured, and we have conducted significant engineering work in flow sheet and pond designs and updated hydrological models.",{"type":594,"attrs":162474,"content":162475},{"textAlign":49},[],{"type":594,"attrs":162477,"content":162478},{"textAlign":49},[162479],{"text":162480,"type":599},"Construction roads and a camp have been built. We have tremendous support from the Province of Jujuy as well as the federal government of Argentina. Local communities have already benefited from initial work contracts and employment is growing. We are looking forward to creating significant numbers of jobs when construction commences later in 2017,” he explained.",{"type":594,"attrs":162482,"content":162483},{"textAlign":49},[162484],{"text":162485,"type":599},"In terms of production cost, Lithium Americas is aiming production of lithium carbonate at the lower end of the cost curve and believes that despite being lower grade than the Atacama at 666ppm (proven and probable), it can achieve this objective. “We expect the Cauchari-Olaroz project to be at the lower end of the cost curve, as are most brine projects, and still be competitive with Atacama.",{"type":594,"attrs":162487,"content":162488},{"textAlign":49},[162489],{"text":162490,"type":599},"While lower grade than in Atacama, our project is fortunate to have scale, nearby infrastructure, and low levels of impurities like magnesium,” the company explained.",{"type":657,"attrs":162492,"content":162493},{"level":985,"textAlign":49},[162494],{"text":162495,"type":599},"Price points",{"type":594,"attrs":162497,"content":162498},{"textAlign":49},[162499],{"text":162500,"type":599},"Lithium’s price run between Q3 2015 and Q4 2016 (and whether it will continue or crash) has been the major point of discussion for some time. According to Benchmark Mineral Intelligence monthly lithium price assessments, in December prices remained at high levels of $8-12/ kg for lithium carbonate (FOB S. America) and $12-16/kg for lithium hydroxide (FOB N. America).",{"type":594,"attrs":162502,"content":162503},{"textAlign":49},[162504],{"text":162505,"type":599},"Signs were that lithium carbonate prices were set to increase in Q1 2016, especially in China, after Galaxy Resources agreed a significant increase on prices for its feedstock material.",{"type":594,"attrs":162507,"content":162508},{"textAlign":49},[162509],{"text":162510,"type":599},"In comment to the situation, Kanellitsas said: “As the market continues to grow, we expect prices to stay an attractive level, likely over $10,000/tonne [for lithium carbonate] to incentivize the capital investment needed to bring on new supply. “However, our focus is on adding supply at the low end of the cost curve, so we can preserve value through any point in the lithium price cycle.",{"type":594,"attrs":162512,"content":162513},{"textAlign":49},[162514],{"text":162515,"type":599},"Even lithium, which almost certainly has the best demand story of any mineral or metal, [still has commodity traits] and therefore is subject to price cycles and volatility. Again, to de-risk, you want to invest at the low end of the cost curve,” said Lithium Americas president.",{"type":594,"attrs":162517,"content":162518},{"textAlign":49},[162519],{"text":162520,"type":599},"Lithium is a speciality industry with prices set in private contracts through buyer and seller. Many of these contracts are traditionally longer term annual or multi-annual deals that are renegotiated at regular intervals.",{"type":594,"attrs":162522,"content":162523},{"textAlign":49},[],{"type":594,"attrs":162525,"content":162526},{"textAlign":49},[162527],{"text":162528,"type":599},"Test brine ponds at Lithium Americas’ project.",{"type":594,"attrs":162530,"content":162531},{"textAlign":49},[162532],{"text":162533,"type":599},"A spot market in the classic sense does not yet exist for lithium, but an evolution in the way lithium is traded could be on the cards, according to Kanellitsas. “We see a pricing dynamic evolving where end-users secure supply in long-term contracts in exchange for capital investments in new supply.",{"type":594,"attrs":162535,"content":162536},{"textAlign":49},[162537],{"text":162538,"type":599},"That is the most rational and sophisticated source of project capital,” he explained. “Over time, as more sources of supply come online and the market grows, we expect to see a larger spot market and more improved and transparent pricing mechanisms.”",{"type":657,"attrs":162540,"content":162541},{"level":985,"textAlign":49},[162542],{"text":162543,"type":599},"Lifting the dollar clamp",{"type":594,"attrs":162545,"content":162546},{"textAlign":49},[162547],{"text":162548,"type":599},"December 10th marked a year exactly since President Macri took office. There were number of very rapid economic policies enacted within the first two months that dramatically altered the path Argentina was on. None more so than lifting el cepo, the US dollar clamp.",{"type":594,"attrs":162550,"content":162551},{"textAlign":49},[162552],{"text":162553,"type":599},"When former President Cristina Fernández de Kirchner implemented currency controls in November 2011 it made it impossible for ordinary Argentinian’s to purchase US dollars, in a hope that it would encourage people to save in peso and protect the country’s foreign reserves. Instead a dual foreign exchange market was created that forced money to change hands unofficially at a “blue dollar rate”.",{"type":594,"attrs":162555,"content":162556},{"textAlign":49},[162557],{"text":162558,"type":599},"It also stifled exporters who struggled to sell goods with an overvalued peso, and prevented importers who needed the US dollar to buy goods. With a free-floating currency, and a long standing conflict with US funds finally settled, the shackles were released and the country was more economically free to conduct international trade.",{"type":594,"attrs":162560,"content":162561},{"textAlign":49},[162562],{"text":162563,"type":599},"For lithium, this has a number of immediate and positive implications. “The change in Argentina’s government late last year has provided a number of immediate benefits including the removal of the 5% mining export tax, foreign exchange controls, and key import restrictions,” explained Kanellitsas.",{"type":594,"attrs":162565,"content":162566},{"textAlign":49},[162567],{"text":162568,"type":599},"“We believe President Macri’s policies have increased access to lower cost sources of capital and brought more partners to the table, like SQM. It was if a switch was turned on. “The Cauchari-Olaroz project not only represents a significant investment in the country, but will directly benefit the local communities through the creation of a significant number of jobs and economic growth,” he added. The year has not been smooth sailing for Macri who won power with a slim majority and gaining 51.34% of the popular vote.",{"type":594,"attrs":162570,"content":162571},{"textAlign":49},[],{"type":594,"attrs":162573,"content":162574},{"textAlign":49},[162575],{"text":162576,"type":599},"The wave of promise and “magic” that Macri supporters expected almost immediately is taking longer to come to realisation and frustrations have grown. “If you want to see a magician, go and see [David] Copperfield,” Macri said to journalists in December.",{"type":594,"attrs":162578,"content":162579},{"textAlign":49},[162580],{"text":162581,"type":599},"However there appears to be a wider realisation that the country is going through the change it needs. “We believe Argentina’s path forward relies on attracting direct foreign investment, and are comfortable that this view is now shared across parties.",{"type":594,"attrs":162583,"content":162584},{"textAlign":49},[162585],{"text":162586,"type":599},"Capital markets are sending supporting signals that the policies have traction, and industry is responding by deploying investment capital,” said Kanellitsas.",{"type":594,"attrs":162588,"content":162589},{"textAlign":49},[162590],{"text":162591,"type":599},"We see a lot of potential for Argentina’s lithium industry in the coming years. The positive changes in government last year combined with a more favourable outlook for lithium makes Argentina the ideal source for adding low cost supply.",{"type":594,"attrs":162593,"content":162594},{"textAlign":49},[162595],{"text":162596,"type":599},"Compared with 18 months ago, the prospects for Argentina as a country and lithium as an industry have made a huge positive shift at almost the same time. With 14 lithium ion battery megafactories under construction – compared with 3 in Q1 2015 – a very clear path for lithium has been set. It is now up to Argentina, Lithium Americas, and SQM to follow the sign posts.","Argentina’s new president, Mauricio Macri, has introduced the country’s economy to the 21st Century. The impact of his revolutionary economic policies have begun to reenergise an Argentina that was on its knees. The implications for its natural resource sector could be significant and there are few more promising today than lithium. Over the last decade, […]",[162599],{"slug":544,"name":543,"content":162600},{"job_title":557,"image":162601,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"66bce16d-de2a-41b4-b022-0d249ea40520\", \"id\": \"\"}-->",[162604,162605,162606],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":162608,"copyright":547,"fieldtype":553,"meta_data":162609,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/25085dbb52/bm-exar-133-title-pic.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":162611,"uuid":162612,"name":162613,"slug":162614,"full_slug":162615,"content":162616},112474889487836,"e3b3c990-ae1a-4390-99b0-f07e28f2e37e","To the core of exploration","to-the-core-of-exploration","article/to-the-core-of-exploration",{"_uid":162617,"date":162618,"tags":162619,"editor":162620,"content":162624,"excerpt":162736,"featured":50,"reporter":162737,"_editable":162741,"component":864,"seo_title":162613,"categories":162742,"visibility":882,"author_company":49,"featured_image":162745,"seo_description":162736,"author_full_name":49,"author_job_title":49,"formattedDate":162748},"8abc90b5-5041-49ea-a397-66f29b5e649b","2017-01-25 00:00",[],[162621],{"slug":544,"name":543,"content":162622},{"job_title":557,"image":162623,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":162625},[162626,162631,162636,162641,162646,162651,162656,162661,162666,162671,162676,162681,162686,162691,162696,162701,162706,162711,162716,162721,162726,162733],{"type":594,"attrs":162627,"content":162628},{"textAlign":49},[162629],{"text":162630,"type":599},"The mining industry’s explorers and developers have never quite gained the full respect of those that are in production. Those looking to bring on new supply of niche minerals such as graphite, lithium, cobalt, and rare earths are generally met with a three-phased approach: at first with raised eye brows at their lack of knowledge and specific experience, then with contempt as the heavy promotion of the asset kicks in and, finally, if the explorer progresses to a reasonable stage, fear.",{"type":594,"attrs":162632,"content":162633},{"textAlign":49},[162634],{"text":162635,"type":599},"Big commodities such as iron ore, copper and gold have been part of the mining industry’s exploration and development cycle for decades, but it has been a new concept to the niche or speciality minerals space in recent years.",{"type":594,"attrs":162637,"content":162638},{"textAlign":49},[162639],{"text":162640,"type":599},"For example, lithium was the first of the battery raw materials to see an exploration surge which began in 2009 and took-off in 2010. In little under one year the number of lithium explorers globally went from 9 – which included the likes of Rincon Lithium (Sentient Group), Galaxy Resources, and Western Lithium – to over 100.",{"type":594,"attrs":162642,"content":162643},{"textAlign":49},[162644],{"text":162645,"type":599},"The same lithium ‘gold rush’ has now returned but Australia alone accounts for the vast majority of companies, an estimated 75% of the industry’s exploration sector. The difference this time is that the skyhigh lithium prices, which are three times higher than the last carbonate price spike, have allowed the focus to switch from brines to hard rock spodumene, of which Australia has an abundance.",{"type":594,"attrs":162647,"content":162648},{"textAlign":49},[162649],{"text":162650,"type":599},"For graphite, the story was similar. I remember the days when Northern Graphite’s Bissett Creek and Ontario Graphite’s Kearney project were the only two mainstream exploration projects the industry had. Then when the price spike of 2010-2011 kicked in and flake graphite prices doubled in 8 months, the exploration sector surged from single digits to triple digits in 18 months.",{"type":594,"attrs":162652,"content":162653},{"textAlign":49},[162654],{"text":162655,"type":599},"Rare earths were a similar but an even more extreme story. When prices of these niche elements rocketed by hundreds to thousands of a percent bigger in a 6-month period, it reached the headlines of the mainstream press, including the front page of The New York Times.",{"type":594,"attrs":162657,"content":162658},{"textAlign":49},[162659],{"text":162660,"type":599},"This was mainly due to the political reasons behind why the prices shot up – China initiated a rare earths blockade on Japan in retaliation to the capture of a fishing boat. What all these examples have in common is the role of Australian explorers.",{"type":594,"attrs":162662,"content":162663},{"textAlign":49},[162664],{"text":162665,"type":599},"While Australia tends to be second out of the block compared to its Canadian counterparts, they usually get more traction and develop assets further down the line. It’s a curious case as to why.",{"type":594,"attrs":162667,"content":162668},{"textAlign":49},[162669],{"text":162670,"type":599},"One can look at the cultural appetite for risk in what are niche industries – Australian investors seem more willing to fund left field mineral assets even in a post-rare earths boom world.",{"type":594,"attrs":162672,"content":162673},{"textAlign":49},[162674],{"text":162675,"type":599},"You can analyse where the bulk of Australian funding comes from (Sydney, Melbourne, Hong Kong, and Singapore) compared with Canada (Vancouver Toronto, New York and to a lesser extent London). And I also think location plays a key: Australian explorers are far more willing go wide and far to search for the next Pilbara or Saudi Arabia of their respective mineral. This especially includes Africa where pre-2011 noone had looked for the likes of graphite and now Syrah Resources has raised A$461m to build the world’s biggest mine.",{"type":594,"attrs":162677,"content":162678},{"textAlign":49},[162679],{"text":162680,"type":599},"There is a general dislike of junior mining companies in the active producing industry. And it is as much surprising as it is understandable.",{"type":594,"attrs":162682,"content":162683},{"textAlign":49},[162684],{"text":162685,"type":599},"The dislike comes from a natural reaction to an outside threat. However, if the incumbent producers embraced the highest quality projects from the outset and worked with these companies in some way, then they would not only protect their business from new suppliers in the short term but also secure supply in the long term from the next generation of mines.",{"type":594,"attrs":162687,"content":162688},{"textAlign":49},[162689],{"text":162690,"type":599},"But this is never the case with the incumbents as they are so focused on discrediting new entrants, that they usually come in much later down the line and pay a much higher price.",{"type":594,"attrs":162692,"content":162693},{"textAlign":49},[162694],{"text":162695,"type":599},"In reality, without the junior mining sector, at worst we would have no new mines and at best we would have lower grade, inefficient mines being developed by the established order which do not specialise in early exploration.",{"type":594,"attrs":162697,"content":162698},{"textAlign":49},[162699],{"text":162700,"type":599},"When market prices begin to subside from the spike that has attracted a host of new explorers, those committed to the cause become apparent.",{"type":594,"attrs":162702,"content":162703},{"textAlign":49},[162704],{"text":162705,"type":599},"As we have always said at Benchmark Mineral Intelligence, those still around years after the price spike are the ones to watch.",{"type":594,"attrs":162707,"content":162708},{"textAlign":49},[162709],{"text":162710,"type":599},"The long term health of the mining industry relies on explorers uncovering the next generation of mines, offering up vast quantities of free drilling data to the incumbent producers and, most importantly, being entirely open to public scrutiny.",{"type":594,"attrs":162712,"content":162713},{"textAlign":49},[162714],{"text":162715,"type":599},"Explorers also force existing producers to reevaluate their existing operations, their supply chains and the way they think – they have a fundamentally disruptive role on industries that have not changed in decades.",{"type":594,"attrs":162717,"content":162718},{"textAlign":49},[162719],{"text":162720,"type":599},"It is not to say the exploration sector does not have its issues – there are many. But to tarnish all mineral explorers with the same over-promotion or lack of experience brushes is not only harsh but you do so at your peril.",{"type":594,"attrs":162722,"content":162723},{"textAlign":49},[162724],{"text":162725,"type":599},"And Australia has to take a lot of credit for that.",{"type":594,"attrs":162727,"content":162728},{"textAlign":49},[162729,162730,162732],{"text":38267,"type":599},{"text":162731,"type":599},"Managing Director",{"text":11314,"type":599},{"type":594,"attrs":162734,"content":162735},{"textAlign":49},[],"The mining industry’s explorers and developers have never quite gained the full respect of those that are in production. Those looking to bring on new supply of niche minerals such as graphite, lithium, cobalt, and rare earths are generally met with a three-phased approach: at first with raised eye brows at their lack of knowledge […]",[162738],{"slug":544,"name":543,"content":162739},{"job_title":557,"image":162740,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8abc90b5-5041-49ea-a397-66f29b5e649b\", \"id\": \"\"}-->",[162743,162744],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":162746,"copyright":547,"fieldtype":553,"meta_data":162747,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ce735a26c9/bm-cropped-cropped-cropped-background1.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jan 25, 2017",{"id":162750,"uuid":162751,"name":162752,"slug":162753,"full_slug":162754,"content":162755},112474879775918,"bbe83928-9d06-49b1-88ae-ae3268b27001","The missing link in China’s graphite empire","the-missing-link-in-chinas-graphite-empire","article/the-missing-link-in-chinas-graphite-empire",{"_uid":162756,"date":162618,"tags":162757,"editor":162759,"content":162763,"excerpt":162916,"featured":50,"reporter":162917,"_editable":162921,"component":864,"seo_title":162752,"categories":162922,"visibility":882,"author_company":49,"featured_image":162926,"seo_description":162916,"author_full_name":49,"author_job_title":49,"formattedDate":162748},"ff4398da-1052-4600-826c-53ca1ed293a7",[162758],{"slug":913,"name":914},[162760],{"slug":544,"name":543,"content":162761},{"job_title":557,"image":162762,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":162764},[162765,162770,162775,162780,162785,162790,162795,162800,162805,162810,162815,162820,162825,162830,162835,162840,162845,162848,162851,162856,162861,162866,162871,162876,162881,162886,162891,162896,162901,162906,162911],{"type":594,"attrs":162766,"content":162767},{"textAlign":49},[162768],{"text":162769,"type":599},"Benchmark explores how investments in China’s graphite supply chain have cemented the country’s role as an anode supplier, but asks whether structural issues will open the door for potential newcomers",{"type":594,"attrs":162771,"content":162772},{"textAlign":49},[162773],{"text":162774,"type":599},"Five years of falling demand, industrial upheaval, environmental restrictions and dwindling prices have done little to suppress the appetite for graphite production among Chinese miners; although the focus of the industry has now undoubtedly changed.",{"type":594,"attrs":162776,"content":162777},{"textAlign":49},[162778],{"text":162779,"type":599},"With Chinese industrial production succumbing to the wider global economic downturn in recent years, so too did the country’s refractory, foundry and lubricant industries, forcing the least efficient and highest cost graphite suppliers to step back from the market. But for those who remain, a bigger, more lucrative prize now awaits.",{"type":594,"attrs":162781,"content":162782},{"textAlign":49},[162783],{"text":162784,"type":599},"The potential of the lithium ion battery market – which relies more heavily on graphite (in volume terms) than its name sake – promises to open a vast new market for producers large and small.",{"type":594,"attrs":162786,"content":162787},{"textAlign":49},[162788],{"text":162789,"type":599},"While China has always controlled the upstream portion of the supply chain for spherical graphite – the predominant raw material for lithium ion battery anodes – its control over the value-added processing technology was limited. Although the processing itself was often done in China, it was the major Japanese trading houses, with their ties to battery cell producers, which held the IP around the spheritisation, coating process and ultimately the anode production.",{"type":594,"attrs":162791,"content":162792},{"textAlign":49},[162793],{"text":162794,"type":599},"Indeed, in many instances just a few years ago Chinese processors would even rely on Japanese engineers to make any adjustments to equipment in their own plants. Today, however, China has taken control of this process too – completing one of the missing links in its spherical graphite supply chain.",{"type":657,"attrs":162796,"content":162797},{"level":985,"textAlign":49},[162798],{"text":162799,"type":599},"Supply chain supremacy",{"type":594,"attrs":162801,"content":162802},{"textAlign":49},[162803],{"text":162804,"type":599},"As has been seen in other battery raw material industries over recent years, China has made no secret of its desire to lock in supply chains. From lithium resources in Australia, to cobalt mines in the DRC, to the recent acquisition of shares in the leading lithium brine producer– China’s global reach to secure lithium ion battery raw materials has known no bounds.",{"type":594,"attrs":162806,"content":162807},{"textAlign":49},[162808],{"text":162809,"type":599},"But in terms of graphite, developments have been closer to home. In a recent visit to Shandong province, China, Benchmark saw first-hand the investment the country’s miners have ploughed into processing equipment to increase their hold over value added markets.",{"type":594,"attrs":162811,"content":162812},{"textAlign":49},[162813],{"text":162814,"type":599},"The promise of higher margins have seen the country’s flake graphite miners become processors; processors become value-adders, and value-adders become anode producers – as all areas of the industry aim to further their reach downstream. And these efforts have not been a one way street. Acknowledgement of the supply chain issues surrounding spherical graphite production saw the country’s leading anode manufacturer, BTR New Energy, acquire its own mines in 2014 to lock in raw material supply.",{"type":594,"attrs":162816,"content":162817},{"textAlign":49},[162818],{"text":162819,"type":599},"But even this is now proving insufficient to meet the growing needs of its lithium ion battery customers. Expansions in battery cell production have been announced across the world – led by Tesla’s Gigafactory project in Nevada. But it is developments in China which will far outstrip expansions elsewhere and make the country the leading supplier of lithium ion batteries approaching 2020.",{"type":594,"attrs":162821,"content":162822},{"textAlign":49},[162823],{"text":162824,"type":599},"These developments are what is driving the Chinese push to develop downstream processing and refining capacities. No longer can the country be the low-cost exporter of raw material to the world. Today it is faced with the more challenging prospect of meeting value-added material needs to its own industry.",{"type":657,"attrs":162826,"content":162827},{"level":985,"textAlign":49},[162828],{"text":162829,"type":599},"A mountain to climb",{"type":594,"attrs":162831,"content":162832},{"textAlign":49},[162833],{"text":162834,"type":599},"In 2015, the total size of the lithium ion battery anode market was 80,000 tonnes, 55% of which came from natural spherical graphite. Megafactory expansions slated to come into production from 2017 onwards will see battery cell production an order of magnitude bigger than anything in the market today, with capacities expected to treble by as early as 2020.",{"type":594,"attrs":162836,"content":162837},{"textAlign":49},[162838],{"text":162839,"type":599},"With these expansions will come a wave of new demand for anode raw material – with the market set to expand to anywhere between 250,000 tonnes and 400,000 tonnes by 2020. China will be central to sustaining this growth. However, with between 2-2.5 tonnes of flake graphite raw material required to make 1 tonne of spherical graphite, it’s unclear as to whether even China can meet this growth in such a short time frame.",{"type":594,"attrs":162841,"content":162842},{"textAlign":49},[162843],{"text":162844,"type":599},"While a first wave of processing improvements have seen graphite miners across the country install spheritisation mills, only a handful of companies specialise in anode production. These companies will have to expand at an unprecedented rate to fend off the challenge of synthetic graphite the only commercial alternative.",{"type":594,"attrs":162846,"content":162847},{"textAlign":49},[],{"type":594,"attrs":162849,"content":162850},{"textAlign":49},[],{"type":594,"attrs":162852,"content":162853},{"textAlign":49},[162854],{"text":162855,"type":599},"The ability of these suppliers to meet the growing needs of the battery market will dictate how this split in the market develops. Battery producers largely favour spherical graphite from a cost, environmental footprint and (in many cases) a performance perspective, but obstacles remain despite the country’s investment in processing infrastructure over the past 12-18 months.",{"type":657,"attrs":162857,"content":162858},{"level":985,"textAlign":49},[162859],{"text":162860,"type":599},"The consistency question",{"type":594,"attrs":162862,"content":162863},{"textAlign":49},[162864],{"text":162865,"type":599},"Although China is the leading producer and processor of flake graphite, the leading spherical graphite producer and the largest anode supplier, the reliability of its battery-grade output remains in question. The structure of the country’s flake graphite market poses significant challenges in tracing the source of raw material which can be troublesome when trying to produce a consistent finished product suitable for use in hi tech devices.",{"type":594,"attrs":162867,"content":162868},{"textAlign":49},[162869],{"text":162870,"type":599},"As the recent Samsung smartphone recall exemplifies, low-quality raw materials can create major (and expensive) consequences. Historically, Chinese flake graphite has been sourced from dozens of relatively small mines across the country and, in particular, in Heilongjiang and Shandong provinces. This raw material is then fed into localised processing plants, owned by companies that may be sourcing from several areas.",{"type":594,"attrs":162872,"content":162873},{"textAlign":49},[162874],{"text":162875,"type":599},"Until recently, this concentrate would then have been fed into a handful of spheritisation mills before being shipped to Japanese companies to complete the coating process. Investment in spheritisation equipment has helped China integrate some of this chain, but there is still a long way to go if Chinese producers are going to provide the consistency of material, on the scale required to entirely displace synthetic graphite alternatives.",{"type":594,"attrs":162877,"content":162878},{"textAlign":49},[162879],{"text":162880,"type":599},"In addition, the introduction of more spheritisation infrastructure runs the risk of actuallty making the supply chain within China even more convoluted. In this sense, although China has the tools to dominate the supply chain, it still has to overcome issues with how it manages them in order to sustain battery demand both at home and overseas.",{"type":657,"attrs":162882,"content":162883},{"level":985,"textAlign":49},[162884],{"text":162885,"type":599},"Opening the door to newcomers",{"type":594,"attrs":162887,"content":162888},{"textAlign":49},[162889],{"text":162890,"type":599},"As China attempts to overcome the issues surrounding its complex supply chain, new market entrants will also be looking to secure a share of this growing anode market. While very few companies have made investments into synthetic graphite processing facilities, the junior flake graphite market is beginning a resurgence.",{"type":594,"attrs":162892,"content":162893},{"textAlign":49},[162894],{"text":162895,"type":599},"As well as Syrah Resources, which has begun construction of its 330,000 tpa flake graphite facility in Mozambique, a number of other companies are targeting production which could make East Africa the new source of flake graphite raw material to the world.",{"type":594,"attrs":162897,"content":162898},{"textAlign":49},[162899],{"text":162900,"type":599},"Black Rock Mining, which owns a flake graphite property in Tanzania was just the latest in a series of companies to announce positive battery grade graphite test work in September 2016, while Syrah Resources have already turned attentions to phase 2 of their project – a spherical production facility in the US.",{"type":594,"attrs":162902,"content":162903},{"textAlign":49},[162904],{"text":162905,"type":599},"Central to the economics of all of these projects is one objective: to take some of China’s market share – particularly in overseas markets. With both industrial and hi tech markets expected to grow within China over the coming years, the rest of the world is faced with the very real possibility of China becoming more insular.",{"type":594,"attrs":162907,"content":162908},{"textAlign":49},[162909],{"text":162910,"type":599},"Now it has the infrastructure in place, China will be aiming to control more of the value-adding process domestically, potentially creating opportunities for raw material producers elsewhere.",{"type":594,"attrs":162912,"content":162913},{"textAlign":49},[162914],{"text":162915,"type":599},"To find out more about the graphite industry, register for Graphite Supply Chain 2016 today. Graphite Supply Chain 2016 is three days of high-quality information and networking dedicated to the natural graphite industry. Taking place between 13-15 November in the stunning Island Hotel, Newport Beach in California, the inaugural event is hosted by two of the industry’s most respected mineral information specialists.","Benchmark explores how investments in China’s graphite supply chain have cemented the country’s role as an anode supplier, but asks whether structural issues will open the door for potential newcomers Five years of falling demand, industrial upheaval, environmental restrictions and dwindling prices have done little to suppress the appetite for graphite production among Chinese miners; […]",[162918],{"slug":544,"name":543,"content":162919},{"job_title":557,"image":162920,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ff4398da-1052-4600-826c-53ca1ed293a7\", \"id\": \"\"}-->",[162923,162924,162925],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":2504,"name":2505},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":162927,"copyright":547,"fieldtype":553,"meta_data":162928,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1d607965cc/bm-screen-shot-2017-01-24-at-165503.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":162930,"uuid":162931,"name":162932,"slug":162933,"full_slug":162934,"content":162935},112474869736420,"65fcb64a-d5c3-489b-a07c-4039e59ba5fb","Berkshire Hathaway Energy: It is not yet possible to get off the grid with batteries","berkshire-hathaway-energy-it-is-not-yet-possible-to-get-off-the-grid-with-batteries","article/berkshire-hathaway-energy-it-is-not-yet-possible-to-get-off-the-grid-with-batteries",{"_uid":162936,"date":162618,"tags":162937,"editor":162938,"content":162942,"excerpt":163050,"featured":50,"reporter":163051,"_editable":163055,"component":864,"seo_title":162932,"categories":163056,"visibility":882,"author_company":49,"featured_image":163059,"seo_description":163050,"author_full_name":49,"author_job_title":49,"formattedDate":162748},"2976259b-83d0-4b6e-92e1-b6d63ff2e20e",[],[162939],{"slug":544,"name":543,"content":162940},{"job_title":557,"image":162941,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":162943},[162944,162949,162954,162959,162964,162969,162974,162979,162984,162987,162992,162997,163002,163007,163012,163017,163020,163025,163030,163035,163040,163045],{"type":594,"attrs":162945,"content":162946},{"textAlign":49},[162947],{"text":162948,"type":599},"Benchmark Mineral Intelligence gains exclusive access to Berkshire Hathaway Energy’s thoughts on the future of energy sources, the role of energy storage and how it is too expensive today for individual homes to get off the grid",{"type":594,"attrs":162950,"content":162951},{"textAlign":49},[162952],{"text":162953,"type":599},"By Simon Moores ",{"type":594,"attrs":162955,"content":162956},{"textAlign":49},[162957],{"text":162958,"type":599},"It is a question that is one of the most commonly asked in the battery industry: is it possible for individual homes to get off the grid? The concept of being able to install a battery to power your home has had added impetus in recent months through Tesla’s controversial purchase of SolarCity and the move to connect solar power as a low cost energy source.",{"type":594,"attrs":162960,"content":162961},{"textAlign":49},[162962],{"text":162963,"type":599},"In Hong Kong, Benchmark Mineral Intelligence gained exclusive access to Berkshire Hathaway Energy’s (BHE) thoughts on this. “I did some math on [the cost of stored power] from a Tesla Powerwall,” explained Jonathan Weisgall, Vice President of Government Relations at BHE in a keynote address at the annual CLSA Investor Forum. “It boils down to about 30-35c/ kWh. We are selling our electricity at 10-11c/kWh cents to our customers.”",{"type":594,"attrs":162965,"content":162966},{"textAlign":49},[162967],{"text":162968,"type":599},"What was most intriguing was BHE’s analysis of the amount of power an average home in Des Moines, Iowa, US, would need to store to safely be off the grid without fear of shortages.",{"type":594,"attrs":162970,"content":162971},{"textAlign":49},[162972],{"text":162973,"type":599},"The firm estimates that 53 days of stored power would be needed to achieve this goal, the equivalent of 1,650kWh because of the variability of solar power and the variability of energy demand in the home.",{"type":594,"attrs":162975,"content":162976},{"textAlign":49},[162977],{"text":162978,"type":599},"This would equate to 258 6.4kWh Tesla Powerwalls together with an 8kWh solar rooftop system each at an installed cost of just over $6,000 Berkshire Hathaway Energy: It is not yet possible to get off the grid with batteries per unit – a total of $1.57m for a personal user to get off the grid, in BHE’s analysis.",{"type":594,"attrs":162980,"content":162981},{"textAlign":49},[162982],{"text":162983,"type":599},"“We did the same analysis for Nevada and Oregon. In Nevada, where the sun shines a lot more, you would need 1,300kWh of energy storage while in Portland, and if you’ve been to Portland you will realise the sun doesn’t shine much, customers would need a 3,000kWh system,” BHE explained. “Even if you drop this price by 90% it is still prohibitively expensive.”",{"type":594,"attrs":162985,"content":162986},{"textAlign":49},[],{"type":657,"attrs":162988,"content":162989},{"level":985,"textAlign":49},[162990],{"text":162991,"type":599},"Giving the people want they want",{"type":594,"attrs":162993,"content":162994},{"textAlign":49},[162995],{"text":162996,"type":599},"However, BHE which has significant investments in solar was bullish on the future prospects of both cheaper private solar and energy storage. “We are not pro or anti solar, but [despite these numbers] our customers are demanding solar energy and the US is giving it to them,” Weisgall said.",{"type":594,"attrs":162998,"content":162999},{"textAlign":49},[163000],{"text":163001,"type":599},"It is an intriguing development that in today’s world, it appears for a portion of the market environmental decisions are trumping economic rationale. For example, BHE explained that rooftop or “private” solar is three times more expensive than “universal” or utility scale solar power.",{"type":594,"attrs":163003,"content":163004},{"textAlign":49},[163005],{"text":163006,"type":599},"At the moment BHE, can sell solar power to the private market, that has not been stored in a battery, for 14cents/kWh while the cost of universal solar is 5 cents/kWh. “What we are seeing in 2016 is the overwhelming flow – I mean more than 90% new generation coming online nationwide – is either natural gas, solar or wind.",{"type":594,"attrs":163008,"content":163009},{"textAlign":49},[163010],{"text":163011,"type":599},"Even non utilities are moving in this direction – 215 of the Fortune 500 companies are investing in greenhouse gas reductions and new energy initiatives. There is little doubt in BHE’s opinion the change is upon the energy industry.",{"type":594,"attrs":163013,"content":163014},{"textAlign":49},[163015],{"text":163016,"type":599},"And as it so happens this is unforced change, not due to high prices or necessarily due to power shortages. “The industry is becoming more customer centric, [customers are dictating the future of the industry for the first time],” he said.",{"type":594,"attrs":163018,"content":163019},{"textAlign":49},[],{"type":594,"attrs":163021,"content":163022},{"textAlign":49},[163023],{"text":163024,"type":599},"“All of this is happening with relatively flat load growth, this wasn’t the case in the 1960s, 70s and 80s… in fact during the recession in 2008 we had negative load growth,” he added.",{"type":594,"attrs":163026,"content":163027},{"textAlign":49},[163028],{"text":163029,"type":599},"The role of batteries will become increasingly critical in this space and BHE is one company that believes, while the technology is not yet there on a cost level for the personal user, it does hold the solution to the long-time problem of intermittent renewables. “Energy storage is the holy grail,” Weisgall explained, “…[stored power] will fill the gap and [solve the problems we have] with solar and wind.”",{"type":594,"attrs":163031,"content":163032},{"textAlign":49},[163033],{"text":163034,"type":599},"The cost of power to consumer remains the main barrier. Capital is now flowing into the lithium ion battery space from cell producers, car manufacturers and in government grants but Weisgall said that its been a big issue for venture capital to find a position in an industry that has been flooded by start up companies, particularly in Silicon Valley. “It’s been a big challenge – VCs biggest challenge has been investing in batteries. Progress has not been great [in the battery industry] and they are expensive,” he said.",{"type":594,"attrs":163036,"content":163037},{"textAlign":49},[163038],{"text":163039,"type":599},"However, as noted by BHE, there has been significant progress in the last two years and the battery sector is now benefitting from this rise in investment. This was perhaps summed up best by an Oxford University professor who made a comment to BHE during the talk.",{"type":594,"attrs":163041,"content":163042},{"textAlign":49},[163043],{"text":163044,"type":599},"“Five years ago at Oxford University, for love nor money, you couldn’t persuade any of the bright engineering graduates to have anything to do with batteries. This year the top engineering department graduate has received an OSI scholarship to dedicate his life to batteries.”",{"type":594,"attrs":163046,"content":163047},{"textAlign":49},[163048],{"text":163049,"type":599},"Change is here. And in Weisgall’s words, “we haven’t seen anything yet”.","Benchmark Mineral Intelligence gains exclusive access to Berkshire Hathaway Energy’s thoughts on the future of energy sources, the role of energy storage and how it is too expensive today for individual homes to get off the grid By Simon Moores It is a question that is one of the most commonly asked in the battery […]",[163052],{"slug":544,"name":543,"content":163053},{"job_title":557,"image":163054,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2976259b-83d0-4b6e-92e1-b6d63ff2e20e\", \"id\": \"\"}-->",[163057,163058],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":163060,"copyright":547,"fieldtype":553,"meta_data":163061,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2be000445f/bm-screen-shot-2017-01-24-at-173001.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":163063,"uuid":163064,"name":163065,"slug":163066,"full_slug":163067,"content":163068},112474860200730,"564a5d0e-697c-4642-a66b-38e67b219c8b","Not just Samsung’s problem","not-just-samsungs-problem","article/not-just-samsungs-problem",{"_uid":163069,"date":162618,"tags":163070,"editor":163071,"content":163075,"excerpt":163156,"featured":50,"reporter":163157,"_editable":163161,"component":864,"seo_title":163065,"categories":163162,"visibility":882,"author_company":49,"featured_image":163165,"seo_description":163156,"author_full_name":49,"author_job_title":49,"formattedDate":162748},"0c818619-e298-4fb4-b4c3-3625ca30f5d1",[],[163072],{"slug":544,"name":543,"content":163073},{"job_title":557,"image":163074,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":163076},[163077,163081,163086,163091,163096,163101,163106,163111,163116,163121,163126,163131,163136,163141,163146,163151],{"type":594,"attrs":163078,"content":163079},{"textAlign":49},[163080],{"text":162953,"type":599},{"type":594,"attrs":163082,"content":163083},{"textAlign":49},[163084],{"text":163085,"type":599},"It has been an explosive start for Samsung’s new cell phone, Galaxy Note 7, with a few of the devices literally combusting into flames. It became apparent during the many airports we travelled through for the Benchmark World Tour 2016 that it was becoming a serious problem for Samsung.",{"type":594,"attrs":163087,"content":163088},{"textAlign":49},[163089],{"text":163090,"type":599},"Warnings on the Galaxy Note 7 were everywhere; from baggage check to security X-rays to notices on the airplane. As if that wasn’t enough, as the air stewards went through their pre-flight procedure there were warnings over the tannoy: “If you are carrying a Samsung Galaxy Note 7, please keep it turned off at all times”.",{"type":594,"attrs":163092,"content":163093},{"textAlign":49},[163094],{"text":163095,"type":599},"Bad lithium ion batteries in Samsung’s phone have made the aviation industry very nervous. But this is not just a problem for Samsung; it is a problem for Apple, one for Tesla and General Motors, and a major issue for the lithium ion battery industry as a whole. Samsung isn’t the first company to have a problem with combusting batteries.",{"type":594,"attrs":163097,"content":163098},{"textAlign":49},[163099],{"text":163100,"type":599},"You may remember a decade ago, the Sony Vaio laptops had the same problem – catching on fire when being used extensively. Boeing’s Dreamliner aircraft also had high profile lithium ion issues with battery packs on its launch a few years ago, resulting in a handful of its planes being grounded.",{"type":594,"attrs":163102,"content":163103},{"textAlign":49},[163104],{"text":163105,"type":599},"More recently, there has been widespread YouTube footage of battery powered hover-boards catching fire – something that quickly slowed that craze.",{"type":594,"attrs":163107,"content":163108},{"textAlign":49},[163109],{"text":163110,"type":599},"And that’s not to mention the continuous new FAA regulation on the transportation of lithium ion batteries. These are all hallmarks of the growing pains the lithium ion battery industry has experienced over the past decade. Over the past four years, the industry has almost doubled its cell output from 35GWh to 63GWh in 2015, with the majority of new supply coming from China.",{"type":594,"attrs":163112,"content":163113},{"textAlign":49},[163114],{"text":163115,"type":599},"Many new producers have flooded into the industry on the back of generous government subsidies and, while the majority of Chinese cell producers are industry leaders, there has been a lack of standards among the smaller players. Cheap lithium ion batteries are a hazard.",{"type":594,"attrs":163117,"content":163118},{"textAlign":49},[163119],{"text":163120,"type":599},"If the components that make up the cell aren’t high quality and consistent products, and if the manufacturing process isn’t held to the strictest standards, significant problems can occur. Water, for instance, can be a major issue in the production of batteries.",{"type":594,"attrs":163122,"content":163123},{"textAlign":49},[163124],{"text":163125,"type":599},"During the production cycle of a cell, there are a number of drying processes the batteries have to be exposed to in order to maximize safety. Similarly, separator materials have become a huge issue for the industry.",{"type":594,"attrs":163127,"content":163128},{"textAlign":49},[163129],{"text":163130,"type":599},"Supply has expanded at a faster rate than any other lithium ion components, largely due to realtively low barriers to entry – it’s easier for new entrants to manufacture separators than cathode and anode materials. The majority of the industry has pointed the finger at bad separators for Samsung’s fires.",{"type":594,"attrs":163132,"content":163133},{"textAlign":49},[163134],{"text":163135,"type":599},"However, new evidence suggest it could be a deeper manufacturing issue with the phone. There is also a problem with battery packs. This is a critical juncture in the supply chain that has to be mastered if we are going to have widespread electric vehicles and utility scale energy storage.",{"type":594,"attrs":163137,"content":163138},{"textAlign":49},[163139],{"text":163140,"type":599},"Tesla’s secret is its mastery of making a functional, efficient battery pack with all the necessary cooling systems to make it safe. Samsung SDI – the cell manufacturer that is separate from its consumer technology or ICT business – has made a number of battery pack acquisitions in Europe.",{"type":594,"attrs":163142,"content":163143},{"textAlign":49},[163144],{"text":163145,"type":599},"The quality of the battery pack – both in components and construction – will determine the quality of the end application, and the wiring and riveting of these packs are areas of particular focus. In the Boeing Dreamliner, for example, the problem wasn’t with the lithium ion cells but the quality of the rivets holding the pack together, that broke apart on the stress of flying.",{"type":594,"attrs":163147,"content":163148},{"textAlign":49},[163149],{"text":163150,"type":599},"Again, it’s not just a process challenge for the industry but one of sourcing quality raw materials and components that are trusted and consistent. Considering how much the battery sector has grown over the last ten years, the problems highlighted here are not bad going. While they are high profile, they are pretty isolated and will not deter the industry or public consumption trend which is set on a path of hyper growth out to 2025.",{"type":594,"attrs":163152,"content":163153},{"textAlign":49},[163154],{"text":163155,"type":599},"But the Samsung issue is a timely reminder, that in order to put these cells and packs in every vehicle on the road or attach them to our houses and offices, the lithium ion battery industry still has some way to go.","By Simon Moores It has been an explosive start for Samsung’s new cell phone, Galaxy Note 7, with a few of the devices literally combusting into flames. It became apparent during the many airports we travelled through for the Benchmark World Tour 2016 that it was becoming a serious problem for Samsung. Warnings on the […]",[163158],{"slug":544,"name":543,"content":163159},{"job_title":557,"image":163160,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0c818619-e298-4fb4-b4c3-3625ca30f5d1\", \"id\": \"\"}-->",[163163,163164],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":163166,"copyright":547,"fieldtype":553,"meta_data":163167,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/27cec216e4/bm-screen-shot-2017-01-24-at-175540.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":163169,"uuid":163170,"name":163171,"slug":163172,"full_slug":163173,"content":163174},112475001311262,"27653619-f80d-4f52-89c8-5a375d7a1db3","Argentina open for lithium  business as Chile’s biggest producer invests","argentina-open-for-lithium-business-as-chiles-biggest-producer-invests","article/argentina-open-for-lithium-business-as-chiles-biggest-producer-invests",{"_uid":163175,"date":163176,"tags":163177,"editor":163180,"content":163184,"excerpt":163617,"featured":50,"reporter":163618,"_editable":163622,"component":864,"seo_title":163171,"categories":163623,"visibility":882,"author_company":49,"featured_image":163627,"seo_description":163617,"author_full_name":49,"author_job_title":49,"formattedDate":163630},"57121404-6eb3-4caf-99fc-a295d3b6a4ef","2016-07-21 00:00",[163178,163179],{"slug":4357,"name":4358},{"slug":17168,"name":13351},[163181],{"slug":544,"name":543,"content":163182},{"job_title":557,"image":163183,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":163185},[163186,163191,163196,163201,163206,163211,163216,163221,163226,163231,163236,163239,163244,163249,163254,163259,163264,163269,163274,163279,163284,163289,163294,163299,163304,163309,163314,163319,163324,163329,163334,163339,163344,163349,163354,163359,163364,163369,163374,163377,163382,163387,163392,163397,163402,163407,163412,163417,163422,163427,163432,163437,163442,163447,163452,163457,163462,163467,163472,163477,163482,163487,163492,163497,163502,163507,163512,163517,163522,163527,163532,163537,163542,163547,163552,163557,163562,163567,163572,163577,163582,163587,163592,163597,163602,163607,163612],{"type":594,"attrs":163187,"content":163188},{"textAlign":49},[163189],{"text":163190,"type":599}," As Chile waivers on lithium development, Argentina opens its doors to new business and welcomes SQM investment in the Salar de Cauchri",{"type":594,"attrs":163192,"content":163193},{"textAlign":49},[163194],{"text":163195,"type":599}," By Simon Moores",{"type":594,"attrs":163197,"content":163198},{"textAlign":49},[163199],{"text":163200,"type":599},"The balance of power in South America’s lithium industry is shifting after a new political era engulfed Argentina and declared it ‘open for business’ for the first time in more than a decade.",{"type":594,"attrs":163202,"content":163203},{"textAlign":49},[163204],{"text":163205,"type":599},"The election of Mauricio Macri’s Republican Proposal Party (PRO) has given Argentina a renewed expectation that a new economic era could be upon the country and one that includes lithium as a significant contributor.",{"type":594,"attrs":163207,"content":163208},{"textAlign":49},[163209],{"text":163210,"type":599},"And it is a situation that has attracted Chile’s leading lithium producer, SQM SA, to invest in developing a major lithium resource in the country’s north.",{"type":594,"attrs":163212,"content":163213},{"textAlign":49},[163214],{"text":163215,"type":599},"As Benchmark was going to press, SQM revealed it has signed a definitive agreement with Lithium Americas to develop the CauchariOlaroz Project. On 28 March 2016, SQM committed $50m to the",{"type":594,"attrs":163217,"content":163218},{"textAlign":49},[163219],{"text":163220,"type":599},"venture: $25m to acquire 50% of Minera Exar, Lithium Americas subsidiary that operates the project, another $10m to achieve economic feasibility, and $15m to cover intercompany loans.",{"type":594,"attrs":163222,"content":163223},{"textAlign":49},[163224],{"text":163225,"type":599},"Patricio de Solminihac, SQM’s CEO explained the move: “The Salar de Caucharí is a great complement to our existing lithium operations in Chile, and it is located just a few hundred kilometres from the Salar de Atacama.",{"type":594,"attrs":163227,"content":163228},{"textAlign":49},[163229],{"text":163230,"type":599},"“We expect to have similar production processes at both sites, and as a result we should benefit from operating synergies,” he added.",{"type":594,"attrs":163232,"content":163233},{"textAlign":49},[163234],{"text":163235,"type":599},"The development is a major coup for both Lithium Americas and Argentina and will almost certainly see a new lithium brine operation being developed in the country before 2020.",{"type":594,"attrs":163237,"content":163238},{"textAlign":49},[],{"type":594,"attrs":163240,"content":163241},{"textAlign":49},[163242],{"text":163243,"type":599},"While some quarters of the investment community have questioned the implied valuation of the resource at $50m, the move is a bold one by both companies.",{"type":594,"attrs":163245,"content":163246},{"textAlign":49},[163247],{"text":163248,"type":599},"For SQM the rationale is strategic.",{"type":594,"attrs":163250,"content":163251},{"textAlign":49},[163252],{"text":163253,"type":599},"Chile has become a political minefield for SQM over the last 18 months and this has stifled any new supply from the Atacama Desert – the country’s primary source – and development of new assets elsewhere.",{"type":594,"attrs":163255,"content":163256},{"textAlign":49},[163257],{"text":163258,"type":599},"With Chile favouring Codelco – the state owned copper producer – to enter the lithium industry and develop new brine resources, coupled with SQM’s failure to date to renegotiate extraction rights in the Atacama, political risk for the company was rising.",{"type":594,"attrs":163260,"content":163261},{"textAlign":49},[163262],{"text":163263,"type":599},"Therefore, the timing of Argentina’s change in government and the emergence of internationally business friendly policies for the first time in over a decade, together with some of the world’s best lithium resources, was an opportunity SQM could not pass on.",{"type":594,"attrs":163265,"content":163266},{"textAlign":49},[163267],{"text":163268,"type":599},"For Lithium Americas, the move was bold because of the implied valuation of the asset. For many years now, speciality mineral projects such as lithium are often overvalued and, as a result, never developed.",{"type":594,"attrs":163270,"content":163271},{"textAlign":49},[163272],{"text":163273,"type":599},"Lithium Americas’ realistic valuation is one that has got on board one of the most sought after technical partners, but it is also a price that will almost certainly get the resource into production in the next 3 years.",{"type":594,"attrs":163275,"content":163276},{"textAlign":49},[163277],{"text":163278,"type":599},"The planned 40,000 tonne LCE plant at Cauchari-Olaroz is lithium supply the industry will need.",{"type":594,"attrs":163280,"content":163281},{"textAlign":49},[163282],{"text":163283,"type":599},"It is also supply SQM will need to maintain its position as the world’s leading brine producer, and Argentina will need to become the world’s leading lithium producer and take on its neighbour, Chile, for the number one spot.",{"type":594,"attrs":163285,"content":163286},{"textAlign":49},[163287],{"text":163288,"type":599},"It is just an intriguing turn of events that Argentina could do so with the aid of Chile’s home-grown major.",{"type":657,"attrs":163290,"content":163291},{"level":985,"textAlign":49},[163292],{"text":163293,"type":599}," Argentina is open",{"type":594,"attrs":163295,"content":163296},{"textAlign":49},[163297],{"text":163298,"type":599},"President Macri’s politics will play a key role in developing an economy that includes lithium and energy storage. But the rapid way in which the former entrepreneur, with interests in construction, finance and car manufacturing, has set about his business has given immense confidence to investors.",{"type":594,"attrs":163300,"content":163301},{"textAlign":49},[163302],{"text":163303,"type":599},"“The 21st century demands that we have to be open,” Macri explained to CBS’ 60 Minutes, “…and not put any ideological differences in front of the best solutions.”",{"type":594,"attrs":163305,"content":163306},{"textAlign":49},[163307],{"text":163308,"type":599},"Within a matter of weeks of his election, Macri cut export taxes, lifted all currency controls and allowed the peso to float, cut all electricity subsidies and sacked many government workers. And he did this by Presidential decree, while the country’s congress was on summer recess.",{"type":594,"attrs":163310,"content":163311},{"textAlign":49},[163312],{"text":163313,"type":599},"“I am using the constitution… we have a good one,” explained Macri.",{"type":594,"attrs":163315,"content":163316},{"textAlign":49},[163317],{"text":163318,"type":599},"“We need to put our country back to growth… we were trapped with so many rules that we could not move,” he added.",{"type":594,"attrs":163320,"content":163321},{"textAlign":49},[163322],{"text":163323,"type":599},"Another key development for the new president was the settling of a $4.65bn bill with four US hedge funds, a legacy from Argentina’s 2001 default.",{"type":594,"attrs":163325,"content":163326},{"textAlign":49},[163327],{"text":163328,"type":599},"The new agreement, however, is a move that was described as “the equivalent of a giant albatross being lifted from Argentina’s neck” by Brett Diment, head of emerging market debt at Aberdeen Asset Management to The New York Times.",{"type":594,"attrs":163330,"content":163331},{"textAlign":49},[163332],{"text":163333,"type":599},"The country will pay the outstanding debt by selling $15bn in bonds, and, in addition to the currency restrictions, can expect free flowing of international investment capital in 2016.",{"type":594,"attrs":163335,"content":163336},{"textAlign":49},[163337],{"text":163338,"type":599},"As a result, the new premier has immediately courted $20bn of foreign investment and a new low carbon economy based on lithium and electric cars is high on the agenda of the government.",{"type":594,"attrs":163340,"content":163341},{"textAlign":49},[163342],{"text":163343,"type":599},"“President Macri is moving at lightning speed and using a machete to cut through red tape and bureaucracy, and to reverse harmful policies of the past,” explained John Kanellitsas, vice-chairman of Lithium Americas in an interview with Benchmark Mineral Intelligence.",{"type":594,"attrs":163345,"content":163346},{"textAlign":49},[163347],{"text":163348,"type":599},"“For nearly a generation, Argentina has been practically closed to the international investment community and global capital markets. Now today we see the same progressive people, with the same skill-sets and resources, but with a new, totally optimistic outlook,” he added.",{"type":594,"attrs":163350,"content":163351},{"textAlign":49},[163352],{"text":163353,"type":599},"US President Obama’s visit to Argentina has threatened to overshadow his visit to Cuba – the first in 88 years by a US president – such is the scope of change in a country that has been dominated by leftist political groups that did not favour US policies.",{"type":594,"attrs":163355,"content":163356},{"textAlign":49},[163357],{"text":163358,"type":599},"In fact, nearly all of the Latin American region, besides Chile, has been dominated by left-wing political leaders since the late 1990s with many believing Hugo Chavez’s appointment as President of Venezuela marking the beginning of the modern Latin American Socialism.",{"type":594,"attrs":163360,"content":163361},{"textAlign":49},[163362],{"text":163363,"type":599},"It is a political movement that has stifled significant economic development of the region, the mining sector, and especially, lithium with some of the richest brine resources in the world locked in Chile, Argentina and Bolivia.",{"type":594,"attrs":163365,"content":163366},{"textAlign":49},[163367],{"text":163368,"type":599},"It is a situation that Lithium Americas – a Toronto based company developing the Cauchari-Olaroz lithium project in northern Argentina – hopes will progress it from a 6-year development process to production.",{"type":594,"attrs":163370,"content":163371},{"textAlign":49},[163372],{"text":163373,"type":599},"“For our own [lithium] business, it is as if a switch has been turned on as we are dialoguing with potential investment partners that we would never have heard from even six months ago,” said Kanellitsas.",{"type":594,"attrs":163375,"content":163376},{"textAlign":49},[],{"type":594,"attrs":163378,"content":163379},{"textAlign":49},[163380],{"text":163381,"type":599},"“So we know the reforms are having a meaningful and positive impact and that Argentina today is very much open for business,” he added.",{"type":594,"attrs":163383,"content":163384},{"textAlign":49},[163385],{"text":163386,"type":599},"Argentina has the world’s third largest lithium brine resources after Chile and Bolivia but is fully yet to capitalise on its mineral wealth despite having the extraction and processing knowledge critical to commercialising the speciality mineral.",{"type":594,"attrs":163388,"content":163389},{"textAlign":49},[163390],{"text":163391,"type":599},"FMC Lithium has been operating its Salar de Hombre Muerto in the country since 1997 but has never increased output over 12,000 tpa of lithium carbonate despite a great hope of a significant expansion and one of the world’s elite lithium operations to compete on a volume basis with Chile.",{"type":594,"attrs":163393,"content":163394},{"textAlign":49},[163395],{"text":163396,"type":599},"The company has let its grip on the lithium industry slip over the last decade.",{"type":594,"attrs":163398,"content":163399},{"textAlign":49},[163400],{"text":163401,"type":599},"The country then turned to Orocobre and its Olaroz project in Jujuy, northern Argentina, the first and only lithium brine operation to come into production since lithium’s first exploration boom of the modern era, a phase which began in 2009.",{"type":594,"attrs":163403,"content":163404},{"textAlign":49},[163405],{"text":163406,"type":599},"Orocobre has been the lithium industry’s most successful exploration company taking seven years from establishment to first production and with it Argentina’s first new lithium brine operation since FMC.",{"type":594,"attrs":163408,"content":163409},{"textAlign":49},[163410],{"text":163411,"type":599},"“The changes in government policy will have a positive impact on our operations; reducing costs, increasing revenues, and allowing us to access the supplies and equipment we need in a more normal timeframe,” Orocobre’s Managing Director, Richard Seville, told Benchmark.",{"type":594,"attrs":163413,"content":163414},{"textAlign":49},[163415],{"text":163416,"type":599},"“This does not just affect the here and now but will provide a more positive landscape for future investment decisions,” he added.",{"type":594,"attrs":163418,"content":163419},{"textAlign":49},[163420],{"text":163421,"type":599},"Production ramp up has been slower than expected with the company anticipating between 1012,000 tonnes of lithium carbonate in 2016, its second year of operation, from a 17,000 tpa capacity. However, this a significant improvement on year one which saw just over 1,500 tonnes of lithium carbonate being produced from Olaroz.",{"type":594,"attrs":163423,"content":163424},{"textAlign":49},[163425],{"text":163426,"type":599},"In January and February 2016, Orocobre nearly doubled its monthly output of lithium carbonate to 699 tonnes and 761 tonnes of lithium carbonate respectively, and expects to produce 2,400 tonnes in Q1.",{"type":594,"attrs":163428,"content":163429},{"textAlign":49},[163430],{"text":163431,"type":599},"The company’s expansion is the quickest supply of lithium carbonate the lithium market can expect. As a result, it raised A$85m in February to aid the ramp up and strengthen its financial position. The fact that the raise was three-times oversubscribed was a result of putting two of the hottest investment prospects – lithium and Argentina – together.",{"type":594,"attrs":163433,"content":163434},{"textAlign":49},[163435],{"text":163436,"type":599},"Within weeks of Macri’s election, the first lithium deal of the country’s new era was announced when Lithium X Energy acquired the Sal de los Angeles lithium-potash brine project (formerly known as the Diablillos project) on 3 March 2016.",{"type":594,"attrs":163438,"content":163439},{"textAlign":49},[163440],{"text":163441,"type":599},"The move saw the Vancouverbased company’s shares spike by 60%.",{"type":594,"attrs":163443,"content":163444},{"textAlign":49},[163445],{"text":163446,"type":599},"“The new government has rapidly removed many of the restrictions that made operating a successful lithium business in Argentina difficult,” Lithium X’s vice president of exploration, William Randall, explained to Benchmark.",{"type":594,"attrs":163448,"content":163449},{"textAlign":49},[163450],{"text":163451,"type":599},"“The most important thing for us was the elimination of a dual exchange rate and the ability to get funds out of the country freely,” he added.",{"type":657,"attrs":163453,"content":163454},{"level":985,"textAlign":49},[163455],{"text":163456,"type":599}," Chile waivers, Codelco prepares",{"type":594,"attrs":163458,"content":163459},{"textAlign":49},[163460],{"text":163461,"type":599},"It is an interesting turn of events that at the same time as Argentina was conducting a 180 degree turn on economic policy, Chile continues to waiver on the future direction of its lithium industry.",{"type":594,"attrs":163463,"content":163464},{"textAlign":49},[163465],{"text":163466,"type":599},"In a situation unfathomable even 18 months ago, it appears Chile now has a greater political risk than Argentina.",{"type":594,"attrs":163468,"content":163469},{"textAlign":49},[163470],{"text":163471,"type":599},"The world’s number one producer of lithium from brine sources has been hesitant to open up the country to new exploration and grant new extraction rights to its existing producers – SQM and Albemarle.",{"type":594,"attrs":163473,"content":163474},{"textAlign":49},[163475],{"text":163476,"type":599},"While Albemarle was granted new extraction rights in February which tripled the quota of lithium it is allowed to extract for the next 27 years at a rate of 70,000 tpa lithium carbonate and 6,000 tpa lithium chloride, SQM remains in limbo amid disputes with the Chilean government and former Chairman, Julio Ponce. As a result, the company has invested in Argentina.",{"type":594,"attrs":163478,"content":163479},{"textAlign":49},[163480],{"text":163481,"type":599},"SQM has long been the volume leader in the lithium industry since its entry into the market in the mid1990s.",{"type":594,"attrs":163483,"content":163484},{"textAlign":49},[163485],{"text":163486,"type":599},"The country has also been reluctant to grant new lithium exploration rights with Li3 Energy’s Maricunga project and Talison Lithium’s Salares 7, the only development stage assets of note.",{"type":594,"attrs":163488,"content":163489},{"textAlign":49},[163490],{"text":163491,"type":599},"Chile also sees the Pedernales brine resources as another promising area of new production.",{"type":594,"attrs":163493,"content":163494},{"textAlign":49},[163495],{"text":163496,"type":599},"The future of Chile’s lithium industry may lie in a form of nationalisation, something that has been overshadowing its sector since the late 2000s.",{"type":594,"attrs":163498,"content":163499},{"textAlign":49},[163500],{"text":163501,"type":599},"For many years now the government has wanted a tighter grip on its lithium industry and in an interview with Benchmark, Chile’s Minster for Mines, Aurora Williams, spoke on this possibility.",{"type":594,"attrs":163503,"content":163504},{"textAlign":49},[163505],{"text":163506,"type":599},"“President Bachelet introduced the National Lithium Policy in January.",{"type":594,"attrs":163508,"content":163509},{"textAlign":49},[163510],{"text":163511,"type":599},"She has also entrusted Codelco to study the business mechanisms that could be used in the exploration and mining of lithium, particularly with reference to Maricunga and Pedernales,” explained Williams.",{"type":594,"attrs":163513,"content":163514},{"textAlign":49},[163515],{"text":163516,"type":599},"“In addition, and through one of its subsidiaries called Codelco Lab, the company is expanding its initiatives in areas of lithium innovation in Chile. Codelco Lab is mostly focussed on copper projects today, but it is being opened up to both molybdenum and lithium,” the minister added.",{"type":594,"attrs":163518,"content":163519},{"textAlign":49},[163520],{"text":163521,"type":599},"Government-owned Codelco, the country’s biggest copper miner, and its potential entry into the lithium market leaves a question mark over the future of lithium exploration in the country.",{"type":594,"attrs":163523,"content":163524},{"textAlign":49},[163525],{"text":163526,"type":599},"With Albemarle, SQM and potentially Codelco all active in the lithium industry, would Chile be willing to allow plots of land in the Atacama, Maricunga or Pedernales open up to smaller, international exploration companies?",{"type":594,"attrs":163528,"content":163529},{"textAlign":49},[163530],{"text":163531,"type":599},"It is more likely that Chile will save its most significant lithium resources for its major producers, and those it has more ownership in.",{"type":594,"attrs":163533,"content":163534},{"textAlign":49},[163535],{"text":163536,"type":599},"This strategy is the complete opposite to what is being proposed in Argentina.",{"type":594,"attrs":163538,"content":163539},{"textAlign":49},[163540],{"text":163541,"type":599},"Even in the most severe of political environments, Argentina still courted international exploration of its lithium assets, though these policies ultimately prevented the majority of projects reaching production, primarily through a lack of international investment.",{"type":594,"attrs":163543,"content":163544},{"textAlign":49},[163545],{"text":163546,"type":599},"Such a scenario in Chile would leave questions over any SQM expansion in the Atacama while seeing the rise of a significant industrial competitor in Codelco.",{"type":594,"attrs":163548,"content":163549},{"textAlign":49},[163550],{"text":163551,"type":599},"It is also a situation that is pushing SQM to look outside of Chile’s borders for new lithium resources for the first time.",{"type":657,"attrs":163553,"content":163554},{"level":985,"textAlign":49},[163555],{"text":163556,"type":599}," SQM targeted",{"type":594,"attrs":163558,"content":163559},{"textAlign":49},[163560],{"text":163561,"type":599},"SQM is one of Chile’s major success stories of the modern era, but it has also been targeted by the domestic press in recent weeks forcing it to deny exporting to North Korea.",{"type":594,"attrs":163563,"content":163564},{"textAlign":49},[163565],{"text":163566,"type":599},"“It is not true that SQM exported lithium products to North Korea,” the company explained.",{"type":594,"attrs":163568,"content":163569},{"textAlign":49},[163570],{"text":163571,"type":599},"“Two exports to the South Korean port of Busan were erroneously reflected as having been sent to North Korea in the export records… the numerical codes for these two countries are very similar,” it added.",{"type":594,"attrs":163573,"content":163574},{"textAlign":49},[163575],{"text":163576,"type":599},"South Korea’s lithium-ion battery industry is a major and growing customer for SQM.",{"type":594,"attrs":163578,"content":163579},{"textAlign":49},[163580],{"text":163581,"type":599},"Claims that SQM would risk this business relationship by exporting small volumes to North Korea is bizarre but another example of the anti-company rhetoric that has characterised the past 12 months.",{"type":594,"attrs":163583,"content":163584},{"textAlign":49},[163585],{"text":163586,"type":599},"SQM also had to clarify its position on royalty taxes it pays to the government after further criticism in the domestic press.",{"type":594,"attrs":163588,"content":163589},{"textAlign":49},[163590],{"text":163591,"type":599},"The producer is also continuing with its negotiations over new lithium extraction rights in the Atacama, eyeing a similar deal that was granted to Albemarle in Q1.",{"type":594,"attrs":163593,"content":163594},{"textAlign":49},[163595],{"text":163596,"type":599},"Speaking to Benchmark, the Chilean government comment: “At this point there’s a memorandum of understanding (MoU) under discussion that needs to be completed in order to formalise any modification of the contract. So it’s at the MoU stage,” explained the minster for mines.",{"type":594,"attrs":163598,"content":163599},{"textAlign":49},[163600],{"text":163601,"type":599},"“The situation that could develop between SQM and Corfo is down to a contractual relationship between those two parties,” Williams added.",{"type":594,"attrs":163603,"content":163604},{"textAlign":49},[163605],{"text":163606,"type":599},"The question for industry participants is not necessarily over SQM’s present lithium production in the Atacama but whether the company will be allowed to significantly expand to meet the rapidly growing demand or has to look outside of its borders to grow its business.",{"type":594,"attrs":163608,"content":163609},{"textAlign":49},[163610],{"text":163611,"type":599},"At the same time, Argentina’s lithium production is set to double to over the next 12-18 months while welcoming new investors for additional supply, SQM being the latest.",{"type":594,"attrs":163613,"content":163614},{"textAlign":49},[163615],{"text":163616,"type":599},"Lithium-ion battery producers await with interest.","As Chile waivers on lithium development, Argentina opens its doors to new business and welcomes SQM investment in the Salar de Cauchri",[163619],{"slug":544,"name":543,"content":163620},{"job_title":557,"image":163621,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"57121404-6eb3-4caf-99fc-a295d3b6a4ef\", \"id\": \"\"}-->",[163624,163625,163626],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":163628,"copyright":547,"fieldtype":553,"meta_data":163629,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3011f2f4fc/bm-screen-shot-2016-07-21-at-133253.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 21, 2016",{"id":163632,"uuid":163633,"name":163634,"slug":163635,"full_slug":163636,"content":163637},112474991714131,"1de842f8-b0e4-41b3-8aef-d37695656423","Are battery regulations up in the air?","are-battery-regulations-up-in-the-air","article/are-battery-regulations-up-in-the-air",{"_uid":163638,"date":163176,"tags":163639,"editor":163640,"content":163644,"excerpt":163650,"featured":50,"reporter":163952,"_editable":163956,"component":864,"seo_title":163634,"categories":163957,"visibility":882,"author_company":49,"featured_image":163960,"seo_description":163650,"author_full_name":49,"author_job_title":49,"formattedDate":163630},"40a873b9-6648-496b-a164-85ba87be4166",[],[163641],{"slug":544,"name":543,"content":163642},{"job_title":557,"image":163643,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":163645},[163646,163651,163656,163661,163666,163671,163676,163681,163686,163691,163696,163701,163706,163711,163716,163719,163724,163729,163734,163739,163744,163749,163754,163759,163764,163769,163774,163779,163784,163789,163794,163799,163804,163809,163814,163819,163824,163829,163834,163837,163842,163847,163852,163857,163862,163867,163872,163877,163882,163887,163892,163897,163902,163907,163912,163917,163922,163927,163932,163937,163942,163947],{"type":594,"attrs":163647,"content":163648},{"textAlign":49},[163649],{"text":163650,"type":599},"The damage inflicted by hoverboard thermal runaway has provoked further debate over lithium-ion battery safety and transportation, and shone a light on the darker recesses of supply chains.",{"type":594,"attrs":163652,"content":163653},{"textAlign":49},[163654],{"text":163655,"type":599}," By Simon Rees",{"type":594,"attrs":163657,"content":163658},{"textAlign":49},[163659],{"text":163660,"type":599},"It’s a story of cheap alternatives and counterfeits, of corners being cut and producers – including ones who strove to be safe – being tarred with the same brush. Images of scorched walls, fire-gutted rooms and the faces of frightened consumers are used to highlight the damage done.",{"type":594,"attrs":163662,"content":163663},{"textAlign":49},[163664],{"text":163665,"type":599},"Hoverboards became an overnight sensation in 2015. But unlike the devices imagined in Back to the Future II, these hoverboards do not actually float: they are relatively compact and commonly have wheels embedded on either side.",{"type":594,"attrs":163667,"content":163668},{"textAlign":49},[163669],{"text":163670,"type":599},"Their designers responded to the success by ordering more units from Asian manufacturing hubs, specifically China. Sales boomed on the wave of enthusiasm, particularly as the 2015 holiday season approached.",{"type":594,"attrs":163672,"content":163673},{"textAlign":49},[163674],{"text":163675,"type":599},"It was at this point cheaper and unknown brands flooded into the market. They were accompanied by counterfeits of more famous hoverboards or close imitations that played fast and loose with copyright.",{"type":594,"attrs":163677,"content":163678},{"textAlign":49},[163679],{"text":163680,"type":599},"Keen to save cash, or unsure of what they were buying, many consumers purchased these devices.",{"type":594,"attrs":163682,"content":163683},{"textAlign":49},[163684],{"text":163685,"type":599},"More worryingly, fires related to hoverboards stated to be reported.",{"type":594,"attrs":163687,"content":163688},{"textAlign":49},[163689],{"text":163690,"type":599},"The UK’s National Trading Standards Agency announced in early December that it had examined 17,000 hoverboards from October 15 until December 3 and found 15,000 (88%) to be unsafe.",{"type":594,"attrs":163692,"content":163693},{"textAlign":49},[163694],{"text":163695,"type":599},"On December 24, the US Pipeline and Hazardous Materials Safety Administration (PHMSA) said its investigators had intercepted 32 cargo containers filled with hoverboards, noting they were improperly prepared for shipment as a hazardous material.",{"type":594,"attrs":163697,"content":163698},{"textAlign":49},[163699],{"text":163700,"type":599},"More than 80% of the shippers were unable to produce validated test reports, the PHMSA noted. It also stressed that failure to comply with US hazardous materials regulations risked civil penalties and, for wilful violations, potential criminal liability.",{"type":594,"attrs":163702,"content":163703},{"textAlign":49},[163704],{"text":163705,"type":599},"Many shops and online retailers responded by insisting on documentation to double-check standards or stopped selling the technology altogether. Amazon delisted several brands in the US in mid-December and, by mid-January, offered a full refund package for its American hoverboard customers.",{"type":594,"attrs":163707,"content":163708},{"textAlign":49},[163709],{"text":163710,"type":599},"US Consumer Product Safety Commission (CPSC) chairman Elliot Kaye welcomed Amazon’s decision on January 20. “I expect other retailers and manufacturers of hoverboards to take action and offer a full refund,” he added.",{"type":594,"attrs":163712,"content":163713},{"textAlign":49},[163714],{"text":163715,"type":599},"In the meantime, the CPSC advised people to have a fire extinguisher to hand when using or charging hoverboards in the home. Kaye also warned consumers that some manufacturers might have faked safety marks.",{"type":594,"attrs":163717,"content":163718},{"textAlign":49},[],{"type":657,"attrs":163720,"content":163721},{"level":985,"textAlign":49},[163722],{"text":163723,"type":599}," Positives and negatives",{"type":594,"attrs":163725,"content":163726},{"textAlign":49},[163727],{"text":163728,"type":599},"Using lithium-ion battery packs in hoverboards makes sense for several reasons: they are compact, light and can deliver a great deal of power. They can also stand up to the rigours of being used over fairly large distances.",{"type":594,"attrs":163730,"content":163731},{"textAlign":49},[163732],{"text":163733,"type":599},"The technology has a 25-year development history and has been utilised across many platforms.",{"type":594,"attrs":163735,"content":163736},{"textAlign":49},[163737],{"text":163738,"type":599},"Energy capacity was boosted over time by increasing the amount of active material within the cells and maximising the use of available space.",{"type":594,"attrs":163740,"content":163741},{"textAlign":49},[163742],{"text":163743,"type":599},"This led to extremely slender separators between the electrodes, the anode and cathode. That can carry some risk and readers might recall the mid-2000s laptop overheating scare.",{"type":594,"attrs":163745,"content":163746},{"textAlign":49},[163747],{"text":163748,"type":599},"Here it was discovered that tiny metallic dust particles – inadvertently introduced during the cell manufacturing stage – would sometimes consolidate against the separator, perforate it and eventually create a short circuit.",{"type":594,"attrs":163750,"content":163751},{"textAlign":49},[163752],{"text":163753,"type":599},"The current produced by this would cause temperatures to rise.",{"type":594,"attrs":163755,"content":163756},{"textAlign":49},[163757],{"text":163758,"type":599},"This introduced a risk of overheating and even venting, which usually leads to a cell bursting.",{"type":594,"attrs":163760,"content":163761},{"textAlign":49},[163762],{"text":163763,"type":599},"But sometimes the venting resulted in flame, an affected cell then causing its neighbours to respond in kind. This caused thermal runaway, the propagation of which can often be both fast and intense.",{"type":594,"attrs":163765,"content":163766},{"textAlign":49},[163767],{"text":163768,"type":599},"With hoverboards there is a line of thought that cheap or faulty batteries were unable to withstand the rigors of usage – that the cell separators or other core components were knocked out of alignment, leading to short circuits and thermal runaway.",{"type":594,"attrs":163770,"content":163771},{"textAlign":49},[163772],{"text":163773,"type":599},"However, faulty chargers could also be responsible as they enabled users to overcharge their devices, introducing the threat of overheating this way.",{"type":594,"attrs":163775,"content":163776},{"textAlign":49},[163777],{"text":163778,"type":599},"It will take some time before global data on the fires is examined in detail, while various safety bodies are now catching up with hoverboard-specific certification.",{"type":594,"attrs":163780,"content":163781},{"textAlign":49},[163782],{"text":163783,"type":599},"For example, the US-based safety organisation Underwriters Laboratories (UL) only unveiled a certification test designed purely for hoverboards, UL 2272, on February 2. Beforehand, only the components of hoverboards, such as cells, packs and modules, were covered by UL standards.",{"type":594,"attrs":163785,"content":163786},{"textAlign":49},[163787],{"text":163788,"type":599},"“[Our] engineering teams have now developed the appropriate requirements and methodology to confidently evaluate and test the entire self-balancing scooter [hoverboard] for electrical and firehazard safety as a system,” UL Energy and Power Technologies Division vice president and general manager Jeff Smidt said at the time.",{"type":657,"attrs":163790,"content":163791},{"level":985,"textAlign":49},[163792],{"text":163793,"type":599}," Dragon’s den",{"type":594,"attrs":163795,"content":163796},{"textAlign":49},[163797],{"text":163798,"type":599},"Cheaper components, specifically batteries, enabled some hoverboard makers to boost profit margins or lower sticker prices in order to win market share. Others might have sought components and batteries away from their usual suppliers as they came under pressure to fulfil burgeoning order books.",{"type":594,"attrs":163800,"content":163801},{"textAlign":49},[163802],{"text":163803,"type":599},"And herein lay the greatest risks: for every Chinese battery maker assembling world-class products in immaculate settings, there are those that depend on manual labour with middling-to-poor standards.",{"type":594,"attrs":163805,"content":163806},{"textAlign":49},[163807],{"text":163808,"type":599},"“Manual production can mean consistency is fairly low and certainly not as good as machinemade products,” Cadex CEO Isidor Buchmann told Benchmark. “It’s rather like fast-food hamburgers: they might all look alike, but the quality can vary greatly.” Some hoverboard companies might have ended up with batteries they believed to be bona fide and sourced from a reputable manufacturer when, in fact, they were being sold goods under false pretences.",{"type":594,"attrs":163810,"content":163811},{"textAlign":49},[163812],{"text":163813,"type":599},"For example, a manufacturer with a fair reputation might test its batteries and set aside those that worked but failed to fully pass quality controls. But instead of being discarded, these batteries then make their way onto the market at clearance prices.",{"type":594,"attrs":163815,"content":163816},{"textAlign":49},[163817],{"text":163818,"type":599},"Falling into unscrupulous hands, they could be resold as authentic at the full price or at a further discount to achieve a quick sale.",{"type":594,"attrs":163820,"content":163821},{"textAlign":49},[163822],{"text":163823,"type":599},"Here inexperienced purchasers might have been duped or failed to ask the right questions regarding provenance.",{"type":594,"attrs":163825,"content":163826},{"textAlign":49},[163827],{"text":163828,"type":599},"With this in mind, some US-based sales companies might be surprised to discover that the batteries they sourced had a far more convoluted journey from battery maker to hoverboard than first thought.",{"type":594,"attrs":163830,"content":163831},{"textAlign":49},[163832],{"text":163833,"type":599},"On other occasions the batteries might simply be no-name products, sold at discount prices and accompanied only by claims that the necessary standards had been met.",{"type":594,"attrs":163835,"content":163836},{"textAlign":49},[],{"type":594,"attrs":163838,"content":163839},{"textAlign":49},[163840],{"text":163841,"type":599},"“Stay away from clearance batteries – just don’t use them,” Buchmann warned. “We use specified manufacturers like Panasonic, Samsung or LG. We would be extremely cautious of a non-brand Chinese-made battery.”",{"type":657,"attrs":163843,"content":163844},{"level":985,"textAlign":49},[163845],{"text":163846,"type":599}," Clipped wings",{"type":594,"attrs":163848,"content":163849},{"textAlign":49},[163850],{"text":163851,"type":599},"Airlines and freight carriers were quick to note the potential danger posed by hoverboards once reports of the fires became widely known. Effective January 13, the International Air Transport Association (IATA) noted 76 airlines had prohibited hoverboards and other self-balancing devices.",{"type":594,"attrs":163853,"content":163854},{"textAlign":49},[163855],{"text":163856,"type":599},"On January 5, an International Civil Aviation Organization (ICAO) bulletin remarked that passengers and crew should be allowed to travel with devices powered by batteries of up to 100 Wh.",{"type":594,"attrs":163858,"content":163859},{"textAlign":49},[163860],{"text":163861,"type":599},"Devices over 100 Wh but below 160 Wh needed approval from an operator, while anything in excess of 160 Wh should be forbidden.",{"type":594,"attrs":163863,"content":163864},{"textAlign":49},[163865],{"text":163866,"type":599},"Hoverboard safety has undoubtedly fed into wider debates about the commercial transport of batteries by air. On February 22, the ICAO announced a measure to prohibit, on an interim basis, the shipment of lithium-ion batteries as cargo on passenger aircraft.",{"type":594,"attrs":163868,"content":163869},{"textAlign":49},[163870],{"text":163871,"type":599},"“This interim prohibition will continue to be in force as separate work continues through ICAO on a new lithium battery packaging performance standard, currently expected by 2018,” ICAO council president Olumuyiwa Benard Aliu said.",{"type":594,"attrs":163873,"content":163874},{"textAlign":49},[163875],{"text":163876,"type":599},"The measure becomes effective on April 1 but does not relate to devices carried by passengers or crew. It is not compulsory but most countries will give the measure serious consideration, according to BBC News.",{"type":594,"attrs":163878,"content":163879},{"textAlign":49},[163880],{"text":163881,"type":599},"On February 19, the US National Transportation Safety Board (NTSB) unveiled two safety recommendations concerning lithium-ion batteries on cargo aircraft.",{"type":594,"attrs":163883,"content":163884},{"textAlign":49},[163885],{"text":163886,"type":599},"It seeks to outline the separation of batteries from other flammable and hazardous materials, as well as establish maximum loading density that restricts the quantities of batteries and flammable hazardous materials.",{"type":594,"attrs":163888,"content":163889},{"textAlign":49},[163890],{"text":163891,"type":599},"The NTSB also stated that lithium-ion batteries might provide an ignition source for a fire or explosion; become a source of fuel for an existing fire; or possibly create explosive conditions when subjected to overheating.",{"type":594,"attrs":163893,"content":163894},{"textAlign":49},[163895],{"text":163896,"type":599},"At a political level, the US Aviation Innovation, Reform and Reauthorization Act (2016) was introduced for Congressional consideration at the start of February.",{"type":594,"attrs":163898,"content":163899},{"textAlign":49},[163900],{"text":163901,"type":599},"If enacted, it will have a major effect of lithium-ion battery transportation.",{"type":594,"attrs":163903,"content":163904},{"textAlign":49},[163905],{"text":163906,"type":599},"Under Section 615, the Act would seek to establish legislation for best practices in lithium-ion battery air transport, as well as harmonising international co-operation in this field.",{"type":594,"attrs":163908,"content":163909},{"textAlign":49},[163910],{"text":163911,"type":599},"The Act also lays foundations for establishing a lithium-ion air safety advisory committee. Among its many tasks, the committee would facilitate communication across battery and aviation chains. It would also explore the effectiveness of regulations and assess their social and economic impact.",{"type":657,"attrs":163913,"content":163914},{"level":985,"textAlign":49},[163915],{"text":163916,"type":599}," Final warning",{"type":594,"attrs":163918,"content":163919},{"textAlign":49},[163920],{"text":163921,"type":599},"For hoverboard manufacturers, importers, and retailers a final warning shot was fired over their bows in a letter from the CPSC dated February 18.",{"type":594,"attrs":163923,"content":163924},{"textAlign":49},[163925],{"text":163926,"type":599},"They were told to prove their goods met UL 2272 standards and requirements, and that associated battery products must also comply with legislation.",{"type":594,"attrs":163928,"content":163929},{"textAlign":49},[163930],{"text":163931,"type":599},"Seizure or detention of unproven products was threatened, while the government body also cited powers to impose civil and criminal penalties for failures to report required information.",{"type":594,"attrs":163933,"content":163934},{"textAlign":49},[163935],{"text":163936,"type":599},"Those who believe their devices might be defective must report this or be prepared to face fines and/or jail time.",{"type":594,"attrs":163938,"content":163939},{"textAlign":49},[163940],{"text":163941,"type":599},"The letter also noted there had been 52 fires relating to hoverboards in the USA from December 1 2015 until February 17, with over $2 million in property damage caused.",{"type":594,"attrs":163943,"content":163944},{"textAlign":49},[163945],{"text":163946,"type":599},"Amazon.com delisted hoverboards on February 23, with only decals and accessories for hoverboards available at that time. Walmart, the largest shopping chain in the US, Toys R’ Us, Target and others also responded by withdrawing hoverboards from their websites.",{"type":594,"attrs":163948,"content":163949},{"textAlign":49},[163950],{"text":163951,"type":599},"The lesson of the hoverboard’s sorry saga is now abundantly clear: standards must be met and maintained when it comes to batteries. Negligent cost cutting or ignorance that increases safety risks is simply playing with fire, both figuratively and literally.",[163953],{"slug":544,"name":543,"content":163954},{"job_title":557,"image":163955,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"40a873b9-6648-496b-a164-85ba87be4166\", \"id\": \"\"}-->",[163958,163959],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":163961,"copyright":547,"fieldtype":553,"meta_data":163962,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b392abb753/bm-screen-shot-2016-07-21-at-134326.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":163964,"uuid":163965,"name":163966,"slug":163967,"full_slug":163968,"content":163969},112474977271232,"23acffd9-4bfc-4efd-92ce-8b2096e31891","Slow and Steady","slow-and-steady","article/slow-and-steady",{"_uid":163970,"date":163176,"tags":163971,"editor":163972,"content":163976,"excerpt":164211,"featured":50,"reporter":164212,"_editable":164216,"component":864,"seo_title":163966,"categories":164217,"visibility":882,"author_company":49,"featured_image":164220,"seo_description":164211,"author_full_name":49,"author_job_title":49,"formattedDate":163630},"a09335a3-4ffe-40ee-a68d-2ae239632eb9",[],[163973],{"slug":544,"name":543,"content":163974},{"job_title":557,"image":163975,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":163977},[163978,163983,163988,163993,163998,164003,164008,164013,164018,164023,164026,164031,164036,164041,164046,164051,164056,164061,164066,164071,164076,164081,164086,164091,164096,164101,164106,164111,164116,164121,164126,164131,164136,164141,164146,164151,164156,164161,164166,164171,164176,164181,164186,164191,164196,164201,164206],{"type":594,"attrs":163979,"content":163980},{"textAlign":49},[163981],{"text":163982,"type":599}," Benchmark Mineral Intelligence met with Chile’s Minister for Mines, Aurora Williams and discussed SQM, Codelco, the environment, and how, despite interest in lithium skyrocketing, the country is choosing a slow, steady path to long term development of its lithium resources.",{"type":594,"attrs":163984,"content":163985},{"textAlign":49},[163986],{"text":163987,"type":599},"Chile has been a curious case for the lithium industry.",{"type":594,"attrs":163989,"content":163990},{"textAlign":49},[163991],{"text":163992,"type":599},"The country is the world’s leading producer of lithium compounds from brine, sourced in the Atacama Desert, one of the most hostile places on the planet. Not only are the world’s two largest lithium chemical companies operating from the Salar de Atacama, but it is also the lithium source with the lowest cost production.",{"type":594,"attrs":163994,"content":163995},{"textAlign":49},[163996],{"text":163997,"type":599},"Therefore, with lithium demand growing considerably compared to over the last five years, one would have expected supply from Chile’s own SQM SA and US-based Albemarle (formerly Rockwood Lithium and Chemetall) to have grown as well.",{"type":594,"attrs":163999,"content":164000},{"textAlign":49},[164001],{"text":164002,"type":599},"But there has been no new lithium supply from the Atacama in this time period and Chile’s stagnation has been Australia and China’s gain.",{"type":594,"attrs":164004,"content":164005},{"textAlign":49},[164006],{"text":164007,"type":599},"Australia is the world’s leading producer of the traditional hard rock lithium source, spodumene, which is exported to China and converted into lithium chemicals. It is a higher cost source to brine and one many would not have expected to come to the rescue of the industry.",{"type":594,"attrs":164009,"content":164010},{"textAlign":49},[164011],{"text":164012,"type":599},"This leaves many questioning Chile ’s position in the market while Australia and China erode its share, especially with the added pressure of a rejuvenated Argentina – the world’s second largest brine source – under new leadership.",{"type":594,"attrs":164014,"content":164015},{"textAlign":49},[164016],{"text":164017,"type":599},"Chile’s problem would have been solved with simple extension of the extraction quota both of its producers adhere to, but it is an issue that has grown more complex and political, especially with SQM.",{"type":594,"attrs":164019,"content":164020},{"textAlign":49},[164021],{"text":164022,"type":599},"Speaking with Benchmark Mineral Intelligence, Chile’s minister of mining Aurora Williams openly discussed the state of affairs for its lithium industry, the political and environmental issues and the potential for a major industrial competitor to enter the fray – Codelco.",{"type":594,"attrs":164024,"content":164025},{"textAlign":49},[],{"type":657,"attrs":164027,"content":164028},{"level":15966,"textAlign":49},[164029],{"text":164030,"type":599}," How does Chile view lithium?",{"type":594,"attrs":164032,"content":164033},{"textAlign":49},[164034],{"text":164035,"type":599},"First and foremost, Chile sees the lithium market as one of high growth – and one with many applications, particularly in relation to power storage.",{"type":657,"attrs":164037,"content":164038},{"level":15966,"textAlign":49},[164039],{"text":164040,"type":599}," You recently granted Albemarle [through Rockwood Lithium] additional extraction rights; will you grant SQM the same rights?",{"type":594,"attrs":164042,"content":164043},{"textAlign":49},[164044],{"text":164045,"type":599},"At this point there’s a memorandum of understanding (MoU) under discussion that needs to be completed in order to formalise any modification of the contract. So it’s at the MoU stage.",{"type":594,"attrs":164047,"content":164048},{"textAlign":49},[164049],{"text":164050,"type":599},"The situation that could develop between SQM and Corfo is down to a contractual relationship between those two parties.",{"type":657,"attrs":164052,"content":164053},{"level":15966,"textAlign":49},[164054],{"text":164055,"type":599}," Is there a timetable to that?",{"type":594,"attrs":164057,"content":164058},{"textAlign":49},[164059],{"text":164060,"type":599},"Right now the points are being discussed between Corfo and SQM – a process we’re not part of at this stage.",{"type":657,"attrs":164062,"content":164063},{"level":15966,"textAlign":49},[164064],{"text":164065,"type":599}," There have been disputes with SQM shareholders; do you think they will be resolved soon and how do you think they might be?",{"type":594,"attrs":164067,"content":164068},{"textAlign":49},[164069],{"text":164070,"type":599},"We don’t issue opinions on differences that might be occurring within a company. That’s something to do with the specific administration of that company.",{"type":657,"attrs":164072,"content":164073},{"level":15966,"textAlign":49},[164074],{"text":164075,"type":599}," How do you view Codelco and lithium? Will they be entering the lithium space?",{"type":594,"attrs":164077,"content":164078},{"textAlign":49},[164079],{"text":164080,"type":599},"President Bachelet introduced the National Lithium Policy in January.",{"type":594,"attrs":164082,"content":164083},{"textAlign":49},[164084],{"text":164085,"type":599},"She has also entrusted Codelco to study the business mechanisms that could be used in the exploration and mining of lithium, particularly with reference to Maricunga and Pedernales.",{"type":594,"attrs":164087,"content":164088},{"textAlign":49},[164089],{"text":164090,"type":599},"In addition, and through one of its subsidiaries called Codelco Lab, the company is expanding its initiatives in areas of lithium innovation in Chile. Codelco Lab is mostly focussed on copper projects today, but it is being opened up to both molybdenum and lithium.",{"type":657,"attrs":164092,"content":164093},{"level":985,"textAlign":49},[164094],{"text":164095,"type":599}," So will there be state assistance for Codelco specifically in relation to lithium and technological development?",{"type":594,"attrs":164097,"content":164098},{"textAlign":49},[164099],{"text":164100,"type":599},"There’s a lithium agreement already in place between Codelco and Corfo with reference to the research of lithium applications. In particular, there’s a connection here between power storage and lithium, especially with relation to solar power, something that’s very important for the north of Chile.",{"type":594,"attrs":164102,"content":164103},{"textAlign":49},[164104],{"text":164105,"type":599},"Any collaboration or assistance by the state will come through the institutional framework of Corfo.",{"type":657,"attrs":164107,"content":164108},{"level":15966,"textAlign":49},[164109],{"text":164110,"type":599}," Would Chile seek to include educational and research institutes, such as universities, within its lithium strategy?",{"type":594,"attrs":164112,"content":164113},{"textAlign":49},[164114],{"text":164115,"type":599},"There’s great interest in mining in general among Chilean academics and institutes. Lithium is a growing market but the copper market is extremely important for our country – Chile is not looking to replace copper with lithium. However, we want to and will play an integral role in the future of lithium.",{"type":594,"attrs":164117,"content":164118},{"textAlign":49},[164119],{"text":164120,"type":599},"We see great opportunities ahead; Chile has the second-largest lithium reserves in the world, so entering and developing that market – with an eye on the technological side – will be significant.",{"type":594,"attrs":164122,"content":164123},{"textAlign":49},[164124],{"text":164125,"type":599},"For example, the world has power issues and lithium’s role in energy storage is going to be vital. We see and know that our country will be a major market participant and one that adds great value.",{"type":657,"attrs":164127,"content":164128},{"level":15966,"textAlign":49},[164129],{"text":164130,"type":599}," So which route in lithium development will Chile favour overall – through state or market forces?",{"type":594,"attrs":164132,"content":164133},{"textAlign":49},[164134],{"text":164135,"type":599},"Chile’s policy is to withhold lithium from mining concessions. The way our mining law has been formulated in this regard does not fit the way lithium is both found and extracted.",{"type":594,"attrs":164137,"content":164138},{"textAlign":49},[164139],{"text":164140,"type":599},"Our mining concession legislation relates to solid bodies/hard bodies and is not compatible with an ore or mineral found in a different type of environment, like lithium, which is found in the salt flats, the salares. These have ecosystems closely linked to water issues.",{"type":657,"attrs":164142,"content":164143},{"level":15966,"textAlign":49},[164144],{"text":164145,"type":599}," So would the government favour working with large companies who could successfully monitor the environmental effects of lithium extraction?",{"type":594,"attrs":164147,"content":164148},{"textAlign":49},[164149],{"text":164150,"type":599},"The protection of the ecosystem will be carried out by a non-metals mining committee that was created in January and will have its first sitting in March. This committee will be made up of bodies involved in exploration or mining for lithium in Chile. For example, the Chilean Nuclear Energy Commission, the Chilean Copper Commission, the National Geology and Mining Service, the Ministry of Economy, the Ministry of the Interior and Public Security, and the Ministry of Mining among others.",{"type":594,"attrs":164152,"content":164153},{"textAlign":49},[164154],{"text":164155,"type":599},"The committee will be in charge of protecting the salt flats and its fragile ecosystem. And then, on the other hand, it will be through Codelco that we will look for the most efficient and effective business mechanisms.",{"type":594,"attrs":164157,"content":164158},{"textAlign":49},[164159],{"text":164160,"type":599},"On that last point, that includes exploration – even small-scale activity?",{"type":594,"attrs":164162,"content":164163},{"textAlign":49},[164164],{"text":164165,"type":599},"Yes that’s correct.",{"type":657,"attrs":164167,"content":164168},{"level":15966,"textAlign":49},[164169],{"text":164170,"type":599}," Do you have any thoughts on energy, renewables and mining projects?",{"type":594,"attrs":164172,"content":164173},{"textAlign":49},[164174],{"text":164175,"type":599},"There’s two important points here. Firstly, what are the energy needs of the sector? Secondly, what is the cost of accessing that energy?",{"type":594,"attrs":164177,"content":164178},{"textAlign":49},[164179],{"text":164180,"type":599},"Chile can have an important role to play in the development of nonconventional energy sources, such as the development of solar energy.",{"type":594,"attrs":164182,"content":164183},{"textAlign":49},[164184],{"text":164185,"type":599},"And it’s feasible to develop these non-traditional energy sources in the same areas where mining is focussed. The same is true for wind energy. Today, in northern Chile we have large solar power fields and wind farms that obviously also help mining to reduce their costs.",{"type":657,"attrs":164187,"content":164188},{"level":15966,"textAlign":49},[164189],{"text":164190,"type":599}," What expectations does the Chilean government have in terms of engagement and corporate social responsibility?",{"type":594,"attrs":164192,"content":164193},{"textAlign":49},[164194],{"text":164195,"type":599},"First of all Chile has signed Convention 169 recognising its indigenous populations and so, based on our lengthy history of mining development, we believe in a participatory model that is early, anticipated and expansive. That means mining projects would have to develop community ties even before working on a territory – and not only in the area where the extraction impact would occur but across the entire logistics chain.",{"type":594,"attrs":164197,"content":164198},{"textAlign":49},[164199],{"text":164200,"type":599},"An important development for Chile was a review of the nation’s environmental assessment system. A committee of experts under the Ministry of the Environment’s auspices will soon present results so that we have an efficient environmental assessment system.",{"type":594,"attrs":164202,"content":164203},{"textAlign":49},[164204],{"text":164205,"type":599},"And when we say efficient, we not only mean protecting the environment’s health, but also a system that is flexible and can lead to cost reductions, because this is an area associated with some high costs.",{"type":594,"attrs":164207,"content":164208},{"textAlign":49},[164209],{"text":164210,"type":599},"We also seek to establish mechanisms for citizen participation, whether that’s indigenous communities or non-indigenous communities, that will help make us more efficient in the assessment of projects as well.","Benchmark Mineral Intelligence met with Chile’s Minister for Mines, Aurora Williams and discussed SQM, Codelco, the environment, and how, despite interest in lithium skyrocketing, the country is choosing a slow, steady path to long term development of its lithium resources.",[164213],{"slug":544,"name":543,"content":164214},{"job_title":557,"image":164215,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a09335a3-4ffe-40ee-a68d-2ae239632eb9\", \"id\": \"\"}-->",[164218,164219],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":164221,"copyright":547,"fieldtype":553,"meta_data":164222,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d49ff3ad8a/bm-screen-shot-2016-07-21-at-140403.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":164224,"uuid":164225,"name":164226,"slug":164227,"full_slug":164228,"content":164229},112474919385246,"b6d04d1c-5f2e-49d8-ad2e-53bc1638054e","A pilgrim’s progress","a-pilgrims-progress","article/a-pilgrims-progress",{"_uid":164230,"date":163176,"tags":164231,"editor":164232,"content":164236,"excerpt":164489,"featured":50,"reporter":164490,"_editable":164494,"component":864,"seo_title":164226,"categories":164495,"visibility":882,"author_company":49,"featured_image":164498,"seo_description":164489,"author_full_name":49,"author_job_title":49,"formattedDate":163630},"0a508bda-83e0-4747-9083-dfe77828114f",[],[164233],{"slug":544,"name":543,"content":164234},{"job_title":557,"image":164235,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":164237},[164238,164243,164248,164253,164258,164263,164268,164273,164278,164283,164288,164293,164298,164303,164308,164313,164318,164323,164328,164333,164338,164343,164348,164353,164358,164363,164368,164373,164378,164383,164388,164393,164398,164403,164408,164413,164418,164423,164428,164433,164438,164443,164448,164453,164458,164463,164468,164473,164478,164483,164486],{"type":594,"attrs":164239,"content":164240},{"textAlign":49},[164241],{"text":164242,"type":599},"VW’s road to redemption continues as it puts faith in its new EV platform ",{"type":594,"attrs":164244,"content":164245},{"textAlign":49},[164246],{"text":164247,"type":599},"By Simon Rees",{"type":594,"attrs":164249,"content":164250},{"textAlign":49},[164251],{"text":164252,"type":599},"If a week is a long time in politics, then the past few quarters must have felt like a lifetime for Volkswagen Group (VW) management.",{"type":594,"attrs":164254,"content":164255},{"textAlign":49},[164256],{"text":164257,"type":599},"The German automaking giant was rocked by scandal in September 2015 when news broke it had illegally fitted defeat devices on popular diesel models in the US over several years.",{"type":594,"attrs":164259,"content":164260},{"textAlign":49},[164261],{"text":164262,"type":599},"The software enabled the vehicles to falsely pass nitrogen oxides (NOx) emissions tests.",{"type":594,"attrs":164264,"content":164265},{"textAlign":49},[164266],{"text":164267,"type":599},"Millions of diesel vehicles were affected worldwide, with VW having to explain itself and develop expensive retrofit programmes to begin fixing the problem.",{"type":594,"attrs":164269,"content":164270},{"textAlign":49},[164271],{"text":164272,"type":599},"The impact of Dieselgate on the company’s bottom line has been eyewatering: €16.2 billion ($18.27 billion) was listed under “special items” in the full-year 2015 results, most of which related to the scandal.",{"type":594,"attrs":164274,"content":164275},{"textAlign":49},[164276],{"text":164277,"type":599},"To put it in greater perspective, the cost of Dieselgate exceeded the Israeli defence budget for 2015.",{"type":594,"attrs":164279,"content":164280},{"textAlign":49},[164281],{"text":164282,"type":599},"In addition, VW postponed the publication of interim results from its internal investigation under legal advice. The company now estimates completion during Q4 2016.",{"type":594,"attrs":164284,"content":164285},{"textAlign":49},[164286],{"text":164287,"type":599},"Investigations by various government agencies around the world are ongoing, while efforts are also underway to reach settlements in US class-action lawsuits.",{"type":594,"attrs":164289,"content":164290},{"textAlign":49},[164291],{"text":164292,"type":599},"VW Group CEO Matthias Müller was contrite once more with the release of the full-year 2015 results on April 28.",{"type":594,"attrs":164294,"content":164295},{"textAlign":49},[164296],{"text":164297,"type":599},"“[The issue] will remain our most important task until the very last vehicle has been put in order,” he said.",{"type":657,"attrs":164299,"content":164300},{"level":985,"textAlign":49},[164301],{"text":164302,"type":599}," Sign of the times",{"type":594,"attrs":164304,"content":164305},{"textAlign":49},[164306],{"text":164307,"type":599},"But perhaps the time for sackcloth and ashes is slowly coming to an end.",{"type":594,"attrs":164309,"content":164310},{"textAlign":49},[164311],{"text":164312,"type":599},"For all its fiscal horrors, Dieselgate at least delivered a Damascene moment for VW with relation to its business model.",{"type":594,"attrs":164314,"content":164315},{"textAlign":49},[164316],{"text":164317,"type":599},"It now wants to put electric vehicles (EVs) at the heart of its operations.",{"type":594,"attrs":164319,"content":164320},{"textAlign":49},[164321],{"text":164322,"type":599},"“We plan to make electric cars one of Volkswagen’s new hallmarks,” Müller said on April 28.",{"type":594,"attrs":164324,"content":164325},{"textAlign":49},[164326],{"text":164327,"type":599},"The company revealed further details during a June 16 presentation about its new plans under the umbrella title: “Together – Strategy 2025.”",{"type":594,"attrs":164329,"content":164330},{"textAlign":49},[164331],{"text":164332,"type":599},"It intends to bring 30 EVs onto the market over the next ten years and believes sales of these models will be between 2m and 3m units by 2025.",{"type":594,"attrs":164334,"content":164335},{"textAlign":49},[164336],{"text":164337,"type":599},"The new models are expected to comprise between 20% and 25% of total unit sales for VW by 2025.",{"type":594,"attrs":164339,"content":164340},{"textAlign":49},[164341],{"text":164342,"type":599},"The company also believes EVs will comprise 25% of the global passenger car market by that time.",{"type":594,"attrs":164344,"content":164345},{"textAlign":49},[164346],{"text":164347,"type":599},"In addition, VW stressed it would increase investment in the development of self-driving systems, artificial intelligence and other new technologies.",{"type":594,"attrs":164349,"content":164350},{"textAlign":49},[164351],{"text":164352,"type":599},"Group-wide investment to achieve Strategy 2025 will require “doubledigit” billions in euros, the funding for which will be found by increasing efficiencies, productivity and optimisation.",{"type":594,"attrs":164354,"content":164355},{"textAlign":49},[164356],{"text":164357,"type":599},"“To ensure they [investments] can be financed, operational excellence above all else is to be increased significantly across all divisions and functions,” VW said.",{"type":594,"attrs":164359,"content":164360},{"textAlign":49},[164361],{"text":164362,"type":599},"Greater elaboration of Strategy 2025 will come in the following months, with a detailed programme relating to brands and functions to be unveiled before year-end.",{"type":594,"attrs":164364,"content":164365},{"textAlign":49},[164366],{"text":164367,"type":599},"Specific measures and financial targets will accompany this.",{"type":594,"attrs":164369,"content":164370},{"textAlign":49},[164371],{"text":164372,"type":599},"Although the details presented so far are in skeleton form, Strategy 2025 will certainly place VW in the middle of competition to secure the essential feeds for EV manufacture.",{"type":594,"attrs":164374,"content":164375},{"textAlign":49},[164376],{"text":164377,"type":599},"But the company was rather taciturn when it came to batteries, saying it would develop battery technology in the coming years as a “new competency”.",{"type":594,"attrs":164379,"content":164380},{"textAlign":49},[164381],{"text":164382,"type":599},"“The strategic options for participating in the potential revenue stream associated with this and developing battery technology into a new Group competency will be carefully examined,” it added, without further elaboration.",{"type":657,"attrs":164384,"content":164385},{"level":985,"textAlign":49},[164386],{"text":164387,"type":599}," Brave new world",{"type":594,"attrs":164389,"content":164390},{"textAlign":49},[164391],{"text":164392,"type":599},"VW has several reasons to be confident. First and foremost, wellhoned supply chains are in place and assembly capacity already exists, offering vital synergies.",{"type":594,"attrs":164394,"content":164395},{"textAlign":49},[164396],{"text":164397,"type":599},"By contrast, non-automotive companies entering the space have to build from the ground up.",{"type":594,"attrs":164399,"content":164400},{"textAlign":49},[164401],{"text":164402,"type":599},"Secondly, VW has one of the most recognisable brands on the planet and a loyal customer base, albeit one currently bemused and sometimes angered by the Dieselgate revelations.",{"type":594,"attrs":164404,"content":164405},{"textAlign":49},[164406],{"text":164407,"type":599},"It also has a wealth of experience and data to call on.",{"type":594,"attrs":164409,"content":164410},{"textAlign":49},[164411],{"text":164412,"type":599},"The company has great faith in the development of its core EV architecture, with the Modular Electrification Toolkit (MEB) set to play a vital role.",{"type":594,"attrs":164414,"content":164415},{"textAlign":49},[164416],{"text":164417,"type":599},"The MEB will reduce complexity in development and production, the company said. “[It will also] increase efficiency and thus make better use of the system’s economic merits.”",{"type":594,"attrs":164419,"content":164420},{"textAlign":49},[164421],{"text":164422,"type":599},"The first vehicles utilising MEB are expected to reach dealership forecourts by decade’s end.",{"type":594,"attrs":164424,"content":164425},{"textAlign":49},[164426],{"text":164427,"type":599},"VW’s desire to form new partnerships is another significant development. “The era in which our sector kept itself apart from everything is now over, once and for all,” Müller said on April 28.",{"type":594,"attrs":164429,"content":164430},{"textAlign":49},[164431],{"text":164432,"type":599},"“Reservations, solo efforts, or even the illusion of knowing and doing everything better will not help us reach our goals,” he added.",{"type":594,"attrs":164434,"content":164435},{"textAlign":49},[164436],{"text":164437,"type":599},"This new approach will inform the company’s expansion programmes, such as within the key Chinese market.",{"type":594,"attrs":164439,"content":164440},{"textAlign":49},[164441],{"text":164442,"type":599},"VW also wants a greater footprint in entry-level products and noted it was already in advanced partnership talks with regional players, particularly in Asia.",{"type":594,"attrs":164444,"content":164445},{"textAlign":49},[164446],{"text":164447,"type":599},"New technology streams and think-tanks are also receiving investment as part of the efficiency and productivity drive.",{"type":594,"attrs":164449,"content":164450},{"textAlign":49},[164451],{"text":164452,"type":599},"Tied to this, VW announced the opening of a competence centre for technology and innovation at its Wolfsburg HQ on 20 April.",{"type":594,"attrs":164454,"content":164455},{"textAlign":49},[164456],{"text":164457,"type":599},"One of the centre’s current tasks is to test human-machine interaction as work is undertaken on the same drivetrain.",{"type":594,"attrs":164459,"content":164460},{"textAlign":49},[164461],{"text":164462,"type":599},"The transition envisaged by Strategy 2025 is not going to be easy: a great deal of investment and hard work is going to be needed.",{"type":594,"attrs":164464,"content":164465},{"textAlign":49},[164466],{"text":164467,"type":599},"It is also important to stress the final effects of Dieselgate have yet to be felt. The full details of who was responsible and why – and whether anyone in senior management was culpable – are still to come.",{"type":594,"attrs":164469,"content":164470},{"textAlign":49},[164471],{"text":164472,"type":599},"But VW cannot afford to remain static. Strategy 2025 is its response and a clear signal it believes the EV revolution has arrived, is permanent and that it wants a significant market share.",{"type":594,"attrs":164474,"content":164475},{"textAlign":49},[164476],{"text":164477,"type":599},"The strategy also acts as a warning of sorts.",{"type":594,"attrs":164479,"content":164480},{"textAlign":49},[164481],{"text":164482,"type":599},"The new automotive era is picking up pace and there is everything to play for. Automakers still dragging their feet on EVs should take heed or else risk irrelevance and eventual obsolescence.",{"type":594,"attrs":164484,"content":164485},{"textAlign":49},[],{"type":594,"attrs":164487,"content":164488},{"textAlign":49},[],"VW’s road to redemption continues as it puts faith in its new EV platform",[164491],{"slug":544,"name":543,"content":164492},{"job_title":557,"image":164493,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0a508bda-83e0-4747-9083-dfe77828114f\", \"id\": \"\"}-->",[164496,164497],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":164499,"copyright":547,"fieldtype":553,"meta_data":164500,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/96fd30f2d9/bm-screen-shot-2016-07-21-at-193222.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":164502,"uuid":164503,"name":164504,"slug":164505,"full_slug":164506,"content":164507},112474914256953,"a702360d-6324-460a-a621-30cd63a01352","Lithium-ion here to stay, say battery majors, as sub $150/kWh target approaches","lithium-ion-here-to-stay-say-battery-majors-as-sub-150kwh-target-approaches","article/lithium-ion-here-to-stay-say-battery-majors-as-sub-150kwh-target-approaches",{"_uid":164508,"date":163176,"tags":164509,"editor":164510,"content":164514,"excerpt":164525,"featured":50,"reporter":164715,"_editable":164719,"component":864,"seo_title":164504,"categories":164720,"visibility":882,"author_company":49,"featured_image":164724,"seo_description":164525,"author_full_name":49,"author_job_title":49,"formattedDate":163630},"b6a861bb-431e-4fe2-a20b-dc50c230092b",[],[164511],{"slug":544,"name":543,"content":164512},{"job_title":557,"image":164513,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":164515},[164516,164521,164526,164531,164536,164541,164544,164549,164554,164559,164564,164569,164574,164577,164581,164586,164591,164596,164601,164606,164611,164616,164621,164626,164631,164636,164641,164646,164651,164656,164661,164666,164669,164674,164677,164682,164687,164692,164697,164702,164707,164712],{"type":594,"attrs":164517,"content":164518},{"textAlign":49},[164519],{"text":164520,"type":599},"Andrew Miller / @amiller_bmi ",{"type":594,"attrs":164522,"content":164523},{"textAlign":49},[164524],{"text":164525,"type":599},"The great and the good of the battery industry descended upon Fort Lauderdale, Florida in late March, for the 33rd Annual International Battery Seminar.",{"type":594,"attrs":164527,"content":164528},{"textAlign":49},[164529],{"text":164530,"type":599},"A mainstay in the industry calendar for long-time battery experts, the event touched upon all of the leading topics in the burgeoning sector. From cell format to cathode chemistry, advanced materials to recycling, the seminar highlighted the complexity and range of debate surrounding several issues as producers strive towards cost, power and energy density milestones.",{"type":594,"attrs":164532,"content":164533},{"textAlign":49},[164534],{"text":164535,"type":599},"But almost without fail, attendees were in agreement on one point – lithium-ion is here to stay.",{"type":594,"attrs":164537,"content":164538},{"textAlign":49},[164539],{"text":164540,"type":599},"While there are improvements to be made in terms of anode and cathode materials, production efficiencies and cost, to mention just a few areas, lithium-ion is succeeding where almost every other battery technologies have failed – mass-scale adoption.",{"type":594,"attrs":164542,"content":164543},{"textAlign":49},[],{"type":594,"attrs":164545,"content":164546},{"textAlign":49},[164547],{"text":164548,"type":599},"Lithium-ion has been the main beneficiary of growth in demand for rechargeable batteries, soaring to a capacity of over 60GWh in 2020 from around 10GWh in 2005, while competing technology predecessors such as NiMh have stagnated at less than 5GWh capacity.",{"type":594,"attrs":164550,"content":164551},{"textAlign":49},[164552],{"text":164553,"type":599},"And this is before the market enters its real period of growth.",{"type":594,"attrs":164555,"content":164556},{"textAlign":49},[164557],{"text":164558,"type":599},"Benchmark forecasts expect lithium-ion capacities to over double by as early as 2020, with mass scale expansions in production facilities and strong demand growth from the electric vehicle market.",{"type":594,"attrs":164560,"content":164561},{"textAlign":49},[164562],{"text":164563,"type":599},"Both these developments, side by side, will address the final obstacle in attaining mass-market adoption – cost.",{"type":657,"attrs":164565,"content":164566},{"level":985,"textAlign":49},[164567],{"text":164568,"type":599}," Holy grail",{"type":594,"attrs":164570,"content":164571},{"textAlign":49},[164572],{"text":164573,"type":599},"Central to the concept of widespread adoption of lithium-ion cells in the transportation sector has been the idea of a ‘holy grail’ for battery costs – what many believed to be $250/kWh.",{"type":594,"attrs":164575,"content":164576},{"textAlign":49},[],{"type":594,"attrs":164578,"content":164579},{"textAlign":49},[164580],{"text":161414,"type":599},{"type":594,"attrs":164582,"content":164583},{"textAlign":49},[164584],{"text":164585,"type":599},"Denise Gray, CEO & President of LG Chem Power noted that the company have been working with major auto manufacturers to achieve cost savings through improvements in active materials and optimisation of both electrodes and other components.",{"type":594,"attrs":164587,"content":164588},{"textAlign":49},[164589],{"text":164590,"type":599},"These developments alongside the economies of scale the company intends to achieve through facility expansions in South Korea, China and the US (which will allow them to supply over 300,000 EV batteries) have seen the company rally around the cost target of $100/kWh by 2020.",{"type":594,"attrs":164592,"content":164593},{"textAlign":49},[164594],{"text":164595,"type":599},"And while scale is central to the plans of all battery majors over the coming years, it is widely agreed that the marginal improvements in technology are what will drive cost savings post-2025.",{"type":657,"attrs":164597,"content":164598},{"level":985,"textAlign":49},[164599],{"text":164600,"type":599}," Tweaking the tech",{"type":594,"attrs":164602,"content":164603},{"textAlign":49},[164604],{"text":164605,"type":599},"Forecasts from all battery and auto majors centre around lithium-ion being the technology of choice until at least 2030.",{"type":594,"attrs":164607,"content":164608},{"textAlign":49},[164609],{"text":164610,"type":599},"As Michael Fetcenko, Managing Director of BASF Battery Materials North America, outlined in his presentation on battery materials for e-mobility, “What’s next? Better and better lithium-ion (batteries), we believe”.",{"type":594,"attrs":164612,"content":164613},{"textAlign":49},[164614],{"text":164615,"type":599},"Central to these improvements will be further standardisation across cathode chemistries.",{"type":594,"attrs":164617,"content":164618},{"textAlign":49},[164619],{"text":164620,"type":599},"Today, there are several different cathode chemistries being explored across the industry, however there are four such chemistries which are stealing the march on alternatives.",{"type":594,"attrs":164622,"content":164623},{"textAlign":49},[164624],{"text":164625,"type":599},"While the lithium-cobalt-oxide (LCO) chemistry has been, and will remain, a mainstay in the industry since its adoption in portable technologies in the 1990s, speakers agreed the beneficiaries of growth in the transportation sector would be nickel-manganese-cobalt (NMC), nickel-cobalt-aluminium (NCA) and lithium-iron-phosphate (LFP).",{"type":594,"attrs":164627,"content":164628},{"textAlign":49},[164629],{"text":164630,"type":599},"Benchmark research suggests these cathode chemistries accounted for 56% of lithium-ion capacity in 2015, with LCO still representing 33% of the market.",{"type":594,"attrs":164632,"content":164633},{"textAlign":49},[164634],{"text":164635,"type":599},"As transportation overtakes consumer electronics as the leading application for lithium-ion batteries, however, supply of these cathodes will experience exponential growth.",{"type":594,"attrs":164637,"content":164638},{"textAlign":49},[164639],{"text":164640,"type":599},"By as early as 2020, NMC could be employed in over 50 GWh of lithiumion technologies for transportation alone – twenty times its levels today.",{"type":594,"attrs":164642,"content":164643},{"textAlign":49},[164644],{"text":164645,"type":599},"In addition, Tesla’s use of an NCA cathode in its vehicles at the Gigafactory in Nevada, US, and China’s continued push towards LFP for use in e-buses, will see substantial growth in these markets as well.",{"type":594,"attrs":164647,"content":164648},{"textAlign":49},[164649],{"text":164650,"type":599},"And this is before the potential emergence of an even larger application in the form of utility storage devices.",{"type":594,"attrs":164652,"content":164653},{"textAlign":49},[164654],{"text":164655,"type":599},"But while the battery technology was largely agreed upon, developments upstream were less clear among delegates. No more so than when questions were raised around the raw material required to create these technologies.",{"type":657,"attrs":164657,"content":164658},{"level":985,"textAlign":49},[164659],{"text":164660,"type":599}," Upstream impact",{"type":594,"attrs":164662,"content":164663},{"textAlign":49},[164664],{"text":164665,"type":599},"A thorn in the side of almost all battery companies as they have laid the foundations for the growth expected over the coming 5 years has been the availability of raw material.",{"type":594,"attrs":164667,"content":164668},{"textAlign":49},[],{"type":594,"attrs":164670,"content":164671},{"textAlign":49},[164672],{"text":164673,"type":599},"Again this was the case for battery majors at the International Battery Seminar, who were persistently questioned over the role of cobalt following the release of an Amnesty International report uncovering human rights abuses in its production in the DRC.",{"type":594,"attrs":164675,"content":164676},{"textAlign":49},[],{"type":594,"attrs":164678,"content":164679},{"textAlign":49},[164680],{"text":164681,"type":599},"While discussions about how to engineer cobalt out of a battery were plentiful, few answers were offered as to how this would be possible without a shift away from the nickel containing chemistries which companies have invested in for the best part of a decade.",{"type":594,"attrs":164683,"content":164684},{"textAlign":49},[164685],{"text":164686,"type":599},"The availability and sustainable supply of cobalt alongside other battery mainstays of lithium and graphite pose several problems to producers.",{"type":594,"attrs":164688,"content":164689},{"textAlign":49},[164690],{"text":164691,"type":599},"Structurally the markets are underprepared for the significant developments being touted downstream and access to the advanced materials which are engineered from these raw materials could create a potential bottleneck for developments.",{"type":594,"attrs":164693,"content":164694},{"textAlign":49},[164695],{"text":164696,"type":599},"So while downstream producers cemented their certainty over the future direction of the battery market, it will likely fall to companies further upstream to nurture this market and avoid anything which could derail the lithium-ion revolution.",{"type":594,"attrs":164698,"content":164699},{"textAlign":49},[164700],{"text":164701,"type":599},"While the formulas and chemistries may vary, it appears evident that demand for graphite, lithium and cobalt will all increase.",{"type":594,"attrs":164703,"content":164704},{"textAlign":49},[164705],{"text":164706,"type":599},"As Kurt Kelty, Tesla’s Gigafactory procurement team lead noted, the lithium ion dollars have already been invested.",{"type":594,"attrs":164708,"content":164709},{"textAlign":49},[164710],{"text":164711,"type":599},"“We’re banking on lithium-ion [and] we continue to make progress on that” he concluded.",{"type":594,"attrs":164713,"content":164714},{"textAlign":49},[],[164716],{"slug":544,"name":543,"content":164717},{"job_title":557,"image":164718,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"b6a861bb-431e-4fe2-a20b-dc50c230092b\", \"id\": \"\"}-->",[164721,164722,164723],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":164725,"copyright":547,"fieldtype":553,"meta_data":164726,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3ec8ac260d/bm-batteries1.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":164728,"uuid":164729,"name":164730,"slug":164731,"full_slug":164732,"content":164733},112474909103984,"8f5576b4-01db-46e3-8ad7-7549fcb8c55c","Billion-dollar battery bid lays marker for new oil","billion-dollar-battery-bid-lays-marker-for-new-oil","article/billion-dollar-battery-bid-lays-marker-for-new-oil",{"_uid":164734,"date":163176,"tags":164735,"editor":164736,"content":164740,"excerpt":164910,"featured":50,"reporter":164911,"_editable":164915,"component":864,"seo_title":164730,"categories":164916,"visibility":882,"author_company":49,"featured_image":164919,"seo_description":164910,"author_full_name":49,"author_job_title":49,"formattedDate":163630},"efaa6202-eb85-4d27-8cc6-08bf0606937b",[],[164737],{"slug":544,"name":543,"content":164738},{"job_title":557,"image":164739,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":164741},[164742,164747,164752,164757,164762,164767,164772,164777,164782,164787,164792,164795,164800,164805,164810,164815,164820,164825,164830,164835,164840,164845,164850,164855,164860,164865,164870,164875,164880,164885,164890,164895,164900,164905],{"type":594,"attrs":164743,"content":164744},{"textAlign":49},[164745],{"text":164746,"type":599}," Total’s $1.1bn bid for specialist lithium ion battery producer, Saft, expected to be the start of a global trend as oil producers seek hedge against embattled fossil fuel industry",{"type":594,"attrs":164748,"content":164749},{"textAlign":49},[164750],{"text":164751,"type":599},"Energy storage is the new oil. While that may not be a direct comparison, in terms of its importance and the potential impact on the way we produce and consume energy, it is apt.",{"type":594,"attrs":164753,"content":164754},{"textAlign":49},[164755],{"text":164756,"type":599},"It is also a premise that major oil producer, Total SA, is willing to bet $1.1bn on after it made a takeover bid for battery manufacturer, Saft SA in Q2.",{"type":594,"attrs":164758,"content":164759},{"textAlign":49},[164760],{"text":164761,"type":599},"Saft is a specialist producer of a variety of different battery types including lithium ion chemistries used in aerospace, utility and transport applications. Research and development is a core competency of the French company, investing $76m into the area in 2015, the equivalent to 9% of its sales.",{"type":594,"attrs":164763,"content":164764},{"textAlign":49},[164765],{"text":164766,"type":599},"For the first time ever, oil is under threat.",{"type":594,"attrs":164768,"content":164769},{"textAlign":49},[164770],{"text":164771,"type":599},"The threat is not necessarily from extinction, but its long-held strong hold as the world’s dominant source of fuel.",{"type":594,"attrs":164773,"content":164774},{"textAlign":49},[164775],{"text":164776,"type":599},"The way we consume energy is centered on the cars we drive and the power plants and national grids that distribute power to our homes and offices. At present, there is no way to store the energy we use, power plants have to predict when the peak demand will be. If they get this wrong, the energy is wasted.",{"type":594,"attrs":164778,"content":164779},{"textAlign":49},[164780],{"text":164781,"type":599},"If we had the ability to economically store power on a mass scale, it is not just a gamechanger but an energy revolution.",{"type":594,"attrs":164783,"content":164784},{"textAlign":49},[164785],{"text":164786,"type":599},"Low cost, abundant batteries are central to any fourth industrial revolution.",{"type":594,"attrs":164788,"content":164789},{"textAlign":49},[164790],{"text":164791,"type":599},"Without them solar power would not work on a scale to make any serious dent in oil’s market share and electric vehicles would be too expensive and impractical, no matter how sexy they look.",{"type":594,"attrs":164793,"content":164794},{"textAlign":49},[],{"type":594,"attrs":164796,"content":164797},{"textAlign":49},[164798],{"text":164799,"type":599},"Mass producing lower cost and denser lithium ion batteries is the key to cracking this renewable energy conundrum that has been supported by subsidy and failed to take off since developments began in the late-1990s.",{"type":594,"attrs":164801,"content":164802},{"textAlign":49},[164803],{"text":164804,"type":599},"Mass production of better lithium ion batteries is, however, an intensifying trend.",{"type":594,"attrs":164806,"content":164807},{"textAlign":49},[164808],{"text":164809,"type":599},"The battery industry has only seen serious investment in R&D over the last three years, however Benchmark Mineral Intelligence is now tracking at least 12 lithium ion megafactories due to come online by 2020.",{"type":594,"attrs":164811,"content":164812},{"textAlign":49},[164813],{"text":164814,"type":599},"Committed investment into new lithium ion battery capacity in the next 4 years is in excess of $15bn – a figure that does not include any recent acquisitions such as Dyson’s purchase of Satki 3 or Total’s Saft bid.",{"type":594,"attrs":164816,"content":164817},{"textAlign":49},[164818],{"text":164819,"type":599},"Lithium ion batteries and their supply chains are about to go mainstream.",{"type":594,"attrs":164821,"content":164822},{"textAlign":49},[164823],{"text":164824,"type":599},"This has led to significant uptake in the raw materials of lithium, graphite and cobalt.",{"type":594,"attrs":164826,"content":164827},{"textAlign":49},[164828],{"text":164829,"type":599},"Cobalt alone, for example, has seen a three-fold increase in demand from lithium ion batteries in just the last 5 years. Lithium’s price has rocketed by at least 100% in 2016 as a result of increased battery orders.",{"type":594,"attrs":164831,"content":164832},{"textAlign":49},[164833],{"text":164834,"type":599},"Meanwhile, the battery grade graphite sector will need to grow at least three fold in four years to keep pace with demand.",{"type":594,"attrs":164836,"content":164837},{"textAlign":49},[164838],{"text":164839,"type":599},"The supply chain signs have been there for some time.",{"type":594,"attrs":164841,"content":164842},{"textAlign":49},[164843],{"text":164844,"type":599},"Total is seeking, in part, to use the acquisition of Saft to partner with its SunPower division, a producer of solar cells and modules, a business it purchased in 2011. It will also no doubt spend significant further investment to increase battery capacity and enter the utility storage market, an ideal hedge against is oilcentric business.",{"type":594,"attrs":164846,"content":164847},{"textAlign":49},[164848],{"text":164849,"type":599},"The production cost of solar cells has crashed from $5/wh in 2006 to 30 cents in 2016.",{"type":594,"attrs":164851,"content":164852},{"textAlign":49},[164853],{"text":164854,"type":599},"Meanwhile the cost of producing lithium ion battery cells has fallen from $1,200/kWh to $250-300/kWh in the same period.",{"type":594,"attrs":164856,"content":164857},{"textAlign":49},[164858],{"text":164859,"type":599},"Most of all, these decreasing costs have been met by better, more efficient technology.",{"type":594,"attrs":164861,"content":164862},{"textAlign":49},[164863],{"text":164864,"type":599},"While the solar industry has gone through its boom, bust, and real growth cycle, lithium ion batteries are just getting started. Unlike solar’s subsidy fueled rise, funding for the battery industry’s capacity growth is coming from inside the industry – sparked by a race to become the lowest cost cell producer.",{"type":594,"attrs":164866,"content":164867},{"textAlign":49},[164868],{"text":164869,"type":599},"Both technologies are widely tipped to go hand in hand, a strategy that a number of tech-industrialists are seeking to follow, including Tesla Motors’ Elon Musk, which is now merging with Solar City in California.",{"type":657,"attrs":164871,"content":164872},{"level":985,"textAlign":49},[164873],{"text":164874,"type":599}," Total follows Rockefeller, Gates & Zuckerberg",{"type":594,"attrs":164876,"content":164877},{"textAlign":49},[164878],{"text":164879,"type":599},"Total’s ambition to enter the battery industry echoes a new policy from The Rockefeller Family Fund to exit all investments in the fossil fuel industry.",{"type":594,"attrs":164881,"content":164882},{"textAlign":49},[164883],{"text":164884,"type":599},"The $4bn fund that built its fortune on oil and was created by descendants of the grandfather of the global oil industry, John D Rockefeller, announced in March that it will divest from all fossil fuel holdings “as quickly as possible”, of which ExxonMobil is its highest profile asset.",{"type":594,"attrs":164886,"content":164887},{"textAlign":49},[164888],{"text":164889,"type":599},"It also follows the move by Microsoft founder, Bill Gates, to launch the Breakthrough Energy Coalition (BEC) in November 2015, a new initiative that will invest in the low carbon economy supply chain.",{"type":594,"attrs":164891,"content":164892},{"textAlign":49},[164893],{"text":164894,"type":599},"This sector includes lithium ion batteries and precursor raw materials, supply chains for which must develop and increase capacities at a rate never seen before in order to feed the world’s growing hunger for batteries.",{"type":594,"attrs":164896,"content":164897},{"textAlign":49},[164898],{"text":164899,"type":599},"The BEC has a team of 28 of the world’s wealthiest individuals, with a collective wealth of over $400bn, including Facebook’s Mark Zuckerberg, Virgin Group’s Sir Richard Branson and Alibaba’s Jack Ma.",{"type":594,"attrs":164901,"content":164902},{"textAlign":49},[164903],{"text":164904,"type":599},"While Total has made no statements on the future of the oil industry, its strategy is clear with a multi-billion dollar bet that energy storage becomes the new oil.",{"type":594,"attrs":164906,"content":164907},{"textAlign":49},[164908],{"text":164909,"type":599},"Now watch the rest of the oil majors follow suit.","Total’s $1.1bn bid for specialist lithium ion battery producer, Saft, expected to be the start of a global trend as oil producers seek hedge against embattled fossil fuel industry",[164912],{"slug":544,"name":543,"content":164913},{"job_title":557,"image":164914,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"efaa6202-eb85-4d27-8cc6-08bf0606937b\", \"id\": \"\"}-->",[164917,164918],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":164920,"copyright":547,"fieldtype":553,"meta_data":164921,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/db8aed4c25/bm-total-4841a0ae.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":164923,"uuid":164924,"name":164925,"slug":164926,"full_slug":164927,"content":164928},112474903799563,"8ba099cc-19a7-473a-9b12-b46a8fe81eb1","Tesla Model 3: Raw Material Demand Analysed","tesla-model-3-raw-material-demand-analysed","article/tesla-model-3-raw-material-demand-analysed",{"_uid":164929,"date":163176,"tags":164930,"editor":164932,"content":164936,"excerpt":165088,"featured":50,"reporter":165089,"_editable":165093,"component":864,"seo_title":164925,"categories":165094,"visibility":882,"author_company":49,"featured_image":165097,"seo_description":165088,"author_full_name":49,"author_job_title":49,"formattedDate":163630},"e8cfb6ac-fbc0-474b-b313-604306555b4a",[164931],{"slug":3874,"name":3875},[164933],{"slug":544,"name":543,"content":164934},{"job_title":557,"image":164935,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":164937},[164938,164943,164948,164953,164958,164963,164968,164973,164978,164981,164986,164991,164996,165001,165006,165011,165016,165021,165026,165031,165036,165041,165046,165049,165054,165059,165064,165069,165074,165079,165082,165085],{"type":594,"attrs":164939,"content":164940},{"textAlign":49},[164941],{"text":164942,"type":599}," Tesla’s Model 3 pre-orders have rocketed way beyond anyone’s expectations, even Elon Musk’s. As they surged towards 500,000 units in Q2, the question over whether the public wanted to buy electric were resoundingly answered. However, Tesla now faces new challenges, not least that of battery raw material availability. Here, Benchmark Mineral Intelligence looks at the implications for the graphite and lithium industries.",{"type":594,"attrs":164944,"content":164945},{"textAlign":49},[164946],{"text":164947,"type":599},"Battery grade graphite and lithium demand could surge if pre-orders of Tesla Motors’ Model 3 are any indicator of sales between 2017 and 2021.",{"type":594,"attrs":164949,"content":164950},{"textAlign":49},[164951],{"text":164952,"type":599},"Orders for the Model 3 – which there is very little information on at present, including the battery size – reached 325,000 units in its first week pre-orders and now stand above 400,000.",{"type":594,"attrs":164954,"content":164955},{"textAlign":49},[164956],{"text":164957,"type":599},"Analysts expected Tesla to secure between 30,000 to 60,000 orders on day one of Model 3 availability, however expectations were comfortably beaten when Elon Musk revealed 115,000 orders at the end of the official launch.",{"type":594,"attrs":164959,"content":164960},{"textAlign":49},[164961],{"text":164962,"type":599},"As a comparison, in the first 24 hours of the Model S launch, Tesla received 300 reservations while the Model X reached 8,000 pre-orders in its opening day.",{"type":594,"attrs":164964,"content":164965},{"textAlign":49},[164966],{"text":164967,"type":599},"It is important to note that pre-orders of this nature are not sales. However, the Model 3 numbers are significant as it addresses whether the wider public are prepared to buy pure electric vehicles and now focuses the question on whether Tesla can deliver.",{"type":657,"attrs":164969,"content":164970},{"level":985,"textAlign":49},[164971],{"text":164972,"type":599}," How much lithium and graphite?",{"type":594,"attrs":164974,"content":164975},{"textAlign":49},[164976],{"text":164977,"type":599},"There are many assumptions that are made when estimating Tesla’s raw material demand as it ramps up to becoming a mainstream vehicle manufacturer.",{"type":594,"attrs":164979,"content":164980},{"textAlign":49},[],{"type":594,"attrs":164982,"content":164983},{"textAlign":49},[164984],{"text":164985,"type":599},"These include: the size of Model 3’s battery, whether Tesla will use an NCA cathode, ramp up rate of the Gigafactory, bottlenecks in car manufacturing, and drop off in pre-orders versus the new ones that come in.",{"type":594,"attrs":164987,"content":164988},{"textAlign":49},[164989],{"text":164990,"type":599},"Benchmark Mineral Intelligence estimates Model 3 raw material consumption between now and 2021 are as follows:",{"type":594,"attrs":164992,"content":164993},{"textAlign":49},[164994],{"text":164995,"type":599},"In 2021, based on Tesla manufacturing 150,000 Model 3 units in that year, Benchmark estimates that the company will consume 10,800 tonnes of spherical graphite for its anodes and 7,200 tonnes of lithium hydroxide as a cathode raw material.",{"type":594,"attrs":164997,"content":164998},{"textAlign":49},[164999],{"text":165000,"type":599},"In terms of battery raw materials: this is the equivalent of 44% of the world’s battery grade lithium hydroxide and 20% of the world’s spherical graphite consumption in 2015.",{"type":594,"attrs":165002,"content":165003},{"textAlign":49},[165004],{"text":165005,"type":599},"Cumulatively, assuming 325,000",{"type":594,"attrs":165007,"content":165008},{"textAlign":49},[165009],{"text":165010,"type":599},"Model 3 pre-orders convert into sales over the next 5 years – a conservative number considering there is still 18 months before it is launched – the product line will consume a total of 23,400 tonnes of spherical graphite and 15,600 tonnes of lithium hydroxide. What will Tesla’s average annual demand for vehicles be?",{"type":594,"attrs":165012,"content":165013},{"textAlign":49},[165014],{"text":165015,"type":599},"Of course, this demand will not hit the market all at once.",{"type":594,"attrs":165017,"content":165018},{"textAlign":49},[165019],{"text":165020,"type":599},"Tesla is on track to produce 80-90,000 Model S and Model X vehicles in 2016, a significant increase on the 50,580 units it made in 2015.",{"type":594,"attrs":165022,"content":165023},{"textAlign":49},[165024],{"text":165025,"type":599},"If Tesla is able to reach a production total of 300,000 vehicles a year, all with batteries ranging from 60kWh to 90kWh in capacity, its annual demand for spherical graphite in vehicles in 2021 will be over 26,000 tonnes a year.",{"type":594,"attrs":165027,"content":165028},{"textAlign":49},[165029],{"text":165030,"type":599}," In the same period, the company’s lithium hydroxide consumption will be over 17,000 tonnes a year.",{"type":594,"attrs":165032,"content":165033},{"textAlign":49},[165034],{"text":165035,"type":599},"This does not take into account Tesla Energy’s raw material consumption for its Powerwall and Powerpack utility batteries, which could be up an additional 40%.",{"type":594,"attrs":165037,"content":165038},{"textAlign":49},[165039],{"text":165040,"type":599},"Then there is a question of stockpiling: how much will Tesla wish to stockpile?",{"type":594,"attrs":165042,"content":165043},{"textAlign":49},[165044],{"text":165045,"type":599},"Lithium hydroxide would pose a problem if stored longer than 6 months; however spherical graphite can be stockpiled for some time.",{"type":594,"attrs":165047,"content":165048},{"textAlign":49},[],{"type":594,"attrs":165050,"content":165051},{"textAlign":49},[165052],{"text":165053,"type":599},"It would be fair to assume Tesla will require at least one year’s worth of stockpiled material where possible which could further increase its purchases by 25% a year from 2018-2021.",{"type":657,"attrs":165055,"content":165056},{"level":985,"textAlign":49},[165057],{"text":165058,"type":599}," Will Tesla have to compete with China’s megafactories?",{"type":594,"attrs":165060,"content":165061},{"textAlign":49},[165062],{"text":165063,"type":599},"One thing is for certain, Tesla will become one of the largest purchasers of niche raw materials in the world. But with 70% of expected lithium ion battery demand coming from China, securing the necessary volumes will not be an easy feat.",{"type":594,"attrs":165065,"content":165066},{"textAlign":49},[165067],{"text":165068,"type":599},"Benchmark estimates that at least 12 lithium ion battery megafactories are in the pipeline between now and 2020. These are classified as new or existing plants being planned, constructed or expanded to gigawatt hour capacity.",{"type":594,"attrs":165070,"content":165071},{"textAlign":49},[165072],{"text":165073,"type":599},"Of these 12 operations, only two are located in the US (Nevada and Michigan), while 7 are located in China. Europe, Taiwan and Korea are the three other locations expecting significant new battery capacity.",{"type":594,"attrs":165075,"content":165076},{"textAlign":49},[165077],{"text":165078,"type":599},"Not all of these plants will be built to full capacity, but even if only 25% of this new capacity enters the market in the expected timeframe, there will be serious competition for the same raw material supplies.",{"type":594,"attrs":165080,"content":165081},{"textAlign":49},[],{"type":594,"attrs":165083,"content":165084},{"textAlign":49},[],{"type":657,"attrs":165086,"content":165087},{"level":985,"textAlign":49},[],"Tesla’s Model 3 pre-orders have rocketed way beyond anyone’s expectations, even Elon Musk’s. As they surged towards 500,000 units in Q2, the question over whether the public wanted to buy electric were resoundingly answered. However, Tesla now faces new challenges, not least that of battery raw material availability. Here, Benchmark Mineral Intelligence looks at the implications for the graphite and lithium industries.",[165090],{"slug":544,"name":543,"content":165091},{"job_title":557,"image":165092,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e8cfb6ac-fbc0-474b-b313-604306555b4a\", \"id\": \"\"}-->",[165095,165096],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":165098,"copyright":547,"fieldtype":553,"meta_data":165099,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/191bfd9ac6/bm-screen-shot-2016-07-21-at-195923.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":165101,"uuid":165102,"name":165103,"slug":165104,"full_slug":165105,"content":165106},112474899048102,"f72221ff-85ed-49f2-b751-9af4319a5e23","The Great Australian Lithium Rush","the-great-australian-lithium-rush","article/the-great-australian-lithium-rush",{"_uid":165107,"date":163176,"tags":165108,"editor":165110,"content":165114,"excerpt":165710,"featured":50,"reporter":165711,"_editable":165715,"component":864,"seo_title":165103,"categories":165716,"visibility":882,"author_company":49,"featured_image":165720,"seo_description":165710,"author_full_name":49,"author_job_title":49,"formattedDate":163630},"cd5881f9-cd60-4fb4-89a7-13c2f9965563",[165109],{"slug":6567,"name":2038},[165111],{"slug":544,"name":543,"content":165112},{"job_title":557,"image":165113,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":165115},[165116,165123,165130,165137,165144,165151,165158,165163,165168,165173,165178,165183,165186,165191,165196,165201,165206,165211,165216,165221,165226,165231,165236,165241,165246,165251,165256,165261,165266,165271,165276,165281,165286,165291,165296,165301,165306,165309,165314,165319,165324,165329,165334,165339,165344,165349,165354,165359,165364,165367,165372,165377,165382,165387,165392,165397,165402,165407,165412,165417,165422,165427,165432,165437,165442,165447,165452,165457,165462,165467,165472,165477,165482,165487,165492,165497,165502,165507,165512,165517,165522,165527,165532,165537,165542,165547,165552,165557,165562,165567,165572,165577,165582,165587,165592,165597,165602,165605,165610,165615,165620,165625,165630,165635,165640,165645,165650,165653,165658,165663,165668,165673,165676,165681,165686,165691,165696,165707],{"type":594,"attrs":165117,"content":165118},{"textAlign":49},[165119],{"text":165120,"type":599,"marks":165121},"While lithium was the flavour of 2009, this time it is much more significant.",[165122],{"type":643},{"type":594,"attrs":165124,"content":165125},{"textAlign":49},[165126],{"text":165127,"type":599,"marks":165128}," In a world where nearly all commodities are in the doldrums, lithium has been a rare, bright investment opportunity that is underpinned by a real demand story – the energy storage revolution.",[165129],{"type":643},{"type":594,"attrs":165131,"content":165132},{"textAlign":49},[165133],{"text":165134,"type":599,"marks":165135}," The market potential for lithium ion batteries is vast, but the lithium industry has not yet evolved to the requirements of the market.",[165136],{"type":643},{"type":594,"attrs":165138,"content":165139},{"textAlign":49},[165140],{"text":165141,"type":599,"marks":165142}," In short, more lithium supply is needed and in 2016 Australian explorers have reacted first to capitalise.",[165143],{"type":643},{"type":594,"attrs":165145,"content":165146},{"textAlign":49},[165147],{"text":165148,"type":599,"marks":165149}," From the known lithium producing region in Western Australia to Northern Territory, New South Wales and Tasmania, the search for economically viable lithium deposits is well under way. And despite common belief, it is not just limited to hard rock sources.",[165150],{"type":643},{"type":594,"attrs":165152,"content":165153},{"textAlign":49},[165154],{"text":165155,"type":599,"marks":165156}," Cameron Perks reviews the frenzy of activity in the region as Australia seeks to cement its position as the world’s leading source of lithium feedstock.",[165157],{"type":643},{"type":594,"attrs":165159,"content":165160},{"textAlign":49},[165161],{"text":165162,"type":599},"Australia is leading the world’s exploration for lithium.",{"type":594,"attrs":165164,"content":165165},{"textAlign":49},[165166],{"text":165167,"type":599},"A ripple of interest 12 months ago has now turned into a surge of exploration to find the next significant lithium resource. The Australian Stock Exchange has seen the field of lithium explorers double in Q2 2016 alone, all of which are new companies making a bid to find the new Greenbushes resource.",{"type":594,"attrs":165169,"content":165170},{"textAlign":49},[165171],{"text":165172,"type":599},"Greenbushes is the world’s largest hard rock mine – a more simplified term for a lithium locked in spodumene mineralisation hosted in a pegmatite ore. Operated by Talison Lithium, the mine was the source for 41% of the world’s lithium output in 2015 (measured in lithium carbonate equivalent or LCE), according to Benchmark Mineral Intelligence data.",{"type":594,"attrs":165174,"content":165175},{"textAlign":49},[165176],{"text":165177,"type":599},"While Australia does not actually produce any lithium carbonate or hydroxide – the industry’s two primary products used in a variety of products from batteries, ceramics, glass and industrial grease – it is the strategic source for the vast majority of China’s lithium industry.",{"type":594,"attrs":165179,"content":165180},{"textAlign":49},[165181],{"text":165182,"type":599},"Therefore, it is unsurprising that Talison Lithium is majority owned by the leading Chinese producers, Sichuan Tianqi Lithium Industries Inc which hold a 51% stake to Albemarle Corp’s 49%, the largest diversified producer in the US.",{"type":594,"attrs":165184,"content":165185},{"textAlign":49},[],{"type":594,"attrs":165187,"content":165188},{"textAlign":49},[165189],{"text":165190,"type":599},"The ownership structure of such a strategic source of lithium underpins why Australia is central to the world’s rush to secure lithium resources for the energy storage revolution that is beginning to take shape.",{"type":594,"attrs":165192,"content":165193},{"textAlign":49},[165194],{"text":165195,"type":599},"And it is an issue that has always pitted hard rock, spodumene sources versus the traditionally lower cost, brine sources.",{"type":594,"attrs":165197,"content":165198},{"textAlign":49},[165199],{"text":165200,"type":599},"Chile is the world’s leading producer of lithium from brine and, unlike Australia, produces direct lithium carbonate and hydroxide.",{"type":594,"attrs":165202,"content":165203},{"textAlign":49},[165204],{"text":165205,"type":599},"Chile and Australia (together with China) are in a league of their own when it comes to lithium production.",{"type":594,"attrs":165207,"content":165208},{"textAlign":49},[165209],{"text":165210,"type":599},"But progress has not always been easy for Australian spodumene projects since a handful began development in the late2000s in what was the first global lithium rush.",{"type":594,"attrs":165212,"content":165213},{"textAlign":49},[165214],{"text":165215,"type":599},"Galaxy Resources is one such company that is now enjoying a surge in share price, new investments and high demand for newly produced spodumene concentrate from its Mt Cattlin operation.",{"type":594,"attrs":165217,"content":165218},{"textAlign":49},[165219],{"text":165220,"type":599},"However, in 2012, the Mt Cattlin mine in Western Australia was put into care and maintenance due to low lithium prices, a strong Australian dollar, and an uneconomic operating cost base. This was despite raising significant funds in the previous three years and building a lithium carbonate plant in China.",{"type":594,"attrs":165222,"content":165223},{"textAlign":49},[165224],{"text":165225,"type":599},"But the world is a different place now.",{"type":594,"attrs":165227,"content":165228},{"textAlign":49},[165229],{"text":165230,"type":599},"The price of lithium carbonate has surged four-fold within China and increased three fold in the rest of the world in H1 2016, with Benchmark believing the fundamental demand shift in the market is set to support stronger prices for the next 3 years.",{"type":594,"attrs":165232,"content":165233},{"textAlign":49},[165234],{"text":165235,"type":599},"As a result, the outlook for Galaxy Resources and all new lithium entrants has changed.",{"type":594,"attrs":165237,"content":165238},{"textAlign":49},[165239],{"text":165240,"type":599},"In Q2 2016, Galaxy announced that they had recommenced extraction at Mt Cattlin.",{"type":594,"attrs":165242,"content":165243},{"textAlign":49},[165244],{"text":165245,"type":599},"The Mt Cattlin mine, with 16m tonnes of ore at 1.08% lithium and 5.7m pounds of tantalum, has secured offtake of 60,000 tonnes of spodumene to Chinese customers in 2016 and 120,000 tonnes in 2017.",{"type":594,"attrs":165247,"content":165248},{"textAlign":49},[165249],{"text":165250,"type":599},"Neometals is another company that has benefitted greatly from the surge in lithium demand.",{"type":594,"attrs":165252,"content":165253},{"textAlign":49},[165254],{"text":165255,"type":599},"Its flagship project, Mount Marion is located near Kalogoorlie in central southern Western Australia, contains 23.24m tonnes spodumene grading at an average of 1.39% Li2O. Neometals began developing Mount Marion since 2009, and has recently announced that they began mining.",{"type":594,"attrs":165257,"content":165258},{"textAlign":49},[165259],{"text":165260,"type":599},"“It normally takes 7 years from discovery to mining and cashflow,” Chris Reed, Managing Director of Neometals explained to Benchmark.",{"type":594,"attrs":165262,"content":165263},{"textAlign":49},[165264],{"text":165265,"type":599},"“There are multiple dilution events [that slows the start-up process including] resource definition, preliminary economic assessment, and financing,”",{"type":594,"attrs":165267,"content":165268},{"textAlign":49},[165269],{"text":165270,"type":599},"Pilbara has seen the largest surge in share price over the last 12 months rocketing from a low base of A$0.04 to A$0.8 and now settling at A$0.67. The company has gone from unknown status to being one of the leading pack.",{"type":594,"attrs":165272,"content":165273},{"textAlign":49},[165274],{"text":165275,"type":599},"Australia is not associated with brine production, but with lithium brines presenting a long term low-cost production option, it may not be surprising to learn that Australia’s Adelaide Resources Ltd has begun testing salt lakes in South Australia for lithium.",{"type":594,"attrs":165277,"content":165278},{"textAlign":49},[165279],{"text":165280,"type":599},"Adelaide’s exploration license application at Lake Gilles covers an area of 232km2 on the Eyre Peninsula in South Australia, which has been identified by Geoscience Australia as having potential to host lithium.",{"type":594,"attrs":165282,"content":165283},{"textAlign":49},[165284],{"text":165285,"type":599},"Adelaide’s share price has doubled since February, providing an illustration into just how much investors are paying attention to the lithium sector.",{"type":594,"attrs":165287,"content":165288},{"textAlign":49},[165289],{"text":165290,"type":599},"With a strong price outlook, it is no wonder as to why many companies are jumping into lithium.",{"type":594,"attrs":165292,"content":165293},{"textAlign":49},[165294],{"text":165295,"type":599},"Since Q1, the field of explorers has at least doubled, with 30 companies looking for or involved with lithium in Australia, and 11 more looking outside of Australia on the ASX alone. Another 13 are looking on the TSX, primarily in North America, with attempts to take advantage of Tesla’s Gigafactory location and future demand.",{"type":594,"attrs":165297,"content":165298},{"textAlign":49},[165299],{"text":165300,"type":599},"Here, the focus is on what has been discovered in Australia and what has been developed to date.",{"type":657,"attrs":165302,"content":165303},{"level":985,"textAlign":49},[165304],{"text":165305,"type":599}," Western Australia",{"type":594,"attrs":165307,"content":165308},{"textAlign":49},[],{"type":594,"attrs":165310,"content":165311},{"textAlign":49},[165312],{"text":165313,"type":599},"In Q2 2016, Galaxy announced that they had recommenced extraction at Mt Cattlin (subject to 50% earn in by General Mining Corp. Ltd).",{"type":594,"attrs":165315,"content":165316},{"textAlign":49},[165317],{"text":165318,"type":599},"The Mt Cattlin mine, with 16m tonnes of ore at 1.08% lithium and 5.7m pounds of tantalum (Ta2O5), has secured offtake of 60,000 tonnes of spodumene to Chinese customers in 2016 and 120,000 tonnes in 2017.",{"type":594,"attrs":165320,"content":165321},{"textAlign":49},[165322],{"text":165323,"type":599},"In addition to recommencing mining, the company has restarted their lithium and tantalum processing operations in the same month, with maiden shipment of material aimed for Q3 2016.",{"type":594,"attrs":165325,"content":165326},{"textAlign":49},[165327],{"text":165328,"type":599},"Galaxy also holds the James Bay lithium pegmatite project in Canada, as well as the lithium brine project called Sal de Vida, located in Argentina. It is expected that cash flow from their mining operation in Australia will help Sal de Vida move forward in the medium term.",{"type":594,"attrs":165330,"content":165331},{"textAlign":49},[165332],{"text":165333,"type":599},"Lithium Australia NL (previously known as Cobre Montana NL) owns exploration licenses around the Greenbushes mine (80% LIT, 20% private), and in the Cocanarup pegmatite field (100%), southwest of Ravensthorpe, near Galaxy Resources’ Mount Cattlin mine.",{"type":594,"attrs":165335,"content":165336},{"textAlign":49},[165337],{"text":165338,"type":599},"Lithium Australia also owns tenements near Kalgoorlie at Coolgardie (Lepidolite Hill) known as the Coolgardie Rare Metals Venture (80% LIT and 20% Focus Minerals (FML)), as well as in the Pilgangoora area, where the company is exploring for lithium in mica ore, rather than spodumene in conjunction with Pilbara Minerals (PLS). LIT also has tenure in the Bynoe pegmatite field in Northern Territory.",{"type":594,"attrs":165340,"content":165341},{"textAlign":49},[165342],{"text":165343,"type":599},"In February, Lithium Australia joined forces with Venus metals in the Pilgangoora area to test lithium carbonate and lithium hydroxide potential. LIT also holds an alliance Cazaly Resources in the Kalgoorlie area.",{"type":594,"attrs":165345,"content":165346},{"textAlign":49},[165347],{"text":165348,"type":599},"Lithium Australia is also the owner of a process known as ‘Sileach’, which is undertaken at low temperatures and atmospheric pressures to achieve a low energy, environmentally friendly, low-cost extraction of metals, in particular lithium, from silicate minerals. The Sileach process is universal for all lithium silicate ore, including micas, clays and spodumene.",{"type":594,"attrs":165350,"content":165351},{"textAlign":49},[165352],{"text":165353,"type":599},"Mount Marion, located near Kalogoorlie in central southern WA, contains 23.24m tonnes spodumene grading at an average of 1.39% Li2O, according to the project’s JORC compliant resource estimate – with expansion drilling ongoing. The deposit is jointly owned by Neometals Ltd (26.9%), Mineral Resources Ltd (operator, 30%) and Ganfeng Lithium Co. Ltd, China’s second largest lithium producer (43.1%). Ganfeng increased its stake from 25% on 3 February this year, taking shares from Neometals Ltd through an option agreement exercised early.",{"type":594,"attrs":165355,"content":165356},{"textAlign":49},[165357],{"text":165358,"type":599},"Mount Marion has an offtake agreement in place, with Ganfeng agreeing to purchase 100% of the 200,000 tonnes per annum of 6% Li2O spodumene product and 80,000t of 4% Li2O product for the life of the mine, the second agreement is subject to certain conditions, with commissioning of the mine set to begin in the second half of-2016. Ganfeng Lithium achieved RMB 1.4 billion and over 20 thousand tonnes LCE in sales in 2015, leading some lithium commentators to suggest their success will lead them to a takeover of Neometals.",{"type":594,"attrs":165360,"content":165361},{"textAlign":49},[165362],{"text":165363,"type":599},"Neometals also has plans to build its own downstream processing plant overseas with a JV partner within the next three years. The plan has garnered support from the Malaysian authorities, offering fiscal incentives to attract domestic production of lithium compounds, according to Simon Hicks, Neometals’ manager of stakeholder relations.",{"type":594,"attrs":165365,"content":165366},{"textAlign":49},[],{"type":594,"attrs":165368,"content":165369},{"textAlign":49},[165370],{"text":165371,"type":599},"While focused on Australia, Neometals is also in an agreement with Hannans Reward Limited to provide them knowledge and technical assistance to advance their European projects.",{"type":594,"attrs":165373,"content":165374},{"textAlign":49},[165375],{"text":165376,"type":599},"Pilbara Minerals has a 29.5m tonne ore reserve at its 100% owned Pilgangoora Lithium-Tantalite project near Port Headland, grading at 1.31% Li2O and 134ppm Ta2O5.",{"type":594,"attrs":165378,"content":165379},{"textAlign":49},[165380],{"text":165381,"type":599},"The mine reserve underpins an initial mine life of 15 years at a rate of 2m tpa mining and has outlined potential for future production increases to 3m tpa to meet projected battery demand growth.",{"type":594,"attrs":165383,"content":165384},{"textAlign":49},[165385],{"text":165386,"type":599},"The initial metallurgical testwork completed by Pilbara confirms the ability to produce a 6% or greater spodumene concentrate, with estimated Li2O recovery of 77%. In addition, Pilbara has signed 8 memorandums of understanding with what the company calls leading chemical and technical grade customers, for 100% of the forecasted mine production capacity.",{"type":594,"attrs":165388,"content":165389},{"textAlign":49},[165390],{"text":165391,"type":599},"Pilbara Minerals also has an agreement with Lithium Australia, where it is to review the commercial lithium potential of the Pilbara Minerals ground with a view to exploit mineralisation dominated by lithium micas and clays, particularly where they are associated with spodumene.",{"type":594,"attrs":165393,"content":165394},{"textAlign":49},[165395],{"text":165396,"type":599},"It is expected that production for Pilbara Minerals’ flagship Pilgangoona project will commence in 2018.",{"type":594,"attrs":165398,"content":165399},{"textAlign":49},[165400],{"text":165401,"type":599},"Altura released a feasibility study in April this year which found that the 18.47m tonnes of ore contained at their Pilgangoona lithium project could produce 2.744m tonnes of spodumene concentrate. Lithium in the resource is concentrated at 1.07% Li2O.",{"type":594,"attrs":165403,"content":165404},{"textAlign":49},[165405],{"text":165406,"type":599},"Altura has estimated that the project has a net present value of $382m over an initial 12+ year min life based on the current ore reserves. The company also calculated a life of mine cash cost of A$298 per tonne of spodumene concentrate, a variance of about 8% from their mining study’s estimate of A$320 per tonne. A definitive feasibility study is due for completion in Q3 2016.",{"type":594,"attrs":165408,"content":165409},{"textAlign":49},[165410],{"text":165411,"type":599},"In April, the company announced the attainment of their first binding offtake agreement with Chinese based group Lionergy Ltd. The offtake agreement is for a minimum 100,000 tonnes of 6% Li2O chemical grade spodumene concentrate per annum over a five-year period.",{"type":594,"attrs":165413,"content":165414},{"textAlign":49},[165415],{"text":165416,"type":599},"Altura plans to expand metallurgical testing and geotechnical database through further drilling programs after a recent acquisition of tenements from Altas Operations in a nearby area.",{"type":594,"attrs":165418,"content":165419},{"textAlign":49},[165420],{"text":165421,"type":599},"Production is planned for Q3 2017 after a nine-month construction period which will place Altura in an elite group of near term lithium supply companies.",{"type":594,"attrs":165423,"content":165424},{"textAlign":49},[165425],{"text":165426,"type":599},"Cazaly is a recent entrant to the lithium exploration industry – generating a new project in the goldfields of Western Australia in April this year, located adjacent to previously-mined pegmatites averaging 2.5% Li2O.",{"type":594,"attrs":165428,"content":165429},{"textAlign":49},[165430],{"text":165431,"type":599},"Cazaly’s tenements, named Kangaroo Hill, adjoin Lithium Australia’s Coolgardie Rare Metals Venture, where a number of rare element, zoned, pegmatite intrusion have been sporadically mined since the 1920s, primarily as a source of feldspar for the ceramic and glass industries but also for lithium minerals including petalite and lepidolite.",{"type":594,"attrs":165433,"content":165434},{"textAlign":49},[165435],{"text":165436,"type":599},"Cazaly was added to the list of explorers that have joined forces with Lithium Australia in May, with an equally split regional alliance signed to combine their respective holdings for the exploration and development of lithium minerals in the Goldfields region of Western Australia.",{"type":594,"attrs":165438,"content":165439},{"textAlign":49},[165440],{"text":165441,"type":599},"The alliance grants Cazaly 50% of Lithium Australia’s rights to the Coolgardie Rare Metals Venture. The company has also granted a Sileach licence to the alliance for application for Lithium Australia’s processing technology to projects within the Coolgardie venture.",{"type":594,"attrs":165443,"content":165444},{"textAlign":49},[165445],{"text":165446,"type":599},"Cullen Resources Ltd has 4 strategic projects located in Western Australia – two in the Pilbara region, and two in the south-east and south-west of the Greenbushes mine. Timetabling for fieldwork will commence in early Q3, noting that at this stage all Cullen tenement interests are applications only.",{"type":594,"attrs":165448,"content":165449},{"textAlign":49},[165450],{"text":165451,"type":599},"Dakota Minerals’ Lynas Find lithium project is located adjacent to and along strike from Pilbara Minerals’ and Altura Mining’s Pilgangoora deposits, which constitute the second largest hard rock lithium deposit in the world.",{"type":594,"attrs":165453,"content":165454},{"textAlign":49},[165455],{"text":165456,"type":599},"Initial drilling results by Dakota include 35m @ 2.14% Li2O from high grade",{"type":594,"attrs":165458,"content":165459},{"textAlign":49},[165460],{"text":165461,"type":599},"spodumene-bearing pegmatites, with a weighted average of over 1.7% Li2O in the first drill programme of 26 holes. A followup programme is about to commence to define a maiden resource at Lynas Find.",{"type":594,"attrs":165463,"content":165464},{"textAlign":49},[165465],{"text":165466,"type":599},"The company has also identified multiple additional pegmatites in the vicinity grading >1% Li2O. In May, Dakota raised A$12.3m in an oversubscribed placement of 61.6m ordinary shares, and has a current cash position of A$15.2m.",{"type":594,"attrs":165468,"content":165469},{"textAlign":49},[165470],{"text":165471,"type":599},"In April, Exterra was granted an exploration license in the Pilbara region, named the Moolyella Lithium Project. The project also garnered enough attention for the company to raise A$500,000 in the same month.",{"type":594,"attrs":165473,"content":165474},{"textAlign":49},[165475],{"text":165476,"type":599},"Commencement of exploration activities for 2016 are planned to be undertaken this quarter, including surface sampling and aircore/RC drilling.",{"type":594,"attrs":165478,"content":165479},{"textAlign":49},[165480],{"text":165481,"type":599},"While Kidman Resources holds a ~1m ounce gold project at Mt Holland, it has had strong interest from local and offshore companies in respect to its lithium potential. In light of this, the gold miner has begun a technical review into the potential of the Mt Holland’s pegmatites, which are known to contain spodumene.",{"type":594,"attrs":165483,"content":165484},{"textAlign":49},[165485],{"text":165486,"type":599},"In March, Krakatoa announced it had acquired 100% of the Dalgaranga TantalumNiobium Lithium Project located in Western Australia. Krakatoa’s project is unlike many of its competitors in that the primarily lithium component of the ore is Zinnwaldite (a type of mica). The site has seen approximately 6 tonnes of Ta2O5 produced between 2001 and 2003. The company plans to compile existing data, including the reprocessing of available geophysical data during the June 2016 quarter.",{"type":594,"attrs":165488,"content":165489},{"textAlign":49},[165490],{"text":165491,"type":599},"Lithex Resources holds a set of 4 lithium, tin, tantalum and rare earths tenements, covering a total of 40km2 located in the Pilbara and Southern Regions of WA.",{"type":594,"attrs":165493,"content":165494},{"textAlign":49},[165495],{"text":165496,"type":599},"In Q2, Lithex successfully raised just over $800,000 following the issue of almost 34 million new shares.",{"type":594,"attrs":165498,"content":165499},{"textAlign":49},[165500],{"text":165501,"type":599},"While gold exploration is Maximus Resources’ priority, it has like Kidman, looked to review its potential for lithium within its tenements, particularly its Spargoville gold tenements, south west of Kalgoorlie.",{"type":594,"attrs":165503,"content":165504},{"textAlign":49},[165505],{"text":165506,"type":599},"Maximus’ review of its Spargoville database has concluded that the Lefroy prospect has significant potential for lithium mineralization, noting that it sits in a similar structural setting to that hosting the Neometals Mt Marion lithium project.",{"type":594,"attrs":165508,"content":165509},{"textAlign":49},[165510],{"text":165511,"type":599},"The company also holds ground over the Landor lithium prospect, for which initial assay results have returned positively for lithium. Follow up surface mapping is planned for the two prospects going into Q3.",{"type":594,"attrs":165513,"content":165514},{"textAlign":49},[165515],{"text":165516,"type":599},"Kairos, formerly known as Mining Projects Group (MPJ), announced in January that it had agreed to acquire Tyranna Resources’ Lynas Find Assets, renaming the area as the Mt York Pilbara Lithium-Gold Project.",{"type":594,"attrs":165518,"content":165519},{"textAlign":49},[165520],{"text":165521,"type":599},"The project adjoins Pilbara Minerals’ Pilgangoora project, as well as Altura Mining’s Pilgangoora asset.",{"type":594,"attrs":165523,"content":165524},{"textAlign":49},[165525],{"text":165526,"type":599},"Review of existing historical gold resources at the Mt York project is underway with the goal of upgrading the Kairos has applications for four new projects with field evaluation to commence this quarter.",{"type":594,"attrs":165528,"content":165529},{"textAlign":49},[165530],{"text":165531,"type":599},"Metalicity has a secondary focus on the discovery of lithium deposits in the Pilgangoora and Greenbushes districts after their primary focus on their Admiral Bay Zinc Project.",{"type":594,"attrs":165533,"content":165534},{"textAlign":49},[165535],{"text":165536,"type":599},"Assays returned from samples taken at their Pilgangoora South prospect returned 2.45% Li2O from outcropping pegmatites containing spodumene. The drill testing of these targets is anticipated for the third quarter of 2016, while a scoping study is to be completed by mid-2016.",{"type":594,"attrs":165538,"content":165539},{"textAlign":49},[165540],{"text":165541,"type":599},"Mithril is exploring for lithium and gold at its Spargos Reward Project, which is located 18km south of Neometals’ Mt Marion Project.",{"type":594,"attrs":165543,"content":165544},{"textAlign":49},[165545],{"text":165546,"type":599},"Four targets display strong similarities to Mt Marion; pegmatite intrusions within mafic – ultramafic rocks, cross cutting structural features, coincident radiometric anomalies and historic tin – tantalum – lithium mineral occurrences. Fieldwork is to commence during Q3.",{"type":594,"attrs":165548,"content":165549},{"textAlign":49},[165550],{"text":165551,"type":599},"Mithril is also exploring for lithium in the Northern Territory at its Leaky Bore Project.",{"type":594,"attrs":165553,"content":165554},{"textAlign":49},[165555],{"text":165556,"type":599},"Sayona entered the lithium exploration sector in March, when it secured a package of lithium prospective exploration tenements.",{"type":594,"attrs":165558,"content":165559},{"textAlign":49},[165560],{"text":165561,"type":599},"The two projects, named Tabba Tabba and Mt Edon stretch over a 364 km2 area.",{"type":594,"attrs":165563,"content":165564},{"textAlign":49},[165565],{"text":165566,"type":599},"Further mapping, geochemistry and analysis of pegmatites is planned over the tenement areas in order to identify prospective lithium targets for drilling.",{"type":594,"attrs":165568,"content":165569},{"textAlign":49},[165570],{"text":165571,"type":599},"The company is also focused on Canada, with a recent announcement stating their intention to acquire 100% of the advanced Authier lithium deposit in Quebec.",{"type":594,"attrs":165573,"content":165574},{"textAlign":49},[165575],{"text":165576,"type":599},"Segue announced in March that it had entered into an option and purchase agreement with Next Advancements Pty Ltd, a company with tenements in the Gasoyne Region of Western Australia. The tenements are adjacent to exploration license applications held by Lithium Australia and Venus Metals Corporation limited (VMC).",{"type":594,"attrs":165578,"content":165579},{"textAlign":49},[165580],{"text":165581,"type":599},"In April, Segue entered into a farm-in joint venture with Zeus Resources Limited (ZEU) along strike to tenements held by Next Advancements. It was announced that Segue had commenced a fieldwork programme at the Mortimer Hills JV, in conjunction with the existing exploration work being undertaken at Segue’s other tenements in the Gascoyne region.",{"type":594,"attrs":165583,"content":165584},{"textAlign":49},[165585],{"text":165586,"type":599},"While Tungsten Mining is focused on tungsten projects, it has a lithium asset called Lake Seabrook. Lake Seabrook, despite the name, is prospective for lithiummica pegmatites close to the shore.",{"type":594,"attrs":165588,"content":165589},{"textAlign":49},[165590],{"text":165591,"type":599},"Venus Metals has made exploration applications over six strategic lithium tantalum project areas in Western Australia, the Pilgangoora Northeast and Stannum projects in the Pilbara, the Nardoo project in the Capricorn, the Poona Project in the Murchison, and two tenements in the Greenbushes province of Western Australia.",{"type":594,"attrs":165593,"content":165594},{"textAlign":49},[165595],{"text":165596,"type":599},"In February, shortly after the acquisition of its Greenbushes tenements, Venus announced that it had joined forces with Lithium Australia to explore for lithium potential in its Pilgangoora project. Lithium Australia will contribute access to its Sileach technologies.",{"type":657,"attrs":165598,"content":165599},{"level":985,"textAlign":49},[165600],{"text":165601,"type":599},"Northern Territory",{"type":594,"attrs":165603,"content":165604},{"textAlign":49},[],{"type":594,"attrs":165606,"content":165607},{"textAlign":49},[165608],{"text":165609,"type":599},"Gold and copper explorer Adelaide Resources has been prompted into taking up exploration licenses for lithium after intense investor focus on the mineral.",{"type":594,"attrs":165611,"content":165612},{"textAlign":49},[165613],{"text":165614,"type":599},"The company has taken out exploration license application EL31211 named Newlands Creek, which the company says shows potential to host mineralisation.",{"type":594,"attrs":165616,"content":165617},{"textAlign":49},[165618],{"text":165619,"type":599},"Core is focused on its Finniss Lithium project in the Bynoe Pegmatite Field, and the Annungie Lithium project in the North Arunta Pegmatite Province.",{"type":594,"attrs":165621,"content":165622},{"textAlign":49},[165623],{"text":165624,"type":599},"Core reported in February that, while little modern systematic exploration for lithium has been conducted on its tenements, recent results and research indicates strong prospective lithium grades.",{"type":594,"attrs":165626,"content":165627},{"textAlign":49},[165628],{"text":165629,"type":599},"Core plans to commence field exploration of the large tenement application areas in the Anningie and Barrow Creek in May 2016, with assay results from Finnis expected during May and June 2016.",{"type":594,"attrs":165631,"content":165632},{"textAlign":49},[165633],{"text":165634,"type":599},"The company also plans to begin reconnaissance evaluation of pegmatites in the Harts Range Pegmatites Field toward the end of Q3 2016.",{"type":594,"attrs":165636,"content":165637},{"textAlign":49},[165638],{"text":165639,"type":599},"Liontown has defined 10 lithium targets at its Bynoe lithium-tantalum project in the Northern Territory ahead of a maiden drilling program, with drilling to commence in the second quarter of 2016.",{"type":594,"attrs":165641,"content":165642},{"textAlign":49},[165643],{"text":165644,"type":599},"Targets include the Hang Gong pegmatite which is >390m long, up to 60m wide at surface and where strongly weathered spodumene, as well as the Sandras pegmatite which is over 300m long, up to 40m wide and coincident with a 1km long, strong lithium-in-soils anomaly.",{"type":657,"attrs":165646,"content":165647},{"level":985,"textAlign":49},[165648],{"text":165649,"type":599}," New South Wales",{"type":594,"attrs":165651,"content":165652},{"textAlign":49},[],{"type":594,"attrs":165654,"content":165655},{"textAlign":49},[165656],{"text":165657,"type":599},"Platypus Minerals is a lone lithium explorer in New South Wales, with an exploration license application north of Broken Hill.",{"type":594,"attrs":165659,"content":165660},{"textAlign":49},[165661],{"text":165662,"type":599},"The company is exploring for amblygonite, a lithium rich phosphate mineral that can contain up to 10% Li2O.",{"type":594,"attrs":165664,"content":165665},{"textAlign":49},[165666],{"text":165667,"type":599},"Lepidico, to be acquired by Platypus Minerals in May 2016, are seeking to unlock the potential value of overlooked lithium deposits in conjunction with Lithium Australia, Crusader, Focus Minerals Limited (FML), and European Metal Holdings (EMH) in various capacities. Lithium Australia and Lepidico are linked directly and also indirectly through activities with Focus Minerals.",{"type":657,"attrs":165669,"content":165670},{"level":985,"textAlign":49},[165671],{"text":165672,"type":599},"Tasmania",{"type":594,"attrs":165674,"content":165675},{"textAlign":49},[],{"type":594,"attrs":165677,"content":165678},{"textAlign":49},[165679],{"text":165680,"type":599},"Argosy Minerals Ltd has executed a heads of agreement with Geotech International Pty Ltd, granting the company a two-year option period to purchase the Mount Paris lithium project in the state.",{"type":594,"attrs":165682,"content":165683},{"textAlign":49},[165684],{"text":165685,"type":599},"Argosy is already targeting lithium on an exploration license 60km northeast of Launceston, in northern Tasmania, in an extensive greisen swarm prospective for spodumene, lithium micas and lithium clays (hectorite).",{"type":594,"attrs":165687,"content":165688},{"textAlign":49},[165689],{"text":165690,"type":599},"A report released by the company in February this year states that the Mount Paris project to has “analogous geological setting to the Cinovec project [owned by ASX-listed European Metals Holding Ltd] – Europe’s largest lithium deposit”.",{"type":594,"attrs":165692,"content":165693},{"textAlign":49},[165694],{"text":165695,"type":599},"The company plans to continue progressing works at Mt Paris, as well as to consider new opportunities for possible acquisition.",{"type":594,"attrs":165697,"content":165698},{"textAlign":49},[165699,165703],{"text":165700,"type":599,"marks":165701}," Author:",[165702],{"type":643},{"text":165704,"type":599,"marks":165705}," Cameron Perks is a critical minerals geologist and analyst based in Perth, Australia",[165706],{"type":643},{"type":594,"attrs":165708,"content":165709},{"textAlign":49},[],"In a world where nearly all commodities are in the doldrums, lithium has been a rare, bright investment opportunity that is underpinned by a real demand story – the energy storage revolution.",[165712],{"slug":544,"name":543,"content":165713},{"job_title":557,"image":165714,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cd5881f9-cd60-4fb4-89a7-13c2f9965563\", \"id\": \"\"}-->",[165717,165718,165719],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":165721,"copyright":547,"fieldtype":553,"meta_data":165722,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/68d424a1d9/bm-screen-shot-2016-07-21-at-202625.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":165724,"uuid":165725,"name":165726,"slug":165727,"full_slug":165728,"content":165729},112474894313025,"98a7dffe-8d7f-4b60-a78c-12181e2f16ce","Hot Rocks","hot-rocks","article/hot-rocks",{"_uid":165730,"date":163176,"tags":165731,"editor":165732,"content":165736,"excerpt":165742,"featured":50,"reporter":165923,"_editable":165927,"component":864,"seo_title":165726,"categories":165928,"visibility":882,"author_company":49,"featured_image":165931,"seo_description":165742,"author_full_name":49,"author_job_title":49,"formattedDate":163630},"f9f31f1f-4492-4034-9a13-793bf95bb170",[],[165733],{"slug":544,"name":543,"content":165734},{"job_title":557,"image":165735,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":165737},[165738,165743,165747,165752,165757,165762,165767,165772,165777,165782,165787,165792,165797,165802,165807,165812,165817,165822,165827,165832,165837,165842,165847,165852,165857,165862,165867,165872,165875,165880,165885,165890,165895,165900,165905,165910,165915,165920],{"type":594,"attrs":165739,"content":165740},{"textAlign":49},[165741],{"text":165742,"type":599},"Among its various uses, high purity quartz is an integral component in solar’s manufacturing chain, used to create the crucibles in which silicon ingots are produced as the basis for solar PV. Its fortunes are tied to a renewable that looks set to help shape the future of energy.",{"type":594,"attrs":165744,"content":165745},{"textAlign":49},[165746],{"text":163655,"type":599},{"type":594,"attrs":165748,"content":165749},{"textAlign":49},[165750],{"text":165751,"type":599},"Quartz has been exploited by humans since prehistoric times. The Roman naturalist and philosopher Pliny the Elder contemplated clear quartz and argued it must be a form of petrified ice, created over an immense length of time.",{"type":594,"attrs":165753,"content":165754},{"textAlign":49},[165755],{"text":165756,"type":599},"Given the limitations of Ancient science, Pliny’s assessment was noteworthy for at least recognising some kind of geological force had been at work.",{"type":594,"attrs":165758,"content":165759},{"textAlign":49},[165760],{"text":165761,"type":599},"His audience was curious because the material was prized for making beautiful vessels, jewels and pendants. It commanded high prices that only the noblest houses could afford.",{"type":594,"attrs":165763,"content":165764},{"textAlign":49},[165765],{"text":165766,"type":599},"Today, quartz in rock or sand plays a critical role in almost every facet of life, with a plethora of applications stretching from sandpaper to fertilisers, cement to speciality lenses.",{"type":594,"attrs":165768,"content":165769},{"textAlign":49},[165770],{"text":165771,"type":599},"But less well known among the general public is the role of high purity quartz.",{"type":594,"attrs":165773,"content":165774},{"textAlign":49},[165775],{"text":165776,"type":599},"High purity quartz sand comprises more than 99.995% silicon dioxide (SiO2), with the higher grades used to create crucibles needed by manufacturers in the semiconductor and solar photovoltaic (PV) industries.",{"type":594,"attrs":165778,"content":165779},{"textAlign":49},[165780],{"text":165781,"type":599},"It also plays a role in the manufacture of tubing for high-temperature lighting, while slightly lower grades are used in making parts like rods, wafer carriers and windows for semiconductor and solar photovoltaic (PV) manufacturers.",{"type":594,"attrs":165783,"content":165784},{"textAlign":49},[165785],{"text":165786,"type":599},"“Most people haven’t paid much attention to high purity quartz sand because they don’t look beyond silicon metal to the full supply chain necessary for solar PV manufacture,” HPQ Materials CEO Stuart Jones told Benchmark Mineral Intelligence.",{"type":594,"attrs":165788,"content":165789},{"textAlign":49},[165790],{"text":165791,"type":599},"“The high purity quartz sand used to make the crucible is every bit as critical as the need for polysilicon in the manufacture of solar PV and semiconductors. In short, no high purity sand means no solar PV and no semiconductors,” he added.",{"type":594,"attrs":165793,"content":165794},{"textAlign":49},[165795],{"text":165796,"type":599},"But the market lacks readily-available data or statistics on production, uptake or pricing points. It is opaque to say the least, lacking the quality most sought after in clear quartz by the Romans: transparency.",{"type":657,"attrs":165798,"content":165799},{"level":985,"textAlign":49},[165800],{"text":165801,"type":599},"Shifting sand",{"type":594,"attrs":165803,"content":165804},{"textAlign":49},[165805],{"text":165806,"type":599},"Speaking with Benchmark, Dorfner Anzaplan managing director Reiner Haus estimated total volumes of high purity quartz sand sold internationally stood between 50,000 and 100,000 tonnes per year (tpy).",{"type":594,"attrs":165808,"content":165809},{"textAlign":49},[165810],{"text":165811,"type":599},"Prices are noteworthy, albeit hard to specify because the major producers are privately-held and sell on a contract basis.",{"type":594,"attrs":165813,"content":165814},{"textAlign":49},[165815],{"text":165816,"type":599},"Purity and demand levels are important price determinates, with the material sold primarily to Asia-based crucible makers, most of whom are located in China.",{"type":594,"attrs":165818,"content":165819},{"textAlign":49},[165820],{"text":165821,"type":599},"High purity quartz sand pricing starts at $5,000/tonne, according to Haus, with the majority of material sold between $6,000 and $7,000/tonne. Ultimate-quality high purity quartz sand commands more than $10,000/ tonne.",{"type":594,"attrs":165823,"content":165824},{"textAlign":49},[165825],{"text":165826,"type":599},"Jones noted that solar-grade is currently being sold at around $6,500-$7,000/tonne and was following an increasing trend.",{"type":594,"attrs":165828,"content":165829},{"textAlign":49},[165830],{"text":165831,"type":599},"High purity quartz sand is non-reactive in high temperatures, thermally stable and an ideal source material to make crucibles.",{"type":594,"attrs":165833,"content":165834},{"textAlign":49},[165835],{"text":165836,"type":599},"This is done by processing the high purity quartz sand and then creating fused-quartz crucibles by using specialist moulds.",{"type":594,"attrs":165838,"content":165839},{"textAlign":49},[165840],{"text":165841,"type":599},"The crucibles are the receptacles in which polysilicon is melted and through which monocrystalline or multicrystalline silicon ingots are produced.",{"type":594,"attrs":165843,"content":165844},{"textAlign":49},[165845],{"text":165846,"type":599},"The polysilicon is 99.99999% pure metal, most often produced by using the Siemens method.",{"type":594,"attrs":165848,"content":165849},{"textAlign":49},[165850],{"text":165851,"type":599},"It has lower melting point compared with the crucibles that can withstand temperatures of up to 1,750 degrees C. Typical operational temperatures for ingot manufacture are between 1,200 and 1550 degrees C.",{"type":594,"attrs":165853,"content":165854},{"textAlign":49},[165855],{"text":165856,"type":599},"Total impurities in solar-grade quartz must not exceed 20-40 parts per million (ppm) and can include iron oxides, alkalis, heavy minerals or other contaminants.",{"type":594,"attrs":165858,"content":165859},{"textAlign":49},[165860],{"text":165861,"type":599},"Impurities must be minimal to avoid their transference into the silicon, which could retard a solar’s module’s eventual efficiency.",{"type":594,"attrs":165863,"content":165864},{"textAlign":49},[165865],{"text":165866,"type":599},"“The purer the crucible, the less problems arising from impurities introduced into the silicon melt,” Haus said.",{"type":594,"attrs":165868,"content":165869},{"textAlign":49},[165870],{"text":165871,"type":599},"Manufacturing of multicrystalline silicon for solar PV requires large rectangular crucibles, while monocrystalline silicon utilises rounded crucibles made from purer solar-grade quartz.",{"type":594,"attrs":165873,"content":165874},{"textAlign":49},[],{"type":594,"attrs":165876,"content":165877},{"textAlign":49},[165878],{"text":165879,"type":599},"“The highest purity is required by Czochralski process [for monocrystalline production], while slightly less pure quartz is acceptable for crucibles used to make multicrystalline,” Haus said.",{"type":594,"attrs":165881,"content":165882},{"textAlign":49},[165883],{"text":165884,"type":599},"The Czochralski process uses polysilicon with dopants added. A rod-mounted seed crystal is then grown within this molten mix and slowly withdrawn under rotation to form a long monocrystalline ingot, often called a boule.",{"type":594,"attrs":165886,"content":165887},{"textAlign":49},[165888],{"text":165889,"type":599},"This phase is called “crystal pulling” and the largest producers run numerous banks of furnaces at once.",{"type":594,"attrs":165891,"content":165892},{"textAlign":49},[165893],{"text":165894,"type":599},"Boules are sliced at the top and sides before being cut into blocks. Multicrystalline ingots are sliced into bricks after being removed from their crucibles.",{"type":594,"attrs":165896,"content":165897},{"textAlign":49},[165898],{"text":165899,"type":599},"Both blocks and bricks are then wire-cut to produce wafers that are further processed to make solar cells. The crucibles cannot be re-used because of impurities risk and are discarded.",{"type":594,"attrs":165901,"content":165902},{"textAlign":49},[165903],{"text":165904,"type":599},"The manufacturing process can also have some variance as ingot producers use specialist in-house proprietary technology.",{"type":657,"attrs":165906,"content":165907},{"level":985,"textAlign":49},[165908],{"text":165909,"type":599}," Diamonds in the rough",{"type":594,"attrs":165911,"content":165912},{"textAlign":49},[165913],{"text":165914,"type":599},"Quartz in rock and sand is the second mostabundant mineral on the planet. But finding the right material for high purity quartz sand status requires a specific type of deposit with levels that can deliver the minimum 99.995% SiO2.",{"type":594,"attrs":165916,"content":165917},{"textAlign":49},[165918],{"text":165919,"type":599},"Such deposits are rare but found globally.",{"type":594,"attrs":165921,"content":165922},{"textAlign":49},[],[165924],{"slug":544,"name":543,"content":165925},{"job_title":557,"image":165926,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f9f31f1f-4492-4034-9a13-793bf95bb170\", \"id\": \"\"}-->",[165929,165930],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":165932,"copyright":547,"fieldtype":553,"meta_data":165933,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/81ece5cb41/bm-screen-shot-2016-07-21-at-205057.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":165935,"uuid":165936,"name":165937,"slug":165938,"full_slug":165939,"content":165940},112475200062319,"b2e3d8b0-1c0e-44b0-941f-3c765139716f","A New Generation","a-new-generation","article/a-new-generation",{"_uid":165941,"date":165942,"tags":165943,"editor":165944,"content":165948,"excerpt":166134,"featured":50,"reporter":166135,"_editable":166139,"component":864,"seo_title":165937,"categories":166140,"visibility":882,"author_company":49,"featured_image":166143,"seo_description":166134,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"59285e85-97ef-4d62-809f-771f17cc81fa","2016-07-20 00:00",[],[165945],{"slug":544,"name":543,"content":165946},{"job_title":557,"image":165947,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":165949},[165950,165961,165972,165987,165996,166009,166020,166033,166040,166049,166060,166071,166082,166095,166108,166117],{"type":594,"attrs":165951,"content":165952},{"textAlign":49},[165953,165955,165957,165959],{"text":165954,"type":599},"It is not easy to find a tipping point: that one moment that can signify a",{"text":165956,"type":599},"\ndefinitive and fundamental change. In the past, true change in minerals",{"text":165958,"type":599},"\nand metals has happened over a longer period of time through a series",{"text":165960,"type":599},"\nof trends.",{"type":594,"attrs":165962,"content":165963},{"textAlign":49},[165964,165966,165968,165970],{"text":165965,"type":599},"But where our industry stands today in 2015, these trends are",{"text":165967,"type":599},"\nbecoming shorter and change is more rapid. During the past 18 months,",{"text":165969,"type":599},"\nthere have been more tipping points in our industry than in the entire",{"text":165971,"type":599},"\nperiod since the global financial crisis of 2008.",{"type":594,"attrs":165973,"content":165974},{"textAlign":49},[165975,165977,165979,165981,165983,165985],{"text":165976,"type":599},"For critical minerals and metals those key moments of change",{"text":165978,"type":599},"\ninclude: the collapse in oil prices, Tesla Motors’ Gigafactory (p46), the",{"text":165980,"type":599},"\nsubsequent surge of battery megafactories (p38), Apple’s boom in",{"text":165982,"type":599},"\niPhone sales which saw it become the most profitable company in",{"text":165984,"type":599},"\nhistory (p26), and China losing its rare earths WTO case (p14), to name",{"text":165986,"type":599},"\nonly a few.",{"type":594,"attrs":165988,"content":165989},{"textAlign":49},[165990,165992,165994],{"text":165991,"type":599},"Disruptive events are becoming more commonplace in what are",{"text":165993,"type":599},"\nfragile and inflexible industries. Disruptive companies, outsiders, are",{"text":165995,"type":599},"\nentering these sectors with different rules.",{"type":594,"attrs":165997,"content":165998},{"textAlign":49},[165999,166001,166003,166005,166007],{"text":166000,"type":599},"Benchmark Mineral Intelligence occupies a privileged position in",{"text":166002,"type":599},"\nthis time of change. We are to be able to independently analyse those",{"text":166004,"type":599},"\nsupply chains that are becoming increasingly critical. To start with, we",{"text":166006,"type":599},"\nhave chosen the battery supply chain and the raw materials of graphite,",{"text":166008,"type":599},"\nlithium, cobalt and vanadium.",{"type":594,"attrs":166010,"content":166011},{"textAlign":49},[166012,166014,166016,166018],{"text":166013,"type":599},"Benchmark has been established with the mission of providing",{"text":166015,"type":599},"\nglobal supply chain visibility, all the way upstream to the mine. We",{"text":166017,"type":599},"\nare independent onlookers to the three core market fundamentals of",{"text":166019,"type":599},"\nsupply, demand and prices.",{"type":594,"attrs":166021,"content":166022},{"textAlign":49},[166023,166025,166027,166029,166031],{"text":166024,"type":599},"Our commitment to this cause is demonstrated with our Supply Chain",{"text":166026,"type":599},"\n20/20 seminars hosted as part of the Benchmark | World Tour 2015 (p3).",{"text":166028,"type":599},"\nThis is an ambitious tour of eight cities across four continents, and has",{"text":166030,"type":599},"\nnever before been done in our industry. And what’s more, it’s free, for",{"text":166032,"type":599},"\nevery delegate from London to Hong Kong.",{"type":594,"attrs":166034,"content":166035},{"textAlign":49},[166036,166038],{"text":166037,"type":599},"All of our product offerings will be built upon the bedrock of firsthand",{"text":166039,"type":599},"\ndata collection.",{"type":594,"attrs":166041,"content":166042},{"textAlign":49},[166043,166045,166047],{"text":166044,"type":599},"Benchmark’s analysts collect prices and production data from the",{"text":166046,"type":599},"\nsource by travelling around the world to see the mines and processing",{"text":166048,"type":599},"\nplants that create the products we evaluate.",{"type":594,"attrs":166050,"content":166051},{"textAlign":49},[166052,166054,166056,166058],{"text":166053,"type":599},"Our own in-house, transparent methodology will ensure the accuracy,",{"text":166055,"type":599},"\nreliability and trustworthiness of this data. The expertise of our analysts",{"text":166057,"type":599},"\nwill ensure relevance, telling you what the data means, why something",{"text":166059,"type":599},"\nis happening and where we are heading.",{"type":594,"attrs":166061,"content":166062},{"textAlign":49},[166063,166065,166067,166069],{"text":166064,"type":599},"With our world becoming increasingly mobile, the need for better,",{"text":166066,"type":599},"\nlonger-lasting, lower cost batteries is paramount. We could not have",{"text":166068,"type":599},"\nthese batteries without the graphite, lithium and cobalt that make up",{"text":166070,"type":599},"\nthe anode and cathode components.",{"type":594,"attrs":166072,"content":166073},{"textAlign":49},[166074,166076,166078,166080],{"text":166075,"type":599},"A host of critical minerals and metals make smartphones and tablet",{"text":166077,"type":599},"\nPCs possible, including rare earths, antimony, gallium and tantalum.",{"text":166079,"type":599},"\nMeanwhile, the majority of electric vehicles are still reliant on a",{"text":166081,"type":599},"\npermanent rare earth magnet, let alone a huge battery.",{"type":594,"attrs":166083,"content":166084},{"textAlign":49},[166085,166087,166089,166091,166093],{"text":166086,"type":599},"On the energy side, the US shale boom rests upon a specific grade of",{"text":166088,"type":599},"\nsand or engineered mineral products known as proppants. The growing",{"text":166090,"type":599},"\nneed for cleaner energy sources is driving up demand for uranium",{"text":166092,"type":599},"\nfeedstock for nuclear power, but it could take up to a decade to finance",{"text":166094,"type":599},"\nand build a new mine.",{"type":594,"attrs":166096,"content":166097},{"textAlign":49},[166098,166100,166102,166104,166106],{"text":166099,"type":599},"The recent resurgence of solar power is increasing pressure on its",{"text":166101,"type":599},"\nmost critical of raw materials, silicon, which is derived from a handful of",{"text":166103,"type":599},"\nhigh-purity quartz mines around the world. Meanwhile, wind turbines",{"text":166105,"type":599},"\ncannot operate without a neodymium (rare earths again), highperformance",{"text":166107,"type":599},"\nmagnet.",{"type":594,"attrs":166109,"content":166110},{"textAlign":49},[166111,166113,166115],{"text":166112,"type":599},"These renewable energy sources will become increasingly reliant,",{"text":166114,"type":599},"\nagain, on batteries: this time large stationary units to store the",{"text":166116,"type":599},"\nintermittent power generated.",{"type":594,"attrs":166118,"content":166119},{"textAlign":49},[166120,166122,166124,166126,166128,166130,166132],{"text":166121,"type":599},"If we rewind the clock five years, knowledge of these critical minerals",{"text":166123,"type":599},"\nwas not widespread. Few anticipated the importance and scale of the",{"text":166125,"type":599},"\nrole they would play in future technologies. But these raw materials",{"text":166127,"type":599},"\nfeed global industries that are on the tipping point of becoming",{"text":166129,"type":599},"\nindustrial-sized sectors influencing every part of our daily lives.",{"text":166131,"type":599},"\nIt is no longer that change is coming, but change is here. We are in a",{"text":166133,"type":599},"\nnew era for minerals and metals, driven by a new generation.","It is not easy to find a tipping point: that one moment that can signify a definitive and fundamental change. In the past, true change in minerals and metals has happened over a longer period of time through a series of trends.",[166136],{"slug":544,"name":543,"content":166137},{"job_title":557,"image":166138,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"59285e85-97ef-4d62-809f-771f17cc81fa\", \"id\": \"\"}-->",[166141,166142],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":166144,"copyright":547,"fieldtype":553,"meta_data":166145,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/2c4f60ec30/bm-screen-shot-2016-07-20-at-112437.png",{"alt":547,"title":547,"source":547,"copyright":547},"Jul 20, 2016",{"id":166148,"uuid":166149,"name":166150,"slug":166151,"full_slug":166152,"content":166153},112475190616540,"e3b6a201-fb05-419c-97f8-17b57d5e448f","China loses RE case but maintains grip","china-loses-re-case-but-maintains-grip","article/china-loses-re-case-but-maintains-grip",{"_uid":166154,"date":165942,"tags":166155,"editor":166157,"content":166161,"excerpt":166167,"featured":50,"reporter":166319,"_editable":166323,"component":864,"seo_title":166150,"categories":166324,"visibility":882,"author_company":49,"featured_image":166327,"seo_description":166167,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"8040b6a6-4bf1-4fcc-bef3-a1d911c25bb1",[166156],{"slug":913,"name":914},[166158],{"slug":544,"name":543,"content":166159},{"job_title":557,"image":166160,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":166162},[166163,166168,166173,166178,166183,166188,166193,166198,166203,166208,166213,166218,166223,166228,166233,166238,166243,166248,166251,166256,166261,166266,166271,166276,166281,166286,166291,166294,166299,166304,166309,166314],{"type":594,"attrs":166164,"content":166165},{"textAlign":49},[166166],{"text":166167,"type":599},"Beijing accepts defeat in WTO case and will now switch focus to reorganising rare earth export licences and taxes",{"type":594,"attrs":166169,"content":166170},{"textAlign":49},[166171],{"text":166172,"type":599},"China has lifted export quotas on rare earth elements after admitting defeat in the World Trade Organization (WTO) case from last year.",{"type":594,"attrs":166174,"content":166175},{"textAlign":49},[166176],{"text":166177,"type":599},"The country, which supplies 85% of the world’s rare earths, has abolished a long standing quota which capped exports and is set to restructure the way the rare earths taxation system operates.",{"type":594,"attrs":166179,"content":166180},{"textAlign":49},[166181],{"text":166182,"type":599},"This has come after the WTO ruled that its rare earths restrictions were “designed to realise industrial policy goals rather than conservation”.",{"type":594,"attrs":166184,"content":166185},{"textAlign":49},[166186],{"text":166187,"type":599},"The WTO complaint, which was initially raised in 2012 by the US and saw the EU, Japan and Canada join soon after, claimed that China was deliberately conducting unfair business practices by restricting supply of irreplaceable elements to its competitor nations.",{"type":594,"attrs":166189,"content":166190},{"textAlign":49},[166191],{"text":166192,"type":599},"The major focus was the export quota China imposed on rare earth concentrates which capped quantities from as high as 50,145 tonnes in 2009 to 30,611 tonnes in 2014. This news is likely to see other forms of restrictions imposed.",{"type":594,"attrs":166194,"content":166195},{"textAlign":49},[166196],{"text":166197,"type":599},"Benchmark Mineral Intelligence believes that fundamentally the game will not change and that China’s preferential treatment of domestic producers will continue by other means.",{"type":594,"attrs":166199,"content":166200},{"textAlign":49},[166201],{"text":166202,"type":599},"We expect China to refocus its efforts on restructuring the way it issues export licences to its producers and on simplifying its rare earths tax system.",{"type":594,"attrs":166204,"content":166205},{"textAlign":49},[166206],{"text":166207,"type":599},"Without a licence companies are banned from exporting. Beijing still controls this vital bottleneck of the supply chain, therefore whether it caps exports at the port or controls the number of export licences issued, the result is the same: restricted supply of rare earths to the rest of the world.",{"type":594,"attrs":166209,"content":166210},{"textAlign":49},[166211],{"text":166212,"type":599},"China has achieved this in many other critical mineral industries and while rare earths is the most extreme of all, the principal is no different in the eyes of the country’s governing bodies.",{"type":594,"attrs":166214,"content":166215},{"textAlign":49},[166216],{"text":166217,"type":599},"A major talking point now is whether western joint-venture (JV) companies will be allocated export licences.",{"type":594,"attrs":166219,"content":166220},{"textAlign":49},[166221],{"text":166222,"type":599},"The move also offers up a chance for China to simplify its rare earths tax.",{"type":594,"attrs":166224,"content":166225},{"textAlign":49},[166226],{"text":166227,"type":599},"It will be of great interest to the industry to see what the new taxation will look like and whether it will be different for 100% Chinese owned operations and international JVs.",{"type":594,"attrs":166229,"content":166230},{"textAlign":49},[166231],{"text":166232,"type":599},"“The Chinese Ministry of Commerce indicated that [rare earths] are now to be exported through only 9 designated ports,” explained Gareth Hatch of Technology Metals Research.",{"type":594,"attrs":166234,"content":166235},{"textAlign":49},[166236],{"text":166237,"type":599},"“Export licenses will be “handled” through a Special Commissioner’s Office within MOFCOM, on a case-bycase, shipment-by-shipment basis,” he added.",{"type":594,"attrs":166239,"content":166240},{"textAlign":49},[166241],{"text":166242,"type":599},"All of these factors will create short-term uncertainty as the industry will wait to see how the new scenario plays out.",{"type":594,"attrs":166244,"content":166245},{"textAlign":49},[166246],{"text":166247,"type":599},"In the long term China’s stance of redirection of rare earths towards domestic consumption is likely to remain the same, consistent with its plan to create an economy based on value-added products and not raw materials.",{"type":594,"attrs":166249,"content":166250},{"textAlign":49},[],{"type":594,"attrs":166252,"content":166253},{"textAlign":49},[166254],{"text":166255,"type":599}," Long-term clean up",{"type":594,"attrs":166257,"content":166258},{"textAlign":49},[166259],{"text":166260,"type":599},"China’s long-term plan goes beyond rare earths.",{"type":594,"attrs":166262,"content":166263},{"textAlign":49},[166264],{"text":166265,"type":599},"The world’s second biggest economy is in the midst of fundamental change to the way it operates. A major overhaul of its mining operations is key to securing a future based on value added products such as batteries, smartphones and new energy, not just materials upstream at a low cost.",{"type":594,"attrs":166267,"content":166268},{"textAlign":49},[166269],{"text":166270,"type":599},"And rare earths is not alone.",{"type":594,"attrs":166272,"content":166273},{"textAlign":49},[166274],{"text":166275,"type":599},"Graphite, phosphate and fluorspar are examples of other mineral industries that have been subject to consolidation and modernisation.",{"type":594,"attrs":166277,"content":166278},{"textAlign":49},[166279],{"text":166280,"type":599},"Therefore, while many countries will want to criticise China for its rare earths stance, the reality is it is entitled to do what it wants with its own resources.",{"type":594,"attrs":166282,"content":166283},{"textAlign":49},[166284],{"text":166285,"type":599},"While, for now, it has to obey the WTO membership rules to remain at the negotiating table, the reality is China does not need the revenue from rare earths, it is symbolic and rather than economic.",{"type":594,"attrs":166287,"content":166288},{"textAlign":49},[166289],{"text":166290,"type":599},"In terms of supply security for users of the elements, having 85% of total supply reside with one country is an unsustainable environment.",{"type":594,"attrs":166292,"content":166293},{"textAlign":49},[],{"type":594,"attrs":166295,"content":166296},{"textAlign":49},[166297],{"text":166298,"type":599},"It is a situation that the industry, and end users in particular, only have themselves to blame for after being more than willing to accept lower cost rare earths from China for two decades while not investing in new sources externally.",{"type":594,"attrs":166300,"content":166301},{"textAlign":49},[166302],{"text":166303,"type":599},"The only other critical minerals which come close to such a onesided supply dynamic are graphite (75% from China), silicon (60% from China), cobalt (55-60% from Democratic Republic of Congo), and fluorspar (50-55% from China).",{"type":594,"attrs":166305,"content":166306},{"textAlign":49},[166307],{"text":166308,"type":599},"Another surprising fact is that major users have known about this supply imbalance for decades and have felt the price impact as recently as 2010 when China blocked exports to Japan.",{"type":594,"attrs":166310,"content":166311},{"textAlign":49},[166312],{"text":166313,"type":599},"With China changing, the question for the rest of the world is: where will significant new supply of rare earth elements come from?",{"type":594,"attrs":166315,"content":166316},{"textAlign":49},[166317],{"text":166318,"type":599},"It is the same question that was being asked five years ago and the industry has not really made progress since.",[166320],{"slug":544,"name":543,"content":166321},{"job_title":557,"image":166322,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8040b6a6-4bf1-4fcc-bef3-a1d911c25bb1\", \"id\": \"\"}-->",[166325,166326],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":547,"copyright":547,"fieldtype":553,"meta_data":166328,"is_external_url":50},{"alt":547,"title":547,"source":547,"copyright":547},{"id":166330,"uuid":166331,"name":166332,"slug":166333,"full_slug":166334,"content":166335},112475185914229,"d64120ca-bb76-4b3f-ba00-e51805952c16","Orocobre enters lithium market on tightening supply","orocobre-enters-lithium-market-on-tightening-supply","article/orocobre-enters-lithium-market-on-tightening-supply",{"_uid":166336,"date":165942,"tags":166337,"editor":166338,"content":166342,"excerpt":166348,"featured":50,"reporter":166490,"_editable":166494,"component":864,"seo_title":166332,"categories":166495,"visibility":882,"author_company":49,"featured_image":166499,"seo_description":166348,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"cef7389a-c646-45ff-bfca-ecea4418470e",[],[166339],{"slug":544,"name":543,"content":166340},{"job_title":557,"image":166341,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":166343},[166344,166349,166354,166359,166364,166369,166374,166379,166384,166389,166394,166399,166404,166409,166414,166419,166424,166429,166434,166439,166444,166447,166450,166455,166460,166465,166470,166475,166480,166485],{"type":594,"attrs":166345,"content":166346},{"textAlign":49},[166347],{"text":166348,"type":599},"As the lithium industry welcomes its first new producer in a generation, demand is once again beginning to outpace supply",{"type":594,"attrs":166350,"content":166351},{"textAlign":49},[166352],{"text":166353,"type":599},"The lithium industry has welcomed its first new supplier in 19 years after Orocobre Ltd confirmed the start-up of its Olaroz lithium carbonate plant in Argentina.",{"type":594,"attrs":166355,"content":166356},{"textAlign":49},[166357],{"text":166358,"type":599},"The Australia-based company has begun brine operations at the Salar de Olaroz in Argentina’s north and plans to ramp up to full capacity of 17,500 tonnes of lithium carbonate by the end of 2015.",{"type":594,"attrs":166360,"content":166361},{"textAlign":49},[166362],{"text":166363,"type":599},"Orocobre is targeting the battery industry as its primary customer base, but is not closing itself off to market opportunities elsewhere including the glass, ceramics and industrial lubricants sectors.",{"type":594,"attrs":166365,"content":166366},{"textAlign":49},[166367],{"text":166368,"type":599},"“We can produce 100% battery grade material from our feedstock brine but we are not purists, we will do business where it makes sense,” Richard Seville, Managing Director of Orocobre explained in an exclusive interview with Benchmark Mineral Intelligence.",{"type":594,"attrs":166370,"content":166371},{"textAlign":49},[166372],{"text":166373,"type":599},"The company is the first of a new wave of lithium projects to make it to production, somewhat of a rarity in today’s financial environment.",{"type":594,"attrs":166375,"content":166376},{"textAlign":49},[166377],{"text":166378,"type":599},"In what has been one of the worst ever slumps experienced by the exploration mining sector, Orocobre has managed to secure $250m funding for Olaroz since 2010 with construction starting in late-2012.",{"type":594,"attrs":166380,"content":166381},{"textAlign":49},[166382],{"text":166383,"type":599},"It has still been a seven-year process from registering the company to starting production, but in relative terms that is a rapid startup for a niche mineral operation and perhaps comes as a stark warning to end users seeking to secure medium term raw material supply that new projects can take the best part of a decade to develop.",{"type":594,"attrs":166385,"content":166386},{"textAlign":49},[166387],{"text":166388,"type":599},"Major backers of the project include Japanese joint-venture partner, Toyota Tsusho Corp, in addition to major share holders Acorn Capital Ltd (7.17%), Renaissance Asset Management (4.52%), CIBC Asset Management (4.48%), Invesco Asset Management (3.97%), and Blackrock Investment Management (1.92%).",{"type":594,"attrs":166390,"content":166391},{"textAlign":49},[166392],{"text":166393,"type":599},"And for these backers, the timing is looking good with the lithium market bracing itself for a period of tightness as increasing demand meets stagnant supply.",{"type":594,"attrs":166395,"content":166396},{"textAlign":49},[166397],{"text":166398,"type":599},"There have been no significant expansions in recent years at any of the major lithium brine producers of SQM, Rockwood Lithium (now Albemarle) or FMC Lithium. In the meantime, demand from lithiumion batteries used in smartphones, tablets and laptops has been steadily rising and is likely to move the supply/demand balance into deficit by mid-to-late 2015.",{"type":594,"attrs":166400,"content":166401},{"textAlign":49},[166402],{"text":166403,"type":599},"“During our time in construction, the market has gone from a perception of an excess in supply to a very, very tight situation. Despite publicly stated plans from existing lithium producers over the last two years, there have been no production expansions at all,” Seville explained.",{"type":594,"attrs":166405,"content":166406},{"textAlign":49},[166407],{"text":166408,"type":599},"“If we were negotiating our contracts a year ago we would have been on the back-foot, but now with complete market uncertainty it’s a good time to enter the industry,” “The lithium market is going to get even tighter this year,” he added.",{"type":594,"attrs":166410,"content":166411},{"textAlign":49},[166412],{"text":166413,"type":599},"Orocobre has equipped itself with the capacity to produce both technical grade and battery grade lithium carbonate.",{"type":594,"attrs":166415,"content":166416},{"textAlign":49},[166417],{"text":166418,"type":599},"It does not yet have the ability to produce lithium hydroxide, but the company explained that it is certainly considering it as an “integral part” of its first expansion phase.",{"type":594,"attrs":166420,"content":166421},{"textAlign":49},[166422],{"text":166423,"type":599},"Supply of lithium hydroxide, which is also a key battery cathode raw material, is tighter than lithium carbonate at present. It is a more niche product than lithium carbonate, but is also used by major battery producers that are competing with the industrial lubricant industry for the same raw material.",{"type":594,"attrs":166425,"content":166426},{"textAlign":49},[166427],{"text":166428,"type":599},"Lithium hydroxide is subsequently expected to endure an even tighter supply situation to its carbonate counterpart in 2015.",{"type":657,"attrs":166430,"content":166431},{"level":985,"textAlign":49},[166432],{"text":166433,"type":599}," Can lithium be commoditised?",{"type":594,"attrs":166435,"content":166436},{"textAlign":49},[166437],{"text":166438,"type":599},"The price of technical grade lithium carbonate has fluctuated since 2004 from $3,000/tonne to an all-time high of over $6,000/tonne in 2009.",{"type":594,"attrs":166440,"content":166441},{"textAlign":49},[166442],{"text":166443,"type":599},"The last five years the price has since settled back in the mid-$4,000/tonne region, but is expected to start its rising trend once again in 2015.",{"type":594,"attrs":166445,"content":166446},{"textAlign":49},[],{"type":594,"attrs":166448,"content":166449},{"textAlign":49},[],{"type":594,"attrs":166451,"content":166452},{"textAlign":49},[166453],{"text":166454,"type":599},"The difference between this price and that of battery grade material, which is purified to a minimum of 99.95% lithium content and micronized, has always been one of contention with some producers claiming the superior grade has a higher price.",{"type":594,"attrs":166456,"content":166457},{"textAlign":49},[166458],{"text":166459,"type":599},"While this may be true of the sell-side offer price, the buyer, who negotiates the contract privately and not via an exchange, can drive this down to, at times, levels on a par with the technical grade product.",{"type":594,"attrs":166461,"content":166462},{"textAlign":49},[166463],{"text":166464,"type":599},"It has always raised the question of whether lithium, a specialist product that is tailored for each customer, can be commoditised and exchange traded.",{"type":594,"attrs":166466,"content":166467},{"textAlign":49},[166468],{"text":166469,"type":599},"Seville believes that with the way the market is structured at present, it is not possible. The talking point, however, is on whether the emergence of the battery megafactories and huge buyers of raw materials – up to ten times the size of today’s customers – can change this.",{"type":594,"attrs":166471,"content":166472},{"textAlign":49},[166473],{"text":166474,"type":599},"“I think the market will change a bit, but I don’t think lithium will ever become a commodity,” Seville told Benchmark.",{"type":594,"attrs":166476,"content":166477},{"textAlign":49},[166478],{"text":166479,"type":599},"“End users buy a product which is qualified for quality and consistency through a rigorous process. Short term substitution is not possible so it is not a commodity.",{"type":594,"attrs":166481,"content":166482},{"textAlign":49},[166483],{"text":166484,"type":599},"“The only way you can have some form of standardisation in lithium is if large buyers get all of it from one source, with one set of chemical attributes. Product specs vary between producers depending on the source,” he added.",{"type":594,"attrs":166486,"content":166487},{"textAlign":49},[166488],{"text":166489,"type":599},"Orocobre is presently negotiating its first round of contracts and is expected to reach its full production rate by the end of this year.",[166491],{"slug":544,"name":543,"content":166492},{"job_title":557,"image":166493,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cef7389a-c646-45ff-bfca-ecea4418470e\", \"id\": \"\"}-->",[166496,166497,166498],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":166500,"copyright":547,"fieldtype":553,"meta_data":166501,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/ac3fa03d05/bm-shutterstock-258823082-555x370.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":166503,"uuid":166504,"name":166505,"slug":166506,"full_slug":166507,"content":166508},112475181060268,"eef4e619-5a07-4cc0-9441-073b0475cc55","Uranium set for higher prices","uranium-set-for-higher-prices","article/uranium-set-for-higher-prices",{"_uid":166509,"date":165942,"tags":166510,"editor":166511,"content":166515,"excerpt":166692,"featured":50,"reporter":166693,"_editable":166697,"component":864,"seo_title":166505,"categories":166698,"visibility":882,"author_company":49,"featured_image":166701,"seo_description":166692,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"4185ac09-e2e1-43b7-99a1-96fc6c8b1f52",[],[166512],{"slug":544,"name":543,"content":166513},{"job_title":557,"image":166514,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":166516},[166517,166522,166527,166532,166537,166542,166547,166552,166557,166562,166567,166572,166577,166582,166587,166592,166597,166600,166605,166610,166615,166620,166625,166630,166635,166640,166645,166650,166655,166660,166665,166670,166675,166680,166685],{"type":594,"attrs":166518,"content":166519},{"textAlign":49},[166520],{"text":166521,"type":599}," With low prices stifling new sources, Japan set for a post-Fukushima demand rebound, and China forced to reduce its coal addition, Peter Epstein analyses how the groundwork for higher uranium prices has been laid",{"type":594,"attrs":166523,"content":166524},{"textAlign":49},[166525],{"text":166526,"type":599},"Uranium does not trade on an open market which makes it difficult for many to analyse accurately.",{"type":594,"attrs":166528,"content":166529},{"textAlign":49},[166530],{"text":166531,"type":599},"Buyers and sellers negotiate contracts privately and prices are published by independent market consultancies. The opaqueness of the uranium market is more akin to critical minerals like graphite and lithium than exchanged-traded commodities like copper and coal, and is also similar in size with just under 60,000 tonnes of uranium mined each year.",{"type":594,"attrs":166533,"content":166534},{"textAlign":49},[166535],{"text":166536,"type":599},"The industry is driven by global electricity consumption, which typically increases in both good times and bad. Since 1980, global electricity consumption has tripled, and major Canada-based uranium producer, Cameco Corp, forecasts it will increase by 70% over the next two decades.",{"type":594,"attrs":166538,"content":166539},{"textAlign":49},[166540],{"text":166541,"type":599},"The largest growth is coming from countries with rapidly expanding economies, like China and India. To put it into perspective, of the seven billion people on the planet, there are almost two billion who do not have access to electricity.",{"type":594,"attrs":166543,"content":166544},{"textAlign":49},[166545],{"text":166546,"type":599},"Cameco forecasts demand of 240m pounds (108,862 tonnes) and primary supply of just 120m pounds (54,431 tonnes) by 2023. That would equate to a compound annual growth rate (CAGR) of about 4%.",{"type":594,"attrs":166548,"content":166549},{"textAlign":49},[166550],{"text":166551,"type":599},"This has left many asking: Where will the supply come from to fill that gap?",{"type":594,"attrs":166553,"content":166554},{"textAlign":49},[166555],{"text":166556,"type":599},"The biggest problem facing the industry is the spot price of uranium.",{"type":594,"attrs":166558,"content":166559},{"textAlign":49},[166560],{"text":166561,"type":599},"It has halved since March 2011 after Japan’s Fukushima disaster which resulted subsequent closure all of its reactors. These reactors are yet to come back online and the low price has all but halted the development of any significant new sources.",{"type":594,"attrs":166563,"content":166564},{"textAlign":49},[166565],{"text":166566,"type":599},"Many industry participants talk about the “incentive price” of uranium, i.e. the price at which new large scale projects need to become developed.",{"type":594,"attrs":166568,"content":166569},{"textAlign":49},[166570],{"text":166571,"type":599},"This price range is between $65/ lb and $85/lb – a far cry from the spot price of just $37.5/lb. However, the vast majority of uranium contracts are long-term, frequently 5-year deals.",{"type":594,"attrs":166573,"content":166574},{"textAlign":49},[166575],{"text":166576,"type":599},"Therefore Ux Consulting and Trade Tech provide quotes on both the spot and the long-term price, which stands at $49-$50/lb. Utilities have been especially slow to sign new 5-year contracts because they feel no urgency and long-term contracts signed between 2012 and 2014 were significantly below the norm. This will have change. The question is when?",{"type":594,"attrs":166578,"content":166579},{"textAlign":49},[166580],{"text":166581,"type":599},"The utility companies that are presently sitting on the fence are expected to become more active in H2 2015 and certainly into 2016.",{"type":594,"attrs":166583,"content":166584},{"textAlign":49},[166585],{"text":166586,"type":599},"If Cameco is largely correct in its forecasting of demand and supply, then the long-term contract price should rise in each of the next few years.",{"type":594,"attrs":166588,"content":166589},{"textAlign":49},[166590],{"text":166591,"type":599},"Given the increased compliance, legalities, funding and environmental factors, the timeline to get a new mine up and running has expanded meaningfully. For example, many new, potentially viable projects in the highly prolific Athabasca Basin in Canada are thought to be 10-15 years from initial production.",{"type":594,"attrs":166593,"content":166594},{"textAlign":49},[166595],{"text":166596,"type":599},"Just before the Fukushima accident, the long-term and spot price for uranium was in the low $70s/lb. This is important to remember because the next time uranium prices hit their stride, the new normal price might be $80s-90/lb.",{"type":594,"attrs":166598,"content":166599},{"textAlign":49},[],{"type":594,"attrs":166601,"content":166602},{"textAlign":49},[166603],{"text":166604,"type":599},"This is simply because the cost of mining has not declined along with the uranium price. Of course, virtually no one is forecasting a price above $80/lb anytime soon, but with the incentive price thought to be between $65-$85/lb and longer lead times to get new projects into production, the pieces may be falling into place for a higher price than pundits imagine.",{"type":594,"attrs":166606,"content":166607},{"textAlign":49},[166608],{"text":166609,"type":599},"There are two additional factors to consider regarding demand.",{"type":594,"attrs":166611,"content":166612},{"textAlign":49},[166613],{"text":166614,"type":599},"Firstly, new reactors need to prime the pump with roughly three times the average annual consumption in the first year. If China and India are as active as or even more active than expected, there could be supply shortages in the coming years.",{"type":594,"attrs":166616,"content":166617},{"textAlign":49},[166618],{"text":166619,"type":599},"Secondly, given the huge upfront cost of building reactors, it is not surprising that those with design lives of 40 years are being upgraded and approved for operations to be expanded for 10-20 years. With less nuclear power generation capacity coming offline, global demand forecasts could be too conservative.",{"type":657,"attrs":166621,"content":166622},{"level":985,"textAlign":49},[166623],{"text":166624,"type":599}," China’s new reactors",{"type":594,"attrs":166626,"content":166627},{"textAlign":49},[166628],{"text":166629,"type":599},"Uranium is very much another commodity tied to China’s growth.",{"type":594,"attrs":166631,"content":166632},{"textAlign":49},[166633],{"text":166634,"type":599},"According to uranium expert Alex Molyneux of Azarga Uranium, China’s construction of nuclear reactors will be considerably more than expectations. However, unlike some commodities that China can manipulate the price of, it will be difficult to control the price of uranium. The country needs it too much, as does Russia and India.",{"type":594,"attrs":166636,"content":166637},{"textAlign":49},[166638],{"text":166639,"type":599},"Both China and India generate a remarkably low percentage of electricity from nuclear power. For example, it produces just 2% to 3% of its electricity from nuclear sources, compared to 20% in the US.",{"type":594,"attrs":166641,"content":166642},{"textAlign":49},[166643],{"text":166644,"type":599},"Another reason why China needs uranium is to reduce its reliance on coal generated electricity. Today, it still generates 70% of its electricity from coal which has been a major contributor to serious air pollution in many Chinese cities.",{"type":594,"attrs":166646,"content":166647},{"textAlign":49},[166648],{"text":166649,"type":599},"Japan also has a significant role to play. Pundits look to Japan for a uranium price catalyst as it restarts some of its reactors that were closed post-Fukushima. So far, of the 50 estimated operable reactors, zero have been restarted. Experts predict that 2-6 will come back online in 2015. That alone would have a minimal impact. But if Japan restarts 20-30 reactors over the next 2-3 years, then the impact would be significant.",{"type":594,"attrs":166651,"content":166652},{"textAlign":49},[166653],{"text":166654,"type":599},"Uranium is a critical commodity with demand expected to grow between 3% and 5% annually for the next two decades.",{"type":594,"attrs":166656,"content":166657},{"textAlign":49},[166658],{"text":166659,"type":599},"Importantly, security of supply is a real threat with many of the proposed new mines located in Africa where uranium ore grades are quite low and some of the countries being tough to do business in.",{"type":594,"attrs":166661,"content":166662},{"textAlign":49},[166663],{"text":166664,"type":599},"Kazakhstan is by far the largest producer of uranium in the world, accounting for the vast majority of the growth in global supply over the past decade. However, it has already taken advantage of the easier resources to access which fuelled its astonishing rise.",{"type":594,"attrs":166666,"content":166667},{"textAlign":49},[166668],{"text":166669,"type":599},"In 2001, the country began mining uranium, but by 2008 it leapfrogged Canada to become the world’s number one producer at about 14,000 tonnes. In 2014, Kazakhstan produced 22,000 tonnes of uranium which equated to 37% of global output.",{"type":594,"attrs":166671,"content":166672},{"textAlign":49},[166673],{"text":166674,"type":599},"Production increases out of the central-Asian country has stalled in recent years as demand softened, but many believe that robust supply (at low cost) growth is no longer guaranteed like it was in the mid2000s.",{"type":594,"attrs":166676,"content":166677},{"textAlign":49},[166678],{"text":166679,"type":599},"Kazakhstan is also seeking to build its own reactor and in January 2015 signed a deal with Toshiba to build a $3.7bn, 1GW plant, signalling its intention to also become a consumer of uranium, thereby withdrawing tonnages from the international marketplace.",{"type":594,"attrs":166681,"content":166682},{"textAlign":49},[166683],{"text":166684,"type":599},"With the long term outlook for supply hard to pin down, together with the expected steady and constant increase in demand, uranium has a perfect recipe for rising prices in the coming years – a trend which could start in 2015.",{"type":594,"attrs":166686,"content":166687},{"textAlign":49},[166688],{"text":166689,"type":599,"marks":166690}," Contributor: Peter Epstein, CEO and founder of resources consultancy MockingJay Inc.",[166691],{"type":643},"With low prices stifling new sources, Japan set for a post-Fukushima demand rebound, and China forced to reduce its coal addition, Peter Epstein analyses how the groundwork for higher uranium prices has been laid",[166694],{"slug":544,"name":543,"content":166695},{"job_title":557,"image":166696,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4185ac09-e2e1-43b7-99a1-96fc6c8b1f52\", \"id\": \"\"}-->",[166699,166700],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":166702,"copyright":547,"fieldtype":553,"meta_data":166703,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e582b2dc5a/bm-screen-shot-2016-07-20-at-121917.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":166705,"uuid":166706,"name":166707,"slug":166708,"full_slug":166709,"content":166710},112475171372926,"0b8d0230-92a2-43a8-a2c5-61d5d13bace5","Critical mineral  trends for 2015","critical-mineral-trends-for-2015","article/critical-mineral-trends-for-2015",{"_uid":166711,"date":165942,"tags":166712,"editor":166713,"content":166717,"excerpt":166723,"featured":50,"reporter":166864,"_editable":166868,"component":864,"seo_title":166707,"categories":166869,"visibility":882,"author_company":49,"featured_image":166871,"seo_description":166723,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"eb5bf46c-ce9e-4190-98c4-815c6778c6ac",[],[166714],{"slug":544,"name":543,"content":166715},{"job_title":557,"image":166716,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":166718},[166719,166724,166729,166734,166739,166744,166749,166754,166759,166764,166769,166774,166779,166784,166789,166794,166799,166804,166809,166814,166819,166824,166829,166834,166839,166844,166849,166854,166859],{"type":594,"attrs":166720,"content":166721},{"textAlign":49},[166722],{"text":166723,"type":599},"From more robust pricing to China’s evolution, here Benchmark Mineral Intelligence outlines five trends expected to define upstream markets this year",{"type":657,"attrs":166725,"content":166726},{"level":985,"textAlign":49},[166727],{"text":166728,"type":599},"1 Stronger prices",{"type":594,"attrs":166730,"content":166731},{"textAlign":49},[166732],{"text":166733,"type":599},"Three consecutive years of price decreases have left many critical mineral markets at rock bottom.",{"type":594,"attrs":166735,"content":166736},{"textAlign":49},[166737],{"text":166738,"type":599},"While signs of an immediate recovery remain scarce, the majority of these markets have shown signs of bottoming out.",{"type":594,"attrs":166740,"content":166741},{"textAlign":49},[166742],{"text":166743,"type":599},"Although large inventories, following years of over-production, are likely to suppress any significant upturn in the near-term, tightening supply in many areas will be met by a steady recovery in the global economy is likely to fuel some more positive news for producers approaching the end of 2015.",{"type":657,"attrs":166745,"content":166746},{"level":985,"textAlign":49},[166747],{"text":166748,"type":599}," 2 Regional, the new global?",{"type":594,"attrs":166750,"content":166751},{"textAlign":49},[166752],{"text":166753,"type":599},"The importance of supply chain security has become a prominent industry trend and this looks likely to increase this year.",{"type":594,"attrs":166755,"content":166756},{"textAlign":49},[166757],{"text":166758,"type":599},"While tightening capital availability for the vast majority of companies is likely to prevent wide-spread vertical integration, the importance of supply security of the more scare minerals and metals is rising.",{"type":594,"attrs":166760,"content":166761},{"textAlign":49},[166762],{"text":166763,"type":599},"As a result, the willingness of consumers to pay premiums for consistency, stability, and long term security of supply will increase.",{"type":594,"attrs":166765,"content":166766},{"textAlign":49},[166767],{"text":166768,"type":599},"For niche minerals, being strategically located will become of growing concern to end users, certainly for the larger manufacturing nations such as the US, Germany and Japan.",{"type":657,"attrs":166770,"content":166771},{"level":985,"textAlign":49},[166772],{"text":166773,"type":599}," 3 Replacing China",{"type":594,"attrs":166775,"content":166776},{"textAlign":49},[166777],{"text":166778,"type":599},"As the leading low cost supply base for many niche minerals such as rare earths, graphite, fluorspar, and vanadium, China’s downstream push to produce value-added products will leave less supply available for the rest of the world.",{"type":594,"attrs":166780,"content":166781},{"textAlign":49},[166782],{"text":166783,"type":599},"This has opened up a window of opportunity for other nations to become the new low-cost supply in minerals previously dominated by the Chinese.",{"type":657,"attrs":166785,"content":166786},{"level":985,"textAlign":49},[166787],{"text":166788,"type":599}," 4 Finance falling",{"type":594,"attrs":166790,"content":166791},{"textAlign":49},[166792],{"text":166793,"type":599},"The wave of investment into critical minerals between 2009 and 2011, will continue to subside for the majority of the exploration sector in 2015, leaving many junior companies fighting for survival.",{"type":594,"attrs":166795,"content":166796},{"textAlign":49},[166797],{"text":166798,"type":599},"For Canadian traded juniors especially, it has been one of the toughest and longest investment slumps ever.",{"type":594,"attrs":166800,"content":166801},{"textAlign":49},[166802],{"text":166803,"type":599},"As the slow recovery in end market demand continues, driven by new product innovation, the need for supply chain security will increase.",{"type":594,"attrs":166805,"content":166806},{"textAlign":49},[166807],{"text":166808,"type":599},"This will provide some hope to development-stage companies.",{"type":594,"attrs":166810,"content":166811},{"textAlign":49},[166812],{"text":166813,"type":599},"Tightening finance markets are likely to force some juniors out of the market, however projects with good resources, secure economics, and/ or a unique story to tell are likely to weather the storm.",{"type":657,"attrs":166815,"content":166816},{"level":985,"textAlign":49},[166817],{"text":166818,"type":599}," 5 New generation of suppliers",{"type":594,"attrs":166820,"content":166821},{"textAlign":49},[166822],{"text":166823,"type":599},"Despite turbulence in capital markets, a number of mineral and metal projects have managed to move ahead of the crowd and will attempt to position themselves as producers over the coming year.",{"type":594,"attrs":166825,"content":166826},{"textAlign":49},[166827],{"text":166828,"type":599},"In the graphite market, for example, some projects have already begun produce small quantities, lithium has welcomed its first new producer in a generation (p.17), while rare earths has seen two new operations come on-stream in the US and Australia.",{"type":594,"attrs":166830,"content":166831},{"textAlign":49},[166832],{"text":166833,"type":599},"Meanwhile, other industries have struggled to bring new resources to the market.",{"type":594,"attrs":166835,"content":166836},{"textAlign":49},[166837],{"text":166838,"type":599},"The lack of available capital, however, has prevented a glut of new producers coming on-stream.",{"type":594,"attrs":166840,"content":166841},{"textAlign":49},[166842],{"text":166843,"type":599},"A new generation of suppliers are slowly filtering into these niche mineral and metal industries, however, and this trend is expected to continue in 2015.",{"type":594,"attrs":166845,"content":166846},{"textAlign":49},[166847],{"text":166848,"type":599},"With China seeking to close many of the older, large flake graphite mines in Shandong province, there are likely to be restrictions in the supply of large flake product over the longer term assuming no new supply enters the market.",{"type":594,"attrs":166850,"content":166851},{"textAlign":49},[166852],{"text":166853,"type":599},"Considering these supply-side restrictions, and with four battery megafactories slated to come onstream in the next three years, the question is: will the natural graphite industry be able supply these new projects or will buyers have to turn to its synthetic counterpart?",{"type":594,"attrs":166855,"content":166856},{"textAlign":49},[166857],{"text":166858,"type":599},"It also raises the point of where new supply will come from to satisfy existing markets let alone the emergence of a potentially huge market in batteries.",{"type":594,"attrs":166860,"content":166861},{"textAlign":49},[166862],{"text":166863,"type":599},"Regardless of what the future holds, one thing is clear in the present: the days of low cost, abundant graphite from China are over.",[166865],{"slug":544,"name":543,"content":166866},{"job_title":557,"image":166867,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"eb5bf46c-ce9e-4190-98c4-815c6778c6ac\", \"id\": \"\"}-->",[166870],{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":166872,"copyright":547,"fieldtype":553,"meta_data":166873,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d041d55252/bm-trends.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":166875,"uuid":166876,"name":166877,"slug":166878,"full_slug":166879,"content":166880},112475166518965,"02a119b0-f0f0-4829-b1a8-d3c7cc313b45","Apple puts batteries at the  centre of its EV masterplan","apple-puts-batteries-at-the-centre-of-its-ev-masterplan","article/apple-puts-batteries-at-the-centre-of-its-ev-masterplan",{"_uid":166881,"date":165942,"tags":166882,"editor":166883,"content":166887,"excerpt":166994,"featured":50,"reporter":166995,"_editable":166999,"component":864,"seo_title":166877,"categories":167000,"visibility":882,"author_company":49,"featured_image":167004,"seo_description":166994,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"2dbb570a-d701-4ffb-b96d-f01694c81404",[],[166884],{"slug":544,"name":543,"content":166885},{"job_title":557,"image":166886,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":166888},[166889,166894,166899,166904,166909,166914,166919,166924,166929,166934,166939,166944,166949,166954,166959,166964,166969,166974,166979,166984,166989],{"type":594,"attrs":166890,"content":166891},{"textAlign":49},[166892],{"text":166893,"type":599}," Law suit exposes Apple’s electric vehicle ambitions and focus on batteries as Project:Titan begins to emerge from the shadows",{"type":594,"attrs":166895,"content":166896},{"textAlign":49},[166897],{"text":166898,"type":599},"The electric vehicle (EV) ambitions of Apple Inc has been brought into the public domain after lithium-ion battery producer, A123 Systems, filed a lawsuit against the Californiabased company for “systematically” poaching employees to establish a new battery division.",{"type":594,"attrs":166900,"content":166901},{"textAlign":49},[166902],{"text":166903,"type":599},"The venture, reportedly named Project:Titan, has already seen Apple recruit “hundreds of employees” according to the Wall Street Journal and is expected to see the world’s most profitable company enter the self-driving, EV industry.",{"type":594,"attrs":166905,"content":166906},{"textAlign":49},[166907],{"text":166908,"type":599},"The law suit filed by A123, signifies intensifying competition in the EV market, as firms seek to establish themselves in the industry ahead of what are expected to be significant growth rates over the coming years.",{"type":594,"attrs":166910,"content":166911},{"textAlign":49},[166912],{"text":166913,"type":599},"As these project developments expose a shortage of skilled battery experts in today’s market, attempts by major technology firms to develop battery capabilities also increases the potential for tightening supply conditions in raw material markets.",{"type":594,"attrs":166915,"content":166916},{"textAlign":49},[166917],{"text":166918,"type":599},"With established producers such as Tesla Motors, Foxconn Technology Group, LG Chem and Boston Power already developing battery megafactories, the introduction of major new, financially powerful producers, such as Apple, is likely to put significant strain on upstream suppliers.",{"type":594,"attrs":166920,"content":166921},{"textAlign":49},[166922],{"text":166923,"type":599}," Masters of the supply chain",{"type":594,"attrs":166925,"content":166926},{"textAlign":49},[166927],{"text":166928,"type":599},"Apple is the ultimate modern company in terms of supply chain management.",{"type":594,"attrs":166930,"content":166931},{"textAlign":49},[166932],{"text":166933,"type":599},"Since becoming CEO in mid-2011, Tim Cook has turned Apple into the most profitable company in history.",{"type":594,"attrs":166935,"content":166936},{"textAlign":49},[166937],{"text":166938,"type":599},"Cook has taken the innovative products created by former chief Steve Jobs, and commercialised them to a level never seen before in consumer electronics.",{"type":594,"attrs":166940,"content":166941},{"textAlign":49},[166942],{"text":166943,"type":599},"The distribution channels Cook and his team have developed – in addition to cutting manufacturing costs – has seen the portable electronics market boom to levels beyond even the most bullish of expectations. Industry spectators will be curious to see if this success can be replicated in the EV space.",{"type":594,"attrs":166945,"content":166946},{"textAlign":49},[166947],{"text":166948,"type":599},"Through the company’s efficient supply chain management and close partnership with manufacturer Foxconn Technology Group, Apple made $18bn in revenue, selling 34,000 iPhones an hour, on average, between October and December 2014. That equated to 74.5m units over the quarter.",{"type":594,"attrs":166950,"content":166951},{"textAlign":49},[166952],{"text":166953,"type":599},"It was revealed in March 2015 that Apple was selling iPhones at double the smartphone industry growth rate of 25% a year, primarily thanks to a successful launch in China where higher prices have not deterred consumers in search of the status symbol that Apple products bring.",{"type":594,"attrs":166955,"content":166956},{"textAlign":49},[166957],{"text":166958,"type":599},"The logistical operation to execute such huge numbers on a global scale is truly staggering and is one that sees Apple sitting on $178bn in cash.",{"type":594,"attrs":166960,"content":166961},{"textAlign":49},[166962],{"text":166963,"type":599},"So the question is: what new global growth market can Apple invest its huge sums of cash in while still play to its strengths?",{"type":594,"attrs":166965,"content":166966},{"textAlign":49},[166967],{"text":166968,"type":599},"In Benchmark Mineral Intelligence’s opinion, there are not many options available and the EV sector is the strongest viable market.",{"type":594,"attrs":166970,"content":166971},{"textAlign":49},[166972],{"text":166973,"type":599},"In essence an EV is more akin to an iPhone than a car – it is an iPhone on wheels. The software that drives the car’s efficiency is nearly as important as the batteries that power it. Yet EVs are the new technology entering a very well established auto industry that has not seen true disruption since it was founded.",{"type":594,"attrs":166975,"content":166976},{"textAlign":49},[166977],{"text":166978,"type":599},"Tesla Motors has already proven what slick design, innovative thinking and good software can do for a high-end EV market.",{"type":594,"attrs":166980,"content":166981},{"textAlign":49},[166982],{"text":166983,"type":599},"Tesla has also identified that cheaper and better batteries are the only way that the mass market EV space will succeed and has therefore invested $5bn in building the Gigafactory – a lithium-ion superplant that will require huge volumes of high-specification graphite, lithium and cobalt to fuel it.",{"type":594,"attrs":166985,"content":166986},{"textAlign":49},[166987],{"text":166988,"type":599},"While building a team of battery experts is a start, new market entrants will soon find having supply chain visibility and control all the way upstream to the mine is crucial to any EV or battery plan and the only way to truly dominate the space.",{"type":594,"attrs":166990,"content":166991},{"textAlign":49},[166992],{"text":166993,"type":599},"Apple’s entry into this market will intensify the search for a new generation of hi-tech raw material suppliers.","Law suit exposes Apple’s electric vehicle ambitions and focus on batteries as Project:Titan begins to emerge from the shadows",[166996],{"slug":544,"name":543,"content":166997},{"job_title":557,"image":166998,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2dbb570a-d701-4ffb-b96d-f01694c81404\", \"id\": \"\"}-->",[167001,167002,167003],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":167005,"copyright":547,"fieldtype":553,"meta_data":167006,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d56aef5014/bm-screen-shot-2016-07-20-at-132948.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":167008,"uuid":167009,"name":167010,"slug":167011,"full_slug":167012,"content":167013},112475161587280,"ed3d4215-1f18-4bbc-9b5b-f58bdc906c24","EVs at the tipping point,  says Deutsche Bank","evs-at-the-tipping-point-says-deutsche-bank","article/evs-at-the-tipping-point-says-deutsche-bank",{"_uid":167014,"date":165942,"tags":167015,"editor":167016,"content":167020,"excerpt":167105,"featured":50,"reporter":167106,"_editable":167110,"component":864,"seo_title":167010,"categories":167111,"visibility":882,"author_company":49,"featured_image":167115,"seo_description":167105,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"0d51c37c-8153-4265-a7e1-3b621771d4dd",[],[167017],{"slug":544,"name":543,"content":167018},{"job_title":557,"image":167019,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":167021},[167022,167027,167032,167037,167042,167047,167052,167057,167062,167067,167070,167075,167080,167085,167090,167095,167100],{"type":594,"attrs":167023,"content":167024},{"textAlign":49},[167025],{"text":167026,"type":599}," Independent report says we are at the point of an ‘unprecidented shift’ in global transport, with electric vehicles and diesel cars set to reach cost parity within five years",{"type":594,"attrs":167028,"content":167029},{"textAlign":49},[167030],{"text":167031,"type":599},"Deutsche Bank believes we are at the dawn of a new automotive era with “unprecedented technological and regulatory change” set to come in the next 5 years.",{"type":594,"attrs":167033,"content":167034},{"textAlign":49},[167035],{"text":167036,"type":599},"In a new report that analyses the electric vehicle (EV) supply chain, the banking and financial services group explained that in its opinion, “EVs will not be niche”.",{"type":594,"attrs":167038,"content":167039},{"textAlign":49},[167040],{"text":167041,"type":599},"In what Benchmark Mineral Intelligence believes is the most bullish independent report to date, Deutsche Bank outlined that with the costs of EVs falling and conventional gas-powered vehicles increasing, the two competing forms of transport will reach parity by 2020.",{"type":594,"attrs":167043,"content":167044},{"textAlign":49},[167045],{"text":167046,"type":599},"This, Deutsche Bank says, will be the economic tipping point for mass uptake of EVs.",{"type":594,"attrs":167048,"content":167049},{"textAlign":49},[167050],{"text":167051,"type":599},"“Various forms of EV will reach cost parity with conventional diesel powertrains within the next 5 years, and parity with conventional gasoline powertrains by the early 2020s,” the financial group explained.",{"type":594,"attrs":167053,"content":167054},{"textAlign":49},[167055],{"text":167056,"type":599},"“This, we believe, will drive an inflection in demand for EVs” The report has forecasted strong annual EV growth of 21% from 2015 to 2020, with Deutsche Bank citing the primary driver as Tesla Motors’ planned release of the Model X and, most importantly, the Model III in 2017 – a mass market EV that will utilise lower cost batteries produced by the Gigafactory.",{"type":594,"attrs":167058,"content":167059},{"textAlign":49},[167060],{"text":167061,"type":599},"While all EVs – hybrids, plug-in hybrids and fully electric vehicles – equated to 4% of the world’s total vehicle sales in 2014, this figure is expected to reach 9% in 2020 and 14% by 2025. With the sale of hybrids flat lining in recent times, full EVs are expected to account for the majority of sales over the next decade.",{"type":594,"attrs":167063,"content":167064},{"textAlign":49},[167065],{"text":167066,"type":599},"Benchmark believes that the world is also on the verge of mass uptake of batteries in three major forms: transport, mobile technology (which we are already experiencing) and utility applications.",{"type":594,"attrs":167068,"content":167069},{"textAlign":49},[],{"type":594,"attrs":167071,"content":167072},{"textAlign":49},[167073],{"text":167074,"type":599},"There is now a global consensus over the need to diversify energy sources, however the economic viability of wind and solar has come under considerable scrutiny. The utilisation of batteries to store this intermittent power will help to overcome some of these obstacles.",{"type":594,"attrs":167076,"content":167077},{"textAlign":49},[167078],{"text":167079,"type":599},"Battery systems in utilities, as a result, are starting to see traction.",{"type":594,"attrs":167081,"content":167082},{"textAlign":49},[167083],{"text":167084,"type":599},"2014 saw Southern California Edison begin construction of a 400MW lithium-ion storage facility, with Hawaii and New York City following suit with the development of similar systems (the latter using vanadium-flow battery technology).",{"type":594,"attrs":167086,"content":167087},{"textAlign":49},[167088],{"text":167089,"type":599},"It is interesting to note that New York City’s impetus for battery storage is from the need for security following two blackouts in under a decade. The first in 2003, which began with a downed power line in Ohio causing the grid to overload, resulted in the world’s second largest blackout in history.",{"type":594,"attrs":167091,"content":167092},{"textAlign":49},[167093],{"text":167094,"type":599},"It was a blackout that took down the power to most of the US northeast, the country’s financial hub, the bulk of its security and emergency services in these areas, and much of its water system which is powered by electric pumps.",{"type":594,"attrs":167096,"content":167097},{"textAlign":49},[167098],{"text":167099,"type":599},"The second blackout was in 2012 as a result of flooding and damage from Hurricane Sandy. It affected most of lower Manhattan, which included Wall Street and the city’s prime business district.",{"type":594,"attrs":167101,"content":167102},{"textAlign":49},[167103],{"text":167104,"type":599},"New York City authorities believe that with the instillation of a back-up power system, similar blackout chaos could be avoided in the future. It is looking to battery systems as the solution.","Independent report says we are at the point of an ‘unprecidented shift’ in global transport, with electric vehicles and diesel cars set to reach cost parity within five years",[167107],{"slug":544,"name":543,"content":167108},{"job_title":557,"image":167109,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0d51c37c-8153-4265-a7e1-3b621771d4dd\", \"id\": \"\"}-->",[167112,167113,167114],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":167116,"copyright":547,"fieldtype":553,"meta_data":167117,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a5c6a08ba8/bm-screen-shot-2016-07-20-at-134046.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":167119,"uuid":167120,"name":167121,"slug":167122,"full_slug":167123,"content":167124},112475156696555,"849ef5fb-6c86-4921-96f8-7f6083548eb0","Steel supply chain faces  new lower equilibrium","steel-supply-chain-faces-new-lower-equilibrium","article/steel-supply-chain-faces-new-lower-equilibrium",{"_uid":167125,"date":165942,"tags":167126,"editor":167127,"content":167131,"excerpt":167321,"featured":50,"reporter":167322,"_editable":167326,"component":864,"seo_title":167121,"categories":167327,"visibility":882,"author_company":49,"featured_image":167330,"seo_description":167321,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"766f0971-8e20-4285-9398-3c096ea8cdfe",[],[167128],{"slug":544,"name":543,"content":167129},{"job_title":557,"image":167130,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":167132},[167133,167138,167143,167148,167153,167158,167163,167166,167171,167176,167181,167186,167191,167196,167201,167206,167211,167216,167221,167226,167231,167236,167241,167246,167251,167256,167261,167266,167271,167276,167281,167286,167291,167296,167301,167306,167311,167318],{"type":594,"attrs":167134,"content":167135},{"textAlign":49},[167136],{"text":167137,"type":599}," Slowing growth in steel output forces further raw material and refractory restructuring 2015",{"type":594,"attrs":167139,"content":167140},{"textAlign":49},[167141],{"text":167142,"type":599},"Slowing steel output in 2015 is forcing an evolution in the way raw material suppliers and end-market users interact.",{"type":594,"attrs":167144,"content":167145},{"textAlign":49},[167146],{"text":167147,"type":599},"As a slow recovery in industrial markets continues, mineral suppliers are being forced to diversify their strategies to cater to new markets and end-users are increasing efforts to secure their supply-chains.",{"type":594,"attrs":167149,"content":167150},{"textAlign":49},[167151],{"text":167152,"type":599},"Growth in global crude steel production slumped to 1.2% in 2014 according to the World Steel Association, the lowest growth rate since 2009 when output contracted by 7.8%.",{"type":594,"attrs":167154,"content":167155},{"textAlign":49},[167156],{"text":167157,"type":599},"Although the most recent estimates suggest growth could reach 2% over the course of the year, upstream suppliers are unlikely to experience a significant rebound in demand, with capacities still far outstripping demand. This is leading to tough questions as to whether today’s environment is the new norm.",{"type":594,"attrs":167159,"content":167160},{"textAlign":49},[167161],{"text":167162,"type":599},"Certain regions such as Africa, South America and the Middle East are anticipated to achieve higher than average growth rates which will lead to a shift in the balance of trade of upstream raw materials.",{"type":594,"attrs":167164,"content":167165},{"textAlign":49},[],{"type":594,"attrs":167167,"content":167168},{"textAlign":49},[167169],{"text":167170,"type":599},"Nevertheless, the continued slowing of Chinese output alongside the laboured recovery of markets in North America and Europe make for a gloomy outlook in industrial demand for many minerals.",{"type":594,"attrs":167172,"content":167173},{"textAlign":49},[167174],{"text":167175,"type":599},"This will compound what has been a difficult few years for those businesses driven by steel, such as refractories and mineral additives.",{"type":657,"attrs":167177,"content":167178},{"level":985,"textAlign":49},[167179],{"text":167180,"type":599}," Raw material impact",{"type":594,"attrs":167182,"content":167183},{"textAlign":49},[167184],{"text":167185,"type":599},"Refractories – high temperature resistant bricks and materials – are a critical end-market for many nonmetallic minerals such as magnesite and graphite, with steel-based applications accounting for 70% of demand.",{"type":594,"attrs":167187,"content":167188},{"textAlign":49},[167189],{"text":167190,"type":599},"Overcapacities throughout the steel and refractories supply chain have had a lingering effect on raw materials as lower production has restricted consumption rates.",{"type":594,"attrs":167192,"content":167193},{"textAlign":49},[167194],{"text":167195,"type":599},"These market adjustments have not only limited the quantity of demand, but also the direction of trade.",{"type":594,"attrs":167197,"content":167198},{"textAlign":49},[167199],{"text":167200,"type":599},"With China, in particular, restructuring downstream industries and consolidating operations in both refractories and steel, there is a shift from volume to quality of raw material consumption. New growth areas will be required to fuel a substantial rebound in demand for upstream minerals.",{"type":594,"attrs":167202,"content":167203},{"textAlign":49},[167204],{"text":167205,"type":599},"Industrial expansion in developing regions such as India, South America and South-east Asia appear the most likely to provide significant growth rates in the short-term.",{"type":594,"attrs":167207,"content":167208},{"textAlign":49},[167209],{"text":167210,"type":599},"This has been reflected in attempts by major mineral companies to forge paths into these markets.",{"type":594,"attrs":167212,"content":167213},{"textAlign":49},[167214],{"text":167215,"type":599},"In 2014, US-based Mineral Technologies Inc acquired chemical firm Amcol – a specialty minerals firm renowned for supplying bentonite to markets ranging from pet litter to refractories – for $1.7bn as part of a wider strategy to leverage its position in these regions.",{"type":594,"attrs":167217,"content":167218},{"textAlign":49},[167219],{"text":167220,"type":599},"More recently, mineral group Imerys SA also widened its portfolio Brazil and South Korea, with the $388m* acquisition of S&B Industrial Minerals.",{"type":594,"attrs":167222,"content":167223},{"textAlign":49},[167224],{"text":167225,"type":599},"Efforts to expand in these regions signify the growing importance of industrial growth in these areas.",{"type":657,"attrs":167227,"content":167228},{"level":985,"textAlign":49},[167229],{"text":167230,"type":599}," Refractory evolution",{"type":594,"attrs":167232,"content":167233},{"textAlign":49},[167234],{"text":167235,"type":599},"With steel demand likely to remain at low levels throughout 2015, the challenge for refractory producers will be to retain market share in major regions of Europe, the US and China, while establishing a presence in developing nations.",{"type":594,"attrs":167237,"content":167238},{"textAlign":49},[167239],{"text":167240,"type":599},"Leading refractory producer Vesuvius plc increased its foothold in Asia and China, in particular, throughout 2014.",{"type":594,"attrs":167242,"content":167243},{"textAlign":49},[167244],{"text":167245,"type":599},"Meanwhile, Imerys reported a divergence in the trajectories of emerging countries, with “particular strong momentum in Asia outside China” providing reasons for optimism in the year ahead.",{"type":594,"attrs":167247,"content":167248},{"textAlign":49},[167249],{"text":167250,"type":599},"IIt will be in these areas that refractory suppliers will depend on over the coming years, as they evolve into hubs of mineral demand.",{"type":594,"attrs":167252,"content":167253},{"textAlign":49},[167254],{"text":167255,"type":599},"This will challenge the well ordered industry structures that have been geared to supplying established western markets for a generation.",{"type":594,"attrs":167257,"content":167258},{"textAlign":49},[167259],{"text":167260,"type":599},"While the shifting dynamics of these traditional, industrial sectors are forcing upstream firms to reposition themselves to supply new hi-tech markets, downstream consumers are having to re-evaluate the security of their supply chains.",{"type":594,"attrs":167262,"content":167263},{"textAlign":49},[167264],{"text":167265,"type":599},"With competition for the same raw materials rising and geopolitics playing an ever increasing role, companies are also having to consider how they source their minerals and metals.",{"type":594,"attrs":167267,"content":167268},{"textAlign":49},[167269],{"text":167270,"type":599},"No longer are raw material markets built to serve only one industry – or in some cases one client. The role of mineral suppliers is being redefined from the delivery of basic concentrates to the manufacturing of value added products for newer markets.",{"type":594,"attrs":167272,"content":167273},{"textAlign":49},[167274],{"text":167275,"type":599},"While larger companies turn towards acquisitions as a growth strategy, the few medium-sized mineral producers left are being forced to specialise in emerging hitech areas like batteries which have, until now, been dominated by China.",{"type":657,"attrs":167277,"content":167278},{"level":985,"textAlign":49},[167279],{"text":167280,"type":599}," New industrial equilibrium",{"type":594,"attrs":167282,"content":167283},{"textAlign":49},[167284],{"text":167285,"type":599},"With the global economy continuing to underperform, the recovery of the industrial sector will be gradual.",{"type":594,"attrs":167287,"content":167288},{"textAlign":49},[167289],{"text":167290,"type":599},"The excess in downstream capacities will mean the benefits of any potential recovery will be delayed in reaching upstream sectors.",{"type":594,"attrs":167292,"content":167293},{"textAlign":49},[167294],{"text":167295,"type":599},"This lagging effect will be particularly prevalent in all businesses related to steel, where capacities have far exceeded demand for a number of years.",{"type":594,"attrs":167297,"content":167298},{"textAlign":49},[167299],{"text":167300,"type":599},"With China looking to address these structural issues in steel and refractories, an abundance of supply threatens to prolong the raw material downturn, begging the question of whether we are now in a new equilibrium?",{"type":594,"attrs":167302,"content":167303},{"textAlign":49},[167304],{"text":167305,"type":599},"Companies will have to combat this by targeting new markets, reducing costs and optimising production processes. The future focus will be very much quality over quantity in most areas.",{"type":594,"attrs":167307,"content":167308},{"textAlign":49},[167309],{"text":167310,"type":599},"While this is likely to see a number of companies forced out of the market, it creates an opportunity for a new generation of suppliers, geared to supply the evolving needs of both industrial and hi-tech sectors.",{"type":594,"attrs":167312,"content":167313},{"textAlign":49},[167314],{"text":167315,"type":599,"marks":167316}," *Conversion made December 2014.",[167317],{"type":643},{"type":594,"attrs":167319,"content":167320},{"textAlign":49},[],"Slowing growth in steel output forces further raw material and refractory restructuring 2015",[167323],{"slug":544,"name":543,"content":167324},{"job_title":557,"image":167325,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"766f0971-8e20-4285-9398-3c096ea8cdfe\", \"id\": \"\"}-->",[167328,167329],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":167331,"copyright":547,"fieldtype":553,"meta_data":167332,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/025d9d5adf/bm-steel.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":167334,"uuid":167335,"name":167336,"slug":167337,"full_slug":167338,"content":167339},112475151711622,"2066c1bd-d0d4-49af-943c-3635d26bc636","Slowing EV’s Roll","slowing-evs-roll","article/slowing-evs-roll",{"_uid":167340,"date":165942,"tags":167341,"editor":167342,"content":167346,"excerpt":167473,"featured":50,"reporter":167474,"_editable":167478,"component":864,"seo_title":167336,"categories":167479,"visibility":882,"author_company":49,"featured_image":167483,"seo_description":167473,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"eecc14d4-0332-4f55-a0d6-d060c8a14ff2",[],[167343],{"slug":544,"name":543,"content":167344},{"job_title":557,"image":167345,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":167347},[167348,167353,167358,167363,167368,167373,167378,167383,167388,167393,167398,167403,167408,167413,167418,167423,167428,167433,167438,167443,167448,167453,167458,167463,167468],{"type":594,"attrs":167349,"content":167350},{"textAlign":49},[167351],{"text":167352,"type":599}," In an exclusive interview with Benchmark Mineral Intelligence, SQM’s COO, Patricio de Solminihac discusses lithium’s ‘spectacular’ rise in portable batteries, but issues caution over history repeating itself in electric vehicles",{"type":594,"attrs":167354,"content":167355},{"textAlign":49},[167356],{"text":167357,"type":599},"In little under two decades, SQM SA has gone from entering the lithium market to dominating global production.",{"type":594,"attrs":167359,"content":167360},{"textAlign":49},[167361],{"text":167362,"type":599},"After commercialising a new lithium extraction method from subsurface brines in the Atacama Desert, SQM not only become the world’s largest supplier, but also one of Chile’s most important and strategic mining companies.",{"type":594,"attrs":167364,"content":167365},{"textAlign":49},[167366],{"text":167367,"type":599},"Through its production of lithium, potash, iodine and nitrates in the country’s north, SQM enjoyed a renaissance in demand for many of these minerals, and the higher prices that came with it in the mid-2000s.",{"type":594,"attrs":167369,"content":167370},{"textAlign":49},[167371],{"text":167372,"type":599},"The price of potash fertiliser increased ten-fold on the back of a global resurgence in demand, especially from China, while iodine’s price spiked after Japan’s Fukushima Disaster owing to its use in radiation emergencies.",{"type":594,"attrs":167374,"content":167375},{"textAlign":49},[167376],{"text":167377,"type":599},"But it was lithium’s rise to dominance in smartphones powered by lithium-ion batteries that saw SQM thrust into the global spotlight as one of very few suppliers of the strategic raw material.",{"type":594,"attrs":167379,"content":167380},{"textAlign":49},[167381],{"text":167382,"type":599},"“The demand for lithium in energy storage had indeed been a spectacular development between 2004 and 2009,” Patricio de Solminihac, chief operating officer of SQM explained in an exclusive interview with Benchmark Mineral Intelligence.",{"type":594,"attrs":167384,"content":167385},{"textAlign":49},[167386],{"text":167387,"type":599},"“The boom of mobile phones, laptop computers and other portable devices [saw lithium demand surge], and during the [last five years], the successful introduction of smartphones and tablets has further boosted lithium demand.”",{"type":594,"attrs":167389,"content":167390},{"textAlign":49},[167391],{"text":167392,"type":599},"It was in 2004 when the lithium industry started to see a supply squeeze translate into higher prices, particularly for lithium carbonate, the precursor material used in battery cathodes. The increased demand from this new market caused friction with traditional markets such as ceramics and glass that were competing for the same raw material, which led to price volatility.",{"type":594,"attrs":167394,"content":167395},{"textAlign":49},[167396],{"text":167397,"type":599},"Shipments of lithium-ion batteries rose from 650m in 2003 to over 3,000m in 2009, a trend which caught lithium producers by surprise creating a shortage of material in the market. The major suppliers, however, soon caught up to meet the increasing battery demand which stood at 4,500m cells in 2014.",{"type":594,"attrs":167399,"content":167400},{"textAlign":49},[167401],{"text":167402,"type":599},"The industry is now preparing for the next phase of development for lithium-ion batteries with electric vehicles (EVs) looking increasingly promising to the outsider.",{"type":594,"attrs":167404,"content":167405},{"textAlign":49},[167406],{"text":167407,"type":599},"Significant new supply of batteries is scheduled for 2017 onwards with Tesla Motors, LG Chem and Foxconn Technology Group all planning lithium-ion megafactories. This is in addition to new plants and expansions by battery majors such as Samsung SDI (p38).",{"type":594,"attrs":167409,"content":167410},{"textAlign":49},[167411],{"text":167412,"type":599},"The influx of new players and new production has changed the EV outlook for many from a conservative to a bullish standpoint as lower cost cells could translate to cheaper vehicles and increased uptake.",{"type":594,"attrs":167414,"content":167415},{"textAlign":49},[167416],{"text":167417,"type":599},"“We see the development of EVs with much more caution,” explained de Solminihac.",{"type":594,"attrs":167419,"content":167420},{"textAlign":49},[167421],{"text":167422,"type":599},"“There are important variables that will impact EV development, positively or negatively. These are: infrastructure availability, range, battery costs and government policies, all of which have difficult challenges to overcome.”",{"type":594,"attrs":167424,"content":167425},{"textAlign":49},[167426],{"text":167427,"type":599},"“But there is another variable that may have an even stronger negative impact on the development of EVs: the oil price.” The price of oil has tumbled since Q4 2014 to lows in Q1 2015 of under $50/bbl, reducing the cost of petrol at the pump and giving the consumer and governments economic breathing space on alternative technologies and lower carbon emitting energy sources.",{"type":594,"attrs":167429,"content":167430},{"textAlign":49},[167431],{"text":167432,"type":599},"“I believe that the oil price and its short- and medium-term trend will definitely have an impact on the demand growth for EVs. This situation will delay or reshape some of the larger projects in the pipeline,” de Solminihac said.",{"type":594,"attrs":167434,"content":167435},{"textAlign":49},[167436],{"text":167437,"type":599},"Not only could EV uptake be impacted by the low oil price, but solar and wind power are also in the economic firing line. These industries have benefitted in recent years from high oil prices and have subsequently seen significant sums of investment flow into the market.",{"type":594,"attrs":167439,"content":167440},{"textAlign":49},[167441],{"text":167442,"type":599},"For example, China installed more solar panels in 2014 than the US has in its entire history and in the last three years, the country has increased its solar installations ten-fold to 33 GW. There is no doubt other factors were at play, but the high price of oil laid the economic groundwork for such huge projects which have also been eyed as a new market for larger scale, stationary storage batteries.",{"type":594,"attrs":167444,"content":167445},{"textAlign":49},[167446],{"text":167447,"type":599},"This also brings into focus the cost of batteries which stands at an average of $250/kWh today. Tesla’s Gigafactory is targeting a significant reduction in this cost to $100/kWh by 2020 when its super-plant is expected to hit capacity and achieve the necessary economies of scale.",{"type":594,"attrs":167449,"content":167450},{"textAlign":49},[167451],{"text":167452,"type":599},"“The cost of batteries will go down over time, no doubt about it, but to expect that this reduction will compensate the oil price drop seems unrealistic to me,” the SQM operating chief explained.",{"type":594,"attrs":167454,"content":167455},{"textAlign":49},[167456],{"text":167457,"type":599},"The discussion over the use of batteries in the utility industry has also been increasing in recent years, particularly in the US, as challenges with an ageing national grid system mount with an ever growing population.",{"type":594,"attrs":167459,"content":167460},{"textAlign":49},[167461],{"text":167462,"type":599},"Lithium-ion has become the technology of choice in this market primarily owing to the availability of supply. Other batteries such as vanadium-flow have long been touted as an ideal technology for stationary storage but have yet to see significant traction in a market that is embryonic in stage.",{"type":594,"attrs":167464,"content":167465},{"textAlign":49},[167466],{"text":167467,"type":599},"SQM expects increased competition in this arena.",{"type":594,"attrs":167469,"content":167470},{"textAlign":49},[167471],{"text":167472,"type":599},"“Since there are no restrictions in the size and weight of types of batteries, as you have with those used in portable devices and EVs, we see other technologies competing with lithium in stationary storage applications,” said de Solminihac.","In an exclusive interview with Benchmark Mineral Intelligence, SQM’s COO, Patricio de Solminihac discusses lithium’s ‘spectacular’ rise in portable batteries, but issues caution over history repeating itself in electric vehicles",[167475],{"slug":544,"name":543,"content":167476},{"job_title":557,"image":167477,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"eecc14d4-0332-4f55-a0d6-d060c8a14ff2\", \"id\": \"\"}-->",[167480,167481,167482],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":167484,"copyright":547,"fieldtype":553,"meta_data":167485,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4c5c2f9a9a/bm-screen-shot-2016-07-20-at-135613.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":167487,"uuid":167488,"name":167489,"slug":167490,"full_slug":167491,"content":167492},112475142212796,"da91234b-754d-428f-9e29-c3b92e5ca826","Tesla Gigafactory  demand: revisited","tesla-gigafactory-demand-revisited","article/tesla-gigafactory-demand-revisited",{"_uid":167493,"date":165942,"tags":167494,"editor":167496,"content":167500,"excerpt":167936,"featured":50,"reporter":167937,"_editable":167941,"component":864,"seo_title":167489,"categories":167942,"visibility":882,"author_company":49,"featured_image":167946,"seo_description":167936,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"d68c4c19-6916-47bf-9c0f-5f675026ea92",[167495],{"slug":3874,"name":3875},[167497],{"slug":544,"name":543,"content":167498},{"job_title":557,"image":167499,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":167501},[167502,167507,167512,167517,167522,167527,167532,167537,167542,167547,167552,167557,167562,167567,167570,167575,167580,167585,167590,167595,167600,167605,167610,167615,167620,167625,167630,167635,167640,167645,167650,167655,167660,167665,167670,167675,167680,167685,167690,167695,167700,167703,167708,167713,167718,167723,167728,167733,167738,167743,167748,167753,167758,167763,167768,167773,167778,167783,167788,167793,167798,167803,167808,167813,167818,167823,167828,167833,167836,167841,167846,167851,167856,167861,167866,167871,167876,167881,167886,167891,167896,167901,167906,167911,167916,167921,167926,167931],{"type":594,"attrs":167503,"content":167504},{"textAlign":49},[167505],{"text":167506,"type":599}," Benchmark analyses new demand data for graphite, lithium and cobalt one year on from Tesla Motors announcing its game-changing plan to build the world’s biggest lithium-ion battery plant",{"type":594,"attrs":167508,"content":167509},{"textAlign":49},[167510],{"text":167511,"type":599},"It has been almost exactly a year since Tesla Motors Inc announced a revolutionary plan to build the world’s largest lithium-ion battery plant, the Gigafactory.",{"type":594,"attrs":167513,"content":167514},{"textAlign":49},[167515],{"text":167516,"type":599},"In a megastructure, one-mile in length and 70ft high, Tesla wants to produce the equivalent of the world’s battery production in 2013 under one roof – 35GWh worth of cells. It is unprecedented in scale and ambition and is a make or break move for the high end electric vehicle (EV) pioneer that is seeking a mass market position.",{"type":594,"attrs":167518,"content":167519},{"textAlign":49},[167520],{"text":167521,"type":599},"To date, Tesla has already experienced strong sales of its Model S, and in mid-2015 is set to begin sales of the Model X – both of which will use a 60 kWh or 85 kWh lithiumion battery.",{"type":594,"attrs":167523,"content":167524},{"textAlign":49},[167525],{"text":167526,"type":599},"The lower cost Gigafactory batteries will be used in both of these existing models, and will, most importantly, give birth to the company’s first mass-market EV, the Model III which is expected to have a 48 kWh battery.",{"type":594,"attrs":167528,"content":167529},{"textAlign":49},[167530],{"text":167531,"type":599},"The Gigafactory also holds the power to revolutionise demand for graphite, lithium and cobalt, the key input raw materials that will fuel its production capacity of 500,000 vehicles worth of lithium-ion batteries.",{"type":594,"attrs":167533,"content":167534},{"textAlign":49},[167535],{"text":167536,"type":599},"The analysts behind Benchmark Mineral Intelligence calculated and published initial demand data for the Gigafactory in Q1 2014 which has been widely cited around the world.",{"type":594,"attrs":167538,"content":167539},{"textAlign":49},[167540],{"text":167541,"type":599},"Now, with the $5bn project a year ahead of schedule, Benchmark has decided to revisit the numbers and the Gigafactory timeframe to see what impact critical mineral and metal industries should be braced for and when to expect it.",{"type":657,"attrs":167543,"content":167544},{"level":985,"textAlign":49},[167545],{"text":167546,"type":599}," Graphite",{"type":594,"attrs":167548,"content":167549},{"textAlign":49},[167550],{"text":167551,"type":599},"Graphite, the battery anode, will be the largest input raw material into the Gigafactory.",{"type":594,"attrs":167553,"content":167554},{"textAlign":49},[167555],{"text":167556,"type":599},"Tesla have the option to go with either natural or synthetic graphite or could even be a blend of both.",{"type":594,"attrs":167558,"content":167559},{"textAlign":49},[167560],{"text":167561,"type":599},"The battery industry today is divided on what material it consumes with about 60% of all graphite in batteries from natural flake and 40% from synthetic, man-made sources.",{"type":594,"attrs":167563,"content":167564},{"textAlign":49},[167565],{"text":167566,"type":599},"Under a bullish scenario that assumes the company will hit its capacity in 2020, significant amounts of battery grade graphite will be needed. The chart (p48) outlines that raw material buying for the Gigafactory is expected to start in 2016 when Benchmark estimates that Tesla will need to secure 8,000-10,000 tonnes of spherical battery grade graphite. If this is sourced from natural flake graphite this equates to 25,000 tonne of flake concentrate that will need to be mined.",{"type":594,"attrs":167568,"content":167569},{"textAlign":49},[],{"type":594,"attrs":167571,"content":167572},{"textAlign":49},[167573],{"text":167574,"type":599},"Today, Benchmark estimates the average capacity of a graphite mine outside of China is 11,600 tonnes. It is also important to note that on average only 60% of the flake concentrate a mine produces can be used as a battery graphite feedstock – the medium and large flake material – therefore at today’s rates the Gigafactory will be consuming the equivalent of 1.4 mines worth of product in 2016 alone.",{"type":594,"attrs":167576,"content":167577},{"textAlign":49},[167578],{"text":167579,"type":599},"This will add pressure on the market particularly considering that at present, only medium flake graphite from China is used to produce spherical graphite – a source that Tesla is trying to avoid on environmental grounds.",{"type":594,"attrs":167581,"content":167582},{"textAlign":49},[167583],{"text":167584,"type":599},"Once the super plant is approaching capacity in 2020 with raw material buying and stockpiling expected for this expansion in 2019, Gigafactory graphite demand is forecast to be 38,000-42,000 tonnes of spherical graphite or around 100,000 tonnes of flake graphite. By today’s standards, this is the equivalent of 6 mines worth of flake graphite.",{"type":594,"attrs":167586,"content":167587},{"textAlign":49},[167588],{"text":167589,"type":599},"Quite simply if Tesla uses natural graphite, new supply will be needed, especially if China – which produces almost 100% of uncoated battery grade graphite today – is discounted as a source.",{"type":594,"attrs":167591,"content":167592},{"textAlign":49},[167593],{"text":167594,"type":599},"The company could also opt to use synthetic graphite, however this raw material has a larger environmental impact than its natural counterpart and is more expensive – with synthetic concentrate powder selling for roughly double the price.",{"type":594,"attrs":167596,"content":167597},{"textAlign":49},[167598],{"text":167599,"type":599},"It is likely if new supply of natural flake does not come on-stream, synthetic’s importance will grow.",{"type":657,"attrs":167601,"content":167602},{"level":985,"textAlign":49},[167603],{"text":167604,"type":599}," Lithium",{"type":594,"attrs":167606,"content":167607},{"textAlign":49},[167608],{"text":167609,"type":599},"Even though lithium has, on the surface, a less critical supply situation than graphite, there are still significant challenges for Tesla in sourcing the right product and at the volume needed.",{"type":594,"attrs":167611,"content":167612},{"textAlign":49},[167613],{"text":167614,"type":599},"Lithium carbonate is the primary product in the industry and is a market that is 2.5 times the size of the lithium hydroxide sector, a product that is also used in batteries.",{"type":594,"attrs":167616,"content":167617},{"textAlign":49},[167618],{"text":167619,"type":599},"Owing to the Panasonic design of battery the Gigafactory is using, Tesla will need significant volumes of lithium hydroxide which is harder to source than lithium carbonate. At capacity, Tesla will need between 22-26,000 tonnes of battery-grade lithium hydroxide.",{"type":594,"attrs":167621,"content":167622},{"textAlign":49},[167623],{"text":167624,"type":599}," At present, the majority of lithium is produced as a non-metallic product in Chile and Argentina from brines, and Australia from spodumene, the hard rock form. These are Tesla’s primary sourcing options.",{"type":594,"attrs":167626,"content":167627},{"textAlign":49},[167628],{"text":167629,"type":599},"Australia’s source of lithium is operated by Talison Lithium – the world’s largest hard rock lithium mine – which exports nearly all of the concentrate it produces to China, a country that is heavily reliant on spodumene feedstock for its domestic industry. Chinese producers utilise the older concentrate-tolithium conversion technology to produce a variety of downstream chemicals.",{"type":594,"attrs":167631,"content":167632},{"textAlign":49},[167633],{"text":167634,"type":599},"The only other major sources of lithium today are from the brines of the Salar de Atacama in Chile and the Hombre Muerto and Olaroz salars in Argentina.",{"type":594,"attrs":167636,"content":167637},{"textAlign":49},[167638],{"text":167639,"type":599},"Chile is home to the lowest cost and highest volume producers SQM SA and Rockwood Lithium, while the third largest brine producer FMC Lithium operates from the Hombre Muerto. Both Rockwood and FMC Lithium conduct further downstream processing of its lithium feedstock at plants in the US and Germany.",{"type":594,"attrs":167641,"content":167642},{"textAlign":49},[167643],{"text":167644,"type":599},"Argentina also welcomed a new producer in the form of Australia-based Orocobre Ltd which operates from the Salar de Olaroz.",{"type":594,"attrs":167646,"content":167647},{"textAlign":49},[167648],{"text":167649,"type":599},"Orocobre is expected to begin shipments by Q2 2015.",{"type":594,"attrs":167651,"content":167652},{"textAlign":49},[167653],{"text":167654,"type":599},"The US produces lithium hydroxide from Silver Peak in Nevada, which is owned and operated by Rockwood Lithium.",{"type":594,"attrs":167656,"content":167657},{"textAlign":49},[167658],{"text":167659,"type":599},"The output is small however and only a fraction of the supply needed by the Gigafactory.",{"type":594,"attrs":167661,"content":167662},{"textAlign":49},[167663],{"text":167664,"type":599},"The closest active potential source of lithium to the Gigafactory, Western Lithium, is presently only producing hectorite clay as a drilling mud for the oil and gas industry and is looking to enter the lithium market in the near-term.",{"type":594,"attrs":167666,"content":167667},{"textAlign":49},[167668],{"text":167669,"type":599},"The lithium industry is more geared to supplying the battery sector than graphite since a surge in demand in 2004 as mobile technology took off, most notably with smartphones and tablets using lithium-ion batteries.",{"type":594,"attrs":167671,"content":167672},{"textAlign":49},[167673],{"text":167674,"type":599},"The doubts are not over whether the industry can supply lithium in general but rather the volumes needed of the right specification can be produced in a cost effective manner.",{"type":657,"attrs":167676,"content":167677},{"level":985,"textAlign":49},[167678],{"text":167679,"type":599}," Cobalt",{"type":594,"attrs":167681,"content":167682},{"textAlign":49},[167683],{"text":167684,"type":599},"The battery industry is the largest market for cobalt producers, accounting for over 40% of total demand in 2014.",{"type":594,"attrs":167686,"content":167687},{"textAlign":49},[167688],{"text":167689,"type":599},"The major challenge with the sourcing of cobalt is overreliance on the Democratic Republic of Congo, one the world’s poorest and most politically unstable countries.",{"type":594,"attrs":167691,"content":167692},{"textAlign":49},[167693],{"text":167694,"type":599},"While Congo does not have significant processing capacities it supplies an estimated 55-60% of the world’s cobalt concentrate to refineries, the majority of which reside in China.",{"type":594,"attrs":167696,"content":167697},{"textAlign":49},[167698],{"text":167699,"type":599},"At capacity the Gigafactory will require 5,000-7,000 tonnes of battery grade cobalt material. Last year, the industry produced 80,000 tonnes of refined product of which 30,000-35,000 tonnes was battery grade material. This equates to an increase in battery demand of 20% from one consumer alone.",{"type":594,"attrs":167701,"content":167702},{"textAlign":49},[],{"type":594,"attrs":167704,"content":167705},{"textAlign":49},[167706],{"text":167707,"type":599},"Cobalt from the central African country was not cited in the US’ Dodd-Frank conflict minerals act while other minerals mined, transported and traded in the same way were tin, tantalum, tungsten and gold.",{"type":594,"attrs":167709,"content":167710},{"textAlign":49},[167711],{"text":167712,"type":599},"There is a school of thinking which suggests that cobalt should have been named as a conflict mineral but owing to its delicate supply situation was not included.",{"type":594,"attrs":167714,"content":167715},{"textAlign":49},[167716],{"text":167717,"type":599},"It is thought the main reason for its exclusion was because of a high risk of volatility in the market if consumers were forced to reveal where they source their raw materials from.",{"type":594,"attrs":167719,"content":167720},{"textAlign":49},[167721],{"text":167722,"type":599},"If cobalt was given conflict mineral status it would restrict the majority of supply on the market and lead to price spikes and major sourcing problems for technology companies, particularly in the US.",{"type":594,"attrs":167724,"content":167725},{"textAlign":49},[167726],{"text":167727,"type":599},"Cobalt has already experienced price volatility between 2003-2009 owing to a number of factors including inelasticity of supply and the emergence of new demand from the battery market.",{"type":594,"attrs":167729,"content":167730},{"textAlign":49},[167731],{"text":167732,"type":599},"This will be something that the industry will seek to avoid otherwise consumers could be forced to explore other cathode chemistries.",{"type":657,"attrs":167734,"content":167735},{"level":985,"textAlign":49},[167736],{"text":167737,"type":599}," Demand challenges",{"type":594,"attrs":167739,"content":167740},{"textAlign":49},[167741],{"text":167742,"type":599},"It is important to emphasise the number of hurdles Tesla’s Gigafactory will have to negotiate to hit capacity and create the growth expected for graphite, lithium and cobalt.",{"type":594,"attrs":167744,"content":167745},{"textAlign":49},[167746],{"text":167747,"type":599},"Here Benchmark explores these challenges:",{"type":594,"attrs":167749,"content":167750},{"textAlign":49},[167751],{"text":167752,"type":599},"1. Who will buy the batteries or cars?",{"type":594,"attrs":167754,"content":167755},{"textAlign":49},[167756],{"text":167757,"type":599},"Tesla is banking on the lower cost batteries sparking a significant surge in demand for what will be cheaper EVs.",{"type":594,"attrs":167759,"content":167760},{"textAlign":49},[167761],{"text":167762,"type":599},"At capacity, the Gigafatory will produce enough battery packs for around 500,000 vehicles which will be a combination of the Model III, Model S and Model X.",{"type":594,"attrs":167764,"content":167765},{"textAlign":49},[167766],{"text":167767,"type":599},"The company will use Gigafactory batteries to drive the price of the Model III to below $35,000. It is now a race with General Motors (GM) to produce the cheapest ever fully electric vehicle available in the western world. In January 2015, GM revealed its plan to produce the Chevrolet Bolt for $30,000 by 2017.",{"type":594,"attrs":167769,"content":167770},{"textAlign":49},[167771],{"text":167772,"type":599},"This coupled with the significant network of charging infrastructure Tesla has installed over the past three years is hoped to be sufficient to induce sales of 500,000 electric vehicles by 2020 – roughly eight times the amount US consumers purchased in 2014.",{"type":594,"attrs":167774,"content":167775},{"textAlign":49},[167776],{"text":167777,"type":599},"Over the last seven years, the company has excelled in the niche, high end market and managed to sell its vehicles on the basis of performance and style, making EVs desirable to consumers with disposal cash.",{"type":594,"attrs":167779,"content":167780},{"textAlign":49},[167781],{"text":167782,"type":599},"The challenge is whether Tesla can shift this business model to the mass-market and whether the mass market is ready to accept an EV.",{"type":594,"attrs":167784,"content":167785},{"textAlign":49},[167786],{"text":167787,"type":599},"2. What happens if EVs do not take off quickly enough?",{"type":594,"attrs":167789,"content":167790},{"textAlign":49},[167791],{"text":167792,"type":599},"Tesla is already putting plans in place to use excess battery output for home and utility/ stationary storage applications.",{"type":594,"attrs":167794,"content":167795},{"textAlign":49},[167796],{"text":167797,"type":599},"On the roof of the Gigafactory will be solar panels harnessing the power of the Nevada sun. Excess batteries are expected to be used as mass storage devices for this renewable energy, allowing the plant to recall the power when necessary with a goal of being a zero net energy operation.",{"type":594,"attrs":167799,"content":167800},{"textAlign":49},[167801],{"text":167802,"type":599},"It is also looking to sell batteries to other producers of renewable energy within the US as well as EV producers rumoured to include BMW.",{"type":594,"attrs":167804,"content":167805},{"textAlign":49},[167806],{"text":167807,"type":599},"In 2014, power companies like Southern California Edison (SCE) created energy storage farms in California for a similar purpose and at present, owns the largest of many such facilities in North America at 32 MW.",{"type":594,"attrs":167809,"content":167810},{"textAlign":49},[167811],{"text":167812,"type":599},"The company will be looking to boost the already gathering momentum in large scale, stationary storage. And it is a goal that already has US utility companies looking over their shoulders.",{"type":594,"attrs":167814,"content":167815},{"textAlign":49},[167816],{"text":167817,"type":599},"3. What are the biggest factors that could stifle the Gigafactory development?",{"type":594,"attrs":167819,"content":167820},{"textAlign":49},[167821],{"text":167822,"type":599},"Raw material availability is probably the biggest challenge facing the Gigafactory outside of the need for basic demand. It is also the only area of the EV supply chain where Tesla does not have ownership and control.",{"type":594,"attrs":167824,"content":167825},{"textAlign":49},[167826],{"text":167827,"type":599},"Getting the right volumes of pre-cursor minerals and metals – of which graphite, lithium and cobalt are the most critical – is a huge challenge.",{"type":594,"attrs":167829,"content":167830},{"textAlign":49},[167831],{"text":167832,"type":599},"Not only does Tesla need to secure long term deals of the right specification for battery-grade raw materials, but it needs to do so at the right price and from sources that fall in line with the companies green, sustainable policies.",{"type":594,"attrs":167834,"content":167835},{"textAlign":49},[],{"type":594,"attrs":167837,"content":167838},{"textAlign":49},[167839],{"text":167840,"type":599},"While Tesla initially announced it would only source Gigafactory raw materials from North America, it has since clarified that the search will be global.",{"type":594,"attrs":167842,"content":167843},{"textAlign":49},[167844],{"text":167845,"type":599},"Today, no spherical graphite or batterygrade cobalt is produced in North America.",{"type":594,"attrs":167847,"content":167848},{"textAlign":49},[167849],{"text":167850,"type":599},"Meanwhile, the volumes of lithium hydroxide required means the company would need to source the majority from outside of the continent.",{"type":594,"attrs":167852,"content":167853},{"textAlign":49},[167854],{"text":167855,"type":599},"Tesla is still set on sourcing ethical raw material that has a lowest possible environmental impact, which is usually is at odds with economics.",{"type":594,"attrs":167857,"content":167858},{"textAlign":49},[167859],{"text":167860,"type":599},"This, in essence, eliminates China for graphite and the Congo for cobalt. Lithium appears on safe ground with the majority being produced in Chile from lower impact, subsurface brines, however hydroxide capacities will have to increase.",{"type":594,"attrs":167862,"content":167863},{"textAlign":49},[167864],{"text":167865,"type":599},"Eliminating China from the graphite picture is a bold move.",{"type":594,"attrs":167867,"content":167868},{"textAlign":49},[167869],{"text":167870,"type":599},"China produces nearly all of the world’s spherical graphite and has been supplying Japan and South Korea’s battery industry for over a decade.",{"type":594,"attrs":167872,"content":167873},{"textAlign":49},[167874],{"text":167875,"type":599},"Eliminating a source on environmental grounds leaves Tesla with two main options: a) To work with the exploration and development sector to build the world’s newest mine, or, b) To work with established graphite processors that source raw material from around the world but not from China.",{"type":594,"attrs":167877,"content":167878},{"textAlign":49},[167879],{"text":167880,"type":599},"These mineral industries are so niche that making one such decision can have wide reaching implications. There is also a huge need for supply chain security: Tesla will require more than one source of each raw material.",{"type":594,"attrs":167882,"content":167883},{"textAlign":49},[167884],{"text":167885,"type":599},"This is a problem that will never go away.",{"type":594,"attrs":167887,"content":167888},{"textAlign":49},[167889],{"text":167890,"type":599},"Raw material sourcing is an ever changing environment that requires constant evaluation and forecasting of competing demand.",{"type":657,"attrs":167892,"content":167893},{"level":985,"textAlign":49},[167894],{"text":167895,"type":599}," Competition rising",{"type":594,"attrs":167897,"content":167898},{"textAlign":49},[167899],{"text":167900,"type":599},"As has been highlighted by Benchmark on a number of occasions, Tesla is not the only megaproject in the pipeline; LG Chem, Boston Power and Foxconn Technology Group are also planning super-plants in China while smaller plants and expansions are also schedule to come online around the world in the next 3 years.",{"type":594,"attrs":167902,"content":167903},{"textAlign":49},[167904],{"text":167905,"type":599},"If all these battery plants come on-stream within a 2 year period of each other, a surge in raw material demand will occur which would be a significantly disruptive event for the market.",{"type":594,"attrs":167907,"content":167908},{"textAlign":49},[167909],{"text":167910,"type":599},"Lithium and cobalt experienced price volatility as a result of similar disruptive events in the mid-2000s when battery production for mobile technology increased.",{"type":594,"attrs":167912,"content":167913},{"textAlign":49},[167914],{"text":167915,"type":599},"The difference with today is that nearly all the battery plants scheduled are for the much larger EV battery packs requiring more batteries and raw material.",{"type":594,"attrs":167917,"content":167918},{"textAlign":49},[167919],{"text":167920,"type":599},"We are entering a period of significant change, with industrial markets such as steel stalling, new technologies such as batteries are emerging.",{"type":594,"attrs":167922,"content":167923},{"textAlign":49},[167924],{"text":167925,"type":599},"This is causing tensions in the raw material industries that supply both markets as, for the first time in many cases, there is competition for the same minerals or metals from multiple industries.",{"type":594,"attrs":167927,"content":167928},{"textAlign":49},[167929],{"text":167930,"type":599},"Tesla and its Gigafactory plan has thrust this discussion into the limelight and forced the most pessimistic of participants to look at a future where batteries are a major global industry on a par with aluminium, ceramics, glass, paint and plastics.",{"type":594,"attrs":167932,"content":167933},{"textAlign":49},[167934],{"text":167935,"type":599},"The battery discussion has now moved from the arena of ‘if’ they will become a major part of our lives to predicting when. And the Gigafactory has created the blueprint.","Benchmark analyses new demand data for graphite, lithium and cobalt one year on from Tesla Motors announcing its game-changing plan to build the world’s biggest lithium-ion battery plant",[167938],{"slug":544,"name":543,"content":167939},{"job_title":557,"image":167940,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d68c4c19-6916-47bf-9c0f-5f675026ea92\", \"id\": \"\"}-->",[167943,167944,167945],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":4811,"name":4812},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":167947,"copyright":547,"fieldtype":553,"meta_data":167948,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/291bbab840/bm-screen-shot-2016-07-20-at-144336.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":167950,"uuid":167951,"name":167952,"slug":167953,"full_slug":167954,"content":167955},112475132206066,"5c22175c-2c22-4c7c-a2ce-a7acb7437e59","Disruptive innovation","disruptive-innovation-2","article/disruptive-innovation-2",{"_uid":167956,"date":165942,"tags":167957,"editor":167958,"content":167962,"excerpt":167968,"featured":50,"reporter":168078,"_editable":168082,"component":864,"seo_title":167952,"categories":168083,"visibility":882,"author_company":547,"featured_image":168086,"seo_description":167968,"author_full_name":547,"author_job_title":547,"formattedDate":166146},"3136206e-f5e5-4d96-984e-c301189e367e",[],[167959],{"slug":544,"name":543,"content":167960},{"job_title":557,"image":167961,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":167963},[167964,167969,167976,167981,167986,167991,167996,168001,168006,168011,168016,168021,168026,168031,168036,168041,168046,168051,168056,168061,168066,168071],{"type":594,"attrs":167965,"content":167966},{"textAlign":49},[167967],{"text":167968,"type":599},"House Mountain Partners’ Chris Berry looks at the threats and opportunities for the battery and renewable energy sectors and asks: Is it different this time?",{"type":594,"attrs":167970,"content":167971},{"textAlign":49},[167972],{"text":167973,"type":599,"marks":167974}," “It happens slowly, then all at once.”",[167975],{"type":643},{"type":594,"attrs":167977,"content":167978},{"textAlign":49},[167979],{"text":167980,"type":599},"When Ernest Hemingway wrote this quote in his 1926 novel titled The Sun Also Rises, he could hardly imagined how pertinent the phrase would be 89 years later when applied to the critical minerals and metals sector and associated supply chains.",{"type":594,"attrs":167982,"content":167983},{"textAlign":49},[167984],{"text":167985,"type":599},"While the comparisons to Hemingway’s novel and today’s world may end there, it does seem as if there are several forces converging to accelerate change on a massive scale.",{"type":594,"attrs":167987,"content":167988},{"textAlign":49},[167989],{"text":167990,"type":599},"These forces which underpin technological disruption and innovation are not new.",{"type":594,"attrs":167992,"content":167993},{"textAlign":49},[167994],{"text":167995,"type":599},"Primary among these is the continued increase in computing power and with it the decrease in cost. According to IBM, from the beginning of recorded time to 2003 humans created 5 billion gigabytes (GB) of data.",{"type":594,"attrs":167997,"content":167998},{"textAlign":49},[167999],{"text":168000,"type":599},"In 2011, the same amount was created every two days. By 2013, the same amount was created every ten minutes.",{"type":594,"attrs":168002,"content":168003},{"textAlign":49},[168004],{"text":168005,"type":599},"The advances in computing power driven by Moore’s Law style cost declines have served to make computing technology practically ubiquitous around the globe. The leveling of the global playing field through easy access to massive amounts of information can only help push innovation and entrepreneurialism forward.",{"type":594,"attrs":168007,"content":168008},{"textAlign":49},[168009],{"text":168010,"type":599},"Second, despite headlines to the contrary, globalisation slowly continues to power forward as the world’s middle class enlarges its ranks, primarily in Asia. According to The World Bank, China is only 53% urbanised and India is 32% urbanised. Many economist and demographers believe that a society is fully urbanised at 75%. Clearly several hundred million citizens in these countries have yet to experience a higher quality of life through a more commodity centered lifestyle.",{"type":594,"attrs":168012,"content":168013},{"textAlign":49},[168014],{"text":168015,"type":599},"Third, sustainable growth, driven by disruptive technologies and business models will continue to be of paramount importance. With the price of lithium-ion batteries, per kilowatt-hour, falling at roughly 14% per year, and the price per watt of solar power also declining rapidly, combining these technologies is an example of how access to and use of energy will change to the betterment of humanity.",{"type":657,"attrs":168017,"content":168018},{"level":985,"textAlign":49},[168019],{"text":168020,"type":599}," Threats to Growth",{"type":594,"attrs":168022,"content":168023},{"textAlign":49},[168024],{"text":168025,"type":599},"According to a study by Bank of America Merrill Lynch, solar and wind power are forecast to comprise 80% of new electricity generating capacity to 2030.",{"type":594,"attrs":168027,"content":168028},{"textAlign":49},[168029],{"text":168030,"type":599},"There are more statistics like these which bolster the bullish case for the metals and minerals consumed in battery and electricity supply chains, however they must be set aside to present a balanced analysis of the future by pointing out some of the threats to this growth thesis.",{"type":594,"attrs":168032,"content":168033},{"textAlign":49},[168034],{"text":168035,"type":599},"Though positive momentum is obvious, there are threats to the thesis of technology fuelled growth. First among them concerns the billions of dollars in R&D money being funneled into building a better battery.",{"type":594,"attrs":168037,"content":168038},{"textAlign":49},[168039],{"text":168040,"type":599},"The raw materials and pros and cons for various lithium-ion chemistries are well known and the individual(s) who can overcome these limitations – cycle life or power density, for example – will go down in history as having solved one of the great physics and chemistry challenges of our time.",{"type":594,"attrs":168042,"content":168043},{"textAlign":49},[168044],{"text":168045,"type":599},"With various companies currently building multi-billion dollar supply chains around existing chemistries, what would a breakthrough mean for their respective businesses if such a development rendered certain raw materials obsolete? Perhaps a lithium ion battery with little or no cobalt? Could these supply chains adjust? These are questions worth considering despite the time it would take to commercialise new battery chemistry. Technology may not be the savior we believe it to be after all.",{"type":594,"attrs":168047,"content":168048},{"textAlign":49},[168049],{"text":168050,"type":599},"A second challenge concerns the performance of the macro economy since the Great Recession. It is now believed that excessive sovereign debt issuance effectively bridged the gap in an attempt to revive demand. As an example, China implemented a 4 trillion RMB ($586 billion) stimulus package focused on loans to local governments and the real estate sector. These debts must ultimately be repaid and without delving into a financial debate, growth must increase to cover debt service payments. Any sustained decline in growth could put a lid on domestic demand and hinder the impressive growth trajectory of renewable electricity sources which require a wealth of critical metals and minerals.",{"type":594,"attrs":168052,"content":168053},{"textAlign":49},[168054],{"text":168055,"type":599},"A close eye on the performance of China’s economy is imperative.",{"type":594,"attrs":168057,"content":168058},{"textAlign":49},[168059],{"text":168060,"type":599},"A final issue concerns raw material access. The potential impact on demand for critical battery materials including lithium, cobalt, and graphite should be well known to followers of Benchmark Mineral Intelligence. There is no doubt that there is enough of these materials in resource, but is there enough of each mineable and available to integrate into existing and soon-to-be built battery supply chains?",{"type":594,"attrs":168062,"content":168063},{"textAlign":49},[168064],{"text":168065,"type":599},"This question, above all others, looms largest. At what cost? How will accessing raw materials affect their margins? Economics matters at every point along a supply chain.",{"type":594,"attrs":168067,"content":168068},{"textAlign":49},[168069],{"text":168070,"type":599},"Fortunately, we are likely to learn the answer to these and other questions very soon. As technology, urbanisation, and sustainability converge, it appears that the lithium-ion battery revolution is no longer happening slowly, but all at once, a fact even Mr. Hemingway would marvel at.",{"type":594,"attrs":168072,"content":168073},{"textAlign":49},[168074],{"text":168075,"type":599,"marks":168076}," Chris Berry is Co-Founder of New York-based House Mountain Partners LLC. He is a writer, speaker and analyst focused on the dynamism of energy metals and is co-author of The Disruptive Discoveries Journal.",[168077],{"type":643},[168079],{"slug":544,"name":543,"content":168080},{"job_title":557,"image":168081,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3136206e-f5e5-4d96-984e-c301189e367e\", \"id\": \"\"}-->",[168084,168085],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":168087,"copyright":547,"fieldtype":553,"meta_data":168088,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bc629d3551/bm-screen-shot-2016-07-20-at-145807.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":168090,"uuid":168091,"name":168092,"slug":168093,"full_slug":168094,"content":168095},112475127065485,"37df8b7c-f410-4441-8935-369cd61a639f","Europe moves a step closer to conflict minerals crackdown","europe-moves-a-step-closer-to-conflict-minerals-crackdown","article/europe-moves-a-step-closer-to-conflict-minerals-crackdown",{"_uid":168096,"date":165942,"tags":168097,"editor":168098,"content":168102,"excerpt":168267,"featured":50,"reporter":168268,"_editable":168272,"component":864,"seo_title":168092,"categories":168273,"visibility":882,"author_company":49,"featured_image":168276,"seo_description":168267,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"f22c0eca-924a-4b9b-8400-04b05b6e622e",[],[168099],{"slug":544,"name":543,"content":168100},{"job_title":557,"image":168101,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":168103},[168104,168109,168114,168119,168124,168129,168134,168139,168144,168149,168154,168159,168164,168169,168174,168179,168182,168187,168192,168197,168202,168207,168212,168217,168222,168227,168232,168237,168242,168247,168252,168257,168262],{"type":594,"attrs":168105,"content":168106},{"textAlign":49},[168107],{"text":168108,"type":599}," An overwhelming European Parliament vote has set the tone for new restrictions on conflict minerals imported into the EU. New laws are expected to focus on smelters rather than downstream users and could expand on US legislation with more countries and minerals covered",{"type":594,"attrs":168110,"content":168111},{"textAlign":49},[168112],{"text":168113,"type":599},"Europe has taken a significant leap towards its crackdown on conflict minerals by voting in favour of stronger legislation than initially proposed.",{"type":594,"attrs":168115,"content":168116},{"textAlign":49},[168117],{"text":168118,"type":599},"From what were expected to be weaker restrictions and voluntary checks on the supply chain, Members of the European Parliament have voted for all importers of minerals such as tin, tungsten, tantalum and gold – colloquially known as the 3TG – to be certified as “conflict free” operators.",{"type":594,"attrs":168120,"content":168121},{"textAlign":49},[168122],{"text":168123,"type":599},"Conflict minerals, much like their earlier counterpart, conflict diamonds, are raw materials produced in a region of conflict, the trade of which can fund militia or terrorists groups that perpetuate the fighting.",{"type":594,"attrs":168125,"content":168126},{"textAlign":49},[168127],{"text":168128,"type":599},"The area which came under intense focus in the landmark Dodd Frank legislation in the US, was central Africa – in particular the Democratic Republic of Congo and the sourcing of 3TG.",{"type":594,"attrs":168130,"content":168131},{"textAlign":49},[168132],{"text":168133,"type":599},"Many of these raw materials are key components in crucial technology including batteries, smartphones and defence applications.",{"type":594,"attrs":168135,"content":168136},{"textAlign":49},[168137],{"text":168138,"type":599},"While a similar form of legislation is now coming to Europe it is unclear how strict the legislation will be, what countries it will include, or what minerals.",{"type":594,"attrs":168140,"content":168141},{"textAlign":49},[168142],{"text":168143,"type":599},"Sources close to the proposed legislation have explained to Benchmark Mineral Intelligence that an annual list, internally known as the “White List”, is at the centre of the plans. The EU aims to publish a public list that will name the smelters that do not use conflict minerals.",{"type":594,"attrs":168145,"content":168146},{"textAlign":49},[168147],{"text":168148,"type":599},"Those on the list will be approved importers into the EU.",{"type":594,"attrs":168150,"content":168151},{"textAlign":49},[168152],{"text":168153,"type":599},"It was explained that conflict minerals are a “hot potato item” and can be “very technical” to negotiate over, particularly with 28 member states.",{"type":594,"attrs":168155,"content":168156},{"textAlign":49},[168157],{"text":168158,"type":599},"While the system is expected to be voluntary, despite the vote for harsher sanctions, there is a belief that strong interest from major downstream customers will pressure smelters to want to be on the list of approved suppliers.",{"type":594,"attrs":168160,"content":168161},{"textAlign":49},[168162],{"text":168163,"type":599},"“We haven’t yet had a big catalytic event that has brought everyone together in Europe, and [this vote] could be it,” Michael Gibb, Campaign Leader, Conflict Resources at Global Witness said in an interview with Benchmark.",{"type":594,"attrs":168165,"content":168166},{"textAlign":49},[168167],{"text":168168,"type":599},"“This sends a clear signal to companies that the responsible sourcing of minerals is of concern to the entire supply chain. The minerals sector, at least in the EU, is lagging behind,” Gibb added.",{"type":594,"attrs":168170,"content":168171},{"textAlign":49},[168172],{"text":168173,"type":599},"Two hurdles have to be overcome before being enacted into law, and a long negotiation process could add delays.",{"type":594,"attrs":168175,"content":168176},{"textAlign":49},[168177],{"text":168178,"type":599},"Where the European legislation will differ from the US Dodd Frank legislation is its focus on the smelters, the key middle men in the supply chain for these critical raw materials.",{"type":594,"attrs":168180,"content":168181},{"textAlign":49},[],{"type":594,"attrs":168183,"content":168184},{"textAlign":49},[168185],{"text":168186,"type":599},"European lawmakers believe that by shining a spotlight on smelters – users of these raw materials – it will add pressure on the upstream portion of the supply chain, the miners and traders, to ethically source these minerals.",{"type":657,"attrs":168188,"content":168189},{"level":985,"textAlign":49},[168190],{"text":168191,"type":599}," Dodd Frank 2.0",{"type":594,"attrs":168193,"content":168194},{"textAlign":49},[168195],{"text":168196,"type":599},"The US’ Dodd Frank legislation focused not only on smelters but also on downstream companies far removed from the upstream portion of the industry.",{"type":594,"attrs":168198,"content":168199},{"textAlign":49},[168200],{"text":168201,"type":599},"“If there is to be any veracity of the [EU conflict minerals legislation] it should actually have independent third party oversight and verification, such as what any PWC, KPMG, Deloitte or Ernst & Young employee could provide” said Chris Grove, President of Canada-based Commerce Resources Corp to Benchmark.",{"type":594,"attrs":168203,"content":168204},{"textAlign":49},[168205],{"text":168206,"type":599},"“As it stands [with US rules], it is a self-reporting document functionally the same as your customs declaration, asking ‘Did you buy Conflict Minerals today’?” Grove added.",{"type":594,"attrs":168208,"content":168209},{"textAlign":49},[168210],{"text":168211,"type":599},"For example, Apple Inc has over 600 suppliers for its mobile technology and computer products and each of these companies will be, on average, two steps removed from the mine.",{"type":594,"attrs":168213,"content":168214},{"textAlign":49},[168215],{"text":168216,"type":599},"This made it near impossible to determine the exact provenance of Apple’s raw materials and whether they could be deemed conflictsourced or not.",{"type":594,"attrs":168218,"content":168219},{"textAlign":49},[168220],{"text":168221,"type":599},"The Guardian has estimated that 800,000 EU-based companies could be impactedby new regulations, which has raised concern.",{"type":594,"attrs":168223,"content":168224},{"textAlign":49},[168225],{"text":168226,"type":599},"“It is not about changing where we do business but about changing the way we do business,” said Gibb.",{"type":594,"attrs":168228,"content":168229},{"textAlign":49},[168230],{"text":168231,"type":599},"“Momentum behind the responsible sourcing of minerals and supply chain transparency is building globally. If you look at other sectors such as timber, textiles, food and finance, forms of responsibility and due diligence is part of everyday business,” he added.",{"type":594,"attrs":168233,"content":168234},{"textAlign":49},[168235],{"text":168236,"type":599},"European conflict minerals law is also expected to be wider reaching in terms of countries analysed.",{"type":594,"attrs":168238,"content":168239},{"textAlign":49},[168240],{"text":168241,"type":599},"While the US focuses on central African countries, the highest profile of which is the DRC, Europe’s version could also be expanded to include other controversial source countries.",{"type":594,"attrs":168243,"content":168244},{"textAlign":49},[168245],{"text":168246,"type":599},"It will also be interesting to see whether other minerals will be included. Some sources of rare earths, graphite, and antimony, for example, are extracted, processed and traded in similar ways to Africa’s conflict minerals.",{"type":594,"attrs":168248,"content":168249},{"textAlign":49},[168250],{"text":168251,"type":599},"For many, the omission of cobalt from the US act when it follows similar trade routes to the 3TG raw materials, was glaring.",{"type":594,"attrs":168253,"content":168254},{"textAlign":49},[168255],{"text":168256,"type":599},"Benchmark believes cobalt was not included to protect the small industry – which sources over 50% of its raw material from the DRC from extreme supply shortages and price volatility. With Europe willing to become more expansive with its conflict minerals legislation, the question remains over whether regulations will follow the US model or be further reaching – What of Ukraine, Iraq and Syria?",{"type":594,"attrs":168258,"content":168259},{"textAlign":49},[168260],{"text":168261,"type":599},"Politically speaking, conflict minerals are a sticky subject, but it appears one that many countries are wanting to take a lead role in – including China.",{"type":594,"attrs":168263,"content":168264},{"textAlign":49},[168265],{"text":168266,"type":599},"We will know more in six months about how much of a leadership role Europe is really willing to take.","An overwhelming European Parliament vote has set the tone for new restrictions on conflict minerals imported into the EU. New laws are expected to focus on smelters rather than downstream users and could expand on US legislation with more countries and minerals covered",[168269],{"slug":544,"name":543,"content":168270},{"job_title":557,"image":168271,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f22c0eca-924a-4b9b-8400-04b05b6e622e\", \"id\": \"\"}-->",[168274,168275],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":168277,"copyright":547,"fieldtype":553,"meta_data":168278,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1618fb8af1/bm-screen-shot-2016-07-20-at-150217.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":168280,"uuid":168281,"name":168282,"slug":168283,"full_slug":168284,"content":168285},112475122273064,"edd63389-7f76-4306-af83-997045899f1c","GrafTech takeover  targets new energy  and defence markets","graftech-takeover-targets-new-energy-and-defence-markets","article/graftech-takeover-targets-new-energy-and-defence-markets",{"_uid":168286,"date":165942,"tags":168287,"editor":168288,"content":168292,"excerpt":168422,"featured":50,"reporter":168423,"_editable":168427,"component":864,"seo_title":168282,"categories":168428,"visibility":882,"author_company":49,"featured_image":168431,"seo_description":168422,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"cd1a3ef1-6ba6-4d54-9460-969486eca4b0",[],[168289],{"slug":544,"name":543,"content":168290},{"job_title":557,"image":168291,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":168293},[168294,168299,168304,168309,168314,168319,168324,168329,168334,168339,168344,168349,168354,168359,168364,168369,168372,168377,168382,168387,168392,168397,168402,168407,168412,168417],{"type":594,"attrs":168295,"content":168296},{"textAlign":49},[168297],{"text":168298,"type":599}," Canada’s Brookfield makes $700m bet on leading US producer and graphite’s emerging role the new energy revolution, including batteries, solar, strategic defence and nuclear materials",{"type":594,"attrs":168300,"content":168301},{"textAlign":49},[168302],{"text":168303,"type":599},"Brookfield Asset Management has launched a takeover bid for GrafTech International Ltd, in a move that could see the company shift focus on advanced graphite-based materials for new energy and defence markets.",{"type":594,"attrs":168305,"content":168306},{"textAlign":49},[168307],{"text":168308,"type":599},"US-based GrafTech is one of the world’s leading producers of steel electrodes and value-added graphite products. Brookfield’s offer of $5.05 per share, a 26% premium on GrafTech’s average 2015 trading price was “unanimously accepted” in May, giving the company a valuation of $692.8m.",{"type":594,"attrs":168310,"content":168311},{"textAlign":49},[168312],{"text":168313,"type":599},"While on the surface it could be seen as a foray to acquire a world leading steel anode and refractory producer, Benchmark Mineral Intelligence believes the long term value lies in its research into new energy storage and advanced material markets.",{"type":594,"attrs":168315,"content":168316},{"textAlign":49},[168317],{"text":168318,"type":599},"GrafTech manufactures among the world’s widest range of graphite products for use in industrial, aerospace, defence and new energy markets. The company predominately manufactures",{"type":594,"attrs":168320,"content":168321},{"textAlign":49},[168322],{"text":168323,"type":599},"products based on synthetic graphite, but also buys smaller volumes of natural graphite for its refractory, foil and expandable graphite products.",{"type":594,"attrs":168325,"content":168326},{"textAlign":49},[168327],{"text":168328,"type":599},"GrafTech’s primary revenue driver is its Industrial Materials division which produces synthetic graphite electrodes (capacity: 195,000 tpa) and refractory products for the steel industry. The business, which also has a 140,000 tpa needle coke production facility, generated sales of $840m in 2014, down from $909m a year before. This division equates to 77% of the company’s income.",{"type":594,"attrs":168330,"content":168331},{"textAlign":49},[168332],{"text":168333,"type":599},"The secondary source of income is from GrafTech’s Engineered Solutions division which produces advanced, graphite-based materials for aerospace, defence technologies, nuclear energy applications, batteries and solar power. The division’s revenue in 2014 stood at $245.2m, 23% of net sales.",{"type":594,"attrs":168335,"content":168336},{"textAlign":49},[168337],{"text":168338,"type":599},"Although Brookfield explained to Benchmark that it could not comment with regard to its rational for purchasing GrafTech, it is expected to be more to do with the company’s leading research and developments into new markets and less about its number one business, steel electrodes.",{"type":594,"attrs":168340,"content":168341},{"textAlign":49},[168342],{"text":168343,"type":599},"While sales to steel or industrialorientated customers equated to $840m last year, long term concerns over the health of this sector persist.",{"type":594,"attrs":168345,"content":168346},{"textAlign":49},[168347],{"text":168348,"type":599},"China, the driver of the steel market, has spent the last year attempting to correct the huge overcapacity and overproduction that beset the industry.",{"type":594,"attrs":168350,"content":168351},{"textAlign":49},[168352],{"text":168353,"type":599},"GrafTech’s sales numbers in its Industrial Materials division back this up.",{"type":594,"attrs":168355,"content":168356},{"textAlign":49},[168357],{"text":168358,"type":599},"While sales reached a peak of $1.32bn in 2011, they have continued to fall since and now stand at $840m; compared with 2007, this is a 2% fall.",{"type":594,"attrs":168360,"content":168361},{"textAlign":49},[168362],{"text":168363,"type":599},"With such a huge demand gap unlikely to be filled, even by a more buoyant and hopeful India, this leaves many fearful over steel’s medium term future and searching for growth markets.",{"type":594,"attrs":168365,"content":168366},{"textAlign":49},[168367],{"text":168368,"type":599},"GrafTech’s Engineered Solutions business has had quite the opposite fortunes compared to the Industrial Materials division.",{"type":594,"attrs":168370,"content":168371},{"textAlign":49},[],{"type":594,"attrs":168373,"content":168374},{"textAlign":49},[168375],{"text":168376,"type":599},"Steady and secure growth has allowed GrafTech to build and advanced materials business which receives 71% more revenue than it did in 2007. While these markets were not insulated from the financial crash in 2009 and the slowdown of the last 12 months, the impact of such events were far less severe and have not altered the long term growth trend – see chart above.",{"type":594,"attrs":168378,"content":168379},{"textAlign":49},[168380],{"text":168381,"type":599},"Another important point is the market opportunity available to GrafTech. The statistics show that the Engineered Solutions (advanced materials) market is already worth roughly half of the value of industrial markets with many believing its strongest growth is yet to come, driven by increased adoption of batteries and solar energy.",{"type":594,"attrs":168383,"content":168384},{"textAlign":49},[168385],{"text":168386,"type":599},"In the last five years in particular, GrafTech has developed one of the industry leading R&D businesses to focus on the growth in advanced materials demand. Last year R&D spend peaked at $14.8m and coincided with the opening of a new facility in Ohio.",{"type":594,"attrs":168388,"content":168389},{"textAlign":49},[168390],{"text":168391,"type":599},"GrafTech explained: “A significant portion of our research and development is focused on new product development, particularly Engineered Solutions for advanced energy applications such as solar silicon manufacturing, electronic thermal management, energy storage and generation.”",{"type":594,"attrs":168393,"content":168394},{"textAlign":49},[168395],{"text":168396,"type":599},"In simplified terms, the company’s research focus is on batteries and solar power, much the same as Tesla Motors which recently announced a new line of commercial and home battery packs, optimised for use with solar energy sources.",{"type":594,"attrs":168398,"content":168399},{"textAlign":49},[168400],{"text":168401,"type":599},"Meanwhile GrafTech also have a highly specialised business in aerospace, defence technologies and nuclear energy sectors. The company sells high purity (>99% C) and ultra-high purity (99.998% C) graphite products to strategic customers such as the US Department of Defense.",{"type":594,"attrs":168403,"content":168404},{"textAlign":49},[168405],{"text":168406,"type":599},"Strategic customers are usually served on private, long term contracts that are lower in volume but significantly higher in value.",{"type":594,"attrs":168408,"content":168409},{"textAlign":49},[168410],{"text":168411,"type":599},"Markets such as nuclear and aerospace require high purity graphite products such as blocks, shapes and foils.",{"type":594,"attrs":168413,"content":168414},{"textAlign":49},[168415],{"text":168416,"type":599},"The way GrafTech has developed over the last ten years is such that it has a serious business in the steel supply chain that could have peaked, while a strong foothold in the immature advanced materials market.",{"type":594,"attrs":168418,"content":168419},{"textAlign":49},[168420],{"text":168421,"type":599},"Should Brookfield aggressively target the new energy and strategic markets that GrafTech’s Engineered Solutions division serves, then the serious growth could be yet to come.","Canada’s Brookfield makes $700m bet on leading US producer and graphite’s emerging role the new energy revolution, including batteries, solar, strategic defence and nuclear materials",[168424],{"slug":544,"name":543,"content":168425},{"job_title":557,"image":168426,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cd1a3ef1-6ba6-4d54-9460-969486eca4b0\", \"id\": \"\"}-->",[168429,168430],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":168432,"copyright":547,"fieldtype":553,"meta_data":168433,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4d7c373dc7/bm-screen-shot-2016-07-20-at-150517.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":168435,"uuid":168436,"name":168437,"slug":168438,"full_slug":168439,"content":168440},112475112700510,"d8d0e274-a862-4bbe-815b-0d4dcd8dcacc","ENRC suspends world’s  largest cobalt metal refinery","enrc-suspends-worlds-largest-cobalt-metal-refinery","article/enrc-suspends-worlds-largest-cobalt-metal-refinery",{"_uid":168441,"date":165942,"tags":168442,"editor":168443,"content":168447,"excerpt":168453,"featured":50,"reporter":168577,"_editable":168581,"component":864,"seo_title":168437,"categories":168582,"visibility":882,"author_company":49,"featured_image":168586,"seo_description":168453,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"709b683e-2381-45ac-a5a1-d7a29f884b0a",[],[168444],{"slug":544,"name":543,"content":168445},{"job_title":557,"image":168446,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":168448},[168449,168454,168459,168464,168469,168474,168479,168484,168489,168494,168499,168504,168509,168514,168519,168524,168529,168534,168539,168544,168549,168554,168559,168564,168569,168574],{"type":594,"attrs":168450,"content":168451},{"textAlign":49},[168452],{"text":168453,"type":599},"Depleted DRC cobalt reserves force ENRC to close its Chambishi refinery in Zambia",{"type":594,"attrs":168455,"content":168456},{"textAlign":49},[168457],{"text":168458,"type":599},"Eurasian Natural Resources Corporation Plc (ENRC) has suspended operations at the world’s largest cobalt metal plant.",{"type":594,"attrs":168460,"content":168461},{"textAlign":49},[168462],{"text":168463,"type":599},"The company, which produces refined cobalt products from its Chambishi Metals facility in Kitwe, Zambia, produces 5% of global supply, which in 2014 accounted for 4,200 tonnes.",{"type":594,"attrs":168465,"content":168466},{"textAlign":49},[168467],{"text":168468,"type":599},"Production is now set to remain offline at the facility until Q3 2015 at the earliest, with some industry sources telling Benchmark Mineral Intelligence that they remain sceptical over the long-term future of the plant.",{"type":594,"attrs":168470,"content":168471},{"textAlign":49},[168472],{"text":168473,"type":599},"The closure follows rumours towards the end of 2014 that lower quality feedstock ores from ENRC’s mining site in the Democratic Republic of Congo (DRC) – Boss Mining – had made the production of oxide concentrates uneconomical and brought the future output of sulphide concentrate into question.",{"type":594,"attrs":168475,"content":168476},{"textAlign":49},[168477],{"text":168478,"type":599},"Although these rumours are yet to be confirmed by the company, industry sources are confident that depleted cobalt-containing reserves are going to limit metal production from Chambishi in the longer term.",{"type":594,"attrs":168480,"content":168481},{"textAlign":49},[168482],{"text":168483,"type":599},"This slowdown could have major repercussions, not only for cobalt metal consumers but also for China’s feedstock consumers, who are estimated to have consumed around 4,000 tonnes of oxide concentrate from Boss Mining in 2014.",{"type":594,"attrs":168485,"content":168486},{"textAlign":49},[168487],{"text":168488,"type":599},"Last year, production at Chambishi fell for the second consecutive year, down 16% year-on-year.",{"type":594,"attrs":168490,"content":168491},{"textAlign":49},[168492],{"text":168493,"type":599},"With it still unclear whether operations at Chambishi will begin again after July, output will certainly fall again in 2015.",{"type":594,"attrs":168495,"content":168496},{"textAlign":49},[168497],{"text":168498,"type":599},"The suspension follows a turbulent year for the Zambian project, with technical issues causing production to fall at both ends of the year and mineralogy problems at the Boss Mining site continuing to bring the future of the project into question.",{"type":594,"attrs":168500,"content":168501},{"textAlign":49},[168502],{"text":168503,"type":599},"These factors, alongside a tax dispute with Zambian authorities, saw Chambishi Metals – the facility’s holding company – register losses of $9.5m in September 2014.",{"type":594,"attrs":168505,"content":168506},{"textAlign":49},[168507],{"text":168508,"type":599},"Feedstock material from the Boss mine is believed to be the sole source of raw material for the Chambishi Metals project.",{"type":594,"attrs":168510,"content":168511},{"textAlign":49},[168512],{"text":168513,"type":599},"Tightening supplies globally are a major contributing factor to ENRC removing itself from any spot market activities, with the focus now on satisfying existing long-term contracts.",{"type":594,"attrs":168515,"content":168516},{"textAlign":49},[168517],{"text":168518,"type":599},"This task will become increasingly difficult if production does not begin again in the second half of the year and is likely to add to price pressures that have already seen a marginal recovery in the market.",{"type":594,"attrs":168520,"content":168521},{"textAlign":49},[168522],{"text":168523,"type":599},"The situation is compounded by increased demand from the battery sector, which is expected to consume greater volumes of feedstock for cathode materials entering 2016.",{"type":594,"attrs":168525,"content":168526},{"textAlign":49},[168527],{"text":168528,"type":599},"This will be led by Tesla Motors’ planned lithium-ion battery production from the Gigafactory, which is set to begin in H1 2016, but will also stretch supplies going into China where a number of battery producers are investing to expand operations.",{"type":594,"attrs":168530,"content":168531},{"textAlign":49},[168532],{"text":168533,"type":599},"Chinese cobalt consumption is forecast to increase by over 10% in 2015 alone.",{"type":594,"attrs":168535,"content":168536},{"textAlign":49},[168537],{"text":168538,"type":599},"Although China is expected to increase its refined cobalt output marginally in 2015, the construction of new mines is being restricted by the slump in financial markets, which is limiting capital for exploration and development of new sources of supply.",{"type":594,"attrs":168540,"content":168541},{"textAlign":49},[168542],{"text":168543,"type":599},"The closure of Chambishi could expose this shortfall, with the exploration sector hoping rising prices will provoke a renewed interest in the market – particularly as prices creep towards the $25/lb mark.",{"type":657,"attrs":168545,"content":168546},{"level":985,"textAlign":49},[168547],{"text":168548,"type":599},"Chambishi’s importance",{"type":594,"attrs":168550,"content":168551},{"textAlign":49},[168552],{"text":168553,"type":599},"ENRC acquired a 90% holding in Chambishi Metals in 2010, with the other 10% owned by Zambia Consolidated Copper Mines Investment Holdings.",{"type":594,"attrs":168555,"content":168556},{"textAlign":49},[168557],{"text":168558,"type":599},"Investment in the plant has seen it become the world’s largest cobalt metal facility with capacity increasing to 6,000 tpa cobalt.",{"type":594,"attrs":168560,"content":168561},{"textAlign":49},[168562],{"text":168563,"type":599},"Despite these advancements, tax issues have limited cash-flow and issues with a blown transformer and roaster problems saw production fall by 800 tonnes in 2014.",{"type":594,"attrs":168565,"content":168566},{"textAlign":49},[168567],{"text":168568,"type":599},"The change in the mineralogy of ore bodies at the Boss Mining site is widely expected to see the production of oxide concentrates to be brought to a halt in the near term.",{"type":594,"attrs":168570,"content":168571},{"textAlign":49},[168572],{"text":168573,"type":599},"The declining availability of sulphide cobalt concentrate supply from Chambishi will add pressure to the industry’s dynamic of falling supply and increased demand.",{"type":594,"attrs":168575,"content":168576},{"textAlign":49},[],[168578],{"slug":544,"name":543,"content":168579},{"job_title":557,"image":168580,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"709b683e-2381-45ac-a5a1-d7a29f884b0a\", \"id\": \"\"}-->",[168583,168584,168585],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":168587,"copyright":547,"fieldtype":553,"meta_data":168588,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9b00952679/bm-screen-shot-2016-07-20-at-152042.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":168590,"uuid":168591,"name":168592,"slug":168593,"full_slug":168594,"content":168595},112475078862647,"a05dde28-a4a1-4456-86ca-05330fda50e0","Rare earths: setting the tone","rare-earths-setting-the-tone","article/rare-earths-setting-the-tone",{"_uid":168596,"date":165942,"tags":168597,"editor":168598,"content":168602,"excerpt":168875,"featured":50,"reporter":168876,"_editable":168880,"component":864,"seo_title":168592,"categories":168881,"visibility":882,"author_company":49,"featured_image":168885,"seo_description":168875,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"c3e8778b-a5b6-4945-91ca-fd0f24028d20",[],[168599],{"slug":544,"name":543,"content":168600},{"job_title":557,"image":168601,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":168603},[168604,168609,168614,168619,168624,168629,168634,168639,168644,168649,168654,168659,168664,168669,168674,168679,168684,168689,168694,168699,168704,168709,168714,168719,168722,168727,168732,168737,168742,168747,168752,168757,168762,168767,168770,168775,168780,168785,168790,168795,168800,168805,168810,168815,168820,168825,168830,168835,168840,168843,168848,168853,168858,168863,168868],{"type":594,"attrs":168605,"content":168606},{"textAlign":49},[168607],{"text":168608,"type":599}," Rare earth elements have risen to become the most critical of all minerals.",{"type":594,"attrs":168610,"content":168611},{"textAlign":49},[168612],{"text":168613,"type":599}," Deemed the highest risk raw material to do business with by the EU and US, these specialist products have changed the face of modern society from sparking the advent of colour TV to constructing super-strong magnets for electric vehicles and government weapon systems.",{"type":594,"attrs":168615,"content":168616},{"textAlign":49},[168617],{"text":168618,"type":599}," Clint Cox profiles today’s uses for rare earths and the questions to ask when developing new sources of these critical elements.",{"type":594,"attrs":168620,"content":168621},{"textAlign":49},[168622],{"text":168623,"type":599},"Rare earth elements (REE) play a special role in society.",{"type":594,"attrs":168625,"content":168626},{"textAlign":49},[168627],{"text":168628,"type":599},"These elements are mined together, yet their end uses and markets are extremely diverse.",{"type":594,"attrs":168630,"content":168631},{"textAlign":49},[168632],{"text":168633,"type":599},"It took almost 100 years from their discovery in the late 1700s to their first commercial application in the late 1800s.",{"type":594,"attrs":168635,"content":168636},{"textAlign":49},[168637],{"text":168638,"type":599},"Innovation and the discovery of new applications for rare earths exploded in the mid-to-late 20th century and they are now found in communication, transportation, entertainment, heavy industry, in household appliances, and throughout the global supply chain.",{"type":594,"attrs":168640,"content":168641},{"textAlign":49},[168642],{"text":168643,"type":599},"The supply and demand for rare earths is exceedingly difficult to predict, but it is worthwhile to try to understand where the market has been and where it may be headed.",{"type":594,"attrs":168645,"content":168646},{"textAlign":49},[168647],{"text":168648,"type":599},"From the early 1960s into the 1980s, the rare earth element industry experienced an incredible renaissance. New rare earth-based applications transformed the world, and the market shifted towards Asia as rare earth resources became readily available from China.",{"type":594,"attrs":168650,"content":168651},{"textAlign":49},[168652],{"text":168653,"type":599},"Powerful rare earth permanent magnets made motors and computers smaller and more efficient, rare earth phosphors lit the screens that shifted our focus to a digital world, fiber optic amplifiers dramatically increased the speed and volume of digital communication, rechargeable batteries extended our reach beyond the conventional outlet, and rare earths in fluid cracking catalysts (FCC) and autocatalysts made use of fossil fuels more efficient and cleaner.",{"type":594,"attrs":168655,"content":168656},{"textAlign":49},[168657],{"text":168658,"type":599},"These, and a multitude of other additional applications, have been improved and made more efficient over the past few decades, even as China has become the dominant supplier of REEs. Rare earth usage has fluctuated over the past few decades, but the market has generally experienced tremendous growth and changed modern society as we know it.",{"type":594,"attrs":168660,"content":168661},{"textAlign":49},[168662],{"text":168663,"type":599},"In 2010, Chinese rare earth export quotas were drastically cut, China and Japan had an island dispute, and rare earth prices subsequently skyrocketed.",{"type":594,"attrs":168665,"content":168666},{"textAlign":49},[168667],{"text":168668,"type":599},"This rare earth crisis substantially changed the industry as end users became more efficient in their use of rare earths, recycling efforts increased, and other elements were substituted for REEs in various applications.",{"type":594,"attrs":168670,"content":168671},{"textAlign":49},[168672],{"text":168673,"type":599},"Companies outside China decreased their research and development (R&D) efforts utilising rare earths, as a reliable supply of REE material was now in question.",{"type":594,"attrs":168675,"content":168676},{"textAlign":49},[168677],{"text":168678,"type":599},"Indeed, some companies will now accept lower product performance in order to avoid REEs and increase the security of their supply chain. This will undoubtedly have an impact on the development of future REE applications.",{"type":594,"attrs":168680,"content":168681},{"textAlign":49},[168682],{"text":168683,"type":599},"In 2012, a WTO complaint was filed by Japan, the USA, and the EU. The resolution of that complaint has recently reached fruition as the Chinese government has removed the export quota system and eliminated export duties on REEs. However, China has recently implemented an export licensing system and a new rare earth resource tax, and it continues to maintain a mining quota system.",{"type":594,"attrs":168685,"content":168686},{"textAlign":49},[168687],{"text":168688,"type":599},"The government in Beijing is also making great efforts to consolidate the REE industry that exists within China.",{"type":594,"attrs":168690,"content":168691},{"textAlign":49},[168692],{"text":168693,"type":599},"While the rare earth industry is being reorganised in China, a number of key rare earth markets are also undergoing substantial change.",{"type":657,"attrs":168695,"content":168696},{"level":985,"textAlign":49},[168697],{"text":168698,"type":599}," Phosphors",{"type":594,"attrs":168700,"content":168701},{"textAlign":49},[168702],{"text":168703,"type":599},"The phosphor market has endured the most sweeping and far-reaching change of any major rare earth application over the past few years.",{"type":594,"attrs":168705,"content":168706},{"textAlign":49},[168707],{"text":168708,"type":599},"LEDs use just a fraction of the grams of REEs per lumen that fluorescent bulbs use, and this burgeoning market is the fastest growing in the lighting sector. Less rare earth phosphors are needed now, and because of this, the market for rare earth phosphors is undergoing substantial contraction, with the effect reaching not only lighting manufacturers, but also producers of heavy rare earth elements (HREE). This shift has meant less market demand for europium, terbium and yttrium.",{"type":657,"attrs":168710,"content":168711},{"level":985,"textAlign":49},[168712],{"text":168713,"type":599}," Magnets",{"type":594,"attrs":168715,"content":168716},{"textAlign":49},[168717],{"text":168718,"type":599},"NdFeB and SmCo permanent magnets are the absolute mainstay of growth for the rare earth industry. The applications that use these REE magnets are numerous and incredibly varied. In the automobile industry, these smaller motors translate into lighter and more efficient vehicles. In the defense industry, permanent magnets can be used in ways that enhance performance and push boundaries on a variety of weapons systems.",{"type":594,"attrs":168720,"content":168721},{"textAlign":49},[],{"type":594,"attrs":168723,"content":168724},{"textAlign":49},[168725],{"text":168726,"type":599},"Next generation appliances include more features and are becoming smaller, lighter and more efficient thanks to the increased usage of REE magnets. The ever-increasing use of sensors will also translate to more REE magnet usage, as our society looks for more data inputs from automobiles, appliances and machinery.",{"type":594,"attrs":168728,"content":168729},{"textAlign":49},[168730],{"text":168731,"type":599},"It is critical to understand that REE magnets are often a small part of a much larger supply chain, and therefore a fraction of the overall cost of the final product sold to a consumer.",{"type":594,"attrs":168733,"content":168734},{"textAlign":49},[168735],{"text":168736,"type":599},"For example, neodymium may constitute a substantial portion of a rare earth magnet, but as that magnet is placed in a motor, and that motor may be placed in a car seat, and that seat is part of a system installed in an automobile, the amount of neodymium as a percentage of the final product becomes less impactful.",{"type":594,"attrs":168738,"content":168739},{"textAlign":49},[168740],{"text":168741,"type":599},"When the recent crisis began in 2010, the magnet industry moved away from using REE magnets for inexpensive, less critical applications. But as prices dropped, some of these applications are returning to REE magnets. Magnet manufacturers have also become much more efficient in their use of dysprosium (Dy) – in some cases eliminating it altogether. However, as long as dysprosium is readily available, it will probably be used in magnets.",{"type":594,"attrs":168743,"content":168744},{"textAlign":49},[168745],{"text":168746,"type":599},"As significant REE magnet patents expired in 2014, the magnet market should expand further with increased competition. For decades, many R&D teams have worked tirelessly in their attempt to replace rare earths in permanent magnets, but REEs continue to offer the superior solution, and therefore this market should continue its robust growth into the future. And while viable substitutes for REE magnets exist for some applications, nothing can currently substitute for the strength of rare earth permanent magnets.",{"type":594,"attrs":168748,"content":168749},{"textAlign":49},[168750],{"text":168751,"type":599},"The rare earth elements most often used in magnet applications are praseodymium, neodymium, samarium, terbium, and dysprosium.",{"type":657,"attrs":168753,"content":168754},{"level":985,"textAlign":49},[168755],{"text":168756,"type":599}," Glass",{"type":594,"attrs":168758,"content":168759},{"textAlign":49},[168760],{"text":168761,"type":599},"Lanthanum in optical glass provides superb clarity in very small lenses that are used in cameras from spy satellites to smartphones.",{"type":594,"attrs":168763,"content":168764},{"textAlign":49},[168765],{"text":168766,"type":599},"As our selfie-taking, surveillance society grows, this application and demand should also grow. However, the lanthanum volumes required for this application are relatively low compared to overall output of the lanthanum market supply.",{"type":594,"attrs":168768,"content":168769},{"textAlign":49},[],{"type":594,"attrs":168771,"content":168772},{"textAlign":49},[168773],{"text":168774,"type":599},"Cerium (and other REEs) can be used in glass to block ultra-violet (UV) light. Cerium UV-blocking technology has significant upsides for eyeglasses, automotive glass, lamps and architectural glass. Viable competing technologies do exist, but as there is currently a glut of cerium available to the market and prices are fairly low, this may be an opportune time for glass manufacturers to incorporate this technology on a wider basis.",{"type":657,"attrs":168776,"content":168777},{"level":985,"textAlign":49},[168778],{"text":168779,"type":599}," Ceramics",{"type":594,"attrs":168781,"content":168782},{"textAlign":49},[168783],{"text":168784,"type":599},"Rare earths in ceramics have a wide variety of applications and excellent market growth potential. Praseodymium, yttrium, and neodymium are used in pigments for colouring ceramics.",{"type":594,"attrs":168786,"content":168787},{"textAlign":49},[168788],{"text":168789,"type":599},"Yttrium is the key ingredient in yttriastabilized zirconia (YSZ), which is an extremely durable material with very high corrosion resistance and a hardness almost equal to a diamond. YSZ is used in high pressure valves, solid oxide fuel cells (SOFCs), thermal barrier coatings (TBCs) for turbine blades, and for mechanical parts in high-wear or high-temperature environments. YSZ is also growing in its use for dental implants and in high-end cutlery.",{"type":594,"attrs":168791,"content":168792},{"textAlign":49},[168793],{"text":168794,"type":599},"Rare earths are used as a dopant in multilayer ceramic capacitors (MLCC), and although very minute amounts are used in each capacitor, this is a fast-growing market with upside potential.",{"type":657,"attrs":168796,"content":168797},{"level":985,"textAlign":49},[168798],{"text":168799,"type":599}," Recycling",{"type":594,"attrs":168801,"content":168802},{"textAlign":49},[168803],{"text":168804,"type":599},"Recycling has played an increasing role in the REE supply chain since the crisis began in 2010.",{"type":594,"attrs":168806,"content":168807},{"textAlign":49},[168808],{"text":168809,"type":599},"For example, the market for cerium polish, experienced extreme stress and underwent significant change over the last half decade.",{"type":594,"attrs":168811,"content":168812},{"textAlign":49},[168813],{"text":168814,"type":599},"Recycling efforts to cut usage of cerium polish were successful, and polishes that use other, non-rare earth elements have also been incorporated. The polish industry has since become much more efficient and may use considerably less cerium moving forward.",{"type":657,"attrs":168816,"content":168817},{"level":985,"textAlign":49},[168818],{"text":168819,"type":599}," Competition & new markets",{"type":594,"attrs":168821,"content":168822},{"textAlign":49},[168823],{"text":168824,"type":599},"There are many possible uses for rare earths, but there is also an entire periodic table of elements providing competition.",{"type":594,"attrs":168826,"content":168827},{"textAlign":49},[168828],{"text":168829,"type":599},"For example, nickel-metal hydride (NiMH) batteries were the rechargeable standard for years before lithium-ion (technology quickly gained a sizeable portion of the market.",{"type":594,"attrs":168831,"content":168832},{"textAlign":49},[168833],{"text":168834,"type":599},"New technologies can replace current technologies and shift REE demand. The lighting industry is a great example, as the first commercial use of rare earths was the gas mantle which used cerium and thorium. Soon after the incandescent bulb was invented, and went on to displace the gas mantle. Black and white televisions dominated the market, even after the colour version was invented, because colour did not have enough contrast and looked washed out due to the lack of a suitable red phosphor.",{"type":594,"attrs":168836,"content":168837},{"textAlign":49},[168838],{"text":168839,"type":599},"It was then discovered that europium was the solution needed to launch the colour TV market. However, as the market for TVs has moved through tube technology, plasma and LCD, LED/LCD, and now OLED, less and less REE phosphor is needed.",{"type":594,"attrs":168841,"content":168842},{"textAlign":49},[],{"type":594,"attrs":168844,"content":168845},{"textAlign":49},[168846],{"text":168847,"type":599},"Many announcements have been made over the years about new and fantastic uses for the rare earths.",{"type":594,"attrs":168849,"content":168850},{"textAlign":49},[168851],{"text":168852,"type":599},"These announcements often follow brilliant R&D efforts by scientists and professors, but the products must always prove themselves in the marketplace in order to be successful.",{"type":594,"attrs":168854,"content":168855},{"textAlign":49},[168856],{"text":168857,"type":599},"While some new uses prove to be truly industry-shaking – such as the use of europium in colour TVs in the 1960s or the NdFeB magnets of the 1980s – many uses may eventually end up as laboratory curiosities because they are uneconomic or impractical.",{"type":594,"attrs":168859,"content":168860},{"textAlign":49},[168861],{"text":168862,"type":599},"Some basic questions to ask when considering the possibilities and impact potential of new REE applications:",{"type":594,"attrs":168864,"content":168865},{"textAlign":49},[168866],{"text":168867,"type":599},"While a multitude of new uses have been discovered for rare earths in the past few decades, many of these use very small volumes of material and do not greatly impact the supply.",{"type":594,"attrs":168869,"content":168870},{"textAlign":49},[168871],{"text":168872,"type":599,"marks":168873}," Contributor: Clint Cox, Founder of Anchor House Inc, a research firm specialising in rare earths.",[168874],{"type":643},"Rare earth elements have risen to become the most critical of all minerals. Deemed the highest risk raw material to do business with by the EU and US, these specialist products have changed the face of modern society from sparking the advent of colour TV to constructing super-strong magnets for electric vehicles and government weapon systems. Clint Cox profiles today’s uses for rare earths and the questions to ask when developing new sources of these critical elements.",[168877],{"slug":544,"name":543,"content":168878},{"job_title":557,"image":168879,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c3e8778b-a5b6-4945-91ca-fd0f24028d20\", \"id\": \"\"}-->",[168882,168883,168884],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":1556,"name":414},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":168886,"copyright":547,"fieldtype":553,"meta_data":168887,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/61c26d0c9d/bm-screen-shot-2016-07-20-at-162926.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":168889,"uuid":168890,"name":168891,"slug":168892,"full_slug":168893,"content":168894},112475064575396,"a1dde0bf-8029-4b21-bf2e-ca4e8804ba95","The end of the beginning for EVs","the-end-of-the-beginning-for-evs","article/the-end-of-the-beginning-for-evs",{"_uid":168895,"date":165942,"tags":168896,"editor":168897,"content":168901,"excerpt":168907,"featured":50,"reporter":169008,"_editable":169012,"component":864,"seo_title":168891,"categories":169013,"visibility":882,"author_company":49,"featured_image":169017,"seo_description":168907,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"1f34c3af-ea5e-4591-9a01-16a728c457ea",[],[168898],{"slug":544,"name":543,"content":168899},{"job_title":557,"image":168900,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":168902},[168903,168908,168913,168918,168923,168928,168933,168938,168943,168948,168953,168958,168963,168968,168973,168978,168983,168988,168993,168998,169003],{"type":594,"attrs":168904,"content":168905},{"textAlign":49},[168906],{"text":168907,"type":599},"Contagion is spreading and confidence is diminishing in the auto industry following the well documented Volkswagen (VW) scandal, a situation that gets more shocking as each day and each revelation goes by.",{"type":594,"attrs":168909,"content":168910},{"textAlign":49},[168911],{"text":168912,"type":599},"As this issue of Benchmark Mineral Intelligence was going to press, Mercedes Benz, Honda, Mazda and Mitsubishi joined the list of companies that have failed independent emissions testing.",{"type":594,"attrs":168914,"content":168915},{"textAlign":49},[168916],{"text":168917,"type":599},"In many ways, it can be likened to the financial crisis – such a huge and important industry allowing to and failing to regulate itself – but it could have a longer term impact.",{"type":594,"attrs":168919,"content":168920},{"textAlign":49},[168921],{"text":168922,"type":599},"The way in which VW cheated consumers and governments by switching their cars to idle mode during emissions testing of its “clean diesel” engines is in itself surprising enough. But the environmental implications could develop into criminal procedures – which is why the company has set aside $8bn for damages and replaced its chief.",{"type":594,"attrs":168924,"content":168925},{"textAlign":49},[168926],{"text":168927,"type":599},"In another comparison, on the Benchmark World Tour 2015, it was likened to the BP oil spill scandal. But on reflection it is much worse.",{"type":594,"attrs":168929,"content":168930},{"textAlign":49},[168931],{"text":168932,"type":599},"This is not a development that has necessarily occurred through mismanagement or neglect. It is a deliberate attempt to hide emissions from a product marketed as better for the environment than its counterparts. The internal blame-game continues with both executives and engineers continue to point fingers.",{"type":594,"attrs":168934,"content":168935},{"textAlign":49},[168936],{"text":168937,"type":599},"Emissions from VW’s clean diesel vehicles were an order of magnitude higher than the company said it was. Each vehicle was programmed to set to lower emissions or “idle” mode while it was being tested as it left the factory floor.",{"type":594,"attrs":168939,"content":168940},{"textAlign":49},[168941],{"text":168942,"type":599},"Not only is it cheating the consumer but the environmental implications are expected to be seen in a criminal light.",{"type":594,"attrs":168944,"content":168945},{"textAlign":49},[168946],{"text":168947,"type":599},"With VW exporting millions of its clean diesel vehicles around the world, they have in essence been exporting 40 times the emissions than claimed at a time when emissions output is one of the hotly disputed issues in global politics. And this has been going on for the past eight years.",{"type":594,"attrs":168949,"content":168950},{"textAlign":49},[168951],{"text":168952,"type":599},"Never before has such a big organisation lied about its environmental emissions on such a large scale. As a result VW’s share price reacted like a junior stock, plummeting 30% for one of Germany’s largest corporations.",{"type":594,"attrs":168954,"content":168955},{"textAlign":49},[168956],{"text":168957,"type":599},"It was in a twist of fate – and something not even the Elon Musk marketing playbook could legislate for – that the VW scandal came to light just weeks before Tesla Motors’ launch of its new SUV, the Model X. On the week of the launch of the EV, which carries the largest lithium-ion battery engineered into a car, VW was explaining to its customers how to send 11m “clean diesel” cars back.",{"type":594,"attrs":168959,"content":168960},{"textAlign":49},[168961],{"text":168962,"type":599},"For the last decade, EV manufacturers have been swimming against the tide of opposition that is petrol and diesel engines. EVs were more expensive, didn’t have a long enough range, and it was near impossible to find charging stations for them.",{"type":594,"attrs":168964,"content":168965},{"textAlign":49},[168966],{"text":168967,"type":599},"But in the last three years, in particular, this has started to change.",{"type":594,"attrs":168969,"content":168970},{"textAlign":49},[168971],{"text":168972,"type":599},"Consumers are slowly starting to see the EV as not your typical car but a lifestyle experience more akin to the smartphone. The vehicles have become less about the environment and more about the product.",{"type":594,"attrs":168974,"content":168975},{"textAlign":49},[168976],{"text":168977,"type":599},"Tesla has risen on the back of its marketing approach and government support as much as the quality of its vehicles. But not even Tesla, the most bullish of EV manufacturers, could have foreseen the VW scandal unfolding.",{"type":594,"attrs":168979,"content":168980},{"textAlign":49},[168981],{"text":168982,"type":599},"At a minimum, it’s likely to be the end of clean diesel. The thing to watch for is whether the situation turns to contagion and spreads to other combustion engine based cars. If so, consumer confidence could turn and any slight change in buying patterns will favour low emission cars such as EVs and hydrogen fuel cell.",{"type":594,"attrs":168984,"content":168985},{"textAlign":49},[168986],{"text":168987,"type":599},"For VW, the immediate future is bleak, but as one of Germany’s powerhouses and biggest employers, is it too big to fail?",{"type":594,"attrs":168989,"content":168990},{"textAlign":49},[168991],{"text":168992,"type":599},"The company’s redemption could be in pursuing EV technology in a far more aggressive way to begin to offset the emissions it has been misleading consumers on for the last eight years. There are likely to be very few alternatives.",{"type":594,"attrs":168994,"content":168995},{"textAlign":49},[168996],{"text":168997,"type":599},"It has been a long beginning for full battery-powered EVs since Nissan launched the first claim to a mass market vehicle in 2010 with the LEAF.",{"type":594,"attrs":168999,"content":169000},{"textAlign":49},[169001],{"text":169002,"type":599},"But true low cost, mass market vehicles will be with us in Q1 2017 as both Chevrolet and Tesla plan sub $35,000 offerings. By which time, the auto industry’s failed vehicles will be returning in their tens of millions.",{"type":594,"attrs":169004,"content":169005},{"textAlign":49},[169006],{"text":169007,"type":599},"Mass market EVs are far from mainstream, but thanks to VW and some of its counterparts, the beginning is over.",[169009],{"slug":544,"name":543,"content":169010},{"job_title":557,"image":169011,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1f34c3af-ea5e-4591-9a01-16a728c457ea\", \"id\": \"\"}-->",[169014,169015,169016],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":169018,"copyright":547,"fieldtype":553,"meta_data":169019,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9b63acbcfb/bm-screen-shot-2016-07-20-at-165927.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":169021,"uuid":169022,"name":169023,"slug":169024,"full_slug":169025,"content":169026},112475054879962,"ee42c8f1-9f84-415f-9003-fad0f44931b5","Copper slump risks a crisis for cobalt","copper-slump-risks-a-crisis-for-cobalt","article/copper-slump-risks-a-crisis-for-cobalt",{"_uid":169027,"date":165942,"tags":169028,"editor":169030,"content":169034,"excerpt":169040,"featured":50,"reporter":169239,"_editable":169243,"component":864,"seo_title":169023,"categories":169244,"visibility":882,"author_company":49,"featured_image":169248,"seo_description":169040,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"786593d1-372c-4fe2-b735-6d854d8a278d",[169029],{"slug":869,"name":870},[169031],{"slug":544,"name":543,"content":169032},{"job_title":557,"image":169033,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":169035},[169036,169041,169046,169051,169056,169061,169066,169071,169076,169081,169086,169091,169096,169101,169106,169111,169114,169119,169124,169129,169134,169139,169144,169149,169154,169159,169164,169169,169174,169179,169184,169189,169194,169199,169204,169209,169214,169219,169224,169229,169234],{"type":594,"attrs":169037,"content":169038},{"textAlign":49},[169039],{"text":169040,"type":599},"Falling commodity prices see further cobalt cuts, raising questions over the industry’s ability to meet growing battery demand",{"type":594,"attrs":169042,"content":169043},{"textAlign":49},[169044],{"text":169045,"type":599},"Fears that falling supply could affect cobalt producers’ ability to meet growing demand from the battery sector were heightened during Q3 2015 as slowing metals markets saw supplies taken offline.",{"type":594,"attrs":169047,"content":169048},{"textAlign":49},[169049],{"text":169050,"type":599},"US-based Glencore became the first cobalt major to announce plans to suspend production in Democratic Republic of Congo (DRC) in response to falling copper prices, whilst slowing production elsewhere is becoming an increasing concern for cobalt consumers.",{"type":594,"attrs":169052,"content":169053},{"textAlign":49},[169054],{"text":169055,"type":599},"With the vast majority of cobalt production as a by-product of either copper or nickel operations, the slump in both industries would appear to signify a tightening in supply moving into 2016, which is likely to push the market into deficit.",{"type":594,"attrs":169057,"content":169058},{"textAlign":49},[169059],{"text":169060,"type":599},"The suspension of Glencore’s Katanga Mining business is expected to take up to 3,500 tonnes of cobalt off the market until Q1 2017.",{"type":594,"attrs":169062,"content":169063},{"textAlign":49},[169064],{"text":169065,"type":599},"Output from the project was estimated to be 2,500 tonnes in 2014.",{"type":594,"attrs":169067,"content":169068},{"textAlign":49},[169069],{"text":169070,"type":599},"However, with prices for its primary product, copper, falling to their lowest levels in 6 years, the company has decided to suspend operations.",{"type":594,"attrs":169072,"content":169073},{"textAlign":49},[169074],{"text":169075,"type":599},"Despite the suspension, Glencore emphasised that it still remained committed to eventually bringing the facility back into production, and has pledged not to release any employees from the site.",{"type":594,"attrs":169077,"content":169078},{"textAlign":49},[169079],{"text":169080,"type":599},"Other operations in the same region of DRC restated their plans to remain in production even though they face the same market headwinds as Glencore.",{"type":594,"attrs":169082,"content":169083},{"textAlign":49},[169084],{"text":169085,"type":599},"Mutanda Mining Co., a partnership between Glencore and Fleurette Group, stated that it will remain in production for the foreseeable future.",{"type":594,"attrs":169087,"content":169088},{"textAlign":49},[169089],{"text":169090,"type":599},"“Production at Mutanda is in full swing and will continue,” the company’s board member, Pieter Deboutte explained to Bloomberg.",{"type":594,"attrs":169092,"content":169093},{"textAlign":49},[169094],{"text":169095,"type":599},"“The mine in Congo’s southeastern Katanga province will produce 200,000 metric tons of copper and 18,000 tons of cobalt this year.”",{"type":657,"attrs":169097,"content":169098},{"level":985,"textAlign":49},[169099],{"text":169100,"type":599},"Awaiting the battery surge",{"type":594,"attrs":169102,"content":169103},{"textAlign":49},[169104],{"text":169105,"type":599},"While existing excess supplies have prevented any recovery in the price of cobalt throughout 2015, many analysts remain sceptical over the industry’s ability to serve growing battery demand over the coming two years.",{"type":594,"attrs":169107,"content":169108},{"textAlign":49},[169109],{"text":169110,"type":599},"Cobalt demand from the battery sector has increased three times in the past five years alone, and a series of capacity expansions from major battery producers worldwide is expected to see this growth continue, particularly with the increasing adoption of NMC and NCA cathode chemistries in lithium-ion batteries, both of which use cobalt as an additive.",{"type":594,"attrs":169112,"content":169113},{"textAlign":49},[],{"type":594,"attrs":169115,"content":169116},{"textAlign":49},[169117],{"text":169118,"type":599},"Despite these developments downstream, little progress has been made upstream to develop new supplies to serve this market.",{"type":594,"attrs":169120,"content":169121},{"textAlign":49},[169122],{"text":169123,"type":599},"A number of junior projects are seeking to develop cobalt resources in North America; however, weak capital markets have prevented significant progress in this sector over the past two years.",{"type":594,"attrs":169125,"content":169126},{"textAlign":49},[169127],{"text":169128,"type":599},"In addition, to date, only one established producer has announced plans to expand operations.",{"type":594,"attrs":169130,"content":169131},{"textAlign":49},[169132],{"text":169133,"type":599},"In September, Switzerland-based ENRC, one of the world’s largest natural resources groups, announced plans to expand its production by 15,000 tonnes, the equivalent of a sixth of today’s global annual production.",{"type":594,"attrs":169135,"content":169136},{"textAlign":49},[169137],{"text":169138,"type":599},"The $2.2bn project will seek to place ENRC as the number one producer in the market with a goal of supplying the growth in the battery sector.",{"type":594,"attrs":169140,"content":169141},{"textAlign":49},[169142],{"text":169143,"type":599},"The company has already secured $700m of financing from China, a major buyer of cobalt concentrate for its battery chemical manufacturers.",{"type":594,"attrs":169145,"content":169146},{"textAlign":49},[169147],{"text":169148,"type":599},"The company currently produces cobalt concentrate from its Chambishi processing facility in Zambia. However, issues with its resources in DRC saw the company temporarily suspend production in May, leading to questions its future in the market.",{"type":594,"attrs":169150,"content":169151},{"textAlign":49},[169152],{"text":169153,"type":599},"In addition, legal issues with the government have cast a shadow over the company’s dealings.",{"type":594,"attrs":169155,"content":169156},{"textAlign":49},[169157],{"text":169158,"type":599},"Nevertheless, ENRC has become the first of the cobalt majors to announce expansion plans as a result of growing battery growth.",{"type":594,"attrs":169160,"content":169161},{"textAlign":49},[169162],{"text":169163,"type":599},"CEO, Benedikt Sobotka, explained that he expected a significant increase in cobalt prices in the coming years as a result of battery demand.",{"type":594,"attrs":169165,"content":169166},{"textAlign":49},[169167],{"text":169168,"type":599},"The company is on track to complete construction of the new project by H1 2017.",{"type":594,"attrs":169170,"content":169171},{"textAlign":49},[169172],{"text":169173,"type":599},"The timing of the project is expected to coincide with a period of high demand.",{"type":594,"attrs":169175,"content":169176},{"textAlign":49},[169177],{"text":169178,"type":599},"In 2017, a number of the world’s leading auto manufacturers will release new full electric vehicles including the Model 3 by Tesla Motors and the Bolt by Chevrolet, both expected to be the first ever sub-$35,000 all electric offerings.",{"type":594,"attrs":169180,"content":169181},{"textAlign":49},[169182],{"text":169183,"type":599},"With full electric vehicles, the lithium-ion batteries used tend to be much larger than many existing models today and therefore require more cobalt.",{"type":594,"attrs":169185,"content":169186},{"textAlign":49},[169187],{"text":169188,"type":599},"Questions remain over whether this size of cobalt project can be brought online in such a short space of time, but there is no doubt of its need.",{"type":594,"attrs":169190,"content":169191},{"textAlign":49},[169192],{"text":169193,"type":599},"If the company meets its target it will boast the largest cobalt production facility in the world and position ENRC as a leading supplier to battery producers.",{"type":657,"attrs":169195,"content":169196},{"level":985,"textAlign":49},[169197],{"text":169198,"type":599}," Critical cobalt",{"type":594,"attrs":169200,"content":169201},{"textAlign":49},[169202],{"text":169203,"type":599},"Despite the potential supply-side response to battery developments, questions remain within the battery market over the sustainability of cobalt supply, the majority of which comes from conflict-torn DRC.",{"type":594,"attrs":169205,"content":169206},{"textAlign":49},[169207],{"text":169208,"type":599},"This is a particular issue for companies such as Tesla, which will require up to 7,000 tonnes of cobalt for its Gigafactory in Nevada when working at capacity, according to Benchmark Mineral Intelligence estimates.",{"type":594,"attrs":169210,"content":169211},{"textAlign":49},[169212],{"text":169213,"type":599},"Securing sustainable volumes to fuel this massive project will prove a problem to Tesla and many other battery producers, but almost more important will be the question of how supplies from the DRC comply with these companies’ green energy policies, particularly in the wake of the VW scandal.",{"type":594,"attrs":169215,"content":169216},{"textAlign":49},[169217],{"text":169218,"type":599},"Industry leaders like Apple have invested significant sums of money in the last three years into supply chain responsibility and transparency owing to similar issues with the sourcing of its smartphone and tablet components.",{"type":594,"attrs":169220,"content":169221},{"textAlign":49},[169222],{"text":169223,"type":599},"When Tesla announced its Gigafactory project at the start of 2014, CEO Elon Musk stated that the company’s raw materials would come from North American sources. Despite signing two supply agreements with early stage lithium junior companies, the company is yet to announce any deal to establish a reliable domestic source of raw material.",{"type":594,"attrs":169225,"content":169226},{"textAlign":49},[169227],{"text":169228,"type":599},"It is likely the company, like many others, will have to seek foreign sources of these minerals and metals that are responsibly operated to western standards.",{"type":594,"attrs":169230,"content":169231},{"textAlign":49},[169232],{"text":169233,"type":599},"Other battery producers in the US will face similar problems, while China, Japan and South Korea, the world’s leading battery producing countries, remain almost entirely import-dependent for cobalt raw material.",{"type":594,"attrs":169235,"content":169236},{"textAlign":49},[169237],{"text":169238,"type":599},"With few anticipating an immediate upturn in the copper and nickel markets that dominate supply today, significant questions are likely to be asked of the cobalt industry, even before ENRC’s expected capacity expansion is completed.",[169240],{"slug":544,"name":543,"content":169241},{"job_title":557,"image":169242,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"786593d1-372c-4fe2-b735-6d854d8a278d\", \"id\": \"\"}-->",[169245,169246,169247],{"slug":2499,"name":2500},{"slug":867,"name":115},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":169249,"copyright":547,"fieldtype":553,"meta_data":169250,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/fe96d30c5f/bm-screen-shot-2016-07-20-at-172543.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":169252,"uuid":169253,"name":169254,"slug":169255,"full_slug":169256,"content":169257},112475040531470,"ab9cbc7a-76ad-44b0-a09e-e20a25f5b95a","Noxious Behaviour","noxious-behaviour","article/noxious-behaviour",{"_uid":169258,"date":165942,"tags":169259,"editor":169260,"content":169264,"excerpt":169572,"featured":50,"reporter":169573,"_editable":169577,"component":864,"seo_title":169254,"categories":169578,"visibility":882,"author_company":49,"featured_image":169581,"seo_description":169572,"author_full_name":49,"author_job_title":49,"formattedDate":166146},"9f391790-41bc-48d3-9dce-8db5a5766917",[],[169261],{"slug":544,"name":543,"content":169262},{"job_title":557,"image":169263,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":169265},[169266,169271,169275,169280,169285,169290,169295,169300,169305,169310,169315,169320,169325,169330,169335,169340,169345,169350,169355,169360,169365,169370,169375,169380,169385,169390,169395,169400,169403,169408,169413,169418,169423,169428,169433,169436,169441,169446,169451,169456,169459,169464,169469,169474,169479,169484,169489,169494,169499,169504,169509,169514,169519,169524,169527,169532,169537,169542,169547,169552,169557,169562,169567],{"type":594,"attrs":169267,"content":169268},{"textAlign":49},[169269],{"text":169270,"type":599}," Volkswagen finds itself on the firing line for NOx emissions testing shame, but could it find its redemption in electric vehicles?",{"type":594,"attrs":169272,"content":169273},{"textAlign":49},[169274],{"text":164247,"type":599},{"type":594,"attrs":169276,"content":169277},{"textAlign":49},[169278],{"text":169279,"type":599},"In September news broke of a scandal at the Volkswagen Group (VW) that has since sent reverberations around the world that could have wider impact on the auto industry’s incumbents and electric vehicles (EVs). The company admitted to the US Environmental Protection Agency (EPA) and the California Air Resources Board (CARB) that “defeat devices” had been installed on certain diesel models from 2009 to 2015.",{"type":594,"attrs":169281,"content":169282},{"textAlign":49},[169283],{"text":169284,"type":599},"Diesels made by VW-owned Audi, Seat and Skoda utilising type EA 189, dubbed “clean diesel” engines, were similarly affected and a total of around 11m vehicles would have to be recalled and fixed globally.",{"type":594,"attrs":169286,"content":169287},{"textAlign":49},[169288],{"text":169289,"type":599},"The development was so damaging that VW immediately set aside €6.5bn ($7.38bn) “to cover the necessary service measures and other efforts to win back the trust of our customers.” Dismay was expressed at the wrongdoing.",{"type":594,"attrs":169291,"content":169292},{"textAlign":49},[169293],{"text":169294,"type":599},"“I personally am deeply sorry that we have broken the trust of our customers and the public,” then-CEO of VW Martin Winterkorn announced on September 22.",{"type":594,"attrs":169296,"content":169297},{"textAlign":49},[169298],{"text":169299,"type":599},"The defeat devices comprised software designed to detect whether the car was being tested. It could activate a vehicle’s emissionsreducing technology to subdue levels of nitrogen oxides (NOx) and, through this, achieve a pass.",{"type":594,"attrs":169301,"content":169302},{"textAlign":49},[169303],{"text":169304,"type":599},"The same software could also recognise real-world driving conditions had been reapplied when the vehicle was returned to the road.",{"type":594,"attrs":169306,"content":169307},{"textAlign":49},[169308],{"text":169309,"type":599},"The NOx-reduction technology then switched off. The NOx levels emitted during real-world driving violated the US Clean Air Act, according to the EPA in its notification to VW on September 18.",{"type":594,"attrs":169311,"content":169312},{"textAlign":49},[169313],{"text":169314,"type":599},"In addition, the EPA informed VW that its failure to declare the defeat devices meant the affected vehicles were not as described in their applications for certification. This counted as another violation.",{"type":594,"attrs":169316,"content":169317},{"textAlign":49},[169318],{"text":169319,"type":599},"On October 8, president and CEO of Volkswagen America Michael Horn testified before the US House Energy and Commerce Subcommittee and noted three vehicle groups were affected.",{"type":594,"attrs":169321,"content":169322},{"textAlign":49},[169323],{"text":169324,"type":599},"Older models will need a software “patch” and a physical fix, while later vehicles will require just the patch.",{"type":594,"attrs":169326,"content":169327},{"textAlign":49},[169328],{"text":169329,"type":599},"Around 482,000 vehicles in the US will have to be recalled in total.",{"type":594,"attrs":169331,"content":169332},{"textAlign":49},[169333],{"text":169334,"type":599},"Several commentators have noted that fines stemming from this scandal could potentially reach billions of dollars. By comparison, the last two major fines of note for automakers in the US stood at $1.2bn for Toyota in 2014 and $900m for GM in September.",{"type":594,"attrs":169336,"content":169337},{"textAlign":49},[169338],{"text":169339,"type":599},"If criminal conduct is uncovered at VW then individuals could also face prosecution and, through this, possible jail time.",{"type":594,"attrs":169341,"content":169342},{"textAlign":49},[169343],{"text":169344,"type":599},"Also on October 8, and as part of their investigations, German prosecutors and supporting police officers arrived at VW’s Wolfsburg headquarters.",{"type":594,"attrs":169346,"content":169347},{"textAlign":49},[169348],{"text":169349,"type":599},"Their objective was to secure data and documents that will hopefully shed more light on the scandal and where responsibility might lie. In addition, private apartments are also reported to have been searched.",{"type":594,"attrs":169351,"content":169352},{"textAlign":49},[169353],{"text":169354,"type":599},"With guidance from VW’s supervisory board, an external investigation is also being conducted under the auspices of law firm Jones Day. It is important to note that inquiries are still in their early stages, something Horn underlined during his testimony.",{"type":594,"attrs":169356,"content":169357},{"textAlign":49},[169358],{"text":169359,"type":599},"“Thorough investigations have already begun, but any information development at this stage is preliminary,” he said.",{"type":594,"attrs":169361,"content":169362},{"textAlign":49},[169363],{"text":169364,"type":599},"In working with the relevant US government bodies, VW will hope to attain credit for co-operation.",{"type":594,"attrs":169366,"content":169367},{"textAlign":49},[169368],{"text":169369,"type":599},"However, the US Department of Justice’s (DOJ) has increasingly robust requirements to achieve this.",{"type":594,"attrs":169371,"content":169372},{"textAlign":49},[169373],{"text":169374,"type":599},"The DOJ insists that corporations must now be more forthcoming with information, including evidence on those individuals they suspect of wrongdoing.",{"type":594,"attrs":169376,"content":169377},{"textAlign":49},[169378],{"text":169379,"type":599},"“If a company wants any consideration for its co-operation, it must give up the individuals, no matter where they sit within the company,” DOJ deputy attorney general Sally Quillian Yates said during a speech on September 10 to discuss individual liability in matters of corporate wrongdoing.",{"type":594,"attrs":169381,"content":169382},{"textAlign":49},[169383],{"text":169384,"type":599},"“We’re not going to let corporations plead ignorance. If they don’t know who is responsible, they will need to find out.”",{"type":657,"attrs":169386,"content":169387},{"level":985,"textAlign":49},[169388],{"text":169389,"type":599}," Under the radar",{"type":594,"attrs":169391,"content":169392},{"textAlign":49},[169393],{"text":169394,"type":599},"The environmental advantage of diesel engines comes from their reduced levels of carbon dioxide (CO2) emissions compared with conventional petrol/gasoline engines.",{"type":594,"attrs":169396,"content":169397},{"textAlign":49},[169398],{"text":169399,"type":599},"This makes diesel attractive for jurisdictions keen to reduce CO2 levels.",{"type":594,"attrs":169401,"content":169402},{"textAlign":49},[],{"type":594,"attrs":169404,"content":169405},{"textAlign":49},[169406],{"text":169407,"type":599},"Tax advantages were embedded by some governments as an added incentive for automakers to manufacture and sell diesel vehicles, and for consumers to then buy and drive them. The strategy worked particularly well in the European Union.",{"type":594,"attrs":169409,"content":169410},{"textAlign":49},[169411],{"text":169412,"type":599},"Citing figures from the International Council on Clean Transportation (ICCT), the Economist noted the percentage of diesel vehicles sold in 2013 or later included 66% of all French cars, 50% for the UK, and 48% for Germany.",{"type":594,"attrs":169414,"content":169415},{"textAlign":49},[169416],{"text":169417,"type":599},"The US stood at just 1.2% by comparison, although commentators observed uptake was growing off a small base in a large market where diesel was still considered unusual.",{"type":594,"attrs":169419,"content":169420},{"textAlign":49},[169421],{"text":169422,"type":599},"Unfortunately, diesel engines also have a notable problem: their emissions of NOx are higher than conventional engines, particularly during more demanding driving conditions such as going uphill.",{"type":594,"attrs":169424,"content":169425},{"textAlign":49},[169426],{"text":169427,"type":599},"NOx emissions play a role in producing smog, which has damaging effects on lungs, although technology such as exhaust gas recirculation and catalytic reduction can be installed to lower NOx levels.",{"type":594,"attrs":169429,"content":169430},{"textAlign":49},[169431],{"text":169432,"type":599},"However, this adds to unit costs and, according to some reports, can negatively affect driving performance. US levels of permissible rates of NOx emissions on a per vehicle basis are more stringent than those in the EU.",{"type":594,"attrs":169434,"content":169435},{"textAlign":49},[],{"type":594,"attrs":169437,"content":169438},{"textAlign":49},[169439],{"text":169440,"type":599},"So did someone at the executive level respond to this by deciding it would be easier and cheaper to simply install defeat devices? Or was it a case of software developers turning rogue and installing illegal defeat coding without any executive knowledge?",{"type":594,"attrs":169442,"content":169443},{"textAlign":49},[169444],{"text":169445,"type":599},"The answers to these questions and others like them will only be forthcoming once investigators make their findings public.",{"type":594,"attrs":169447,"content":169448},{"textAlign":49},[169449],{"text":169450,"type":599},"In the US, doubts concerning NOx emissions started coming to the fore around two years ago. The ICCT and West Virginia University began a test programme that lasted from 2013 into 2014 and evaluated diesel versions of the VW Jetta, VW Passat and BMW X5.",{"type":594,"attrs":169452,"content":169453},{"textAlign":49},[169454],{"text":169455,"type":599},"The tests reflected real-world conditions of highway, urban/ suburban, rural uphill and downhill driving. NOx emissions from the Jetta were discovered to exceed EPA standards by 15 to 35 times, while the Passat’s levels were five to 20 times over.",{"type":594,"attrs":169457,"content":169458},{"textAlign":49},[],{"type":594,"attrs":169460,"content":169461},{"textAlign":49},[169462],{"text":169463,"type":599},"By comparison, the X5 was found to have been within the standards.",{"type":594,"attrs":169465,"content":169466},{"textAlign":49},[169467],{"text":169468,"type":599},"The EPA and CARB examined the ICCT and West Virginia University’s findings and started their own testing. This eventually led to discussions with VW, which decided to organise a software recalibration for its diesel fleet, with the company initiating a recall of around 500,000 vehicles at the end of 2014.",{"type":594,"attrs":169470,"content":169471},{"textAlign":49},[169472],{"text":169473,"type":599},"CARB’s testing of VW diesel vehicles resumed in May and it was discovered that NOx levels were still significantly higher than expected.",{"type":594,"attrs":169475,"content":169476},{"textAlign":49},[169477],{"text":169478,"type":599},"VW, CARB and the EPA held further meetings when, on September 3, the automaker admitted the presence of defeat devices.",{"type":594,"attrs":169480,"content":169481},{"textAlign":49},[169482],{"text":169483,"type":599},"Potentially complicating matters still further, VW confirmed to the Associated Press (AP) on October 13 that 2016 diesel models contained auxiliary emissions control devices (AECD). These models have already been withdrawn for certification by VW, which means their sale into the US is on hold.",{"type":594,"attrs":169485,"content":169486},{"textAlign":49},[169487],{"text":169488,"type":599},"A VW spokesperson told AP that the automaker informed the EPA about these devices the week before.",{"type":594,"attrs":169490,"content":169491},{"textAlign":49},[169492],{"text":169493,"type":599},"The AECD comprises software that instructs the vehicle’s pollutioncontrol catalyst to heat up faster to improve the separation of NOx into harmless nitrogen and oxygen.",{"type":594,"attrs":169495,"content":169496},{"textAlign":49},[169497],{"text":169498,"type":599},"AECDs are not uncommon but they must be declared.",{"type":594,"attrs":169500,"content":169501},{"textAlign":49},[169502],{"text":169503,"type":599},"Further censure and more questions could arise about the company’s pattern of behaviour if this device is deemed to be another violation.",{"type":657,"attrs":169505,"content":169506},{"level":985,"textAlign":49},[169507],{"text":169508,"type":599}," Reverberation",{"type":594,"attrs":169510,"content":169511},{"textAlign":49},[169512],{"text":169513,"type":599},"The shock of the scandal has reverberated globally, with many in the US left bemused at best, angered at worse.",{"type":594,"attrs":169515,"content":169516},{"textAlign":49},[169517],{"text":169518,"type":599},"Congressman Peter Welch from Vermont reflected on this at the subcommittee hearing. He read out questions and statements sent to him by Vermonters, which included: “Why should the US allow you to sell vehicles in this country?” and “VW is the Lance Armstrong of the industry”.",{"type":594,"attrs":169520,"content":169521},{"textAlign":49},[169522],{"text":169523,"type":599},"Welch noted it was just the tip of the iceberg. “[This reflects] the whiteheat anger that folks have about the deception,” he said.",{"type":594,"attrs":169525,"content":169526},{"textAlign":49},[],{"type":594,"attrs":169528,"content":169529},{"textAlign":49},[169530],{"text":169531,"type":599},"Dealerships are worried about unsold inventory and their futures, while owners are left to wonder if the performance of their vehicles will be affected by the fix once the recall begins. They are also worried about the resale value of their vehicles.",{"type":594,"attrs":169533,"content":169534},{"textAlign":49},[169535],{"text":169536,"type":599},"Dovetailed with this, potential class-action lawsuits are now being arrayed against VW by disgruntled owners. It is still too early to assess the effect lost trust might have on sales. Certainly the issue of reputation is deemed critical by VW.",{"type":594,"attrs":169538,"content":169539},{"textAlign":49},[169540],{"text":169541,"type":599},"“I assure you that Volkswagen will do everything humanly possible to win back the trust of our customers, the dealerships and the public,” CEO of Volkswagen Passenger Cars Herbert Diess said on September 22.",{"type":594,"attrs":169543,"content":169544},{"textAlign":49},[169545],{"text":169546,"type":599},"Horn also reiterated this message.",{"type":594,"attrs":169548,"content":169549},{"textAlign":49},[169550],{"text":169551,"type":599},"“We will rebuild the reputation of a company that more than 2 million people worldwide, including dealers and suppliers, rely upon for their livelihoods,” he said.",{"type":594,"attrs":169553,"content":169554},{"textAlign":49},[169555],{"text":169556,"type":599},"As for the future, some commentators wonder if the stillnascent diesel market in the US has been dealt a critical blow from which it might not recover. Others have asked whether environmentallyconscious buyers will look for alternatives away from diesel.",{"type":594,"attrs":169558,"content":169559},{"textAlign":49},[169560],{"text":169561,"type":599},"With the likes of Tesla and Chevrolet pursuing sub-$35,000 EVs, it is certainly tempting to think the scandal could push North American EV uptake higher.",{"type":594,"attrs":169563,"content":169564},{"textAlign":49},[169565],{"text":169566,"type":599},"Back at VW, the soul searching will continue for some time yet, although there is at least one silver lining: the chance to restructure, overhaul and ensure transparency.",{"type":594,"attrs":169568,"content":169569},{"textAlign":49},[169570],{"text":169571,"type":599},"“This company has to bloody learn and use this opportunity in order to get its act together; 600,000 people worldwide have to be managed in a different way – this is very clear,” Horn said.","Volkswagen finds itself on the firing line for NOx emissions testing shame, but could it find its redemption in electric vehicles?",[169574],{"slug":544,"name":543,"content":169575},{"job_title":557,"image":169576,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9f391790-41bc-48d3-9dce-8db5a5766917\", \"id\": \"\"}-->",[169579,169580],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":169582,"copyright":547,"fieldtype":553,"meta_data":169583,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3ba269b9de/bm-screen-shot-2016-07-20-at-174707.png",{"alt":547,"title":547,"source":547,"copyright":547},{"id":169585,"uuid":169586,"name":169587,"slug":169588,"full_slug":169589,"content":169590},112475229701681,"bd0d7368-db24-46df-88b2-cdf09c4cf856","Sony pushes to commercialise lithium sulphur batteries","sony-pushes-to-commercialise-lithium-sulphur-batteries","article/sony-pushes-to-commercialise-lithium-sulphur-batteries",{"_uid":169591,"date":169592,"tags":169593,"editor":169594,"content":169598,"excerpt":169705,"featured":50,"reporter":169706,"_editable":169710,"component":864,"seo_title":169587,"categories":169711,"visibility":882,"author_company":49,"featured_image":169715,"seo_description":169705,"author_full_name":49,"author_job_title":49,"formattedDate":169718},"09d36068-d326-4640-a4c3-0a1a7ab81e66","2016-05-22 00:00",[],[169595],{"slug":544,"name":543,"content":169596},{"job_title":557,"image":169597,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":169599},[169600,169605,169610,169615,169620,169625,169630,169635,169640,169645,169650,169655,169660,169665,169670,169675,169680,169685,169690,169695,169700],{"type":594,"attrs":169601,"content":169602},{"textAlign":49},[169603],{"text":169604,"type":599},"Sony Corp, the electronics producer that commercalised the lithium-ion battery in the early 1990s, is seeking to do the same for lithium sulphur chemistry.",{"type":594,"attrs":169606,"content":169607},{"textAlign":49},[169608],{"text":169609,"type":599},"It emerged in mid-December that the Japanese electronics conglomerate is looking to give its mobile phone manufacturing division an edge and sees batteries as providing that.",{"type":594,"attrs":169611,"content":169612},{"textAlign":49},[169613],{"text":169614,"type":599},"Rumours emerging from Japan claim that the group is seeking up to a 40% improvement on lithium-ion battery life by developing lithium sulphur to a commercial level by 2020.",{"type":594,"attrs":169616,"content":169617},{"textAlign":49},[169618],{"text":169619,"type":599},"Lithium sulphur has a higher energy density than its lithium-ion counterpart but there has been major technical and cost issues prohibiting it from becoming the incumbent battery chemistry.",{"type":594,"attrs":169621,"content":169622},{"textAlign":49},[169623],{"text":169624,"type":599},"“Theorectically lithium sulphur batteries look good,” explained advanced materials expert George Hawley to Benchmark Mineral Intelligence.",{"type":594,"attrs":169626,"content":169627},{"textAlign":49},[169628],{"text":169629,"type":599},"“But in practice the energy density is much lower [than stated],” he explained. Sony has also been working on magnesium sulphur batteries to tackle the long standing problem of battery life in mobile technology. A major issue for the company is to find a chemistry that best fits its two main battery-powered businesses – mobile phones and robotics.",{"type":594,"attrs":169631,"content":169632},{"textAlign":49},[169633],{"text":169634,"type":599},"To date, lithium-ion is the best fit for all mobile devices but it is far from perfect, especially as the demands from mobile technology increase at a greater rate than battery improvements.",{"type":657,"attrs":169636,"content":169637},{"level":985,"textAlign":49},[169638],{"text":169639,"type":599},"What does this mean for lithium-ion?",{"type":594,"attrs":169641,"content":169642},{"textAlign":49},[169643],{"text":169644,"type":599},"In the short term, little to no change in the direction of the battery industry can be expected.",{"type":594,"attrs":169646,"content":169647},{"textAlign":49},[169648],{"text":169649,"type":599},"Billions of dollars of investment are already committed to creating a global lithium-ion battery megafactory infrastructure that will serve the industry for the next decade. This will take the sector from megawatt to gigawatt scale in the next two years.",{"type":594,"attrs":169651,"content":169652},{"textAlign":49},[169653],{"text":169654,"type":599},"However, with Sony seeking to break into to the market in 2020 with lithium suphur batteries, it is likely that significant traction could be made by 2022 and a new competitior for lithium-ion in the handheld, mobile technology space begins to emerge.",{"type":594,"attrs":169656,"content":169657},{"textAlign":49},[169658],{"text":169659,"type":599},"For this to happen, some significant hurdles with battery raw materials must first be made. Graphite will be the first raw material to be impacted as the lithium sulphur chemistry utilises a lithium metal anode with a sulphur cathode.",{"type":594,"attrs":169661,"content":169662},{"textAlign":49},[169663],{"text":169664,"type":599},"“Lithium sulphur cells have several problems. These can be overcome but only by the addition of expensive additives or manufacturing techniques,” explained Hawley.",{"type":594,"attrs":169666,"content":169667},{"textAlign":49},[169668],{"text":169669,"type":599},"Expansion of sulphur in a battery, much like with silicon anodes, was highlighted as a major hurdle to overcome.",{"type":594,"attrs":169671,"content":169672},{"textAlign":49},[169673],{"text":169674,"type":599},"“Sulphur expands by 80% when lithium ions are deposited on the cathode. The expansion and contraction during charge and discharge causes crumbling of the cathode,” Hawley said.",{"type":594,"attrs":169676,"content":169677},{"textAlign":49},[169678],{"text":169679,"type":599},"“This can be overcome by encapsulating the sulphur in a flexible package,” he added.",{"type":594,"attrs":169681,"content":169682},{"textAlign":49},[169683],{"text":169684,"type":599},"The low cost and avaliability of sulphur is also a positive for the technology as many industries producing battery raw materials are niche and small scale.",{"type":594,"attrs":169686,"content":169687},{"textAlign":49},[169688],{"text":169689,"type":599},"Sulphur is produced as a byproduct of hydrocarbon production – which in itself is a juxtaposition to the clean energy markets batteries are trying to serve. However, it is very low cost – 70 times cheaper than lithium hydroxide on 2015 averages prices. Many producers see it as a waste product, and in times of oversupply, actually pay for it to be removed.",{"type":594,"attrs":169691,"content":169692},{"textAlign":49},[169693],{"text":169694,"type":599},"On the lithium anode side, the metal can form dendrides which was also highlighted as a challenge for the new technology. This is a major safety issue for the battery as these dendrites can cause short curcuiting and ignition.",{"type":594,"attrs":169696,"content":169697},{"textAlign":49},[169698],{"text":169699,"type":599},"This is particuarly hazardous for robots and electric vehicles.",{"type":594,"attrs":169701,"content":169702},{"textAlign":49},[169703],{"text":169704,"type":599},"As more attention and investment converges on batteries, new technologies will be investigated and persued. While Benchmark believes lithium-ion is here to stay in the medium term, competition such as Sony’s lithium sulphur battery will emerge, especially in the mobile technology and utility storage space where there is more room for new competitors.","Sony Corp, the electronics producer that commercalised the lithium-ion battery in the early 1990s, is seeking to do the same for lithium sulphur chemistry. It emerged in mid-December that the Japanese electronics conglomerate is looking to give its mobile phone manufacturing division an edge and sees batteries as providing that. Rumours emerging from Japan claim […]",[169707],{"slug":544,"name":543,"content":169708},{"job_title":557,"image":169709,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"09d36068-d326-4640-a4c3-0a1a7ab81e66\", \"id\": \"\"}-->",[169712,169713,169714],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":878,"name":8},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":169716,"copyright":547,"fieldtype":553,"meta_data":169717,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6cd6b1f554/bm-kazuo-hirai-back.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 22, 2016",{"id":169720,"uuid":169721,"name":169722,"slug":169723,"full_slug":169724,"content":169725},112475214755074,"c6417f3a-02ce-4805-8c72-2ec7e0d9b332","China overtakes Japan as leading separator producer amid auto surge","china-overtakes-japan-as-leading-separator-producer-amid-auto-surge","article/china-overtakes-japan-as-leading-separator-producer-amid-auto-surge",{"_uid":169726,"date":169592,"tags":169727,"editor":169730,"content":169734,"excerpt":169829,"featured":50,"reporter":169830,"_editable":169834,"component":864,"seo_title":169722,"categories":169835,"visibility":882,"author_company":49,"featured_image":169838,"seo_description":169829,"author_full_name":49,"author_job_title":49,"formattedDate":169718},"d0721aa5-7ae7-4d75-ae40-aecc6d874ecc",[169728,169729],{"slug":913,"name":914},{"slug":6290,"name":2052},[169731],{"slug":544,"name":543,"content":169732},{"job_title":557,"image":169733,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":169735},[169736,169741,169746,169751,169756,169761,169764,169769,169774,169779,169784,169789,169794,169799,169804,169809,169814,169819,169824],{"type":594,"attrs":169737,"content":169738},{"textAlign":49},[169739],{"text":169740,"type":599},"China has overtaken Japan as the world’s leading producer of battery separators amid strong demand from lithium-ion batteries used in cars.",{"type":594,"attrs":169742,"content":169743},{"textAlign":49},[169744],{"text":169745,"type":599},"The country’s incredible surge in production of low emissions vehicles in 2015 has seen it overtake in the US as the leading producer with annual growth of 290% compared to 2014.",{"type":594,"attrs":169747,"content":169748},{"textAlign":49},[169749],{"text":169750,"type":599},"China is expected to top 250,000 vehicles by the time the numbers are published in January 2016, with the US market due to reach 180,000 this year.",{"type":594,"attrs":169752,"content":169753},{"textAlign":49},[169754],{"text":169755,"type":599},"As a result, it is unsurprising that demand for key components that make an automotive lithium-ion battery have also surged.",{"type":594,"attrs":169757,"content":169758},{"textAlign":49},[169759],{"text":169760,"type":599},"With the majority of focus on cathode or anode materials, separators tend to fall under the radar. However, the polymer membrane which divides a battery’s active cathode material from the carbon anode are perhaps the most accurate indicator of demand, as they are used in every lithium-ion battery regardless of chemistry.",{"type":594,"attrs":169762,"content":169763},{"textAlign":49},[],{"type":594,"attrs":169765,"content":169766},{"textAlign":49},[169767],{"text":169768,"type":599},"New data from Japan’s Yano Research shows that China now accounts for 37.6% of the battery separator market while Japan now stands in second place with a 34.9% market share. The third largest producer is the U.S. with 11.1% of the sector.",{"type":594,"attrs":169770,"content":169771},{"textAlign":49},[169772],{"text":169773,"type":599},"EV batteries are an order of magnitude bigger in size than those used in cell phones, laptops and tablets and therefore require more volume of anode and cathode material and square meterage of separators. China has capitalised on this over the last five years by investing in low cost capacity compared with its main competitors, Japan and South Korea.",{"type":594,"attrs":169775,"content":169776},{"textAlign":49},[169777],{"text":169778,"type":599},"Japan was the market leader in the separator space until 2013 when production increases and an aggressive pricing strategy from Chinese manufacturers saw it begin to take significant portions of demand.",{"type":594,"attrs":169780,"content":169781},{"textAlign":49},[169782],{"text":169783,"type":599},"Between 2011-2015, demand for separators used in lithiumion batteries for small, mobile applications has nearly doubled from 486,000m2 to 760,000m2.",{"type":594,"attrs":169785,"content":169786},{"textAlign":49},[169787],{"text":169788,"type":599},"Meanwhile, separators for automotive batteries have increased from 592,000m2 to 1.27m2 in the same period, with the majority of new low cost supply coming from Chinese manufacturers.",{"type":594,"attrs":169790,"content":169791},{"textAlign":49},[169792],{"text":169793,"type":599},"“The average separator price per m2 is dropping year by year because Chinese manufacturers are trying to expand market share with an aggressive low pricing strategy,” explained Sachiya Inagaki, General Manager at Yano Research to Benchmark Mineral Intelligence.",{"type":594,"attrs":169795,"content":169796},{"textAlign":49},[169797],{"text":169798,"type":599},"Electric vehicle (EV) initiatives launched by the Chinese government have encouraged new entrants into the separator market, but Inagaki believes that China’s sharp increase in production could lead to a medium term over supply in the market.",{"type":594,"attrs":169800,"content":169801},{"textAlign":49},[169802],{"text":169803,"type":599},"“Since the central government has been promoting EVs, there has been an increasing number of Chinese producers entering the market in anticipation of [new demand].”",{"type":594,"attrs":169805,"content":169806},{"textAlign":49},[169807],{"text":169808,"type":599},"“However shipments by local Chinese separator makers may far exceed the actual demand due to the low production yield of Chinese automotive lithium-ion battery makers,” Inagaki added.",{"type":594,"attrs":169810,"content":169811},{"textAlign":49},[169812],{"text":169813,"type":599},"With actual separator demand still up 26.1% in 2014 on 2013 levels and stronger expected growth to come, the short and medium term demand for this critical component is strong.",{"type":594,"attrs":169815,"content":169816},{"textAlign":49},[169817],{"text":169818,"type":599},"The impact of the potential over supply from China is yet to be felt in a significant way.",{"type":594,"attrs":169820,"content":169821},{"textAlign":49},[169822],{"text":169823,"type":599},"Domestic price competition may lead to consolidation in the medium term, but for now this relatively young industry is more focused on taking market share away from its neighbours of Japan and South Korea than utilising its production capacity.",{"type":594,"attrs":169825,"content":169826},{"textAlign":49},[169827],{"text":169828,"type":599},"Something it is, at present, successfully doing.","China has overtaken Japan as the world’s leading producer of battery separators amid strong demand from lithium-ion batteries used in cars. The country’s incredible surge in production of low emissions vehicles in 2015 has seen it overtake in the US as the leading producer with annual growth of 290% compared to 2014. China is expected […]",[169831],{"slug":544,"name":543,"content":169832},{"job_title":557,"image":169833,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d0721aa5-7ae7-4d75-ae40-aecc6d874ecc\", \"id\": \"\"}-->",[169836,169837],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":169839,"copyright":547,"fieldtype":553,"meta_data":169840,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/04ccc2994f/bm-china-flag-back.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":169842,"uuid":169843,"name":169844,"slug":169845,"full_slug":169846,"content":169847},112475234420274,"47b0dd9a-a06b-436b-9f39-f1b4c7a47f8b","Eye of the storm – VW & Electric Vehicles","eye-of-the-storm-vw-electric-vehicles","article/eye-of-the-storm-vw-electric-vehicles",{"_uid":169848,"date":169849,"tags":169850,"editor":169851,"content":169855,"excerpt":169990,"featured":50,"reporter":169991,"_editable":169995,"component":864,"seo_title":169844,"categories":169996,"visibility":882,"author_company":49,"featured_image":170000,"seo_description":169990,"author_full_name":49,"author_job_title":49,"formattedDate":170003},"e0109483-45f4-4dbd-afdc-b3f1e25be583","2016-05-20 00:00",[],[169852],{"slug":544,"name":543,"content":169853},{"job_title":557,"image":169854,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":169856},[169857,169862,169867,169872,169877,169882,169887,169892,169897,169902,169907,169912,169917,169925,169930,169935,169940,169945,169950,169955,169960,169965,169970,169975,169980,169985],{"type":594,"attrs":169858,"content":169859},{"textAlign":49},[169860],{"text":169861,"type":599},"VW may pin hopes on electric vehicles and new battery pack design to revitalise embattled brand.",{"type":594,"attrs":169863,"content":169864},{"textAlign":49},[169865],{"text":169866,"type":599},"Ships threatened by storms are positioned to face the wind as the captain down to the lowliest rating brace themselves for impact. The storm created by Volkswagen’s (VW) Dieselgate scandal continues to lash the company and, like the crew of an embattled vessel, the management’s efforts are focussed on keeping the corporate ship righted and afloat.",{"type":594,"attrs":169868,"content":169869},{"textAlign":49},[169870],{"text":169871,"type":599},"Electric vehicles (EV) could prove an important means of doing this, mitigating both the scandal’s damage on VW’s reputation and carving out a wider piece of the growing EV pie, particularly in the North American market.",{"type":594,"attrs":169873,"content":169874},{"textAlign":49},[169875],{"text":169876,"type":599},"Moves to this effect are already becoming apparent.",{"type":594,"attrs":169878,"content":169879},{"textAlign":49},[169880],{"text":169881,"type":599},"For example, VW announced in mid-December that it will present a new concept car at the Consumer Electronics Show (CES2016) that runs from January 6-9 in Las Vegas. The car will represent “new era of affordable long-distance electromobility” and will “illustrate the major changes that the car is set to go through in the next few years”.",{"type":594,"attrs":169883,"content":169884},{"textAlign":49},[169885],{"text":169886,"type":599},"Trade show hyperbole aside, it certainly seems that whatever is unveiled will be a flagship product. Details have been kept to a minimum so far. VW chairman of the Volkswagen passenger cars brand Herbert Diess will make an opening speech on the show’s eve.",{"type":594,"attrs":169888,"content":169889},{"textAlign":49},[169890],{"text":169891,"type":599},"VW is already promoting an EV version of its popular Golf model, the e-Golf. It also has several other concept cars in various stages of development, such as the Bulli Concept. Those who follow the automaker’s fortunes and the EV markets in general would be wise to watch this space closely.",{"type":594,"attrs":169893,"content":169894},{"textAlign":49},[169895],{"text":169896,"type":599},"Flat-structured battery packs could hold the key to VW’s electric future.",{"type":594,"attrs":169898,"content":169899},{"textAlign":49},[169900],{"text":169901,"type":599},"“We are developing a special vehicle architecture that foresees the installation of flat batteries,” Diess said, “This will be a breakthrough for us.”",{"type":594,"attrs":169903,"content":169904},{"textAlign":49},[169905],{"text":169906,"type":599},"The flat battery pack structure – which packs in more lithium-ion batteries into a smaller space – is reminiscent of what Tesla Motors used in its Model S, Nissan in its LEAF and BMW in the i8.",{"type":594,"attrs":169908,"content":169909},{"textAlign":49},[169910],{"text":169911,"type":599},"The flat battery pack also usually results in a larger battery as it runs the entire length of the cars chassis and is not limited by space in the back or front of the vehicle. This means VW could be heading towards a lithium-ion battery with a capacity in excess of 60kWh.",{"type":594,"attrs":169913,"content":169914},{"textAlign":49},[169915],{"text":169916,"type":599},"The development also sees VW, for the first time, thinking from the battery perspective rather than automaking one.",{"type":594,"attrs":169918,"content":169919},{"textAlign":49},[169920],{"type":1186,"attrs":169921},{"id":49,"alt":169922,"src":169923,"title":49,"source":49,"copyright":49,"meta_data":169924},"One way VW is aiming to fasttrack its recovery is by pursuing the “connected car”, a vehicle that’s fully integrated with the internet. While the technology has been available for some time, the car industry has been slow with full adoption. Because EVs rely on software to manage the energy systems, full connectivity to the internet is critical; both technologies will go hand in hand. The graphic shows that while a third of the world’s population is connected via smartphones, only 10% of the world’s cars are.","https://a.storyblok.com/f/287943243085208/a747b62a88/bm-when-cars-become-smartphones.jpg",{},{"type":594,"attrs":169926,"content":169927},{"textAlign":49},[169928],{"text":169929,"type":599},"One way VW is aiming to fasttrack its recovery is by pursuing the “connected car”, a vehicle that’s fully integrated with the internet. While the technology has been available for some time, the car industry has beenslow with full adoption.Because EVs rely on software to manage the energy systems, full connectivity to the internet is critical; both technologies will go hand in hand.The graphic shows that while a third of the world’s population is connected via smartphones, only 10% of the world’s cars are.",{"type":657,"attrs":169931,"content":169932},{"level":985,"textAlign":49},[169933],{"text":169934,"type":599},"Total Recall",{"type":594,"attrs":169936,"content":169937},{"textAlign":49},[169938],{"text":169939,"type":599},"In the meantime, there was some good news with regards to concerns that around 800,000 VW vehicles might have “unexplained inconsistencies” relating to CO2 emissions. In December, the company announced no unlawful changes to stated fuel consumption and CO2 figures had been found through investigations.",{"type":594,"attrs":169941,"content":169942},{"textAlign":49},[169943],{"text":169944,"type":599},"However, nine models representing around 36,000 vehicles per year for VW returned “slight deviations” and will be retested.",{"type":594,"attrs":169946,"content":169947},{"textAlign":49},[169948],{"text":169949,"type":599},"Unfortunately for VW, Dieselgate affords little wriggle room for the company to move out from underneath its shadow, especially as formal investigations are set to continue into 2016. Nine managers who were “possibly involved” have already been suspended.",{"type":594,"attrs":169951,"content":169952},{"textAlign":49},[169953],{"text":169954,"type":599},"Dieselgate erupted in September after VW confessed to installing defeat devices on diesel models from 2009 to 2015 that utilised type EA 189 engines. These devices comprised software that allowed the vehicles to cheat US emissions rules on nitrogen oxides (NOx). An estimated 482,000 cars are affected in the US, with a global total of around 11 million.",{"type":594,"attrs":169956,"content":169957},{"textAlign":49},[169958],{"text":169959,"type":599},"VW chairman Hans Dieter Pötsch said at a press conference in Q4 that systemic failures stretched back possibly over a decade. “We are not talking about a one-off mistake, but a whole chain of mistakes that was not interrupted at any point along the timeline,” he said.",{"type":594,"attrs":169961,"content":169962},{"textAlign":49},[169963],{"text":169964,"type":599},"But at least the company can now start righting the wrongs on the cars themselves. At the same December 10 conference, CEO Matthias Müller noted recalls in Europe would start for 2-litre diesel engine vehicles in January; Q2 2016 for 1.2-litre engine vehicles; and Q3 for 1.6-litre engine vehicles.",{"type":594,"attrs":169966,"content":169967},{"textAlign":49},[169968],{"text":169969,"type":599},"It was taking longer to achieve fixes for US vehicles in order to ensure they met the country’s NOx emissions standards, he added.",{"type":594,"attrs":169971,"content":169972},{"textAlign":49},[169973],{"text":169974,"type":599},"The effects of the scandal have already dented the company’s bottom line. In October this year, VW announced a net loss for Q3 2015 of just over €1.67 billion ($1.79 billion). Most of this was attributable to €6.7 billion set aside during the quarter to help cover recall costs and win back customer trust.",{"type":594,"attrs":169976,"content":169977},{"textAlign":49},[169978],{"text":169979,"type":599},"Sales have been affected too. For example, US sales in November 2015 stood at 23,882 vehicles compared with 31,725 vehicles for November 2014, down 24.72% year-on-year. In the UK, the Society of Motor Manufacturers and Traders reported 12,958 new VW vehicles registered for November 2015 compared with 16,196 vehicles in November 2014, a decline of 19.99%.",{"type":594,"attrs":169981,"content":169982},{"textAlign":49},[169983],{"text":169984,"type":599},"The lull will last until investigations are completed and details of the wrongdoing are made available. One wonders how the markets, shareholders and customers will react when the truth is fully and finally revealed.",{"type":594,"attrs":169986,"content":169987},{"textAlign":49},[169988],{"text":169989,"type":599},"It appears VW has now reached the eye of the Dieselgate storm.","VW may pin hopes on electric vehicles and new battery pack design to revitalise embattled brand. Ships threatened by storms are positioned to face the wind as the captain down to the lowliest rating brace themselves for impact. The storm created by Volkswagen’s (VW) Dieselgate scandal continues to lash the company and, like the crew […]",[169992],{"slug":544,"name":543,"content":169993},{"job_title":557,"image":169994,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e0109483-45f4-4dbd-afdc-b3f1e25be583\", \"id\": \"\"}-->",[169997,169998,169999],{"slug":2499,"name":2500},{"slug":872,"name":873},{"slug":3088,"name":3089},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":170001,"copyright":547,"fieldtype":553,"meta_data":170002,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/f10580418c/bm-electric-vw-cars.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 20, 2016",{"id":170005,"uuid":170006,"name":170007,"slug":170008,"full_slug":170009,"content":170010},112475244086836,"dc75ae93-4076-4372-9c80-27b87489a4c8","Real World Graphene – Arriving Market Opportunities","real-world-graphine","article/real-world-graphine",{"_uid":170011,"date":170012,"tags":170013,"editor":170014,"content":170018,"excerpt":170242,"featured":50,"reporter":170243,"_editable":170247,"component":864,"seo_title":170007,"categories":170248,"visibility":882,"author_company":49,"featured_image":170251,"seo_description":170242,"author_full_name":49,"author_job_title":49,"formattedDate":170254},"1f357367-9afc-47d7-b810-ccbbf10cf974","2016-05-19 00:00",[],[170015],{"slug":544,"name":543,"content":170016},{"job_title":557,"image":170017,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":170019},[170020,170025,170030,170035,170040,170045,170050,170055,170060,170065,170070,170075,170080,170085,170090,170095,170100,170105,170110,170115,170120,170125,170130,170135,170140,170145,170150,170155,170160,170165,170170,170175,170183,170187,170192,170197,170202,170207,170212,170217,170222,170227,170232,170237],{"type":657,"attrs":170021,"content":170022},{"level":985,"textAlign":49},[170023],{"text":170024,"type":599},"Graphene’s market opportunities are starting to arrive",{"type":594,"attrs":170026,"content":170027},{"textAlign":49},[170028],{"text":170029,"type":599},"At the 1855 Exposition Universelle in Paris a wondrous new metal wowed the crowds: aluminium. The enthusiasm surrounding it belied the decades of research taken to reach that point, with the big breakthrough occurring when Henri-Etienne Sainte-Claire Deville started producing the material on a commercial scale.",{"type":594,"attrs":170031,"content":170032},{"textAlign":49},[170033],{"text":170034,"type":599},"However, aluminium proved phenomenally expensive; France’s Emperor Napoleon III is said to have honoured special dinner guests by providing them with aluminium cutlery. Everyone else had to make do with gold or silver.",{"type":594,"attrs":170036,"content":170037},{"textAlign":49},[170038],{"text":170039,"type":599},"The price only fell with the development of the Hall-Heroult process and cheaper energy later in the century. Aluminium had been struggling to win market share until that point. “There is nothing harder than to make people use a new metal,” Sainte-Claire Deville once rued.",{"type":594,"attrs":170041,"content":170042},{"textAlign":49},[170043],{"text":170044,"type":599},"Some of aluminium’s early difficulties might be familiar for those working with graphene. Many thousands of hours have been spent studying the material over the past decade, with an avalanche of related patents testimony to this.",{"type":594,"attrs":170046,"content":170047},{"textAlign":49},[170048],{"text":170049,"type":599},"There is also debate about how scale-up production, make the material affordable and find the right first-entry markets – similar conundrums aluminium faced all those years ago.",{"type":657,"attrs":170051,"content":170052},{"level":985,"textAlign":49},[170053],{"text":170054,"type":599},"On Your Marks",{"type":594,"attrs":170056,"content":170057},{"textAlign":49},[170058],{"text":170059,"type":599},"Graphene’s recent history only stretches back to 2004 when Andre Geim and Kostya Novoselov famously used Scotch tape to lift graphite from a sample. They then repeatedly folded and unfolded the tape to isolate the graphene.",{"type":594,"attrs":170061,"content":170062},{"textAlign":49},[170063],{"text":170064,"type":599},"It comprises just one element, carbon, and has superb strength; it is more than 200 times stronger than steel by weight. Graphene is transparent, with a hexagonal, honeycomb-like formation at a layer just one atom thick.",{"type":594,"attrs":170066,"content":170067},{"textAlign":49},[170068],{"text":170069,"type":599},"It is also light-weight, stretchable and flexible. In addition, it is a semimetal and can take on magnetic qualities. It impermeable and is the best thermal and electrical conductor yet known. Cambridge University and others have been working on copper wiring that utilises graphene.",{"type":594,"attrs":170071,"content":170072},{"textAlign":49},[170073],{"text":170074,"type":599},"“That’s a possible early-stage market,” Tata Steel principal scientist Siva Bohn told Benchmark Mineral Intelligence (Benchmark). However, there is little room for impurities. “When you have impurities, even just 5%, then conductivity goes down the drain.”",{"type":594,"attrs":170076,"content":170077},{"textAlign":49},[170078],{"text":170079,"type":599},"At an industrial level it would require high-quality graphene produced in quantity. Unfortunately, scaled-up production is where graphene faces some of its greatest hurdles. There are “top-down” and “bottomup” methods to make graphene. Top-down includes exfoliation, the splitting of graphite down to microlayers of graphene and the Scotch tape method is a rudimentary version of this.",{"type":594,"attrs":170081,"content":170082},{"textAlign":49},[170083],{"text":170084,"type":599},"Electrochemical treatments can also be used. For example, graphite-in-solution bombarded with ultrasound to create flakes of graphene that can be further processed in a centrifuge.",{"type":594,"attrs":170086,"content":170087},{"textAlign":49},[170088],{"text":170089,"type":599},"Bottom-up methods include chemical synthesis or gas-phase growth. For example, chemical vapour deposition uses a substrate placed in a furnace through which methane and hydrogen gases are passed. The carbon atoms within the methane then fall to the substrate and form a graphene layer.",{"type":594,"attrs":170091,"content":170092},{"textAlign":49},[170093],{"text":170094,"type":599},"There is some debate about how many layers constitute graphene. Bohn noted that a bi-layer or tri-layer can be considered graphene. “And some people call as many as 10 or 20 layers graphene.”",{"type":594,"attrs":170096,"content":170097},{"textAlign":49},[170098],{"text":170099,"type":599},"Because of its conductivity, graphene could be integral to produce superfast transistors for computers or electronic devices. It is also chemically inert, which means it can be readily used alongside other materials.",{"type":594,"attrs":170101,"content":170102},{"textAlign":49},[170103],{"text":170104,"type":599},"That can be important for electronics doping purposes, whereby another material is introduced alongside the graphene to modulate performance. This would allow manufacturers to “dumb down” graphene’s conductive properties for other electronics components to remain optimal while raising overall performance.",{"type":594,"attrs":170106,"content":170107},{"textAlign":49},[170108],{"text":170109,"type":599},"There are a plethora of other attributes and potential uses, most notably in the batteries space, where graphene’s conductive and impermeable qualities could be readily utilised. However, the development and roll-out of this technology remains some way off.",{"type":594,"attrs":170111,"content":170112},{"textAlign":49},[170113],{"text":170114,"type":599},"It takes time for markets to adapt and realise a new material’s full potential. “New technologies based on new materials take from between 20 and 40 years to go from the lab to the factory floor,” Cambridge University professor of Nanotechnology Andrea Ferrari noted in a recent presentation.",{"type":594,"attrs":170116,"content":170117},{"textAlign":49},[170118],{"text":170119,"type":599},"New materials moving beyond pilot production usually seek out the easiest, most accessible entry points in a marketplace first. Often this is as a displacement material for improving the performance of existing technology. For example, graphene is already used in top-quality sporting equipment, such as Novak Djokovic’s lightened and strengthened tennis racquets.",{"type":657,"attrs":170121,"content":170122},{"level":985,"textAlign":49},[170123],{"text":170124,"type":599},"Lick of Paint",{"type":594,"attrs":170126,"content":170127},{"textAlign":49},[170128],{"text":170129,"type":599},"Perth-headquartered Talga Resources is advancing its flagship Vittangi graphite project in northern Sweden. The company seeks to tap graphene’s potential within paints and protective coatings and it signed a collaboration agreement with Tata Steel UK on November 9 to jointly explore graphene opportunities in supply, processing and development.",{"type":594,"attrs":170131,"content":170132},{"textAlign":49},[170133],{"text":170134,"type":599},"Paint and coatings are expected to have the benefit of robust margins and uptake, Talga Resources MD Mark Thompson told Benchmark. The company notes the market currently uses over 40 million tonnes of material a year, which is forecast to grow to 52 million tonnes by 2017 and have a value of $186 billion.",{"type":594,"attrs":170136,"content":170137},{"textAlign":49},[170138],{"text":170139,"type":599},"Graphene would be infused within the paint or coating to confer its impermeable qualities, helping to block water, liquids or other corrosive elements reaching the metal beneath. Ensuring graphene’s even dispersal in the product will be vital for these strengths to come into play.",{"type":594,"attrs":170141,"content":170142},{"textAlign":49},[170143],{"text":170144,"type":599},"However, not much graphene is needed in terms of its loading within the paint, Thompson said. “Zinc oxide paint comprises something like 90% zinc. With graphene it’s around 1% that can be diffused for it to have an amazing effect.”",{"type":594,"attrs":170146,"content":170147},{"textAlign":49},[170148],{"text":170149,"type":599},"“Let’s say graphene costs $50,000 per tonne, which some might think expensive,” he continued. “Well the paint costs roughly $50,000 per tonne, but only 1% of it will be graphene. That means a total graphene cost of just $500 dollars on a production basis because 1% of $50,000 is just $500.”",{"type":594,"attrs":170151,"content":170152},{"textAlign":49},[170153],{"text":170154,"type":599},"There are health and safety advantages as well. For example, hexavalent chromium used to make chrome coating has toxic properties and has already been banned or is about to be banned in many jurisdictions.",{"type":594,"attrs":170156,"content":170157},{"textAlign":49},[170158],{"text":170159,"type":599},"“So here you’d be replacing something toxic with a non-toxic carbon [i.e. graphene],” Thompson said. “And that fits the pattern whereby it’s not always necessary for something to outperform what it replaces if it’s the healthier, environmentally-friendly option.”",{"type":594,"attrs":170161,"content":170162},{"textAlign":49},[170163],{"text":170164,"type":599},"Graphene-infused anti-corrosive paints and coatings could also prove particularly important for vehicles, increasing protection against the threat of corrosion and prolonging vehicle life through this.",{"type":594,"attrs":170166,"content":170167},{"textAlign":49},[170168],{"text":170169,"type":599},"In addition, there is the added benefit of requiring fewer layers of anti-corrosive paints and coatings. That could deliver weight savings and improve fuel efficiencies as a result.",{"type":594,"attrs":170171,"content":170172},{"textAlign":49},[170173],{"text":170174,"type":599},"The use of graphene to impart mechanical strength and stiffness to components will be another important application for the future and it will also help to reduce weight and achieve fuel savings. “But that technology will take a few years,” Bohn noted.",{"type":594,"attrs":170176,"content":170177},{"textAlign":49},[170178],{"type":1186,"attrs":170179},{"id":49,"alt":170180,"src":170181,"title":49,"source":49,"copyright":49,"meta_data":170182},"Steel doped with graphene: Tata is now formally pursuing this new advanced material","https://a.storyblok.com/f/287943243085208/b875110940/bm-steel-doped-with-graphine.jpg",{},{"type":594,"attrs":170184,"content":170185},{"textAlign":49},[170186],{"text":170180,"type":599},{"type":657,"attrs":170188,"content":170189},{"level":985,"textAlign":49},[170190],{"text":170191,"type":599},"Electric Dreams",{"type":594,"attrs":170193,"content":170194},{"textAlign":49},[170195],{"text":170196,"type":599},"While anti-corrosive paint and coatings are likely to be one of the first entry-level markets for graphene, the topic is unlikely to fire the general public’s imagination. That role is currently being fulfilled by graphene’s near-term potential in touchscreens and light-sensitive technology.",{"type":594,"attrs":170198,"content":170199},{"textAlign":49},[170200],{"text":170201,"type":599},"“Taking the broad perspective, I think electronic devices could be the place we see the breakthrough in technology with graphene,” Michigan University head of the Zhong Group Professor Zhaohui Zhong told Benchmark. The Zhong group focuses on Nanoelectronics and Nanophotonics.",{"type":594,"attrs":170203,"content":170204},{"textAlign":49},[170205],{"text":170206,"type":599},"“[Graphene] has strong light absorption all the way from ultraviolet to infrared – it’s a super-absorbent absorption material as it were,” he said. “In addition, it’s really unlike any other semiconductor where the absorption is typically limited and there’s an energy gap, called a band gap.”",{"type":594,"attrs":170208,"content":170209},{"textAlign":49},[170210],{"text":170211,"type":599},"Transparent graphene can be layered over plastic to create touchscreens and provide the same if not a better experience for tablet, laptop or smartphone users. “This will be the low-hanging fruit,” Zhong added.",{"type":594,"attrs":170213,"content":170214},{"textAlign":49},[170215],{"text":170216,"type":599},"Current touchscreens can be easily scratched and often cracked, while graphene, with its strength and flexibility, could afford far better protection.",{"type":594,"attrs":170218,"content":170219},{"textAlign":49},[170220],{"text":170221,"type":599},"Today’s touchscreen technology also utilises indium tin oxide. Indium is not a readily-available material and is expensive because of this. By contrast, the sources for making graphene are plentiful, which also guarantees supply for end users.",{"type":594,"attrs":170223,"content":170224},{"textAlign":49},[170225],{"text":170226,"type":599},"Further into the future there is the possibility of “bendy” phones and tablets that can be rolled up or folded and the mainstream media has excitedly depicted this potential aspect of graphene’s story with mock-up images or graphics.",{"type":594,"attrs":170228,"content":170229},{"textAlign":49},[170230],{"text":170231,"type":599},"However, a great deal of design work will be required to make something like the bendy phone feasible. For example, what kind of battery will be used and where will it be positioned? Does the device use USB connection points or will they be done away with?",{"type":594,"attrs":170233,"content":170234},{"textAlign":49},[170235],{"text":170236,"type":599},"Predicting the development of a material is difficult, predicting its future applications in technology yet to come is harder still. However, it is certain graphene will perform as expected in many areas and falter or fail in others. Undoubtedly it will also make new technologies possible.",{"type":594,"attrs":170238,"content":170239},{"textAlign":49},[170240],{"text":170241,"type":599},"But even as a displacement material for established technologies, such as anticorrosive paints and coatings, graphene is already on the cusp of becoming an integral, even ubiquitous, part of our lives.","Graphene’s market opportunities are starting to arrive At the 1855 Exposition Universelle in Paris a wondrous new metal wowed the crowds: aluminium. The enthusiasm surrounding it belied the decades of research taken to reach that point, with the big breakthrough occurring when Henri-Etienne Sainte-Claire Deville started producing the material on a commercial scale. However, aluminium […]",[170244],{"slug":544,"name":543,"content":170245},{"job_title":557,"image":170246,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1f357367-9afc-47d7-b810-ccbbf10cf974\", \"id\": \"\"}-->",[170249,170250],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":170252,"copyright":547,"fieldtype":553,"meta_data":170253,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bd98d946b9/bm-real-world-graphine.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 19, 2016",{"id":170256,"uuid":170257,"name":170258,"slug":170259,"full_slug":170260,"content":170261},112475239204403,"fa56f49b-df98-417e-bf87-51241ed30dd8","The quest for nano scale in the minerals industry","the-quest-for-nano-scale","article/the-quest-for-nano-scale",{"_uid":170262,"date":170012,"tags":170263,"editor":170264,"content":170268,"excerpt":170449,"featured":50,"reporter":170450,"_editable":170454,"component":864,"seo_title":170258,"categories":170455,"visibility":882,"author_company":49,"featured_image":170458,"seo_description":170449,"author_full_name":49,"author_job_title":49,"formattedDate":170254},"5a0bc23c-6ea3-4fcd-be0b-8411f5b43416",[],[170265],{"slug":544,"name":543,"content":170266},{"job_title":557,"image":170267,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":170269},[170270,170283,170294,170305,170313,170317,170322,170327,170332,170337,170342,170347,170352,170357,170362,170367,170372,170377,170382,170387,170392,170397,170402,170410,170414,170419,170424,170429,170434,170439,170444],{"type":594,"attrs":170271,"content":170272},{"textAlign":49},[170273,170275,170277,170279,170281],{"text":170274,"type":599},"The drive for smaller particles has been trending ",{"text":170276,"type":599},"for decades in the minerals industry. Customers ",{"text":170278,"type":599},"are demanding purer and finer raw materials ",{"text":170280,"type":599},"that has taken specialist minerals from ",{"text":170282,"type":599},"millimeter measurements to the nano-scale. ",{"type":594,"attrs":170284,"content":170285},{"textAlign":49},[170286,170288,170290,170292],{"text":170287,"type":599},"With the emergence of hi-tech industries such ",{"text":170289,"type":599},"as batteries, a product that operates on nano ",{"text":170291,"type":599},"scale chemical reactions, demand for nano ",{"text":170293,"type":599},"engineering of minerals is intensifying. ",{"type":594,"attrs":170295,"content":170296},{"textAlign":49},[170297,170299,170301,170303],{"text":170298,"type":599},"Benchmark Mineral Intelligence spoke to CEO, ",{"text":170300,"type":599},"Dan Blondal of Canada-based developer, Nano ",{"text":170302,"type":599},"One, on this trend, batteries and where the ",{"text":170304,"type":599},"industry is heading.",{"type":594,"attrs":170306,"content":170307},{"textAlign":49},[170308],{"type":1186,"attrs":170309},{"id":49,"alt":170310,"src":170311,"title":49,"source":49,"copyright":49,"meta_data":170312},"Different types of lithium-ion cell designs by A123 Systems","https://a.storyblok.com/f/287943243085208/795696f664/bm-lithium-ion-cell-designs.jpg",{},{"type":594,"attrs":170314,"content":170315},{"textAlign":49},[170316],{"text":170310,"type":599},{"type":657,"attrs":170318,"content":170319},{"level":985,"textAlign":49},[170320],{"text":170321,"type":599},"What are nano materials and where are they used?",{"type":594,"attrs":170323,"content":170324},{"textAlign":49},[170325],{"text":170326,"type":599},"Nanomaterials are substances, particles and crystals with molecular structures measured in nanometres, or millionths of a millimetre, sized between molecular and microscopic. They can be organic or inorganic; made of metals, ceramics, semi-conductors, polymers or composites.",{"type":594,"attrs":170328,"content":170329},{"textAlign":49},[170330],{"text":170331,"type":599},"Synthetic nanomaterials are found in paints, gels, clays, catalysts and as features on microchips. Natural nanomaterials are found in clays, gemstones, feathers and bones, providing waterproofing to leaves, iridescence to shells, and grip to geckos.",{"type":594,"attrs":170333,"content":170334},{"textAlign":49},[170335],{"text":170336,"type":599},"Researchers are now probing atoms and molecules with great precision, fuelling the discovery, design, characterization and production of these materials for applications in energy, health care, electronic, communications, agricultural, industrial, textiles and much more.",{"type":657,"attrs":170338,"content":170339},{"level":985,"textAlign":49},[170340],{"text":170341,"type":599},"What are the benefits of nano materials compared to traditional raw materials?",{"type":594,"attrs":170343,"content":170344},{"textAlign":49},[170345],{"text":170346,"type":599},"Materials at these nanoscales behave differently and have valuable optical, magnetic, electronic, mechanical, structural, and chemical properties. Man-made nanomaterials are used to coat, protect and strengthen everyday substances, deliver drugs, capture energy, guide light for telecommunications and if made affordably, they can have a much wider range of applications.",{"type":657,"attrs":170348,"content":170349},{"level":985,"textAlign":49},[170350],{"text":170351,"type":599},"Why have Nano One targeted the battery sector?",{"type":594,"attrs":170353,"content":170354},{"textAlign":49},[170355],{"text":170356,"type":599},"There is a high demand better batteries and electric vehicles are poised to drive tremendous growth. Nano One’s technology can improve the energy storing structure in lithium-ion materials using simple, low cost manufacturing technology and with this potential, the battery space is a natural place to start.",{"type":657,"attrs":170358,"content":170359},{"level":985,"textAlign":49},[170360],{"text":170361,"type":599},"What technical benefits can nano materials provide to battery technologies?",{"type":594,"attrs":170363,"content":170364},{"textAlign":49},[170365],{"text":170366,"type":599},"Cathode materials for lithium ion batteries consist of lithium and other components like cobalt, nickel and/or manganese. The quality of structures formed by these metals is measured on the nano-scale and influence energy storage, capacity, cycling and rate of charge. Nano One believes that to do so consistently, cost effectively and at an industrial scale, requires technical innovation in materials processing.",{"type":594,"attrs":170368,"content":170369},{"textAlign":49},[170370],{"text":170371,"type":599},"Nano One’s patented technology enables lower cost feedstock and provides intimate mixing of all the components making nano structures that are more homogeneous and tolerant of impurities. The improved structure is durable and provides greater capacity. The simplified process improves costs, yield, throughput and down time.",{"type":657,"attrs":170373,"content":170374},{"level":985,"textAlign":49},[170375],{"text":170376,"type":599},"Would the costs of production not prove prohibitive to achieving cost-savings in the battery sector?",{"type":594,"attrs":170378,"content":170379},{"textAlign":49},[170380],{"text":170381,"type":599},"Battery material production costs are based on raw materials, operating costs and performance metrics such as energy density, capacity, cycling and charging. Nano One is using low cost feedstock and simple scalable methods to assemble atoms into long lasting structures that store energy efficiently over a greater number of cycles.",{"type":594,"attrs":170383,"content":170384},{"textAlign":49},[170385],{"text":170386,"type":599},"For example, we believe that It is possible that with our processing technology could enable a 50% reduction in the cost of lithium-ion battery cathode materials in terms of $/kWh.",{"type":657,"attrs":170388,"content":170389},{"level":985,"textAlign":49},[170390],{"text":170391,"type":599},"Are there any specific battery technologies that you are focusing on?",{"type":594,"attrs":170393,"content":170394},{"textAlign":49},[170395],{"text":170396,"type":599},"Most of today’s and tomorrow’s commercial battery technologies will benefit from nanostructured materials because long lasting layered structures facilitate efficient storage of lithium-ions during charge and discharge. Nano One is focusing efforts on the demonstration of both commercial and next generation materials with ingredients like nickel, manganese and cobalt. The technology also has the versatility to shift with emerging battery technologies that might include iron, phosphate, titanium, aluminum, sodium and other strategically important energy storage materials.",{"type":657,"attrs":170398,"content":170399},{"level":985,"textAlign":49},[170400],{"text":170401,"type":599},"Can you outline your nanoproduction process?",{"type":594,"attrs":170403,"content":170404},{"textAlign":49},[170405],{"type":1186,"attrs":170406},{"id":49,"alt":170407,"src":170408,"title":49,"source":49,"copyright":49,"meta_data":170409},"An SEM of a lithium ion battery with three distinct anode, cathode and separator layers on a copper substrate","https://a.storyblok.com/f/287943243085208/f2c7565aae/bm-lithium-sem.jpg",{},{"type":594,"attrs":170411,"content":170412},{"textAlign":49},[170413],{"text":170407,"type":599},{"type":594,"attrs":170415,"content":170416},{"textAlign":49},[170417],{"text":170418,"type":599},"Nano One’s method differs from other industrial processes because it assembles the atoms of each raw material before the final firing stage.",{"type":594,"attrs":170420,"content":170421},{"textAlign":49},[170422],{"text":170423,"type":599},"Like others, Nano mixes raw materials and fires them in a kiln but differs by avoiding the costs of lithium hydroxide, repeated milling and multiple firings. Nano One assembles lithium carbonate in a reactor with other components so that atoms are intimately mixed to make free flowing powder that requires only one firing and no milling.",{"type":594,"attrs":170425,"content":170426},{"textAlign":49},[170427],{"text":170428,"type":599},"This produces longer lasting crystal structures that can store more energy. It is a solution based process that operates at mild temperature and atmospheric pressure and avoids costly feedstock, surfactants, additives, filtration and damage from grinding, milling, contaminants and repeated firing.",{"type":594,"attrs":170430,"content":170431},{"textAlign":49},[170432],{"text":170433,"type":599},"Industry is entrenched with methods that make it complex and costly to control the shape and size of materials at the nanometre scale. This new approach in processing technology could change the way nanomaterials are made and lead the industrial world in a new generation of materials, and this is the start of that trend.",{"type":657,"attrs":170435,"content":170436},{"level":985,"textAlign":49},[170437],{"text":170438,"type":599},"Is this a patented process or open source?",{"type":594,"attrs":170440,"content":170441},{"textAlign":49},[170442],{"text":170443,"type":599},"Two and half years into the patenting process, the company has been granted its first patent and have 12 pending.",{"type":594,"attrs":170445,"content":170446},{"textAlign":49},[170447],{"text":170448,"type":599},"Early acknowledgement from the US Patent Office validates Nano One’s unique reaction chemistry and continued innovation will build the patent portfolio to cover Nano One’s methods, apparatus and materials in a wide range of applications, both within the battery space and beyond.","The drive for smaller particles has been trending for decades in the minerals industry. Customers are demanding purer and finer raw materials that has taken specialist minerals from millimeter measurements to the nano-scale. With the emergence of hi-tech industries such as batteries, a product that operates on nano scale chemical reactions, demand for nano engineering of minerals is intensifying. Benchmark Mineral Intelligence […]",[170451],{"slug":544,"name":543,"content":170452},{"job_title":557,"image":170453,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"5a0bc23c-6ea3-4fcd-be0b-8411f5b43416\", \"id\": \"\"}-->",[170456,170457],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":170311,"copyright":547,"fieldtype":553,"meta_data":170459,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},{"id":170461,"uuid":170462,"name":170463,"slug":170464,"full_slug":170465,"content":170466},112475253773878,"af354259-a94d-44b7-9871-405f744ea959","The New Great Game – disruption is commodities & geopolitics","the-new-great-game","article/the-new-great-game",{"_uid":170467,"date":170468,"tags":170469,"editor":170470,"content":170474,"excerpt":170480,"featured":50,"reporter":170671,"_editable":170675,"component":864,"seo_title":170463,"categories":170676,"visibility":882,"author_company":49,"featured_image":170679,"seo_description":170480,"author_full_name":49,"author_job_title":49,"formattedDate":170682},"7dc3705f-892a-479e-9acc-9eed7ff90832","2016-05-12 00:00",[],[170471],{"slug":544,"name":543,"content":170472},{"job_title":557,"image":170473,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":170475},[170476,170481,170486,170491,170498,170503,170508,170513,170518,170523,170528,170533,170540,170545,170550,170557,170562,170569,170574,170577,170582,170587,170594,170601,170608,170615,170622,170627,170634,170639,170644,170651,170656,170661,170668],{"type":594,"attrs":170477,"content":170478},{"textAlign":49},[170479],{"text":170480,"type":599},"How disruption in commodities, geopolitics, and macroeconomics converge to create opportunities.",{"type":594,"attrs":170482,"content":170483},{"textAlign":49},[170484],{"text":170485,"type":599},"In the 19th century, geopolitical tensions were at the fore as Great Britain and Russia jockeyed for position in much of Central Asia with an eye on protecting British interests in India.",{"type":594,"attrs":170487,"content":170488},{"textAlign":49},[170489],{"text":170490,"type":599},"At risk was control of land and sea routes for trade. Ultimately, other countries including China, Afghanistan, and some in Europe would be drawn in and would set the stage for geopolitical rivalries which still exist today.",{"type":594,"attrs":170492,"content":170493},{"textAlign":49},[170494,170496],{"text":170495,"type":599},"This geopolitical chess match became known as The Great Game, a phrase coined by Arthur Conolly, a British intelligence officer in India at the time. Control of landn and sea meant not only economic security, but also the ability to project economic and political power far beyond one’s borders.",{"text":170497,"type":599},"\nThe common belief that the sun “never set on the British Empire” was at risk.",{"type":594,"attrs":170499,"content":170500},{"textAlign":49},[170501],{"text":170502,"type":599},"About the same time (late 19th Century) in Germany, a self-taught engineer named Ferdinand Porsche built what is widely believed to be the first electric vehicle.",{"type":594,"attrs":170504,"content":170505},{"textAlign":49},[170506],{"text":170507,"type":599},"Mr. Porsche wouldn’t found his famous automobile company until 1948. He could have hardly realized it at the time, but this invention would be the eventual catalyst for the emergence of a “new” Great Game.",{"type":594,"attrs":170509,"content":170510},{"textAlign":49},[170511],{"text":170512,"type":599},"However, today it isn’t countries that are the main players and it isn’t trade routes that are at stake. The new players are companies and what is at stake is market share for mobility and continued quality enhancement of life.",{"type":657,"attrs":170514,"content":170515},{"level":985,"textAlign":49},[170516],{"text":170517,"type":599},"Globalisation, Urbanisation, Convergence",{"type":594,"attrs":170519,"content":170520},{"textAlign":49},[170521],{"text":170522,"type":599},"As trade routes have proliferated, trends such as globalisation, urbanisation, and technological progress have combined to enhance the living standards of hundreds of millions of people. This phenomenon, popularized by Nobel laureate Michael Spence, is also known as Convergence.",{"type":594,"attrs":170524,"content":170525},{"textAlign":49},[170526],{"text":170527,"type":599},"The chart below from the World Bank shows Convergence in action as urbanisation in the emerging world over the past 50 years has easily outpaced the urbanisation in the West. It is widely believed that a society is fully urbanised when the percentage of city dwellers reaches 80%. Obviously countries like China and India still have some catching up to do.",{"type":594,"attrs":170529,"content":170530},{"textAlign":49},[170531],{"text":170532,"type":599},"There is no guarantee that they will converge any time soon. Threats like the “middle income trap” may delay this, but even coming close dictates increased raw material demands and environmental stresses.",{"type":594,"attrs":170534,"content":170535},{"textAlign":49},[170536,170538],{"text":170537,"type":599},"This implies that sustainability should be ranked as a driving macro force",{"text":170539,"type":599},"\ngoing forward.",{"type":594,"attrs":170541,"content":170542},{"textAlign":49},[170543],{"text":170544,"type":599},"Global population growth truly took off when the steam engine was introduced, which demonstrates what can happen to quality of life when macro forces such as technology and demographics converge.",{"type":594,"attrs":170546,"content":170547},{"textAlign":49},[170548],{"text":170549,"type":599},"The invention of the steam engine set the stage for an explosion in population and living standards, though there were other factors at play as well.",{"type":594,"attrs":170551,"content":170552},{"textAlign":49},[170553,170555],{"text":170554,"type":599},"A final way to examine this phenomenon is to ascertain how quickly various",{"text":170556,"type":599},"\ntechnologies are being adopted globally (see chart: Pace of disruption changes exponentially).",{"type":594,"attrs":170558,"content":170559},{"textAlign":49},[170560],{"text":170561,"type":599},"Obviously, the invention of Candy Crush Saga does not hold the equivalent benefits to humanity that the invention of the telephone did (it’s quite possibly detrimental if you’ve ever played it), but the pace and ubiquity of technology in a connected world is undeniable.",{"type":594,"attrs":170563,"content":170564},{"textAlign":49},[170565,170567],{"text":170566,"type":599},"The overall assessment is that technology is a force for good. This",{"text":170568,"type":599},"\nspeed has given the theme of disruptive technologies its prominence in recent years.",{"type":594,"attrs":170570,"content":170571},{"textAlign":49},[170572],{"text":170573,"type":599},"Before delving into what the future might look like as the new Great Game unfolds, it makes sense to briefly look at the current macroeconomic backdrop. This can help provide insight into how companies can move forward to gain market share and build out supply chains.",{"type":594,"attrs":170575,"content":170576},{"textAlign":49},[],{"type":657,"attrs":170578,"content":170579},{"level":985,"textAlign":49},[170580],{"text":170581,"type":599},"Drowning or Waving?",{"type":594,"attrs":170583,"content":170584},{"textAlign":49},[170585],{"text":170586,"type":599},"No commentary on economic growth over the last decades would be complete without an analysis of China, whose economic reforms have lifted hundreds of millions out of poverty and ignited the greatest urban migration in human history.",{"type":594,"attrs":170588,"content":170589},{"textAlign":49},[170590,170592],{"text":170591,"type":599},"It is now widely believed that China’s accession to the World Trade Organization in 2001 was the spark which ignited the commodity super cycle,",{"text":170593,"type":599},"\nlasting from roughly 2001 to 2011. During this time, prices of almost all commodities – hard and soft – took off with a relatively brief intermission in 2008.",{"type":594,"attrs":170595,"content":170596},{"textAlign":49},[170597,170599],{"text":170598,"type":599},"The repercussions from the Global Financial Crisis were blunted by central",{"text":170600,"type":599},"\nbanks that flooded the world with liquidity and debt to re-ignite growth. The results are in the accompanying chart, Global Stock of Debt Outstanding.",{"type":594,"attrs":170602,"content":170603},{"textAlign":49},[170604,170606],{"text":170605,"type":599},"As a result of the market’s belief in indefinitely higher resource prices,",{"text":170607,"type":599},"\ncompanies all along the mining supply chain, poured billions of dollars into capital expenditures and levered up balance sheets to take advantage.",{"type":594,"attrs":170609,"content":170610},{"textAlign":49},[170611,170613],{"text":170612,"type":599},"Many resource prices peaked in 2011 and, as China’s economy has begun to slow, this has placed an effective “lid” on commodity prices. The capital poured into mining projects has resulted in write offs and, worse, excess production capacity which must be worked through or written off to renew the",{"text":170614,"type":599},"\ncommodity cycle.",{"type":594,"attrs":170616,"content":170617},{"textAlign":49},[170618,170620],{"text":170619,"type":599},"As a result, much of the global economy now suffers from excess supply, muted demand, and a large debt overhang. These all act as an impediment to",{"text":170621,"type":599},"\ngrowth and, when combined, are profoundly deflationary in nature. The recent 16-year low in the Bloomberg Commodity Index is a painful reminder of the cyclical nature of the commodities sector and its effects on the global economy.",{"type":594,"attrs":170623,"content":170624},{"textAlign":49},[170625],{"text":170626,"type":599},"If there is a silver lining, it is that there is a difference between “good” and “bad” deflation. It would appear that supply chains can benefit from the “good” deflation of lower raw materials prices. Downward pricing pressure can effectively “deflate” the value of end products such as lithium ion batteries or associated products.",{"type":594,"attrs":170628,"content":170629},{"textAlign":49},[170630,170632],{"text":170631,"type":599},"While technological advances are also responsible for this cost deflation, lower raw materials prices can tend to filter throughout the value",{"text":170633,"type":599},"\nchain.",{"type":594,"attrs":170635,"content":170636},{"textAlign":49},[170637],{"text":170638,"type":599},"With respect to energy generation and mobility, this thesis seems to be accurate when one looks at the prices of solar power and of lithium ion batteries, both experiencing dramatic decreases in cost (per watt and per kilowatt hour).",{"type":594,"attrs":170640,"content":170641},{"textAlign":49},[170642],{"text":170643,"type":599},"Since 2000, lithium-ion battery costs per kWh have fallen by a CAGR of 14% per year by some estimates. Technology and lower raw material prices have themselves converged to make a new energy paradigm a reality.",{"type":594,"attrs":170645,"content":170646},{"textAlign":49},[170647,170649],{"text":170648,"type":599},"Given mean reversion in raw materials prices and increased access to cheap",{"text":170650,"type":599},"\ntechnology such as personal electronics, it would appear that our lives are improving at a faster pace.",{"type":594,"attrs":170652,"content":170653},{"textAlign":49},[170654],{"text":170655,"type":599},"But is this trend set to continue? This is dependent on a number of factors including global financial stability.",{"type":594,"attrs":170657,"content":170658},{"textAlign":49},[170659],{"text":170660,"type":599},"However, other factors are more difficult to manage. These include demographics and productivity. Demographic changes can take decades to appear, and can work against a societies’ growth rate (think about Japan) just as they can work in favor of it (much of Africa).",{"type":594,"attrs":170662,"content":170663},{"textAlign":49},[170664,170666],{"text":170665,"type":599},"As global lifestyle convergence continues, there is one engine of growth",{"text":170667,"type":599},"\nin particular which should be a priority for policy makers and business leaders regardless of where you reside: productivity.",{"type":594,"attrs":170669,"content":170670},{"textAlign":49},[],[170672],{"slug":544,"name":543,"content":170673},{"job_title":557,"image":170674,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7dc3705f-892a-479e-9acc-9eed7ff90832\", \"id\": \"\"}-->",[170677,170678],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":170680,"copyright":547,"fieldtype":553,"meta_data":170681,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/8dfd24bd6e/bm-apple-campus.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"May 12, 2016",{"id":170684,"uuid":170685,"name":170686,"slug":170687,"full_slug":170688,"content":170689},112475248956981,"28f655d0-ebea-4047-a274-33479c9d297b","Green Tech Evolution of High Purity Alumina","green-tech-evolution-of-high-purity-alumina","article/green-tech-evolution-of-high-purity-alumina",{"_uid":170690,"date":170468,"tags":170691,"editor":170692,"content":170696,"excerpt":170942,"featured":50,"reporter":170943,"_editable":170947,"component":864,"seo_title":170686,"categories":170948,"visibility":882,"author_company":49,"featured_image":170951,"seo_description":170942,"author_full_name":49,"author_job_title":49,"formattedDate":170682},"9079d8cc-2b58-4539-8d32-e98c9800b5d7",[],[170693],{"slug":544,"name":543,"content":170694},{"job_title":557,"image":170695,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":170697},[170698,170703,170708,170713,170718,170723,170728,170733,170738,170743,170748,170753,170758,170763,170768,170771,170776,170781,170786,170791,170796,170801,170806,170811,170816,170821,170826,170831,170836,170841,170846,170851,170854,170859,170864,170869,170874,170879,170884,170889,170894,170899,170904,170909,170914,170919,170924,170929,170934,170939],{"type":594,"attrs":170699,"content":170700},{"textAlign":49},[170701],{"text":170702,"type":599},"High purity alumina has flown under the radar, but it has been the critical raw material fuelling significant growth in the LED market, identified last month as one of Goldman Sachs’ low carbon economy industries to watch. The surge in LED demand has seen the technology take a majority market share from the traditional light bulb in little over a decade. But it is not the only role the specialist chemical plays in disruptive technology. ",{"type":594,"attrs":170704,"content":170705},{"textAlign":49},[170706],{"text":170707,"type":599},"Dr Richard Flook examines key hi-tech markets for high purity alumina and producers positioning themselves for this evolution in demand.",{"type":594,"attrs":170709,"content":170710},{"textAlign":49},[170711],{"text":170712,"type":599},"Natural sapphire is corundum (α-alumina) with traces of metallic elements that can impart a variety of colours including that found in the familiar blue sapphire (iron & titanium) and ruby (chromium). The world retail sapphire gem market has been estimated to be about 40,000 tonnes and worth about $3 bn. However, this market is now being overtaken by production of synthetic sapphire.",{"type":594,"attrs":170714,"content":170715},{"textAlign":49},[170716],{"text":170717,"type":599},"Production of synthetic sapphire has been possible for over a century (Verneuil, 1902 and Czochralski, 1916) but even as recently as a decade ago, annual world production was only a few hundred tonnes.",{"type":594,"attrs":170719,"content":170720},{"textAlign":49},[170721],{"text":170722,"type":599},"The last decade has seen rapid growth in both production and new applications for synthetic sapphire based on a number of fundamental properties of corundum including its high electrical insulating and thermal conductivity properties and its wellknown hardness of 9.0 on the Mohs scale. The starting material for the production of synthetic sapphire is high purity alumina (HPA) which is usually accepted to be greater than or equal to 99.99% purity (4N or 100ppm impurities).",{"type":594,"attrs":170724,"content":170725},{"textAlign":49},[170726],{"text":170727,"type":599},"In 2013, production of HPA was estimated to be about 19,000 tonnes of which about 70% was produced in Asia.",{"type":594,"attrs":170729,"content":170730},{"textAlign":49},[170731],{"text":170732,"type":599},"Global production is forecast to increase at a CAGR of 28% and reach 48,000 tonnes by 2018.",{"type":657,"attrs":170734,"content":170735},{"level":985,"textAlign":49},[170736],{"text":170737,"type":599},"HPA Production",{"type":594,"attrs":170739,"content":170740},{"textAlign":49},[170741],{"text":170742,"type":599},"There are three main processes for the production of HPA These processes are the thermal decomposition method, the water soluble/choline process and the alkoxide hydrolysis process.",{"type":594,"attrs":170744,"content":170745},{"textAlign":49},[170746],{"text":170747,"type":599},"The thermal decomposition method utilises ammonium aluminium sulphate (NH4 Al(SO4 )2) or ammonium aluminium carbonate hydroxide (NH4 AlCO3 (OH)2) as starting materials. HPA purity is usually no more than 99.99% since elements such as iron, nickel, titanium, zircon and halogen cannot be easily removed and the product is usually only suitable for optical sapphires. The water soluble or choline method is based on dissolving aluminium in alkali solution and is used by some of the largest producers in China. Depending on the methods and materials, purity can be limited and application is sometimes restricted to optical sapphires.",{"type":594,"attrs":170749,"content":170750},{"textAlign":49},[170751],{"text":170752,"type":599},"The alkoxide process, developed by Japanese corporation, Sumitomo, is a recognised process for producing ultra-high purity alumina (5N+). In this process high purity aluminium alkoxide is synthesized from aluminium metal and alcohol and hydrated alumina is produced by hydrolysis of the alkoxide. Finally, high purity alumina is obtained by calcination. Impurities can be removed in the distillation stage or with ceramic membranes.",{"type":657,"attrs":170754,"content":170755},{"level":985,"textAlign":49},[170756],{"text":170757,"type":599},"LEDs",{"type":594,"attrs":170759,"content":170760},{"textAlign":49},[170761],{"text":170762,"type":599},"The three major applications of HPA have been estimated to be in the production of light emitting diodes (LEDs) which currently accounts for 60% of HPA production, semiconductors (20%) and phosphors (15%).",{"type":594,"attrs":170764,"content":170765},{"textAlign":49},[170766],{"text":170767,"type":599},"The major HPA growth market is LEDs, 90% of which currently use a sapphire substrate and whose production is forecast to grow at a CAGR of 19% to 2024. HPA prices have been estimated to range from $15/kg to $25/kg for 4N HPA, $20/kg to $30/kg for 4N5 and greater than US$30/kg for 5N+.",{"type":594,"attrs":170769,"content":170770},{"textAlign":49},[],{"type":594,"attrs":170772,"content":170773},{"textAlign":49},[170774],{"text":170775,"type":599},"Although electroluminescence in a crystal of silicon carbide was first discovered in 1907 it was nearly a century later before a commercial LED was developed. The first key event that led to the current LED was the discovery of visible light emission from gallium arsenide phosphide at Bell Laboratories in 1962.",{"type":594,"attrs":170777,"content":170778},{"textAlign":49},[170779],{"text":170780,"type":599},"The second key event was the discovery in 1986 by Isamu Akasaki and Hiroshi Amano of Nagoya University in Japan of a way of creating gallium nitride (GaN) crystals on a sapphire substrate.",{"type":594,"attrs":170782,"content":170783},{"textAlign":49},[170784],{"text":170785,"type":599},"The final key event was the discovery of the blue LED using an yttrium aluminium garnet (YAG) phosphor with a blue LED die at by Shuji Nakamura at Nichia in Japan. Asaki, Amano, and Nakamura were awarded the 2014 Nobel Prize in physics for their discoveries.",{"type":594,"attrs":170787,"content":170788},{"textAlign":49},[170789],{"text":170790,"type":599},"The first commercial LED was produced by Nichia in 1996 but it took another seven years to develop a technically competitive although still expensive product. Since then luminosity and efficacy of LEDs has doubled approximately every three years following a trend known as Haitz’s law (analogous to Moore’s law for CMOS-based chips).",{"type":594,"attrs":170792,"content":170793},{"textAlign":49},[170794],{"text":170795,"type":599},"Meanwhile, prices have plummeted by 20 percent per year in terms of dollars per lumen. Ongoing research is crucial to the advance of LED technology, which is fast becoming an avenue to reduce electricity consumption.",{"type":594,"attrs":170797,"content":170798},{"textAlign":49},[170799],{"text":170800,"type":599},"According to the U.S. Department of Energy (DOE), residential LED lighting uses at least 75% less energy than regular incandescent lighting. Since 2003, the DOE has funded over 200 R&D projects and has the goal:",{"type":594,"attrs":170802,"content":170803},{"textAlign":49},[170804],{"text":170805,"type":599},"Current DOE projections are for LED lighting to rise from 3% market share in 2013 to 84% market share in 2030. These projections would give a 40% energy reduction with another 20% possible if the DOE goals can be reached. Other countries, notably China, Japan, South Korea and the EU have also had programs actively promoting LED lighting.",{"type":657,"attrs":170807,"content":170808},{"level":985,"textAlign":49},[170809],{"text":170810,"type":599},"LED and Sapphire – cost reduction & larger wafer size",{"type":594,"attrs":170812,"content":170813},{"textAlign":49},[170814],{"text":170815,"type":599},"Production of sapphire starts with a seed sapphire crystal, a mixture of high purity alumina and un-crystallized sapphire material (crackle) which are heated in a crucible.",{"type":594,"attrs":170817,"content":170818},{"textAlign":49},[170819],{"text":170820,"type":599},"Manufacturers crystal growth techniques are generally grouped under five methods; Kyropoulos method (KY), heat exchanger method (HEM), Czochralski method (CZ), edge-defined film-fed growth method (EFG) and the temperature gradient technique (TGT).",{"type":594,"attrs":170822,"content":170823},{"textAlign":49},[170824],{"text":170825,"type":599},"After slow cooling, the single crystal ingot or boule is examined for defects such as gas bubbles, cracks and contamination which can cause defects in the epitaxy process (orientated gallium nitride crystal growth).",{"type":594,"attrs":170827,"content":170828},{"textAlign":49},[170829],{"text":170830,"type":599},"The section of the boules not used is recycled into the original growth process. The boule is then “core-drilled” to produce one or more smaller round cylinders (ingots) depending on the original boule size and the size of wafers to be produced.",{"type":594,"attrs":170832,"content":170833},{"textAlign":49},[170834],{"text":170835,"type":599},"The ingot is cut into a number of thin disc shapes by cutting with a diamond saw perpendicular to the ingot’s long sides. Each of these discs is then ground to its final size, surface-ground and mechanically and chemically polished to produce sapphire substrates.",{"type":594,"attrs":170837,"content":170838},{"textAlign":49},[170839],{"text":170840,"type":599},"These substrates, after cleaning, can be used as starting material for the epitaxial process used to produce the LED structure.",{"type":594,"attrs":170842,"content":170843},{"textAlign":49},[170844],{"text":170845,"type":599},"Recently one further step has been taken to produce what are called patterned sapphire substrates (PSS) which increase light output and quality. Current manufacturing challenges are the ongoing requirement for cost reduction and the trend to larger wafer sizes (6” and 8”).",{"type":594,"attrs":170847,"content":170848},{"textAlign":49},[170849],{"text":170850,"type":599},"It has been estimated that there were about 130 sapphire substrate producers in 2012, half of which were in China and a further 40% were in South Korea and Taiwan. Major LED producers include Nichia, Cree, Lumileds, OSRAM, Philips, Epistar, Samsung, Seoul Semiconductor and Toshiba.",{"type":594,"attrs":170852,"content":170853},{"textAlign":49},[],{"type":657,"attrs":170855,"content":170856},{"level":985,"textAlign":49},[170857],{"text":170858,"type":599},"LED Sapphire Competitors- silicon carbide and silicon substrates",{"type":594,"attrs":170860,"content":170861},{"textAlign":49},[170862],{"text":170863,"type":599},"The majority of LED manufacturers use a sapphire substrate in all or most of their products. Notable exceptions include Cree Inc. (silicon carbide), Soraa Inc. (gallium nitride) and Plessey Semiconductors (silicon).",{"type":594,"attrs":170865,"content":170866},{"textAlign":49},[170867],{"text":170868,"type":599},"The main factors determining the appropriate substrate materials are matched lattice parameters and thermal expansion coefficients as well as good crystallinity, chemical, physical and mechanical properties.",{"type":594,"attrs":170870,"content":170871},{"textAlign":49},[170872],{"text":170873,"type":599},"Gallium nitride and silicon carbide substrates have higher cost than sapphire although both have a better lattice match with the gallium nitride crystal. Silicon has a poorer lattice match with gallium nitride but is attractive on cost compared to sapphire substrates.",{"type":594,"attrs":170875,"content":170876},{"textAlign":49},[170877],{"text":170878,"type":599},"By using silicon substrates, manufacturers can capitalise on the existing manufacturing infrastructure that the semiconductor industry uses. This, coupled with the lower price of raw materials and processing costs, makes silicon a very tempting replacement for sapphire wafers.",{"type":594,"attrs":170880,"content":170881},{"textAlign":49},[170882],{"text":170883,"type":599},"Three problems are the accommodation of the larger lattice mismatch with growth of the epitaxial layer of gallium nitride, the large difference in the coefficient of thermal expansion of silicon and gallium nitride and silicon’s absorption of photons.",{"type":594,"attrs":170885,"content":170886},{"textAlign":49},[170887],{"text":170888,"type":599},"However, Toshiba appears to have overcome some of these problems and first launched a range of gallium nitride on silicon products in late 2012. By 2020, some forecasters predict that approximately 10% of all LEDs will be using silicon substrates and about 18% will be using silicon carbide.",{"type":594,"attrs":170890,"content":170891},{"textAlign":49},[170892],{"text":170893,"type":599},"Based on these forecasts, the LED sapphire substrate market share could drop from about 90% to about 70-75% although of a much larger market.",{"type":657,"attrs":170895,"content":170896},{"level":985,"textAlign":49},[170897],{"text":170898,"type":599},"Smart Phones & Batteries",{"type":594,"attrs":170900,"content":170901},{"textAlign":49},[170902],{"text":170903,"type":599},"Apple was the pioneer in introducing sapphire glass into Apple’s iPhone 5 camera lens, and iPhone 5S home buttons. However, the HPA and sapphire market was shattered by Apple’s decision not to proceed with a sapphire cover glass in the iPhone 6.",{"type":594,"attrs":170905,"content":170906},{"textAlign":49},[170907],{"text":170908,"type":599},"Since then it has been reported that some Chinese smartphone manufacturers including Huawei, VIVO and Dakele have followed Apple’s adoption of sapphire substrates in smartphones but most manufacturers are only employing sapphire glass screens in high end smartphones.",{"type":594,"attrs":170910,"content":170911},{"textAlign":49},[170912],{"text":170913,"type":599},"Although sapphire crystal glass is stronger than Corning Gorilla glass, transparency can be lower and can lead to some optical distortion. Also, sapphire glass is 67% heavier than a same sized glass and up to ten times more expensive.",{"type":594,"attrs":170915,"content":170916},{"textAlign":49},[170917],{"text":170918,"type":599},"If all smartphones were converted to sapphire glass the market for HPA would increase by about 15,000 tonnes pa. It is now thought that phones with sapphire screens are more likely to be seen in niche applications.",{"type":594,"attrs":170920,"content":170921},{"textAlign":49},[170922],{"text":170923,"type":599},"However, this market for HPA has such a large potential it is worth watching. HPA is also used to coat the ceramic separators in the high growth lithium ion batteries (LIB) market whose demand in turn is driven by growth in the Electric Vehicle (EV) and Plug-in Hybrid Electric Vehicles (PHEV).",{"type":594,"attrs":170925,"content":170926},{"textAlign":49},[170927],{"text":170928,"type":599},"The insulating properties of the ceramic separator are controlled by the packing of different sizes of HPA. Sumitomo Chemicals started manufacturing HPA (AKP 50 & AKP-3000) from a 1,600 tonnes pa capacity plant for LIB applications in South Korea in 2013.",{"type":594,"attrs":170930,"content":170931},{"textAlign":49},[170932],{"text":170933,"type":599},"Sumitomo have recently been granted a patent for HPA coated plastic separators that stop excessive and abnormal heat generation by melting and shutting down ion passage in LIB (US2015/0155541 A1 June 2015). Evonik offer a competitive fumed alumina (Aeroxide Alu) for LIB seperators.",{"type":594,"attrs":170935,"content":170936},{"textAlign":49},[170937],{"text":170938,"type":599},"The market for HPA in silicon on sapphire (SOS) semiconductors which are used in radio frequency integrated circuits (RFIC) is considered to have a steady and moderate growth rate. Other sapphire applications including military applications are relatively stable.",{"type":594,"attrs":170940,"content":170941},{"textAlign":49},[],"High purity alumina has flown under the radar, but it has been the critical raw material fuelling significant growth in the LED market, identified last month as one of Goldman Sachs’ low carbon economy industries to watch. The surge in LED demand has seen the technology take a majority market share from the traditional light […]",[170944],{"slug":544,"name":543,"content":170945},{"job_title":557,"image":170946,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9079d8cc-2b58-4539-8d32-e98c9800b5d7\", \"id\": \"\"}-->",[170949,170950],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":170952,"copyright":547,"fieldtype":553,"meta_data":170953,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/cb20014177/bm-high-purity-alumina.jpg",{"alt":547,"title":547,"source":547,"copyright":547},{"id":170955,"uuid":170956,"name":170957,"slug":170958,"full_slug":170959,"content":170960},112475258504759,"37b20278-ea66-4eca-959d-11c61cc72cce","Batteries can spark a fourth industrial revolution","batteries-can-spark-a-fourth-industrial-revolution","article/batteries-can-spark-a-fourth-industrial-revolution",{"_uid":170961,"date":170962,"tags":170963,"editor":170964,"content":170968,"excerpt":171015,"featured":50,"reporter":171016,"_editable":171020,"component":864,"seo_title":170957,"categories":171021,"visibility":882,"author_company":49,"featured_image":171024,"seo_description":171015,"author_full_name":49,"author_job_title":49,"formattedDate":171026},"130205b3-1b79-4508-8d74-e6ee36abb45b","2016-05-05 00:00",[],[170965],{"slug":544,"name":543,"content":170966},{"job_title":557,"image":170967,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":170969},[170970,170975,170980,170985,170990,170995,171000,171005,171010],{"type":594,"attrs":170971,"content":170972},{"textAlign":49},[170973],{"text":170974,"type":599},"The World Economic Forum (WEF) has described how energy storage, and the batteries that will make this possible on a mass scale, are key to a fourth industrial revolution.",{"type":594,"attrs":170976,"content":170977},{"textAlign":49},[170978],{"text":170979,"type":599},"During the annual meeting of the forum in Switzerland, WEF founder Klaus Schwab explained how a blending of “physical, digital and biological spheres” is well underway, igniting the biggest transformation in the way we live our lives in over 150 years.",{"type":594,"attrs":170981,"content":170982},{"textAlign":49},[170983],{"text":170984,"type":599},"Energy storage potential in both electric vehicles and utilities has gathered much attention over the past 12 months and with it the batteries that will make this possible.",{"type":594,"attrs":170986,"content":170987},{"textAlign":49},[170988],{"text":170989,"type":599},"Lithium-ion batteries – and two predominant cathode chemistries of nickel cobalt aluminium and nickel manganese cobalt – have taken the limelight, however other designs such as vanadium flow, lithium sulphur and lithium air batteries are also coming to the fore.",{"type":594,"attrs":170991,"content":170992},{"textAlign":49},[170993],{"text":170994,"type":599},"While to many the components of a fourth industrial revolution may seem a distant reality, it’s a world which raw material suppliers are already having to acclimatise to rapidly with developments in autonomous vehicles, 3D printing, nanotechnology, advanced materials and energy storage.",{"type":594,"attrs":170996,"content":170997},{"textAlign":49},[170998],{"text":170999,"type":599},"For example, the price of the battery raw material lithium carbonate continued to climb towards $10,000, after a year of rising prices in 2015 on the back of strong lithium-ion battery demand.",{"type":594,"attrs":171001,"content":171002},{"textAlign":49},[171003],{"text":171004,"type":599},"There appears no sign of this price rise turning into a crash, leaving many to ask whether a fundamental shift in demand has occurred.",{"type":594,"attrs":171006,"content":171007},{"textAlign":49},[171008],{"text":171009,"type":599},"“The speed of current breakthroughs has no historical precedent”, Schwab noted ahead of the annual meeting of the world’s economic and political leaders two weeks ago.",{"type":594,"attrs":171011,"content":171012},{"textAlign":49},[171013],{"text":171014,"type":599},"A lack of historical precedent often fuels pessimism but when not properly accounted for, can lead to the biggest periods of turbulence.","The World Economic Forum (WEF) has described how energy storage, and the batteries that will make this possible on a mass scale, are key to a fourth industrial revolution. During the annual meeting of the forum in Switzerland, WEF founder Klaus Schwab explained how a blending of “physical, digital and biological spheres” is well underway, […]",[171017],{"slug":544,"name":543,"content":171018},{"job_title":557,"image":171019,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"130205b3-1b79-4508-8d74-e6ee36abb45b\", \"id\": \"\"}-->",[171022,171023],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":547,"copyright":547,"fieldtype":553,"meta_data":171025,"is_external_url":50},{"alt":547,"title":547,"source":547,"copyright":547},"May 05, 2016",{"id":171028,"uuid":171029,"name":171030,"slug":171031,"full_slug":171032,"content":171033},112475273074235,"a19c568c-3e60-4a16-88ba-67e9fb3617b8","Disruptive innovation: is it different this time?","disruptive-innovation","article/disruptive-innovation",{"_uid":171034,"date":171035,"tags":171036,"editor":171037,"content":171041,"excerpt":171325,"featured":50,"reporter":171326,"component":864,"seo_title":171030,"categories":171330,"visibility":2091,"author_company":547,"featured_image":171333,"seo_description":171325,"author_full_name":547,"author_job_title":547,"formattedDate":171335},"bb6f46fe-0f85-4d30-8e7a-f0e5ef72f353","2015-06-30 00:00",[],[171038],{"slug":544,"name":543,"content":171039},{"job_title":557,"image":171040,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":171042},[171043,171058,171063,171080,171089,171096,171109,171122,171139,171160,171165,171174,171185,171194,171207,171226,171231,171236,171251,171266,171278,171293,171306],{"type":594,"attrs":171044,"content":171045},{"textAlign":49},[171046,171050,171054],{"text":171047,"type":599,"marks":171048},"House Mountain Partners’ Chris Berry looks at the",[171049],{"type":643},{"text":171051,"type":599,"marks":171052},"threats and opportunities for the battery and renewable",[171053],{"type":643},{"text":171055,"type":599,"marks":171056},"energy sectors and asks: Is it different this time?",[171057],{"type":643},{"type":594,"attrs":171059,"content":171060},{"textAlign":49},[171061],{"text":171062,"type":599},"“It happens slowly, then all at once.”",{"type":594,"attrs":171064,"content":171065},{"textAlign":49},[171066,171068,171070,171072,171074,171079],{"text":171067,"type":599},"When Ernest Hemingway wrote this quote in his 1926 novel titled The",{"text":171069,"type":599},"\nSun Also Rises, he could hardly imagined how pertinent the phrase",{"text":171071,"type":599},"\nwould be 89 years later when applied to the critical minerals and metals",{"text":171073,"type":599},"\nsector and associated ",{"text":171075,"type":599,"marks":171076},"supply chains",[171077],{"type":604,"attrs":171078},{"href":16131,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":974,"type":599},{"type":594,"attrs":171081,"content":171082},{"textAlign":49},[171083,171085,171087],{"text":171084,"type":599},"While the comparisons to Hemingway’s novel and today’s world",{"text":171086,"type":599},"\nmay end there, it does seem as if there are several forces converging to",{"text":171088,"type":599},"\naccelerate change on a massive scale.",{"type":594,"attrs":171090,"content":171091},{"textAlign":49},[171092,171094],{"text":171093,"type":599},"These forces which underpin technological disruption and innovation",{"text":171095,"type":599},"\nare not new.",{"type":594,"attrs":171097,"content":171098},{"textAlign":49},[171099,171101,171103,171105,171107],{"text":171100,"type":599},"Primary among these is the continued increase in computing power",{"text":171102,"type":599},"\nand with it the decrease in cost. According to IBM, from the beginning of",{"text":171104,"type":599},"\nrecorded time to 2003 humans created 5 billion gigabytes (GB) of data.",{"text":171106,"type":599},"\nIn 2011, the same amount was created every two days. By 2013, the",{"text":171108,"type":599},"\nsame amount was created every ten minutes.",{"type":594,"attrs":171110,"content":171111},{"textAlign":49},[171112,171114,171116,171118,171120],{"text":171113,"type":599},"The advances in computing power driven by Moore’s Law style",{"text":171115,"type":599},"\ncost declines have served to make computing technology practically",{"text":171117,"type":599},"\nubiquitous around the globe. The leveling of the global playing field",{"text":171119,"type":599},"\nthrough easy access to massive amounts of information can only help",{"text":171121,"type":599},"\npush innovation and entrepreneurialism forward.",{"type":594,"attrs":171123,"content":171124},{"textAlign":49},[171125,171127,171129,171131,171133,171135,171137],{"text":171126,"type":599},"Second, despite headlines to the contrary, globalisation slowly",{"text":171128,"type":599},"\ncontinues to power forward as the world’s middle class enlarges its",{"text":171130,"type":599},"\nranks, primarily in Asia. According to The World Bank, China is only",{"text":171132,"type":599},"\n53% urbanised and India is 32% urbanised. Many economist and",{"text":171134,"type":599},"\ndemographers believe that a society is fully urbanised at 75%. Clearly",{"text":171136,"type":599},"\nseveral hundred million citizens in these countries have yet to experience",{"text":171138,"type":599},"\na higher quality of life through a more commodity centered lifestyle.",{"type":594,"attrs":171140,"content":171141},{"textAlign":49},[171142,171144,171146,171148,171152,171154,171156,171158],{"text":171143,"type":599},"Third, sustainable growth, driven by disruptive technologies and",{"text":171145,"type":599},"\nbusiness models will continue to be of paramount importance. With the",{"text":171147,"type":599},"\nprice of ",{"text":878,"type":599,"marks":171149},[171150],{"type":604,"attrs":171151},{"href":16561,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":171153,"type":599},"-ion batteries, per kilowatt-hour, falling at roughly 14%",{"text":171155,"type":599},"\nper year, and the price per watt of solar power also declining rapidly,",{"text":171157,"type":599},"\ncombining these technologies is an example of how access to and use",{"text":171159,"type":599},"\nof energy will change to the betterment of humanity.",{"type":594,"attrs":171161,"content":171162},{"textAlign":49},[171163],{"text":171164,"type":599},"Threats to Growth",{"type":594,"attrs":171166,"content":171167},{"textAlign":49},[171168,171170,171172],{"text":171169,"type":599},"According to a study by Bank of America Merrill Lynch, solar and wind",{"text":171171,"type":599},"\npower are forecast to comprise 80% of new electricity generating",{"text":171173,"type":599},"\ncapacity to 2030.",{"type":594,"attrs":171175,"content":171176},{"textAlign":49},[171177,171179,171181,171183],{"text":171178,"type":599},"There are more statistics like these which bolster the bullish case for the",{"text":171180,"type":599},"\nmetals and minerals consumed in battery and electricity supply chains,",{"text":171182,"type":599},"\nhowever they must be set aside to present a balanced analysis of the",{"text":171184,"type":599},"\nfuture by pointing out some of the threats to this growth thesis.",{"type":594,"attrs":171186,"content":171187},{"textAlign":49},[171188,171190,171192],{"text":171189,"type":599},"Though positive momentum is obvious, there are threats to the thesis",{"text":171191,"type":599},"\nof technology fuelled growth. First among them concerns the billions of",{"text":171193,"type":599},"\ndollars in R&D money being funneled into building a better battery.",{"type":594,"attrs":171195,"content":171196},{"textAlign":49},[171197,171199,171201,171203,171205],{"text":171198,"type":599},"The raw materials and pros and cons for various lithium-ion",{"text":171200,"type":599},"\nchemistries are well known and the individual(s) who can overcome",{"text":171202,"type":599},"\nthese limitations – cycle life or power density, for example – will go",{"text":171204,"type":599},"\ndown in history as having solved one of the great physics and chemistry",{"text":171206,"type":599},"\nchallenges of our time.",{"type":594,"attrs":171208,"content":171209},{"textAlign":49},[171210,171212,171214,171216,171218,171220,171224],{"text":171211,"type":599},"With various companies currently building multi-billion dollar supply",{"text":171213,"type":599},"\nchains around existing chemistries, what would a breakthrough mean",{"text":171215,"type":599},"\nfor their respective businesses if such a development rendered certain",{"text":171217,"type":599},"\nraw materials obsolete? Perhaps a lithium ion battery with little or no",{"text":171219,"type":599},"\n",{"text":867,"type":599,"marks":171221},[171222],{"type":604,"attrs":171223},{"href":6354,"uuid":49,"anchor":49,"target":622,"linktype":607},{"text":171225,"type":599},"? Could these supply chains adjust?",{"type":594,"attrs":171227,"content":171228},{"textAlign":49},[171229],{"text":171230,"type":599},"These are questions worth considering despite the to commercialise time it would take new battery chemistry.",{"type":594,"attrs":171232,"content":171233},{"textAlign":49},[171234],{"text":171235,"type":599},"Technology may not be the savior we believe it to be after all.",{"type":594,"attrs":171237,"content":171238},{"textAlign":49},[171239,171241,171243,171245,171247,171249],{"text":171240,"type":599},"A second challenge concerns the performance of the macro",{"text":171242,"type":599},"\neconomy since the Great Recession. It is now believed that excessive",{"text":171244,"type":599},"\nsovereign debt issuance effectively bridged the gap in an attempt to",{"text":171246,"type":599},"\nrevive demand. As an example, China implemented a 4 trillion RMB",{"text":171248,"type":599},"\n($586 billion) stimulus package focused on loans to local governments",{"text":171250,"type":599},"\nand the real estate sector.",{"type":594,"attrs":171252,"content":171253},{"textAlign":49},[171254,171256,171258,171260,171262,171264],{"text":171255,"type":599},"These debts must ultimately be repaid and",{"text":171257,"type":599},"\nwithout delving into a financial debate, growth must increase to cover",{"text":171259,"type":599},"\ndebt service payments. Any sustained decline in growth could put a lid",{"text":171261,"type":599},"\non domestic demand and hinder the impressive growth trajectory of",{"text":171263,"type":599},"\nrenewable electricity sources which require a wealth of critical metals",{"text":171265,"type":599},"\nand minerals.",{"type":594,"attrs":171267,"content":171268},{"textAlign":49},[171269,171270,171272,171274,171276],{"text":168055,"type":599},{"text":171271,"type":599},"\nA final issue concerns raw material access. The potential impact on",{"text":171273,"type":599},"\ndemand for critical battery materials including lithium, cobalt, and",{"text":171275,"type":599},"\ngraphite should be well known to followers of Benchmark Mineral",{"text":171277,"type":599},"\nIntelligence.",{"type":594,"attrs":171279,"content":171280},{"textAlign":49},[171281,171283,171285,171287,171289,171291],{"text":171282,"type":599},"There is no doubt that there is enough of these materials",{"text":171284,"type":599},"\nin resource, but is there enough of each mineable and available to",{"text":171286,"type":599},"\nintegrate into existing and soon-to-be built battery supply chains?",{"text":171288,"type":599},"\nThis question, above all others, looms largest. At what cost? How will",{"text":171290,"type":599},"\naccessing raw materials affect their margins? Economics matters at",{"text":171292,"type":599},"\nevery point along a supply chain.",{"type":594,"attrs":171294,"content":171295},{"textAlign":49},[171296,171298,171300,171302,171304],{"text":171297,"type":599},"Fortunately, we are likely to learn the answer to these and other",{"text":171299,"type":599},"\nquestions very soon. As technology, urbanisation, and sustainability",{"text":171301,"type":599},"\nconverge, it appears that the lithium-ion battery revolution is no longer",{"text":171303,"type":599},"\nhappening slowly, but all at once, a fact even Mr. Hemingway would",{"text":171305,"type":599},"\nmarvel at.",{"type":594,"attrs":171307,"content":171308},{"textAlign":49},[171309,171313,171317,171321],{"text":171310,"type":599,"marks":171311},"Chris Berry is Co-Founder of New York-based House Mountain",[171312],{"type":643},{"text":171314,"type":599,"marks":171315},"Partners LLC. He is a writer, speaker and analyst focused on the",[171316],{"type":643},{"text":171318,"type":599,"marks":171319},"dynamism of energy metals and is co-author of The Disruptive",[171320],{"type":643},{"text":171322,"type":599,"marks":171323},"Discoveries Journal.",[171324],{"type":643},"“It happens slowly, then all at once.” Ernest Hemmingway",[171327],{"slug":544,"name":543,"content":171328},{"job_title":557,"image":171329,"bio":548,"linkedin":555},{"filename":552},[171331,171332],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":547,"copyright":547,"fieldtype":553,"meta_data":171334,"is_external_url":50},{"alt":547,"title":547,"source":547,"copyright":547},"Jun 30, 2015",{"id":171337,"uuid":171338,"name":171339,"slug":171340,"full_slug":171341,"content":171342},112422908600785,"ed0e9811-6eed-41f2-ad72-9c20b22cea74","Europe’s conflict conundrum","europes-conflict-conundrum","article/europes-conflict-conundrum",{"_uid":171343,"date":171035,"tags":171344,"editor":171345,"content":171349,"excerpt":171537,"featured":50,"reporter":171538,"_editable":171542,"component":864,"seo_title":171339,"categories":171543,"visibility":882,"author_company":49,"featured_image":171546,"seo_description":171537,"author_full_name":49,"author_job_title":49,"formattedDate":171335},"435bcba3-6b62-44ae-a32b-6a8d5b2c3544",[],[171346],{"slug":544,"name":543,"content":171347},{"job_title":557,"image":171348,"bio":548,"linkedin":555},{"filename":552},{"type":591,"content":171350},[171351,171358,171367,171378,171385,171398,171407,171416,171425,171436,171447,171452,171457,171468,171475,171492,171505,171514,171523,171532],{"type":594,"attrs":171352,"content":171353},{"textAlign":49},[171354,171356],{"text":171355,"type":599},"The EU will have to tread carefully when considering which minerals and",{"text":171357,"type":599},"\ncountries to include in its upcoming conflict minerals legislation.",{"type":594,"attrs":171359,"content":171360},{"textAlign":49},[171361,171363,171365],{"text":171362,"type":599},"Many of these industries are niche and inflexible meaning any swift",{"text":171364,"type":599},"\nand significant change will likely have a negative impact on the EU and",{"text":171366,"type":599},"\non the source country that the legislation is designed to clean up.",{"type":594,"attrs":171368,"content":171369},{"textAlign":49},[171370,171372,171374,171376],{"text":171371,"type":599},"For example, the Democratic Republic of Congo relies heavily on",{"text":171373,"type":599},"\nincome from mining copper, tin, tantalum and cobalt. Not all raw",{"text":171375,"type":599},"\nmaterials exported from the Congo, or central Africa for that matter, are",{"text":171377,"type":599},"\nassociated with armed rebel groups.",{"type":594,"attrs":171379,"content":171380},{"textAlign":49},[171381,171383],{"text":171382,"type":599},"European lawmakers have to be careful not to discriminate against",{"text":171384,"type":599},"\nthese legitimate sources.",{"type":594,"attrs":171386,"content":171387},{"textAlign":49},[171388,171390,171392,171394,171396],{"text":171389,"type":599},"Before enacting the legislation, they should look at each mineral",{"text":171391,"type":599},"\nindustry individually and the role played by the country under “",{"text":171393,"type":599},"\nscrutiny. For example, 55% of cobalt concentrate comes from the Congo,",{"text":171395,"type":599},"\nwhile 60% of flake graphite and 85% of rare earth elements are from",{"text":171397,"type":599},"\nChina.",{"type":594,"attrs":171399,"content":171400},{"textAlign":49},[171401,171403,171405],{"text":171402,"type":599},"All are key ingredients in the technologies we use on a daily basis, yet",{"text":171404,"type":599},"\nthere are no major replacements for supply from these areas in the short",{"text":171406,"type":599},"\nterm.",{"type":594,"attrs":171408,"content":171409},{"textAlign":49},[171410,171412,171414],{"text":171411,"type":599},"Adding the “conflict” label to either minerals or countries could badly",{"text":171413,"type":599},"\ndisrupt these small industries, causing supply shortages, price spikes",{"text":171415,"type":599},"\nand ultimately having a negative impact on western end users.",{"type":594,"attrs":171417,"content":171418},{"textAlign":49},[171419,171421,171423],{"text":171420,"type":599},"There is also a huge risk of developing a toxic reputation for countries",{"text":171422,"type":599},"\nlike the Congo, destroying their main source of revenue, and making the",{"text":171424,"type":599},"\nconflict much worse.",{"type":594,"attrs":171426,"content":171427},{"textAlign":49},[171428,171430,171432,171434],{"text":171429,"type":599},"These central African mining areas are vast and fragmented: hundreds",{"text":171431,"type":599},"\nof mines operate to feed raw material concentrate to the country’s",{"text":171433,"type":599},"\nsmelters, which produce metal for export. Local economies and workers",{"text":171435,"type":599},"\nrely on this as their only source of income.",{"type":594,"attrs":171437,"content":171438},{"textAlign":49},[171439,171441,171443,171445],{"text":171440,"type":599},"Western legislation will have to be crafted to ensure “conflict free”",{"text":171442,"type":599},"\ndoes not turn into “Congo free”. The goal should be to disrupt the cause",{"text":171444,"type":599},"\nof the conflict and not the legitimate local producers and end users of",{"text":171446,"type":599},"\nthese minerals.",{"type":594,"attrs":171448,"content":171449},{"textAlign":49},[171450],{"text":171451,"type":599},"But it is a fine line.",{"type":594,"attrs":171453,"content":171454},{"textAlign":49},[171455],{"text":171456,"type":599},"Changing how we do business, not where… ",{"type":594,"attrs":171458,"content":171459},{"textAlign":49},[171460,171462,171464,171466],{"text":171461,"type":599},"According to an open letter from 70 academics and experts, the",{"text":171463,"type":599},"\ngood that the landmark Dodd Frank legislation from the US intended,",{"text":171465,"type":599},"\nin reality it turned into a “de facto embargo” on raw materials from the",{"text":171467,"type":599},"\nCongo.",{"type":594,"attrs":171469,"content":171470},{"textAlign":49},[171471,171473],{"text":171472,"type":599},"One positive of Dodd Frank is that it has forced major companies",{"text":171474,"type":599},"\nto disclose the sources of their raw materials. Apple Inc, for example, has created a Supplier Responsibility page on its website, a major step towards supply chain transparency. Apple even declared (in typical Apple fashion): “We hope our transparency inspires others to do the same.”",{"type":594,"attrs":171476,"content":171477},{"textAlign":49},[171478,171480,171482,171484,171486,171488,171490,171491],{"text":171479,"type":599},"It is just the start, however, and major challenges still remain.",{"text":171481,"type":599},"\n“The best [the US conflict minerals act] has done so far is to cause",{"text":171483,"type":599},"\nsome slight anxiety from mostly electronics majors who worry about",{"text":171485,"type":599},"\nbeing named and shamed by the fact they have been receiving and",{"text":171487,"type":599},"\nusing conflict minerals since 1994,” Chris Grove, President of Commerce",{"text":171489,"type":599},"\nResources Corp explained to ",{"text":9653,"type":599},{"text":974,"type":599},{"type":594,"attrs":171493,"content":171494},{"textAlign":49},[171495,171497,171499,171501,171503],{"text":171496,"type":599},"“The situation has improved somewhat since the Dodd Frank was",{"text":171498,"type":599},"\nmade law, it has been reported – especially by NGOs such as The",{"text":171500,"type":599},"\nEnough Project – and this is something I hope is true. However, I don’t",{"text":171502,"type":599},"\nthink anyone believes that enough has yet been accomplished,” Grove",{"text":171504,"type":599},"\nadded.",{"type":594,"attrs":171506,"content":171507},{"textAlign":49},[171508,171510,171512],{"text":171509,"type":599},"Political and economic complexities aside, the fact that both the US",{"text":171511,"type":599},"\nand the EU are now taking an active stance against conflict minerals",{"text":171513,"type":599},"\nmeans that ethical sourcing is just starting.",{"type":594,"attrs":171515,"content":171516},{"textAlign":49},[171517,171519,171521],{"text":171518,"type":599},"It is now down to the politicians to strike the balance between",{"text":171520,"type":599},"\nregulation and business so not to fundamentally damage these conflict-torn,",{"text":171522,"type":599},"\ndeveloping countries to a state of complete disorder.",{"type":594,"attrs":171524,"content":171525},{"textAlign":49},[171526,171528,171530],{"text":171527,"type":599},"As Michael Gibb from Global Witness succinctly puts it: “It is not about",{"text":171529,"type":599},"\nchanging where we do business but about changing the way we do",{"text":171531,"type":599},"\nbusiness.”",{"type":594,"attrs":171533,"content":171534},{"textAlign":49},[171535],{"text":171536,"type":599},"The era of supply chain transparency has begun.","The EU will have to tread carefully when considering which minerals and countries to include in its upcoming conflict minerals legislation. Many of these industries are niche and inflexible meaning any swift and significant change will likely have a negative impact on the EU and on the source country that the legislation is designed to […]",[171539],{"slug":544,"name":543,"content":171540},{"job_title":557,"image":171541,"bio":548,"linkedin":555},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"435bcba3-6b62-44ae-a32b-6a8d5b2c3544\", \"id\": \"\"}-->",[171544,171545],{"slug":2499,"name":2500},{"slug":872,"name":873},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":547,"copyright":547,"fieldtype":553,"meta_data":171547,"is_external_url":50},{"alt":547,"title":547,"source":547,"copyright":547},1783093202133]